Business

NADECO@32: Oil Subsidy,Exchange Rate Cabals Want Me Dead — Tinubu

Published

1 hour ago

May 21, 2026

Uthman Abdulganiyu

.Asks Nigerians to expect better deal in his second term

.Soyinka, Osoba, Ladoja, others chart way forward for Nigeria’s democracy

NADECO honours Vanguard, others for democratic struggles

By Clifford Ndujihe, Henry Obetta & Florencemary Nwabueze

LAGOS — President Bola Tinubu said yesterday that oil subsidy and exchange rate cabals are wishing him dead, following the twin policies he introduced when he assumed office in 2023.

He spoke as eminent Nigerians and stakeholders who took part in the deadly struggle against military rule to restore civil rule in Nigeria, yesterday, said democracy must be sustained in the country.

One way of doing this is to celebrate and eulogise those who played a part in the struggle, dead or alive.

Those who shared these thoughts yesterday were President Tinubu; Nobel Laureate, Professor Wole Soyinka; former Ogun State governor, Aremo Olusegun Osoba; Professor Sylvester Odion-Akhaine; Chief Fred Agbeyegbe, Dr Olisa Agbakoba, SAN; and Olubadan of Ibadanland, Senator Rasheed Ladoja.

Oil subsidies, exchange rate cabals fuelling insecurity

Speaking at the launching of the book, “The NADECO Story” written by Chief Ayo Opadokun, and presentation of awards to those who played key roles in the democratic struggle by the National Democratic Coalition, NADECO, which led the struggle between 1994 and 1998, in Lagos yesterday, former Ogun State governor, Olusegun Osoba, who represented Tinubu, said: “As for security, he says, I should let you know, that he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by canceling multiple exchange rates and by canceling oil subsidies.

“He said those cabals who are doing round-tripping will wish him dead any time but he is determined that if that is the only thing he would do, he would make sure he rearranges the economy. No matter what, he is determined to face it. So that’s the message from Mr. President.”

Expect better deal in my second term – Tinubu

According to Osoba, the President commended NADECO for the struggle, and said he won’t be in power today without NADECO, and promised to perform better in his second term, if re-elected.

Osoba said: “The President asked me to tell you that he is fully with you, and he still has his tremendous respect that he would not have been where he is today if not for all of you here who have fought to entrench democracy.’’

Focusing on economy, insecurity now

Speaking further, Osoba said: “He says he is ever grateful for what all of you have done to bring this country to where we are today, and he has also asked methat, by the grace of God, many of the things that you people have been asking him to do, that when he gets his second term, he is going to start implementing some of the political issues. He said the major issue before him now is the economy and security.

“You all can see now that the security situation is now moving gradually into the South-West zone. So he says the first major thing he is facing now is the economy, and, you all can see that the difference between the parallel market and official market exchange rate is virtually zero now. The Naira, which they thought would be N2,000 to 1 dollar, is now 1,380 or thereabouts.

“In fact, he says he is not going to allow the Naira to get too strong. He does not want to create confusion for those who have brought money at about N1,500 and other goods.

Roll call

The event drew elder statesmen and lovers of an egalitarian society, such as Publisher of Vanguard, Mr Sam Amuka; one of the founders of NADECO, Professor Anya O Anya; rights activist, Dr Ogaga Ifowodo; Mr Akin Omojola; Chief Fred Agbeyegbe; Professor Anthony Kila; Nollywood Icon, Mrs Joke Silva; former Information Minister, Mr Labaran Maku; Dr Olisa Agbakoba, SAN; and Chief Solomon Asemota, SAN

Others include Senator Bode Olajumoke, Mr. Wale Oshun, Dr Joe Okei-Odumakin, Mr Lade Bonuola, Dr Obi Nwakanma, Mrs Jumoke Anifowoshe, Mr Wale Adeoye, and Vanguard Ombudsman, Mr Richard Akinnola.

One of the highlights of the event was special awards to Vanguard Newspapers, The Guardian, Punch, Concord, Tell, The News, Classique and other media organisations for their unique roles in the struggle.

Leaders of NADECO such as late Chief Michael Ajasin, Senator Abraham Adesanya, Dr Arthur Nwankwo, Chief Anthony Enahoro, Dr Beko Ransome-Kuti, Mrs Kudirat Abiola, Chief Alfred Rewane and backers in the diplomatic and human rights community, among others, were also honoured.

I was almost killed — Osoba

Speaking in his personal capacity, Osoba saluted Opadokun for writing the book.

“As for NADECO, I want to thank Opadokun. Most people don’t know that when we formed NADECO, we did not form it for June 12. NADECO was formed in the house of General Adeyinka Adebayo in Ikeja, purposely for the restoration of democracy.

“Chief MKO Abiola (winner of the June 12, 1993 annulled presidential election) was not a member. He was not part of it. NADECO was not formed to fight for June 12.

“NADECO was formed to fight for the restoration of democracy. It was when Abiola came back from South Africa at the inauguration of Mandela that I brought him to the meeting of NADECO. And he was asked by NADECO if he was ready to join in fighting for the restoration of democracy?

“It was then that he joined NADECO. And people now turn it into a fight for restoration of June 12. So, I want to make that clarification. And there were 59 of usacross Nigeria.

“The Eastern Mandate union was there, under Arthur Nwankwo. The Campaign for Democracy, under Beko, was there. And Papa Ajasin was the one that we made the chairman. And Papa Enahoro became the chairman of NADECO abroad.

“Opadokun was the first general secretary. He hid somewhere in this neighbourhood in a place provided by late Admiral Ndubuisi Kanu. It was technicians who came to repair his air conditioner that eventually gave him up. 59 of us who signed that document and the first communique was drafted by Ayo Opadokun whereas it was like drafting a legal document. And that was how we started

“Many of us suffered contrary to what most people were thinking. I was selected to be slaughtered, according to Sergeant Rogers, with the evidence he gave in court.

Once, they wanted to kill me in front of my house.

“I didn’t come out. The second time, they were following me towards Abeokuta but when I got to Sagamu interchange, the military checkpoint recognised me and waved me off. It was that non-stopping that made Rogers not catch up with me because they were going to kill me between Sagamu interchange and Abeokuta.”

I stopped Beko from attacking Abacha with arms – Soyinka

Soyinka, who chaired the event, hailed Opadokun for capturing the truth in the book, saying “I’ve had occasion to describe Nigeria as a republic of liars.”

“I must congratulate Ayo for doing an unbelievably invaluable gift, this present to the community and to the world at large. I’ve had occasion to describe Nigeria as a republic of liars.

“This is one instance where I would say that the nation is redeemed from that reputation of permanent lying. Every page of this book which I’ve read carefully rings of the truth. Truth which one can testify to personally and which, in any case, without even being a participant, carries an aura of authenticity because of the way it is narrated.”

He recalled the roles of Dr Olisa Agbakoba, and late Dr Beko Ransome-Kuti who, he said. was ready to sacrifice his life to get then head of State, General Sani Abacha, out of the way and how with others, they waged the struggle against military rule.

According to him, those who formed or supported NADECO were condemned, a reason he fled into exile.

Talking about Beko’s role, he recalled that in one of his meetings with Beko, “he brought William, a very special weapon, an unusual weapon. One which, in fact, at that time, used to escape even the detector machines.

“I said, ‘Beko, what’s that?’ He said, well, you asked me to see somebody, to meet them. And they brought this back. It’s a weapon which is fired only once. And you had to get close to your victim, I mean to your target.

“So I said: ‘ “so what do you plan to do with that? And he said, I’m going to kill Abacha with it. I said, Beko, how do you plan to get close to Abacha? He said, I’ll manage it somehow. I said, Beko, if you even succeed, you know you’re not getting out alive. ..I have to tell you, I disarmed him. So I took it from him.”

To deepen Nigeria’s democracy he sought special recognition for all those who took part in the struggle.

We’re correcting years of silence – Opadokun

NADECO General Secretary and spokesman, Ayo Opadokun, while welcoming guests to the event, described the organisation’s maiden national recognition and award ceremony as a historic effort to correct years of silence over the sacrifices made in defence of democracy.

“It is with profound gratitude and a deep sense of historic responsibility that I welcome you all to this extraordinary and unprecedented occasion,” he said.

According to him, never before had such a distinguished gathering of patriots, royal fathers, diplomats, media organisations and human rights activists been assembled “not merely to remember, but to be formally honoured.”

Opadokun recalled that between 1994 and 1998, under the late Gen. Sani Abacha, Nigeria witnessed repression, suppression of rights and intimidation of dissenting voices.

Yet, he noted, “a courageous light persisted,” sustained by NADECO activists, media institutions, civil rights groups and members of the international community.

“Today, we gather to say what history has left unsaid for too long: We remember. We acknowledge. And we honour,” he declared.

He said the event was aimed at national healing, historical accuracy and civic education, stressing that societies that failed to honour defenders of freedom risked losing the values that sustain democracy.

“That light was carried by men and women of conviction—within NADECO and beyond—who chose resistance over silence, truth over fear, and sacrifice over comfort. It was sustained by media institutions that risked closure and persecution to tell the truth.

“It was amplified by human rights activists who stood firm against tyranny. And it was strengthened by members of the international community, diplomatic missions, who, in solidarity, lent their voices and influence to the cause of justice and democratic restoration.’’

I hope democracy will endure – Ladoja

Also speaking at the event, Oba Ladoja, who recalled how he escaped the radar of the Abacha government and roles played by stakeholders, said: “ I hope our democracy will endure. We must continue to work and ensure it endures.”

NADECO struggle is very sacrificial —Joke Silva

In a chat with Vanguard, Mrs Joke Silva said: “I believe the struggle of NADECO was very sacrificial and it was very focused. Today has been absolutely honorary to see so many of those who were part of that struggle.

“It was so important that Elder Ayo has written a book of this nature because it is very important to get first hand information of what happened. Today I am very happy that so many people, journalists, who are very important and critical in that struggle for democracy, are being honoured.”

Business

Naira Falls? See Dollar Exchange Rate for May 21, 2026

Published

1 hour ago

May 21, 2026

Uthman Abdulganiyu

The Nigerian Naira maintained a steady path against the United States Dollar early this Thursday across both the official market and the informal parallel segments, continuing a pattern of relative calmness in the local foreign exchange market.

NFEM Spot Rates Hold Steady

In the Nigerian Foreign Exchange Market (NFEM), the official window for formal trade, data from the opening sessions on May 21, 2026, shows the Naira trading at 1,371.25 per US Dollar.

This morning’s performance follows closely on the heels of recent trading sessions handled by the Central Bank of Nigeria (CBN), where daily averages hovered around 1,373 Naira. Liquidity levels inside the official window have remained active, backed by consistent interbank turnovers that have kept the spot rate locked within a narrow, predictable boundary over the past week. Traders indicate that supply interventions and steady transaction matching have prevented any sharp morning volatility.

Business

Dollar To Naira Exchange Rate Today, May 20, 2026

Published

21 hours ago

May 20, 2026

Uthman Abdulganiyu

The Nigerian naira traded with mixed performance against the United States dollar on Wednesday, May 20, 2026, across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid continued demand for foreign exchange.

Data published by the Central Bank of Nigeria showed that the naira closed at about ₦1,373.65 per dollar at the official NFEM window, compared to ₦1,373.50 recorded in the previous session, indicating a marginal depreciation of 15 kobo.

At the parallel market, also known as the black market, the dollar exchanged around ₦1,390 for buying and ₦1,400 for selling in major trading hubs including Lagos and Abuja.

Market reports indicated that the gap between the official and parallel market rates remained relatively narrow, reflecting ongoing efforts by monetary authorities to stabilise the foreign exchange market and improve liquidity.

Analysts attributed recent movements in the naira to sustained demand pressure from importers and businesses, despite interventions by the Central Bank aimed at boosting dollar supply in the formal market.

The NFEM remains Nigeria’s official foreign exchange market where exchange rates are determined through market trading activities supervised by the Central Bank.

Business

Sugar Industry Key To Addressing Unemployment, Insecurity — NSDC Boss

Published

2 days ago

May 19, 2026

Uthman Abdulganiyu

The Executive Secretary/CEO of the National Sugar Development Council, NSDC, Mr. Kamar Bakrin, has said that developing Nigeria’s sugar industry could significantly address unemployment, insecurity and rural community underdevelopment by creating massive jobs and attracting investments to rural communities.

Bakrin stated this during a strategic meeting between the NSDC and the Nigeria Customs Service, NCS, at the Customs Headquarters in Abuja.

Speaking to the Comptroller-General of Customs, Mr. Bashir Adewale Adeniyi, and senior officials, Bakrin said a fully-developed sugar sector could transform the over $1 billion spent annually on sugar imports into domestic investments, jobs and industrial growth.

According to him, the industry has the potential to create about 250,000 direct jobs and another 750,000 indirect jobs across the sugar value chain in about 12 states.

“The beauty of it is that these are rural jobs, not city jobs. When you have sugar projects, you don’t have unrest or security challenges because you create opportunities for the youths,” he stated.

Bakrin also highlighted the energy potential of sugar estates, explaining that modern sugar projects generate their own electricity independently of the national grid while contributing excess power to the country.

“A sugar estate consumes only about 50 percent of the energy it produces, while the rest can be injected into the national grid. We are talking about 400 megawatts, enough to power a small modern city,” he said.

He noted that Nigeria has over one million hectares of suitable land for sugar cultivation, adding that only about 200,000 hectares would be required for the country to attain sugar self-sufficiency.

Responding, the Comptroller-General of Customs, Adeniyi, assured the NSDC of the Service’s support for the sugar sector transformation agenda.