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Gov. Godwin Obaseki of Edo has dissolved his cabinet ahead of the Nov.12 swearing-in of Sen. Monday Okpebholo, of the All Progressives Congress (APC) as the new governor of the state.
The News Agency of Nigeria(NAN) reports that Obaseki who came into office on November 12, 2016 is expected to end his eight years tenure on November 12, 2024.
Obaseki dissolved the cabinet shortly after a valedictory session held at the Government House on Friday in Benin.
The motion for the dissolution of the State Executive Council for 2020-2024 was moved by his deputy, Godwins Omobayo, and was seconded by the Commissioner for Budget and Economic Planning, Osilama Okuofu.
At the valedictory session, the governor commended members of the council for helping him in driving the government’s vision of making Edo great again.
Obaseki also commended citizens of the state for supporting, praying and collaborating with his administration throughout his tenure.
Members of the cabinet took turns to eulogise the governor and acknowledged his many achievements in various sectors.
They also commended the governor for the opportunity given to them to serve the people of the state in their various capacities.
The outgoing commissioners and Heads of Ministries Departments and Agencies (MDAs) also took turns to present awards and gifts to honour the governor.
The valedictory session for the outgoing state executive council climaxed with a dinner in honour of the state governor.
(NAN)
The Inspector-General of Police, Kayode Egbetokun, has called for urgent and comprehensive action to address the rising tide of crimes involving juveniles in the country.
According to him, their involvement in criminal activities has devastated communities across the nation.
Speaking at the inauguration of the steering committee on the implementation and execution of the annual IG conference on juvenile crime prevention and control project in Abuja on Friday, Egbetokun said efforts must be made to address the root cause of the problem which he said stemmed from the family.
Represented by the Assistant Inspector General of police in charge of the Force Criminal Investigation Department, Mohammed Dankwara, Egbetokun said, “I am delighted to inform you that the Inspector-General of Police and his team acknowledge the devastating effect or impact of crimes and offences that are being perpetrated by young people, call them teenagers, juveniles or adolescents, on our communities across the country.
“The IG recognises the urgent need for a comprehensive approach, as well as concerted efforts and commitments towards addressing the root causes of behavioural problems of young people.
“There is a consensus among family and child development experts that the cause of juvenile offences is the family. Hence, the solution to the problem can be found in the family, too.
“Hence, he has graciously given his express approvals for this partnership between the Centre for Family Peace, a Non-Governmental Organisation and the Nigeria Police Force to enable us to join forces in tackling this national challenge to help steer young people from the path of crime and criminality.”
The Executive Director and Founder of the Centre for Family Peace, Chinedum Ikogwe, said the project was born out of the need to address the challenges of crime and criminality among juveniles.
Ikogwe blamed the rising crime rate among juveniles on the failure of parents to dedicate time to the upbringing of their wards.
He said the project will be taken to the 36 states of the federation.
Israeli Prime Minister, Benjamin Netanyahu, appointed US-born Yechiel Leiter, an official who previously served as chief of staff in the finance ministry, as the next Israeli ambassador to the United States.
“Yechiel Leiter is a highly capable diplomat, an eloquent speaker, and possesses a deep understanding of American culture and politics,” Netanyahu said in a statement on Friday.
Leiter’s appointment came three days after Donald Trump’s election to a second term as U.S. president, celebrated by many Israelis because of his strong support for Israel.
As well as serving in the finance ministry, Leiter held positions as deputy director general in the Education Ministry and acting chairman of the Israel Ports Company.
His son was killed last year in the Gaza war against Palestinian militant group Hamas while serving with the Israeli military.
Leiter’s appointment was also welcomed by Yisrael Ganz, the head of the Yesha Council, an umbrella organisation representing councils of Jewish settlements in the Israeli-occupied West Bank, a territory Palestinians want as part of a future state.
Ganz said Leiter, who lives in the Gush Etzion settlement area, was “a key partner in English-language advocacy for Judea and Samaria”, a name used by many Israelis for the West Bank, which Israel captured in the 1967 Middle East war.
AFP
Indications emerged during the week that the National Judicial Council (NJC) headed by the Chief Justice of Nigeria, Justice Kudirat Olatokunbo Kekere-Ekun is set to hold a crucial meeting anytime soon to consider, among others, reports of its several committees that investigated allegations of misconducts against several serving judicial officers in the country.
The meeting which is the first quarterly meeting of the Council to be chaired by Justice Kekere-Ekun and the last for the year, barring any unforeseen event, has sparked palpable tension in the judiciary following a recent vow by the new Chief Justice that errant judicial officers would no longer be spared.
NJC is a creation of section 153 of the 1999 Constitution with statutory powers to appoint, promote and sanction errant judicial officers in the country.
A credible source close to the Council told Vanguard that a date for the meeting would be fixed as soon as the Chief Justice who is at present on an official assignment outside the country is back.
It was also learnt that the number one judicial officer in the country is not comfortable with the present perception of the third arm of government and that she is prepared to restore sanity into the system in no time.
“I can tell you that the Chief Justice is eagerly awaiting the reports of the various panels earlier constituted to probe sundry allegations of misconduct against the judicial officers to enable her act decisively on them,” the source said.
It would be recalled that between May and August 2024, a total of 22 petitions were written against 27 serving judges of both the Federal and state high courts in the country while the NJC referred all the complaints to one of its standing Committees , Preliminary Complaints Assessment Committee, for consideration.
The Committee had examined each of the petitions and threw out a majority 18 on the accounts that they were either lacking in merit, abandoned by the petitioners or found to be subjudice since some of the issues raised therein were still subject to litigation either at the high courts or the appellate courts.
This is aside a separate eight panels earlier set up by the same NJC in June 2024 to investigate another set of judges for alleged judicial misconduct.
Specifically, the Council’s Preliminary Complaints Assessment Committee had examined 35 different petitions written against 33 judicial officers from both the Court of Appeal and the state high courts but found only eight to be meritorious.
Apart from the previous eight panels set up by the NJC in June, 2024 to probe judges, another four panels were also set up by the NJC on August 15, 2024 to investigate judges against whom prima facie case had been established.
By implication, there are 12 surviving petitions from 55 petitions affecting several judicial officers across the country being investigated by the various standing committees of the NJC.
Each standing panel, it was learnt, comprised a chairman and two other members of the Council.
It was also learnt that each of the 12 panels had separately forwarded copies of the petitions to the affected individual judges to defend themselves both in writing and orally.
A source privy to the procedure at the NJC told Vanguard that the affected judges were allowed to be represented by counsel of their choice.
Although, all the panels were given till penultimate Thursday, October 31, 2024 to wind up their sittings, some of the affected judges including the Chief Judge of a high court had requested for more time to adequately defend the petitions against them since the names of some of them featured in more than one petition.
But the Committees which were forced to give them additional 24 hours had reportedly told them that they did not have eternity to hear their petitions and should forward their responses if they had any.
“As soon as the Chief Justice is back in the country, the last quarterly meeting of the NJC would be fixed for the reports of the different panels investigating the affected judges to be taken.
“I think cases will be differently handled this time and I think this new CJN will recalibrate, in no time, the perception of the judiciary and its legitimacy,” the source added.
Ahead of the consideration of the reports, top lawyers in the country have been piling pressure on the National Judicial Council, NJC, regarding the latest crisis that erupted in Rivers State in the last few days arising from conflicting orders by two high court judges of coordinate jurisdiction on whether or not local council election in the state should hold on October 5, 2024
Some of the stakeholders pushing the position are respected members of the inner bar. Among them are former member of Imo State House of Assembly Chief Mike Ahamba, SAN, one-time Abia State Attorney General and Commissioner for Justice Prof Awa Kalu, SAN, renowned academic Prof Chidi Anselm Odinkalu, and respected silk Chief Samuel Jibrin Okutepa, SAN.
The lawyers who described the current practice of serving judges in the country to struggle for jurisdiction in political cases as embarrassing said that until examples are made, the integrity of the judiciary will continually wane, putting the nation’s fledgling democracy at risk.
Saturday Vanguard reports that sometimes in May, this year, under the watch of the immediate past Chief Justice Olukayode Ariwoola, three judges of coordinate jurisdiction —Justice Mohammed Liman, Justice S. Amobeda and Justice Amina Aliyu, in quick succession, similarly granted conflicting orders in Kano emirship dispute, which not only heated up the polity and scandalized the judiciary but also left the Kano emirate with two substantive emirs till date.
Both Justices Mohammed Liman and Justice S. Amobeda are serving under the Federal high court bench while Justice Amina Aliyu is of the Kano state judiciary.
Although Chief Justice Ariwoola invited the heads of the Federal high court and the Kano state high court to his Abuja office to get first-hand information on the circumstances surrounding the issuance of the embarrassing conflicting orders, Vanguard reports that none of the three judges handed off the cases until judgment while none was sanctioned.
But upon her assumption of office, the new CJN said it would not be business as usual.
However, few days after her elevation, two judges—Justice Peter Lifu of the Federal High Court, Abuja and Justice Chigozie Igwe of the Rivers State High Court, Port-Harcourt, issued conflicting orders regarding local council elections that recently held in Rivers state.
The conflicting orders had set the state on fire.
Judgments that defile logic, justice flying around —Okutepa, SAN
Following the shenanigans, a firebrand advocate, Mr Samuel Jibrin Okutepa, SAN who did not mention any particular case had wondered aloud why impeccable elder statesmen of the bar were keeping mum in the face of waning integrity of the legal profession.
“In those days when members of the legal profession were the hope of the marginalised and oppressed, there were strong and impeccable elder statesmen of the legal profession. When any member within the legal profession exhibited conduct that had potential of lowering the integrity of the legal profession, these elders waded in and ensured that the integrity of the legal profession did not suffer jeopardy in the hands of bad legal practitioners and judges
“Do we still have elders of Spartan courage and mien in the profession? I am asking because the legal profession is in need of elders who can save the profession from coming to a calamitous end. Today, judgments that defiled logic and justice are flying here and there. There are strong perceptions of state capture of our justice systems. Politics has entered the legal profession.
Where are our elders? This is not the best time for the legal profession,” he added.
Court orders these days are so ‘lucrative’ —Prof Odinkalu
Also reacting, a former Chairman of the National Human Rights Commission, Prof Chidi Anselm Odinkalu, said that the joke now is that “court orders these days are so lucrative that many judges make them – in good old Nigeria-speak – double-double. Responsibility for this sorry state lies mostly with the Federal High Court.
“The ancient city of Kano now has two Emirs, one state and the other federal after a rogue Federal High Court judge decided to take chieftaincy into the federal realm. Edo State has two Deputy Governors too.
“By dint of the judicial labours of Peter Lifu, a judge, the Federal High Court also attempted to impose two separate dates on Rivers State for the conduct of Local Government elections after Chigozi Igwe, a judge of the High Court of Rivers State, had issued a considered decision setting 5 October as the date for the election.
“Rivers State Governor, Sim Fubara, acknowledged Peter Lifu’s hard work by handing him the moniker of “that justice that gave that fraudulent judgment.”
“This is not the first time the Federal High Court will gratuitously constitute itself into an appellate forum to review without benefit of the records of proceedings and with the practised ill-will of a political hit-job dressed up in judicial robes, decisions of State High Courts.
“Nor is it the first time that the Federal High Court will convert itself into a court of unlimited jurisdiction that it is not at the expense of a State High Court which, under the Constitution, is indeed the only court of unlimited jurisdiction. This Federal High Court has become the place where the law falls into disrepute and Lady Justice suffers repeat rape,” he added.
Why should a judge order police not to provide security —NBA
The Nigerian Bar Association (NBA) which has also lamented the menace of conflicting judgments from the affected high court judges concerning the scheduled elections stated that even if a court has directed the Police not to work with the Electoral Commission on Rivers State, nothing says the Police should not provide security for peace and order of Rivers State, adding that the refusal to provide security was not only unconstitutional but also illegal, immoral, and a dangerous signal that invites lawlessness and undermines democracy.
NJC should wade in even without petition, scapegoat erring judicial—Ahamba, SAN
A respected member of the inner bar, Chief Mike Ahamba, SAN has also expressed revulsion at the abhorred practice of judges granting conflicting orders to heat up the polity and scandalize the judiciary.
“Those who are supporting the Federal high court in this affair should let us know under what section of the constitution a Federal high court has jurisdiction on matters outside the purview of section 251 of the constitution,” adding that the Federal high court in the first place ought not to hear such matter.
He said the National Judicial Council should not wait for petition when this kind of thing happens, advising that they should make reference to the law, call the errant judge to order and punish him.
He added that until one or two judicial officers are retired, others would not sit up.
A Federal high court has no jurisdiction to entertain cases on LG and its affairs —Prof Kalu, SAN
Also contributing, Prof Awa Kalu, SAN said that a Federal high court has no jurisdiction to entertain cases on local government and its affairs just as he wondered why a high court judge would order police not to perform its constitutional duty.
“A Federal high court, a state high court and a National Industrial Court are equal under the Constitution. What we expect as law abiding citizens is that no court should place itself beyond another when you are on the same level. “When you have local government election, why should it be controlled by federal high court? And again, the primary duty of the police is to maintain law and order. So, why should a court direct police not to do what they are supposed to do—maintenance of law and order,” he queried rhetorically.
[Vanguard]
Nollywood’s ‘Wives On Strike 3’ and Hollywood’s ‘3 Working Days’ are movies TheCable recommends for you to watch in the cinema or on streamers this weekend.
More recommendations are below:
Wives On Strike 3
Running time: 2hrs 2mins
Starring: Chioma Akpotha., Hilda Dokubo, Uche Jumbo
Synopsis: A newly elected female local government chairman finds herself in a web of darkness, battling the challenges of her newfound authority and a nightmarish revelation in her personal life.
3 Working Days
Running time: 1hr 30mins
Starring: Femi Adebayo, Gbugbemi Ejeye, Deyemi Okanlawon
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Synopsis: A desperate man holds up a bank, taking the staff and customers hostage with an ultimatum to process his delayed transaction. Unknown to him, his move disrupts the plans of a deadly gang planning to attack the same bank.
A Night in 2005
Running time: 1hr 50mins
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Starring: Bimbo Akintola, Ireti Doyle, Efa Iwara
Synopsis: A fun prom after-party in 2005 quickly becomes a girl’s worst nightmare. She carries a dark secret from that night into adulthood that continues to plague her everyday life.
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Venom: The Last Dance
Running time: 1hr 50mins
Starring: Chiwetel Ejiofor, Clark Backo, Cristo Fernández
Synopsis: The final tale in the trilogy with Eddie and Venom on the run. The duo is being hunted by both worlds and forced into a devastating decision that will bring the curtains down.
When The Poor Smile
Running time: 1hr 50mins
Starring: Bolanle Ninalowo, Juliet Ibrahim, Kunle Remi
Synopsis: The daughter of a wealthy man falls in love with a poor worker at a holiday resort despite advances from a charming pilot. In her growth journey with the worker, she discovers that the poor also smile.
Queen Lateefah
Running time: 2hrs 5mins
Starring: Wunmi Toriola, Kunle Remi, Lateef Adedimeji
Synopsis: A socialite with a wealthy online personality meets a man who falls head over heels with her. The man is in love with her influential, accomplished persona, a facade that will come undone soon.
Joker: Folie A Deux
Running time: 2hrs 18mins
Starring: Joaquin Phoenix, Ken Leung, Lady Gaga
Synopsis: Arthur Fleck is placed in Arkham, awaiting trial for his crimes as the Joker. While struggling with his dual identity, Arthur stumbles upon true love and finds the music that’s always inside him.
Farmer’s Bride
Running time: 1hr 45mins
Starring: Gbubemi Ejeye, Tobi Bakre, Femi Branch
Synopsis: A young bride marries an old farmer with her mother’s arrangement. The bride despises her husband and falls in love with the old farmer’s younger nephew. The forbidden love spins out of control.
The Wild Robot
Running time: 1hr 41mins
Starring: Lupita Nyong’o, Mark Hamill, Matt Berry, Paul-Mikél Williams
Synopsis: An intelligent robot is stranded on an uninhabited island after a shipwreck. To survive the harsh environment, the robot bonds with the island’s animals and cares for an orphaned baby goose.
Transformer One
Running time: 1hr 44mins
Starring: Brian Tyree Henry, Chris Hemsworth, Jon Hamm
Synopsis: The prequel tells the origin story of Optimus Prime and Megatron, better known as sworn enemies, who were once friends and bonded like brothers.
[TheCable]
Dr. Adeola Odedina Bags University Of Wolverhampton Alumni Honour Award For Lifetime Achievement
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A former commissioner for Agriculture in Ogun State, Dr. Adeola Odedina has bagged the 2024 University of Wolverhampton Alumni Honour Award for Lifetime Achievement.
Dr. Odedina a set of 1991 clinched the coveted price ahead of 3 other nominees namely Sandra Wallace CBE, James Meehan and Razwana Begum Abdul Rahim.
According to the organizers, they say the prestigious award recognises the outstanding lifetime accomplishments of a graduate for their ongoing and significant contribution to their profession or society since graduating.
Dr. Odedina, who has previously served as a former Provost of the Federal College of Agriculture, Akure and Rector, Moshood Abiola Polytechnic, Abeokuta has mentored no fewer than 40, 000 young Nigeria whom have expressed keen interest in smart agriculture, agric business amongst others.
Receiving his latest award, Dr. Odedina epressed delight over his nomination and eventual win saying, " this is the highest point of my life and career. I istened to the profile of fellow finalists, and I said, do I stand a chance?, I am happy this is a reality."
Dr. Odedina adds that he received congratulatory messages over his nomination from the former president of Nigeria, Chief Olusegun Obasanjo and the President, African Development Bank, Dr. Akinwunmi Adesina, who he describes as his mentors.
He further says " I left Wolverhampton Polytechnic in 1991, I studied Agricultural Education and what I learnt became very handy when I was the commissioner for Agriculture in Ogun State, Nigeria during the Covid - 19 era where I mapped out road map for Agriculture.
Dr. Odedina who describes himself as Mr. Wolverhampton in Nigeria used to occasion to recommed the university to anyone seeking life skill who wants to advance his/her career either in Agriculture or any other field.
Flanked by his wife, Prof. Joy Odedina and daughter, the awardee expressed thanks to everyone who made his day, career and year great.
Baltasar Engonga, the former Director-General of Equatorial Guinea’s National Financial Investigation Agency, has been remanded in custody at Malabo’s Black Beach Prison.
Engonga’s arrest came shortly after reports surfaced accusing him of recording over 400 explicit videos involving the spouses of influential figures in the country.
This revelation emerged amid an ongoing fraud investigation into the 54-year-old economist, prompting officials from ANIF to conduct an unannounced search of his residence and office.
During the search, authorities reportedly uncovered numerous CDs containing footage of these encounters, The PUNCH reports.
The leaked videos have ignited widespread public outrage and intense media scrutiny.
In response, President Obiang Nguema Mbasogo dismissed Engonga from his position.
According to Decree No. 118/2024, issued on November 4, the dismissal cited “irregularities committed in the exercise of his functions, as well as inappropriate family and social conduct incompatible with public service duties.”
On Friday, a video circulated widely on social media showing Engonga appearing in court, restrained with handcuffs on both his hands and feet.
French blog Afrikmatin confirmed that Engonga, officially relieved of his duties on November 6, 2024, was subsequently chained and transferred to Malabo Central Prison. He is facing charges related to corruption and embezzlement.
Furthermore, UGStandard, an online news outlet, reported that the sex tapes began to spread on social networks while Engonga was already detained at Black Beach Prison on accusations of misappropriating public funds, as corroborated by state broadcaster TVGE.
In a fact-check published on Wednesday, Dubawa verified Engonga’s detention on corruption charges, affirming that he is currently being held in Black Beach Prison.
The proposed tax reforms by President Bola Ahmed Tinubu have continued to spark significant controversy, with northern state governors and National Assembly members taking new steps to block the president’s initiatives.
According to sources, the latest pushback within the National Assembly is being led by governors from the seven states in the North-West and six from the North-East, with two additional governors from the North-Central region joining their ranks.
However, not all northern governors are opposed to the reforms. Reports indicate that four governors from the region are in support of Tinubu’s proposals. Of these, three belong to the ruling All Progressives Congress (APC) and one is affiliated with the opposition Peoples Democratic Party (PDP).
Pressure is mounting on two presiding officers from the North-West in the National Assembly to align with the dissenting northern governors. Sources have revealed to Saturday Sun that influential traditional rulers and religious leaders have been engaged to persuade the officers to obstruct the bills’ progress. It remains uncertain whether these officers will yield to such pressures.
Meanwhile, a group of northern lawmakers, led by former Senate Leader Mohammed Ali Ndume, has been actively rallying against the tax bills in both legislative chambers.
Ndume, in multiple public statements, has dismissed the bills as “dead on arrival” and criticized them as detrimental to the northern region.
“The proposed tax increases would further burden Nigerians,” Ndume argued. “The middle class is already on the brink of disappearing. If people cannot sustain their livelihoods, additional taxes are not feasible. First, we need to improve living conditions so that citizens have disposable income before considering increased taxation. It’s common sense—you cannot ask for a blood donation from someone who’s already anemic.”
While many senators have refrained from publicly voicing their opposition, insiders suggest that efforts to subvert the bills are ongoing behind the scenes.
Despite the growing resistance, President Tinubu has made it clear that he does not intend to withdraw the proposed tax reforms.
However, he has expressed willingness to incorporate legislative feedback and amend the bills where necessary.
The reform package, which has drawn widespread scrutiny, includes key legislative pieces aimed at overhauling tax administration.
These include the Nigeria Tax Bill to reduce redundant taxes, the Nigeria Tax Administration Bill to standardize processes nationwide, the Nigeria Revenue Service (Establishment) Bill proposing a rebranding of the Federal Inland Revenue Service (FIRS), and the Joint Revenue Board Establishment Bill designed to create a unified tax management body.
Satguru Maharaj Ji, the founder of One Love Family has sent a stern warning to Primate Elijah Ayodele of INRI Evangelical Spiritual Church.
He warned Ayodele to refrain from prophecies of doom against President Bola Tinubu and Nigeria.
According to DailyPost, Maharaj Ji equally warned Ayodele against predicting the downfall of Nigeria. Maharaj Ji said Ayodele’s doom and disaster prophecies will not materialise.
He urged Ayodele to learn from Primate Olabayo and TB Joshua and others whose negative predictions caught up with them.
While reacting to Ayodele’s statement that Tinubu’s government has no solution to Nigeria’s economic problems, Maharaj Ji wondered how a man of God will be prophesying or doom all the time.
Recall that Ayodele, in a statement, described Nigeria’s economic state as hypertensive, saying Nigerians will continue to experience hardship till there’s an economic reset, which he said the current government may not be able to carry out.
Mahara Ji, in his reaction said men of God in the Bible and Holy Quran are known to follow the God of peace, unity, love and happiness.
He said: “Even when such negative things are revealed to them about their nation or individuals, against such occurrences and anything to the contrary is deviant and ungodly because when Light comes, darkness disappear. They ought to stand at sight as Divine intervention.
“Through this and similar prophecies, Primate Ayodele tends to make people believe that he is a politician in cassock.
“From the presentation and analysis of the prophecy in question, it is clear that it is a personal, politically motivated opinion by a man of god, being used by marine forces to destabilize the people and government and the people from the path of greatness, a neo-colonialist ploy to incite the people to war and therefore this is treason.
“If his prophecies in the past as an agent of colonialism have failed to come true, he should look back and return to the divine path of religious rectitude.”
According to him, if such negative prophesies lead to the collapse of the country, even the prophet of doom will be affected in one way or the other.
Ghanaian Gospel singer and preacher, Cecilia Marfo has spoken about Christianity, and how she approaches certain topics when giving sermons.
In an interview with Fiifi Prat, Marfo, who has recently devoted herself more fully to preaching, reflected on her spiritual journey and the significant number of souls she believes she has helped bring closer to God.
Celebrating her impact, Marfo described herself as a skilled preacher, expressing confidence in her style and effectiveness. However, she clarified that she intentionally steers clear of certain subjects, particularly criticizing others’ clothing choices or preaching against behaviors like pr0stitution and womanizing.
According to her, focusing on these topics lacks purpose, calling it “pure stupidity” to center sermons around judging people's attire or personal choices.
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Two suspects, Haruna Ahmadu and Kabiru Iliyasu have been convicted in separate jail terms for operating Bureau de change, BDC, businesses without an appropriate license.
The duo were convicted and sentenced by Justice Fadimatu Aminu of the Federal High Court, Damaturu.
The defendants were first arraigned on Tuesday, March 12, 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a one-count separate charge.
The lone charge against Haruna reads: "That you, Ahmadu Haruna, between the month of June 2023 and 2024 in Damaturu, Yobe State, within the jurisdiction of this Honourable Court, did carry on other financial businesses, to wit, bureau de change business without a license issued by the Central Bank of Nigeria contrary to Sections 57 and 59(5) of the Bank and other Financial Institutions Act, 2020."
The defendants pleaded "not guilty" to the charges raised against them by the EFCC when they were read to them.
As the trial progressed, Iliyasu changed his plea and pleaded guilty to the one-count charge prepared against him. Ahmadu did not plead guilty until his trial was concluded.
While counsel to the prosecution, Mukhtar Ali Ahmad, thereafter, prayed to the court to convict him accordingly iliyasu owing to his change of plea.
Justice Aminu, thereafter, in a separate judgment, convicted and sentenced the convicts thus: four years imprisonment for Iliyasu with an option of fine of N500,000( Five Hundred Thousand Naira) and two years imprisonment with for Ahmadu with an option of N100,000(One Hundred Thousand Naira).
The convicts bagged their imprisonment when they were arrested for operating bureau de change businesses without requisite licenses. They were charged to court and convicted.
An economist and the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has projected that petrol prices in Nigeria could reach N1,200 per litre in the near future.
In his November 2024 economic outlook, Rewane also predicted that Brent crude could trade at $70 per barrel by December and that inflation might rise to 34%. He forecasted a potential appreciation of the Naira to N1,550/$ by January 2025.
According to ThisDay, Rewane shared these insights during the November edition of the Lagos Business School’s Breakfast Session titled ‘Democracy on Trial! Trump – Going Back to the Future.’
He highlighted that there is no economic rationale for the Naira to trade at less than 30% of its fair value within the next 12 months.
“According to the Economist Intelligence Unit, crude oil prices next year will average $74 per barrel, which could push petrol prices to N1,200 per litre,” he stated.
He added that global oil prices and logistics distribution costs will play a significant role in determining petrol prices, noting that higher petrol prices could help curb smuggling while official fuel exports to neighboring countries might boost foreign exchange revenue.
Rewane cautioned that while the Dangote Refinery has been viewed as a game-changer for Nigeria’s oil sector, it is not the ‘silver bullet’ many had hoped for.
“The refinery’s pricing strategy is dictated by global crude prices and operational costs,” he explained.
While it would ensure supply and availability, it would not necessarily stabilize prices, as the refinery operates on a cost-plus margin model.
“Smuggling will continue as long as Nigeria’s petrol prices remain lower than those of neighboring countries,” he noted.
Rewane also pointed out that the recent increase in petrol prices from N600 to N1,030 per litre has led to a 25% reduction in vehicular movement. This observation was based on a vehicular count report conducted on Adeola Odeku, a major thoroughfare in Victoria Island, Lagos.
He emphasized that the Naira is currently undervalued by 35.18%, with its fair value pegged at N1,090.24 to the Dollar, compared to the current NAFEM rate of N1,682 and the parallel market rate of N1,742 per Dollar.
“We anticipate that the Naira will strengthen by January 2025, contingent on reforms in the exchange rate determination mechanism,” Rewane said.
He stressed that “there is no justification for the Naira to trade at less than 30% of its fair value for an extended period. We expect the currency to regain some of its value by early next year.”
Rewane underscored that the exchange rate is a significant driver of inflation in Nigeria. A partial recovery of the Naira would help reduce inflation and curb excessive money supply in the economy.
He projected that the Monetary Policy Committee (MPC) might maintain its current stance to allow existing policies to take effect, but upcoming inflation data for October, set for release on November 15, could influence this decision.
Rewane further noted that fluctuations in crude oil production could impact Nigeria’s trade balance and exchange rate.
Historically, stable exchange rates align with periods of positive trade balances and high crude oil production, while trade deficits and currency depreciation are linked to low production or declining oil prices.
He concluded that Nigeria’s best-case scenario would involve the Central Bank of Nigeria (CBN) keeping interest rates high until 2025, a surge in capital flows, regular rDAS auctions, and an increase in oil production to 1.55 million barrels per day.
Rewane also highlighted that corporate entities are facing significant foreign exchange losses, which have collectively reached N2 trillion for 10 prominent companies, impacting their earnings.
He pointed out that fixed assets acquired at historic rates have now fully depreciated, increasing operational inefficiencies and driving up maintenance and replacement costs.
“Companies with foreign currency-denominated debt are also experiencing increased servicing costs,” he concluded.
The Governor of Bayelsa State, Douye Diri, has lamented that his state has been without power for the last three months, a situation attributed to the destruction of the power infrastructure of the Transmission Company of Nigeria (TCN) by vandals.
Diri made this announcement during the 2024 All Nigerian Editors Conference, which took place at the DSP Alamieyeseigha Memorial Banquet Hall in Yenagoa, the capital of the State, on Friday.
He pointed out that since the vandalism occurred, the state has been plunged into darkness for the duration of the three months.
He revealed that his government has been in close collaboration with TCN to bring back electricity to the state, and mentioned that as part of his ASSURED Agenda, there are plans to establish the state’s own power generation through gas turbines.
“I just want to let you know maybe you are in hotels where you have power. Bayelsa has been without power for the past three months. The hotels have light, so you may not know that the people of this state have been living without power for the past three months.
“The reason was that electrical installations of the Transmission Company of Nigeria were vandalized by criminals. After that vandalization, the state has remained in darkness till today. The other one that happened in the North was also a similar thing to this one, but we heard power has been restored in the North.
“But in our state here, for three months and still counting, there is no electricity and we are working hand in gloves with the Transmission Company of Nigeria. As you are all aware, energy was is under the exclusive list, particularly transmission. It is only with the coming of Mr. President that he liberalized it and signed into the law that now allows state governments to generate and distribute energy.
“For us as a state, we are very rich in gas, even more than oil. Now we are working with the TCN to restore the National Grid but we will not stop it there. We have now moved beyond that to see how we can have our own independent power supply through the gas turbines,” the governor told the editors.
The Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), among other academic unions, will meet the federal government’s reconstituted committee next week on the renegotiation of the 2009 agreement with university-based unions.
Naija News reports that ASUU’s National President, Emmanuel Osodeke, made this known in an interview with Punch in Abuja.
However, Osodeke did not specify the meeting date but stated that the committee would meet in the coming week to deliberate on issues.
In early October, the Federal Government announced the reconstitution of a committee to renegotiate the 2009 agreements between the government and various university-based unions.
The committee received a time frame of three months.
Recall that the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha, has affirmed that the Federal Government is taking proactive measures to prevent another strike by the Academic Staff Union of Universities (ASUU).
She noted that President Bola Ahmed Tinubu‘s administration is working diligently to address the underlying issues and implement reforms that will strengthen Nigeria’s economy in the long term, despite the immediate challenges these reforms may present.
Speaking during her 17th annual free medical outreach in Isuochi, Abia State, Onyejeocha reassured the public that the concerns raised by ASUU would soon be resolved.
ASUU recently issued a 14-day ultimatum to the government, demanding the settlement of four months’ salary arrears from the 2020 strike, the migration of its members from the Integrated Personnel and Payroll System (IPPS) to the University Transparency and Accountability System (UTAS), and the payment of outstanding earned allowances, among other issues.
Onyejeocha expressed optimism that ongoing discussions with ASUU would lead to a positive resolution soon