The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s economic reforms and tight monetary policy have helped ease inflation, strengthen external reserves and restore investor confidence.

Cardoso said this during a debate on the global economy, with the theme, “Forging Resilient and Dynamic Economies for the Future”, in Bangkok, Thailand, yesterday.

He said that the reforms, including foreign exchange market adjustments and aggressive monetary tightening, were necessary to address economic challenges and restore credibility.

According to him, inflation, which peaked at about 34 per cent, has gradually declined to approximately 15 per cent.

The CBN governor said that Nigeria’s external reserves had risen to their highest level in 18 years, reflecting improved investor confidence.

He said the CBN raised interest rates aggressively in 2024, even as other economies began easing monetary policy.

He said that the measures helped to address weaknesses in monetary policy transmission and align market expectations with the bank’s policy decisions.

The CBN governor said that clear communication and consistency in implementing reforms helped prevent market panic and also strengthened confidence in the CBN.

Cardoso said that Nigeria had tackled severe external financing challenges, including net external reserves falling to about three billion dollars and outstanding foreign exchange obligations exceeding seven billion dollars.

The CBN governor said that an orthodox monetary policy approach helped stabilise the economy, settle the outstanding obligations and attract investment.

“Diaspora remittances were a major source of foreign exchange diversification, as that monthly inflows increased from 200 million dollars to 600 million dollars within a year.

“Nigeria subsequently targeted one billion dollars in monthly remittances, with inflows reaching about 950 million dollars in July.

“The improvement is partly due to digital solutions, engagement with Nigerians abroad and the removal of bottlenecks affecting international money transfers,” he said.

Cardoso said that Nigeria must sustain its reforms and diversify revenue sources beyond crude oil to strengthen economic resilience.

He cited the Dangote Refinery as an example of domestic value addition that could reduce dependence on exporting crude oil and importing refined petroleum products.

He said improved macroeconomic stability had also supported Nigeria’s return to international market indices, including the FTSE and JPMorgan bond indices.

Cardoso said that the country would maintain its reform momentum, stressing that credibility depended on consistent action rather than promises.

He said Nigeria, a major African economy with a large population, had a responsibility to demonstrate that sustained reforms could deliver lasting economic change.

The Court of Appeal, Port Harcourt Division, has dismissed two separate appeals arising from the protracted chieftaincy dispute over the Okehi Clan traditional stool in Rivers State.
The appeals, numbered CA/PH/202/2021 and CA/PH/240/2021, were dismissed on grounds of lack of merit and failure to diligently prosecute the appeal, respectively.
In Appeal No. CA/PH/202/2021, Chief Kingsley Nwaejie challenged a ruling delivered by the Rivers State High Court in March 2021 in Suit No. OHC/69/2019.
The High Court, presided over by Justice I. Wodi, had dismissed his preliminary objection, holding that the suit instituted by HRH Eze Christopher Nwakamma and Chief Charles Nwaejie against HRM Eze E.M.B. Opurum and others did not constitute an abuse of court process.
Delivering the lead judgment on December 6, 2024, Justice E.O. Williams-Dawodu held that the appeal lacked merit and consequently dismissed it.
The appellate court found that the appellant had failed to establish that the parties and subject matter in the other suits he relied upon were identical to those in the pending suit, a requirement necessary to sustain his argument that the action amounted to an abuse of court process.
Justices A.M. Talba and Hannatu Azumi Laja Balogun, who sat on the panel alongside Justice Williams-Dawodu, concurred with the lead judgment.
In his concurring judgment, Justice Talba agreed that the trial judge was right to dismiss the preliminary objection, while Justice Laja Balogun also affirmed that the appeal failed and should be dismissed, with the consequential orders contained in the lead judgment.
In a related development, the Court of Appeal also dismissed Appeal No. CA/PH/240/2021, filed by HRM Eze E.M.B. Opurum against HRH Eze Christopher Nwakanma and others, for want of diligent prosecution.
The proceedings in the second appeal took place on March 29, 2023, before a panel comprising Justices S.T. Hussein, F.A. Ojo and A. Waziri.
According to the court record, although the appellant filed his notice of appeal on March 30, 2021, and transmitted the record of appeal on July 26, 2021, he failed to take the necessary steps to prosecute the matter thereafter.
Consequently, counsel to the respondents, E.O. Kalu, filed a motion on December 7, 2022, seeking the dismissal of the appeal over the appellant’s failure to file his brief of argument.
Counsel to the appellant, Osita C. Ohabuenyi, had earlier filed a counter-affidavit on December 23, 2022, but subsequently applied to withdraw it and did not oppose the motion seeking dismissal of the appeal. The court granted the application to withdraw the affidavit.

In its ruling, delivered by Justice S.T. Hussein, the court relied on Order 19 Rule 10(1) of the Court of Appeal Rules, which provides a 45-day period for an appellant to file a brief of argument following the transmission of the record of appeal.

The court held that the appellant’s failure to comply with the requirement warranted the dismissal of the appeal.

With the dismissal of both appeals, the decision of the Rivers State High Court in Suit No. OHC/69/2019 remains undisturbed by the first appeal, allowing the underlying suit to proceed, while the second appeal was terminated on procedural grounds.

Certified True Copies of the two decisions were issued by the Court of Appeal

The remains of the late Onyeishi Etche, His Eminence E.M.B. Opurum, are expected to be laid to rest before the end of 2026, barring unforeseen circumstances.
The late monarch reportedly joined his ancestors on September 16, 2026.
Opurum was the first first-class and classified traditional ruler in Etche Nation and one of the founding fathers of Rivers State.
His first son, Eze Prince Anufo Opurum, Eze Agu Eligwe of Etche Ethnic Nationality, disclosed the burial plan during a condolence visit by the Mba Clan Council of Chiefs to the late monarch’s palace at Ndashi, in Etche Local Government Area of Rivers State.
Eze Prince Anufo Opurum used the occasion to call on the people of Etche, particularly members of the traditional institution, to jealously guard the achievements and enduring legacy of his late father.
Addressing members of the Mba Clan Council of Chiefs, he stressed that the sacrifices and accomplishments of the late monarch must not be allowed to go in vain.
Describing his father as a great king who came, saw and conquered, he urged the people to uphold the standards the late monarch established, particularly in the traditional institution.
“They should not allow it to go sour. They should not allow it to be a waste. Let the importance of his struggle be embedded in us, especially in our lifestyle when it comes to the chieftaincy institution in Etche.
“Onyeishi Etche has set a standard. Onyeishi Etche has lifted the institution to a level that other people envy,” he said.
The prince further noted that his father’s vision, sacrifices and commitment contributed significantly to the development and recognition of Etche Nation.
According to him, the late monarch’s contributions earned him national and state recognition, including the award of Member of the Order of the Federal Republic (MFR) by the Federal Government and Grand Service Star of Rivers State (GSSRS) by the Rivers State Government.
He described the honours as recognition of his father’s outstanding contributions to the state and the traditional institution.
Also speaking during the condolence visit, the Ada Etche of Etche Ethnic Nationality, Professor Love Akaja Akonye, said the late monarch left behind numerous legacies that must be preserved by present and future generations.
She reiterated his place among the founding fathers of Rivers State, noting that his contributions extended beyond traditional leadership to the preservation of Etche’s cultural identity and the strengthening of its traditional institution.
“One of the legacies is that he made sure that the traditional institution stood firm in Etche land,” she said.
Professor Akonye added that the late monarch worked to streamline the cultural practices of the area in a manner that strengthened governance structures, promoted stability among the people and enhanced their understanding of their identity within the wider community of ethnic nationalities.
Earlier, at Okudu Mba, the traditional headquarters of Mba Clan, the Acting Onyeishi Agwuru of Mba Clan, Eze Charles O. Nweke, described the late E.M.B. Opurum as an exceptional monarch whose legacies would be difficult to erase.
Eze Nweke disclosed that Mba Clan aligned itself with the decision of the entire Etche Ethnic Nationality to suspend all festivals and chieftaincy coronations in honour of the late monarch.
He also announced that all markets in Mba Clan would be shut during the burial activities as part of measures to honour the departed traditional ruler.
On the issue of succession, Eze Nweke stated that the constitution of Etche Ethnic Nationality would guide the process, underscoring the need for an orderly and constitutionally guided transition.
The expected burial of the late Onyeishi Etche will provide an opportunity for the people of Etche to honour a traditional ruler whose reign, according to speakers at the condolence visit, left a lasting imprint on the traditional institution, cultural identity and development of the area.

John Bibor