The police have reportedly stormed the emir’s palace in Kano state and displaced the local guards protecting Muhammadu Sanusi, the recently reinstated emir.

According to Premium Times, the hunters who served as local guards left the palace as soon as the police officers took over the security of the building.

This was said to be a move aimed at securing the main palace for the relocation of Aminu Bayero, the deposed 15th Emir of Kano, following a court order that faulted his dethronement.

On Thursday, a federal high court in Kano nullified all actions of the state government repealing the Emirates Council Law of 2019.

In his ruling, Muhammad Liman, the presiding judge, said the defendants were aware of an interim order previously granted by the court but ignored it and implemented the law.


BACKGROUND

On May 23, the Kano house of assembly passed the amended bill, which Abba Yusuf, the governor, signed into law.

The law repealed the 2019 version, which divided the Kano emirate into five jurisdictions and was relied upon to dethrone Muhammadu Sanusi as emir in 2020.

On the same day the law was repealed, Sanusi was reinstated as Emir of Kano by kingmakers and the governor.

Aggrieved, Aminu Babba Dan Agundi and Sarkin Dawaki Babba of the Kano emirate approached the court to restrain the respondents from enforcing, implementing, and operationalising the law that reinstated Sanusi.

On May 23, Liman ordered the defendants to “suspend” and “not give effect to the Kano State Emirate Council (Repeal) Law, 2024, as they affect all offices and institutions of the Emirate Council created according to the provisions of the Kano State Emirate Council Law, 2019”.

The Kano police command had also said it would not comply with the directive of the state government on the eviction of Bayero from the Nassarawa palace which he moved into after he was replaced by Sanusi, the new emir, who moved into the main palace in Kano.

Since then, Bayero, who is said to have the backing of some federal government officials, has been under the protection of a retinue of soldiers and police officers at the Nassarawa palace.

In two months, Nigerians will begin utilising the services of the proposed three-in-one identity card, the National Identity Management Commission has confirmed.

It said the single multipurpose card combining multiple functions of identity, financial and social services will be made available to citizens across the country by August this year.

A high-ranking member of the implementation team, who asked not to be named, disclosed the new information during an exclusive interview with Saturday PUNCH on Friday.

The official stated that the commission had been working tirelessly to meet its goals, adding that the plan remains on track and would be launched in the upcoming months.

He also disclosed that the commission has begun the testing and deployment stage.

The official said, “We actually plan for July although there have been a few delays but we are still hopeful that it would come in July. So we are hoping to get it done between July and August. We are still on plan and if there is any shift, the public will know.”

The official added, “When you are deploying a new technology, there is a lot of work to be done, you need to configure the card, enable the outlet, and enable the wallet to work. We also have to do tests and that is what is ongoing.

“The deployment is ongoing, the portal that people need to access the service has to be deployed, and we have to make sure that it is scaleable and those are the ongoing works.

“There are integrations that all the banks need to do to enable the card and all of those little details are ongoing. We have that target and we are working extra hard to make sure that we achieve that.”

On Friday, April 5, 2024, the NIMC announced that it had launched a new card layered with payment capabilities and social service features in collaboration with the Central Bank of Nigeria and the Nigeria Inter-bank Settlement System.

It explained that the identity solution was equipped with payment capability for all types of social and financial services.

According to a statement issued, the initiative represents a collaborative effort to offer increased options for domestic consumers while fostering the delivery of services in a more innovative, cost-effective, and competitive manner.

The identity cards will include a bank-enabled National ID card, a social intervention card, and an optional ECOWAS National Biometric Identity Card.

Following the directive by the Central Bank of Nigeria (CBN) that banks should beef up their capital base with a deadline of March 31, 2026, the financial institutions, especially those listed on the Nigerian Exchange Limited (NGX) are positioning to attract both fresh investors and existing shareholders. This emerged as the Securities and Exchange Commission (SEC) yesterday, released its framework to support the recapitalisation exercise. The guidelines published on SEC website, was to ensure transparent and efficient capital-raising process for banks and holding companies.

The stock market segment of the NGX is currently witnessing an increase in activities as listed commercial banks give investors opportunity to own a slice of the pie and for some to increase their stake.With the recapitalisation guidelines, commercial banks are to have minimum capital thresholds of N500 billion for international authorisation and N200 billion for national authorisation. Also, non-interest banks with national and regional authorisations would need to increase their capital to N20 billion and N10 billion, respectively.

The directive which was contained in a CBN circular emphasised that all commercial banks were required to meet the minimum capital requirement within 24 months commencing from April 1, 2024.Capital market analysts stressed that competition for investors’ interest would be keen as commercial banks would require about N4.7 trillion to meet the recapitalisation benchmark set by the central bank.Fidelity Bank Plc. has commenced its Public Offer of 10,000,000,000 ordinary shares of 50 kobo each at N9.75 per share and Rights Issue of 3,200,000,000 ordinary shares of 50 kobo each at N9.25 per share.

Wema Bank Plc. set the pace as it successfully completed the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40 billion Rights Issue which was initiated in December 2023.Guaranty Trust Holdings Company Plc. (GTCO) this month said the management has proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up to N500 billion.The likes of FBN Holdings, FCMB Group have announced plans to raise N300 billion and N150 billion capital respectively as Access Holdings got shareholders’ approval to raise $1.5 billion.

In addition, United Bank for Africa (UBA), a Nigerian bank valued at over N1 trillion, plans to raise fresh capital by selling 10.8 billion new ordinary shares, as Zenith Bank Plc. also announced plans to raise fresh capital via the international market.With the increasing activities, shareholders have expressed excitement as the banking sector capital raising exercise resumed at the market after over 20 years. Speaking with THISDAY, Investment banker and stockbroker, Mr. Tajudeen Olayinka, stated that banks accessing the capital market to raise capital was a welcome development, stressing that the stock market was ready to support banks in their quest to meet CBN requirements.

“The truth is that most banks may not be able to raise as much as they require from the stock market at this time because of high interest rate, among other factors. Ordinarily, banks could have raised as much as they required at a lower cost of equity and as it is now, they may have to consider a higher cost of equity.“For that reason, some will have to go by the way of right issues and public offer like what Fidelity Bank is doing right now. The exercise will attract foreign investors and local investors are ever ready but may not show much interest due to weaker purchasing power,” Olayinka explained.

Speaking from shareholders’ perspective, the National coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie in a chat with THISDAY, welcomed commercial banks’ decision to access the Nigerian capital market to raise capital following the CBN’s directives.“A bank like Fidelity Bank had made a move to raise fresh capital before the announcement of CBN as the management aimed at opening new branches, improving on Information Communication Technology and enhancing customer services.

“The banking sector recapitalisation during Prof. Charles Soludo as CBN governor reformed the sector and it could have been difficult for our banks to expand beyond Africa, Europe and Asia if not for that exercise. The sector recapitalisation serves as a buffer and aid banks to support the real sector of the economy.”He urged shareholders to take their rights by investing in the banking stocks.

The Chairperson of the Pragmatic Shareholders Association, Mrs. Bisi Bakare, said shareholders over the years had been waiting for banking sector recapitalisation, noting that it was coming at the time banks needed to be equipped to grant more loans to support Federal Government’s $1 trillion economy drive

“Banks accessing the stock market to raise fresh capital is a welcome development. However, we (shareholders) just hope the price of the offer is going to be friendly to existing shareholders.“Of course, we are very happy Nigerian banks are accessing the capital market to raise funds for them to meet the new recapitalisation requirement of CBN,” he added.

Speaking from a different perspective, the former National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), Dr. Anthony Omojola, commended moves by banks to raise capital from the stock market, emphasising on the timing and prices.“Banks accessing the capital market to raise capital is based on the directive of CBN but the timing is my major concern. The CBN gave banks 24 months and I think there is no need to rush since they have till 2026. Some banks will be thinking the earlier we access the market, the better for a successful capital raising exercise.

“Standard of living and purchasing power are severe and we are thinking the FG will slow down inflation rate and improve the foreign exchange for shareholders to partake in these offers by Nigeria banks.The small banks are rushing to access the capital with the thinking that the big banks will affect shareholders buying into their capital raising exercise,” he explained.

Meanwhile, the framework released by SEC outlines guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the ecapitalisation period.The capital market regulator explained: “Following prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks, the CBN has mandated a recapitalisation programme for banks to strengthen their asset base and support economic growth in line with the Federal Government’s target of achieving a $1 trillion economy by 2030.

“Capital market has a significant role to play in facilitating the recapitalisation programme as the Banks are expected to leverage the market to raise the needed funds and /or engage in various forms of business combinations.

As the regulatory institution mandated to regulate and develop the Nigerian capital market, the Securities and Exchange Commission (SEC), has the responsibility to ensure a smooth, transparent, and efficient capital raise process by the banks.“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024-2026 recapitalisation period.”

It further stated that applications/documents are to be filed electronically via offerapplications@sec.gov.ng email. In addition, it pointed out that documents forwarded would be reviewed, “and where there are observed deficiencies, this will be communicated to the applicants electronically.”“Timely completion of the application process is crucial for banks seeking to raise capital within the designated time frame. The framework also outlines penalties for incomplete applications, with a fee of N1,000,000 for returned applications and a re-filing fee of N100,000, to ensure banks submit complete and accurate information from the outset,” it added.

In the meantime, the stock market section of the NGX depreciated by N103 billion in three-day trading activities this week due to profit-taking in MTN Nigeria Communications Plc. Transcorp Hotel Plc. among others

Specifically, the overall market capitalisation closed trading at N56.424 trillion yesterday, representing a decline of N103 billion or 0.18per cent from N56.527 trillion the overall market capitalisation opened for trading. . Despite the shortened trading week, the activity level improved with trading volume and value increasing by 25.3per cent and 21.8per cent week-on-week respectively.

Two members of the United States (US) congress paid a visit to Tigran Gambaryan, Binance’s executive detained at the Kuje correctional centre in Abuja.

The lawmakers are French Hill, a representative of the Republicans and Chrissy Houlahan, a representative of the Democrats.

According to a post on social media by Hill, Gambaryan was visited on June 19, while the lawmakers were on a national security visit in Nigeria.

On June 5, US lawmakers had accused the Nigerian government of taking the Binance executive, “hostage”, urging President Joe Biden to help secure his release.

Speaking after the visit in a post on X on Thursday, Hill also called for the release of Gambaryan, also a former US agent.

“Yesterday, Houlahan and I visited with US citizen Tigran Gambaryan in Kuje Prison in Nigeria,” Hill said.

“We found him suffering from the conditions there, as he has malaria and double pneumonia, and he reports that he has lost significant weight. Even worse, he’s being denied access to adequate medical attention.

“Although I am pleased that Nigeria dropped tax evasion charges against Tigran on 6/14, it’s my view that he’s being wrongfully detained on charges related to money laundering.

“Tigran has devoted his professional life to fighting money laundering and tax evasion, having spent ten years as an IRS Special Agent where he successfully led cyber and financial crime investigations.

“Further, at the time of his arrest, he was working as a contract employee at Binance and was instrumental in criminal investigations and compliance in cooperation with Nigerian authorities.”

Hill also said he had joined a letter with 16 other colleagues to President Joe Biden, Antony Blinken, US Secretary, and Roger Carstens, special presidential envoy, urging for Tigran’s immediate release.

“Two days later, over 100 former federal prosecutors and agents wrote to Blinken further urging StateDept to use all means available to secure his release,” he added.

“Tigran must be immediately granted a humanitarian release, the remaining charges dropped, and he must return home to America where he belongs.”

On June 20, Yuki Gambaryan, the wife of the Binance executive, had asked the Economic and Financial Crimes (EFCC) to drop the charges against her husband.

The Federal Inland Revenue Service (FIRS) dropped the tax charges against Gambaryan on June 14, after confirming the appointment of Ayodele Omotilewa as Binance’s representative — with the agency filing a fresh charge listing the exchange as the sole defendant.

The Kano State Government has instructed the Commissioner of Police to remove the 15th Emir of Kano, Aminu Ado Bayero, from the Nasarawa Emirs’ cemetery, where he has been residing since he was covertly relocated by security agencies on the 25th of May, 2024.

During a press briefing, the State’s Attorney General and Commissioner for Justice, Haruna Isa Dederi, revealed that the government has finalized arrangements for the comprehensive renovation of the property. This entails the immediate demolition and reconstruction of the dilapidated perimeter wall.

This course of action quickly followed the Federal High Court’s judgment on the pivotal lawsuit, which validated the legality of the Kano Emirate Council Repeal Law 2024.

“In alignment with the Court’s decision, the Kano State Government has instructed the State Commissioner of Police to expel the deposed emir of the 8 metropolitan local governments from the Government premises where he is unlawfully encroaching, as the has already completed preparations for the extensive refurbishment of the property, including the swift dismantling and reconstruction of the deteriorated boundary walls.

“I convey my felicitations and beseech the honorable residents of Kano State to uphold tranquility and commemorate the triumph of justice in Kano.”

A notorious banditry leader, Bello Turji, has narrated how the crime started in Zamfara State.

Sitting under a tree with a sophisticated gun and a military hat, Mr Turji, in a five-minute video, responded to a background voice that asked him to trace the genesis of banditry in the north-western Nigerian state.

‘How we started armed banditry’

The terror kingpin said the Fulani community lived in peace and harmony with their Hausa neighbours until a former governor of the state adopted a partial Sharia Law allegedly to subjugate the Fulanis.

“I can recall how the former governor of Zamfara State, Ahmad Sani Bakura, implemented the Shariah Law,” Mr Turji, who entered into a failed truce with former governor Bello Matawalle, claimed.

“The law started and ended abruptly after a Fulani man (found guilty of stealing) got his hand amputated. In my opinion, I attributed the atrocities in Zamfara State to the stoppage of the law after it was partially used to amputate…”

Mr Turji said the Bakura-led government took sides with the Hausas in implementing the law.

Alleged atrocities by vigilantes and Yan Sakai
The terrorists further explained how local vigilantes and Yan Sakai militia exacerbated their (Fulanis) grievances.

“There was a man called DanKurman Galadima, with one Bala Maigora, who were the pioneer vigilante leaders that led the extra judicial killings of herders across Zamfara State with the government and the citizens watching them without making any decision.

“The killing of the Fulanis continued by those vigilante leaders for about two years without any action from the government until the late Buharin Daji and his group led a retaliatory attack at Kizara, Yar Galadima.

“At that point, instead of the government to mediate, it took sides and started killing the Fulanis in the bush, rustling their cattle, with the aim to exterminate them.”

As this hostility continued, Mr Turji said the Hausas formed a militia group, Yan Sakai.

“Armed with dane guns, the Yan Sakai continued with the killing of the Fulanis,” Mr Turji continued. “This forced the Fulanis to take arms and started attacking villages mostly at monthly or yearly intervals. They began with two guns, later three, five and ten guns.

“I can recall when I started banditry, we only had 30 guns. We watched how the vigilantes killed all the Fulanis in these areas; they sacked all the Fulanis and the Hausas in our local government areas Zurmi and Shinkafi,” he added.

“After we took arms, we attacked communities and killed people indiscriminately because that is how we were treated by the vigilantes members even when they knew that we were not thieves.”

This is not the first time Mr Turji has made such claims. In an exclusive interview with Daily Trust, he claimed that he resorted to banditry to fight against the subjugation of the Fulanis by the Hausas.

The early bandit kingpins, who majorly specialised in cattle rustling as a purported way of liberating the Fulanis from all subjugation, gave the same reason, according to Murtala Ahmed Rufai, a senior lecturer at the Department of History, Usmanu DanFodiyo University (UDUS).

An academic paper titled: ‘I Am a Bandit’ and written by Mr Rufai provides a clear perspective of what Mr Turji explained in his recent video.

Notably, the first bandit group emerged [in Zamfara] in 2011, focusing on cattle rustling and robbery. But, the effort to suppress the group unfortunately worsened the situation.

The local vigilantes and the Yan Sakai militia allegedly targeted innocent Fulanis, in response to the activities of the cattle rustling gang.

Sadly, many armed groups with trans-border links, took advantage of the cruelty against the Fulanis and escalated the conflict.

They advanced their mode of operation to include kidnapping for ransom, raiding villages and perpetrating more heinous crimes like raping and mindless killings.

Banditry reached its peak in 2018 when one of the founders in Zamfara, Buharin Daji, was assassinated, leading to the emergence of about 30 splinter groups in Zamfara and neighbouring states, including Katsina, Kebbi, Kaduna and Niger, among others.


Turji’s reign of terror

It was unclear if Mr Turji was part of the bandits that split after the death of Buharin Daji. Still, he rained terror across communities in Isa Local Government Area of Sokoto State, Shinkafi and other LGAs in Zamfara State.

The terror kingpin has amassed wealth from the illegal taxes he imposed on local communities.

Named Muhammadu Bello at birth, one of the violent attacks by Mr Turji was in December 2021 when he burnt more than 20 travellers, including pregnant women and children, in Sokoto State.

A few weeks after that, Mr Turji wrote an open letter to former President Muhammadu Buhari and the emir of Shinkafi, outlining the terms of a ceasefire in the North-west and requesting a peace agreement.

In the letter, he said he was ready to surrender his arms if his five conditions were met.

He listed the conditions as dissolution of unofficial vigilante groups in the North-west, a meeting with traditional rulers and religious leaders, a stop to the ‘marginalisation’ of Fulanis, honest discussions between bandits, traditional rulers and politicians, and the participation of first-class emirs in a security meeting.

This was after the failed truce with the Zamfara State government in 2019.

Mr Turji is among the 97 terrorists declared wanted by the Defence Headquarters.

He had escaped death twice after the air component of Operation Hadarin Daji bombed his house in 2021 and 2022.

The air raids killed many of his foot soldiers.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that, when fully operational, Dangote refinery could crash the pump price of fuel to between N515 and N550 depending on the location. IPMAN Public Relations Officer, Chinedu Ukadike, in an interview with New Telegraph yesterday, said the marketers were expecting that the refinery would sell petrol between N480 and N500, adding that once that happens, oil marketers would sell at a pump price of between N515 and N550 depending on the location.

He also said the refinery would break fuel importation monopoly by the Nigerian National Petroleum Company of Nigeria. Ukadike said: “We are happy. We congratulate Dangote. What he has done in diesel, is good enough because since he came in, diesel has remained within the benchmark of N1,000 and N1,100. “So that has helped marketers and transporters to be able to move their petroleum products and reduce unnecessary expenses and costs.

“Diesel was almost N1,600 until Dangote announced its price to N1,200 and later N900 per litre, it will give marketers a sense of belonging and enhance competition in terms of the distribution in the down stream chain. “Definitely there will be a reduction in petrol price. We are anticipating and optimistic that Dangote will give us petrol at the price regime of around N480 and N500 and once that is done, we are good to go. Once that is done, we could sell between N515 and N550 depending on the location.”

He added: “Independent marketers are delighted because this is the end of monopoly in the distribution of PMS in Nigeria. The monopoly of the Nigerian National Petroleum Company Limited, (NNPC Ltd) as a sole importer will once be challenged and the after deregulation or removal of subsidy will be practiced in Nigeria because once there is monopoly through regulation.

by Samuel Oamen


Nigeria’s capital, Abuja, and its commercial hub, Lagos, have been ranked as the first and second cheapest cities for expatriates to live in Africa for 2024, according to Mercer’s Cost of Living rankings.

The report highlights the cost of living is a crucial consideration for expatriates when selecting a city for relocation, as it impacts their quality of life and financial stability.

The findings attribute the affordability of these cities to currency depreciations, which have significantly reduced the cost of living for international assignees.

Blantyre in Malawi comes third on the list while Durban in South Africa and Windhoek in Namibia comes fourth and fifth respectively.

Here is a list of the top 10 cheapest cities to live in Africa with their global rank

1. Abuja, Nigeria

2. Lagos, Nigeria

3. Blantyre, Malawi

4. Durban, South Africa

5. Windhoek, Namibia

6. Gaborone, Botswana

7. Lusaka, Zambia

8. Tunis, Tunisia

9. Cape Town, South Africa

10. Johannesburg, South Africa

Nigeria’s commercial hub, Lagos, and the capital city, Abuja, have been identified as the cheapest cities globally for expatriates to live in, according to the 2024 Mercer Cost of Living Survey released on Monday. The depreciation of the naira has significantly reduced the cost of living for international workers in these cities.

Naira’s decline began last year after President Bola Tinubu implemented a cocktail of reforms, abandoning the long-standing currency peg established by former Central Bank Governor, Godwin Emefiele, which had kept the naira artificially high.

On Saturday, inflation reached 33.95 per cent, driven primarily by rising prices of food and non-alcoholic beverages, which accounted for 17.59 per cent of the increase. Housing, water, electricity, gas, and other fuels contributed 5.68 per cent, while clothing and footwear, transport, and household furnishings added 2.60 per cent, 2.21 per cent, and 1.71 per cent respectively.

The Mercer survey highlighted that Lagos and Abuja experienced the most substantial drops in cost of living rankings among 226 global cities between 2023 and 2024. Last year, Lagos was ranked the 47th most expensive city, and Abuja was 140th.

In the latest survey, Lagos plummeted 173 spots to 225th, with Abuja just behind at 226th. The report noted that currency devaluations were a major factor in these declines.

Despite the reduced cost of living for expatriates due to currency devaluation, inflation has risen significantly in many of these countries. Between March 2023 and March 2024, Nigeria and Angola both saw inflation rates soar above 20 per cent.

Among the 10 most expensive cities for international workers, half are in Western Europe, with Switzerland hosting four. However, Southeast Asian cities dominate the top positions, with Hong Kong and Singapore ranked first and second respectively.

One of the investigators handling the case of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN) on February 8, 2023, has revealed what Godwin Emefiele, immediate past governor of the apex bank, told them at Kuje prison.

The former CBN governor, who is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC), was once remanded at Kuje prison.

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.

In an affidavit filed before a Federal High Court in Abuja, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.

The Deputy Superintendent of Police was quoted to have said: “We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN gov and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.

“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator’s team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant – Odoh Eric Ocheme – was the Personal Assistant to Godwin Emefiele as the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”

President Bola Tinubu departed Lagos for South Africa to attend the inauguration of the country’s President, Cyril Ramaphosa in a private jet belonging to his Lebanese ally, Gilbert Chagoury.

The Nigerian President arrived at Waterkloof Air Force Base on the outskirts of Pretoria, South Africa’s administrative capital, on Tuesday evening.

Video and pictures released by the South African presidential media team showed Tinubu disembarked from a Dassault Falcon 8X aircraft.

However, SaharaReporters gathered that the private jet marked 9H-GRC is owned by Chagoury Group, a conglomerate owned by Gilbert Chagoury, a known business partner of the Nigerian President.

Born in Nigeria to Lebanese immigrants, the businessman flourished in the 1990s through his close association with the late dictator, Sani Abacha by receiving development deals and oil franchises.

After Abacha’s death in 1998, the Nigerian government hired lawyers to track funds stolen through associates of the late dictator.

The trail led to bank accounts all over the world, some under Gilbert Chagoury’s control.

In 2000, the Lebanese businessman was convicted by a Swiss court for laundering some of the funds Abacha looted from Nigeria.

He agreed to pay a fine of about 1 million Swiss francs (about $600,000) at that time to get his Swiss conviction expunged and handed back $66 million to the Nigerian government but denied knowing the funds were stolen.

“To be more precise: the Falcon 8X (9H-GRC) is owned by the Chagoury Group and operated by Hyperion Aviation: https://x.com/se_spotting/status/1803147789138063817. Less politics now, more aircraft news,” @avinngblog, a social media account known for aviation news in Nigeria added.

A further check by SaharaReporters on an aircraft registration database revealed that the private jet and others owned by the group are operated by Hyperion Aviation.

The Dassault Falcon 8X was first operated by Aviation SA before it was transferred to Amjet Executive.

The aircraft was also briefly registered under Chagoury Group for some days before its operation was moved to Hyperion Aviation.

Hyperion is an air charter company operating business jets, headquartered in Malta.

President Tinubu in 2023 awarded the largest road construction project in the country to another Gilbert Chagoury’s company, Hitech Construction Company, in which his son Seyi Tinubu sits on its board.

The 700km Lagos-Calabar coastal highway will run through nine states and was put at a cost of $11bn in 2021.

In recent times, some demolitions have been carried out in Lagos to expedite the construction of the highway.

SaharaReporters had reported how a Boeing Business Jet (Boeing 737-700) marked 5N-FGT owned by the Nigerian government incurred parking charges running into millions of Naira since it was transported to Germany on March 25 for repairs.

The amount accounted for the aircraft’s parking charges for over 80 days, at the rate of €5,000 (N8million) at the rate of N1613 to €1.

In April, the President was forced to travel to Saudi Arabia on a charter flight for the World Economic Forum in Riyadh from the Netherlands.

At the time, the President left Nigeria on a Gulfstream Aerospace GV-SP (G550) with registration number 5N-FGW and serial number 5310 (Mode-S 0640F2) because the Boeing 737-700 marked 5N-FGT was undergoing rehabilitation in Germany.

However, the second aircraft he was travelling on developed a fault in the Netherlands.

The Nigerian leader had arrived in The Hague on April 23 from Nigeria for a series of economic and diplomatic engagements at the instance of Prime Minister Mark Rutte.

It was reported that the Nigerian President learnt shortly before he was scheduled to depart the Netherlands that his plane had suffered unspecified problems, one of which an official identified as including an oxygen leak.

The president and his delegation left the presidential aircraft behind and opted for a charter jet company to take them to Saudi Arabia for the forum.

The aircraft, a Gulfstream G550 class, was originally dedicated to Vice President, Kashim Shettima.

SaharaReporters learnt that it was the aircraft also used by former Vice President Yemi Osinbajo.

As US and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void, Bloomberg has reported.

Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and sanitary pad plant in a complex where Cincinnati-based Procter & Gamble Co. shuttered a $300 million facility making the same products.

Lagos-based Fidson Healthcare Plc is expanding its manufacturing range after the UK’s GSK Plc closed its Nigerian distribution arm. Turkish diaper-maker Hayat Kimya AS has also established itself in Nigeria.

Nigeria, with a population of more than 200 million, is Africa’s most populous nation, in theory presenting a huge market for consumer goods. But rampant unemployment, widespread poverty and insecurity, a plummeting currency, sky-high inflation and decades of economic mismanagement have turned it into a graveyard for multinational consumer goods companies.

The naira has swung wildly in recent months and is 56 per cent down against the dollar over the past year, the most of any African currency. That’s made it difficult for companies that import goods and service foreign debts to make a profit as they struggle to pass the necessary price increases to consumers.

And while the central bank has now cleared a $7 billion backlog that companies were seeking to repatriate the difficulty in doing so in recent years made many businesses unsustainable, Bloomberg added.

The gaps in the market left by the departing multinationals present an opportunity for domestic companies and foreign firms that focus on sourcing raw materials in Nigeria and manufacturing locally, thereby avoiding the currency risk that has hounded some foreign companies out.

And while the departures show just how unattractive the Nigerian consumer market has become they also highlight the success of strategies of companies such as Hayat and Tolaram, which have each turned their brands into household names.

For companies such as Tolaram, used to operating in challenging environments such as Indonesia, the answer has been to localise as many costs as possible. That’s helped it turn Indomie instant noodles into one of Nigeria’s most popular brands, and led it into joint ventures with US cereal and snack maker Kellanova and Danish dairy giant, Arla Foods.

“Brands can’t continue to operate the way they’re used to. You need to adapt to the market accordingly,” said Girish Sharma, an executive director at Tolaram. “There is hardly anything in Indomie that we import. We have our own flour milling, we have our own palm oil refining, we have our own packaging.”

Tolaram operates 24 “fully backwardly integrated” plants in Nigeria, meaning the company produces the raw materials they need, and is even setting up its own oil palm plantations, Sharma said in an earlier interview. GSK, by contrast, imported its products. That doesn’t mean that local firms aren’t struggling.

“In theory, we think we can better manage the difficulties of doing business in Nigeria,” said Jide Ogundare, managing director of MBO Capital Management Ltd, which took over supermarkets run by Shoprite Holdings Ltd. when the South African company quit Nigeria in 2021. “In actual fact, we face the same challenges as the foreigners except that we can’t leave and go elsewhere,” he added.

Still, despite the narrowing margins and reduced spending power, the weaker naira is making Nigerian manufacturing competitive.

“We’re exporting to some West African countries like Mali and to East Africa and our target is to export to another five to 10 countries by the end of next year,” said Imokha Ayebae, Fidson’s executive director.

The exodus of firms including Kimberly-Clark Corp., Sanofi SA and Bayer AG are hindering Nigerian President Bola Tinubu’s bid to breathe life into the struggling economy.

Microsoft Corp. in May said it would shut the engineering section of its Africa Development Centre in Nigeria two years after it opened. Meanwhile, oil majors Shell Plc, Exxon Mobil Corp. and Eni SpA have all sold their onshore operations to local companies, denting confidence in the industry that accounts for most of Nigeria’s exports and leaving behind decades of environmental devastation.

By contrast, Tinubu’s spokesman said Tolaram’s $70 million purchase of the Guinness stake was a vote of confidence in the Nigerian economy.

“The multi pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability,” Bayo Onanuga, special adviser to the president on information and strategy, said in a post on X.

For now the companies still invested aren’t seeing that uptick. South Africa’s Multichoice Group, the biggest satellite television provider in Nigeria, saw subscriber numbers fall 18 per cent in the year to March saying that Nigerian customers “had to prioritize basic necessities over entertainment.” Revenue at Johannesburg-based MTN Group Ltd., which runs Nigeria’s biggest mobile phone network, fell 53 per cent in the first quarter of the year when measured in its home currency.

But in challenging environments there is also opportunity, said Tolaram’s Sharma, who emphasised the company’s belief in Nigeria’s potential.

“If everything was good I don’t think Guinness would think of partnering with Tolaram. Now when they saw there’s adversity they chose to partner with us,” he said. “Nigeria has 200 million people. They have to eat, they have to drink. We don’t see why Nigeria should not be the country where we’ll continue to stay and continue to invest,” he stressed.

Senegal has officially joined the list of oil-producing countries in West Africa, marking a significant milestone in the country’s economic history.

Last week, the country began producing oil for the first time, with the Sangomar deep-water project aiming to produce 100,000 barrels of oil per day.

“This is a historic day, a key milestone for Woodside and Senegal,” said Australian energy giant, Woodside while highlighting the significance of the achievement.

President Bassirou Diomaye Faye assured the nation that profits from the sale of the country’s oil and gas would be well managed, stating, “We have set up an inter-generation fund for the benefit of your generation and those to come.”

Thierno Ly, the general manager of the national oil company, Petrosen, echoed the president’s sentiments, saying, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”

The move to begin oil production is expected to generate billions of dollars for Senegal and boost the country’s economy. However, government’s decision to renegotiate oil and gas contracts has been met with some skepticism from investors.

Prime Minister Ousmane Sonko, a key figure in the president’s election campaign, justified the move, saying, “We are the ones who promised that we would renegotiate the contracts; and we are going to do it. We have started already.”

He added that contracts signed by previous administrations were “unfavourable” to the country.

As Senegal begins this new era of oil production, its government remains committed to ensuring that the nation benefits from its natural resources.

Governor Babajide Sanwo-Olu of Lagos State took some time off to visit the kitchen at the weekend.

In commemoration of Father’s Day, the number one citizen in Nigeria’s economic capital shared pictures of himself in the kitchen.

The governor had earlier visited President Bola Tinubu, who returned home from Abuja to celebrate Sallah.

Below are pictures of Sanwo-Olu in the kitchen:

The controversies and series of serious allegations hanging on the neck of the Permanent Secretary in the Ministry of Foreign Affairs, Amb. Ibrahim Lamuwa, have taken a different dimension.

Recall that the Perm Sec had been in the eye of the storm for days over allegations of sexual harassment levelled against him by one Simisola Fajemirokun-Ajayi who is said to be an aide to the minister.

The lady wrote a petition to the minister which forced the latter to equally write to the Head of Civil Service of the Federation, Folasade Yemi-Esan, to probe the allegation.

Consequently, the Head of Service set up a panel to investigate the allegations after suspending the Permanent Secretary, pending the probe’s outcome.

But findings by PRNigeria revealed that at least three more women have approached the probe panel to lodge similar allegations of sexual harassment against the Permanent Secretary.

Meanwhile, the Joint Negotiating Council, JNC, the labour union in the Ministry, has also accused the permanent Secretary of high-handedness, maladministration, favouritism and financial improprieties, which, according to them, have significantly affected the welfare and rights of the workers.

In a petition addressed to the Minister, Ambassador Tuggar and dated 11th of June, 2024, the staff union accused the Permanent Secretary of relegating all issues that have to do with staff welfare, allowances, emoluments, training etc to the background.

They specifically highlighted the denial of various benefits the workers were entitled to, which has been a source of their discontent for months.

In the petition obtained by PRNigeria, the union listed and explained in detail the series of benefits that the workers were entitled to that Ambassador Lamuwa has been denying them for months.

They accused him of unduly and illegally favouring a certain category of people and victimising those who do not dance to his tunes, in the area of posting, training and other benefits like Hajj seats.

Some of his alleged crimes against the labour union as listed in the petition include delay in payment of some benefits, delay in promotion and conversion of staff, lack of transparency in posting exercise, delay in paying of clothing allowance, discrimination in paying First 28 Days Allowance, lack of fairness in the distribution of the 2024 Hajj seats, inadequate posting of Batch B officers to foreign missions, poor sanitation and hygiene due to insufficient water supply, lack of work tools, dilapidated office buildings, refusal to pay the 25th regular course allowance for nine months among others.

In the petition signed by JNC Chairman, Comrade Ali Seidu, and Assistant General Secretary, Comrade Akpana S.E, the union urged the Minister to look into their grievances and address the series of injustice allegedly done by the Permanent Secretary to avoid a drastic action by the workers.

“Consequent upon the maladministration, dwindling level of productivity occasioned by the administrative leadership apathy in the ministry, the JNC has been engaging with the management thinking its solidarity with the authorities of the Ministry will yield positive results and prompt action on pending issues.

“Unfortunately, there was no corresponding improvement instead, the management has become worse, unreceptive and very harsh to everyone who dares to speak and ask questions. Victimisation, intimidation, and harassment has become a tool the management uses to shut critics while the staff of the Ministry continue to suffer.

“The staff of the Ministry are outraged by the egregious neglect, surreptitious administrative skullduggery, manipulations and commercialisation of the Ministry’s activities by the Permanent Secretary and his allies under the guise of rejuvenation. They have introduced harmful practices that threaten the very fabric of our Institution. We demand an immediate end to all their destructive policies and a return to the principles of fairness, equity and transparency. We call on the Honourable Minister to direct the authorities to investigate these grievances and take swift action.

“We the staff hereby give a 21-days ultimatum to the Management to immediately address the grievances outlined in our communiqué, failure to do so will be met with strong resistance,” the petition read in part.

In his response, the Minister called for calm and promised to look into their grievances.

Femi Otedola, the chairman of FBN Holdings and majority shareholder of Geregu Plc, and some of his companies have opted for an out-of-court settlement with Zenith Bank Plc.

Mr Otedola was involved in a legal dispute with the bank over alleged “fraudulent transactions” on his company’s accounts.

Court papers obtained by PREMIUM TIMES showed the Federal High Court of Nigeria, Lagos Division, where Mr Otedola and his companies filed the suit against the lender on 12 March, dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.

Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care and Mr Otedola were the plaintiffs, while Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited and Central Securities Clearing System Plc were the defendants.

According to a court document, Justice A.O. Faji discontinued the lawsuit after the counsel for the first to third defendants and the counsel for the plaintiffs asked for the matter to be dismissed, with the “counsel for the fourth defendant not objecting.”


Details

Mr Otedola and his companies initiated legal action against Zenith Bank and the other defendants in March, claiming that the lender disposed of his shares in the bank without authorisation, manipulated the companies’ bank accounts and fabricated some documents to conceal the alleged crimes.

He accused the lender of wrongfully calculating his debts before selling them to the Asset Management Corporation of Nigeria (AMCON), which the bank set up to buy the non-performing loans in the books of banks with the intention of recovering them thereafter.

Zenon had claimed that the letters of credit that led to the bad loans AMCON acquired were opened before the corporation took over the debt in December 2011. The company stopped operating the account after AMCON’s intervention.

According to a document seen by PREMIUM TIMES, the overdue on Zenon’s account at the point AMCON took over the liabilities was N39 billion. Zenon said Zenith Bank offered the debt to the corporation at N49 billion. AMCON ended up paying the bank N44.1 billion for the debt.

Sources with knowledge of the matter told PREMIUM TIMES in May that Mr Otedola chose to take legal action against the bank after several failed reconciliation attempts. During the month, both parties held three meetings, none yielding the desired results.

“It is clear that Zenith Bank Plc is not sincere in resolving this issue out of court and as such a time-wasting exercise,” one of the sources said.

“At this juncture, we have resolved to pursue our claims via the judiciary, law enforcement, the CBN and the court of public opinion as we know that our claims are very genuine.”

According to a document detailing the deliberations of both parties at a meeting held on 20 May, Zenith Bank agreed to refund the N205 million it wrongfully debited to Zenon’s account with compounded accrued interest using a bankdraft.

Seaforce Shipping Company Limited, owned by the billionaire tycoon, said Zenith Bank presented some statements of account claiming that it owed the bank N5.9 billion as of February 2024. It added that Zenith Bank abandoned the claim after the company showed proof that Seaforce’s account was in credit as of 2018.

A source said Zenith Bank sold the 415 million shares that Zenon held in Zenith Bank for N4.9 billion in December 2010, noting that the shares were repurchased in the following month for N5.4 billion, triggering a net loss of N142.9 million.

He further disclosed that related transactions were carried out on Mr Otedola’s account, causing a net loss of N61.5 million and a combined loss of N205.4 million in both cases.

Isyaku Mohammed, the commissioner of police in charge of administration at the Force Criminal Investigation Department, summoned the managing director of Zenith Bank on 16 May over what he described as an alleged unauthorised debit to Zenon’s account.

“This office is investigating an alleged case of fraudulent misrepresentation, wrongful debit and unauthorised transactions referred from the assistant inspector general of police, FCID Annex, Alagbon Close, Ikoyi, Lagos, involving your financial institution,” the letter, a copy obtained by PREMIUM TIMES, read.

“A precis of the petition at disposal reveals that sometime in 2011, an unauthorised withdrawal was carried out on the account of Zenon Petroleum Gas Limited with number 10110385211 to the tune of Two Hundred and Five Million, Three Hundred and Forty-six Thousand, Five Hundred and Seventy-Three Naira (N205,346,573.00) without justification.”

The letter stated that Zenith Bank wrongfully opened some letters of credit after AMCON acquired the debt in 2011, which led to unsolicited loan disbursement that further plunged Zenon into indebtedness.

By Vanguard

The citizenry is sharply divided over the six-year Single Term Presidency and Governorship Bill is now before the House of Representatives.

The Bill, seeking a single term of six years for the president and state governors, was brought up, last Monday, by 35 members of the House of Representatives.

It also canvasses the rotation of the presidency among the six geopolitical zones of the country and the provision for a second vice president.

Speaking at the National Assembly Complex, the lawmakers, who are also called ‘The Reformers’, said they have introduced the Bill among others on the floor of the House.

Ikenga Ugochinyere (PDP, Imo), a member of the group, said the proposed alterations aim to address agitations from different parts of the country, reduce the cost of governance and promote unity.

Should the Bill succeed as part of the current effort to review the Constitution, single tenure of six years for the president and governors will replace the current regime whereby the public office holders are entitled to two terms of four years each (eight years).

The Bill is generating anxiety in the House of Representatives as some members, when contacted by Sunday Vanguard, declined to speak, stating that it was a sensitive matter and would not want to comment on it yet.

Deputy Chairman of a Committee, who did not want to be quoted, said, “I am not a party to that Bill and whatever my position is will be said on the floor of the chamber”.

However, a cross-section of Nigerians is divided over the proposal.

While some opposed the Bill, saying it would worsen graft, some supported it and enumerated its merits.

For instance, the Conference of United Political Parties, CUPP, said the major problem of the country now is lack of purposeful leadership not tenure of political office holders.

It’s a welcome devt – Pa Alake

Supporting the Bill, an octogenarian, Pa Dele Alake, said it would be a welcome development if passed into law.

His words: “The single term of six years will set the country on a more reliable foundation that will bring a lot of advantages. So, some of our leaders who are deadwood will have to vacate the seat when the six years lapses.

“But, it will create some confusion at the outset. For instance, which of the six zones will be the first? Is it going to be after the expiration of President Tinubu’s first term or when?

“If it’s after the first term, that means it will start from the Southern part of the country because it will be cheating if the South is not allowed completing its eight years. I’m sure the North will not allow it if they are the ones governing the country now.”

We need purposeful leadership – CUPP

CUPP spokesperson, High Chief Peter Ameh, said: “What we have now is good enough if we have purposeful leadership to drive it. “Even if we return to regional government today what we will have is the decentralization of corruption.

“What we should be looking at is putting in place appropriate sanctions for those who loot the treasury and deny citizens the basic necessities of life.

“No matter the system you have in place, if those who are to drive it lack sincerity, it will take us nowhere.”

It’ll end marginalization — Arabambi

Dr. Abayomi Arabambi, National Publicity Secretary, Labour Party, LP, said he is in total agreement with the proposed bill, saying that it will reduce the pressure of infighting for second term, which leads our political office holders to steal money to prosecute their second term project.

“If the bill was passed into law, it will make the President and the governors to work and make the masses feel their impact because they knew that there no room for second term.

“The opportunity of second term leads to abandoned projects, because they use the uncompleted projects to campaign for second term election.

“The rotational arrangement will give some of the geopolitical zones in the country, who have not had the opportunity of ruling the country, the opportunity and grace to produce the president.

“The same goes for state governors. It will be rotated among the three senatorial districts in the state. In a nutshell, it will put a stop to marginalization in government.”

It’s misplaced priority – HURIWA

National Coordinator of the Human Rights Writers Association of Nigeria, HURIWA, Comrade Emmanuel Onwubiko, said: “Such a bill is a misplacement of priority. What we need now is equity and the National Assembly needs to pay attention to this. We have more serious issues such as insecurity and our dwindling economy.

“On the issue of equity one more state should be created for the South-East. It is becoming increasingly worrisome that each time the issue of constitutional amendment comes up, tenure of political office holders comes up.

“The constitution should be used for a substantial period of time before any amendment is carried out. This ritual of amending the constitution every four years is not taking us anywhere.”

It should be five years – Adewale, ADP chieftain

However, former Ondo State Chairman of the ADP, Hon Stephen Adewale, hailed the move.

His words: “I think it’s a positive development. Experience since 1999 has proven that our elected representatives always have two years to serve the people before spending the other two years planning for re-election. Those who have been re-elected, since they have no office to run for, spend their second term on frivolities.

A single term will undoubtedly make politicians serve the people and the country better but there is a caveat. What will a single six-year term accomplish? Why six years instead of five? I believe five years is much better and more reasonable.

Consider our university system; at one point, the Federal Government felt that politicking was ruining it. As a result, the tenure of Vice Chancellors was restricted to a single term of five years, which restored some sanity to the university system. If properly planned and implemented, a single five-year term could be the tonic our political system needs.

We need diligent leadership, not single tenure — Peretei

To the Publicity Secretary of Ondo State People’s Democratic Party, PDP, Hon Kennedy Peretei, “it is not the tenure that is the problem but a sense of duty, diligence and accountability that are the main issues. Whether a single six-year tenure or two terms of four years each, a thief will still be a thief.”

We need creative solutions to our peculiar challenges – Varsity don

Also speaking, Professor Olugbenga Oke-Samuel, Dean Faculty of Law, Adekunle Ajasin University Akungba Akoko, Ondo State, said: “As it is now, I believe we need to look inward towards getting local and creative solutions to our problems. Since the existing arrangement is not working, the solution lies in designing a unique model that will address our peculiar and unique problems.

A public servant, trader’s perspective
A trader at Bodija International Market, Mrs Titilola Ojulangbe said the term the leaders spend is not the issue but governing well.

“If it is changed to six years, who are the crop of leaders that will be in the saddle? If they govern well, their six-year term will be like a year. But if they don’t govern well, those six years will be like a decade. Whoever is there should try to bring down prices of commodities and fuel,” she said.
Also, Mrs Ajayi Modupe, a public servant in one of the South-West states reasoned that the move will automatically check the excesses of our leaders who spend eight years in office.

Her words: “I fully support the six year single term for both governors and President. Whatever they have to offer the country, let them do it within six years and take their leave.”

It’ll ensure harmony – Oke

A legal practitioner, Ayobami Oke, said given the heterogeneous nature of the country, it will be fair to the ethnic groups particularly when the Vice president comes from another region. “All ethnic groups, if it’s followed to the letter, will have a sense of belonging.

Yoruba group backs bill

Otunba Tayo Onayemi, Convener, Yoruba Commitment Forum, YCF, said it would be a welcome development if passed into law “because it will curb the ‘do-or-die’ affair and over-ambition for second term by our political office holders.”

He continued: “It makes sense to me and it will serve our purpose because the single term will curb some excesses, put paid to over ambition with reckless abandon.

“In fact, the Senate ought to be scrapped because of the repetitive responsibilities of the two chambers of the National Assembly and their overlapping functions.

“The other alternative to scrapping the Senate is to reduce the pecuniary attachment/benefits of the National Assembly members to sitting allowances only.

“The aspect of Constituency allowances should also be abrogated and given to the Local Governments.

“In other words, Local Governments should be more empowered but the single term of six years should apply to all elected officials from the local government to the Presidency.”

NANS kick against bill

On its part, the National Association of Nigerian Students, NANS, kicked against the bill, describing it as “anti-democracy and an attempt to stifle people’s choice.”

Speaking on behalf of NANS in Abeokuta, the National Clerk of the Senate of NANS, Yekini Adewale, described the bill as “a smokescreen” to divert the attention of Nigerians from the current economic pains and agonies that Nigerians are facing.

The apex student body threatened to mobilise students across the country in a protest against the bill.

According to Adewale, if the bill is passed into law it would erode accountability, probity, transparency and responsibility on the part of political leaders.

“Yes, democracy thrives on the pedestal of a synergy between the three arms of government, but when a key arm such as the legislature, proposes bills and peradventure, passes laws that stifle people’s choices or throw spanners in the wheel of the tenets of democracy, then, it is disheartening and must not be allowed.

“NANS as a non-governmental organisation and the only pressure group that has been agitating for the continued survival and sustainability of our hard-earned democracy from being truncated, does not only condemn the proposed bills, but call on Nigerians to move against such step aimed at achieving a selfish agenda by some unscrupulous politicians.

“If the proposed bills are allowed to see the light of the day, then, our democracy is in total jeopardy. Any president or governor who realises that he cannot seek a second term in office, may rather busy himself with feathering his own nest instead of delivering good governance to the electorate.

“Expunging second term from our constitution is synonymous to extinguishing the only power the electorate have to vote out any non-performing president or governor.

“As a student body in the country, we shall mobilise our members massively against these bills seeking to efface accountability, probity, transparency and responsibility from the elected executives and lawmakers.

“To further demonstrate our rejection of this anti-democracy, anti-people and anti-progress bills, a day will be set aside for Nigerian students to embark on a mass march against the National Assembly.”

Bill is in masses’ interest – Osun CDHR

However, the Osun CDHR Chairman, Olowu Emmanuel, said: “The proposed six years single term is in the interest of the masses, as Nigerians have been at the receiving end of politicians since 1999.

“The urge for a second term in office leads to the commercialisation of our elections, hence, the weaponisation of poverty. Other lawmakers should align with the group of 35 legislatots to ensure that the constitution scales through amendment with the provision inserted therein,” he said.

Bill good but… – Ogunsuyi

Former Osun State Commissioner for Information and Civic Orientation, Lanre Ogunsuyi, said the idea of single term of six years was not strange but wondered whether the idea could solve the challenges facing the nation, adding that the process through which leaders emerge has to be re-examined.

According to him: “It is not the first time that idea about single term for the executive has been muted. Nigeria’s political problems are hydra-headed, we don’t know which of the problems it is meant to resolve. Having said that we have seen governors who have been charged before the anti-graft agencies for stealing humongous amount of money within 12 months, we have seen ministers who have stolen billions within four months in office.

“It is not about single term or not. Sometimes I tell people that we are looking at the product , we are not looking at the process. Maybe what is wrong is the process.”

Single term will encourage massive looting – INC

The Igbo National Council, INC, opposed the bill, saying a single term of six years for the President and governors would encourage massive looting in office.

The INC, President Chilos Godsent, who stated this to newsmen in Owerri, said: “The INC Condemns that proposal in its entirety as it will encourage massive corruption in the governance system in Nigeria.

Against this backdrop, we would like the National Assembly to amend the constitution to provide for the Presidential election to hold separately, the Governor to hold separately in different dates with the elections of legislators as this will encourage healthy competition and reduce rigging.”

“On the foregoing, INC therefore call on the National Assembly to use the opportunity of the ongoing Constitution Amendment to expunge the Immunity Clause for the office of the President, Vice President, Governor and Deputy Governor,”he concluded.

Corruption is the problem not single or second term -Diwe, ASITU President

Also, National President of the Association of Igbo Town Unions, ASITU, Chief Emeka Diwe, said the problem of Nigeria’s democracy is not single or second term in office but corruption and lack of integrity among public office holders.

He stated that only the election of candidates with integrity would help solve the craze for second term in Nigeria’s polity and called for non performing leaders to be denied second terms in office.

Diwe told Sunday Vanguard that a public office holder can use a single term to make positive impact in governance, stressing that nobody has been able to equal the sterling performance of the former governor of old Imo State, Dr. Sam Mbakwe, in the four years he spent as Governor.

He explained that the craze for second term has made public office holders to seek ways to embezzle public funds to enable them foot the high cost of electioneering in the country.

The World Bank has said there is a possibility that the monetary policy tightening by the Central Bank of Nigeria (CBN) will not address the ravaging inflation in the country.

The World Bank made the disclosure in its global economic prospects report released on Wednesday.

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It said one of the risks of Nigeria’s economic growth is the failure of tightening policies on inflation.

The tightening of the monetary policy rate (MPR) is the increase of interest rate to control soaring inflation.

Pundits say when interest rates are high, manufacturers, contractors, among others, find it difficult to borrow, and by implication, low productivity occasioned by job losses.

Since the resumption of the Monetary Policy Committee (MPC) meeting this year, interest rates have increased from 22.75 per cent in February to 26.25 per cent in May – a total increase of 750 basis points.


‘Risks to Nigeria’s growth outlook are substantial’

The World Bank in its latest report noted that: “Risks to Nigeria’s growth outlook are substantial, including the possibility that the tightening of monetary policy stops short of reining in inflation.”

The report also predicted Nigeria’s economic growth rate outlook for the rest of 2024 and 2025 to remain the same. “Growth in Nigeria is projected to pick up to 3.3 per cent this year and 3.5 per cent in 2025,” the World Bank said.

“After the macroeconomic reforms’ initial shock, economic conditions are expected to gradually improve, resulting in sustained, but still-modest growth in the non-oil economy.

“In addition, the oil sector is expected to stabilise as production somewhat recovers”, it stressed.


Aggressive interest rate squeeze will further depress economy — MPC members

The CBN Deputy Governor in charge of Financial System Stability Directorate, Philip Ikeazor, has also argued that given the poor contribution to growth and vulnerability to rate hikes of the oil and manufacturing sectors of the economy, consecutive aggressive tightening of interest rate will further depress the economy.

He made the statement in his personal statements as an MPC member at the 151st MPC Meeting of March 25 – 26, 2024.

Ikeazor said that: “The pressure point is already manifesting, as indicated in the projected contraction of PMI in the industrial sector by 7.1 index points occasioned by rising input cost and low-capacity utilisation.”

Another member of the MPC, a senior fellow and director of the Africa Growth Initiative in the Global Economy and Development Programme at Brookings, Aloysius Uche Ordu, in his statement, emphasised that hiking interest rates impact consumer spending and business investments, as reflected in the composite purchasing managers’ index in February 2024.

He argued that substantive progress in addressing the supply-chain issues and other cost-push factors is needed to minimise the risk that inflation might remain high for long, adding that such an outcome will make life difficult for Nigerians and damage the functioning of the economy.

“To allow higher inflation to become entrenched in people’s expectations would make it much more expensive to reduce later through even higher interest rates, larger output losses and higher unemployment,” he said.

The concerns of Ikeazor were further highlighted by CBN Governor and Chairman of the MPC, Olayemi Cardoso in his personal statement when he argued that, “If such a hyperinflationary scenario is to become reality, available options to control inflation could be severely constrained.”

Cardoso noted that the facts presented to the MPC clearly indicate that the monetary factors contributing to inflation are diminishing in significance.


Fiscal authority key to addressing food inflation- Prof. Uwalake

Reacting to the report of the World Bank, Professor of Finance and Capital Market, Uche Uwaleke, said: “I have been saying it: aggressive rate hike is inappropriate in situations where inflation drivers are largely due to supply-side factors and structural bottlenecks.

“In the case of Nigeria, the pressure point is on food with the food index accounting for over 50 per cent of headline inflation.

“To deal with the elevated food inflation, the fiscal authority has more roles to play especially with respect to addressing insecurity, transport challenges and climate change. These factors are exogenous to the CBN”, He said that the CBN should recognize that the challenge currently facing the Nigerian economy is not just inflation, but stagflation and to this end, should equally have regard to growth concerns in future meetings of the MPC.

Dr Muda Yusuf, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, in his submission, said: “My view is that we need to be careful about it. We can’t dismiss it entirely because the Central Bank has a role to play in managing inflation.

“Real sector investors are grappling with high costs of diesel, logistics, transportation, and all manner of taxation problems, regulatory issues, and exchange rate depreciation.

“On top of that, you now have this additional problem of increasing the cost of funds; it can be a suffocating situation for businesses. So, that is why the CBN also needs to define the limits of rate hikes. Fighting inflation is the collective responsibility of the monetary and fiscal authorities.

“I’m not saying that the CBN should completely be aloof, but it should not also go to the extreme of making life extremely difficult for operators in the economy.

“Right now, with the latest tightening, the prime lending rate will be 27–28 per cent. That’s the rate for prime customers with high credit ratings. So, you can now imagine the rate at which SMEs will be paying for funds — you are talking about between 30-35 per cent.

“So, if you have that kind of situation, what business can you do in this economy to give you a return of 30 per cent, even a return of 25 per cent? What business? I can’t think of any.”

The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres.

This, according to him, will enable the refinery to have a storage capacity of 5.3 billion litres.
The Dangote Petrochemical Refinery refinery currently has 4.78 billion litres of storage capacity for refined petroleum products.

Dangote spoke at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas on Wednesday.

The billionaire alleged that international oil companies refused to sell crude oil to his refinery because they did not want him to succeed.

Asked to speak on whether or not his refinery would crash the pump price of petrol, which currently sells at around N700 per litre, Dangote gave no affirmative answer, but he quickly recounted how the price of diesel fell from 1,700 to N1,200 when his diesel flooded the market.

“The issue of gasoline is certainly a different issue. That one is being dealt with by the government. But let me give you an example. In the diesel, which the industries, transporters and everybody consume; when we first started, it was N1,700, and the dollar conversion was about N1,200 then. Immediately when we started, within two weeks we brought down the price to N1,000. We took it from N1,700 to N1,200 and from N1,200 to N1,700, we have given more than 60 per cent drop in price.

“With the currency now back up to about N1,500 per dollar, the price is still below N1,200. That’s a big improvement, from N1,700 to N1,200. And the diesel is available, we are not living from hand to mouth anymore,” Dangote replied when asked about a possible petrol price cut.

The business mogul said the refinery would be a strategic reserve for refined products.

“The country doesn’t have strategic reserves in terms of petrol, which is very dangerous. But in our plant now, when you came, we had only 4.78 billion litres of various tankage capacity. But right now we’re adding another 600 million.

“So effectively, as we go forward, the refinery will be the strategic reserve of the country in terms of petroleum products,” he noted.

The Africa’s richest man explained that international oil companies denied him access to their crude because they did not think he could succeed with the 650,000 barrels per day capacity refinery.

“In a system where, for 35 years, people are used to counting good money, and all of a sudden, they see that the days of counting that money have come to an end, you don’t expect them to pray for you. Of course, you expect them to fight back.

“And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent, of sub-Saharan Africa, need this refinery. So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there,” he added.

Dangote has been importing crude oil from the United States to get feedstock for the refinery.

The Kano-born businessman added further that Nigeria has for years been importing dirty fuel into the country.

Dangote asked the Federal Government to enforce regulations stopping the importation of dirty fuels.

According to him, dirty fuels have been responsible for many cases of cancer in Nigeria and Africa.

Speaking of imported fuel, he said, “It is high sulfur, very polluting and also when you look at it, especially in Nigeria, in the past few years, we’ve been having cases of cancer, and most of these cases of cancer have to do with the bad fuel that we’ve been using. So, I will advise even here, you should check the quality of what is being dumped in your region in The Caribbean.”

He spoke further that Nigerian crude oil attracts the most premium, yet the nation imports the dirtiest fuels.

Asked if there is no regulation to check the quality of imported fuel, Dangote reported, “Now there is regulation, so it is upon the regulators to enforce the regulation.”

The PUNCH reports that despite its huge crude oil reserves, Nigeria still depends heavily on imported refined fuel.

But Dangote recently said Nigeria would no longer import any fuel by the time he begins the sale of PMS in the next few weeks.

When fully operational, Dangote disclosed that the refinery would supply cheaper fuel to the Caribbean, saying the price of fuel in that area is expensive.

He planned to set up a terminal in the region to give them access to cheaper energy.

“I don’t know the exact price but I know that the price in the Caribbean in terms of petroleum products is very high. So, we produce it cheaply, we can always bring it here, we can set up a terminal and we will be able to feed their needs.

“We have a bilateral agreement with them and bringing in stuff from there is not more than 18, 20 days maximum. Once we set up a terminal, they will have very cheap oil. They will have cheap energy. By having cheap energy, their economies will grow faster,” he maintained.

Dangote recalled that he was once persuaded by a former Minister of Energy in Saudi Arabia, Khalid Al-Falih, to shelve the idea of building a refinery. However, he said he told the former minister that he did not need his advice.

“Four years ago, I was in Saudi Arabia during the fasting period and I was invited for the breaking of the fast, Dr Falih, who used to be the Minister of Energy invited me to come and break the fast with him and I went there. He just said, ‘Aliko, I heard that you’re planning on building a refinery, what capacity?’ I said 650,000. He kept quiet for a while and said, ‘You know just about 120km from Mecca, we are building one and I think I would like you to go and have a look. We as Saudi Aramco, are facing a lot of challenges and, we are proceeding with it, but my advice to you is not to do it because normally, refineries are built by major oil corporations or sovereign countries.’

“I said, ‘But Your Excellency, unfortunately, we have already started, so I’m not looking for am advice.’ That was really how we continued,” he recounted.

Dangote revealed that both local and international cartels, which he described as “mafia”, made repeated attempts to sabotage the $19bn refinery project located in Lagos.

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.

Dangote, who described himself as a fighter, said they tried all sorts to stop him.

“As a matter of fact during the COVID period, some of the international banks were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank,” it was stated.

He explained that he had paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.

“We borrowed the money based on our balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of a lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.

“We started in 2018. We borrowed that much. We have, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.


Dangote generates 1,500MW

Talking about industries being energy independent, Dangote posited the refinery and his other companies are not putting any pressure on the grid, though he suggested that power production should be the business for other people.

“We don’t put pressure on the grid. Like us now, we produce about 1,500 megawatts of power for self-consumption. But if this thing is beneficial and it makes sense, there will be people who will concentrate on actually generating the power so it won’t be part of your cost. There are a lot of people that are doing industrial parks, and I think Afrexim Bank is involved in these parks in terms of funding; that will help. It means that once you come, you are just going to plug and play,” he added.

The PUNCH recalls that operators of modular refineries stated on Sunday that the pump price of Premium Motor Spirit, popularly called petrol, should drop to about N300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers.

Speaking under the aegis of the Crude Oil Refinery Owners Association of Nigeria, they explained that what happened to the cost of diesel after Dangote started producing it, would happen to petrol prices once it is being produced massively in Nigeria.

“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary of CORAN, Eche Idoko, stated.

He told our correspondent that “if we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”

When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is priced in dollars, the CORAN official insisted that the petrol price would crash once it is being produced massively by indigenous refiners.

He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need? As I speak to you now there is every tendency that before December diesel prices will drop further. The only reason why diesel is not doing below N1,000/litre is because of our exchange rate.

“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”

But oil marketers have repeatedly maintained that even if there would be a reduction in the pump price of petrol, it would be marginal.

On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.

Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.

Meanwhile, Dangote said his plan to release premium motor spirit into the market this month will no longer be possible. Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.

The Kano State Police Command has banned Durbar activities in the state.

This was announced in a statement issued by Abdullahi Kiyawa, Police Public Relations Officer of the command.

Alhaji Aminu Ado Bayero, 15th Emir of Kano, had invited district heads for Durbar and asked the police to provide security.

But in his statement, the police said such activity would not be allowed in the interest of security.

“The Kano State Police Command congratulates Muslim faithfuls and all law-abiding residents of the State for witnessing yet another Eid-El-Kabir Sallah period and assures that adequate security deployments have been put in place to ensure no breakdown of law and order in all parts of the State before, during and after the festive period.”

“This is part of the commitment to sustenance of the peace by the Kano State Police Command in conjunction with all the relevant security stakeholders. In furtherance, a ban has been placed on ALL DURBAR activities throughout the State for the upcoming Eid-El-Kabir celebrations. This measure is taken as a result of series security reports obtained and wide consultations made with relevant security stakeholders to ensure the safety of the larger community.

“However, worshippers are advised to conduct their normal Eid Prayers at the various designated Eid praying grounds, traditionally done in the past.

4. On a final note, the Command encourages continued collaboration and cooperation from all stakeholders to collectively work together to build a safer and more secure environment. The Command also urges everyone to keep reporting any suspicious movement of person(s) or item(s) they come across to the nearest Police Station.”

The Chairman and CEO of Dangote group, Aliko Dangote has disclosed that the company is planning to set up a terminal in the Caribbean to export petroleum products to countries in the North American region.

Dangote who made this disclosure on Wednesday at the Afreximbank’s Trade and Investment Forum in The Bahamas, said the company can easily supply petroleum products to the region within 18 to 20 days.

According to the African richest man, the company will sign a bilateral agreement with the region to construct the terminal for the exportation of its petroleum products.

“I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.

“We will have a bilateral agreement with them and also bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.

“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their own economy will grow faster,” Dangote said.

In addition, Dangote also mentioned that the conglomerate is not only seeking to invest in petroleum products in the region but also in cement.

He stressed that the company’s cement production capacity is nearly 52 million tons and will increase to about 62 million tons by the end of next year.

The business mogul added that the firm can meet the demand of the Caribbean market by creating a win-win situation for both parties.

“It’s not only about the oil. We now have a capacity of almost 52 million cement capacity. By the end of next year, we will be at 62 million of cement capacity.

“We are not only saying that we can bring in from Nigeria or from Africa. If they have limestones, we can also produce what can satisfy them. We’ve done that before in Africa and we should be able to free them up from the shackles of other people.

“If we the ingredients like the limestone, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said.

The Dangote refinery with a 650,000 barrel refining capacity has been described as the “game changer” of the oil and gas sector, it will become the largest in Africa and Europe once it begins full operation later next year.

By Samuel Amah-Ugbor, Enugu


The Enugu Capital Territory Development Authority (ECTDA), on Tuesday, sealed the offices of the Enugu Electricity Distribution Company (EEDC) in Enugu State.

The action followed EEDC’s announcement that it would disconnect the power supply to the Enugu State Government House and other state government institutions in the South East over an N180bn debt.

EEDC’s spokesman, Emeka Ezeh, said upon arriving at the EEDC headquarters, he and other staff members found the building sealed.

“We were informed by the security men on duty that in the early hours of today (Tuesday) at about 2am, a group of men came and locked up the gates, claiming that the state governor directed the action,” he said.

In addition to the headquarters, EEDC offices in Abakpa, Awkunanaw and Ogui areas were also sealed by the agency.

Ezeh described the development as “strange”, noting that EEDC had not received any notice or communication from ECTDA regarding the action.

Ezeh said the sealing their offices might be connected to EEDC’s notice to begin disconnecting indebted customers starting Tuesday.

“Enugu State Government happens to be one of the indebted customers, with over N1bn owed to EEDC.

“It is important to state that the majority of the state government’s facilities are metered. So, it is not a case of estimated billing. EEDC has about N180bn in debts and has concluded plans to commence disconnection of indebted customers,” he explained.

When contacted, the Chairman of ECTDA, Uche Anyanwu, declined to comment on the incident.

President Bola Ahmed Tinubu has concluded plans for a shake-up of his cabinet soon, which will include the appointment of new ministers and the creation of a new ministry, Daily Trust gathered.

The new ministry will be for livestock development, a department hitherto under the Ministry of Agriculture and Rural Development, with the goal of driving the administration’s livestock master plan.

The Nigeria Livestock Master Plan, inaugurated in August, last year, was instituted to guide the development of the livestock sector which accounts for about one-third of the 21 per cent contribution that the agricultural sector makes to the national Gross Domestic Product (GDP).

A source said the new ministry was expected to take the lead in addressing the perennial farmer-herder clashes that had continued to have a debilitating impact on the country’s food security, as well as led to the loss of thousands of lives and property.

Another source hinted that the president decided to create the new ministry to drive his idea of ranching as a solution to the problem, which he said would see state governments provide lands for the federal government for the project.

More ministers

Sources told Daily Trust that aside from the creation of the new ministry, the cabinet reshuffle would see to the appointment of state ministers for most or all the ministries that currently only had one minister. Recall that some Nigerians criticised the president for operating what they termed “an overbloated cabinet.”

But the president, at the inception of his administration last year, justified the size of the cabinet, which initially comprised 48 members, including the suspended Betta Edu and Simon Lalong who resigned to take up a seat in the Senate.

“If you combine too many ministries because you want to save money, you will have a future of non-performance and no results,” the president argued.

The development will also see to the appointment of ministers for ministries that only have a minister of state, like Labour and Employment, as well as a minister for the Ministry of Humanitarian Affairs and Poverty Alleviation which Minister, Betta Edu, has been on suspension since January 8.

Daily Trust reports that ministries without ministers of state are arts, culture and creative economy; foreign affairs; special duties and inter-governmental affairs; communications, innovation and digital economy; finance; marine and blue economy; solid minerals development; tourism; transportation; industry, trade and investment; innovation, science and technology; works; sports development; and women affairs.

Others are aviation and aerospace development; power; budget and economic planning; information and national orientation; justice; and Niger delta affairs.

Daily Trust gathered that while the president is expected to act on the assessment report of the Key Performance Indicators (KPIs) of the ministers by his Special Adviser on Policy Coordination, Hadiza Bala-Usman, political calculations may affect or tamper with his decision.

Ms Hadiza could not be reached for comment on the status of her assessment as at the time of filing this report, but in April, she said the citizens’ delivery tracker launched by the federal government would use empirical data to evaluate the performance of the ministers.

Meanwhile, the tracker is said to be a component and not the only yardstick used for the assessment of the KPIs of the ministers.


Upgrade for some, exit for others

One of the sources also disclosed that some ministers of state had been penned down for upgrade and that it was certain that some ministers would be dropped.

He said, “I can confirm to you that a former governor is among the ministers that will be dropped in the cabinet shake-up. There is also a minister of state that has been pencilled for upgrade.”

When contacted, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said, “I don’t know about any cabinet reshuffling. What I know is that the president is preparing to address the nation for the Democracy Day celebration, and on Thursday he will leave for Lagos to celebrate Sallah.”

A report by Agora policy has shown that Nigeria’s Cost-of-Collection by the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS), is bigger than what each state received as federal allocation.

The Federal Inland Revenue Service (FIRS) receives 4% of non-oil revenues; the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) gets 4% of royalties, rents and other revenues from the oil and gas sector and the Nigeria Customs Service (NCS) receives 7% of custom duties and levies.

The report showed that in January 2024, the three agencies received a total of N78.30bn as the cost of collection for January 2024. But the gross allocations to the six geo-political zones for the same month were as follows: N56.60bn for the North-East; N55.58bn for the North-Central; N76.09bn for the North-West; N47.75bn for the South-East; N141.85bn for the South-South; and N86.60bn for the South-West.

This shows that for the month, the cost of collection received by the three agencies (N78.30bn) was higher than the gross FAAC allocations to each of four geo-political zones in the country: North East (N56.60bn), North-Central (55.58bn), North-West (N76.09bn) and South-East (N47.75bn).

The South-South and South-West got more than what the three agencies received only on account of 13% derivation for the oil producing states and the allocation of N21.28bn as the net allocation to Lagos State for Value Added Tax (VAT).

The report showed that in January 2024, FIRS received N43.35bn as cost of collection. None of the 36 states of the Federation received up to this amount as Federation allocation.

The state with the highest gross allocation for the month, Delta State, got N39.59bn, which means that FIRS not only received an amount more than what each of all the 36 states but also got 109.49% of the allocation of the state with the highest gross allocation.

The report also noted that the Customs Service received N16.27bn, the lowest cost of collection for the month. But what Customs got was higher than what each of the 31 states received as gross allocation for the month.

According to the report, the agencies can contend that they are receiving more money now simply because they are also bringing in more money to the Federation.

To check this claim, the report looked at the fully disaggregated data on FAAC disbursements for a five-year period, from February 2019 to January 2024. The data reveals how the revenue structure of the Federation has changed within five years and in a way that gives an edge to the agencies against the three tiers of government on behalf of whom they collect the revenues.

In February 2019, the gross FAAC revenue was N619.86bn and the total cost of collection was N13.58bn, or 2.19% of the gross allocation.

In January 2024, the gross revenue was N2.07trillion while the three agencies received N78.30bn, or 3.79% of it. On the face of it, the absolute value of the cost of collection is merely rising gross revenue.

But this is not exactly so according to the report because, while the gross revenues between February 2019 and January 2024 increased by 234%, the cost of collection for the same period increased by 477%. So, the cost of collection has increased in more than corresponding proportion than the gross revenue has.

The Intelligence Response Team (IRT) of the Inspector General of Police, Kayode Egbetokun, has been accused of human rights violations and torture.

According to a petition sent to human rights body, the Amnesty International and obtained by SaharaReporters on Tuesday, the IRT was indicted after Gold worth more than N700million went missing in the IGP’s apartment.

Some persons were later arrested and currently clamped in detention by the IRT.

Some of them are; Alh. Aminu Sarkin Zabarmawan Kebbi and his two shop attendants.; Alh. Musa Aliyu; Alh. Nuhu Usman ;Anas Aminu; Yahaya (Tailor from Rigasa); and also several PoS operators.

“Gold worth more than N700milion was stolen from the residence of the Inspector General of Police in the first week of May 2024, allegedly belonging to Principal Staff Officer 3 to the Inspector General of Police.”

The petition noted that the stolen Gold found its way to the Wuse market and was bought by one Alhaji Auwal who is current at large.

The petition further read in part; “The Police Intelligence Response Team ( IRT), Abuja, arrested several members of the Gold Dealers Association at the Wuse Market and PoS operators that transacted business with Alhaji Auwal, the prime suspect.”

“A preliminary investigation revealed that, the police IRT unit was working directly under the instructions of IGP who had subjected all those arrested to untold and inhumane hardship ranging from beaten, hanging and forcefully collecting money from them under the guise of recovery of the stolen Gold.”

“One of the fundamental rights violations is that of one, Alh. Amin Sarkin Zabarmawan Kebbi whom his shop attendants at his shop in Wuse Market bought gold worth N3million was handcuffed and his shop with the gold of over N100million was carted away by the IRT and still held him under detention together with his attendants.”

“Another gold attendant in one of the shops in Wuse Market, Nuhu Usman, who also transacted business with Alhaji Auwal amounted to millions was arrested and eventually molested, traumatised and forcefully paid N11million for a gold he bought Six millon naira at 125,000 per gram of 80 gram gold on the instructions of PSO 3 ( Buky).”

“Also the IRT cruelty maneuver obtained a bank statement of Taj Bank for one Nuhu Usman and forcefully withdrew N13 million naira cash.”

“Also a tailor and resident of Rigasa, Kaduna who knows Alh. Auwal, the principal suspect, was arrested and beaten to a coma at the IRT office Abuja and still under detention.”

Several human rights abuse and violations of innocent Gold Dealers Association Wuse Market Abuja are still going on as well as detention of people under the pretence of recovering stolen gold from the IGP house.

The petition also sought to know the owner of the stolen Gold.

“The question is, who owned the stolen Gold ? IGP? or his wife? or PSO 3 (Buky)? The IRT team investigating the stolen gold from IGP house were listed as; Mashood, Femi, Joe (piyapiya), Femi, Habila and Abdul," the petition added.

A former Central Bank of Nigeria, CBN, Director of Currency Operations, Ahmed Umar, has disclosed that the immediate past governor, Godwin Emefiele, printed his own design of the naira.

Umar disclosed this while giving evidence at the Federal Capital Territory, FCT, High Court sitting in Maitama.

The former CBN director said the features in the design approved by former President Muhammadu Buhari was different from the one Emefiele ordered to be printed.

Umar said, “The design approved by the President had a QR code, which the currency in circulation does not. The positioning of the portrait was on the right side, that printed by the CBN was on the left and the number scheme approved by the President is different from what the CBN produced.”

The Economic and Financial Crimes Commission, EFCC, had on May 15, arraigned Emefiele on a four count charge before Justice Maryanne Anenih of the FCT High Court.

Emefiele however denied the charge and was admitted to bail in the sum of N300 million.

The Organised Labour has said it will not accept any N62,000 or N100,000 “starvation wage” as the minimum wage for workers.

The union insisted on N250,000, being its latest demand at the last meeting of the Tripartite Committee on Minimum Wage on Friday, as the living wage for an average Nigerian worker.

This was made known by Chris Onyeka, Assistant General Secretary of the Nigeria Labour Congress, NLC, while fielding questions on Channels Television’s The Morning Brief show on Monday.

Onyeka said the one week to the Federal Government last Tuesday would expire by the midnight of Tuesday, June 11, 2024.

According to him, should the Federal Government and National Assembly fail to act on the demands of workers by tomorrow (Tuesday), the organs of the NLC and the Trade Union Congress, TUC, would meet to decide on the resumption of the nationwide industrial action.

“Our position is very clear. We have never considered accepting N62,000 or any other wage that we know is below what we know is able to take Nigerian workers home. We will not negotiate a starvation wage.

“We have never contemplated N100,000 let alone N62,000. We are still at N250,000, that is where we are, and that is what we considered enough concession to the government and the other social partners in this particular situation. We are not just driven by frivolities but the realities of the market place; realities of things we buy every day, bag of rice, yam, garri, and all of that.

“The Federal Government and the National Assembly have the call now. It is not our call. Our demand is there for them (the government) to look at and send an Executive Bill to the National Assembly, and for the National Assembly to look at what we have demanded, the various facts of the law, and then come up with a National Minimum Act that meets our demands.”

He continued: “If that does not meet our demand, we have given the Federal Government a one-week notice to look at the issues and that one week expires tomorrow (Tuesday). If after tomorrow, we have not seen any tangible response from the government, the organs of the Organised Labour will meet to decide on what next.

“It was clear what we said. We said we are relaxing a nationwide indefinite strike. It’s like putting a pause on it.

“So, if you put a pause on something and the organs that govern us as trade unions decide that we should remove that pause, it means that we go back to what was in existence before.”

A young lady who admitted on a podcast to engaging in sexual activities with her dogs as a result of addiction stemming from past trauma has taken her own life.

During a podcast episode hosted by Nollywood actress, Abiola Adebayo, she recounted being abused at a young age and detailed various instances of exploitation that followed, which she believes contributed to her addiction.

Her face was blurred throughout the podcast episode.

The woman shared, “When I was in school, in my room I would lock my room and called my two dogs to lick my private parts. I would start crying afterwards and start cursing myself. I was not attracted to any man.”

However, in a short video on her official Instagram page on Saturday, Adebayo revealed the news that the woman had taken her own life.

Through tears, Adebayo said, “For the first time in my life, I feel like a failure. Nike died. The lady I just interviewed who said she slept with dogs committed suicide. People heard her story. They abused me. They said we formulated the story that they are not real. I gave her a listening ear, but she didn’t tell me she was going to die.

“She committed suicide. I sent her number to therapists. I didn’t know she was going to commit suicide.”

If you or someone you know is struggling with suicidal thoughts, please seek help. Contact the Suicide Prevention Initiative in Nigeria (SURPIN) at 09080217555. Help is available 24/7.

A former ministerial nominee from Kano State, Maryam Shettima, popularly known as Maryam Shetty, on Saturday, got married to her heartrob.

Until the wedding nikkah this Saturday, there was no publicity about the event.

LEADERSHIP recalls that Maryam Shetty missed the opportunity of being a member of President Bola Tinubu cabinet less than a year ago.

In August 2023, Tinubu nominated Shetty as a ministerial nominee from her native Kano State. However, a few days later, she lost the opportunity to high-wire politics.

President Tinubu replaced Shetty with Dr. Mariya Mahmoud, her classmate, through a communication to the Senate, delivered by the Chief of Staff to the President, Femi Gbajabiamola, on the same day she was scheduled to be screened by the lawmakers.

Mariya Mahmoud was later appointed the Minister of State for the Federal Capital Territory (FCT).

Since the incident last year, which left her dumbstruck at the premises of the National Assembly, Maryam Shetty’s public visibility had reduced significantly until this Saturday’s joyous occasion.

See Photos Below:

By Dele Omoyeni


Imo State Governor, Hope Uzodimma, says the Tripartite Committee on Minimum Wage will arrive at a figure by Friday.

Uzodimma, who is the Chairman of the Progressive Governors Forum (PGF) of the ruling All Progressives Congress (APC), stated this after the committee’s five-hour meeting on Thursday.

Addressing the press after the meeting, Uzodimma said the committee would arrive at a figure when the committee reconvenes by 11am on Friday.

On the rumours making the rounds that a figure of N105,000 has been agreed, the governor said no such decision has been reached but assured workers in the country that the figure agreed on the new minimum wage would be made known after Friday’s meeting.

The committee also previously met on Wednesday at the Nicon Luxury Hotel in Abuja, the venue of the meeting.

In attendance were representatives of the Federal Government including the Minister of Finance, Wale Edun; Minister of Budget and National Planning, Atiku Bagudu; Minister of Labour, Nkeiruka Onyejeocha; representatives of the Secretary to the Government of the Federation as well as the Head of Service of the Federation.

On the side of Organised Labour, the President of the Nigeria Labour Congress (NLC), Joe Ajaero; and his counterpart in the Trade Union Congress (TUC), Festus Osifo; were in attendance.

It could be recalled that one of the conditions for suspending the strike on Tuesday was that the committee would continue to meet daily for one week until an agreement was reached for a new minimum wage for workers

President Bola Tinubu had on Tuesday directed the committee to speed up the process, compute the figures and send them to him. The President had also said he was committed to a wage above N60,000 while the TUC and the NLC said they weren’t fixated on their N494,000 demand.

The Organised Labour suspended its indefinite strike on Tuesday after reaching an agreement with the Federal Government that negotiations should continue daily, and Wednesday’s meeting was the first after that agreement was signed.