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The International Monetary Fund (IMF) has advised the Nigerian government to completely phase out costly fuel and electricity subsidies that are inefficient in reaching the most vulnerable.
“Fuel and electricity subsidies are costly, do not reach those that most need government support and should be phased out completely,” IMF said in a report.
This recommendation comes in a new report titled “IMF Executive Board Concludes Post-Financing Assessment with Nigeria,” published on Friday, February 9.
The IMF commended President Bola Tinubu’s administration for tackling structural issues by removing fuel subsidies and unifying exchange rates.
“The new administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately, it adopted two policy reforms that its predecessors had shied away from: fuel subsidy removal and the unification of the official exchange rates.
[NationalDaily]
As the nation mourns the loss of Group Chief Executive Officer of Access Holdings PLC and philanthropist, Herbert Wigwe, who passed on in a tragic helicopter crash alongside his wife and son, Isiokpo, his hometown in the Ikwerrre Local Government Area of Rivers State, has declared seven days of mourning in honour of their illustrious son.
The declaration was made by the Nye-Nwe-Eli of Isiokpo, His Royal Majesty, Eze Blessing Ahiazunwo Wagor.
Starting Wednesday, the seven days of mourning will witness the closure of all businesses on the first and last day, with half-day operations on the other days.
[NaijaTimes]
The United Kingdom will today enter into new economic and trade partnerships with Nigeria to facilitate new opportunities in sectors such as energy, legal and financial services.
The British Business and Trade Secretary, Kemi Badenoch together with her Nigerian counterpart Doris Uzoka Anitie- the Minister for Trade and Investment will put pen to paper in the first of its kind “Enhanced Trade and Investment Partnership (ETIP)” trade partnership with an African country.
This is according to a statement by the UK’s Department of Business and Trade detailing the activities of the visit of Business and Trade Secretary, Kemi Badenoch to Nigeria.
UK Lawyers to practise in Nigeria
According to the statement, the new trade partnership aims to eliminate barriers in the legal services and film industry by allowing UK lawyers to practise international law in Nigeria and foster collaboration between the film and media industry in both countries.
- It stated, “It will see Nigeria commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria, a step that could significantly increase UK legal services exports. It will also pave the way for further collaboration in the film and media industry and encourage world-leading UK education providers to offer high-quality education in Nigeria.”
Total trade between the UK and Nigeria totalled £7 billion ($8.8 billion) in the year to September 2023.
What the trade Ministers of both countries say
Speaking on the agreement, Ms. Kemi Badenoch noted that the ETIP will unlock future opportunities for both countries and enhance trade relations with one of the biggest and fastest growing economies of the world.
On her part, Nigeria’s trade Dr. Doris Uzoka-Anitie stated that the new partnership will move relations between both countries from mere historic ties to economic progress by opening market access for trade.
- She said, “This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity. From increasing market access and supporting our vibrant businesses to creating more jobs and accelerating greater investments in sectors of mutual interests.”
Visit to Finance Minister and CBN Governor
During her visit to Nigeria, Ms. Badenoch will tour the location of a new Charterhouse school, marking the first UK independent school in West Africa.
Additionally, she will engage in discussions with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to address trade barriers hindering UK businesses.
[Nairmetrics]
Rising Food Cost: Barau Urges Govs To Release Grains, To Distribute Rice To 200,000 Households
AdminThe Deputy Senate President, Barau Jibrin, has urged state governors to release grains to the people to cushion the effects of the rising cost of foodstuffs.
Barau hailed President Bola Ahmed Tinubu for ordering the release of 102,000 tons of rice, maize, millet and others to address the high cost of commodities.
The federal government had through the Special Presidential Committee on Emergency Food Intervention, headed by the Chief of Staff, Rt. Hon Femi Gbajabiamila, on Thursday, ordered the release of 102,000 tons of grains to Nigerians.
The Deputy Senate President, in a statement by his media aide, Ismail Mudashir, said the move would go a long way in cushioning the effects of the rising cost of commodities in the country.
He urged states and local governments to emulate the federal government by releasing grains to the needy in the country.
Barau said in the coming days, he would distribute rice to 200,000 households as part of his contribution to address the challenge.
“At this trying period, we should all support the federal government to address the challenges our country is facing. As we all know the rising cost of food is a global phenomenon and our country is not unaffected by it.
“I, therefore, implore states and local governments to distribute food items to those in need across the country to cushion the effects of the rise in the cost of food items,” he urged.
[DailyTrust]
A deputy director in the Central Bank of Nigeria (CBN), Michael Onyeka Ogbu, has explained why the apex bank released $6,230,000 as payment to some international election observers prior to last year’s general election.
Ogbu, who is currently a Deputy Director and Head of the Service Delivery Division at the CBN, said the funds were released because the request documents contained evidence of approvals by the then President Muhammadu Buhari and erstwhile CBN Governor Godwin Emefiele.
The deputy director said this while testifying yesterday as a prosecution witness in the trial of the former CBN governor.
Emefiele is facing a 20-count amended charge filed by the Office of the Attorney General of the Federation (AGF) in which he is, among others, accused of engaging in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence.
He is, in the amended charge, accused of forging a document, titled: Re: Presidential Directive on Foreign Election Observer Missions, dated: January 26, 2023 with reference number SGF.43/L.01/201 and purported same to have emanated from the Office of the Secretary to the Government of the Federation (OSGF) to the governor of the CBN.
Emefiele is alleged to have, on February 8, 2023, knowingly obtained by false pretence $6,230,000.00 by falsely representing that the SGF vide a letter, dated: January 26, 2023, with reference number SGF 43/L.01/201 requested the CBN to provide a contingent logistic advance in the sum of $6,230,000 “in line with Mr. President’s directive”.
Ogbu, who was led in evidence by Rotimi Oyedepo (SAN), said he served as the Branch Controller until he was redeployed last September.
He recalled that on February 8, last year, there was a request for payment addressed to the Branch Controller.
Ogbu said after going through the documents and was satisfied, he minuted on it to the Head of Business Services Unit for processing and payment.
On whether the money was eventually released, the witness said: “Payment was eventually made. The $6,230,000 was paid on September 8, 2023. The payment was in cash.”
At that point, Oyedepo handed the witness a bundle of documents, which Ogbu identified as the documents he referred to.
Identifying each of the documents one at a time, the witness said the first page “is the payment slip, which was issued at the point of payment from my bank to the person nominated to receive the payment”.
He added: “The second page is the memo from the Banking Services Department authorising the branch to make the payment of $6,230,000.
“The third page is the request of the Director of Banking Services Department for approval of the Governor for the payment.”
The witness explained what pages four to six contained.
Ogbu told the court that the presidential approval was addressed to the then SGF, Mr. Boss Mustapha.
Oyedepo was about tendering the documents when he noticed that some of them were not properly certified.
The laywer prayed the court to be allowed to tender them as they were with a promise to replace them later with properly certified copies, a request the defence lawyer, Matthew Burkaa (SAN), rejected.
He also urged the court to grant him a stand-down of about 30 minutes to get the documents certified, which Burkaa also rejected.
Burkaa argued that it was impossible for the prosecution to have the documents certified within the 30 minutes Oyedepo requested for.
He urged the court to instead grant an adjournment to allow the prosecution sufficient time to put its house in order, an option the judge, Justice Hamza Muazu, felt comfortable with.
With the agreement of lawyers to parties in the case, Justice Muazu adjourned till February 13 for continuation of trial.
[TheNation]
Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer.
This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe.
Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday
A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria
“Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr Herbert Wigwe, on February 9, 2024.
“The appointment is subject to the approval of the Central Bank of Nigeria,” the statement read in part.
Agbede who joined Access Bank in 2003 as an Assistant General, has nearly three decades of professional experience cutting across banking and business consultancy services.
She served in different roles at the bank including, Head, Group Human Resources between 2010 and 2022 before she was appointed the company’s founding Executive Director, Business Support in 2022, a role she held until her new appointment
She holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Masters of Business Administration Degree from Cranfield University UK in 2002.
She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
[Punch]
Senator representing Edo North Senatorial District, Adams Oshiomhole, said Nigerians are still suffering from the impact of the policies of ex-President Muhammadu Buhari.
Oshiomhole stated this in an interview on Channels Television.
The former governor of Edo State said President Tinubu should not be held responsible for the right or wrong decisions taken by the previous administration.
Oshiomhole said he (President Tinubu) always places national interests above partisan interests.
He said, “My first loyalty is to Nigeria. At some point, before the last president left office, I lamented loudly what I saw as reckless policies that were designed to dehumanize the population that was already in pain.
“I felt that it is not what the then president promised. I dissociated myself from those policies and I’m happy that I was not the only one.
“There were governors who approached the court to denounce some of those policies. It is the long term consequences of those policies that we are still grappling with now.
“Yes, it is our party platform. Like Tinubu also said, he was not a minister or adviser. He never took a contract in that government and he cannot be held responsible for what the government did right or wrong,” he said.
A former Vice Chairman of the ruling All Progressives Congress, APC in the north-west, Salihu Lukman, has begged President Bola Tinubu to be responsive to the sufferings of Nigerians.
Lukman, who made this appeal in a statement, said Nigerians are becoming impoverished and can no longer afford basic medication.
The APC chieftain said he is heartbroken because the performance of Tinubu in the last 10 months betrays all the expectations “we had.”
“President Asiwaju Tinubu, APC leaders and Nigerian politicians can do better.
“How can anyone with the faintest of conscience live a normal life with a reality whereby the same citizens who elected them as leaders are impoverished by decisions we took as a ruling party?
“Is President Asiwaju Tinubu at all aware that the majority of our citizens, including relatively high-income earners cannot afford medication when they are sick?
“The belief of many of us, and indeed most Nigerians, is that President Asiwaju Tinubu is a responsive politician who will not recklessly take any decision without weighing its consequences on the lives of citizens.
“Being human, our expectation is that, if decisions are taken with grave consequences such as withdrawal of subsidy and floating the exchange rate, being the responsive leader he is.
“It is our expectation he will quickly review and recalibrate such decisions with the overall objective of protecting the welfare of citizens. That is what progressive politics is all about.
“May God Almighty touch the heart of President Asiwaju Tinubu and all APC leaders, and indeed all Nigerian politicians, to understand that millions of Nigerians are confronted with life threatening reality today.
“Just like we asked for the votes of citizens during elections, citizens are asking leaders, especially President Asiwaju Tinubu, to be responsive to today’s reality.”
Lukman added that it is difficult to predict where the country is headed under Tinubu.
A fresh crisis has hit the Labour Party as its National Treasurer, Mrs. Oluchi Oparah, has demanded that the National Chairman, Julius Abure render an account of party funds over N3.5bn being proceeds of sale of forms and sundry fundraisers for the 2023 general elections.
Oparah made the demand at a press conference in Abuja, on Monday.
According to the treasurer, the National Chairman has prevented her from exercising her constitutionally assigned role of handling the party’s accounts.
She equally alleged that the chairman has shunned all entireties to open the party’s books for scrutiny since the sale of expression of interest and nomination forms closed before the 2023 general elections.
Oparah said, “Good morning, ladies and gentlemen of the press. I stand before you today with a heavy heart and a sense of duty to the principles of transparency, accountability, and justice. With great reluctance and deep concern, I am compelled to publicly address the media regarding the egregious financial mismanagement and corruption that have plagued our beloved party under the leadership of Mr Julius Abure, the current National Chairman.
“As National Treasurer, I am constrained to come before you and the public today because the internal mechanisms of our party have failed woefully to bring Mr Abure to account for his brazen abuse of office and misappropriation of party funds.
“ His appetite for power has grown unchecked, and he has deliberately undermined my duties and authority as stipulated in the party’s constitution.”
Super Eagles midfielder, Alex Iwobi has removed all photos on his official Instagram page.
A check by VANGUARD on Monday afternoon confirmed that only one video remains on the account.
The video was shared ten weeks ago, and the comment section remains locked.
Iwobi is one of the players that faced criticisms after Nigeria’s 2-1 loss to Ivory Coast in the 2023 Africa Cup of Nations final on Sunday.
The Fulham midfielder featured for 79 minutes as the Eagles failed to add to their three AFCON championships.
Iwobi was replaced by Alhassan Yusuf for the last 10 minutes of the game.
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Hardship: They were silent during Buhari’s 8 years – Adeyanju tackles northern religious, traditional leaders
AdminAmid the hardship in Nigeria, Deji Adeyanju, a sociopolitical activist, has slammed the religious leaders in northern Nigeria over their silence during the administration of former President Muhammadu Buhari.
He was reacting to the remark by the Emir of Kano, Aminu Ado Bayero, that First Lady Remi Tinubu should tell the president that Nigerians are hungry.
Bayero spoke during the opening of the Faculty of Law at a private university on Monday in Kano State.
According to Bayero: “The hunger and starvation didn’t start with this government, but the situation has become more alarming and needs urgent attention.”
Reacting, Adeyanju posted on X: “Emir of Kano to Remi Tinubu: ‘Tell your husband Nigerians are hungry’. May God bless Sarkin Kano. But why did all the religious and traditional leaders in the North refuse to speak truth to power like this during Buhari’s eight-year disastrous regime? Not once did they speak truth to power. Sanusi Lamido Sanusi that tried, he was removed as king.”
The International Monetary Fund, IMF, says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.
The IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.
It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.
“Through 2024–25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.
“Hence, despite a current account surplus, officially reported reserves are projected to decline to $24 billion in 2024 before increasing again to $38 billion in 2028 as portfolio inflows resume,” the report stated.
However, Central Bank of Nigeria, CBN, data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024.
The Nigerian Safety Investigation Bureau (NSIB) is partnering with the US National Transportation Safety Board (NTSB) to probe the helicopter crash that claimed the lives of Herbert Wigwe, the Group Chief Executive Officer (GCEO) of Access Holdings Plc, and five others.
The passengers included the GCEO’s wife, son, and Abimbola Ogunbanjo, the former Group Chairman of Nigerian Exchange Group Plc (NGX Group). All six individuals on board have been confirmed dead.
NSIB’s statement on Monday, as conveyed by Bimbo Oladeji, NSIB’s Director of Public Affairs and Consumer Protection, highlighted the collaboration’s alignment with international aviation protocols under ICAO Annex 13.
Regrettably, the United States authorities have now confirmed that everyone onboard the aircraft lost their lives in the crash,” the director said.
“The deceased are two crew members comprising a pilot in command and a “safety pilot” and four passengers namely Dr Herbert Wigwe, his wife, son, and Mr Abimbola Ogunbanjo, former Group Chairman of the Nigerian Exchange Group Plc, (NGX Group).
“In the aftermath of the accident, the Director-General, NSIB, Captain Alex Badeh, established contact with NTSB, in accordance with Chapter 5 subsection 27 of ICAO’s Annex 13 to the Convention on International Civil Aviation-Aircraft Accident and Incident Investigation, which grants a State (nation) special interest in an accident involving its citizens.
“This participation ensures access to relevant information and facilitates cooperation with the investigating authorities, towards ensuring the investigation reaches a conclusive outcome.
“The ongoing discussion between the NSIB and NTSB has highlighted the diligent investigation efforts of the NTSB.
“NTSB investigators were present at the crash scene in Halloran Springs, California, on Saturday to collect evidence and conduct initial on-scene documentation.
“The documentation process included aerial mapping of the wreckage with a drone, and site measurements.
“Correspondence between the NSIB and NTSB further revealed that the NTSB investigation into the crash is being led by Aaron Sauer as the investigator in charge, supported by Mark Ward as the deputy investigator in charge.
“Several other NTSB investigators will also be examining various aspects of the accident, including airworthiness and maintenance structures, operations, meteorology and air traffic control.”
Oladeji said the NTSB is already moving the wreckage to a secure location for in-depth examination and analysis.
Access Holdings has announced that its board will soon make public the replacement for the late Group Chief Executive Officer, Herbert Wigwe, who died alongside his wife and son in a chopper crash in California, United States, on Friday.
Abubakar Jimoh, Chairman of Access Holding, disclosed this on Sunday in a statement signed by the company’s secretary, Sunday Ekwochi, while confirming the deaths of Wigwe, his wife, and his son in the unfortunate crash.
“In line with the company’s policy, the board will soon announce the appointment of an acting Group Chief Executive Officer even as we remain confident that the Access Group will build further on Dr Wigwe’s legacy of growth and operational excellence,” the statement reads in part.
The company said Wigwe was a driving force with a larger-than-life personality.
DAILY POST reports that Wigwe, his wife and son, and Abimbola Ogunbanjo died on Friday in a chopper crash in the US.
Wigwe’s death attracted tributes from all quarters, including President Bola Ahmed Tinubu.