The house of representatives has resolved to investigate the anchor borrowers programme (ABP) under the Central Bank of Nigeria (CBN).

Also, the lawmakers intend to probe the disbursement of N215 billion in loans by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

The green chamber passed the resolution during a plenary session on Tuesday following the adoption of a motion sponsored by Chike Okafor from Imo state.

The ABP was launched in November 2015 to create a linkage between smallholder farmers (SHFs) and anchor companies involved in the processing of the required key agricultural commodities.

It was designed to provide farm inputs (in kind and cash) to SHFs to boost production of the key commodities, stabilise input supply to agro-processors and address Nigeria’s negative balance of payments on food.

In March 2023, the CBN said a total of N1.09 trillion had been disbursed through the ABP since its inception in 2015.

While moving the motion, Okafor claimed that the funds intended for agricultural development in the country have been misappropriated, resulting in “food scarcity and malnutrition”.

“The federal government through various schemes and interventions in the last in eight years have spent over two trillion naira in funding agricultural interventions with the view of making food available for millions of Nigerians, but due to the alleged mismanagement, misapplication of funds and abuse of the programmes, Nigeria is still experiencing food scarcity and malnutrition,” the lawmaker said.

“The reports and allegations of abuse, mismanagement, and misapplication of government intervention funds earmarked for agricultural development and food security initiatives in Nigeria through the CBN’s ABP disbursed about N1.12 trillion to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.

“NIRSAL disbursed N215,066,980,274.52 so far to facilitate agriculture and agrobusinesses. The Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the agriculture value chain financing (AVCF) programme. Additionally, the bank funded 49 agro and food processing businesses with N59.4 billion in loans.

“In 2023, the federal government unveiled a 5 billion Naira loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country. The National Agricultural Development Fund in March of 2024, inaugurated a NI.6 billion recovery fund for the ginger blight epidegic central taskforce (GBECT) for the control of blight disease in ginger, among other interventions.”

According to Okafor, the funds were allegedly “misused, misapplied and channelled to non-farming and nonagricultural purposes”.

He said the agricultural sector plays a crucial role in ensuring food security, improving nutrition, and supporting the livelihoods of millions of Nigerians, and any abuse of the programmes drastically affects millions of innocent citizens.

The motion was adopted when it was put to a voice vote by Benjamin Kalu, deputy speaker who presided over the plenary.

Consequently, the house mandated the relevant committees to conduct a comprehensive investigation into the alleged misuse of government interventions and agricultural funding and report back within four weeks for further legislative actions.

Yuki Gambaryan, wife of Tigran, the detained Binance executive in Nigeria, has asked the Economic and Financial Crimes (EFCC) to drop the charges against her husband.

On June 14, the Federal Inland Revenue Service (FIRS) dropped its tax charges against the Binance’s head of financial crime compliance.

In April, the anti-graft body had arraigned Binance Holdings Limited, a cryptocurrency firm, and Gambaryan, over allegations bordering on money laundering.

The company and its executive were arraigned on a five-count charge before Emeka Nwite, a judge at the federal high court in Abuja, on April 8.

In a statement on Tuesday, Yuki asked the EFCC to follow the steps of FIRS.

She said her husband and his family are finding it more difficult to deal with his continued detention.

“He is suffering immensely under the strain of this injustice. I respectfully urge the EFCC to follow the example set by their colleagues at the FIRS (tax authority) and drop the charges against Tigran,” she said.

“As I have stated many times before and as the evidence in court is showing, Tigran has never been a decision-maker at Binance, and there is no justification for his continued detention.

“It is time for the Nigerian authorities to do the right thing and release my innocent husband. This situation has gone too far.”

According to the statement, Gambaryan’s health continues to “deteriorate in detention and he complained of numbness in his foot as well as back pain”.

“He has had double pneumonia and malaria whilst in prison,” Yuki said.

In the statement, Yuki said the federal high court in Abuja ordered Kuje correctional facility to release the medical records of Gambaryan — covering his visit to the hospital on June 3 — to his lawyers.

On Tuesday, the cross-examination of a witness from the Securities and Exchange Commission (SEC) — the first witness presented by the EFCC in the ongoing trial of Binance and Gambaryan — was completed.

The trial has been adjourned to July 5.

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. 

Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. 

In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.

“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.” 

‘DANGOTE CEMEMT AND TAXES’

The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023. 

Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market when they see that local investors are also doing well.

“I am convinced that when government policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he said.

The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.

South-East governors announced on Tuesday that they will interface with the federal government for the release of Mazi Nnamdi Kanu.

This formed part of the communiqué issued after a meeting of the Forum in Enugu.

At the meeting, which also had other stakeholders in attendance, were governors Hope Uzodinma, Dr. Alex Otti, Prof. Chukwuma Soludo, Rt. Hon. Francis Nwifuru of Imo, Abia, Anambra and Ebonyi states, respectively, as well as the host, Governor Peter Mbah of Enugu State.

The move comes after Kanu, who is the leader of the Indigenous People of Biafra, IPOB, expressed willingness to get the Nigerian Government to agree to an out-of-court-settlement.

On June 19, 2024, Kanu who is facing trial charges bordering on terrorism had through his lawyer, Aloy Ejimakor informed the Federal High Court in Abuja of his intentions to seek reconciliation with the Federal Government.

Ejimakor had informed the court that he had discussed the out-of-court settlement with the counsel of the Federal Government, Adegboyega Awomolo.

However, Awomolo, who told the court that he had no instruction of his client to embark on any negotiations with the defendant, said: “I told him to go to the Attorney-General of the Federation, AGF, who has the power. If he is interested in negotiating he should go there, his office is just here.”

But, Just Binta Nyako observed that the court has no problem if the parties want to discuss negotiation, urging Kanu to approach the AGF who is the proper person to negotiate with.

Similarly, about 50 members of the House of Representatives from different parts of Nigeria and political parties known as concerned federal lawmakers for Peace and Security in the South East have appealed to President Bola Tinubu to invoke section 174 of the constitution of Nigeria, 1999 (as amended) and section 107(1) of Administration of Criminal Justice Act, 2015, Kanu’s release.

The lawmakers appealed to President Tinubu to commence a presidential peace initiative to address all issues and challenges bedevilling the southeast region of Nigeria. These were contained in a 3 page letter signed by the lawmakers, dated June 19, 2024 and addressed to Mr President.

Presidential candidate of Labour Party in the 2023 election, Peter Obi has also backed calls for Kanu’s release, noting that it would foster peace.

Giving his views on the continued detention of Kanu, Obi said: “I don’t see any reason for his continued detention, especially as the courts have granted him bail. Government must obey the court.

“Rule of law is an intricate asset that we must cherish and live with. I use this opportunity to plead with the government to ensure that all those who are in similar conditions are released and discussed with. We are in a democracy and we should not be doing things that are arbitrary and not within the law.”

Kanu should sign bond of peace – Lawyer, Idam

On his part, activist lawyer, Madubuachi Idam described the move by the IPOB leader to seek an out-of-court settlement with the Nigerian Government as the right move and not cowardice.

Idam stressed that such a move would avail Kanu the opportunity to voice out his grievances to the Nigerian Government and table his demands at the negotiation table.

Speaking with DAILY POST, the constitutional lawyer said: “Asking for an out-of-court settlement as the one being asked by Nnamdi Kanu is not an act of cowardice neither is it a sign of weakness.

“Kanu is not at war with the Nigerian state, he has no problem with the Nigerian state. Kanu is agitating to be free from Nigeria. It should not be misconstrued that he’s afraid of the Nigerian state.

“Kanu opting for out-of-court settlement is the right thing to do, it’s an opportunity to inform the state and explain his agitation.

“It’s an opportunity to vent his grievance and table his demands before the state if it will be met on a negotiation table without the need for him to continue the agitation.

“For me, it’s the right step he has taken. It’s well thought and prudent for him to have toed that line and I encourage the Nigerian state to accept that application.

“Kanu is a citizen as far as Nigeria has not broken up, and when a citizen who controls a lot of people is making a demand, he must be listened to. His continued detention is not in the interest of anybody.

“Having said that, the current Attorney General of the Federation is a thorough lawyer who understands what it means to hold the state together. He understands that negotiations with the defendant in accordance with the Federal High Court rules are encouraged by law.”

The constitutional lawyer noted that Kanu should be made to sign a bond that part of the settlement would include preaching peace if released.

He stressed that the Biafra agitator should not be seen as an enemy of the state.

Idam added: “Kanu’s continued detention serves no purpose, it’s using a sledgehammer to kill an ant, it’s needless and unwarranted.

“If Kanu was tried by the Nigerian government the first time he was arrested in 2017, this tension would have been averted. The state popularized Kanu’s issue, he’s only asking to be free, let my people go.

“He should not be misconstrued as an enemy of the state. Kanu’s release will douse the criminal activities in the Southeast. What will they be agitating?

“Kanu should be encouraged to sign a bond that he will preach peace if released and I will encourage the state to toll the line. He had said severally that people should stop killings in the Southeast, he had even preached it in the open court that those killing are enemies of the Southeast.

“If his agitation has nothing to do with killing people and insecurity, so why should anybody be afraid that if he’s released, insecurity will continue?

“Kanu has said it by himself and I can tell you that if Kanu is released today, he will stand by his words and that will be more beneficial than having him in detention.”

Ohanaeze’s stance on out-of-court settlement

The National Public Secretary of Ohanaeze, Alex Ogbonnia, said a political solution is key, stressing that Kanu’s release would quell insecurity in the Southeast.

Ogbonia noted that the Biafra agitation was a fundamental issue and beyond Kanu.

“The issue of Nnamdi Kanu demands a political solution. The kinetic approach in the Southeast that has created unnecessary tension is not the solution to the problem.

“The Nigerian government should look into the cause because Kanu represents what’s happening in the Southeast of Nigeria. For example, the marginalization of the Southeasterners in the 2023 elections where there was so much shenanigan.

“Nnamdi Kanu represents all these agitations in the Southeast, so what he’s saying is that it’s either you treat us equitably in all fairness or you allow us to go; and it’s a simple message.

“Ohanaeze Ndigbo is saying political solution that requires non-kinetic approach, there are some kind of statement from the government that will lead to celebration galore in the Southeast

“Releasing Kanu will surely quell the insecurity in the Southeast and the Monday sit-at-home will stop. The agitation for Biafra is no longer about Kanu, it’s very fundamental; the agitation is a reaction to stimulus,” he told DAILY POST.

Court should be allowed to decide Kanu’s fate – Arewa Youths

Arewa Youth Consultative Forum, AYCF, thinks otherwise.

The group is of the opinion that the court and not the Nigerian Government should be allowed to decide Kanu’s fate based on proven evidence.

National President of AYCF, Yerima Shettima said the IPOB leader should be made to face the “music” of his action if found guilty by the court or released if proven innocent.

Speaking with DAILY POST, Shettima said: “It’s within the government’s confines to look at it, if they want to settle out-of-court or they want the court to continue.

“For me, I would have been comfortable if the court decided his fate at the end of the day based on what is before the court, they should do the needful.

“Kanu should face the music if he’s found wanting or be allowed to go if proven innocent. His punishment should serve as a deterrent to those who think that they can disobey the law and take impunity as a right either deliberately or ignorantly.

“However, if the government decides to settle out-of-court then so be it but at least, we all know now that nobody can do anything and get away with it.”

Nigerian should amend constitution to make room for self-determination

Shettima also urged the Nigerian government to amend the country’s constitution to allow for self-determination.

According to the AYCF National President, people should be allowed to decide if they want to become Biafra or remain as Nigerians.

“The proposed settlement is within the law and it’s for the government to deem it fit, necessary if that is what they want.

“Some of us are products of struggles and I can tell you that you can agitate for whatever you want from religion to tribe but when it becomes critical that somebody has to lose his life, that is no longer an agitation; it’s something else. And this has been our worry and fear.

“The right to self-determination is guaranteed under international law and Nigeria is a signatory to that agreement, unfortunately, we signed a charter but locally our constitution does not reflect it, self-determination is alien to our constitution.

“At the same time, a referendum is not in our constitution. These are areas I feel if the government is sincere we should be able to amend the laws to reflect these two key issues.

“If you sign an agreement that you believe in self-determination by the international standard, locally it should reflect it and that is why today we have an issue where there is no way of exit in the country.

“Somebody can’t wake up and say we should divide corporately, it’s not reflected in our constitution. They should amend the constitution so that you can’t force people to stay with you, there should be an exit through referendum,” he stated.

Kanu, Ekpa have no control over Biafra agitation, criminals have taken over struggle

Shettima also observed that Kanu and the self-acclaimed Biafra Prime Minister, Simon Ekpa have lost control over the agitation.

“They say it’s easier to destroy than to build; when they started this agitation, they never envisaged that they would be consumed.

“Even if you release Kanu and bring Ekpa to beg for pardon, they can’t control this madness anymore because criminals have cashed into it in the name of agitation.

“How does agitation become kidnapping, looting, robbery, killing innocent people? It’s not done anywhere.

“This is a criminal act and they should be dealt with as criminals. Whether you release Kanu or not, he has no control because if he did, with all he has been saying, killing would have subsided.

“Can you say in all honesty that these criminals in the Southeast are listening to what he’s saying? They are not.

“They engage in all sorts of criminality in the name of Biafra struggle, sit-at-home and all sorts.

“I don’t think Kanu will be safe if released today, going by what we are seeing. It has become a criminal activity and all of us must come out to condemn this act,” Shettima cautioned.

The Naira has continued its depreciation streak against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s policy interventions.

FMDQ data showed that the Naira slightly depreciated to N1509.45 against the dollar on Tuesday from N1508.99 traded on Monday.

This represents a marginally N0.46 loss compared to the N1508.99 per dollar it traded on Monday.

Meanwhile, at the parallel market, the Naira traded flat against the dollar at N1515 on Tuesday.

This is as the foreign exchange transactions turnover at the official FX market stood at $213.31 million on Tuesday.

The development comes after the Central Bank of Nigeria in a circular signed by its acting Director of Currency Operations Department, Solaja Olayemi warned banks and licensed Bureau De Change operators against the rejection of lower or old denomination of Dollar notes.

Minister of Power, Adebayo Adelabu has revealed that in 2023, Nigerians spent a combined sum of N16.5 trillion on purchasing diesel, petrol, and generators for power generation.

Recall that the power sector, comprising electricity generation, transmission, and distribution companies, reported a total revenue of N1 trillion last year.

This is despite power consumers in the informal sector spending over N16 trillion, according to the Power Minister.

Adelabu made the claim during the 2024 Nigeria Oil and Gas conference in Abuja, adding that customers in Band A category of electricity consumption can expect a continuous supply of electricity for up to 24 hours.

“If you know how much our people spend buying diesel, petrol, generators, and servicing them in a year; the last study we had in 2023, a total of N16.5tn was spent on this (power) generation.

“Even a number of the industries are off the grid. They now have their captive power between their environments with gas-powered generators.

“So spendings in this sector out of the grid is close to N20tn. And let me blow your mind, the revenue for the entire industry, the grid, I mean the formal power sector was just N1tn for 2023 that goes to the generation companies, transmission companies and the distribution companies. Just N1tn formal revenue. But the informal spendings on generators, diesel, petrol, was close to N20tn.

“Even if it is just a quarter of that is put in the official power sector, we are talking about incremental revenue of N5tn that will bring the sector’s revenue to N6tn, sincerely we are going to have something close to uninterrupted 24/7 power supply in Nigeria.

“That is what we are working on to ensure that that trust is back, that that confidence is back. And all the manufacturing companies that are doing self-generation can cut it off and reconnect to the national grid because it is the cheapest source.

“As at the last study, Band A customers are enjoying uninterrupted supply and pay N206. For the companies that have their captive power using gas, they pay about N290/kwh.

“For those that are using petrol generators, it is about N450 per kilowatt-hour. And for those using diesel to power their generators, it is upward of N900. So it is still the cheapest, most efficient and the least cost for our productive activities.”

The Nigerian National Petroleum Company Limited, NNPCL, has declared a state of emergency on crude oil production.

Group Chief Executive Officer of NNPCL, Mele Kyari, made this known on Tuesday in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week) in Abuja.

According to him: “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation.”

Kyari further stated that a detailed asset analysis revealed Nigeria can produce two million barrels of crude oil per day without deploying new rigs, adding that the primary obstacle is the inability of industry players to act promptly.

The NNPCL boss said the war will make the company and its partners immediately remove all identified barriers to efficient production, including delays in procurement processes, which have become a challenge in the industry.

Speaking on the medium- to long-term measures to boost and sustain production, Kyari said NNPC will replace all the old crude oil pipelines built over four decades ago.

He said the company will also introduce a rig-sharing programme with its partners to ensure that production rigs stay in the country for between four and five years, which is the standard practice in most countries.

The NNPC boss urged all players in the industry to synergize towards reducing the cost of production and enhancing production to target levels.

He reiterated the company’s commitment to investing in critical midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and the economic prosperity of the country.

He said NNPCL has since keyed into the presidential compressed natural gas (CNG) drive, and, in collaboration with partners like NIPCO Gas, has constructed several CNG stations.

Former Super Eagles midfielder, Sunday Oliseh has revealed why he resigned as coach of the national team in 2016.

Oliseh made the revelation in an interview on Elegbete TV on YouTube, where he narrated the difficulties he faced during his tenure as the Super Eagles head coach

Sunday Oliseh was given the job to manage the Super Eagles in July 2015 and he left the position in February 2016.

The former Juventus midfielder said he resigned due to lack of support from his employers, the players and even the media.

“I coached the Super Eagles for fourteen games, won four, we lost only two games. One was a friendly against Congo in Belgium.

“After being unpaid for four months, and my assistants being unpaid for six months, and after me falling sick and not getting any support spending thousands of dollars to cure myself, and still being laughed at by some of your media friends for falling sick. I resigned because I didn’t get support.

“I left the job and Nigeria was still on track to qualify for the 2017 Nations Cup. Nigeria needed to beat Egypt and qualify,” Oliseh stated.

Civil society groups under the auspices, Empowerment for Unemployed Youth Initiative (EUYI) has alleged that the rot in the Tertiary Education Trust Fund (TETFUND) is affecting the efforts to revamp the tertiary education subsector.

Convener Danesi Momoh in a statement yesterday urged President Bola Tinubu not to allow the alleged rot in TETFUND dent his efforts to revamp the education sector.

The group said: “Without doubt, President Tinubu is paying far more than a passing attention on the education sector and educational matters.

“Though he inherited an education sector that is deficit in many aspects, his commitment to turning things around is visible.

“He has always maintained that without quality education, the vision of the Renewed Hope Agenda cannot be met. Consequently, he has been hammering on policies that will expand both access and facilities in the education sector.

The Legal Practitioners Privileges Committee (LPPC), has shortlisted 98 senior lawyers and professors of law for elevation to the rank of Senior Advocate of Nigeria (SAN).

Among the names shortlisted are former Nigerian Bar Association (NBA), National Officers, Monday Onyekachi Ubani, Kunle Edun, Dr. Rapulu Nduka and Stanley Imo.

Also Shortlisted is the Chairman of NBA Bwari Branch, Paul Daudu and notable Abuja based Senior Lawyer, Okey Ajunwa. This was contained in a statement issued in Abuja by the Secretary of LPPC Harjo Sarki Bello.

The statement reads: “The Legal Practitioners’ Privileges Committee (LPPC) by this Notice announces the shortlisting of applicants for the conferment of the rank of Senior Advocate of Nigeria for the year 2024.

“The shortlisted applicants in the two categories of Advocacy and Academia. Among shorlisted are Lateef Olaseinde Karim, Godwin Tagbo Ike, Johnson Odionu, Nnodim Marcellinus Duru, Innocent Adams Ovbagbedia, Esq., Soronnadi Anthony Njoku, Adamu Abubakar, Esq and Charles Oyaole Musa.

Others are Udochi Nunny Iheanacho, Esq., David Dare Onietan, Elele Chinatu Casmir, Josiah Rapuluchuks Nduka, Esq., Godwin Ikechukwu Obeta, Habeeb Orisavia Ilavbare, Moses Kolade Obafemi, and Mathew Echezonam Esonanjor, Baba Fika Dalah. Among those in the academia are Prof. Osy Ezechukwunyere Nwebo, Prof. Nlerum Sunday Okogbule, Prof. Nnamdi Onyeka Obiaraeri, Prof. Nathaniel Ahagbue Inegbedion, Prof. Collins Chijioke Obioma and Prof. Violet Aigbokhaevbo.

Also in the list are Prof. Augustine Robert Agom, Prof. Ibrahim Abdulqadir Abikan, Prof. Chima Josephat Ubanyionwu and Prof. Ganiyu Adeyemi Oke.

The LPPC however called on the general public i to comment on the integrity, reputation, and competence of the applicants.

The statement reads: “Every complaint(s) must be accompanied by a verifying affidavit deposed to by the author before a Superior Court of Record in Nigeria or before a Notary Public and be in 20 copies.