President Bola Ahmed Tinubu kept mum as the recent 240 per cent electricity tariff hike worsens the suffering being faced by Nigerians.

DAILY POST reports that the recent electricity tariff increase for customers has birthed another page of hardship for Nigerians.

While the residues of pain caused by the removal of subsidy and the Naira floating policies implemented by Tinubu’s Government last year still lingers, the hike in electricity tariff for customers under Band A, getting at least 20 hours of power supply, has further unsettled Nigerians.

In defence of the hike, the Minister of Power, Adebayo Adelabu, noted last Friday that 85 per cent of electricity will not be affected.

He added that the Government would save N1.14 trillion in electricity subsidies.

Despite Adelabu’s position, the Nigeria Labour Congress, Trade Union Congress, Lagos Chambers of Commerce and Industry, and Abuja Chambers of Commerce and Industry have all openly condemned the new electricity tariff hike.

They all agreed there is a cloud of confusion around the tariff implementation amid economic hardship.

Upon the new tariff announcement by the Nigerian Electricity Regulatory Commission Tuesday last week, the eleven Discos began implementing the N255 kilowatt-hours rate for customers getting 20 hours.

However, the implementation has attracted widespread dissatisfaction among electricity consumers.

Abuja Electricity Distribution Company apologized to consumers for wrongly applying new tariff hikes on B, C, D, and E customers, who were categorized as getting 16 hours of power supply.

Consequently, Abuja Disco was slammed with a fine of N200 million by NERC over the wrong billing of customers. The Commission also ordered the Disco to refund affected customers with energy tokens before 11 April, 2024.

Fear of Arbitrary Billing

Despite the sanction imposed on Discos, Nigerians are still apprehensive that all 12 million electricity consumers may bear the new tariff burden.

The Federal Competition and Consumer Protection Commission, FCCPC, confirmed this when it asked the Government to order Discos to meter all Band A customers within 60 days.

FCCPC also stated that consumers in Bands B, C, D, and E should not be migrated to Band A without being metered.

According to NERC data, only 5.7 million electricity consumers are metered, while around 6.3 million are unmetered.

The development further heightened the fears of arbitrary billing by Discos.

Nigerians Paying for Darkness

While the electricity hike subsisted, the power supply remained epileptic nationwide.

National grid collapse, repairs by the Transmission Company of Nigeria and fire incidents have resulted in downtime.

This year alone, the grid has collapsed three times.

Electricity supply has dropped significantly since January due to gas constraints.

Meanwhile, the latest gas price increase of 11 per cent has further worsened Nigeria‘s power sector challenges.

This is why Kunle Olubiyo, the Nigerian Consumer Protection Network President, said Nigerians have continued to pay tariffs for darkness.

The Senior Staff Association of Electricity and Allied Companies, in a statement by its National Secretary, Nnamdi Ajibo, called for a reversal of the electricity tariff hike.

Band A electricity consumers

According to a list compiled by NERC, the eleven Discos have 481 Band A feeders, which supply consumers with at least 20 hours of electricity.

Meanwhile, electricity consumers under B, C, D, and E bands get 16 hours of power supply and below.

However, the Trade Union Congress has said no Nigerian receives 20 hours of power supply.

In contrast, the Association of Nigeria Electricity Distributors, ANED, insisted Nigerians receive 20 hours of power supply.

To address the confusion, NERC told Discos to publish a list of all Band A customers and set up a link to provide customers with information on their respective bands.

Experts React

In an exclusive interview with DAILY POST, Wumi Iledare, Professor Emeritus in Energy Economics and Executive Director of Emmanuel Egbogah Foundation, said the electricity tariff hike and gas price increase seem skewed to optimize producer surplus rather than consumer surplus.

He noted that there seems to be no penalty attached yet for Discos benefiting from the sudden rise in tariff but not delivering.

“New tariff is perhaps based on the increase in the wellhead price for natural gas for power generation.

“However, we must agree that N68 per KWhr is a price ceiling significantly below the market clearing price. So there are shortages due to high electricity demand at low prices.

“N68 is also not anywhere close to the fair return price of an economic good with decreasing marginal cost and average cost curve. It’s not even the socially optimal price of electricity either.

“So NERC had to do something apolitical, which ought to have been done long before now, but for institutional capture and political expediency that has seemed to be good judgement for too long. So it is better late than never. I guess the commissioners have come to understand these facts better than before.

“Of course, the accuracy of the tariff is speculative because of the many unknowns. It is perhaps arrived at based on assumptions and facts within the context of the pricing model applied.

“As more facts become available, the pricing model will be recalibrated in a self-adjusting manner. If what I am reading in the media is correct, there is a price discrimination application based on daily supply hours. Such a mechanism is not unusual in a segregated market structure in the power market.

“Looking at everything done so far within the last month in 2024 to spur up gas to power value chain, the presidential executive order 40, the increase in wellhead natural gas price by the Nigeria Petroleum Regulatory Authority, and discriminatory electricity tariff, the benefits seem to be skewed to optimize producer surplus than consumer surplus.

“Finally, regarding my take or endorsement, the biggest challenge with the implementation is how to properly distinguish the targeted class with the ability to pay and ensure 20+ hours of power supply to them.

“There seems to be no penalty attached yet for Discos benefiting from the sudden rise in tariff but not delivering. The ability to implement price discrimination is doubtful”, he told DAILY POST.

Similarly, Chinedu Amah, the CEO of Spark Online, a power sector investment forum, said the hike will enable the Government to unlock more cash to invest in things that will yield collective growth.

He noted that Nigeria does not necessarily have standard development for all citizens, stressing that it is difficult to define who is rich or poor by their place of residence.

“First of all, it is important to note that subsidy removal is a good move if it will enable the government to unlock more cash to invest in things that will yield collective growth.

“However, it is important to point out that we do not necessarily have standard development in all our cities; thus you cannot clearly define who is rich or poor in all cases by how they reside,” he said.

Meanwhile, an energy expert, Mr Eleojo Joseph, said the last one week had been hellish for Nigerians due to the electricity tariff hike.

He queried that there was no proper demarcation of Bands A, B, C, and E before the new tariff hike.

According to him, the hike will affect the country’s economy in the long run.

“It has been a week of complete anarchy, fraud and scam by the DISCOs on Nigerians, and the people are in total disrepair.

“How did we arrive here? We arrived here because we do not have a competent regulatory authority, and the Government does not understand the importance of electricity generation and distribution.

“NERC has been sleeping for eight years or more, and the incompetence is showing all over the sector. But thank God they have woken up from their slumber and are making all sorts of mistakes.

“The genesis of the problem is the lack of proper mechanism being put in place before the hike in price.

“It seems there is no interface between the operators and the Regulator. Was there proper demarcation or ringing of Band A, B, C, etc., users, and was it tested before they hiked the price?

“Who are the technical experts of the DISCOs? Who are their software and billing teams? So many questions to ask, but there won’t be answers.

“Why on earth will DISCOs lie on actual verifiable events? 20 hours of electricity is measurable. The DISCOs should be ready for litigation because there will be plenty of such cases in our courts in the coming months.

“The new sets of staff of the DISCOs are a fraudulent bunch who are only there to make money, and I foresee anarchy as most angry persons will take the law into their own hands and attack the DISCO staff on the field. We are headed to a dangerous state in Nigeria’s power sector.

“The economy is the ultimate loser in all of these things happening. More industries will relocate or close shops, unemployment will increase by the day and a more gloomy outlook for the country.

“Government should dedicate special attention and rate to the industrial sector and increase the take-home salary of workers in the private and public sector”, he told DAILY POST.

Similarly, the national secretary of the Network for Electricity Consumers Advocacy of Nigeria, Uket Obonga, said most Nigerians believe that the new tariff will be implemented across the board in a matter of time.

“The citizenry’s reaction to the recently announced increase in Electricity Tariff is both baffling and bewildering.

“The Nigerians believe it is just a matter of time before the tariff increase percolates down through the other Bands.

“Proof of this was the enthusiasm with which AEDC, EKEDC and IBEDC applied the tariff increase to all their electricity customers irrespective of their Bands before the Regulator clamped down a N200 Million fine on AEDC.

“It is true that the Federal Government has failed to honour its financial obligations to participants in the NESI, especially concerning payment for gas, GenCOs, and DisCOs.

“These lapses on the part of the Federal Government have emboldened the DisCOs to root for higher tariffs to balance their books.

“Unfortunately, higher tariffs do not necessarily translate to better services because there are two other partners, TCN and the GenCOs, who do not receive commensurate receipts from the DisCOs as monthly energy remittances.

“To improve power supply in Nigeria, a holistic approach must be implemented to address the several teething problems of the NESI.

“Gas constraints: An overhaul of our Gas two Power Policy. Increased homegrown participation in producing, processing, and distributing gas for homes, industry, and power generation.

“Presently, we are importing gas to augment our local supplies, which depend on Forex availability and rate.

“TCN Bottlenecks: an overhaul of the transmission system entails more lines, reconductoring, upgrade of power transformers, and the building of new substations.

“DisCOs rickety networks: some DisCOs have not added a single SPAN of overhead lines to their network, not to mention building new injection substations. There is an acute need to refurbish, upgrade and expand the distribution networks.

“The unending metering saga: There must be new regulations with severe sanctions for failure, flouting or by-passing the metering regulations.

“All connections must be metered; presently unmetered consumers must be metered within three years,” he stated.

[DailyPost]

  • Lawmakers’ constituency projects for monitoring

The stage is set for ministers to present their scorecards on the delivery of ministries on the eight priority areas of President Bola Ahmed Tinubu.

Special Adviser to the President on Policy and Coordination/Head of Central Coordination Delivery Unit (CDCU), Ms. Hadiza Bala-Usman, dropped the hint in Abuja yesterday.

 

They (ministers) were told by the President that will undergo compulsory periodic (quarterly) assessment to rate their performances in line with the identified priority areas.

The Tinubu’s administration also designed and released a Citizens’ Delivery Tracker App to monitor the performance of ministers and their portfolios.

 

Nigerians can use device to give feedback to the government on policies, programmes and projects.

The implementation of constituency projects allocated to senators and House of Representatives members are to be assessed too.

 

Ms. Bala-Usman, who spoke at the Go-Live Event of the Citizens’ Delivery Tracker, said restated Tinubu’s commitment to an open and transparent government in the larger interest of the nation.

She said the President has mandated all ministries to hold quarterly sectorial engagement sessions with citizens.

 

Unfolding Tinubu’s new strategy called: “Citizen-centric approach to governance,” the special adviser said since the ministers signed performance bonds, they will be evaluated on the eight priorities of the President.

 

The areas are:

•      Reforming the economy to deliver sustained and inclusive growth

•      Strengthening national security for peace and prosperity

•      Boosting agriculture to achieve food security

•      Unlocking energy and natural resources for sustainable development

 

•      Enhancing infrastructure and transportation as enablers for growth

•      Focusing on education, health, and social investment as essential pillars of development

•      Accelerating diversification through industrialization, digitization, creative arts, manufacturing, and innovation; and

 

•      Improving governance for effective service delivery.

Ms. Bala-Usman said: “For each of these priority areas, we agreed on specific deliverables and developed Key Performance Indicators (KPIs), which formed the basis for the performance bond which all ministers and permanent secretaries signed with the President in November 2023. These parameters will guide the quarterly assessments and annual scorecards, which the CDCU is mandated to present to the President.

“The President also insisted that the pain points of citizens must be recognized in developing the deliverables and KPIs. In line with the directive, the CDCD worked with our partners to further review the deliverables into granular issues that have direct impact on the lives of Nigerians.

“At this juncture, I would like to give a little background on the Central Delivery Coordination Unit (CDCU). The Unit was established by Executive Order 13 of 2022 to, among other things, coordinate and monitor the implementation of presidential priorities through the development of deliverables and KPIs for each ministry.

“These deliverables and KPIs were developed in consultation with the ministries and culminated in the signing of performance bonds by ministers and permanent secretaries of each ministry with Mr. president.”

She said President Tinubu has decided to allow Nigerians to know what the government is doing and assess ministers because of his commitment to “citizen-centric approach to governance.”

“The CDCU has also developed a Delivery Reporting Framework and Template, to accurately assess and report the performance of ministries, departments, and agencies (MDAs).

“We are adopting international best practices and utilising globally recognized performance indicators and benchmarks to assess the performance of MDAs in the implementation of government priority programmes, projects, and policies.

“The Delivery Desk Officers are the foot soldiers tasked with the responsibility of tracking and reporting the performance of the MDAs ahead of the quarterly assessment.

“Our partners from the Foreign Commonwealth and Development Office (FCDO), Tony Blair Institute for Global Change, and Delivery Associates also joined us to share experiences from across the world at this four-day capacity building programme,” she added. Hadiza unveiled Citizens’ Delivery Tracker Application, which is available at the URL: app.cdcu.gov.ng.

She said: “It (the tracker) will be available for download on the Google Play Store and in the Apple store within the next month. This application will enable citizens to know the deliverables and key performance indicators to track.

“It also presents citizens with the opportunity to give real-time feedback on their assessment of policies, projects, and programmes of government from anywhere they are in the country.

 “Additionally, to actualise Mr. President’s desire to give all citizens the opportunity to join the CDCU in the tracking and monitoring of the policies, projects, and programmes of the Federal Government in line with presidential priorities, we have, over the past couple of months, worked to upgrade the Citizens’ Delivery Tracker App.

“The Citizens’ Delivery Tracker is an application which affords citizens the opportunity to view the priority programmes and projects of the Federal Government on their devices.

“We upgraded this application through consultations with a wide spectrum of stakeholders, and it is now ready for use.”

Giving insights into how the government plans to engage the citizens, the special adviser said: “The CDCU is also expected to sensitize citizens-based organizations, working with the Open Government Partnership (OGP) and other civil society groups on the delivery of the presidential priorities.

“This is to be done by coordinating engagements on the priority programmes, initiatives, and projects, and providing up-to-date information using the citizens’ app and other channels of communication.

“Indeed, Mr. President is so committed to a citizen-centric approach to governance that he has mandated all ministries to hold quarterly sectorial engagement sessions with citizens.

“These citizen engagement sessions are part of universal deliverables that is applicable to all ministries and the engagements have already commenced for Q1 in consonance with Mr. President’s directives.

“The import of the preceding points is that the President is keen on leading an inclusive government through the involvement of all Nigerians in the governance process and that the CDCU is central to the actualization of this presidential aspiration.”

Responding to a question, she said: “The execution/ performance of constituency projects can be tracked in the Ministry of Special Duties.”

[TheNation]

The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days.

The development happened as the naira rose against the greenback at both the official and parallel markets on Monday.

The CBN has continued to deepen its battle to free dollar liquidity stocked up in the financial system by deploying various measures aimed at shoring up the naira against the United States dollar.

On Monday, the Olayemi Cardoso-led CBN issued a new circular, expressing concerns over the use of foreign currencies as collateral for naira loans. 

 

The circular made available on its website and titled “The use of foreign-currency-denominated collaterals for naira loans”, was referenced BSD/DIR/PUB/LAB/017/004.

Although this is not the first time the bank has prohibited the use of FCY, it said it had observed the use of foreign currency by bank customers as collateral for naira loans. Hence, the decision to prohibit its use.

In 2023, in a confidential letter to commercial lenders, the apex bank issued a stern directive against naira overdrafts backed by foreign currency deposits.

In the leaked letter dated August 17, 2023, and signed by the Director of Banking Supervision, Mr. Haruna B. Mustafa, the CBN said the development followed its findings from a recent supervisory review.

It was uncovered that the banks had been offering naira overdraft facilities secured with foreign currency deposits.

Despite this warning, the new directive indicates that banks have continued to engage in such practices.

In the latest circular signed by the acting Director, Banking Supervision Department, Adetona Adedeji, the apex bank said it observed the use of foreign currency by bank customers as collateral for naira loans.

As such, the regulator directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 per cent capital adequacy ratio computation as part of the bank’s risk.

The new directive means a borrower may no longer use dollar deposits in their domiciliary bank accounts as collateral to obtain naira loans.

According to stakeholders, the practice is partly due to the need to hedge against foreign currency spikes which can be costlier than interest rates.

 

 “The Central Bank of Nigeria has observed the prevailing situation where bank customers use foreign currency as collaterals for Naira loans.

“Consequently, the current practice of using foreign currency-denominated collaterals for Naira loans is hereby prohibited except where the foreign currency collateral is Eurobonds issued by the Federal Government of Nigeria or guarantees of foreign banks, including standby letters of credit.

“In this regard, all loans currently secured with dollar-denominated collaterals other than as mentioned above should be wound down within 90 days, failing which such exposures shall be risk-weighted 150% for Capital Adequacy Ratio computation, in addition to other regulatory sanctions,” the circular read.

The CBN’s stance against such practices arises from concerns of currency mismatch, which could introduce substantial financial risks for banks.

Rather than convert their dollars to naira, some borrowers will rather borrow in naira as the cost of buying the dollars back might be higher than the interest rate they pay for borrowing in naira.

However, this can have a ripple effect on the exchange rate due to its speculative tendencies.

The CBN maintained that it was on a mission to ensure adequate foreign exchange in the market even as the naira gains strength.

Eurobonds, according to the Hong Kong and Shanghai Banking Corporation, are bonds issued offshore by governments or corporations denominated in a currency other than that of the issuer’s country.

Eurobonds are usually long-term debt instruments and are typically denominated in US dollars.

Letters of Credit, according to the International Trade Administration, are contractual commitments by the foreign buyer’s bank to pay once the exporter ships the goods and presents the required documentation to the exporter’s bank as proof.

As a trade finance tool, Letters of Credit are designed to protect both exporters and importers.

The PUNCH reports that in the apex bank’s previous circular to all the banks signed by its former Director, Corporate Communications Department, Ibrahim Mu’azu, the bank said its attention was drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.

It also observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the Naira), which is the legal tender in Nigeria.

The CBN stated, “For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia that “the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount.” 

Furthermore, the Act stipulates that any person who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

Meanwhile, the naira has maintained its appreciation on the official and parallel markets against the United States dollar, strengthening to N1,230/$ at the official market and N1,220/$ on the black market at the close of trading activities on Monday.

This new rate which follows the decision by the CBN to adjust downward, the rate it sells to the Bureau   Change Operator, showed a 3.33 per cent appreciation over the N1,240/ dollar it exchanged on Friday at the parallel market.

The CBN on Monday reviewed the exchange rate for the Bureau De Charge Operators to N1,101 per dollar from N1,251/$1 as it plans to sell $15.88 million to 1,588 eligible BDCs.

CBN’s directive

In a letter addressed to the president of the Association of Bureau De Change Operators of Nigeria, the CBN announced the sale of $10,000 to the BDC operators at an exchange rate of N1,101 per US dollar.

This measure is intended to facilitate access to foreign exchange for legitimate transactions within the retail market.

The letter, signed by W.J. KANYA on behalf of the director of the trade and exchange department, outlines the directive for BDCs to sell the acquired forex to eligible end-users at a spread not exceeding 1.5 percent above the purchase price

Reacting to its effect on trade, a Bureau De Change operator selling at the popular Wuse Zone 4 market, Ibrahim Suleiman, said the new policy was causing heavy losses to traders, adding that the dollar would keep depreciating.

An affected trader, Malam Yahu Ibrahim, said the dollar was bought between N1,150 and N1,170 and sold at N1,220, leaving a profit margin of N50.

He said, “We are facing serious problem right now due to the way the dollar is crashing, the new rate by the CBN has disrupted a whole lot in the system. We are buying between range of N1,150 and N1,170 and selling at N1,220.  And we still expect that the dollar will continue to crash. the things is just coming down anyhow. If I tell how much people are losing every day, you won’t believe it.  It is just sad but it’s meant to make our economy better.

At the official market, the naira closed at N1,230/$ against the greenback from the N1,251.05/$ recorded on Friday, indicating a marginal appreciation of N21 or 1.67 per cent against the dollar.

This was supported by improved dollar supply at the Nigerian Autonomous Foreign Exchange Market.

The dollar supply on Monday however decreased by 49 per cent to $125.55 from $248.27m recorded on Friday.

 

The summary of the FX auction showed that the intraday high strengthened to N1, 261 stronger than N1,281 per dollar quoted on Friday. The intraday low increased to N1, 200 per dollar from N1,220 per dollar recorded last week.

With the new rate, the black market is currently selling higher than the official market.

The CBN decision to review the BDC rate followed an appeal by the Association of Bureau De Change Operators of Nigeria, the umbrella body for BDC operators. ABCON National President, Aminu Gwadabe, had written a letter to the CBN.

Experts react

Meanwhile, experts have commended the CBN for the latest move, saying it would help shore the dollar value.

Analysing the action of the apex bank, the Director of Research and Strategy, Chapel Hill Denham, Tajudeen Ibrahim, said that the move was a step in the right direction, which would boost dollar supply in the currency market and strengthen the naira.

He said, “The CBN is tackling the foreign currency challenge in a tactical manner and this is one of such ways through which they are making efforts to solve the problem. What this implies is that for you to have dollar collateral for a naira denominated loans, it is a mismatch in the first instance. A customer has gone to the bank to borrow N5bn and then if a bank should take an asset that is valued in dollars, maybe currency in its domicilary banks account or any asset that is sold would be sold in dollars, the bank now holds those assets as collateral. Over the years, if naira weakens, the value of those assets would be appreciating and that is one thing that can embolden the banks to want to speculate on the currency.”

Ibrahim maintained that given that the CBN had restricted the net open position of banks on foreign currency assets and liabilities, it is right to scrap the practice of banks holding foreign currency as collateral for naira loans.

“Since the CBN scrap the NOP on the banks, it is also good that they also scrap this one too. If they don’t scrap it, banks would be collecting dollar collateral meanwhile it is naira that they have lent. The point is that when they collect dollar collateral, what it means is that its gives the banks the chance to possibly speculate in the currency market, which is something that the current CBN leadership does not want because speculation distorts the stability of our currency,” he said

“Secondly, the development will resolve the situation where those holding such dollar assets will have to dispose of them. The banks have to wind down those loans within the next 90 days and if you have to wind them down, it means, the collateral have to go. For the collateral to go, you have to sell them. When you sell them, you are supplying dollars to the market, improving the value of the naira in that regard,” Ibrahim concluded.

Also commenting, an analyst at FSDH Merchant Bank, Ayodele Akinwunmi, said,   “In my view the CBN wants banks to encourage clients to deploy the Dollar in their positions instead of keeping the Dollar as collateral and be using Naira. This situation will lead to an increase in the supply of Dollars in the country and lead to Naira appreciation.”

Meanwhile, further findings indicate some banks have started negotiating with their customers with a view to liquidating the loans.

The development, according to bank executives, will lead lenders to unfreeze the FX in the domiciliary of banks.

‘”Banks will discuss with their customers and reach agreements on how to liquidate the naira loans so that the domiciliary accounts funds can be released,” the top executive of a mid-size lender said.

According to top bankers, some customers use their domiciliary account balances and sometimes FX cash as collateral for naira loans.

“There was time when the naira was depreciating very fast; people saved in dollars. They didn’t want to spend it. Some of them then used it as collateral to get naira loans. Now the CBN wants more dollar liquidity in the economy in order to shore up the naira. This is why this directive has come” another top bank executive said under condition of anonymity because he was not authorised to speak on the matter.

[Punch]

*Speedboat driver: How I escaped from Okuama waterside on March 14
*Soldier: How they hoodwinked Lt. Colonel to drop arms

 

A witness to the March 14 killing of soldiers at the Okuama in Ughelli South Local Government Area, Delta State, has revealed that the gunmen, who came with four speedboats from the Bomadi axis to the community’s riverside and immediately opened fire on both soldiers and villagers, wore military camouflage.

The witness, an indigene of Okuama who spoke exclusively to Vanguard, said when the soldiers first entered the community on March 14, they asked for the chairman, who later came from the farm. They entertained them before they started dragging him to the waterside; the women resisted, and they started shooting.

Her words: “They insisted on going with him (the chairman); they dragged him with others. We held them and dragged them back. From there, the army started shooting, and some villagers fell, and there was a commotion.”

“We later heard that as the soldiers were going to the jetty, other boats with people wearing soldiers’ uniforms came and they started shooting everyone, which is how they killed the soldiers and our people.”

She, however, said she could not identify the gunmen because they wore soldiers’ uniforms, and she scampered away with her children and others for their dear lives into the bush.

“It was when they started shooting again that we fled into this bush with our children; we have not seen some of our children since then. We have been suffering in this bush since March 14.

“We do everything inside this bush. There is no food or drugs, and I have worn this single wrapper since that day. We are hungry and suffering. Two of my children are with me; I do not know where my husband is. I do not know where the other children are, everyone is scattered, whether they are dead now, we do not know.

“We do not know when we will return to Okuama; our businesses have crumbled, and everything is gone. We cannot do anything inside the bush now. I do not know whether my children are amongst those killed; there is no one to ask.”

How I escaped from Okuama waterside on March 14: Speedboat driver

A driver of one of the speedboats hired by the military at the Gbaregolor community waterside for the March 14 operation told Vanguard earlier that the Army dragged the Okuama community chair, who refused to go to the waterside with them. As they forced him to board their boat, rains of bullets came from all directions.
His words: “Before that incident (shooting), while waiting at the waterfront, an old woman in pure water attire came out of the community and stared at us, making some form of incantation, and went back to the community. Within a few minutes, an old man with similar attire came to the same spot, gazed at us, and performed the same way as the old woman.

“After this scenario, the commander and his men started coming to the shore with the community chairman. At this moment, I got ready to start my engine just like my colleagues, but the engines refused to start as all efforts were to no avail. At this point, I realized that the problem had come after witnessing the incantation by the old woman and the man.

“As the bullets started coming, the soldiers tried to respond, but none of their guns answered, and immediately, I dived into the river. Suddenly, one of the engines started, and some soldiers jumped into it, then the driver sped out of the community and carried me from the river.

“I do not know what he did to start his engine. Two of the soldiers in the boat sustained severe bullet wounds and were taken to the Bomadi General Hospital. The information then was that the JTF commander and one other officer were held hostage,” he said.

Vanguard gathered that it was on hearing about the incident that the military mobilized from Agbarho to Okuama to negotiate and secure the release of the commander and others reportedly taken hostage.

How they deceived and killed Lt Colonel (Source)

According to an inside source who was part of the reinforcement that led to the burning of houses at Okuama and who was discussing the operation with his colleagues, the soldiers who were mobilized from Agbarho were deceived and killed.

 

“The soldiers from Agbarho, led by the Lieutenant Colonel, upon reaching Okuama, told the community folk that they came for peace talks. The community leaders responded that they should drop their weapons if they truly came for peace talks.”
“The commanding officer asked his men to drop their weapons, and as they did so, the community youths took the weapons away. Suddenly, the youths descended on them, butchering them from every angle.”

Narrating how he was privy to the gruesome murder, the source (a soldier) continued: “As we were burning houses in the community, somebody ran out of one of the houses on fire, and I threatened to shoot if he ran. He hesitated a while and surrendered.

“So, we interrogated him on why he remained in the village while all others had fled? His reply was odd and awkward. He answered by saying that it could be the blood on his head. Then, when we asked him how many he had killed, he replied by saying 46.
“At this moment, a colleague corked his gun and wanted to shoot him in anger, but others calmed him down, telling him that he was a possible source of hidden information.
“We discovered six shrines in the community in the process of burning the houses, which are stained with blood. We also burned them, but one of the shrines refused to burn. It was one Hausa soldier who did what he did to set it ablaze.

“The culprit, after his confession, also led us to discover hidden corpses under the jetty at the community waterfront. I took part in carrying the corpses out of the river, and we discovered that most of them were mutilated. Only three corpses had bullet wounds. The culprit was flown to the Defense Headquarters.”

[Vanguard]

Omobayo Godwins, the new deputy governor of Edo, says the feud between Godwin Obaseki, governor of the state, and Philip Shaibu, is not his business.

Speaking in an interview with Channels Television on Monday, Godwins said his appointment as a deputy governor was an “act of God”.

Earlier on Monday, Godwins was sworn in following the impeachment of Philip Shaibu, the erstwhile deputy governor, by the Edo state house of assembly.

The state assembly adopted the report of a seven-member investigative panel set up to probe the allegations against Shaibu as the deputy governor.

 

Shaibu was accused of “misconduct, perjury, and disclosure of government secrets”.

Shaibu has rejected the impeachment, saying he was impeached because of his desire to contest the 2024 governorship election.

Over the past few months, Shaibu and Obaseki have been at loggerheads over issues regarding the governorship election in the state.

 

Speaking during the interview, Godwins said he was not aware of what happened between the governor and Shaibu.

“That is politics for you. Your job, first of all, is to be loyal. Even though Fashola said, ‘may your loyalty not be tested’. I don’t know what had happened in the past; that is not my business. I’m just happy for this opportunity.” he said.

The deputy governor added that he is also not interested in Obaseki’s relationship with the likes of Nysesom Wike, minister of federal capital territory (FCT), and others.

Godwins said he was contacted by the Peoples Democratic Party (PDP) for the job.

 

“The youths are very happy that a 37-year-old, who will be 38 on July 19, is now deputy governor. It is big news for them. It will raise their confidence to participate actively in politics,” he added.

“I came from Akoko Edo federal constituency. I consulted very widely, and popular opinion suggested that I should take that appointment, even if it is for 30 seconds, the people of Akoko Edo are very grateful.

“To me, it is like six years. It is not the number of years or months, it is by impact. I just want to finish strong with the governor.”

[TheCable]

The crisis of confidence and the battle for the control of the PDP both nationally and in Rivers State is gaining momentum and the 18th of April is the date fixed at the Wadata Plaza battleground being the date the PDP NWC had scheduled to hold its National Executive Committee (NEC) meeting which promises to make or mar the party’s future. Except coordinated control is Deployed, the April 18th NEC may be ambushed legally. Events leading to such coordinated attacks have begun to manifest in many folds.

At a recent public event in Port Harcourt, the Gov of Rivers state Siminilaye Fubara comforted party faithful that the list of party caretaker committee members that emanated from the party is fake and should be discountenanced and that anyone caught parading himself as an EXCO on that fake list will be dealt with mercilessly. Faced with this existential threat Wike in swift action had already gotten Amb Damagun to Authenticate His List of Excos For Rivers as a matter of finality. The stage is therefore set for a tripartite clash between Wike, Fubara, and Damagun at the NEC meeting.

There are discordant tunes emanating within the Aso Rock Presidential Villa of the gradual loss of relevance of Wike within the PDP and the likelihood of him losing effective control of the Party to Atiku Abubakar. Should that be the case his significance to Tinubu’s 2027 aspiration will have paled into insignificance making him less relevant in the scheme of things.

As a strategic move to bolster his political confidence and prove relevance, Wike is selling a new narrative that the battle for the soul of the party is between himself and Atiku Abubakar. To shore up his credibility, significance, and relevance, Wike characteristically decided to stir the hornet's nest.

At a recent media parley with some media executives in Abuja Wike had lambasted Rivers state PDP elders as expired politicians and with a speed of lightning Uche Secondus, Austin Opara, and Celestine Omehia all responded by referring to him as a chronic, self-serving, and pathological liar in their separate press statements. He had claimed in that media chat that Secondus was not a member of the party by the court of appeal and Supreme Court judgment recently delivered. He promised to take up the matter soon.

Perhaps that explains why one Titus Jones filed a lawsuit in the federal high court before Justice I E Ekwo seeking to restrain Uche Secondus and Austin Opara from attending and or participating in the April 18th NEC meeting. Why was this suit necessary since a judgment according to Wike had barred Secondus from being a member of the PDP? The truth of the matter is there is no such judgment and Wike is scared that the presence of Uche Secondus and Austin Opara will add value and assist the governor in overwhelming him at the meeting. As the clock continues to tick towards the NEC meeting the outcome could rather be conceived rather than imagined.

House of Representatives Plenary

 

About 60 members of the Peoples Democratic Party (PDP) in the House of Representatives have threatened to quit the party over the ongoing crises in Rivers State and ten other chapters.

Ikenga Ugochinyere, a member of the House from Imo State, and five other members issued the threat at a press conference at the National Assembly complex in Abuja on Monday.

Some of the other lawmakers at the conference are Abdulmaleek Danga (PDP, Kogi); Midala Balami (PDP, Borno); Aliyu Mustapha Abdullahi (PDP, Kaduna) and Awaji-inombek D. Abiante (PDP, Rivers).

The lawmakers also demanded the removal of Acting National Chairman of the party, Umar Damagum, before its rescheduled National Executive Council (NEC) meeting.

They said they were speaking on behalf of 60 members of the PDP in the House. There are a little over 100 PDP lawmakers in the lower chamber.

“PDP can’t be handed over to the APC. APC officers can’t emerge from our party officials in Rivers or any of the ten states with the alleged imposition of APC interest. Let the world know that why they are hell-bent on imposing APC officials as our party caretaker members is to fulfil a planned bigger plot,” Mr Ugochinyere said.

Background

The PDP has been grappling with strife since the presidential convention in 2022. The blowback led to the suspension of former National Chairman, Iyorchia Ayu, who Mr Damagum replaced in an acting capacity.

Many have speculated that the acting chairman is an ally of FCT minister, Nyesom Wike.

More so, the recent fight between Mr Wike and the Rivers State Governor, Siminalayi Fubara, has further escalated the crisis in the party. Despite President Bola Tinubu’s intervention, the situation in the state has not abated.

Last week, the National Working Committee (NWC) of the party released a list of Peoples Democratic Party (PDP) Caretaker Committee. However, Mr Fubara rejected the list, stating that there was an agreement for a three-month extension of the tenure of the local and ward executive.

“I know that a lot of you saw something flying in the social media dailies. Let me brief you, we had a meeting, and we agreed that, not just in Rivers State, but in all the States affected, the Executive Councils (of PDP) should be extended for three months,” Mr Fubara had told journalists recently.

Damagum must go

Speaking on behalf of the lawmakers, Mr Ugochinyere rejected the NWC’s list, stating that it is part of a plot by the ruling APC to undermine the PDP.

“Despite the decision to retain everybody, Mr Damagun went ahead and received a list of APC agents and announced them as members and leaders of the PDP Local Government Caretaker Committees wholly in Rivers State and partially in at least ten other states. This is a direct attempt to kill the PDP and ensure it goes into extinction,” he said.

He stated that Mr Damagum ought to have exited his acting role but continue to serve in an acting capacity while working against the interest of the party.

“The Umar Damagum-led NWC is assiduously working to hand over the party to the ruling APC and their agents. Serious leadership would have looked into the acts of open anti-party activities, established why they happened and set up measures to ensure that it never happened again in the party.

“He was only constitutionally allowed to step in, hold the fort and midwife the process through which the North-central Zone where the chairmanship of the party was originally zoned to present another person who would complete the slot of the North-central.

 

“Not only did Damagun hold tight to the seat for well over a year now, he has abdicated every responsibility of the office of the chairman of PDP and is very comfortable serving APC interests,” he said.

Resolutions

The lawmakers gave six conditions to address the crisis in the party. The conditions are:

Top of which is the resignation of Mr Damagum and the investigation of some members of the party over alleged anti-party activities.

“Immediate resignation of Umar Iliya Damagun as Ag. National Chairman of PDP for anti-party activities and allow North-central to produce the acting chairman as clearly stated in the PDP Constitution or watch us reconsider our membership of the party in the months ahead if the right thing is not done.

“Or removal of Umar Iliya Damagun by the NEC of the party with further sanctions against him for his anti-party activities.

“That the NEC of the party should ensure that the list of party caretaker committees in Rivers State and all other 10 states tampered with by Damagun and his APC friends are reversed and announced as originally agreed, that is, by extension of the tenures of the outgoing leadership. The move to use serving APC members in Rivers State and 10 other states to lead our party caretaker at the state, LGA and ward level is the highest act of political provocation and impunity that we are going to fight with everything in us.

“That NEC of PDP should review the sources of generating finance for the party to pay its national secretariat staff and to discharge all other responsibilities of the party and to investigate the allegation that pro-APC supporters are funding the present PDP of today. This is the height of political treason.

“That PDP NEC sets up a Committee to investigate all continuing acts of anti-party activities from 2023 and mete out appropriate sanctions which will serve as a deterrent and also encourage cleansing of the party. Ward executives of our party where people were involved in anti-party activities or still involved like Cross River, Rivers, Benue, Abia, Ondo, Kano, Kogi, Edo etc should immediately announce the expulsion of all those involved without fear or favour. This must be done immediately. Any executive that cannot do this should be removed by members in those wards, and new officers who have the courage to enforce the provisions of our party constitution constituted to do the needful.

“That a credible party leader from the North-central be confirmed chairman of the party in line with the zoning formula as enshrined in the constitution,” the resolution reads.

Mr Ugochinyere said the failure of the party to comply with the resolutions could prompt the lawmakers to sever ties with their party.

“Where these demands are not met, we, the opposition lawmakers coalition from PDP in the National Assembly, will be left with no other options but to suspend participating in the party activities and seek a new political relationship where decisions in that party will not be taken in the secretariats of another political party,” he said.

The Central Bank of Nigeria, CBN, has prohibited the use of Foreign Currency-denominated collaterals for Naira loans by all Nigerian banks.

The apex bank disclosed this on Monday in a letter to all commercial banks signed by its Director Banking Supervision Department, Adetona Adedeji.

However, the new guidelines gave exception to Eurobonds issued by the Federal Government of Nigeria and Guarantees of foreign banks, including Standby Letters of Credit.


“The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans.

“Consequently, the current practice of using foreign currency-denominated
collaterals for Naira loans is hereby prohibited, except, where the foreign currency collateral is: Eurobonds issued by the Federal Government of Nigeria; or Guarantees of foreign banks, including Standby Letters of Credit.

“In this regard, all loans currently secured with dollar-denominated collaterals other than as mentioned above should be wound down within 90 days, failing which such
exposures shall be risk-weighted 150 per cent for Capital Adequacy Ratio computation, in addition to other regulatory sanctions,” CBN stated.

The development comes in the wake of the recently announced minimum capital requirements for all banks.

For months, CBN’s governor, Olayemi Cardoso had continued to roll out policies to defend the Naira and Nigeria’s economy.

The House of Representatives will intervene in the recent increase in electricity tariff by the Nigerian Electricity Regulatory Commission upon its resumption on April 23, 2024, Deputy Speaker, Benjamin Kalu, has said.

Recall that the development which has culminated in consumers in Band A paying as much as a 300 per cent increment has been widely condemned by opposition parties, prominent citizens, and civil society organisations.

It will be recalled that a spontaneous outcry greeted the development upon its announcement by the electricity authorities, stimulating fears that it would escalate the economic hardship in the country.

Speaking virtually on the special edition of “Ben Kalu’s Mandate”, a call-in radio programme of FLO FM, Umuahia, Abia State, on Monday, the lawmaker noted that the parliament would find a way to resolve the issue.

A statement by the Chief Press Secretary to the Deputy Speaker, Mr Levinus Nwabughiogu, quoted Kalu as saying that the parliament would continue to conduct its affairs with the greatest interest of Nigerians in mind.

“It’s a general problem. While I was on my holidays, one of the things I was bothered with was a letter sent to me by the majority leader of the House on the need for us to intervene in a matter involving the University of Ibadan Teaching Hospital power supply. They were disconnected because of this hike, and they don’t have the money to pay. We said it’s an essential service. Something should be done about it while we look at other details.

“I can assure you that when we resume, it’s one of the things we are going to look into. We will look at both sides of the coin to know a win-win approach to it because we cannot suffocate and also the investors. We cannot allow Nigerians to suffer unduly. So, it is one of the things we will look at by the time we resume, and we will find a way to solve it,” the statement quoted Kalu as saying.


On the possibility of a new constitution for Nigerians, Kalu said the onus is on the people to participate fully in the process, while the National Assembly will help amplify their voices.

“Some schools of thought expressed the view that they want a new constitution. They want us to drop the old one and take up a new one. Some elders known as The Patriots are also asking for a new constitution. But as you know, we are the people’s parliament.

“You are our bosses. Whatever the people decide for us to do when we have our public hearings and all these engagements, when we move around because we are going to go to every zone, most local government areas or senatorial or geopolitical zones to engage, is what we will look at.

“If the people have a general consensus that this is what Nigerians want and the template of what they are asking for; what is wrong with this one that you want to change? What would the new one look like, and what do you have in mind? We will be able to factor that in.

“I am happy that you are conscious of the move for the amendment of the constitution. I like it when people call to discuss that. It shows there is an awareness which is very key. It’s only when you are aware that you can engage and make the right impact. So, I appreciate you. This is the time to lend your voice to this,” he said.

Former Edo State Deputy Governor, Philip Shaibu, has described his impeachment by the state House of Assembly as illegal.

Earlier, the state House of Assembly impeached the embattled state deputy governor following the adoption of the report of the seven-man investigative panel set up by the state Chief Judge to probe allegations of misconduct against him.

He was probed on allegations of perjury and leaking of government secrets by a panel headed by Justice S.A. Omonua (retd.) which ended its sitting on Friday after Shaibu failed to appear.

Shaibu said the impeachment was due to his ambition to become the state governor.


He, however, noted that the impeachment did not follow due process.

He made his position known in a video shared on his X handle on Monday.

He said, “My good people of Edo State, I thank you all for standing by me in these troubling circumstances as the deputy governor of Edo State.


“It is with a heavy heart, yet a resolute spirit, that I come before you to address the recent events that are unfolding in our dear state. I denounce in the strongest term the illegal impeachment by the Edo State House of Assembly over baseless charges.”

He added that his impeachment was an attack on democracy and a show of dictatorship.

“This is not just an attack on me as an individual but on the democracy that we hold dear.

“It is a dangerous descend into dictatorship and a threat to the foundation of our democracy. Let it be clear that this impeachment was hatched because of my ambition to contest the Edo State 2024 governorship election under the Peoples Democratic Party, PDP. An ambition that is a legal right to all citizens of the Federal Republic of Nigeria.

“It is a sad reality that in our political landscape, ambition is met with resistance. Those in power seek to silence opposition through illegitimate means. I have devoted my life to serving the good people of Edo state with integrity and honesty. I have worked tirelessly to improve the lives of our citizens. I have upheld the values of democracy and justice and yet in return, I am faced with baseless accusations and a blatant disregard for due process and the rule of law,” he said.

Speaking further, Shaibu described the allegations levelled against him as a move to conceal the real motive behind his impeachment.

He said, “The allegations brought against me are nothing more than a smokescreen to conceal the true motive behind this impeachment. It’s a flagrant abuse of power and a betrayal of the trust the people of Edo have placed in their elected officials.


“We refuse to stay inactive while our democratic institutions manipulate and exploit for personal gain. We will fight this injustice with every atom of strength in our veins for the sake of the people of Edo State and the future of democracy. I call upon all well-meaning citizens of Edo and indeed all Nigerians who believe in the principle of democracy and justice to stand with us in this moment of crisis.

“We cannot allow tyranny operation to take root in our society, we must resist the forces that seek to undermine our freedom and trample upon our rights.”

He, however, appealed to the judiciary to ensure justice prevails, saying, “To the members of the Edo State House of Assembly who have chosen to forsake their oath of office and partake in this charade, I say this, history will judge harshly for your betrayal of the people who elected you to represent their interests. But know this, you do not have the power to silence the voice of justice and truth.

“I call upon the judiciary and all relevant authorities to intervene and uphold the principles of justice and fairness. Let the truth prevail over lies. Let the rule of law triumph over lawlessness. I am confident that the legal system will vindicate me and expose the sham that has been orchestrated against me.”

He added that his impeachment would not deter him from fighting for the rights and freedom of Nigerians.

“I want to reaffirm my commitment to the people of Edo State to the values that bind us together as a collective. I will not be deterred or intimidated by those who seek to subvert our democracy. I will continue to fight for the rights and freedoms of Edolites by extension Nigerians that suffer oppression. I will stand firm in my resolve to seek justice.

“As we stand united in the face of tyranny and oppression, I urge all to remain calm and go about our lawful duties as good citizens and true democrats. Together, we will overcome this chapter in our history and emerge stronger and more resolute in our pursuit of freedom and justice in our society,” he added.

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