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President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector.
This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.
The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis.
Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.
Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.
He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.
“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”
At the meeting, Tinubu discussed food security, job creation and the exchange rate.
Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.
He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail.
“The economic presidential advisory committee which has been set up…will look at all the issues and address them, coming from job creation and food security.
“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”
Meanwhile, Elumelu noted implementing the decisions made that the gathering “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”
The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.
Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”
Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.
Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.
“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”
On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”
The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.
‘Labour Party won all their elections’ – Ex-Chief Whip Alleges Wike Rigged 2023 Polls In Rivers
AdminA former Chief Whip of the Rivers State House of Assembly, Evans Bipi, has alleged that the outcome of the 2023 general election was manipulated under the watch of the then-governor of the state, Nyesom Wike.
Bipi made the allegation in Port Harcourt, the Rivers State capital, while speaking at a solidarity rally for the state governor organized by women groups across the 23 local government areas.
He specifically alleged that the Labour Party, LP, “won all their elections” in tge stage.
A trending video clip from the event captured the former Chief Whip reacting to a recent outburst by Wike, the Minister of the Federal Capital Territory, FCT.
DAILY POST recalls that Wike, who has been at loggerheads with his immediate successor, Governor Siminalayi Fubara, recently claimed that nobody would challenge him and his allies in the next general election.
The former governor was apparently assuring his supporters that Fubara would be evicted from the Government House in the next governorship election.
Reacting, Bipi, who represented Fubara at the rally, said with the level of mobilization by the women, Fubara would win convincingly in any election.
He further alleged that Wike and his allies did not win any seat in the 2023 elections.
He said, “It is written in Exodus 14:13 that the Egyptians you see today, you shall see them no more. Last weekend, they went to a thanksgiving party and bragged that they wished tomorrow was 2027.
“With you, can they win 2027? They are bragging about 2027 as if they won in 2023. The Labour Party won all their elections. We know how we did it. Chijioke told us that he was one of those who assisted them.
“We also wish that tomorrow is 2027 so that they can see our performance.”
A human rights group identified as the “Take It Back Movement” on Monday hit the streets of Lagos State to protest against the soaring price of food and the high cost of living in the country.
This protest was held against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.
According to him, the police are aware of the plan by some people to protest in the state and will ensure that necessary measures are put in place for the safety of the lives and property of Lagosians.
He stressed that nothing would hinder the free flow of traffic or a peaceful environment to let residents carry out their lawful duties.
The protesters were seen carrying placards of various inscriptions at Ojuelegba under the bridge area of the state to make their grievances known on the current economic hardship across the country.
Speaking with our correspondent, the TIB National Coordinator, Juwon Sanyaolu, said the protest was a demonstration of the people’s will against oppressive tendencies and hardship.
“Yes, despite police attempts to frustrate the people, Lagosians stood their ground. The police are paid by taxpayers’ money, they are meant to secure us.
“We were able to match from Yaba Labour House to Maryland. The protest will continue tomorrow and updates will be given. We will join NLC in their nationwide mass action to put an end to this hardship created by the ruling elite,” Sanyaolu added.
Stating their demands, Sanyaolu said, “The Tinubu-led government must immediately reverse the fuel subsidy removal, the floating of naira and other policies of the International Monetary Fund imposed on Nigerians.”
Also present at the protest were members of other civil society organisations such as the Joint Action Front and the Coalition for Revolution.
Police officers with vans and officers of the Lagos Neighbourhood Safety Corps were also seen following the protesters.
Justice Binta Murtala-Nyako of the Federal High Court in Abuja has fixed March 19, 2024, for ruling on a fresh application by Nnamdi Kanu seeking to be admitted to bail in the terrorism charges against him
The trial judge fixed the date after hearing submissions from Kanu’s lawyer, Alloy Ejimakor, praying for bail for his client, and Adegboyega Awomolo, SAN, who stood in for the federal government and vehemently objected to the bail application.
Kanu predicated his request for bail mainly on the fact that he may not be able to put up a good defence unless admitted to bail to have unfettered access to his lawyers.
He also claimed to be suffering from acute hypertension and acute heart disease, among other ailments.
The federal government, however, objected to the bail bid on the ground that Kanu was once granted bail but jumped and fled the country.
Government asserted that all the bail conditions set by the court were breached and violated and pleaded with the court to dismiss the request.
The leader of the proscribed Indigenous People of Biafra (IPOB) also argued another motion where he asked the court not to allow continuation of his trial until certain conditions were met by the federal government.
Among others, he requested that DSS operatives be barred from interfering with his lawyers during visitation.
He also asked that the court should compel the federal government to allow him wear the clothes of his choice.
The federal government, however, objected to the requests on the ground that he has no right under any law to dictate how his trial should be conducted.
Awomolo, while seeking the dismissal of the request, said that it was a gross abuse of court process that must not be allowed.
The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, said President Bola Tinubu has the right team, but his economic policies are not suitable for Nigerians.
Adebayo stated this in an interview on Channels Television’s Sunday Politics.
The SDP presidential candidate said the method of the Tinubu government was not correct.
He said, “He (Tinubu) has the right team but what he wants to do is not correct.”
“If I were to be Nigeria’s President, I wouldn’t remove petrol subsidy from day one as President but would have approached the National Assembly to amend the 2023 Appropriation Act to allow subsidy for a while.”
Adebayo said, “These policies are not good, not because of the party that is announcing them but because they are not suitable to us.”
He added that any of the presidential candidates in the last poll who adopted the policies of the incumbent would have gotten the same results evident in the country at the moment.
“It doesn’t matter whom you put there, this will be the outcome once you adopt these policies,” he said.
The SDP former flagbearer said the three major issues confronting the Tinubu administration were cost of governance, the issue of subsidies and forex.
Adebayo noted that the reforms of the incumbent come with some benefits such as more income to the government and more income to the foreign exchange, adding that, but the country was “not structurally prepared for the advertised benefits.”
He said the gains of the policies were less to the pains, noting that the Tinubu government should be “less arrogant” to do the right thing to provide succor for suffering Nigerians.
Recall that Nigeria has been faced with the challenge of rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.
…Says Guards Brigade’s task is to protect Seat of Power
The Defence headquarters on Monday debunked allegations in an online media organization claiming that the Presidential Guards Brigade has been put on high alert following suspicious movements around the seat of power, indicating fears of coup plot.
A statement by the Acting Director of Defence Information, Brigadier Gen Tukur Gusau said, “The attention of the Defence Headquarters has been drawn to a malicious and unfounded article published online (Not Vanguard) on 25 February 2024 claiming that the Guards Brigade has been put on high alert following unusual movements, leading to suspicion of a coup plot in Nigeria.
“The publication also asserted amongst other things that the suspicion prompted emergency meeting involving President Bola Tinubu, the Chief of Staff to the President and Commander of the Guards Brigade.
“The Defence Headquarters wishes to categorically state that the allegation is totally false.
“For the avoidance of doubt, the Guards Brigade has been statutorily assigned the responsibility of protecting the seat of power (The Presidency) and by extension the Federal Capital Territory and its environs.
“Hence, it is to be noted that the Guards Brigade has always been on high alert in order to effectively executive its assigned tasks.
“It will be recalled that the Chief of Defence Staff, General Christopher Musa had in various fora reiterated the unalloyed commitment of members of the Armed Forces of Nigeria to the protection and sustenance of democracy in Nigeria.
“Therefore, the Defence Headquarters strongly condemn this unsubstantiated assertion which is just a figment of imagination of the publisher and enjoins members of the public to disregard it.
“Furthermore, the Defence Headquarters calls on relevant security agencies to immediately take appropriate action against the Sahara Reporters for this unpatriotic action.
“Meanwhile, the Defence Headquarters will seek legal redress on the issue which has the ulterior motive of creating unnecessary tension in the country.”
YORUBA Nation agitator, Mr. Sunday Adeyemo, also known as Sunday Igboho, has vowed to continue defending his people against invaders.
He said this at Igboho town during the burial service of his mother, who died last year when he was away from the country.
Recall that Igboho fled the country on July 1, 2021, when combined security agents invaded his Soka residence in Ibadan, killing two persons, while 13 of his supporters were arrested. Igboho was later arrested in Benin Republic on his way to Germany.
He was, thereafter, granted bail by the Beninoise government.
He noted that he led the protests against the killing of his people when everyone in the West remained silent.
Speaking on the invasion of his residence during the previous administration, he narrated how former President Muhammadu Buhari allegedly wanted to kill him.
He said: “Buhari wanted to kill me. Our elders and kings were all afraid to talk. They were afraid of Buhari. When the Fulani herders were killing our people, I rose against it in the South West and Nnamdi Kanu stood up against them in the East. I said one Nigeria wouldn’t work because our leaders were using deceit to govern us.”
On the need for the youths to shun violence and hooliganism while pursuing their interest, the activist said: “If we need help from our elders or traditional rulers, we should lobby them not to disregard or abuse them.”
Igboho, who briefly narrated how much he suffered at the hands of the previous government, added that all his bank accounts were frozen by the former administration.
He said: “The Nigerian government froze my entire bank accounts and destroyed my property. It was the Yoruba in the diaspora that came to my rescue. They took care of me and paid my bills saying I mustn’t suffer in vain.”
In addition, he said: “We can get what belongs to us without resorting to violence and thuggery. In all the protests I led across the South West, no one can say I killed anyone or I destroyed their property. I was peaceful. I’m not a hooligan; I can say I belong to the camp of rich men. My friends were calling me then asking what pushed me into the protests offering to give me money. But I said, it wasn’t a money issue but I wanted freedom for my people.”
Explaining he would always defend his people against attackers, he promised to support carefully selected security guards that would guard his people in their farms against attackers.
Igboho said: “I want them to go to their farms without being kidnapped, killed, maimed or raped. Our fathers and mothers can’t go to farms any longer. So, let us have our security and drive away the murderers from our farms.”
In an emotion-laden voice, he narrated how he would have loved to meet his mother alive. “My mummy died because of me. At a point, I told God never to allow those who would not want me to bury my mother win the election and God answered my prayers. I wish I met my mummy before she died”, he said.
President Bola Tinubu acted in the best interest of Nigeria with his decision to remove subsidy on petrol on his inauguration day, the presidency has said.
The presidency said Tinubu’s removal of subsidy was geared towards saving the country from economic collapse and monumental financial mess.
Secial Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made this known in a chat with TheCable.
Onanuga said Nigeria was in a bad place financially and the situation compelled the president to act quickly before things got worse.
The presidential aide said this in reaction to an interview granted by a former Secretary to the Government of the Federation, SGF, Mr Babachir Lawal, who said the announcement of subsidy removal by Tinubu a few minutes after his inauguration was haphazard and fuelled by arrogance without due consultations with relevant stakeholders.
While justifying Tinubu’s action, Onanuga said Buhari did not make provision for subsidy in the 2023 budget, adding that the country was in dire financial straits.
Onanuga said: “Is Babachir still talking? Well, that is his opinion that the subsidy was hastily removed. The truth is, the subsidy was meant to be removed by the end of June 2023 according to what former president Muhammadu Buhari left behind.
“President Tinubu only announced it on May 29 on the day he was sworn in. That is to show you that something is wrong somewhere and that the nation had a problem at that time.
“What I find out is that Nigerians easily forget things, we have a short memory about things. They should cast their minds back to what happened at that period. The NNPCL was saying the government owed them N4tr of subsidy money. NNPCL was the only importer of fuel and towards the general elections; fuel scarcity was all over the country.
“Due to the scarcity, in some places, fuel was selling for about N700 – N800 before President Tinubu was sworn in. NNPCL didn’t have money to import fuel because they were being owed over N4tr by the federal government. People have easily forgotten about that.”
Onanuga said the country would have been in deeper problems if Tinubu did not act swiftly to address the situation.
“Tinubu knew the problem and that was why he made the announcement on the day of his inauguration. The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it.
“I will challenge journalists to go and check that budget, when you look at that budget made by Buhari before leaving office, you will find out that aside no provision for subsidy, 97 percent of our income will be spent on servicing debts. If 97 percent of budget is used to service debts, what is left for Nigerians to spend?
“That 97 percent budgeted for debt servicing does not include the money the Federal Government owes the NNPCL. There were serious problems then and Tinubu just needed to do something quickly to arrest the deterioration.
“You can see what has happened in the last nine months with those measures he took. Yes, those measures are painful but they are needed to reset the economy and financials of this country. Otherwise, we would have ended into a much more disastrous situation.”
Lagos Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration's commitment to providing a friendly environment for investors, particularly multinationals from the United States and Africa, to invest in the State.
He said Lagos is open and ready for investments and therefore urged foreign and local investors to see the State as an investment attractive destination, noting that his administration is willing to do what is expected of the government to create a conducive environment for business to thrive.
Governor Sanwo-Olu spoke during a courtesy visit by the Corporate Council on Africa led by its President/CEO, Ms. Florie Liser at the Lagos House, Marina, on Saturday.
He said: “The world is actually moving and it is moving very fast. And it is no longer news that if the world wants to move, Africa is where that movement can happen. For us in Lagos, we are ready and our government is open.
“We have a city to run, a massive subnational that’s bigger than some other African countries. We are striving to make the city livable, resilient and equally competitive with other cities in the world and when we see ratings and outcomes of global rankings, we are excited. What it does for us is that it makes us also work harder because nobody is slowing down.
“This government is certainly committed. We are pushing on all the verticals of our economic agenda. We are trying to make life more meaningful for our citizens. We are trying to galvanize all the opportunities that are here. Lagos is open; it is ready and it is really for people to see it, smell it, and make the right call. The call is to see it as an investment attractive destination. And whatever you want us to do as a government, we are always willing to do it.
“We are happy that you have come on a courtesy visit. We are willing to grow the partnership. My government is open and willing to engage further in whatever form that can make your members feel confident that the government is helping and willing to help investments. The number is here, people are here and the environment is here. Let us create a mutual government-to-business and business-to-government relationship.”
Speaking about his administration's achievements in line with the THEMES+ developmental agenda, Governor Sanwo-Olu said his government has intervened and created several intentional opportunities in critical areas such as public transportation, health, education, technology and entertainment.
Governor Sanwo-Olu also expressed his excitement about the Red Line rail, which is expected to be inaugurated by President Bola Tinubu on Thursday. He said he is excited that his administration, which started the project, is going to hand over the infrastructure to the public.
He said the train service, which is expected to carry hundreds of thousands of Lagosians from one destination to another, is one of the ways his government can make Lagos livable for the residents of the State.
Speaking earlier, Ms. Liser, said the Corporate Council on Africa, which is a business association with members of both United States and African multinationals, is willing to partner with Lagos State Government in energy, power, infrastructure, agro-business, technology, trade and finance, among others.
Liser, who disclosed that they are excited to be in Lagos for a trade and investment mission, commended Governor Babajide Sanwo-Olu's administration for his laudable achievements in the State, especially the Red Line project.
She also praised the State Government for focusing on fintech, health and driving investment into Lagos State.
Liser also invited Governor Sanwo-Olu to the CCA Africa business summit holding in Dallas, Texas on May 6-9 for him to address the summit on what he has done as the Governor of Lagos State.
SIGNED
GBOYEGA AKOSILE
CHIEF PRESS SECRETARY
25 FEBRUARY 2024
Governor Babagana Zulum of Borno State on Sunday, says he has done his best for internally displaced persons and vulnerable residents threatening to join terrorists in the forests.
Earlier in the week, some IDPs who lamented over the widespread hardship in the land, said they were considering joining the sect wooing them.
But while addressing some IDPS, at Mafa, on Sunday, Zulum expressed displeasure over the action, warning that those who intend to go back to the forest to realise that there is no second chance.
“Yesterday, I received a report that some IDPs in Dikwa have protested that they will return to the bush because we could not provide food to them. This afternoon, others in Mafa have also done the same,” Zulum said.
“In the last couple of years, we have consistently provided food to internally displaced and vulnerable people. Believe me, what we are doing is even beyond our capacity. In the last four years, the Government of Borno State spent nothing less than N40bn to provide food and non-food items to the people of the State.”
“No government, be it state or federal, has the capacity to provide food to everyone and let me categorically state that I cannot do more than this. The hardship we are facing is not only in Borno State, but all over Nigeria. There are economic crises in all parts of the world. No state in Nigeria is doing better in the distribution of palliative than Borno.
“We distributed food to IDPs and vulnerable communities every quarter. However, with the improvement in the security situation, we decided to reduce the number of our distribution because people have started earning their livelihood.
“Most of you here (more than 80%) now have access to agricultural land, and I believe you have cultivated your farmlands and harvested your farm products.
“Both State and Federal governments spend huge amounts of money on security. We have realised substantial progress in terms of development and terms of security. Let me be frank with you that we will not condone mischievous activities. If you think life in the bush is better than living here, you can go.”
The Governor expressed gratitude to the federal government for providing the needed support to attain substantial peace in Borno State.
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A former Member of the House of Representatives, Dr Usman Bugaje, has said President Bola Tinubu’s loyalists who served with him when he was Lagos governor misled him on the post-Niger coup crisis.
Some of Tinubu’s loyalists from Lagos who are also in the presidency have been dubbed ‘Lagos Boys’.
Bugaje, who represented the Kaita/Jibaya Federal Constituency of Katsina state from 2003 to 2007 said the Lagos Boys exhibited arrogance and failed to consult experts before advising Tinubu to threaten Niger after the coup.
Recall Nigeria’s neighbouring nation, Niger experienced a coup that ousted President Mohamed Bazoum on July 26, 2023.
Gen. Abdourahamane Tchiani, who served as the commander of the Nigerien presidential guard has taken over since then.
President Tinubu, the Chairman of the Economic Community of West Africa (ECOWAS) sent a delegation to the Niger’s junta seeking the return of the democratically elected government but efforts put abortive.
The ECOWAS chair also issued threats of using military force to end the military takeover but Tchiani did not bulge.
Tinubu, after several efforts failed, closed the Niger-Nigerian border, and cut electricity, medicine, and others.
Speaking about how the Nigerian government handled the Nigerien crisis, Bugage who just returned from the coup-hit nation said Tinubu acted beyond the ECOWAS brief.
Bugaje, former House Chair on the Foreign Affairs Committee disclosed this in an interview with Trust TV.
“The social media says that ‘Lagos Boys’ know everything. So, maybe this is the arrogance they came with. They think and don’t consult; whatever it is,” Bugaje said.
“I want us to see that as a country we have violated the norms, we have done things that are far beyond the ECOWAS brief, and that has created a lot of negative reactions from Niger.”
Based on his interactions with Nigeriens when he visited their country, the ex-federal lawmaker said, “Niger is taking these things with a lot of humility and decorum; and they are still saying that despite what you people have done to us, we still see Nigerians as our brothers, we still see these colonial boundaries as artificial, not barriers.”
After the meeting over the weekend, ECOWAS has lifted sanctions imposed on the three Sahel junta-led nations – Niger, Mali and Burkina Faso.
Says Claims Are Speculative & Protests Legally Questionable
The Nigeria Labour Congress (NLC) has alleged that the government has perfected plans to launch attacks against the two-day nationwide peaceful rallies it scheduled for 27 and 28 February.
NLC President Joe Ajaero made the allegation in a statement he signed and made available to journalists on Sunday in Abuja.
In a swift response, however, the federal government has denied the allegation describing it as “speculative.”
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said by raising the allegation, “NLC is feeling guilty in hatching its hidden agenda influenced by partisan considerations.”
Mr Onanuga who spoke to the News Agency of Nigeria (NAN) on the alleged attack, said the planned protest is illegal as it is against a subsisting order of court.
He said the NLC had a hidden agenda because most of the issues raised by labour for embarking on the protest had been addressed by the government.
Mr Ajaero in his statement titled, “As the State Prepares to Unleash Violence on us” alleged that one of the groups being primed to attack the peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF).
“NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by government to cause violence against our members for electing to peacefully protest against the hunger in the land.
“We would want the State to know that the solution to our horrible economic situation and hunger is not by suppressing peaceful dissent or inflicting violence on peacefully protesting citizens,” he said.
Mr Ajaero insisted that the NLC and its civil society allies were moving ahead with the protest rallies against economic hardship and insecurity in line with the decision of the National Executive Council.
“As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of State-engineered violence.
“In light of this, we advise the State to put on its thinking cap and find solutions to the pains it continues to cause the people instead of further dehumanising them,” he said.
Mr Onanuga, however, insisted that the issues raised by the labour union had been addressed by the government, including the payment of a wage award of N35,000 monthly for six months.
He said the money had been paid to civil servants up till January 2024 and only that of February is outstanding.
The president’s aide said the federal government had inaugurated a 37-member Tripartite Committee on National Minimum Wage to review and come up with an acceptable and sustainable Minimum Wage for Nigerian Workers.
He said the government had made substantial financial commitments on the provision of CNG Buses and Conversion Kits.
According to Mr Onanuga, the buses will be rolled out very soon to alleviate the transportation challenges being faced by Nigerians.
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the anti-graft agency received over 5,000 fraud petitions and recovered N60bn loot.
Of the 5,000 petitions, he said the EFCC had approved 3,000 for investigation.
President Bola Tinubu appointed Olukoyede EFCC chairman on October 12, 2023.
He replaced Abdurasheed Bawa, an appointee of ex-President Muhammadu Buhari, who was suspended, detained, and booted out of office by Tinubu.
Olukoyede, speaking on Saturday in Lagos as the guest lecturer at the 20th-anniversary lecture of the Human and Environmental Development Agenda Resources Centre, said the EFCC had recovered over N60bn and $10m, in less than four months since he assumed office.
He said, “When we set out to investigate, people see it as a fight between EFCC and the rest of us. It should not be so. How much will the EFCC do?
“How much will the ICPC do with its staff strength? I have less than 4,800 staff. I am talking of an agency that is serving people who are over 150 million.
“All we have to do is investigate and present the facts before the court. I will not be the one to give judgment. That is where we have collective responsibility. When you see something, you say something
“The issue is we are working as if we are not working. Upon my assumption of office between then and now, I have received over 5,000 petitions. I am not talking of just the one we received, but the one that we have checked and we discovered that there was substance in it. That is just for one agency, the EFCC.
“As I am talking to you I have approved the investigation of over 3,000 cases in less than four months, but what is our capacity? How many staff do we have? What resources do I have access to?
“In less than four months, we secured convictions of 700 and recovered over N60bn and over $10m.
“If I am able to recover over N60bn in less than 100 days, you can imagine how much has been stolen.
“I can tell you that for the billion that has been recovered, a trillion has been stolen.”
On his part, the Chairman of HEDA, Mr. Olanrewaju Suraju, noted that the anti-corruption fight had been challenging and urged all Nigerians to join the fight.
“We need an effective policing system with integrity, then the court must not continue to discharge persons with corruption cases still hanging on their necks,” Suraju said.
The Nigeria Customs Service (NCS) has launched an investigation following reports that a stampede during its discounted rice sale in Lagos left numerous people dead.
Eyewitnesses said chaos erupted on Friday at the Customs zonal office in Yaba as huge crowds scrambled to purchase bags of seized foreign rice being sold at N10,000 each, significantly below market cost.
In the ensuing stampede, no fewer than 7 persons were said to have been trampled to death while dozens more were injured. Customs authorities admitted the scenes were chaotic but blamed lack of patience by the crowds.
The Lagos chapter of the All Progressives Congress (APC) confirmed that one of its female members, Comfort Funmilayo Adebanjo, died in the incident while trying to buy the subsidized rice.
The rice sale was flagged off across NCS offices by the Customs boss, Col. Adewale Adeniyi (Rtd.) last week to ease economic hardship brought on by rising food costs. But the exercise has been marred by poor crowd control, casting doubts on its continuity.
Lagos Customs says it has kicked off an investigation to determine what led to the deadly stampede in Lagos to forestall a repeat as the rice sales continue in other locations.