![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-300x200.jpg "Is Anthony Odiong still a priest after life in prison sentence over rape?")
One year after President Bola Tinubu came to office, investors excitement over his reforms has faded, with some saying they will reconsider their positions if Nigeria stabilizes its currency and enacts more change.
Since succeeding Muhammadu Buhari in late May 2023, Tinubu has instituted reforms to woo investors and boost dollar liquidity. They include scrapping costly fuel subsidies, replacing central bank governor Godwin Emefiele with ex-Citibank executive Olayemi Cardoso, who has pledged a return to orthodox central banking, clearing a foreign exchange backlog, and overhauling the country’s exchange-rate policies—effectively devaluing the naira.
While Tinubu’s initial steps enthused investors, increased dollar flows, and led to a rally in the naira, that’s since dissipated.
According to Bloomberg report on Wednesday, Kevin Daly, London-based Abrdn Investments Ltd. portfolio manager, said, “We are likely to add to local currency bonds once FX volatility declines, but the timing of that remains up in the air. “It will require a combination of factors, such as further foreign portfolio flows and, more importantly, some de-dollarization, as the central bank can’t be the sole provider of FX liquidity for the market,” he said.
Tellimer Ltd. data shows investor inflows into the foreign exchange market declined by almost a fifth in April to a daily average of $200 million from a month earlier and were at $180 million in the first three weeks of May.
Since June, the naira has lost nearly 67% of its value against the dollar, and a public backlash over rising food and fuel costs led to the reintroduction of fuel subsidies.
Inflation in Nigeria surged
Since 2020, the policy rate has lagged behind price growth.
Other measures investors would like to see before they boost their investments include better returns.
“We have invested in Nigerian eurobonds, but not yet in the local currency bonds,” said Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. “The local currency bonds are not yet attractive, given that inflation at about 33.7% is still above the policy rate at 26.25%,” Salami said.
The repatriation of funds is another issue that Tinubu needs to address.
Tellimer stated that while Nigeria provides superior equity valuations and yields, its emerging and frontier market counterparts such as South Africa, Egypt, Kenya, Turkey, and Pakistan present less risk of repatriation, a more sophisticated policy course correction, and increased assurance of policy sustainability.
“I think as long as we can be consistent and clear about policy direction, when it comes to monetary policy and the like, then I think you will see confidence return, and then you will see liquidity return,” said Ladi Balogun, chief executive officer of Lagos-based FCMB Group. “That is when you will see international investors come back.”
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Is Anthony Odiong still a priest after life in prison sentence over rape?")
