Future of Nigeria’s economy bright, says CBN Gov Cardoso - Newstrends
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Future of Nigeria’s economy bright, says CBN Gov Cardoso

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Future of Nigeria’s economy bright, says CBN Gov Cardoso

Governor, Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso yesterday said that the future of the country’s economy is bright citing the positive impact of recent reforms in the foreign exchange market and interest rate hikes including improved investors’ confidence, stability of the Naira and reduction in excess liquidity in the economy.

Speaking in Lagos yesterday during a fireside chat at the BusinessDay CEOs forum, Cardoso said that the recent interest rate hikes of the CBN were necessary to stabilise the naira and address the rise in money supply exacerbated by the N23 trillion Ways and Means, and N10 trillion intervention funds.

He however assured that interest rates will soon come down once the rising trend in inflation moderates.

Cardoso said: “The Monetary Policy Committee, MPC is not oblivious to the fact that ultimately we do want the economy to grow.

“The country does need growth. If these hikes were not done at the time they were done. If you recall, naira to dollar was almost tipping over. This helps to stabilise it. That’s number one.
“Number two, very importantly, is that it’s a timing issue. This is not something that I expect would remain with us forever.

Fiscal issues, are being moderated and the ability to soak up all the excess liquidity that we have in the system and be able to balance things out over some time. That’s the important thing for the MPC. I believe that for example, I can tell you that between February and May of this year, the month-on-month, MoM rate of inflation, has gone down 50%.

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“As I said, this is not something that is one size fits all that I can expect, to continue like this. To the extent that the right policies are used, and obviously, with the results we’ve seen the right policies are being used. I believe that in the not too distant future, things will begin to modulate and interest rates will come down.”

Naira stability

Cardoso also assured that the naira will, going forward, experience more stability given elimination of distortions and stakeholders confidence in the new forex market regime.

He said: “When we came into the saddle of leadership at the Central Bank, we looked at the system and found that there was an awful lot of distortion within the system. For example, illicit flows, people not abiding by the rules.

“So we believe that quite a portion of volatility, the wild swings in the exchange rate was due to these malpractices.

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BBNaija’s Phyna Exposes Alleged WhatsApp Chats, Accuses VeryDarkMan of Sexual Advances, Retaliation

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BBNaija’s Phyna Exposes Alleged WhatsApp Chats, Accuses VeryDarkMan of Sexual Advances, Retaliation

 

Former Big Brother Naija winner Phyna has released screenshots of alleged WhatsApp conversations in which social activist VeryDarkMan (VDM) appears to make crude sexual advances toward her, including a message that read: “If we fuck, fine; if we don’t, bye.” The reality star, whose full name is Ijeoma Josephina Otabor, accused the outspoken online critic of later turning against her after she rejected his overtures.

In the screenshots shared via her official social media handles, a contact saved as “Vdmmmm” sent a series of sexually explicit texts. Among them: “Growing up I just say I’m sexually attracted to you,” “I always add sexually,” and “Make we fuck.” Phyna’s responses in the chat show her declining the alleged request. She replied: “I wasn’t interested” and accused the activist of lying and manipulation.

Phyna further claimed that after she turned him down, VeryDarkMan weaponized unrelated personal matters to damage her public image. “All this time I’ve been saying you lied, you refused to reply,” she wrote. “Can’t wait for your downfall because you are EVIL.” She also alleged that VDM involved a mutual contact—referred to as “friend blacky”—to pressure her, and later exploited a controversy involving her sister and a Dangote truck accident as a means of retaliation. “The worst lie a man can tell is to lie to someone to get their feelings,” Phyna wrote. “You choose my sister’s birthday of all days to divert attention.”

The leaked exchanges have ignited fierce debate online. Some social media users condemned the circulation of private chats, while others argued that the messages, if authentic, reveal a pattern of coercive and manipulative behavior. As of press time, VeryDarkMan had not issued any formal response to the specific WhatsApp screenshots or the allegations of romantic advances. His representatives could not be reached for comment.

 

The controversy adds to a growing list of public confrontations between Nigerian celebrities and online activists. Phyna had previously sought VDM’s help regarding a legal issue involving her sister, but that relationship has since collapsed. Observers note that allegations involving rejected advances followed by online retaliation often raise serious questions about privacy, consent, and the misuse of digital influence.

 

While the screenshots have circulated widely, no independent forensic verification of the WhatsApp exchanges has been conducted. Both parties have not provided call recordings or additional metadata to authenticate the timeline of messages. The development remains a he-said-she-said dispute, though Phyna has urged the public to review the chats and draw their own conclusions.

 

BBNaija’s Phyna Exposes Alleged WhatsApp Chats, Accuses VeryDarkMan of Sexual Advances, Retaliation

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Trump’s Reception of Ambassador Are Signals Stronger Nigeria–US Partnership

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Trump’s Reception of Ambassador Are Signals Stronger Nigeria–US Partnership
US President Donald Trump and Ambassador Kayode Are

Trump’s Reception of Ambassador Are Signals Stronger Nigeria–US Partnership

The national leadership of accredited Civil Society Organisations (CSOs) and Community-Based Organisations (CBOs) in Nigeria has commended President Bola Ahmed Tinubu for appointing Ambassador Kayode Are as Nigeria’s envoy to the United States, describing the decision as a strategic diplomatic move capable of strengthening bilateral ties between both nations.

The commendation was conveyed through the Civil Society Organisations on Community Advancement and Humanitarian Empowerment Initiative (CSCHEI), a United Nations-recognised platform that coordinates accredited civil society and community-based organisations across Nigeria.

In a statement signed by its Director-General, Hon. Kunle Yusuff, the organisation praised the appointment, noting that Ambassador Are’s vast experience in security, intelligence gathering, diplomacy, and international relations positions him to effectively advance Nigeria’s strategic interests in Washington.

According to CSCHEI, the appointment reflects the Tinubu administration’s deliberate effort to deploy highly experienced professionals to key diplomatic postings as part of broader foreign policy reforms aimed at enhancing Nigeria’s global influence and strengthening international partnerships.

The organisation noted that Nigeria–United States relations have remained critical to Nigeria’s socio-economic development over the years, with longstanding cooperation spanning vital sectors such as education, healthcare, security collaboration, oil and gas, aviation, trade, technology, and industrial development.

CSCHEI also expressed appreciation to the United States Government for formally accepting Ambassador Are and facilitating the commencement of his diplomatic assignment in Washington.

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The group said the envoy’s official reception by US President Donald Trump at the Oval Office of the White House on Thursday, May 21, sends a strong diplomatic signal of renewed commitment to deeper institutional engagement between both countries.

It added that the development could unlock fresh opportunities for development-focused partnerships involving US-based international non-governmental organisations, development agencies, donor institutions, and accredited CSOs and CBOs in Nigeria.

The statement further disclosed that CSCHEI’s development partner, Africa United Congress USA, described Ambassador Are as a seasoned diplomat whose integrity, competence, and professional track record make him well-positioned to strengthen bilateral cooperation and promote Nigeria’s economic and developmental interests abroad.

According to the group, Ambassador Are’s diplomatic credentials and expertise are expected to help facilitate stronger collaborations in key areas including security cooperation, counterterrorism intelligence sharing, foreign direct investment, youth development, infrastructure financing, innovation, and humanitarian intervention programmes.

“The global community witnessed the official presentation at the Oval Office of the White House on Thursday, May 21. Capacity and performance in diplomacy are evident, and accredited civil society and community-based organisations in Nigeria are proud of Ambassador Kayode Are’s representation of the country,” the statement read.

Analysts believe the envoy’s appointment comes at a critical period when Nigeria is seeking to reposition itself as a leading destination for international investment while deepening strategic partnerships with major global powers.

Observers also note that stronger diplomatic engagement between Abuja and Washington could accelerate cooperation in critical sectors such as energy transition, digital innovation, defence modernisation, education exchange programmes, and sustainable development initiatives.

The latest development is widely seen as the beginning of a renewed chapter in Nigeria–US diplomatic relations, with expectations of expanded economic cooperation and stronger institutional collaboration in the months ahead.

Trump’s Reception of Ambassador Are Signals Stronger Nigeria–US Partnership

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Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

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Tinubu Has No Plan to Change Nigeria's Name or Abolish Sharia Law – Presidency
President Bola Ahmed Tinubu

Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

President Bola Ahmed Tinubu has reacted to a report making rounds in some quarters on the alleged plan by his government to change the name of Nigeria and abolish Sharia law in the northern part of the country. The President, in a statement issued by his spokesman, Bayo Onanuga, on Thursday night, May 21, 2026, described the report as far from the truth. The statement from the Presidency reads: “The Presidency wishes to inform Nigerians and state clearly that there is no truth whatsoever to the viral fake story claiming that President Bola Tinubu seeks to carry out constitutional amendments that will change Nigeria’s name to the ‘United States of Nigeria’ and abolish Sharia Law in the Northern region, among other claims.” According to the Presidency, the report—which cited anonymous sources—is part of a “dubious plot by some desperate politicians to create disaffection in our country, stir up a political crisis, and heat the polity ahead of the general elections.” The statement urged Nigerians to ignore the viral story in its entirety, describing the purveyors of the fake news as “agents of destabilisation and merchants of disorder.”

The statement also clarified that President Tinubu has “no plan whatsoever to send any bill code-named ‘Project True Federation’ to the National Assembly by December 15, a few weeks before the general election.” The Presidency emphasized that under Nigerian law, constitutional changes and amendments are serious matters that require legislative scrutiny, oversight, and extensive debate. “The process of amending the constitution is not at the President’s or the National Assembly’s whim. It is a task that requires a 2/3 majority in both chambers of the National Assembly and the concurrence of 24 State Houses of Assembly.” This constitutional safeguard ensures that no single individual or branch of government can unilaterally alter the nation’s founding document, a fact that makes the alleged “Project True Federation” bill not only improbable but legally impossible to execute within the claimed timeline. The rigorous amendment process, which involves extensive public hearings, legislative debates, and state-level ratification, is deliberately designed to protect Nigeria’s federal structure from arbitrary changes by those in power.

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The Presidency further stressed that President Tinubu is focused on the arduous task of entrenching and deepening the economic reforms his administration has embarked upon, with the aim of delivering more tangible dividends to Nigerians. Since assuming office, Tinubu’s administration has pursued a series of landmark economic policies, including the removal of fuel subsidies and the unification of exchange rates, aimed at stabilizing the economy and attracting foreign investment. The statement cautioned citizens against consuming fake and divisive reports, warning that misinformation is likely to proliferate as the nation begins political campaigns, a prelude to the general elections scheduled for January 2027. According to the Independent National Electoral Commission (INEC), the 2027 general elections have been scheduled to hold on Saturday, 16th January 2027 for the Presidential and National Assembly Elections, while the Governorship and State Houses of Assembly Elections will hold on Saturday, 6th February 2027. Political campaigns are expected to commence in August 2026, which the Presidency noted as a period when fake news could proliferate as desperate politicians seek to gain an advantage through misinformation and fear-mongering.

The viral report had sparked widespread concern across the country, particularly in the Northern region where Sharia law operates alongside the secular legal system in several states including Zamfara, Kano, Sokoto, Kebbi, Niger, and Kaduna. The false claims raised alarms among religious and traditional leaders, who feared the potential social and legal implications of abolishing a system that has been in operation for over two decades in some Northern states. However, the Presidency’s swift and categorical denial appears aimed at dousing any potential tensions arising from the false claims. Meanwhile, the opposition African Democratic Congress (ADC) has also weighed in on the broader political landscape, declaring that the only factor holding the ruling All Progressives Congress (APC) is political power, though this comment was made in a separate context at the launch of the Rise Up Naija Movement (RUN) in Abuja. Nigerians are advised to rely on official communications from the Presidency and verified news sources for accurate information, especially as the country heads toward the 2027 general elections. The Presidency reiterated its commitment to transparency and called on citizens to verify any sensational claims through official channels before sharing, warning that spreading unverified information could lead to unnecessary panic and social unrest.

Tinubu Has No Plan to Change Nigeria’s Name or Abolish Sharia Law – Presidency

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