FEATURES
Households have expressed pessimism over the rising costs of living in the country, and have projected that costs of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience an increase over the next six months.
According to the newly released ‘Households Expectation Survey’ by the Central Bank of Nigeria, consumers said they will spend their incomes only on basic items such as food and other household items, education, transportation, electricity and medical expenses.
The CBN’s overall Consumer Confidence Index and outlook is attributed to the outlook of consumers on three key dimensions: Economic Conditions, Family Financial Situation, and Family Income.
CBN said, “More consumers believe that the cost of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience increase over the next six months in the following order.
“Households anticipate spending their income on basic expenditure items like Food & Other household items, Education, Transportation, Electricity and Medical Expenses across all time periods reviewed.
“However, they do not intend to spend a substantial portion of their income on items like purchase of House, Car/vehicle for the period under review.”
The survey also indicated that households do not intend to spend their earnings on the purchase of motor vehicles and buildings & landed properties within the months under review.
“The Buying Condition Index1 for big-ticket items like Consumer Durables, Motor Vehicles and Buildings & Landed Properties, indicated that most respondents consider the current month unfavourable for purchasing these items. Consumers also do not think that the next three and six months are ideal periods to buy these items.”
The CBN’s survey rides on the back of a similar report by AFP, that the country’s economic crisis and soaring petrol prices have forced many Nigerians to public transportation over the use of their cars.
A case study was made of Bolaji Emmanuel who gave up his driver and his Honda Pilot utility vehicle due to spiking living costs.
The price of petrol has risen more than fivefold since President Bola Tinubu took office in May 2023.
“I parked it at my son’s house. I use public transport now,” Emmanuel, a 72-year-old retired health worker, told AFP. “It is not convenient, but it is what the economy demands.”
Since coming to power, Tinubu has ended a costly fuel subsidy and freed up the naira currency, in reforms that government officials and analysts say will revive the economy and attract investors.
But in the short term, Nigeria has seen one of its worst crises in decades with inflation at a three-decade high.
A litre of petrol sold for around 195 naira just before Tinubu took office. The price rose to at least 998 naira ($0.61) per litre in Lagos and 1,030 naira in the capital, Abuja, at the beginning of October. It can go for as much as 1,300 naira elsewhere.
Inflation reached an almost three-decade high of 34.19 per cent in June. It has since slowed to 32.7 per cent in September and October.
The slump in purchasing power is piling more hardship on locals, with more than 40 per cent of the population living in poverty, according to the World Bank. That figure is expected to rise in 2024 and 2025, before it stabilises in 2026.
Car dealers in Lagos and Abuja told AFP that they had seen more and more people trading their fuel-guzzling cars and sports utility vehicles (SUVs) for more efficient vehicles to cut costs.
“People are actually selling their big cars these days,” Maji Abubakar, a car dealer in Abuja, told AFP. “The problem is that even if you put them on the market, there isn’t much demand for them.”
“It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
The market for new cars has dropped by 10 to 14 per cent in the last year, according Kunle Jaiyesinmi, deputy director at the Lagos-based CFAO Group, which specialises in automobile distribution.
“An SUV that sold for 40 to 45 million naira ($24,000 to $27,000) about two years ago, for now, if you want to negotiate the price, you see that it is within the range of 95 or 100 million ($57,000 to $60,000),” Jaiyesinmi told AFP.
The Kano State Debt Management Office has said that it serviced N63.5 billion in both foreign and domestic debts incurred during the administration of the immediate past governor, Abdullahi Umar Ganduje.
Dr. Hamisu Sadi Ali, Director General of the Kano State Debt Management Office, made this disclosure while addressing the media on the state’s debt profile.
Dr. Ali noted that the current administration, under Governor Abba Kabir Yusuf, has not incurred any new debt since coming into office on May 29, 2023.
"Since the inception of Alhaji Abba Kabir Yusuf’s NNPP administration from 29th May 2023 to date, no single penny was signed, contracted or received by the Kano State Government within or outside the country as a loan,” he affirmed.
In an effort to reduce Kano’s debt burden, the current government has paid N3.49 billion in external debt and N60 billion in domestic debt, totalling N63.5 billion for the first and second quarters of 2024. With these payments, the state’s total outstanding debt has been reduced to N127.8 billion.
Dr. Ali highlighted that the Kano State Public Debt Management Law 2021 mandates that the Debt Management Office manages all borrowing on behalf of the state government. He added that former Governor Ganduje’s administration had signed multiple international and domestic loan agreements, including a 64 million euro agreement with the French Development Agency in July 2018 for the Third National Urban Water Sector Reform Project.
The debt portfolio includes projects funded by foreign loans, such as the Multi-state Road Project, Malaria Control Booster Project, and the Third National Fadama Project. Dr. Ali clarified that, historically, Kano State had not borrowed from any domestic lenders, including commercial banks, until Ganduje’s administration, which obtained six different loans from various banks, such as a N10 billion Infrastructure Loan from Access Bank and a N20 billion Salary Bail-out from Fidelity Bank.
With this substantial debt repayment, the current administration aims to reduce Kano’s financial burden and improve the state’s economic outlook.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a planned reduction of ₦50 per litre in the price of Premium Motor Spirit (Petrol) for consumers.
This development follows a new agreement between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview with Channels Television on Tuesday.
Maigandi, while speaking on Channels TV, disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members, a move expected to bring down petrol prices across the country.
The Nigerian military has identified Lakurawa as a relatively new terror group infiltrating Sokoto and Kebbi states via the Niger Republic after the recent coup in Nigeria’s neighboring country.
However, investigations by Premium Times reveal that Lakurawa, an al-Qaeda-linked organization, has been active since before last year’s Niger coup.
Last week Thursday, the Nigerian Defence Headquarters acknowledged Lakurawa as a fresh threat worsening insecurity in the North-west.
“Troops are confronted with a new terrorist sect in the North-west,” said Edward Buba, a military spokesperson, at a press briefing. “This sect is known as Lukawaras, the Lukawaras are affiliated to terrorists in the Sahel, particularly from Mali and Niger Republic.”
Buba, a major general, also claimed that Lakurawa emerged from Mali and Niger following the breakdown of military cooperation between Niger and Nigeria after last year’s coup.
Following the military’s recent classification of Lakurawa as a new threat, multiple narratives have emerged on social media about the group. While some link them to the Islamic State in the Greater Sahel (ISGS), past research contradicts this affiliation.
A 2022 study by Murtala Rufa’i, James Barnett, and Abdulaziz Abdulaziz notes that Lakurawa militants reject the Boko Haram label, preferring terms like Mujahideen or Ansaru—associating them with al-Qaeda in the Islamic Maghreb (AQIM) in Nigeria.
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Tuesday, attributed the country’s epileptic power supply to corruption within the power sector.
He said the commission initiated a probe into the sector, adding that what it uncovered during its investigations would make Nigerians shed tears.
Speaking during the visit of the House Committee on Anti-Corruption and Financial Crimes to the commission’s headquarters in Abuja, Olukoyede lamented that contractors awarded projects to supply electrical equipment often opted for substandard materials.
He said this practice was a major cause of frequent equipment failures, outages, and grid collapses.
Olukoyede said, “As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears.
“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 guage, they will buy 5.0.
“So, every time you see the thing tripping off, gets burnt, and all of that, It’s part of our problems.”
He also stated that during its investigations, the commission discovered that in the last 20 years, capital project implementation and execution in the country were not up to 20 per cent.
He said the country could not achieve infrastructural or other forms of growth under such conditions.
“We discovered that in the last 15 to 20 years, we have not done up to 20 per cent of our capital project implementation and execution.
“And if we don’t do that, how do you want to have infrastructural development? How do you want to grow as a nation?
“So our mandate this year is to work with that directorate and with the National Assembly to see if we can meet up to 50 per cent of execution of our capital project for the year.
“If we do 50 per cent, we will be fine as a nation. The lack of implementation of this capital project, capital budget, is one of our major problems in Nigeria.
“If we can tackle that effectively, we will make progress as a nation. So we are doing everything to see how we can achieve that with your support.”
The anti-graft boss said the commission received over 17,000 petitions, adding that over 20,000 cases were currently under investigation.
He said, “We have several cases filed in court, apart from the conviction, running to thousands.
“In the last year, we have received over 17,000 petitions in EFCC. And right now, as I’m talking to you, we are investigating over 20,000 cases.
“Between last October and now, we have opened over 4,800 new cases. And what is our staff spread? We are less than 5,000 and now, with the additional responsibility of over 700 MDAs, 36 states, 774 local governments, and all of that.”
The Chairman of the committee, Obinna Onwusibe, called on the EFCC to collaborate with the judiciary to expedite the trials of suspects and reduce the number of inmates awaiting trial.
He said, “At this point, let me add that recently, on oversight visits to the maximum and minimum correctional centres in Kirikiri, Lagos State, numerous suspects have been awaiting trial for over one year, and yet we are all acquainted with the saying that justice delayed is justice denied.
“It is on this note that we call on the EFCC, the Attorney General of the Federation, and the judiciary to improve and ensure that the administration of criminal justice works in collaboration for an effective and efficient system that will bring about justice delivery to victims and society.”
He also urged the EFCC to ensure transparency and accountability in its operation.
“The negative maxim being peddled in certain quarters is that the agency is often being used to settle political scores, and this must be corrected by the EFCC,” he said.
The Ondo State Police Command, on Tuesday, said it had arrested one prophetess, Mrs Folashade Adekola, over the death of a woman, Jumoke Adesuwa and her newborn baby inside the church.
Our correspondent gathered on Tuesday that the deceased bled to death from complications after childbirth inside the suspect’s church located in the Oke-Aro area of Akure, the state capital. The baby was said to have also died immediately.
It was also learnt that the suspect was arrested by the men of the command after the deceased’s brother reported the matter at the police station.
The state Police Public Relations Officer, Mrs Funmilayo Odunlami, who confirmed the incident, said the prophetess was arrested and taken to the State Criminal Investigation and Intelligence Department for further investigation.
“The case was reported by the deceased’s brother, that the sister died after childbirth in the church and the prophetess is already in custody. Investigations are still ongoing,” the PPRO said.
A source in the family who spoke to PUNCH Metro on the condition of anonymity, because he was not permitted to speak with the media, narrated that someone from the church called the family to inform the deceased’s husband that his wife had been delivered of a baby. The deceased’s husband called a family member and both rushed to the church.
He said, “When we got there, they were told that the baby died after childbirth but that the mother was alive. On sighting the deceased, we saw her in a pool of blood, bleeding profusely. So, we rushed her to a nearby hospital.
“Due to her condition, she was rejected at three hospitals and she died in the process of reviving her in the last hospital that admitted her. To our surprise, we got to the church to collect the baby’s remains and found the corpse in a room. The condition of the room was very worrisome as it did not look like a delivery room.
“We approached the Oke-Aro Police Station in Akure to report the case which led to the arrest of the prophetess in charge. The remains of the woman have been deposited at the mortuary.”
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There is growing tension among states yet to implement the N70,000 new minimum wage, following the December 1 strike notice given by the Nigeria Labour Congress, NLC, to workers in defaulting states to commence the indefinite strike.
As of the end of October, 24 states had yet to start implementation, despite the Federal Government’s promise to organise labour for it.
It will be recalled that during the meeting on October 17 in the Office of the Secretary to the Government of the Federation, SGF, the government promised to summon a meeting of the economic council to impress governors on implementing the new minimum wage signed into law by President Bola Tinubu in August.
However, at the end of October, only 12 of the 36 state governments were implementing the new minimum wage.
The states include Edo, Anambra, Adamawa, Ogun, Delta, Ebonyi, Abia, Kebbi, Kogi, Borno, Gombe and Jigawa.
Anambra State, which promised to implement the minimum wage in October, did not pay but the government, it was gathered, added N40,000 to staff’s October salaries, pending when the templates for implementation of the new minimum would be agreed between the government and organised labour.
While states such as Lagos, Ondo, Bayelsa, Kano, Niger and Kaduna, have promised to start implementation this month (November), Osun, Cross River, Akwa Ibom, Enugu, and Imo states, have not given any date to start implementation.
Similarly, Ekiti, Sokoto, Benue, Bauchi, Plateau, Zamfara, Nasarawa, Taraba, Yobe, and Katsina, have remained silent on the N70,000 new minimum wage.
Ondo State
In Ondo State, the state government said implementation of the N73,000 it promised workers will start this month (November).
Governor Lucky Aiyedatiwa, gave the assurance during during this year’s Public Service week celebration in Akure, this week.
Aiyedatiwa declared that the new minimum wage is a settled matter and a testament to his administration’s focus on improving the quality of life for the state’s workforce.
“Anything we have done for civil servants has never been politically driven. If workers are not happy, they won’t be encouraged to put in maximum effort into their work. That is why we have always prioritised their welfare,’’ he said.
Osun State
Osun State is yet to announce how much it would pay as new minimum wage in the state.
According to a statement by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the state government is still negotiating with labour unions in the state.
He disclosed that the committee, headed by the governor’s Chief of Staff, Mr Kazeem Akinleye, and labour leaders in the state, has a mandate to recommend to the government on consequential adjustment arising from the minimum wage law.
The commissioner added that the state Minimum Wage Negotiation Committee set up by Governor Ademola Adeleke will soon complete its assignment for necessary approval by the governor.
He said: “The committee approved by Governor Ademola Adeleke, has been working assiduously to conclude the assignment without hitch”.
Ogun State
Though, Ogun State governor, Prince Dapo Abiodun, has approved N77, 000 as minimum wage for civil servants in the state, with effect from October, 2024, Vanguard reliably gathered that the governor reneged on his promise of paying it.
Some of the civil servants who spoke with Vanguard in Abeokuta, claimed government only added N42,000 to the salary they were receiving across board.
However, Special Adviser to the Governor on Media and Strategy, Kayode Akinmade, dismissed the report as a rumour, insisting that the Secretary to the State Government, Mr. Tokunbo Talabi, the state’s Head of Service, Mr. Kehinde Onasanya, and all labour leaders in the state were at the meeting where the N77,000 was agreed on.
Ekiti State
Speaking with Vanguard, Chairman of Nigeria Labour Congress, NLC, in Ekiti State, Kolapo Joshua, said members of the committee set up by the state government have met to fashion out modality for payment of the new minimum wage.
He assured that the state government would not pay below N70,000 but the government is yet to announce the figure it will pay.
Oyo State
Similarly, Oyo State Government approved a minimum wage of N80, 000 for the state workforce.
In a statement by Commissioner for Information and Orientation, Prince Dotun Oyelade, the Technical Committee set up by the state government recommended and got approval from Governor Seyi Makinde for implementation of the new salary scale.
However, no date has been set for commencement.
According to Prince Oyelade, the new minimum wage “will be implemented as soon as the consequential adjustments process is completed by the committee which comprises government and top labour officials.”
Lagos State
In Lagos, Governor Babajide Sanwo-Olu said the state would commence payment of N85,000 approved minimum wage to workers effective from July 29, 2024, with the implementation to commence in November, 2024.
The chairperson, Lagos State Public Service Joint Negotiating Council, LSPSJNC, Olusegun Balogun, and Secretary, Toba Odumosu, disclosed this in a statement jointly signed last weekend.
South-South
In the South-South, workers have started receiving the new minimum wage in Edo, and Delta states, out of the six states in the region.
Edo State, which heralded the payment after former Governor Godwin Obaseki announced an increase in the previous N40,000 wage in May 2024, currently pays N70,000 to workers, while the Delta State government pays N77,500.
The Rivers State government approved N85,000 minimum wage just as Akwa Ibom State authorized N80,000, but none has commenced payment.
Bayelsa State Government announced that the N80,000 minimum wage to workers would take off on November 1.
The Cross River State government has not announced a new minimum wage for its workers, but officials said negotiations on the N70,000 minimum wage were ongoing.
Edo State
Edo State outgone Commissioner for Communication and Orientation, Chris Nehikhare, said the N70,000 minimum wage to workers was in fulfilment of Obaseki’s pledge when he announced the increase from N40,000 in May.
Delta State
The Chief Press Secretary to Delta State Governor, Festus Ahon, told Vanguard that the state government commenced payment of the new minimum wage in October.
He said: “We are paying N77,500. We have a high workforce of over 55,000 workers. Even at the local government level, we also have a huge workforce. When you add this together, we have over 80,000 workers.
“In line with his MORE Agenda, the governor has advised chairmen of the 25 local government councils in the state to implement the new minimum wage effective November.”
Akwa Ibom State
Governor Umo Eno of Akwa Ibom State announced N80,000 as minimum wage for Akwa Ibom State workers and constituted an implementation committee with a one-month deadline to determine how the wage increase should be executed.
The committee, headed by the state’s Head of the Civil Service, included the Accountant General, state Chairman of the Joint Public Service Negotiating Council, state chairmen of the NLC, Trade Union Congress of Nigeria, TUC and Nigeria Union of Local Government Employees, NULGE, among others.
There is no word yet from the committee on commencement date.
Rivers State
In Rivers State, no date has been announced by the government for commencement of implementation of the N85,000 minimum wage promised by the government.
With just about a month to Christmas, civil servants in Rivers State are eagerly awaiting implementation of the new minimum wage of N85,000 approved by Governor, Siminalayi Fubara.
The Head of Service of the state, George Nwaeke, announced that Fubara granted the approval during a closed-door meeting with labour leaders and senior government officials.
Cross River
The Chief Press Secretary to Cross River State Governor, Gill Nsabasi, said the state government is still paying the N40,000 the governor, Senator Bassey Otu, announced on May Day this year.
He disclosed that negotiations were ongoing on the N70,000 the federal government and labour agreed,
“Once negotiations are concluded, the payment of the new minimum wage will commence,’’ Nsabasi stated.
South-East
Report from the South East, indicates that while states such as Ebonyi State is paying N75,000, Anambra promised to begin implementation in October, but failed to do so, though still paying N40,000 across board to all civil servants in the state.
Abia State started implementing in October, while Enugu State is implementing N80,000.
Imo State government agreed to pay the minimum wage, but the government said it is working out modalities for payment with labour.
Kano State
In Kano State, the implementation is expected to begin this November. Findings show that Kano State government has added N1,000 to the approved minimum wage, taking it up to N71, 000 as the least pay for the lowest worker in the state, with effect from this month.
Niger State
In the same vein, Niger State government announced N80,000 as minimum wage for all categories of its workers effective November.
The state governor, Muhammed Bago, who announced this, did not, however, state whether he would pay arrears to workers.
Kaduna State
Similarly, workers in Kaduna are to enjoy N2000 more than the national wage of N70,000, based on the approval given by Governor Uba Sani for Kaduna State civil servants, with effect from November 2024.
A statement issued by Chief Press Secretary to the Governor, Malam Ibraheem Musa, said the decision is in line with advancement of the interests of workers and improvement in the living conditions of the poor, vulnerable and underserved in Kaduna State.
Kebbi State
The Kebbi State government stated implementing in October. Governor Nasir Idris approved and paid N75,000 as minimum wage to workers in the state.
Workers in Kebbi state received the new minimum wage after Governor Idris signed the edict giving effect to the new pay structure in the presence of the President of NLC, Joe Ajaero, and also directed the 21 local government councils in the state to pay the same to their workers.
Kogi State
Kogi State also started implementing of the new wage in October. Governor Usman Ododo announced the commencement of the payment of N72,500 minimum wage approved for workers in the state earlier in October.
Borno State
In Borno, Governor Babagana Zulum has started payment of N77,000 as minimum wage to its workers, with effect from October.
Jigawa State
In Jigawa State, jubilant workers got new salary alerts from their banks last Friday (November 1) and started praising the state governor for the payment.
Adamawa State
However, in Adamawa State, the payment started as early as August this year as the governor approved implementation as soon as the federal government sanctioned the new pay.
Nasarawa State
Governor Abdullahi Sule of Nasarawa has approved the payment of N70,000 minimum wage to civil servants in the state.
However, Senior Special Assistant to Governor on Public Affairs, Peter Ahemba, said a commencement date will be finalised with labour soon.
Kwara State
Kwara State government commenced the payment of the news minimum wage of N70, 000 to its workers in October but that did not cover parastatals in the state.
While the state government attributed the lapses to the ongoing data process which did not capture workers in the parastatals before the payment, Vanguard gathered from the state chapter of the Nigeria Labour Congress that it was due to paucity of funds.
Gombe State
In Gombe State, it was gathered that implementation started in October.
However, the fate of workers in Sokoto, Benue, Bauchi, Plateau, Zamfara, Nasarawa, Yobe and Taraba states, receiving the new minimum wage still hangs in the balance as the governments have remained silent on the matter.
Labour fumes, threaten recalcitrant states
Reacting to the development, one of the leaders of NLC said Organised Labour had given December 1 strike notice to make governance difficult for states unwilling to pay the new wage of N70,000.
An NLC official told Vanguard yesterday that “organised labour, especially the NLC, is eagerly waiting for December 1 to take on recalcitrant states.
“We want to use this medium to sound a very serious warning to states that do not want to pay. In fact, they do not have a choice. The earlier they conclude arrangements and start implementing, the better for them.
‘’It is a law and all of them are enjoying improved revenue from removal of fuel subsidy, among others.
‘’From our records, only about 12 states are implementing, while about six other states promised to pay in November. It is not about promises; it is about action by implementation. Mind you, the state must fully implement, not partial implementation.
‘’It is not about paying state public workers and not extending payment to local government employees. Once we get report of no compliance, we shall descend on such a state.
Dec 1 strike notice
Recall that NLC had directed state councils where the N70,000 new minimum wage is not being implemented in full to begin an indefinite strike from December 1, 2024.
NLC in a communiqué by its President, Joe Ajaero at the end of its National Executive Council, NEC, meeting in Port Harcourt Rivers State, said: “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the 2024 National Minimum Wage Act.
“This betrayal by certain governors and government officials across the country flies in the face of both legality and morality, as workers continue to be denied their rightful wages amid rising economic hardship.
‘’It is a blatant disregard for the law and the lives of millions of Nigerian workers who are being exploited by the very leaders who swore to protect them.
“The NEC, therefore, resolves to set up a National Minimum Wage Implementation Committee that will, among others, commence a nationwide assessment, mobilization and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights.
“Furthermore, the NLC shall initiate a series of industrial actions in all non-compliant states and shall not relent until the minimum wage is fully implemented across Nigeria. To this end, all state councils where the national minimum wage has not been fully implemented by the last day of November, 2024, have been directed to proceed on strike, beginning from the 1st day of December, 2024. Nigerian workers demand justice, and justice they shall have.”
Non-implementation, a violation of human rights — Wabba
Meanwhile, immediate past President of NLC, Ayuba Wabba, has described states dragging their feet on the N70,000 minimum wage as violators of human rights.
In an interview with the BBC Hausa Service, monitored by our correspondent yesterday, Wabba said it is common knowledge that since the President signed the minimum wage bill into law, the N70,000 minimum wage had become law in Nigeria.
“From the day the President signed, this shows the law becomes effective, with immediate effect and shall be applied to all categories of workers.
“Many states have implemented the new wage. In Borno State, the governor announced and implemented it, including that of teachers. But there are other states where there’s even no sign of when they would implement the new salary wage.
“Everyone knows the sorry state of the Nigerian economy. Workers have been pushed to the wall, it has even reached an extreme, “ he lamented.
US President-Elect Donald Trump has appointed Elon Musk, chief executive officer (CEO) of Tesla and SpaceX, to lead a soon to be established Department of Government Efficiency (DOGE).
Musk, owner of X, the microblogging platform previously known as Twitter, was an avid supporter of Trump during the electioneering leading up to the November 5 presidential election.
The former president defeated Vice-President Kamala Harris after securing more than 270 of the electoral college votes required to win the poll.
A statement on Tuesday said Musk would run DOGE alongside Vivek Ramaswamy, a politician and entrepreneur.
Trump will take office for a second and final term on January 25, 2025.
Governor Monday Okpebholo of Edo State has thanked the people of the state for their support during the governorship election of September 21, promising not to betray them.
Also, Governor Okpebholo promised to deliver the dividends of democracy to Edo people. He added that “the welfare of our citizens is top priority for us.”
Recall that he defeated the Peoples Democratic Party, PDP’s Asue Ighodalo and other candidates in the September 21 Edo governorship election.
Today, Tuesday, November 12, 2024, Okpebholo and his deputy, Dennis Idahosa, were inaugurated in a ceremony at the Samuel Ogbemudia Stadium in Benin City today.
This is coming two months after winning the poll.
Speaking at the swearing in, Okpebholo said: “Today, you have officially given me the mandate to preside over our dear State as Governor for the next four years.
“We will not betray this confidence you have reposed in me and the Deputy Governor, Dennis Idahosa.
“Let me start by thanking God Almighty for His grace and incredible blessings. Democracy has triumphed again in our dear State.
“For me, this is a humbling moment; made possible by you all. Again, I want to use this opportunity to thank you for your peaceful conduct during the 21st September 2024 Governorship Election.”
The Economic and Financial Crimes Commission (EFCC) said it has convicted over 50 persons for currency racketeering and dollarisation of the Nigerian economy in 2024 alone.
The EFCC’s Chairman, Ola Olukoyede revealed this in Abuja on Monday, while the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Senator Emmanuel Udendeon was on an oversight and pre-budget presentation visit with other members of the Committee to the corporate headquarters of the EFCC.
Olukoyede described currency racketeering and dollarisation as an act of economic sabotage.
He said, “I would also like you to know that part of the economic sabotage is in the area of currency racketeering and mutilation and the dollarization of our economy. There is no country in the world that doesn’t regard its currency as a legal tender.
“We must respect the Naira. As I am talking to you now, our Special Task Force is all over the place and we have brought some sanity in the handling of the national currency. People are still committing the crime, I am aware of that. This year alone, we have procured over 50 convictions on it.”
This is as the commission said it has summoned a Nigerien national, Ibrahim Mohammad, his family, and other guests, over alleged naira abuse at his wedding to Amina Babagana Zannah, in Kano.
The invitation follows a viral video depicting individuals spraying naira notes at the event, drawing public attention and backlash as part of the agency’s ongoing campaign against currency abuse.
Worthy of note is also the ongoing ordeal of popular cross-dresser, Idris Okuneye popularly known as Bobrisky, who is being prosecuted for naira abuse and other offences.
Speaking further, Olukoyede said ensuring that the commission runs on the wheels of ethics and staff integrity, the EFCC would continue to be transparent in its operations.
“I take the issue of ethics very seriously and I have had cause to dismiss a number of workers on account of it, even as recently as two weeks ago.
Upon my assumption of office in the EFCC, I declared my assets and encouraged all others to do the same”.
Speaking on the records of achievements, he said “I am sure you must read the record of our modest achievements in the last year, particularly in the area of recovery. If you are fighting financial crimes, and you don’t make asset tracking and recovery one of the key issues that you have to embark on with all seriousness, you may not be able to go far.
“I say this because when the perpetrators of these crimes still have access to the proceeds of the crime, they can go to any extent to fight you.
“We are happy to report to you that in the last year, we have done close to N250 billion and several tens of millions of dollars and also quite a number of real estate across the country in asset recovery.
“Within the last year, we have secured close to 3,500 convictions. Some of these convictions are high profile, not minding what some people are saying. When you approve the annual report that we have sent to you, then we can publish it on our website”
Reacting to criticisms of the Commission in some quarters for devoting time to fight cybercrime, the EFCC boss declared that he can’t take his eyes off cybercrime because it constitutes economic sabotage and inflicts reputational damage on the country.
“You are also aware that upon my assumption of office, I identified economic sabotage as a major problem. There is no financial crime that is too small to investigate and prosecute and no one is too big.
“If you refuse to do the small one today, tomorrow they will become big. So, people should stop criticising us for investigating and prosecuting cybercrime.
“Some of these criticisms are coming from legal minds, people who should know better. A crime that has made us lose over $ 500 million in one year and somebody said we shouldn’t do it? You present your Green Passport on a global arena and they mark you out for profiling.”