Appointment
Cardoso narrates how CBN under his governorship will address forex crises
**Project ambitious $1trn GDP in 8 years
***Vows to halt Naira free fall, embrace culture of compliance
The newly confirmed Governor of Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, has indicated that under his watch the apex bank would adopt short term measures to address the country’s foreign exchange crisis.
He said the Apex Bank will be repositioned to grow the size of the Nigerian economy to an ambitious value of $1 trillion in Gross Domestic Product, GDP in the next eight years.
He also vowed to embrace a culture of compliance, halt the continuous fall of the Naira in the foreign exchange market and tackle the rising inflation rate.
Cardoso and four deputy CBN governors were on Tuesday confirmed by the Senate after two hours of screening during plenary.
Those confirmed alongside Cardoso are Mrs. Emem Nnana Usoro, Mr. Muhammad Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
Speaking while responding to inquest by senators during the screening, Cardoso said the foreign exchange crisis was worrisome, and that there must be a stable exchange rate for the country to prosper.
In addressing the forex crisis, Cardoso said the new management of the apex bank will immediately look at short term measures, which he said were operational and system related.
He said the CBN would come up with rules that are open and transparent and that any of the players in that business understands.
Cardoso said, “On the issue of foreign exchange, which everybody has been talking about, is very worrisome. We need to have an exchange rate that is very stable to have a country that we all dream of.
“There are two very important issues that we will have to address if we are confirmed. It is what I will term operational and system related issues.
“We are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority is to ascertain the extent.
“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.
“Secondly, we have to come up with rules that are transparent, that any of the players in that business understands.
“We cannot reasonably expect that serious foreign investors, portfolio investors, who generally have an impact on your market, will do so if you do not have an open, transparent system that everybody understands and can rely on.
“In setting up those guidelines, one will also have to carry stakeholders along. We should be ready to engage people, get stakeholders together and share views and promptly come up with strategies.
“The two things, which appear simple, are far more important than they appear.
“These two measures, which are the immediate steps that we will take, will go a long way to ease off the situation we are having right now in terms of wanting investors to come in.
“Those that want to do business in Nigeria, they want to see this is clear, and if they don’t they will hold on to their money.
“These are the short term measures. Once we get in, it is what we will address. I know that the impact will engender greater liquidity coming into the market. Those seeming withholding confidence will come back here. They will see that the cost is clear.”
On the issue of inflation and costs of goods, Cardoso said that the management would adopt evidence-based monetary policies.
“There is the need to significantly revamp the infrastructure in the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced so that we can make decisions based on proper data. This is key in measuring inflation.”
He further said reliable studies have shown that in the past 10 to 15 years at least 50 per cent of inflation has been as a result of money supply and deficit financing.
“This is a big problem and it’s something we have to face frontally.”
He pledged that the CBN would work in collaboration with the fiscal authorities to address deficit financing.
Cardoso also said the economic policy proposal of the administration identified a set of physical reforms and growth patterns that is targeted to achieve $1trn GDP within 8 years.
He said the apex bank had, for the past few years, deviated from its core mandates and not complied with the CBN Act.
“We have seen the effect of not doing things rightly. The new management of CBN will have zero tolerance for non-compliance to guidelines,” he said.
In his remarks, Senate President Godswill Akpabio urged the Senate Committees on Banking, Insurance and other Financial Institutions to carry out a thorough oversight of the apex bank to ensure that things are done properly.
In a move signaling a commitment to impactful reforms, the Lagos State Head of Service, Mr. Bode Agoro, has congratulated Mrs. Ogunlola Oluyemisi Adefoluke on her appointment as the Executive Secretary of the Lagos State Law Reform Commission.
The announcement, made on Thursday, January 16, 2025, underscores the administration’s confidence in Ogunlola’s ability to lead transformative legal initiatives.
Mrs. Ogunlola, a seasoned legal professional, previously served as a Director (State Counsel) GL 17 in the Ministry of Justice. Her track record of exceptional dedication, diligence, and expertise positioned her as the ideal candidate for the role.
Mr. Agoro described her appointment as a well-deserved recognition of her selfless service and expressed confidence in her capacity to effect meaningful change. “Mrs. Ogunlola’s wealth of experience and expertise will undoubtedly drive impactful reforms within the Commission, further enhancing the legal landscape of Lagos State,” he said.
As Executive Secretary, Mrs. Ogunlola is expected to spearhead initiatives aimed at modernizing and aligning the state’s laws with contemporary challenges.
Her appointment has been met with optimism from stakeholders, who anticipate significant strides in the Commission’s operations under her leadership.
The Head of Service wished her a successful and fulfilling tenure, highlighting the critical role of the Law Reform Commission in shaping a progressive legal framework for Lagos State.
By Ahmed Rufa’i, Dutse
Celebrated Nigerian poet and visual artist Ayo Ayoola-Amale has won the 2024 Justo Bolekia Boleká International Prize for African Literature.
The prestigious honor, conferred by the Sial Pigmalión Publishing Group, acknowledges her exceptional literary career and her acclaimed poetry collection, The Suns Chased Us.
In a statement issued by Mrs. Folusho Ogar, Country Director of the Splendors of Dawn Poetry Foundation, Ayoola-Amale was praised for her unique ability to weave African and universal themes into her work.
Her poetry collection, The Suns Chased Us, explores the intersection of nature, culture, and human emotions through evocative and accessible language, presenting a shared vision of humanity.
Since its inception in 2017, the Justo Bolekia Boleká International Prize has celebrated African and Afro-descendant writers who excel in poetry, narratives, essays, and translation. Named after the distinguished Spanish-African scholar Justo Bolekia Boleká, the award aims to amplify African voices in global literature.
Ayoola-Amale’s literary contributions include six poetry collections, such as Where the World Sings, Life Script, and The Weight of the Rat’s Nest. Her works are featured in the Casa de África collection and have been presented at international platforms like the Madrid Book Fair, Berlin Literature Festival, and COP27.
Known for blending art and activism, Ayoola-Amale is the founder of the Splendors of Dawn Poetry Foundation and co-founder of Poets of the Planet. Her work addresses critical issues such as social justice, racism, and violence, using art as a vehicle for global understanding and transformation.
The international jury for the 2024 prize, chaired by Justo Bolekia Boleká, praised Ayoola-Amale’s lifelong commitment to promoting peace and unity through literature. The jury included experts from Africa, Europe, and the Americas, who recognized her ability to create compelling art that transcends cultural boundaries.
Mrs. Ogar described The Suns Chased Us as a profound work comprising 100 poems in seven parts. “It invites readers to journey through the complexities of human emotions while celebrating the beauty of our shared existence,” she stated.
Ayoola-Amale’s achievement is a significant milestone for African literature, demonstrating its power to shape global narratives. The Splendors of Dawn Poetry Foundation hailed her accomplishment as a beacon of hope for writers, readers, and advocates of social change.
“We celebrate Ayo Ayoola-Amale’s creative journey, which continues to inspire a more inclusive and just world. This recognition solidifies her place as one of Africa’s most impactful literary voices,” Mrs. Ogar concluded.
In a decisive move to enhance governance and improve service delivery, Bauchi State Governor, Bala Mohammed, has dismissed five commissioners from his cabinet and nominated replacements.
The development was announced in a press statement on Tuesday by Mukhtar Gidado, the Special Adviser on Media and Publicity to the Governor. According to the statement, the reshuffle reflects the administration’s commitment to injecting fresh ideas and energy into governance to tackle emerging challenges effectively.
The commissioners affected by the shake-up included Commissioner of Education Jamila Dahiru, Commissioner of Internal Security and Home Affairs, Abdulhameed Bununu, Commissioner of Information and Communication Usman Danturaki, Commissioner of Agriculture, Madugu Yalams and Commissioner of Religious Affairs and Societal Reorientation, Yakubu Ibrahim –
Governor Mohammed expressed gratitude to the outgoing commissioners for their dedication and contributions to advancing key policies and initiatives of his administration.
He commended their efforts in promoting growth and development across the state.
In a bid to maintain momentum, the governor has submitted the names of eight nominees to the state House of Assembly for screening and confirmation as commissioners.
The nominees are:
Babayo Tilde – Toro Local Government
Abdullahi Mohammed – Misau Local Government
Bala Lukshi – Dass Local Government
Usman Shehu – Shira Local Government
Iliyasu Gital – Tafawa Balewa Local Government
Titus Ketkukah – Tafawa Balewa Local Government
Babayo Gabarin – Darazo Local Government
Lawal Rimin Zayam – Toro Local Government
Gidado emphasized that the reshuffle aligns with the governor’s vision of strengthening the machinery of government to deliver impactful development and improve the welfare of all citizens.
Governor Mohammed reassured the people of Bauchi State that his administration remains committed to fulfilling its mandate and sustaining developmental progress through innovative and people-centered governance.
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