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Institutional Resilience Key to Africa’s Future – Cardoso

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By Tony Obiechina, Abuja

 The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has underscored the importance of institutional resilience as a vital foundation for building strong and lasting African institutions.

Cardoso, who spoke at the ongoing 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, emphasised that resilience must be deliberately engineered through strategic foresight, crisis preparedness, sound governance and stakeholder trust.

Cardoso described the gathering as a momentous occasion to celebrate Afreximbank’s 32nd anniversary and reflect on the Bank’s transformative journey over the past three decades.

He commended the President of Afreximbank, Prof Benedict Oramah, the Board of Directors and the entire team for their unwavering commitment to reshaping Africa’s economic trajectory, noting that their work continues to inspire hope, confidence and collective action across the continent.

On the session’s sub-theme, “Thirty-Two Years of Resilient Growth and Transformation,” he stated that the discussion was timely, as Africa currently faced a multitude of overlapping challenges, including geopolitical fragmentation, trade protectionism, technological disruptions, and climate shocks. Despite these hurdles, he emphasised that the continent has demonstrated remarkable resilience, having weathered multiple financial crises, commodity price volatility, and the COVID-19 pandemic.

Cardoso further highlighted Afreximbank’s unique role in this resilience journey, praising the institution for evolving beyond the remit of a traditional financial institution into a trusted pan-African partner, strategic convener, and catalyst for change.

AHe reminded attendees that the Bank was established in Abuja in 1993 to provide much-needed trade finance at a time when global financial institutions were retreating from Africa. Since then, he observed, Afreximbank had evolved from humble beginnings into a formidable continental force, backed by 51 African nations and a diverse coalition of public and private sector partners.

The Governor cited several strategic interventions by Afreximbank that had significantly impacted Africa’s economic landscape. These include the launch of the Counter-Cyclical Trade Liquidity Facility (COTRALF) in 2015, which disbursed over US$10 billion to stabilise African economies during widespread foreign exchange shortages.

He further commended the Bank’s contribution to Africa’s public health efforts, particularly its US$2 billion financing arrangement for 400 million doses of COVID-19 vaccines in partnership with the African Union in 2021.

These interventions, according to him, underscore the Bank’s critical role as a dependable countercyclical actor and demonstrate the power of African-led solutions to African challenges.

Highlighting Nigeria’s partnership with Afreximbank, Cardoso described the country as both a founding member and the Bank’s largest single beneficiary. He noted that Nigeria had received approximately US$52 billion in trade and project financing, reflecting the depth of its engagement with the institution.

As the continent continues to navigate complex global economic dynamics, Mr. Cardoso called for even stronger strategic alignment among African countries.

He urged accelerated implementation of the African Continental Free Trade Area (AfCFTA), deeper regional integration, and closer engagement with the African diaspora, which he described as a vital extension of Africa’s economic and cultural identity.

He also outlined recent reforms by the Central Bank of Nigeria aimed at enhancing diaspora participation in the local economy. These include the introduction of two tailored financial products—the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account—designed to increase remittances and investments from Nigerians abroad.

Reflecting on the qualities that underpin institutional resilience, the Governor stressed the importance of strategic foresight, crisis preparedness, transparent communication, and sound governance. Over the past year, he shared that the CBN had prioritised rebuilding trust and credibility with citizens, markets, and partners through clarity, consistency, and confidence-building measures.

Cardoso called on African leaders and institutions to embrace greater ambition and purpose, urging them to commit to building resilient, future-ready systems. “Afreximbank has helped us dream big. Now, it is time to deliver big,” he said.

The highlight of the opening event was the formal launch of Afreximbank’s flagship publications: the 2025 African Trade Report and the 2025 African Trade and Economic Outlook Report. The reports are expected to guide policymakers and stakeholders on Africa’s trade performance, prospects, and economic direction.

Foreign News

Zelensky Announces New Draft Law on Anti-corruption Bodies after Protests

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Ukrainian President Volodymyr Zelensky said he has approved the text of a draft law guaranteeing the freedom of two anti-corruption bodies in Ukraine – days after nationwide protests broke out over changes curbing their independence.

Kyiv’s Western partners had also expressed serious concerns over the legislation.

On Thursday, Zelensky seemed to backtrack, saying the new bill was intended to safeguard the independence of Ukraine’s National Anti-Corruption Bureau (Nabu) and Specialised Anti-Corruption Prosecutor’s Office (Sap), and to protect them from Russian influence.

He said the text of the bill was “balanced”, but did not provide any details.

The law passed earlier this week brought Nabu and Sap under the control of the prosecutor general, who is appointed by the president.

At the time Zelensky justified his decision to curtail the bodies’ powers by citing Russian influence. The day before, Ukraine’s security services had carried out searches and arrests targeting alleged Russian spies at the agency.

The passing of the legislation instantly sparked the largest protests since the start of Russia’s full-scale invasion in February 2022 in several cities across Ukraine, with many worrying the law would severely undermine the Nabu and Sap’s authority and effectiveness.

Thousands of people gathered in streets and squares across Ukraine, holding placards calling for the legislation to be vetoed.

Several commentators accused Zelensky of democratic backsliding. Their concerns were further exacerbated when Ukraine’s Western partners signalled their displeasure with the bill.

Ukraine has official EU candidate status and a spokesman for European Commission chief Ursula von der Leyen previously warned Kyiv that the rule of law and the fight against corruption were “core elements” of membership to the bloc.

On Thursday, the Commission said it “welcomed” the Ukrainian government’s decision to take action against the bill.

“We are working [with the Ukrainian government] to make sure that our concerns… are indeed taken into account,” the spokesman said.

Nabu and Sap were created in 2014-15 as one of the requirements set by the European Commission and International Monetary Fund to move towards a relaxation of visa restrictions between Ukraine and the EU.

Writing on Facebook, opposition MP Oleksiy Goncharenko noted Zelensky said that “the independence of anti-corruption institutions must be guaranteed.”

“First we take it away, and then we say that it must be guaranteed. So why was all this necessary?”

In his message on social media on Thursday, Zelensky did not acknowledge the protests or the backlash but said it was “important that we respect the position of all Ukrainians and are grateful to everyone who stands with Ukraine.”

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Why I Quit Banking for Music – CDQ

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Nigerian rapper CDQ has revealed that he left a stable banking job to pursue his true passion, music.

In an interview, the hip-hop star shared that becoming a banker was a move to honor his late father’s wishes, but it wasn’t where his heart truly belonged.

“I quit my bank job.

I couldn’t tell my mother or any family member then.
I left the house and went to stay with Masterkraft in the studio,” he said.

CDQ admitted that while at the bank, he often found himself scribbling lyrics during work hours instead of focusing on his official duties.

The internal conflict eventually led him to a bold decision, quitting his job to chase a career in music.

According to him, even his close friend and producer, Masterkraft, was shocked when he learned about the decision. Interestingly, Masterkraft used to lend CDQ suits to wear to the bank.

“I told him banking isn’t my passion. I will probably just do it to make ends meet. But music is something that, whether it gives me a return or not, I’m still happy doing it,” CDQ added.

CDQ’s gamble paid off. He shot to fame in 2016 with his hit single “Indomie” featuring Masterkraft and Olamide.

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Aba state: Stop Attacking Ikonne’s Patriotic Call, Analyst Warns Gov Otti

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… Says EX-NALDA Boss Means Well, Patriotic

By Mike Odiakose, Abuja

A researcher and political analyst based in Abia state, Dr. Ujo Justice, has cautioned Governor Alex Otti to stop media attack on the immidiate-past Executive Secretary of the National Agricultural Land Development Authority (NALDA), Prince Paul Ikonne, over his call for the creation of Aba state.

The public affairs commentator described Prince Ikonne’s call as patriotic, adding that the call for creation of Aba state was a legitimate political expression rooted in the quest for equity, development, and fair representation.

The former NALDA boss had on Thursday criticized Governor Otti’s stand against the creation of additional state for South-east but commended Imo state governor Hope Uzodimma’s stand for the new state.

Responding to the report, Governor Otti through his media aide Ferdinand Ekeoma, in a statement titiled “Aba State Creation: Paul Ikonne Needs Help to Salvage His Hate-ravaged Mind”, described former NALDA boss as “hate-ravaged,” mind.

Speaking with newsmen on Friday, the Abia born Dr. Ujo Justice, however, cautioned the Alex Otti’s state government against media bullying, saying the governor’s statement” is not a defense of governance, but an attempt to silence dissent. Resorting to insults, distorting past events, and questioning academic credentials without proof is nothing but intellectual laziness.”

According to Dr. Justice, Paul Ikonne is not an opportunist. He is not seeking appointment. He is not playing to the gallery. He is asking the hard questions that many are too afraid to ask.

He said: “Prince Paul Ikonne did not incite division; he illuminated reality. His call for the creation of Aba State was a legitimate political expression rooted in the quest for equity, development, and fair representation — a demand many leaders from the South East, including progressive voices across party lines, have long echoed.

“Rather than engage with the merit of his argument, the Governor’s media aide descended into personal insults, calling Ikonne “hate-ravaged,” “infantile,” and “clannish.” Such vile expressions should have no place in public discourse, especially from the office of a sitting governor.

“In truth, Ikonne’s words were firm but patriotic. And in a democracy, that should be respected.”

In contrary, the political analyst said Dr. Alex Otti, who has consistently positioned himself as a technocrat, but his arguments against state creation lack the nuance and sensitivity expected of a leader governing a multi-ethnic and politically conscious state like Abia.

“It is on record that Governor Otti, in 2020, wrote against the creation of additional states, citing economic impracticality. While that is a valid intellectual concern, what he fails to admit is the underlying injustice in Nigeria’s current state structure — particularly against the South East which remains the only region with five states. This imbalance directly affects representation, federal appointments, and resource allocation.

“Ikonne’s position was not that of a sectional warrior, but of a nationalist calling for correction of a decades-long injustice. To reduce that to clannishness is either a deliberate misrepresentation or a poor grasp of political history.”

Dr. Justice said rather than focus on real governance challenges, the Governor’s aide took a deep dive into history, hurling unverified allegations from as far back as 2007 on Prince Paul Ikonne.

“As Commissioner for Lands, Ikonne introduced reforms that streamlined land allocation and usage.

“As Executive Secretary of NALDA, he led federal agricultural projects that empowered farmers in states across the country, despite limited collaboration from some state governments.

“His approach to public service has always been focused on productivity and results — not media drama.

“The accusation that he “neglected Abia” while serving at NALDA is disingenuous. National appointments require national scope. That Abia did not benefit from NALDA as Ekeoma claimed is a reflection of non ethnic bais and should have a more reflection of poor synergy from state actors than any failure on Ikonne’s part.”

He also called that Paul Ikonne’s advocacy for Aba did not start recently.

“Long before it became politically fashionable to pose with potholes for the cameras, Ikonne had spoken passionately about the economic potential of Aba and the need for strategic investment in its people.

“The current government may be renovating roads and repainting walls, but cosmetic development without political inclusion is not enough. Ikonne simply asked, “Where are the Aba indigenes in this government? Where is their voice in this administration?” That question deserves an answer — not a tantrum.”

While calling for a better politics in Abia state, the political analyst said: “As researcher, and proud son of Abia, I can boldly say that this state deserves more than bitter media wars and vendetta-driven communication. It deserves leadership that welcomes criticism, not one that weaponizes press releases to hound political opponents.

“If the current government has any confidence in its performance, it should focus on delivering its promises, not throwing mud at those who dare to speak.

” Prince Paul Ikonne is a visionary, a patriot, and a political bridge-builder. History will remember him for his courage, consistency, and conviction — not for the lies peddled by those threatened by the truth.

“Let us rise above media mudslinging and return to politics of ideas, vision, and service. Abia is watching.”

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