Latest News
The federal government has launched ‘Aso Accord’, a financial inclusion initiative which has “received funding from the Bill & Melinda Gates Foundation”.
Vice-president Kashim Shettima set up an operating model for the programme on Wednesday during a meeting that kicked off the implementation process.
In a statement by Stanley Nkwocha, media aid to the vice-president, Shettima said the project was designed to combat poverty and catalyse sustainable economic growth.
The vice-president said the initiative symbolises the federal government’s commitment to enhancing financial and economic inclusion across Nigeria.
On April 25, the government unveiled the ‘Aso Accord’ on economic and financial inclusion, a multi-pronged blueprint designed to achieve universal access to financial services.
The initiative is said to represent a pillar of the administration’s agenda to transform the nation into a $1 trillion economy by 2030, while combating poverty and insecurity through broad-based prosperity.
Addressing members of the team and other stakeholders at the meeting, Shettima said the idea is to provide access to capital and eradicate poverty through legislative interventions and critical policies.
Shettima said at the heart of every strategy endorsed by the president is the priority of inclusive economic growth and development.
He said the efforts have produced positive outcomes, such as the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings.
“While such upgrade by a distinguished institution reflects growing confidence in our economic trajectory, particularly in light of policy changes aimed at easing our debt service burden, we remain mindful of the short-term impacts of these reforms,” he said.
“Hence, we are prioritising measures to mitigate immediate effects, from the student loan act, which democratises access to education, to the relentless efforts of the federal ministry of agriculture and food security in combating food insecurity.”
The senator said because the administration believes its approach to inclusive growth must be strategic and sustainable, economic and financial inclusion has been elevated to the agenda of the National Economic Council (NEC).
He urged members of the implementation team and all stakeholders involved in the initiative to recognise the weight of their responsibility.
“You have been entrusted with a vital national assignment, and I have full confidence that you will bring your best efforts to ensure its success,” he said.
“As we embark on this essential initiative, I call upon each of you to contribute your insights, expertise, and dedication.
“Only through such resolve and discipline can we forge a robust operating model that will drive economic and financial inclusion across our nation, ensuring every Nigerian has the opportunity to thrive.
“I also implore the implementation team to engage all stakeholders fully. There is no greater calling than developing solutions to alleviate the impact of ongoing economic reforms on over 30 million financially excluded Nigerians, propelling Nigeria towards sustainable and inclusive growth.”
‘ACCORD HAS RECEIVED FUNDING FROM BILL & MELINDA GATES FOUNDATION’
In his remarks, Nurudeen Zauro, technical advisor to the president on financial inclusion, acknowledged the role of the vice-president in supporting the signing of the accord and ongoing implementation.
He said discussions on financial inclusion have now reached the highest levels of government, including NEC.
“Since its signing, the operationalisation of the accord has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School,” Zauro said.
“We have been setting up the operating model and legal framework to ensure that the project takes off smoothly and is aligned with the Renewed Hope Agenda.
“Working on the team are also Augmentum Advisory, Banwo & Ighodalo, and Ndarani (SAN) & CO.”
Zauro said the team is planning capacity-building initiatives and “high-profile training for permanent secretaries and commissioners of finance to ensure that practical knowledge on financial inclusion would be injected where they are needed.”
Also speaking, Olayinka David-West, project manager at the Lagos Business School (LBS), commended the federal government for putting economic and financial inclusion on the front burner by signing the Aso Accord.
She said the LBS team, working with its counterpart in the vice-president’s office and other stakeholders, is looking at the legal framework for financial inclusion as well as giving the initiative the convening power, and national coordination to drive ownership across the country.
[TheCable]
The Federal Inland Revenue Service (FIRS) Chairman, Dr. Zacch Adedeji, has urged state governments to brace up for the tax reforms about to be released.
Adedeji emphasised the importance of a robust Internal Generated Revenue (IGR) system at 155th Meeting of the Joint Tax Board (JTB) in Suleja, Niger State. He enjoined the state governments on the need to optimise revenue collection “for socioeconomic and human development.”
According to him, “at this critical point in time, it is necessary to strengthen the fabric of our IGR capacity to ensure that the revenue administration processes, especially at the subnational level, become as efficient as possible to optimise the collection of IGR for socioeconomic and human development,” Dr. Adedeji stated.
Adedeji acknowledged the ongoing tax reform efforts led by the Presidential Fiscal Policy and Tax Reforms Committee, stressing that “we must begin to look ahead to how these reforms will impact revenue authorities across all government levels”.
He expressed confidence that diligent implementation of innovative approaches could lead to a monthly IGR target of N5 billion for Niger state.
Governor Mohammed Umar Bago of Niger State, represented by Mustapha Ndajiwo, the Commissioner for Budget and National Planning, presented a case study of successful IGR improvement in the state.
Ndajiwo revealed a rise in Niger State’s IGR, with an average monthly collection of N2,621,710,688.94 between January and May 2024, compared to N1,806,280,088.25 in the same period last year. May 2024 alone saw a collection of N3,508,389,805.20, representing a 45 per cent increase.
Ndajiwo attributed this growth to three key strategies: Niger State implemented strategic reforms and innovative approaches to tax collection. The state prioritized transparency, efficiency, and taxpayer education and Niger State actively collaborates with the Joint Tax Board, a forum for tax authorities across all government tiers. This collaboration allows for the exchange of ideas, best practices, and solutions to shared challenges in tax administration and revenue optimisation.
[TheNation]
•Seven rescued from collapsed building, flood-induced traffic disrupts movement in Lagos, Ogun
Business and commercial activities were grounded on Wednesday following a 10-hour downpour in many parts of Lagos and Ogun states.
The resulting flooding brought down a two-storey building in the Mushin area of Lagos, grounded vehicular movement on the roads and overwhelmed thousands of residents while pupils could not attend schools in parts of the states.
Though the Lagos State government said the rain lasted for nine hours, in some parts of the state, it started at midnight and did not subside until noon, making it 12 hours.
Such places include Berger, Ikeja, Ogba and in some parts, the rain lasted for 10 hours.
Our correspondents, who visited some affected flooded areas such as Iyana-Oworo, Agege, Ijegun-Isheri Osun, Gbagada and Lagos Island in Lagos State, observed that roads and houses were flooded as a result of long hours of downpour.
Other flooded places in Lagos include Eredo, Bojije, Epe, Sangotedo, Ibeju-Lekki, Awoyaya, Labora, and Abijon.
The PUNCH also visited Atan-Ota, Aseese, Ifo, Sango-Ota, and Ijebu-Ode in Ogun State and observed that major roads were submerged, making them impassable and leaving passengers stranded.
The heavy showers, which began around 12am, were blamed for the collapse of a two-storey building on Cameroon Road in the Mushin area of Lagos, injuring seven people.
The Permanent Secretary of the Lagos State Emergency Management Authority, Olufemi Oke-Osanyintolu, stated that the seven victims were rescued alive from the collapsed structure.
He attributed the collapse of the newly constructed building to the inclement weather.
He said, “Early this morning, seven people were rescued alive from a building in Ewenla, Mushin, that collapsed in the inclement weather.
“Upon arrival of the LRT at the scene of the incident, it was discovered that a newly constructed two-storey building had collapsed. Three females and four males were rescued alive and taken to a nearby hospital for treatment.
“The agency’s search-and-rescue team had searched the rubbles and can confirm that there is no victim underneath the collapsed building. The area has been cordoned off, and operations are still ongoing.”
Non-essential travels
Due to the unpredictable weather conditions, the LASEMA boss also urged Lagos residents to remain calm and avoid any non-essential travel.
“We are urging the good people of Lagos to remain calm and refrain from any non-essential travel due to the incidence of flash floods across the state,” he added.
Students currently taking exams were affected by the downpour as some schools in White Sand Estate, Isheri-Osun, in the Alimosho Local Government Area of Lagos, closed.
The students were advised to stay home due to the hazardous roads.
The PUNCH reports that White Sand Estate is one of the hardest-hit areas in Lagos, frequently experiencing severe flooding.
Flooding in White Sand Estate is a recurring issue, with the area suffering from poor roads, inadequate drainage systems, and a lack of maintenance.
Wednesday’s downpour once again flooded homes, with water reaching mid-level levels.
Our correspondent observed that many residents were trapped in their apartments, unable even to sit down as their living spaces were submerged.
A parent, identified simply as Atinuke, shared a message from the school with our correspondent, praising the school’s management for their “pragmatic” decision.
The message read, “Good morning, dearest parents, trust your night was splendid. Due to the heavy downpour and a predicted serious rainy weather forecast today, we have decided to close the school and postpone today’s exam. As you can see, almost everywhere is flooded.
“As a school, we prioritise the safety of our geniuses above everything else. Consequently, the school bus will also not operate today. We are extremely sorry for the inconvenience.”
Atinuke called for the state government’s intervention, lamenting that water had flooded her living room, forcing her to remove the furniture.
She said, “The rain has entered my house again; just look at the environment. This is White Sand Estate in Isheri-Osun.”
The area was flooded, making it impossible for cars and motorcycles to navigate, while the pedestrians faced significant risks as the flooding obscured drainage channels.
The Public Relations Officer of the area’s Community Development, Johnson Olabode, expressed his frustration, stating, “We are at it again this year. Everywhere is filled with water. I have been up since 3am when the rain started, and all I could do was watch my house get flooded. We can’t even start removing the water until the rain stops.”
He added that schools have notified parents to keep their children at home due to the severe conditions.
Meanwhile, some residents have called on the Lagos State government to urgently address this ongoing problem in their community.
A resident, identified as John Adewale, decried that the flooding had become a yearly nightmare for them.
He said, “This has become a yearly nightmare for us. Every time it rains heavily, we know our homes will be flooded. We’ve been pleading with the government for better drainage systems, but nothing seems to be happening. We’re stuck inside with water everywhere.”
Flood submerges roads
Major roads such as Majek, Abraham Adesanya, and Awoyaya-Sangotedo were also impacted, with ongoing road construction further worsening the situation.
Commercial vehicles and motorcycles seized the opportunity to hike transport fares.
A resident, Anuoluwapo Atanda, in the Pen Cinema, Agege area of Lagos, said that the flood affected her house due to the blocked drainage in her area.
She revealed that it also impacted all the houses on her street and the adjacent one.
Atanda said, “Flooding is an issue here because residents refuse to clean their drainage systems. The main reason for the flood is the dirty and congested drainage filled with waste.
“The government is trying to create a larger drainage system on the link road to my street, but the work has been slow and rough. I think this season is not the right time to do it.
“They just dug the drainage, but water is not flowing in it because it hasn’t been completed. Once the water in the gutter fills up, it flows into the road and people’s houses.
“Traffic has been terrible because of the flood. Drivers are being careful so they don’t sink with their vehicles, as it is difficult to identify potholes and gutters when everywhere is flooded. It took me about 45 minutes to get to Oshodi from Agege; everywhere is messed up.”
A resident on X.com who goes by the name, Chu Osakwe, stated, “This is Gbagada to 7up inward 3MB. Stay home if you have no business on the island. #Traffic.’’
“If your route this morning is mainland to the island via 3MB, just forget it. Turn back home or reroute. I just passed by on the opposite side, and the beginning of the Third Mainland (Iyana woro?) is flooded to the car doors. I’ve never seen that on the bridge before,” another X user wrote on Wednesday.
“Please let me adjust my advice. If you live in Lagos, do not even consider coming out of your house today. Everywhere is flooded. I didn’t expect it to be this bad on the mainland. Flooded, and all the roads are blocked in any direction,” the resident added.
Our correspondent who visited Ikeja observed stranded commuters forced to find shelter, while others stood by the roadside waiting for commercial buses to take them to their destinations.
The PUNCH also noted that some commercial buses refused to pick up passengers travelling from Ogba to Ikeja due to the flood and traffic gridlock.
Additionally, broken-down vehicles further compounded the plight of motorists.
A driver identified as Tunji blamed the flooding on the poor drainage system in Ikeja.
He said, “The drainage system in Ikeja is inadequate; there’s nowhere for the water to flow, so it stays in one place, damaging cars and other properties.
“The demand for buses is greater than the supply due to the rain. That is why we don’t have vehicles ready to go to Ikeja. The supply went down because of the flood and gridlock. It is a sad thing, but what can we do?
‘’We can’t force them to spoil their vehicles just because we want to get to work. It is not fair.”
Fare hike
The PUNCH also observed that commercial bus drivers and tricycle riders increased the transport fare from the usual N300 to N700 for trips from Ogba to Ikeja.
A 54-second viral video showed hoodlums extorting residents, demanding a N100 levy before allowing them to access an alternate route under the Trade Fair bridge in the Ojo area, following the flood that submerged much of the area.
Some individuals were arrested by officials of the Lagos State Government for allegedly extorting the residents.
“This is the Trade fair under-bridge; pay N100 before you can take the passage. And we have a president in this country. Look at their faces,” a woman’s voice in a video clip said.
The Commissioner for Environment, Tokunbo Wahab, stated on his X.com handle that the miscreants had been arrested by the Lagos State Environmental Sanitation Corps and assured that they would be prosecuted accordingly.
He wrote, “Following a complaint made by @ARISE0214, miscreants charging people for using the makeshift crossover bridge at Trade fair this morning (Wednesday) have been arrested by the operatives of the Lagos State Environmental Sanitation Corps, @LAGESCOfficial. They will be prosecuted according to the law.”
Devastating floods also struck several communities in Ogun State, including Sango-Ota, Alagbado, Atan, Oju-ore, and Lusada, submerging them.
Residents attributed the flooding to blocked waterways caused by indiscriminate waste dumping and construction on drainage rights-of-way.
Abayomi Rufai, a resident of Atan-Ota, reported that his properties worth several millions of naira were damaged by the rainfall.
He blamed the flooding on improper drainage channelling and construction on drainage rights-of-way in his community.
He lamented, “Currently, I can’t access my house. I have to rely on commercial motorcycles because the road leading to my house is currently cut off from the major road due to the flood. Governor Dapo Abiodun should come to our aid before it is too late.”
Victoria Ojelana, a resident of Oregun in the Ijebu-Ode area, told our correspondent that her entire apartment was flooded, destroying some household items.
She explained, “I was sleeping only for me to wake up and see everywhere flooded. The flood was very bad; it entered our house, our kitchen, and even our neighbour’s house.
“There is a neighbour of ours that, even with the fence, the flood broke down the fence, entered their room, and they had to run out of the house. They waited for three to four hours so that the water could reduce. The water is not flowing, it is just stagnant.”
In response to the situation, the Lagos State Government has called for calm.
Non-stop rain
A statement signed by the Commissioner for Environment and Water Resources, Wahab, explained that Lagos experienced about nine hours of non-stop rainfall since the early hours of Wednesday.
He added that this was coupled with heavy rainfall which the state had been experiencing daily since last week resulting in the level rise of the Lagos lagoon.
Wahab explained that the flash floods which inundated areas like Iyana Oworo linking the Third Mainland and several other areas would recede once the rains abated.
The commissioner added that the state had also deployed officials of the Emergency Flood Abatement Gang to major black spots, including Iyana Oworo, which has been cleared of all blockages.
He urged “All those in low-lying areas, to as a matter of necessity, relocate to higher grounds at this period to safeguard lives and properties.”
He also admonished residents to desist from wading through floods with their vehicles as they could be swept away, irrespective of the number of occupants.
The commissioner equally advised residents to avail themselves of daily weather reports issued by the State Ministry of the Environment and Water Resources as it serves as a guide to daily itineraries.
Ogun State was also affected by the rainfall with places like Iperu, Governor Dapo Abiodun’s home town, Oju Ore, Joju bus stop along the Abeokuta-Sango Ota Expressway and Sango-Ota under-bridge impacted by flooding.
A Sango-Ota resident, Mrs Adijat Ahmed, stated, “I observed slight flooding around Joju bus stop, Oju Ore and Sango-Ota under-bridge and this I think is as a result of the rain but it is however nothing so threatening. It is the usual thing during rainy season like this.”
Mr Moses Ayinla also confirmed that there was slight flooding on Iperu-Ilisan Road.
“There was slight flooding on Ilisan-Iperu road due to the downpour but this is not new; the road has always been flooded whenever there is heavy rain, though, the water will later flow away after some hours.
“The problem of that place is drainage and there was a time the government actually worked on the spot but the problem is back, so we plead with Gov Dapo Abiodun to provide the final solution to this problem,” he said.
Owolabi Babalola, a resident of Wawa located just before the long bridge, Lagos-Ibadan Expressway, said that there was no incident of flooding in the area.
Babalola noted, “The rain is a bit much here too but there is nothing like flooding, even on the long bridge. I just came back home, I never experienced anything of such on the road.
“Though sometimes the place is flooded as a result of excessive rainfall but I didn’t see anything of such when going to work and coming back this evening; probably, it has receded.
“The problem we usually have here in Wawa is not the rain but when the dam is overflowed and it is now opened to empty the water; that is when we used to have issues. We plead for more government support and collaboration to ensure that this challenge becomes a thing of the past.”
Ogun allays fears
The Ogun State Commissioner for Environment, Ola Oresanya, assured worried residents, stating that there was nothing to fret about.
“Just like we have stated in our flood alert issued to members of the public in April, the NIMET has said that between July 3rd to 13th, there will be flash flooding in some parts of the state because the rain would have been reaching its peak.
“The flood will appear when there is a downpour and disappear hours later. If you go back to where there have been reports of flooding in the morning, the water would have gone by now; it is a natural occurrence.
“The residents only have to be careful and ensure that they only go out when it is necessary. We should also ensure that we work on our drainages just like the state government has done to ensure there is a free flow of water,’’ he advised.
Benin, the Edo State capital, experienced slight flooding during Wednesday’s downpour.
Vehicular movement was disrupted in places like Commercial Avenue, Reservation Road, Ikpopan, Aghobasiwin, Ihama and Adesua Road, all in the Government Reservation Area, due to flooding.
The road by the Prestige Hotel on Ihama Road and Aghobasiwin Street was rendered impassable.
However, vehicles were seen moving at a slow pace at Ikpopan, Reservation Road and Commercial Road close to the Government House and Nigeria Army, 4 Brigade.
Two residents, Blessing and Ife, attributed the situation to a lack of drainages in the GRA.
Ado Ekiti, the Ekiti State capital, witnessed light rain showers for less than half an hour on Wednesday.
Although it was not accompanied by thunderstorms or flooding, it disrupted commercial and other activities in the capital city.
An Okada rider identified himself simply as Raymond, who alongside his colleagues, took shelter under the Fajuyi – Ojumose Flyover Bridge, said, “These light showers, as you can see, have disrupted many things. For me, the rains have affected what I will make. I am sure the rains will affect how people will come out because the weather is cold, very cold.”
A commuter, Bola Olugbemi, said, “The brief rainfall has disrupted many things. Traders, mostly those who displayed wares in open spaces and hawkers at the popular Oja Bisi and Oja Markets as well as in the capital city ran for shelter from the rains. Things will not remain the same throughout the day again.”
Residents of Akure were also impacted by the torrential rain which slowed down economic and social activities in the Ondo state capital and other communities.
It was learnt that many state workers reported late for work and some shop owners could not open for business.
However, there was no report of flooding across the state.
In Anambra State, residents were not spared as parts of the state were flooded by the rains that started at about 2pm on Wednesday.
Particularly affected was Neni community in the Anaocha Local Government Area of the state with several roads and homes submerged.
Vehicular movement was disrupted in places like Onitsha, the commercial nerve centre of the state.
Motorists and commuters experienced severe gridlock on the Onitsha-Owerri Road.
The jam on the ever-busy road stretched from the Upper Iweka to the Enamel area of the road.
The situation was worsened by some naval ratings manning a checkpoint at Enamel. They were observed extorting motorists plying the road.
They collected amounts ranging from N100 from tricycle operators, N200 from shuttle bus drivers and N500 and N1,000 from truck drivers.
They blocked a part of the road to carry out their illegal act.
The ratings were also seen flogging motorists who refused to part with money.
Many people were forced to trek for a long distance following the traffic situation on the Onitsha-Owerri Road.
A road user, who gave her name as Ifeoma Okeke, said, “This Onitsha-Owerri Road is a critical road for us in the South-East and naval officers have continued to make life unbearable for motorists on the road.
“Despite the gridlock they have caused with their checkpoint, we also suffer from extortion. Look at the way they have blocked more than half of the two-lane road in the name of a checkpoint and are using it to extort us.”
In Awka, the state capital, vehicles were forced to move at a slow pace due to the flooding on the Awka-Enugu Expressway.
Residents blamed blocked drainages in the area for the flooding.
[Punch]
Britons headed to the polls Thursday in a general election widely expected to emphatically return the opposition Labour Party to power and end nearly a decade-and-a-half of Conservative rule.
The country’s first national ballot since Boris Johnson won a landslide for the Tories in 2019 follows Prime Minister Rishi Sunak’s surprise call to hold it six months earlier than required.
His gamble looks set to backfire spectacularly, with polls throughout the six-week campaign — and for the last two years — pointing to a heavy defeat for his right-wing party.
That would almost certainly put Labour leader Keir Starmer, 61, in Downing Street, as leader of the largest party in parliament.
Centre-left Labour is projected to win its first general election since 2005 by historic proportions, with a flurry of election-eve polls all forecasting its biggest-ever victory.
But Starmer was taking nothing for granted as he urged voters not to stay at home. “Britain’s future is on the ballot,” he said. “But change will only happen if you vote for it.”
Voting began at 7:00 am in more than 40,000 polling stations across the country, from church halls, community centres and schools to more unusual venues such as pubs and even a ship.
At 10:00 pm, broadcasters then announce exit polls, which typically provide an accurate picture of how the main parties have performed.
Results from the UK’s 650 constituencies trickle in overnight, with the winning party expected to hit 326 seats — the threshold for a parliamentary majority — as dawn breaks Friday.
Polls suggest voters will punish the Tories after 14 years of often chaotic rule and could oust a string of government ministers, with talk that even Sunak himself might not be safe.
That would make him the first sitting prime minister not to retain his seat in a general election.
“I appreciate people have frustrations with our party,” he conceded on Wednesday. “But tomorrow’s vote… is a vote about the future.”
Sunak, 44, is widely seen as having run a dismal campaign, with anger over his decision to leave D-Day commemorations in France early the standout moment.
In new blows Wednesday, The Sun newspaper switched allegiance to Labour — a key endorsement given the tabloid has backed the winner at every election for several decades.
It follows the Financial Times, the Economist and The Sunday Times as well as traditionally left-leaning papers The Guardian and The Daily Mirror, also endorsing the party.
Meanwhile, three large-scale surveys indicated Labour was on the brink of a record victory, with the Tories set for their worst-ever result and the centrist Liberal Democrats resurgent in third.
YouGov, Focaldata and More in Common all projected Labour would secure at least 430 seats, topping the 418 under Tony Blair in 1997.
The Conservatives could plunge to a record low of less than 127, the trio predicted.
The Lib Dems were tipped to scoop dozens of seats — up from their current tally of 15 — while Nigel Farage’s anti-immigrant Reform UK party was set to win a handful.
YouGov and More in Common both forecast the Brexit figurehead would finally become an MP at the eighth time of asking.
If the predictions are accurate, Sunak will on Friday visit the head of state King Charles III to tender his resignation as prime minister.
Starmer will meet the monarch shortly after to take up his invitation to head the next government — and become prime minister.
The Labour leader will then travel to Downing Street — the office and residence of British leaders — where he would be expected to deliver a speech before making ministerial appointments.
It would cap a remarkable political rise for the former human rights lawyer and chief prosecutor, first elected an MP in 2015.
He has promised a “decade of national renewal” but faces the daunting task revitalising creaking public services and a flatlining economy.
AFP
The senate has constituted an ad hoc committee to investigate the “importation of hazardous petroleum products and dumping of substandard diesel into the country”.
During plenary on Wednesday, the upper chamber also appointed Opeyemi Bamidele, majority leader of the senate, to lead other 14 lawmakers to unravel the masterminds behind the illicit practice and transaction.
Members of the ad hoc committee comprise lawmakers Adams Oshiomhole, Abdul Ningi, Osita Izunazo, Ifeanyi Uba, Diket Plang, Mohammed Monguno, Abdullah Yahaha, Olamilekan Solomon, Khabeeb Mustapha, Shahabi Ya’u, and Tokunbo Abiru.
Senate President Godswill Akpabio set up the ad hoc committee at the plenary after Asuquo Ekpenyong, a lawmaker, moved a motion on the urgent need to probe the issue.
Ekpeyong cited a report on June 16 as stating that 12 diesel cargoes conveying a total of 660 kilotons of diesel, were exported by refineries to offshore Lome, Togo for “further distribution to West African markets, mainly Nigeria”.
He said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), despite revising diesel importation standards in line with the Petroleum Industry Act, has been “unable to enforce compliance”.
The politician said a ban on the importation of diesel would be beneficial to the Nigerian petroleum industry and indeed the entire nation and as such, “NMDPRA should cease import licenses in order to address all concerns”.
Consequently, Akpabio highlighted the need for the senate to immediately investigate and unravel those behind the hazardous practice.
On June 23, Devakumar Edwin, vice-president, oil and gas at Dangote Industries Limited (DIL), lamented the activities of the NMDPRA in granting licences indiscriminately to marketers to “import dirty refined products into the country”.
Kenneth Okonkwo, a chieftain of the Labour Party (LP), says Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB), is in prolonged detention because of ethnic bias.
Okonkwo spoke on Wednesday when he was featured on NewsDay, a programme of Arise TV.
The IPOB leader has been in the custody of the Department of State Services (DSS) since he was extradited from Kenya in June 2021.
He is currently facing terrorism charges filed against him at the federal high court.
In recent months, there have been calls for Kanu’s release, particularly by stakeholders from the south-east region.
In June, 50 members of the house of representatives asked President Bola Tinubu to order Kanu’s release.
On Tuesday, governors under the umbrella of the South-east Governors’ Forum also resolved to meet with Tinubu to seek the release of the separatist leader.
The south-east region has witnessed an uptick in the activities of gunmen who violently enforce a sit-at-home order on Mondays to demand Kanu’s release.
‘KANU KEPT IN JAIL OVER ETHNIC BIAS’
Okonkwo claimed that Kanu is being held in detention due to “ethnic bias,” adding that he has not committed worse crimes like other separatists whose cases in court have been dropped.
“Nnamdi Kanu has not done anything that other people from other zones have done,” he said.
“We know about Sunday Igboho of the Yoruba nation agitator. We know of the Boko Haram people who say that they want a different country where Western education is an abomination.
“These people have been released, not just that they have been released; in the case of Boko Haram, they have been reassimilated into society and given plum jobs.
“Why is Nnamdi Kanu’s case different? There is an ethnic and some unnecessary bias that is keeping that man in jail.
“The government should be wise enough to release this man. You can release him conditionally or unconditionally.
“As a lawyer, I have watched the legal issues very clearly, and I saw that even in the courts, from the high court to the supreme court, there are discordant tunes amongst them.
“Even in the issue of bail, some of the tiers of the court have granted him bail. Even in the issue of the charges, some tiers of the court have quashed all the charges.
“So, you can see that the government has a lot of places it can stand to release the young man and bring peace to the south-east.
“He is now more like a political prisoner. The longer Nnamdi Kanu is in prison, the taller he becomes and the shorter the government becomes.”
Okonkwo asked the federal government to “take the intelligent way out” by releasing Kanu as it did to other separatists.
The naira further weakened against the dollar at the foreign market on Wednesday.
FMDQ data showed that the naira slumped to N1512.61 against the dollar on Wednesday from N1509.45 on Tuesday.
This represents a N3.16 loss against the dollar compared to N1509.45 traded on Tuesday.
Similarly, at the parallel foreign exchange market, the naira depreciated to N1520 per dollar on Wednesday from N1515 the previous day.
The development comes as foreign currency transaction turnover dropped to $114.91 million on Wednesday from $213.31 million on Tuesday, according to FMDQ data.
President Bola Tinubu, on Wednesday, approved the appointment of qualified Nigerians to the Board of the Nigerian Consumer Credit Corporation CREDICORP.
The appoinment was announced by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.
According to Ngelale, the appointment was to further expedite the process of expanding consumer credit access to Nigerians.
He disclosed that Otunba Aderemi Abdul, an Independent Non-Executive Director, has been appointed as the board chairman of the nine-member board, while Engr. Uzoma Nwagba is appointed as the Managing Director/Chief Executive Officer.
Mrs. Aisha Abdullahi is appointed as the Executive Director (Credit, Risk & Portfolio)/CRO, Ms. Olanike Kolawole, Executive Director (Operations)/COO,
Dr. Armstrong Ume Takang, Non-Executive Director (MOFI Nominee), Dr. Peter Iwegbu, Non-Executive Director (NIMC Nominee), Mr. Mohammed Nasiru Abbas, Non-Executive Director (FMITI Nominee), Mr. Marvin Nadah, Non-Executive Director (FCCPC Nominee) and the Federal Ministry of Finance, FMF Representative, Non-Executive Director (FMF).
The statement added, “The President expects the new members of the Board of this pivotal institutional vehicle to bring their vast experience, competence, and dedication to bear in their functions to achieve CREDICORP’s mandate of accelerating access to consumer credit to millions of Nigerians.”
The Federal Government has invited the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) for a crucial meeting.
The meeting is scheduled to be held on Thursday at the office of the Minister of Education, Prof. Mamman Tahir.
Naija News had reported that both SSANU and NASU threatened to shut down universities on Thursday, July 4, over the non-payment of the four months withheld salaries by the government.
The Joint Action Committee (JAC), comprising SSANU and NASU, had a few days ago issued a two-week ultimatum to the Federal Government to pay its members the four months withheld salaries.
Out of the four university-based unions that embarked on a prolonged strike in 2022, the federal government had paid the Academic Staff Union of Universities (ASUU), leaving behind the other three unions.
It could be recalled that the Federal Government, through the Ministry of Labour and Employment, then under Chris Ngige as minister, had invoked the ‘No Work, No Pay’ policy, which caught up with the entire unions when they went on a protracted strike.
Despite the presidential directive to release their salaries, SSANU and NASU members have been ignored by those implementing the directive.
Shortly after assuming office as Minister of Education, Professor Mamman reiterated that all affected unions are to benefit from the payment.
However, the latest threat by SSANU and NASU seemed to have hit the right chord as the federal government summoned an emergency meeting scheduled to be held on Thursday by 1 pm on Thursday in a bid to avert the looming strike.
“The Minister of Education has called to meet with SSANU and NASU today, maybe to persuade us not to go on strike. We will honour the invitation. We are also going to meet with the Minister of State for Labour and Employment by 3 pm,” a source in the know reportedly told the Daily Post.
Reports also revealed that JAC was originally set to convene at 10 am on Thursday before proceeding to the other meeting.
The JAC intended to convene on July 4, following the two-week deadline, to assess the government’s reaction to their requests and announce a perpetual strike should the government persist in failing to pay their suspended wages.
President of Dangote Group, Aliko Dangote, has advocated for policies that safeguard domestic industries and cultivate them into indigenous champions capable of generating jobs and fostering prosperity in face of current global economic woes.
The foremost entrepreneur told the gathering of manufacturers and investors in Abuja while delivering a speech on 'Rethinking Manufacturing in Nigeria' as the keynote speaker at the Nigeria Manufacturers' Summit that Nigeria has what it takes to be prosperous.
Dangote who noted that through there are various factors contributing to the underperformance of the manufacturing sector, emphasized that the crucial issue requiring attention is government policy and its approach toward investments and investors.
He pointed out that industrial or manufacturing entities are not like trading entities, while expressing his belief that the fundamental role and responsibility of government should be not only to promote investments and attract investors in manufacturing but also to ensure that these investments are nurtured and protected to facilitate growth and sustainability.
“In every economic regime, including the most advanced, investment projects in manufacturing and industrial sectors need time and a conducive environment for them to mature, build capacity and scale, to become competitive against those in older and more mature markets.
“But since the Mid 1980’s non-industrialized countries and their leaders have been discouraged from protecting and supporting such investment and forced to expose them to unfair competition from stronger, older competitors in their own internal market, even before the newcomers are commissioned. Yet these same older/bigger players are well supported in their home markets,” he said.
He listed several examples of government intervention to protect industries: the blocked sale of US steel to Nippon Steel of Japan, the blocked sale of six US port management companies to Dubai Ports World, restrictions on Chinese cranes at US ports, and the US imposition of tariffs such as 100% on Chinese EVs, 50% on semiconductors, medical products, and solar panels. He also cited the restriction of Russian gas supply to Europe, which led European countries to increase coal usage despite opposition to fossil fuels, and the US government's distribution of $39 billion in subsidies to incentivize local microchip production.
Dangote referred to Asia as having achieved significant levels of industrialization by pursuing industrial policies where the government played an active role in nurturing and supporting local companies. They subsequently leveraged this success to attract foreign direct investment (FDI) into Free Trade Zones.
He emphasized that Government Protection of the industry, does not solely encompass short to medium-term Regulatory Mechanisms such as tax holidays and other incentives which have their place in industrial policy and should be applied when necessary to mitigate investment challenges.
“I am concerned with a long term policy framework which ensures that investors can invest with the understanding that the industry will in the long run be regarded as a national asset and not just investor’s assets, so that when it is threatened, either by external forces or by changes in the environment beyond the control of individual operators, Government will take appropriate action to protect investors and support them to survive the threat. Almost all countries did this in response to the COVID threat. Those in the pharmaceutical industry may well remember how India protected and supported its pharmaceutical industry,” he said while noting that if such policy had been adopted in the past, Nigeria would boost a flourishing textile and tyre industry as well as functioning refineries.
“If we had adopted such a policy and Government attitude to the Textile Industry and tyre industry in the 80’s and early 90’s, perhaps our economy today will still be benefitting from the job creation capacities of these industries. Or if we had adopted this attitude to our Refining industry, Nigerians would not today be too anxious about Dangote Refinery,” he stated.
Disputing assertions that protecting domestic industries leads to reduced competitiveness, Dangote argued to the contrary, citing examples such as China, Korea, India, and various other Asian nations. He pointed out that these countries successfully developed into robust economies and posed a challenge to the established global economic order precisely because they protected their industries.
He noted that in the past, Nigeria was not competitive in cement production, producing less than 2 million tons of cement per annum up to 2007. He pointed out that due to strategic government policies and support, Nigeria has since become Africa's largest cement producer and exporter, ranking among the top 10 globally in competitiveness.
Dangote noted that in 2023, Dangote Cement alone contributed more tax revenue to the government than the entire banking sector. “In the past, Nigeria was not competitive in cement production. Up to 2007, Nigeria produced less than 2m tons of cement per annum. Today we have about 60m tons of production capacity and another 9m under construction. The foundation for this success story was laid by an administration which decided to extend full support and protection to Nigeria’s cement industry. Today we are among the 10 most competitive cement producers in the world and the biggest cement producer and cement exporter in Africa. In 2023, Dangote Cement alone paid more taxes into the coffers of the government than the entire banking industry,” he said.
Dangote also refuted claims that protecting industries would lead to monopoly, stating that it is common knowledge that foreign investors only come when they see that local investors are also doing well.
"I am convinced that when Government Policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the Government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities," he added.
Reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector, Dangote called for re-thinking of her industrialization policy, by learning from leading countries in the West and the East who are actively protecting their domestic industries.
President of Dangote Group, Aliko Dangote and the Vice-President of Nigeria, kashim Shettima and Otunba Francis Meshioye, MAN president during the MAN Summit at the Villa in Abuja.
President of Dangote Group, Aliko Dangote is receiving an honour from MAN DG Ajayi Kadri for his contribution to the manufacturing sector in Nigeria, at the MAN Summit at the Villa in Abuja.
More...
Nigeria government is to receive a 7.5 percent Value Added Tax on Cryptocurrency transactions from users registered in the country from July 8, 2024.
A popular cryptocurrency platform, KuCoin disclosed this in a recent email notice to users in Nigeria.
“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria.
“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”
According to official data, cryptocurrency transaction volume is $59 billion yearly.
Meanwhile, Ray Youssef, director of NoOnes, a cryptocurrency platform said peer-to-peer business is worth $500 billion.
In February 2024, the Governor of the Central Bank of Nigeria, Olayemi Cardoso raised the alarm that a suspicious $26 billion was funneled through Binance without a trace.
Some bandits who kidnapped a Kaduna State female judge and her four children were reported to have killed the eldest son while threatening to kill the other children if the ransom demanded was not paid.
The Chief Executive Officer of the House of Justice, Gloria Ballason, who disclosed this in a statement on Wednesday, condemned the abduction of the Customary Court judge, Janet Galadima, and her four children as well as the “murder of her 14-year-old son by the terrorists.”
Ballason said Galadima was abducted on the night of Sunday 23 June 2024 along with her four sons at their residence in the state by the hoodlums while her husband, a medical doctor, was away on duty.
“The abductors reported to have been about fifteen, took their captives hostage and demanded a huge sum as ransom. On Tuesday 2 July 2024, the terrorists shot dead the 14-year first son of the Judge when the ransom demanded could not be obtained,” she said.
Ballason, a human rights lawyer, described the murder of Victor, the 14-year-old son of the judge as “grisly and blood-curdling”, stating that no parent deserved the horror of watching their child being killed in such a cold, callous manner.
She called on the Nigerian security agencies, the governor of Kaduna State, the Nigeria Bar Association, and the judiciary to protect the lives of Galadima and her children and ensure justice is served.
Meanwhile, the state chapter of the Nigeria Medical Association in a statement issued by its Public Relations Officer, Dr Shuaibu Joga, condemned the development and urged the security agencies to rise to the occasion.
The statement read, “Following the incident, we visited the husband and interacted with him and he informed us that the kidnappers had made a demand of N300 million to secure their release. While the security agencies had been informed and negotiations with the kidnappers were ongoing, we received the shocking news today that the first son was killed to force payment of the said sum.
“In response, we are calling for an emergency SEC meeting today and a press conference to further call on the authorities to expedite action on securing their immediate release and also the release of our other doctor kidnapped 6 months ago.
“We call for calm from members and request all to stay safe while we engage the necessary security organs to end this needless wanton evil.”
A family source said the kidnappers who initially demanded a ransom of N300m later reduced to amount to N298m to secure the release of the abducted judge and their remaining children.
“The wife and 4 children of Dr. Musa Gimba Dutse were kidnapped on 23/06/24 from his residence in Kaduna while he was away in Kano for an official assignment.
“Security agencies were duly informed after the incident with kidnappers initially demanding N300 million (they reduced it to N298 million) to secure their release. While negotiations were ongoing, the kidnappers murdered Dr. Musa’s eldest son Victor (14yrs) on July 2, 2024, to force payment of the ransom,” he said.
As of the time of filing this report, there was no official statement from the state government or the state police command.
When contacted on the telephone, the Command’s Police Public Relations, Mansir Hassan, could not be reached as the line indicated “busy” and a text message sent by our correspondent was not responded to.
Former President Olusegun Obasanjo has disclosed that the issue of releasing Nnamdi Kanu was not part of his discussion with the South East governors in Enugu State, on Tuesday.
The former President and Chief Emeka Anyaoku met with the governors on their own invitation to discuss regional development issues, and the purported plan release of Kanu by the federal government was not part of it.
A release by his Special Assistant on Media, Kehinde Akinyemi, on Wednesday, stated that the regional development issues include that of security and infrastructure.
Others were economic and cooperative/collaboration, which was meant to complement the national economic development agenda.
“The meeting with them was at my invitation and Chief Emeka Anyaoku before their summit begins.
“The issue of Nnamdi Kanu was not on the agenda and was not discussed in my presence,” Obasanjo was quoted as having said.
Kenya’s President William Ruto has directed a review of the proposed pay increase for politicians, recommended by the Salaries and Remuneration Commission (SRC).
The SRC’s proposal, announced earlier this week, suggested a 2-5% pay rise for all state officials, including politicians.
The recommendation sparked widespread criticism from Kenyans, who feel that the country’s financial constraints make it an inopportune time for politicians to receive a pay hike.
The public backlash prompted President Ruto to intervene, ordering a review of the proposal to ensure that it aligns with the country’s economic realities.
On Tuesday, Samuel Njoroge, clerk of the country’s National Assembly, told the People Daily newspaper that the SRC’s recommendation could not be overturned as it affected all state officers.
“The changes are normal salary reviews or increments in any organisation,” he was quoted as saying.
But Mr Ruto has asked the treasury to review the notice.
“The president has emphasised that this is a time, more than ever before, for the executive and all arms of the government to live within their means,” a statement by his spokesman said.