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Don’t beat frustrated Nigerians with koboko – Sultan of Sokoto tells govt

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Don’t Beat Frustrated Nigerians With ‘Koboko,’ Show Empathy, Give Them Hope, Sultan Of Sokoto Tells Tinubu, Governors

The Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III, has urged President Bola Tinubu, the 36 state governors, and other political leaders to listen attentively to the concerns of Nigerians rather than responding with harshness or repression.

Speaking in Abuja on Wednesday during the launch of NASFAT’s history book to mark the organisation’s 30th anniversary, the Sultan cautioned against what he described as “beating Nigerians with koboko (horsewhip)” whenever they voice their frustrations over the state of the nation.

Instead, he said, leaders should show empathy and reassure citizens that better days lie ahead.

He urged Nigerian leaders to look at the people with the sympathy of a father for his child, stressing that justice must take precedence over injustice in governance.

The Sultan also expressed worry over the decline in quality education among Nigerian youths and called for renewed investment in human capital development.

He urged citizens to pray for their leaders rather than curse them, adding that constructive engagement is key to national progress.

He said that whatever problems they are facing or cries they are hearing, they should not carry a ‘koboko’ and whip people. Instead, they should extend a gentle hand, touch someone, and say, “Look, things will be okay.”

He also stressed that Nigeria cannot endure injustice if it is to survive, and that leaders at all levels must prioritise justice and fairness in all their dealings, while urging Nigerians to turn to God.

According to Sultan, “Justice is the foundation of any society”.

He said, “As Sheikh Abdulrauf said, a nation can endure with unbelief, but it cannot endure with injustice. So let’s face justice in whatever we do.

“Our leaders, our followers, all need to be just in whatever we do. And I believe, conscience is an open wound, only truth can heal it. Conscience is an open wound, only truth can heal it.

“Let’s tell ourselves the whole truth in whatever we do, how we do things. And let’s believe in almighty Allah as the owner of heaven and earth, as owner of everything and all of us, who brought us into this world to worship him.

“So, keep on doing the good work, and leave the rest to almighty Allah to bless all of us, as Muslims, as non-Muslims in this great country. Let’s pray for our leaders every time.

“From Mr. President, to all the governors, to all the local men chairman, to all our leaders at all levels. We need to pray for our leaders to do right, to do just. If you pray for your leader, he does good things, you enjoy.

“If you are lying to his whims and caprices, he does bad things, you will suffer. So let’s all just pray for our leaders. I want to say this, every time I have an opportunity like this, I want to say please pray for our leaders, for good health, for direction, and for that steadfastness of knowing that you as a leader, you will account for whatever you have done on earth to the almighty Allah.

“People say yes, times are tough, yes. But when times are tough, tough people overcome such tough times. Let’s believe whatever almighty Allah bless on us is his own will, his own wish, and we will overcome this.”

“And I believe 100% almighty Allah will bring ease to all of us in this great country and beyond. Let’s go back to him and him alone. Only him can give. Only him takes,” Sultan added.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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