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Former Chief Security Officer to the late military head of state, General Sani Abacha, Major Hamza Al-Mustapha (retd), has called on Nigerian youths to use their voter cards to unseat bad leaders.
Al-Mustapha spoke in Abuja on Monday at the commemoration of the International Youth Day Celebration 2024 by the Social Democratic Party, SDP.
Al-Mustapha accused politicians of being disconnected from the people.
He said: “They’re not connected to the villages and do not know how the councils and local governments functioned before and that is why the LG system was crippled.
“This is part of the crisis the federal government is trying to handle today. If the LGs were functioning, we would not have the food supply chain cut off because the foods are being produced at the community and LG levels.
“Today, insecurity, kidnapping, barbarism and the failure of leadership have crippled our communities. They cannot even farm. The crop of leaders from 1999 who are not career politicians queued in and hijacked the system and this is the only reason a governor will tell you that the state resources belong to him and say, ‘It’s my money’.
"This situation, we have the capacity to change it and we can change it through only one way. In a democracy, the day of the election is the day of coup and the weapon for coup is your fingers. You change bad leaders by voting them out, not with guns.
“And then, all of you here, you have your weapons, you have your guns – your fingers. Now, if you don’t use it, who would you blame? People rig elections where they’re not popular. Nobody will rig if you cast your votes and work together to protect them. I’m happy that the era of rigging is gone.
"If you see millions of youths on the streets, you will assume that the world is coming to an end. You can’t afford the injustices in Nigeria that have kept us where we are today.
"I read the recent report released by the MBS; our judges are the most corrupt judges in the world. Get your PVC. That is your greatest weapon. Don’t be deterred. Don’t let anyone intimidate you. This is our country.”
A man simply identified as Musa has been apprehended in the Amuloko area of Ibadan, Oyo State capital, with a fresh human skull of an unidentified woman.
Residents, suspicious of his unusual behaviour, confronted him and demanded to see the contents of a sack he was carrying.
Upon inspection, they discovered a human skull inside.
Sharing the video of the suspect on X.com on Monday, OyoAffairs wrote, “Man caught with a fresh human head earlier today in Amuloko area of Ibadan. He has been handed over to the police.”
During questioning, Musa revealed that he is part of a syndicate that deals in the sale of human body parts.
He has been handed over to the police for further investigation and prosecution.
Media
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— Punch Newspapers (@MobilePunch) August 13, 2024
A man simply dentified as Musa has bern apprehended in the Amuloko area of Ibadan, Oyo State capital, with a fresh human skull of an unidentified woman.
Residents, suspicious of his… pic.twitter.com/WzDGINyjA0
Vegetables N50, pepper N100; garri N700 - Ekiti Oba Slashes Food Prices, Bans Traders’ Associations
AFOLABI
The Ewi of Ado Ekiti, Oba Rufus Adejugbe, has cancelled various traders’ associations in markets in Ado Ekiti, the Ekiti State capital, intending to remove their undue control of prices and ensure farmers have direct access to traders.
Oba Adejugbe, who also ordered traders in the markets not to sell their foodstuff beyond stipulated prices, said the steps were necessary to regulate the high prices of foodstuff in the state capital.
The monarch, leading the Ewi-in-Council, gave the directive in Ado Ekiti on Monday during a meeting with the leadership and some members of the market women association, warned of sanctions for anybody who flouted the directives.
The Ewi-in-Council, which noted with dismay the reports from members of the public on the heartless attitudes of most of the traders leading to high food prices, said the directives were to correct the trend.
The Council, at the meeting, directed that henceforth “vegetables should not be sold more than N50; pepper, pepper N100; garri N700; while kilogramme of meat should be reduced to N4,500.”
Oba Adejugbe said, “Reports have it that traders, under the aegis of the associations, hide under middlemen to inflate the prices of goods such as tomatoes, pepper, vegetable, palm oil, locust beans, meat, garri, among others by dictating prices to the farmers that brought them to the markets for sale.
“We have taken these steps to make life bearable for residents of the town. I hereby direct the leadership of traders in the market to effect the directives. Chiefs will continue to monitor marketplaces to ensure strict implementation and sanction defaulters.
Catholic Bishops Conference of Nigeria, CBCN, has appealed to the federal government to listen to the yearnings of the masses and take a holistic review of it’s economic policies and programmes to take Nigerians out of the multi-dimensional poverty situation they are currently enmeshed in.
President of CBCN, Most Rev. Lucius Iwejuru Ugorji, who made the appeal while delivering a homily during the ordination of 11 priests at Maria Assumpta Cathedral, Owerri, linked the depressing poverty level in the land to the withdrawal of fuel subsidy and floatation of the naira.
He said: “The President of any country ought to be a listening and compassionate leader. I don’t want to talk about the hunger protest in detail but we cannot continue to keep quiet.
“Credible reports have it that the protest has claimed so many lives and caused properties worth millions of naira, to be destroyed or looted. We do not know how many people that will die in the days ahead, if the protest continues.
“In protesting, the people were just exercising their constitutional right by assembling and expressing their feelings of anger and concern over bad governance in the country.
“It is obvious that people do not only march on the streets to express their anger, but also engage in other actions. Indeed, it remains a truism that action speaks louder than words.
“Despite all petitions and pleas, our young people decided to go to the streets to say they are dying of hunger and hardship. It is a very serious matter and government should see it as such. The protesters, by their actions, also demanded attentive listening to what they are saying.
“To listen to what the youngsters are saying, government should rely on the prevailing amount of rising prices of everything needed for living.”
Taking a critical look at the free fall of the nation’s currency, Archbishop Ugorji said: “This is another of President Tinubu’s economic policy that has sadly degenerated to hyperinflation.
“Floating of the nation’s currency amounts to devaluation of the naira. The President removed fuel subsidy and surreptitiously devalued the naira.
“He devalued the currency used in paying workers and still want the workers to continue to work at the same amount that was agreed when the naira had a higher value.
“When the President removed petroleum subsidy, he should have been aware that it will come with ugly consequences because everything revolves around transportation.
“Government ought to have known that production of goods and services largely relies on fuel. Currently, the prices of everything have risen astronomically and people have been reduced to multi-dimensional poverty. Simply explained, poverty means not having access to what you need to survive each day.”
Stretching the argument further, the CBCN President opined that “food may be available but definitely not affordable.”
He said: “In this day and age, people can no longer afford things they are used to and the standard of living has drastically reduced to zero per cent.
“I am adding my voice to the voices of those who have already called on the President to address the demands of the young people, for peace to reign.
“If government says they are listening to the people, then it should immediately address these problems.
“We are also told that government is trying to cushion the effect of the current hardship by distributing palliatives and remittance of money into people’s bank accounts. I don’t know how many people that have received it.”
The family of late Nigerian singer, Ilerioluwa Oladimeji Aloba, popularly known as Mohbad, has kicked against plans to mark the anniversary of the late musician.
Mohbad died on September 12, 2023, at the age of 27, with the circumstances surrounding his death still lingering.
A statement signed by a member of the family’s legal team, Monisola Odumosu, urged organisations and individuals planning to celebrate Mohbad’s first anniversary to suspend the ideas.
The family said they would rather mourn Mohbad in peace as it does not seek to reopen old wounds.
According to the family, some individuals and organisations might plan to use Mohbad’s memory for commercial purposes.
The statement reads, “It has come to the attention of the Aloba family that some organisations have been planning to celebrate the first anniversary of the death of our late son and singer, Ilerioluwa Oladimeji Aloba (Mohbad). The Aloba family wishes to appeal to such interest groups to suspend such ideas.
“It is no longer news that some individuals and organisations have been planning to carry out events to commemorate the late singer’s death.
“We will appeal to such persons and organisations to seek proper approval from the family before going on with such plans. The Aloba family would not wish the goodwill of their illustrious son to be employed for commercial purposes.”
The Nigerian stock market is up roughly 31% this year and is in a bull run despite the country’s tough economic climate.
Thanks to technology, investing in Nigerian stocks is more accessible and transparent.
A dozen or so listed businesses on the NGX have a market capitalization of at least N1 trillion, including Airtel Africa, BUA Cement, Dangote Cement, FBN Holdings, MTN Nigeria, BUA Foods, Seplat, GTBank, Zenith, UBA, Transpower, and Geregu.
NGX data also confirms that the wealthiest men in Nigeria—Aliko Dangote, Femi Otedola, Mike Adenuga, Jim Ovia, Abdul Samad Rabiu, and Tony Elumelu—have significant exposure to the Nigerian stock market.
Investing is key to growing wealth and keeping up with high inflation and the devaluation of the naira. Oando, priced at N5 a year ago due to regulatory issues and high debt, gained more than 70% this month to close above N44. Investors have made at least N15 trillion this year from their exposure to Nigerian equities.
The bullish momentum in Nigerian stocks is attributed to favorable financial outcomes and noteworthy policy decisions, including the elimination of fuel subsidies, the unification of exchange rates, the Central Bank of Nigeria (CBN) recapitalization policy, and the cessation of fund allocations to Bureau De Changes (BDCs).
How to Begin the Journey of Stock Investing in Nigeria
Brokers are designated to carry out buying or selling orders on behalf of investors. A licensed stockbroker is usually registered with the Nigerian Securities and Exchange Commission (SEC) and is a member of the Nigerian stock market.
When selecting a stock brokerage firm, it’s important to consider accessibility, affordability (as some require a minimum deposit to open an account), integrity and reputation, and the company’s status (active or inactive) with the SEC.
You will need an investor account. Retail investors are the only ones who can open personal accounts linked to their names. You will need to submit proof of identity, banking details (such as the BVN), a picture of your passport, the account holder’s signature, and, if it’s a personal account, the contact details of your relatives.
If you have a bank account, opening one takes less than a day. You can trade with some brokers online without visiting their physical offices because they have online trading platforms. Visit their app or portal of interest for additional information.
Holding Nigerian stocks under a regulated custodian is safe, though you should have a CSCS account attached to an investment account. If a regulated stock brokerage firm goes bankrupt, select another registered stockbroking firm to authorize them to take over your CSCS account.
Continue to Learn
Investing in the stock market requires perseverance, long-term planning, and in-depth knowledge of the NGX market cycle. Keep up with Nigerian political and economic developments that could affect the market. Profitability is not guaranteed.
Experts advise investing money you can afford to lose and being prepared for market swings. Keep learning as much as possible about the markets to advance your investment skills.
The Nigerian stock market has a shorter market cycle than the American stock market. You can’t just throw money in and expect miracles; that’s why knowledge is critical. Developing analytical skills and emotional intelligence is essential for long-term success. Diversification is a fundamental component of investing.
Diversification entails distributing your investments among various industries and businesses. Investments can be made in different economic sectors including consumer goods, healthcare, telecommunications, and finance.
A novice investor should consider the company’s market value. Although large-cap stocks, such as blue-chip stocks and Nigerian banks, are easily bought and sold, mid-cap and small-cap stocks have the potential for higher returns.
It is highly recommended to read books and other financial news-related materials, such as Bloomberg and Nairametrics, to learn more about Nigerian stocks and stay updated on market developments. Understanding market movements is easier if you know when and how they occur. Your strategy must incorporate risk mitigation techniques like negative balance protection.
Fundamental and technical analysis can also improve trading profits through informed investment decisions. You can determine the best time to exit a position and the degree of risk involved by knowing when earnings will hit the market. Check the stock chart two to three weeks before the anticipated earnings release date to see if the price is trending higher or recovering from a recent decline.
Here, you can decide how much to pay and, by taking a cautious stance, determine how many shares to purchase. Invest early and watch the price rise as the expectedly good earnings report brings about an increase in value. Monitor the daily movement of prices.
In conclusion, both novice and seasoned investors can find substantial investment opportunities in the Nigerian stock market. Making educated investment decisions can be achieved by learning the fundamentals of how the market works, understanding key players, exploring your options, and being aware of the risks. Never forget that it’s a good idea to do extensive research, consult with qualified/licensed experts, and keep up with industry developments.
[Nairametrics]
Professor Kingsley Moghalu said Tinubu’s response to leadership and members of The Patriots that he would look at their request to give the country a new constitution addressing the economic issues of the country was wrong.
Moghalu said only fiscal federalism which is lacking in the current 1999 Constitution (as amended) can solve economic issues of the country.
In a statement, on his X handle of Monday, he argued that the country has yet to be a nation, adding that Nigeria lacks unity of purpose.
“I respectfully disagree with President Bola Tinubu‘s response to the visit to him by The Patriots, led by former Commonwealth Secretary-General Chief Emeka Anyaoku, during which the group (of which I am a member) pressed for a new Constitution for Nigeria as a matter of urgency, and recommending specific steps to achieve this.
“While PBAT received the eminent elder statesman and his colleagues with the appropriate dignity and protocols, the President asserted that economic reform (and the crisis that it has created in the country) is his priority right now, but that his government would, of course, study the recommendations of The Patriots and respond.
“What Nigeria’s leaders fail to understand is that it will be extremely difficult, if not impossible, to bring a fundamental fix to Nigeria’s economy in the absence of a new constitution that is anchored on real federalism, and preferably anchored on a regional structure of 6-12 regions. The reason is that Nigeria is a country but not yet a nation,” he said.
The President of Institute for Governance and Economic Transformation Africa noted that Nigeria’s economy has remained natural resource-driven and unproductive because its leaders have more interest in capturing political power than harnessing the pluralistic nature of the country for economic development.
He explained that the longer the topic of a new constitution for the country is delayed because of political interests, the longer the country’s economy gets affected.
“There is no unity of purpose, no cohering worldview. And this is because the country means different things to different groups.
“As examples of economically successful nations all over the world show, real nationhood is a fundamental requirement for an economic rise based on productivity-driven transformation.
“The longer this matter is delayed (presumably because it is a sensitive and politically challenging matter) the more we will continue to struggle.
“Nigeria’s economy has remained a natural-resource driven, unproductive, and rent-seeking one for decades because the absence of stable nationhood means that the contention for political power by essentially narrow groups and vested interests is for the purpose of state capture of economic rents, and not anchored on a shared vision of a common future and destination.
“For as long as this motive is the driving force in Nigerian politics, the economy cannot be transformed,” Moghalu argued.
[NaijaNews]
The Inspector-General of Police, Kayode Egbetokun, on Monday said a man, who was one of the masterminds of the crisis that ravaged Sudan, was among the organisers of just-concluded #EndBadGovernance nationwide protest.
Egbetokun, clarified that the operatives of the force did not raid headquarters of the Nigeria Labour Congress (NLC), but an office in the building being used by the foreigner.
The police chief, who stated this in Abuja during a Youth Summit organised by the force, specifically said the raid was not targeted at the labour leaders but the foreigner hiding in one of the offices at the popular Labour House in Abuja.
The top cop, while fielding questions after the summit, said the foreigner who was traced to the Labour House later escaped, saying valuable documents in connection with his “activities” were recovered.
He said, “My response to this will be in three parts. Number one is that, of course, our responsibility is not to protest but to manage protest. Two is that the intelligence at the disposal of the police, anyone who knows what we know about this protest, will not come out to protest.
“We had intelligence at our disposal that some agents of destabilisation are ready to use the hardship protest to destabilise our country. I won’t be able to share the details yet because we are still on the trail of these individuals.
“Some of them are already out of the country, and they immediately escape. Some of them are even foreigners. One of them was traced to the Labour House the other day, and I was just wondering why the noise about the raid on the Labour House.
“We raided only a shop that the individual was using as a front and we have been monitoring his activities. He was very active in the Sudan crisis and he’s in Nigeria mobilising people to destabilise our country.
“We traced him to that shop and our detectives raided his shop. We recovered valuable documents, so there was no need for the noise about the raid of the Labour House.”
[DailyTrust]
Egbetokun said the police would always be against any protest in the country because of the experience police had during #EndSARS riots in 2020, arguing that any protest that started on social media has tendencies of being violent.
He stated, “I always refer to the #EndSARS protest which turned violent. It started initially as peaceful, but any protest that is mobilised on social media has the potential to be violent because when you are mobilising on social media, you are mobilising the whole population, including the criminals.
“So, the idea of the protest being hijacked, I don’t believe that a protest that is mobilised on social media is hijacked. Hijacked by who? By the same people that were mobilised for the protest.
“So, our experience in the past in previous protests would not make the police want to take part in any protest that we know is going to be violent.”
Earlier, the former Vice Chancellor of Lagos State University, Olanrewaju Fagbohun, who was the guest lecturer advised the federal government to be intentional about engaging the youths in the country about current situation in the country.
Gospel singer Ajayi Aduke Morounkola popularly known as Aduke Gold is dead.
A popular colleague, Esther Igbekele, confirmed her demise in the early hours of Tuesday, August 13.
She said on her verified Facebook page: “A GENERAL HAS FALLEN. ADUKE GOLD
The cause of her death remains unclear as at time of filing this report.
The Ilesha-born singer was initially known as Aduke Penkele.
She grew up in Ogba and Badagry areas of Lagos and was from a polygamous home.
She was the 11th child of her late parents.
Aduke Gold came to stardom with her live performance at the first remembrance of the late gospel artiste, Baba Ara.
Professionally, she started music in 2004.
One of her famous track “Nitori Ogo” which she released in 2021 also brought her into limelight.
Apart from music, she was a child educator with a passion for teaching young children.
Aduke was a graduate of history and international relations from Lagos State University.
She also had her second degree in Early Childhood Education from the University of Lagos.
[TheNation]
Independent petroleum marketers in Nigeria are hoping that the Dangote Petroleum Refinery will sell its Premium Motor Spirit, popularly called petrol, at N600 or N650/litre when it is finally released into the market.
Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria said they believe that the Dangote refinery would crash the price of petrol as it did with diesel.
IPMAN National Vice President, Hammed Fashola, told our correspondent in an interview on Monday that the $20bn refinery would bring down the cost of fuel if it gets the needed support, especially as it has to do with crude supply.
According to him, the Nigerian National Petroleum Company Limited, which is the sole importer of PMS has been selling to marketers at N570/litre, but most IPMAN members buy from private depot owners at N700 and above.
“We are marketers, we go for the best. We have been buying from the NNPC, but if the opportunity of Dangote comes and the price is favourable, we will grab it. It depends on the price.
“The official price from the NNPC is around N570/litre, but the third parties, the private depots sell PMS to most of our members at N700 and above.
“Plus or minus, we hope Dangote can sell between N600 and N650/litre. N600 is still okay. However, it depends on the cost of the production from Dangote’s end. We have to be factual and sincere to ourselves. The NNPC we are talking about has an element of subsidy or what they now call under-recovery. I think something is hidden there,” Fashola stated.
Speaking about diesel price, Fashola recalled, “We know Dangote refinery crashed the price of diesel. When the refinery started producing, diesel was around N1,600 and it went down to N1,000.
“Now you can buy diesel at N1,150 or N1,200/litre. We expect the same with PMS, but this crude crisis is a major challenge. Even if Dangote is buying crude in naira, if it is at the international market price, it will make no difference. We have to be realistic.”
The IPMAN leader said the association has had business discussions with some officials of the refinery on a possible partnership, saying the marketers are waiting for Dangote.
“The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he stated.
The PUNCH recalls that the President of the Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.
However, the 650,000 barrels per day capacity refinery could not roll out petrol on Monday for different reasons.
Findings showed that the ongoing crude supply crisis might be a setback to the refinery.
[Punch]
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In the aftermath of the recent nationwide hunger protests, the prices of cooking gas and food items have skyrocketed in Kaduna.
Prices of goods such as provisions, grains and other staple food items are rising steadily in markets and shops across the board.
Checks by a News Agency of Nigeria’s Correspondent on Monday in Kaduna showed that the prices of food items like rice, beans, yams, garri (cassava flake) and noodles had gone up about the fourth time in 2024 alone.
For instance, a kilogramme of cooking gas which was selling for between N 1,100 and N1,120 in July now goes for N1,400 at some gas stations within the Kaduna metropolis.
At the Sheikh Abubakar Gumi market, Kaduna’s central market, a 50kg bag of foreign rice, which was sold for about N79,000 before the protests, was now being sold for between N86,000 and N90,000.
Also, yams, which only a few weeks ago were sold for N5,000 per tuber, now go for N7,000 per tuber and N28,000 for a set of five.
A local measure of eight cups of beans, previously sold for between N2,000 and N2,500, now sells for N3,500 while a measure of garri,
previously N1,300, was now being sold for between N1,400 and N1,500.
A carton of Indomie noodles previously sold at N7,500 has gone up to N7,700 while a basket of Irish potatoes, sold previously at between N5,000 and N5,500, now sells for N6,000 per basket.
Some traders said they had to increase the prices of food products due to the increase in the cost price at the depots and places where they purchased the items.
However, others highlighted the difficulty in transporting the products to the markets and the scarcity of some of the food items.
A trader, Esther James, who sells food items, said: ”For instance, I don’t sell eggs in bits anymore. I sell an entire crate at N4,400. If I sell singles, I may sell short.
”The Indomie (noodles) used to be N7,500. I now buy it at that amount but I have to make gains somehow, that’s why there is an extra N200.
”The super pack is N17,000 now. And I don’t give a discount; it used to be about N15,000. So, this is why the price is high.”
A visit to the Kasuwan Bacci market equally revealed significant price hikes; with a measure of white beans selling for N2,600, up from the previous N2,500.
Other varieties of beans were however being sold for N2,800 and N3,000 per measure.
Sani Jabo, an onion seller, was selling three onion bulbs for N500, a price that has left customers deeply concerned.
Meanwhile, a paint bowl of Irish potatoes was being sold for N4,000, while a tuber of new yam goes for N4,000.
The cost of pepper had also risen, with a small basket of red pepper selling for N1,300.
Some of the residents lamented the hike in the prices of food items and other essential commodities.
According to them, the prices of the items had skyrocketed by about 50 per cent, leaving them in a state of economic quagmire in the face of economic hardship and the low value of the Naira.
A resident, Mrs Amina Idris, said, “After the hunger protests, the costs of food items have increased in the markets.
”This is because what we used to buy with N5,000 or N10,000 is now what we spend over N15,000 to buy today.”
An artisan, Namoh Stephen, said, “Most of us depend on our daily incomes and we find it difficult to buy foodstuffs that can last for even two days.
“The Naira has no much purchasing power, with the increase in the prices of food items, what N1,000 will buy is nothing compared to when things were not as bad as now.”
NAN.
The Senator representing the Federal Capital Territory, Ireti Kingibe has called for the elimination of barriers threatening the Nigerian youths.
She said this in a statement on Monday while commemorating International Youth Day.
Acknowledging the crucial role played by young people in the society, Kingibe insisted that youth empowerment must be considered a necessary investment for economic and social growth.
She said, “We stand at a critical juncture in human history, where the decisions we make today will shape the future of our planet.
“Climate change, inequality, and social injustice threaten our very existence. Yet, I stand before you with hope, inspired by the passion, creativity, and determination of our young people.”
Speaking further, she argued that youth empowerment should not only be seen as a moral imperative but a necessity.
“Youth empowerment is not only a moral imperative but also an economic and social necessity. Investing in our youth means investing in our future.
“we must provide them with access to quality education, skills training, and opportunities for participation in decision-making processes.
“As leaders, we must create an enabling environment that fosters innovation, entrepreneurship, and creativity. We must listen to their voices, value their perspectives, and support their initiatives.
“We must also address the systemic barriers that prevent many young people from reaching their full potential,” the Senator said.
The senator commended the youth of the FCT and equally assured them that the current administration is not ignorant of their efforts as they are working tirelessly to provide the needed support, opportunities, and resources to make the environment conducive to thrive in.
The nine oil-producing states shared a total of N341.59 billion from the federation account, through the 13 percent derivation formula, in the first half of 2024.
The 13 percent derivation formula is a revenue-sharing mechanism used by the federation account allocation committee (FAAC) to distribute a portion of the country’s revenue to the oil-producing states.
This formula is rooted in Section 162 (2) of the constitution, which mandates that 13 percent of the revenue generated from natural resources, such as oil and gas, should be paid directly to the states where these resources are extracted.
Data from the National Bureau of Statistics (NBS) showed that Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers were states that received the funds in the six-month period.
TheCable Index’s analysis of the report showed that Delta received the highest allocation, totalling N113.78 billion — representing 33 percent of the total disbursement.
Delta is followed closely by Akwa Ibom, which got N70.01 billion or 20 percent of the total disbursement.
Other states include Bayelsa (N64.04 billion), Rivers (N58.78 billion), Edo (N11.90 billion), Ondo (N10.05 billion), Imo (N5.72 billion), Anambra (N4.13 billion) and Abia (N3.19 billion).
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OIL STATES STRUGGLE WITH DEBT AND INFRASTRUCTURE DECAY DESPITE DERIVATION FUND
In 2022, Delta and Akwa Ibom were the oil-producing states that received the highest amounts from the federation account, with Delta receiving N296.63 billion and Akwa Ibom receiving N222.52 billion.
In the first half of 2023, the nine oil-producing states shared N544.9 billion from the federation account, with Delta receiving the largest allocation of N180.1 billion, followed by Akwa Ibom with N130.8 billion.
Despite receiving these funds, the oil-producing states continue to face significant debt and poor infrastructure conditions.
According to the Debt Management Office (DMO), as of Q1 2024, Edo had the highest debt stock of N490.67 billion (domestic and foreign obligations) compared to other oil-producing states. Delta followed with N413.75 billion debt while Rivers recorded N340.25 billion.
The debt figures for other states were as follows: Imo (N265.98 billion), Abia (N232.17 billion), Akwa Ibom (N199.62 billion), Bayelsa (N182.17 billion), Anambra (N177.08 billion), and Ondo (N123.09 billion).
In February 2023, Edwin Clark, an Ijaw national leader and convener of the Pan-Niger Delta Forum (PANDEF), asked Ifeanyi Okowa, the immediate past governor of Delta, to spend more of the 13 percent derivation funds on oil-producing communities.
Clark, in a statement, alleged that the 13 percent derivation funds received by the state government were mismanaged.
He described Okowa’s administration as a “reign of unaccountability”.
The Ijaw leader said the state government had not spent the derivation funds on foremost areas and projects but on “favoured areas”.
‘This is something that we can solve as a family but..’ - Man Whose Passport Was Torn At Lagos Airport Speaks
AFOLABI
In a dramatic turn of events, Mr. Igiebor, the man whose wife was recently seen in a viral video tearing his international passport at the Murtala Mohammed International Airport in Lagos, has responded by narrating the full story of the incident for public scrutiny.
Mr. Igiebor, in his response, revealed that his wife had posted a video message earlier in the day, having gained unauthorised access to his social media account. “My wife posted something, I know she has gone far because she is very smart. She has gone far to get the password of this page and she posted something this morning,” he said. He added, “Since she wants us to do it this way, we will work on it together. I believe she will get tired.”
The embattled husband refrained from saying much about the cause of the incident but urged Nigerians to watch the complete video. He mentioned that the video had already garnered attention from various bloggers and even international media outlets like CNN. “Go and watch the video; I have the full clip. You’ll see something. She did not know that I gave somebody my phone,” he explained. “This is something that we can solve as a family, but she is trying to push it up. No problem, I’m following her and I will tackle it, and she will get tired.”
LEADERSHIP reports that Mrs. Favour Igiebor, the woman at the center of the controversy, earlier defended her actions in a video released following the incident at the weekend. She criticised bloggers, including Tunde Ednut and Instablog, for jumping to conclusions without understanding her side of the story. “I’m not a mad woman who would just come and act like that,” she stated. “I have my reasons. I’ve gone through so many things. So many of you are just commenting on the video; friends and people who I haven’t spoken with for years are now calling me. I am not like that.”
Mrs. Igiebor also hinted at deeper family issues, expressing frustration with how her husband, who she claimed controlled most of her affairs, including her social media pages, has treated her. “I have gone through a lot of things, family issues here and there every time. My husband cannot speak. It took me a lot of time because he is the one handling a lot of things for me. He is the one handling my page for me. My email wasn’t attached to it; his email was attached to it too,” she lamented.
In the wake of the incident, the Nigeria Immigration Service (NIS) has launched a formal investigation. In a statement, the NIS confirmed that Mrs. Igiebor has been identified and invited for questioning. “If the allegations are substantiated, her actions would have constituted a breach of Section 10(b) of the Immigration Act 2015 (as amended), with corresponding penalties outlined under Section 10(h) of the same Act,” the NIS stated.
The video, which has spread widely across social media, shows Mrs. Igiebor tearing her husband’s standard passport, with torn pieces visible on the floor. When confronted, she defiantly responded in Pidgin English, “I tore it. Is it yours?” She was later seen walking away with her children, leaving her husband standing forlorn with a baby in a stroller.