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Funke Akindele: A valuable addition to Lagos PDP Guber race



The candidate of People’s Democratic Party for Lagos West Senatorial District, Otunba Segun Adewale, popularly known as Aeroland, has stated that the party’s choice of deputy gubernatorial candidate, Funke Akindele, is a valuable addition to the party’s ambition to occupy Alausa in 2023.

Recall that the Nollywood actress and successful movie producer emerged the running mate to opposition party’s flagbearer in Lagos, Dr. Olajide Adediran

In the profiling authored by the former Action Democratic Party (ADP) gubernatorial candidate in Ekiti, the choice of Akindele is already making the ruling party, All Progressives Congress, APC, uncomfortable.

“Funke Akindele is a renowned filmmaker, philanthropist, entrepreneur, youths/women advocate and a lawyer. The 44 year old Ikorodu-born lawyer has for almost two decades provided job opportunities for thousands of Nigerians and discovered many talents through her creative enterprise. She remains a shining light to many young women aspiring to shatter the proverbial glass ceiling despite the societal biases and encumbrances.


“The creative prodigy popularly known as Jenifa, due to her role in her famous epic production, Omo Ghetto, presides over a multi-million film production company that has become the toast of many super brands in the country. Sitting atop an international brand despite starting as a nobody speaks volume of her innate ability to make success out of every venture she goes into.

“Her over 20 million followers in the social media space is a staggering number. It is safe to say not all will like her but she remains a role model to many who truly appreciate her journey to success and the persona she projects to the world. She is, no doubt, a lady to reckon with,” he wrote.

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Otunba Adewale revealed he exhibited some reservations about her candidature initially but was later convinced Jandor couldn’t have had a better running mate.

“I initially had my doubts regarding Funke’s choice as a deputy but later realized it was a huge addition in terms of Funke’s pedigree, steely resolve and innate ability hidden behind the camera. Like many of our youths today whose potentials remain latent until they are called to assume the mantle of leadership, my knowledge of Funke Akindele’s other outstanding qualities was non existent until I interacted with her at close quarters.

“Funke’s involvement as a deputy may not yield 1m votes of the 20 million followers she has within the cyberspace but even a meager 0.1 or 0.2% will bring additional 20k or 40k votes and I do trust her huge followership on social media will generate publicity and facilitate positive engagements towards the actualisation of Jandor’s Gubernatorial ambition.


“Funke Akindele may have joined partisan politics recently but she remains a very popular personality. Just imagine how her joining the PDP has put the party’s quest to win Lagos in 2023 in the front burner of national discourse across social media and traditional news platforms.

“Jandor/Akindele ticket is already sending shivers down the spines of the APC. It is a potent and surefire combo capable of defeating the APC in next year’s Guber election,” he concluded.


FG Drops N169.4 Billion for Subsidy in August What You Need to Know!”



Despite President Bola Ahmed Tinubu’s assurances that the subsidy had been abolished, revelations surrounding the Federal Government’s payment of N169.4 billion in subsidy in August have ignited controversy and skepticism. This development challenges the narrative of subsidy removal and prompts further inquiry into its implications.


Government Subsidy Under Scrutiny

Daily Trust’s investigation uncovered that the Federal Government disbursed N169.4 billion in August to maintain the pump price of Premium Motor Spirit (PMS) at N620 per litre. The payment was allegedly orchestrated by the Federal Account Allocation Committee (FAAC), which utilized dividends of $275 million from the Nigerian Liquefied Natural Gas (NLNG) to offset the subsidy. The move suggests that subsidies on PMS may have resurfaced, raising questions about the government’s commitment to subsidy removal.



A Return to Subsidy?

The revelation has led to concerns among Nigerians, especially given the challenging economic climate. The depreciation of the Naira against the US Dollar and rising international crude oil prices, exceeding $95 per barrel, have fueled doubts about the sustainability of subsidy removal.


Economic and Market Dynamics


Analysis indicates that despite rising global crude oil prices and exchange rate fluctuations, the Federal Government has kept the domestic PMS price steady at N617 per litre. Notably, the price of PMS at the international market has surged, posing challenges for Nigerian marketers. With increased landing costs, PMS now stands at approximately N728.64 per litre, significantly higher than the N529 rate observed in July.

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Government’s Strategy and Loan Dilemma

The Nigerian National Petroleum Corporation (NNPC) Limited’s announcement of a $3 billion crude repayment loan from the African Export-Import (Afrexim) Bank aimed at stabilizing the Naira has faced obstacles as other lenders withdrew from the syndicated transaction. The loan’s impact on fuel costs remains uncertain.



Behind Closed Doors

Daily Trust’s investigation reveals that high-level government approval facilitated the controversial N169.4 billion subsidy payment. A delicate agreement with oil marketers reportedly helped maintain the current PMS price, averting a potential crisis.


Expert Perspectives

Experts have voiced concerns about the sustainability of subsidy removal without a functional refinery and FX stability. They emphasize that fluctuations in crude oil prices and foreign exchange rates directly affect PMS prices. Stabilizing the Naira is seen as critical to fulfilling the government’s promise of subsidy removal.
As questions linger and the subsidy debate continues, Nigerians await clarity on the government’s stance and its implications for the economy and their daily lives.


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Wally Adeyemo: I Am Not in Nigeria To Counter China, Nigeria’s Economy Critical To US



The United States Deputy Treasury Secretary, Wally Adeyemo, has said that his purpose in Nigeria is not to counter any influence that China may have, but because the future of Nigeria’s economy is important to the USA.

In an exclusive interview with ARISE NEWS, Adeyemo said that the USA is highly interested in Africa, Nigeria especially, as they know that Africa represents the future, both economically and strategically, for the US and for the rest of the world.

Adeyemo addressed the flurry of visits to several African countries that the USA’s leaders have recently made. He denied that these were efforts to counter China and Russia’s influence as he said that the USA has deep bonds with Africa which could be seen in the people-to-people relationships. He said, “Our government is here, not because we’re looking to counter another government but because we know that ultimately the economic future of Africa is critically important to us and especially Nigeria as Africa’s largest country.”

Speaking on how Nigeria can garner more investment to enhance nation building and development, Adeyemo said, “I think the most important thing that Nigeria can do is invest in its oil and gas industry, but its energy sector more broadly. Nigeria today is underproducing the amount of oil that it can based on its quota, and part of that is driven by underinvestment in that industry. And the way that you get foreign direct investment in Nigeria’s industry is making sure you have a macro economic framework that supports that.

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“In addition to oil and gas, clean energy is playing a larger role in Nigeria everyday including solar panels. Today, one of the major investments that America has made with our Development Finance Corporation has been in trying to get more solar into Nigeria because it’s an energy source that, in some ways, allows people to use generators less and rely on the sun more.

“But overall, the key to making sure that Nigeria is in a position to take advantage of its natural resources- both the sun and the resources found in the ground, is making sure that you get more foreign direct investment.” He said that the US was impressed by the moves that the current administration has made, but more reforms need to be made to attract more foreign direct investment into Nigeria’s energy sector. He also said that it is important to have an energy sector that is stable and allows for global growth to continue.

Adeyemo also said that what Nigeria needs to do to attract foreign franchises and chains to invest in the country is to invest in the people. He said, “What I found being in Nigeria is that you have talented people who are filled with potential. The key question is, how do you create opportunities for them? I think some of the early steps the government has taken is doing that from trying to unify the exchange rate to making difficult choices to end the fuel subsidies. Now the question is how is the government going to invest the resources it now has because the fuel subsidies have ended?

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“In building of infrastructure, both digital and fiscal infrastructure, but also in various sectors like education and power to make sure that companies around the world, including the Walmarts and other companies in the United States know that they will have an ease of doing business here. A big part of this is transparency and making sure that while the president is there, he lays out a very clear agenda for what his government is going to do to make the economic reforms that Nigerians have known need to be made for a long time.”

Adeyemo delivered an address at the Lagos Business School (LBS on Monday), which was titled “U.S.- Nigeria Economic Relations: People, Entrepreneurship and Investment.” In his address, he identified four reform priorities for Nigeria.


The first reform Adeyemo noted was that Nigeria needs a stable naira. He said, “Unifying Nigeria’s foreign exchange rates will create the kind of macroeconomic stability that is essential to attracting foreign investment.” Secondly, he said that the Nigerian government needs to “articulate and implement a fiscal strategy that will provide the resources to make critical investments.”

Thirdly, the Deputy Treasury Secretary said that another factor for growth is the rooting out of corruption and the perception of corruption in the business environment. Lastly, he said that the integrity of Nigeria’s financial system must be protected.”

Adeyemo, in his presentation, then commended President Bola Ahmed Tinubu’s administration for taking the tough but necessary decisions to provide resources for investment and infrastructure in the country.

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Ozioma Samuel-Ugwuezi

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UNGA 78: Tinubu to address General Assembly Tuesday



Nigeria’s President Bola Tinubu is set to address world leaders at the ongoing 78th session of the high-level General Debate of the United Nations General Assembly (UNGA) at the UN headquarters in New York.

The News Agency of Nigeria (NAN) reports that Mr Tinubu, in his first outing to the Assembly, will be addressing world leaders today(Tuesday).

The Nigerian president would deliver his statement around 6.00 p.m.(11.00 p.m. Nigerian time) to the world leaders.

He will speak on the theme of the 78th session of the UNGA: “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress, and sustainability for all.”


Mr Tinubu’s address will also encompass several issues such as sustainable development, climate change, global cooperation, and the imperative to address inequalities and global humanitarian crises.

Mr Tinubu arrived in New York on Sunday and was received by the Minister of Foreign Affairs, Yusuf Tuggar, the Permanent Representative of Nigeria to the UN, Tijjani Muhammad-Bande, and Dangana Allu, Nigeria’s Defence Attache, Washington D.C.

Mr Tinubu’s reception was a departure from the usual tradition where officials would line up at the airport to welcome the president.

This time, only three officials were there at the airport to receive the president with the other Nigerian officials stationed at the UN Plaza Millenium Hilton Hotel to welcome him.

Those at the hotel to welcome him were Nigeria’s Ambassador to the United States, Amb. Uzoma Emenike; Consul General of Nigeria in New York, Amb. Lot Egopija; and Consul General in Atlanta, Amb. Amina Samaila.

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Others were Akwa Ibom State Governor, Umo Eno; Gov. Seyi Makinde of Oyo; Gov. Uba Sani of Kaduna; Gov. Inuwa Yahaya of Gombe; and Gov. AbdulRahman AbdulRasaq of Kwara, among others.

The Nigerian leader has attended the SDGs summit and other events on the sidelines of the event and is slated to be the fifth African leader to speak on Tuesday.

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