Economy
Corruption Derailed CBN Gov, Emefiele – Sen Girei
Senator Abubakar Girei, a stalwart of the ruling All Progressives Congress (APC) in Nigeria, has alleged that former Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele allowed himself to be derailed from the core values of his office when he decided to engage in corrupt practices.
He also expressed optimism that with the way President Bola Tinubu started his government with the bold, courageous and decisive steps, Nigeria is on the path to economic and social recovery.
Girei who spoke with Correspondent Yagana Ali in Yola also called on the Tinubu led government to put strong palliatives in place to cushion the negative effects of the subsidy removal on the toiling Nigerian masses.
Excerpts:
As a son of Adamawa State how did you receive the appointment of one of the sons of the soil, Malam Nuhu Ribadu as the National Security Adviser (NSA) to President Bola Ahmed Tinubu?
I felt elated, animated and energized when the announcement was made because I know that behind that singular decision, lies a strong resolve and political will of ending the scourge of social and other forms of insecurity in the land. In Nigeria, no one needs to be told the antecedents of Malam Nuhu Ribadu as far as work ethics, discipline moral standing and courage are concerned. If there is anyone in Nigeria that has the courage and will to address the security imbroglio facing the country, that man is Nuhu Ribadu.
Such act of appointing the right people into the right positions gives us the hope that unlike in the past, Tinubu came with the clear intension of resolving our numerous socio-economic challenges. With such mindset, it is my humble belief that Tinubu is the messiah Nigeria is earnestly waiting for at this critical point in our nation’s history.
I will say with all sense of modesty that Ribadu will not disappoint Tinubu and Nigeria. And I assure the president, the people of Adamawa State, in fact I dare say Nigerians, will give Ribadu 100% support to succeed in this important national assignment.
In the same vein, I must also give the president a big kudos for selecting his new Service Chiefs and other appointments he made so far. I personally know some of them and I can assure you they are men of valour, timber and caliber who will do this nation proud, I have the instincts that the menace of social insecurity will soon be over in the country.
Nigeria’s economy is currently in a comatose state with high inflation, crippling interest rates, high unemployment and huge debt portfolio amongst many other challenges. A number of analysts have posited that the country is at a tipping point economically. Do you think Tinubu has the capacity to rejuvenate the ailing economy?
Tinubu is a man who came to the job well prepared. The president is a man who will never hide under excuses to evade discharging his responsibility. In fact, as a world class financial expert, Tinubu knows the economic challenges bedeviling Nigeria very well. He has already started attacking some of the challenges behind our economic dislocation and very soon Nigeria’s economic landscape will change for the better.
It is my hope that the president will assemble a team of experts and people with unquestionable character, integrity and reputation in his subsequent appointments. These experts should invest adequate time to intensively understudy the challenges facing Nigeria and give them serious thoughts and come up with far reaching solutions for the benefit of the country.
We can’t afford to fiddle at this very crucial time because Nigeria is on the verge of the precipice and the slightest error of judgement may become the lethal dose that will set us tipping. We must therefore, rally behind the president in his resolve to proffer lasting solutions to our security, economic and other challenges.
The major challenges stunting our development as a nation are corruption and lack of political will to enforce rule of law. I urge the president to accord seriousness in monitoring and evaluating his appointees. Goals should be set alongside timelines, anyone who fails to measure up should be shown the way out. The president should also ensure that measures are put in place to stamp out corruption or to at least lessen it because no serious achievement could be made if political appointees are not held accountable.
The subsidy quagmire was as old as Nigeria itself as various administrations alluded to their failures to deliver to the subsidy conundrum. Do you think with the subsidy removal Nigeria will get it right this time around?
This is what I referred to as the boldness of President Bola Ahmed Tinubu. Since he came, unlike any other administration he has removed the petrol subsidy which has lingered for time immemorial, suspended CBN governor, Emefiele, suspended EFCC Chairman, Bawa and harmonized the exchange rate as well as other very significant actions he took in a very short space of time.
With this kind of courage, I believe the president will make a lot of inroads in a short time. But I will not fail to say that some of these courageous policies also have their flipsides especially on the lives and livelihood of Nigeria’s toiling masses. Even before the introduction of these policies, life for an ordinary Nigerian is a mishmash of agonies and pains. Already, there is crippling inflation, high unemployment rate, massive insecurity, and dearth of infrastructure which is responsible for the staggering poverty levels we had as over 133 million out of the 200 million Nigerians according to studies, are currently subjected to multidimensional poverty.
What is your take on the arrest of the suspended CBN Governor, Emefiele?
The suspended CBN governor has long outlived his usefulness. Emifiele has only succeeded in bastardizing the economy as President Bola Ahmed Tinubu rightly said during his visit to France recently. The inglorious reign of Emefiele has nearly brought Nigeria to its knees because of a regime of unprecedented mismanagement, abuse of office, looting of our treasuries and high-handedness that took place.
He almost ruined our naira through massive printing of our currency, introduction of a regime of multifaceted exchange rates and at a point even contested for the presidency and lately came up with the naira swap policy which caused massive havoc to Nigerians.
The suspended CBN governor has also bastardized the agricultural sector and completely abandoned his role as the CBN governor and turned himself to a farm manager. Because of that, the real agricultural practice was relegated to the background. He corruptly introduced all sorts of contraptions through which massive larceny took place.
We have federal ministry of agriculture, states ministries of agriculture, we also have agricultural development authorities, we have river basin development authorities and we have bank of agriculture. But in his desire to fritter away tax payers money, Emefiele abandoned all the existing institutions meant to administer the agricultural sector and introduced those contraptions I mentioned earlier in his desire to shortchange Nigerians.
If the CBN governor has involved the bank of agriculture in channeling the massive resources he spent in funding his pet contraptions to the peasant farmers as is being done, Nigeria would have become a hub of food exportation to other countries. The suspension and arrest of Emefiele is a right step in the right direction. The government should go further to dissolve the new outfits Emefiele created and merge them with long standing institutions.
What is your take on the election of the new leadership of National Assembly?
As we all know, the national assembly is the bastion of democracy. Our democracy is completely hinged on the legislative arm of government. It is the only institution that guarantees the sustainability of democracy. Judiciary and executive arms are very important too, but the most important arm is the legislative arm.
The NASS has elected its leaders in a free and fair atmosphere even though with some guidance as dictated by the circumstances we find ourselves. My call is for the winners of the election to be magnanimous in victory and to carry his fellow contestant as equal partners in the progress of that important arm of government. I will also call on those who lost the election to accept the outcome in good faith. My call on the leadership to be magnanimous in victory is based on the ugly experience of 1999 of which I was an actor. Because of the failure of the then Senate President Evans Enwerem to carry Sen. Chuba Okadigbo along, the senate from the beginning to its end was embroiled in crisis which snowballed into the disgraceful fall of Enwerem.
I’m optimistic the new leadership of the senate, will be able to provide the leadership needed to ensure peace and stability of the 10th National Assembly and to also carry out its oversight functions effectively.
How confident are you in the abilities of Tinubu to deliver the goods?
I have absolute confidence that Tinubu will deliver on his mandate because the President has demonstrated that many years ago even before he became the Governor of Lagos State. Tinubu was among the close allies of Abiola who supported him to win the annulled June 12 election of 1993. We all know what he did when he became the Governor of Lagos State. In 1999 everybody was afraid to go to Lagos State because of the activities of the ‘Area Boys’ and other security concerns.
In his first term, he completely rid Lagos of the activities of the Area Boys and all other security concerns hence turning Lagos to a model city. In his second coming, he turned around the economic fortunes of the state despite the unnecessary altercation with President Olusegun Obasanjo that led to the withdrawal of the allocation of the state for several months. Today Lagos is more economically viable than many countries and that clearly shows that Tinubu has the antecedents to succeed even at a higher level because Lagos state is a real example of the complexity and heterogeneity of the Nigerian State.
By Tony Obiechina, Abuja
The Federal Government has reaffirmed its commitment to strengthening Nigeria’s bilateral relations with Germany, with renewed focus on economic cooperation, investment promotion, energy partnerships, and the effective implementation of existing agreements.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this statement during a visit to the Ministry in Abuja on Monday by the Ambassador of the Federal Republic of Germany to Nigeria, Stefan Rössel.
The minister welcomed the ambassador and his delegation, expressing Nigeria’s appreciation for Germany’s longstanding partnership and support for the country’s economic reform programme, particularly in the early stages of implementation.
He recalled that when German Chancellor Olaf Scholz visited Nigeria, the Federal Government was pursuing significant economic reforms that required support from international partners, including Germany, the World Bank, the International Monetary Fund and the European Union.
The minister said Germany’s support has contributed to Nigeria’s progress in its reform efforts, adding that the country remains grateful for the cooperation and assistance it has received from its development partners.
He also acknowledged Germany’s role in facilitating high-level engagements between the two countries, particularly in trade, investment and energy cooperation, noting that discussions during the Nigerian President’s visit to Germany advanced talks on key energy agreements.
Senator Bagudu further commended Germany’s commitment to multilateral cooperation and international engagement, emphasising the importance of sustained partnerships to address evolving global economic and political challenges.
He noted that Nigeria and Germany had built a strong foundation for bilateral cooperation over the years, with significant opportunities to expand their partnership in areas that support economic growth and development.
The minister disclosed that discussions had covered cooperation involving €25 million and €300 million in export credit guarantees, identifying these as important areas for continued engagement as Nigeria seeks to expand investment opportunities and strengthen its capacity to utilise available resources effectively.
According to him, Nigeria’s reform efforts have created an opportunity to place greater emphasis on attracting investment, strengthening productive capacity, and translating international partnerships into tangible economic outcomes.
He assured the German ambassador that the ministry was prepared to work closely with the German government and its relevant institutions to deepen bilateral relations and broaden areas of mutual interest.
Earlier, Ambassador Rössel expressed appreciation for the warm reception he received, describing the relationship between Nigeria and Germany as strong and longstanding.
The ambassador, who arrived in Nigeria a few weeks ago, reaffirmed Germany’s commitment to building on the partnership’s achievements and to exploring opportunities for further cooperation.
He acknowledged that both countries were operating in an increasingly complex global environment characterised by evolving strategic, political and economic challenges.
Despite these circumstances, Ambassador Rössel expressed confidence that the longstanding relationship between Nigeria and Germany would provide a solid foundation for addressing emerging issues and sustaining mutually beneficial cooperation in the years ahead.
He also welcomed the ministry’s readiness to continue working with Germany, noting the importance of maintaining established partnerships while adapting to evolving circumstances.
In her remarks, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, congratulated Ambassador Rössel on his appointment, welcomed him to Nigeria, and expressed the ministry’s readiness to collaborate with him and with relevant German agencies.
She emphasised the importance of translating bilateral agreements and shared commitments into practical outcomes, noting that effective implementation remained critical to achieving the partnership’s objectives.
Dr Uzoka-Anite assured the ambassador that the ministry would continue to facilitate collaboration and support efforts to ensure joint initiatives progressed efficiently and delivered meaningful results.
The Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr Deborah Odoh, also welcomed the German delegation, describing Germany as a reliable partner whose technical expertise, knowledge exchange and experience had contributed to Nigeria’s development.
She said the ministry expects the ambassador’s tenure to create further opportunities to strengthen cooperation and to advance the longstanding relationship between the two countries.
The courtesy visit reaffirmed Nigeria and Germany’s shared commitment to sustaining bilateral engagement, deepening economic cooperation, and exploring opportunities for expanded investment and development collaboration.
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
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