The Central Bank of Nigeria (CBN) has committed $500 million into the forex market.

Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday.

Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.”

She also assured Nigerians that the CBN was implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.

According to her, this strategy is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

“As the governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.

The forex market reforms, she explained, are designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

She urged all participants in the forex market to play by the rules, emphasizing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.

“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.

“We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike,” she said.

Earlier, the apex bank had infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors.

Nigeria’s naira dropped to an all-time low against the dollar in the official market on Friday, according to data from FMDQ Exchange on Monday.

The currency plummeted to as low as ₦1,421 per dollar during trading on Friday, surpassing the rate quoted in the parallel market, around ₦1,400.

The naira later closed at ₦891.90 on the official market.

This steep decline followed Central Bank Governor Olayemi Cardoso’s announcement last Wednesday that the bank was working to improve liquidity in the foreign exchange market.

Kyle Chapman, FX markets analyst at London-based Ballinger & Co., noted that the naira has now surpassed its previous record low on the parallel market, which could hinder the influx of capital needed to stabilise the exchange rate.

“The downward spiral is becoming self-perpetuating. The further it falls, the less investors want to enter Nigeria, deepening the risk premium embedded into the naira rate,” Chapman explained.

This development follows a recent suspension by Toyota subsidiary Daihatsu for failing to properly conduct vehicle safety tests for decades.

[Leadership]

The Federal Government has assembled a 37-person committee tasked with proposing a new national minimum wage on Tuesday, January 30, at the Council Chamber, Presidential Villa, State House, Abuja.

The spokesperson for the office of the Secretary to the Government of the Federation, Segun Imohiosen, disclosed this in a statement.

The existing minimum wage, set at N30,000 per month, was approved in 2019 following the passage of the Minimum Wage Bill by the National Assembly.

The labour unions demanded an increase on the N30,000 minimum wage, citing rising inflation and the naira’s depreciation.

President Bola Tinubu after his swearing into office promised that his administration would provide a living wage for Nigerian workers because the existing national minimum wage was “not enough.”.

“In Nigeria, I shall have the honour and privilege to lead from May 29. Workers will have more than a minimum wage. You will have a living wage to have a decent life and provide for your families,” Tinubu said.

The committee, to be inaugurated on Tuesday, January 30, boasts a diverse list of members, including representatives from the federal and state governments, the private sector, and organised labour.

The former Head of the Civil Service of the Federation, Bukar Aji, will chair the group, tasked with navigating the complex and often contentious issue of the minimum wage.

From the Federal Government, the members include Nkeiruka Onyejeocha, Minister of State, Labour and Employment (representing Hon. Minister of Labour and Employment); Wale Edun, Hon. Minister of Finance and Coordinating Minister of the Economy; Atiku Bagudu, Minister of Budget and Economic Planning; Yemi Esan, Head of the Civil Service of the Federation; Nnamdi Maurice Mbaeri, Permanent Secretary, GSO, OSGF; and Ekpo Nta, Esq, Chairman/CEO, NSIWC, Member/Secretary.

Also from the State Government: Mohammed Umar Bago, Governor, Niger State, a representative from North Central; Bala Mohammed, Governor of Bauchi State, a representative from the North East; Umar Dikko Radda, Governor of Katsina State, a representative from the North West; Charles Soludo, Governor, of Anambra State, a representative from the South East; Sen. Ademola Adeleke, Governor, Osun State, a representative from the South West; and Otu Bassey Edet, Governor, Cross River State, a representative from the South West.

From the Nigeria Employers’ Consultative Association (NECA): Adewale-Smatt Oyerinde, Director-General, NECA; Chuma Nwankwo; Thompson Akpabio; and also members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) include Michael Olawale-Cole, National President; Ahmed Rabiu, National Vice President; and Humphrey Ngonadi (NPOM), National Life President.

The members of the National Association of Small and Medium Enterprises (NASME) are Abdulrashid Yerima, President and Chairman of the Council; Theophilus Nnorom Okwuchukwu, Private Sector Representative; Muhammed Nura Bello, Zonal Vice President, North West; and also from the Manufacturers Association of Nigeria (MAN), Grace Omo-Lamai, Human Resource Director, Nigerian Breweries; Segun Ajayi-Kadir, mni, Director-General, MAN; and Lady Ada Chukwudozie, Managing Director, Dozzy Oil and Gas Limited.

From the organised labour, the Nigeria Labour Congress (NLC): Joe Ajaero, President, NLC; Comrade Emmanuel Ugboaja, mni; Adeyanju Adewale; Comrade Ambali Akeem Olatunji; Comrade Benjamin Anthony; and Theophilius Ndukuba.

Also, members of the Trade Union Congress of Nigeria (TUC) include Festus Osifo, President, TUC; Tommy Etim Okon, Deputy President I, TUC; Kayode Surajudeen Alakija, Deputy President II; Jimoh Oyibo, Deputy President. III; Nuhu A. Toro, Secretary-General; and Hafusatu Shuaib, Chairperson, Women Comm.

Members are urged to arrive early to process their clearance at the security gate and be seated in the council chamber by 11.30 a.m. In addition, a shuttle bus will be available at the Pilot Gate to transport attendees to the venue.

Also, members of the Committee should contact the Head of the Secretariat, Chiadi Adighiogu, Director (Compensation) in the National Salaries, Incomes and Wages Commission, for information.

[DailyTrust]

Hope Uzodimma, the Governor of Imo State, has said “cabals and deities” were benefitting from the disparities in foreign exchange and subsidy payments before President Bola Tinubu halted it.

Uzodimma, who spoke on Channels Television’s Sunday Politics, said the cabals were responsible for the socio-economic woes bedevilling the nation.

He said what Tinubu had done so far by removing subsidy on petrol and unifying the foreign exchange windows were the “passwords to entering the system” of prosperity.

“I tell you, in my findings and understanding of the country, there exist cabals and deities, who before dollar business can be conducted, must be worshipped.

“They are the people sponsoring artificial media, they are the people sponsoring oppositions to come with blackmail and negative propaganda against a president who is very versatile, who is from the private sector, who meant well, who wants to correct the ills of the past.

“The fuel subsidy that has just been removed was benefiting a group of cabals who became very rich overnight to the detriment of Nigerians… We have billionaires who bought private jets, built castles all over the world in the name of subsidy,” Uzodimma said.

He said the companies leaving Nigeria were not investors, “they are those who are benefiting from the cabal system.”

“When they tell you they are leaving, they are leaving because they can no longer benefit from foreign exchange disparities, they can no longer benefit from crude oil theft, they can no longer benefit from petroleum subsidy pretending to be importing fuel when they were not importing anything.

“And again it is a blessing in disguise because the more they leave, the more opportunities for indigenous companies to participate,” the chairman of progressive governors added.

While debunking the argument that Tinubu’s economic policies were not working, he said the president was trying to consolidate the economy to make the Naira stronger.

“In the process of economic recovery, there is what we call the infancy stage. He has just drafted policies that will make the Naira very strong again and there will be initial challenges,” he said.

[DailyTrust]

The impeached Speaker of the Ogun State House of Assembly, Olakunle Oluomo, was on Monday docked in a Federal High Court sitting in Oke Mosan, Abeokuta.

The former Speaker was docked alongside two other officers of the state Assembly, Dayo Samuel and Adeyemo Adedeji.

Oluomo and the duo were dragged before the court by the Economic and Financial Crimes Commission, EFCC, over alleged misappropriation of N2.5 billion.

Oluomo allegedly committed the fraud while serving as the Speaker of the Assembly in 2022.

Aside from the N2.5 billion fraud case, 18 out of 26 lawmakers signed for his impeachment over allegations bordering on high-handedness, gross misconduct, arrogance, poor leadership style, lack of focus and transparency, and pitching members against themselves.

This former Speaker has, however, vowed to fight back as he told journalists that he had instituted a legal battle against the members of the Assembly.

On Monday, shortly after the trio entered the dock, the court discovered that the counsel to the EFCC was absent.

The Judge, Justice O.O Okeke, however, adjourned the case to 29th February and 1st of March.

Journalists barred

Earlier, DAILY POST reporter arrived at the court at exactly 9:15 am and sat down some chairs away from the ex-Speaker.

Drama however ensued at 10:04 am when the presiding judge, Justice Okeke, stepped out of her chamber and as the Speaker’s case was mentioned, two officers of the Nigeria Security and Civil Defense Corps, NSCDC, approached the DAILY POST reporter, insisting that he should leave the courtroom on the orders of the Court Registrar.

When the DAILY POST reporter met the Acting Court Registrar in his office and asked why he was prevented from witnessing the proceedings, he denied ever giving such orders.

The registrar also summoned the NSCDC officer to his office for questioning.

But the NSCDC officer, who removed his name tag, denied ordering the journalist out of court saying, “I only asked him to meet the Registrar before covering the proceeding.”

[DailyPost]

The Supreme Court on Monday reserved judgment in the appeal by the All Progressives Congress and its Adamawa State governorship candidate, Aisha Dahiru aka Binani against the state governor, Ahmadu Fintiri.

The state election petition tribunal and the Court of Appeal had dismissed Binani’s petition challenging the victory of Finitiri in the governorship election.

At the apex court on Monday, a five-member panel led by John Okoro adjourned the matter for judgment after listening to the arguments of parties involved in the matter.

Details later…

[Punch]

Mikel Arteta, it is reported, has no plans to leave Arsenal for Barcelona this summer. This is coming against the background of rumours that he will replace Xavi.

Recall that there had been a sensational report in Spain claiming he could walk away at the end of the season, MailOnline reported.

Sport, a Catalonia-based publication, claimed that Arteta has told those close to him that he is considering stepping away from his post early.

Sources close to Arsenal have adamantly denied that there is any truth in the Catalan press reports. They said Arteta was committed to managing the Gunners.

Barcelona are looking for a new manager this summer to replace Xavi. And they have close links to Sport, who claim that Joan Laporta is a big fan of Arteta.

Arteta

Arteta is tied down to a contract running until 2025. And with the Gunners challenging for the Premier League title and Champions League as the season nears its climax.

Arteta took charge at Arsenal in 2019 after leaving his role as Pep Guardiola’s trusted No. 2 at Manchester City. He has gone on to win three trophies during his spell in north London. He got the FA Cup and the Community Shield twice.

The Spaniard also guided Arsenal to a sensational Premier League title charge last season. It ensured they returned to the Champions League. 

Arteta progressed through the famed La Masia academy at Barcelona. But he struggled for opportunities and then joined Rangers in a deal worth £6 million in 2002. 

Xavi

Xavi announced he would leave Barcelona shortly after their 5-3 defeat by Villarreal. 

Speaking post-match, he said: “Before you ask me the pertinent questions, I want to announce that as of June 30, I will not continue as Barca coach.

“We have been talking about it with Laporta and with the sports area. And, as a cule, I think that the club needs a change of dynamic. Thinking about the club and the players; I think they will free themselves and will be calmer.

‘Thinking as a club man I think, ‘The best thing is to leave on June 30’.

“That said, I will give my best in the remaining four months. I think we can have a good season and I hope the dynamic changes.”

Arteta, who has managed 211 matches at Arsenal and won 121 of them, may well now be seen as a strong contender to step in to replace Xavi. MailOnline

Vanguard News

“Poor eunuch is asked to thread what he has on his bed, he switches off the light and starts threading a needle. Of all the problems wrecking the north, should the location of a federal agency or a department be its leaders’ topmost priority? Plateau State is supposed to be a valuable part of the north. A campaign of mass murder is being waged against the people there by a pack of pampered wolves from the north. There has not been a drop of tears from leaders who are crying blue murder over what is ordinarily FAAN and CBN’s internal matters.”

If we take the Central Bank of Nigeria to Sokoto, will that translate to wellness for the seat of the caliphate? The Central Bank of Nigeria recently announced a decision to send back to Lagos some of its departments. The Federal Airports Authority of Nigeria (FAAN) also announced a decision to go back to its natural habitat, which is Lagos. The elites of the north are not happy; they are, in fact, angry. They allege a plot by the Yoruba, through Bola Tinubu, to under-develop the north by taking the capital out of Abuja. But what did Lagos lose by having the Federal Capital moved to Abuja in 1991? What has corporate north gained by having the nation’s capital in Abuja since 1991? Has Abuja’s existence closed, by even one inch, the progress/knowledge gap between the north and Sir Lewis Harcourt’s “southern lady of means”?

People who knew what Lagos was in 1991 and who know what it is now laugh at insinuations that Lagos wants Nigeria’s capital once more in order to develop itself. With the capital in Abuja, is there any major investment which Nigeria, Nigerians – and even foreigners – make that is not Lagos-dependent or determined? Why didn’t Aliko Dangote site his refinery in Kano or Kaduna or even in Abuja?

They are threatening Bola Tinubu with “consequences” if he goes ahead with the movement of those agencies to Lagos. Shouldn’t they have learnt from the Olusegun Obasanjo years that you don’t threaten an elephant with a cane? On October 3, 2016, I wrote a column with the title ‘Tinubu’s dance of the elephants’. I anchored it on that year’s Eid el Kabir celebration and how Tinubu marked it with deep dance steps. An itinerant band of talking drummers was in Tinubu’s Bourdillon home in Lagos. They sang and gave him drumbeats of meaning: Òpè ni wón o, won ò mo nkankan/ Àjànàkú yo l’ókèèrè wón lo m’óré dání/ Erin k’ojá eran à nf’òpá lù…(They are novices, they don’t know anything/ Ajanaku (elephant) emerges from a distance, they went for canes/ The Elephant is more than an animal you beat with sticks…). Tinubu danced; stopped; danced, smiled and danced. Those threatening him should go and watch that video. If they like, they may also read my ‘Tinubu’s dance of the elephants’.

Where I encountered dawn, there is a bird that threatens to leave the forest whenever it is hungry; it announces its commitment to the forest as soon as its hunger is gone. Nigeria will never stop having issues that threaten its oneness. When a northerner is the president, the south demands, stridently, restructuring and true federalism. That noise is still now because a southern Daniel is holding court. And it is a shame. When a southerner is in power, the north shouts marginalization. I listened to the Arise News television interview of Alhaji Bashir Dalhatu, chairman, Board of Trustees of the Arewa Consultative Forum, on these issues. He said the north was “apprehensive” over the relocation of those agencies out of Abuja and was opposed to the decisions. He described the decisions as a continuation of what started in 1999 by Olusegun Obasanjo (another Yoruba man). Dalhatu said: “In 1999, part of the ports authority was moved from Abuja to Lagos. It was not a well-intentioned thing to do at that time…” His interviewer reminded him that the ports authority should actually be where the ports are. The ACF chief went on to other things and recalled “other government actions that have put us backwards like the privatization programme.” He said the north was not positioned to participate in getting the government enterprises because they were far from “the social wealth.” He said over 80 percent of the businesses that were sold went to the south. Again, was it not a northerner (Nasir El-Rufai) that was in charge of that programme? When you are used to being spoon-fed, you would complain when you are asked to feed yourself. Dalhatu also had issues with recapitalization of banks. He said the north lost nine banks because it could not raise the required N25 billion to recapitalize each of them. How is that the problem of the south?

The interviewer asked Dalhatu why the north always whips up divisive sentiments only when it is out of power at the centre. You’ve had Yar’Adua; you’ve had insular Muhammadu Buhari for eight years. You’ve had years and years of north-led military governments. You thoroughly enjoyed their acts while they were up there in power. Today you complain about being disadvantaged, you threaten everyone.

Poor eunuch is asked to thread what he has on his bed, he switches off the light and starts threading a needle. Of all the problems wrecking the north, should the location of a federal agency or a department be its leaders’ topmost priority? Plateau State is supposed to be a valuable part of the north. A campaign of mass murder is being waged against the people there by a pack of pampered wolves from the north. There has not been a drop of tears from leaders who are crying blue murder over what is ordinarily FAAN and CBN’s internal matters.

There was a time the north and the east threatened to break up Nigeria if the federal capital was moved out of Lagos. Today, the descendants of those who wanted Lagos to remain the federal capital are threatening the descendants of those who championed the making of what we now know as Abuja. Abuja is a child of the West. History says this is not just about the Akinola Aguda panel which finished the job in 1976. It goes as far back as the London constitutional conference of 1953 at which Western Nigeria called for a neutral capital outside Lagos. The West published a pamphlet which articulated this position: “A large area of land should be acquired by the Federal Government near Kafanchan which is almost central geographically, and strategically safe comparatively, for the purpose of building a new and neutral capital. The new capital should be built on a site entirely separate from an existing town, so that its absolute neutrality may be assured. Being the property of the Federal Government, it would automatically be administered by the Federal Government in the same way as Washington, D.C. in the USA or Canberra in Australia. Such a capital would be a neutral place…” (See ‘Lagos Belongs to the West’, 1953, page 27, cited in Jonathan Moore’s ‘The Political History of Nigeria’s New Capital’; 1984). The north and Nnamdi Azikiwe’s Eastern Nigeria said no to that proposal. They would have no capital for Nigeria outside Lagos. So many interesting events later followed that era of intriguing politics. The neutral place was eventually chosen in 1976 by a government panel made up of majority Yoruba. A brand new city of gilded beauty was built out of the panel’s recommendations; it was called Abuja and was effectively occupied by the government in 1991. Today, the north owns that ‘neutral’ Abuja and loves it so much that it threatens us with “consequences” if every federal toilet is not located there.

Nigeria is a marriage of convenience – a marriage in which the partners are married not because they love each other, but in order to get an advantage (Cambridge English dictionary). The British did not create Nigeria so that it could work for Nigerians. It was purely a business decision. They were clear about their objectives and the reason for forcing cohabitation on two strange fellows.

Have you asked, as I did, why the British chose the long word, ‘amalgamation’ to describe what they did with their two possessions – northern and southern Nigeria – in 1914? Why ‘amalgamation’ and why not the shorter, simpler word ‘unification’? The Economic Times, in a piece, discusses amalgamation as a business concept. It describes ‘amalgamation’ as “the merging of two corporations, destroying both in the process and creating an entirely new entity.” Then, it explains as it asks: “Have you ever played with clay before? Or water? Or sand? If you have, you might know that putting two pieces of clay together forms a new piece of clay much bigger than both…” But what are the prerequisites required for two objects like clay to combine and form the same but bigger object? The Economic Times says for amalgamation to work, the two entities must be identical “since we know that only clay and clay makes clay…two companies while merging should have identical goals…only two companies dealing with finance can make a financial company…” Were the entities amalgamated in 1914 “clay and clay”? Were the aspirations of the two the same?

In 1912 (two years before the 1914 amalgamation), there were series of meetings in London of the Royal Geographical Society for briefings on the kind of country they wanted to create. At those events, attendees thoroughly discussed and analyzed the profitability of the country. They looked at the figures, identified the loss centre and the profit zone. Because the proposed one Nigeria was a business for them, they examined all the ‘feasibility studies’ they had commissioned. The man who was being prepared to rule over the new country as Governor-General, Lord Lugard, at one of the meetings, referred to the “two Nigerias” as his country’s “possession.” Lugard called the attention of the meeting to an earlier report which showed that “the revenue from Customs in Southern Nigeria had increased from one million to two million (pounds) in five years” and that “land revenue of Northern Nigeria had increased from £16,000 to £460,000 in eight years.” These figures, Lugard said, “show that the country has enormous possibilities if only the merchants and the people of the country itself will realize the outstanding fact that it is all one country, and each part of it is interested in the development of the other…” They discussed all those details and more. If you want more than I have told here, you can read Frederick Lugard, Hasketh Bell and Wyndham Dunstan’s ‘Northern Nigeria Discussion’ published in the August 2012 edition of The Geographical Journal. But the summary of that and other sessions was that the two unrelated ‘businesses’ would yield better if they were merged into ‘one Nigeria.’

But, can a hut harbour rats and harbour snakes at the same time? At the close of the 19th century, the British spoke of “the three Nigerias”. By the beginning of the 20th century, they spoke of “the two Nigerias.” On January 1, 1914, Lord Lugard’s amalgamation speech contained an admission that what was being made to become one were two distinct countries. Where I come from, we say Ilé ò ní gba eku kó tún gba ejò. The translation is the logical answer to that question about rats cohabiting with snakes. The British, in 1914, built a house for snakes and rats.

There has never been, and there may never be, a national consensus on anything that will benefit the country. In the house of commotion, the only product they brew is chaos. The Merriam Webster dictionary says amalgamation “refers to a blending of cultures.” Since 1914, a clash of cultures and civilizations has robbed us of the much-needed peace and progress as a country. We roll from one crisis to another and waste generations after generations fighting friends and foes over inanities. PwC Nigeria on Thursday released its 2024 economic outlook. Its projection is that poverty levels will increase to 38.8% in the new year. I have not heard our ethnic champions express worry on how this will impact the vulnerable mass of the people. They have erections only when the vital interests of the power elites are not served. The PwC Nigeria report says further that “security spending in the past nine years amounted to N14.8 trillion.” A simple check will tell us that the collapse of everything in the north accounts for 80 percent of that spending. The report laments that “despite increased spending, insecurity remains a challenge and jeopardises national stability, negatively affects economic activities and undermines investor confidence.” The N14.8 trillion expenditure has been money spent without results. And that is because the last two decades have been years of self-destruction in the north.

Bob Marley asks you to “open your eyes and look within.” The prophet of Reggae also asks us to “light up the darkness.” The north has been fighting itself while it blames others. Its ways have made for it a deadly, cancerous colada of urban and rural terrorism, unremitting illiteracy and grinding poverty. Northern leaders do not see the odious choices they made (and still make) as the real enemy; the enemy they know is anyone who tells them the truth. Some words of Socrates should ring for them – and for us: “We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.” We will keep talking.