The president of the Dangote Group, Aliko Dangote, said the Dangote Refinery crashed the diesel price to N1,000 per litre to make the product affordable and reduce the cost of commodities for the average consumer across the country.

He disclosed this in an interview with newsmen yesterday in Gombe after attending a wedding fatiha of his business associate’s daughter, Alhaji Umaru Kwairanga, the Sarkin Fulanin Gombe.

Dangote added that it is very imperative to ensure that the prices of essential resources like diesel are accessible and affordable to alleviate financial burdens individuals and businesses face when it comes to production and transportation.

According to him, affordable diesel prices will play a key role in driving economic the growth of the country.

He explained that by reducing the cost of diesel, businesses would be able to operate more efficiently, which would ultimately lead to increased productivity, job creation and reduction of the prices of commodities.

“If you look at it, diesel actually affects the life of everybody. The cost of products like tomatoes today for us in Lagos is due to the cost of transportation; and even for us to produce anything, the major cost is diesel. When we looked at it, we decided to try and see how we could bring down the cost,” he said.

He further said there were people that had held on to the business for a very long time and were profiteering, so they decided that diesel should not cost more than N1,000, which is about a 60 per cent drop.

“In places like Borno and Bauchi states, it was selling between N1,700 and N1,800, but I am sure that in the next few days you will not buy diesel at more than N1,000 anywhere in Nigeria,” Dangote assured.

Arsenal manager, Mikel Arteta, has expressed his delight at his side bouncing back from recent bad results against Wolves.

Leandro Trossard and Martin Odegaard scored for the Gunners as they won 2-0 at the Molineux.

The victory came in the week they lost 2-0 in the league to Aston Villa and 1-0 to Bayern Munich in the Champions League.

Arsenal are now one point clear of Manchester City at the top and could make it four points when they host Chelsea on Tuesday.

“This is where we want to be [at the top of the table]. We lost it last week at home to Aston Villa.

“We didn’t deserve to lose it, but we’re top now at least for a day so let’s see what happens.

“We’re going to have to earn the win on Tuesday against Chelsea. We’ll give it a real go,” Arteta said.

[DailyPost]

• Speculators count losses as naira rises against dollar
• Naira will continue to appreciate against dollar – Shettima

The Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February.

But soon afterwards, the Naira started to recover and was at a time N1,200 until the middle of last week when it lost some grounds to the dollar again.

Observers blamed its earlier misfortune on alleged manipulation of the market by Binance and are citing the new crypto exchange platforms BYBIT and BITGET as the cause of the latest slip.

But Vice President Kashim  Shettima declared yesterday in Abuja that the Naira would continue its upward mobility against the dollar.

An investigation by The Nation also showed that many speculators who had invested in the dollar in the hope that the naira would go further down are now counting their losses. 

On Monday last week, the Naira was N1,100 to a dollar at the black market. It depreciated to N1,148 by Tuesday and N1,169 on Friday. Observers believe this is on account of the operations of the peer to peer platforms and say government must step in to stop the naira slide.

Following the recent recovery of the naira, the global investment banking, securities and investment management firm Goldman Sachs Group, Inc. rated it one of the best performing currencies around the globe.

The firm had initially predicted a naira to dollar exchange rate of 1,200 by year-end 2024 but later said the Nigerian currency could exchange for 1000 to a dollar or even below provided the authorities are able to maintain the tempo of their economic reforms.

 This bullish forecast, it said, followed capital inflows and interest rate adjustments, aiding the naira recovery from substantial losses incurred due to two devaluations since June, following the government’s relaxation of currency controls.

See more on the latest threat to the naira on Page 26.Naira’ll continue to appreciate against dollar, Shettima tells LCCI team

But Vice President Shettima is optimistic that the naira is on course to regain its status as a currency to reckon with.

“The naira went haywire and some people were celebrating. But inwardly, we were laughing at them because we knew that we have the leadership to reverse the trend,” the VP’s spokesman, Stanley Nkwocha, quoted him as telling his visitors.

He added: “Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Shettima said government’s decision to end fuel subsidy and unify the multiple exchange rate was necessary to address the challenges facing the country.

On efforts to boost the power sector and generate jobs for youths, he said: “We are determined to ensure that we generate jobs for our youths.

“Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

“He wants to leave a legacy, one of qualitative leadership, because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend,” VP Shettima further noted.

The LCCI delegation presented recommendations to the VP, including the need for more innovations to address insecurity and promote credit access, stimulate investment and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology,” he added.

Other members of the LCCI on the delegation included Chief John Odeyemi, Chief Dr. Nike Akande, Asiwaju (Dr.) M. Olawale-Cole, Prince Funayo Okeowo, Gwueke Ajaifa, Sir Ladi Smith, Abimbola Ola, Olufemi Bakare, Ayotunde Coker, Tolulope Adeleke, Stephen Alangbo, Dr Chinyere Almona and Mrs Temitope Akintunde.

In a separate meeting, VP Shettima urged Nigerians to live peacefully among themselves and learn to accommodate each other.

He made this appeal when a delegation from the Association of National Accountants of Nigeria (ANAN) led by its President, Dr. James Neminebor, paid him a visit at the Presidential Villa, Abuja.

He emphasised the need for tolerance and togetherness, citing the example of Jos, which he described as a hospitable city with a diverse population.

He also asked the association to channel its request for land in Abuja through the Deputy Chief of Staff to the President, Office of the Vice President, to enable him to follow it up with the relevant authorities.

He said: “No matter how long the night is, it must give way to the light of the dawn. The crisis we have in Jos will soon be over.

“Jos is the most hospitable city in this country in terms of weather. If we can harness the potentials of Jos and the Plateau as a whole, I believe that we can transform this nation into a better place.

“In one way or the other, we should learn how to accommodate each other; we should learn how to embrace one another. My SSA Media, Stanley Nkwocha, is a Jos boy.

“Jos is ideal; Jos is not an ethnic identity. Some of the Hausas, the Fulanis, the Kanuris and the other ethnic groups living in Jos were born and bred in Jos. They don’t have any other place to call home.

“The beauty of the Jos experience is that we have the generality of Nigerians called Northern Igbos. He (Nkwocha) is Igbo; Owelle Rochas Anayo Okorocha is a Northern Igbo. This gentleman (Nkwocha) speaks Hausa more than I do. We also have Sir Emeka Offor and so many of them.

“I believe that we should learn to imbibe in Nigeria that culture of tolerance, of togetherness, because I will rather be a small fish in a big pawn than to be a big fish in a small pawn.

“We are a kaleidoscope of colours. The sooner we realise it, the better,” he said.

Earlier, ANAN President, Dr. Neminebor, told the VP that there was need to introduce a new value orientation where the issue of discipline will become a culture for Nigerians, even as the association recommended the setting up of Anti-corruption Recovery Investment and Management Commission to prevent the re-looting of recovered assets in the country.

Currency speculators count losses as naira rises against dollar

It was gathered that many speculators have lost money following the recent resurgence of the naira.

Such speculators had invested massively in the dollar in the hope that naira would depreciate further.

An investigation by our correspondent revealed that many of the currency hoarders who had envisaged that the value of the naira would depreciate further as low as N2,000 or more to $1 as anticipated in mid-February, have all being proven wrong as the nation’s legal tender has witnessed a rebound.

Some black market operators reportedly lured some of their patrons to dollarise their cash as the naira, in their calculation, would depreciate further.

However, the naira recorded a rebound even beyond the expectations of many, such that the gains of the naira have been the loss of many currency speculators who borrowed money to dollarise their assets. 

Confirming this development, one of the BDC operators in Mushin, Lagos, who simply gave his name as Adamu, said: “Some BDC operators lured individuals to buy dollars when it was between N1700-N1800 to the dollar. But now that the naira has recorded a rebound, most of them are counting their losses, no doubt.

“It’s very painful that they had to stake a lot of their hard earned money to do currency speculation.”

Chukwudi Iwuchukwu, a financial lawyer, noted that some individuals who bought N10 million worth of dollars at the black market on February 24 suffered huge losses as the current value of their liquid asset is worth only half the sum.

“If you bought N10 million worth of dollars at the black market on February 24, it’s currently worth about N5 million,” he said.

Writing on his former X handle, A. Ayofe @abdullahayofel last Tuesday recounted the experience of one of the currency speculators who is now in debt as a result of his wrong investment decision.

“Someone I know borrowed N18 million from a money lender to buy $10,000 at N1,800 to $1 in February to pay back N19 million in May (three months) when the dollar gets to say N2,000 or more.

“Today, that N18 million is worth N11 million at N1,100 to $1. He is now looking for where to get extra N8 million to clear his debt as the three months is fast approaching.

“He used his bungalow as collateral. The problem now is that before May, the money could further reduce to N9 million at N900 to $1, making it impossible to retrieve his house.”

Dr. Aminu Gwadabe, the National President of Association of Bureaux de Change Operators of Nigeria (ABCON), said the otherwise awkward situation of the naira in the last few months has given way to optimism.

He said: “It is really exciting and interesting as we witnessed profound and significant naira rebounds faster than expected.

“It is a triumph of reality over behaviours that have no economic fundamentals.”

Gwadabe said all those who lost their investable funds during this period have to accept their fate.

“As regards the complaints of people borrowing money to speculate and make a margin, my take is that for any economic activity, there is reward and there is loss.

“So it is a gamble where you either win or lose. They should move on and next time be careful in jumping into what they cannot control.”

On the way forward, the ABCON boss appealed to the CBN and the fiscal authorities to proactively continue to induce confidence in the economy, strengthen stakeholders engagement, quick and fast responses including service delivery.

“Other hanging fruits include harnessing proceeds of diaspora remittances to inject liquidity through the BDCS. There should also be concerted efforts from all agencies of government to de-risk non-oil exports products to have a paradigm shift in our sources of foreign exchange to boost our external buffers.”

He added: “The excellent job of the security agencies in tackling corruption and money laundering should remain the cornerstone of this government. Above all, we must all as Nigerians have a change of mindset.”

[TheNation]

To begin with, let me ask whether you knew that abusing the Naira is a worse offence than stealing or embezzling the Naira? You can steal billions of Naira and walk away free. But abuse the Naira and end up in jail with automatic alacrity! Worse still, you can leverage the riches so suddenly acquired to contest election into high office and become anything – president, vice president, governor, senator, honourable – just anything! Only a few persons in high office in this country today do not fall into this category. When you steal so much, you intimidate the authorities; the anti-corruption agencies negotiate with you; the courts respect you and the populace worship you. Spiritual leaders grovel for a piece of the cake. Crumbs from your table ensure that the masses flock to you and do your bidding.

An uncountable number of our leaders have corruption allegations and cases running for years hanging around their neck. In the interim, they walk the street; stand for election, win and are, today, “their excellencies” “distinguished” and “honourables” This is very much unlike the automatic alacrity with which Bobrisky was sent to gaol and the Cubana High Chief hauled before the court on charges of abusing the Naira. The seriousness with which the authorities are pursuing selected cases of abuse of the Naira suggests that this offence destroys the economy and impacts Nigerians more negatively than the stealing of humongous sums from the country’s coffers. This is quite unfortunate as it smacks of a deliberate diversionary tactic to shift the people’s attention from more serious matters.

Bobrisky’s lawyers were lazy. I will love to see how the Cubana High Chief lawyers tackle the prosecution. What is the evidence that the person caught on video abusing the Naira was the accused and not a look-alike? Remember the drug-related charges that dogged the steps of Kashamu Buruji until his death. How are they sure that what was abused was real Naira and not fake, look-alike Naira? Will exhibits be presented in court, with serial numbers to boot? What if rats or snakes devour the exhibits? Or will electronic evidence (a relatively new source of evidence) suffice? In a democracy, there is the need to stretch the law to its elasticity level and not take anything for granted. I love Portable’s “apostle must to hear this” song but warn him not to fall into the same pit as Bobrisky. I will loan him the wisdom of the elders as Grandma told me.

There was a wicked king in one town and people only murmured behind his back as none could summon the courage to confront him. One day two friends bared their minds about this wicked king in a gathering of friends. Unknown to them, one “amebo” carried the tale to the Kabiyesi. Pronto, he sent messengers to bring the twosome to his palace. Everyone knew the outcome. So, one of the friends went into his inner chambers and behaved like a man, as they say. He committed suicide rather than stand the indignity he would be subjected to before being beheaded at the palace. So, only one offender was hauled before the king, who was surprised to see that he had not committed suicide like his friend. “Coward”, the king yelled at him. “Why did you not summon the same courage as your friend?” The king was surprised at the response he got: “Only cowards die before they see the death that would kill them!” But I digress!

One day late into the night some years back, we were unwinding in the Dining Room of a governor, as was our practice,  when his phone rang and the person on the other end was frantic. It was an SOS to His Excellency by the apostle, who was in the state for a three-day crusade, to come to the rescue. It was a “Come to Macedonia and help us” kind of shrill cry. The Man of God said his hotel had been surrounded by security operatives from Abuja and the goons were banging on his door, threatening to pull it down if he failed to open it. His Excellency, an action governor, immediately sprang to action; mobilized his security aides and all of us headed for the hotel. His Excellency, commando-style, stormed the hotel, yelling and stomping. How dare you! You want to create a crisis in my state? How dare you invade my state without my knowledge? Not even the courtesy to put me in the know? I am the chief security officer of this state! Ad infinitum!

As His Excellency was raking, he was pushing his way towards the apostle›s room. The goons from Abuja were taken aback. They were armed to the teeth. The governor’s security aides were also armed. Thank God there was no shoot-out between the two opposing groups. What would have become of “bloody civilians” like me? The governor got to the apostle’s room, wrapped his arm around him, led him down the stairs, and hauled him into his official car and we drove away, straight to the Government House.

That was my first time seeing the apostle Suleman. Was the governor’s action right? Yes, I think it was, but was it dangerous? Yes, it was! What if a shoot-out had occurred? But why should security agents storm a state without the knowledge of the governor who is touted by the country’s Constitution as the chief security officer of the state? This is one area of the 1999 Constitution (as amended) that needs further amendment.

If we can excuse what the governor in question here did to rescue apostle Suleman, can we in like manner justify what the governor of Kogi state did to smuggle his erstwhile boss, Yahaya Bello, from EFCC’s net as is being alleged? I do not think the Kogi governor did the right thing. So also do I not think that Yahaya Bello himself did the right thing in trying to run away from the law. For how long will he hide? How far can he run? Has he not made his case worse now that he has been declared wanted by the EFCC? For how long can the Kogi governor provide him a safe house? If Yahaya Bello is innocent, why is he running? Has it not been said that a clear conscience fears no foe? After all his grandstanding, why is Yahaya Bello now developing cold feet? Why is he now hiding under the cover-cloth of his successor? Again, for how long will he do this?

In 2018 when the then Ekiti state governor, Ayo Fayose, was being taunted by the EFCC:  that his immunity would soon expire as his tenure expires; that he would be hauled before the court; and that he would rot in jail! Fayose told them he was ready and would turn himself over to the EFCC – all by himself. Fayose was man enough to honour his word. He went to the EFCC office in Abuja by himself. I was one of those who followed him there. He was detained by them. He was charged to court by them. He was at the Ikoyi prison for a while. I visited him there. He was charged to court. I followed him to court on a countless number of occasions. Fayose defended himself. The case is still on but Fayose is not in hiding like Yahaya Bello. He did not run from the law. He was not just lousy like Yahaya Bello but was a man of his words.

Yahaya Bello has been declared wanted. That is the right thing to do but that is not all. If it is true that the Kogi state governor was the one who, hiding under the cloak of immunity, shielded him from arrest by the EFCC, then, that is a serious matter. The Kogi state governor, in so doing, has shown that he is not fit for the high office he occupies. He has to be removed by all means possible.  Was that not the same man prostrating before Yahaya Bello after the Kogi governorship election? What, then, should we expect? What a shame! If removing the Kogi state governor is what must be done to gain access to Yahaya Bello, so be it. This is one of those rare occasions that you regret that Olusegun Obasanjo is not the president!

Then, the security aides that the Kogi State governor used to frustrate the EFCC must be sanctioned. We have had too many cases of security officials acting unprofessionally and at cross-purposes in a way that does them little or no credit. An end must be put to this. There is also the embarrassment of judges giving conflicting orders that make a mockery of the judiciary. What is the function of the NJC in this regard?

Importantly, the time is now to review the immunity clause in the Constitution; either we totally remove it or we strip it of its omnibus status. The spirit and letters of the immunity law aim at allowing those enjoying it the opportunity to focus on the task of governance without distraction but now that it has become an instrument for criminality, something must be done about it. We used to give ourselves the consolation that presidents and governors, the clan that enjoys immunity, have expiry date, after which they can then be called to account, but with the Yahaya Bello incidence where spirited efforts are being made to still cover the former governor with the borrowed cloak of immunity belonging to his successor, then, this has become a serious matter that we can no longer gloss over.

Do not think sitting and former governors are not watching. If Yahaya Bello gets away with this, then, it will very soon become the order of the day all over the country.

Verily, the recently conducted APC direct primaries in Ondo State have garnered significant attention, not only as a standalone event but also in the context of the upcoming general election. The primaries witnessed a massive turnout of the people, who came out in large numbers to freely exercise their voting rights and show their support for Governor Lucky Aiyedatiwa.

The outcome of the primaries resulted in a landslide victory for Broda Lucky, the incumbent governor of Ondo State. The mandate he received from the people is seen as unstoppable and has solidified his position as the frontrunner for the party’s ticket in the upcoming governorship election.

Factors contributing to Broda Lucky’s landslide victory can be attributed to several key elements. Firstly, the governor’s journey from facing impeachment to assuming the position of governor has garnered sympathy and support from the people. This has endeared him to the electorate and strengthened his popularity among the party members.

Additionally, the majority of the APC governors are first-timers, and they have rallied around Broda Lucky to ensure that the principle of right of first refusal for the incumbent is upheld.

This unity and support for the golden convention from within the party have played a significant role in securing his victory in the primaries.

What else to say than to congratulate the party for having a winning flag bearer in His Excellency, which is a.win-win for the people of Ondo State. –

Dr Kayode Ajulo, SAN, OON

Across the globe, governments are known to borrow to make-up for the difference between their expenditures and the incomes they are able to raise from taxes and sundry sources. Thus, government borrowings have some advantages, the most prominent being that of executing huge infrastructural projects that can hardly be accommodated by readily available resources. It is therefore unfair to blame any administration that is able to articulate the expedience of government debts.

At the same time, government spokespersons have never wasted time in propagating the professional argument that what people should worry about is not loans but the use into which they are put. At no time in Nigerian history was this better done than the tenure of President Muhammadu Buhari who had a friendly National Assembly that was prepared to approve whatever loan he requested. 

The argument that loans are not bad on their own is supported by the fact that Lagos State whose loans have always been larger than those of any other state has been breathing well.  The implication of this is that many loans are misused; otherwise, why can’t everyone be like Lagos? In truth, many citizens hardly know or see the projects that were allegedly executed with the excessive loans that are sourced at all levels of government in Nigeria.

Those who imagined that our immediate past Minister of Works did so much on roads because of several speeches must have become confused when his successor was recently seen shedding tears over the state of federal roads thereby giving credence to the suspicion that loans sourced by Nigerian governments for project implementation were usually shared by government officials.

While disclosing that Nigeria’s debt profile had risen to as high as 60 percent from 10.4, Senator Shehu Sani who previously represented Kaduna Central in the Senate did assert that 80 percent of loans collected by state governments in Nigeria were shared “among Governors, loyal politicians and other cronies.” He did not even need to provide any proof of the alleged sharing because ordinary citizens must have believed him as the then Chairman of the Senate Committee on Local and Foreign Debts. No one else followed up on Shehu Sani’s allegation until the recent alarm by Governor Uba Sani of Kaduna State that the excessive loans he inherited were about to overwhelm his administration.

Whereas the inherited burden listed by the Governor was quite large, there are ample reasons why Uba Sani could be accused of shedding crocodile tears or simply called insincere tears of sorrow. To start with, the Governor was not just part of those who negotiated the loans, he was actually the guarantor. During its negotiations, Uba Sani who was then a senator made many critical statements among them the following: a) ‘I can vouch for the Kaduna State Government under Mallam Nasir El-Rufai to prudently deploy the loan from the World Bank to enhance the welfare and wellbeing of the good people of Kaduna State, b) ‘I am extremely happy and proud of the role some of us played in securing this loan for Kaduna State’ and c) ‘In fact, hold me responsible if Governor Nasir El Rufai fails or disappoints on this score.’

Another reason why Governor Uba Sani may not find many people applauding his new posture is because, his supposed revelation was not a discovery. His predecessor never hid it as he even publicly announced the same state of affairs at his valedictory in May 2023 while exuding confidence in the capacity of his worthy successor to quickly turn around the situation. Even if he discovered the problem just as he assumed office, the game plan of attracting public sympathy some 10 months later has little efficacy. In fact, the strategy of shedding crocodile tears or getting some stakeholders to join in trumpeting the tears cannot redress the situation. In like manner, the division of Kaduna into two groups of pro and anti-El Rufai camps is essentially an old game of distraction.

Already, those who always extract politics from every issue have taken positions. The woman leader of the ruling All Progressives Congress APC in the state, Mrs Maryam Suleiman took the lead by openly deprecating what she considers to be Governor Sani’s disloyalty to former Governor El Rufai. In return, party executives who are falling on one another to prove that they are loyalists of the new chief executive quickly suspended the woman leader from the party. Unfortunately, none of the actions addresses any of the aspects of the huge debt profile.  Members of the State House of Assembly who are ordinarily better positioned to handle the situation are busy pursuing shadows. Some of the legislators are talking tough in what looks like after-event-wisdom. Were they not the ones who approved the loans? If not, where was their courage in taking-up a governor who supposedly spent unapproved and unappropriated loans?

It is because democracy provides for checks and balances that the legislature is empowered to check the executive. But in Nigeria there are no checks but collaboration and collusion to extort the citizens. It is therefore not a surprise that Kaduna legislators did not use their oversight mandate to unravel numerous projects allegedly paid for but reportedly not executed in their state. Painfully, such a major breach did not amount to gross misconduct to the legislators; instead, they waited till the exit of the governor concerned before joining the crocodile choir. All through Nigeria, legislators are like that – economically brave but politically naïve hence they understand gross misconduct to refer to only when a deputy governor has a disagreement with his principal or where their own Speaker cannot fight for more allowances for them.

The crocodile tears currently in progress in Kaduna state have yielded a few fruits. The first is that the governor is virtually now assured that there would be no strike in the state in the nearest future having convinced labour leaders of his predicament. Ayuba Suleima boss of the State Chapter of the Nigerian Labour Congress NLC, has already announced the readiness of his workers to really sympathise with the governor because the latter was “open and we were convinced on the issue of the debt.” On his part, the TUC’s boss, Abdullahi Danfulani said they had useful meetings with the governor to thrash out a number of issues, especially the stewardship of the former governor. According to Danfulani, TUC is now hoping that Governor Sani “will do his bit.” In any case, the governor was smart enough to pick one of the comrades, Adamu Samaila as his Special Adviser on Labour Matters.

Other critical stakeholders have also showed interest in the huge debt profile of Kaduna State. The Socio-Economic Rights and Accountability Project (SERAP), the Northern Elders Forum (NEF) and the Northern States and FCT Chapter of Christian Association of Nigeria (CAN) have all called on   Governor Sani, and indeed, all state governors, to publish detailed reports on the state of loans secured by their predecessors. Alas, such a great suggestion would take too long to yield quick-wins. A small task force in the Governor’s office should immediately swing into action to pursue all those who received contract funds to return to work or refund payments made to them. It is not only the contractors who have abandoned their assignments that should be rounded-up now; also, to be held, are all public officials serving or retired that issued certificate of completion for uncompleted jobs thereby empowering any person to feel entitled to the balance sum of N115 billion.

Before Governor Uba Sani took office, the state government obtained a loan approved by the State House of Assembly for N3.5 billion for security gadgets in view of the escalating insecurity crisis in the state. If it is true that such gadgets are now nowhere to be found, it should not be difficult to arrest the suppliers or those who took delivery of them. There is also a previous $26 million loan obtained from Indian Exim Bank to equip some 200 primary healthcare centres as well as street lights that are said to have vanished. They should be located immediately instead of concentrating energy on shedding crocodile tears.  This is because some of the items may well be in the custody of those currenting berating El Rufai. Many wailers did that before in some of our states.

Following the decision of the National Executive Committee (NEC) of the Peoples Democratic Party (PDP) to retain Ambassador Umar Damagum as Acting National Chairman, the battle for the soul of the party has now shifted to the forthcoming State congresses.

Sunday Vanguard gathered that Damagum’s survival, in what appeared to be a coordinated attempt to replace him, has opened new frontiers for the battle to control the party’s structure ahead of the 2027 general elections.

Loyalists of the Minister of the Federal Capital Territory (FCT), Nyesom Wike, who are the main backers of Damagum are celebrating his retention as a victory over loyalists of former Vice President, Atiku, who wanted Damagun replaced.

The battleground for the soul of the party has now shifted to the usually contentious Ward, Local Government and State congresses.

Governors, who have powerful predecessors or party stalwarts, will be battling to either retain or take control of the party structure at the state level to enhance their chances of political survival.

Dispute

At the height of the political dispute between Wike and his successor, Similaye Fubara, the FCT Minister had told all who cared to listen “We will not allow anybody to tamper with our structure in Rivers State.”

But Fubara appears determined to do just that in order to consolidate his position as governor.

A member of the PDP National Executive Committee (NEC), who spoke in confidence for fear of retribution, explained that politics begins at the grassroots hence the decision of party leaders whose political relevance is at stake to return to the drawing board.

The party stalwart, who is sympathetic to Atiku, said, “This (the Damagum debacle) was just one battle, there are several ahead. We are going back to plan for state congresses.

“We will work with friendly governors in states where our party have them. In states where we don’t have a government in place, we will work with leaders to stabilize the party.

“As you are probably aware, these are areas where the battle is likely to be fierce. The state executives have a crucial role to play in organizing the party and the election of delegates for crucial elections”.

Gains

In the same breath, Wike’s loyalists are not leaving anything to chance as they are said to have set in motion a machinery to consolidate on recent gains.

Those familiar with the plan confided in Sunday Vanguard, “This group is not taking anything for granted. What is next is to ensure that the committees to be set up to conduct ward, local government and state congresses do not take us by surprise.

“To Wike’s credit, he has built a lot of bridges in the party over the years.

“He has a sizable number of loyalists nationwide. He remained and kept the party together when Atiku and his friends abandoned the party in 2015”.

An Imo State chieftain of the party, Dr. Katch Onanuju, whose sympathy lies with Wike, while speaking on the issue, said, “We have issues in our party no doubt, but we will sort ourselves out.

“All the noise about Wike doing anti-party is lacks basis. Whatever he did in 2023 is nothing compared to what the five northern governors and Rotimi Amaechi did to the party in 2015. Wike never left our party, he remained and has been helping to rebuild it ever since.

“The party will surmount its problems if there is sincerity of purpose. The congresses are coming up, there will be fresh crisis if some people think they can sit in Wadata Plaza and impose leaders on the states and write lists where people who never participated in the electoral process are named as leaders.”

[Vanguard]

The federal government says it is considering the issuance of a diaspora bond to boost remittances.

Wale Edun, the minister of finance and coordinating minister of the economy, disclosed this to journalists at a press briefing on Saturday.

The news conference was jointly held with Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), in Washington DC, the United States.

The government officials addressed journalists on the outcomes of their participation at this year’s spring meetings of the International Monetary Fund (IMF) and World Bank Group, and strategies to improve the economy.

Speaking on plans to attract investment, Edun said remittances are one of the ways to boost foreign exchange (FX) supply and funding for investment in the country.

“There are Nigerians abroad, they’re doing very, very well,” the minister said.

“They have significant funding. There are even Nigerians in Nigeria with funds abroad, that too would be counted as a remittance.

“In order to help the issue of supply of foreign exchange to the Nigerian economy, the government is looking at attracting those funds and capturing those funds through a diaspora type of instrument — a diaspora bond.

“We think that would be a very attractive instrument for Nigerians abroad and for foreign holdings of foreign currency.

“And we look to having a substantive, substantial and successful issue later in the year.”

‘WE’LL GET LION’S SHARE OF WORLD BANK/AfDB PLEDGE TO PROVIDE ELECTRICITY TO 300M AFRICANS’

Edun also said the Nigerian delegation met with investors during the IMF and World Bank meetings, which officially ended on Saturday.

He said the team, led by himself and Cardoso, spoke to groups of international investors, portfolio investors and “also those potential foreign direct investors who bring what I can describe as the quality funding, the kind of funding that builds factories and creates jobs directly”.

“And the response and the reaction from virtually all of them, I can say without exception, has been one of greater confidence in the economic management of the country, and greater interest and willingness to invest,” the minister said.

“So, the whole ecosystem of international finance has been here and we’ve engaged with all of them,” Edun said.

“And I announced earlier some of the things that we have come away with, we’ve come away with funding to improve electricity to provide power to 300 million people on the African continent and we know that the lion’s share, or the largest single portion will come to Nigeria.

“And we all know what the provision of electricity does to empower a nation, reduce poverty, improve the economy.

“I suppose we can also say that we’ve come away with a bigger say for Africa through an additional chair, an additional seat on the board of directors of the IMF will help to complete that process and I think that is a major success for Africa as a whole.”

Edun said Nigeria is a private-sector-driven economy, and the policy of President Bola Ahmed Tinubu is to encourage private, (domestic and foreign) investment to grow the economy and create jobs, thereby reducing poverty.

Money is perhaps a homeless vagrant. It has no nationality or permanent homestead in real terms. It goes and stays only where its masters are wise, prudent and far sighted. But in a world dominated by nations and their interests, real money is first a national asset and tool of governance and sovereign assertion. When money thus becomes a source of power, the nation whose flag the conquering company flies shows up to claim its own. Apple, Microsoft, Tesla, Coca Cola are synonymous with America. It is not because every American can walk off with a can of Coke from the supermarket without paying for it but because somewhere along the way, brand and nation have become fused and interchangeable. Every successful Business may aspire to an international identity but when the chips are down, every successful business needs to be anchored first on a specific sense of sovereign belonging. Ultimately, then, the companies to which sovereign wealth is usually ascribed have a final responsibility to that nation or sovereignty in times of trouble or goodness.

Make no mistake about it. Businesses are in business to succeed as businesses. To succeed as a business is to make tons of profit and invest in even more business and wealth creation. Sensible companies do not always overtly toe the government’s line. They instead buy into the hearts and minds of the citizens through the products they  offer and how friendly their prices are.

Two Nigerian brands have recently stepped forward to identify with the citizens of our country in this moment of grave challenge and desperate self -inflicted hardship. Dangote and Air Peace are now on record as having risen to use their products, brand presence and pricing strategies to identify with and ameliorate some of the harrowing difficulties that Nigerians are currently going through.

The worst moments of our present economic travail may not be over just yet. The epidemic of hunger still looms over the land. Innocent people are still being trampled to needless death at palliative food centers. Some are getting squeezed to death while scrambling for tiny free cash. Inflation figures just got even worse at over 33.4%. Those who fled the country in awe of rampaging hardship have not yet started returning or regretting their decisions to flee. Most Nigerians, rich and poor alike, are still needing to be convinced that the curse of recent hopelessness can be reversed any time soon.

Yet out of the darkness and gloom that now pervades our national mood, a tinge of sweetness has begun to seep into the air. The exchange rate of the Naira to major currencies has begun heading south. The dollar, which at the worst moments in recent times exchanged for as low as N2,300 to a US dollar, has climbed up in value. As at the time of this writing, a little over N1,000 can fetch you the same miserable US dollar. That may not sound like paradise yet since it is still worse than the worst of the Daura emperor. Most Nigerians are praying that Tinubu should minimally take us back to the Buhari days in terms of the exchange rate and relative food security. We are still far from there.

What has Dangote got to do with it all? The removal of fuel subsidy had unleashed an astronomical hike in energy and fuel prices. While motorists and transporters wept and wailed at the gas stations, the price of nearly everything else went through the roof. Since public power supply remains as epileptic or absent as in the 1970s or worse, we have been living in a virtual generator republic that is dependent on diesel and petrol generators. The price of diesel in particular jumped through the roof. Industrial production suffered just as transportation and haulage costs became unbearable. Every high cost was passed down to the suffocating hapless citizens.

Fortuitously, the gigantic Dangote refinery complex was coming on stream in a time of great difficulty.  Somehow, the hope was alive that the Dangote refinery would come on stream with a bit of good news on the pricing of gasoline and diesel. But no one knew for sure what Mr. Dangote’s cost accountants had in stock especially with the devilish exchange rate that reigned in the first nine months of the Tinubu tenure.

Energy and fuel prices were off the roof. A liter of diesel went for as high as N1,650 in some places. Gasoline was not any better. Those who wanted to keep their homes powered from generators needed troves of cash to procure diesel whose prices kept going up as the dollar exchange rate escalated. Factories fared worse.

Refreshingly, Mr. Aliko Dangote whose mega billion dollar refinery in Lagos has just started producing petroleum products has a bit of good news for all Nigerians. He has reduced the price of diesel from the mountain pe58% to a more considerate N1,000 per liter, nearly a 58% reduction in price in less than a week. The prospect is good that when his gasoline products begin to flow through the pumps. Mr. Dangote may have even better news at the gas stations. Along with his fellow cement oligarchs had promised to deliver cement to Nigerians at a more friendly price. The full benefit of that promise is still a long way away.

It needs to be said in fairness to Dangote as a brand that more than any other single company in Nigeria, it has invested in the things that touch the lives of the people most immediately. Sugar, salt, fertilizer, tomato puree, fruit juices, cement and now petroleum products. No other single Nigerian brand can boast of a wider and more expansive range of socially relevant products than Dangote.

In direct response to the prevailing hunger and hardship in the land, Mr. Dangote has himself stepped forward to provide millions of bags of rice and other food items to Nigerians across the length and breadth of the country as humanitarian palliatives. In terms of the human face of capitalism, Dangote would seem to have perfected an enlightened self interest above his peers.

Just when life was about to gradually grind to a halt, a bit of good news has come from unusual quarters. In a nation that has grown dependent on a feeding bottle tied to the beast of external suppliers of everything from tooth picks to civilized coffee, the belief persisted that all good news can only come from abroad. Nigerians could only hope to enjoy more friendly prices for the things that make them happy if our foreign partners changed their mind. Not any more.

It requires pointing out that the Nigerian spirit is too expansive to be bottled up within our borders just because air tickets are unaffordable. The urban- based Nigerian wants to go abroad for business, on holidays or just to flex!

At the worst of the recent moments, a return Economy Class ticket to nearby London sold for as much as N3.8m-N4million. Major international airlines insisted that the Central Bank had seized and was sitting on their dollar ticket sales proceeds. They needed to keep the high fares to hedge against the uncertainties that were everywhere in the Nigerian air. Nigerian travellers were being punished for the bad fortunes of their national currency and the untidy book keeping habits of the Central Bank.

Almost from nowhere, Nigeria’s largest international airline, Air Peace, announced a low fare flight into London’s Gatwick Airport. The airport itself is also owned by a Nigerian businessman. The fares were unbelievably low, as low as N1.2 million in some cases against the exploitative fares of all the major foreign airlines plying that route. Unbelievably, Air Peace pulled off the London Gatwick  deal with quite a bit of fanfare and patriotic noise making that set the foreign competitors scampering back to the drawing board. Air Peace floated the Gatwick fare reduction as a patriotic act, more like social responsibility to fellow Nigerians than the plain business sense which is what it really is. It was a drive for volume in a market of low volume driven by high fares.

To drive home the patriotic edge of its revival of international flights, Air Peace rebranded its crew and adorned its senior cabin crew with uniforms that featured the traditional Igbo “Isi Agu” motif. For those who are hard at hearing, the Isi Agu motif on Nigerian traditional outfits is of Igbo ancestry just as the Aso Oke, Adire and Babanriga are South Western Yoruba and Northern Hausa-Fulani respectively. A Nigerian airline intent on striking a recognizable indigenous resonance and identity could adapt any combination of these traditional dress motifs to drive home its original and national identity. The isi Agu features a series of lion heads, obviously severed at a moment of unusual valor. To go on a hunt and successfully kill and decapitate a lion is an undisputed symbol or infact a metaphor for unusual valour and heroism among the Igbo. Therefore the choice of that motif by Air Peace in its new cabin outfit is in fact a modern statement on the unusual heights to which Nigerian enterprise can rise if inspired by a patriotic commitment to national greatness. The Isi Agu is therefore Nigerian national heroism captured in an outfit.

In their recent pricing strategies, neither Dangote nor Air Peace has acted out of pure charity or patriotic feeling. Both are reacting to the pressure of latent demand in a market where the purchasing power has been depressed by economic difficulty brought about by government policy and political exigencies. Yet each of them is intent on being seen as acting out of altruistic patriotic motives. That may be true in the short term.

For every liter of diesel sold, Dangote is saving the Nigerian consumer 60% of the current market price. A savings of 60% is a lot for households and businesses. Similarly, for every Economy Class ticket sold by Air Peace on the London route, the average Nigerian traveller gets to save between N1.3million-N1.6 million. That is an awful lot of relief which travellers can apply to other competing needs in these hard times. No one can deny that these are direct savings and benefits that accrue directly to Nigerian citizens. To that extent, both Dangote and Air Peace can be said to be applying their capital to serve a patriotic end.

It is common capitalist gimmick for companies to apply a percentage of their profit to pursue communally beneficial ends in their territory of operation. Oil companies build schools, hospitals, libraries and other socially beneficial  infrastructure in their catchment localities. In normal corporate parlance, that only qualifies as Corporate Social Responsibility(CSR) or targeted social beneficence.

But Dangote and Air Peace are doing something a bit more far reaching. They are shedding handsome percentages of their revenue and therefore profit to fellow Nigerians at a time when such savings are desperately needed and deeply appreciated. That is an instance of capitalism serving a patriotic end over and above its statutory tax obligations to the government. This should be commended.

It does not ,however, make these companies any less rapacious as capitalist ventures than any others. They may in fact be investing in better times and bigger profits when the bad days are over. They are investing in the goodwill of the market and therefore deepening their brand penetration and mass sympathy. These are strategies which are far sighted marketing ploys that dig deep into the hearts and minds of generations of consumers. 

Ultimately, every capitalist is like a cat; selfish with nine lives and prone to inherent cunning. But, as former Chinese leader Deng Zao Ping said when embracing the free market for his long standing communist nation: “A cat is a cat. It does not matter whether it is a black cat or a white cat. For as long as it catches mice, it is a good cat.”