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The House of Representatives has committed to addressing the issues that prevent Nigerian tertiary institutions from accessing the Tertiary Education Trust Fund (TETFund) allocations.
During a recent visit to Kaduna State, the House Committee on TETFund and Other Services revealed that over N500 billion in TETFund intervention funds are still unused at the Central Bank of Nigeria (CBN) by institutions across the country. Hon. Mariam Odinaka Onuoha, Chairman of the Committee, led the delegation to Kaduna State Governor Uba Sani, and revealed that three state-owned institutions in Kaduna alone have over N1.3 billion in untapped TETFund resources.
“One of our primary responsibilities is to oversee tertiary interventions and ensure accountability for all funds allocated to bridge infrastructure gaps and enhance teaching and learning,” Onuoha said. “We also oversee the TETFund agency, a role we began in May. During this oversight, we found over N500 billion sitting unused at the CBN, allocated but not yet accessed by the beneficiary institutions.”
She added, “Despite various excuses for the accumulation of these funds, we are determined to facilitate their release to the institutions without further delay. We are investigating the problems faced by these institutions and seeking solutions to ensure that the funds serve their intended academic purposes.”
Onuoha also highlighted specific unutilised amounts: N547 million for Kaduna State University, N724 million for Nuhu Bamalli Polytechnic, and N30 million for the College of Education, Gidan Waya, totaling N1.302 billion.
Kaduna deputy governor, Dr. Hadiza Balarabe expressed gratitude for the Committee’s visit and encouraged institutional heads to openly communicate their challenges.
A legal practitioner, Olusegun Agunloye, was on Thursday arraigned before a Chief Magistrate Court sitting in Akure, the state capital, over allegations of forgery.
The lawyer was accused of presenting a fake testamentary instrument also known as the Will of one late Benjamin Ejelonu to the court probate registry in Akure.
The 49-year-old defendant was arraigned before the court by the police on two counts of conspiracy and forgery.
The police prosecutor, Nelson Akintimehin, informed the court that the defendant committed the offence on September 7, 2023, at about 10:30 am, at the probate registry, High Court in Akure
Akintimehin alleged that the defendant conspired with a sister of the deceased, one Aminat Bakare, who is currently facing trial in charge number MAK/372C/2024 in the same court, to forge the Will of the deceased and lodged it at the Probate Registry of the state High Court in Akure with the intent to defraud one Oluwamodupe Ejelonu.
According to the prosecutor, the offence committed contravened Sections 516 and 467(2)(f) of the Criminal Code Law of Ondo State, 2006.
However, the defendant pleaded not guilty to both charges.
The prosecutor asked the court to adjourn the case to enable him to assemble his witnesses and consolidate the two charges before the court.
However, the defence counsel, Kehinde Osadugbe, urged the court to grant his client bail on self-recognisance as a practising lawyer, claiming that the alleged offence was committed in the course of the defendant performing his legal duty as a lawyer.
But the prosecutor argued that the defendant was a flight risk if granted bail and that he had previously abused the administrative bail granted to him at the police station on self-recognisance.
Magistrate Kolawole Aro granted the defendant bail in the sum of N2m with two sureties in like sum and adjourned the case until September 2024 for hearing and the consolidation of the cases. The defendant, who could not perfect his bail conditions, was subsequently remanded at the police station.
Peter Obi, presidential candidate of the Labour Party in the 2023 election, has condemned the “hate speech” from Amaka Patience Sunnberger, a Nigerian woman based in Canada.
In a viral TikTok clip, Sunnberger could be seemingly heard threatening to kill Nigerians from certain ethnic groups.
She also purportedly encouraged her audience to poison the food of persons from certain tribes.
The clip sparked outrage amid calls for her to face the consequences.
On Wednesday, the house of representatives committee on diaspora matters asked the Canadian government to prosecute Sunnberger for “hate speech”.
In a post on his X page, Obi, a former governor of Anambra, said Nigerians must “unite and focus on addressing our shared challenges, rather than allowing tribalism and hate to tear us apart”.
The former governor said tribal or religious bigotry cannot spur the country towards the path of positive development.
“I utterly condemn the reported hateful statement and actions attributed to a Nigerian woman living in Canada against other Nigerians of diverse origins. Such divisive comments or behaviour have no place in our society,” he said.
“As Nigerians, we should unite and focus on addressing our shared challenges, rather than allowing tribalism and hate to tear us apart. I have consistently stood against the polarisation of our country along tribal, religious or political lines.
“We, as Nigerians, must live together in peace and love, and ensure that we enthrone leaders based on integrity, competence, consistency, capacity, character and compassion, so as to overcome our present challenges and move the country forward in the right direction.
“Let us focus on what truly matters: building a prosperous, united, and equitable Nigeria for all. We must reject tribalism and religious division, and embrace our shared humanity, working together towards a new Nigeria that is POssible!”
A Ghana-based Nigerian, Liberty Isaac, has urged the Inspector General of Police, Kayode Egbetokun, to fish out some policemen who allegedly extorted N3m from him at gunpoint on Monday.
Isaac, who hails from Nguru Nworie autonomous community in Aboh Mbaise Local Government Area of Imo State, made the appeal while speaking with journalists in Owerri, the state capital on Friday.
He said the policemen accosted him and two of his friends on Monday at Udi axis in Bayelsa State and forced him at gunpoint to transfer N3m to them after manhandling him and threatening to shoot him.
Disclosing that he was in the country to attend a friend’s traditional marriage ceremony in Bayelsa State, Isaac stated that the policemen forced him to unlock his phone and on seeing a credit bank alert of N10m, they started beating him and threatened to kill him if he failed to transfer N6m to them.
He said, “I’m based in Ghana. I have not been to Nigeria for six years now. I came to Nigeria to attend a friend’s traditional wedding in Bayelsa State.
“After attending the traditional wedding, we were driving back to Imo State and around Udi axis, some policemen flagged us down. We stopped and they asked me to unlock my phone. I asked them why and they said I must open my phone. I reminded them that the Inspector General of Police asked Nigerians not to allow policemen on the road to access their phones. Immediately I said that, they started beating me.
He continued, “They handcuffed me and drove us away and continued beating me. They threatened to kill me if I refused to open it. I asked them to take me to a police station, but they refused.”
Isaac added that immediately they accessed his phone, they went to his messages log and saw a N10 million bank alert.
He continued, “Immediately they saw the alert, they shouted ‘na dem.’
“At that point, the beating increased. They said that if I didn’t give them N6m, they would kill all of us. Out of fear, I started negotiating with them and at end of the day, I transferred N3m to them in two bank accounts they provided and drove with us and stopped us at Ahoda in Rivers State and drove back.
“I have printed my account statements from my banks and these are the account details they provided to which I transferred the money.”
Isaac said he had consulted a lawyer who had written to the Police Public Relations Officer in Bayelsa State.
“All I need is my money to be returned to me and for the Inspector General of Police to fish out the policemen who are giving the Nigeria Police Force a bad image. I believe with these account details they can be fished out.
“I want justice. I want my money returned to me because it is for my project. I want justice. Let the policemen who did this to me be identified so that other Nigerians won’t become their victims.
“I don’t know if it is a crime for somebody to come back to his country. I don’t do any illicit business. I am a law-abiding citizen of this country. I want justice. Let the Inspector General of Police fish them out because they said they are from the IG Squad,” he added.
When contacted, the Bayelsa State PPRO, Musa Muhammed, said that he was unaware of the development.
He said, “I am not aware and I am yet to receive any petition to that effect. You can tell the victim to come and see me, so that we know what to do about his case.”
A resident of Ushafa Community in Bwari Area Council of the Federal Capital Territory (FCT) has been shot dead.
The man was killed when bandits invaded his residence on Thursday night.
A police source confirmed the incident, but did not go into details.
The invaders were said to have kidnapped the deceased’s wife and children.
Ushafa is one of the communities that have come under attacks in the ongoing widespread insecurity in Nigeria.
SP Josephine Adeh, Police Public Relations Officer in FCT, could not be reached for comments as her phone line rang out repeatedly at the time of filing this report.
The development comes after SBM Intelligence, an Africa-focused market/security intel gathering consulting firm, said Nigerians paid N1.048 billion as ransom to kidnappers between July 2023 and June 2024.
In a report, titled ‘Grim Reaping’, the firm said FCT has the highest ransom demands in the country, with Lagos and Kaduna closely trailing.
It highlighted the complex security situation and the rise in kidnapping for ransom in Nigeria.
According to the report, though abductors demanded N11 billion as ransom within the period, only N1.048bn was paid.
The report also blamed the rising kidnapping for ransom on economic stagnation, noting that kidnappers increasingly target a broader range of people, starting with high ransom demands that are eventually lowered to what families or social organisations can afford.
The Department of State Services (DSS) has obtained a Federal High Court order in Abuja to freeze 20 bank accounts associated with suspected female terrorist Aisha Abdulkarim.
The accounts, domiciled in eight different banks, are to remain frozen for a period of 60 days to enable the secret police to carry out forensic investigations into the alleged acts of terrorism by the bank account operator.
Justice Peter Lifu issued the order for the freezing of the accounts following an ex-parte application brought and argued before him by the DSS.
Also linked with the alleged acts of terrorism are Yehusa Idris and Abdullahi Babayo Umar, who have been taken into custody by the security agency following their arrest in different locations.
The DSS’s ex-parte application was argued by its lawyer, Yunus Ishaku Umar, who informed Justice Lifu that the freezing order was needed by the DSS to enable its investigators to have unhindered access to the eight banks where the accounts are domiciled.
A copy of the ex-parte application, marked FHC/ABJ/CS/1036/2024, was sighted by our correspondent during the proceedings.
The banks where the accounts are domiciled are Opay Digital Services Limited, Access Bank, United Bank for Africa, Guaranty Trust Bank, Union Bank of Nigeria, Moniepoint Microfinance Bank, First Bank of Nigeria, and First City Monument Bank.
A breakdown of the accounts showed that five are domiciled at Access Bank and Moniepoint each, four at Opay, two at UBA, while GTB, First Bank, Union Bank, and FCMB have one each domiciled in their care.
Although the DSS requested 90 days to embargo the accounts, Justice Lifu only granted 60 days, with a charge to the security agency to be diligent and fast-track its investigation.
The judge held that the law presumes the suspected terrorists innocent for now and, as such, must not be subjected to unnecessary hardships through the account embargo under the guise of whatever investigation.
Laments frustration of its N3,500/ bag policy
The Chairman of BUA Cement, AbdulSamad Rabiu, yesterday, said cement dealers frustrated his company’s plan to sell cement at N3,500 per bag last year.
Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu also said that while his company sold over a million tons of cement to dealers at N3, 500, per bag, with the intention that they would pass the benefits to end-users, the dealers sold a bag of cement to consumers at between N7000 and N8,000.
He said the company had to abandon the policy as its intervention was not to subsidise dealers.
According to him, BUA Cement could not stop the dealers whom he said made huge profits from the high margin because the company had no control over prices in the open market.
He added that the Naira devaluation last year and the fuel subsidy removal also played roles in making the policy unsustainable.
Rabiu stated: “So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them.
“Some were selling at N7, 000 and 8 000 per bag. They made a lot of money with the very high margin. I think we had sold more than a million tons at N3,500 before we realised what the dealers were doing.
“And then, because of the issues that Nigeria faced at the time about devaluation of the Naira last year and the removal of fuel subsidy, we could not continue that policy.
“We wanted that price to stay at that level but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers.
“I’m referring to the point when the foreign exchange rate moved from about N600 to maybe N1,800 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price policy.”
He said, however, that the company had continued to work towards making sure that prices did not escalate at levels of the percentage increase of the Naira devaluation.
His words, “If you see the exchange rate then, and the exchange rate today, you will see that cement is actually cheaper today than what it was last year, the reason being that if the dollar was up the costs go up by same margin and the price of cement should actually be, maybe, N10,000 Naira per bag.
The price of cement, if you take the N4,000 that it was in the beginning of last year, at 4,000 and today’s N6,000, it’s only 50% increase.
“So, we directly pushed to ensure that the price of cement is not getting higher than what it is today.
“But then again, you have areas where everything is dollar-dominated. Energy is the biggest cost. And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”
The chairman revealed that one of BUA’s plants’ monthly invoice is about N15 billion or maybe N16 billion monthly. It used to be N3 or N4 billion. That is just one example.”
According to the financial report presented by the Board of the company, the company recorded a strong revenue growth of 27.4% rising to N460 billion against 2022 figure of N361 billion, resulting from its increasing market share.
However, with the devaluation of the Naira in June 2023, and its continued depreciation, as well as growing inflation, the Company experienced increasing price pressures which affected production costs, and consequently increasing the total cost by 39.5% to N276 billion as against 2022 figure of N197.9 billion.
Within this period under review, a net foreign exchange loss of N70 billion was recorded, with N52.5 billion attributed to finance costs.
Despite these challenges, the Company reported a net profit after tax of N69.5 billion and declared a N2 dividend per share.
American actor, John Cena has once again opened up about his decision not to have children.
In a recent interview, the 47-year-old actor was asked by host Shannon Sharpe whether he still did not want kids.
He explained, “I’m 47. I don’t have them.”
Sharpe then questioned if Cena had ever considered the possibility of having children, perhaps even a “little Johnny” or “Joanna.”
“That’s great, and that’s usually what everyone says. And I gotta tell you, it’s not the easiest out there because a lot of why we’re here is to reproduce” he said.
Cena went on to elaborate on his decision explaining that while he is curious about life, he is aware of the significant commitment that parenting requires.
He said, “I have a certain curiosity about life, and I also know the investment that it takes. And my biggest fear is, as someone who’s driven, many times stubborn, and selfish, I try to approach the world with kindness and curiosity, but I don’t think I’m personally ready, nor will I ever be, to invest the time it needs to be a great parent because I want to live life for all it is. And I still have a lot to do. And I still want to do a lot.”
Cena further emphasized that, despite potential criticism, he is at peace with his choice. He acknowledged that it’s a difficult subject to discuss, as it often invites judgment, stating, “It’s human nature. We’re all judgmental.”
“I’d like to believe that I operate under the construct that everyone’s okay living their life… This is not a knee-jerk reaction. I’ve thought long and hard about this, even as my youngest age… like 15, 16, I remember thinking about it”, he added.
[OpinionNigeria]
A Federal High Court Sitting in Abuja has struck out a suit instituted against the #Endbadgovernance protesters, the Attorney General of the Federation (AGF), the Inspector General of Police (IGP), the Department Of State Services (DSS), and the Chiefs of Army and Defence Staff.
The suit filed by 17 Nigerians against the last nationwide protests was dismissed by the court for want of diligent prosecution.
Justice Peter Lifu terminated the suit on Thursday following the absence of the 17 plaintiffs and 26 defendants in court and without legal representation from the two parties.
Although the suit was fixed for hearing, the judge expressed shock that none of the 17 plaintiffs showed up nor were they represented by any legal practitioner.
The plaintiffs drawn from the six geo-political zones of the country had approached the court seeking an order of the court to terminate the protests because their fundamental rights to freedom of movement, human dignity, right to own property, economic, social and cultural development and right to national peace and security were being breached.
They asked the court to compel the DSS boss, IGP, army chiefs as well and the AGF to enforce their fundamental rights for them by bringing the protesters to order.
A staggering 55,910 Nigerians have been killed, and 21,000 others abducted by terror groups between 2019 and 2023, according to a report by The Observatory of Religious Freedom in Africa, ORFA.
The report, released on Thursday, blamed extremist groups, including Boko Haram, ISWAP, and armed herders, for these atrocities.
ORFA’s data revealed that Christians were disproportionately affected, experiencing 2.7 times more killings and 5.1 times more abductions than Muslims. Land-based community attacks accounted for 81% of civilian killings.
The study also found that armed herders killed at least 42% of civilians, while Boko Haram and ISWAP combined killed 10%. Kidnappings escalated, with 7,705 people abducted in 2022, and Christians were 1.4 times more likely to be abducted.
‘Islamist extremists enjoy relative freedom’
Frans Vierhout, ORFA’s data scientist, noted that the numbers are alarming.
According to him, the consistent increase in abductions and killings over the years indicates a worsening security situation.
He said, “Millions of people are left undefended. For years, we’ve heard of calls for help being ignored as terrorists attack vulnerable communities.
“Mass killings, abductions, and torture of whole families go largely unchallenged as the military pursue targets hundreds of miles away. Islamist extremists enjoy relative freedom to carry out atrocities against civilians in large regions of Nigeria.
“Across the country, over 11,000 incidents of extreme violence took place during the data period, with more than 55,910 killings and 21,000 abductions.
The little-known armed herders killed at least 42% of all civilians, while Boko Haram and ISWAP combined killed 10%.
“In the North Central zone alone, 3,007 incidents of extreme violence occurred. Of these, 2,010 involved killings, 700 were abductions, and 297 were a combination of killings and abductions.”
In the same vein, Rev. Dr. Gideon Para-Mallam, an ORFA partner and analyst, emphasized the need for government action.
FG’s priority
He insisted that the government must prioritize civilian protection and address the root causes of the displacement crisis. He stressed that the current security operations focusing on the North-East and North-West leave North-Central and Southern Kaduna vulnerable.
Para-Mallam said, “Nigeria’s government must prioritize civilian protection and address the root causes of the displacement crisis.
“Armed herders are targeting Christian populations, while Muslims also suffer severely at their hands. Kidnappers work to Islamist goals. Where young women are kidnapped, tortured, and sexually violated, hope for a normal married life and family may vanish.”
ORFA urged the international community to examine the data and understand Nigeria’s challenges.
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Vice President Kashim Shettima has called for strengthening relations between Nigeria and the European Union, particularly in addressing malnutrition and other humanitarian challenges.
He expressed Nigeria’s appreciation for the EU’s support and noted the need for continued collaboration between the two partners.
Speaking during a courtesy visit by an EU delegation led by the outgoing EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, on Thursday at the Presidential Villa, Abuja, the Vice President, in a statement by his spokesman, Stanley Nkwocha, expressed deep appreciation for Ambassador Isopi’s contributions during her tenure.
“You have contributed significantly to strengthening the relationship between the EU and Nigeria. Your assistance in humanitarian efforts in the North East and North West and trade between our two nations has been invaluable,” he told the envoy.
Noting Nigeria’s strategic importance to the EU, Senator Shettima said, “Nigeria is the most populous nation on the continent and is projected to become the third most populous nation globally by 2050, after China and India. We appreciate your commitment and involvement in some of the most important programmes in Nigeria.”
The Vice President particularly commended Ambassador Isopi’s work in Nigeria, saying, “You have contributed immensely towards strengthening the relationship between the EU and Nigeria. You have midwifed many transactions and assisted in many humanitarian endeavours in the North East and the North West subregions.”
“You have been around for some epochal moments in Nigeria’s political evolution. You were part of the process that midwifed the current transition. You were actively involved in signing the peace accord with political parties before the 2023 elections. You have been the focal person even in championing humanitarian causes.
“We value the EU’s continued engagement and support, especially in humanitarian efforts and development initiatives. We need your support now more than ever, particularly in addressing humanitarian crises and security challenges in the Northwest,” he added.
Responding, Ambassador Isopi reflected on her three-year tenure in Nigeria, highlighting the progress and collaborations achieved. She declared, “After three memorable years, it’s time for me to say goodbye.
“Nigeria has been busy, and I leave with an even warmer feeling than when I arrived. Nigeria has made great progress, with much more development and improved infrastructure,” she added.
The Ambassador emphasised the close collaboration between the EU and Nigeria, particularly with the Vice President’s office.
She said, “We’re proud of our collaboration with the office of the Vice President on many programmes. Your office has led the way, and we’ve been working diligently”.
“We aim to support Nigeria in peace and security. We’re very present and committed in the Northeast, now looking increasingly at the Northwest.
“We recently launched a new education programme there. We’ll continue to support the government’s efforts in humanitarian assistance, including new development actions in education and health.”
The Ambassador also noted the EU’s role in Nigeria’s economic development: “We’re also very active in economic development, working closely with your office on several initiatives, particularly in agriculture. We’re supporting key value chains, especially in the North, as we know that creating jobs for youth is crucial.”
She expressed confidence in the future of EU-Nigeria relations. She said, “We want to reinstate our continued engagement and renewed determination from the EU to work with Nigeria. I’m sure my successor will find a good partner in Nigeria to develop our relationship further.”
The deputy head of the delegation, Zissimos Vergos, and the Political Adviser to the EU in Nigeria, Osaro Odewingie, were also present at the meeting.
[Leadership]
The committees of the Economic Community of West African States (ECOWAS) focusing on Social Affairs, Gender and Women Empowerment, Legal Affairs and Human Rights, Political Affairs, Peace, Security, and the African Peer Review Mechanism (MAEP), along with Legal and Human Rights, and Trade Customs and Free Movement, have advocated for the elimination of the residence permit requirement among member states.
Naija News understands that the joint committee presented their recommendation to member states and the ECOWAS Commission on Thursday in a draft report following their delocalized sessions in Banjul, The Gambia.
The ECOWAS Residence Permit, commonly referred to as the ECOWAS Residence Card, is a document provided to citizens of member nations who intend to reside in another ECOWAS country for an extended duration for purposes such as business, employment, or personal matters.
The establishment of the ECOWAS Residence Permit system was part of the ECOWAS Treaty, signed in May 1975.
The treaty aimed to foster economic integration and collaboration among West African nations, including provisions for the unrestricted movement of individuals within the region.
Nevertheless, the joint committee believes that the residence permit system hinders the free movement of citizens across the region.
The report, which would still go through plenary approval, stated in part that “the issuance of residence permits should be completely abolished in the region in conformity with the Community Text. “
The parliamentarians had previously expressed concerns about the failure to implement the ECOWAS free movement protocols at borders throughout the West Africa region.
In their recommendations, the joint committee has also advocated for the organization of comprehensive awareness campaigns to educate citizens and pertinent government officials about regional agreements, including the Protocol on Free Movement.
“The Free Movement Protocol should be made available to all Immigration Officers, especially at the border posts.
“All training programmes of Immigration and Customs officials should include training on the relevant Community Texts,” the draft report said.
The parliamentarians have also called for the assignment of officials at border posts to monitor, document, and report incidents of extortion and other forms of misconduct.
Furthermore, the report urged the ECOWAS Commission to ensure that their respective Member States effectively execute all Community Texts ratified by Heads of State and Government.
It emphasized the necessity for full adherence by Member States to the implementation of the ECOWAS Biometric Identification Card.
Additionally, the parliamentarians requested that the ECOWAS Commission and Parliament undertake review processes of all ratified Community Texts at the national level to reduce discrepancies between regional Texts and national legislation.
Earlier in the week, the joint committee facilitated a town hall meeting with stakeholders and an interactive session with border officials in The Gambia and Senegal to assess the degree of implementation of the ECOWAS free movement protocols and to identify the challenges obstructing their complete execution.
[NaijaNews]
-Nigerian billionaire Aliko Dangote said that by entering the textile industry, his company lost billions of naira in investment
-The billionaire businessman also said he was forced to sell his bank, Liberty Merchant Bank, for N1.2 billion
-He said the government failed to offer any protection through policy decisions, which resulted in the closure of the two factories
Behind every success story, there is always that struggle which is not so known to many. Such is the case of some billionaires like Aliko Dangote, who had records of failed businesses before finally becoming Africa’s number one billionaire.
Dangote shared personal experience during his keynote speech at the 2024 Manufacturers Association of Nigeria (MAN) summit in Abuja, according to an Independent.ng report. He claimed his company lost billions of naira in investment due to his entry into the textile sector.
Dangote talked about his challenges in the rapidly expanding Nigerian textile industry and why his two plants had to close.
Following the 1960s textile boom, the chairman of the Dangote Group said his company invested billions of naira in the sector.
However, the two plants were shut down because the government did not protect policy decisions. Dangote stated that he was forced to sell Liberty Merchant Bank for N1.2 billion to cover the pensions and gratuities owed to Nigeria's textile mill employees.
“When textile businesses were booming, we set up our textile mills called Dangote General Textile Mills in Kano. Then, we massively invested billions at that time
“We also went and bought the foreign shareholder of Nigeria Textile Mill, which was a textile mill set up for the Western Region by Chief Obafemi Awolowo. That was 1960. At the end of the day, there was no government protection. We had to shut both the two factories."
The billionaire claimed that the Nigeria Textile Mill presented the most obstacle because most of its employees had been there for 25 to 30 years, making it challenging to pay their pensions and gratuities.
Dangote said: “Luckily for us, somebody now came and said he wanted to buy our bank, Liberty Merchant Bank. By the time we sold Liberty, I cashed out N1.2 billion. After cashing out N1.2 billion, the industry consumed N985 million to pay pensions and gratuities just to get out of the business. That is how we now got out of the business. We burnt our fingers."
Dangote claimed that even when former President Obasanjo then encouraged him to make investments in the textile sector, he had to decline the suggestion because of his prior experiences.
The Inter-Party Advisory Council (IPAC) has urged the Independent National Electoral Commission (INEC) to remain neutral during the governorship elections in Edo and Ondo states.
Yusuf Dantalle, IPAC national chairman, spoke on Thursday at a meeting of INEC and political parties at the commission’s headquarters in Abuja.
Dantalle said the election is a chance for political party leaders to restore confidence in the electoral process by ensuring the sanctity of the ballot box, and respect the mandate of the people.
“After 25 years of uninterrupted democracy in Nigeria, we must get it right this time,” he said.
“The Edo state gubernatorial polls will be a litmus test for the Ondo state governorship election scheduled for Saturday 16th November 2024, which in turn gives direction to future elections in the country.
“Certainly, the integrity of INEC is at stake. The commission should justify the confidence citizens reposed in it to conduct free, fair, credible, transparent, inclusive and peaceful elections. The success of these elections will rebuild trust in the electoral process and boost voter turnout.”
The council urged political parties and their candidates to imbibe issue-based campaigns that will unite the people and foster development.
“There is no place for politics of bitterness and violence that has impeded the nation’s hard earned democracy. It is time to change the narrative. It is time for patriotism. It is time to strengthen, deepen and advance our democracy,” he said.
“It is a collective task in the quest for a strong, united, progressive, prosperous, equitable and just democratic society.
“To further enhance the nation’s representative governance, political parties should adhere strictly to internal democracy as provided in their respective constitution. We must live and lead by example.
“It is obvious that the failure to comply with parties’ constitutions is the remote cause of crises, leadership disagreements, factionalizations and litigations that have retarded the development of party politics in Nigeria.
“We should be the solution we seek in advancing democracy in the country. It is easy to blame the electoral body, security agencies and the Judiciary when as leaders of political parties we cannot comply with clear provisions of our parties’ constitutions and basic provisions of the electoral act and guidelines.
“It is time to jettison impunity and embrace internal democracy in our activities, particularly in the nomination of candidates for elections.”
[TheCable]