Category: 📃Supers News

A Nigerian man has stirred massive reactions after a video surfaced online showing him throwing bundles of naira notes into a toilet and flushing them.

The video, which is currently trending on the popular social media platform X, formerly known as Twitter, has sparked outrage and curiosity among users.

In the clip, the man’s face was not visible, but his hands could be seen picking bundles of naira from his bag and dumping them into the toilet.

After filling the toilet bowl with cash, he pressed the flush button to wash the money away.

Not stopping there, he used a bathroom brush to push down any remaining notes before flushing again to ensure everything went into the waste tank.

As the video circulated online, concerned individuals flooded the comment section to express their thoughts and reactions.

See some reactions below:

@isleofskincare: “If you truly work hard for money, every dime will be important to you. This is pride, arrogance, being wasteful and ungrateful. That bunch could have helped someone in need. Only young men of these days show such pride, you don’t see legitimate billionaires in dollars flushing money.”

@bulaba_: “Sometimes I wonder if it’s the same God that created everybody.”

@Olatu125: “He doesn’t have family members? He will rue this moment. Money na spirit.”

@BawseThaWolf: “Normally if u hustle for this money , u nor go foolish like this….. u collect fraud money, sharply go lodge 15k room go dey flush naira… lol. Where is EFCC when u need them.”

@Sirjoe3333: “How money wan take obey this guy , some people go dey do anyhow with thinking of the repercussion’s of their action.”

@OladapoSmile: “Eagle is watching 🫣…some guys are just mumu just opportunity with cash flow na wa .God abeg bless to bless people around me and strangers ijn amen.”

WATCH VIDEO:

Just in: Nigerian Big Boy Flushes stacks of Naira Note inside toilet after Cashing out pic.twitter.com/WTNTPFPL3B

— Gossip Mill Nigeria (@GossipMillNaija) March 5, 2025

 

 

 

A young Nigerian graduate, Abdullahi Muhammad Ahmad, has opened up on why he visited a company uninvited with his CV.

The 23-year-old, who allegedly graduated with a 4.89 CGPA in Political Science from Al-Qalam University, Katsina, explained that his decision was fueled by repeated rejections and a lack of responses from employers.

In an exclusive chat with Legit.ng, Ahmad revealed that after submitting numerous job applications via email without success, his brother encouraged him to take a more direct approach by physically visiting companies and introducing himself to potential employers.

“I was doing research, searching for an opportunity for any available organization or company that employs policy research analysts or research assistants.

“I have made several applications so far and sent emails attached with my CV seeking employment but to no avail. I got advice from my brother to take a different strategy, to physically go to the organization and request to meet the manager and speak to him about my skills, career interest and how I would be able to bring in new ideas and enthusiasm to their organization.” he said.

Ahmad visited a company in Kano, whose name he chose not to disclose. Fortunately, he had previously met the manager, which helped him secure a brief meeting.

Though the company did not have an immediate opening, they accepted his CV and assured him that he would be contacted if a vacancy arose.

“The company didn’t employ me, they requested my CV and assured me that if any vacant opportunity arises, they won’t hesitate to contact me.

“The manager was someone I knew before, so it was easier for me to describe myself and for my request of meeting him to be granted.

“The manager reacted friendly and was impressed with my CV and assured me I would be a good fit for their company and won’t hesitate to contact me.” Ahmad stated.

Despite his efforts, Ahmad is still in search of a job. He expressed a preference for opportunities in Kano or Abuja, where he has family, but is open to working anywhere in the country.

SAMI TUNJI explores the Central Bank of Nigeria’s CBN’s recent monetary policy as it relates to stabilisation of the naira and curbing of inflation

The Central Bank of Nigeria and its Monetary Policy Committee have taken decisive steps to stabilise the naira and curb inflation, signalling a shift in the country’s macroeconomic landscape.

At the 299th MPC meeting held on February 19 and 20, 2025, the Committee opted to maintain the Monetary Policy Rate at 27.5 per cent, a move that underlines its commitment to balancing inflation control with exchange rate stability.

CBN Governor, Olayemi Cardoso, announced the decision during a press briefing last week, saying, “The committee was unanimous in its decision to hold all parameters and thus decided as follows: “1. Retain the MPR at 27.50 per cent. 2. Retain the asymmetric corridor around the MPR at +500/-100 basis points. 3. Retain the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent. 4. Retain the liquidity ratio at 30.00 per cent,” Cardoso said.

The decision marks a pause in rate hikes after six consecutive increases in 2024, as the apex bank navigates inflationary pressures, exchange rate volatility, and economic growth concerns.

The committee noted stability in the foreign exchange market, improvements in external reserves, and a gradual moderation in fuel prices as key macroeconomic developments influencing its decision.

This decision is crucial at a time when Nigeria is grappling with the challenge of high consumer prices amid other macroeconomic challenges.

The naira, which had depreciated sharply in 2024, has shown signs of recovery, largely due to increased liquidity in the foreign exchange market and improved transparency measures introduced by the CBN.

Inflation, on the other hand, remains a pressing concern, but the MPC’s policy direction suggests a deliberate strategy as the apex bank aims at achieving single-digit inflation in the medium term.

The Centre for the Promotion of Private Enterprise commended the MPC for pausing rate hikes. The Chief Executive Officer of CPPE, Dr. Muda Yusuf, said, “So, I think it makes sense to retain the rates so that we don’t further exacerbate the pressure of interest rates on businesses and other citizens with exposure to the banks.”

According to him, maintaining the stability of the exchange rate can lead to further price reductions in other products.

Sustaining naira stability through FX market reforms

One of the most significant achievements of the CBN’s ongoing policy reforms is the relative stability of the naira in recent weeks. The exchange rate convergence between the official and parallel markets—previously a major source of arbitrage—has now narrowed significantly, boosting confidence in the market.

As of February 20, 2025, the naira appreciated by 6.95 per cent in the parallel market, trading at N1,510/$, a significant improvement compared to the sharp fluctuations witnessed in 2024.

Also, the naira made a strong comeback between January 1, 2025, and February 21, 2025, rising from N1,640/$ to around N1,510/$ on Friday, February 21, 2025.

Also, the spread between the official and black market rates has reduced to about one per cent.

Cardoso said at the 299th MPC briefing, “The window, or the differential in rates between the BDCs and the official rate, has come down to maybe less than one per cent.”

Cardoso has consistently maintained that market stability is a top priority, stressing that the CBN will sustain its interventions in the foreign exchange market while promoting transparency.

The introduction of the Electronic Foreign Exchange Matching System and the Nigerian Foreign Exchange Market FX Code has been instrumental in enhancing market efficiency.

These tools have not only improved liquidity but have also provided a clear framework for transactions, reducing speculation and volatility.

Speaking earlier with The PUNCH, Bunmi Bailey, Head of Research at SBM Intelligence and an honorary member of the Nigerian Economic Society, said that the FX Code is already yielding positive results in the market. She noted that there has been an increase in market confidence, as evidenced by a significant rise in FX liquidity inflows.

The Nigeria Employers’ Consultative Association earlier applauded the CBN for introducing the Nigerian Foreign Exchange Code, describing it as a major step towards enhancing transparency, ethical conduct, and governance in the country’s foreign exchange market.

In a statement, NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, lauded the policy as a strategic initiative that could boost investor confidence and improve economic stability if properly implemented.

“The introduction of the FX Code is a commendable step towards enhancing transparency, integrity, and professionalism in Nigeria’s foreign exchange market. This aligns with NECA’s advocacy for policies that foster a conducive business environment and economic stability,” Oyerinde stated.

He emphasised that while the FX Code is a welcome development, its success will depend largely on effective enforcement and compliance by all market participants.

The CBN’s interventions, including its strategic clearance of a $7bn FX backlog, have played a key role in strengthening investor confidence.

It is believed that these reforms, if sustained, could pave the way for a more flexible and resilient FX regime, allowing market forces to dictate exchange rate movements in a controlled manner.

“Our objectives have been and will continue to be to achieve stability in the foreign exchange and the financial markets. CBN will continue to embrace orthodoxy and stay the course. We remain vigilant and will not take anything for granted; inflation has been too high for too long, and our goal is to bring it down from double digits to single digits in the medium to long term,” Cardoso said last week.

Getting inflation to single digits

While naira stability has been a major win for the apex bank, inflation remains a daunting challenge. Nigeria’s annual inflation rate stood at 24.48 per cent in January 2025, following the rebasing of the Consumer Price Index. This rebasing, which adjusted Nigeria’s inflation metrics to reflect current consumption patterns, led to a recalibration of figures that more accurately represent price movements.

The CBN has made it clear that it is targeting a reduction of inflation to single digits in the medium to long term. Cardoso, in his post-MPC briefing, reiterated that “inflation has been too high for too long” and that the CBN remains committed to bringing it down through orthodox monetary policy measures.

The MPC’s decision to hold the MPR at 27.5 per cent signals a continuation of its tight monetary stance, designed to control liquidity and rein in inflationary pressures. The high policy rate has been a double-edged sword—while it has helped contain inflation, it has also raised the cost of borrowing for businesses and consumers alike. However, with the expectation that inflation will decline to around 15 per cent this year, there is optimism that monetary easing could follow later in the year.

Banking sector reforms and economic growth

Beyond stabilising the naira and tackling inflation, the CBN is also focusing on strengthening the banking sector. A major reform on the horizon is the introduction of new minimum capital requirements for banks, set to take effect in March 2026. This move is aimed at ensuring that Nigeria’s financial institutions are adequately capitalised to support economic expansion and withstand external shocks.

During the press briefing last week, Cardoso reassured that the banking sector remains robust and resilient despite ongoing macroeconomic challenges. However, the MPC stressed the importance of strengthening banking system surveillance, particularly in light of the ongoing recapitalisation drive for deposit money banks.

He stated that the CBN would ensure the injection of quality capital into the banking system to safeguard financial stability amid both domestic and global uncertainties.

It is believed that a well-capitalised banking system is critical to sustaining exchange rate stability. When banks have strong capital buffers, they are better positioned to provide forex liquidity, finance trade, and support businesses that require access to foreign currency for imports and investments.

The PUNCH further observed that Nigeria’s improved foreign exchange management and tighter monetary policy have begun to yield results in attracting foreign investment. The country successfully re-entered the Eurobond market in late 2024, securing over $9bn in subscriptions, a sign of renewed confidence from international investors. Also, foreign portfolio investment inflows surged to $3.48bn in the first half of 2024, up from just $756.1m in the same period of 2023.

Multilateral institutions, including the World Bank and the International Monetary Fund, have also commended Nigeria’s economic reforms. The IMF has maintained its global GDP growth forecast at 3.3 per cent for both 2025 and 2026, with Nigeria expected to benefit from stabilising crude oil production and rising non-oil sector contributions to GDP.

The need for more fiscal and monetary coordination

A key theme emerging from the latest MPC meeting is the need for closer coordination between fiscal and monetary authorities. The CBN has expressed its commitment to working with the Federal Government to ensure a harmonised approach to economic management. Cardoso highlighted the importance of this collaboration, noting that policy synergy is essential for achieving macroeconomic stability.

“We will enhance collaboration with the fiscal sector by increasing the depth and regularity of our interactions to drive economic growth. With stabilising forex rates, strengthened price controls, and rising investor confidence, the economy shows strong signs of resilience and recovery,” he said last week.

One area where fiscal and monetary coordination is particularly vital is in managing food inflation, which remains one of the biggest contributors to rising consumer prices. The MPC acknowledged that while headline inflation is on a downward trajectory, food inflation remains stubbornly high due to structural challenges in the agricultural sector. The committee stressed the need for targeted government interventions to boost local food production, improve security in farming regions, and address supply chain bottlenecks.

Economists earlier told the PUNCH that the monetary and fiscal policy authorities in Nigeria must collaborate to avoid a fresh rise in inflation following the retention of the country’s benchmark interest rate at 27.50 per cent.

A financial analyst and Group Chief Executive Officer of Cowry Assets Management, Johnson Chukwu, emphasised the importance of aligning monetary and fiscal policies to ensure economic stability.

“The key thing we must know is that every policy has positive and negative effects. What that means is that the monetary authorities must come up with policies that do not counterbalance the fiscal authorities. The fiscal authorities have adopted aggressive fiscal policies and want to stimulate the economy, and what the monetary authorities must do is ensure they do not neutralise these fiscal policies.”

The decisions taken at the 299th MPC meeting reflect a cautious but strategic approach to economic management. By maintaining the current policy rate and sustaining forex market interventions, the CBN is laying the groundwork for a more stable financial system. The success of these policies will ultimately depend on their implementation and the ability of fiscal authorities to complement monetary efforts with structural reforms.

For businesses and consumers, the outlook remains cautiously optimistic. While high borrowing costs persist, the expectation of easing inflation in the coming months could lead to a more accommodating monetary policy stance later in the year. Moreover, the narrowing gap between official and parallel market exchange rates suggests that speculative demand for forex is reducing, a positive signal for market stability.

As Nigeria navigates its economic recovery, the role of the CBN and MPC will remain pivotal in shaping the country’s financial landscape. The commitment to transparency, stability, and policy synergy will be crucial in ensuring that recent gains are not reversed. If these measures continue to be effectively implemented, Nigeria could well be on its way to achieving sustained macroeconomic stability, setting the stage for long-term growth and development.

 

MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings.

The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the N137.02bn loss recorded in 2023.

The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year.

The naira depreciated to N1,535/$ by the end of 2024 from N907/$1 as of December 31, 2023, MTN noted.

Despite the result, the telco’s revenue rose by 36 per cent to N3.36tn in 2024, up from N2.47tn in the previous year, driven by continued demand for data and digital services.

Part of the report stated, “Forex losses arising from the revaluation of foreign currency-denominated obligations resulted in a loss after tax of N400.4bn (2023: N137 billion loss), albeit with a positive result in Q4 (PAT of N114.5bn).

“Consequently, we reported negative retained earnings of N607.5bn (December 2023: negative N208bn), which was an improvement from the June 2024 balance of N727.2bn.”

Operating profit, the profit from the company’s core business activities—stood at N778.2bn, representing a marginal increase of 0.46 per cent from N774.6bn in the previous year. However, the gains were wiped out by forex losses.

In his remarks, MTN Nigeria CEO, Karl Toriola said, “We are encouraged by the resilience of our business in FY 2024, which reflects our strong commitment to driving growth and managing costs.

“Despite facing significant macroeconomic headwinds, including record-high inflation, as well as ongoing currency and energy price volatility, we remained focused on executing our strategy and creating long-term value for our stakeholders.

“We are grateful to the authorities for the recent approval of tariff adjustments, which are essential for our industry’s sustainability and crucial for addressing our negative capital position.”

MTN Nigeria Communications Plc was incorporated on November 8, 2000, as a private limited liability company.

It was granted a licence by the Nigerian Communications Commission on February 9, 2001, to undertake the business of building and operating GSM cellular network systems and other related services nationwide in Nigeria.

The company commenced operations on August 8, 2001.

 

 

 

The Senator representing Kogi Central, Natasha Akpoti-Uguaghan, has accused the Senate President, Godswill Akpabio, of sexual harassment.

Akpabio has since denied the allegation through his media consultant, Kenny Okulogbo.

Akpoti-Uduaghan made the allegation during an interview with Arise Television on Friday.

She alleged that Akpabio blocked her motions from being heard on the floor of the Senate because she rejected his advances.

The Kogi lawmaker added that by rejecting Apkabio’s sexual advances, she was subjected to persistent harassment and malignment in his home in Uyo, the Akwa Ibom state capital, and his office.

She said, “My issue with Akpabio started on the 8th of December, 2023, when my husband and I attended a pre-birthday invitation extended by the Senate President at his residence in Uyo. We had earlier gone to his house at Ikot-Ekpene, and he held my hand and said he wanted to show me around his house. Just the three of us, my husband and him. I noticed he hastened his pace while still holding my hand, and he got to this particular sitting room.

“He asked ‘do you like my house?’ and I replied ‘of course yes,’ and he said, ‘now that you are a Senator, you are going to create time for us to spend quality time here and you will enjoy it.’

“Later, on the floor of the Senate, I attempted to raise a motion regarding corrupt practices at the Ajaokuta Steel Company. I listed this motion five times, and it was only on the sixth occasion that it appeared on the order paper. When I approached the Senate President to enquire why my motion had been repeatedly stepped down, he told me ‘Natasha, I am the Chief Presiding officer of the Senate. You can enjoy a whole lot if you take care of me and make me happy.’ At that point, I told him that I would pretend I didn’t hear that.

“My case is a case of a student being punished by a lecturer for refusing to sleep with him.”

Speaking further, Akpoti-Uduaghan said some senators had warned her to adhere to the seat change because it was a trap.

She added, “I was approached by a sergeant-at-arms in the Senate chamber who informed me that my seat had been changed by the Senate President, Godswill Akpabio. This was news to me because I had attended the last session and had not been informed of any changes. Before the Senate President could announce my suspension, I needed to invoke Order 10, which serves as an SOS for Senators who feel their rights have been breached. The Senate President made a mistake by not allowing me to speak on that Order 10.”

Reacting to the allegation in an interview with PUNCH Online correspondent, the media consultant to the Senate President, Kenny Okulogbo, described the allegations as tissues of lies.

Okulogbo stated that the Kogi lawmaker is angry because she was removed as the Chairman of the Senate Committee on Local Content.

He said, “All that Senator Natasha said are all tissues of lies. She is just angry because she was removed as the Chairman of the Senate Committee on Local Content.

“The Senate President will respond. We will make an official statement soon.”

 

 

 

President Bola Tinubu has signed into law the N54.99tn 2025 Appropriation Bill.

Tinubu signed the budget in the presence of principal officers of the National Assembly and other top government officials in a small ceremony in his office at the State House, Abuja, on Friday.

The bill was passed by the two Chambers of the National Assembly on Thursday, February 13, after Tinubu asked for an increase from the proposed N49.7tn.

The National Assembly approved a ₦54.99 trillion ($36.6bn) budget for the fiscal year, surpassing President Bola Tinubu’s initial proposal of ₦54.2tn.

This increase reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service and the Nigeria Customs Service.

The budget aims to address key areas, including security, infrastructure, education, and health, with an allocation of $200m to mitigate the impact of recent U.S. health aid reductions.

The 2025 budget is based on ambitious economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel.

Additionally, the Federal Government projects an exchange rate of ₦1,500 to the U.S. dollar and aims to reduce inflation from 34.8 per cent to 15 per cent within the year.

A significant component of the fiscal strategy involves tax reforms, which Tinubu says, are designed to enhance revenue generation and economic stability.

The proposed tax overhaul includes increasing the value-added tax to 12.5 per cent by 2026 while exempting essential goods such as food and medicine to alleviate the burden on households.

The reform also proposes reallocating VAT revenues to favour states that generate more, a move that has sparked debate regarding regional economic disparities.

The 2025 Appropriation Act represents a 99.96 per cent increase from the 2024 Budget of N27.5tn.

Details later…

 

 

The Bauchi State Government has declared that all schools across the state will be closed for five weeks, from March 1 to April 5, to allow students to fully observe the Ramadan fast.

This move is in line with the official school calendar for the 2024-2025 academic year.

Jalaludeen Maina, the Information Officer for the Ministry of Education, confirmed that the directive applies to all educational institutions in the state — including public and private primary schools, junior and senior secondary schools, as well as tertiary institutions.

According to Maina, the government’s intention is to ease the academic pressure on students during the holy month, giving them time to focus on their religious obligations without the distraction of schoolwork.

However, the decision has sparked mixed reactions from parents and guardians. While some appreciate the government’s effort to support students’ religious commitments, others fear the prolonged holiday could disrupt learning and affect academic performance.

A section of parents expressed concerns that the extended break might lead to a decline in retention of previously taught lessons, while others worry it could contribute to a rise in the number of children stayingvout of school.

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An 18-year-old girl, Rukayat Ashiru, has been brought before the Iyaganku Chief Magistrates’ Court for allegedly drugging her boyfriend, Waris Olamilekan, and stealing N4 million from his account.

The case happened on November 30, 2024, at Mufu Lanihun area in Yidi Agugu, Ibadan.

Rukayat was taken to court on Friday, February 28, 2025, where she was charged with conspiracy and stealing. She, however, pleaded not guilty to both charges.

The police prosecutor, PC Olapeju Durodola, told the court that Rukayat and some other people, who are still on the run, planned together to drug Waris by putting a substance in his drink.

After Waris became unconscious, Rukayat allegedly took N4 million from his account.

The prosecutor said the offences are against Sections 390(9) and 516 of the Criminal Code Law of Oyo State, 2000.

The Chief Magistrate, Olabisi Ogunkanmi, allowed Rukayat to go on bail for N2 million. She must also bring two people to stand as sureties for her.

One of the sureties must own a property within the court’s area, and the second surety must be a family member.

The case was then postponed until May 26, 2025, for hearing.