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Economic downturn: Billionaires Dangote, Elumelu to lead private sector in Tinubu’s Economic Advisory Panel
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By Emmanuel Agaji
Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote
President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector.
This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.
The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis.
Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.
Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.
He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.
“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”
At the meeting, Tinubu discussed food security, job creation and the exchange rate.
Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.
He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail.
“The economic presidential advisory committee which has been set up…will look at all the issues and address them, coming from job creation and food security.
“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”
Meanwhile, Elumelu noted implementing the decisions made that the gathering “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”
The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.
Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”
Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.
Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.
“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”
On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”
The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.
President Bola Ahmed Tinubu has called on the Nigerian judiciary to ensure the delivery of fair and timely justice, warning that a compromised legal system poses a threat to democratic stability.
The president made the call on Monday during the commissioning of the Court of Appeal Abuja Division building complex in Dakibiyu, Abuja.
The development was disclosed in a statement posted on the official page of Vice President Kashim Shettima, who represented the President at the event.
According to the statement, Tinubu expressed concern over delays in the administration of justice and the growing frustration among citizens over prolonged court cases and case backlogs.
He said the justice system must remain accessible, fair and efficient to sustain public confidence in the judiciary.
“To my Lords Justices, as you move into this complex, Nigeria asks one thing of you: let justice be swift. Let it be fair. Let it be blind to status, tribe, or purse. Let the common man feel that this Court is truly his last hope,” Tinubu said.
The president stated that the newly commissioned Court of Appeal complex reflects his administration’s commitment to strengthening the justice sector under the Renewed Hope Agenda.
According to him, providing a befitting working environment for judicial officers remains part of efforts to improve the effectiveness of the nation’s justice system.
The Federal High Court sitting in Kaduna on Monday adjourned the trial of former Kaduna State Governor Nasir Ahmad El-Rufai to June 24, 2026, following the failure of two co-defendants to appear before the court.
El-Rufai, who is being prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over allegations of abuse of office, financial impropriety, and fraud during his tenure as governor, was present in court when the matter was called.
The former governor arrived at the court premises at about 9:30 a.m., accompanied by officials of the ICPC, as well as operatives of the Department of State Services (DSS) and the Nigeria Police Force.
However, proceedings could not continue as scheduled after two other defendants named in the charge failed to appear before the court.
Following submissions by counsel, the presiding judge adjourned the matter to June 24, 2026, for the continuation of the hearing.
El-Rufai has consistently denied all allegations levelled against him, insisting that all actions taken during his administration were carried out in accordance with the law and established procedures.
The ICPC, on its part, alleges that public funds were released for projects that were either not executed or were improperly handled during the former governor’s administration.
The anti-corruption agency maintains that the charges against the defendants are supported by evidence gathered during its investigations and has expressed readiness to prosecute the case to its logical conclusion.
At previous sittings, the court had entertained arguments relating to bail conditions and preliminary applications filed by the defence team.
Monday’s proceedings were expected to feature further arguments on pending motions before the unexpected absence of the two co-defendants stalled the hearing.
The trial has continued to attract considerable public attention, given El-Rufai’s prominence in national politics and his eight-year tenure as governor of Kaduna State between 2015 and 2023.
With the matter now adjourned, both the prosecution and defence teams are expected to return to court on June 24 for the continuation of proceedings.
Presidential candidate of the Nigeria Democratic Congress, NDC, ahead of the 2027 polls, Peter Obi, has condemned in very strong terms the order given by the Federal High Court in Abuja that the African Democratic Congress, ADC, and four other parties should be deregistered for failing to meet constitutional requirements.
The former Anambra State governor, who took a swipe at the pronouncement, warned that the nation’s sacred institutions must not be sacrificed on the altar of politics.
Reacting to the Federal High Court ruling on Monday deregistering some political parties, including ADC, Obi remarked that the nation rises when institutions are stronger and not when they’re politicised.
Justice Peter Lifu ruled Monday that the Independent National Electoral Commission, INEC, must deregister ADC, Accord, Action Alliance, AA, Action Peoples Party, APP, and Zenith Labour Party, ZLP, after they failed to secure 25% of votes in the last general elections.
Writing on his X handle, the 2023 Labour Party Presidential Candidate said, “When the controversy surrounding the removal of the former Chief Justice of Nigeria, Walter Onnoghen, unfolded, I expressed a concern to a friend: that the greatest damage might not be immediate, but the message it sends about the sanctity and independence of our institutions to the world.”
“Strong economies are built on trust. Investors can manage security risks, policy risks, and even market risks. What they fear most is uncertainty in the rule of law and a judiciary that is perceived to be vulnerable to political pressure.
“Today, many Nigerians have lost confidence in systems that should protect them. Businesses increasingly request that their contracts be governed by foreign jurisdictions because they have greater confidence in those institutions than in our own. That should concern every patriot.
“We must never sacrifice our sacred institutions on the altar of politics. Nations rise when institutions are stronger than individuals. The Federal High Court judgment ordering the deregistration of the ADC and other political parties is just one of those activities that further reduces the common man’s trust in our legal systems; it should be reversed.
“I pledge that we will restore the dignity, independence, and integrity of the judiciary. The common man must have a voice. The business community must be protected from legal uncertainty and intimidation. Justice must be impartial, accessible, and respected by all.
“To our judges, legal luminaries, senior advocates, and lawyers: this is your moment. Rise, defend the rule of law, take back your country! A new Nigeria is possible.”
‘If you don’t give me money, you dont love me’ – Actress Miriam Ogbonna
Deliver justice fast, ignore tribe, status – Tinubu to judges
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