Editor 1: https://reubenabati.com.ng/administrator
Link: www.reubenabati.com.ng/ webmail
password : #reubenabati2017
Latest new password: &Abati&#-2022
Password : abati1990
Infomation for Advert manager
WEBSITE ADMIN LINK; https://reubenabati.com.ng/administrator
WEBSITE EMAIL LINK; http://reubenabati.com.ng/webmail
Bitcoin price moved closer to $39,000 for the first time in over a year in a latest bullish in cryptocurrency market. The rally comes as traders’ bullish bias for Bitcoin produced the best November performance since 2020.
After traders digested the Binance settlement, the hype around the markets’ belief that a spot BTC exchange-traded fund (ETF) would be approved and bring significant cash inflows to Bitcoin, pushing prices across the crypto market higher.
Most major digital assets rose Friday, in sync with US equity indices, which climbed as investors assessed the latest comments by Federal Reserve Chair Jerome Powell.
The CoinDesk Market Index, which tracks 185 digital assets, was up 2.5% in the past 24 hours, while the Nasdaq 100,
Bitcoin (BTC/USD), the largest cryptocurrency by market value, rose 2.9% in the past 24 hours to $38,830, having reached a day high of $38,954, according to CoinMarketCap data. Trading volume was $23.5 billion, up 27.8%.
The most popular cryptocurrency is on pace to conclude the week with a gain of more than 2%.
Ethereum (ETH/USD), the second-largest digital asset, was trading 2.5% higher at $2,095 and headed for a weekly gain of 0.2%.
BNB (BNB/USD), the third-largest digital asset by market value excluding stablecoins, gained 0.6% and XRP (XRP/USD), the fourth-largest, was up 1.1%.
Solana (SOL/USD) climbed 0.9%, Cardano (ADA/USD) added 2.6%, while Dogecoin (DOGE/USD) was down 0.3%.
Powell said Friday it would be too early to “speculate” when interest-rate cuts may begin while the central bank’s monetary policy committee is ready to raise rates further, if needed.
The total market value of the cryptocurrency industry was up 2.3% over the last 24 hours at $1.45 trillion. The total trading volumes increased 16.9% to $50.74 billion.
Daniel Etim-Effiong inferred that the problem of Tbaj's quest for love that ended in devastation as seven suitors abandon her could be a problem with her.
The Big Brother Naija reality star and talented disc jockey, Tolanibaj fondly called Tbaj has expressed her deep disappointment as she reflects on her romantic history. The vibrant personality has candidly shared that, regrettably, none of the men she has been involved with in the past have taken the significant step of marrying her, leaving her feeling disheartened.
She shared that she has been involved in seven relationships, each one holding the promise of a lifelong commitment. However, to her dismay, fate had other plans as each of these suitors eventually departed, leaving her with a sense of heartbreak and disappointment.
Speaking in the latest episode of the Bahd And Boujee Podcast co-hosted by her and actress Moet Abebe, engaged in a thought-provoking conversation with an esteemed guest. During this captivating episode, the guest, whose identity remains undisclosed, made a striking statement regarding the current state of the dating scene. With conviction, she expressed her belief that the available dating options have dwindled to mere fragments, emphasising that the pool of eligible bachelors is now predominantly occupied.
She expressed her sentiments, stating, "Within the realm of dating, it seems that we are left with mere fragments, mere remnants." In a world where love seems elusive, it is often said that the most desirable individuals are already taken. This sentiment holds true as many believe that the best ones are, indeed, married. Regrettably, our arrival at the train station was delayed, resulting in a missed opportunity to board the train. The individual in question has disclosed their romantic history, stating that they have been involved with a total of seven individuals. With a sense of optimism and hope, they believed that each of these individuals held the potential to be their ideal partner.
During a recent podcast episode, popular actor Daniel Etim-Effiong made an intriguing statement regarding the ongoing issue at hand. He implied that the root cause should not solely be attributed to the actions of the seven individuals involved, specifically mentioning Tbaj. In a surprising turn of events, it appears that the source of the problem may lie within the individual making the statement.
Former Director General of the Nigerian Institute of International Affairs (NIIA), Bola Akinterinwa, said he was not surprised that state governors, former ministers, and political associates of President Bola Tinubu are lobbying for ambassadorial appointments.
Akinterinwa said one of the reasons for lobbying for the positions is diplomatic protection, saying that those with corruption charges want continued protection after they leave their posts.
In an interview with The Punch, the former NIIA boss said another reason for lobbying to be an ambassador is to show off and reclaim the help rendered to the president during the election.
Akinterinwa asserted that the Foreign Service is not a place that should be treated like the civil service and asked President Tinubu to stop this special consideration given to political cronies.
He wrote: “There are many reasons why people lobby to be ambassadors. For instance, those who have corruption charges want continued protection after they leave service; they call it diplomatic protection, and this is of two types, as provided in the 1961 Vienna Convention and as provided by private international law. People complained when the service chiefs under former President Muhammadu Buhari were considered for ambassadorial positions.
“Governors who have stolen money still have immunity, but after their tenure, such an appointment gives them another four years of immunity. So, everybody is struggling to get an ambassadorial position for protection. Another thing is that people like titles in Nigeria. If Tinubu wants to succeed as President, he needs to stop this special consideration given to political cronies.
“The problem with Nigerian politicians is that they are more interested in self-survival than national survival, and there are many cases to illustrate that.
Bank customers, as well as Point Of Sales (POS) operators have continued to lament the new directives by commercial banks pegging daily cash withdrawals to a maximum of 50 percent of what was previously obtainable.
In some states, the maximum amount of cash that can be withdrawn in a day is as little as N5,000, while in other states, customers are yet to notice any difference in their daily withdrawal limits.
In Abeokuta, the Ogun State capital, the new directive according to some banks’ officials came into enforcement following the scarcity of bank notes (cash) which forced the deposit banks to evolve means of allowing their customers access to cash.
LEADERSHIP Sunday findings across the three senatorial districts of the state revealed that most POS operators cannot make a cash withdrawal beyond the sum of N50,000 per day, making it a total sum of N250,000 as against the previous total amount of N500,000 per week.
This is coming just as deposit bank customers are also finding it difficult to withdraw cash beyond a total sum of N40,000 per day through most of the Automated Teller Machines (ATMs) that are also generally failing to dispense cash even where such a bank’s network is fully functional.
Sources within the commercial banks’ corridors confided in LEADERSHIP Sunday that the new banks’ directive allows customers using the ATM cards of specific banks and wants to withdraw from the same bank can make a maximum cash withdraw of N40,000, while those with a different bank’s ATM are restricted to a daily withdrawal of N20,000.
In an interview with LEADERSHIP Sunday, a female POS operator who pleaded anonymity for fear of being sanctioned by her deposit banks said her two banks emphatically told her that they would not issue her more than a total sum of N50,000 per day and that she should equally pass same condition on to her customers.
Lamenting that such a directive is already taking a toll on her business, the POS operator appealed to the Central Bank of Nigeria (CBN) to quickly intervene, stressing that such posses a danger to their daily income.
Also speaking in an interview with LEADERSHIP Sunday, Mr Soyemi Olusegun Owolabi who is into shoe-making and leather works under the Small and Medium Scale Enterprises (SMSEs) in Ogun State lamented the trend which he said has scared away many customers intending to do business with him.
Soyemi explained that the non-availability of cash would cripple several businesses unless the appropriate authority quickly wades in.
“Even when you ask customers to make transfer, you would discover that the banks’ network is very unreliable as it usually takes close to 72-hours before you can see such transfer. Even in most cases, such bank’s cash transfers are reversed, thereby leaving you to continue to wonder. I have had occasions where I had to quarrel with customers and such is not good for business,” he said.
Soyemi appealed to the appropriate authorities to rise up to the challenge and safe the SMSEs from collapsing.
To Mrs Oghenekome Ochuko, a business woman in Sapele, Delta State, she is unable to stock her shop for the festive period due to this new policy.
“I went to bank to withdraw about N500,000 last month, to buy goods, but I was told that I could not withdraw more than N5,000. What can I use just N5000 to do?” Mrs Ochuko queried.
A mechanic in Sapele, Sunday Emeka, also shared his ordeal with LEADERSHIP Sunday. He said, “After making trouble at the bank, I decided to go to the POS to withdraw my money. I walked up to five POS agents before one agreed to give me N40,000 for a fee of N1,000. The rest POS agents asked for as high as N2000 for withdrawal of N40,000.”
Meanwhile, in Ojota, Lagos, banks in that axis pegged withdrawals to only N50,000 per day.
For instance, a POS agent in Ojota, Lagos, Ms Mfon Ebong, lamented that it was only Zenith Bank that gave customers up to N50,000 on Friday. “I walked up to three branches of Sterling Bank and I was told there is no money. Only Zenith gave me N50,000,” she stated.
When asked if the ATMs were dispensing money, Ms Ebong told LEADERSHIP Sunday that since late November, most ATMs in Ojota do not dispense money as frequent as they used to, adding that, “For those that could dispense, we are allowed to withdraw as little as N40,000. What can that do for me?”
Ms Ebong appealed to the federal government to reverse this policy, adding that, “Nigerians cannot go back to what happened to us early this year. We do not have the resilience to manage another round of hardship.”
Similarly, POS operators at Arepo along the Lagos-Ibadan Expressway are facing the same constraints. An attendant simply identified as Bisi said she is not giving more than N10,000 to any customer and if there is a need to collect more than that, it will attract more than the usual charges.
When asked why, she said, she was told that there are not many notes in circulation.
However, another attendant said she has no problem giving out more than N10,000 as she has access to cash supply.
At Simbiat Abiola, Ikeja, Sterling Bank card users could withdraw N40,000 up to four times, while non-Sterling Bank card users could take a maximum of N10,000 up to four times. Zenith Bank cardholders could collect N20,000 per withdrawal, while non-Zenith cardholders could withdraw N10,000.
At Oba Akran Avenue, Fidelity Bank gate was locked because there was no cash in the ATM. FCMB, First Bank, Zenith Bank, GTCO, and Wema Bank were all not dispensing cash while only Access Bank was dispensing N40,000 to Access Bank card users and non-Access card users could access N5,000 four times.
A customer voiced his displeasure at not being able to withdraw cash from the second bank he visited. He said, “These people have started their bosh again. No money in the ATM; is that not rubbish? People keep money in the bank and can’t have access to it; is that not rubbish? They can give POS merchants money, but to load money into the ATM, they can’t. No be Nigeria we dey? POS merchants and banks are doing business.”
LEADERSHIP Sunday observed that despite these banks not dispensing money, there was no long queue at the ATMs dispensing, and this could be attributed to the large number of POS merchants around.
Around Bariga in Lagos Mainland, ATMs in almost all the banks were not working while some POS attendants, hanging around the banks are using the non-availability of Naira in ATMs as loophole to make huge profits.
No scarcity of cash in Kano
The recent problem of scarcity of cash that is showing itself in some parts of the country is yet to hit Kano as commercial activities continue without much challenges.
The situation is such that it has not been visible to the public even if it exists as people patronise POS operators more than the banks when they need cash due to accessibility as it is easier to reach the next POS than a bank.
Some banks allow N150,000 withdrawal per week, which is normal depending on the type of account one is operating. There are procedures by which one could increase the amount he can withdraw from the bank.
Although the public have complained of not having enough smaller denominations in circulation thereby getting change after small purchases or services become a bit of a challenge. This affects commercial vehicles operators and small-scale businesses the most.
POS operators have not increased on the charges of N200 for every N10,000 collected, proving that there is reasonably enough cash in circulation.
At the POS, one is able to withdraw any amount depending on the available cash they have as long as he pays the required charges per transaction.
In a lot of public places, including motor parks and markets, POS operators are readily available to give their services to their customers, cash, for those need it, and transfers for those who need it.
In Gombe State, although there is no any serious cash scarcity, POS operators lament that the cash withdrawal limit at the Automated Teller Machines (ATMs) prevented them from making adequate cash available for their customers.
A POS operator, Sani Abdulrahman, told LEADERSHIP Sunday that the daily withdrawal limit at ATMs is N40,000 which he said is not sufficient to satisfy his customers.
He added that some banks do not allow them to withdraw from canters and even when they would do so, they waste precious time in queues or give token sum of money to the bankers to be given huge cash.
“As a result of the ATMs N40, 000 daily limit, I cannot provide my clients with sufficient cash and this also reduces my profits and gains from this business.”, he noted.
Our correspondent gathered that many people have stopped going to banks or ATMs to withdraw money but patronise POS operators due to their proximity and availability everywhere as against the banks that are all sited in one location known as Bank Road in the state capital.
In Borno, the scarcity of the naira notes in banks has been a source of concern to both residents and POS operators.
Although, the situation was far better last month when people could withdraw up to N500,000 cash limit placed by the banks to customers, the last one month according to residents and POS operators has been very difficult as customers were restricted to withdrawal of N5,000 to 20,000 for Automated Teller Machines (ATM), while others who want to withdraw across the counter are restricted to N50,000, when cash is available in the banks.
However, speaking on the predicament of bank customers, a resident, Umaru Abdullahi, alleged that the banks are selling the available cash to wealthy customers to the detriment of the common customers.
“I have witnessed such atrocious act in one of the banks in Maiduguri. On that very day, we were waiting at the bank in turns for withdrawal when a wealthy customer came in to the bank requesting for a huge amount, and to our shock, the bank staff went as far as removing cash already stocked in the ATMs of the bank to service the customer.
“Another contributing factor to the scarcity of naira notes in most of the banks is because customers have lost confidence in depositing their monies in the banks since they can hardly withdraw the required amount when the need arises due to the withdrawal limits,” Abdullahi said.
Corroborating the scarcity of the naira notes, a POS operator at the Post Office area of the metropolis, Hassan Dennis, said most banks in Maiduguri were either complaining of not having cash or dispenses as low as N5000 to customers.
He said the situation has forced many of his colleagues out of business while those still in it only survive on commissions from money transfers.
Nigeria’s foreign exchange volatility may linger for a while due to low crude oil production and limited foreign exchange inflows into the country, Daily Trust on Sunday reports.
The development is weighing heavily on the financial standing of Nigeria and its international reputation as a country that is ready for businesses despite the recent assurances by President Bola Ahmed Tinubu that all bottlenecks to investment had been removed.
“Africa has moved beyond the false past notions of business disincentivisation and poor adherence to the rule of law. We now fully recognise the nexus between the inflow of investor money and the sanctity of contracts,” Tinubu recently said during his visit to Germany.
But key to boosting investors’ confidence is the seamlessness in repatriation, which every investor doing business in Nigeria would be desirous of. In addition, foreign businesses would see a business environment with strong foreign exchange liquidity and one that guarantees not only a return on investment but predictability of returns.
As at last week, foreign businesses were said to have lost over N900 billion due to naira devaluation in 2023 alone.
Daily Trust on Sunday reports that Nigeria’s currency has suffered massive depreciation against the foreign currency. Exchanging officially at N800, it has recorded over 500 per cent depreciation in the last eight years. This was in addition to the debilitating inflation, which is now at 27 per cent.
At the heart of this is the liquidity challenge in the country’s forex market, which has seen the Central Bank of Nigeria (CBN) accumulating over $10 billion in forex forwards to commercial banks and businesses operating in Nigeria.
The effect has been much visible in the airline industry, earning Nigeria the notoriety of being the only country blocking the largest chunk of airlines’ $1.6bn blocked funds in Africa.
The International Air Transport Association (IATA) has been calling out Nigeria over the development, which is said to be responsible for the surge in airfares across international destinations as airlines had to adopt an anticipatory forex rate in pricing their tickets.
Beside the foreign airlines, local carriers are also baring the pangs of forex scarcity, leaving their aircraft stranded abroad while incurring huge demurrage on a daily basis.
Azman Air, for instance, has three of its aircraft stranded abroad. Manufacturers are unable to access foreign exchange to import raw materials. The president of the Pharmaceutical Society of Nigeria (PSN), Prof Cyril Osifo, told our correspondent that prices of drugs were on the increase because of the high forex price to import Active Pharmaceutical Ingredients (APIs). He said it was high time Nigeria boosted domestic production.
Why Nigeria’s crude export not translated into forex liquidity
An analyst, Babatunde Adeniji, said Nigeria’s Letters of Credit had become mere papers to foreigners as they no longer honoured them in doing business with Nigerian companies.
The National Security Adviser, Mallam Nuhu Ribadu, recently opened up that the Tinubu administration inherited a “bankrupt country” from his predecessor.
“We are facing very serious budgetary constraints. It is okay for me to tell you. It is fine for you to know. We have a very serious situation.
“We have inherited a very difficult country, a bankrupt country, to the extent that we are paying back what was taken. It is serious.
“But this administration is doing its best to meet our requirements, including that of the armed forces,” Ribadu said at the Chief of Defence Intelligence Annual Conference, hinting that the present administration is “paying back what was taken.”
Our correspondent reports that Nigeria’s public debt hit N87trn in the second quarter of 2023, up by 75 per cent from Q1 2023.
The Debt Management Office (DMO) said Nigeria’s total public debt rose to N87.38trillion in the second quarter (Q2) of 2023, recording an increase of 75.29 per cent. It was worsened by what experts call abuse of Ways and Means, which represents the loans taken directly from the CBN Act, and must not exceed five per cent of the previous revenue. But this was largely abused, prompting the Senate to quickly amend the act to increase it to 15 per cent.
For the 2024 budget, the federal government has proposed N26.01trn, with N8.25trn for debt servicing and other parameters as explained by the Minister of Budget and National Planning, Abubakar Bagudu.
“The assumptions include the oil price benchmark, which I said for 2024, we were assuming $73.96, oil production of 1.7 8million barrels a day at the exchange rate of $700.
“Then the inflation of 21 per cent and gross domestic product (GDP) growth rate of 3.76 per cent. The aggregate expenditure is estimated at N26.01trn for the 2024 budget, which includes statutory transfers of N1.3trn, non-debt recurrent expenditure of N10.26trn, debt service estimated at N8.25trn, as well as N7.78trn being provided for personnel and pension costs.
“Debt service increased because N22.7trn Ways and Means was securitized, meaning that it became a federal government debt at 9per cent.”
Analysts, however, said the parameters might not align with the current macroeconomic realities in the country.
Inflation has crossed 27 per cent; oil production is currently at about 1.3m barrels a day, lower than the OPEC Quota and the exchange rate, which is hovering around N800/$.
Crude swap, a serious trap
There are reports that Nigeria has entered into crude oil swap deals running into billions of dollars by previous governments.
Apart from the fact that Nigeria is not meeting the OPEC quota of 1.7m barrels per day, the ones being supplied currently are said to have been paid for in crude oil swap deals, which the Nigerian National Petroleum Company Limited (NNPCL) has promised to terminate.
But data from the Nigeria Extractive Industries Transparency Initiative (NEITI) indicated that the NNPCL exchanged crude oil valued at N2.6trn for refined petroleum products in 2021 under the Direct Sale Direct Purchase Agreement (DSDP).
The NNPC allocated a total of 98.92 million barrels of crude oil valued at $7.11bn (N2.73tn) for the local market in 2021. However, no crude was delivered to any of the local refineries in 2021.
“Instead, the NNPC used 95.25 per cent of this crude for crude exchange for products at the international market under the DSDP arrangement, while 4.75 per cent was sold at the international market.
“This may be due to the fact that none of the refineries were operational in 2021. The sum of N2.23tn ($5.85bn) was the actual domestic crude sales receipts in 2021, out of which the sum of N1.64tn ($4.30bn) represents 2021 sales receipts, while the sum of N588.68bn ($1.55bn) relates to settlement of prior year receivables,” the report stated.
The report also showed that the NNPCL lifted and exported a total of 24.84 million barrels of crude oil valued at $1.70bn on behalf of the federation in 2021.
It stated that the sum of $1.58bn was traced to the respective bank accounts as the actual sales receipt in 2021, of which the sum of $1.55bn represents 2021 sales receipts, while the sum of $24.32m relates to settlement of prior year receivables.
While experts said this was not new in the international crude oil market, they said Nigeria must be able to ramp up crude oil production to service the local refineries, which are expected to come on stream in a few weeks time like the Dangote Petrochemical Refinery, the Port Harcourt Refinery and other refineries, which the federal government has promised to revive, as well as the tens of modular refineries being licensed across the country.
An oil and gas expert, Jasper Nwachukwu, said the crude oil market was a future market, which means that supplies of months to come must have been bid for by the prospective buyers.
But he said Nigeria was facing a forex shortage despite being an oil-producing state because of mismanagement.
The expert said the NNPCL, which should have been the saviour for Nigeria in terms of relieving the country in its present forex liquidity crisis, was also not “liquid.”
Nwachukwu said, “Crude oil is a future market. Oil of the coming months has already been sold to refineries; that is why eventually, if they can’t make it they have to declare a force majeure, but besides that, in the Nigerian context, I think the problem is that we are spending too much money on debt servicing. We have borrowed so much money during the last administration and we are expending almost 90 per cent of our incomes to pay for debt servicing.
“Secondly, the NNPC is also not very liquid. They have to export cash calls from their JV partners. So these cash calls are coming from that same point, and most importantly of course is the issue of corruption, not knowing how much oil we are selling on a daily basis. You may know what you are producing but you don’t know how much is sold because part of it is stolen by oil thieves. Essentially, you can only guess and your guess work will turn out to be false.
“Then we are also not able to meet our OPEC quota. We are short of our OPEC quota by almost 300,000 barrels a day, so that is also a huge amount of money you are going to get.
“Until these characters in government find a way to spend less because they are also spending more than they are earning to maintain their lifestyle – buying SUVs of N150m, spending money to buy a yacht, and so on.
“We are not earning the amount of money we should be earning from our oil, whatever we earn is used on servicing debts, and we are still borrowing more.”
‘Govt running on life support’
The expert said the implication of not making enough money from the sale of crude oil is that the government cannot meet its obligations to the citizens.
“At the end of the day, we will have a government that is not well conversant with what it’s supposed to do. The government is running on life support, like it is in an intensive care unit.
“You want to be throwing money at every opportunity, even the ones that don’t need money,” he added.
On the solution, he said, “I can’t tell you what I think is the solution because I don’t know it myself. I don’t see forex coming down soon because it is a business for some highly placed government guys. They jack up their prices for the common man and they want it to go on.
“There are refineries in Europe that need this oil; and you know refineries cannot shut down, so they are waiting for crude oil, and they are on 24/7. So it (advance crude oil sale) is an international way of doing business and not peculiar to only Nigeria. The little money we get is used to service debt and not to boost production.”
Dr Garuba Dauda, another oil and gas analyst and expert, said, “I am of the view that we need to do serious thinking on the forex liquidity thing. Why Nigeria’s situation seems to have defied solution is that we are facing artificial scarcity caused by hoarding. Privileged people are buying up dollars in circulation to secure themselves in the face of an increasing fall in the value of the naira. This practice is putting pressure on forex demand, thus compounding the situation.
“Nigeria needs to address this issue by adopting the approach of Singapore. The approach is buying up the dollars that pass through the CBN, while denying speculators access to information about the country’s foreign/forex reserves,” he said.
A chartered accountant and financial risk expert, Olabode Afolayan, said to optimise the forex earnings, citizens must cut their appetite for foreign made goods and also de-dollarise the economy.
He said importation was putting so much pressure on the naira, adding that there should be a change of mindset by Nigerians.
“We need to have a change of mindset and be more patriotic. We need to buy more homemade items than importation. Although people are not buying Nigerian made things due to quality, we need to do what the Chinese did by going local.
“We need to start producing our own televisions, our engineering students in the universities should be able to build local technology for this, we need to start manufacturing en masse,” he advised.
He also urged the government to clamp down on Nigerians hoarding the dollars as they are very powerful. The government is doing more to maintain momentum against the dollar.
“We need not sabotage the effort of the government; and the government should talk to those hoarding the dollar because they are the big boys of Nigeria and not ordinary Nigerians.
“When they hoard, the government should clamp down on them because the government is doing everything to make naira appreciate by clearing the forex backlogs and clearing trapped funds of foreign airlines. I learnt the government cleared some of this outstanding issue; hence the naira appreciated,” he added.
Forex liquidity rising – CBN
The governor of the Central Bank of Nigeria, Olayemi Cardoso, speaking in Lagos on recently during the 58th annual Bankers Dinner, said there was an improvement in the forex market liquidity.
He said, “We have already witnessed improvements in FX market liquidity in recent weeks as the market responded positively to tranche payments, which have been made to 31 banks to clear the backlog of FX forward obligations.
“We have been subjecting these payments to detailed verification to ensure that only valid transactions are honoured. In a properly functioning market, it is reasonable to expect significant FX liquidity, with daily trade potentially exceeding $1.0bn.
“We envision that with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies.”
How Can You Tell A Grandmother To Stop Using Firewood Without Investing In Alternative Energy? – Tinubu Asks COP28 ParticipantsWritten by Admin
During a panel discussion at the ongoing COP28 climate change conference on Saturday in Dubai, President Bola Tinubu emphasised the need for alternative energy investments for African countries to transition away from fossil fuels conveniently.
“How do you tell a grandmother to stop using firewood to prepare her food?” Tinubu asked. “It is for me to invest in solar energy, alternative energy.”
The Nigerian leader said that while there is an urgent need to address climate change and “heal the bleeding earth,” African countries also desperately need new investments to help them adapt to the global transition to renewable energy.
“Yes, we have the market and sufficient housing that you can electrify with solar panels. There is iron ore; there is investment there, too,” Tinubu said.
“Risk management is very key for Africa. The opportunities must be translated sooneest. We are moving forward with urgency, and we will maximize the value given in return for those resources,” he added.
The president, during the panel on African Green Industrialization hosted by the COP28 Presidency and the President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, stressed that Nigeria and Africa require significant investments in clean energy infrastructure in order to fully move away from dependence on fossil fuels.
Without providing alternatives, he suggested it was unrealistic to expect citizens to change entrenched habits.
“Global manufacturers must partner with us to invest in the health of our collective environment,” Tinubu urged.
“Africa doubles as an unrivaled opportunity in this respect. We are removing all obstacles that are inhibiting progress as Africa’s largest economy. The investment environment is becoming cleaner and better.”
Tinubu said Africa contributes the least to climate change but faces an outsized economic burden from the global transition to renewable energy and green technologies.
He added that the continent must not be victimized amid the disruptions caused by climate change mitigation efforts worldwide.
“But how will Africa not be a victim of all these changes? How do we get value for our resources. We all agree that the earth is crying for healing, but how do you tell a grandmother to stop using firewood to prepare her food? It is for me to invest in solar energy, alternative energy.
“Here, you must encourage investment, and equally consider: how would this investment affect us? Yes, we have the market and sufficient housing that you can electrify with solar panels. There is iron ore; there is investment there, too. Risk management is very key for Africa. The opportunities must be translated sooneest. We are moving forward with urgency, and we will maximize the value given in return for those resources,” the President affirmed.
Tinubu affirmed Nigeria’s commitment to urgent climate action but said real progress requires reciprocal investments in Africa to help countries leverage their massive potential to contribute to the new global green economy.
COP28, otherwise known as the Conference of the Parties of the UNFCCC, is the 28th UN Climate Change conference being held from November 30 to December 12 at the Expo City, Dubai, United Arab Emirates.
COP conferences are held for governments to agree on policies to limit rising global temperature and adapt to impacts associated with climate change.
Six months after the Federal Government announced the removal of fuel subsidy, the hardship occasioned by that decision is yet to abate.
This is also as the citizens continue to await the palliatives promised by both the Federal Government and the various state governments.
While the Federal Government announced a N35,000 wage award, different state governments have also pledged sums ranging from N10,000 to N25,000.
The impact of the volatile exchange rate has also not helped the common masses.
DAILY POST reports that the prices of staple food items, transportation and other essential services have continued to skyrocket.
The government had promised to take critical steps, including rolling out Compressed Natural Gas, CNG, vehicles.
However, the citizens groan that none of the promises of the government has come to fruition.
Due to the high cost of the Premium Motor Spirit, PMS, popularly known as petrol, transportation fare tripled across the country. With the petrol price hovering at about N600 to N650, there is no hope in sight that transport fare would come down anytime soon, a development that is eating deep into the pockets of the citizens.
President Bola Tinubu on August 1, revealed that his administration was making provision to invest N100 billion between to acquire 3,000 units of 20-seater buses powered by CNG.
Tinubu, who spoke on the widespread economic strain that befell the country following the removal of the petrol subsidy, said his administration placed a high priority on enhancing welfare and living conditions of the citizens.
He said the FG approved infrastructure support fund for the states, and now plans to invest N100 billion in procuring CNG buses for mass transportation.
“This new infrastructure fund will enable states to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational infrastructure.
“The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians,” he said.
However, DAILY POST observed that commuting across the country is becoming more difficult as the transportation fare continues to skyrocket without any noticeable intervention by the government.
A taxi driver operating in the Federal Capital Territory, FCT, Abuja, Mr Jibila Audu told DAILY POST on Saturday that transportation fare would continue to soar if the price of fuel fails to come down soon.
According to him, despite tripling transport fare, “those in the business are still not making profit due to the cost of fuel.
“Life generally has not been easy for anybody since this government came in. Three days after the president took over power on May 29, everything changed. I was working with a construction company and doing very well before this government came in.
“Now this (taxi driving) is what I am doing to survive. And I can tell you that there is no gain in it. By the time you buy fuel for about N50,000 and it takes you only on a few trips, you will come back to realise you made no gain”, he lamented.
The President had also in his maiden Independence Day broadcast to Nigerians on October 1, 2023, announced the cash transfer programme which, according to him, would target vulnerable citizens.
Thereafter, on October 17, he launched the distribution of the N25,000 per month to 15 million households.
The conditional cash transfer, according to the government, is one of 15 items in the Memorandum of Understanding between the Federal Government and the Organised Labour on October 2, 2023.
Speaking on the situation, a chieftain of the Peoples Democratic Party, PDP, in Ondo State and political analyst Adebayo Mathew told DAILY POST that the citizens were yet to receive any cash transfer from the FG.
“I am yet to see or hear of anyone who is benefiting from this cash transfer programme. I am beginning to see it as a scam.
“The level of poverty in the city is becoming something else and all our government can do is to be telling us promises.
“Right now, you can’t buy anything in the market, not even drugs. I’m talking of essential goods and services that nobody can survive without.
“When was the last time you heard people talking about launch? Anyone who can afford breakfast and dinner is obviously rich.
Majority of Nigerians survive on one meal per day. This is not what Nigerians bargained for. Yet some people are there buying exotic cars and only give fake promises to those who elected them”, Adebayo said.
Many have argued the refineries would have been fixed before the removal of subsidy. But the government has assured that the Port Harcourt refinery will commence operations by December 2023.
According to the federal government, the cost of petrol would drop when the local refinery finally commenced operation.
However, a cross section of Nigerians have expressed scepticism on the possibility of the refinery commencing operation in 2023, saying it could be a “mere promise as usual”.
Some Nigerians, who spoke with our correspondent, expressed pessimism, saying it is impossible for the refinery which is currently under rehabilitation to commence operation before the end of the year.
According to an On Air Personality working with Jordan FM Ushafa, Abuja, Mr Kelvin Adanu, “even if the refinery is commissioned this month, it will not produce anything.
“It is over a year now since former President Muhammadu Buhari commissioned the Dangote Refinery. Up till this last month of 2023, the refinery is still not working.
“We are used to all their lies. Moreover, it is not a guarantee that if the refinery begins to work, the price of fuel would come down. The best way to endure this government is not to expect anything. It is when expectations are not met that frustration comes in.”
But Comrade Jare Ajayi, the National Publicity Secretary, Afenifere Worldwide told DAILY POST that Nigerians ought to remain hopeful and wait until the year ends.
“For us, we don’t want to say much on this yet. We are hopeful that the promise will be fulfilled before December 31. It is after that, we will issue a statement”, he said.
While urging the FG to stick to its deadline, Ajayi expressed confidence that the high cost of petrol which had led to the soaring price of commodities in the market would crash when the local refineries commence production.
What is your academic background and what do you do for a living?
My name is Alvin Ilenre. I studied History and International Studies at Ajayi Crowther University, Oyo, Oyo State. I’ve been out of jobs since February 2022. So, I just hustle basically. Before then, I had done several things here and there but that’s it for me. Those were things I did before. Right now, I’m unemployed. That’s it for who I am for now.
You were seen recently in a viral video burning some documents, which you described as your certificates. Did you truly burn the certificates?
Yes, of course. I burnt my certificates. I burnt them because I was going through some things and I needed to give myself closure. That was why I burnt them.
What were the certificates you burnt?
I didn’t know where I dropped my secondary school certificate amid all these, but the certificates I burnt were my university, primary school leaving, and National Youth Service Corps certificates. Also, there were certificates I didn’t burn. I need to state that I’m a minister of God, a trained minister even though I won’t mention my ministry. I didn’t burn the certificates from the ministry, because I was impacted by the grace of God over there so, I never burnt those. But I burnt the educational certificates that are useless in the country.
What were the things you were going through that made you destroy your academic certificates?
The reason why I burnt the certificates is not far-fetched from the kind of society we are in and a lot of people in the country can relate to these things that we’re talking about here. It is frustrating being in a country where your certificate is not regarded. We’re in a country where a certificate has been bastardised. You know, we behave like we don’t know what’s happening whereas the country is decaying. I have a lot of points but I’ll mention a few.
First of all, I graduated from school and I wanted to get a job, but someone was telling me to go and bring N2.5m. Where will I get that from? Where should I get it from? Where will I get N2.5m to get a job? If I had that money with me wouldn’t I start a business, or maybe go outside the country, to one African country where electricity is steady, and start a business? You can’t start a business in this country and your millions will not go down the drain.
Two, I’ve had issues with people, friends, especially female friends, who told me that they were offered jobs on the condition that they would have sexual relationships with the employers or whoever wanted to make it happen. Jobs are not got with credibility, credence, and authenticity again. It is now who can sleep their way to employment. These are things that are happening.
Are you not bothered that you may need the certificates you destroyed one day?
At least, I went to school and it was only my certificates that I burnt. If I approach an employer for a job and they doubt my qualifications, they can go to the university. The university will prove that I graduated from the school. At least, I am better than some persons whose studentships cannot be authenticated by the universities they claim to have attended. So, those are the things we’re talking about. It is sickening; I’m a person who likes doing things the right way, but when you want to do things the right way in this country, you are seen as a fool and are neglected. These are decays in society that we’re not talking about. Military jobs are by slots; then, what are we talking about?
Private businesses are running out of the country. Even when you want to do business, you’re not even sure because there is no light, no road, no basic infrastructure. So that’s the thing. And I’m not the only one on this table, we have a lot of young people on this table who can attest to what I’m talking about. So, that’s part of the reason. I will tell you my mind; let’s shake all the tables and speak truth to power. How many of them (politicians) in power truly have (academic) results? You’ll go to school for years in Nigeria – five years, six years, without graduation. However, their children are taken abroad for studies. When they go abroad and finish in time at the same age when you’re still languishing in school, they’ll get jobs in the civil service and get level 12. When you finally graduate after many years, you’ll now struggle to get a government job and when you do, what you’d get is level eight. Let’s look at our educational system and talk to ourselves.
Why do you not think you can still get a job?
Get which job? Impossible! I’m done! If I can’t create a job myself, so be it. I’m telling you that for 13 years, I’ve not used a certificate for anything. If you look at the video that went viral, I didn’t look hungry. Yes, it’s not too rosy because I left my job just about a year ago. If I have a problem in my life right now, maybe a problem with paying rent, I have to squat with whoever I can squat with. But I know myself, I can hustle and within a short period, be back on my feet. Is it a job that you have to bribe your way through to get? Don’t you see what’s going on in the country? We are setting up this country for doom and that’s courtesy of our leaders.
Don’t you consider setting your academic certificates ablaze too extreme?
I don’t consider burning my certificates to be extreme. We need to make a statement; we need to be heard; we need to be hard; we need to let the people know. I’m not speaking for myself alone. Some people have burnt themselves because of how tough this country is. Some people have swallowed poison, and many people have died of depression. I’m not speaking for myself alone; I did that for millions of Nigerian youths who are jobless. I don’t think it is extreme; if anyone feels that it is extreme, they should not burn theirs, but I’ve burnt mine.
Did you do what you did out of frustration and anger?
Well, it’s a mixture of both but that is done already.
Are you not bothered that you may regret your action?
I’ll never regret it. I’ll never regret it because I didn’t burn the knowledge I have, but I only burnt the certificates. Also, I think it is high time we let the generation behind us know that unnecessary attachment of importance to certificates without knowledge should end. We have people who just want to have certificates without having anything in their heads; that should stop. Let us burn all the certificates and get real education.
If I ever need the certificates again, I’ll print others from a third party and you have to collect them. I’ll just have to contact a friend, who has a certificate to show me his, go ahead to print, then give it to whoever I want to give it to. After giving them (employer) and they think I didn’t go to school, they should go and check the records; they’re there. At least, my academic records are going to be seen, unlike some people whose records are missing.
Does burning your academic certificates not mean that the energy, effort, and money spent to obtain them was a waste?
No, they’re not a waste from my point of view. Waste can be put in different perspectives but this particular subject and action cannot be described as a waste. It is also not a waste of money. We must emphasise knowledge, we must give relevance to what is in someone’s head over what they have on paper. We must emphasise and preach that gospel.
What was the reaction of your parents and close friends when you decided to burn the certificates?
Fortunately, I happen to be the son of an activist, Alfred Ilenre, and I guess that the blood runs deep and we cannot just sit and watch corruption, irrelevance, and injustice thrive in Nigeria. My father is deceased now, but from what he passed on to me and what I have learned while growing up, we speak the truth about what we’re going through and we’re not cowards. If my father were alive, the Alfred Ilenre that I know, who was a journalist and an activist, would be proud of me. He would sit me down and congratulate me. My mum, on the other hand, who’s alive, feels a little bit sad that I burnt my certificates, but I’ve sent people to speak to her. However, she has always known who I am and that is the same way with those who have always known me. They know that it is not something that I cannot do. I should have burnt them a long time ago and I feel this is even late.
Do you think burning your certificates will prompt the government to make better decisions in the interest of the youth?
Burning the certificates, I believe, will sensitise the people and make the government aware of certain things that are not being done rightly. See, I know that our government is stone-hearted, but at the same time, they have a conscience. As I earlier mentioned, this is beyond me. We’re making consultations; I have sacrificed my certificates and I’ve spoken to other people. We want to sensitise Nigerian youths to certain important things, call for better knowledge and make them see it better. This issue of certificates and education in Nigeria to me is like weaponising illiteracy in the life of the poor man, whereas, the children of the rich are sent abroad to be well educated and get the right knowledge, while the children of the poor in Nigeria get certificates that their children will come back to lord over. The government may not do anything now because it is their handiwork, but with consistency in advocacy and showing our dissatisfaction, they’ll be forced to do it in the future or the people will force them to do it.
What can the government do better?
Nigeria’s educational sector has to be better; it is the foundation. The curriculum used in Nigeria is a mess. We have to trash it and adopt a new one. We have to sensitise our teachers to avoid strike actions like a plague. All the strikes they embark on are just greedy actions; they don’t affect the students positively. We need to have people who are truly capable as ministers of education. Ministerial positions, especially for a sector as critical as education and every other sector should not be assigned because of bias. Let our minister be someone who has risen through the ranks in the ministry, someone with good antecedents to fix the educational system. That is the way to make things right in Nigeria. We should not have someone who’s blockheaded as minister of education or someone who doesn’t understand how the ministry works. Things can’t get better that way.
In a past interview with Potpourri and some other news outlets, Nigerian superstar actress, Omotola Jalade-Ekende has shared the secret of the success of her marriage. Omotola has been married to Captain Matthew Ekeinde for 27 years, having been married at the age of 18. Unlike many of her colleagues who could not hold together in a marriage, Omotola’s has become a model from which many entertainers could borrow a leaf from.
She preaches tolerance, submission, understanding, adding that the greatest mistake a woman can do is to claim equality to her man.
“A woman must know her place and submit to her husband. The greatest mistake a woman can make is to want to stand shoulder to shoulder with her man. When you show submission your man will respect and adore you gor it, she echoes.
Omotola also gave a picture of the understanding that exists between her and her husband, which to many African couples and parents would have seemed inappropriate.
“I always tell people that women are stronger than men, psychologically. Let me tell you something more, my husband is actually the one who goes to the market. I don’t go to the market because I can’t. Because of my status, I can’t. But my husband didn’t say you know traditionally, a man is not supposed to go to the market, I’m not gonna go, no. My husband actually goes to the market, she has revealed much to the disbelief and outrage of so many.
“Earlier in my career, I used to go with him but I’d stay in the car, because our cars are tinted, so I’d stay in the car. But then, one time we went to Tejuosho and someone found out I was in the car. It became a major security risk, so he said don’t ever go with me again. He goes and he has fun and he comes back home, and I do the cooking, so you see we strengthen each other,” she had added.
Omotola had also confessed that not many men would have been able to stand her personality, adding she probably wouldn’t have married if she had not been so lucky to have had somebody like Captain Ekeinde.
She said, “ I don’t think there is a man that can handle me apart from my husband. Not because I am a bad person, it is because I have a very strong personality. I can understand why a lot of female artists find it very difficult to find the right person. When you achieve some kind of success, you become really confused as to who really loves you for who you are. It’s not really easy, you know, so it is very hard finding those people who really love you. If you are not a very grounded person ,you too can contribute in some kind of way to your own problems and so I might have contributed to my own problems.”
Of course, many men have walked the altar with actresses and oftentimes have found out it is not the heaven it promised to be. The time spent away from home on locations is just too much for some spouses to bear. And so is the limelight that comes with all forms of temptations and vices of life. When Omotola was asked if her husband had ever complained about her career, it was another revelation moulded in love and understanding.
“No. Never. When I met him I was already an actress. I wasn’t a big star then, if anything, he was the one even encouraging me. To be honest with you, he’s my biggest movie fan. I don’t even watch most of my own movies, he’s the one who buys and watches them. There’s no one movie of mine he has not bought or watched. He doesn’t just watch them, he frames the posters. Most of the posters he framed them in wood and they are all over the house. The posters are framed into wood,” she told Potpourri in an interview.
Interestingly, the mother of four is fondly called by all as Omosexy. But few know the origin of the name. It is another product of long years of love and romance as the actress also revealed in another past interview.
• Pledges To End Gas Flaring • Nation To Rollout 100 Electric Buses
President Bola Tinubu says Nigeria is taking significant step towards a sustainable and eco-friendly future by pioneering initiative to deploy a fleet of 100 electric buses.
The President has also expressed his administration’s commitment to end gas-flaring in the country following the global push to halt methane emission.
President Tinubu spoke yesterday at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme in Dubai, United Arab Emirates, on the margins of the COP28 climate summit.
He explained that the strategic initiative is aimed at significantly reducing Nigeria’s carbon footprint and modernising the country’s transportation systems as part of a larger effort to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialisation with a focus on natural gas as a transition fuel alongside other renewable energy sources.
To spearhead this transformative plan, the President announced the appointment of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Mr. Dahiru Salisu, to co-chair the Nigeria Carbon Market Activation Plan.
‘’This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.
‘’We recognise the imperative of fostering an environment that not only attracts investment but also upholds standardised and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national border
‘’In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan,’’ the President stated. He assured prospective investors that the initiative transcends being a mere pilot project.
‘’It is a concrete manifestation of our unwavering dedication to a carbon-neutral future. I assure you; this is only the commencement of our ambitious plans, with many more impactful initiatives on the horizon,” he said.
President Tinubu, while acknowledging the pressing need for a comprehensive global collaboration on climate-related challenges, called on global partners to join hands in accelerating collective efforts towards a net-zero future.
He added: ‘’As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.
‘’In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.
‘’Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide. Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth.”
In his remarks, FIRS Chairman, Adedeji, acknowledged the visionary leadership of President Tinubu as the guiding force behind Nigeria’s commitment to harnessing its vast carbon potential. He pledged the full commitment of the Committee to drive the implementation of efficient policies and frameworks to achieve sustainable carbon market growth.
Reiterating Nigeria’s readiness to lead the global effort to combat climate change, Adedeji described the initial phase of the rollout of the electric buses as a tangible symbol of Nigeria’s commitment to modernising its transportation systems while reducing Africa’s modes
‘’In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern and sustainable initiatives across diverse sectors. These initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments.”
‘’The business-friendly environment and policy frameworks we are developing underscore our readiness to welcome and facilitate investments that align with our collective commitment to a greener future for Nigeria and the African continent,’’ Adedeji noted.
Speaking on gas flaring, Tinubu, who shared the platform with the President of COP28, Dr. Sultan Ahmed al-Jabar; the United States Special Envoy on Climate, John Kerry, and the Chinese Envoy on Climate, Xie Zhenhue, told the world that Nigeria has already imposed heavy penalty on defaulters.
Commending the drive to reduce greenhouse gases, the President said he was aware of the need for participants to make commitments to the goal of limiting the earth’s temperature increase to 1.5C by the end of the century.
He said: “Sitting here in this room, I know that we have to commit ourselves. We have been doing so before today. We are committed to critical steps to reduce methane emissions by ensuring gas flaring is eliminated. There is a huge penalty for that. There is equally a huge incentive to do so.
“The measures that are taken here are a welcome development, no doubt about that. I am with the leadership of the UAE for the commitment shown so far.
“We are consolidating on gas export, usage domestically and export to other countries. I can assure you that we will be partners in progress to achieve renewable energy.
“We are committed to energy mix; we are providing cooking gas for our large population. We will continue to do that. “We have signed off on reduction of methane. We will leverage on new technology and we hope that the two giant nations and the Emirates will be able to help us.”
President Tinubu pointed out that the world’s biggest economies, the U.S. and China, are the biggest culprits in greenhouse emissions. While expressing delight that both countries were represented at the summit, he said: “What I know of Africa is the fact that de-risking in additional investment and technological knowhow is very necessary and the largest economies that have benefitted immensely should do more real fast because the earth needs healing and needs more attention.”
Earlier, Sultan al-Jabar stressed that the efforts being made prove that success is possible in the objective to limit the earth’s temperature.He observed that the elimination of all CO2 gases could be done with the necessary cooperation and hard work on the part of the countries.
In his remark, John Kerry announced that over $1 billion in new grant funding has been mobilised since COP27 in Sharm el-Shiekh, Egypt. He expressed happiness that more countries have made methane pledge endorsements.
The Chinese Envoy said his country was willing to cut down on greenhouse gases but lack the capacity to do so. He, therefore, called support from the international community.
Warns Against New Appointments
The court-recognized chairman of the Nigerian National Petroleum Company (NNPC) Limited board, Senator Ifeanyi Araraume, has warned against the appointment of a new non-executive chairman, affirming he legally remains chairman until the court rules otherwise.
In a public notice issued on November 30 by his lawyer, Dr Ogwu Onoja (SAN) Ararume said the move by President Bola Tinubu was in breach of an order of court.
“Our attention has been drawn to the news of the appointment of new members of NNPC Limited Board including a new Non-Executive Chairman by the President on the 27th November, 2023, in utter violation of the judgment and order of the Federal High Court, Abuja dated 18th April, 2023 in Suit No: FHC/ABJ/CS/1621/2022 – Between Senator Ifeanyi Godwin Araraume v.
“The President, Federal Republic of Nigeria, NNPC Ltd and Corporate Affairs Commission (CAC) wherein the court restrained the President from removing the name of Senator Ifeanyi Godwin Araraume from the Corporate Affairs Commission as a Non-Executive Director of NNPC Ltd and that he be allowed to continue to function as the Chairman of the Board of NNPC Ltd. This judgment remains valid and subsisting until this moment without being set aside”, the notice read in part.
Ararume expressed shock that the President could brazenly disobey the court judgment by purporting to appoint a New Board and Management Team for NNPC Ltd instead of giving implementation to the said judgment of the Federal High Court.
“It is shocking that rather than obey the valid and extant judgment of the court, the President has taken the laws into his hands to overrule the courts and usurp the jurisdiction of the Court of Appeal before who, the President has filed an appeal which is pending, by taking steps to undermine the judgment by such illegal appointments.
“This singular act of Mr. President unfortunately denotes a wanton disregard for rule of law and a direct affront on the Judiciary”, the notice added.
It argued that with the said judgment still valid and subsisting, it is clear as crystal even to the common man that the appointment of the new Board and Management of the NNPC Ltd by the President on November 27, 2023, is illegal, wrongful, null and void and of no legal consequence”.
The notice warned the general public to “beware of those illegal appointments in their own interest” and avoid having any dealings whatsoever with the new Board and Management of the NNPC Ltd “as anyone who goes ahead to do any business or transactions with them will be doing so at his or her own peril.
“We hereby call on Mr President, who is a huge beneficiary of judicial pronouncements and rule of law, to reverse his decision and allow the flow of the rule of law.
“Mr President should have known that respect for rule of law is equally a strong factor in the attraction of Foreign Direct Investment (FOI), which he has been traveling all over the world to promote”.
Justice Inyang Ekwo of a Federal High Court, Abuja, had on April 18, 2023, set aside the removal of Senator Ararume as the Non Executive Chairman of the newly Nigerian National Petroleum Company Limited Board.
Justice Ekwo in the judgment held that Ararume’s removal by the then President Muhammadu Buhari contravened provisions of the NNPC Ltd laws as well as the Company’s and Allied Matters Act.
In addition, Ekwo had held that Ararume’s removal after his appointment by Buhari was illegal, unlawful, unconstitutional, null and void and subsequently nullified the president’s action.
The court also declared as a nullity all decisions and actions taking so far by the board in the absence of Ararume.
While Ekwo had made an order reinstating Ararume as Non Executive Chairman of the NNPC Ltd Board with immediate effect, he had made another order directing the defendants which included Buhari, NNPC Ltd and the Corporate Affairs Commission (CAC), to pay Ararume the sum of N5 billion being damages he suffered following his unlawful removal as NNPC Board Chairman.
Miffed by the judgment, NNPCL had approached the Court of Appeal, Abuja, to challenge the decisions and orders of Justice Ekwo.
The NNPCL in its appellant’s brief of Argument dated June 30, but filed July 3, presented 18 grounds upon which it is challenging the entire decision of the trial court.The appeal is however, pending at the Abuja division of the Court of Appeal.
Toke Makinwa has responded to the criticism she has got from Nigerians for being a member of President Tinubu’s team to the COP28 conference in Dubai. yesterday, Toke was trending on X after some Nigerians questioned her ability to attend such a meeting with the President.
Reacting to the backlash, Toke wrote;
‘’When world leaders, Royalty, Climate change advocates and industry game changers gather to meet in Dubai to discuss how to save the planet, #Cop28
May your name be what the whole country decides to trend. (Amen).
See you all at Cop30 in Rio
Item number 7.
In another post on X, she wrote;
‘’Hi Twitter, by the way it’s been a minute. At this point, I think my ass also needs its own account. Off to dinner in Dubai. ‘’
When world leaders, Royalty, Climate change advocates and industry game changers gather to meet in Dubai to discuss how to save the planet, #Cop28— Toke Makinwa (@tokstarr) December 2, 2023
May your name be what the whole country decides to trend. (Amen).
See you all at Cop30 in Rio
Item number 7.????#Cop28Dubai
Hi Twitter, by the way it’s been a minute. At this point I think my ass also needs its own account. Off to dinner in Dubai. ????— Toke Makinwa (@tokstarr) December 2, 2023
A yet-to-be-identified Nigerian nurse in the United Kingdom has been reportedly sacked by the management of her hospital after she was found praying for an elderly patient.
The self-acclaimed online doctor, Harvey Olufunmilayo, disclosed this via his X handle, @drolufunmilayo, on Thursday.
Although PUNCH cannot verify this claim as of the time this report was filed, the doctor narrated the incident to warn Nigerian doctors moving to the UK not to pray for patients.
He also claimed that the said Nigerian health worker was further deported for what he believed was unethical for health workers in the UK to bring religion to their work.
The X user added that it is not customary for nurses to pray for patients, but they can ask for a cleric to carry out any religious service on patients, regardless of whether they want them (the nurses) to do so.
He wrote, “I just read the sad story of a Nigerian who came to the UK and was employed by an agency to work as a caregiver for elderly people. She was assigned to care for an elderly patient who was dying, and she was reported for ‘praying for the client to get better’. Yeah. She got sacked and deported.
“Praying for your patient is seen as an abuse of trust and misuse of your position. You are expected to simply do and focus on your job.”
Three traditional rulers from Oriire Local Government Area of Oyo State have been confirmed dead in an auto crash in the state on Friday.
Nine other persons were also said to have been injured in a separate accident on the same day.
Eyewitnesses told PUNCH Online that the affected monarchs lost their lives in a road accident involving Benz E230 with number plate OLODOGBO and a commercial Scania Truck with registration number 301 XF at Aje Iye in the local government area.
Investigation further revealed that two of the affected monarchs died on the spot, while the third person died a few hours later at the Ladoke Akintola University Teaching Hospital, where he was rushed.
One of the eyewitnesses, Olawoyin Adekunle, said, “Six passengers were involved in the crash, but the three survivors are undergoing treatment at LAUTECH Teaching Hospital. The affected passengers were going for a social function at the nearby community when the accident occurred.
“The affected monarchs are Olodogbo of Odogbo, Onibowula of Bowula and Alayetoro of Ayetoro in Oriire Local Government.”
When contacted, the state Sector Commander of the Federal Road Safety Commission, Joshua Adekanye, confirmed the incident and said, “It was a head on collision involving a private and commercial vehicles on Ogbomoso-Oyo Wxpressway. The survivors are undergoing treatment at LAUTECH Teaching Hospital while the corpses of the victims have been deposited at the morgue of the same hospital.”
In a related development, Adekanye also confirmed that nine out of the 13 persons suffered varying degrees of burnt when a truck caught fire on Ogbomoso-Oyo Expressway on the same day
He added that no life was lost but the injured ones are receiving treatment in the hospital.