Breaking
Breaking: New Leadership at the Central Bank of Nigeria.
Breaking: New Leadership at the Central Bank of Nigeria.
By Anthony Beauty,
In a significant development on September 15, Mr. Olayemi Cardoso was nominated by President Bola Tinubu for the position of Governor of the Central Bank of Nigeria (CBN). Just last week, the Senate confirmed not only Mr. Cardoso’s appointment but also those of his deputy governors, Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. The thorough screening process that took nearly three hours provided an opportunity for the new CBN Governor to outline his vision for the apex bank.
Cardoso emphasized his primary goal of reshaping the CBN through a combination of short, medium, and long-term measures. His vision encompasses implementing transparent monetary policies, learning from past mistakes, and adhering to constitutional duties while ensuring alignment with international financial standards. He pledged to restore confidence in the autonomy and integrity of the CBN, focusing on price stability and shifting towards evidence-based monetary policies while discontinuing unorthodox monetary policies adopted by his predecessor to strengthen the naira.
In the midst of economic challenges, where the naira was nearing a rate of 1,000 per US dollar in the parallel market, and settling at N755.08 per US dollar in the official market, many Nigerians might understandably overlook this change in CBN leadership. However, given the CBN’s critical role in the economy’s functioning and well-being, the Senate’s responsibility is to diligently scrutinize the qualifications and performance of the nominees. Accountability for any misuse of CBN’s powers by its leadership is vital for a more effective and efficient CBN, which the Senate has occasionally fallen short of in the past. It is hoped that this time will be different.
Cardoso’s profile and his impressive performance during his confirmation process inspire hope. With over 30 years of experience in various sectors, including private, public, and not-for-profit organizations, he brings a wealth of knowledge and expertise to the role. His track record as a financial expert, consultant, and policy advisor to international organizations underscores his capacity to lead the CBN effectively.
Cardoso faces the daunting task of returning the CBN to its core mandate, especially in the face of economic challenges. His immediate focus, as advocated by the Centre for the Promotion of Private Enterprise (CPPE), should be on restoring confidence in Nigeria’s foreign exchange market and recapitalizing the banking industry. Addressing these issues will be a significant step toward fulfilling his leadership role at the CBN.
The new CBN Governor should also steer clear of the past practices of making divisive statements, engaging in politics, or misusing public funds, as these actions have historically undermined the CBN’s mandate. With the current state of the naira in international markets, a change in approach is not just advisable but necessary.
As Mr. Cardoso begins his tenure, the expectations are high. Nigerians will hold him accountable for his promise to promote transparency, uphold the CBN Act, and ensure the CBN’s success. It is incumbent on him to make a lasting, positive impact during his time in office.
By Divine Perezide
The Take-It-Back (TIB) Movement, a key organiser behind the 2024 #EndBadGovernance protest, has unveiled plans to hold a nationwide demonstration on April 7, 2025. The protest aims to challenge what the group describes as the imposition of an “emergency rule” in Rivers State and the alleged misuse of Nigeria’s Cybercrime Act to stifle dissent and silence critical voices online.
In a statement shared with PUNCH, National Coordinator of the movement, Juwon Sanyaolu, emphasized that the primary demand is the repeal of the Cybercrime Act, which, according to him, is being used to target activists, journalists, and social media influencers.
“We’re seeing a trend where freedom of speech is under siege. The Cybercrime Act has become a tool to harass those who question authority – from journalists to online commentators like SeaKing,” Sanyaolu stated.
The TIB also condemned what it refers to as the “militarisation” of Rivers State, claiming that the current governance structure resembles a de facto military regime. The movement is calling for the immediate restoration of all suspended state institutions, including the State House of Assembly and the Executive branch.
“We want an end to policies that have worsened the lives of ordinary Nigerians. The economic hardship is real, and people are suffering,” Sanyaolu added.
The protest, tagged “Nationwide Protest Against Bad Governance and Free Speech Suppression,” will begin at the National Assembly in Abuja, with additional protest locations to be announced.
Over the past year, several journalists have reportedly faced intimidation and arrests, including Segun Olatunji, former editor at First News; Daniel Ojukwu of the Foundation for Investigative Journalism; Dayo Aiyetan of the International Centre for Investigative Reporting; and Nurudeen Akewushola, an investigative journalist.
The suspension of democratic structures in Rivers State has sparked widespread backlash and calls for restraint from various civic groups and political stakeholders.
As inflation continues to rise and the cost of living soars, many Nigerians have expressed frustration over the economic challenges gripping the country, adding fuel to the growing dissent against the federal government’s policies.
Source: SaharaReporters
By Favour Bibaikefie
The Bayelsa State Government has secured a court injunction to stop a proposed mega rally in support of Nyesom Wike, the Minister of the Federal Capital Territory (FCT), which was set to take place in Yenagoa on April 12.
Justice I.A. Uzakah of the Bayelsa State High Court issued the interim order following an ex-parte motion filed by the state’s Attorney General, Biriyai Dambo (SAN).
The court barred Wike’s supporters and associates from organizing or participating in any political event in Bayelsa, including rallies, meetings, or public gatherings intended to show solidarity or host the minister, until a decision is reached on the main motion for an interlocutory injunction.
The case has been rescheduled for hearing on April 11, 2025.
Breaking
Ijaws Secure 27, Itsekiris 21, Urhobos 9 Wards in the 3 Warri LGAs After INEC’s Fresh Ward Delineation
By Divine Perezide
Warri, Nigeria – In a significant political development, the Ijaw ethnic group has emerged with a dominant presence in two out of the three Local Government Areas (LGAs) of Warri, following the conclusion of a fresh ward delineation exercise conducted by the Independent National Electoral Commission (INEC).
The new delineation, which aimed to correct longstanding concerns over equitable representation, has redrawn the political map of the Warri federal constituency, leading to a shift in ward distribution across the three LGAs.
In Warri North LGA, which now comprises a total of 18 wards, the Ijaw communities holds 10 wards, while the Itsekiri communities controls 8.
Warri South-West LGA witnessed the most significant shift, with the Ijaws securing 14 out of 19 wards, leaving the Itsekiri with 5 wards.
However, in Warri South LGA, the Ijaw communities holds only 3 of the 20 wards. The Itsekiri control 8, while the Urhobo people lead with 9 wards.
The fresh delineation has been met with celebration in Ijaw and Urhobo communities, who view the exercise as a long-overdue correction of historical marginalization. Supporters have hailed the outcome as a “great injustice corrected” and expressed gratitude to those who championed the cause.
“This marks a new dawn for political representation in Warri,” a community leader said. “For years, our numbers were not reflected in the political structure. Today, justice has finally spoken.”
It will be recalled that the Ijaws of Warri, ledby George Timinimi secured a Supreme Court judgement to redealiniate the Warri Federal Constituency before the 2023 General Elections.
However, the process which started after the elections has now been concluded, report says.
INEC officials have yet to release a detailed statement on the process that informed the delineation, but the outcome is already generating conversations about power dynamics and future elections in Delta State.
Observers anticipate that the shift will significantly influence local politics, resource allocation, and governance in the Warri area.
As the dust settles, stakeholders across ethnic and political lines are expected to begin strategizing around the new electoral realities brought on by the updated ward map.