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The naira has depreciated by 38.9 percent against the United States dollar at the official I&E window of the Central Bank of Nigeria in the past three months, according to findings by The PUNCH.
Data obtained from the FMDQ Securities Exchange revealed that the local currency fell from N745.19/$ on October 3, 2023, to N1035.12/$ as of January 3, 2024.
While the naira depreciated from 471/dollar to about 700/dollar at the official market shortly after the announcement of the exchange rate unification policy of the CBN in June 2023, PUNCH findings showed the local currency had fallen further in the past few months to over N1000/dollar.
At the parallel market, the local currency has been trading around 1,220/dollar in recent weeks.
On Sunday, manufacturers and other members of the organised private sector said the falling naira value at the official and parallel markets was having a severe negative impact on their bottom lines.
Specifically, the Manufacturers Association of Nigeria, Lagos Chamber of Commerce and Industry, as well as the Nigerian Association of Small-Scale Industrialists, said their members were already scaling down operations over the development, a situation that might lead to the sacking of more workers.
The naira volatility on the I&E window has continued despite recent efforts by the Federal Government to improve the liquidity of the FX market.
The naira began 2024 at N988.46/$, an 8.97 percent decline from the N907.11/$ it closed trading on the last day of 2023 on the official window. It further tumbled to N1035.12/$ on Wednesday, January 3. This decline in the value of the naira marked the third time that the naira has closed above N1000/$ on the I&E window.
On December 8, the naira fell to an all-time low of N1,099.05/$, and on December 28, 2023, it closed trading at N1043.09/$. On Friday, the naira closed trading at N869.39/$, recovering to close the week better than it started.
According to data from the FMDQ Securities Exchange, the naira has now lost about 38.91 percent of its value since October 3 when it closed trading at N745.19/$ on the I&E window.
On the day before the rate cap was removed by the CBN in June 2023, the naira closed trading at N471/$.
The continued decline of the naira is happening despite efforts, including clearing FX backlogs, by the government to boost liquidity in the foreign exchange market. Towards the end of 2023, the Minister of Finance and Coordinating Minister of Economy, Wale Edun, revealed that the Federal Government had received a $2.25bn foreign exchange support facility from the African Import-Export Bank.
According to the minister, the first tranche of its $3.3bn facility from the bank is aimed at resolving FX shortages in the economy.
In August, the Nigerian National Petroleum Company Limited announced it had secured a $3bn emergency crude oil repayment loan from the African Export-Import Bank to support the Federal Government’s effort to stabilise the foreign exchange rate.
The naira has yet to respond positively to this latest injection of liquidity to the dismay of many. In its December Nigeria Development Update, the World highlighted that of volume of FX trades in the official window remained consistently low.
Data from the FMDQ Securities Exchange has shown that FX volumes on the I&E window have consistently hovered around $100m to $150m.
The Washington-based bank noted that without stabilisation in the official FX market at market-reflective rates, the risks to expected net FDI and net FPI would remain high for the country.
Commenting on the issue of volatility, the CBN Governor, Olayemi Cardoso, recently stated that the bank was concerned about this and doing all within its power to address it.
He said, “We are taking a comprehensive look at all the different policies that have come out from the central bank over a period of time and come out with an elegant document that states what is required from start to scratch and is clear on how to play that market.”
OPS expresses worry
However, members of the OPS including MAN, and LCCI have expressed worry that more companies may wind down operations in Nigeria if the trend of foreign exchange scarcity continues in the country.
In June 2023, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.
This came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, and less than a week before the suspension and detention of CBN Governor Godwin Emefiele, whose unorthodox monetary policies had become a stumbling block to investors and the economy.
The CBN’s decision to float the currency was hailed by the organised private sector and economists who said the move would unify the country’s multiple exchange rate and sanitise the forex market
However, in the immediate aftermath of the implementation of this policy, the naira fell from N471 on the official market to N664. This implied a 40.97 percent decline in the value of the naira when the naira was floated. Since then, the currency has dropped by 36 percent to N908 as of January 7, 2024.
In November, reports emerged that the CBN had begun to clear the $7bn backlog which had accumulated as a result of forex scarcity in the preceding months. Despite the development, the naira continued to depreciate, closing at the official market at N831 by the end of November.
During a presentation in Abuja last month, World Bank lead economist for Nigeria Alex Sienaert said Nigeria still needed to control inflation and stabilise its foreign exchange market to boost economic growth following currency reforms and the removal of a petrol subsidy.
According to him, the government still needs to remove remaining import restrictions, despite lifting a forex ban on 43 items, improve infrastructure and pursue clear, consistent trade policies.
The bank also urged the CBN to tighten monetary policy, build market confidence around free foreign exchange pricing, phase out “ways and means” advances to the government and discontinue its development finance initiatives, part of a series of unorthodox policies used by Emefiele.
‘forex scarcity calamitous’
While speaking in an exclusive interview with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, said manufacturers were wary that if the current trend continued, the consequence would be calamitous for the real sector of the economy.
He further expressed dismay that the current business climate was causing companies to shut down manufacturing operations in Nigeria.
He said, “If the trend continues, there will be more calamity. The serious fear we have is that if this continues, then the sector will suffer. We are not happy that manufacturers are shutting down. We hope that it is not a continuous trend.
“We are not happy that another manufacturer just closed shop. We hope that is not a continuous trend. It is not good news for us at the beginning of the year.”
Over the past few months, manufacturers have intensified their call for the government to craft a lasting solution to the perennial crisis of forex illiquidity.
In its recent 2024 sector outlook, MAN urged the CBN to prioritise forex and credit allocation to the manufacturers.
The General Manager of Royal Foam Products Limited, Ezekiel Akhiromen, said the recent fall in the naira rate was negatively affecting operators.
He said, “Of course. It is affecting us, about 80 percent of what we buy requires forex – the chemicals and other materials come in from outside the country.”
Companies face shutdown
On his part, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said more companies would exit Nigeria if forex scarcity continued to constitute a headache for businesses.
Idahosa, who was speaking on the announcement by a manufacturing firm — Jubilee Syringe Manufacturing, that it was winding down production activities, said over-reliance on CBN allocation for forex was hurting the Nigerian economy.
Idahosa said, “The only thing that came to mind as to why the company ceased operation is foreign exchange, because if they are importing some of the items they use, then they will have a hard time, but the market for syringes is unlimited.”
‘If things continue the way they are, then businesses will be forced to relocate, even Nigerian businesses are relocating, how much more foreign businesses? There are Nigerian businesses in Ghana now.”
Speaking further, Idahosa advised firms to hedge against currency volatility via exports and backward integration policies.
He added, “I have been advising a lot of my clients and pointing them to what a lot of their competitors are doing. Most manufacturing entities are now seeing the importance of having a division that is exporting. So when everybody is crying that
“CBN is not allocating enough forex, they are getting their forex from exports, but a lot of Nigerian companies don’t have because the crowd mentality is that CBN will allocate foreign currency to them. But CBN does not have a factory where it produces foreign currency.
“So, once NNPC does not bring oil money and our diaspora remittances are exhausted, where else do you get forex, because we are not attracting much foreign investments.”
Companies downsizing — NASSI
Also speaking, the National Vice Chairman of the Nigerian Association of Small Scale Industrialists, Segun Kuti-George, said companies were currently in a ‘state of limbo,’ and were being forced to downsize to stay in business.
He lamented that businesses were going through a difficult time as a result of the forex scarcity as many of them were forced to go to the parallel market to procure foreign exchange at extortionate rates.
Kuti-George said, “We are just existing. There is no alternative to foreign exchange. Businesses are in limbo. Those that have not folded up are somewhat in limbo, except for those producing basic household goods.
“Businesses have been downsizing quietly. They don’t have to announce that they are laying off staff. It is not something that makes it to the tabloids. No one will tell you that they are downsizing. They will simply lay people off.”
The Nigerian Air Force, NAF, says efforts by air and ground components of Operation Hadin Kai to clear the Northeast of remnants of terrorists have continued to record series of successes.
The Director of Public Relations and Information, NAF, Edward Gabkwet, disclosed this in a statement on Sunday in Abuja.
Gabkwet said that one of such successful operations occurred on Jan. 5, at Parisu after terrorists were, for days, observed moving items suspected to be weapons and ammunition to the area.
According to him, Parisu, a location near Sambisa Forest, was once a terrorist enclave deserted after its own troops had cleared the area of terrorists’ activities.
He added that the convergence of terrorists within the location raised suspicion of their intent and plan, hence the directive to strike the location.
Gabkwet noted that the result of the strikes led to a huge ball of flames from two adjacent spots within the vicinity, while some surviving terrorists were observed scampering for safety.
“Feedback also revealed that 12 terrorists were neutralised in the strike, and their logistics destroyed, thereby degrading their ability to attack soft targets and own troops.
“Similar strikes were also carried out at a location about 1.5Km Southwest of Tumbun Agiri within the Tumbuns in the Lake Chad region on Jan. 6.
“Intelligence gathered over time had revealed the continuous gathering of armed terrorists in pick-up vehicles and motorcycles, hence the go-ahead to attack the location.
“The precision strikes on the location led to the destruction of the vehicles, motorcycles as well as elimination of several terrorists,” he said.
Drop your guns, negotiate with Nigerian Govt – Deputy Speaker tells unknown gunmen in South East
AdminThe Deputy Speaker of the House of Representatives, Hon Benjamin Kalu has advised gunmen operating in the South East to come out of the bushes, drop their guns and negotiate for better jobs and sound future from the Federal government.
This is even as he launched a Food-For-Peace Program, to tackle hunger in the South East.
Kalu, who addressed journalists in Bende during an All Progressives Congress, APC, stakeholders’ meeting and empowerment program for his constituents, said that President Bola Tinubu has been fair to the South East in appointments and other developmental programs.
He lamented that the economy of the South East region was destroyed by the effects of sit-at-home in parts of the zone, which according to him, made many investors of South East origin to flee the area.
The Deputy Speaker described the actions of unknown gunmen as an affront to the Federal Government, arguing that resorting to violence was at the detriment of the South East economy and general development.
Kalu however advised all the agitators in the South East who are still operating from the bush to drop their guns and embrace the Federal Government’s calls for peace, using the Peace In South East Project (PISE-P) as a vehicle.
He noted that Tinubu has given key positions to the Igbos including the Deputy Speaker of House of Representatives, Minister of Works, Chief of Naval Staff and others, he deserves total support of the Igbo nation now and in his future political interests.
Kalu disclosed that he is interested in the release of IPOB leader, Mazi Nnamdi Kanu from detention but said that the process for Kanu’s release can be hastened if enforcers of the sit-at-home and actors of other violent crimes in the South East dropped their guns and embrace peace.
“Sit-at-home at-home is the biggest folly. You can’t match or outrun the fire power of the Federal Government. The best approach is to reduce the level of violence in the South East.
“Tinubu did not contribute to the incarceration of Nnamdi Kanu. Why will we punish him for what he did not do? Calm down, return the guns to the security agencies because PISE-P is designed to create jobs for you,” he advised the unknown gunmen.
He recalled how the Tinubu/Shettima campaign office he established in Abia State was destroyed with more than 200 bullets fired by gunmen before the 2023 general election.
The Deputy Speaker however expressed joy that PISE-P has yielded fruit with the relative peace recorded throughout the South East during the Yuletide.
He also spoke of the need for social cohesion between Ndigbo and other tribes, for the development of the South East.
During the stakeholders’ meeting, about 25 members of the Peoples Democratic Party, PDP, in the constituency defected to the APC.
President Bola Ahmed Tinubu has directed a thorough investigation into the Ministry of Humanitarian Affairs and Poverty Alleviation on alleged misappropriation of N585 million.
Recall that the humanitarian affairs minister, Betta Edu, came under criticism after a leaked memo on December 20, 2023 revealed that she directed the accountant-general of the federation, Oluwatoyin Madein, to transfer N585 million to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the project accountant, Grants for Vulnerable Groups.
A statement made available to newsmen yesterday in Abuja, signed by the minister of information and national orientation, Mohammed Idris, said the president had directed that a thorough and comprehensive investigation be conducted to ascertain the accuracy and validity of the reported details.
Idris said the federal government is aware of the concerns raised by the public regarding the alleged payment of funds into a private account by the ministry.
The statement reads in part, “We are aware of the narratives circulating widely and wish to assure Nigerians that the government takes these issues most seriously.
“The federal government, under the leadership of President Bola Ahmed Tinubu, is transparent and accountable to the people, and committed to ensuring that public funds are allocated and utilized effectively and efficiently to address the needs of Nigerians.”
It said the federal government was determined to unravel the truth as it relates to this matter, and gave assurance that appropriate action will be taken to ensure that any infractions are identified and decisively punished, in line with the administration’s commitment to public accountability and due process.
“The public is advised to note, against the backdrop of various unverified narratives circulating on the Internet, that the Federal Ministry of Information and National Orientation, under the leadership of Minister Mohammed Idris, is the primary source for verified information about events and actions of the Federal Government of Nigeria,” the statement said.
Idris said only accurate details will be shared with the public and promised to keep Nigerians informed about the progress of the investigation.
“We urge Nigerians to exercise patience as the investigation unfolds. The government is focused on ensuring a fair and unbiased process, and the findings will be communicated duly and transparently to the public,” the statement added.
Lawmakers have budgeted an additional N30bn for the renovation of the National Assembly Complex in the 2024 Appropriation Bill.
The N30bn earmarked for the renovation of the building was part of the N344.85bn budgeted for the National Assembly after they raised their allocations from N197.93bn.
The N344.85bn, signed by President Bola Tinubu on January 1, is the highest ever allocated to the legislature.
The additional N30bn brings to N60bn the amount being spent on the renovation of the National Assembly complex.
The Senate President, Godswill Akpabio, who is also the President of the National Assembly, had on June 30, 2023, declared that Tinubu would in December, last year inaugurate the N30bn different ongoing projects at the National Assembly.
Akpabio said, “The entire complex of the National Assembly is like a construction site due to ongoing general renovation work and fresh projects which would, on completion, be inaugurated by President Bola Tinubu in December this year (2023).”
The renovation was initially billed to be completed and delivered in August 2022 but the delivery date was later moved to January 2023 and then December 2023.
As of January 2024, the renovation of the National Assembly Complex is yet to be completed with skeletal work ongoing on the premises.
Our correspondent, who was at the site on Saturday, observed that the contractor, Visible Construction Company, was still at work.
An official of the construction firm, who spoke to our correspondent anonymously, said, “People keep blaming us for not finishing the project but those with the money have refused to release money to us.
“How are we expected to finish the work without money? If money is released to our company, the project will be done in no time.”
Earlier during an oversight visit by the Senate Committee on Federal Capital Territory, the site engineer, Tajudeen Olanipekun, blamed “fluctuations in the value of naira to the United States dollar for the delay.”
“This has hampered the importation of required materials and equipment, in addition to the need for more funds from the FCDA,” he said.
However, the Head, Public Relations, Federal Capital Development Agency, Richard Nduul, in June disclosed that N19bn had been paid to the construction company.
He said, “I would like to refer you to a recent press briefing by the Executive Secretary, Engr. Shehu Hadi Ahmad, just about three weeks ago, where disclosed that so far about N19bn has been expended out of the sum of N30bn being the cost of the contract awarded in 2021 to Messrs Visible Construction Nigeria Limited with a completion date of August 2023.
“This project when completed, will bring the Complex to the status of a world-class parliamentary building that will ensure both the comfort, convenience and functionality of the complex,” Nduul added.
However, when our correspondent called Nduul to get an update on how much had been expended on the project, he said he was on sick leave.
He said, “Please call back on Monday so that I can get the records from the concerned department.”
In the same vein, our reporter reached out to the site engineer, Olanipekun for comment on the amount paid, but he refused to pick up his calls and even blocked our correspondent from reaching him.
He had also refused to reply to the text messages sent to him.
The British Broadcasting Corporation (BBC) is poised to release a three-part investigative documentary outlining the alleged atrocities and sexual crimes committed by the late Pastor Temitope Balogun Joshua, widely known as TB Joshua.
Joshua passed away on June 5, 2021. As part of the investigation, the BBC interviewed at least 30 former members and workers of the Synagogue Church of All Nations (SCOAN). The first segment of the documentary is slated for release on January 8.
The three-part documentary exposes the covert lifestyle of the deceased SCOAN founder, detailing instances of abuse, harassment, rape, manipulation, and staged miracles. Sources informed the BBC that although the church was aware of all the allegations, they never investigated them. They allege that the sexual crimes spanned over two decades.
Part of the documentary reveals how SCOAN shielded its congregation from the truth about the collapse of one of the church’s guesthouses in 2014. A video repeatedly shown to members on Emmanuel TV depicted a brief clip of the structure with what appeared to be an aircraft flying over it.
SCOAN is situated in the Ikotun-Egbe area of Lagos State and grew from a local evangelical church into a multimillion-dollar establishment with worshippers from around the world.
Emmanuel, a former worker at SCOAN, revealed to the BBC that the narrative about an aircraft was entirely false. He asserted that the church building had a structural defect. Additionally, Rae, a British woman who attended the church and was a disciple, corroborated this claim. She added that despite professional advice against it, Joshua insisted on raising the building, which had an inadequate foundation for its constructed floors.
Following the tragedy, SCOAN compensated victims’ families with cash, which some interpreted as “hush money.” Sources revealed that TB Joshua instructed a church worker, part of the team distributing compensation in South Africa, to advise grieving families against speaking to the media. Allegedly, Joshua personally threatened families who refused the money.
“The building collapse is a prime example of life under TB Joshua. It’s a series of cover-ups. This incident was so significant that it was nearly impossible for him to conceal,” Rae said.
The BBC investigation also discovered that individuals were dismembered under the rubble, and deceased bodies were transported in SCOAN ambulances to shield the true extent of the disaster from the press, protecting both the church’s image and TB Joshua.
Sexual Exploitation
Survivors of TB Joshua’s sexual exploitation recounted how they were manipulated and silenced, even when aware that the relationship they had with “daddy” was abusive. These women were part of TB Joshua’s discipleship. Multiple women shared their experiences of being molested and raped by him. Some women who initially resisted his assault were threatened into submission, as revealed by one of the women in an interview with the BBC.
According to all the women, TB Joshua justified his sexual assaults by claiming it was for their salvation. These women joined the synagogue as teenagers and endured years of abuse before finally leaving. Abisola, a woman who spent 14 years in the church, disclosed that she was raped throughout her stay. Additionally, when these women became pregnant from the assaults, they were coerced into having abortions at a squalid clinic within the synagogue.
One of the women recounted her experience: “We went into his room, and I stood there. He said, ‘Off your clothes,’ so I removed my clothes. He just pointed, so I lay down, and then he raped me. He broke my virginity. I was screaming, and he was whispering in my ears that I should stop acting like a baby. I was 17 years old. I was underage.’”
One survivor managed to escape and confronted TB Joshua, recording the encounter in videos shared with the BBC. In the video, a security officer was heard threatening to shoot the woman. Survivors detailed being targeted, beaten, and shot at by suspected thugs associated with the pastor.
The BBC’s documentary uncovered how the church orchestrated, managed, and exaggerated miracles showcased on television. Individuals were instructed to amplify their problems for healing, and likewise, their healing was exaggerated to appear “perfected by God,” according to a source from the miracle department interviewed by the BBC.
Rae questioned, “How is somebody like that permitted to walk free? You’ve got this man who positioned himself as a father to many children and went on to rape, abuse, and molest all these people who call him daddy.” Rachel joined the church at 17, hoping to be cured of homosexuality.
Another segment of the investigation delved into how TB Joshua mistreated and ostracised his daughter born out of wedlock. Ajoke, now 28, revealed to the BBC how she confronted her father about sexual abuse allegations and was subsequently expelled from the church. She recounted experiencing isolation and indoctrination and admitted contemplating suicide.
In March 2023, Mail Online reported that an aristocrat, Constance Marten, allegedly ‘groomed’ by TB Joshua, spent time in a compound near Lagos, Nigeria as a teenager. The report detailed how Marten was subjected to stringent controls, including staying in a dormitory monitored by armed guards, enduring biblical readings, and being forced to address the leader as ‘daddy’.
The compound where Marten was detained gained attention after her arrest, along with her partner, in connection with the death of her child Victoria. Reports indicated Marten’s affluent background and revealed her association with the Synagogue, Church of All Nations (SCOAN) in Lagos, Nigeria.
Former members described instances of humiliation inflicted by the controversial pastor on Marten and other white people at the compound. Marten later reached out to individuals, expressing confusion and trauma from her past experiences, seeking to understand what had happened to her.
In April 2021, YouTube suspended TB Joshua’s channel, Emmanuel TV, following controversial remarks about homosexuality being linked to demonic possession.
Marten’s ex-partner, Francis Agolo, reflected on her time in Nigeria, noting a stark change in her demeanour after her experience, describing her as caring and loving before but withdrawn and distressed thereafter. Marten previously shared her ordeal of living among 50 girls in a religious cult, emphasising the leader’s influence over their lives by dismissing their families and asserting himself as their sole father figure.
Media
Former Governor of Benue State, Samuel Ortom, says the G5 group within the Peoples Democratic Party (PDP) will support President Bola Tinubu’s re-election in 2027.
Ortom made this known on Sunday at a luncheon hosted by the Minister of the Federal Capital Territory (FCT), Nyesom Wike in Port Harcourt, the Rivers State capital.
Wike, an ex-governor of Rivers donned a black shirt and a butter-coloured jacket and was flanked by Ortom and another G5 member, Ifeanyi Ugwuanyi (Enugu).
The G5, a group of five then-governors within the PDP, rejected Atiku Abubakar as the party’s presidential candidate before the 2023 poll last February. The G5 backed a southern candidate in the person of Tinubu.
The G5 include Ortom, Wike, Ugwuanyi, Okezie Ikpeazu (Abia) and Seyi Makinde (Oyo). All the members of the group finished their second term of eight years as governor last May except Makinde who is now in his second term.
Addressing the gathering crowded with Wike’s allies on Sunday, Ortom said the G5 has no regret for supporting Tinubu’s victory in the last poll, declaring that the group will again back the ex-Lagos governor for a second term in office as Nigeria’s President.
Ortom said, “If we work to ensure Bola Ahmed succeeds, there will be tomorrow for anybody to even contest the election at all.
“Our leader, Nyesom Wike, has already made a declaration that in 2027, we are supporting President Bola Ahmed Tinubu.
“We have nowhere to go because that is what Nigerians believe. Even the past administration that took Nigeria from top to bottom, we allowed them to work for eight years. So, why can’t a seasoned administrator in the person President Bola Ahmed Tinubu rule us for eight years?” he asked, assuring Nigerians that Tinubu will fix security, economy and other critical areas of challenge to the citizens.
Human rights lawyer, Femi Falana, says the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, should resign for “betraying the confidence reposed in her”.
Falana, a Senior Advocate of Nigeria (SAN), in a statement on Sunday, urged the Economic and Financial Crimes Commission (EFCC) to speed up the ongoing investigation of the Ministry of Humanitarian Affairs and charged all indicted persons to court.
The senior lawyer described as an “extremely embarrassing drama”, the circumstances surrounding Edu’s alleged involvement in the approval of N585,198,500.00 to be disbursed into a personal account.
In a letter allegedly signed by the minister, Edu allegedly instructed the Accountant General of the Federation (AGF), Oluwatoyin Madein, to transfer the sum to the account of one Oniyelu Bridget as grant for vulnerable groups in four states.
However, Madein explained that although her office received a request from the humanitarian ministry to make certain payments, her office did not act on it.
The minister subsequently said there were plans to tarnish her image, adding that she won’t embezzle government funds.
However, Falana said the minister should stop insulting Nigerians, adding that she failed to deny that she gave approval for the funds to be paid to a private account instead of direct transfer to the beneficiaries’ accounts from the ministry’s.
He said, “It is interesting to note that the minister has not denied that she gave approval for the payment of the over half a billion Naira to a private account in contravention of the extant Public Service Rules as well as the Independent Corrupt Practices and Other Offences Act and the Penal Code applicable in the Federal Capital Territory.
“Instead of apologising to the Federal Government and people of Nigeria and calling it quits for betraying the confidence reposed in her, the Minister has arrogantly said that the N585.18 million fraud allegation is a mere fabrication by her detractors and an alleged attempt by mischief makers to undermine her ministry’s effort in fighting corruption and uplifting the needy.
“However, notwithstanding that the Accountant-General of the Federation has successfully frustrated the criminal diversion of the said sum of N585.18 million from public treasury, it is crystal clear from the leaked memorandum of the Minister that the offence of an attempt to commit a felony has already been completed.
“There can be no legal justification for the criminal diversion of the said sum of N585.18 million for disbursement to vulnerable people in Akwa Ibom, Cross River, Lagos and Ogun States since the Ministry of Humanitarian Affairs has collated the individual bank accounts of all the vulnerable people.”
The Nigerian presidency has announced an ongoing investigation into a significant financial irregularity involving the transfer of N585.189 million.
This substantial sum, designated as a grant for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states, was reportedly diverted into a private account.
This revelation has sparked widespread concern and calls for accountability.
In a related development, several civil society organizations have vehemently called for the dismissal of the Minister of Humanitarian Affairs and Poverty Alleviation, Betty Edu.
The groups accuse Edu of directing the controversial payment and are urging the president to take decisive action against such acts of impunity.
The civil society organizations emphasize the need for the presidency to not only investigate but also enforce strict consequences.
Their demands include the immediate removal of Edu from her ministerial position and her subsequent interrogation by anti-corruption agencies.
This strong stance reflects a growing impatience with governmental misconduct and a push for greater transparency and accountability in the handling of public funds.
The incident has raised serious questions about the management of funds meant for the welfare of vulnerable populations.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, told Daily Trust on Saturday, “The matter is under investigation.
“Appropriate Action will be taken thereafter.”
In a viral document signed by her and directed to the Office of the Accountant-General of the Federation, Edu directed the disbursement of N585.189 million into one Bridget Mojisola Oniyelu’s private account.
The leaked document revealed that the money was paid into Oniyelu’s account.
The minister had, in a statement on Friday by her Special Assistant on Media and Publicity, Rasheed Zubair, said the payment followed due process.
Zubair had explained that the money was paid into Oniyelu’s account because she currently serves as the project accountant of Grants for Vulnerable Groups.
He said it is legal in the civil service for a staff member, to be paid, use the same funds legally and retire same with all receipts and evidence after the project or programme is completed.
The Executive Director of the Human Rights Monitoring Agenda (HURMA) Global Resource Initiative, Buna Olaitan Isiak, urged Tinubu “to set up a panel to probe the matter so as to set precedence for future culprits.
“Payment of humongous public funds into a private account is purely corruption no matter the merit of her (Edu’s) defence. This is a violation of all the anti-corruption laws of Nigeria.
“The development is an opportunity to test the sincerity of President Tinubu on his willingness and determination to fight corruption and the readiness of his government to depart from the past ways of doing things.
“By now, Betta (Edu) should be a guest of relevant anti-corruption agencies to answer questions about how our funds escaped to a private account. It is not too late to act.”
The government of Ireland has perfected plans to entice Nigerians and other foreign workers with work permits.
The potential beneficiaries are those with critical skills who require permission to work in the country.
According to the Citizens Information Board, the scheme under the name ‘Critical Skills Employment Permit’ applies to countries outside the European Economic Area including the EU, Norway, Iceland and Liechtenstein, the United Kingdom, or Switzerland.
Ireland, with the programme, aims to address a shortage of skilled workers in the country with exists various sectors like production management, ICT, health and social services management, natural and social sciences, engineering, information technology, and telecommunications.
Additionally, roles are available for health workers, teaching professionals, business and administrative professionals, architects, artistic and media professionals, design, sports and fitness, as well as sales and marketing.
The Critical Skills Employment Permit is for skilled workers who are qualified in disciplines that are experiencing a deficit of qualifications and experience required for the proper functioning of the Irish economy.
These disciplines, however, require specialisation from candidates to qualify for a Critical Skills Employment Permit.
Who is eligible?
The Irish government those eligible are interested participants offered a job running for two years or more from a company or employer that is registered with revenue, trading in Ireland and registered with the Companies Registration Office.
The applicant must be directly employed and paid by their employer in Ireland. Job offers from recruitment agencies and other intermediaries are not acceptable for this permit.
It also disclosed that job offers must have a minimum of €32,000 in annual salary in an occupation that is on the Critical Skills Occupation List or an annual salary of €64,000 a year in an occupation that is not on the list.
Work permits cannot be obtained for companies where more than 50% of the employees are non-EEA nationals. This requirement may be waived in the case of start-up companies which are supported by Enterprise Ireland or IDA Ireland.
Further details iterate that permits have to be obtained before entering Ireland and applicants may also need to apply for a visa. The scheme requires qualified individuals to register and get an Irish Residence Permit once they arrive in Ireland.
Applicants who already live in Ireland and have a valid Irish Residence Permit (IRP) with stamp 1, 1G, 2, 2A or 3 permission can apply for the permit if they satisfy the criteria.
However, labour market needs tests are not required for the permit. This means that the employer does not need to advertise the job with the Department of Social Protection, European Employment Service (EURES) or in newspapers.
Who can apply?
The applicant can be the employer, the employee, a connected person or contractor, or an authorised agent. Payments are to be made by electronic fund transfer (EFT) to the Employment Permits Section of the Department of Enterprise, Trade and Employment at Earlsfort Centre, Lower Hatch Street, Dublin 2 D02 PW01, Ireland.
Applications can also be made online with the required documentation, using the Employment Permits Online System (EPOS), with a supplied checklist for assistance.
Applications cost €1,000. If an application is refused or withdrawn, 90% of the fee will be refunded.
The Board assures that rejected applications will be justified and applicants will be granted an appeal within 28 days.
Successful applicants who live outside of Ireland are required to apply for a visa to enter Ireland if their country requires it. They are to present an employment permit to the immigration officer before entry.
They are also to register with their local registration office in the area where they intend to live. Once registered, they will get an Irish Residence Permit (IRP). The fee for registering with immigration and getting an IRP is €300.
If already living in Ireland with another immigration permission, candidates must visit their local registration office for a change of registration permission.
Qualified candidates invited to Ireland for a job interview on the critical skills occupations list can also apply for a highly skilled job interview authorisation. This allows an applicant to remain in Ireland for a maximum of 90 days.
How about bringing family members?
Ireland allows individuals who go through the Critical Skills Employment route to bring their family to live with them in Ireland.
If their family is from a country whose citizens need a visa to enter Ireland: they must all apply for separate visas. If not, they must show proof that they are the family members of the Permit holder to an immigration officer before entry.
If a skilled worker brings a de-facto partner, they must apply for either a visa if their country requires it or a preclearance if not. This is the person they are in a committed relationship with but not married to.
Children must also apply the same way as the de-facto partner. However, spouses or de-facto partners and any child over 16 must register and get an IRP.
Ireland also offers opportunities for partners of skilled workers to work in the country without a permit through the Stamp 1G IRP. Other family members can apply for a Dependent/Spouse/Partner Employment Permit.
What of citizenship by naturalisation?
The Critical Skills Employment Permit is issued for two years. After this, skilled workers can apply for a Stamp 4 permission to live and work in Ireland without an employment permit.
Stamp 4 permission will be issued for 2 years and can be renewed provided candidates continue to satisfy the criteria. After legally residing in Ireland for 5 years, skilled workers can apply for citizenship by naturalisation.
If not eligible for a Stamp 4, candidates may be issued with a Stamp 1 and will continue to need an employment permit to work in Ireland.
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The Coalition of United Political Parties (CUPP) has rejected former vice president and presidential candidate of the People’s Democratic Party (PDP) in the 2023 presidential election, Alhaji Atiku Abubakar, as the rallying point of the opposition parties in Nigeria ahead of 2027 general election.
In a statement by the national secretary of CUPP, High Chief Peter Ameh, which was made available to journalists in Abuja on Saturday, he said the attention of CUPP had been drawn to a newspaper publication (Not LEADERSHIP), proposing and projecting former Vice President Atiku Abubakar by one of his aides to lead the opposition political parties in Nigeria ahead of the next election circle.
He said, “We in CUPP hereby wish to disassociate ourselves from that proposition because of the reasons mentioned hereunder.”
Listing the reasons for rejecting Atiku, the opposition national scribe said, “CUPP had worked with Atiku in the past only to realise later that we worked for a candidate who cared for himself, his ambition, and his own ambition only without giving a hoot for other coalition partners. It is also in the public sphere that former Vice President Atiku has severally professed his aversion for multi-party democracy. He is a fan of either one or two party systems only.”
He recalled that in the run-up to 2019 general election, more than 35 political parties went into a coalition, which led to the formation of CUPP as it is today with PDP and former Vice President Atiku as its consensus presidential candidate, noting that
CUPP worked tirelessly for the former Vice President to become the president of Nigeria, and lost at the polls.
He said after Atiku lost, he turned his back on his coalition partners, and practically threw the coalition parties under the bus and ran away to Dubai only to surface towards the 2023 general election.
“We remember sending a delegation of the coalition to him to seek his opinion on the way forward for the opposition parties, only to be told by him that he did not believe and had never believed in multi-party democracy which was the bedrock of constitutional democracy and the reason for the existence of the parties that went into that coalition with him,” he added.
CUPP queried how a man who is so enamoured with a one-party system and had severally professed his aversion for multi-party democracy lead and be nominated to be in the forefront of such struggle.
“CUPP sees this as trying to fly a wingless kite, which can never be airborne. He is trying to rally the opposition parties to take upon themselves a fight (install him as the president), which he has tried severally and failed.
“CUPP hereby urges the former Vice President Atiku to leave the stage now that the ovation is high. He has done his beat as a consummate politician, he has contested severally for the office of the president without victory, the time is now ripe for him to quit the stage for the younger elements and start portraying himself as a statesman that he truly is,” the statement read.
About a week to the kick-off of the 2023 edition of Africa Nations Cup (AFCON) tournament in Côte d’Ivoire, and in an effort to ensure that Nigeria’s football and other sporting activities are revived and developed, President Bola Ahmed Tinubu has released the sum of N12 billion to the Ministry of Sports Development.
The said amount would assist those in charge of the management of sports to clear backlog of arrears of salaries and other outstanding debts owed coaches of the national teams and other sporting activities under the sports ministry.
Minister of Sports Development, Senator John Owan-Enoh, stated this on Saturday during a thanksgiving ceremony at Holy Family Catholic Church in Ikom LGA of Cross River State.
Enoh said that no President in Nigeria has shown the level of commitment displayed by President Tinubu as far as sports development in the country is concerned.
“The senior team national coach has not been paid for 15 months, the salary is about $1.350 million.
“The senior national team and other national teams; female, under 20 had a backlog of unpaid allowances, unpaid promises, and all of that piling up close to about N12 billion.
“The President has approved all of that payment. There’s no better way to show support and leadership than what he (Tinubu) has done,” the Minister stated.
Enoh added that if there was any facet of the economy that President Tinubu is interested to revive, it’s sports, which would show joy, peace and happiness across all households.
The Minister charged players and managers of the senior national team to redouble their effort towards victory as the entire nation would be waiting in anticipation of victory.
While admitting that the sports sector is truly controversial but one can always triumph with hardwork, the Minister noted that, “Every step you take is controversial but to the glory of God, I’m able to navigate through that and we are not in any controversy.”
Umar Audu, the undercover reporter who succeeded in earning a university degree from Benin Republic, in as little vas six weeks, has asked the federal government to scrutinize all degrees that were issued to Nigerians from institutions in both Benin and Togo.
The government has said it is investigating the alleged racketeering of degrees from Benin but said nothing about the many fake degrees that could already be in circulation in the country.
It is also yet to officially speak on the extent its planned investigation will go and how it will liaise with affected universities in Benin Republic and Togo on the racketeering scandal unearthed by the undercover reporter from the Daily Nigerian Newspaper who still managed to register for the National Youth Service Corp after obtaining a degree in six weeks.
This is just as a professor at the University of Lagos, Victor Ariole, has called into question, the collective punishment of a large number of universities within the African region and the thousands of students currently enrolled in them.
Ariole said the government should instead single out the erring universities and students.
The undercover journalist, Umar Audu, said it is imperative for the government to conduct thorough investigations into all degrees awarded in the Benin Republic.
Audu, who spoke exclusively to LEADERSHIP Sunday yesterday, said some people earned their certificates legitimately, but most of them were obtained in a fraudulent manner.
It would be recalled that Audu, in an investigative report titled, ‘How Daily Nigerian reporter bagged Cotonou varsity degree in 6 weeks’, exposed a booming certificate racketeering syndicate in Benin Republic and Togo, that specialises in selling university degrees to willing buyers from Nigeria.
Speaking to our correspondent on what led him to go undercover, Audu said the issue of certificate racketeering is widespread in the Benin as many universities are offering fake degrees.
He also said that it is the responsibility of the National Universities Commission (NUC) and the Federal Ministry of Education to evaluate and accredit these universities to eradicate the fraud.
“There is a need to investigate all degrees from the Benin Republic, but this doesn’t mean they are all not legitimate graduates. Some people earned their certificates legitimately, but most of them were obtained in a fraudulent manner.
“The issue is widespread; in our previous investigation, we identified over 15 universities that offer these kinds of degrees.
“It’s not the responsibility of the NYSC to evaluate and accredited universities. That responsibility lies in the hands of the NUC and Federal Ministry of Education.”
Speaking further, Audu said he had prior knowledge of degrees being bought in Cotonou before embarking on the investigative journey.
According to him “Daily Nigerian did an investigation on how Nigerians smuggle ‘tokumbo’ degrees from Cotonou in February 2018. So, this was like a follow-up,” he said.
Meanwhile, some experts have urged the government to investigate erring universities and punish specific individuals instead of generalising.
LEADERSHIP Sunday tried to reach out to the acting director of public affairs at the National Universities Commission, Haruna Lawal Aho on whether there are plans by the commission to set up an investigative panel considering how wide spread the racketeering appears to be widespread in Benin and Togo.
Ajo would only say that an enquiry has already been instituted by the federal ministry of education, and nothing else should be expected pending the outcome of that investigation.
He said, “The federal ministry of education made a statement on this issue a few days ago. An enquiry was already instituted.”
The National Youth Service Corp, on its part was reluctant to speak on steps it could take to reduce the opportunity for fake degree holders to register for the youth service.
LEADERSHIP Sunday could not get clarification from the NYSC spokesman, Eddy Megwa, on why Audu was able to register for a second time despite the fact that the use of the National Identification Number, which is unique to all individual citizens, is a requirement for all participants before registration.
A Professor of European Languages and Integration Studies, University of Lagos, Prof. Victor Ariole said suspending accreditation of degrees from Benin and Togo is ill-advised.
According to him, punishing over 15,000 students with the suspension of accreditation of degree certificates is collective punishment since the need to punish only those directly involved.
“There must be a selective process, go into their records, those who are found culpable bring them out and punish them, not because one person did something wrong and you punish everybody because you discovered one University or institution is creating a problem. It is not done, it’s against human rights,” he said.
NYSC Registration Steps For Foreign, Local Students Expounded
Following the release of an undercover report on express degrees awarded by mushroom universities in Cotonou, mixed reactions of shock and outrage have continued to trail across the country.
Although, the National Youth Service Corps, on its website said the data of all prospective corps members as submitted for mobilisation by their respective institutions, are subjected to screening for conformity, the spokesperson of the Scheme, Eddy Megwa did not respond when asked to throw more light on it.
LEADERSHIP Sunday, however, walks through the procedures of National NYSC registration for foreign and local students.
NYSC, which is a mandatory one-year service programme is for all Nigerian graduates of tertiary institutions.
However, graduates who have studied outside Nigeria and are interested in participating in the scheme must follow specific procedures and meet certain requirements, according to the scheme.
Requirements For Registration/Mobilization Of Foreign Students Graduates
On its website, NYSC specified that foreign students must register online on its portal (https://portal.nysc.org.ng/) during the designated registration period and create an account with their emails and phone number, providing their personal details, and upload scanned copies of the required documents.
Documents to be uploaded are; International passport showing entry visa, departure date, return date, and data page, original degree or HND certificate, complete official transcript of the degree or HND course, O’level certificate (WASC, GCE, SSCE, NECO, IGCE, GCSE, or high school diploma) showing credits in five subjects, including English and mathematics.
Others are evidence of completion of housemanship (for medical doctors and optometrists), evidence of completion of internship (for pharmacists), residence permit for the period of study (for graduates of universities within ECOWAS states and Cameroon).
After successful online registration, foreign students must attend the physical verification exercise at the designated NYSC camp and present the original copies of all uploaded documents for verification.
However, certificates and other credentials not written in English must be translated at the embassy of the country of study or a university in Nigeria where the language is studied before uploading and presentation for verification.
More so, foreign students are not allowed to choose their state of deployment. However, married women may be deployed to states where their husbands reside.
Meanwhile, graduates with dual nationality are required to upload data pages of both International Passports and present the same for verification at the physical verification Centre/Orientation camp (where more than one passports were used during the period of study.
In the event of loss of international passport, a prospective Corps Member is expected to obtain the following: Police and Immigration reports from the country where the Passport got missing, sworn affidavit from the court of law and other evidence of stay in the country of study, and a new International Passport (Personal Data page of the newly obtained International Passport must be uploaded).
For loss of academic credentials, the following are required: Detailed Police report, sworn affidavit from the Court of law, confirmation of result from either the examination body (for loss of O’Level certificates) or the institution of graduation (for loss of degree, HND, Certificates), personal Data page of the newly obtained International Passport must be uploaded
Requirements For Registration/Mobilisation Of Local Graduates
Prospective Corps members should ensure that they have functional e-mail addresses that they can access and Nigerian (GSM) telephone numbers with which to register.
They will use the Email address and password to login to the NYSC portal subsequently.
Locally trained prospective Corps members are expected to use correct Matriculation numbers to register and only those whose names appear in the Senate/Academic Board Approved Result lists submitted by their Institutions will have access to the register on the NYSC portal.
Anybody who presents any fake document will be demobilized and decamped and handed over to law enforcement agencies for prosecution.
They should also remember the fingers used for their biometric capturing as these will be used for verification at the orientation camps.
Those who cannot be verified with their biometric at the orientation camp will not be registered.
However, married female prospective corps members (whether locally or foreign-trained) should upload copies of their marriage Certificates, evidence of Change of name and their husbands’ place of domicile during registration.
The orientation camp is highly not ideal for pregnant and nursing mothers. Prospective corps members in these categories are therefore to note that they will not be accommodated.
The Chairman of the Dangote Group, Aliko Dangote, on Saturday clarified the recent visit of officials of the Economic and Financial Crimes Commission, EFCC, to its Head Office in Lagos State.
Recall that officials of the EFCC visited the Dangote Group headquarters in Lagos on Thursday, to investigate forex allocations to the company during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria, CBN.
However, days after the EFCC visit, Dangote Management, in a statement at the weekend explained that “the company received a letter from the EFCC in the first week of December 2023, requesting details of all the foreign exchange allocated to the company by the CBN from 2014 to the present.
The statement said, “We understand similar letters were sent to 51 other Groups of companies requesting for the same information spanning the same period.”
According to the statement, the company responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the Group that they required information on.
It said the company also requested additional time to compile and properly present the extensive documentation spanning ten years.
The statement partly read, “the EFCC did not provide the clarification sought and also did not honour our request for an extension and insisted on receiving the complete set of documents within the limited timeframe.”
“On 4 January 2024, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.
“Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand the same documents in a manner that appeared designed to cause us unwarranted embarrassment.”
It noted that no accusations of wrongdoing have been made against the company by the EFCC, adding that they are responding to a request for information to assist the anti-graft agency with their ongoing investigation.