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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!

Society

Former First Bank MD, Adesola Adeduntan Steps Out With Second Wife Adebimpe, Sizzle at Adenuga’s Wedding

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Their attendance was not just a social visit; it was a radiant affirmation of love, a quiet proclamation that Adesola Adeduntan is as smitten with his second wife, Adebimpe Oluwa, as he is with his first. Thus stepping out with her at the wedding of Afolasade Adenuga and Adebola Ogunsanya further affirms that their union is as profound as it is legitimate.

Together, their presence manifested inspiringly, their understated elegance adding more colour, to an evening already teeming with high glamour.

There is a lot to learn from the former Managing Director (MD) of First Bank of Nigeria (FBN) and his new wife. Even amidst the buzz of dignitaries and socialites, they comfortably composed and enjoyed a silent philharmonic of glances, gestures, and gentle touches thus weaving a story of enduring love and connection.

Adeduntan and Adebimpe moved as if choreographed by the stars, weaving through the glittering guests with the intimacy of those who have shared a thousand secrets.

Their love spoke in whispers and lingered in subtle exchanges: a hand at her back, guiding her through the grand hall; a shared look that held in it both the memories and the promise of years to come.

One could glimpse this devotion in fleeting moments, a language unspoken yet profoundly clear. When she glanced up at him, it was with the soft light of admiration; when he touched her arm, it was with the tenderness of a man who knows his good fortune and treasures it.

For those watching, it was an arresting vision—a former titan of industry transformed into a man who holds his fortune not in stocks or status but in the grace of a woman’s companionship.

Theirs was a communion rich in meaning, revealing in each stolen glance a story of loyalty and genuine affection that pulsed with the fervor of youth yet bearing the gravity of time. For the former First Bank MD, it seemed the turbulent seas of his high-powered career were long past; the calm of his love and partnership with Adebimpe manifested on his face, soft and serene. Adebimpe, poised and radiant, appeared like a jewel beside him, gleaming in her simple elegance and evoking a sense of steadfastness—an anchor amid his life’s ebbs and flows.

Their journey as a couple, marked by the deep resonance of mutual understanding, seems poised on the edge of a grander adventure—a retirement rich in the simplest joys and laced with shared dreams. For Adeduntan, the power and status that once defined him now seem mere shadows compared to the light of Adebimpe’s unwavering companionship.

As the night unfolded and their affectionate exchanges continued, the couple’s appearance raised a question that had been whispered for months: what path would Adeduntan now tread? His predecessors had wandered various routes—some veering back into financial circles, others exploring the worlds of academia, philanthropy, or even the less-traveled path of quiet domesticity. But those who knew him well anticipated something uniquely Adeduntan: a journey of intentional balance, one where his second act would honor both public purpose and private devotion.

Indeed, Adeduntan’s retirement choices seem as limitless as the paths already blazed by giants before him. Would he follow in the steps of Tony Elumelu, reimagining himself as a steward of African enterprise, or like Fola Adeola, use his platform to nurture the potential of others through philanthropic foundations? Or might he embrace the legislative stage, his corporate acumen illuminating the paths toward policy and reform? As Adeduntan charts this new terrain, he carries not only the wisdom gleaned from a lifetime in finance but also the quiet resilience that comes from knowing he is truly loved by his sweetheart, Adebimpe.

In the ambiance of Adenuga’s wedding, the couple’s interactions were as enchanting as the night itself. It was perhaps in these quiet moments that the former MD of First Bank seemed most fully himself. Gone was the strategist, the magnate who steered the fortunes of one of Africa’s largest banks, and in his place stood a man completely at ease, as if he had only now found the truth that he had been searching for his entire life. Adebimpe, in turn, seemed to meet him there, their shared moments a dance as graceful as it was subtle.

Their presence offered a whisper of romance for all in attendance—a reminder that, beyond the boardroom, beyond the accolades, there lies the gentle touch of life itself. It is here, in the company of Adebimpe, that Adeduntan finds his new narrative, his retirement years no longer a retreat from the world but a step toward a deeply cherished existence, one shared with the woman who has captured both his heart and his future.

 

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Society

Just In: VeryDarkMan To Appear In Court Today Over Alleged Impersonation, Unauthorised Use Of Police Uniform

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The detained social media influencer, Martins Otse, popularly known as VeryDarkMan will appear in court today (Friday) in Abuja for allegedly impersonating a policeman.

The Nigeria Police Force disclosed this in a statement on Friday titled, ‘Impersonation: VDM To Appear In Court Today, FCT Command Leading Prosecution’

It said, “In response to recent developments, VDM, whose real name is Mr. Martins Otse, is set to appear in court today following allegations of impersonation related to the unauthorized use of Nigeria Police Force uniforms in a viral social media video.

“The FCT Police Command is actively handling the case, underscoring the Nigeria Police Force’s commitment to upholding the integrity of its symbols and preventing their misuse. Interested persons are encouraged to follow up on the proceedings as the case unfolds.”

 

 

The police on Thursday evening detained VeryDarkMan.

His lawyer, Deji Adeyanju, said the blogger was detained after honouring a police invitation.

 

In a post on X on Thursday, Adeyanju disclosed that his client had honoured a similar invitation on Wednesday.

 

His post read, “Our client, VDM, has been detained after honouring a police invitation just like yesterday. VDM has been consistent in stating that the Nigerian Police are our friends, even when we all know they are not.”

 

Society Reporters reported on Thursday that VeryDarkMan had tendered a public apology to the police for using their uniform in a viral video where he described himself as a CSP of an online division.

 

VeryDarkMan made the apology in a video he posted on his X account after he was grilled by the police on Wednesday for alleged impersonation.

 

The social media influencer professed unawareness of the protocol, stating he didn’t know police permission was required to wear police uniforms or other similar ones.

 

He, therefore, cautioned fellow content creators to obtain necessary clearance from law enforcement before using similar uniforms for content purposes.

 

We had also reported that the Nigeria Police Force strongly condemned the unauthorised use of official uniforms and accouterments by content creators, while referring to VeryDarkMan’s case.

 

The police in a statement on Saturday reminded Nigerians that unauthorised use of police uniforms, insignia, or accoutrements constitutes a criminal offence.

 

While it said that an investigation into VeryDarkMan’s video had been launched to determine the source of the police gear used, as well as the authority under which he acted, the Force disassociated itself from the unauthorised portrayal.

 

Also, in 2022, the police expressed concerns over individuals, movie makers, and skit makers using police uniforms and accoutrements without approval.

 

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House Of Rep’s Member, Alexander Ikwechegh Trial Begins November 8….

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A Kuje Magistrate Court has set November 8 for the trial of Alexander Ikwechegh, a House of Representatives member representing Abia State, after granting him N500,000 bail.

 

Ikwechegh, who was arraigned on Wednesday, before His Worship, Abubakar Umar Sai’id, for allegedly assaulting a Bolt driver, Stephen Abuwatseya, at his residence in Abuja, pleaded not guilty to the charges brought against him.

 

 

The Inspector General of Police, Kayode Egbetokun, arraigned Ikwechegh on three counts bordering on abuse of office, assault and threat to life.

 

 

After taking his plea, the lawmaker’s counsel proceeded to make an oral application for bail, which was granted by the court.

 

The magistrate said, “The court will grant the defendant a bail set at N500,000, with two sureties in like sum. The sureties must reside within the court’s jurisdiction and provide utility bills as proof of residence.”

 

 

The court proceeded to adjourn the hearing in the matter till November 8.

 

A video of Ikwechegh allegedly assaulting the Bolt driver had gone viral on social media on Monday.

 

In the video, Ikwechegh can be seen repeatedly slapping the driver.

 

Aside from the slaps, the lawmaker can be heard threatening the driver and assuring him of how he can make him disappear without a trace.

 

Meanwhile, a civil society organisation, Rule of Law and Accountability Advocacy Centre, in a statement, on Wednesday, condemned Ikwechegh’s action and described it as “a glaring example of abuse of power” most common with politicians.

 

 

The statement signed by RULAAC’s Executive Director, Okechukwu Nwanguma, said the lawmaker’s action was a shame not only on him but also on every member of the House of Representatives.

 

 

He stated, “The recent incident involving a federal lawmaker, Alex Ikwecheghi’s brutal treatment of Uber driver, Mr Stephen Abuwatseya, is a glaring example of the abuse of power that permeates Nigeria’s political landscape.

 

 

Ikwechegh’s actions, including verbal and physical assault, as well as intimidation of the victim, reveal a profound lack of humility and respect for the rights of others that should be expected from someone in a public office.

 

“This incident not only shames Ikwechegh but also reflects poorly on the House of Representatives, the police, and the broader political system.

 

 

The indiscriminate use of power to silence and control vulnerable citizens showcases a troubling trend among officials who seem to operate above the law.

 

The complacency of the police in this matter raises serious concerns about their integrity and commitment to justice, as they appear more willing to serve influential individuals than to uphold the rule of law.

 

“While the House of Representatives’ decision to investigate this behaviour is a positive step, it remains to be seen whether meaningful accountability will follow.

 

Historical precedents suggest a risk of sweeping the issue under the rug once public outrage subsides, which would do little to repair public trust in governance.”

 

 

Nwanguma noted that the societal implications of the incident were dire as it “transcends the individual and speaks to a culture of impunity that must be addressed,” imploring that justice must not only be served for Abuwatseya but also the many unnamed victims of similar abuses.

 

“This case must serve as a catalyst for change, leading to reforms that prioritise respect for human rights and the rule of law in Nigeria”, he stated.

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