In response to the urgent and pressing need for a collective effort to address the recent security challenges facing the South west part of Nigeria, the House of Oduduwa, under the sagacious leadership of the Arole Oodua Olofin’ Adimula, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, the Ooni of Ife, will be convening the Yoruba Security Summit. This unprecedented event will be chaired by distinguished Yoruba leader of thought and former Nigeria’s Chief Of Army Staff, Gen. Alani Akinrinade.
The Osun state Governor, His Excellency, Governor Ademola Adeleke, will serve as the Host Governor while his counterparts from Lagos, Ogun, Ondo, Ekiti and Oyo states will join him at the event as Co-host governors.
The Yoruba Security Summit holding on Thursday 29th February will bring together Oodua traditional rulers from Southwest region and from parts of Kogi Kwara states of Nigeria. Other participants are expected to be from a diverse array of stakeholders, including security experts, civil societies, labour union representatives, political leaders, religious leaders, captains of industries, youths, students’ organizations, and Yoruba Self-Determination groups. This inclusive approach aims to facilitate a comprehensive and collaborative strategy to address the multifaceted security challenges facing the Yoruba people.
The summit will be graced by the esteemed presence of Asiwaju Bola Ahmed Tinubu, GCFR, the President of the Federal Republic of Nigeria, as the special guest of honor.
Event Detail
The Guest Speaker for this momentous occasion will be the former Inspector General Of Police and current Chairman of Police Service Commission, Dr. Solomon E. Arase, CFR, NPM, fdc, a seasoned expert in security matters, providing valuable insights to guide the discussions. Additionally, Araba Ifayemi Elebuibon, the Araba Awo of Osogbo, will share his wisdom and traditional perspectives as a Guest Speaker.
The Yoruba Security Summit aims to foster unity, collaboration, and proactive measures to address the security challenges facing our race. It serves as a testament to our commitment to the well-being and safety of the Yoruba people.
We extend an open invitation to all concerned citizens, leaders, and stakeholders, including security experts, civil societies, Labour Union representatives, political leaders, religious leaders, traditional rulers, captains of industries, youths, students’ organizations, and Yoruba Self-Determination groups, to join us in this crucial dialogue, as we work together to put in place a comprehensive security arrangement for the future of our beloved Yoruba land.
The Federation of Oyo State Students’ Union FOSSU has congratulated the recently elected President of Federation of Ibarapa Students’ Association FIBSA, Comrade Adeola Abayomi, a 500 level student of Ladoke Akintola University of Technology LAUTECH.
In a congratulatory message, signed by the duo of President and Clerk of the FOSSU Senate Arm respectively, Comrade Sodiq Yusuf Olamilekan and Babalola Michael Olajide, and made available to ODUDUWA NEWS commended the President for his commitment and dedication to serving his colleagues in the best capacity.
”On behalf of the entire indigenous students, I would like to extend my warmest congratulations on your victory as the President-Elect of the Federation of Ibarapa Students’ Association FIBSA, in the just concluded election. Your dedication and commitment to serving your fellow students have not gone unnoticed, and we are confident that under your leadership, FIBSA will thrive and continue to be a voice for all students in Ibarapa.
“We believe that your vision, passion, and determination will inspire and empower students to achieve their highest potentials. We look forward to working with you to create a more inclusive and more supportive environment for all students.
Once again, congratulations on your well-deserved victory. We are excited to see the positive changes you will bring to FIBSA and entire student community”, said FOSSU Senate Arm.
Members of the Nigeria Labour Congress (NLC) have begun a two-day nationwide protest calling for an end to hunger and poverty, in Lagos, on Tuesday morning. Attached herewith are photos for photostory.
Recall that Aiyedatiwa was on December 27, 2023 sworn in as governor of the state.
Akeredolu’s remains were interred in tears at his country home in Owo. Lucky Aiyedatiwa, the governor of Ondo state has declared that he would be contesting for the governorship position in the forthcoming election.
The governor disclosed this while featuring on TVC news on Friday shortly after the remains of his immediate predecessor, Oluwarotimi Akeredolu was interred.
Recall that Aiyedatiwa was on December 27, 2023 sworn in as governor of the state following the passing of Akeredolu who died after a prolonged illness.
The remains of the former governor was interred at his country home in Owo, in the Owo council area of the state on Friday amidst tears.
Speaking after the burial, Aiyedatiwa said he would be running for the November 16 governorship polls, saying nobody wants to be governor for one year.
“I will be running. I’m already a sitting governor and let me say this, nobody wants to be governor for one year. Give me what the constitution allows me to do,” he said.
“At least, let me also have the chance of running for one more time.”
Economic experts across all walks of life attended the Public Lecture recently organized by the Nigerian Economic Society NES on Thursday 22nd of February, 2024 which was held at the CBN Centre of Excellence Hall, Faculty of Economics, University of Ibadan.
The theme of the event titled: “Recent Development In The Nigerian Foreign Exchange Market: Issues, Options and Way Forward” was delivered by a foremost Professor of economics, Professor Sam Olofin.
Prof. Sam Olofin in his words, tasked Federal Government and all other major stakeholders across the country on the urgent need to save naira from imminent collapse.
He further stressed that if the Naira must be saved from imminent collapse, the time has come to rescue it from the hands of the powerful operators in the foreign exchange market and that it would be unreasonable at this crucial time to be allowing market forces alone to determine forex prices. He averred that Central Bank is created to be visible and not be invisible and as such, the time is now to strictly act as a regulator to save Naira from total collapse.
Quoting from the Don’s words, “the time has come like it is in other countries that believe in rule of law, to define what is legal and distinguish such from what is criminal.
“Have criminals apprehended and made them to face severe consequences for their actions.The weak and vulnerable need to be protected and prevented from severe hunger.”
“We have examined the evolution and operations of the Nigerian Foreign exchange market in relation to recent policy measure aimed at addressing observed anomalies in the market. As we speak the Naira value against major foreign currencies especially the dollar has continued its free fall and stands at over N1,500 to a dollar.”
“Without sounding too simplistic or offering a silver bullet that would solve the seemingly complex problems in the foreign exchange market, our attention should be focused on this powerful segment of the market, the so-called parallel or black market. We have succeeded either deliberately or unwittingly, in creating a monster that has been well protected.”
The depreciation of the Naira continues on daily basis and it appears that if appropriate steps are not taken, the Naira may be heading towards crash as the value races towards the 2,000 Naira to a dollar mark and possibly beyond, and the unimaginable consequences this would have on the rate of inflation and the entire economy.”
“The immediate issue of concern in the near and immediate future as to the way forward should be on how to put a halt to this free fall, stabilize the value of the Naira and ensure effective operation of the foreign exchange market.”
“The new policy measure put in place in June 2023, still regards as its center piece the “willing buyer and willing seller” model, in effect assuming a perfect competitive market in which forces of supply and demand would ensure the quality assurance is high emergence of market clearing exchange rate. Also that this would stabilize tue market.”
“Far from it, the Nigerian Foreign exchange market is never a perfectly competitive market, and no matter how we try this market structure and all its assumptions, which may be relevant in other economies particularly developed economies cannot be super-imposed on Nigerian Foreign exchange market.”
“In addition to other things that we value the Naira for like most other currencies it remains one of the important symbols of our sovereignty as an independent country as we pursue our dreams and aspirations as a country immensely blessed by God and with great potentials.” Olofin said.
Dr. Usman Opanachi, Department of Monetary Policy, CBN who represented the Central Bank Governor Dr. Olayemi Cardoso, urged Nigerians to be patient as their policies will yield result soon. He was quoted saying, “anytime Naira is on trial, the CBN is also on trial. We are working day and night to address the challenges and we hope things will work out. The exchange rate features nearly in every sector. The exchange rate and inflation are very high now. The exchange rate is a problem on its own.
“Excess demand for forex in Nigeria is a legendary problem. It has just been there and over the years, the bank has implemented various strategies to address this problem. Those strategies have only been able to provide some temporary relief.
“The Central Bank of Nigeria does not supply or produce dollars; It is naira that it produces. CBN management thinks when you hold the price of a commodity that is determined by Fx down artificially, a time comes when you will not be able to do that.
“The thinking of the new management of CBN is that the policies you have are intended to address the problem. The approach the management has adopted is the Market forces approach. The bank now allows the market forces to play a greater role in the determination of the price of naira.”
In his own speech, the Special Adviser on Economic Matters to President Tinubu, Dr. Tope Fasua affirmed that, concerted efforts have been made to ensure that Naira is rescued from total collapse. He therefore urged the citizens to exercise patience as the policies currently embarked on by the government will eventually yield results in the long run.
He also corroborated the stance of Prof. Sam Olofin that Nigerian Government cannot afford to leave the determination of forex market prices in the hands parallel market operators. Hence, the need to embark on managed floating and reeling out of interventionist policies to curb the excesses of some of these speculators.
Earlier in his welcome address, the President of the Nigerian Economic Society, Prof Adeola Adenikinju said “the choice of today’s theme is apt as it is perhaps the most important issue in Nigeria today. From Aso Rock to the CBN headquarter, and NNPC Towers, from Marina street in Lagos to Bodija Market in Ibadan, the fish seller in Yenagoa to suya seller in Sokoto to the farmer in Markurdi, the exchange rate is on the lips of everyone. Hence, the choice of the topic for the 2024 NES Public Lecture.”
“The subject of foreign exchange is within the ambit of economics. The exchange rate is a price. However, for an import dependent economy like ours, it is a price that influences other prices in the economy – products, money, and factor markets. The spike in inflation in the last few months in particular has been largely driven by the exchange rate. The pass through effect from the exchange rate to other prices is quite high.”
“The government, especially the CBN, has reacted to the sharp and persistent devaluation of the naira with a rash of circular and policies. At times, we worry that the effects of a particular policy have not been assessed before others are quickly thrown into the mix. This action has a tendency to add to uncertainty and the flight to safety postures of economic agents, who continue to hold dollars outside the banking system,” he said.
Newly appointed Magistrates and Judicial Research Officers (JROs) have been admonished to be aware of the social changes in the task of achieving justice for the people and thereby commit themselves to unwavering efforts towards integrity, compassion and service to humanity.
The Chief Judge of Ogun State, Hon. Justice Mosumola Dipeolu gave this admonition in His Lordship’s keynote address at the induction training organised by the Ogun State Judiciary for newly appointed Magistrates and Judicial Research Officers held at the Judiciary complex in Abeokuta.
Enjoining the newly appointed Magistrates on their responsibilities, Hon. Justice Dipeolu stated that “As Magistrates, you are entrusted with the duty of ensuring that justice is not a lofty idea but a tangible reality for every individual who seeks it before them, your responsibilities demands unwavering dedication, impartiality and adherences to the highest ethical standards.”
The Chief Judge also charged the newly appointed Judicial Research Officers (JROs) to support the administration of Justice through diligent research and analysis.
“Your commitment to thoroughness, accuracy and objectivity is essential in upholding the integrity of Judiciary and ensuring that justice is served based on the rule of law” Ogun Chief Judge added
Earlier in his welcome address, the Chairman of Ogun State Judiciary training committee, Hon. Justice Olarenwaju Mabekoje disclosed that the induction course was aimed at improving the participant’s knowledge, on the administration of justice in the most efficient manner that would make their judgements and legal opinions to radiate learning and wisdom.
Yoruba Nation agitator, Sunday Adeyemo, popularly known as Igboho Oosa, has returned to Nigeria.
A statement by Igboho’s spokesman, Olayomi Koiki, confirmed that the Yoruba Nation activist was in the country for his late 75-year-old mother’s burial in Igboho town, Oyo State.
Koiki disclosed this in a terse statement accompanied by a video via his X page on Thursday.
In the video, Igboho could be seen with some people believed to be at the mortuary. He wrote: “I can confirm that Chief Sunday Adeyemo aka Sunday Igboho is currently on his way to Igboho Town for the final burial of his mother Mrs SA Adeyemo.
“The body of Mrs. SA Adeyemo was picked up from the mortuary in Saki Town some few hours ago.”
Igboho has been out of Nigeria since 2021 when he eloped to Benin Republic after he was declared wanted by the Department of State Services, DSS.
DSS had invaded his home in the Soka area of Oyo State over alleged terrorism charges. The secret police had declared him wanted over his agitation for the Yoruba Nation and attacks on Fulani herders accused of having attacked farmers in the Southwest.
In the Benin Republic, Igboho was arrested and remanded while attempting to travel to Germany. However, he recently regained his freedom after two years in a Beniese prison.
While detained in Benin Republic, Igboho lost his mother who lived in Saki, Oyo State.
Personnel of the Economic and Financial Crimes Commission (EFCC) on Wednesday raids Bureau De Change operators in Ibadan, Capital of Oyo State.
This is linked to the daily increase in dollar rate as against the Naira.
It was reported that Tinubu’s government had directed Nigeria’s Secret Police, Department of State Services (DSS) to force the BDCs to close down to save face over the free fall of the Naira.
Operatives of the Ilorin Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested two Chinese: Yang Chao, 39, and Xiao Jiang 38 for suspected illegal mining activities.
They were arrested alongside Chidi Joseph Osuji, 48, suspected to be an accomplice in the illegal business.
Acting on intelligence, the suspects were trailed to their mining sites located at Ogunmakin and Ogere, Ogun State, where they were arrested after days of surveillance.
Preliminary investigations showed that Chao and Chidi are working as factory manager and machine operator respectively with Cruis Chemical Nigeria Limited located at Ogunmakin in Ogun State, while Jiang works with John Odiba Multibiz as an assistant manager in Ogere, Ogun State.
The suspects who operate as a cartel allegedly specialise in illegal mining of minerals such as marble stone, white powder, lithium and lepidolite, among others, which they are transporting outside the country through illegitimate means for private gains.
Investigations also linked the three suspects as owners of the solid minerals being conveyed by the 41 suspects arrested with truck loads of minerals at Share, Banni, Lade, Patigi and Okolowo in Kwara, and Igbeti and Ogbomosho in Oyo state by operatives of the Ilorin Zonal Command of the EFCC on on February 5, 2024 . They were arrested for engaging in mining activities without requisite licences.
In another vein, the Ilorin Zonal Command of the EFCC have also arrested the trio of Sallah Asmau Wuraola, Owoduni Abdullahi Isa (a.k.a Bolaji) who are Point of Sale, PoS cashiers and one Shuaibu Rukayat, a nurse from Ilorin South Local Government Area of Kwara State, for allegedly selling new naira notes of different denominations to customers for commercial purposes.
The arrest of the suspects followed credible intelligence on elements selling new naira notes to people at event centers, night clubs, hotels and parties without due authorization.
Wuraola and Rukayat were caught with the sum of N1,220,000 (One Million, Two hundred and Twenty Thousand Naira Only) while Isa was arrested with the sum of N150,000 (One Hundred and Fifty Thousand Naira) only.
The protest started in Ibadan today 19th of February, 2024 at Mokola Roundabout. According to our correspondent who visited the scene, several students, youths, Human right Activists as well as market women and men gethered under the bridge to register their grievances on the prevailing economic hardship in the country.
The protestors who carried placards with various inscriptions were seen chanting anti government songs.
The teeming youths also mobilized to major roads in Ibadan to express their displeasure against the government of President Tinubu.
