Dear Mr. Bisi Kazeem,

I am delighted to extend my warmest congratulations to you on your appointment as the Deputy Corps Marshal of the Federal Road Safety Corps (FRSC). This is a momentous achievement and a testament to your exceptional skills, dedication, and unwavering commitment to ensuring road safety.

Your appointment to such a significant position reflects the trust and confidence that the FRSC has placed in you. I have no doubt that your vast experience, expertise, and leadership qualities will greatly contribute to the continued success of the FRSC in its mission to safeguard lives on the roads.

As Deputy Corps Marshal, you will undoubtedly play a pivotal role in shaping and implementing policies, strategies, and initiatives that promote road safety, educate the public, and prevent accidents. Your passion for creating safer roads and your tireless efforts in raising awareness about traffic regulations have already made a notable impact, and I am certain that you will continue to inspire and lead by example.

Please accept my heartfelt congratulations once again on this well-deserved appointment. I have no doubt that under your capable leadership, the FRSC will reach new heights in its pursuit of ensuring road safety for all citizens. Your dedication and commitment serve as an inspiration to others, and I am confident that you will excel in this new role.

May your journey as Deputy Corps Marshal be filled with rewarding experiences, valuable insights, and remarkable achievements.

Congratulations once again, Mr. Bisi Kazeem!

Warm regards,

Dr Olukayode Ajulo, OON, FCIArb. UK

Nigeria's naira is on the brink of breaching 1,000 per dollar after falling to an official record low of 999 last week, Refinitiv data showed, tracing its weakness on the unofficial market where it trades freely.

President Bola Tinubu removed Nigeria's foreign currency controls in June in a bid to get transactions flowing through the official market again to help unify the naira's exchange rates.

But that has only fuelled the currency's weakness and added to inflationary pressures.

Here is what you need to know about the naira.

WHY IS THE NAIRA FALLING?

The central bank has a backlog of accumulated forex demand on the official market, which effectively forces individuals and businesses to head to the black market if they need dollars.

But dollar flows to Nigeria have been falling in the last few years due to declining investment and lower exports of crude oil, which account for more than 90% of the country's export income.

Investors cheered when Tinubu lifted the currency controls, hoping a unified exchange rate would make it easier to access foreign currency, but that is yet to happen.

HOW BIG IS THE FOREIGN CURRENCY BACKLOG?

Nigeria has nearly $7 billion in forex forwards that are past due, which corporates bought from local banks. Banks then repaid foreign credit lines with their own funds when the central bank did not pay out.

That means corporates are unable to get new letters of credit, while the banks are owed dollars. New central bank governor Yemi Cardoso said clearing the backlog was a priority but he gave no timeline for how long it would take.

Some analysts say the forward agreements could be rolled over by 24 to 36 months, giving the central bank more time to find the dollars to pay off the corporates.

HOW BIG ARE NIGERIA'S FOREX RESERVES?

The country's forex reserves fell to $33.5 billion in September from $37 billion in January, central bank data shows.

In August, the central bank published audited accounts for the first time since 2018, and revealed that its reserves included a $19 billion commitment in derivatives - slashing the liquid amount of the reserves.

JPMorgan calculated that the country's net FX reserves stood at $3.7 billion as of the end of 2022, "significantly lower" than prior estimates.

Nigeria's crude excess account only has $473,755, the National Economic Council said in August, down from a peak of $20 billion in 2008, after successive governments withdrew dollars to support the naira and budget spending.

WILL THE CENTRAL BANK RESTORE FOREX OPEN POSITIONS?

Nigerian banks are not allowed to have open positions on the dollar, meaning that they cannot buy forex for their own account from the market or speculate on the value of the currency.

Banks use their open net positions on foreign currency to finance short-term trade lines without resorting to the central bank for bidding. That means banks "make the market" for dollars and provide two-way quotes for buying and selling the currency, effectively creating a fully functioning forex market.

A trader said if banks were allowed to make the market on the dollar, the local currency could weaken further because they would sell to customers at rates determined by demand and supply.

Nigeria's 2024 budget assumes a benchmark exchange rate of 700 naira to the dollar. The finance minister says the parallel market rate of 1,300 naira does not reflect the true value of the local currency.

"Given that the naira remains much weaker on the parallel market, further devaluations – and rises in inflation – are likely," Capital Economics said in a research note.

The House of Representatives has resolved to intervene in the lingering disagreement between the federal government and the Academic Staff Union of Universities (ASUU) over unpaid eight months’ salary.

The resolution was a sequel to a unanimous adoption of a motion by Paul Nnamchi (LP-Enugu State) and co-sponsored by Aminu Jaji (APC-Zamfara State), Julius Ihonvbere (APC-Edo) and Lilian Orogbu (LP-Anambra) at plenary on Thursday.

Moving the motion, Mr Nnamchi said that university lecturers played a crucial role in the education system by providing knowledge, guidance, and mentorship to future leaders.

He said that ensuring a stable and motivated academic workforce was critical to educational institution development.

The lawmaker said that ASUU, a recognised body of academic professionals in Nigeria, was committed to the advancement of education and research within the university.

He recalled that in 2022, ASUU members went on an eight-month strike due to the federal government’s failure to honour past agreements with the union.

Mr Nnamchi said that strike actions, aimed at addressing systemic issues, had unintentionally led to financial consequences for dedicated lecturers who participated in the strike.

“ Section 17 of the Constitution provides that the state social order is founded on ideals of freedom, equality and justice and in furtherance of the social order, government actions shall be humane.

“Disturbed that federal university lecturers are facing financial hardships and distress due to eight months’ salary owed as a result of the ASUU strike, with adverse consequences on students’ educational experiences and overall well-being.

“Worried that the unpaid salaries can negatively affect lecturers’ morale, job satisfaction, and teaching effectiveness, thereby affecting the quality of education provided to students.

“The educational success and prospects of students are intricately linked to the financial security and dedication of teachers.

“Resolving this issue is crucial for the stability and excellence of universities, the welfare of educators, and the nation’s economy,” he said.

In his ruling, the Speaker, Tajudeen Abbas, mandated Committees on University Education, Finance, Appropriations, Labour and Productivity, and Legislative Compliance to interface with ASUU and the Federal Government.

He charged the committee to resolve the eight months outstanding salary of lecturers following the ‘no work no pay’ policy and report back within two weeks for further legislative actions.

President Bola Tinubu had announced the waiver of the no-work-no-pay policy to release the lecturers’ withheld salary, but disagreement over the issue has lingered.

(NAN)

Former Bayelsa Senator, Ben Murray-Bruce has begged Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of Labour Party to congratulate President Bola Tinubu following the Supreme Court's ruling affirming his election.

He said the duo should make the call in the spirit of sportsmanship.

Murray-Bruce, in a post shared via his handle on X (formerly Twitter) said: “It is only right, fitting, and sportsmanly for both Waziri Atiku Abubakar and Peter Obi to congratulate President Bola Tinubu for his victory in the #NigerianElections2023.

“There must be an end to litigation, and the Supreme Court must end it. All talk by some persons that ‘Bola Tinubu is not my President’ is frivolous and unhelpful.

“As long as you call yourself a citizen of the Federal Republic of Nigeria, you do not have ‘your’ President. Nigeria has a President, and whether you like it or not, he presides over you as Commander-in-Chief of the Armed Forces and Head of the State,

“The Peoples Democratic Party must now play their role as Nigeria’s most viable opposition party.

“It is incumbent on them to work on unifying their ranks. Disunity and treachery against President Goodluck Jonathan cost them the 2015 election.

“Disunity also cost them this election. If they allow it to repeat itself a third time, they are done."

The former senator, who served in the upper chamber between June 2015 and June 2019, also advised youths not to allow anybody, whether candidate, party, or TV station, to set them against the government.

He said: “To the youths of Nigeria, do not allow anybody, whether candidate, party, or TV station, to set you against the government. The future is yours, as Millennials, not ours, the fifties and sixties generation. Use it well. Organise now for 2027, or agonise when it is 2027.”

• Competition: Premier League
• Kickoff: 20:00 UK / 21:00 CEST
• Venue: Selhurst Park (London)

For the last decade, Crystal Palace were constantly a mid-table team in the English top-flight division, finishing between 10th and 15th place. This season, at least at the start, the Eagles are again at the middle of the table, with 12 points in 18 matches, already eight above the danger zone. 

Tottenham are coming to this season after the worst one in the last 14 years. The Spurs finished 8th and missed Europe by one point. Over the Summer, the club made significant changes by adding new coach Ange Postecoglou, selling Harry Kane, and using that money to add a few excellent players. Although it is still early, Tottenham looks great and are deservedly at the top of the league with 23 points in nine rounds. 

Crystal Palace vs Tottenham pick: Tottenham to win

Crystal Palace had a very good start to the season, winning three of the first five games (four in the league & one in the Carabao Cup). Still, in the next six games, the Eagles won just once and had massive problems offensively, scoring just twice during that period. 

Tottenham won seven of ten games this season in all competition and, along with Arsenal, are the only undefeated team in the Premier League. Their only loss this season came in the Carabao Cup vs Fulham on the road, but after the penalty shootout in a match where they heavily rotated the squad. 

Even though many of us expected Tottenham to suffer offensively without Kane, that has not been the case so far. The Spurs have been great offensively, scoring two or more goals in eight of ten matches this season. 

In the previous years, Tottenham had very little problems with Crystal Palace, as they beaten them in four of the last five games. Considering the difference in h2h games and a massive difference in form, we expect the Spurs to walk away with all three points. 

Nigeria remained in 40th place in the latest FIFA Men’s rankings for October, despite winning and drawing their last friendly games of the international break.

The Super Eagles won 2-2 against Saudi Arabia in the first game of the friendlies, before winning 3-2 to Mozambique in the second. However, the results had little impact on their rankings.

In April, Coach Jose Peseiro’s team dropped to 40th in the rankings, after being ranked 35th in Africa in December last year.

The main reason for the drop was Nigeria’s non-involvement in the 2022 FIFA World Cup qualification. In June and July, Nigeria dropped to 39th, and in September, they dropped again to 40th position. The three-time African champions remain in 6th place in the rankings table.

Morocco remains Africa’s top-ranked nation, remaining 13th in the world rankings. Senegal remained 20th in the world while remaining in second place in Africa.

Last month, Tunisia, which was the only African nation among the continent’s top six to move up in the world rankings, was the only nation of the top six to lose points. The country was ranked 29th in the previous rankings but dropped to 32nd in the latest update published by FIFA on Thursday.

In Africa, the Top 5 is completed by Algeria (33) and Egypt (35).

[news.ng]

Former Chinese Prime Minister, Li Keqiang is dead.

Kegiang died in the early hours of Friday at the age of 68.

He died after suffering a sudden heart attack in Shanghai, state news agency reported.

Kegiang suffered a heart attack late on Thursday and died on Friday after attempts to resuscitate him failed.

Recall that Kegiang had stepped down as premier in March after 10 years in office under Chinese President Xi Jinping.

He was born on July 1, 1955 in Dingyuan, in the eastern province of Anhui, the son of a functionary.

In 1974, during the Cultural Revolution, Kegiang was forced to go to the countryside like other intellectuals.

As one of only three per cent of all applicants who managed to gain admission, he studied law at Peking University and earned a doctorate in economics.

Kegiang was effectively sidelined by Xi, and eventually replaced by Li Qiang in March.

There had been rumours about his health for years.

[Newspot]

• Competition: Premier League
• Kickoff: 20:00 UK / 21:00 CEST
• Venue: Selhurst Park (London)

For the last decade, Crystal Palace were constantly a mid-table team in the English top-flight division, finishing between 10th and 15th place. This season, at least at the start, the Eagles are again at the middle of the table, with 12 points in 18 matches, already eight above the danger zone. 

Tottenham are coming to this season after the worst one in the last 14 years. The Spurs finished 8th and missed Europe by one point. Over the Summer, the club made significant changes by adding new coach Ange Postecoglou, selling Harry Kane, and using that money to add a few excellent players. Although it is still early, Tottenham looks great and are deservedly at the top of the league with 23 points in nine rounds. 

Crystal Palace vs Tottenham pick: Tottenham to win

Crystal Palace had a very good start to the season, winning three of the first five games (four in the league & one in the Carabao Cup). Still, in the next six games, the Eagles won just once and had massive problems offensively, scoring just twice during that period. 

Tottenham won seven of ten games this season in all competition and, along with Arsenal, are the only undefeated team in the Premier League. Their only loss this season came in the Carabao Cup vs Fulham on the road, but after the penalty shootout in a match where they heavily rotated the squad. 

Even though many of us expected Tottenham to suffer offensively without Kane, that has not been the case so far. The Spurs have been great offensively, scoring two or more goals in eight of ten matches this season. 

In the previous years, Tottenham had very little problems with Crystal Palace, as they beaten them in four of the last five games. Considering the difference in h2h games and a massive difference in form, we expect the Spurs to walk away with all three points. 

A Senior Advocate of Nigeria, Robert Clarke, said electoral issues in Nigeria will not stop until the 1999 constitution is amended.

Clarke stated this in an interview with Channels Television’s Politics Today on Thursday.

He blamed the 1999 Constitution for the incessant electoral litigations over the years.

Clarke said the 1999 Constitution gave the Independent National Electoral Commission (INEC) so much power.

His comment comes after the Supreme Court upheld President Bola Tinubu’s election.

Clarke said, “The problem today is that the system we have, except it is rigorously looked into, we will continue for every four years to do the same thing we are doing for the next 20 years. I started with this constitution in 1999; today, in 2023, there has been no difference. Every four years, we do a roundabout in trekking and come to the same point.

“We have filed about six election petitions, and the Supreme Court has never set aside any presidential election in Nigeria. Why should they, when the law says whatever the umpire does is, by law, presumed to be right?

“So, once the umpire, which is INEC, presents documents to the tribunal and says, ‘I have done my job; these are the results; if you are not happy, come and challenge me and bring your own result’.

“That is what is happening. We have to make sure INEC is not given that advantage to present documents, and the court has no option but to accept them as correct.”

“For us not to come back in four years’ time and be talking the same thing that we are doing today, we must amend the 1999 Constitution to remove that section that says to be able to contest an election, you must belong to a political party,” he said.

According to him, all the problems today are being caused by the political parties with their numerous litigations from pre-election to the election as well as post-election.

The Supreme Court affirmed the September 6, 2023, ruling by the Presidential Election Petitions Tribunal that upheld the victory of Tinubu.

A seven-judge panel led by Justice John Iyang Okoro ruled that the opposition appeals over claims of fraud, electoral law violations, and Tinubu’s ineligibility to run for president lacked merit.

[OpinionNigeria]