By Kayode Sanni-Arewa

Ex-military head of state, Ibrahim Badamasi Babangida (IBB), has stated that he shoved aside Muhammadu Buhari’s regime because he believed his policies were detrimental to the nation’s progress.

The former military leader disclosed this in his autobiography, ‘A Journey In Service’, launched in Abuja on Thursday.

Babangida was chief of staff to Buhari, who ousted Shehu Shagari’s civilian government in the December 31, 1983 coup.

After the military coup that replaced the civilian government of Shehu Shagari with a military regime led by Major General Muhammadu Buhari, Ibrahim Babangida assumed the Chief of Army Staff role.

However, he became increasingly dissatisfied with the Buhari government’s policies and leadership style, which he described as draconian.

Recalling how he journeyed from Minna to Lagos on August 27, 1985, to assume office, Babangida said tension had already begun to build up since the start of the year, and a change in leadership had become necessary.

He said, “On that day, it became my lot to step into the saddle of national leadership on behalf of the Nigerian armed forces. The change in leadership had become necessary as a response to the worsening mood of the nation and growing concern about our future as a people. All through the previous day, as we flew from Minna and drove through Lagos towards Bonny Camp, I was deeply reflecting on how we as a nation got to this point and how and why I found myself at this juncture of fate.

“By the beginning of 1985, the citizenry had become apprehensive about the future of our country.

The atmosphere was precarious and fraught with ominous signs of clear and present danger. It was clear to the more discerning leadership of the armed forces that our initial rescue mission of 1983 had largely miscarried. We now stood the risk of having the armed forces split down the line because our rescue mission had largely derailed. If the armed forces imploded, the nation would go with it, and the end was just too frightening to contemplate.

“Divisions of opinion within the armed forces had come to replace the unanimity of purpose that informed the December 1983 change of government. In state affairs, the armed forces, as the only remaining institution of national cohesion, were becoming torn into factions; something needed to be done lest we lose the nation itself. My greatest fear was that division of opinion and views within the armed forces could lead to factionalisation in the military. If allowed to continue and gain root, grave dangers lay ahead.”

By Kayode Sanni-Arewa

The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has spent almost $8 billion defending the naira at the foreign exchange market in the last months.

Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.

He was reacting to the decision by the Monetary Policy Committee to retain the country’s interest rate at 27.50 percent at the same time, maintaining other MPR parameters.

Explaining the reason the Naira has appreciated to N1,505 and N1,507 across parallel and official foreign exchange markets, he noted that the apex bank has several initiatives to support the country’s currency.

“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” Rewane stated.

According to him, Nigeria’s January inflation figure, which dropped to 24.48 percent after the Consumer Price Index rebasing, does not reflect the reality of ordinary Nigerians.

“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he said.

By Kayode Sanni-Arewa

Labour Party presidential flagbearer in the 2023 election, Peter Obi, has said that he did not exhibit any sign of desperation to make the leadership of the party believe he craves a ‘free ticket’ or ‘special treatment’ ahead of the 2027 election.

Obi, who spoke through his media aide, Ibrahim Umar, was reacting to a recent interview where the National Publicity Secretary of the LP, Obiora Ifoh, denied that the party was planning to field Obi, Abia State Governor Alex Otti and some 2023 candidates in the next poll.

The rebuttal comes a few days after the factional National Publicity Secretary of the party, Abayomi Arabambi, announced that the LP would field the former Anambra State governor to stop President Bola Tinubu’s re-election bid.

When contacted to clarify if LP is truly planning to field Obi in 2027, the National Publicity Secretary of LP, Obiora Ifoh, debunked it.

While indicating that the narrative was flawed, Ifoh told our reporter that the report couldn’t have emanated from the Julius Abure camp.

However, when asked how Obi was taking the ‘no automatic ticket’ threat by Abure, Umar said his principal did not bother himself with such trivialities.

He said, “Our principal, Peter Obi, remains steadfast in his commitment to democracy and the well-being of all Nigerians. He has consistently championed the importance of good democracy, and healthy competition, recognizing that these elements are essential for a thriving democratic setting.

“It is crucial to note that Peter Obi has never sought a free ticket or special treatment. Instead, he has always emphasised the need for a level playing field, where individuals can compete fairly and freely. We urge our supporters and the general public to stay focused on the issues that truly matter, rather than being swayed by misinformed narratives.

“Peter Obi’s dedication to promoting good governance, economic growth, and social justice remains unwavering. Let’s work together to build a brighter future for Nigeria, one that is guided by the principles of democracy, fairness, and equality.

“Our principal’s actions and decisions will continue to be driven by these values, ensuring that Nigeria remains on a path towards prosperity and greatness.”