- Key Events That Shaped Year In Politics, Business, Entertainment And Sports
- Cash Crunch, Subsidy Removal, Naira Floating And 2023 General Elections Top List
As the Year 2023 grinds to a halt, the political, business, entertainment and sporting landscape in Nigeria witnessed intriguing, suspenseful and controversial moments.
On the political arena, from the highly contentious 2023 Presidential Election, to political brouhaha between Godfathers and Godsons as witnessed in Edo, Ondo and Rivers State to the refusal by the Senate to grant former Kaduna State Governor Malam Nasir El-Rufai a ministerial slot, the year had a lot of eventful moments.
The economic and business climate was not left behind as the country witnessed key watershed moments from the cash crunch that trailed the naira redesign policy, the removal of fuel subsidy, the floating of the naira, the commissioning of the Dangote Refinery and several others, several events stood out.
On the sporting scene, the country witnessed some highs and lows, from the initial suspension and clearance of Tobi Amusan, the exploits of the D-Tigress, Enyimba International’s ninth league victory, it was a sporty year for the country.
On the entertainment scene, the exploits of Hilda Baci to cement a place for Nigeria and herself in the Guiness Books of World Records stands out. The death of promising Afrobeat star, Ilerioluwa Aloba popularly called Mohbad casted a shadow on the entertainment space amongst several others watershed moments!
The Matrix in this special report curates some of the landmark events that shook the country in 2023 for your reading pleasure
POLITICS
2023 Election: A Battle Of The Batists, Atikulate And Obidients
Never has a presidential election witnessed as much fireworks as the February 25, 2023 Presidential Election in Nigeria.
The three-leading contestants, President Bola Ahmed Tinubu, then the All-Progressives Congress (APC) flagbearer and his BATIST Army, his opponents from the Peoples Democratic Party (PDP) Atiku Abubakar and his Atikulate and Labour Party’s counterpart, Peter Obi and his Obidient Movement gave each other a run for their money.
In the end, it took the Supreme Court’s judgment to finally affirm Tinubu as the winner of the election.
Battle Of Political Godfathers and Godsons Rattles Edo, Ondo, Rivers
The states of Edo, Ondo and Rivers States witnessed battles between political godfathers and their proteges.
In Edo, incumbent governor Godwin Obaseki and his deputy Philip Shaibu treated Nigerians to a battle royale, same as in Ondo between now late Governor Rotimi Akeredolu and his then deputy but now Governor Lucky Aiyedatiwa and the most controversial of them all, the battle between former Rivers State governor Nyesom Wike and his installed godson, Siminalayi Fubara.
It took the intervention of President Bola Ahmed Tinubu to resolve the crisis in Ondo and Rivers States.
El-Rufai’s Ministerial Misadventure
Many had considered it a done deal when the name of former Governor of Kaduna State, Malam Nasir El-Rufai had made its way to the list of ministerial nominees. In fact, he was rumoured to have been penciled down for the position of Minister of Power but the Senate had other plans.
In a shocking development, the 10th Senate, led by Godswill Akpabio denied to clear El-Rufai, thus putting paid to his ministerial ambition.
Power Of Incumbency Determined Off-Cycle Polls
Off-cycle governorship elections took place in Bayelsa, Imo, and Kogi states on November 11, 2023 amid a lot of tension. But, at the end of the day, the incumbency factor decided the outcome, as the APC retained Kogi and Imo, just as the PDP remained in control in Bayelsa.
Akeredolu’s Death And Aiyedatiwa’s Ascension In Ondo
Just when one had thought that the political crisis in Ondo State had been resolved for good by President Tinubu, death struck and had the final say.
There had been an ongoing crisis and tension in the Sunshine State between Governor Akeredolu and his Deputy, Lucky Aiyedatiwa and it took the intervention of President Tinubu to resolve the impasse.
However, on Wednesday, December 27, 2023, death struck. Enigmatic Governor of Ondo State, Akeredolu finally succumbed to the cold hands of death paving the way for Aiiyedatiwa to become the substantive governor of the state.
Supreme Court Gets Full Complement Of Justices
The Supreme Court Bench has been depleted over the years following the death and retirement of some Justices. At a time, the Supreme Court Bench only had 11 Justices out of the constitutionally approved 2 justices.
However, the National Judicial Council, at its 104 Meeting of 6 December 2023 considered the list of candidates presented by its Interview Committee and at the end of deliberations Eleven Justices, Supreme Court Of Nigeria to get the full compliments of the 21 justices.
BUSINESS/ECONOMY
Cash Scarcity
A spill-over from 2022, Nigerians will not in a hurry forget the harrowing experience of the cash scarcity brought about by the naira redesign policy of the then Godwin Emefiele-led Central Bank of Nigeria (CBN).
Irrespective of whatever the initial scheme intended to achieve; the cash crunch that arose from it led to one of the toughest periods for Nigerians seeking to do business. POS merchants—who would usually provide cash for a small fee—marked up their prices, with some collecting as much as 10 – 15 percent of withdrawn funds as a fee. ATM queues and crowds at Deposit Money Banks (DMBs) also abounded.
The cash crunch affected commerce on every level. Nigerian traders would, over subsequent weeks, report losses due to failed transfers and inability to purchase wares due to cash scarcity. This continued until sometime in March 2023, after the Supreme Court had earlier that month ruled that old banknotes remain legal tender until the end of the year. On November 29, the Court ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice.
Naira Float
The harmonization of the Foreign Exchange window will also go down in history as one of the water-shed moments in the Nigerian economy in 2023.
On June 14, 2023, a few weeks after President Bola Ahmed Tinubu assumed office, Nigeria’s apex bank began making a series of decisions to tighten the grip on the country’s forex. The first of these decisions was to stop defending the Naira at the foreign exchange market, meaning that the currency’s value would no longer be fixed but would instead “float” and be determined according to market forces.
The Central Bank of Nigeria (CBN), the country’s apex bank, then directed Deposit Money Banks to sell forex freely at market-determined rates. The I&E foreign exchange (FX) window became the country’s official exchange rate window.
The silent promise of the Naira float was, amongst other things, a more realistic currency value for the Naira, and a unified rate across markets. Notably, a wide disparity between official rates and black-market prices was seen as a result of the fixed CBN rate, and experts predicted that the disparity would shrink to reasonable levels with lessened pressure on the country’s forex and improved availability from the official market.
Months later, this remains unachieved. The price of foreign exchange on the official market still varies—at times greatly—from that of parallel markets. This decision also exacerbated the already skyrocketing inflation rate.
Subsidy Removal
Fuel subsidy removal will go down as one of the biggest issues in the Nigerian economy in 2023. On the podium while making his inaugural speech as President of Nigeria, President Bola Ahmed Tinubu had thundered “Fuel Subsidy is gone”.
This announcement triggered a nearly 200 per cent surge in the price of fuel across the country. The price change led to a revision of the pricing structure across goods and services, with transportation costs rising as much as 200 – 300 per cent higher.
To soften the blow on everyday Nigerians, some state governments announced a reduction in physical work days, restructured wage payments, and even provided free transportation for some time.
Dangote Refinery Commissioning
A few days to the end of then President Muhammadu Buhari’s tenure, the $20bn Dangote Refinery and Petrochemical Plant was commissioned amidst huge fanfare in Lagos.
Owned by Africa’s richest man, Aliko Dangote, the new refinery is seen as the answer to persistent fuel shortages in Africa’s biggest oil producer.
Record Inflation
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, rose to 27.33 per cent in October 2023 — up from 26.72 per cent in the previous month. To date, that represents the worst year-on-year increase. This was disclosed by the National Bureau of Statistics (NBS) in its CPI report for September, released on November 15. The data revealed that there was an increase in headline inflation from January to October and an increase in the Month-on-Month percentage points from February to August before a drop from August to October.
This translated into very real terms for Nigerians. The NBS CPI report further reveals that the food inflation rate is at 31.52 per cent caused by the increase in some food items such as bread, yam, potatoes etc. “In October 2023, Food inflation on a Year-on-Year basis was highest in Kogi (41.74%), Kwara (38.48%) and Lagos (37.37%),” the report pointed out.
Exit Of Several Multinationals Due To Harsh Economic Conditions
In 2023 alone, no fewer than seven indigenous and multinationals packed up in Nigeria over unfavourable economic situations, throwing thousands into the unemployment market. Coys like P&G, GSK, Sanofi-Aventis Nigeria Ltd, Equinor, Jumia Foods, Bolt Food, NABISCO Biscuit amongst others exited the country.
The exit of pharmaceutical companies like Glaxo SmithKline also led to a further skyrocketing of the cost of essential medicines used by everyday Nigerians. In some cases, prices rose by as much as 700 per cent, currently, Nigeria is rated by the World Health Organisation, WHO, as one of the eight countries in the world with exceptionally exorbitant drug prices.
Organised Labour Strikes
Organized labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) embarked on strikes to press home their demands grounding economic activities in the country.
Nigeria’s two biggest workers’ unions staged a protest in October against a cost of living crisis after the FG scrapped petrol subsidy.
And in November, economic activities were shut down after Labour went on a strike to protest the attack on NLC President Joe Ajaero in Imo State.
Emefielegate And The Jim Obazee Expose
Former CBN Governor Godwin Emefiele was ousted from the bank through a suspension. President Bola Ahmed Tinubu then ordered an investigation into the office of the former Governor and his reforms in the financial sector of the economy.
The report by Jim Obaze, a Special Investigator appointed by President Bola Tinubu to scrutinise the activities of Emefiele, has continued to send shock waves through the country.
Oil Theft
The issue of illegal crude oil refinery and oil theft was a recurring issue in the economic space in the country in 2023. As of October 2023, the Nigerian Senate revealed that the country has lost N2.3 trillion to the menace of crude oil theft.
Delisting Of Union Bank From NGX And N132bn Loss
After 52 years on the Stock Exchange, Union Bank of Nigeria, one of Nigeria’s oldest banks, announced it was exiting the Nigerian Xchange (NGX). The delisting of the shares of Union Bank of Nigeria from the Official Daily List of the Nigerian Exchange Limited chalked off a whopping N132bn from the market capitalisation.
PH Refinery Comes To Life
After $1.5 billion cost and three years of repairs, the 210,000 barrels per day (bpd) Port Harcourt Refinery has been reported to be operational and will boost the county’s local refining capacity to dissuade importation and conserve FOREX deployed to importation of refined crude.
SPORTS
Osimhen, Oshoala Dominant Showing At CAF Awards 2023
On the football arena, Asisat Oshoala and Victor Osimhen gleamed. After Nwankwo Kanu in 1999, Osimhen, the striker for Napoli, made history as the first Nigerian to win the men’s CAF Player of the Year title.
The first male player from Nigeria to receive a nomination for the prized Ballon d’Or award is Victor Osimhen. Lionel Messi, who won the trophy for a record eighth time, defeated him, and Osimhen finished the 2022–2023 football season ranked ninth among all male players in the globe.
Oshoala, a player with Barcelona Feminine, continued her record as the most decorated female footballer in Nigerian history by winning the women’s APOTY. The women’s national team of Nigeria, the Super Falcons, had an incredible year as well. They were named the National Team of the Year and Goalkeeper of the Year for their great performance during the Women’s World Cup in Australia and New Zealand. Chiamaka Nnadozie was named the Goalkeeper of the Year.
Nigeria Cricket’s Team Fairytale
Cricket in Nigeria reached new heights in 2023. The women’s senior national team, the Female Yellow Greens, emerged victorious in the NCF T20i tournament. Similarly, the men’s team, the Yellow Greens, won the inaugural West Africa Trophy with a flawless record. Nigeria was also chosen as one of the hosts for the ICC 2023 Cricket World Cup Trophy, further cementing its growing influence in the sport.
High-Flying Super Falcons
Despite exiting the Women’s World Cup in the round of 16, the Nigerian women’s team captured the hearts of fans around the world with their spirited display. In a tough group that included Olympic champions Canada, co-hosts Australia, and Northern Ireland, the Falcons remained unbeaten with five points. It took a penalty shootout against England to end their remarkable journey.
Enyimba Ninth League Title
Enyimba FC, a two-time CAF Champions League winner, added another feather to their cap by winning their ninth Nigeria Premier Football League title. In a tightly contested Super 6 tournament in Lagos, they edged out Remo Stars to clinch the championship.
D’Tigress Dominates Africa
The Nigeria national women’s basketball team, known as D’Tigress, triumphed at the 2023 FIBA Women’s AfroBasket tournament. Under the guidance of coach Rena Wakama, they secured their fourth successive African title by defeating Senegal 84-74. This victory was a remarkable comeback for the team after being banned from participating in the 2022 World Cup due to an internal conflict.
ENTERTAINMENT
MohBad’s Untimely Death
Many Nigerians were heartbroken by the premature death of artist Ilerioluwa Aloba, better known by his stage name MohBad, on September 12, 2023. The 27-year-old musician gave us success after hit during his time in the music business after making his breakthrough. His endearing songs and easygoing demeanor in interviews would live on.
Hilda Baci’s Guinness World Record
Though her reign was short-lived, Hilda Baci showed the world how tough, resilient and supportive Nigerians can be. In June 2023, the Guinness World Records (GWR) confirmed that Hilda Effiong Bassey, better known as Hilda Baci, officially broke the record for the longest cooking marathon (individual), with a time of 93 hours 11 minutes.
The 26-year-old chef began on Thursday, May 11 and continued through to Monday, May 15, cooking over 100 pots of food during her four-day kitchen stint.
Ms Bassey attempted to set a record of 100 hours. However, almost seven hours were deducted from her final total because she mistakenly took extra minutes for one of her rest breaks early on in the attempt.
Her record was short-lived, though, as Alan Fisher, an Irish chef who runs a restaurant in Japan, dethroned her in November.
Yul Edochie’s Heartbreaking Loss And Second Wife Saga
Popular Nollywood actor, Yul Edochie, experienced a tragic moment as he mourned the untimely passing of his first son, Kambilichukwu Edochie, just two months after celebrating the young boy’s 16th birthday with his wife, Mary Edochie.
It became even more heart-wrenching when a prophecy about the tragic event had earlier surfaced. Yul has since the event gone on to take a second wife to the consternation of many.
Seun Kuti’s Brush-Up With The Law And Subsequent Incarceration
Seun Kuti, son of Afrobeat legend Fela Kuti, faced legal issues as he was arrested for allegedly assaulting a police officer. A viral video showed Kuti engaged in a confrontation with the officer, leading to his arrest.
He regained his freedom, after spending eight days in police custody.
Deaths Rock Nollywood
In the ending year, Nigeria film industry popularly called Nollywood witnessed several shocking deaths.
Saint Obi, Murphy Afolabi, Oluyemi Lawrence Adeyemi, aka Suara, Adedigba Mukaila, Don Brymo Uchegbu, Femi Ogunrobi, Usman Pategi, and Cynthia Okereke are some of the notable thespians that bade us goodbye in 2023.
