By Nik Ogbulie( just back from Beijing)
China as an industrialised nation has moved from its avowed technical priority and competence to human value maximisation, MoneyReport Magazine can now report.
This can sincerely be prominently seen from the point of view of an emerging technical superiority, which has now brought the country at the centre of world stage.
By Nik Ogbulie in Beijin.
Massive outpouring of visitations , laced with admiration of her various cultural backgrounds , can be described as being inversely related to the growth, which is obvious in the country.
The enthusiasm being expressed by the Chinese people of all ages and moments demonstrates a remarkable love of country and the desire to see her become much better than the way they see the her appear today. The various iconic grounds visited in Beijin open a bold expression of patriotism by mostly very young Chinese who see the tiger in their country and the identity of seeming growth that points to burgeoning growth in its human capital, innovation and global leadership.
Young Chinese people spoken to by MoneyReport Magazine are full of gratitude to their leadership and have a deep belief that much of the developments in the economy would further begin to explode as their experiences have been one full of assurance and happiness.
The enthusiasm in both the old and the young who have been constant admirers of the history and development of China at all the cultural establishments have been the more reason for them to believe in the future of the country amidst the growing global narratives that expressed great challenges to their country. Incidentally, these expressions by the citizens have equally offered the teeming visitors from other countries the impetus to idolise the country believed to have been endowed the best and consistent leadership commitment across the globe.
There are very strong indications that the effivercense expressed by the Cinese people has formed the major building blocks for the inspiring economic growth in the country and the emerging respect it has been endowed with since the last few decades. Our findings from the stream of visitors at the various sites, China remains a never-say-die., an impression that powers the country’s capacity for expedited inclusive development.
MoneyReport can equally indicate that the visitors who are mostly growing Chinese youths derive very deep sense of commitment to their country as they watch the many relics turn into huge inspirational theatres that reflect the success factors of their resolve to remain globally relevant in leading the world in technology, leadership , defence, enterprise and infrastructure. In these Chinese visitors to their national monuments can be seen the assurance for an unrelenting global leadership. The demonstration could be infectious, even as more foreigners have started making the various sites in the country as the most visitated attraction in modern development.
A top Nigerian media executive and member of Nigerian Guild of Editors, Mr Ikenna Emewu, has explored the strength of academies and has noted the various ways Chinese Institutions and Organisationsnstitutions create identities and peculiarities. He noted that The Institute of African Studies of Zhejiang Normal University (IASZNU) is one of such.
To this institute, knowledge, courses of study should be interwoven, non-isolating, and inclusive to be meaningful in creating the right impact of charting a course for a pragmatic society.
In common parlance, when an idea is touted just for the sake of knowledge and not necessarily aimed at achieving an immediate objective, it is derisively dubbed an academic exercise. The reason is that in academia, many topics are just studied and theorised for the classroom and not actually adopted to advance society.
But at the IASZNU, Prof. Liu Hongwu’s brainchild, courses of study should have a direct bearing on society, with the intent of implementing change that impacts everyday life.
IASZNU has become a fulcrum of palpable impact, in being the intellectual base of China-Africa cooperation. Liu himself had a study stint in Africa – Nigeria, and later Tanzania. That gave him the inclination to think out how best to provide the intellectual foundation for Africa and China to know each other more deeply. The culmination of his passion is the founding of this Institute close to two decades ago.
But the name and objectives are not as unique as the procedure and dimensions of it. During interviews and interactions at the IASZNU in a month-long media research project, I found out that the procedure of this Institute is as diverse as it is creative.
Its aim is still the need to provide the intellectual beacon for Chinese scholars to know Africa better, see Africa as worth a study effort, and through such a better understanding, knowing will become loving. So far, it is paying handsomely with hundreds of Chinese scholars over the years taking up courses of research on Africa and right inside Africa as participants.
To the linguist scholar, the target is the linguistic correlation between China and Africa, and using this understanding to draw closer to Africa. To the economist, anthropologist, environmental scientist, business scholar, media professional, musical scholar, technologist, cinematographer, child psychologist, and history scholar, the same inclination applies. They all enlist under the IASZNU umbrella and are drawn from their various colleges and departments, get the university’s support and the backing of the government of China to cover the bills and move over to Africa to explore in line with their fields.
From what the institute does, all courses and the entirety of the university curriculum must find convergence somewhere, and must have the prime objective of possessing the ingredients to make the world better, especially China and Africa, in this particular effort. Education in the universities must possess the foresight of contributing to building a better a knowledge-based world, and also foster world peace.
Area, Country, interdisciplinary module
On May 17, I was still there at the Institute when Zhejiang Normal University hosted a large conference of Chinese experts drawn from over 50 universities on how best to deepen and utilise the Area and Country Study from the perspective of Interdisciplinary enhancement to advance academic curricular with direct bearing on creating a better society and world. The keynote address was delivered by Prof. Liu, the brain behind IASZNU and the large trapping it has generated.
Today, in the Chinese academic circles, this slogan is the rave and has caught the waves. He had tasked the gathering of experts to approach this area of academic pursuit from 10 major areas and views, including; fieldwork as the foundation, learning from local communities, culture adaptation and survival skills, bridging China and target regions, building human networks, academic ambition and long-term vision, aligning with national strategy, alignment through interdisplinarity, team-based collaboration, and finally a longitudinal commitment.
The day I spoke with Prof. Hu Meixin, Dean of the College of Foreign Languages, she explained better how this works and has been scoring goals. She discussed the book translation projects of the Linguistics Department and some other collaborations they have with the Institute, powering the special focus module.
Friendship reality
Just yesterday, one of such Chinese scholars, Mr. Cao at the University of Ibadan had a discussion with me for his fieldwork on China-Africa media relations and partnership, and how best to use this medium to truly advance the knowledge of each other. Our 70-minute discussion as a practitioner in the media made him understand things he barely knew about the Nigerian media as it relates to China, and how the relationship can develop.
He listened to my story on the progress the topic has made in the past nine years. He heard things that straightened up misconceptions about the Chinese media in Nigeria, and why some of the things he had heard were not correct. But through his interaction with Nigerians in the past year in Nigeria, made possible by the IASZNU platform, Cao has formed a very warm and positive impression of the average Nigerian. He said it matter-of-factly that Nigerians love Chinese people, and that he never got cold shoulders from Nigerians. They are rather very keen to meet him, assist him whenever he needs that. He assesses that Nigerians love the Chinese so much. He brought up this topic when I mentioned to him that years ago, a BBC assessment and social research discovered that among all the countries of the world, Russia and Nigeria are the most loving of China and the Chinese. Interestingly, while at the Institute for a month, those who were truly friendly with me were two who had done their research in Nigeria.
Prof. Zhang, Vice President of Zhejiang Normal Univeristy (right) and Ikenna Emewu, African Director at the unveiling of the IASZNU Media Research and Communications Centre in the university
At the last count, IASZNU’s prominence and appeal have earned it over 30 partners as universities, specialised institutes, and lastly, about five media organisations. In Nigeria alone, it has six partner universities – University of Nigeria, Nsukka, University of Lagos, University of Ibadan, University of Abuja, University of Port Harcourt, and Bayero University, Kano. The Nigerian Institute of International Affairs is in the list. For the media, Africa China Economy Magazine leads others such as Money Report Magazine, The Niche Newspaper, a radio station, and an online newspaper, thenewshaus.com, which are about subscribing. The Nigerian media groups indicated their interest after the Institute inaugurated the China-Africa Media Research and Communications Centre on May 31.
Close to its 20 years of operation, the Institute of African Studies of Zhejiang Normal University, China took another step in a steady advancement with the inauguration of the China-Africa Media Research and Communication Center.
The event that held at the Institute in Jinhua City, Zhejiang Province on May 30 was graced by the Vice President of the University, Prof. Zhang Jianzhen who unveiled the plaque and plate of the Centre alongside Ikenna Emewu, Nigerian journalist who was appointed the pioneer African Director.
The Institute, a trailblazing academic citadel targeted at research and studies on Africa and issues relating to the intellectual foundation of China-Africa cooperation prior to this had 10 specialised centres on various targeted fields about Africa.
The event also featured the formal presentation of a certificate of appointment by Prof. Wang Heng to Emewu as the African Director to pilot the affairs of the new Centre for five years.
Emewu is to chair the Centre alongside a Chinese Director, Dr. Li Zhaoying who has a good stint of research in African universities.
In his opening speech, the Director General and Dean of the Institute, Prof. Liu Hongwu challenged Emewu to take the appointment with full commitment and put in his best to lay a good foundation for the Centre as the maiden director.
Liu, a foremost Chinese expert in African studies also tasked him and the Chinese Director to integrate their experiences in the media, and research to turn the Centre to a model for China, Africa and the world to emulate.
He extolled Emewu for his consistence in the past 10 years in China-Africa research, and journalism focus that has led to his three published books, 21 speeches at international conferences, and hundreds of published research articles on China-Africa cooperation.
He reminded him that it is his tenacity, sincerity of purpose and works with the Institute in the past that stood him out for the appointment, urging him to do more for the old objective of his.
Liu urged Emewu and Li, the Chinese director to work as a pair of experts with diverse experiences in core journalism and research to drive meaningful research in media and communication that will extenuate the renown of the Institute.
He told them that the target of the Centre is to place IASZNU in the core of global reckoning as a place of extraordinary appeal in deepening the intellectual base of China-Africa cooperation, and also set agenda for the governments of the two worlds in their policy directives.
Emewu, Publisher/Editor-in-Chief of Africa China Economy Magazine has garnered close to 30 years of mainstream media practice experience in Nigeria and China. In his practice stint in China, he reported for the prestigious People’s Daily, has been contributing editor to major Chinese media platforms such as Xinhua, the Chinese news agency, which his media organisation is a partner of.
Emewu has also been contributing editor to CGTN, China Daily, Guangming, Asia Pacific News, Beijing Economy Magazine, Belt and Road News Network, and others.
Before setting up the Africa China Economy Magazine, Emewu worked for Thisday Newspaper and The Sun Newspaper in Nigeria where he rose to the position of Editor, Nation’s Capital and Editor Online as well as the Beijing Bureau Chief.
Likeswise, Li is an experienced academic and researcher in African studies, and currently undergoing field research in a South African university.
The two directors also gave speeches at the inauguration. While Emewu’s keynote lecture was on Media and Public Awareness as Key Drivers of IASZNU Objectives and Sustainability, Li centered her speech on the need for integration of efforts to drive China-Africa Media Research Center that will set the right agenda for China-Africa diplomacy, people-to-people cooperation and the sustainable commitment of the two sides of the Global South.
Ms. Yan Yuqing, the Chinese Consul General in Lagos in her speech delivered online at the inauguration applauded IASZNU for this new centre which she said is expected to be a huge addition to the works of the institute to create the right condition for China-Africa relations to be a sample in Global South Cooperation, the China-Nigeria blossoming relationship, and in line with the FOCAC framework.
She congratulated Emewu who she said has been a reliable partner in the effort to entrench a good China-Nigeria/Africa relationship.
Other speakers at the inauguration included the representative of China Central Media, Ms. Song Ping, Dr. Wang Yan, Deputy Director of Nigerian Study Centre, Ms. Shan Min, Director of Research Administration and International Cooperation Office, and Ms. Cheng Dengyu, Editor-in-Charge, InZhejiang website, ZICC.
From the African side, speakers such as Nigerian economic intelligence journalist, Mr. Nik Ogbulie, Publisher of Money Report, Lagos, Mr.Douglas Okwatch, Editor, Producer, Planner, CGTN Africa Bureau, and Mr. Silence Charumbira, Managing Editor, Africa News 24 commended the IASZNU for the new stride.
The event was moderated by Mr. Yang Kai and Dr. Zhang Qiaowen, both deputy directors at the Institute.
In a decisive move underscoring unwavering confidence in Fidelity Bank Plc’s resilience, Managing Director and CEO, Dr. Nneka Onyeali-Ikpe has acquired an additional 18 million shares of the bank, valued at approximately ₦366 million.
According to a regulatory filing posted on the Nigerian Exchange Group (NGX) Disclosures portal, this strategic investment was executed at ₦20.35 per share on May 19, 2025, the same day an online platform published an unsubstantiated report on a Supreme Court ruling in a decades-long case that the bank inherited from the defunct FSB International Bank that it absorbed in 2005.
Dr. Onyeali-Ikpe’s latest acquisition is not an isolated gesture. Between November 21 and 22, 2024, she purchased 15 million shares worth ₦239.4 million, and subsequently added another 10 million shares valued at ₦157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.
The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Dr. Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.
Fidelity Bank’s financial results further validate this confidence. In the first quarter of 2025, the bank reported a Profit Before Tax of ₦105.8 billion, marking a 167.8% increase compared to the same period in 2024. Gross earnings rose by 64.2% year-on-year to ₦315.4 billion, driven by significant growth in interest income and non-interest revenue.
The tier-one lender’s balance sheet remains solid, with total deposits increasing by 11.1% year-to-date to ₦6.6 trillion, and net loans and advances growing by 5.0% to ₦4.6 trillion. These figures highlight Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.
Despite the rash of malicious publications on the bank that has been debunked by the Central Bank of Nigeria (CBN), Fidelity Bank’s share price has demonstrated resilience. After reaching ₦21.00 on May 13, 2025, the stock experienced a modest decline, closing at ₦20.00, a 3.8% decrease. This stability suggests that investors remain confident in the bank’s fundamentals and leadership.
Dr. Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment.
Her actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience. As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.
By Nik Ogbulie.
In its efforts to continue to emphasize that the Nigerian banking sector remains resilient, safe and sound, the Central Bank of Nigeria (CBN), has assured stakeholders in the financial system that it will continue to maintain robust framework for early warnings. This is believed to be enough assurance to customers who may have been sandwitched by poor information peddlers who may be feeding the system with damaging news.
The apex bank dropped this hint early in the week as indications that banking sector instability may be triggered by some transactional crisis which emerged in a regulated financial institution under CBN watch. The development which has been considered as inconsequential for any seeming danger is believed to have been strictly under the control of the apex bank and has remained largely ineffective to meddle with the current level of stability in the banking industry.
In a reaction to “misleading information regarding the operation of a bank regulated financial institution”, Hakama Sidi Ali, Acting Director, Corporate Communications, CBN, urged the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.
There are strong indications that the apex bank has put up very strong regulatory measures to mitigate any level of crisis in the financial sector., especially now the industry has assumed a new role in the capitalisation state of the Nigerian Exchange which has become the major focus of investors and the entire economy.
Indications are rife that the CBN has the special privilege of any dangerous development in any bank in form of an alert , not to Nigerians or fake news harbingers. The bank has invested clinically in sophisticated technology, skills and human capital to be able to work beyond the capabilities of rumour mongers.
According to Ali, the Nigerian banking sector remains resilient, safe and sound.
n its IMF/World Bank edition eight years ago, MONEYREPORT Magazine had published an opus, “Africa Waits for Dangote Refinery”, in an interpretative journalism code. Today, our economic Intelligence Unit led by Uchenna Kalu feels the game may still change.
Exactly one week before the end of the Buhari administration, Nigerians and others were treated to a national carnival of some sort. It was the commissioning of the Dangote Petroleum Refinery in Lagos. That event, graced by President Mohammadu Buhari and four other presidents from the West African subregion, reverberated beyond the sleepy backwater of Ibeju Lekki, Lagos, where the launch took place. The celebration brought together the high and mighty both in business and politics, while a million others across the globe were glued to their television and live streamed on social media. Everybody wanted to catch glimpse of an event described by the then President Buhari as “a game changer for the Nigerian people”.
Eight months later, the refinery started the processing of crude oil into various products such as diesel, naphtha and jet fuel. It started adding the production of Premium Motor Spirit (PMS), popularly called Petrol, to the joy of many.
The herald of the Dangote Refinery into the Nigerian downstream oil sector was a very significant event in the country. Citizens have longed for such intervention and have waited for years for a day like that to come. For the hapless and longsuffering population, the refinery is expected to make a significant impact in the Nigerian economy. At the core, Nigerians were made to believe that an in-country refinery of that magnitude would lead to low-priced petroleum products, reduced reliance on importation and bring an end to the problem of petrol scarcity. Maybe their economics couldn’t match their emotions or sentiments. They may have been so presumptuous, because they have been carried away by long waiting over arguably very sure promises. The answer they can now get as consolation for the wobbling high price is the very poor economy. Stupid!
The average Nigeria, who lives below the global poverty level of $2/day, does not relate with all the buzzwords used to explain the macro-economic expectations on the refinery. He has been made to understand that siting a refinery of such magnitude will drastically reduce his cost of living by reducing the price of petrol at the pump. Such price reduction, it was simply explained, is the result of eliminating the shipping cost of imported fuel. As a result, his transportation cost as well as the cost of fuel for industrial needs will be greatly reduced. Overall, goods will be cheaper and his meager income would stretch further. That was the promise, at least that was what people like Paul A . Samuelson, Menad Kaine and our own little OA Lawal told us.
His situation, however, seems to be getting worse, signally no benefits attributable to the presence or absence of any refinery. In 2024, the very year the refinery began pumping petrol, headline inflation, the World Bank says, peaked at an average annual rate of 31.7%, driven by factors like naira depreciation and increased fuel prices. In the same year, the increasing prices of essential goods and services put a strain on household budgets, leading to a decrease in overall consumer spending.
In its Economic outlook for 2024, PwC stated: “Poverty levels are projected to increase to 38.8% in 2024. Despite the high unemployment rate in the country, low consumer spending and purchasing power remains an issue, especially in the absence of commensurate increase in minimum wage to mitigate the inflationary growth in the economy.” Without any doubt, it was prophesy fulfilled.
Recall that the price of petrol has been biting hard on Nigerians even before the famous inaugural address declaration of “Subsidy is gone” by President Bola Tinubu. However, Tinubu’s declaration quickly sent the pump price of petrol skyrocketing from about ₦780 a litre to ₦2160 a litre, driving up the overall cost of living in the country. It was the hope of the everyday Nigerian that, at least, a pre-Tinubu petrol price level could be a good start for the new mega refinery.
When Dangote Refinery commenced supply of petrol in mid-September of 2024, the hopes for a potential reduction in petrol prices, were clearly dashed when NNPC Limited, its trading partner, released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. While the bickering went on between NNPC and Dangote Refinery over price of the product, Olufemi Soneye, Chief Corporate Communications Officer, NNPC, issued a statement clarifying that Dangote petrol will not sell cheaper.
Over the months, the two organizations have been involved in so-called “price-war”, a comical wrestle, whereby marginally insignificant reductions and quick additions have been made on pump prices of petrol. Towards the end of January 2025, Dangote Refinery has increased its petrol price to N955 per litre. As was expected, the company’s spokesperson, Anthony Chiejina, issued a statement reiterating the well-worn claim that the price hike was driven by fluctuations in global crude oil prices.
Come second week of April, there was a buzz in the media with regards to how Dangote Refinery made a “price reduction” from ₦880 to ₦865 per litre. Clearly, the promise of Dangote Refinery to the Nigerian who celebrated its coming on-stream has been a perfect mirage. It was really like, the more things change, the more they remain the same.
The commissioning of the Dangote Refinery was celebrated by the Nigerian people with the hope that its coming will bring relief to them. But one year later, events suggests that a patriotic consideration towards the improvement in the livelihood of the hapless Nigerian by a home-based refining plant was the last reason for setting up the refinery. The situation of the average Nigerian fuel users and those of the millions using generators have not improved one bit. Consider the facts: In a report entitled “Nigeria’s Current Economic Situation in 2025”, Proshare stated, “Nigerians are facing a high inflation rate, resulting in an increase in the cost of living. The prices of goods and services have steadily risen, eroding households’ disposable income. In January, the rebased inflation settled at 24%, indicating the persistent challenge of high inflation in the economy.”
Agosto & Co, in its monthly newsletter for January 2025 said, “The key policy reforms, including the removal of petrol subsidies and the liberalisation of the foreign exchange market, have left the embattled average Nigerian with a growing sense of disillusion. Persistent naira weakness and elevated price levels, particularly for food and fuel, continue to erode real incomes, exacerbating the already severe cost-of-living crisis.”
Agosto further stated that, “Crucially, we expect domestic crude oil refining to provide a significant boost to Nigeria’s GDP growth momentum following the partial re-commencement of operations at the Port Harcourt (60,000 bpd) and Warri (125,000 bpd) oil refineries. These, in addition to the 650,000 bpd Dangote Refinery and other oil refinery projects across the country are projected to raise Nigeria’s total oil refining capacity to over 1.2 mbpd in 2025. This development signals a potential end to refined petroleum imports by late 2025, a critical milestone in managing foreign exchange pressures. Furthermore, in the medium term, surplus refined products could position Nigeria as a key regional supplier, enhancing export earnings and improving the trade balance.”
These things never materialized. A situation where exporting refined petroleum products to Saudi Aramco, Cameroon, Ghana, Angola and even the US is celebrated by the company when domestic demands are unmet is quite telling.
Events of the last one year suggest that Nigerians and the owner of the refinery were never on the same page. Apparently, nobody was promised anything. Patriotism has nothing to do with anything as far as Dangote refinery was concerned. This may be linked to the high cement price era, when manufacturers blame the cost of black oil and high forex for it and called for government intervention which was obliged but cement price went far up later and never came down even today. Business experts believe that the scenario with fuel price today is equally toeing the cement price situation of some years past. Although many Nigerians, already hit by a 45% increase in pump prices following the removal of subsidies in May 2023, are hoping for stabilization, analysts, however, believe that these expectations will not be met, as the business owners must amortize a massive $20 billion investment to build the refinery.
In order to recoup this investment, analysts say, the investors may choose to sell a significant proportion of its production on international markets, where margins are higher. As the company makes this choice, any commitment to meeting domestic needs will be unrealistic. Getting the needed crude oil supply remains an issue for Dangote’s refinery.
A running battle with NNPC means that the national energy firm has not always been able to supply the necessary crude on competitive terms. As a result, Dangote is compelled to source crude from international markets, where crude is $3 to $4 per barrel more expensive than domestic prices.
On the political front, it is obvious that President Bola Ahmed Tinubu appears to be less of a friend to Dangote than Buhari, the Naira payment guideline for domestic crude notwithstanding.. This also creates tensed relations between the company and the state. This political situation, the international competition, and the crude supply issues could make it difficult for the refinery to even choose to meet national energy needs.
The jubilant welcome to the commissioning of the 650,000 barrel per day refinery in Ibeju Lekki, Lagos, has almost become euphoric as fuel price has even become a huge cost to all. A sudden realization that the expectations were misplaced and that perhaps, there was a complete misalignment of aspirations on both sides; the owners and operators of the mega plant on one hand and the average Nigerian on the other. The refinery was not designed for the benefit average man. Its priorities have been and remain profit maximization. Period. Maybe market dynamics may sway in favor of the common man in time to come. However, expecting that favor from the refinery at Ibeju Lekki remains a huge and perfect mirage. The owners say they mean well but the economic consequences going forward are simply formidable. Often said, the entire development is like “bringing a new thing to the world and it is a pain to the arse”.
“Good wine needs no bush”. This para-phases the acceptance of the now about two years old Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. The delivery of his monetary policy functions and the over-view of the Nigeria economy, according to top institutions experts, have been classic, writes Nik Ogbulie.
The Central Bank of Nigeria (CBN) has remained the epic institution over the years. Apart from its statutory function as the heart-beat of the country’s finance and economic activities, it also remains a point of reference on the Nigerian nation. This has been why its governors have been seen as primus inter pares. They are seen as the mirror which tells the reality of the Nigerian enterprise across the globe .They hold the most ebullient position in the committee and have been so perceived across the world. Its these expectations and more that Olayemi Cardoso has the task to drive, and he has been doing that since October 2023.
Coming at a time the monetary policy space was in taters, not many gave him a chance of stemming the broken chord that left the Nigerian economy bleeding and replete with trust deficit which many thought could be a situation as bad as managing a war-time financial institution. His approach to the poor economic developments in the country in his first two weeks indicated the application of independent engagement in the whole affairs before defining popular lines of action which he must sale to his employers who are incidentally arch-typical political conglomeration, with the tendency to right the wrongs that had the potency of making them lose the election in 2023. Because Cardoso is so humane, the backlash of coming from a ruling party that mismanaged the economy rather became an advantage to him as his ideas were reversals of most of the allergies that he found on ground. Given to not-so-much-talk, Cardoso has mainly been performing the good roles through strategic actions which take Nigerians by surprise. This has always been done after huge research considerations. Having worked in various places driving institutions through strategic planning initiatives, one can understand why his ideas easily win the opinion of all his followers at the cbn or other committees where he leads numerous members, either in Nigeria, Africa or at any global financial setting. Having worked at Citibank as Chairman for 22 years, there is the belief that he has gone through the most intricate financial decisions as well as keen tabs with global financial principles and regulations which can easily align with his challenges at the monetary policy reals in the Nigerian setting. Many Nigerians who have not been privileged to have gone through his records as a global manager may have taken his characteristic calmness as an indication of being laid back, For someone who drove the strategic plans and the accompanying financial involvements in building the formidable infrastructure that offer Lagos, Nigeria, the consideration as one of the well planned, developed and structured cities in Africa, there are strong indications that he has all to reconfigure the Nigerian economy looking at the monetary, fiscal and environmental policy framework imperatives.
As a matter of fact, the demise of banking sector instability or the indication of near financial instability that may be a backdrop of the many years of technical insolvency in Nigeria’s financial sector has been associated to his arrival which announced a zero tolerance to associated allergies from any banking institution, government or the stakeholders. The expansion of the financial inclusion mantra has further grown opportunities for the growth of banking sector services and the propagation of transaction options and speed in such a way that mobile banking becomes safe and timely. His entry as Governor of the CBN came with the integrity associated with his name through his various areas of passage and he does not need to flog banking officials to the lines while delivering his ideas. To a lot of bankers and financial operators who saw his appointment with scorn at the beginning, Cardoso’s statements have become law because of the obvious carefulness and very reasonable circus of consultations he is believed to have done before keeping off with matters affecting financial sector operators or allied global bodies. His very first idea of increasing banking sector minimum capital base by about 400% is an indication that efforts are strong to impose or insist on a very strong banking sector whose reform which started in 2005 laid the basis for a mobile financial sector imperative, where the industry would be ready to undertake activities that run into billions of naira without recourse to huge foreign borrowings and institution of bonds at regular intervals. Today almost all the banks are operating above a comfortable capital base that will be easy for them to handle financial intermediation issues and even run some formidable syndications as may be demanded by the economy and global transactional needs. This new policy took of and was done seamlessly. This accounts fo some very quiet lending and financial activities in the economy as could be identified in investment demand in the telecoms sector, oil and gas, trade and services and education. Banks can now be seen to have been encouraging growth in the remote growth areas like fintech, food processing, property, agriculture and education development.
Nobody knows what could have been the situation in the foreign exchange market today if merger was not considered as a way of creating a window for foreign exchange users and the implementation of the appropriate sanctions that would have truncated the process over time. The idea and processes of finding the adequate foreign exchange rate were really difficult based on the triggers in the market, but Cardoso’s indication that the chickens would soon come to roost has been vindicated. This kind of result, according to market watchers in Nigeria is what happens when management experts fall back to their time tested experiences to pontificate on issues of global relevance. With forex becoming somewhat predictable from the about N2200/$ rate late last year to a wobbly N1600-N14500/$ now, business people can now go to banks to make their quotes. These policies have gradually reduced the haemorrhage in the market as streamlined removal of unwanted or unwarranted imports have been able to reduce margin. The policies adapted at the various MPC sessions chaired by Cardoso have really been responsible for an efficient reduction on the inflation rate, especially headline inflation, lending rates. The foreign Reserve has equally gain a lot of traction which is known to have been the best record since the last five years. Cardoso may not be able to hit the apple chart, but has started to make the kind of moves that can take him away from the hoard of Central Bank Governors who came, saw nothing, and said nothing. When it was time to tinker a CBN Governor for the Tinubu administration, Cardoso was not on the list of any of the economic apparatchiks that were referred to as windows to the new Nigerian economy. He may not have established that character in his current office at the CBN, but current developments indicate that he has initiated frantic moves that could be akin to directing government to the right route. His position that the current problem in the Nigerian foreign exchange market is directly a consequence of the actions of governors and the Federal Government’s financial allocation misrule has been hailed as optimistic and patriotic as much as it is courageous. What this position entails is that Cardoso may not be one of the members of the federal executives that will continue to dance to the tunes that brew economic misfortune for Nigeria. Much as his office is important to him and considering the nature of its political undertone, his actions in addressing the dictates in the Central Bank remain very much a huge worry. His reactions to several inanities of governance at the last Monetary Policy Committee (MPC) were enough indications that he is committed to sound monetary and fiscal policy motives that could be good enough for the nascent economy.
In his explanations after the 297th Monetary Policy Committee (MPC), the Governor insisted that decisions of government which drive certain actions and inactions are reasons which the rates regime will always move in the negative direction with what happens in several other economies. He also noted that government’s fiscal policy actions are responsible for the discrepancies at the forex market, noting that the release of money to the State governments by the Federal Allocation Committee (FAC) defines the simple law of demand and supply. He said that there is a correlation between the fall in Naira value at the Foreign Exchange Market and the release of huge amount of dollar by FAC. He indirectly indicted the government on this and sues for a creative fiscal policy approach by the government so that the impact will not make nonsense of existing efforts and indication.
Cardoso’s reference to the FAC anomaly has been praised as it was a very bold spot to take the bull by the horn so that numerous distortions would not creep into the system The reaction is believed to have drawn positive responses from experts who dubbed the outburst as fearless from the point of view that distortions would be minimized. The Governor claimed that a growing spate of confidence in the economy has started to be identified as critical indices have reported very significant growth that could be seen as clear pictures of the effects of structured applications of policies, innovative developments and new attitude to work as has been invoked by President Bola Tinubu.
According to Cardoso, developments in the fiscal policy realms have been identified as efficiently driving the possibility of reducing the country’s import duty bill between 10% and 15% annually, leading to a substantial crash. This is believed to have to potentially reduce forex demands and induce some substantial return to Small and MSME programme as initially agreed under the country’s development master plan. If he can mount on this platform to achieve all these, he may have written his name in gold.
The Nigeria-South Africa Chamber of Commerce(NSACC) has played a pivotal role in promoting economic and trade relations between Nigeria and South Africa for 25 years. Established to strengthen business collaboration, NSACC serves as a vital platform for networking, policy advocacy, and investment facilitation between the two largest economies in Africa.
The Nigeria-South Africa Chamber of Commerce (NSACC) has called for continuous partnership with South African Airways (SAA). The airline has a history of collaboration with NSACC for over two decades with impressive partnerships aimed at boosting trade and investment between Nigeria and South Africa.
This call was made during a courtesy visit of the South African Airways delegation led by its CEO, Professor John Lamola, to Nigeria South Africa Chamber of Commerce office in Lagos to foster stronger relations and explore potential areas of collaboration.
During the visit, the four member delegation engaged in discussing with the NSACC Chairman, Dr Ije Jidenma, and other Directors on enhancing trade opportunities, investment flows, and diplomatic ties between them.
Dr Ije Jidenma reaffirmed NSACC’s commitment to deepening cooperation with SAA, outlined key areas of engagement, including trade facilitation, tourism, visa support for business travelers, cultural and joint policy advocacy. She emphasised the importance of sustaining development initiatives through regular communication.
On behalf of the NSACC, she congratulated Professor John Lamola and his team for the steady progress made in SAA and the invaluable support rendered to the chamber.
The parties agreed to work together. They emphasised that partnership between the NSACC and SAA has the potential to drive significant value for the two countries.
World-renowned energy executive, industry thought leader, advocate for women in leadership, and National President of Women in Energy, Oil and Gas (WEOG), Tolulope Longe, is to chair the 2025 edition of The Bullion Lecture. The theme of the lecture is “Architecting the Energy Sector for Nigeria’s $1-Trillion Economy Vision”. The lecture is scheduled for 10am on Thursday, April 10, 2025 at The Civic Centre, Victoria Island, Lagos.
Tolulope is a First-Class Chemistry (Industrial Option) graduate from the University of Ibadan. She holds two distinguished postgraduate degrees – an MBA from Imperial College London and a Master of Technology (Petroleum Technology) with distinction.
Tolulope is a highly accomplished energy executive with almost three decades of leadership experience in the global oil and gas industry. A distinguished professional, she has played a pivotal role in shaping the energy landscape, particularly in Liquefied Natural Gas (LNG), through her extensive tenure at Nigeria LNG Limited (NLNG) and international engagements in the United Kingdom and the Netherlands.
Renowned for her expertise in project development, commercial strategy, and operational excellence, Tolu has led transformative initiatives spanning project design, commissioning, advanced process control, integration management, and commercial negotiations. Her ability to drive high-impact results has positioned her as a key figure in energy development and policy discussions. Currently serving as Manager, Commercial Contracts Management at NLNG, she has previously led critical operations as Manager, Production Support Department, showcasing her exceptional leadership in optimizing energy infrastructure, enhancing production efficiencies, and fostering strategic partnerships.
The Bullion Lecture is a platform conceptualised by Centre for Financial Journalism for lively discussion on national and international issues.
According to a press statement in Lagos by Dr. Ray Echebiri, Founder/CEO of Centre for Financial Journalism, organisers of The Bullion Lecture, the 2025 edition of the lecture (9th in the series) will be delivered by Founder/Chief Executive Officer of Geometric Power Limited, Professor Barth Nnaji, while the Group Managing Director, Aiteo E&P, Sir Victor Okoronkwo, and CEO, ThinkBusiness Africa/Convener Africa Business Convention, Dr. Ogho Okiti, will be on hand as panelists to dissect the presentation by Professor Nnaji. The lecture will be graced by Chief Adebayo Adelabu, Minister of Power as Special Guest of Honour.
Expected guests at the lecture include government officials, captains of industry, banking and finance executives, maritime executives, lawyers, ICT professionals, energy sector executives, members of the academic community, members of the diplomatic corps, representatives of multilateral institutions, media practitioners, and members of the public.
