Dangote Group has released an official statement over the fire incident at its refinery on Wednesday.

A statement from Dangote Refinery described the fire as minor, adding that it has been contained.

“Dangote Refinery contains minor fire at its effluent treatment plant

“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June.

“There is no cause for alarm as the refinery is operating and there is no recorded injury or bodily harm to all our staff on duty,” the statement said.

DAILY POST reported earlier that explosions were heard on Wednesday after a major fire outbreak at the refinery located at the Ibeju-Lekki area of Lagos State.

The All Progressives Congress (APC), on Tuesday, reacted to the recent visits of ex-Vice President, Atiku Abubakar; former Kaduna State Governor, Nasir El-Rufai, and prominent northern politicians to the immediate-past President, Muhammadu Buhari.

The visit which has been termed as Sallah homage, has been received with mixed reactions.

There are claims that visits to Buhari’s residence in Daura, Katsina State is a plan to unseat President Bola Tinubu in 2027.

The Deputy National Organising Secretary of the APC, Nze Chidi Duru, in an interview with Punch, however, said the ruling party is not intimidated by the visit.

According to Duru, every Nigerian, including politicians, has a right to freedom of association as guaranteed by Nigeria’s Constitution.

He said, “Even though some people say there is always a political undertone in such engagement, we cannot continue to leave politics in the hands of other people. Even if it is, I believe that it is within the purview of every Nigerian to continue to exercise his prerogative. Nothing stops any Nigerian from visiting anybody.

“He can interface with the person in any manner so long as it includes the possibility of national development, and so long as it does not undermine national security. Nigerians are welcome to engage with anybody and share their views and sentiments, as much as they would like to. That is my view on the matter. It is very guaranteed in the Nigerian Constitution.”

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.

He also said the financial regulator will continue to work hard, adding that it is a work in progress.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.

...as FEC steps down memo

The federal executive council (FEC) has stepped down the memo on the new minimum wage for President Bola Tinubu to engage in consultations with state governors and the private sector.

Mohammed Idris, minister of information, announced the decision on Tuesday while speaking with State House correspondents at the end of the FEC meeting.

Idris said the final decision on the new national minimum wage will not only affect the federal government but also states, LGAs, and the private sector.

The information minister said Tinubu will make an informed decision after a wider consultation, adding that the new minimum wage requires input from all stakeholders.

“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.

“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.

“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.

“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.

“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.

“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”

BACKGROUND

Over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.

At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.

The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.

On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.

On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).

Wale Edun, minister of finance, says the federal government is not relying on Ways and Means to fund external debt service or other liabilities.

Edun spoke on Tuesday while briefing state house correspondents on his presentation at the federal executive council (FEC) meeting presided over by President Bola Tinubu.

“I can say quite categorically that under President Bola Tinubu, the federal government does not rely on ways and means in order to fund itself,” Edun said.

“At no time have we gone to Mr. President and requested permission to seek funding from Central Bank to pay anybody, be it external debt service, be it share capital cash calls, or any other of the liabilities that the government has.

“As we have all agencies, we are focused on ensuring that the revenue that is due to the federal government is collected robustly, using technology to avoid the blockages, which manual processing can cause and it has led to a very robust revenue effort and likewise, we are implementing expenditure controls, also very ably empowered by technology.

“So within that context, what we have is that we had legacy, Mr. President inherited a legacy of N22.7 trillion in outstanding ways and means, which have been securitised on the eve of the entry of President Tinubu’s administration.”

The minister acknowledged the inherited legacy of N22.7 trillion in outstanding Ways and Means which were securitised just before Tinubu’s administration began.

‘TOTAL DEBT STOCK IN DOLLAR TERMS FELL BY 15 PERCENT’

Edun said Nigeria’s total debt stock in dollar terms decreased by 15 percent, describing this as a very positive development that would be favourably received by rating agencies, creditors, and investors.

He, however, said that due to exchange rate movements, the total debt stock in naira terms increased by 25 percent, despite an N8 trillion increase in actual debt issuance.

“When we interrogate the figures over the first quarter of this year, starting end of December and end of March, if we want to be positive, all we will say is that the glass is half full, we are halfway there. If not, we can be negative and try and say the glass is half empty,” the minister said.

“Why do I say this? The debt stock, the total debt stock of Nigeria in US dollar terms fell by 15 percent. That is very positive, any rating agency, any creditor, any investor looking at that will see it as a positive move.

“We are a country that has petro-dollars. We have ability to earn in dollars. So it’s highly relevant, that we look at what is our exposure in dollar terms.

“On the other hand, given the exchange rate movements, even though there was like an 8 trillion increase in actual debt issuance, the total debt stock, when you count the total external debt and domestic debt in naira terms, it has increased by 25 percent.

“That is mainly due to the foreign exchange movement, which can change tomorrow, as we know.”

The minister said a forensic audit is being conducted to scrutinise this figure as it represents a liability on which interest must be paid.

Edun said the government collects operating surpluses from revenue-generating agencies in accordance with legal guidelines, and the amount owed to the government surpasses the N3.4 trillion in Ways and Means.

“Naturally, we are auditing, we are doing a forensic audit and interrogating that figure, because it’s a liability which we have to pay interest on, so any deficits that you might see, to the ways and means, to the consolidated revenue account, maybe automatic debits on a figure that is still being interrogated, but as a matter of fact, the current Ways and Means deficit is N3.4 trillion,” he said.

“As I said, we collect the operating surpluses of revenue-generating agencies by law under the Fiscal Responsibility Act and other legal guidelines and when we look at how much is outstanding, and how much is owed, we are actually we are actually positive.”

Edun said the salaries, external debt servicing, and other obligations are not paid through Ways and Means, adding that Nigeria’s finances have been revamped.

The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).

The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.

Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

Members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), on Tuesday, convened an emergency meeting following the decision of the Federal Executive Council to step down the memo on the minimum wage.

A top official at the NLC headquarters who spoke with Daily Trust revealed that the meeting will be held at Labour House at 10:00am on Wednesday.

The official said it is meant for discussion on the decision of FEC to step down the memo on minimum wage.

Naija News had earlier reported that the Minister of Information and National Orientation, Mohammed Idris, said all 39 items on the agenda of the meeting were all taken except the memo on the minimum wage.

Idris had disclosed that there was a report by the Tripartite committee which comprises of local government, States , NLC/TUC and the federal government, adding that the committee submitted its report, and there was a memo to that effect.

The minister, however, said Council could not take a decision on it because it involves Local Government, states, FG, Organized Private Sector and Labour unions.

He, therefore, said the memo on the new minimum wage was stepped down so that the President, Bola Tinubu could consult widely before a final submission is made to the National Assembly.

Meanwhile, NLC official, said the leadership of the organised labour would meet and take a unanimous position before the President takes consultation to them.

He said, “Even though we had a position already, we will meet tomorrow morning, (Wednesday) to fine-tune our position before we’re consulted. It is important for us.”

The Nigeria Football Federation (NFF) has debunked speculations that the football body is talking with former Ivory Coast national team coach, Herve Renard to fill the vacant Super Eagles coaching job.

Herve Renard is the first foreign coach to win the Africa Cup of Nations with two different countries – first with Zambia in 2012, and then with Ivory Coast in 2015.

He is currently the head coach of the France women’s national team but he had said he would step down from the role at the end of the Paris Olympics this summer.

This means that Renard will be available for the vacant Super Eagles of Nigeria coaching job if the NFF decides to go for him. Note that the position has been vacant since earlier this month when coach Finidi George decided to resign from the role.

Finidi George who was appointed the Super Eagles head coach in April decided to leave the job two months later following a draw with South Africa and a defeat to Benin Republic in the 2026 FIFA World Cup qualifiers.

Reports claimed that the coach felt disregarded when the NFF announced plans to appoint a foreign technical adviser without carrying him along.

Amid that, Herve Renard was consistently linked with the Super Eagles coaching job, a speculation a top NFF official had claimed to be false.

“This report is inaccurate. We’ve not contacted Renard or his reps,” the unnamed NFF top official told BBC Africa.

Governors of the Thirty-six states, on Tuesday, fixed an emergency meeting for Wednesday (today) to resolve issues regarding the proposed new minimum wage.

Naija News recalled that governors rejected the ₦62,000 proposed by the federal government, claiming that some states would have to borrow to pay salaries if the amount is implemented.

The organised labour consisting of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), however, insisted on ₦250,000 wage.

The decision of the governors to hold an emergency meeting on Wednesday followed the stepping down of the memo on minimum wage by the Federal Executive Council (FEC) on Tuesday.

The Minister of Information and National Orientation, Mohammed Idris, had told newsmen after the FEC that the Council could not take a decision on the issue of minimum wage because it involves local government, states, federal government and organised private sector.

But the Acting Director on Media and Public Affair of the Nigeria Governors’ Forum (NGF), Halima Ahmed, told Daily Trust that governors would meet on Wednesday by 7pm in Abuja over the matter.

Naija News understands that the organised labour are scheduled to meet today also over the outcome of the FEC meeting and take a stand on their next decision.

The Federal High Court in Lagos has delivered a significant judgment, ordering the final forfeiture of $1,426,175.14 linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The court’s decision comes after the Economic and Financial Crimes Commission (EFCC) filed an application pursuant to section 17 of the Advance Fee Fraud and other Fraud-related Offences Act and section 44 (2)(B) of the 1999 Constitution.

The EFCC had traced the funds to be proceeds of unlawful activities, and the court was satisfied with the evidence presented.

The funds were warehoused in an account domiciled in Titan Trust Bank, and the signatories to the account are at large.

The court had earlier granted an interim forfeiture order on May 29, 2024, which was published in a national daily.

In the affidavit deposed to by David Jayeoba, an Investigating Officer with the EFCC, it was stated that the Commission received a credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in the Donatone Limited (DL) Titan Trust Bank account.

The funds were reasonably suspected to be part of proceeds of unlawful activities carried out by the erstwhile Central Bank of Nigeria Governor, Godwin Emefiele, and his cronies.

The investigation revealed that Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatus Limited, were procured by Godwin Emefiele to conceal, retain, and disguise funds reasonably suspected to be proceeds of unlawful activities.

Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.

Uzeobo Anthony and Adebanjo Olurotimi used to collect bribes and gratification on behalf of Godwin Emefiele to get approval for accessing Forex.

One of the entities paid a total sum of Twenty-Six Million Five Hundred and Fifty-Five Thousand Million Dollars ($26,552,000.00) into the account of Donatus Limited domiciled in Titan Trust account number 2000000500.

The credits came into the account on various dates, and the investigation traced the funds to have been fixed into interest-yielding accounts, dissipated, and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.

The balance standing in the said account as of today is the sum of One Million Four Hundred and Twenty-Six Thousand One Hundred and Seventy-Five US dollars (US$1,426,175.14), which the EFCC seeks to forfeit to the Federal Government of Nigeria.

The signatories to the account warehousing the sum of ($1,426,175.14) sought to be forfeited are at large and making frantic efforts to dissipate the funds electronically.

The court, after listening to the submission of the EFCC lawyer, held that “having been satisfied with the applicant’s application and submission of Counsel, I hereby grant the prayer finally forfeiting the said funds in question.”