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‘Economy might slip back into recession’- CBN Warns
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that weak economic fundamentals currently being shown by the economy were putting the country’s exit from recession under threat.
The Nigerian economy exited recession in 2017 after suffering contraction for five consecutive quarters.
Addressing journalists shortly after the two-day meeting of the MPC members held at the headquarters of the apex bank, the CBN Governor, Mr Godwin Emefiele, said the economy had started showing signs of weakness.
For instance, he said the committee was concerned that there was a fresh threat of recession as the economy recorded growth rate of 1.95 per cent and 1.5 per cent during the first and the second quarters of this year, respectively.
He noted that the slowdown emanated from the oil sector, with strong linkages to employment and growth.
For instance, the apex bank boss said the late implementation of the 2018 budget, weakening demand and consumer spending, rising contractor debts, and low minimum wage were some of the risks to output growth.
Others, according to him, are the impact of flooding on agricultural output, continued security challenges in the North-East and North-Central zones, and growing level of sovereign debts.
Emefiele stated, “The MPC observed that despite the underperformance of key monetary aggregates, headline inflation inched up to 11.23 per cent in August 2018 from 11.14 per cent in July 2018.
“The near time upside risks to inflation remain the dissipation of the base effect expected from 2019 election related spending, continued herdsmen attacks on farmers and episode of flooding, which destroyed farmlands and affected food supply ultimately.
“In this regard, the committee urges the fiscal authorities to sustain implementation of the 2018 budget to relieve the supply side growth constraints so that they can address the flooding, which has become perennial on a permanent basis.
“Relative stability has returned to the foreign exchange market buoyed by the robust external reserves, with inflation trending downward for the 18th consecutive month.”
He added, “The gains so far achieved appeared to be under threat following the new data, which provides evidence of weakening fundamentals. The committee identified rise in inflation and pressure on the external reserves created by the capital flows reversals as the current challenges to growth.
“It noted that the underlying pressures have started rebuilding and capital flows reversals have intensified as shown by the bearish trend in the equities’ market even though the exchange rate remains very stable.
“The committee was concerned that the exit from recession may be under threat as the economy slid to 1.95 per cent and 1.5 per cent during the first and the second quarters of 2018, respectively.
“The committee noted that the slowdown emanated from the oil sector with strong linkages to employment and growth.”
On what could be done to stimulate economic activities, the CBN governor said that though growth remained weak, the effective implementation of the 2018 Federal Government budget and policies that would encourage credit delivery to the real sector of the economy might boost aggregate demand, stimulate economic activity and reduce unemployment in the country.
The CBN governor said the committee urged government to take advantage of the current rising trend in oil prices to rebuild fiscal buffers, strengthen government finances in the medium term and reverse the current trend of decline in output growth.
The MPC, according to him, also called on the fiscal authority to intensify the implementation of the Economic Recovery and Growth Plan to stimulate economic activities, bridge the output gap and create employment.
The apex bank boss said the MPC expressed concern over the potential impact of liquidity injection from election-related spending and increase in federal allocations, which are rising in tandem with increase in oil receipts.
Emefiele added that the committee was concerned with the rising level of non-performing loans in the banking system, and urged the banks to closely monitor and address the situation.
He also expressed concern over the weak intermediation by Deposit Money Banks and its adverse impact on credit expansion as well as investment growth by the private sector.
While revealing the outcome of the meeting, Emefiele explained that seven out of the 10 members of the committee agreed to maintain the current monetary policy stance, while three voted to increase the rates.
According to him, the MPC decided to leave the Monetary Policy Rate unchanged at 14 per cent.
Apart from the MPR, which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.
Also retained were the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window, which was left at +200 and -500 basis points around the MPR.
Explaining the rationale for the decision, the CBN governor said, “Tightening will tame inflationary pressure, tame the reversal of portfolio capital, improve the external reserves, and maintain stability in the foreign exchange market.
“Conversely, the committee also noted that raising rate would further weaken growth, as credit would become more expensive, non-performing loan would increase further, leading to a deceleration in output.
“In the committee opinion, the upward adjustment would not only signal the bank’s commitment to price stability, but also its desire to maintain all policy interest rates.”
He added, “A decision to hold all policy parameters will sustain natural improvement in output growth.
“There is need to maintain the current policy stand and await a clearer understanding of the quantum and timing of liquidity injection into the economy before deciding on possible adjustment.”
When asked about the state of the Nigerian banking system following the withdrawal of the licence of the defunct Skye Bank Plc, the governor insisted that the Nigerian banking system remained “sound and healthy.”
He said, “In every chain, there will always be strong points and weak points in a chain, but what we will continue to do is to make sure that that chain remains strong in all aspects of it. Notwithstanding that, as we see areas where there are weaknesses, we will do everything possible to make sure that we keep the chain linked together, and that is what we did with Skye Bank.
“As I have said before, I will love to see a situation where banks are not liquidated, that we have to think outside the box to see how much we can ensure that we have more banks in the country than have less number of banks in the country, and that is what we are doing.
“The situation with Skye Bank, as you well know, is that as at two years ago when the news broke that the bank had slide into negative capital as a result of Non-Performing Loan, at that time, we compelled the entire board and executives to resign and they did.”
Emefiele added, “After that, before we conducted an internal audit, the hole (financial gap) was about N370bn. After the forensic audit, it came to the level it is today, which is almost about N800bn
“So what we did was to say that having established a hole at this level, taxpayers’ money will be invested in this bank as a loan. So, we decided that there is a need to let shareholders know, particularly those that have lost their investments; we will try to make sure that small investors remain protected.
“It is for this reason that the name had to be changed for legal reasons. Having got to the point where the Central Bank of Nigeria has invested close to N800bn in this bank, at some point it must be seen to be owned by the CBN until we find investors that can pay a fair price for the bank.”
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President Tinubu in Turkey: Guard of Honor and Strategic Agreements Signal New Era in Bilateral Relations
By Prince Adeyemi Shonibare
President Bola Ahmed Tinubu, GCFR, was accorded a full guard of honor during his official state visit to Turkey, a ceremonial reception reserved for world leaders and a strong signal of the respect Nigeria commands on the global stage.
The ceremony, held at the Turkish Presidential Complex in Ankara, featured military pageantry, national anthems, and formal protocol before high-level bilateral talks commenced.
The Presidency confirmed that President Tinubu briefly stumbled due to a camera cable while proceeding to the presidential lodge but stood up immediately and continued his engagements without interruption, stressing that the incident had no impact on the visit or his health.
More importantly, the visit delivered substantive diplomatic and economic outcomes. During talks with Turkish President Recep Tayyip Erdoğan on January 27, 2026, Nigeria and Turkey signed nine cooperation agreements and memoranda of understanding, covering military cooperation, higher education, diaspora policy, media and communication, halal accreditation, diplomatic training, and the establishment of a Joint Economic and Trade Committee (JETCO).
At a joint press conference, President Tinubu emphasized the need to deepen cooperation in security, trade, and economic development, while President Erdoğan reaffirmed Turkey’s support for Nigeria’s fight against terrorism and commitment to strengthening strategic ties.
With Turkey’s strengths in defense technology, intelligence, education, and industrial capacity, the agreements open new opportunities for technology transfer, security collaboration, trade expansion, and human capital development.
In essence, the Turkey visit stands as a diplomatic success, defined not by a fleeting moment, but by honor, respect, and concrete agreements that advance Nigeria’s security, economy, and international standing.
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Fela Aníkúlápó Kuti and His Crowned Princes
By Prince Adeyemi Shonibare
Preface: The Necessity of Historical Context
Every generation seeks its heroes. In music, this instinct often manifests through comparison—an exercise that frequently reveals more about contemporary taste than historical contribution. In recent years, public discourse, amplified by social media, has juxtaposed Fela Aníkúlápó Kuti with global Afrobeats icons, most notably Wizkid, provoking the recurring question of “greatness” in Nigerian music.
This essay does not diminish the accomplishments of Nigeria’s contemporary stars, whose global visibility is unprecedented. Rather, it offers a scholarly contextualization—one that distinguishes between musical origination and musical succession, and between cultural architecture and commercial dominance—while situating Fela Aníkúlápó Kuti firmly within the category of historical inevitability.
The Problem with Simplistic Comparison
Comparing Fela Aníkúlápó Kuti with contemporary Afrobeats performers is, by scholarly standards, inherently flawed.
Fela’s work transcended performance. He engineered an entire musical and ideological system, fused political philosophy with sound, and permanently altered the trajectory of African popular music. His output represents cultural authorship, not entertainment calibrated to market demand. Fela’s music is timeless precisely because it was never designed to be fashionable.
A Yoruba proverb captures this distinction with enduring clarity:
“Ọmọ kì í ní aṣọ púpọ̀ bí àgbà, kó ní akísà bí àgbà.”
A child may own many clothes, but he cannot possess the rags of an elder.
The proverb is not dismissive. It is instructive. It speaks to accumulated depth—experience earned, systems built, and legacies forged through time rather than trend.
Musicians and Artistes: A Necessary Distinction
A rigorous analysis requires conceptual precision. Fela Aníkúlápó Kuti was a musician in the classical and intellectual sense: a composer, arranger, bandleader, employer of musicians, multi-instrumentalist, theorist, and cultural philosopher. His work demanded mastery of form, orchestration, ideology, and discipline.
Fela composed extended works, trained orchestras, performed entirely live, and embedded African political consciousness into rhythm, harmony, and structure.
By contrast, many contemporary stars—though exceptionally gifted and globally successful—operate primarily as artistes: interpreters of sound whose work prioritizes studio production, performance aesthetics, and commercial reach. This is not a hierarchy of worth, but a distinction of function. Fela’s music demanded study and confrontation; contemporary Afrobeats prioritised accessibility, pleasure, and global circulation—often without courting antagonism.
Afrobeat: An Ideological Invention
Afrobeat, as conceived by Fela, was not merely a genre. It was an ideological framework. Jazz, highlife, Yoruba rhythmic systems, call-and-response traditions, and political chant were fused into a resistant, uncompromising form.
Modern Afrobeats—by Wizkid, Burna Boy, and others—are adaptations and descendants, not replicas. They have expanded Africa’s global cultural footprint, but expansion does not erase origination. Fela’s Afrobeat remains the undiluted prototype upon which contemporary success rests.
Enduring Legacy Beyond Mortality
Fela Aníkúlápó Kuti passed in 1997, yet his influence has intensified rather than diminished. His legacy is evidenced by:
– Continuous academic study across global universities.
– International bands, many formed by people not alive at the time of his death, performing his works.
– FELABRATION, now a global annual cultural event.
– Broadway and international stage adaptations inspired by his life and music.
– Lifetime achievement and posthumous recognition by the Grammy Awards.
– Cultural centres, festivals, and scholarly conferences generating lasting intellectual and economic value.
This constitutes cultural permanence, not nostalgia.
Reconsidering Wealth and Sacrifice
Measured monetarily, Fela was not among the wealthiest musicians of his era. His radicalism came at an immense personal cost. He was beaten repeatedly. His mother, Funmilayo Ransome-Kuti, was killed. His home was burned. Original artistic archives were destroyed during state-sanctioned violence by unknown soldiers, even though history records who authorised the actions.
Yet Fela gave voice to generations—from Ojuelegba to Mushin, Ajegunle to Jos, Abuja, and even the privileged enclaves of today’s ọmọ baba olówó. He toured globally with an unusually large band long before satellite television or social media could amplify his reach.
Like Wole Soyinka and Chinua Achebe, Fela’s wealth exists beyond currency. It resides in influence, citation, adaptation, and endurance.
National and Global Recognition
Fela received a state burial in Lagos—an extraordinary acknowledgment from a military government he relentlessly criticised. Nations rarely honour dissenters so formally.
Globally, his stature aligns with figures such as James Brown, Elvis Presley, and the Rolling Stones—artists whose music reshaped identity, politics, and social consciousness.
The Crowned Princes: Wizkid and the Ethics of Reverence
Nigeria’s modern stars—Wizkid, Burna Boy, 2Face Idibia, Davido, Tiwa Savage, Tems, Olamide, among others—have achieved extraordinary global success. They are wealthier, more mobile, and more visible internationally than previous generations, and they deserve their accolades.
Wizkid, in particular, has consistently demonstrated reverence rather than rivalry toward Fela Aníkúlápó Kuti.
Femi Aníkúlápó Kuti has publicly stated:
“Wizkid loves Fela like a father.”
Wizkid has repeatedly supported FELABRATION, never demanding performance fees. The only times he has not appeared were occasions when he was not in the country. He has remixed Fela’s music, bears a Fela tattoo on his arm, and openly acknowledges Fela’s primacy.
A senior associate and long-time friend of Wizkid has affirmed that Wizkid adores Fela, would never equate himself with him—“in this world or the next”—and that recent tensions were reactions to provocation rather than assertions of equivalence.
This distinction matters. Wizkid’s posture is one of inheritance, not competition.
Seun Kuti and the Burden of Legacy
Seun Kuti is a musician of conviction and lineage. Yet relevance is best secured through original contribution rather than reactive comparison. Fela’s legacy does not require defence through controversy; it is already settled by history.
As William Shakespeare observed:
“The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings.”
—Julius Caesar
The weight of inheritance can inspire greatness or provoke restlessness. History rewards those who build upon legacy, not those who contest it.
The Songs That Made Fela Legendary
Among the works that cemented Fela’s immortality are:
– Zombie
– Water No Get Enemy
– Sorrow, Tears and Blood
– Coffin for Head of State
– Expensive Shit
– Shakara
– Gentleman
– Teacher Don’t Teach Me Nonsense
– Roforofo Fight
– Beasts of No Nation
These compositions remain sonic textbooks of resistance.
Fela in the Digital Age
Had Fela lived in the era of social media, his voice would have resonated far beyond Africa. His music would have found kinship among global movements confronting inequality, oppression, and social injustice.
“Music is the weapon.”
—Fela Aníkúlápó Kuti
Weapons, unlike trends, endure.
Placing Greatness Correctly
Fela Aníkúlápó Kuti’s greatness does not require comparison. He is the great-grandfather of Afrobeat—the musical and cultural architect who cleared the roads upon which today’s Afrobeat princes now travel.
Honouring contemporary success does not diminish historical achievement. To understand Nigerian music’s global relevance is to understand Fela. History, when read correctly, is both generous and precise.
Prince Adeyemi Shonibare writes on culture, music history, and African creative industries. He is a media and events consultant based in Nigeria.
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Mazangari Decries Prolonged Silence Over Unresolved EFCC Bank Draft Allegations
Years after a petition alleging abuse of office, intimidation and institutional misconduct was submitted against operatives of the Economic and Financial Crimes Commission, Hajia Mazangari has drawn public attention to the matter once again, expressing concern over what she described as prolonged institutional silence and the absence of any known resolution.
The controversy arose from a bank draft transaction involving a sum running into several millions of naira, reportedly issued in the name of “EFCC Clients Account” and handed over to one Habibu Aliyu.
According to the account contained in the petition, Hajia Mazangari was later contacted by her bank and informed that an EFCC operative allegedly approached the bank, requesting that the draft earlier issued by her be cashed into another personal account.
The bank reportedly declined the request, insisting that the draft could only be re-issued in the name of a new beneficiary in compliance with established banking regulations. Attempts by Hajia Mazangari, through her solicitor, to retrieve the original bank draft allegedly resulted in hostility from Habibu Aliyu and Ruqqaya Ibrahim, with the situation escalating into what the petition described as sustained malice, intimidation and humiliation.
“It is as a result of this unending malice, torture and humiliation that we passionately plead to you, sir, to save our client who has been run aground by people with personal vendetta disguising as public officers,” the petition read.
In a further petition dated 14 January 2020 and addressed to the then Attorney-General of the Federation and Minister of Justice, Abubakar Malami, through her counsel, Ibrahim Salawu, Esq., Hajia Mazangari alleged that Habibu Aliyu (a former staff of the EFCC), Ruqqaya Ibrahim (a serving EFCC staff), Mohammed Goje (a serving EFCC staff) and one Mustafa Gadanya (a former staff of the EFCC) had, on various occasions, stormed her family residence in Kaduna.
According to the petition, copies of which were obtained by our correspondent in Abuja, the individuals allegedly accused her, her son and his associates of being involved in a pension scam, insisting that they were “neck-deep” in the alleged fraud and would be dealt with and made to face prosecution.
Hajia Mazangari maintained that the accusations were unfounded and that the repeated visits amounted to intimidation and abuse of authority.
In a related development at the time, counsel to Ahmed and Fatima Mazangari, Barrister Ibrahim Salawu, also wrote to the Chief Judge of the FCT High Court seeking the reassignment of their case to another court, following the elevation of the presiding judge to the Court of Appeal and the resultant irregular sittings of the court.
Despite the seriousness of the allegations contained in the petitions, efforts to obtain an official response from the EFCC at the time reportedly proved abortive.
Years later, Hajia Mazangari maintains that the institutional silence that greeted her complaints has persisted. She faulted the former Chairman of the EFCC, Ibrahim Magu, for allegedly failing to address the concerns raised in the petitions.
She further accused the former Attorney-General of the Federation, Abubakar Malami, of failing to intervene or cause a review of the matter despite being formally notified.
According to her, the situation has not changed under the current leadership of the EFCC, which she claims has continued in what she described as the same pattern of silence and inaction, leaving the issues raised unresolved several years after the petitions were submitted.
She also raised concerns over the continued service of an officer identified as Mohammed Goje at the EFCC office in Gombe, noting that other officers of similar standing were reportedly dismissed in the past for corrupt practices. She questioned why no publicly known disciplinary or investigative outcome has emerged from her complaints.
Hajia Mazangari stressed that her decision to speak out again is not based on any fresh incident, but on the need to draw public attention to an unresolved matter which, in her view, underscores broader concerns about institutional accountability. She called on relevant authorities and oversight bodies to revisit the petitions and ensure that the issues raised are conclusively addressed in accordance with the law.
When contacted for comments on the allegations and the renewed public attention surrounding the matter, the Economic and Financial Crimes Commission had not responded as at the time of filing this report.
However, the Commission is hereby afforded the right of reply and is free to present its position or clarifications on the issues raised.
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