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The Cosmopolitan Women’s Cub of Lagos on The Occasion of The International Women’s Day 2024 Joins All Women of Every Strata in Nigeria and The World Over to Once Again Celebrate Ourselves.
It is good to thank God for the success thus far of the millions of women’s march for women’s rights as human rights.
However, it looks like no sooner have women seemed to have broken the glass ceiling than is it replaced by a tripled glazed glass barrier.
Poverty is rife and has sadly attained generational dimension and women are amongst the poorest of the poor.
Families are without the basic necessities of life and end up going to bed hungry.
Extremely high cost of living and inflation have reduced households to a status of indignity.
Disease and poverty have excluded large numbers of women and children from basic human needs of healthcare and housing.
Gender inequality impacts on empowerment of women in politics and decision-making positions thereby leading to exclusion.
So, as we reflect on the IWD theme inspire inclusion, let us resolve to act in unison to break down all barriers to women’s liberation.
Happy International Women’s Day.
Dame Marie Fatayi-Williams President Cosmopolitan Women’s Club, Lagos
The Central Bank of Nigeria says foreign portfolio inflow into Nigeria surged $2.3 billion in the first two months of 2024 compared to $3.9 billion recorded in 2023.
The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, disclosed this on Thursday.
She noted that foreign investors purchased more than $1 billion in Nigerian assets in February alone.
According to her, the surge in foreign investor’s interest in Nigeria has led to total portfolio flows reaching $2.3 billion in 2024.
Meanwhile, the apex bank said diaspora remittances surged by 443 per cent to $1.3 billion in February.
“Foreign investors purchased more than US$1 billion of Nigerian assets last month, with total portfolio flows of at least US$2.3 billion recorded thus far in 2024 compared to US$ 3.9 billion seen in total for last year,” she stated.
DAILY POST recalls that foreign investment portfolios in the fourth quarter of 2023 surged by 66.77 per cent to $1,060.73 million in the fourth quarter of 2023 compared to the preceding quarter.
Meanwhile, an economic think tank group, Centre for the Promotion of Private Enterprise, said the recently introduced expatriate employment levy will hurt FDI in Nigeria.
The House of Representatives, on Thursday, charged the Federal Inland Revenue Service, FIRS, to recover all taxes totalling over N5.19 trillion owed to the Federal Government by ministries, departments and agencies.
The development comes after the adoption of a motion by the member representing Oredo Federal Constituency of Edo State, Esosa Iyawe.
He said, “Audit reports from 2015 to 2019 revealed government agencies owing hundreds of billions in FIRS taxes, comprising underpayments and under-recoveries and over 5,000 companies and MDAs of the Federal Government owing N5.2 trillion in withholding taxes.”
Iyawe further argued that under-remittance and non-remittance of tax deprived the country of much-needed revenue.
He said, “The effect could be crippling on the country’s already dwindling economy.”
He contended that small-scale businesses in Nigeria were frustrated by multiple taxations by the FIRS “while states and local government authorities, multinational companies and other corporate organisations are getting the kid-glove treatment.
“To ensure that all debts in taxes owed to the federal government are duly recovered and reported back within four weeks for further legislative action.”
The N28.7 trillion 2024 Budget signed by President Bola Ahmed Tinubu has a deficit of N9.18 trillion.
Meanwhile, FIRS generated N12. 37 trillion as tax revenue in 2023.
Organised Labour was divided, yesterday, over what the new minimum wage should be. The lack of unanimity was evident at public hearings organised by the Tripartite Committee on National Minimum Wage, TCNMW, across four of the six geo-political zones of the country.
In the South-West, while leaders of the Nigerian Labour Congress, NLC, proposed N794,000, those of the Trade Union Congress, TUC, proposed N497,000 as minimum wage as the Director-General, Michael Imoudu National Institute for Labour Studies, MINILS, Ilorin, Kwara State, Comrade Issa Aremu, said the range should be between N120,000 and N200,000.
In the South-East, the NLC said it preferred the new minimum wage to be N540,000, while the TUC suggested N447,000.
However, South-South workers proposed N850,000, with their North-West counterparts angling for N485,000 minimum wage.
This happened as North-West governors shunned the parley with their South-West colleagues, saying it will be hard to sustain higher wages for their workers without a significant adjustment in some of the narratives in the national economy, such as revenue sharing formula.
However, Governors Douye Diri (Bayelsa) and Umo Eno (Akwa Ibom) promised to abide by the resolutions of the parleys.
Drama in South-West
The differences in the proposals of the NLC and TUC in the South-West came as governors from the zone said the majority of governments in the zone could hardly sustain improved wages and salaries for workers as things stand now.
Organised Labour is advocating a N500,000 minimum wage, following the submission of proposals by state chapters to the headquarters of the congress.
The hearing is aimed at hammering out a new minimum wage that aligns with the current economic conditions and meets the expectations of workers.
On the government’s part, the argument was that even though workers deserve a new wage, each state should be allowed to negotiate with its respective workers because of its peculiarities.
However, labour unions described the stance of some governors’ inability to pay minimum wage as “unacceptable.”
These were the high points of the South-West, geo-political zone public hearings organised by the Tripartite Committee on National Minimum Wage, TCNMW, and chaired by the Minister of Finance, Mr Wale Edun. The hearing was held at LTV Ground, Agindingbi, Ikeja, Lagos.
The chairman of Lagos State NLC, Mrs. Funmi Sessi, recommended payment of at least N794,000 minimum wage for workers and appealed to the Federal Government to ensure that the national minimum wage remains on the exclusive list.
Sessi also suggested that a review of the minimum wage should be every two years instead of the current five years.
Sessi asked for a 13 per cent derivation for Lagos State because of its peculiarities, noting Lagos needs to conform to the standards of other cities of the world.
On his part, the representative of TUC, Mr Gbenga Ekundayo, called for an annual review of minimum wage as stated in Section 3(4) of the National Minimum Wage Act; and advocated for N497,000 new minimum wage.
Organised private sector
To the Director-General, Michael Imoudu National Institute for Labour Studies, MINILS, Ilorin, Kwara State, Comrade Issa Aremu: “in real-time, the purchasing power of workers has been eroded. The two scriptures recognize the payment of workers. If you pay workers very well, it is Godly. It is also good economically because workers are meant to purchase goods and services.
“To get the minimum wage right, you must talk about affordability. We should be realistic on what will keep workers alive and at the same time sustain the establishments. I think we should be talking in the range of N120,000 to N200,000.”
Others who spoke at the South-West hearing include Professor Adejumo Akintoye, who represented the Congress of Nigerian University Academics, CONUA; Mr Tayo Adelaja, who represented the Manufacturers Association of Nigeria, MAN; Vice-President (South-West zone) Nigerian Association of Small and Medium Enterprises, NASME, Mr Solomon Aderoju, who lamented that firms and workers are facing hard times in the country.
S’West govs list challenges of meeting minimum wage
Speaking on behalf of his South-West colleagues, Osun State Governor, Ademola Adeleke, said: “The committee on the proposed New Minimum Wage was established by the Federal Government and I was appointed to represent governors from the South-West geopolitical zone.
“In all our meetings and various deliberations, one thing that the committee has been able to establish is that the workers in Nigeria are due for an improved welfare package.
“To this effect, there is a consensus for an upward review of the National Minimum Wage because the existing one has become unrealistic.
“Having said this, it has to be reiterated that the majority of governments at the Sub” nationals can hardly sustain improved wages and salaries for their workers without a significant adjustment in some of the narratives in the national economy.”
He continued: “In tandem with the public outcry for the review of the sharing formula for the federation account, the time has come for the Federal Government to revisit the matter. “There is an urgent need for the review of existing sharing formulas in favour of states and local governments. I call on the National Assembly through the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, to urgently take decisive action to look at the ratio objectively and realistically.
“As we offer opinions on minimum wage, I will admonish all workers both in the private sector and public service to improve their productivity. This is a way to ensure the sustainability of the new minimum wage when it is eventually approved.
“Our position from Osun State is that workers deserve improved wages and salaries. The Osun State Government is in support of a new and realistic minimum wage for all workers within the limit of available resources in a very sustainable manner.
In Lagos, we prioritize workers’ welfare, says Sanwo-Olu
Earlier, the chief host, and Lagos State Governor, Mr Babajide Sanwo-Olu, who was represented by the Head of Service, HoS, Bode Agoro, said that Lagos is committed to working collaboratively with other states and the Federal Government to arrive at a fair and realistic wage structure that takes into account, the diverse economic conditions across the nation.
“In Lagos State, we have always prioritized the welfare of our workers, recognizing that a well-compensated and motivated workforce is essential for sustainable development. One notable accomplishment has been the regular review of the minimum wage. I am proud to announce that Lagos State has implemented a minimum wage of N41,500, surpassing the standards set by many other states in the region.”
FG wants to make an informed decision – Edun
Earlier, Finance Minister Edun said the committee is interested in well-researched position papers that will aid informed decisions.
The minister, who is the South West Zonal Committee Chairman on the minimum wage, said: “We must recognize the significance of this assignment and its multiplier effect on the lives of millions of hardworking citizens and our great country Nigeria.
“We recognize the interests of balancing both employers and employees to achieve a fair and sustainable minimum wage that promotes social justice and economic stability.”
“The 37-member National Minimum Wage Tripartite Committee, which Mr. President constituted with equal memberships drawn from the government side (Federal and states) organised labour and the employers’ association has been tasked with ensuring that our minimum wage reflects the evolving economic landscape, adequately addresses the well-being of our workforce and of course the ability to pay sustainably.”
NLC, TUC divided in S-East
At the South East zonal public hearing organized by TCNMW in Enugu,, the Enugu State TUC Chairman, Comrade Ben Asogwa, who spoke on behalf of his colleagues in the zone, said that wage increase had become inevitable based on the present economic situation in the country.
While the NLC said it prefers the new minimum wage to be N540,000, the TUC maintained a proposal of N447,000; with both organised labour unions concurring that the minimum wage law should be reviewed every two years instead of five years as the law currently prescribes.
Asogwa said: “We can’t bear the suffering again, we believe that the needful should be done, we’re disappointed that the governors are not here. We have seen that five years is a long time for the review and so we have proposed that the minimum wage should be reviewed every two years.
Unwilling govs should quit or be impeached
“We are also saying that the law should reflect that any governor who is not ready to pay the minimum wage law should vacate his office and not the fine of N250,000 as recommended by the law. TUC is looking forward to the possibility of implementation of the wage and we can’t give a different proposal from what the national leadership of the TUC has made and so we affirm that the least we can take is N447,000.”
The Enugu State Chairman of the NLC, Fabian Nwigbo, who spoke on behalf of his colleagues in the zone, noted that it was not even all the states that implemented the old N30,000 minimum wage.
Nwigbo lamented that Nigeria’s minimum wage was less than eight per cent of what was obtained in other African countries, stating that in 2019 when N30,000 was proposed, prices of commodities and fuel were lower than their present rates.
South-South workers propose N850,000,00 minimum wage
In the South-South zone hearing, workers proposed tN850,000 as the new national minimum wage.
The position of the zone was contained in a memorandum presented in Uyo by the Chairman of the (NLC Akwa Ibom State Council, Comrade Sunny James, at the event.
James stated: “The standard of living for every worker has become suicidal and strangulating. Every single item a worker depends on for sustenance has gone out of reach-foodstuffs, transportation, school fees, accommodation, medical care, clothing, even ordinary sachet water.
“The leadership of Congress, therefore, posits that to ensure social stability, increased productivity and to adhere to the global requirements of decent work, the following socio-economic indicators must be considered as we review the 2019 minimum wage: The cost of living per day, housing/accommodation, Transportation/utility, Health, Educational, etc. Using the above key indicators for measurement and considering that the comparatively high cost of living peculiar to the oil -producing areas, a consequence of oil exploration and mining activities, the South-South zone hereby proposes a new wage of N850,000.”
He also recommended that the minimum wage should be retained in the exclusive legislative list.
He continued: “The zone proposes a penalty for those contravening the minimum wage to include the impeachment and imprisonment of such insensitive/inhuman governors, withdrawal of operational license to the defaulting private sector employers.”
In its memorandum the Nigerian Medical Association, NMA, said it supports the demand of N850,000 minimum wage as proposed by the NLC.
Prof Emem Abraham, Akwa Ibom State Chairman of NMA, who submitted the memorandum to the committee, noted that the consequential adjustment is of utmost importance to NMA members.
We’ll implement new wage – Govs Eno, Diri
In his remarks, Akwa Ibom State Governor, Pastor Umo Eno, who noted that the welfare of Akwa Ibom workers had always been on the government’s priority list, assured that the state would implement the outcome of the hearings.
Eno who was represented by Head of Service, Elder Effiong Essien said: “It is on record that in the 2019 new minimum wage implementation effort, Akwa Ibom State was the first to inaugurate the state implementation committee.
“In line with the spirit and intent of the ongoing revision of the National minimum wage to provide a living wage, I wish to assure that my state, Akwa Ibom will align and oblige the outcome as usual, when the input from the hearings shall have been collated, considered and enacted into the Act by our legislators.”
Similarly, Governor Duoye Diri of Bayelsa State who was represented by the Head of Service, Mrs Biobelemoye Charles-Onyeoma, said: “ I want to thank His Excellency the President for setting up this committee in recognition of the plight of the workforce and the need to engage the stakeholders.
“We appreciate the workforce of Nigeria because without the workforce the government cannot do anything. Having listened to all the presentations I want to encourage us that as a government whatever harmonious review that would be done, we will be willing and ready to abide by it.”
N’West NLC proposes N485,000 minimum wage
In the North-West, the NLC proposed N485,000 as the new minimum wage for workers.
At the hearing held at the Coronation Hall, Government House, Kano, Kano State Chairman of the NLC, Kabir Inuwa, proposed on behalf of the North West leadership of the congress.
He said the proposed minimum wage of N485,000 was necessary considering the dynamics of the national economy.
“The congress thinks that for any minimum wage to achieve its purpose it must reflect the realities of the economic situation and accordingly assess the least income that would be sufficient for the survival of a family of six,” Inuwa said.
The NLC chairman said that the Minimum Wage Act provides all the protection required to ensure compliance.
“This may be initiated by an individual or trade unions. The lack of awareness of the existing laws constitutes rampant contravention of the law most especially by some state and local governments. If the labour unions can initiate a mechanism to explore the provision of the law, would record minimum defaults.
He urged the Federal Government to ensure compliance by withholding all allocations to any state or public institutions that contravened the minimum wage law. Governors of the North-West zone were absent apart from Katsina State Governor, Dikko Radda, who sent a representative, and the host governor, who was represented by his deputy, Abdulssalam Gwarzo.
[Vanguard]
Sani Abdullahi, a teacher at the Government Secondary School Kuriga, Chikun LGA of Kaduna, says 287 students are missing after bandits attacked the community on Thursday morning.
Abdullahi, who spoke when Uba Sani, governor of Kaduna, visited the community after the incident, said bandits invaded the primary and secondary schools at about 8am.
The teacher said a member of the Kaduna State Vigilante Service (KADVS) was killed by the bandits when he attempted to confront them.
“At GSS Kuriga, 187 students are presently missing. In the primary school, 125 pupils were initially missing, but, 25 of them escaped and returned home,” Abdullahi told the governor.
The teacher said he resumed work by 7:47 am and entered the acting principal’s office to sign the staff register when the bandits surrounded the school premises.
“All of a sudden, the acting principal asked me to look at my back and when I turned, we discovered that bandits had surrounded the school premises,” Abdullahi said.
“We became confused, we didn’t know where to go. Then, the bandits ordered us to enter the bush, so we obeyed them because they were many.
“So, when we entered the bush, I was lucky to escape alongside many other people. I returned to the village and reported what happened to the community.
“Immediately our vigilante and personnel of Kaduna Vigilante Service followed the bandits, but the vigilante did not succeed. The bandits killed one of the vigilantes, we just buried him a short while ago.
“It was when we came back that we briefed the village head and we started making efforts to find out the actual number of pupils and teachers taken by the bandits.”
Commenting on the attack, the governor of Kaduna said: “Since I received the sad news of this incident, I have not had rest of mind because every child in Kaduna state is my child. So, I don’t want you people to be disturbed.
“Let us pray to God to help and on our part as a government, we will not rest until these children return home.”
He promised to establish a police station and build a permanent camp for the military in the community.
The Kaduna governor said he had briefed Nuhu Ribadu, the national security adviser (NSA), about the attack.
He said efforts are being made to deploy security forces to rescue the children.
“We will do whatever we need to do to ensure the safe return of these children, even if it means coming to Kuriga to stay with you,” Sani said.
[TheCable]
[STATE HOUSE PRESS RELEASE] President Tinubu Suspends Rural Electrification Agency Managing Director and Team From Office
AdminIn the light of new findings unearthed during a comprehensive investigation into the financial activities of the Rural Electrification Agency (REA), President Bola Tinubu has approved the indefinite suspension of the Managing Director/CEO of the Rural Electrification Agency (REA), Ahmad Salihijo Ahmad, alongside three Executive Directors of the Agency, from office:
(1) Olaniyi Alaba Netufo — Executive Director, Corporate Services
(2) Barka Sajou — Executive Director, Technical Services
(3) Sa'adatu Balgore — Executive Director, Rural Electrification Fund (REF)
Furthermore, President Tinubu has ordered a wider investigation into the conduct of the aforementioned officials in a fraudulent misexpenditure amounting to over N1.2 billion over the past two years, some of which has already been recovered by anti-graft agencies.
By the directive of the President, the following qualified Nigerians are appointed to serve in the new management team of the Rural Electrification Agency (REA) in acting capacity with immediate effect:
(1) Abba Abubakar Aliyu — Managing Director/CEO
(2) Ayoade Gboyega — Executive Director, Corporate Services
(3) Umar Abdullahi Umar — Executive Director, Technical Services
(4) Doris Uboh — Executive Director, Rural Electrification Fund (REF)
(5) Olufemi Akinyelure — Head of Project Management Unit, Nigeria Electrification Project
President Bola Tinubu expects all appointees in his administration to uphold the highest standards of transparency and accountability in the discharge of their duties and reiterates his determination to elevate the yearnings of Nigerians for good governance and qualitative service delivery above the narrow interests of individuals who are entrusted to provide critical services to the Nigerian people.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 7, 2024
[STATE HOUSE PRESS RELEASE] President Tinubu Directs Ministers to Ensure Research Outcomes Guide Policy Formulation and Execution Across Key Sectors
AdminPresident Bola Tinubu has directed relevant Ministries, Departments, and Agencies (MDA) of the Federal Government to ensure that the outcomes of research in science and technology are used to enrich policies that impact the real sector.
The President issued the directive when the President of the Nigerian Academy of Science and the fellows of the Academy paid a courtesy visit to the President at the State House in Abuja on Thursday.
President Tinubu emphasized that his administration is advancing an all-encompassing approach to leveraging the capacity of Nigerians to innovate and create solutions from all spheres of human initiative across the public and private sectors, including farming, manufacturing, information technology, and the academia.
"The pathway to unlocking the potential of our national contribution to the global economy of tomorrow lies in what we do today. I am fully committed to the comprehensive integration of research, and the outcomes of research with the process of policy formulation and implementation in all fields of national endeavour," President Tinubu told leaders of the Nigerian Academy of Science (NAS).
During his investiture as the Grand Patron of Science by the Academy, the President said the pace of change around the world, reflected in some national and global challenges, requires more reliance on research for solutions and actionable data, especially in health and education.
"The Minister of Education, the Coordinating Minister of Health and Social Welfare, and the Minister of Budget and Economic Planning are here. All the relevant ministries should sit up and ensure that science research guides process development in relevant areas of advantage. We must not fail to utilize research outcomes in the process of enriching our policies," the President said.
In her remarks, the President of the Nigerian Academy of Science, Professor Ekanem Braide, said a national research fund should be established as the country moves towards a knowledge-driven economy.
"Mr. President, we thank you for your support for a national research fund and we believe that this will go a long way in resolving our challenges and indeed, we can make quicker progress if we take advantage of the inputs of all Nigerians from the business community, the academia, and the public sector," Professor Braide said.
Listing some of the interventions and achievements of the Academy in improving the lives of Nigerians, Professor Braide further advised that the nation's 265 universities, 84 polytechnics, and 205 colleges of education be upscaled in science research infrastructure and funding.
The President acknowledged the historic feat of Professor Ekanem Braide in emerging as the first female President of the Nigerian Academy of Science since its establishment in 1977.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 7, 2024
The House of Representatives has commenced investigation into the N200 billion meant for the suspended 2023 Population and Housing Census.
On Thursday, the House mandated its committee on population to invite the director-general of the National Population Commission, NPC, to give an account of how the N200 billion was expended.
This followed the adoption of a motion titled, “Need to Investigate N200 Billion Spent on the Suspended 2023 Population and Housing Census”, moved by Hon Clement Akanni during the House plenary in Abuja.
Adopting the motion, the House noted that census is a process of systematically collecting, compiling, and analysing demographic, social and economic data of a population within a specific region.
The lawmakers also noted that governments conduct censuses to gather accurate and comprehensive information such as age, sex, marital status, education, occupation, housing, and other relevant demographic and socioeconomic characteristics of a country.
The House said it was aware that the last census that was conducted in 2006 by the National Population Commission gave a population figure of 140 million.
It said it was also aware that the immediate-past administration of former President, Muhammadu Buhari planned to conduct another census in 2022, but the programme was later postponed to 2023.
The House recalled that earlier in March 2023 the former Minister of State for Budget and National Planning, Clem Agba, said a total of N869 Billion would be required for the exercise, including Post-Census-Activities.
It also recalled that the National Population Commission, NPC, said it has spent about 200 Billion to prepare for the 2023 population and housing census.
The House was disturbed that the exercise was, however, suspended indefinitely by former President Muhammadu Buhari a few days before leaving office.
The House referred the matter to the committee on population to report back for further deliberation.
A chieftain of the ruling All Progressives Congress (APC), Dr Salihu Lukman has said that President Bola Tinubu was failing in the task of governing the country.
Lukman, who resigned his position recently as the National Vice Chairman (Northwest) of the APC, said the President has been toeing the same line of failure as the Peoples Democratic Party (PDP) that led to the “wasted years”.
Lukman noted that virtually every Nigerian leader, with probably, negligible exceptions, are self-centred.
According to him, they have limited engagements with President Tinubu to only what they can get from him in terms of appointments into his government.
The former Director General of the Progressives Governors’ Forum, (PGF) conveyed his message in an open letter on Wednesday.
Lukman, in his letter, entitled, ‘Burden of Leadership,’ said, “Already, with the way former President Buhari had managed the country for eight years, in the same political orientation PDP ran the country for sixteen years, President Tinubu is justifiably, continuing that path.
“Our leaders who led the merger negotiation to produce APC in 2013, owe it to Nigerians, to call President Tinubu to order and get him to recover whatever is left of his democratic and progressive credentials.
“APC leaders and President Tinubu must resist the temptation of toeing the path of self-destruction by continuing to operate as a closed government.
“Achieving that will require readiness on the part of all APC leaders to make all the sacrifices to regain their respect back, based on which they emerged as leaders and not bosses.
“Although, being a self-acclaimed Awoist and progressive, not coming from a military background like former President Buhari, the expectation of many is that he will at least, be more democratic.
“This should connote more consultations, based on which perhaps, the structures of the APC as a political party would be made more functional.”
He however observed that Tinubu passed the first test with the zoning of the leadership positions of the 10th National Assembly and by extension, the present government.
“Confronted with a hostile party leadership under Senator Abdullahi Adamu who was decidedly anti-zoning, to be fair to President Asiwaju Tinubu, he was able to handle the situation to the best of his ability, based on which he produced a balanced leadership for the 10th National Assembly.
“Unfortunately, most of our APC leaders from the North, for whatever reasons, were speculated to have worked at variance with the initiatives of President Tinubu to produce a balanced leadership.
“That could have been partly, responsible for the complete lack of attempt to forge a united front with President Tinubu and party leaders from the North, to ensure that the successor to Senator Adamu as APC National Chairman is produced through consultations.”
Dr Lukman berated political office holders in the Tinubu administration, accusing them of accumulating financial resources for the 2027 general election.
He said, “Our leaders occupying political offices are busy accumulating financial resources, legitimately or otherwise for future elections.
“We must caution our leaders, as things are, they are on the verge of self-destruction. It is very clear that President Tinubu’s respect for political leaders in the country is weak, largely because of the failure to act as leaders.
“Virtually, all APC leaders are behaving more like bosses. Accordingly, this is now a source of threat with the potential danger of leaders completely losing relevance and unable to command the respect of citizens.”
Lukman said the least will be for APC and President Tinubu to lose elections in 2027, pointing to threats of rebellion against the leadership in the country.
“Given all these, any conclusion about APC shortchanging Nigerians can hardly be dismissed.
“Making APC a functional party is about ensuring that all organs of the party are allowed to operate as provided in the party’s constitution. Anything short of that will only contribute to destroying democracy in Nigeria,” he added.
The Central Bank of Nigeria (CBN) has further moved to curb inflation and stabilise the exchange rate, thereby fostering a more balanced economic environment, through the completion of another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion at a striking 21.490 per cent.
The auction, which took place on March 6, 2024, saw the bills being offered across three different tenors.
According to the Summary of Auction Result, the highest interest, or stop rate, was recorded for the 364-day tenor at a striking 21.490 per cent.
This maturity date is slated for March 6, 2025, and it had an offer of over N312 billion, with subscriptions skyrocketing to nearly N1.54 trillion.
The CBN has successfully allotted the same amount as the initial offer, showing a robust appetite from investors, which has continued to soar in recent times.
In comparison, the shorter tenor T-Bills drew a more modest interest rate, with the 91-day bills closing at a stop rate of 17.240% and the 182-day bills at 18.000%.
The 91-day bills, maturing on June 6, 2024, saw an offer of N14.4 billion and received an oversubscribed interest of over N66 billion.
All the offered amount was allotted to bidders. Similarly, the 182-day bills had an offer of N10.5 billion and were subscribed to over N51 billion. The maturity date for these bills is set for September 5, 2024.
The range of bids for the different tenors varied, with the 91-day bills having a bid range of 15.9000% – 22.0000%, the 182-day bills slightly narrower at 14.0000% – 22.0000%, and the 364-day bills having bids placed between 17.0000% and 27.0000%.
These results highlight the CBN’s continuous efforts to regulate liquidity and control inflation by issuing treasury bills. The high stop rate of 21.490% on the 364-day tenor indicates an aggressive stance by the CBN in curbing excess liquidity, which could be seen as a move to attract more investors to government securities.
The decision to significantly raise the volume of treasury bills auctioned, especially for the 364-day tenure, underscores the CBN’s commitment to addressing the liquidity surplus in the economy.
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Forensic Expert Testifies In Emefiele’s Trial, Claims $6.2M Election Observer Documents Were Forged
Admin
A forensic analyst has told a federal capital territory (FCT) high court in Maitama that the documents used to request the payment of $6.2 million for foreign election observers were forged.
Bamaiyi Meriga, the forensic analyst, said this on Thursday while giving evidence as a witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).
Emefiele is standing trial on a 20-count amended criminal charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
The amended charges border on alleged breach of trust, forgery, conspiracy to commit forgery, procurement fraud and conspiracy to commit a felony
The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market.
FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday.
The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.
The development had led to a consecutive drop in Naira at the official forex market to 1,605.74 per USD on Wednesday and N1,602.43 the previous day.
Recall that on Monday, Binance informed users that any remaining NGN balances would be automatically converted to Tether, USDT stablecoin after March 8 amid a regulatory clampdown by the Nigerian Government.
The Nigerian Government had blamed Binance for the continued forex crisis in the country.
However, despite the regulatory move against Binance and other cryptocurrency platforms, Africa’s populous country’s FX crisis has yet to be resolved.
An FCT High Court sitting in Kubwa has struck out the N1 billion suit brought against a former Minister of Justice and Attorney-General of the Federation, Abubakar Malami, while he was in office.
Also sued was a civil servant, Ms Asabe Waziri and two others – the office of the former minister and the Federal Ministry of Justice.
The suit was brought against the former minister in his personal capacity along with Waziri and the two others by an Abuja-based property developer, Mr Cecil Osakwe.
But Justice Oluyemisi Adelaja, on Thursday, struck out the matter, citing lack of diligent prosecution by Osakwe.
“The claimant is the one who filed the action and is required to be seen diligently prosecuting same but they are not in court and there is no reason for their absence before the court.
“They have, therefore, been absent without reason and consequent upon Order 32 Rule 4, this case is ordered struck out for want of diligent prosecution,’’ Adelaja ordered.
It would be recalled that in June 2022, the Federal Government had filed a two-count charge with suit number FCT/HC/CR/244/2022, against Osakwe for advance fee fraud to the tune of N130 million.
The suit also alleged criminal intimidation of Waziri, a staff of the Nigerian National Petroleum Corporation, saying that Osakwe had threatened Waziri with injury to her person and reputation with intent to cause her harm and even death.
Waziri was said to have purchased a two-bed property from Osakwe to the tune of N130 million at Maitama, an up-market district of the FCT.
Following the two-count charge against Osakwe, he proceeded to file a lawsuit against the erstwhile attorney-general of the federation and minister of justice.
Others joined in the suit included the Federal Ministry of Justice and Waziri.
Through his Counsel, Mr Victor Giwa, Osakwe sought reliefs, including an order directing Malami to pay the sum of N1 billion to him as punitive damage.
The developer also sought an order directing the defendants to pay jointly and severally, the sum of N100 million to him as general damages.
The spokesman of Atiku Abubakar, the 2023 Peoples Democratic Party, PDP, presidential candidate, Paul Ibe, has disclosed that President Bola Tinubu once encouraged former President Muhammadu Buhari to print naira in 2020.
Ibe made the disclosure while criticizing the Minister of Finance, Wale Edun, over his comment on the printing of N22.7 trillion under Buhari’s administration.
Edun had said the printing of N22.7 trillion by the Central Bank of Nigeria in the name of a Ways and Means loan under Buhari’s government and ex-CBN governor Godwin Emefiele was responsible for the current rising inflation and economic hardship in Nigeria.
Speaking during an interface with the Senate Committee on Finance, the minister said the Ways and Means of loans of N22.7 trillion under the past administration was done aimlessly.
He further stated that the alleged reckless spending of the overdraft collected from the CBN under Emefiele largely accounted for the country’s food and security crises.
He vowed that Tinubu’s government would audit the CBN printing in the last eight years.
Reacting, Ibe faulted the minister’s remark stressing that Tinubu encouraged Buhari to toll such an irresponsible path in 2020.
Posting on Facebook, Ibe wrote: “Why is Wale Edun, who is more like oku eko (frozen fish) in this administration, bleating like a goat over the issue of Buhari’s printing of Naira? It was Bola Tinubu, as National Leader of the All Progressives Congress, who in 2020, encouraged Buhari on this irresponsible path of printing currency not matched with productivity.”