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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.
The Christian Association of Nigeria, CAN has called on Nigerians to stand strong against terror.
This is following the recent suicide attacks in Gwoza, Borno, northeast Nigeria.
CAN, in a statement signed by Archbishop Daniel Okoh, its President, said it was deeply worried by the recent suicide attacks.
DAILY POST reports that the incident has claimed numerous lives and injured many others.
“We are concerned about the resurgence of suicide bombing in our country and the threat it poses to the lives and livelihoods of Nigerians,” the association said.
“This senseless act of violence is a stark reminder of the evil that terrorism represents, and the need for collective action to defeat it.
“We commend the security agents who have been working tirelessly to contain the threat of terrorism in our country. We encourage them not to relent in their efforts, as every necessary intervention is welcome to prevent a relapse into the dark days of suicide attacks. We must not let down our guards, as the situation could escalate and affect not only innocent lives but also worship centers and other large gatherings.
“The attacks in Gwoza are a stark reminder that terrorism is a threat to our collective humanity. Innocent lives were lost, and it could have been anyone – a family member, a friend, or a neighbour. We must come together to condemn this evil and support the efforts of our security agents to keep us safe.
“We call on the government to intensify efforts to ensure the security and safety of all citizens, particularly in vulnerable regions. We also urge religious leaders and Nigerians to unite against terrorism and violence, promoting peace, love, and harmony.
“We pray for divine comfort and intervention in this difficult time. May God grant the families of the victims the fortitude to bear their loss, and may we all remain united in our quest for peace and security. We will continue to support the efforts of our security agents and work together to build a safer and more peaceful Nigeria for all.
“Let us remember that we are not alone in this fight against terrorism. We stand in solidarity with all those who have been affected by this evil, and we will continue to work together to ensure that it does not prevail. May the souls of the departed rest in peace, and may God bless Nigeria and keep us safe.”
[PRESS RELEASE] Why Asian Tigers, UAE, Japan Left Nigeria, Other African Countries Behind - Olaopa
Admin![[PRESS RELEASE] Why Asian Tigers, UAE, Japan Left Nigeria, Other African Countries Behind - Olaopa](/media/k2/items/cache/c4afca820817466bfea56c0df7b3a40c_M.jpg)
The Chairman of the Federal Civil Service Commission (FCSC), Prof. Tunji Olaopa, has offered insight into why Nigeria and other African countries are not as developed as the Asian Tigers, UAE, Japan , among other countries.
Olaopa who is a former permanent secretary and currently the Chairman of the Federal Civil Service Commission (FCSC) spoke at the South-South States’ BRACED Commission Strategy Retreat on the theme ‘Leadership in the Public Sector: Strengthening Public Institutions through Capacity Building’ held in Benin City on 5-7 June, 2024.
The seasoned bureaucrat whose lecture was entitled "Strategic Leadership in Civil/Public Service: Challenges, Opportunities and Future Prospect" said that Nigeria and other African countries not only lag behind other European and Asian countries but also within the African continent.
He listed Rwanda and Botswana as some of the developmental models in Africa which are far ahead of other countries on the continent .
Decrying the failure of leadership in Africa and its attendant under-development, Olaopa said : "Whether we reference the Mo Ibrahim Awards or Global Governance Ranking in the last decades, especially when put in the contexts of the Asian Tigers, UAE, India, Brazil, and even Botswana and Rwanda’s success stories, it is clear that there are some things that these countries are doing differently that Nigerian political and administrative leadership would do well to learn from.
"The development literature is rich with glowingly expanding perspectives on how differently these high-performing countries approached their challenges.
"From the perspective of policy analysis, the major difference is that these leaders were thinkers who are very open and desirous of evidence-based technical-rational approaches to governance and administration. And at that with little room for the kind of politics that we play with everything including census, which have combined with other indices to undermine policy work in Nigeria.
"Many of these countries are strategic and perceptive enough to correctly discern the ideological assumptions of neo-liberal approach to economic policy management, and had deployed high-end policy intelligence and expertise to recalibrate its nuances so they could align with indigenous ideas and local innovations in measures that have significantly attenuated structural dependency on the West with all its attendant imperialisms.
"Many of these high-performing countries chose the path of a developmental state to condition liberal democracy by 'conjoining private ownership with state guidance.' They adapted to the trajectory of capitalist growth within a logic that differed from the capitalism in the West.
"Consequently, a country like Malaysia came up with indigenous tailor-made solutions in her industrialisation strategy, while countries like Botswana proved in spirit and action that the resource curse trap that circumscribed Nigeria’s development trajectory is avoidable.
"The two countries, like all others, underscore the importance of strong leadership backed up with strong institutions."
Olaopa recalled that after the devastation of WWII, Japan took charge of her developmental destiny based on a deep understanding of the relationship between economic growth, development and performance .
He said Japan leveraged TQM’s American-style inspection system that incorporated quality control and measurement with the guidance of Edward Deming et al and the Keiretsu principles, thereby launching a national productivity movement that transformed Japan to become the second largest capitalist economy in record time in the 1950s.
According to Olaopa, all the referenced success stories speak to the crucial issues that sustainable development anywhere in the world is due to the critical factor of leadership-led transformation.
"And that has in turn depended on a strict regime of disciplined policies and programmes execution and change management that successfully install performance and productivity quadrants.
"Two, leadership in the context of a developmental state is different from the idea of a leader as a single superhuman charismatic hero who singlehandedly forces change through. Rather, such leadership is activated at multiple levels within framework of what Matt Andrews et al (2010) calls the 'change space model' ", Olaopa said.
Such leadership model, according to Olaopa, creates mutually-reinforcing and interdependent nexus between the political-technocratic-administrative leadership in facilitating the capability of the institutions and systems of government through "critical balancing of acceptance, authority (and accountability) and capability in managing contextual pressures and circumstances as devils in the details of execution."
Thus for Olaopa, if good governance then becomes the trigger, and policy intelligence, institutional capability readiness and service delivery revolution have become the compelling game changer, then the traditional 'I am directed’ Weberian administrative orientation will obviously be even more inadequate.
To Olaopa, therefore, the key to the transformation of the public service for development will be the emergence of a new generation of public managers who are self-motivated, competent, committed and imbued with intellectual courage to push for paradigm shifting changes required to install systems, structures and work culture with a structured leadership acumen that supports the workforce to move from current states to desirable states.
He urged that based on the foregoing, public servants as change leaders would be required to instigate the public service at some levels.
He listed these levels as "Getting the best out of the workforce by targeting staff morale to create incentives for peak performance by instilling discipline in into implementation processes that are essentially focused on the right kind of targets, performance indicators and data and feedback; transforming the internal processes of our MDAs by utilising cultural change approaches that affect mental models; reprofiling strategic communication; remodeling decision making systems, and reprofiling inter-departmental cum sectors relations for a whole of government system thinking praxis.
"Instigate institutional and operational innovations in rethinking the role of government so that MDAs will concentrate on areas of their core competences while exploring alternative delivering models to deliver on their 'non-core' functions as a window to unleash service delivery revolution".
He said that for public service leaders to be the engine of development, they need to build such change management skills and competences as networking skills, partnership development around open government date, framing issues results and outcomes, smarter citizens engagement practices that leverage social and multimedia, crowdsourcing, branding and user data analytics .
"PPPs are as yet fully optimised to enable public private sectors economies of scale and therefore require that we build commercial skills that enable civil servants to understand the working of the markets and how to create, manage and support businesses in co-creation dynamics", he said.
Within Nigeria, Olaopa considered the Awolowo-Adebo strategic leadership model as one classic example that he has studied "of how politics and administration can both be distinct and efficient in facilitating good governance."
He said: "The two leaders provided the change space of a transformational kind. Chief Adebo provided an administrative context that took the civil service profession seriously as a calling and a workplace grounded on a sense of value and meaning.
"The CSC took his gatekeeping responsibility almost like a religion, by safeguarding public service values and holding merit as sacrosanct.
"Town-Gown synergy strengthened policy, strategic intelligence and bureaucratic and skills with the infusion of ideas and innovative reflections from the academia and industry in a systematic and institutionalised pattern.
"Staff development and welfare was well planned to achieve work-life balance and labour productivity, while industrial relation was democratic, collaborative and developmental.
"This was the managerial orientation subsisting up until the Gowon super-permanent secretaries’ era that enabled the prosecution of the civil war leaving the country stronger as ever."
Olaopa noted that public service leaders would be required to facilitate change leadership within a change space model characterised by a leadership that is more about groups than individuals.
"Here multilevel leaders will be identified based on their functional contributions rather than their position in the hierarchy. This was the institutional capability enabled in Japan in the Ministry of International Trade and Industry (MITI) and the Economic Development Board in Singapore where both bureaucratic structures facilitated the accelerated outlier change and development achievements that positioned them for global competitiveness in perpetuity", he said.
![[PRESS RELEASE] ‘Special Premiere Screening’ of THE MAN DIED holds July 12 in Lagos](/media/k2/items/cache/4effd9bee6a52ddcc09a56c53de9decd_S.jpg)
THE MAN DIED, a feature film inspired by the “Prison Notes” of Africa’s first Nobel laureate, Wole Soyinka, will have its “Special Premiere Screening” on Friday, July 12, in Lagos.
The screening, a “Strictly by Invitation” event, is designed as a flagship of the global celebration of the 90th birthday anniversary of Soyinka (who is 90 on July 13); and it is expected to be witnessed by a gathering of eminent dignitaries, members of the diplomatic corps, industry stakeholders, family, friends and associates of the Nobel laureate as well as key members of cast and crew of the film.
“This is not the premiere yet but a special screening to commemorate the 90th birthday of Professor Wole Soyinka,” stated the organisers, stressing that guests would only be admitted based n their Invitation and RsVP. A later date will be set for the formal premiere of the film, assures the managers f the event.
Shot entirely in Nigeria – Lagos and Ibadan – late 2023, the 110 -minute feature is directed by the cineaste and culture scholar and academic, Awam Amkpa and produced by the ace storyteller and media content producer, Femi Odugbemi for the renowned film company, Zuri 24 Media.
A fictionalized adaptation of the stories narrated in the prison memoirs, the screenplay written by young but tested writer, Bode Asiyanbi, is “not a bio-pic of the prison life of Soyinka, but an expanded narrative on his prison experiences, and includes stories that you would find in his subsequent memoirs on his life stories,” stated Amkpa, the director in an earlier released The Making of The Man Died, produced by Odugbemi.
Amkpa, a former student and long-standing associate of Soyinka, said stories from Soyinka’s subsequent memoirs, Ibadan Penkelemes Years; and You Must Set Forth at Dawn, are also accommodated in the film. A trained theatre artist, filmmaker and culture scholar, Amkpa is currently Professor of Drama, Film and Social and Cultural Analysis, and Dean of Arts and Humanities and Vice Provost for the Arts at New York University Abu Dhabi.
Produced by ZuriMedia24, with generous financial support from the New York University, Abu Dhabi, the film is shot by an entire Nigeria crew with no input from any foreigner, except in the post-production. The director of photography is Agbo Kelly while the Production Designer is Theo Lawson, an architect who has, however, been involved in other film projects in recent years.
On reason for relying entirely on an entire local production resource to realise the film, unlike projects of its status, which usually bring certain crew members from outside, Amkpa said this was a deliberate and intentional choice. He said in making such a film based on the “colourful and fascinating life of enigma who is also an eminent global citizen, authenticity is very important. We need to stress on the input of people intimately familiar with the cultural and political environment that shaped the Nobel laureate and his narratives, irrespective of their skill sets.”
He continued, “I have an army of former students who are big-time filmmakers in Hollywood and elsewhere that I could just call on a whim to make the film and shoot it in Nigeria but that for me, there’s no learning curve. For me, every creative project is like going back to the basics and building back upwards. That was why for me it was very educational to come here.”
Odugbemi, a veteran of the Nigerian movie and television sets, stated in an interview, “As you probably know, it is a very intimate account of Soyinka’s 22 months in solitary confinement for his role in trying to bring a halt to the civil war. I hope this narrative of resistance and courage inspires this generation.
“It is also an ambitious adaptation that brings to life an iconic literary work offering a deep, personal perspective on Nigeria’s conflicted political history and the intense challenges of nation-building. By transforming Soyinka’s poignant
narrative into a visual medium, I hope to reach a broader audience, particularly young people, who might be less inclined to engage with the written text but can be profoundly impacted by the film.”
Over 100 film workers of varying specialties and industry experiences featured in the project with notable performers including Wale Ojo in the lead protagonist role of Soyinka, and Sam Dede as the main antagonist, Yisa, Soyinka’s interrogator and torturer. Aside the Hollywood rising actor, Abraham Amkpa, who played Soyinka’s bosom friend, Femi Johnson, other lead actors are Nobert Young (Prison Superintendent), Francis Onwochei (Prison Controller), Edmund Enaibe (AIG), Christina Oshunniyi (Laide Soyinka), Similoluwa Hassan (Emeka Ojukwu), Segilola Ogidan (Morenike), Dili Ezugha (Agu Norris), Ropo Ewenla (Olusegun Obasanjo), Henry Diabuah (Yakubu Gowon), Temilolu Fosudo (Bola Ige), William Idakwo (Victor Banjo), among others.
Odugbemi, renowned for his indelible signature on many successful movies and TV series projects, including Maroko, Gidi Blues, Eve, Code Wilo (movies) and Tinsel, Battleground, Movement JAPA, The Covenant (TV), continues: “Of course, this is not just a memoir; it is a testament to the resilience and courage of the human spirit in the face of oppression. It vividly chronicles Soyinka’s experiences during the Nigerian Civil War, highlighting the brutal reality of political imprisonment and the relentless struggle for justice and freedom.”
Odugbemi, a voting member of both the Academy of Motion Picture Arts and Sciences (Oscar Awards) and the International Academy of Television Arts and Sciences (Emmy Awards), among other film service roles, continued on the making of the film: “Through this film, we aim to inspire young people to embrace their role in demanding humanistic ideals from our nation’s political leadership. In a world where authoritarianism and corruption often threaten democratic values, we hope the film will resonate as a call to action for citizens to remain vigilant and proactive in pursuing justice and equity. We hope it sparks meaningful dialogue to inspire positive change in our country.”
The July 12 premiere in Lagos is supervised by the film’s Associate Producers Makin Soyinka and Jahman Anikulapo with the Production Manager, Adewale Emmanuel Orosun, and managed by ONE Management. Admission is strictly by Invitation. It is supported by Lagos State Government, Providus Bank, Dr Kayode and Erelu Fayemi, among others. The media partners are Arise TV and Afia Tv.
After the Lagos premiere, the film will be screened next on July 25 at The Africa Centre (TAC), London, where it will feature as part of WS90 -- a 9-day programme of events, jointly organised by the Wole Soyinka International Cultural Exchange and the TAC, also to commemorate the 90th birthday anniversary of the poet, playwright, essayist, memoirist, human/civil rights activist and global cultural icon. It will thereafter go on a tour of select festivals around the world, before hitting the public cinema screens in Nigeria, the UK, the USA, Europe, UAE and other centres around the African continent.
Sgd: ONE Management
Tel: +234 812 111 0000
(Whatsapp Msg ONLY, please)
Senior Advocate of Nigeria, Olisa Agbakoba, has warned that a "hunger riot" may soon erupt in Nigeria if the Federal Government does not take swift action. Speaking to journalists on Tuesday at his office in Ikoyi, Lagos, Agbakoba highlighted the extreme poverty that has left many Nigerians unable to afford basic food.
Despite Nigeria's vast oil and gas resources, Agbakoba noted that these have been largely controlled by foreign interests, leaving the local population in dire straits. He cautioned that if the government fails to address this issue, widespread protests could ensue, with people potentially resorting to theft in broad daylight to feed themselves.
"Hunger riots can occur anytime in Nigeria," Agbakoba stated, urging President Tinubu to restructure his cabinet and reduce the cost of governance. He argued that the current size of the cabinet, with over 40 ministers, is excessive and should be trimmed to no more than 20 ministries.
Agbakoba also recommended scrapping some government agencies and expanding the tax net, particularly targeting multinational oil companies accused of tax evasion. "Don’t increase taxes, just expand the tax net and go after defaulting IOCs," he advised.
The legal practitioner's warning comes amid rising food inflation in Nigeria, which hit 40.66 percent in May 2024. This marks a significant increase from 25.25 percent in June 2023, according to the latest Consumer Price Index and Inflation report by the National Bureau of Statistics (NBS). The report also noted that headline inflation climbed to 33.95 percent in May, up from 33.69 percent in April, reaching a 28-year high since March 1996 due to soaring food and transport prices.
Agbakoba emphasized the urgency of taking decisive actions to prevent the looming hunger riot and alleviate the economic hardship faced by many Nigerians.
The house of representatives has resolved to investigate the anchor borrowers programme (ABP) under the Central Bank of Nigeria (CBN).
Also, the lawmakers intend to probe the disbursement of N215 billion in loans by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
The green chamber passed the resolution during a plenary session on Tuesday following the adoption of a motion sponsored by Chike Okafor from Imo state.
The ABP was launched in November 2015 to create a linkage between smallholder farmers (SHFs) and anchor companies involved in the processing of the required key agricultural commodities.
It was designed to provide farm inputs (in kind and cash) to SHFs to boost production of the key commodities, stabilise input supply to agro-processors and address Nigeria’s negative balance of payments on food.
In March 2023, the CBN said a total of N1.09 trillion had been disbursed through the ABP since its inception in 2015.
While moving the motion, Okafor claimed that the funds intended for agricultural development in the country have been misappropriated, resulting in “food scarcity and malnutrition”.
“The federal government through various schemes and interventions in the last in eight years have spent over two trillion naira in funding agricultural interventions with the view of making food available for millions of Nigerians, but due to the alleged mismanagement, misapplication of funds and abuse of the programmes, Nigeria is still experiencing food scarcity and malnutrition,” the lawmaker said.
“The reports and allegations of abuse, mismanagement, and misapplication of government intervention funds earmarked for agricultural development and food security initiatives in Nigeria through the CBN’s ABP disbursed about N1.12 trillion to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.
“NIRSAL disbursed N215,066,980,274.52 so far to facilitate agriculture and agrobusinesses. The Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the agriculture value chain financing (AVCF) programme. Additionally, the bank funded 49 agro and food processing businesses with N59.4 billion in loans.
“In 2023, the federal government unveiled a 5 billion Naira loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country. The National Agricultural Development Fund in March of 2024, inaugurated a NI.6 billion recovery fund for the ginger blight epidegic central taskforce (GBECT) for the control of blight disease in ginger, among other interventions.”
According to Okafor, the funds were allegedly “misused, misapplied and channelled to non-farming and nonagricultural purposes”.
He said the agricultural sector plays a crucial role in ensuring food security, improving nutrition, and supporting the livelihoods of millions of Nigerians, and any abuse of the programmes drastically affects millions of innocent citizens.
The motion was adopted when it was put to a voice vote by Benjamin Kalu, deputy speaker who presided over the plenary.
Consequently, the house mandated the relevant committees to conduct a comprehensive investigation into the alleged misuse of government interventions and agricultural funding and report back within four weeks for further legislative actions.
Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth.
Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate.
In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent
The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.
“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.
“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.”
‘DANGOTE CEMEMT AND TAXES’
The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023.
Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market 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 said.
The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.
Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.
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South-East governors announced on Tuesday that they will interface with the federal government for the release of Mazi Nnamdi Kanu.
This formed part of the communiqué issued after a meeting of the Forum in Enugu.
At the meeting, which also had other stakeholders in attendance, were governors Hope Uzodinma, Dr. Alex Otti, Prof. Chukwuma Soludo, Rt. Hon. Francis Nwifuru of Imo, Abia, Anambra and Ebonyi states, respectively, as well as the host, Governor Peter Mbah of Enugu State.
The move comes after Kanu, who is the leader of the Indigenous People of Biafra, IPOB, expressed willingness to get the Nigerian Government to agree to an out-of-court-settlement.
On June 19, 2024, Kanu who is facing trial charges bordering on terrorism had through his lawyer, Aloy Ejimakor informed the Federal High Court in Abuja of his intentions to seek reconciliation with the Federal Government.
Ejimakor had informed the court that he had discussed the out-of-court settlement with the counsel of the Federal Government, Adegboyega Awomolo.
However, Awomolo, who told the court that he had no instruction of his client to embark on any negotiations with the defendant, said: “I told him to go to the Attorney-General of the Federation, AGF, who has the power. If he is interested in negotiating he should go there, his office is just here.”
But, Just Binta Nyako observed that the court has no problem if the parties want to discuss negotiation, urging Kanu to approach the AGF who is the proper person to negotiate with.
Similarly, about 50 members of the House of Representatives from different parts of Nigeria and political parties known as concerned federal lawmakers for Peace and Security in the South East have appealed to President Bola Tinubu to invoke section 174 of the constitution of Nigeria, 1999 (as amended) and section 107(1) of Administration of Criminal Justice Act, 2015, Kanu’s release.
The lawmakers appealed to President Tinubu to commence a presidential peace initiative to address all issues and challenges bedevilling the southeast region of Nigeria. These were contained in a 3 page letter signed by the lawmakers, dated June 19, 2024 and addressed to Mr President.
Presidential candidate of Labour Party in the 2023 election, Peter Obi has also backed calls for Kanu’s release, noting that it would foster peace.
Giving his views on the continued detention of Kanu, Obi said: “I don’t see any reason for his continued detention, especially as the courts have granted him bail. Government must obey the court.
“Rule of law is an intricate asset that we must cherish and live with. I use this opportunity to plead with the government to ensure that all those who are in similar conditions are released and discussed with. We are in a democracy and we should not be doing things that are arbitrary and not within the law.”
Kanu should sign bond of peace – Lawyer, Idam
On his part, activist lawyer, Madubuachi Idam described the move by the IPOB leader to seek an out-of-court settlement with the Nigerian Government as the right move and not cowardice.
Idam stressed that such a move would avail Kanu the opportunity to voice out his grievances to the Nigerian Government and table his demands at the negotiation table.
Speaking with DAILY POST, the constitutional lawyer said: “Asking for an out-of-court settlement as the one being asked by Nnamdi Kanu is not an act of cowardice neither is it a sign of weakness.
“Kanu is not at war with the Nigerian state, he has no problem with the Nigerian state. Kanu is agitating to be free from Nigeria. It should not be misconstrued that he’s afraid of the Nigerian state.
“Kanu opting for out-of-court settlement is the right thing to do, it’s an opportunity to inform the state and explain his agitation.
“It’s an opportunity to vent his grievance and table his demands before the state if it will be met on a negotiation table without the need for him to continue the agitation.
“For me, it’s the right step he has taken. It’s well thought and prudent for him to have toed that line and I encourage the Nigerian state to accept that application.
“Kanu is a citizen as far as Nigeria has not broken up, and when a citizen who controls a lot of people is making a demand, he must be listened to. His continued detention is not in the interest of anybody.
“Having said that, the current Attorney General of the Federation is a thorough lawyer who understands what it means to hold the state together. He understands that negotiations with the defendant in accordance with the Federal High Court rules are encouraged by law.”
The constitutional lawyer noted that Kanu should be made to sign a bond that part of the settlement would include preaching peace if released.
He stressed that the Biafra agitator should not be seen as an enemy of the state.
Idam added: “Kanu’s continued detention serves no purpose, it’s using a sledgehammer to kill an ant, it’s needless and unwarranted.
“If Kanu was tried by the Nigerian government the first time he was arrested in 2017, this tension would have been averted. The state popularized Kanu’s issue, he’s only asking to be free, let my people go.
“He should not be misconstrued as an enemy of the state. Kanu’s release will douse the criminal activities in the Southeast. What will they be agitating?
“Kanu should be encouraged to sign a bond that he will preach peace if released and I will encourage the state to toll the line. He had said severally that people should stop killings in the Southeast, he had even preached it in the open court that those killing are enemies of the Southeast.
“If his agitation has nothing to do with killing people and insecurity, so why should anybody be afraid that if he’s released, insecurity will continue?
“Kanu has said it by himself and I can tell you that if Kanu is released today, he will stand by his words and that will be more beneficial than having him in detention.”
Ohanaeze’s stance on out-of-court settlement
The National Public Secretary of Ohanaeze, Alex Ogbonnia, said a political solution is key, stressing that Kanu’s release would quell insecurity in the Southeast.
Ogbonia noted that the Biafra agitation was a fundamental issue and beyond Kanu.
“The issue of Nnamdi Kanu demands a political solution. The kinetic approach in the Southeast that has created unnecessary tension is not the solution to the problem.
“The Nigerian government should look into the cause because Kanu represents what’s happening in the Southeast of Nigeria. For example, the marginalization of the Southeasterners in the 2023 elections where there was so much shenanigan.
“Nnamdi Kanu represents all these agitations in the Southeast, so what he’s saying is that it’s either you treat us equitably in all fairness or you allow us to go; and it’s a simple message.
“Ohanaeze Ndigbo is saying political solution that requires non-kinetic approach, there are some kind of statement from the government that will lead to celebration galore in the Southeast
“Releasing Kanu will surely quell the insecurity in the Southeast and the Monday sit-at-home will stop. The agitation for Biafra is no longer about Kanu, it’s very fundamental; the agitation is a reaction to stimulus,” he told DAILY POST.
Court should be allowed to decide Kanu’s fate – Arewa Youths
Arewa Youth Consultative Forum, AYCF, thinks otherwise.
The group is of the opinion that the court and not the Nigerian Government should be allowed to decide Kanu’s fate based on proven evidence.
National President of AYCF, Yerima Shettima said the IPOB leader should be made to face the “music” of his action if found guilty by the court or released if proven innocent.
Speaking with DAILY POST, Shettima said: “It’s within the government’s confines to look at it, if they want to settle out-of-court or they want the court to continue.
“For me, I would have been comfortable if the court decided his fate at the end of the day based on what is before the court, they should do the needful.
“Kanu should face the music if he’s found wanting or be allowed to go if proven innocent. His punishment should serve as a deterrent to those who think that they can disobey the law and take impunity as a right either deliberately or ignorantly.
“However, if the government decides to settle out-of-court then so be it but at least, we all know now that nobody can do anything and get away with it.”
Nigerian should amend constitution to make room for self-determination
Shettima also urged the Nigerian government to amend the country’s constitution to allow for self-determination.
According to the AYCF National President, people should be allowed to decide if they want to become Biafra or remain as Nigerians.
“The proposed settlement is within the law and it’s for the government to deem it fit, necessary if that is what they want.
“Some of us are products of struggles and I can tell you that you can agitate for whatever you want from religion to tribe but when it becomes critical that somebody has to lose his life, that is no longer an agitation; it’s something else. And this has been our worry and fear.
“The right to self-determination is guaranteed under international law and Nigeria is a signatory to that agreement, unfortunately, we signed a charter but locally our constitution does not reflect it, self-determination is alien to our constitution.
“At the same time, a referendum is not in our constitution. These are areas I feel if the government is sincere we should be able to amend the laws to reflect these two key issues.
“If you sign an agreement that you believe in self-determination by the international standard, locally it should reflect it and that is why today we have an issue where there is no way of exit in the country.
“Somebody can’t wake up and say we should divide corporately, it’s not reflected in our constitution. They should amend the constitution so that you can’t force people to stay with you, there should be an exit through referendum,” he stated.
Kanu, Ekpa have no control over Biafra agitation, criminals have taken over struggle
Shettima also observed that Kanu and the self-acclaimed Biafra Prime Minister, Simon Ekpa have lost control over the agitation.
“They say it’s easier to destroy than to build; when they started this agitation, they never envisaged that they would be consumed.
“Even if you release Kanu and bring Ekpa to beg for pardon, they can’t control this madness anymore because criminals have cashed into it in the name of agitation.
“How does agitation become kidnapping, looting, robbery, killing innocent people? It’s not done anywhere.
“This is a criminal act and they should be dealt with as criminals. Whether you release Kanu or not, he has no control because if he did, with all he has been saying, killing would have subsided.
“Can you say in all honesty that these criminals in the Southeast are listening to what he’s saying? They are not.
“They engage in all sorts of criminality in the name of Biafra struggle, sit-at-home and all sorts.
“I don’t think Kanu will be safe if released today, going by what we are seeing. It has become a criminal activity and all of us must come out to condemn this act,” Shettima cautioned.
The Naira has continued its depreciation streak against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s policy interventions.
FMDQ data showed that the Naira slightly depreciated to N1509.45 against the dollar on Tuesday from N1508.99 traded on Monday.
This represents a marginally N0.46 loss compared to the N1508.99 per dollar it traded on Monday.
Meanwhile, at the parallel market, the Naira traded flat against the dollar at N1515 on Tuesday.
This is as the foreign exchange transactions turnover at the official FX market stood at $213.31 million on Tuesday.
The development comes after the Central Bank of Nigeria in a circular signed by its acting Director of Currency Operations Department, Solaja Olayemi warned banks and licensed Bureau De Change operators against the rejection of lower or old denomination of Dollar notes.
Minister of Power, Adebayo Adelabu has revealed that in 2023, Nigerians spent a combined sum of N16.5 trillion on purchasing diesel, petrol, and generators for power generation.
Recall that the power sector, comprising electricity generation, transmission, and distribution companies, reported a total revenue of N1 trillion last year.
This is despite power consumers in the informal sector spending over N16 trillion, according to the Power Minister.
Adelabu made the claim during the 2024 Nigeria Oil and Gas conference in Abuja, adding that customers in Band A category of electricity consumption can expect a continuous supply of electricity for up to 24 hours.
“If you know how much our people spend buying diesel, petrol, generators, and servicing them in a year; the last study we had in 2023, a total of N16.5tn was spent on this (power) generation.
“Even a number of the industries are off the grid. They now have their captive power between their environments with gas-powered generators.
“So spendings in this sector out of the grid is close to N20tn. And let me blow your mind, the revenue for the entire industry, the grid, I mean the formal power sector was just N1tn for 2023 that goes to the generation companies, transmission companies and the distribution companies. Just N1tn formal revenue. But the informal spendings on generators, diesel, petrol, was close to N20tn.
“Even if it is just a quarter of that is put in the official power sector, we are talking about incremental revenue of N5tn that will bring the sector’s revenue to N6tn, sincerely we are going to have something close to uninterrupted 24/7 power supply in Nigeria.
“That is what we are working on to ensure that that trust is back, that that confidence is back. And all the manufacturing companies that are doing self-generation can cut it off and reconnect to the national grid because it is the cheapest source.
“As at the last study, Band A customers are enjoying uninterrupted supply and pay N206. For the companies that have their captive power using gas, they pay about N290/kwh.
“For those that are using petrol generators, it is about N450 per kilowatt-hour. And for those using diesel to power their generators, it is upward of N900. So it is still the cheapest, most efficient and the least cost for our productive activities.”
The Nigerian National Petroleum Company Limited, NNPCL, has declared a state of emergency on crude oil production.
Group Chief Executive Officer of NNPCL, Mele Kyari, made this known on Tuesday in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week) in Abuja.
According to him: “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation.”
Kyari further stated that a detailed asset analysis revealed Nigeria can produce two million barrels of crude oil per day without deploying new rigs, adding that the primary obstacle is the inability of industry players to act promptly.
The NNPCL boss said the war will make the company and its partners immediately remove all identified barriers to efficient production, including delays in procurement processes, which have become a challenge in the industry.
Speaking on the medium- to long-term measures to boost and sustain production, Kyari said NNPC will replace all the old crude oil pipelines built over four decades ago.
He said the company will also introduce a rig-sharing programme with its partners to ensure that production rigs stay in the country for between four and five years, which is the standard practice in most countries.
The NNPC boss urged all players in the industry to synergize towards reducing the cost of production and enhancing production to target levels.
He reiterated the company’s commitment to investing in critical midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and the economic prosperity of the country.
He said NNPCL has since keyed into the presidential compressed natural gas (CNG) drive, and, in collaboration with partners like NIPCO Gas, has constructed several CNG stations.