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Popular Nigerian content creator, Egungun of Lagos’s private video has surfaced on social media.
The viral video was reportedly leaked by a lady Egungun of Lagos was having a secret affair with.
The tape captured the content creator opening his boxers to show off his private organ, while on a video call with the lady.
The lady also on the other end showed her privates.
Reacting to the development on X, Egungun’s wife accused the unidentified lady of trying to blackmail her husband.
The General Overseer, Redeemed Christian Church of God, Pastor Enoch Adeboye, has lamented the arrest of one of the church’s pastors abroad.
He said the pastor was arrested for addressing those in attendance at a programme “Ladies and gentlemen.”
According to him, the statement was considered discriminatory because it did not capture all of the genders identified by their culture.
The pastor made this known during the church’s monthly thanksgiving service at the RCCG’s Throne of Grace in Lagos State on Sunday.
His sermon, which was broadcast to all parishes of the church, was titled “My father’s house.”
“The end is nearer than you think. Things are getting worse, and this is a wake-up call. One of my pastors abroad was arrested for simply addressing a gathering as ‘ladies and gentlemen.’
“Some people reported him for discrimination, asking, ‘What about those who are neither ladies nor gentlemen?’” he stated.
The clergyman also recounted another disturbing story of a woman who referred to her dog as her husband.
He shared how, when asked about her spouse, the woman claimed, “I took him to the vet before coming. He doesn’t talk,” describing her “husband” as a dog.
Adeboye expressed concern about the erosion of moral values worldwide, viewing these incidents as signs of the end times.
“Those of you already in Christ, take this matter seriously. Do not let anyone weaken your stand. God is holy. Those still playing church—singing, clapping, and enjoying things without genuine commitment—remember, Jesus is coming back. The devil wants to harvest you, but you must not give him the opportunity. I want to see you in my Father’s house,” he noted.
Adeboye, known for talking about national issues and the dealings of the church especially about incorporating alien cultures into its branches across the world recently faulted men with braided hair and women sporting false eyelashes and heavy makeup.
Expressing his discontent with the trend among church workers, Adeboye made it clear that such styles will no longer be tolerated on RCCG altars.
In an address at the church’s 72nd annual convention held in August, his comments highlighted his disbelief at the rising trend of these fashion choices among church members.
Pastor Daniel Olukoya, the General Overseer of Mountain of Fire and Miracles Ministries, MFM, has stated that Nigeria needs divine intervention to overcome its challenges.
The clergyman said that prayer is the only weapon that can be used to resolve the problems in Nigeria.
The MFM leader who was at the Federal University of Technology Akure, FUTA, during its 34th and 35th convocation ceremonies said;
''There is only one weapon that can kill any problem, and it is prayer. No matter how strong the problem is, prayer can dismantle it.
“What we need in Nigeria is divine intervention. Let God intervene in what we are doing. Divine intervention is greater than human intellect.
“From what is happening in the world, you can see that God is showing mankind that they are helpless.”
Olukoya also attributed the high school fees and the cost of energy required to run these institutions.
“It is not the fault of those proprietors. I am one of them. I am always supportive of the poor because I know how difficult it was for me to get to the university. My parents didn’t have the money.
But the current situation is that if you cannot pay good money to lecturers or professors, you won’t get good teachers.
And if you run a private university and are paying less than federal universities, you will not get good professors.”
A chieftain of the ruling All Progressives Congress (APC), Jesutega Onokpasa, has expressed his disappointment with President Bola Tinubu over the current state of the nation under his leadership.
The politician described the hunger crisis in Nigeria under Tinubu’s administration as embarrassing, especially since the former Governor of Lagos State had promised to eliminate hunger if elected.
Onokpasa, while appearing live on the Arise News programme on Monday, recalled that Tinubu had assured Nigerians that his government would produce food massively.
“What Asiwaju promised us is that if we help him get to power he is going to produce food massively to feed Nigerians.
“We didn’t envisage this bizarre level of comfortability with prices just skyrocketing out of control”, he said.
Onokpasa added: “I don’t know what happened to Asiwaju, in fact I’m a catholic and I will book masses for him. Whatever is happening let God deliver him from it.
“How can you be a president and prices of food are skyrocketing? if we can’t reduce the price of fuel can’t we feed people?
“Why is Asiwaju so reluctant to invest in Agriculture, he asked.
“Nigerians are hungry and it is shameful that President Tinubu seems detached from the reality of the people”.
The Executive Director of Patriots for Advancement of Peace and Social Development, Sani Abdullahi Shinkafi, has declared total support for the tax reforms proposed by President Bola Tinubu.
He submitted that most Governors who are opposed to the tax reforms are lazy and unwilling to work to build the internally generated revenue of their states.
Shinkafi made the submission on Monday while speaking as a guest on Arise News.
He argued that most of those against the bill have not studied it, nor do they understand the content.
He further dismissed claims that the tax reforms are anti-north, clarifying that the new revenue-sharing formula prioritises performance-based allocation.
“Because of how the monies are going to be shared based on your performance, based on your contribution, that is why they are complaining. Most of these states are lazy, most of them are not ready to develop the state to generate the revenue, that is why they are complaining,” he said.
In defending the bills which are before the National Assembly, Shinkafi also defended the Deputy Senate President, Jibrin Barau, who presided over the legislative session in which the bill was debated by the lawmakers.
He submitted that opposition to the bill is politically motivated and based on misinformation.
“The attack by the Northern Youth Assembly is uncalled for.
“All the attacks, blackmail, [and] mischief-making are politically motivated against the Deputy Senate President,” Shinkafi stated.
Shinkafi further submitted that Northern Governors who are against the bill do not understand its content.
“If they have gone deeply into it, the governors will not be crying foul… These governors are responsible for the economic failure, insecurity, chronic unemployment, acute poverty, and educational backwardness in the northern region,” he argued.
He listed some of the benefits of the tax reform bills and why all stakeholders should embrace it.
“Small businesses with turnover not exceeding ₦50 million are exempted from paying annual taxes. Pharmaceutical products, food items, educational materials, agricultural equipment, and export goods are also exempted from VAT,” Shinkafi stated.
He added that the reduction of income tax for small businesses from 30% to 25% is a significant advantage.
Shinkafi also dismissed speculations that the tax reforms are skewed in favour of Lagos State, and attributed such narratives to misinformation.
“People are being misinformed on the new tax bill against the presidency… The most important thing is for you to be upright in your decision and very transparent and accountable,” he said.
As a solution to the controversies surrounding the bill, Shinkafi called for public hearings to enlighten the public on the contents and merits of the bill.
“The issue of attribution and derivation is clear. With public hearings, all these would have been avoidable,” he noted.
Teachers in the Federal Capital Territory (FCT), Abuja, have launched a strike just three days before the completion of terminal exams, protesting the failure of area councils to implement the new minimum wage of ₦70,000.
As a result of the industrial action, students who showed up on Monday to continue their first-term exams were sent home.
The strike has disrupted the education of primary school pupils in the FCT, who have already experienced multiple work stoppages by their teachers this term.
The latest strike follows a similar one on September 18, which lasted for 14 days before being called off on October 7, leaving students at home for almost three weeks.
Comrade Ameh Baba, Chairman of the Nigeria Teachers’ Union (NUT) in the Kubwa chapter of the FCT, explained that the strike was prompted by the continued non-payment of arrears by the area council chairmen.
He stated, “And now the ultimatum of December 1st deadline given by the Nigeria Labour Congress (NLC) for any state to comply with the minimum wage of ₦70,000 has come into effect. Hence, we don’t have any option but to comply.”
Baba noted that while the FCT Minister, Nyesom Wike, had approved the minimum wage and arranged for the first payment with the November salary, teachers under the Universal Basic Education Commission (UBEC) had not received this adjustment.
He added that primary school teachers in the FCT are also still waiting for the ₦40,000 peculiar allowance and ₦35,000 wage award that have been owed to them for up to a year, leading them to continue their strike until the issues are addressed.
Nigeria’s inaugural private television station, Desmims Broadcast Nigeria and Alheri Radio (DITV) has declared a halt to its operations due to challenging economic conditions.
Naija News reports that the oldest private radio station in Northern Nigeria announced this development in a statement released over the weekend in Kaduna.
The Acting General Manager and Chairman of the Management Committee, Idris Mustapha, noted in the statement that the surging operational expenses, especially the rising costs of electricity, have rendered it unfeasible for the station to operate effectively.
This announcement represents a pivotal moment in Nigeria’s media sector, particularly for the Hausa-speaking audience, which has consistently supported DITV and Alheri Radio throughout the years.
“The escalating cost of power has made it impossible to operate the station effectively,” the management announced, expressing its regret over the development and assuring the public that standard transmission would resume as soon as the financial situation improves.
“We sincerely regret the inconvenience this may cause our millions of viewers and listeners,” the statement added.
Mustapha elaborated that the financial challenges were intensified by the failure of numerous businesses that had previously advertised on the television station to fulfil their financial commitments, which had a considerable impact on revenue generation.
The federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others.
The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above, and was earlier announced to take effect from September 9, Tribune Online reported.
The introduction of the EMTL was, however, met with opposition from Nigerians, with various groups including the National Association of Nigerian Students (NANS) calling on the federal government to reverse its position on the implementation of the levy.
Meanwhile, in a notice sent to customers earlier in September, Opay explained that the levy was imposed by the Federal Inland Revenue Service (FIRS), stating however that it did not benefit from it.
“Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” Opay explained in its earlier notice.
In a recent development, the fintech companies have again notified their customers that the implementation of the N50 EMTL deduction has commenced from December 1, 2024.
Opay, in a message sent to its users on Saturday (also shared via its app), explained that the electronic levy deduction begins on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Likewise, Moniepoint in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying however that the levy will be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” Moniepoint says.
Meanwhile, our correspondent also gathered that the EMTL implementation has officially taken effect with Fintechs already deducting N50 for the federal government on transactions of N10,000 and above.
[Tribune]
In 2012, Oscar Onyema, former chief executive officer of the Nigeria Stock Exchange (NSE), now Nigerian Exchange Group (NGX), set a $1 trillion market capitalisation target for the exchange by 2016.
Twelve years after, however, the market is far off that target. In naira terms, the market capitalisation is a little below N60 trillion mark and just around $36 billion.
Realistically, the easier target for the NGX to meet is a $100 billion market capitalisation, which would mean a flurry of listings on the exchange, including by giants such as the Tolaram Group, Dangote Refinery, Dangote Fertilizer Limited, and Globacom Limited, as well as technology companies.
With a market capitalisation-to-GDP ratio of around 17.5 percent, the Nigerian Exchange (NGX) is shown not to be a significant driver of the Nigerian economy.
However, the capital market has shown impressive resilience. While the Nigerian economy grew by 2.74 percent in 2023, the stock exchange achieved its best returns since 2020, growing by 45.9 percent that year.
The NGX was also the best-performing exchange in the world in 2020, with a 50 percent growth rate, in contrast with a 1.8 percent GDP decline experienced in Nigeria that year.
The market provides Nigerians with avenues to participate in wealth creation through equity investments, dividend earnings, and portfolio growth. This is evidenced by some of the returns afforded to shareholders over the years. For example, Dangote Cement, since listing on the NGX in 2010, has distributed about N2.83 trillion in dividends to its shareholders.
During the commemoration of its 10th anniversary of listing on the Nigerian Exchange in May 2024, it was noted that Seplat Energy had paid about $575 million in dividends to its shareholders since 2014. This figure has surpassed $600 million since then.
Nigerian publicly listed firms distributed over N1.5 trillion in dividends for the 2023 financial year, which suggests how much wealth these companies create for retail and institutional investors.
Apart from wealth creation, the ability to raise equity financing is another perk for companies listed on the exchange. According to the Securities and Exchange Commission (SEC), Nigerian banks raised about N1.26 trillion through their public offers and rights issues in 2024 as they try to comply with their new capital base guidelines.
Following this analysis, what then are the pathways for this target?
Oil and Gas Listings
On the NGX, Oando, Seplat, and Aradel – three upstream oil and gas companies – have a gross market capitalisation of about N6.3 trillion. However, there are over 30 upstream oil companies which hold oil mining leases, with far higher production capacity and by extension revenue than Seplat, Oando, or Aradel.
For example, South Atlantic Petroleum Limited, owned by TY Danjuma, holds a 15 percent stake in OML 130, which encompasses the Akpo and Egina oil fields—among the country’s largest oil-producing assets.
In October 2024, Aradel Holdings was listed on the NGX with a N3.05 trillion market capitalisation. The group recorded a net profit of N110.6 billion, which came from its production capacity of 13,250 barrels per day and its 11,000 barrels per day modular refinery.
Using the relative valuation model based on their asset size, Sapetro and Aiteo each has a valuation that is worth more than N2.28 trillion. The listing of just these two companies can raise NGX’s market capitalisation by N6 trillion, or $3.4 billion. This would push the NGX’s market capitalisation to N66 trillion.
Dangote Refinery, Dangote Fertiliser Listing
Aliko Dangote, chairman of Dangote Refinery and Dangote Fertiliser Limited, has repeatedly stated that he has plans to carry out a dual listing for both the refinery and fertilizer company. In a media round in July 2024, he stated that there were plans to list the refinery on the NGX and the London Stock Exchange by the first quarter of 2025.
Although Dangote says the refinery cost him $20 billion to build, Bloomberg values it at around $18.6 billion. If the refinery is listed on the NGX with that same valuation, it would boost the NGX’s market capitalisation by N32.55 trillion.
Bloomberg values the fertilizer plant at approximately $3 billion (N5.25 trillion). Should both plants be listed on the NGX, they could collectively raise the market capitalisation to an estimated ₦103.8 trillion.
Nigeria Liquefied Natural Gas (NLNG) Limited
Since inception in 1989, it is reported that NLNG Limited has paid around $18 billion in dividends to the federal government through NNPC Limited. The federal government presently holds a 49 percent stake in NLNG, with TotalEnergies, Shell, and ENI holding the remaining 51 percent stake.
Between 2008 and 2014, the company contributed approximately 4 percent to Nigeria’s GDP, highlighting its significant impact on the nation’s economy. Currently, NLNG has a production capacity of 22 million tonnes per annum, which is projected to hit 30 million tonnes per annum after NLNG Train 7.
Using the relative valuation model based on the valuation of the world’s largest natural gas companies, such as Qatargas and Cheniere Energy, NLNG is projected to trade on the NGX with a $5 billion market capitalisation (N8.75 trillion). This would boost the market’s capitalisation to N112.55 trillion.
Tolaram Group
Tolaram Group is currently one of Nigeria’s largest consumer goods companies. Their subsidiaries include: Dufil Prima Foods, Multipro Consumer Products, Colgate-Palmoilve Tolaram, LekkiPort LFTZ Enterprise, TG Arla, Kellogg Tolaram Nigeria, Addmie Nutrition Limited, Lucky Fibres, and Guinness Nigeria.
In 2021, Dufil Prima Foods, makers of Indomie, reported a revenue of N306.8 billion as well as a profit of N13.1 billion. On NASD, which is the unlisted equities market, Dufil Prima has a market capitalisation of N60.8 billion. Guinness Nigeria, a listed subsidiary of Tolaram, has a market capitalisation of N142 billion.
If Tolaram Group lists some of its holdings on the NGX, it could boost the market capitalisation by as high as N1 trillion, taking the market cap to N113.55 trillion.
Nigerian Bottling Company Limited
In 2011, when Nigerian Bottling Company Plc delisted from the NGX, it had a valuation of N20.3 billion, representing N47 per share.
However, since 2011, Nigerian Bottling Company, now fully owned by Coca Cola Hellenic Bottling Company, has grown in leaps and bounds. Since delisting, the company has reportedly invested $1.5 billion in Nigeria, with plans to invest a further $1 billion.
When Coca-Cola delisted from the Nigerian Exchange (NGX), its market capitalisation stood at approximately $130 million. In 2022, the company reported a per capita consumption rate of 74 servings in Nigeria, translating to around 15 billion units sold based on an estimated population of 202.7 million.
Although the company does not publish its financial statements, its annual revenue is estimated to exceed N2 trillion. Hence the company could add a further N250 billion to the NGX’s market capitalisation, boosting the market cap to N113.8 trillion.
Globacom Limited
In the past, Globacom Limited was Nigeria’s second largest telecommunications company in terms of subscriber base. However, a recent audit carried by the Nigerian Communications Commission (NCC) shed off 40 million inactive Glo subscribers, thus bringing their number of subscribers down to 19.7 million.
However, the company still owns the 9,800 km GLO-1 submarine cable, which runs from London to Lagos, and was built with $800 million. Unlike its competitors, Glo does not lease. The company owns and operates its 8,700 towers across Nigeria, thus significantly boosting its asset size.
If Glo lists on the NGX, its market capitalisation would not be less than $1 billion (N1.75 trillion). Listing at this valuation could boost the NGX’s market capitalisation to N115.55 trillion.
Indorama Eleme Petrochemicals Limited
Indorama Eleme is Nigeria’s foremost petrochemical company and was the country’s largest fertilizer producer until Dangote. At the moment, Indorama Eleme owns the world’s largest single train fertilizer plant, with a production capacity of 1.4 million tonnes per annum. The company owns two plants which produce around 2.8 million tonnes of urea per year.
It also owns a port terminal in the Onne Port which it uses to facilitate urea export from Nigeria.
The company was in talks to list on the NGX in 2017, aiming to bring its investments in Nigeria to $4.2 billion by 2020.
In 2024, Indorama received a $1.25 billion financing package from the IFC. Based on its own 2020 estimates, Indorama may list on the NGX at a valuation of $4.2 billion (N7.35 trillion), bringing it cumulatively to N122.9 trillion.
Olam Nigeria
Olam is Nigeria’s largest non-oil exporter, with cashew, cocoa beans, and sesamum seed being its major export commodity. In Nigeria, the group through its subsidiaries, Olam International and Olam Holdings, own nine companies, including Outspan Nigeria, Caraway Africa Nigeria (makers of Fresh Yo), Olam Sanyo, OK Foods, Crown Flour Mills, Olam Flour Mills (formerly Dangote Flour Mills), Olam Hatcheries, and Quintessential Foods Nigeria formerly BUA Flour Mills).
Olam is also the producer of Mama’s Pride rice in Nigeria
Applying the relative valuation model, BUA Foods emerges as Olam’s closest competitor in terms of asset size and revenue, with a current market capitalisation of ₦7.11 trillion. Should Olam consolidate its Nigerian subsidiaries into a single entity and proceed with a listing on the NGX, the newly formed group would likely debut with an estimated market capitalisation of $4.1 billion (₦7.1 trillion).
This would bring the NGX’s market capitalisation to N127.1 trillion.
NNPC Limited
The prospect of the Nigerian National Petroleum Company (NNPC) Limited listing on the NGX appears uncertain from an observer’s standpoint. Nevertheless, both the federal government and the NNPC have repeatedly emphasised their intentions for the state-owned oil company to go public.
This plan mirrors the precedent set by Saudi Aramco, which debuted on Saudi Arabia’s stock exchange in 2019, raising $29.4 billion through the sale of a 1.5 percent equity stake.
NNPC, with its expansive portfolio of 22 oil mining leases and seven oil prospecting leases, holds the largest stake in Nigeria’s oil and gas production. The company also operates three refineries and maintains a minority interest in Dangote’s refinery.
In the 2023 financial year, NNPC reported a net profit of N3.3 trillion, solidifying its position as Africa’s largest national oil company by asset size. Should it proceed with a listing on the NGX, conservative estimates peg its potential market valuation at $30 billion (₦52.5 trillion).
All of these listings have the potential to push NGX’s market capitalisation beyond $100 billion.
“We need to get more companies to list in the NGX,” said Ike Ibeabuchi, a emerging markets analyst.
“It enhances firms’ chances to raise capital, promotes transparency of companies’ operations, and leads to economic growth. But we need to create value for investors.”
[Businessday]
The Borno State Governor, Babagana Zulum, has insisted that the proposed tax reforms by President Bola Tinubu should not be implemented as they are.
Governor Zulum maintained that if the bills are passed, most of the money from the Value Added Tax (VAT) will go to Lagos State.
He, however, warned that if President Bola Tinubu uses his power and influence to get the bills passed by the National Assembly without making the necessary adjustments, there would be consequences for the people.
While insisting that he is not against the administration of President Tinubu, Zulum asked for more time for consultations on the tax reform proposals in the spirit of democracy.
The Borno State Governor added that contrary to insinuations in some quarters, the Governrs are not against the President.
“We know the power of the president. I’m a system man; I respect him. If the president wants to use his power to pass the tax bill, he may have his way, but it has its consequences on the people,” Zulum said during the interview with Channels Television on Sunday.
Naija News recalls the President in October, asked the National Assembly to consider and pass the Joint Revenue Board of Nigeria (Establishment) Bill, 2024 -SB.583; The Nigeria Revenue Service (Establishment) BILL, 2024- SB.584; The Nigeria Tax Administration Bill, 2024-SB.585; and the Nigeria Tax Bill, 2024 – SB.586.
Despite opposition from some quarters against the bills, the Senate has passed the bills for second reading.
More...
2027 Merger Permutations: Peter Obi, Atiku’s Position Will Be Made Known When The Time Comes
AFOLABI
Abdulrasheed Shehu, an aide to former Vice President, Atiku Abubakar, has said the idea of a merger or alliance with the 2023 presidential candidate of the Labour Party (LP), Peter Obi, remains a possibility.
Naija New reported that Atiku and Peter Obi reignited discussions around the possibility of both uniting for a run at the 2027 presidential election after their Saturday meeting in Yola.
Obi was the keynote speaker at the 20th anniversary of the American University of Nigeria (AUN), which Atiku owns.
Although spokespersons for both politicians denied any political undertones to the invitation, social media was abuzz, especially after Atiku posted a video of the breakfast meeting with Peter Obi at his Yola home.
However, there are speculations that the meeting was part of preparations for the 2027 presidential race, as the crises within the Labour Party and Peoples Democratic Party (PDP) show no signs of resolution.
An X user, Theo Agada, wrote, “Repeat the 2019 ticket and promise to do one term. Then watch the Nigerian people do their thing.”
Quoting Atiku’s tweet, the LP’s Lagos State governorship candidate in the last election, Gbadebo Rhodes-Vivour, wrote: “We must form a united opposition to end this T-pain remix that we are all featuring in,” referencing the current hardship in the country.”
In a post via his X handle, Doyin Okupe, who served as Peter Obi’s campaign director but recently switched allegiance to President Bola Tinubu, offered a different perspective.
He said, “The politically naive, ignorant, or bigoted have always insulted me whenever I state that politics is a game, not religion. No permanent friends, no permanent enemies, only permanent interests! Interesting times ahead. We now move from Consumption to Absorption. End of discussion!”
However, speaking with Daily Trust, Abdulrasheed Shehu clarified that there was no discussion about the 2027 election or a merger during Peter Obi and Atiku’s meeting on Saturday.
He noted that the two politicians would make their position on possible mergers known at the appropriate time.
He said, “There was no conversation around 2027. He only welcomed Obi to Yola and had breakfast with him, after which they went to AUN together where Obi gave a powerful lecture. But you know, Oga (Atiku) is the one who started the call for a coalition of opposition leaders after the 2023 general elections to defeat the APC in the next election. When the time comes, their position will be made known.”
The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), has warned that corruption in the judiciary and the abuse of power can contribute to the breakdown of the rule of law and diminish public confidence in the judicial system.
Fagbemi stated this in his keynote address at The Gavel International yearly lecture 2024, themed “The Judiciary as the Last Hope of the Common Man: Media and Legal Perspectives,” in Lagos.
According to him, when the judiciary fails in its duties, it erodes public trust and hampers social progress in the country.
He stressed that the integrity and efficacy of the justice system largely shape the future of a nation.
Besides, he warned that if the judiciary fails to create an equitable future, society could face long-term consequences, including a rise in civil unrest and a diminished belief in the legal system as a vehicle for justice.
The minister emphasised that the judiciary’s role is foundational to the maintenance of justice and societal harmony, saying that its principal function is to provide fair and impartial resolutions to disputes, interpret laws, and safeguard individual rights.
Fagbemi, who noted that the Nigerian judiciary is one of the most respected in Africa, warned that protracted trials not only delay justice but also discourage individuals from pursuing their cases, particularly when they feel their grievances will never be resolved.
He explained that such delays can erode trust in the judiciary, as people may begin to feel that justice is inaccessible or ineffective.
In his lecture, former General Secretary of the Nigerian Bar Association (NBA), Dele Adesina (SAN), described the judiciary as an institution he is committed to defending and advancing at all times.
Adesina said the judiciary is not only the last hope of the common man but also the last hope of the uncommon, educated or illiterate, rich or poor, as well as the government and the governed.
He stated that the golden rule of practice is that the media must not make any comments that could prejudice a fair trial.
“The media should be wary of this. Trial by the media in criminal matters prejudices the minds of the populace and leads them to hold the court in contempt and dishonour when it ultimately reaches a conflicting or different verdict.
“More often than not, allegations of compromise and corruption are made against the judge. This is very unhealthy for the development of our legal system and judicial process.
“Our media can serve the judiciary better by promoting quality analysis of court judgments by knowledgeable individuals. This can be done through lectures of this nature, analysis by informed individuals, or the publication of journals,” he said.
[Guardian]
The Tertiary Education Trust Fund (TETFund), National Agency for Science and Engineering Infrastructure (NASENI) and National Information Technology Development Agency (NITDA) will all cease to exist if the four Tax Reform Bills currently being considered by the National Assembly were passed into laws.
This was disclosed by Borno State governor, Prof. Babagana Umara Zulum, while speaking on Channels TV’s programme, ‘Sunday Politics’, which was monitored by our Correspondent on Sunday night.
LEADERSHIP reports that the contentious Bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024 -SB.583; The Nigeria Revenue Service (Establishment) BILL, 2024- SB.584; The Nigeria Tax Administration Bill, 2024-SB.585; and the Nigeria Tax Bill, 2024 – SB.586.
Zulum, who said neither himself nor any Northern governor was against President Bola Tinubu over the Executive Bills, however, noted that they were only craving for dialogue and adequate consultation about the proposed legislations in order not to be short-changed.
“This is a democratic setting, we need more time. People have told the President that governors are against him, we didn’t say anything like that. We know the powers of the President, I am a system man, I respect him, if the President want to use his powers to pass the Bills, he may have his way but it has consequences for the people,” Zulum stated.
The governor expressed reservations about some of the provisions of the Bills, which include the status and nomenclature of the current Federal Inland Revenue Service (FIRS) upon passage of the Bills into law, to assume the power of being the only tax collection agency in Nigeria, questioning whether the agency has the structures in place to execute such mandate.
“Another provision of the Tax Bill is that by 2029 TETFund will be scrapped because companies will cease to support TETFund according to the law…NASENI will be scrapped in 2029…NITDA will be scrapped…These are some of our concerns,” the Borno State governor explained.
Zulum also explained that if the Bills scaled through and become laws, 34 States of the Federation would be shortchanged as only Lagos and Rivers States would be the main beneficiaries.
“Let them give us facts and figures, let them convince us,” Zulum stated, warning that there would be consequences for Nigerians if President Tinubu go ahead to get the Bills passed into law at all cost.
It will be recalled that President Tinubu had in October forwarded the four executive Bills to the National Assembly for passage into laws. On November 28, the Tax Reform Bills passed the second reading stage in the Senate, while the House of Representatives has fixed Tuesday for debate on the proposed legislations.
[Leadership]
Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations by Daily Trust have shown.
Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.
In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
In the last 10 months, the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
Those 17 directors are yet to be replaced.
A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”
Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.
The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.
The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
‘They’re offering me N97m for 4-yr service’
A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.
“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said.
17 sacked directors yet to be replaced
The 17 directors sacked 10 months ago and those who retired then are yet to be replaced.
Information on the CBN’s website yesterday showed that each of the 13 departments is headed by a coordinator.
A circular for replacement specified that deputy directors who have two years or less to retire are not eligible for consideration, and that each applicant must apply for only one of the positions listed as multiple applications may lead to disqualification.
Daily Trust’s investigations revealed that following the outcry that greeted the perceived bias against serving deputy directors, some of them were allegedly invited to apply for the vacant positions.
A senior staff stated that: “As it is, most of those who should qualify were affected alongside the sacked directors.”
Some of the sacked directors had, four weeks ago, approached an Abuja division of the National Industrial Court of Nigeria for an interlocutory injunction to restrain the CBN from replacing them, saying their employments were “unlawfully terminated without a valid reason.”
CBN keeps silent
When contacted by Daily Trust for comments on the decision to send about 1,000 staff on early retirement, the CBN’s Director of Corporate Communication, Hakama Sidi Ali, neither answered calls nor replied to a text message sent to her.
What CBN’s policies and procedures manual says
Section 16.0 of the CBN’s Human Resources Policies and Procedures Manual (HRPPM) titled ‘Cessation of Employment’, specifies that in every case of separation from the employment of the bank, it is the objective of CBN to make separations as amicable as possible for both the employee and the bank.
Section 16.3.5 notes that an employee’s Normal Retirement Date in CBN should coincide with the date the employee is 60 years old or has put in 35 years of service.
“Early retirement can be considered when the employee has served for at least 10 years, and is only granted at the discretion of management,” it said.
According to the manual, the CBN feels that the retirement of an employee should be an occasion for celebration and for recognition of the individual’s contributions to the bank.
However, Section 16.4, which specifies the condition for redundancy, stipulates that redundancy means involuntary and permanent loss of employment as a result of excess human resource.
It said the redundancy processes are designed to provide a framework to manage change, where that change involves termination of employment.
“Adversely affected employees are given the opportunity for early separation from the bank.
“Consultation with the Joint Consultative Council is essential, and a fair process is mandatory. Employees who are adversely affected may appeal decisions made by the head, human resources,” it said.
The manual said the grounds for redundancy require that employment may be terminated for economic, technological, structural or similar reasons.
[DailyTrust]