In an unforeseen turn of events, the state of Ondo witnessed a swift transition as Acting Governor Lucky Aiyedatiwa took the oath to become the substantive governor on Wednesday. This move followed the untimely demise of Akeredolu’s Rotimi Akeredolu, aged 67, who succumbed to complications from prostate cancer during medical treatment in a German hospital on the same day.
The news of Governor Akeredolu’s passing sent shockwaves across the nation, prompting an outpouring of condolences from various quarters. Dignitaries such as President Bola Tinubu, the Nigeria Governors’ Forum, the Ooni of Ife, the Nigerian Bar Association, the Christian Association of Nigeria, and numerous other eminent figures acknowledged Akeredolu’s significant contributions and lamented the profound loss to the country.
The constitutional protocol mandated the swearing-in of Aiyedatiwa as the seventh executive governor of Ondo State. The solemn ceremony, conducted by the state Chief Judge, Justice Olusegun Odusola, unfolded in the evening, marking a poignant and historic moment for the state.
In his inaugural address, Governor Aiyedatiwa paid heartfelt tribute to his predecessor, depicting Akeredolu as a man of unwavering courage and conviction. He lauded the late Akeredolu’s commitment to truth, even when faced with personal challenges. Aiyedatiwa expressed his dedication to continuing the developmental initiatives set in motion by Governor Akeredolu and appealed for support and cooperation from all stakeholders to fulfill this responsibility.
The assumption of office by Aiyedatiwa follows a series of political developments that transpired before Akeredolu’s passing. In a letter to the state House of Assembly dated December 13, 2023, the late governor had transferred power to Aiyedatiwa before embarking on medical leave in Germany. This preemptive move came amidst a crisis that unfolded when Akeredolu returned from medical leave in September, leading to the initiation of an impeachment process against the deputy governor by the state House of Assembly.
Prior to his demise, Akeredolu played a pivotal role in enhancing security efforts in the South-West by championing the establishment of Amotekun, the regional security outfit. His passing leaves a palpable void in the political landscape, and the three-day mourning period declared by Governor Aiyedatiwa, accompanied by fasting and prayer, reflects the somber atmosphere engulfing the state.
The abrupt transition underscores the complexities of political succession, particularly concerning ongoing projects and governance responsibilities. Aiyedatiwa’s commitment to completing the landmark projects initiated by Akeredolu takes center stage as the state strives for continuity and stability.
The Ondo State Government Secretariat witnessed a subdued atmosphere as workers grappled with the news of the departed governor. Condolences poured in from political figures, state governors, and prominent personalities across the nation. The impact of Akeredolu’s legacy in governance and his contributions to the legal profession were acknowledged by those mourning his passing.
As the state and the nation navigate the loss of a leader, further details regarding funeral arrangements and additional developments in Ondo State will be communicated in due course. The passing of Governor Akeredolu marks a poignant moment in the history of Ondo State, leaving an indelible legacy that will be remembered for years to come.
In times of transition, the resilience and unity of the people become paramount. As Ondo State bids farewell to one leader and welcomes another, the collective strength of its citizens will undoubtedly shape the path forward.
The legacy of Governor Akeredolu looms large over the state’s political landscape. A legal luminary and two-term governor, Akeredolu’s impact extended beyond regional boundaries, earning him recognition as a national figure. Born on July 21, 1956, he pursued a career in law, graduating from the Obafemi Awolowo University (then the University of Ife) in 1977, and being called to the bar in 1978.
Akeredolu’s foray into politics was marked by a commitment to justice, fairness, and true federalism. His leadership as the Chairman of the Southern Governors’ Forum and later the South-West Governors’ Forum demonstrated his dedication to regional collaboration and development. Under his watch, the establishment of Amotekun became a significant milestone in the region’s efforts to address security challenges.
The late Akeredolu’s tenure was characterized by landmark projects and initiatives that transformed Ondo State. The construction of a flyover in Ore and ongoing work on another in Akure are testaments to his vision for infrastructural development. Akeredolu’s governance philosophy, encapsulated in the mantra of “good governance, properly called,” propelled the state forward.
A critical aspect of Akeredolu’s legacy lies in the recent changes to the state’s foreign exchange market. The unification of all segments of the foreign exchange market by the Central Bank of Nigeria (CBN) signals a significant shift in economic policy. The collapse of all foreign exchange windows into the Investors and Exporters (I&E) window, as announced in a circular on June 14, 2023, indicates a move towards a more streamlined and transparent forex market.
The circular also introduced the “Willing Buyer, Willing Seller” model at the I&E Window, emphasizing transparency in forex transactions. The operational rate for government-related transactions is now tied to the weighted average rate of the preceding day’s executed transactions at the I&E window. Provisions for trading limits on oversold and overbought FX positions aim to manage market volatility.
The reintroduction of order-based two-way quotes, a bid-ask spread of N1, and the clearance of all transactions by a Central Counter Party (CCP) add layers of accountability and efficiency to the forex market. The reintroduction of the Order Book enhances transparency, ensuring that market participants have a clear view of orders and trades.
While these changes signal a more open and market-driven approach to forex operations, they also bring challenges and opportunities. The free-floating exchange rate, devoid of central bank intervention, introduces a new dynamic to the market. The success of these reforms will depend on the adaptability and resilience of market participants and the effectiveness of regulatory oversight.
In the midst of economic changes, Ondo State finds itself navigating both political and economic transitions. The passing of Governor Akeredolu marks the end of an era, and the swearing-in of Governor Aiyedatiwa signifies a new chapter. As the state mourns and adapts to the realities of political succession, the resilience of its people will be crucial in ensuring continued development and progress.
The days ahead will likely see further adjustments and clarifications to the operational changes in the forex market. The CBN’s commitment to providing guidance to authorized dealers and the general public indicates an ongoing effort to communicate and manage the impact of these reforms.
In conclusion, the events in Ondo State, from the swearing-in of a new governor to economic policy changes, underscore the interconnected nature of governance and the economy. As the state grapples with the loss of a leader and embraces a new era, the collective strength and unity of its people will shape the trajectory of Ondo’s future. Governor Akered