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Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.
Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.
Nigeria was conspicuously absent from the list of success stories in the region.
The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.
Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.
She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.
The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.
“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”
The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.
According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.
On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.
The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.
It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.
The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.
Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.
The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.
The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.
It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.
Lucky Aiyedatiwa, candidate of the All Progressive Congress (APC) in the Ondo governorship election, says he is poised to win the contest due to his record in office.
The incumbent governor voted at polling unit 05, Igbo ward 4, Obenla in Ilaje LGA.
Speaking to journalists after casting his vote, Aiyedatiwa commended security operatives for ensuring a peaceful exercise.
He said the election has been seamlessly executed across the state.
“I want to believe that victory will come my way. I have just cast my vote here in my unit 05 Ilaje LGA of Ondo state,” Aiyedatiwa said.
“Here in my unit, the community has been calm and peaceful, and the turnout is very encouraging and I want to believe that the same situation will be at the other locations across the state.
“It’s peaceful here, I believe it should be peaceful in other locations.
“I want to commend the security agencies, police, civil defence, military, they have heavily deployed to be able to attend to any security threat.
“Ondo state has been adjudged to be one of the most safe and peaceful states in Nigeria and we have been having our elections in a peaceful environment and this very one will not be different.
“The citizens, they are law abiding. They know what they want and who they want. I believe the election will be very, very peaceful, credible.
“I went through the whole process of accreditation before casting my vote and I believe the INEC will do the same at every location.
“So, I want to believe that the process will be very, very transparent, credible, and I hope to see many of them.”
Aiyedatiwa urged residents to come out and exercise their franchise without fear or favour.
Speaking on his chances, the governor said he is in pole position to win the contest.
The APC candidate added that he was the only contender who traversed the 18 LGAs to solicit votes.
“Well, I believe with what we have done in the last 10 months, the populace, the voters, like I said, they know who they want and I believe I will win this election because of the work that I have done in the last 10 months,” he added.
“I want to say that I was the only candidate that covered the entire 18 local governments during the campaign period.”
The Independent National Electoral Commission (INEC) on Friday expressed its readiness for the November 16 governorship election in Ondo State.
INEC National Commissioner Supervising Ondo, Ogun and Osun States, Professor Kunle Ajayi, disclosed this on Channels Television’s Politics Today in Akure.
He assured Ondo voters that the electoral empire won’t disappoint them as they file out in their numbers to elect a new governor who will pilot the affairs of the Sunshine State for the next four years.
“We have done our own work, we are proud of what we have done and we will not disappoint the people of Ondo State,” he said.
On Thursday, INEC commenced the sensitive materials to various local government areas of Ondo State ahead of Saturday’s governorship election.
The distribution was carried out at the premises of the Central Bank of Nigeria (CBN), Alagbaka, Akure, Ondo State under the watch of party agents, armed policemen, and several commercial buses hired by the Commission.
During the interview, the INEC National Commissioner noted that, unlike the September 21 governorship election in Edo State, all the Registered Areas in Ondo State have received their sensitive materials.
“I want to assure you that everything will do well. As of 3 pm, all the Registered Areas (RAs) all their sensitive materials. The next thing is to move to the Polling Unit (PU). I toured some of the RAs this afternoon,” he added.
Meanwhile, the police authorities have deployed about 34,000 operatives for the Ondo State governorship election billed for Saturday, November 16, 2024.
Abiodun Alabi, the Deputy Inspector General of Police Coordinating Election Security, disclosed this to Channels Television on Friday.
He also revealed that measures have been taken to avoid infiltration of thugs or unauthorised persons during the off-cycle poll.
Alabi explained that all the 3,933 polling units of the state would be well covered, stressing that police operatives have been deployed across the wards and local government areas.
“By tomorrow, all the 3,933 polling units will be well covered,” he said. “We have about 34,000 police officers on the ground.”
The figure, he stated, includes the tactical units, the aerial surveillance team, and marine police among other units.
Labour unions in the Federal Capital Territory (FCT) have threatened to shut down operations over the non-implementation of the ₦70,000 minimum wage, aligning with the Nigeria Labour Congress‘ (NLC) directive to embark on a nationwide strike by December 1, 2024.
Despite President Bola Tinubu signing the minimum wage bill into law on May 29, 2024, the FCT and seven other states—Zamfara, Sokoto, Osun, Cross River, Imo, Plateau, and Taraba—are yet to approve the new minimum wage, expected to have commenced in October.
Speaking to Punch on Friday, the Chairman of the FCT Council of the NLC, Stephen Knabayi, decried the non-implementation and said efforts to engage the FCT administration had been unsuccessful.
He further condemned the treatment of workers amid rising living costs, describing it as “unfair and unsustainable.”
Knabayi said, “FCT has not implemented the minimum wage. We have tried to meet with the FCT administration, but that has not been possible. And we are going to follow the directive of the NLC and shut down everywhere by November 30. Even the ₦70,000 minimum wage is not enough, and it is unfair.”
Knabayi and the chairman of the FCT chapter of the Trade Union Congress, Audu Akogwu, alleged that the FCT administration under the leadership of the Minister, Nyesom Wike, has failed to meet with the labour unions since his inauguration in August 2023.
Akogwu said, “Any moment the federal government pays anything, FCT pays the same thing. They paid the N35,000 wage award, and all the salary arrears, they have cleared. I do not think there is any formal negotiation with the administration or the FCT. Whatever the FG is paying is what they are paying.
“The only challenge we have with the FCT Minister is that the two labour unions cannot access him. Immediately they resumed office, we sent a letter from the TUC, telling him that we want to pay him a courtesy visit, till today they have not replied. That’s the only issue we have with the present minister of the FCT.”
- Analysts anticipate inflationary pressure to persist in November
The Nigerian National Petroleum Company Limited (NNPC) and oil marketers operating in the country imported 1.5 million metric tonnes of petrol and 414,018.764 metric tonnes of diesel respectively between October 1 and November 11, 2024, a document obtained by THISDAY has shown.
This emerged as the naira weakened to N1,740/$ on the parallel market yesterday, lower than the N1,720/$ it closed the previous day. Likewise, on the official forex market, the NAFEM, the naira depreciated marginally to N1,652/$ yesterday, compared with the N1650/$1 it closed the previous day.
Also yesterday, the Consumer Price Index (CPI) used to gauge inflation in the country increased to 33.88 percent in October compared to 32.70 percent in September, the National Bureau of Statistics (NBS) revealed yesterday.
The oil importation data which highlighted the movement of motor tanker vessels during the period, further indicated that 13,500 metric tonnes of jet fuel was brought into the country during the 42-day period.
These petroleum products imported into the country were valued at approximately $1.9 billion or nearly N3 trillion, according to estimates.
A further breakdown of the tonnages showed that the volume of petrol brought into Nigeria during the time was roughly 2 billion litres, about 500 million litres of diesel and around 17 million litres of jet fuel.
The Group Chief Executive Officer of the NNPC, Mele Kyari, at an event in Lagos during the week, said the company had ended its prolonged reliance on imported refined products.
However, the NNPC spokesman, Olufemi Soneye, later clarified that the national oil firm and its partners would not stop the importation of products, but that decisions on whether to import or not would be based on the prevailing economics of it.
Although the management of the Dangote refinery had made case that since there’s sufficient local refining, products should be purchased within the country, the issue of pricing remains very knotty.
“Today, NNPC does not import any products; we are taking only from domestic refineries,” Kyari had said, a statement which Soneye later shed light on.
“The GCEO’s statement should not be construed to imply that NNPC is obligated to be the sole off-taker of any refinery or that we will no longer import fuel. While NNPC prioritises sourcing products from domestic refineries, this is contingent upon economic viability.
“If local supply is cost-effective, it will be preferred, but the same principle applies to other marketers, who will also evaluate total costs when deciding whether to buy locally or import,” Soneye had said.
In addition, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), it was learnt, may have granted additional licences for the importation of more petroleum products before December.
But the report obtained by THISDAY showed that tanker vessels carrying refined products have been arriving at ports in Lagos, Warri, Calabar, and Port Harcourt, despite the push by the Dangote refinery to ensure oil marketers get products from its $20 billion facility located in Lagos.
For instance in October, the NNPC and its partners imported a total of 994,446.438 metric tonnes of petrol, with Lagos receiving 555,121.617 metric tonnes, Warri 281,100 metric tonnes, Port Harcourt 94,224.821 metric tonnes, and Calabar 64,000 metric tonnes.
Besides, a total of 285,518.764 metric tonnes of diesel was imported, with Lagos getting 162,500 metric tonnes, Warri 58,500 metric tonnes, Port Harcourt 56,018.764 metric tonnes and Calabar 8,500 metric tonnes.
In the same vein, from November 1 to November 11, a further 358,083 metric tonnes of petrol, 112,500 metric tonnes of diesel, and 13,500 metric tonnes of aviation fuel were discharged at Nigerian ports.
Aside the NNPC, 23 other oil marketers, including Matrix, A.A Rano, Bovas, Eternal Oil, Deep Water, Ibeto, Chisco, T-Time, Dozy, North-West, Shorelink, AYM Shafa, Rainoil, Prudent, Fatgbems, also got products.
Specifically, on October 10, NNPC received 60,590.187 metric tonnes of petrol via the Navig8 Honor ship at Pinnacle Terminal, while on October 16, another 38,083 metric tonnes of petrol were delivered by the CL Agatha Christie ship.
Similarly, on October 18, four ships, namely: Largo Sea, Binta Saleh, CL Game Ousten, and Berners, delivered a combined 97,000 metric tonnes of petrol. Additionally, AA Rano imported 18,860 metric tonnes of petrol and 20,000 metric tonnes of diesel via ships Binta Saleh and Lausu at its own terminal.
At a recent meeting with government authorities, President of the Dangote Group, Aliko Dangote, said that his refinery currently holds more than 500 million litres of fuel in reserves.
Meanwhile, the CPI which measures the rate of change in prices of goods and commodities increased to 33.88 per cent in October compared to 32.70 per cent in September.
The 1.18 percentage increase in headline index was blamed on rising food and energy prices.
The uptick in inflation came despite the current harvest season when food prices are expected to crash.
According to the CPI report for October, year-on-year, inflation was 6.55 per cent higher compared to 27.33 per cent in October 2023.
Month-on-month, headline inflation rose by 0.12 per cent to 2.64 per cent compared to 2.52 per cent in September.
Food inflation rose 7.64 per cent to 39.16 per cent year-on-year compared to 31.52 per cent in October 2023.
The NBS attributed the rise in food inflation year -on-year to increases in prices of guinea corn, rice, maize grains, rice, others (bread and cereals class), yam, water yam, coco yam, (potatoes, yam and other tubers class), palm oil, vegetable oil milo, lipton and bournvita.
Month-on-month food inflation was attributed to increases in the prices of palm oil, vegetable oil, mudfish, croaker (apo), and fresh fish (obokun).
Others are dried beef, goat meat, mutton, skin meat, other meat class, and bread, guinea corn flour, plantain flour, and rice among others.
On other hand, core inflation which excludes the prices of volatile agricultural produces and energy rose by 5.79 per cent to 28.37 per cent, year-on- year in October compared 22.58 per cent in October 2023.
Core inflation was attributed to highest increases in prices of bus journey within the city, journey by motorcycle, bus journey intercity, others (under passenger transport by road class), rents (actual and imputed rentals for housing class).
Others are meal at a local restaurant (accommodation service class), and hair cut service, woman hair brush, women’s hairdressing, (hairdressing salons and personal grooming establishments class).
Year-on-year, in urban inflation increased to 36.38 per cent compared to 29.29 per cent in October 2023, while month-on-month, the index also rose to 2.75 per cent from 2.67 per cent in the preceding month.
Similarly, rural inflation increased to 31.59 per cent, year-on-year compared to 25.58 per cent in October 2023.
Month-on-month, the rural index stood at 2.53 per cent compared to 2.39 per cent in September.
At state level all item inflation year-on-year, was highest in Bauchi (46.68 per cent), Kebbi (40.02 per cent), Sokoto (39.65 per cent), while Delta (27.85 per cent), Benue (28.22 per cent) and Katsina (29.59 per cent) recorded the lowest rise.
Month-on-Month, however, highest increases was observed in Kano (3.77 per cent), Bauchi (3.74 per cent), Adamawa (3.59 per cent), while Kwara (1.27 per cent), Ondo (1.49 per cent) and Lagos (1.91 per cent) recorded the slowest rise.
Year-on-year, food inflation was highest in Sokoto (52.18 per cent), Edo (46.55 per cent), Borno (45.85 per cent), while Kwara (31.68 per cent), Kogi (33.30 per cent), and Rivers (33.87 per cent) recorded the slowest rise.
iOn a Month-on-month basis, however, food inflation was highest in Adamawa (5.08 per cent), Sokoto (4.86 per cent), Yobe (4.34 per cent), while Kwara (1.11 per cent), Ondo (1.31 per cent) and Kogi (1.50 per cent) recorded the slowest rise.
However, reacting to the inflatable report, analysts at Cordros Research, said despite the typical boost from the October harvest season, food inflation surged by 30 basis points (bps) to 2.94 per cent month on month, resulting in a 39.16 per cent year on year.
It said, “This trend reflects persistent structural challenges undermining the agricultural sector’s productivity. Key factors include widespread flooding disrupting farming activities, ongoing conflict in the Northern region limiting agricultural operations, and rising input costs constraining harvest yields below historical averages, all of which have kept agricultural food prices elevated.
“Additionally, the persistent currency depreciation maintained upward pressure on imported food prices, while increased transportation costs – a direct consequence of higher Premium Motor Spirit (PMS) prices – inflated retail food prices across the board.
“To put this in perspective, October’s month on month food inflation significantly exceeded the five-year October average of 1.47 per cent, underscoring the unusual intensity of current price pressures.”
Cordros added that “Across sub-items, prices rose for farm produce (+20bps to 2.95 per cent month on month) and Processed food (+33bps to 2.93 per cent month on month), while imported food prices saw a slight decline (-24bps to 3.37 per cent month on month).
“Concurrently, the core inflation increased by 4bps to 2.14 per cent month on month (September: 2.10% m/m) within the review period after declining in September, pushing the year-on-year print higher to 28.37 per cent (September: 27.43 per cent y/y).”
In its outlook, however, Cordros further stated that combined with persistent naira volatility and festive-driven consumer demand, inflation is expected to sustain price pressures on both locally produced and imported food items.
Cordros said, “As a result, we expect food inflation to print 3.04 per cent month on month in November, leading to a further increase in the year-on-year numbers (+160bps to 40.83 per cent).
“At the same time, prices within the core basket are poised to remain elevated, reflecting the combined effect of (1) naira depreciation, (2) elevated costs of energy, (3) increased transport expenses and (4) high operational costs.
“Consequently, we project core inflation to increase by 2.16 per cent m/m, cascading to 28.17 per cent y/y (October: 27.42 per cent y/y).
“Taking these components together, the headline inflation is expected to print 2.65 per cent m/m, pushing the year-on-year numbers higher to 34.60 per cent in November (October: 33.88 percent y/y).”
- Insists anti-crime agencies Acts need no ratification by state assemblies
The Supreme Court yesterday affirmed the powers of the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigeria Financial Intelligence Unit (NFIU) to investigate and prosecute alleged crimes whether at the federal, state and local government levels.
The apex court in a judgement delivered by Justice Uwani Aba-Aji, held that the Acts establishing the anti corruption agencies were lawfully made by the National Assembly that is constitutionally empowered to make laws for the good governance of the entire country.
The Attorney-General of Kogi State had dragged the federal government to court to challenge the legality of the EFCC, ICPC and NFIU’s Acts, on the grounds that they were not ratified by the state Houses of Assembly haven been an offshoot of the United Nations convention on corruption.
The plaintiff later joined by 18 others, thereby asked the apex court to hold that the anti-graft agencies lack powers to investigate and prosecute states on how they administer funds belonging to them in their states.
Besides, the plaintiffs prayed the court to restrain the EFCC, ICPC and NFIU form inviting, arresting, investigating and or prosecuting them in respect of their states’ funds.
However, the apex court in its judgement on the issue held that the anti-graft agencies are legal entities empowered to investigate and prosecute economic and financial crimes across all strata of the country on the grounds that they are products of the National Assembly, whose laws are binding on all the federating units as well as their agencies.
Besides, the apex court held that although the Acts establishing the anti corruption agencies were an offshoot of the United Nations convention, they are nonetheless lawful, legal and binding, having been enacted by the National Assembly.
According to the apex court, laws passed by the National Assembly do not need any ratification by the states of the federation.
“Let me first look at the constitutional provision. The plaintiffs rely on Section 12 of the constitution in their argument. Treaty is an agreement reached by two or more countries which has to be ratified.
“Convention: Conventions are agreed by a larger number of nations. Conventions only come into force when a larger number of countries agree.
“Therefore, the EFCC Act, which is not a treaty but a convention does not need the ratification of the Houses of Assembly. A convention would have been ratified by members state and the NASS can make laws from it, which will be binding on all the states in Nigeria as it is the case of EFCC Establishment Act,” Justice Aba-Aji held.
While pointing out that the federating units in a country like Nigeria, do not have absolute power, the apex court held that where an Act or law is made by NASS like the NFIU and its guideline, it is binding on all.
“Any act that has been competently enacted by the NASS cannot be said to be inconsistent.
“Where the NASS has enacted several laws on corruption, money laundering, etc, no state has the right to make law to compete with it. The investigative power of the EFCC cannot be said to be in conflict with legislative powers of the state assembly.
“I must agree with the AGF that the plaintiffs’ argument, that is, the Houses of Assembly of the plaintiffs’ states is not tenable in law,” the Supreme Court adding that the NFIU guideline had not any way contravened the provision of the constitution to manage the funds of their states.
The apex court subsequently dismissed the suit for lacking in merit.
Although, the panel initially dismissed the federal government’s objection to the suit for being incompetent and lacking in merit.
Reacting, the counsel to Kogi State, Abdulwahab Mohammed, SAN, said, “This is an issue we have raised before the FHC, it was not addressed. We raised it at the Appeal Court and was not addressed. This is going to enrich our jurisprudence. We thank your lordship for hearing us out.”
Representative of the AGF, Rotimi Oyedepo, SAN, said, “We convey our gratitude to the court for your wisdom. Your lordship has permanently settled the legality of the anti-corruption agency in fighting corruption.”
First Bank of Nigeria (FBN) Holdings Plc says shareholders have approved its plan to change the company’s name to First Holdco Plc.
In a notice on Friday, Adewale Arogundade, the company secretary, said the decision was approved by shareholders at its 12th annual general meeting held virtually on Thursday.
According to the company, the change will be extended to all subsidiaries.
“That there should be a change of the legal and brand names of the Company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively,” FBN Holdings said.
“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc
“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives of any regulatory authority.
“That upon completion of the processes for the change of name, Increase of the Company’s share capital and allotment of the new ordinary shares in accordance with the resolutions above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the Company’s new legal name and Issued share capital.”
FBN HOLDINGS TO RAISE N350BN VIA RIGHTS ISSUE, PRIVATE PLACEMENT
FBN Holdings also announced shareholders approved the sale of shares to private investors and existing shareholders to raise N350 billion.
“The Company be and is hereby authorised to undertake a capital raise of up to ₩350,000,000,000.00 (Three Hundred and Fifty Billion Naira),” FBN Holdings said.
“The capital raise transaction shall be implemented by one or more transactions through the issuance of shares by way of a public offering, private placement, rights Issue in the Nigerian or International capital markets.”
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FBN Holdings said the price will be determined by “way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the Board of Directors.
The financial institution said the capital raise will be subject to approvals of the relevant regulatory authorities.
FBNH Holdings said the share capital of the company will be Increased by the exact number of ordinary shares “which would be required upon determination of the terms of the capital raise and the Directors are authorised to pass resolutions for such increase, as well as to allot the new ordinary shares. required in connection with the capital raise”.
“That the directors be and are hereby authorised to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the foregoing resolution on the Official List of the Nigerian Exchange Limited and/or on any other securities exchange(s) or market(s),’ the company said.
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In April, the company had said it would sell shares to private investors and existing shareholders to raise N300 billion.
On November 1, FBN Holdings announced plans to raise about N150 billionthrough a rights issue programme.
The National Judicial Council under the Chairmanship of the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, has recommended two Heads of Court for compulsory retirement over judicial misconduct.
The council, at its 107th meeting held November 13 and 14, 2024, recommended the duo of the Chief Judge of Imo State, Justice T. E. Chukwuemeka Chikeka and the Grand Kadi of Yobe State, Kadi Babagana Mahdi, for compulsory retirement for falsification of age.
This was disclosed in a statement signed by the council’s Deputy Director of Information, Kemi Babalola-Ogedengbe, on Friday in Abuja.
According to the statement, the council found that Kadi had three different dates of birth (December 10, January 28 and July) all in 1959, while his actual date of birth was 1952.
The findings of the council also revealed that Justice Chikeka has two different dates of birth: October 27, 1956 and October, 27 1958.
“However, 27 October 1956 appeared to be the consistent date of birth, but in 2006, the Chief Judge swore to an affidavit changing the date of birth to 27 October 1958,” the statement read.
The council also suspended two judicial officers from office for one year without pay and placed them on “Watch-List” for two years.
Specifically, the council suspended Justice G. C. Aguma of the High Court of Rivers State from performing judicial functions for one year without pay and also placed him on a “Watch-List” for two years thereafter.
Likewise, Justice A. O. Nwabunike of Anambra State High Court was suspended from performing judicial functions for one year without pay and placed on “Watch-List” for two years thereafter.
The statement disclosed that the council considered the report of its Preliminary Complaints Assessment Committee, which considered a total number of 30 petitions, and empanelled six committees for further investigation, while 22 were dismissed for lacking in merit, two were sub judice.
The statement read, “The Council also empanelled a committee to investigate all complaints and petitions against Hon. Justice O. A. Ojo, Chief Judge, Osun State.
“The council also empanelled a Committee to investigate all complaints and petitions against Hon. Justice O. A. Ojo, Chief Judge, Osun State.
“The council’s findings revealed that Justice G. C. Aguma committed acts of misconduct by aiding a litigant who obtained a judgment at the FCT High Court, Abuja, and filed a garnishee against judgement debtors in Bori Division of the High Court, Rivers State.
“The council finds that Justice Aguma failed to raise any query as to why the garnishee proceedings were brought to his Court in Bori for a money judgment that could effectively be enforced in Abuja.
“That the judgment was delivered on 15 July 2020, at the High Court of the FCT, while the certificate of judgment was registered at the Bori Division of the High Court of Rivers State on 16 July 2020.
“The council further finds that the speed with which the Hon. Justice Aguma took and granted the order absolute against the judgment debtors showed that he had an interest, especially as he failed to take into consideration the stay of execution of the judgment granted in favour of the judgement debtors by the Bwari High Court, which had been brought to his attention.”
On his part, the council found Justice Nwabunike of Anambra State to have breached the provision of Rule 3.1 of the Revised Code of Conduct for Judicial Officers of the Federal Republic of Nigeria, 2016.
“He also failed to adhere to the principle of stare decisis from his different interpretation of the word “aspirant” and abused his judicial powers by granting ex parte orders without a Motion on Notice filed along with the Originating Summons,” the statement read.
Nigeria's inflation has increased 33.88 percent in October 2024, from 32.70 percent recorded in the previous month.
This is according to a report by the National Bureau of Statistics, NBS on Friday in its Consumer Price Index and Inflation report for October 2024.
Looking at the data, month-on-month, Nigeria’s headline inflation rate in October 2024 was 2.64 percent.
This comes as food inflation rose to 39.16 percent in October 2024, from 37.77 percent in September 2024.
The Central Bank of Nigeria’s Inflation Expectation Survey, released on Tuesday, predicted Nigeria’s inflation to rise.
Recall that energy cost rise in the period under review, with petrol pump price rising above N1,030 per litre in October, from N617 in August 2024.
The Supreme Court on Friday, dismissed the suit of the 13 states challenging the constitutionality of the law that established the Economic and Financial Crimes Commission.
The seven-man panel of justices led by Justice Uwani-Abba-Aji, in a unanimous decision, dismissed the suit for lacking in merit.
Details shortly…
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Children Born in Nigeria, Other Resource-rich African Nations 25% More Likely to Live in Poverty - IMF
AFOLABI
A child born in a resource-rich country (RIC) like Nigeria and other sub-Saharan African countries today is expected to live four years less on average, and is 25 per cent more likely to live in poverty, the International Monetary Fund (IMF) has said.
In a report themed, “Growth in Sub-Saharan Africa is Diverging,” the IMF stated that Sub-Saharan Africa is home to nine of the world’s top 20 fastest-growing economies this year.
Such startling statistics, however, rarely feature in discussions of the region’s outlook, it said, noting that instead, headline figures typically emphasise the relatively modest average economic performance.
This disconnect reflects a two-track growth pattern, where a significant part of the region underperforms, it said.
According to the IMF, over the past ten years, growth in sub-Saharan Africa’s resource-intensive countries (RICs)—and especially in fuel exporting economies such as Angola, Chad, and Nigeria—has slowed down sharply, falling far below growth in non-RICs (such as Ethiopia, Rwanda, and Senegal).
Indeed, it noted that incomes in RICs have essentially stagnated, marking a sharp contrast with the decade leading up to 2014, when RICs experienced rapid growth, in line with the region’s strong overall performance.
“The post–2014 divergence between RICs and non-RICs has been driven largely by the combination of two factors.
First, RICs and especially fuel exporters experienced a dramatic decline in their commodity export prices around 2014–15, as the commodity “super-cycle”—a period of sharply rising commodity prices—came to an end. Since then, the terms-of-trade decline has only been partially reversed.
“Second, and critically, the impact of the terms-of-trade shock on RICs was exacerbated by pre-existing structural vulnerabilities, including a poor business environment, limited human capital, weak governance, and poor management of resource revenues,” the report said.
It noted that weak governance, systemic corruption, and an unfavorable business climate take a toll on productivity and output, adding that the effects are most striking when commodity prices fall. “Such weaknesses affect both the resource sector itself and prospects for the economy diversifying into other sectors. For instance, the potential for theft of oil production undermines productive efficiency and diverts precious resources from more productive uses.
“Or weak governance can be a central impediment for private sector investment more broadly. Fuel exporters outside the region, with generally stronger governance, have weathered the commodity price slump far better,” the report said.
According to the IMF, staff analysis confirms that terms-of-trade shocks have a stronger and longer-lasting impact on growth in countries with weak governance.
“We estimate that for every one-per cent worsening in a country’s terms of trade, medium-term growth is around ¼ percentage point higher in countries with smaller governance challenges,” it said.
The report explained that fiscal policy in RICs, including in sub-Saharan Africa, is generally far more correlated with economic shocks, intensifying their effects, compared to other countries.
“For instance, when commodity prices are high, many RICs, particularly fuel exporters, have embarked on costly capital projects that are often poorly planned and implemented, with corresponding sharp reductions in capital spending when commodity prices fall. In addition, many fuel exporters also provide sizable fuel subsidies, the cost of which increases as oil prices rise, limiting their ability to save during booms, while crowding out growth-friendly development spending.
“The average oil-exporting country in sub-Saharan Africa has since 2011 consistently spent all its oil revenues in the year when they accrued,” the report said.
On the way forward, the IMF report argued that reversing the growth divergence is a regional priority, as RICs make up about two-thirds of sub-Saharan Africa’s gross domestic product (GDP) and population.
“It is also a humanitarian priority. Poor growth performance has translated into poor development outcomes—progress in tackling poverty in RICs effectively halted in 2014.
“Compared to children in other parts of the region, a child born in a RIC today is expected to live 4 years less on average, and is 25 percent more likely to live in poverty.
“Reigniting durable growth will require a stable macroeconomic environment. More prudent and consistently implemented fiscal frameworks can help address poor resource management challenges—and also help ensure growth is more resilient going forward. Further, broad-based reforms to address structural weaknesses—strengthening governance, enhancing the business environment, accumulating human capital, and addressing infrastructure bottlenecks—can help countries diversify and grow.
“And for fuel exporters, facing the global green-energy transition, the need to diversify is ever more urgent,” it concluded.
The Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Ahmad has been suspended indefinitely.
According to a statement on Thursday, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, Lere Olayinka, the suspension of Ahmad is with immediate effect.
“Ahmad has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA,” the statement added.
Olayinka did not, however, state the reason for Ahmad’s suspension.
Edo State Governor, Monday Okpebholo, on Thursday, ordered the freezing of all state bank accounts with immediate effect, until further notice.
The governor warned commercial banks, heads of ministries, departments and agencies to comply with the order freezing the account immediately without delay.
The governor also asked the Commissioner of Police to halt the violent cult clashes in the state in 48 hours.
These were disclosed in statements by the Chief Press Secretary to the Governor, Fred Itua, on Thursday.
In one of the statements, the governor warned that anyone, including heads of MDAs and civil servants who flouted the order on the accounts would be severely punished.
He said, “All bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the confers of government until there is further notice.
“Heads of ministries, departments and agencies must comply with this order and ensure that there is a full compliance without any further delays.
“After the necessary investigations and reconciliations, the governor will do the needful and decide on the way forward. For now, this order stands.”
The governor asked the relevant government agencies to reverse the Ministry of Roads and Bridges to the Ministry of Works.
Okpebholo said since no bridges or good roads were constructed by the administration of Godwin Obaseki, it was, therefore, absurd to maintain such a name.
He ordered relevant government agencies to implement the new order and immediately reflect the new name.
“It is funny how you can call a government institution the Ministry of Roads and Bridges. Ironically, no single bridge was built by the same administration. Not even a pedestrian bridge.
“In the coming days, we will look at more actions taken by the previous administration and more decisions will be taken that will be done in the best interest of the state.”
On the cult clashes, the governor asked the police commissioner to instruct his officers and men across the various formations to immediately swing into action and halt the unnecessary bloodbath.
The statement read, “As the governor of Edo State, cultism cannot be allowed here. We must end it very fast too.
“I have ordered the Commissioner of Police to halt the madness within 48 hours. All those involved in the killings should be stopped.
“Some associations that are causing trouble in the state, especially in Benin City, cannot be allowed to operate.
“They all remain banned, and the commissioner of police must ensure that his men carry out this instruction by giving teeth to this ban.
“Edo must be safe. That was one of my key priorities during the campaigns and I plan to ensure that we restore it at all costs. We will not fold our arms and allow them to create unnecessary tension.”
Speaking late night on Wednesday, the governor said his traducers tried hard to pull him down but God gave him victory at the September 21 governorship election.
Speaking at a thanksgiving service at the Sam Ogbemudia Stadium, Benin, he also recounted how he found a dead bat on his bed hours before he was declared the winner of the election.
He urged Nigerians to trust in God alone, irrespective of their challenges in life.
In his words, “I want to thank God. In this last election, while I was praising God, they (traducers) were busy operating from Arise. They were busy operating from Facebook. They were busy operating from Channels.
“But, I took the battle to God because I know the secret. A few days before the election, they said this guy (Okpebholo) was crazy when we gathered to praise God in this state.
“They asked, ‘What is he doing?’ They were there at Arise. But, I was listening to the voice of God and I won the battle.”
He said after the election on Sunday morning, he came to his room and met a dead bat on his bed.
“After the election on Sunday morning, I came to my room. I met a dead bat on my bed, without me shooting any arrow. But, the spirit of God was there. The arrow of God; the hand of God delivered me.
“I am grateful to the men of God that stood in the gap. I am grateful to those who believe that with God, all things are possible. And I will advise you to trust in God alone because he will do it for you,” Okpebholo said.
The governor disclosed that he did not consult any native doctor, or prophet or visit any native doctor to seek help throughout the electioneering period.
The thanksgiving worship service had in attendance prominent politicians and clergymen, among others.
President Bola Tinubu has appointed Daniel Bwala, the spokesperson for the Atiku Abubakar campaign in 2023, as his special adviser on public communications and media.
Bayo Onanuga, special adviser to the president on information and strategy, said in a statement on Thursday that Tinubu also appointed Olawale Olopade as the director-general (DG) of the National Sports Commission (NSC) and Abisoye Fagade as the director-general of the National Institute for Hospitality and Tourism.
The president also appointed Adebowale Adedokun as the DG of the Bureau of Public Procurement (BPP).
“Olopade, the new director-general of the National Sports Commission, is a sports administrator with many years of experience in the sector,” the statement reads.
“He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 national sports festival.
“The new director-general of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
“Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of research/training and strategic planning at the bureau before his appointment.
The special adviser on public communications and media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.
“The president enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.”
In January, Bwala said he would appreciate it if Tinubu offered him any form of appointment.
Bwala said he was not supporting Tinubu’s administration because of an appointment.
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In the buildup to the 2023 elections, Bwala dumped the All Progressives Congress (APC) to join the Peoples Democratic Party (PDP).
The lawyer had said that he was committed to supporting Tinubu’s administration to succeed.
During a visit to the president, Bwala said if supporting the president would take him back to the APC, “so be it”.