NEWS
Naira Re-design: CBN/Finance Minister face off sign of confused govt – Kachukwu
By John Danjuma
The Presidential candidate of the African Democratic Congress (ADC), Dumebi Kachukwu, has described the face off between the governor of Central Bank of Nigeria, CBN and the Minister of Finance, Zainab Ahmed, over Naira re-designing as sign of a confused government with no direction.
It would be recalled that barely two days after the CBN announced the move to redesign the Naira billed for December 15, 2022, the minister disowned the policy saying she was not aware of it, warning the CBN of the consequences that may arise from it.
Speaking in Abuja on Monday, Kachukwu said the controversy between the finance minister and the Central Bank of Nigeria has exposed the fact that some appointees of the government are working at cross purpose.
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“It further speaks to the confusion that goes on daily in President Muhammadu Buhari” administration, the fact that the minister of finance who is a key part of the economy, who superitends over the economy to get to know the policy of Naira redesigning through the media says a lot about our country and the government.
“It says a lot about the fact that in this government, something that concern monetary policy, the minister of finance was not part of the meeting to be briefed. She might not have a supervisory role over the CBN Governor but she is a key part of the economy. She would have pointed out the fact that the policy is ill timed.
Kachukwu reiterated his believe that the planned redesigning of the Naira is ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.
He said President Muhammadu Buhari has continued to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefit a few.
“Millions are daily thrown into the poverty bracket. Our middle class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria.
“A bag of Dangote cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy.
“One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible.
“How do you explain the timing of the re-design of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision which has further weakened the naira.
“How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?
“At a time like this. It is extremely ill-timed. Before this time, the Naira was doing N788 to $1, today it is over N800 and in Lagos it is over N1000 because people are now speculating.
“Everyday Nigerians are now leaving this country in droves. As they leave Nigeria they are selling their properties, they are buying forex.
“Our economy is in tatters while the managers of our economy fight over who informed who or who got Presidential approval.
“As the naira continues to plunge, more businesses will collapse this week. Thousands will be thrown into the employment market daily. This is our reality.
“We need to see all the factors affecting our Naira. If these people are not in touch with the reality of what is happening in Nigeria they keep on making wrong headed policies. They will keep on making mistakes.
“In a country like ours we have been speaking for seven years about diversifying our economy about strengthening the Naira, I want to challenge this government, the banks to tell us how many new businesses the banks have supported to export this year.
“If you want to strengthen the Naira you have to look at the balance of trade, you have to export more than we import. They should ask the banks how many people they funded to export, how many small businesses in the last 10 months, in the last one year or two years, five years or throughout the lifespan of this administration that will show you what is going in Nigeria.
“It is a very unserious government that does not know what is to be done.”
He challenged the security agents to fish out those that are hoarding the Naira to warrant the new policy.
“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money.
“By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks”
On the security security advisory by some of the western nations and the departure of embassy officials and their families which have led to panic amongst Nigerians he said it is because the President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives.
“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those who have sworn to destroy our way of life. Only the President can confirm if this is true or not.
“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then who is safe in Buhari’s Nigeria?
“Even though President Buhari has sought to assure Nigerians that all is well one begins to wonder what is really going on.”
“We can’t continue to keep quiet while our President continues to pauperise us. I call on President Buhari to convene an emergency economic summit.
“We all need to get involved in this conversation. It is meaningless to keep on talking about the 2023 general elections when our present realities suggest that we might not have a nation by that time.
“We can’t continue acting like we don’t know tens of millions of Nigerians are unemployed and impoverished.Their plight gets worse as our economy gets worse. When is breaking point?
“The President can’t keep on saying he is fighting inflation yet in an import dependent economy small businesses are paying up to N5 million to clear a 20ft container and up to N9million for a 40ft container.
“Who is advising our President? Inflation begins from your ports. This government is killing small businesses. If the President is serious about strengthening the naira, he should find out how many new export oriented businesses Nigerian banks funded in the last one year.
“He should find out how many new businesses Nigerian banks funded in the last 10 months. We can’t keep on deceiving ourselves.”
NEWS
Chevron Supports Local Capacity with $10b in 10 Years
In the past 10 years, Chevron Nigeria Limited (CNL) has spent over $10 billion to support Nigerian companies and local capacities.
CNL’s, Chief Corporate Affairs Officer and the General Manager of Corporate Affairs Shoga Odushelu, disclosed this at the 2026 Nigeria Union of Journalists FCT Council Media Capacity Building for Energy Correspondents in Abuja.
The theme of the capacity building is “Strengthening Energy Journalism Through Knowledge, Data Accuracy and Artificial Intelligence.”
Odushelu, represented at the workshop by Victor Anyegbulike, said, “Right now, every year, we spend about $1 billion for local content. And in the past 10 years, we have spent over $10 billion supporting companies and supporting local capacities”
According to him, most of the prominent players with excellent capacity in the oil and gas industry are the offshoots of Chevron projects.
ALSO READ: FG Considers DPRP Critical to Nigeria’s $1 Trillion Economy Vision
He also recalled that, regarding Nigerian content, Chevron started local community content in 1999, before Nigerian content in 2010.
According to him, the firm, which has reduced gas flaring by 98 per cent, is ready to exit flaring completely very soon for supply to the Nigerian market.
“Where we get all those gases and make sure we put it into the Nigerian market. And we know that in doing that, we are removing all the gas that originally was flared, right?
“And we have reduced our gas flaring by 98%. The idea is for us to get to 100% very, very soon,” he said.
Besides, he revealed that as the company transitions to the Host Community Development Trust (HCDT), it is also building capacity through the HCDTs of each of the communities it operates in.
Chevron payments to its host communities, said Odushelu, have exceeded $140 million in terms of community development projects in the Niger Delta.
“Right now, over $140 million has been paid to these communities for our community development projects in the Niger Delta region,” he said.
Odushelu revealed that Chevron, in partnership with Pan-Atlantic University, was the first company to start training journalists in Lagos in 2014.
According to her, 140 journalists benefited from the programme.
Currently, he said the firm is training journalists all over Nigeria in their various fields, including the Nigeria Association of Energy Correspondents this year.
On the essence of the training, he described journalism as a very noble profession.
Chevron, he said, takes the profession very seriously because of journalists’ functions in society.
In her remarks, the NUJ FCT Council Chairman, Grace Ike, said data accuracy is the compass of journalism.
She added that in an era of abundant numbers and competing claims, credible data separates sound reporting from speculation.
Continuing, she stressed that “We must demand primary sources, verify figures, and develop the habits and tools to cross-check official statistics, company disclosures and independent datasets.
“Where numbers are unclear, we must say so and show our readers why clarity matters.
“Accurate data reporting helps hold corporations and governments accountable, protects communities from misinformation, and builds public confidence in our profession.
“Artificial intelligence is our new tool, not a replacement for our judgement, but a force multiplier when used with discernment.
“AI can rapidly analyse large datasets, identify trends, transcribe interviews, and surface documents.”
NEWS
LAMATA to Begin Full Cashless Bus Fare Enforcement in Lagos from August 1
The Lagos Metropolitan Area Transport Authority (LAMATA) has announced that it will commence full enforcement of its cashless fare payment policy across regulated public transport services in Lagos State from August 1, 2026.
The agency said commuters who continue to pay bus fares with cash, as well as transport operators who accept such payments, may face legal sanctions under existing state regulations.
SEE MORE: Ogun Students Shut Down Abeokuta-Lagos Expressway After Colleague’s Killing
Speaking during an X Space discussion on Wednesday with transport stakeholders titled “Lagos Cashless Transit: What Aug. 1 Enforcement Means to You,” LAMATA’s Head of Legal, Idris Akinola, explained that passengers using regulated public transport are required by law to pay fares through the approved electronic payment platform, the Cowry Card.
According to Akinola, both commuters and transport operators who engage in unauthorised cash transactions could be prosecuted, stressing that the enforcement drive is aimed at improving transparency, accountability and compliance within Lagos’ public transport system.
He urged transport companies to ensure their drivers and conductors strictly comply with the policy, conduct internal monitoring and cooperate with LAMATA officials during enforcement operations.
Akinola warned that violations of the relevant laws could attract severe penalties, including prison terms of up to seven years upon conviction.
Also speaking, the Managing Director of Teejay Motors, Adekunle Tajudeen, said the company had already trained its drivers and boarding officers ahead of the enforcement, directing them not to accept cash payments from passengers.
He revealed that some drivers had previously been arrested and jailed for collecting cash fares, noting that passengers also contribute to violations by insisting on paying with cash instead of using the approved electronic payment system.
To ensure uninterrupted services, Tajudeen said the company had expanded its fleet and recruited additional drivers to replace any workers found to be non-compliant.
Transport and urban mobility expert Adepoju Fawokon said previous enforcement efforts targeted mainly drivers and failed to achieve the desired results.
He argued that both passengers and transport operators involved in cash transactions should be held accountable to reduce revenue leakages and strengthen the sustainability of Lagos’ regulated transport network.
Meanwhile, the Managing Director of Touch and Pay Technologies, Olamide Afolabi, announced measures to address complaints about incorrect Cowry Card top-ups.
He said new digital solutions, including the Carry Hub platform, a mobile application and self-service top-up kiosks located at bus and rail terminals, would enable commuters to check their balances, review transactions and top up their cards more conveniently.
Afolabi added that a postpaid and single-card payment system is expected to be rolled out before the end of the year, allowing commuters to complete online top-ups that become available instantly without first transferring funds to a physical card.
NEWS
Kidnappers Demand N200m to Free Abducted Kebbi High Court Judge
The abductors of a Kebbi State High Court judge, Justice Faruku Bunza, have demanded N200 million as ransom for his release following his abduction from his residence in Bunza Local Government Area.
The ransom demand was confirmed on Tuesday by the Kebbi State Commissioner of Police, Umar Hadejia, and the judge’s brother, Yusuf Bunza.
Justice Bunza was kidnapped in the early hours of Sunday from his home along Zogirma Road in Bunza, prompting a swift security response.
SEE MORE: Bandits Kidnap Kebbi High Court Judge in Midnight Home Invasion
Speaking on the development, Commissioner Hadejia said police had launched an intensive operation to rescue the judge unharmed and apprehend those behind the abduction.
According to him, intelligence gathered during the operation revealed that the kidnappers were demanding N200 million for the judge’s freedom.
He disclosed that a combined team of security operatives had been deployed to comb suspected escape routes, while strategic checkpoints had been mounted across key locations believed to have been used by the abductors.
The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of Justice Bunza and the arrest of the kidnappers.
Hadejia further revealed that the family informed the police that the abductors had contacted a registrar of the High Court in Abuja to begin negotiations over the ransom demand.
Confirming the development, the judge’s brother, Yusuf Bunza, said the kidnappers had also reached out to him.
“Yes, they contacted me; they asked for N200 million from the family. We don’t know what to do now but we believe the authorities and security operatives are doing their duty to secure his release,” he said.
The abduction has heightened concerns over the security of judicial officers and the persistent threat of kidnapping across parts of the country, as security agencies continue efforts to secure the judge’s safe release.





