In a rare twist of events in Rivers State politics, former Governor Peter Odili has endorsed Governor Siminalayi Fubara as the political leader of the state, praising him for defending the interests of the people.

Odili, who served between 1999 and 2007, stated that Fubara, having secured his electoral victory both through the ballot and the courts, is now the political leader of the oil-rich South-South state.

Odili spoke on Thursday at the commissioning of a Primary Healthcare Centre donated by his PAMO Foundation in Ndoni, his hometown in the Ogba-Egbema-Ndoni Local Government Area.

He emphasised the strategic importance of Rivers State, warning that if the state sneezes, the entire nation catches cold. He urged Governor Fubara to act with this awareness in all its decision.

Assessing Fubara’s performance, Odili commended him for making significant strides in critical sectors within his first year in office, particularly focusing on the well-being of the people.

He noted that Fubara’s administration is in alignment with President Bola Tinubu’s agenda, especially in the health sector, following the recent launch of the Primary Healthcare Fellows scheme by the Federal Government.

Odili encouraged the governor to maintain this alignment with the President and his policies to attract federal government attention and support to the state.

The Federal Government will recoup its investment on the Lagos-Calabar Coastal Highway project through 15 years of tolling, Works Minister Dave Umahi said yesterday.

He also said the N4b per kilometer road will be ready in eight years, adding that motorists will pay N3,000 per toll gate.

He said contrary to the misleading N8 billion per kilometer given by former Vice President Atiku Abubakar, the standard gauge design of the road adopted by the Federal government would cost N4.59b per kilometer.

The Minister said the former design by the Niger Delta Development Commission (NDDC) was not comprehensive, stressing that it was replaced by the standard gauge design that has multiple features of bridges, till plazas, and economic settlements among others.

However, Atiku yesterday maintained that the project is a fraud, chiding Umahi for claiming that the coastal highway will tentatively cost N15.6 trillion.

Atiku also criticised Umahi for altering the initial plan of the project, alleging that it was also awarded to Gilbert Chagoury’s Hitech without any competitive bidding.

Umahi, who spoke on a live television programme in Lagos, debunked allegations that the project was awarded to the company out of favouritism.

He said the award followed the due process outlined in the Procurement Act, with considerations given to capacity, competence, and track record as mandated by law.

He alluded to Hitech’s successful projects like Eko Atlantic, which involved controlling the ocean, and previous concrete pavement road projects, saying that the company has a track record.

On the scope of the project, Umahi said: “We’re looking at 700 kilometers with two spurs, one from the Badagary section going to Sokoto and the other African Trans Sahara trade route from Enugu to Abakaliki, Ogoja, Calabar going to Cameroun.

“Phase 1 of 700 kilometers that comes in multiple sections. Section 1 is starting from Zero Point and up from Ahmadu Below Way to Lekki Deep Seaport enough is 47.47 kilometers.

“We have Section 2 that we have already procured. It has been approved by the Bureau of Public Procurement (BPP) waiting to be approved by the Federal Executive Council (FEC), and that is about 55 kilometers, running from Lekki Deep Seaport going into the border between Ogun and Ondo States.

“We are finalizing the design of Section 3 which is from the end of the project in Calabar, rolling towards Akwa Ibom that is about 65 kilometers.

“So, multiple sections will also come up as we go along but each of these sections, like Section 1 is 36-month duration but it’s going to run independent of Section 2.

“Section 2 is going to run independent of Section 3. That is how the road is going to be? And how long it’s to take, by God’s grace, within eight years of this administration. But the first phase we’re talking about should finish before 2027. 36 months is projected but Hightech is going to complete it before then.”

The minister also clarified that the project was not envisaged by the Federal government under the Public Private Partnership (PPP), but under the Engineering Procurement Construction Plus Finance (EPCF) where the Federal government is required to pay a counterpart fund for the execution of the project

Read Also: 700km Lagos -Calabar Coastal Highway ready in seven years-Umahi
He said the coastal highway was not the first under such arrangement citing the Abuja-Makurdi highway and the Markurdi to Night mile, Enugu road handled by China Harbour where the Federal government paid 15 per cent counterpart fund for the completion of the projects.

He said the project is an EPC plus F project by Hitech, which was initiated by the President when he was the Lagos State governor, is funded by the African Development Bank (AfDB).

According to him, Tinubu at that time procured the Right of Way and gazetted it.

He said: “I also have to pay counterpart funding but I took my counterpart fund to build some sections of the road. So part of what we are committing on Sections 1,2 and 3 funded by the Federal government is still going to fall under the percentage counterpart funding of the Federal government when negotiation is completed.”

Umahi said the only design by the Niger Delta Development Commission (NDDC), which the former Vice President relied on, was erroneous as the adopted design for execution by Hightech is standard gauge.

He said the figures presented by Atiku were erroneous due to a lack of knowledge of the new design while he ran with the NDDC design for the entire 700km.

He said with the new design, including the Right of Way, modifications were made to meet the standard gauge superhighway carriage way specifications.

He said the initial design was four lanes of carriageways while the train track was not provided for.

He said: “The one we are constructing has 10 lanes, about 23 shoulders, a total of 59 meters of concrete pavement and 23 meters of flexible pavement among others.

“When you run the figures, you’ll find out that under the former VP’s calculation, it is given that 19.% per kilometer. Now divide it by the 22-kilometer stretch they are doing which is about 2.225 times a standard superhighwacarriagewayay which is 11.54

“Whereas what we are doing, if you divide it you will get 5.167. So, when you now diivide, using 1.067, you will get about N4b per kilometer. If you go back to what he (Atiku) has quoted, you will get about N8.something.

“So, using concrete which should be more expensive because of the kind of terrain we have and using flexible pavement which shouldn’t stand the coastal road, you’ll find out that our cost is N4b per kilometer, instead of the N8b he quoted.

“This is an upgraded version of the road with much improvement because what they had before was just a 60-millimeter binder cost and the 40-millimeter wearing costs which is far below the standard of the project of this nature.

“Even at that, when we compare the cost of a similar project, Boddo-Bonny five years ago was about 5.123b per kilometer done on flexible pavement.

“This one has multiple flyovers, multiple bridges among others, so it is the most economical”.

The minister also disclosed that the project would come at no job loss to the communities along the corridor.

He said the fears expressed by an investor, Landmark, that its tourist property would be demolished were not justified because the property was not affected.

Citing the law, Umahi said the 250 meters to the shoreline belong to the government and that 50 meters have been provided which allowed the property and others to avoid demolition.

On tolling the highway, Umahi confirmed that there will be toll gates,.

He said: “In fact, Section 1, which is the most economically viable, I estimate that about 50,000 vehicles per day on the average of N3,000 and we have two points within the 47 kilometers which will net off the cost of the project within 15 years.”

He also confirmed that the project was appropriated in the 2024 budget, even though a figure of N1.067 trillion would not be seen under it, to confirm the buy-in of the National Assembly having followed all due process.

Umahi however, added that the funding of the Federal Government’s part of the project would be sourced from the Infrastructure Fund.

However, Atiku insisted that the Federal Government has more explanations to make on the project.

He said: “Umahi had announced that the project would be fully funded by Hitech, and based on this, there was no competitive bidding. He (Umahi) then turned around to say that Hitech could only raise just 6% of the money for the pilot phase. This smacks of deceit.

“The total budget of all 36 states of the federation for 2024 stands at about N14 trillion. If you add that of the FCT, the entire budget of all sub-nationals is N15.91 trillion. This is scandalous. Worse still, they have already awarded the contract but are still not sure of the level of the counterpart funding component of the federal government!

“Umahi had said in September 2023 that Gilbert Chagoury’s Hitech had the money to construct the highway and that it would be PPP. Hitech was to build, operate, and transfer it back to the Nigerian government after years of tolling.

“It was reported by every media organization, including those owned by Tinubu. It was on the basis of this proposal that Hitech was picked. Why did Umahi then turn around to claim that it was not to be a PPP but that the government would pay 15%-30%?”

He added: “Although the National Assembly approved N500m for the project this year, the Tinubu administration has released N1.06tn. That is more than 200 times what is in the Appropriation Act. This is what happens when the National Assembly fails in its duties.

“If N15.6 trillion is for the road component alone, then the total cost could be far higher when the railway is included. We want to know the cost of the railway.”

Nollywood actor, Jamiu Azeez has revealed that he battled with depression for some time.

According to him, he was depressed for over two years due to the downturn of his career and finances.

In a post via his Instagram page, the actor revealed he had suicidal thoughts because he felt lost and didn’t know who to confide in.

Azeez said the past two years have been a whirlwind for him, but he was afraid to seek help due to his fear of mockery.

He further expressed appreciation to his colleague, Toyin Abraham, who gave him relieved after a conversation with her.

He said, “Mummy Ire, @toyin_abraham, I know this might catch you off guard but I simply had to do this. You over looked the fact that we don’t really talk but you shown me so much love and gives me an assurance that everything is going to be fine.

“The past two years have been a whirlwind for me like I’ve been losing everything, even my Mind. Thoughts of suicide have been ringing in my head.

“The fear of being mocked kept me silent. Nothing seemed to work, and I felt lost, unsure of who to confide in.

“But the truth is, I grew tired of putting on a brave face and pretending to be okay.

“So, yesterday, I mustered the courage to reach out to @toyin_abraham and her response left me speechless. I feel compelled to express my deepest gratitude openly.

“I’ve prayed for her countless times but now I ask for your prayers too, please help me pray for @toyin_abraham and her family.”

The immediate past Director-General of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, has raised concerns about allegations of ‘predatory pricing’ by foreign airlines against Nigeria’s Air Peace.

The accusations come as Air Peace recently commenced its Lagos-London route, slashing economy class fares by approximately 66 percent.

Irukera, speaking exclusively with The ICIR, emphasized the need for the Nigeria Civil Aviation Authority (NCAA) and FCCPC to urgently investigate the claims made by Air Peace’s chairman, Allen Onyema. “When you go below market price, knowing that any competitor who doesn’t have the financial muscle or market share than you will not survive is called ‘predatory pricing’,” Irukera explained. “In most cases, those competitors die off, and the other competitor comes in to muscle the market.”

The former FCCPC head urged all relevant government agencies to examine the issues and service provisions to ensure that Air Peace is not pushed out of the market. He called for the FCCPC, in alliance with the NCAA, to invoke the provisions of section 112 of the FCCP Act, which prohibits excessive or manifestly unjust and unreasonable pricing.

Findings by The ICIR revealed that foreign airlines have started crashing their airline ticket prices below those of Air Peace for the Lagos-London route, with some selling economy tickets for as low as ₦700,000. Analysts observe that the emergence of Air Peace on this route has threatened the profit margins of these foreign airlines, potentially leading to a “price war” aimed at crippling the Nigerian carrier.

Former Senator Shehu Sani also shared his concerns, explaining that foreign airlines are crashing their prices because of Air Peace’s competitive fares. The global civil aviation market, worth around $842.71 billion in 2022, is predicted to grow to approximately $1.631 trillion by 2030, with a compound annual growth rate of 8.62 percent between 2023 and 2030.

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As the situation unfolds, the Nigerian government and its regulatory bodies are called upon to investigate the allegations of predatory pricing and ensure fair competition in the aviation industry, protecting the interests of both domestic and international airlines operating in the country.

The National Identity Management Commission (NIMC) has inaugurated a new card with a lot of features including payment functions for all types of social and financial services.

According to NIMC, the card will solve the demand for physical identification enabling cardholders to prove their identity, and access government and private social services.

NIMC said the card which is the initiative of the President Bola Tinubu-led administration was designed in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System, and will be powered by a national domestic card, AfriGO.

With this NIMC card, Nigerians have the opportunity to be holders of a multipurpose National ID card that can serve the purpose of identity verification, payments, and even government services.

Meanwhile, the NIMC has released the details of how to apply for multipurpose card

According to NIMC, the card will also be enabled for the eNaira in compliance with the EMV operational and security standards.

How to apply for new NIMC card

1. Visit the nearest bank or bank-approved centre and demand the payment card uperimposed on your identity.

2. Provide NIN details for identity verification and proof of a minimum age of 18 years.

3. The bank sends the NIN to NIMC and receives relevant authorised identity data in the specified format.

4. The bank uses the verified identity data to securely prepare the standard Europay, Mastercard, and Visa (EMV) data for the card before getting it personalised and printed on by a partner bureau.

5. After which the bank will issue the finished card to the person who requested it.

What not to do with new NIMC card

Holders are advised not to give out photocopies or scanned images of the card bearing sensitive payment details, to unauthorised parties.

NIMC said while the user’s NIN is not visible on the card, it can be accessed by scanning the QR code on the card.

The commission noted that only citizens who have a National Identification Number (NIN) can obtain the cards

The Minister of Power, Adebayo Adelabu, has apologised to Nigerians for saying that they keep freezers on for days due to low electricity tariff.

“Anything we have said that are considered offensive, we are sorry about that,” Adelabu said with slight remorse on Channels Television’s Politics Today on Thursday.

The minister had come under fire by many Nigerians in the last one week for his comment which was considered offensive.

Adelabu had told journalists in Abuja on April 4, 2024 that Nigerians lack the culture of electricity consumption management because of “cheap” power supply.

He had made the statement after the government announced tariff increase for Band A consumers. The minister’s comment generated outrage with some persons calling for his removal.

However, Adelabu, on Thursday, expressed regret over his comment, saying it “was never intended to insult the sensibilities of Nigerians in anyway”.

“It was an innocent advice with regards to energy consumption management which we believe will go a long way in reducing people’s energy bills. And that advice was directed at those that we believe that because of the recent increase in tariff will start enjoying 20 hours of power per day,” he said.

The Nigerian Electricity Regulatory Commission (NERC) had on April 3, 2024 raised electricity tariff for customers enjoying 20 hours power supply daily. Customers in this category are said to be under the Band A classification.

The increase will see the customers paying N225 kilowatt per hour from the current N66, a development that has been heavily criticised by many Nigerians, considering the immediacy of the tariff hike and the current hardship in the land.

The minister subsequently said the new electricity tariff hike would only affect only 1.5 million of the about 12 million consumers in the sector.

With the successes recorded by President Bola Tinubu administration’s intervention in the foreign exchange market and resumption of full operations by the refineries, a stronger Naira should be achieved by the first quarter of 2025.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who made the projection in a brief to State House Correspondents in Abuja on Thursday, said the policy revitalisation in the foreign exchange market is aimed at strengthening the Naira in currency markets.

Ngelale, however, noted that the recent successes in foreign exchange market are not enough for the nation to rest the policies and other efforts to strengthen the Naira.

He further noted with the various refineries, public and privately-owned, resuming full operations and capacity between now and the first quarter of 2025, the position of the Naira should become stronger and reflect on prices of market commodities.

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board.

“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.

“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place.

“Once you join the rising spending power of Africa’s population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” he said.

The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1, 238.17 per dollar.

This represents a 6.8 per cent decrease compared to N1,246.66/$ displayed on April 8.

The rate adopted by customs was observed yesterday.

It fell below the official foreign exchange rate, which closed at N1,248.5/$ on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On Monday, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.

The bank reduced its rate for dollar allocation to BDCs from N1,251/$ announced on March 25.

To further strengthen the naira, the financial regulator also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.

Imo State Governor Hope Uzodimma has approved the immediate employment of Mr. Chinonso Oparaji and Mrs. Chipuruime Udeh, two indigenes of the state who made First Class in Law at the Imo State University and the Nigerian Law School.

He gave the approval when the duo, in the company of the Vice Chancellor of Imo State University, Prof. Uchefula Chukwumaeze, the Dean of the Faculty of Law, Prof. Chimezie Okorie and the Chief Judge of Imo State, Hon. Theresa Chikeka, paid a courtesy call on him at the Government House, Owerri on Monday.

A statement by Chief Press Secretary and Media Adviser to the Governor, Oguwike Nwachuku, noted that the governor was delighted with the news of the two Law graduates who made First Class at the Law School, adding that it was a joyful thing that needed to be appreciated.

Read Also; Lagos to London: Foreign airlines slash prices to compete with Air Peace
He noted that having distinguished themselves with excellent results worthy of emulation, he was happy to encourage them further with approval for their immediate employment.

Uzodimma said appreciating the duo was to encourage other students of Imo extraction that hard work pays.

He praised Chukwumaeze, and staff of IMSU for bringing back hope to the university “in this period of Renewed Hope Agenda.”

He congratulated the graduates and urged them to correct the ills in the system and society.

Oparaji and Udeh, who were accompanied by their relatives, expressed joy at the governor’s gesture, describing it as reward for hard work.

They encouraged other students reading Law and those in the university to always put in their best if they want to achieve the best.

The International Monetary Fund, IMF, has revealed that financial institutions worldwide lost $12 billion to cyberattacks in the last 20 years.

IMF disclosed this in its recent April 2024 Global Financial Stability Report.

The report stated that out of the $12 billion, a whopping $2.5 billion was lost between 2020 and the first quarter of 2024.

Accordingly, the IMF raised concern over the rising incidents of cyberattacks on financial institutions globally, which may affect confidence in the economic system and destabilize economies.

“Financial firms have reported significant direct losses, totalling almost $12 billion since 2004 and $2.5 billion since 2020,” the IMF stated.

“Attacks on financial firms account for nearly one-fifth of the total, of which banks are the most exposed. Incidents in the financial sector could threaten financial and economic stability if they erode confidence in the financial system, disrupt critical services, or cause spillovers to other institutions.

“Cyber incidents that disrupt critical services like payment networks could also severely affect economic activity.

“For example, a December attack at the Central Bank of Lesotho disrupted the national payment system, preventing transactions by domestic banks,” IMF stated.

“Financial institutions in advanced economies, particularly in the United States, have been more exposed to cyber incidents than firms in emerging markets and developing economies,” it added.

Citing JPMorgan Chase as an example, the IMF said the largest US bank recently reported experiencing 45 billion cyber events daily, while spending $15 billion on technology every year and employing 62,000 technologists – many focused on cybersecurity.

IMF added that cyber incidents are a key operational risk that could threaten financial institutions’ operational resilience and adversely affect overall macro-financial stability.