Politics

X-Raying Cardoso’s Impactful Gains At CBN

Published

11 months ago

March 14, 2025

By Okanga Agila

In the not-so-distant past, Nigeria’s economy was a fragile patient, clinging to life support. The symptoms were all too familiar: hunger, deprivation, and a crippling sense of hopelessness. But then, something changed.

A new leadership emerged with a bold vision for a prosperous Nigeria. President Bola Ahmed Tinubu’s administration was determined to break the cycle of economic instability, and they started by making some tough decisions.

One of those decisions was the appointment of Dr. Olayemi Cardoso as the Governor of the Central Bank of Nigeria. Dr. Cardoso was a man on a mission, armed with a deep understanding of the economy and a passion for reform. With Dr. Cardoso at the helm, the Central Bank began to implement a series of innovative policies, designed to stimulate growth, create jobs, and empower Nigerian citizens.

It wasn’t easy, of course – there were obstacles to overcome, and tough choices to make. But Dr. Cardoso and his team were undeterred, driven by a shared vision of a brighter future for Nigeria. And then, something remarkable happened.

The economy began to stir, like a sleeping giant awakening from a deep slumber. Infrastructure projects sprouted up across the country, creating jobs and opportunities for thousands of Nigerians. The education and healthcare sectors received a much-needed boost, giving citizens access to quality services and a chance to build a better life.

Dr. Cardoso’s bold move to tackle Nigeria’s inflation problem began with a deliberate attempt to rectify the negative effects of past monetary policies. By holding down excessive money supply, considered a major driver of inflation, Dr. Cardoso introduced measures that would eventually lead to a decrease in prices of goods and services.

The initial impact of these measures was a short-term shock, marked by an increase in interest rates, reduced spending and investment, and a decrease in demand for goods and services. Banks also played their part by mopping up excess liquidity from the system, increasing the Monetary Policy Rate (MPR) by 50 basis points.

However, the long-term effects of Dr. Cardoso’s measures have been remarkable. Prices of goods and services, especially food items, have consistently fallen, leading to an improvement in the standard of living and a rapid decline in poverty and hardship. The impact is clear: inflation has begun to decline. After a rise from 2022 to 2024, the inflation rate dropped to 24.48% in January 2025 from 32.49% in December 2024.

Food inflation, which accounts for about 50% of Nigeria’s inflation, dropped from 39.84% to 26.08% year-on-year in January. This decrease led to a sharp drop in food prices. For example, beans went from over N11,000 to N8,000, and garri decreased from over N4,000 to between N2,000 and N1,500.

Cardoso introduced the Inflation-Targeting framework, which brought sweeping changes to stabilize prices, reduce currency volatility, and boost economic growth. His policies increased investor confidence, attracted foreign investments, and positively impacted businesses.

Dr. Cardoso also achieved Nigeria’s delisting from the FATF Grey List through transparent market stabilization measures. He introduced new guidelines for dormant accounts, suspended processing fees on cash deposits, and implemented the Early Warning Systems to further consolidate these gains.

Dr. Cardoso’s expertise and fiscal discipline transformed the forex market. By streamlining operations into a single framework, he brought stability, increased liquidity, and reduced market distortions. To promote economic management and coordination, Dr. Cardoso cleared 57 backlogged forex requests, reduced volatility, and increased external reserves.

He also strengthened monetary-fiscal coordination through the Fiscal and Monetary Policy Coordination Framework (FMPCF) and the Financial Services Regulation Coordinating Committee (FSRCC). Dr. Cardoso utilized advanced tools like Dynamic Integrated Analytic Modelling (OIAMOND) and the Macro Diagnostic Framework to build a robust fiscal regime. He prioritized staff training and capacity building, enhancing their competence in key areas.

His efforts led to the emergence of reliable, efficient, and customer-friendly financial institutions. Dr. Cardoso also regulated the activities of Bureau de Change operators, ensuring they complied with standard procedures and promoted national security and citizens’ well-being. Through effective control and deliberate reforms, he has brought about an outstanding level of customer protection, ensuring compliance with rules and objectivity, thereby limiting Fintech risks, fostering robust customer satisfaction and better engagement with formal financial institutions, going to the extent of enforcing sanctions on violators of unethical conducts to serve as deterrence.

The introduction of several key initiatives has transformed Nigeria’s financial landscape. The unified tracking system (UCTS) and USSD verification of licensed financial institutions have enhanced transparency and security. Additionally, registering Point-of-Sales operators with the Corporate Affairs Commission (CAC) has helped curb fraudulent activities.

Empowerment initiatives, such as the Women Entrepreneur Finance Initiative (We-Fi) Code and the updated National Financial Literacy Framework, have also been launched to support youths and women. These initiatives aim to improve the well-being of Nigerians, revive the agricultural and manufacturing sectors, and promote financial inclusion, business mentorship, and capacity building.

This indeed is the joyous story of pains to impactful gains. Dr. Olayemi Cardoso is turning around the story of the nation’s economy and things are getting better for the citizens through the reforms that he has initiated. As the months passed, the evidence of Nigeria’s transformation has become impossible to ignore. The economy is growing, and the people are beginning to feel the benefits.

A sense of hope and optimism began to spread as Nigerians from all walks of life started to believe in a brighter future. Today, Nigeria’s economy is unrecognizable from the fragile patient it once was. The country is on the move, driven by a newfound sense of purpose and determination. And at the heart of it all is a leadership that’s committed to creating a better future for all Nigerians.

The story of Nigeria’s economic rebirth will be etched in history, with Dr. Olayemi Cardoso’s name forever linked to its triumph. Like a phoenix rising from the ashes, the nation has emerged stronger, more resilient, and poised for greatness. Dr. Cardoso’s leadership has been the catalyst for this transformation, igniting a fire of hope that will continue to burn bright for generations to come.

Okanga a writes this piece from Abuja.

Politics

RSHA continues impeachment of Fubara, writes Chief Judge

Published

3 weeks ago

January 16, 2026

Daily Mirror

The Rivers House of Assembly has continued its resolution to impeach Gov. Siminalaye Fubara and his deputy, Nma Odu.

All 26 members of the Assembly on Friday unanimously resolved during plenary to proceed with the impeachment process against both Fubara and Odu.

Consequently, the lawmakers resolved to write to the Chief Judge(CJ) of the State, as enshrined in Section 188 of the 1999 Constitution (as amended).

They are urging the CJ to constitute a seven-man investigative panel to examine the alleged gross misconduct leveled against the governor and his deputy.

Politics

Sen. Yari’s constituency office lauds APC e-registration exercise in Zamfara

Published

4 weeks ago

January 9, 2026

Daily Mirror

Hon. Sha’ayau Sarkinfawa, the Coordinator, Sen.. Abdul’aziz Yari Constituency office for Zamfara West Senatorial District, has commended the ongoing nationwide membership e-registration exercise of the All Progressives Congress (APC).

Sarkinfawa, who stated this while speaking with journalists in Gusau on Thursday, stated that the exercise would promote integrity and credibility in the party membership.

The News Agency of Nigeria (NAN) reports that the APC nationwide e-registration exercise commenced recently and would run until the end of this month.

He described the exercise as the bedrock for internal democracy.

“The APC e-registration would strength the party’s membership.

“The ongoing APC e-registration exercise is a wise political initiative and imperative determined to upgrade the data of the progressive party members electorally,” Sarkinfawa further said.

He commended President Bola Tinubu for making the APC proud and wished him more strength ahead of the 2027 General Elections.

According to him, Yari and the Minister of State for Defence, Bello Matawalle, had already built a stronger political platform in the APC structure of the state.

“Therefore, we are expecting a tremendous success.at the end of the exercise” he added.

Sarkinfawa further said, the exercise would provide an ample opportunity for all the eligible members of the party to be duly captured in its digital register.

He added, “It will also ensure accuracy, transparency and integrity in the party’s membership.

“The exercise guarantees sanity and credibility of the party’s membership register.

“A data-driven membership registration is expected to capture every eligible member of the party across the 147 political wards of the state.

“Therefore, our members should participate fully in the exercise and make sure they are captured electronically.

“I therefore urge all APC members and stakeholders in the state to take full advantage of the e-registration and participate promptly and responsibly.$

Sarkinfawa further described the APC as the most dominant political party in Zamfara and Nigeria. adding that it would record massive victories in the 2027 General Elections.

Cover

Soludo denies Bianca Ojukwu’s chieftaincy title, calls it fake

Published

1 month ago

January 2, 2026

Daily Mirror

Anambra State Governor Prof Charles Soludo, has disowned the chieftaincy title of ‘Anyanwu N’Awalu Ora’ conferred on the Minister of State for Foreign Affairs, Bianca Ojukwu, purportedly by the embattled traditional ruler of Awka, Obi Austin Ndigwe, insisting that Ndigwe is not a traditional ruler in Awka or Anambra State.

In a letter dated December 31, 2025 and signed by the state Commissioner for Local Government, Chieftaincy and Community Affairs, TonyCollins Nwabunwanne, the state government said the conferment of the chieftaincy title on the minister did not follow the right channel.

Nwabunwanne said the conferment of chieftaincy titles in Anambra State is the exclusive prerogative of recognised/certified traditional rulers in their respective communities, and they do so only to residents/indigenes of their communities.

He added that in the case of a person not from the community, the approval of the traditional ruler of the conferee’s community and the Commissioner for Local Government, Communities and Chieftaincy must be sought and obtained.

According to him, this is in line with the extant Traditional Rulers’ Code of Conduct, insisting that none of the above conditions was met in the case of Bianca Ojukwu.

He said the chieftaincy title as posted by Ojukwu on her social handles have caused massive confusion in the camp of the All Progressives Grand Alliance and across the state.

The letter is titled, ‘Amb. Bianca Ojukwu and the fake chieftaincy title from a fake traditional ruler’, was made available to journalists on Thursday.

It read partly, “The attention of the Anambra State Government has been drawn to a publication by the Minister of State for Foreign Affairs, H.E Amb. Bianca Ojukwu indicating that she has been conferred with a chieftaincy title of ‘Anyanwu N’Awalu Ora’, which according to her was “conferred at the prestigious Igu Aro Cultural Festival by His Majesty Obi Austin Ndigwe (MON).

“Mrs Ojukwu is an APGA chieftain and her posts have caused massive confusion leading many to wonder whether her involvement in the phoney chieftaincy title signals a change in the state government’s policy stance or simply an unnecessary/avoidable affront to the state government and the Anambra traditional institutions and culture.

“As a government committed to law and order and to the promotion and protection of our culture and traditional institutions, the Anambra State Government wishes to clarify and state as follows a) The conferment of chieftaincy titles in Anambra State is the exclusive prerogative of recognized/certified traditional rulers in their respective communities, and they do so only to residents/indigenes of their communities.

“In the case of a person not from the community, the approval of the Traditional Ruler of the conferee’s community and the Commissioner for Local Government, Communities and Chieftaincy must be sought and obtained. This is in line with the extant Traditional Rulers’ Code of Conduct. None of the above conditions was met in the case under reference.

“Chief Austin C. Ndigwe IS NOT a traditional ruler in Awka or Anambra State. To put it mildly, he is simply an impostor. We have sighted a letter signed by him under a letterhead as the “Eze Uzu III” of Awka (a clear criminal offence under the Anambra Law) when the traditional ruler of Awka, HRH Gibson Nwabueze Nwosu (Eze Uzu II) is still alive, and with the official certificate and recognition by government as the traditional ruler of Awka.

“The 92-year-old Eze Uzu Awka is known to be the first Nigerian that flew a fighter jet solo. He was Second in Command in the Biafran Air Force who left with Dim Chukwuemeka Odumegwu-Ojukwu to Cote d’Ivoire and later to Zambia— and was in exile for 15 years. It was this same Eze Uzu Gibson Nwosu who in 2004 conferred the chieftaincy title of OMENIFE AWKA on the current president of Nigeria, Asiwaju Bola Ahmed Tinubu, GCFR.

“Sadly, it is this aged veteran, now blind but still agile, who this dance of infamy is denigrating as well as insulting the sensitivities of Awka people and the Anambra traditions and culture. Even the late Dim Odumegwu-Ojukwu will be turning in his grave at this unwarranted insult on HRH Gibson Nwosu designed just to wet some megalomaniacal appetite. In the Anambra/Igbo culture, this is an abomination.

“Hon Minister Ojukwu—with her background and pedigree, knows or should know these FACTS very well. She was in the home of Chief Ndigwe when the Governor of Anambra State, Prof. Chukwuma Charles Soludo, CFR, attended his birthday celebration a few years ago and publicly advised him “as a friend” to desist from impersonating the traditional ruler of the town and that the recognised traditional ruler remained HRH Gibson Nwosu.

“The video went viral. Indeed, in her publication in her verified Facebook account, Mrs Ojukwu carefully avoided referring to Mr. Ndigwe as a traditional ruler but rather described him as “Supreme Commander of Awka Ancient Kingdom”—a phantom title/position that does not exist in Awka.

“We do not object to whatever pet name she chooses to call her friend to massage his ego, but such must not be elevated to a point of sacrilege against law and custom. The whole exercise appears to be an indirect affront to the authority of the Traditional Ruler of Awka and the sanctity of the Traditional Institution in Anambra State established by the Traditional Rulers Law of Anambra State. By proceeding to describe Mr. Ndigwe conjunctively as “His Majesty” and “Obi”, the message unequivocally evinced an intention to portray and as a matter of fact portrayed him as a Traditional Ruler. This is against the spirit of the Traditional Rulers Law of Anambra State.

“By purporting to confer a chieftaincy title, Mr. Ndigwe usurped the ceremonial functions of the bona fide Traditional Ruler of Awka—HRH Gibson Nwosu—and this is totally unacceptable. Arrogating to oneself the non-existent and childish title of “Supreme Commander” and using same to confer vain Chieftaincy titles is designed to subjugate

the Traditional Ruler and ridicule the Traditional Institution thereby creating a dangerous precedent which the State Government will not allow. The State Government will not tolerate this desecration of the Traditional Institution and will take every lawful step to promote and protect our culture and traditional institutions.

“Amb. Bianca Ojukwu knows that Mr. Ndigwe has neither legal nor customary rights to confer a Chieftaincy title on anyone. She is eminently qualified to be honoured with Chieftaincy titles by recognized traditional institutions—at least, as the wife of late Dim Odumegwu Ojukwu.

“But it cannot be a vain or fake Chieftaincy title from an impostor or fake traditional ruler like Mr. Ndigwe. We therefore state that the Chieftaincy title she purports to have received from Mr. Austin Ndigwe is fake and not recognized under the Anambra culture and tradition or law. She should desist from addressing herself by any such fake title conferred by Mr. Austin Ndigwe.

“In conclusion, Anambra State government wishes to assure our people that it is committed to a new social order. We must restore sensible values and respect for law and order, custom and tradition and ennobling values that elevate our collective social consciousness rather than the nascent subculture that celebrates a few with megalomaniacal delusions and who attempt to play God.

“These few cannot be role models for our children nor the foundation for our future. As a responsible government we must take all necessary steps to protect our collective heritage from willful assault. To the great and law abiding people of Awka, we have your back.”