Business
CBN Governor can’t turn around economy, CSO tells Tinubu

A rights group, Empowerment for Unemployed Youths Initiative (EUYI) has said the current Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso has not shown signs of turning around economic woes facing the nation.
The biting inflation and the unstable forex market according to the CSO are direct consequences of hasty policies of the CBN in recent times without a clear cut vision on how to navigate the situation.
Consequently, in a letter dated 26th March and addressed to the President, Federal Republic of Nigeria, His Excellency, Senator Bola Ahmed Tinubu and signed by its National Coordinator, Amb. Solomon Adodo, copies of which were shared to journalists, the group also advocated for the restructuring of the CBN to pave way for efficiency and reduce the bottlenecks hindering the CBN from discharging its mandate effectively to the Nigerian masses.
Excerpts, “we write as advocates for the millions of unemployed youths in Nigeria to demand for the sack of Yemi Cardoso, the current CBN Governor. While we commend your sincere efforts in repositioning the Nigerian economy,, it is an indisputable fact that as long as your appointees cannot deliver, all your efforts will be in vain and the blame will be on you as the captain of the ship. Therefore, we urge you to spare no one who is a clog in the wheel of the progress of your government including the CBN Governor who has demonstrated the greatest form of ineptitude so far.
“Sir, after a critical examination of the report of our organization’s Technical Team on National Economic Performance and Projections, we are constrained to inform you that under the current policies of the CBN, your economic vision for the country cannot be guaranteed. You will recall that between the end of December 2023 to end of February 2024, the US dollar went from N907 to about N1900 before the outrage led to a number of fire brigade and knee jerk policies that have been deployed to arrest it. Thankfully, it has reduced to N1, 440.38 as at today. The CBN’s lack of regulatory capacity under Yemi Cardoso’s tenure has brought us to this quagmire.
“Although the naira is gaining some strength, the irreducible minimum expectation of Nigerians is for US $1 to exchange for N900 by the end of the first quarter of 2024, which is now a mirage. Prices of commodities have also remained as high as they were. This means the gain the Naira is making against foreign currencies is not a product of a coordinated economic policy but an unsustainable quick fix. Indeed, Mr. Cardoso has a correct idea that Naira is undervalued. But unfortunately, he does not know the exact value of the Naira. As our monetary and fiscal physician, we should all be worried about how he can treat an ailment he cannot correctly diagnose. This is embarrassing to say the least”.
The letter also questioned the anti-corruption and transparency templates of the CBN under the watchful eyes of Mr. Cardoso as well as the CBN’s policies relating to productivity and investment in Nigeria as they are bound to negatively affect the Nigerian economy and youth employment.
“As anti-corruption watchdogs, we do not also know whether the CBN Governor has revealed to Mr President the names or identities of those who forwarded $2.7 billion fraudulent Foreign Exchange liabilities to the Federal Government, which a CBN audit exposed. This also may speak to the issue of transparency in the CBN. Are we back to Mr Godwin Emefiele’s regime of alleged opaqueness and corruption or is the CBN Governor deeply involved in forex scams for his self-enrichment?
“Also, recently, the Monetary Policy Committee (MPC) released new Monetary Policy Rate and Cash Reserve Ration which we consider unwitting death sentences on investments and productivity. For the first time in known history, Monetary Policy was raised by 400 points. No investor can borrow from the commercial banks today, except it is for a criminal venture. And assuming anyone borrows to invest, the interest rate will be transferred to production cost thereby giving rise to Cost Push Inflation. Also by the Cash Reserve Ration, banks are stifled of credit. This kind of economics will widen unemployment and suffocate Nigerians, especially the unemployed and other poor citizens who we represent”, the letter added.
The letter equally took Mr President and indeed Nigerians down memory lane and restated the elegant goals and objectives that Mr Olayemi Cardoso promised to achieve while in office which he has deviated sharply from without any tangible explanation aside half-truths, excuses and deliberate distortions.
“For the records, Olayemi Cardoso promised to stabilise foreign exchange regime by achieving monetary price stability given the well real-life implication of it for the well-being of Nigerians. He had also promised targeted policies, transparent market operations and coordination between monetary and fiscal authorities to ensure a more stable exchange rate, control inflation and create enabling environment for businesses to thrive.
“Similarly,, the CBN Governor promised to adopt measures to tackle institutional deficiencies, restore corporate governance, strengthen regulations and implement prudent policies, the promotion of sustainable and inclusive economic growth, ensuring bank recapitalisation, lifting of extant ban on 43 items to enable market forces to determine forex, adopting of floating exchange rate, emphasising on technology in financial services with strict regulatory compliance as well as achieving a trillion dollars economy in 7 years. So far, nothing has been done aside plunging the economy into chaos”, the letter noted.
The CSO through the letter reminded Mr President of his promise to Nigerians to axe any employee who performs below expectations and expressed optimism that President Bola Ahmed Tinubu will do the needful and sack Olayemi Cardoso for his litany of fiscal management crimes which have made the naira the worst performing currency after the Lebanese Pound.
“Mr President, you promised Nigerians on your honour (and we believe you) that any appointee that performs below expectation will be sacked. It is left for you to decide that this is the best you want so that in our further engagements, you will not be excused from any obvious failure as far as this is concerned. Whereas this may not be an easy decision, we urge Your Excellency to have the courage you are known for and remove Mr Olayemi Cardoso as Governor of the Central Bank of Nigeria and to also restructure the entire leadership of the apex bank. An ailment is better treated at very early stages”, the letter concluded.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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