Latest News
The Economic and Financial Crimes Commission, Lagos State Command has beefed up security at its entrance in the wake of a planned protest.
The Nation reports Friday that operatives of the Lagos State Anti-Crime Outfit – Rapid Response Squad and men of the Department of State Services are among the joint security forces stationed at all routes leading to the EFCC office located at Awolowo Road in the Ikoyi area of the state.
On Thursday, the commission’s Head of Media and Publicity, Dele Oyewale said intelligence at the disposal of some Civil Society Organisations showed that a former governor and two former ministers are behind the protests being organised against the EFCC.
This is coming after the commission had raised the alarm that some groups were planning a series of protests against it.
A user on X.com identified as #PidomNigeria had shared the demands of the protesters – Concerned Nigeria Youths, in a letter dated July 4, 2024, and addressed to the EFCC Chairman, Ola Olukoyede.
The protest is due to take place with a hashtag on X.com as #ReformEFCC.
As seen by PUNCH Online, the demands include, “Respect our fundamental human rights, Stop indiscriminate arrest and invasion of people’s homes/businesses in the middle of the night like armed robbers, Stop the stereotyping and profiling of young innocent Nigerian youths, Be more professional and civil in your operations,” among others.
The protest will take place in some other states across the country — Edo, Enugu, Kwara, Oyo, Gombe, and the Federal Capital Territory, among others.
[Punch]
Wale Edun, minister of finance, says the N2 trillion economic stabilisation plan announced by President Bola Tinubu will prioritise food and energy security.
Edun spoke to journalists after the inauguration of the presidential economic coordination council (PECC) on Thursday.
He said the council members were presented with the outcomes of the president’s review of the accelerated stability and advancement plan.
The minister described the plan as an emergency measure set to span the next six months following the approval of the N2 trillion intervention package.
He said the package includes N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and N650 billion for general business support.
“This is in addition to a range of promising tax measures, there is a range of Executive Orders which the president’s signed and are been gazetted to ease the cost of doing business at this particular time,” Edun said.
“There are a number of funding which will reduce the cost of interest rate for certain sectors in economy with small and medium scale in particular but also larger companies there is a line of credit that will allow them to fall cheaper than the elevated rate.
“This plan is a means of stabilising the economy and [to] get business growing again.
“We know what has happened since the micro economic measures which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals.”
Edun said Tinubu’s focus is on food security, food production, and nutrition security.
He reaffirmed the president’s commitment to reducing losses in the crude oil sector and increasing production and sales to 2 million barrels per day.
In his remarks, Tony Elumelu, chairman of Heirs Holdings, said the president’s target of producing 2 million barrels of crude oil per day is achievable, emphasising the need to improve power generation in Nigeria.
In a move to revive Nigeria’s struggling economy, Tinubu announced a N2 trillion economic stabilisation plan on Thursday.
The plan was unveiled during the inauguration of the PECC.
Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.
Advertisement
Prominent private sector leaders, including Dangote, Elumelu, and Bismarck Rewane will serve on the council for one year.
Britain’s new Labour government has pledged immediate action to grow the economy after clinching a landslide election victory to oust the Conservatives, but its task could be hampered by strained state finances following huge Covid expenditures.
The centre-left Labour administration led by Prime Minister Keir Starmer has promised investment in key areas such as health and education but also stresses the need to balance the books.
This after government coffers were further hit by subsidies for energy bills after Russia’s invasion of Ukraine sent oil and gas prices rocketing.
– Stability –
Starmer will want to avoid a repeat of October 2022, when the then-Conservative government’s proposed unfunded tax cuts spooked markets and tanked the pound.
It also sank the chaotic premiership of Liz Truss, who lasted just 49 days before she was replaced by Rishi Sunak.
Truss then lost her seat in Thursday’s election.
Britain’s economy is currently on a more stable footing after exiting a mild recession and as inflation returns to normal.
Labour “will benefit from the economic recovery”, noted Ashley Webb, UK economist at Capital Economics research group.
However, eight years after Britain voted for Brexit, businesses still lament economic fallout caused by the country’s departure from the European Union, with little prospect of change in the near future.
Starmer has ruled out returning Britain to the European single market, customs union, or bringing back free movement of EU nationals.
– ‘Safe haven’ –
“I want investors to look at Britain and say it is a safe haven in a turbulent world, a place where I can invest with confidence in a world where perhaps other countries are tilting to more populist politics,” Labour finance spokesperson Rachel Reeves said ahead of Thursday’s UK vote.
She has also said that “change will be achieved only on the basis of iron discipline”.
British public debt has flirted with a level totalling 100 percent of gross domestic product in recent months — a situation not seen since the 1960s.
“The reason for Starmer’s popularity (is) because he offered a changeless change,” said James Wood, senior teaching associate in political economy at the University of Cambridge.
“He basically is a Conservative in a red tie,” Wood said in reference to the colour associated with the Labour party and Starmer’s prudence around spending.
Ahead of the election, Labour increasingly won support of company bosses and key UK publications — including the Financial Times — who believe the party can successfully manage the economy.
Following Labour’s landslide, business chiefs on Friday urged Starmer to prioritise economic growth.
The Confederation of British Industry declared that “now is the moment to get behind growth”, while manufacturers’ organisation MakeUK said Labour “faced an “urgent need to kick start the UK’s anaemic growth levels of recent years and boost investment in our infrastructure”.
The City of London Corporation, which is the local authority for the capital’s financial district, called on Starmer to place the powerful sector “at the forefront of Labour’s plans to drive growth”.
– Spend and tax –
Included in Labour’s spending plans is the creation of publicly-owned Great British Energy, with the aim of slashing bills as millions of Britons still struggle with a high cost of living.
The party has an ambition also to hike defence spending to 2.5 percent of gross domestic product from around two.
According to Daniel Sopher, senior partner at tax specialists Sopher + Co, “tax is going to go up” to fund public services.
“There’s only so much to what one can increase debt to,” he told AFP.
At the same time, with Labour having been elected with a big majority, the party’s leadership may feel pressure from its own members to relax budget rules, according to analysts.
“I don’t think that anyone in the markets will be made nervous by yet another change of the fiscal rules,” said Jonathan Portes, an economist at King’s College London, noting that the Conservatives have altered them numerous times since winning power in 2010.
“Obviously the fiscal rules are going to change, the question is how will they change and will they change in a way that is sensible.”
[Vanguard]
British leader Rishi Sunak conceded defeat Friday to Keir Starmer’s main opposition Labour party in the UK general election, saying, “I take responsibility for the loss”.
“Today, power will change hands in a peaceful and orderly manner with goodwill on all sides,” said Sunak, as his Conservative party appeared heading for historic defeat to Labour.
The result ends 14 years of Conservative government during which five prime ministers ran the country.
Sunak became the prime minister on October 25, 2022, the youngest British Asian and the first Hindu to be in that position.
The 42-year-old is the youngest British Prime Minister since Robert Jenkinson.
AFP
Lawyers representing Aminu Ado Bayero, 15th emir of Kano, have withdrawn in the ongoing Kano emirate tussle before the state high court.
At the resumed court session on Thursday, Abdul Muhammed, counsel to the first respondent, informed the court that he had an affidavit of fact dated July 3, attached with a notice of appeal and a motion of stay of proceedings.
He urged the court to stay proceedings pending the hearing and determination of the motion at the appeal court.
“When a judge of a high court is aware of application in a higher court, the notification in the dependency in the lower court must be in affidavit of facts,” he said.
“It is expected that a trial court should stop the hearing on the matter pending the hearing and determination of the motion on notice.”
He told the court that they were served with the court processes on Thursday morning.
He sought an adjournment that would enable them to respond but the court refused his prayers.
He therefore announced his withdrawal of service from the case.
Sanusi Musa, another member of the team, announced their withdrawal from the case on behalf of the other counsels for the first respondent.
“Myself and other counsels apply for the withdrawal of our representation and appearances,” Musa said.
Hassan Kyaure, counsel to the third, fourth and fifth respondents, told the court that he has filed an application for an extension of time and counter affidavit in response to the originating motion.
Kyaure prayed the court to set aside the Kano State Emirate Council repeal law as due process was not followed. He also asked that a fine of N1 billion be awarded against the plaintiffs.
Sunday Ekwe, counsel to the sixth respondent, told the court that he had nothing to present.
Responding, Eyitayo Fatogun, counsel to the applicant, urged the court to discount the respondent’s affidavit of facts pursuant to order 39, rules 1 and 2 of the court.
“The motion refers to a proposed notice of appeal not a notice of appeal. It shows that the affidavit of facts is just to delay the proceedings. My lord, the business of today is for the hearing of all pending applications,” he said.
Fatogun asked the court to dismiss the third, fourth and fifth respondents’ applications on the issue of Kano Emirate Repeal Law because the issue is not before the court.
THE RULING
Delivering the ruling, Amina Adamu-Aliyu, presiding judge, refused the application for a stay of proceedings.
“The respondent did not disclose any special fact to warrant any stay of proceedings,” she said.
The judge adjourned the case until July 18 for ruling on the applications for extension of time, notice of preliminary objection, setting aside ex parte order, joinder application, and for the judge to recuse herself, among others.
The applicants in the suit are the attorney-general of Kano, the speaker, and the Kano house of assembly.
Respondents are Aminu Bayero, Nasiru Ado Bayero, Ibrahim Abubakar II, Kabiru Muhammad Inuwa, Aliyu Ibrahim Gaya, inspector-general of police (IGP), director of the Department of State Services (DSS), Nigeria Security and Civil Defence Corps (NSCDC), and the Nigerian Army.
In May, the court restrained Aminu Bayero from parading himself as the Emir of Kano pending the determination of the suit.
The court also ordered the police to take over the Nassarawa palace where Bayero has been sheltering since he returned to Kano after his dethronement.
[TheCable]
The Nigerian National Petroleum Company (NNPC) Limited has inaugurated 12 compressed natural gas (CNG) stations in Lagos and Abuja.
The newly-built CNG stations were simultaneously inaugurated on Thursday by Ekperikpe Ekpo, minister of state for petroleum resources (gas).
According to the national oil firm, the facilities include six CNG stations in Abuja, constructed through its subsidiary NNPC Retail Ltd and six CNG-Autogas stations in Lagos and Abuja, via NNPC Gas Marketing Limited and NIPCO Gas Limited.
Speaking at the occasion, Ekpo said the commissioning of the stations would provide economic benefits by creating jobs and boosting local economies.
He said it will also contribute significantly to Nigeria’s national goals of lowering emissions and combating climate change.
The minister commended NNPC for ensuring that CNG is available for Nigerians.
On his part, Mele Kyari, group chief executive officer (GCEO) of NNPC, said in addition to the deployment of CNG stations nationwide, the firm and its partners would also build three liquefied natural gas (LNG) stations in Ajaokuta.
“There is simply no way to turn back on delivering CNG for all Nigerians,” Kyari said.
“It is the right thing to do. Is it late? Yes, but we will make progress, we will cover the gap in order to ensure that the volatility we see with Premium Motor Spirit (petrol) does not apply to gas.”
Also speaking, Huub Stokman, managing director at NNPC Retail, said in the next one year, the retail company would launch over 100 CNG sites, including 16 NNPC Gas Marketing and NIPCO Gas joint venture (JV) sites.
“CNG provides Nigeria with affordable alternatives to existing available fuel products. It will be about 40% cheaper than petrol in Nigeria and with continued investments, it will become a significant part of our energy mix,” Stokman added.
According to the national oil company, NNPC Gas Marketing, in partnership with NIPCO Gas Limited, has developed an Auto-CNG rollout plan for the construction of 35 CNG stations across several geographical zones in Nigeria.
A group known as Patriots for the Advancement of Peace and Social Development (PAPSD) says summits and conferences on insecurity will not end the menace in the north-west geopolitical zone.
In a statement issued on Thursday, Sani Shinkafi, the group’s executive director, said governors in the north-west need the political will to exterminate banditry and other vices behind insecurity in the zone.
“The problems in the zone require political will and pragmatic actions, not empty rhetoric as obtainable in the past 12 years, which has not changed the narrative,” the statement reads.
Shinkafi said the governors should “accelerate the development of the zone through education, wealth creation, and social amenities that will impact the lives of the people”.
He urged them to “stop dissipating energy and resources in organising peace and security summits and conferences within and outside Nigeria, as they are not the solution to the insecurity confronting the zone”.
“The zone is neglected by past and present leaders. Agriculture, which is the mainstream of the region, is neglected in spite of the abundant, fruitful land mass,” Shinkafi added.
“The recent North West summit on the security of life and livelihoods was a welcome development if governors would be spurred to implement people-oriented projects and ensure the security and welfare of the people for rapid development of the zone.
“It is obvious that the UNDP and other development partners cannot solve the problem of insecurity in the region.
“The remote causes of insecurity in the zone include corruption, poverty, unemployment, illiteracy, poor governance, a weak judicial system, a weak security apparatus, porous borders, drug abuse, weak traditional institutions, the influx of illegal Fulani aliens through land borders, and the proliferation of small and lighter arms and ammunition by unauthorised persons.
“It is amazing that governors in the region have been receiving monthly statutory allocations from the federal government since the inception of democratic governance in 1999, yet the region is underdeveloped. The resources are carelessly misappropriated, misapplied, and siphoned for personal enrichment.
“Illiteracy is one of the major causes of armed banditry and related crimes. Most of the bandits are uneducated both western and Islamic education.
“Leaders in the zone failed to invest in education, in building primary and secondary schools, adult education, and Almajiri schools. They left the children to roam about the streets begging; sadly, many of them were recruited into armed banditry, terrorism, and other social crimes. The existing schools are not renovated and equipped, let alone building new schools.
“Due to widespread armed banditry, cattle rustling, herders-farmers clashes, kidnapping for ransom, and displacement of innocent people from their ancestral homes, millions of small and large-scale farmers deserted their farmlands, which exacerbated the food crisis in the region in particular and the nation in general.
“The Bureau of Statistics recently released data that showed the North West geopolitical zone has the highest poverty rate in Nigeria. The activities of bandits have brought economic stagnation to the region, as people can no longer go about their legitimate business for fear of being kidnapped or killed by bandits.
“Many who were kidnapped sold their farmlands and houses to pay the ransom demanded by their captors. This further impoverished the people. Governors lack the political will to tackle the problem; instead, they divert funds for development to use to buy votes during elections and bribe electoral officers to hang on to power.
“It is obvious that corruption is the root cause of bad governance, unemployment, and banditry.
He asked the north-west governors to be proactive and create jobs for the youth to reduce unemployment and poverty.
Shinkafi also called for the overhaul of security architecture in the geopolitical zone, adding that modern crime-fighting equipment should be provided, including scanners, CCTV, surveillance drones, communication gadgets, operational vehicles, and quarters in the border areas to fight insecurity.
Nigeria’s debt to petrol suppliers has surpassed $6 billion, doubling since early April, Reuters is reporting.
According to the report on Thursday, the development comes as the Nigerian National Petroleum Company (NNPC) Limited strives to cover the gap between fixed pump prices and international fuel costs.
The report noted that the NNPC started struggling early this year when late petrol payments were over $3 billion.
“The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion to $5 billion,” the publication said.
Under contract terms, the report said the NNPC is obligated to pay within 90 days of delivery.
“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” an industry source told Reuters.
According to sources, at least two suppliers have already withdrawn from current tenders after reaching their self-imposed debt exposure restrictions to Nigeria.
This means they would not provide any more petrol unless they are paid, Reuters added.
“Traders thrive in risky environments, but they place limits on how much credit they allocate per trade in order to avoid too much exposure on one borrower. These limits vary by company based on their size and where they operate,” the publication said.
Nigeria’s tenders to buy petrol in June and July were consequently smaller, traders told Reuters.
Two sources said the NNPC will import about 850,000 tonnes in July via tender — down from the typical 1 million tonnes in previous months.
President Bola Tinubu had announced the removal of the petrol subsidy when he took over in May last year, saying “its ever-increasing costs” could no longer be justified “in the wake of drying resources”.
Prior to the removal, the federal government had said it would spend up to N3.3 trillion on petrol subsidy between January and June 2023.
Petrol subsidy has remained a controversial issue in Nigeria as spending continues to deplete the country’s revenue. But the removal has since worsened the living conditions of Nigerians as petrol prices, coupled with a weak currency have stoked inflation to unbearable levels.
While there are speculations that subsidy has been reintroduced partially, the federal government has dismissed the claims on many occasions.
President Bola Tinubu says Nigeria’s power generation capacity at about 4.5 gigawatts is shameful.
According to a statement by Ajuri Ngelale, presidential spokesperson, Tinubu spoke during the inauguration of the presidential economic coordination council (PECC) on Thursday.
Since powered generation is measured in megawatts in Nigeria, 4.5 gigawatts would translate to 4,500 megawatts.
Speaking at the event, the president called for the collaboration of the members to increase Nigeria’s on-grid electricity capacity.
”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country,” Tinubu said.
“We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
”We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.”
Tinubu highlighted the need for innovative solutions to the country’s economic challenges, stressing the importance of public-private partnerships in driving economic reforms.
Additionally, Tinubu announced measures under the economic stabilisation programme, aimed at stabilising the economy, enhancing job creation, and fostering economic security.
On energy security, the president said the initiative — which includes power, oil and gas — aims to increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months.
The scheme, according to the president, also aims to increase oil production to 2 million barrels per day within the next 12 months.
On Thursday, Tinubu announced a N2 trillion economic stabilisation plan to revive Nigeria’s struggling economy.
Gov. Ayedatiwa Signs Law to Add Eleven Judges to Ondo Judiciary, the First Increase since the Creation of the State
Admin
It’s the first increase in number of judges since the creation of Ondo State in 1976
In a historic move to strengthen the judiciary for more efficient dispensation of justice in Ondo State, Governor Lucky Orimisan Aiyedatiwa on Thursday signed into law the Bill to add eleven to the number of judges in the State.
The new law increases the number of judges in Ondo State from 24 to 35 in what would be the first of such development since the State was created in 1976.
In his address, Governor said: “Today, we make history with the signing into Law of this Amendment Bill. We mark a significant milestone in the annals of our great State. For the first time ever, since the creation of our State, we are increasing the number of judges in our Judiciary by 11! This invariably brings the total number of Judges in the Ondo State Judiciary to 35. It is indeed a momentous occasion that demonstrates our unwavering commitment to justice, equality, and the Rule of Law.
“This achievement is a testament to our administration’s dedication to strengthening the fabric of our society. We recognize that the judiciary is the backbone of our democracy, and by enhancing its capacity, we empower our citizens, foster a more just and equitable society and enhance the administration of justice in our dear State.
“It is imperative to salute the Rt Hon Speaker, Hon Olamide Oladiji, other Hon members of the Ondo State House of Assembly, my Lord, the Chief Judge of Ondo State, Hon Justice Segun Ayedun Odusola and his associate Judges, the Hon Attorney General and all other stakeholders for their untiring efforts to make this vision a reality. Your patriotism, doggedness and expertise have yielded a triumph for our Sunshine State and its good people.”
Governor Aiyedatiwa reaffirmed his administration’s commitment to supporting the judiciary, including the recent approval and mobilization of contractors.
More...
[STATE HOUSE PRESS RELEASE] President Tinubu Inaugurates Presidential Economic Coordination Council (PECC), Rolls Out Measures To Strengthen The Economy
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Inaugurates Presidential Economic Coordination Council (PECC), Rolls Out Measures To Strengthen The Economy](/media/k2/items/cache/c62467f48b00eafc154c1c2a22c5d1f6_XS.jpg?t=20240705_062251)
President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
Speaking at the inaugural meeting of the 31-member Council held at the Council Chambers in Abuja, President Tinubu, who chairs the Council, underscored the need for innovative solutions to the country’s economic challenges, noting the importance of public-private partnerships in driving economic reforms.
''We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.
''We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity.
''We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness,'' the President stated.
President Tinubu announced measures, which will run concurrently with the National Construction and Household Support Programme, to stabilize the economy, enhance job creation, and foster economic security.
The measures under the Economic Stabilization Programme are as follows:
(1) Energy Security
The Energy Security Initiative, which includes power, oil and gas, aims to:
- Increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months;
- Increase oil production to 2 million barrels per day within the next 12 months; and
- Remove barriers to entry for investments into the sector to enhance competitiveness.
(2) Agriculture and Food Security
Under this plan, the aim is to:
- Increase staple crops grown by small-holder farmers from 127 million MT in 2023 to 135 million MT this year;
- Bolster production by partnering larger-scale commercial farmers;
- Support qualified farmers with satellite imagery for land use planning, crop rotation, and monitoring of agricultural expansion.
(3) Health and Social Welfare
In the health and social welfare sector, the federal government shall:
- Make essential medicines available at lower cost for 80-90 million Nigerians;
- Expand healthcare insurance coverage for 1 million vulnerable people via a Vulnerable Group Fund in collaboration with state governments;
- Redeploy 20,000 healthcare workers to provide services to 10-12 million patients in areas where they are most urgently needed;
- Power up 4,800 primary healthcare centres (PHCs), second tier, and third tier hospitals using renewable energy sources.
(4) Fiscal Measures
Some of the interventions to improve access to finance for the housing sector, MSMEs, and the manufacturing sector are:
- Youth-owned enterprises: Support for new and existing youth-owned enterprises across all 36 states of the Federation, creating 7,400 MSMEs within the next 6-12 months;
- MSME support: A six hundred and fifty billion naira (N650 billion) facility will provide lower-cost short-term facilities to youth-owned businesses, manufacturers and MSMEs across various industries; food processing, pharmaceutical, agriculture, and wholesale and retail trade. This financing will be based on their current and future receivables, company rating, and market demand for products;
- A Manufacturing Stabilization Fund will rejuvenate up to two hundred and fifty companies and deliver lower cost (9.0%-11.0%) long-term facilities to large, medium-scale, and light manufacturers that produce finished goods for domestic and export markets;
- Sub-national Matching Fund: A Grow Nigeria Development Fund consisting of a single-digit interest rate loan portfolio with the Bank of Industry and a matching fund agreement with sub-national governments to grow MSMEs;
- Expanding the Bank of Industry's Rural Development Programme: A fund to support rural economies in developing 300 new MSMEs for each state, including the Federal Capital Territory (Abuja), resulting in 11,100 new rural-based MSMEs across the Federation;
- Mortgage Finance Acceleration Facility: A facility that delivers affordable housing for all segments impacted by the cost-of-living challenge. This will support the construction of an additional 25,000 housing units.
These fiscal measures will improve access to finance for MSMEs and, in the process, create 4.7 million direct and indirect jobs over a six to 12-month period.
Emphasizing the significance of the task ahead, Vice-President Kashim Shettima, who is the Vice-Chairman of the Council, stated that President Tinubu is committed to proffering solutions to the nation’s economic challenges and not apportioning blame.
''I want to emphasize that when there is a will, there is always a way, and the President does not believe in apportioning blame. He believes in preparing solutions," the Vice-President said.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun made a presentation on the highlights of the Accelerated Stabilization and Advancement Plan earlier submitted to the President.
The plan details economic issues to be resolved in 2024 by sub-committees in the key sectors of agriculture and food security, energy (oil, gas, power), health and social welfare, and business support.
Other members of the Council include the Senate President, the Speaker of the House of Representatives, Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria.
Members from the Organized Private sector include: Alhaji Aliko Dangote; Mr. Tony Elumelu; Alhaji Abdul Samad Rabiu; Ms. Amina Maina, Mr. Segun Ajayi-Kadir; Dr. Funke Opeke; Dr. Doyin Salami; Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
The Edo State chapter of the Peoples Democratic Party, PDP, has maintained that Asue Ighodalo is still the party’s candidate for the September 21, governorship election.
This comes after his nomination was nullified by a Federal High court in Abuja.
The state chairman of the party, Anthony Aziegbemi who reacted to the judgment in a statement made available to newsmen in Benin City on Thursday, said the judgment would not affect the candidature of Asue Ighodalo
Aziegbemi, however, urged members and loyal supporters of the party to remain calm and resolute as there is no cause for alarm.
The statement read: “PDP is aware that certain elements who are scared of the soaring popularity of our candidate Dr Asue Ighodalo are going about peddling rumours that the candidature of Dr Asue Ighodalo has been nullified.
“Let it be on record that the candidature of Dr Asue Ighodalo as the flag bearer of the party for the 2024 elections remains intact and that the judgement of the Federal High court in Abuja did not in any way affect the candidature of Dr Asue Ighodalo.
“We urge our teaming loyal supporters to remain calm and resolute as there is no cause for alarm”, he said.
'I Have Been Vindicated' – Ex-Edo Deputy Governor, Shaibu On Invalidation Of PDP Guber Primary
AFOLABI
Phillip Shaibu, the immediate past Deputy Governor of Edo State, has said he has been vindicated by the Federal High Court judgment which invalidated the governorship primary election of Edo State.
In a reaction on Thursday to the judgment delivered by Justice Inyang Edem Ekwo, Shuaib claimed that what PDP tagged as a primary election on February 22, 2024, was nothing but a tea party with no force of law.
He said he had consistently and persistently cried out loud and clear that the PDP killed internal democracy with the fraudulent ways its purported primary election was conducted at the Samuel Ogbemudia stadium in Benin.
The former Deputy Governor maintained that those who voted for him at his parallel primary election were the authentic delegates lawfully chosen by the people to nominate the governorship candidate for PDP.
On the move by the All Progressives Congress, APC, for him to defect to the party, Shaibu claimed that there was nothing wrong as long as democracy remains a game for the vast majority of people.
“When you see a political party wooing people to its group, that party wants to win but when you see a party chasing people away as in the case of the PDP, that party is planning nothing but rigging of election.
Justice Inyang Edem Ekwo had in his judgment invalidated the February 22 PDP primary election on the ground that 378 delegates who were supposed to vote in the election were unlawfully excluded.
More details…
The Central Bank of Nigeria (CBN) has threatened to penalise deposit money banks (DMBs) that reject mutilated naira notes.
In a statement on Thursday signed by Solaja Olayemi, CBN’s acting director of currency operations department, the apex bank said several reports have been made against the banks.
“The Central Bank of Nigeria (CBN) has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs),” the bank said.
“Consequently, it has become imperative to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR/GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring DMBs.”
The apex bank said it will not hesitate to impose strict sanctions on banks reported to have rejected naira deposits from the public, under any guise.
Also, on July 2, CBN warned banks and authorised foreign exchange dealers against rejecting old series and lower denominations of dollars.
The apex bank said all relevant parties must adhere to and comply with the instruction, emphasising its disapproval of selective acceptance of deposits.
CBN said it discovered old series and lower denominations of dollars are still being rejected during a consumer market survey.