As Workers’ Day approaches on May 1, 2024, the Nigeria Labour Congress (NLC) has set forth a list of seven critical demands from the Federal Government, highlighting the urgent need for a new minimum wage among other significant changes.

The announcement comes at a time of heightened anticipation, with expectations that President Bola Tinubu may announce the proposed new wage standards during the celebrations.

 

Key among the NLC’s demands is the establishment of state and local government police forces, aimed at addressing the escalating insecurity challenges across the nation.

Furthermore, the NLC insists that the new minimum wage, once ratified, must be uniformly implemented across all states, local governments, and the organized private sector.

This unified approach is deemed essential to ensure fairness and alleviate economic disparities across different regions and sectors.

This year’s Workers’ Day is particularly significant as it follows a tentative agreement by organized labour to set the new minimum wage at N615,000 per month.

This figure was determined prior to the recent increases in electricity tariffs by the Federal Government, which has added to the cost of living pressures faced by Nigerian workers.

An anonymous member of the Trade Union Congress’s National Executive Council shared with Punch that the wage figure was agreed upon after careful consideration of the current economic realities and the impact of governmental policy changes on the workforce.

The source said, “We are going to have another round of serious conversations with the government. Mind you, the tariff increase is also very good for us, because they (the government) did it when the new minimum wage process had not been concluded. So, it is going to be a good ground for us to ask for more money.”

The N30,000 subsisting minimum wage expired three days ago, as its five-year lifespan ended on April 18.

Former President Muhammad Buhari had signed the N30,000 Minimum Wage Act into law on April 18, 2019.

The tripartite committee, comprising representatives of organised private sector, organised labour and government, for a national minimum wage negotiation, follows the International Labour Organisation Convention 131.

In January, the president, through his Vice President, Kashim Shettima, had, on January 30, set up a 37-member panel at the council chamber of the State House in Abuja.

With its membership cutting across federal and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

In his opening address, Shettima urged members to ‘speedily’ arrive at a resolution and submit their reports early.

Chairing the panel is a former Head of the Civil Service of the Federation, Bukar Aji, who, at the inauguration ceremony, affirmed that its members would come up with a “fair, practical, implementable and sustainable” minimum wage.

The inauguration followed months of agitation from organised labour who expressed concerns over the FG’s failure to inaugurate the committee as promised during negotiations last October.

From the government’s side, members include the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, representing the Minister of Labour and Employment; Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who was represented by the ministry’s Permanent Secretary, Lydia Jafiya; the Minister of Budget Economic Planning, Atiku Bagudu; Head of the Civil Service of the Federation, Dr Yemi Esan; and Permanent Secretary, GSO/OSGF, Dr Nnamdi Mbaeri, amongst others.

Representing the Nigeria Governors Forum are Mohammed Bago of Niger State, representing the North Central; Senator Bala Mohammed, Governor of Bauchi State- representing the North East; Umar Dikko Radda of Katsina State, representing the North West; Prof Charles Soludo of Anambra State, representing the South East; Senator Ademola Adeleke of Osun State, from South West; and Otu Bassey of Cross River State, representing the South-South.

From the Nigeria Employers’ Consultative Association are the Director-General of NECA, Adewale-Smatt Oyerinde; Chuma Nwankwo; Thompson Akpabio; as well as members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture— Michael Olawale-Cole (National President); Ahmed Rabiu (National Vice President), and Chief Humphrey Ngonadi, National Life President.

From organised labour are the NLC President, Joe Ajaero, and President of the TUC, Festus Osifo; his deputy, Tommy Etim Okon, among others.

Ajaero had announced N1m as the new minimum wage, owing to the rising inflation in the country which, according to him, had pushed many of the NLC’s members into poverty.

This led to several controversies, including experts saying that the suggested wage was unrealisable and unsustainable.

Speaking to Punch in Abuja, the NLC’s National Treasurer, Hakeem Ambali, listed seven demands the congress had made from the federal and state governments.

He said, “First, we expect that there should be improved labour government industrial relations, full implementation of minimum wage across the board for the federal, state, local government and private sector workers.

“Settlement of pension arrears, the establishment of compressed natural gas conversion centers in all senatorial districts, fixing of Port Harcourt and Kaduna refineries.

“Creation of state and local government police, granting of local government autonomy, granting of infrastructure support scheme to all local governments.”

Speaking further, Ambali noted that the Congress was still awaiting an invitation to the next meeting of the tripartite committee on minimum wage.

Meanwhile, a former two-term president of the TUC and one-time president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Peter Esele, had warned against the arbitrary fixing of a new minimum wage.

Speaking with Punch, Esele noted that the Federal Government and organised labour should agree on a new minimum wage before it is announced by the president on Workers’ Day to avoid another round of protests and strikes.

He said, “First, I will be surprised if organised labour says the Federal Government should announce the minimum wage. Probably the unions are hoping that by then, they will have concluded negotiations with the government. But for me, if the negotiation is not concluded by that time and the Federal Government goes ahead to announce the new national minimum wage, it is also possible that organised labour will dispute it. And what we are going to have is another round of protests and strikes.

“So my expectation for the labour unions is to put what they want on the table, while the Federal Government also puts theirs on the table. They should then both agree. But, suppose the Federal Government goes ahead and unilaterally announces a new national minimum wage, labour would oppose it, which, as I said, will lead to another round of industrial actions.

“It will be strange if the Federal Government announces the new minimum wage on Workers’ Day. However, I believe the governments are also smart enough not to make such a move unless they reach an informal agreement with the organised labour, and the Nigeria Employers’ Consultative Association.”

Esele also ruled out the possibility of problems arising if organised labour and the Federal Government fail to reach a concrete agreement on the new minimum wage by May Day.

He said, “The fact again remains that if both parties are still on the negotiation table by next month, it does not prevent the proposed new minimum wage from taking effect that month. What it simply implies is that whenever the agreement comes, the government will pay arrears.

“Even in the organised private sector, that is what we do. You can go on negotiation for even six months, but once an agreement is finally reached, and the last collective bargaining has expired, for whatever is agreed whether in six months or a year later, the arrears will be paid by the employers, which is the government in this case. So if the agreement is in place, it doesn’t matter whether they announce it on May 1 or not, the salary arrears must be paid.”

Meanwhile, the NLC is also demanding for the creation of state and local government police.

This demand is coming a few weeks after 16 state governors submitted reports expressing their support for establishing state police to the National Economic Council.

In the report, they also recommended changes to the constitution to allow for the creation of state police.

The reports were part of documentation received at the 140th NEC meeting presided over by Vice President Kashim Shettima at the Aso Rock Villa on Thursday, March 21.

Special Adviser to the Vice President on Media and Communications, Stanley Nkwocha, revealed that in a statement titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’

According to the statement, NEC is still awaiting reports from 20 states. It expressed confidence that others would support it.

Disclosing discussions at the NEC meeting, Nkwocha said, the “Secretary to NEC (Nebeolisa Anako) made a presentation on submissions by states on the state policing initiative. Reports have been received by 16 states on the establishment of state police. 20 states have yet to send in their reports. All states across the country expressed their support for the establishment of state police.

“States made presentations in support of the creation of state police. They also recommended changes in the constitution, and the current policing structure to enable the operationalisation of the initiative.”

[NaijaNews]

  • Speculators count losses as naira rises against dollar
  • Naira will continue to appreciate against dollar – Shettima

The Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February.

But soon afterwards, the Naira started to recover and was at a time N1,200 until the middle of last week when it lost some grounds to the dollar again.

Observers blamed its earlier misfortune on alleged manipulation of the market by Binance and are citing the new crypto exchange platforms BYBIT and BITGET as the cause of the latest slip.

But Vice President Kashim  Shettima declared yesterday in Abuja that the Naira would continue its upward mobility against the dollar.

An investigation by The Nation also showed that many speculators who had invested in the dollar in the hope that the naira would go further down are now counting their losses. 

On Monday last week, the Naira was N1,100 to a dollar at the black market. It depreciated to N1,148 by Tuesday and N1,169 on Friday. Observers believe this is on account of the operations of the peer to peer platforms and say government must step in to stop the naira slide.

 

Following the recent recovery of the naira, the global investment banking, securities and investment management firm Goldman Sachs Group, Inc. rated it one of the best performing currencies around the globe.

The firm had initially predicted a naira to dollar exchange rate of 1,200 by year-end 2024 but later said the Nigerian currency could exchange for 1000 to a dollar or even below provided the authorities are able to maintain the tempo of their economic reforms.

 This bullish forecast, it said, followed capital inflows and interest rate adjustments, aiding the naira recovery from substantial losses incurred due to two devaluations since June, following the government’s relaxation of currency controls.

See more on the latest threat to the naira on Page 26.Naira’ll continue to appreciate against dollar, Shettima tells LCCI team

But Vice President Shettima is optimistic that the naira is on course to regain its status as a currency to reckon with.

“The naira went haywire and some people were celebrating. But inwardly, we were laughing at them because we knew that we have the leadership to reverse the trend,” the VP’s spokesman, Stanley Nkwocha, quoted him as telling his visitors.

He added: “Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Shettima said government’s decision to end fuel subsidy and unify the multiple exchange rate was necessary to address the challenges facing the country.

On efforts to boost the power sector and generate jobs for youths, he said: “We are determined to ensure that we generate jobs for our youths.

“Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

“He wants to leave a legacy, one of qualitative leadership, because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend,” VP Shettima further noted.

The LCCI delegation presented recommendations to the VP, including the need for more innovations to address insecurity and promote credit access, stimulate investment and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology,” he added.

Other members of the LCCI on the delegation included Chief John Odeyemi, Chief Dr. Nike Akande, Asiwaju (Dr.) M. Olawale-Cole, Prince Funayo Okeowo, Gwueke Ajaifa, Sir Ladi Smith, Abimbola Ola, Olufemi Bakare, Ayotunde Coker, Tolulope Adeleke, Stephen Alangbo, Dr Chinyere Almona and Mrs Temitope Akintunde.

In a separate meeting, VP Shettima urged Nigerians to live peacefully among themselves and learn to accommodate each other.

He made this appeal when a delegation from the Association of National Accountants of Nigeria (ANAN) led by its President, Dr. James Neminebor, paid him a visit at the Presidential Villa, Abuja.

He emphasised the need for tolerance and togetherness, citing the example of Jos, which he described as a hospitable city with a diverse population.

He also asked the association to channel its request for land in Abuja through the Deputy Chief of Staff to the President, Office of the Vice President, to enable him to follow it up with the relevant authorities.

He said: “No matter how long the night is, it must give way to the light of the dawn. The crisis we have in Jos will soon be over.

“Jos is the most hospitable city in this country in terms of weather. If we can harness the potentials of Jos and the Plateau as a whole, I believe that we can transform this nation into a better place.

“In one way or the other, we should learn how to accommodate each other; we should learn how to embrace one another. My SSA Media, Stanley Nkwocha, is a Jos boy.

“Jos is ideal; Jos is not an ethnic identity. Some of the Hausas, the Fulanis, the Kanuris and the other ethnic groups living in Jos were born and bred in Jos. They don’t have any other place to call home.

“The beauty of the Jos experience is that we have the generality of Nigerians called Northern Igbos. He (Nkwocha) is Igbo; Owelle Rochas Anayo Okorocha is a Northern Igbo. This gentleman (Nkwocha) speaks Hausa more than I do. We also have Sir Emeka Offor and so many of them.

“I believe that we should learn to imbibe in Nigeria that culture of tolerance, of togetherness, because I will rather be a small fish in a big pawn than to be a big fish in a small pawn.

“We are a kaleidoscope of colours. The sooner we realise it, the better,” he said.

Earlier, ANAN President, Dr. Neminebor, told the VP that there was need to introduce a new value orientation where the issue of discipline will become a culture for Nigerians, even as the association recommended the setting up of Anti-corruption Recovery Investment and Management Commission to prevent the re-looting of recovered assets in the country.

Currency speculators count losses as naira rises against dollar

It was gathered that many speculators have lost money following the recent resurgence of the naira.

Such speculators had invested massively in the dollar in the hope that naira would depreciate further.

An investigation by our correspondent revealed that many of the currency hoarders who had envisaged that the value of the naira would depreciate further as low as N2,000 or more to $1 as anticipated in mid-February, have all being proven wrong as the nation’s legal tender has witnessed a rebound.

Some black market operators reportedly lured some of their patrons to dollarise their cash as the naira, in their calculation, would depreciate further.

However, the naira recorded a rebound even beyond the expectations of many, such that the gains of the naira have been the loss of many currency speculators who borrowed money to dollarise their assets. 

Confirming this development, one of the BDC operators in Mushin, Lagos, who simply gave his name as Adamu, said: “Some BDC operators lured individuals to buy dollars when it was between N1700-N1800 to the dollar. But now that the naira has recorded a rebound, most of them are counting their losses, no doubt.

“It’s very painful that they had to stake a lot of their hard earned money to do currency speculation.”

Chukwudi Iwuchukwu, a financial lawyer, noted that some individuals who bought N10 million worth of dollars at the black market on February 24 suffered huge losses as the current value of their liquid asset is worth only half the sum.

“If you bought N10 million worth of dollars at the black market on February 24, it’s currently worth about N5 million,” he said.

Writing on his former X handle, A. Ayofe @abdullahayofel last Tuesday recounted the experience of one of the currency speculators who is now in debt as a result of his wrong investment decision.

“Someone I know borrowed N18 million from a money lender to buy $10,000 at N1,800 to $1 in February to pay back N19 million in May (three months) when the dollar gets to say N2,000 or more.

“Today, that N18 million is worth N11 million at N1,100 to $1. He is now looking for where to get extra N8 million to clear his debt as the three months is fast approaching.

“He used his bungalow as collateral. The problem now is that before May, the money could further reduce to N9 million at N900 to $1, making it impossible to retrieve his house.”

Dr. Aminu Gwadabe, the National President of Association of Bureaux de Change Operators of Nigeria (ABCON), said the otherwise awkward situation of the naira in the last few months has given way to optimism.

He said: “It is really exciting and interesting as we witnessed profound and significant naira rebounds faster than expected.

“It is a triumph of reality over behaviours that have no economic fundamentals.”

Gwadabe said all those who lost their investable funds during this period have to accept their fate.

“As regards the complaints of people borrowing money to speculate and make a margin, my take is that for any economic activity, there is reward and there is loss.

“So it is a gamble where you either win or lose. They should move on and next time be careful in jumping into what they cannot control.”

On the way forward, the ABCON boss appealed to the CBN and the fiscal authorities to proactively continue to induce confidence in the economy, strengthen stakeholders engagement, quick and fast responses including service delivery.

“Other hanging fruits include harnessing proceeds of diaspora remittances to inject liquidity through the BDCS. There should also be concerted efforts from all agencies of government to de-risk non-oil exports products to have a paradigm shift in our sources of foreign exchange to boost our external buffers.”

He added: “The excellent job of the security agencies in tackling corruption and money laundering should remain the cornerstone of this government. Above all, we must all as Nigerians have a change of mindset.”

[TheNation]

Vice-President Kashim Shettima says President Bola Tinubu ended petrol subsidy and multiple exchange rates in the official market because they were producing billionaires overnight.

Shettima spoke during a courtesy visit by a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by Gabriel Idahosa, president of the chamber, in Abuja on April 18.

Tinubu declared the end of petrol subsidy during his inaugural speech as president on May 29, 2024.


A month later, the Central Bank of Nigeria (CBN) unified the multiple exchange rates in the official markets.

Also, Shettima expressed optimism about the performance of the naira.

He said the naira will continue to appreciate in the foreign exchange (FX) market.

After a consecutive appreciation trend from March 20, the naira depreciated by 17.14 percent to N1,230 per dollar on April 19.

He said the naira will strengthen in the coming days.

“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend,” he said.

“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Meanwhile, Shettima said the present administration is making every effort to address challenges in the power sector because it is aware that power is crucial.

“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal,” he said.


Shettima said Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.

The Nigerian Immigration Service (NIS) has made state of origin certificate a compulsory requirement for passport renewal and fresh application.

Immigration made this known to the public in a post on its X handle on Saturday morning.

It said passport applicants do not necessarily need to go to their states of origin to get the “indigenship document”.


NIS added that it is aware that most states have liaison offices in other states.

“For example, Anambra state has liaison offices in Lagos (Eti-Osa) and Abuja (Asokoro),” NIS said.

According to Immigration, these liaison offices are empowered to issue such documents.

NIS said every document that the it requires from passport applicants to produce/submit/upload was carefully thought through.

It further stated that each document is backed by certain laws and policy documents.

“They are approved by the Federal Government through our supervising ministry – in this case, the Ministry of Interior,” Immigration said.

“It is quite important, especially based on certain intel that we have (but cannot disclose publicly), that ANYONE, a Nigerian of course, who wishes to obtain a Nigerian passport – a document of authority for identification and travel – MUST prove beyond reasonable doubt, that he/she is a Nigerian citizen.”

NIS stated that for one’s claim of being a Nigerian citizen to hold water, there has to be a document that “ties” an individual to a local government (indigenous area) within the country.

This document is what NIS requests that an applicant presents to them, amongst others, to authenticate one’s claim of being a citizen.

Immigration has urged passport applicants to read up the particular part of the Nigerian Constitution that bothers on citizenship.

The basic requirements for first-time passport applicants are as follows: completed passport application form, a recent passport-style photograph and a copy of your National Identification Number (NIN).

Others requirement include a copy of applicant’s birth certificate, letter of consent from your parents or guardian and payment of N5,000 for the passport application fee.


The requirements for renewal passport applicants are as follows: completed passport application form, a recent passport-style photograph, a copy of old passport and payment of N2,000 for the passport application fee.

Following the decision of the National Executive Committee (NEC) of the Peoples Democratic Party (PDP) to retain Ambassador Umar Damagum as Acting National Chairman, the battle for the soul of the party has now shifted to the forthcoming State congresses.

Sunday Vanguard gathered that Damagum’s survival, in what appeared to be a coordinated attempt to replace him, has opened new frontiers for the battle to control the party’s structure ahead of the 2027 general elections.

Loyalists of the Minister of the Federal Capital Territory (FCT), Nyesom Wike, who are the main backers of Damagum are celebrating his retention as a victory over loyalists of former Vice President, Atiku, who wanted Damagun replaced.

The battleground for the soul of the party has now shifted to the usually contentious Ward, Local Government and State congresses.

Governors, who have powerful predecessors or party stalwarts, will be battling to either retain or take control of the party structure at the state level to enhance their chances of political survival.

Dispute

At the height of the political dispute between Wike and his successor, Similaye Fubara, the FCT Minister had told all who cared to listen “We will not allow anybody to tamper with our structure in Rivers State.”

But Fubara appears determined to do just that in order to consolidate his position as governor.

A member of the PDP National Executive Committee (NEC), who spoke in confidence for fear of retribution, explained that politics begins at the grassroots hence the decision of party leaders whose political relevance is at stake to return to the drawing board.

The party stalwart, who is sympathetic to Atiku, said, “This (the Damagum debacle) was just one battle, there are several ahead. We are going back to plan for state congresses.

“We will work with friendly governors in states where our party have them. In states where we don’t have a government in place, we will work with leaders to stabilize the party.

“As you are probably aware, these are areas where the battle is likely to be fierce. The state executives have a crucial role to play in organizing the party and the election of delegates for crucial elections”.

Gains

In the same breath, Wike’s loyalists are not leaving anything to chance as they are said to have set in motion a machinery to consolidate on recent gains.

Those familiar with the plan confided in Sunday Vanguard, “This group is not taking anything for granted. What is next is to ensure that the committees to be set up to conduct ward, local government and state congresses do not take us by surprise.

“To Wike’s credit, he has built a lot of bridges in the party over the years.

“He has a sizable number of loyalists nationwide. He remained and kept the party together when Atiku and his friends abandoned the party in 2015”.

An Imo State chieftain of the party, Dr. Katch Onanuju, whose sympathy lies with Wike, while speaking on the issue, said, “We have issues in our party no doubt, but we will sort ourselves out.

“All the noise about Wike doing anti-party is lacks basis. Whatever he did in 2023 is nothing compared to what the five northern governors and Rotimi Amaechi did to the party in 2015. Wike never left our party, he remained and has been helping to rebuild it ever since.

“The party will surmount its problems if there is sincerity of purpose. The congresses are coming up, there will be fresh crisis if some people think they can sit in Wadata Plaza and impose leaders on the states and write lists where people who never participated in the electoral process are named as leaders.”

[Vanguard]

President Bola Tinubu congratulates Mr. Tunde Onakoya on setting a new world chess record and sounding the gong of Nigeria's resilience, self-belief, and ingenuity at the square of global acclaim.

Mr. Onakoya broke the Guinness World Record for the longest chess marathon on Saturday, after playing for over 58 hours and winning every match in tow.

President Tinubu celebrates the Nigerian Chess Champion and founder of Chess in Slums Africa for the rare feat, but especially for the reason driving this compelling demonstration of character, which is raising funds for African children to learn and find opportunity through chess.

The President states Mr. Onakoya has shown a streak customary among Nigeria's youth population, the audacity to make good change happen; to baffle impossibility, and propel innovations and solutions to the nation’s challenges, even from corners of disadvantage.

The President affirms that Nigeria's youths have demonstrated in all fields, including Afrobeats, Nollywood, the pulsating skit-making enterprise, education, science, and technology, that great exploits can truly come from small quarters.

President Tinubu commends the inclination of Nigerians - across artificial partitions - for unity, once again exemplified through their undiluted support for this epoch-making endeavour.

The President assures all citizens that his administration remains strongly committed to creating and expanding opportunities for the youth to explore and exercise their abilities and become the symbols of greatness our nation represents into the future.

 

Chief Ajuri Ngelale 

Special Adviser to the President 

(Media & Publicity)

 

April 20, 2024

Babajide Sanwo-Olu says Tunde Onakoya’s achievements show greatness can come from humble beginnings.

The governor, in a statement on Saturday, congratulated the young chess master for completing a 60-hour chess marathon in New York.

Tunde Onakoya is a Nigerian chess master, coach, and the founder of a non-profit initiative called Chess in Slums Africa.

He has organised several interventions for children across slums in Lagos state including Ikorodu, Makoko, and Oshodi.

The children are engaged in a two-week session to unlock their potential through chess while learning and acquiring literacy.

Onakoya would take on what became one of his most daring projects, opting to set a record for the longest chess marathon.

The Nigerian completed the Guinness World Record (GWR) attempt on Saturday after surpassing the previous mark of 56 hours.

GWR is typically expected to vet an attempt before confirming that a new record has been set on any task.

Sanwo-Olu said Onakoya’s achievement at Times Square New York captures “the true spirit of Lagos”.

“Your journey from Lagos, Nigeria to global recognition embodies the spirit of our great city,” he said of the young chess master.

“Tunde Onakoya continues to demonstrate that greatness can emerge from even the most humble beginnings.

“His remarkable story serves as a blueprint for all of us in Lagos city where his impact has been felt the most, showing that, with determination, dreams can indeed soar to monumental heights.

“Tunde’s entire journey was showcased on digital billboards and celebrated with watch parties, capturing the true spirit of Lagos. Despite enduring pain and fatigue, Tunde persevered, driven by his commitment to empower the children he champions.

“This is your moment, Tunde, and Lagos stands with you every step of the way.”

Onakoya learned to play chess at a barber’s shop in an Ikorodu Lagos slum where he grew up.

He got a diploma in computer science at Yaba College of Technology, representing the school in chess competitions.

Onakoya, aged 29, is a board member of the New York City-based non-profit The Gift of Chess.

The Nigerian Air Force (NAF) is expected to take delivery of six M-346 fighter aircraft before the end of 2024.

In November 2023, NAF struck a deal with Messrs Leonardo, an Italian defence company, for the supply of 24 M-346 fighter aircraft.

The deal is reportedly worth around €1.2 billion.

On Wednesday, Claudio Sabatino, the vice-president of the Italian company, visited NAF headquarters in Abuja and met with Hasan Abubakar, the chief of air staff.

In a statement by Edward Gabkwet, NAF spokesperson, Sabatino was quoted to have assured Abubakar of the timely delivery of the first batch of the aircraft.

Sabatino said further agreement between NAF and the company would be necessary to complete some aspects of the projects.

He added that after the final agreement, the maintenance of the aircraft fleet would not constitute a challenge as there is a binding agreement for the 25-year maintenance support.

Sabatino disclosed that the manufacturing of the aircraft fleet has reached an “appreciable state”.

On his part, Abubakar commended the company for the “assurance of long-term maintenance support” for the aircraft fleet.

The NAF chief urged the Italian company to set up a maintenance hub in Nigeria to serve the needs of its African clients.

“Reflecting on the journey thus far, Air Marshal Abubakar also acknowledged the challenges overcome and expressed optimism for the future trajectory of the partnership,” the statement reads.

“Envisioning the operational impact that the M-346 fighter aircraft, Air Marshal Abubakar underscored its dual role in bolstering training capabilities and augmenting operational effectiveness in diverse mission scenarios.

“Moreover, the prospect of close air support, air interdiction, and tactical reconnaissance as well as advanced pilot training capabilities inherent in the M-346 fighter aircraft heralded a new prospect for NAF’s operational versatility.”

The federal government says it will pin down Ways and Means advances to deal with the problem of too much liquidity in the system to stem inflation.

Wale Edun minister of finance and co-ordinating minister of the economy, spoke to journalists in Washington DC, United States, shortly after a meeting with investors at the on-going spring meetings of the International Monetary Fund (IMF) and the World Bank.

He told the global gathering that the current administration, led by President Bola Ahmed Tinubu, is fully determined to “pin down” Ways and Means to alleviate the pressure of the excess money in the system.

The minister said the fiscal and monetary authorities are also working towards bringing down inflation.

“The two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again,” Edun said.

“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”

Speaking on food security, Edun said the present administration is dealing with the problem in order to provide farmers’ with access to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

Edun added that agro clusters are being developed in collaboration with the African Development Bank (AfDB) to increase food production in the country.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN); Lydia Shehu Jafiya, permanent secretary, federal ministry of finance, and Zainab Ahmed, former minister of finance, were some of the top government officials who attended the meeting.

On February 9, Cardoso had said the CBN would halt its Ways and Means advances to the federal government.

He said the apex bank would no longer be a part of the Ways and Means agreement with the federal government until all outstanding debts are refunded.

Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.

According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.

However, he voluntarily decided to step down on April 20.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016.

Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).

Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).

Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.