General News
Soludo Explains Reasons behind Naira Crash
Prof. Charles Soludo, Governor of the Central Bank of Nigeria (CBN) last week told a charged senate session that the recent devaluation of naira was a deliberate policy of the nation’s apex bank to further shield the economy from the financial crisis and that there was no need for panic.
Soludo said that CBN would only insist on stable exchange rate and not fixed exchange rate as most would want.
Soludo, s appearance before a charged senate followed a motion by Ike Ekweremadu, the deputy senate president and 23 others drawing the attention of the senate to a continued decline in the value of naira
The CBN boss was summoned alongside other members of the economic team including Dr Samsudeen Usman, the finance minister to brief the senate on the sad trend
Senate in a dramatic twist refused to take on the finance minister who was the leader of the team and instead asked the team to go after over two hours briefing by Soludo.
It would be recalled that senate had recently asked the finance minister to apologize to it over his recent claim that the delay in the passage of the 2008 budget by National Assembly was responsible for the poor implementation of the estimate
But Ayogu Ezeh , spokesman of the senate said that the senate decided to take on only Soludo because of the subject matter which is crash of the naira . Soludo at the briefing said there was no cause for alarm insisting that the country has not been hit by the financial crisis even as he admitted that the economy could be affected by the crash in the price of crude oil at the global market.
Again he said that the weak naira or exchange does not suggest weak government or weak economy
Responding to questions yesterday on the naira drop Soludo said ‘I want to submit that this was carefully thought through and deliberately implemented in order to ensure that you maintain an internal and external balance for the economy. The economic of exchange rate is such that in a world where you face any fracture on your balance of payment, especially thought he external sector, especially since we experience much of the later part of this year, declining oil prices which account for 95 percent of our foreign exchange.
Every country that experiences that, you have two options: you either allow the prices to adjust by way of exchange rate or quantities would adjust. The quantity that will adjust would either mean that you cut down on domestic consumption, domestic investment and government spending in order to retain pressure on the external sector or you allow the price to do the readjusting. Generally, the exchange rate responds to several factors. Currently we operate a flexible exchange rate regime as most economies of the world. This actually determines by the demand and supply in the market. If you have an increasing supply of foreign exchange, the exchange rate appreciates. If there is a declining supply and the demand is still up there or rising, you have depreciation. There quite a number of factors that could lead to the demand in foreign exchange, including the liquidity condition in the economy induce by money supply, government spending the net capital flows, the level of their foreign reserves and the rates at which it grows, domestic productivities and that will actually increase your exports and import. The global shock that we have experienced like we did mention in our last presentation before this House, the major channel of effect on Nigeria would be the declining oil price and therefore what could put pressure on the foreign reserve and the exchange rate and if care is not taking, it could go via the fiscal sector down to the financial sector if not managed. But we hope that that we not happen. Look around the world today, because of our declining commodity prices, declining trade, and therefore declining foreign exchange earning by most stable country in the world. Whether or not they are experiencing financial crisis, there are many countries in the world that do not have financial crisis and are not experiencing financial crisis including Nigeria . However, these countries as well are experiencing declining commodity prices and therefore declining export earning. Therefore their earnings of foreign exchange declining. In almost all of these countries today, with little or no exception, the exchange rate under a flexible exchange rate regime is the variables that do the adjustment. I have with me here a table of countries, even here in Africa, with the largest level of reserves such as Algeria , Algeria has the largest level of reserves in Africa . As 2007 it had about 110 as at September this year it has 130 billion dollars but its exchange rate has also depreciated and you take them all from the emerging market, most of them whether it is Malaysia, Thailand or Brazil, India Russia, Indonesia, Philippines, South Africa all down the line with even higher level of diversify export structure, most of these countries are not having any financial crisis.. But it is simply that the global trading regime has altered and therefore the variables that you allow to adjust is the exchange rate and Nigeria happen to be one of such countries. Nigeria is not having a financial crisis but the global financial crisis impact on the Nigeria economy through the declining oil and therefore the declining squeeze the reserves. There is as we operate a flexible exchange rate like I said, that is the variable that is expected to do the adjustment. If you recalled Mr. President, Distinguish Senators, this is not the first time that Nigeria is experiencing the most significant shock occurred late 1981 through early 1982 and the differences between then and now interms of the economy is about three four key areas: the first is that then we had high external debt relative to GDP, relative to government expenditure.. Now we don’t have it. Then we had fragile financial banking system that most of the banks owned by the government lack depth, just too fragile to take up the flak between then and now. Today we have a stronger banking sector that grant credit, the total credit. The total credit granted as at the end of September to the private sector was indeed larger than the Federal government expenditure.
Breathe Life Foundation partnered with Teach Nigeria Fellow, Ms Bunmi Rotimi, to deliver a respiratory health awareness session for over 200 senior students of Cleggs Girls High School, Surulere, Lagos.
The session equipped students aged 15–19 years with practical knowledge about the risks associated with smoking, vaping, and shisha, while challenging the misconception that shisha is a safer alternative to cigarettes or other substances.
Through an engaging and interactive discussion, students explored the influence of peer pressure and learned practical strategies for making healthier, more informed lifestyle choices.
They also gained a better understanding of common environmental triggers of asthma and other respiratory conditions, including cigarette smoke, generator fumes, bush burning, mosquito coil smoke, candles, charcoal, and firewood.
The session highlighted an important reality: young people may not always recognise how seemingly routine lifestyle choices and environmental exposures can gradually affect their respiratory health, quality of life, and long-term wellbeing.
For Breathe Life Foundation, this reinforces the importance of shifting the conversation from treatment to prevention through awareness and education. By equipping young people with the knowledge to identify risks and make healthier choices early, the Foundation is helping to build a generation that is more conscious of – and better prepared to protect – its respiratory health.
Breathe Life Foundation is dedicated to advancing respiratory health, an often-neglected public health priority. Healthy lungs are essential to life, yet respiratory diseases remain among the world’s leading causes of death and disability, even though many are preventable and treatable.
Nigeria’s technology retail landscape reached another significant milestone on Monday, August 3, 2026, as global technology giant ASUS, in partnership with Konga, officially commissioned its first flagship experience store in West Africa.
Strategically located at 16 Otigba Street, Computer Village, Ikeja, Lagos; the heartbeat of Nigeria’s technology ecosystem, the state-of-the-art facility represents a major investment in customer experience, product accessibility, and digital innovation.
The launch also reinforces Konga’s growing reputation as a preferred gateway for leading global technology brands into the Nigerian market.
The landmark event attracted Dr Kingsley Tochukwu Udeh, SAN, minister of Innovation, Science and Technology, who officially commissioned the store.
Also in attendance were the Chairman of Zinox Group, Leo Stan Ekeh; Chief Operating Officer of Konga, Dave Omoregie; VP Omni-channel & Commercial Planning, Melvin Onochie; and Head of Marketing and Communications at Konga Group, Victor Oluwaleye.
The ASUS team was led by E.EMEA General Manager, Aaron Tsai, alongside Business Development Manager, Sunnie Chen; Sales Manager, Mohammed Kazim; Gaming Product Manager, Joy Chen; Marketing Manager, Adeola Odeleye; and Sales Specialist, Williams Okenna.
The Honourable Minister described the facility as a defining achievement for Nigeria’s digital economy, noting that it is far more than the opening of a retail outlet.
He called it a strong vote of confidence by a global technology brand in Nigeria’s innovation, science, and technology ecosystem and the immense potential of its market.
He noted that his presence underscored the Federal Government’s commitment to fostering stronger collaboration between the public and private sectors, describing such partnerships as essential to achieving Nigeria’s ambition of building a one-trillion-dollar economy driven by private enterprise and enabled by government.
The Minister paid tribute to Leo Stan Ekeh, describing him as one of the foremost architects of Nigeria’s digital transformation.
He announced that Ekeh had recently agreed to champion the Federal Government’s Youth and Students in Innovation initiative, a flagship programme aimed at equipping young Nigerians with entrepreneurial and technology skills.
According to him, Ekeh’s decades of visionary entrepreneurship have played a pivotal role in shaping the country’s technology ecosystem and attracting prominent technology companies into the Nigerian market.
Using the occasion to address the international business community, the Minister encouraged global investors and brands to look beyond establishing commercial operations in Nigeria and actively partner with the government in driving national development.
He assured investors of the Federal Government’s commitment to creating an enabling environment that safeguards investments and delivers sustainable returns.
Speaking at the event, ASUS E.EMEA General Manager, Aaron Tsai, expressed appreciation to partners, government representatives, and customers for their support.
He explained that the flagship store was conceived to provide consumers with direct access to authentic ASUS products, and expressed confidence that the partnership with Konga will further accelerate the brand’s growth and strengthen customer engagement in the region.
The experience centre features dedicated sections showcasing ASUS’ complete portfolio of premium laptops, gaming devices, AI-powered PCs, and cutting-edge innovations. A standout attraction is an interactive digital display that allows visitors to explore ASUS’ latest technologies virtually before making purchase decisions, creating a more engaging and informed customer journey. Plus, every ASUS device purchased through the flagship store or online on Konga comes with a special one-year replacement warranty at no extra cost.
In his remark, Chief Operating Officer of Konga Group, Dave Omoregie, said the flagship store reflects Konga’s deliberate strategy to give Nigerian consumers a seamless blend of online and offline retail.
He noted that Konga’s logistics network, payment infrastructure, and nationwide retail footprint uniquely position the company to support global brands like ASUS at scale, while ensuring customers enjoy authentic products backed by reliable after-sales service.
According to him, the partnership demonstrates what becomes possible when world-class technology brands trust Nigerian platforms to deliver exceptional experiences, adding that Konga remains committed to setting the operational standard for authentic technology retail across the country.
The launch further reinforces the enduring partnership between ASUS and Konga, built on shared values of innovation, authenticity, and customer satisfaction.
It also highlights Konga’s continued evolution beyond traditional e-commerce into a comprehensive omnichannel technology ecosystem that combines online convenience with physical retail experiences.
For Nigerian consumers and businesses, the new ASUS Flagship Experience Store represents more than a retail outlet; it is a symbol of confidence in Nigeria’s technology market. It highlights Konga’s commitment to bridging the gap between global technology brands and Nigerian consumers. With its robust logistics infrastructure, digital payment solutions, and nationwide physical retail presence, Konga continues to set the standard for authentic, accessible, and reliable technology retail across Africa.
The flagship store opening featured guided product demonstrations, immersive technology experiences, exclusive launch-day offers and customer engagement activities celebrating this historic milestone.
Customers can begin shopping immediately at the ASUS Flagship Experience Store, located at 16 Otigba Street, Computer Village, Ikeja, Lagos. Visitors can explore authentic ASUS products, experience live product demonstrations, receive expert guidance, and access dedicated Starlink customer-support services.
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.
The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP, the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.
“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
SERAP described the Auditor-General’s findings as a serious breach of public trust.
“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.
“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.
“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.
“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.
Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.
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