The Federal Executive Council (FEC) has approved the setting up of the Renewed Hope Infrastructure Development Fund (RHIDF) to bridge the nation’s $878 billion infrastructure gap.

Announcing this to journalists after the week’s FEC, which was presided over by President Bola Tinubu, Special Adviser to the President on Revenue and Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, also disclosed that the Fund will be domiciled in the Presidency.

According to him, the National Integrated Infrastructure Master Plan had estimated Nigeria’s infrastructure expenditure from 2016 to 2040 at USD 878 billion, averaging USD 35 billion annually, adding that recognising that the Federal

Government alone could not meet the demand, given its heavy reliance on revenue from the oil and gas sector, new financing frameworks are required, hence the RHIDF, which is an upgrade to the Presidential Infrastructure Development Fund initiated by the previous administration.

Throwing more light on the Fund, Adedeji said: “How do we sustainably mobilise resources to actually fund development of the country. And what we have observed is that we need national infrastructure backbone to get this done.

“If you look at the analysis of the integrated master plan that was commissioned in 2020, we will require $895 billion in the next 10 years to actually bridged the gap of infrastructure problem that we have.

“For us to do that, it requires that we think outside the box and compare what has worked elsewhere, whether within our country or in other advanced countries that we are actually proud to be associated with.

“In coming up with this, in the wisdom of Mr President and the magnanimity the council, they approved the establishment of Renewed Hope Infrastructure Fund, as the catalyst to drive our infrastructure agenda.

“So, innovative fund consolidates existing resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation and education and others. It helps for inclusive progress leaving no community behind and this is expanding the initial Presidential Infrastructure Development Fund that we have.

“This Renewed Hope Infrastructure Development Fund unifies efforts streamline the projects delivery for maximum impact, it accelerates infrastructure development, sparking economic dynamism nationwide.

“The key objective of the fund is to invest in nationally critical projects in sectors that will promote growth, enhance local value addition through backward, forward and parallel linkages, create employment opportunities, promote technological innovation, promote exports.

“Potential sectors for focus, like I said, will be agriculture, energy technology, infrastructure, healthcare and education. However, these ones I’ve mentioned are just indicative of what we do.

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“Then what is our goal is to actually establish an innovative infrastructure investment vehicle that we will use to attract and consolidate capital, serving as a driver for economic advancement. It is also having as part of goals to execute strategic and meticulously chosen national infrastructure across several key-sectors, like coastal road; the rail that we want to do, both southern and eastern rail; agricultural, spanning from irrigation, storage, logistics, and cold-chain and food security; ports and our airports and also to guarantee Nigerians that we’ll secure most advantageous arrangement in financing.

“So what is the strategic key focus for now? Like I said, we’ll focus more on road infrastructure, rail infrastructure, and agricultural infrastructure, ports revitalization and aviation enhancement. We believe that this vehicle will be one of the major vehicles, major-thinking-outside-the-box solution to our infrastructure gap.

“We believe, hopefully by the special grace of Almighty God, that Mr. President will launch this Fund after the Honorable Minister of Budget and Economic Planning would have done the Supplementary Budget that will take care of all these critical projects that we want to go on to.

“So we’ll look forward that the next few months, the fund will be launched and then it will be domiciled in Presidency as its precursor, which was the Presidential Infrastructure … This one is just expanding on that and then hopefully, in the next few years, we’ll be able to bridge the gap that we have infrastructure and then we’ll laid a solid foundation through which the food security, industrialization and all other wonderful aims that we have, we’ll be able to do. At the end of the day now help our internal revenue mobilisation.”

Customs officials at Suvarnabhumi Airport in Bangkok, Thailand have arrested a Nigerian national for smuggling 69 pellets of cocaine inside his stomach.  

The passenger landed on a flight from Doha, Qatar on Monday, March 25, 2024, and was arrested by Customs officers working with the Airport Interdiction Task Force (AITF).

Upon arrival at Suvarnabhumi Airport, the suspect exhibited suspicious behaviour and was subsequently subjected to a thorough check.

Sixty-nine cocaine lumps with a total weight of 1,390 grams and a value of 4,170,000 baht were found in his body.

The officers documented the seizure and handed the suspect over to Suvarnabhumi Airport Police Station for further prosecution.

Mr. Thirach Attanawanich, Director General of Customs, stated that in line with the government’s strict anti-drug policy, he has directed officials to step up their vigilance in monitoring all channels for drug smuggling.

The Federal Executive Council (FEC) has approved two initiatives aimed at fostering greater inclusion and development opportunities for the youth population.

Disclosing this to journalists after the week’s Council meeting presided over by President Bola Tinubu at the State House, Minister of Youth and Sports Development Dr Jemila Ibrahim-Bio also announced that FEC approved the restructuring of the Nigerian Youth Investment Fund (NYIF) with additional provision for it.

According to Ibrahim-Bio, the Council has approved institutionalisation of a 2% youth quota in all government appointments and women representation of 30%.

She said this will be addressing the age-long marginalization of young people in decision-making processes.

“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalise a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%,” she said.

According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”

The Council also approved the restructuring and institutionalization of the NYIF, a fund initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors.

Recognising the potential of this initiative, the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund through a legal framework.

She said the revamped Youth Investment Fund will receive an immediate infusion of ₦25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional ₦25 billion from the 2024 Appropriation Act’s Digital Development Fund.

Moreover, the Central Bank of Nigeria (CBN) approved a ₦60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources.

She further said that the implementation strategy for the Renewed Youth Investment Fund will involve the establishment of clusters, where young people will cross-guarantee each other, focused on commodities with comparative advantages across the six geopolitical zones.

Additionally, she said the fund will offer increased obligor limits, moratoriums, and extended loan tenures, allowing young businesses to incubate and reach profitability.

“Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.

“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments.

“These measures aim to support young businesses and stimulate economic growth”, she said.

A 25-year-old man, Chike Ibezim, was on Monday, March 25, arraigned by the Federal government, for allegedly defaming the immediate past Minister of Works and Housing, Babatunde Fashola.

Ibezim is one of three individuals who took to social media to accuse Fashola of writing the judgments of the presidential election petition court (PEPC) that dismissed the petitions by the Labour Party (LP) and the Peoples Democratic Party (PDP) in favour of the All Progressives Congress (APC).

Ibezim was arraigned before Justice Bolaji Olajuwon of a Federal High Court in Abuja on a six-count charge. The charge, marked FHC/ABJ/CR/434/2023, borders on criminal conspiracy, cyberstalking, and defamation, among others.

Count one of the charges reads;

“That you Ibezim Chike Victor, male with Jackson Udeh, Nnamdi Emmanuel Ibezim and Reportera.ng (body corporate) now at large on or about 05/08/2023 at Abuja, did commit an illegal Act to wit: criminal conspiracy; when you jointly agreed to publish a defamatory statement of false allegations in your online social media, the reportera.ng news, against His Excellency Babatunde Raji Fashola SAN, CON, without justification, you thereby commit offence punishable under Section 27(1)(b) of the Cyber-crime Prohibition, Prevention Act 2015.”

However, Fashola said the allegation was “baseless and defamatory”. The former minister described those behind the allegations as “agents of destabilisation”.

The matter was adjourned till April 15 for continuation of trial.

Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd and four others over alleged copyright infringement.

The case with the number FHC/ABJ/CR/111/2024 was filed at the federal high court in Abuja. 

Four other defendants in the case are Karl Toriola, chief executive officer (CEO) of MTN Nigeria; Nkeakam Abhulimen; Fun Mobile Ltd, a telecommunications service provider; and Yahaya Maibe, its CEO.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation”.

The commission alleged that the defendants used Maleke’s musical works and sound recordings with subsisting copyright, known as “caller ring back tunes” without the authorisation of the artiste.

The musical works and sound recordings of the musician allegedly infringed upon include 911, Minimini-Wana Wana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No bother.

The defendants were also alleged to have illegally distributed the musical works to their subscribers, without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged of having in their possession, the musical works and sound recordings of the artiste, other than for their personal or domestic use. 

The copyright commission said the alleged offences are punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, laws of the federation of Nigeria, 2004.

The case is yet to be assigned to any judge and no date has been set for mention.

Justice O.O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos has slated the commencement of trial of one Christopher Jackson Edeh for May 30, 2024.

The Economic and Financial Crimes Commission, EFCC, on February 28, 2024 arraigned him before Justice Abike-Fadipe on nine- count charges bordering on fraudulent false accounting contrary to Section 337 of the Criminal Law of Lagos State, and unauthorised access to computer contrary to Section 387 of the Criminal Law of Lagos State.

One of the charges reads: “That you Christopher Jackson Edeh, sometimes in September 2023 in Lagos within the jurisdiction of this Honourable Court, whilst in the employment of Fidelity Bank Plc, with intent to defraud, altered the customer account details of Dangote Cement Plc in possession of Fidelity Bank.”

Another charge reads: “Christopher Jackson Edeh, sometimes in September 2023 in Lagos within the jurisdiction of this Honourable Court with intent to facilitate the stealing of the total sum of N2,737,784,800.00 (Two Billion, Seven Hundred and Thirty-seven Million, Seven Hundred and Eighty-four Thousand, Eight Hundred Naira) kept in custody of Fidelity Bank Plc, secured the unauthorised access to Entrust portal of Fidelity Bank Plc.”

He was also alleged to have with intent to defraud altered the bank account details of the Kano State Government – Power Intervention Fund, NNPC Trading Limited, Stallion Vision Ltd, the Lagos State Government-Blue Line, State Contributory Pension Account, and Chukwuemeka Odumegwu Ujukwu University.

He pleaded “not guilty” to the charges when they were read to him.

Following his plea, counsel to the EFCC, Z.B. Atiku, informed the court that the prosecution was ready to prove its case against the defendant.

However, the defence informed the court of the bail application of the defendant, prompting the court to adjourn till Tuesday, March 19, 2024 for hearing of the application.

At the resumed hearing of the bail application, defence counsel, G.A. Daniel moved the bail application of his client and urged the court to grant bail as the offence was a bailable one.

Ruling on the application, Justice Abike-Fadipe granted him bail in the sum of N5 million, with two sureties in like sum, one of whom must be a blood relation to the defendant.

“The sureties shall depose to affidavit of means, must be gainfully employed and resident within jurisdiction of the court, must show evidence of tax payment for over the last three years to the Lagos State,” the trial judge added.

Justice Abike-Fadipe thereafter adjourned the case till May 30 and June 6, 2024 for commencement of trial.

Paul Akintelure, an aspirant for the upcoming gubernatorial elections in Ondo State has reportedly passed on.

According to Vanguard, prior to his unfortunate demise, Akintelure had voiced his concerns regarding the various threats, both direct and indirect, that he had been facing.

However, despite his optimism that the alleged threats will subside and things will get better, Akuntelure, gave up the ghost as the date for the APC governorship primary election, set for April 25, drew near.

In a statement made available to journalists earlier through his spokesperson, Oladapo Akintelure, Akintelure said: “Initially, I hope these incidents would dissipate over time, yet regrettably, they have escalated to pose a serious threat to my life”

“The threats against me only strengthen my resolve to stand up for what is right and just. I will not allow fear to dictate our path forward.”

The statement dated Thursday, March 21, 2023, added: “Let us embrace peace, progress, and unity. Our collective strength lies in our to stand together as one, regardless of our differences.”

Akintelure, who hails from Igbotako in the Okitipupa Local Government Area of Ondo State, previously ran as the deputy governorship candidate for the Action Congress of Nigeria (ACN) alongside Rotimi Akeredolu, the former governor of Ondo State.

However, they were unsuccessful in their bid as Olusegun Mimiko, the Labour Party flagbearer at the time, emerged as the winner of the election.

Prior to this, Akintelure also contested the senatorial election against the candidate from the Peoples Democratic Party, but unfortunately, he was defeated.

This series of events unfolded during the lead-up to the Ondo governorship election, which was gaining momentum at the time.

Despite controversy trailing it, The Labour Party (LP) last night said its convention slated Nnewi, Anambra State tomorrow will go on as planned.

Acting National Publicity Secretary, Obiora Ifoh, said all was set for the event.

“Yes, the convention will hold as planned. Delegates have started arriving,” Ifoh said.

Deputy National Chairman, Ayo Olorunfemi, also confirmed the convention would go ahead.

The decision to hold the national convention has pitted the National Chairman Julius Abure against the Nigeria Labour Congress (NLC), which is calling for his resignation.

The party has twice shifted the convention venue from Benin City, Edo State to Umuahia, Abia State to Nnewi in Anambra.

On Sunday, the founding fathers joined their voices in calling for Abure’s sack.

The NLC insisted that the planned convention was illegal.

It called for the setting up of a caretaker transition committee to organise a “legitimate convention”.

Also, the House of Representatives Caucus called for the postponement of the convention.

The caucus leader, Victor Ogene, asked the leadership to put an end to the infighting and engage in further consultation.

The caucus said many stakeholders, including the lawmakers, were not carried along on the plans.

Former NLC president Ayuba Wabba had also said Abure and his team were perpetrating illegality and that the LP had deviated from the founding fathers’ ideology.

He dismissed the allegation of an attempt to hijack LP levelled against NLC President Joe Ajaero, saying it was designed to whip up sentiment.

Wabba said Abure’s tenure had expired, and that a national convention cannot hold without ward and state congresses.

The ex-NLC president also insisted that the NLC owns the LP, as decided by a court.

Former Minister of Education, Obiageli Ezekwesili has revealed the only way things will change for good in Nigeria.

She said things will change the moment citizens care enough about themselves and pick up the gauntlet against political rascals pretending to be their leaders.

The former Minister made the assertion in a post on her X handle on Monday.

According to her, there’s nothing in the definition of leader that is exhibited by the genre of the Nigerian political class.

She wrote: “Even from now, 2024 up to the next Century starting 2100…nothing will change until Citizens of Nigeria care enough about themselves and pick up the gauntlet against political rascals pretending to be their leaders.

“There’s nothing in the definition of Leader that is exhibited by this genre of the Nigerian Political Class.

“Maybe someday soon our Citizens will embrace this Hard Truth. Maybe”.