Yahaya Bello, former Kogi State Governor has just made the sum of one billion Naira.
This is thanks to a Court Judgement by the High Court in Lokoja which awarded him the N1billion as damages against Senator Natasha Akpoti-Uduaghan, in a defamation suit filed by the former Governor.
The Court order is contained in the Certified True Copy, CTC, of the judgement, dated April 23, in Lokoja, Kogi State Capital.
Justice A.S. Ibrahim held that based on the preponderance of evidence, or balance of probabilities, judgment was entered in favour of the claimant.
While delivering his judgement in the suit marked, “HCL/16/2023”, he held that upon the conclusion of the suit, the two issues formulated for determination were resolved in favour of the claimant.
“The interview granted by the defendant on 4/11/2022 on Arise TV programme of ‘The Morning Show’ is defamatory to the claimant’s character and reputation.
“The said interview of 4/11/2022 in which the defendant described the claimant as a murderer, killer, perpetrator of evil acts, and a terror to the people of Kogi State was without justification.”
The Court also gave “an order of perpetual injunction against the Defendant, [her] agents, privies or associates”, restraining them from further issuance of the defamatory statements or words against the claimant on TV or radio stations.
“The sum of one billion naira (N1,000,000,000) only (is) awarded as damages against the Defendant and in favour of the Claimant,” the court said.
It would be recalled that
Bello had sued Senator Akpoti-Uduaghan who is representing Kogi Central Senatorial District at the Upper Chamber of the National Assembly for defamation of character.
The Defendant’s Counsel, Johnson J. Usman, SAN, had challenged the jurisdiction of the Court, saying that the suit was an abuse of Court process.
Bello’s Counsel, Friday Ekpa, however, countered that, saying that none of the cases before the FCT High Court was against the person of Alhaji Yahaya Bello.
After the High Court ruled that it had jurisdiction to entertain the case, Akpoti-Uduaghan appealed the ruling.
The Court of Appeal, in the appeal number, “CA/ABJ/CV/626/2024”, however, dismissed the appeal for lacking in merit and affirmed that the Kogi State High Court had jurisdiction to entertain the case.
The legal team of the Senator, as at the time of filing this, has not indicated if it would appeal the judgement or not.
Leading Climate innovation experts have warned that climate change poses a direct and existential threat to people, businesses and economies saying sustainable solutions are required for building resilience in affected communities.
The experts, therefore, called for increased investment in the green economy and the adoption of frontier technologies as critical pathways to driving economic resilience and reducing the impact of climate change on vulnerable populations across Africa.
They made the call at a webinar hosted by leading commercial Bank in the country, Unity Bank to commemorate this year’s Earth Day, themed “The True Cost of Climate Change and Who Pays?”.
The bank said the experts and stakeholders gathered to examine the human, economic, and institutional costs of climate change, while spotlighting practical solutions to address its growing impact.
The webinar featured Chinwe Udo-Davis, Founder and CEO of Instollar, and Oluwatosin Ajide, Programme Manager at the Nigeria Climate Innovation Centre, both of whom provided insights into the drivers of climate change and the pathways to mitigation and adaptation.
In his opening remarks, Unity Bank’s Head of Strategy and Innovation, Ibukun Coker, emphasised the urgency of addressing climate risks from both a societal and business perspective.
According to him, “Climate change is no longer a distant or abstract challenge. It is an existential threat with direct consequences for individuals, businesses, and economies. At Unity Bank, we recognise the role institutions must play in incorporating sustainability in project financing, supporting businesses and promoting solutions that build resilience in communities where we operate.”
Speaking during the session, Udo-Davis highlighted the disproportionate burden which climate change places on underserved communities and the need for inclusive solutions.
“The true cost of climate change is not evenly distributed. Communities with the least resources are often the most affected, whether through energy poverty, environmental degradation, or limited access to sustainable alternatives. Addressing this imbalance requires intentional investment in clean energy solutions that are both accessible and scalable.”
Ajide underscored the importance of coordinated, system-wide approaches in tackling climate challenges, particularly through innovation and policy alignment.
“Climate change is fundamentally a structural problem, and its solution requires a paradigm shift: from innovation and policy to financing and implementation. Stakeholders must work collaboratively to drive solutions that are sustainable and inclusive.”
The session also explored emerging opportunities in climate technology, renewable energy, and ecosystem financing, reinforcing the role of innovation and cross-sector collaboration in building long-term resilience.
Unity Bank continues to demonstrate its commitment to advancing sustainability-focused dialogue and supporting initiatives that promote responsible growth and environmental stewardship.
The Central Bank of Nigeria, CBN, has scrapped the N50 monthly charges by commercial banks on the Automated Teller Machine, ATM debit/ credit cards as maintenance cost. But foreign denominated credit/ debt card owners will still be charged a flat rate of $10 per year, the apex bank said.
Also, the Yemi Cardoso-led CBN has increased the issuance and replacement fee for ATM cards to N1,500 from N1000.
The apex bank made this known in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.
According to circular signed by the bank’s Director Financial Policy and Regulation Department, Rita Sike, said the review in the charges is part of its efforts to promote innovation and financial inclusion in the nation’s banking system.
: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1, 500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant,” CBN said
Adding, “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant. The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”
Meanwhile, analysts insist that has not in anyway helped the customers, saying the CBN used one hand to take away the N50 monthly ATM maintenance fee, while imposing a higher fee of N1, 500 for the collection new ATM or to replace a lost card. Which is which, some customers are asking the CBN Governor?
The immediate past Minister of Power and All Progressives Congress, APC governorship aspirant Adebayo Adelabu has rebuffed some persons making the claim that President Bola Ahmed Tinubu has endorsed a particular aspirant for next year’s governorship election in Oyo state. The suggestion is not true, he said.
The former minister made the comment amidst suggestions that the president and the Olubadan of Ibadanland, Oba Rashidi Ladoja have both endorsed Senator Sarafadeen Ali, who’s among the aspirants gunning for Governor Seyi Makinde’s job under the APC.
According to him, the Olubadan of Ibadan, Oba Rashidi Ladoja did not also endorsed the particular APC aspirant, saying all the aspirants have been directed to contest the primary for the party’s ticket, or participate in consensus arrangement in accordance with the party’s decision.
Adelabu made the remark on Thursday while addressing his supporters in Ibadan, the Oyo state capital, saying the governorship ticket in the state has been thrown open by the leadership of the party, urging his supporters to discountenance the rumour.
He said President is the leader of all in the country, and will not pull his weight behind a particular aspirant in deference to other aspirants in the party who want to contest for the party’s sole ticket for the 2027 governorship election.
He added that the Olubadan as the ‘father” of all will not contemplate supporting a particular aspirants at the expense of other aspirants who are eyeing the Agodi Government House, by contesting under the APC.
“President Tinubu has not endorsed any consensus candidate, and the gubernatorial contest is open to whoever is interested. Asiwaju is the President of Nigeria, overseeing 36 states and the Federal Capital Territory. He is the President of 774 Local Governments. He is the President of almost 3,000 wards. So, he will not endorse or have a special interest in anyone,” he said.
Adding that “He (Tinubu) said we should all go and meet as a party, reach consensus among ourselves as a party with critical stakeholders on the ground, and if it’s not possible for us to reach consensus, then we go for a direct primary.
“On Olubadan endorsing an aspirant, I take the report as a rumour, and I don’t believe in it. Olubadan is the father of all, irrespective of status or political affiliations.”
The Minister, the magazine recalls resigned his position in the Federal Executive Council, FEC, on Thursday in other to pursue his governorship ambition.
His resignation followed rumour that he had given up the ambition after rumour spread that Senator Ali has been endorsed by President Tinubu to fly the APC governorship election next year.
President Bola Tinubu doesn’t seem to give a damn about Nigeria. It has become apparent that in all he does, he puts himself first. His cronies come second and his country a distant third. Consider his presidency: it’s arguably the puniest since independence. As we know, past presidents and even military rulers, would headhunt the best and seasoned minds in the land and beyond to help run a new administration. This is especially so for the most sensitive cabinet positions like finance, economic advisory and strategic sectors like power and infrastructure.
Tinubu doesn’t seem to care if the country develops or moves forward under his watch. This must explain why he rigs his office boys and bag carriers into very important positions requiring deep experience and specialised skills.
FROM EDUN TO OYEDELE: Frying Pan To Fire: Mr Olawale Edun who has just been sacked from his perch as Minister of Finance and Coordinating Minister for the Economy wasn’t the proper fit for that all-important job in the first place. For an economy brought to its feet by erstwhile President, Muhammadu Buhari, one expected a new president to scout for a transformational technocrat to fashion a reform that would return the economy to growth by half term.
Rather, Tinubu picked his errand boy from his governorship days. A man who’s at best a bean-counter who didn’t understand broad socio-economic matters.
For two and a half years, Edun doodled. Like fish out of water, he seemed not to quite understand what was happening in his environment while his boss yakked about a nebulous reform that nobody sat down to plan. Thus Tinubu has so far run the stupidest economy since independence.
Tinubu basically mops up cash from the pockets of Nigerians, keeps a good chunk; squanders a lot of it with his cronies and shares the rest with the so-called state governors.
And he tells us it’s reform. Some reform! With negative indices and outcomes, year on year… What manner of reform willfully shoves the citizenry into the abyss of poverty? Over 40 million Nigerians have become poor in less than three years Tinubu’s brain fag of a reform. We thought reform was supposed to make things better in the short run?
Wale Edun was actually out of his league, carrying a responsibility far beyond his ken. Whether it was the job that made him ill or it exacerbated an underlying condition, one can’t really tell but the point is that Edun literally keeled over on the job. He was a colossal failure.
Recall how it was his junior minister, Dr Doris Anoka-Anite who was answering questions during the last Senate Committee probe of failed budgets. He couldn’t give account of the N1.13 billion approved for capital projects funds that were never disbursed.
Wale Edun
Recall again, that under Edun’s watch, Nigeria’s budgets have failed woeful since the inception of this administration in 2023.
Not even under the military regime were federal budgets trashed as we have witness today.
And now, another Tinubu man Friday has been eased into a big shoe. While Edun was a banker, erstwhile Finance commissioner and fund manager for over three decades, the new helms man Mr Taiwo Oyedele was Tinubu’s tax consultant and handy man.
He has no prior experience in public service and would probably come off worse than Edun in economic policy formulation and implementation.
Oyedele’s appointment has made it apparent that Tinubu merely wants someone to cover his tracks and not to run the economy. Nigeria’s economy is too important to be left in the hands of neophytes and wide-eyed popinjays.
Of course, Oyedele has no experience, gravamen nor grit to manage Nigeria’s finance, how much more coordinate the economy. So Nigeria remains in the muck while embroiled in the worst economic situation in her history.
Like most of Tinubu’s ministers, Oyedele will only take orders from his master instead of initiating policies and reforms to bring Nigeria’s economy out of the woods.
TINUBU AS ALPHA, BETA AND OMEGA: Again, nigh all past leaders/Presidents of Nigeria always had economic advisers, economic management team or even a kitchen cabinet. These are usually highly respected men and women, pre-eminent in their fields, who would serve as a sounding board to number one.
These are people who could tell a president in his face that his reform prognosis is flawed. They would usually be pressed to work in fashioning and driving workable reforms and policies.
Such teams are absent in Tinubu’s government. Tinubu is the alpha and omega of his government.
Taiwo Oyedele
Even the provincial President Buhari had Abba Kyari, Mamman Daura, Isa Funtua, Babagana Kingibe, to name just a few as his inner circle members or cabal if you like. These are men experienced and well heeled in public service. They would proffer alternative views.
Tinubu has no such team or such luxury.
FINAL ANALYSIS: The axing of Wale Edun offers no respite yet for Nigeria. The economy will continue to falter if it remains on the current harebrained reform trajectory. Oyedele seems to have neither the capacity nor audacity to confront the president in order to reverse it at the least, review this error of a reform. So it remains a long night as Tinubu’s molue economy rattles down the slope.
LAST LINE: ONE YEAR ON, FG ILLEGALLY WITHHOLDS OSUN LGA FUNDS STILL
Over N130 billion at the end of January, the federal government continues to illegally sit on the Osun State’s LGA funds.
This is as unconscionable as it is unacceptable.
First, on the face of it, the FG has no authority to withhold any funds accruing to the sub-nationals because the subs are not a jurisdiction of the FG.
The FG and the subs (which basically is the State) are equal partners as far as the federation account is concerned. So ab initio, you do not need a lawyer or a court to establish this fact.
The FG is not dispensing any favours or lagesse to the States and LGA from the federation account.
Second, it is the states that the constitution assigns the authority and jurisdiction to oversee and supervise the LGAs in their domains. It is therefore unlawful and an overreach for the FG to deign to seize a property that rightfully belongs to a co-confederating unit.
If LGA chairmen in Osun State were illegally sacked by the governor as claimed by the FG, their recourse is to the courts and not the FG or the police as enforcers.
It is uncanny that the same lawlessness then President Olusegun Obasanjo meted to then Governor Tinubu of Lagos State in 2004 is now being repeated by a President Tinubu two decades later in 2025.
This singular action by Tinubu’s administration of withholding a state fund that accrues in a common purse is a pointer to the fact that Tinubu is far from being a democrat.
As Osun election approaches in four months, it’s apparent that the president is playing politics with the lives of millions of Osun people in the quest of a political advantage in Osun.
And what with the double standards as the same situation played out in Edo State where the new APC governor sacked all the sitting PDP LGA chairmen!
As it goes, Tinubu is fast earning his epaulettes as the most anti-democratic president in Nigeria’s history yet.
The most powerful Speaker of a House of Assembly in Nigeria, Rt. Hon. Mudashiru Obasa of Lagos State, has told Lagosians who their next Governor is.
In doing that, he has given up his own alleged longtime ambition of occupying that seat.
Speaking at his residence on Thursday when the Deputy Governor of Lagos State, Dr. Obafemi Hamzat, visited him with his team, Obasa said that it has been sealed that Hamzat will be the Governorship Candidate of the Lagos State All Progressives Congress, APC, in 2027. He said it has been sealed that Hamzat will be the next Governor of Lagos State.
For good measure, Obasi, an ally and ”boy” of President Bola Tinubu, more than hinted that Hamzat has been endorsed as the next Governor of Lagos State by President Tinubu.
He said: “It has been sealed. I just returned from Abuja. I had discussions with those that matter, and the conclusion is that Hamzat will carry the Party’s banner. We love you. We support you. And we will do everything to see that we win the election. I just returned from Abuja, and the conversations remain the same. Dr Kadiri Obafemi Hamzat is he next Governor of Lagos State.”
By mentioning Abuja, and his discussions with those that matter, it can be taken for granted he meant President that President Bola Tinubu has endorsed Dr. Hamzat’s candidacy.
Another boost to Hamzat ambition came from Senator Musiliu Obanikoro who was present at Obasa’s residence during the visit.
Extolling the Deputy Governor’s credentials, Obanikoro said “any sincere mind that can interrogate Hamzat’s pedigree will know that with him, Lagos is in good hands.”
Obanikoro: “Lagos must not decline, but must grow higher and higher, and with Dr. Hamzat at the helm of affairs, Lagos will continue to soar higher and higher.”
Recall that it was President Bola Tinubu’s strong political ally and confidante, James Faleke, a Member of the House of Representatives that first made it public that Hamzat would be Governor Babajide Sanwo-Olu’s successor.
At the time he spoke, not a few people felt he was voicing Mr President’s thoughts.
The Deputy Governor of Lagos State, Dr. Kadri Obafemi Hamzat, will be excused if he decides to add some swagger to his gait.
Barring any last minute changes, and/or a miracle, he is the Governorship Candidate of the All Progressives Congress, APC, Lagos State. Considering the pattern of voting in Lagos, one can safely assume that Dr Hamzat is already the Governor of Lagos State in 2027.
Since 1999, Hamzat’s Political Party – AD, AC, ACN, APC – has always won the Governorship Election in Lagos. Not a few people believe the pattern will subsist in 2027. And when, not if, he wins, he will make history as the first Deputy Governor in Lagos, to succeed his boss in office.
The good news was delivered to Hamzat on Thursday when Pastor Cornelius Ojelabi, Chairman of the Lagos State chapter of the APC, backed the aspirant. Earlier, Rt. Hon. Mudashiru Obasa the powerful Speaker of the Lagos House of Assembly, Senator Ganiyu Olarenwaju Solomon (GOS), and other APC chieftains had all endorsed Hamzat as the Party’s Governorship Candidate in 2027.
They spoke at the Party’s State Secretariat when Hamzat led his Team for consultation with the party leaders and the State Working Committee.
Dr. Hamzat, while addressing Party Leaders, assured them of his plans to push Lagos higher than where it is now.
Hamzat: “The truth of the matter is that if Lagos fails, Nigeria will have problems and we must not fail.”
Recalling the shocking defeat in Lagos, of then Presidential Candidate, now President Bola Tinubu, in Lagos by the then Labour Party Candidate, Peter Obi, Hamzat said “never again.”
His words: “More so, we must ensure that what happened in 2023 should not happen again in 2027. We must ensure a resounding victory for our leader, Asiwaju Bola Tinubu in the next election and ensure a similar victory for APC in Lagos.
“Our opponents are trying to de-market our election, simply because they cannot win. That’s why they’re doing everything possible to disapprove of everything good that has been done by Tinubu’s administration.”
Speaking, Chairman Ojelabi affirmed the party’s support for the Deputy Governor Hamzat’s political aspirations.
He told Hamzat: “We support you, we trust you, and we are very confident of your competency and humility.”
Receives N40m donation to enable Governor purchase Expression of Interest and Nomination Forms
Ebonyi State Governor, Francis Nwifuru, can start celebrating his 2027 reelection victory even when no vote has been cast. The following is why.
According to the Chairman of the Ebonyi State Chapter of the All Progressives Congress, APC, Chief Stanley Okoro Emegha, all the opposition Parties in the State have adopted Nwifuru for a second term in office. They have succumbed to him. And, for good measure, he added that the only reason the Parties have not publicly made their decision public is because he advised them to wait for the appropriate time and follow protocol before the surrender of their right to field their own candidates.
In the same, he also declared that the APC gubernatorial ticket is the exclusive preserve of Governor Nwifuru.
Emegha, who disclosed this while receiving in audience the leadership of the Governor’s support group -FON Youth Movement – at the Party’s State Headquarters in Abakaliki, advised all other people nursing the ambition of contesting the Governorship of the State on the Party’s platform to perish the thought.
According to Emegha, major stakeholders and leaders of the APC both at home and in the diaspora have agreed that the Governor should be supported and encouraged to continue with his transformational stride in the State.
The Chairman emphasized that owing to the unanimity among stakeholders and others, no aspirant has so far thrown his hat into the gubernatorial ring.
“Nobody has so far indicated interest to contest against the Governor in the APC.
“Even the opposition parties in Ebonyi State are equally in agreement to allow the Governor to continue his good works in the State.
“As I am talking to you, I am aware that the opposition Parties have met and agreed to adopt the Governor as their candidate for the 2027 election.
“However, I have advised them (opposition parties) to wait for the right time, as well as to follow the constitution and guidelines of their various parties in adopting the Governor”, Emegha stated.
Earlier, the National President of the FON Youth Movement, Chinedu Emenike, had informed that the group was at the Party’s Secretariat to make a donation of forty million Naira for the purchase of expression of interest, and nomination forms for Governor Nwifuru’s re-election bid.
He noted that the decision was reached after a careful review of the Governor’s transformational leadership in the last three years across all sectors.
The group emphasized the need to support the Governor to finish the good work he has started.
This was as it lauded the Governor for prioritizing the empowerment of youths , including offering them prominent positions in the Government.
Emenike pledged the readiness ,and commitment of the group to the task of ensuring adequate mobilisation of youths for the realization of the Governor’s second term ambition.
Attorney-General of the Federation and Minister of Justice (AGF), Lateef Fagbemi
By Akinwale Kasali
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has warned those he said were fanning embers of hatred and inciting the citizens against the Federal Government.
Fagbemi said that the federal government would not succumb to blackmail by those he described as political desperados.
According to the AGF, “Those fanning the embers of hatred must be stopped,” adding that “those who have lost their sense of patriotism should know that they would not be allowed to set the country on fire.”
He made this statement at the conference of the National Association of Judiciary Correspondents, NAJUC, in Abuja, the nation’s Capital.
He said: “The political desperadoes must learn to act responsibly and within the laws of the land.
“Let me state with respect that relevant government agencies will not be stopped from doing their work if anyone runs foul of the law.
“The government will not succumb to blackmail no matter whose ox is gored. Violence, hate speech or any other criminal tendencies will not be tolerated in any form.
“As citizens of Nigeria, let us show our sense of patriotism and protect the unity of the country”, he said.
This comes in the face of widespread misgivings among opposition political parties, who have all alleged a deliberate witch-hunt of their members by various anti-corruption agencies.
He, however, acknowledged that activities towards the 2027 general elections have commenced in earnest, and stressed that the media have their role to play.
He warned that the media, as a critical stakeholder, must not be used as a tool of division.
“As the main bridge between INEC, political actors, and 90+ million potential voters, the press shapes expectations, trust, and behaviour before ballots are cast and after results are declared.
“It is on this note that I urge the media not to give room to political actors trying to tear the fabric of this nation.
“The media must remember we need to have our country first before we can talk about elections.
“This administration sees the media as partners; that is why we have ensured that they do their job without intimidation or any form of threats.
“My office is a good example of this. I will continue to relate with all of you as my friends of old,” he added.
The AGF said the theme of the conference, “The Role of the Judiciary in Deepening Democracy in Nigeria”, is apt and a pointer to the role the judiciary has played in strengthening the country’s nascent democracy.
“The judiciary is often called the last hope of the common man, and in Nigeria that phrase carries real weight.
“As the third arm of government, it provides the legal backbone that allows democracy to function beyond elections.
“Without an independent and active judiciary, democratic gains can be rolled back quickly.
“At its core, the Nigerian judiciary deepens democracy by interpreting the 1999 Constitution and ensuring that both government and citizens act within its bounds”, Fagbemi stated.
The short answer is yes – but there’s a long answer. There is, in fact, more than one inside story about why President Bola Ahmed Tinubu removed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The online newspaper Premium Times published multiple likely versions in a single story. The biggest issue, according to the newspaper, was the poor release of capital funds.
It reported, however, that there were other reasons, from complaints of delayed payments to contractors to criticisms by lawmakers of “zero implementation” of the 2025 capital budget.
Perhaps the most dramatic, according to the newspaper, was the heated exchange between Edun and the President at a December Federal Executive Council (FEC) meeting, during which aides were obliged to intervene to cool things down. Edun tried to make it up afterwards, but the paper said it was too late. He had crossed the Rubicon.
Was it about health?
LEADERSHIP offered a different backstory. It downplayed conflict and policy failure and focused instead on health concerns about Edun. According to the newspaper, it’s the second time in 22 years that Edun has left a top job due to failing health.
The first time was in February 2004, when, less than a year into Tinubu’s second term as governor of Lagos, Edun resigned his appointment “on health grounds.”
In October last year, two years into his tenure as Finance Minister, he was rushed to London for medical treatment and was out of circulation for a while, only to surface at a London fair, when he couldn’t attend the IMF/World Bank meeting. According to the newspaper, Edun, who turned 70 on April 20, a day before he was fired,was removed becausehe could obviously no longer cope with the pressure to perform.
The Chagoury angle
The online newspaper, TheCable, gave a very dramatic account that, among other things, linked Edun’s removal to sleepwalking over payments to Hitech Construction (Nig) Limited, a company linked to Tinubu’s influential friend, Gilbert Chagoury, handling the Lagos-Calabar Highway construction.
Reuters offered a slightly different version, downplaying personal and political drama and highlighting, instead, economic outcomes and investor pressure for performance.
How the IMF was “implicated”
Outside the media ecosystem, there were quite a few interesting guesses after the announcement of Edun’s removal. One source said, almost authoritatively, that Edun’s comment at the IMF Spring meeting in Washington was the last straw. I was almost tempted to dismiss it as nonsense, but thought it would be rude, so I asked, “How?”
Then, this source, who probably knows just about as much of the goings on in government as I do about Point Nemo, explained that Edun’s statement that Nigeria had no plan to approach the IMF for a loan, “was without clearance from the President.”
With nearly N19 trillion in debt under Tinubu and over $20 billion in borrowing in the pipeline, unless the government is determined to sink the country in a sea of debt, I wasn’t quite sure how Edun’s statement could have led to his removal.
But the source swore it was exactly the reason, adding that if I hear any version other than his, it may well be from the usual suspect, the African Democratic Congress (ADC), planting misinformation.
The inside story, I’m told, however, was that the IMF/World Bank had, during the Spring Meeting, accused the Tinubu government of a lack of transparency in managing public finance. Edun’s reply that Nigeria didn’t need any more IMF loans was at variance with the charge of opacity, setting off alarm bells at the Villa.
Wale Edun
Three years, not bad
If you discount the role of superstition in politics, over the last 20 years, the average tenure of Nigeria’s Finance ministers has been between two and three years.
The longest has been Dr Ngozi Okonjo-Iweala, who served for seven years, and Zainab Ahmed, who served for five. Still, the core cluster has been far shorter, suggesting that Edun’s two and a half years are above average – long enough to start reforms, but often not long enough to consolidate them fully.
His removal is attracting extra attention because 1) the government insists that the economy has stabilised and is on the path of recovery, 2) Edun combines his role in Finance with coordinating the economy, and 3) he is one of the ministers with a reputation of being a part of the President’s kitchen cabinet.
If the economy is not broken, why remove the finance minister, and how could one of the President’s most trusted men be removed in a press statement that describes his removal as a “minor cabinet reshuffle,” bundling him out with another minister, Ahmed Musa Dangiwa, whose name many had barely heard until his sacking was announced?
It’s broken, not shattered
The Presidency is walking back the sack story. In a statement on Wednesday that sounded like the Edun affair was a broken story, but not a shattered one, the Presidency said Edun and Dangiwa resigned; they were not fired. Except if official communication, even at such vital moments, operates on the principle of the right hand not knowing what the left is doing, the tardy handling of Edun’s exit is quite extraordinary.
The Oyedele moment
From the moment Taiwo Oyedele was nominated as junior minister of Finance on March 3, many, quite rightly, suggested that Edun’s days were numbered. But the suspicion then was that he might be interested in running for the governorship of Ogun State and needed to meet the President’s March-end deadline for resignation; a suggestion he later denied.
I’ve heard that Edun always wanted to be governor of the Central Bank, but was refused the position by the President. It’s quite ironic that the CBN governor has now outlasted him in office. So, which backstory is believable? There’s not a single backstory, but among the several enlightened and unenlightened guesses, two are the most probable.
Cabinet frustrations
The first is the broad frustration across the cabinet over capital releases and delayed payments to contractors. Although the Tinubu government had shifted from quarterly capital releases to a performance-based system, in which a significant portion of payments is released only after certificates of completion are issued, Edun operated more like a goalkeeper, trapping payments long after they were due.
When contractor complaints mounted, the President excised revenue generation, distribution and domestic debt management from Edun and transferred them to the junior minister, Doris Uzoka-Anite, who turned out to be a disaster and had to be swapped.
Meanwhile, across the cabinet, grievances about the delayed release of funds rose. For example, Health Minister Muhammad Ali Pate told lawmakers that out of N218 billion appropriated for his ministry in the 2025 budget, only N36 million, less than one percent had been released.
Housing and Urban Development Minister Dangiwa, Works Minister David Umahi, and Power Minister Adebayo Adelabu, whose problem is deeper and more pathetic than money, also complained. I’m told that as far back as October, the President had decided that Edun’s time was up.
Where the buck stops
His health condition, the second probable reason, was the velvet over the iron fist. At 70, and after a long and distinguished career in the financial sector and later in politics, his struggles with failing health and an economy that demands full-speed performance were taking atollon him. His removal had been some time in coming.
We may quibble about the real backstory all day, and the full version may never be known publicly, but one man who comes out looking good from this is the president. He has just sent an unlikely message: if Edun can go, then so can anyone.
Ishiekwene is the Editor-In-Chief of LEADERSHIP and author of the book, Writing for Media and Monetising It.
