But Vow To Revamp Kaduna’s Economy

Kaduna State governor, Uba Sani, has raised the alarm that his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from the previous administration, making it difficult for him to pay workers’ salaries now.

He, however, said that despite the humongous debt burden on the State government, he was yet to borrow a single kobo in the last nine months of his administration.

The governor, who stated this in Kaduna on Saturday while addressing a Town Hall Meeting, added that the huge debt burden was eating deep into the State’s monthly Federal Allocation of fund, hence the state was finding it difficult to pay monthly salaries.

Governor Sani lamented that due to the rise in the exchange rate, Kaduna State is now paying back almost triple of what was borrowed by the previous administration of former governor Nasir El-Rufai.

He explained that N7billion out of the N10billion Federal Allocation due to the State in the month of March was deducted to service the debt.

The governor further lamented that the state was left with N3billion, an amount which is not enough to pay salaries, as the state’s monthly salary bill stands at N5.2billion.

He, however, assured that the debt burden not withstanding, his administration remained resolute in steering Kaduna State towards progress and sustainable development, as the government has conducted a thorough assessment of the situation and it was sharpening its focus accordingly.

According to the governor, “despite the huge debt burden of 587 million Dollars, 85 billion Naira, and 115 Contractual Liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development. We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.

“It gladdened my heart to inform you that, despite the huge inherited debt on the state, till date, we have not borrowed a single kobo.

Recall that the immediate-past Governor Nasir El-Rufai had said he left a domestic debt of N80.60bn and a foreign debt of $577.32m for his successor during his handover to the new govenor last year.

El-Rufai also said he left N5bn and $2.05m in the state treasury.

Governor Sani highlighted some of his administration’s top priorities for 2024 to include safety and security, infrastructural development, education development, housing and urban development, social intervention and investment drive, among others.

On security, the governor said the state has made a lot of progress through revamping of the Kaduna State Vigilance Service (KADVS) by recruiting 7,000 additional personnel for the service, while over 100 operational vehicles and 100 motorcycles have been procured for distribution to KADVS and the federal security agencies working in the state.

In the area of education, Sani said aside the establishment of several skills and vocational cities to address skill deficits in the state, his government in collaboration with Kuwait was working to reduce out-of-school children in Kaduna State by 200,000, adding that the four-year program, which will start in may or June 2024, is a $62 million project that will build 102 new schools in the State and renovate 170 existing ones within a span of four year.

Also speaking at the Town Hall event, former Chief of Defence Staff, General Martin Luther Agwai (rtd), urged efforts to address the security challenges facing the state, noting that without peace and security, no meaningful development can be achieved.

In his remarks, the Emir of Zazzau, Ambassador Ahmad Nuhu Bamali, expressed optimism that despite the challenges facing the state, the governor has the capability to turn around the economy of the state for effective development.

Operatives of the Nigeria Police Force have arrested eight suspects allegedly involved in the killing of some policemen in the Ughelli area of Delta State.

This is coming barely a week after five people were arrested in connection to the murder of the officers.

Last Saturday, the police released the identities of 12 policemen, six of whom they said were murdered and the six others still missing during a rescue operation in the state.

The officers, including Inspector Abe Olubunmi (IRT), Inspector Friday Irorere, Sergeant Kuden Elisha, Sergeant Akpan Aniette, Sergeant Ayere Paul, and Sergeant Ejemito Friday, were ambushed on February 23 while on a rescue mission.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, said the policemen were ambushed by armed assailants while undertaking a mission to investigate the disappearance and rescue of three of their colleagues in Ohoro Forest in the state.

He added that five suspects were arrested in connection to the killing of the officers.

This makes it 13 suspects now in the police custody.

Giving an update on the case in a statement on Saturday, Adejobi said the suspects are currently in custody, assisting with the ongoing investigation.

He attributed the arrest to intensive investigative efforts by the operatives.

“The arrested suspects are currently in custody and are assisting with the ongoing investigation. The Nigeria Police Force is committed to ensuring that all those responsible for this reprehensible act, and many alike, are brought to justice swiftly and decisively.

“The police assured all that the suspects will soon have their day in court, with credible evidence, once investigations are concluded.

“The Nigeria Police is deeply saddened by the heinous act of violence against our officers who were diligently performing their duty to protect and serve the community. Our thoughts and prayers are with the families of the fallen officers during this difficult time,” he said.

Adejobi added that all involved in the killing of the officers would be brought to book.

“We wish to reiterate that killers of our officers in this extant case, and many others, have murdered peace, and none of them will go unpunished,” he vowed.

A 10-year-old boy identified simply as Israel, has strangled his friend, Ezekiel, at Powerline in the Ejigbo area of Lagos State.

The incident happened on Friday while they were playing football in the community.

A police source who spoke to our correspondent on Saturday said the match was ongoing when an argument ensued between the two boys.

According to the source, Israel reached for 10-year-old Ezekiel’s neck in the process and strangled him till he lost consciousness and stopped breathing.

The source said, “A report was received at Ejigbo Division on Friday from a complainant that stated that his son, Israel aged 10 was playing football with some boys at Oluwole Street, Powerline Ejigbo, where his mother’s shop is situated when he had an argument with one of the boys named Ezekiel aged 10, who held him on the neck and strangled him until he died.”

The late Ezekiel was said to have been rushed to the hospital where he was confirmed dead by the doctor on duty.

“A team of detectives visited the scene, where a photograph of the corpse was taken and the body was taken to the General Hospital in the Isolo area of the state where the doctor confirmed him dead,” the source added.

When contacted, the state Police Public Relations Officer, Benjamin Hundeyin, confirmed the incident.

He said, “The body has been transferred to the mortuary for post-mortem examination. The suspect is in police custody, and an investigation is in progress.”

Joseph Aloba, the father of the late singer Mohbad, has replied to his critics inquiring why he wears his son’s clothes.

Mohbad, 27, died on September 12, 2023, and was buried the following day.

On September 21, Mohbad’s body was exhumed by the police. An autopsy was carried out that same day after which the police announced that they were awaiting the results.

In a recent chat with blogger Kachiwire, Aloba described his late son as a “friend with whom he shared things in common”.

Aloba said he wears his son’s clothes because “we are the same size”.

“He is my son. I can wear his clothes. We are the same size. And anybody that has that kind of a son and cannot share with, that means that person does not love his son. So we are together,” he said.

“I could remember the day they wanted to go and do an introduction that led to his engagement. He bought me a shoes and he said ‘Daddy this is what you are going to wear’ I said these shoes were bigger than mine and that I did not want this kind of bourgeois, he said ‘this is exactly what I want you to do’.

“So, he wanted to blend me. He is my son and a friend to me. So my focus now is justice for Mohbad. So all those rubbish questions, I do not want to answer questions like that. He is my son. So whoever that wants to say anything they like.”

Recently, Omowunmi, Mohbad’s widow, alleged that her father-in-law wants Mohbad’s properties and sees Liam, his grandson as a “threat and competitor”.

She claimed Aloba is “delaying” the conduct of a DNA test on Liam.

Nigerian singer Gabriel Oche Amanyi, popularly known as Terry G, has declared that he sings for “the devil.”

He claimed that secular musicians don’t glorify God but the devil.

The ‘Akpako’ master spoke in a teaser of the upcoming episode of The Honest Bunch Podcast making the rounds on social media.

He said, “I am a secular musician. I sing for the devil. We [secular musicians] sing for the devil, we praise the devil. We don’t glorify God.”

Terry G also said most Nigerians can’t relate to Wizkid’s songs because of his new music style.

“Wizkid music no dey too relate to us. My colleagues from my set, most of us are illiterates,” he said.

Mrs. Yuki Gambaryan, the wife of Tigran Gambaryan, one of the Binance executives held in custody by the Nigerian government, has appealed to the United States government for assistance in securing her husband's release from detention in Nigeria.

Yuki made the call through the US Senator, Cory Booker, and Congresswoman Sara Jacobs, who led a delegation to President Bola Tinubu on Wednesday at the State House.

In a statement made available to journalists, she said, “For more than 30 days, the Nigerian government held my husband without charging him with any crime.

“Then, they charged him with being responsible for the unsubstantiated actions of his employer rather than having negotiations with the company in a manner in line with international norms.

“Simply put, my husband is being held as blackmail. As these members of Congress are travelling across Nigeria, I am calling on them to push the Nigerians to release Tigran and continue their investigation directly with Binance through appropriate channels.”

SaharaReporters had reported that Gambaryan sued the National Security Adviser (NSA), Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC) over the alleged violation of his fundamental rights.

Gambaryan in the originating motion dated and filed on March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

Also, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped from lawful custody on March 22, filed a separate right enforcement suit before Justice Ekwo.

SaharaReporters had also reported that the Office of the NSA had confirmed the escape of one of the detained executives of Binance, Nadeem Anjarwalla from custody.

In February, Gambaryan, a US citizen and the head of financial crime compliance at Binance, and his colleague Nadeem Anjarwalla, who has escaped from custody, were detained by the Nigerian government for financial and other related offences.

The Presidential candidate of the Labour Party, LP, in the 2023 general election, Peter Obi, has said hunger and famine await Nigeria if farmers are denied access to farms by bandits and terrorists.

Obi, who was reacting to publications and the international agency’s warning on the matter, said the alarm should be given adequate attention.

“I just read on the daily this morning, about the concerns being expressed by stakeholders in our agriculture sector over the worsening food insecurity in Nigeria,” he wrote on X.

“I have remained consistent in public voicing out my worries over this growing food crisis, which has even continued to claim the lives of our fellow citizens.

“I do believe that the urgency required to address these issues cannot be over-emphasized.

“The report this morning reads, in part, “The number of food-insecure Nigerians increased significantly, from 66.2 million in Q1 2023 to 100 million in Q1 2024 (WFP, 2024), with 18.6 million facing acute hunger and 43.7 million Nigerians showing crisis-level or above crisis-level hunger- coping strategies as of March 2024.

“While the above report gives an understanding of the present and impending food crisis looming large on the nation, the present realities show that we are already in a worse situation than is presented in the report.

“An earlier similar report by Cadre Harmonise stated that about 31.5 million Nigerians are projected to face acute hunger by the June-August of this year.

“What is now very worrisome is that many Nigerians have lost their lives in their quest to find food, reflecting a very acute level of hunger not yet captured in the media. We are gradually descending to the level of the survival of the fittest, where, driven by hunger and a quest for survival, one loses every sense of order to do the unthinkable.

“With the recurrent bandits and terror attacks on farmers, many of them have abandoned their farms. It is reported that in a state like Sokoto, farmers have paid an accumulated sum of N3 billion in ransom to bandits, others pay as high as N100,000 to bandits to gain access to their farmlands. About 165 farmers have reportedly lost their lives to insecurity this year alone.

“It is, therefore, a matter of urgency, for the government to solve the problems of insecurity in the country. This will in turn reduce the problems of food insecurity when farmers safely return to their farms. A New and hunger-free Nigeria is POssible.”

The Minister of Works, Dave Umahi, has said rehabilitating the Third Mainland and Carter bridges in Lagos will cost N21 billion and 25 billion, respectively.

Umahi disclosed this during a Friday tour of key infrastructure projects in Lagos with the National Assembly Joint Committee on Works.

The Minister said there is a need to declare an emergency on the two bridges to avert a reconstruction cost of N6 trillion.

He warned of the substantial financial and safety risks posed by continued delays of the rehabilitation works.

“The cost of rehabilitation of the Third Mainland Bridge is estimated at N21 billion.

“…I want the National Assembly to note that this is the worst of our challenges on these two bridges. The cost of rehabilitation of Carter Bridge is N25 billion”, he stated.

The National President of the Actors Guild of Nigeria, Chief Ejezie Emeka Rollas, MON, has expressed gratitude to President Tinubu for his fatherly intervention on the health of the ailing Zack Orji who has departed to the United Kingdom for post-surgery assessment.

Rollas also commended the First Lady, Senator Oluremi Tinubu for her motherly care towards the veteran actor as well as the son of the President, Seyi Tinubu for his inflicting support.

He equally thanked Minister for women affair Barr. Uju Kennedy Ohanenye for her relentless efforts in ensuring that Zack Orji gets back on his feet as soon as possible and Orji’s longtime friend, Ahmed Bala for standing by him all through the period.

According to him, “We have witnessed the unprecedented support that President Tinubu is giving to the creative industry which has clearly shown his clear determination to uplift the sector to be more relevant and beneficial to both the practitioners and the national economy and we find it necessary to appreciate him.”

Rollas had earlier expressed profound gratitude to President Bola Tinubu on the appointments of an AGN member, Ali Nuhu, Managing Director of Nigeria Film Corporation and other key professionals such as Dr. Shaibu Husseini, Director General of National Fim and Video Censors Board and Obi Osika, Director General, Council for Arts and Culture.

Recall that days back, it was rumoured that Zack Orji was no more. But the leadership of AGN later debunked the viral report.

Going by the new capital requirements released by the Central Bank of Nigeria (CBN) for commercial, non-interest and merchant banks on Thursday night, 25 banks operating in Nigeria would need to raise not less than N3.894 trillion in fresh capital to meet up with the new minimum capital base.

This is as the apex bank have been cautioned to watch out for inflows of illicit funds that may be directed towards the capitalisation bid of the banks.

Having mentioned late last year at the Bankers Dinner in Lagos that the apex bank would beworking on a recapitalisation bid for the banking industry to cater to the $1 trillion economy that is being targeted by the President Bola Ahmed Tinubu led government, the Dr Olayemi Cardoso-led CBN made good its word with a steep increase in the required capital base for commercial, non interest and merchant banks in the country.

According to the new requirement, commercial banks with international licenses are required to have a capital base of N500 billion while their national and regional counterparts are required to have capital base of N200 billion and N50 billion respectively.

Similarly, the capital base of national non-interest banks were raised to N20 billion while that of regional non-interest was raised to N10 billion. Merchant banks capital base was also raised to N50 billion.

LEADERSHIP findings showed that while the fate of some banks with holding company structure are not fully clear, nearly all the banks with the exception of the two regional non interest banks met the new capital base. Taj Bank and Lotus Bank both have currently more than the N10 billion that is required for them to continue operation.

In total, the 25 banks surveyed by LEADERSHIP showed a cumulative N2.049 trillion in paid up capital and share premium. This means that the banks would be needing a total of N3.894 trillion to meet up with the new capital base should they decide against mergers, acquisitions and reclassification.

Speaking on the capital base, Head of Financial Institutions at Agusto & Co, Ayokunle Olubunmi noted that whilst the recapitalisation bid will see another interesting couple of years in the banking industry, the CBN has to be cautious in ensuring that the industry is not flooded with illicit funds.

According to him, the apex bank will have to shore up its oversight and regulatory functions to ensure that flow of funds from terrorism, corruption and illicit proceeds are not laundered through the recapitalisation of banks.

“The CBN will have to ensure that proceeds from drugs and terrorism does not come in. Secondly, the CBN also need to ensure that it recapacitate itself such that they have the tools, the capacity to supervise the bank of such sizes. Because one major thing we have realised is that after the recapitalisation exercise, CBN is not able to supervise those banks and those are the things they should watch out for.

“And on the part of the bank, the banks need to be careful because if they are not careful with the merger and acquisition and other events that may come again, they need to be carefully that they don’t have a marriage of strange bedfellows. They need to ensure that the person they bring onboard is someone they have the same vision with, because that can ultimately kill the brand.”

Olubunmi stated that whilst everyone was expecting recapitalisation, “the format which the CBN went about it is not what everybody expected. Everybody was thinking about shareholders fund but they surprised everyone by coming from the angle of paid up capital instead of shareholders fund that was traditionally used. All the banks will be required to actually go to the market and raise capital.

“But the banks have two years, it is not something that if they don’t do it now, they will be in trouble. The other thing is that this is just the beginning and I’m sure that will there will be a lot of engagement. The banks will push back, particularly with the paid up capital, they will push back and may even ask the CBN to add retained earnings to it.

“If the CBN sticks to its decision, the banks will have to bring in institutional investors, and some will either merge or leave the industry. There would also be the option of scaling down to meet the recapitalisation so it is a lot of interesting times ahead

“Another thing is that the CBN wasn’t to use this to galvanize the inflow of dollars. because each of the banks will need the money required for recapitalisation and may have to source for investors outside the country, increasing the inflow of dollars that will help the industry.

On her part, Group head of Global Markets at Parthian Partners, Ronke Akinyemi said the new bank recapitalisation requirements by the CBN is a step in the right direction as it will eventually result in a more robust financial system. Though steep, we believe the time frame given will allow room for the current banks to meet the requirements before the deadline.

“Ultimately, we envision that this new recapitalisation requirement will result in increased foreign direct investments which will in turn help to stabilise the naira, thus we expect to see rounds of capital raises especially with the restrictions of the capital requirement to share capital and share premium. In addition, we envisage that there will be mergers between tier 1&2 banks and also among tier 2 banks to meet this new requirements.”

Speaking on this, the vice president, Highcap securities Limited, Mr. David Adnori said that the new capital base will be judged by the combination of the paid-off capital and share premium.

He noted that a lot of the banks that have large reserves and they will need to capitalise on their reserves, by converting them into paid-off capital, saying that if a lot of the banks do that, a lot of them will massively surpass that figure.

Adnori noted that the emphasis is mainly on banks with international operations and one can see the rationale behind the huge increase for those commercial banks with foreign exposures through their foreign operations because of the depreciation of the naira.

He pointed that a lot of those banks already have a lot of amount in their reserves which become capitalized. But some of them have also opted to go afresh, to raise fresh capital from the capital market, to increase their paid-up capital base.

He added that the fear now is that if a lot of them besiege the capital market to raise capital, then they will be crowding out funds from the real productive sector that has a serious shortage of capital.

“So, one would actually have expected that public policy should be aimed at shifting capital to recapitalise the productive sector, and not again to shift capital from the economy to the banking sector that is already well capitalized,” he said.

The doyen of the Nigerian Exchange Limited, Rasheed Yusuf, said stated that the local bourse can support such a major capital raise, even without the presence of foreign investors.

An economy and capital market analyst, Rotimi Fakayejo said “the market will support it with the deadline of 24 months. At such a time, Foreign Portfolio Investors would have started returning to the market gradually.”

Based on this, under the commercial banks with international authorisation of N500 billion; Access Bank, Fidelity Bank, FCMB, First Bank, Guaranty Trust Bank, Union Bank, United Bank for Africa and Zenith have with a total amount of paid-up capital and share premium to be N251.81 billion, N129.71 billion, N125.29 billion, N251.34 billion, N138.19 billion, N148.09, N115.82 billion, and N270.75 billion, respectively. This shows that the institutions will be raising capital to meet up with the new capital base of N248.19 billion, N370.30 billion, N374.71 billion, N248.66 billion, N361.81 billion, N351.91 billion, N384.19 billion, and N229.25 billion, respectively.

Also, out of the Commercial Banks operating all over the country, EcoBank Nigeria met the new capital base as the Bank’s issued share capital and share premium stood at N353.51 billion exceeding the N200 billion new capital base. The paid-up capital and share premium of CitiBank Nigeria Limited (N14.44 billion), Polaris Bank (N50.43 billion), Stanbic IBTC Bank (N109.26 billion), Standard Chartered Bank Limited (N45.42 billion), Sterling Bank (N57.15 billion), Titan Trust Bank (N29.20 billion), Unity Bank (N16.33 billion), and Wema Bank (N15.13 billion) will be adding a new capital of N185.56 billion, N149.57 billion, N90.74 billion, N154.58 billion, N142.85 billion, N170.80 billion, N183.67 billion, and N184.87 billion respectively

Meanwhile, under the regional non-interest banking with a new capital base of N10 billion, TAJ Bank and Lotus Bank met the requirement by N14.06 billion and N13.03 billion respectively.

Based on the stipulation of the CBN, Access Corporation, the parent company of Access Bank has paid-up capital and share premium of N251.811 billion according to its 2023 full-year result released yesterday hence a shortfall of N248.189 billion.

FBN Holdings, the parent company of FirstBank has paid-up capital and share premium of N251.3 billion, hence a shortfall of N248.66 billion, according to its Q3’23 results. The paid-up capital and share premium of GTHoldco, the parent company of GTBank stands at N138.186 billion as of Q3’23, hence a shortfall of N361.814 billion

UBA has paid-up capital and share premium of N115.815 billion, hence a shortfall of N384.185 billion according to its Q3’23 Zenith Bank has a paid-up capital and share premium of N270.745 billion, hence a shortfall of N229.255 billion.