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Why economic hardship may persist in Nigeria- Financial Expert.

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A financial expert, Babatunde Salami, has advanced reasons why it would be difficult for the country to escape the pressure of economic hardship currently plaguing it.

He asked Nigerians to brace for more hardship in the next three years as the nation’s revenue is very low, and susceptible to external debt.

“I don’t see us getting out soon of this economic challenges and attendant consequences, regardless of who is in power. It is not a two to three years period because majority of transactions entered into by CBN on behalf of the Nation, some have matured but yet to be settled. Leading over due liabilities and others will soon mature leading to further default.

“In addition, the national Revenue is equally not encouraging, as it is very low for a country of huge population, and with the facts that 90% of national revenue was to service the interest of the national debt last year,” he said.

Contrary to the notion that resuscitation of the refineries will rescue the situation, the financial expert said all the money expended on Turnaround Maintenance in turning around the refineries proved to be wasted over the years.

Salami said: “The refineries have not produced anything for years, money spent on them have been good money thrown into bad rubbish.

“The three refineries in Warri, Port Harcourt and Kaduna haven’t produced a litre in years and we are paying salaries of an average of N13billion monthly to the people who are just resuming to office and producing Nothing, what is the productivity level. These were part of the structural problems in the Nigeria.”

The financial expert took a swipe at the Central Bank of Nigeria (CBN) for allegedly shrouding its account in secrecy, thus making it difficult to be audited.

He said: “The implication of failure to audit account is that you don’t know where you are or financial status or standing and CBN account not been audited for 5 years. It was a long time and the implications are becoming very obvious on our economy.”

In reference to the report of the world renowned financial management firm, JPMorgan Chase & Co., Salami alleged some hidden transactions in the Audit report by the CBN and also blamed the current financial crisis on some questionable transactions made by the Apex Bank in recent years.

He said: “In balance sheet, we normally see figures like $33.7billion and the figure is not the actual money belonging to the Nation, because there are some borrowings that have been included in terms of wanting to know how much Funds Nigeria has

“The audited account exposes many things that ordinarily people may not take cognizance of, one of which was the Forward Contract that CBN entered. ‘Forward Contract is one of the Derivative product use to hedge volatilities in prices of good and services, Currency. Upon maturing of the Forward Contract you are obligated to settle, the CBN has not settled the matured Forward Contract leading to Past Due liabilities and some other Forward Contracts will mature and the CBN will not be able meet its obligations of $6.1 Billon. This will be liabilities on the Nation and it might lead to a ripple effect of people going to court to make sure they get settled but is quite worrisome why the CBN has failed to deliver.

“Recently, there was a issue of cashless policy and the complaint of the CBN Governor was that there was too much money in circulation and there is need to reduce it where at the percentage of money in circulation then was 6% while America had 10% and Britain had about 9%.

“A report came out through JPMorgan, which is different from what was reported in the audited account of CBN. JP Morgan claimed CBN is owing them $7.5 billion, which hasn’t matured but will be netted off the $33billion. The figure is coming down

“There is another worrisome aspect of it that JP Morgan, being a Bank most of External Reserve Fund are kept, had a fair of our Balances, It is like saying you have N10,000 in your account but the bank manager is saying that you have only N3,000 on your balance sheet. So, you need for the CBN to explain why its your figure is different from that of JPMORGAN.

“JP Morgan said at a particular point in time any individual who is in need of dollar maybe for travelling or payment of school fee you have to make application for weeks or months and it was difficult but the question is what happened to the cash in circulation in Dollar.

“Apparently, JP Morgan exposed that $21billion was used as swap with local banks and Foreign counterparts where Dollars and Naira were swapped leading to scarcity of Dollars and the law of demand and supply came into play, meaning Dollar price rose against Naira and still continuing.”

He noted that the failure of the CBN Governor to maintain price stability is due to what he described as an unwise decision, saying this is similar to Nigerian/Chinese Bilateral swap where Chines Yuan were swapped with Naira in March 2018.

“The responsibility of CBN Governor is to regulate and maintain price stability whereas he is making transactions that are opposite to bringing Dollar prices downward I don’t think that was a wise decision.

“By the time you net off $21billion, $6.1billion and $7.5billion in an open environment, Nigeria just has only $3.7 billion left whereas we have reported that we have $33.7billion.

“How do we now settle majority of these outstanding that is $21billion, $3billion and $7billion, how do you manage this? As at the time of taking over of the last government, there were some balances in the account and it grew to about $44billion. So, what happened to those balances, this is begging for answer”, he said.

Salami observed that the inability to stabilize price will further affect the country trade balance as well as compound the already affected living standard of the citizens.

He added: “Implications are, firstly, our trade balance will be affected. Secondly, our living standard will also take a hit as the country is currently struggling with productivity due to insecurity.”

On the anchor borrowers programme, Salami lamented that majority of the funds were given out for political patronage and lauded President Tinubu for taking the step to recover money from the defaulters who are yet to redeem the loan.

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‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain

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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

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200 widows benefit from empowerment outreach in Plateau

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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

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SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance

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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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