Congratulations to her, hope she becomes PM. But if she were in Nigeria, Baba Sope wouldn't have allowed her, even to be governor. See how our lokan will celebrate her as if she is a Nigerian.
Kemi Badenoch has won the race to become leader of the Conservative Party, beating Robert Jenrick by 53,806 votes to 41,388.
Kemi Badenoch is now addressing Tory members after being elected the party's new leader.
She begins by describing an experience "none of us candidates will ever forget".
"It is the most enormous honour to be elected to this role, to lead the party that I love - the party that has given me so much.
"I hope that I will be able to repay that debt."
Ms Badenoch goes on to thank Rishi Sunak, saying: "No one worked harder in such difficult times," before wishing him the "very best for the future".
And, in tribute to Robert Jenrick, she says: "We have all been impressed by your energy and your determination."
She says she has "no doubt" Mr Jenrick has a "key role to play" in the party for "many years to come".
The new Conservative leader adds that the task before the Tories is "tough, but simple".
"Our first responsibility... is to hold this Labour government to account," she says.
"Our second is no less important, to prepare over the course of the next few years for government."
She says the party needs clear policies - and a clear plan of how to implements them.
"That huge job begins today."
Ms Badenoch says "this is not just about the Conservative Party, it is about the people we need to bring back to the Conservative Party, it is about the people we need to bring in to the Conservative Party".
But, she says, the Tories need to be "honest" about the "fact that we made mistakes" and "let standards slip".
Alhaji Atiku Abubakar, the presidential candidate of the People’s Democratic Party (PDP) in the 2023 general elections, has strongly criticized President Bola Ahmed Tinubu over the arrest, detention, and arraignment of 76 #EndBadGovernance protesters.
Atiku condemned the federal government’s actions, stating that even underage children have not been spared from what he describes as the “wickedness” of Tinubu, referring to him as “T Pain.”
Reports from Vanguard revealed that a minor collapsed in the courtroom during proceedings, a situation that critics attribute to malnourishment and inadequate treatment.
In a statement on his social media platform, Atiku expressed his outrage, saying, “A disturbing video of malnourished children being arraigned before a Federal High Court on the orders of the Bola Tinubu-led Federal Government has come to my attention. The horrible scene, reminiscent of a Nazi concentration camp, once again reflects the low value this government places on the lives of the vulnerable, especially children.”
He emphasized the importance of protecting children’s rights, referencing Section 11 of the Child’s Rights Act, which guarantees the dignity of every child. He quoted the Act, stating, “Every child is entitled to respect for the dignity of his person, and accordingly, no child shall be subjected to physical, mental, or emotional injury, abuse, neglect, or maltreatment, including sexual abuse; nor shall any child be subjected to torture, inhuman, or degrading treatment or punishment.”
Atiku criticized the delay in the arraignment of these children, noting, “The children are being prosecuted for their alleged involvement in the #EndBadGovernance protests that occurred between August 1 and August 10, 2024. If they are just being arraigned three months later, one can only imagine the dehumanizing conditions they have endured during their detention.”
He expressed his disappointment that a leader who once fought for Nigeria’s democracy and led protests is now demonizing those who peacefully protest against the impacts of his harsh policies.
“Children, who are among the most affected by these policies, have every right to protest peacefully, as guaranteed by the Constitution and the Child Rights Act. A nation can be assessed by how it treats its most vulnerable citizens. It is saddening that even underage children are not spared from the wickedness of T Pain,” he said.
Atiku concluded by stating, “The disturbing conditions under which the accused children were brought to court only reinforce the justification for their participation in the protests in the first place.”
The Chief of Defence Staff, General Christopher Musa, on Friday, said the appointment of an acting Chief of Army Staff for the service is new in the history of the Armed Forces of Nigeria.
He warned against any form of rancour among the top brass of the Nigerian Army following the appointment of Major General Olufemi Oluyede as acting COAS.
President Bola Tinubu appointed Oluyede as the acting Chief of Army Staff on Wednesday, pending the return of the substantive Chief of Army Staff, Lieutenant General Taoreed Lagbaja, who is on medical leave.
Oluyede’s appointment came days after the Defence Headquarters stated that appointing an acting Chief of Army Staff was not provided for in the Harmonised Armed Forces Act.
Speaking at Oluyede’s takeover ceremony on Friday, Musa noted that the appointment of an acting Chief of Army Staff has never happened in the military’s history.
He added that Oluyede would have full authority to lead the Army until President Tinubu decided otherwise.
Musa said, “I’m not sure where we are, but the event today is something that is new, that has never happened in the history of the Armed Forces of Nigeria.
“The President and I met with the authorities. We have decided, directed, and appointed an acting Chief of Army Staff with the full power to lead the Army until the President decides otherwise.”
Related News Acting COAS Oluyede assumes duty Ekiti gov hails Oluyede's appointment as acting COAS Tinubu appoints Oluyede acting COAS as Lagbaja undergoes treatment While urging the top brass of the Nigerian Army to put aside any reservations regarding Oluyede’s appointment, Musa said they must support him in making Nigeria safe.
He said, “It is important that we all understand this clearly and give the acting Chief of Army Staff all the support to ensure he is successful.
“General Lagbaja is someone we all know. We all recognise him as a fine, regimented officer. He would not want any gap to occur in his absence. Whatever issues we may have in mind, whatever opinions we may hold, we must prioritise that Nigeria must survive. The Armed Forces must survive. The services must survive. That is the paramount call.
“We must make Nigeria safe. The Commander-in-Chief, in clear terms, has given us that mandate. Every time we meet, he reiterates that clearly; he does not want any rancour among us. We must work together as a team.” Musa also called on the Principal Staff Officers to ensure that commanders fulfil their duties and support Oluyede.
He said, “Each one of us here, both individually and collectively, must ensure our commanders out there in the field are doing what they are supposed to do and that we give them the necessary support.”
In his acceptance remarks, Major General Oluyede said the event was not the usual system but “because we have an unusual situation, we have to treat it as such.”
He assured the President of his loyalty and pledged to carry out his duties wholeheartedly to allow the substantive Chief to receive proper medical care.
Electricity has been restored in four states under the Jos Electricity Distribution franchise – Plateau, Bauchi, Gombe, and Benue.
The power was restored at approximately 7:20 pm. on Wednesday. Our correspondent reports that residents of Jos, Plateau capital, erupted into jubilation when light was restored.
Daily Trust reports that for the past 10 days, several northern states have been plunged into darkness following the tripping of the 330kV transmission line between Benue and Enugu states.
Consequently, residents of the affected states lamented the severe impact of the blackout on their daily lives and business.
In the first nine months of 2024, Nestle Nigeria Plc recorded a pre-tax loss of N255.38 billion on the back of significant increase in finance cost.
The company in the period saw its pre-tax losses rise by a whopping N198.73 billion when compared to the same period of 2023.
This is according to Nestle Nigeria Plc unaudited financial statement for the nine months ending September 30, 2024, published on the NGX where pre-tax losses rose from N56.65 billion in 2023 to N255.38 billion in the current period.
This marks an increase of 350% over the one year period.
The company also saw its net finance cost increase by 147% from N148.24 billion to N366.22 billion during the period.
Key Highlight of the report
Revenue- N665.28 billion, +68% Cost of sales- N458.97 billion, +94% Gross profit- N206.31 billion, +29% Marketing and distribution expenses- N73.39 billion, +25% Administrative expenses- N22.54 billion, +132% Operating Profit- N110.84 billion, +21% Finance costs- N369.15 billion, +136% Net Finance cost- N366.22 billion, +147% Pre-tax loss- N255.38 billion, +350% Income tax credit- N71.11 billion, +424% Loss after tax- N184.27 billion, +328% Basic Loss per share- (-N232.47k), -332%
Third Quarter performance
In the three months between July and September 2024, the company’s revenue grew from N134.82 billion to N258.31 billion. However, a significant increase in the cost of sales as well as net finance cost ensured the company was in the red during the period.
Cost of sales in the third quarter of 2024 nearly doubled from N81.98 billion in Q3, 2023 to N179.31 billion. Also, net finance cost in Q3, 2024 soared by over 160% from N18.33 billion in 2023 to N50.62 billion in the period under review. This resulted in an after-tax loss of N7.35 billion from an after -tax profit of N6.91 billion in the Q3, 2024.
Commentary: Nestle Nigeria Plc’s significant net finance cost resulted mainly from the translation of foreign currency denominated balances which resulted in a loss of N285.29 billion. In the corresponding year of 2023, the company’s translation of net exchange loss on foreign currency denominated balances stood at N127.45 billion.
Furthermore, interest expense on financial liabilities rose by 188% from N29.07 billion between January to September 2023 to N83.86 billion in the first nine months of 2024. In the period under review, Nestle Nigeria’s raw material cost soared by over 100% from N116.83 billion to N251.12 billion. The company spent N108.51 billion on direct overhead cost and N36.22 billion on direct labour costs in the first nine months of the year. Follow us for Breaking News and Market Intelligence.
Amid economic hardship, President Bola Tinubu administration through the Nigerian National Petroleum Company Limited has increased pump price of petroleum.
This increment will see Nigerians in Lagos and Abuja buy petrol for N1,025 and N1,060 per litre respectively. In October, petrol prices stood at N1030 in Abuja, N998 in Lagos in NNPCL filling stations, while other petrol stations sold for between N1, 150 and N1200 per litre.
NNPCL petrol stations displayed the reviewed price at their various stations in Lagos and Abuja on Tuesday.
This upward review followed current economic challenges capable of exacerbating the burden of Nigerians grappling with rising cost of living.
Since Mr Tinubu assumed office on May 29, 2023, announcing end of fuel subsidy, petrol price has jumped from N145 to over N1000, worsening cost of living in the country as Nigerians rechristened Mr Tinubu T-Pain (Tinubu-pain) in expression of their economic frustration under his watch.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the country’s daily petrol consumption currently ranges from 45 million litres to 50 million litres.
NMDPRA’s Chief Executive Officer, Mr Farouk Ahmed, disclosed this while speaking on the sidelines of the ongoing 18th Africa Downstream Energy Week in Lagos.
The News Agency of Nigeria (NAN) reports that the 2024 OTL Africa Downstream Energy Week has the theme “Alliances for Growth.”.
Ahmed said that higher petrol consumption during the fourth quarter, especially near the holiday season, was typical due to increased industrial and consumer activities.
He expressed hope that recent price adjustments and market liberalisation would reduce cross-border smuggling, helping to retain more petrol within Nigeria.
“We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country,” he said.
He said that actual petrol consumption levels in Nigeria could decrease but were unlikely to drop significantly.
Discussing the conference’s theme, Ahmed emphasised the importance of alliances in the industry for efficiency and cost reduction.
He said that fewer shared facilities would be more efficient than numerous idle private depots, benefiting both businesses and consumers.
“Collaborations or alliances among stakeholders will lead to greater efficiency and lower costs for consumers,” Ahmed said.
He said that shared facilities among agencies such as NMDPRA, Nigerian Maritime Administration and Safety Agency, and the Nigeria Ports Authority could reduce operational inefficiencies.
According to Ahmed, NMDPRA does not plan to enforce mergers, but industry players are encouraged to consider partnerships, especially in saturated markets, to improve efficiency and lower costs for consumers.
“With strategic alliances in place, we can reduce costs for consumers by making the most of our existing infrastructure,” he said.
Ahmed gave the assurance that NMDPRA would continue with evaluating project viability to ensure consumer benefit.
According to him, collaborative efforts and efficient operations are critical for a sustainable energy future in Nigeria. (NAN)
The National Security Adviser, Nuhu Ribadu has said the telecommunication system of the country is currently witnessing a lot of attacks.
This, and other attacks on the military networks, national database, and digital system, among others, he said have had a ripple effect on the nation’s economy.
He spoke at the National Cybersecurity Coordination Centre’s workshop for policymakers and sector regulators on critical national information infrastructure protection and resilience in Abuja on Monday.
Ribadu said, “We are now confronted with heightened threats of attacks on our telecommunications systems. Banking platforms, power and energy grids, military networks, transportation systems, national databases, elections, digital systems, and other critical assets.
“We are also confronted with threats of online financial scams and fraud perpetuated by nefarious individuals and groups within and outside the country, which is persistently denting our economy and indeed our international image.”
He called for the protection of vital national assets of the country,
Ribadu said, “Therefore, the protection of these assets is a major priority and vital national exigency for all of us.
“As our adoption of technology is increasing across the country, so is the increase in cyber threats and risk to our critical national information infrastructure.”
Speaking, the Minister of Defence, Abubakar Badaru, said President Bola Tinubu has given a marching order to troops to provide security cover for electricity workers to repair the destroyed towers in Kaduna State.
He also said that there was confirmation that the electricity towers were brought down by bandits.
Badaru said the government was working to ensure that all critical infrastructures are properly secured going forward.
“The National Security Adviser started with the tower, the electricity tower that has been brought down by bandits and that together we are pushing this morning to see how we secure the roads for the workers to go and fix and also develop means and ways to continue to protect those infrastructures.
“So, we are ready and able and we are charged by Mr. President’s order to be on our toes all the time. And I assure you, the National Security Adviser is always on his toes and pushing so hard for the protection of the national security assets.”
Members of the House of Representatives have slammed Minister of Works David Umahi over the deteriorating road network in the country.
The House particularly expressed worry, saying that Umahi is not concerned about fixing Nigerian roads.
The Green Chamber stated this at a House hearing in which the Ministry’s Director of Bridges, Bede Obiora, blamed funding constraints for the bad condition of roads in the country.
Umahi was absent at the hearing.
However, Oseni, who represents Ibarapa/Ido Federal Constituency in Oyo State, countered the defense put up by the minister.
He said the Minister’s argument that there are no resources doesn’t stand, as the ministry was awarding more road contracts, stressing that Umahi had no plan for the nation.
“We are not here for you to tell us what you already knew in an area of resources. So if you’re telling us the reason you have failed in fixing our rural infrastructures is because of resources, don’t let me take you up there because you concentrated your resources as a Minister on less priority issues. Don’t discuss resources; I say this again.
“Again, all the roads we have across the country have failed. If you’re addressing these existing roads with the resources that you have, Sir, honourable minister, we wouldn’t be doing what I’m doing now. Don’t discuss resources. I say it again.
“You came here last year and got N300 billion supplementary budget approval. Don’t raise my emotions. I am worried that you’re not concerned about fixing Nigerian roads.
“We are not here for the business of whether you don’t want to do the job or you want to do the job. Stop telling us you’re awarding roads. We don’t want you to be awarding roads that you’re not ready to do. How can you be telling us there’s no resources?
“In less than one minute, everything that everybody has said is a clue that you have no plan for us as a nation. You have no plan for us as a nation. I was wondering what was used as a benchmark for your appraisal.”
Former President Goodluck Jonathan has shared his insights on the experience of losing the 2015 presidential election.
Running under the banner of the Peoples Democratic Party (PDP), Jonathan was defeated by Muhammadu Buhari of the All Progressives Congress (APC), who received 15,424,921 votes compared to his 12,853,162 votes.
The election was significant as it marked the first instance in Nigeria’s history where an incumbent president lost a re-election bid.
Speaking on Friday at the inaugural Raymond Dokpesi Annual Diamond Lecture, Jonathan described it as one of the most challenging moments of his political career.
He revealed that upon hearing the election results, he felt a wave of emotion, as though the entire world had turned against him.
The former president also acknowledged the supportive role played by late Raymond Dokpesi, the then Chairman of Daar Communications, prior to his transition of power to Buhari.
He said, “It is not easy to lose an election as a president. You will think the whole world is against you. But then, Dokpesi invited me before I handed over. I remember what he said to me when I lost the election.
“There were so many senior Nigerians (elder statesmen) who spoke. After I listened to all the conversations, he congratulated me and encouraged me to look beyond the election. This is how I commemorated that session.
“That communication gave me hope and helped me not necessarily for the transition hour ahead of me but also in my spiritual life as a private citizen. If you read my book, My Transition Hours, I explain it more elaborately.”
European Football (EPL, UEFA, La Liga) / Inter Milan Vs Arsenal Nov 6, 2024 9pm by Omooba77: 8:31pm On Nov 02
