The International Monetary Fund (IMF) has reiterated its support for the removal of petrol subsidy and the floating of the exchange rate by the President Bola Tinubu-led government.

The Bretton Woods institutions have come under heavy backlash by Nigerians for advising President Bola Tinubu on the present economic policies, especially the removal of subsidy from PMS as well as the floating of the naira which have plunged the country into inflationary pressures.

The IMF’s African Region Director, Abebe Selassie at a briefing on the sidelines of the IMF and World Bank Annual Meetings, however, stated that the organisation did not advise the President to remove fuel subsidy, adding that it was Tinubu’s decision.

However, an IMF spokesperson who spoke to  Premium Times, in response to its enquiry on Wednesday, said the institute stands by its advice to the Tinubu-led government.

“We stand by our advice, though it’s important to underscore that individual pieces of that advice cannot be viewed in isolation.

“Our advice is a comprehensive policy package where all elements are linked to each other. That package seeks to ensure macroeconomic stability and raise living standards in a sustainable fashion.

“Importantly, our advice on petrol subsidies and the exchange rate, is set in a larger, comprehensive policy mix that also includes scaling up social transfers to provide relief to Nigerians who are already suffering from a cost-of-living crisis or who are impacted by policy reforms,” the spokesperson was quoted as saying.

Also, the spokesperson referenced the IMF’s 2024 report on Nigeria, published in May, in which the global institution’s executive directors “welcomed the bold reforms implemented by the new administration and commended the authorities’ focus on revenue mobilization, governance, social safety nets, and upgrading policy frameworks in the face of Nigeria’s significant economic and social challenges.”

Former President, Olusegun Obasanjo has emphasized the importance of integrating local cultural values into Nigeria’s democratic framework, stating that such an approach could enhance the effectiveness of governance in the country.

Speaking on Wednesday during a valedictory event in Abeokuta for the outgoing Vice-Chancellor of Chrisland University, Prof. Chinedum Babalola, Obasanjo argued that adopting local cultural principles would help overcome the limitations of Western liberal democracy.

Obasanjo highlighted the communal values traditionally upheld in African societies, which emphasize collective decision-making and mutual support.

The former president voiced his skepticism about the suitability of Western democracy for Nigeria, pointing out that the system has struggled to meet the country’s unique socio-political needs.

He said, “I have always been talking about Western liberal democracy; it is not working for us; it is not even working for those who gave it to us. The British were complaining. We must rethink democracy.

“We must bring our own culture into democracy. African culture does not talk about opposition; it talks about communalism; you come together, reason together, iron it out, and then you work together.”

Obasanjo stated that there should be consequences for doing wrong, adding that there were Nigerians all over the world holding key positions.

He added, “Nobody will do it for us; we have to do it for ourselves, and we can do it. I believe there are people everywhere; you just need to look for them.

“Look at today; the two major development banks in Africa are headed by Nigerians; the number two woman in the United Nations is a Nigerian—Amina Muhammed; so we have people.

“They are Nigerian from different parts of Nigeria; we have people. These are people who can contribute to the changes the nation requires.”

The Senate on Wednesday confirmed the appointment of Bianca Odumegwu-Ojukwu as the substantive Minister of State for Foreign Affairs, alongside six other ministerial nominees in President Bola Tinubu’s cabinet reshuffle.

The confirmations followed the dismissal of several ministers by Tinubu on October 21, 2024.

In addition to Odumegwu-Ojukwu, the Senate approved Dr. Jumoke Oduwole as Minister of Industry, Trade, and Development, Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, and Muhammadu Dingyadi as Minister of Labour and Employment.

The chamber also confirmed Idi Muktar Maiha as Minister of Livestock Development, Yusuf Ata as Minister of State for Housing, and Dr. Suwaiba Said Ahmad as Minister of State for Education.

Following approximately five hours of screening, the nominees were confirmed by a voice vote led by Senate President, Godswill Akpabio.

Each nominee outlined their plans to advance their respective ministries, discussing reforms and goals to enhance Nigeria’s development.

After the recent handover process, the confirmation marks a fresh chapter for several ministries.

The Minister of Women Affairs, Iman Sulaiman-Ibrahim, assumed office on Monday, succeeding Uju Kennedy Ohanenye.

The Ministry of Tourism also transitioned leadership, with former Minister Lola Ade-John handing over to the Minister of Arts, Culture, Tourism, and Creative Economy.

The Senate had earlier suspended its procedural rules following a motion by Senate Leader, Opeyemi Bamidele to admit Basheer Lado, Special Adviser to the President on Senate Matters, who accompanied the nominees into the plenary.

Naija News understands that the confirmed ministers will be sworn-in by President Bola Tinubu, thereby giving them the right to attend the weekly Federal Executive Council (FEC) meeting.

The next weekly FEC meeting is expected to hold on Monday, 4th of November, with a fresh view after the reshuffling of cabinet during the last meeting.

A report has indicated that efforts to evacuate Nigerians from Lebanon by the Federal Government have been stalled.

Despite initial announcements of an evacuation plan, Nigerian in the crisis-ridden country are currently stranded.

The evacuation efforts were initiated in response to escalating tensions in the Middle East after Iran’s missile attacks on Israel on October 1, 2024.

However, a report by Punch states that low registration numbers and reluctance among Nigerians in Lebanon complicated the process.

The evacuation efforts were initiated in response to escalating tensions in the Middle East after Iran’s missile attacks on Israel on October 1, 2024.

The current crisis began when Iran launched a barrage of 180 ballistic missiles toward Israel, in retaliation for the assassination of Iran-backed militant leaders.

The missile attack, which targeted key sites in Israel, sent Israelis scrambling to shelters, raising concerns of a wider regional conflict.

Although the Israeli Defense Forces managed to intercept many of the missiles, the incident heightened instability in the region, including Lebanon, which borders Israel and has its internal security challenges.

In response to the situation, the Federal Government activated its emergency evacuation protocols, with the Ministry of Foreign Affairs coordinating efforts alongside the National Emergency Management Agency, the Department of State Services, and other key agencies.

These agencies worked closely with the Nigerian mission in Lebanon to ensure that citizens who wished to be evacuated were safely brought home.

Giving updates on whether the Federal Government would evacuate the Nigerians in Lebanon despite the reduced tension in the country, the spokesperson for the Ministry of Foreign Affairs, Amb Eche Abu-Obe, simply stated that the “situation is under observation.”

The Rivers State Government has filed an appeal against a recent Federal High Court ruling in Abuja that barred the Central Bank of Nigeria (CBN) from distributing federal allocations to the state.

Recall that on Wednesday, Justice Joyce Abdulmalik of the Abuja Federal High Court declared that Governor Siminalayi Fubara’s presentation of the 2024 budget before a four-member Rivers House of Assembly contradicted Constitutional provisions.

She criticized Fubara’s ongoing receipt and use of monthly federal allocations since January, calling it a Constitutional violation that cannot be permitted.

Justice Abdulmalik further ruled that the implementation of an unauthorized budget by Fubara amounted to a severe breach of the 1999 Constitution.

The ruling also prohibited the CBN, the Accountant-General of the Federation, Zenith Bank, and Access Bank from granting Fubara access to funds from the Consolidated Revenue and Federation Account.

In delivering her judgment on the case marked FHC/ABJ/CS/984/2024, Justice Abdulmalik stated that the four-member House of Assembly faction supporting Fubara, which he cited to validate what she termed an “unlawful budget,” had already been invalidated by the Federal High Court and the Abuja Court of Appeal.

The court reaffirmed that the Amaewhule-led Assembly remains the lawful legislative body, as ruled by the Federal High Court and upheld by the Court of Appeal.

On Wednesday, the Government House in Port Harcourt saw heightened activity, with various groups, government officials, Peoples Democratic Party supporters, and other stakeholders gathering, resulting in significant traffic in the vicinity.

A widely circulated video captured a closed-door meeting at the Government House involving Finance Minister Wale Edun and other officials with Governor Fubara.

The state’s Commissioner for Information and Communications, Joseph Johnson, confirmed an appeal has been filed and expressed confidence that the Appeal Court would overturn the judgment.

He stated that signs indicating the likely outcome were clear, and they remain calm, having already challenged the Federal High Court’s decision.

He told The PUNCH, “We saw this judgment coming the way it did when the trial judge refused 23 council chairmen as joinders, refused the state to change their lawyer and refused our objection challenging jurisdiction of the federal high court.”

Johnson added, “The judgment has already been appealed and l believe that the Court of Appeal will upturn the judgment. We are not panicked and there is no cause for alarm.”

Johnson cautioned that if the Court of Appeal upholds the judgment, local government employees would be impacted.

He said, “If it is anything to reckon with it will impact negatively on the civil servants at the third tier of government, it will affect teachers’ salaries and all that that are attached to the council salaries.

“So, I can imagine how anybody would advocate for the stopping of funds that will bring development to the local government councils and also pay those who work in the council.

“It’s a legal problem and you cannot take it out of the court, particularly when you are a defendant. That is not how the law operates. This matter is one that the court will give justice to. So, let us stop all these shenanigans because it is not going to take us anywhere. It is the state that will suffer and in this case the local government staff.”

The lawmaker representing Delta North in the Nigerian Senate, Ned Nwoko, has maintained that the Southeast has been marginalized and creating a 6th state will assuage their agitation.

Naija News reports that Ned, during an interview on Channels Television’s Politics Today, pointed out that the Southeast is the only region with five states, unlike other regions, except for the Northwest, which has seven states.

The lawmaker expressed confidence that the Federal Government would create another state out of Delta State to give the South-South a 7th or a 6th for the Southeast.

Ned Nwoko added that the people of Anioma in Delta State are proudly Igbos and would become the 6th state of the South East.

He said, “The creation of Anioma State is very possible. The need is for self-determination. Let me tell you this, I represent 9 local government areas.

“My constituency is made up of 9 local government areas. Out of this 9 lgas, 6 of them are oil and gas producing. We’re predominantly agricultural people. Some of it has been devastated by oil pollution.

“But to have a state is something we have been clamoring for for over 50 years. We the Aniomas are proudly Igbos.

“We’ll be the 6th Ndigbo State. The fact is that the Federal Government is going to create one State. They’re going to create the state to assuage the Igbo because they’ve been marginalised.

“South East is the only part of Nigeria that is marginalised. South East is the zone in Nigeria with just 5 states. Others have 6 states except for North West that has seven.

“You don’t call that being marginalised? And if you listen to the youths who are agitating in IPOB or ESN, what are clamoring for?

“They’re talking about being marginalised. And one of the ways they’re being marginalised is having fewer states than others.

“And we, the Igbos from the other side of the river, they call us Bendel or Western Igbo, if we have a state that could become the 6th state in the South East or seventh state in the South South, the fact is that an average Igbo person will feel, ‘okay, something has been done for us’.”

A former secretary in the office of the Governor of the Central Bank of Nigeria (CBN), John Ogah, has revealed how his former boss, Godwin Emefiele, directed him to transfer funds to a close relative.

While testifying yesterday in an Ikeja Special Offences Court, Ogah clarified that Emefiele and his spouse, Margaret, were not shareholders in three companies purportedly owned by them.

The witness provided this information during cross-examination as the trial of Emefiele and one Henry Omoile for alleged abuse of office and money laundering continued.

Ogah explained further on Wednesday that the transfers were made from three companies: Comec, Limelight, and Amswin Resources Limited.

However, during cross-examination by Emefiele’s attorney, Olakekan Ojo, SAN, the witness clarified that neither Emefiele nor his wife, Margaret, held shares in the three companies in question.

“The first defendant and his wife were not shareholders in the three companies linked to them,” he said.

Ogah provided the court with his interpretation of beneficial ownership of shares, emphasizing that it was consistently documented.

However, he admitted to the court that he did not present any documentation proving their status as shareholders in the three companies.

The witness indicated that he maintained records during his tenure as secretary to the former CBN governor, noting that these records were intended for reference purposes.

When questioned about whether he had shared the records with the EFCC while in custody, he stated that he had not shown any documents to the EFCC.

Additionally, the witness confirmed that there was no written correspondence between him and Emefiele, according to the information he provided to the EFCC.

He mentioned that approximately 99 percent of the instructions he received from Emefiele were not documented in writing.

During cross-examination by the second defence lead counsel, Kazeem Gbadamosi, SAN, the witness acknowledged that he is both a director and a shareholder of a construction company.

“The company has account with Zenith Bank but I am not a signatory to it. My name is not on the mandate form when the account was opened,” he said.

Oil marketers have renewed their interest in purchasing refined petroleum products from the Dangote Petroleum Refinery, a $20 billion facility, following a recent statement by Aliko Dangote, President of Dangote Group.

That Dangote had highlighted that despite the refinery’s production, oil marketers and the Nigerian National Petroleum Company Limited (NNPCL) were continuing to import fuel rather than sourcing it locally.

Expressing his concerns after a meeting with President Bola Tinubu, Dangote called on NNPCL and marketers to stop importing and start purchasing directly from his refinery. “We have the products they need,” he emphasized, urging them to step forward.

In response, representatives from the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have stated their willingness to purchase directly from Dangote’s refinery.

PETROAN President, Billy Gillis-Harry, mentioned that the association had reached out to the refinery, seeking a business meeting to establish buying terms and logistics.

However, PETROAN claims that despite their efforts to arrange a formal meeting, the refinery has yet to finalize discussions, leaving marketers without access to purchase.

“We’re ready to patronize Dangote,” Gillis-Harry told The PUNCH, but noted they need a formal agreement to proceed.

Abubakar Maigandi, National President of IPMAN, expressed similar frustrations. He stated that despite paying N40 billion through NNPCL for fuel from the refinery, members encountered delays when attempting to load products, with some trucks waiting as long as four days.

Dangote has indicated the refinery’s capability to meet local demand, stating that it has sufficient reserves to supply the country for over 12 days without imports.

Yet, IPMAN insists that direct engagement with independent marketers would help streamline access and avoid such delays.

Meanwhile, it has been disclosed that Dangote refinery is currently prioritizing sales to marketers with import licenses, likely due to the facility’s location within a free trade zone.

Marketers without these licenses, including IPMAN members, are awaiting approvals from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to begin their own direct purchases.

IPMAN’s Vice President, Hammed Fashola, stated that their license application process is ongoing, with all necessary documents for storage capacity submitted.

Once the import license is granted, Fashola assured that IPMAN would disclose additional operational details to the public.

The Economic and Financial Crimes Commission (EFCC) has detained the Managing Director of Atlantic International Refinery and Petrochemical Limited, Akintoye Akindele.

The MD was arrested over alleged misappropriation, money laundering and diversion of public funds to the tune of $35m.

Sources who spoke to Punch disclosed that the Nigeria Content Development and Monitoring Board was said to have paid $35m to Akindele to build a 2,000 barrel-per-day refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass Local Government Area of Bayelsa State.

However, after receiving the money in December 2020, Akindele was accused of abandoning the projects.

One of the sources said, “Akindele, a promoter of the Energy Infrastructure Park financed by the Nigeria Content Development and Monitoring Board, in Okpoama community in Brass LGA of Bayelsa state, initially mooted the idea of the project to the board and the NCDMB embraced it with a counterpart funding to the tune of $35m.

“NCDMB allegedly paid $35m to Akindele to build a 2,000bpd refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass LGA of Bayelsa State.

“Since December 2020 when the payments were made, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.”

Another source said Akindele allegedly received the money through the Atlantic International Refinery and Petrochemical Limited and sent it to four of his companies.

The source said, “Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funnelled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets.

“The EFCC has been on a manhunt for him for several months until he finally showed up when he could no longer bear the fire on him. He was thereafter arrested and detained at the commission’s holding facility in Abuja.”

President Bola Tinubu has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS).

Oluyede will serve in the capacity of COAS until the return of Lt. General Taoreed Abiodun Lagbaja, who is currently unwell and undergoing treatment overseas.

President Bola Tinubu’s spokesperson, Bayo Onanuga, confirmed this development in a statement issued on Wednesday, October 30, 2024.

“President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS).

“Oluyede will act in the position pending the return of the indisposed substantive Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja,” the statement read.

Prior to his recent appointment, Oluyede held the position of the 56th Commander of the prestigious Infantry Corps of the Nigerian Army, located in Jaji, Kaduna.

At the age of 56, Oluyede was a coursemate of Lagbaja, both having been part of the 39th Regular Course.

He was commissioned as a second lieutenant in 1992, with an effective date of 1987, and achieved the rank of Major-General in September 2020.

Throughout his career, Oluyede has undertaken numerous command roles since his commissioning as an officer.

His positions have included Platoon Commander and adjutant at the 65 Battalion, Company Commander at the 177 Guards Battalion, Staff Officer for the Guards Brigade, and Commandant of the Amphibious Training School.

General Oluyede has been involved in various operations, such as the Economic Community of West African States Monitoring Group (ECOMOG) Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the North East theatre, where he led the 27 Task Force Brigade.

He has received numerous accolades for his distinguished service across different operational fields, including the Corps Medal of Honour, the Grand Service Star, successful completion of the Staff Course, and membership in the National Institute.