Business

Tony Elumelu: FG Alone Can’t Transform Nigeria Into Prosperous Economy

Published

3 years ago

August 28, 2023

417 Views

Tony O. Elumelu, Founder, The Tony Elumelu Foundation, said that transforming Nigeria into economies like the USA, France, UAE, and London, is not the responsibility of the federal government alone.

Tony Elumelu stated this during the Nigerian Bar Association (NBA) 63rd Annual General Conference in Abuja.

He spoke on the theme of the conference ‘Getting It Right, Charting The Course Of Nigeria’s Nation Building,” and said:
” Great nations start with great people, not just great leaders; it’s
a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences,” he said.

Stressing that resetting the economy is not the responsibility of the government alone, he said: ” Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building.
” It behoves us all to collaborate in unity to reset Nigeria.”

Let us renew our infrastructure:
To achieve this goal, Tony Elumelu called for a fundamental renewal of the social and economic infrastructure of Nigeria.

” Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes.

Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure.

” When I talk of infrastructure, I do not mean just roads or rail, bridges, or ports, I mean the following:

-Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria.

-This means not just investment in our education system, but in our entrepreneurial culture.

-Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs – I know the social and economic returns entrepreneurship creates.”

In his address, President Tinubu called for a change of mindset and approach to governance.

Tinubu believes the bold endeavours to be embarked upon by the nation will need collaboration with the private sector.

NBA President Yakubu Maikyau, this year’s conference is centred around three thematic areas – security, economy, and the administration of Justice.

He hopes that after the conference, the NBA can set an agenda for Nigerians around these themes with which to engage the Presidency for the good of the country.

Business

Naira Exchange Rates Friday, 3 July 2026

Published

3 days ago

July 3, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

4 days ago

July 2, 2026

OCHEFA

55 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.