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Comrade Joe Ajaero, the National President of the National Labour Congress (NLC), has issued a scathing critique of the current administration’s economic policies, decrying the impact of recent reforms on the average Nigerian citizen.
Speaking at the 21st Edition of the Daily Trust Dialogue organized by Media Trust Limited in Abuja on Thursday, Ajaero highlighted the hardships faced by the populace, notably pointing to challenges arising from the removal of fuel subsidies, privatization failings, and rampant inflation.
Other speakers at the event included the Minister of Information and National Orientation, Mohammed Idris Malagi; former Minister of Finance and National Planning, Shamsudeen Usman; the immediate past Director General of the Abuja Chamber of Commerce and Industry (ACCI), Victoria Akai; former Chairman of Nigeria’s Independent National Electoral Commission (INEC), Prof. Attahiru Jega, among others.
The 21st Edition of the Daily Trust Dialogue provided a platform for diverse perspectives on President Bola Ahmed Tinubu’s economic reforms. While some speakers expressed concerns about the impact on the common people, others presented a more optimistic view of economic projections.
However, the call for accountability, responsible reporting, and continuous constructive engagement emerged as common threads in the discussions.
Ajaero started his address by expressing discontent with the influence of international bodies on local economic decisions, citing the NLC’s recent confrontations with the World Bank.
“The directives to further increase prices of petroleum products originated from the World Bank and IMF. Two months ago, we had a tough time engaging with the World Bank, which was urging an increase in petroleum product prices,” he said.
Reflecting on the government’s attempts at privatization, Ajaero criticized the evident failure of such strategies, highlighting the sale of assets worth over $5 billion for only $1 billion.
He used the power sector as a key example of this failure, noting the high cost of privatization followed by an alarming N1.8 trillion annual subsidy.
“If you read yesterday’s newspapers, you would have seen that five power companies, previously valued at over $5 billion, are now set to be sold for just $1 billion. Despite past projections of a N1.8 trillion naira annual subsidy, these policies have not succeeded,” Ajaero added.
He drew an analogy, stating, “It’s like selling your house for N2 million and then giving the new owner N10 million for repairs. Such a political economy is unheard of elsewhere.”
Addressing an audience of key policymakers and stakeholders, Ajaero outlined the broader economic effects, such as the severe devaluation of the naira and the subsequent rise in the cost of imported goods.
He vividly described the impact of subsidy removal, with fuel prices soaring from N187 to around N700—a burden disproportionately shouldered by ordinary citizens.
The NLC President emphasized the predicament of everyday Nigerians, whose wages have languished behind the escalating costs.
“We are witnessing public disasters that yield private gains: a few individuals profit while the public suffers. The real losers are those who have seen the price of imported goods jump from N200 to N700. They are the ones whose transportation costs have quadrupled without any corresponding increase in their wages. They suffer from unimplemented wage increases. Ultimately, the common people are the losers, and economic policies have done little to alleviate their distress,” he explained.
In his impassioned speech, Ajaero also questioned the rationale behind non-justiciable policies that fail to serve the public good, as advocated by Chapter Two of the 1999 Constitution.
He argued that such policies only deepen the national debt, burdening future generations.
The NLC President criticized the government’s approach to economic growth, questioning the effectiveness of subsidies and palliatives and pointing out the adverse effects of poor policies on the populace.
“Negative publicity is not the real issue; the negative impact of poor policies is. As a professional with a media background, I can confirm that we report what we see. The harsh reality is that many Nigerians live on less than one dollar per day, and the situation has worsened after the subsidy removal. Locally produced goods have become exorbitantly expensive,” he clarified.
Ajaero pointed to the power sector as a stark example of a failed privatization effort and the inability of the private sector to effectively manage the power supply, leading to a ‘comatose state’ of the sector.
He urged the government to adopt a conscious master plan that benefits all Nigerians, rather than a select few.
Drawing attention to the recent decision by the central bank to charge a fee for cash withdrawals, Ajaero predicted that such policies would only worsen the economic crunch faced by Nigerians.
He called for a policy reversal, emphasizing the need for the government to reassess its strategies and consider the wider socio-economic implications of such measures on the populace.
Edo State Deputy Governor and governorship aspirant of the Peoples Democratic Party in the 2024 governorship election in the state, Philip Shaibu, has expressed confidence that the state governor, Godwin Obaseki, will support him in his ambition of becoming the governor.
The Independent National Electoral Commission had fixed September 21, 2024, as the election date.
Shaibu had in November 2023 said nobody can stop him from getting the governorship ticket of the party.
The deputy governor said having been in politics for 30 years and working with Obaseki in the last seven years to improve the state, he was in the best position to succeed his principal.
He said, “I can assure you that I will secure the ticket and my name and the party will be on the ballot. Nothing will happen because my name will be there.
“My name will be sent to INEC and I will be the candidate for the party in the election because I don’t do things without checking. I have gone round and consulted and I have been assured.”
PUNCH online reports that Shaibu declared his interest in contesting the 2024 governorship election in November
While speaking on Channels Television’s Politics Today on Thursday, Shaibu expressed confidence in getting Obaseki’s support.
“I can bet you that Mr Godwin Obaseki, the governor of Edo State, my boss and senior brother will support me.
“He has said it at the secretariat where we had our stakeholders meeting that whoever wins, he will support and whoever that will win is nobody but Philip Shaibu,” he said.
When asked if Asue Ighodalo, another aspirant for the governorship ticket got Shaibu’s support, Shaibu simply responded, “He (Obaseki) has denied supporting Asue even when we know he is supporting him. But that is not an issue for me. I am a homeboy and I understand the politics of Edo state.
“As somebody who is experienced, I have an edge over him. He is coming with private sector experience. I am coming with both private sector and public sector experience.”
During his formal declaration, Shaibu had said, “Nobody can stop my ambition.”
The deputy governor promised to deliver practical governance if elected governor of the state in 2024.
Shaibu, who vowed to deliver practical governance said, “They (Edo people) have asked me to go and run and they said I am the one they see not just as a street boy but original own boy that can live there.
“I can assure you that by the grace of God, we will deliver practical governance.”
The recent announcement by PZ Cussons Nigeria PLC regarding the offer made by its majority shareholder, PZ Cussons (Holdings) Limited (referred to as the “Core Shareholder”), to acquire all shares owned by other stakeholders of PZCN (referred to as the “Minority Shareholders”) and subsequently delist from the Nigerian Stock Exchange, has continued to generate attention within the financial sphere.
The move, seemingly driven by the depletion of the shareholders’ funds due to a significant loss and foreign exchange challenges, necessitates a closer examination of the intricate financial dynamics within PZ Cussons.
According to the PZCN Board, the offer is a response to the ongoing challenges faced by the company in securing foreign currencies to meet its trade obligations and settle outstanding debts.
Additionally, the Board highlights the considerable deterioration in the company’s net asset position, as elucidated in the Abridged Unaudited Report for Quarter 1 ended on 31 August 2023, published on 3 November 2023 as another reason for the decision.
The pivotal moment in PZ Cussons’ recent financial history was marked by a post-tax loss of about N24 billion in Q1 2024. This staggering loss was primarily attributed to a foreign exchange loss of about N27 billion.
Before the Q1 2024 setback, PZ Cussons maintained a more conservative debt structure. The debt-to-equity ratio stood at a moderate 50% as of the end of the 2023 financial year, reflecting a balanced mix of debt and equity financing.
However, the subsequent increase in the debt-to-equity ratio to 439% and the debt-to-asset ratio to 23% in Q1 2024 are indicative of the profound impact of the foreign exchange loss and elevated debt on the company’s capital structure.
The company’s decision to acquire minority shares at an increased offer price and subsequently delist from the exchange raises intriguing questions. Is this a desperate move prompted solely by the foreign exchange challenges faced by the company, or is it a strategic play in capital structure management?
While the foreign exchange woes are undeniable, and might have contributed to the decision to acquire minority shares, it may also be seen as a calculated effort to regain control over the company’s ownership structure. This move could offer a lifeline to shore up the eroded net asset position, currently standing at N9.724 billion after an 80% reduction.
With a negative retained earnings position of -N565.265 million, the acquisition of minority shares may be viewed as a strategic step to consolidate ownership and strengthen the company’s financial standing.
The decision to delist from the Nigerian Stock Exchange further adds a layer of complexity. Delisting can be perceived as a means to operate with more flexibility, away from the scrutiny of public markets, and allow the company to implement strategic changes without immediate market repercussions.
However, it’s crucial to acknowledge the potential impact on minority shareholders. The increased offer price to ₦23 per share, endorsed by the Board in consideration of the company’s challenges in obtaining foreign currencies and a deteriorated net asset position, raises questions about the fairness of the deal for minority shareholders.
In navigating these challenges, PZ Cussons could have explored alternative strategies. A rights issue, for instance, might have been a more transparent way to raise capital, albeit with potential dilution. This could have allowed the company to address its financial challenges while maintaining a balance between debt and equity.
As the company proceeds with its acquisition and delisting plans, stakeholders, including minority shareholders, will keenly observe the outcomes.
Transparent communication from the management regarding the rationale behind these decisions and their anticipated impact will be essential in maintaining trust.
AS PZ Cussons grapples with the aftermath of a substantial foreign exchange loss and charts a course toward financial recovery, whether the company’s moves are driven primarily by FX challenges or represent a strategic manoeuvre in capital structure management remains a question that only time and unfolding events will answer.
[Nairametrics]
Former vice president Atiku Abubakar has asked President Bola Tinubu to tell Nigerians what has happened to the $3.3 billion emergency crude repayment loan secured by the federal government last year through the Nigerian National Petroleum Company Limited (NNPCL) to support the Naira and stabilise the foreign exchange market.
Atiku in a statement said it was curious that the federal government continues to keep mum about it, noting that the only information on the mega deal is coming from unofficial NNPC sources.
The former vice president however posed some questions thus “ Has the Federal Government accessed the loan? Is the loan in the government’s borrowing plan as approved by the National Assembly? Who are the parties to the loan, and what specific roles are they expected to play?”
He also asked “What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate? And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?”
Atiku recalled that the Tinubu-led federal government, precisely on August 16, 2023 through the Nigerian National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.
He however said, “The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.”
The former vice president, who said the deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank, added that according to information available to him, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.
“The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 percent.
“What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.
“Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.
“Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12 billion.
“It is on this note that we are calling
on the Federal Government to speak up on this shady deal.”
He added that it is inconceivable that the federal government will lead the country to take a loan of $3.3 billion with an interest rate that is not more than 12 percent, but with estimated repayment amounting to $12 billion.
“That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.
“There are questions to be answered on the integrity of this deal, and we earnestly request the federal government to talk directly on these cloudy details behind the deal,” he said.
A former governor of Edo State, Prof. Oserhemen A. Osunbor, has asked the National Chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje, and the National Working Committee (NWC) members to be wary of mistakes that pushed the party out of power in the state in 2020.
Osunbor made the appeal on Thursday during an interview with newsmen at the APC national secretariat in Abuja, shortly after obtaining his expression of interest and nomination forms to contest the party’s ticket ahead of the September 21 governorship election in the state.
He urged the top echelon of the APC to conduct proper primaries, devoid of undue influence and manipulations.
Why I join gov’ship race – Shaibu
Meanwhile, the deputy governor of Edo State, Philip Shaibu, has said he is contesting the state’s governorship to prevent some people from “hijacking the state”.
He stated this yesterday while addressing party leaders and stakeholders at the party headquarters after the submission of his nomination form to contest the Edo governorship election.
Shaibu said, “I am contesting for governor today, not because Philip Shaibu has inordinate ambition but my ambition is to save Edo State from businessmen that now want to take over the state. We have already dealt with the issue of godfatherism but it is rearing its ugly head again.”
[DailyTrust]
Lagos State is set to venture into airline business, Governor Babajide Sanwo-Olu hinted yesterday.
The state, he said, would soon begin the construction of its own airport in Lekki, a Lagos suburb which is fast-developing on the Epe axis.
Sanwo-Olu spoke during the Lagos West Senatorial District Town Hall meeting at the Balmoral Convention Centre, Ikeja, where he presented the scorecard of his administration to Lagosians.
He presented a catalogue of achievements in the West of Lagos.
The governor also attributed the delay in the kick-off of the ambitions 38-kilometre Fourth Mainland Bridge to funding challenges.
The bridge will connect Lagos Island across the Lagoon from Langbasa (Lekki) to Baiyeku, Itamaga in Ikorodu.
The 2 x 4 lane carriageway, with permission for Bus Rapid Transit Lane and future road contraction was designed to relieve traffic on the three bridges connecting Lagos Island to the Mainland.
They are: Eko Bridge, Cater Bridge and the Third Mailand Bridge.
A one-time permanent secretary and retired Auditor- General for Local Government in the state, Pa Muhammed Hassan, believed Lagos was ripe to own an airline. He backed the governor’s proposal.
According to Sanwo-Olu, the airline business plan had been in the pipeline for months, with the state now finalising the financing model.
“What is being considered is the Federal Government’s approval and operational contingency for the airline,” the governor said.
At the meeting, Sanwo-Olu and his deputy, Dr. Obafemi Hamzat, took feedback from residents, who posed questions.
The governor noted that the input from the public was necessary to guide his government’s decision on planned programmes and interventions before their implementation.
He pointed out that his administration had completed and opened 42 new roads projects and two flyovers in the district, with the combined length of the infrastructure spanning over 72 kilometres.
Saying that the last four and half years had seen Lagos taking a leap forward in its socio-economic and development trajectory, the governor said he remained resolute in doubling his efforts to keep the state on the sustainable growth path as his second term progresses.
The event was attended by members of the Governance Advisory Council (GAC), political, religious, business leaders and traditional rulers. Also there were members of the state executive council.
Some of those who spoke include: Executive Secretary of the Nigerian Christian Pilgrims Commission (NCPC) Bishop Stephen Adegbite, a child disability advocate, Mrs. Mathilda Otitoju, community leaders, among others.
The governor said: “Over the last five months, Mr. Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational procedures of airlines. The business plan is viable and there is no issue about financing. The conversation has gone to an advanced stage but we need to get the proper information on operations before we go ahead to implement the plan.
“In Lagos West Senatorial District, infrastructure development has been our priority since we came in. Over the last four years, we have completed over 70 kilometres of new roads and over two kilometres of bridges.
“These include Pen-Cinema Bridge, Ikeja Flyover, and over 42 roads we have completed in Alimosho, Ifako, Agege, Ikeja, Mushin, Amuwo Odofin and Badagry. We also have over 30 ongoing road projects which are at various stages of completion within this district.”
The governor said the senatorial district was also the major beneficiary of the intra-city railway development projects of his administration, with Lagos West hosting major passenger hubs of Blue Line and Red Line trains.
He said the new General Hospital being constructed in Ojo axis has reached an advanced stage, adding that its completion would boost access to health care in the district.
To further enhance security and safety in Lagos, Sanwo-Olu said his administration would be releasing additional patrol vehicles and work gadgets to raise surveillance and capacity of security agencies to respond to emerging threats.
He said: “We are in talks with you, the citizens, today because we believe the government does not know it all. The feedback and inputs we are taking away from here will help us to cater for your needs and wellbeing better.
“We will strive to make it easier for you to be law-abiding. It is not enough to say the laws must be obeyed, we must also ensure that the laws are clear, fair and just.
“When people break the law and don’t do the right thing, they make governance a lot more difficult for us. We must discharge our civic responsibility and fulfil our obligations as citizens.
“When we do this, it reduces the cost of governance and saves resources that will enable us do a lot more. While we appreciate your suggestions, we are also encouraging you to ensure that all citizens do the right thing at all times.”
The Commissioner for Information and Strategy, Mr. Gbenga Omotoso, likened the town hall parley to the annual general meeting, which offers stakeholders the opportunity to discuss with the leadership.
Omotoso noted that the move was to engender an all-inclusive government in which citizens would have an input.
“The conversation continues with the citizens on the Lagos project. Today, Lagos West Senatorial District leads the way; other districts will take their turns of the Town Hall meeting where they will have unfettered discussions with the Governor,” Omotoso said.
[TheNation]
In December 2023 when armed men attacked his Dungwel community, in Mangu Local Government Area of Plateau State, Manji Le’an moved from there to stay with his uncle at Mangu town.
Though his house at Dungwel was not burnt, he said he was worried by the threats the attackers pose to the community, hence the need to relocate to a safer place.
Now, the recent attacks in Mangu Local Government Area of Plateau State have put more burden on him. He said his blood pressure has gone up, having managed to escape unhurt with his uncle as their neighbours set his uncle’s house ablaze.
This is the account of one of the survivors of Wednesday’s attack on Mangu which claimed over 30 lives, with several houses razed.
Le’an said: “I left Dungwel on December 13, last year, to stay with my uncle in his house near EKAN Primary School in Mangu town. I thought I will have peace there but as we speak, we have moved to Angwan Mission to stay with some relatives because my uncle’s house was burnt by his Muslim neighbours, on Wednesday. We managed to escape unhurt but we heard and saw them rejoicing that we had been burnt in the house.
“Three days ago, some Fulani herders attacked some Mwaghavul youths around the Sabon Gari area. The youths in that area protested against the action and were moving towards Ruga, (a Fulani settlement) to iron out the matter.
“Before we knew it, the Muslims settling at Sabon Kaswa (new market) started attacking their Mwaghavul neighbours, asking why the people would go to Ruga.
“The natives asked if they were supporting the actions of the Fulani herders that always attack the people and they said yes. The situation degenerated, leading to the burning of houses and the COCIN Church at Sabon Kaswa.
“The thing was snowballing from one place to the other and it got to our area around EKAN Primary school where our Muslim neighbours also joined in burning houses.
“When the thing started in our area, we locked ourselves in the house because we didn’t think they will want to harm us but surprisingly, we heard our neighbours asking if we were in and when they confirmed it, they started throwing things on the zinc, breaking the windows as the rampaging youths approached.
“When we saw that the house was on fire, we sneaked out through the back door without a pin as the attackers were gathered at the front.
“As we were walking away, we could hear them saying in Hausa language, “mun kona baban dake cikin dakin,” meaning we have burnt Baba inside the house, referring to my uncle. We are still shocked that this could happen and my BP has gone up. We are waiting for the curfew to be lifted, so I can take my uncle to join his son in Jos.”
The violence has been controlled and the curfew enforced at the time of this report. The poor network in the area is limiting communication but some natives say there is rising threat in some communities in Panyam district of Mangu.
‘Fulani herders killed our boys’
Another survivor, Longji Fwangmun from Aloghom 1 community which was among the communities attacked last year, said: “The Fulani herders killed some of our boys who were returning from a mining site.
“Our people came out to confront them but soldiers came and escorted them and their cows to their settlement but within a short time, some IDPs taking refuge in Mangu were passing and they attacked them. They managed to escape and brought the report to us.
“This provoked our people who made efforts to go back to Ruga. My brother and I joined others to go there but the soldiers returned and tried to stop us while the Fulani herders retreated to Derkong, a Muslim community where they hibernate and come out to attack people.
“When some of our boys refused to step back, the soldiers opened fire and a bullet hit and killed my brother, Joel.
“While we were running, I couldn’t return to my village, so I went to my brother’s house at Kwahaslahir where we witnessed a complete destruction of property. The COCIN Church and houses were burnt. Julius clinic was also burnt and we heard patients were there.
‘’I can’t say if the patients were killed but I had to sleep in the bush at night so that I will not be burnt in the house. I managed to dodge the Fulani herders, Muslim youths and soldiers to return to Mangu where I am speaking with you from.
We’ve arrested 9 suspects – Police
Meanwhile, the Assistant Inspector General of Police, AIG, Zone 4, Ebong Eyibio, through the State Police Public Relations Officer, DSP Alfred Alabo, said nine suspects had been arrested in connection with the incident.
“I have ordered the deployment of additional Special Intervention Personnel to Mangu LGA to be commanded by the Area Commander, Pankshin, to restore normalcy in that area. The command is grateful to inform you that the situation as at today, is under control and so far, nine suspects have been arrested.
‘’Exhibits recovered from them include dangerous weapons such as machetes, kegs containing petrol, and other items. The area remains highly secured by security forces and strict compliance to the curfew is being complied with.
“We called on the leadership of both faiths to call their followers to order and ensure total compliance with the government-imposed curfew. Both parties have promised to comply in the interest of peace in their communities. So far, over 10 corpses have been recovered from various locations, two injured persons currently receiving treatment at the hospital, one car and 10 houses were burnt down.”
We won’t tolerate further security breaches – Gov Mutfwang
Also, Governor Caleb Mutfwang, denounced the recent security breach that claimed numerous lives in Kwahaslalek community and various parts of Mangu LGA
A statement by his Director of Press and Public Affairs, Gyang Bere, said the governor will not tolerate any further breakdown of law and order in any part of the state and urged security agencies to intensify their efforts to “guarantee absolute peace across the state.”
Bere said: “The governor extends heartfelt condolences to grieving families, affected communities, and those injured in the unfortunate incidents. Governor Mutfwang further conveyed sympathy to the residents of Mangu LGA and other affected communities, and urged them to remain vigilant and promptly report any suspicious activities for swift intervention.
“However, he implored the communities involved to refrain from taking the law into their hands, and restated the state government’s unwavering commitment to ensuring the security of all citizens. He acknowledged the crucial role played by security agencies in restoring calm and called for continued collaboration between them and the government to provide maximum protection to all citizens.”
Tension in Kerang as security men kill woman, shoot 3 others
In spite of efforts to contain the insecurity, security men allegedly shot and killed one Rejoice Puttu at Kerang community in Mangu LGA, a sibling and community members confirmed.
The elder brother to the deceased, identified as Clifford, told Vanguard on phone that the sister was killed this afternoon (yesterday) while returning from the farm.
He said: “The military men just shot dead my younger sister, Rejoice Puttu, this afternoon opposite COCIN RCC Kerang. She was coming back from the farm without knowing that military men from the Air Force Base in Kerang came to town in the name of enforcing the curfew.
“They saw some okada men going about their businesses, they started beating and shooting sporadically in the name of scaring people. When my sister heard the gunshots she turned to run but they shot her in the back and she died on the spot. The community boys and some policemen tried to convey her to the Pebang hospital but she had already died.
“My younger brother was macheted by the same military men at Mangu town yesterday when he was making efforts to leave Mangu for Kerang. He was taken to the hospital and he didn’t even know that our sister had been killed until I called to inform him.
‘’My worry now is that we are not able to go pick her corpse to the mortuary and the people at Pebang hospital are calling us to come.
“I am looking for a way of getting a security escort to go there to retrieve her corpse. The world should know that the military is going from house to house hunting people, with cutlasses, I have posted my sister’s corpse on social media for the world to see what the military is doing to my family.”
Another resident, Joshua Plangdi, confirmed he witnessed the situation and added: “Apart from Rejoice who died, three other boys were shot and are now in the hospital. People are just sitting in front of their houses and different sets of security personnel from the Air Force Base and Mangu town are coming in to harass us. It was their bullet that killed Rejoice and injured others.”
NIO calls for restraint over killing of members
Reacting to the present state of affairs in the area yesterday, the Ngwang Ishi O’Tarok, NIO, one of the tribes in Plateau State, called for calm, following the burning of five members of the Tarok family in Mangu, and asking that no one takes the law into one’s hands.
Nangor Ndam, the National Secretary of NIO in a statement, said: “The attention of the NIO leadership has been drawn to various social media platforms about the burning alive of a Tarok family of five in Mangu yesterday, following the unfortunate outbreak of crisis.
“NIO wishes to inform Tarok sons and daughters that the leadership of NIO, led by Amb. Nanpon Sheni, is fully aware of this incident and has been in contact with the security agencies handling the investigations.
‘’The NIO President has also been in touch with his counterpart, the President of the Mwaghavul Development Association, MDA, for a full briefing on the situation in Mangu.
“The leadership of NIO calls on all Tarok sons and daughters to remain calm and law-abiding, while investigations continue. There should be no cause for retaliatory action as security agents are on top of the situation.
‘’NIO assures the Tarok Nation that it shall continue to work to protect them and their interest in full
collaboration with appropriate security agencies.”
We remain neutral-DHQ
Following accusations in a trending video that Wednesday’s attack and killing of over 30 persons in Mangu LGA and burning of houses, despite the curfew in place, was made possible because of collaboration by security agencies, Defence Headquarters, DHQ, yesterday, said the military remains neutral and committed to protecting the lives and property of law-abiding citizens.
A statement by Brigadier Gen Tukur Gusau, Director of Defence Information, denied the allegations made in the video saying “we will deal with anybody found disobeying the law without bias or prejudice.”
While calling on the public to support ongoing military operations aimed at decimating non-state actors operating in these troubled areas of the state”, the defence scribe said: “We will not be distracted by baseless accusations and remain steadfast in our commitment to restoring peace and security.
The statement read: “The attention of the Defence Headquarters, DHQ, has been drawn to a malicious video made by the Chairman, Christian Association of Nigeria, CAN, Mangu Chapter, Reverend Timothy Daluk.
“The video has been circulating in the media, aiming to malign military personnel deployed to address the security challenges in the Mangu general area.
“The video made baseless and untrue accusations, claiming that the military is biased and supports a particular group against others.
“We categorically state that these accusations hold no truth, are malicious and lack any reasonable foundation.
“It is important to recall that on 23 January 2024, there was a breach of security in the Mangu municipal area, resulting in the Government of Plateau state declaring a 24-hour curfew.
“Troops of Operation Safe Haven were reinforced in Mangu to enforce the curfew and bring the situation under control, thereby preventing its spread to other areas.
“The troops have carried out their duties professionally and in accordance with the rules of engagement.
“They have successfully arrested criminals involved in looting and burning of properties, as well as recovered weapons.
“It is deeply disturbing that a religious leader, who is expected to demonstrate high levels of moral judgment and truthfulness, has resorted to spreading falsehoods about the military and its personnel.
“We strongly caution individuals involved in making malicious comments against the military to cease such acts.
“Henceforth, any person found spreading falsehoods will face constitutional redress, regardless of their status in society.”
DHQ to invite CAN chairman accusing military of aiding killings
In the viral video, Daluk said: “I am here to report the situation happening in Mangu Local Government for the whole world to understand. What is happening in Mangu at this particular point in time, the military are the ones sending our people away for the militia to burn their houses.
“At this particular point in time, they have sent every Christian away from the new market, thereby leaving the Muslims to come and burn their houses.”
However, responding following an inquiry, the Director, Defence Media Operations, Maj. Gen. Edward Buba, said: “DHQ is in the process of reaching out to him to come and substantiate the claims. It is not unusual for emotions to cloud people’s judgment when they have been confronted with a very traumatising experience.
“We will get to the bottom of his allegations after we have an audience with him. All the same, the military will continue to discharge its duties professionally and in line with the best international standards.”
Reps Speaker to meet Tinubu, seeks end to Plateau killings
Disturbed by the rising killings, speaker of the House of Representatives, Dr Tajudeen Abbas, said it is devastating to read the news about renewed attacks and hostility in communities around Mangu LGA.
He said he would meet with President Bola Tinubu on the matter, adding that the House will take a strong position when it resumes from the Christmas and New Year break next Tuesday.
In a statement by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, the speaker said “enough is enough” on the Plateau killings.
Speaker Abbas added that on resumption on January 30, 2024, the House will kick-start plans to organise a security submit to find lasting solutions to the security challenges in the North and other parts of the country.
[Vanguard]
As a way of building the capacity of learners on creative thinking, Ogun State government has trained 500 selected senior secondary school students on computer literacy to create content, towards enhancing digital knowledge.
Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, while speaking during the opening of a 4-Day capacity building for the students, tagged, ’’Build-A-Thon Programme’’, organised by the Federal Ministry of Communications, Innovation and Digital Economy, in conjunction with the Ministry, said the initiative was an avenue to take the state to a greater height.
Prof. Arigbabu, in a statement made available to newsmen by Mr. Ayoola Obadimu, Press Officer, MOES&T, pointed out that the training would provide opportunities for the students to develop their talents, relate and learn from one another, share experience, as well as become technology experts, hinting that the training was ongoing simultaneously in Imo and Maiduguri states and be replicated in all the 517 secondary schools in the state.
"If we develop children in this way, most of our problems will be easily solved. To me, this is the beginning of many good things to happen in the country. We want to catch the students young, starting from this stage; they are being developed as critical thinkers, problem solvers and technology experts", he said.
Also speaking, Minister for Communication, Innovations and Digital Economy, Dr. Bosun Tijani, represented by his Special Assistant, Mrs. Banke Ajagunna, stated that the event would enable students get more involved in technological revolution.
Earlier, Director of Education, Science and Technology in the Ministry, Mr. Sunkanmi Ogunpola, explained that the programme was introduced to create an avenue where teenagers could grow up to be problem solvers.
Two of the benefiting students, Oluwatomi Talabi of Anglican High School, Ibara and Anjolaoluwa Adebowale of Lafenwa High School, both in Abeokuta, appreciated the Federal and state governments on behalf of other learners for the laudable initiative, describing the programme as an agenda to secure the future generation of the country.
[PRESS RELEASE] Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan
AdminIn what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.
The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.
The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.
According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.
The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.
What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.
Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.
Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.
It is on this note that we are calling on the Federal Government to speak up on this shady deal.
It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.
That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.
There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.
We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.
1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?
Signed:
Atiku Abubakar
Vice President of Nigeria, 1999-2007
25th January, 2024.
Nigeria’s currency fell to a record low of N1,416 per dollar at the parallel market following strong demand amid shortage as traders hoard the available dollars.
This indicated a 15.19 percent depreciation year-on-year when compared to N1,200 at the beginning of the month.
“Some people are hoarding the dollars waiting for when the demand will be high. Again, the market is uncertain of the next action by the government, a trader who gave his name as Aliu said.
At the official foreign exchange (FX) market, naira weakened by 0.41 percent as the dollar was quoted at N882.24 on Wednesday as against N878.61 closed on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ showed.
During the intraday trading on Wednesday, currency dealers quoted one dollar at N1,313, (high) on the spot and N700 lower rate. However, the rates were stronger than N1,336.05 and N701 per dollar respectively quoted on Tuesday.
The daily foreign exchange market turnover declined marginally by 3.18 percent to $56.60 million on Wednesday from $58.46 million recorded on Tuesday.
Yemi Cardoso, the governor of the Central Bank of Nigeria, on Wednesday declared that the national currency, the naira, is currently undervalued. Speaking at the launch of the NESG 2024 Macroeconomic Outlook report, he outlined the bank’s commitment to stabilizing the currency through genuine price discovery.
Cardoso emphasized a coordinated approach with fiscal measures to expedite the process, stating, “We believe that the naira is currently undervalued, and coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate.”
Highlighting collaborative efforts, he pointed to initiatives ensuring that all foreign exchange (FX) inflows pass through the Central Bank.
This coordinated effort, he said, would greatly enhance the bank’s FX flows and contribute to the accretion of reserves.
Cardoso attributed the expected stability in the foreign exchange market for 2024 to the reduction in petroleum products imports and the recent implementation of a market-determined exchange rate policy.
He said, “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing arbitrage opportunities. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.”
[BusinessNg]
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The social media group, Meta, has rolled out new features that will place further restrictions on how teens receive messages on Facebook and Instagram.
The company said the new measures being rolled out today build on its earlier policy restricting people above 19 from messaging teens who are not following them.
Meta said it is now turning off teens’ ability to receive DMs from anyone they do not follow or are not connected to on Instagram including other teens by default.
In addition, Meta is also making its parental controls more robust by allowing guardians to allow or deny changes in default privacy settings made by teens. Previously, when teens changed these settings, guardians got a notification, but they couldn’t take any action on them.
What Meta is saying
Announcing the new features to protect teens on its social media platforms on Thursday, Meta said:
- “To help protect teens from unwanted contact on Instagram, we restrict adults over the age of 19 from messaging teens who don’t follow them, and we limit the type and number of direct messages (DMs) people can send to someone who doesn’t follow them to one text-only message.
- “Today we’re announcing an additional step to help protect teens from unwanted contact by turning off their ability to receive DMs from anyone they don’t follow or aren’t connected to on Instagram – including other teens – by default.
- “Under this new default setting, teens can only be messaged or added to group chats by people they already follow or are connected to, helping teens and their parents feel even more confident that they won’t hear from people they don’t know in their DMs.
- “This default setting will apply to all teens under the age of 16 (or under 18 in certain countries). Those already on Instagram will see a notification at the top of their Feed letting them know we’re making these changes to their message settings.”
The company added that it is also making these changes to teens’ default settings on Messenger, where under 16s (or under 18 in certain countries) will only receive messages from Facebook friends, or people they’re connected to through phone contacts, for example.
More parental control
Meta first launched parental supervision on Instagram in March 2022 and since then has continued to add new features to help involve parents more in their teens’ online experiences.
These include the ability for parents to set time limits and schedule breaks, to understand when their teen blocks or shares they have reported someone, and to be notified when their teen changes their settings. The company is now adding more features.
“Now, parents using supervision will be prompted to approve or deny their teens’ (under 16) requests to change their default safety and privacy settings to a less strict state – rather than just being notified of the change.
For example, if a teen using supervision tries to change their account from private to public, change their Sensitive Content Control from “Less” to “Standard”, or – now – tries to change their DM settings to hear from people they’re not already following or connected to, their parent will receive a notification prompting them to approve or deny the request,” Meta said.
[Nairametrics]
British media and hospitality company, Time Out, has ranked Lagos above Melbourne, Australia; Naples, Italy; Singapore; Miami, US; Dubai, UAE; Beijing, China; Montreal, Canada among others, in its best city to visit list.
It ranked New York city as number one city in the world while South Africa’s Cape Town placed second in the list that contained 50 cities.
The firm which ranked Lagos as the 19th best city to visit in the world, said it drew its conclusion from a survey of more than 20,000 city dwellers around the world, along with its network of editors.
The criteria used to rate the cities include food (quality and affordability), culture, nightlife, how the city makes people feel, strong community vibes, access to green space, historic sites, and much more.
“Whether you’re a staunch mainlander or from Lekki, there’s something for everyone in Lagos, Africa’s most populous city. Posh Victoria Island continues to deliver a trifecta of swanky resorts, food haunts, and nightlife.
“Lekki is for the brunchers – make Maple Lagos your first stop. On the mainland, Kuti’s Bistro in Ikeja, owned by the legendary afrobeat family, serves up reliably delicious food and hosts parties, karaoke and games nights.
“And then there are the beaches – hit up Oniru Beach for some fun in the sun, but be sure to bring naira for this private beach. For those who live for the night, Hard Rock Cafe Lagos provides a massive indoor-outdoor playground with top artists including DJ Obi (‘Obi’s House’ on Mondays), who set a Guinness World Record in 2016 for a 240-hour marathon set,” it said about Lagos.
Melbourne, Australia; Naples, Italy; Singapore; Miami, US; Bangkok, Thailand; Lima, Peru; Budapest, Hungary; Beijing, China; Dubai, United Arab Emirates; Montreal, Canada and Glasgow, UK ranked 19th to 30th respectively. Accra, Ghana, the other African country in the list was ranked 44th ahead of Marseille, France (45); Taipei, Taiwan (46); Istanbul, Turkey (47); Osaka, Japan (48); Hong Kong, China (49) and Vancouver, Canada (50).
[DailyTrust]
48 hours after the change of leadership in the Ogun State House of Assembly, Governor Dapo Abiodun has broken his silence on the crisis rocking the state’s legislative body.
The crisis in the Assembly consumed the former Speaker, Olakunle Oluomo, on Tuesday, as he was impeached and replaced by Oludaisi Elemide.
Reacting to the development, the governor agreed with the Assembly that the legislators reserve the right to choose whoever pleases them as their leader in the legislative arm of the government.
Speaking through a statement signed by his Special Adviser on Media, Kayode Akinmade, on Thursday, the governor also acknowledged that the crisis in the Assembly had lasted for a while.
“There had been internal wrangling in the Assembly that had persisted and degenerated despite several interventions.
“ It is the prerogative of members of the House of Assembly to choose their leadership in line with the constitution and the law guiding the conduct of the Assembly.”
It will be recalled that the former Speaker was impeached on Tuesday after he was accused of high handedness, lack of focus and transparency, arrogance, poor leadership style, financial misappropriation and inciting members against themselves.
The governor, however, added that the government was working with the party, All Progressives Congress, APC, with the intention to resolve all contending issues.
The statement added, “Working with the leadership of our Party, the All Progressives Congress (APC), the Government intends to see all the contending issues resolved in a democratic, fair, and just manner.
“The Ogun State Government notes that the Honourable Members have openly stated that their grouse is not with the Governor, whom they again pledged their loyalty to.
“Given that the Ogun electorate gave us a mandate to represent their best interests and deliver democratic dividends that will significantly improve their well-being, the Ogun State Government, along with the Party leadership, have intervened to ensure that whatever disagreement members have is resolved peacefully and amicably, so that the delivery of democratic dividends to our people will not be hampered in any way.”
[DailyPost]
The Nigerian military has identified several factors contributing to the recent crisis in the Mangu Local Government Area of Plateau State.
The Director of Defence Media Operations, Major General Edward Buba stated that herder militia, cattle rustling, and a combination of other factors were responsible for the crisis that engulfed the town.
He said this on Thursday, January 25, while addressing a news conference in Abuja on the activities of the Armed Forces of Nigeria.
However, he said that to control the situation, Special Forces had been sent to state hotspots.
General Buba said: “The situation was triggered by a number of factors including the attempted cattle rustling and the killing of a Mangu man by herder militia.”
He claimed that on January 22, 2024, it was reported that a guy on a motorbike down the road collided with a herd of cattle crossing the road.
He said: “The herders reportedly killed the man on the spot. Consequently, militia mobilised and attacked residents in the early hours of 23rd of January.”
When attackers invaded Kwahaslalek village, a hamlet in the Mangu Local Government Area, approximately thirty people were killed, several more were injured, and numerous buildings were set on fire.
Governor Caleb Mutfwang has since imposed a curfew on the LGA.
[TheNation]