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Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

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Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

…threatens mass action if Cardoso fails to vacate office within 72hrs

 

 

 

As many as 100 non-governmental organizations, under the aegis of Economic Freedom Fighters, Nigeria (EFFN), have demanded that President Bola Ahmed Tinubu immediately sack the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso for his ineptitude and lack of direction and to also declare a state of emergency on the economy.

 

Sack CBN Governor, Declare State of Emergency On Forex, 100 CSOs Tell Tinubu

 

 

 

At a press conference held in Lagos at the weekend, the CSOs cited the current economic crisis in the country, which they claim has proven that the CBN under Cardoso’s leadership has no answers to the crushing economic crisis that has brought the naira to a lifetime low with resulting hardship on citizens.

They said President Tinubu no longer has the luxury of assuming or pretending that Cardoso is doing a sterling job at the CBN when the Governor himself is aware that he is a failure when it comes to the management of the naira.

The naira lost value to N1,360.00 to the dollar on Friday, and the falling value of the naira has had a significant impact on the quality of life of Nigerians. The rise in the cost of living, the decrease in purchasing power, and the decrease in foreign investment have all contributed to the economic crisis in the country, which has also resulted in existential upsurge in crimes especially kidnap for ransom.

“The Nigerian economy is in a dire state, and the CBN has failed to take the necessary steps to address the situation, instead the apex banker is mired in internal politics that do nothing to halt the suffering of Nigerians. Cardoso ought not to have accepted the appointment as the Governor of CBN when he knew he was clueless about what has to be done to save the naira,” said Dr Amodu Ben, Convener of EFFA.

“We call on President Tinubu to take immediate action and remove Mr Cardoso from his position as Governor of the CBN. We also urge the president to declare a state of emergency on the economy and take bold steps to address the root causes of the crisis now that it is apparent that Cardoso has no answers to this problem.

“It will be injustice for Nigerians to endure more days of Cardoso in office knowing full well that things have only gotten worse since he assumed office with no end in sight. Instead of the firm directions that Nigerians expected the CBN to come on board with, currency racketeering has taken over the operations of the CBN, including the foreign exchange market. The stories filtering out of the regulator is that friends, family, and associates of the Governor are getting forex allocations that are making them nouveau rich while the rest of Nigerians are sinking into poverty,” Dr Ben stated.

EFFN has threatened mass action if President Tinubu fails to remove Cardoso or if the CBN Governor fails to remove himself from office, saying that such mass action will take place within 72 hours from when it held its briefing.

The CSOs also criticized the CBN’s recent decision to relocate some of its departments to Lagos State, which they claim will further exacerbate the economic crisis in the country because the apex bank is focusing on petty internal politics to the detriment of the national economy. They called on the CBN to reverse its decision and focus on implementing policies that will help to stabilize the economy.

The Governor of the CBN has not yet responded to the CSOs’ demands, and it remains to be seen what action President Tinubu will take in response to the call for the removal of Mr Cardoso and the declaration of a state of emergency on the economy.

With the Nigerian economy being in a state of decline for the past few years and with the naira’s value plummeting and inflation rates skyrocketing, Cardoso’s arrival at the CBN was anticipated to at the least halt the economic slide.

Cardoso was appointed as CBN Governor when the naira was hovering below N1000 in September 2023 to the dollar threshold and the currency has since lost more than N400 since he resumed, prompting widespread anger and criticism about his ability to correctly diagnose what ails the Nigerian economy and proffer solutions.

Nigeria’s GDP growth rate fell to 1.9% in 2023, down from 2.2% in 2022 while the inflation rate, which has also been on the rise, hit 18.3% in December 2023, up from 16.5% in November 2023.

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From Vision to Empire: How Mujahid Turajo Built Til Group into a Multisector Giant

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*From Vision to Empire: How Mujahid Turajo Built Til Group into a Multisector Giant*

What started as a single company with a bold vision has grown into one of Nigeria’s most dynamic business conglomerates. Founded by the visionary Mujahid Turajo, Til Interiors began as a modest interior design company, bringing elegance and functionality to residential and commercial spaces.

Today, that vision has expanded far beyond design—Til Interiors has evolved into Til Group, a powerful conglomerate spanning food production, construction, global trade, and beyond.
With Til Foods, Til Interiors, Til Construction, and Til Global under its umbrella, Til Group is now a driving force in Nigeria’s economic landscape, fostering job creation, innovation, and industrial growth.

Til Interiors: The Foundation of an Empire
The journey of Til Group began with Til Interiors, a company that set out to revolutionise interior design and space transformation in Nigeria. Through innovative designs, premium materials, and expert craftsmanship, Til Interiors quickly gained a reputation for creating luxurious, functional, and aesthetically superior spaces for homes, offices, and commercial properties.

“Til Interiors was our foundation—it taught us the importance of detail, innovation, and excellence. Those same principles now define everything we do across all sectors,” says Mujahid Turajo.

Til Foods: Feeding Nations, Empowering Farmers
As Til Interiors flourished, Mujahid identified a critical need for self-sufficiency in food production and distribution, leading to the creation of Til Foods, which has now grown into a leader in Nigeria’s agribusiness and food industry.

Til Foods is dedicated to sustainable agriculture, food processing, and distribution, ensuring that Nigerians have access to high-quality, locally produced food products. The company oversees the entire value chain, from farming and production to retail and exports.
Within Til Foods, two major brands stand out:
Tomatil – A multi-billion naira state-of-the-art tomato processing factory in Kano, transforming fresh tomatoes into premium tomato paste and products, reducing Nigeria’s reliance on imports.

Til Grills & Restaurant – A high-end restaurant located in Ahmadu Bello Way, Kado, offering a unique dining experience that blends traditional flavours with modern culinary expertise.

“Til Foods is not just a business—it’s a mission to achieve food security, support local farmers, and put Nigeria at the forefront of global agribusiness,” says Mujahid.
Til Construction: Building the Future, One Structure at a Time
Recognising the urgent need for quality infrastructure and housing solutions in Nigeria, Til Construction was established to provide innovative, durable, and sustainable building solutions.

Today, it stands as a major player in real estate development, civil engineering, and large-scale construction projects.

One of Til Construction’s flagship projects is Concord, a residential development located in Life Camp, Abuja. Designed to redefine modern living, Concord features premium residential blocks that blend contemporary architecture with luxury, comfort, and sustainability. The project is set to transform Abuja’s skyline, offering state-of-the-art amenities, top-tier security, and elegant living spaces tailored for families and professionals alike.
“We are not just building structures; we are creating communities where people can thrive. Concord is a testament to our commitment to quality and innovation in Nigeria’s real estate sector,” notes Mujahid.

Til Global: Connecting Nigeria to the World
To support the group’s expansion into international markets and cross-border trade, Til Global was established as the conglomerate’s trade and logistics arm. This division ensures that African goods, resources, and services reach the world stage efficiently and competitively, fostering stronger trade relationships and expanding market access for Nigerian products.

A Legacy of Growth, Excellence, and Impact
From a single interior design company to a multisector empire, Til Group’s journey is a testament to strategic vision, resilience, and a relentless pursuit of excellence. Under Mujahid’s leadership, the company continues to expand, innovate, and set new benchmarks in food production, design, construction, and global trade.
“Our story is about growth, impact, and transformation. We started with a passion for design, and today, we are shaping industries and changing lives across multiple sectors,” Mujahid affirms.
As Til Group enters its next phase of expansion, the company remains committed to its core values of innovation, sustainability, and economic empowerment, ensuring that its legacy continues for generations to come.

*About Til Group*
Til Group is a diversified Nigerian conglomerate with subsidiaries in food production (Til Foods), interior design (Til Interiors), construction (Til Construction), and global trade (Til Global). The group is dedicated to driving industrial and economic growth through innovation, sustainability, and excellence.

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TRANSCORP POWER RELEASES UNAUDITED RESULTS FOR THE Q1 ENDED 31 MARCH 2025

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TRANSCORP POWER RELEASES UNAUDITED RESULTS FOR THE Q1 ENDED 31 MARCH 2025

 

 

 

Transcorp Power Plc (NGX: TRANSPOWER), one of the power subsidiaries of Africa’s leading and listed conglomerate, Transnational Corporation Plc (“Transcorp Group”), has announced its unaudited results for the first quarter ended March 31, 2025.

 

Key Highlights:

 

  • Robust Revenue Growth

 

o    An impressive 55% year-on-year increase in revenue, rising from 67.9 billion to 105.4 billion.

 

o    This strong performance was primarily driven by an increased available capacity of 625MW compared to 500MW in Q1, 2024. This growth has been achieved notwithstanding the liquidity challenges in the sector, showcasing our commitment to closing the power supply gap in the country. 

 

  • Significant Growth in Profit Before Tax

 

o    Profit before tax grew by 50%, from 28.8 billion in Q1, 2024 to 43.3 billion in Q1, 2025.

 

o    This substantial growth reflects not only higher revenues but also continued improvements in cost efficiency and operational excellence.

 

 

MD/CEO of Transcorp Power Plc, Peter Ikenga, comments:

 

“We delivered a strong performance in Q1 2025, reflecting our disciplined execution, reliable operations, and unwavering focus on efficiency. Despite the challenges impacting the sector, we continue to optimise our generating capacity from 500MW in Q1 2024 to 625MW in Q1 2025. We remain firmly committed to delivering long-term value for our shareholders while powering progress across Africa”.

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Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

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Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

The Governor of Ogun State, Prince Dapo Abiodun, CON, has congratulated real‑estate titan Aare Adetola EmmanuelKing, Chairman and CEO of ADRON Homes & Properties, on his 50th birthday.

“Reaching fifty in good health and remarkable professional standing is a testament to God’s grace,” the governor said.

Governor Abiodun lauded Aare Adetola’s “exceptional journey and unwavering commitment to excellence,” noting that ADRON Homes has expanded under his leadership from modest beginnings to a leading national developer that has broadened access to home-ownership for countless Nigerians.

“As governor of your home state, I am proud of your accomplishments,” Governor Abiodun added.

The Governor highlighted Aare Adetola’s deep‑rooted investment in people and the local economy, describing it as a reflection of faith in Nigeria’s limitless potential. He credited the celebrant’s “strategic foresight and community‑driven initiatives” with lifting the country’s real‑estate sector to new heights.

On behalf of his family and the people of Ogun State, Governor Abiodun wished EmmanuelKing continued health, wisdom, and impact, extending heartfelt congratulations to his family, friends, and associates on this golden jubilee milestone.

Ogun State Governor Dapo Abiodun Salutes Aare Adetola EmmanuelKing at 50

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