The Peoples Democratic Party (PDP), Ondo State chapter, has expressed concern over the silence of Governor Lucky Aiyedatiwa on the alleged padding of the 2025 budget.

The party pointed out that the 2025 budget contains some scandalous items in the office of the Commissioner for Finance. 

Speaking via a statement by its Publicity Secretary, Kennedy Peretei, the party insisted that the people of the state deserve explanation on the ₦11.5 billion allocated to the Ministry of Finance as security vote.

They insisted that ₦250 million as “Honorarium and sitting Allowance in the Ministry of Finance” and the procurement of SUV worth ₦230 million for Commissioner of Finance is insensitive.

Peretei subsequently called for the sack of the Financial Commissioner over the development, stressing that the funds belong to the people of Ondo State.

He said, “The Ondo State 2025 Appropriation Act contains some scandalous items in the office of the Commissioner for Finance that have been the subject of public agitation in the last two weeks.

“The Lucky Aiyedatiwa government has maintained such a deafening silence and complicity that are making tongues wag, if indeed there is more to it that meets the eye.

“The N11.5B Security Vote in the Ministry of Finance captured in the 2025 Approved Budget has not been explained to the people of the State, in spite of the public outcry.

“The provision of N250M as Honorarium and Sitting Allowance in the Ministry of Finance is another padded item in the budget for the enjoyment and pleasure of the Commissioner.

“Perhaps, the most insensitive of the items is the procurement of 1 No Toyota Prado SUV Jeep for the Honorable Commissioner for Finance at a princely sum of N230M.

“In view of the above approved Budgetary allocations, the Peoples Democratic Party, PDP, Ondo State Chapter believes that Mrs Isaac Omowunmi, the Ondo State Commissioner for Finance must be sacked immediately, for criminally abusing her office. Her claim of being a UK trained Accountant falls flat on its back, if all she can do is to fleece the people’s Treasury. The supposed Gatekeeper of our Treasury.

“If Governor Lucky Aiyedatiwa fails to relieve the Commissioner of her duties, having failed the people of the Sunshine State, steps will be taken to prove that, what is at stake is the people’s funds.”

[NaijaNews]

The Opposition Coalition has said no Supreme Court judgement had been delivered against the Governor of Rivers State, Siminalayi Fubara and the Speaker, Oko Jumbo as it was being made believe by some disgruntled elements.

Clarifying today’s Court verdict, the opposition lawmakers also said contrary insinuations and rumour churned out in certain quarters, Speaker of the Rivers State House of Assembly, Oko Jumbo is still in charge and control of the Rivers state House of Assembly.

The Opposition lawmakers, Coalition through its Spokesperson, Ikenga Ugochinyere said, it was rather in favour of Governor Fubara as it was predicated on his withdrawal of the appeal through his lead counsel, Yusuf Ali SAN.

According to him, Fubara did not lose any case at the Supreme Court, he withdrew his appeal over the 2024 budget which was already spent, executed.

Ugochinyere noted that no Court has ruled anything in favour of Pro Wike Sacked lawmakers, stressing that the Governor withdrew his appeal on the 2024 budget due to the fact that the 2024 budget has expired and the Supreme Court struck it out.

The federal lawmaker, assured Nigerians, particularly Rivers State people, that Victor Oko Jumbo is still an authentic speaker and nothing can change that, urging them to disregard the political propaganda peddled by some sour losers who are not still being delusional.

Ugochinyere tasked the media on truthful reportage by verifying facts before reporting legal issues.

He urged Governor Siminalayi Fubara to remain focused on delivering good governance to the people of Rivers State and ignore political shenanigans.

He said; “Today the Supreme Court ruled on the Appeal over the 2024 budget voluntarily withdrawn by Gov Fubara because 2024 budget cycle have ended and no need Wasting time discussing a budget that have been fully spent and implemented.

“The sacked, disgruntled Martin Amaewhule and the Pro-Wike group are jubiliating, out of ignorance of what informed the decision of the apex court. For their information and others who care, the Supreme Court judgement was sequel to the withdrawal of the appeal by Governor Fubara through his lead counsel, Yusuf Ali SAN. Governor Fubara in the notice for withdrawal of the case, informed a 3-man panel of Justices of the Court that events have overtaken his suit.

“For those who don’t know such events as mentioned by His Excellency, Governor Fubara include inter-alia that the 2024 budget for instance, has been fully executed and exhausted with 2025 Appropriation in effect, hence the case is statute-barred.

“Also, Speaker of the Rivers State House of Assembly, Hon. Oko Jumbo is still in charge and control of the legislature in the South-south state as the pro-Wike sacked lawmakers and their gang leader, Amaewhule remained removed from office.”

[Dailypost]

On Thursday, during the plenary session at the house of representatives, Benjamin Kalu, deputy speaker and chairman of the constitution review committee, said the lower legislative chamber received proposals for the creation of 31 new states.

The 10th national assembly is currently in the process of amending the 1999 constitution and has received several proposals, including that of state creation.

A constitutional amendment is a formal modification to the text of the written constitution of a nation to correct or revise its original content to suit the interests of the people of that nation.

The Nigerian constitution makes provisions for amendment when there is a need to do so. The requirements for amendment of the constitution differ depending on the section in question.

The requirements for the amendment of most sections of the constitution involve two-thirds of members of the senate, and house of representatives voting in support of such an amendment and 24 houses of assembly supporting such an amendment.

However, some sections of the constitution, which deal with the creation of a new state, local government, or boundary adjustments, require additional conditions.

Here is the process for passing a constitutional amendment bill and the additional conditions for state creation.

WHAT IS THE PROCESS OF AMENDING THE CONSTITUTION? 

There are several processes involved in amending the constitution.

First, proposals to amend the constitution are submitted to the national assembly as bills. While these bills can originate from citizens, they must pass through lawmakers.

The bills will be sent to the respective (senate and house of representatives) rules and business committees where they are scheduled on the order paper.

The full titles would be read out for the first reading at the bills’ presentation, which signifies the start of the legislative process.

The bills will then be read the second time and the general principles debated during plenary, after which they are referred to the committee on constitutional amendment.

The bills will be reviewed by the committee, and in many cases, public hearings are organised to enable stakeholders to make contributions.

The committee will subsequently decide which proposed amendments to adopt or reject. Afterwards, the reports on the bills are submitted before the house and adopted.

The lawmakers will vote on each specific item on the bills. Here, the proposals to amend the constitution are presented in the form of clauses.

Each house (senate and house of reresentatives) will then use e-voting (not the voice vote) to vote in favour or against the bill.

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When e-voting is not available, the house can go into division. This way, the speaker calls each lawmaker to say whether he or she agrees with the bill or not. This is to meet the requirements of section 9(2) of the constitution which outlines the procedure for altering the provisions of the constitution.

This is done to ensure that the total number of senators or house of representatives members in attendance did not fall below the minimum number of two-thirds required to pass a constitutional amendment bill.

The votes are then collated and counted.

It is important to note that for a bill to scale through, it must be concurred by both the senate and house of representatives. This implies that the constitutionally required number of each chamber must have voted in support of the bill.

After that, the bills are transmitted to the state houses of assembly by the clerk of the national assembly for their concurrence.

According to the aforementioned sections 9(2), two-thirds of all the state assemblies need to approve the bills — that is 24 states will be required for each amendment to be approved.

When two-thirds of the state assemblies approve each clause by simple majority, everything returns to the national assembly.

According to section 58 of the constitution, bills require the president’s assent.

WHAT ARE THE REQUIREMENTS FOR STATE CREATION?

For amendments proposing the creation of a new state, the constitution demands stringent conditions that must be fulfilled before the process explained above applies.

Section 8(1) states as follows: An act of the national assembly for the purpose of creating a new state shall only be passed if:

“(a) a request, supported by at least two-thirds majority of members (representing the area demanding the creation of the new State) in each of the following, namely;

“(i) the Senate and the House of Representatives,

“(ii) the House of Assembly in respect of the area, and

“(iii) the local government councils in respect of the area are received by the National Assembly;

“(b) a proposal for the creation of the State is thereafter approved in a referendum by at least two-thirds majority of the people of the area where the demand for creation of the State originated;

“(c) the result of the referendum is then approved by a simple majority of all the States of the Federation supported by a simple majority of members of the Houses of Assembly; and

“(d) the proposal is approved by a resolution passed by a two-thirds majority of members of each House of the National Assembly.”

No state has been created since Nigeria returned to democratic rule in 1999.

During the Thursday plenary, Kalu said the “proposals should be re-submitted in strict adherence” to the requirement of section 8 of the constitution and must reach the committee by March 5.

[TheCable]

Former Kaduna State Governor, Nasir El-Rufai, on Monday, dismissed claims that he failed to support President Bola Tinubu during the 2023 presidential election, stating that he has moved on from such allegations.

Tinubu, backed by the All Progressives Congress, won the election against the main opposition candidates — Atiku Abubakar of the Peoples Democratic Party and Peter Obi of the Labour Party.

El-Rufai, a key APC chieftain, has been at the centre of political discussions, recently asserting that his views on governance would remain unchanged regardless of his role in the Tinubu-led administration.

On Sunday, an X user, Yusuf Tukur, tweeting as #realYusufTukur, claimed that Tinubu and his allies had actively sought El-Rufai’s support before the election but later accused him of not backing the president.

“When they were desperately seeking El-Rufai’s support, #officialABAT and his goons were everywhere singing Malam’s praises. Given their penchant for ingratitude, however, they’ve turned around to claim that Malam didn’t even support PBAT. But these testimonies say otherwise,” the tweet read.

In response, El-Rufai stated via his X handle that he had no personal expectations from his political actions, adding that the unfolding events were simply a reflection of human nature.

“We did what we did for God, country, and party, expecting nothing in return. What is unfolding is merely another life experience and part of human nature. We have moved on, but their conscience won’t let them sleep well. Thanks anyway,” he wrote.

Further clarifying his stance on governance, El-Rufai had said he does not subscribe to political pretence, likening certain politicians to actors.

“Truly, I don’t know how to pretend. Being a Nollywood actor in governance is for some others, not for some of us,” he remarked.

[Punch]

From the bustling streets of Lagos to the grand stage of the Super Bowl, Moro Ojomo has written his name in history after leading Philadelphia Eagles to a Super Bowl triumph.

On February 9, 2025, before a roaring crowd, Ojomo and his Philadelphia Eagles soared to victory, defeating the Kansas City Chiefs 40-22 in Super Bowl LIX.

Though a hard-fought win, it secured the Eagles’ fifth NFL title but also served as sweet revenge for their Super Bowl LVII defeat at the hands of the same opponent.

Moro Ojomo’s journey to stardom

Ojomo’s story is one of astounding transition. Born in Lagos, Nigeria, he crossed the Atlantic at the age of seven, as his family relocated to California in 2009. His father served as a pastor, while his mother worked in the information technology sector. During his seventh-grade year, the family moved again, settling in Houston, Texas.

Attending Katy High School, Moro Ojomo was two years younger than most of his classmates, having begun his education at the age of three in his home country. He did not participate in varsity football during his freshman or sophomore years and admitted that, at the time, he had yet to develop a proper workout routine. However, after his sophomore year, he became dedicated to weight training and running, eventually securing a spot on the varsity team as a junior. His efforts paid off, as he earned All-District honors as a defensive lineman by the end of the season.

After starting the fall as a third-stringer, he gained confidence with more time on the field.  He worked his way into a starting role and ended the season earning all-district honors. Then, in his senior year, he became one of the most dominant defensive linemen in the state.

“Nothing comes in life without hard work. I know that,” Ojomo said then as quoted by JokersMag.

“That’s why my story is a lot different than a lot of these kids who’ve been good all their years in high school. They’ve been ‘The Guy’ ever since junior high. I know what it’s like to compete for a starting spot. A lot of these kids don’t know that.”

During his five-year tenure with the Longhorns—a journey that spanned the challenges of the COVID-19 pandemic—Moro Ojomo amassed 95 tackles, 13.5 tackles for loss, and five sacks.

In January 2023, when he declared for the NFL Draft, he expressed his enthusiasm for the road ahead.

“I am incredibly excited about what the future holds,” he wrote.

However, as draft day unfolded, his initial optimism gave way to anxiety. By the time the seventh round was halfway through, his name had yet to be called.

“I thought it was over.”

Then, with only 11 picks remaining, his phone finally rang.

On the other end was Philadelphia Eagles GM Howie Roseman—someone well acquainted with the trials of overcoming adversity.

“We’re gonna take you here, man,” Roseman told him.

“We can’t believe you’re here in the seventh round. We know you’re gonna show the world what kind of player you are… and we’re excited to get you.”

In the background of the recorded call, his sister’s joyful shrieks echoed the moment’s significance.

Katy High School head coach Gary Joseph later reflected on the resilience that defined Moro’s journey.

“The kids who you’re really proud of are ones who are self-made football players,” Joseph said.

“They work with what they have, and he’s one of those kids. He worked. It wasn’t a fluke.”

As a rookie, Moro Ojomo played just 6% of the Eagles’ defensive snaps. But in 2024, he earned a more prominent role on the field.

And when the stakes were highest, he delivered—recording his first NFL sack in the fourth quarter of a playoff game against the Los Angeles Rams.

His belief in himself had never wavered, not even years earlier.

“People used to laugh at me in sophomore year when I told ’em I was gonna start,” he had said back in 2018. “They’re gonna realize it when I do what I plan to do… They’re gonna be like, ‘Wow, we really missed on this one.’”

Playing in every regular season game and all four playoff contests, he racked up 20 tackles and etched his name into Eagles’ history with his first career sack during the NFC Divisional clash against the Los Angeles Rams.

Remarkable Super Bowl Performance

In the Super Bowl itself, Ojomo was a force to be reckoned with. His two tackles and a crucial tackle for loss contributed to the Eagles’ defensive dominance, a performance that stifled the usually explosive Patrick Mahomes and kept the Chiefs scoreless for a remarkable stretch of nearly three quarters. He played an important role in the Eagles’ defensive strategy, helping to contain one of the most potent offenses in the league.

Ojomo joins the Hall of Fame

Ojomo’s victory is more than just a personal triumph; it’s a testament to the growing influence of Nigerian athletes in the NFL. He joins a distinguished group of players like C.J. Uzomah, Chukwuebuka Godrick, Chris Oladokun, and Charles Omenihu, all of Nigerian heritage, who are making their mark on the gridiron.

Ojomo’s Super Bowl ring goes beyond being a symbol of his individual achievement, but a beacon of inspiration for aspiring athletes across the globe.

Vanguard News

Tighter immigration rules appear to be on the horizon as Keir Starmer, UK prime minister, has promised tougher measures to address the growing number of illegal foreign workers in the country.

Since becoming prime minister last July, Starmer has initiated reforms to the UK’s immigration policies.

Analysts say his approach is “firm but fair” compared to Rishi Sunak, his predecessor, and Kemi Badenoch, leader of the Conservative Party.

However, stricter immigration measures proposed by the Tories, and Reform UK, a political party gaining traction, have forced the prime minister to apply more pressure on his policies to retain his popularity.

“Too many people are able to come to the UK and work illegally. We are putting an end to it,” Starmer tweeted on Monday.

Starmer’s tweet came as the Home Office said it is launching a fresh wave of immigration raids for illegal working.

The UK agency also boasted that it had a record number of deportations, saying both illegal working visits and arrests since Labour came to power had soared by about 38 percent compared with the previous 12 months.

“They drove up immigration numbers; we will get them down,” he said.

[TheCable]

The prolonged financial dispute between Nigerian banks and telecom providers over unpaid USSD fees has reached a crisis point. Telecom operators, including MTN, Airtel, Glo, and 9mobile, are owed a staggering N250 billion by banks, a debt that has accumulated over six years. This unresolved issue threatens not only the financial viability of USSD services but also places additional cost burdens on consumers through increased telecom tariffs.

To say that it is a growing debt crisis cannot be pooh-poohed by mere waves of the hands as the USSD debt issue dates back to 2019, when telecom companies initially reported that banks owed them N32 billion. By March 2021, the debt had grown to N42 billion, and by November 2022, it had reached N80 billion. In June 2023, the amount doubled to N120 billion, and by October 2024, the debt had exceeded N200 billion, eventually ballooning to the current N250 billion.

Despite this, banks continue to make massive profits from USSD transactions. In the first half of 2024 alone, the total value of USSD transactions reached N2.19 trillion, accounting for 45.3% of the total transaction value of N4.84 trillion recorded in 2023. While banks benefit from this service, telecom operators remain unpaid, leading to increased operational costs.

Without a doubt, the debt crisis is affecting consumers. For instance, telecom providers have been forced to raise service charges to offset their losses. The rising cost of network maintenance, coupled with the increasing prices of diesel, equipment, and other essential materials, has driven telcos to seek ways to remain profitable. This has resulted in higher call, data, and SMS tariffs, ultimately transferring the burden onto Nigerian consumers.

With inflation at 33.95% as of June 2024, and the cost of living already unbearably high, the last thing Nigerians need is a further increase in telecom service charges. Many low-income earners rely on USSD for essential transactions such as money transfers, bill payments, and airtime purchases. If telecom operators keep raising tariffs due to unpaid debts, the most vulnerable Nigerians will be priced out of financial services, undermining the financial inclusion efforts the government has championed over the years.

Against the foregoing backdrop, the role of USSD in financial inclusion cannot be said to have being overstated in this context.  This is as USSD technology plays a critical role in Nigeria’s financial ecosystem, enabling millions of Nigerians, especially those in rural and underserved areas, to access banking services without an internet connection. According to the Nigeria Inter-Bank Settlement System (NIBSS), over 44 million Nigerians use USSD-based banking services regularly.

For many Nigerians without smartphones or internet access, USSD is the only means of accessing financial services. If telecom operators continue to raise tariffs, the cost of performing simple banking transactions will increase significantly, discouraging many from using formal banking channels. This could push more people into the informal cash-based economy, reversing the progress made in driving financial inclusion.

At this juncture, it is expedient to ask about the way forward. To not a few Nigerians, particularly those who are conversant with the issue, regulatory interventions is the way forward. 

It will be recalled at this juncture that the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have made several attempts to mediate between banks and telecom operators. In May 2023, when the NCC granted telecom providers permission to disconnect banks from USSD services due to non-payment of debts. However, this move was reversed after CBN intervention.

Despite regulatory efforts, banks have yet to clear their debts. As the imbroglio seemingly remains irresolvable, it is not a misnomer to opine that there is a pervading fear among Nigerians that telecom operators might be forced to suspend USSD services entirely, affecting millions of Nigerians who depend on it for financial transactions.

Without a doubt, it would be a huge relief for consumers if banks pay the debt as soon as possible as the debt is a growing debt that keeps mounting by each passing day. 

If banks fulfill their financial obligations and settle the N250 billion debt, it would provide immediate relief to telecom operators, allowing them to stabilize or even reduce tariffs. This would directly benefit Nigerian consumers in several ways. For instance, there would be reduced cost of transactions. This is as telecom operators would no longer struggle to compensate for unpaid debts through higher service charges. Not only that, USSD transaction costs could stabilize or even decrease, making banking more affordable for all Nigerians.

In a similar vein, there would be improved financial access for low-income earners as millions of Nigerians, particularly those in remote areas, rely on USSD for banking. Without a doubt, settling this debt would prevent further price hikes, ensuring financial services remain accessible to the most vulnerable populations.

Also, there would be enhanced banking efficiency. This is as banks also stand to benefit from continued USSD service, as it enables seamless transactions for their customers. In fact, if USSD services become too expensive or get suspended, many Nigerians would be forced to visit physical bank branches, increasing congestion and reducing efficiency.

In a similar vein, there would be increased mobile penetration and digital growth. The reason for the foregoing cannot be farfetched as Nigeria’s digital economy relies on affordable telecom services. Therefore, by settling their debts, banks can contribute to the broader goal of expanding digital access and fostering economic growth.

Given the foregoing backdrops, it will not in this context be considered a misnomer to plead to banks to act responsibly over this growing and lingering debt. 

Banks must prioritize the settlement of their USSD debts to ensure the sustainability of digital financial services in Nigeria. By paying what they owe, they will not only ease the financial burden on telecom providers but also prevent unnecessary tariff hikes that hurt consumers.

As financial institutions benefiting from the USSD ecosystem, banks have a moral and financial responsibility to support the system that has helped drive financial inclusion across Nigeria. Failure to do so may lead to service disruptions, higher telecom tariffs, and greater financial exclusion for Nigerians.

In fact, the ongoing USSD debt crisis is not just an industry issue, it is a consumer issue. Millions of Nigerians depend on USSD services for financial transactions, and the rising costs of telecom services due to banks’ refusal to pay their debts is a burden they cannot afford. As inflation continues to rise, and Nigerians struggle with the high cost of living, it is only fair that banks step up and clear their outstanding obligations.

The CBN, NCC, and other regulatory bodies must ensure full compliance and hold banks accountable for settling this debt. Only then can telecom operators operate without passing unnecessary costs onto consumers, and only then can Nigerians continue to access affordable financial services.

Without resort to exaggerating the issue, it is expedient banks act now before the situation worsens. The longer they delay, the more Nigerian consumers will suffer. It is time for banks to pay up and ease the burden on telecom providers and consumers alike.

When Joe Michael needed a loan in 2021, he approached his bank to inquire about the process and requirements.

He was surprised by the extensive documentation needed for a personal loan, which included a completed application form, employee status verification, employment ID, valid means of identification, BVN, credit checks, and more.

Unable to meet these requirements promptly, Michael turned to a loan app, where the process was much simpler and faster.

After downloading the app, he completed his registration the same day and received the approved loan within 48 hours.

This experience is shared by many Nigerians who now prefer fintech companies and loan apps over traditional commercial banks for loans.

Disrupting the banking experience 

Fintech companies have emerged as a transformative force in the financial industry, redefining how people access and interact with banking services, including loans.

Their focus on technology and user-centric design has made them a critical part of the modern banking ecosystem.

Fintechs operate as digital-only financial institutions, often without physical offices.

By leveraging technology, they provide streamlined banking services, including payments, savings, and loans, sometimes at lower costs and with greater transparency.

They enable users to manage finances entirely online, eliminating the need for traditional in-person visits. Their digital-first approach significantly reduces operational costs, leading to competitive fees and better rates for customers.

Demand for fintech solutions is growing rapidly as more consumers prioritize digital-first experiences, and businesses seek platforms to simplify payroll, streamline transactions, and gain access to real-time financial data.

With features like multi-currency accounts and seamless international transactions, fintechs appeal to a globally connected audience. In underserved regions, fintechs bridge gaps and foster financial inclusion.

“Loan app is easier. You don’t need to see anybody; it’s strictly online. You just download the app and apply, and they easily give out loans,” Michael, a school teacher, told Nairametrics.

The typical requirements for fintech loans include phone numbers of guarantors or relatives, BVN, and employment details.

More insights

In contrast, accessing a business loan from commercial banks involves rigorous pre-approval requirements, such as registering the business entity, providing full KYC documents, evidence of the company’s interest in the product, BVN and TIN of the promoter, proof of business existence for at least one year, and a minimum three-month relationship with the bank. Additionally, banks often demand collateral, such as property or car documents.

Sunny Udoka, a grocery store operator in Lagos, shared his brother’s experience with a top-tier bank, which required a property worth N25 million as collateral for a N4 million loan, with a repayment of N6 million within six months.

“I don’t like collecting loans because it gives me high blood pressure, but I have a brother who collected a loan of N4 million from a bank. They demanded that he repay with six million, that is N2 million interest on the loan, it was so difficult that they asked for documents of his property that is worth N25 million.

“They first find out if the property belongs to him before they then approached the Lagos State government to know the value of the property before approving the loan, and the condition is that the loan has to be paid within six months. How much are you making that you pay N6 million within six months? You can imagine now this January and February there is no market (sales). If I collected a loan in maybe October last year and I have six months to pay, how will I do it when there are no sales?” he said. 

Challenges faced in providing retail loans

Commercial banks face several challenges when providing retail loans, including strict regulations like KYC and AML requirements, thorough credit risk assessments, and maintaining minimum capital adequacy ratios. These factors can increase the cost and complexity of lending.

“As commercial banks, we conduct thorough credit risk assessments, which can be time-consuming and costly. Also, traditional banks require collateral, especially for huge amounts which makes it difficult for individuals who do not have tangible assets to access loans, different levels of authorisations which are required also slow down the process. However, the traditional banks still hold an advantage because we offer long-term, lower interest, and larger loans which the fintechs don’t,” said a senior staff of a top-tier bank. 

• Conversely, fintechs and loan apps have more flexible business models, lower operational costs, and greater agility in technology adoption. However, they also face challenges, such as regulatory uncertainty and competition from established players.

Michael noted that some fintech employees might continue deductions from accounts even after loan repayment, highlighting the need for physical offices for complaints.

“There is no challenge in the performance of the loan app, the only challenge is that some dubious workers in these loan apps can continue to deduct from your account even after you have completed repayment because they have your pin, BVN and account number, and unfortunately, there is no physical office to go and complain, you only complain on the app and most times it does not change anything. Also, the interest is too high and the refund period is too short. Some of them are seven days, while some are one month,” Michael said. 

Way forward 

Esther Ugwumba, a POS agent in Lagos, suggested improvements for fintechs, such as allowing customers to choose repayment schedules, incorporating non-traditional data sources, protecting customer data, offering financial management resources, and keeping customers informed about loan status and promotions.

“They should always protect customer data and ensure secure transactions, offer resources and workshops to help customers manage finances effectively, and keep customers informed about loan status, repayment schedules, and promotional offers.” 

Fintechs have disrupted the traditional banking landscape, prompting banks to invest in digital transformation to remain competitive. The success of fintechs has led traditional banks to improve their online and mobile banking services.

To remain competitive, commercial banks now need to rethink their strategies and innovate. They also need to invest in digital transformation, improving their online and mobile banking services.

[Nairametrics]

The presence, operations, and compensation of certain women hired by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have sparked controversy within the Apex bank.

Senior staff members across the CBN’s 29 departments have expressed concerns over the influence these women—brought in by Governor Cardoso as consultants—wield within the institution. According to insiders, they have amassed significant power, to the extent of issuing directives to departmental directors.

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Additionally, widespread frustration has emerged over what some staff members describe as “excessively high and unjustifiable” compensation for the consultants, who reportedly receive hefty monthly salaries.

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Cardoso assumed office as CBN governor on September 22, 2023. Some sources claim that the women arrived at the bank with him on the same day, while others say they joined shortly after. Their continuous presence has fueled speculation regarding their roles, contributions, and the justification for their large paychecks.

The individuals at the center of this controversy include Nkiru Balonwu, founder of The Africa Soft Power Group, and Daphne Dafinone, a chartered accountant and chief operating officer of Crowe Dafinone, a Nigerian accounting firm.

A third consultant, Shola Phillips, formerly of Citibank, is also part of the group, but sources indicate that her presence has not been as disruptive or controversial as that of her colleagues. Details regarding her terms of engagement remain unclear.

Within the bank, the consultants are now referred to as the “Cardoso women.” One official, when Premium Times asked about the meaning behind the nickname, implied that it was self-explanatory.

Several directors have alleged that Cardoso hired the consultants arbitrarily, bypassing standard procedures and without setting clear terms of reference, deliverables, or timelines for their consultancy roles.

For instance, questions have been raised about the appointment of Ms. Balonwu as a corporate communication consultant, despite the CBN already having a well-equipped corporate communication department led by a director responsible for overseeing internal and external communication.

Similarly, insiders say that Ms. Dafinone’s consultancy role remains undefined, as she reportedly takes on any responsibility assigned to her by Cardoso. One of her recent assignments was overseeing a controversial early exit program aimed at encouraging at least 1,000 employees to opt for voluntary retirement. The governor allegedly entrusted her with this task while bypassing the bank’s human resources department, which is officially responsible for managing employee policies and processes.

The CBN has four deputy governors: Emem Usoro (Corporate Services Directorate), Muhammad Dattijo (Economic Policy Directorate), Philip Ikeazor (Financial System Stability Directorate), and Bala Bello (Operations Directorate). However, staff members now mockingly refer to Ms. Balonwu and Ms. Dafinone as the fifth and sixth deputy governors, suggesting that their influence rivals that of the officially appointed deputies.

According to some directors, the consultants have begun writing memos on CBN letterheads and issuing directives despite having no official role within the bank’s established structure.

“They claim to be consultants, but they have permanent offices in the bank with no set duration for their consultancy,” one director told Premium Times. “They even have offices on the eleventh floor alongside the governor, while the deputy governors are housed on the tenth floor. They bypass the deputy governors and issue instructions directly to directors.”

Another insider corroborated this, recalling an instance where one of the consultants allegedly boasted that even the governor could not challenge her authority.

Allegations of Exorbitant Salaries

Concerns have also been raised about the consultants’ salaries, which some staff members describe as excessive. Reports indicate that Ms. Balonwu earns N50 million per month—higher than the salaries of the governor and deputy governors combined. Her monthly pay also surpasses the combined earnings of 15 directors, who reportedly earn less than N3 million each.

Similarly, Ms. Dafinone is said to earn N35 million monthly, an amount greater than the combined salaries of 10 directors.

A staff member criticized the governor for awarding such salaries to his associates, stating that even former CBN governor Godwin Emefiele, despite his controversies, did not engage in such practices.

“These women contribute nothing to the bank,” the staff member claimed. “The governor is simply enriching his associates. There are 29 directors, 170 deputy directors, and over 400 PhD holders at the CBN—there is no need for in-house consultants.”

Hiring Procedures Under Scrutiny

Nigeria’s Public Procurement Act 2007 stipulates that government agencies must follow a transparent and competitive process when hiring consultants.

The law mandates that consultancy positions be publicly advertised in at least two national newspapers and the official procurement journal, with clear submission guidelines, defined terms of reference, and structured evaluation criteria.

Proposals must be evaluated based on technical expertise and cost-effectiveness, ensuring that only qualified candidates are selected through a fair and accountable process.

However, the hiring of the so-called consultants at the CBN appears to have circumvented these procedures, raising concerns about transparency and the proper use of public funds.

Legal Troubles Surrounding Dafinone

Meanwhile, Ms. Dafinone is facing legal proceedings related to an alleged N100 million fraud case. She is set to appear before Justice Ibrahim Kala of the Federal High Court in Lagos on March 4.

Her company, CEDDI Corporation Limited, is also named in the case, with allegations that she conspired to defraud real estate developer Lukman Adeleke in a 2019 property transaction.

Court records show that Mr. Adeleke paid N100 million for a property at 93 Broad Street, Lagos Island, but Ms. Dafinone allegedly sold the property to another buyer.

Attempts to resolve the dispute outside court failed, prompting Mr. Adeleke to seek legal redress.

According to reports, Ms. Dafinone was absent from the most recent court hearing, with her lawyer, Dapo Akinosun, informing the judge that she was receiving medical treatment in London.

Despite her ongoing legal battle, Ms. Dafinone continues to serve in her role at the CBN and was also appointed to the board of the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)—a CBN-owned financial institution tasked with managing agribusiness-related credit risks in Nigeria.

Silence from CBN and Consultants

Attempts by Premium Times to reach the consultants for comments were unsuccessful.

Ms. Dafinone did not respond to phone calls, WhatsApp messages, or text messages. Similarly, efforts to contact Ms. Balonwu proved futile, as her phone line was unreachable, and she did not respond to a WhatsApp call or an iMessage.

Meanwhile, CBN spokesperson Hakama Ali was also unreachable, and she did not respond to inquiries via phone, text, or email.

[NaijaNews]

Like other liberal democracies, Nigeria’s democratic system thrives on the existence of a vibrant and functional opposition. However, the current state of our political parties, as I discussed in a recent television appearance, is concerning. One of the key parameters to measure the efficacy of a political party is its organisational capacity and policy choices. Unfortunately, these elements are acutely lacking both in the ruling party and the opposition. Today, this column addresses the opposition’s role in deepening democracy. 

An effective opposition serves as a watchdog, providing checks and balances to the ruling party while offering alternative policies that enhance governance. However, in the nearly two years since the 2023 general elections, Nigeria’s opposition has been largely dormant, fragmented, and ineffective. This situation demands immediate attention and action. 

The absence of a strong opposition has left Nigeria’s democracy vulnerable to unchecked executive power, resulting in governance that often lacks accountability. The ruling All Progressives Congress (APC) has faced minimal resistance in executing its policies, which has, in turn, weakened democratic engagement. The lack of credible opposition has led to a decline in democratic norms and a slide to “electoral autocracy.” This is neither inthe best interest of democratic consolidation nor the Nigerian people. 

In contrast, in other African democracies, such as South Africa, the opposition has played a more significant role in holding the ruling party accountable. The Economic Freedom Fighters (EFF) and the Democratic Alliance (DA) continuously challenge the African National Congress (ANC), demonstrating the impact of a functional opposition. The Nigerian opposition must regain footing to ensure a balanced and competitive political landscape. A diverse political landscape is not just a luxury; it’s a necessity for a healthy democracy. The potential for change is within reach, and it’s up to the opposition to make it a reality.

Opposition parties have failed to articulate distinct policy alternatives, leaving governance unchallenged and unresponsive to citizens’ needs. Without meaningful policy debates, decisions are made that lack depth, often without proper scrutiny or public engagement. For example, when President Bola Tinubu removed fuel subsidies in 2023, opposition parties failed to present an alternative plan, leaving civil society groups to lead protests against the consequential economic hardship.

The opposition space in Nigeria has remained fractured, allowing the ruling All Progressives Congress (APC) to operate with little or no alternative voices and cruising as the political Octopus. APC has effectively established itself as the dominant political force, often unchallenged in policymaking and governance. The failure of opposition parties to unite under a common goal has further entrenched APC’s political control, making governance almost a one-party affair.

One of the most frequently cited reasons for the opposition’s weakness is Nigeria’s patronage-based political culture, often referred to as ‘stomach infrastructure.’ This term encapsulates the tendency of politicians to prioritise personal gain and short-term benefits over long-term policy engagement. In such an environment, voters are more likely to support politicians who provide immediate material rewards rather than those advocating for institutional reforms. This system disproportionately favours the ruling party, which controls state resources and uses them to maintain loyalty. A 2022 survey by Afrobarometer revealed that over 40% of Nigerian voters admitted to receiving financial or material incentives from politicians before elections, underscoring the deep entrenchment of patronage politics. This trend is evident in many states, where political parties rely heavily on financial inducements to secure electoral victories.

The PDP, once Nigeria’s dominant political force, has suffered from internal divisions, sabotage and ineffective leadership. Under Umar Damagum’suninspiring leadership, the party has become factionalised, with many state chapters experiencing disunity. Instead of acting as a formidable opposition, the PDP appears to be an extension of the ruling party, unable to mobilise effectively against APC’s policies. Defections by key PDP figures to the ruling party have further weakened its national standing and influence. 

LP and NNPP, which emerged as alternative forces in the 2023 elections, are embroiled in leadership crises. The Labour Party, which garnered significant support from young and urban voters, struggles with internal disputes, legal battles, and power struggles. Similarly, NNPP faces significant internal crises at the national and Kano state levels. The absence of institutional structures and the prevalence of patronage politics have weakened these parties, making them ineffective in consolidating opposition forces. 

There is widespread suspicion that APC uses state resources to co-opt opposition leaders through inducements or coercion. Some opposition figures are believed to have been compromised, leading to a lack of trust in the opposition’s leadership. When opposition leaders are seen as moles or agents of the party in power, it undermines their ability to present a serious challenge to the ruling party. 

The National Assembly, which should serve as an oversight body, has become a “rubber stamp” for the Executive. Opposition lawmakers have failed to challenge government policies effectively, allowing even the most controversial bills to pass without robust debate. The gale of opposition lawmakers’ defections to the ruling party has further exposed our opportunistic politics. 

Additionally, the APC-controlled National Assembly drowned out any form of alternative voices. This has further entrenched the APC’s dominance, as policies are implemented without meaningful alternative options. In 2024, the National Assembly passed multiple overlapping supplementary budgets with minimal scrutiny, raising concerns about the legislature’s independence. 

Despite the current dormancy, there are emerging signs of opposition figures regrouping. Recent socio-political gatherings have brought together opposition leaders and dissenting voices within the APC who share common criticisms of President Bola Tinubu’s neoliberal policies.  One of such events was the two day national conference on strengthening democracy organised by Centre-LSD and other civil society organizations. These events indicate the potential for new alliances ahead of future elections. If effectively mobilised, this could begin a stronger, more unified opposition movement, which would be good for democratic consolidation. For example, former Vice President Atiku Abubakar and Labour Party’s Peter Obi have recently been seen attending similar political events, sparking speculation about a possible alliance for the 2027 elections. The recent meeting between Kwankwaso and Aregbesola has been argued as being unsettling to the ruling party. 

PDP seems to be bending the corner in its perennial internal conflicts. The parties BOT and the governor’s forum have jointly taken a stance on the crisis of who the National secretary is. They are working hard to resolve the many cases in court and gain the public’s confidence as a serious party, but whether this will succeed is another matter. The Labour Party, the country’s second leg of strong opposition, faces a significant internal crisis. Abure-led Executive and the party’s galvanising forces led by the party’s personality emblem, Peter Obi, are on different lanes. There is no love lost between all key actors in the party. Today, the Labour Party is a shadow of its 2023 form that rattled the ruling party. 

For the opposition to be taken seriously, it must bring together reform-minded elements from the PDP, progressive factions of the Labour Party and NNPP, and disillusioned APC members. This coalition should not be built on personal ambition but on a shared vision and clear ideological principles that differentiate it from APC.

Beyond mere criticism of the ruling party, the opposition must invest in policy research and articulate superior governance strategies. Highlighting the failures of APC is not enough; opposition leaders must provide viable alternatives that resonate with the electorate. This requires intellectual rigour and extensive economic, security, and governance engagement. A 2023 report by SBM Intelligence indicated that 70% of Nigerians believe that opposition parties fail to present clear economic policies, reinforcing the need for a well-articulated alternative governance strategy.

Additionally, smaller parties, which currently lack the national reach to be impactful, must be incorporated into a broader opposition framework. Although these small parties represent distinctive voices and ideologies, they must align under a bigger opposition ideology that will be sold to the people to challenge the ruling party at the centre. That is the only way they can make a meaningful impact on politics at the centre. 

A successful opposition must go beyond elite politics and engage directly with the grassroots. Without a strong grassroots presence, any opposition movement will struggle to gain widespread legitimacy and support.

The opposition’s survival and relevance in Nigeria depend on unity, strategic policymaking, and grassroots engagement. A fragmented and ineffective opposition only strengthens APC’s dominance, undermining democratic accountability. However, the signs of reawakening provide hope that a more vigorous opposition could emerge in the coming years. For this to materialise, opposition leaders must prioritise coalition-building, develop apparent policy alternatives, and engage in extensive grassroots mobilisation. Only through these efforts can Nigeria’s democracy be revitalised, ensuring a governance system that is responsive to the needs of its people.