A former governor of Oyo State, Senator Rasidi Adewolu Ladoja, has declared that the date for the coronation of the next Olubadan of Ibadanland has not been fixed.

Ladoja made this declaration on Friday while addressing journalists shortly after a meeting of the Olubadan-In-Council.

The meeting was held at the Alalubosa residence of the current Balogun of Ibadanland, Oba Owolabi Akinloye Olakulehin.

DAILY POST gathered that the meeting followed the demise of the 42th Olubadan of Ibadanland, Oba Mahood Olalekan Balogun.

Oba Balogun passed on at the age of 81 on Thursday.

Ladoja, who is the Otun Olubadan of Ibadanland, while addressing journalists on behalf of other members of the Council, said that the date would be announced as soon as the burial rite for the deceased is completed

He maintained that the Council already know the next person to ascend the throne.

Ladoja said, “The departed monarch (Oba Balogun) came from the Otun line, the next monarch will be from Balogun line, so, the head of Balogun line is the Balogun of Ibadanland, who has become the Olubadan designate.

“We all know that Ibadan does things accordingly. If a king dies, we already know who is next, we refer to him as designate.

“We are here to formalize what next, after the burial rite of the deceased would have been completed. We also discussed how to give a befitting burial to the deceased.

“Since the deceased is a Muslim, he has to be buried in an Islamic way, and the Islamic way is that he has to be buried today, so, it has been decided that he will be buried today at Aliwo, which is his ancestral home, by 4:00 pm today.

“There will be a lying-in-state at Mapo Hall from 12:00 pm to 1:00 pm before they move to Aliwo for burial. After that, there will be prayer for the monarch.

“There is no date yet for the coronation of the new Olubadan, but the date shall be announced as soon as the burial rites for the deceased are completed.”

Former Super Eagles midfielder, John Obi Mikel, has tipped Manchester City and Arsenal to reach the final of the Champions League this year.

Obi Mikel appeared as a guest for the quarter-final draw held on Friday and picked out the balls.

The draw is the last ever for the current format.

From next season, the Champions League will be played in a 36-team format.

Arsenal will face Bayern Munich, while Manchester City will take on Real Madrid in the last eight.

When asked before the draw which teams would make it to the final, Mikel replied “The final will be held in Wembley, England so I would like an English club to make it into the final.

“I hope Manchester City or Arsenal make it.”

Mikel Obi is one of the few Nigerian footballers to have had the Champions League trophy, alongside Finidi George and Kanu Nwankwo.

Nigerian singer Michael Adebayo Olayinka, popularly known as Ruger, expresses his desire to find someone special to share his life with, reveals that he is on the lookout for a meaningful connection.

The singer opens up on his past relationships, stated that even though he has never been lucky with relationships, he is still willing to commit to someone.

He also admitted that he somehow contributed to the failure of his past relationships.

Ruger revealed this in the most recent episode of the Bahd And Boujee Podcast co-hosted by Tolanibaj and actress Moet Abebe.

He said:

“I want to see if I can actually be committed to someone”.

Ruger also opened up on his sex life, recalls having a threesome with a white lady and a black woman.

Speaking further, he revealed that he has never been involved in orgy

In another story, Ruger and his colleague BNXN surprises fans with reconciliation as they tease possible collaboration.

The reconciliation was teased through a photo shared by Ruger on the X platform and Instagram during what appears to be a music video shoot.

Ruger, who recently parted ways with his record label, Jonzing World, posted the picture of himself and BNXN, capturing the moment .

He wrote:

MAYBE ROMEO MUST DIE.” The critic message has left fans speculating about the nature of their newfound alliance.

The unexpected announcement has sparked a wave of excitement among fans who have closely followed the two artists’ feud, which began in 2022.

At that time, an anonymous X user informed Ruger that BNXN had more hit songs than he did, leading to a public exchange of words and tension between the two Afrobeat sensations.

The Central Bank of Nigeria (CBN) has re-emphasised that banks are barred from paying dividends to shareholders or spend on operating expenses from foreign currency revaluation gains but are expected to set the gains aside.

Foreign exchange revaluation gains occur when a bank’s assets or liabilities denominated in foreign currencies increase in value due to fluctuations in exchange rates.

In the context of Nigerian banks, these gains typically arise from the revaluation of foreign currency-denominated assets, such as loans, investments, or deposits, when the value of the naira depreciates. So far in 2024, the value of the naira had depreciated by 76.5 per cent from N915 to the dollar which it sold officially on the first trading day this year to N1,615 to the dollar.

Banks’ foreign-currency loans when converted back to naira on their balance sheets have ballooned as a result of the devaluation, causing some banks to breach both their lending limits and open positions on foreign exchange trading.

In a letter titled ‘Re: Impact Of Recent FX Policy Reforms: Prudential Guidance to the Banking a Sector,’ issued to all banks on Thursday, the apex bank referring to a circular it had issued last year stated that “banks shall not utilise such FX revaluation gains to pay dividends or meet operating expenses.”

Last September, the CBN had noted that changes to the currency regime have impacted banks to varying degrees and that “banks are required to … set aside the foreign currency (FCY) revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the foreign exchange rate.”

In the letter issued on Thursday and signed by acting director, Banking Supervision department of the apex bank, Dr Adetona Adedeji, the CBN said: “further to our letter dated September 11, 2023.referenced BSD/DIR/CON/LAB/16/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate.”

The Tin-Can Island Command of Nigeria Customs has made a significant interception of arms and ammunition suspected to be smuggled into the country by a criminal gang.

Among the seized items are military camouflage uniforms and illicit drugs, including Colorado. The recovered arms include automatic single-barrel rifles and pump-action guns.

Although details of the interception are still emerging, sources indicate that the arms were discovered during an inspection of imported consignments at the port. It remains unclear whether any arrests have been made at this time.

This interception comes less than a year after Customs seized 31 arms of various types at the Tin-Can and Multi-Purpose Terminals (PTML) ports in Lagos. During that operation, the Comptroller-General of Customs, Mr. Adewale Adeniyi, confirmed that two suspects were apprehended in connection with the seizure.

The recent interception underscores the ongoing efforts by Nigerian Customs to prevent illegal arms smuggling and maintain security at the nation’s ports.

Political economist, Professor Pat Utomi has taken a swipe at Labour Party federal lawmakers.

The economist said he's not happy with them.

Utomi said the party must show integrity and understanding of the fact that Nigeria and its democracy are both failing because of the failure of the political parties.

He spoke in a post on his X handle on Friday.

“We cannot call for a new way and not show example with our actions. I have been unhappy with many Labour Party Lawmakers conduct. The Party must show integrity and understanding of the fact that Nigeria and its democracy are both failing because of the failure of the parties,” he wrote.

The statement followed allegations that 2024 budget was padded.

Recall that Senator Abdul Ningi, representing Bauchi Central on the platform of the Peoples Democratic Party, PDP, had alleged that N3.7 trillion was padded into the 2024 budget.

Ningi, a lawmaker from Bauchi, was subsequently handed a three-month suspension for raising the allegation, which the Nigerian government and the leadership of the Senate denied.

However, Labour Party lawmakers in the National Assembly have been silent on the matter.

Utomi had recently, attacked the opposition political parties for failing to protest the worsening economic hardship in the country.

According to him, opposition parties lead protests in other climes.

The draw for this year’s Champions League quarter-final have been conducted on Friday.

Former Super Eagles captain, John Obi Mikel, was tasked with picking the balls.

Arsenal will take on Bayern Munich, while Atletico Madrid play Borussia Dortmund.

Holders Manchester City have been drawn against Real Madrid for the third year running.

Paris Saint-Germain will play Barcelona

The first legs of the quarter-final fixtures will be played on April 9 and 10, with the second-leg fixtures on April 16 and 17.

FULL FIXTURES

Arsenal vs Bayern Munich

Atletico Madrid vs Borussia Dortmund

Real Madrid vs Manchester City

PSG vs Barcelona

The federal government has persisted in its trend of lopsided financial allocations in the annual budget, contrary to the intended purpose of even wealth distribution.

Investigations by this newspaper reveal that certain institutions and senatorial districts, with influential representatives in both the National Assembly and executive arms of government, manipulate the national budget to their advantage.

An analysis of the 2024 national budget has exposed disparities, with some senatorial districts receiving as low as N6-7 billion, while others, such as Akwa Ibom North West Senatorial District, home to Senate President Godswill Akpabio, received a substantial N21 billion allocation from the Federal Ministry of Agriculture and Food Security and the Federal Ministry of Women Affairs alone.

This figure excludes allocations from other ministries to the same zone.

The former Akwa-Ibom State governor, serving his first term as Senate President, allegedly influenced various committees to secure his preferences in the N28.7 trillion budget.

Within the Ministry of Agriculture and Food Security and Women Affairs, over 20 new project items were introduced, ostensibly to serve specific interests.

Under the Ministry of Agriculture, peculiar budget items such as the construction of rural roads and markets in Akwa-Ibom North-West, totalling N18.5 billion, were proposed in the budget.

Furthermore, the Ministry of Women Affairs introduced four new items to empower women in the Senate President’s constituency.

Notably, N2.5 billion is allocated for women’s empowerment initiatives, including provisions of deep freezers and generators across ten local governments, with N250 million earmarked for each local government.

Detailed allocations also include N1 billion for the construction of rural farm roads in various local governments within the senatorial district, alongside N500 million for the installation of solar street lights in towns.

In addition, there are plans for the rehabilitation of roads, installation of transformers, and erosion control measures, amounting to billions of naira, aimed at enhancing agricultural productivity and infrastructure development in the region.

Items on the list of the Ministry of Agriculture include the proposed construction of rural farm roads in Ikono & Abak of Akwa Ibom North-West senatorial which will cost the government a total of N1 billion.

Another N1 billion is budgeted for the construction of rural farm roads in Essien & Etim expo of Akwa Ibom North-West senatorial district at N500m per LGA to make a total of N1 billion.

The proposed construction of new rural farm roads in Ika & Ikot Ekpene of the same constituency at N500 million per LGA will cost another N1 billion, with the construction of rural farm roads in Ini & Obot of the senatorial district at N500 million to cost a total of N1 billion.

Aside from that, the construction of rural farm roads in Orun Anam & Ukanafun of Akwa Ibom North-West senatorial district costs N500 million per LGA, bringing it to a total of N1 billion.

In a different provision, the government has planned to spend N500 million for the fabrication and lighting up of all rural farm roads with one new standard solar street light in all the towns in Ikono & Abak LGA of Akwa Ibom State, besides the N500 million that has been earmarked for the fabrication and lighting of all rural farm roads with one new standard solar street light in towns in Essien & Etim Ekpo LGA of the state.

The ministry of agriculture will also spend N500 million for the fabrication and lighting of all rural farm roads with one new standard solar street light in towns in Ika & Ikot Ekpene LGA of Akwa Ibom State that was governed by Akpabio for eight years.

In that same regard, the fabrication and lighting of all rural farm roads with all-in-one new standard solar street lights in towns in Orun Anam & Ukanafun LGA of the state is to cost the government another N500 million.

If Senator Akpabio can lobby the relevant financial departments of government to do his bidding, he will get the agric ministry to implement the rehabilitation of “selected roads and installation of new transformers and cables in different towns” in Ikono & Abak local government of North-West senatorial district of Akwa Ibom at the cost of N1 billion.

The ministry has also voted N1 billion for the rehabilitation of selected roads and installation of new transformers and cables in different towns in Essien & Etim ekpo local government of the senatorial zone at the cost of N1 billion.

Unlike other senators, Akpabio’s constituency has got the Federal Ministry of Agriculture to budget for the rehabilitation of selected roads and installation of new transformers and cables in different towns in Ika & Ikot Ekpene local government of North West senatorial district of Akwa Ibom. That would cost N1 billion.

Another list of items in the budget for his constituency is the proposed rehabilitation of selected roads and installation of new transformers and cables in different towns in Ini & Obot local governments of the state at an estimated cost of N500 million.

There is a new plan for the rehabilitation of selected roads and installation of new transformers and cables in different towns in Orun Anam & Ukanafun local government of North West Senatorial District of Akwa Ibom at N1 billion.

The long list also includes the planned construction of Ibiakpan-Not Akan road to boost agricultural output in Akwa Ibom State at the rate of N1billion, with the “construction of Ikot Uko road and Ikot Ebak at N500m each to aid the movement of fishery produce in Akwa Ibom State” for a total of N1 billion.

There is also the provision of N1.5 billion for erosion control in some parts of Abiakpo, Ikot Essien aci-aikono to ease movement of farm produce which is a new item on the budget, with the construction of internal roads at various communities in the senatorial district to take N1.5 billion.

The ministry has also planned the construction of markets in various communities in Akwa Ibom North-West senatorial district at the cost of N1 billion.

In detail, the Ministry of Women Affairs budget showed that Essien & Etim Ekpo got N500 million; Ikono & Abak, N500 million; Ika & Ikot Ekpene, N500 million, while Ini & Obot will also get N500 million for women empowerment. Another N500 million was earmarked for the empowerment of women with deep freezers, generators and other empowerment items to boost their daily earnings in the two local governments of Akwa Ibom North-West senatorial district at N250 million each (Orun Anam & Ukanafun).

Call For Akpabio’s Resignation Morally Reprehensible – Senate

However, the Senate has described the call for the resignation of Senate President Godswill Akpabio as morally reprehensible.

By his position, Senator Akpabio is the chairman of the National Assembly.

Chairman, Senate Committee on Media and Public Affairs, Yemi Adaramodu, berated the Peoples Democratic Party (PDP) for calling for the resignation of Senator Akpabio over the unfounded claim of N3.7trn budget padding allegations by the suspended Senator representing Bauchi Central, Abdul Ningi.

Adaramodu said the PDP had elevated chicanery to statecraft and fatally failed in their sordid attempt to hoodwink the unsuspecting public, on the ineffectual but spurious allegations of budget padding.

“The party’s ludicrous call for the resignation of Senator Godswill Akpabio as the Senate President is unthinkable and shows the party as a massaging balm for falsehood and immoral Legislative outbursts,” he stated, adding “that Akpabio will not resign and has no intention to resign at any time because he has not committed any wrong doing to warrant a resignation”.

According to him, it is shocking that the PDP leadership could not comprehend what transpired at Tuesday’s plenary where the allegations were debated and Senator Abdul Ningi, who was given the ample opportunity to defend himself and prove the budget padding allegations, was suspended after he failed to substantiate his claims in the full glare of the public.

He said, “Contrary to the contention by the PDP that N3.7 trillion was discreetly inserted into the 2024 budget for alleged non-existent projects, and what transpired on the floor of the Chamber, it is open knowledge that no such absurdity is found in the budget passed by the National Assembly and signed by President Bola Ahmed Tinubu, which is being implemented judiciously by the federal government. Perhaps, the N3.7trn being mentioned in the PDP’s shocking statement exists only in the fickle minds of its purveyors and serves as a dubious version of the budget generated by PDP’s unidentified political flying objects.”

Budget: Atiku Insists On Investigation Into Ningi’s Allegations

Former Vice President Atiku Abubakar has called for an immediate and thorough investigation into the allegations raised by Senator Abdul Ningi.

The former vice president also criticised the senate for the sudden suspension of the whistle-blower without adequate explanation, saying the action has fueled the crisis and raised more questions than answers.

Atiku, who reacted on the matter on his X handle, said, “Over the past few days, allegations have rocked the Senate, questioning the very integrity of the 2024 Appropriation Act, the cornerstone of our nation’s annual planning and development.

“A fiscal policy analytics and advocacy organisation has unequivocally confirmed a disturbing lack of transparency within the 2024 Appropriation Act.

“I demand an immediate and thorough investigation into these allegations. Appropriation lies at the heart of governance, and any deviation from serving the people’s interests will be met with fierce opposition.”

Atiku said denials are unacceptable, and the suspension of one senator cannot silence accusations of corruption and illegal fiscal spending by the federal government.

“Without a clear explanation to the people of Nigeria, we must treat these allegations for what they are: outright fraud.

“The accusation of budget padding totaling N3 trillion cannot be dismissed lightly by the government. Given the current hardships facing our nation, a padded budget is already translating to a padded hunger, padded poverty, padded insecurity, padded energy crises, padded forex instability, and the soaring cost of living.”

He said the Nigerians cannot afford to ignore allegations that worsen our already dire economic situation.

“The current federal government has a disgraceful track record of ignoring issues of transparency and due process in public administration.

“The unresolved $3.3 billion NNPCL loan repayment scandal, with Nigeria now expected to repay $12 billion, remains a glaring example.

“The Tinubu administration must address these high-profile corruption cases transparently,” he said.

Nigeria’s headline inflation for February increased to an all-time high of 31.70 per cent, compared to 29.90 per cent recorded in January 2024, amid rising food prices nationwide.

The National Bureau of Statistics, NBS, disclosed this in its latest Consumer Price Index and Inflation Report.

The February 2024 headline inflation rate increased by 1.80 per cent compared to the January 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.

This shows that the headline inflation rate (year-on-year basis) increased in February 2024 compared to the same month in the preceding year (i.e., February 2023). Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 per cent, 0.48 per cent higher than in January 2024 (2.64 per cent).

The implication is that the rate of increase in the average price level is more than in the average price level in January 2024.

Similarly, food inflation rose to 37.92 per cent in Febuary from 35.41 per cent recorded in January, 2024.

Accordingly, this is the 13th straight time the country’s inflation soared without respite.

DAILY POST recalls that last month, the Central Bank of Nigeria raised the monetary policy rate, known as the interest rate, by 400 basis points to 22.75 per cent from 18.5 per cent.

The supreme court has fixed June 7, 2024 for judgment in an appeal seeking to prevent the final forfeiture of N1,222,384,857.84 to the federal government.

Melrose General Services Limited, the appellant, is challenging the judgment of the court of appeal ordering the forfeiture of the money to the federal government of Nigeria.

The appellate court had ruled on the premise that the money was proceeds of an unlawful activity in the Paris Club refund process.

At the court session on Thursday, Kehinde Ogunwumiju, counsel to the appellant, argued that the money involved in the forfeiture suit is not a proceed of any unlawful activity, but payment for a contractual and consultancy agreement his client entered with the Nigerian Governors Forum (NGF).

He prayed the court to reverse the decision of the appellate court.

However, Ekele Iheanacho, counsel to the Economic and Financial Crimes Commission (EFCC), prayed the court to adopt his brief of argument and dismiss the appeal of the appellant.

“There are generally two types of forfeitures used to recover the proceeds and instrumentalities of crimes. They share the same objective — namely the forfeiture to the state of the proceeds and instrumentalities of crime. Both share common two-fold rationales,” he said.

“Recall that the appellant filed his notice of appeal against the well-considered judgment of the federal high court which was equally dismissed by the court of appeal on May 31, 2019, having found that the appellant failed to show that the said funds were not proceeds of crime.

“Further to the background of the matter, the EFCC carried out investigations which revealed among others the sum of N3.5bn was fraudulently paid to the appellant to carry out a consultancy job for the Nigerian Governors Forum (NGF).

“Under the guise that the appellant carried out a consultancy job for the NGF entitling it to the money when it did not do any such work.

“The appellant made several withdrawals within a short time leaving N1,222,384,857.84 before the EFCC intervened.

“Further investigation led to the recovery of an additional sum of N220m which the appellant had paid to WASP Networks Ltd and Thebe Wellness Services.”

After listening to all the submissions, a five-member panel of the apex court reserved judgment in the matter till June 7, 2024.