₦airaland Forum

SEOUL, South Korea — South Korea’s center-left Lee Jae-myung was declared president Wednesday after winning a snap election, taking the helm of a nation deeply divided after his predecessor’s disastrous attempt to declare martial law.

Lee won a thumping victory over conservative Kim Moon-soo, of disgraced ex-president Yoon Suk Yeol’s former party, with his term beginning immediately after the National Election Commission certified the vote tally early Wednesday.

In a regular presidential election, South Korea allows for a months-long transition period — but as Lee’s victory came in a snap election after Yoon’s impeachment, his term began right away.

“The National Election Commission hereby declares Lee Jae-myung of the Democratic Party as the elected president,” National Election Commission chairperson Roh Tae-ak said early Wednesday.

Kim had conceded hours earlier, as final votes were still being counted. Official results showed he had no chance of winning.

Lee assumes office with a bulging in-tray, from sluggish growth and a global trade war to mounting concerns over military ties between nuclear-armed Pyongyang and Moscow.

He also faces the challenge of leading a nation still reeling from the turmoil sparked by Yoon’s martial law declaration in December and the rise of the far right in its aftermath — a development experts say has deeply shaken the country’s collective sense of democracy.

In a speech to supporters early Wednesday, Lee urged South Koreans to move “forward with hope and make a fresh start from this moment on.”

“Though we may have clashed for a while, even those who did not support us are still fellow citizens of the Republic of Korea,” he said.

He also promised to “pursue dialogue, communication, and cooperation” with North Korea, with whom the South remains technically at war, “to find a path toward peaceful coexistence and shared prosperity.”

Lee is expected to start his first day with a traditional phone briefing from the military’s top commander, formally confirming the transfer of operational control of the country.

He is then likely to visit the National Cemetery, a longstanding tradition observed by his predecessors, including Yoon.

A modest inauguration ceremony will likely follow at the National Assembly — the same site where Yoon deployed armed troops on the night he attempted to declare martial law.

Blue House calling?
It will be a muted affair with just a few hundred guests expected to attend, in contrast to the large outdoor events held after regularly scheduled elections, which often attract tens of thousands.

The new leader will then head to the presidential office to begin naming key cabinet members.

Disgraced ex-president Yoon moved the seat of power from the traditional Blue House to a hastily converted government building in Yongsan, which Lee has previously said he would not use.

The focus will be on who is tapped to serve as the presidential chief of staff, prime minister, and director of the National Intelligence Service.

The day is expected to end with a flurry of congratulatory phone calls from world leaders, with US President Donald Trump likely to be the first on the line.

For many voters, like Noh Min-young, 20, who spent months in the street protesting Yoon’s martial law declaration, the election was a relief and would allow the country to get back on track.

“I’m just glad now. There’s no risk of the result being overturned, and the margin is enough not to lose momentum when it comes to clearing up the insurrection or implementing policies,” she told AFP.

But experts warned that Lee’s success in this election — after he lost to Yoon in 2022 — was due as much to his rivals’ failings as his own strengths, with Kim hampered by political infighting and a fractured right-wing vote, split by a third-party candidate.

Lee is also likely to herald a major shift in South Korea’s foreign policy, Gi-Wook Shin, a sociology professor at Stanford University, told AFP.

“Lee is expected to prioritize the alliance with the United States while simultaneously seeking engagement with both China and North Korea,” he said.

That marks a departure from the policies of predecessors, including Yoon, “who largely focused on North Korea and the United States, respectively.”

The Naira suffered a significant loss in the parallel market, closing at N1,630/$1 on Friday, May 30, 2025, after several days of relative stability at N1,620/$1, according to data from Nairametrics Research.

The local currency also weakened against the British pound, closing at N2,190/£1 on Friday, compared to N2,170/£1 on Thursday and N2,165/£1 on Wednesday—highlighting a consistent depreciation trend throughout the week.

In contrast, the previous week saw the Naira appreciate in the parallel market, rising to N1,620/$1 on Thursday from N1,625/$1 on Wednesday, maintaining that level from Tuesday.

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It had earlier closed at N1,627/$1 on Monday, according to market sources in Lagos.

Against other major foreign currencies, the Naira showed mixed performance. It gained against the pound sterling, appreciating to N2,135/£1 on Thursday, up from N2,155/£1 on Wednesday and N2,145/£1 on Tuesday. The week had opened at N2,142/£1. However, against the euro, the Naira declined to N1,835/€1 on Thursday, from N1,820/€1 on both Monday and Wednesday, though it slightly improved from Tuesday’s N1,825/€1.


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Official market performance
In the official market, the Naira showed a mixed trend. It closed at N1,585.5/$1 on Friday, a modest appreciation from N1,587/$1 on Thursday.

Central Bank of Nigeria (CBN) data indicates that the currency closed at N1,592/$1 on Wednesday, slightly down from N1,590/$1 on Tuesday, and opened the week at N1,583/$1 on Monday.

Global oil prices add pressure on the Naira
Adding further pressure on the Naira, the Organization of the Petroleum Exporting Countries and its allies (OPEC+), the world’s largest oil producers, announced a planned increase of 411,000 barrels per day in production for July 2025.

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In an official statement on Saturday, OPEC+ reaffirmed: “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from the June 2025 required production level.”

According to Nairametrics Research, this increase could suppress global oil prices if demand growth underperforms or inventories remain stable—posing further risk to Nigeria’s foreign exchange earnings and increasing pressure on the already volatile naira.

What you should know
The African Development Bank (AfDB) has projected that the Nigerian Naira will depreciate by at least 6% between 2025 and 2026, attributing this to growing volatility in global financial markets.

The forecast, contained in the African Economic Outlook 2025, reveals the potential instability of African currencies amid global economic uncertainty.

This projection comes just a week after CBN Governor Olayemi Cardoso claimed that volatility in Nigeria’s foreign exchange (FX) market had dropped to below 0.5%, suggesting improved market conditions—a claim now challenged by recent market realities.

The Emir of Kano, Muhammad Sanusi, has warned that Nigeria is currently in crisis.

Sanusi said Nigerians are currently living with bandits and Boko Haram.

He disclosed this during the 60th birthday ceremony of former Rivers State governor, Rotimi Amaechi.

According to Sanusi: “For all those who are saying we have to be careful before we get into a crisis, please wake up.

“We are living with bandits and Boko Haram; we are already there.

“We are already in crisis, it has already happened, the question is how do we get out of it.”

Sanusi also blamed leaders for the multi-dimensional poverty in Nigeria.

The former Governor of the Central Bank of Nigeria, CBN, said elites in Nigeria are unaware of poverty in Nigeria.

The Emir of Kano and former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has said he got to know what poverty truly is when he mounted the throne.


Sanusi said this in a goodwill message at a public lecture with the theme: “Weaponization of poverty as a means of underdevelopment: A case study of Nigeria,” commemorating the 60th birthday celebration of former Rivers State Governor, Rotimi Amaechi, in Abuja, on Saturday.


The former CBN Governor said, “Many of the elite in Nigeria do not know what poverty is. As an economist, former CBN Governor, I see the numbers. I did not know poverty until I became Emir.

“And you go to the village and see the water they drink, the houses they live in, they two block classrooms without roofs.

“Do we actually love the people or do we just love ruling over them? What are our priorities. We make overheads and underpasses for ourselves in the cities while there in the rural areas cannot reach hospitals. We are in crisis, how do we get out should be our focus.”


Sanusi charged those saddled with the responsibility of leadership to inculcate the virtues of empathy with those they’ve been given a responsibility to lead.

Also speaking at the event, former Kaduna State Governor Nasir El-Rufai expressed concern that Nigerians kept repeating the same mistake of electing the worst among us into leadership positions.

According to him, “We keep electing people who only know how to grab power but don’t know what to do with it.”

A former Executive Secretary of the National Health Insurance Scheme, Prof. Usman Yusuf, in his intervention, explained that most of the cases being handled in hospitals were not medical.


Yusuf blamed corruption and bad governance for the multidimensional poverty in Nigeria. He said unless citizens live up to their responsibilities and vote for what is right.

Wizardslayer:
He truly looks weird and fearful indeed.

Only God knows what our politicians and odogwus do, I mean the nature of human sacrifice and prices they pay to attain power and popularity.

More than 10,000 people have been killed and hundreds of communities destroyed in Nigeria since President Bola Tinubu assumed office two years ago, Amnesty International said on Thursday, warning of a “looming humanitarian crisis” and escalating insecurity across several northern states.

In a damning new report released to mark the second anniversary of Tinubu’s presidency, the global human rights watchdog said its investigation documented the killings of at least 10,217 people in armed attacks in Benue, Edo, Katsina, Kebbi, Plateau, Sokoto, and Zamfara states since May 29, 2023.

Benue state, according to Amnesty, recorded the highest number of deaths with 6,896 killed, followed by Plateau with 2,630 fatalities. The report said 672 villages were sacked by gunmen and bandits across these states, deepening mass displacement and threatening food security.

“Today marks exactly two years since President Bola Tinubu assumed office with a promise to enhance security. Instead, things have only gotten worse, as the authorities continue to fail to protect the rights to life, physical integrity, liberty and the security of tens of thousands of people across the country,” said Isa Sanusi, Director of Amnesty International Nigeria.

The report noted that in the two years since President Tinubu’s government assumed power, new armed groups have emerged including Lakurawa in Sokoto and Kebbi state, and Mamuda in Kwara state, while hundreds of villages have been sacked by gunmen in Benue, Borno, Katsina, Sokoto, Plateau and Zamfara.

In Zamfara state, over 481 villages have been sacked, with 529 others under the control of bandits across 13 local government areas, Amnesty said. The group documented daily attacks, including a massacre of over 20 miners in Gobirawar Chali on April 24, 2025.

The report also highlighted atrocities in Plateau and Benue, where entire communities were razed and critical infrastructure such as boreholes, clinics, schools, grain reserves and places of worship destroyed.

“These attacks deprive people of their right to life while the survivors are deprived of their livelihood,” Sanusi said.

More than 450,000 people in Benue and 65,000 in Plateau have been displaced, many now resorting to begging, unable to farm or return to their communities.

Amnesty concluded that the government's failure to act decisively has fueled a “cycle of impunity” that emboldens armed groups and leaves millions at risk.

“President Tinubu must fulfill his promises to Nigerians and urgently address the resurgence of the nation’s endemic security crisis. The recent escalation of attacks by Boko Haram and other armed groups shows that the security measures implemented by President Tinubu’s government are simply not working,” said Sanusi.

President Bola Ahmed Tinubu on Wednesday restated his government’s unwavering commitment to national security, pledging to end the reign of violent non-state actors across the country.

In a statement marking his administration’s second anniversary, Tinubu emphasised that Nigeria’s economic development is inseparable from the safety of its people and stability of its regions.

“Without a responsive and reliable national security infrastructure that can protect lives and properties, our economy will not perform optimally, and those who seek to harm us will impair and disrupt our way of life,” the President said.

He acknowledged ongoing threats but praised the “gallant” efforts of the military and security agencies for reclaiming areas previously controlled by bandits and insurgents.

“In some areas of the northwest, hitherto under the control of bandits, our gallant armed forces have restored order, reducing and eliminating threats to lives and livelihoods. With the success achieved, farmers are back tilling the land to feed us,” Tinubu noted.

He also commended the growing security of road travel in previously dangerous regions: “Highways, hitherto dangerous for travellers, have become safer. Our security agencies have succeeded many times in rescuing the abducted citizens from the hands of their tormentors.”

Citing enhanced collaboration among security agencies and increased intelligence-driven operations, the President praised their “tremendous efforts,” stating: “Even if we do not thank them often enough, they willingly face danger so we can go about our lives freely and without fear.”

Tinubu said he had issued clear instructions to security chiefs to intensify action: “I told security chiefs during the last meeting to up their game and collaborate to end this plague of evil men. Every Nigerian deserves to live without fear.”

The President’s message also included a tribute to military personnel and law enforcement officers, stating: “I use this opportunity to salute the courage and everyday sacrifice of our service men and women.”

While acknowledging that security remains a work in progress, Tinubu assured the nation that “our military, police, and intelligence agencies are committed to always responding to emerging security threats and new challenges.”

JagabanBorgu:
you asked two questions that has no correlation with the topic of discussion.
Bring yourself in tune with the topic of discussion.

Peoples Democratic Party chieftain, Dele Momodu, has applauded President Bola Tinubu for halting the sealing of properties in Abuja over unpaid ground rent, a move he described as proof that Tinubu is firmly in control of his administration.

The Federal Capital Territory Authority, under the supervision of FCT Minister Nyesom Wike, had on Monday, May 26, sealed several business premises in Abuja, including banks, filling stations, the Federal Inland Revenue Service office, and notably, the national secretariat of the PDP. The action was reportedly due to unpaid ground rents amounting to billions of Naira.

However, following widespread public backlash and criticism from affected property owners, President Tinubu ordered a temporary suspension of the enforcement. He also gave all defaulters a 14-day grace period to settle their debts.

Reacting via Instagram, Momodu praised Tinubu for stepping in and described the decision as a significant check on what he called Wike’s excesses.


‘’THANK YOU, PRESIDENT TINUBU, Your Excellency, good evening, sir. I have just read the news here in America that you have stepped into the matter of your cantankerous Minister of FCT, MR NYESOM WIKE who sealed the National Secretariat of the PDP, the biggest rival of your ruling party, APC, and properties of other defaulters in Abuja earlier today.

“While no one should condone non-compliance of government obligations, government must always restrain itself from vindictive outbursts such as that of Nigeria’s most querulous politician who I’m sure is fast becoming a liability to your government. The decision to stop Wike today achieved several points in your favour.

Momodu criticised Wike’s approach as vindictive and disruptive, accusing the FCT Minister of wielding power as though he were not answerable to anyone.

The PDP stalwart also used the opportunity to call on President Tinubu to rein in Wike’s political activities in Rivers State, where Wike has been locked in a prolonged power struggle with Governor Sim Fubara.

He added, “We used to think we have two presidents in Nigeria, TINUBU and WIKE. Now, we know WIKE has a boss who can checkmate his excesses. How I wished you had stopped his reckless disruption and distraction of the SIM FUBARA government in Rivers State and saved the hapless people from this unfortunate contraption called emergency rule.

“Nigerians are currently going through so much hardship and pain, and you need to rescue them from WIKE’s additional burden and insults. WIKE’s assignments are far smaller than that of Minister DAVE UMAHI, yet the man is so humble while WIKE subjects Nigerians to his tautological press conferences as if he’s running his own Federal government and not under anyone’s control.

“Sir, there can’t be two captains in one ship, and I hope WIKE got that message loud and clear from your powerful intervention today.”

Former Vice President Atiku Abubakar has met with Nigerian chess master and founder of Chess in Slums Africa, Tunde Onakoya.

Last month, Onakoya was honoured by Guinness World Records for playing chess non-stop for 64 hours.

He did this with American chess player Shawn Martinez in New York City’s Times Square from April 17 to April 20, 2025.

Atiku shared photos of their meeting on X on Monday.



He said he was impressed by Onakoya’s achievement and the work he is doing.

“I had a great time meeting with Tunde Onakoya, @Tunde_OD. He shared with me the inspiring journey he’s been on for the past ten years, using chess as a powerful tool to transform the lives of children in slum communities.”


“Through his work, he’s helped many of them out of the slums and into local and international schools, using the game not just to teach, but to build critical thinking and open doors.”

Atiku said Tunde Onakoya spoke with passion about his dream to build the biggest chess institute in the world.

He recalled Onakoya’s words, “Talent is universal, but opportunity is not.”

The former Vice President said he has promised to support Onakoya’s efforts and help make that dream a reality.

He also praised the chessboard Onakoya gave him, which was designed with traditional ‘Adire’ patterns, calling it a “work of art.”

Atiku added that Onakoya invited him to his birthday celebration later this year.

“The NEC will address any issues. This isn’t a physical fight or a man-to-man confrontation. All this unnecessary drama is uncalled for,” he added.

Woyengikuro dismissed Wike’s public accusations and advised Nigerians to seek official party positions from the appropriate authorities.

“Please, reach out to the chairman or the publicity secretary for the party’s official position,” he advised.

However, Rt. Hon. Jones Onyereri, a member of the PDP Board of Trustees, offered a differing view in his own comments to Vanguard on Sunday. He questioned why anyone would walk back on agreements brokered by respected party elders.


“Why would anyone renege on an agreement that elders staked their reputations to broker? These are high-ranking members of the party — sitting governors, former governors — who reached a consensus. So why go back on it? It’s not a good look,” Onyereri said.

The controversy stems from Wike’s recent claims that key PDP figures, including Oyo State Governor Seyi Makinde, had reneged on previously reached agreements intended to stabilize the party. Citing dishonesty and lack of trust, Wike announced his withdrawal from all such deals.

Efforts to reach PDP National Publicity Secretary, Debo Ologunagba, for the party’s official response were unsuccessful, as multiple calls to his mobile line went unanswered as of press time.