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Why Ethiopia, Nigeria Swapped $100M
Why Ethiopia, Nigeria Swapped $100M
The central banks of Ethiopia and Nigeria have swapped USD 100 million in blocked funds as both countries struggle with severe shortages of hard currency.
The currency deal involves swapping revenues of Ethiopian Airlines from Nigeria and earnings of Dangote Cement in Ethiopia, as the two companies struggled to repatriate profits amid forex shortages in both countries.
The swap arrangement enables Ethiopia to access funds blocked in Nigerian banks, while Nigeria gains access to money held up in Ethiopia.
Ethiopian Airlines is the largest foreign carrier operating in Nigeria, with extensive flight networks spanning major cities like Lagos, Abuja and Kano.
The airline benefits from strong demand from Nigerian travelers going abroad but much of its revenue has been blocked as Nigeria struggles with critical shortages of foreign exchange, making swapping the last resort.
Dangote Cement has been a major player in Ethiopia’s construction sector for over a decade. The company has the capacity to produce 2.5 million tons of cement yearly.
However, as Dangote became unable to repatriate its profits in Ethiopian currency, money began piling up within the country, according to company sources.
With funds stuck in Ethiopia, the central bank finally offered Dangote a currency swap proposal, allowing it to exchange its excess Ethiopian birr for USD held by overseas firms operating in Ethiopia.
Officials say the currency swap allows Ethiopia to access funds blocked in Nigerian banks – including large amounts owed to Ethiopian Airlines – while Nigeria gains access to Ethiopian funds through Dangote Cement, a major Nigerian firm operating in Ethiopia.
Sources at the Central Bank of Ethiopia confirmed it had reached an agreement with its Nigerian counterpart to conduct a “temporary swap of foreign currencies.”
Aviation sources say Ethiopian Airlines exchanged USD 100 million of the USD 180 million in blocked funds in Nigeria for birr from Dangote Cement.
“The National Bank will pay us the equivalent swapped amount in birr,” Ethiopian Airlines CEO Mesfin Tassew told The Reporter, adding there are no plans to swap the remaining amount.
Sources say Dangote still has over USD 200 million unrepatriated from Ethiopia.
Nigeria has faced a critical shortage of foreign currency reserves recently.
The central bank of Nigeria has had to ration dollars to reduce the strain on its reserves, which fell from a peak of USD 62 billion 15 years ago to around USD 36.6 billion in December. This followed a drop in crude production in Africa’s largest oil producer due to rampant theft, vandalism and declining investment.
Ethiopia’s foreign exchange shortage has reached critical levels, making it difficult for the country to import essential goods like pharmaceuticals and industrial inputs. Ethiopia’s forex reserves are insufficient to cover even one month of imports.
The dearth of hard currency has also discouraged much-needed investment in Ethiopia, forcing the National Bank of Ethiopia to introduce reforms aimed at easing the constraints facing investors.
The central bank has now begun providing guarantees allowing investors willing to invest in key sectors through public-private partnerships with the Ethiopian government to repatriate their profits.
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CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023
CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023
By: Boye Ola
The Centre for Responsible Governance (CRG) has called on political actors and interest groups to desist from what it described as needless witch-hunting of the Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, following renewed controversies surrounding his National Youth Service Corps records.
The organisation noted that the clarification by the National Youth Service Corps (NYSC) regarding the matter is not a recent development, as a formal verification letter had already been issued as far back as May 23, 2023.
The letter, referenced NYSC/CCD/VER/10/5.1/VOL1/02, had already addressed and cleared the questions surrounding the Deputy Speaker’s NYSC records.
Reacting to the renewed debate, the spokesman of the Centre,
Obande George, said it was troubling that issues which had already been clarified by a competent national institution were being resurrected for political purposes.
According to him, the time has come for political actors to move away from destructive engagements and concentrate on building the nation.
“It is important to note that the NYSC had already issued a verification letter dated May 23, 2023 addressing the matter.
Reopening issues that have already been clarified by a competent authority suggests that some individuals are more interested in political witch-hunting than in national progress,” George said.
The CRG stressed that democracy thrives when institutions are respected and their determinations are accepted in good faith rather than constantly questioned for political advantage.
George also commended the Deputy Speaker for demonstrating maturity and composure throughout the controversy, despite what he described as sustained provocations.
“Honourable Benjamin Kalu has shown remarkable calm and maturity in the face of intense public scrutiny and political provocation.
Instead of engaging in unnecessary public confrontation, he allowed institutions to speak through their records.”
The Centre warned that Nigeria’s political culture must evolve beyond constant character attacks and sensational allegations, which often distract public officials from their responsibilities.
According to the organisation, the country’s development requires constructive engagement among political actors rather than continuous attempts to discredit opponents.
“Nigeria cannot move forward if political energy is constantly spent on digging up allegations and amplifying rumours. Our leaders and political actors must redirect their focus to governance, policy and nation building.”
CRG therefore urged Nigerians to rely on verified information from credible institutions and avoid spreading speculative claims that could damage reputations or destabilise public discourse.
The organisation reiterated that respect for due process and institutional integrity remains essential for strengthening Nigeria’s democracy.
@The Centre for Responsible Governance, Email: [email protected], Instagram: crgngo6, Twitter: crgng06, Threads: crgngo6
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IWD 2026: Ajadi Celebrates Women, Urges Them To Seek More Elective Positions In Future Elections
IWD 2026: Ajadi Celebrates Women, Urges Them To Seek More Elective Positions In Future Elections
A Leading People’s Democratic Party, (PDP) Governorship Aspirant in Oyo State, Ambassador Olufemi Ajadi Oguntoyinbo has felicitates with women in the country on the occasion of this year’s International Women’s Day.
The international Women’s Day is celebrated on 8 March, commemorating women’s fight for equality and liberation along with the women right’s movement. It gives focus to issues such as gender equality and reproductive rights. International Women’s Day originated from labour movements in Europe and North America during the early 20th century.
In a statement issued on Sunday to commemorate this year’s edition of the International Women’s Day, Ajadi said the role of the women in nation building cannot be over emphasised.
He recalled the role played by prominent Nigerian women like Mrs Funmilayo Ransome- Kuti, Margaret Ekpo and Wuraola Esan towards the liberalization and the growth of the country and urges women to follow their footsteps by not only participate in the political process but seek more elective positions.
He urges the political leaders to encourage and give more chances to women for them to contest and occupy elective positions in the country.
Ajadi also called for more respect for women, saying they are definitely behind whatever success recorded by the menfolk.
He said domestic violence against women should be stopped, saying they deserves respect for their role in moulding the future leaders.
According to the statement, “I celebrate and congratulate our women on this year’s occasion of International Women’s Day. We cannot underestimate the role played by our women both at home, in the social circle and in politics. They deserve more respect.
“I equally called on them not only to be a passive participants in politics but to determine to seek more elected positions in future elections. They should aspire more from the position of dancing and singing at campaigns to seek more elective positions. The ratio of men to women in elective positions in the country is embarrassing. Women should stand up and fight for more elective positions.
“I also use the occasion of this year’s Women’s Day to appeal to Nigerians to stop domestic violence against the women. If we treat our women well, our country will witness unprecedented developments”.
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International Women’s Day 2026: Adron Homes Champions Women’s Leadership and Inclusive Growth
International Women’s Day 2026: Adron Homes Champions Women’s Leadership and Inclusive Growth
As the world marks International Women’s Day 2026, Adron Homes and Properties has reaffirmed its commitment to empowering women with meaningful opportunities to serve, lead, and shape the future of Nigeria’s real estate landscape.
Observed globally on March 8, this year’s theme, “Give To Gain,” calls for intentional investment in women through access to resources, education, mentorship, and leadership platforms. The message is clear: when women are empowered, organizations prosper, communities flourish, and nations grow stronger.
In line with this vision, Adron Homes highlighted its people-first culture, which promotes gender inclusion at all operational levels. From executive management and regional administration to marketing leadership, client experience, and field operations, women continue to play strategic roles in driving the company’s growth and service excellence.
According to the company, creating pathways for women to lead is not just a policy direction but a proven strategy that fuels innovation, strengthens decision-making, and deepens stakeholder trust.
Adron Homes also highlighted its internal capacity-building initiatives designed to equip female professionals with the skills and confidence needed for greater responsibility. Through structured mentorship, leadership exposure, and performance-based advancement systems, the organization continues to raise a new generation of women leaders within the property sector.
Delivering a message to commemorate the day, the Executive Vice Chairman, Olori Aderonke Emmanuelking, emphasized the company’s enduring commitment to inclusive progress:
“The theme ‘Give To Gain’ speaks to a principle we strongly believe in at Adron Homes, empowering women is an investment with lasting returns. When women are supported to lead and succeed, the impact goes beyond the workplace; it transforms families, industries, and society at large. We remain committed to building systems that help women rise and thrive.”
The company noted that its celebration of International Women’s Day reflects a broader mission, developing not only thriving residential communities but also a workplace culture where talent is recognized without bias and leadership opportunities are accessible to all.
As Adron Homes continues its expansion drive, it remains steadfast in fostering an environment where women are encouraged to contribute meaningfully, lead confidently, and grow sustainably.
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