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Catholic Bishops Conference of Nigeria, CBCN, has appealed to the federal government to listen to the yearnings of the masses and take a holistic review of it’s economic policies and programmes to take Nigerians out of the multi-dimensional poverty situation they are currently enmeshed in.
President of CBCN, Most Rev. Lucius Iwejuru Ugorji, who made the appeal while delivering a homily during the ordination of 11 priests at Maria Assumpta Cathedral, Owerri, linked the depressing poverty level in the land to the withdrawal of fuel subsidy and floatation of the naira.
He said: “The President of any country ought to be a listening and compassionate leader. I don’t want to talk about the hunger protest in detail but we cannot continue to keep quiet.
“Credible reports have it that the protest has claimed so many lives and caused properties worth millions of naira, to be destroyed or looted. We do not know how many people that will die in the days ahead, if the protest continues.
“In protesting, the people were just exercising their constitutional right by assembling and expressing their feelings of anger and concern over bad governance in the country.
“It is obvious that people do not only march on the streets to express their anger, but also engage in other actions. Indeed, it remains a truism that action speaks louder than words.
“Despite all petitions and pleas, our young people decided to go to the streets to say they are dying of hunger and hardship. It is a very serious matter and government should see it as such. The protesters, by their actions, also demanded attentive listening to what they are saying.
“To listen to what the youngsters are saying, government should rely on the prevailing amount of rising prices of everything needed for living.”
Taking a critical look at the free fall of the nation’s currency, Archbishop Ugorji said: “This is another of President Tinubu’s economic policy that has sadly degenerated to hyperinflation.
“Floating of the nation’s currency amounts to devaluation of the naira. The President removed fuel subsidy and surreptitiously devalued the naira.
“He devalued the currency used in paying workers and still want the workers to continue to work at the same amount that was agreed when the naira had a higher value.
“When the President removed petroleum subsidy, he should have been aware that it will come with ugly consequences because everything revolves around transportation.
“Government ought to have known that production of goods and services largely relies on fuel. Currently, the prices of everything have risen astronomically and people have been reduced to multi-dimensional poverty. Simply explained, poverty means not having access to what you need to survive each day.”
Stretching the argument further, the CBCN President opined that “food may be available but definitely not affordable.”
He said: “In this day and age, people can no longer afford things they are used to and the standard of living has drastically reduced to zero per cent.
“I am adding my voice to the voices of those who have already called on the President to address the demands of the young people, for peace to reign.
“If government says they are listening to the people, then it should immediately address these problems.
“We are also told that government is trying to cushion the effect of the current hardship by distributing palliatives and remittance of money into people’s bank accounts. I don’t know how many people that have received it.”
The family of late Nigerian singer, Ilerioluwa Oladimeji Aloba, popularly known as Mohbad, has kicked against plans to mark the anniversary of the late musician.
Mohbad died on September 12, 2023, at the age of 27, with the circumstances surrounding his death still lingering.
A statement signed by a member of the family’s legal team, Monisola Odumosu, urged organisations and individuals planning to celebrate Mohbad’s first anniversary to suspend the ideas.
The family said they would rather mourn Mohbad in peace as it does not seek to reopen old wounds.
According to the family, some individuals and organisations might plan to use Mohbad’s memory for commercial purposes.
The statement reads, “It has come to the attention of the Aloba family that some organisations have been planning to celebrate the first anniversary of the death of our late son and singer, Ilerioluwa Oladimeji Aloba (Mohbad). The Aloba family wishes to appeal to such interest groups to suspend such ideas.
“It is no longer news that some individuals and organisations have been planning to carry out events to commemorate the late singer’s death.
“We will appeal to such persons and organisations to seek proper approval from the family before going on with such plans. The Aloba family would not wish the goodwill of their illustrious son to be employed for commercial purposes.”
The Nigerian stock market is up roughly 31% this year and is in a bull run despite the country’s tough economic climate.
Thanks to technology, investing in Nigerian stocks is more accessible and transparent.
A dozen or so listed businesses on the NGX have a market capitalization of at least N1 trillion, including Airtel Africa, BUA Cement, Dangote Cement, FBN Holdings, MTN Nigeria, BUA Foods, Seplat, GTBank, Zenith, UBA, Transpower, and Geregu.
NGX data also confirms that the wealthiest men in Nigeria—Aliko Dangote, Femi Otedola, Mike Adenuga, Jim Ovia, Abdul Samad Rabiu, and Tony Elumelu—have significant exposure to the Nigerian stock market.
Investing is key to growing wealth and keeping up with high inflation and the devaluation of the naira. Oando, priced at N5 a year ago due to regulatory issues and high debt, gained more than 70% this month to close above N44. Investors have made at least N15 trillion this year from their exposure to Nigerian equities.
The bullish momentum in Nigerian stocks is attributed to favorable financial outcomes and noteworthy policy decisions, including the elimination of fuel subsidies, the unification of exchange rates, the Central Bank of Nigeria (CBN) recapitalization policy, and the cessation of fund allocations to Bureau De Changes (BDCs).
How to Begin the Journey of Stock Investing in Nigeria
Brokers are designated to carry out buying or selling orders on behalf of investors. A licensed stockbroker is usually registered with the Nigerian Securities and Exchange Commission (SEC) and is a member of the Nigerian stock market.
When selecting a stock brokerage firm, it’s important to consider accessibility, affordability (as some require a minimum deposit to open an account), integrity and reputation, and the company’s status (active or inactive) with the SEC.
You will need an investor account. Retail investors are the only ones who can open personal accounts linked to their names. You will need to submit proof of identity, banking details (such as the BVN), a picture of your passport, the account holder’s signature, and, if it’s a personal account, the contact details of your relatives.
If you have a bank account, opening one takes less than a day. You can trade with some brokers online without visiting their physical offices because they have online trading platforms. Visit their app or portal of interest for additional information.
Holding Nigerian stocks under a regulated custodian is safe, though you should have a CSCS account attached to an investment account. If a regulated stock brokerage firm goes bankrupt, select another registered stockbroking firm to authorize them to take over your CSCS account.
Continue to Learn
Investing in the stock market requires perseverance, long-term planning, and in-depth knowledge of the NGX market cycle. Keep up with Nigerian political and economic developments that could affect the market. Profitability is not guaranteed.
Experts advise investing money you can afford to lose and being prepared for market swings. Keep learning as much as possible about the markets to advance your investment skills.
The Nigerian stock market has a shorter market cycle than the American stock market. You can’t just throw money in and expect miracles; that’s why knowledge is critical. Developing analytical skills and emotional intelligence is essential for long-term success. Diversification is a fundamental component of investing.
Diversification entails distributing your investments among various industries and businesses. Investments can be made in different economic sectors including consumer goods, healthcare, telecommunications, and finance.
A novice investor should consider the company’s market value. Although large-cap stocks, such as blue-chip stocks and Nigerian banks, are easily bought and sold, mid-cap and small-cap stocks have the potential for higher returns.
It is highly recommended to read books and other financial news-related materials, such as Bloomberg and Nairametrics, to learn more about Nigerian stocks and stay updated on market developments. Understanding market movements is easier if you know when and how they occur. Your strategy must incorporate risk mitigation techniques like negative balance protection.
Fundamental and technical analysis can also improve trading profits through informed investment decisions. You can determine the best time to exit a position and the degree of risk involved by knowing when earnings will hit the market. Check the stock chart two to three weeks before the anticipated earnings release date to see if the price is trending higher or recovering from a recent decline.
Here, you can decide how much to pay and, by taking a cautious stance, determine how many shares to purchase. Invest early and watch the price rise as the expectedly good earnings report brings about an increase in value. Monitor the daily movement of prices.
In conclusion, both novice and seasoned investors can find substantial investment opportunities in the Nigerian stock market. Making educated investment decisions can be achieved by learning the fundamentals of how the market works, understanding key players, exploring your options, and being aware of the risks. Never forget that it’s a good idea to do extensive research, consult with qualified/licensed experts, and keep up with industry developments.
[Nairametrics]
Professor Kingsley Moghalu said Tinubu’s response to leadership and members of The Patriots that he would look at their request to give the country a new constitution addressing the economic issues of the country was wrong.
Moghalu said only fiscal federalism which is lacking in the current 1999 Constitution (as amended) can solve economic issues of the country.
In a statement, on his X handle of Monday, he argued that the country has yet to be a nation, adding that Nigeria lacks unity of purpose.
“I respectfully disagree with President Bola Tinubu‘s response to the visit to him by The Patriots, led by former Commonwealth Secretary-General Chief Emeka Anyaoku, during which the group (of which I am a member) pressed for a new Constitution for Nigeria as a matter of urgency, and recommending specific steps to achieve this.
“While PBAT received the eminent elder statesman and his colleagues with the appropriate dignity and protocols, the President asserted that economic reform (and the crisis that it has created in the country) is his priority right now, but that his government would, of course, study the recommendations of The Patriots and respond.
“What Nigeria’s leaders fail to understand is that it will be extremely difficult, if not impossible, to bring a fundamental fix to Nigeria’s economy in the absence of a new constitution that is anchored on real federalism, and preferably anchored on a regional structure of 6-12 regions. The reason is that Nigeria is a country but not yet a nation,” he said.
The President of Institute for Governance and Economic Transformation Africa noted that Nigeria’s economy has remained natural resource-driven and unproductive because its leaders have more interest in capturing political power than harnessing the pluralistic nature of the country for economic development.
He explained that the longer the topic of a new constitution for the country is delayed because of political interests, the longer the country’s economy gets affected.
“There is no unity of purpose, no cohering worldview. And this is because the country means different things to different groups.
“As examples of economically successful nations all over the world show, real nationhood is a fundamental requirement for an economic rise based on productivity-driven transformation.
“The longer this matter is delayed (presumably because it is a sensitive and politically challenging matter) the more we will continue to struggle.
“Nigeria’s economy has remained a natural-resource driven, unproductive, and rent-seeking one for decades because the absence of stable nationhood means that the contention for political power by essentially narrow groups and vested interests is for the purpose of state capture of economic rents, and not anchored on a shared vision of a common future and destination.
“For as long as this motive is the driving force in Nigerian politics, the economy cannot be transformed,” Moghalu argued.
[NaijaNews]
The Inspector-General of Police, Kayode Egbetokun, on Monday said a man, who was one of the masterminds of the crisis that ravaged Sudan, was among the organisers of just-concluded #EndBadGovernance nationwide protest.
Egbetokun, clarified that the operatives of the force did not raid headquarters of the Nigeria Labour Congress (NLC), but an office in the building being used by the foreigner.
The police chief, who stated this in Abuja during a Youth Summit organised by the force, specifically said the raid was not targeted at the labour leaders but the foreigner hiding in one of the offices at the popular Labour House in Abuja.
The top cop, while fielding questions after the summit, said the foreigner who was traced to the Labour House later escaped, saying valuable documents in connection with his “activities” were recovered.
He said, “My response to this will be in three parts. Number one is that, of course, our responsibility is not to protest but to manage protest. Two is that the intelligence at the disposal of the police, anyone who knows what we know about this protest, will not come out to protest.
“We had intelligence at our disposal that some agents of destabilisation are ready to use the hardship protest to destabilise our country. I won’t be able to share the details yet because we are still on the trail of these individuals.
“Some of them are already out of the country, and they immediately escape. Some of them are even foreigners. One of them was traced to the Labour House the other day, and I was just wondering why the noise about the raid on the Labour House.
“We raided only a shop that the individual was using as a front and we have been monitoring his activities. He was very active in the Sudan crisis and he’s in Nigeria mobilising people to destabilise our country.
“We traced him to that shop and our detectives raided his shop. We recovered valuable documents, so there was no need for the noise about the raid of the Labour House.”
[DailyTrust]
Egbetokun said the police would always be against any protest in the country because of the experience police had during #EndSARS riots in 2020, arguing that any protest that started on social media has tendencies of being violent.
He stated, “I always refer to the #EndSARS protest which turned violent. It started initially as peaceful, but any protest that is mobilised on social media has the potential to be violent because when you are mobilising on social media, you are mobilising the whole population, including the criminals.
“So, the idea of the protest being hijacked, I don’t believe that a protest that is mobilised on social media is hijacked. Hijacked by who? By the same people that were mobilised for the protest.
“So, our experience in the past in previous protests would not make the police want to take part in any protest that we know is going to be violent.”
Earlier, the former Vice Chancellor of Lagos State University, Olanrewaju Fagbohun, who was the guest lecturer advised the federal government to be intentional about engaging the youths in the country about current situation in the country.
Gospel singer Ajayi Aduke Morounkola popularly known as Aduke Gold is dead.
A popular colleague, Esther Igbekele, confirmed her demise in the early hours of Tuesday, August 13.
She said on her verified Facebook page: “A GENERAL HAS FALLEN. ADUKE GOLD
The cause of her death remains unclear as at time of filing this report.
The Ilesha-born singer was initially known as Aduke Penkele.
She grew up in Ogba and Badagry areas of Lagos and was from a polygamous home.
She was the 11th child of her late parents.
Aduke Gold came to stardom with her live performance at the first remembrance of the late gospel artiste, Baba Ara.
Professionally, she started music in 2004.
One of her famous track “Nitori Ogo” which she released in 2021 also brought her into limelight.
Apart from music, she was a child educator with a passion for teaching young children.
Aduke was a graduate of history and international relations from Lagos State University.
She also had her second degree in Early Childhood Education from the University of Lagos.
[TheNation]
Independent petroleum marketers in Nigeria are hoping that the Dangote Petroleum Refinery will sell its Premium Motor Spirit, popularly called petrol, at N600 or N650/litre when it is finally released into the market.
Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria said they believe that the Dangote refinery would crash the price of petrol as it did with diesel.
IPMAN National Vice President, Hammed Fashola, told our correspondent in an interview on Monday that the $20bn refinery would bring down the cost of fuel if it gets the needed support, especially as it has to do with crude supply.
According to him, the Nigerian National Petroleum Company Limited, which is the sole importer of PMS has been selling to marketers at N570/litre, but most IPMAN members buy from private depot owners at N700 and above.
“We are marketers, we go for the best. We have been buying from the NNPC, but if the opportunity of Dangote comes and the price is favourable, we will grab it. It depends on the price.
“The official price from the NNPC is around N570/litre, but the third parties, the private depots sell PMS to most of our members at N700 and above.
“Plus or minus, we hope Dangote can sell between N600 and N650/litre. N600 is still okay. However, it depends on the cost of the production from Dangote’s end. We have to be factual and sincere to ourselves. The NNPC we are talking about has an element of subsidy or what they now call under-recovery. I think something is hidden there,” Fashola stated.
Speaking about diesel price, Fashola recalled, “We know Dangote refinery crashed the price of diesel. When the refinery started producing, diesel was around N1,600 and it went down to N1,000.
“Now you can buy diesel at N1,150 or N1,200/litre. We expect the same with PMS, but this crude crisis is a major challenge. Even if Dangote is buying crude in naira, if it is at the international market price, it will make no difference. We have to be realistic.”
The IPMAN leader said the association has had business discussions with some officials of the refinery on a possible partnership, saying the marketers are waiting for Dangote.
“The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he stated.
The PUNCH recalls that the President of the Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.
However, the 650,000 barrels per day capacity refinery could not roll out petrol on Monday for different reasons.
Findings showed that the ongoing crude supply crisis might be a setback to the refinery.
[Punch]
In the aftermath of the recent nationwide hunger protests, the prices of cooking gas and food items have skyrocketed in Kaduna.
Prices of goods such as provisions, grains and other staple food items are rising steadily in markets and shops across the board.
Checks by a News Agency of Nigeria’s Correspondent on Monday in Kaduna showed that the prices of food items like rice, beans, yams, garri (cassava flake) and noodles had gone up about the fourth time in 2024 alone.
For instance, a kilogramme of cooking gas which was selling for between N 1,100 and N1,120 in July now goes for N1,400 at some gas stations within the Kaduna metropolis.
At the Sheikh Abubakar Gumi market, Kaduna’s central market, a 50kg bag of foreign rice, which was sold for about N79,000 before the protests, was now being sold for between N86,000 and N90,000.
Also, yams, which only a few weeks ago were sold for N5,000 per tuber, now go for N7,000 per tuber and N28,000 for a set of five.
A local measure of eight cups of beans, previously sold for between N2,000 and N2,500, now sells for N3,500 while a measure of garri,
previously N1,300, was now being sold for between N1,400 and N1,500.
A carton of Indomie noodles previously sold at N7,500 has gone up to N7,700 while a basket of Irish potatoes, sold previously at between N5,000 and N5,500, now sells for N6,000 per basket.
Some traders said they had to increase the prices of food products due to the increase in the cost price at the depots and places where they purchased the items.
However, others highlighted the difficulty in transporting the products to the markets and the scarcity of some of the food items.
A trader, Esther James, who sells food items, said: ”For instance, I don’t sell eggs in bits anymore. I sell an entire crate at N4,400. If I sell singles, I may sell short.
”The Indomie (noodles) used to be N7,500. I now buy it at that amount but I have to make gains somehow, that’s why there is an extra N200.
”The super pack is N17,000 now. And I don’t give a discount; it used to be about N15,000. So, this is why the price is high.”
A visit to the Kasuwan Bacci market equally revealed significant price hikes; with a measure of white beans selling for N2,600, up from the previous N2,500.
Other varieties of beans were however being sold for N2,800 and N3,000 per measure.
Sani Jabo, an onion seller, was selling three onion bulbs for N500, a price that has left customers deeply concerned.
Meanwhile, a paint bowl of Irish potatoes was being sold for N4,000, while a tuber of new yam goes for N4,000.
The cost of pepper had also risen, with a small basket of red pepper selling for N1,300.
Some of the residents lamented the hike in the prices of food items and other essential commodities.
According to them, the prices of the items had skyrocketed by about 50 per cent, leaving them in a state of economic quagmire in the face of economic hardship and the low value of the Naira.
A resident, Mrs Amina Idris, said, “After the hunger protests, the costs of food items have increased in the markets.
”This is because what we used to buy with N5,000 or N10,000 is now what we spend over N15,000 to buy today.”
An artisan, Namoh Stephen, said, “Most of us depend on our daily incomes and we find it difficult to buy foodstuffs that can last for even two days.
“The Naira has no much purchasing power, with the increase in the prices of food items, what N1,000 will buy is nothing compared to when things were not as bad as now.”
NAN.
The Senator representing the Federal Capital Territory, Ireti Kingibe has called for the elimination of barriers threatening the Nigerian youths.
She said this in a statement on Monday while commemorating International Youth Day.
Acknowledging the crucial role played by young people in the society, Kingibe insisted that youth empowerment must be considered a necessary investment for economic and social growth.
She said, “We stand at a critical juncture in human history, where the decisions we make today will shape the future of our planet.
“Climate change, inequality, and social injustice threaten our very existence. Yet, I stand before you with hope, inspired by the passion, creativity, and determination of our young people.”
Speaking further, she argued that youth empowerment should not only be seen as a moral imperative but a necessity.
“Youth empowerment is not only a moral imperative but also an economic and social necessity. Investing in our youth means investing in our future.
“we must provide them with access to quality education, skills training, and opportunities for participation in decision-making processes.
“As leaders, we must create an enabling environment that fosters innovation, entrepreneurship, and creativity. We must listen to their voices, value their perspectives, and support their initiatives.
“We must also address the systemic barriers that prevent many young people from reaching their full potential,” the Senator said.
The senator commended the youth of the FCT and equally assured them that the current administration is not ignorant of their efforts as they are working tirelessly to provide the needed support, opportunities, and resources to make the environment conducive to thrive in.
The nine oil-producing states shared a total of N341.59 billion from the federation account, through the 13 percent derivation formula, in the first half of 2024.
The 13 percent derivation formula is a revenue-sharing mechanism used by the federation account allocation committee (FAAC) to distribute a portion of the country’s revenue to the oil-producing states.
This formula is rooted in Section 162 (2) of the constitution, which mandates that 13 percent of the revenue generated from natural resources, such as oil and gas, should be paid directly to the states where these resources are extracted.
Data from the National Bureau of Statistics (NBS) showed that Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers were states that received the funds in the six-month period.
TheCable Index’s analysis of the report showed that Delta received the highest allocation, totalling N113.78 billion — representing 33 percent of the total disbursement.
Delta is followed closely by Akwa Ibom, which got N70.01 billion or 20 percent of the total disbursement.
Other states include Bayelsa (N64.04 billion), Rivers (N58.78 billion), Edo (N11.90 billion), Ondo (N10.05 billion), Imo (N5.72 billion), Anambra (N4.13 billion) and Abia (N3.19 billion).
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OIL STATES STRUGGLE WITH DEBT AND INFRASTRUCTURE DECAY DESPITE DERIVATION FUND
In 2022, Delta and Akwa Ibom were the oil-producing states that received the highest amounts from the federation account, with Delta receiving N296.63 billion and Akwa Ibom receiving N222.52 billion.
In the first half of 2023, the nine oil-producing states shared N544.9 billion from the federation account, with Delta receiving the largest allocation of N180.1 billion, followed by Akwa Ibom with N130.8 billion.
Despite receiving these funds, the oil-producing states continue to face significant debt and poor infrastructure conditions.
According to the Debt Management Office (DMO), as of Q1 2024, Edo had the highest debt stock of N490.67 billion (domestic and foreign obligations) compared to other oil-producing states. Delta followed with N413.75 billion debt while Rivers recorded N340.25 billion.
The debt figures for other states were as follows: Imo (N265.98 billion), Abia (N232.17 billion), Akwa Ibom (N199.62 billion), Bayelsa (N182.17 billion), Anambra (N177.08 billion), and Ondo (N123.09 billion).
In February 2023, Edwin Clark, an Ijaw national leader and convener of the Pan-Niger Delta Forum (PANDEF), asked Ifeanyi Okowa, the immediate past governor of Delta, to spend more of the 13 percent derivation funds on oil-producing communities.
Clark, in a statement, alleged that the 13 percent derivation funds received by the state government were mismanaged.
He described Okowa’s administration as a “reign of unaccountability”.
The Ijaw leader said the state government had not spent the derivation funds on foremost areas and projects but on “favoured areas”.
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‘This is something that we can solve as a family but..’ - Man Whose Passport Was Torn At Lagos Airport Speaks
AFOLABI
In a dramatic turn of events, Mr. Igiebor, the man whose wife was recently seen in a viral video tearing his international passport at the Murtala Mohammed International Airport in Lagos, has responded by narrating the full story of the incident for public scrutiny.
Mr. Igiebor, in his response, revealed that his wife had posted a video message earlier in the day, having gained unauthorised access to his social media account. “My wife posted something, I know she has gone far because she is very smart. She has gone far to get the password of this page and she posted something this morning,” he said. He added, “Since she wants us to do it this way, we will work on it together. I believe she will get tired.”
The embattled husband refrained from saying much about the cause of the incident but urged Nigerians to watch the complete video. He mentioned that the video had already garnered attention from various bloggers and even international media outlets like CNN. “Go and watch the video; I have the full clip. You’ll see something. She did not know that I gave somebody my phone,” he explained. “This is something that we can solve as a family, but she is trying to push it up. No problem, I’m following her and I will tackle it, and she will get tired.”
LEADERSHIP reports that Mrs. Favour Igiebor, the woman at the center of the controversy, earlier defended her actions in a video released following the incident at the weekend. She criticised bloggers, including Tunde Ednut and Instablog, for jumping to conclusions without understanding her side of the story. “I’m not a mad woman who would just come and act like that,” she stated. “I have my reasons. I’ve gone through so many things. So many of you are just commenting on the video; friends and people who I haven’t spoken with for years are now calling me. I am not like that.”
Mrs. Igiebor also hinted at deeper family issues, expressing frustration with how her husband, who she claimed controlled most of her affairs, including her social media pages, has treated her. “I have gone through a lot of things, family issues here and there every time. My husband cannot speak. It took me a lot of time because he is the one handling a lot of things for me. He is the one handling my page for me. My email wasn’t attached to it; his email was attached to it too,” she lamented.
In the wake of the incident, the Nigeria Immigration Service (NIS) has launched a formal investigation. In a statement, the NIS confirmed that Mrs. Igiebor has been identified and invited for questioning. “If the allegations are substantiated, her actions would have constituted a breach of Section 10(b) of the Immigration Act 2015 (as amended), with corresponding penalties outlined under Section 10(h) of the same Act,” the NIS stated.
The video, which has spread widely across social media, shows Mrs. Igiebor tearing her husband’s standard passport, with torn pieces visible on the floor. When confronted, she defiantly responded in Pidgin English, “I tore it. Is it yours?” She was later seen walking away with her children, leaving her husband standing forlorn with a baby in a stroller.
A prophetess, Folake Olasode, 35, and a schoolteacher, Damilola Aboloyinijo, 31, were on Monday arraigned before a Lagos State Magistrate Court sitting in Tinubu for allegedly preparing a fake charm of protection and obtaining N8m from their victim.
The duo are facing five counts of conspiracy, stealing, obtaining, unlawful assault, and breach of public peace, preferred against them by the police.
The Prosecutor, Assistant Superintendent of Police Francis Igbinosa, told the court that Olasode and Aboloyinijo, whose addresses were not given, allegedly committed the offences sometime in May 2024.
Igbinosa said the defendants conspired to commit the alleged offences.
He said the incident took place at 7A, Jide Agbalaya Street, Chevy-View, Lekki area of Lagos.
The prosecutor said that the defendants and others at large obtained the sum of N8m from one Sarah Umeh under the pretence that they prepared charms, and batter and put incisions on her and her three children for protection, a representative they knew to be false.
Igbinosa also told the court that the defendants unlawfully assaulted the complainant, Umeh and her three children by using a razor blade to put incisions on their bodies with a representation that they were protecting them from death.
The defendants were further accused of conducting themselves in a manner likely to cause a breach of the public peace by burning charms contained in a calabash in the compound of Umeh.
According to the prosecutor, the offences committed contravened Sections 411, 314, 287, 172, 287, and 168 (d) of the Criminal Laws of Lagos State 2015.
The defendants pleaded not guilty to the allegations against them.
However, the defendants’ counsel, Moses Enema, applied for their bail and urged the court to grant his clients bail in the most liberal terms, saying they were first-time offenders.
Consequently, Magistrate Aderemi Gbajumo granted them bail in the sum of N750,000 each with two sureties each in like sum.
Gbajumo said the sureties must have a valid means of livelihood and a valid means of identification.
She further ordered that they must provide evidence of Lagos State Residents’ Registration and verification of their addresses to be carried out by the prosecutor.
The matter was adjourned till October 14, 2024 for trial.
A Nigerian woman named Favour Igiebor, who tore up her husband’s passport at the Murtala Muhammed International Airport, could face a jail term as punishment for her actions if found guilty, according to the Nigeria Immigration Service Act of 2015 (as amended).
The NIS had on Monday revealed that it had launched an investigation into the circumstances surrounding the destruction of a man’s passport by his wife, identified as Favour Igiebor, stating that she had been summoned for questioning.
In a statement, the spokesperson for the NIS, Kenneth Udo, described Igiebor’s action as a violation of Nigerian law.
The investigation was prompted by a viral video showing Igiebor destroying a Nigerian Standard Passport, reportedly belonging to her husband, at the Murtala Mohammed International Airport in Lagos.
The NIS statement partly read, “The Nigeria Immigration Service has launched a formal investigation following the circulation of a video on social media showing a female traveller destroying a Nigerian Standard Passport at the Murtala Muhammed International Airport, Lagos.
“The Nigeria Immigration Service remains steadfast in its commitment to upholding the provisions of the Immigration Act in the interest of national security and to preserving the dignity and integrity of the nation’s legal instruments.”
Amid the widespread condemnation of her action, Igiebor, in another viral video seen by our correspondent, explained that her action was due to the stress her husband had put her through.
She said, “You have to ask what happened; don’t just look at the action alone. I am not a mad woman who would just come and act like that. I have my reasons; I have gone through many things.
“When it gets to your neck, you have to act. I didn’t want to make him go through a lot of stress; that’s why I waited till we got to Nigeria to do it rather than in Europe, where I could have done it. Don’t make comments without knowing what happened. I have gone through a lot of family issues here and there.”
In response to his wife’s recent video, the man who didn’t disclose his name, said he chose to remain silent because he believed the issue could be resolved “as a family.”
“My wife has posted something this morning. I don’t want to say anything, but I will leave you to watch the video. It is on various social media sites. I have the full clips.
“She didn’t know that I had someone with my phone because my friend and I came down here to do some things. I will post the full clip. I never expected that she would come out and say what she said. These are some things that we can resolve as a family,” he said.
However, findings by PUNCH Metro indicate that according to Section 49 of the NIS 2015 Act (as amended), a person found guilty of changing or altering a passport may face imprisonment or a fine. However, there is no section for punishment in case of destruction in the act.
The section reads, “A person who alters or assists another in altering a travel document, or who produces or reproduces or assists in the production or reproduction of any travel document without lawful authority commits an offence under Section 59 of the Act and is liable on-conviction to a- term of five years imprisonment or to a fine of one million naira or both.”
In an interview with our correspondent on Monday, a human rights lawyer, Collins Aigbogun, stated that there is no section of the Act that explicitly outlines sanctions for passport destruction, emphasising that Section 49 of the Act only specifies punishment for alteration.
He, however, noted that the wife had violated her husband’s constitutional right to freedom of movement.
“A passport is essential for cross-border travel. Possessing a Nigerian passport is not a privilege but a fundamental aspect of the right to freedom of movement.
“When someone destroys a passport, it infringes on the ancillary right to freedom of movement granted to her husband by the constitution. In essence, she has put that right on hold,” he said.
Harsh economy in Nigeria forces shutdown of over 50 firms, 100,000 employees lost their jobs
AFOLABI
…80% others in low-capacity utilization
…Labour begs FG to intervene
Over 50 firms in the chemical and non-metallic products sub-sector of the nation’s economy are in a dilemma as multinationals, medium and small-scale enterprises, SMEs, and member companies are either exiting, on the verge of shutting down or operating at low-capacity utilisation.
It will be recalled that the employers, under the umbrella of the Chemical and Non-Metallic Products Employers Federation, CANMPEF, had a membership strength of no fewer than 100 firms,, comprising multinationals, medium, and small businesses, which employ about 350,000 people across the country.
But presently, Vanguard checks revealed that while over 50 of such companies have closed down, four are on the verge of shutting down, while 80 per cent of the remaining companies are operating at low-capacity utilization.
Industry sources told Vanguard that over 100,000 workers have lost their jobs directly and indirectly in the last year.
The firms in this sector produce medicals, pharmaceuticals, perfumes, cosmetics, toiletries, soaps, detergents and vegetable oil, hydraulics, cement, asbestos cement and concrete.
Other products include glass, ceramic, earthenware, clay products, basic industrial organic and inorganic chemicals, fertilizers, explosives, fireworks, footwear, leather, and rubber.
According to Vanguard’s checks, among the companies that have shut down are Glaxo SmithKline Beecham, Procter & Gamble, Mega Plastic Nig limited, Twinstar Nig limited, and Femina Hygienical Products Nig. Limited and Linda Manufacturing Company.
Those on the verge of shutting down include Unilever, PZ Industries, Prime Pack, and Reckitt & Benckiser.
One of the companies about to shut operations in Nigeria is Kimberly-Clark because of high energy costs, expensive raw materials, and reduced customer demand.
The company, it was gathered, has reduced shifts and implemented other cost-cutting measures in a bid to remain afloat.
The company’s $100 million factory, located in Ikorodu, Lagos State, was commissioned two years ago by former Vice President Yemi Osinbajo to produce diapers and sanitary pads, among others.
Firms lament
Lamenting the plight of the sector, Executive Secretary of CANMPEF, Mr Olorunfemi Oke, said the exits were painful, saying more worrying is the fact that challenges faced in the sector were inflicted by government policies.
According to him, the challenges confronting the sector are floating of the naira, depreciating currency and volatile exchange rate, fuel subsidy removal, high exchange rate for computation of import duty, high interest rate, epileptic power supply with the recent increase in tariff that has tripled electricity bills and made it unsustainable for businesses; and inadequate gas supply for firms, and high cost of diesel.
He also named poor road conditions, multiple taxations, a high inflation rate of over 34 per cent, weak consumer purchasing power, and insecurity across the country.
The executive secretary said: “The effects of the socio-economic challenges on the manufacturing companies are enormous. Most of our member companies are just managing to survive. We cannot access forex for purchase of raw materials and machinery.
“High import duty cost is discouraging importation of raw materials and machinery. High energy costs have resulted in high production costs. Unreliable power and gas supply disrupts production schedules and increases operation costs.
“We are experiencing high reduction in capacity utilization and increased production slowdowns, huge foreign exchange losses suffered by many member companies, especially the multinationals, and reduction of profit. Majority are recording losses.
“There is also declining market share and growth potential and inability to compete with imported products. High interest rates discourages business expansion. There is growing weakness in consumer purchasing power. Companies are shutting down some of their operations. This has led to retrenchment of employees. The hyperinflation has led to an increase in the cost of living of employees and an adversarial industrial relations climate in the sector.
Shutdown
“While I don’t want to sound alarmist, tens of member companies from the multinationals, medium and small scale companies have shut down. Some of the companies that have closed down are Glaxo SmithKline Beecham, Procter & Gamble, Mega Plastic Nig Limited, Twinstar Nig Limited, Femina Hygienical Products Nig Limited, and Linda Manufacturing Company. Similarly, among those on the verge of shutting down include Unilever and PZ industries.
‘’We are very pained by these developments. Let us take for example the case of Linda Manufacturing Company and Kimberly-Clark.
Linda Manufacturing Company which was producing synthetic hair attachments and other accessories was employing and keeping our young girls off the streets and criminality. Only God knows what these young girls will turn to now that they are out of jobs. And for Kimberley Clark which produces Huggies diapers, and sanitary pads, with the imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Remember that the former Vice President, Yemi Osibanjo commissioned the factory two years ago.
The company has been producing below-installed capacity since late 2023 because of the harsh economic environment in the country. If this company is allowed to exit Nigeria, it will add to the sad story of the worsening crisis in our sector. The pathetic situation of this firm is that in 2022, the company commissioned a $100 million production factory in Ikorodu, Lagos State which was inaugurated by then vice president to resume operations after an earlier closure of operations in 2019 following a review of its business. Apart from these woes, 80 per cent of the remaining member companies are operating at low-capacity utilization.
Job losses
While Mr Oke was not forthcoming on the number of job losses, Vanguard, however, gathered that no fewer than 100,000 Nigerians have lost their jobs in the sector.
Speaking further, he said: “As a Nigerian, it is sad and frustrating for me to talk about my fellow countrymen and women losing their means of livelihood in this manner.
‘’A lot of people have been thrown into the job market. The figure is huge. We are talking about direct and indirect employment, comprising suppliers, distributors, drivers, contractors, and traders among others. I do not want to give a figure. But I can tell you without mincing words that it is huge.”
Way forward
The CANMPEF scribe called on government to address challenges facing the sector by “giving concessions on the allocation of forex to the manufacturing companies, reduction of import duties for raw materials for an essential sector like the pharmaceutical industry, reduction in import duty charges, improving supply of energy and gas to manufacturers, reduction of the rate of energy charges by power distribution companies, DISCOs, stopping multiple taxes by the local, states and federal government agencies, signing and implementing the new national minimum wage bill to improve consumers’ purchasing power, focusing on rehabilitating selected roads to reduce logistics costs and fixing the nation’s refineries to enable access to petroleum bi-products that serves as raw materials for the chemical industries.
“The industry is import- dependent because of the nature of its products and its raw materials are chemicals majorly from the petro- chemical industries. ‘’The Federal Government should take urgent action to stop manufacturing companies from shutting down.
Government should support the companies to thrive and increase employment and reduce insecurity challenges in the country.
“The only member companies that seem to be doing well today are the cement manufacturing firms because of road constructions and other related businesses.”
Voda Paint MD reacts
Also speaking, the Managing Director, Voda Paints Limited, Mr Rotimi Aluko, blamed unreliable power, unstable currency, difficulty doing business, steadily rising inflation, insecurity, multiple taxation, and poor infrastructure, among others.
Aluko, who is also the Vice President of CANMPEF, said: “Like most of the sectors making up the Nigerian industrial landscape, the chemical, leather, food sectors are all struggling to survive economic hardship that, looking back now, has actually been long coming.
‘’It is, indeed, very hard to find any one sector of the economy that is not impacted by the numerous issues which those doing business in Nigeria have really been enduring, starting with unreliable power, unstable currency, difficulty doing business, steadily rising inflation, insecurity, multiple taxation, poor infrastructure, etc.
“Currency tweaking and the associated policies in concert with the removal of petrol subsidy and the floating of the naira, have helped to compound the pressure on industrial operations generally.
“The consequence on the consumers is depletion of disposable income, such that most households are in tight adjustment as their income is hardly coping with necessities.
“Most industries rely on bountiful discretionary income to survive. That is the crux of the pain in the sector. Demand has significantly dropped and so goes production and ultimately income.
“It is, indeed, very tough, especially for sectors outside of households’ eessential or committed expenses.
‘’Even those in essential expenses column are grappling with the consequences of reduced demand, owing to downward adjustments by consumers of quantities and quality of their purchases as a result of inflation-driven loss of purchasing power.
Survival mode
“I think how the sectors have been coping can easily be deduced from all the aforesaid; we are in survival mode. Sacrifice, cost-cutting as much as feasible, mounting bills, income stagnation, abandonment of key projects, reduced hours of operation/attendance rotation, etc. Everyone is scratching the ground as well as their heads for whatever will aid to keep them afloat.
Way forward
On ways out of the challenges, Aluko said: “Government action. It is all down to what the government chooses to do and not do. The truth starts with how the government views and treats manufacturing. If manufacturing is taken as the most strategic value-adding local content economic weapon that it is, Nigeria will transform into the league of leading nations of the world!
“Not even crude oil can come close. Why? It is manufacturing that can harness our immense reservoir of human talents to serve as an engine for the conversion of the bountiful contents atop and beneath our God-given land and those beyond our shores into products capable of becoming the biggest foreign exchange earners as experienced by China and several other Asian economies.
“Government just has to step forward to help get the necessary building blocks in place and put right the business environment, such that Nigeria will rank high among nations having very attractive level of ease of doing business.
“For this to be, the government has to make these investments and protect local manufacturing. This is non-negotiable. All advanced nations and those who have climbed up to join the top league did it at one point or another and are still doing it.
“The most powerful economic and military power in the world is currently engaged with China openly as an example.
“We have done it before with huge success when in 2007, Nigeria clamped down on the importation of cement by companies without local cement manufacturing investment. The result is huge.
“Before the implementation of the smart act of protection, Nigeria in 48 years of cement manufacturing preceding the protective action, only grew to about seven million metric tonnes of cement production per annum and in the 15 years succeeding the policy, has grown to over 60 million metric tonnes production/per annum.
“Do that across several sectors integrating farm produce conversion, petrochemicals, basic chemicals, natural resources, basic tools, electronics, etc, Nigeria will be an unstoppable giant. It has potentials.
“The government should declare a clear form of emergency in the manufacturing sector. It should subsidise consumption via manufacturing subsidy by way of tax relief, duty/tariff removal on agricultural and manufacturing inputs. The gains will come in many folds.
“First of all, our youths will be gainfully employed and stop idling away their lives or hawking things they should be producing in the first instance. Savings on social and security costs cannot be estimated.
“Government should put in place necessary administrative and legal firewalls against those who might truncate gains of the strive towards the achievement of good level ease of doing business across the country and sectors.”
Labour begs FG to intervene
On his part, the National Secretary, National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees, NUCFRLANMPE, Joseph Dada, pleaded with the government to intervene immediately to save the sector from imminent collapse. He said: “Our industrial sector has been finding it extremely difficult to operate smoothly and effectively for the past two years.
‘’Bad government policies have negatively affected the running of our sector. Many of the industries have relocated to other African countries where they can do their business with ease and maximise profit.
“Our government, through the Central Bank, has increased the lending rate to over 30 per cent, which is not good for manufacturing and chemical industries to break even as most raw materials are imported. We cannot do backward integration.
Economic distortions
“The industries are groaning under the outrageous tariffs imposed by DISCOs and others responsible for the supply and distribution of electricity to the industries in Nigeria.
The tariffs are doing nothing other than kill the industries. This is compounded by the removal of the petrol subsidy that has turned the country upside down since last year. The consequences are part of the socio-economic distortions plaguing the nation.
“Some of the companies that have relocated to other African countries are multinationals, such as Procter & Gamble and GSK Pharma, Femina Hygiene, and Twinstar. Many others are on the verge of closing down any moment from now because of the unfavourable economic policies of our government.
“Hundreds of workers have lost their jobs as a result of management’s inability to provide raw materials in their various companies. Those that are managing to produce are producing below 20 to 25 per cent of installed capacities.
‘’We are still compiling the list of job losses. I can tell you it is mind-boggling in a country with very high unemployment figure.
Enabling environment
“We are pleading with the Federal Government to urgently halt this alarming trend and create enabling environment for industries to have access to foreign exchange from Central Bank of Nigeria for manufacturers to get forex to import raw material for industries to produce.
“The issue of unsustainable tariffs as well high cost of fuel regime must be addressed immediately to save our industries from total collapse. We are not equally unaware of the issues of excessive and multiple taxation from all levels of government, insecurity, poor state of our roads and very low purchasing power of most Nigerians. The government should come to our aid as renewed hope is gradually turning to sustained despair.”