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[PHOTOS] Gov. Sanwo-Olu Receives the National Executive Council of Ansar-Ud-Deen Society at Lagos House, Ikeja, On Monday, 27 November 2023
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Governor of Lagos State, Mr. Babajide Sanwo-Olu (fourth left); President, Ansar-Ud-Deen Society of Nigeria, Dr. AbdulRafiu Sanni (third left); Deputy Governor, Dr. Obafemi Hamzat; Commissioner for Home Affairs, Hon. Ibrahim Layode (third left) and others during a courtesy call on the Governor, at the Lagos House, Ikeja, on Monday, 27 November 2023.
President, Ansar-Ud-Deen Society of Nigeria, Dr. AbdulRafiu Sanni receiving a plaque from Governor of Lagos State, Mr. Babajide Sanwo-Olu during a courtesy call on the Governor by the National Executive Council of the Society, at the Lagos House, Ikeja, on Monday, 27 November 2023.
President, Ansar-Ud-Deen Society of Nigeria, Dr. AbdulRafiu Sanni presenting a souvenir to Governor of Lagos State, Mr. Babajide Sanwo-Olu during a courtesy call on the Governor by the National Executive Council of the Society, at the Lagos House, Ikeja, on Monday, 27 November 2023.
Governor of Lagos State, Mr. Babajide Sanwo-Olu (right); President, Ansar-Ud-Deen Society of Nigeria, Dr. AbdulRafiu Sanni (second right) and members of the National Executive Council of the Society during a courtesy call on the Governor, at the Lagos House, Ikeja, on Monday, 27 November 2023.
Don’t Repeat Soludo’s Banking Sector Recapitalisation Mistake - Ex-CIBN President Tells Cardoso
AdminThe Central Bank of Nigeria (CBN) led by Olayemi Cardoso has been warned against repeating the mistakes made by the former governor, Chukwuma Soludo during the 2005 banking sector capitalisation which led to unhealthy mergers and acquisitions.
Prof Segun Ajibola, the former President of the Chartered Institute of Bankers of Nigeria (CIBN) gave the advice on Tuesday while suggesting a healthy means of conducting bank recapitalisation
This was in reaction to plans to direct Nigerian banks to commence capital increase under new regime being prepared by the Central Bank as part of efforts to build a $1trn economy.
The former CIBN boss said there is a positive correlation between the state of the banking industry and the state of the economy.
Ajibola said, “One of the things that defines the health of the banking system is the strength of the capitalisation of the industry. As of the time the last capitalistion was carried out, the value of the dollar was just a bit over N100 compared to with about N800 that we have today. In terms of real value, there has been erosion in the level of capitalisation of banks, therefore calling for a revisit of the adequacy of the capitalisation level as we have it today.
“Dr. Olayemi Cardoso said that the time is due to revisit the recapitalisation, and he was silent about what figure. He was silent about the timeframe, which will be the details later.
“Let me step back a bit to where we got things wrong in 2005, which some of us pointed out then. N25bn was imposed as a minimum capital base for all banks by (Chukwuma Soludo), it was absolutely unnecessary to make such a pronouncement that it would create a sense of equality among banks
“It was six years after in 2011 that it was revisited by the succeeding CBN Governor (Sanusi Lamido Sanusi), and we now have three levels international, national, and regional with different levels of capitalisation.
“But before then, the 2005 exercise created a lot of problems- unholy alliances, marriages of inconveniences, pollution of corporate culture, some fine brands were lost, some good customers had problems, some shareholders lost out and the economy did not benefit eventually as we saw in 2009 crisis.”
After Sanusi regrouped banking capitalisation in 2011, the minimum paid-up share capital to be maintained for a national level banking license was retained at N25bn while N10bn was set for a Regional Banking License and International Commercial Banking License increased to N50bn.
Prof Ajibola said Cardoso must follow specific rules like stakeholders’ engagement, enough timeframe, and clearly defined capital levels in order to achieve the desired result.
According to him, for the banking industry to key into the passion of the Bola Tinubu-led government, the CBN must get the commitment of stakeholders like the Committee of Banks Chief Executive Officers, CIBN among others.
He said in 2005, the CBN pronounced N25bn “There was no question and answer, no contribution from any of the stakeholders and the banks just went back running into so many kinds of merger and acquisition and at the end of the day the industry was never better.”
He said banking sector recapitalisation is due in Nigeria. However, “the process that led to certain unintended consequences in 2005” should be avoided by Cardoso.
Prof Ajibola added, “We are saying that now that we are thinking of another exercise, let us avoid the mistakes of the past. Let us do it in the finest of manner so that the benefits accruable from such a recapitalisation will be available to the country, which should be the case.”
The Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, has issued a seven-day contravention notice to owners of buildings on Orchid Road, Agungi, Ajiran, Conservation Road, Osapa all along the Ikota River.
The Director, Public Affairs, Ministry of the Environment and Water Resources, Kunle Adesina, made this known in an X post on Monday in Lagos.
Adesina said Wahab made the declaration alongside the Special Adviser to the Governor on Environment, Olakunle Rotimi-Akodu, after an inspection tour of the Ikota River corridor.
He added that the inspection tour was to ascertain the level of compliance by property owners whose buildings and fences fall within the approved seven-metre setback on both sides of the channel.
Meanwhile, the commissioner urged the residents to respect the State Drainage Master Plan to avoid property demolition.
He stressed that there was no going back on the decision of the state to enforce the law and reclaim drainage setbacks following the expiration of the notices issued.
He said the Nigerian Conservation Foundation had earlier written a petition complaining about several distortions saying that there had been a lot of distortion on their roads.
He noted that the distortion affected the natural habitat of animals in the foundation as well as on Orchid road where a lot of damage had been done to the drainage channel designed to take stormwater from the communities into the Lagoon.
According to him, the state government had been humane in its approach to reclaim the drainage right of way hence the review of the setback alignment from the original seven metres to six metres after a meeting with property owners to reduce the number of structures to be affected.
“We cannot keep lampooning the government for flooding when developers, builders & residents are the main cause of flooding.
“We shall continue to enforce because that is why laws are made. Without law and order, there cannot be development, enough of this bad behaviour,” Wahab said.
The commissioner and his team also visited Oral Estate II along system 156 Igbo Efon where the Primary Channel was found to have been totally blocked by illegal structures without drainage aprovals.
The commissioner also visited Agungi, Ajiran and Osapa where notices had earlier been served, adding that final decisions would be undertaken having seen the level of encroachment as regards the setbacks of Primary Channel and Secondary Collectors in the areas.
He explained that the commissioner noted that the System 156 Ikota River channel setback was originally 46 metres while property owners and residents on the corridor have reduced the size.
Wahab also visited Chevron Drive, where he issued a stop work order to Gravitas company, owners of Grace Ville Island & Pocket Island for sand filling part of Ikota River thereby reducing the lagoon size from the original 250 meters designed to accommodate the free flow of water.
“The lagoon is a natural path, people have started reclamation to cover up the path and narrow it; you cannot narrow the path of water, if you do, water will naturally create another path and this is dangerous for everyone,” Wahab said.
Adesina said that Wahab had earlier in the day, supervised the demolition of shanties on Thompson Avenue following petitions by residents that strange faces and ladies of easy virtues were always lining up the streets at night which is a security risk for the whole state and Ikoyi environ especially.
“At 6 a.m. this morning, we came in and what we saw was unimaginable and we had to pull down these illegal structures, evacuate, make some arrests and charge them to court; by tomorrow we will have full possession of the land,” he said.
He urged all squatters to relocate outrightly as the state is determined to rid the state of shanties and all environmental infractions that dot the landscape.
He added, “We will not allow individuals who have no business in the state to become environmental nuisance and security risk.”
He said the Special Adviser on Environment noted that Lagos despite its peculiarities as a coastal state with low-lying terrains and a high population density among others, has remained afloat because of various measures put in place by the government.
He explained that the state government embarked on a comprehensive all-year-round cleaning and maintenance, dredging of drainage channels/canals and constructing new drainages where and when necessary to find a lasting solution to flooding across the state.
He called for the full participation of citizens in governance as well as full participation by the communities and governmental bodies at all levels to achieve great improvements in the environmental sanitation, maintenance and sustainable environment.
NAN
Address At the Special Court Session of The Supreme Court of Nigeria to Mark the Commencement of the 2023/2024 Legal Year and Conferment of The Rank of Senior Advocate of Nigeria - Lateef O. Fagbemi, SAN
AdminPROTOCOLS:
My noble Lords, Your Excellencies, Distinguished Colleagues, it is my utmost pleasure to attend the solemn ceremony marking the commencement of a new Legal Year of the Supreme Court and formal conferment of the coveted rank of Senior Advocate of Nigeria (SAN) on eminent colleagues, who have been found suitable and worthy in character and practice of the law, having scaled the tedious selection process and requirements of the Legal Practitioners Privileges Committee.
2. Today’s ceremony, encapsulating two noteworthy events in our most noble profession, is of particular significance for me. It is the first of its kind I would be attending in my current capacity as Attorney-General of the Federation and Minister of Justice some ninety six (96) days ago.
3. I wish to commend their noble Lords, the Honourable Justices of the Supreme Court of Nigeria, for their dedication and hard work in the outgone legal year amidst some inherent challenges. In April 2023, my Lord the Chief Justice of Nigeria disclosed that the Supreme Court had delivered 272 judgments, midway into the 2022/2023 Legal Year, in civil, criminal and election related Appeals under immense pressure. The number of judgments, no doubt, must have increased by the time the court proceeded on vacation in July 2023. This is a testament to their lordships’ due diligence, industry, and endurance.
4. I recall that during the 2022/2023 legal year ceremony in November 2022, My Lord, the Honourable Chief Justice of Nigeria disclosed that the pending (backlog) civil appeals stood at 4,741, criminal appeals 1,392, while moribund appeals constituted 751 in number; thereby bringing the total number of pending appeals before Page 3 of 8 the apex court at the time to 6,884. These worrisome statistics must have increased going into the 2023/2024 legal year. I also wish to pay tribute to the memories of the retired or departed Justices of the Supreme Court who were part of its success in the outgone legal year.
5. The foregoing is no doubt a very concerning situation that must be holistically addressed if we are to get the best of our Supreme Court and indeed their lordships. We must begin to develop innovative solutions towards enhancing the working capacity of the Supreme Court, cutting down on the number of appeals that gets to this Honourable Court, implementing critical judicial reforms, as well as adopting alternative dispute resolution mechanisms.
6. I am aware that the process of filling the vacancies for the Justices of the Supreme Court has begun. I would however like to use this opportunity to urge the leadership of the National Judicial Council to fast-track the process of achieving a full complement of the Supreme Court and to also concurrently put in place the process of filling the consequential vacancies that will be occasioned at the Court of Appeal to avoid undue delay and minimize disruptions at that level.
7. The administration of President Bola Ahmed Tinubu, GCFR has severally expressed readiness to implement judicial reforms with the cooperation of the judiciary. We, therefore, earnestly await the judiciary to set the ball rolling to enable the other arms play their part in this critical aspect of nation building.
8. Let me now progress to the second reason for our gathering here today, which is to felicitate with 58 of our illustrious colleagues who have just been adorned with the revered regalia of learned silk. It is indeed with a high sense of nostalgia and elation that I congratulate you all on this worthy professional attainment. The conferment of the rank of the Senior Advocate of Nigeria (SAN) is not just a recognition of excellence for those conferred but it is also a motivation for those aspiring to be admitted into the inner bar.
9. I also wish to commend the Legal Practitioners Privileges Committee (“LPPC”), and all stakeholders who have contributed their quota to the emergence of the new silks, for the yeoman job you are doing over the years to reward excellence, ethics and perseverance as Page 4 of 8 well as sustaining standards in the legal profession. I enjoin the LPPC, Nigerian Bar Association, and the Body of Senior Advocates of Nigeria not to relent in maintaining and enforcing a continuous culture of Excellence, Legal Ethics, Scholarship, and Professionalism in the practice of law in Nigeria. I must state emphatically that the process that led to the conferment of the rank on those who have just been conferred today is one of the most credible processes I have participated in since I had the privilege of becoming a member of the LPPC some years back.
10. To the new silks, I warmly welcome you to the inner bar. It is indeed a remarkable privilege to be chosen and decorated with honour amongst your colleagues. As the name of the LPPC implies, the conferment of the rank of SAN is a privileged position for the deserving only. Every visionary professional, strives to attain the apex of such profession. Expectedly, the rank is being conferred on worthy advocates, as a prestigious honour, in recognition of their excellence in advocacy and leadership role in the field of law or legal practice.
11. Your new and enviable status demands that you must be honest and maintain professional standards at all times within and outside the court room towards the judex, colleagues, clients, and the public in general. You must maintain very high standard of professional conduct in the discharge of your duties. Being a privilege also means that it can be lost or taken away, it is worthy of note that under the new rules once a name is struck off there is no provision for restoration of the name to the roll, therefore, you must continue to sustain the standards and qualities for which you were considered worthy of the rank ab initio.
12. I wish to remind you that your new status comes with its peculiar privileges, benefits, challenges and responsibilities. Your preoccupation should not be limited to the privileges and pecuniary benefits associated with the rank. You are required to advance the course of justice, rule of law, promotion of the image or rating of the judiciary and legal profession as worthy ambassadors. You should always be willing and ready to exhibit exceptional understanding and knowledge of the law, contribute to legal education. The development Page 5 of 8 of the legal profession rests on your shoulders. You must therefore advocate for technological and modern innovations that will bring the practice of law in Nigeria in line with global standards. NO RESTORATION OF THE RANK AFTER WITHDRAWAL
13. Gentlemen, as you are being welcomed to the Inner Bar it is important to remind you that you are the first set of Senior Advocates of Nigeria to be elevated under the provisions of 2022 GUIDELINES FOR THE CONFERMENT OF THE RANK OF SENIOR ADVOCATE OF NIGERIA AND ALL MATTERS PERTAINING TO THE RANK. I am sure you have read some of the highlights in the new Guidelines, in particular, paragraph 26(4) of the new Guidelines. Whether or not you have read the paragraph, let me seize this opportunity to bring it out. One of the highlights of the new Guidelines is that unlike the 2018 Guidelines which contains provisions for discipline of erring holders of the rank and for the restoration of the rank after three years of withdrawal upon the fulfilment of certain conditions, the 2022 Guidelines makes no provision for the restoration of the rank after withdrawal. In other words, once the Legal Practitioners Privileges Committee pursuant to the provisions of Paragraph 26(4) of the Guidelines withdraws the rank from any holder who may have breached the provisions in sub-paragraph (a)-(h), the withdrawal is final and the rank cannot be restored afterwards. It therefore behoves on any Senior Advocate of Nigeria to strive to conduct himself in utmost professional standards and to avoid running foul of the Rules of Professional Misconduct for Legal Practitioners. PARTICIPATION IN MEDIA TRIAL
14. One of the areas you must avoid like the plague is the unwholesome practice of engaging in media trial of cases pending before the courts. It is unprofessional for a legal practitioner nay a Senior Advocate of Nigeria to be seen engaging in the analysis of cases pending before the court. It is fast becoming a sad norm and Page 6 of 8 regrettably so for legal practitioners to appear at television or radio stations discussing pending matters. We have also seen lawyers after court sitting discussing on what transpired in the proceedings. You must resist the urge to engage in such practice. You must also reject temptation by media houses inviting you to analyse or discuss pending matters. The doctrine of sub judice enjoins lawyers and even members of the public to refrain from commenting and discussing live cases. You should not be seen breaching this doctrine. However, where judgment has been delivered in a given matter, lawyers and the public are free to analyse and discuss the decisions without impugning the integrity of the judicial personnel involved or attacking the professional competence of counsel involved in such matters. As leaders in the Bar you should resist the urge to engage in such unbecoming conduct. It is therefore, your abiding duty to promote the integrity and independence of the judiciary at all times. Every worthy professional in the world seeks the good and progress of their profession. We the members of the legal profession cannot afford to ignore our nobility by publicly denigrating or ridiculing the judiciary and by extension the profession by our actions and utterances. We can only do so to our own peril. I am not advocating that we should condone or tolerate short-comings or any form of misconduct, but we must follow accepted procedure and channels to avoid collateral and collective damages. Your coming on board at such a challenging time as this requires that you passionately seek to enhance or achieve a paradigm shift from the status quo by avoiding infamous conducts that would further damage public perception about our court system, being mindful of the fact that the importance of public confidence in the judiciary cannot be overemphasized. MENTORSHIP
15. Having been elevated to the Inner Bar, you are now regarded as part of the leadership in the profession. However, you are still amenable to the mentorship of the very senior elders at the Inner Bar. Page 7 of 8 Law is a dynamic profession. We learn every day and the seniors are there to play the role of mentors. You are therefore in a unique position of still being mentored by the elders in the Inner Bar while at the same time acting as mentors to the younger colleagues at the Bar. You must therefore be good mentors by showing good examples in and outside the court room. I believe that the one-day Induction Course organised by the BOSAN in Lagos last week would go a long way in assisting to appreciate the tasks ahead and how to go about them.
16. As legal practitioners, we act as the conscience and gate-keepers of the legal profession. Legal practitioners must restrain from abusing their privileged position as the link between the litigants and the judiciary. It is not the exclusive prerogative of litigants to determine which cases get filed in court, or which judgment goes on appeal. We must be firm in sieving these cases in order to avoid filing of frevoliuos cases or appeals which clogs the already congested court dockets. In this wise, I wish to recommend to you the wise admonition of His Lordship, DAHUNSI OLUGBEMI COKER, JSC in ADEWUNMI V. PLASTEX (NIG) LTD (1986) LPELR-164(SC) at (P. 24, paras. B-C), thus: "Every lawyer upon his own responsibility must decide what cases he will bring into Court for plaintiffs and what cases he will contest in Court for defendants. His is the responsibility for advising as to questionable transactions, for bringing questionable suits and for arguing questionable defences. He cannot escape it by arguing as an excuse that he is only following his client's instructions."
17. On this note, accept my congratulations on your ascendancy to the zenith of your professional career as advocates and this attainment should not be a mere badge or right for bragging and showoff. You must remain true to the calling of being advocates in the Page 8 of 8 temple of justice, which was what earned you the conferment of this prestigious rank.
18. In closing, My Lords, Your Excellencies and Distinguished Colleagues, I wish to utilize this opportunity in wishing your Lordships good health in body, spirit and soul required for a most successful legal year full of remarkable milestones. I also wish our new learned silks God’s guidance and best wishes in your future endeavours as Senior Advocates.
19. I thank you all for the audience and your kind attention.
LATEEF O. FAGBEMI, SAN
Attorney-General of the Federation and Minister of Justice Monday,
November 27, 2023
The presidential candidate of the Labour Party and the former Governor of Anambra State, Mr. Peter Obi has described Africa as the right continent for trade and investment. Obi made this remark yesterday while speaking at the opening of the two-day Commonwealth Trade and Investment Summit in London that started yesterday. His address focused on the vast opportunities within Africa and outlined strategies for sustainable development and inclusive growth across the continent.
In his opening remarks, Mr. Obi who expressed gratitude to the Commonwealth Enterprise and Investment Council for organizing the event, highlighted Africa's potential, and underscored the continent's rich human capital . He emphasized the continent’s burgeoning youthful and dynamic workforce, comprising over 1.4 billion people. With a vast working-age population of approximately 1.1 billion which, as Obi further analyses, “presents a significant advantage in the global economy.”
The former Governor expounded on Africa's economic growth, with several African economies outperforming global economic growth averages. He pointed out that twelve of the top twenty countries with the highest growth projections for 2024 are in Africa. Furthermore, he emphasized the expanding middle class, stating that 53% of income earners in Africa fall within the age group of 16 to 34 years, creating a substantial consumer market ripe for investment and trade.
Mr. Obi further delved into four sectors—technology, entertainment, natural resources, and agriculture—to illustrate the emerging opportunities across Africa.
In the area of technology Obi said that Africa is not only catching up with technological advancements but also innovating uniquely. Fintech solutions and mobile technologies , as he said are transforming various aspects of life, including education, healthcare, and agriculture.
In entertainment, Obi noted that the rise of the African entertainment industry, highlighted by Nollywood and similar sectors in various African countries, demonstrates significant growth potential and cultural importance, attracting investments and global attention.
With vast reserves of minerals, oil, gas, and arable land, he describes Africa as a reservoir of natural wealth, offering immense investment prospects in mining and agriculture.
In the area of Agriculture, Obi said that Africa possesses a significant portion of the world's uncultivated arable land, presenting an opportunity to become a global agricultural powerhouse if the right policies and investments are made.
While acknowledging challenges such as leadership failures, limited access to funding, inadequate infrastructure, and poverty, Mr. Obi emphasized the need for partnerships to harness Africa's opportunities. He stressed the importance of an African Consensus—a framework designed by Africans in collaboration with strategic partners—to drive sustainable development and growth in Africa.
Mr. Obi highlighted the pivotal role of the Commonwealth in supporting Africa's development agenda. He proposed collaboration between Africa and the Commonwealth to create a special fund for infrastructure development, promote exports, facilitate knowledge exchange, and craft a globally attractive African Development Agenda.
Addressing the deficit of leadership in Africa, Mr. Obi asserted that effective harnessing of Africa's opportunities would require accountable and responsible leadership across the continent. He emphasized the need for an African Consensus Development Agenda rooted in responsible leadership, urging support from strategic partners like the Commonwealth.
Attending the summit are former leaders, former Ministers and heads of institutions from among the commonwealth countries.
According to the World Health Organization report on malaria, Nigeria has the highest burden of malaria globally, accounting for nearly 27% of the global malaria burden.
The risk of malaria transmission exists all year round. Malaria is a major public health issue in Nigeria with an estimated 68 million cases and 194,000 deaths.
However, the incidence of malaria is highest in the northern and northeastern parts of the country.
Despite the malaria epidemic, Nigeria loses N75.5 billion on each cycle of malaria treatment according to a leading biotechnology and genetic engineering professor.
A breakdown of costs by Nairametrics showed that of the 68 million cases, an average Nigerian spends an average of 2000 naira for uncomplicated malaria totaling 136 billion naira annually: and spends an average of 20,000 naira for complicated malaria totaling 1.36 trillion naira annually.
Nairametrics has ranked the most expensive antimalarial medicines available in Nigeria.
- Camosunate adult
Price range: N1500- N2100
Camosunate Adult is a common anti-malaria brand which has a unique combination of Artesunate and Amodiaquine. It is used to treat uncomplicated malaria attacks including multi-drug resistance of Plasmodium falciparum. It is marketed by Geneith Pharmaceuticals Ltd.
- Artequick tablets
Price range: N2000-N2100
Artequick tablets are manufactured by a Chinese pharmaceutical company, Artepharm Co. Ltd. Artequick contains Artemisinin and Piperaquine. It is used to treat uncomplicated malaria.
- P-alaxin tablets
Price range: N1300-N2500
P-Alaxin tablets is manufactured by Indian pharmaceutical company, BLISS CVS PHARMA Ltd and marketed by Greenlife Pharmaceuticals, Nigeria. P-alaxin is an artemisinin-based therapy used to treat malaria.
- Amatem forte soft gel
Price range: N2500-N3000
Amatem softgel capsules are used for the treatment of Plasmodium falciparum malaria cases resistant to chloroquine and sulphadoxine and pyrimethamine combination. It is manufactured in India by Olive Healthcare and marketed by Elbe Pharma Nigeria Limited.
- Lonart DS
Price range: N2500-N3500
Lonart DS tablets are used to treat malaria including multi-drug resistant strains of Plasmodium falciparum. It is manufactured by Indian Pharmaceuticals, BLISS GVS PHARMA Ltd and marketed in Nigeria by Greenlife Pharmaceuticals.
- Coartem
Price range: N3500-N5000
Coartem is a product of the Swiss-based pharmaceutical giant, Novartis. It is used to treat uncomplicated malaria.
- Paludrine tablets
Price range: N2000 –N2500 per sachet. Patients may require up to 3 sachets or more.
Paludrine belongs to the antimalarials and is used to prevent malaria. It is manufactured by a global company, Alliance Pharmaceuticals.
- E mal injection
Price range: N4000-N6000
E mal injection is used to treat uncomplicated malaria. It is manufactured by Nigeria’s pharmaceutical company, Fidson Healthcare.
- Artequin adult tablets
Price range: N10,000-N20,000
Artequin tablets are manufactured by Switzerland-based pharmaceutical company, Acino. It is used to treat malaria which is resistant to other anti-malaria drugs.
- Malanil
Price range: N50,000-N55,000
Malanil tablets are fixed-dose combination medicines used to treat and prevent malaria, including chloroquine-resistant malaria. It is manufactured by British-based pharmaceutical giant, GlaxoSmithKline popularly known as GSK.
[Nairametrics]
The fate of Nigeria’s national carrier, Nigeria Air, remains uncertain as Minister of Aviation and Aerospace Development, Festus Keyamo, expressed concerns over certain aspects of the agreement signed with private investors.
Addressing State House correspondents after the weekly Federal Executive Council (FEC) meeting on Monday, Keyamo, however, refrained from preempting President Bola Tinubu’s final decision on the airliner’s future.
Nigeria Air, founded in 2018 with ownership stakes divided among Ethiopian Airlines (49%), Nigeria Sovereign Investment Authority (NSIA) (46%), and the Nigerian Federal Government (5%), received its first aircraft in May 2023 but has since remained inactive.
Keyamo disclosed that critical details of the agreement with major stakeholder – Ethiopian Airlines – required reevaluation, citing concerns about tax waivers, staffing arrangements, and the potential for creating a monopoly at the expense of other local airlines.
He emphasised his responsibility as a minister to address stakeholders’ concerns and underscored the need to ensure a fair evaluation of the situation.
Keyamo informed reporters that he had submitted his observations to President Tinubu, who will determine the next course of action regarding Nigeria Air.
The minister raised specific issues with the agreement, including tax waivers granted to Ethiopian Airlines for five years, potentially giving them a competitive advantage over local airlines already burdened by heavy taxes.
Additionally, Keyamo pointed out a proposal in the agreement allowing Ethiopian Airlines to appoint personnel at all levels within Nigeria, which could lead to a scenario where Ethiopian Air controls top management positions.
He said, “Now we have looked at all the issues and it’s before Mr. President. But let me just give one or two snippets because of Nigerians who are quick to judge.
“In the agreement, you are giving tax waivers to Ethiopian Airline coming into Nigeria. They asked for tax waivers for five years and you granted them, to come and compete with your local airlines who are paying those heavy taxes. How? You want to create a monopoly? That’s why when they tell you that we want to crash price by… it’s a lie. It’s robbing Peter to pay Paul.
“Because they have removed all taxes from you and you’ve granted them tax waivers, initially they will crash prices, but once you’ve driven every other person out of the market, you’ll now have a monopoly, then you can now hike it 500%, nobody dares to challenge you.
“The only thing that brings down prices in the commercial world is fair competition. In the agreement, they also made a proposal that they will appoint everybody; top management, everybody Ethiopian, in Nigeria, and we agreed. We agreed.
“I’m just giving you snippets. I’ll do a full interview, I’ll not give more. So when I’m ready to talk, I will talk, but I cannot preempt Mr. President. We have raised all the concerns before him.”
While Keyamo refrained from giving a detailed press interview, he assured that all concerns about NigeriaAir had been forwarded to President Tinubu for review and further action.
[Leadership]
A former Chairman of the Independent National Electoral Commission (INEC), Attahiru Jega, has called on President Bola Tinubu to review the appointments of the commission’s Resident Electoral Commissioners (RECs).
Jega said Tinubu should review their appointments due to concerns that some of the RECs are partisan.
About a month ago, Tinubu had nominated 10 RECs, with the Senate confirming their appointments.
However, some of the RECs have been accused of being involved in partisan politics.
Reacting to the criticisms, Jega said the non-review of their appointment sends the wrong signal.
Featuring on Channels Television’s Politics Today on Monday, Jega said: “I think there is no doubt that if the President were listening, my advice would be to immediately review the appointment of the Resident Electoral Commissioners that was passed by the Senate recently.
“It’s very, very important because clearly, not only does it send a wrong signal about the government’s intention to improve the integrity of elections, it also suggests, you know, that there is indifference with regards to protecting the independence and impartiality of the election management body.
“I would want to believe that Mr President was either misinformed or is not really furnished with all the necessary details with regards to these appointments.”
[DailyPost]
President Bola Tinubu has appointed Malam Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).
This was announced in a statement issued by Presidential spokesman, Ajuri Ngelale, on Monday.
According to Ngelale, the appointment takes effect from Friday, December 1, 2023.
He said the president also appointed the management team of the corporation, with Chief Pius Akinyelure as Non-Executive Board Chairman.
“In compliance with Section 59 (2) of the Petroleum Industry Act, 2021, President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023:”
(1) Chief Pius Akinyelure — Non-Executive Board Chairman
(2) Mallam Mele Kolo Kyari — Group Chief Executive Officer
(3) Alhaji Umar Isa Ajiya — Chief Financial Officer
(4) Mr. Ledum Mitee — Non-Executive Director
(5) Mr. Musa Tumsa — Non-Executive Director
(6) Mr. Ghali Muhammad — Non-Executive Director
(7) Prof. Mustapha Aliyu — Non-Executive Director
(8) Mr. David Ogbodo — Non-Executive Director
(9) Ms. Eunice Thomas — Non-Executive Director
[DailyTrust]
The Federal Executive Council (FEC) has approved N27.5 trillion as aggregate expenditure for the 2024 Appropriation Bill.
Disclosing this to journalists after the FEC meeting presided over by President Bola Tinubu at the State House, Abuja, the Minister of Budget and Economic Planning,Atiku Bagudu, also said the targeted revenue for next year is N18.32 trillion.
The Minister, who said the proposal was an increase of over N1.5 trillion when compared to the earlier projection of N26.01trillion, added that the deficit was also lower than that of 2023.
According to him, further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.
He further disclosed that the 2024 – 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which had been passed by the National Assembly, was further revised.
“Today, among other issues, the Federal Executive Council considered the 2024 Appropriation Bill. You may recall that the Medium Term Expenditure Framework was earlier approved and transmitted to the National Assembly, which the assembly graciously approved and that approved Medium Term Expenditure has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent.
“However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval.
“This will significantly increase government revenue that Mr. President intends to use in further supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.
“Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President. The bill has an aggregate expenditure of N27,500,000,000,000, which is an increase of over N1.5 trillion from the previously estimated, using the old reference prices.
“The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly,” he explained.
[TheNation]
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President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5tn.
This is an increase from the N26.01tn earlier considered by the council.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the approval to State House correspondents after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18tn revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly on Wednesday.
According to the minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5tn which is an increase of over N1.5tn from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
The minister said the changes “will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”
$1bn budget loan
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Council approved $1bn budget support loan from the African Development Bank.
The AfDB loan will have an interest rate of 4.2 per cent for 25 years with an eight-year moratorium, according to the minister.
He said, “The Federal Executive Council approved a $1bn concessionary loan for general budget support and to be used to improve forex availability in the country.
“The $1bn loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programmes in the power sector, social inclusion, and the fiscal policy reforms as a whole sector policy initiative.”
In October, Edun disclosed that the Federal Government secured a $80m loan from the AfDB to finance various projects in critical sectors of the economy. He noted at the time that the $80m was to help young people in the knowledge economy, technology, and communications.
The finance minister also spoke on the tax initiatives of the Federal Government.
Edun said, “There was a briefing by the Fiscal Policy and Tax Reform Committee, essentially they’ve been working for roughly 90 days, they’ve been working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets.
“So in a nutshell, the policy on VAT removal on diesel is from them, they are looking to help boost fiscal situation of the government by increasing revenue, particularly tax revenue, through digitalisation, additional efficiency and rationalisation of the range of taxes that we have at the moment.
“They are looking to increase the ratio of tax-revenue-to-GDP to 18 per cent which is the average for Africa; so many countries are above that level. It is actually about the double of where we are now and within a matter of a few years, their target is to reach 18 per cent.”
The minister said the FG was contemplating other economic measures in the short-term, adding that the tax reforms council’s report was well received by the President and other council members.
Edun also stated that the Federal Executive Council approved a total limit of N2tn to be available for use by the Ministry of Finance to go in and out of the market and essentially to, where possible, bring down the interest rate on the current outstanding.
He said this was “in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations.”
“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50bn or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he concluded.
Budget presentation
Meanwhile, the Secretary of Research and Information at the National Assembly, Dr Ali Barde Umoru, on Monday confirmed that Tinubu would present the appropriation bill to NASS on Wednesday.
Ahead of the budget presentation, Tinubu had three weeks ago forwarded to both chambers of the National Assembly, the 2024 – 2026 MTEF and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
It specifically approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
NASS assures Nigerians
Meanwhile, the Speaker of the House of Representatives, Tajudeen Abbas, also confirmed Tinubu would present the 2024 Appropriation Bill before a joint session of the National Assembly.
The Speaker disclosed this while declaring open a one-day capacity building retreat for chairmen and deputy chairmen of House committees in Abuja.
Speaking at the event, the lawmaker representing Zaria Federal Constituency, Kaduna State, revealed plans to convene a town hall meeting with stakeholders on the 2024 Appropriation Bill in order to get the inputs of Nigerians on the budget process.
The Speaker stated that in line with its slogan ‘Peoples House,’ the 10th House was committed to citizens’ greater participation of Nigerians in the governance/ democratic process.
He said, “As we expect to receive the 2024 Appropriation Bill in a few days, I wish to state that the House will convene a Budget Town Hall Meeting to enable citizens to make inputs into the 2024 Appropriation. It is the first time such an engagement is planned at the national level.
“I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process. To ensure speedy passage of the 2024 budget, I charge all committees to double their efforts and finalise all considerations in two weeks.
He added, “However, this does not imply haphazard and superficial consideration of the budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the budget in good time for the good of all Nigerians.
“It is no exaggeration to say that the National Assembly, especially the House of Representatives, has progressively exercised its powers to ensure that the executive is always answerable to the Nigerian people.”
The Speaker also maintained that despite the growing commitment of the Nigerian legislature in promoting good governance, the various committees face a number of challenges that impede their overall effectiveness.
He said, “Anyone familiar with the inner workings of the legislature knows the quantum of resources required to undertake robust oversight adequately, hire experts and consultants, undertake inspection visits and draft quality legislation.
“Ironically, while Nigerians expect the best representation from the National Assembly and its members, they do not always understand that this is only possible through adequate funding.”
Speaking on the theme of the retreat, “Improving Legislative Performance through Effective Committee Management,” Abbas said it was deliberately picked to provide a comprehensive understanding of the tasks ahead, especially for many of those who were taking up these legislative responsibilities for the first time.
“The legislature is central to our democracy, and a strong House is integral to ensuring that governance is conducted in an open, accountable, and representative manner.
On his part, the Deputy Speaker, Benjamin Kalu, stated that at the heart of Nigeria’s parliamentary democracy lies the House of Representatives, “an institution tasked with the solemn responsibility of representing the will of the Nigerian people.”
In his goodwill message, Chief of Staff to President Tinubu, Mr Femi Gbajabiamila urged leaders and members of the Standing Committees to unite while scrutinising the budgetary proposals during defence sessions.
Meanwhile, a member of the House representing Ede South/Ede North/ Ejigbo Federal Constituency, Osun State on the platform of the Peoples Democratic Party, Oluwole Oke, has allayed fears of possible difficulty in implementing the January -December budget cycle.
Oke, who chairs the House Committee on Judiciary, said the delay in the presentation of the budget might not be unconnected with the need for a thorough job by Mr President and his team.
Speaking exclusively with The PUNCH, the lawmaker said, “ Mr President and his economic team as assembled are professionals and I am sure they want to do a thorough job, more so that they’re just coming on board . I think we should give him benefit of doubt
“The parliament is also ready to give the budget accelerated consideration and passage in the interest of Nigerians.”
Similarly, the member representing Ezeagu/Udi Federal Constituency of Enugu State on the platform of the Labour Party, Sunday Umeha said the supposed delay might turn out to be a blessing for the benefit of Nigerians.
[Punch]
The Lagos State Government has crushed 1,500 apprehended motorcycles popularly called okada in line with the ban on okada operation in 10 Local Governments (LGs) and 15 Local Council Development Areas (LCDAs) in Lagos.
The State Commissioner for Transportation, Mr. Oluwaseun Osiyemi while supervising the crushing of the motorcycles at the Taskforce yard, Alausa, Ikeja, stated that the exercise shows that Government is not rescinding its decision to apprehend, impound and crush recalcitrant motorcycles plying the restricted areas.
He reiterated the government’s commitment to safety and security of lives and property in the state.
Osiyemi further emphasized that the regular crushing exercise is to further show okada operators, riders and passengers alike to stay off the areas where the ban is in place to avoid 3 years imprisonment if apprehended and prosecuted in line with the Transport Reform Law, (TSRL) 2018.
“The ban on Okada in specified regions is crucial for maintaining order, reducing risks associated with unauthorized motorcycle operation and also improve security,” Osiyemi added.
Daily Trust reports that the prohibited Local Government Areas include; Kosofe, Oshodi-Isolo, Somolu, Mushin, Apapa, Ikeja, Lagos Island, Lagos Mainland, Surulere and Eti-Osa.
The Local Council Development Areas under them which the ban also covers include; Ojodu, Onigbongbo, Lagos Island East, Yaba and Coker Aguda, with others at; Itire-Ikate, Eti-Osa West, Iru Victoria Island, Ikoyi-Obalende, Ikosi-Isheri, Agboyi-Ketu, Isolo, Ejigbo, Bariga and Odi-Olowo.
The Transportation Commissioner urged okada operators to obey the ban order in the prohibited areas, adding that Okada is not a safe means of commercial transportation and does not fit into the transport policy of the State.
Also present at the crushing exercise are the Permanent Secretary in the Ministry of Transportation, Mr. Olawale Musa and other Officials of the Ministry.
Nigerian comedian and actress, Helen Paul, who is now married to Femi Bamisele, related an event in which her former boss tried to talk her husband out of dating her.
She revealed this in a recent interview on the Honest Bunch Podcast, stating that her previous supervisor had questioned why her husband, a lawyer, would want to date someone like her.
The comic continued by revealing that her supervisor had even gone so far as to criticize her and suggest to her spouse that they should simply have a light romantic relationship rather than think about making a serious commitment.
“My boss called my husband and said, do you really want to date Helen, Femi?, You deserve better, but if you just want to have fun, it’s okay,” she shared.
Additionally, her HR manager commented on her husband’s clean and professional appearance, implying that he could do better than being involved with Helen.
Following her announcement, many people rushed to social media to voice their displeasure, with others sharing similar experiences.
After marrying her husband in 2010, Helen Paul welcomed two sons into their family.
The comedian had previously talked about her difficult life story, including the stigma attached to her birth as a result of rape and the rejection she experienced from her family.
She described how her aunts had told her over and again that she had “bad blood” and shouldn’t be receiving financial support from her grandmother.
Helen Paul has persevered in spite of her obstacles, achieving success in her career, and using her experiences as a source of empowerment.
Patrick Motsepe is known as one of the richest men in Africa, and Africa’s first black billionaire. As the president of the Confederation of African Football (CAF) and the owner of Mamelodi Sundowns, he is a prominent figure in the African Football scene.
Beyond sports, he’s notable for his investments in mining and is the founder of one of Africa’s largest Black-owned mining groups — African Rainbow Minerals. He also owns Sanlam, a South African financial services group. Despite his high-profile roles, Motsepe keeps his personal life very low-key and away from the public eye.
According to numerous reports, Patrice Motsepe has a penchant for high-end cars and has acquired some of the most exclusive and expensive cars in the world. As reported by The South African, he’s been seen behind the wheel of the following cars:
Bentley Continental GT: This is a high-performance grand tourer that can reach speeds of up to 333 km/h. It has a 6.0-liter twin-turbocharged W12 engine that produces 467 kW of power and 900 Nm of torque. It costs around R4 million.
Mercedes-Benz S65 AMG: This is a flagship sedan that is notable for its combination of elegance and power. It has a 6.0-liter twin-turbocharged V12 engine that delivers 463 kW of power and 1000 Nm of torque. It can accelerate from 0 to 100 km/h in 4.2 seconds and costs around R3.5 million.
Rolls-Royce Phantom: This car is a symbol of status and luxury and one of the most expensive cars in the world. It has a 6.75-liter twin-turbocharged V12 engine that generates 420 kW of power and 900 Nm of torque. It can reach a top speed of 250 km/h and costs around R10 million.
Lamborghini Aventador: This is a supercar that always turns heads with its stunning design and performance. It has a 6.5-liter naturally aspirated V12 engine that produces 544 kW of power and 690 Nm of torque. It can sprint from 0 to 100 km/h in 2.9 seconds and reach a top speed of 350 km/h. It costs around R8 million.
Private Jet: It is also rumoured that Motsepe owns a Hawker 4000 business jet, which can fly up to 10 passengers and has a range of 6,000 km. It costs around R300 million.
Motsepe’s net worth is currently estimated to be $2.4 billion, down from $3.2 billion at the beginning of the year. He is ranked as the fourth-richest person in South Africa, the ninth-richest person in Africa and the 1,064th richest person in the world.
[billionaires.africa]