IS THERE A NEW WAVE IN C’RIVER?

PAUL A. OBI interrogates the degree to which good governance is being practised in the State

“The deterioration of every government begins with the decay of the principles on which it was founded.” – Baron de Montesquieu  

As you take time to grasp this piece, Cross River State and its Chief Executive, Bassey Otu are heading towards the third anniversary of the inception of the government. For an administration that earlier on faced public outcry about the slow pace in governance, the gist in town now is that the situation has changed for the better. According to observers, Otu’s regime can now boast of a road map and institutional symbol of a serious government. Even though dogged by clannish politics, the government can point to some roads, infrastructure and policy agenda that seems to return Cross River back to her glorious days after the odious years of Olimpotic Meristemasis – whatever that means! And the combination of all this good news – both from altruistic analysts and naysayers is that there is now a new wave in Cross River State. From the railway project, the beautification of Calabar, road construction and urban renewal in Southern Senatorial District, Ikom and other locations, to the rejuvenation of Cally Air, to the news about Cadbury establishing Chocolate factory in Ikom, all are indicative of the new wave in the state.    

At present, there are several moves to entrench these policies, only if there are not mere window-dressing. From the reconstruction, renovation and beautification of the state library, to sound international partnerships, and other viable policy templates that have been initiated within the time-frame under review to the energy being injected into governance, there are signposts that Cross River may be on track. On the resuscitation of the state library, while there is an urgency to replicate such feat in Ikom and Ogoja areas, and indeed similar libraries in Obudu, Boki, Yala, Yakurr, Akamkpa, the governor and his team deserve flowers, considering that, the former occupant of that office and his deputy, both professors could not achieve that feat. Added to that, the aura, authenticity and focus on governance that Cross River now enjoys compensate for the years of comedy and puerile nature of governance that was the order of the day between 2015 and 2023. It is now obvious that there is now a new shift, particularly with the state’s approach to governance. However, whether this new shift corresponds with the improvement of material lives and welfare of citizens of the state on the ground is entirely different.

Still, Gov. Otu is fully in charge of the locus of control, shaping Cross River’s sphere of influence, and adding a gusto to all the gamut of gubernatorial power. From all indications, Otu has a bias towards flexing power and the display of it, alongside the zest to change things positively. But on a close appraisal of his style, the reality hangs in the balance with a stark contrast between the governor’s idealism on one side and governance to the degree of lifting 75.6% Cross Riverians out of multidimensional poverty. Again, one wonders if the display of power by Gov. Otu matches the concrete transformation of the state in terms of developmental strides and economic wellbeing of Cross Riverians. Take for instance, the pomp that greeted the renovation of the Governor’s Office – where billboards were erected to celebrate the renovation on the streets of Calabar. How about the complete neglect of the healthcare delivery system in the state where about 12 out of the 18 local governments in the state have no General Hospitals? How about the Ikom – Obudu road that recently brought shame to the state? What about the abandoned Boki East-West road – from Okundi, Kakwagom, Oku Aro, Okpe to Ogoja junction? How about the full payment of the minimum wage to workers, where the governor at the May 1st Workers Day said the payment has commenced only for the state chapter of the Nigerian Labour Congress (NLC) to debunk the claims? What are the economic multiplier effects to Cross River farmers in view of the boom of Cocoa and other crops in the international market? So many questions and puzzles staring the governor and his administration in the face.

Also, in an era where neighbouring states like Akwa Ibom, Abia, Ebonyi and even Enugu are leading in stellar transformation of their respective states in infrastructural development, Cross River always ends at the initiation stage without logical conclusion. In most cases, just like Obudu Cattle Ranch, frantic efforts have not been put in place to revamp the place. Instead, there are reports of government appointees even trading amenities in Obudu Cattle Ranch for cash. Indeed, there appears to be no synergy with some of the policies with the economic dynamism needed to lift the poor from their present predicament. If the Otu administration is really intentional about fighting poverty in the state, every inch of policy and project should be tied to the economic matrix of helping most of the population change their stories from penury to increasing their cumulative Marginal Propensity of Income (MPI) and Marginal Propensity to Purchase (MPP) – two indicators that can quicken their exit from the poverty hole.

Another area that Gov. Otu’s performance will not survive sound and objective scrutiny is the aspect of representation and positioning of Cross River State and her citizens at both the federal level and within the All Progressives Congress (APC). At the dawn of this dispensation in 2023, only Cross River was an APC led state in the South-South geopolitical zone. Rather than the state benefiting from such political capital, its standing has dwindled. From Governors Donald Duke, Liyel Imoke and even the last occupant of Peregrino House before Prince Otu, Cross River was highly reckoned with in terms of federal appointments. In the late President Muhammadu Buahri’s first term, Cross River had the Chief Justice of Nigeria (Justice Walter Onnoghen), Chief of Naval Staff (Vice Admiral Ibok Ekwe Ibas, rtd), Chairman of Niger-Delta Development Commission – NDDC (Sen. Victor Ndoma-Egba, SAN), Director General of Women Development Centre (Barr Mary Ekpere-Ita), Special Adviser to the President on Prosecution (Chief Okoi Obono-Obla). Granted, these juicy appointments never brought any material changes to Cross River and her people, but the optics they created in terms of representation was germane and critical to the state. But under Gov. Otu, Cross River has moved from having two substantive ministerial appointments to suspension of one of the cabinet members to downgrading of the other from a substantive cabinet position to a junior cabinet member or minister of state. Currently, no Cross River indigene is a chief executive or director general of any federal agency. An outright indictment and abysmal performance of the governor and the APC in the state that only triumph and excel in churning out infantile birthday wishes. There are even reports that there are deliberate efforts by the political leaders of the state; docile and inactive APC operatives in the state to deny Cross Riverians federal appointments as a ploy not to economically empower potential or would-be strong party members, in order to deny them the opportunity for future electoral contests.

That aside, in the midst of troubling accounts of whether there is a new wave in the state or not, two or three sad situations have happened to Cross River over the years that are derailing the state from attaining its objectives. One, since 2015 and the ushering in of food-on-the-table politics, voices of dissent and divergent tones have disappeared or were crushed from the state’s public space. There are no more sound voices capable of damning or calling the bluff of stomach infrastructure and speaking truth to power in Cross River State. In the days of Gov. Duke, there was Hon. Cletus Obun; during Gov. Imoke, there was an Obono-Obla holding the feet of the governor and the ruling political party to fire. Today, Gov. Otu and APC in the state appear to be getting away with so much and even lack of accountability to the people. Another sordid tale now associated with the state is the pliant, weak and unpopular Cross River State House of Assembly. Since 2023, it has been one week, one scandal with the assembly, padding its budget, chasing largesse and SUVs, but regrettably neglecting ordinary citizens. The assembly will go down as perhaps the worst in the annals of the state’s history.

In the final analysis, Gov. Otu and APC ascended power in 2023 with the hope of resetting and recentering Cross River as a frontline state, after the disastrous years of 2015 to 2023, dominated by contrived and comic lies manufactured from Kakum. Those were the principles on which his government was founded. Before then, APC had no path to victory. No thanks to betrayals and double-face PDP political operatives who sold their destiny and birthrights for crumbs. With leadership now thrust upon Otu and his deputy, Peter Odey, the task to change Cross River for the better must be total and exigent. To ensure that, the governor needs not go further but to look at the lives of any of his three other predecessors. The charge is whether Gov. Otu would push for a revolutionary advancement of the state in concrete and material terms, or bow to the caravan of sweet prince – made up of poet-sycophants and court jesters, genuflecting to the altar of stomach infrastructure. The former would sustain the new wave, while the latter would only betray the governor and the state with avoidable consequences.

Obi is a lecturer, journalist and researcher based in Abuja

The post IS THERE A NEW WAVE IN C’RIVER? appeared first on THISDAYLIVE.

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    With Renewed Confidence, Stock Market Gains N26.01trn in Eight Months

    With Renewed Confidence, Stock Market Gains N26.01trn in Eight Months

    ·                     NGX capitalisation jumps 41.4% to N88.77trn

    ·                     FX stability, bold reforms, corporate resilience fueling rally

    ·                     Analysts project market to cross N100trn mark before end of 2025

    Kayode Tokede

    With renewed confidence, the stock market has delivered a stunning performance, gaining N26.01 trillion in just eight months.

    Driven by strong investor appetite, bold policy shifts, and a wave of corporate resilience, the rally signals not just numbers on the trading board but a broader story of optimism and recovery.

    Specifically, the market capitalisation that opened 2025 at N62.763 trillion, gained N26.01 trillion or 41.43per cent in eight months to close yesterday, the last trading day in August at N88.769 trillion.

    Also, the Nigerian Exchange Limited All-Share Index (NGX ASI) closed yesterday, at 140,295.50 basis points, advancing by 37,369.10 basis points or 36.31 per cent year-to-date (YtD) from 102,926.40 basis points it closed for trading in 2024.

    Capital market analysts attributed the stock market N26.01 trillion growth to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, Central Bank of Nigeria’s (CBN) banking sector recapitalisation, and insurance sector reforms. All these, they pointed out, have played  critical role in overall stock market appreciation in the growth so far in the first eight months of 2025.

    So far in 2025, the stock market has seen the Monetary Policy Committee of the CBN retaining interest rate at 27.50 per cent, inflation rate moving to 21.88 per cent as of July 2025 from 15.44per cent in December 2024, listing by introduction of Legend Internet Plc and banks announcing the outcome of fresh capital raising on the  Exchange.

    Also, yield on Nigerian Treasury Bills  (NTB) has dropped to 15.61 per cent as of July 2025 from  18.00 per cent. 

    In the eight months under review, several stocks listed on the NGX have recorded strong month-to-date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

    THISDAY checks showed that out of the N88.769 trillion market capitalisation, BUA Foods Plc contributed 11.96 per cent when its market capiitalisation closed yesterday, at N10.62 trillion, followed by MTN Nigeria Communications Plc that contributed 10.3 per cent amid N9.13 trillion market capitalisation as of August 29, 2025. 

    The growth in BUA Foods stock price impacted on NGX Consumer Goods Index on the NGX to emerge as the best performing index, while the NGX Oil & Gas Index maintained its position as the worst performing index on NGX.

    As NGX Consumer Goods Index appreciated by 84.24per cent YtD, NGX Oil & Gas plummeted to -12.19 per cent in its YtD performance. 

    Capital market analysts noted that the corporate earnings reports of H1 2025, among other factors, encouraged investors seeking high returns in a volatile macro environment.

    The Managing Director, Globalview Capital Limited, Mr. Aruna Kebira in a chat with  THISDAY,  noted  that the  stock  market  in the eight months of 2025, benefitted from drop in inflation, among others.

    “The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields consider the capital market as their investment destination.

    “In the last MPC, the MPR was retained, including other metrics. This is sending positive signals that, as the inflation figure and money market yields are downward looking,  the MPC would have a reason to tinker the MPR downward. Which is not always fixed income friendly,” he added.

    He predicted that the stock market in  September 2025, would be hinged on the quality of the audited half year results and account of Zenith Bank Pl, among others.

    “If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock  market will move to appreciate their prices.

    “I also see an improvement in the liquidity around the stock market arena, which will boost market participation and invite the bull into the market,” he added.

    For his part, the Managing Director and Chief Executive Officer, APT Securities and Funds Limited, Kasimu Garba Kurfi, projected that the market capitalisation was expected to surpass the N100 trillion mark by the end of 2025, buoyed by foreign exchange stability, strong corporate fundamentals, and increased primary market activities.

    Kurfi identified key drivers of the 2025 market rally, including the elimination of foreign exchange-related losses by companies.

    He pointed out that in 2024, listed firms posted pre-tax FX losses of N507.2 billion, up from N359 billion in 2023, representing a combined N867 billion in losses.

    “In 2025, we have seen zero FX losses due to exchange rate stability, and this has significantly boosted investor confidence,” he said.

    The APT Securities boss said the signing of the Nigerian Insurance Industry Reform Act (NIIRA 25) has triggered a rally in insurance stocks, while the CBN’s bank recapitalisation programme has revived the primary market, attracting over N2 trillion in 2024, with similar volumes anticipated in 2025.

    Capital market analysts noted that sustaining this momentum in the remaining of 2025 will depend on the continuation of stable and credible economic policies.

    The Vice President, Highcap Securities, David Adonri noted that the equities market so far in 2025 has witnessed massive interest in the recovering major stocks such as Airtel Africa, Nestle Nigeria Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc, MTN Nigeria Communications Plc, and others which propelled the rally.

    In addition,  analysts at Cordros Research stated that, “We believe the domestic equities market might respond positively to the MPC’s decision to pause interest rate ikes as investors assess the likelihood of policy easing in the medium term.

     “We also expect to see some rotation into sectors positioned for expansion in a lower-rate environment, particularly the manufacturing sector, as lower financing costs, improved input cost dynamics, and stronger consumer demand enhance growth prospects, making the sector more attractive to investors

    The post With Renewed Confidence, Stock Market Gains N26.01trn in Eight Months appeared first on THISDAYLIVE.

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    ·                     NGX capitalisation jumps 41.4% to N88.77trn ·                     FX stability, bold reforms, corporate resilience fueling rally ·                     Analysts project market to cross N100trn mark before end of 2025 Kayode Tokede With renewed confidence, the
    The post With Renewed Confidence, Stock Market Gains N26.01trn in Eight Months appeared first on THISDAYLIVE.

    Jonathan Has Not Ruled Himself Out of 2027 Contest, Says Cousin

    Jonathan Has Not Ruled Himself Out of 2027 Contest, Says Cousin

    ·Bala Mohammed: PDP considering former president, Obi for 2027 presidential ticket

    Chuks Okocha in Abuja

    Former President Goodluck Jonathan has denied reports suggesting that he has abandoned plans to contest the 2027 presidential election, describing the publication as false and misleading.

    Jonathan’s cousin, Azibaola Robert, who debunked the report in a statement on his verified Facebook page, however, declined to confirm if the former president has decided to contest in 2027.

    The denial followed a report that Jonathan had opted not to pursue a second-term ambition so as not to disrupt Southern unity ahead of the polls.

    Although the former president has not formally declared his candidacy, strong indications point to ongoing nationwide consultations with political stakeholders as part of moves to actualise a potential comeback bid.

    Azibaola, who faulted the news report, wrote: “The story is completely false. Former President Jonathan never said he would not contest in 2027. The so-called aide quoted in the publication does not exist.”

    The clarification comes amid growing speculation over Jonathan’s political future.

    While he has not officially announced his intention to run, his cousin stressed that he has equally not ruled himself out.

    “The former president has made it clear that he would not yield to calls not to run, since those making such admonitions had selfish motives,” Azibaola said, without disclosing when Jonathan might formally declare his ambition.

    Jonathan, who served as president between 2010 and 2015, remains a formidable figure in Nigeria’s political landscape.

    Meanwhile, Governor of Bauchi State, Bala Mohammed, has said the Peoples Democratic Party (PDP) is considering Jonathan or Peter Obi, ex-governor of Anambra, to possibly lead the party to the polls in 2027.

    His comment comes in the wake of the PDP’s decision to zone the 2027 presidential ticket to the South.

    On Wednesday, Abba Moro, Senator representing Benue South, said some individuals have been engaging with Jonathan and Obi over a potential return to the PDP.

    He also hinted that Obi could clinch the party’s presidential ticket in 2027 if he decides to return.

    Speaking during his appearance on national television, Mohammed said Jonathan remains “one of the most celebrated politicians today despite previous political blackmail against him” before the 2019 election.

    Mohammed, who is Chairman of the PDP Governors’ Forum, said Obi, who contested on the platform of the Labour Party (LP) in 2023, would be given a chance if he returns.

    “But certainly, President Jonathan is one of the candidates we are thinking of, if he joins us and opens his mind to run,” he said.

    “And even other people like Governor Obi, because if he decides to come to a better platform where there are no encumbrances, he will be given the opportunity too,” Bala said.

    Asked whether the PDP governors were engaging Obi ahead of the 2027 election, he replied: “Have you not seen him with me? He’s my brother, my friend.”

    “And of course, he’s one of the most celebrated politicians too. You see him within the coalition or no coalition. Definitely, we are not sleeping, only that we don’t make noise,” Mohammed added.

    He noted that other Southern politicians, including Seyi Makinde, Governor of Oyo State, are also free to contest the ticket.

    “There are so many politicians. I even had a session with Governor Amaechi. I have not been sleeping,” the Bauchi governor said.

    “I have to make sure I create a closing-of-rank for people to come and help.”

    When asked about the possibility of Rotimi Amaechi returning to the PDP, the Bauchi governor replied: “Well, he’s free if he wants to come back.”

    Mohammed also said the PDP lost the 2023 election because it failed to zone the presidential ticket to the South.

    The governor suggested that the party needs a Christian from the South to emerge as a presidential candidate, with a Muslim from the north as running mate

    The post Jonathan Has Not Ruled Himself Out of 2027 Contest, Says Cousin appeared first on THISDAYLIVE.

    ​  

    ·Bala Mohammed: PDP considering former president, Obi for 2027 presidential ticket Chuks Okocha in Abuja Former President Goodluck Jonathan has denied reports suggesting that he has abandoned plans to contest the
    The post Jonathan Has Not Ruled Himself Out of 2027 Contest, Says Cousin appeared first on THISDAYLIVE.

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