Category: Politics

  • Naira shed 2.6% in March despite $668m CBN intervention

    Naira shed 2.6% in March despite $668m CBN intervention

    The naira depreciated further in March 2025, dropping by 2.4% and 2.6% at the Nigerian Autonomous Foreign Exchange Market (NAFEM) and the parallel market, respectively, amid persistent demand pressure.

    According to Afrinvest’s latest Monthly Market Report, the naira closed the month at ₦1,536.82/$ at NAFEM and ₦1,530/$ at the parallel market, a clear indication of ongoing volatility in Nigeria’s foreign exchange market.

    AIICO Capital, in its own March macroeconomic update, confirmed the currency’s significant loss in value despite the Central Bank of Nigeria (CBN) injecting $668.8 million to stabilise the market. “Despite interventions, the naira weakened by 2.97% month-on-month, down from ₦1,492.49/$ to ₦1,536.82/$,” AIICO reported.

    The report highlighted robust demand from foreign portfolio investors and local corporates, which outstripped available supply. The parallel market mirrored this trend, losing ₦43.50/$ to close at ₦1,536/$.

    Although liquidity briefly improved mid-month with CBN support, the naira remained under pressure through the end of March. On a quarterly basis, the naira declined by 7 basis points at NAFEM, while external reserves dropped by $110 million to $38.31 billion.

    Looking ahead, AIICO projected continued liquidity injections by the CBN, though global economic risks—including fresh U.S. tariffs under President Donald Trump—could increase capital flight and market volatility.

    Backing this, the CBN’s Financial Markets Department Director, Omolara Duke, confirmed that the apex bank intervened again between April 3 and 4 with a $197.71 million injection into the FX market to ensure stability. The dollars were sold at rates between ₦1,519 and ₦1,595.20/$.

    Despite this, market pressure intensified by midweek as rising offshore demand and weaker oil prices—following an OPEC+ output hike—drove the naira to ₦1,570/$ before closing the week at ₦1,567.02/$. Foreign reserves declined further by $149 million to $38.15 billion.

    Analysts at Afrinvest warned that the end of the naira-for-crude swap initiative could further worsen the FX crisis, as refineries and PMS importers rejoin the dollar-seeking queue. “We expect the naira to remain pressured near-term,” the report stated.

    CardinalStone also noted that the FX market has been negatively impacted by capital flight and higher local dollar demand, recording a 1-month return of -8.6% and a year-to-date return of -5.8%.

    Former Zenith Bank chief economist, Marcel Okeke, cautioned that the Trump-led global tariff war could spark a wave of imported inflation in Nigeria. “We’re likely to see an uptick in imported inflation, especially given our high import dependence,” Okeke said.

  • LG crisis: APC accused Adeleke of plots to procure judgement, unleash mayhem on council officials

    LG crisis: APC accused Adeleke of plots to procure judgement, unleash mayhem on council officials

    The All Progressives Congress (APC) in Osun State has raised alarm over what it described as a plan by Governor Ademola Adeleke’s administration to unleash violence on reinstated council officials across the state’s local government areas.

    Speaking at a press briefing in Osogbo on Sunday, former Commissioner for Information and Strategy, Sunday Akere, alleged that the state government, in collaboration with the Peoples Democratic Party (PDP), was plotting to use a High Court ruling to forcefully return PDP-selected officials to council secretariats. He warned that the move could lead to a breakdown of law and order.

    Akere further accused the government of planning to procure a judgement from a State High Court in Ikirun that would mandate Governor Adeleke to reinstate PDP-aligned officials through a court order of mandamus. According to him, this would empower the use of Amotekun Corps and alleged political thugs to chase away APC council officials.

    “It is on the 17th of April, 2025, that this procured ruling will be enforced, targeting our elected chairmen and seeking to forcefully remove them from their offices,” Akere claimed. “The intent is to unleash violence and disregard the ruling of the Court of Appeal which upheld our chairmen’s reinstatement.”

    Supporting the claims, former Commissioner for Local Government and Chieftaincy Affairs, Adebayo Adeleke, called on security agencies to intervene. He said the governor must ensure law and order in line with his constitutional responsibilities.

    “As an opposition party, we have informed Nigerians and the security agencies about this alleged plan. The current insecurity, which has made NULGE workers reluctant to resume work, reflects the failure of the state government,” he stated.

    In a swift reaction, Governor Adeleke’s spokesperson, Olawale Rasheed, dismissed the claims as baseless and politically motivated. He said the APC was attempting to blackmail the judiciary and shift attention from legal battles it currently faces.

    “The APC’s alarm is pure fiction,” Rasheed stated. “They are afraid of facing the law. Their illegal occupation of council secretariats is under challenge in three separate lawsuits — by PDP under ALGON, NULGE workers, and even the All Peoples Party (APP), which has sued for contempt of court.”

    Rasheed accused the APC of ignoring a subsisting court judgement that nullified the tenure of its so-called “Yes/No” chairmen and insisted the party was acting in defiance of judicial orders.

    As legal and political tensions mount, observers have urged both parties to allow due process to take its course while security operatives have been advised to maintain order across the local government areas.

  • Anxiety grips Bayelsa over planned rally

    Anxiety grips Bayelsa over planned rally

    Bayelsa State is on high alert ahead of a controversial rally planned by The New Associates, a political group led by PDP South South Zonal Secretary, George Turnah. The rally, scheduled for April 12 in Yenagoa, is expected to host the Minister of the Federal Capital Territory, Nyesom Wike, sparking widespread concern across the state.

    Initial fliers promoting the rally, widely circulated on social media, featured only Wike. However, growing outrage—particularly in the predominantly Ijaw-speaking state—forced organisers to redesign the flier. The updated version now includes the portraits of President Bola Tinubu, Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri, and NDDC Managing Director Dr. Samuel Ogbuku, in a bid to ease tensions.

    Governor Douye Diri has voiced strong opposition to the event, warning that it poses a threat to the peace of the state. Diri cited the ongoing political turmoil in neighbouring Rivers State, describing the rally as a ploy by a “PDP renegade” to import instability into Bayelsa.

    “Any attempt to import the Rivers State political crisis into Bayelsa will be resisted,” the governor said, urging security agencies, parents, and community leaders to remain vigilant.

    In response, security forces staged a show of force across major streets in Yenagoa last Saturday, involving personnel from the Navy, Army, Police, NSCDC, Immigration, and Correctional Services. The operation was aimed at demonstrating readiness to secure lives and property amid growing fears of unrest.

    Despite the mounting concerns, organisers remain defiant. Speaking to Saturday Vanguard, Turnah insisted the event would go ahead as planned, stating that security notifications had been filed, and attendance would be strictly by invitation. The venue, located at Tombia roundabout, is commonly used for public events and will be secured, he added.

    “We’re celebrating Wike and Mr. President for appointing capable Bayelsa sons and daughters into key roles,” Turnah said. “This is a grassroots movement, not a provocation.”

    However, critics like Alfred Kemepado, a former IYC leader and ex-commissioner for youth development, questioned the timing and motives behind the event. He argued that the rally was not truly about thanking President Tinubu and pointed out that some of the appointments being cited predated Wike’s ministerial role.

    Kemepado warned that recent provocative statements by Wike had inflamed tensions and that hosting a rally in his honour could lead to further unrest.

    Governor Diri reiterated on Wednesday that while his administration respects the Constitution and fundamental rights, the peace and security of Bayelsa would not be compromised.

    “We’re not yet in a political season. No one is being stopped from exercising their rights, but I won’t allow anyone to threaten the state’s peace,” Diri declared.

    Despite resistance from some quarters, The New Associates still enjoys backing from segments of the PDP in Bayelsa. But with emotions running high and security forces already deployed, fears remain over the potential for clashes between supporters and opponents of the rally.

    All eyes are now on April 12, as Bayelsa walks a tightrope between political expression and public order.

  • Leadership tussle: LP factions hail Supreme Court judgement, claim victory

    Leadership tussle: LP factions hail Supreme Court judgement, claim victory

    The Labour Party (LP) has reacted to Friday’s Supreme Court judgement affirming that the internal leadership of political parties lies solely within their structures, with the Julius Abure-led faction describing it as a “victory for democracy and the rule of law.”

    In a statement released in Abuja by the party’s National Publicity Secretary, Obiora Ifoh, the Supreme Court was commended for upholding the autonomy of political parties to determine their leadership without external interference.

    “The Supreme Court today, April 4, 2025, gave a judgement… that the matter is purely an internal affair of the political party of which courts have no business to dabble into,” the statement read. “This reaffirms Barrister Julius Abure as the national chairman of the Labour Party.”

    The party maintained that the judgement did not invalidate the ruling of the Court of Appeal delivered on November 13, 2024 (CA/ABJ/CV/1172/2024), which confirmed Abure’s position. The party also insisted that the March 27, 2024 national convention, held under Abure’s leadership and recognised by INEC, remains valid.

    Reacting to claims of an alternative leadership, Ifoh said, “The gathering in Umuahia is clearly not in line with the party’s constitution. The Supreme Court did not sack Barrister Julius Abure.”

    However, the Labour Party National Caretaker Committee (LPNCC), represented by its Secretary, Senator Darlington Nwokocha, interpreted the judgement differently, suggesting that it brings an end to Abure’s claim to the national chairmanship.

    In his own statement, Nwokocha described the verdict as a “monumental victory” for Nigeria’s democracy and a chance to unify the party and chart a new course.

    “This historic ruling is not only a victory for the Labour Party but also for the Nigerian people and our democracy,” he said. “We now have an opportunity to rebuild Nigeria’s democracy and strengthen our party.”

    He further called on Nigerians, regardless of political affiliation, to join the Labour Party’s efforts to restore democratic values and national unity.

    While the Supreme Court refrained from interfering in the internal affairs of the party, the leadership tussle between the Abure-led NWC and the LPNCC appears far from over, as both factions interpret the ruling to suit their narratives.

    The development underscores ongoing tensions within the Labour Party and raises fresh questions about the role of internal democracy and legal interpretation in Nigeria’s political parties.

  • Oyo PDP chieftain, Adeojo, dies 4th April 2025

    Oyo PDP chieftain, Adeojo, dies 4th April 2025

    A prominent Ibadan-based politician and founding member of the Peoples Democratic Party (PDP), Alhaji Yekini Adeojo, has passed away.

    Adeojo, who once served as the Deputy National Chairman (South) of the PDP, died in the early hours of Friday at his residence in Iyaganku Government Reserved Area (GRA), Ibadan, the Oyo State capital.

    He was a respected political figure in the South-West and held the esteemed traditional title of Seriki Musulumi of Yorubaland. Adeojo was also a chieftain in Ibadan and played a significant role in shaping the PDP in its early years.

    The late politician was the father of Sheriff Adeojo, the current Executive Chairman of Ido Local Government Area of Oyo State.

    Adeojo contested the Oyo State governorship election on the platform of the PDP in 1999, shortly after Nigeria’s return to democratic rule.

    Although details surrounding his death remain sketchy as of press time, a family source confirmed the news to PUNCH on Friday.

    “Our father died this morning (Friday). We are working on burial arrangements. The family will issue a statement in that regard very soon,” the source said.

    Tributes are expected to pour in from across the political spectrum as Oyo State mourns the passing of one of its political stalwarts.

  • Our ongoing investigation not linked to Atiku, Sanwo-Olu – EFCC

    Our ongoing investigation not linked to Atiku, Sanwo-Olu – EFCC

    The Economic and Financial Crimes Commission (EFCC) has dismissed speculations that its investigation into an alleged money laundering case is connected to political figures such as former Vice President Atiku Abubakar and Lagos State Governor Babajide Sanwo-Olu.

    In a statement released on Friday, the EFCC clarified that the probe is strictly focused on criminal allegations of conspiracy and money laundering, with no ties to any political actor. The Commission emphasized its commitment to impartiality and adherence to the law in the fight against corruption.

    According to the EFCC, the investigation began in 2022. However, the suspect attempted to secure an injunction preventing her arrest and prosecution. The Federal High Court in Abuja overturned the order on February 19, 2025, ruling that law enforcement agencies have the constitutional authority to investigate any individual suspected of committing a crime.

    Additionally, the court upheld an interim forfeiture order on the suspect’s assets, which were alleged to be proceeds of crime, dismissing her legal challenge as lacking merit.

    “The EFCC’s case has no connection, direct or indirect, with any politician or political transaction. The Commission remains non-partisan and committed to its mandate of fighting corruption,” the statement read.

    The anti-graft agency urged the public to disregard any claims of political interference and continue supporting its efforts to combat economic and financial crimes in Nigeria.

  • Wike refutes PDP’s allegation of using land revocation to suppress opposition

    Wike refutes PDP’s allegation of using land revocation to suppress opposition

    The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has dismissed allegations by the Peoples Democratic Party (PDP) that the revocation of its land title was a deliberate move to weaken the opposition.

    Speaking on Friday during a visit by officials of the Body of Benchers, led by Chairman Chief Adegboyega Awomolo (SAN), Wike expressed dismay over the PDP’s claim that he was instructed to revoke its land in Abuja’s Central Area. He noted that executive actions in Nigeria were often misinterpreted through political, religious, and ethnic lenses.

    According to Wike, the PDP’s land title was revoked due to its failure to pay the required ground rent for over a decade, not for political reasons. He disclosed that despite generating between N13 billion and N20 billion from the sale of party forms, the PDP had not paid the N7.6 million ground rent for its National Secretariat land.

    He further revealed that Wadata Plaza, the PDP’s current National Secretariat, was not officially registered under the party but under a senator residing in Abuja. The property owner had reportedly failed to pay the ground rent for 28 years.

    “Maybe they had a deal with the man and did not complete the deed of assignment, and now they are shouting that Wike was sent to revoke the land to kill the opposition. What kind of mentality is that?” Wike questioned.

    The FCT minister emphasized that the revocation of land titles was not exclusive to the PDP. He stated that other institutions, including the Independent National Electoral Commission (INEC) and the Central Bank of Nigeria (CBN), were also affected due to non-payment of ground rent.

    Wike disclosed that the CBN had requested a reversal of its land revocation, but he insisted that outstanding fees must be cleared before any reconsideration.

    He also urged the Body of Benchers to ensure compliance with ground rent payments, warning that no defaulters would be spared.

    The News Agency of Nigeria (NAN) reported that on March 17, 2025, Wike approved the revocation of 4,794 land titles due to non-payment of ground rent for over 10 years. The affected parties included individuals, corporate organizations, and government institutions.

  • Omokri Vows to Dismantle Obidient Movement, Calls Obi His ‘Project’

    Omokri Vows to Dismantle Obidient Movement, Calls Obi His ‘Project’

    Political analyst and former presidential aide Reno Omokri has pledged to dismantle the Obidient movement, citing personal threats and a fallout with Peter Obi as key reasons.

    Speaking on Breakfast Central on Thursday, Omokri denied harboring a personal vendetta but expressed disappointment over Obi’s political trajectory. He claimed to have played a pivotal role in Obi’s rise, including securing his 2019 vice-presidential candidacy alongside Atiku Abubakar.

    “Peter Obi was a project of mine,” Omokri stated, emphasizing his involvement with Senator Ben Murray-Bruce and a former president in pushing Obi’s nomination.

    While Obi’s abrupt departure from the PDP initially strained relations, Omokri said the real issue stemmed from the behavior of Obi’s supporters, which he views as unacceptable.

  • Onanuga Warns Peter Obi Over Democracy Comment

    Onanuga Warns Peter Obi Over Democracy Comment

    Presidential aide Bayo Onanuga has cautioned former Anambra State Governor, Peter Obi, over his remarks suggesting that democracy in Nigeria has collapsed.

    Obi made the statement on Monday at the 60th birthday colloquium of Emeka Ihedioha in Abuja, lamenting that the progress since 1999 had been eroded.

    He cited his own experience of winning a governorship mandate through the courts without interference, stating that such impartiality no longer exists today.

    Reacting on Tuesday, Onanuga dismissed Obi’s claims as exaggerated, insisting that Nigeria’s democracy has only strengthened over the past 26 years.

  • Lagos Assembly Crisis: ‘No plan to defect to Labour Party’  —  Lawmakers

    Lagos Assembly Crisis: ‘No plan to defect to Labour Party’  —  Lawmakers

    Members of the Lagos State House of Assembly have denied allegations of defecting from the All Progressives Congress (APC) to the Labour Party.

    In a statement signed by Mr. Stephen Ogundipe, Chairman of the House Committee on Information, Strategy, and Security, the Assembly members refuted rumors circulating online, claiming that 25 members were planning to leave APC for an unnamed political party. A similar claim surfaced recently, suggesting that 27 members were considering joining the Labour Party due to leadership disputes within the Assembly.

    Ogundipe stated that these claims had been unequivocally refuted, with members expressing their unwavering commitment to APC and their confidence in resolving internal issues through established party mechanisms.

    “To avoid any confusion, no APC member of the Lagos State House of Assembly is considering defection. As true progressives, we acknowledge that challenges may arise, but we remain committed to addressing them through democratic and lawful processes,” he said.

    He added that the party leadership is fully engaged, and any outstanding issues would be resolved amicably. Ogundipe urged the public to disregard the baseless reports designed to mislead and create unnecessary tension.

    “We reaffirm our loyalty to the leader of our party and President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu,” Ogundipe concluded, emphasizing that the Lagos State House of Assembly would continue focusing on its legislative duties, enacting laws that promote the development of Lagos State.

    Finally, he advised those spreading falsehoods to desist, reaffirming the Assembly’s dedication to its legislative mandate.