Politics

Senate Probes CBN, Banks Over Lending Rate

Published

6 years ago

February 28, 2020

The Central Bank of Nigeria (CBN) and commercial banks in the country yesterday came under fire in the Senate over prohibitive lending rates of about 30 per cent.
This is even as the upper Chamber directed its Committee on Banking, Insurance and other financial institutions, Finance and Legislative Compliance to probe the prohibitive lending rate of commercial banks in the country.
The panel, according to the Senate, is to “investigate the rationale behind the huge difference between deposit and lending interest rates as obtained among commercial banks and other financial institutions” in the country.
The position of the Upper Chamber followed a motion titled: “Urgent need to reduce the gap between lending interest rate and deposit interest rate among commercial banks and other financial institutions”, sponsored by Senator Solomon Adeola (Lagos West).
Adeola,while leading the debate, noted that there was a huge divergence between the deposit and lending rates in Nigeria.
He said that the Senate was worried that Nigeria’s current lending rate is one of the highest in the world.
He said that savings deposit rate as at December 2019 was 3.89 per cent while the prime and maximum lending rates were 14.99 per cent and 30.72 per cent in the same period.

Politics

Cleric Tasks APC On Internal Stability, Warns Otti

Published

11 hours ago

November 24, 2025

The Tide

In a dramatic escalation of spiritual commentary on Nigeria’s shifting political climate, the General Overseer of Light of the World International Church, Prophet Joshua Arogun, has issued a stern prophetic alert concerning the internal workings of the All Progressives Congress (APC) as well as the political trajectory of Abia State.

Speaking during a weekend prayer gathering in Lagos, the prophet delivered what he described as “a message directly from the throne of heaven,” urging political actors across the country not to ignore the warning signs unfolding in the nation’s political sphere.

Echoing earlier prophecies from other religious voices, Prophet Arogun raised concerns about the APC’s internal stability under its current national leadership.

According to him, divine scrutiny has intensified over the party, and any attempt to manipulate its internal democratic systems would spell disaster at the polls.

“Heaven is watching the process, not just the outcome. Any undemocratic means of bringing candidates into the APC such as imposition, manipulation, or forced consensus will trigger an automatic loss at the polls. This is a spiritual law already activated”, the prophet declared.

He insisted that the party’s future electoral fortunes would depend not on money or alliances, but on fairness, transparency, and genuine respect for the will of party members.

Turning to Abia State, Prophet Arogun delivered what many congregants described as a precise and unusually direct message.

He warned that the state was heading into a period of intense political realignment, marked by a clash between entrenched and emerging power blocs.

According to him, even if the sitting governor, Dr. Alex Otti, joins the APC, he must be ready to submit himself to a full and competitive primary rather than expecting a free pass.

“If Governor Otti joins the APC, he should come with humility and readiness to participate in the full electoral process. There are long-standing leaders in Abia State with structures, deep grassroots loyalty, and the capacity to unseat him if he underestimates them. People like Nkiru Onyejeocha and Orji Uzor Kalu are deeply rooted with massive follower-ship and acceptance by the people”, Prophet Arogun warned.

He predicted that before the next election cycle, Abia’s political landscape would witness broken alliances, surprising mergers, and new contenders emerging from within established networks.

Prophet Arogun concluded with a broader appeal to Nigeria’s political leaders, emphasizing the need for justice, peace, and integrity in public governance.

“Nigeria is the assignment. Only righteousness will stabilize this nation. Only fairness will preserve the mandate. Let those who have ears hear”, he said softly.

Politics

DEFECTION: DON’T HIDE UNDER OLD SENTIMENTS TO FIGHT DIRI – AIDE

Published

11 hours ago

November 24, 2025

The Tide

Technical Adviser to the Bayelsa State governor on Media and Public Affairs, Hon. Wisdom Ikuli, has taken a swipe on persons he alleged were hiding under the guise of old sentiments to fight the State Governor, Senator Douye Diri.

He said one thing politicians of various divides in the state have forgotten was that before the inception of the administration of the governor, leadership and governance in the state were made the exclusive rights and preserves of just a few political actors.

Hon. Ikuli alleged that participation in active politics, which seemed to have been the only ticket and guarantee for government patronage in the state, has changed since the inception of the Senator Diri’s administration.

“Before the ‘ASSURED Prosperity’ administration of his excellency, Senator Douye Diri, there were two broad categories of Bayelsans: politicians and beneficiaries of government patronage and spectators. But the coming into office of the prosperity governor changed all these and gave all Bayelsans equal opportunity and access to government.

“There’re incidents and situations where public officers even referred to state resources as their money. It was so because they were the then Chief Custodians of the commonwealth and patrimony of the state who were elected to hold and also manage the resources in trust.

“Few years ago, there was less emphasis on competence and performance. It was a case of ‘my turn versus wait for your turn’ to do whatever you like.

“Again, it was a known fact that Bayelsa State was regularly in the news for negative reasons. So, the lack or near absence of development and the negative impressions about the state resulted in her isolation, but the advent of the ‘ASSURED Prosperity Administration’ has changed the whole narrative.

“Under the ASSURED Prosperity administration, government and governance is all inclusive. All Bayelsans are partakers and critical stakeholders. As a matter of fact, you do not need to know anyone in government to get available benefits that are always thrown open to all, irrespective of political party affiliations”, he added.

The governor’s aide, who described him as ‘God sent’, noted that Senator Diri was specifically brought in by God for the mission to change the story of the State and her citizens.

“What is happening in Bayelsa State is exactly what happened in Akwa Ibom State, where at a point, Akwa Ibomites were ashamed to introduce themselves as Akwa Ibomites. Most of them claimed their old identity as people from Cross River State. And so it was that God brought Senator Godswill Akpabio to change the story of his state when he was governor.

“Today, Gov. Douye Diri has turned the whole of Bayelsa State to a construction site with roads and bridges criss-crossing everywhere. Government’s edifices, health centres, primary and secondary school buildings are not counted as major projects in the Diri’s administration, and I say so because they are almost countless, and are everywhere.

“Sadly and unfortunately too, some insignificant leaders without positive impacts on their people are trying to create impressions that Gov. Douye Diri left the PDP that gave him a platform to the APC. For this group of leaders and their followers that make up less than 5% of Bayelsans, their only credential is that they have remained in PDP for eternity.

“Bayelsans are not gullible. Vast majority of the people of the state know that political party is like a vehicle that conveys people from one destination to another. What is most important is the destination where available opportunities are harnessed and appropriated for the common good of the people”, Hon. Ikuli maintained.

The Governor’s Technical Adviser restated that it was no longer secret that citizens of the State were eye witnesses to the fact that investors are now relocating from many places to the State due to the conducive business and investment atmosphere that the governor has created, noting

that the State’s number one citizen has not only restored peace and unity to the state, but that he is also working with stakeholders and various security agencies to make Bayelsa the safest in the country.

“The community policing strategy of the state is so unique that many states are emulating it. Governor Diri has successfully set a leadership and development standard for successive administrations to build upon as the state is no longer among the ones that are disregarded due to the vision and leadership style of our God-sent governor.

“The earlier those who are conspiring to paint the governor in bad light wake up to the realities of the time, the better for them. Never again shall Bayelsa State be entrusted to unserious characters whose only credentials is the number of years they have played politics and also stayed in a particular political party.

“Our Governor, Senator Douye Diri, is the greatest thing that has happened to our contemporary democracy. He is a God-sent leader that is leading very well, while we are following him”, the governor’s adviser said.

By: Ariwera Ibibo-Howells, Yenagoa

Politics

Makarfi Resigns As PDP BoT Secretary

Published

6 days ago

November 18, 2025

The Tide

Former Governor of Kaduna State and Peoples Democratic Party (PDP) Board of Trustees (BoT) Secretary, Senator Muhammed Makarfi, has resigned his position as the BoT Secretary of the party.

Senator Makarfi’s resignation comes on the heels of the national convention that saw the emergence of the new Chairman of PDP, Dr Kabiru Tanimu Turaki (SAN).

In his letter of resignation, which was addressed to the PDP BoT Chairman, Senator Adolphus Wabara, and made available to journalists in Kaduna on Monday evening, the former governor said, “Chairman and Members of the Board of Trustees may recall that about two months ago I had resigned as Secretary of the Board and posted same on the Board’s WhatsApp platform.

“Mr Chairman, you may also recall that you personally urged me to stay on until after a convention that produced a Chairman.”

He added that the principal reason he initially tendered his resignation then “and now, was and is still my belief that the National Chairman of the Party and Secretary of the Board of Trustees should not come from the same geopolitical zone.

“Now that a chairman has emerged from the North West, where I come from, it’s necessary to give him full space to do the needful. Accordingly, I hereby formally resign as Secretary of the Board of Trustees of the Peoples Democratic Party with effect from today, November 17th, 2025.”

While commending the BoT Chairman for his support during his tenure as Secretary of the Board, he stressed, “I truly appreciate the very respectful relationship between us during my period as Secretary,” adding that, “I also appreciate all Board members for their support and the good relationship that prevailed during my period as Secretary.”

Meanwhile, Dr Turaki on Monday pledged to ensure that power returns to the Nigerian people, urging the judiciary to uphold the tenets of democracy.

Dr Turaki, while giving his acceptance speech after the swearing-in of new officers at the end of the Elective Convention of the PDP in Ibadan, assured that there will be “no more impunity, no more suppression of the will of Nigerians”.

The chairman appealed to the judiciary to uphold the principles of stare decision, abiding by the decisions of the Supreme Court, and not to “willingly or unwillingly put yourselves in a situation where, rightly or wrongly, it may be assumed, correctly or incorrectly, that you are part and parcel of the process to truncate Nigerian democracy.”

According to him, the new leadership of the party would be open to listening to the yearnings of members, with a view to aligning with their will, declaring that “No more monkey dey work, baboon dey chop,” adding that “if baboon wants to chop, baboon must be seated to work.”

He noted that the PDP has maintained its original name, motto and logo, unlike the other parties that started with it, making it a recognised brand anywhere in Nigeria.