FEATURES
The World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may be challenging, they are crucial for the nation’s long-term stability.
Dr. Diop cautioned that rolling back these reforms would be detrimental, saying, “Reversing the reforms would spell doom for Nigeria.”
In the same vein, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of staying committed to the reforms. He stated, “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course.”
Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”
On the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
Also speaking, Central Bank Governor Mr. Olayemi Cardoso highlighted the importance of promoting exports in light of the exchange rate adjustments. “The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” he said.
The governorship candidate of the Peoples Democratic Party in the 21st September election in Edo State, Asue Ighodalo, has expressed his absolute confidence in the judiciary, describing it as the last hope of the common man.
Ighodalo, speaking on a television programme in Benin on Wednesday, stated that, despite public perception, his 40 years of experience as a lawyer have reinforced his unwavering faith in the judiciary’s ability to correct any injustice.
He noted the legal challenges following his nomination as the PDP candidate, expressing optimism that he would obtain justice at the tribunal.
He said, “I won all 15 cases brought against me from the primary election. So, I cannot say I don’t have faith in the judiciary. I certainly do. It remains the last hope of the common man.”
He condemned the harassment and arrests of PDP supporters based on spurious allegations before and during the election.
He accused the All Progressives Congress in the state of colluding with the Nigeria Police Force and some compromised officials of the Independent National Electoral Commission to manipulate the election results that were in favour of him and his party.
He added, “Some APC chieftains, in collaboration with compromised INEC staff and police officers, subverted the will of the people. They are enemies of democracy in Nigeria. I will use every lawful and legitimate means to retrieve and reclaim the mandate from those who shamelessly stole it.”
Reflecting on his experience during the material inspection, he criticised INEC’s undue sympathy towards the APC, despite the PDP having a legitimate court order allowing the inspection of materials needed to support the filing of his petition.
He pointed out that election observers had rated the collation process poorly, and noted that the evidence proving he won the election was indisputable.
Ighodalo dismissed claims that the PDP lost the election due to internal conflict, describing such assertions as an afterthought by APC sympathisers to justify the electoral malpractice that occurred on 21st September in Edo State.
When asked if he would accept the court’s verdict should it not align with his expectations, he responded that, if the Supreme Court eventually rules otherwise, he would abide by the decision. However, he stressed that, based on the evidence gathered and the expertise of his legal team, he was confident of winning the case currently in court.
He added, “Do you congratulate a thief who has come to your house and stolen your goods? It’s all propaganda. Didn’t you hear or read that I was preparing to run for the Senate? They are the worst propagandists in this country. Some of them speak before they even think.”
Ighodalo warned that if electoral malpractice, such as that witnessed in Edo, continues, democracy in the country will be at risk of extinction.
He expressed gratitude to the people of Edo for their support and urged them not to be provoked by the actions of those who do not have their best interests at heart.
Edo gov-elect, Okpebholo, alleges looting of Edo property, last-minute loan requests - alerts DSS, Police, EFCC
AFOLABI
The governor-elect of Edo State, Senator Monday Okpebholo, has warned banks and other financial institutions against granting last-minute loans and financial instruments to the outgoing administration in the state.
In a statement issued Wednesday night in Abuja, Senator Okpebholo also alleged that barely a month to handing over of power to him, there are reports of massive looting of government funds and properties by some state officials.
He urged security and anti-graft agencies to help in halting the trend.
The governor-elect accused the outgoing Governor Godwin Obaseki-led administration of taking unscrupulous loans from banks and other financial institutions, while some unnamed government officials were also feasting on properties including vehicles, furniture and palliatives such as rice.
However, the Edo State Commissioner for Information and Communication, Chris Nehikhare, said the state government will respond to the allegations.
“I’ll respond to the allegations on Thursday,” he said.
‘Widespread looting’
Okpebholo in his statement said: “With great shock, we regret the widespread reports of looting of government funds and properties by officials of the outgoing administration from the Government House, Benin City.
“It is sad that barely one month to handover, the outgoing administration of Governor Godwin Obaseki is still allegedly obtaining loans from banks and other financial institutions under very shady headings.
“We are also aware of the massive looting and vandalism of properties including vehicles, furniture, gadgets, household utensils and even carpets from offices and residences of Edo State government.
“This unacceptable behaviour undermines the trust and faith of our citizens in those entrusted to serve them in the past eight years.”
The governor-elect consequently called on the Economic and Financial Crimes Commission EFCC, Police and Department of State Services, DSS “to investigate the allegations thoroughly and ensure that those found guilty are held accountable while protecting the Government House and offices from vandals.”
Sounding a note of warning, the statement added that “banks and other financial institutions are by this notice, cautioned to desist from any dealings that will undermine the finances of the state, especially giving out of loans to government at this period of transition.
“The Accountant-General of Edo State, is hereby advised to uphold the principle of integrity in his duty, as the only act that will put his name in gold.
“There will be dire consequences for any act of impunity and stealing on any person or institution found wanting in this regard.”
Okpebholo, however added that the incoming administration will continue to monitor the situation until the last day of the outgoing administration, adding that he will not condone any form of unethical behaviour and stressed zero-tolerance for corruption.
The value of the naira depreciated at the unofficial market on Wednesday as it traded at 1,705/dollar, according to Bureau De Change operators in Lagos and Abuja.
A BDC operator in Lagos, Aliyu Sani, told The PUNCH that he sold dollars for N1705, and bought at 1,695/$. In Abuja, the rate was lower at N1,700.
A currency trader, Suraju Ajao, said that he sold dollars for 1700/$ and bought at 1,690/$.
On the Nigerian Autonomous Forex Exchange Market domiciled on the FMDQ Securities, the naira closed trading at 1659.69/$, indicating a 0.04 per cent depreciation from 1658.97/$ that it traded on Tuesday.
On the official market, the naira traded at a high of 1,682/$ and a low of 1,562.97/$.
The daily turnover dipped to $177.10 from $217.86m on Tuesday.
The value of the naira reached a new low on Monday, closing at 1,700/dollar, a 0.29 per cent decline compared to N1,695 to the dollar, which it exchanged last week Friday.
The World Bank has recently listed the naira as one of the worst-performing currencies in Sub-Saharan Africa in 2024
As of August, the local depreciated by approximately 43 per cent year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.
The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.
•His call is in order— YCF, OUPA
•We’re not interested in break up— YCE
•Restructuring is a better Akintoye’s option —Amb Farounmbi
The echoes of the separation of the Yoruba Nation from Nigeria, again, reverberated as the visible proponents of the call, Professor Adebanji Akintoye and Chief Sunday Adeyemo also known as Sunday Igboho have submitted a petition to the United Kingdom Prime Minister, Keir Starmer on their quest to exit Nigeria.
According to information, other people of Yoruba extraction who went with Sunday Igboho were Vice President of Ifeladun Apapo, Mr Fatai Ogunribido, General Secretary of Yoruba World Media, Alhaja Adeyeye, Prophet Ologunoluwa, Diaspora Youth Leader and Paul Odebiyi who is member of Yoruba Nation Movement.
The duo of Professor Akintoye and Sunday Igboho have been working together on the call for the Yoruba ethnic group to secede from Nigeria.
The renowned historian had persistently said the treaty signed with Nigeria had expired and felt that Yoruba should exit from Nigeria.
Professor Akintoye had also alleged that a former Chief of Army Staff, Lt. Gen. Tukur Buratai(rtd) came to Igboho while in prison with a promise to pay him billions of naira to shelve his call for Yoruba separation.
Confirming the letter, Sunday Igboho’s spokesperson, Mr Olayomi Koiki said, the letter was actually submitted to UK Prime Minister but refused to disclose the contents of the letter to Vanguard.
Reacting in a terse message to Vanguard, Koiki said, “We can’t give anyone the content of the letter but it has to do with our quest to exit Nigeria”.
Though the Federal Government has kept sealed lips over the repeated call, like incurable optimists, the duo have never given up.
Akintoye’s earlier message
Akintoye, in another lengthy piece, reeled out perceived atrocities of the Fulani people and concluded that the only antidote to stop the perceived injustice is for Yoruba to cut the umbilical cord that has tenaciously held the various ethnic groups together since 1914 Lord Lugard’s amalgamation.
Declare Sept 23 Yoruba unity, Akintoye tells S-West govs, monarchs
The retired University don, who claimed the Yoruba Unity Day was marked in Ile-Ife and Ibadan, called on the six governors in the South West to continue to mark the day every 23 September.
He said: “Our whole Yoruba nation, our Obas, the Fathers of our nation, our State Governors, should adopt this Yoruba Unity Day for all our states.
“Yoruba are one of the most truly united nations in the world. The essential roots of our Yoruba national unity are firm and solid. All of us Yoruba people are proud of our Yoruba culture.
Yoruba has distinctive superiority in crucial matters.”
He went further to say the position of Yoruba in the country is very visible noting, “We are proud of our nation’s distinctive superiority in crucial matters, including love of community harmony, serious acceptance of religious tolerance and harmony, acceptance of hospitality towards strangers and foreigners, avoidance of cheap conduct in the quest for anything, love of enterprise and achievement, a fundamental belief that power in society belongs to the people and that government exists only to serve the wellbeing of the people, a sincere belief that everybody, young and old, has the right to be respected and the right and duty to contribute his or her wisdom to the affairs of his or her society, an essential nobility of character.
“Our apparent difficulty in finding unity over matters is not a sign of lack of unity; it is a product of our deep belief that every individual has some wisdom (no matter how little) to contribute and that everybody therefore deserves to be heard. In short, we are an ancient civilization that, for millennia, has placed serious emphasis on self-respect, respect for the individual, the duty of mutual respect, duty of consciously deep thought in matters affecting humans and society. An unreasoning and emotionally charged group is difficult to find among us Yoruba.”
Alleged atrocities of Fulani bandits
The self-determination proponent reasoned that “there is a good reason to fear now that the Nigerian situation could destroy our Yoruba nation. In the rural areas of our homeland, where probably the majority of our people live, the Fulani people who are determined to seize land for a homeland of their own, are daily killing our people, have killed a roughly estimated 29,000 of our people, are raping our women, kidnapping men, women and children, extorting millions of Naira in ransom for the kidnapped, destroying farms, food barns and villages. For over nine years now, they have been forcing our farmers to abandon farming, and by now, most of our farmers have abandoned farming, and many of such farmers have been migrating with their families to Benin and Togo Republics. Our nation faces the doom of a serious lack of food for years and years to come. This horror is increasing. It has risen to the killing of our Obas by the Fulani.
Akintoye’s call in order— YCF, OUPA
Surprisingly, two groups from the zone, Yoruba Commitment Forum led by Otunba Tayo Onayemi and Oduduwa United People Association, founded by Chief Jimoh Taofeek, aligned with Prof Akintoye.
In his submission, Chief Taofeek said the only permanent solution to the Fulani herders’ invasion of Yoruba land is the separation of ethnic groups in the country.
He said: “The only way to proffer lasting solution is for each interested region clamouring for disintegration to do so peacefully, through national dialogue and in accordance to international practices.
“This singular act, if it can be considered for implementation in my view, will strongly create an avenue for inter-regional positive competitions that will adequately strengthen the security, promote peace and stability, enhance rapid growth and development in all aspects of natural, physical and human resources within each region to add more meaningful value to the economy.”
Similarly, Otunba Onayemi supported the call for a free Yoruba Nation, a separate Arewa Nation as well as a Biafran country for peace to reign.
Onayemi said: “Prof Akintoye has only touched a portion of the looming danger leaving the other portion yawning for inclusion. And that’s the aggressive and well-coordinated Igbo’s desire for expansion and repeatedly announced acquisition threats to Yorubaland.
“Holistically, Nigeria today is sitting on a keg of gunpowder which may go off anytime while the leaders and elites, who know the true situation, keep pretending and they deceive the populace to their perils too.
“This is so because, once the bubble bursts, no one will be entirely safe. To avoid pogrom, massive deaths and a disaster, Nigeria should urgently consider unbundling or devolving powers to the former three regions of the West, the East and the North with a provision that ethnic nationalities caught up in the web of the unbundling, should be free to choose their affiliation course.
“I support the calls for a free Yoruba Nation, a separate Arewa Nation as well as a Biafran country for peace to reign, avoid unnecessary calamities and to foster good relationships among the three countries living in deceit, hatred and suspicion in Nigeria.”
We’re not interested in break up — YCE
For the second time, the Yoruba Council of Elders, YCE, through its Secretary General, Chief Oladipo Oyewole sees the call for separation as a wrong approach to the alleged atrocities against the Yoruba.
He said, “YCE has again reviewed the Nigerian situation and our conclusion as a body is that cutting off the head is not a remedy, not a panacea to a serious headache. The agitation for a breakup or breakaway from Nigeria by some Yoruba (because not all Yoruba are part of the agitation) is an action likely to put Nigeria in unending turmoil.
“As elders, the YCE would rather go the way of ensuring a correct place for Yoruba in the comity of the assembly called Nigeria. We, of the YCE, have severally asked for the review of the 1999 Constitution. We have consistently asked for a Constitution that will protect us. We have asked for a viable right of place in the scheme of appropriation of our commonwealth in Nigeria.
“Until now, we have asked for restructuring. We will, as a body, continue to seek peace and ask for all that will make us comfortable as stakeholders in the confederation.
“The YCE is not interested in the break up of Nigeria. Accordingly, let us put heads together to map out a course to make each region viable and promote self-reliance to provide economic satisfaction for all Nigerians progressively.”
“As for the perceived harassment of President Bola Tinubu by northern leaders, the President is a manager with the instruments of office. He surely knows what to do and how to achieve his goals.”
Where’s need for it —Olajide, ex-YCE Scribe
But a former Secretary of the YCE, Dr Kunle Olajide said there is no basis for Professor Akintoye to make such a call.
Olajide said: “How does he expect us to go about it? A Yoruba man is the President of this country today. In my opinion, in unity lies strength; so I don’t subscribe to that. And I haven’t read what he said about secession recently. But in my opinion, the country is stabilizing and making progress.”
Restructuring is a better option —Amb Farounmbi
On his part, a former Nigerian Ambassador to the Philippines, Dr Yemi Farounmbi disclosed that the call for restructuring remains a better option than secession.
Farounmbi said: “I think there is confusion in the way he presented his matter. My understanding of what it stands for us as a Yoruba nation is a nation that breaks out of Nigeria remains independent and is no longer part of Nigeria. But we have a President who says he will uphold the unity of the country.
“So, I cannot find the commonality in what he has said. What is appealing is the call for restructuring of the country, where each ethnic nationality governs itself in line with its characteristics, history, nationality, culture and traditions.”
One of the promises the Federal Government made to pacify Organised Labour at yesterday’s parley was that five refineries would soon be fully functional.
Also, government vowed to pay arrears of wages.
These, among others, formed the core of the meeting where “they agreed that it is better to ‘jaw-jaw than war-war’.”
“Meaning,” a source told Vanguard, “there will be continuous dialogue between government and labour.”
Recall that Vanguard broke the story, yesterday, that leaders of Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterpart were meeting with the Federal Government.
However, obviously acting on agreed terms, neither the government representatives nor the labour leaders spoke with newsmen on what was discussed and agreed on at the meeting.
FG’s promises
A source, however, revealed to Vanguard the many promises Federal Government made to the Labour leaders.
According to a reliable source: “As part of efforts at crashing transport fares across the country, the Federal Government will hold a meeting with state governors to fully embrace the CNG buses.
“This will also affect the cost of foodstuffs as it will reduce the costs of transporting food items from different locations to consumers drastically.
“These are parts of efforts to cushion the effects of the subsidy removal on the citizens.
“The government also promised to summon a meeting of the economic council to impress it upon state governors to ensure the new minimum wage takes off across the country this month.
“It also promised to incorporate labour into the economic council, so labour will participate and monitor economic policies of government, instead of government throwing policies at labour and Nigerians that may result in agitation or protest.”
“The government also promised to hasten and complete the refineries.
“They said almost five refineries are about to be completed,’’ another source told Vanguard last night.
The sources confirmed that “government promised to pay all outstanding arrears and wage awards to workers, and inaugurate all the boards labour has representatives.”
Labour pacified
One of the sources said: “All these are promises, but the good thing is that it was agreed that the meeting will be a continuous process.”
Asked if labour was satisfied with the meeting, the source said: “It is not about satisfaction, but a way forward from the past where government was not discussing with organised labour.
‘’If this trend or practice continues, there is every possibility that disagreements between government and labour will reduce.”
Roll call
The government’s representatives at the meeting were Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Others include Alhaji Mohammed Idris, Information Minister; Heineken Lokpobiri, Petroleum Resources Minister, State; Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), and representatives of the Nigerian National Petroleum Corporation Limited, NNPCL.
For Organised Labour were the President of NLC, Mr Joe Ajaero; Deputy President, Kabiru Ado Sani; the General Secretary, Mr Emma Ugboaja; Deputy President of the TUC, Dr. Tommy Etim Okon; the Secretary General, Nuhu Toro; and the President of the Nigeria Union of Teachers, NUT, who is also a deputy president of NLC.
It is with great joy and pride that I congratulate you on the occasion of your 67th birthday and a life replete with milestone achievements.
You have attained the pinnacle of your legal career as a learned silk (SAN), a professor of law, a multiple national honours awardee, and a holder of multiple chieftaincy titles bestowed on you for your admirable community work and contributions.
Your passion for the legal profession, scholarship, and human rights activism has earned you global respect. It is fitting that on the occasion of your 67th birthday, you chose to celebrate the same with a rare display of intellectual potpourri by the publication and launch of numerous books on law and other subjects.
Congratulations, my brother, and may God reward you with continued wisdom, good health, and the vigour to continue impacting humanity.
Happy Birthday, learned SAN
FROM:
Prof. Emmanuel Ibe Kachikwu
Former Honourable Minister of State
Petroleum Resources
Former President of OPEC, APPO, GECF
![[PHOTO NEWS] Celebrating 67 in Style: Ozekhome Brings Smiles to Inmates of the IDP Camp](/media/k2/items/cache/12793a1b547351cc4a170c2cc3d75f0a_S.jpg)
Prof Mike Ozekhome, SAN, sharing money,soft drinks and foodstuff to inmates of the IDP Camp,Durumi,Abuja,as part of activities marking his 67th birthday celebration.
See pictures and video below:
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An Ekiti State High Court, Ado Ekiti Division, has sentenced a 31-year-old man, Olaleye Jimoh, to 20 years imprisonment for raping a 50-year-old woman.
Ariyo was arraigned on July 5, 2022, before Justice Adeniyi Familoni on a count charge bordering on rape.
According to the charge, the defendant on January 22, 2021, “did rape a 50-year-old woman, contrary to Section 2 of the Gender-Based Violence (Prohibition) Law,No. 18 of 2019”.
In his statement to the Police, the victim said, “I went to pay a condolence visit to one of my business partners at Abidoye Farm in Odo Owa Ekiti. On my way back home, I saw the defendant going towards the same route.
“As my neighbour, he requested to help me and I agreed. At a point, he stopped, he said he wanted to pick something at a nearby primary school, and he asked me to hold something for him, I became unconscious immediately after I touched the substance.
“I later found myself in the bush where I discovered I had been raped.”
The prosecutor, Funmi Bello, called two witnesses and tendered the defendant’s statements and a torn pant as exhibits.
The defendant, who spoke in his defence through his lawyer, Adunni Olanipekun, denied committing the offence and called three witnesses.
In the judgement on Friday, Justice Adeniyi Familoni said, “It is my findings that the prosecution has proved the alleged offence of the rape of the victim beyond reasonable doubt and the defendant is convicted as charged.
“Consequently, the defendant, Olaleye Jimoh, is hereby sentenced to 20 years imprisonment without an option of fine.
“The sentence is with effect from the date he was arrested and detained.”
Further Petrol Price Increase May Reverse Dwindling Effect Of Subsidy Removal In Nigeria — World Bank Warns
AFOLABI
The World Bank has warned that a further increase in the prices of Premium Motor Spirit also known as petrol may reverse the already dwindling effects of subsidy removal in Nigeria.
The warning is contained in the October edition of its Africa’s Pulse report.
President Bola Tinubu as of May 2023, officially pronounced an end to petrol subsidies in Nigeria, jerking PMS prices from N175 per litre to over N1000 across the country.
The report said; “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”
It said economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results.
“Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August,” it said, adding that the consolidation of macroeconomic reforms should support higher growth in the country in 2025.
The report also said the naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.
As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.
The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.
The World Bank’s report further highlighted that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.
“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.”
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Nollywood actor, Ayobami Olabiyi, popularly known as Bobo B, has reportedly passed away in Ibadan, Oyo State.
His death was announced on Wednesday by Bose Akinola, the governor of the Theatre Arts and Motion Pictures Association of Nigeria (TAMPAN) in Oyo state.
Olabiyi, who was the former governor of the TAMPAN in Oyo state and its current national secretary, died after a brief illness.
According to The Nation, Olabiyi, who was supposed to be on a movie set in Oyo last month, could not make it due to his deteriorating health.
He was admitted to the University College Hospital (UCH) in Ibadan, Oyo State, where he passed on.
Akintola statement reads: “I have a directive of the Oyo state TAMPAN governor, Her Excellency Yeye Bose Akinola to announce the death of our TAMPAN national general secretary, Chief Alhaji Musadshir Ayobami Olabiyi ‘Bobo B. May God give his family and the entire TAMPAN members globally the fortitude to bear the loss. Insha Allah, Amen.”
Another colleague, Abidemi Temitayo while paying tribute said: “I remembered what happened vividly the night I took that second slide with you after shooting…we were both on the set of the shoot when the director was giving us a line, Say Y was the director then and asked us to do CR, I said there is no need for it, the director was like will you? Bobo B then replied Bidemi is sure of herself, ki se Omode actor now, we all laughed and we shot the movie, no tape 2 or more, we then took a picture with my person, three of us, and then took the crew too before leaving but today that same jovial man is no more hearing about your de*th is so shocking
“Alhaji Mudashir Ayobami Olabiyi. This is so sad. Rest well Bobo B…. The industry will surely miss you, even the world at large.”
The House of Representatives has called on the Federal Government to reverse the recently increased prices of premium motor spirit (PMS), otherwise known as petrol and cooking gas.
The News Agency of Nigeria (NAN) reports that the call was a sequel to a resolution to a motion by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) at plenary in Abuja on Wednesday.
Chinda, while moving the motion, stressed the need for interventions targeted at price relief, tax reductions, or subsidies on cooking gas, also called liquefied petroleum gas (LPG) for low-income households.
He noted that Nigeria, as an oil-producing nation, had historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.
The lawmaker stated that in recent months, the prices of petrol and cooking gas had skyrocketed and continued to do so, thus creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living.
According to him, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the naira, had contributed significantly to the rising cost of petrol and cooking gas for households.
“Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.
“Further push on the prices of these two items had exposed many families to deeper financial hardship.
“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.
“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.
“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects,” he said.
Chinda said that unless urgent and pragmatic steps were taken to control the rising cost of petrol and cooking gas, the nation would go into economic crisis, leading to negative outcomes like increased crime and mortality rates.
Consequently, the house called on Nigerian National Petroleum Corporation Limited (NNPCL), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries.
According to the lawmakers, an increase in local refining capacity will serve as a stop-gap measure to reduce the dependence on imported refined petroleum products.
The Green Chambers also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of petrol price hikes on inflation, particularly with regard to essential goods and services.
The house urged the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.
The lawmakers urged state governments to adopt policies that could alleviate the financial burden on the citizens, such as waiving taxes or levies on transportation and goods affected by high petrol costs.
In his ruling, Speaker Tajudeen Abbas mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the house within two weeks for further legislative actions.
Africa-focused e-commerce retailer Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.
CEO Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria.
To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.
“The trajectory of the countries did not align with the strategy of the group,” Dufay explained, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions. He added, “We believe it’s the right decision,” emphasizing that the move will allow the company to concentrate its resources on the other nine markets where growth prospects are more promising.
Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria. Dufay expressed confidence that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia. He noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.
Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.
Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown. The closures will result in approximately 110 job losses, although some employees may be relocated within the company’s other divisions.
This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.
Human rights activist and lawyer, Femi Falana, and his son, Folarin, popularly known as Falz, have demanded a public apology and retraction of defamatory statements made by the popular crossdresser Idris Okuneye, also known as Bobrisky, in audio recordings circulating online.
In one of the audios shared by controversial media critic Martin Otse, also known as VeryDarkMan, Bobrisky claimed that he had spoken with Falz, requesting his assistance in persuading his father (Falana) to help secure a presidential pardon, which allegedly cost N10 million.
The crossdresser also alleged that he asked Falz for N3 million to secure special treatment at Kirikiri Correctional Centre.
In another audio shared by VeryDarkMan, Bobrisky claimed to have paid N5 million upfront to a Senior Advocate of Nigeria in an attempt to secure a Federal Government pardon over charges filed against him by the Economic and Financial Crimes Commission.
However, in a letter dated 14 October 2024, issued by Falana’s legal representatives, Olorunfemi Akinyemi and Taiwo E. Olawanle, and seen by our correspondent on Wednesday, Bobrisky was accused of making false and defamatory statements about Falana and his son’s involvement in the alleged bribery and pardon.
The legal team described Bobrisky’s claims as entirely unfounded and damaging to Falana’s reputation. They demanded a full retraction and apology, to be published on all platforms where the statements were shared.
The letter read, “We are Counsel to Mr. Femi Falana SAN and Mr. Folarin Falana aka Falz (hereinafter referred to as ‘our clients’), on whose behalf we write this letter regarding your slanderous statements against them.
“We have confirmed that you took advantage of your recent imprisonment to extort money from a group of artists and other members of the public.
You will recall that on 4 May 2024, you called Mr. Folarin Falana, popularly known as Falz, and requested N3,000,000 (Three Million Naira) to secure special treatment at Kirikiri Correctional Centre.
“Although Falz refused your request, you falsely claimed in a video that he told you his father, our client, had agreed to write a letter of pardon for you. You also stated that our client had spoken with you and that N10,000,000 (Ten Million Naira) was required to bribe officials to process your pardon.”
The letter continued, “In another video, you claimed to have paid N5,000,000 (Five Million Naira) upfront to a Senior Advocate of Nigeria to secure a Federal Government pardon over charges filed against you by the EFCC. You further alleged that the Senior Advocate initially requested N10,000,000 (Ten Million Naira) for his legal services but, due to your frozen account, you could not raise the full amount.”
Falana’s legal team clarified that no such conversation had ever taken place and that Bobrisky’s allegations were aimed at extorting money from the public while tarnishing Falana’s professional reputation.
“In fact, you have published a list of individuals who believed your fabricated story and contributed millions of naira, supposedly to pay our client to write a letter of pardon and bribe public officers on your behalf.
“Your decision to involve our client in your criminal activities was purely a figment of your imagination.
“Contrary to your baseless claims, you never instructed our client to write a letter of pardon for you,” the letter further stated.
Additionally, the legal team emphasised that Bobrisky had never spoken with Falana nor instructed him to write a letter of pardon. The claim of a N5 million payment was also dismissed as groundless.
“It is clear that you made these defamatory statements recklessly, knowing full well that you did not call our client to request a letter of pardon. Our client has NEVER spoken to you regarding your pardon or any other matter,” the lawyers asserted.
“Given that our client has secured pardons for over 300 Nigerians convicted by military and civilian courts in Nigeria, Libya, Thailand, and The Gambia on a pro bono basis, your defamatory statements have severely damaged his reputation, both locally and internationally.
“We, therefore, demand an immediate retraction of your defamatory and derogatory statements, along with a prominently aired or published apology on all platforms where your false statements have been shared.
“If we do not receive your formal retraction and apology within 12 (twelve) hours of your receipt of this letter, we will proceed with our client’s instructions to pursue legal remedies, including seeking monetary damages, for your malicious defamatory statements.
“We hope you will urgently address the issues raised herein in your own best interest,” the legal team concluded.
The PUNCH reports that the Lagos State High Court has ordered VeryDarkMan to remove defamatory comments and videos concerning Falana and his son, Folarin, from his social media platforms.
Justice M.O. Dawodu issued the ruling in suit no: ID/8584/GCM/2024 on Monday.
He ruled that the publications made by VeryDarkMan on his social media platforms on 24 September 2024, linking Bobrisky to Falz and his father, were defamatory and harmful to their public image.