
News
Nigeria, three others top World Bank debtors’ list
Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.
The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.
However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.
This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.
This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.
The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.
It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.
Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.
The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”
However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.
The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.
Economists have also raised concerns over the rising debt profile of the Federal Government.
The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.
He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.
“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.
“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”
A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.
According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.
In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.
According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.” (PUNCH)

News
Pastor sentenced to life imprisonment for raping church member’s daughter
An Ikeja Sexual Offences and Domestic Violence Court on Thursday sentenced a 63-year-old pastor, Chris Mcdouglas to life imprisonment for raping his 18-year-old church member’s daughter, (name withheld).
Justice Rahman Oshodi sentenced Mcdouglas, a pastor at the Peculiar Generation Assembly Church, Lagos, to life imprisonment after he found him guilty of rape.
The judge, however, discharged him of six-count-charge out of the nine-count-charge, bothering on defilement, sexual assault, indecent treatment of a child brought against him by the Lagos State Government.
Oshodi, in his judgment on Thursday, held that the prosecution had successfully proved the charge of rape against the pastor.
Oshodi described the offence as a grave betrayal of trust that left the survivor with lasting psychological trauma.
The court found that the cleric, regarded within his congregation as a “spiritual father” exploited his position of authority to sexually abuse the survivor.

According to the court, the abuse is not an isolated incident but part of a pattern of manipulation and coercion.
Evidence before the court showed that the survivor reported the incident to the police shortly after it occurred, leading to an investigation and eventual prosecution.
“The impact on the victim has been devastating, particularly given the trust reposed in you as a religious leader.
“This court reject any suggestion that the relationship was consensual as the victim was a minor at the time the incident happened and she cannot give valid consent.
“Testimony also revealed that the victim’s mother confronted the cleric at the church after learning of the abuse, further underscoring the breach of moral and spiritual responsibility,” Oshodi said.
During the trial, the court heard evidence of the devastating impact the abuse had on the victim.
She reportedly suffered depression and experienced recurring suicidal thoughts, pointing to the lasting emotional damage caused by the incident.
The court scrutinised testimonial, medical and electronic evidence presented by the prosecution, alongside objections raised by the defence under the Evidence Act 2011.
The defence had urged the court to reject a medical report and related police referral documents, arguing non-compliance with statutory provisions.
The court agreed in part, holding that certain documents were improperly admitted and should be discountenanced.
However, it ruled that the oral testimony of the medical expert remained admissible and could stand independently.
Citing precedent, the judge held that expert testimony may still carry weight even where accompanying documentation is flawed.
The court found credible and corroborated evidence supporting allegations of abuse at a family residence and a hotel between September and December 2017.
“The victim gave a detailed account of an initial incident in September 2017, describing how she was a drugged and raped by the defendant and her testimony was corroborated with her mother’s, who observed physical distress shortly after the incident.
“The defendant also confirmed to the court that he took the survivor to hotels on several occasions,” Oshodi said.
The court consequently convicted the pastor on the charge of rape and sentenced him to life imprisonment.
The court also ordered that the convict’s name should be written in Lagos State Sexual Offences Register.
The News Agency of Nigeria (NAN) reports that the prosecution, led by the Director of Public Prosecution (DPP), Dr Babajide Martins, called five witnesses while Defence Counsel, Mr Yusuf Nurudeen also called five witnesses during trial. (NAN)

News
Gov Mbah Bags Medical and Health Workers Union’s Award for Giant Strides in Healthcare
…Mbah: Why we allocated 50% of Enugu budgets to health and education in 3 years
The Medical and Health Workers’ Union of Nigeria (MHWUN) has presented an Award of Distinguished Leadership and Outstanding Contributions to Healthcare Delivery to Enugu State Governor, Dr. Peter Mbah, describing him as a leader who has made “a real and measurable difference in the lives of health workers and the citizens of Enugu State.”
The award was presented to the Governor by the National President of MHWUN on behalf of the Enugu State Council of MHWUN and union representatives at Government House, Enugu, on Wednesday evening.
The Union predicated the award on what it described as massive infrastructural transformation in the health sector, including the construction of 260 Type 2 Primary Healthcare Centres across the 260 political wards of the state, the nearly completed 300-bed ultramodern Enugu International Hospital, and the revamping of secondary healthcare facilities.

They also hailed the governor for extensive reforms in the health sector and the turnaround in the welfare of health workers in the state.
“In the area of health workers’ welfare, which is of direct and critical interest to our union, Your Excellency approved the full, 100 per cent, implementation of the Consolidated Health Salary Structure (CONHESS) for medical and health workers, a long overdue step that has brought relief and dignity to our workers.

“Your government also approved a consequential adjustment for Enugu State workers, a gesture that has given our members the encouragement to be more productive and dedicated to their work.
“You recruited 2,500 health workers to address identified personnel deficits and have sustained training and capacity building programmes to sharpen the competences of existing staff.
“Equally noteworthy is the prompt and consistent payment of salaries, an act that may seem routine in an ideal world, but which, in the Nigerian reality, represents exceptional governance and compassion,” the Union stated.
The workers commended Governor Mbah for strengthening immunisation programmes, expanding antenatal and family planning services for women, and introducing free daily balanced meals for 300,000 schoolchildren in the Smart Green Schools.
They noted that Mbah’s “uncommon transformation” in the health and education sectors has attracted the partnership of the World Health Organisation (WHO), both of whom have publicly commended his commitment to health sector reform and investments.
“These are not merely domestic accolades; they are global endorsements of your leadership,” the Union added.
The State Chairman of the Enugu State chapter of MHWUN, Dr. Nnenna Oraedu, pledged the health workers’ continued partnership and cooperation with the Mbah administration in pursuit of a healthier, more prosperous Enugu State.
Speaking, Governor Mbah said his administration was well aware of the central place of a healthy population and workforce in his drive to grow Enugu State’s economy from $4.4 billion to $30 billion.
Consequently, he said the administration had budgeted/spent over 50 per cent of the state’s total budget in three budgetary cycles on education and health.
“We looked at our maternal mortality, infant mortality and under-five mortality rates, we knew immediately that we needed to address the preventive medical subsector aggressively, which was why we constructed 260 Type 2 Primary Healthcare Centres across the 260 wards.
“Just this morning, we approved a sum of about N4 billion to equip an additional 100 primary healthcare centres. We are going to add an additional 100 to what is currently operational, taking the number to about 200 fully operational primary healthcare centres. We hope that before the end of May, the 260 Type-2 Primary Healthcare Centres will be fully operational,” he stated.
He said that his administration was spending heavily on transforming the Enugu State University Teaching Hospital, Park Lane, the State University of Medical and Applied Sciences, the Colleges of Nursing, and the construction of the 300-bed Enugu International Hospital, because health is wealth.
“We are now attending to 54 general and cottage hospitals. We are upgrading some of the cottage hospitals to general hospitals,” he stated.
Mbah accepted the award with gratitude, dedicating it to his team, saying, “we are nothing without our team.”
“I want to, on behalf of my team, also assure you that this award will not make us rest on our laurels; it will rather spur us to work harder.”
Also, reacting to some of the major challenges listed by MHWUN Enugu State, Mbah donated an operational bus to the Union.

News
Billionaire trader Habby Forex hospitalized in Canada, undergoes surgery
Award-winning Nigerian forex trader, Damilare Ogundare, has been hospitalized in Canada after a sudden medical emergency.
The trader, widely regarded as one of the highest-earning figures in Africa’s forex space, had reportedly left Nigeria just days earlier in good health before the unexpected incident occurred.
Sharing an update via his Instagram page on April 16, 2026, 25-year-old Habby Forex disclosed that he was feeling fine and active upon arriving in Canada when he suddenly developed complications that led to his admission into the emergency unit.
According to him, the situation escalated quickly, requiring urgent surgical intervention to save his life.
He revealed that he was taken into the surgical ward shortly after arriving at the hospital, where doctors carried out the necessary procedure.
Despite the scare, the forex trader expressed gratitude to God for his survival and also appreciated the Canadian healthcare team for their swift response and professionalism in handling the emergency.

HabbyForex informed his fans that he will be trading in Canada for a while now till he fully recovers.
He wrote; “I was fine and active as usual… suddenly in the ER needing emergency surgery to save my life ,Still unbelievable. I survived this , Thank you GOD & Thank you to the Canadian healthcare team 🇨🇦. Everything in life is a risk , trading from here for now stay active on telegram 📈🔐. Thanks to everyone checking up on me , ❤️❤️🙏.”
See the post below;
View this post on Instagram
A post shared by Damilare Ogundare (@habbyforex_)
His post has since drawn reactions from fans and celebrities, many of whom have taken to social media to wish him a speedy recovery.
Reacting, Don Jazzy wrote, “Ahh get well soon bro.”
goldtradernoelreys commented, “Thank you God, get well soon Ogo ❤️💪 You’re healed 🙏🏽.”
smart_money_rich shared, “God is GOOD. Your recovery is swift 💜💜.”
pickpipsfx shared, “The Lord Almighty is the strength of your life, @habbyfx_academy … Quick recovery Boss 💪💪.”
ganajoshua_danlami uttered, “By his stripes you are healed Brody 🙏🏽❤️ Thank God for life 🙏🏽.”
blaqmayor_ shared, “Quickest recovery biggest na star you be dem Dey shine forever 🙏🏽🙏🏽 God is the greatest.”
thetdo reacted, “God of mercy. Get well soon Fx prof.”
In similar news, A debate has erupted online after award-winning Nigerian forex trader, Habby Forex boasted about having more expensive wristwatches in Nigeria.
Don Jazzy challenged the claim and urged the trader to rank Afrobeats superstars Burna Boy and Davido ahead of him in terms of expensive wrist watches.
Don Jazzy’s reaction has since sparked widespread reactions, with many netizens echoing his stance and questioning the trader’s comparison, particularly highlighting Burna Boy’s global success and financial strength.

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