News

Olayemi Cardoso’s dilemma, By Tunde Rahman

Published

1 year ago

February 20, 2024

Written By: Tunde Rahman, senior presidential aide.

In the wake of the floating of the naira, some of the variables shaping the value of the national currency – including limited production in the country as a result of insecurity, the high taste for imported products, dwindling exports, poor dollar remittances, humongous school fees of Nigerian students abroad and medical tourism, all of which engendered a strong demand for dollar, far outweighing supply – seem to be clearly beyond his control.

Those who know Mr Olayemi Cardoso will agree he got his current job as the governor of Central Bank of Nigeria on the platter of a solid professional background and strong personal attributes. His pedigree is rich as his character is unsullied. Cardoso had a remarkable private sector career, where he shone brilliantly in banking, stockbroking and consulting.

Cardoso also comes from a very solid family pedigree. Nigeria’s late Prime Minister, Sir Abubakar Tafawa Balewa, appointed his late father, Mr Felix Bankole Cardoso, as the first accountant-general of the federation in 1963. The late elder Cardoso served with enviable record till 1971.

Part of the remarkable private sector career of Olayemi Cardoso was his appointment as the chairman of the Board of Citibank in Nigeria.

Cardoso began his public service journey when he became the commissioner for Budget and Economic Planning in the cabinet of Asiwaju Bola Tinubu, governor of Lagos State, as he then was in 1999. In addition to superintending that ministry, Cardoso was charged with several other responsibilities, including heading important cabinet committees that birthed landmark agencies in the state. Cardoso was known for enforcing strict budgetary discipline that contributed significantly to the overall success of the Tinubu administration in Lagos. He refused to authorise the release of funds for projects or programmes that had no budgetary head. For all of that and many more, Cardoso was nicknamed the “Headmaster.”

Armed with a Bachelor of Science degree in Managerial and Administrative Studies and a Masters in Public Administration from the prestigious Harvard Kennedy School of Government, and parading strong personal attributes, Cardoso is obviously a perfect fit for the CBN top job. He is calm but firm, strict but fair, prudent but practical, straightforward and honest, with loads of integrity. These are the unique qualities he carried unto his job at the apex bank and his major selling points when on 23 September, 2023 he officially assumed office with the Senate confirmation of his appointment.

However, it appears Cardoso will need much more than the foregoing to succeed in his present assignment. Under him, the CBN seems to be doing the right thing or doing things right: thinking and working on coming up with appropriate monetary policies, moving to rein in the rising foreign exchange rates and to particularly achieve an appropriate value for the naira, which Cardoso believes has been undervalued.

But in the wake of the floating of the naira, some of the variables shaping the value of the national currency – including limited production in the country as a result of insecurity, the high taste for imported products, dwindling exports, poor dollar remittances, humongous school fees of Nigerian students abroad and medical tourism, all of which engendered a strong demand for dollar, far outweighing supply – seem to be clearly beyond his control.

Until these situations change for the better, no amount of monetary policies by the CBN will work any miracle, hence Cardoso’s predicament. For instance, in his presentation at the sectoral debate organised by the House of Representatives two weeks ago, the CBN governor lamented that the growing number of Nigerian students abroad, increasing medical tourism and food imports, have led to the depreciation of the naira against the dollar. According to him, over the past decade, the foreign exchange demand for education and healthcare totalled nearly $40 billion, surpassing the total current foreign exchange reserves of the CBN, while personal travel allowances accounted for a total of $58.7 billion during the same period.

Another critical, yet intriguing, factor but seemingly odd in Cardoso’s reckoning, is the perception in some quarters of some of the decisions of the CBN, which the apex bank considers purely administrative, but which some others give strange connotations.

One of such is the decision to move some departments of the bank, notably banking supervision, other financial institutions supervision, consumer protection department and payment system management, from Abuja to Lagos.

Indeed, until the Emir of Kano, Alhaji Aminu Ado Bayero, spoke on this issue last week, I had reckoned that the imperative of the planned relocation of some CBN departments and the headquarters of the Federal Airport Authority of Nigeria from Abuja to Lagos was evident enough. I had reasoned that the Northern politicians, including Senator Ali Ndume from Borno State, who had moved to bring down the roof over the development, were merely playing politics.

The Emir of Kano, a highly revered royal father, raised the ante last Monday while receiving the First Lady, Senator Oluremi Tinubu, who was in Kano to inaugurate the School of Law Building named after her by Maryam Abacha American University of Nigeria, and had stopped by to pay a courtesy call on the Emir.

Emir Bayero, whose speech was translated from Hausa to English Language by a senior palace counsellor, had told the First Lady to convey his message to President Tinubu. He said among other things: “We are indeed suspicious on why Mr President single-handedly relocated key departments of CBN, and outright relocation of FAAN to Lagos.

“We are receiving a series of messages from my subjects, and most of them expressed concern over the relocation of CBN and FAAN to Lagos. President Tinubu should come out clean on this matter and talk to Nigerians in the language they would understand. Do more enlightenment on this matter. I, for one, cannot tell the actual intentions of the government. We should be made to actually understand why the relocation of the CBN and FAAN offices back to Lagos.”

Many will wonder why some members of the northern elites are losing their cool, misinterpreting this move and, perhaps inadvertently, heating up the polity on this rather elementary matter. Is their reservation altruistic? Or are they just being sincerely mistaken and reading unnecessary motives into the policy? With the benefit of hindsight, one can say that Cardoso and his team should have understood the political dimensions of the decision better and undertaken a more effective public enlightenment on it, rather than treat it as a purely administrative matter. Knowing the kind of people and country that we are and the fact that ours is a multi-ethnic, multi-religious and multicultural society, where every action or decision is viewed from ethnic and religious lenses, the CBN ought not to have released the news about the movement of the departments concerned in a routine manner as it did.

It should have released the news with the detailed information and explanation behind the move. The CBN Communication Department should have deployed all in its arsenal to explain the movement to its critical stakeholders and the general public. The apex bank should have seen the movement beyond a mere administrative move, which is within its remit to do. The bank should have situated the movement and anticipated the social and political meanings some may give it. That is how things run in Nigeria.

A deeper and detailed explanation was later provided when Cardoso appeared on the floor of the House of Representatives in Abuja. I was there at the session and witnessed it all. Asked by one of the members of the House from the North the rationale behind the movement, the CBN governor said: “There is nothing political in the movement. We didn’t change any plan. It has always been like that to ease banking supervision. Most of the banks are based in Lagos. So it works well for supervision if our officials are there with them and close to them and close to those the banks interact with. It’s for administrative convenience. It’s also cheaper for the CBN.” He also disclosed that the movement of the departments concerned to Lagos is also important because, according to him, the country is at the point where there is a need for more banking surveillance.

It is important that the CBN governor draws the appropriate lesson from this. He should learn from this experience that though his job of superintending the country’s monetary system is a professional and economic one, yet it has its political aspects. His decisions have consequences not only on the economy but also on the political front. As such, the CBN governor must always pay attention to the political ramifications of his decisions.

He must be political without being partisan.

Indeed, his situation is also not helped by the fact that he has had very political predecessors-in-office, including the high-sounding Professor Chukwuma Soludo, the soft-spoken but loud former Emir of Kano, Khalifa Sanusi Lamido Sanusi, and the immediate-past governor, Godwin Emefiele (this one even attempted to contest for president while holding the office as CBN governor).

There are a couple of things to say on the hoopla about the staff transfer though.

One, President Tinubu is receiving attacks over the movement. Emir of Kano says he must reverse it, urging the First Lady to deploy the feminine soft power to actualise this. Yet, to all intent and purposes, the President that is being asked to reverse the transfer may not have been apprised of the decision because he does not micromanage those he gives responsibilities to where their unique expertise and experience are called to service. The CBN, on its part, may not have briefed the President because Cardoso had seen the planned movement as purely administrative.

Secondly and more importantly, those who are responding negatively to the policy are treating Abuja as if it belongs to the North, rather than being the symbol of the entire country as the Federal Capital Territory. In that capacity, as the FCT, Abuja belongs to all and belongs to no one. In the same vein, as the economic capital and nerve centre of the country, Lagos is a melting pot where representatives of virtually all ethnic and cultural groups in the country reside and earn a living.

There is absolutely nothing that says that the headquarters of all federal agencies must be located in the Federal Capital, even when economic considerations and efficiency dictate otherwise. Some federal agencies reside neither in Abuja nor Lagos at present and their work go on unimpeded.

In any case, President Tinubu’s pan-Nigerian outlook and credentials are too well known. His ability to build political and personal networks and relationships across the length and breath of the country were partly responsible for his victory in the keenly contested 2023 presidential election. He will be the last person to approve or support any policy designed to be detrimental to any part of the country.

But for CBN Governor Cardoso, all of that represents his baptism of fire and a wake-up call for him to be a little more flexible, particularly in matters that have wider political connotations.

Related Topics:Featured Olayemi Cardoso's Dilemma Tunde Rahman

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At Heirs Energies Leadership Forum, Oil and Gas Leaders Unite to Drive Nigeria’s Oil Production Growth

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

Published

3 hours ago

February 24, 2025

OCHEFA

▪︎HEIRS ENERGIES LEADERSHIP FORUM 2025:

L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerateNigeria’s production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023.

The speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.

Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.

Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.

As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

“Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”

The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025.

He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives,

“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.”

He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s apt.

It’s early in the year and it’s about how we grow production.

That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.

“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.

“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.

“The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.

With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, , whose objective is to ensure Africans benefit directly from their continent’s resources.

News

Here’s When To Watch Lunar Crescent Across Nigeria on Friday, February 28, according to NASRDA

The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.

Published

18 hours ago

February 23, 2025

OCHEFA

The National Space Research and Development Agency (NASRDA) said that Nigeria would likely witness its first astronomical lunar crescent on Friday evenings, February 28.

The Director of Media and Corporate Communications of NASRDA, Dr. Felix Ale, disclosed this in a statement, saying that the lunar crescent had been calculated to occur at 1:45 A.M. West African Time (WAT).

He said that the predicted time of 1:45 A.M time, also known as the Crescent Zero hour, would be when the crescent could be seen under perfect atmospheric conditions with the aid of optical instruments like binoculars or telescopes.

“The crescent will become visible to the naked eye in the evening of Friday, February 28, 2025, between 6:17 PM and 7:35 PM across different locations in Nigeria.

“Maiduguri will be the first city to witness the young lunar crescent from 6:17 PM to 6:48 PM, followed by Yola, Adamawa State, from 6:21 PM to 6:51 PM.

“Damaturu, Yobe, will follow from 6:22 PM to 6:53 PM, Kano, Kastina, Jos and Kaduna will experience the first lunar crescent between 6:38 pm and 7:12 pm.

“The sunset and moon set will occur between 6:35 pm and 7:12 pm, 6:38 pm and 7:15 pm, 6:35 pm and 7:11 pm, 6:40 pm and 7:17 pm respectively.

“Enugu will experience the lunar crescent between 6:42 pm and 7:32 pm with sunset and moonset at about 6:42 pm and 7:18 pm,’’ he said.

He predicted that in the FCT, the first lunar crescent would appear between 6:44 pm and 7:15 pm, with sunset and moonset at about 6:44 pm and 7:20 pm.

The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.

Ale said that other cities across the federation will experience the lunar crescent at different times within the estimated visibility window of 6:17 pm and 7:35 pm on the same day.

He said “For a clear sighting of the first lunar crescent, observers are to use optical aids where necessary, and observe under clear atmospheric conditions.

“Observers are to position themselves in locations with an unobstructed view of the western horizon after sunset.

“He added that the scientific report provided precise predictions on the lunar crescent across locations of the country.

According to him, the report ensured accuracy for those who relied on lunar observations for religious, cultural, and scientific purposes.

The space agency encouraged researchers, scholars, and religious groups to utilise the findings, adding that anyone requiring additional data for further analyses could visit the official office website.

Director, the Centre for Basic Space Science and Astronomy (CBSSA), an activity centre of NASRDA, Dr Bonaventure Okere, said it was regarded as the first stage of the moon, hence the new crescent.

Okere said the appearance of the new crescent was highly significant in the Islamic religion because it was used to determine some rites and practices like the beginning of the Ramadan fast.

“The Islamic religion uses moon phases for their Islamic rites but astronomers study the cycle of the rising and setting of the moon to determine moon days, which is usually 28 days.

“Astronomers use the moon cycle to generate the Lunar calendar, understand the part of the moon you can see daily,’’ he said.

News

Kogi State Mourns Loss of Media Icon Prof. Tom Adaba

Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.

Published

1 day ago

February 23, 2025

OCHEFA

The Kogi State Government has expressed a huge sense of loss following the demise of Prof. Tom Adaba, a pioneering broadcast expert, patriot, and distinguished son of Kogi.

Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.

Prof. Adaba’s legacy is marked by groundbreaking achievements.

He was one of the first Nigerians to earn a Doctorate in Mass Communication, setting a high standard for academic excellence in the field.

His visionary leadership was evident during his tenure as the Principal of the Nigerian Television College, Jos, and as the inaugural Director General of the National Broadcasting Commission.

His work not only transformed the media industry but also laid a strong foundation for ethical journalism and responsible broadcasting across the nation.

In an official condolence message signed by the State Information Commissioner, Mr Kingsley Fanwo, the Kogi State Government described Prof. Adaba as “a media colossus, patriot, and a distinguished Nigerian” whose wisdom and dedication left an indelible mark on the country.

The government extended heartfelt condolences to his family, friends, and the entire media community, urging that his legacy be remembered as a beacon of inspiration.

The statement reads: “We have lost a great media pioneer whose life-long contributions to Nigeria’s broadcasting industry will forever be cherished. May the Almighty God grant him eternal rest and give his loved ones the strength to bear this irreparable loss.”

Prof. Adaba’s passing is not only a significant loss to Kogi State but also to Nigeria as a whole.

His illustrious career and unwavering patriotism will continue to inspire future generations in the realms of media and beyond.