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Approach Zimbabwe for solution to inflation, Obasanjo tells FG

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Former President Olusegun Obasanjo, on Monday, advised that Nigeria should approach the government of Zimbabwe for a solution to the current all-time high inflation in the country.

He noted that since Zimbabwe was recently confronted with the same problem and came out of it, the southern African country would have useful advice for Nigeria.

In its latest release, the National Bureau of Statistics put Nigeria’s inflation at 29.9 per-cent.

The country is currently grappling with high cost of living, with pockets of protests breaking out across the country as Nigerians contend with increasing prices of foodstuffs.

Obasanjo, speaking on Monday at a youth leadership symposium as part of activities lined up for his 87th birthday, said Nigeria had Zimbabwe to learn from.

The symposium with the theme “Opportunities for Peace: Roles of the Youths in Conflict Prevention in Africa” held at the Olusegun Obasanjo Presidential Library, Abeokuta.

It was put together by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

The ex-President said the times of challenges were not to give up but to face the problem head-on and draw lessons from those who encountered similar problems in the past and overcame.

He said, “When the time is rough and tough, the tough must get going..no problem is new and no problem will be permanent. Committing suicide is not the end of any problem, confront it and take it to God because he could do anything. When you have a problem look at those who have had this problem before and how they overcame it

“We have this problem of galloping inflation in the country now but do we have a country with such problems recently? Yes we do, Zimbabwe had this problem recently. Shouldn’t we ask them how they did it even if our approach will be different? Even if whatever we shall be doing will be different but we can ask questions to navigate our way out.”

Obasanjo also posited that dialogue, not guns or any form of violence, would help resolve the various conflicts on the African continent.

He said that like never before, conscious efforts to build and inculcate a culture of peace and security in the youth must be intensified to spur them to be at the vanguard of promoting peace rather than being used to perpetrate violence on the continent.

He said, “We must begin to bring up our youths in the culture of peace and security. The chances are where we have a culture of love, we will have peace. The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have a life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness. All of these attributes are professed by God and He shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be a problem.”

He referenced biblical characters Esther, “who was able to secure her race from being exterminated,” and Joseph, “who helped to fight famine.”

“The youth must be at the vanguard of pursuing peace. They must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink. The way out is conversation and dialogue.

“We have had our issues here during the civil war. We killed ourselves mercilessly and destroyed our best facilities but we still came back to the roundtable to get the challenge resolved.

“Youths must develop the culture of peace, the culture of humaneness, the culture of living the way God wants us to live,” Obasanjo added.

The coordinator of the programme and former Executive Secretary of the National Universities Commission, Prof Peter Okebukola, said the essence of the symposium was to further drive home Obasanjo’s commitment to the African youths.

Okebukola, who is the Director of the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library, said, “This event is a testament to the belief that it is not enough to grant young people a seat at the table; their involvement must be vital and meaningful.

“Through targeted interventions, inclusive policies, and international collaboration, we aim to empower West African youths as catalysts for positive change, paving the way for a more peaceful and harmonious society.”

[Punch]

Corporate Nigeria shuts down Lagos for Wigwe

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Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.

In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.

Wigwe, 57 years old, who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.

Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.

Dangote

In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.

Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.

Dangote described the late Herbert as a visionary role model with courage second to none.

“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.

Dangote also disclosed plans to immotalise the late banker by naming the road to the Dangote Refinery as Herbert Wigwe road.

Adesina

AfDB President, Adesina Akinwunmi, in his tribute said: ‘’Herbert Wigwe brought pride to Nigeria and to Africa.

“He was relentless, determined, bold, visionary, inspiring, with exceptional drive for excellence. Everything he touched became gold

“Herbert is a bankers banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”

Aig-Imoukhuede

The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.

Edun

Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.

“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.

Sanwo-Olu

Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.

“Herbert led from the front during the difficult period of COVID 19.

Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.

Gov Abiodun

Herbert believed in Nigeria—Dapo Abiodun

Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria

“Herbert believed in Nigeria. He did everything to support Nigeria. He was intelligent, bold and lived two lifetimes in one.”

Cardoso

CBN Governor, Olayemi Cardoso described late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access Bank into one of Nigeria’s foremost financial institutions.

I spoke with Herbert 2 weeks before he died —Agbaje

Agbaje

The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.

Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being.

‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother.

‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.

He came to my house to talk about his obsession which was his university.”

Banks now borrow more from CBN to shore up cash position

Amidst sustained liquidity

mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.

CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.

The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.

This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.

One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.

Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.

In their Banking Sector update report for March, analysts at Cardinal Stone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).

“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.

“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.

“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.

“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”

[Vanguard]

IGP bans use of POS in Police stations

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Kayode Egbetokun, the Inspector-General of Police (IGP) banned the use of Point-of-Sale (POS) terminal machines and other mobile money transaction devices within police stations and facilities nationwide.

In a statement issued by Olumuyiwa Adejobi, the Force Public Relations Officer, the NPF cited public concerns regarding alleged illicit transactions and collusion between POS operators and certain police personnel as the rationale behind the ban.

Adejobi highlighted that despite previous directives, some commands and formations within the NPF have persisted in flouting the regulation, necessitating the reiteration of the ban to safeguard the security and integrity of police operations.

The use of payment devices within police premises, according to the statement, poses inherent risks, including the compromise of sensitive information and the facilitation of illicit activities.

The statement reads, “The Nigeria Police Force, following public outcry on alleged illegal and illicit transactions through point-of-sale (POS) machine operators and connivance with certain police operatives, hereby reiterates the ban on the utilisation of POS machines and other electronic mobile money transaction devices within police stations and other police facilities nationwide.”

“Despite previous directives, it has come to the attention of the Force leadership that some commands and formations continue to flout this regulation. As such, the IGP warns that any violation of this ban will attract severe sanctions on the leadership of the affected commands and formations.”

“The IG noted that the use of electronic payment devices within police facilities poses significant risks, including the potential compromise of sensitive information, financial irregularities, and the facilitation of illicit activities, therefore, strict adherence to this directive is non-negotiable.”

The FPRO stressed the importance of officials adhering to the directive.

He cautioned that any breach by officers or POS operators would result in “severe sanctions” imposed on the leadership of the affected Formations or Commands.

“The IG urges all officers and personnel to comply with this directive without exception. He warns that any police officer or POS operator found contravening this order or colluding in illicit financial transactions will face appropriate disciplinary and criminal action in accordance with existing laws and regulations. The Command/Formation leadership will equally be held accountable,” he emphasised.

[Businessday]

Obasanjo: Dialogue, not violence, will resolve conflicts in Africa

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Former President Olusegun Obasanjo says only dialogue without any form of violence, will help resolve conflicts in Africa.

Obasanjo spoke in Abeokuta, the Ogun state capital, on Monday at a youth leadership symposium organised as part of activities to mark his 87th birthday which comes up on March 5.

The symposium was titled “Opportunities for peace: Roles of the youths in conflict prevention in Africa”.

The former president said efforts to inculcate a culture of peace and security in the youth must be intensified.

He noted that such efforts would spur young people to be at the forefront of promoting peace rather than being used to perpetrate violence.

“We must begin to bring up our youths in the culture of peace and security. The chances are where we have culture of love, we will have peace,” Obasanjo said.

“The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness.

“All of these attributes are professed by God and he shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be problems.

“The youth must be at the vanguard of pursuing peace, they must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink, the way out is conversation and dialogue.

“We have had our issues here during the civil war; we killed ourselves mercilessly, destroyed our best facilities but we still came back to the roundtable to get the challenges resolved.”

The programme was organised by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

Peter Okebukola, former executive secretary of the Nationa Universities Commission (NUC}, emphasised Obasanjo’s commitment to African youths’ pivotal role in achieving peace across the continent.

[TheCable]

France becomes first country to make abortion a constitutional right

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French lawmakers approved a bill that will enshrine a woman’s right to an abortion in the French Constitution during a historic joint session of parliament in at the Palace of Versailles on Monday.

The bill was approved in an overwhelming 780-72 vote, and nearly the entire joint session stood in a long standing ovation.

There were jubilant scenes of celebrations all over France as women’s rights activists hailed the measure promised by President Emmanuel Macron following a rollback of abortion rights in court rulings in the United States.

Both houses of parliament, the National Assembly and the Senate, have already adopted a bill to amend Article 34 of the French Constitution to specify a woman’s right to an abortion is guaranteed.

Image: MPs and senators applaud after the French parliament voted to anchor the right to abortion in the country's constitution — MPs and senators applaud after the French parliament voted to anchor the right to abortion in the country's constitution, in Versailles, on Monday.Emmanuel Dunand / AFP - Getty Images

In the lead up to the historic vote, Prime Minister Gabriel Attal addressed the 925 lawmakers gathered for the joint session in Versailles, and called on them to make France a leader in women’s rights and set an example in defense of women’s rights for countries around the world.

“We have a moral debt to women,” Attal said. He paid tribute to Simone Veil, a prominent legislator, former health minister and key feminist who in 1975 championed the bill that decriminalized abortion in France.

“We have a chance to change history,” Attal said in a moving and determined speech. “Make Simone Veil proud,” he said to a standing ovation.

The lower house of parliament, the National Assembly, overwhelmingly approved the proposal in January. The Senate adopted the bill on Wednesday, clearing a key hurdle for legislation promised by Macron’s government, intended to make “a woman’s right to have an abortion irreversible.”

The measure must be approved by a three-fifths majority in the joint session.

None of France’s major political parties represented in parliament have questioned the right to abortion, including Marine Le Pen’s far-right National Rally party and the conservative Republicans. However, some lawmakers have voted against inscribing abortion right into the constitution in previous votes in both houses.

Le Pen, who won a record number of seats in the National Assembly two years ago, said on Monday that her party will vote in favor of the bill but added that “there is no need to make this a historic day.”

The right to an abortion has broad support among the French public. A recent poll showed support at over 80%, consistent with previous surveys. The same poll also showed that a solid majority of people are in favor of enshrining it in the constitution.

Sarah Durocher, a leader in the Family Planning movement, said Monday’s vote is “a victory for feminists and a defeat for the anti-choice activists.”

With the right to an abortion added to the constitution, it will be much harder to prevent women from voluntarily terminating a pregnancy in France, women’s rights and equality activists said.

Image: Women hold flags of the "Fondation des Femmes" women's rights group and clench their fists as they gather at the Place du Trocadero in Paris — Women hold flags of the "Fondation des Femmes" women's rights group and clench their fists as they gather at the Place du Trocadero in Paris, on Monday.Dimitar Dilkoff / AFP - Getty Images

“We increased the level of protection to this fundamental right,” said Anne-Cécile Mailfert of the Women’s Foundation. “It’s a guarantee for women today and in the future to have the right to abort in France.”

The government argued in its introduction to the bill that the right to abortion is threatened in the United States, where the Supreme Court in 2022 overturned a 50-year-old ruling that used to guarantee it.

“Unfortunately, this event is not isolated: in many countries, even in Europe, there are currents of opinion that seek to hinder at any cost the freedom of women to terminate their pregnancy if they wish,” the introduction to the French legislation says.

Amending the constitution is a laborious process and a rare event in France. Since it was enacted in 1958, the French Constitution has been amended 17 times. The last time was in 2008, when parliament was awarded more powers and French citizens were granted the right to bring their grievances to the Constitutional Court.

[TheCable]

Reps Seek Arrest of Binance Executives Over Financial Fraud, Terrorism Funding

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The House of Representatives’ Committee on Financial Crimes has recommended that the parliament should evoke its powers to subpoena and arrest top executives of Binance Holdings Limited for financial infractions and terrorism financing.

The Reps committee made the call against the failure of Binance to appear for the public hearing organised by the panel.

The call was sequel to non-appearance on Monday, of the company over allegations bothering on terrorism financing, money laundry, tax invasion and other crimes at the committee’s public hearing.

The Chairman of the Committee, Hon. Obinna Ginger lamented the non-appearance of the Chief Executive of Binance Holding limited, Mr Richard Teng, after many invitations.
The Committee had in a letter dated 12 December, 2023 summoned Tang to appear at the public hearing.

The Committee got infuriated with Binance disregard of the invitation and failure to send legal representatives to the public hearing.

Ginger said the committee will be forced to recommend the arrest Binance executives to the House over its failure to appear before the it.

“As long as the Committee is concerned, Binance is not at this meeting, because we have said it severally that we do not want representation by lawyers but that the chief executives should appear before us.

“Binance is not here.We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.

“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations leveled against them in the petitions brought to us by the Empowerment for Unemployed Youths Initiatives and Niger Delta youths Council.

“This Committee has resolved to recommend to the House to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this Committee to answer these questions relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax,” Ginger said.

Counsel to Binance, Senator Ihenyen who appeared for the company pleaded with the Committee to give the firm ample time to appear before it.

Ihenyen disclosed that two of the company’s executives that arrived the country for the meeting were arrested by the Office of the National Security Adviser.

“Following the arrest of two executive, other persons could not come into Nigeria because they are afraid of arrest too.

“Binance has responded appropriately to the demands of the Committee and as our client, we are pleading that this honorable committee consider taking the report,” he said.

Trump To Remain On Presidential Ballot, US Supreme Court Rules

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Supreme Court: Insurrection Clause Doesn't Bar Trump From Presidential Ballot | National News | U.S. News

It was a massive relief for former United States President Donald Trump as the US Supreme Court, on Monday, ruled that efforts by independent states to bar him from the presidential ballot as a candidate in the November election cannot stand.

Justices unanimously overruled Colorado’s decision to disqualify Trump from the Republican primary ballot following an anti-insurrection clause in the US Constitution to ban Trump, cited by the Colorado judges.

Similar attempts have been made in Illinois and Maine, citing Section 3 of the 14th Amendment that bans anyone who has “engaged in insurrection or rebellion” from office.

The Colorado ruling was predicated on Trump’s actions around the January 6 attack on the Capitol by his supporters. However, in their Monday decision, the Supreme justices ruled that only Congress has the power to enforce the provision, not states.

On Tuesday Republican voters in Colorado and more than a dozen other states will go to the polls to pick the party’s presidential nominee.

Trump has already demonstrated his capacity to win the Republican Presidential ticket, having won in important states that already voted.

Buhari left poor economy for Tinubu — PDP Gov Muftwang laments

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Governor Caleb Mutfwang of Plateau State said former President Muhammadu Buhari left a poor economy for President Bola Tinubu.

Muftwang stated this while speaking during the swearing-in of 22 Special Advisers and heads of other government agencies appointed by his administration on Monday.

The governor lamented that the economic hardship being faced by Nigerians should be blamed on the last administration.

He noted that President Bola Tinubu inherited the worst-performing economy in Nigeria from Buhari since the country started its democratic experiment in 1999.

Muftwang said, “We are at a very difficult juncture in the history of this country and I’m an advocate that after the election you forget politics and face governance.

“And even though the Federal Government is being led by a party other than my own, I owe you the duty to tell Nigerians the truth that this government inherited a worse situation than 1999.

“This government inherited an economy where we simply printed money up to the tune of N30 trillion and shared. This government inherited an economy where the crude oil we’re yet to take out of the ground has been sold in advance.

“So when you’re talking about the fall of the naira, it’s not rocket time. We sold our future under the last administration. No wonder you’re hearing of riots today, people intercepting food on the way. We are lucky on the plateau that perhaps we have more food than many other states.

“And I pray that the time will not come on the Plateau that we will see this kind of riot for food, but it means we must roll over our sleeves and get to work. And that is why, for us as a government, when we announced one of the positions that talked about Food Security, people were laughing but it is a serious issue.”

The governor announced plans by his administration to set up a special agro-processing zone in Barkin Ladi LGA in partnership with the African Development Bank to the tune of 300m dollars.

He called on the new appointees to brace up to the challenge to enable his administration to reverse the ugly situation for the good of the people.

The governor added “And to tell you that some of the appointees, I don’t know them, but because we want to get things done, we’re looking for the right people. Some of them were just introduced to me barely a week or two before the appointment.

“But because we became persuaded that they had the requisite CV to fit into the position we are looking for, we took them on board. And we are confident that with their coming on board, they will add value to governance. So the most critical part for all the advisers is that you must go and look for money.

“This is a serious matter. There’s no money to share. You must put on your thinking cap and help us where we can source for funds. Some of the funds will be used for investment and development so that we can generate wealth.

“Those of you in charge of the constituencies are to step down whatever government is doing to your constituencies so that together we can move as a people.

“We have suffered enough distraction. You know of the bloodshed on the plateau. The time is now to say enough of it at all.”

Forex: Court strikes out charge against 19 BDC operators

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Justice Lewis Allagoa of a Federal High Court in Lagos, on Monday, struck out the charge against 19 Bureau De Change (BDC) Operators, following the withdrawal of the case.

The suspects are Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isoaka, Mohammed Aminu and Adamu Ibrahim.

Others are Hassan Amadu, Salisu Hamidu, Mahmoud Mohammed, Murtala Usman, Hassan Yakubu, Abdullahi Kabiru, Ali Sadam. Ahmadu Yusuf, Abdullahi Hussain and Alhaji Sido.

The defendants were charged with conspiracy, unlawfull operation of forex trading as BDC operators without licence from regulatory agencies and deriving various sums of money from such unauthorised trading.

They were said to have committed the offence around Feb. 21, within the Lagos metropolis.

When the case was called, Mr Umaru Bello, from the State Criminal Investigation Department (CID), Panti announced appearance for the prosecution.

The prosecutor, shortly after his announcement, informed the court that he seeks to withdraw the charge against the defendants.

He told the court that he received a call from his superiors in the office to withdraw the case.

He told the court that he would not be proceeding with the arraignment of the suspects.

Justice Allagoa accordingly, struck out the charge.

The police had earlier said that the offence contravenes the provisions of the Banks and Other Financial Institutions Act 2020.

Tinubu Returns To Nigeria From Qatar

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President Tinubu Lands In Abuja (Video)

President Bola Ahmed Tinubu has returned to the country after a two-day State visit to Qatar at the invitation of the Emir, Sheikh Tamim bin Hamad Al Thani.

Naija News had reported earlier that the Nigerian leader left the Presidential wing of the Doha International Airport on Monday morning and arrived at the Nnamdi Azikiwe International Airport, Abuja, in the evening.

Tinubu, who arrived around 6:37 pm, was received on arrival by senior government officials led by Vice President Kashim Shettima.

Other officials who received the President include his Chief of Staff, Femi Gbajabiamila; the Minister of the Federal Capital Territory (FCT), Nyesom Wike; the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje; and Director General of the Department of State Service (DSS) Yusuf Bichi.

During his visit to the Arabian nation, the President met with investors at the Nigeria-Qatar Business and Investment Forum in Doha on Sunday.

President Tinubu and His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, also presided over the signing of landmark agreements between Nigeria and Qatar.

Tinubu also witnessed the signing of various bilateral agreements concerning critical sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports.

Also, during the business/investment forum, he spoke to the Qatari business community about the vast investment opportunities available in Nigeria with an almost unbelievable return on investment, assuring them of his administration’s resolve to make Nigeria the best investors’ destination anywhere in the world.

More...

Hardship: Tinubu govt facing challenging, difficult task of fixing Nigeria – VP Shettima

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Our impact on Nigerians 'll define our legacy, says VP Shettima - Vanguard News

Vice President Kashim Shettima has disclosed that President Bola Tinubu’s administration is facing the difficult and challenging task of fixing the problems confronting Nigeria.

Shettima said the current administration has no plans of deceiving Nigerians or making life more difficult for citizens.

This was as he assured that the current economic challenges confronting the country would soon be over.

He spoke yesterday in Lagos during the 29th pre-Ramadan lecture organised by the University of Lagos Muslim Alumni, UMA, with the theme, “Economic Reforms for Nigeria: Challenges and Prospects for the Future.”

Represented by his Special Adviser on Political Matters, Dr. Hakeem Baba-Ahmed, the Vice President urged Nigerians to react to the current realities “in a responsible and mature manner.”

He said: “Yet, my brothers and sisters, we do not have the choice of continuing in the direction that brought us where we are today. We have to fix this country, and failure to do this is not an option. All the options we have are difficult and challenging, and they are, without a doubt, more telling on the poor. If there are easier and reliable alternatives to the policy choices we have adopted, we would have adopted them.

“Our administration does not plan to make the lives of Nigerians more difficult. Nor do we intend to deceive fellow citizens that the change in direction and the expected outcome can be achieved without pain or sacrifices.

“We are also acutely aware that ours is a set of related Nigerian problems, and the solutions we seek must be genuinely informed by a Nigerian context, not the experiences of others or the preferences of special foreign interests which are removed from consequences of mis-steps or errors of judgement.

“We expect that Nigerians should express their feelings over our circumstances in a responsible and mature manner. We are also a deeply religious people, and we believe in the powers of faith and prayers.”

[DailyPost]

Last modified on Monday, 04 March 2024 12:56

Lagos vows to enforce monthly rental policy

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The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, has disclosed that the state’s monthly rental scheme will be enforced before the end of 2024 or early next year.

She stated it during a recent press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.

She said, “We all see what is being done in other climes, rents are collected monthly. Hence, we are looking and hoping that before the end of the year, or by early next year, we will be able to implement the policy of monthly rental. Also, the rental would be charged according to tenants’ earnings.

“The good part about it is that we would be test-running it first within the public sector since we can ascertain how much everybody is earning, and once we see that it works in the public sector, we can now push it out to the private sector.”

Odunuga-Bakare reiterated that the N5bn allocated for the monthly rental scheme was still set aside and untouched.

She added that the fact that the scheme was slow to take off showed that the Lagos State Government was still trying to perfect one thing or the other.

She noted, “The last administration that initiated the monthly rental scheme was coming to an end when the scheme was to be introduced. Now, we have a new administration and the governor wants the scheme to come into effect by the end of this year or early next year.”

Recall that in 2021, the Governor of Lagos State, Babajide Sanwo-Olu, had said the current rental model in which people pay yearly rent in advance to property owners has become inadequate to address contemporary realities in the housing sector, especially in cities where demand for property is high and expensive.

Sanwo-Olu advocated rental policy

The governor advocated a monthly rental system, which he said would be affordable to low- and middle-income earners pressured by the yearly rent obligation.

Sanwo-Olu made the recommendation at the 10th meeting of the National Council on Lands, Housing and Urban Development held in Lagos recently.

He urged policymakers to consider the suggestion and initiate a regulatory framework that would aid the transition to a new rental system.

The governor said Lagos was already working out monthly rent modalities to accommodate residents not keen on the state’s homeownership scheme.

He said, “In Lagos, we operate a very robust rent-to-own programme of five per cent down payment and six per cent simple interest rate payable over 10 years. We are working on another product, which is a purely rental system, where residents will pay monthly.”

The then Minister of Works and Housing, Babatunde Fashola, corroborated Sanwo-Olu’s position, stressing that the yearly rental system had created inequality in the housing supply and widened the affordability gap for low-income earners.

[Punch]

MPC: FG fights inflation as CBN mops up N5trn

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EFFORTS by the Federal Government to curb the rising inflation will lead to N5 trillion cash mop up from the banking industry as the Central Bank of Nigeria, CBN implements the hike in banks’ Cash Reserve Ratio, CRR to 45 per cent.

The CRR which represents banks’ cash reserves for purposes of meeting cash obligations on demand was moved from 32.5 percent to 45 percent in apparent bid to curtail inflation.

Meanwhile, Financial Vanguard learnt that the apex bank is now working with some foreign portfolio investors, FPIs, to address concerns over recent reforms introduced in the foreign exchange market as well as the 400 basis points hike in the Monetary Policy Rate, MPR.

This is one of the outcomes of a virtual meeting, tagged Foreign Portfolio Investors Call, organised in collaboration with NGX Group, which was addressed by the CBN Governor, Mr. Olayemi Cardoso, Deputy Governor, Economic Policy, Mohammad Abdullahi, and moderated by the Group Managing Director/ CEO of NGX Group, Mr. Temi Popoola.

While speaking at the meeting with FPIs in response to inquiries about the impact of the hike on banking system liquidity, CBN Deputy Governor Abdullahi said that the banking system has a shortfall of N5 trillion to meet the 45 per cent CRR.

He, however, said that the apex bank will not debit the banks N5 trillion at once adding that the apex bank will implement the new CRR in a way that will not be disruptive to the industry. He disclosed prior the MPC decision, the effective CRR for the industry was close to 40 per cent. He added some banks already have surpassed the 45 per cent CRR and they would be refunded the excess while banks with shortfall will have build up their cash reserves. Excess liquidity The estimated N5.0trillion which represented the outstanding system liquidity in excess of the initial CRR range is expected to impact the liquidity of many banks adversely.

Financial Vanguard learnt the decision to tighten came against the backdrop of deanchored inflationary trend which rose to 29.9 percent yearon- year, the highest since return to democracy in 1999. But financial analysts project the inflation rate would remain elevated in the near-term amid persisting exchange rate pressure, rising energy cost, and sustained fiscal imbalances. In defending the huge jump in MPR and CRR, the CBN Governor, Yemi Cardoso, highlighted the disruptive impact of deficit financing to the Federal Government by Ways & Means, and also the direct intervention of the apex bank in the real sector which is estimated in excess of ¦ 10.0 trillion.

He also noted the structural inefficiencies within the foreign exchange market, and the need to collaborate strongly with fiscal authorities to effectively manage non-money factors. Analysts’ recommendations Commenting on this development, analysts at Afrinvest West Africa, a Lagos based investment house, said: “We suggest that in addressing inefficiencies, the apex bank prioritises the use of policy to minimise distortions and should remain focused on improving supply rather than countering the symptoms of illiquidity.

“In assessing impact on markets, we anticipate an immediate and strong bearish repricing of fixed-income yields especially on short-dated bills. “Furthermore, expectations of higher interest environment over the near-term coupled with liquidity squeeze amid costlier Standing Lending Facility (SLF) access should strengthen bearish sway”. Free entry, exit for FPIs Meanwhile, Cardoso assured the FPIs of free entry and exit from the forex market. He added that the focus of the apex bank is to ensure stability of the exchange rate and ensure reasonable price discovery. He also reiterated commitment of the CBN to achieving price stability adding that the MPC members are unanimous on the need to tame rising inflation and the 400 basis points hike in MPR is a strong signal to this effect. Cardoso assured the FPIs on policy consistency adding that the various measures introduced by the CBN in the forex market were product of extensive debate and strong conviction that is the right direction to go. Higher interest rates in TBs Speaking further at the meeting, Abdullahi assured the FPIs the CBN will from today review upward interest rate on Treasury bills, TBs, in tandem with the hike in MPR. He further disclosed that from today, the CBN will increase frequency and size of Open Market Operations, TBs, to expedite liquidity mop up and provide instruments for FPIs to invest.

[FULL SPEECH] The Official Commissioning Of Aba Integrated Power Project - Bart Nnaji

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Protocols:

Your Excellency Mr. Vice President, Senator Kashim Shettima, GCON,

Your Excellency, Governor Alex Otti, OFR

Honourable Deputy Speaker of the House of Representatives, Chief Benjamin Kalu, CON

Your Excellency, Former President Olusegun Obasanjo, GCFR

Your Excellency, Former President Goodluck Jonathan, GCFR

Your Excellency, Mr. Peter Obi, CON

Honourable Minister of Power,

Honourable Minister of Petroleum Gas

Distinguished Senate Committee Chairman for Power

Distinguished Senators,

Honourable Members of House of Reps

Your Excellency, former Anambra State Governor Peter Obi, CON

Honourable Members of House Assembly,

Honourable Commissioners,

My Partners and Financiers of the Aba Integrated Power Project,

My Lords Spiritual and Temporal

Distinguished Ladies and Gentlemen

On behalf of Geometric Power and other investors in this project, I welcome you to the commissioning of the Aba Integrated Power Project (Aba IPP).

Your Excellencies, this project is a child of necessity. It was born 20 years ago, when the desire of Aba Industrialists, including the small and medium scale industries, to have additional and good quality power supply, and our desire to contribute our quota towards increasing power supply in the nation converged. It became apparent to us that the best way to ensure that the Aba metropolis would quickly have reliable and affordable electricity was to build this autonomous power project to serve the Aba metropolis, with excess power delivered to the national grid. At the same time, the then World Bank President, Mr Wolfenson and the then Finance Minister who is now the Director General of WTO, Dr (Mrs) Ngozi Okonjo-Iweala came on March 17^th 2004 to meet with the Aba Industrialists, including the Aba and Ariaria Manufacturers (SMEs). At the meeting, the Ariaria manufacturers were asked to identify their number one problem which if addressed would significantly improve their production; they unanimously said that it wass reliable electricity.

Your Excellencies, this convergence of desire for reliable electricity is what led us to this historic Aba IPP. At that time, our development partners from the IFC of the World Bank, and the European Investment Bank (EIB) and I, wanted to find a business model for power development in Nigeria that was sustainable, that could stand on its own, and could be easily replicated by various investors in other major cities and industrial clusters in Nigeria. At that time, as of now, Nigeria could not afford sovereign guarantee for all of its power needs. We, therefore, developed a model of customized embedded generation that would not require Sovereign Guarantee. Consequently, we set about developing this integrated power project to satisfy the electricity needs of Aba metropolis at a time when the Power Sector Reform Act of 2005 was not yet enacted. Upon our request, the Federal Government concessioned Aba metropolis to us, to ensure security of the investment in the project and a big relief to the Federal Government on a sovereign guarantee. In line with the arrangement, we have built 141MW Power Plant with state-of-the-art equipment from General Electric (GE) and rehabilitated the entire distribution network in Aba. In addition to the Power Plant, we have built over 105 km of 33kV Over Head Lines within the Aba metropolis. You can see Your Excellencies, that the steel tubular poles used to build the 33kV line infrastructure is unlike any other in Nigeria. We have also built over 40km of new 11kV lines in Aba in addition to rehabilitating thousands of kilometres of sub transmission and low voltage lines. We have completed 5 new substations consisting of the Power Plant’s 3x60MVA Sub Station; four (4) brand new 2x15MVA substations at various parts of Aba town. In addition, we have refurbished the only three existing dilapidated Substations which we inherited as part of our acquisition of the Aba Ring-fenced Area from EEDC by building three (3) brand new control buildings with outdoor substation gantries within the premises of those existing sub stations. In order to ensure the reliability of gas supply, we built a 27km gas pipeline from Imo River to this Power Plant and built the gas infrastructure to support the supply of reliable gas to the Power Plant. To date, we have invested approximately US$800Million.

Your Excellency, Mr. Vice President, Excellencies, Distinguished ladies and gentlemen, this power project is now completed and ready for commissioning.

There are many people and institutions that have made today possible.

This project was initiated by the grace of Chief Olusegun Obasanjo when he was President. He was gracious and visionary enough to approve the request which his then Minister of Finance, Dr. Ngozi Okonjo Iweala and I presented to him. He has continued to provide support to the project since then.

We thank Dr. Mrs. Ngozi Okonjo-Iweala for her unwavering support for the project which has continued.

When the project’s only financial security which is ARFA was wrongfully sold by the BPE during privatization, it was President Buhari’s team of Vice President Yemi Osinbajo, GCON and Minister of Power Babatunde Fashola, SAN that mediated an out of court settlement for the return of Ring-fenced Area to Aba Power but with refund of what was paid by the core investors in EEDC including penalties we had to pay on behalf of the Federal Government.

The Government of President Tinubu and Vice President Kashim Shettima has also continued to support the project. Mr. Vice President just last week intervened to resolve a way forward on what was becoming a very dangerous issue for Aba Power. Prior to that, the Honourable Minister of Power had also intervened on another issue. We thank you Your Excellency, for making the time to come to commission this historic project.

I want to use this opportunity to thank president Goodluck Ebele Jonathan, GCFR, for giving me the opportunity to highlight the possibilities for sustainable power delivery in Nigeria. The work we did with the roadmap to the power sector reform and privatization was a paradigm shift that opened up huge investment opportunities that have yet to be fully tapped.

Various administrations in Abia State have over the decades provided support in their various ways and as needed. Starting from the administration of Senator Orji Uzor Kalu, to Senator T.A Orji, to Dr. Okezie Ikpeazu, and the current administration of Dr. Alex Otti. Dr. Ikpeazu played an active role during our road shows with financial institutions in Nigeria and internationally. He was very unequivocal in eloquently communicating to potential investors in this project of the benefits of the Aba IPP to the State, and the numerous reasons why the Abia State Government will continue to support the project. In the case of the current administration, the Governor’s support started when he was the CEO of Diamond Bank, and to now as Governor of this State. He has been chief liaison for the project companies with various FGN agencies. The planning and execution of the commissioning has been seamlessly managed by the Government and the staff of Geometric Power. This relationship is critical for the success of a government and that of a private company operating within a State and which is an instrument of rapid economic development of the State. We thank Your Excellency for your support. We will continue to enlist Your Excellency’s support as we continue to serve the people of Abia State with reliable and affordable electricity. This is a partnership we cherish and would continue to build.

We started this project when Nigerian banks could not lend to the power sector. The sector was a NEPA monopoly. It was the concession granted to us by President Obasanjo that made it possible for financing consideration. Yet, it was only Diamond Bank with vision and wisdom of its founder, Dr. Pascal Dozie that saw the viability of this project and mustered the courage to lend to it. This move boosted the confidence of Stanbic IBTC which joined Diamond Bank. Subsequently, two FGN institutions helped the two banks to create more room to lend more funds to complete the project. AMCON bought part of the debt of the banks, while CBN through the Power and Aviation Intervention Fund managed by BOI provided further funds to the project of which the two banks took up the credit risk. We are forever grateful and proud of Dr. Pascal Dozie and these Nigerian financial institutions for the vision in doing what all the banks should be doing to ensure that major infrastructure projects can be undertaken. Diamond Bank’s successor Access Bank has continued to be a key supporter. In fact, if the then CEO Dr. Herbert Wigwe of blessed memory, the CEO of AMCON, the CEO of Stanbic Bank, CEO of BOI, and the CBN did not agree to the restructuring that brought in Afreximbank, this project would have died an unnatural death. I also use this opportunity to appreciate the CEO of AMCON for his steadfastness, encouragement, and integrity.

Much appreciation goes to Afreximbank and its President, Prof. Benedict Oramah. Again, it is the capacity to look through a rubble and see gold that I use to describe how Professor Oramah and his team evaluated Aba IPP that was stalled for several years. The bank has a first-class team that processed our facility. I cannot mention each person for fear of missing any important contributor. Please, just know that Afreximbank and its team are, and will remain very dear in our hearts forever. We like to recognize the professionalism of their Technical Adviser, Tetra Tech for doing an excellent job throughout the due diligence process and continuing.

We very much appreciate the key Federal Government institutions that have been and continue to be key success factors for Aba IPP. They include Nigeria Electricity Regulatory Commission, TCN, NDPHC, GACN, NCP, BPE, and others.

We particularly want to thank the NNPCL, and its associated companies, NUIMS, and NEPL for their concerted focus in ensuring that the Imo River AGG plant is refurbished after many years of its being moribund. They have also continued to work towards ensuring that we have reliable gas supply. Thanks to the GCEO of NNPCL, the CUIO of NUIMS, the MD of NEPL and your various key officials who worked very hard at various levels to achieve today.

Now that this project is completed and being commissioned, the test of whether Nigeria can have reliable electricity is here. That test is partly about gas supply. We can guarantee that if we have reliable gas supply, we will provide reliable electricity to Aba metropolis. The onus is now on the Government to demonstrate that reliable power is possible in Nigeria by ensuring that this project gets reliable gas supply.

We would like to thank our power plant host community, Umuojima Ogbu of Osisioma LGA, the various host communities where we have our infrastructure spread over the nine (9) LGAs, the traditional rulers, the mayors, and all our customers in the metropolis. The last few months have been very challenging due to the inadequate supply of power from the grid. We thank you for your patience and pledge that we would ensure that we keep our promise of empowering the people by providing reliable and affordable power supply to Aba DisCo customers.

Your Excellencies, our team has worked very hard and made personal sacrifices to ensure that this project will be a success. We will forever remain grateful to them for their fortitude and endurance. In the last 20 years, we lost a few of them, and other pillars of supporters of Aba IPP. We pray for the repose of those heroes past. Their labour was not in vain.

Thank you, Mr. Vice President, thank you our Governor Otti, Distinguished Ladies and Gentlemen.

Let there be light in the mighty Enyimba City!

Thank you for listening