Governor of the Central Bank of Nigeria, Olayemi Cardoso has said that the introduction of Islamic Banks in Nigeria was spearheaded by an assistant pastor.

Cardoso disclosed this weekend at a reception organised to honour the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre, Dr Umar Oseni in Abuja.

According to him, it was now clear to Nigerians that the introduction of Islamic banks in Nigeria was not to Islamise the country but for small and medium-scale businesses.

Cardoso, represented by the CBN Director of Legal Services, Kofo Salam-Alada, said that more Shariah-compliant banks are being considered for approval due to the immense benefits it has brought to the citizens.

He noted that Islamic banks like Jaiz, Tajj, and Alternate Bank have stood the test of time since their establishment.

“Some years back, the Central Bank of Nigeria started a journey for the introduction of the Islamic Banking and Financing in Nigeria.

“It came when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was to be a pastor of the church.

“He was also a part-time pastor when this journey started. So it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria. When the Prince (Emir Sanusi) came, he continued the journey”, he stated.

Recall that the first Islamic Bank in Nigeria, Jaiz was established during the reign of Chukwuma Soludo as the apex bank governor.

Nigeria currently has four Islamic banks out of 43 Deposit Money Banks, according to CBN’s recently updated list of approved banks in Nigeria.

Ademola Lookman, Alex Iwobi and Calvin Bassey are expected to arrive at Super Eagles camp on Monday (today) ahead of the 2026 FIFA World Cup qualifiers against South Africa and Benin Republic.

Also expected in camp are Bright Osayi-Samuel, Frank Onyeka, Semi Ajayi, Maduka Okoye and Paul Onuachu.

15 players are already at the team’s camp in Uyo, Akwa Ibom State.

The Super Eagles started preparations for the qualifiers on Sunday.

The team had two training sessions (Monday and evening) at the practice pitch of the Godswill Akpabio International Stadium.

Finidi George’s side will entertain South Africa on Friday before traveling to Abidjan for a clash with Benin three days later.

Toni Kroos has insisted that he is happy with his decision to leave Real Madrid.

Kroos spoke as Real Madrid players celebrated during the Champions League trophy parade at the Cibeles square in Madrid, Spain, on Sunday.

The German midfielder played his match for Real Madrid in the Champions League final victory against Borussia Dortmund on Saturday at Wembley Stadium.

Kroos had recently announced his decision to retire from professional football after this summer’s Euro 2024.

“I am going to miss you [Real Madrid fans] a lot,” Kroos was quoted by Madrid Zone as saying.

“I am happy with my decision. I enjoyed every single minute of these 10 years.

“I will miss a lot of things, no doubt. I am happy with my decision. The Bernabeu is my home. Real Madrid fans are the best in the world.”

The price of liquefied petroleum gas (LPG), commonly known as cooking gas, is significantly decreasing, providing much-needed relief to consumers in several states, including Ogun, Lagos, and Oyo.

Recent interactions with consumers revealed to Punch that the current average cost of 1 kilogram of cooking gas is around N1,000 or below, depending on the location and seller.

This decrease is a stark contrast to the prices observed between February and March when the cost of LPG had soared to around ₦1,300 per kilogram in some areas.

According to the National Bureau of Statistics (NBS), the price of refilling a 12.5kg cylinder of cooking gas had increased by 46.88% over one year, reaching ₦15,060.38 in February 2024 compared to ₦10,253.39 in February 2023.

The NBS further noted that the average retail price for refilling a 12.5kg cylinder of LPG rose by 28.33% within just one month — from ₦11,735.72 in January 2024 to ₦15,060.38 in February 2024.

Among the states, Ogun recorded the highest average retail price at ₦16,375, closely followed by Delta at ₦16,333, and Edo at ₦16,321.

However, recent checks indicate that prices are gradually decreasing nationwide, which some attribute to the rebound of the naira in April from about ₦1,900 per dollar to about ₦1,500 currently.

While the Federal Government has committed to taking further measures to reduce the domestic price of LPG, industry operators express concerns that prices may rise again.

Speaking to Punch, Adedokun Ojo, a resident of Abule Egba in Lagos, reported purchasing 1kg of LPG at ₦940 at a local Mobil station.

“LPG is now ₦940 per kg. I still bought it yesterday evening at Mobil in Abule Egba,” Ojo said.

Also, a resident of Enugu, Uzor Nneka, disclosed that she got a kilogramme of the gas for ₦1,000 at the Romchi plant in Enugu.

“1kg of cooking gas used to be ₦1,300 before, but now it is ₦1,050. The price is coming down,” Jonathan Igbowu, a resident of the Idiroko border community of Ogun State, revealed

It was observed that the prices are different in Idiroko based on the seller. Nojim Ajani stated that 1kg of LPG was ₦750 in the Aferiku area of the town lately.

One Mr Ibrahim Ogunleye mentioned that the product sold for ₦1,200 in Offa, Kwara State, saying it used to be ₦1,400 some weeks ago.

Similarly, Mr Quadri Yusuf, who lives at Idi-Aba, Abeokuta, said the price of cooking gas is now ₦800/kg, down ₦1,200 in April.

However, Muraina Akintunde in Ayetoro regretted that LPG sellers now charge ₦1,200/kg in the area, stating that it used to be ₦1,400 until the last week of May.

In Ilaro, Folake Ogunwemimo said a kilogramme of LPG costs ₦1,100, while Kazim Ajose bought it for N970 at Sango-Ota, Ogun State.

Speaking on the development, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the reduction in the price of LPG was a result of the efforts being made by the Federal Government, through the Ministry of Petroleum Resources (Gas) with the full support of relevant regulatory agencies in the sector and even operators to increase the volume of domestically produced cooking gas coming into the local market.

Ekpo, who spoke through his media aide, Louis Ibah, said the domestication of LPG export has reduced the dependence on imported LPG, and of course, its attendant added costs due to foreign exchange fluctuations.

He said, “You will recall that the Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, some months back had ordered the domestication of all LPG produced within the country with the target of stabilising the price of cooking gas in the domestic market for consumers.

“So, the reduction in the price of LPG being witnessed is as a result of the efforts being made by the Federal Government, through the Ministry of Petroleum Resources (Gas) with the full support of relevant regulatory agencies in the sector and even Operators to increase the volume of domestically produced LPG/cooking gas coming into the local market.

“This has reduced the dependence on imported LPG, and of course, its attendant added costs due to FOREX fluctuations.

“And you also must recall and note the positive impact that the federal government’s decision to waive VAT and Customs duties on gas and gas equipment must have had on the price of LPG.”

He stressed that the minister has “assured that prices will go down further in the months ahead as more volumes of LPG domestically produced is released into the domestic market,” saying he is working round the clock with his team to achieve this.

However, the Nigerian Association of Liquefied Petroleum Gas Marketers expressed concerns that the price of LPG may surge again in the coming weeks.

The Executive Secretary of NALPGAM, Bassey Essien, revealed that the reduction occasioned by the naira rebound was being eroded because gas is priced in dollars.

According to Essien, even if the Federal Government boosts local LPG production, the price will not be stable because gas producers sell in foreign currency.

“I won’t say it has come down, because it is going up again. And it is an interplay of the foreign exchange. Everything is priced in foreign exchange, very soon even the air we breathe will be priced in foreign exchange.

“Even the LNG that a domestic gas, how do they price it? It is still being priced at the international price, and the international price is dependent on the dollar. Whether you have it in abundance or not, it is still being sold at the international price. The bottom line is everything is priced in forex,” Essien said, asking the government to look into local pricing of gas.”

British heavyweight boxer, Daniel Dubois, has called out Anthony Joshua for a fight after beating Croatian boxer Filip Hrgovic in Saudi Arabia.

Daniel Dubois and Filip Hrgovic participated in the 5 v 5 tournament in Riyadh, Saudi Arabia on Saturday night, June 1, with the IBF interim world title on the line.

After a very shaken start from the British heavyweight boxer, the 26-year-old star bounced back to give Hrgovic a fight to remember. Dubois grew so strong into the bout that he landed some punches that left Hrgovic bleeding.

The British boxer continued to inflict pain on the Croatian boxer, especially in the seventh round to the extent that referee John Latham had to halt the bout for Hrgovic to receive medical attention.

Following the medical examination, the bout officials concluded that the Croatian boxer couldn’t continue with the game and Daniel Dubois was declared the holder of the IBF interim world heavyweight title.

After the bout, Dubois stressed that he is looking forward to fighting Anthony Joshua who is looking forward to fighting the newly crowned undisputed heavyweight champion, Oleksandr Usyk or Tyson Fury.

But Joshua might have to face Dubois in September at the Wembley Stadium this year before he can face Usyk or Fury.

Dubois said, “I hope the next opponent will be AJ so bring it on. This is my era and this is my time.”

He added, “I have full respect for the guy, to come through that was a learning experience. I’m glad I got the belt and on to the next. I was a bit cold to start with, I had the corner advice, Frank Warren and my dad.

“I ate some shots but it was only to wake me up. The first few shots stung but they woke me up. I’m so proud of myself. It is all a learning experience. We are back on top. It has felt like a rollercoaster.”

Electricity workers have shut down the National Grid as the strike action called by the Nigerian Labour Congress and the Trade Union Congress began at midnight. 

Checks on grid data posted by the Independent System Operator showed that generation at midnight was 2,805.59 megawatts but dropped gradually to 28 MW at 6 a.m. on Monday with only Ibom Power on the grid. 

Reacting to the situation, the Transmission Company of Nigeria, TCN, disclosed that workers unions chased away its workers.

A statement by TCN General Manager, Public Affairs, Ndidi Mbah read: “TCN hereby informs the general public that the Labour Union has shut down the national grid, resulting in blackout nationwide. The national grid shutdown occurred at about 2.19 a.m. this morning, June 3, 2024.

“At about 1:15am this morning, the Benin Transmission Operator under the Independent System Operations unit of TCN reported that all operators were driven away from the control room and that staff that resisted were beaten while some were wounded in the course of forcing them out of the control room, and without any form of control or supervision, the Benin Area Control Centre was brought to zero.

“Other transmission substations that were shut down by the Labour Union include the Ganmo, Benin, Ayede, Olorunsogo, Akangba, and Osogbo Transmission Substations. Some transmission lines were equally opened due to the ongoing activities of the labour union.

“On the power generating side, power generating units from different generating stations were forced to shut down some units of their generating plants; the Jebba Generating Station was forced to shut down one of its generating units, while three others in the same substation subsequently shut down at very high frequency. The sudden forced load cuts led to high frequency and system instability, which eventually shut down the national grid at 2:19 a.m.

“At about 3.23am, however, TCN commenced grid recovery, using the Shiroro Substation to attempt to feed the transmission lines supplying bulk electricity to the Katampe Transmission Substation. The situation is such that the labour union is still obstructing grid recovery nationwide. 

“We will continue to make efforts to recover and stabilize the grid to enable the restoration of normal bulk transmission of electricity to distribution load centres nationwide,” she added.

After several years of being involved in one of the most twisted transfer saga in football history, former Super Eagles captain Mikel Obi said he had been forgiven by legendary Sir Alex Ferguson, PUNCH reports.

Back in 2005, Mikel was a highly-rated youngster at Norwegian side Lyn Oslo with United tracking him.

The Nigerian starlet was seemingly snapped up by the Devils from the Norwegian club with a deal subsequently announced.

Mikel was pictured in a United shirt and they even went as far as to hold a press conference. But the move sensationally broke down after Chelsea waded in and Mikel said he felt pressured into the move.

“I signed a contract with Manchester United and I didn’t do that of my own free will,” Mikel told Sky Sports News in 2006.

“I was put under a lot of pressure to do that. I was denied advice from my agent and people I trust and I didn’t get much time to think about that.

“I did something I did not want to do. Because of the pressure from Mr Morgan (Andersen, Lyn’s sporting director) and a representative of United it became too much.

“I was pushed and I had nobody on my side so I had to do it.

“I was denied a chance to have a week to think about it and get some independent advice from people so the pressure was too much.

According to several reports, Ferguson was due to fly to Norway for crisis talks but had to cancel his trip after he was told that the Nigerian had gone missing from training in Norway, and was thought to be heading to London for talks with Chelsea.

Eventually, he became a Blues’ player and would spend 11 trophy-laden years at Stamford Bridge.

Years later, on his podcast, Mikel revealed that when Chelsea played Manchester United, he was afraid of meeting Ferguson on the touchline. And when they eventually met each other, the retired Scottish manager had a dreadful look on his face.

Nineteen years later, the retired footballer met with Ferguson on the night of the UEFA Champions League final between Real Madrid and Borussia Dortmund at Wembley where both parties had a nice time.

On his Instagram post, Mikel shared a picture of himself with Ferguson with the caption, “He has forgiven me.”

Coming off the 2005 Under-17 FIFA World Cup with Nigeria, Mikel was one of the best young football prospects in the World.

During his time with Chelsea Mikel won two Premier League titles, one UEFA Champions League trophy, one Europa League title, four FA Cup, two League Cup and one Community Shield title.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing an appreciable growth that may see the high inflation in the country come down in few months.

Edun spoke on Sunday when he featured as a guest on Channels Television’s Politics Today.

The National Bureau of Statistics had reported in its April’s consumer price index that Nigeria’s inflation rate rose to 33.20 per cent in March 2024 — up from 31.70 per cent in February

According to the bureau, food inflation also surged to 40.01 per cent in the month under review.

Meet Samuel Odugbesan who lost his arms working with an electricity company0:00 / 1:01

But the minister said on Sunday that the situation was under control, saying the reforms and economic policies of President Bola Tinubu were gradually paying off.

He said, “Mr President has achieved relative growth and stability in his first year in office. The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies, which was successful. In terms of inflation, it is coming down. It is expected and projected to come down over the next few months.

“On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.

“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually three per cent per annum above population growth compared to about the two per cent achieved by this time last year. So, we do have the economy going the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.

“I have talked about help that should be given to farmers and consumers. There is also help for small and medium scale businesses. By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs and grow the economy.”

The Government of Germany has launched what it terms as ‘Opportunity Card‘ for skilled individuals outside the European Union (EU) to search for work opportunities in Germany. 

The portal where applicants were asked to apply showed Nigeria as one of the countries of residence of intending applicants. 

This was announced on Germany’s Federal Foreign Office Consular Services Portal on June 1, 2024. 

The Opportunity Card is a residence permit that allows workers from third countries to enter Germany to seek employment. 

Third countries are nations that are not part of the European Union. 

About Opportunity Card 

The Opportunity Card is issued for a period of up to one year but if one finds qualified employment during one’s stay, such a person can obtain a subsequent residence permit for the purpose of further searching (follow-up Opportunity Card) or taking up gainful employment from the local foreigners’ authority in Germany. 

The Government stated that when applying, one will need proof that his or her professional qualification is recognised by the state either in Germany or in the country in which it was obtained.  

“Proof that you will be able to support yourself for the duration of your stay in Germany can be provided in the form of a blocked account or a declaration of commitment, for example. At least 1,027 euros per month (as of 2024) are generally required. 

“During your stay for the purpose of finding a job, you have the opportunity to work up to 20 hours a week in a part-time job. In addition, you can take up trial jobs for up to two weeks at a time to familiarise yourself with potential jobs,” it added. 

Eligibility 

The following basic requirements must be fulfilled for the Opportunity Card on a points basis among others,  

“Completion of a degree or at least two years of training that is recognised by the state in which it was obtained, 

“German language skills at least at level A1 or English language skills at least at level B2 of the Common European Framework of Reference for Languages (CEFR), 

 “Sufficient financial means to cover your living expenses for the duration of your stay in Germany.” 

A Guide for Nigerians 

For Nigerian applicants, the German government advised they follow up on Germany’s diplomatic mission in Nigeria for a visa. 

“You can only apply for your visa at the German mission responsible for you. The responsibility depends on the district in which you reside. If the online application is not available at your competent German mission, please apply for your visa on-site. You will find further information on the website of your German mission,” it stated. 

The call by Germany is the latest among foreign countries’ search for expertise around the world. 

Reports indicate a substantial increase in the number of Nigerian healthcare workers migrating to countries like the UK, Canada, and the US. 

42.6% higher than the preceding year

Poverty and staggering debt remain the albatross on the shoulders of the federal government, 36 States and the Federal Capital Territory (FCT) and the 774 Local Government Areas, despite sharing a whopping N17.9 trillion as the cumulative Federal Account Allocation Committee (FAAC) revenue under President Bola Tinubu.

The figure, which is the highest by the Nigerian government in history, represents a 42.6 per cent surge when compared to N12.56 trillion it was a year earlier.

The increase sprang from the removal of petrol subsidy which freed more funds for monthly FAAC payouts.

The revelation came from a recent FAAC report released by the National Bureau of Statistics (NBS).

Widening poverty 

Regardless of the higher monthly subvention, a report from the World Bank indicates that Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent in December 2023. It means that the number of poor people increased from 79 million to 104 million.

According to the report, more people have fallen below the poverty line due to sluggish economic growth and rising inflation.

“Sluggish growth and rising inflation have increased the poverty rate from 40 percent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line,” the World Bank said.

The report added that the number of poor people in urban areas (more exposed to inflation) increased from 13 million to 20 million, while the number of poor people in rural areas rose to 84 million from 67 million within the same period.

The worst five states in poverty headcount rate for 2019, according to Statista are; Sokoto, 87.73%, Taraba, 87.72%, Jigawa, 97.02, Ebonyi, 79.76% and Adamawa, 75.41%

The lowest five states are; Lagos, 4.5%, Delta, 6%, Osun 8.5%, Ogun 9.3% and Oyo, 9.8%

Analysts say the figures have not improved because the factors responsible for the worsening poverty, like terrorism, climate change crisis, lack of farm input, inflation and others, are yet to abate.

The World Bank, however, predicted a silver lining, explaining that the increase in poverty rate will be undone by the recent reforms of President Bola Tinubu from 2024 onward, reversing the rise to 44 percent in 2026.

High sovereign debt 

Figures from the Debt Management Office (DMO) show that Nigeria’s total public debt stock as of December 31, 2023, was N97. 34 trillion or $108.229 billion.

Sub-national domestic debt stood at N5.863 trillion, while external debt stock was $4.61 billion.

Topping the debtor list is Lagos State, Nigeria’s commercial hub, had an external debt of $1.24 billion in 2023. However, this figure is slightly less than the $1.25 billion in 2022. The slight decline is likely due to a dependance on more domestic debt, which is about N1.05 trillion. Following closely is Kaduna State, which has an external debt of $587.07 million in 2023, climbing from $573.74 million in the previous year. Also exposed to offshore lenders is Edo State with external debt jumping to $314.45 million in 2023 from $261.15 million in 2022.

Highest and lowest FAAC receivers 

An analysis by the whistler shows that Delta, Rivers, Akwa-Ibom, Bayelsa, Lagos and Kano states got the highest FAAC allocation under Tinubu.

On the flip side, Gombe, Ekiti, Ogun and Cross-River States for the lowest.

Despite the fatter monthly FAAC income, there are genuine concerns as 15 Nigerian states have yet to implement the N30,000 minimum wage for their workers since it was signed into law in 2019.

Considering the humongous funds available to states, the organized labour is insisting on a monthly minimum wage of about N600,000 as millions of Nigerians battle multi-dimensional poverty.

According to BudgiT, even though 15 states are yet to implement the minimum wage of N30,000, the 36 states of the federation grew their cumulative personnel cost by 13.44 per cent to N1.75 trillion in 2022 from N1.54 trillion in 2021.

Also, these states grew their overhead bills by 23.42 per cent to N1.24 trillion in 2022.

Under the current administration Delta, Rivers, Akwa-Ibom, Bayelsa, Lagos and Kano states got the highest FAAC revenue during the period.

However, at the end of the 10 months of February 2023 under former President Muhammadu Buhari, Delta, Akwa-Ibom, Rivers, Bayelsa, Lagos and Kano states received the highest revenue.

Further breakdown showed that Delta state despite being the state with the most allocation in both periods, saw a decline of 3.77 per cent to N326.64 billion as against N339.44 billion it got under Buhari.

Rivers, which is the second state with the highest allocation under Tinubu, dropped by 0.88 per cent to N261.48 billion against the N263.79 billion which it got under Buhari.

Experts preach frugality 

Experts have pushed for more frugal management of resources across the three tiers of government so that the gains of good governance can cascade down to all nooks and crannies of the society.

The Director General, Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf, said it was disheartening that development at the sub-national level has remained appalling, calling on governors to look beyond the state capital to develop the rural areas where the bulk of the citizens reside.

He said: “It’s not nice that poverty has continued to ravage the citizens despite higher FAAC disbursements.

“The additional revenue should be spent on projects that positively impact the lives of the people.

“It’s not about governors building flyovers at state capitals and neglecting many parts of their states.

“Look at what your citizens are predominantly engaged in. Are they farmers, fishermen, traders and so on? You invest in what they do so you make the state more inclusive, not just building airports, flyovers etc.

“Corruption is a major issue actually. The more money available, the more the corruption component of it.

“People should be made accountable. A system carrying too many parasites cannot grow.

The citizens should demand accountability and not just lament and go to bed after voting”, he said.