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The further tightening of the Monetary Interest Rate to tame elevated inflation by the Central Bank of Nigeria (CBN) may create more hurdles for the manufacturing sector and other debtors of commercial banks with a possible consequential negative growth rate effect on the economy.
Rising from its 294th meeting of the Monetary Policy Committee (MPC) on Tuesday, the central bank announced an increment in interest rate benchmark by 200 basis points to 24.75 percent from 22.75 in a continued chase to tame Nigeria’s stagflation that has seen food inflation rise to 37.92 percent in February 2024.
The decision by the MPC to increase the MPR by 200 bps makes it a total of 600 bps in just one month if one adds the 400 bps delivered in February.
The high cost of funds presents a significant challenge to businesses and the economy. For businesses, it translates to increased borrowing expenses, which can strain their financial resources and hinder investment in expansion, innovation, and hiring.
Small and medium-sized enterprises (SMEs), in particular, face heightened difficulty accessing affordable financing, limiting their growth potential.
The MPC also adjusted the asymmetric corridor around the MPR to +100/-300 basis points, while retaining the Cash Reserve Ratio of Deposit Money Banks at 45 percent. It also adjusted the Cash Reserve Ratio of Merchant Banks from 10.0 per cent to 14 per cent, and retained the Liquidity Ratio at 30 per cent.
Governor of the central bank Olayemi Cardoso who announced the decisions of the MPC meeting yesterday in Abuja said the “considerations underscore the importance of the CBN’s commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term.”
However, he said he doesn’t expect the tightening rates to be long-drawn.
The CBN governor also disclosed that his office refused to validate the outstanding $2.4 billion Forex forward transactions because they were ineligible for forex allocation.
Cardoso made the remark on Wednesday in reaction to airline operators who said they lied in their claim of settling all FX backlog to its members.
Cardoso said the central bank relied on the report by Deloitte Consultants to refuse approval for the applications. Deloitte Consultants had produced an audit report that revealed that most of the transactions did not qualify for payment.
“In some cases, some allocations were made without being requested. You also had some where they had no naira and they allocated foreign exchange. It was for that reason that we refused to validate those particular transactions. Because, apart from the fact that documentation was not satisfactory, many cases were outright illegal,” the CBN governor said, while responding to questions from journalists at the end of this month’s meeting of the MPC of the bank.
He said law enforcement agencies are now looking into the transactions that are not valid to be paid.
However, he said if there is any information to the contrary, the CBN management would reconsider its stand in due course.
“Other transactions have been settled. And as of today, the valid transactions – as far as the Central Bank of Nigeria is concerned – have been taken care of. We are also not unmindful of the fact that there may be some stakeholders who over some time may have had a backlog in one form or the other,” he stated.
Cardoso said his administration has done what it could to make the FX market as transparent and liquid as possible.
In reaction to the outcome of the MPC meeting, economic experts said much as tightening is necessary at this time because of the elevated inflation, MPC should tighten policy incrementally and in a measured manner that optimises the CBN’s policy tool kit without undue reliance on the monetary policy rate.
Professor of capital market and former commissioner of finance in Imo State, Uche Uwaleke, said the development is now driving undue pressure by banks on the CBN’s Standing Lending Facility and increasing cost of funds generally.
“The CBN should recognise that the challenge currently facing the Nigerian economy is not just inflation but stagflation, and to this end should equally have regard to growth concerns in future meetings of the MPC,” he stated.
Rate Hike To Limit Banks’ Lending To Businesses —- Experts
Analysts have expressed concern that the latest hike in benchmark interest rate will see deterioration of the lending books of banks and would also have a negative impact on growth in the country.
According to analysts, the MPC is trading growth for stability with its latest moves.
In line with the expectations of analysts, the MPC had for the second consecutive time this year raised the benchmark interest rate from 18.75 per cent to 22.75 per cent, and now 24.75 per cent.
Commenting on the latest hike, managing director and chief executive of Arthur Steven Asset Management Limited, Mr Olatunde Amolegbe, noted that he had expected the committee to continue with its hawkish stance.
According to him, the MPC is reading effectiveness to its massive rate movement of last month, given that the naira had begun to strengthen and this is expected to slow the rate of growth in inflation rate in subsequent months.
“I suspect that is why they kept applying the same measures this month albeit at a relatively less hawkish level. The rate increase will, of course, continue to attract foreign portfolio investors (FPIs) at a high rate as we have seen in recent weeks, which will continue to boost supply to the forex market and ensure price stability.
“It is also possible that local investors move towards fixed income instruments rather than speculating in the forex market which could reduce inordinate demand and strengthen the Naira further,” he said.
He, however, noted that ‘the flip is that finance cost increases sharply for industries with negative impact on production, unemployment and economic growth.”
Meanwhile, Amolegbe whilst stating that the CBN is trading growth for stability at this point, said, “The point at which this needs to be reversed is anybody’s guess. As costs such as interest rates rise, the probability of default or non-performance loans (NPLs) also tends to rise. “This, also coupled with rising inflation and lower consumer purchasing power, might mean higher NPL levels in the books of banks.”
This was also the view of the chief executive of the Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, who stressed that the hike would mean a higher cost of credit to the real sector.
He said, “The new dramatic increase in MPR means that the cost of credit to the few private sectors that have exposure to bank credits will increase, which will impact their operating costs, prices of their products and profit margins, amidst very challenging operating conditions.”
Noting that in the Nigerian context, price levels are not interest sensitive, Yusuf said supply side issues are much more profound drivers of inflation.
According to him, the hike would further pose a risk to the financial intermediation role of financial institutions in the country.
“The increase would constrain the capacity of banks to support economic growth and investment, especially in the real sector of the economy because the increases are quite significant.
“Already, bank lending has been constrained by the high CRR, with many operators in the sector claiming that effective CRR is as high as 50 per cent for many banks. The Nigerian banks are yet to live up to their financial intermediation role because of these constraining factors,” he concluded.
The Aare Onakakanfo of Yorubaland, Gani Adams, has warned against what he termed as deliberate efforts by some individuals to drag his name in the mud, saying his silence should not be taken for cowardice.
Adams, while speaking on the controversy generated by an audio clip, said he was ready to set the records straight on the various questions hanging in the balance on the alleged defamation contained in the clips which he said was “concocted, distorted, and disjointed.”
The PUNCH had reported Tuesday that Yoruba Nation agitator, Sunday Adeyemo, alias Sunday Igboho; and the Chief of Staff to Governor Babajide Sanwo-Olu of Lagos State, Mr Tayo Ayinde, had both threatened to drag the Aare Ona Kakanfo, Iba Gani Adams, to court for allegedly accusing them of plotting an assassination.
Igboho and Ayinde, in separate pre-action letters by their lawyers, demanded that Adams should retract the said assassination claim against them or they would drag him to court.
In a March 20, 2024 pre-action letter, Ayinde, through his lawyer, Adeyinka Olumide-Fusika (SAN), complained about a viral note, in which Adams was allegedly heard saying in Yoruba language: “So, be careful associating with Igboho. Just last night, he was with Tayo Ayinde, the Lagos State Governor’s Chief of Staff. He was heavily paid. You know that I have an extensive intelligence network as Aare Ona Kakanfo of Yorubaland. Until about 2:45 am, he was with Tayo Ayinde, the Lagos State Governor’s Chief of Staff, who Tinubu also uses in Lagos to coordinate the execution of his evil machinations. He has been doing work of that nature for Tinubu since his days in the SSS.
“He resigned from the SSS, Ibadan to concentrate fully on such work for Tinubu, who compensated him with the office of Chief of Staff to the Lagos State Governor. It was at his hotel somewhere in Ikeja, Lagos, that Igboho visited him to collect money for logistics to confront me. Igboho left lbadan at about midnight to attend this meeting which ended at about 2:45am.
“Tayo Ayinde gave N45m in cash to Igboho for the operation, thus shortchanging Igboho to the tune of N5m out of the N50m purse provided by Tinubu. The discovery of this has brewed disenchantment in their midst.”
However, in a statement on Tuesday by his Special Assistant on Media, Kehinde Aderemi, Adams described the voice note as distorted.
He also described the threat of lawsuits by Igboho and Ayinde as “a grand conspiracy” to discredit his person, saying he was ready to do everything to protect his hard-earned name and the office he represented.
In the statement titled ‘Don’t take my silence for cowardice, Gani Adams speaks on alleged defamation of character,’ he said his reaction became pertinent as it had become evident “that Igboho and Ayinde were not ready to toe the line of peace as initiated by the Ooni of Ife, Oba Adeyeye Ogunwusi.”
Adams therefore in a rejoinder to Olumide-Fusika’s pre-action letter, written by his lawyers, Oluwole Kehinde and Rosemary Thompson, dated Monday but obtained by The PUNCH on Tuesday, denied the content and inferences drawn by Ayinde’s lawyer in the audio clip.
The letter partly read, “Firstly, our client denies the content and inferences drawn by you in your letter under reference regarding the alleged audio clip you attributed to our client. As stated in your letter, the content of the alleged video clip, which is a concocted, distorted, and disjointed part of a private conversation between our client and another person in 2021, was published and widely circulated by one Chief Sunday Adeyemo (Alias ‘Sunday Ighoho’) and not our client.”
It also said, “Furthermore, it is obvious from the alleged defamatory remarks that our client mentioned that it was a ‘rumoured and unconfirmed information that he found difficult to believe’ and could not be shared publicly. Thus, there is no element of malice on the part of our client pertaining to the alleged statement attributed to him in the said video clip.”
Adams was further quoted in the statement by his media aide as saying “The reason for my silence in the midst of the various legal and media infractions by Igboho and Ayinde, was not because I am a coward, but because of the initial interventions of the Ooni of Ife, Oba Adeyeye Ogunwusi, other prominent Obas and several other important personalities in Yorubaland.
“But with the ongoing lies and aspersions against my person, I think it is time for me to come out open and set the record straight.
“Though my legal team has done what was required of them, I need to state clearly that the audio clip generating the squabbles was a distorted and disjointed content of a private conversation which held way back in 2021 with a US-based younger brother of a friend.
“The conversation was initiated by the young man who claimed he wanted a reconciliation between myself, Igboho and some other people.
“It was while responding on reasons for reconciliation at the time that he mentioned the names of the two people.”
Adams noted that in the circulating audio, he said it repeatedly that though it was very difficult to believe, there was an unconfirmed rumour allegedly linking Igboho to the murder of the late Minister of Justice, Chief Bola Ige.
“My statement was not done in bad faith and it was purely a private conversation,” he added.
He stressed that “However, on the issue of my brother, Tayo Ayinde, let me make it clear here that I repeatedly said that whatever was said was a rumour that couldn’t be substantiated or made public.”
[Punch]
The son of a former president of Guinea-Bissau was sentenced to more than six and a half years in prison for involvement in a transnational heroin trafficking conspiracy, the US Justice Department announced Tuesday.
Malam Bacai Sanha Jr, 52, planned to use the proceeds to finance a coup in the West African country that would lead to his eventual presidency and establishment of a “drugs regime,” according to the statement released by the US Attorney for the Southern District of Texas.
“Malam Bacai Sanha Jr. wasn’t any ordinary international drug trafficker,” said Douglas Williams, special agent in charge of the FBI Houston Field Office. “He is the son of the former president of Guinea-Bissau and was trafficking drugs for a very specific reason – to fund a coup.”
Sanha was a leader and organizer in the heroin trafficking conspiracy and was involved in its importation from Europe to the United States, according to the statement.
He was arrested along with a co-conspirator after arriving in Dar Es Salaam, Tanzania, in July 2022. They were extradited to the United States shortly afterwards.
In September 2023, Sanha pled guilty “to conspiracy to distribute a controlled substance for the purpose of unlawful importation,” according to Tuesday’s statement.
He was sentenced to 80 months in prison.
Guinea-Bissau has had a history of military coups interspersed with periods of democratic rule – though elected leaders managed to serve a full term since the country gained independence from Portugal in 1974.
Sanha’s father, Malam Bacai Sanha, was initially installed by a junta as interim leader in 1999 before he lost the election the following year.
He won the presidency in a 2009 election but died while seeking medical treatment in Paris in January 2012 before completing his term.
His son, known as “Bacaizinho” in Guinea-Bissau, has served in several government roles, including as an economic advisor to his father.
AFP
Legal Luminary, Femi Falana has called for the advertisement of the office of the Independent National Electoral Commission (INEC) chairman and that of the Residents Electoral Commissioners (RECs) for the sake of transparency and credibility in the system.
Falana suggested that after eligible persons apply for the office of the INEC chairman and the RECs, the National Assembly would conduct a thorough screening of the three best candidates before one of them should be announced.
The senior advocate, who is part of a movement for the Electoral and Judicial Reforms that emerged after the Haske Satumari Foundation Annual Colloquium, insisted that if a credible person emerges as INEC chairman through an open process, it will go a long way in the nation’s election credibility.
“In appointing INEC chairman and Residents Electoral Commissioners, the position should be advertised.
“The best three names should be sent to the Senate for screening before announcement,” Falana said.
Falana who said their interest is to ensure that Nigeria gets the best when it comes to election, urged the country to ensure that the Justice Uwais panel report on election should be fully adopted.
“We must go back to the Uwais panel report,” Falana said.
Speaking, the founder of Haske Satumari Foundation, Hon Kudla Satumari, said they are working to ensure that both the electoral act and the constitution provided for full transmission of election results electronically.
“We want electronic transmission of election results to be fully adopted,” Kudla said, adding that the non-transmission of election results electronically has denied many people victory.
Speaking on why many lose in court, Kudla said their movement is suggesting that once grounds of an appeal are clear and acceptable, the onus of proof should be shifted to the acclaimed winner.
“While dealing with the principles of evidence, some people only look at the technicalities. So, once you are able to prove your case in the petition, the onus of proof should be shifted to the acclaimed winner,” Kudla said.
On the issue of immunity, Kudla said it should be removed in all political offices adding that their movement is also working on how the constitution and the electoral act would be amended to ensure that only the number of people that voted for a lawmaker is required for a recall process.
“If you are recalling a member, it should be a similar percentage that voted for the person. A simple majority that elected the member should be enough for the recall of the member,” Kudla said while disclosing areas they will be pushing for amendment in the electoral act and the constitution amendment.
President Bola Tinubu says individuals involved in kidnapping must be treated as terrorists.
Tinubu, who condemned the “reprehensible acts” perpetrated by kidnappers across the country, spoke on Tuesday at a Ramadan dinner with members of the federal judiciary led by Olukayode Ariwoola, the chief justice of Nigeria (CJN).
In a statement by Ajuri Ngelale, presidential spokesperson, Tinubu said those who resort to kidnapping children are cowards and incapable of confronting the might of the Nigerian armed forces.
”We must treat kidnappers as terrorists. They are cowardly. They have been degraded. They look for soft targets,” Tinubu said.
“They go to schools and kidnap children and cause disaffection. We must treat them equally as terrorists in order to get rid of them, and I promise you, we will get rid of them.”
On the review of the salaries of judicial officers, the president pledged that his administration would continue to implement necessary reforms to improve the welfare and working conditions of judicial officers.
”I recognize that the judiciary has one of the most unrewarded responsibilities. They are yet to modernize equipment and recordkeeping, and their progress towards improvement is slow,” he said.
”When you look at the career path of a judicial officer, they cannot practice the vocation for which they were trained after retirement.
”While the framers of the law may have their reasons, I perceive this differently and see this from a fair compensation angle that should benefit all.”
Tinubu expressed gratitude to the judiciary for its dedicated service to the nation and for upholding the respectability of the judicial arm of the government.
“We will continue to support one another and bring Nigeria to that glorious dawn,” he concluded.
In his remarks, Ariwoola commended the president for the honour of hosting judicial officers at a Ramadan dinner.
He also lauded Tinubu for his commitment to the reforms and improving the welfare of judicial officers in the country.
“May the Lord continue to bless you and your administration. Let your ship land and berth beautifully. We shall continue to pray for your administration because there are many good things in the pipeline for Nigerians,” the CJN prayed.
Ariwoola praised the administration for achieving a significant milestone by appointing a full complement of 21 justices to the supreme court, a feat he described as unprecedented.
Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, expressed gratitude to the president for forwarding the executive bill titled, “judicial office holders salaries and allowances, etc, bill 2024″ to the national assembly.
Highlighting the stagnant state of judges’ salaries and emoluments since 2007, Fagbemi commended the president’s courage, determination, and compassion in taking decisive action.
”It takes a man with a great heart, determination, and consideration to do what the President did. More than 300.3 percent increase has been given to the judges. The president has done his own part, never mind that the bill is still with the National Assembly,” he said.
”In my short stay as the Attorney-General, I have come to observe that anything that concerns the judiciary, you are very much interested in it and I thank you for your abiding interest in the judiciary.”
The dinner was attended by serving and retired judicial officers, including two former CJNs, Mahmud Mohammed and Walter Onnoghen.
[TheCable]
If government and security agencies had taken concerted action on the several petitions against an alleged militant leader and crude oil thief who banished a monarch from his kingdom in Bayelsa State, years ago, they would, probably, have averted the March 14 killing of 17 military personnel at Okuama in Delta State, Vanguard investigations have revealed.
Our inquiry on the recounted activities of the militant leader whom the Nigerian Army trailed to Igbomotoru in Southern-Ijaw Local Government Area, Bayelsa State, barely 72 hours after the Okuama massacre, showed that government, both at federal and state levels, including the security agencies, failed to rein in the militant leader before March 14.
Perhaps, if the government had taken decisive steps, the militant leader would not have grown so powerful and audacious to wipe out a Lieutenant Colonel, two Majors, one Captain, and 13 soldiers in one fell swoop with his rag-tag gang.
After a supposed militant leader claimed in a viral video that he participated in the killing of the soldiers at Okuama, the Director of Defence Media Operations, Major-General Edward Buba, said penultimate Friday, in Abuja: “The video, among other things, helps narrow investigations to persons of interest and their cohorts.
“Accordingly, the state governments and host communities of these personalities are required to assist the investigation in flushing them out.
“There can be no hiding place for perpetrators of such dastardly acts against our nation. This is a clarion call to duty by members of those communities and the state governments.’’
However, those familiar with the Igbomotoru warlord said he is not the same as the militant leader in the viral video.
Therefore, it is the word and proof of the Army, which is searching for him for the blood-letting crime, and had once declared him wanted.
The demand of the militant group corroborates the military’s preliminary finding that Amagbein was behind Okuama killing.
A group member in the trending video said he was speaking for his leader, nicknamed the River Lord.
The Army had tracked the militant leader to the Igbomotoru community in the Southern Ijaw Local Government Area, Bayelsa State, last week, but did not find him.
The militant leader, who banished the royal father of Igbomotoru from his throne, is currently on the run.
A bearded member of the group, who wore a singlet and tied a white band around his head, said the militant leader is from the same lineage as Ijaw revolutionary leader, the late Isaac Adaka Boro.
“We, the followers, will stand with him until death do us part. We are begging the Federal Government to ensure that waterways security is given to the person doing the right work. Bunkering will not stop if government refuses to attend to us in a peaceful, easy way.”
I petitioned the Presidency, state govt, and security agencies – HRH Ofongo
The paramount ruler of Igbomotoru communities, a retired army officer, HRH Ayibaikie Aseimighen Ofongo, sacked from his throne three years ago by the militant leader, said: “I have previously written several petitions to the Presidency, the state government, and security agencies about the activities of this militant gang.
“We attended meetings with the governor, and we had time with the oil companies’ representatives, because when they started, it was with the oil companies, and then rolled back to me that I have been deposed.
“So all those activities were reported to the government, and so many meetings were held by the government, and oil companies to resolve that, but the militants continued to do what they think is good for them until we reached this state.
“It was my opposition to this militant group that made them force me out of the community on self-exile.”
The monarch said the militant group, which took control of his community, continued all manner of atrocities until they allegedly got involved in the killing of military personnel at Okuama community in Delta State.
His words: “My community, Igbomotoru, for some time now, has had some internal problems and there is a group that brought militants to the community to dissolve the ruling class, and at the same time vandalised national assets of oil companies in our area which I opposed.
“I maintained that if we had any problem with the oil companies, we should apply normal communication with the oil companies and government, so they can look at those issues but this advice did not go down well with the group.
“Since that time, there have been problems. They did not allow me to visit my community for almost three years; they threatened my life and I escaped. I only get to the community when I have an incident of death of my relations, that has been the trend till the present issue of killing soldiers at Okuama.
“Where I am hiding, I got telephone calls from home, relations, and friends on what happened at Igbomotoru, and what I was told was that the Army came into the community, particularly on Igbomotoru ll. Igbomotoru is on both sides of River Sangana.
“Therefore, when I had this issue, I enquired from sources I should believe, they told me there was an Army invasion of the community, I was told a militant from Igbomotoru went to Delta, and some military officers who were there to make peace were shot dead, and that it was the reason the military invaded our community last Sunday.
Troops knew where the killer was and went there
“The troops that came knew the person they wanted and they went for him but some miscreants who were members of the militant gang came out, and wanted to know what was happening, in their usual militant way.
“There was an opening of fire by the Army, and some of the personnel were killed. Therefore, it was only members of the militant gang that they killed, not the natives.
“As a paramount ruler and somebody who has served in the Nigerian Army and retired, I must always report any act of lawlessness to the authorities, if not it means I am involved.
“Army operation at Igbomotoru community is just against the fleeing militant gang at Igbomotoru ll, where their leader resides, committing crimes. They have not crossed to Igbomotoru 1 but because of fear, people have deserted the entire community.
“It was not proper for anybody to kill, even when you are talking about the army. Civilians are not permitted to carry guns, and so my people should desist from this type of crime, which I have been drawing the attention of the government and all security agencies to before now. We know what those militant groups do is criminality.
“So, I urge the Army to continue to be civil as they are hunting for the suspected killers of soldiers because the community is ready to assist them in arresting all suspects involved in the dastardly act.”
Complaint to Bayelsa govt
In a correspondence dated January 7, 2022, addressed to the Bayelsa State Governor, and copied to the Deputy Governor, and the security agencies, Ofongo had raised the alarm that the community was under siege by the militant leader and his cohorts.
He pleaded with the authorities to wade in and mop up arms and ammunition in possession of these non-state actors to give the community and people a new lease of life.
The letter was entitled, “The Igbomotoru Community is under Siege in Southern Ijaw Local Government Area of Bayelsa State by a militant leader and his cohorts: A demand to mop up the illegal arms and ammunition in the hands of these non-state actors to usher in peace and tranquillity for the people.”
It read: “Please, permit me to refer to the Igbomotoru community’s petition captioned ‘Save Our Souls,’ dated December 9, 2020, that gave graphic details of attacks and brutalization of lgbomotoru people, specifically the youths of the community, by the popularly known “GENERAL…” and his cohorts that have sectionalized Igbomotoru community.
“The affected youths since then have been refugees in other communities, including Yenagoa, the Bayelsa State capital.
“The people to date, have not experienced any positive change in their attitude or behaviour. The people at the receiving end are pained, helpless, and uncertain, with the situation worsening over the days and months.
“He is intimidating and bragging, saying he is connected to the top and that complaints and petitions against him are brought back to him. He is strongly promising anyone petitioning him to be ready to accept whatever action he would take.
“This has emboldened him by the day, recruiting jobless and ready youths of Southern-ljaw Local Government Area and beyond into his army, vandalizing houses, and looting properties therein.
“Not only that, they are also molesting and brutalizing people of 1gbomotoru satellite communities of Lasukugbene, Baberegbene, including Oyeregbene, which is a satellite community of Peremabiri community.
“As earlier reported in the reference above, he is now the sole crude oil bunkerer, and artisanal refining guru in the Igbomotoru axis of the Nigerian Agip Oil Company Limited, trunk 18 inches diameter crude oil Tebidaba/Igbomotoru/Brass Pipeline. The returns are unimaginable.
“All others who attempted to locate their bunkering and refining sites on that axis have been chased away because the more bunkering and artisanal refining sites located, the easier for surveillance workers on oil pipelines to detect and report…”
Monarch forced to take oath of allegiance to militant leader
“On Saturday, December 1, 2021, at about 2 pm, he ordered his notorious squad, and at gunpoint, woke me up from sleep with a bang on the door, knowing sufficiently well that the previous night, I attended a wake-keeping ceremony in honour of my late elder brother, late Elder Tbogomo Ayibaikie Ofongo.”
The Amananawei said six men escorted him at gunpoint into a waiting 200-horsepower speedboat, which took him into the bush, and to a shrine where the militants ordered him to take an oath of allegiance to him (militant leader).
“When I reacted and said that I had before my coronation, subscribed to an oath before our ancestors and even God to be impartial in the discharge of my duties as Amananawei of Igbomotoru community, he ordered his gunmen and they fired several rounds of AK-47 rifles over my head.
“At that point, I realized I could be shot dead in the shrine, so I succumbed to save my life and took the oath,’’ he said.
The paramount ruler also disclosed that on December 12, 2021, the Igbomotoru I community chiefs, under the directive of the militant leader, convened a meeting of all the people of Igbomotoru 1 community in the town hall, where he hatched his dethronement.
He said a few days later, the warlord sponsored an announcement of his dethronement as the Amananawei on two radio stations in Yenagoa, the state capital.
Another petition
In another correspondence, IGBO/SECURITY/021/VOL3/22/7, dated July 13, 2022, addressed to the governor, Ofongo said the community was living in peace until sometime in December 2020 when the militant leader came to the riverside town from his hideout in Mbiama River axis in Ahaoda West Local Government Area of Rivers State.
The paramount ruler added: “He (militant) was on or before his arrival at Igbomotoru, encouraged by his siblings and others of Igbomotoru extraction to liberate the Igbomotoru people who they considered to have been held in bondage.
“As it is now, the people are intimidated and brutalized to submission and, in some cases, chased out of their ancestral homes.
“I have written at least two petitions against him about his criminal exploits in the community, and other surrounding communities as a kidnapper, assassin, crude oil bunker, and artisanal oil refiner to Bayelsa State government, and security operatives.”
The monarch said Bayelsa State government reacted spontaneously and denounced the dethronement as an exercise in futility and of no effect whatsoever.
He, however, noted that he, who is opposed to the activities of the militant in the lgbomotoru community, and others, have no access to the community.
Diri, Sylva’s verbal war
Vanguard’s efforts to get the reaction of the state government, the police and military formations in the area proved abortive.
But a source at the state deputy governor’s office, which oversees community and chieftaincy-related matters, said he was not aware of the purported letters by the monarch
The state government, it will be recalled, had through the deputy governor, Senator Lawrence Ewhrudjakpo, declared there are no ungoverned spaces in Bayelsa, and reiterated the state government’s commitment to peace and security as a matter of priority.
Shortly after the Okuama killings, a former governor of the state and ex-minister, Chief Timpre Sylva, said: “I condemn in totality the killing of men of the Joint Task Force in Okuama, Delta State. This again shows why politicians should not arm irresponsible non-state actors.”
“The last Bayelsa governorship election featured a lot of disheartening state sponsorship of gunmen. Today, we all see the result of that act of desperation and the unnecessary loss of precious Nigerian lives. My heart goes out to the families of those gallant soldiers who lost their lives.”
The governor, Senator Douye Diri, who accused Sylva of politicizing the killings, wondered why the ex-minister of Petroleum Resources “chose to dance on the graves of the slain soldiers in his false allusion to the use of non-state actors in the governorship poll in the state.”
His Chief Press Secretary, Mr. Dan Alabrah, said in a statement: “The military authorities should be allowed to conduct a thorough investigation into the sordid occurrence in Okuama. Comments should be restrained at this time, while efforts are on to unravel the perpetrators.”
He also noted that Sylva’s statement is akin to the proverbial pot calling the kettle black when the All Progressives Congress, APC, governorship candidate’s antecedents as a politician were “like an open book known to everyone.”
The governor said it was ridiculous that the same Sylva is whipping up sentiments and spreading falsehood over the presence of soldiers in Igbomotoru, where the military had reportedly extended its investigation into the Okuama killings
Shocking how militant leader beats military checkpoints
It was unclear how the armed militant leader and his band have been able to beat the many military checkpoints in the creeks, and waterways of the oil-rich Southern Ijaw council area known for massive deployment of security operatives to secure the nation’s critical oil assets.
Each occupant of boats approaching the military locations usually raises his/her hands like conquered people before proceeding with their journey.
Communities like Odi, Agge, and Letugbene, among others, in the state had in the past suffered collateral damage from military invasion caused by the unwholesome activities of some misguided arms-wielding youths who seized control of the communities from where they unleashed a reign of terror on their people with devastating consequences.
Life as an outlaw
The Igbomotoru axis of the state had over the years, been in the news as host to a retinue of illegal refining camps, popularly known as Kpofire, in local parlance and had served as haven for militants allegedly operating the illegal business.
The military has repeatedly conducted raids on the illegal bunkering sites in swathes of the swamp in search of the operators and destroyed such camps, while zeroing in on a militant kingpin, who allegedly got involved in militancy at a very tender age, and grew to become a commander and self-styled general after about 24 years of militancy.
The supposed militant leader is a supporter of one of the political parties in the state, and his relative is a top official of a local government council in the state, after he influenced his appointment
The militant leader, once linked to the abduction of a serving commissioner in Bayelsa State over the latter’s refusal to allow him establish a bunkering camp in his community, owns and runs a sophisticated local refinery allegedly in the deep swamp of Igbomotoru.
It was, therefore, not surprising that the Joint Task Force, JTF, sometime in 2022, declared him wanted for bunkering after a series of raids on illegal bunkering sites in the area but failed to capture him.
Militant leader dismisses JTF allegations
However, the militant leader had in a statement, described the allegations by the JTF as false and a desperate attempt to injure his reputation.
“I wish to set the record straight and state unequivocally that I am a peaceful and law-abiding citizen of the Federal Republic of Nigeria. I am not a militant leader, and I do not have any dealings or connections whatsoever with any illegal crude oil mining site in any forest,” he said.
According to some locals, besides the allegation that he is into bunkering and other vices, he is also involved in some philanthropic activities in the locality.
Last Yuletide, he reportedly organized a football competition with cash prizes for winners and distributed food items, meat, and cash to the elderly in the community.
He is also said to be paying school fees, and buys books for indigent pupils in the community, a gesture ostensibly extended to some elements within the security circle who had always facilitated his escape whenever he was being sought after by security men.
His knack for giving from the supposed proceeds of his illegal refining activities may have endeared him to some of the community folks, which he exploited in orchestrating the removal of the paramount ruler with the support of his loyalists.
Delta community cries out as soldiers comb homes, shrine for stolen weapons
In a related development, residents of Orere in Ewu Kingdom, Ughelli South Local Government Area, Delta State, have raised alarm that no fewer than 200 soldiers have laid siege to the community, combing homes, shrines for stolen weapons of the slain military personnel.
Consequently, several panic-stricken women and children ran into the bush when the soldiers invaded the community.
Villagers said the soldiers, reportedly, on clearance operations, claimed they were also looking for fleeing residents of Okuama, a distance of almost 50 kilometers to Orere, adding that the invading soldiers came in five military gunboats through the waterways, and four Hilux vehicles through the Ewu axis.
“We are calling on the state and federal governments to come to our aid because we are a peace-loving community; we are not harbouring anyone here in Orere, neither do we have guns,’’ one of the leaders of the community said.
My people are under siege – Edafeamredje, president-general
Similarly, The president-general of Orere community, Mr. Dennis Edafeamredje, said: “My people called me that they are under siege by the Nigerian Army, and from what I was told, the military men that came through land and water were over 200.
“They were shooting sporadically and that brought fear into the minds of our people, and many ran into the bush, and up till this moment, some parents are still looking for their children.
“The scene is traumatizing because they had not experienced anything of this nature. They were demanding from the community chairman and those that ran from Okuama to Orere community
“The distance from Orere to Okuama is nearly 50 kilometers and Orere is not in any way close, and nothing connects us to Okuama.
“I want to beg the President, the Nigerian Army, and Delta State governor, Sheriff Oborevwori, and other relevant authorities to know that Orere has no hands in whatever happened.
“They have come, they have searched, and they did not find anything incriminating or implicating, so, whatever they took from here, should be returned, and they should not come back to Orere again, because it is a traumatizing scene for our people.”
Tension in Okwagbe
Sources said there is tension at Okwagbe because the military base there had been expanded.
Vanguard gathered that soldiers stop and search tricycles and motorcycles, causing unnecessary apprehension.
A lawyer told Vanguard, “As I approached Okwagbe and saw how people were being intimidated, I turned back because I do not want to be subjected to such humiliation.”
But Dr. Matthew Kwode, a political leader in Okwagbe, who downplayed the situation, said on phone: “You know we have an army post at Okwagbe, there was heavy deployment because of the Okuama incident. I think that is their operational base right now, but I do not think they are harassing our people.”
Anthony, an indigene of the Okwemo community, narrating his experience, said: “Before now, we passed through Okwagbe freely without being made to raise our hands and searched.
‘’But now, there is fear as everyone riding in Keke and okada are searched as you raise your hands while passing through.”
Edafe, a Keke operator from Egbo-Ide community, said: “They have turned Okwagbe to military barracks, if you are passing through, you see soldiers everywhere with their vehicles at the check points.
“There is so much fear, I will not be going back there for now; we hear they will move to all the villages looking for Okuama people. The situation is getting tough. Okuama is far from here. We want peace please.”
I don’t accept collective sanction on Okuama, says Asari-Dokubo
Speaking on the development, Alhaji Asari Dokubo, who described the former Commanding Officer of the 181 Amphibious Battalion, Lt. Col. A.H Ali, killed in the Okuama ambush as his “Muslim brother, said: “I will not accept that collective sanction, collective punishment should be meted out on the whole people of Okuama who might not know what transpired.
“I do not support it, I do not buy it, why will anybody leave Okuama and Okoloba where the crisis started, and go to Igbomotoru in the Southern-Ijaw Local Government Area of Bayelsa State? What is the connection?
He, however, declared that “whoever killed Lt. Col Ali and the other soldiers must face the consequences of his action.”
Asari Dokubo pleaded with President Bola Tinubu to give marching orders to carry out a proper investigation to get to the root of who was responsible for the killing.”
Tinubu to attend today’s burial of 17 soldiers killed in Delta
Meanwhile, the 17 military personnel killed at Okuama in Delta State would be buried today at the military cemetery, Abuja, with President Bola Tinubu in attendance.
A statement announcing the burial said yesterday: “The burial ceremony of Nigerian Army personnel killed-in-action at Okuama community, Delta State, is scheduled for Wednesday (today), March 27, 2024 at the National Cemetery, Abuja. The President, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, President Bola Ahmed Tinubu, will be the special guest of honour at the event.”
[Vanguard]
I had the honour and privilege of being part of a delegation of prominent and distinguished Nigerians and friends of the Russian Federation to the Russian Embassy in Abuja today to offer our condolences and express our solidarity with President Vladimir Putin and the Russian people for the horrific and barbaric terror attack that took place in Moscow a few days ago.
On the delegation were Professor Isa Pantami, the former Minister of Communications and Digital Economy, Senator Mohammed Hassan, Senator Bashir Lado, Hon. Aliyu Farouk, and Dr. Joseph Onoh.
We were warmly received by the Russian Ambassador to Nigeria, His Excellency Alexey Leonidovitch Shebarshin, and his team, and we were inspired and encouraged by the courage, resilience, and strength that they displayed despite the circumstances of our visit and the horror that their people had been subjected to during the attack.
May God continue to be with the people of Russia; may He grant them victory against their adversaries; and may He protect them from evil and bloodthirsty men.
Media
{remote}https://youtu.be/ycAsOjh22NQ?si=13RMm_eMQ_PWLDTy{/remote}The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday.
Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating N25.09 appreciation for the naira.
Consequently, the margin between the parallel market rate and NAFEM widened to N32.95 per dollar from N21.96 per dollar on Monday.
Over the past month, the Nigerian naira has surged by 18.28 percent to reach N1,408.04 on Monday, up from its low of N1,665.50 recorded on February 23, 2024, as per data compiled from the FMDQ Securities Exchange.
The recent appreciation of the naira against the dollar can be attributed to foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).
Key reforms include the consolidation of exchange rate windows, liberalization of the FX market, resolution of FX backlog obligations for banks and airlines, implementation of a Price Verification System (PVS), imposition of limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF) to N2 billion, and restructuring of the Bureau De Change (BDC) segment.
The additional measures implemented are aimed at promoting a market where both the buyer and seller are willing participants. These measures include the removal of margin limits for International Money Transfer Operator (IMTO) remittances, the introduction of a two-way quote system, and comprehensive reforms within the BDC segment to bolster stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.
The Central Bank of Nigeria (CBN) sold dollars to Bureau De Change (BDC) Operators at a rate of N1,251.
In a circular issued by the CBN, the BDCs were directed to sell to eligible customers at a rate that does not exceed 1.5 percent above the purchase price.
NFIU uncovers IPOB’s UK, US other 25 cells, $160,000 payments - Funding Of Terror Attacks In Nigeria by IPOB
AFOLABIThe Nigerian Financial Intelligence Unit has uncovered 27 cells belonging to the Indigenous Peoples of Biafra in 22 countries across the globe, including the United State of America and the United Kingdom of Great Britain and Northern Ireland.
The NFIU said the US and the UK house the largest numbers of these IPOB cells per country, with seven and six operating IPOB cells respectively in both countries.
Details of the development were revealed in a newsletter exposing the funding of terror activities in Nigeria by IPOB, bandits, and other terror groups through global crowdfunding and on sports betting platforms.
The Federal Government had in 2017 proscribed IPOB and designated the self-determination group a terrorist organisation. Its leader, Nnmadi Kanu, is currently being tried on terrorism charges by the government.
The NFIU, in the document, titled “Counter Terrorism Financial Newsletter,” linked the running of IPOB to 54 individuals across the globe.
The document revealed: “The NFIU confirmed that the diaspora affiliates of the IPOB group have spread over 22 countries across the globe. Further analysis exposed 27 entities across the globe registered in the name of the group, the US and the UK had the highest number of registrations, having seven and six registered entities, respectively.
“The analysis further indicates that the group has several bank accounts in different countries where funds are being received from various contributors with the narrations ‘Monthly Dues, Services and for ESN’, among others, then later disbursed for various operations.
“It was confirmed that one of the major sources of revenue for the group is crowdfunding by several individuals abroad, mostly Nigerians.
“It was observed that over $160,000 was disbursed to Transmission, Media, and Broadcasting companies in Bulgaria, South Africa, and the United Kingdom. The analysis profiled the leader of the group, his addresses, and mobile numbers abroad with other 53 individuals associated with the dissident group. The report was forwarded to Law Enforcement for further investigation.”
The NFIU further revealed that a betting platform, simply identified as ‘XC’, filed a Suspicious Transaction Report on a 24-year Nigerian customer from North-Central, Nigeria.
“This 24-year-old from Nigeria’s North-Central region received over N350,000 in his betting wallet, believed to be ransom money from a kidnapping,” the NFIU said.
In another case, the financial intelligence unit exposed a terrorist attempting to evade being detected. It noted that the individual made structured cash withdrawals from different Automated Teller Machines and purchased flight tickets to high-risk areas, using credit cards.
The NFIU explained that whenever the individual exceeded his withdrawal limit, he would adopt alternative methods of travel.
“The terrorist then attempted suspicious transfers exceeding €1,000 to a local charity with potential links to terrorism. These transactions, along with others for luxury goods and escort services, raised red flags,” the newsletter stated.
The NFIU urged law enforcement agencies to investigate transactions by individuals linked to known terrorists or financiers; unauthorised tax collection or forced donations in terrorism-prone areas and Bureau de Change operators facilitating transfers within suspected networks.
Other areas the unit wants security agencies to beam their searchlights are multiple cash deposits in bank accounts; Point of Sale operators receiving large deposits followed by cash withdrawals; money transfers from Nigeria to high-risk countries; recruitment of individuals to open multiple bank accounts; and financial transfers to charities linked to terrorism.
Controversial Islamic scholar, Sheikh Ahmad Gumi, has said there was “no cause for alarm” after he was invited by the security agents on Monday over the nation’s insecurity, especially banditry in the North.
The Kaduna-based cleric said he had a fruitful discussion with Nigerian security agents who invited him over security issues.
Recall that the Minister of Information and National Orientation, Mohammed Idris, had on Monday told reporters at the State House, Abuja, that Gumi had been invited by the security agencies.
Reacting to the invitation, Gumi issued a statement on his Facebook page that there was no animosity in the meeting with the security agents, but respect.
“Last night I got many frantic calls from well-wishers and journalists about a news item that I was interviewed by security. There is no cause for alarm,” Gumi wrote.
“Yes, we had a productive interaction on how to curb banditry as we are all trying -each in his sphere – to tackle the monster bedevilling the nation. There was no animosity but courtesy and full of respect.
“We all need as a nation to unite and work in synergy to achieve an everlasting peace. Thank you for your concern. May Allah continue to protect us all from all evil. Amin.”
Gumi has appeared as a controversial personality following his disposition in persuading the federal government to have negotiations with the bandits terrorising the North West of the country.
The scholar had said many times that the government should give amnesty to bandits so that they can drop their arms, as it was done by former President Musa Yar’Adua to the former militants in Niger-Delta.
While Nigerians decried the worsening insecurity in the North in which bandits kidnap women and children for ransom, Gumi said negotiating with bandits is the solution to the problem.
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President Bola Tinubu has condemned the reprehensible acts perpetrated by kidnappers across the country, declaring that individuals involved in such despicable crimes must be treated as terrorists.
The President made the declaration on Tuesday at a Ramadan dinner with members of the Federal judiciary led by the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola.
The dinner was attended by serving and retired judicial officers, including two former CJNs, Justice Mahmud Mohammed and Justice Walter Onnoghen.
Reiterating the government’s resolve to defeat banditry, the President said those who resort to kidnapping children are cowards, incapable of confronting the might of the Nigerian Armed Forces.
President Tinubu, in a statement by his spokesman, Chief Ajuri Ngelale, was quoted as saying, ”We must treat kidnappers as terrorists. They are cowardly. They have been degraded. They look for soft targets. They go to schools and kidnap children and cause disaffection. We must treat them equally as terrorists in order to get rid of them, and I promise you we will get rid of them.”
On the review of salaries of judicial officers, the President pledged that his administration would continue to implement necessary reforms to improve the welfare and working conditions of judicial officers.
He said, ”I recognize that the judiciary has one of the most unrewarded responsibilities. They are yet to modernize equipment and recordkeeping, and their progress towards improvement is slow.
”When you look at the career path of a judicial officer, they cannot practice the vocation for which they were trained after retirement.
”While the framers of the law may have their reasons, I perceive this differently and see this from a fair compensation angle that should benefit all.”
President Tinubu expressed gratitude to the judiciary for their dedicated service to the nation, acknowledging their role in upholding the respectability of the judicial arm of government.
“We will continue to support one another and bring Nigeria to that glorious dawn,” the President concluded.
The Chief Justice of Nigeria commended the President for the honour of hosting judicial officers to a Ramadan dinner, his commitment to judicial reforms, and for improving the welfare of judicial officers in the country.
“May the Lord continue to bless you and your administration. Let your ship land and berth beautifully. We shall continue to pray for your administration because there are many good things in the pipeline for Nigerians,” he prayed.
Justice Ariwoola commended the administration for achieving a significant milestone by appointing a full complement of 21 justices to the Supreme Court, a feat he described as unprecedented.
Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, expressed gratitude to the President for forwarding the executive bill titled, “Judicial Office Holders, Salaries and Allowances, etc, Bill 2024” to the National Assembly.
Highlighting the stagnant state of judges’ salaries and emoluments since 2007, Fagbemi commended the President’s courage, determination, and compassion in taking decisive action.
”It takes a man with a great heart, determination, and consideration to do what the President did. More than 300.3 percent increase has been given to the judges. The President has done his own part, never mind that the bill is still with the National Assembly.
”In my short stay as the Attorney-General, I have come to observe that anything that concerns the judiciary, you are very much interested in it, and I thank you for your abiding interest in the judiciary,” the Minister of Justice said.
[STATE HOUSE PRESS RELEASE] President Tinubu Appoints New Coordinator for National Centre for the Control of Small Arms and Light Weapons
AdminPresident Bola Tinubu has approved the appointment of DIG Johnson Babatunde Kokumo (rtd) as the new Coordinator of the National Centre for the Control of Small Arms and Light Weapons under the Office of the National Security Adviser.
DIG Kokumo (rtd) is a seasoned and accomplished law enforcement professional with over 30 years of experience in crime prevention, management, analysis, and control.
He was Deputy Inspector-General of Police, Force Criminal Intelligence and Investigations Department, Force Headquarters, Abuja, from 2022 to 2023.
The President expects that the new Coordinator will deploy his immense experience and expertise in efforts to revamp the Centre and evolve new strategies to bring lasting solutions to the menace of arms proliferation which is a significant driver of insecurity in the country.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
Six out of the 137 Kuriga students who were rescued by troops from their abductors have been hospitalized.
In a statement issued on Monday, the General Officer of 1 Division of the Nigerian Army, Major General Mayirenso Saraso, stated that the hospitalized students will be handed over to the state government once they are deemed medically fit by the doctors.
Saraso revealed this information after delivering 131 Kuriga children to the Kaduna State governor, Uba Sani, at the Government House.
The unfortunate incident occurred on March 7, 2024, when bandits invaded the LEA Primary School and Government Secondary School in Kuriga, Chikun Local Government Area, Kaduna, and abducted the students.
Fortunately, the military successfully rescued the students in Zamfara State on Sunday morning.
It could be recalled that the bandits had demanded a ransom of N1 billion for their release and set a deadline of March 27.
Nevertheless, the federal government clarified that no ransom was given to secure the students’ freedom.
During a speech at the Kaduna Government House, General Saraso mentioned that a combination of kinetic and non-kinetic strategies were utilized to rescue the students, who were held captive for 16 days.
He also informed me that one of the abducted teachers, Mr Abubakar, passed away while in captivity.
The general further elaborated that 131 students were physically brought to the Government House on Monday, as six were receiving medical treatment at a military facility in the state.
“In all, there were 137 children and one staff member, making 138 persons altogether, that were abducted from the co-located schools on the ill-fated day. But unfortunately, the staff member, Mr Abubakar, is not here with us today because he died while in captivity,” he said.
The Nigerian Army has reportedly cleared 200 suspects accused of having links with deadly terrorist group, Bokoharam.
According to reports, the detainees who were arrested by the military in the heat of insurgency would be released to the Borno State government today.
According to Daily Trust, Governor Babagana Zulum’s led government will receive the suspected terrorists today for proper reintegration into society.
It was reported that the event will occur on Tuesday morning at Giwa Barracks in Maiduguri, the state capital.
“Not fewer than 200 cleared Boko Haram suspects are being cleared of any wrongdoing by security operatives, and they will be handed over to the Borno State Government for rehabilitation and reintegration.
“The handing over ceremony is set to be this morning (Tuesday) at 10: am at Giwa Barracks,” a source, who spoke with the news platform, revealed.
The source further disclosed that the State Commissioner for Women Affairs, Zuwaira Gambo, and her Information and Internal Security counterpart, Prof Tar Umar, will receive the clear detainees on behalf of the state government.