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10 unforgivable sins committed by Emefiele

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Godwin Emefiele

10 unforgivable sins committed by Emefiele

Emefiele has been suspended by President Tinubu with immediate effect and the possibility of him returning to the CBN is almost non-existent.

Emefiele finally met what might appear to be his waterloo on Friday, June 10, 2023, when the presidential hammer landed on his ever-shining, but delicate head.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a pariah in some sort, largely due to the excruciating effects of his many ill-thought-out, poorly-executed fiscal and monetary policies on Nigerians.

The reactions that have trailed the controversial CBN governor’s suspension so far suggested that President Tinubu may jolly well have ended the reign of economic terror and wanton financial servitude most Nigerians were subjected to in the last decade.

When the news broke on Friday night, you could hear a national sigh of relief, so silent, but still audible enough to reverberate across the country. It was one of such very rare occasions when Nigerians collectively agreed on a course of action.

Such was the kind of impact Emefiele had on the nation. He was not only one of the longest-serving government appointees but also held a position that was crucial to the economic prosperity and survival of Africa’s most populous country and its citizens.

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But, his stint will be etched in the annals of history as the one that ushered Africa’s biggest economy into the worst economic phase in its over 60 years of nationhood.

Having been privileged to serve under three different presidents, one would imagine that Emefiele will exit office amid pumps and pageantry, but the reverse is clearly the case.

1 Naira plunged to an all-time low: Under Emefiele’s watch, the nation’s currency suffered a great deal. The naira, which was exchanging for ₦190 to one United States dollar before he assumed office in 2014, sank to an all-time low, trading at over ₦750 at the parallel market as of Friday.

2 Encouraged forex arbitrage and round-tripping: Against advice by experts, including the International Monetary Fund (IMF) and the World Bank, that the naira should be allowed to find its true value, the suspended CBN governor spent trillions of naira trying to defend the currency but to no success.

He also created a window for Importers and Exporters to access dollars at subsidised rates in a bid to keep inflation at bay. While the answer to whether the intervention was successful or otherwise is still blowing in the wind, what is in no doubt is the price discrepancy it created in the market.

As a result of this, some unscrupulous elements who are opportune to access forex in the I&E window smiled to the banks at the expense of the Nigerian masses by profiting heavily from currency arbitrage and round-tripping.

3 Banned Crypto trading: Arguably, the biggest blow Emefiele dealt the young population was his decision to prohibit banks from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges in Nigeria in 2021.

Justifying his decision to ban cryptocurrency-related transactions in the country, he claimed that digital currency was being used for money laundering and terrorism, adding that the use of cryptocurrencies in Nigeria is a direct contravention of existing law.

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Though the apex bank promised to bring up a regulatory policy framework for the implementation of cryptocurrencies in the country, not much has been heard about that since.

4 Accused a website of causing naira devaluation: Perhaps the most ridiculous act from an apex bank governor anywhere in the world. Frustrated by his failure to rescue the falling naira, in September 2021, Emefiele accused AbokiFX of economic sabotage.

The online platform is famous for publishing daily foreign exchange rates in the parallel market and is a popular reference point for traders. But, the suspended CBN governor said, by publishing speculative black market rates, the platform and its founder, Oniwinde Adedotun, were influencing the naira value.

5 Dabbled into politics: If his sins were to be ranked, this particular one will take the top spot. In a very surprising move and against the rules of his office, Emefiele decided in his wisdom that he wanted to succeed President Muhammadu Buhari as Nigeria’s president.

Even though he never came out to declare this ambition, pictures emerged online of campaign vehicles painted with his image on them. Also, a group of All Progressives Congress (APC) supporters purchased the party’s presidential expression of interest and nomination forms in his name.

As criticisms grew about his inordinate ambition, Emefiele approached the court to seek clarification on whether he is eligible to contest for president without resigning his position as the CBN governor. The court ruled against him.

6 Introduced Naria re-colouration and cashless policy: Reeling from his failed presidential bid, Emefiele decided to get back at the politicians who he believed thwarted his dream and sold the dummy of naira redesign and cashless policy to the former President.

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Against the expectations of many Nigerians, the purported naira redesign later turned out to be a mere recolouration as the affected notes still retained their old designs with just a little colour variation.

However, his intention became clearer as we approached the last general elections. What was meant to be a cash swap later turned to cash confiscation as Nigerians were denied access to their money, leading to protests and chaos in several states across the country.

7 Alleged Terrorism financing: While this still remains in the realm of speculation, several reports have alleged that the Department of State Services (DSS) has established a link between the embattled banker and terror financing in the country. He was accused of funding the activities of the proscribed pro-Biafra group, IPOB and other such groups in the country.

8 Refused to pay Paris Club refund: Emefiele has a pending case before Justice Inyang Ekwo of the Abuja Federal High Court over his refusal to effect payment of $53 million judgement debt arising from the Paris Club refunds.

The suspended CBN governor was initially invited to appear before the court on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.

Emefiele has only released $17 million, leaving $53 million in unpaid debt.

9 Failed to tame raging inflation: Despite spending trillions of naira in form of interventions to bring down inflation, Emefiele successfully failed in this singular task as inflation surged to an 18-year high from 9% in 2014 to 22% in 2023.

10 Illegally printing money: Emefiele was also accused of printing money for the federal government to the tune of ₦22 trillion, an action considered to be illegal for an apex bank.

10 unforgivable sins committed by Emefiele

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Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

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Armed Bandits

Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

 

SOKOTO — In a gruesome escalation of insecurity in the North-West, armed bandits have reportedly intercepted a vehicle and killed all passengers on board along a road leading to the Isa Local Government Area of Sokoto State.

According to reports, the tragic incident occurred as the vehicle, a commercial transport conveying passengers, was returning from Sokoto city. The assailants, described as heavily armed, ambushed the vehicle, forcing it to a halt before opening fire on the occupants.

The incident was disclosed by Bakatsine, a conflict reporter covering northwestern Nigeria, who shared information about the attack and photographs of some of the deceased . According to the report, some of the victims were reportedly among the 3,000 people recruited by the Sokoto State Government who had been invited to Sokoto city for further screening and the collection of their documents . The passengers were said to have been travelling back home when the armed men intercepted their vehicle and opened fire on them.

The exact number of people killed in the attack has yet to be confirmed, and there has been no official confirmation from Nigerian authorities as of the time of reporting . Although photographs of some of the deceased have circulated following the incident, the total number of victims and their identities have yet to be independently established .

The attack highlights the persistent security challenges plaguing the region, where bandits frequently target highways and rural communities. Isa Local Government Area, which shares a border with Zamfara State, has been a notorious flashpoint for such criminal activities, including kidnapping, cattle rustling, and highway ambushes.

The reported killing also comes amid continuing concerns over attacks on civilians in other parts of northern Nigeria, particularly in communities affected by insurgency and banditry . Residents of the affected area have expressed deep grief and outrage over the continuous loss of lives, urging security agencies to intensify patrols along the Sokoto-Isa road and other vulnerable routes.

When contacted, the Sokoto State Police Command Public Relations Officer promised to provide details of the incident, stating that operatives have been deployed to the area to ascertain the facts and restore normalcy.

The mass killing underscores the urgent need for enhanced security measures to protect travelers and rural dwellers in Sokoto State and the broader North-West region. NewsTrends will continue to monitor the situation and provide updates as more information becomes available.

 

Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

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Bauchi Mosque Removes Imam After Tinubu Campaign, Rejects Proposal to Rename Mosque

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Imam Dahiru Abubakar
Bauchi Mosque Removes Imam After Tinubu Campaign, Rejects Proposal to Rename Mosque

A mosque committee in Bauchi metropolis has removed Imam Dahiru Abubakar after he repeatedly urged worshippers to support President Bola Ahmed Tinubu’s re-election bid in 2027, triggering a dispute over the use of religious institutions for partisan political activities.

Abubakar served as the imam of Masjid Abdullahi Bin Zubbair in Madina Quarters, Bauchi, where he reportedly used sermons delivered after obligatory prayers to defend Tinubu’s administration against criticism over insecurity and economic hardship.

The cleric argued that the country’s challenges should not be blamed entirely on the President, describing insecurity and economic difficulties as problems requiring divine intervention, prayer and greater fear of God.

He also urged worshippers to give Tinubu another opportunity in the 2027 presidential election, maintaining that the country’s problems could not be resolved simply by blaming political leaders.

The disagreement reportedly intensified after Abubakar repeated his political messages following the early morning Subhi prayer on Sunday, October 18, 2026, despite previous warnings from the mosque committee.

Abubakar defended his position, saying his preaching was intended to encourage Nigerians to pray for the country rather than continually blame leaders for its difficulties.

“My preaching centred on telling people to embrace fear of God and stop blaming leaders for the insecurity,” he said, according to reports.

He cited security challenges in other African countries, including Sudan, Chad and Mali, questioning whether Tinubu could be held responsible for crises in those nations.

The imam maintained that he had encouraged worshippers to stop criticising Tinubu over insecurity and economic hardship and to support his administration for another term.

However, the mosque committee said the decision to remove him was not based solely on his political views but also on his alleged attempts to turn the mosque into a venue for political gatherings.

The committee’s chairman, Imam Abubakar Jibrin, confirmed the removal, explaining that the management had cautioned Abubakar several times against bringing partisan political activities into the mosque.

 

Jibrin alleged that the imam had been gathering people inside and outside the mosque to discuss politics despite repeated warnings. He said the committee considered the practice inappropriate for a place primarily dedicated to worship.

“We vehemently rejected the use of the mosque for political meetings,” Jibrin said, adding that the committee had repeatedly appealed to the imam to stop the practice.

According to the chairman, the committee’s position was that political meetings and campaign activities should take place at designated political venues rather than within mosque premises.

Jibrin also disclosed that the committee had convened discussions to address the matter before deciding to remove Abubakar. He indicated that the decision was final and that the former imam would not be reinstated.

Another major point of disagreement was the reported proposal to rename the mosque after Tinubu.

Jibrin said Abubakar had pushed for the mosque’s name to be changed from Masjid Abdullahi Bin Zubbair to Masjid Imam Bola Ahmed Tinubu. The committee unanimously rejected the proposal, insisting that the mosque belonged to the community and that its name should remain unchanged.

The chairman maintained that the committee was not campaigning for or against any presidential candidate but was determined to prevent the mosque from becoming a platform for partisan political mobilisation.

He suggested that anyone wishing to use a mosque exclusively for political activities should establish or acquire a separate facility rather than impose such an agenda on a community-owned place of worship.

The development has drawn attention to the debate over the role of religious leaders in Nigeria’s political process as preparations for the 2027 general elections gather momentum.

While religious leaders have the right to discuss governance and national challenges, the Bauchi incident highlights the tensions that can arise when sermons are perceived as direct endorsements of a political candidate.

Tinubu’s re-election ambition has generated differing reactions among religious leaders and political groups, with supporters defending his administration and critics pointing to insecurity, economic hardship and the rising cost of living.

The Bauchi mosque committee’s decision reflects its stated position that the mosque should remain focused on worship rather than serve as a venue for political meetings or campaign activities.

For Abubakar, however, his defence of Tinubu was rooted in his belief that prayer and faith were essential to addressing Nigeria’s challenges and that the President should not be blamed for every difficulty confronting the country.

The dispute leaves the mosque’s management and the former imam with sharply different views about the boundaries between religious preaching, political expression and the administration of community-owned places of worship.

 

Bauchi Mosque Removes Imam After Tinubu Campaign, Rejects Proposal to Rename Mosque

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Shettima Blasts States Over Power Woes, Says Govs Must Stop Waiting for Abuja

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Shettima Blasts States Over Power Woes, Says Govs Must Stop Waiting for Abuja
Vice President Kashim Shettima

Shettima Blasts States Over Power Woes, Says Govs Must Stop Waiting for Abuja

Vice-President Kashim Shettima has challenged state governments to take responsibility for addressing electricity problems in their jurisdictions, urging them to stop depending on the Federal Government for solutions and establish functional power markets.

Shettima made the call on Wednesday while declaring open the National Stakeholders’ Workshop on the Electricity Act 2023 at the State House Banquet Hall, Presidential Villa, Abuja.

Represented by the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, the Vice-President said Nigeria’s ambition to build a competitive industrial economy would remain constrained unless electricity reforms delivered reliable power to businesses, households and public institutions.

He said the Electricity Act 2023 had created an opportunity for states to decentralise electricity governance and develop power markets that reflect their economic needs and available energy resources.

“Electricity supply must become a shared responsibility, pursued with innovation and accountability across the Federation. Our States must shed the habit of waiting for Abuja to provide every answer,” he said.

Shettima identified the country’s diverse energy resources as an opportunity for states to expand electricity access and attract investment. He cited the solar energy potential of Sokoto, Borno and Katsina states, the gas resources of Delta, Rivers and Bayelsa states, and the hydroelectric opportunities in Niger and Kebbi states.

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He urged governors to harness these resources to support agriculture, manufacturing, healthcare, education and other economic activities.

The Vice-President also warned that passing laws alone would not improve electricity supply, insisting that states must establish the institutions needed to regulate and manage their electricity markets effectively.

“Legislation cannot implement itself. States yet to act must begin their legislative and institutional preparations promptly. They need to establish functional electricity regulatory bodies with technical competence and capacity,” he said.

To accelerate implementation, Shettima proposed a voluntary National Electricity Reform Peer Review and Implementation Framework involving the Nigerian Electricity Regulatory Commission (NERC), the Federal Ministry of Power, the Nigeria Governors’ Forum and state electricity regulators.

The proposed framework would allow states to exchange experiences, strengthen regulatory capacity and assess their progress in electricity market development, investment readiness, consumer protection and access to electricity.

He said periodic reviews would help identify implementation challenges, encourage technical assistance and enable states to learn from jurisdictions that had made progress, without undermining their constitutional powers.

Shettima further stressed that government funding alone could not finance the transformation required in the electricity sector, calling for greater participation by private investors.

He said transparent licensing procedures, predictable regulations, commercially viable electricity markets, investment safeguards and credible dispute-resolution mechanisms would help build investor confidence.

The Vice-President also called for stronger consumer protection, warning against arbitrary billing, poor service delivery and unfair commercial practices. He maintained that electricity operators must be held accountable for the quality of service provided to consumers.

“The final verdict on this law will be delivered wherever a Nigerian reaches for a switch,” he said, stressing that the success of the reforms should ultimately be measured by improvements in electricity supply and the daily lives of Nigerians.

Meanwhile, the Director-General of the Nigeria Governors’ Forum, Abdulateef Shittu, said the forum was working on a standard tariff framework for state electricity markets, with the aim of protecting consumers while encouraging investment.

The Head of Compliance at NERC, Hauwa Yakubu, disclosed that the commission had issued regulatory transfers to 17 states, allowing them to assume regulatory responsibilities for electricity markets within their territories.

She said the commission was supporting emerging state regulators through technical engagement and peer-to-peer training.

Signed into law by President Bola Ahmed Tinubu in June 2023, the Electricity Act 2023 provides a framework for states to regulate electricity generation, transmission and distribution within their jurisdictions, subject to the applicable constitutional and statutory provisions. The national regulator retains oversight of electricity matters that fall within federal jurisdiction.

The law is expected to encourage competition, attract investment and expand electricity access. However, its impact will depend on effective implementation, functioning regulatory institutions and the ability of state governments to develop sustainable electricity markets.

Shettima Blasts States Over Power Woes, Says Govs Must Stop Waiting for Abuja

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