Justice Peter Lifu of the Federal High Court in Abuja has summoned the National Board for Technical Education, NBTE, and the Pharmaceutical Council of Nigeria, PCN, to appear before him and explain the rationale behind their move to scrap the award of Higher National Diploma, HND, Pharmaceutical Technology in all institutions in Nigeria.

The judge ordered them to appear before him on Friday, August 16, 2024, for their defence.

The decision of the judge followed a complaint by six plaintiffs against the decisions of the two defendants in their bid to discontinue the issuance of HND certificates in Pharmaceutical Technology.

 

The NBTE had, in a circular dated April 7, 2024, resolved to discontinue the award of HND certificate in Pharmaceutical Technology in all institutions under its control.

In the circular, NBTE indicated that it will henceforth stop granting approval and accreditation of HND in Pharmacy Technician Programme but will, however, continue to grant approval and accreditation for National Diploma in Pharmacy Technology.

The circular, signed by the Executive Secretary of NBTE, Prof. Idris Bugaje, after a ministerial meeting in the Federal Ministry of Education in Abuja, said that all students currently studying Pharmacy Technology programme will be allowed to graduate but that there will be no fresh admissions as of April 2024.

The circular also indicated that graduates of Pharmacy Technology may have no place in clinical settings, according to PCN but can seek employment in other sectors.

Not satisfied by the decision, the six plaintiffs, through their lawyer, Wumi Adebayo, had approached the court in an ex-parte application seeking an order of interim injunction restraining the two defendants from implementing or giving effect to the circular that sought to discontinue the HND programme in Pharmacy Technology.

After listening to the argument of the six plaintiffs, the judge drew their attention to their failure to make the Minister of Education a party in their suit since the decision to discontinue the HND certificate was at the instance of the minister.

Justice Lifu thereafter ordered them to go and amend their processes to accommodate the necessary parties because of the national and sensitive nature of the request being made from the court.

Upon amending their processes, the judge ordered them to serve the same on the defendants, who must appear in court along with the plaintiffs on August 16, 2024, to show cause why the request should not be granted.

In an enrolled order, Justice Lifu said: “Considering the national nature of this case, I hereby invoked Order 26, Rule 8 of the 2019 rules of this court to order the defendants to show cause latest by Friday, August 16, 2024, while the reliefs being sought herein should not be granted as prayed in the motion ex parte.”

Plaintiffs in the suit marked FHC/ABJ/CS/911/2024 are Abdul Aziz Bello, AbdulRasheed Tanimu, Osaro Odeh, Comrade Olufemi Adebisi, Medical and Health Workers Union of Nigeria and the National Association of Pharmaceutical Technologists and Pharmacy Technicians of Nigeria.

The two defendants are NBTE and PCN.

The National Council of State has passed a vote of confidence on President Bola Tinubu, his leadership and the policies of his administration.

The council, during its meeting held on Tuesday at the council chambers of the presidential villa in Abuja, endorsed the efforts of President Tinubu targeted at addressing the challenges in Nigeria and stabilizing the economy.

 

The attendees at the meeting, passed a unanimous vote on the President and his activities as the leader of Nigeria.

As earlier reported by Naija News, former Presidents Muhammadu Buhari and Goodluck Jonathan attended the meeting physically, while former Heads of State, Yakubu Gowon and Abdulsalami Abubakar participated virtually.

The National Council of State before passing a vote of confidence on President Tinubu and his cabinet, listened to presentations by six ministers and the National Security Adviser, Mallam Nuhu Ribadu.

Discussions at the meeting were detailed by the Minister of Solid Minerals, Dele Alake, during a press briefing after the Council’s meeting.

The Minister stated that the council members called for the protection of democracy in Nigeria and praised Nigerians for resisting the attempt by some persons to cause an undemocratic change of government during the recent #EndBadGovernance protest.

Alake said the Council unanimously agreed that any change in government should occur through democratic elections.

He added that the council appealed to Nigerians to remain calm and peaceful while ensuring no person or group is allowed to take over governance through force.

National Security

Alake narrated that during the meeting, the National Security Adviser (NSA), Nuhu Ribadu briefed council members on the current security situation and happenings in the country.

The Minister said Ribadu told the council members that the #EndBadGovernance protests were not just a mere protest but a movement to change the country’s leadership by force.

He said Ribadu “Did inform the Council of State about the pre, during and post-event of the last protests, which I do not call a protest. I call a movement to effect a change of regime by force, which was also resisted.”

The Position Of The Governors

The Kwara State Governor and chairman of the Nigeria Governors Forum (NGF), Abdulrahman Abdulrazaq, said the Governors passed a vote of confidence on the President.

Governor AbdulRazaq mentioned that the governors had a private discussion with President Tinubu and concluded by expressing their confidence in his leadership.

More Details From The Finance Minister

The Minister of Finance, Wale Edun, also briefed State House correspondents on the outcome of the council’s meeting.

He said the country’s economy is experiencing growth and that the exchange rate is showing signs of stabilization based on the reports presented to the Council of State by the invited Ministers, which compared the first half of the year with the second quarter of 2023.

Edun said both local and foreign investors have renewed hope in the nation’s economy.

“But in particular, there has been support for the economy from investors, foreign investors, by way of portfolio investors, domestic investors, who are participating in important private public partnerships, particularly infrastructure sector and foreign direct investment, is beginning to recover, I would say so.

“On that basis, we reported on, in particular, the opportunities for the economy once stabilized for investment and growth, and identified for the meeting was the fact that we have exports, goods exports, non-oil exports at $55 billion last year with tremendous room to grow.

“And in particular, we identified that the service sector that is, software services, computer services, accounting services, personnel services, which can be provided by young Nigerians staying in Nigeria and providing services through the internet and through telephones, outsourcing in a world was a big area we emphasized.

“So in a nutshell, we reported that there was good progress being made that the effort was going to continue to ensure that the interventions and measures to ameliorate the high cost of living for individuals, for the agricultural sector, for industry, for small scale businesses, were going to continue to be implemented with all efforts needed for success.

“And on that basis, we we reported an optimistic outlook for the Nigerian economy and the Nigerian society in general, as a result of prospects for economic growth and economic progress,” the Minister stated.

The Revenue Mobilisation Allocation and Fiscal Commission has said that each of the 109 senators in the upper chamber receives a total of N1.06m in salary and allowances per month.

It clarified this in response to recent controversies over the real amount each lawmaker earns per month.

This means each lawmaker earns N12.72m in 12 months and the Federal Government makes a total expenditure of N1.4bn annually for all senators.

The RMAFC Chairman, Mohammed Shehu, said this in a statement personally signed on Tuesday in Abuja.

 
Commissioner of Police arrive at Ojota Park during the protest #endbadgovernanceinnigeria | Punch
 
 
 
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A breakdown of their monthly earnings revealed that each Senator collects a monthly salary and allowances of N1,063,860, consisting of a basic salary, N168,866:70; motor vehicle fuelling and maintenance allowance, N126,650:00; and personal assistant, N42,216:66.

Others include domestic staff,126,650:00; entertainment, N50,660:00; utilities, N50,660:00; newspapers/periodicals, N25,330:00; wardrobe, N42,216,66:00; house maintenance, N8,443.33:00; and constituency allowance, N422,166:66.

The statement added, “It is instructive to note that some allowances are regular while others are non-regular. Regular allowances are paid regularly with basic salary while non-regular allowances are paid as at when due.

“For instance, furniture allowance (N6,079,200:00) and severance gratuity (N6,079,200:00) are paid once in every tenure, and vehicle allowance (N8,105,600:00) which is optional, is a loan which the beneficiary has to pay before leaving office.”

Recently, a former senator, Shehu Sani, claimed that each senator receives a monthly running cost of N13.5m in addition to the N750,000 monthly payment prescribed by the commission.

But responding, Shehu clarified that the RMAFC does not possess the constitutional authority to enforce compliance with the remuneration package for lawmakers.

He, however, stated that this gap is being addressed by the National Assembly.

Shehu stated that apart from the President, Vice President, Senate President, and Speaker of the House of Representatives, other public and legislative officers no longer receive housing benefits, which was previously the case.

“The commission also wishes to use this opportunity to state that any allegation regarding other allowance(s) being enjoyed by any political, public office holder outside those provided in the Remuneration (Amendment) Act, 2008 should be explained by the person who made the allegation.

“To avoid misinformation and misrepresentation of facts capable of misleading citizens and members of the international community, the commission considers it most appropriate and necessary to request Nigerians and any other interested party to avail themselves of the opportunity to access the actual details of the present remuneration package for political, public and judicial office holders in Nigeria published on its website: www.rmafc.gov.ng,” the statement added.

 

On Sunday, the Senate responded to former President Olusegun Obasanjo’s recent remarks suggesting that lawmakers in both chambers of the National Assembly set their salaries.

Senate spokesman, Yemi Adaramodu, challenged anyone with credible evidence to refute this, calling the idea that the National Assembly sets its salaries “uncharitable and satanic.”

Adaramodu clarified that the Senate receives salaries strictly as allocated by the RMAFC, under the constitution.

Former President Obasanjo, who served from May 1999 to May 2007, had criticised the practice of lawmakers determining their pay, calling it “immoral” and recommending that the RMAFC should handle the setting of salaries and allowances instead.

The nationwide protest held by Nigerians came to an end last Saturday after 10 days.

DAILY POST reports that organisers of the EndBadGovernance” protest said the demonstration was aimed at drawing the attention of the Federal Government to the hardship in the country.

One of the organizers and popular activist, Omoyele Sowore said Nigerians are asking the Federal Government to scrap the 1999 constitution and replace it with a people-made Constitution, return to the fuel subsidy regime, reduce the earnings of lawmakers, release Nnamdi Kanu, and leader of the Indigenous People of Biafra, among others. 

Sowore also demanded that present and past leaders be probed, restructure Nigeria, end banditry, terrorism, and establish a special energy immediately to drive massive corruption-free power sector development.

Also, he demanded the reconstitution of the electoral body, and massive shake-ups in the Nigerian judiciary to remove cabals of corrupt generations of judges and judicial officers.

DAILY POST reports that several deaths were recorded, while hoodlums, who hijacked the demonstration, wreaked havoc on some business owners and residents.

Addressing the protesters in a nationwide speech, President Bola Tinubu had urged them to call off the demonstration and brace up for negotiation with his administration.

Speaking, Tinubu said: “Under the circumstances, I hereby enjoin protesters and the organisers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity. Nigeria requires all hands on deck and needs us all – regardless of age, party, tribe, religion or other divides, to work together in reshaping our destiny as a nation.

“To those who have taken undue advantage of this situation to threaten any section of this country, be warned: The law will catch up with you. There is no place for ethnic bigotry or such threats in the Nigeria we seek to build.”

On his part, the Edo North Senator, Adams Oshiomhole said there was no need for the protest because Tinubu was doing everything within his power to solve the economic challenges facing Nigeria.

Oshiomhole said he does recognise anyone among those who called themselves organizers of the nationwide protest.

He said: “I know Sowore as a defeated presidential candidate. And when you’re defeated in an election, you wait for the man who won the election.

“Give him time. Sowore cannot be seen as speaking for the people because he is still nursing the pain of his defeat.

“So, that’s not the guy to speak for people in Kano, for those people who throw bombs in Maiduguri or those people who hijack cars in.”

 

Protest a success but Tinubu not sincere – Adeyanju

 

Commenting, constitutional lawyer, Deji Adeyanju described the 10 days nationwide protest as a success because Nigerians were able to make the Federal Government understand their demands.

Adeyanju also accused Tinubu of being insincere with his proposal to meet and negotiate with the organizers of the protest.

Speaking with DAILY POST, he wondered why Tinubu’s administration would arrest over 1,300 protesters and expect the organizers to meet with him.

He said: “The protest was extremely successful in the sense that the idea of protest is to draw the attention of the government to the societal ills and by so doing, the nation is able to address some of these challenges, especially when you have a government that listens to the people.

“Even before the protest started, it was successful because the government was aware of the protesters and knew what to do about their demands but failed to do the needful which was why the protest even held in the first place.

“Issues around reverting to the old fuel subsidy, cutting cost of governance, amendment of the constitution, and providing more security for the people, etc.

“The protest further emboldened freedom of assembly as enshrined in the constitution.

“Before the protest, the government at all levels, including the military, the police, even the Senate President, Akpabio, threatened people that it would not hold.

“The Presidency threatened people not to protest, even the traditional rulers joined the fray asking people not to protest in a democracy.

“So, the protest was largely successful, even though it has not come to an end yet. As long as hunger, insecurity and unemployment persist, this protest will continue.

“The president appeared uninterested in meeting the demands of the protesters; however, that is just postponing the evil day.

“These protesters are just asking for economic and political reforms, so they should be commended.

“Politicians are living large at the expense of the Nigerian people. It’s shameful that this Government has arrested over 1,300 protesters in a democracy; even the military did not arrest that much. Abacha will be so proud of Tinubu and his regime.

“Someone who said he was willing to meet with protesters was still arresting protesters two days after the demonstration. Is that the kind of person you want to meet with?

“You can’t meet such people. Tinubu’s government is very insincere and has arrested over 1,300 people. Tinubu has no intention of meeting with protesters.

“This government does not want protest, but they were the ones who protested against other governments. I see a bigger protest because as long as the issues affecting the people persist, then a bigger protest is inevitable.”

 

Protesters projected failures of Nigerian govt to the world – Lawyer Idam

 

Activist lawyer, Madubuachi Idam, said the protest succeeded in projecting the failures and ineptitudes of the Nigerian government before the international community.

He told DAILY POST: “Without gimmicks, I shall quickly say that the protests was a huge success, it could not have achieved a better result than the apprehension and anxiety that the protesters deposited with the government at all levels, having exposed their ineptitude and cluelessness before the international community.

“The message intended to be conveyed by the Endbadgovernance protests was well received by the authorities, whether or not the governments decide to play the ostrich and pay deaf ears to the yearnings of the protesters, is totally their own undoing which shall certainly not go without corresponding consequences at the right time, particularly during the polls.

“The only result that the Endbadgovernance protests did not achieve was a takeover of the government which was not intended and could not have been intended by the organizers of the protests nor the protesters themselves, knowing that a democratically elected government is and can only be changed through the ballot.

“The humiliation, mockery, ridicule and shaming, meted on the government by the reason of the protests, locally and internationally is one that no government would wish to experience.

“What more can a disgruntled citizen give in the expression of his displeasure towards a government that is totally unfrugal with public funds and clueless to basic economic principles if not the shame and ridicule it has exposed the government to by way of the protests.

“While I regret the casualties occasioned during the protest, I must say once more that the grievances of the citizens were well registered. Hence, the protest was a huge success.”

 

Protest yielded no result – Activist

 

A right activist cum chieftain of the Peoples Democratic Party, PDP, Austin Okai said the just concluded nationwide protest yielded no result because the president did not grant any of the protesters’ requests.

Okai, however, advised organisers to ensure they get coordinators who would be bold enough to meet with the president in person to discuss their demands.

“The protest was okay but I don’t know what it achieved because of all the demands they made, did the president grant anyone? No.

“The president has not granted any of the requests rather he was even appealing about making sacrifices.

“The funniest thing is that the subsidy will not come back again and the Minister of Finance said they are paying a higher subsidy than before, so why can’t it reflect at the filling stations? This leads to the question, who is the president paying the subsidy to?

“Some say there is refinery in Malta and that’s where they are paying the subsidy to; these are some issues that the president and his handlers must speak about.

“I’m sure there will be another protest because this one did not yield any results and the organizers should bring in coordinators who will communicate with the government by looking at the president and telling him what people are going through and not on a placard.

“They should have a leader who can meet with the president and tell him what people are going through,” he told DAILY POST.

President Bola Tinubu will on Wednesday, August 14, depart Abuja for Malabo, Equatorial Guinea, on a three-day official visit to honour the invitation of President Teodoro Obiang Nguema Mbasogo. 

President Tinubu will meet with the Equatorial Guinean President at the Presidential Villa on arrival, where meetings will be held between the two leaders and agreements, particularly on oil and gas and security, signed. 

The President will be accompanied on the trip by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and other members of his cabinet who will be involved in the signing of agreements and review of opportunities to improve bilateral relations. 

 

Chief Ajuri Ngelale

Special Adviser to the President 

(Media & Publicity) 

President Bola Tinubu has signed into law a bill seeking to increase the salaries and allowances of judges in the country by 300 percent.

The judicial office holders’ salaries and allowances bill, which was passed by the senate  in June, will allow the chief justice of Nigeria (CJN) to earn N64 million annually.

In a statement on Tuesday, Basheer Lado, special adviser to the president on senate matters, said Tinubu’s signing of the bill marks his “unwavering commitment” to the welfare of Nigeria’s workforce.

“This extraordinary move underscores Mr President’s absolute prioritization of the welfare of Nigerian workers above all else just like he did when he recently put on hold an ongoing Federal Executive Council meeting to assent to the new National Minimum Wage Bill of N70,000,” Lado said.

“In a demonstration of his visionary leadership and deep compassion for the Nigerian people, His Excellency President Bola Ahmed Tinubu GCON has once again affirmed his unwavering commitment to the welfare of the nation’s workforce by assenting to the revised Salaries and Allowances for Judicial Office Holders.

 

“This landmark decision reflects Mr. President’s profound dedication to ensuring that every salary earner in Nigeria, especially those serving in vital and strategic roles, receives the recognition and compensation they deserve.

“By prioritizing the financial well-being of our judicial officers, Mr. President is not only reinforcing the integrity of our justice system but also setting a new standard for leadership that truly values the hard work and sacrifices of all Nigerian workers.

 

“Under President Tinubu’s administration, the welfare of our workers has become a central pillar of national progress.

“His visionary policies continue to uplift the lives of millions, ensuring that the dignity of labour is upheld, and that those who serve our nation are justly rewarded.

 

“This assent is a clear testament to Mr. President’s tireless efforts to build a more prosperous and equitable Nigeria, where every worker is empowered to contribute to the nation’s greatness.

“As we look to the future with hope and determination, Mr. President remains steadfast in his mission to champion initiatives that deliver fair compensation, improved working conditions, and a brighter future for all Nigerians.”

 

Lado lauded Godswill Akpabio, president of the senate, and Tajudeen Abbas, speaker of the house of representatives, for their “patriotic commitment” to improving the welfare of Nigerians.

“The judiciary remains the hope of the common man and it is hoped that Nigerians seeking justice get it irrespective of their status in life,” he added.

The Bank Directors Association of Nigeria (BDAN) has called on the federal government to reconsider the recently imposed 70 percent windfall tax on banks’ earnings from foreign exchange transactions.

On July 17, the national assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 percent on banks’ FX gains last year.

Tinubu said the windfall tax will be used to finance infrastructure projects, education and healthcare, among others.

The national assembly passed the bill on Tuesday and increased the windfall tax to 70 percent, with retroactive application from January 1, 2023.

The windfall tax has raised several concerns in the banking sector, particularly regarding its timing and potential impact on ongoing recapitalisation efforts — but Femi Otedola and Tony Elumelu backed the decision.

In a statement on Monday, Mustafa Chike-Obi, chairman of BDAN, described the levy as, “excessively burdensome and ill-timed”.

 

Chike-Obi, who is also the chairperson of Fidelity Bank, said the high tax rate could stifle growth and innovation within the banking industry, ultimately affecting the quality of financial services available to customers and the broader economy.

 

He also said there was a need for greater consultation and dialogue between the government and stakeholders in the banking sector before enacting such significant changes.

“We, the Bank Directors Association of Nigeria (LTD/GTE) wish to formally address the recent imposition of a 70 per cent levy on the profits realised from foreign exchange transactions by banks for the financial years 2023 to 2025,” he said.

“We acknowledge and respect the intentions of the government in implementing this decision; however, we feel it is essential to express our concerns regarding the magnitude of the levy, its timing and the ambiguities surrounding its implementation. 

“While the imposition of this windfall tax appears to be a response to the current economic climate, we suggest that a 70 per cent tax rate is excessively burdensome and ill-timed, particularly considering the ongoing bank recapitalisation efforts.

 

“Such a high levy has the potential to stifle growth and innovation within the banking sector; ultimately affecting the quality of services we provide to our customers and the broader economy.

“Moreover, we believe that it is vital for all stakeholders in the banking sector to have been consulted prior to the enactment of such significant changes in the Finance Act 2023. Open dialogue and negotiation are essential to ensure that policies are both equitable and effective.

“A primary concern lies in the ambiguities of the language in this amendment which leave critical questions unanswered. Such as, whether the windfall tax will be implemented as a Total Tax charge on banks, incorporating other taxes already levied such as Company Income tax, Tertiary Education Tax, National Information Development Levy (NITDL), etc.” 

The BDAN also asked that clarifications on what constitutes “FX transactions” to be taxed and the treatment of banks that may incur losses rather than gains during this period should be provided.

 

“We urge the government to provide clear guidelines on this matter to avoid further uncertainty,” the association added.

 

‘BANKS ARE HEAVILY TAXED’

 

The association also stressed that Nigerian banks are already among the most heavily taxed globally, citing the existing Asset Management Corporation of Nigeria (AMCON) levy imposed on total bank assets. 

BDAN urged the government to consider consolidating all taxes and levies on banks in the future to alleviate the sector’s tax burden.

 

“It would also be critical to reassure the banking community that future levies and taxes will not be arbitrarily imposed,” the association said.

“In view of these concerns, we respectfully urge the national assembly to revisit this amendment and engage in constructive discussions with stakeholders in the banking sector.

 

“By collaborating, we can develop a framework that effectively balances the need for revenue generation with the imperative of fostering a thriving banking environment that supports sustainable economic growth.”

The association said it remains committed to supporting and collaborating with regulators, government entities, and other stakeholders to find solutions that benefit all parties involved.

Yuki Gambaryan, wife of the Binance Executive detained in Nigeria, Tigran Gambaryan, on Monday, raised the alarm over the state of her husband’s health, which according to her has continued to deteriorate in custody.

Gambaryan was one of two Binance executives arrested on arrival in the country on February 26, 2024, after being accused of money laundering through their platform.

The Federal Government also accused Binance of tax evasion, operating without licence and regulatory compliance.

Gambaryan’s colleague, Nadeem Anjarwalla, the regional manager for Binance in Africa on March 24, escaped from custody using a smuggled passport.

In a statement on Monday, Yuki Gambaryan said her husband’s health has continued to get worse as he is unable to access proper medical care, adding that he might require surgery or risk not walking again.

Gambaryan collapsed in court on May 23, 2024, leading to an order by the court for a medical checkup to determine the true state of his health.

Justice Emeka Nwite of the Federal High Court, Abuja had on July 16, 2024 issued a bench warrant on the medical doctor at the Kuje Correctional facility, to appear before him to provide Gambaryan’s records after his counsel, Mark Mordi, said his test results were still being withheld despite court directive.

Yuki in her statement released by Binance spokesperson, Monique Thompson, said her husband has failed to improve adding that he faces risk if his health is not given special attention.

She said her husband who used to be very strong was wheeled into the court room and little or nothing has been done to ensure he returned to perfect health.

 

Yuki said Gambaryan has a herniated disc that has continued to worsen and runs a risk of not being able to walk again as a result of it.

The Court had ordered a 24-hour medical checkup for him, but Yuki claims his lawyers were denied access to him since July 26.

However, according to Yuki, her husband’s legal team has been denied access to him at Kuje prison since July 26.

“My husband Tigran left our home for a work trip almost six months ago, and I have no idea when he will be back. Now his health is in a shockingly bad condition and getting worse by the day.

“The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk.

“My once fit and healthy husband, who loves working out, is now wheelchair-bound due to a treatable condition that has not been properly addressed.

“He needs highly specialised and risky surgery, it is terrifying. Additionally, an ENT doctor examined him last week and determined he also needs surgery to remove his tonsils due to the recurring infections he is suffering in detention.”

Gambaryan’s legal battle with the Federal government continues on October 11, 2024 as the company is accused of concealing the origin of their alleged unlawful financial proceeds, totaling $35,400,000.

This, the government claimed, is contrary to the Money Laundering (Prevention and Prohibition) Act.

First Bank Nigeria Holdings Plc has confirmed that it is in court with Oba Otudeko’s Barbican Capital Limited after Barbican received notification that showed that FBN Holdings sought to reduce its 5,386,397,202 total shareholding in the bank by 40 per cent.

The bank said on Tuesday in a statement that it will defend its position in court.

 

The misunderstanding began when FBN Holdings in its December 2023 audited accounts released in May, 2024 slashed Barbican’s shareholding in the bank to 3.1 billion (3,110,400,619) or 8.67 per cent of the lender’s total shares from the earlier reported 4.8 billion (4,886,062,743).

Prior to the report, Barbican controlled 13.61 per cent of the shares based on the December 2023 unaudited accounts released in February.

FBNH attached to the audited accounts a note that said the 3.1 billion shares represent the total that had been “verified” by the Central Bank of Nigeria.

 

But the aggrieved Barbican Capital filed a lawsuit against FBN Holdings, and attached a statement from the Central Securities Clearing System (CSCS) as evidence of its total shares ownership.

 

Based on the Barbican statement from CSCS as of May 23, 2024, the company owned 5,386,397,202 shares (15.01 per cent) while It held 4.8 billion (4,886,062,743) shares or 13.61 percent as at December 2023.

Reacting On Tuesday, FBNH said it was aware of the matter, adding that it has engaged its solicitor to defend the bank’s position.

It said, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports regarding the suit filed by Barbican Capital Limited (the Plaintiff). The Company is aware of this suit, and we have duly instructed our Solicitors to defend the interest of the Company accordingly.

“The matter is presently in a Court of law, and it will be subjudice to join issues with the Plaintiff outside the Court. We confirm that the necessary papers have been filed and by virtue of a Third-Party Notice, the Central Bank of Nigeria (CBN) has been joined as a Party to the suit for effective determination of questions and issues raised by the Plaintiff.

“The matter is presently adjourned to October 2, 2024, for hearing of the suit. We assure our numerous stakeholders of the Company’s commitment to the highest levels of corporate governance standards in defending the matter.”

The Program Director and Chief Executive, Presidential CNG Initiative (Pi-CNG), Michael Oluwagbemi has said that centres to convert vehicles to run on Compressed Natura Gas (CNG) will be extended to 20 states by October.

Oluwagbemi disclosed this during an interview monitored by THE WHISTLER.

 

Oluwagbemi said, “Conversion has started. Under our own program, we’ve activated a conversion site in seven states, and additional states will be added. The seven states are Lagos, Ogun, Oyo, FCT, Nassarawa, Niger, and Kaduna States.

“And those states are, of course, being increased every day. We expect that before the end of September, we should be in at least 15 states, and before the end of October, we should be in about 20.”

The Presidential CNG Initiative (Pi-CNG) was inaugurated by President Bola Ahmed Tinubu to provide succour to the Nigerians occasioned by the transitive hardships of the fuel subsidy removal policy of the government.

The price of Premium Motor Spirit has jumped to nearly N700 per litre and in some states about N900 per litre, a development that has elevated Nigeria’s inflation and hardship.

 

The Program Director said, “So we are expanding our footprint every day. So far, we have over 50 conversion centres signed up under that initiative, which is the conversion incentive program. The president announced that they will allow a million conversion vehicles to be able to get converted for free or almost at a heavy discount.

“In Nigeria today, we have about 10,000 vehicles running on CNG, and it’s increasing every minute. It’s a drop in the ocean, but it’s a lot better than where we were this time last year.

“It takes time. We do not have sufficient conversion centers. We only had seven of them when we launched this program in November of last year.”

He explained that each conversion centre will be able to do two conversions every day.

According to Oluwagbemi, the government is also organizing training for technicians.

He said, “And we also have to proceed to make sure that we ensure those vehicles when they are properly done so you need to make sure you We are also building technical capacity, we are training technicians, we did the signing with the Ministry of Labor working with Nigerian Institute of Transport Technology (NITT) under the Ministry of Transport and we are doing MS training across the country for 500 technicians and we are going to do more.”