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Despite a successful burial ceremony for the former Anambra state governor, Dr. Chukwuemeka Ezeife, organized by Governor Chukwuma Soludo, tension allegedly rose between the Igboukwu community and the governor due to alleged violations of the state’s burial laws.
Ezeife, who died few months ago, was buried on Saturday at his Igboukwu country home in Aguata local government area of the state.
However, Anambra state governor, Prof. Chukwuma Soludo, is not happy that despite the existing law in the state, the kinsmen of Ezeife went ahead, ignoring the government’s earlier warning
During the burial, the family printed brochures, banners, flexes among other things that made the burial more expensive, which were against the burial law of the state.
The Anambra burial law was passed by the state house of Assembly and signed into law by the former governor Willie Obiano in 2019
Soludo said: “Okwadike that I knew was a stickler for process, for the law and that’s why he held Nigeria accountable to observe the principles of the federal character in everything because he believed in the law.
“So all these fanfare that make burial very expensive, run contrary to the Anambra burial law which was passed three years before I became governor. I didn’t pass it. It has been there. It is the law.
“Those things that play no role should be avoided. All that is required is for us to respect the dead. We have given Okwadike for God to grant him eternal rest as we lay him to rest in accordance with Anambra burial law.
“That law also says that all burial funerals, condolences must be for one day. You don’t have a waiver for laws, you can only waive for rules.
“You either obey the law or amend it. Once it remains the law, it is to be obeyed. And that’s not the society that Okwadike dreamt of. The foundation we are working on, is the one he left for us” Soludo said.
However, two of Ezeife’s kinsmen, who spoke with The Nation, said the governor was on his own on the burial law of Anambra state, describing Ezeife as a national figure and not a local man.
The High chief, who did not want to be mentioned, warned Soludo not to cause the body of Ezeife not to rest in peace.
A lawyer from Ezeife’s community, commended Soludo for his support in the late Octogenarian’s burial, but warned him to desist from raising such issue in Okwadike’s burial.
“Yes, we know the law, but the great man is not the type of person you expect to bury like a fowl, though, law is for big and small, but Soludo should think twice” he said
The Nation, gathered Sunday that Soludo is already, preparing a document to be served on the Ezeife family very soon for flouting the burial right, despite his earlier warning.
[TheNation]
The Socio-Economic Rights and Accountability Project has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Nyesom Wike, to account for the spending of Federal Account Allocation Committee allocations to states and the FCT since 2019.
It also asked them to provide and widely publish documents on the spending of FAAC allocations received by their states and the FCT since 1999.
The Federal Account Allocation Committee is responsible for reviewing and adopting the allocation of funds to states and the Federal Government of Nigeria.
The requests followed reports that the committee disbursed N1.123 trillion to the federal, state, and local governments for March 2024 alone.
The breakdown showed states collected N398.689 billion.
SERAP’s request was contained in the Freedom of Information inquiry dated April 20, 2024, and signed by its Deputy Director, Kolawole Oluwadare.
“Without this information, Nigerians cannot follow the actions of their states and the FCT, and they cannot properly fulfil their responsibilities as citizens.
“Trillions of FAAC allocations received by Nigeria’s 36 states and the FCT have allegedly gone down the drain. The resulting human costs directly threaten the human rights of socially and economically vulnerable Nigerians,” it said.
It added that publishing the documents would enable Nigerians to meaningfully engage in the implementation of projects executed with the FAAC allocations collected.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel you and your state and the FCT to comply with our requests in the public interest,” it added.
The FoI requests read in part, “Secrecy in the spending of FAAC allocations received by your state and the FCT is entirely inconsistent and incompatible with the Nigerian Constitution 1999 [as amended] and the country’s international anti-corruption obligations.
“Secrecy in the spending of FAAC allocations received by your state and the FCT also denies Nigerians the right to know how public funds are spent. Transparency in the spending would allow them to retain control over their government.
“The documents should include the evidence and list of specific projects completed with the FAAC allocations collected, the locations of any such projects, and completion reports of the projects.
“The documents should also include details of the salaries and pensions paid from the FAAC allocations collected, as well as the details of projects executed on hospitals and schools with the FAAC allocations.
“Despite the increased FAAC allocations to states and FCT, millions of residents in your state and the FCT continue to face extreme poverty and lack access to basic public goods and services.”
[Punch]
…says Damagum’s survival is not defeat for Atiku or victory for Wike, it’s for the interest of PDP
The Senate Minority Leader, Senator Comrade Abba Patrick Moro, PDP, Benue South has given insight why the MInister of the Federal Capital Territory Administration, FCTA, Nyesom Wike was allowed to attend the National Caucus meeting of the Peoples Democratic Party, PDP, preparatory to last week’s National Executive Committee, meeting of the party.
According to Moro, there was no way Wike would have been stopped from attending the meeting since he has not been found guilty of any crime and penalized by the party.
The Minority leader said that if the party’s disciplinary committee, headed by former President of the Senate, Senator Bukola Saraki found Wike guilty of the alleged antiparty activities and have him sanctioned, he would stop attending the party’s meetings.
Moro said the survival of Amb. Umar Lliya Damagum as Acting National Chairman of PDP was not a victory or defeat for anybody but a decision that was unanimously agreed on by the relevant stakeholders for the party to forge ahead.
Senator Moro’s reaction was against the backdrop of rumours in some quarters that Amb. Damagum’s survival, against call for his resignation, was victory for the former governor of River State, Nyesom Wike, and a defeat for PDP Presidential candidate in the 2023 general elections, Atiku Abubakar.
In a statement on Sunday by his Media Adviser, Emmanuel Eche’Ofun John, Senator Moro said the activities and inactivities of PDP should not be translated to Atiku and Wike.
He said the whole issue was not about victory or defeat for anybody but about PDP; about providing an alternative formidable platform for Nigerians to look up to.
Moro said, “We cannot translate the entirety of PDP’s activities and inactivities to Wike and Atiku, out of millions of other members of the party across the country who also have their own thinking and reasons for being in the party.
“The whole issue was not about Wike or Atiku, or victory for Wike or defeat for Atiku, the issue was existential.
“We came together and reasoned together, that in the present scenario where Nigerians are hurting due to the maladministration of the APC government, what do we do to provide an alternative platform for Nigerians to look up to? In that circumstances, we decided to thread with caution so that we dont throw away the baby with the bath water,” he said.
On why the National Caucus of the party allowed Nyesom Wike into their meeting, the Minority Leader said, “The constitution of our party is very clear on who is a member and who is not a member of the caucus of the party and I dare say, at this point, that as a former governor who is still a member of the party, Nyesom Wike is a member of the National Caucus of the party.
“If actions had been taken immediately after the elections and people who are perceived to have acted contrary to the desires and yearnings of the PDP have been sanctioned, then we can say that having been expelled or suspended, you can’t be here, but as it is, non of such actions has been taken, so you can’t just ban people from attending meetings.
“One of the fallouts of the last NEC meeting was the resuscitation of the Reconciliation and Disciplinary Committee, which is saddled with the responsibility of identifying the area of antiparty and the dramatis personae involved in the activities, and recommend appropriate punitive measures against those who have been found guilty to serve as deterrent to future occurrence.
“Unfortunately, that hasn’t been done, and so to that extent, as a voluntary organization, if the members involved insist they are still members of the party, until actions are taken by the Reconciliation and Disciplinary Committe we want to take that they are still members of the party.”
On expectations from the next NEC meeting scheduled for August 15 as it concerns the position of the National Chairman of the party, Moro who noted that the party’s constitution had a well spelt out succession plan, said, “The constitution of our party has a well spelt-out succession plan. Section 35 (3C) states that where a vacancy exists, someone from the zone of the immediate past occupier of the office shall be appointed by NEC to complete the tenure of the person who vacated the office.
“For the position of the National Chairman, we will look at the succession plan of the party, in accordance with the constitutional provisions, and produce a replacement for Senator Iyorchia Ayu from North Central now that he has heeded to our plea and withdrawn his case from the court. We will go to the next NEC meeting with open minds and invoke the relevant sections of the constitution to produce his replacement.”
Senator Moro who appealed to members and stakeholders of the party to have some level of circumspection and restraints in their actions and utterances so as not to further polarize the party, assured that everything humanly possible would be done to put the party on its winning ways, to rescue Nigerians from the grinding poverty and sufferings that the ruling APC has plunged them into.
[Vanguard]
Naira, Nigeria’s currency is set to stabilise further as the Central Bank of Nigeria (CBN) has agreed with the International Money Transfer Operators (IMTOs) and foreign investors to double remittance flow in the country, in the short to medium term.
To achieve this, the CBN said it is setting up a tax force that will ensure that all hindrances to the foreign inflows are addressed.
Olayemi Cardoso, governor of the CBN, disclosed this at a joint press conference of the ministry of finance and the CBN in Washington D.C. at the International Monetary Fund (IMF)/World Bank meetings.
Foreign exchange inflows to Nigeria rose to $2.3 billion in February, the central bank according to the CBN, driven by renewed interest from foreign investors and a rise in overseas remittances.
According to Statista the personal remittances received in Nigeria increased by 0.7 billion U.S. dollars (+3.59 percent) in 2022. In total, the personal remittances received amounted to 20.13 billion U.S. dollars in 2022.
Remittances are flows of money between immigrants and their relatives. They refer to personal transfers between resident and non-resident individuals, and the compensation of employees who are employed in an economy where they are not resident, and of residents employed by non-resident entities.
“Besides our meetings with multilateral financial institutions, and foreign investor groups, with a keen interest on developments in Nigeria, including the US Chamber of Commerce, we had very productive discussions with leading international money transfer operators IMTOs, where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term.
“This target is both ambitious and achievable. And we are wasting no time in setting up a collaborative Task Force reporting to myself to drive progress and address any bottlenecks that hinder flows through formal channels,” Cardoso said.
The naira weakened by the most in over a month at the parallel market on Friday, ending a rally since late March that had made the currency the world’s best performer.
A dollar sold for N1,230 in street trading on Friday, a 17 percent decline compared to N1,050 the previous day.
Traders say there was an uptick in demand on the day but still expect the naira to pare the losses in the coming days.
The naira also depreciated at the official market to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ rate on April 18.
He said in the six months since assumed the position of Central Bank governor, the challenges have been significant from grappling with inflation to addressing volatility in the foreign exchange market.
“However, with relative stability now achieved particularly in the foreign exchange market, we have transitioned from firefighting to strategic planning across key areas.
“These areas include improving the ease of doing business in Nigeria to consolidate and sustain the gains through an efficient and transparent market system and boosting financial and economic inclusion for small businesses and households. Interrogating all potential ways to leverage smarter use of technology and remote banking to reduce the cost of transactions and expand access accessibility to the financial system,” Cardoso said.
Mr Aigboje Aig-Imokhuede, Chairman of Access Holdings Plc, has expressed confidence about raising 300 million dollars in capital for Access Bank, considering the bank’s strong market position and shareholders’ support.
Aig-Imokhuede said this in an interview on the sideline of Access Holdings’ second Annual General Meeting(AGM) held in Lagos.
The Central Bank of Nigeria (CBN), on March 29, directed commercial banks in Nigeria with international authorisation to shore up their capital base to N500 billion and national banks to N200 billion.
Similarly, non-interest banks with national and regional authorisation will increase their capital to N20 billion and N10 billion, respectively.
The recapitalisation exercise is expected to commence from April 1, through March 31, 2026.
Consequently, the shareholders of Access Bank at the AGM unanimously backed the Group’s plan to establish a capital raising programme of up to $1.5 billion.
They also agreed to the subset initiative to raise up to N365 billion specifically, through a Rights Issue of ordinary shares to its shareholders.
The proceeds of the rights issue will be used to support ongoing working capital needs, including organic growth funding for the group’s banking and other non-banking subsidiaries
Aig-Imokhuede explained that having announced to embark on a capital raising through Right Issue, he was confident that the group’s shareholders would support the bank in the journey.
He stated that Access Holdings has a unique relationship with the capital market in Nigeria and internationally.
“It is not the first time CBN is coming up with such policy.
“Recall that in 2004 when CBN announced that all banks must recapitalise to the tune of N25 billion and Access Bank had about N3 billion of capital.
“Between 2004 and 2007, however, our team, when I was the CEO of the bank, raised two billion dollars of common equity capital.
“Therefore, in 2024 when Access Holdings is much older, wiser, stronger, larger and significantly respected by the capital market with over 800,000 shareholders, raising 300 million dollars in capital for Access Bank, its banking subsidiary is not really much of a challenge.
“We signalled to the market first that we will be doing a Right Issue, which means that we must carry everybody along, in spite of our large institutional shareholders.
“Nonetheless, we believe in ensuring that shareholders, either large or small, continue with us on our journey.
“They have always supported us when need be with good reasons, because they believe in the company and the performance that would be delivered subsequently to such capital raising exercise.
“What is on the mind of our shareholders now is recapitalisation and they are also concerned about how their company continues to deliver returns,” he said.
Commenting on the CBN recapilisation policy, the chairman noted that Access Bank as a group endorses the CBN policy wholeheartedly.
Aig-Imokhuede described the policy as a good and sensible prudential regulation.
He added that banks, particularly after period of significant devaluation of domestic currency, volatility in the foreign exchange, and interest rate regime, are always encouraged to build up their capital buffer.
According to him, this is to ensure that whatever adverse effect that may arise as a result of the dynamic changes in the business environment would not affect their very concern.
In terms of performance and expectations from Access Holdings going forward, Aig-Imokhuede stated that the earning profile of the group, which spread across Nigeria, Africa and outside Africa subsidiaries, is very robust.
He said: “As an investor, you always look to see whether there is deep concentration where the profit is coming from; in our case, these arears are spread across three core areas that is of significant interest to local and international investors.
“If you look at the performance of banks in the year ended 2023 financial reports, you will see that all banks in naira terms have increased significantly their profitability as a result of the devaluation.
“But that isn’t the case with Access Bank, whose revaluation benefits come from the fact that it has significant international operations, because it is not a function of holding large foreign currency balances.
According to him, Access Bank, United Kingdom for example, is the largest and probably highest performing Sub-saharan African bank that has a license in the UK and making hundred of millions of naira of profit from the UK.
The chairman further said that this is not an accounting benefit that comes in the year 2023, but will continue, and with the operations of the bank in France, and across other European, Asia and Middle Eastern jurisdiction.
“We can see that the foreign currency benefit of profit in those locations are going to also accrued to the holding.
“The holding as an investor is also thinking of retail banking, which is like a utility. A retail banking with about 60 million customers is enough to sustain the bank anytime, irrespective of how volatile or uncertain the market is,” he said.
Access Holdings full-year results for the period ended Dec. 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022.
The group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit After Tax to N619.32 billion, from N152.20 billion posted in year 2022.
(NAN)
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says he doesn’t have an account on X, formerly Twitter.
Fagbemi, in a statement on Saturday by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, Office of the AGF, advised members of the public not to engage with handles impersonating him.
“The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, has no Twitter handle.
“He has channels of communicating with Nigerians, but Twitter is not one of them, at least for now.
“The public should take notice of this and be well guided for future interactions,” the statement said.
As Workers’ Day approaches on May 1, 2024, the Nigeria Labour Congress (NLC) has set forth a list of seven critical demands from the Federal Government, highlighting the urgent need for a new minimum wage among other significant changes.
The announcement comes at a time of heightened anticipation, with expectations that President Bola Tinubu may announce the proposed new wage standards during the celebrations.
Key among the NLC’s demands is the establishment of state and local government police forces, aimed at addressing the escalating insecurity challenges across the nation.
Furthermore, the NLC insists that the new minimum wage, once ratified, must be uniformly implemented across all states, local governments, and the organized private sector.
This unified approach is deemed essential to ensure fairness and alleviate economic disparities across different regions and sectors.
This year’s Workers’ Day is particularly significant as it follows a tentative agreement by organized labour to set the new minimum wage at N615,000 per month.
This figure was determined prior to the recent increases in electricity tariffs by the Federal Government, which has added to the cost of living pressures faced by Nigerian workers.
An anonymous member of the Trade Union Congress’s National Executive Council shared with Punch that the wage figure was agreed upon after careful consideration of the current economic realities and the impact of governmental policy changes on the workforce.
The source said, “We are going to have another round of serious conversations with the government. Mind you, the tariff increase is also very good for us, because they (the government) did it when the new minimum wage process had not been concluded. So, it is going to be a good ground for us to ask for more money.”
The N30,000 subsisting minimum wage expired three days ago, as its five-year lifespan ended on April 18.
Former President Muhammad Buhari had signed the N30,000 Minimum Wage Act into law on April 18, 2019.
The tripartite committee, comprising representatives of organised private sector, organised labour and government, for a national minimum wage negotiation, follows the International Labour Organisation Convention 131.
In January, the president, through his Vice President, Kashim Shettima, had, on January 30, set up a 37-member panel at the council chamber of the State House in Abuja.
With its membership cutting across federal and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.
In his opening address, Shettima urged members to ‘speedily’ arrive at a resolution and submit their reports early.
Chairing the panel is a former Head of the Civil Service of the Federation, Bukar Aji, who, at the inauguration ceremony, affirmed that its members would come up with a “fair, practical, implementable and sustainable” minimum wage.
The inauguration followed months of agitation from organised labour who expressed concerns over the FG’s failure to inaugurate the committee as promised during negotiations last October.
From the government’s side, members include the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, representing the Minister of Labour and Employment; Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who was represented by the ministry’s Permanent Secretary, Lydia Jafiya; the Minister of Budget Economic Planning, Atiku Bagudu; Head of the Civil Service of the Federation, Dr Yemi Esan; and Permanent Secretary, GSO/OSGF, Dr Nnamdi Mbaeri, amongst others.
Representing the Nigeria Governors Forum are Mohammed Bago of Niger State, representing the North Central; Senator Bala Mohammed, Governor of Bauchi State- representing the North East; Umar Dikko Radda of Katsina State, representing the North West; Prof Charles Soludo of Anambra State, representing the South East; Senator Ademola Adeleke of Osun State, from South West; and Otu Bassey of Cross River State, representing the South-South.
From the Nigeria Employers’ Consultative Association are the Director-General of NECA, Adewale-Smatt Oyerinde; Chuma Nwankwo; Thompson Akpabio; as well as members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture— Michael Olawale-Cole (National President); Ahmed Rabiu (National Vice President), and Chief Humphrey Ngonadi, National Life President.
From organised labour are the NLC President, Joe Ajaero, and President of the TUC, Festus Osifo; his deputy, Tommy Etim Okon, among others.
Ajaero had announced N1m as the new minimum wage, owing to the rising inflation in the country which, according to him, had pushed many of the NLC’s members into poverty.
This led to several controversies, including experts saying that the suggested wage was unrealisable and unsustainable.
Speaking to Punch in Abuja, the NLC’s National Treasurer, Hakeem Ambali, listed seven demands the congress had made from the federal and state governments.
He said, “First, we expect that there should be improved labour government industrial relations, full implementation of minimum wage across the board for the federal, state, local government and private sector workers.
“Settlement of pension arrears, the establishment of compressed natural gas conversion centers in all senatorial districts, fixing of Port Harcourt and Kaduna refineries.
“Creation of state and local government police, granting of local government autonomy, granting of infrastructure support scheme to all local governments.”
Speaking further, Ambali noted that the Congress was still awaiting an invitation to the next meeting of the tripartite committee on minimum wage.
Meanwhile, a former two-term president of the TUC and one-time president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Peter Esele, had warned against the arbitrary fixing of a new minimum wage.
Speaking with Punch, Esele noted that the Federal Government and organised labour should agree on a new minimum wage before it is announced by the president on Workers’ Day to avoid another round of protests and strikes.
He said, “First, I will be surprised if organised labour says the Federal Government should announce the minimum wage. Probably the unions are hoping that by then, they will have concluded negotiations with the government. But for me, if the negotiation is not concluded by that time and the Federal Government goes ahead to announce the new national minimum wage, it is also possible that organised labour will dispute it. And what we are going to have is another round of protests and strikes.
“So my expectation for the labour unions is to put what they want on the table, while the Federal Government also puts theirs on the table. They should then both agree. But, suppose the Federal Government goes ahead and unilaterally announces a new national minimum wage, labour would oppose it, which, as I said, will lead to another round of industrial actions.
“It will be strange if the Federal Government announces the new minimum wage on Workers’ Day. However, I believe the governments are also smart enough not to make such a move unless they reach an informal agreement with the organised labour, and the Nigeria Employers’ Consultative Association.”
Esele also ruled out the possibility of problems arising if organised labour and the Federal Government fail to reach a concrete agreement on the new minimum wage by May Day.
He said, “The fact again remains that if both parties are still on the negotiation table by next month, it does not prevent the proposed new minimum wage from taking effect that month. What it simply implies is that whenever the agreement comes, the government will pay arrears.
“Even in the organised private sector, that is what we do. You can go on negotiation for even six months, but once an agreement is finally reached, and the last collective bargaining has expired, for whatever is agreed whether in six months or a year later, the arrears will be paid by the employers, which is the government in this case. So if the agreement is in place, it doesn’t matter whether they announce it on May 1 or not, the salary arrears must be paid.”
Meanwhile, the NLC is also demanding for the creation of state and local government police.
This demand is coming a few weeks after 16 state governors submitted reports expressing their support for establishing state police to the National Economic Council.
In the report, they also recommended changes to the constitution to allow for the creation of state police.
The reports were part of documentation received at the 140th NEC meeting presided over by Vice President Kashim Shettima at the Aso Rock Villa on Thursday, March 21.
Special Adviser to the Vice President on Media and Communications, Stanley Nkwocha, revealed that in a statement titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’
According to the statement, NEC is still awaiting reports from 20 states. It expressed confidence that others would support it.
Disclosing discussions at the NEC meeting, Nkwocha said, the “Secretary to NEC (Nebeolisa Anako) made a presentation on submissions by states on the state policing initiative. Reports have been received by 16 states on the establishment of state police. 20 states have yet to send in their reports. All states across the country expressed their support for the establishment of state police.
“States made presentations in support of the creation of state police. They also recommended changes in the constitution, and the current policing structure to enable the operationalisation of the initiative.”
[NaijaNews]
- Speculators count losses as naira rises against dollar
- Naira will continue to appreciate against dollar – Shettima
The Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February.
But soon afterwards, the Naira started to recover and was at a time N1,200 until the middle of last week when it lost some grounds to the dollar again.
Observers blamed its earlier misfortune on alleged manipulation of the market by Binance and are citing the new crypto exchange platforms BYBIT and BITGET as the cause of the latest slip.
But Vice President Kashim Shettima declared yesterday in Abuja that the Naira would continue its upward mobility against the dollar.
An investigation by The Nation also showed that many speculators who had invested in the dollar in the hope that the naira would go further down are now counting their losses.
On Monday last week, the Naira was N1,100 to a dollar at the black market. It depreciated to N1,148 by Tuesday and N1,169 on Friday. Observers believe this is on account of the operations of the peer to peer platforms and say government must step in to stop the naira slide.
Following the recent recovery of the naira, the global investment banking, securities and investment management firm Goldman Sachs Group, Inc. rated it one of the best performing currencies around the globe.
The firm had initially predicted a naira to dollar exchange rate of 1,200 by year-end 2024 but later said the Nigerian currency could exchange for 1000 to a dollar or even below provided the authorities are able to maintain the tempo of their economic reforms.
This bullish forecast, it said, followed capital inflows and interest rate adjustments, aiding the naira recovery from substantial losses incurred due to two devaluations since June, following the government’s relaxation of currency controls.
See more on the latest threat to the naira on Page 26.Naira’ll continue to appreciate against dollar, Shettima tells LCCI team
But Vice President Shettima is optimistic that the naira is on course to regain its status as a currency to reckon with.
“The naira went haywire and some people were celebrating. But inwardly, we were laughing at them because we knew that we have the leadership to reverse the trend,” the VP’s spokesman, Stanley Nkwocha, quoted him as telling his visitors.
He added: “Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”
Shettima said government’s decision to end fuel subsidy and unify the multiple exchange rate was necessary to address the challenges facing the country.
On efforts to boost the power sector and generate jobs for youths, he said: “We are determined to ensure that we generate jobs for our youths.
“Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.
“He wants to leave a legacy, one of qualitative leadership, because the hope of the black man, the hope of Africa rests with Nigeria.
“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend,” VP Shettima further noted.
The LCCI delegation presented recommendations to the VP, including the need for more innovations to address insecurity and promote credit access, stimulate investment and support entrepreneurship.
“This could include targeted interventions such as concessional lending facilities, loan guarantees and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology,” he added.
Other members of the LCCI on the delegation included Chief John Odeyemi, Chief Dr. Nike Akande, Asiwaju (Dr.) M. Olawale-Cole, Prince Funayo Okeowo, Gwueke Ajaifa, Sir Ladi Smith, Abimbola Ola, Olufemi Bakare, Ayotunde Coker, Tolulope Adeleke, Stephen Alangbo, Dr Chinyere Almona and Mrs Temitope Akintunde.
In a separate meeting, VP Shettima urged Nigerians to live peacefully among themselves and learn to accommodate each other.
He made this appeal when a delegation from the Association of National Accountants of Nigeria (ANAN) led by its President, Dr. James Neminebor, paid him a visit at the Presidential Villa, Abuja.
He emphasised the need for tolerance and togetherness, citing the example of Jos, which he described as a hospitable city with a diverse population.
He also asked the association to channel its request for land in Abuja through the Deputy Chief of Staff to the President, Office of the Vice President, to enable him to follow it up with the relevant authorities.
He said: “No matter how long the night is, it must give way to the light of the dawn. The crisis we have in Jos will soon be over.
“Jos is the most hospitable city in this country in terms of weather. If we can harness the potentials of Jos and the Plateau as a whole, I believe that we can transform this nation into a better place.
“In one way or the other, we should learn how to accommodate each other; we should learn how to embrace one another. My SSA Media, Stanley Nkwocha, is a Jos boy.
“Jos is ideal; Jos is not an ethnic identity. Some of the Hausas, the Fulanis, the Kanuris and the other ethnic groups living in Jos were born and bred in Jos. They don’t have any other place to call home.
“The beauty of the Jos experience is that we have the generality of Nigerians called Northern Igbos. He (Nkwocha) is Igbo; Owelle Rochas Anayo Okorocha is a Northern Igbo. This gentleman (Nkwocha) speaks Hausa more than I do. We also have Sir Emeka Offor and so many of them.
“I believe that we should learn to imbibe in Nigeria that culture of tolerance, of togetherness, because I will rather be a small fish in a big pawn than to be a big fish in a small pawn.
“We are a kaleidoscope of colours. The sooner we realise it, the better,” he said.
Earlier, ANAN President, Dr. Neminebor, told the VP that there was need to introduce a new value orientation where the issue of discipline will become a culture for Nigerians, even as the association recommended the setting up of Anti-corruption Recovery Investment and Management Commission to prevent the re-looting of recovered assets in the country.
Currency speculators count losses as naira rises against dollar
It was gathered that many speculators have lost money following the recent resurgence of the naira.
Such speculators had invested massively in the dollar in the hope that naira would depreciate further.
An investigation by our correspondent revealed that many of the currency hoarders who had envisaged that the value of the naira would depreciate further as low as N2,000 or more to $1 as anticipated in mid-February, have all being proven wrong as the nation’s legal tender has witnessed a rebound.
Some black market operators reportedly lured some of their patrons to dollarise their cash as the naira, in their calculation, would depreciate further.
However, the naira recorded a rebound even beyond the expectations of many, such that the gains of the naira have been the loss of many currency speculators who borrowed money to dollarise their assets.
Confirming this development, one of the BDC operators in Mushin, Lagos, who simply gave his name as Adamu, said: “Some BDC operators lured individuals to buy dollars when it was between N1700-N1800 to the dollar. But now that the naira has recorded a rebound, most of them are counting their losses, no doubt.
“It’s very painful that they had to stake a lot of their hard earned money to do currency speculation.”
Chukwudi Iwuchukwu, a financial lawyer, noted that some individuals who bought N10 million worth of dollars at the black market on February 24 suffered huge losses as the current value of their liquid asset is worth only half the sum.
“If you bought N10 million worth of dollars at the black market on February 24, it’s currently worth about N5 million,” he said.
Writing on his former X handle, A. Ayofe @abdullahayofel last Tuesday recounted the experience of one of the currency speculators who is now in debt as a result of his wrong investment decision.
“Someone I know borrowed N18 million from a money lender to buy $10,000 at N1,800 to $1 in February to pay back N19 million in May (three months) when the dollar gets to say N2,000 or more.
“Today, that N18 million is worth N11 million at N1,100 to $1. He is now looking for where to get extra N8 million to clear his debt as the three months is fast approaching.
“He used his bungalow as collateral. The problem now is that before May, the money could further reduce to N9 million at N900 to $1, making it impossible to retrieve his house.”
Dr. Aminu Gwadabe, the National President of Association of Bureaux de Change Operators of Nigeria (ABCON), said the otherwise awkward situation of the naira in the last few months has given way to optimism.
He said: “It is really exciting and interesting as we witnessed profound and significant naira rebounds faster than expected.
“It is a triumph of reality over behaviours that have no economic fundamentals.”
Gwadabe said all those who lost their investable funds during this period have to accept their fate.
“As regards the complaints of people borrowing money to speculate and make a margin, my take is that for any economic activity, there is reward and there is loss.
“So it is a gamble where you either win or lose. They should move on and next time be careful in jumping into what they cannot control.”
On the way forward, the ABCON boss appealed to the CBN and the fiscal authorities to proactively continue to induce confidence in the economy, strengthen stakeholders engagement, quick and fast responses including service delivery.
“Other hanging fruits include harnessing proceeds of diaspora remittances to inject liquidity through the BDCS. There should also be concerted efforts from all agencies of government to de-risk non-oil exports products to have a paradigm shift in our sources of foreign exchange to boost our external buffers.”
He added: “The excellent job of the security agencies in tackling corruption and money laundering should remain the cornerstone of this government. Above all, we must all as Nigerians have a change of mindset.”
[TheNation]
Vice-President Kashim Shettima says President Bola Tinubu ended petrol subsidy and multiple exchange rates in the official market because they were producing billionaires overnight.
Shettima spoke during a courtesy visit by a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by Gabriel Idahosa, president of the chamber, in Abuja on April 18.
Tinubu declared the end of petrol subsidy during his inaugural speech as president on May 29, 2024.
A month later, the Central Bank of Nigeria (CBN) unified the multiple exchange rates in the official markets.
Also, Shettima expressed optimism about the performance of the naira.
He said the naira will continue to appreciate in the foreign exchange (FX) market.
After a consecutive appreciation trend from March 20, the naira depreciated by 17.14 percent to N1,230 per dollar on April 19.
He said the naira will strengthen in the coming days.
“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend,” he said.
“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”
Meanwhile, Shettima said the present administration is making every effort to address challenges in the power sector because it is aware that power is crucial.
“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal,” he said.
Shettima said Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.
Nigerian Immigration Introduces Compulsory Indigenship Document For Passport Renewal & Fresh Applications
AFOLABIThe Nigerian Immigration Service (NIS) has made state of origin certificate a compulsory requirement for passport renewal and fresh application.
Immigration made this known to the public in a post on its X handle on Saturday morning.
It said passport applicants do not necessarily need to go to their states of origin to get the “indigenship document”.
NIS added that it is aware that most states have liaison offices in other states.
“For example, Anambra state has liaison offices in Lagos (Eti-Osa) and Abuja (Asokoro),” NIS said.
According to Immigration, these liaison offices are empowered to issue such documents.
NIS said every document that the it requires from passport applicants to produce/submit/upload was carefully thought through.
It further stated that each document is backed by certain laws and policy documents.
“They are approved by the Federal Government through our supervising ministry – in this case, the Ministry of Interior,” Immigration said.
“It is quite important, especially based on certain intel that we have (but cannot disclose publicly), that ANYONE, a Nigerian of course, who wishes to obtain a Nigerian passport – a document of authority for identification and travel – MUST prove beyond reasonable doubt, that he/she is a Nigerian citizen.”
NIS stated that for one’s claim of being a Nigerian citizen to hold water, there has to be a document that “ties” an individual to a local government (indigenous area) within the country.
This document is what NIS requests that an applicant presents to them, amongst others, to authenticate one’s claim of being a citizen.
Immigration has urged passport applicants to read up the particular part of the Nigerian Constitution that bothers on citizenship.
The basic requirements for first-time passport applicants are as follows: completed passport application form, a recent passport-style photograph and a copy of your National Identification Number (NIN).
Others requirement include a copy of applicant’s birth certificate, letter of consent from your parents or guardian and payment of N5,000 for the passport application fee.
The requirements for renewal passport applicants are as follows: completed passport application form, a recent passport-style photograph, a copy of old passport and payment of N2,000 for the passport application fee.
More...
Following the decision of the National Executive Committee (NEC) of the Peoples Democratic Party (PDP) to retain Ambassador Umar Damagum as Acting National Chairman, the battle for the soul of the party has now shifted to the forthcoming State congresses.
Sunday Vanguard gathered that Damagum’s survival, in what appeared to be a coordinated attempt to replace him, has opened new frontiers for the battle to control the party’s structure ahead of the 2027 general elections.
Loyalists of the Minister of the Federal Capital Territory (FCT), Nyesom Wike, who are the main backers of Damagum are celebrating his retention as a victory over loyalists of former Vice President, Atiku, who wanted Damagun replaced.
The battleground for the soul of the party has now shifted to the usually contentious Ward, Local Government and State congresses.
Governors, who have powerful predecessors or party stalwarts, will be battling to either retain or take control of the party structure at the state level to enhance their chances of political survival.
Dispute
At the height of the political dispute between Wike and his successor, Similaye Fubara, the FCT Minister had told all who cared to listen “We will not allow anybody to tamper with our structure in Rivers State.”
But Fubara appears determined to do just that in order to consolidate his position as governor.
A member of the PDP National Executive Committee (NEC), who spoke in confidence for fear of retribution, explained that politics begins at the grassroots hence the decision of party leaders whose political relevance is at stake to return to the drawing board.
The party stalwart, who is sympathetic to Atiku, said, “This (the Damagum debacle) was just one battle, there are several ahead. We are going back to plan for state congresses.
“We will work with friendly governors in states where our party have them. In states where we don’t have a government in place, we will work with leaders to stabilize the party.
“As you are probably aware, these are areas where the battle is likely to be fierce. The state executives have a crucial role to play in organizing the party and the election of delegates for crucial elections”.
Gains
In the same breath, Wike’s loyalists are not leaving anything to chance as they are said to have set in motion a machinery to consolidate on recent gains.
Those familiar with the plan confided in Sunday Vanguard, “This group is not taking anything for granted. What is next is to ensure that the committees to be set up to conduct ward, local government and state congresses do not take us by surprise.
“To Wike’s credit, he has built a lot of bridges in the party over the years.
“He has a sizable number of loyalists nationwide. He remained and kept the party together when Atiku and his friends abandoned the party in 2015”.
An Imo State chieftain of the party, Dr. Katch Onanuju, whose sympathy lies with Wike, while speaking on the issue, said, “We have issues in our party no doubt, but we will sort ourselves out.
“All the noise about Wike doing anti-party is lacks basis. Whatever he did in 2023 is nothing compared to what the five northern governors and Rotimi Amaechi did to the party in 2015. Wike never left our party, he remained and has been helping to rebuild it ever since.
“The party will surmount its problems if there is sincerity of purpose. The congresses are coming up, there will be fresh crisis if some people think they can sit in Wadata Plaza and impose leaders on the states and write lists where people who never participated in the electoral process are named as leaders.”
[Vanguard]
[STATE HOUSE PRESS RELEASE] President Tinubu Congratulates Tunde Onakoya on New World Chess Record
AdminPresident Bola Tinubu congratulates Mr. Tunde Onakoya on setting a new world chess record and sounding the gong of Nigeria's resilience, self-belief, and ingenuity at the square of global acclaim.
Mr. Onakoya broke the Guinness World Record for the longest chess marathon on Saturday, after playing for over 58 hours and winning every match in tow.
President Tinubu celebrates the Nigerian Chess Champion and founder of Chess in Slums Africa for the rare feat, but especially for the reason driving this compelling demonstration of character, which is raising funds for African children to learn and find opportunity through chess.
The President states Mr. Onakoya has shown a streak customary among Nigeria's youth population, the audacity to make good change happen; to baffle impossibility, and propel innovations and solutions to the nation’s challenges, even from corners of disadvantage.
The President affirms that Nigeria's youths have demonstrated in all fields, including Afrobeats, Nollywood, the pulsating skit-making enterprise, education, science, and technology, that great exploits can truly come from small quarters.
President Tinubu commends the inclination of Nigerians - across artificial partitions - for unity, once again exemplified through their undiluted support for this epoch-making endeavour.
The President assures all citizens that his administration remains strongly committed to creating and expanding opportunities for the youth to explore and exercise their abilities and become the symbols of greatness our nation represents into the future.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 20, 2024
Babajide Sanwo-Olu says Tunde Onakoya’s achievements show greatness can come from humble beginnings.
The governor, in a statement on Saturday, congratulated the young chess master for completing a 60-hour chess marathon in New York.
Tunde Onakoya is a Nigerian chess master, coach, and the founder of a non-profit initiative called Chess in Slums Africa.
He has organised several interventions for children across slums in Lagos state including Ikorodu, Makoko, and Oshodi.
The children are engaged in a two-week session to unlock their potential through chess while learning and acquiring literacy.
Onakoya would take on what became one of his most daring projects, opting to set a record for the longest chess marathon.
The Nigerian completed the Guinness World Record (GWR) attempt on Saturday after surpassing the previous mark of 56 hours.
GWR is typically expected to vet an attempt before confirming that a new record has been set on any task.
Sanwo-Olu said Onakoya’s achievement at Times Square New York captures “the true spirit of Lagos”.
“Your journey from Lagos, Nigeria to global recognition embodies the spirit of our great city,” he said of the young chess master.
“Tunde Onakoya continues to demonstrate that greatness can emerge from even the most humble beginnings.
“His remarkable story serves as a blueprint for all of us in Lagos city where his impact has been felt the most, showing that, with determination, dreams can indeed soar to monumental heights.
“Tunde’s entire journey was showcased on digital billboards and celebrated with watch parties, capturing the true spirit of Lagos. Despite enduring pain and fatigue, Tunde persevered, driven by his commitment to empower the children he champions.
“This is your moment, Tunde, and Lagos stands with you every step of the way.”
Onakoya learned to play chess at a barber’s shop in an Ikorodu Lagos slum where he grew up.
He got a diploma in computer science at Yaba College of Technology, representing the school in chess competitions.
Onakoya, aged 29, is a board member of the New York City-based non-profit The Gift of Chess.
The Nigerian Air Force (NAF) is expected to take delivery of six M-346 fighter aircraft before the end of 2024.
In November 2023, NAF struck a deal with Messrs Leonardo, an Italian defence company, for the supply of 24 M-346 fighter aircraft.
The deal is reportedly worth around €1.2 billion.
On Wednesday, Claudio Sabatino, the vice-president of the Italian company, visited NAF headquarters in Abuja and met with Hasan Abubakar, the chief of air staff.
In a statement by Edward Gabkwet, NAF spokesperson, Sabatino was quoted to have assured Abubakar of the timely delivery of the first batch of the aircraft.
Sabatino said further agreement between NAF and the company would be necessary to complete some aspects of the projects.
He added that after the final agreement, the maintenance of the aircraft fleet would not constitute a challenge as there is a binding agreement for the 25-year maintenance support.
Sabatino disclosed that the manufacturing of the aircraft fleet has reached an “appreciable state”.
On his part, Abubakar commended the company for the “assurance of long-term maintenance support” for the aircraft fleet.
The NAF chief urged the Italian company to set up a maintenance hub in Nigeria to serve the needs of its African clients.
“Reflecting on the journey thus far, Air Marshal Abubakar also acknowledged the challenges overcome and expressed optimism for the future trajectory of the partnership,” the statement reads.
“Envisioning the operational impact that the M-346 fighter aircraft, Air Marshal Abubakar underscored its dual role in bolstering training capabilities and augmenting operational effectiveness in diverse mission scenarios.
“Moreover, the prospect of close air support, air interdiction, and tactical reconnaissance as well as advanced pilot training capabilities inherent in the M-346 fighter aircraft heralded a new prospect for NAF’s operational versatility.”