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Moghalu says economy better under PDP, presidency faults claim

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The Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, and a former Deputy Governor, Central Bank of Nigeria, Kingsley Moghalu, on Wednesday, traded blame on the state of the nation’s economy under the administrations of the ruling All Progressives Congress and opposition Peoples Democratic Party.

Moghalu had claimed in a series of tweets via his X handle on Wednesday that the nation’s economic state, which had experienced a downward trajectory in the past 40 years, only saw the light of the day “briefly” under the administration of former President Olusegun Obasanjo.

Moghalu added that the improved economy was also observed during subsequent PDP-led governments of the late Umaru Yar’Adua, and Goodluck Jonathan.

The former CBN deputy governor, who served from 2009 to 2014, added that from 2015 till date, Nigeria has fallen under a “completely incompetent economic management.”

The tweet read, “Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent economic management and have not recovered.”

The political economist called on the Federal Government to lay a “real foundation for longer-term economic transformation,” while stating that “80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious..”

Moghalu noted that the presidential palliatives initiative is not a good economic tool to curb poverty, and consequently improve wealth distribution.

“Palliatives (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created,” he stated.

Moghalu, a former presidential candidate of the Young Progressives, also criticised the appointments of the nation’s economic management team, stating, “Real economic thinking is not happening, so economic transformation can’t follow. Like it or not, individuals in certain positions matter. Sanusi and Ngozi Okonjo-Iweala made a huge difference in their roles. That’s because they had capacity. Their appointments went above politics of cronyism. The results, which is what matters more than sound and fury at the end of the day, followed.”

The tweet concluded, “May we recover one day. Like it or not, appointments have real consequences.”

Reacting to the tweets later in the day, President Bola Tinubu’s aide, Ajayi, admitted that the Obasanjo-led administration from 1999-2007 truly paved the way for some economic reforms, yet “Nigeria didn’t see any progress in infrastructural development” that would have a “direct bearing on the quality of life.”

Ajayi wondered how Moghalu and some others claimed that their era in government was the “golden era of competence” in the nation’s economic management.

Ajayi lamented how Moghalu and his former principal, Sanusi, at the CBN, couldn’t explain the whereabouts of the missing $20 billion in oil revenue, adding that “hundreds of millions of dollars were looted under various guises yet Moghalu wants us to believe that that period was the gold standard in economic management in Nigeria.”

“That period till 2015 was a period of trillions of unpaid salary and pension arrears. A period when contractors were owed hundreds of billions with thousands of abandoned and uncompleted projects,” Ajayi stated.

The presidential aide also noted that since 2015, the nation enjoyed key reforms and changes under the ruling APC government, part of which were the payments of owed salaries and pensions, “massive investments in critical economic infrastructure,” and the “reconstruction of 13,000 kilometres of roads across the country out of 33,000 kilometres of Federal roads in 8 years of President Buhari.”

Ajayi claimed that during the handover of government from Jonathan to the immediate past president, Muhammadu Buhari, on May 29, 2015, Nigeria’s Gross Domestic Product “declined from 7% growth rate to 2% and Nigeria was already primed for recession which eventually happened with collapse of crude oil price.”

“It should be said too that every indices of measuring economic growth significantly declined from 2010- May 2015, a period when Moghalu was Deputy Governor at CBN,” he added.

Ajayi lamented that Nigeria’s foreign reserve dropped about 52 per cent “from the height of $60 billion to $29 billion when Moghalu was part of the ‘competent leaders’ in government and Excess Crude Account dropped from $20 billion to $2 billion at the time crude oil sold for $100 per barrel for straight 4years from 2011-2014.

“The period between 2010-2014 was when Nigeria made most money from crude oil in history yet nothing to show for it.”

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Slain businessman, Fish Magnate buried amidst anguish from family (Photos)

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It was all wailing yesterday at Eziakpu Village, Ikenga, Aguata LGA of Anambra State, during the burial of slain businessman, Mr Martins Ifesinachi Onyekesi, also know as Fish Magnate.

Onyekesi was a fish processor and seller who prominently advertised his trade on social media.

He was killed last month, after he was abducted by unknown persons, who later dumped his body in a nearby town, instructing his family to go pick him up.

During his burial on Thursday at Ikenga community, family, friends and sympathizers wailed as his corpse was lowered into mother earth.

It was a quick and solemn event which witnessed the presence of the Deputy Governor of Anambra State, Dr Onyeka Ibezim who represented Governor Chukwuma Soludo.

The event featured fewer speeches, except for the family’s prayers by his graveside.

His death has attracted reactions, including the visit of activist, Martins Otse, also known as Very Dark Man, who led a protest on the incident to call for an end to killings in Anambra State.

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Business

We are under attack – NNPCL GCEO, Ojulari

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Bayo Ojulari, Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), has announced that he and his management team are currently under serious threat.

Ojulari said his offense is the reforms he has introduced in the oil and gas sector in line with the mandate given to him by President Bola Tinubu to turn around the moribund refinery.

He raised this alarm on Thursday, lamenting that some powerful elements are plotting to remove him from the seat.

The NNPCL boss raised the alarm when he received the delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, led by its President, Comrade Festus Osifo, at the company’s headquarters, Abuja.

Details shortly…

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Crime

YELWATA KILLINGS: DSS Files Charges Against Suspects over Benue Attacks

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The Department of State Services (DSS) on Thursday filed six separate charges at the Federal High Court in Abuja against terror suspects responsible for deadly attacks in Yelwata village, Guma Local Government Area of Benue State.

The assaults left numerous people dead and others injured.

The charges involve nine suspects apprehended through intelligence-led operations by DSS operatives. However, only two of these suspects were charged in court on four counts related to the Yelwata massacre.

The accused, Haruna Adamu and Muhammad Abdullahi, both from Awe Local Government Area of Nasarawa State, alongside others still at large, are alleged to have carried out attacks on Abinsi and Yelwata villages on June 13, 2025.

Their actions violate Section 12 of the Terrorism Prevention Act, 2022.

The two suspects are accused of conspiring with Musa Beniyon, Bako Malowa, Ibrahim Tunga, Asara Ahnadu, Legu Musa, Adamu Yale, Boddi Ayuba, Pyeure Damina, and others still at large, to execute the Yelwata attacks.

According to the DSS charges, the defendants knowingly concealed critical information about the planned terrorist attacks and killings in Abinsi and Yelwata between June 13 and 14, which could have aided in preventing the acts and apprehending the perpetrators.

Filed by the Director of Public Prosecution of the Federation (DPPF), Muhammad Abubakar, on behalf of the federal government, the charges further accuse the defendants of preparing to commit acts of terrorism with the named co-conspirators, in violation of Section 29 of the Terrorism Prevention and Prohibition Act, 2022.

In a separate charge, two more suspects, Terkende Ashuwa and Amos Alede from Guma Local Government Area, were charged with three counts for allegedly conducting reprisal attacks against terror suspects involved in the Abinsi and Yelwata incidents.

In case file FHC/ABJ/CR/448/2025, the pair are accused of attending and participating in meetings that led to acts of terrorism causing destruction of private property and economic loss, including the death of 12 cattle in Ukpam village, Benue State.

This is contrary to Section 12 of the Terrorism Prevention and Prohibition Act.

The second count alleges that in July 2025, they conspired during a meeting in Daudu town, Guma LGA, to carry out terrorist acts together with others still at large, violating Section 26 of the same Act.

The third count claims they knowingly supported and received material assistance in the form of locally made guns and an AK-47 rifle from one Alhaji Uba to commit terrorism, leading to property destruction and cattle loss in Ukpam village, punishable under Section 13 of the Terrorism Prevention Act.

Additionally, Halima Haliru Umar, a 32-year-old woman from Faskari Local Government Area, Katsina State, faces a four-count charge for concealing information about Alhaji Sani, a suspected gun runner, bandit, and kidnapper.

Her actions allegedly prevented the timely apprehension of criminal elements, violating Section 6 of the Terrorism Prevention and Prohibition Act.

She is also accused of aiding terrorism by transporting 302 rounds of live AK-47 ammunition to bandits in July 2025, contrary to Section 13 of the Act.

In another case, two elderly men—75-year-old Nanbol Tali and Timnan Manjo—face four-count charges for illegal possession and trading of firearms.

They are accused of buying and selling two locally fabricated AK-47 rifles without licenses for 3 million naira, violating Sections 9 and 27 of the Firearms Act, 2024.

They allegedly possessed one AK-47 rifle in Mangu LGA, Plateau State, and purchased three long-range revolver rifles at 60,000 naira each from an individual named Chomo, intending to resell them to bandits.

In a related development, Danjuma Antu of Jos North, Plateau State, was charged on five counts for unlawful possession of two locally fabricated pistols capable of firing 9mm ammunition, contrary to Section 3 and punishable under Section 27 of the Firearms Act, 2024.

Similarly, Silas Iduh Oloche of Agatu LGA, Benue State, faces six counts of unlawful possession of 18 firearms (including grenades) without licenses, violating Sections 3 and 27 of the Firearms Act.

He was reportedly found with 683 live rounds of 7.62mm ammunition on August 2, 2025, contrary to Section 8 of the same Act.

No trial date has yet been scheduled for the suspects charged on Thursday, August 28, 2025.

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