President Bola Ahmed Tinubu congratulates Leadership Newspaper Group on its 20th anniversary and commends the media organisation for its enduring contribution to informed journalism and good governance.  

President Tinubu fondly remembers Sam Nda-Isaiah, pharmacist, businessman, columnist, and politician, who was the visionary founder and chairman of the newspaper group.    

The President recalls Nda-Isaiah’s invaluable contributions to Nigeria's vibrant media landscape, from his time as a weekly columnist at Daily Trust newspaper to founding Leadership Confidential and later establishing the Leadership group of newspapers.  

The group began as a weekly newspaper on October 1, 2004, before transitioning to a daily national newspaper on February 1, 2006. The group also publishes LEADERSHIP Hausa and National Economy.  

President Tinubu commends the newspaper's board, management, and staff for upholding the founder’s vision of producing a flagship national newspaper that promotes good governance, defends the interests of the Nigerian state and its people, and adheres to the highest ethical standards of journalism.  

The President also acknowledges the role of Nda-Isaiah's wife, Zainab, who epitomises the ideal African woman. Following her husband’s passing in 2020, she took over as chairman and has successfully led the company to greater heights.   

President Tinubu further recognises the critical contributions of a dedicated team, including media icon Azubuike Ishiekwene, the editor-in-chief.  

As friends, readers, and well-wishers celebrate Leadership Newspapers' two-decade milestone, President Tinubu reaffirms that his administration will continue to support journalists in performing their duties unhindered, free from threats, intimidation, or any form of inhibition, in accordance with the constitution.   

President Tinubu hopes that the Leadership Newspapers will continue to churn out balanced stories that future generations will treasure as newspapers of untainted record.  

Bayo Onanuga  

Special Adviser to the President  

(Information & Strategy)  

The Abuja Division of the Federal High Court has issued a landmark ruling declaring that the Directorate of Road Services, commonly known as the Vehicle Inspection Office (VIO), must immediately cease confiscating vehicles or imposing fines on Nigerians for road traffic violations.

Delivering the judgment in case number FHC/ABJ/CS/1695/2023 on October 2, 2024, Justice Nkeonye Evelyn Maha stated that the VIO is not legally empowered to seize vehicles or impose harsh sanctions on motorists.

This ruling follows a lawsuit brought by rights attorney Abubakar Marshal from Falana and Falana Chambers, which aimed to challenge the authority of one of the country’s most notorious road traffic enforcement agencies.

The decision significantly curtails the powers of the VIO, offering relief to millions of motorists who have long faced the threat of vehicle confiscation and fines.

However, it is important to note that the ruling does not extend to the Federal Road Safety Corps (FRSC), which has operated for decades as Nigeria’s largest body of road traffic marshals.

In her judgment, Justice Maha emphasized that VIO officers “are not empowered by any law or statute to stop, impound, confiscate the vehicles of motorists and or impose fines on motorists.”

The court subsequently issued a perpetual injunction against the VIO and its agents, forbidding them from infringing upon the rights of Nigerians, including their freedom of movement and right to own property, without lawful justification.

As of Thursday afternoon, it remained unclear whether the VIO would comply with the ruling, as a spokesperson for the directorate had not responded to requests for comments regarding the judgment.

[NaijaNews]

A visit to Autogig International Resources Ltd. in Gbagada, one of six centers selected by the Presidential Compressed Natural Gas Initiative (PCNGi) for free CNG conversion, offered a chance to explore the growing interest in compressed natural gas (CNG).

With Premium Motor Spirit (PMS) prices soaring to over N1,000 per liter in some parts of Lagos, many vehicle owners are looking for ways to cut fuel expenses, and CNG is seen as a viable alternative.

But what does the conversion involve? Nairametrics provides a detailed account of the process based on insights from Obalanlege Oluwafemi Joseph, the CNG Coordinator at Autogig International Resources Ltd., and Shamil Chandra, Head of Operations at MBH Power Limited in Ikorodu.

CNG Conversion Process: A Closer Look 

Joseph explained that the conversion process begins with an inspection to determine the vehicle’s eligibility. “Any vehicle with an internal combustion engine, which operates on the fire triangle—spark, fuel, and air—common to most two-stroke and four-stroke engines, is eligible,” he noted.

Once the vehicle is cleared, conversion takes one to three days. “The steps include mapping the vehicle for the best positioning of the CNG kit, installing it, and programming the Electronic Control Unit (ECU) to ensure smooth operation,” Joseph added.

The process ends with a test drive to confirm the system works.

He clarified that converting to CNG does not remove the petrol or diesel engine. “The vehicle becomes a hybrid, capable of switching between petrol/diesel and CNG,” Joseph explained, highlighting the flexibility this offers.

How a CNG-powered vehicle operates 

Once converted, a vehicle can switch between CNG and petrol or diesel. Joseph explained that the switch occurs after the engine starts, with two key modalities in the ECU.

“In the time-based modality, the switch happens within 60 seconds of starting the vehicle,” Joseph said. However, the timing can be adjusted based on the owner’s preference.

The temperature-based modality switches when the engine reaches between 20°C and 40°C, typically within a minute of starting.

Joseph noted that Autogig mainly uses the temperature-based system, while MBH Power Limited prefers the time-based method, which takes 15 to 30 seconds.

Both centers confirmed that CNG-converted vehicles automatically switch back to petrol or diesel when CNG is exhausted, ensuring the driver isn’t stranded.

The cost of converting vehicles to CNG 

In Lagos, commercial vehicles can access free CNG conversions at the six approved centers under the Presidential Compressed Natural Gas Initiative (PCNGi).

This initiative aims to lower fuel expenses for commercial vehicle owners. Eligible vehicles must be registered with the Road Transport Employers’ Association of Nigeria (RTEAN), the National Union of Road Transport Workers (NURTW), or be state-owned taxis and vehicles with commercial plate numbers.

For private vehicles, conversion costs vary. At MBH Power Limited, a four-plug vehicle conversion costs N1.3 million, while a six-plug conversion costs N1.5 million. Chandra noted that converting multiple vehicles at once qualifies for a N50,000 discount per vehicle.

At Autogig, pricing depends on several factors, such as the vehicle type, engine cubic capacity, and the size of the CNG cylinder, which ranges from 35L to 200L.

“On average, the cost ranges from N1 million to N1.7 million, depending on these factors,” Joseph explained.

Dispelling safety concerns: Is CNG safe? 

Safety concerns are common among vehicle owners considering CNG conversion. However, both Chandra and Joseph emphasized that CNG conversions are safe when done correctly.

“CNG cylinders are made of reinforced materials designed to withstand extreme conditions, far more robust than traditional fuel tanks,” Chandra explained.

He added that CNG is lighter than air, so in the event of a leak, the gas disperses quickly, unlike petrol, which pools on the ground.

Joseph echoed these sentiments, stating, “CNG is much safer than PMS. Because CNG weighs less than air, it’s practically impossible for it to cause an explosion.”  

He clarified that the safety features of CNG systems, including pressure release valves and automatic shut-off sensors, ensure safety in case of leaks or irregularities.

The only potential concern, according to Joseph, is pressure explosion, as CNG is compressed to 2900psi (200 bar). However, this risk is minimized by release valves that discharge excess pressure, particularly during refueling.

“CNG kits come with a gauge that allows vehicle owners to monitor pressure levels at all times,” he added.

Both experts stressed that regular maintenance is key to ensuring continued safety and optimal performance.

The cost of CNG gas: A more affordable alternative? 

One of the key reasons for switching to CNG is its lower cost compared to petrol or diesel. With PMS prices soaring, CNG offers a more affordable option. At MBH Power Limited, CNG is sold for N480 per Standard Cubic Meter (SCM).

“We sell at this price because we buy from Falcon Gas at N450 per SCM,” Chandra explained.

Joseph added that CNG costs between N230 and N260 per SCM at other stations in Lagos.  He also noted that CNG has a higher-octane rating than petrol, leading to improved performance, fewer carbon deposits on the engine, and better emissions.

Chandra agreed, adding that the cleaner combustion of CNG reduces engine wear, leading to lower maintenance costs over time.

While the upfront cost of conversion might deter some private vehicle owners, the long-term savings in fuel and maintenance make CNG a compelling option. Commercial vehicles, especially those eligible for free conversions under PCNGi, benefit even more.

Possible downsides and challenges of CNG conversion 

Despite the advantages, CNG conversion presents some challenges. One key issue is the weight of the CNG kit, particularly the cylinder, which can weigh up to 65kg.

This additional weight places strain on the vehicle’s suspension system. To mitigate this, vehicle owners are advised to ensure their suspension systems are in good condition or replaced if necessary.

Another concern is the space the CNG cylinder takes up, typically in the boot of the vehicle, reducing storage capacity. This can be inconvenient for drivers who regularly need the boot for storage.

Additionally, there are fewer CNG refill stations compared to the vast number of petrol and diesel stations in Lagos. This can be limiting for vehicle owners who may have to travel farther to refill their tanks.

These challenges, while important considerations, are manageable with proper maintenance and preparation, and they shouldn’t discourage vehicle owners from making the switch to CNG.

Where to convert vehicles to CNG in Lagos 

The following centers have been chosen under the Presidential Compressed Natural Gas Initiative (PCNGi) for the free conversion of commercial vehicles. However, they also offer CNG conversion services for private vehicle owners and organizations:

• Femadec: Km 42, Lekki-Epe Expressway, Majek Second Gate Stop, Abiju Ibeju, Lekki, Lagos.

• Portland: No. 1, Ojota Interchange Terminal, Bayo Shodipo, Ojota, Lagos.

• Mezovest: KM 23, Lekki-Epe Expressway, Ajah, opposite Kilimanjaro, beside Libmat Motors, by Abraham Adesanya Bus Stop.

• Dana Motors: Dana Motors Ltd Kia Plaza, 117 Oshodi-Apapa Expressway, Isolo, Lagos.

• MBH Power: Km 5, Itokim Road, Ikorodu, Lagos (Inside Hypo complex, after Lucky Fibre).

• Autogig: Plot 144b Gbagada Expressway, Gbagada, Lagos.

These centers provide expert services for both free commercial vehicle conversions and paid conversions for private vehicles and companies.

Outlook 

As fuel prices in Lagos continue to rise, CNG is becoming an increasingly attractive alternative due to its lower cost and environmental benefits. However, misconceptions about CNG safety slow wider adoption, highlighting the need for greater awareness.

Vehicle owners should familiarize themselves with CNG system basics, including reading pressure levels and maintaining the system properly. Regular maintenance ensures that CNG systems remain safe and functional, without negatively affecting vehicle performance.

While the upfront cost of conversion might seem high, the long-term savings in fuel and reduced maintenance costs make CNG an appealing option for both private and commercial vehicles. Commercial vehicles, in particular, benefit from free conversions under PCNGi, making the switch even more advantageous.

[Nairametrics]

Zenith Bank, one of Nigeria’s largest financial institutions, has come under fire from customers on social media platforms due to ongoing network failures that have left many unable to complete transactions. The frustration spilled onto Twitter, Instagram, and Facebook, where customers have been venting their anger and sharing stories of how the bank’s unreliable network has disrupted their day-to-day activities.

For weeks, customers have complained about delays in processing payments, failed transactions, and inaccessibility to the bank’s mobile and online platforms. Many have expressed concern over the fact that these issues have not been adequately addressed by the bank, leading to widespread dissatisfaction.

One X user, Najib@Rilwannajib, posted, “Zenith bank has been down for more than 24 hrs. That means if you had any emergency or need for your money the card will fail & you won’t access your bank app. Remove every penny you have with them once the network is back. Don’t let them embarrass you.

Another user, Chika Agina@chikaagina01, posted, “This should be the height of disregard for your customer! While will @ZenithBank choose today, in other to make life miserable for its customer’s? It’s been over 8 hours they promised to restore their service and it’s still not working”.

In the same vein, Real Fidel Okeke with X handle, @RealFidelOkeke Replying to @ZenithBank excuse on the platform that the bank’s system is under maintenance posted, “Are you sure the Zenith Bank App has not been compromised? If not, how can you explain that at 4pm, internet services has not been restored? This is poor service. If 5 million Nigerians move from Zenith to other banks, they’ll probably learn to relearn.”

In fact, the bank’s social media pages have been flooded with complaints, with many customers expressing frustration at the lack of communication or resolution. A Facebook user wrote, “I’ve been trying to use my Zenith app for days without success. If you can’t fix the network, at least inform us. We deserve better.”

The network failure has not only caused personal inconveniences but has also affected businesses that rely on the bank’s services for daily transactions. Small business owners, in particular, have voiced their concerns. One such business owner, who sells groceries at Ogba, in Lagos, lamented, “My business has been affected badly. Most of my customers pay via transfer, and since Zenith Bank’s network keeps failing, I’ve lost customers and money. It’s unacceptable.”

Several other small and medium-sized enterprises (SMEs) have echoed similar frustrations, explaining that they are losing business opportunities because their Zenith Bank POS devices and mobile applications are not functioning as expected.

In fact, it is not a misnomer to opine that observations from unarguably frustrated customers at various Zenith Bank’s ATM Galleries and POS Operators show that the bank’s reassurances have done little to pacify the aggrieved customers. Many feel that the bank is not taking the situation seriously enough and that their promises of swift resolution have been unfulfilled.

In the digital age, where financial institutions rely heavily on technology to serve their customers, network reliability is crucial. This latest incident has highlighted the importance of consistent and dependable banking services, especially in an economy where digital transactions are becoming the norm. Customers have called for greater accountability from Zenith Bank and for the Central Bank of Nigeria (CBN) to intervene to ensure that customers are not continually subjected to such disruptions.

A customer who this writer parleyed with today, Wednesday, October 2, 2024, in his comment on the issue, said:  “Banks must understand that customer experience is key in today’s competitive financial industry. When there is a pattern of network failures like this, it can result in the loss of customer trust. Financial institutions should invest more in improving their infrastructure to prevent recurrent failures.”

As the complaints continue to pour in, Zenith Bank must take swift and transparent action to restore its services and regain the trust of its customers. In today’s interconnected world, a seamless banking experience is no longer a luxury. It is an expectation. Failure to address these issues could lead to customers seeking more reliable alternatives, especially as competitors offer similar services with fewer disruptions.

For now, many customers are left in the lurch, hoping that Zenith Bank resolves the issue before more damage is done to its reputation and customer base.

Moreover, Zenith Bank should find a lasting solution to its persistent network issues in order to retain its existing customers. Consistently unreliable services can drive away loyal customers, and the bank risks losing its standing in a competitive market if these problems persist. To avoid further reputational damage, Zenith Bank must prioritize investments in technology infrastructure and customer support, ensuring they deliver the reliable banking services their customers deserve.

The Nigerian music industry has come a long way. It has produced stars of global repute, with artists like Burna Boy, Tiwa Savage, and of course, Wizkid and Davido leading the charge in taking Afrobeat to the world. These two juggernauts of Afrobeat have built massive careers and fanbases, not only in Nigeria but across the globe. However, beneath the glittering success of their music is a long-running, and some would argue, needless rivalry, the so-called “war of supremacy” between Wizkid and Davido.

To anyone familiar with the Afrobeat scene, the debate over who is the “king” between Wizkid and Davido is a constant topic of discussion. Fans take sides and engage in heated arguments, often pitting the achievements of one against the other. But a deeper look into this rivalry reveals that this competition is unnecessary, counterproductive, and in many ways detracts from the larger picture of African music flourishing globally.

Wizkid, born Ayodeji Ibrahim Balogun, emerged on the scene in 2010 with his debut hit single “Holla At Your Boy”. He has since become a dominant figure in the global music space, collaborating with international superstars like Drake, Beyoncé, and Skepta, to mention a few. He has won a Grammy Award for his contribution to Beyoncé’s “Brown Skin Girl”, which further cemented his legacy as a global force.

On the other hand, David Adeleke, popularly known as Davido, made his mark with his debut single “Back When” in 2011, and soon after, the catchy hit “Dami Duro” catapulted him to fame. His deep pockets, energetic stage performances, and natural showmanship have seen him earn global recognition. He has worked with international icons like Chris Brown, Nicki Minaj, and Lil Baby. His “A Good Time” album achieved international success, making him a global ambassador for Afrobeat.

Both artists have built impressive discographies, garnered numerous awards, and have toured arenas worldwide. But instead of their successes being celebrated in tandem, their rivalry has continued to overshadow many of their achievements.

To understand why the Wizkid versus Davido narrative exists, one must explore its origins. Some fans argue that the competition began as a natural comparison between two of Nigeria’s biggest exports. Both artists rose to prominence around the same time, and as they grew more successful, their fanbases began to compete. This “war” was then fueled by social media, where “Stans” from both sides took to Twitter, Instagram, and other platforms to argue who was superior.

What was once a light-hearted debate on who made better music soon evolved into something more toxic. Subtle jabs through tweets, Instagram posts, and comments about the other party began to emerge. For instance, Davido once referenced Wizkid indirectly in a post saying, “You are a frog, your voice does not even sound nice,” which sparked widespread reactions. Likewise, Wizkid has also made cryptic comments that fans interpreted as digs at Davido. While both artists have at various points claimed that there is no bad blood between them, the actions of their followers suggest otherwise.

Given the foregoing untoward relationship between the two superstars, it is important to recognize that Wizkid and Davido bring different things to the table. Their sounds, styles, and approaches to music are distinctive. Wizkid’s music is often characterized by his smooth voice and ability to blend Afrobeat with other genres like reggae and R&B. His songs have a laid-back vibe, ideal for late-night listening or calm moments.

Davido, on the other hand, is known for his high-energy, feel-good tracks. His music is the life of the party, perfect for turning up at concerts and clubs. While Wizkid might appeal to fans of more mellow and soulful sounds, Davido draws crowds that enjoy energetic performances and sing-along anthems. Comparing these two is like comparing apples and oranges, they are both fruits but with entirely different tastes.

Rather than focusing on the success stories of Afrobeat’s global domination, the public narrative often centers on the so-called “beef” between Wizkid and Davido. This takes away from the achievements both have made, not just for themselves but for African music as a whole. Their rise to prominence has inspired countless young African artists, proving that global stardom is achievable. It is unfortunate that fans, and sometimes the media, focus more on fuelling the competition between them than celebrating the strides they have made in pushing the Afrobeat genre forward.

One of the biggest problems with this rivalry is the role played by overzealous fans. Instead of supporting both artists for their unique contributions, many fanbases tend to take sides and resort to online bullying, discrediting the achievements of one artist in favor of the other. It is common to see heated exchanges on Twitter, where “Wizkid FC” and “30BG” (Davido’s fanbase) throw insults at each other, sometimes turning conversations into toxic environments.

What fans fail to realize is that they are contributing to a false narrative that both artists need to be rivals. Wizkid and Davido have, on various occasions, publicly supported each other’s music and downplayed any rumors of animosity. Fans must learn that it is possible to appreciate the greatness of both without pitting one against the other.

In recent times, both Wizkid and Davido have shown growth and maturity. They have expressed mutual respect in interviews, and though they have not collaborated much musically, they have been seen together at different events, sending a clear message that there is no real beef. This level of maturity should be emulated by their fanbases, who should stop creating tension where none exists. Instead of stoking the flames of competition, fans should champion the unity of Nigerian artists in the global music space.

In fact, many music lovers have been clamoring for a Wizkid and Davido collaboration. Such a project could finally put to rest the debates over who is superior. Instead, it would showcase the beauty of unity and diversity in Afrobeat. Imagine the groundbreaking impact a collaborative album or single would have on the global stage. Their combined star power could potentially elevate Afrobeat to even greater heights, opening doors for upcoming Nigerian artists to follow in their footsteps.

Wizkid and Davido’s perceived “war of supremacy” is ultimately an unnecessary and counterproductive narrative. Both artists have solidified their places in history as two of Nigeria’s biggest music exports. Their contributions to Afrobeat should be celebrated, not compared in a manner that diminishes their individual accomplishments.

The Nigerian music industry is vast enough for both stars, and there is room for many more. Afrobeat’s global rise proves that collaboration, not competition, is the key to longevity and success. It is time for fans to recognize this and shift the conversation towards unity, progress, and celebrating African music in all its forms.

If Wizkid and Davido themselves have matured beyond this rivalry, should not we all?

A High Court of the Federal Capital Territory (FCT) in Maitama has issued a public summon against immediate past governor of Kogi State, Yahaya Bello.

The court ordered Bello to attend court and answer to a fresh 16-count charge pending against him.

By the summons, Bello is to attend court on October 24 for his arraignment alongside two other defendants.

Justice Maryanne Anenih issued the order for public summons in a ruling on Thursday, following an application by the Economic and Financial Crimes Commission, EFCC.

Justice Anenih ordered the EFCC to publish the public summons in a widely circulating newspaper

She also ordered the EFCC to paste copies of the public summons on Bello’s last known address and in conspicuous places in the court premises.

The EFCC had claimed that it has been unable to serve Bello with the charge filed on September 24, in which the ex-governor and two others were charged with criminal breach of trust to the tune of N110.4billion.

The other two defendants in the charge are Umar Oricha and Abdulsalami Hudu.

Bello’s absence stalled the arraignment earlier scheduled for Thursday.

[DailyPost]

At a public function in Lagos two weeks ago, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, gave startling revelations on the weaknesses and inadequacies of our tax system and came up with a damning verdict that it is riddled with corruption and stymied by smuggling and unnecessary waivers. They are some of the reasons our tax revenues are lower than what many smaller African countries earn. He explained why Nigerians are unwilling to pay tax, which signifies a breakdown of the social contract between the state and the citizens and the urgent need for a new order. To drive home his point, he gave many empirical examples to. In a recent visit to Kenya, he met a hotel porter who earns 50,000 Kenyan shillings (equivalent of N650,000 per month), and pays 16,000 shillings (N208,000) tax, which is 30% of his salary. In 2004 – twenty years ago – one Kenyan shilling exchanged for N1, but today, one Kenyan Shilling goes for N13. Oyedele points out that in many African countries, citizens pay higher rates of tax than Nigerians and obtains better quality of service from the government. He also noted that the Naira is been extremely undervalued.

Oyedele gave a presentation at the 2024 Access Corporate Forum held on September 19 in Lagos. It is a yearly event, organized by Access Holdings as a platform for a national discourse between the government and business. To further illustrate his point, he said that Nigeria collected a paltry N1.5 trillion in personal income tax in 2023, far less than the equivalent of N50.5 trillion collected by South Africa and N5.8 trillion collected by Kenya. Both countries have far less populations than Nigeria. Similarly, Nigeria collected N3.2 trillion in customs duties last year, far less than Kenya’s N8.9 trillion collected within the same period. Yet, the value of imports into Nigeria within the same period was $66 billion and $23 billion for Kenya. In Kenya, a worker that earns less than equivalent of N223,000 per month does not pay personal income tax; and same exemption applies for workers who earn less than N600,000 per month in South Africa. Compare that to Nigeria where the exemption applies to only those who earn less than N30,000 per month. In other words, more people pay personal income tax in Nigeria than in South Africa and Kenya, yet the tax revenue is far less in this country than in those two countries. He attributes this to corruption and leakages in the implementation and management of our fiscal policies.

Comparing our budget with Kenya’s budget also threw up some curious facts. Last year, the federal government budgeted N35 trillion while the 36 states and FCT budgeted N16 trillion, giving a total equivalent of $31 billion. For a country of 200 million people, this is a miserable amount. This is about the same size as Kenya’s budget (the country has 54 million people) and less than 25% of South Africa’s budget of $161 billion. Clearly, Nigeria is a very poor country. Oyedele also noted that in a recent study, it was established that most Nigerians do not want to pay taxes because they do not have confidence in the capacity of the government to judiciously use their resources to provide the needed services. In other words, there is lack of trust in the government.

Underlying these contradictions in the tax system and lack of trust in government is the absence of social contract between the government and the people. A social contract implies that the citizens are expected to pay taxes to the government, and in return, they expect high-quality public services and good policies that are executed properly from the government. An expert in the field of social contract, Dr. Andrew Nevin, has also written in a book ‘’Public Policy and Agents Interests’’ that social contract has broken down in Nigeria and needs to be replaced since such a system is not sustainable for many reasons. Nigeria’s politicians and civil servants, he writes, ‘’have only known a system where acting as a good agent is unknown, and so the processes and behaviours required to be good agents are still unknown’’.

The stimulating discussions at the Access Corporate Forum highlighted the challenges that lie ahead in weaning the country from years of reliance on extractive industry. The reality is that Nigeria’s rent-seeking and extractive system has conditioned generations of Nigeria’s civil servants and politicians for decades to put their personal interests above the interest of the people. Roosevelt Ogbonna, a director of Access Holdings (he’s also the CEO of Access Bank), said the objective of the forum is to deepen the dialogue between the public and private sectors. It’s the second time in a year the forum was holding, indicating the institution’s determination to keep its corporate customers, in particular and Nigerian businesses in general, informed about public sector policies, initiatives and actions. ‘’Access is a partner with our governments’’, Ogbonna said in his opening remarks, noting that the bank has recently raised $2 billion from diaspora bond for a government.

The Tinubu administration has been trying to reset the economy and position it on a growth trajectory to achieve $1 trillion in size by 2031, up from about $400 billion as at today. It’s a herculean climb. But Finance Minister & Coordinating Minister of the Economy, Mr. Wale Edun, is optimistic. ‘’The economy is beginning to turn the corner’’, he said in his keynote speech at the forum, stressing that the administration wants to protect the weak and the vulnerable from the pains of the reforms. He listed the modest gains recorded in the last 15 months to include stability in the FX market; increased government revenues; growth in GDP (from 2.5% to 3.2%) and growth in foreign reserves ($2.5 billion every month). Last month, the government assembled a committee to implement its economic plan known as Accelerated Stabilization and Advancement Plan (ASAP). The plan aims to drive growth across eight priority sectors. The mention of growth prompted Aliko Dangote, who had been listening almost unnoticed, to chip in a few words. He said the government must promote local investors to achieve economic progress by cutting regulations, red tapes and abuses in the system. He should know.

Another paper, titled 2026 Economic Outlook, was presented by Bismack Rewane, and its focus was to look ahead at key parameters in the next 24 months. Rewane projects that in 2026, the United States’ GDP will hit $36 trillion (about $29 trillion this year); Nigeria’s GDP will hit $400 billion (slightly lower this year) and India will become the world’s sixth largest economy. Nigeria’s unencumbered foreign reserves will double; market capitalization will hit N110 trillion and inflation will moderate below 25%, down from 32%. He listed the key growth areas as telecoms; agriculture; oil and gas and financial services. Rewane called for the government to sell of the nation’s stranded assets worth billions of Naira and lying waste and redundant.

Access Corporate Forum (ACF) is the latest addition to similar dialogue sessions such as the World Economic Forum which holds every January in Davos, Switzerland and the Nigeria Economic Summit Group which holds in Abuja every October. ACF should devote its next session to the issue of corruption, incompetence and decadence in our polity.

A new tax regime that will minimise the cost of doing business,  improve cost of living and promote  cleaner energy has been unveiled by the Federal Government.

Value Added Tax (VAT) on cooking gas, diesel, Compressed Natural Gas (CNG) and electric vehicles, among others, have been removed.

Small businesses will also, beginning from January,  be exempted from paying taxes to boost income and employment generation.

Presidential aide Dada Olusegun yesterday on his verified X handle @DOlusegun, posted: “As part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, the President Tinubu-led administration has removed VAT on the following:  Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, Clean Cooking Equipment.” 

He added that in order to  incentivize the energy sector and reverse its  long-time investment drought, the government introduced tax reliefs for deep offshore oil and gas projects.

 Olusegun, quoting Minister of Finance Olawale Edun, said the decision is meant to attract global investments to the country’s deep offshore projects.

The Notice of Tax Incentives for Deep Offshore Oil and Gas Production introduces new tax reliefs, fulfilling President Tinubu’s campaign promise.  

Olusegun quoted the Coordinating Minister of the Economy as saying: “The Notice of Tax Incentives for Deep Offshore Oil and Gas Production introduces new tax reliefs to attract global investments to Nigeria’s deep offshore projects.

 “A reminder that the President, during his campaign, promised to incentivize investors who were divesting away from the country to favorable nations like Guyana and Angola.

 “Increased oil production, among other benefits of these reforms, are expected to improve the earnings of the administration in order to implement its programs successfully.”

Small businesses get tax relief

In the new  regulations, small businesses with  annual turnover of not more that N2 million will from January 1 no longer pay taxes.

They must, however, possess Valid Tax Identification Number (TIN) to qualify for the relief.

A Finance  Ministry source added  that the regulation is designed  to foster an environment where small businesses and manufacturers can benefit from tax exemptions, especially in sectors with low profit margins.

He stated that tax deducted at source would henceforth,  not be regarded as an additional cost or separate tax but treated as an advance payment towards the final tax liability of the supplier.

This approach, according to him,  is meant  to ease the burden on businesses and ensure compliance without adding unnecessary financial strain.

Under the rules, failure to remit deducted taxes or to deduct tax at source will attract significant penalties. The penalty structure aligns with existing legislation under the Federal Inland Revenue Service (Establishment) Act and the Personal Income Tax Act.

  The Federal Inland Revenue Service (FIRS) is expected  to issue further guidelines to ensure  their smooth implementation.

The measures are contained in ‘’Deduction of Tax at Source (Withholding) Regulations, 2024’’  signed by the Finance minister.

Edun said in a statement that the goals of the new tax measures  include   streamlining  “the deduction of taxes at source from payments to taxable persons, reduce complexities, and promote ease of compliance for businesses.”

He added that  the measures   ‘’cover payments made under the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act, and the Personal Income Tax Act. Among its objectives are promoting global best practices, reducing tax evasion, and curbing arbitrage between corporate and non-corporate structures.’’

“The objectives of these Regulations are to (a) set out the rules for the deduction of tax at source from payments to taxable persons under the Capital Gains Tax Act, the Companies Income Tax Act, the Petroleum Profits Tax Act, and the Personal Income Tax Act regarding specified transactions, ” the minister added.

[TheNation]

In the previous article I wrote regarding popular crossdresser and transgender Bobrisky, real name; Idris Okuneye, I suggested that if there is a way her antics have proved useful, it is how much they manage to reveal us to us. Well, Bobrisky did it again when she became a topic at the National Assembly. Credit goes to her for showing the vapidity of our lawmakers. Not that we did not already know they are essentially overpaid harlequins, but watching the whole drama of their inviting a social media clout chaser―who shows up accompanied by another clown cosplaying “native doctor” to a purported investigative panel―confirmed the institution they represent as perhaps irretrievably degraded.

What were the lawmakers expecting when they summoned someone who had merely released a taped conversation? This character did not put any skin in the game; he did not embark on fact-finding to get the information. The expose was merely a dialogue between supposed friends that someone had passed him to blackmail Bobrisky to pay a debt. Already obsessed with Bobrisky, he decided to release the tape to the public even after the debt was cleared. That is the character lawmakers summoned to the “hallowed chamber.” They did not stop there; they also invited Bobrisky; who had enough sense not to show up. What exactly were they trying to achieve by bringing those two together to face off? Is the NASS now Kókóró Aláte?

Look, I get it. They wanted to respond to the Bobrisky case considering the public interest the leaked tape elicited, but was that how to go about it? Their unserious approach shows how poorly they think of their constitutional powers and their moral duty. If they are interested in reforming our carceral system, I am sure they will find serious research conducted by serious people at the libraries of either NIPSS in Kuru, Jos, or the various think tanks in the country. Why ignore all that to pursue a social media “influencer”? It is not as if anything that has been revealed so far is new information. We were all here in December last year when the National Correctional Service, the DSS, and the EFCC publicly fought over who should have custody of the former CBN governor, Godwin Emefiele. Why would three agencies be jostling over the detention of a rich inmate if not because they see him as an opportunity?

In 2019, investigative journalist Fisayo Soyombo published his investigation into the rot that typifies the Nigerian prison system. This was someone who actually got himself incarcerated just to substantiate his allegations of corruption in the Nigerian prison system. If the NASS needed to summon a person who had experienced how degenerate the prison system had become, it should have been him. Why overlook those who have committed sincere efforts towards researching these issues to run after those whose interest in this matter is not even skin deep? These are people who have turned the internet into a job, and all of this is just another show to tickle an idle followership.

To be clear, I am not against a diligent investigation into the issue. Yes, both the EFCC and the correctional service ought to be investigated with an eye toward reforms. I also think that the procedure for getting presidential pardons needs to be reviewed. The category of people who receive presidential pardons in Nigeria has always been suspicious anyway. As commonplace as the allegations that emanated from Bobrisky’s leaked tape are, they are still grievous enough to warrant a diligent investigation. What is entirely unacceptable is the frivolity of the lawmakers’ inviting social media figures―who are constantly at loggerheads―to confront each other. By also inviting a crowd of journalists, and televising the encounter, they reduce a grave matter of institutional collapse to mere entertainment. Those kinds of issues are best resolved by confronting the liable institutions, not individuals whose roles are merely symptomatic of the larger systemic rot.

For me, the matter is worth investigating given the role of the EFCC and the alleged N15m bribe. Their self-justification regarding why they dropped the money laundering charges against Bobrisky was more scandalising because of what it revealed about them and their investigation process. According to an EFCC prosecutor, Bilikisu Bala, who claimed the money laundering against Bobrisky was rightfully dropped, they had charged her based on her confessional statement that her firm, Bob Express, was not registered with SCUML and was not rendering returns to the organization. Now, that part piqued my interest.

So, it was not like there was any report that warranted their arresting Bobrisky and charging her with money laundering in the first place. They arrested her, and seeing as how the Naira mutilation offense―for which she was eventually imprisoned―was too cheap to convince the public of the necessity of their actions, they pressed her into some self-disclosure, and then proceeded to charge her with an offense based on her own words! Let me say that again. Prior to the arrest, they had nothing substantial against Bobrisky. But they thought that if they detained her and shook her well enough in their custody, one or two things that could be used against her in the court would eventually fall off.

Now, there is a possibility that even though they finally realised that the case of money laundering would not sail, some of their men still went ahead and used the charges to extort money from her. Since she might not have realised there was no evidence whatsoever to charge her with money laundering, they took advantage of the knowledge gap to demand a bribe. So, when their prosecutor Bala said the money laundering charges were “legally” dropped, he was not exactly lying. There was never a basis for them in the first place but were necessary because the EFCC was desperate to charge Bobrisky with an offense so sensational that it would obscure the very thing about her that was paining them: her sexuality.

If that was exactly how it happened, then it explains a lot about why the EFCC has been an ineffective institution; they are so crooked that they cannot stand straight on any issue at any time. When you see the EFCC chairman, Olu Olukayode, wringing his fingers and moaning about how they opened a “backdoor” for former Kogi governor Yahaya Bello, just know that it is not the way the law was worded that constricts their initiative on Bello. Where else does it happen that an investigating agency needs the cooperation of an accused to do their job to the extent they would practically be begging for the attention of the person they are supposed to prosecute? After months of EFCC’s whining, Bello finally walks into their headquarters and walks out while the officials look on like a headless mannequin in a lingerie store. They were paralyzed by their own lack of moral backbone. Shame!

We have no objective evidence of who demanded the money from Bobrisky and how it was shared, but there are enough details from the tape to convince anyone who has been paying attention to the pattern of things that the accusation could not have been false. No one prompted Bobrisky to rant, so why would she have lied against the EFCC in a tape she did not know would leak? Also, considering that aspects of her story—particularly the part about staying in a private prison—have been confirmed by prison officials, the part about the EFCC is most likely true as well. In any case, the only reason people are excited by this is Bobrisky. Nothing about this scandal is new. While one cannot control what topics people chinwag on social media, should lawmakers not be too serious to give institutional gravitas to every silliness?