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Nigeria’s debt profile, burden for current, next generations – Obasanjo

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Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations.

Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile.

The PUNCH reported Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the end of the second quarter of 2024.

This marks a 10.35% increase from the N121.7tn recorded in the first quarter of the year.

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Reflecting on his tenure, Obasanjo said, “Yes, I was able to secure debt forgiveness for the nation before I left office, but our present debt profile is a problem for both this and the next generation.”

Despite these concerns, the former President maintained optimism about Nigeria’s future, calling for transformative leadership and a robust fight against corruption to improve the nation’s trajectory.

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

He noted that South Korea’s focus on appointing leaders based on merit and Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew are models Nigeria can emulate.

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“The best way to fight corruption is from the top. In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy.

“When I took students from the Olusegun Obasanjo Leadership Institute to meet Lee Kuan Yew, he spoke to them about leadership grounded in trust and integrity. Leadership must be about service, not self-enrichment,” Obasanjo said.

He also criticised those who view leadership as a means to personal gain, adding that corruption in government could only be eradicated by creating a critical mass of individuals committed to refusing illicit gains.

“The fight against corruption must be consistent. It’s not a one-regime affair. It must be a daily commitment. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.

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Obasanjo further emphasised the need for constitutional amendments to address Nigeria’s systemic challenges, stating that sustainable development and national integrity hinge on transparency, accountability, and divine purpose.

“National progress is only achievable through consistency in action, leadership built on accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he said.

Credit: PUNCH

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Just in: Another major headache as 3 PDP senators defect to APC

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Another major headache as three Peoples Democratic Party (PDP) senators from Kebbi, on Tuesday, defected to the ruling All Progressives Congress (APC).

According to reports, their letters of defection were read separately on the floor of the chamber by Deputy Senate President, Jibrin Barau, who presided over the plenary.

The senators are: Adamu Aliero (Kebbi Central); Yahaya Abdullahi (Kebbi North) and Garba Maidoki (Kebbi South).

Details…

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Court Jails Two Six Months for Naira Abuse in Lagos

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The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Thursday, May 8, 2025, secured the conviction and sentence of the duo of Babatunde Peter Olaitan and Tobilola Olamide to six months imprisonment each for mutilation of the Naira notes.

They were jailed by Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

The convicts were arraigned on a separate one-count charge of tampering with the Naira notes and spraying, to which they each pleaded “guilty”.

The charge against Olaitan reads: “That you, BABATUNDE PETER OLAITAN, on 8th April 2025, at 23, Macdonald Road, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with funds in the denomination of N200 (Two Hundred Naira) issued by the Central Bank of Nigeria by spraying it, and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank Act, 2007.”

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The charge against Olamide reads:”That you, TOBILOLA OLAMIDE A.K.A TobiNation, on 8th April 2025, at 23 Macdonald Road, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with funds in the denomination of N200 (Two Hundred Naira) issued by the Central Bank of Nigeria by spraying it, and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank Act, 2007.”

In view of their pleas, prosecution counsel, C.C. Okezie and H.U.KofarNaisa, respectively, reviewed the facts of the cases through Ibrahim Bukar, an investigative officer with the EFCC.

In his evidence, Bukar specifically told the court that the Commission, on April 10, 2025, generated an intelligence-driven investigation on TikTok, where Olaitan, also known as TDollar, was seen spraying Naira notes.

He also told the court that “Upon the approval of the intelligence by the Zonal Director, a letter of investigation was sent to the defendant, requesting him to make a statement regarding the video.

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“The defendant reported to the Special Operations Team, SOT, on May 5, 2025 and his statement was recorded under caution.

“He stated that he went to a night club on April 8, 2025 and met some of his fans sharing money.

“ He also said that a fan, in the process, gifted him a bundle of N200 notes, which he sprayed on some of his other fans.

“He was shown a video of him spraying the money and he made a statement regarding it.”

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Consequently, the defendants’ extrajudicial statements and video recordings were rendered and admitted in evidence by the court.

Okozie and KofarNaisa, therefore, respectively prayed the court to convict and sentence the defendants accordingly.

Justice Owoeye convicted and sentenced both Olaitan and Olamide to six months imprisonment each, with an option of fine in the sum of N200,000 (Two Hundred Thousand Naira.

The convicts’ road to the Correctional Centre started when they were arrested by operatives of the EFCC for Naira abuse. They were charged to court and convicted.

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$1.43m scam: Ajudua on the run as Supreme Court orders his return to prison

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The Supreme Court has ordered the immediate remand of Lagos-based businessman and socialite, Fred Ajudua, in connection with a $1.43 million fraud case dating back over three decades.

In a unanimous ruling delivered on Friday, the apex court overturned the decision of the Court of Appeal, which had earlier granted Ajudua bail.

The court held that the appellate court erred in its judgment and directed that Ajudua be returned to correctional custody without delay.

It was learned that Ajudua is now in hiding following the court’s decision.

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“Ajudua escaped after the Supreme Court ordered that he should be returned to prison,”, a source disclosed and its currently unclear if he is still in Nigeria.

The case, which has spanned more than 30 years, stems from allegations that Ajudua defrauded a German company of $1.43 million through an advance fee fraud scheme—commonly referred to as a “419” scam in Nigeria.

A letter dated August 26, 1993, from the Embassy of the State of Palestine accused Ajudua of obtaining the funds under false pretence from one Ziad Abu Zalaf, a Palestinian businessman based in Germany. The funds were allegedly siphoned under the pretext of business transactions with Nigerian government agencies.

It was gathered that Ajudua and his accomplice, Mr. Joseph Ochunor, fraudulently collected sums of $268,000 and $225,000 from Zalaf on April 2 and May 12, 1993, respectively. They forged official documents, including receipts from the Central Bank of Nigeria and the Nigerian National Petroleum Corporation, to make the transactions appear legitimate.

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Following an extensive investigation, a 12-count charge was filed against Ajudua before the Lagos State High Court in Ikeja. Initially arraigned before Justice Josephine Oyefeso, the case was later reassigned to Justice Mojisola Dada following a refiling of charges.

Ajudua’s lawyer, Olalekan Ojo (SAN), later approached the Court of Appeal, where a panel led by Justice Mohammed Garba granted bail on the grounds of constitutional rights and allowed the businessman to continue under his existing bail terms.

However, In its decision on appeal number SC/CR/51/2019, the Supreme Court, through Justice Chioma Nwosu-Iheme, ruled that the Court of Appeal acted outside its jurisdiction by granting bail after striking out Ajudua’s brief of argument for incompetence. The apex court held that any judgment or relief stemming from such a defective brief was legally void.

The Supreme Court further ordered that trial resume before Justice Dada of the Lagos State High Court without further delay.

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