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The Naira has slumped seven times in recent days against the US dollar at the foreign exchange.
FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1309.88 per Dollar on Thursday from N1308.52 on Wednesday.
This represents a N1.36 loss on a day-to-day basis.
At the parallel market section, the Naira dropped between N1,300 and N1,370 on Thursday from between N1,250 and 1,300 the previous day.
In the last four days, Naira has recorded depreciation against the Dollar in the FX market.
Last week, the Naira dropped three times against the Dollar in the foreign exchange market.
Accordingly, the Naira had lost N237.14 since April 17, 2024 when it traded at N1,072.74 per Dollar at the FX market.
The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.
This is the third recent intervention for BDCs amid the bank’s effort to defend the Naira.
BDC operators blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the dollar in the foreign exchange market.
Telecommunications operators in the country including MTN Nigeria and Globacom have asked for Federal Government approval through the Nigerian Communications Commission to raise their tariff.
The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year.
The telcos’ proposal to raise their tariff came barely 24 hours after MultiChoice, a South African pay television company raised its tariff. Several companies including Discos and brewing companies have also raised their prices in recent times.
On Thursday, the telcos, under the aegis of the Association of Licensed Telecom Companies of Nigeria and the Association of Telecom Companies of Nigeria, issued a joint statement asking the government to expedite the approval.
The two bodies in their statement explained, “Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last 11 years, primarily due to regulatory constraints.
“For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.”
The associations called on the federal government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.
The telecom industry appears to be among a few sectors that have yet to review their prices despite the rising inflation in the country amid other economic challenges. They blamed this on the regulatory restraints that have been preventing them from pricing appropriately.
Efforts to reach the commission’s Director of Public Affairs, Reuben Mouka, on whether the request will be considered proved abortive as of press time on Thursday. There were no responses to calls, WhatsApp messages, and text messages sent to his line.
The NCC regulates prices in the telecom industry, and telecom operators are not allowed to implement any price changes without the regulator’s approval. The regulator has said a cost-based study is being conducted to determine if it would approve price increments for the operators.
The Chairman, Association of Licensed Telecoms Operators of Nigeria, Gbenga Adebayo, said in a publication on Thursday that cost reflective tariff was non-negotiable.
“We have seen the impact of price control in other segments of the economy, like power. If providers cannot operate sustainable business models, then they’ll stop investing. When that happens, the existing infrastructure starts to crumble.
“For power, a consumer can choose to take ownership of the solution by buying a generator, or a solar panel. For fuel, the government can step in as a provider of the last resort and manage a subsidy regime that mitigates the impact on the population. Those options are not available in the telecoms sector. There is no self-help solution,” he explained.
The industry has faced significant increases in operational costs occasioned by the scarcity of foreign exchange, network expansion, and upgrades, which have also negatively affected the bottom lines of the operators.
Investment in the sector has also dwindled to $134m in 2023 from $456.8m in the previous year, a decline of $322m, according to the National Bureau of Statistics.
The decline represented a decrease of approximately 70.5 per cent.
MTN Nigeria Plc has disclosed a substantial loss of N740.4bn for the fiscal year 2023, a notable surge from the N81.8bn loss reported in 2022, marking an alarming 804 per cent increase, equivalent to N658.6bn.
This drastic financial setback is primarily attributed to the effects of the foreign exchange market liberalisation that commenced in June of the previous year.
MTN clarified that it applied an official exchange rate of N907.11 per dollar, based on NAFEM (Nigerian Autonomous Foreign Exchange Market), as of December 31, 2023.
This implies that the reported loss might escalate further if the prevailing exchange rate between the naira and dollar remains unchanged by the end of March, coinciding with the publication of its Q1 results.
Meanwhile, Airtel Africa reported a 99.6 per cent decline in its post-tax profit to $2m at the end of the nine months ended December 2023 from $523m at the end of the same period in 2022.
The key driver behind these losses was the liberalization of the forex market in June 2023, which led to a 96.7 per cent devaluation of the naira from N461 per dollar in December 2022 to N907.1 per dollar by the end of 2023, MTN disclosed in its audited financial results for 2023.
Telcos threaten
Speaking with The PUNCH, the President of Telecommunications Companies of Nigeria, Tony Izuagbe, explained that telcos are running at a loss and may not survive this year should tariffs remain the same.
Izuagbe warned that if urgent action is not taken, many telecom operators may be forced to shut down operations, leaving millions of Nigerians without access to vital communication services.
He emphasised that the current tariff regime is insufficient to cover the costs of providing services, and urged regulatory bodies to address the industry’s challenges and support operators in maintaining the quality of service.
The current price of diesel, ranging from N1300 to N1500 per litre, has placed a substantial financial burden on operators, who consume an average of 2000 to 3000 litres per month per base station, Izuagbe analysed.
In 2023, telecommunication companies spent about N429.43bn on diesel for base stations, an increase of 34.57 per cent from the N319.11bn they spent in 2022. This is because diesel prices soared in 2022 and remained at an elevated level in 2023.
In 2022, the telecoms industry noted, “The telecommunications industry has been heavily financially impacted following Nigeria’s economic recession in 2020 and the effect of the ongoing Ukraine/Russia crisis. This has increased energy costs, (which constitutes an appreciable 35 per cent of ALTON’s members’ operating expenses).”
Telcos use an average of 40 million litres of diesel per month to power telecom sites.
ATCON President expounded, “We all know the challenges of inflation, which is affecting operators. Let’s take a typical diesel price, for example, which is sold at N1500 per litre or even N1300. On average, a typical base station would use about 2000–3000 litres in a month.”
Analysing further, he stated, “The cost per gigabyte of data in Nigeria is about N250. By the time you look at the expenses incurred in maintaining a base station, you will discover that revenue will not be enough to cover them.
“This excludes colocation and infrastructure services. By the time they mark up their charges, the operators will also be suffering.”
He revealed that many operators were already cutting back on infrastructure investments to mitigate losses and warned that if drastic measures are not taken, many may not survive the year.
Izuagbe acknowledged that the NCC has been working to address some of the challenges facing the industry, but emphasized that more needs to be done to ensure the survival of telecom operators.
He described the situation as a “chicken and egg scenario,” where it is difficult to improve the quality of service when operators are struggling to survive.
He urged the NCC to take further action to address the challenges facing the industry, including the issue of compensation for damaged infrastructure, to ensure that telecom operators can provide the quality of service that Nigerians deserve.
A commission official, speaking anonymously due to the sensitive nature of the issue, conveyed that the operators were left with no choice but to seek a tariff review approval from the commission. However, such approval might not be granted due to the prevailing high cost of living.
The official said, “Telecommunications cannot do anything without the commission’s permission. There can’t be any increment in cost without regulatory approval. That is what the law says. They can only keep agitating. The telecommunications sector is unlike other sectors that can increase their prices at any time without notice or recourse.”
Subscribers, economists back telcos
Subscribers and economists who spoke with The PUNCH backed the move by telecom operators to increase tariffs to stay afloat.
As of March 2024, industry statistics obtained from the NCC website showed that there are at least 219 million subscribers.
The President of the National Association of Telecommunications Subscribers, Adeolu Ogunbanjo, called for a marginal increase in tariff prices.
According to Ogunbanjo, the increase is necessary to help operators offset the rising cost of operations, including the purchase of equipment in dollars, which has been affected by the fluctuating exchange rate, and the removal of fuel subsidies, which has led to an increase in the price of diesel used to power base stations.
The NATCOM president acknowledged that telecom companies were facing significant challenges, including the need to improve services, deploy infrastructure, and power their base stations.
He noted that a slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure.
A slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure, Ogunbanjo pinpointed.
“A slight increase will not be bad so as not to suffocate the operators. They need to improve services, they need to deploy infrastructure, and it will be difficult if the situation doesn’t improve. They have to continue to power their base stations. Recently, they had issues with the undersea cable. All these issues have compounded their woes,” he buttressed.
Professor of Economics at Olabisi Onabanjo University, Sheriffdeen Tella, told The PUNCH that the move was long overdue.
The cost of operation for telecom operators has increased significantly, making it difficult for them to sustain their businesses, the academic stated.
“When I see the cost of sending text messages, I discover that they haven’t increased their charges. Generally, the cost of operation has increased, and it’s the government that is supposed to reduce the cost of energy, the interest rate, and all those indicators.
“So, since the government is not doing that, they cannot stop them. So there is a need for the government to review its policies. The need to intervene generally in the economy,” he elaborated.
Tella also highlighted the need for subscribers to adjust to the new reality and understand that operators cannot continue to operate at a loss.
He warned that if the situation is not addressed, more companies may be forced to leave the market, which would have negative consequences for the economy.
An economist, Aliyu Ilias, stated, “The move is justifiable, and the telcos and the NCC have been doing well. The way they have even approached the situation is commendable.
“The environment they operate in is not different from the environment others are operating in. It is a tight move, but the government needs to work with them to know the percentage they intend to increase the tariff,” Ilias argued.
A United Kingdom-based Nigerian man, Olubunmi Abodunde, has beaten his wife, Taiwo, to death with their son’s skateboard, Daily Mail reports.
The couple, who had three children, arrived in the UK from Nigeria in 2022 and always clashed over alleged affairs and arguments about bills.
According to the news platform, 48-year-old Abodunde had been repeatedly investigated by Suffolk Police about domestic violence and was due to go on trial for murder but changed his plea to guilty on Wednesday after a jury had been sworn in.
During the abuse, officers heard ‘a number of bangs’ inside the house, which Abodunde had gone into, despite bail conditions imposed the day before that banned him from the property following another violent episode.
When they finally entered 25 minutes later, they found the wife, 41-year-old Taiwo, with her ‘skull smashed in’.
However, Judge Martyn Levett, sitting at Ipswich Crown Court, warned him the only possible sentence was life imprisonment.
Suffolk Constabulary has referred itself to the Independent Office of Police Conduct, which confirmed three officers were under investigation.
An IOPC spokesman said, “We advised two Suffolk officers that they are under investigation for potential breaches of the police standards of professional behaviour at the level of gross misconduct.
“We advised another officer that they are under investigation at the level of misconduct.”
Abodunde had a history of jealousy and suspicion and accused his wife of having affairs. He had been investigated by police a number of times over alleged domestic violence incidents before his wife’s death.
He was arrested on April 27 last year when police arrived at the couple’s home in Newmarket, Suffolk, and found Mrs Abodunde with a split lip.
Later that day, he was freed on police bail with the condition that he stayed away from the marital home and didn’t approach his wife.
But after working a night shift at Tesco, he went home just after 9 am to allegedly pick up his mobile phone.
Two officers arrived at 9.20 am to take a statement from Mrs Abodunde about the previous night’s incident and heard repeated banging noises inside.
But it wasn’t until 9.55 am that they forced their way in after getting approval from senior officers and found Mrs Abodunde ‘obviously dead’ near the front door.
A post-mortem examination later showed she had been throttled until she fell unconscious, then stamped on until her ribs were broken before her husband used the skateboard to finish her off. The blows were so violent that the skateboard was damaged.
Prosecutor Simon Spence KC told the court the banging officers heard was likely to have been Abodunde continuing to attack his wife after she was unconscious or dead.
Mrs Abodunde had a job as a care home assistant in Cambridge, but her husband, who had trained as a civil engineer, was unable to find work in his profession and took shifts at Tesco and Wickes.
After his arrest for the murder, Abodunde was taken to hospital “because he appeared to have some sort of mental episode”.
He later claimed in a police statement he had acted in self-defence, saying, “My wife has subjected me to physical abuse for a number of years.
“On November 28, we got into an argument. She ran at me with a knife, I grabbed the knife and cut my hand. I was defending myself.”
But the court heard while he did have an injury to his hand, there wasn’t a knife near his wife’s body.
Nneka Akudolu KC, defending, said the level of violence was ‘completely out of character’ for her client and might have been affected by medication he was taking. But she said no medical evidence would be provided to support this claim.
Detective Inspector Dan Connick, of Suffolk Police, said after the hearing, “This was an awful attack on a woman that has had a lasting impact on the community and, most importantly, on the victim’s family.
‘We are pleased that Taiwo’s family will no longer have to go through the pain of a trial.
‘Our thoughts remain with Taiwo’s family and friends and hope this result will bring some small comfort to them.’
Taiwo Abodunde worked for Cambridge Manor Care Home, which provides dementia care and residential and respite care.
A spokesman for the facility, which is owned by TLC Care, said: ‘We are all deeply shaken and upset by the tragic death of Taiwo, who was a much-loved member of our home community.
‘Our thoughts and deepest condolences are with her family. Taiwo always cared for those we support with compassion and kindness, and she will be greatly missed by all of us and our residents.’
Abodunde was remanded in custody and will be sentenced on May 9.
A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe.
According to data compiled by the business news platform, the refinery has more capacity than many European ones.
The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day.
The report sighted by our correspondent on Thursday stated that this is over 246,00bpd capacity, more than Shell’s Pernis Refinery, which is located in the Netherlands.
It added that the Pernis Refinery, which has an installed capacity of 404,000bpd, is the biggest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.
Bloomberg also reported that the GOI Energy ISAB Refinery in Italy was built with a refining capacity of 360,000bpd.
Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.
Others listed in the report were the Orlen Plock Refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro Refinery in Germany with 310,000 capacity; and the ExxonMobil Anterwep Refinery in Belgium with 307,000 capacity.
It added that the Saras Sarroch Refinery in Italy had 300,000 capacity; the ExxonMobil Fawley in England had 270,000bpd capacity.
The Bloomberg report described the Dangote Refinery as a ‘game changer’ and said it was taking advantage of cheaper US oil imports for as much as a third of its feedstock as it started up.
According to analysts, the refinery has been shipping products in recent weeks while readying two units to enable petrol output, which will deliver a long-promised transformation of the fuel market in Nigeria and the region.
“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” an oil expert, Alan Gelder, told Bloomberg.
According to the average estimate of analysts at WoodMac, FGE, and Citac, the refinery is running at about 300,000 barrels a day, nearly half its nameplate capacity.
The complex has started shipping jet fuel, diesel, and naphtha as it widens to a full slate of products.
Reuters recently reported that the Dangote oil refinery could end a decades-long petrol trade from Europe to Africa, worth $17 billion a year.
Reuters, quoting analysts and traders, said the Dangote refinery was heaping pressure on European refineries already at risk of closure from heightened competition, adding that the refinery would be the largest in Africa and Europe when it reaches full capacity.
About a third of Europe’s 1.33mbpd average petrol exports in 2023 went to West Africa, a bigger chunk than any other region, with most of those exports ending up in Nigeria, Reuters said, quoting Kpler data.
Dangote Refinery has begun selling diesel into the Nigerian market, crashing the pump price from N1,600 to N940 in less than a month.
IT is beginning to look as if cars are now built to last a life-time. Surprisingly, such cars are not even from established brands that you might be thinking of.
Ordinarily, most people would think that such cars are made in Germany, Britain, America, Japan or Korea. But they are wrong.
The cars that are giving world renowned automakers sleepless nights are from China.
Have you imagined that a car built in China could offer 10 years or 1,000,000 kilometer warranty? Or that a car could float on water in case of emergency? This is the new bar that the Chinese automakers are setting.
Leading this new technology exploits are the Jetour and BYD companies and other Chinese makers are gearing up to surpass the competition in no time.
For instance, the new Jetour T2 Sport Utility Vehicle is offering 10 years/one million kilometer warranty and a host of new technologies that could make renown automobile makers look like learners. This five seater SUV comes with array of features that are not common in its segment, thereby giving other traditional brands serious concern for worry. Roof rails, bulging wheel arches, striking tailgate and high-tech light signature, stand the SUV out.
Measuring about 4.78 meters long which is slightly shorter than the Hyundai Santa Fe, the Jetour T2 comes with imposing front end with its large grille, LED headlights and lower guards.
The T2’s clean cabin comes with 15.6-inch HD central screen as well as 10.25-inch instrumentation and a centre console that houses the gear selector and driving profiles. Ventilate and panoramic roof with snapdragon 8155 chip and 12-speaker Sony audio completes the luxury feelings in the T2.
Power is at your control with the 2.0 Turbo petrol engine which delivers 254 PS and 390Nm of peak torque. This engine is linked to a seven-speed DCT dual-clutch automatic gear and six generation BorgWarner all-wheel drive system.
Features such as remote parking, lane assist, 360 camera, adaptive cruise control with traffic jam guidance, fatigue detector, blind spot monitoring and automatic braking, are standard features of Jetour T2.
Another shocker from the Chinese automaker is the BYD Yangwang U8 SUV which delivers unrivalled off-road prowess and can be driven off-land too. It can float like a boat in flood even when the water gets up to the window level.
BYD revealed that the upcoming U8 Premium Edition was designed to withstand extreme weather conditions, including flash floods. If you’re ever caught in a flood, the SUV will elevate its suspension, turn off its engine (more on that in a bit), switch its HVAC system to re-circulation mode and seal its windows so that it can remain afloat up to 30 minutes, according to CarScoops. The vehicle can do more than just float, though. It can also drive forward at speeds of up to 1.8 mph. You’ll be able to maneuver around objects if necessary, too.
Water readiness is far from the U8’s only attractive feature. The full-size SUV is being pitched as a Chinese alternative to the ultra-chic Mercedes-Benz G-Wagon and Range Rover. Its unique hybrid power train, the U8 is an extended-range EV (EREV), which means it pairs a four-motor electric power train with a 2.0-liter turbocharged four-cylinder engine that acts as a range extender. BYD says the setup produces 1,200 hp and has a range of 621 miles.
BYD isn’t the first company to think about making a land-based electric ride that can travel through water. Elon Musk has had the same idea for the Cybertruck. Last year, the company’s CEO posted on X, then known as Twitter, that the eagerly anticipated EV would be able to “serve briefly as a boat.” We’ve yet to see the finished Cybertruck—the examples that have rolled off the line have only been production candidates—so it remains to be seen if the ability will be available.
The digital lending landscape in Nigeria has witnessed significant growth, with an array of licensed loan app companies offering credit facilities to both individuals and businesses.
These companies, licensed by the Central Bank of Nigeria (CBN), play a crucial role in providing financial services to the informal sector.
The Federal Competition and Consumer Protection Commission (FCCPC) has been instrumental in developing a regulatory framework to address concerns regarding unethical practices in loan recovery, such as harassment and defamation. This collaboration with industry regulators aims to ensure ethical and professional conduct among digital lenders.
The Limited Interim Regulatory Framework and Guidelines for Digital Lending, spearheaded by the FCCPC, have led to the registration and approval of over 260 digital lenders that meet the required standards. However, it’s noteworthy that only a fraction of these lenders are licensed by the CBN, subjecting them to stringent guidelines and ethical practices in loan recovery.
Here are 16 CBN-licensed loan app companies actively operating in Nigeria’s digital lending space:
- Fast Credit Limited (FCL): Offers investment and loan products to individuals and SMEs, including micro and nano loans via its mobile app and USSD service.
- Baines Credit Microfinance Bank Limited: Provides quick digital loans and salary advances for various sectors, including salary earners and MSMEs.
- Greenbond Finance Company Limited: Facilitates instant loan services through its app Apply 24/7, offering salary advances and asset finance without collateral or guarantor requirements.
- Ekondo Microfinance Bank: Focuses on credit facilities tailored for clients in the South-South region, offering civil servant loans, salary advances, and fast cash.
- Accion Microfinance Bank: Offers personal and business loans, including a School Fees Loan for easy payment facilitation.
- Newedge Finance Limited: Provides instant loan services through multiple apps such as Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash.
- Shepherd Trust Microfinance Bank: Offers savings, investment, and loan products to MSMEs, with individual loans available to qualifying salary earners.
- Firmus Microfinance Bank: Provides financial services to individuals and SMEs, offering various loans through its mobile app, including personal, house, school, and car loans.
- Cashbridge Microfinance Bank: Offers business loans, school fees loans, and home loans, among others, designed to fulfill customers’ financial goals.
- Zedvance Finance Limited: Provides instant collateral-free loans through its MoneyPal App, tailored to customers’ specific needs.
- Credit Direct Limited: Focuses on quick turnaround loans with minimal documentation and efficient processes, emphasizing customer service.
- FairMoney: Processes instant loans of up to one million naira, along with banking services, for individuals and businesses.
- Branch International Financial Services: Offers personalized loan offers through its mobile app, with loan eligibility determined using smartphone data.
- Carbon Finance and Investments Limited: Provides a range of financial services, including personal and business loans, payments, credit scoring, savings, and investments.
- Renmoney Microfinance Bank: Grants personal and micro-business loans ranging from N50,000 to N6 million, alongside savings and banking services.
- Links Microfinance Bank: Provides a one-stop approach to banking services, including savings, loans, and investments through its Sofri mobile app.
NYSC Service Not A Disqualification For Ministerial Appointment - Court Dismisses Suit Challenging Musawa’s Appointment As Minister
AFOLABIA Federal High Court, Abuja, has dismissed a suit seeking to reverse the appointment of Hannatu Musawa as Minister of Art, Culture and Creative Economy by President Bola Tinubu.
Justice James Omotosho, in a judgment, held that the plaintiffs lacked locus standi (legal right) to institute the suit.
Justice Omotosho also held that even where the plaintiffs were vested with the legal right to file the matter, the suit, itself, lacked merit.
President Bola Ahmed Tinubu had, on July 27, 2023, transmitted Musawa’s name, among names of minister-designates, to the Senate for confirmation.
Musawa, a lawyer and immediate-past Presidential Adviser on Culture and Entertainment Economy, was screened by the Senate on Aug.1, 2023, and was sworn in as minister on Aug. 21, 2023.
At the time, the minister who hails from Katsina State was appointed, she was alleged to be a serving National Youth Service Corps (NYSC) member.
Against this backdrop, the Incorporated Trustees of Concerned Nigeria, Chief Dr Patrick Eholor and Thomas Marcus, who were 1st to 3rd plaintiffs respectively, filed the suit before Justice Omotosho.
In the suit marked: FHC/ABJ/CS/1198/23 filed Aug. 30, 2023, the plaintiffs sued President Tinubu, the Attorney-General of the Federation (AGF) and Musawa as 1st to 3rd defendants respectively.
They prayed the court to determine whether by provisions of Section 2(1) and (3) of the NYSC Act and Section 4(9) of the NYSC Bye-Laws (Revised 2011), Musawa, who was a corps member at the time, was not prohibited from becoming a federal minister.
They also urged the court to determine “whether by the provisions of the 1999 Constitution (as amended), whether the same qualification of a member of House of Representatives is not also the same qualification for the appointment of 3rd defendant (Musawa) as a minister and whether the same qualification is not mandatory for her to be a federal minister of Nigeria.”
Upon favourable resolution of the questions, the plaintiffs sought an order nullifying the initial recommendation, resolution to be a minister, appointment and swearing in of Musawa as a minister.
They sought an order setting aside the swearing-in of the minister.
They equally sought an order of mandatory injunction setting aside all official actions as may be carried out by her acting in any official capacity from the commencement of and swearing in of the minister to the final conclusion of the suit.
They also prayed the court to make an order for payment of general damages in the sum of N100 million against all the defendants.
In their affidavit, they argued that Musawa was mistakenly screened by the Senate and appointed as a minister to supervise the Ministry of Culture.
But the 1st and 2nd defendants in a joint preliminary objection dated and filed Feb 15, sought a dismissal of the suit for want of jurisdiction.
They argued that her appointment was done in line with extant laws as she was duly nominated, screened by the Senate and appointed by the president.
According to them, there is no law that hinders the 1st defendant from appointing a person still serving as an NYSC member as a minister.
They further argued that the only qualification is the same as a person contesting for the post of a member of the House of Representatives.
They submitted that the NYSC certificate or completion of NYSC is not amongst the basic requirements for appointment as a minister, urging the court to dismiss the suit on the grounds that the plaintiffs are incompetent to institute this suit.
On her part, Musawa, through her lawyer, argued that the 1st plaintiff was a non-existent entity and thus, not a juristic person to institute the action.
Also, she argued that none of the plaintiffs had shown how they had suffered special injury to the exclusion of all Nigerians to qualify them to maintain the suit.
In the judgment delivered on Tuesday by Justice Omotosho and the certified true copy of it sighted on Thursday, the judge agreed that for a person to be qualified for appointment as a minister, he must fulfil the conditions in Section 147 (5) of the 1999 Constitution.
According to him, Section 147 (5) says no person shall be appointed as a minister of the Government of the Federation unless he is qualified for election as a member of the House of Representatives.
“It is clear from the above that the qualification for being a member of the House of Representatives will guide the qualification for being a minister of the Federal Republic of Nigeria,” he said.
The judge said that based on Section 65, and subject to Section 66, a person shall be qualified for election as a member of the House of Representatives if he is a citizen of Nigeria and has attained the age of 30 years.
He said it equally provided that a person shall be qualified for election under Subsection (1) of this section if he has been educated up to at least school certificate level or its equivalent; and he is a member of a political party and is sponsored by that party.
“The constitution has made it crystal clear the qualifications and grounds for disqualification as a minister and being a serving corp member is not one of such grounds.
“As a matter of fact, a person to be appointed as a minister only needs to show that he has been educated up to secondary school level.
“Thus the National Youth Service Corps Certificate which can only be attained by graduates who have completed the scheme is a surplusage to the basic requirements to be a minister.
“I therefore hold that there is nothing stopping the 1st defendant (Tinubu) from appointing the 3rd defendant (Musawa) as a minister as she is eminently qualified to be so appointed.
“In final analysis, the plaintiffs lack locus standi to institute this action.
“Even where they are vested with locus standi, the suit lacks merit — same is hereby dismissed,” Justice Omotosho declared.
The toxicology tests to determine the cause of death of the popular Nigerian music star, Ilerioluwa Aloba, known professionally as Mohbad, have been completed, with results now forwarded to the Lagos State police.
The tests, conducted in the United States, aim to provide clarity on the circumstances surrounding the singer’s untimely demise.
Lagos State counsel, Oluwaseun Akinde, disclosed to the coroner’s court in Ikorodu last November that while the autopsy of the external body was concluded, the toxicology test, focusing on internal analysis, was pending at the time.
The recent completion of this test marks a significant advancement in the investigation.
An official from the Lagos State government, preferring to remain anonymous due to restrictions on public communications about the case, informed Punch that the toxicology results were received by the state’s DNA and Forensic Centre last week.
The results were then transmitted to the police earlier this week to assist with further investigations.
The source said, “The toxicology test is ready and given to the police. We projected 10 weeks from the outset but it came in before then. It was received by the DNA and Forensic Centre last week and has been sent to the police.”
A source in the Lagos State Police Command who also spoke on condition of anonymity as he was not permitted to speak to the press confirmed the receipt of the result.
The source said, “The toxicology report is with us. It arrived on Monday but it is medical jargon for us. We don’t understand what it is. So it has been sent to the pathologist that carried out the autopsy to analyse and interpret it.”
The Director of Lagos State DNA and Forensic Centre, Richard Somiari, on March 20, said that the toxicology result would be ready in the next three to four weeks.
Somiari, while testifying during a coroner’s inquest into the death of the singer, said, “We expected to get the first set of autopsy results in three to four weeks and re-confirm to authenticate the cause of the death.”
He said, “We searched for multiple possibilities, to check if poison was involved in the death of Mohbad since no actual cause was mentioned.”
The forensic expert assured the public of adequate security and monitoring of samples for the autopsy.
He said, “We have a place where items are stored for safety and security of results. There is a procedure for monitoring samples moved abroad.”
Mohbad died at the age of 27, on September 12, 2023, with circumstances surrounding his death sparking controversies on social media.
Air Peace, a leading Nigerian airline, is set to expand its international flight operations by adding a new route from Abuja to London, according to the Minister of Aviation and Aerospace Development, Festus Keyamo.
Speaking on Channels Television’s “Politics Today” program on Thursday, Keyamo announced that he has approved the new route, signaling a significant step for the local aviation sector.
This strategic expansion follows the successful inauguration of Air Peace’s direct flights from Lagos to Gatwick Airport in London on March 30, 2024.
The move was part of a reciprocal action against the previously lopsided Bilateral Air Service Agreement (BASA) between Nigeria and the United Kingdom, aimed at enhancing fairness in international air travel between the two nations.
The entry of Air Peace into this market has been met with positive responses from industry observers and has spurred competition among international carriers.
Previously, international flight tickets on the Lagos-London route reached highs of N3.5 million.
However, with Air Peace setting the return economy class ticket price at N1.2 million, major foreign airlines such as British Airways, Virgin Atlantic, and Qatar Airways have been compelled to reduce their prices to remain competitive.
The addition of the Abuja-London route is expected to offer more options for travelers, contribute to reducing airfare costs, and stimulate further growth in Nigeria’s aviation sector.
The Nigerian naira took a steep dive on Thursday afternoon, hitting N1,450 per dollar in the parallel market, marking an 8.28% decline or a N120 difference from the earlier rate of N1,330 reported yesterday morning.
Data sourced from currency traders confirmed this downward trend, indicating the currency’s ongoing volatility.
According to Bureau De Change (BDC) operators, the purchase rate stood at N1,350, with an approximate selling rate of N1,450, providing traders with a N100 profit margin. This fluctuation in the parallel market has raised concerns among economic stakeholders, prompting closer scrutiny of the factors driving this sharp depreciation.
The Central Bank of Nigeria (CBN) has been proactive in addressing foreign exchange challenges, notably by increasing dollar supplies through BDCs. This strategic move aims to alleviate pressure on the foreign exchange market and curb imported inflation, which has been a persistent concern for policymakers.
Recent initiatives by the CBN include lowering the foreign exchange rate for dollar distributions to BDCs. On April 23rd, the bank offered $10,000 at N1,021 per dollar, significantly lower than the official rate reported by FMDQ, signalling efforts to enhance liquidity in the unofficial market.
Moreover, the CBN’s intervention in clearing over $136 million in airlines’ outstanding obligations has boosted confidence in the forex market. These measures have contributed to the naira’s gradual recovery, as evidenced by its improvement from N1,617 per dollar in early March to N1,072 per dollar on April 17th.
However, the official market also witnessed a depreciation, with the naira dropping to N1,309.88 against the dollar by the end of Thursday’s trading, a 0.10% decline from the previous rate of N1,308.52 recorded on Wednesday. This mixed performance underscores the complex dynamics influencing Nigeria’s currency market.
Additional insights reveal that the naira experienced similar depreciations against other major currencies. Against the British pound, it weakened by 7.06%, settling at N1,700 compared to the morning rate of N1,580. Similarly, the naira depreciated by 8% against the euro, closing at N1,500 per euro, down from N1,380 earlier in the day.
Forex trading volumes also saw a notable surge, increasing by 15.40% to $245.58 million, surpassing the previous record of $212.8 million reported by NAFEM. However, concerns persist regarding the downward trend in reserves, which saw an 18-day decline followed by a marginal recovery of 0.018% on Tuesday, reaching $32.112 billion from $32.109 billion reported on March 22nd.
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There are indications that the detained Binance Holdings Limited executive, Tigran Gambaryan, is attempting to escape from Kuje Correctional Facility.
Punch revealed how Mr Gambaryan who is currently remanded in Kuje Correctional Facility, applied for a new United States of America passport, under the pretence that his seized passport was missing.
The Armenian-born Binance executive, Gambaryan who has both American and Armenian passports, told the US Embassy in Abuja that he lost his passport which is currently being held by the EFCC.
Impeccable anti-graft sources privy to the development but not authorised to speak, confirmed the report on Wednesday.
Following the development, the EFCC has urged the Federal High Court sitting in Abuja to disregard Gambaryan’s bail application, while noting that the Armenian-American could flee from Nigeria like his Kenyan-British colleague, Nadeem Anjarwalla who fled to Kenya.
A source, who is privy to the investigations said, “The second Binance executive, Tigran Gambaryan, who is currently remanded in Kuje prison, has planned to escape from the facility. He applied to the US embassy in Abuja to issue him a new Visa while lying that he lost his passport which was seized by the EFCC.”
Another source, who insisted on anonymity, noted that “Gambaryan could have escaped from Kuje if not for the fact that the US embassy flagged his request for a new passport. Fortunately, the US embassy immediately reached out to the EFFC, and the embassy was informed that he’s a criminal suspect whose case is currently in court for alleged money laundering – concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.”
PZ Cussons has announced it’s intention to exit Africa’s business environment.
Speaking on Wednesday, April, 24, the company said it has begun a strategic review of its African businesses to exit Africa, partly due to economic challenges in Nigeria.
PZ Cussons explained that its sales in Nigeria plunged by 48% due to the naira devaluation and inflation.
The CEO of the company, Jonathan Myers, stressed the importance of looking towards the future while respecting the company’s past, stating that the review’s outcomes could include changes in ownership.
Myers said, “The macro-economic challenges and complexities associated with operating in Nigeria are significant, and there is much more to do to unlock the full potential of the business.
“As such, we have undertaken a strategic review of our brands and geographies and have embarked on plans to transform our portfolio, refocusing on where the business can be most competitive.”
The company’s CEO said that in addition to the challenges of the exposure in Nigeria, the group is too complex for its size, with financial and human resources spread too thin to generate returns.
Speaking further Myers stated that the company has received several approaches over the years, however, it is yet to indicate interest in selling its shares in the African consumer goods firm.
Reno Omokri, a former presidential spokesman has given reason why he is exposing the lies of former Anambra State Governor, Peter Obi on social media.
Omokri, in a tweet on Thursday said Obi failed to condemn his ‘Obidients’ followers when they threatened the life of his one-year-old daughter.
He said if Obi had cautioned his followers, he would not have dealt with him the way he is doing now.
Omokri said Obi kept quiet and even subtly encouraged them in their dastardly act.
Omokri wrote: “If this man had only condemned his Obidients when they threatened my one-year-old daughter’s life, I would not have dealt with him like this.
“But he kept quiet and even subtly encouraged them. You guys rightly condemn the bullying at Lead British School. What about what Obidients did to my one-year-old daughter?
“Today and tomorrow, you will know the wrath of a father. I can forgive everything, but not that!”
The founder of Woodhall Capital, Mojisola Hunponu-Wusu, has disclosed that despite being married for 20 years she has never cooked in her home.
In a conversation with Ifedayo Agoro on ‘The Diary Of A Naija Girl” podcast, Hunponu-Wusu explained that though she would have loved to cook and do other chores, she never had that time.
” I don’t get to cook. I would have loved to get more time; not even for cooking but for other things across the family. So, I’m not even zooming in on cooking…
” I love and admire women who have the time but I’m through to the path God has set me and that is the entrepreneurial path,” she said.
When asked if her husband was bothered, she responded that cooking might not be his love language.
Hunponu-Wusu’s revelation has again brought to the fore conversation about the roles of a woman in the home.
Though it is believed that, these days, men should compliment their wives in kitchen duties, a popular Nigerian chef Hilda Effiong Bassey, aka Hilda Baci, recently declared that she wouldn’t date or marry a man who knows how to cook.
According to the former Guinness World Record holder, she loves cooking and would not want a man who will outshine her in the kitchen.
“I don’t want a man that knows how to cook. I don’t want it. I like cooking so much. My friends would tell you like Hilda would show you love, she will send you food. You will cook for you. That’s kind of one of the things I like to do for people that I care about, especially for my man.
“You can wake me up in the middle of the night and say, ‘Babe, I want a doughnut. I want meat pie.’ And I’m flying to the kitchen to make it for you. That’s my thing. I want a man that can order me food. If you don’t have a problem with ordering me food, I’m in love,” Baci said in a viral podcast video that made the rounds on X (formerly Twitter).