Opinion
BABANGIDA, HIS MEMOIR, AND HIS CRITICS,

By Kassim Afegbua
The at-long-last-decision to write his memoirs, was quite a daunting one for General Babangida, who has over the years, refused to capitulate to pressure demands for him to write one. His reason was predicated on the fact that some people, and especially his itinerant critics would accuse him of writing at a time that some of the dramatis personae have exited this putrid plane; he wanted to let sleeping dogs lie. He said to me, “Prince, your colleagues in the media and civil society would ask pointedly, why now?”
And, I told him his response should be why not now? Either way, nobody can take away his authorial stamp from his impressions, for telling stories that elucidate his trajectory in life’s bramble forest- stories that are essentially first hand accounts, and not innuendos. Those who accuse him of not telling the whole truth can pick up from where he stopped, and to add to what he has written; that we all may know the whole truth. Indeed, what is written in his 420-page memoirs are snippets of who IBB truly is, what he actually represents, and the totality of his roles in the leadership of Nigeria, dictated by his career in the military throughout his military presidency of Nigeria for eight years. Babangida is a colossus; an encyclopaedia of ideas and knowledge; and he applied these, when he called the shots.
I am stimulated by several interpretations that readers have given to the book, and the hasty conclusions drawn by some who have read only snippets, and not the entire book; and particularly amused by the claims of one Mr. Femi Falana who boasted of seeking legal redress for the noisy recognition, saying that he remains an actor for the civil society groups. We are still waiting for his litigation. The comments of those who have read the book and ran informed commentaries about the several anecdotes that formed the central kernel of the accounts captured in the memoir, are not lost on me. Our former President, Chief Olusegun Obasanjo predicted these outcomes, saying that the book would exude the good, the bad and the ugly.
That exactly is what is happening today. IBB’s book is not intended as a polemic; those who derive joy from attacking IBB for whatever it is worth are welcome to have fun. Some will, even if they see IBB leading a crusade to better the society and add value to our collective aspirations, still agonise with patented anger and bad blood. But all of this remonstration does not bring diminution to Babangida’s humanity and benevolence of his engagements and relationships with people. I have had a very close relationship with him and his family for very long now, and can conclude without a whimper, that IBB is antipodal to these numerous stigmas that some members of the public are wont to thrust on him.
Albeit, anything IBB, is always “controversial” and usually meat for the season. When he talks, it is loud and resonates across the land. When he grants interviews, they receive widespread attention. When he keeps silent, there is a high desire to hack into his mind to know his thoughts. When he breaks his silence, his comments are given different connotations. All these look like good reckoning to me. IBB is consistent in “controversy” nevertheless he is that man that has contributed greatly to establishing democracies in some West Africa countries when he was in power and outside of power. He has helped to stabilize troubled countries that suffered from political tensions and unrest for so long using the ECOMOG.
He cultivates relationships and sustains same with remarkable prowess. He has a way with people and a charm and aura; his personality distinguishes him. Hate him or like him, you cannot deny IBB’s infectious and warm personality; and, he always shows that his persona is at home with his person. He’s a human being and not a human doing; and is bound to make mistakes. As a responsible leader, he accepts responsibility and credit for the ills and gains of his eight-year government. The under-current of his leadership emanations as a military president remains seminal, and suffice it to say that, at a time when coups and counter-coups were fashionable in Africa, some of the decisions taken by his administration were instructively woven around common sense, tact, diplomacy and better judgment.
IBB is always a contemporary item on the menu list of Nigeria’s political drudgery. His relevance remains unchanged at over eighty, his sense of recall and perspicacity on a wide variety of matters is still acute. He has a deep understanding of the human mind; a trait which is borne of his depth in human relations and interactions with people across the different socio-political strata of the society. He tells of the vanity of human creations, and why he loves his perceived and or real enemies, the same way he loves his friends. According to him, “we are living in an imperfect world, if I decide to snub my critics, how will I learn from my mistakes?” That’s IBB for you!.
THE JUNE 12 STORY
Since the official release of his memoir, the “June 12” account has undoubtedly received the highest volume of attention and criticism; topping all else in that book. Even those who were not yet born then, discuss the June 12 story as though they were participants. Others, who though alive at the time, but have no information about the annulment of the election, speak with seeming authority as though they were eye witnesses. They bridle at IBB’s assertions, as if they ran the seat of government with him. Some say his story is convenient, because of the fact that some of the major actors are now dead, and cannot controvert his account. Some derisively called him a “coward”, and a “weakling”, who presented himself as helpless before a rampaging General Sani Abacha during the June 12 orchestra.
They have debased IBB and called him all manner of unprintable names but the man, given his leadership orientation, remains stoic, unfazed, and unruffled by the torrents of ugly commentaries being hurled at him. This though is a sign of reckoning. Only those who are not productive are ignored. Between two mango trees, one bearing fruits and the other without fruits: at harvest season, the one with fruits will be visited by everyone, with pebbles and sticks, trying to pluck the fruits; but the barren one will be free from attack. That’s the ordering of life and the inherent danger in being worthy.
IBB ran a military government after a successful coup on 27 August 1985. Late Abacha was his accomplice during that operation. Late M.K.O Abiola was one of the sponsors of the coup and was also the one who reportedly told his friend King Abdallah of Saudi Arabia to extend an invitation to General Tunde Idiagbon and his eleven year old son to come for Holy Pilgrimage as his personal guests. That was how they got Idiagbon out of the scene, making it easy to remove General Muhammadu Buhari as Head of State, in a bloodless manner. Earlier, M.K.O Abiola had gotten involved in the 1983 coup that ousted president Shehu Shagari. In April 1990, during the Gideon Orkar coup in Dodan Barracks, Late Abacha also participated in helping to checkmate the boys and succeeded in coordinating with the president to dislodge the coupists.
IBB had escaped to Ojuelegba, in the Surulere area of Lagos, from where he contacted General Abacha. Unable to reach Abacha, he got his son, Ibrahim, who later went to alert his father at his guest House of the hovering danger. Abacha was in his familiar terrain, hobnobbing with his female friends, a habitual hobby to unwind. Duly informed of the putsch, he coordinated with his boss and president, IBB to dislodge Orkar and his boys. That was sheer fealty and such cooperation was not lost on IBB. This and other actions imprinted Gen Abacha in IBB’s heart. General Abacha also knew the implications of his actions, knowing full well that IBB had his “boys” also, in the Army. As an armoured corps officer, Babangida was reputed for his gallantry during the civil war and his boldness in quelling the Dimka coup with sheer tact, diplomacy and “bare hands”. He was a grounded officer. So, to call him a coward by latter day critics in an attempt to exercise their freedom of speech, is completely out of tune.
After the Orkar coup, the relocation of the seat of power to Abuja occupied a high pedestal in IBB’s mind. He felt the Dodan Barracks residence of the president had become vulnerable. He grieved over the loss of his Aide-de-Camp, U.K Bello. The escape of his immediate family to Captain Gusau’s residence within the precincts of Dodan Barracks was also a delicate adventure in the face of shelling by the coupists.The execution of the coup before the very eyes of his immediate family was traumatic for him. On the one hand was the promise to return to civil rule by 1990, which the Political Bureau had set for the new structure being envisaged; and on the other hand was the extension of that date, based on the feasibility or viability in the face of the then challenges.
The need to shift the date for return to civil rule became compelling; and as democratic and electoral activities were ongoing, relocation to Abuja was realized. By this time, IBB had concluded plans to stay for the usual two terms; thus, a new terminal date was set for 1993. Elections into State Government and National Assembly were already concluded. While IBB had his eyes set on his exit date, General Abacha had a different plot. The entire June 12 annulment was a coup within another coup. The desire by IBB to exit power was genuine, but he was bested by his friend’s plan. He applied tact and diplomacy. It was clear to him that Gen Abacha had come payback time. M.K.O Abiola, also IBB’s friend was one thing, and Nigerians yet another. Late General Abacha was inexorable in his quest. How to choose one and certainly be against the other required great deft and resolve. IBB read the writing on the wall. A medical doctor once said to me that, if a man contemplated taking his own life, he was almost certain to have mental ill health. IBB proved that he wasn’t mentally ill. He was alive, strategic and calculative.
The subject matter was power! A crazy aphrodisiac! These two men were going for it headlong! For the roles that Abacha had played in the life of his administration, he loved Abacha; and Abacha enjoyed the mollycoddling of one that is loved. General Abacha was ready to play the spoiler role, to ascend to the power that he so desirously wanted. This drive was unchecked. “Why didn’t you sack him, as you were the Commander-in-Chief? I interjected, “It is not an act of cowardice to indulge a man who has been with you, so to speak. In certain situations, you need to behave unusual to survive the unusual.” That was the day I remembered what that doctor said to me about suicide. If anyone follows the history of assassinations the world over, it is difficult to easily unravel the hatchet man. He may be your closest friend or a distant foe. Under military regimes, in such an intriguing world of politics, having survived a day, count that day as a blessing or bonus. Continuing he tutored, “the real Commander-in-Chief are the gun-wielding body guards around you all the time. You hardly know where their loyalty lies or their cabal within the military; and in any security formation, there is always a lone ranger whose nuances are not easily predictable; so we were taught.”
“While it is convenient for you civilians to run your commentary under a democratically elected government, it is not the same under a military government; so, it is difficult to know where a man stands in that circumstance.” It obviously took tact, strategy and diplomacy, not cowardice, to survive eight years as a military president, judging by General Babangida’s revelations. The man in the center and his government it seems, were always under existential threats. All these considerations formed part of why IBB mollycoddled Abacha by which means Abacha aborted the plan to return to civil rule, with effrontery. And by the time the final unsigned statement was issued, it marked the end of an era and the beginning of several invidious plots to stabilize the ship of state. This time, there was already in place, a polarised military; the top echelon was sharply divided along both ethnic and ranking lines. This situation became a fertile ground for recruiting like-minds for caucuses of “fellow Nigerians.” So, in summary, IBB was caught between the devil and the blue sea, hence he applied the first law of nature.
We all know who exactly the culprit was in this whole episode of the June 12 annulment. In addition, some Yoruba Obas compounded the plots. They allegedly accused M.K.O Abiola of “snatching” their wives like the late Owa Obokun of Ilesa, Oba Aromolaran. Others who were predominantly Awoists didn’t want the success of Abiola at the election. They leveled allegations against him including his alleged role in thwarting the electoral success of Awolowo in 1983, citing the establishment of Concord Newspaper as a deliberate ploy to antagonise the late sage. Chief Obasanjo had also stated in Zimbabwe that M.K.O Abiola was not the messiah being awaited. Others accused him of being chief sponsor of several coups in Nigeria, also; and thus should not be made to reap from his ills by heading a democratic dispensation. They stood against their brother.
IBB was buffeted with so many conspiracy theories which all combined to give Abacha some kind of upper hand and soft landing by the time he finally eased out Late Earnest Shonekan, the head of the interim government. Abiola jettisoned the suggestion of IBB to make him head the ING, and found good company, albeit naively, with General Abacha. The “overthrow” of the ING had the imprimatur of Chief M.K.O Abiola, who even nominated some ministers to join General Abacha to “prepare” the way for his own triumphant entry, he hoped. The rest, as it is often said, has become history. Surely, June 12 epitomized the intricacies and complex web that come with the struggle for power- the plots and counter-plots, the coups versus palace coups and a combination of back-stabbing and survivalist instincts turning out to be the most delicate period of Nigeria’s political history.
Yes, IBB has tendered his apology and has accepted full responsibility for whatever happened during his eight years; especially on the annulment of the June 12 election. That is the Hallmark of leadership. It is commendable also, that he has now mentioned some of those who played critical roles to thwart that exercise, chief of whom was his late friend, General Abacha. Let the truth of history be known. Nigerians should not forget yet another factor: the NRC, the political Party that fielded Bashir Tofa as its own presidential candidate also petitioned the whole exercise, describing the election as unacceptable; and raised concerns that Chief M.K.O Abiola’s dress on the day of election had the logo (a horse) of his party. They claimed that it was tantamount to campaigning on the day of election. They called for the outright cancelation of the election, a contestation that led to the setting up of a 25-member committee headed by Late General John Shagaya. The parties were directed to put forward eight members apiece. The NRC never agreed with the outcome of the election. So, the June 12 debacle had its peculiar rhythms and currents, steamed by those who never wanted an Abiola presidency. When the star finally snapped, it was a denouement of some sort, a rehearse of sun-set at dawn, before the curtain finally fell. June 12 has become a watershed in the political history of Nigeria and with IBB’s memoir, the actors have been unveiled.
THE FEBRUARY 20, ABUJA GATHERING
Nigeria is undoubtedly a very interesting country full of side attractions and sound bites. On the one hand, they want history to be taught in schools, on the other hand, they bridle at history being written and elucidated. IBB has decided to build a presidential library in Minna, Niger state. Proceeds from the book launch would be ploughed into this laudable project, to sustain and preserve history. The choice of the book reviewer was as apposite, just as the venue of the event was. Transcorp Hotel remains one of IBB’s legacies which has now been privatized. Relocation and building up of Abuja is another enduring legacy. So, while I listened to some critics shouting “crucify him,” my inner defense was mollified by the many legacies of IBB spread across the entire country including the Third Mainland bridge in Lagos. I looked at the growth of the eleven states he created, I looked at the several infrastructure, the private sector he initiated and engineered, the private broadcasting he introduced and licensed, the private airlines he initiated, the local governments he created, the many individuals he empowered through laudable policies he enunciated, the programs, the robust engagements, and his pan-Nigeria orientation, I feel the strong impact of his achievements. Added to these were the establishment of National Drug Law Enforcement Agency (NDLEA), NAFDAC, the Federal Road Safety Commission, (FRSC), the Code of Conduct Bureau, the Code of Conduct Tribunal, the Raw Materials Research Council, the Revenue Mobilization Commission, the National Economic Reconstruction Fund, (NERFUND), the defunct Peoples’ Bank, the Micro-Finance Banks, the several airports built to ease mobility, MAMSER, and the decentralization of the uniform control in the Police Force, amongst several others too numerous to mention. IBB moved Nigeria forward. Beyond June 12 and the political struggle for power, he built a country.
The gathering of February 20 therefore, was a veritable referendum on whether or not IBB is a good man and good leader. Nigerians truly united; that Abuja gathering was a pan-Nigeria gathering that spoke volumes about IBB’s recognition. He unveiled a doctrine of national cohesion and not of parochialism, myopism and nepotism. It underscored the theme of unity in diversity, as we all watched a book launch event that was loud like the author, attended by the who is who of this country all under one canopy. All for IBB, the man they love to hate, and hate to love. He lives in a world of his own, not deterred by the criticisms of a handful, but encouraged by the collective endorsements he gets every now and again, in appreciation of his intervention in re-engineering the socio-economic and political components of Nigeria. He may have failed to transit properly to civilian rule, and the lessons of a credible election he conducted, ought to be a reference point for today’s democracy; but is it? How many of our elections today wear the garb of credibility in the true sense of the word? The increasing number of political litigations does not speak to a healthier electoral process thirty-two years after June 12, elections are still being annulled through the courts. We’ve seen some unsavory scenarios and judgments that belie logic, and a concatenation of several possibilities that naturally awes the electorate. You may blame IBB for the errors of June 12, but have we learnt any lessons as a consequence of that? Have we imbibed the spirit of credible election since then? Have we eliminated the problem of thuggery and violence in political contestation, factors which necessitated IBB’s formation of the two-party system ab initio?
ABACHA, HIS CHILDREN AND THE STRUGGLE FOR POWER
I have read a couple of responses from late Abacha’s family, his children and grandchild. They even issued a shameless press statement trying to make their voices heard. The first thing I will say to them by this medium is that Nigerians don’t hold anything against them but their father. Since IBB launched his book, some of them have called him a “weakling,” others said “coward,” and some said he wasn’t in charge during the June 12 debacle. An officer of the armoured corps orientation, who fought in the 30-months civil war, got injured, and still carries shrapnel lodged in his lungs; that description of a coward and weakling, does not match IBB. He may have chosen to ignore the strange political movements of his subordinates, for exigent reasons at that time, but he’s by no stroke a weak man. A man who dislodged the Dimka coupists, and served in the Supreme Military Council at a much tender age, could not have been a weakling. Though the outcry of the Abachas is understandable, their description of IBB is wrong; and again I say to them, they should find peace in shame.
Their father and benefactor took over the rein of power through a palace coup, and activated a self-succession plan that generated so much hoopla during the period. He railroaded five political parties of same “leprous hand” to endorse him, and shut out every voice of descent. After his untimely death, his level of acquisition and conquistadorial behaviour became public knowledge. Till date, repatriation of stolen funds is still ongoing. I doubt if anyone can controvert this truth. I wonder how they all feel each time they hear of their father’s loot being repatriated. In profiling the dark goggled General Abacha, his role in the June 12 debacle should occupy a prime place; irrespective of what the family thinks about their “hero.” The account of Professor Humphrey Nwosu on the role of Abacha in the build up to the June 12 debacle in his book was pellucid; and that account is now corroborated in IBB’s memoir. It could not have been IBB’s deliberate contrived “blackmail” of his late friend. Far from it. During the five years when Abacha called the shots, he held Nigerians by the jugular, as we all gasped for breath to endure his self-transmutation plots. The palpable fear that gripped Nigerians during his tempestuous rulership was a direct opposite of IBB’s subliminal humanity. That character index of IBB is part of why the man remains impregnable till date.
To state that Abacha was afraid of his shadow is to understand why he was busy arresting people and hurling them into jail. There was a rise in high-profile assassinations at that time: Kudirat Abiola, Pa Alfred Rewane, Shehu Musa Yar’dua and others. Replay the tapes of Sergeant Barnabas Rogers, you will easily understand the enormity of Abacha’s torture and killer camp orchestrated to send fear in the hearts and consciences of Nigerians. Remember Ken Saro-Wiwa and the Ogoni Nine, the gory details of man’s wickedness and heartlessness will stare you in the face. Former President Obasanjo spent four years in jail over flimsy accusations, Col. Bello Fadile and a few others also suffered similar fate and torture. When there’s such a tempestuous atmosphere of national anomie, it will leave tales of regret, hisses and sighs in the consciousness of the people. Rather than sympathise and empathise, when Abacha suddenly exited this sinful world, there was widespread jubilation on the streets. That signaled where he would be positioned in history and maybe also, where he was headed. For his grandchild to have disrespectfully described a man old enough to be his own grandfather as a “weakling,” tells of his poor home training and crass indiscipline; themes that sit at the epicentre of the Abachas.
IBB, WE NEED ANOTHER MEMOIR
The Babangida memoir, still owes us explanations about scenarios that were not properly captured. The Obasanjo “Third Term Agenda” and the plots that rendered it prostrate need to be reported by those who played significant roles to quench the political greed of that era. There were stories abound of money being distributed by the presidency at that time, to railroad the lawmakers to validate what was a serious breach of the constitution. The desire of Chief Obasanjo to stay longer than was constitutionally guaranteed became a thorn in our collective psyche. One tale had it that on 13 September 2006 a meeting was consummated in the Villa by the following: Andy Ubah, Chris Ubah, Chief Iwuayanwu, Chief Tony Anenih and Chief Obasanjo himself as president, where it was decided that certain steps be taken to sell the agenda. Chief Anenih warned against the plan. Chief Iwuayanwu was to visit New York to sell the plan to the gathering of the World Igbo Day. When he got there, the mood was not right to speak in that direction, and it was aborted. To foist that plot, vehicles were distributed to some prominent Nigerians: two SUVs to Chief Iwuayanwu, one to the Ooni of Ife, Oba Sijuade, one to Chris Ubah, and some other recruits in the third term agenda plot.
About the same period, IBB, Atiku Abubakar, Aliyu Gusau and General Abdulsalami met with Chief Obasanjo, also at Obasanjo’s behest. When they got there, Chief Obasanjo kept them waiting for thirty minutes, and by the time he sauntered into the arena, his message was clear; “I want a little bit of extension.” Benumbed by his magisterial conduct in delivering the message, the four of them reportedly looked at themselves, and IBB was expectedly called upon to speak on behalf of the G4. “Baba, IBB started, it is true we made you President in 1999, but since you became president, you have made new friends, and we expect that these your new friends will deliver your third term to you.” A pin-drop silence was said to have sounded loudly amidst tension. The president was said to have asked, “is that the position of the group?” And they all concurred. That was when Chief Obasanjo realized that his third term agenda would hit the rocks.
When they made to leave, former President Obasanjo accused IBB of supporting General Buhari in securing the ticket of the APP. And wondered why IBB should toe that path. IBB told him that it was not good to play politics of humiliation, even against one of their own. IBB had to personally prevail on the seven APP aspirants to step down for General Buhari; Senator Ahmed Sani, Chief Rochas Okorocha, Pere Ajuwa, Bukar Abba Ibrahim and others. And that was how the script was acted. Former President Buhari emerged as an unopposed presidential candidate which left Chief Obasanjo most peeved. Obasanjo then chose Late Umaru Yar’dua, as a fall back option in the wake of the failure of his third term plan. He had thought that Umaru Yar’dua’s ill-health will be his shortest route to an extension of his (OBJ) administration. As God would have it, Yar’dua spent three more years before his creator called him home. I asked IBB, why he didn’t document his role in the aborted third term agenda plot in his book and his reply was vintage; “I left that for you; you have the details. I have done my part; continue from there.” So many people and political actors played one role or the other in that “Third Term Agenda,” it was a hotbed of revolt and dissension; and it fell apart, like the mustard seed that produced nothing. It was true though that Chief Obasanjo wanted a third term, he was outsmarted in the process. The forces against him held sway, and he couldn’t have his way.
CONCLUSION
Before I come your way again, let me make the point that military rule has its own peculiar intrigues. The politics in the under-prop of military regimes is usually not as discerning as in democracies. IBB has written his memoir and set the tone for his Presidential Library Project, those who are not satisfied must now seek another body of knowledge to dissect the issues that dominated the discourse. One inalienable right of IBB’s, is his authorial impressions. He was his own eye witness, anybody that has a superior account or story to tell about IBB’s journey in service, should please come forward with another version to enrich what has been written. To try to hijack IBB’s right to write his memoir, is akin to denying him his inalienable right, which is fully guaranteed under the constitution of the Federal Republic of NIgeria. Those who must taint and mottle the IBB regime with shadows, will soon see that history will be kind to IBB. The “June 12“ item is just one of many things in his score card; and in those many areas, his achievements are till date, inimitable.
Opinion
CBN under Cardoso and $6.83 Billion balance of payments surplus in 2024 that signals economic resurgence

By Ibrahim Modibbo
Since his appointment as the Governor of the Central Bank of Nigeria, in October 5, 2023, Olayemi Cardoso has continue to bring on board wide-range of macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy, that were aimed at putting the country back to its economic footing, as a strong economy that is second to none in Africa.
As part of the ongoing reforms, the Central Bank of Nigeria recently announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, according to a press statement from Mrs Sidi-Ali, Hakama, the Ag. Director, Corporate Communications of the apex bank.
CBN says “the current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion.”
While “remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2% to $3.37 billion,” the statement added.
Nigeria recorded a net acquisition of financial assets totalling $12.12 billion. Portfolio Investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability. Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.
The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer.
Notably, net errors and omissions narrowed significantly by 79.5% to negative $5.10 billion in 2024, down from $24.90 billion in 2023, reflecting substantial improvements in data availability and capture. This represents a major advance in data accuracy, transparency, and overall reporting integrity.
The 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda. The liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” said the Governor of the Central Bank of Nigeria. “This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike,” the statement further noted.
Other notable indicators to building strong economy by this policy include but not limited to a stronger trade performance, particularly in the current and capital accounts, with a surplus of $17.22 billion in 2024, has contributed to the balance of payments surplus. A goods trade surplus of $13.17 billion that will further strengthens the positive trend. The decline in petroleum and non-oil imports also contributes to a more favorable trade balance.
It will noteworthy to note that the CBN’s reforms have increased investor confidence, leading to higher foreign portfolio investment inflows. Portfolio investment inflows more than doubled in 2024, reaching $13.35 billion. This influx of capital indicates a stronger belief in the stability and growth prospects of the Nigerian economy.
The apex bank’s disciplined monetary policy and FX market reforms on the other hand are aimed at managing inflation and stabilizing the Naira, has contributed to a more stable financial system.
The liberalization and unification of the foreign exchange market have led to greater transparency and reduced distortions in the market.
The implementation of an Electronic Foreign Exchange Matching System (EFEMS) further enhances transparency and efficiency in the FX market.
The reforms, including the unification of the exchange rate, have improved Nigeria’s competitiveness and attracted more foreign investment. Testament to this is the clearing of a $7 billion forex backlog which has also boosted the country’s image with foreign investors.
Also, the significant improvements in data availability and capture have led to a marked reduction in net errors and omissions in the balance of payments data. This enhanced data integrity provides a more accurate picture of the country’s economic performance and builds trust with stakeholders.
In conclusion, the combination of strong trade performance, renewed investor confidence, disciplined monetary policy, and improved data integrity, all facilitated by the CBN’s wide-ranging reforms, are key indicators of Nigeria’s economic resurgence. These developments demonstrate the positive impact of the reforms on the nation’s external finances and overall economic stability.
Dr Moddibo, a public analyst, wrote in from Abuja
Opinion
CBN leads financial dialogue with JP Morgan, NGX, others, in pre-spring meetings Forum

By Dr. Ibrahim Modibbo
In anticipation of the International Monetary Fund (IMF) and World Bank Group (WBG) Spring meetings which commenced on Monday, April 21, 2025, the Central Bank of Nigeria (CBN) partnered with J.P. Morgan, the Nigerian Exchange Group (NGX) and Africa Private Capital Association (AVCA) to host a high-profile global forum at Nasdaq MarketSite in New York on Thursday, April 17, 2025, according to press statement by Dr Ibrahim Moddibo.
The forum, titled “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” convened global investors, diaspora leaders, and senior financial stakeholders to examine Nigeria’s macroeconomic prospects and ongoing reform progress.During his commanding address, Governor Olayemi Cardoso outlined his comprehensive reform strategy encompassing monetary tightening, foreign exchange market transparency, and enhanced financial governance.
He emphasized that these initiatives are establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.Governor Cardoso reaffirmed the CBN’s unwavering commitment to rebuilding credibility through orthodox monetary policy, transparency, and consistency.
“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated decisively.In a powerful fireside chat between the Governor and Nobel Prize-winning economist Dr. James Robinson, Reverend Richard L. Pearson Professor at the University of Chicago, Governor Cardoso elaborated on his vision to reestablish the CBN as a credible, trusted institution – rooted in domestic excellence and respected internationally.Mr. Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the CBN, delivered a macroeconomic update highlighting sharp increases in foreign exchange turnover, emerging signs of disinflation, and strengthening external reserves. “With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” he noted.
Welcoming participants to the forum, Dr. Nkiru Balonwu, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, framed the forum as a key moment in the Bank’s broader engagement strategy. “Today is more than a conversation,” she noted.
It’s about opening the books on the CBN’s transformation story under Governor Cardoso – sharing the facts, interrogating the progress, and looking ahead together at what more can be done to build sustainable partnerships and unlock long-term capital,” she explained.
Another key highlight of the event was the panel discussion entitled “Repricing Nigeria: Assessing the Scope for Sustained Change.” Moderated by Gavin Serkin, Founder of New Markets Media & Intelligence, the panel featured global financial luminaries: Joyce Chang, Chair of Global Research at JPMorgan Chase; Jason Rekate, Global Co-Head of Corporate Banking at Citi; Razia Khan, Chief Economist for Africa & Middle East at Standard Chartered; and Ahmad Zuaiter, Co-Founder & CIO of Jadara Capital Partners. Each panelist provided expert perspectives on Nigeria’s investment landscape, noting renewed international interest driven by improved fundamentals, strengthened governance, and clearer policy direction.
The CBN Board and Monetary Policy Committee were represented by US-based diaspora members Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, underscoring the Bank’s global engagement and commitment to leveraging Nigerian talent worldwide. Temi Popoola, Group CEO of NGX, moderated the Q&A session, while Dr. Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at CBN, delivered the closing remarks.The forum focused on substantive discussions and future prospects: engaging critical voices, evaluating progress, and identifying requirements for building lasting partnerships and attracting long-term capital. Central to this endeavor is a clear objective: reestablishing the CBN as a credible, trusted institution respected globally and dedicated to excellence at home.
Dr. Ibrahim Modibbo, a public affairs analyst writes from Abuja.
Opinion
Instagram , WhatsApp troubled by antitrust laws

By Sonny Aragba-Akpore
While we are yet to grapple with the fate of Tik Tok which President Donald Trump had asked its parent company Byte Dance of China to divest from it’s American operations or be banned, Meta Group, owners of Instagram and WhatsApp, is troubled over antitrust concerns.
The U.S. Federal Trade Commission (FTC) has taken the group to court over anti competition issues.
Specifically, the FTC wants Meta to divest from its two biggest companies in an antitrust trial that could redefine the future of social media.
And so Meta’s world is troubled as Mark Zuckerberg’s company could be forced to sell Instagram and WhatsApp if it loses the lawsuit that has just begun in the U.S.
The FTC has accused Zuckerberg’s company of having bought both platforms to eliminate competition and maintain a monopoly on social media.
If the court rules against them, it would be a historic blow to the tech giant.
Zuckerberg acquired Instagram in 2012, and then, two years later,(2014) completed his trio by buying WhatsApp.
Facebook is the third leg of the trio and this easily makes the group the largest tech owner in the world.
Although these acquisitions were approved by the FTC itself at that time ,but now this lawsuit seeks to reverse that approval, arguing that the purchase was not for innovation but to “neutralize” emerging rivals like Instagram which was acquired in 2012 and thus take control of the entire market.
The FTC claims that Meta has used its financial muscle to block competition, buying up emerging apps instead of competing with them, and it has been doing this since 2008! Everything is based on 2012 emails where Zuckerberg had expressed concern about Instagram’s rapid growth compared to Facebook’s performance (which was his only app at the time). In those emails, Zuckerberg admitted it was better to buy than to compete. And so he did, acquiring the app years later.
“On the other hand, he also bought WhatsApp, and of course that reinforces the FTC’s accusation. Meta strengthened its control over the digital system, keeping these apps as separate platforms but under the same power structure” analysts reason.
Meta has not denied the purchases, even though it rejects having acted in an anti-competitive way, calling the case a “weak lawsuit that ignores reality,” since they believe they face strong competition from platforms like TikTok, YouTube or X among many other apps.
During the trial, Zuckerberg claimed he bought Instagram for its camera technology, not because the social network was on the rise, but the 2012 messages don’t seem to support that statement very well.
In the likelihood that FTC wins this case, Meta could be forced to sell Instagram, WhatsApp, or both. This wouldn’t necessarily mean an immediate change for users, but it would shift the balance in the digital market, according to experts.
Digital sociologists think that Meta would make it easier to regulate social networks individually by the FTC.
One of the major implications will be on things like content moderation, privacy, or the use of personal data.
“If it gets split, it would be easier for lawmakers, ensuring proper service to users” digital sociologists admit.
There are however fears of who buys if it gets to that .
For instance If a controversial figure like Elon Musk or an investment fund takes control of Instagram, like what happened with Twitter (now X), it’s possible that many users would leave in large numbers for new alternatives that may emerge, like BlueSky.
“But if it falls into the hands of a discreet company, without major visible changes, it’s likely that most people will keep using it as they always have.”
Although Meta does not reveal exactly how much it earns from each app, it is estimated that Instagram generates around $37 million a year, surpassing Facebook’s revenue according to analysts.
“So of course, Zuckerberg’s eagerness to get out of this case is clear: they can’t afford to lose that income because it would be a catastrophe for Meta” another analyst submits.
The expectations are dicey because the court’s decision will not only affect Meta, but could also open the door to more lawsuits against other big platforms for similar monopoly practices. And at a time when the control of social networks is more questioned than ever, this case could define the future of the digital system in terms of free choice and regulations.
Instagram and WhatsApp which were acquired over a decade ago have become social powerhouses and easily the biggest platforms in that genre.
This looming antitrust trial will be the first big test of President Trump’s Federal Trade Commission’s ability to challenge Big Tech.
The lawsuit was first filed against Meta — then called Facebook — in 2020, during Trump’s first term. It claims the company bought Instagram and WhatsApp to squash competition and establish an illegal monopoly in the social media market.
FTC contends that Meta has maintained a monopoly by pursuing CEO Zuckerberg’s strategy, “expressed in 2008: ‘It is better to buy than compete.’ True to that maxim, Facebook has systematically tracked potential rivals and acquired companies that it viewed as serious competitive threats.”
U.S. antitrust laws are enforced by both the FTC’s Bureau of Competition and the Antitrust Division of the Department of Justice. The agencies consult before opening any investigation. The Antitrust Division handles all criminal antitrust enforcement.
The FTC,s Bureau of Competition enforces the nation’s antitrust laws, which form the foundation of a free market economy.
The antitrust laws promote the interests of consumers; they support unfettered markets and result in lower prices and more choices.
The Federal Trade Commission Act and the Clayton Act, both passed by Congress in 1914, give the Commission authority to enforce the antitrust laws.
These laws prohibit anticompetitive mergers and business practices that seek to prevent hard-driving competition, such as monopolistic conduct, attempts to monopolize, and conspiracies in restraint of trade.
The Bureau of Competition investigates potential law violations and seeks legal remedies in federal court or before the FTC’s administrative law judges. The Bureau also serves as a resource for policy makers on competition issues, and works closely with foreign competition agencies to promote sound and consistent outcomes in the international arena.
WhatsApp (officially WhatsApp Messenger) is an American social media, instant messaging (IM), and voice-over-IP (VoIP) service owned by technology conglomerate Meta. It allows users to send text, voice messages and video messages, make voice and video calls, and share images, documents, user locations, and other content.
WhatsApp’s client application runs on mobile devices, and can be accessed from computers.
The service requires a cellular mobile telephone number to sign up.
In January 2018, WhatsApp released a standalone business app called WhatsApp Business which can communicate with the standard WhatsApp client.
The service was created by WhatsApp Inc. of Mountain View, California, which was acquired by Facebook in February 2014 for approximately US$19.3 billion.
It became the world’s most popular messaging application by 2015,and had more than two billion users worldwide by February 2020,confirmed four years later by 200 million new registrations per month.
By 2016, it had become the primary means of Internet communication in regions including the Americas, the Indian subcontinent, and large parts of Europe and Africa.
Instagram is an American photo and short-form video sharing social networking service owned by Meta Platforms. It allows users to upload media that can be edited with filters, be organized by hashtags, and be associated with a location via geographical tagging.
Posts can be shared publicly or with preapproved followers. Users can browse other users’ content by tags and locations, view trending content, like photos, and follow other users to add their content to a personal feed.
A Meta-operated image-centric social media platform, it is available on iOS, Android, Windows 10, and the web. Users can take photos and edit them using built-in filters and other tools, then share them on other social media platforms like Facebook.
It supports 32 languages including English, Hindi, Spanish, French, Korean, and Japanese.
Instagram was originally distinguished by allowing content to be framed only in a square aspect ratio of 640 pixels to match the display width of the iPhone at the time.
In 2015, this restriction was eased with an increase to 1080 pixels. It also added messaging features, the ability to include multiple images or videos in a single post, and a Stories feature—similar to its main competitor, Snapchat, which allowed users to post their content to a sequential feed, with each post accessible to others for 24 hours.
As of January 2019, Stories were used by 500 million people daily.
Instagram was launched for iOS in October 2010 by Kevin Systrom and Mike Krieger. It rapidly gained popularity, reaching one million registered users in two months, 10 million in a year, and one billion in June 2018.
In April 2012, Facebook acquired the service for approximately US$1 billion in cash and stock. The Android version of Instagram was released in April 2012, followed by a feature-limited desktop interface in November 2012, a Fire OS app in June 2014, and an app for Windows 10 in October 2016.
Although often admired for its success and influence, Instagram has also been criticized for negatively affecting teens’ mental health, its policy and interface changes, its alleged censorship, and illegal and inappropriate content uploaded by users.
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