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Governor of Central Bank of Nigeria, Godwin Emefiele Breaking New Grounds

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By Rev Solomon Semaka

In 2015, when Muhammadu Buhari assumed office as the president of the Federal Republic of Nigeria, he came with a lot of enthusiasm and that messianic wand to change the story of Nigeria that was on the verge of collapsing especially economically.

As a new sheriff in town, President Buhari made a lot of administrative changes, dissolved many boards and many heads of agencies and public service institutions that were not worth their unions were sacked or relieved of their appointments. This was done to take the country back on track towards economic recovery and prosperity.

However, one of the few places that the head was not changed was the apex monetary authority; the Central Bank of Nigeria otherwise known as CBN where a thoroughly bred economist, a financial expert and reputable banker, Godwin Emefiele was holding fort as the Governor having been appointed by the previous administration of Jonathan Goodluck on June 4, 2014.

For the Governor of the Central Bank, Godwin Emefiele to have gained the confidence of President Buhari, it is therefore, unambiguously an indication that he was doing something spectacularly different that worthily fitted into the change mantra of the current led administration. For instance, during his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to make pressure on the naira and avoid series of devaluations.

It is also pertinent to highlight unequivocally that the Central Bank under the watchful financial conscious eyes of the Governor; Godwin Emefiele has also taken the cashless policy in Nigeria to an unprecedented level.

For the avoidance of doubt, the Central Bank developed the cashless policy in 2012, which required a daily total limit of N500, 000 and N3,000,000 on free cash withdrawals across all accounts owned by individual and corporate customers respectively. The pilot was run in Lagos state from January 2012 while the policy took effect in Rivers, Anambra, Abia, Kano, Ogun and Federal Capital Territory (FCT) on July 1, 2013. The policy was implemented nationwide on July 1, 2014 a few days Godwin Emefiele assumed responsibility as the Governor of Bank.
Before the introduction and implementation of the cashless policy in Nigeria, Bussiness Day had noted that “the ease of cash flow occasioned by the cash-based economy made Nigeria vulnerable to fraud, terrorism, and crime. Armed robbers attacked bullion vans and customers who carried large sum of cash. Apart from that, the central bank spends billions of naira to remove and replace dirty notes in circulation”.

In other to effectively entrench the new cashless regime in the 6 states and the FCT, the Central Bank under Emefiele licensed 26 Mobile Money Operators, 10 Super Agents, 21 Payment Terminal Service Providers, 21 Payment Solution Service Providers, 4 Third Party Processors, 9 Switches and 5 non-Bank Acquirers. It is expected that these licensed entities will smoothen the implementation of the Cashless Policy across the Payments System.

Taking a careful look at the achievements of the cashless policy, Bussiness Day reports that “as evidenced by the NIBSS second-quarter fraud report of 2019, attempted fraud volume decreased by 47.28 percent from Q1 figures, while Web, ATM and Mobile remain the usual suspects to be used by fraudsters”.

“Okojere noted the growth in the volume of transactions that occurred in 2012 against 2018, following the Cashless Policy re-introduction and increase in usage of electronic transactions”.
Consequently, transactions on instant payments grew from 4 million in 2012 to 729m in 2018, transactions on PoS from 2.5 million in 2012 to 285 million in 2018, and transactions on Mobile Inter-Scheme grew from 2,200 in 2012 to 15 million in 2018”.

One of the areas that the administration of President Buhari will be fondly remembered even by generations yet unborn is the agricultural revolution. The peak of its commitment was the directive by the president to the Central Bank on August 13, 2019 not to make foreign currency available to fund food imports.

Otherwise, according to Emefiele in an interview with TBY in 2018 stated categorically that “four commodities—rice, fish, sugar, and wheat—make up nearly NGN1.3 trillion (USD3.6 billion) annually in import bills. These and other commodities on the 41 items list are a drain on our FX reserves. Our proclivity for imports has enriched other countries and impoverished ours. We cannot depend on other countries for food; that exposes us to unquantifiable social and economic vulnerabilities. If we increase domestic food production, we will create jobs, reduce poverty, and shield our economy from foreign impulses”.

“Thus, the CBN is channeling a great deal of development finance and interventions towards agriculture to ensure sufficiency in the production of food and raw materials through our various development finance mechanisms and schemes. Our intention is to ensure that Nigeria does not depend on other countries for most of the things we consume. We must ensure that our non-oil current account balances stand hugely positive”.

“On this note, the Anchor Borrowers’ Program (ABP) has recorded spectacular success, especially with regard to rice production. As we speak, rice production has increased several-fold. Kebbi State alone is expected to produce over 2 million metric tons of rice annually, while employees at Labana Rice Mills seek to keep pace with demand, processing 320 tons of rice a day, a 250% increase from the previous year. Therefore, we have seen sharp drop in rice imports that translates to a significant reduction in rice import bills, saving us over USD600 million in 2016 alone”.

An interesting thing about Godwin Emefiele is that since the return of democracy in Nigeria in 1999, he is the first governor of the Central Bank of Nigeria to serve a second term in office. The senate of the Federal Republic of Nigeria while screening him for a second term in office in May 2019 through its chairman on Banking, Finance, and other Financial Institutions, Rafiu Ibarahim said the committee was impressed with Mr Emefiele’s more than 32 years’ experience with outstanding performance.

The committee recommended confirmation of Mr Emefiele based on performance in his first tenure. “That the nominee understands the diverse economy of the country and has displayed profound knowledge of the continuous existence of our economy stability. That the nominee has performed credibly in his first tenure which resulted to the exit of the nation out of economic recession”, Mr Ibrahim said. His confirmation was put to voice vote and received a unanimous ‘ayes’ from the senators, reports Premium Times on May 16, 2019.

Consequent upon his confirmation and reappointment for a second term in office, Emefiele the CBN governor unveiled his policy thrust for the next five years. Although the policy document outlines a number of objectives, the most important ones include
a) the aim to achieve double-digit GDP growth in the next five years,
b) bringing down inflation to single-digits
c) improving the payment systems infrastructure and driving financial inclusion to 95% by 2024,
d) maintaining the existing exchange-rate policy regime of a managed float and
e) recapitalisation of the banking industry.

In order to cushion the effect on the Covid-19 pandemic on the Nigerian economy and to ameliorate the sufferings of the poor masses, the Buhari led administration through the Central Bank introduced a N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic.

This was part of measures and policies aimed at making sure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic and low oil prices.
The Central Bank of Nigeria (CBN) has so far announced the disbursement of over N49 billion out of N50 billion targeted facility for households and small businesses to over 80,000 families and households.

In addition, healthcare facility operators also benefitted from a N100 billion intervention fund and another N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic.
It is very important to point out that there are many other areas that the Central Bank of Nigeria under the leadership of Godwin Emefiele as the governor has done creditably well to save the Nigerian economy from slipping into recession, the above mentioned are just but the tip of an iceberg.

Therefore, it is imperative to call the President Muhammadu Buhari led administration not to relent in its efforts in supporting Emefiele in the discharge of his onerous duties so as to make the Nigerian economy viable, dependable, sustainable, reliable and strong.

Semaka is a public affairs commentator and Convener of Save Nigeria Movement.

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Hon. Hamma Adama Ali Kumo Applauds APC Consensus, Declares Full Support for Dr. Jamilu Gwamna and Governor Yahaya’s Senatorial Bid

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Hon. Hamma Adama Ali Kumo, National Deputy Financial Secretary of the All Progressives Congress (APC), has congratulated Dr. Jamilu-Isiyaku Gwamna on his emergence as the party’s consensus governorship candidate for Gombe State ahead of the 2027 general elections.

In a statement issued in Abuja, Hon. Kumo described Dr. Gwamna as “a visionary leader, accomplished technocrat, and grassroots mobilizer whose credibility and capacity will strengthen the APC’s position in Gombe.” He noted that the consensus arrangement reflects the party’s commitment to unity and inclusiveness, adding that it is a step toward consolidating APC’s achievements in the state.

Hon. Kumo called on all aspirants who contested for the governorship ticket to rally behind Dr. Gwamna, stressing that collective effort is essential for the APC to secure victory. “Every aspirant remains a vital pillar of our party. By joining hands with Dr. Gwamna, we can ensure APC’s continued dominance and deliver progress for the people of Gombe,” he said.

He further commended Governor Muhammadu Inuwa Yahaya for his exemplary leadership, which has brought peace, infrastructural development, and political stability to Gombe State. Hon. Kumo emphasized that the governor’s guidance was instrumental in the smooth adoption of consensus candidates, describing him as “a leader whose vision has transformed Gombe and whose legacy will endure.”

Hon. Kumo also reaffirmed his support for Governor Yahaya’s senatorial aspiration, expressing confidence that his wealth of experience will bring quality representation to the National Assembly. He noted that Yahaya’s senatorial bid complements Dr. Gwamna’s governorship candidacy, creating a formidable team to advance APC’s mission in Gombe.

Concluding his remarks, Hon. Kumo urged party members, stakeholders, and the electorate to remain steadfast in their support for APC candidates, assuring that with unity and determination, the party will deliver victory and sustain progress in Gombe State.

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Nassarawa 2027: Crisis Rocks APC as Lawyer petitions governor Sule anointed Aspirants over dual membership of SDP/APC.

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A legal practitioner in Nasarawa State and member of the All Progressives Congress (APC), Barr Tari Trochon has submitted a Formal petition to the National Secretariat of the party demanding proper investigation into the alleged dual membership of Senator Aliyu Ahmed Wadada.

Senator Wadada has won elections into the Senate in 2023 on the platform of the Social Democratic Party (SDP) and has emerged the preferred choice of Governor Abdullahi Sule of Nassarawa State for the APC Governorship primaries scheduled for May 21st 2026.

According to the petition signed by Barr Trochon from Nakere ward of Wamba LGA, “we demand immediate investigation into Wadada membership and compel him to produce verifiable evidence of resignation from the SDP which should be verified from the national leadership of the SDP and not forged documents.

“His disqualification from the participation in the primaries if he fails to establish lawful and exclusive membership of the APC among other legal violations of the Constitutional provisions by Wadada participating in the process while holding dual membership of SDP and APC”

The legal Practitioner warned that allowing Wadada participate in the forth coming gubernatorial primaries would amount to institutional endorsement of illegality that will set the grounds for pre-election legal challenges that might lead to disqualification.

” The enormous credibility issues bothering on how his failure to inform the Senate of his alleged defection, nine months after, provides a fertile ground for litigations that may be costly to the APC in Nasarawa State if he is not stopped.

“We are aware that the SDP is set to take Senator Wadada to court over his defection to APC while still maintaining his membership with SDP simultaneously” he said.

The Petitioner added that in view of time constraint, he will be left with no other option than to proceed to court in order to save the APC in Nasarawa State from imminent problems that may cost us electoral misfortunes.

“There is prima facie infraction of section 222 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), section 77 of the Electoral Act 2026, Conventions of the Senate and clear expressions of lack of credibility and character which must be looked into.

“He shouldn’t go into our Direct Primaries, and we’ll ensure the Courts stop him from further participation” he said.

He maintained that the Petition has since been submitted to the APC national Secretariat, signed received and acknowledged.

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NEW LAFIA BYPASS ENDS YEARS OF TRAFFIC NIGHTMARE, TRANSFORMS MOBILITY AND LIVELIHOODS

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BY MOHAMMED MUSA

Residents and motorists in Nasarawa State are already feeling the relief that comes with good infrastructure, as the main construction of the Lafia bypass has been completed, slashing travel time through the state capital from 45 minutes to just 15 minutes.

The bypass, a critical section of the Keffi Road Phase II project, was constructed by China Harbour Engineering Company, CHEC, and its completion is quietly transforming local traffic conditions. Although the formal handover is still being prepared, many residents and drivers say the improvement in travel time and road environment is unmistakable.

For years, Lafia, the capital of Nasarawa State, has groaned under the weight of heavy transit traffic. As a major gateway linking Abuja to Makurdi and the eastern corridor, all long-haul vehicles had no choice but to crawl through the city centre. The result was predictable: congestion, wasted man-hours, higher fuel consumption, and increased safety risks for both residents and commuters.

However the story has changed.
Abdullahi Mohammed , a small shop owner in Lafia and a regular traveler on the route, captures the mood on the street. “It used to take about 45 minutes to pass through the city, especially when heavy trucks were on the road. Traffic jams and delays were common,” he said. “Now, with the completion of the Lafia bypass, it only takes about 15 minutes to get across. These past few days, the roads feel much smoother, and going out is more reassuring.”

The impact is even more direct for commercial drivers who earn their living on the road. A freight driver who spoke with our correspondent explained that the old route through the city was not just slow but costly. “Previously, vehicles had to pass through the city, which was time-consuming, increased fuel consumption, and posed safety risks,” he noted that, “now with the bypass, we save time and it’s safer. This is very important for those of us in transport because we save on fuel consumption and time spent on the road, which has greatly improved profitability.”

It is worthy of note that, Lafia has long endured heavy transit traffic pressure, with urban roads often congested during peak hours. The city’s status as an administrative and commercial hub means that local traffic already competes for limited road space. The hundreds of trailers and tankers heading to Benue, Cross River, and beyond, through Lafia put a lot of strain on Lafia’s inner roads.
With the completion of the bypass’s main works, transit vehicles will gradually be diverted, easing the burden on city traffic. The benefit goes beyond speed. Improved road conditions will also provide more efficient channels for agricultural product transport and daily goods circulation. Nasarawa is an agrarian state, and farmers along the corridor stand to gain from faster access to markets in Abuja and Makurdi. For residents, it means fresher produce, lower transport costs, and a tangible lift in quality of life.

The bypass is not just another road; it is a strategic intervention that had stalled for years before the current administration revived it. Delivering it required more than engineering skill, it demanded discipline, planning, and resilience.

Despite a complex security environment, the CHEC construction team advanced steadily by strengthening site management and optimizing construction organization. The company ensured the smooth completion of the section in record time, maintaining standards across earthworks, hydraulic structures, stone base, asphaltic concrete, and drainage.
The result is a road that meets specification and already delivers value before formal commissioning. Preparations for handover are now underway, and the bypass’s traffic relief function will gradually take effect. Industry observers note that CHEC’s ability to deliver under pressure reinforces its reputation for quality and timely delivery on federal road projects across Nigeria.
Engr Shuaibu Abdullahi the Principal Engr Federal Ministry of Works Lafia Field Headquarter, Nasarawa State couldn’t have put it better while commending CHEC and the impact of the bypass: “The Lafia bypass road project stands as a transformative and important road corridor for both the community along the road and commuters. By significantly reducing travel time between Lafia and Makurdi, easing traffic congestion within Lafia metropolis, and lowering vehicle maintenance costs, the project enhances mobility, productivity, and overall quality of life. Equally impactful is the lifesaving construction of drainage systems in Mararaba, a deliberate corporate social responsibility effort by the contractor aimed at mitigating the effects of perennial flooding, safeguarding lives, property, and livelihoods. Together, these interventions not only improve access to markets for farm produce but also reinforce a commitment to sustainable development and community well-being.”

In a similar vein, Abdullahi Shehu Kasimu the Village head of Mararaba Akunza gave commendation to CHEC for its Corporate Social Responsibility works to control flooding on the Mararaba axis of the road corridor: “On behalf of the Mararaba Akuza community, we wish to express our sincere appreciation to Messrs CHEC for coming to our aid through the expansion of drainage facilities in Mararaba Akuza. For many years, the community suffered persistent flooding that damaged homes and property, but this intervention has brought much-needed relief.
Today, residents are already experiencing the positive impact of the upgraded drainage system, which has significantly improved water discharge and offers lasting protection against future flooding.
We also extend our gratitude to His Excellency, Engr. A. A. Suleiman, the Executive Governor of Nasarawa State, for his prompt response to our concerns and support for this intervention”.

Expectation is high in Lafia. “If it can be fully opened soon, it will be good for all of us,” said Aliyu Subair, echoing a view expressed by several residents. For traders, students, civil servants, and transporters, the bypass represents time recovered and costs saved. For the state government, it frees up inner-city roads for local use and reduces maintenance pressure caused by heavy-duty vehicles.

As follow-up works continue, this vital regional corridor is steadily unlocking its value for people’s livelihoods and national development. The bypass does three things at once: it cuts travel time by 66 percent, improves road safety by separating through-traffic from city traffic, and creates an economic artery for Nasarawa and neighboring states.

The completion of the main works is proof that with political will, proper funding, and competent contractors, Nigeria can turn frustration into free flow. CHEC’s delivery of the Lafia bypass to good standard and in record time sets a benchmark for how critical road interventions should be executed.

For Abdullahi Sabo, the shop owner, the change is simple but profound: “Going out is more reassuring.” For Nigeria’s transport economy, it is another step toward an integrated, efficient road network.

The Lafia bypass may have been built quietly, but as an important local transportation milestone, the project has improved the regional road network, eliminated urban congestion, and enhanced traffic safety. Supported by complementary drainage works, it has addressed flooding issues affecting livelihoods, effectively driving commercial and agricultural upgrades along the route, revitalizing the regional economy, and becoming a benchmark project for high-quality infrastructure cooperation between China and Nigeria

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