Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11.

Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation.

The CBN governor said the country’s reserves stood at $34.70 billion at the end of June.

Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years.

Cardoso said the nation’s foreign exchange reserves have “grown significantly” with remittance flows currently representing 9.4 percent of total external reserves.

“The reserves rose by 12.74% to $39.12 billion as of October 11, 2024, from $34.70 billion at the end of June 2024,” he said.

The CBN governor said the foreign reserves are driven largely by foreign capital inflows, receipts from crude oil-related taxes and third-party.

“In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance,” he said.

“The current external reserves position can finance over 12 months of import of goods and services or 15 months of goods only.

“This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks.

“Regarding the foreign exchange market, the bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the willing buyer, willing Seller’ approach to enhance FX liquidity and financial market stability.

“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.

“This consolidation involved the implementation of new operational guidelines which included removing the international money transfer operators (IMTOs) quote cap.

“Additionally, the bank resumed the sales of FX at the NAFEM and Bureau De Change (BDC) segments, bolstered by an improved supply from foreign portfolio investors (FPIs).

“In the foreign exchange market, we have achieved increased transparency and improved overall supply. By allowing the foreign exchange rate to be determined by market demand and supply, the CBN has reduced arbitrage and speculative activities and eliminated the front-loading of FX demand.

“These policy measures have effectively narrowed the exchange rate disparities between the NAFEM and BDC segments which have largely led to the convergence of FX rates.

“Improved transparency in the market has restored market confidence leading to increased capital inflows which enabled the CBN to clear existing FX backlogs.

“The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence, and enhanced liquidity in the foreign exchange market.

“With improved investor confidence, foreign investments have increased as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.

“Collectively, these actions have contributed significantly to the stability of the financial system.”

‘INFLATION REMAINS A CONCERN’

Cardoso admitted that inflation remains a pressing concern, but said there are reasons for an optimistic outlook.

The latest data by the National Bureau of Statistics (NBS) indicate that the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.

The increase was the first in three months after the country’s inflation rate declined twice in July and August.

Cardoso said inflation has shown “gradual moderation,” indicating that the monetary policy measures are “becoming effective”.

“We anticipate steady moderation of inflationary pressures in the last quarter of 2024, supported by our monetary policy measures and the federal government’s recent initiatives such as tax incentives on businesses in the economy,” he said.

“To combat inflation, we have fully reverted to an orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 850 basis points to 27.25%, increasing cash reserve ratios and normalising open market operations as our primary liquidity management tool.

“In addition, we have adopted an inflation-targeting (IT) monetary policy framework as part of the bank’s enterprise strategy (2024-2028).

“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.”

The CBN govenor said these measures are aimed at stabilising prices, optimising liquidity management, and engendering an effective monetary policy framework.

The Peoples Democratic Party, PDP has implored the Independent National Electoral Commission, INEC to conduct a free, fair and credible governorship election in Ondo State.

Governor Seyi Makinde of Oyo State, who is also the Leader of the party in the South-West Zone, made the appeal on Tuesday in Akure, during the official flag-off of the PDP governorship election campaign.

The governor said the party would not do what he termed a fraudulent election in Edo State, saying “We don’t want that in Ondo”.

Makinde also called for the removal of the INEC Resident Electoral Commissioner, REC in the state, Mrs Oluwatoyin Babalola, saying the party had no confidence in her to deliver a credible election.

The governor said the call for Babalola’s removal was to safeguard electoral integrity and ensure fairness and level playing ground for all parties in the forthcoming November 16 governorship election in the state.

“The last governorship election in Edo State was a fraud and we don’t want that in Ondo State.

“The current REC is from Ondo State, we don’t want her to conduct this election otherwise we will continue to protest. We will not condone injustice,” Makinde said.

Also speaking at the rally, Osun State Governor, Ademola Adeleke, who doubles as the Chairman, Ondo National Campaign Council, said the PDP governorship candidate in Ondo State, Agboola Ajayi was a tested hand.

The PDP National Chairman, Umar Damagun, who spoke on the last Edo State governorship election, claimed that the PDP candidate, Asue Ighodalo, was the legitimate winner of the election.

According to Damagun, the election in Edo did not meet the necessary democratic standards.

“We don’t want what happened in Edo State in Ondo State.

“We want free, fair and credible elections in Ondo State.

“Our governorship candidate, Agboola Ajayi, is a well-tested candidate that can deliver dividends of democracy to the good people of Ondo State,” he said.

Ajayi, the governorship candidate of the PDP, said that his seven-point agenda would definitely transform the future of the people in the state if voted for.

The Martin Amaewhule-led Rivers State House of Assembly and the faction loyal to Governor Siminalayi Fubara have initiated a fresh round of crisis in the state.

On Tuesday, the Amaewhule faction declared the seats of four of their colleagues loyal to Fubara vacant.

The Appeal Court in Abuja recently granted legality to the Amaewhule leadership of the Assembly.

In its reaction, the Victor Oko-Jumbo-led pro-Fubara lawmakers insisted Amaewhule and his group had ceased to be lawmakers in the state.

The group called on the Independent National Electoral Commission to conduct a by-election to fill the vacant seats.

The new power play followed the battle for the political control of the state between Fubara and the immediate-past governor of the state and the Minister of the Federal Capital Territory, Nyesom Wike.

Those whose seats were declared vacant by the lawmakers loyal to Wike were  Edison Ehie, who is now the Chief of Staff to the Governor and three others, citing their absence from sittings for 56 days.

Amaewhule, who stated this while presiding over plenary in Port Harcourt on Tuesday, said Ehie did not properly write to inform the House of his new office, and as such, his seat had been declared vacant.

The resolution of the House followed a motion by its leader, Major Jack.

In a statement issued in Port Harcourt on Tuesday by the Special Assistant on Media to the Speaker,  Martins Wachukwu, the assembly declared the seats of the three lawmakers vacant for absenteeism.

The statement read, “In compliance with the combined provisions Section of 109 (1)(e),(f) and Section 109 (2) of the 1999 Constitution as altered, the Rivers State House of Assembly, on Tuesday, at its 56th Legislative Sitting of the Second Session, declared vacant the seats of Hon Edison Ogerenye Ehie, Hon Victor Oko Jombo, Hon Adolphus Timothy Oruibienimigha and Hon Sokari Goodboy Sokari, representing Ahoada East II, Bonny, Opobo/Nkoro and Ahoada West Constituency respectively.

“Riding on the back of a motion moved by the House Leader, Hon Major Jack and co-sponsored by 25 other members, that the seats of these four members be declared vacant for their continued refusal or failure to attend and participate in legislative meetings of the House, without just cause for a period amounting in aggregate, to more than one-third of the total number of days the House met in the first session of the Tenth Assembly and for also being absent in the past 56 legislative sittings of the Second Session.”

Commenting on the motion, Amaewhule recalled that after the peace parley that was held at the instance of President Bola Tinubu, the House withdrew its impeachment notice on the governor and also recalled the four suspended members, yet they had obstinately refused to attend sittings of the House.

When the Speaker put the question, the House voted in the affirmative that the seats of the four members be declared vacant and the Independent National Electoral Commission be notified to conduct elections to fill the vacancies.

Amaewhule said that given the fact the Court of Appeal upheld all the injunctive orders given by the Federal High Court, the governor should present the 2024 Appropriation Bill to the House again.

However, the Oko-Jumbo-led faction of the assembly insisted that the legislative seats of Amaewhule and 24 others remained vacant following their defection from the Peoples Democratic Party to the All Progressives Congress.

It said the vacant seats must be filled through a bye-election conducted by the Independent National Electoral Commission.

The Assembly, in a statement signed by its Speaker, Oko-Jumbo, in Port Harcourt, said the 25 legislative seats were declared vacant on December 13, 2024, by the then legitimately recognised Speaker, Ehie, and regretted that the INEC had been foot-dragging on the conduct of bye-election to fill the vacant seats.

He said that the inability of INEC to do the needful since December 13, 2023, created room for unnecessary distractions from Amaewhule and his committee of friends.

Oko-Jumbo then called on the commission to discharge its constitutional responsibilities to the people of the State.

“Please, recall that on the 11th day of December, 2023, Martin Chike Amaewhule and 24 others defected from the Peoples Democratic Party that sponsored their election into the Rivers State House of Assembly to the All Progressives Congress. Their defection was headline news and widely reported in print and electronic media.

“On the 13th day of December 2023, the defection by Martin Chike Amaewhule and 26 others was further cemented in an affidavit deposed to by Martin Chike Amaewhule, when in Suit No. FHC/ABJ/CS/1681/2023, Martin Chike Amaewhule & 26 Ors v. INEC & 5 Ors. in paragraphs 15 thereof, he deposed as follows:‘That faced with the state of uncertainty and confusion in the 2nd defendant (Peoples Democratic Party) caused by division in the political party, the plaintiffs were forced by the state of affairs within the second defendant to defect and join the All Progressives Congress.

“On the 13th day of December, 2023, Rt. Hon Edison Ogerenye Ehie, as then Speaker, declared the seats of Martin Chike Amaewhule and 24 others in the Rivers State House of Assembly vacant and called on the Independent National Electoral Commission to conduct a bye-election to fill their vacant legislative seats. This has not been challenged and set aside by any court of law.

“Subsequently, I was elected as the Speaker of the Rivers State House of Assembly. Myself and the Members of the Rivers State House of Assembly have been piloting the affairs of the Rivers State House of Assembly, including passing resolutions and screening various eminent persons as commissioner-nominees and recommending them to His Excellency, the Governor of Rivers State, to be appointed and sworn in as commissioners, among others.

“Truth and facts are constant, sacrosanct and indelible. The fact of the defection by Martin Chike Amaewhule and 24 Ors cannot be erased by pretenders like Martin Chike Amaewhule and his committee of friends.

“Today, the 15th day of October 2024, Martin Chike Amaewhule & 24 Ors who ceased to be members of the Rivers State House of Assembly, on December 11, 2023, purportedly declared vacant the legislative seats of Rt. Hon Victor Oko-Jumbo and others as members of the Rivers State House of Assembly. They have no such powers. This is an exercise in futility. It is a joke taken too far.

“As the Rt. Honourable Speaker of the Rivers State House of Assembly, I call on INEC to immediately conduct a bye-election to fill the legislative seats declared vacant on December 13, 2023.

“I also call on Nigerians and the good people of Rivers State in particular to ignore the vituperations and ranting of Martin Chike Amaewhule and his committee of friends.

“They are not members of the Rivers State House of Assembly not to talk of having the powers to declare vacant the legislative seats of legitimate Assembly members, who have remained steadfast and did not defect like them,” he added.

The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.

This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.

As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.

The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.

The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.

It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.” 

This situation has persisted despite some foreign exchange market reforms introduced by the Nigerian government, including the liberalization of the official exchange rate that began in June 2023.

However, these efforts have so far been insufficient to stabilize the currency.

The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.

The report also notes that the naira’s depreciation has contributed to higher domestic prices, particularly for imported goods, compounding the difficulties for Nigerian consumers.

In contrast, some African currencies that faced challenges in 2023, such as the Kenyan shilling and South African rand, have shown signs of recovery this year.

The Kenyan shilling, for instance, strengthened by 21 per cent year-to-date by the end of August 2024, marking it as one of the region’s top performers.

Despite this, foreign exchange shortages and exchange rate pressures remain a significant concern for many African economies.

The PUNCH, however, observed that the naira appreciated by 5.69 per cent against the dollar on Monday, according to data from the FMDQ Exchange.

The exchange rate improved from N1,641.27/$1 on Friday, October 11 to N1,552.92/$1 on Monday, October 14.

Despite the naira’s recovery, foreign exchange turnover plummeted by 44.27 per cent, falling from $616.73m to $343.71m over the same period.

In its report, the World Bank offers a cautious outlook for Nigeria’s economic growth, projecting that its Gross Domestic Product will expand by 3.3 per cent in 2024 and slightly accelerate to 3.6 per cent in 2025-2026.

The report read: “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August.”

It also noted that following the Nigerian government’s decision to remove fuel subsidies in mid-2023, gasoline prices surged dramatically, causing a ripple effect on inflation across the country. The report notes that this policy change, which saw gasoline prices triple initially, further increased by an additional 40-45 per cent in September 2024, driving up transportation and logistics costs for businesses and consumers alike.

In July 2024, inflation reached 34.2%, and although it showed signs of easing in August, the recent hike in gasoline prices is expected to reverse this trend and potentially push inflation higher in the coming months.

“Bros, na wah for you oh. How person go dey call you, you no go pick call?”

“A beg. My head no straight these days.” 

“Are you okay? You sick?”

“I sick. I sick well, well, well.”

What is the matter? And your wife could not call family? These women! What is going on?”

“I sick oh. Because my salary can no longer take me home. Nobody is increasing salaries. They don’t even pay as at when due anymore. When I buy fuel, the thing evaporates in 24 hours. My heart is perpetually pumping up and down. My body aches. And Madam is putting me under pressure that we have not yet paid the children’s school fees. I am sick. I can feel it in my bones. Have you not noticed that the fuel we buy these days simply evaporates?

“My brother. Bros. Na wah.”

“Tell me where are we going in this country?”

“President Tinubu and his wife are certain that we are going somewhere that is good. Mrs. Tinubu made the point the other day that we, Nigerians are not seeing what the Lord is doing and that in two years, we will all see the truth.”

“Like Saul who became Paul on the road to Damascus. I beg. Let nobody deceive me. Na hungry I hungry, I am not blind oh. I can see what is going on in Nigeria. What is the Lord doing in Nigeria that Mrs. Tinubu is talking about? She goes to Ife, visits her alma mater, Obafemi Awolowo University and donates one billion Naira. What does she do for a living?  Where did she get the money from? And then she says we, Nigerians must learn to work hard. Oh. Oh. These people. So, I don’t have one billion Naira because I am lazy? And then on top of it all, the Ooni of Ife erects a fake gold statue in her honour. Rochas Okorocha Iberiberism in Ife! And I am here, looking for quality fuel. This country is not okay, I swear.”

“E lo fokan bale. I believe that everything will be okay. President Tinubu is working on it. He is on a working vacation. From England to France. As a Christian, I believe that you will soon see what the Lord is doing.”    

“I can see what is going on. We must stop blackmailing God in this matter. I can see that the leaders of Nigeria do not care enough about us. They are going about in luxury jets, SUVs, yachts, and Nigerians are told to work harder and be patient. It is the slave master’s logic. And the President says he is on a working vacation. Okay, what working vacation? It is either you are on vacation which is legitimate, perfectly legitimate. But you are working and you are on vacation? What an oxymoron! And Mrs. Tinubu gets a statue in Ile Ife? As what?” Tell me.”

“As our wife. First Lady. Mother of the Nation. Yoruba wife.”

“I have told you. We are not okay in this country.” 

“But I disagree with you that the President cannot go on a working vacation? Mr. Bayo Onanuga has made it clear that the President can run this country from anywhere on the planet. If he so wishes he can leave France and go to Australia and stay there till the end of the year.”

“No. No.  No.  I disagree. Number One. Why must he always go to Britain and France? Number Two. It is not true that he can stay away from Nigeria for as long as he likes. Sections 145 and 146 of the 1999 Constitution are very clear. If he is going to be away due to vacation or incapacitation, he is required by the Constitution to hand over to his Deputy. Did he hand over to the Vice President? Did he inform the National Assembly? He just carried his bags and said he was going on a working vacation? President Tinubu is undermining the Nigerian Constitution.” 

“It is his prerogative. He is President. He can delegate as he wishes. The Nigerian President is a monarch. That is the truth.” 

“They say he is on a working vacation. I want to know what work he has done. He had to leave Britain just when that country was hosting business leaders from every part of the world to discuss the future of investment and Britain’s economic growth. It would have been a great networking opportunity for Nigeria. But our President left.”

“Again. You miss the point. The International Investment Summit in Central London was strictly by invitation. Elon Musk who wanted to be at the Summit, so desperately, was not invited. Other leaders in the world were not invited. The Summit is not a gathering of the tribes and former colonies.”

“Okay I get the point. Nigeria was not considered important enough. So what work did President Tinubu do or that you know that he did during this working vacation? Nigerians have the right to know” 

“No. You cannot order the President around. He is not your prisoner. He is a monarch. Get that straight. Why do Nigerians think that because this is a democracy, they can order the President and his wife around anyhow? What is wrong with us? In fact, we should count ourselves lucky. The people of Cameroon have just been told that it is a breach of national security to talk about the whereabouts of President Paul Biya. Biya was last seen in September when he appeared on television at a function in Beijing. He is 91 years old. He has been ruling Cameroon for more than 41 years, the second longest ruling monarch after Teodoro Obiang Mbasogo of Equatorial Guinea. Tinubu is just two years on the throne, you are looking for him. Come on man, he is still better than Paul Biya. I dare say he is even better than President Buhari who spent a total of more than a year outside the country.”

“And is that good for Nigeria? I ask. Answer. Is that how anybody should run a serious country?” 

“Don’t worry yourself, Nigeria will survive. We will always survive. President Tinubu told us, have you forgotten? E lo fokan bale.” 

“I have my doubts. I am anxious. Which fokan bale is that? Very soon men will lose their wives because they will no longer be men at home. Wives will give up their husbands and homes will be ruined.” 

“Be patient bro. Two years.” 

“Two years, with this hardship?”

“Something will come up. Naija no dey carry last. Our God will never forsake us.” 

“Will you stop that crap? Let the Pastors say that on Sunday to their congregations. All these Pastors who ride limousines and private jets and they preach hope to their poorly-fed church members.”

“Touch not my anointed. Thou shall not speak ill of the people of God.”.  

“Very soon, I will stop going to Church. No more paying of tithes. I will use the money to buy fuel and food. The Pastors are still telling people Nigeria go better because people still go to their churches. When people stop showing up, then they will know that something has gone wrong with Nigeria.” 

“People will always go to church. The Pastors preach hope. Hope keeps us alive.” 

“Go and mark my words. Nigeria is heading to a crossroads where hope will no longer show the way, hope without purpose and direction means nothing. The road called hope must be paved with clear targets. Please where are we?”

“As we speak, I am on my lunch break at work, munching on something, thinking aloud with you” 

“I am angry”

“I believe. I hope that tomorrow is another day. Nigeria always survives. We can’t go on like this, yes. Something may change the course of our history. Look at Guyana, a country of 800, 000 people. As of 2009, that country was famous for eco-tourism and its rain forests. In 2015, Exxon Mobil found oil in large quantities in its coastal waters. Today, Guyana, a former British colony way back in 1796, is now an oil rich country, so rich the Prime Minister is promising people free money and free opportunities, the country’s colonial architecture is giving way to glass sealed buildings. It is a new day in Guyana. The Lord that did it for them in that country can do it also for us in Nigeria”

“Bad example. Bad comparison.  Nigeria already travelled through that road before. We found oil and the country scattered. What has oil brought us? It has brought to a point where we cannot even refine our fuel. Something that flows in some people’s father’s backyards. It has brought us to a point where a man from a state where there is no crude oil is now the one refining fuel for Nigeria making all the people who boast about our oil, na my papa get am, look truly stupid.”

“That is life. You can have something, talk about it and not know what to do with it. God has a hand in it. He will then bring somebody who can do it.” 

“You always talk back and forth, here and there. I do not know what your people are doing.” 

“Which my people? I don’t know them oh. I am just trying to be a good person?”

“You are a PDP man then?”

“Which PDP? Those ones that will fight from now till 2028. They will wake up after the 2027 elections have been won and lost”

“Are you cursing the PDP? The main opposition party in the country?”

“Let me quote Daniel Bwala jare. Kokoro ti n je efo, inu efo lo wa? The maggot that is spoiling the vegetable is inside the vegetable. Do you get it?”  

“I get it. No hope for the APC either. Things are so bad even Libya is now insulting Nigeria, in football.” 

Many persons that I know and that are dear to me have been celebrating their birthdays in the last week and one of them, Pastor Kayode Owolabi turns 60 on October 17. On October 10, Professor Is-haq Oloyede turned 70. He is the current Registrar and Chief Executive of the Joint Admissions and Matriculation Board (JAMB), a Commander of the Order of the Niger (CON) and a Fellow of the Nigeria Academy of Letters. He is also the Secretary General of the Nigerian Supreme Council of Islamic Affairs, the 8^th and former Vice Chancellor of the University of Ilorin, former Chairman of the Association of Vice Chancellors of Nigerian Universities and Committee of Vice Chancellors, and former President of the Association of African Universities. 

Oloyede is one of such Diamonds who have spent a lifetime excelling in whatever they do, from his emergence as a National Merit Scholar (a distinction I proudly share with him) to graduating with a First Class Honour  (we are in that boat together too), to becoming a Professor in 1995 (I left university teaching to become a talking head in the media). He later became the Vice Chancellor of his alma mater in 2007. Oloyede’s tenure as Vice Chancellor in Ilorin was regarded as the brightest moments in that University’s history. He is a focused, committed scholar and a man who pays great attention to details. He has proven his measure as Registrar of JAMB, a position to which he was appointed by President Muhammadu Buhari in 2016. In eight years, Oloyede has turned JAMB around and made it a success story. JAMB used to be an unprofitable government agency, a cesspool of corruption, but today, JAMB makes profit for the Nigerian Government and remains one of the success stories of Nigeria.  Under Oloyede’s watch, the institution has been sanitized.  

Oloyede is a perfect example of a good Muslim, a good citizen, a good scholar and a platinum-citizen representing Nigeria well. He calls me “the Deputy Governor” but that is a story for another day. I congratulate him on the occasion of his 70^th birthday. President Tinubu describes him as “an exceptional scholar, and an uncommon scholar who has shown rare commitment to financial integrity and accountability in public service”. Governor Dapo Abiodun of Ogun State where Oloyede hails from, says he “remains a leading light among many of his contemporaries and distinctly stands out for his integrity and thorough approach.” He deserves the accolades. 

DIG Taiwo Lakanu (rtd) marked his 65^th birthday over the weekend, Saturday, October 12. This is a good man who supported me in the days of struggle. He is a policeman. I am a journalist. But he is one good example of how a policeman can be your friend and I have no doubts that many who know Lakanu would attest to this fact. He is professional, firm, knowledgeable and dependable. With degrees in History and Law, (BA., LL B, B. L, LLM.) he belongs to the elite class of the Nigerian Police, one of those in that profession who could sustain an argument and an intelligent conversation. He rose, not surprisingly to the rank of a Deputy Inspector General of Police. He joined the police in 1986, and served as Commissioner in Imo and Ekiti. He was CP, Lagos Airport Command, AIG, Zone 7, Abuja. He was also Police Secretary.  The only reward for hardwork and distinction is more work. DIG Lakanu has since been recalled for more work by an appreciative government. He served on the Lagos State #EndSARS panel. He is now back in Abuja as a member of the Police Service Commission. He is the Akogun of Lagos. Congratulations, Akogun of the Universe! Live long. 

And finally, in two days, one of the persons closest to my heart in this world, Pastor Kayode Owolabi turns 60 on October 17. We grew up together. We shared dreams together. Our paths may be different. We are brothers, going back to the roots. Work demands would not permit me to travel to England, where he lives to celebrate his special occasion with him, but he is a man who deserves to be celebrated and he has earned all the successes that he has recorded. Kay, as I used to call him, he is now Pastor Kay, is one intense personality, he tells you he wants to achieve a goal, he will latch on to it and refuse to waiver until he reaches that goal. He is a very organized, and a deliberate man to the last detail. He used to tell me I am not making enough use of my talents. I think he pushes me too hard. But he means well. He has a generous and kind heart. Growing up together, his family was my family and mine was his too. Armed with a Bachelor’s degree in History, he later obtained a Master’s in Law and Diplomacy (MILD). He worked as a banker for years. Then he found God or perhaps God called him to service as a man of His word. He is today the general overseer, Senior Pastor of the Everlasting Arms Ministries, shepherd and author, with headquarters in London. He is constantly travelling all over the world winning souls for Christ. He found his calling. But this is no surprise. His father, E. V. O. Owolabi was also a priest of the Anglican Church. Happy Birthday, Pastor Oluwakayode Babatunde Adeleke Owolabi.  God bless you. Your brother salutes you. 

The Confederation of African Football (CAF) has initiated a probe into the shocking mistreatment of Nigeria’s Super Eagles at a Libyan airport.

CAF strongly condemned the lengthy delay faced by the team and coaches, describing it as unacceptable, and has been engaging with Libyan and Nigerian authorities. 

The African football governing body said it has escalated the matter to its disciplinary board for thorough investigation.

CAF promised to take decisive action against those found guilty of breaching its rules and regulations.

“The Confederation Africaine de Football (CAF) has been in contact with the Libyan and Nigerian authorities after it had been informed that the Nigerian National Football Team (”Super Eagles”) and their technical team were stranded in disturbing conditions for several hours at an airport that they were allegedly instructed to land by the Libyan authorities,” the statement reads.

“The matter has been referred to the CAF Disciplinary Board for investigation and appropriate action will be taken against those who violated the CAF Statutes and Regulations.”

The Super Eagles team was detained at the Al Abaq airport since Sunday evening, sparking outrage, ahead of their 2025 Africa Cup of Nations (AFCON) qualifying match.

In response to widespread criticism, the Nigeria Football Federation (NFF) announced the withdrawal of the Super Eagles from the qualifying match on Monday.

Nigeria’s oil marketers have said the director general of the Department of State Services, Adeola Ajayi has intervened in its complaints about the high price of Premium Motor Spirit(Petrol) by the Nigerian National Petroleum Company Limited and unpaid debts.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said this in an interview with DAILY POST at the weekend.

This comes after petroleum marketers and the DSS had a meeting on Wednesday amid the recent hike in petrol price to N1030 per liter by NNPC.

Giving details of the meeting, Ukadike said that the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed agreed to issue their members bulk purchase license to get petrol directly from Dangote Refinery.

He also said that the NMDPRA has pledged to release N10 billion to offset debts owed to marketers.

“The Director of the Department of State Security has intervened in our complaints about high petrol prices, debt owed to us, and challenges facing the oil and gas sector.

“The director intervened and said that we should be patient, and he also made some calls.

“The Executive Director of NDPRA said he would issue us a bulk purchase license to get petrol directly from Dangote Refinery.

“NNDPRA promised to release N10 billion to pay outstanding bills to petroleum marketers. We asked members to continue operations”, he told DAILY POST.

Recall that petroleum marketers had vowed to shut down operations over ex-depot price of N1,010 per liter by the NNPC which is higher than the N1030 per litre retail price.

Earlier, the oil marketers had raised alarm that NNPC owed them over N15 billion.

DAILY POST recalls that on September 15, 2024, Dangote Refinery commenced petrol distribution with NNPCL as the sole off-taker.

Samson Dauda, the Nigerian-born bodybuilder representing the United Kingdom, has been crowned the 2024 Mr. Olympia.

Mr. Olympia is an annual bodybuilding competition and title awarded to the professional men’s bodybuilding contest winner in the open division at Olympia Fitness & Performance Weekend. The international bodybuilding competition is sanctioned by the IFBB Professional League.

Dauda made history by winning the 60th Mr. Olympia contest at the Las Vegas Convention Center in Nevada, United States.

He defeated top competitors on Saturday with Hadi Choopan taking the runner-up spot, while 2023 champion Derek Lunsford secured the third position.

Dauda also became the first bodybuilder of Nigerian descent to win the Mr. Olympia competition.

He previously finished third in the 2023 Mr. Olympia. This year, he won the title and was named People’s Champion, receiving a championship belt and trophy.

A former Governor of Ekiti State, Ayodele Fayose, has expressed his support for President Bola Tinubu’s administration, stating that it is making significant efforts to improve the conditions for Nigerians.

Despite acknowledging the current economic hardships the populace faces, Fayose remains optimistic about a turnaround shortly.

In his recent remarks, Fayose recognized the challenges many Nigerians are enduring but emphasized that the Tinubu administration is committed to implementing policies to enhance the economic landscape.

Fayose’s comments come when many citizens grapple with rising living costs and economic uncertainties.

The former governor said on Channels Television’s Sunday Politics, “It’s not been too easy, that is the truth for Nigerians, but I think that this government naturally, is given their best but their best still need to be upped.

“If you say they need time, people will begin to question to say, what time do they need? Yes, I agree that it has not been too easy for Nigerians, but I know that with little time things could get better; that is what I can say.”

He, however, noted that the current situation in the country is caused by long-term damage to the economy that won’t be repaired overnight.

Assessing governance in his home state of Ekiti, where he once held sway for two terms, Fayose heaped praises on the current governor, Biodun Oyebaji.

He said that even though he is a member of the opposition Peoples Democratic Party (PDP) and Oyebanji is in the All Progressives Congress (APC), it would be unfair not to acknowledge the governor’s good works.

“As at today I am a member of the PDP, the governor there is a member of the APC, but the meeting point is that I am a leader in Ekiti.

“Like I told you, it’s either we lie we die or we say the truth we die. Governor Oyebanji has done exceedingly well,” Fayose said.

He asserted that only a miracle will stop Governor Oyebanji from winning the election to complete a second term in 2026.

“I don’t know the miracle that will defeat him except something changes between now and that election.

“Forget the party, let us be realistic – the PDP is in bad crisis in Ekiti too, anybody can come here and deny I don’t care,” he said.

He said the governor has united all the leaders in the state irrespective of their political leanings.