*BY BOLAJI AFOLABI*

Abuja, Nigeria’s federal capital city is home to Gwarimpa Estate; considered as the largest single housing estate in West Africa, and arguably in Africa. Situated in Phase 3, and sitting on about 1,090 hectares of land, the Estate, which has sprinkle of gated-estates, and open houses has the combination of many buildings with elegant architectural designs, motorable road networks, and other facilities.

Conceived and started by former Nigeria’s Head of state, late General Sani Abacha, it has various facilities including shopping malls, medical centers, resort and recreational centers, and schools. Over the years, the Estate has grown to a big community with residents from different and varied strata of the society. It is home to the bourgeois, nouveau riche, top-end politicians, government officials, professionals, and technocrats.

People in the upper-class, upper-middle class, bureaucracy, business, and more are resident there. With distance of about 45 km to the Nnamdi Azikwe International Airport, Gwarimpa, which has 7 distinct areas; called Avenues originally planned as a residential community has, in recent times witnessed some distortions. The master plan has being slightly corrupted with the influx and establishment of commercial outlets, and other business enterprises in hitherto residential quarters. In spite this noticeable drawback, Gwarimpa is one of the most sought after districts by many people including Nigerians and foreigners.

For anyone who desires to embark on physical exercises as part of healthy living regimen, Gwarimpa is the perfect location. It’s beautiful landscape, road networks, and pleasing environment makes burning of excess fats welcoming. Little wonder, daily, residents pound the streets either walking or jogging. The writer, being a keep-fit buff is not left out. Buoyed by discipline, determination, dedication, and devotion, the one or two hours daily jogging has become permanent fixture in his daily ritual. Though captured by the allure of the Estate, many residents hit the streets when the sun sets, and makes visibility clearer. Perhaps, scared of being victims of any attacks, it is only common to see residents involving in physical exercises from 7 am. However, some early risers, like the writer shrug off any fear or negative thoughts, and engage in very early hours workout daily, before proceeding on their respective official and business engagement.

Few days back, the writer discovered something unusual, uncommon but comforting. Setting out for the day’s jogging exercise, the entire streets within my Estate were lighted. Surprised about this, the comments of one of the security officers at the Gate of the Estate jolted the writer. Asked about the lighting, Mr. Joshua declared, “Oga, na Wike oooo.” Within racy minutes, with excitement written on his face, he narrated how this will impact positively on the environment, security, and living. Outside the Gate, as the race continued, it was obvious that the entire landscape had changed. With proper visibility, the beautiful aesthetics of buildings, commercial outlets, and other business centers came alive.

In the past three days; and still counting, the installation, and powering of street lights across major areas and locations of Gwarimpa has added to the beauty and allure of the Estate. In many ways, people, especially early risers and commuters exhibit quantum felicity as they move from one end to the other. Traversing through 1st to 3rd, 4th, 2nd, and 5th Avenues, the street are glittering with lightings. Importantly, the writer discovered an increase in the number of people that have joined the “early-riser” jogging train. At every turn and point along Crush Cafe to Tastia, Fidelity Bank, St. Matthew’s Anglican Church, Muslim Community Cemetery, and First Bank/Emadeb Energy/Total Station on 1st Avenue, it has been encouraging. Not forgetting junctions and intersections from Access Bank to the H-Medix/Quick Service Restaurants, GTB, and ECOBANK area on 3rd Avenue, as well as locations and streets along and around the 4th, 2nd, and 5th Avenues.

From reports, the street lightings in Gwarimpa Estate which were done by the Federal Capital Territory Administration under the leadership of Minister Nyesom Wike is in fulfillment of earlier promises to engender infrastructural development of the District. Indeed, this is laudable, and encouraging. Being a resident for some years, the writer can recall the level of fear, anxiety, worries, and despondency that pervaded the minds of people before now. With the turn of events, there are numerous positives that residents will benefit from the street electrification. There will be increase in commerce, trade, and economic activities. Just yesterday, while jogging along 2nd Avenue, a vulcaniser had already opened shop for the day. Same with few pharmacy, and supermarkets on 3rd Avenue. The number of food vendors already out around the Crush Cafe axis of 1st Avenue was surprising. The street electrification will boost security of lives and properties; improve access to health, and other services; and increase the value of properties.

While working on this article, the writer was informed that the Wike “street lighting magic” has been extended to Life Camp, Kado, and Jahi Districts; neighbors to Gwarimpa Estate. Fact is, the street electrification of these Districts are long over due. Somehow, attempts were made by past administrations. But very feeble, shoddy, and tenuous. For whatever it is, the timely completion of the installation of street electrification in these Districts epitomises vision, values, and commitment to good governance. The comments of a business outlet owner along 3rd Avenue, Mr. Peter Ogbu that, “like some others, initially I didn’t like Wike but considering what he has achieved in one year, he is now my favourite in this government,” is apposite. Alhaji Garba Ibrahim Fegge, a civil servant declared that, “the street lightings, and potable water supply schemes in Gwarimpa has shown that Wike knows the needs of people.” For Ms. Comfort Adegbuyi, a medical personnel, “we now open till late in the night at the Pharmacy I work…this is something you dare not attempt before now because of security challenges.”

The political odyssey and governance trajectory of Nyesom Wike has been classic case study of sorts. Depending on who or what is being addressed about him, he remains a prominent, and primary personality in Nigeria’s political discourse and governance discussions. Some people angrily dislike and describe him as being arrogant, loquacious, and power-driven. Many others recognize and appreciate his personality traits and leadership attributes which; they claim revolves around productivity, performance, doggedness, courage, and empathy. However, what ever divide, majority of Nigerians, particularly Abuja residents and visitors unanimously agree that he is a shining light in this administration. Little wonder, President Bola Ahmed Tinubu eulogized him at the first presidential media chat, which held recently.

**Bolaji Afolabi, a Development Communications specialist, was with the Office of Public Affairs, The Presidency, Abuja*

By Dr. Ibrahim Modibbo

Within hours after the launch of foreign exchange code by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on January 28, 2025, in Abuja, the positives from this move by the apex bank emerged as the naira appreciated against the US dollar. Following the launch of the FX code on Tuesday, the naira appreciated by 0.97 percent, gaining N16 against the dollar in the parallel market, by trading at an average rate of N1, 634 compared to N1, 650 it traded on Monday. In the official window, data from the CBN revealed that the naira was quoted at N1, 533.50 to the dollar at the Nigerian Foreign Exchange Market (NFEM).

Cardoso’s newly introduced FX code is aimed at improving market liquidity, enhancing transparency, and providing guidance for all those participating in the country’s foreign exchange sector. The code represents a set of principles that are not only encouraged, but accepted as best practices in the global foreign exchange market. The CBN as the regulator of Nigeria’s turbulent forex market drafted the FX code to address risks associated with the emerging financial landscape in the nation, while also strengthening the integrity and functionality of the foreign exchange market.

The CBN in developing the FX code is responding to Nigeria’s financial transformation in recent years and the attendant risks associated with such a growth, in spite of significant progress recorded. The code seeks to establish standards that ensure the efficient functioning of the wholesale FX market, further reinforcing the country’s flexible exchange rate system. It will further promote a robust market that’s characterised by fairness, openness, and adequate transparency, enabling a diverse group of participants to engage effectively at competitive rates that reflect accurate market information. It outlines behavioral standards and best practices that align with global expectations.
Addressing industry players at the launch and alluding to the deep insights and interactions with them, Cardoso said that the acceptance of the FX code reflects the collective vision of everyone for a foreign exchange market built on integrity, fairness, transparency and efficiency, based on its critical nature for Nigeria’s economic growth and stability.

Making reference to the words of the late Nelson Mandela, on the need for leaders to be great listeners, the CBN governor admitted that the apex bank through its interactions with industry players, better understands the perspectives, concerns, and recommendations they expressed. He said the ideas shared reaffirmed the collective commitment to shaping a more resilient and transparent FX market.

He declared that the FX code represents a decisive step forward by the CBN, to set a clear and enforceable standards for ethical conduct, transparency, and good governance in Nigeria’s foreign exchange market. The code, Cardoso added is a firm signal that business-as-usual in the forex market has ended because the code is a blueprint for the future, that is grounded in the hard lessons of the past.

“We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely undermined market integrity. As an example, the $7billion of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation,” he disclosed.

The CBN governor further stated that the period of unprecedented ways-and-means-financing that inflicted significant damage on Nigeria’s economy, contributing to rising inflation, currency depreciation, and eroded public confidence in government’s ability to deal with adverse economic issues is over.

“These practices must never return. The FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust and market-driven principles. Let us be clear: the system itself played a key role in the challenges of the past.

“Unethical behaviours and systemic abuses – whether by those with privileged access or by complicit participants – eroded public trust and harmed our economy. We will not tolerate any attempts to revert to those practices. Any individual or institution that violates the FX Code will face swift and decisive sanctions,” Cardoso warned.

Predicting the future, he expressed confidence that the nation’s journey towards market reforms is already yielding positive results. According to him, 2024 was marked by structural reforms which sought to return the naira to a freely determined market price and ease volatility.

Such reforms include the discontinuation of quasi-fiscal interventions, unifying the exchange rate windows, clearing a backlog of foreign exchange commitments, and recalibrating monetary policy tools to redirect the course of Nigeria’s economy, restore order and credibility to our FX market, and refocus the CBN on discharging its core mandates.

Cardoso used the opportunity of the FX code to reel out some notable achievements of his stewardship, pointing to the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2024 that has improved market transparency and efficiency. Since its launch, the naira has appreciated significantly—from ₦1, 663.90 on December 2,
2024, to ₦1, 536.72 as of January 28, 2025. Also worthy of mention is the country’s external reserves that have grown by 12.74 percent, reaching $40.68 billion at the end of 2024.

He emphasized the importance of exchange rate stability, describing it as the cornerstone of macro-economic health for an economy like Nigeria’s. The apex bank governor said that beyond daily market rates, the exchange rate influences critical indicators such as the balance of payments, external reserves, international trade, inflation, economic growth, and foreign investment. These factors collectively, he submitted shape the economic welfare of the nation and that of Nigerians.

To Cardoso, tackling rising inflation remains a major challenge of the CBN under his watch, as in his view, rising prices erode the purchasing power of Nigerians and increases the cost of living. However, he believes strongly too that by fostering an exchange rate stability, the problem of inflation can be tackled head-on.

The FX code, the CBN chief asserted marks a new era of compliance and accountability. The code, he declared is not just a set of recommendations, but an enforceable framework, warning industry players that under the CBN Act, 2007 and BOFIA Act, 2020, violations will be met with penalties and administrative actions. He told stakeholders who attended the launch that they must recognize that adherence to the code is not merely about compliance but about restoring public trust in Nigeria’s financial system.

“Beyond the foreign exchange market, the FX code forms part of our renewed focus on compliance across the financial services industry and I am particularly pleased that we have the leadership of the industry to reinforce a collective commitment to the journey ahead. Self-regulation and conduct are at the core of the changes in culture we expect to see at play in the industry, and I expect the principles of the FX code to be applied across other business areas.

“The FX code is built on six core principles—ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes. These principles align with international standards, while addressing Nigeria’s unique challenges. Together, they provide the foundation for a resilient and transparent market that inspires confidence among both domestic and international participants.

“Today, as we formally launch the FX code, I call on all market participants to embrace its principles wholeheartedly. The six guiding principles and 52 sub-principles must become the standard for conduct across all participating institutions. Leaders in this room – board chairs, managing directors, and chief compliance officers – must lead from the front. Embedding these standards within your organizations is not optional,” Cardosa stated.

He reiterated that the eras of opaque practices is over because the CBN will not hesitate to deal with any institution or individual that undermines the integrity of the financial markets. The code, he added, serves as a collective pledge to transparency, ethical conduct, and fairness in the forex market, and that most importantly, through strict adherence to thev code, Nigeria can build a financial ecosystem that embodies resilience, global competitiveness, and economic prosperity.

Dr Modibbo is an Abuja based Development communication analyst.

BY BOLAJI AFOLABI

In various countries across the world, the month of December is usually special and unique. From the weather to people’s mood and activities, it evokes some peculiar frenzy that are easily contagious. In diverse ways and practices, people look forward to the season as the perfect time to “wind down” and “close shop” having survived the vicissitudes of the out-going year. For some, it is the period for holidays and vacation. For others, weddings, and numerous social engagements are scheduled during this season. All around the globe, airports are very busy. Same with parks, and sea ports. Generally, people look forward; with excitement to hearty re-connection, communication, and celebrations with families, friends, and loved ones.

Given the global economic meltdown and it’s negative effects on the country, peoples expectations were measured and reasonable. Conscious of the debilitating economic situation that has thrown many people into accentuating poverty and corrosive hunger, many were not confident of enjoying blissful yuletide season. Due to their scant and scarce finances, many people after calculations and conjectures, eschewed from elaborate and grandiose preparations for the season.

For the political class, and those in various leadership positions at federal, state, and local government levels, the last yuletide season was slightly different. In times past, people looked forward to “hand of fellowship” from leaders. Politicians and public officials happily “give back” to their constituents. However, for December 2024, sighting “national economic situation” as comfortable alibi, the expectations of constituents were not fully met. Indeed, there were unconfirmed stories about politicians who devised “ingenious measures” to avoid possible umbrage of their constituents. To extricate themselves from the harassment of hangers-on, and public ridicule by fearless constituents, some politicians allegedly think outside the box. This included, holidays outside the country; remained incommunicado; stayed back in Abuja; hibernated in state capitals as mark of “loyalty” to their principals.

For the people of Obio-Akpor federal constituency in Rivers state, the story was entirely different. Variously described as the melting pot of the Treasure Base; moniker for Rivers, residents and indigenes of the 17 Wards and over 70 communities that make up the constituency experienced flurry of empowerment programmes, give-aways, and convivial celebrations during the yuletide season. According to reports, from the first week of December to the last few days of 2024, the buzz in and around the constituency was spectacular, and electrifying.

In continuation of the empowerment and skills development initiatives; which has been running from mid-2023, emplaced by Rep. Chinda Kingsley, member representing Obio-Akpor Federal Constituency in the House of Representatives, many people from across the communities benefitted. Youths, women, and men who participated in the three-month training programmes which included tailoring, interior decoration, hair dressing, barbing and other relevant skills geared towards self-reliance, and entrepreneurial development were given start-up packs, materials, equipment, and cash. The non-partisan, all-encompassing, and fair-to-all intervention initiative had beneficiaries from various communities across the 17 Wards. From records, the long-list of beneficiaries covers constituents from Rumuewhara, Rumuolumeni, Rumuokoro, Elelenwo, Rumuodara, Rumuola, Rumueme, Rumuepirikom, Rumuodomaya, Choba and other communities within the federal constituency.

Guests, leaders, stakeholders, constituents, and numerous others that attended the closing ceremony and empowerment presentation that held late December in Port Harcourt were visibly elated about the empowerment programmes. As expected, the beneficiaries could not hide their excitement and enthusiasm for the life-changing gesture. Ms. Ruth Ogbona who got a sewing machine confirmed that, “I am very happy for participating in the three-month training. With all what I have learned, and presentation of this brand new, and latest sewing machine, my dream of being a fashion designer is now reality.” Another beneficiary, Ms. Peace declared that, “it is a dream come true. I thank God for this opportunity which will make me and others grow up, and be better people in our communities.”

Some other beneficiaries while expressing their gratitude to Rep. Chinda alluded to the transparency of the various training programmes, noted that the initiative; which is still continuing is arguably the first by any legislator in the state. Mr. David King said that, “I and virtually all other participants were selected fairly and freely by the coordinators. I did not lobby or spoke to anyone. I thank Chinda for this rare privildge. He is a blessing to the people of Obio-Akpor.” In the words of Ms. Suzie, “Hon. Chinda is truly a man of his words because while campaigning he said, ‘I Win You Win’ and made promises not to abandon the people. I am very happy that since August 2023, he has embarked on different empowerment programmes that have positive impact on all of us.” An elated Ms. Amadi declared that, “I am excited about this empowerment material which I have desired for many years. That I am a beneficiary without knowing anybody makes it more fulfilling and heart warming. My prayer is that God will continue to bless Hon. Chinda in all he is doing.”

Cognisant of the premium placed on Christmas and New Year celebrations by people, Rep. Chinda distributed different food items, and condiments around Obio-Akpor. These included rice, beans, garri, groundnut oil, tomatoes, maggi, and other items. Chiefs, community leaders, elders, and religious leaders benefitted from the end of year give-aways. Others included political stakeholders, political associates, informal groups, trade associations, ethnic unions, women, men, and youths. Indeed, the give-aways covered the entire 17 Wards in Obio-Akpor federal constituency. The impact of the gesture was extensive that it generated widespread commendation and gratitude among various strata of the constituency. A youth leader, Mr. Bright John affirmed that, “we are very fortunate to have a Leader and Representative who is caring, altruistic, and passionate about the well-being of his constituents. Unlike what normally happens, Chinda ensured that the items percolate to everyone.” For Mrs. Priscilla Ogechi Kanu, “this has never happened. Hon. Chinda has contributed positively to the growth of many people. My prayer is that God will perfect everything that concerns him.” Chief Alphonsus Obiereka, a community leader and politicians declared that, “apart from the distribution of food items and assorted condiments to people, as well as empowerment programmes, there are other initiatives by Chinda that are positively touching lives of people, and improving development in and around our various communities.”

Indeed, the people of Obio-Akpor have witnessed numerous projects, programmes, and initiatives that are making broad-based, and cross-disciplinary impacts on residents and citizens. Since 2023, there are visible interventions across the 17 Wards with special focus on skills development, education, health, and agriculture. Some of these includes medical outreach; digital and artificial intelligence trainings; entrepreneurial development on ICT, welding, and chalk production. Others include agricultural training through the OK Chinda Youth AgriBusiness & Food Security Initiative (OYAFSI); provision of educational soft-structures; payment of school fees for some categories of students; yearly distribution of JAMB forms, and many others. Participants and beneficiaries of these programmes, regularly gives testimonies about the timeliness and importance to Obio-Akpor, and Rivers state. According to Nene Bright, one of the graduates of the mid-2024 Artificial intelligence training programme, “it was an eye-opening and career-finding exercise. It has boosted my horizon to unleash my potentials, and exploit the numerous opportunities in information technology.” For Boniface Godswill, “passing through the OYAFSI, is the most reasonable decision I have taken in life. I now know the vast opportunities imbedded in agriculture, few of which I have started to exploit.”

For many people in Obio-Akpor federal constituency, the last yuletide season is one they will not forget in hurry. Days, weeks, and months to come, the sweet feelings, and pleasurable memories will keep resonating in their minds. Collectively, these gestures, initiatives, and programmes are still attracting positive endorsements, and public thumbs up. Many people are confident that Chinda will sustain, deepen, and possibly expand the scope of the numerous interventions. Many are already doing the countdown to 2025 yuletide season.

BOLAJI AFOLABI, a development communications specialist, was with the Office of Public Affairs in The Presidency.