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Ex-Deputy Gov CBN Says Economy Better Under PDP, Presidency Faults Claim

Published

2 years ago

January 4, 2024

The Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, and a former Deputy Governor, Central Bank of Nigeria, Kingsley Moghalu, on Wednesday, traded blame on the state of the nation’s economy under the administrations of the ruling All Progressives Congress and opposition Peoples Democratic Party.

Moghalu had claimed in a series of tweets via his X handle on Wednesday that the nation’s economic state, which had experienced a downward trajectory in the past 40 years, only saw the light of the day “briefly” under the administration of former President Olusegun Obasanjo.

Moghalu added that the improved economy was also observed during subsequent PDP-led governments of the late Umaru Yar’Adua, and Goodluck Jonathan.

The former CBN deputy governor, who served from 2009 to 2014, added that from 2015 till date, Nigeria has fallen under a “completely incompetent economic management.”

The tweet read, “Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent economic management and have not recovered.”

The political economist called on the Federal Government to lay a “real foundation for longer-term economic transformation,” while stating that “80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious..”

Moghalu noted that the presidential palliatives initiative is not a good economic tool to curb poverty, and consequently improve wealth distribution.

“Palliatives (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created,” he stated.

Moghalu, a former presidential candidate of the Young Progressives, also criticised the appointments of the nation’s economic management team, stating, “Real economic thinking is not happening, so economic transformation can’t follow. Like it or not, individuals in certain positions matter. Sanusi and Ngozi Okonjo-Iweala made a huge difference in their roles. That’s because they had capacity. Their appointments went above politics of cronyism. The results, which is what matters more than sound and fury at the end of the day, followed.”

The tweet concluded, “May we recover one day. Like it or not, appointments have real consequences.”

Reacting to the tweets later in the day, President Bola Tinubu’s aide, Ajayi, admitted that the Obasanjo-led administration from 1999-2007 truly paved the way for some economic reforms, yet “Nigeria didn’t see any progress in infrastructural development” that would have a “direct bearing on the quality of life.”

Ajayi wondered how Moghalu and some others claimed that their era in government was the “golden era of competence” in the nation’s economic management.

Ajayi lamented how Moghalu and his former principal, Sanusi, at the CBN, couldn’t explain the whereabouts of the missing $20 billion in oil revenue, adding that “hundreds of millions of dollars were looted under various guises yet Moghalu wants us to believe that that period was the gold standard in economic management in Nigeria.”

“That period till 2015 was a period of trillions of unpaid salary and pension arrears. A period when contractors were owed hundreds of billions with thousands of abandoned and uncompleted projects,” Ajayi stated.

The presidential aide also noted that since 2015, the nation enjoyed key reforms and changes under the ruling APC government, part of which were the payments of owed salaries and pensions, “massive investments in critical economic infrastructure,” and the “reconstruction of 13,000 kilometres of roads across the country out of 33,000 kilometres of Federal roads in 8 years of President Buhari.”

Ajayi claimed that during the handover of government from Jonathan to the immediate past president, Muhammadu Buhari, on May 29, 2015, Nigeria’s Gross Domestic Product “declined from 7% growth rate to 2% and Nigeria was already primed for recession which eventually happened with collapse of crude oil price.”

“It should be said too that every indices of measuring economic growth significantly declined from 2010- May 2015, a period when Moghalu was Deputy Governor at CBN,” he added.

Ajayi lamented that Nigeria’s foreign reserve dropped about 52 per cent “from the height of $60 billion to $29 billion when Moghalu was part of the ‘competent leaders’ in government and Excess Crude Account dropped from $20 billion to $2 billion at the time crude oil sold for $100 per barrel for straight 4years from 2011-2014.

“The period between 2010-2014 was when Nigeria made most money from crude oil in history yet nothing to show for it.”
PUNCH

News

JAMB Releases Results Of Mop-up Examination

Published

2 hours ago

July 6, 2025

Editor

The Joint Admissions and Matriculation Board (JAMB) has released the results of the mop-up Unified Tertiary Matriculation Examination (UTME) held on Saturday, June 28, 2025.
According to a statement issued on Sunday evening by JAMB’s spokesperson, Dr. Fabian Benjamin, results have been released for 11,161 candidates who sat for the exam out of the 96,838 candidates scheduled for the mop-up exercise.

The board, however, noted that some candidates who are unable to access their results failed to comply with the prescribed instructions.

“Candidates who are not able to access their results have been found not to have fully complied with the instruction to send ‘UTMERESULT’ (as one word text) to 55019 or 66019 using the same phone number (SIM) used during registration for the UTME,” the statement read.

JAMB urged all affected candidates to follow the correct procedure in order to access their results.

News

FG Lists Two Presidential Jet For Sale In Switzerland

Published

2 hours ago

July 6, 2025

Editor

The Federal Government has place on sale about two-decade-old Boeing 737‑700 Business Jet (BBJ) with the listing hosted by AMAC Aerospace in Basel, Switzerland.

The Presidency source said with over 19 years in service, the BBJ has become increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.

This disclosure for the sale of the Boeing 737‑700 Business Jet (BBJ) was made via a US-based aircraft listing site, The Controller: https://www.controller.com/listing/for-sale/244434099/2005-boeing-bbj-jet-aircraft

The aircraft, used during the administration of former President Olusegun Obasanjo, and acquired for $43m in 2005, is being sold months after President Bola Tinubu transitioned to a refurbished Airbus A330-200 last August amid economic concerns and public scrutiny.

The plane had undergone inspections and maintenance in preparation for sale, according to aviation marketplace Controller.com.

Nigeria’s presidential air fleet, overseen by the Nigerian Air Force and the Office of the National Security Adviser, has about 10 aircraft.

These include fixed wings such as a 13-year-old Gulfstream Aerospace G550, Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605.

Three of the seven fixed wings are reportedly unserviceable.

The rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser.

Both the Muhammadu Buhari and Tinubu administrations had earlier pledged to streamline the PAF for cost-efficiency.

Until August 2024, the BBJ-737 with tail number 5N-FGT, ferried the President until the administration acquired the refurbished Airbus A330-200, registered 5N‑FGA.

The aircraft, acquired for roughly $100 million (approx. ₦150bn) from a repossessed German bank asset, arrived in France for initial maintenance and reconfiguration in mid-2024.

However, since February 2025, the President has been using a San Marino-registered BBJ (REG: T7-NAS).

Sources in early May 2025 confirmed that the new A330-200 had been flown to South Africa to change its livery to reflect the Nigerian colours and the office of the President.

“The last I heard is that they took it abroad, I think to South Africa, to change the body design. You know it doesn’t have the green white green,” one source had said, asking to remain anonymous.

“It’s not only the body paint. I learned they are doing some refurbishment on it,” a second official stated.

The Swiss private aviation firm which facilitated the acquisition of the Airbus A330, it was gathered is also preparing the BBJ-737 for sale.

With over 19 years in service, the Presidency said the BBJ became increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.

Despite a partial refurbishment in July 2024, including upgrades to its first-class seating, new carpeting, and completion of C1-C2 inspections, the presidency is retiring the jet and listing it for sale.

Also, the aircraft is not enrolled in any engine maintenance programme, while both of its CFM56-7BE engines remain “on condition” that is, they are not subject to guaranteed performance coverage.

According to the listing, interested buyers may contact AMAC Aerospace for the asking price privately.

Configured to carry 33 passengers and 8 crew, the listing said the aircraft offers a 5-zone seating layout.

Zone 1 is dedicated to crew rest, including two crew rest seats and two cabin attendant seats. Zone 2 features a VIP stateroom equipped with a bed, a two-place divan, and a private lavatory. Zone 3 includes a VIP lounge configured as a four-seat conference room.

In Zone 4, passengers will find nine forward-facing first-class seats. Finally, Zone 5 offers eighteen forward-facing business-class seats.

The aircraft underwent a partial interior refurbishment in July 2024, including new carpeting through 90 per cent of the cabin and a full refurbishment of the first-class seating area.

Full-service galleys are located both forward and aft, featuring a steam oven, microwave, chilled compartments, storage areas, and warming drawers.

Other features include four enclosed lavatories—one for crew use, one within the VIP stateroom, one serving the first-class cabin, and another in the business-class section.

Connectivity is provided via Ka-Band Wi-Fi powered by the Honeywell MCS-7000 system.

Entertainment options include a 32-inch monitor in the master bedroom, another in the VIP lounge, one more in the first-class cabin, and two 21-inch monitors in the business-class cabin.

The BBJ is equipped with cutting-edge avionics systems. It includes three VHF communication radios by Gables Engineering, two VHF navigation radios by Rockwell Collins, and two HF transceivers. Safety and situational awareness are enhanced by an L3 Comms DFDR, a CVR, and Honeywell’s EGPWS.

The aircraft is fitted with two ATC transponders, a pair of DME units, and Rockwell Collins radio altimeters.

Additional avionics include three Thales ADC/ADM units, two Honeywell ADIRUs, and Rockwell Collins weather radar and TCAS systems.

Emergency equipment includes an Artex ELT with interface unit. The flight control and guidance systems comprise two Rockwell Collins FCCs, a Flight Dynamics HGS computer, and two Smith Industries FMS units.

Navigation aids include two ADFs and two Rockwell Collins MMR(GLU) units. Cabin pressurisation is managed by two Nord-Micro CPCs.

The aircraft also carries integrated flight and engine monitoring systems, with components by BAE Systems, Hamilton Sundstrand, Oeco, Honeywell, Teledyne Controls, Vibro-Meter, and Avtech.

Controller.com says the aircraft is fully compliant with ADS-B, CPDLC, FANS-1/A, and RVSM requirements.

The Boeing BBJ is powered by two CFM56-7BE engines, each with 3,821 hours since new and 1,881 cycles.

The engines are on-condition and not enrolled in a maintenance programme.

The auxiliary power unit, a Honeywell 131-9B, has logged 5,982 hours and 3,622 cycles.

It says the aircraft is capable of intercontinental range, thanks to eight auxiliary fuel tanks that boost total capacity to 70,000 pounds.

This includes standard tanks of 45,000 pounds, plus auxiliary tanks split between the left wing (8,500 lbs), right wing (8,500 lbs), center (28,000 lbs), forward aux (10,000 lbs), and aft aux (15,000 lbs).

Currently, the BBJ is undergoing B1-B2 inspections at AMAC Aerospace in Basel.

The C1-C2 inspections were completed in July 2024. Maintenance is tracked using the Veyron system.

On the outside, the aircraft retains its original 2005 exterior paint scheme, featuring a white base accented with green highlights to portray the Nigerian colours.
(VANGUARD)

News

NDPC Fines MultiChoice ₦766m For Data Privacy Violations

Published

3 hours ago

July 6, 2025

Editor

The Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).

NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s data protection authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.

The commission’s Head of Legal, Enforcement and Regulations, Mr Babatunde Bamigboye, disclosed this in a statement issued on Sunday in Abuja.

According to Bamigboye, the fine followed an investigation launched in the second quarter of 2024 into suspected violations of subscribers’ privacy rights and the unlawful cross-border transfer of Nigerians’ data.

“NDPC found, among other things, that MultiChoice violated the data privacy rights of its subscribers and individuals associated with them who are not necessarily subscribers.

“The commission also discovered that MultiChoice engaged in the illegal cross-border transfer of personal data belonging to Nigerian data subjects.

“The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary and disproportionate.

“This is a grave affront to fundamental right to privacy as enshrined in section 37 of the 1999 Constitution of the Federal Republic of Nigeria,” Bamigboye said.

According to him, Nigeria is entitled to protect its citizens and data sovereignty under both international and existing municipal laws, as these have far-reaching implications for the rule of law, national security, and economic growth.

Bamigboye added that, in the course of the investigation, in line with the NDPA standard remediation procedure, the commission directed Multichoice to undertake appropriate remedial measures.

“However, the commission found the measures undertaken by Multichoice in this regard unsatisfactory.

“For want of cooperation, the commission has directed multichoice to pay N766,242,500 for violating the Nigeria Data Protection Act.l,” he added.

The NDPC’s National Commissioner, Dr. Vincent Olatunji, was also quoted as directing that all channels through which Multichoice collects the personal data of Nigerian citizens be investigated for non-compliance.

According to him, any outlet that processes personal data in violation of the NDPA is liable to a penalty under the Act.

NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s Data Protection Authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.
(VANGUARD)