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The official exchange rate of the naira has been drifting towards the parallel market level due to the central bank’s delay in clearing outstanding amounts in forward deals, exacerbating a foreign-currency shortage in Nigeria.
The air component of Operation Whirl Punch has killed 30 terrorists on motorcycles in the Birnin Gwari Local Government Area of Kaduna State.
This was as security operatives in Katsina State on Sunday rescued 35 kidnap victims inside Dumburu forest.
The Kaduna air strikes were ordered following an intelligence report which disclosed the movement of the terrorists in the area.
A statement on Monday by the Director of Public Relations and Information, Air Vice Marshal Edward Gabkwet, said the eliminated terrorists were responsible for the ambush of troops at Kwanan Mutuwa recently as well as several attacks and abduction of innocent civilians in the LGA.
Gabkwet said, “In its relentless campaign to rid the North-West and North Central region of Nigeria of the menace of terrorism and kidnapping, the air component of Operation Whirl Punch has eliminated a syndicate of terrorists in Kaduna State.
The strike followed an intelligence report of the movement of the syndicate along the Kwiga-Kampamin Doka axis in the Birnin Gwari LGA of Kaduna State.
“The intel also revealed that the same syndicate was responsible for the ambush on troops at Kwanan Mutuwa on January 27, 2024, as well as several attacks and abduction of innocent civilians in Birnin Gwari.”
He added that when the troops arrived at the location, two armed terrorists were sighted on 15 motorcycles.
Gabkwet noted that a precision strike was conducted which eliminated them.
He said, “On arrival at the suspected location, a deliberate and detailed scan revealed a trail of terrorists sighted moving in a convoy of about 15 motorcycles, each with at least two armed terrorists.
“Accordingly, the terrorists were trailed to a location where they converged before they were engaged and neutralised in a precision strike. The aftermath of the air strike revealed that several of the terrorists were eliminated as a result of the strike.”
The PUNCH reports that the Birin Gwari area of Kaduna is one of the areas ravaged by insecurity, with bandits killing and abducting residents.
Meanwhile, security operatives in Katsina on Sunday afternoon rescued 35 kidnap victims inside Dumburu forest.
Bandits recently kidnapped the victims from Tashar Nagulle and Nahuta communities in the Batsari Local Government Area of the state.
The 35 victims were brought to the Government House, Katsina on Monday where Governor Dikko Radda met and congratulated them.
A statement on Monday by the governor’s Chief Press Secretary, Ibrahim Mohammed, said the governor gave each of the victims N100,000 in financial support to start off any business of their choice.
According to the statement, the victims were rescued on Sunday afternoon at Dumburum forest after a fierce gun battle between troops and the bandits.
“Many bandits were being killed, their camps were destroyed and a lot of weapons were recovered through the joint efforts of security operatives in the state,” the statement added.
[Punch]
The Governor of Kano State, Abba Yusuf, on Monday, distanced himself from the report making rounds that he signed an agreement with the presidency to influence the judgment of the supreme court.
Naija News recalls that the Supreme Court on the 12th of January, set aside the judgment of the appeal court that sacked Yusuf as the governor of Kano.
The spokesperson to the Governor, Sanusi Bature in a statement said the judgment was delivered with “equity and fairness”.
The statement reads, “Our attention has been drawn to a misconception making rounds on social media indicating an agreement between the presidency and governor Abba Kabir Yusuf in the aftermath of the supreme court judgment that affirmed the mandate of his excellency.
“I wish to categorically state that Governor Yusuf did not enter any agreement or condition with anybody before the supreme court judgment. I therefore urged the public to dismiss the fallacy being orchestrated by enemies of progress.
“It is on record that my lord, the justices of the supreme court delivered a landmark Judgment with justice, equity and fairness and largely protect the integrity of the judiciary.
“The president is a true democrat who will not undermine other political parties in the interest of his party.
“Let me state and emphatically that Governor Yusuf has no prior agreement with the president.
“However, the president should rather be appreciated for maintaining neutrality, peace, and stability in Kano.
“No doubt, the refusal of the president to carry out the wishes of some prominent members of his party has brought about enduring atmosphere in Kano.
“On this single act, the good people of Kano will continue to appreciate Mr. President and pray for him to succeed in his administration.
“The governor had several opportunities to meet the president in all of his visits, and the discussions are centred around the development of Kano state.”
[NaijaNews]
Italy’s Prime Minister unveils $5.9 billion investment plan for Africa to discourage migration
AdminItaly’s Prime Minister, Giorgia Meloni, revealed an investment plan in the region of €5.5 billion ($5.9 billion) aimed at enhancing Italy’s relations with Africa.
The initiative seeks to bolster energy connections and reduce mass migration patterns.
Hosting a gathering on Monday, the premier welcomed around 25 African heads of state and government. Meloni’s objective is to establish Rome as a significant political and economic intermediary between the European Union and Africa.
Details of the plan
According to her, Italy’s primary focus will include energy, education, professional training, healthcare, agriculture, and water. The initial phase, comprising loans, grants, and guarantees, will consist of roughly €3 billion sourced from Italy’s climate fund and approximately €2.5 billion from development resources.
- She stated, “Mass illegal immigration will never be stopped, traffickers in human lives will never be defeated if we don’t tackle the causes which push someone to abandon their own home,”
- “That is exactly what we intend to do, on the one hand declaring war against the traffickers of the third millennium, and on the other working to offer the African peoples an alternative made up of opportunities, work, training and legal migration,”
She added that her administration aims to engage international financial institutions and other donor nations and, by the year’s end, establish “a new financial instrument” in collaboration with the state lender Cassa Depositi e Prestiti. This instrument is designed to facilitate private sector investment within the project.
Backstory
- Following her assumption of office in 2022, Meloni unveiled her “Mattei plan” for Africa, named after Enrico Mattei, the founder of Italian energy company Eni SpA. This initiative, intended to serve as a political and business conduit between Italy and the continent, has faced several delays since its announcement.
- Italy and Europe have seen rising migration waves from the coast of Libya in the past few years. In 2022, around 105,000 migrants arrived the shores of Italy from North Africa. The Italian government stated that around 153,000 migrants arrived its shores via the Mediterranean Sea in 2023
[Nairametrics]
…condemns attack
Ekiti State Governor, Mr Biodun Oyebanji has condemned Monday’s dastardly attack in Oke-Ako area in Ikole Local Government, which led to the gruesome killing of two traditional rulers; and ordered security agencies in the state to fish out the killers.
The two traditional rulers- the Onimojo of Imojo Ekiti, Oba Olatunde Samuel Olusola and the Elesun of Esun Ekiti, Oba David Babatunde Ogunsola were killed in an ambush by armed men while returning from a meeting. The third traditional ruler, the Alara of Ara –Ekiti, Oba Adebayo Fatoba escaped the attack.
Governor Oyebanji, in a statement signed by his Special Adviser on Media, Yinka Oyebode, said security agents have been despatched to the area to fish out the perpetrators of the heinous crime.
The Governor, who had just presided over the state security council meeting in Ado-Ekiti, barely an hour before the incidence occurred, said no stone will be left unturned in the bid to bring the perpetrators to justice.
He expressed the condolences of the Government and people of Ekiti State to the people of Imojo Ekiti and Esun Ekiti over the sad incidence.
The Governor also urged the people of the two towns to remain calm and refrain from taking the laws into their own hands. Government, he said, would ensure that justice is served.
Governor Oyebanji charged security agencies in the state to remain vigilant and resolute in the efforts to stamp out crime and criminality from the state.
Restating the commitment of his government to security of lives and properties of citizens in the state, the Governor said his administration would continue to deploy technology for crime detection and prevention, as well as provide necessary support for security agencies in the state.
Daniel Bwala, a presidential campaign spokesperson for Atiku Abubakar during the 2023 elections, on Monday, met with President Bola Tinubu in France.
President Tinubu, last Wednesday departed the country for Paris, France, on a private visit.
“It was a pleasure to meet with the father of the nation @officialABAT President Bola Tinubu in Paris today. He continues to share his thoughts and demonstrate his passion to lead Nigeria out of the woods,” Bwala disclosed in a post via X.
This is coming two weeks after the legal practitioner met with Tinubu at the Aso Rock Villa in Abuja.
In a chat with State House correspondents after closed-door talks, he declared his availability to work with the President Tinubu-led administration.
According to him, if supporting Tinubu means joining the All Progressives Congress (APC), he was ready to join the party and dump the Peoples Democratic Party (PDP).
Asked if he would defect to the APC, he said: “I told him today, I am committing to play my part to support your administration, and I have no apologies to anybody.
“APC is a party. President Bola Tinubu is my motivation; if supporting him will take me to APC, so be it.”
Speaking on the visit, Bwala had expressed delight in a post on X.
He shared a picture of him in a handshake with the president.
He also posted a 13-second clip of the event.
“Today I was delighted to meet @officialABAT, President Bola Ahmed Tinubu, (GCFR) in the Villa to show appreciation and support for the bold decisions he is taking to deal with the crisis confronting our dear country,” he captioned the post.
A 72-year-old retired soldier has allegedly committed suicide in his compound opposite St. Joseph Catholic Church in Nyiniongun, a suburb of Makurdi, Benue State.
The deceased, whose name was given as, Francis Dooga, allegedly hanged himself to death on a tree at his residence.
A neighbour, who spoke on condition of anonymity, said Dooga popularly known as ‘old soldier’, ended committed the act while members of his family were away from home.
The neigbour, who said the body of the retiree was found dangling on the tree at about 6:00pm on Sunday, wondered why he took the decision.
Some residents of the area alleged that the late retiree had earlier complained of hardship.
It was gathered that the deceased was complaining about being defrauded of his pension by some persons around him and was worried about not getting his pension in bulk from the pension board.
The spokeswoman of the Police in Benue, SP Catherine Anene, confirmed the incident in a text message to our correspondent.
Former Commissioner for Finance in Ondo State, Wale Akinterinwa, has revealed that the late former Governor Oluwarotimi Akeredolu, selected him as his successor.
Najia News reported that Akeredolu passed away in December last year following a battle with prostate cancer.
Akinterinwa, who has not officially declared for the Ondo governorship race, stated that Akeredolu had discussed with him the prospect of becoming the next governor of the state.
During an interview on TVC News, the former commissioner mentioned that Akeredolu informed him to prepare to succeed him upon his return to the country following his trip to Germany.
According to him, “The late Governor Akeredolu had a discussion with me in his office, and he told me he would want me to take over from him. I didn’t take particular notice of the date he discussed with me, but it happened immediately after he came back from his trip to Germany.
“He prayed for me, and I am aware he told some certain people about his desire.”
The financial expert expressed confidence in his prospects of securing the APC ticket for the November 16, 2024, governorship election. He emphasized that the people of the state trust him.
“Well, at the appropriate time, I will officially announce my intention because it is not in doubt that I am still making further consultations, but I can assure you that I will get the ticket.
“The people of Ondo State are with me, and I am very confident that I will win the APC primary election,” he said.
Oyo State Governor, Seyi Makinde has taken a swipe at former Vice President Atiku Abubakar for failing to express empathy to the Oyo State government over the explosion that rocked Bodija area of Ibadan.
Makinde criticised Atiku while appreciating the former Governor of Anambra State and the presidential candidate of the Labour Party, Mr Peter Obi, who was on a condolence visit to his office.
Makinde revealed that only the former vice president had not reached out to him out of the three major candidates who contested the 2023 general election.
“I want to thank you especially for the visit. Out of the 3 major candidates who contested the 2023 election, only Atiku Abubakar, my own leader and our candidate hasn’t called to commiserate with the state. I am saying this openly so that our leaders will know that we have time for politics and others. I want to thank you once again for coming,” Makinde told Obi, who had Aisha Yesufu in his entourage.
The January 16 blast on Dejo Oyelese Street, Bodija, resulted in loss of lives and property.
Daily Trust learnt that Obi, who had a closed door meeting with Governor Makinde, had earlier visited the International Institute of Tropical Agriculture (IITA) headquarters in Ibadan to learn about the research activities & food security impact ongoing across Africa.
Speaking on the economic situation of the country and its effect on the masses, Makinde called for a cut in the cost of governance at the federal level as a necessary sacrifice to move the country forward.
“All of us are now involved and all of us should work hard and make the necessary sacrifice to see that we turn around the situation.
“It is a matter of sacrifice. Elections are over, governance is the key thing and what is required for me is to cut down on the cost of governance especially at the federal level. It is unacceptable the way it is going, we need to prioritize critical areas such as education, health and pulling people out of poverty,” the governor said.
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market.
Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday.
Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.”
She also assured Nigerians that the CBN was implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long term.
According to her, this strategy is focused on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.
“As the governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.
The forex market reforms, she explained, are designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.
She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.
She urged all participants in the forex market to play by the rules, emphasizing that transparency in the market would enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike.
“We believe that a stable exchange rate will boost investor confidence and attract foreign investment.
“We urge all participants in the market to play by the rules. Transparency in the market will enable the fair determination of exchange rates and, by extension, guarantee stability for businesses and individuals alike,” she said.
Earlier, the apex bank had infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors.
Nigeria’s naira dropped to an all-time low against the dollar in the official market on Friday, according to data from FMDQ Exchange on Monday.
The currency plummeted to as low as ₦1,421 per dollar during trading on Friday, surpassing the rate quoted in the parallel market, around ₦1,400.
The naira later closed at ₦891.90 on the official market.
This steep decline followed Central Bank Governor Olayemi Cardoso’s announcement last Wednesday that the bank was working to improve liquidity in the foreign exchange market.
Kyle Chapman, FX markets analyst at London-based Ballinger & Co., noted that the naira has now surpassed its previous record low on the parallel market, which could hinder the influx of capital needed to stabilise the exchange rate.
“The downward spiral is becoming self-perpetuating. The further it falls, the less investors want to enter Nigeria, deepening the risk premium embedded into the naira rate,” Chapman explained.
This development follows a recent suspension by Toyota subsidiary Daihatsu for failing to properly conduct vehicle safety tests for decades.
[Leadership]
More...
The Federal Government has assembled a 37-person committee tasked with proposing a new national minimum wage on Tuesday, January 30, at the Council Chamber, Presidential Villa, State House, Abuja.
The spokesperson for the office of the Secretary to the Government of the Federation, Segun Imohiosen, disclosed this in a statement.
The existing minimum wage, set at N30,000 per month, was approved in 2019 following the passage of the Minimum Wage Bill by the National Assembly.
The labour unions demanded an increase on the N30,000 minimum wage, citing rising inflation and the naira’s depreciation.
President Bola Tinubu after his swearing into office promised that his administration would provide a living wage for Nigerian workers because the existing national minimum wage was “not enough.”.
“In Nigeria, I shall have the honour and privilege to lead from May 29. Workers will have more than a minimum wage. You will have a living wage to have a decent life and provide for your families,” Tinubu said.
The committee, to be inaugurated on Tuesday, January 30, boasts a diverse list of members, including representatives from the federal and state governments, the private sector, and organised labour.
The former Head of the Civil Service of the Federation, Bukar Aji, will chair the group, tasked with navigating the complex and often contentious issue of the minimum wage.
From the Federal Government, the members include Nkeiruka Onyejeocha, Minister of State, Labour and Employment (representing Hon. Minister of Labour and Employment); Wale Edun, Hon. Minister of Finance and Coordinating Minister of the Economy; Atiku Bagudu, Minister of Budget and Economic Planning; Yemi Esan, Head of the Civil Service of the Federation; Nnamdi Maurice Mbaeri, Permanent Secretary, GSO, OSGF; and Ekpo Nta, Esq, Chairman/CEO, NSIWC, Member/Secretary.
Also from the State Government: Mohammed Umar Bago, Governor, Niger State, a representative from North Central; Bala Mohammed, Governor of Bauchi State, a representative from the North East; Umar Dikko Radda, Governor of Katsina State, a representative from the North West; Charles Soludo, Governor, of Anambra State, a representative from the South East; Sen. Ademola Adeleke, Governor, Osun State, a representative from the South West; and Otu Bassey Edet, Governor, Cross River State, a representative from the South West.
From the Nigeria Employers’ Consultative Association (NECA): Adewale-Smatt Oyerinde, Director-General, NECA; Chuma Nwankwo; Thompson Akpabio; and also members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) include Michael Olawale-Cole, National President; Ahmed Rabiu, National Vice President; and Humphrey Ngonadi (NPOM), National Life President.
The members of the National Association of Small and Medium Enterprises (NASME) are Abdulrashid Yerima, President and Chairman of the Council; Theophilus Nnorom Okwuchukwu, Private Sector Representative; Muhammed Nura Bello, Zonal Vice President, North West; and also from the Manufacturers Association of Nigeria (MAN), Grace Omo-Lamai, Human Resource Director, Nigerian Breweries; Segun Ajayi-Kadir, mni, Director-General, MAN; and Lady Ada Chukwudozie, Managing Director, Dozzy Oil and Gas Limited.
From the organised labour, the Nigeria Labour Congress (NLC): Joe Ajaero, President, NLC; Comrade Emmanuel Ugboaja, mni; Adeyanju Adewale; Comrade Ambali Akeem Olatunji; Comrade Benjamin Anthony; and Theophilius Ndukuba.
Also, members of the Trade Union Congress of Nigeria (TUC) include Festus Osifo, President, TUC; Tommy Etim Okon, Deputy President I, TUC; Kayode Surajudeen Alakija, Deputy President II; Jimoh Oyibo, Deputy President. III; Nuhu A. Toro, Secretary-General; and Hafusatu Shuaib, Chairperson, Women Comm.
Members are urged to arrive early to process their clearance at the security gate and be seated in the council chamber by 11.30 a.m. In addition, a shuttle bus will be available at the Pilot Gate to transport attendees to the venue.
Also, members of the Committee should contact the Head of the Secretariat, Chiadi Adighiogu, Director (Compensation) in the National Salaries, Incomes and Wages Commission, for information.
[DailyTrust]
Hope Uzodimma, the Governor of Imo State, has said “cabals and deities” were benefitting from the disparities in foreign exchange and subsidy payments before President Bola Tinubu halted it.
Uzodimma, who spoke on Channels Television’s Sunday Politics, said the cabals were responsible for the socio-economic woes bedevilling the nation.
He said what Tinubu had done so far by removing subsidy on petrol and unifying the foreign exchange windows were the “passwords to entering the system” of prosperity.
“I tell you, in my findings and understanding of the country, there exist cabals and deities, who before dollar business can be conducted, must be worshipped.
“They are the people sponsoring artificial media, they are the people sponsoring oppositions to come with blackmail and negative propaganda against a president who is very versatile, who is from the private sector, who meant well, who wants to correct the ills of the past.
“The fuel subsidy that has just been removed was benefiting a group of cabals who became very rich overnight to the detriment of Nigerians… We have billionaires who bought private jets, built castles all over the world in the name of subsidy,” Uzodimma said.
He said the companies leaving Nigeria were not investors, “they are those who are benefiting from the cabal system.”
“When they tell you they are leaving, they are leaving because they can no longer benefit from foreign exchange disparities, they can no longer benefit from crude oil theft, they can no longer benefit from petroleum subsidy pretending to be importing fuel when they were not importing anything.
“And again it is a blessing in disguise because the more they leave, the more opportunities for indigenous companies to participate,” the chairman of progressive governors added.
While debunking the argument that Tinubu’s economic policies were not working, he said the president was trying to consolidate the economy to make the Naira stronger.
“In the process of economic recovery, there is what we call the infancy stage. He has just drafted policies that will make the Naira very strong again and there will be initial challenges,” he said.
[DailyTrust]
Alleged N2.5bn fraud: Impeached Ogun Speaker docked as security operatives order journalists out of court
AdminThe impeached Speaker of the Ogun State House of Assembly, Olakunle Oluomo, was on Monday docked in a Federal High Court sitting in Oke Mosan, Abeokuta.
The former Speaker was docked alongside two other officers of the state Assembly, Dayo Samuel and Adeyemo Adedeji.
Oluomo and the duo were dragged before the court by the Economic and Financial Crimes Commission, EFCC, over alleged misappropriation of N2.5 billion.
Oluomo allegedly committed the fraud while serving as the Speaker of the Assembly in 2022.
Aside from the N2.5 billion fraud case, 18 out of 26 lawmakers signed for his impeachment over allegations bordering on high-handedness, gross misconduct, arrogance, poor leadership style, lack of focus and transparency, and pitching members against themselves.
This former Speaker has, however, vowed to fight back as he told journalists that he had instituted a legal battle against the members of the Assembly.
On Monday, shortly after the trio entered the dock, the court discovered that the counsel to the EFCC was absent.
The Judge, Justice O.O Okeke, however, adjourned the case to 29th February and 1st of March.
Journalists barred
Earlier, DAILY POST reporter arrived at the court at exactly 9:15 am and sat down some chairs away from the ex-Speaker.
Drama however ensued at 10:04 am when the presiding judge, Justice Okeke, stepped out of her chamber and as the Speaker’s case was mentioned, two officers of the Nigeria Security and Civil Defense Corps, NSCDC, approached the DAILY POST reporter, insisting that he should leave the courtroom on the orders of the Court Registrar.
When the DAILY POST reporter met the Acting Court Registrar in his office and asked why he was prevented from witnessing the proceedings, he denied ever giving such orders.
The registrar also summoned the NSCDC officer to his office for questioning.
But the NSCDC officer, who removed his name tag, denied ordering the journalist out of court saying, “I only asked him to meet the Registrar before covering the proceeding.”
[DailyPost]
The Supreme Court on Monday reserved judgment in the appeal by the All Progressives Congress and its Adamawa State governorship candidate, Aisha Dahiru aka Binani against the state governor, Ahmadu Fintiri.
The state election petition tribunal and the Court of Appeal had dismissed Binani’s petition challenging the victory of Finitiri in the governorship election.
At the apex court on Monday, a five-member panel led by John Okoro adjourned the matter for judgment after listening to the arguments of parties involved in the matter.
Details later…
[Punch]