News
Allow market forces to determine naira value, not politics, ex lawmaker urges FG
Stephen Olufemi Oni, Ilorin
Former Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Dr. Rafiu Adebayo Ibrahim, has urged the federal government and regulatory agency on monetary policy to put politics aside and allow the
economics to rule and reign on the issue of naira exchange rate, adding that they should allow the market forces to determine naira’s fair value both at the time of boom and otherwise.
Senator Ibrahim, who spoke in Ilorin at the 30th edition of Media Parliament of the Kwara State Council of Nigeria Union of Journalists (NUJ), explained that politicisation of the exchange rate only empowers the political class to do more harm to the nation’s economy.
In his paper titled: “Naira Devaluation by Central Bank of Nigeria: How Did We Get Here? What Are The Challenges and Prospective For Us As Nation?”, the former legislator opined that Nigeria being a monolithic economy was enough reason for it to be financially disciplined and futuristic in its savings and investment policies.
The former senator advocated promotion of local production and industrialisation, particularly of products that are highly in demand, adding that the time was ripe to diversify the economy under a truly long-term strategic plan that would turn around the fortunes of the nation away from being mono-product.
He also called on the government to address the seemingly intractable insecurity which has adversely the economic life of the nation, warning that its devastating effects, if unattended, would worsen the value of the nation’s currency.
“It is important to state that the politicisation of the exchange rate of the naira is an unhealthy obsession in Nigeria. It only gives politicians an incentive to wage war against reality by doing things that are economically harmful.
“Attempts made in the past to embrace liberalization is a step in the right direction, but should have been also backed with some high level of financial discipline that would provide savings for a rainy day. The very act of trying to fiddle with the currency whenever we run into trouble is what really needs to be re-examined.
“Knowing that we are a monolithic economy is enough reason for us to be futuristic in our savings and investment policies. The moment oil prices crash, businesses and transactions that were perfectly legal suddenly become ‘unpatriotic’ and everybody becomes an expert in economics with pressure of the policy makers who are in most cases obviously ill-prepared, policy-wise for such situations.
“It is only in Nigeria that you see a situation where we pray and hope for high oil prices to sustain our spending pattern without saving, while we want to keep the exchange rate ‘stable’ even when revenues have collapsed dramatically.
“We all know that it is not possible to have all these things at the same time, as you cannot eat your cake and have it at the same time”, Ibrahim said.
In his remarks, the Chairman, Kwara State Council of NUJ, Abdullateef ‘Lanre Ahmed, said the volatility of the exchange rate was baffling, hence the urgent need to address it, especially its adverse effects on the local economy.
Ahmed traced the problem to the summersault of the Central Bank of Nigeria on the nation’s monetary policy, which has consistently weakened naira in the global economy and in turn affected the purchasing power of the masses.
“At the moment, the exchange rate of naira for one dollar in the black market is over N550, and getting forex at the designated commercial banks is a herculean task. This is just as the CBN continues to act in a manner that suggests that our naira would further experience devaluation.
“And out of curiosity, you begin to wonder whether the monetary policy of the apex bank is congruous with the reality beyond policy documents that are often bandied around to divert attention.
“There is no doubt to posit that Nigeria’s economy is haemorrhaging. No thanks to the policy summersault of the CBN on monetary policy that has, in significant way, weakened naira in the global economy and in turn reducing the purchasing power of the populace. And you are attempted to ask this nagging question. In whose interest is CBN formulating its policies?
“Similarly, the penchant of the federal government for external borrowing is now at an alarming proportion, thus accentuating claims and counter claims on the desirability or otherwise of the government’s step”, Ahmed said.
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News
Oluwole Foundation Lifts 70 Branch Members Of C&S Church in Ilorin

Stephen Olufemi Oni, Ilorin
Barely a month after empowering no fewer than 70 members at the headquarters of the Cherubim and Seraphim Movement Church Worldwide in Ilorin, the Kwara State capital, the Oluwole Foundation has extended the noble gesture to 24 branches of the Church within Ilorin metropolis and Oke-Oyi.
In the new dispensation, the Oluwole Foundation provided material and financial support to additional 70 beneficiaries, costing the Foundation about N37m.
Fielding questions from journalists on the sideline of the programme, the Chairman of the Foundation, Pastor Moses Ademola Popoola, said the extension of the empowerment programme this year to the branches of the Church was in obedience to divine instruction and as a means to tackle poverty within the Church community.
“We have 62 branches under our Church, but this is the first time we are going beyond our headquarters. For now, we have covered 24 Churches and empowered 70 people, spending close to N37 million. This is not just charity; it’s also evangelism. Some people will not be converted through preaching but through welfare,” Pastor Popoola explained.
He urged beneficiaries to take the gesture seriously, work hard, and extend help to others, assuring the congregants of further expansion of the empowerment programme to cover more beneficiaries in the coming years.
“They should not see this as a national cake. Be prudent, save, grow your business, and from what you have, help someone else. That way, we help the family, society, and the nation,” he cautioned.
Pastor Popoola also called on other foundations, especially those owned by Christians, to carry out their work with sincerity, rather than for personal gain. “This service is first to God, then to society. When we help people genuinely, we reduce poverty, crime, and unemployment.”
The cleric, however, stressed the need for the government to prioritise agriculture and rural development in order to tackle poverty and unemployment ravaging the nation.
He added: “Every wealthy nation built its economy on agriculture. So, government should secure our farmlands, provide tractors, and support our farmers holistically. Let each region focus on its strength, like cocoa in the West and groundnut in the North. We must also develop rural areas with electricity, motorable roads, hospitals, and jobs to curb rural-urban migration.”
One of the beneficiaries, Mrs Janet Shaba, who expressed gratitude to the Oluwole Foundation for the kind gesture, promised that they would make judicious use of the items received.
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News
Audu Ogbeh’s death a big loss for North Central: Kwara Gov

Stephen Olufemi Oni, Ilorin
Kwara State Governor AbdulRahman AbdulRazaq has expressed sadness over the death of former Minister of Agriculture and Rural Development, Chief Audu Ogbeh.
Governor AbdulRazaq said the death of Chief Audu Ogbeh is a big loss to the North Central Region, calling him a statesman, thoughts leader, and nationalist.
“Chief Audu Ogbeh was a dependable leader of our region. He earned the respect of all on account of his outstanding leadership and service to the nation at different times, especially during his time as Minister of Agriculture and Rural Development,” the Governor said in a statement on Sunday.
Governor AbdulRazaq has, however, sent his heartfelt condolences to the people and government of Benue State and to his family and associates.
He prayed to God to give the family the strength to bear the huge loss.
End
News
Ambode Declares Total Support for President Tinubu’s 2027 Re-Election Bid

• Dismisses claims of gubernatorial ambition under ADC.
Former Lagos State Governor, Mr. Akinwunmi Ambode, has publicly reaffirmed his unwavering loyalty to the All Progressives Congress (APC) and President Bola Ahmed Tinubu, pledging full commitment to the President’s 2027 re-election campaign.
In a strongly worded statement, Ambode dismissed recent speculations linking him to a governorship ambition under the African Democratic Congress (ADC), describing the reports as “false publications” aimed at causing distractions.
“I wish to publicly reaffirm my absolute and unshakable loyalty to the APC, the party under which I had the privilege of serving Lagos State as governor in 2015, and to President Bola Ahmed Tinubu, my leader, mentor, and a tireless champion for Nigeria’s progress,” Ambode said.
The former governor praised President Tinubu’s leadership style, describing him as a “proven achiever and result-oriented leader” whose administration has delivered significant reforms in pensions, student loan accessibility, youth empowerment, and national economic growth.
Highlighting key achievements of the Tinubu administration, Ambode pointed to the elimination of fuel scarcity, improved security measures, and policies designed to improve the lives of ordinary Nigerians.
“His focus, determination, and inclusive governance style are restoring hope and delivering tangible results. I am convinced that, given another four years, Nigerians will have even greater reason to celebrate,” Ambode stated.
He urged party faithful and Nigerians at large to ignore political distractions, pledging to work tirelessly to strengthen the APC and ensure President Tinubu’s victory in 2027.
“Let it be clear: I stand solidly with President Bola Ahmed Tinubu and the All Progressives Congress. We will work together to ensure victory in 2027 to continue delivering the dividends of democracy to all Nigerians,” Ambode concluded.
Ambode’s declaration comes amid growing political realignments ahead of the 2027 general elections, with the former governor making it clear that his political loyalty remains firmly with the APC and its leader.
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