Economy – Page 9 – Obasempire entertainment

BREAKING: Obi slams FG over 70% crash in foreign investments, faults weak leadership

August 15, 2025 Published by viviaopar

The 2023 Labour Party presidential candidate, Peter Obi, has expressed concern over Nigeria’s dwindling Foreign Direct Investment (FDI), blaming it on poor leadership, weak governance, and uncoordinated reforms.

He noted that Nigeria’s poor performance in key governance indicators, such as the rule of law, regulatory quality, government effectiveness, and voice and accountability, undermines the country’s attractiveness to sustainable foreign capital.

In a statement on Friday, Obi criticised the Federal Government’s frequent overseas trips in search of investment, describing them as “global galivanting” that fails to address the root causes of investor apathy.

Citing data from the National Bureau of Statistics (NBS), Obi revealed that FDI fell by about 70% in the first quarter of 2025, dropping to $126.29 million from $421.8 million recorded in the fourth quarter of 2024.

He added that of the total $5.64 billion capital imported in Q1 2025, FDI made up just 2.24%, down from 8.2% in the previous quarter.

Disturbingly, about 90% of the imported capital went into speculative money market instruments, which have little to no impact on industrial growth or job creation.

This ‘hot money’ can leave the economy just as quickly as it came in,” he warned.

Obi further pointed out that investment in the manufacturing sector declined by 32.1%, falling to $129.92 million in Q1 2025 from $191.92 million in the same period of 2023—an indicator of declining investor trust in the government’s economic direction.

While global FDI to Africa rose by 75% to $97 billion in 2024, Nigeria attracted only $1.08 billion—about 1% of the continent’s total and a 42% drop from 2023.

In contrast, Egypt led the continent with $46.58 billion, followed by Ethiopia, Côte d’Ivoire, Mozambique, Uganda, DR Congo, South Africa, Namibia, Senegal, Guinea, and Morocco.

After a 42% drop in FDI between 2023 and 2024, Nigeria has now suffered another 75% decline between Q4 2024 and Q1 2025.

We cannot achieve sustainable growth and development with ineffective leadership and weak governance,” Obi stressed.

Military aiding armed herdsmen to attack Benue indigenes” – Catholic priest

August 15, 2025 (updated August 15, 2025) Published by viviaopar

A Catholic priest has accused the military of complicity in the recent attack on St. Paul’s Catholic Parish in Ikobi, Apa LGA of Benue State.

The priest, identified as Rev. Fr. Remigius Ihyula, said armed Fulani herdsmen razed the parish rectory and looted worship items on Monday.

The attack also displaced dozens of residents, with many fleeing into the bushes.

Ihyula, who serves as the Director of Justice, Development and Peace Commission (JDPC) of the Catholic Diocese of Makurdi, alleged that the attackers moved freely and operated in full view of military personnel.

He said the Church and its humanitarian partners had supported displaced communities for years but are now targets of escalating violence.

St. Paul’s Parish Ikobi, established in 2014, has been reduced to rubble. My life’s work has been destroyed,” Ihyula said.

He added that no community in Apa LGA is safe, and accused the Nigerian military of backing the invaders.

Intersociety, a human rights group, said more than 7,000 Christians have been killed across Nigeria in 2025 alone.

The group warned that Christians could go extinct in Nigeria if the killings are not stopped.

Photos of Alleged Dangote Truck Driver in Phyna’s Sister Crash Surface Online

August 14, 2025 (updated August 14, 2025) Published by viviaopar

Photos claiming to show the Dangote truck driver allegedly involved in the accident that injured BBNaija star Phyna’s younger sister have surfaced online, sparking widespread discussion.

The images, which began circulating on social media on Thursday, were reportedly shared by activist VeryDarkMan (VDM) and quickly drew public attention.

The driver, whose identity has not been officially confirmed by authorities, is alleged to have been behind the wheel during the incident that left Phyna’s sister hospitalised.

Meanwhile ObasEmpire reported that Nollywood star Kate Henshaw has joined the list of public figures reacting to news of a road accident in Edo State involving a truck reportedly linked to billionaire businessman Aliko Dangote.

The incident gained widespread attention after BBNaija winner Phyna took to social media to accuse Dangote following the crash that left her younger sister, Otabor Bodon Ruth, critically injured in Auchi.

Activist VeryDarkMan also backed Phyna’s outcry, posting a video that showed Ruth lying in a hospital bed in a severe condition.

In her reaction, Kate Henshaw revealed that one of Ruth’s legs had already been amputated and warned that the second leg was also at risk. The actress noted that the tragic accident occurred just six days after Ruth graduated.

Henshaw further alleged that police officers had barred both the victim’s family and fellow students from gaining access.

This @DangoteGroup truck in police custody in Auchi has hit a young girl who just graduated 6 days ago. The driver didn’t stop. He was chased down by an eyewitness lecturer who went after him. The license plate has been removed. Police are refusing the family n students access. One leg amputated already & the other one may soon be amputated as well. She is lying critical in hospital. She is the junior sister to @unusualphyna Whoever owns the truck should own up. Calling on @PoliceNG @BenHundeyin to make sure justice is served,” she wrote in a viral post on X.

JUST IN: President Tinubu Breaks Silence Following Anambra Governor Soludo’s Aso Rock Visit

August 13, 2025 (updated August 13, 2025) Published by viviaopar

President Bola Tinubu has commented on the visit of Anambra State Governor, Chukwuma Soludo, to the Presidential Villa in Abuja on Tuesday.

In a statement posted on his official social media handles, Tinubu described Soludo as “a friend of over two decades” and expressed their shared commitment to deepening democracy, strengthening national security, and driving economic transformation.

We discussed the bold reforms underway, the need to stay the course, and the importance of tackling insecurity through both decisive action and inclusive opportunities for our teeming youth,” the President said. “Our administration will continue to partner with every state serious about human, social, and economic development because Nigeria’s progress is strongest when we work together.”

Earlier, Soludo, who is seeking a second term in November on the platform of the All Progressives Grand Alliance (APGA), defended his open support for Tinubu’s policies and 2027 re-election bid.

Wearing a fez cap featuring the President’s broken chain logo alongside photographs of himself and Tinubu, Soludo told reporters he had “no apologies” for the alliance.

President Tinubu is my friend — has been my friend for 20 years and counting. You don’t deny your friend,” he said. “I support him, and I’m impressed by the bold steps he has taken, particularly in the areas of the economy and structural reforms. We’re taking the right steps; we only need to stay the course.”

BREAKING: Former Sokoto Governor Tambuwal Released After EFCC Detention

August 12, 2025 (updated August 12, 2025) Published by viviaopar

The Economic and Financial Crimes Commission (EFCC) has released former Sokoto State Governor Aminu Tambuwal, a day after he was summoned and interrogated at the agency’s Abuja headquarters.

Tambuwal, a political associate of former Vice President Atiku Abubakar, was taken into custody on Monday following his arrival at the commission’s office around 11:30 a.m.

He was grilled over allegations of fraudulent cash withdrawals amounting to ₦189 billion.

According to EFCC sources, the investigation is centred on possible breaches of the Money Laundering (Prevention and Prohibition) Act, 2022. The transactions under scrutiny were reportedly carried out during his tenure as governor from 2015 to 2023.

BREAKING: Ibom Air Passenger Dragged to Court Over ‘Unruly’ Behaviour, Remanded in Prison

August 11, 2025 (updated August 11, 2025) Published by viviaopar

The passenger who allegedly assaulted airline officials on an Ibom Air flight from Uyo to Lagos has been arraigned in court.

The development was disclosed by Tunde Moshood, Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo.

The passenger identified as Comfort Emmanson has been remanded at the Kirikiri Correctional Centre pending further proceedings.

Recall that the Nigerian Civil Aviation Authority (NCAA) warned that it would intensify enforcement actions at Nigerian airports in response to the growing incidence of unruly passenger behaviour.

Days earlier, a similar incident occurred involving Fuji musician King Wasiu Ayinde Marshal (popularly known as KWAM 1), who recently attempted to prevent a ValueJet aircraft from taking off after being deboarded.

Moshood Tweeted; “The more reason the flying public should be more careful, the unruly passenger on Uyo-Lagos bound Ibom Air, Miss Comfort Emmanson has been charged to court and she’s now cooling off in Kirikiri,”

ObasEmpire reported that trouble started on Sunday, August 10, 2025, on a an Ibom flight from Uyo to Lagos, Emmanson got into argument with a fellow passenger after refusing to switch off her Mobile Phone.

She bluntly refused to comply until the Pilot-in-Command made an announcement, after which a fellow passenger seated beside her took the phone and switched it off. This action prompted a verbal tirade from Ms. Emmanson. The situation was eventually calmed, and the flight departed as scheduled.

Upon arrival in Lagos, Ms. Emmanson waited for all other passengers to disembark and then proceeded to confront the Purser who had earlier instructed her. She walked up to the unsuspecting Purser, stepped on her, forcibly tore off her wig, removed her glasses and threw it to the floor, and used her footwear to assault her. She slapped her several times and when the other cabin crew member tried to intervene, she slapped her too. She then attempted to forcibly remove a fire extinguisher to use as a weapon, an act that could have damaged and grounded the aircraft.

It had to take combined efforts from Flight crew and Security to get her off the plane.

BREAKING: Again, NNPC Increases Fuel Price

August 8, 2025 (updated August 8, 2025) Published by viviaopar

The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the pump price of premium motor spirit (petrol) at its retail outlets across the country.

The latest increase marks the second time the state-owned company has lifted the fuel price in just four days

At NNPCL filling stations in Abuja, including locations in Kubwa, Lugbe Expressway, Wuse Zone 4, and Wuse Zone 5, petrol is now being sold at N945 per litre. This revised price also applies to NNPCL outlets in parts of Nasarawa and Kogi states.

The fluctuation in NNPCL’s retail fuel price coincides with Dangote Refinery’s adjustment of its ex-depot price, which rose to N850 per litre from N820

Confirming the latest hike, Abubakar Maigandi, National Chairman of the Independent Petroleum Marketers Association of Nigeria, on Friday said, “The latest increase in NNPCL petrol pump was implemented this morning. I cannot tell the reason.”

The recent rise follows a brief reduction just two days earlier when the price dropped to N900 per litre from N955 on Monday, August 4.

Panic as train coach detaches on Lagos-Abeokuta Expressway

August 7, 2025 (updated August 7, 2025) Published by viviaopar

Panic erupted on Thursday morning after a train coach detached from the rest of its compartments along the Ladipo section of the Lagos-Abeokuta Expressway, temporarily halting movement and sparking confusion in the area.

The incident occurred at approximately 8:00 a.m. and lasted for over 30 minutes. The affected train was en route from Ogba Ayo in Ogun State to Apapa in Lagos when the rear compartment suddenly disconnected.

According to an eyewitness, Oloruntoba Omodele, the sudden detachment startled both commuters and bystanders near the tracks. Despite the disruption, there were no casualties.

Everyone was shocked by what happened, but thankfully, no lives were lost,” Omodele recounted.

The Ladipo area, known for its heavy vehicular traffic and congestion, has witnessed multiple transport-related incidents in the past, raising ongoing safety concerns.

It was gathered that emergency responders reportedly arrived swiftly to clear the scene and manage traffic that had begun to build up as a result of the incident.

While officials have yet to comment publicly on the exact cause of the mechanical fault, transportation analysts are urging a prompt investigation and improved maintenance standards, particularly in busy urban corridors like Lagos.

Nigerian fatally stabbed in London apartment, Suspect arrested

August 5, 2025 (updated August 5, 2025) Published by viviaopar

The Metropolitan Police in the United Kingdom have confirmed the arrest and charging of two individuals in connection with the tragic murder of 26-year-old Nigerian, Ayowale Aladejana, who was stabbed in his apartment in New Cross, southeast London.

According to a statement by the police, a man and a woman have been formally charged with murder as investigations into the incident continue.

Ben Wazabanga, 23 (24.10.2001) of Fairfax Road, Bedford was charged with murder and possession of a knife on Monday, 4 August. He was remanded in custody and will appear at Croydon Magistrates’ Court on Monday, 4 August.

Ronique Belfon, 23 (10.05.2002) of Morinsbury Road, Bedford was charged with murder on Monday, 4 August. She was remanded to appear at Westminster Magistrates’ Court on Monday, 4 August,” the report reads.

Speaking on the incident, Detective Chief Inspector Lucie Card, who is leading the investigation, was quoted as saying, “Our thoughts are with Ayowale’s family and friends at this difficult time.

“I understand this incident will be concerning and we are carrying out a fast-paced and thorough investigation to establish the circumstances. I would encourage anyone who has not yet spoken to us.”

The investigation was reportedly launched after officers were called to reports of a man with stab wounds at a residential address in Monson Road, New Cross, at 19:26hrs on Saturday, August 2.

The officers were said to have responded alongside the London Ambulance Service and medics from London’s Air Ambulance, however, Ayowale died at the scene despite efforts to save him.

The report added that a post-mortem examination conducted on Sunday gave a preliminary cause of death as stab wound to the chest.

Ayowale’s family are also reportedly being supported by specially trained officers.

Just In: Lagos Police Arraign Notorious Assassin, Olori Eso

August 5, 2025 (updated August 5, 2025) Published by viviaopar

The Lagos State Command of the Nigeria Police Force (NPF) has disclosed that it has arraigned one of the most notorious hired assassin in Lagos, Wasiu Akinwande, popularly known as Olori Eso.

Obasemprire reports that this was made known in a post on X (formerly Twitter) on Tuesday by the Lagos State Police Public Relations Officer, SP Benjamin Hundeyin.

Hundeyin wrote: “Wasiu Akinwande aka Olori Eso is currently being arraigned at the Ogba Magistrate Court on an eleven-count charge.”

Obasemprire recalls that Akinwande, 44, described by the police as “the most wanted vicious and notorious hired killer in Lagos,” was arrested in July following a covert tactical operation codenamed ‘Silence, Speed and Surprise’ executed by the Command’s Tactical Squad.

He was apprehended during a coordinated tactical operation code-named ‘Silence, Speed and Surprise’ carried out by the Command’s Tactical Squad in his hideout in the Agbado area of Ogun State.

Akinwande is accused of being the leader of a deadly gang responsible for over a decade of violent crimes, including murder, armed robbery, cult-related killings, and kidnappings, especially in the Mushin axis of Lagos State.

He was apprehended during a coordinated tactical operation code-named ‘Silence, Speed and Surprise’ carried out by the Command’s Tactical Squad in his hideout in the Agbado area of Ogun State.

Benjamin Hundeyin had said Akinwande who is known for terrorising Mushin and surrounding areas was trailed to Ogun after efforts to nab him were unsuccessful.

Arrest of most wanted vicious and notorious hired killer and head of killers gang in the history of Lagos State in recent time, Wasiu Akinwade a.k.a. Olori Eso, and recovery of nine (9) sophisticated firearms, ammunition, magazines, dagger, walkie-talkies and international passports,” the statement partly read.

The suspect is accused of leading several deadly gangs responsible for over a decade of violent crimes including armed robbery, murder, cult-related killings, and kidnappings.

Hundeyin had disclosed, “This serial killer suspect is the most wanted suspect in Lagos history in recent time.

His arrest marks a huge success in the ongoing fight against violent crimes that are threats to security and safety of residents in Mushin and some other parts of Lagos State.”

According to the statement, the police recovered a large cache of weapons and incriminating items from Akinwande’s residence, which the suspect “freely admitted he was using for his killing operations with his gang.”

The recovered items include: Two (2) AK-47 rifles, one (1) K2 assault rifle, one (1) Red Ryder rifle, three (3) pump action rifles, two (2) locally made single-barrel pistols, five (5) magazines, fifty-seven (57) live cartridges, seventy (70) 5.56 live ammunition, twenty-seven (27) 9mm ammunition, one (1) expended 5.56 ammunition, one (1) dagger, three (3) walkie-talkies, nine (9) international passports belonging to different individuals,” Hundeyin stated.

Tag: Economy