IMO BREAKING NEWS BLOG

Finance and Coordinating Minister of the Economy, Wale Edun, recently met with a high-level JP Morgan delegation to discuss investment opportunities in Nigeria.

According to a statement from the Ministry’s Director of Information and Public Relations, Mohammed Manga, the delegation was led by Dapo Olagunju, Head of JP Morgan West Africa.

The meeting, held in Abuja, was part of JP Morgan’s fact-finding mission to assess Nigeria’s economic landscape and explore potential investments. The delegation included major investors with significant stakes in Nigeria’s Eurobonds and local securities.

During the discussions, Edun highlighted Nigeria’s economic progress, citing a successful Eurobond transaction completed without a roadshow due to strong global investor confidence. He also reaffirmed President Bola Tinubu’s commitment to attracting foreign investment through strategic international engagements and market-driven reforms.

The Minister outlined key developments in the energy sector, including agreements with the International Finance Corporation (IFC) to expand electricity access to 400,000 Nigerians initially.

Addressing inflation concerns, Edun assured investors that the Central Bank of Nigeria is implementing orthodox monetary policies, while the government focuses on boosting agricultural production and stabilizing food prices. 

Former Spanish football federation president Luis Rubiales will go on trial Monday for forcibly kissing player Jenni Hermoso during the 2023 Women’s World Cup medal ceremony. Prosecutors seek a 2.5-year prison sentence—one year for sexual assault and 18 months for allegedly pressuring Hermoso to downplay the incident.

The trial, running until February 19, will be held at the National Court near Madrid, with Rubiales set to testify on February 12. He denies wrongdoing, calling the kiss a harmless celebration.

Alongside Rubiales, former women’s team coach Jorge Vilda and two ex-federation officials face charges of coercion, with prosecutors seeking 18-month jail terms for them.

The scandal, which erupted after Spain’s World Cup victory, led to Rubiales’ resignation in September 2023. A Netflix documentary revealed that Hermoso was pressured to portray the kiss as a moment of joy. 

The suspension of U.S. funding for global HIV treatment has sparked fear and uncertainty among people living with the disease, particularly vulnerable groups such as children, the elderly, and those dependent on free medication.

Haruna Makafin Dala, Secretary of the SafeLife Sustainable and Counseling Initiative in Kano, warned that without urgent government intervention, many patients could face life-threatening consequences. He expressed concern that the funding cut could drive people toward unproven traditional remedies, worsening the crisis.

Bashir Ismail, another HIV patient, revealed that free testing and medication for new cases had already been suspended, with drug supplies running low.

A recent survey by SafeLife Initiative found a rise in child HIV infections in Kano, while support for orphaned children is dwindling. The organization currently cares for over 2,000 orphans who lost parents to HIV-related complications.

The funding suspension stems from an executive order signed by former U.S. President Donald Trump, revoking support for the global fight against HIV/AIDS. The World Health Organization (WHO) condemned the decision, warning it could reverse decades of progress, leading to increased infections and deaths.

The cut affects the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR), which has operated in over 50 countries, saving more than 26 million lives. Currently, it provides treatment for over 20 million people, including 566,000 children under 15. 

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the apex bank is determined to curb inflation and stabilise the nation’s economy.

He stated this in Abuja during the Monetary Policy Forum 2025, featuring fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars. Speaking on the theme, ‘Managing the Disinflation Process,’ the apex bank boss reiterated that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive, and resilient.

He said the CBN is continuing its disciplined approach to monetary policy. “Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence.

“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” Cardoso said.

He stated that actions taken by the CBN have yielded measurable progress – relative stability in the FX market, narrowing exchange rate disparities, and a rise in external reserves to over $40 billion as of December 2024. 

Former governor of Kaduna State, Nasir El-Rufai, says he is not a politician who likes to pretend like some of his colleagues do. El-Rufai said this on Saturday while appreciating an X user who commended him for a book he authored which was titled ‘Accidental Public Servant’.

The X user had stated that after reading the book, he was convinced that only a politician who intends to develop the country truly would have El-Rufai in his cabinet. “The day I read El-Rufai’s book titled Accidental Public Servant, I concluded that no politician would want @elrufai in their cabinet unless they genuinely intend to develop this country. He doesn’t know how to pretend,” the user wrote.

In his reaction to the post, El-Rufai said he doesn’t pretend, adding that “being a Nollywood actor” in governance is not for him but for some other politicians. “Thanks for your kind words, @irahabib. Truly, I don’t know how to pretend. Being a Nollywood actor in governance is for some others, not some of us. Have a nice day. – @elrufai”

Recently, El-Rufai criticised his party the All Progressives Congress (APC) for abandoning its founding principles and fostering poor leadership. “I no longer recognise the APC. No party organ has met in two years—no caucus, no NEC, nothing. You don’t even know if it is a one-man show; it’s a zero-man show.” The former governor criticised the quality of leadership emerging from political parties, attributing it to unqualified delegates. “You cannot afford to have illiterates, semi-illiterates, and cunning people as your leaders. This is why we end up with the poor leadership we have today,” he said.

El-Rufai’s criticism of the APC had prompted the Special Adviser on Policy Communication to President Bola Tinubu, Daniel Bwala to ask him if he would have expressed the same view if he were a cabinet member in Tinubu’s government. “My Senior brother, if you were to be in the government and cabinet, would you have held and expressed the same position? History is replete with examples. It is a government you participated in its formation, that you now want to unseat,” he said. 

The police in Lagos, Akwa Ibom and Edo states have announced the commencement of the enforcement of the mandatory minimum of Third-Party Motor Vehicle Insurance with effect from February 1, 2025. This is in compliance with the directive of the Inspector General of Police, IGP Kayode Adeolu Egbetokun.

Making this known in a statement, the spokesperson for the Lagos State Police Command, Benjamin Hundeyin, noted that vehicle owners in Lagos State are required to possess a minimum of valid third-party insurance. He advised those without any class of Insurance are advised to get insured immediately, while cautioning vehicle owners and operators against non-compliance with this essential regulation.

According to Hundeyin, failure to comply with the regulation will result in strict enforcement actions, including fines, penalties or both. “This initiative aims to ensure vehicle owners comply with stipulated insurance requirements to protect themselves and other road users,” he stated.

Meanwhile, the Commissioner of Police, Lagos State Command, Olanrewaju Ishola, has charged officers on this enforcement exercise to be professional, courteous but firm in the discharge of their duties. He equally warned that no form of incivility to members of the public would be tolerated by the police.