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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has voted to unanimously increase benchmark interest rate by 25 basis points to 27.50% from 27.25%
All 12 members of the committee were in attendance and voted unanimously for the raise.
Members also voted to retain the asymmetric corridor around the MPR at + 500 and – 100 basis points.
The meeting held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year-on-year in October 2024
Reading out the decision of the committee, the CBN Governor, Olayemi Cardoso, said the committee was particularly concerned that all three measures also inched up on a month-on-month basis, suggesting the persistence of price pressures with attendant adverse impact on income and welfare of citizens.
Members therefore agreed unanimously to remain focused on addressing price developments.
He said while food prices remain a key contributor to the uptick, members commended the efforts of the federal government for the improved security especially in the north east of the country, which would likely improve food production.
The committee also noted the role of rising energy prices on the general price level due to its impact on factors of production.
Cardoso said the recent increase in the price of premium motor spirit, PMS has also impacted the cost of production and distribution of food items and manufactured costs.
The committee was optimistic that the full deregulation of the downstream sub sector of the petroleum industry would eliminate scarcity and stabilize price levels in the short to medium term.
[DailyTrust]
The House of Representatives has concurred with the Senate on the removal of the Chairman of the Code of Conduct Tribunal, CCT, Umar Danladi.
This resolution was a sequel to a motion moved by the Majority Leader of the House, Julius Ihonvbere, on Tuesday.
Ihonvbere’s motion asked the House to invoke Section 17(3) of the Fifth Schedule of the 1999 constitution. He listed some of the offences of the CCT chairman, including a public brawl with a security guard at the Banex Plaza Shopping Complex in Abuja.
“Aware of the conduct of the Chairman, Code of Conduct Tribunal, who recently engaged in a public brawl with a security guard at the Banex Plaza Shopping Complex, which necessitated an invitation from the Senate Committee on Ethics, Code of Conduct, and Public Petitions, and after his first appearance, where he admitted to having been involved in the brawl, he refused to attend subsequent sittings, thereby frustrating the efforts of the Committee to investigate the allegations against him,” the motion read.
Ihonvbere, in the motion, stated that Danladi Umar’s removal “seems to be the only way out to safeguard the sacred image of the Code of Conduct Tribunal, in line with the resolution of the 10th National Assembly to uphold the rule of law and sustain the ideals of corporate governance structure in Nigeria”.
Following the presentation of the motion, a constitutional point of order was raised by Mansur Soro that the House is not following the right procedure, noting that President Bola Tinubu ought to have written a letter to the House requesting the removal of the CCT chairman.
However, he was ruled out of order by the Speaker Tajudeen Abbas.
When the motion was put to vote, the “ayes” had it.
It would be recalled that a similar motion was moved, and passed in the Senate.
However, the resolution by the Senate was knocked by senior lawyers because of an error as the Senate used Section 157 of the Constitution, instead of Section 17(3) of the Fifth Schedule of the 1999 Constitution.
Earlier, the Senate corrected the mistake, and used the proper process to finalize the CCT chairman’s removal.
[DailyPost]
President Bola Ahmed Tinubu will depart Abuja on Wednesday, November 27, for a three-day state visit to France at the invitation of French President Emmanuel Macron.
The visit aims to strengthen political, economic, and cultural ties between Nigeria and France, with an emphasis on building partnerships in key sectors.
According to a statement issued on Tuesday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, during the visit, President Tinubu and his wife, Senator Oluremi Tinubu, will participate in a series of high-profile events and engagements.
On Thursday, they will be received at Les Invalides, a historic French military museum, and at the Palais de l’Élysée by President Macron and First Lady Brigitte Macron.
The two leaders are expected to hold bilateral discussions on key areas, including agriculture, security, education, health, youth engagement, innovation, and energy transition.
A significant portion of the talks will centre on creating opportunities for skill development, particularly for Nigerian youth, in automation, entrepreneurship, and leadership.
Additionally, the visit will feature political and diplomatic meetings, focusing on shared interests in finance, solid minerals, trade and investment, and communication.
Both presidents will attend a session of the France-Nigeria Business Council, a platform for private-sector collaboration in economic development.
The First Ladies will also engage in discussions, with Mrs. Macron set to hear from Senator Tinubu about her initiatives for empowering women, children, and vulnerable groups through the Renewed Hope Initiative.
The visit will conclude with a state dinner hosted by President Macron in honour of the Nigerian President and First Lady, underscoring the importance of the relationship between the two nations.
President Tinubu is expected to be accompanied by top government officials on this trip, reflecting the administration’s commitment to advancing Nigeria’s global partnerships and fostering economic growth.
[TheNation]
The Nigeria Customs Service has said that West Africa has emerged as a notable destination hub in the global stolen vehicles trade network.
The service added that the network extends from Europe and North America to as far as South America and Australia.
The Comptroller General of Customs, Adewale Adeniyi, disclosed this on Tuesday in Lagos while displaying some seized vehicles to journalists.
He added that in the last few months, the service has intensified its tracking operations against vehicle trafficking syndicates operating within the borders.
“According to INTERPOL reports, West Africa has emerged as a notable
destination hub in the global stolen vehicle trade network, which extends from Europe and North America as far as South America and Australia,” he said.
Adeniyi lamented that the challenge is greater in Nigeria, adding that date from the National Bureau of Statistics shows that between 2013 and 2015, only 54 per cent of stolen vehicles were recovered, “highlighting the scale and sophistication of this criminal enterprise.”
He stated that in a bid to address this challenge, the service initiated Operation Hot Wheels, a targeted enforcement initiative aimed at disrupting the flow of stolen vehicles into Nigeria through the ports and borders.
Adeniyi stressed that the platform was launched as a collaborative effort between the NCS, the Economic and Financial Crimes Commission, and Canadian authorities, “the operation focused on intelligence sharing, coordinated surveillance, and strategic interdiction.”
According to him, the growing incidence of stolen vehicles finding their way into the region has become a serious concern, as it not only undermines the region’s legitimate automotive market but also strains the security infrastructure.
He reiterated that recent intelligence from international law enforcement agencies further confirms that “our region has become a preferred
destination for internationally stolen vehicles, a trend that not only tarnishes Nigeria’s international image but also impacts our economy through substantial revenue losses and increased security spending.”
Giving details of the seizures, Adeniyi explained that a recent intelligence-led operation at Area II Command, Onne Port, led to the interception of a 40ft container with registration number, MRSU-5028706 that was declared to contain used vehicles and auto spare parts.
Adeniyi, however, lamented that a physical examination of the container
revealed three undeclared 2021 Toyota Highlander vehicles, “two in Navy Blue and one in Red colour.”
He emphasised that through collaboration with Operation Screen West Africa and Interpol, “two of these vehicles were confirmed to have been stolen from Canada.”
The CGC pointed out that the Federal Operations Unit Zone A also demonstrated exceptional vigilance with strategic interdictions at various locations in Lagos.
“The interception includes, one Mercedes-Benz G550 with Range Rover Sport valued at N506m, intercepted along Trinity Axis in Lagos, one Mercedes-AMG GT with Lamborghini Huracan valued at N630m, one Rolls Royce intercepted at Victoria Island, valued at N231m,”
“Others include, one Lamborghini 2019 Model recovered at Victoria Island, valued at N239m, two Range Rovers (2023 & 2018 models) intercepted along Lekki, valued at N267m,” the CGC stated.
The customs boss mentioned that at the Tincan Island Command, the service, through intelligence, intercepted three 2021 models of Toyota Highlander.
He stated that the various recoveries highlighted both the sophistication of transnational vehicle theft syndicates and their evolving concealment methods.
“The criminals now employ various tactics, including false declarations and use of containerized shipments, attempting to circumvent our detection systems,” he narrated.
Adeniyi reiterated that the operation exposed how stolen vehicles are being smuggled through the ports using legitimate cargo as cover.
He maintained that the success of these operations stems from an enhanced risk management system and strengthened collaboration with international partners.
Adeniyi stressed that working closely with Operation Screen West Africa, Interpol, and other international agencies, the service has significantly
improved their capacity to identify and intercept stolen vehicles.
“The interface between our systems and international databases has proven crucial in establishing the status of suspicious vehicles and enabling swift intervention,” he said.
He warned that the economic implications of this criminal enterprise are far-reaching and deeply concerning.
According to him, beyond damaging the legitimate automotive trade sector and international business relationships, it undermines President Tinubu’s economic reform agenda that aims to position Nigeria as a trusted hub for international commerce.
He lamented that the service is forced to divert substantial resources towards enhanced border management and rigorous verification processes – resources that should ideally be channeled toward trade facilitation initiatives and economic growth programmes.
“This criminal activity not only strains our operational capacity but also threatens the government’s efforts to attract foreign investment and establish Nigeria as a reliable partner in global trade,” he said.
The CGC added that the service will return the luxury vehicles to Canada.
[Punch]
The Conference of United Political Parties (CUPP) has expressed concerns over the recently announced 3.46% GDP growth rate for Nigeria in the third quarter of 2024, describing it as disconnected from the lived experiences of most Nigerians.
Chief Peter Ameh, National Secretary of the CUPP, made this known in a statement issued yesterday in Abuja.
He noted that while the GDP figures released by the Nigeria Bureau of Statistics (NBS) may seem promising, they fail to reflect the economic hardships marked by rising food inflation, unemployment, and decaying infrastructure.
Ameh stated: “The NBS recently announced that the country’s GDP grew by 3.46% in the third quarter of 2024. At first glance, this may seem like a positive development, but the reality on the ground tells a different story.
“The widespread hunger, starvation, unemployment, inflation, and crumbling infrastructure paint a picture of a nation in distress. It is alarming to see the stark contrast between the reported GDP growth and the harsh economic realities faced by Nigerians.
“The frequency of national grid collapses, worsening road conditions, and the depreciating value of the naira underscore the disconnect between the data and real-life challenges.”
Quoting Benjamin Disraeli, he added: “There are three kinds of lies: Lies, Damned Lies, and Statistics. This rings true in Nigeria’s case, as the government relies on statistical manipulation to create a false narrative of economic growth.”
Ameh attributed Nigeria’s economic challenges to a “defective political system” that enables incompetent and dishonest leaders to manipulate electoral systems, fostering corruption and mismanagement.
He stressed the need for urgent reforms, stating: “Nigeria needs comprehensive economic reforms prioritizing transparency, accountability, cost-cutting measures, and good governance. Investments in critical infrastructure, such as roads, electricity, and healthcare, are essential to creating an enabling environment for growth.”
Ameh concluded by urging the government to shift focus from statistical embellishments to actionable policies, emphasizing that only through genuine reform can Nigeria achieve inclusive and sustainable economic progress.
[Vanguard]
The federal high court in Abuja has struck out the suit seeking to restrain the Economic and Financial Crimes Commission (EFCC) from arresting Babajide Sanwo-Olu, governor of Lagos, at the end of his tenure.
NAN reports that Joyce Abdulmalik, the presiding judge, dismissed the suit after Gbenga Femi Akande, the counsel who appeared for Sanwo-Olu, moved the motion to discontinue the case.
The court struck out the case on October 31.
BACKGROUND
In October, a lawsuit instituted on behalf of Sanwo-Olu against the EFCC over an alleged plan to arrest and prosecute him after his tenure was heard in court.
Darlington Ozurumba, a lawyer, filed the suit on behalf of the Lagos governor, who will complete his eight-year tenure on May 29, 2027.
In the suit, the lawyer argued that the alleged plan to arrest Sanwo-Olu is “unconstitutional and a flagrant violation of his fundamental right to personal liberty and freedom of movement as stipulated under sections 35(1) & (4) and 41(1) of the constitution”.
The suit sought an order to restrain the EFCC from harassing, intimidating, arresting, detaining, interrogating, or prosecuting Sanwo-Olu in connection with his tenure as the governor of Lagos state.
THE CONTROVERSY
Reacting to the suit, the Lagos government had said Sanwo-Olu did not instruct anyone to file a case against the EFCC.
Lawal Pedro, the Lagos attorney-general, said the state will investigate “how the case came to be without the knowledge” of the governor.
Pedro said neither the governor nor his aides are under investigation by the EFCC, adding that there is no threat of arrest by the anti-graft agency.
In a counter affidavit, Ufuoma Ezire, a superintendent and litigation secretary in the legal and prosecution department of the antigraft agency, said the EFCC is not investigating the governor and has never threatened to arrest him or his staff.
The anti-graft agency described the legal action as speculative and a “mere conjecture”.
MILD DRAMA IN COURT
On Tuesday, Hadiza Afegbua, counsel of the EFCC, appeared in court for the case.
However, NAN reports that the lawyer was disappointed that the case was not among the 10 listed for hearing at the court.
The counsel was reported to have expressed surprise when she learnt that the suit had been struck out on October 31.
However, the enrolled order dated October 31 shows that only Akande, the counsel who represented Sanwo-Olu, attended the proceedings leading to the dismissal of the suit.
[TheCable]
President Bola Tinubu has congratulated Atiku Abubakar on his 78th birthday anniversary.
In a statement issued by Sunday Dare, his special adviser on media and communications, the president said the former vice-president has been an “active player in Nigeria’s democratic process” since 1999.
“The President recalls many special moments shared with Wazirin Adamawa as founding members of the All Progressives Congress (APC), united in the mission to build a better future for Nigerians, as well as their engagement as political opponents in the last presidential election,” the statement reads.
“President Tinubu recognises Atiku’s commitment to public service and philanthropy, and prays Almighty Allah to continue to grant him health and happiness in the years ahead.”
Abubakar was vice-president between 1999 and 2007.
He was the standard-bearer of the Peoples Democratic Party (PDP) in the 2019 and 2023 presidential elections — losing out in both polls.
Dayo Amusa, the Nollywood actress, has addressed the public’s inquiry about the identity of her child’s father
The film star welcomed her first child in the United States on November 18, but the baby’s father’s identity remains unknown, setting many social media users’ tongues wagging.
Addressing these concerns via a TikTok live session, Amusa maintained that she will not disclose her child’s father’s identity.
The actress explained that she is concealing the father’s identity to “maintain my peace” and prevent anyone from ruining her happiness.
The movie star also expressed her excitement about being a mother and having “a new name”.
“I realised that some people are so interested in knowing who the father of my child is. Is your husband missing?” she said.
“Moreover, the child is not a fruit that just fell from heaven. He definitely has a father. It is not compulsory you congratulate me, do not bother.
“If it not convenient for you, don’t worry. I do not care. I am the one in the public eyes, not my husband.
“I would only let out what I want to let out. I want to maintain my peace that is why my personal life is undisclosed.”
Amusa started her acting career in 2002 and made her debut as a producer in 2006. Known for her versatility, she has starred in numerous Yoruba and English-language Nollywood films.
She has also received several accolades for her talent
Popular media personality, Toke Makinwa has stated that she spent her 20s focusing on a single relationship.
Makinwa said this while reflecting on her youthful devotion and lessons learned along the way.
Speaking on Cocktails and Takeaways, the media personality noted that she didn’t like her 20s.
“I don’t think I liked my twenties. I don’t think I knew what I was doing because I was in love with one man in my 20s. I spent my entire 20s following one man.
“If I could turn back the hand of time, I’m grateful that I’m where I am today because my experience has shaped me.
“But I tell young people that you have no business getting married in your early or mid-twenties. Figure yourself out. Know yourself first.”
Afrobeats singer, David Adeleke, aka Davido, has claimed that the best doctors in the United States are of Nigerian descent.
He made the claim while highlighting the contributions of Africans to both the professional and creative sectors during the Afric TV programme.
Davido pointed out that Africans are some of the brightest brains in the global music industry, stressing that Western filmmakers are now turning to the continent for movie ideas.
He said, “The best doctors in America are Nigerians. You can search it. Even in my record label [Sony Music], Africans bring the best ideas. That shows that our imagination is off the grid.
“Netflix and Amazon Prime come to Africa to get movie ideas. Now, when you come on Netflix, you will see about two Nigerian movies in the top 10. Africa is next, trust me. I feel like we have everything but just missing a couple of things.”
Although Nigerians are renowned doctors in America, statistics do not show that they are the best.
More...
The Nigerian National Petroleum Company Limited, NNPCL, has announced that the Port Harcourt Refinery on Tuesday began the truckout of petroleum products hours after the plant officially resumed crude oil production.
NNPCL made this known during a commissioning and product rollout event on Tuesday in Port Harcourt, Rivers State.
A statement by the company said trucks has began loading petroleum products, including petrol, diesel and kerosene, while other products will be dispatched as well.
Speaking during a brief ceremony to mark the commencement of product loading at the refinery on Tuesday in Port Harcourt, the group CEO, Mele Kyari, described the commencement of the loadout activities as a monumental achievement for Nigeria.
He said the development signifies a new era of energy independence and economic growth for the country.
Kyari lauded President Bola Tinubu for his unwavering support and understanding towards the rehabilitation project and for his persistence to ensure energy security for the country.
He also expressed deep appreciation to the NNPCL Board of Directors and the entire staff for their support and commitment, which crystallised into the revitalisation of the refinery.
This comes hours after NNPCL spokesperson Olufemi Soneye announced that the refinery has kicked off crude oil production.
The state-owned firm said the plant will begin at 60 percent capacity, with 60,000 barrels per day of crude oil production.
The company said Warri Refinery will soon commence production.
It, however, did not start when Kaduna Refinery will commence production.
‘We’re churning out unemployable graduates’ – UK, Nigeria announce transnational education partnership
AFOLABIThe British High Commissioner to Nigeria, Richard Montgomery, has revealed that the UK and Nigeria have agreed a transnational education partnership approach.
According to him, this means the UK universities can work with Nigerian institutions more effectively and work on common standards, raising standards and sharing expertise and lessons in particular sectors.
Montgomery, who stated this on Tuesday on the day 1 of the Going Global Conference being held in Abuja, said he was absolutely confident the two countries will go from strength to strength to bring to bear the best of education.
“I think what’s in it for the UK is that it’s in all our interest to build higher education institutions that are more resilient and provide a better quality education and meet the needs of economies in Africa. And that’s in all our interests,” he said.
“We want to grow our relationship. We need to improve the way the UK higher education sector provides its expertise and its partnerships.
“The UK and Nigeria have agreed a transnational education partnership approach, which means the UK universities can work with Nigerian institutions more effectively and work on common standards, raising standards and sharing expertise and lessons in particular sectors,” he announced.
“And I’m really delighted that sir Steve Smith, the Prime Minister’s International Education champion, is here and is with a delegation of 11 Vice Chancellors from the UK to have discussions with their colleagues in Nigerian higher education institutions here over the next couple of days, both in Abuja and in Lagos. So I think it’s a shared set of interests.
Also, fielding questions from the press, the Minister of Education, Tunji Alaussa, said that President Bola Tinubu wants the education system in the country reformed.
He said it was important that Nigeria’s education is aligned to the needs of the society and to the needs of the 21st century.
“We’re training a lot of graduates, churning out a lot of graduates from our universities that are not employable,” he added.
“We have a unique demography in this country. Nobody has it in the world. We have a population of two 200 million people. 70% of those people are below the age of 30 years old.
“We have to give them an opportunity. And this is what this President is all about. This is what the Renew Hope Agenda is all about. We’re going to be doing a lot of things, and I heard some others are going to be taking some things out from this conference, from initial discussion. “
‘Petrol Prices In Nigeria Will Come Down’ – NMDPRA Boss Confirms As Port Harcourt Refinery Resumes Operation
AFOLABI
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that the price of petrol in Nigeria will crash in the coming days.
The NMDPRA Chief Executive Officer, Farouk Ahmed confirmed this on Tuesday while speaking to newsmen on the resumed operation of the Port Harcourt Refinery.
According to him, the operations of the Port Harcourt Refinery and the Dangote Refinery would ensure the availability of petroleum products and lead to a reduction in prices.
Ahmed added that with the refineries now functioning and the hope that Warri and Kaduna would soon come on board too, Nigeria is set to become a net exporter of petroleum rather than a net importer.
He praised the role played by President Bola Tinubu and other stakeholders in ensuring the resuscitation of the Port Harcourt Refinery.
He said: “Its a major milestone, major achievement to see Port Harcourt Refinery coming back on stream and holding stably. It is indeed a very proud moment for us and a relief because now with the Dangote Refinery on stream, Port Harcourt Refinery on stream, and we are hoping that Warri comes up and Kaduna, we’ll be the net exporter of petroleum products rather than being a net importer.
“It is an achievement that will be accredited to Mr. President of course because he insisted, he persisted, put all the pressure, he said it must be done and it has been done.
“And I congratulate the NNPC and he management of Port Harcourt Refinery for their focus. And also to the contractor, my colleagues, the regulators who are attached to the project, have been working day and night in collaboration with the contractor and management of Port Harcourt Refinery, I also wish to thank my colleagues for achieving this milestone.
“Products will be available nationwide. What is important is that there is now competition and there is a choice, and we will see the prices of the products come down because their is ample supply.”
The Economic and Financial Crimes Commission (EFCC) has detained a former Governor of Kogi State, Yahaya Bello, following his arrest.
Naija News understands Bello was detained at the EFCC headquarters in Abuja after he presented himself at the office of the anti-graft agency on Tuesday.
The former governor’s detention was disclosed by EFCC’s Head of Media and Publicity, Dele Oyewale.
Oyewale told journalists that Bello was arrested by the Commission’s Chief Security Officer (CSO).
“It is true that we have him in our custody. The operatives of the Commission arrested him,” Oyewale said, according to Daily Post.
He is currently being grilled by operatives of the EFCC.
Recall this platform reported earlier on Tuesday that Bello presented himself at the office of the Economic and Financial Crimes Commission (EFCC) in relation to the charges against him by the anti-graft commission.
The former Governor drove himself in a black Hilux and arrived at the EFCC office in the company of his lawyers.
Recall the federal government has filed a new 16-count charge against the former governor of Kogi State, Yahaya Bello, in a case that has intensified scrutiny of his financial dealings.
The charges, submitted to a federal high court in Abuja, center around an alleged criminal breach of trust amounting to ₦110,446,470,089.