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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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Otunba Adekunle Ojora, Industrialist and broadcaster dies at 93

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

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The Head of Ojora Royal Family of Lagos, on Wednesday announced the death of Otunba Adekunle Ojora at the age of 93.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

In a statement issued on behalf of the Ojora Family by Prince Adewale Taorid Ojora, stated that Otunba Ojora who was born on June 13th 1932, died on January the 28th 2026.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era,

Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance.

He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London.

He rose to the position of assistant editor, and later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter.

He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962.

His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966.

In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After he left WEMABOD, he expanded his footprint as a major investor and entrepreneur.

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

He acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

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FCTA workers back to work in compliance with court orders

Our correspondent observed a steady flow of staff across departments, pointing to a gradual return to normal operations within the FCTA and FCDA.

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STAFF of the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Authority (FCDA) have resumed work following a court order directing the suspension of the strikes action.

Consequently, the main gate of the FCTA Secretariat showed workers arriving and proceeding to their various offices, signalling compliance with the court directive.

Our correspondent observed a steady flow of staff across departments, pointing to a gradual return to normal operations within the FCTA and FCDA.

Schools across the Federal Capital Territory have also reopened, bringing relief to residents and raising hopes that ongoing engagements between government and labour unions will remain peaceful and constructive.

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UK begins Alison-Madueke’s trial on bribery charges

Alison-Madueke sat in the dock alongside oil industry executive Olatimbo Ayinde, 54, who is charged with one count of bribery relating to Alison-Madueke and a separate count of bribery of a foreign public official.

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The alleged corruption trial of the former Minister of Petroleum Resources, Diezani Alison-Madueke commenced on Tuesday at the London’s Southwark Crown Court.

Alison-Madueke sat in the dock alongside oil industry executive Olatimbo Ayinde, 54, who is charged with one count of bribery relating to Alison-Madueke and a separate count of bribery of a foreign public official.

British prosecutors told the court that Alison-Madueke took bribes including luxury goods and the use of high-end properties from industry figures interested in lucrative oil and gas contracts, when she was minister for petroleum resources between 2010 and 2015 under then-president Goodluck Jonathan and was also briefly president of the Organization of the Petroleum Exporting Countries (OPEC), the first woman to hold either role.

According to Reuters, the 65-year-old is now one of the most high-profile former energy officials to stand trial for alleged corruption, having been charged in 2023 with five counts of accepting bribes and a charge of conspiracy to commit bribery, which she denies.

Prosecutor Alexandra Healy told jurors at London’s Southwark Crown Court that Alison-Madueke “enjoyed a life of luxury in London”, where she often stayed, provided by those interested in being awarded or retaining contracts with Nigerian state-owned companies.

Healy said Alison-Madueke was given the use of high-end properties and vast quantities of luxury goods by people who “clearly believed she would use her influence to favour them”.

There was no evidence that Alison-Madueke awarded contracts to someone who should not have had one, Healy said.

But given Alison-Madueke’s role “she should not have accepted benefits from those who were no doubt doing extremely lucrative business in oil and gas with government-owned entities”, Healy added.

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