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Foreign Reserves Return To Growth After Almost 3 Months Declines

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Nigeria’s foreign reserves may have begun a gradual comeback after nearly three months of straight falls.

The reserves concluded the weekend at $33.954 billion, up from $33.949 billion the previous week.The increase is the first in 11 weeks.At the unified market-driven platform, the naira rose by 4.4 percent to N743.07 per dollar. Unmet forex demands continue to put pressure on the local currency, which remains volatile.

The reserves had recently been under significant pressure as the government grappled with a multiple exchange rate system. There was a 300-basis-point difference between the official and parallel market rates.

The reserves peaked at $37.211 billion on January 16, 2023, after closing at around $37.08 billion in 2022. It stayed on the decline, in many cases falling for several weeks in a row. In the first half of 2023, the reserves lost nearly $2.9 billion.

In accordance with President Bola Tinubu’s economic policy, the Central Bank of Nigeria (CBN) eliminated the multiple exchange rate system and its close-managed official rate on June 14, 2023.

The central bank implemented a market-determined system that primarily leaves the country’s currency to forces of demand and supply.

Experts agreed that the foreign reserves would remain under pressure in the meantime due to a backlog of demand, limited supply, and the customary policy time lag required for transitional effects.

Several analysts were however optimistic recent policy mix by the new government would substantially alter the forex position, providing a stable point for a steady build-up of forex reserves and a stable naira.

According to analysts, a mix of increased oil receipts, foreign investments, remittances, and reduction in forex management could boost reserves and naira stability in the medium to long term.

Global rating agency, Standard and Poor’s (S&P), at the weekend, upgraded Nigeria’s credit outlook to stable from negative. The agency premised the upgrade on recent policies by the Tinubu administration.

The latest report on foreign portfolio investments (FDIs) shows that Nigeria returned to a net positive position in the second quarter of 2023, driven largely by foreign inflows in the last two months.

Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, said the modest recovery in forex reserves might not be unconnected with a reduction in demand due to the removal of fuel subsidy and new forex policies.

“The expectation is that the pace of accretion might accelerate due to increased in foreign inflows and improved oil export if the issue of theft and security could be tackled,” Amolegbe, a former president of Chartered Institute of SStockbrokers (CIS), said.

He, however, noted that the apex bank may eventually settle for a managed float regime in order to cure the policy time lag and avoid undue damage to the economy before attaining forex stability.

This implies that the apex bank may intervene from time to time to ensure the naira remains within a range.

President Tinubu had also hinted that while the government remains committed to a market economy, it would take due cognizance of undue volatility and take appropriate measures to support stability.

Analysts at Cordros Capital Group said they expected currency pressures to remain intact in the near term, given seasonal-induced demand.

They noted that the forex supply is still frail despite recent policy measures.

“On forex supply, we expect foreign investors to remain on the sidelines in the near term, as they continue to look for signals on market interest rates and solutions to the existing forex backlog and supply issues,” Cordros Capital Group stated.

President of the Association of Capital Market Academics, Prof Uche Uwaleke, said the forex accretion might be due to recent policy measures, although the outlook remains grim.

His words: “The accretion may be the result of favorable oil price and improvements in crude oil output. It could also have been helped by the recent increase in foreign portfolio investments in the wake of the unification of exchange rates.

“But it is very marginal and insufficient to make any significant impact on the exchange rate in view of the unmet demand as well as increasing demand pressure.

“External reserves serve many purposes including being used to defend the value of a country’s currency.

“Unfortunately for Nigeria, crude oil sales still account for over 90 percent of forex earnings.

“In this regard, the outlook for forex will remain grim until we can establish multiple streams of forex including through diversifying the country’s export base.”

BIG STORY

No Effective Governance Without Full Local Government Autonomy — Femi Gbajabiamila

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The Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has stated that governance at the local government level cannot be effective without complete autonomy.

He made the remark while addressing journalists after voting in the Lagos State local government elections in Surulere on Saturday.

When asked about the progress of implementing the LG autonomy ruling by the Supreme Court one year after it was delivered, Gbajabiamila described the process as ongoing and said it would be completed with time.

Gbajabiamila said, “The ruling was welcome by everybody. It’s the execution of that ruling and the implementation of that ruling that we are still trying to dot the Is and cross the Ts.

“I believe in a matter of time, we will realise full autonomy. There cannot be effective governance without full autonomy. That’s what we are working toward.”

In July 2024, the Supreme Court granted autonomy to all 774 local government areas across the country following a case filed by the federal government through the Minister of Justice and Attorney General of the Federation. However, the ruling is yet to be fully implemented.

Following the judgement, the Senate urged state and local governments to immediately adhere to the court’s directive, especially regarding local government accounts and direct fund disbursements.

The Senate also moved to amend relevant sections of the Constitution to ensure full local government autonomy nationwide.

The announcement was made by Deputy Senate President Senator Jibrin Barau, after lawmakers emerged from a closed-door session where they discussed alleged efforts by some state governments to bypass the Supreme Court’s ruling on July 11.

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BIG STORY

DETAILED: Coroner Orders Prosecution Of Auxiliary Nurse Over Mohbad’s Death, Probe Into Police Inaction

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The Lagos State Coroner’s Court in Ikorodu has instructed the Director of Public Prosecutions to initiate legal action against Feyisayo Ogedengbe, the auxiliary nurse who gave the injection allegedly linked to the death of Nigerian artist Ilerioluwa Aloba, popularly known as Mohbad.

In her ruling delivered on Friday, Magistrate C.A. Shotobi stated that Ms Ogedengbe was not a registered nurse or licensed medical professional, and therefore acted outside the law by administering a tetanus injection that reportedly led to complications resulting in the singer’s death.

“This is not a case of foul play but one of medical negligence,” Magistrate Shotobi said. “While I cannot certify a definitive cause of death, I draw a link from the sudden reaction after the deceased was injected by the nurse.”

She further raised alarm about lapses in healthcare regulations, highlighting how unqualified individuals are allowed to operate as health practitioners.

In a related directive, the court ordered an inquiry into the failure of the Nigeria Police Force to act on a petition filed by the late singer before his death, asking relevant authorities to determine if negligence occurred.

Family members and their legal team—Wahab Shittu, a Senior Advocate of Nigeria, along with Kabir Akingbola and Abiola Kolawole from the African Women Lawyers Association—were in attendance when the ruling was delivered.

Testimonies and autopsy reports

According to the Coroner, 19 individuals, including relatives, doctors, and police personnel, provided testimony during the inquiry.

Based on the evidence of two independent pathologists who conducted separate autopsies, the court observed that the advanced state of decomposition of Mohbad’s body made it difficult to confirm an exact cause of death.

However, both experts agreed that a severe anaphylactic reaction to the tetanus shot was the most probable cause.

“The death is not linked to any evidence of foul play, but to medical negligence,” Magistrate Shotobi reaffirmed.

Criticisms of family and law enforcement

The court found no direct connection between Mohbad’s passing and the alleged harassment by his former label boss Azeez Fashola, known as Naira Marley, and associate Samson Eletu, also called Sam Larry, despite evidence of continued intimidation.

Nevertheless, the court condemned the manner of the singer’s burial, referring to it as “undignified.”

It criticised Joseph Aloba, the singer’s father, for not obtaining a death certificate or requesting an autopsy prior to the burial, despite receiving N2 million from fellow artist David Adeleke (Davido) to facilitate a proper funeral.

Omowunmi, Mohbad’s wife, was also faulted for failing to seek timely professional medical care for the singer over a 15-hour period and not adequately documenting the circumstances surrounding his death.

“She had a duty of care to her husband which was not sufficiently discharged,” the court said.

The court also condemned the police for ignoring the singer’s petition before his death, which included claims of assault and threats to life.

Describing the situation as “dereliction of duty,” the court ordered the immediate reopening of the case and instructed the police to question all individuals mentioned in the petition, including Naira Marley and Sam Larry.

Systemic breakdowns and court recommendations

Magistrate Shotobi noted that the circumstances surrounding Mohbad’s death exposed “systemic collapse” across multiple sectors such as family, healthcare, law enforcement, and the entertainment industry.

She called for the prosecution of Ms Ogedengbe on charges of gross medical negligence and urged that Mohbad be reburied in compliance with public health and legal standards.

She also demanded a formal investigation into police inaction regarding the deceased’s petition and advocated for legislative reforms to tackle bullying and abuse in the entertainment sector.

The court recommended a ban on intravenous medication by unlicensed individuals and emphasized that all sudden deaths involving young, seemingly healthy people must be investigated before burial.

Traditional funeral rites, the court warned, must not override statutory procedures in suspicious or abrupt death cases.

She also cautioned online content creators and influencers that disseminating falsehoods about court proceedings could be classified as obstruction of justice under Nigeria’s Cybercrimes Act.

Public reaction

The legal team representing Mohbad’s family praised the decision as a significant ruling.

Speaking to journalists, Mr Shittu, counsel to the singer’s father, described the court’s findings as “unprecedented jurisprudence” and “a PhD thesis in justice.”

“The ruling analysed the testimony of 19 witnesses. It revealed patterns: Mohbad felt unsafe, was harassed, and lacked institutional protection,” he said.

He added that the rushed burial compromised a thorough forensic investigation. “While Islamic law encourages swift burial, public interest in this case should have prevailed.”

Mr Shittu also reiterated the court’s position that police should act immediately on the singer’s petition, stating, “This is not a flawed investigation—it was never properly conducted in the first place.”

Kabir Akingbola, who represented Mohbad’s wife, cited cultural and emotional limitations. “Yoruba customs limit a wife’s power to challenge a father-in-law. Even if she wanted to intervene, grief and tradition may have silenced her,” he explained.

Background

Mohbad passed away on 12 September 2023 at age 26 and was buried the next day, sparking public outrage and widespread demonstrations.

Following public pressure, the Lagos State Police Command launched a 13-member investigation team on 18 September. His body was exhumed on 21 September for autopsy.

In April 2024, a second autopsy was ordered after the initial toxicology results were deemed inconclusive. US-based NMS Labs, allegedly contracted for testing, later denied receiving any related sample.

Summons were issued to key individuals including Naira Marley, Sam Larry, the nurse, and Mohbad’s wife. In March 2025, calls were made for Magistrate Shotobi to step aside from the case over alleged bias, but she continued until the final ruling.

 

Credit: Premium Times

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BIG STORY

Jitters In Osun APC, PDP Over Adeleke’s Defection Plan

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Panic has gripped both the Peoples Democratic Party and the All Progressives Congress in Osun State amid reports that Governor Ademola Adeleke may be planning to leave the PDP for the APC.

According to findings by The Punch, several close associates and appointees of the governor confirmed that Adeleke is close to finalising the defection.

The development has unsettled the APC, prompting a protest against Adeleke on Friday. However, in a statement by his spokesperson, Olawale Rasheed, the governor denied having any such intention.

Speculation about Adeleke’s defection began in June after he paid a visit to President Bola Tinubu at his Bourdillon residence in Lagos.

The governor was accompanied by his brother, billionaire businessman Adedeji Adeleke, and his nephew, Afrobeats artist David Adeleke, also known as Davido.

News of the visit was made public in a post on X by Tinubu’s Special Assistant on Social Media, Dada Olusegun.

Although the purpose of the meeting was not disclosed, the release of photos showing Tinubu and his wife in a warm exchange with the Adelekes triggered tension in both the Osun PDP and APC camps.

The rumour gained renewed attention this week following a series of cryptic posts by some of Adeleke’s aides on social media.

Close associates confirm move, APC ticket offer

Insiders in the governor’s cabinet, including a commissioner and two special advisers, told our correspondents that Adeleke had concluded plans to join the APC.

The commissioner, who spoke on condition of anonymity due to the sensitivity of the matter, said Adeleke had briefed some of his allies in his cabinet and the House of Assembly about his defection plan.

“Mr Governor will join the APC, but the official declaration will not be now. His planned defection is a result of political threats, the Federal Government withheld local government funds, and there are emerging threats to the businesses of his billionaire brother, Dr Deji Adeleke. So, there are many things at stake,” he said.

A senior official of the APC in the state also confirmed that the governor was consulting with APC leaders, but said his fate hangs on Tinubu’s move.

“Adeleke has been consulting many APC leaders. He has employed some mercenaries to lobby the President. But Baba Bisi Akande and Oyetola have not consented to his defection. The President will need to convince them before the governor will declare his defection,” the APC official said on Thursday.

In a symbolic move, the Osun PDP Director of Media and Information, Oladele Bamiji, who is also a Senior Special Assistant to Adeleke, posted “On Your Mandate!” on his Facebook timeline around 5 pm on Thursday.

The slogan is synonymous with Tinubu, having originated from his loyalists in Lagos State.

Bamiji’s post triggered reactions from other Facebook users, including APC members kicking against the move.

One of the governor’s special advisers, who also spoke on condition of anonymity due to the sensitivity of the matter, said the governor’s apparent uncertainty over the validity of his second-term ticket in the face of the PDP crisis might have triggered his proposed defection.

“INEC has released the timetable for the 2026 governorship election, and the PDP primary is coming up in September. Who is going to sign Adeleke’s nomination form amid the ongoing crisis in the PDP?

“We are all afraid that whatever happens in the PDP regarding the Osun election may be subject to litigation, which may invalidate the governor’s nomination and victory. That is why the governor wants to leave,” the aide said.

Also subtly confirming the move, another SSA to Adeleke, Olalekan Badmus, tweeted on his X handle on Friday: “After we all agreed to this, the next question is where?

“Governor Adeleke is currently consulting and evaluating all options on the table, including the peculiarities of all current political parties. Reports of imminent arrival at a particular party are at best speculative.”

Amid growing confirmation from the governor’s close associates, The Punch gathered that Tinubu’s Chief of Staff, Femi Gbajabiamila, and members of the President’s immediate family reportedly facilitated Adeleke’s move to the APC.

Adeleke remains in PDP – Spokesman

Reacting to the defection rumour, the spokesperson for the Osun State Government, Rasheed, said Adeleke remained in the PDP and was not considering joining the APC.

In a statement on Thursday, Rasheed quoted Adeleke as saying, “I assure the good people of Osun that I remain part and parcel of the PDP family. I am not defecting to any party.”

He said the governor reaffirmed his commitment to the implementation of his administration’s five-point agenda and urged the public to disregard what he described as “fake news,” while assuring continued delivery of good governance and democratic dividends.

Also reacting, the National Secretary of the APC, Ajibola Basiru, said the party’s national secretariat was unaware of any defection plan by the Osun governor.

In an interview (with Saturday Punch), Basiru said, “The only thing I can say is that I’m not aware of Adeleke’s so-called planned defection as the National Secretary of the party. All other things are hypothetical for now. I cannot be reacting based on social media frenzy!”

Similarly, the spokesperson for the Osun APC, Kola Olabisi, said the party leadership in the state had no knowledge of any move by Adeleke to join their ranks.

“It is still in the realm of speculation. The leadership of the APC in Osun, led by Sooko Tajudeen Lawal, is not aware of the governor’s defection plan,” he said.

When asked whether the party would welcome Adeleke, Olabisi replied, “Only the leadership of the party will speak on that.”

Panic in APC, PDP camps

Despite official denials, there is palpable tension among members of both the APC and PDP in Osun State.

It was gathered that the development has unsettled many APC members, particularly loyalists of former Governor Gboyega Oyetola, who fear that Adeleke’s entry into the APC could jeopardise the chances of their governorship aspirant, Bola Oyebamiji.

On the PDP side, some members have also expressed concern that the party may suffer significant setbacks if Adeleke defects, as the Adeleke dynasty is regarded as the party’s primary financier in Osun State.

It was noted that several APC members took to social media, especially Facebook, to express displeasure over the alleged plan.

A former Special Adviser to ex-Governor Oyetola on Education, Alhaji Jamiu Olawumi, wrote on his Facebook timeline on Thursday, “The Adeleke Challenge! If, as a governor, you have delivered, is it not shameful trying to run away from your own party?”

Another Oyetola loyalist, Adedeji Adebayo, also took to Facebook to criticise APC National Secretary, Basiru, for saying that President Tinubu would determine the APC’s governorship candidate in 2027, rather than speaking out against Adeleke’s rumoured defection.

He wrote, “The Adelekes’ agents in the APC are celebrating, granting media interviews about the phantom defection of the so-called ‘omo-gba-feeder’. Yes, the same omo-gba-feeder. They don’t care if it goes to a dullard since it’s not coming to them. That is the kind of wanton politics they play. Meanwhile, it is what it is: phantom defection. If Obente defects to APC, perhaps it is the APC AISU Chapter.”

‘No automatic ticket for gov’

On Friday, some Osun APC members staged a peaceful protest at the party’s state secretariat in Osogbo, insisting that if Adeleke defects, he should not be given an automatic governorship ticket.

Led by a member of the APC, Taofeek Afolabi, the protesters, mostly youths, said it would be unfair to hand the incumbent governor the party’s ticket without a contest.

“We are members of the All Progressives Congress, and we are here this morning to register our concern over the rumoured defection of Governor Ademola Adeleke to the APC. We are not saying he should not join our party. Adeleke joining the APC will boost our party. He is the current governor, and having him with us will strengthen the party,” Afolabi said.

“However, what we don’t want is the party giving Governor Adeleke an automatic ticket. If he wants to re-contest, he should express interest and contest the gubernatorial ticket with other aspirants.

“There are people who have shown interest in the race already, and we don’t want him to be handed the ticket without a proper contest. That is the only thing we are against. We have no issue with him joining our party,” he added.

PDP, APC chieftains divided

Saturday PUNCH gathered that members of both the PDP and APC remain divided over the governor’s reported defection plan.

While a section of the PDP reportedly supports the move, others have rejected it, insisting they would not follow the governor into another party.

A former Deputy National Publicity Secretary of the PDP, Diran Odeyemi, said realignment was part of politics and that there was nothing wrong with adjusting strategies to win elections.

“Politics is dynamic. It’s not like mathematics, where you get a fixed answer to an equation. It’s about permutation here and there. It’s a game that is played according to situations and circumstances, but with the sole purpose of winning,” Odeyemi said.

“Realignment is key in politics, more so because it is a game of interest. There is nothing wrong with redefining a strategy if it is aimed at winning any contest. As for us in the PDP, Governor Ademola Adeleke’s second term is sacrosanct; the way and manner to go about it is secondary.”

Meanwhile, a chieftain of the APC in Osun and an aide to ex-Governor Oyetola, Jamiu Olawumi, maintained that while party membership is a right, acceptance is not automatic.

“Politics and joining a political party are fundamental human rights. Joining a party is a free entry and free exit. However, in some situations, you cannot just join a political party because there are certain criteria for fresh members. If you’re not fit for it, we might not welcome your overtures,” he said.

Olawumi also dismissed the defection report as speculation.

“The highest hierarchy of the party has not spoken about the defection. Everybody is just reacting to rumours — we’ve had both confirmations and denials. This shouldn’t be given serious attention by serious people. In the APC, we are serious people, and we don’t dwell on this kind of unserious speculation. Let it remain in the realm of rumour,” he added.

We’re not worried—APC aspirants

Some governorship hopefuls in the Osun APC has said the defection rumour is not giving them sleepless nights.

One of them, Dotun Babayemi, said the development did not come as a surprise and would not affect his ambition.

Speaking through his spokesperson, Kayode Oladeji, Babayemi stated that Adeleke’s defection would, in fact, be an addition to the APC.

“We are not worried about Governor Ademola Adeleke or anybody coming into our great party, APC. We all know that democracy is a game of numbers. This means it is becoming clear that our party is poised to win in 2026, and President Tinubu’s victory in the 2027 elections shall be resounding,” he said.

“In the same vein, his joining our party cannot jeopardise my chances. My confidence is based on the amazing support and love being shown to me within and outside the APC, across the state, by both the old and the young.

“As to whether it is right for the governor to dump the PDP for the APC, I am not sure that is the real question — because we don’t know what is chasing him from the PDP,” he added.

Similarly, another governorship hopeful, Akin Ogunbiyi, said he was not surprised by Adeleke’s reported defection plan, declaring that the party would win the next governorship election in the state.

“I am not worried that the current governor is struggling to come to the APC. He is a serving governor, and he can come to the APC. Our party is a winning team, and we can all see what is happening at the federal level — what our father, the President, is doing.

“So, I am not surprised that not only in Osun State, but even across other states, people are declaring for the APC because it is a progressive party,” Ogunbiyi said.

PDP senators to dump party

Meanwhile, Saturday PUNCH has gathered that two PDP senators from Osun State, Adenigba Fadahunsi (Osun East) and Olubiyi Ajagunla (Osun Central), have concluded plans to leave the party.

According to aides, both lawmakers met with President Bola Tinubu at the Aso Rock Villa about a month ago, where the decision regarding their defection was finalised.

One of Ajagunla’s top aides, who spoke on condition of anonymity, said, “Ajagunla will leave the PDP soon, there is no doubt about that. The Adeleke dynasty is not treating him well, and our town, Ila-Orangun, has not benefited from the current administration in terms of infrastructure development.

“People know that Ajagunla has left the PDP; he just hasn’t announced his defection officially,” the aide said.

 

Credit: The Punch

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