There is a country called Nigeria. For three decades, its coffers were daily looted in the guise of fuel subsidy. The looters are known by name and some are known faces. The companies they use in looting are registered and have addresses. Rather than bring the criminals to book, government decided to remove the subsidy.

Thus, the people are forced to pay astronomical prices for fuel, while the subsidy looters keep their loot and are free to forage for other things to loot. This is the truth. There is also the lie; that fuel subsidy has now been removed. The truth is that it is impossible to remove fuel subsidy no matter how much the people are visited with high fuel prices.

This is because there are two basic variables over which the people have no control. First, is the continuous and steady devaluation of the Naira; every devaluation of the currency creates a fuel subsidy gap. It is like digging a hole to fill another hole. The craziness in this is that the first hole continues to widen.

The second subsidy-inducing variable is the cost of crude oil at the international market. Since Nigeria is not refining the crude oil it produces, it is condemned to buying refined petroleum products at international market prices. When you add to this, the cost of refining abroad, freight, insurance, taxes and demurrage, the price of a litre would have swelled.

Futurologists say when the Dangote refinery comes on stream, this second variable would be taken care of and prices would come down or crash. I am a person of little faith in economic speculators who since 1981 have told us the same thing, then preach that we should have faith in a bright economic future.

On Dangote, it is about a businessman said to be building the largest refinery in Africa, and our economists and money managers like brother Godwin Emefiele speculating on his motives. Some claim he would earn so much foreign exchange for the country that the Naira will appreciate. In a country famed for inadequate regulation, supposing Dangote decides to charge so-called international prices for his products, or in fact, decides to sell to foreigners to the exclusion of Nigerians, will he be committing a crime?

Aliko Dangote is like a man holding a bird in his hand, and our economists and leaders are speculating on the colour of the bird; some say it is purple, some black, others say it is green, white , green. This is witchcraft economics.

So, President Bola Tinubu needs to be cautious of experts who repackaged the disastrous and ruinous Structural Adjustment Programme, SAP, of the military regime as fresh ideas. He needs thoughtful patriots like Odia Ofeimun who have the welfarist, programmatic and developmental mind of an Obafemi Awolowo.

It is understandable that President Tinubu has to give political jobbers appointments. But it is also necessary for him to have people who can look him in the eye and tell him the truth. Such people can also constantly remind him that he is in office for two basic reasons: the security and welfare of the people. Any other matter is fashion which comes and goes. At the end of his tenure, his government and legacy will be assessed based on how he fared on security and the peoples welfare.

The half a Kobo wisdom I have which I can share with him is that all his programmes should be subjected to those twin tests. Let us take, for instance, his decision to introduce student loans in our tertiary institutions. I like learning from history. So I expect the President to reflect and tell Nigerians why the student loan system was scrapped decades ago while the scholarship and bursary schemes were retained. Secondly, what logic is it in us resurrecting the student loan scheme when the same scheme is collapsing in the United States, Canada and Western European nations with these countries desperately trying to get out?

Some of the basic problems of the student loan scheme is mass unemployment with people being unable to repay. Even where some get jobs, the wages are so low that they are merely surviving.

In the US, the loan debts is now over $1.6 trillion with over 45 million Americans trapped in it. This means that one in three young American adults with some three million above the age of 60, are trapped in the debt peonage. Over one million Americans default with the rate of defaulters this year estimated at 40 per cent.

The debts have become so much a liability that some American youths decided neither to get married nor raise a family until they have been able to repay the loans which can take decades.

The Biden administration this May, decided to give some of the defaulters some breathing space by cancelling $66 billion in student debt. This has snowballed into a crisis as the Senate voted to shoot down the Biden plan and the American President responded by vetoing the legislation.

If the Tinubu administration goes on with its Student Loan Act, our situation is likely to be worse than the Western situation because we have a worse unemployment crisis, lack basic social protection, very poor statistics and have far higher rate of inflation; these are unlikely to change in the next 8-24 years when the loans should be repayable.

While the Americans tend to remain in their country, I foresee Nigerian youths ‘japaing’ (fleeing abroad) just to escape the debt prison.

Also, although government says it does not intend to introduce tuition fees or increase fees in the tertiary institutions as a result of the student loan scheme because the institutions are not financially independent, it means that fees can be increased just by declaring tertiary institutions financially independent.

Education is crucial to the country’s future. So if government says there are not enough funds to sustain the current funding system, it needs to first calculate how much tertiary education costs. Tell us how much is available and the cost gap that exists. Then we can answer the next logical question: how do we fund the difference? For instance, can we save money by scrapping the House of Representatives and transferring the trillions of Naira spent legally and illegally on it? Its functions can be transferred to the trimmer and much more representative Senate.

 Also, can we ensure that the Tertiary Education Fund of 2.5 per cent of company profits are largely collectable and accountable?

The Tinubu administration has no need to use torchlight searching for solutions to the myriad of problems in the country; the broad daylight is enough, it is more a question of choices and priorities.

Ahead of the meeting between the Federal Government and the organised labour scheduled to hold today (Monday), the Nigeria Labour Congress has said the government must meet its demands to cushion the effect of the fuel subsidy removal.

The union threatened that it would not hesitate to call out workers for industrial action, adding that it only suspended its planned strike.

It stated that the high cost of fuel was inflicting unbearable hardship on Nigerians, adding that the government must act fast with respect to providing palliatives, as the NLC said it was expecting an increase in the minimum wage from N30,000 to N150,000.

The Federal Government and labour unions met on June 5, 2023, with a resolution to reconvene on June 19 to agree on the implementation framework of the resolutions reached.

The former Speaker of the House of Representatives and current Chief of Staff to the President, Femi Gbajabiamila, who led the government side, had disclosed this at the end of the meeting between labour and government representatives at the Presidential Villa, Abuja.

According to him, the June 5 meeting agreed on a seven-point resolution to cushion the effect of the subsidy removal on Premium Motor Spirit, popularly called petrol, on Nigerians.

“The Federal Government, the TUC, and the NLC to establish a joint committee to review the proposal for any wage increase or award and establish a framework and timeline for implementation.

“The Federal Government, the TUC and the NLC to review the World Bank Financed Cash transfer scheme and propose the inclusion of low-income earners in the programme.

“The Federal Government, the TUC and the NLC to revive the CNG conversion programme earlier agreed with Labour centres in 2021 and work out detailed implementation and timing,” Gbajabiamila had stated.

But when contacted on Sunday to speak on the expectations of labour from the meeting scheduled to hold today (Monday), the Vice President, NLC, Adewale Adeyanju, said a lot of things had been presented by labour unions, stressing that the government should not act funny.

“There are a lot of things that labour has been putting before the government. The refineries need to be revamped. We cannot continue to import refined petroleum products and be spending on subsidies all the time.

“Labour has its set of demands and by the time we meet with the government tomorrow we will list them out again,” he stated.

Asked to state what action the NLC would take should the government fail to give in to the demands of labour, considering the plight currently faced by Nigerians with respect to the removal of subsidy, Adeyanju replied, “You know we only suspended our strike as a result of the need to meet on this.

“So the government should know that things are becoming difficult and they (the government) should not decide to do anything funny. The strike was only suspended. It was an ultimatum that was given out and it (strike) was suspended.

“So let’s hear what the government has for us and then we will know what to tell our members. It is about the lives of the people. Let’s meet them tomorrow and then labour will come out with its position.”

Adeyanju, however, expressed optimism that the meeting would be fruitful and insisted that the NLC would not want the government to behave funny.

“We hope that the meeting is going to be fruitful. The expectations are very high. The nation is watching and people are looking at how the Nigeria Labour Congress is going to handle the situation.

“And the government too will not like to behave funny because they know the country is battling with the increase in fuel pump price and so many things,” he stated.

On the proposal by oil marketers for the deployment of Compressed Natural Gas at filling stations, the NLC official stated that a technical committee had been set up by the Federal Government to look into the matter.

“The government has set up a technical committee on some of these issues. So I don’t want us to preempt the outcomes that will come out from that meeting tomorrow between labour and the government,” he stated.

Commenting on the need to deploy CNG, the National President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated that oil marketers were looking forward to the outcomes of the meeting between the Federal Government and labour before making their moves.

“That meeting tomorrow (Monday) is very crucial, because marketers are ready to deploy CNG, but the outcome of that meeting will tell us whether the government is ready to give the support needed to make this initiative fruitful.

“We are very confident that with the deployment of CNG as a substitute to PMS, the harsh effect caused by petrol price hike would be addressed significantly,” Okonkwo stated on Sunday.

The NLC also stated on Sunday that it was expecting an increment in minimum wage from N30,000 to between N150,000 and N200,000.

It further urged President Bola Tinubu to ensure that borders were re-opened to ensure smooth importation and exportation of food and farm products.

The National Treasurer, NLC, Hakeem Ambali, made the disclosure in an interview with one of our correspondents in Abuja.

A former Governor of Edo State, Adams Oshiomhole, has hailed President Bola Tinubu for hitting the ground running and taking bold and landmark decisions after his swearing on May 29.

Speaking in Abuja on Sunday at a reception party held in honour of lawmakers, Oshiomhole described the Electricity Act 2023 signed into law by Tinubu as a game-changer, saying the President is living up to Nigerians’ expectations as an ‘action President.’

While recalling how Tinubu campaigned to become President, Oshiomhole said he had proved the naysayers wrong.

“Some people were screaming ‘Edo no be Lagos,’ when the then candidate of the APC, now President Bola Tinubu, visited Benin City (to campaign). But he said something back then. I remember him saying those who said ‘Edo no be Lagos’ will leave and see Edo becoming not just like Lagos but even better than Lagos. That same man is now the President of the Federal Republic of Nigeria with a legislative branch called National Assembly.

“He has also extended the tenure of our judges so they can have courage to dispense justice without being afraid that they will soon retire and wondering what they will do thereafter,” Oshiomhole said.

He noted that the new electricity law signed by Tinubu will, among other benefits, curb electricity smuggling into neighbouring communities of Niger Republic.

He said, “The President has hit the ground running. He has started what he promised to do. People may not like the immediate effect but in the long run, what he saves will be ploughed back in the system. There is another one he said which many people have noticed. He said as President, he will no longer accept the situation where you have the so-called national grid that cannot carry power from Ovia to Azura power plant.

“As governor of Edo State, Azura power plant was set up producing about 750 megawatts. But that power is sometimes taken to Niger Republic and you don’t have power in Benin. The President has now signed a law that says you can generate your power and consume it where you generate it. You don’t have to transfer it to avoid collapse of the system that may leave the producers and consumers in the dark. That is now a law. He signed it last week.”

Oshiomhole said with the way Tinubu had begun, “what we owe him is our prayers and in the National Assembly, we will work hand-in-hand with him. We will interrogate policies, cooperate and ensure that the President is able to translate into action all of those things that are well documented in the Bola Tinubu action plan when he was contesting for office.”

The Middle Belt Forum, on Sunday, attacked the immediate-past governor of Kaduna State, Mallam Nasir El-Rufai, over a recent viral video in which he was captured explaining why he went for a Muslim deputy governor instead of a Christian.

The MBF, in a statement on Sunday by its National Publicity Secretary, Dr Isuwa Dogo, said El-Rufai’s remarks were anti-Christian, describing him as a dangerous politician that must be avoided by President Bola Tinubu.

In the video complained about, El-Rufai was captured telling some Islamic clerics on the eve of his final day in office, in Hausa language that “Why did I pick Dr Hadiza Sabuwa Balarabe to be my deputy in 2019? First, I did a thorough calculation that most of those that are not Muslims don’t vote for our party (the All Progressives Congress). Most of them. So, why should I give them the deputy (governor) position?

“I did my calculation and I knew we could win the election without giving them (position of deputy governor). That’s first. That’s a purely political issue. It’s politics. You want to win an election, you’re looking for people that will vote for you. We have observed that since we started practising democracy, we know places we used to win elections and those places we don’t. We’ve done that calculation politically. That’s the political point of it.”

The MBF, in its statement, said El-Rufai’s comment validated the fear of Islamisation in the country.

MBF said, “There is no doubt that this former governor remains a clear present and future danger to the unity of our nation. He is subtly working for a group that is unremittingly and persistently poised at installing the supremacy of the Islamic faith in the corridor of power.

“Both Governor Uba Sani of Kaduna State and President Bola Ahmed Tinubu should be wary of associating with him. He must not be allowed near the corridors of power.”

Furthermore, the MBF called on security agencies in the country “not only to place the former governor under their radar, but he should be invited by the secret police for a chat.”

“Considering the comments he made before the clerics, the man who suffers from an inferiority complex must be considered as a dangerous politician riding on the wings of religion for relevance. We hereby denounce El-Rufai’s comments before the clerics as a shameless act of national hypocrisy steeped in the premeditated plot to set adherents of both religions on war path,” it added.

El-Rufai’s media aide, Muyiwa Adekeye, neither took calls nor responded to a text message to get his principal’s reaction.

The agitation for ministerial slots has led to in-fighting in some state chapters of the All Progressives Congress, APC, as governors, former governors and party leaders are battling to ensure they present slots to President Bola Tinubu.

Vanguard gathered that apart from APC stakeholders who argue that they worked for the president during the February 25 presidential election, some leaders of the People’s Democratic Party, PDP, and New Nigeria People’s Party, NNPP, among other parties, are also said to be jostling to make the ministerial list.

President may send list to Senate after July 4

By law, Tinubu must name his cabinet within 60 days after taking the oath of office on May 29 and transmit it to the Senate for confirmation.

Multiple sources disclosed that the President is expected to send the list of the nominees to the Senate when it resumes plenary on July 4.

In-fighting in APC

In Osun, the decision by the APC in the state to sanction the immediate past Minister of Interior, Ogbeni Rauf Aregbesola and a former speaker may not be unconnected with Osun ministerial slots.

Aregbesola and immediate past governor of the state, Mr Gboyega Oyetola, have been in a frosty relationship over the former’s alleged moves to scuttle Oyetola’s re-election chances during the 2022 election.

The APC in Osun State has decided “to deal with members involved in anti-party during the last governorship and general election in the state,” the party said in a statement.

Similarly, former governor of Kano State, Alhaji Umar Ganduje is at loggerheads with the presidential candidate of the NNPP, Senator Rabiu Kwakwanso.

In Oyo State, APC members are said not to be comfortable with Governor Seyi Makinde’s romance with President Tinubu.

APC leaders kick against strangers

One of the arguments put forward by APC leaders and members is that only “genuine APC members should be appointed.”
They argued that in the last dispensation, strangers benefited from their contributions to the party.

Tinubu’s special advisers

Last week, President Tinubu approved the appointment of Mr. Dele Alake as Special Adviser, Special Duties, Communications and Strategy; and Mr Nuhu Ribadu, as Special Adviser, Security.

A statement by the Director of Information, State House, Abiodun Oladunjoye, stated that other persons appointed are Mr. Yau Darazo, Special Adviser, Political and Intergovernmental Affairs; Mr. Wale Edun, Special Adviser, Monetary Policies; and Mrs. Olu Verheijen Special Adviser, Energy.

Zacchaeus Adedeji was appointed Special Adviser, Revenue, Mr. John Uwajumogu, Special Adviser, Industry, Trade and Investment and Mrs Salma Anas, Special Adviser, Health.

Jostle for ministerial slots

Following the appointment of special advisers, Vanguard gathered that lobbyists have been sending resumes (CVs) of prospective candidates to the Presidency, which are being collected for screening.

Despite the lobby by governors, former governors and leaders across party lines, multiple sources said President Tinubu has not disclosed those likely to make his cabinet.

Sources also informed Vanguard that close aides of the President do not have any idea of those likely to be in the cabinet.

Lobbyists besiege Aso Rock

A close ally to a former governor said: “I know they are collecting CVs of ministerial nominees. You know the Senate has gone on recess and adjourned sitting to July 4 and as they’re resuming, they will commence work on screening of ministerial nominees. For now, no name has been mentioned.”

Another source told Vanguard that with the president keeping the list close to his chest, party leaders had been left guessing.
The source said: “The president has not disclosed the ministerial nominees. Even those said to be close to the president have no idea of those likely to make the list.

‘’I am sure the list is ready and unofficially, the President may have given it to the Senate President.”

Tinubu not bothered about in-fighting—Source

Vanguard was further told that the jostling for ministerial slots has led to a crack in some of the APC state chapters.
Giving insight into the in-fighting in the APC, a source said: “The fight has been on and they are still fighting. I was informed that the President has refused to listen to those fighting themselves.”

Special Advisers may supervise ministers

Another source also hinted that the president may likely give more powers to the special advisers, while ministers would just be ceremonial heads.

He said: “From what I know, those who will work with the President are the 20 special advisers and they will be powerful. They are likely going to be the cabal.

‘’The in-fighting within the APC is serious. Some people are pushing former Kano governor, Umar Ganduje but Tinubu has aligned with the Presidential candidate of the NNPP, Senator Rabiu Kwakwanso.

“Unfortunately, Ganduje has lost Kano State and is no longer relevant. Kwakwanso may likely be made defence minister.”

Government of National Unity

Speaking on the prospect of the President forming a Government of National Unity, GNU, the source said Tinubu intended to bring everyone on board after the election petition tribunal.

He said: “Tinubu is likely to form a Government of National Unity and it will be across the board. For now, the president wants to settle down and sort out the court cases.”

2023 data from the World Poverty Clock, has pegged the number of extremely poor Nigerians at 71 million.

Tonye Cole, governorship candidate of the All Progressives Congress (APC) in Rivers State, who quoted the data also said the National Bureau of Statistics (NBS) classifies 133 million people as multidimensionally poor.

He spoke during the weekend in Abuja, at the Nigeria Zero Hunger Symposium, organised by T200 Foundation to mark World Hunger Day and unveiling of the “Nigeria Zero Hunger” report.

Quoting the United Nations (UN), Cole said globally, 25,000 die daily from hunger, including more than 10,000 children.

He noted that Nigeria must design a simple, implementable, and sustainable poverty eradication model and stick to it over time.

He said, “Nigeria has the awful distinction of being the world capital of poverty, with 71 million people living in extreme poverty today (World Poverty Clock, 2023) and a total of 133 million people classed as multidimensionally poor according to National Bureau of Statistics data.

“In other words, about 828 million people will wake up every day having no idea when or where their next meal will come from, and many will go to bed that day without eating anything. This is according to a 2021 UN report. The UN further states that of these 828 million people, 25,000 will die today, including more than 10,000 children.

“Nigeria must design a simple, implementable, and sustainable poverty eradication model and stick to it over time.

“Other factors that contribute to hunger, such as violence, weak government, and health-care systems, must be addressed promptly if zero hunger is to be achieved. These are real difficulties in Nigeria and addressing them is critical not only for hunger eradication but also for the country’s overall progress.

“President Bola Ahmed Tinubu’s (GCFR) government is well positioned to push the goal of strengthening democratic institutions that will yield democratic dividends to the Nigerian people.”

According to the report by T200 Foundation, Nigeria has a Global Hunger Index score of 27.9, which falls into the serious hunger category. However, there are significant variations in the hunger index score across states.

The report noted that the state with the highest hunger index score is Yobe, with a score of 44.2 percent. Yobe also has the highest prevalence of undernourishment, which is 27.4 percent. This is more than twice the national average of 12.9 percent. Yobe also has the highest child-wasting rate of 22.5 percent, which is almost three times the national average of 7.9 percent.

Also, the state with the second-highest hunger index score is Sokoto, with a score of 42.1 percent. Sokoto also has a high prevalence of undernourishment, which is 24.4 percent. The child wasting rate in Sokoto is 18.4 percent, which is more than twice the national average.

The report added that other states with high hunger index scores include Zamfara (37.2%), Kebbi (34.5%), and Jigawa (33.9%). These states also have high rates of undernourishment and child wasting.

Fielding questions from newsmen, Executive Director T200 Foundation, Amb. Emmanuel Osadebay, said Nigeria needs collaboration among stakeholders to end hunger by 2030 in accordance with the Sustainable Development Goals (SDGs).

This was as he called on individuals to be empathetic towards the poor and work collaboratively to eradicate hunger.

He said, “People don’t pay attention to beggars on the street, so how do we eradicate hunger? We have to believe that we can change the world. Change starts from inside, when we go around without empathy, it can’t work that way, so the change starts from within us. So hunger is not a one-man effort, it’s a compiled effort.”

Sultan of Sokoto, Alhaji Sa’ad Abubakar III has declared Wednesday, June 28, 2023, as the day of Eid-il Adha 1444 AH.

The Sultan who is the President-General Nigerian Supreme Council for Islamic Affairs, through Sultanate Council Sokoto made the announcement on Sunday night.

Posted on the official Twitter page of the National Moonlighting Committee, the Sultan said, “The Sultanate Council Sokoto has declared Monday 19/June/2023 as the first day of Zul-Hijjah 1444 AH.

“Accordingly Wednesday 28/June/2023 will be the day of Eidul Adha 1444 AH. His Eminence The Sultan of Sokoto, Alhaji Muhammad Sa‘ad Abubakar, CFR, mni, wishes the entire Muslim Ummah happy Eidul Adha Mubarak in advance.”

Ex-Imo state governor, Rochas Okorocha, has escaped assassination by hoodlums last Friday along Ihube community on the Okigwe- Enugu expressway way.

Okorocha spoke in brief about the attack, on Sunday, when he attended the birthday celebration of the Imo state Governorship candidate of the Peoples Democratic Party, PDP, Samuel Anyanwu, at Amaimo, Ikeduru council area of the state.

The security convoy was said to be that of the security operatives from the Enugu state government to provide Okorocha with security.

Explaining further, Okorocha said shortly; “Why is it that after spending two days in Enugu, peacefully. It was only when i came to Imo state that i was attacked. The convoy that brought to Imo when they were going back to Enugu, they were attacked and one person was killed.

“Why must it be so in Imo state. I am not happy what is happening in Imo state. The convoy helped to convey me to the burial ceremony of the mother of former governor, Emeka Ihedioha.”

He added: “The convoy also dropped me at my Spibat masion in Owerri. As they were driving back to Enugu, the convoy was attacked. This is so bad in this Imo state.”

The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector.

The loan with project ID P174622 was approved on June 9, 2023, making it the first World Bank loan approved under the new administration of President Bola Tinubu.

Information obtained from the website of the bank showed the fresh loan as additional financing for the Power Sector Recovery Performance-Based Operation, which was first approved on June 23, 2020.

In a document published on May 19 titled ‘Nigeria – Power Sector Recovery Performance Based Operation Project: Additional Financing (English)’, it was disclosed that the parent project will end on June 30, 2023.

It was also disclosed that out of the $750m initially approved in 2020, only 72 per cent financing of $535.09m was disbursed, with the balance expected by June 30, 2023, for the parent project.

For the newly approved additional financing, International Bank for Reconstruction and Development will provide $449m, and International Development Association will provide $301m.

The International Development Association and the International Bank for Reconstruction and Development, which make up the World Bank, have, over the years, advanced loans to Nigeria.

The IBRD lends to governments of middle-income and creditworthy low-income countries, while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.

The document read in part, “This Program Paper seeks the approval of the Board of Executive Directors to provide Additional Financing to the Federal Republic of Nigeria, through an International Development Association credit in the amount of $301m and an International Bank for Reconstruction and Development loan in the amount of $449m to the Power Sector Recovery Performance-Based Operation (PSRO, P164001).

“The proposed AF will build on the tangible results achieved and lessons learned under the parent Program. The proposed AF will continue supporting the implementation of the FGN’s Power Sector Recovery Plan’s critical actions to address the next set of power sector challenges and facilitate the achievement of the FGN’s ambitious access and energy transition targets.”

The document further disclosed that the new financing would run from 2023 to June 30, 2027

Justifying the reason for the loan, the document noted that Nigeria has the largest electricity access deficit in the world.

It read in part, “Nigeria has the world’s largest absolute electricity access deficit. Lack of access to the electricity grid affects 45 per cent of the population (90 million people), making Nigeria the country with the largest number of people not connected to electricity.

“As such, Nigeria accounts for 12 per cent of the global access deficit. Large disparities exist in access to electricity between urban areas (84 per cent) and rural ones (26 per cent). The net access deficit has increased by over seven million citizens over the last decade, as the pace of population growth has overtaken the pace of electrification.

“Even those Nigerians who are connected to the grid face frequent outages and hence do not get reliable supply.”

The document placed economic loss from poor electricity supply at $25bn annually, with firms saying that it is a major business challenge.

“Economic losses from unreliable electricity supply are estimated to be around N7-10tn (~$25bn equivalent) annually, or 5-7 percent of GDP. Firms cite a lack of reliable electricity as the top constraint to their business.

“Faced with unreliable and insufficient supply, businesses and households fill the gap with expensive petrol and diesel-run generators. It is estimated that over 20 GW of gasoline generator capacity is employed by households and small businesses, nearly twice as much as the 12 GW capacity connected to the national grid. Over 22 million diesel/gasoline generators power about 26 percent of total households and 30 per cent of micro, small and medium-sized enterprises (MSMEs) in Nigeria,” the document added.

A Lagos High Court sitting Ikeja has summoned Union Bank Plc to explain contentious debt of N119, 773, 826 between it and a multinational company, Ravih Abdul and Co. Limited ahead of the bank’s planned acquisition of minority shareholders by Titan Trust Bank Limited.

Although no date has been fixed for definite hearing, in a writ, suit No: ADR/2520/2023, the court has ordered the bank to file its defence within 42 days.

Ravih Abdul and its managing director, Mr. Adekunle Abdul had approached the court, asking it to compel Union Bank to pay him N119, 773, 826 being the total accumulated indebtedness to the company.

The company and its managing director said the bank’s indebtedness dated between November 1994 and December 2022 “being arrears of accumulated interest.”

In the suit dated May 26, Ravih’s managing director said the bank, which having allegedly received 5, 240 pounds sterling as payment of required fees to process letter of credit, had refused to use the money for the purpose of the letter of credit,”

He said: “Although the defendant had claimed paying the money on the letter of credit, it had failed to make available to the claimants all the accrued interests generated on the money between November 1993 when the letter of credit expired and September 1994 the period they kept the money in their account without payment to the beneficiary which had amounted to 1, 008.77 pounds sterling that should have accrued to the claimants in their account.

“The defendant has refused till date to explain what it did with the interests that were accumulated on the money they paid to the defendant after a long period that the money was lodged with them when they did not pay the money within three months specified in the letter of credit after revalidation which the money was not used for the purpose it was intended.

“The claimants aver that pursuant to the above, they had earlier forwarded letters of demand to the defendant for the payment of the accumulated outstanding due to them and copies of the letters dated September 26, 2022, November 4, 2022 and January 11, 2023 respectively.

“That the defendant had not denied receiving the sum of 5, 240.26 pounds sterling as payment of the required fees for the processing of letters of credit in their favour, more so, it had not denied delaying the payment to the beneficiary until 1994.

However, Ravih Abdul and its managing director “are claiming 220, 838.74 pounds sterling about #119, 773, 826, being total accumulated indebtedness from the defendant to the claimants from arrears of accumulated interests on the claimants’ account with the defendant from November 19194 to December 2022.”

Meanwhile, the court has ordered Union Bank Plc, to file its defence within 42 days to the alleged 3119, 773, 826 debt. It said: “You are hereby commanded that within 42 days after the service of this writ on you, inclusive of such service, you do cause an appearance.”