I read a post on Twitter from a user who posted a picture from the recent call-to-bar ceremony where thousands of lawyers were inducted into the Nigerian bar. She asked, “Where do all these numerous new lawyers will see work?”. 

Bandits have reportedly kidnapped no fewer than 15 Tsangaya students at Gidan Bakuso area of Gada Local Government Area in Sokoto State.

The incident, according to findings by our correspondent, took place about 1am on Saturday at the school premises.

Confirming the incident, the proprietor of the school, Liman Abubakar, said, “So far, 15 students were unaccounted for, but we are still counting”

“They invaded the town around 1am, shot one person and abducted a woman in the process.

“As they were leaving the town, they sighted our students rushing into their rooms and they kidnapped many of them.

“We have so far counted 15 who are missing and we are still searching for more.”

Abubakar added that this was not the first time the village was attacked by bandits but had never kidnapped any of their students until now.

Also speaking, Mansur Ahmadu, a resident of the affected community, said the bandits invaded the community in the middle of the night.

“It was a serious situation when the incident happened, they killed a woman in the process before they abduct those students,” he said.

Also confirming the incident, a member, representing Gada-East constituency at the state House of Assembly, Kabiru Dauda, said he received a call from the village around 2am that they were invaded by bandits.

“I reached out to the local government authorities and security agencies and I am sure they are doing something about it,” he said.

When contacted, the spokesman for the Sokoto State Police Command, ASP Ahmad Rufa’i, said the command has deployed team to ascertain the real situation.

He said, “Most of your colleagues has been calling me on this but honestly I just spoke with the Divisional Police Officer of the affected community.

“We have mobilised our men to ascertain what actually happened, I can assure you that we are on top of the situation. I will brief you on it” he added.

Efforts to speak with the state governor’s Special Adviser on Security Matters, Col Ahmed Usman (retd.), was not successful as his line was not reachable as of the time of filling this report.

A top government official who spoke on condition of anonymity however confirmed the attack while assuring all that the government will do everything possible in ensuring the safety returns of the abducted students.

On Thursday, over 280 pupils and teachers of Government Secondary School and LEA primary school at Kuriga, Kaduna State were abducted by bandits, triggering national outrage.

Twenty-six-year-old Benue man, Tersugh Aondona, has disclosed the reason behind his decision to marry three wives on the same day.

Aondona set social media agog and got tongues wagging after his marriage to three woman on January 31, 2024, came to public knowledge.

Speaking on his matrimonial decision, Aondona stated that his ownership of large farmland played a role in his decision to marry three wives at once.

Speaking during an interview with Punch, he also revealed that his father motivated him to have many wives.

Aondona, who is from Jato-Aka, Kwande Local Government Area of the middle belt State and focuses mainly on rice, yam, and cassava cultivation, said marrying three women simultaneously was to remove the acrimony and impasse that would arise if he were to marry them separately.

He said “It has always been in my plan to have multiple wives, stemming from my desire for many children and the need for help on my expansive farm. Before marrying them, I explained to each of the women that I needed their assistance on my farm, which is too large for me to manage alone.

“I chose to marry them on the same day because I noticed that it was challenging to marry another woman after being married to one already. It often leads to conflicts. My brother has been facing the issue of not being able to marry another woman after marrying his wife, who always opposes the idea. I noticed that if I married them one after the other, there would be conflicts among them, which might result in enmity, and there wouldn’t be peace at home and they would hardly have cordial relationships. Therefore, I decided to marry the three of them at once to maintain peace and they agreed to have the wedding on the same day.

“However, if I notice that they want to misbehave, I will remind them of the promise they made when we met, and I will ask them why they agreed to be in such a relationship from the beginning if they knew they couldn’t maintain the peace”

Goldman Sachs analysts Andrew Matheny and Bojosi Morule have projected a significant appreciation of the exchange rate to N1,200/$ in 12 months.

This amounts to a massive recovery from its perceived undervalued state. 

This forecast hinges on Nigeria’s transition away from unstable monetary policies and significantly negative real interest rates, leading to a significant naira depreciation. 

• The report by the analysts outlines that over the past nine months, the naira has experienced a cumulative weakening of 60-70%. 
• However, the tide is expected to turn due to the advent of positive real rates and a pivot towards more orthodox policy frameworks, marking the beginning of Nigeria’s recovery from its currency crisis.
• The analysts noted that for lasting macroeconomic stabilization, continued and sustained efforts are required.

A looming risk to this forecast is the potential faltering by Nigerian authorities in maintaining the orthodox monetary pathway and tightening policy adequately to draw in the needed capital inflows. 

Policy Shifts and Economic Implications 

The Goldman Sachs analysts commended the recent monetary policy transitions under President Bola Tinubu, noting the significant shift towards inflation targeting and a more flexible exchange rate as positive developments. 

• Despite these forward-looking reforms, the initial implementation phase was criticized for its lack of depth until recent times.
• The absence of a clear policy anchor and a defined strategy previously left the naira vulnerable, leading to escalating inflation and currency depreciation.
• Highlighting the necessity for positive real interest rates and external financing to mitigate Nigeria’s currency and liquidity crisis, the analysts’ report sees recent policy adjustments and bill issuances by the central bank as steps in the right direction.
• Nevertheless, they emphasize the need for more decisive rate increases and a firm confirmation of policy shifts to attract meaningful foreign inflows. 

Excerpts from the report 

• “We argued that addressing Nigeria’s currency and external liquidity crisis required positive real interest rates and capital inflows, conditions that were both present – at least in a limited form – for the first time last week on the back of the central bank’s monetary policy adjustments and bill issuance. 
• “In our view, this is the cue to turn constructive on the FX outlook, even if more decisive rate increases and confirmation of the policy shift are likely required to attract meaningful foreign inflows. This is especially the case given that, in the near term, inflation on our estimates is likely to rise further on the back of lagged currency depreciation, and given that real interest rates are still comparatively low relative to elsewhere (most notably Egypt, which is likely to be a beneficiary of large inflows on the back of recent policy adjustments). 
• “We think the Naira looks cheap on a REER basis in a historical context. Added to this, the current account surplus was +3.5% of GDP in 2023Q3, and we expect it to increase above +5.0% on the recent FX moves and associated import compression. We thus see reason for the Naira to be undervalued, and we see it appreciating to 1200 within the next 12 months.” 

More Insights 

• Nairametric earlier reported that the Naira lost about 68% of its value, marking a profound downturn since the implementation of the foreign exchange unification policy. 
• The weakening Naira has inflicted broad economic repercussions, including heightened import costs, surging inflation rates, diminishing purchasing power, and a deterrent effect on investment inflows.  
• However, the Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso said that the naira is undervalued. He added that the apex bank will work towards real price discovery in the foreign exchange market in 2024. Cardoso recently blamed the undervalued state of the naira on market distortions and FX spectators. 
• The central bank has been actively addressing the FX issue in the country with some reforms, such as clearing the backlog of forex obligations which the CBN noted would be fully cleared in a few days.  
• Also, the apex bank plans to establish a singular foreign currency (FCY) gateway bank that will centralise all correspondent banking activities and provide incentives to individuals who hold foreign currencies outside the formal banking system.  
• Other measures include investigating and resolving FX backlogs, restricting forex allocation for overseas education and medical trips, augmenting the minimum share capital for BDCs, and targeting FX market speculators. 

[Nairametrics]

Manchester United legend, Wayne Rooney has hailed Kobbie Mainoo for his performances for the Red Devils so far this season.

The former England striker said Mainoo always makes the right decision on the pitch of play, adding that the youngster reminds him of former Man United midfielder Bastian Schweinsteiger.

Mainoo has become a key player in manager Erik ten Hag’s midfield, delivering a number of stellar displays.

“I think he is been incredible at such a young age, the maturity he shows,” Rooney told TNT Sports.

“When you see young players come into any first-team they are normally a bit raw and they normally play off the cuff.

“He reminds me of a young Bastian Schweinsteiger, in how he plays, enticing players in.”

He added, “He always seems to make the right decision. So I think he’s got a bright future.”

[DailyPost]

The Northern Senators Forum has vowed to meet President Bola Tinubu over alleged N3trillion padding it ‘discovered’ in the 2024 budget.

The Chairman of the Forum, Senator Abdul Ningi (PDP – Bauchi Central) disclosed this during an interview by the BBC, Hausa Service.

Ningi said the forum has commissioned consultants to thoroughly scrutinise the 2024 budget to reveal how N3trillion was surreptitiously added to the amount passed by lawmakers.

He also said the Forum would soon confront Senate President Godswill Akpabio with its findings concerning the N3trillion alleged ‘padding.’

On plans by the forum to review the 2024 budget, Ningi said: “This is true, for the past three months, we have engaged consultants to review the budget for us. We have some experts that are working on it line by line.

“We have seen the huge damage that was done not only to the north but the entire country in that budget. We are supposed to sit with the Senate President to inform him about what we have observed.

“We want to show him what we have seen in the budget that is not acceptable, we will not accept them and we don’t want the country to continue spending money on those things.

The Nigerian government says citizens in the Diaspora can now apply for the issuance of their international passports seamlessly online.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on his official X handle on Saturday.

According to the Minister, Nigerians in the Diaspora can now apply for their passport in the comfort of their homes through Nigeria’s official passport issuance website.

“Dear Nigerians in Diaspora, the sweet experience is here,” he wrote.

During an interview on Channels Television two months ago, Tunji-Ojo said that Nigerians in the Diaspora can apply for passport issuance in the comfort of their homes starting March 8.

He noted that the development would be the third stage of the ongoing automation of Nigeria’s Immigration Service Passport issuance system.

Ola-Wura Adepoju, the former Comptroller General of NIS, had corroborated with the minister’s assurance on the commencement of automated passport issuance.

Earlier on January 9, the automation of the passport issuance process had commenced for applicants within Nigeria.

Popular Nollywood actor Deyemi Okanlawon has revealed the profession he would have been in if he was not in the movie industry.

Speaking in a recent interview with Pulse, Okanlawon disclosed that he would have been a Christian cleric if he wasn’t a thespian.

“I don’t think I can call it a career path, it would have been more of a calling. I think I would have been a pastor [if I wasn’t an actor],” he said.

He said contrary to speculations that he is abusive because of some of the movie roles he had played, he is against domestic violence.

The actor said the most ridiculous rumours he has heard about himself is that he is “expensive to hire.”

He, however, added that it isn’t a rumour.

The Minister of State for Health, Dr. Tunji Alausa, on Saturday, said that the Federal Government had directed that health workers going abroad to seek greener pastures must henceforth resign their appointments before embarking on such journeys.

Alausa said the era of health workers exiting to other countries in search of better offers after applying for a leave of absence is no longer acceptable.

The minister said that the ban on the leave of absence for health workers emanated from the executive order issued by President Bola Tinubu as part of drastic steps to combat the challenge of brain drain fondly called ‘Japa Syndrome’ confronting the nation’s health sector.

This is just as Alausa also revealed that the FG has commenced the production of manpower in the health sector such that the annual enrolment of nurses which used to be 28,000 is now 68,000 and that by the end of this year, it would have gone up to 120,000.

The minister stated this on Saturday during his visit to the Neuro-Psychiatric Hospital, Aro, Abeokuta, Ogun State.

He said that the President considered the biggest asset of the country to be the people and has not only vowed but has taken proactive actions to ensure the health sector is in good shape so that the health of the citizens won’t suffer.

Speaking on the challenge of manpower shortages across the FG-owned health institutions, Alausa said, “The government is not unmindful of the Japa effect on our manpower in the health sector and the President has ordered for massive production of manpower such that when people go, there will always be replacement.

“It is against this background that we are working intensely on the enrolment of our nurses. What used to be 28,000 is now 68,000 and our intention is to take it to 120,000 by the end of the year, so there will always be abundant skilled manpower to take over from those leaving the job.

“We have equally doubled our enrolment for doctors, dentistry, pharmacists among others

“Again, we didn’t say anyone who wants to move or japa to the UK or Australia to take up appointments there should not go, it is a free world.”

The minister continued, “However, you cannot eat your cake and have it. If you are going, just resign your appointments with the Federal Government, rather than applying for leave of absence, that is the Presidential executive order that has been communicated to all the Chief Medical Directors of Federal Government-owned health facilities to implement.

“The problem with the leave of absence is that such a fellow is out there in the UK or Australia working, making money but his name still appears on the payment roll of the government and so to replace him is difficult because he is still being considered as a staff whereas he has left the country.

“So, to solve this problem, the President has directed that health workers going abroad to work should just resign their appointments and not apply for leave of absence. This way, you won’t be blocking others who want to work and of course piling burdens for your colleagues that you left behind.”

Responding to some of the demands of the hospital such as increased funding, infrastructural development, among other welfare packages, Alausa said that the ministry would leave no stone unturned to do all that is necessary to improve the fortunes of the health sector in the country.

Speaking earlier, the Provost and Chief Medical Director of the hospital, Dr. Paul Agboola, lauded the Minister for his selflessness and passion to turn things around for good in the health sector.

The CMD said that as a result of the approval given by the Minister, his administration had started projects such as the Institute of Psychiatric for the hospital which had been in the pipeline for about 40 years, amongst others.

[Punch]

It is an emotionally charged air at the funeral of the late Access Bank boss, Herbert Wigwe, his wife, Chizoba, and son, Chizi, at the Redeemed Christian Church of God, RCCG, Lion of Judah Parish, Isiokpi, Ikwerre Local Government Area of Rivers State.

Tears welled up in many faces at the solemn occasion.

Herbert Wigwe, his wife, Doreen, son, Chizzy, and former Managing Director of Nigerian Exchange Group, Abimbola Ogunbanjo, died in a helicopter crash in the US on February 9. Their bodies arrived in the country yesterday, for today’s burial rights.

Roll call

Some of the dignitaries at the funeral today include Governors Sim Fubara (Rivers), Douye Diri (Bayelsa), and Babajide Sanwo-Olu (Lagos).

Governor of Akwa Ubom state, Umo Eno; Governor of Imo state, Hope Uzodinma, and the King of Okochiri Kingdom, Ateke Tom, are there. 

President of Dangote Group, Aliko Dangote; former Minister of Transportation, Chibuike Amaechi: 2023 Labour Party presidential candidate, Peter Obi, and former Senate President, Bukola Saraki, are also at the event.

Also, the immediate past Bayelsa Governor, Senator Seriake Dickson, and former Ekiti Governor, Kayode Fayemi, are present.

Also there are the state’s Commissioner of Police, Olatunji Disu, who is the chief security officer, CSO, of the burial ceremony, and Dr Godknows Igali, a former Nigerian Ambassador. 

Members of the clergy, traditional rulers from the Omoeke, Wigwe’s hometown, and monarchs from Isiokpo in general are in attendance.

Below are some images from the Herbert Wigwe funeral: 

Vanguard News