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The Leader and Founder of the Yoruba group, Ilana Omo Oodua Worldwide, Emeritus Professor Banjo Akintoye who has been in self-exile since the incarceration of the Yoruba Nation agitator in Benin Republic, Chief Sunday Adeyemo a.k.a. Sunday Igboho , has declared his intention to return to Nigeria following the arrival of Igboho to the country last Friday.
The historian stated this on Saturday at the funeral ceremony of the late Mrs S.A. Adeyemo, mother of Sunday Igboho in Ibadan, Oyo State capital.
Akintoye said he was highly fulfilled as a Yoruba, to witness the victory of Igboho , and his eventual return to Nigeria, after a long battle with the authorities.
Akintoye spoke through his spokesperson, Chief Gani Alagbala from the United States of America did not mince words to reaffirm that the Nation would soon be realised.
The burial reception held at Sablak Event Centre , Sanyo, Ibadan has in attendance prominent Yoruba personalities, and traditional rulers including the Ajero of Ijero Ekiti, Oba Joseph Adewole; the Olojora of Ijora , Oba Ogundana; and the Olodogbo of Odogbo-Ijesha, Oba Tunde Oginni amongst others.
While reaffirming the resolve to actualise Yoruba Nation in no distant time, the freedom fighter insisted that Tinubu is not responsible for the hardship in the country.
[TheNation]
The Lagos State Police Command has vowed to clamp down on protesters who try to impede the free flow of traffic while protesting.
This was made known by the command’s Public Relations Officer, Benjamin Hundeyin, on Sunday.
According to him, the police are aware of the plan by some people to protest in the state and will ensure that necessary measures are put in place for the safety of the lives and property of Lagosians.
He stressed that nothing would hinder the free flow of traffic or a peaceful environment to let residents carry out their lawful duties.
This is coming on the heels of protests breaking out from some states on the high cost of living and soaring food prices which the demonstrators alleged were becoming unbearable.
The recent being in Ibadan as youths hit the street to protest.
The PUNCH observed that protesters gathered around the Mokola area in the state wielding placards with various inscriptions such as ‘End food hike and inflation,’ ‘The poor are starving,’ and ‘Tinubu, don’t forget your promises,’ among others.
They were also chanting songs to show their grievances.
However, reacting to a proposed protest in the state, Lagos police wrote on X, “The Lagos State Commissioner of Police, CP Adegoke Fayoade, mni has assured Lagosians that the Command has put necessary measures in place to ensure the safety of lives and property, free flow of traffic and a peaceful environment for carrying out their respective lawful duties.
“This assurance has become imperative following news making the rounds about nationwide protests billed to start on Monday, February 26, 2024, an action capable of grounding commercial activities and obstructing the free flow of traffic.
“The Command will live up to its mandate of ensuring that no person or group of persons is allowed to infringe on the fundamental human rights of others, especially the rights to freedom of movement and right to dignity of human persons.
Adegoke, therefore, warns all intending protesters that anyone found infringing on the rights of other Nigerians will be dealt with in accordance with the law.
Adegoke also enjoined all peace-loving Lagosians to go about their lawful duties without fear of harassment or intimidation, reiterating that adequate security assets have been strategically deployed to ensure their safety and security.
[Punch]
Qatar has agreed to host the business and investment forum proposed by Nigeria during President Bola Tinubu’s visit to the Arab nation on March 2, 2024.
On February 24, 2024, a leaked memo showed that Qatar declined the proposed investment forum, citing the unavailability of Mohammed Bin Hamad Al-Thani, the country’s minister of commerce and industry.
Also, the embassy of Qatar in Abuja had said there is no agreement between the Arabian country and Nigeria regarding the investment forum.
More to follow…
[TheCable]
Former President Olusegun Obasanjo said over 80 per cent of Nigeria’s crude oil were stolen.
Obasanjo stated this in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, a former associate of the ex-Vice President, Atiku Abubakar.
According to the former president, one of the reasons why Nigeria’s economy is in ruins is that while other oil-producing countries have records of their oil production, Nigeria cannot account for hers due to theft.
Obasanjo, who was represented by a former governor of Niger State, Babangida Aliyu, said crude oil theft is one of reasons the Nigerian economy would be in ruins.
The former president said while the crude oil quota is about two million barrels per day, over 1.7 million are stolen.
On whether Nigeria should go back to the parliamentary system, Obasanjo said there is nothing wrong with the presidential system, adding that Nigerians do not play by the rules.
This is coming as a former Chairman of the Northern Elders Forum (NEF) and ex-Vice Chancellor of Ahmadu Bello University (ABU), Prof. Ango Abdullahi, has passed a judgment on Nigeria’s leadership, saying it has failed the people.
Abdullahi added that there was a need for the country to be rescued from the leadership deficit.
He called for a proper political culture, adding that no system is cast in gold.
Abdullahi said, “Enough of our failures. Something else must give way to our failures. We have failed this country. This must stop.”
He said, “Time has come for us to go back to the drawing boards to rescue this country.”
The former chairman NEF lamented that Nigeria with a population of over 200 million people is struggling to generate 4,000 megawatts of power.
According to him, “Enough is enough of our failure; we must agree that we failed enough.
“I visited Dantata and he was very angry with me, saying the people of the North have failed the North and Nigeria. Until the North accepts that they have failed the North and sit together to discuss the way forward, there won’t be progress.
“We gathered in 1978 when we wanted to return to civilian rule. We were to discuss why the system of 1961 failed but we were shocked when they said the parliamentary system of government was not going to be discussed and that we should go for the federal system of government.
“And they gave us two options: that of the French and America. And now we have practised the presidential system for 24 years and it has failed and I will score it F9.
“Time has come for us to go back to the drawing board so that we can save this country,” Abdullahi said.
[Vanguard]
[PRESS RELEASE] A Special Appeal to Yoruba/ Nigerians Not Participate in Any Protest or Rallies as We Go Through Painful Surgical Solution to Rescue Our Country From Avoidable Death And To Restore it To The Part of Glory
AdminAs the National Leader of Afenifere, and leader of the Yoruba, I address all and sundry today with a deep understanding of the challenges our dear country is going through at this critical time. The outcry over the hardship, hunger, and price hikes is not unexpected. However, we must come to terms with the realities of our national challenges, which the present administration of President Bola Ahmed Tinubu is striving to resolve.
While acknowledging the hardships faced by our people, it is important to recognise that these economic measures, although difficult, are part of a larger strategy aimed at restoring economic prosperity and stability to Nigeria. The government's commitment to implementing these measures is a testament to its dedication to addressing the root causes of our economic challenges, inherited from the ills of the previous years.
As a responsible leader, I appeal to every Yoruba man and woman, young and old, and our fellow citizens across the nationalities, to exercise patience and refrain from engaging in protests or actions that may escalate tensions. Understandably, the immediate impact of Tinubu’s economic reforms is challenging to everyone, but it is crucial to give the government the necessary time to realise the intended benefits.
It is important to note that the removal of fuel subsidies and the floating of the Naira is not undertaken lightly, as we all know the great damage done to our national prosperity through the nefarious activities of the agents of darkness within the oil and financial sectors. These measures by the Federal Government, though painful in the short term, are designed to create a more sustainable economic environment that will benefit us all in the long run. It requires collective understanding and resilience from every citizen as we navigate through these challenging times.
We cannot afford a preference for the euthanasic approach of painless death of our nation, where we are propped up with loans and subsidies until a total collapse into a failed nation, while we have the opportunity of painful healing through treatment with multiple surgeries that will guarantee not just our survival, but restored health, vigour and thriving life. We must endure today’s hardship for tomorrow’s prosperity.
I implore you to trust in the government's commitment to the welfare of our nation. Let us engage in constructive dialogue and contribute positively to the ongoing economic reforms. Join me in appealing for unity and understanding among our people. Together, we can weather this storm and emerge stronger as a nation.
I want to assure you as the Leader of Afenifere, that we are actively engaging with the government at different levels to address the concerns of our people. Let us remain steadfast, patient, and united in the face of these challenges, confident that our collective resilience will pave the way for a more prosperous future.
Chief Reuben Fasoranti, OFR
Leader of Afenifere,
26th February 2024
Regional body says political, targeted sanctions still in force
Highlights possible losses to three exiting countries, citizens
Citing humanitarian considerations, the Economic Community of West African States (ECOWAS) yesterday resolved to lift some of the sanctions it had imposed on Niger, Mali and Guinea, following the unconstitutional change of government in the countries.
An Extraordinary Summit of the Authority of Heads of State and Government of the ECOWAS took the decision yesterday in Abuja.
President of the ECOWAS Commission, Dr Omar Alieu Touray, who read the communiqué of the summit, said the review of the sanctions was predicated on the biting effects of the financial and economic sanctions on the masses, especially during the ongoing Lent and the forthcoming Ramadan.
President Bola Tinubu, speaking at the summit, asked Mali, Burkina Faso and Niger to reconsider their recent decision to pull out of ECOWAS.
The organisation reiterated its call for the immediate release of Niger Republic’s ousted President Mohammad Bazoum from detention.
However, the political and targeted sanctions are still in force against the countries.
The ECOWAS had imposed a long list of sanctions on the military junta in Niger last July, following the ouster of Bazoum and his subsequent incarceration.
Mali and Burkina Faso had earlier been hit by other ranges of sanctions before the episode in Niger Republic.
The three countries announced the withdrawal of their membership of ECOWAS on January 28, 2024, alleging that the regional body had come under foreign influence, which had turned it into a threat to member-states.
They had earlier on 16th of September, 2023 announced the formation of the Alliance of Sahel States, a counter-regional organisation, said to be a mutual defense pact among the countries.
Guinea, another member-state of the ECOWAS organisation, which has been under military rule since September 2021, also experienced a panic incidence on Monday when its military ruler, Colonel Mamady Doumbouya, dissolved his cabinet and ordered the borders shut.
Touray said while the political and targeted sanctions on Niger Republic remain, the regional bloc lifted some financial and economic sanctions on Guinea and some targeted sanctions on Mali.
Reading the communiqué, Touray said: “The Authority calls for the immediate release of His Excellency Mohammed Bazoom, former President of the Republic of Niger.
“The Authority also calls on the transition authorities in Niger to provide an acceptable transition timetable to the constitutional order.”
On sanctions, Touray said the Authority resolved to lift with immediate effect the following measures imposed on the Republic of Niger: “Closure of land and air borders between ECOWAS countries and Niger to be lifted, no Fly Zone of all commercial flights to and from Niger is to be lifted and suspension of all commercial and financial transactions between ECOWAS member states and Niger is to be lifted.”
The Authority, he said, also resolved that the “freezing of all service transactions including utility services would be lifted.
“Freezing of assets of the Republic of Niger in ECOWAS Central banks is to be lifted.
“Freezing of assets of Niger State and the state enterprises and parastatals in commercial banks is to be lifted.
“Suspension of Niger from all financial assistance and transactions with all financial institutions particularly ECOWAS Bank for Investment and Development (EBID) and BIRD is to be lifted.
“Travel ban on the government officials and their family members is also to be lifted.
“The Authority has also resolved to lift the sanctions regarding the recruitment of Malian citizens in statutory and professional positions within ECOWAS.
“The Authority has also resolved to lift financial and economic sanctions on the Republic of Guinea.
“The Authority has also instructed the President of the Commission to invite Burkina Faso, Niger, Mali and Guinea to attend the technical and consultative meetings of ECOWAS as well as all security related meetings.
“The authority calls on ECOWAS institutions, member states, the United Nations Mine Action Office (UNMAO) and other regional institutions to implement this decision.”
On the withdrawal of the three countries, Touray said: “The Authority noted the notifications by the three member states within the context of Article 91 of the 1993 ECOWAS revised treaty and urged the countries to reconsider the decision in view of the benefits that the ECOWAS member states and their citizens enjoy in the community.
“The Authority expresses its concern over the socio-economic, political, security and humanitarian impact of the decision, particularly on the citizens of the three countries and on the regional integration process.
“The Authority further urges the three member states to resort to dialogue, negotiations and mediation to address their concerns.
“The Authority urges the three member states to adhere to the provisions of the 1993 revised treaty relating to withdrawal particularly article 91.
“The Authority encourages ECOWAS to sustain its rapprochement and overtures towards the three member states and continue to remain seized of the situation.
“The Authority or just ECOWAS to engage African Union, UNMAO, UN and other international organisations in its dialogue with the three countries.
“The Authority encourages a broader outreach, which should include traditional, religious leaders, eminent personalities, civil society and women leaders for the unity and security of the region.
“The Authority reiterates the urgent need for ECOWAS to expedite the operationalization of the standby force in its kinetic mode to fight against terrorism in the region including the elements of the Multinational Joint Task Force, and the Accra initiative.
“In this regard, the Authority instructs its commission as soon as possible to convene the meeting of ministers of finance and defense to propose modalities for financing and equipping counterterrorism force.
“The Authority further instructs the commission to develop an effective communication strategy in engaging member states and the community citizens in view of the ongoing disinformation and misinformation that put ECOWAS in a bad light.”
The Authority expressed gratitude to Nigeria’s former military leader, General Yakubu Gowon, for “his interest in the welfare of the community and his valuable suggestions.”
Gowon, who was instrumental to the formation of ECOWAS in May 1975, recently visited President Tinubu during which the state of the organisation was discussed.
The ECOWAS Authority also yesterday took note of the end of President Mackey Sell’s term of office on April 2, 2024, and commended him for the “tremendous development he has realised as President of Senegal, and for his invaluable leadership in Africa and the world.”
It asked Senegalese stakeholders to “give priority to dialogue with a view to preserving the democratic gains of Senagal, through free, inclusive and transparent elections.
Touray said the Authority commended President Bola Tinubu and chair of the ECOWAS Authority for convening the extraordinary summit and for the manner in which he has been conducting the affairs of the community as chair of authority.”
Asked if the lifting of the sanctions might portray ECOWAS as weak and thus encourage others with similar tendencies, he said “now, let me make it very clear. What I have listed is not exhaustive. Political sanctions have not been lifted. Border closures have been lifted. And commercial sanctions have been lifted. But there are targeted sanctions as well as political sanctions. That remains in force.
“I think our sanctions regime should be assessed correctly. The list I have given relates mainly to Niger because all the other countries still have political sanctions on them.
“So the border closures, the commercial sanctions and all that are on leisure and that is what the leaders have decided to lift. But individual sanctions as well as political sanctions remain in place in Niger.
“Now for other countries, political sanctions remain. That is the limited ability to attend ECOWAS Summit as well as ministerial sessions,” he explained
The Authority also lifted sanctions on Guinea, inviting all four countries to attend technical consultative meetings of ECOWAS going forward.
Highlighting the various implications of the planned withdrawal by the three countries from the community, he noted that besides losing economic, security and development benefits that accrue to member states, there will also be personal losses to nationals of the countries across the region.
According to him, pulling out of the community might result in the halt or the suspension of all ECOWAS projects and programmes worth more than $500 million, various regional projects being executed by the region’s financial institutions, worth about $321.6 million may be halted, while they may be exited from the regional electricity market, known as the West African Power Pool project.
He also said besides the countries losing national benefits within the region, citizens of the countries, about 130 of whom are employees of the ECOWAS, would lose their job to the exit of their countries from the community, just as seven regional entities with offices in the countries would also need to be shut down.
Tinubu calls for suspension of sanctions on Guinea, Mali, Niger, Burkina Faso
At the opening of yesterday’s summit, President Tinubu had made a case for the suspension of economic sanctions imposed on Niger, Mali, Burkina Faso, and Guinea by ECOWAS.
Tinubu is the Chairman of the Authority of Heads of State and Government of the ECOWAS.
Recalling the circumstances that led to the imposition of the sanctions, Tinubu said: “Everything we did was in hopes of persuading our brothers that there existed a better path, a path that would lead to genuine improvement of their people’s welfare through democratic good governance.
And this was a path each of our nations had solemnly agreed with one another pursuant to formal regional treaty and protocol.
“However, the sanctions that we contemplated might help lead our brothers to the negotiating table have become a harsh stumbling block. In my mind and heart, that which is hurtful yet ineffective serves no good purpose and should be abandoned.
“ECOWAS was established for the unassailable objective of improving the lives of the people of this region through fraternal cooperation among all member states. This edifice was cemented on the strong foundation and apt conviction that united as one we can be the true masters of our destiny.”
The President explained that ECOWAS took the steps it based on the regional ideals of security, social stability, democratic governance, political freedom, broad-based prosperity and sustainable economic development through fair opportunity for each and every one in West Africa.
He said neither hatred nor hidden motive influenced the steps taken and that there was never any intention to douse or undermine the legitimate political aspirations of any member state or to advance the interests of any outside party.
In calling for the suspension of sanctions, President Tinubu stressed: “We must take note of the approach of the holy month of Ramadan and of Lent. Whether you pray in the mosque or in the church, this represents a time for compassion, hope, and harmony. It is a time that we must not only seek God but also a closer relationship with brother and neighbour.
“In the Spirit of the holy month and of the Lenten period, and with hearts bestirred by goodwill towards all our people, let us extend a hand as brothers and friends to those in Niger, Mali, Burkina Faso, and Guinea.
“What I suggest in real and practical terms is that we, my colleagues and fellow heads of state in ECOWAS, indefinitely suspend economic sanctions against Niger, Mali, Guinea and Burkina Faso and against the leadership of the military authorities in those nations.”
The President asked that ECOWAS facilitate the unfettered flow of foodstuffs, medicines and other humanitarian items to the people of these nations, especially to the most vulnerable, adding that for Nigeria, this will also mean the prompt resumption of export of electric power to Niger.
“In this vein, suspension of sanctions is an important but initial step. What we seek is more than the breaking of the diplomatic logjam. We must use this very moment when things seem tense and progress unavailing, to forge greater cooperation within our community.
“We not only reach out to our brothers. Today, we say unto them — let us begin to work more earnestly together for the economic development of our people and towards confronting those modern challenges that respect no borders or boundaries. Challenges ranging from climate change to violent extremism to illegal pilfering of our precious natural resources require that we join together in progress or we fail separately.
“As leaders of ECOWAS, we have accepted the honour and duty to draft the history of the region and its people during our tenure in office. We have also accepted the honour and duty to reach out to our brothers, letting them know this regional home belongs to us all. I shall do my utmost in this regard. I humbly beseech that you do the same.
“For these reasons, we must suspend sanctions and return to brotherly dialogue. I call on the leadership in Burkina Faso, Guinea, Mali, and Niger to embrace the hand extended.”
Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, has cautioned the Nigeria Labour Congress (NLC) against its planned nationwide protest.
On Friday, the NLC declared a two-day nationwide mass protest for February 27 and 28, over the economic hardship in the country.
In a letter dated February 24 and addressed to Femi Falana, NLC lawyer, the AGF said the federal government has substantially and reasonably complied with the items in the memorandum of understanding (MOU) signed with the union.
Fagbemi said proceeding on the planned mass protest would amount to contempt given a restraining order of a national industrial court which has not been set aside.
“Upon the submission of grievances to the court, parties in the suit cannot resort to public protests over the same issues, as such conduct amounts to gross contempt and affront to the institution of our courts of law,” the letter reads.
“Therefore, the proposed nationwide protest action in all ramifications is in clear violation of the pending interim injunctive order granted in SUIT NO: NICN/ABJ/158/2023- FEDERAL GOVERNMENT OF NIGERIA & ANOR V. NIGERIAN LABOUR CONGRESS & ANOR on 5th June 2023 restraining both NLC and TUC from embarking on any industrial action or strike of any nature.
“It is not in doubt that the planned protest is designed to compel government to accede to the demands of organized labour, therefore, such action qualifies as an industrial action which comes within the ambit of the restraining order.
“I wish to note that government has substantially and reasonably complied with the items in the MOU and it is only appropriate and equitable for organized labour to engage more with government to ensure the full implementation of same, especially in areas that have been inhibited by unforeseen challenges.
“May I, therefore, request that you kindly implore and enjoin your clients to refrain from self-help by shelving the proposed protests which is antithetical to the mediatory engagements leading to the execution of the MOU, tantamount to undermining subsisting restraining court order, and occasioning disruption of public service, order and safety.”
The inability of the Federal Government to secure and develop Nigeria’s border communities is contributing to the lingering security crisis bedeviling the nation, DAILY POST reports
Enquiries show that banditry, kidnapping, farmer-herder conflict and insurgency being experienced in the country are consequences of the fallout of the Libyan conflict and the influx of foreign mercenaries into the country.
This was not unconnected to why the former President Muhammadu Buhari in 2019 closed land borders in an attempt to stem the rising inflow of arms smuggling, foreign fighters, drug peddling, and other prohibited items into Nigeria.
In an effort to mitigate the influx of foreign mercenaries, the Buhari-led administration directed the then Comptroller General of the Nigeria Immigration Service, NIS, Muhammed Babandede, to protect the border against foreign invaders.
However, DAILY POST reports that despite the efforts of the Nigerian government, the country has continued to be infiltrated by criminal elements from neighbouring countries. Smuggling of firearms has also continued.
Concerned over the deteriorating security situation in the country, Nigeria’s former Head of State, General Yakubu Gowon, on February 12, identified the porous borders as a significant contributory factor to the country’s security crisis.
Underscoring the critical role of border security, Gowon emphasised the imperative of strengthening border security measures to prevent external threats, and deter the infiltration of criminal elements from neighboring countries.
He said, “Our borders are very porous. Take the North West to the North East, that is close to a thousand miles, some of the perpetrators of these heinous acts are from across the border.
“We must identify these elements and deal with them. I think we should have more security manpower on standby with adequate infrastructure to ensure that our borders are well guarded in case of any eventuality.”
Border as escape route for criminals
Study has shown that nearly all terrorists and other criminal elements think of one or the other form of escape before or immediately after perpetrating a criminal activity.
The current state of Nigerian borders across the country has been aiding and abetting the escape of criminals after committing heinous crimes.
DAILY POST recalls that in May 2022, the prime suspect in the murder of a 200-level student of Shehu Shagari College of Education, Deborah Samuel Yakubu, escaped to the Republic of Niger after committing the crime.
According to the police, the man whose face was captured in the viral video of Deborah’s cruel killing, was suspected to be a foreigner from the neighbouring country.
A security source, who preferred not to be mentioned, told DAILY POST on Saturday that the security of border communities has remained one of the major challenges of the Nigeria Police in the ongoing fight against insecurity in Nigeria.
He said, “One of the challenges of the police is this issue of lack of secured borders. Most times, when a terrorist is declared wanted, you won’t see them in Nigeria again.
“This is a big issue mostly in the Northern part of the country. For instance, when the notorious Benue gang leader, Terwase Akwaza, also known as Gana was declared wanted years before he was killed in 2020, he left the country.
“The terrorist and his gang operated within Benue and Taraba State. It was after he was killed that we learnt that he usually escapes to Cameroon whenever security operatives are after him.
“Himself and other members of the gang used to pass through Kurmi Local Government of Taraba State and escape to Cameroon where nobody knew them. So border security is very important in the ongoing fight against insurgency in the country.
“If you go to Kastina and some other states in the North, the same thing happens even till date. Suspects continue to escape through the border to Niger. Some of them even speak Nigerien languages so they will go there and behave like they are citizens of the country.
“Don’t forget also that the same thing happens when terrorists or any criminal elements are wanted in neighbouring countries, they usually find ways to escape to Nigeria too.”
A security expert, Ben Ijeoche also told DAILY POST on Saturday that the Federal Government “should declare war on the smuggling of firearms into the country”.
According to Ben, “the government claims that the borders are closed, yet the bandits and the Boko Haram members keep smuggling firearms into Nigeria. Are they using magic?
“I think the government should declare war on these border problems. Tightening the border will in many ways stem the growing security crisis”.
On the claim that the assailants causing mayhem in the country are not Nigerians, Ben said, “you can’t categorically say that the bandits and terrorists are not Nigerians but when you hear people saying that the criminals are foreigners, there are elements of truth there.
“Hundreds of these guys are being killed at least in a year but you hardly see anyone looking for his or her missing son. So, is it that they don’t have parents or relatives? You can’t rule out the fact we have foreign criminals living among us”.
Meanwhile, the Nigerian Immigration Service, told DAILY POST on Saturday that the “NIS is doing its best in securing our approved borders, while also policing the entire stretch of our land and coastal borders”.
When asked the challenges in the border security, Controller Tony Akuneme, Special Assistant to the Comptroller General on media told DAILY POST that “the issue is more challenging because we have our brothers on both sides of most border communities, so the contiguity as a result of similar cultures and religion makes it even more intriguing”.
According to Akuneme, “the NIS is deploying more men and materials towards the border areas to complement other security agencies all of which form the Joint Task Forces helping to secure the country.
“We are equally deploying technology now with the support of the Minister of Interior to ensure real time monitoring of activities along the border routes from our command and control room in Abuja.
“All we need is the support of Nigerians and more motivation from the federal government”.
• BDCs may resume FX transactions at official window tomorrow
The Central Bank of Nigeria (CBN) is evaluating a new set of guidelines to protect the financial system in a follow-up to the recent ban on certain cryptocurrencies in Nigeria, The Nation learnt yesterday in Abuja.
The apex bank may authorise Bureaux De Change Operators (BDCs) to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market tomorrow.
Sources at the CBN said the planned measure on cryptocurrencies was not only to protect investors but also to safeguard the overall financial stability of the country.
The sources acknowledged the potential of cryptocurrencies but stressed the need for appropriate regulations to ensure that their coming does not get out of control.
One of the sources cited manipulative tactics, especially “spoofing,” in the unregulated peer-to-peer (P2P) crypto market.
Spoofing involves placing large buy or sell orders on a platform without intending to go through with the deal. This creates a false impression of supply or demand thus manipulating others to trade at prices that benefit the spoofers.
This deceptive practice, often coupled with schemes like “pump-and-dump”, has caused substantial financial losses for unsuspecting investors and contributed to the devaluation of the Naira. It has also fueled investor anxiety, further exacerbating market volatility.
Sources said it was important to revise the regulatory framework to “effectively combat spoofing and other manipulative tactics.”
“Previous guidelines focused on limiting banking involvement with cryptocurrencies but left the P2P sector largely unsupervised, allowing unethical individuals to take advantage,” one of the sources recalled.
This regulatory gap, he said, “has allowed spoofing and similar practices to thrive, undermining the market’s integrity and eroding investor confidence.”
The source proposed implementing “stricter measures for P2P platforms, establishing robust systems to monitor transactions, and imposing clear penalties for spoofing activities.
“These actions would discourage such manipulative practices and create a safer trading environment,” he said.
Another official of the CBN, who also spoke to The Nation on condition of anonymity, said the apex bank would align with the position of the Presidency and that of the Securities and Exchange Commission (SEC).
President Bola Tinubu’s aide, Mr. Bayo Onanuga, had expressed concern over the potential impact of certain cryptocurrency platforms on Naira’s value in the foreign exchange market.
BDCs may resume FX transactions at official window Monday
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said yesterday that the CBN may authorise Bureaux De Change Operators (BDCs) to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market -tomorrow.
Gwadabe spoke after an emergency meeting with CBN officials in Abuja.
The apex bank is yet to issue a circular to that effect.
Meanwhile, the naira yesterday exchanged at N1,800 to dollar at the parallel market and N1,665 to dollar at the official market on Friday.
Gwadabe told The Nation that over 4,500 CBN-licenced BDCs would participate in the official trading transactions, where banks also trade as authorised dealers.
The BDCs are expected to fund their naira accounts with the CBN in readiness for the transaction.
“Our members will fund their accounts with the CBN on Monday (tomorrow) to enable them transact at the official window,” he said.
He said the apex bank warned the BDCs on the importance of rendition of returns and compliance with anti-money laundering regulations.
Gwadabe assured the CBN that BDCs would abide by policy on rendition of returns and continually provide detailed reports on how previous dollars sourced from the market were utilised.
The ABCON boss said the naira exchange rate against the dollar would crash going forward as more BDCs have access to dollars.
Gwadabe said although BDCs were happy with the resumption of dollar sales to operators, they were also requesting that the CBN should open more windows for them to operate, including having access to diaspora funds.
“We want more windows to be opened for BDCs instead of restricting BDCs to official market funds,” he said.
The CBN had on Friday proposed new regulations expected to significantly increase the minimum capital requirements for BDC operators in the country to N2 billion and N500 million for Tier 1 and Tier 2 licenses respectively.
This is a change from the previous requirement of N35 million for a general license.
This was contained in the Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria- Exposure draft.
“The Guidelines revises the permissible activities, licensing requirements, corporate governance and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CT) provisions for BDCs. It also sets out new record-keeping and reporting requirements, among others,” the publication said.
The updated regulations encompass numerous modifications to the guidelines governing BDC activities within the nation. Once approved, these updated guidelines will come into effect on a date determined by the CBN.
The apex bank had in June 2021, ended the sales of forex to BDCs, saying the parallel market has become a conduit for illicit forex flows and graft.
[TheNation]
Olisa Agbakoba, a former president of the Nigerian Bar Association (NBA), has outlined two steps President Bola Ahmed Tinubu must take urgently to avert anarchy in Nigeria.
Agbakoba, who noted that the frustration and anger in the country were palpable as a result of the worsening cost-of-living crisis, accused the government of not communicating hope to Nigerians.
He made the call in an exclusive interview with BusinessDay.
“It is clear that things are no longer at ease and there is a growing discontent in the country. We have had many challenges in Nigeria but the present discontent is remarkable as it concerns the growing inability of millions of Nigerians to cope with the completely unaffordable cost of living in the country. As the saying goes – a hungry man is an angry man,” he said.
The Maritime lawyer urged the Tinubu administration to make two quick interventions and solutions that may address what has the possibility to descend into an unrest.
“First, the government, as a matter of urgency, must stand on the bridge and communicate empathy and understanding, immediately.
“Second, government across Nigeria must devise emergency measures to address the hunger and lack being experienced by millions. Institutional support is of utmost importance,” he said.
Explaining the form the interventions should take, Agbakoba said: “Absolutely, free access for kids in school is vital. This must be followed by completely free health care and public transportation, massive cash transfers to the most needy is overdue. These are only stop gap measures.”
According to him, “Policy decisions that enable manufacturers produce and give value to the Naira is of utmost importance. Staccato of circulars coming out of the Central Bank of Nigeria (CBN), is largely unhelpful. Massive devolution of powers to the 36 states and 774 local governments is paramount and an emergency. The Federal Government cannot resolve the sufferings of 200 million Nigerians, by itself. People need to feel that the governments in Nigeria give empathy.”
He noted that “Lagos State has set an example, but more is needed. At the end of the day, measures that begin to resolve the tough choices in removal of petrol subsidy and floating the naira against the dollar is imperative. It is unclear how government proposes to support the new policy environment with strong action.
“Last but not the least is that government must not accept the prescriptions of multilateral institutions – especially the International Monetary Fund (IMF) and World Bank, that subsidies are not a viable and workable policy. It is indeed, a good policy. The United States (US) spends half of its budget on subsidies and benefits which we call palliatives.
“The United Kingdom (UK) subsidises health care by spending billions. Public schools are free in the UK. France has announced a major electricity subsidy. The president has to lead the process to engage Nigerians and give them renewed hope that, at the turn of the corner inroad lay opportunities.”
Agbakoba, who expressed fears about the future of Nigeria, noted that there was a rapidly growing revolt across the country owing to the high cost of living and called on the government to take action to address the discontent being expressed by the people.
“I agree with those saying the Presidency is not leading by example by moderating their lifestyles and cutting down on the cost of governance. It is very clear. The empathy of the government is not apparent.
“There is something that former US President, Franklin Roosevelt said in the Great Depression years of America in the 1930s. The thing to do about making people happy is not to give them a job, you first give them hope. So, the government ought to be communicating hope. They ought to be saying ‘we are going through this difficult period but there is light at the end of the tunnel.’ This government is not communicating that at all, which I think is a big error.”
He pointed out that the failure of government to give the citizens reassuring words was worsening the situation in the country.
“Failing to communicate hope makes Nigerians depressed. It is not that Nigerians cannot live with high food prices. They will always find ways to manage difficult situations. Even IBB (Babangida) said he doesn’t know why Nigeria has not collapsed,” he said.
“The problem we have is that the government is not communicating hope. If you communicate hope and say to a person who has malaria that ‘don’t worry, in two weeks’ time you will be well’, that will lift the person’s spirits because he has that hope.
“But right now, the government is not telling us that in two or three months, we are likely to be in a better state. That is the biggest problem that the government is not communicating properly.
“The second one is that the government is not even telling us how we can come out of this problem. That is why as we are beginning to see, there is a slow revolt around the country, pointing to a protest of costs of living. It is everywhere.”
[Businessday]
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The recent surge in cement prices has reverberated throughout the real estate market, sparking an unexpected increase in property abandonment.
Cement, as a fundamental building material, has seen its prices skyrocket due to a combination of factors, including supply chain disruptions and heightened demand. This surge has placed considerable strain on both property developers and homeowners, leading to a worrying trend of abandoned properties.
For property developers, the spike in cement prices presents a formidable challenge. The increased construction costs force developers to grapple with the decision of either absorbing the additional expenses, risking reduced profits, or passing them onto consumers through higher property prices.
In regions already struggling with affordability issues, such cost escalations further compound the challenges of accessing homeownership, potentially dampening demand.
Homeowners, on the other hand, find themselves burdened with escalating maintenance and renovation costs as a result of the cement price surge. Many homeowners are now faced with the dilemma of whether to invest in costly repairs or abandon their properties altogether. For some, the financial strain of upkeep outweighs the perceived value of their homes, leading to a growing number of abandoned properties across various communities.
Last the years
Sunday PUNCH findings showed that the prices of cement ranged between N3,300 and N3,500 in Lagos and Ogun states in March 2021 but jumped to between N6,500 and N8,000 in both states as of the first week of February.
Dangote Cement’s Group Executive Director in charge of Strategy, Portfolio Development, and Capital Projects, Devakumar Edwin, had in 2021 attributed the high cost of cement in Nigeria to the global rise in demand for cement as a result of the COVID-19 crisis.
“Nigeria is no exception as a combination of monetary policy changes and low returns from the capital market has resulted in a significant increase in construction activity. To ensure that we meet local demands, we had to suspend exports from our recently inaugurated export terminals, thereby foregoing dollar earnings,” he said.
In 2022, the Block and Concrete Producers Association, Enugu State chapter, decried the continuous increase in the prices of cement and other materials used for block production.
The President of the association in the state, Igwe Ukaegbu, had lamented that the continuous rise in cement price was negatively affecting the production output of and income of members of the association, urging the Federal Government to intervene in the situation by granting more licences to industrialists to produce cement.
“The challenge we have is the cost of cement and even sand. Everything is now costly. We are not making sales as we used to; so, we are suffering. We are praying for the government to help us by bringing down the prices of cement and other materials.
“Before, one could sell 3,000 to 5,000 pieces of block in a month; but now, before you sell 1,000 pieces of block, it is very difficult. The cost of cement in Enugu now is N4,550 per bag. Some people are selling for N5,000.”
In 2023, the Cement Producers Association of Nigeria warned that the ongoing plan of the Federal Government to introduce concrete roads could raise the price of cement to N9,000 per bag from the current price of N5,000.
They also called on the current administration, in a statement, to permanently address the perennial cement price hike problem by facilitating larger participation in the cement industry, noting that Nigerians had no business buying cement for more than N5,600 per bag.
The statement read in part, “Our findings from various parts of the country show that cement sells for as high as N6,000 per bag in the rainy season. Our prediction is that it will sell for over N9,000 per bag in the dry season, especially with the pronouncement of the Minister of Works on cement technology and the marching order on housing by Mr. President if the government does not take proactive steps.
“While we commend the minister’s position on cement-made roads, we warn of the dire consequences if the supply end is not properly addressed. It would amount to a dereliction of duty not to intervene, and the time is now.
“To do otherwise is to continue in a worsening pipe dream that prices would suddenly drop on this essential input that will continue to drain the purse of Nigerians, render them homeless, encourage chaos between demand and supply, and worsen the infrastructure deficit it sets out to cure, and lead to an unprecedented price hike.”
However, in 2024, the hopes for reduced construction expenses for aspiring homeowners might turn into a distressing reality, considering the recent surge in cement prices initiated by producers last week.
This uptick has already set off a chain reaction in the market, leading to over a 100 per cent increase in prices within a short time. As a result, some property developers have ceased their construction projects, and individuals constructing their residences are pursuing variations in their contracts.
Findings by our correspondent showed that operators within the Cement Manufacturers Association of Nigeria increased the prices of the product. Consequently, retail prices increased from N7,000 to N9,500, and N13,000 nationwide as of Wednesday, February 21, 2024.
Developers groan
A bricklayer, Asumo Tyler, told Sunday PUNCH that he was shocked when he realised that he had to pay N6,500 or N7,000, depending on the area, for the same bag of cement he bought at N5,300 the previous week, a development he said had halted his hope of owning a home.
He said, “I am currently building my house. I had to stop building because of this increase, I was initially thinking the price would come down, till the shock I received upon purchase last week.”
Similarly, the Chief Executive Officer of Magnificent Choice Services Project and Engineering Ltd, Jeremiah Akinsele, said his firm had to stop all the projects it was working on presently, renegotiating terms with the clients involved.
He said, “It has been difficult as we had to stop all works for renegotiation purposes, all building materials gone up. We bought cement at N7,300 on Wednesday, February 7, in Sagamu, Ogun State. The confusing part is that most of the components of cement are sourced locally; I do not know why the impact of the dollar is so huge on the increase.
“As the prices of construction materials soar, exemplified by the surge in iron prices from N500,000 to N800,000, there is a looming risk of projects being abandoned. This is especially troubling as we continue striving to bridge the housing deficit gap.”
In an exclusive interview with our correspondent, the President, African Real Estate Society, Kunle Awolaja, said the increase would bring up the cost of construction.
He said, “Once construction goes up, it is going to impact rents and property developments in the market. However, the way forward is once the foreign exchange issue comes down, we go for local raw materials.
“This is where the issue comes in. What are the local raw materials we have? Are we going to work with clay, and can we have mass production of these local materials? For now, the answer would be no. We should work with what we have.”
Also, the Managing Director of Fame Oyster & Co. Nigeria, Femi Oyedele, said since cement constituted about 50 per cent of the constituents of building materials and building elements in Nigeria, the increase would lead to an abandonment of properties.
He said, “Blocks are for walling, plastering and rendering of walls, screeding of floors, fixing of tiles, fixing of sanitary wares, etc. The increase in cement from N5,500 to N7,000 will affect the rate of construction starts. A lot of prospective property developers will hesitate to start construction and this will also affect sales of building materials. In the long run, it will affect the rental value of properties.
“The uptick in cement prices is anticipated to lead to a rise in abandoned properties, as numerous individuals already amid construction projects may opt to cease their endeavors. Furthermore, low-income earners may hesitate to embark on construction of their homes given the current economic conditions.”
Inflation
However, according to findings by Sunday PUNCH, cement companies, including BUA which had previously announced a reduction in ex-factory cement price to N3,500 per bag in October, reversed course and increased their rates due to a surge in production costs.
A cement dealer in Ogba, Lagos, Segun Abiola, pointed out that the increasing transport expenses and the devaluation of the naira were key factors behind the surge in prices. He highlighted the limited authority that dealers possessed in determining pricing.
Meanwhile, a cement vendor in the Iyana-Ipaja area of Lagos, Moshood Alimi, who revealed that a bag of Dangote cement was sold at N6,800 and Lafarge at N6,700, lamented his inability to stock cement due to the exorbitant cost of transporting them to Lagos, which he said would inflate the price per bag to as high as N7,500.
A building contractor, Seun Afolabi, while voicing his concerns over the detrimental impact of the cement price surge on the construction sector, highlighted the plight of aspiring homeowners who are now finding it increasingly challenging to afford the higher prices.
The story is not different from the experience of a developer, Opemipo Awoyeye, in the Sagamu area of Ogun, who stated that as of Monday, February 12, cement prices had skyrocketed to N8,000 per bag, signifying a substantial surge in cost.
Meanwhile, another developer based in the Obalende region of Lagos, informed Sunday PUNCH that cement prices fluctuated between N9,000 and N9,500, depending on the location, as of Friday, February 16, 2024.
Housing deficit remains
The amount required to fund the housing sector in Nigeria and bridge the estimated 28 million housing deficit across the country is N21tn, the Federal Government said through the Bank of Industry.
In a report on Nigeria’s housing sector put together by BOI, the bank explained that “with a growing urban population, increasing construction costs, and declining household income, access to affordable housing is becoming more difficult for millions of citizens.”
The report, titled, “Institutional turnaround for the next level,” and obtained by our correspondent from the Federal Mortgage Bank of Nigeria, stated that while N470bn was what the Federal Government budgeted for housing in 2022, the sector would require trillions of naira to close Nigeria’s housing gap.
It stated that of the estimated 206 million persons in Nigeria, about 95.1 million lived below the poverty line, and as such it was difficult for them to have access to their own homes.
Under the section on Nigerian Housing Market in the report, the bank said, “N21trn (is the) amount required to fund the housing sector,” adding that “28 million units (is the estimated) housing deficit.”
Operators react
Following the recent uptick in cement prices nationwide, the President of the Real Estate Developers’ Association of Nigeria, Dr Aliyu Wamakko, appealed to the President of the Federal Republic of Nigeria, Bola Tinubu, to urgently convene discussions with cement manufacturers, adding that the goal was to mitigate further hardships for Nigerians.
Wamakko, speaking in Abuja on Wednesday, expressed deep concern over the intensified economic strain, highlighting that the price hike implemented by manufacturers in early January was unfavorable for both Nigerians and real estate developers.
“The price of ready-mix concrete will also be increased while the cost of in-situ production of concrete will rise significantly. Such an increment, if allowed to take place, will worsen the economic situation of the nation,” he said.
The DEDAN president said regular construction creates multiple employment opportunities which help to reduce the poverty index of the country as such the hike in the price of cement could come with undesirable consequences.
“The resultant effects of unemployment are banditry, kidnapping, and armed robbery. The federal government should also remember that we have a 28 million housing deficit in Nigeria. Cement is an essential ingredient in the production of buildings,” Wamakko added.
In an exclusive interview with Sunday PUNCH, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola, voiced apprehensions about the ongoing surge in cement prices, warning that it could spell the end of affordable housing prospects.
He said, “Why is it that it is the price of cement that is going up when about 90 per cent of building materials are available locally? But then the argument is that the cost of running the business has gone up, and we know that the economy is driven by the fluctuating forex which is affecting the operation.
“If those running the building material business have to use diesel it would be expensive because a litre of diesel is about N1,000. Hence, we cannot blame the manufacturers, but the policies in place.”
He, therefore, called on stakeholders to look inward and focus on local building materials.
“In the olden days, people made use of mortal bricks to build, and we still have interlocking blocks, among others, which make use of five per cent of cement. It is high time we began to embrace these technologies to build houses because it is the only thing that can instill hope in people.”
No justification for price increase – Minister
In a bid to stem the rising cost of cement and other building materials and enhance the delivery of affordable housing in Nigeria, the Minister of Housing and Urban Development, Ahmed Dangiwa, recently called for a meeting with manufacturers of cement and other building materials in the country.
He also queried the recurring disproportionate increase in the price of cement in particular, especially considering that cement producers in the country sourced virtually all their raw materials locally.
Dangiwa said, “It is disheartening to see how much Nigerians have to pay for essential building commodities like cement, with the prices rising almost daily. I don’t understand the reason for this increase, and it is not acceptable.
“I am going to be meeting with these manufacturers soon so that they can explain to Nigerians their reasons for such incessant hikes. I know that cement producers source their raw materials in Nigeria; (these include) limestone, clay, silica sand, gypsum, iron ore, and the rest. These minerals abound in Nigeria and these manufacturers get them here, so there is no justification to try and blame it all on the rise of the dollar.”
He further assured that the government would create a conducive environment for the private sector to thrive, including through ensuring building materials are affordable and accessible.
It was earlier reported that cement manufacturers had agreed to sell a 50kg bag of cement at a retail price of between N7,000 and N8,000, depending on location nationwide, in their meeting with the Federal Government.
However, developers in the built environment rejected the price, asserting that the price negotiation reached was for the rich.
In an interview with our correspondent, the Executive Secretary of the Association of Housing Corporation in Nigeria, Toye Eniola, condemned the negotiation.
He said, “What is fair in N7,000 to N8,000, when BUA promised us a slash from over N5,500 to N3,500 and now they are negotiating N8,000? Where are we heading for?
“That negotiation is for the rich. What they are saying is with that price, housing is going not to be for the poor. With that price, there is no poor man that would be able to afford it and it would keep widening the deficit gap.
“The way forward is to go back to the basics, this is the time to embrace local building materials. For instance, we have interlocking blocks and we require about five per cent of cement for this which would save us a lot of money.
“Nigerian Building and Road Research Institute has done a lot of research on alternative building materials that can be used in Nigeria. For instance, they have researched the use of bamboo as an alternative to the iron rod.”
[Punch]
A ship carrying 30,000 liters of suspected Nigerian crude oil theft has been intercepted as a result of a cooperative operation between the Nigerian and Cameroonian naval forces.
Commodore Rotimi Oderemi, the Commander of Nigeria Navy Ship, NNS Victory, disclosed this on Saturday during the ship’s inspection at Ibaka in the Mbo Local Government Area of Akwa Ibom State.
Oderemi who spoke with reporters said the MV Jasmine was discovered in Nigerian national waters from reliable information and cooperation with the Eastern Naval Command Center.
He claimed that NNS Ekulu, a patrol boat in the Nigerian Navy, was assigned the task of intercepting the suspected ship and questioning its crew.
“Upon noticing NNS Ekulu, the suspected vessel proceeded to the international waters between Nigeria and Cameroon, just as NNS Ekulu was in its hot pursuit.
“Resulting from our collaboration and with the support of the Cameroonian Navy, the vessel was intercepted and brought to Ibaka with eight Nigerians on board.
“Thirty thousand litres of crude oil is a huge volume. It can fetch N40 million at the international crude oil market,’’ he said.
‘Tinubu going to Qatar on state visit’ — FG reacts to leaked memo on rejection of investment forum
AdminThe federal government says President Bola Tinubu will travel to Qatar for a state visit on March 2.
The government announced the trip on Saturday following a leaked memo showing that the Arab nation declined a proposed investment forum on the sidelines of the president’s visit.
TheCable understands that the business and investment forum was proposed by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).
In the memo dated February 22 and addressed to the ministry of foreign affairs, the embassy of Qatar in Abuja had said there is no agreement between the Arabian country and Nigeria on investment promotion and protection.
The embassy said Mohammed Bin Hamad Al-Thani, the country’s minister of commerce and industry, would be “carrying out official missions outside the country during the upcoming visit period”.
“The Embassy has the honour to inform that the Ministry of Commerce and Industry in Qatar apologizes that it will not be able to hold a Business and Investment Forum as proposed by the Nigerian side due to the following reasons: Unfortunately, there is no any agreement signed between the State of Qatar and the Federal Republic of Nigeria on Investment Promotion and Protection,” the letter reads.
“His Excellency the Minister of Commerce and Industry will be carrying out official missions outside the country during the upcoming visit period.
“The State of Qatar will be hosting a Web Summit during the suggested period, and the State’s authorities will be preoccupied with this event.”
‘WE WON’T COMMENT ON LEAKS’
In a statement, Francisca Omayuli, spokesperson for the ministry of foreign affairs, confirmed Tinubu’s proposed visit to Qatar.
“The Federal Republic of Nigeria and the State of Qatar have a long history of friendship and close bilateral relations. The forthcoming visit to Doha by HE President Tinubu will help build on this important relationship,” the statement reads.
Omayuli said the ministry is “aware of the circulation in the media of diplomatic correspondence and wishes to confirm that it will not comment on leaks”.
In September 2022, the Middle East country rejected the planned visit of former President Muhammadu Buhari over the country’s preparation for the 2022 World Cup.
The government of Qatar had asked the federal government to propose a new date for the visit, preferably “during the first quarter of the year 2023”.
[TheCable]
President Bola Tinubu has called on the leaders of the Economic Community of West African States (ECOWAS) to engage in constructive dialogue towards finding sustainable solutions to the challenges facing the sub-region.
Speaking at the opening of the Extraordinary summit of ECOWAS on the political, peace and security situation in the sub-region, taking place at the State House conference hall, Abuja, President Tinubu noted that it is only unity on the part of the leaders that can resolve the existing political challenges.
He therefore tasked the leaders to approach the issues, exercise prudent judgement, and work collectively towards finding enduring solutions to the contending issues.
Tinubu also called on Niger, Burkina Faso and Mali that recently announced their desire to pull out of the regional body to reconsider the decision in the interest of their people.
The President said he was burdened by the weight of the challenges facing the sub-region but was buoyed by the collective resolve to find sustainable solutions, adding that the outcome of the meeting would by guided by the memorandum to be presented by the chairman of ECOWAS Commission who would give the leaders and update on the situation in Niger, Burkina Faso and Mali
He also commended the president of Senegal, Macky Sall for agreeing to step down at the end of his current tenure in office.
He said: “We are gathered here to address pressing developments in our sub-region surrounding the peace and security as well as the political situations in the Republics of Niger, Burkina Faso, Guinea, and Mali.
“Permit me to say that the complexities of the issues at hand necessitate a comprehensive and collaborative approach. Accordingly, it is incumbent upon us to engage in constructive dialogue, exercise prudent judgement, and work collectively towards finding enduring solutions that will lead to sustainable peace and security as well as political stability in our region.
“The gravity of our responsibilities as leaders in these challenging times cannot be overstated and it is through our concerted efforts and a deep sense of history that we can address these challenges in the spirit of shared vision, solidarity and collective responsibilities.”
Tinubu said the extraordinary summit was convened at a critical time that demands focused attention on regional issues, adding that, “our decisions must be guided by our commitment to safeguarding the constitutional order, upholding democratic principles, and promoting the social and economic well-being of the citizens of the aforementioned countries.
“Furthermore, we will deliberate on the announced withdrawal from ECOWAS by the Republics of Burkina Faso, Mali and Niger. In the spirit of collective security and African solidarity, we realize that the stability of these nations is intricately linked to the overall peace and security of West Africa. As such, it is pertinent that we engage in constructive deliberations to examine the actions taken by these countries and ensure that the citizens are not denied the benefits derived from our regional integration initiatives.
“In our ensuing discussions, we must put the plight of people, the ordinary citizens at the centre of our decisions.”
The President noted that even though the current challenges were daunting, it “present an opportunity for ECOWAS to reaffirm its commitment to the vision of our founding fathers and the principles underpinning our commitment to peace, security, and regional integration.
“We must stand united in our resolve to promote economic integration, democracy, and human rights, with a view to fostering sustainable development across all our member states.
“Times like we currently face in our sub region demand that we take difficult but courageous decisions that put the plight of our people at the centre of our deliberations. Democracy is nothing more than the political framework and the path to addressing the basic needs and aspirations of the people. This is why we must re-examine our current approach to the quest for constitutional order in four of our Member States.
“I therefore urge them to re-consider the decision of the three of them to exit their home and not to perceive our organization as the enemy. I am confident that through our collective efforts and determination, we will navigate the challenges before us and chart a course towards a more peaceful, secure, and prosperous West Africa.”