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The Federal Government is seeking to raise N2.5tn in its second FGN bonds auction of the year.
Debt Management Office in a circular issued on Wednesday, stated that the offerings consisted of N1.25tn with a maturity date of February 2031 and N1.25tn with a 10-year tenor.
FGN savings bonds are part of the domestic borrowing plan of the Federal Government.
Last year, the Federal Government raised about N7.06tn from the fixed income market.
This year, the Federal Government has projected its new borrowings to hit N7.83tn.
President Bola Tinubu had sought approval from the National Assembly for about $8.69bn and €100m as part of the external borrowing plan for 2022 to 2024.
The latest FG bonds have a face value N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000.
Interest payments on FGN bonds are usually semi-annually.
In January, the FG had offered a two-year FGN Savings bond due January 17, 2026 at 11.033 per cent per annum and another three-year FGN Savings Bond due January 17, 2027 at 12.033 per cent per annum.
It allotted N603.42bn for the two-year tenor bond and N1.394tn for the three-year bond.
..Adeboye, Sanwo-Olu, others visit deceases banker’s parents
A United States of America aviation lawyer, Robert Clifford, has said the tragic helicopter crash that claimed the lives of the Group Chief Executive Officer of Access Holdings, Herbert Wigwe, and other prominent Nigerians in California on Friday could have been averted.
Clifford, who is the Founder and Senior Partner of Clifford Law Offices in Chicago, disclosed this in a press statement posted on the company’s website on Wednesday.
Wigwe, his wife Doreen, his son Chizi, and a former Group Chairman of the Nigerian Stock Exchange, Abimola Ogunbanjo, lost their lives in a fatal crash.
The Airbus Helicopter EC130B4, carrying six occupants, including two crew members, crashed at a border town between California and Nevada.
Clifford’s statement came amid an ongoing investigation of the chopper crash by the US National Transportation Safety Board.
Already, investigators from the agency have transferred the aircraft wreckage to another location in the US for comprehensive laboratory examination and analysis.
The preliminary report of the crash is expected to be ready in four weeks, according to NTSB.
The statement, posted on Clifford Law Offices website read in part, “The crash of a helicopter that killed six people including a top Nigerian banker and his family along the California-Nevada border Saturday night immediately strikes one as a tragedy that may have been avoided given the known weather conditions at that time.”
Clifford was the Lead Counsel in the crash of a Boeing 737 MAX8 plane in Ethiopia which killed all the 157 souls on board from 35 countries on March 10, 2019.
The US attorney, who claimed to have also represented victims of many helicopter crashes questioned the decision of the pilots and others to allegedly take off in what was described as difficult weather conditions.
There were media reports that during the crash at 10pm on Friday, residents of the area reported rain and wintry weather conditions.
However, Clifford expressed hopes that the US National Transportation Safety Board would unravel if the crash was avoidable or not after its ongoing investigations.
“The National Transportation Safety Board investigators will thoroughly examine all aspects of what led up to the crash and ultimately will use their expertise to determine the probable cause of this crash to see if it was avoidable,” Clifford said.
He added, “It is always a horrific tragedy when innocent lives are lost in an aviation disaster.”
The NTBS has commenced an investigation, gathering crucial company information, including pilot records, flight dispatch records, and aircraft maintenance records.
The US agency had disclosed plans to transfer the wreckage to a secure location on Tuesday for an in-depth examination and analysis scheduled. However, the NTBS has yet to communicate what it found out from the examination.
While a preliminary report on the crash is expected to be released within four weeks, in March, a full NTSB investigation will last 12 to 24 months before the final report is issued.
Earlier in a press conference on Sunday, the NTSB revealed that witnesses reported “wintry mix” weather conditions, including rain, at the time of the crash.
A Board Member, NTSB, Michael Graham stated, “We currently have a meteorologist working on our team and we were working to analyse and get the exact weather conditions at that time.
“Of course, that’s out in the middle of the desert so we’ll have to find the closest reporting stations nearby to be able to give any accurate report,” he said.
The PUNCH reported that investigators mentioned that the helicopter was not equipped with a cockpit voice recorder or a flight data recorder, even though the aircraft was not required to have it, according to Graham.
Meanwhile, the NTSB in a statement on Wednesday urged the Federal Aviation Administration to mandate the retrofitting of all existing airplanes equipped with a cockpit voice recorder and a flight data recorder.
This call for action by the NTSB was in response to the Alaska Airlines accident on January 5, 2024, where crucial data was overwritten.
The proposed upgrade involves enhancing these devices to record 25 hours of audio, a significant increase from the current standard of two hours.
Since 2018, at least 14 NTSB investigations have been hampered because cockpit voice recorder, or CVR, data were overwritten, including seven serious runway incursions that occurred in early 2023.
NTSB Chair Jennifer Homendy said “In the recent Alaska Airlines door plug blowout accident, our investigators don’t have the CVR audio to fully understand all of the challenges the flight crew faced in response to the emergency.
“Any investigation in which the CVR audio is overwritten and unavailable to us means that we may miss opportunities to address safety issues identified on recordings. And that’s unacceptable.”
Adeboye, Sanwo-Olu, others visit
Meanwhile, the General Overseer of the Redeemed Christian Church, Enoch Adeboye, Lagos State Governor, Babajide Sanwo-Olu, visited the residence of Herbert Wigwe’s parents in Lagos on Wednesday.
Adeboye got to the Wigwe’s company shortly after Sanwo-Olu. Both of them met the elderly parents of the late Group Chief Executive Officer of Access Holdings Plc, Wigwe.
Seen at the family house of the Wigwes were Africa’s richest man, Aliko Dangote, the former Group Managing Director of Access Bank, Mr. Aigboje Aig-Imoukhuede, who are both repeat visitors.
Others were the founder of Guaranty Trust Bank (GTBank Plc), Mr. Fola Adeola, and Chairman of Access Bank Plc. and former President of the Nigerian Bar Association Mr. Paul Usoro.
Speaking on the late Access Holdings GCEO, a former Minister of Health, Julius Adelusi-Adeluyi said, “Herbert was one of our children, and we say to ourselves in him, a star was born, and that star developed into a gem. And now we are witnessing a situation that the star that was born that has turned into a gem that is gone.
“It needs a lots of careful patience to be able to cope. It’s a big tragedy. We don’t know the way of God, there is nothing that he does that is not for the good of mankind. So we say, may his soul rest in peace.”
Director-General of the Securities and Exchange Commission, Lamido Yuguda, in his comments said, “We pray for the soul of the departed. May God comfort all those left behind.”
Speaking, Mr. Norrison Quakers SAN described Wigwe as tenacious goal-getter, who was committed to the work of God.
He said, “Herbert was hospitable, unpretentious, and one who made sure that his wealth went round. He was tenacious, purposeful, determined, and a goal getter. Did he achieve all that he set out to achieve? Well, one can say, with the short life that he had lived, one can say that a lots of the goals that he set for himself, he was able to achieve them.
“He has impacted lives. And you can see the number of people who have come around and the compliments, messages that the family has been getting. It shows the kind of person he was while he was yet alive. This is a lesson for many of us. That while you are alive, make use of the talent that God has given to you and also your resources.”
Also, a former Super Eagles goalkeeper, Idah Peterside, wrote in the condolence register, “Chie Herbert, Na so?”
The first female Chief Judge of the federal Court, Justice Rose Ukeje said “Dear lord you know it all. Nothing happens without your consent. Please Lord comfort Pa Pastor Wigwe and lady Stella. We commit them to your care, may your abiding grace see them through this tragedy. We pray and we believe thou will grant our prayer. Amen.”
A former Minister of Petroleum Resources and chieftain of the All Progressives Congress in Akwa lbom state, Don Etiebet wrote “May the soul of my friend, wife and son rest in perfect peace. I shall miss you Herbert.”
The crisis rocking the leadership of the Labour Party took a deeper dimension on Wednesday when the National Working Committee of the party slammed a six-month suspension on its National Treasurer, Oluchi Opara.
The suspension was officially announced at a media parley held at the party secretariat in Abuja.
Opara had on Monday challenged the LP National Chairman, Julius Abure, at a press conference to account for an alleged N3.5bn raised from the sale of nomination forms and fundraising activities in the build-up to the 2023 general elections.
While speaking on Arise TV’s “Good Morning Show” on Tuesday, Opara again claimed that the Abure-led NWC was secretary working for the Peoples Democratic Party in Edo State ahead of the September 21 governorship election in the state.
Reacting to her weighty allegations on Wednesday, the National Publicity Secretary of LP, Obiora Ifoh, labelled Opara a mole who was being used by dissidents in the party.
Ifoh told journalists that the decision to sanction Opara was taken after she failed to honour an invitation by the party’s NWC to resolve the conflict.
He said, “After the 2023 general elections, the Labour Party was marked for total annihilation by the system for daring to upstage the status quo of the political class. Little did we know that the fumigation was far from complete until late last year when signs emanated that our National Treasurer, Ms Oluchi Opara, a key member of the executive, turned out to be a mole in the house and has continued networking with the expelled members of the party leadership.
“Convinced that the treasurer is on a mission to stifle life out of our very cherished party, an emergency NWC was summoned on February 13. Arising from the meeting, the NWC set up a disciplinary committee to try Opara for bringing the party to disrepute. To exercise its powers as contained in the party’s constitution with the intention of a fair hearing, the NWC extended an invitation to her to appear before it today, February 14, by 10am to discuss the development. The party regrets that the treasurer shunned the invitation by the disciplinary committee to clear herself.
“We see this as an affront to the party leadership and millions of our members who are watching how their party’s image, which they have laboured hard to build. The disciplinary committee has, however, recommended to the National Executive Council of the party through the NWC that Ms Oluchi Opara be suspended from Labour Party for a minimum of six months. This suspension is with immediate effect.
“We sincerely regret this development. We however urge our teeming members to understand that this is a price to pay for success. We will continue to reform the party until we achieve the best, good enough to drive our New Nigeria agenda.”
Efforts made to get Opara to react to her suspension proved unsuccessful.
As of the time of filing this report, her line was unreachable.
UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.
Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.
According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.
The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.
In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.
“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.
Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).
Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.
The Federal government has said it cannot continue to subsidise electricity for Nigerians.
The Minister of Power, Adebayo Adelabu, stated this on Wednesday while briefing State House correspondents in Abuja.
Adelabu said the poor electricity supply situation in the country was caused by numerous issues including outstanding subsidy debts.
The minister said the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of 1.3 trillion naira to generating companies (GenCos) and 1.3 billion dollars owed gas companies.
According to the minister, over N2 trillion needed for subsidy, only N450 billion was budgeted this year, adding that state governments will now be allowed to generate power independently to supply power to their states.
On the grid that has collapsed for about six times between December 2023 and now, he said this was caused by shortage of gas, ageing machines in the grid value chain, low capacity to evacuate generated power, and destruction of power stations in some parts of the North-East geopolitical zone of the country.
He said the Transmission Company of Nigeria has over 100 abandoned projects due to variations on contract figures as a result of the fluctuations of the forex, hence the company will not award any new contracts till all such projects are completed.
The minister also said over 50 billion naira has been earmarked in the 2024 budget to build mini grids to supply power to remote areas.
He said electricity distribution companies (DisCos) should sit up otherwise anyone found wanting will have his licence withdrawn.
The minister also said he has reached out to the National Security Adviser, Nuhu Ribadu, to help provide security for power infrastructure.
The Chairman of Federal Inland Revenue Service (FIRS) , Zaccheus Adedeji, yesterday faulted the N2.59trillion Tax Credit Scheme introduced by former President Muhammadu Buhari’s administration in 2021.
The scheme was meant for road construction across the country.
He stated this when the executors of the Tax Credit Scheme the Nigerian National Petroleum Company Limited (NNPCL) gave details of the $3.3billion loan facility secured for the Central Bank of Nigeria (CBN) for stabilization of Naira in the foreign exchange market.
The FIRS Chairman was not impressed with the N2.59trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari-led government.
He spoke when he appeared before the Senate Committee on Finance along with the Chief Finanancial Officer of NNPCL, Umoru Ajiya .
The Committee chaired by Senator Sani Musa, had invited the FIRS and the NNPCL management to shed more light on the implementation of the scheme especially the terrible state of the Federal Roads across the country.
The NNPCL Chief Financial Officer, in his presentation, raised the hope of the committee members that the schene was being properly implemented.
He said it was helping the Federal Government to fix elapidated roads across the six geo political zones in the country with N664billion spent so far.
When asked to speak on the scheme, the FIRS boss condemned it descring it as unlawful.
He urged the Federal Government to discontinue it.
He said, “The Mandate of FIRS lumped with execution of Tax Credit Schene for road construction , is to access , collect tax and remit it into the federation account and not to appropriate it for any purose through executive order .
” It is not the duty of FIRS and NNPCL to be paying contractors .
“The Ministry of Works should be in line with its core mandate , be allowed to award road contracts and pay for them.
” The scheme to many people, serves as a faster way for road reconstruction or rehabilitation across the country , but we should stop increasing speed towards wrong direction .
” As a way of stopping the wrong approach, FIRS and the Central Bank of Nigeria are holding meeting with the Ministry of Works Friday this week.
“At the meeting, we are going to take stock of what had been done through the scheme and thereafter we will toe the right path .
” We should in a nutshell, not continue in the wrong trajectory “, he said .
The Chairnan of the Committee , Senator Sani Musa , expressed satisfaction with the FIRS boss presentation.
He said relevant provisions of the 1999 constitution (as amended) ,are against the scheme.
Musa said this was because monies that the NNPC and FIRS are being made to spend on the roads through tax credit , supposed to be remitted into the consolidated revenue fund .
” We are waiting for outcome of meeting of the three agencies involved in the scheme , before deciding on how to help the present government to correct mistakes of the past ‘, he said.
On the $3.3billion loan facility , NNPCL informed the Committee members that it was secured to support CBN to suppress FOREX Volatility .
The agency said $2.2billion had already been secured for the apex bank while the balance of $1.05billion , would be credited the apex bank before the end of the month
About 60 members of the House of Representatives are currently seeking amendments to the 1999 Constitution to transition from the current presidential system to the parliamentary system of government.
Led by a lawmaker representing Lagos State under the All Progressives Congress, Wale Raji, the lawmakers identified the need for reducing the cost of government, and robust policy debates among others as some of the reasons for demanding a return to the parliamentary system.
Titled, ‘The Bills proposing constitutional alterations for a transition to parliamentary system of government,’ the bill was sponsored by the House Minority Leader, Kingsley Chinda, and 59 others and read for the first time on the floor of the House during Wednesday’s plenary session in Abuja.
The lawmakers – drawn from different party affiliations, anchored their positions on the need to adopt a parliamentary system at the Federal, State and Local Government levels.
Addressing a press conference at the National Assembly Complex on Wednesday, the spokesman for the sponsors and member representing Kebbe/Tambuwal Constituency, Sokoto State, Abdulssamad Dasuki said that when passed, it would significantly impact the national political landscape.
He said, “Our founders in their wisdom and in a political atmosphere devoid of compulsion, and having considered the interests of their native peoples and their desire to live together in a country where truth and justice reign, where no man is oppressed, and where all citizens live in peace and plenty, adopted the parliamentary system of government.
“That was the governance system of the First Republic, a period when legislative and executive powers were exercised by the representatives of the people in parliament and in the executive, and by the nature of the system, these representatives were accountable to the people.
“For six years while it was in operation, the system worked for the country.”
He added, “The collapse of the First Republic and the long stretch of military rule culminated in the adoption of a new system of government, theoretically fashioned after the presidential system of the United States but in practice, imbibed the uttermost attributes of military rule.
“No wonder the Nigerian President appears to be one of the most powerful presidents in the world.
“Over the years, the imperfections of the presidential system of government have become glaring to all, despite several alterations to the constitution to address the shortcomings of a system that has denied the nation the opportunity of attaining its full potential.
“Among these imperfections are the high cost of governance, leaving fewer resources for crucial areas like infrastructure, education, and healthcare, and consequently hindering the nation’s development progress, and the excessive powers vested in the members of executive, who are appointees and not directly accountable to the people.
“The bills presented today (Wednesday) seek a return to the system of government adopted by our founders, which made governance accountable, responsible and responsive, and ultimately less expensive.”
Following the presentation of the bills, the lawmakers said they intend to “ignite, provoke a national conversation about the future of the Nigerian governance system, ensure robust public debates, stakeholder consultations, expert analyses, and a thorough and informed decision-making process and raise awareness about this significant development and encourage constructive dialogue on the potential implications of these proposed constitutional alterations.”
While noting that the future of Nigeria’s governance rests on informed public engagement and responsive and responsible leadership, the sponsors of the bill noted that under the parliamentary system, the President will be replaced with a Prime Minister to serve as the Head of Government and establishing the office of the President as a ceremonial leader, stressing that “these elective offices are to be chosen from the elected members of the legislature.”
Legislative elections
Dasuki added that under legislative election, there would be a shift “in the process of electing governors and Chairmen of Local Governments from general election to voting within their respective legislative bodies.”
Streamlined administration
The parliamentary system, according to Dasuki, will potentially reduce “bureaucratic hurdles and foster closer collaboration between the executive and legislative branches.
“Our conviction is that a streamlined executive branch, which replaces the President and Vice President with a Prime Minister and Cabinet chosen from the legislature, could lead to a smaller central government, reducing salaries and administrative expenses.
“We also hold strongly that shifting the election of Governors and Local Government Chairmen from general election to votes within their respective legislative bodies could save billions spent on state and nationwide campaigns.
“Because ministers, commissioners (at the state level) and supervisors (at the local government level) emerge from parliament, there is greater coordination between the executive and the legislature, just as there will be increased legislative scrutiny, which would make cabinet members responsive to the yearnings of the people and more accountable.”
Conclusively, the lawmakers said as proponents of the constitutional alteration, they place national interest above any other consideration.
“Our hope is that the national conversation that would be ignited by these bills would lead to a system of government that works and our dear nation would attain her full potential,” they stated.
Leader of the sponsors of the bill and the lawmaker representing Epe Federal Constituency, Lagos State, Wale Raji, said though the road to the actualisation of the bid is a fairly long one, he noted that they hope to achieve their dream at a date not later than 2031.
The Federal Government’s effort to resolve the food crisis intensified yesterday. To reduce the high cost of food, it ordered the immediate release and distribution of 42,000 metric tonnes of grains from strategic reserves.
According to the Federal Government, the grains will be given free nationwide to the needy and vulnerable.
Also, President Bola Ahmed Tinubu met with the Rice Millers Association in Abuja on how to make the staple food cheaper.
Minister of Agriculture and Food Security, Abubakar Kyari, said the proposed commodity boards will take charge of the food supply chain.
He also spoke on the challenges of food security at the maiden Ministerial Press Briefing Series (MPBS) initiated by Minister of Information and National Orientation, Mohammed Idris in Abuja.
Also yesterday, Ogun State Governor Dapo Abiodun announced N5 billion intervention fund to tackle rising food inflation.
Kyari said: “We are aware that food security is national security. We are trying to crash the prices of foods to make these available and affordable.
“The Federal Government is in the process of releasing 42,000 metric tonnes of grains from the nation’s strategic reserve.
“Our interventions will be targeted at the needy in all parts of the country.”
Giving the breakdown of the distribution, Kyari said 1,200 trailers of food, which is an equivalent of 42,000mt, would be distributed through the National Emergency Management Agency (NEMA).
He said the ministry was still working out the modalities for the distribution, which will involve the State Security Service (SSS).
He added: “We have met with NEMA and the SSS to give us the index on where it is necessary based on intelligence report. We want to target those areas where vulnerable Nigerians are.
“The intervention is apt and will be targeted at the needy. We are partnering with other agencies to ensure that this food intervention gets to the needy.
“Food is available as can be seen in the markets but the high cost has become a source of concern for government given its impact on the populace.”
The minister highlighted the components of food security, including demand, supply and affordability.
He said: “We have a lot of sources we can impact on farmers to boost food production in the country.
Read Also: Food crisis: States in anxious wait for FG’s grain allocations
“There will be recapitalisation of the Bank of Agriculture. Already, there is a provision for the National Agriculture Fund.
“We have also given the go-ahead to further subsidise fertilisers. We intend to do a comprehensive data capture of farmers. We are also trying to capture the geo-locations of farms.
“We want to do this because a lot of the data was not verified. There were non-farmers and political farmers in our database.”
On the involvement of the governors, Kyari said: “I have seen a lot of commitment to food security from the present crop of governors.”
On plans to establish commodity boards, Kyari said: “I am in support because these boards will take charge of what is needed for the country.
“What we need is that we must secure the country first before any surplus is exported.”
Information Minister Idris described the Ministry of Agriculture and Food Security as critical to the economy.
Idris said Senator Kyari had been doing a lot of work to implement the Renewed Hope Agenda of the President Bola Tinubu Administration.
He said the briefing provided opportunities to share highlights of that work.
Idris stressed: “Our objective here is to enlighten, inform and educate Nigerians and the world, and to ensure that everyone is carried along through the provision of credible and timely information.”
…As Smugglers Sentenced to 2 Years Imprisonment with Hard Labor
1. The Nigeria Customs Service has successfully secured the conviction of two smugglers, Felarun Oluwasegun and Fakorede Jelili, on Tuesday, February 6, 2024, in Abeokuta, Ogun State.
2. The convictions stem from their involvement in assembling to contravene customs laws, possession of smuggled goods and assaulting Customs Officers with charms and horsewhips at Owoyele-Igbogila, Yewa-North Local Government, Ogun State in 2023.
3. Felarun and Jelili have been sentenced to 2 years imprisonment with hard labor without the option of fine by Honourable Justice Demi-Ajayi of the Federal High Court, Abeokuta.
4. The Comptroller General of Customs, Bashir Adewale Adeniyi MFR, asserted that 11 suspects were convicted for committing offences of improper importation, assault of Customs officers, possession of Pangolin scales meant for export, among other illicit items, while some other smuggling and related cases instituted in the courts are at various stages of prosecution and would be followed up diligently.
5. Felarun Oluwasegun and Fakorede Jelili were first arraigned in Court in May 2023 on a three-count charge and have been remanded at the correctional center in Abeokuta since then until their recent conviction.
Abdullahi Maiwada
Chief Superintendent of Customs
National Public Relations Officer
For: Comptroller-General of Customs
President Bola Tinubu will, on Thursday, February 15, depart Abuja for Addis Ababa, Ethiopia, to participate in the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU).
The theme of this year’s summit is ‘‘Educate an African fit for the 21st Century: Building resilient education systems for increased access to inclusive, lifelong, quality, and relevant learning in Africa.’’
The President will join other African leaders in high-level meetings on institutional reforms of the African Union; peace and security; specific thematic issues such as climate change, as well as modalities of participation and priorities of the continental body in the G20.
On the margins of the summit, President Tinubu will also attend an extraordinary summit of the Authority of Heads of State and Government of ECOWAS in his capacity as the Chairman of the regional body.
President Tinubu will be accompanied on the trip by some ministers and other top government officials, and he is expected to return to Abuja following the conclusion of the summit.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
February 14, 2024
More...
The Federal Government has made a U-turn on its earlier statement indicating that United Kingdom, UK, lawyers are allowed to practice in Nigeria.
Nigerian Minister for Trade and Investment Doris Uzoka-Anite, in a statement, highlighted that the UK-trained lawyers can practice in Nigeria following an Enhanced Trade and Investment Partnership signed by Nigeria and the UK on Tuesday.
However, after fierce criticism, particularly by the Nigerian Bar Association, NBA, Uzoka-Anite retracted her earlier statement.
In a series of posts on her X account, Uzoka-Anite said: “Earlier today, Nigeria signed a far-reaching MoU with the United Kingdom for Enhanced Trade and Investment Partnership.
“Regrettably, our earlier report erroneously suggests that Nigeria has signed a Memorandum of Understanding that allows lawyers licensed in the United Kingdom to practise in Nigeria. We wish to state emphatically that there is no such provision or agreement in the MoU.”
The minister explained that Nigeria does not have a Mutual Recognition Agreement with the UK and made no commitment under the MoU or elsewhere to allow UK-licensed lawyers to practise in Nigeria.
“As it currently stands, foreign licensed lawyers (including those licensed in the UK) cannot practise in Nigeria, as categorically stated in the MoU.
“We recognise that cross-jurisdictional practice between Nigeria and the United Kingdom is still an ongoing conversation amongst relevant stakeholders within the legal practitioners community in Nigeria, and this was reflected in the MoU,” she added.
Recall that the NBA President, Yakubu Maikyau, had condemned the purported agreement in a statement on Tuesday, stating that the statement credited to the Minister was “ridiculous, unpatriotic, and uninformed”.
The Nigerian Senate has disclosed plans to make registration of Nigerians compulsory in a bid to address insecurity in the country.
Speaking on the outcome of a closed door meeting between senators and security chiefs that lasted nine hours on Tuesday, Senate Committee Chairman on Media and Publicity, Yemi Adaramodu, said the plan to make the registration of Nigerians compulsory is aimed at preventing the infiltration of foreign criminals into the country.
According to him, senators listened to a presentation by the security chiefs, particularly on efforts they have put in so far to address insecurity.
This, he said, led to passing a vote of confidence on the security chiefs for what they have been doing.
Adaramodu added that the efforts of the security agencies were yielding massive results as many criminals have been eliminated and arrested in the last few days.
He said: “Senate is particularly impressed with arrest of about 90 per cent of those who perpetrated heinous crime across the country in recent times.
“We however urged the various security agencies to do more by ensuring synergy in their operations for total security of lives and property in the country.”
He said the upper and lower legislative chambers will continue to offer support with a view to stem the menace of insecurity.
The Inspector General of Police, Kayode Egbetokun, the National Security Adviser, Nuhu Ribadu, Minister of Finance, Wale Edun, Minister of State for Defence, Bello Matawalle, Minister of Police Affairs, Ibrahim Gaidam and Minister of Interior, Hon Olubunmi Tunji-Ojo, attended the meeting with the senators.
The Ondo State chapter of the Peoples Democratic Party, PDP, has described as devastating, the sudden demise of the state chairman of the party, Fatai Adams.
While describing the development as traumatic, the State Publicity Secretary, Kennedy Peretei, disclosed that the secretariat of the party in the state will be shut down in order to mourn the deceased.
Peretei, in a statement issued shortly after Adams demise was announced, added that the flags of the party across the three senatorial districts would be flown at half mast.
The late Adams was a member of the Ondo State House of Assembly between 2007 and 2011.
He was elected state chairman in August 2020. He had also served as Deputy State Chairman of the PDP.
“Our party commiserates with his family and the Ondo State PDP at large,” the statement added.
The International Monetary Fund (IMF) has said the Nigerian government has, through the backdoor, resumed the payment of subsidies on the premium motor spirit (PMS), otherwise known as petrol.
Recall that on May 29, 2023, during his swearing-in speech, President Bola Tinubu announced an end to petrol subsidy, triggering a hike in the prices of goods and services in the country.
A few weeks later, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening.
As of yesterday, it was N1,499/$1 at the official window and N1,515/$1 at the parallel market.
Over the weekend, the IMF issued a statement on the conclusion of its Executive Board’s Post Financing Assessment with Nigeria, and it expressed concerns that the government had capped the prices of fuel at retail stations.
The global lender advised the administration of President Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government.
However, prominent Nigerians and regional groups had at different times scolded the IMF for what they described as “anti-masses policies”, and called on Nigerian government to explore home grown options that would fix the economy and better the life of the people.
In the past few days, there have been reports of queues returning to petrol stations in major cities in the country, but the Nigerian National Petroleum Company (NNPC) Limited allayed the fears of consumers, assuring that it has enough to go around.
How petrol prices feared since subsidy removal
After the removal of the petrol subsidy in May 2023, the pump price changed from N185 per litre to N400 per litre, and then to N568 per litre at NNPC fueling stations, while others currently sell above N600.
The government had said the prices would fluctuate after subsidy removal from time to time but the pump price has maintained a steady rise despite the fact that the price of crude oil in the global market keeps going up and down.
The IMF, in its latest statement at the weekend, said the Tinubu administration has “capped retail fuel and electricity prices” ostensibly to “ease the impact of rapidly rising inflation on living conditions, thus partially reversing the fuel subsidy removal.”
Daily Trust investigation in September revealed that despite the numerous assurances by President Tinubu that the subsidy was gone, the federal government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre.
A document from the Federal Account Allocation Committee (FAAC), sighted by one of our reporters, showed that in August 2023, the Nigerian Liquefied Natural Gas (NLNG) paid $275m as dividends to Nigeria via NNPC Limited. NNPC Limited used $220 million (N169.4 billion at N770/$) out of the $275 million to pay for the PMS subsidy. Then NNPC held back $55 million, illegally.
Petrol may sell for over N1000/l due to devaluation
The recent devaluation of the naira at the official forex window which has seen it exchange for N1, 499/$ will likely push pump price of petrol to cross the N1, 000 per litre mark.
A breakdown of the landing cost of petrol before the latest devaluation showed that product cost was N627.82 per litre, finance cost was N11.61, and operations/administrative cost N12.32, bringing the total landing cost to N651.75 per litre with local currency pegged at N900/dollar ceiling.
The amount has seen independent marketers adjust pump price three times between August and December 2023, forcing them to sell between N660 per litre to N670 per litre.
NNPC retail outlets have however continued to sale at N617 per litre.
With the old situation, it is fully suggestive that petrol ought to sell at over N720, and someone, most probably, is paying the price differential.
Therefore, the new exchange rate indicates that prices should to be above N1,000 per litre
Oil Marketers react
Leaders of the Major Oil Marketers Association of Nigeria of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria said there was a need for the federal government to intervene to address the impending crisis.
Speaking recently, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.
Asked whether oil marketers were considering an increase in petrol price, he replied, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.
“It is simple mathematics, once the dollar is going up, have it in mind that the prices of petroleum products would definitely increase because the products are dollar-driven.”
Also speaking to Daily Trust, the Secretary General of NUPENG, Afolabi Olawale Olufemi said: “Our people are losing confidence in the naira and it is unfortunate. People should stop exploiting the situation because it is not good for anybody.
“We are fortunate that there are positive signs that Dangote refinery is going to start very soon. We should be hopeful and that would help moderate the fluctuations that are expected.”
Speaking on the development, Abiola Rasaq, former Economist and Head, Investor Relation at UBA plc said: “The sharp rise in petroleum price is a reflection of both the full deregulation of the downstream oil & gas sector as well as Naira weakness. Notably, crude oil is a dollarised commodity, hence the notable devaluation of the local currency has direct impact on the Naira-cost of petroleum prices, especially as the subsidy removal meant the retail price has to reflect the true market price of the product. So, it’s a double whammy effect.”
NNPC says no increase in petrol pump price
When Daily Trust reached out to the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye on the likelihood of pump price shifting beyond the current N617 per litre, he said: “We are pleased to confirm that there are no supply issues, and our products remain readily available. The recent tightness experienced in certain areas was due to a brief distribution issue in Lagos, which has since been resolved.”
He said there is no imminent increase in the cost of petrol.
No need for panic buying–Tanker drivers
The Petroleum Tanker Drivers (PTD) union has advised Nigerians against panic buying, assuring that there is no shortfall in the distribution of petroleum products.
It gave the advice in a statement yesterday by its National Chairman and Secretary, Lucky Osesua and Humble Power Obinna, respectively.
It asked its members to ignore any threat from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) not to lift petroleum products from certain depots in the country.
PTD said the alleged plot to remove Osesua, Obinna and Deputy Chairman, Yusuf Garga, had failed.
“There is no shortfall in the distribution of petroleum products across the six geo political zones of the country and PTD, under the legitimate leadership of Comrade Lucky Osesua and his deputy, Comrade Dayyabu Garga, has redoubled its commitment to ensure and guarantee lifting and distribution of petroleum products without encumbrance in observance of its statutory responsibility.
“We equally urge Nigerians and motorists to avoid storing of petrol at home because of the dangers associated with it,” the statement read in part.