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“Stop disturbing BDCs, they are not the cause of dollar rise’-Peter Obi cautions FG
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By Emmanuel Agaji
The main opposition Voice and the Labour Party Presidential Candidate in last year’s general election, Peter Obi has advised government agencies arresting Bureau de Change operators to stop because they are not the problem of the naira fall or dollar rise.
Obi said in his X handle on Sunday that the action is primitive goes to show a poor understanding of the problems.
According to the LP leader, the recent reported attacks and disruption of the business activities of Bureaux de Change (BDCs) operators in different urban centers across the country by Government Agencies, are ill-advised and wrongly directed.
“Rather than solve the problem, the action will further escalate and worsen the exchange rate situation
in the country.
“The BDCs are not the primary suppliers of forex nor do they create demand. They only provide a market to sellers and buyers of foreign currency.
“They are part and parcel of every economy and can be found even in the developed economies of the world.
“To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.
“The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply of foreign currency.
“As long as Nigeria remains an unproductive economy and corruption continues unfettered with people in possession of unproductive excess cash, the value of our currency will continue to depreciate.
“It’s important therefore that government authorities properly understand the workings of a modern economy and channel their efforts accordingly, and stop ridiculing the nation in the eyes of global economies.
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Photo news: Gov Fubara performs groundbreaking/ foundation laying ceremony of Riven Medical Industries Project at Rumuosi, Port Harcourt
L-R: Managing Director, Enbay Pharmaceutical Industries Ltd, Mr Eniye Oweifie; Chairman, Obio-Akpor LGA, Dr Gift Worlu; Director Medical Services/Ag. Permanent Secretary, Rivers State Ministry of Health, Dr Vincent Wachukwu; Governor of Rivers State, His Excellency, Sir Siminalayi Fubara and Deputy Governor, Rivers State, Prof Ngozi Odu, during the groundbreaking/ foundation laying ceremony of the Riven Medical Industries Project at Rumuosi, Port Harcourt last Wednesday.


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FG honours outgoing IMF Resident Rep, reaffirms strategic partnership with body
The Federal Government has reaffirmed its commitment to deepening its longstanding partnership with the International Monetary Fund (IMF), while paying tribute to the Fund’s outgoing Resident Representative in Nigeria, Dr. Christian Ebeke, for his significant contributions to the country’s economic reform efforts.
The commitment was reaffirmed at a farewell dinner held in Abuja in honour of Dr. Ebeke, where the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described him as a trusted partner whose professionalism, technical depth and constructive engagement helped strengthen cooperation between Nigeria and the IMF during a critical period of economic transition.
The Minister noted that Dr. Ebeke’s tenure coincided with the implementation of far reaching reforms aimed at restoring macroeconomic stability, strengthening public finances, improving investor confidence and laying the foundation for sustainable economic growth. He said throughout that period, the outgoing IMF Resident Representative remained closely engaged with Nigerian authorities, providing valuable technical support while demonstrating a deep appreciation of the country’s unique economic realities.
According to the Minister, Dr. Ebeke made significant contributions to policy discussions on fiscal reforms, domestic revenue mobilisation, public debt management, foreign exchange reforms and other strategic priorities of government. He added that his commitment to dialogue, mutual respect and practical problem solving further strengthened the longstanding relationship between Nigeria and the IMF.
Mr. Oyedele observed that beyond his professional responsibilities, Dr. Ebeke distinguished himself through his humility, accessibility and ability to build confidence across institutions. Rather than prescribing solutions from a distance, he engaged stakeholders with openness, listened carefully to differing perspectives and worked collaboratively in support of Nigeria’s development aspirations.
The Minister thanked Dr. Ebeke for his friendship, dedication and invaluable service to Nigeria, noting that the relationships built during his assignment would continue to strengthen cooperation between the Federal Government and the International Monetary Fund. He wished him and his family continued success, good health and fulfilment as he proceeds to his next assignment.
The Director, Internationl EconomicsRelations Department (IER) Stanley George, said Dr. Ebeke’s tenure would be remembered for its professionalism, constructive engagement and steadfast support for Nigeria’s economic reform efforts. He noted that the partnership between Nigeria and the IMF had grown stronger through sustained dialogue, mutual respect and shared commitment to the country’s economic progress, adding that Dr. Ebeke’s contributions would leave a lasting impact on the relationship between both institutions.
In a goodwill message, the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, said Dr. Ebeke’s tenure coincided with a defining period in Nigeria’s economic reform journey, during which the Federal Government and the Central Bank implemented bold policy measures to restore macroeconomic stability, strengthen policy credibility, improve market confidence and lay a firmer foundation for sustainable growth. He commended the outgoing IMF Resident Representative for promoting constructive dialogue, facilitating technical cooperation and bringing professionalism, objectivity and a practical understanding of Nigeria’s economic realities to every engagement. The Governor expressed confidence that the strong collaboration between Nigeria and the IMF would continue under Dr. Ebeke’s successor.
Responding to the tributes, Dr. Christian Ebeke described his three year assignment in Nigeria as both a privilege and a professionally enriching experience. He said serving as the IMF Resident Representative gave him the opportunity to engage with government officials, development partners, the private sector, academia and other stakeholders committed to Nigeria’s economic development, describing the experience as one he would always cherish.
Dr. Ebeke said he would leave Nigeria with profound admiration for the resilience, talent and entrepreneurial spirit of its people. He expressed confidence that, with sustained reforms, sound economic policies and continued collaboration among stakeholders, Nigeria is well positioned to achieve inclusive and durable economic growth.
He expressed appreciation to the Federal Government, the Honourable Minister of Finance and Coordinating Minister of the Economy, the Governor of the Central Bank of Nigeria, officials across government institutions, development partners, members of the media and his colleagues at the International Monetary Fund for their friendship, cooperation and support throughout his assignment. He added that the cordial relationship between the IMF and Nigerian authorities had further strengthened the longstanding partnership dedicated to advancing the country’s reform agenda and sustainable development.
Reflecting on his time in Nigeria, Dr. Ebeke said the relationships he built and the memories he created would remain with him long after his departure, adding that he looked forward to following Nigeria’s progress and remaining a friend of the country in the years ahead.
The farewell dinner was attended by top government officials, including the Director General of the Debt Management Office, Mrs. Patience Oniha; the Statistician General of the Federation, Prince Adeyemi Adeniran; chief executives of government agencies; representatives of development partners and the diplomatic community; senior officials of the Federal Ministry of Finance; and other distinguished guests, all of whom joined in celebrating Dr. Ebeke’s remarkable service and enduring contribution to Nigeria’s economic reform journey.
The evening concluded with renewed appreciation for the enduring partnership between Nigeria and the International Monetary Fund and a shared commitment to sustaining the collaboration that has supported the country’s ongoing fiscal and macroeconomic reforms. Guests also wished Dr. Ebeke and his family continued success and fulfilment as he embarks on his next assignment.
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‘One of my outstanding ministers’ – Tinubu hails Umahi at 63
President Bola Tinubu has felicitated the Minister of Works, David Umahi, on the occasion of his 63rd birthday, praising his dedication to delivering lasting infrastructure projects across Nigeria.
Before joining Tinubu’s cabinet, Umahi, born on July 25, 1963, represented Ebonyi South in the Senate after completing two consecutive terms as governor of Ebonyi State between 2015 and 2023.
In a statement released on Saturday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu described the works minister as “one of my outstanding, hardworking ministers.”
The president applauded Umahi’s commitment to his responsibilities, noting that the minister is focused on constructing durable roads and bridges capable of serving Nigerians for generations.
According to the statement, Tinubu commended Umahi for his “passion, dedication to duty, and deep sense of patriotism.”
He also encouraged the minister to sustain the momentum in road construction, rehabilitation and project delivery in line with his administration’s vision of improving the quality of life for Nigerians while stimulating economic growth.
“As a minister, he does not just sit in his office or rely on reports from subordinates; he is constantly on the road, personally monitoring construction work nationwide to ensure compliance with specifications and approvals,” Tinubu said.
The president extended his best wishes to Umahi and his family, praying for continued good health and renewed strength as he remains in public service.
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