Shehu Sani, a former senator who represented Kaduna central, says he saved former President Olusegun Obasanjo from being assaulted by inmates of the Kirikiri Maximum Security prison in 1995.

The former senator spoke during a lecture in Abuja on Thursday.

Obasanjo was Nigeria’s head of state from 1976 to 1979. He returned as civilian president in 1999 and handed over the reins of power in 2007.

Sani was among pro-democracy activists and dissidents who were rounded up and jailed by the military junta led by Sani Abacha, who was president from 1993 to 1998.

Obasanjo was arrested in 1995 for allegedly plotting a coup and was jailed.

‘THEY INSULTED OBASANJO’

Recounting events from the era, Sani said himself, Shehu Musa Yar’Adua and Obasanjo were moved to Kirikiri prison after their arrests.

He said “armed robbers” in prison began “shouting and insulting” the former president when they saw him.

Sani added that he “talked to the inmates to calm down, that no matter their grievances with Obasanjo, he was now an inmate”.

“In 1995, a team of soldiers, policemen and DSS visited my house in Kaduna. It was a journey that began and lasted for four years,” he said.

“I was picked up from Kaduna and brought to Lagos with the late General Shehu Musa Yar’Adua. From the airport, we were led to the DSS headquarters, where we met President Olusegun Obasanjo.

“Unfairly from the soldiers, they handcuffed me but did not do so for Obasanjo or Yar’Adua. Obasanjo looked at me and asked me who I was and if I had stolen something for them to have handcuffed me. I told him I was an activist.

“I was then the deputy chairman of the Campaign for Democracy. We were taken to Kirikiri Maximum Prison. We stayed there without anybody saying anything to us. When we arrived at Kirikiri, we were given a blanket and a plate of food.

“We were then allocated our cells. When the armed robbers there saw Obasanjo, they started shouting and insulting him.

“Naturally, for those of us who were human rights activists, we were popular with inmates. I told him, ‘You are a commander outside, but this is where I command’. I then I talked to the inmates to calm down, that no matter their grievances with Obasanjo, he was now an inmate.

“I got 15 years, Obasanjo got 15 years, Yar’Adua got life imprisonment. Those of us from the north were sent to southern prisons and those from the south were sent to northern prisons. That was how I found myself in Port Harcourt prison.

“I was in Port Harcourt prison when Ken Saro-Wiwa was brought in and hanged. I could see them from the window.”

‘ACTIVISTS MADE A MISTAKE IN 1998’

Sani added that pro-democracy activists of the era made a mistake by not putting themselves forward for political leadership as the military prepared to hand over power to civilians after Abacha’s death.

“Abdulsalami Abubakar, military head of state, invited all of us who fought for democracy, that he was going to hand over power to a democratically elected government and that he wanted all of us — the freedom fighters — to come together and take over power,” he said.

“At that very time, Gani Fawehinmi opposed it. Three times, Abubakar invited us. We even refused to answer his calls. Meanwhile, the politicians who were not invited were knocking on his door.

“After we decided to listen to him, we came and sat down. What do we do? After the struggle, the ANC in South Africa took over political power. But after our struggle, in 1998/1999 we made a fundamental mistake and said we were not going to cooperate with the military.

“Mike Ozekhome was one of those who said we should not join politics. Gani opposed as well, Falana opposed, Olisa Agbakoba… all opposed.

“It was Bola Tinubu who said ‘if we don’t get in, who is going to be there?’ By the time we all agreed to join politics, politicians had taken over all positions.

“Ozekhome tried to be governor of Edo state, he couldn’t; Olisa tried to be president, he couldn’t; Gani tried to be president, he couldn’t; Falana tried to be governor of Ekiti, he couldn’t; I tried to be governor of Kaduna — but the spaces had all been taken over.”

 [TheCable]

Peter Obi, the 2023 Labour Party presidential candidate,  has criticised the federal government’s handling of the health sector and called for immediate reforms to improve access to quality medical care for all Nigerians.

Expressing his views as a guest speaker at the 6th Public Lecture of the Board of Fellows, Pharmaceutical Society of Nigeria, held in Awka, Anambra State on Wednesday, Obi pointed out that Nigeria’s Human Development Index (HDI) ranking remains low, even after 25 years of democratic governance.

He emphasised that health, particularly life expectancy, is a critical measure of development.

“When you want to measure this Human Development Index, the most critical measure number one is Health – life expectancy.

“Life expectancy as we know today in Nigeria is among the lowest in the world. We are about 65 years, compared to India at about 70, Bangladesh at about 72, Egypt at about 71, and the Philippines at about 70,” Obi stated.

Obi outlined several issues plaguing Nigeria’s healthcare system, such as the country’s minimal functioning primary healthcare facilities, alarmingly high infant mortality rates, that the majority of drugs are imported, making them costly and frequently out of reach for many Nigerians, and the impediments to local drug manufacturing caused by government support gaps and regulatory obstacles.

The former Anambra State governor criticised the government’s approach to healthcare, stating, that the government does not understand what they are supposed to do to help our citizens.

Obi also highlighted the economic impact of poor healthcare.

“Many people with many illnesses can no longer be able to afford treatment. Nigerians now spend more than their income on food because everything has tripled.”

Obi further called for a complete overhaul of the system, emphasising the need for committed and compassionate governance.

He suggested several solutions including, investing in critical areas of healthcare, supporting local drug manufacturing, designing affordable insurance schemes and lifting people out of poverty to enable their participation in healthcare programs, among others.

“We must dismantle this criminality called Nigeria today and make it a country where people will know that they are elected to serve the people and they focus on doing the right thing,” Obi added.

Taking to his X page on Wednesday, Obi added, “Access to quality medicines remains vital for all human beings whether sick or well, who seek medical consultation, and it is proven that 90 per cent of all medical consultations end in one form of prescription or another. Therefore, the availability of quality medicines remains the key armoury for the fight for well-being, while pharmacists remain the armourer.

“The reason we lack quality medicines is due to the same socio-economic problem affecting production in the country, where regulatory agencies now function as revenue collectors rather than as enablers and access to financing is not available or at an excessive rate.

“There is hardly any health insurance regime in place to guarantee access to those who cannot afford immediate cash payments.

“Excruciating poverty and severe economic hardship have also kept functional healthcare and quality medicines out of the reach of the poor. The only medicine our people take now is prayer,” he wrote.

[Businessday]

…Aircraft shortage turns passengers to ticket scavengers

…Planes grounded on high costs

In the last few months, only few airplanes have been deployed to serve domestic route passengers as Nigerian airlines struggle with fleet reduction owing to high cost of maintenance.

Some airlines have sent their aircraft on maintenance, but they are unable to return them due to the skyrocketing maintenance costs fueled by the foreign exchange crunch.

Others have been forced to ground their aircraft by the Nigeria Civil Aviation Authority (NCAA) for their inability to send them for maintenance, thus reducing airplanes available for passengers.

In addition to these, the grounding of Dana Air, a relatively low-cost carrier which had six aircraft in its fleet, has also impacted the fleet operating the domestic routes.

Routes previously operated by Dana Air have seen increases in ticket costs.

The Lagos -Abuja route has seen more passenger glut than others as airlines, which charged between N60,000 to N80,000 three months ago, now charge as high as N200,000 or more for a one-way economy ticket on the route. With no other choice, passengers have had to cough out the sum.

On Tuesday, passengers who tried to book flights from Lagos to Abuja for Wednesday could not get flights, as all airlines were fully booked.

On Thursday morning, Valuejet operated only two flights from Lagos to Abuja with one flight at 6:45am and another at 7:30am.

Similarly, passengers could not get flights from Anambra to Abuja on Thursday.

On Thursday, airlines sold a one-way economy ticket on Asaba to Abuja route for as high as N175,000, an increase from about N70,000 three months ago.

Data obtained by BusinessDay from NCAA on Thursday showed that 13 domestic airlines operating in Nigeria, including Aero, Air Peace, Arik, Azman, Dana, Green Africa, Ibom Air, Max Air, NG Eagle, Overland, Reno Air, United Nigeria Airline and ValueJet put together operate a total of 91 aircraft. This data includes aircraft that have gone on maintenance.

Sources close to the NCAA told BusinessDay that apart from Dana Air that has been grounded, more than half of the 91 airplanes have gone on maintenance, putting a strain on the few operating aircraft.

BusinessDay’s checks show that five years ago, when just 10 domestic airlines operated on Nigerian routes, they had over 120 fleet.

Travel experts say the reduction in aircraft has made travel exclusively for the rich and created monopolies on certain routes.

“If you walk up to any counter at the domestic airport terminals and you don’t have a minimum of N200,000, you may not get a seat.

“Surprisingly, some of the airlines now tell you that they are selling premium economy to you, whereas there is nothing like premium economy. They sell you the business class and when you get onboard the aircraft, you’ll see that it is an economy class that has been sold to you,” Olumide Ohunayo, an industry analyst and director of research at Zenith Travels, told BusinessDay.

Ohunayo said the situation has been a problem that is ongoing and has continued to happen on routes where Dana operated.

“The withdrawal of Dana’s license and the grounding of aircraft that can’t go on maintenance due to lack of foreign exchange have led to reduction in fleet size.

“The grounding of Dana is a major problem. We need to find a way around this capacity problem and seats available. The passengers have not increased, but the supply of aircraft has dwindled. The passengers are really suffering during this period,” he said.

Ndukwe Ginika Ogechi, chief executive officer, Geena Travels And Tours Ltd, told BusinessDay that in the last few weeks, ticket prices have continued to increase while seat capacity dwindles because there are no aircraft to service underserved routes.

“My clients have been complaining because it has been difficult to get flights going to destinations such as Asaba, Enugu, Owerri and some northern destinations, as the airlines which previously operated two or more flights to these destinations may either operate one daily flight or not have any flight at all,” Ogechi said.

An airline operator who would not want to be quoted told BusinessDay that the reason flights are fully booked in recent times is as a result of capacity issues.

A source at Air Peace said the airline understands the situation and is trying to provide more flights to some domestic connections once some of the airline’s aircraft return from maintenance checks

“The Abuja route is the most flown route in Nigeria, as there is also the plethora of business opportunities attached to the destination, ranging from major business summits this month and political events,” the source added.

Airlines sell tickets in naira but pay for spares, aircraft maintenance and insurance premiums in dollars. They are facing higher operating costs as the naira has depreciated significantly against the greenback on the official and parallel markets.

When the naira-dollar exchange rate was N400/$, airlines paid between N200 million and N400 million to carry out C-check. But with the current exchange rate of about N1507/$, airlines have to pay between N800 million and N1.5 billion to carry out C-check on a single aircraft.

Airlines were already paying high insurance premiums due to the country’s perception as a high-risk operating environment and the alleged high insurance premium demanded by local insurance firms in Nigeria.

BusinessDay’s findings show that while Nigerian airlines pay eight percent to 10 percent of the value of a piece of aircraft to insure one, carriers that operate in Ghana, South Africa and other African countries pay two to three percent.

Also, airlines operating in Europe and the United States pay 0.5 percent to 1 percent to insure the same aircraft.

Airlines operating in Nigeria pay an average of $1 million annually to insure a B737-300 aircraft while those in Ghana or the US pay between $200,000 and $300,000 to insure the same aircraft type. With the increase in exchange rate, airlines pay higher for the cost of insurance.

There aren’t many subject-matters as extensively and persistently discussed as federalism. As a matter of fact, ‘in its original form, the federal idea was theopolitical, defining the relationship between God and man as one in which both were linked by covenant in a partnership designed to make them jointly responsible for the world’s welfare’. Properly understood and in the context of contemporary Nigeria, the restructuring we labour to define, is, in the first instance, the constitutional restoration of federalism, exclusive of geophysical alterations. The latter is not generalisable and can only be speculative at this stage. Who will determine the legitimate representation of proposed mergers and recreations? This problem hacks back to the  fundamental problematic of the Nigerian federation. As in the classic instance of the original thirteen states pooling together to foster the American federation, Nigeria was not formed by Nigerians coming together to form a federation. ‘Nigeria presents an almost classic case of the establishment of a state prior to the existence of a real nation’. According to Richard Sklar, the Federation of Nigeria is one of the few federal governments in history to have evolved from colonial unitary foundations. 

As a generic terminology, restructuring means the restructuring/redistribution of power relations between the two tiers of government namely the national and the coordinate subnational units and implies the abrogation of an autonomous third tier of government. These powers fall in three categories namely exclusive, concurrent and residual. The first category is exclusive to the federal government ie foreign affairs, military, currency etc. The concurrent category refers to those powers that can be concurrently undertaken by the national and the subnational governments, i.e. education, agriculture, communications, etc. Those that are not listed in either category constitute the residual powers and revert solely to the sub-national government. Since 1966, with the facility of military dictatorship, most of these powers have been centralised and are reflected as such in the 1979 and 1999 constitutions and landed us with the prevailing quasi unitary constitution.

Haven championed the cause of the constitutional restoration of federalism before he became the President of Nigeria, there is the renewed expectation that President Bola Ahmed Tinubu will be readily disposed towards giving effect to the realisation of this expectation. There is also the compelling backdrop of the anarchical security breakdown of Nigeria with which extant security architecture has woefully failed to grapple with. Doubts on his commitment to this restoration began to surface in the course of his Presidential campaign when in deference to the realpolitik of winning the status quo bound Northern Muslim constituency, he had to distance himself from the imperative of constitutional reforms.

The more categorical evidence of his latter stance was the recent instruction to his attorney general, Lateef Fagbemi, to seek the enforcement of local government autonomy as the third tier of government at the Supreme court. 

Instructively and ironically, this was a complete departure from the position he took as the Governor of Lagos over twenty years ago. The abiding rumour is that the fastest way to earn the status of a persona non grata at the Presidential villa these days is to find virtue with federalism. Given the associated pomp and pageantry and the near sovereign powers of the President in the extant Nigerian constitution it is difficult for any non sacrificial Nigerian President not to default on the side of preserving the attendant massive perks and perquisites during his incumbency. 

The bad news is that any proposal for restructuring without the active buy-in of the incumbent President is dead on arrival. The proponents of this constitutional reform are also not helping matters with their deficient advocacy. They give the impression that so-called restructuring is less about the redistribution of powers between the first and second tiers of government and more about inter regional boundary demarcation. In the context of the restoration of federalism, as earlier reiterated, what restructuring means is first and foremost, the restructuring of power relations between the first and second tier of government. If a constitutional amendment towards the devolution and decentralisation of powers were to take place today it can only be effected within the extant structure of the national and the thirty six subnational governments. 

As it is widely known, the constitutional procedure of creating regions or states is through referendum not external proclamation or military diktat. The 1963 prototype constitution, for instance, can only be restored in spirit, not in letters. We can not physically recreate the 1963 constitutional structure. Over the years, these powers have been redistributed  in a trend of increasing centralisation and are heavily skewed against the sub-national governments. A reversal of this trend is the goal of restructuring and geographical restructuring cannot be undertaken pari passu. It can only follow with the conduct of a referendum between/ among the states desirous of merger and recreation. 

The tendency ab initio of placing emphasis on geographical restructuring, therefore, amounts to putting the cart before the horse and plays into the hands of those reducing restructuring to a redrawing of the geophysical map of Nigeria. There is a constitutional provision through which this can be accomplished. Assuming the six states comprising the South West geopolitical zone are desirous of merger. The procedure is that a referendum, first, has to be conducted within the zone to ascertain their support for the merger. This must then be ratified by the 2/3rd concurrence of the rest of the country. You cannot slice and dice the country as it was the case under military dictatorship within which syndrome many of us are still mentally steeped. This mentality is understandable given that for the better part of the amalgamation of Nigeria, the country has been answerable to one dictatorship or another. Be it the dictatorship of colonial rule or that of the Nigerian military. 

“We agree with Jide Osuntokun that “whilst the factors of history and geography more than anything else determined the constitutional evolution of Nigeria, these factors did not determine the shape and form of the Federation that the British helped to create in Nigeria”. What then are the factors that determined the shape and form of the Nigerian federation? 

Federalism as Tragedy 

Much of the argument and debate on the “Restructuring of Nigeria” has followed from the confusion, arbitrariness and illogic attendant on the emergence of Nigeria as a country. Other than the concern with the bureaucratic administration of a large expanse of an African territory, a war booty, that accrued to the British from the Berlin conference, the British colonialists had no vision or template whatsoever for the sociopolitical development of Nigeria.  What had happened to Nigeria in the interim is what is largely understood in the Internet age as ‘cut and paste’. Following this irrationality, (the mistake of 1914) discussions on the constitutional development of Nigeria has had little to do with reason or rhythm. I have forgotten the Latin expression but the English translation is that you cannot build something on nothing. Thereby, the originating tragedy of Nigeria is that those who conceived Nigeria and brought Nigeria into being knew that it was an ill conceived child. 

Over the years, the tendency in the debate over the restoration of federalism is the adversarial communication between those in support and those opposed in a situation in which the ayes need the collaboration of the nays to realise the objective. This adversity is integral to the foundational amalgamation of Nigeria where Frederick Lugard adopted one half of the country as its protégé while his relationship with the other half was governed by malice and exploitation 

This was how Lugard described the Southern genetic in the Nigerian baby they had given birth to in a letter to his wife on 9 December, 1916: “These people here are seditious and rotten to the core… the people of Lagos are the lowest, the most seditious and disloyal, the most prompted by pure self-seeking money motives of any people I have met.” Lugard would further characterize Nigeria as a marriage between the “rich wife of substance and means” (the South) and the “poor husband” (the North) would lead to a happy life for both. Subsequently, this fundamental bias was the answer towards which the constitutional development of Nigeria was dedicated

Consistent with this ideology, ‘the final date of independence was fixed not only to accommodate the Northern Region in respect of its own date of self-government in 1959 but also to enable the leaders to agree to certain provisions in the Constitution whereby the Northern Region has been assured of a predominating voice in the Federal Government…Accordingly, the Northern Representatives in the Federal House of Representatives are in a numerical majority (174 out of 313 ). The constitution safeguards adequately this numerical superiority since a constitutional amendment to alter the regional boundaries or to create new states would require the virtual consent of the whole country and in particular the people most intimately affected. In other words, the constitution cannot be changed to the disadvantage of the North without its consent”. The late distinguished international legal scholar and first attorney general of Nigeria, Dr Taslim Olawale Elias made the point on the floor of the Nigerian house of representatives in 1962-“I think I would remind you that the only region, perhaps in practice not in theory, it may be difficult for the house to secure a two thirds majority to deal with is the Northern region”

‘The creation of the Midwest region in 1963, while giving satisfaction to ethnic-minority aspirations in the old Western region, intensified the overall imbalance in the structure of the Federation”. Were the Northern Christian minorities to have been carved out of the Northern region; the Eastern minorities extracted from the Eastern Region and the Yoruba minorities that preponderantly populate Kwara and Kogi restored to the Western region, the cause of parity would have been better served. In the event, the Northern and Eastern regions collaborated to weaken the Western region. “This imbalance played a large role in bringing about the collapse of the First Republic and the imposition of military rule in January 1966” 

Ideally, Nigeria shouldn’t have been a country to begin with but if it must, the irreducible minimum is a robust federalism. It is with particular regards to instances like Nigeria that Federalism is construed as ‘tragedy’. ‘Identifying Federalism as tragedy is intended to make the point that it is a response mechanism to political conflict not an optimal strategy. It is a suboptimal compromise in the effort to defuse real and potential situations of conflict and ensure that such situations degenerate into less attractive possibilities’¹ 

The Central Bank of Nigeria (CBN) has said it is working on a new regulation aimed at improving the level of compliance and corporate governance practice by fintechs in the country. 

The Deputy Governor of Financial Systems Stability at CBN, Mr. Philip Ikeazor, disclosed this during the FITC Fintech (TechNnovation) Conference held in Lagos on Thursday.

He said the new regulation is crucial to mitigate the risks of the digital era. 

Presenting a keynote address, titled: “Building Trust in the Digital Age: Balancing Performance with Compliance” said the digital banking platforms have made financial services more accessible to millions of Nigerians, fostering greater financial inclusion and convenience.  

However, on the flip side, he said digitalization also brings challenges that can erode trust if not properly managed.

According to him, issues like cybersecurity threats, data breaches, and digital fraud are persistent concerns that can erode consumer confidence in the system. 

Mitigating the risks 

To manage the risks, Ikeazor said the CBN has been at the forefront of this revolution, implementing policies that foster innovation while ensuring the stability and integrity of the financial system. 

“In addition to existing measures, the central bank is working on a new regulation to further enhance performance and compliance. This will focus on two key areas: corporate governance and licensing requirements.  

“Every organization should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important.  

“Corporate Governance is also very critical. Organizations need to have the right structure and be effective transparent and accountable in the administration of their affairs. And especially now when you look at the body language of the regulator, this is the era of compliance and you’re going to be seeing very effective and dissuasive sanctions,” he said. 

The fintech revolution 

In her opening address, the Chief Convener and the Chief Executive Officer of FITC, Mrs. Chizor Malize, said the emergence of fintech has revolutionized financial services, shifting consumer behaviour towards digital consumption and away from traditional brick-and-mortar establishments globally.  

According to her, the rise of companies like PayPal and Square, alongside innovations such as blockchain technology and mobile payment systems such as Apple Pay and Google Wallet, has demonstrated the immense of potential fintech to disrupt traditional banking models and enhance consumer convenience.  

While noting that Africa stands at the forefront of this fintech revolution with companies like Interswitch, Flutterwave, Moniepoint, and others leading the charge, she said Nigerian banks such as Providus Bank, GTBank, and Stanbic IBTC and others are also embracing fintech innovations to meet evolving consumer demands. 

“These initiatives showcase Africa’s potential to drive financial inclusion and economic growth through digital innovation. With widespread mobile technology adoption and a growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution. 

“The conference theme, “Building Trust in the Digital Age: Balancing Performance with Compliance,” captures the duality we face head-on. Trust is the cornerstone of any financial system, and in an age of rapid technological advancement, maintaining that trust is more crucial than ever.  

“As we strive for peak performance and efficiency, we must uphold the highest standards of compliance and integrity. Strong regulation and compliance are essential for ensuring financial system stability, which is the focus of this conference. Education and knowledge intervention are vital to innovation, transformation and growth,” she said.  

The FITC is a not-for-profit professional organization, which has the CBN, the Nigeria Deposit Insurance Corporation (NDIC), and all licensed banks in Nigeria as members. 

[Nairametrics]

A former governor of Kaduna State, Nasir El-Rufai, hosted the Presidential Candidate of the New Nigerian Peoples Party (NNPP), Rabiu Musa Kwankwaso, at his residence in Abuja on Thursday.

This meeting follows closely after El-Rufai’s visit to former President, Muhammadu Buhari in Daura, Katsina State, which has fueled speculations about his current political alignments and intentions. 

Despite being a prominent chieftain of the All Progressives Congress (APC), El-Rufai’s recent interactions with figures from various opposition parties have caught the attention of political analysts and the public alike.

In March, El-Rufai also made headlines with his visit to the national chairman of the Social Democratic Party (SDP) in Abuja, indicating a possible reevaluation of his political affiliations.

This comes after a setback earlier in the year when El-Rufai, a former Minister of the Federal Capital Territory (FCT), was overlooked for a ministerial position in President Bola Tinubu’s government, reportedly due to a failed security clearance by the Senate.

Following his exclusion from the ministerial list, El-Rufai had briefly moved abroad and stepped away from the political spotlight.

His return to Nigeria and subsequent resumption of public appearances, including the recent visit to the SDP’s national secretariat, have reignited discussions about his future role in Nigerian politics.

Commenting on these developments, Shehu Sani, a former Senator from Kaduna Central, suggested that El-Rufai’s visits, along with those of other northern politicians to Buhari, might be part of a broader strategy aimed at repositioning for the 2027 elections, possibly hinting at challenges to President Tinubu’s administration.

[NaijaNews]

Total domestic and foreign portfolio transactions in Nigeria’s equity market amounted to N355.38 billion in May 2024.

This was revealed in the latest Domestic and Foreign Portfolio Investment report of the Nigerian Exchange Limited (NGX).

Monthly, the NGX polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI) flows.

The total volume of transactions at the nation’s bourse increased by 2.63 per cent from N346.23 billion (about $224.78 million) in April 2024 to N355.38 billion (about $230,73 million) in May 2024.

In comparison to May 2023, which recorded N322.92 billion, total domestic and foreign portfolio transactions increased by 10 per cent in May 2024.

In May 2024, Domestic Investors with a total transaction of N231.10 billion outpaced Foreign Investors’ transactions of N124.28 billion by 85.9 per cent.

However, total domestic transactions increased by 2.52 per cent from N225.40 billion in April to N231.10 billion in May 2024.

Total foreign transactions increased by 2.85 per cent from N120.83 billion (about $78.45 million) to N124.28 billion (about $80.69 million) between April 2024 and May 2024.

Also, Institutional Investors with a total volume of transactions of N117.57 billion outperformed Retail Investors with a total volume of transactions of N113.53 billion by 3.56 per cent.

The institutional composition of the domestic market decreased by 5.66 per cent from N124.63 billion in April 2024 to N117.57 billion in May 2024.

[Leadereship]

President Bola Ahmed Tinubu and governors of the 36 states of the federation yesterday kept quiet on the issue of minimum wage after a meeting of the National Economic Council (NEC).

Millions of Nigerians and members of the organised labour had expected that the federal government and the states would take a position on the matter, which has dragged since the removal of fuel subsidy on May 29, 2023, the day Tinubu took over power, and the expiration of the N30,000 minimum wage agreed on in 2019.

The NEC meeting, statutorily chaired by Vice President Kashim Shettima, was attended by President Tinubu yesterday, a development that raised the hope of keen watchers of the development that there was the likelihood that the threshold of the new minimum wage expected will be put to rest.

It would be recalled that the 37-member Tripartite Committee on National Minimum Wage, led by a former Head of Service of the Federation, Bukar Aji, had submitted its report to President Tinubu weeks ago, after about five months of sittings.

During his Democracy Day speech on June 12, 2024, President Tinubu had said that a consensus had been reached, and that a proposal would be submitted to the National Assembly.

But the organised labour countered the president, saying they were not privy to any agreement.

At about the same time, the Nigeria Governors’ Forum (NGF) rejected the N62,000 minimum wage earlier proposed by the federal government, explaining that some states would have to borrow to pay salaries if the amount was implemented.

At present, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) are insisting on N250,000 as minimum wage.

On Tuesday, the Federal Executive Council (FEC) stepped down the memo about the planned new minimum wage for workers in the country.

The Minister of Information and National Orientation, Mohammed Idris, said this was necessary to allow the president to further consult with other stakeholders on the issue as it involves local governments, states, the federal government and the organised private sector.

The latest development

After the NEC meeting held at the Presidential Villa in Abuja yesterday, there was no mention of minimum wage as governors who briefed the press did not entertain questions.

Instead, President Tinubu approved a ‘one-off’ allocation to states and the Federal Capital Territory (FCT) of N10 billion for the procurement of buses and CNG “uplift programme”.

This was part of a new intervention tagged “National Construction and Household Support Programme”.

In a statement, presidential spokesman, Ajuri Ngelale, said the programme includes the “Delivery of N50,000 uplift grants each to 100,000 families per state for three months, and provision for labour unions and civil society organisations.

According to him, there would be “Deployment of N155 billion for the purchase and sale of assorted foodstuff to be distributed across the nation”.

The statement said the programme was expected to boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians.

It said road infrastructure projects, such as the Lagos-Calabar Coastal Highway, which is underway, and the Trans-Saharan Highway, which links Enugu, Abakaliki, Ogoja, Benue, Kogi, Nasarawa, and Abuja, would be prioritised.

President Tinubu also approved full counterpart financing for Port Harcourt-Maiduguri Railway; to traverse Rivers, Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Yobe and Borno states, as well as for the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway; which will traverse Lagos, Ogun, Oyo, Osun, Kwara, Niger, Abuja, Kaduna, and Kano.

“The Sokoto-Badagry road project is specially prioritised for its importance as some of the states it will traverse are strategic to the agricultural sustainability of the nation,” the statement said.

Addressing the governors during the NEC meeting, President Tinubu urged them to work together to meet the needs of citizens, stating that he was willing to provide the needed support to ensure that Nigerians were relieved of hardship.

“Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.

“We are prepared to provide solar powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.

“How much support do you need from me and in what form? I am prepared to provide it. But we must achieve the result. We must deliver on our targets at all levels. Please report back following your consultations and submit to my office within seven days,” President Tinubu said.

On the other hand, after their meeting which started on Wednesday night and went into the early hours of Thursday, the governors said they agreed to “continue engaging with key stakeholders to reach a mutually agreeable solution.”

This was revealed in a communiqué signed by NGF’s acting Director, Media, Ahmed Salihu.

They also assured Nigerians and the organised labour that better minimum wage will result from ongoing negotiations.

Daily Trust recalled that during a similar NEC meeting in August 2023, the federal government approved N5 billion grant to be given to each of the 36 states of the federation for the procurement of grains as well as five trucks of rice to each state as palliatives to cushion the effect of fuel subsidy removal.

The NEC also approved the distribution of 40,000 bags of maize to be distributed to states.

But months after the announcement, there was public outcry in many states, with some residents saying they did not receive the palliatives, while others said what they got barely took care of the family for a day.

Speaking on Trust TV’s Daily Politics Programme last night, a public commentator, Hon. Ikenna Azomchine, faulted the approach of the federal government in mitigating the sufferings of Nigerians.

He said palliatives would never solve the problems of Nigerians, saying the Tinubu administration must come up with deliberate policy to address hunger and insecurity.

[DailyTrust]

Humanitarian crisis in Niger State has worsened, with thousands of Internally Displaced Persons, IDPs, struggling to survive.

DAILY POST reports that the IDPs, in various camps in three local governments of Shiroro, Munya, and Rafi, are living in deplorable conditions.

Mostly women and children, they were forced to flee their homes due to violent attacks from bandits and Boko Haram extremists in the Northern region.

Apart from poor housing within the IDPs camps, a gross violation of their rights and poor sanitation, they are also facing inadequate access to basic necessities like food, water, as well as healthcare.

It was further observed that owing to insufficient food, malnutrition is rampant, with many children suffering from stunting and poor hygiene.

The spread of diseases such as cholera and diarrhea has also been blamed on inadequate access to clean water and sanitation facilities.

During a visit to the camps in Rafi Local Government Area, as well as Gwada and Kuta in Shiroro Local Government Area, the IDPs, who are majorly farmers, decried neglect and ill treatment meted on them by the state government, with no source of livelihood to enable them cater for their families.

“We don’t know when the government is going to put an end to these security challenges that have dislodged us from our homes and farmlands.

“That is why we are asking the government to relocate us by getting us another place where we can start our lives all over.

“Because, as it is, bandits and Boko Haram members have taken over many of our communities. Our people are presently scattered across various LGs in the state and even many other neighbouring states,” some of the victims told our correspondent.

They observed with dismay the housing situation which they described as appalling, with overcrowding, no privacy or personal space, insufficient food, no beddings, leading to discomfort and health issues.

Speaking on the difficult conditions being experienced by the IDPs at the Kuta camp, the Shiroro LG, IDP Desk Officer and Coordinator, Yusuf Bala Kuta, in an interview during a visit to the camp, listed lack of adequate food provision as the major problem facing the victims.

According to him, currently, 50 malnourished children were receiving medical treatment due to inadequate food for breastfeeding mothers in the camp, just as many children have no access to education.

The Deck Officer stated that the camp has on record over 5,000 IDPs, out of which a total of 1,119 are women, 2,511 children, 87 men, including 38 women and their husbands from Zamfara State.

“This IDPs camp was established in 2019 and we have victims from 42 communities from three LGs.

“We have eight blocks of classrooms at the Central Primary School, Kuta, for the IDPs. The centre caters for over 5,000 IDPs, out of which almost 4,000 sleep in the camp.

“About 80 persons are cramped in a room, while others sleep outside the camp. The situation is not easy for the victims as they have no sources of livelihood,” he lamented.

He added that, “the IDPs are suffering because their communities have been burnt down by bandits or Boko Haram sect.

“Some of them are sick and currently in the hospital and we don’t have adequate drugs.

“That is why we are calling on the state government and other relevant authorities to come to our aid.

“However, we thank the Nigerian Red Cross for the recent support.”

An IDP at the Kuta camp, Ahmed Al-Mustapha from Bassa community noted that since the military vacated their communities, the criminals have continued to unleash attacks on a daily basis.

“Currently, the Boko Haram members, who are attacking and slaughtering our people, are demanding that we should vacate our lands totally,” he lamented.

Also, a widow, Hasiya Shuaibu disclosed that during the last attack that claimed the life of her husband, there was no military presence in their community, except local vigilantes who could not face the criminals.

“We are left to our fate to defend ourselves and that’s why we are calling for the government’s commitment to end insecurity,” the widow said.

According to the mother of one of the malnourished children, Halima Musa, “we need help from the government; there is not enough food to feed our children and it’s affecting their health.

“Government should come to our aid. As I am talking to you, our children are out of school because we don’t have money to send them to school.”

When contacted on the condition of the IDPs in the state, the Commissioner for Humanitarian Affairs, Alh Baba Suleiman Yumu said over 42,000 IDPs were housed across the three most affected LGs of Shiroro, Munya and Rafi, even as about 75 communities were affected.

“The State Government has been doing its best in providing succor for the affected victims within available resources and will continue to do more,” he stated.

Similarly, the Public Relations Officer, PRO, Niger State Emergency Management Agency, NSEMA, Hussani Ibrahim, who spoke on behalf of the Director General, Alh Abdullahi Baba Arah expressed the commitment of the Governor Mohammed Umar Bago’s administration in according priority to the welfare and wellbeing of those in need, particularly during emergencies.

Ibrahim revealed that recently relief food items were distributed to the IDPs, adding that the agency was working round the clock to attend to their needs.

[DailyPost]

Chairman of the Economic and Financial Crimes Commission (EFCC) Ola Olukoyede has ordered the arrest of two officers of the commission allegedly involved in the manhandling of a female staff of Regional Hotel, Ojo, Lagos State.

Olukoyede also directed a detailed investigation of the incident.

According to a statement by the Head of Media and Publicity, Dele Oyewale, the chairman assured that anyone found guilty will be disciplined.

“The EFCC’s boss has also ordered detailed investigations of the operation carried out at the hotel and assured that appropriate disciplinary measures would be taken against any of the officers found culpable.

“Olukoyede assures the public that the EFCC would continue to ply its job professionally and with profound respect for the rule of law.”

[TheNation]