A member of the House of Representatives from Kano, Abdulmumin Jibrin, has claimed that his colleague, Alhassan Doguwa, has never won a free and fair election.

Naija News reports that the two lawmakers from Kano State have been at loggerheads for days now, over the former Governor of the state, Rabiu Kwankwaso.

Jibrin had warned Doguwa to desist from making disparaging remarks against Kwankwaso, the national leader of the New Nigeria Peoples Party (NNPP) cum founder of the Kwankwasiyya political movement.

However, Doguwa said it was Kwankwaso who first insulted members of the APC in Kano.

In a statement on Wednesday by his media aide, Sani Paki, Jibrin said Doguwa has no political structure, stressing that his constituents see the lawmaker as the late Idi Amin, a former leader of Uganda, who is reported to have ruled with “iron fists”.

Jubrin said it was his influence that ensured that Doguwa was made the chief whip of the house in the 8th National Assembly and he is fit to be called his godfather in the House of Representatives.

The lawmaker added that Doguwa is “the real political parasite” who has allegedly remained a problem in Kano politics.

The statement reads, “Doguwa has never won a free and fair election. His party also neither found him suitable for the position of whip nor leader of the house in 2023.

“Two positions he previously held, which before God, I played a significant role in his emergence, giving him a benefit of doubt in the hope that he will change his ways. Alas, I was wrong.

“In fact, though, he worked against us in the speakership race of 2015 and covertly in 2019, both of which I defeated him, and I single-handedly pushed for him to be chief whip on the instruction of Kwankwaso in 2015.

“I repeated same after I led the speakership race in 2019 to make Alhassan leader of the house on the instruction of the then Governor of Kano, two leaders he has betrayed and continue to plot against, overtly and covertly, respectively.

“I challenge Doguwa to show us his political structure, aside from only being able to strive and get relevance in crisis situations or a divided environment, which is the hallmark of his politics.

“I am fit to be called his godfather in the house of representatives. This is what a little boy who was in school in 1992 can do to an old man like Doguwa.”

The Central Bank of Nigeria has auctioned $876.26m to end users whose bids were submitted by 26 commercial banks in the apex bank’s latest attempt to strengthen the ailing naira.

The policy impacted the foreign exchange market on Wednesday as the naira appreciated against the United States Dollar, trading at N1,596.52/$ from N1,601/$ it traded on Tuesday.

The auction process was conducted on August 6, 2024, to enhance foreign exchange liquidity in the market, alleviate demand pressure, and support price discovery in alignment with the apex bank’s objectives.

The CBN said this in a statement posted on its website on Wednesday and signed by the Director of the Financial Markets Department, Omolara Omofunde Duke.

The naira has traded within the range of N1,450 and N1,600 in recent months. However, the bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction.

The statement read in part, “The Central Bank of Nigeria undertook the sale of foreign exchange to end users through a Retail Dutch Auction System to reduce the demand pressure in the FX market and promote price discovery on Tuesday, August 06, 2024.

“A total bid valued at $1.18bn was received from 32 Authorized Dealers Banks, of which, bids valued at $876.26m from 26 banks qualified, while bids valued at $313.69m from six banks were disqualified.

“In line with the objective of the CBN to boost FX liquidity to the market as well as promote price discovery, the bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction where bids valued at $876.26m from 26 banks qualified.”

It noted that all end-user accounts will be funded with the naira equivalent of their bids by Wednesday, August 7, 2024, while settlement for the successful bids is scheduled for Thursday, August 8, 2024.

Explaining the auction process, the director said a total bid valued at $1.18bn was received from 32 authorised dealers banks while bids valued at $313.69m from six banks were disqualified.

Of the disqualified bids, four banks submitted their bids after the cut-off time of 3:00 pm, while two banks did not provide bids in the template submitted.

Also, all bids with Form Q, and unverifiable Form A and Form M on the Trade Portal were disqualified.

The statement added that “Authorised Dealer Banks were required to submit a comprehensive template that contains the details of Forms A and M of all the outstanding trade-backed unmet FX demand of their customers via email on Tuesday, August 06, 2024, between 9:00 am and 3:00 pm.

“The templates were all password protected with the passwords submitted to the CBN after the deadline for the submission of the bids. Thereafter, the bids were opened and collated.”

It further stated, “To ensure the transparency of the process, the total bids submitted by banks and all qualified bids for payment will be published on the website of the Central Bank of Nigeria for the information of the general public.”

Last week, the CBN unveiled plans to implement a Retail Dutch Auction System to address the mounting unmet foreign exchange demand from end users.

It said the aim was to alleviate the growing pressure in the FX market and stabilize the naira’s exchange rate.

The sale follows “growing unmet foreign exchange demand” which has “continued to increase the demand pressure in the foreign exchange market, with adverse impact on the exchange rate of the naira,” the Abuja-based Central Bank of Nigeria said in a circular to lenders last week.

The naira has come under pressure through seasonal demand from summer tourism as well as businesses seeking the greenback to bring in goods in the import-dependent nation.

Commenting, the Chief Executive Officer of Cowry Treasurers Limited, Charles Sanni, stated that the intervention to improve liquidity in the foreign exchange market will shore up the naira against the United States dollar but constitute a potential loss for speculators.

Sanni said the intervention was important but not sustainable as the apex bank may not possess the required war chest due to low foreign reserves.

He also said the gain would be short-lived if the government fails to take advantage and implement strategic fiscal policies to boost economic productivity.

He said, “What CBN has done is improved liquidity by the way of supply to the market. So its expected impact, which we are already seeing, is that the naira will begin to firm up, meaning that it would trade at a better exchange rate.

“Two things it creates immediately is that for the guys who are speculating, it is a loss position for them so they may have to come to the market to sell. So, you are likely to see some level of panic trading on those who are speculating on the naira which will massively drop the rate.

“There is also the neutral position where people will say they are not going to sell immediately because it is still unsure if CBN has the war chest to continue to intervene looking at their reserve. How well they can sustain it is the critical issue which is a function of the supply. If you look at our reserves, this auction system doesn’t look sustainable.”

On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, applauded the intervention by the apex bank, stressing that the naira volatility has negatively impacted the economy and business and reduced investors’ confidence.

He said, “The intervention is welcome because the CBN is the custodian of our major FX inflows, especially from the oil sector. To ensure stability and reduce volatility in the foreign exchange market. The CBN must intervene from time to time at an exchange which the CBN thinks is sustainable. This is what we have advised all along, and it is good that the CBN is doing that.

“Volatility is very bad for the economy, for business and investors confidence. So what the CBN is doing is to see how it can ensure some stability in the exchange rate.

“The Dutch option perhaps is trying out different models or intervention because we are still contending with volatility, so maybe it is a question of looking at another model that may work better to ensure stability.”

Meanwhile, the impact of this policy was immediately felt at the foreign exchange market on Wednesday as the naira appreciated against the United States dollar, trading at N1,596.52 per dollar from N1,601 per dollar it traded on Tuesday, data from the FMDQ Securities Exchange Limited showed.

This means a marginal appreciation of 0.3 per cent or N5. The naira traded at an intra-day high of N1,628 and a low of N1,520 to a dollar.

Dollar supply between willing sellers and willing buyers also increased to $93.92m from $61.90m recorded on Tuesday, which was the lowest since January.

Veteran Nollywood actor, Damilare Olaiya, has accused his colleagues who supported the administration of President Bola Tinubu of hiding their faces to avoid facing backslash from Nigerians.

Naija News reports the movie star in an interview with News Central, at the Gani Fawehinmi Park in Ojota, Lagos during the #EndBadGovernance protest, expressed willingness to “die if need be” in order to fight for a better future for his children and grandchildren. 

Olaiya said he joined the protest to register his grievances with the federal government against poor governance, corruption, and the increasing cost of living in the country.

Olaiye also accused the government of sponsoring the thugs that marred the #EndSARS protest in 2020.

He said, “We are saying that bad governance must end. The problems of Nigeria are not intractable. They are human problems and we can solve them if we end bad governance, bad leaders.

“For my colleagues, a lot of them that have taken the side of government, their comment sections have been put off. I do not want to mention names. Some of our veteran Nollywood actresses who supported this government are hiding their faces today. They cannot get the backlash from Nigerians.

“But I am telling you, for those of us who still believe in this country, for those of us who have continuously fought, from the time I was an undergraduate, to the time before I got married, to the time I got married, to the time I had my children, to the time my children started having their own children. Today I am a grandfather, I am still in this struggle. I am telling you, even if they end our lives bad governance must end. We are prepared to die.

“For the #EndSARS protest, the world knows that it was the government that sponsored thugs, put them in Lagos BRT vehicles to come to attack protesters. You can see now that we are peaceful, singing that bad governance must end.

“If the government wants to tell the soldiers to start shooting us, we will die, but we know that the soldiers too will die one day. The people that send them too will die. This life that I have is for Nigeria, for my children’s children and I am ready to die if need be.”

The Police Command in Osun has warned against the setting aside of Aug. 8 to celebrate cultism in the state, saying any unlawful gathering would not be tolerated.

The command issued the warning in a statement by its spokesperson, SP Yemisi Opalola, in Osogbo on Wednesday.

According to the statement, the command received credible intelligence that some cultism groups were planning to celebrate cultism on Thursday, known as ‘8/8’.

“In view of this, the command, therefore, warns cultists and other unscrupulous elements in the state to jettison the plan or any of such action(s) forthwith as the command is earnestly monitoring their activities.

“Consequently, the command, in collaboration with other security agents and Civilian JTF, will not tolerate any unlawful gathering or assembly that will endanger the peaceful atmosphere of the state, as the plan to mark 8/8 may lead to bloodshedding and destruction of properties,” it said.

It reminded parents and guardians to closely monitor and warn their children and wards to eschew any act likely to contravene provisions of the law.

“The command will not spare anyone who constitutes any threat to law and order.

“Finally, the Osun State Police Command further appeals to members of the public to be vigilant and give prompt and actionable information in case of any infraction of the law,” it read.

According to the statement, the command has also arranged adequate security mechanisms ahead of the Osun-Osogbo festival, climaxing on Friday.

It, therefore, urged residents and participants to be security conscious and enjoy a safe festival

Football transfer expert Fabrizio Romano has confidently stated that Victor Osimhen will not take a pay cut to facilitate his move to Chelsea, The PUNCH reports.

The Italian hinted that Chelsea’s pursuit of the Napoli striker could allegedly ‘go down to the final week of the transfer window’.

The Blues are in dire need of a striker capable of guaranteeing them goals, and with less than two weeks until the start of the new Premier League season, they have intensified their search.

Chelsea are reportedly closing in on a deal for Atletico Madrid attacker Samu Omorodion, but the London club are also heavily being linked with Osimhen, with the Super Eagles forward said to be ranking prominently on their wish list to lead their line during the 2024/25 campaign.The Nigeria international has emerged as one of the most sought-after strikers in Europe, having been linked with moves to Chelsea, Arsenal, Paris Saint-Germain, Manchester United, and Liverpool, among others.

However, his hefty €130m release clause has scared off many suitors, with PSG the only European club still keen on signing him.

There has been talk of a potential swap deal involving Romelu Lukaku, as Chelsea are unlikely to be in a position to activate the £113m release clause in his Napoli contract.

Osimhen is Serie A’s highest earner at around £325,000 a week. He signed a new contract with Napoli in the latter stages of last year, but he is expected to leave the club before the transfer window closes.According to Romano, Osimhen is not willing to accept a pay cut to move to Stamford Bridge, and a potential transfer for the Nigerian could ‘go down to the final week of the window’.

“Forget about Victor Osimhen taking a pay cut; he won’t reduce his salary. This will be a deal I think will go down to the final week of the window,” Football Transfers quotes Romano on their website.

Osimhen joined Napoli from Lille in the 2020 summer for a club record fee of €70m plus another €10m in bonuses.

The 25-year-old has been in top form for the Parthenopeans for the past two seasons, guiding them to their first Scudetto in over three decades in the 2022/23 season, scoring 26 league goals, which earned him the top scorer award.

The Senate has raised concerns over 1.5 billion dollars approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no result.

Senator Opeyemi Bamidele, Chairman of the Senate Ad Hoc Committee to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry, raised the concern during an interactive session with stakeholders on Wednesday, in Abuja.

Bamidele, who is also the Senate Leader, said it was unfair and wrong to treat public companies shabbily while private businesses were flourishing and thriving.

He recalled that the Federal Executive Council (FEC) had approved the plan by the Ministry of Petroleum Resources to rehabilitate and turn around the Port Harcourt Refinery with 1.5 billion dollars.

Bamidele expressed concerns about the dysfunctional state of government-owned refineries despite billions of dollars spent on turn-around maintenance.

“The federation is undergoing a truly challenging period. The distribution and supply of refined petroleum products have been irregular and problematic in the recent history of our fatherland.

“The long queues at filling stations are obviously a testament to this challenge.

“A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market about two per cent of its crude oil requirements is worrisome,” he said.

He said also of serious concern was the importation of hazardous petroleum products and dumping of substandard diesel into the country.

Under different administrations since 1999, Bamidele observed that the federal government “has invested billions of dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri. But the refineries are not functioning.

The Central Bank of Nigeria, CBN said it sold a total of $876.26 million to end users from 26 successful banks at a cut-off rate of a cut-off rate of N1495 per dollar.

This is as the bank commenced its latest Retail Dutch Auction System.

The apex bank disclosed this in a statement on Wednesday signed by Omolara Duke, its
Director, Financial Markets Department.

CBN noted that total bids came to US$1.18 billion which was received from 32 authorized dealer banks.

The apex stressed that while 26 banks successfully submitted bids for FX, six banks were disqualified for not meeting with deadline and other requirements.

“The Bank approved a cut-off rate of N1495/US$ for the Retail Dutch Auction where bids valued at US$876.26 million from 26 banks qualified.

“While bids valued at US$313.69 million from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids after the cut-off time of 3:00 pm, while 2 (two) banks did not provide bids in the template submitted. All bids with Form Q. and unverifiable Form A and Form M on the Trade Portal were disqualified”, the statement partly reads.

Recall that on Wednesday, CBN announced the commencement of the Retail Dutch Auction System amid the Dollar demand spike.

On Tuesday, the Naira recorded two consecutive appreciations against the Dollar closed at N1601.

The Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, says the oil industry has nothing to do with the importation of sub-standard products into the country.

Kyari made the statement on Wednesday while appearing before a Senate ad-hoc committee investigating alleged economic sabotage in the Nigeria Petroleum industry.

The committee is led by Senate Leader, Senator Opeyemi Bamidele.

Kyari said he, as the CEO of the NNPCL, had faced undue media attacks from persons doing everything to create the impression that NNPCL is sabotaging the nation’s economy, adding that the company is “faithful and will not lie” to the country.

He said, “We are not criminals and we are not thieves. We will protect our dignity so we can serve this country.”

Kyari further disclosed that the oil and gas industry is bleeding and that there were things they knew but could not talk about in public until the right time comes, urging that the committee sessions be televised live going forward.

The Department of State Services (DSS) has announced its intention to identify and reveal the names of individuals funding foreign-flag-waving protesters to incite insurrection.

DSS spokesman Peter Afunanya stated that the identities of the sponsors will be made public soon.

Speaking at a joint press conference in Abuja, Afunanya urged Nigerians to be patient with the Federal Government.

He explained that the DSS is investigating the display of foreign flags during the protest and will reveal more information about the sponsors in due course.

He said, “Now, people have started exhibiting behaviors that are detrimental to the security, welfare, and orderliness of society. We won’t remain passive. We have arrested those behind the flag display. It’s not just about children waving flags; there’s more to it.

“There are aspects of our operations that we may not disclose publicly due to their sensitivity, the ongoing nature of investigations, or because revealing them might jeopardize the investigations.

“We will see it through to the end, and you may be surprised if and when we do make the information public.”

Some protesters in the North had displayed Russian flags during the #EndBadGovernanceInNigeria protest.

The protest is directed against President Bola Tinubu’s administration and the levels of hunger and suffering in the country.