The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote has announced that the company will dump its plans to step into Nigeria’s steel industry to avoid being branded a monopoly.

He explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolise it.

Aliko Dangote in June had announced his company plans to delve into steel production shortly stating that he wants to ensure that every steel used in West Africa comes from Nigeria.

He noted that the next venture after the refinery project would be in steel manufacturing and ensure that all steel products used in West Africa come from Nigeria.

One key reason for this withdrawal is that this will encourage the importation of raw materials from overseas, which contradicts the firm’s core mandate.

In his words “You know, about doing a new business which we announced, the steel.

“Our board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged. So we don’t want to go into that,” he said.

Dangote although urged other Nigerians to invest in the industry to help boost the country’s economy.

“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our fatherland,” Dangote added.

The Central Bank of Nigeria has announced the commencement of the sale of dollars to eligible Bureau De Change operators at the rate of N1450/dollars.

AA Mahdi who is the acting director of the trade and Exchange Department at the CBN, disclosed this in a statement signed yesterday.

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

The CBN said it is anchoring this move on the observed continued distortions in the retail end of the market, which is feeding into the Parallel market and further widening the exchange rate premium.

This resumption of sales is coming days after the apex bank sold $123m to authorised dealers excluding the Bureau-de-change operators.

Nigeria’s government has promised to boost its cocoa production from 340,000 metric tonnes in 2022 to 500,000 metric tonnes by 2025.

The Permanent Secretary, Federal Ministry of Industry, Trade, and Investments, Ambassador Nura Rimi, stated this at the Pre-National Trade Dialogue Series meeting in Abuja.

Nura stated that Nigeria is the world’s sixth-largest cocoa producer and it is important for the nation’s economic development.

“Our cocoa exports have grown significantly, with a revenue increase of 50 per cent in 2022. We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy,” he said.

He emphasised the need for strategic partnerships with international organisations such as the International Cocoa Organisation and the African Cocoa Fund, among others, have been pivotal in this progress.

Rimi also revealed that Nigeria’s investment landscape has improved significantly, attracting over 2 billion dollars in Foreign Direct Investment in 2023.

He said sectors such as manufacturing, agriculture, and energy have benefited from this influx and commended government’s initiatives to create an enabling environment for businesses.

He made a list of some of the initiatives to include the establishment of free trade zones, simplification of business registration processes, and provision of incentives for investors.

Rimi said some of the challenges, such as infrastructure deficits, regulatory bottlenecks, corruption, security concerns in certain regions needed to be addressed to fully realize the potential of Nigeria’s investment and collaboration partnerships.

He, therefore, called for continued efforts to attract more investments and promote trade, and partnerships in the country.

Justice Nnamdi Dimgba of the Federal High Court in Lagos has asked the Ministry of Information and Culture to make public the agreement between the federal government and X, formerly Twitter..

Justice Dimgba held that the disclosure would allow the plaintiff in the suit, Socio-Economic Rights and Accountability Project (SERAP), to assess whether the agreement complies with the exercise of Nigerians’ human rights online.

The Nigerian Government suspended Twitter on June 4, 2021 after it removed a post from former president Muhammadu Buhari. The former president was joined in the suit as Co-respondent but the court gave the orders against the minister.

The suit was filed against the former minister of information and culture by SERAP through a freedom of Information /suit number FHC/L/CS/238/2022. The suit followed the Nigerian Government’s statement on 13th January 2022 after lifting the suspension of Twitter operations in Nigeria, to the effect that, “Twitter has agreed to act with a respectful acknowledgement of Nigerian laws and the national culture and history.” with details not revealed.

In the judgement, Justice Dimgba held that the disclosure of the details of the agreement between the Nigerian government and Twitter is in the public interest, does not affect Twitter’s business interest as a third party, and is prejudicial to Nigeria’s sovereignty and national security.

The court also held that the agreement between the Nigerian government and Twitter must still be disclosed irrespective of the harm to Twitter if it would be in the public interest to make such disclosure.

Mr Aliko Dangote who is the Chief Executive Officer of Dangote Refinery while briefing journalists in Lagos State has revealed that the Nigerian National Petroleum Corporation now owns only a 7.2 per cent stake in the refinery from the initial 20 per cent.

The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin accused International Oil Companies in Nigeria of plans to frustrate the survival of the new Dangote Oil Refinery and Petrochemicals during a one-workshop

The Nigerian Midstream and Downstream Petroleum Regulatory Authority was accused by Mr Edwin of granting licences indiscriminately to marketers to import dirty refined products into the country.

He admitted that the Nigerian Upstream Petroleum Regulatory Commission was trying its best to allocate crude oil for the 650,000-capacity refinery, “the IOCs are deliberately and willfully frustrating our efforts to buy the local crude.”

This, he said, was done by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.

As reported last week, the Federal Government and crude oil producers in Nigeria have shown commitment to working towards a sustainable supply of crude oil to local refineries under a market-determined pricing system.

The Nigeria Upstream Petroleum Regulatory Commission (The industry regulator) has directed oil refiners in the country to provide monthly price quotes on crude supply.

In response to the announcement of a reduction in stake in Dangote Refinery from 20% to 7%, Mr, Femi Soneye, the Chief Corporate Communications Officer of NNPC said that the decision to reduce their investment was carefully considered and communicated several months ago to Aliko Dangote.

Mr Femi revealed that the NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

The Nigerian Upstream Petroleum Regulatory Commission convened a meeting yesterday of all parties, to agree on a sustainable template in a bid to resolve the lingering inability of oil producers to adequately supply local refineries crude feedstock.

In a statement made public yesterday that the federal government and crude oil producers in the country had now committed to working towards a viable supply of crude oil to Nigeria’s refineries under a market-determined pricing system.

The oil producers came under the umbrella of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) to the meeting called by NUPRC.

They agreed to concede to a framework that would be mutually beneficial, with the aim of ensuring that local refineries were not strangulated due to “off-the-curve” prices, the statement added.

It said the aim was to ensure that while the operators did business optimally, the refineries were not also starved of feedstock.

The issue of pricing for local crude sold to refineries in Nigeria had remained a major problem, with Dangote Refinery recently accusing the International Oil Companies (IOCs) of having a mark-up price of as much as $6 over the normal rates.

NUPRC in the meeting directed oil refiners in the country to provide monthly price quote on crude supply to ensure a more seamless process

The focus of the meeting held at the instance of the Chief Executive of the commission, Gbenga Komolafe, was on the status review of the framework for seamless operationalisation of domestic crude oil supply obligation template.

NUPRC said it was part of efforts to effectively implement key sections of the Petroleum Industry Act (PIA), especially the issue of pricing and crude supply to the domestic refineries.

At the event, Komolafe said President Bola Tinubu was fully committed to providing a level playing field for producers and refiners to do business in the industry.

He emphasised the need for a rule of engagement to ensure that the pricing model from the oil producers did not hinder the domestic refineries.

Komolafe directed producers and refiners to provide NUPRC with cargo price quotes on crude supply and delivery for effective monitoring and regulation of transactions among parties.

“We need to have the price quoted monthly,” the statement quoted Komolafe as directing.

The NUPRC chief executive pointed out the convergence between the Domestic Crude Supply Obligation (DCSO) and the country’s energy security, indicating that his team was re-engineering its regulatory processes to address the challenges.

He added, “We allow all our processes to be transparent. While the federal government targets the implementation of the regulation, all parties must submit to the rules of engagement as a guide for operation.”

He said the regulator was committed to driving the willing buyer/willing seller provision.

Komolafe stated, “We have to discuss pricing, especially, as parties have committed to respecting their domestic crude oil obligation. As the regulator, we don’t want the upstream sector to be operated sub-optimally through cost under-recovery.

“So, the regulator is very alive to that. In crude pricing we will never allow price strangulation to ‘disincentivise’ our domestic refining capacity optimisation. The regulator does not support cost under-recovery in the upstream sector.

“We will continue to work to ensure that crude supply profiteering, as a negative factor that can strangulate our domestic refining capacity optimisation, is disallowed.”

The Nigeria Deposit Insurance Corporation has beckoned on law enforcement agencies to tighten their collaboration to curb banking fraud in the country.

The Managing Director/Chief Executive of NDIC, Bello Hassan during the annual capacity-building workshop for law-enforcement agents in Lagos said that the corporation is not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but urge that the agencies involved should relent in their efforts and be rest assured of unflinching support at all times.

Hassan said that ‘The banking system is rapidly evolving with innovations, it is clear that a new phase of the financial technology-driven economy is currently reshaping the global financial services space. With this development, the criminally minded users of the banking system, including the notorious ‘cyber criminals’, are busy perfecting their misplaced skills.

He reassured that the law enforcement officers must acquaint themselves with basic knowledge of the types of fraud prevalent in the banks and also put in place regulatory/supervisory measures to curb the activities of fraudsters in the system.

In his words “The authorities are becoming more proactive with policies and examinations/investigations to ensure that the banks/financial institutions strengthen their risk management practices to prevent loss of funds and maintain depositors’ confidence in the banking system.

“The advancements in information technology that open new possibilities and vistas in banking operations have equally exposed the banking subsector to emerging threats. This situation increases the burden on the regulators and supervisors to enhance their operational capacities. It has also heightened the need for more collaboration between agencies involved in the fight against banking malpractice.

The Managing Director of NDIC also disclosed that the corporation will, in conjunction with law enforcement agencies, commence investigation of directors, managers and staff of the defunct Heritage Bank following its liquidation over a month ago.

Governor Oyebanji of Ekiti State on Tuesday during a strategy meeting with Heads of Development Agencies at the Transcorp Hilton, Abuja, said with the right partnership and collaboration with local and international development agencies, the state’s development goals could be significantly accelerated through mutual cooperation and resources sharing.

Governor Oyebanji spoke just as the World Bank said it had committed over $200 million to Ekiti State, out of which $60 million has been disbursed so far in some critical aspects of the state’s development.

The Governor outlines the efforts by his administration to improve Ease of Doing Business in the state and include the establishment of a small claims court, streamlining of business permits, enforcement of contracts, aligning tax policy to remove double taxation, as well as enhanced security among others.

“On Ease of Doing Business, we have gone so far. I head and chair the committee on Ease of Doing Business. We have streamlined business permit, enforcement of contracts. We are at a point of having a one- stop shop physically and virtually that addresses the concerns of investors in the state. “said Ekiti Governor

He also revealed that access to the state is being improved with investment in road infrastructure. He also revealed that the Ado Ekiti airport would be ready for commercial operation before the end of the year, adding that the airport is undergoing a certification process by relevant aviation authorities.

He mentioned that officials of the NCAA and FAAN are currently in the state for the certification for commercial operation of the airport, adding that commercial flights would become operative at the airport before the end of the year.

The airport project, he said, was conceived to aid economic development and growth in the state through access to local and international markets.

Ogun State Lead Representative, Dapo Abiodun, has cautioned of a challenging time for criminals, saying that his government would use all means accessible to drive them out of the State.

He gave the admonition on Tuesday when he received security operarives of the Ogun State Police Command who rescued a Nigerian and three Indian nationals abducted at Ilisan along the Sagamu-Benin Expressway last week.

The Lead Representative, who recognized the courageous efforts of the policemen in rescuing the abducted victims, said his government hasset up measures that would make the state uncomfortable for criminals to operate.

“Sometimes last week, it was reported that over 20 people were kidnapped in this particular instance that we are describing. Of course, the police immediately clarified that it was only four and not 20 as widely circulated and sensationalized,” he said.

“A few days afterward, through various creative and ingenious means, men of the State Police Command were able to bring the kidnappers to book. In the course of tracking and arresting, all of them were neutralised.

“I want to sound a note of warning to criminals that Ogun State is a no-go area. I want to assure them that we are just beginning, and this is a sample of what the State Police Command has in stock for criminals.

“If you test our will, we will come after you, we will smoke you out, we will find you, and we will neutralize you.”

The Lead Representative while applauding the police for the series of triumphs recorded starting from the beginning of the year, said this would give investors and residents, the certainty they needed to live and invest in the state as peace and security are the vital empowering influences of the socio-economic development of a society.

“As the industrial capital of Nigeria, we take serious offence at any attempt to breach the peace and security that we enjoy as a state. To this extent, we have continued to give the needed support to all our law enforcement architecture, appreciating the fact that any disruption of peace will affect the investors’ confidence and the ease of doing business in our state,” he said.

He said the recent award as the ‘Governor of the Year in State Security’ further highlighted the fact that his administration’s initiatives, investment, and support for security agencies were being recognized.

While thanking the men who were engaged in the rescue operation for risking lives on the line for the tranquility of the state, Abiodun said he needed to demand that they be brought to his office for him to say thank you in person.

“I specifically requested that the Commissioner bring them so that I can shake their hands, appreciate them, and let them know that the entire state is thankful for the hard work they are putting in. They are constantly on the line of fire, doing what they signed for so that all of us can sleep with our eyes closed.

“I am glad that our support for the police is manifesting in different ways positively. I want to thank the Commissioner of Police for doing a very good job by motivating his men, very good job at collaborating and cooperating with all other law enforcement agencies in the State, including the Department of State Service (DSS), the Army, and all others,” he added.

The Lead Representative likewise uncovered that he had personally discussed the horrible state of the bad spots on the Sagamu-Ijebu Ode Expressway which miscreants are exploiting to snare travelers with President Bola Tinubu, adding that the President has ordered the Minister of Works to get the ball rolling and fix those bad portions.

Speaking earlier, the State Commissioner of Police, Abiodun Alamutu, while introducing the men who engaged in the operation, uncovered that the abductors were engaged in extreme firearm battle with members of the Command’s Anti-kidnapping Squad led by an officer who was recently transferred to the state from Oyo State.

The police commissioner said items recovered from the location of the crime include five AK-47 rifles, 109 rounds of 7.62mm ammunition, eight AK-47 magazines, and two cell phones.

Alamutu, while emphasizing that the state’s security design was working round the clock to guarantee the safety of lives and property of the people, particularly along the axis where the incident occurred, appreciated the state government for the support given to the Command so far.

The Peoples Democratic Party (PDP) says it will appeal the court’s judgement discrediting the party’s primary election in Edo State.

Justice Inyang Ekwo of the Federal High Court in Abuja voided the February 22 primary that brought in Asue Ighodalo as its candidate.

As established by the court, the exercise was voided on the ground that 378 representatives who ought to have voted at the primary election were unlawfully barred by PDP.

Yet the party, through its National Campaign Council for the Edo State Election, portrayed the court judgement as a little mishap.

Chairman of the council and Adamawa State Lead Representative, Ahmadu Fintiri, reacted to the court judgement on Saturday at an debut meeting with the PDP National Executive Committee, which took place in Abuja, the nation’s capital.

He encouraged council members to be steadfast, communicating confidence that the PDP is in the race to win following what he depicted as the sterling display of the outgoing Edo State Lead representative, Godwin Obaseki.

“There is a little setback, temporarily. God will see us through it. This is what will not stand in the court of law, particularly that we will be approaching the court of appeal,” Fintiri said.

“Referring to the three days, I mean, three days ago’s court judgment, anybody who peruses and looks through the entire process, you know that is a child’s play. And that shouldn’t deter us.”

He said the party is strongly behind its gubernatorial candidate, Asue Ighodalo, to make sure he wins the September 21 gubernatorial political race in Edo State.

For the PDP National Legal Counselor, Adeyemi Ajibade, the place of the party on the verdict doesn’t in any manner nullify the candidacy of its party.

He likewise noted that the PDP has eight cases following the Edo State PDP primaries, and Friday’s ruling was the seventh, and he’s optimistic that the appeal court will set things straight.

On his part, Ighodalo recognized that the forthcoming election won’t be an easy one, as there will be numerous distractions.

He, notwithstanding, communicated trust that PDP will be victorious, as he and his running mate are prepared to give all that they have for the political race.

“I know it’s not going to be easy; it’s going to be very difficult. We’ve already seen the signs that this is going to be a difficult election, not only issues but on distractions.

“Sometimes distractions are more difficult to deal with than issues. But I know that we have leaders here who are more than capable to set the ball rolling and to lift us higher than some others. So, I’m truly grateful.

“Mr. Chairman, Sir, you’ve already said everything that needs to be said. Every man and woman in this room has the full commitment to do the necessary work to take us through this hurdle.

“They are all extremely successful people in their own right. They will not commit themselves to this task if they are not fully committed to everything to assure our victory,” Ighodalo said.

Ahead of the September 21 gubernatorial election in Edo State, former All Progressives Congress (APC) National Chairman, Senator Adams Oshiomhole, is hopeful of his party’s victory in the political race.

Oshiomhole, who visited President Bola Tinubu at the State House in Abuja, said his party’s candidate, Senator Monday Okpebholo, will defeat Mr. Asue Ighodalo of the Peoples Democratic Party (PDP) in the September 21 gubernatorial election.

“Why should we even bother about shortcuts? Any day, we would defeat Asue Ighodalo,” he told journalists about his party’s chances in the polls.

He additionally remarked the crisis rocking the PDP Edo state chapter, guaranteeing without proof that all party members in Egor LGA of Edo State decamped to the APC.

Acs indicated by the senator representing Edo North in the National Assembly, he was in the Presidential Villa to keep him abreast with the APC’s campaign activities in his state.

“We went with the candidate and the running mate to give the President. He is the leader of the party to give him an update on the campaigns going on and what we are doing and the fact that we are harvesting more and more people every day.

“I’m surprised that rather than speculating about who will face what, you are not a witness to the fact that the entire PDP in Egor, a month ago, all the wards, decamped to APC. Just last week in my local government, the remaining remnants of PDP decamped to the APC,” he stated.

The former Edo Lead Representative additionally denied rumours making the rounds that the crisis that resulted from the invalidation of the PDP gubernatorial primary was master minded by the APC.

He made sense of the fact that the issue was an internal crisis rocking the ruling party, which didn’t have anything to do with the APC. The legislator additionally excused claims that the PDP primary election crisis was master minded by his party.

“So, what power do I have? How can we, a non-state group, have power to influence a seasoned politician to move against themselves?

“So, this is purely PDP intra-party, and I think the lesson is very clear, mainly that parties must be encouraged to obey the laws that regulate the conduct of primaries, and that rules are meant to be obeyed if you formulate your constitution.

“It is the base of the contract between party members. Now, the Electoral Act is meant to ensure that everybody played the game within the you know, within the rules, so we have nothing to do it,” Oshiomhole added.

Kenyan President William Ruto has announced a 177 billion budget cut to seal the budget hole left after the withdrawal of the finance bill. This comes after protests led to the cancellation of contentious tax hikes, which resulted in the deaths of 39 people.

For three straight weeks, protesters marched on the streets of Kenya, disrupting commercial activities for the third week since the protests against the Finance Bill broke out on June 18.

All of a sudden, the protests took a deadly turn as protesters occupied the parliament, defying police’s teargas, water cannons and live bullets.

Littered all over the internet were footage of police opening live rounds on protesters, live bullet shells, and corpses of protesters from Kenya which sparked global outrage against Mr Ruto, who immediately announced the withdrawal of the bill.

Kenya National Commission on Human Rights reported that 39 were killed, hundreds injured, and over 30 enforced disappearances were recorded.

Despite announcing the withdrawal of the bill, Amnesty International had accused Mr Ruto of deploying snipers to shoot down protesters, calling for his trial at the International Criminal Court.

He also dissolved 47 agencies, suspending non-essential travels for officials.

He added that ‘The office of the first lady and that of the deputy president’s spouse will cease to exist and the number of government advisors slashed by 50%.

“All non-essential travel by state and public officers is hereby suspended and no state officer or public servant will participate in harambee.”

He added, “In keeping up with the austerity measures we promised, 47 State corporations with overlapping and duplicating functions to be dissolved and affected staff to be transferred to other ministries.”

Nigeria’s electricity distribution companies (DisCos) has announced the upward review of electricity tariffs for Band A customers.

From July 1st, the upward review will take effect from some of the nation’s distribution companies.

In April, the Nigerian Electricity Regulatory Commission (NERC) ordered the immediate upward review of electricity tariffs.

The NERC Vice Chairman, Musiliu Oseni, said only 15 percent of the electricity consumers are affected by the hike.

Oseni mentioned that the power distribution companies (DisCos) will be allowed to raise electricity prices to N225 ($0.15) per kilowatt-hour from N68.

The decision attracted criticism among Nigerians.

On 30 April, the House of Representatives asked NERC to suspend the tariff hike pending an investigation by the House.

The resolution followed a motion of urgent public importance moved by Kama Nkem-Kanma (LP, Ebonyi) during plenary.

Following the resolution by the House, DisCos, on 6 May, announced tariff reduction. Announcing the reduction at the time, the distribution companies said customers in Band A will now pay N206.80/kwh from N225/kwh.

With the new circular, the distribution companies made known to customers in Band A that they will now pay N209.5/kwh from N206.80/kwh.

The companies noted that the tariff for Bands B, C, D, and E remains unchanged.

The Port Harcourt Electricity Distribution Plc (PHED) said: “Dear esteemed customers, Please be informed that there is an upward tariff review for our Band A feeders from N206.80/kWh to N209.5/kwh effective 1st July 2024. The guaranteed availability of a minimum of 20 hrs per day still stands.

“The tariff for Bands B, C, D, and E remains unchanged,” it said.

The Kaduna Electricity Distribution Company (Kaduna Electric) said: “Dear esteemed customers, the management of Kaduna Electric informs the public of an upward review in the tariff of Band A feeders from N206.80/kWh to N209.5/kWh.

“The review is effective from 1st July 2024 and affects prepaid and postpaid customers. Kaduna Electric assures customers on its Band A feeders of the continued availability of 20-24 hrs daily as stipulated in the service-based tariff regime.

The Nigeria Customs Service’s Lagos Free Trade Zone reported earning N115 billion in revenue from January to June 2024.

Comptroller Olanrewaju Olumoh, the Customs Area Controller, revealed this information during a stakeholder interaction in the Lagos Free Trade Zone. By year’s end, Olumoh predicted with optimism that the command will reach and even surpass its yearly goal.

Lagos Free Zone (LFZ) is a Free Trade Zone in Lagos, Nigeria is integrated with Lekki Deep Sea Port and is located 60 kilometers east of Lagos city, managed by the Lagos Free Trade Zone Company and covers 830 hectares.

Similar to other free zones, companies in LFZ can put on sale their goods within the Nigerian customs territory without state or federal taxes and without the need for import or export licenses. They can also repatriate their profits and dividends.

LFZ falls under the jurisdiction of the Lagos State Government, which provided the land for the zone. It started in 2002 with 215 hectares, and in 2012, the state government allocated an additional 590 hectares.

He went on to say that the original N6.61 billion revenue projection for Lekki Port has been increased to N8.26 billion. The port has brought in N74.67 billion in income since January 1.

Olumoh outlined the main advantages of setting up free trade zones, such as drawing in foreign capital, encouraging the transfer of technology, and generating employment.

Minister of Aviation and Aerospace Development, Festus Keyamo, says some private aircraft functioning in Nigeria are being made use of for money laundering, drug trafficking and other unlawful operations.

Keyamo made the disclosure at the Ministry of Aviation in Abuja on Thursday, when he initiated a Ministerial Taskforce Committee to checkmate unlawful chartered operations in the nation.

However, the minister didn’t mention the names of the aircrafts, he declared that these criminal operations have caused the sector lose billions of dollars and raised serious security concerns.

The minister further expressed that a few of those engaged in the unlawful activities are those who procured licenses for non-commercial flights operations yet went against the stipulated agreement of the licenses.

Tending to the committee members, Keyamo ordered that they take stock of all non-commercial flights operators, look into all professional permit and checkmate their authenticity likewise recommend disciplinary measures against airlines found wanting.

The eight-man committee was chaired by the Chief Executive Office (CEO) of Aero Contractors, Ado Sanusi, and the committee is expected to report all discoveries to the minister within the next three months.

Labour Party’s National Vice Chairman, Ayo Olorunfemi, asserts that the party offers the best platform for Peter Obi to contest and emerge victorious in the 2027 presidential election.

Obi, who ran for office under the Labour Party in the 2023 political race, has come under pressure from a few members of his Obidient support group to leave the party which has been marred with crisis after the political race ahead of the 2027 polls.

Reacting to the call for Obi to exit the party on a televised show, Olorunfemi said true Obidients won’t recommend such action to Obi.

“Well, I will just use the word delusional, those ones that are pressing for such, they are delusional. Some people can overreach themselves, the true Obidients out there, they won’t advise Peter Obi to leave the party,” Olorunfemi said.

“You have the true Obidients, the student unions groups, the youths of Nigeria, the hardworking people of Nigeria, are tired of what is going on in Nigeria, people are tired of hunger, which political party will he go to? To go back to PDP, APC or to Where?

“This is a political party that is based on ideology, we are social democrats here. The people that put this political party up are social democrats and that is entrenched in the constitution. So, the only place for Peter Obi to win the election in 2027 is the Labour Party and we are preparing for that.”

He reiterated that the former Anambra State Lead Representative remains the best president Nigeria is yet to have, adding that by the grace of God, he will emerge the winner in 2027.

Olurunfemi is certain that the Labour Party will find its way out of its crisis more grounded, saying that the leadership of the party under Julius Abure will fight for peace and the party and visit the comeback of the Lamidi Apapa camp into its fold.

He said that the course of reconciliation is continuous and that Apapa and Abayomi Arambabi are still members of the party. Adding that the party might have an extraordinary convention to fill some slots that were vacant in its last convention.

Nigerian Exchange Group Plc (NGX) has announced the launch of NGX Invest, a cutting-edge web application designed to transform the primary market equity capital-raising process, specifically public offers and rights issues. This innovative platform aims to enhance efficiency and ensure regulatory compliance for all stakeholders in the capital market.

NGX Invest represents a significant leap forward in digitalising equity capital raising. By minimising paperwork and offering a streamlined digital experience, the web app is poised to revolutionise interactions among issuers, brokers, institutional investors, and retail investors within the primary market. Stakeholders will benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features provided by the platform.

Temi Popoola, the Group Managing Director/Chief Executive Officer of NGX Group, emphasised the importance of the launch of NGX Invest. This platform is a significant milestone in developing the Nigerian capital market as it enhances efficiency, reduces paperwork, and introduces unparalleled accuracy and speed to the capital-raising process.

Additionally, by incorporating robust Know Your Customer (KYC) and Anti-Money Laundering measures, NGX Invest ensures a secure and compliant investment environment, building trust and confidence among all market participants. It is expected that NGX Invest will drive market development, strengthen the technological capabilities of the operating exchange, Nigerian Exchange Limited, and notably increase retail participation, ultimately contributing to the overall growth and liquidity of the market.

In line with its commitment to market development, NGX Group introduces NGX Invest to the capital market following the approval of the Securities and Exchange Commission (SEC). A long-awaited development, the platform aims to boost retail participation in the capital market, promote financial inclusion, and further deepen the pool of available capital by enhancing its capabilities to fulfil the needs of Issuers and other market stakeholders.

Source: NGX

Anambra State Lead Representatives Chukwuma Soludo on Wednesday tossed his weight behind the developing calls for a single tenure for elected office holders, however he contended that any form of autonomy for local government regions in the nation is against the precepts of genuine federalism.

The former Governor of the Central Bank of Nigeria (CBN) proposed a single-parliament National Assembly in view of the nation’s diminishing income.

Soludo, the Governor of the CBN from 2004 to 2009, expressed this at The Platform Nigeria, a programme anchored by a Lagos-based church, Covenant Nation, to commemorate the 2024 Democracy Day.

The event with the theme, ‘Democracy and the Free Market Economy’ had in attendance former Minister of Works, Babatunde Fashola; the Bishop of the Catholic Diocese of Sokoto, Matthew Hassan-Kukah; former Speaker of the House of Representatives, Yakubu Dogara; among others.

“Sometimes, these conversations about single term might begin to make some sense so that you fix it, whether you say four years or five years, six years, seven years, single term,” Soludo said.

“So, you are not thinking about the next election once you finish getting into this. I face that all day in my state. You want to get into this (project), they say, ‘No, wait, you know you have an election’. And I say, ‘No, let’s get it, if we get there, we get there and if we lose, we lose.”

LG Autonomy Against True Federalism
There have been heightened yearnings for local government autonomy in Nigeria. President Bola Tinubu has likewise upheld the calls and in May the Federal Government sued the 36 state Lead Representatives over supposed misconduct in the administration of Local Government Areas.

Governor Soludo, notwithstanding, has a different perspective.

He said, “Funny enough, more recently, some people are arguing for the autonomy of local governments including some APC persons, which would take Nigeria back many decades from what a true federation is about.

“There is no federal system in the world where you have three federal units. The counties in America where we copied (democracy), their local governments don’t go to the centre to collect money directly.

“Each state must have the power to design the kind of local government system they want. That is what true federalism is about.”

Soludo said the Federal Government should give some of the responsibilities in the Exclusive List to sub-nationals.

“We need to tinker with the fiscal powers of the federal and state governments, devolve much of the responsibilities under the Exclusive List to the states, and at about 60 to 65 percent of the revenues to the states, with each deciding on the local system to adopt.

“Why not consolidate the National Assembly into one with no more than five representatives per state? We don’t need a National Assembly costing over N300bn yearly to maintain. We don’t need it,” he said.

Tinubu Ought To Wipe Out Monetary Wreck
The Anambra Lead Representative admitted that President Bola Tinubu did not create the nation’s financial issues. Rather, he believes that Nigeria is feeling the impact of poor actions and inactions of administrations since 1999.

“We are now suffering the consequences of delayed adjustments,” he said, adding that Tinubu has “the historic duty to mobilise Nigerians to clean up the mess for future generations.

“Nigeria faces fiscal quagmire and even technical solvency problems. Debt has piled to a level that leaves little headroom for more borrowing albeit at a very high cost. Yet, the needs of the citizens keep increasing in geometric proportion by the day.”

The Lead Representative cautioned that printing more money would lead to spiraling inflation.

“We are in a bind and must get out of it,” he said.

President Bola Tinubu has guaranteed the Organized Labour that an executive bill on the new national minimum wage for workers will before long be sent to the National Assembly for passage.

Tinubu made this known in his second Democracy Day speech on June 12, 2024.

“In this spirit, we have negotiated in good faith and with open arms with Organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less,” the President said.

He said in the face of Labour’s national strike on June 3, 2024, none of the leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) were arrested or threatened.

“Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution,” he said, adding that “reasoned discussion and principled compromise are hallmarks of democracy”.

Reforms Will Fix Difficulty
Tinubu likewise recognized the economic hardship in the country and empathized with Nigerians. He promised “necessary repairs required to fix the economy”.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour,” he said.

Long Walk To New Wage
Discussions for a new minimum wage for Nigerian workers have been on for a while. The Minimum Wage Act of 2019, which made N30,000 the minimum wage, lapsed in April 2024. The Act ought to be looked into every five years to meet up with contemporary financial requests of workers.

President Tinubu in January set up a Tripartite Committee to negotiate a new minimum wage for workers. The board makes up the Organized Labour, representatives of federal and state authorities as well as the Organized Private Sector.

In any case, the board members neglected to agree on another realistic minimum wage for workers, constraining labour to pronounce an endless industrial action on Monday, June 3, 2024. Businesses were deadened as labour shut down airports, hospitals, national grid, banks, National Assembly and state assemblies’ complexes.

The labour unions said the present minimum wage of N30,000 can no longer cater for the wellbeing of a typical Nigerian worker, saying government ought to offer workers something monetarily realistic in tandem with current inflationary tensions, attendant effects of the dual policies of petrol subsidy removal and unification of the forex windows of the current administration.

Labour relaxed its strike on June 4, 2024 following confirmations from the President that he was focused on a wage above N60,000.

Both TUC and NLC leadership in this manner continued talks with the representatives of the Federal Government, states, and the Organized Private Sector.

On Friday, June 7, 2024, both sides (labour and the government) actually neglected to reach an agreement. While labour dropped again its demand from N494,000 to N250,000, the government added N2,000 to its underlying N60,000 and offered workers N62,000.

Both sides presented their reports to the President who is supposed to take or make a decision and send an executive bill to the National Assembly to pass a new minimum wage bill to be inked down into law by the President.

As Nigeria combats insurgency in the Northeast, the Chief of Defence Staff, General Christopher Musa, has said that the deradicalization of contrite criminals is running smoothly.

The Operation Safe Corridor is a programme set up under former President Muhammadu Buhari. It has run for several years and seen no less than 4,000 ex-Boko Haram members go through the programme.

Speaking on televised broadcast to commemorate Nigeria’s 25th Democracy Day in Abuja, the CDS said the military’s technique in battling terrorism and various crimes is yielding the positive outcomes.

“It is working very well. I was the commander when it started, we were the ones that started it and every process that we did, we worked together with the state because the state had the authority on ground,” he said.

“Before it started and they were willing to surrender, the states were the ones that took the mantle and we followed up. Everyone that surrendered came first to the security forces that were closest to them. They were disarmed, we got the DSS to profile them.

“The state government provides the administration of those people and we took them to their camps. We were able to separate them and realised that not all of them were combatant. Some were forced, some were used as labourers.

“The main ones that were the actual operators were kept separately, working together with the victims.”

Surrender
During the televised broadcast, Musa said the Nigeria military is winning the war against Boko Haram/ISWAP terrorists in the country, zeroing in on the fact that more than 120,000 terrorists have surrendered to troops in the theatre of operations in the Northeast.

As indicated by him, he was responsible for Operation Hadin Kai for 19 months, and during the period he was in charge, no fewer than 70,000 terrorists unloaded terrorism to embrace a new life.

“I was the theatre commander Operation Hadin Kai for 19 months. By the time I left there, we had over 75,000 (terrorists) that have surrendered,” he said.

“Now we have over 120,000 to tell you that we are succeeding. For us to know that it is total, one of the areas where we have challenge is the area of good governance.”

Over 600 Bandits, Terrorists Killed
He likewise recognized lack of good governance as recipes to criminal activities, calling on the government to provide employment, food as well as other fundamental necessities of life to deter individuals from embracing crimes.

He communicated the fact that the military neutralizes over 600 bandits and terrorists across the theatres of operation on a weekly basis.

“On a daily basis, all the theatre operations we have, we take out over 600 bandits, terrorists. I tell you over 2000 are coming in on a weekly basis.

“Why is that so? We have relation they can come from everywhere. If you move into rural areas, we don’t have roads. Where my men have the greatest challenge is IEDs because there are no road infrastructure.”

When asked if it is time for the military to leave the North-East after nearly two decades of operations, Musa said: “It is an ongoing operation, we are doing the best we can together with the police.”

Boko Haram and rival jihadist group Islamic State West Africa Province (ISWAP) also routinely carry out kidnappings in Northeast Nigeria.

Some jihadist groups have laid out a presence outside the region including in Niger state.

The Nigerian army says it consistently executes operations against gunmen in the region and rescues abductees.

Many communities in Northwest Nigeria have established self-defence vigilante forces to ward off bandits in remote areas with little state presence.

According to the data released in the first quarter foreign trade report by the National Bureau of Statistics (NBS), Nigeria’s food and beverage import bill rose to N1.5 trillion in Q1 2024, reflecting a 30 per cent increase from N1.21 trillion in Q4 2023.

It shows a significant 115 percent increase from N710 billion in Q1 2023.

The report indicates that food and beverage imports constituted 12.59 per cent of total imports between January and March 2024, up from 11.4 per cent in the same period in 2023.

Breaking this down reveals that primary food and beverage imports for industries and household consumption reached N726 billion for the quarter, a N160 billion increase from the previous quarter.

For household consumption, primary food and beverage imports were valued at N186.6 billion, while industrial imports stood at N540.1 billion. This represents a year-on-year increase of N64 billion from N122 billion in Q1 2023.

The primary food import bill of the industrial sectors was N540 billion in Q1 2024, marking a 114 per cent increase from N252 billion in Q1 2023 and a 32 per cent rise from N409 billion in Q4 2023.

Processed food and beverage imports also surged to about N865 billion in the first three months of 2024, a 137 per cent increase from N365 billion in Q1 2023. Compared to the previous quarter, processed food and beverage imports grew from N650.55 billion to the current figure.

In spite of this increase in imports, a weakening naira has reduced the dollar value of these imports over the past year, indicates that food importation might not effectively solve Nigeria’s food inflation problems.

Tinubu Never Disrupted My Work As FCT Minister – Wike

Minister of the Federal Capital Territory (FCT), Nyesom Wike, said President Bola Tinubu has never disrupted the affairs of his office since he assumed office last August.

The minister communicated this during the commissioning of the Guzape Lot II Infrastructure Project in Abuja, the nation’s capital.

“Since I assumed office in August 21, 2023, you have never one day interfered in my work,” Wike said to the applause of the gathering.

“Never one day have you called me that this is what you want, you have never. Sometimes, I pretend I will come to you and say, ‘Are there people complaining?’ You will tell me ‘Have I ever called you one day? So don’t bother yourself, go and do your job.’

“I must say I and the Minister of State, we are sincerely happy that you gave us the free hand to work and this is what we are seeing today.”

The minister likewise promised the FCT Administration’s commitment to finalize the projects in the diplomatic area of Abuja.

He guaranteed the President that the projects would be finished by next year, depicting the area as a preferred residential option for most Nigerians.

In his comments, the President lauded Wike for delivering on the infrastructure renewal vows of the Federal Government to the residents of the FCT.

The Federal Government has issued a strong warning to hospital managements that refuse to treat emergency patients. Minister of Women Affairs, Uju Kennedy-Ohanenye, delivered this message at the ‘Unlock Grants Award’ ceremony in Abuja on Sunday.

This directive follows the tragic death of Greatness Olorunfemi, a victim of a road traffic robbery, who was denied treatment at Maitama Hospital in Abuja in October 2023. A few years earlier, two gunshot victims met a similar fate in Lagos, where they were refused care and subsequently died.

In response to these incidents, the House of Representatives had earlier this year urged the Federal Ministry of Health to take decisive measures against hospitals that refuse to treat accident or gunshot victims without a police report.

Kennedy-Ohanenye announced that hospitals must now display signs reading ‘No more rejection of emergency patients’ at their facilities. Furthermore, a mobile court has been established to adjudicate such cases swiftly.

“Our hospitals will display signs stating ‘No more rejection of emergency patients.’ This is a major issue in our country. I am in contact with Maitama Hospital, and we now have a mobile court to address these violations. I urge all Nigerians to remain vigilant,” she said.

She also praised Nigerians for using social media to highlight these issues and encouraged them to continue their efforts.

Three companies in the UK-funded Manufacturing Africa programme portfolio have collectively secured $17million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand way in to renewable energy solutions.

The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.

The three companies that are sustainability trailblazers are BURN Manufacturing, at the forefront of clean cookstove innovation which secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.

Arnergy is another leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions. With a recent $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraise.

The third is Koolboks which is easing the access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems. Their pay-as-you-go technology and accessible business model has attracted a 1.5-million-euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.

Up until this time, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment, in sectors including agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.

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The Central Bank of Nigeria has immediately annulled the banking licence of Heritage Bank Plc.

To read more, click the link below

https://media.veegil.com/cbn-annuls-heritage-banks-banking-licence/

Nigeria has paid-off 98% of its Foreign Exchange Backlog owed to international airline operators, in what will provide some positives as the country struggles to find price stability in its Foreign Exchange market.

According to the International Air Transport Association (IATA), Nigeria has cleared 98% of the $850 million owed to airlines, leaving a residual $19 million pending verification by the Central Bank of Nigeria.

The Switzerland-based IATA said the development had brought international airlines’ trapped funds globally to about $1.8bn.

According to IATA, from the peak of about $850m foreign airlines’ funds in Nigeria last June, only $19m is left outstanding.

The association representing international airlines said the remaining $19m was awaiting the CBN verification through commercial banks.

The settlement move comes after Nigeria struggled to allow foreign airlines to repatriate their earnings because of an observed dollar supply shortage.

At the height of it,Nigeria owed up to $850 million to international airlines in June 2023 and only settled $61 million of this amount, which the airlines considered insignificant.

In January 2024, the airlines threatened a strike and some others scaled back their operations.

A statement by The International Air Transport Association reads:

“We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue. Individual Nigerians and the economy will all benefit from reliable air connectivity, for which access to revenues is critical. We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation.”

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The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje said the party is making progress towards winning more states in 2027.

Ganduje communicated this at a policy roundtable titled, ‘The Asiwaju Scorecard Series’.

He said the leadership of the APC was continuously rebuilding the party into a genuine grassroots progressive party.

The chairman said the National Working Committee (NWC) has directed the state chapters of the party to liaise with their respective Lead Representatives and various stakeholders to guarantee that they have undeniable, functional offices in every political ward and state to empower members across the nation to have emblematic representation in their neighborhood.

He said the NWC has likewise constituted a reconciliation board that would accommodate all aggrieved party members, and such committees would be laid out at the state, local government and ward levels.

Ganduje said, “Even though it is not yet an election period, we are reinvigorating that party to ensure that come 2027, we will retain and get new state governors, as well as Mr President to secure another mandate to continue with his government’s policies and programmes.

“We are gradually restructuring our party into a truly grassroots progressive party. We have directed our State Chapters to liaise with their respective Governors and other stakeholders to ensure that we have full-fledged;

“Functional offices in every political ward and state to enable our members across the country to have symbolic representation in their neighborhood.

“This measure will ensure that party activities are rolled out all year round not during political campaigning and elections only.

One-time Lead Representative of Benue State and a contender to the national chairman of the opposition Peoples Democratic Party (PDP), Senator Gabriel Suswam has said he harbours no sink or swim affair for the impending party-political race.

Senator Suswam communicated this during the party’s extended caucus meeting which took place at the secretariat situated along Makurdi/Otukpo road on Monday.

He recognized a few interests in every contest but contended that he is not taking the election of the party’s national chairman as a sink or swim affair.

Suswam said that his need was not only in the chairmanship position of the party but to fabricate a virile and solid party that could wrest power in later political races.

He said, “assuming the election works in my favour, I will get it, but if it doesn’t, I will forget about it. We are building a party that is on its knees, we want it to stand on its toes”.

The immediate past Lead Representative of the state, nonetheless, sued for inclusivity ahead of the party’s ward and state congresses.

He said there’s a lot of agony in losing any political race and charged party members to converge.

Ortom expressed that the party had seen a great deal of divisions since the last general elections and counseled party faithfuls to strive for the inclusivity of all members.

“We have seen the pain of losing and we do not want to lose again. We have put in place a conflict reconciliation mechanism to resolve all issues.

“We must be one and work together, we should not undermine anyone. I strongly believe that the rejected stone will become the chief cornerstone”, Ortom said.

The Senate Minority Leader, Senator Abba Moro likewise stressed unity in the party ahead of the congress stating further that the opposition PDP ought to take advantage of the mistakes of APC and be prepared to oust the party in the state.

“What we have in Benue is not governance but a one-man show; let there be no dichotomy in the party. We must make sure we return this state to PDP,” Moro said

In his discourse, the state party chairman, John Ngbede guaranteed that the party will embark on forceful sensitization of its members towards the impending local government election in the State as well as ward/state congresses.

Ngbede likewise alluded to plans to set out on the enlistment of new members in accordance with the constitution of the party.

He declared that the congresses will commence on the 29th of June, adding the offer of nomination forms will begin soon.

He highlighted the sum for every elective position including the chairmanship position of the party is N1m, the state deputy chairman and, state secretary to draw in N750,000 while all other positions are fixed at N500,000.

“It is not going to be business as usual as there will be no compilation of names in individual homes. This will not be accepted and there will be no interference from leaders of the party,” Ngbede said.

On the local government political race slated for 6th of July, 2024, the party chairman said that forms for chairmanship hopefuls are to cost N150,000 and councilorship N75,000 naira.

He charged party leaders in the council areas against the imposition of candidates but to produce the best in accordance with consultation with all stakeholders in their locality.

A member of the Northern Elders Forum (NEF) Prof. Usman Yusuf said the Renewed Hope Agenda of President Bola Tinubu has become hopelessness.

Yusuf, a former Executive Secretary of the National Health Insurance Scheme (NHIS) communicated this in an interview.

As indicated by him, rather than infuse the Nigerian people with some hope capsules, the Tinubu administration has made Nigerians more hopeless over the most recent one year.



He said, “People have lost hope. It pains me to see our people lining up to collect cups of palliatives. Renewed Hope has turned into hopelessness. People have lost hope.

“The last one year has been a year of nothing but deception, destitution and hopelessness.

“From next week, they will start telling us their propaganda. What have they done to benefit the ordinary people? In a span of one year, they have brought millions of people back into multidimensional poverty, they have pushed millions more children out of school because their parents cannot pay their school fees.”

Yusuf depicted the economic management team of the President as “tax collectors” rather than “economists”.



“The economic team, to me, looks more like tax collectors than economists. Taxation does not grow economy; only production does,” he said.

Recall that President Tinubu campaigned on the mantra of the ‘Renewed Hope.’

The President was sworn-in on May 29, 2023 after a keenly contest political race in the February 2023.

Since inception, the President Tinubu administration has presented a few changes such as petrol subsidy removal and the unification of the foreign exchange windows.

Wale Edun who is the Minister of Finance and Coordinating Minister of the Economy, disclosed while briefing after a marathon meeting of the Federal Executive Council (FEC) that a new program has been passed that will leverage on about N20 trillion pension fund, in bridging Nigeria’s estimated 20 million housing deficits to provide massive housing and mortgage loan at 12% interest rates, with 25 years repayment plans.

Wale noted that the government is now going to be focusing on massive infrastructure development and plans to boost the economy through the construction of infrastructures, based on multi sectoral approach that will bring together the major sectors of the economy
“It is time to focus on economic growth, housing, technology, etc,

The government also plans to leverage funding sources through the Nigeria Sovereign Investment Authority NSIA, Infrastructure Company infraCORP, amongst others.

There are ongoing plans that will bring together resources from all the sectors, including the private sector funds, mortgage funds for houses, so that Nigerians who are saving through the pension fund can enjoy economic prosperity.

Mr Wale Edun also shared that the government will leverage on idle funds such as pension funds, amongst others, instead of waiting for foreign direct investments FDI.

The Minister noted that the President’s reforms, which are still in process, are beginning to give benefits in various areas, particularly in terms of stabilising the economy, the exchange rate, bringing inflation down, and eventually reducing interest rates.

The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions.

Nigeria’s Minister of Information and National Orientation Mohammed Idris revealed this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja.

He said the policy is undergoing a review.

“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was repeated in the council meeting. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.

“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”

The apex bank had on May 6 instructed banks, mobile money operators, and payment service providers to execute the levy as contained in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024.

With the turn of events, all electronic transactions were supposed to draw in a levy of 0.5 per cent. The money was to be remitted to the National Cybersecurity Fund (NCF) overseen by the Office of the National Security Adviser (NSA).

Nonetheless, the move was greeted with outrage, inciting calls for its suspension.

Last week, the House of Representatives requested that the CBN pull out the circular guiding financial institutions to commence execution of the 0.5 per cent cybersecurity levy, portraying it as “ambiguous”.

The development was in response to a motion on the earnest need to end and modify the execution of the cybersecurity levy moved by Kingsley Chinda.

As indicate by Green House, the apex bank is to pull out the initial circular, and “issue a more reasonable one”.

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The Federal Government has dispatched a solid minerals resource support system for financial backers and intending investors in Nigeria, and across the globe.

While speaking during the dispatch ceremony, the Minister of Solid Minerals Development, Dele Alake, communicated delight over the move, while expressing that the support system will upgrade the ease of doing business in the solid minerals area.

He made sense of the fact that the portal filled in as an all-in-one shop for financial backers and intending investors, to get all essential information to direct them in making informed investment choices.

Alake likewise said that his administration is presently working on a financial capacity program for local investors who do not have the means, to completely be commited to minerals exploration in Nigeria.

He encouraged financial backers to approach the ministry through the Solid Mineral Development Fund.

Digging into the state of the nation, Alake expressed that President Tinubu’s one year in office, will be a testament to his colossal designs for Nigeria.

Taking into cognizance the economic hardship in the nation, the minister beckoned on Nigerians to bear with the reforms and policies, saying it is for everyone’s benefit.

In the meantime, the minister of interior, Tunji Ojo, who was likewise present at the ceremony alongside other top management staff of the ministry, as well as foreign and local investors, cheered the ministry for the reforms being witnessed so far.

He further vowed the support of his ministry to assist in achieving total security of mining sites in Nigeria.