
News
CBN has no magic wand to stabilise Naira — Cardoso
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex bank does not have a magic wand to stabilise the Naira against other currencies, especially the Dollar.
The Governor of the apex bank said this on Friday in Abuja amid the steady decline in the value of the Naira.
He spoke during a meeting of the Economic Team with the Senate Committees on Finance, Appropriations, Banking, Insurance and Other Financial Institutions
Cardoso said: “The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira.
Excessive love of football, manifestation of weak faith, by Ishaaq Muhammad Jaamiu
CBN assures of stability in foreign exchange rate

“Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.
“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets.
“This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations and adjusting the remunerable Standing Deposit Facility cap among others.
“Our measures aimed at improving USD supply into the Nigerian economy, have significant potential in taming the volatility of the exchange rates.
“However, for these measures to be sustainable, we must as a country, moderate our demand for FX.
“It is also clear that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself.
“It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.”
On the inflation rate, Cardoso said: “Distinguished Senators, inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.”
News
‘Tinubu has called me, congratulated me,’ Adeleke says after Osun Re-election Victory
• Adeleke of the Accord Party, polled 511,067 votes to defeat APC’s Oyebamiji, who scored 444,815 votes
Osun State Governor, Ademola Adeleke, has revealed that President Bola Tinubu called and congratulated him shortly after he was declared winner of the August 15 governorship election.
Adeleke made the disclosure while speaking to journalists on Sunday after the Independent National Electoral Commission (INEC) declared him winner of the election.
He thanked President Tinubu for congratulating him, saying the president had contributed to the sustenance of democracy.
“I feel great. First of all, I thank the God Almighty for what has happened today. It’s a victory for democracy in Nigeria,” And, of course, I want to seize the opportunity to thank Mr President. Mr President has called me, and he has congratulated me, and I thank you, Mr President, for making sure democracy lives on because you fought for it, Mr President,” the governor said.
President Tinubu and Governor Adeleke have maintained a pragmatic relationship despite belonging to rival political parties. Despite their political differences, both leaders have maintained a cordial relationship, with Adeleke making high-profile visits to Tinubu and the President engaging with the Osun governor.

Victory for Osun people, Olive Branch
Speaking further, Adeleke said the result represented a victory for the people of Osun, who, according to him, had endorsed his administration’s performance in office.
“A victory for democracy. A victory for Osun people that stood by me and said, Imole, you have done a lot for us. You have given us the dividends of democracy in terms of infrastructure, improving our education, agriculture and so forth. So this is the Osun people saying, ‘Thank you, Mr Governor,’” he said.
The governor, who secured a second term after defeating his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), said his administration would focus on transforming Osun from a civil service-dependent state into an industrial hub.
“I will repay that thank you by making sure that I have a vision. My vision is to make sure that Osun State moves from a civil servant state to an industrial state. I will make sure, all across Osun State, development is on. I love you all, Osun State,” Adeleke said.
Adeleke also extended an olive branch to his opponents, describing the election as a contest without a victor or vanquished.
“Yes, this is no victor, no vanquished. I want them to come over. I’m expecting Oyebanji, even as a civilised person, to call me and congratulate me,” he said.
Asked whether he had ever feared that the election could go against him, Adeleke replied: “No. I have a God. I have a God who never fails.”
News
Osun: When the people stand, democracy wins, says Obi, congratulates Adeleke
The presidential candidate of the National Democratic Coalition (NDC), Peter Obi, has congratulated Osun State Governor, Ademola Adeleke, on his re-election, describing the outcome of the governorship poll as a victory for democracy and the people.
The Independent National Electoral Commission (INEC) on Sunday morning declared Adeleke of the Accord Party as the winner of the 2026 Osun State governorship election.
Announcing the final results, INEC Returning Officer, Prof. Joshua Ogunwole, the Vice- Chancellor of the Federal University, Oye-Ekiti declared Adeleke winner and returned him elected.
Ogunwole announced that the Accord Party candidate secured 511,067 while his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC) recorded 444,815 votes.
Adeleke trounced his major opponent with 66,252 votes amid wild jubilation by party supporters and other residents.

Reacting in a statement on his official X account, Obi said the people of Osun had spoken clearly through the ballot, while commending citizens, particularly youths, for defending their democratic mandate.
“I warmly congratulate Governor Ademola Adeleke on his re-election and the good people of Osun State on this important democratic victory,” Obi said.
“They, the people of Osun, have spoken with courage and clarity, reaffirming that the power to choose their leaders belongs to the people.
“Through his commitment to the people, compassion for their needs, and the strength of his work and achievements in office, Governor Ademola Adeleke has earned their renewed confidence and been entrusted once again with their mandate.
“I particularly commend the courageous youths of Osun who rose to the occasion and peacefully defended their democratic mandate.
“Their vigilance and determination demonstrate that when citizens stand firmly to protect their votes, the forces of good can overcome the forces of darkness.
“The lesson from Osun is clear: democracy is strongest when citizens are alert, conscious of their civic responsibility, and determined to ensure that their votes count.
“Every genuine vote must be respected, and every lawful mandate must be protected. This is also a clarion call as we approach 2027. Nigerians must remain informed, participate actively, vote, and protect their votes.
“The Nigerian people are the ones experiencing hunger, deprivation, insecurity, and hardship; therefore, they are also the ones with the power, through their votes, to bring about the change that will end these conditions.
“I urge all political actors to place the interests of the people above partisan considerations and to embrace peace, unity, and the rule of law.”
Obi warned that elections should never be battles of violence, but contests of ideas, competence, character, and service.
“May the Osun experience strengthen our confidence in the democratic process and inspire Nigerians everywhere to remain vigilant and committed to building a just, secure, prosperous, and truly people-centred nation. A New Nigeria is possible,” the former Governor of Anambra State added.
News
BREAKING: INEC declares Adeleke winner of Osun gov election
Osun State Governor, Ademola Adeleke, was on Sunday declared elected, having won 19 out of the 30 local government areas in the governorship election held across the state on Saturday.
The State Returning Officer, the Vice-Chancellor of the Federal University, Oye Ekiti, Prof Joshua Ogunwole, declared the result of the poll at about 7:24 am on Sunday.
Adeleke polled a total of 511067 votes to emerge victorious in the contest.
Ogunwole subsequently returned the governor to office for another term.
The incumbent Osun governor, who contested the poll on the platform of the Accord, defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, who won in 11 LG areas of the state.

While Adeleke won in Ede North, Ede South, Ejigbo, Iwo, Egbedore, Ife North, Ife East, Ife Central, Oriade, Ifelodun, Orolu, Ayedaade, Ayedire, Odo Otin, Boluwaduro, Ilesa West, Ifedayo, Osogbo and Ayedire local government areas.
Oyebamiji, however, won in Irewole, Isokan, Olorunda, Atakumosa East, Atakumosa West, Ilesa East, Boripe, Irepodun and Obokun local government areas.
Declaring the results, Ogunwole said, “Accredited voters, 1010684, total votes received by political parties, A, 511067, AA, 2308, AAC, 1458, ADC, 17180, ADP, 2946, APC, 444815, APGA, 1475, APM, 234, APP, 114, BP, 111, NNPP, 118, PRP, 83, SDP, 155, YPP, 534, ZLP, 2482, total valid votes, 985079, rejected votes, 207, total vote cast, 1,005,800.”
After agents of the political parties have signed the results of the election, the Returning Officer declared Adeleke of the Accord as the winner of the poll.
“That Ademola Nurudeen-Jackson Adeleke having satisfied the requirements of the law is hereby declare the winner of the August 15 Governorship election and returned elected,” Ogunwole said.
The candidate of the African Democratic Congress in the poll, Najeem Salaam, came third in the poll.
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