₦airaland Forum

jmoore:
We should stop using naira na.....

Tinubu should declare gold as our national currency.

The Central Bank of Nigeria (CBN) has reported that the value of its gold reserves rose to N2.77 trillion as at 31 December 2024, up from N1.28 trillion recorded at the end of 2023.

This was disclosed in the apex bank’s audited financial statement for the 2024 financial year.

Although the volume of gold holdings remained unchanged at 687,402 troy ounces, the increase in value was driven by a sharp rise in global gold prices.

The CBN valued its gold bullion at a market price of $2,624.39 per ounce as at the end of 2024, compared to $2,062.98 per ounce in the previous year.

The rise in gold reserves mirrors a broader trend globally, as central banks ramped up gold purchases in 2024 amid concerns over inflation, currency volatility, and economic uncertainty.


Global gold demand supports valuation

According to the World Gold Council’s Gold Demand Trends report for 2024, global gold demand, including over-the-counter investment, rose by one per cent to 4,974 tonnes, setting a new annual record.

Central banks contributed significantly to this demand, purchasing over 1,000 tonnes for the third consecutive year.

The report noted that the London Bullion Market Association (LBMA) gold price averaged $2,386 per ounce in 2024, marking a 23% increase from 2023. In the fourth quarter alone, the average price rose to $2,663 per ounce, contributing to a surge in the market value of central banks’ gold holdings.

The total value of global gold demand reached an all-time high of $382 billion in 2024, reflecting the combined impact of higher prices and sustained buying across different sectors.


CBN strengthens reserve portfolio

The CBN’s audited accounts also showed that Nigeria’s total external reserves grew to N54.73 trillion at the end of 2024, up from N29.98 trillion recorded in 2023.

Gold reserves accounted for approximately 5.1% of the total external reserves, compared to about 4.3 per cent in the previous year.

The CBN’s increased reliance on gold signals a deliberate diversification away from traditional currency reserves, providing a hedge against dollar volatility and global financial risks.

With projections indicating that central banks may continue to accumulate gold in 2025, Nigeria’s position appears aligned with a broader global trend towards securing reserve assets in tangible, inflation-resistant forms.

sreamsense:
I know it is only shahara that use to carry this kind of news since the owner himself is someone that likes trouble. If protest is hungry them, they should relocate to Burkina faso to protest. When they misbehaved, they will be looking for jobless individual who will protest with them. Deji is always their lawyers, birds of the same feather flock together. To them now, they are the best not knowing they are constituting nonsense to the society and encouraging youths to grow wayward like them

“I want to state clearly that Otti does not represent the values of our party. We told Nigerians in 2023 that the Labour Party would produce leaders who are different. We said a new Nigeria is possible. But today, what are we seeing?” he asked.

The leadership of the National Association of Nigerian Students (NANS) has disclaimed an individual allegedly parading himself as the president of the association, describing his claims as illegitimate, misleading, and politically sponsored.

The group warned that the association will not allow its platform to be hijacked by what it termed “a lone ranger” pursuing personal and political interests.

The statement accused the self-styled president of being sponsored by political actors threatened by the strength of a unified NANS, and of engaging in attacks against public figures for personal gain.

Particularly, the statement criticised repeated allegations made against Mr. Seyi Tinubu, the Minister of Youth, and other prominent officials.

“His consistent attacks on individuals in government particularly Mr. Seyi Tinubu, the Honourable Minister of Youth, and other respected public officials are nothing but a calculated attempt to exploit the current political landscape for personal popularity and financial reward.

“One must ask: how is it possible for someone to claim to be the NANS President and yet walk alone without any EXCOs, without any zonal, state (JCC), or institutional SUG structure supporting him?” the statement read.

NANS questioned the legitimacy of the individual’s emergence, stating that there is no record of his participation in the student electoral process.

It pointed out the absence of proof of form purchase, screening, convention attendance, or election.

The association also raised concerns over the lack of any executive council members or other organizational backing associated with the individual.

The statement also called out Sahara Reporters, accusing the media outlet of being the sole platform amplifying the controversial figure’s claims.

“Why is this issue only being amplified by Sahara Reporters, a platform that seems to have become a megaphone for just one individual?” the statement queried.

NANS further challenged members of the media and public to verify the claims by reaching out to legitimate student structures including JCC Chairmen, Zonal Coordinators, and sister organisations such as NAUS, NANCE, and NAPS.

The body maintained that none of these recognized student groups support the said individual.

NANS called on students nationwide to ignore distractions and remain committed to the organisation’s core mission of advocating for Nigerian students.

“Our voice is strong, our structure is intact, and our resolve is unshakable. We are not for sale,” the statement added.

NANS also discredited any suggestion that one Mr Abubakr is currently serving as its president.
According to the association, the only recognised and duly elected president is Comrade Olushola Oladoja.

“We want to clearly state that Mr Abubakr is in no way the President of the National Association of Nigerian Students. The legitimate and duly elected President of NANS, representing the Nigerian student populace, is Comrade Olushola Oladoja,” it added.

The student body expressed disappointment over what it described as the role of certain media platforms in enabling misinformation by failing to verify the credentials of their guests.

“It is deeply concerning that media platforms we consider reputable would grant their platform to individuals peddling falsehoods and seeking to tarnish the image of a formidable organisation like NANS,” the statement said.

Highlighting its commitment to due process, NANS stressed that leadership within the association is determined through a constitutionally guided, transparent convention process, with proper screening and security involvement.

“Aspiring leaders undergo a thorough process that includes obtaining forms, comprehensive screening, and other crucial steps well in advance of our conventions.

The suggestion that financial resources can bypass our established protocols and constitutional requirements is not only false but also deeply insulting,”

Reaffirming its independence, the association reiterated that it is not an arm of any political party, government, or politician.

“NANS is never an arm of any political party, government or politician. This is reflected in the various positions we have taken over unfavourable policies that affect the interests of our members — Nigerian students — irrespective of whose ox is gored,” the statement read.

NANS further warned against the misuse of its name for political manipulation, emphasising: “Let it be unequivocally stated that NANS will not tolerate anyone, under whatever guise, using the name of the association as a tool of blackmail or political manipulation.”

The statement concluded by urging media platforms to be more responsible in verifying claims and restated the association’s commitment to protecting the rights and interests of Nigerian students.

“We remain focused on our core mandate and will not be distracted by such antics,” NANS said.

“That banner proudly displays the photos of former Vice President Atiku Abubakar, Rotimi Amaechi, and other prominent members of the so-called anti-Tinubu coalition.

The pan-Yoruba socio-political organization, Afenifere, has strongly refuted recent allegations made against Seyi Tinubu, son of President Bola Ahmed Tinubu, by a factional president of the National Association of Nigerian Students (NANS), Atiku Abubakar Isah.

In a statement signed by its National Organising Secretary, Abagun Kole Omololu, Afenifere described the accusations as “salacious, fallacious, and completely unfounded.”

The organisation accused Isah of attempting to mislead the public with baseless claims and warned against using student platforms to peddle falsehoods and sow discord.

The group also questioned the legitimacy of Isah’s leadership within NANS, adding that his allegations against Tinubu are politically motivated.

The statement reads, “The attention of Afenifere has been drawn to claims by one Atiku Abubakar Isah, a factional President of the National Association of Nigerian Students, who has made some rather salacious and fallacious accusations against Seyi Tinubu.

“First, this individual apparently has a political motive, as clearly seen in the banner he hoisted outside the venue of his supposed inauguration.

“That banner proudly displays the photos of former Vice President Atiku Abubakar, Rotimi Amaechi, and other prominent members of the so-called anti-Tinubu coalition.

“This is prima facie evidence that Mr. Isah is being sponsored by the political enemies of Seyi Tinubu’s father and will, therefore, say anything to tarnish the President, which is what he is doing by attacking the son.”

The group also slammed Isah for linking his ordeal to the President’s son without concrete evidence to back up his claim.

“The obvious conclusion the public should, therefore, draw is that this is a proxy war against the President, his government, and his family by surrogates of the coalition of strange bedfellows cobbled together not for the benefit of Nigeria but to seize power by any means necessary, including sponsoring a vocal local actor like Isah to throw arrows that they are too cowardly to throw using their own names,” Afenifere said.

These tactics “are going beyond descent and civilised politicking,” the group warned.

Dbemba:
Obama from Kenya became President of USA.


No wonder that Daniel Bwala said this about APC ..

The Russian Federation has pledged stronger military cooperation with Nigeria in its ongoing fight against terrorism, offering weapons, operational support, and strategic expertise to bolster the country’s counterinsurgency operations.

Speaking on behalf of President Vladimir Putin and the Russian Minister of Defence, Lt Gen Averianov emphasized Russia’s readiness to deepen defence cooperation with Nigeria, describing the West African country as a major regional power and critical partner.

He noted that Russia, engaged in special operations against 39 adversary nations, had developed new counterterrorism strategies it was eager to share with Nigeria.

A statement on Monday by the Director, Defence Media Operations, Brigadier General Tukur Gusau said the commitment was made during a courtesy visit by the Representative of the President of Russia, Lieutenant General Andrei Averianov, to Nigeria’s Chief of Defence Staff, General Christopher Musa, at the Defence Headquarters in Abuja.

The statement read, “The Representative of the President of the Russian Federation, Lieutenant General Andrei Averianov today, 28 April 2025 paid a courtesy visit to the Chief of Defence Staff, General Christopher Gwabin Musa OFR. The Head of the Russian delegation in his remarks noted that the visit marked a memorable day in the history of the Russian Federation, while on behalf of his team, thanked the CDS for hosting them and the warm hospitality accorded to them.

“According to him, it has been 80 years since Russia fought Nazism. However, the security landscape has evolved, with asymmetric threats such as Al-Qaeda and Boko Haram now emerging. He expressed Russian delight in being part of the fight to create a more secure environment for future generations in Nigeria.

“Lt Gen Averianov stated that Russia was engaged in special operations facing 39 adversary nations, during which they had developed new methods they were willing to share with Nigeria to support the fight against terrorism.

“On behalf of President Vladimir Putin and the Honourable Minister of Defence of the Russian Federation, he pledged Russia’s support to Nigeria in its fight against terrorism, while recognising Nigeria’s significance as a major stakeholder and power in the region.”

He further noted that Russia has been observing and learning from Nigeria’s counterterrorism efforts over the years.

“He therefore added that as brothers in arms, they were ready to assist, particularly with the provision of the full range of weapons required by the Armed Forces of Nigeria to prosecute its war on terror,” the statement added.

Speaking, Musa stressed the need for expanded partnerships in areas such as special operations training, intelligence sharing, and equipment maintenance

[He said,” The CDS welcomed the delegation on behalf of the Commander in Chief, AFN, President Bola Ahmed Tinubu and the members of the Nigerian Military. He observed that both Russia and Nigeria were undergoing challenging times, resulting in the loss of personnel and necessitating the conduct of special operations.

“He thanked the delegation for the support from the Russian Federation, noting that Russia and Nigeria had long enjoyed strong ties, highlighting the need for continued partnerships in training and operations.

The CDS further emphasised the importance of exchanging instructors and students between the 2 countries for training.

“He noted that for the Nigerian Army, Navy and Air Force, there is the need to expand training in Special Operations and provision of requisite equipment, special boats, fast attack craft and amphibious training. Others include the need for assistance in the maintenance of Russian platforms and the provision of aid surveillance respectively.

“The CDS stressed that Nigeria had several Russian-made platforms that were currently unserviceable and requested support through the provision of spare parts and the deployment of Russian experts for in-country maintenance or arrangements for backloading such equipment to Russia for repairs.”

Musa appealed for enhanced intelligence sharing from Russia to Nigeria, noting that the Russians had gained valuable experience and capacity from their extended operations, particularly in the Sahel region.

“He finally thanked the delegation for their gesture for personally delivering equipment and providing a team of experts to assist in their testing, adding that the Russian Federation had fulfilled its commitment to Nigeria as promised,” the statement added.

She claimed Senate President, Goodswill Akpabio sexually harassed her in December, 2003. Meanwhile, in a now deleted post, she shared pictures taken with Senate President at foreign fora in 2024. But unknowingly to her, the posts had already been munched before she could delete them.

come 2027 we will support & vote for who we want to, we wont be broken, we will even be stronger, we will reciprocate how we were treated with our energy, brotherhood, support, votes & affluence.

Celebrity bartender, Pascal Okechukwu popularly known as Cubana Chief Priest has expressed support for his friend and fellow socialite, Emeka Okonkwo popularly known as E-Money following his arrest by the Economic and Financial Crimes Commission.

E-Money was taken into custody by EFCC operatives on Monday night at his residence in the Omole area of Lagos for allegedly abusing the Naira and violating the Foreign Exchange Act by reportedly spraying U.S. dollars at a public event.

Reacting via his Instagram page on Tuesday, Cubana Chief Priest rallied behind E-Money, praising his recent contributions to the South-East, particularly his Easter “Homecoming” concert. He hinted that E-Money’s rising influence may have drawn the attention of those seeking to suppress prominent voices from the region.

He wrote, “This is a guy who just did everything to push up Southeast with his just concluded Home Coming Concert this Easter. I knew they will come for him because they just saw his strength, they are doing this so they could break him so as to make him succumb in supporting them under duress.

“The oppression on us Igbos will never stop but let me tell all of you we will never stop. We don’t die we multiply more billionaires are coming up, come 2027 we will support & vote for who we want to, we wont be broken, we will even be stronger, we will reciprocate how we were treated with our energy, brotherhood, support, votes & affluence. #iam_emoney1 it’s nothing brother I have been there it will make you stronger it’s just like our Rolls Royce, 🦅 na location for the rich & famous na status symbol.”


Cubana Chief Priest himself was previously arraigned on April 17, 2024, on similar charges of Naira abuse after spraying money at a social event at Eko Hotel in Lagos. He pleaded not guilty and was granted bail in the sum of ₦10 million.

However, Justice Kehinde Ogundare of the Federal High Court in Lagos later struck out the charges following a settlement agreement between the parties involved.

PUNCH Online reports that the operatives of the Economic and Financial Crimes Commission have arrested a popular Lagos socialite, Emeka Okonkwo Daniel (a.k.a. E-Money), for allegedly abusing the Naira note.

Our correspondent gathered that he was arrested on Monday night at his residence in the Omole area of Lagos.

Sources within the commission on Tuesday said E-Money was arrested for allegedly spraying United States dollars, an act said to be in violation of the Foreign Exchange Act.

One of the sources said, “On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act.

The Minister of Aviation and Aerospace Development, Festus Keyamo SAN, has dismissed suggestions of a political coalition succeeding in unseating President Bola Tinubu in the 2027 general elections, describing such an effort as “impossible.”

Speaking on Channels Television’s Politics Today on Monday, Keyamo said the much-touted coalition plans by some political elite amounted to “a storm in a teacup” and would not withstand the strength of the structure of the All Progressives Congress (APC).

“There is no tsunami coming,” he declared. “I think it’s a storm in a teacup. I respect these people, but if you look at the political history of Nigeria… I have campaigned for two presidents, so I have knowledge of the demography. It is impossible for you to do a coalition now to unseat the present President (Tinubu).”

Keyamo was reacting to comments made by a Labour Party chieftain, Yusuf Datti Baba-Ahmed, and other northern elite, including a former Kaduna State governor, Nasir El-Rufai, and a former vice president, Atiku Abubakar, who have hinted at forming an opposition coalition.

Baba-Ahmed had accused the Tinubu administration of presiding over widespread rot and urged Nigerians to look elsewhere in 2027.

Similarly, some elements within the opposition Peoples Democratic Party (PDP) were rumoured to be considering a merger.

However, several PDP governors have publicly distanced themselves from the idea.
A former Ekiti State Governor, Ayo Fayose, described the coalition talks as “a dead horse” and “a waste of time”.

When asked if Tinubu’s APC could withstand the alleged political “tsunami” being mobilised against it, Keyamo insisted that coalition talks were either misguided or too late in the day.

“There are two different things they are talking about — a merger or an alliance. They should be very clear. If it’s a merger, forget it, because it’s too late to start a merger now,” he explained.

“With the process you have to go through — to register, get a new identity and all that — and with elections just around the corner by next year’s end, it is not feasible.”

Keyamo recalled how, after the 2011 elections, President Tinubu had swiftly initiated merger talks with then-General Muhammadu Buhari, a process he said took years of negotiations, back-and-forth meetings, and conventions.

“The moment we lost the 2011 elections, Tinubu flew to Kaduna and met General (Muhammadu) Buhari. It was a long process before the APC was birthed.

“These people (current coalition proponents) are not experienced enough,” he said.


Obidient Movement

On the influence of mass movements, particularly referencing Peter Obi’s 2023 Obidient movement, Keyamo argued,

“The Labour Party was built around him and the Obidient movement. Go back to history — even Chief (Obafemi) Awolowo and Dr (Nnamdi) Azikiwe, despite being heroes, could not transcend the complexities of Nigerian elections without structures.”

Keyamo dismissed suggestions of a rising wave of youth mobilisation threatening Tinubu’s re-election chances.

“Under what platform?” he queried. “Did you see what happened in the 2023 elections?

“Despite the naira redesign policy and petroleum scarcity that were against our party, the structures of the APC held firm. It was like a house built on solid rock,” the minister added.

Keyamo further noted that President Tinubu enjoys “more friends in the North than in the South-West,” a dynamic he said would again prove critical in the forthcoming election.

Following the recent defection of Delta State Governor, Sheriff Oborevwori, to the APC, Keyamo announced he had ceded the party’s leadership in the state to the Governor.

“Whether I have to make sacrifices like yesterday where we surrendered (party leadership in Delta), it is all irrelevant so long as we are strengthening APC the more for the re-election of Mr President,” he said.