Former US president Barack Obama has told allies that Joe Biden needs to reconsider his reelection bid, the Washington Post reported on Thursday.

Obama believes that Biden’s path to victory has diminished and that the 81-year-old should “seriously consider the viability of his candidacy,” the newspaper said, citing people briefed on his thinking.

It said there was no immediate comment from Obama, who was in office while Biden was vice president from 2009 to 2017 and who remains hugely influential in the Democratic party.

Obama would be the most heavyweight Democrat so far to join a growing chorus in the party calling for Biden to drop out, following a disastrous debate performance against Donald Trump.

Biden, who is isolating with Covid at his beach house, has rejected concerns about his age and fitness and insisted that he is staying in the race for the White House.

Pressure is mounting, though, with Democratic Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries also both reportedly meeting with Biden in recent days to warn that his candidacy threatens his party’s prospects in November’s election.

The 2024 US presidential election is shaping up to be a highly contentious race. Incumbent President Joe Biden is seeking re-election, despite internal and external pressures suggesting he might step aside.

There are ongoing discussions and debates within the Democratic Party about Biden’s candidacy, with some calling for a replacement candidate due to concerns over his electability against former President Donald Trump.

Trump remains a prominent figure in the Republican Party and is actively campaigning for a return to the White House. He continues to face legal challenges, including cases related to his business practices and claims of immunity from prosecution​

As the election draws closer, the political landscape is filled with speculation and strategic manoeuvring from both major parties. Key issues, such as immigration, the economy, and social policies, are central to the campaigns, with both candidates vying for voter support in critical battleground states.

The 2024 US presidential election is scheduled to take place on November 5, 2024.

The ruling All Progressives Congress has knocked governors elected on the platform of the Peoples Democratic Party for blaming President Bola Tinubu and his predecessor for destroying the country’s economy and institutions built during the 16-year reign of the PDP.

In a communiqué issued at the end of their meeting in Enugu on Wednesday, the 13 governors of the opposition party condemned the government’s economic policies, which they believe have led to widespread hardship among Nigerians.

The Chairman of the forum and Governor of Bauchi State, Bala Mohammed, presented their position after the four-hour meeting.

Reacting in a statement issued in Abuja titled ‘PDP governors – barefaced heirs of a legacy of sleaze and ruin,’ the National Publicity Secretary of the APC, Felix Morka, said the opposition party deserved to cover its face in shame over the rot it accommodated during the 16 ‘inglorious’ years it ruled Nigeria.

He said, “It is a sad irony that the PDP governors who congregated to discuss the newly won financial autonomy of local governments, the most remarkable breakthrough in democratic transformation in our country since 1999, ended their meeting pointing their scabby political fingers at the APC government that accomplished a reform that the PDP did not and could not initiate, let alone deliver, in all of its desolate 16 years in government.

“By their statement, it is now obvious that the PDP governors lack understanding of their place and responsibility in our system of government. They do not understand the seriousness of the responsibility they bear as chief executives of their states to justify the resources at their disposal to build and bolster their domestic economies for the good of their people.

“The same PDP governors, many of whom have failed to pay legal minimum wage to their workers, hurdled together, without any sense of shame, to accuse the President Bola Tinubu-led administration of delay in approving a new minimum wage for workers. These are the same governors that, only a few weeks ago, publicly proclaimed their inability to pay the proposed new minimum wage due to their workers.”

Continuing, Morka emphasised that with the N70,000 new minimum wage agreed on Thursday, the president has further shown Nigerians voted for him at the last election.

According to him, it is becoming clear that the ongoing reforms in the country have started yielding the desired results.

“As of the time of preparing this statement, President Tinubu has approved the sum of N70,000 as the new minimum wage for workers in the country. This outcome is the result of the president’s determined leadership of discussions with leaders of Organised Labour. This will, no doubt, help to ameliorate the transient economic hardship that our people have had to endure in patriotic contribution to building a stronger and more vibrant economy for our country.

“Nigerians do not need to be reminded of the PDP’s inglorious 16 years of odious rule during which the party built nothing that can be remembered or destroyed. The APC-led administration has only saddled itself with fixing the PDP’s mess and institutionalized debilitating corruption of nearly two decades.

“The APC-led administration, through the Minister of the Federal Capital Territory, Nyesom Wike, is now completing and commissioning numerous road projects in the FCT awarded, paid for as far back as 2003 and 2010 but recklessly abandoned by successive PDP administrations.

“The petroleum subsidy regime and parallel foreign exchange regimes sustained by the PDP for the reckless pillaging of our commonwealth blew a gaping hole in the nation’s economy that the APC government continues to work assiduously to revitalize. The enduring dividends of the reforms of President Tinubu’s APC administration are sure as they are imminent,” he stated.

The Zone A Federal Operations Unit of the Nigeria Customs Service in Ikeja, Lagos, on Thursday, announced that it intercepted 150 cartons of bulletproof jackets worth N1.687bn.

Addressing journalists in Ikeja, the Customs Area Controller in charge of the unit, Kola Oladeji, said the contrabands were intercepted along the Ijebuode-Sagamu Expressway in Ogun State.

Oladeji explained that each carton contains 10 packs of the jacket, adding that these contrabands were seized in June.

He explained that under Schedule 4 of the Customs Common External Tariff, the importation of all kinds of military wares by individuals was under absolute prohibition.

“An end-user certificate is required for the importation of controlled items and products into Nigeria and it comes from the Office of the National Security Adviser,” Oladeji said.

Oladeji vowed that the unit was working on credible intelligence to get the importers of these contrabands.

“These seizures were unique because it was a breach of security, no end-user-certificate.

“Because you get the certificate before you can bring your cargo and if you bring it after importation we will arrest you,” he said.

Oladeji said the unit also intercepted kilograms of cannabis sativa and expired drugs within the period under review.

“Our dedicated officers also intercepted 989kg of cannabis sativa and 5,229 cartons of expired drugs,”

According to him, some of the interceptions took place at various times and locations within states in the South-West.

“Other items seized include, 343,750 litres of Premium Motor Spirit, 7,150 bags of foreign parboiled rice, 32 units of used vehicles, 120 bags of sugar, 3,560 cartons of poultry products,” the  Oladeji said.

He stated that four suspects were arrested in connection with the various offenses, “including violating import/export guidelines, concealment, wrong classification, smuggling, and contravening policy directives,”

He disclosed that the cumulative duty paid value of the various intercepted goods amounts to N3.6bn.

Oladeji said the unit also recovered the sum of N62m as revenue for June 2024 through documentary checks and the issuance of demand notices on consignments that were found to have paid lesser amounts than the appropriate duties.

He urged Nigerians to provide the service with useful and timely information that would lead to the arrest of illegal importation of military wares, illicit drugs, and counterfeit goods.

“Importers and licensed agents are also urged to make sincere declarations, adhere to existing import and export guidelines, and avoid the risk of losing their goods,” he said.

… As Naira Falls To N1,640/USD

The Central Bank of Nigeria has resumed foreign exchange sales to Bureau de Change operators as FX scarcity deepens.

The sales are coming a few months after the bank stopped selling forex to BDCs and subsequently withdrew all their licenses.

But in a fresh twist, the CBN has commenced FX intervention to traders at N1,450 per dollar as part of a move to tame the rate at which the currency depreciates.

CBN disclosed the development in a statement on Thursday signed by the acting director of the Trade and Exchange Department at the CBN, AA Mahdi.

The CBN said, “Following the ongoing reform in the foreign exchange market with the objective of achieving an appropriate market-determined exchange rate for the naira, the Central Bank of Nigeria has observed the continued distortion in the retail end of the market which is feeding into the parallel market and further widen the exchange rate premium.

“To this end, the CBN approved the sales of FX to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).”

The CBN warned beneficiaries against selling to in-eligible end users. The bank also warned BDCs not to sell the FX more than 1.5 per cent of the purchase price from the CBN.

The central bank was also forced to intervene in the official market by selling $123m to authorised dealers.

The naira has depreciated to N1,640 per dollar since the bank announced a new recapitalization exercise for BDCs.

The CBN issued a ‘Regulatory and Supervisory Guidelines for Bureau on Change Operations in Nigeria 2024’ for compliance by all operators and promoters of proposed BDCs in Nigeria

The guideline mandated BDCs to “Re-apply for a new license according to any of the Tiers or license category of their choice as provided in the Guidelines.

“Meet the minimum capital requirements for the license category applied for within six months from the effective date of the Guidelines.”

THE WHISTLER reported that operators are expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.

…ask Nigerians to be patient with Tinubu’s government

The House of Representatives on Thursday resolved to support the Federal Government with N648 million for six months by cutting down their salaries by 50% to support food sufficiency across the country and to address the high cost of food.

This is also as the lawmakers begged Nigeria to exercise more patience with President Ahmed Tinubu’s led administration in addressing challenges and hardships faced by citizens.

The House further mandated it’s Committee on Appropriation, Humanitarian affairs, Finance and Budget to ensure compliance.

The resolutions followed the adoption of a motion moved on the floor of the House tittled “An appeal to the proponents of proposed nationwide protest to maintain peace, eschew violence and open the windows for meaningful engagements with the government at all levels in order to address their issues”, by Hon. Ibrahim Isiaka (APC- Ogun State) during plenary in Abuja.

Moving the motion, Isiaka said though Nigerians have the constitutional right to peaceful assembly and protest to address their grievances, the house presents with a humble plea, a plea for reason, understanding, and unity in the face of adversity.

According to him, maintaining peace and engaging in constructive dialogue with the government is crucial for the resolution of issues facing the nation.

“This honourable House appeals to the proponents of the proposed nationwide protest in Nigeria to consider a different path, a path of patience, dialogue, and collaboration, prioritize peace and open channels for meaningful engagements with the government at all levels.

“All stakeholders should uphold the principles of democracy, respect human rights, and uphold the rule of law in their actions and engagements; we trust that through peaceful engagement and dialogue, we can collectively work towards building a better and brighter future for Nigeria.

He further admitted that it is undeniable Nigeria is facing significant challenges, challenges that have plagued the nation for far too long, adding that the issues of insecurity, unemployment, and poverty weigh heavily on the hearts of every Nigerian.

“Further aware that the challenges we face are not unique to Nigeria alone. These are issues that countries across the globe grapple with on a daily basis. In a world that is constantly changing and evolving, no nation is immune to the complexities of governance and development.

“The road to change is not easy, and the journey towards a brighter future is often fraught with obstacles. But we must not lose sight of the incremental steps that have been taken, the reforms that have been implemented, and the strides that have been made towards a more prosperous Nigeria. Belief that change does not happen overnight It requires patience, perseverance, and a commitment to working together towards a common goal. While peaceful protest is a fundamental right in a democratic society, it is also important to allow the government the space and opportunity to consolidate the progress that has already been achieved.

“Let us engage in constructive dialogue, let us seek solutions through peaceful means, and let us stand united as one nation, one people, with a shared vision for a better Nigeria. Together, we can overcome the challenges that lie before us. Together, we can build a future that we can all be proud of.

“We plead with our fellow Nigerians to consider the broader perspective, to act with wisdom and foresight, and to support efforts towards a more stable, secure, and prosperous Nigeria. Let us reason together. let us listen to one another, and let us work hand in hand towards a brighter tomorrow. 

Contributing to the motion, the Deputy Speaker of the House, Benjamin Kalu who moved the motion for lawmakers to support the federal government with 50% of their salaries for six months said Protest is not a Solution to solving the problem of hunger in the country.

He said “Solution not found in raising placard, Rome is not built in a day. Let us give support to all policies of govt to better the lives of citizens.

“This time is calling for sacrifice. People here are willing to make sacrifices. Please bear with the government a little. Let’s make sacrifices with our salaries.

On his part, Ahmed Jaha (APC- Borno) said that it takes a reasonable period to correct what has been damaged for a reasonable period.

He said “Remember, tough times do not last forever for tough men. And there is always a light at the end of every struggle. Mr Speaker, Honourable members, this government is doing what we have hoped. We are appealing to our young men to give the government the benefit of the doubt. Bearing in mind the people’s oriented policies, and programs that are laid down for this government to pursue especially in the area of school and student loans. 

“Just yesterday, the President launched, under the distinguished leadership and chairmanship of a distinguished financial engineer and banker, Jim Hogan. And he stated categorically that in the next one or two weeks, students will be allowed to have access to apply to that and that has been transmitted or presented to some schools in the country.

“Secondly, Mr Speaker, Honourable Members, we should understand that President Tinubu can not do anything to destroy his hard-earned reputation and theocratic capabilities.

“We should give him and any other stakeholder in this government the benefit of the doubt. So that at the end of the day, we can come out of the cock-map the country is in. In addition to this, I am calling on the collaboration between the tiers of government, the federal, the state and the local government to be on the same page, to bring an end to the current crisis we are facing.

“Lastly, I want to use this opportunity to tell us that if you compare the cost of living, even among West African countries, you will appreciate the cost of living in Nigeria.

“We must appreciate this. Last two months, I cooked breakfast. I had to pay 25 pounds. In Nigeria, that particular breakfast cost me less than 2,500 naira. So what I’m trying to say is actually, it’s a global issue. It’s not peculiar to Nigeria at all. Our young men should understand this. We are appealing.

“We are pleading on our knees. As young men, we are pleading for peace in the country. So that at the end of the day, we will be out of our current situation.

Another lawmaker, Hon Usman Basiru (Sokoto- APC) said organizing protests will undermine the peace and unity of the country.

According to him, the young people who are calling for the protest have not taken the necessary steps to make their own money. In that way, most Africans are calling protests directly to the streets.

“We must consider the atmosphere that we call a protest and a peaceful protest. The present atmosphere, whose demonstration, any story, or any form of demonstration that is organizing protests is undermining the peace and unity of our dear country.

“It is contrary to how you must consider the national interest about individual or group interest. Most Africans, these people that are calling for protests, I believe don’t know what will happen when they go ahead to call for the protest.

“Yes, we have a lot of challenges. But at this very critical time, it is a matter of fear. What I want you to do, is understand the situation and allow the policies to drive and see where there is a way forward.

“We ask people to please exercise plenty of patience to see where the police’s direction of the present administration is heading before taking any further compensation. Please consult with the foundation before taking any further compensation.

The Nigerian Labour Congress (NLC), Trade Union Congress (TUC), and sister unions have bowed to pressure and accepted President Bola Ahmed Tinubu’s N70,000 Minimum wage offer.

Their acceptance follows the approval of a new national minimum wage of N70,000 for Nigerian workers on Thursday.

The labour unions had rejected the government’s previous offer of N62,000 national minimum wage.

The organized labour leaders have however confirmed their acceptance.

Recall that the organized labour were demanding N494,000 pay for workers.

The government had argued that the N494,000 wage being demanded by organized labour, which cumulatively amounts to the sum of N9.5tn bill, was “capable of destabilizing the economy and jeopardizing the welfare of over 200 million Nigerians.”

But after reaching an agreement in a meeting with the Minister of Information Mohammed Idris, President of NLC, Comrade Joe Ajaero, confirmed that the unions had accepted Tinubu’s offer.

The President of TUC, Comrade Festus Usifo and other representatives of Nigerian workers were all present at the meeting.

Ajaero explained that organized labour accepted the offer because of other incentives attached.

He disclosed that part of the agreement was that the N70,000 wage would be reviewed every three years.

Since the creation of the Asset Management Corporation of Nigeria on July 29, 2010 about N1.96tn has been recovered from debtors of banks with toxic assets.

The Managing Director of AMCON, Gbenga Alade said this when the Chairman, House of Representatives Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze,visited the Corporate Head office of AMCON on its 2024 oversight visit.

It is the first oversight visit of the Eze-led Committee to the Corporation since the new AMCON EXCO assumed office in February.

The Corporation had been under pressure in recent times to recover the toxic loans inherited from banks that were liquidated estimated at over N5tn.

With the recovery of about N1.96tn, it means that the Corporation is still indebted with about N3tn.

Of the total recovery, cash represents 43 per cent (N842.8bn), sale of bridged banks 13 per cent (N254.8bn) sale of proprietary shares 11 per cent (N215.6bn), clawback and repurchases nine per cent (N176.4) sale of property assets & rentals nine per cent (N176.4bn), investment income seven per cent(N137.2bn), while others represent about seven per cent (N137.2bn).

The nation’s banking sector ran into a financial crisis in 2008 and 2009 – a problem that was partly triggered by the global financial crisis.

AMCON’s seed investment was secured from the capital market through the Central Bank of Nigeria. Subsequently, its operations were funded with levies imposed on commercial banks.

The corporation is funded with 0.5 per cent charge on banks’ total assets on and off-balance sheet items. The levy is a statutory charge imposed by the CBN on all banks operating in the country.

Experts have said that with the performances of companies indebted to AMCON falling below par, even as they struggle to find their feet amid endless litigations, the corporation may lose some of the money spent repurchasing toxic assets from troubled banks and other entities.

This comes as values of the companies taken over by the corporation have been eroded by challenges, ranging from poor management to a harsh economic environment.

According to experts, some of the companies have become a burden to AMCON with the possibility of turning them into profitable ventures becoming increasingly difficult.

Speaking on the development, the AMCON MD/CEO who hosted the Committee with his Executive Directors – Dr Aminu Mukhtar Dan’amu, and Mr Adeshola Lamidi among other senior staff of the Corporation told the Committee that despite the shaky start-off model, the Corporation, with the support of the National Assembly, has made considerable recoveries.

Alade said, “To date, the Corporation has made recoveries in the sum of N1.96tn. Of the total recovery, cash recovery represents 43 per cent, sale of bridged banks 13 per cent, sale of proprietary shares 11 oer cent, clawback & repurchases nine per cent, sale of property assets & rentals nine per cent, investment income seven per cent while others represent about seven per cent.”

The AMCON boss who took the members down memory lane of what led to the creation of AMCON and the many battles the Corporation had to deal with since its establishment informed that AMCON has disposed of proprietary assets worth about N651bn from inception to date.

In addition, Alade said the Corporation has made a total repayment of N2.929tn to the Central Bank of Nigeria (CBN) from 2013 to 2023, which includes contributions to the Sinking Fund by other Deposit Money Banks (DMBs), and AMCON recoveries.

The Chairman said that once transparency, accountability, and efficiency remain the cornerstones of AMCON’s operations, as legislators, the committee members will be committed to providing the necessary support through appropriate legislative frameworks and oversight functions to ensure AMCON fulfills its recovery mandate effectively.

Eze added, “Moreover, we recognize that AMCON cannot achieve its mandate in isolation. Collaboration with the National Assembly, which this Committee represents, other financial institutions, regulatory bodies, and other stakeholders is crucial.

“As representatives of the people, we are committed to fostering an enabling environment that supports AMCON’s efforts and promotes the stability and growth of our financial system.

“As we navigate through the current economic landscape, marked by global uncertainties, and domestic challenges, the role of AMCON becomes even more critical. Resolving non-performing loans, recovering debts, and managing acquired assets are key to ensuring the stability and resilience of our banking sector. It is essential that AMCON remains steadfast in its mission, adopting innovative strategies and leveraging technology to enhance its operations.

“AMCON, since its inception, has played a pivotal role in stabilizing the Nigerian financial system. In the aftermath of the 2009 global economic crisis, AMCON was established to address the non-performing loan crisis that threatened the stability of our banking sector.

“Today, as we reflect on the journey thus far, we acknowledge the significant strides made by AMCON in fulfilling its mandate. This visit aims to ensure that AMCON operates within the legal framework established by the National Assembly and achieves its objectives effectively and efficiently.”

He added that the visit to AMCON is part of their legislative functions, as enshrined in sections 62, 88, and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), which empowers the National Assembly to oversight all Government Ministries, Departments, Agencies (MDAs) and Government owned Enterprises (GoEs) for judicious utilization of Government Funds.

It is also in line with Order 21(2) of the House Standing Orders, Eleventh Edition (as amended), which placed AMCON under the oversight jurisdiction of the Committee.

Highly-rated former UFC welterweight champion, Kamaru Usman has opened up on his retirement plans after losing his last three bouts.

Usman has been struggling for form and consistency. He has been out of action since losing to Khamzat Chimaev at UFC 294 in 2023.

He has, however, expressed his desire to return to the welterweight division, but open to opportunities in the middleweight division.

Usman said: “It’s an interesting sport. I’ve never been in a sport like this. For me, I made my career being a welterweight…. But, for the right fight, the middleweight makes sense,

He admitted that he is edging towards the end of his career and he wants to finish strongly.

He said, ” know I’m at the tail end, let me finish the career the right way and then decide what else I want to do. So, I’m just getting healthy right now… Oh yes, (I’ll face one of them next).”

The 37-year-old made his UFC debut in 2015 and went on to win his first nine bouts in the promotion and a welterweight title against Tyron Woodley in 2019.

He defeated numerous high-profile fighters like Colby Covington, Jorge Masvidal, and Gilbert Burns to defend his title.

The Nigerian nightmare’s reign ended in 2022 when he suffered a knockout loss to Leon Edwards.

He also lost the rematch against the same opponent in 2023 before suffering another loss in his debut in the middleweight category against Chimaev.

Usman holds the record for most wins in UFC welterweight history and has established himself as one of the best fighters of his generation

He became the NCAA Division II national champion at 174 pounds in 2010, finishing the season with a 44–1 record and 30 straight wins.

Stakeholders currently participating at the 2024 Joint Admissions and Matriculation Board (JAMB) policy meeting were rattled when the Minister of Education, Prof Mamman Tahir, announced that candidates seeking admission into higher institutions must be 18 and above.

Immediately after the Minister made the comment in his address and policy directive, the crowd roared “no, no, no” but Tahir insisted that it is already a policy which the government has keyed into because it is the expectation that candidates are much more mature at 18 years old.

He said if anyone was aggrieved, they can approach the National Assembly for an amendment.

The JAMB policy meeting is an annual event where stakeholders from the various tertiary institutions in the country sit to decide on appropriate cut-off marks for admissions in the current academic year.

Recall that Mamman had previously condemned a situation where students find themselves in higher institutions of learning, but fall prey to negative vices because of their premature stage.

Details later…

Nigerian aviation expert and youth activist, Isaac Balami, has dumped the Labour Party, LP, and returned to his former party, the All Progressives Congress, APC.

Balami, a former National Deputy Campaign Manager for Obi/Datti in the 2023 presidential election, made this known on Wednesday while addressing journalists in Abuja.

Balami, who dumped the ruling party in 2023 over the Muslim-Muslim ticket of President Bola Tinubu and his vice, Kashim Shettima, said the president’s administration has proved him wrong.

He said the Muslim-Muslim ticket was the major crux of crossing to the Labour Party, but he has now seen that it actually means nothing.

The former National President for Aircraft Pilots and Engineers said, “No president has ever worked with the Middle Belt like President Bola Tinubu,” he highlighted areas where the administration has done well, including appointing credible Nigerians with more emphasis on equity.

Balami said: “That was not what I saw when I left. I now see a better party and a better government. I can see a Nigeria that, in a few years, will thrive and I think it is only important for us to work with APC in its effort to rescue this country.

“Consequently, after consulting widely with leaders across Nigeria, the middle-belt caucus, my parents and my immediate family, it becomes expedient that I resign from the Labour Party. I will now return to the APC.”