The Senate President, Godswill Akpabio, has disclosed that each state governor has been allocated an extra N30 billion to address the challenges of food scarcity and hardships confronting Nigerians.

Akpabio said each state should properly utilize the money towards ensuring the availability of food.

Speaking on the floor of the senate, Akpabio said: “I must say that unverified report has it that each of the state government in the last few months received additional N30 billion from Federal Inland Revenue Service, outside their normal allocation from the federation account to assist them in ameliorating the food situation.

“We believe that every state government should utilise the funds so received towards ensuring that food is available.”

The current economic hardship has led to a hike in the prices of foodstuffs across the country.

The shortage of foodstuffs was also linked to the hoarding by some people and illegal smuggling to neighbouring countries.

Recall that Vice President Kashim Shettima had disclosed how security operatives discovered 32 illegal routes being used to smuggle foodstuffs and other items to neighbouring countries from Nigeria.

Shettima said security agents intercepted 45 trucks smuggling maize to neighbouring countries.

He noted that the price of “maize” came down by N10,000. The price of maize allegedly came down from N60,000 to N50,000″ when the trucks were intercepted.

Olisa Agbakoba, former president of the Nigerian Bar Association (NBA), says the administration of President Bola Tinubu is not communicating hope to Nigerians amid mounting economic hardship.

In an interview on Wednesday, Agbakoba said the presidency is failing to lead by example by cutting down on the high cost of governance and showing empathy for citizens’ struggles.

“The government ought to be communicating hope. They ought to be saying ‘we are going through this difficult period but there is light at the end of the tunnel.’ This government is not communicating that at all, which I think is a big error,” Agbakoba said.

He noted that while Nigerians can endure tough times, the failure to provide reassuring messaging is worsening conditions across the country. Agbakoba warned of a “slow revolt” brewing among citizens frustrated by the rising cost of living.

The senior lawyer called on the Tinubu administration to take action to address people’s growing discontent and communicate a hopeful vision to rally citizens through this economically challenging period.

“The problem we have is that the government is not communicating hope,” Agbakoba reiterated. He urged the presidency to clearly spell out plans for economic recovery and say “in two or three months, we are likely to be in a better state.”

Jurgen Klopp’s agent, Marc Kosicke, has played down any chance of the German manager joining Bayern Munich as replacement for departing Thomas Tuchel.

Kosicke has swiftly looked to stop any rumours before they even begin.

Thomas Tuchel and Bayern Munich on Tuesday announced their decision to move on, meaning that the former Chelsea boss will not be at club next season.

The agent told Sky Germany: “Jurgen Klopp will not coach any club or national team for a year after this current season. “That remains unchanged.”

Liverpool boss, Jurgen Klopp had earlier announced his decision to leave Anfield at the end of the season.

[DailyPost]

The Federal High Court sitting in Lagos on Wednesday remanded three men in the custody of the Economic and Financial Crimes Commission (EFCC) pending their arraignment for allegedly producing and selling fake dollars.

The 1st to 3rd defendants, according to the charge marked FHC/L/79C/2024, are Benjamin Opara, Iliyasu Garba and Joseph Ude.

Justice Kehinde Ogundare made the order following Opara’s inability to be represented by a lawyer.

When the case was called, EFCC’s counsel Temitope Banjo informed the court of the five-count charge pressed against the defendants.

He prayed the court to read the charge to the defendants so that they can take their plea.

But Abdulmalik Ibrahim, counsel to the second defendant Garba, informed the court that first defendants’ counsel was not in court, which meant that the arraignment could not go on.

The lawyer prayed that the court to allow the defendant to continue on the administrative bail earlier granted them by the EFCC.

But after hearing both parties, Justice Ogundare held that since the defendants’ arraignment was stalled by the defence, they should be remanded in the EFCC’s custody pending arraignment.

The case was adjourned till March 6, 2024 for arraignment.

Part of the counts read: “That you, BENJAMIN OPARA on or about the 10th November, 2023 in Lagos within the jurisdiction of this Honourable Court, without lawful authority had in your possession machinery, utensil and material used for the forgery of counterfeit currency, to wit, Dollars, contrary to and punishable under Section 2 of Counterfeit Currency (Special provisions) Act Cap. C35, Law of the Federation of Nigeria, 2004.

COUNT THREE

That you, BENJAMIN OPARA on or about the 10th November, 2023 in Lagos within the jurisdiction of the Federal High Court falsely made counterfeit currency, to wit, $20,000 denomination numbered MK10441029B contrary to and punishable under Section 1(3) of Counterfeit Currency (Special provisions) Act Cap. C35, Law of the Federation of Nigeria, 2004.

“That you, BENJAMIN OPARA, ILIYASU GARBA and JOSEPH UDE on or about the 10th of November 2023 in Lagos sold counterfeit currency, to wit, the sum of $10,000 denomination numbered MK10441042B, to one OBA OGOCHUKWU (AT LARGE), knowing same to be counterfeit currency contrary to and punishable under Section 4(1) of Counterfeit Currency (Special provisions) Act Cap. C35, Law of the Federation of Nigeria, 2004.

The federal government has said that the President Bola Tinubu administration’s top priority and the Ministry of Housing’s primary focus, which is housing delivery, is at risk due to the recent surge in cement prices.

The minister of Housing and Urban Development Minister, Ahmed Dangiwa conveyed this message during a meeting with cement manufacturers at the Ministry headquarters in Abuja on Tuesday, February 20.

He said: “For example, if we were planning to build a one-bedroom apartment for about N8 million, it will now cost twice that much, about N16 million to build. If a Nigerian could afford to own a home of N8 million, it would now be impossible to do so. We are also aware of several persons who have had to suspend construction work because of this development”.

He expressed the ministry’s concern regarding the present circumstances, especially considering the initiatives it has undertaken to provide social and affordable housing for low- and middle-class individuals, as well as vulnerable members of the community.

Dangiwa said: “We have already awarded contracts for Renewed Hope Cities and Estates in 15 states of the Federation. There is also the PULAKU Initiative through which we intend to build at least 1,000 houses in seven (7) states affected by banditry. We are worried that the rising cost of cement and other building materials in the country will affect these plans.”

He added that the government would not tolerate a scenario in which the price of necessary building materials, like cement, keeps growing uncontrolled and that the cement manufacturers are not doing enough to stop the rising cost of cement in the nation.

He noted: “This represents a 100 per cent rise, and it is not only on cement. We have also seen near-record high escalations in the prices of other building materials such as iron rods and other fittings. I recall that late last year, BUA Cement announced a commendable reduction in the price of cement from N5,500 to N3,500 per bag.

“I applauded the gesture, and several other stakeholders did too. But today, the reality is that of escalating cement prices. This is a crisis for housing delivery.

“An increase in essential building materials means an increase in the prices of houses. An increase in the cost of building houses means more and more Nigerians can no longer afford to own houses and provide decent shelter for themselves and their loved ones.”

Dangiwa urged the producers to deal honestly and to stop making things tough for Nigerians.

“We know that some of the key components of producing building materials, especially cement, are locally sourced, so the recurring disproportionate increase in the price of cement is unacceptable and unreasonable. Key input materials such as limestone, clay, silica sand, and gypsum within our borders should not be dollar-rated.

“You cannot continue to give excuses and blame it on the dollar all the time. The worst part is that other building materials manufacturers take a cue from cement manufacturers, and once they see that you increase your price, they do the same. Recently, this is happening almost every week, and it has to stop”, he stated.

[TheNation]

The House of Representatives on Wednesday, February 21, asked the Council of Legal Education to put in abeyance, the recent 60 percent increase in the school fees of the Nigeria Law School.

Adopting a motion by the Minority Leader of the House, Kingsley Chinda and read on his behalf by Ginger Owusibe, the House asked its relevant committees on Justice and Tertiary Education and Services to explore solutions to the issue at hand and report back within two weeks.

Chinda described the Nigerian Law School as the medium through which the Council of Legal Education discharges its function to regulate the legal education of persons seeking to become members of the legal profession as provided for under Section 1(2) of the Legal Education (Consolidation, etc.) Act Cap. L10, Laws of the Federation of Nigeria, 2004.

He said the function of the Council of Legal Education to oversee legal education in Nigeria includes deciding the cost of tuition and other services rendered to students of the Nigerian Law School.

He stressed that Nigeria is currently facing a 27.33% inflation rate, as reported by the Nigerian Bureau of Statistics, which is projected by Trade Economics to rise to 30.00% by December 2023.

He however expressed concern that in exercising its functions, the Council of Legal Education has approved a 60% increase in Nigerian law school fees from ₦296,000. 00 to ₦476,000 for the 2023/2024 Bar Part II academic session.

He said further that the 2023–2024 Bar Part II Academic session commenced in January 2024 with no time given to prospective students to raise the balance.

He warned that failure to promptly address the need for a balance between the Council’s service quality and students’ affordability could result in a significant drop in Nigerian law school enrollment.

According to him, this, in turn, would lead to fewer lawyers being called to the Bar, ultimately contributing to a higher national unemployment rate among those unable to pursue legal careers.

The National Chairman of the Labour Party, Mr Julius Abure, has been reportedly arrested by security operatives in Edo State.

Abure was arrested on Wednesday, a few days before the party’s primary election in Edo State.

Details later…

[Punch]

The presidential candidate of the Labour Party, Peter Obi, has asked the Federal Government to end the inconsistency in duty charges by the Nigeria Customs Service.

Obi made this call in a statement via his verified X (formerly Twitter) handle on Wednesday.

The Labour Party leader said the inconsistency in duty charges is affecting the general business atmosphere in the country.

He warned that if this situation is not corrected, importers in the country may resort to using the ports of nearby countries, a situation that he noted will leave the Nigerian ports underproductive and further deepen the economy into a worse situation as a result of loss of revenue.

Obi said, “I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country.

“The federal government should stop the arbitrary and ever-increasing customs duties as it is now negatively impacting businesses and the cost of items, and this portends a huge danger to the economy.

“A situation where at the point of initiating importation, Form M and other documents related to importation are based on a particular rate of exchange, for example, N1000 to $1, being the prevailing exchange rate at the time which the importer of goods was used to calculate the entire process, from the import initiation to receipt of goods in his warehouse.

“Then suddenly when the goods arrive in Nigeria, and duties are calculated at different rates, say N1400 to $1, it becomes a serious business challenge that results in business losses.

“Worse still, it directly fuels the inflationary spike which is the basis of increasing cost of goods and living. Such arbitrary charges will obviously lead to further closure of businesses, and attendant job losses.

“This is because at the time of the initiation of the business, calculations, including duties, have been made based on the prevailing exchange rate, and the prevailing market prices.

“If this situation is not corrected, our importers may resort to using ports of nearby countries, a situation that will leave our ports under-productive, and further deepen our economy into a worse situation as a result of loss of revenue.”

The former Anambra State Governor also advised the government to show consistency in its policies as this will help with economic forecasting and business planning.

He said that businesses are dying, and manufacturers are shutting down because of the poor and inconsistent economic policies of the government.

Obi stated, “All efforts of the government should be directed at supporting businesses, especially those in the manufacturing sector, to keep their businesses afloat and keep the economy growing, as the small business sector remains the most critical engine of economic growth.

“We cannot afford to target high customs revenues at the expense of the survival of local businesses, employment and reasonable cost of living.”

CLEAN-shaven, suave, upwardly mobile, and incurably optimistic, Herbert Onyewumbu Wigwe, HOW, was one of the most recognisable figures in the banking space and corporate Nigeria. His official biography could only be written by him. But I hope his example can inspire and influence us.

Accurately describing Herbert in one word can be compared to explaining the mystery of centuries in a few words or a wild goose chase. It is a nuanced and complex process. He was an extraordinary businessman who died alongside his wife and son in the United States of America under exceptional circumstances. His tragic and sudden departure reverberated beyond our shores.

But who was Herbert Wigwe? I can only answer this question from the narrow prism of my friendship and many encounters with him. Herbert and I were members of the same local church assembly, and I witnessed his dedication to spirituality, good works, and commitment to church growth. It is easy to explain because of his solid Christian foundation. Herbert’s father, Elder Shyngle Wigwe, is a pastor in the Redeemed Christian Church of God.

Herbert was a man of prayer, which he complemented with a ruthless work ethic. He attributed all his successes to God’s blessings. Both of us are from Rivers State, and we had many sessions on how best to fix the politics of Rivers and, by extension, improve the State’s development trajectory. Herbert was utterly detached from politics but had deep insight into political manoeuvrings.

We debated the affairs of Rivers State and the country, and he baffled me with the precision with which he predicted the outcome of political contests. He would quickly tell you that his political party is Nigeria and no other. His passion for Nigeria was simply unwavering. Only a few persons can match his faith in Nigeria. He firmly believed that he would impart society by using businesses to provide solutions to society’s needs and create wealth that would touch the lives of many.

He was unapologetically capitalist, in the proper sense of it, and he lived his life using capital to solve many societies’ needs. Herbert was a man of bold dreams and obsessed with excellence while making room for unavoidable mistakes. Herbert never gave up on any bold dream, no matter the odds. He rode the waves of challenges and was filled with the spirit of hard work, dedication, and strokes of ingenuity. He had bold dreams in all ramifications, and this was self-evident.

First, as a young banker, he teamed up with his friend and partner to acquire “a distressed bank”, rated number 89 then, and turned it around in two decades to become one of the top five banks, with an assets base of over N20.9 trillion. This was quite phenomenal. Herbert, as CEO, set out to build an Access Bank with the vision of becoming the gateway to Africa and the world’s most respected African bank.

With a presence in more than 13 African countries plus a footprint in other continents, Access Bank was working towards realising this vision. Second, Wigwe University, which Herbert personally referred to as the “Future Harvard University of Africa”, was another extraordinary, bold dream. He set out to build the best University in Africa, investing $500m in the initial set-up.

You do not need further testament that he was a man of bold dreams. An entrepreneur extraordinaire, his mystique was his ability to sniff out opportunities where others see none, multiplied by the fact that he was one of the most persistent persons I know when going after opportunities. He mentored many budding entrepreneurs, top managers, and top academics in entrepreneurship.

Apart from his well-known flagship, Access Bank, he was active in other financial services, construction, oil and gas, aviation, film, and music, and, most recently, the education sector. He made a star success of all his multiple business pursuits. Herbert’s hidden strength was his ability to connect with people of all classes and cadres, accompanied by a related instinct to simplify complex things in the most basic way.

His mastery of Rivers’ version of Pidgin English could only equal his fluency in Queens English. He was among the few successful people referred to as the “original old Port Harcourt boy”. Another strength of his was his courageous, daring, patient, and persistent nature, which added to his relentless ambition to accomplish exceptional things. This attracted to him friends and foes in equal measure.

His philanthropic work in the Herbert Wigwe Foundation, which he founded in 2016, focused on youth empowerment, health, arts, and education. This focus on youth development was central to his mentoring, given his strong belief in the importance of the youth in the development of Nigeria and Africa. He was an art enthusiast and contributed to art development in the country. As the art connoisseur he was, his collection reflected his passion for excellence, diversity, and social purpose.

The HOW foundation extensively supported many healthcare projects for the downtrodden among us. His charity works were unique because he loathed publicity about it. Herbert’s enduring legacy is the power of vision, bold dreams, courage, and determination to pursue it and rally people to accomplish the objective. This is what we need to improve in our public space. History has shown that bold dreams have the power to transform societies.

Listening to Herbert talk about his vision was to find yourself in the oasis of inspiration. He genuinely believed that there was nothing you fixed your mind on that you could not accomplish. What lessons can we learn from him? Herbert epitomised a life of passion, dedication, resilience, and boldness in achieving grand personal and societal visions. He was bold in setting out great goals and pursuing them relentlessly until he reached them.

He proves that an unexamined life is not worth living. To achieve greatness and impact on society maximally, one must be purposeful, bold, and patient.Peter Drucker posits: “The best way to predict the future is to create it.” Herbert created his future and lived it to the full of those he loved. For our budding entrepreneurs, Herbert left a legacy. He proved the axiomatic expression true: “Entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t.”

In a dramatic turn of events, Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), has accused the President of the Senate, Godswill Akpabio, of making defamatory statements against him. 

The accusations stem from comments purportedly made by the Senate President at an event, which Emefiele claims have unjustly maligned his character and portrayed him as the root cause of Nigeria’s current economic challenges.

During the televised remarks, the Senate President suggested that the government was at a loss for what charges to bring against Emefiele, citing potential accusations ranging from causing economic turmoil to illegal possession of firearms and unauthorised printing of currency. 

These remarks have sparked controversy and drawn attention to the former CBN governor’s ongoing legal battles, where he has pleaded not guilty and is actively defending his innocence.

Matthew Burkaa, SAN, legal representative for Emefiele, stated in a letter addressed to the Senate President, a copy of which was obtained by Vanguard in Abuja on Wednesday, that the former CBN governor considers these statements false, distorted, and made in bad faith. The statements were deemed to be aimed at disparaging his character.

The letter demanded an immediate retraction of the statement, a written apology, and the payment of twenty-five billion naira (N25,000,000,000) as compensation for the alleged defamation.

The legal team argued that the Senate President’s comments not only undermine the integrity of the judiciary by commenting on a matter currently under legal review but also fail to acknowledge Emefiele’s contributions to the Nigerian economy. 

They highlighted his role in introducing banking sector innovations and his efforts in addressing the P&ID Saga, which had positive outcomes for Nigeria.

Furthermore, the letter emphasised that no policy was enacted under Emefiele’s tenure without the approval or directive of the President and the Federal Executive Council, of which Akpabio was a key member. This point underscored the complexity of attributing the country’s economic woes solely to Emefiele.

The letter read in full: “We are Solicitors to Dr. Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (hereinafter referred to as “Our Client”), on whose brief and instruction, we write this letter to you as follows:

“Our Client’s attention has been drawn to a widely circulated statement made by you against him on Channels Television on or about the 18th February, 2024 which he considers false, distorted and clearly aimed at disparaging his character and indeed made in bad faith. The said statement is contained in a video and was made by you to a large gathering of persons and circulated globally via uncountable online media. The statement which has now gone viral had this heading attached to its preface ”we don’t know what crime to charge emefiele with” in the video, you stated clearly and unequivocally, among other things, as follows:

‘So the kind of debt and the kind of economic mess that we are in, a lot of people do not understand, I remember President Obama saying you cannot know Washington until you get to Washington. So by the time we went in to look at the economic state of the country it was terrible, so the Former Governor of Central of Bank of Nigeria we didn’t even know what to charge him, whether to charge him for putting foam on the … or to charge him for illegal possession of Fire Arms or to Charge him for printing notes without income, I don’t know what we are going to charge him with. But, what I know is that, yes there is hunger today because of the policies that they took.’

“The above statement, whether taken in their ordinary, figurative or literal meaning portrayed Our Client as:

“The cause of the entire hardship in Nigeria today is as a result of the policies of the previous administration.

“A serial offender whose action is responsible for all the hardship experienced by Nigerians today.

“A person who has committed offences that are so numerous that the government is confused as to which of the offences to prefer a charge against him.

“Your Excellency, as the President of the Senate of the Federal Republic of Nigeria, you certainly know, or have reasons to know that the Federal Government of Nigeria had since the 14th August, 2023 preferred Charges against Our Client to which he had long pleaded not guilty and is presently defending same to exonerate himself and show that he is not guilty of the said allegations.

“It is therefore disturbing, that such a statement would be made by the Head of the Legislature of the Federal Republic of Nigeria on a matter that is clearly subjudice. Your statement, with the greatest respect, clearly undermines the honour and integrity of the Court and its independence and indeed has the propensity of prejudicing the case against Our Client. Having submitted to the jurisdiction of the Court, it is only fair and proper that the Court should be allowed to determine the issues submitted to it without unnecessary pressure from any other arm of Government.

“Secondly Sir, as a Senior member of the Bar, a former Governor of a State, A Senator of the Federal Republic of Nigeria and former Minister under the immediate past Administration, Your statement attributing the present economic woes of the country solely on Our Client is most appalling and exposes the inaccuracies in Your assertions, especially, as you were a major player in the immediate Past Administration and worked closely with Our Client and indeed witnessed the innovations he introduced in the banking sector and its impact on the economy whilst in office, as well as the role he played despite all odds in salvaging Nigeria in the P & ID Saga and the positive result it brought for Nigeria. 

“You are also aware that no single policy was carried out by Our Client without the approval, directive or authorization of the President and/or the Federal Executive Council of which you were a key and powerful member.

“It is pursuant to the above and without delving into the matter presently pending in Court that Our Client has instructed that we write to Your good offices and demand the immediate retraction of Your statement which has gone viral and are considered clearly defamatory of Our Client

“These baseless and false allegations clearly defames the character of Our Client and has also caused him great pains and embarrassment as it has lowered his esteem before the right thinking members of the Society in addition to the obvious odium and opprobrium from the unsuspecting members of the Society as a result of the falsity contained in that statement. 

“We therefore have Our Client’s further instruction to demand from you an unreserved apology in writing, published and circulated by the same medium with which you have defamed his character and the sum of Twenty-Five Billion Naira (N25,000,000,000) as reasonable compensation for the willful and unjustifiable denigration of his hard earned reputation. In the event that you fail, refuse or neglect to comply with this legitimate demand, Our Client will be at liberty to seek the appropriate redress available to him under the laws of the Federal Republic of Nigeria.

The demand for a retraction and apology, coupled with the substantial compensation claim, has raised eyebrows across the nation, putting the spotlight on the role of past and present high-ranking officials in Nigeria’s economic health.

Vanguard News