Two weeks after Prof Yemi Osinbajo left office as Vice President, I have noticed an undue attention on him. Since these unwarranted attacks have the same theme, I am pretty convinced that they are sponsored from the same source with bile, pettiness and envy as the motives. 

Unless you are a man of great evil inclinations, you’ll never find any genuine reason to vilify someone like Osinbajo. For eight years, he did his job very well to the admiration of many Nigerians and several foreign dignitaries; within the limits of what the Constitution permits a VP, and the extent to which the principal delegates. The man has never been accused of corruption, abuse of office, sexual irresponsibility or any unethical behaviour, for which many a politician is notorious.

 He stood by President Buhari solidly; with remarkable counsel even if not known to many and not in the public domain, it is clearly the case. He offered his best to the nation and left honourably in a blaze of glory. He now deserves his rest in the company of his beautiful and equally amiable wife. But some resentful and bitter elements are not contented to let him.

The first venomous piece was written by Bob Majiri Oghene Etemiku and was entitled ‘’Buhari’s blood runs through Osinbajo’s white agbada’’. Published in The Guardian of May 24, the article was livid in rage that the then Emir of Kano, His Royal Majesty Sanusi Lamido Sanusi, had stated that Nigeria had lost a good opportunity in not choosing Osinbajo as its President. Sanusi made the remarks on Labour Day at the launch of a book written by 25 writers and journalists in honour of the former Vice President. I am honoured to be one of the 25 authors of the book.  

 Sanusi’s remark is a truism many still hold dear till today. If it has turned out to be a painful axiom to some, we have no apologies. Vitalis Obidiaghaa (another of the 25 writers) has already written a befitting rebuttal to Etemiku’s diatribe which The Guardian published on June 8.

Just yesterday, I saw another piece of convoluted tirade with the title ‘’Will Osinbajo rue missed opportunities?’’, written by Bolanle Bolawole, a former editor of The Punch newspaper who later served as the Chairman of the paper’s Editorial Board. At the end of the long drivel, Bolawole advertises a lecture he would be giving at the University of Ibadan on the task before President Bola Tinubu. That’s when I realized his motive. In his wisdom, he thought that the best way to presage his fawning lecture on President Tinubu is to be nasty to the man who contested for the job with him. This has become the basic tactic of some of today’s fortune seekers who parade themselves as opinion writers. Just hack down the perceived opponents of the king, and your invitation to the palace would be ready! And we have seen this kind of tactic pay out in many ways in our clime.

As usual with his ilk, Bolawole is questioning why Osinbajo dared to contest in the APC primary. This is a staple query of all anti-Osinbajo elements in Yoruba land. For them, it is the easiest way to denigrate the former VP and reach out to the new sheriff in town. But I won’t dignify the writer with even the most mundane reference to the Constitutional right of all adult Nigerians to pursue their political ambition. Nor would I wonder why he carefully left out the meeting of Southwest elders of the APC led by Chief Bisi Akande where the matter was properly discussed with a resolve ahead of the primaries that it was entirely in order for Osinbajo and others like Amosun, Fayemi to run in the primaries side by side with Tinubu.

Bolawole then asks what Prof Osinbajo got from the Buhari administration for the South West; what role did the former VP play in resolving ASUU strikes; Did Osinbajo confront former Attorney General Abubarkar Malami; what did Osinbajo do when Christians were being victimized and what advice did he give to the President on resolving Boko Haram attacks. Did Osinbajo speak out after the lynching of Deborah Samuel at College of Education Sokoto?

The only query Bolawole did not raise in his article is why the former VP did not prevent the sun from setting! Suffice it to say that no Vice President ever comes out to berate his boss for not taking his advice. I am sure Senator Kashim Shettima won’t do it. But I know for sure that the former VP offered in all circumstances the best advice, counsel and suggestions on how best the nation could be governed. And in all cases he queried, the immediate past VP is known by insiders to have risen up with the right advice to the President and rebuke where necessary to certain ministers. But these matters not being public does not mean they didn't happen, and I expect more details from people like Laolu Akande now that the VP is out of office.

And yes the then VP is also bound by the overall decisions of the government, irrespective of what his views are. 

It would amount to a disingenuous ingratitude for anybody to ask what the Buhari administration did for the South West. The Lagos-Abeokuta-Ibadan rail service; the Lagos-Ibadan Expressway; the concrete refurbishment of Mile Two-Gbagada expressway in Lagos are major federal investments. Without the administration’s FX subsidy and other supports, the Dangote Refinery in Lagos would have been a stillbirth. The honour to MKO Abiola; the recognition of June 12 and Tinubu’s election are all due to Buhari. The total overhaul of the National Theatre is also a very important federal intervention. I challenge Bolawole to tell us what the South-South region, the nation’s treasure base got in the period under review.

In Ikenne LGA, no one you ask would mince words to detail the impact of the VP. And a simple Google search will reveal state of the art hospitals in Iperu and Ikenne towns, solar powered lights on the roads and hundreds more model classrooms in several of the schools among tonnes of other infrastructural and Human Capital Development impacts.

The coldblooded murder of Deborah Samuel last year is a painful reminder of the impunity of Islamic fundamentalists in our midst. Prof Osinbajo vociferously condemns these tendencies. But why is Bolawole not calling out Sokoto State government for its refusal to prosecute the murderers? Why is our former editor so silent on the divisively sectarian and patently inciting messages of Nasir el Rufai in that viral video?

As the new President is settling down, many pundits are working hard to attract his attention. I get that. But I should caution that there is so much for the new President to do; so, all these obsessions with Osinbajo are actually a distraction. It is therefore counterproductive for the new administration and the height of meanness to keep dredging up old tales against the former VP.

May be people like Bolawole who is an operative in the intellectual public sphere in our country should get a copy of the book "Osinbajo STRIDES" so he can properly acquaint himself with the impact the VP has made, not just in the Villa, but since the '80s when he was Special Adviser to the then Attorney-General Prince Bola Ajibola. Afterwards, he can then return to make informed commentary on Prof. Osinbajo. What he wrote in that article is certainly filled with baseless insinuations and claims which Bolawole would have tongue-lashed a reporter for in his days as newspaper editor!

The Central Bank of Nigeria (CBN) has announced plansto end the RT200 FX Programme and the Naira4Dollar scheme by the end of June 2023.

Ripples Nigeria reports that the RT200 FX Programme and the Naira4Dollar scheme were created to encourage the repatriation of non-oil foreign exchange proceeds into the official market.

The programmes were created by the suspended CBN Governor, Godwin Emefiele, but following the decision of the CBN on Thursday to free the forex market and allow buyers and sellers to negotiate rates without restriction from the apex bank, the RT200 FX Programme and the Naira4Dollar scheme became redundant.

“Cessation of R T200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023,” CBN wrote in a circular on Wednesday.

Note that the CBN allowing the market to dictate forex rates has pushed the official market dollar rate to N664.04/$1 on Wednesday, from N471.67/$1, closing up on the black market rate of N760.3/$1.

This is expected to make the official market appealing to foreign exchange buyers again, luring them from the black market, considering the gap between both forex channels has dropped to N96.26 kobo, compared to the N288.63 gap on Tuesday.

Meanwhile, the CBN has also directed the facilitation of foreign exchange by BTA/PTA and SMEs applicants through the Investors and Exporters (I&E) window, however, the applicants are expected to continue obtaining applications from the banks.

“Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” CBN said in the statement.

[RippleNigeria]

The sum of $5,000, credit cards and an identification number (ID) card of a yet-to-be-identified foreign passenger have been retrieved at the Visa on Arrival (VoA) point at the E-Wing Arrival section of the Murtala Mohammed International Airport (MMIA), Lagos.

The items belonging to a foreign passenger was retrieved by an officer of the Nigeria Immigration Service (NIS) at the airport.

Apart from the dollar currency, it was also gathered that other foreign currencies were also retrieved by the officer, Omodayo Odewenwa, a Chief Immigration Assistant recently redeployed to the Lagos International Airport from the Ikoyi Passport Office.

The items were said to have been discovered in a folder wallet on the ground around the Visa on Arrival hall of the terminal.

When contacted on phone on the development, the Immigration Comptroller, MMIA, Lagos, Mrs Adeola Adesokan, confirmed the development and commended the honest act of the officer.

According to Adesokan, officers of the command have been constantly inbred with operational and attitudinal reforms in recent time, assuring that the command would continue to perform its assigned duties with utmost professionalism and dignity of purpose.

The comptroller enjoined the travelling public to always have confidence in interacting with Immigration officers as they are at the airport to serve all travellers.

It was also learnt that the command has escalated the incident through an email to the supposed owner who is yet to response. The NIS Lagos command has however assured that the items are safely kept in the command.

[Tribune]

• Local currency loses 61% to dollar at official market
• Bank, parallel market rates converge at N755
• I & E window rate falls by 29 per cent to N664 to dollar
• Apex bank stops RT200 FX programme
• Govt transactions to be executed using I&E window
• Stakeholders describe decision as courageous
• Decision could mean free-fall of local currency, analysts fear 

The Central Bank of Nigeria (CBN) may have embraced the painful, but realistic path to foreign exchange rate convergence, adopting a clean float at the interbank market.

The option, a liberalist move that supports the interplay of demand and supply to determine the equilibrium rate, saw the apex bank pulling the trigger on the naira at the bank rate, which plunged from about N466 a dollar traded on Tuesday to about between 750/$ and 755/$ yesterday.

At the investor’s and Exporters’ (I & E) window, the naira also depreciated significantly by 29 per cent to N664.04/$, suggesting a broader adjustment of the rates.

Earlier in the week, naira traded at N765/$ band at the alternative market. Dusting off the historical volatility, the currency had traded at a narrow range around N735/$ since December 2022 until recent weeks when the dollar edged higher.

The CBN last night confirmed the collapse of all exchange rates in the Investors and Exporters’ (I &E) window directing all eligible transactions to access FX at the window.

The statement signed by the Director of Financial Markets, Angela Sere-Ejembi, also informed that the RT200 FX Programme ceases to exist effective June 30, 2023.

According to the bank, all government transactions would be executed using the average rates of the previous day’s trading at the I $E.

Most banks had earlier communicated the changes to their customers and were quoting above N700/$ for buying and selling rates.

The 61 per cent deep dive, which has not happened in recent memory, has eliminated the spread between the official and parallel markets, which hit a multi-decade high of 100 per cent in the run-up to political party nominations for the last general elections.

Then, the local currency traded against the greenback at around N450/$ while the black market, trading against heightened speculation, headed to about N900/$.

Interestingly, the usual tension at the parallel market eased at Lagos and Abuja, yesterday, with naira trading between N750 and 755 to a dollar. The Guardian also learnt that demand has dropped significantly.

There are fears, however, that de-pegging could mean a more damning depreciation if the situation is not properly managed. The suspended CBN governor, Godwin Emefiele, had taken a stand against pure float, saying the economy will not survive it at its current state.

Existing dollar-denominated instrument debt instruments would be serviced at much-higher rates, while FX-priced services is expected to adjust. Perhaps, the effect on general prices could be minimal as imported goods, as reported by The Guardian previously, are priced at the black market exchange rate.

At the close of last year, Nigeria’s total national external debt stock stood at $4.69 billion. A higher exchange rate will see the government, at both federal and state levels, requiring more volume of naira to service the debt. But the high cost of debt service could be cancelled out as the government would also get more naira revenues from its FX earnings.

With the development, however, the differential between bank and parallel market rates would narrow to zero for the first time since 2015 when both markets were trading at about N195 to a dollar.

Experts are looking up to the apex bank to kick-start the process of increasing FX supply to raise liquidity levels and enable foreign investors with trapped earnings to access dollars to repatriate their funds.

The aviation industry bookmarks everything that has gone wrong with a subtle capital control regime adopted by the CBN to survive the ravaging pressure. At the cusp of losing major foreign operators last year, the CBN released $120 million to the aggrieved airlines to repatriate the outstanding, comprising mostly of sales.

But the value has long ballooned to $818.2 million or 36 per cent of the global figure as per data provided by the International Air Transport Association (IATA).

The value of foreign investors’ capital trapped in the capital market as a result of FX illiquidity is in the realm of speculation. But David Adonri, a stockbroker, said the amount reflects the steady decline of foreign participation.

Amid the FX liquidity crisis, foreign participation in the local bourse fell from 54 per cent in 2014 to less than 17 per cent last year.

Telecommunication infrastructure investments have been hobbled by the challenge. According to a source, as of December 2022, the FX demand by the sector was in millions of dollars, “but I am not sure the CBN released up to 40 per cent of the amount needed.”

The source disclosed that a major delay affecting one of the Fifth-Generation (5G) network licensees from deploying and expanding services is lack of FX.

“I remembered the licensee requested some $35 million to procure some equipment late last year into earlier 2023, I am not sure that has been granted as of today.

This is even though the sector, earlier in the year, was added to the priority list by the CBN,” the source said.

Manufacturers, at 2021, put the outstanding FX demand at $2 billion. Over time, some requests have remained in queues for as many as 12 months, pushing most users, including multinationals, to the alternative market. The challenge, according to Dr. Muda Yusuf, the chief executive officer of the Centre for Promotion of Private Enterprise (CPPE), in a chat with The Guardian, weakens local capacity utilisation and fuel unemployment.

Yusuf, a strong advocate of rate harmonisation, estimated the total loss to FX arbitrage from 2020 to 2022 at N8 trillion. Beneficiaries of much of what many have described as unnecessary subsidy foreign students who stay back in Britain, Canada and other countries after their studies.

The CBN had restricted access to FX for the importation of a basket of items totaling 41 but later expanded to 43. Other demand-side management approaches, including the suspension of weekly funding of Bureau de Change (BDCs) were taken but the bleeding continued with naira falling from around N200/$ to also N900/$ last year.

But experts have seen yesterday’s de-pegging as the beginning of the return of sanity if the process is followed through.

President Bola Tinubu, during his inauguration, urged the CBN to work towards achieving rate harmonisation as a necessary option for growing a competitive economy. The President aligned with calls by the World Bank, International Monetary Fund (IMF) and leading local economists for pro-market reform of the market.

Historically, the wide market spread has fueled round-tripping and other manipulation with a former CBN governor revealing that some high-network Nigerians sit at home and make billions off the system.

In a statement, CPPE wrote: “The liberalisation of the foreign exchange market would unlock the huge potential for investment, jobs and capital flows.
Investors’ confidence would be positively impacted. Meanwhile, it should be clarified that this is not a devaluation policy, but a pricing mechanism that reflects the demand and supply fundamentals in the foreign exchange market.

“It is a framework that allows for flexible rate adjustments as and when necessary. It is a model that is predictable, equitable, transparent and sustainable. It is a policy regime that would reduce uncertainty and inspire the confidence of investors. It would minimize discretion and arbitrage in the foreign exchange allocation mechanism.”

The statement signed by Yusuf, argued that rate unification does not imply that rates would be the same in all segments of the market, adding that the “objective is to ensure that the differentials are very minimal, possibly between 5-10 per cent”.

A unified exchange rate regime offers the following benefits for the economy: it enhances liquidity in the foreign exchange market; it reduces uncertainty in the foreign exchange market and therefore enhances the confidence of investors; it is more transparent as mechanism for forex allocation, it minimises discretion in the allocation of forex and reduces corruption vulnerabilities”.

Also speaking, CEO of Moniepoint, a fintech company, Tosin Eniolorunda, hailed the decision, saying: “It is a clear step in the right direction for our economy, ensuring investor confidence continues to grow. Today’s decision is good for business, jobs and growth. It will help Nigeria’s brilliant entrepreneurs to do business globally and attract foreign investment. It will also help reduce inflation, leaving more money in people’s pockets.”

A fund manager at Stanbic IBTC Pension Managers Ltd, Chidi Uzo, also described the decision as a “bold step in the right direction”.

“However this should go in tandem with the lifting of capital restrictions for investors waiting on the sidelines to repatriate their funds. We expect foreign investor participation to be swayed by the extent to which capital is allowed to flow freely.

“Overall, the effective harmonisation of Nigeria’s multiple exchange rates by allowing market forces to determine the fair value of the naira should immediately reverse the multi-year widening spreads between the official exchange rate and the parallel market exchange rates,” he said.

Meanwhile, stakeholders said the floating of the foreign exchange is a good thing for the energy sector.

Admitting that immediate shocks in prices are imminent, they argued that the development would bring transparency and global competitiveness to the sector and in turn attract investors.

Economist at the University of Ibadan, Prof Adeola Adenikinju, said the development would enable investors and market players to make investment decisions based on some level of certainty.

“All these measures would have short-term adjustment costs. However, in the medium to long term, the economy would be better for it,” he said.

A leading expert/scholar in Electricity Law, Prof. Yemi Oke, lauded the decision, stressing that it would introduce a level playing field.

According to him, with the downstream sector already deregulated, the new move would enable every marketer to bring their product and compete while investors would have the confidence to come to the power sector.

Oke said the multiplier effect would boost the economy, job creation and ensure the sustainability of the energy sector, as investors would be willing to come into the sector. He noted that the development would also create clarity and certainty around investment and project funding in the sector, as multiple exchange rates won’t favour the sector.

“It will make the economy very attractive and globally competitive. So it is a good thing,” Oke stated.

Adonri described the decision as a giant stride in deregulating the economy, coming at the heels of subsidy removal. He pointed out that the structural rigidities in the economy and pressure points are gradually being eliminated

According to him, the decision would enable the true value of the Naira to be market-driven and determined at any point in time.

Adonri also added that the action would ultimately enhance the allocative efficiency of hard currency resources, eliminate rent-seeking, curb the scarcity of forex and ultimately boost federal government revenue.

Chief Executive Officer of Wyoming Capital and Partners, Tajudeen Olayinka said the government is introducing an adjustment program that will make the economy attain internal equilibrium, while at the same time putting up policies and measures that will make the economy restore external equilibrium.

“Fuel subsidy is gone. Foreign exchange subsidy is gone. Desirable capital inflow is expected. Capital Market will remain a major source of funding long term capital requirements by firms and governments, as cost of capital in the economy moderates to a much lower level and capital formation increases to a new level that could create decent jobs and drive down inflation.”

He stressed the need for the government to first and foremost eliminate the already known source(s) of exchange rate divergence, to be able to encourage a convergence of rates across markets.

However, he noted that all economic agents will initially experience short-run adjustment pains but noted that the new government is currently taking good steps in the right direction. He also expressed optimism that these policies would boost stock market liquidity and spur a resurgence of IPO in the capital market.

An industry player, who pleaded anonymity, said the decision would impact negatively on the sector and economy. The source noted that retail collections would become an issue once tariffs are changed.

“This means more misery for Nigerians. This single policy will further impoverish the masses. Inflation will skyrocket and funny enough the dollars will still not be available. This same trick was used during IBB days in 1985 when the dollar was N3 and the rest they say is history now.

“No country has ever floated her currency and benefits from such action. The list of countries that tried and failed is too big to even start naming them. The currencies of Ghana, Egypt and Turkey have all been devalued by over 50 per cent in the last year all in the name of ‘floating’. This is a one-way journey into a bottomless pit of self-destruction if you have your assets in naira,” the source said.

[Guardian]

A 23-year-old student of the Federal University, Oye-Ekiti, FUOYE, Damilola Adeparusi, popularly known as ‘Chef Dammy’, has completed her monumental 120-hour longest cook-a-thon to surpass the Guinness World Record-certified title holder, Hilda Baci.

The 300-level Mass Communications student took the internet by surprise when she embarked on the cooking journey, on Friday, and completed it yesterday, to break Hilda’s record for the longest cooking hours done by an individual.

Chef Dammy’s determination and unwavering passion for her craft were on full display as she tirelessly cooked for over five consecutive days, showcasing her culinary skills, creativity, and endurance.

Vanguard gathered that well-meaning individuals have been donating to the renowned chef to encourage her bold steps.

Ekiti First Lady, FUOYE VC, others make donations 

The First Lady of Ekiti State donated undisclosed cash to the chef, while a former Commissioner for Public Work in Osun State, Oluremi Omowaiye, gifted her a with N100, 000 cash prize.

The Vice Chancellor of FUOYE, Prof. Abayomi Fasina, has equally thrown his weight behind Chef Damilola by gifting her a sum of N200,000.

Also, a man identified as Ayodeji Arojo has offered Chef Dammy a two-week cooking tour in the United States.

Arojo, who announced this in a post shared on his Facebook account, shared pictures of the chef from the marathon cooking.

He wrote: “Chef Dammy will be invited for a 2-week cook tour in the United States. I can’t wait for her to start the process.”

[Vanguard]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it approved the lifting of petroleum products by ExxonMobil at Bonny Terminal, Rivers State.

The NUPRC Chief Executive, Gbenga Komolafe, disclosed this in a statement on Wednesday.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had written to the Nigerian military alleging the illegal lifting of petroleum products by ExxonMobil at Bonny Terminal, Rivers State.

According to the letter dated 8 June and addressed to the Chief of Defence Staff, Lucky Irabor, the agency claimed that an illegal petroleum lifting operation was taking place at the Bonny River terminal.

The letter, signed by the agency’s Chief Executive, Farouk Ahmed, claimed that ExxonMobil was lifting Butane at the terminal with the vessel marked Barumk Gas without the authorisation or participation of the agency responsible for regulating operations at the terminal.

Necessary clearance obtained

In its reaction, Mr Komolafe said ExxonMobil applied and obtained necessary clearance from NUPRC to lift 12,600 metric tonnes of Butane aboard a vessel named Barumk Gas on May 26, 2023.

He explained that the operation was legitimate and in line with the commission’s statutory mandate as the technical and commercial regulator of the upstream petroleum sector in Nigeria, as stipulated by law.

“Our attention has been drawn to some publications in the media between June 12 and 13, 2023, alleging the illegal lifting of Butane at the Bonny River Offshore Terminal (BRT) by ExxonMobil.

“The publications quote a sister regulatory agency, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as the source of the allegation,” the statement said.

Mr Komolafe added that being the regulator statutorily entrusted with the technical and commercial regulation of the upstream sector in Nigeria, it has become necessary for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to state the actual position regarding the transaction referred to.

“It is important to state that ExxonMobil formally applied to NUPRC for approval of its operations as an integrated operation, in line with Sections 8(d) and 318 of the Petroleum Industry Act, 2021.

“Following a careful evaluation of the request, NUPRC approved accordingly,” the statement said.

Consequently, he said ExxonMobil applied and obtained necessary clearance from NUPRC to lift 12,600 metric tonnes of Butane aboard a vessel named Barumk Gas on May 26, 2023. Barumk Gas berthed at the loading jetty at BRT on June 7, 2023.

“Loading operation commenced and ended on June 8, 2023, after which an official of NUPRC on site (at the BRT) issued a Certificate of Quantity and Quality (CoQ), as statutorily required for the fulfilment of requirements of accurate hydrocarbon accounting, reporting and ability of the vessel to sail to its delivery destination.

“This is in line with global best practice,” the statement said.

“NUPRC wishes to state categorically that the said operation was legitimate and in line with the Commission’s statutory mandate as the technical and commercial regulator of the petroleum upstream sector in Nigeria, as stipulated by law.”

The commission said it is unaware of any illegality in the said transaction, and none was committed by either ExxonMobil Nigeria and its affiliates or the NUPRC as an agency of government.

“It would be recalled that the 9th senate set up an ad hoc committee to investigate oil lifting, theft and the impact on petroleum production and revenues on the heels of the growing spate of crude oil theft in the upstream petroleum sector.

“Following the conclusion of its investigation and presentation of its findings on the floor of the Senate on November 7, 2022, the committee of the Whole passed far-reaching resolutions, amongst which was the need for streamlining operations of MDAs at the crude oil export terminals in Nigeria,” it said.

Mr Komolafe said: “In line with section 7(ee) of the Petroleum Industry Act, 2021, the Senate resolved that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should assume full regulatory oversight of all existing crude oil export terminals.”

He explained that the president sought the opinion of the then Attorney General and Minister of Justice, who, after a review, concurred with the Senate resolution and reaffirmed that the said resolution was in line with the letter and spirit of the PIA, 2021, which seeks to promote ease of doing 0business and investments and enhance the transparency of hydrocarbon accounting.

Subsequently, he said the former president, Muhammadu Buhari, approved the senate resolution and explicitly directed immediate compliance with the resolution, insisting that NUPRC is the sole and only regulatory entity to regulate and monitor activities of all existing crude oil export terminals in Nigeria, in line with the relevant section of the PIA, 2021.

“The directive was sent to all relevant MDAs and stakeholders for compliance.

“Arising from the above, the NUPRC also notified industry operators and relevant stakeholders of the Presidential directive and its readiness to assume full regulatory oversight immediately.

“We wish to assure industry players of regulatory certainty and the commitment of NUPRC to discharging its responsibilities towards enhancing the ease of doing business, facilitating investments, stability and predictability in the Nigerian upstream petroleum industry,” the statement said.

Meanwhile, responding to the allegation in a message to PREMIUM TIMES Monday morning, a spokesperson for ExxonMobil said the Nigerian National Petroleum Company (NNPC)/Mobil Producing Nigeria Unlimited (MPN) Joint entire are carried out in full compliance with the law.

“My response to your inquiry is that all operations of the NNPC/MPN Joint entire are carried out in full compliance with the law,” Oge Udeagha, the media and communications manager for ExxonMobil affiliate companies in Nigeria, said.

[Premium Times]

Economic and Financial Crimes Commission (EFCC) has uncovered phantom projects in the N819 billion 2022 Supplementary Budget.

The implementation period of the supplementary budget was on May 27 by the Ninth National Assembly from June 30 to December 31.

The budget is one of the challenges inherited by the Godswill Akpabio and Tajudeen Abass-led .10th National Assembly.

But the EFCC detected many sharp practices and under-the-table deals by the immediate past lawmakers, including most principal officers of the National Assembly.

Out of the 277 projects, 258 projects with contract value of N704, 789,763,043.00, are domiciled in the Federal Ministry of Works and Housing.

Most of the projects on “phantom roads” allegedly belong to members of the 9th National Assembly.

Five ongoing projects and rehabilitation works were allocated N140.1 billion.

The 258 projects comprise 184 new ones, 23 Federal Road Maintenance Agency (FERMA) projects and 51 ongoing projects.

Also in the budget are 121 projects worth N320. 7 billion located in the states of the principal officers of the immediate past Assembly.

A principal officer secured 14 of the projects with a cost of N55, 816,232,553.90.

A minority principal officer got N16, 521,273,684.74 allocated to him.

Other irregularities highlighted in the Supplementary Budget are duplication of projects, inclusion of already completed projects to siphon funds, ongoing and rehabilitation of projects with seemingly outrageous amounts, outright padding.

Records indicated that many projects were inserted in the budget of the Federal Ministry of Agriculture, Federal Ministry of Water Resources and in the Federal Capital Territory Administration.

It was gathered that with the ongoing investigation, many senators and House of Representatives members may face trial.

Some of the documents on the alleged budget fraud revealed how Ministries, Departments and Agencies (MDAs) were held hostage by some lawmakers.

A document reads in part: “Intelligence indicates that most of the projects of phantom roads amounting to billions of naira, which were inserted into the Federal Ministry of Works estimates, belong to members of the National Assembly.

“Despite this Supplementary budget, most of these projects are still in the 2023 Budget.

“Due process was not followed in arriving at the projects majority of which are new projects that looking at the time can come under the 2023 Supplementary Budget.”

Some of the specific details were contained in another document.

It says: “Two hundred and fifty-eight projects amounting to N704, 789,762,043.00 are domiciled under the Federal Ministry of Works and Housing. The 258 projects comprise 184 new projects, 23 FERMA projects and 51 ongoing projects.

“The 258 projects are spread across all the states in Nigeria except Enugu State.

“Three projects have the sane narration in the 2022 Amended Appropriation Act and 2022 Supplementary Act. Five ongoing projects have the considerable sum of N140. 080 billion.

“The rehabilitation of the National Assembly Complex, for Thirty Billion Naira (N30,000,000,000.00), an ongoing project, is approved for the Federal Capital Territory Administration (FCTA) in the Act.

“As of 15th January, 2023, the project has 70% for procurement of materials progress, 35% for overall work progress, and payment made so far is nine billion, two hundred million naira (N9,200,000,000.00).

“One hundred and twenty-one projects out of the total 277 projects listed in the Supplementary Act, worth N320, 722,065,252.08 are in the states of the Principal Officers of the National Assembly and Heads of Committees who supervise the various ministries.

“In the Ministry of Water Resources, the Supplementary Act further budgets N500 million for the Pategi Water Supply Project in Kwara State, an already completed project.

“A seemingly outrageous amount was quoted for rehabilitating the Nasarawa Water Project, a project that the Ministry has almost completed.”

As at press time, it was gathered that only the intervention of President Bola Ahmed Tinubu could halt the plot to fleece swindle the nation of scarce resources.

A highly-placed source said: “The President needs to allow a comprehensive audit of the Supplementary Budget and some of these infractions.

“What the lawmakers did will have strong effects on the economy. How can 2022 Supplementary Budget run till December 31st 2023?

“Are we in a Banana Republic? The President must act to avoid running conflicting budgets.”

A document highlighted the implications of the extension of the tenor of 2022 Supplementary Act.

It says: “The action of the National Assembly, which extended the life of the Supplementary Budget to December 2023 and the amendment of the Central Bank of Nigeria Act, has the following negative consequences.

“The Auditor-General of the Federation cannot audit the 2022 Accounts of the Federal Government of Nigeria until the end of 2023. An act that goes against the Constitutional provision that states that the Federal Government Accounts of 2022 shall be audited before 30th June 2023.

“The Federal Government of Nigeria will run two books of accounts throughout 2023, which is unhealthy for the economy. There will be more borrowing for the Federal Government through Ways and Means.”

William Samoei Ruto, the president of Kenya, has urged African countries to stop doing intracontinental commerce in dollars. President Ruto recently emphasized the necessity to stop depending on the US currency for economic transactions between Djibouti and Kenya during his speech to the Djibouti parliament.

Currently, in order to do business between Djibouti and Kenya, traders must purchase US dollars. President Ruto questioned if using US dollars in commerce between the two countries was really necessary.

President Ruto emphasized that the African Export–Import Bank (Afreximbank) has provided a mechanism that enables traders within the continent to engage in trade using their respective local currencies. Afreximbank facilitates the settlement of payments in local currency, making it possible for traders to conduct transactions in a more seamless manner. The President expressed Kenya’s support for the Pan-African payment and settlement system, which is administered by Afreximbank.

President Ruto raised the question of why it is necessary to purchase goods from Djibouti and pay for them in US dollars. He stressed that there is no valid reason for this practice. The President clarified that the intention is not to oppose the US dollar, but rather to promote more unrestricted trade. He suggested that purchases made from the United States can still be settled in US dollars, while transactions with Djibouti can be conducted using local currencies.

It is worth noting that Afreximbank, established in 1993 under the auspices of the African Development Bank, is a pan-African supranational multilateral financial institution. Its primary objective is to promote and finance intra- and extra-African trade activities.

President Ruto’s remarks reflect Kenya’s commitment to fostering greater economic integration within Africa and reducing reliance on external currencies for regional trade. The proposal to shift away from the US dollar in intracontinental trade could potentially streamline transactions and promote economic growth among African nations.

However, journalist Simon Ateba has cautioned that implementing President Ruto’s call for a shift away from the US dollar may face challenges. In his analysis, Ateba acknowledged that while alternative currencies and regional trading blocs facilitate trade within their respective regions, such as the euro in the European Union or the Chinese yuan in East Asia, there are various reasons why many nations continue to use the US dollar for trading.

Ateba emphasized the importance of understanding these reasons, as they shed light on the current state of global trade dynamics. He highlighted the fact that countries with more stable and widely available currencies, backed by a robust economy, tend to attract more trading partners. Ateba gave an example of a small country with limited trade and influence, where its currency is rarely used outside its borders due to various factors such as a lack of trading partners or limited manufacturing capabilities. In contrast, a powerful nation with a stable currency that is widely accepted and used in numerous countries gains more prominence in international trade.

The journalist listed several reasons why the US dollar remains the preferred currency for trading on a global scale. First, the US dollar has held the status of the dominant global reserve currency since the conclusion of World War II. Central banks worldwide hold US dollars as a significant component of their foreign exchange reserves, ensuring stability and liquidity within their economies. Second, the strength and stability of the US economy, coupled with trust in the US government, instill confidence among international traders and investors.

Furthermore, the US’s position as one of the largest trading nations, with a significant portion of global trade conducted in US dollars, simplifies international transactions and reduces exchange rate risks. The depth and liquidity of the US financial markets, including the New York Stock Exchange and the US Treasury market, provide access to a wide range of financial instruments denominated in US dollars.

Ateba said, “It is true that while the US dollar is widely used, alternative currencies and regional trading blocs facilitate trade in their respective regions, such as the euro in the European Union or the Chinese yuan in East Asia.

“However, the question remains: Why do many nations use the US dollar for trading? There are numerous reasons, and it is important to understand them. While these reasons may change over time, eventually leading to the emergence of a new global currency that is stable and widely available, comprehending the existing reasons helps maintain a sense of excitement.

“Consider a small country that engages in minimal trading. Once you leave that country, their currency is hardly used by anyone. There are various reasons for this, such as limited trading relationships, lack of capital to extend beyond their borders, or a scarcity of attractive investments.

“Now, envision a more powerful nation with a stable currency that is widely available in numerous countries. This country manufactures goods and services that are in demand worldwide, and it maintains stability, fostering trust from the rest of the world that it will not default on its obligations. In such a scenario, more people will opt to trade using the currency of the more influential nation, compared to the smaller nation that has little impact. The lesson here is that when conditions change, and a country experiences civil unrest or economic turmoil, its currency may collapse, leading to the emergence of a more stable and widely accepted currency.”

While using local currencies in Africa for trading among African nations may sound great, it is clear that it would depend on many factors, including the stability of the African continent, the growth of trading volume in Africa, the volume of trade between Africa and the rest of the world, and many other reasons.

Hearing has formally commenced in the petition filed by the Lagos State governorship candidate of the Labour Party in the March 18 election, Gbadebo Rhodes-Vivour, challenging the return of Governor Babajide Sanwo-Olu.

Although the petitioner was absent on Wednesday, his lead counsel, Olumide Ayeni, SAN, called four witnesses in proof of his clients petition.

The first witness, Mr. Obinna Nwokesi, described himself as the Supervisor/Ward Chair of Ilupeju Industrial Estate (Ward 14) in Mushin Local Government.

Led in evidence in-chief by the counsel, the witness identified his statement on oath made on April 9 and urged the tribunal to accept it as his evidence in the petition. The document was subsequently tendered and admitted in evidence by the Tribunal.

Under cross-examination from counsel to INEC, Charles Edosomwan, SAN, the witness admitted that he was not a polling agent but said he supervised the polling agents in the 23 units of the ward. He also admitted that he was not a collation officer at the ward level.

He specifically said, “I personally observed disturbances in polling unit 04, 05 and 16, but I didn’t observe in the rest of the 20 because I could not have been everywhere myself.”

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The witness in his statement had also written, “Voters were beaten or intimidated from voting. The members of the APC unleashed violence and fear on the people which led to them being unable to cast their votes. Members of the APC were allowed to vote twice without going through accreditation…”

When asked if INEC was a part of the violence, the witness answered no. He also reiterated that he could not be everywhere and his testimony covered reports of agents who reported to him.

Under cross-examination by counsel to the Governor of Lagos and his deputy, Bode Olanipekun, SAN, the witness admitted that he wrote his statement himself.

In paragraph 5(e) of his statement, the witness had written, “The results were not uploaded via the Bimodal Voter Accreditation System (BVAS), which is a critical tool for ensuring the transparency and credibility of the electoral process”.

When asked by the governor’s lawyer to tell the court the full meaning of BVAS, the witness said he did not know.

Olanipekun: But you wrote your witness statement yourself?
Witness: Yes.
Olanipekun: What name did you put on your witness statement?
Witness: IIW which stands for Ilupeju Industrial Ward.
Olanipekun’: How many signatures do you have?
Witness: Two.
Olanipekun: Did you wear any tag on election date?
Witness: Yes. It’s INEC’s tag for party agents and ward supervisors. I wore a tag for supervisor which gave me the right to patrol all 23 polling units.
Olanipekun: Where did you vote?
Witness: I was to vote at Esther Osiyemi.
Olanipekun: Apart from LP agents who had official tags, did your party allow any of its members to carry any mark to show they were LP supporters on Election Day?
Witness: Not at all
Olanipekun: Did you see other political parties carry any marks?
Witness: I saw just one party, APC, carrying dresses, caps…all over the 23 polling units.

Under cross-examination from counsel to the APC, Norrison Quakers, SAN, the witness admitted that he was not accredited by INEC but insisted that his supervisor tag allowed him to go round all the polling units.

He also claimed that he was beaten by APC thugs in polling unit 04 and 05 which were close to each other.

When asked to show in his witness statement where he testified that he was beaten, the witness admitted that he did not write that down.

Quakers: “You also did not say in your statement on oath, the events that transpired in polling unit 04, 05 and 16, am I correct?
Witness: You are correct.

The witness was discharged at this point and a second witness, Adeyemi Joseph was called. Led by counsel to the petitioner, he also identified his statement on oath and urged the Tribunal to accept it as his evidence in the petition.

Attempts by the counsel to tender certified copies of the results of all 50 polling units in Kayode/Fadeyi (Ward 7) in Mushin Local Government where the witness swore that he oversaw all activities in all the 50 polling units were rejected by the respondents.

The respondents took their time to count the documents and noted that it was 49 and not 50. Among other things, they stated that the discrepancy in the figure attacks the credibility of the witness and they all objected to the admissibility of the documents and reserved further reasons for their objections till their final address.

Despite the objections, the tribunal admitted the documents in evidence as exhibits. The tribunal also admitted another set of 25 pages of pink-coloured documents said to represent Certified 
True Copies (CTCs) of collated results.

Under cross-examination from counsel to INEC, Edosomwan, the witness admitted that he was neither a polling agent or a collation officer.

Edosomwan: You oversaw 50 poling units and the LP had polling agents in all of them and you were not a polling agent?

Witness: Yes and I was not a polling agent.
Edosomwan: An INEC officer was the collation officer and not you?
Witness: Yes.

Edosomwan: Look at the registrar of the court. Is she Yoruba, Hausa or Igbo?
Witness: I don’t know.

Edosomwan: You can’t know, it’s not written on the forehead. Do you seriously allege that in all the 50 polling units, only APC members were allowed to vote twice?
Witness: Yes, I was in all the polling units and I observed same. I saw it with my physical eyes.

Edosomwan: I put it to you that it’s not possible, that you could not have been everywhere?
Witness: I know it’s not possible but I have polling agents.

Edosomwan: The uploading of results happened in polling units?
Witness: Yes and I’m not a polling agent.

Edosomwan: The only way you could have known is what the agents told you?
Witness: Yes, but I have video evidence from all polling units.

Edosomwan: Was INEC part of the people who beat up voters?
Witness: They didn’t beat up people but they collected money. I was told about some and I witnessed some with my physical eyes.

Edosomwan: Where is the report you made to the police about people being beaten up or paid?
Witness: I don’t have any report here.

When Bode Olanipekun took over the cross-examination, he asked the witness, “How many APC members voted twice?”

Witness: I can’t remember
Olanipekun: How many non-Yoruba people are in this courtroom?
Witness: I don’t know.

Olanipekun: If somebody says there were 83 polling units in Kayode/Fadeyi ward, will you say that person is a liar or not?
Witness: The person is lying.

In his statement on oath, the witness had indeed written 50 polling units in one paragraph and subsequently wrote 83 in another.

Olanipekun: In paragraph five of your statement, you said you resumed at your duty post at 6:05 am. Where was your duty post? Or did you resume at all 50 polling units?
Witness: My duty post was my polling unit but I supervised all the polling agents.
Olanipekun: Look at paragraph three, you said you have the authority of the petitioners? Who are those petitioners?
Witness: The thugs of the APC.

The response prompted an uproar in the courtroom.

Olanipekun: Let’s do a random sampling. Give him the documents from the polling unit, Forms A1, A2, A3. Give him Form A30 which is in the middle, and Form A49, which is at the end. Can you see the signatures of LP agents on all those forms?
Witness: Yes, sir.

Under cross-examination from APC counsel, Quakers, the witness was also shown some of the documents earlier admitted in evidence.

Quakers: Show him Exhibit A75 Form EC86. Did you sign it?
Witness: No.

Quakers: But is there an LP agent’s signature on it?
Witness: Yes, at the bottom.

Quakers: Show him Exhibit A50-A74. Is there any part of the document which you tendered that you signed?
Witness: No.

Under re-examination, counsel to Rhodes-Vivour reminded the witness that he had earlier been told to look at the registrar of the court and say whether she is Yoruba, Hausa or Igbo.

The counsel further asked the witness if he had seen the registrar of the court before that day. The line of questioning did not go down well with the other parties, who insisted that there was no ambiguity in the question asked which needed clarification.

The tribunal agreed with them in its ruling. The tribunal also listened to the evidence of two more witnesses, bringing to four the number of witnesses that testified on the first day of hearing.

Further hearing was adjourned till today, Thursday, June 15th