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The ECOWAS Court of Justice has ordered the Federal Government to pay ₦10 million in compensation to Glory Okolie, a Nigerian student, for her unlawful detention and maltreatment by the police.
Delivering its judgment on Thursday, November 21, 2024, the court also directed the government to implement measures to prevent future human rights violations.
Okolie was arrested on June 13, 2021, and detained without judicial authorization. During her detention, she was reportedly denied legal representation, subjected to forced labour, and physically abused.
The case, filed by Okolie alongside the One Love Foundation and the Incorporated Trustees of Behind Bars Human Rights Foundation, argued that these actions violated provisions of the African Charter on Human and Peoples’ Rights and the Revised ECOWAS Treaty.
In its defence, the Federal Government claimed that Okolie was associated with the proscribed Indigenous People of Biafra (IPOB) and argued that her detention was necessary for national security.
However, in the ruling, Justice Ricardo Gonçalves stated that Okolie’s prolonged detention without judicial oversight breached her fundamental rights to liberty and a fair trial as enshrined in Articles 6 and 7 of the African Charter.
“The court found her treatment to be a clear abuse of human rights,” the judgment read.
The court ordered the government to pay ₦10 million in damages, cease all forms of harassment against Okolie, and introduce safeguards to prevent similar violations in the future.
The two co-applicant NGOs were not awarded damages due to procedural issues, the court noted.
The three-member panel presiding over the case included Honourable Justice Ricardo Cláudio Monteiro Gonçalves, Honourable Justice Sengu Mohamed Koroma, and Honourable Justice Edward Amoako Asante.
The Ogun State Police Command has arrested a 25-year-old man, Bukola Olabode, who allegedly defrauded Point of Sale operators and residents of Ihunbo in the Ipokia Local Government Area while impersonating a police officer, Punch Metro reports.
Our correspondent learnt on Thursday that residents apprehended the suspect on Tuesday, and subsequently handed over to officers of the Nigerian Security and Civil Defence Corps, who later transferred him to the police at the Idiroko Division.
The Ogun State Police Command revealed to PUNCH Metro that the suspect’s modus operandi involved wearing a police camouflage shirt paired with jeans to execute fraudulent transactions using PoS machines.
The suspect met his Waterloo when he attempted a similar fraudulent act at the PoS stand of an operator named Mary Midoyin.
When his deception was discovered by the operator, the suspect was said to have fled the scene.
PUNCH Metro however gathered that the residents pursued him, leading to his eventual capture.
Odutola said, “The suspect was dressed in a police camouflage shirt, cap, and jeans when he committed the crime. Upon realising his cover had been blown, he quickly made a fake transfer to Mary Midoyin, a PoS operator, and collected N60,000 before fleeing the scene.
“Residents pursued and apprehended the suspect, handing him over to the NSCDC office in Ihunbo before he was transferred to the Idiroko Police Division. He has since confessed to defrauding PoS operators in the community.
“A Samsung phone, a black Itel phone used for the fraud, and a police constabulary warrant card were recovered from the suspect. Additionally, a round-neck T-shirt was found in his possession. He has since been detained.”
In a similar case reported by PUNCH Metro in 2022, a 38-year-old man, identified as Akinyemi Thomas, was arrested for allegedly impersonating a police officer.
The suspect was apprehended on Thursday while wearing a full police camouflage uniform beneath the bridge on the Lagos-Ibadan Motorway.
Caution Ganduje Over Threat Of Using APC Trademark Of Rigging To ‘Take Over’ Osun, Oyo – PDP Tells Tinubu
AFOLABI
The Southwest chapter of the Peoples Democratic Party (PDP) has slammed the National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, over a threat to ‘take over’ Osun and Oyo states in the forthcoming electoral processes.
Recalls that Ganduje, while speaking in Akure on Sunday following the victory of Ondo State Governor and APC candidate, Lucky Aiyedatiwa, had said, “Our next target in the South-West geopolitical zone is Osun and Oyo states. You know we are good at hitting our targets. We will do whatever is necessary to bring them into the fold so that we can gain more political opportunity in the South-West.”
Reacting to Ganduje’s statement, the PDP Southwest Executive Council, in a statement issued in Ado Ekiti on Thursday, by the party’s Zonal Publicity Secretary, Sanya Atofarati, urged President Bola Tinubu to caution Ganduje over the threat.
Atofarati said, “The PDP urges President Bola Tinubu to rein in the unwarranted threats made by APC National Chairman Ganduje to manipulate the electoral process in Ekiti, Osun, and Oyo states, using the APC’s trademark of rigging.
“We affirm, without equivocation, that Ganduje lacks the moral authority to speak on matters of credibility or democracy.”
The party also expressed disappointment in the Independent National Electoral Commission (INEC) over the poor conduct of the Ondo governorship election.
PDP alleged defects in the Bimodal Voter Accreditation System and delays in the arrival of election materials in their strongholds and urged the Inspector General of Police, Kayode Egbetokun, to investigate claims of misconduct by security personnel during the election.
He said, “We call on the Inspector General of Police to uphold the integrity of his office by investigating these allegations and ensuring that those responsible face justice.”
The PDP commended the efforts of Oyo State Governor, Seyi Makinde, Osun State Governor, Ademola Adeleke, and the party’s national leadership for their support before, during, and after the Ondo election.
The party further urged its members to remain law-abiding despite alleged intimidation, assuring that it would explore all legal avenues to seek justice.
The Economic and Financial Crimes Commission, on Thursday, arraigned, three men Saka Olubamishe, Omogoye Olusegun and Olumuyiwa Adesina, before the Ikeja Special Offences Court for allegedly obtaining N29,386, 500, under pretence of transferring dollar to Copart Auto Auction in America.
The defendants, who were arraigned before Justice Olubunmi Abike-Fadipe, are facing three counts bordering on conspiracy, stealing and obtaining preferred against them by the EFCC.
The anti-graft agency’s prosecuting counsel, B. M. Isha, told the court that the defendants committed the offences sometime in July 2023 in Lagos.
Isha told the court that the trio conspired amongst themselves and fraudulently converted the sum of N29, 386, 500, property of Awolaja Sherri Ajibola and Akintoye Ganiyu, to their use.
The prosecutor said the defendants allegedly defrauded the victims by obtaining the cumulative sum of N29, 386, 500, under the false pretence that they had the dollar equivalent of the said sum at the rate of N750 per dollar to transfer to Copart Auto Auction in America which pretence they knew was false.
According to the prosecutor, the offences committed contravened Sections 411, 280(2), of the Criminal Laws of Lagos State 2015, 1(1) (a) and 1(3), of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
However, the defendants pleaded not guilty to the charges against them.
Given their plea, the prosecutor, Isha, prayed to the court for a trial date.
But, counsel for the defendants, S. T. Ladokun, S. A. Oseni and T. F. Makinde, informed the court about the pending applications for bail on behalf of their clients and pleaded with the court to grant them bail in the most liberal terms.
Consequently, Justice Abike-Fadipe granted them bail in the sum of N10, each with two sureties each in like sum.
The judge said the sureties must show evidence of tax payment to the Lagos State Government.
She adjourned the case to January 23, 2025, for the commencement of trial.
The Arewa Consultative Forum (ACF) has suspended its National Chairman, Mamman Mike Osuman over an unauthorized statement.
The Forum announced the development in a statement issued by the Chairman of ACF Board Trustees, Bashir Muhammad Dalhatu and National Secretary, Murtala Aliyu on Thursday.
ACF said, “In particular, Mr. Osuman was quoted as saying that the North will back a northern candidate for the presidency, come 2027.”
The statement noted that “Our attention has been drawn to widely reported statements credited to Mr. Mamman Mike Osuman, SAN, OFR, Chairman, ACF National Executive Committee (NEC), which were made during the meeting of the NEC, held on Wednesday, November, 2024, at ACF Headquarters, Kaduna.
“The statements were made by the NEC Chairman without consulting or discussing with other leaders and members of the ACF and thus, reflected Mr. Osuman’s personal opinion only.
“ACF rejects Mr. Mamman Mike Osuman’s statements in their entirety. For this reason, the leadership of the ACF’s Board of Trustees (BOT) and that of its NEC has decided to place Mr. Mamman Mike Osuman on suspension with immediate effect.”
The statement declared, “A Committee has been constituted for further investigations.”
Your Government Is Partial To Northerners, You Only Carry Igbos Along – Arewa Chair Slams Fubara
Meanwhile, the Chairman of the Arewa Consultative Forum in Rivers State and Southern Nigeria, Musa Saidu, has expressed disappointment over the non-representation of northerners in the state.
He lamented that northerners were not represented in the recent appointment of commissioners, with an Igbo man from Abia State being the only non-Rivers State indigene on the list.
Speaking in an interview with The Guardian, Saidu condemned the persistent marginalization of Northerners in the state, and called on Governor Siminalayi Fubara to reverse the trend and ensure inclusivity in his government.
The Northern leader criticized Fubara’s government for being “entirely partial” against Northerners, accusing him of only favouring the Igbo community.
He said: “The biggest problem we are facing is because the government does not give us contracts. They pass through the Muslim community and these people in turn give us small.
“Since Governor Siminalayi Fubara held sway we have not benefited anything, we did not see rice, we did not see appointment and the marginalisation has continued from the Nyesom Wike era.
“We did not do bad to Governor Fubara. What we are seeing is that the policy of Wike has continued. We do not have any representative in the Rivers State Government House on behalf of the North.
“I am the only Elected leader and head of the Traditional Council. What I am saying is that the marginalisation has continued.
“We are calling on Fubara to reverse the marginalization of the Northerns in Rivers State and I have reported this matter to Chief Edwin Clarke that we are still marginalized.”
He called on the Governor not to, by his actions, create a divide in the Northern community, accusing him of sowing “deep animosity” amongst them.
“I am also calling on the governor not to divide our people. We did not stop the governor from appointing Commissioners but he should not do that on behalf North community without meeting the legitimate leadership.
“Until we see the governor and sit with him because we feel that the Governor is not running an all-inclusive government, his government is entirely partial against Northerns. He is only carrying the Igbos along because if he puts an Edo man I would have hope.
“Our position is that we are supporting him as governor because if Rivers State progresses we will progress,” he added.
The Corporate Affairs Commission (CAC) has officially delisted companies that failed to file their annual returns for the past 10 years from its register.
The commission had earlier announced, on July 25, plans to remove dormant companies from its database, granting a 90-day grace period for non-compliant entities to take corrective action.
In a statement issued on Wednesday, the CAC confirmed it has struck off the names of companies that did not update their records despite the notice.
“The general public may recall that the commission issued a notice of intention to strike off names of companies that are believed to be dormant or not conducting business due to their failure to file annual returns for 10 years,” the CAC stated.
The commission emphasized that companies were given a statutory 90-day period to comply by submitting the necessary annual returns and sending an activation email toactivation@cac.gov.ng. Those who adhered to the advisory have been retained on the register, while defaulters were delisted.
Acting under its powers granted by Section 692(4) of the Companies and Allied Matters Act No. 3 of 2020, the CAC published the list of dissolved companies on its website (www.cac.gov.ng).
According to The Cable, the delisted companies are considered dissolved as of the date of publication, and the CAC warned that any transaction or deal with such entities is illegal.
Some of the delisted companies include:
Jolly Food Ind. Ltd
Dantama Biscuits Factory Ltd
Honeycrown Manufacturing Company Limited
Havila Gold Nigeria Limited
Print Express Limited
Hydeson and Avilson Nig Ltd
Innoson “Vinod” International Limited
Apapa Sea Stores Limited
Citigate Limited
Mutbish Guards Security Company Limited
Safol Integrated Ventures Limited
Eko Foods Limited
Myers Klein & Goldsmith Ltd
De-Luxe Colour Productions Limited
Marina Investment Limited
Dunlop Nigeria Industries Sales Limited
Mitsubishi Shoji Kaisha Limited
Other affected companies can be found here.
The Ogun State Command of the Nigeria Security and Civil Defence Corps has narrated how eight teenagers allegedly gang-raped and filmed a 14-year-old girl in the Ijebu-Mushin area of the state.
The narration was contained in a statement signed by the command’s Public Relations Officer, Dyke Ogbonnaya, and obtained by PUNCH Metro on Thursday.
Ogbonnaya narrated that the suspects, which included 17-year-old Mathew Omotayo and seven others had taken the victim to a secluded room and had canal knowledge of her without her consent.
He added that the suspects also recorded the scene of the act and had continually used it as blackmail to deter the victim from reporting the incident.
He identified the other suspects as “Mojeeb Solomon, male, 16 years; Olamilekan Adefuye, male, 18 years; Damilola Ismail, male, 19 years; Emmanuel George, male, 17 years; Aborisade Paul Ayomide, male, 17 years; Paul Chukwuchebe, male, 19 years; and Lateef Adeoye, male, 16 years.”
Ogbonnaya said, “The Nigeria Security and Civil Defence Corps, Ogun State Command Headquarters, Abeokuta, has arrested one Matthew Omotayo, male, 17 years and seven other suspected teenagers for alleged conspiracy, sexual abuse, unlawful sexual intercourse, exploitation and assault of a 14-year-old minor (name withheld) at the Ijebu-Mushin, Ijebu East Local Government Area of Ogun State on Friday, November 15, 2024.
“The alleged suspects, who claimed to be students of St. Anthony Grammar School, Esure, Ijebu-Mushin, Ijebu East Local Government Area of the state, took the said minor without consent to a secluded room and had violent sexual intercourse with her and putting the same event in a video form.
“According to the narrative of the assaulted minor, she was sexually abused the first time and was recorded and the alleged suspects threatened to upload the video on social media if she did not allow them to have her again which she also consented to until her resolved to report the matter to the Nigeria Security and Civil Defence Corps Divisional Office at Ijebu-Mushin, Ogun State.”
The NSCDC PRO noted that the victim, however, reported the matter after she was allegedly beaten and verbally assaulted by the suspects.
He added that the victim’s statement led to the arrest of the teenagers while the victim was made to undergo a medical examination.
Upon conducting a preliminary investigation, Ogbonnaya noted that the command sought a remand order which was granted by a magistrate court sitting in Ijebu.
He continued, “The results of the investigations culminated in the application for a remand order by the state command’s legal officer through the Magistrate Court in Ijebu-Mushin, Ogun State.
“Upon the presentation of the matter by the prosecution counsel with several pieces of evidence, the court ordered a 60-day remand of the eight suspects after which the directives of the Department of Public Prosecutions on the matter should have been out.
“The Hon. Magistrate Sotayo granted the prayer of the civil defence legal officer to remand the suspects pending the outcome of the advice from the DPP, and he thereafter adjourned the matter to January 20, 2025.”
Reacting, the Ogun NSCDC commandant, Remilekun Ekundayo, stressed that the command would not tolerate abuse of minors while noting that perpetrators of such acts would be dealt with.
“Commandant Ekundayo has noted that the Corps will not tolerate any act of abuse on the girl child nor a minor either by teenagers, caregivers, guardians, and/or parents.
“She emphasised that anyone caught in such an indecent act would be dealt with decisively according to the dictates of the law,” Ogbonnaya concluded.
The House of Representatives is currently advancing a bill aimed at eliminating the disparity between Higher National Diploma (HND) holders and Bachelor’s Degree (BSc) holders, according to Speaker Rt. Hon. Tajudeen Abbas.
Speaking on Thursday at the 36th convocation ceremony of Yaba College of Technology (YABATECH), Lagos, Abbas, represented by Hon. Fuad Kayode Laguda, the Speaker emphasized the importance of promoting vocational and technical education in the country.
Abbas stressed that increasing the funds allocated to these sectors is essential for driving technological progress and raising the nation’s profile.
He also pointed out that the bill being worked on would make it a criminal offense to discriminate between HND and BSc holders, ensuring equal opportunities for all.
“We know the importance of education and what the country would gain by promoting vocational and technical education. The country needs people with the skills needed to take it to a higher level. Those who are going to raise the nation’s profile technologically. In view of that, we are increasing funds to the sector.
“Also, we are taking steps by working on the necessary legal framework to criminalise the dichotomy between HND and BSc certificates. There should be equal opportunity for all,” he said.
The Speaker further urged the graduating students to seize every opportunity to make a positive impact in the world, acknowledging that they have a crucial role in the nation’s advancement.
During the ceremony, Nigeria’s First Lady, Mrs. Remi Tinubu, also honoured as a Fellow of the College, expressed her firm belief in the transformative power of education.
She recounted her efforts in founding the New Era Foundation in Lagos to support educational initiatives.
Represented by Hon. Wahab Alawiye King, Mrs. Tinubu announced a N50 million Endowment Fund for YABATECH, aimed at supporting the best female graduates.
She stressed the importance of removing barriers to the education of girls and making life easier for the younger generation, as they hold the country’s future.
“The Fund is to support female best-graduating students. We need to support education and we should support the education of the girl child and remove all the barriers on her path. Even when I was in the Senate, my focus was on how to make life better and easier for our young ones. They are our future,” she stated.
Dr. Suwaiba Said Ahmed, Minister of State for Education, read a speech on behalf of President Bola Tinubu, highlighting the steps his administration has taken to improve the education sector, including the introduction of a student loan scheme and the ongoing needs assessment of tertiary institutions.
He encouraged the graduates to be exemplary ambassadors of their alma mater.
In his welcome address, the Rector of YABATECH, Dr. Ibraheem Abdul, reflected on the institution’s 77 years of contributions to Nigeria’s education sector and called for support from individuals and corporate bodies to replace and upgrade aging facilities on campus.
The Chairman of the Governing Council, Prof. Funso Afolabi, commended the College’s management for the significant strides they have made since assuming office.
Kano State Governor, Abba Yusuf, on Thursday, handed over 76 minors arrested during the August #EndBadGovernance protests to their parents.
Represented by his Chief of Staff, Shehu Sagagi, the governor oversaw the handover at the Muhammadu Buhari Specialist Hospital, where the children had been accommodated and treated for ailments they suffered during their remand.
The minors were arrested following their participation in the protests that highlighted governance concerns in the state and across the country. Their release followed an order by President Bola Tinubu.
Governor Yusuf expressed gratitude to the president for his intervention and called on parents to support the state’s efforts to provide quality education for their children.
“I want to call on parents to complement the government’s efforts towards ensuring these children are properly educated to enable them to contribute towards the development of the state and the country.
“Both the Federal and state governments have to also wake up to ensure that our children are educated,” Yusuf said.
He warned the parents who have an association to desist from using it to solicit any financial assistance from any individual, group or organisation, as the state government would not condone such an act.
The governor assured the parents that the state Commissioner for Education would ensure that the children are given the necessary support to return to their respective schools.
In his remarks, the state Commissioner for Education, Haruna Doguwa, said one of the protesters, who is a final-year undergraduate, would be supported in completing his studies. At the same time, another one who holds a National Certificate in Education would be employed.
“We have provided (cambus) shoes, two sets of uniforms for the 50 others to be supported to complete their secondary school education,” he said.
On his part, the state Commissioner for Health, Dr Abubakar Yusuf, said all the sick minors had been treated during the period of their stay at the hospital.
“The 76 minors who had been accommodated in this facility, underwent a medical evaluation and received necessary treatment before being reunited with their families today,” he said.
A cross-section of parents who spoke to newsmen commended the state government for the gesture and thanked all those who contributed to ensuring the children’s release.
During the occasion, former Sokoto State Governor Attahiru Bafarawa donated N50,000 to each of the children in support of their education.
The National Agency for Foods, Drugs Administration and Control (NAFDAC) has dismantled illegal alcohol centers in Abule-Osun, Lagos State.
NAFDAC, during the operation at Article Market, Abule-Osun, confiscated 50,000 counterfeit branded labels and packaging materials for fake alcoholic beverages, valued at ₦2 billion.
In a statement on Thursday, NAFDAC said the items were being used to produce hazardous alcoholic drinks.
“NAFDAC has dismantled illegal alcohol packaging operations at Article Market in Abule-Osun, Lagos State.
“During the raid, over 50,000 counterfeit branded labels and packaging materials for fake alcoholic beverages, valued at approximately ₦2 billion, were confiscated. These items were being used to produce unapproved and hazardous alcoholic products.
“NAFDAC warns about the severe health risks of counterfeit alcohol, including poisoning and organ damage. Consumers are advised to purchase alcoholic beverages only from trusted vendors and report any suspicious activities to the nearest NAFDAC office,” it read.
Naija News reports that NAFDAC on Wednesday also uncovered a warehouse in Oke-Afa, Okota, Lagos, stocked with unregistered and expired supermarket items.
Over 14 rooms packed with unregistered and expired products, some of which were contaminated by rats, indicating poor storage conditions, were confiscated. The agency also confiscated a 20ft container filled with unregistered carbonated drinks meant for the warehouse.
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A former Director-General of the Labour Party (LP) Presidential Campaign, Doyin Okupe, has said that the opposition’s claim of a stolen mandate in the 2023 election does not hold water.
He argued that there might have been possibility of rigging, but no presidential mandate was stolen from the opposition.
Okupe shared his thoughts in a statement on Thursday in Lagos.
He wondered how Peter Obi was able to win in Tinubu’s home base if the election was indeed rigged.
Okupe said, “If Peter Obi (2023 LP presidential candidate) or the Labour Party says APC rigged elections, how come Obi was able to win in the home base of President Bola Tinubu?
“How come APC lost the election in the home base of the sitting president (Muhammadu Buhari)? How come APC lost the election in the home base of the secretary to that government?
“So, the accusations about rigging do not hold water; they do not hold water at all.
“The truth of the matter is that under the best of conditions, the results we got may not have been the exact results, but they will have that ratio.
“I was in the Labour Party; we couldn’t have done better than we did. I know that for some reasons, but that is a discussion for another day.”
According to him, the opposition PDP and LP appear to be unrealistic with their accusations that “the presidency was stolen.”.
Okupe added, “There’s nothing like that. No presidency was stolen. I am not saying there was no rigging.
“There was no election that we have done in Nigeria since 1960 till date that was not rigged one way or the other. Not one.
“Perhaps an exception was MKO Abiola’s election because of the unique nature of the voting pattern. You know it was Option A4; people were counted. Apart from that, every other election was rigged.”
Okupe, who expressed strong belief in Tinubu’s reforms, said that the president’s policies would begin to yield results from the second year of his administration.
The former LP chieftain said that Tinubu had impressed him not only as a politician but as a technocrat: “a man that is capable of deep thinking.”
He said that Tinubu had development ideologies and policies at his fingertips. “This thing, you don’t learn it. It’s a gift.”
The 72-year-old politician said that Tinubu was like the late Premier of the defunct Western Region, Chief Obafemi Awolowo, with great ideas about public policies.
Describing Tinubu as a reformer, Okupe said it was “total nonsense” to say that the president came to the office without a plan.
Former Nigerian model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up on her sudden disappearance from the public after coming to the limelight.
Recalls that Olajumoke became a social media sensation in 2016 after accidentally walking into a photoshoot featuring British rapper, Tinie Tempah, photographed by Nigerian photographer, TY Bello.
In an interview with City FM, Olajumoke shared a heart-wrenching ordeal about domestic violence from her husband, Sunday Orisaguna.
She revealed that their marital challenges began while they were still in Ire, Osun State. She cited her mother-in-law’s mistreatment and Sunday’s alleged physical abuse as major contributors to her ordeal.
She said the physical abuse continued despite their relocation to Lagos state and persisted even as her career blossomed.
Olajumoke admitted that societal pressures and the stigma of separation, especially as a mother of two, kept her silent about her struggles for a long time, adding her ex-husband worked to tarnish her reputation and that of her supporters.
She said, “What I am saying now, I have never said it out before. Even when I met TY Bello and I told her that I had a husband, my friend was furious when she found out. She was like I do not have sense, why would I say someone who beats me is my husband? I had to explain that I had to say that because I have children. That was how he came to Lagos. Even in the house that was rented for me in Surulere, he would still beat me up.
“I did not even tell TY Bello what was going on. I could not even admit that we were not married. I am a very gentle person so I did not tell anyone what was going on, I was enduring all of it. Sometimes when he goes out to drink, because he is someone to have a good time, when he gets back and a minor misunderstanding happens, he would start beating me again. It is almost four years since we separated.
“While he was beating me, he did not have a job. I was the one who would go out to hustle for us because I did not want my children to suffer. He would just stay at home and sleep or go out to drink. I did not even disturb him from doing these things, I just wanted him to stop beating me. Then he also started monitoring me when I went to work. If I go for photoshoots, sometimes I come back very late. He would accuse me of sleeping around with other men.
“So I decided to finally leave him. It got so bad that he would even start insulting my parents. It was when I separated from him, that was when everything started going down the drain because he started spoiling my name. All those who had helped me then, he started saying bad things against them. Since then, things started going down.”
President Bola Tinubu has decried that his economic reforms weakened Nigerians’ purchasing power; he promised to prioritize social investment programmes to help the most vulnerable.
President Tinubu stated this on Wednesday night in Rio de Janeiro, Brazil, when the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, paid him a courtesy call on the sidelines of the G20 Leaders’ Summit.
A statement by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed that “While acknowledging that the reforms had weakened Nigerians’ purchasing power, President Tinubu said his administration will continue to provide social safety nets to cushion the unintended consequences”.
Congratulating the IMF Chief on her election for a second term in office, President Tinubu appreciated her support in implementing the reforms, calling for more institutional backing for stability and sustainable growth.
He emphasized the critical need for educational access, stating “We have too many children out of school, and we know that education is a way out of hunger and poverty. That is why we are designing ways and incentives to keep these children in school, and we need your support for these kids who want to stay in school.”
President Tinubu stressed that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
The President further noted that Nigeria is working on tax reforms to stimulate the economy further.
“We are engaging stakeholders and sensitizing Nigerians to expand the economy’s tax base for inclusive developmental growth. We are doing this without necessarily increasing the taxes on our people who have already given a lot. We will require your support on this,” he appealed.
In her remarks, the Managing Director, who expressed a desire to visit Nigeria, commended the Tinubu administration’s economic reforms and their positive indicators.
She assured the President of further support in diversifying the Nigerian economy. She specifically lauded the social investment programmes as a way of cushioning the effects on the most vulnerable and promised the assistance of the body in this regard.
Contrary to popular perception, she said that the IMF is focused on developing vulnerable societies and devoting substantial resources to emerging economies.
The managing director expressed the Fund’s readiness to offer technical support for the budgeting process, adding that it will assist Nigeria in achieving the best possible results from loans.
Georgieva said the world had suffered some shocks from the pandemic that caused damage to world economies. Over the last two years, the IMF has injected about $1 trillion into the world economy.
While the developed countries managed the shocks better, the developing nations did not do so, she noted. She said the IMF is working with developing countries to build resilient institutions to better manage future global economic shocks.
She stressed that it is the right of every country to benefit from the Fund after a critical analysis of its priorities.
The IMF Managing Director informed President Tinubu that the organization’s Executive Board has approved the 3rd Chair for Sub-Sahara Africa (SSA), enhancing the African voice.
She congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August. Georgieva also advocated for deepening regional economic ties, ensuring the IMF is ready to support this process.
Bitcoin, the flagship cryptocurrency has hit a new all-time high of $97,836 taking a step closer to fulfilling the prediction of analysts that the crypto asset will hit $100,000 before the end of the year.
Bitcoin in the early hours of Thursday morning surged to a new all-time high of $97,836 before cooling off to $97, 073 at the time of this report.
Bitcoin has surged by 4.1% in the last 24 hours with its market capitalization pumping to $1.9 trillion. The primary crypto asset maintains a 57.9% dominance over other crypto assets with its daily trading volume breaking the $85 billion threshold.
Bitcoin’s bullish rally has led to an opening on the popular prediction site Polymarket on whether the crypto asset will reach $100,000 before December.
The bullish rally also led to the Global market capitalization of all crypto assets hitting $3.3 trillion.
Reason Behind the Surge in Bitcoin Price
Bitcoin’s surge in price is a result of many collaborating factors with the most significant being the victory of Donald Trump in the Polls. The self-acclaimed Crypto president made a big case for his love for cryptocurrencies during the election campaign mulling plans to set up a strategic Bitcoin reserve if elected as president.
- Bitcoin smashed its several months All time high after his election victory kickstarting a bull run with a ripple effect across the market.
- Aside from Donald Trump winning the election, Pro-crypto politicians also dominated the U.S. House of Representatives and the Senate, leading to the expectations of crypto-friendly regulations with Trump’s second term.
- Another key factor behind the surge in Bitcoin is the launch of the spot BTC exchange-traded fund options in the US.
- Blackrock’s IBIT was the first investment product to get the green light from the US Securities and Exchange Commission.
The new spot BTC options are expected to increase the demand for digital gold as investors could manage their investment risks.
Finally, a third factor for the Bitcoin surge was revealed by Ki Young Ju the CEO of the market analysis platform Crypto Quant. He revealed that the surge is also driven by strong whale accumulation and over-the-counter deals mostly by institutions, not individuals.
The bitcoin halving which also took place played a key role by demanding a price rally for miners to remain profitable.
What to Know
- Donald Trump pledged to make America the world leader in cryptocurrencies if elected. His election victory is already shaking up things in the US Securities and Exchange Commission with Gary Gensler expected to step down soon.
- Memecoins remain the biggest performers of the bull cycle with Dogecoin, PNUT, and Chill Guy grabbing the deadlines for incredible surges over the past weeks.
[Nairametrics]