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Olayemi Cardoso Trudges On

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It was unprecedented, and never before seen, the way the naira to the dollar exchange rate galloped out of control. There was close to a 300% fall in the value of the naira against the dollar. From as low as 450 naira to the dollar, we witnessed an astronomical climb to about 1900 naira to the dollar. It defied all economic theories and indices, as the CBN huffed and puffed to anchor the psuedo-fall of the naira. The dollar remained bullish and defied all the laws known to the nation’s financial regulators, including the ‘laws of gravity’ within those 8 months spell. Ten months after, the dollar that was rearing towards a rate of 2,000 naira to the dollar, has now plummeted to about 1,362 naira to a dollar at the parallel market. The dollar-rate run has finally come to a halt, but not without some very drastic measures put in place by the apex bank.

It was more than evident that the exchange rate was not determined by market forces. The per-second shift in rate was egged on by speculators who had made the naira a commodity, and were making a kill off of the buying and selling of the naira and dollar. They were enabled by online exchange platforms, especially Binance and other cryptocurrency channels. The CBN had to clampdown on these agents. Notably, Binance executives were interrogated by the CBN along with the NSA’s office over fraudulent activities enabled by their platform, that saw to the manipulation of the naira-dollar exchange rate. Binance had just recently been fined over 4 billion dollars for financial impropriety in the US, and it remains to be seen whether the CBN will take such measures, including their demand for the names of subscribers that have been used as proxies for the sponsorship of terrorism.

The partners in crime to the cryptocurrency exchange platforms have been the BDCs. They also arbitrarily switched exchange rates along the lines of the rates quoted by the online platforms. The CBN along with the EFCC had to crackdown on some of the manipulative BDC operators across the country. More than 4000 BDCs had their licenses revoked. Some due to irregularities, and some for fraudulent activities. The CBN has in addition, released new guidelines for the operations of the BDCs, including an increase in the capital requirements to bolster the regulation of the BDC operations in the country. Other measures taken includes the decision to allow International Oil Companies repatriate only 50% of their proceeds abroad. There’s also the enforcement of the Net Open Position of commercial banks, as it was seen that the banks were holding far too much foreign exchange than they are supposed to. The aforementioned efforts have in turn made the naira bullish in its climb up the exchange rate capsule, regaining some of its lost glory. The CBN’s understanding with IMOs is also making available an estimated 20 billion dollars into the Nigerian Market from diaspora remittances. Even the Almighty NNPC is today channeling its earnings to the CBN, which is also boosting our FX reserves and building on transparency.

 

2024 is seeing a lot of positives from the CBN’s tough stances and decisions. It has been able to clear FX backlogs of about 7 billion dollars which will no doubt boost investors’ confidence. Its recent offer of 500 billion naira at the OMO auction was over-subscribed, selling N1.053 trillion, with 79% of the total bids (530 million dollars), coming from foreign investors. This is quite impressive and is a sign that foreign investments are queueing into the country. The CBN has also been able to sustain increases in our foreign reserves, thereby sustaining the availability of forex in the exchange market. As the nation’s daily crude output increases, it will also help improve on our forex inflow, along with other FPIs.

A lot of Nigerians insist that Nigeria does not have a money problem but a spending problem. Just recently, there was a lot of buzz around a seminar hosted for State commissioners of finance at a Hilton hotel in the UK. Those kinds of events and other foreign travels that become jamborees, eats up quite an amount of foreign exchange, and if you put the figures together from all government ministries and agencies, it could be nothing short of a few billion dollars per annum. As a measure to that kind of waste, Mr. President issued a directive to the SGF’s office, banning all foreign trips by all government officials, except with the express approval of the Presidency. This move certainly looks like a Cardoso advisory. It would be a waste of effort and policy if the CBN is struggling to rake in foreign exchange, meanwhile government officials are draining the purse on trips that should be avoided in times of austerity like this. During the campaigns, Mr. President told us about the trust he reposes in the Headmaster, Mr Cardoso. From what we have seen so far with the Headmaster, the naira is ‘headed’ for more gains in no time!

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WHY IS ODUNMBAKU BABA ETO’S NAME ON EVERY LIP? 

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By Sesan Lamuye – A Political Analyst

 

Cardinal James Omolaja Odunmbaku, the Celestial Church of Christ (CCC) cleric and political engineer, is one of a kind who stands in a unique class of his own.

 

His types don’t happen too commonly. Infact, in our clime, he is a rarity, to have one person clothed in celestial and terrestial robes so fittingly.

Only few of his peers can honestly say they don’t envy his sartorial elegance whenever he appears in his ecumenical garments. And when he sheds that, to adorn the political regalia, he’s also a people’s delight.

 

Few of his type readily come to mind anywhere – in Africa or in any continent. I think of Bishop Desmond Tutu of South Africa and, elegantly speaking, Archbishop Makarios of Cyprus who ruled from both the pulpit and the polity in his life time.

 

Odunmbaku, better known as “Baba Eto”, is a mortal, but given the extraordinary gift of the garb and demonstrable style that is uniquely his own, he’s fast assuming the status of an indispensable human specie.

 

His type acquire larger than life status that is bound to attract positivity and negativity.

Those who are enamoured of him present to the world a cult-like image of him. To them, he can do no wrong. One such person, before the satanic instinct in man, reared its ugly head in him, was so fanatical of the man, Eto, he registered some of his personal vehicles “Aremo”, for which he used to tell those who cared to know, that he was “heir-apparent” to Eto. Today, that person is singing new tunes, as if his new listeners cannot decipher sychophancy and crass opportunism in his new drumbeats.

 

Another was said to have appeared at a political interview panel where, when asked what credentials she had to seek a position, she matter-of-factly told the panelists “Eto”. And when repeatedly asked what qualifications did she have to think she was fit for the job, she retorted: ” Eto ! Eto !! Eto !!!

That secured the job for her !

 

Such a person is bound to attract envy, jealousy and disdain, dislike, or even hatred to himself. That is the fate of Baba Eto !

 

There must be something extra going for the “priestly-politico” that the talent-discoverer, otherwise known as Bola Ahmed Tinubu, identified him to drive his gubernatorial campaign in Lagos State; and has ever since held on to him so fanatically that he has solely led the campaign of other guber candidates like Babatunde Raji Fashola, Akunwunmi Ambode and Babajide Sanwoolu to roaring successes.

 

If beneficiaries of Baba Eto’s gifts turn round to paint scurrilous pictures of the man, such people can only be consigned to the dustbin in which immortal Chief Obafemi Awolowo put those he described as ingrates of his large-ness of heart. As the late sage declared: ” There’s no escape for those who deny benefits”

 

Let the person without any blemish come out and cast the first stone. If we put aside belly-aching, jealousy and such-like vices, you cannot encounter Odunmbaku, Baba Eto, on the pulpit or the political rostrum and not doff your hats for this quintessential orator, mobiliser and professor of political mobilisation.

 

If some see him negatively from the positive binoculars with which Tinubu and many more view Baba Eto, then such minority must be wearing blurry blinkers in their faces.

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Society

Just In: Bobrisky Sentenced To 6-Month Jail Term Without Option Of Fine Over Naira Abuse

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Instagram crossdresser, Idris Okuneye popularly know as Bobrisky has been sentenced to 6-month jail term by Justice A.O Awogboro of the Federal high court, Ikoyi.

 

It was earlier reported that Bobrisky was Arraigned and charged to court by the Economic and Financial Crimes Commission (EFCC) for abuse of the Naira note.

 

 

 

More details to come …..

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Oando Boss Wale Tinubu Showers Encomium on Dangote @67

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‘Celebrate true friends. They are a part of you that always sparkle’  – Amy Leigh Mercree

The English-born actress may have had the boss of Oando Group, Jubril Adewale Tinubu in mind when she made this quote.

Truly, the trained lawyer never forgets to celebrate and appreciate his good friends whenever it is necessary. In fact, he is one gentleman who values and understands the definition of true friendship.

This played out yesterday, Wednesday, April 10, 2024, when he showered praises on his friend of many years, Africa’s richest man  and Chairman of Aliko Group, Alhaji Aliko Dangote, when he clocked 67.

In celebration of Dangote, the oil and gas top player wrote:

“Happy Birthday to a visionary and accomplished entrepreneur whose impact continues to reverberate across Africa and beyond.

I hope your day has been filled with joy, laughter, and limitless blessings. May the world continue to recognise and applaud your remarkable achievements.

As you enter a new year, my prayer is that your commitment to building Africa never waivers but now and again you stop to appreciate the phenomenal difference you have made to the capacity of indigenous entrepreneurship on the global stage.

Wish you many more years in good health.

Dangote, a name that means so many things to many people. But what no one can deny is the fact that the name is essentially synonymous with success.

Since he made his mark in the nation’s business sector, many years ago, he has risen to become a glittering star in the business firmament.

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