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.
End
News
‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain
By Emmanuel Kuza
A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.
Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.
According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.
“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.
He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.
“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.
The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.
Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.
“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.
He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.
“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.
Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.
He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu
News
200 widows benefit from empowerment outreach in Plateau
By Israel Adamu, Jos
Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.
The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.
The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.
She stressed that the outreach was not a political programme but an expression of love and support for humanity.
Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.
“This is simply an expression of compassion and love for humanity. It is not a political programme.
“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”
Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.
Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.
At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash
News
SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance
By Francis Wilfred
The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.
They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026
The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.
Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.
Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations
He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector
“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.
In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.
The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.
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