FEATURES
Filmmaker, Kunle Afolayan has revealed plans for a possible collaboration with singer Wizkid who is presently on holiday in Nigeria. The rave-making Afrobeats artiste made an appearance at Afolayan’s KAP Hub last Saturday, bringing his vibrant energy to the heart of the creative space.
The purpose of his visit, according to information, was to have a special, honorary meeting with the director, and to delve into exciting partnership possibilities.
According to Afolayan, Wizkid’s visit to the KAP Hub turned an ordinary Saturday into an extraordinary affair.
“He took the time to engage with the hub’s creative atmosphere, adding his unique flair to the lively ambience and creating an unforgettable moment for everyone present. Wizkid’s visit was more than just a celebrity appearance; it was a celebration of the synergy between music, art, and creativity,” the filmmaker said in a statement.
He further noted that the visit of the Afrobeats superstar to the Hub further solidifies it as a thriving epicentre for collaboration and innovation in the Nigerian entertainment industry.
Meanwhile, Wizkid has rolled out the terms and conditions for his going into acting. The Grammy-winning artiste expressed his desire to embrace roles that involve kissing scenes and handling firearms in movies.
READ ALSO: Yomi Fabiyi Issues Advisory On Citizen Engagement With Police
He disclosed this intention through his Instagram story, stating in Pidgin, “Shebi I tell una I one dey act film! I just want dey kiss and shoot a gun for a movie. Daz all.”
Additionally, Wizkid hinted at the possibility of extending his hiatus from music, initially planned for three to four years, now contemplating a stretch to six years.
[DailyIndependent]
Environment Secretary Steve Barclay has announced £3 million in funding to enable shipments of Ukrainian grain to Nigeria in 2024.
Barclay set out the package of support for Ukraine while addressing the international community at the Kyiv International Summit: Grain from Ukraine today (Saturday, November 24).
The Department for Environment, Food and Rural Affairs (Defra) said after tearing up the Black Sea Grain Initiative, Russia destroyed over 280,000t of grain in one month, which could have fed “over 1.25 million people for a year”.
“In the face of these relentless and targeted attacks on ports and grain infrastructure, the initiative ensures Ukrainian grain still reaches those most in need while protecting global food security, keeping prices down and strengthening markets.”
Announcing the funding, Environment Secretary Steve Barclay said: “From our government to our farmers, our solidarity with the people of Ukraine remains cast iron,” Barclay said.
“The UK is committed to ensuring Ukraine can continue to export grain to those most in need.
“I am also proud we will be able to share the UK and Defra’s expertise to help Ukraine’s farmland and nature recover from the destruction of the Nova Kakhovka Dam and the impact of the conflict.”
Barclay also updated the conference on the development of the UK’s Grain Verification Scheme, which is being backed with £2 million in funding from the government.
The scheme aims to uses science to determine where grain has been grown and harvested – supporting Ukraine’s efforts to trace and stop theft of grain from occupied regions.
The UK government said further information on the scheme will be unveiled early next year.
[Agriland]
Talk of women doing incredible things and excelling in a male-dominated field, Owolasooge Temitope, Emike Lambert Emmanuel, and a few others are amazing. These are female tilers and they belong to the Association of Tilers Nigeria.
In addition to the astounding works they do with their hands, they share the same marital status; they are young widows with mouths to feed.
These female tilers are hardworking and you need not imagine the amount of hustle they put in to ensure their children are well catered for. But surprisingly, while they both agree that there are prospects in their tiling business, the huge challenge is not only about gender discrimination but, something worse. Something that sounds very absurd but common in a morally depraved society.
Temitope, a native of Osun state, tells her story. “First of all, I appreciate the person who taught me how to lay tiles. I started with just by going to sites and doing any available labour. I saw how they were laying tiles and loved the artistry involved. He encouraged me to learn tiling and as I was interested, it wasn’t difficult for me to understand the technique involved. I posted the first work I did on Instagram and people started commenting. They were saying wow, look at a lady tiler.
“ I learned the work for like two months and started working in 2017. By the grace of God, I’m the CEO of my business and I have apprentices working under me. Since I’ve been doing this tiling job, I’ve met many women but they are contractors and not tilers; but, I get the contract and also lay the tiles.
I’m living in Sapele, Delta State, and sometimes in Sango Ota. I stay in any place that the work takes me to. People now call me from Imo state, in short, different parts of the country to work. The work is very good though stressful.”
The major challenge she faces on the job as a woman, Temitope discloses is that “sometimes people call you to a site and want to take advantage of you. They will make it clear that if you don’t sleep with them, they will not give you work. I don’t work like that. If you want me to work with you or for you, you will pay me my money. If I sleep with the client, I will still do the work before collecting my money; what’s the need?
“Even some women make the work difficult for us. Sometimes they will accuse their husbands that they brought their girlfriend home, pretending that they are doing business. Even some of our fellow tilers will call me for work and afterward, to pay, is wahala. The other time, one customer called me from Lagos to go to Ibadan to submit a quotation. When I got there, he took me to a beer parlour. Later, he stole my handset after he pretended as if he was going to use it to reach his boss.”
The job is also hard on the female looks. “Look at my hands, (shows off her hands) they don’t look like a lady’s fingers again because of the work I do. But it doesn’t matter, so far as being a tiler puts food on my table. People are very wicked sometimes. They will quickly pay for work materials worth millions but just to pay maybe 20 thousand naira for laying the tiles, they want you to sleep with them. My plan now is to have a shop where I will be selling tiles and other materials while waiting for a tiling contract to come. I’m a widow and I need money to take care of my children.”
For us to get jobs they’ll tell you, “Nothing goes for nothing”- Emike
Edo state-born Emike has been in the tiling business for about 10 years now; she shares reasons she became a tiler.
“I’m the widow of a Fallen Hero. I’m ready to show off the skills that God gave me to put food on my table; I have three kids and other responsibilities to take care of. I need to work hard to take care of myself and my kids. I don’t need to depend on a man. I cannot sell my body before I take care of my responsibilities. This is what made me go into the tiling industry. But right here, the problem we are facing is that it is the quacks that are getting the jobs through connections. Those people giving quacks the jobs are only interested in their cuts and not whether the job will be done well.”
Emike believes the government can help with regulations that can protect the females among them and also support them with loans. “I’m begging the government to give us soft loans so that we don’t need to pay interest. This will help us especially the women in the industry to get the required equipment to do our jobs. We the female tilers are finding it very, very difficult in the industry because it is male-dominated. We cannot sell our bodies because we need jobs. When they call you for a job, even before taking you to the owner of the job, the person will tell you that nothing goes for nothing; it’s our bodies they’re asking for. How long are we going to continue like this? We are professional tilers and are ready to work.”
[Sun]
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has given the lie to insinuations suggesting that he would contest against his boss, President Bola Tinubu, in the 2027 presidential election.
The former Rivers State governor vowed that having worked for the emergence of Tinubu as president, and having been made minister of the FCT, nothing would make him contest against his principal in 2027.
The minister who spoke on a live television programme in Abuja yesterday also said good character should never be compromised on the altar of politics.
Wike reiterated his commitment to the success of the Tinubu administration, even as he explained that the quest for justice was the key reason he and the G5 group of governors supported the presidential ambition of Tinubu.
He stated: “Tinubu made me the FCT minister and I won’t allow anybody to crumble our political structure. No! Tinubu made me minister; people do not understand. I have character.
“What will happen in 2027? I stood and I said I am not going to support injustice. I was threatened that they will do me this and that. They tried many options, including using Major Generals.”
On the update of his face-off with his successor, Governor Sim Fubara of Rivers State, the minister who initially said he did not want to talk about the matter however said, “Give a man power and money, that is when you will know the person. If you have not given a man power and money do not say you know the person.
“He may be your friend; he may be your son, sister or mother or father. I don’t want to go into that.”
Wike expressed dismay that Fubara would seek to destroy the structure which produced him as governor just within three months of his emergence.
“In three months, it is sad for someone to scatter a political structure that supported and brought you up. You know what is painful? All these allegations, I smile. Who and who sat with him. In all your doings be grateful in your life no matter the circumstance. Nobody who is a gentleman and a politician will support this kind of thing.
Speaking during a media chat in Abuja on Friday, Wike said: “We never knew that it will take you three months to scatter the political structure that picked you up. What is painful is seeing these propaganda and lies that I was angry. Did he (Fubara) buy form? Be grateful in your life in all circumstances.
“I will not allow anybody to crumble our political structure. I told him if you do this ring-road your second tenure would be assured, I took him to Germany to meet Julius Berger and they promised to do the road in three years, which is the year leading to election. I told him if you do this road, nobody will challenge you in Rivers State.
“Anything that will make me disrespect Mr President, count me out. He disobeyed the President, disobeyed the Vice President. When the law speaks, thuggery, militancy and ethnicity will run away.”
Wike also outlined some of his achievements as governor of Rivers State, saying he was paying pensioners’ gratuity every month, something he said was not done by his predecessor.
“I took River State to the level where you cannot discuss politics in Nigeria without Rivers State. I was an ordinary minister when I became a governor. I challenged the sitting governor and I defeated his candidate. I worked hard,” he said.
Meanwhile, the minister said existing landowners with Certificate of Occupancy (C of O) in the FCT must re-certify them to incorporate the new features.
Wike said this would cost individuals N50,000 each and corporate bodies, N100,000 each.
Still speaking on a live television programme in Abuja, the minister noted that the new C-of-O would now require a National Identification Number (NIN) and Bank Verification Number (BVN)
He said he had been refraining from signing C-of-Os during his tenure as the FCT minister to introduce enhanced security measures, such as the inclusion of NIN for individuals and BVN for corporate bodies.
“There are a lot of discrepancies, a lot of cloning of C-of-Os. So, we have come up with an idea that every allottee who seeks and applies for a C-of-O must supply his NIN; this is one of the features we are going to put in the new C-of-O.
“If a corporate body doesn’t have an NIN and they have a property, they must put their BVN. So many persons have not registered, and this will make them go and re-register,” Wike stated.
On the existing landlords with C-of-Os, he noted that they would only be required to pay a nominal fee for recertification.
“For everyone who has a C-of-O, they will come for a recertification, so that we can incorporate the NIN or BVN. Those who had a C-of-O before do not need to pay money again; the highest they can pay is N50,000, and corporate bodies will pay N100,000. It helps in terms of security; it also helps to improve our revenue generation,” he said.
[Leadership]
The European Union (EU) has updated its immigration rules for country nationals which indicates that they must legally and continuously reside in an EU member state for at least five years, and this status must coexist with national long-term resident schemes.
Third-country nations are countries or territories that are not a member of the European Union or those whose citizens do not enjoy the European Union’s right to free movement. Nigeria is an example of a Third-country nation.
This directive was given by EU member states, during a meeting of the Council’s permanent representatives committee, where they established their negotiating mandate for revising the EU long-term resident’s directive.
Nairametrics learns that this directive outlines the criteria for third-country nationals to obtain EU long-term resident status.
What the rules indicate
Under the Council’s position, third-country nationals can accumulate residence periods of up to two years in other member states to meet the five-year requirement.
However, certain types of legal residence permits, like EU Blue Cards or permits for highly qualified employment, will be accepted for residency in another member state.
Applicants for long-term resident status must demonstrate stable resources, and sickness insurance, and may need to fulfil integration conditions.
Although this status is permanent, it can be revoked if the person has not had their primary residence in the EU for a specified period.
EU long-term residents are granted intra-EU mobility rights, enabling them to move and reside in other EU countries for work or studies, subject to specific conditions.
They will enjoy equal treatment with EU nationals in areas such as employment, education, and tax benefits.
Background
In 2020, over ten million third-country nationals held long-term or permanent residence permits out of the 23 million legally residing in the EU.
The proposed update aims to address underutilization, complexity in acquisition conditions, and barriers to intra-EU mobility rights.
The Council’s negotiating mandate will allow for discussions with the European Parliament to finalize the legal text.
[Nairametrics]
The Central Bank of Nigeria (CBN), on Friday, hinted that banks in the country would be asked to raise their capital base in order to be able to support the $1trillion economy of the government.
The governor of the apex bank, Yemi Cardoso, disclosed this in Lagos at the 58th Annual Bankers Dinner and Grand Finale of the 60th anniversary of the Chartered Institute of Bankers of Nigeria (CIBN).
He said Nigerian banks did not have sufficient capital relative to the financial system’s needs in servicing a $1.0trn economy in the near future.
President Bola Tinubu recently hinted that Nigeria’s economy could grow to $1trn by 2026 and a $3trn Nigerian economy in 10 years.
“It is not just about the stability of the financial system in the present moment as we have already established that the current assessment showed stability. However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0trn economy in the near future? In my opinion, the answer is “no!” unless we take action. Therefore, we must make difficult decisions regarding capital adequacy. As a first step we will be directing banks to increase their capital,” he said.
Cardoso, who bemoaned the foreign exchange restrictions hitherto placed on the importation of 43 items by the previous government, said the CBN under his watch would be repositioned as a catalyst for change and economic development.
While applauding the CIBN, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Bola Tinubu-led government was committed to building a stable and resilient economy.
He said the decisions taken by the government were difficult but necessary in turning the country around, attracting investment, creating jobs and reducing poverty.
The chairman of the Body of Banks’ Chief Executive Officers and managing director, Zenith Bank, Mr Ebenezer Onyeagwu, called for the support of the reforms introduced by the CBN.
He added that the apex bank was already addressing the issue of FX forward and it would soon be a thing of the past.
“Though some of the reforms are painful, we wholly support them because we need to endure the pain today for a brighter future,” he said.
The president of the Chartered Institute of Bankers of Nigeria, Ken Opara, noted that within the short period in office, Cardoso had activated notable initiatives aimed at repositioning and stabilising the economy.
He mentioned the initiatives to include focusing on the core monetary policy mandate of price and exchange rate stability, unification of the exchange rate and initiating steps to boost liquidity in the foreign exchange market through commencement of settlement of mature forward obligations.
He said others included market reflective rate for Government Treasury Securities to ensure that investors get real positive yields on their investments, as well as joint issuance of Advisory Notice by the CBN in conjunction with the Financial Services Regulation Coordinating Committee (FSCRCC).
Vice President Kashim Shettima and the Lagos State governor, Babajide Sanwo-Olu were represented by the Special Adviser to the President on National Economic Council (NEC) and Climate Change, Rukaiya El-Rufai and the Lagos State Commissioner for Finance, Mr Abayomi Oluyomi respectively.
[DailyTrust]
President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, has said the Students’ Loan Application system was being designed in a way that there is no interface between the loan administrators and the beneficiaries.
Gbajabiamila said efforts were underway to ensure the take-off of the scheme in January 2024 to ensure that Nigerian students could access the loan “to fund their educational aspirations.”
He spoke in Lagos on Friday while delivering the lecture titled, “Empowering Nigerian Youths in the Present Day Economy” at the 35th convocation ceremony of Yaba College of Technology (YABATECH).
Gbajabiamila said that to make the process seamless, “applicants will apply online, be verified online and credited based on the verifiable documents and credentials they submitted.”
He said, “Nobody will need to know anybody to qualify for these loans so that access to this financing will be genuinely egalitarian.”
Recently, Tinubu signed the Student Loan Bill into law.
Upon signing the bill, the President assured that no student would drop out of tertiary institutions over inability to pay their fees.
Tinubu said his administration would ensure educational institutions get the necessary resources to carry out their responsibilities.
[DailyPost]
Davido’s Logistics Manager, Isreal Afeare, popularly known as Isreal DMW, has shared news of the end of his marriage to his wife, Sheila, in an Instagram post on Saturday.
In his detailed account, Isreal DMW revealed that Sheila left their home on August 8, 2023, despite his substantial support since their marriage.
Israel also detailed acts of generosity, such as providing financial support, upgrading her phone, and indulging in shopping sprees for her.
Despite these efforts, he described a shift in Sheila’s behaviour after their wedding, where she sought to impose standards on him, believing she had achieved status as a prominent figure on Instagram.
Additionally, Isreal DMW pointed out that marrying someone from a Christian background and being a virgin did not ensure peace in his case.
He highlighted that his wife accused him of being a slave to his boss, Davido.
He said, “Marrying a lady because you met her during evangelism as a virgin, a pastor’s daughter, a member of the same Winners Chapel church, might not guarantee anything peace at all. Don’t be too eager or quick to trust people. People can change at any time.
“People can be very ungrateful and deceptive. I met Sheila on February 19, 2022. We became friends, which later became intimate.
“She told me she would only lose her virginity to the man that would marry her since her Ugep, Cross River, mother, who’s now 41, had earlier married two different men, with two kids, before marrying her father and that she was overdue at 21 for marriage.
“We fully agreed with her terms and conditions. I immediately upgraded her unkept situation by giving her 300k and replacing her tattered phone of less than 60k with a new iPhone
“I later also replaced the 12 Pro Max with a brand 14 Pro Max of 1.2m that she uses to slay. I did a lot of shopping for her.
“Bought her clothes and bags, including expensive human hairs she’s using without sleeping with her then. I later proposed, and she fully accepted. We later did a legal introduction to traditional and white weddings in Benin City.
“Sheila immediately changed by showing her authentic self after our wedding and wanting to set standards for me. She now felt she was blown as Juju’s wife, fully verified on Instagram, with more followers from her earlier struggling 3k followers when I met her.
“A fully sapa girl I met with just 2,700 in her account. I have never raised my hands on her any day. I don’t beat women at all. I respect them so much. The least money for her upkeep was 100k. She now wakes up to tell me that I derive dignity in begging my oga, that I am fully a slave, and that I am disgracing her on social media.
“I had earlier taken her to show same oga for the first time before we wedded when we were in Abuja Transcorp Hilton, and oga asked her straight forward if she was ready for marriage, and she fully answered by saying yes and oga immediately gave her 500k for airtime. Oga was fully present in Benin for my wedding, after cancelling a 140m show appearance. Oga,”
[Punch]
- Accuses governor of setting assembly on fire
- Says he introduced ethnicity into state politics
- I am full-blooded Ijaw son, gov declares
The face-off between Rivers State Governor, Siminalayi Fubara, and his immediate predecessor and Minister of the Federal Capital Territory (FCT), Nyesom Wike, reared its head yesterday as the FCT Minister accused his estranged protégé of masterminding the burning of a section of the state’s House of Assembly.
Crisis had erupted in the state late last month when the House of Assembly impeached its Majority Leader Hon. Edison Ehie believed to be the governor’s loyalist while the governor in turn sacked his chief of Staff believed to be a loyalist of Wike.
The crisis had peaked with the burning of a part of the House of Assembly on October 29; a move believed to have been made to prevent the lawmakers from sitting amid speculations of a move by the assembly to impeach Governor Fubara.
A quick intervention by President Bola Ahmed Tinubu had ensured that the crisis was nipped in the bud as both Wike and Fubara announced a ceasefire and the two parties appeared to have buried the hatchet.
The governor thereafter likened the feud to a father-and-son matter.
Receiving a military delegation led by Gen. Christopher Musa to the Government House in Port Harcourt, the state capital, he said: “For our dear state, I know everybody is wondering what’s going on, what’s not going on. We are okay, there is no problem.
“If we have an internal issue, it will be resolved and everything will go back to normal.
“There is nothing wrong if a father and a son have a problem. If there is any problem, but I don’t think there is anything, whatever it is, we will definitely resolve the issue.”
But in a twist of events yesterday, Wike, speaking during a live broadcast in his office with select journalists, accused Fubara of masterminding the burning of the hallowed chamber of the House of Assembly.
He accused Fubara of taking the step because he learnt about a plan by the lawmakers to impeach him as governor.
Asked whether he endorsed the attempt by the lawmakers to impeach Fubara, Wike said: “If they are impeaching you (Fubara), did you call me?
“Assuming I’m the one who plotted it, did you say, ‘Sir, they want to impeach me’? Is that why you will send people to go and burn the hallowed chambers?”
The FCT Minister also accused Fubara of playing ethnic politics, saying that the development was alien to the oil-rich state.
“Is impeachment done in one day? Is it a one-day affair? Then you raised ethnic politics. We have never had it like this before,” he said.
He added: “Give man power and money, that is when you will know the person. If you have not given man power and money, don’t say you know the person.
“He may be your friend, he may be your son, sister or mother or father. I don’t want to go into that.”
The FCT Minister lamented that Fubara could seek to destroy the structure that produced him as governor just within three months of his emergence.
He said: “In three months, it is sad for someone to scatter a political structure that supported and brought him up.
“You know what is painful. All these allegations, I smile. In all your doings be grateful in your life, no matter the circumstance.
“Nobody who is a gentleman and a politician will support this kind of thing. And I kept quiet.
“You have 31 members in the House of Assembly, 27 are against you.”
Asked whether he felt that his feud with Fubara was a matter of nemesis, given how he fell out with former Governor Rotimi Amaechi, his immediate predecessor as Rivers State governor, Wike said “with due respect, Amaechi did not make me governor. I was the one that worked for Amaechi to be governor in 2007.
“Even when Amachi made me a minister, he went to the National Assembly to disqualify me through SSS. Amaechi fought me even as a minister.
“I am comfortable. Tinubu did not give me an ordinary minister but Minister of FCT. What am I looking for?
“But that does not mean that I will allow anybody to crumble our political structure. It will not happen.
“Let me tell you, I challenge anybody, all the projects and road projects you are seeing now, I laid the foundation. I took him to Win Bidding in Germany, with the director of procurement to go and negotiate with Julius Beger.
“I said look, if you do this Ring Road your second tenure is assured.
“I told him to go and borrow money from Zenith Bank and tell Julius Beger to be deducting money from you every month. Tell them you will do it in three years; that is the year leading to your election. Nobody will challenge you in Rivers State.
“If I had no good intentions, I would not do it. If they are impeaching you, did you call me? Assuming, for example I was the one who caused it, did you call me, saying Sir, they want to impeach me? Is that why you have to send people to go and burn the hallow chamber?
“Is impeachment done one day? Impeachment process a one day affair? Then you raised ethnic politics.
“We have never had it like this before. Will anybody stop me from going to functions? Anything that will make me not respect Mr. President, I won’t do it.
“All these things you are seeing are because Mr. President has said you do this and you do that. When the law speaks, thuggery will run away. When the law speaks, militants will run away. When the law speaks, ethnicity will run.
“Be fair to the structure that brought you to power. You are the governor, but all you must understand is that some people had sleepless nights because of you. It is too early to fight that structure.
“I’ve never seen it happen anywhere. You have told Nigerians the kind of person you are. Some people will even pretend for one year or two years.
“Tinubu made me minister, people don’t understand, I have character. What will happen in 2027? I stood and I said I’m not going to support injustice. I was threatened that they would do this to me. They tried Major Generals.”
On his achievements as governor of Rivers State, Wike said: “I was paying pensioners gratuity every month, which were not paid by my predecessor. I took River State to the level where you cannot discuss politics in Nigeria without Rivers State.
“I was an ordinary minister when I became a governor. I challenged the sitting governor and I defeated his candidate. I worked hard.”
On the new requirements for acquisition of land in the Federal Capital Territory, particularly the introduction of National Identity Number (NIN) and Biometric Verification Number (BVN) to Certificate of Occupancy (C of O), the minister said the new features were for security and revenue generation.
Wike also noted that existing landowners in the capital must get recertification to incorporate these new features.
“There are a lot of discrepancies, a lot of cloning of C-of-Os, so we have come up with an idea that every allottee who seeks and applies for a C-of-O must supply his NIN. This is one of the features we are going to put in the new C-of-O.
“If a corporate body doesn’t have an NIN and they have a property, they must put their BVN. So many people have not registered, and this will make them go and re-register.”
Addressing the issue of existing landlords with C-of-Os, Wike stated that they would only be required to pay a nominal fee for recertification.
“For everyone who has a C-of-O, they will come for a recertification so that we can incorporate the NIN or BVN,” he said.
“Those who have a C-of-O before don’t need to pay money again. The highest they can pay is N50,000, and corporate bodies will pay N100,000. It helps in terms of security; it also helps to improve our revenue generation.”
“There are people who own seven properties, so this will identify them so they can pay taxes.”
Wike further stated that other benefits of this initiative are in identifying property owners accurately for tax purposes.
‘I won’t run against Tinubu’
The FCT minister declared that he would not contest against President Bola Ahmed Tinubu in the 2027 Presidential election.
He reiterated his commitment to the success of the Tinubu administration even as he explained that the quest for justice was the key reason he and the G5 group of governors supported the presidential ambition of Tinubu.
According to the minister, good character should never be compromised on the altar of politics.
He pointed out that having worked for the emergence of Tinubu as President and having been made minister of FCT, nothing would make him contest against the President in 2027.
“Tinubu made me the FCT minister and I won’t allow anybody to crumble our political structure. No!
I’m a true Ijaw son, says Fubara
Rivers State Governor, Sir Siminalayi Fubara, has declared that his Opobo people from Rivers State belong to the Ijaw ethnic nationality.
Insisting that the Opobo people are integral part of the history of the Ijaw struggle, Fubara asserted that he is a true Ijaw son.
Speaking when he met with the Regent and other representatives of Kalabari Se Kobiri at Government House, Port Harcourt yesterday, Fubara dismissed insinuations labeling him a non-Ijaw.
He said persons doubting his Ijaw origin were bereft of the history of the struggle that made Ijaw a reputable class of people.
He said: “So, whoever is feeding you with that information should go back to their history classes. You cannot talk about the Ijaw struggle without the Opobo, the Bonny, and the Kalabari.
“We had our trade lines at that time, and for you to occupy a trade line, it means you are a true Ijaw man. So, for the records, I am a full blooded, up to my bones, an Ijaw man.”
Fubara said Ijaw people are bold, courageous and forthright, adding that despite being subjected to inhuman treatment, Ijaw refused to succumb to being traded as slaves.
He emphasised that only the will of God would prevail in every circumstance whether good or bad, winning or failing.
Condoling with the Kalabari people over the demise of their monarch, the late King Theophilus J.T. Princewill, Fubara assured that the state government would fully participate in the burial activities.
The governor urged the people to put their differences aside and work together to give the late king a befitting burial.
In his speech, the regent of Kalabari Kingdom, Dr. Charles Numbere Princewill, said they visited to notify the governor that Theophilus J.T. Princewill, Amachree XI, The Amanyanabo and Natural Ruler of the Kalabari Kingdom was dead and to formally invite him to attend the funeral.
He thanked the governor for the support already given to them and solicited for more.
On his part, Secretary to the Rivers State Government (SSG) Dr. Tammy Danagogo said Fubara had shown much love towards the Kalabari people was committed to giving befitting burial to their late Amanyanabo.
[TheNation]
The Court of Appeal sitting in Abuja, on Friday, descended heavily on the Independent National Electoral Commissioner, INEC, accusing it of being partisan.
The appellate court said it was embarrassing that the Commission could appear before it to act in favour of a party in an election dispute, by disowning documents that it not only issued, but also duly certified.
It decried that the electoral body has continued to “dance naked in the market,” even though it was meant to assume a neutral stand in election litigations.
“The INEC as an institution should be reminded of its role in an election; to be an unbiased umpire between parties.
“It should stop behaving irresponsibly, having in mind that its duty to conduct election has a direct bearing on peace and well-being of the country.
“The role of INEC in election dispute should be limited to the tendering of all the documents used in an election and explaining what they were used for and how they were obtained.
“INEC should stop dancing naked in the market, pretending that no one is seeing its nakedness and its dancing steps,” the court stated while delivering judgement in a Bauchi State House of Assembly election appeal.
The lead judgement of a three-member panel of the court was delivered by Justice K. I. Amadi.
The panel, in its unanimous decision, nullified the election of the Speaker of the Bauchi State House of Assembly, Abubakar Suleiman, who was earlier declared the winner of Ningi Central Constituency in the state, by INEC.
The court held that evidence before it established that the election was inconclusive.
Aside from voiding the Certificate of Return that was issued to Suleiman who contested on the platform of the Peoples Democratic Party, PDP, the appellate court directed INEC to conduct a supplementary poll in 10 polling units in the state, within 90 days.
The court further awarded a cost of N500, 000 against INEC.
The judgement followed an appeal that was brought before the court by the candidate of the All Progressives Congress, APC, in the election, Khalid Abdulmalik-Ningi.
INEC had declared that Suleiman of the PDP polled a total of 16, 866 votes to defeat his closest rival, Abdulmalik-Ningi of the APC, who scored 15, 065 votes in the election that held on March 18.
However, dissatisfied with the outcome of the election, the APC candidate lodged a petition before the State Assembly Election Petition Tribunal.
The petitioner, among other things, alleged that results of the election were cancelled due to over-voting or corrupt practices.
Even though INEC which was a Respondent in the matter, denied the claim that there was over-voting, it however failed to produce any witness before the tribunal which eventually dismissed the petition.
While faulting the decision of tribunal, the appellate court noted that the Appellant brought nine witnesses that testified in respect of the various polling units and also tendered certified copies of INEC documents to support his case.
It held that going by Section 137 of the Electoral Act 2022, the certified INEC documents were enough to sustain the allegation that the election was not conducted in compliance with provisions of the law.
The court wondered why INEC denied that results of the election were cancelled in some polling units, when its officials established the same fact in Forms EC 40G that they signed and submitted to it.
It held that the tribunal was statutorily empowered to accord probative value to the INEC documents which it said disclosed all information required to prove the alleged non compliance.
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[FULL TEXT] Olayemi Cardoso Delivers Keynote Address at 58th Annual Bankers Dinner and Institute's 60th Anniversary
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1. Good evening distinguished guests, I am truly delighted to be here with you tonight at this esteemed Chartered Institute of Bankers of Nigeria Gala evening. It is an immense honor to to deliver the keynote address on this momentous occasion—the Grand Finale of the Institute's 60th Anniversary. This event holds great significance as it symbolizes the Institute's enduring legacy and the successful transition of leadership from one capable set of individuals to another. I would like to express my heartfelt appreciation to the President and Chairman of Council of CIBN, the members of the Dinner Planning Committee, and the 60th Anniversary Committee for their exceptional stewardship and leadership. To all the members of CIBN, I extend my warmest congratulations on this milestone, and I wish every one of you a delightful evening filled with joyous celebrations.
2. Permit me to make special mention of His Excellency, Vice President Kashim Shettima (GCON), who is also completely at home in this gathering as a former banker before he made his foray into public service and has, through his career, shown strong leadership on developing Nigeria’s economy.
3. Distinguished guests, allow me to take a moment to delve into the rich history of the Chartered Institute of Bankers of Nigeria (CIBN). The origins of this esteemed institution can be traced back to November 28, 1963, when a group of 124 visionary bankers came together and passed a resolution to establish an Institute that would promote banking education in Nigeria and foster a sense of camaraderie among professional bankers. Over the past 60 years, the Institute has flourished, leaving behind a legacy of remarkable achievements.
4. Today, the Nigerian banking industry stands as a testament to our homegrown excellence, with a lineage of accomplished bankers who have left their indelible mark not only in Nigeria but also across Africa, Europe, and America. We have witnessed banks initiated by CIBN members grow from humble beginnings into leading institutions that can proudly hold their own on the global stage. Moreover, countless CIBN professionals have risen through the ranks of banking to occupy towering positions of corporate leadership and public service.
5. I recently had the privilege of meeting a young banker who shared her journey of joining the institute as a fresh graduate and how the CIBN's commitment to professionalism and ethics shaped her career. She spoke passionately about the transformative power of the institute's programs and how it instilled in her a sense of purpose and dedication to serving her clients and community. Her story reminded me of the human aspect of the banking industry and the importance of organizations like the CIBN in nurturing talent and fostering an environment of integrity and innovation.
6. This annual event is critical as it is an opportunity for us at the CBN to interact with major players and the business communities and share our perspectives on burning issues affecting the banking and financial services sector, and the economy in general. Importantly, it avails key industry operators a platform to gain knowledge of regulators ’views on the underlying factors driving the state of our economy, the policy focus that would shape macroeconomic and financial markets conditions, and our understanding of the short-to-medium-term outlook of the economy.
Global Economy
7. Distinguished Ladies and gentlemen. The global economy, much like our domestic economy, often experiences cyclical patterns. The recent Russia-Ukraine conflict, coupled with the ongoing disruptions caused by the COVID-19 pandemic, has had severe consequences for global supply chains, particularly in agriculture and energy sectors. These disruptions have resulted in a significant decline in commodity prices and international trade. The sustained high crude oil prices, exceeding $80 per barrel, have posed challenges for import-dependent countries like Nigeria in managing prices.
8. The prospects of a global economic recovery have been further dampened by the ongoing crisis between Israel and Hamas. The International Monetary Fund (IMF) warns that these conflicts have serious implications for global economic performance and leave little room for policy errors. In response to the inflationary pressures caused by the surge in energy prices resulting from the Russia-Ukraine conflict, monetary authorities worldwide have raised policy interest rates, leading to tighter global financial market conditions and significant outflows of funds from emerging market countries.
These developments have led to a strengthening of the US dollar, exacerbating inflationary pressures while weakening currencies and depleting external reserves in many emerging market countries. As a result, several central banks in emerging markets and developing economies have implemented restrictive policies to contain rising inflation and reduce capital outflows.
9. The widespread tightening of monetary policy, aimed at curbing inflation, has restrained economic activity and suppressed growth. According to the IMF, global growth is projected to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical average of 3.8 percent (2000-2019). Advanced economies are expected to experience a slowdown from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as the impact of policy tightening takes hold. Meanwhile, emerging market and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024.
10. Global inflation is forecasted to steadily decline from 8.7 percent in 2022 to 6.9 percent in 2023 and 5.8 percent in 2024, thanks to tighter monetary policy measures and lower international commodity prices. However, core inflation is expected to decline more gradually, and inflation is not anticipated to return to target levels until 2025 in most cases. It is crucial to note that monetary policy actions and frameworks play a vital role in anchoring inflation expectations during these challenging times.
11. In response to these challenges, countries worldwide have adopted various conventional monetary policy measures. Available data indicates a gradual recovery in output in the US, UK, and some emerging market economies. GDP growth in the US, UK, and emerging market economies reached 2.2 percent, 1.4 percent, and 3.4 percent, respectively, in the second quarter of 2023, compared to the same period in 2022. In Africa, countries such as South Africa, Ghana, Egypt, and Kenya saw growth rates of 0.6 percent, 3.2 percent, 3.9 percent, and 5.4 percent, respectively, in the second quarter of 2023, thanks to complementary fiscal and monetary policy measures.
12. Furthermore, inflation rates have continued to moderate in advanced economies like the United States, the United Kingdom, and emerging market economies. This is largely due to the responsiveness of interest rates to adjustments in monetary policy parameters. However, countries such as Turkey, and Argentina have experienced upward inflationary pressures, mainly due to legacy supply shocks, despite several policy rate adjustments.
13. Considering these developments, it is evident that economic fundamentals play a crucial role in the effectiveness of monetary policy actions in addressing macroeconomic challenges. Therefore, it is imperative that we build a robust institutional framework to support monetary policy in achieving its objectives of ensuring price and monetary stability, which in turn guarantee financial system stability.
Domestic Economy
14. Considering recent developments within our domestic economy, it is evident that we are facing significant macroeconomic and social challenges. These challenges stem from a variety of factors, including adverse global shocks, unfavorable domestic imbalances, structural rigidities, and the unintended consequences of certain corrective policy measures implemented to restore and realign our macroeconomic landscape.
15. In recent years, the continuous decline in Nigeria's crude oil production has further weakened our already inadequate economic diversification. This has led to a decline in government revenue and foreign exchange inflows, while simultaneously witnessing a growth in public expenditures and a deterioration in macroeconomic indicators, which has constrained our policy options. Consequently, we have seen the fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability.
16. The GDP growth rate has remained modest, declining to 3.1 percent in 2022 from 3.4 percent in 2021, and further dropping to 2.5 percent in the second quarter of 2023. The projection for 2023 stands at 2.9 percent. Despite this, the non-oil sector continues to be the main driver of growth, expanding by 3.58 percent in the second quarter of 2023 compared to 2.77 percent in the first quarter. This growth is attributed to the services, agriculture, and industrial sectors, which contributed 4.20 percent, 1.94 percent, and 1.50 percent, respectively, to overall output growth in Q2 2023. Looking ahead, a growth rate of 2.36 percent is expected in the third quarter of 2023, with an anticipated increase to 3.97 percent in the fourth quarter as various reforms take effect.
17. The domestic factors affecting Nigeria's economic performance span a wide range, encompassing both social and economic aspects. Insecurity remains a pressing issue, affecting the agricultural, industrial, and services sectors simultaneously. The persistently high levels of insecurity have resulted in decreased national output and productivity, as many farmers have been unable to access their farmlands, disrupting supply chains and major economic activities. This has led to food shortages and inflation in various parts of the country.
18. Infrastructure constraints also pose significant challenges, undermining the production chain and distribution network of goods and services. Additionally, issues such as business bottlenecks and a culture of poor service delivery, particularly within the public sector, further hinder the fortunes of the Nigerian economy. Addressing these challenges requires a well-crafted structural policy, complemented by coordinated monetary and fiscal policies.
19. Permit me to pause here, and recognize the Hon. Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun who also emerged from the banking industry and with whom we are collaborating with on these critical issues on a continuous and regular basis.
20. A thorough assessment of the economy reveals significant challenges, including high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment. These challenges have led to increased interest rates, discouraging investments in productive activities. Within the banking system, high inflation has affected asset quality and solvency ratios. Additionally, the persistent depreciation of the naira poses a significant risk for domestic banks with foreign exchange exposures. Addressing the Challenges of the Banking System and the Economy
21. Distinguished Ladies and gentlemen, I understand that many of you have concerns about the current state of our economy. I want to assure you that while it is indeed a formidable challenge, it is not insurmountable. With the right policy measures, we can overcome these obstacles and pave the way for progress and prosperity. I am confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws.
22. The removal of petrol subsidy and the adoption of a floating exchange rate, among other government policies, are anticipated to have positive effects on the economy in the medium-term. These measures are expected to enhance investor confidence, attract capital inflows, stimulate domestic investment, and ultimately improve the level of external reserves. Additionally, they are expected to contribute to the stabilization of the domestic currency.
23. Indeed, despite the challenging global and domestic macroeconomic environment, Nigeria's financial sector has demonstrated resilience in 2023, with key indicators of financial soundness largely meeting regulatory benchmarks. Stress tests conducted on the banking industry also indicate its strength under mild-to-moderate scenarios of sustained economic and financial stress, although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much work to be done in fortifying the industry for future challenges, a topic that I will delve into later in my address.
24. In my recent speech at the 370th Bankers' Committee meeting, I highlighted the economic agenda of President Bola Ahmed Tinubu's administration. The administration, as outlined in the widely circulated Policy Advisory Council report on the national economy earlier this year, has set an ambitious goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion over the next seven years, with clearly defined priority areas and strategies. Attaining this substantial target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. The administration has already commenced this journey through fiscal reforms, including the removal of petrol subsidy and the unification of the foreign exchange market rate.
25. Esteemed guests, considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability. However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system's needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action. Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital.
26. Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion. However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework. We have observed that some licensees are operating outside the approved activities, breaching the boundaries set for them. Any intentional or unintended noncompliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake.
27. Concurrently, as we conduct a comprehensive review of the licensing framework for payment services, we will engage in extensive consultations to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector. Looking ahead for the industry, banks should reassess the responsible banking framework to ensure that the requirements are effectively integrated into their strategies. I am aware that some banks have made commendable progress in this regard. Furthermore, the Central Bank of Nigeria is taking steps to enhance its in-house capacity so that it can assist other banks that still have progress to make in implementing their sustainability principles. Human Stories
28. While macroeconomic indicators are valuable in assessing performance, I am equally concerned about the well-being of the average citizen.
29. The plight of the hardworking masses in our urban centers and villages is a pressing concern. We must ask ourselves if there is a potential future where a brilliant and motivated teenager from anywhere in Nigeria could attend a future anniversary dinner instead of being drawn into outlawed militant groups or extremist ideologies. Likewise, recognizing the pivotal role that women play as critical players in the economy, one cannot overlook the significant impact that providing them with opportunities can have on Nigeria’s economic advancement. To address this, we need to develop stronger frameworks for measuring the human condition and ensure that policymakers and business leaders pay as much attention to these measures as they do to macroeconomic indicators. This means tracking indicators such as access to food, shelter, and healthcare, as well as education and skills training opportunities.
30. We must also monitor daily wage rates in lower-income jobs, access to basic amenities like electricity, clean water, and sanitation facilities, and availability of public transportation. From a financial inclusion standpoint, we should track access to financial services, including consumer credit, and ultimately, the ability to finance home ownership on a large scale. By having accurate data on the human condition and implementing appropriate policies based on this data, we can expect inclusive economic growth that leads to tangible improvements in the lives of our citizens. It is crucial to give the same visibility to human condition data as we do to macroeconomic data to ensure that the expected economic progress benefits the masses and helps lift them out of their current dire conditions.
31. I recently met with a group of small business owners who expressed their concerns about the impact of inflation on their operations. They shared stories of struggling to maintain affordable prices for their customers while facing rising costs for raw materials and supplies. The instability caused by inflation not only affects their profit margins but also hampers their ability to plan for the future. These entrepreneurs stressed the need for price stability to create a conducive business environment that allows them to thrive and contribute to the economy.
32. In recent discussions with individuals from different walks of life, I encountered a young family trying to make ends meet in the face of rising prices. They shared their worries about the erosion of their purchasing power and the challenges of meeting basic needs within a tight budget. They emphasized the importance of stable prices to protect the well-being of ordinary citizens and ensure a fair distribution of resources. It is crucial that we prioritize price stability to safeguard the livelihoods of our fellow Nigerians.
33. Stabilizing the exchange rate is another critical aspect of our efforts to promote economic stability. I had the privilege of speaking with business owners engaged in international trade. They recounted the difficulties of navigating the fluctuations in the exchange rate, which often led to uncertainties and unexpected costs. The volatility in the foreign exchange market disrupted their planning and hindered their ability to make informed business decisions. It is imperative that we provide transparency and create a market environment that allows fair determination of exchange rates, ensuring stability for businesses and individuals alike.
34. To address these challenges, the Central Bank of Nigeria is committed to achieving monetary and price stability. This is not just a technical objective, but it has real-life implications for the wellbeing of our citizens. Through targeted policies, transparent market operations, and coordination between monetary and fiscal authorities, we can ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive.
35. This is what I, together with my team at the Central Bank have been focused on doing in the past two months. We have critically reviewed the effectiveness of the Central Bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings actually result in desired objectives. For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective.
36. For the avoidance of doubt, the Central Bank of Nigeria Act 2007 requires that the meeting of the Monetary Policy Committee of the Bank holds at least four times a year, and the Bank has satisfied this requirement for 2023. Our focus has been on ensuring these meetings are useful and effective.
37. I am happy to report that our efforts over the past two months have begun to yield fruit.
38. Regular Open Market Operations (OMO) to mop up excess liquidity from the banking system. An OMO auction was recently held with a stop rate of 17.5% for the one-year tenor, attracting oversubscription of N350 billion. Another round of OMO has been approved to further reduce excess liquidity.
39. Offering N108.1 billion worth of Treasury Bills with three tenors to the investing public, which can help reduce liquidity in the banking system and support government fundraising.
40. Removal of the cap on the remunerable Standing Deposit Facility (SDF) to increase activity in the SDF window and manage liquidity.
41. Sustained Cash Reserve Requirement (CRR) debits, which have moderated liquidity in September and October 2023. Liquidity in the entire banking sector has been significantly reduced to under N100 billion in November.
42. Inauguration of a new liquidity management committee within the Bank that meets daily at 8am to assess liquidity conditions and ensure optimal levels.
43. These measures have already started to yield results, as excess liquidity in the banking system has significantly reduced and the Overnight Bank Borrowing (OBB) rate has increased to a level consistent with the monetary policy program. Month-on-month inflation has also begun to decline, with a growth rate of 0.67% in October compared to 0.97% previously.
44. While absolute inflation is still rising, the declining rate of growth indicates progress. The CBN is confident that with continued tightening measures for the next two quarters, they will be able to effectively manage inflation.
Building Back a Better Central Bank
45. Distinguished Ladies and Gentlemen, I am aware that events over the past few years have also put the CBN in bad light. These issues can be attributed to various factors, such as corporate governance failures, diminished institutional autonomy of the Central Bank of Nigeria, a deviation from the core mandate of the Bank, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities. There was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges.
46. Hitherto, the CBN had strayed from its core mandates and was engaged in quasi-fiscal activities that pumped over 10 trillion naira in the economy through almost different initiatives in sectors ranging from agriculture, aviation, power, youth and many others. These clearly distracted the Bank from achieving its own objectives and took it into areas where it clearly had limited expertise.
47. Ladies and gentlemen, under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures.
48. Esteemed guests, the primary mandate of the CBN is to ensure price stability, in addition to other objectives such as issuing legal tender currency, safeguarding external reserves, promoting a sound financial system, and providing economic and financial advice to the government. In line with our strategy to refocus on our core mandate, the CBN will discontinue direct quasi-fiscal interventionist activities and instead utilize orthodox monetary policy tools for implementing monetary policy. As part of this refocus, the CBN has just approved the adoption of an explicit inflation-targeting framework to enhance the effectiveness of our monetary policy. The details and requirements for this framework are currently being finalized alongside the fiscal authorities. Additionally, the CBN will provide forward guidance, enhance transparency, and maintain effective communication with the public to anchor expectations and build trust among stakeholders.
49. Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector. In order to ensure the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonized rules governing market operations are essential. New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements.
50. We have already witnessed improvements in FX market liquidity in recent weeks, as the market responded positively to tranche payments which have been made to 31 banks to clear the backlog of FX forward obligations. We have been subjecting these payments to detailed verification to ensure only valid transactions are honored. In a properly functioning market, it is reasonable to expect significant FX liquidity, with daily trade potentially exceeding $1.0 billion. We envision that, with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies.
51. Significantly, the envisioned GDP target will put Nigeria in a position of much more favourable macro-economic indices, comparable to other economies of $1.0 trillion and above, with similar population and development characteristics. As with these countries, there is an expectation that driving to this target requires improvements in productivity, employment, and key macro-economic growth indices. In drawing a comparison with some of these countries, I had in the same address to the Bankers ’Committee audience referred to selected BRICS and MINT economies, such as Brazil, Mexico, and Indonesia for their capacity to absorb economic shocks and rebound from cyclical downturn. Significantly, Brazil with a population of 215 million, Mexico 129 million, and Indonesia 275 million, which have 2023 unemployment rates at 7.8%, 3.1%, 5.4%, respectively. These are unemployment levels that we in Nigeria should aspire to achieve, and with resolve can attain.
52. Further to the projected growth target, sectors including Agri-processing, Oil & Gas, Manufacturing, Solid Minerals, Fintech and Information Technology, Real Estate construction and Infrastructure, among others are expected to attract significant capital investments. Having mentioned all these sectors, we must appreciate the soft power projected by the incredibly talented cohorts in the Creative 25 Industries: Afrobeat, Nollywood, Food, Fashion, Design, and the Arts, continue to make strong impact in youth employment and contribution to Nigeria’s international image. As these sectors expand, so will opportunities for incumbent players and new entrants alike, who are willing to make calculated bets as economic spaces open from expansion of the economy.
53. Therefore, key macro-economic indicators both on fiscal and monetary activities must be tracked, diligently evaluated, and necessary adjustments made if things are not pointing in the right direction or moving at the right pace. These indicators include GDP growth, Tax-to-GDP, per capita income, balance of payments, foreign exchange reserves, unemployment rate, consumer price indices, headline, and core inflation rates, as well as more granular measures that we as the regulator use in assessing stability of the financial system. In our assessment of these key ratios, they need to continue to improve, however we are aware of laudable efforts by the fiscal authorities on this and recognize that visible improvements will take time to manifest.
54. As the monetary authority, we are taking measured and deliberate steps to send the right signals to the market and achieve our mandate. To ensure stability, curb speculation, and restore confidence in the foreign exchange market, we have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared. This intervention has already had a positive impact on liquidity and has led to a significant appreciation of the exchange rate at certain points. The CBN also recently lifted the ban on 43 items from accessing the official foreign exchange market, allowing market forces to determine exchange rates based on the Willing Buyer – Willing Seller principle. We are witnessing clear progressin stabilizing the Nigerian foreign exchange market.
55. Allow me to provide further clarification on the issue of the 43 items. Firstly, it is important to note that these items were never outrightly banned by the government. The CBN had imposed restrictions on their access to foreign exchange in the official market. However, these restrictions resulted in increased demand for foreign exchange in the parallel market, leading to the depreciation of the exchange rate in that segment of the Nigerian Foreign Exchange Market (NFEM) and widening the premium between the parallel and official market. Studies have shown that during the period when the 43 items were restricted, there was a 51.0% increase in trade evasion 27 by importers accessing the foreign exchange market, resulting in a revenue drop of approximately US$1.4 billion, or US$275 million annually, between 2015 and 2019.
56. Additionally, revenue from tariffs on goods decreased from a high of approximately US$920 million in 2011 to about US$250 million in 2017. In 2019, the actual tariff on goods stood at US$320 million, but counterfactual evidence suggests that as much as US$680 million could have been earned in the same year. Furthermore, evidence has shown that foreign exchange restrictions had an adverse impact on Nigerian households and contributed to inflationary pressures. The reduction in trade restrictions and levies on rice,sugar, and wheat by 50.0% had only a minimal impact on welfare, with a 0.8% improvement, and a mere 0.4% reduction in extreme poverty. Moreover, the benefits of trade gains for the general population were negligible, as the average industry in Nigeria pays 13.7% more for its inputs. Lastly, it is important to note that trade policy is primarily the responsibility of the fiscal authorities, and delving into such matters falls outside the purview of the CBN.
57. Ladies and gentlemen, as an adviser to the government, the CBN will be repositioned as a catalyst for economic stability and growth.
Instead of direct interventions, we will collaborate with stakeholders and formulate policies that create an enabling environment for sustained economic growth and development. Our catalytic role will support increased investment and private sector participation in the economy, improve access to finance for MSMEs, and enhance financial services for the underbanked. This includes promoting specialized institutions and financial products to support emerging sectors, developing regulatory frameworks to unlock dormant capital in land and property holdings, facilitating accelerated access to consumer credit, and expanding financial inclusion to reach the masses. Furthermore, we will work with experts to develop derisking instruments that encourage private sector investment in key industry verticals such as housing, textiles and clothing, food supply chain, healthcare, and educational supplies, which have high potential for local inputs and value retention. The CBN will leverage its convening power to engage multilateral and international stakeholders in government and private sector initiatives.
58. In conclusion, there is much work to be done, and collaboration from all stakeholders is essential as we rebuild trust.
59. Central banks are known as banks of last resort because they underpin the financial system. To do so effectively will require rebuilding and restoring trust in the Central Bank of Nigeria. Let me assure you that I am irrevocably committed to that calling.
60. In navigating these challenging economic times, the Central Bank of Nigeria is fully committed to ensuring price stability and financial system sustainability. We will stand by Nigeria and Nigerians. Our actions will be fully guided by the principles of transparency, responsibility, and a deep commitment to Nigeria's progress.
61. Throughout the CIBNs journey of growth and success, the principles of trust, honesty, integrity, and professionalism have been steadfast guiding lights. They have defined the essence of our profession and shaped the character of the industry. However, it is important for us to engage in introspection and acknowledge that in recent times, the reputation of the industry has suffered some setbacks, challenging the very principles that have underpinned our noble profession. It is incumbent upon us to look back into history and draw inspiration from the rich heritage of the CIBN, learning from the countless examples of banking professionals who upheld these principles and contributed to the creation of a thriving industry—an industry that has become a unique, homegrown addition to the global financial system.
62. Once again, I would like to express my gratitude to the Chartered Institute of Bankers of Nigeria for organizing this event.
63. Thank you all for your attention, and I wish you an enjoyable evening ahead.
Olayemi M. Cardoso
Governor, Central Bank of Nigeria
November 24, 2023
I trust that you are all well-informed about the recent media coverage and discussions circulating on various platforms, on the allegations of abuse in the budget of the Abia State government. We in the leadership of ALPI are aware that some members of ALPI, as well as NdiAbia and other Nigerians, would expect us, as a watchdog of governments in the state to comment on that in one way or another. Our silence may be misconstrued to be acquiescence. As an organization dedicated to promoting good governance and holding governments accountable to the people, we have always been vocal critics of past administrations. In the same vein, we have conducted thorough investigations behind the scenes in previous governments, and also including the Alex Otti administration, when accusations of this nature are made.
The major arm of government, which is the state House of Assembly, whose responsibility includes reviewing, passing and monitoring of the budget also has a role to play in this matter.
In fact, we even suggested that the Governor delegate some of his key officials to engage with Arise TV to present their case. As members of ALPI, we bear the additional moral responsibility to verify the authenticity of these claims, especially considering that the Governor and some of his key officials are members of ALPI . As your servant-leader, along with all you professional members gathered here and the Management and Board of Trustees of ALPI, I want to assure you that we will never shy away from the truth. It is our duty to act as the eyes and voices of Abians, holding the government of Abia State accountable for their actions.
I had the opportunity to witness the outstanding efforts of Ugochukwu Okoroafor, Chinedu Ekeke, and Ekeoma in debunking these allegations as false. The fact that they presented on Arise TV, a leading news media in and outside Nigeria and commitment to upholding the truth were commendable.
Let us continue to uphold the integrity and the objectives of ALPI, in our pursuit of transparency, good governance, and the betterment of Abia State. Together, we can make a difference, and lead the other South East States and indeed the entire governments of the country in good and responsible governance.
Warm regards,
Sonny Iroche
DG - Abia League of Professionals’ Initiative (ALPI)
November 24, 2023
In a renewed bid to contain the challenge of insecurity in the country, Minister of Defence, Badaru Abubakar, yesterday, said the federal government was in talks with the Chinese government to engender partnership in the area of military equipment production, intelligence sharing and technology transfer.
This came as Defence Headquarters (DHQ) said troops had decimated 99 terrorists and arrested 198 insurgents across the country.
The minister made the assertion when he received the Chinese Ambassador to Nigeria, who was on a courtesy visit to the Ship House, Ministry of Defence in Abuja.
He said both countries opened bi-lateral talks with a view to developing relations with Chinese companies on transfer of technology and military equipment production.
According to him, the interest of the government of China to cooperate with Nigeria in the areas of technology transfer and training, was encouraging.
“I was in China to attend a forum, which was very successful and we had a very good discussion centered on the transfer of technology, military training and the protection of the interest of Chinese corporations in Nigeria,” he said.
Speaking further, he said President Bola Ahmed Tinubu remained passionate with the private sector involvement in the renewed Hope Agenda of the present administration.
“President Bola Ahmed Tinubu just signed the Defence Industry Act as a guide on the development of the defence industry. The Act provides a level playing grounds for all investors,” he said.
He, however, called on the Chinese Ambassador to encourage more investors into Nigeria economy, saying, “We need serious investors in steel, power and energy to help actualise our defence industry technology. Mr President understands the need for development for private sector to prosper.
“We are open to power, steel and defence industry to have these investments actualised in the country. Chinese companies have the potential and technology to invest in our country,” he said.
Earlier in his remark, the Ambassador of China to Nigeria, Cui Jian Chun, said China had strategic interest in cooperation with Nigeria in the areas of military operations, economic cooperation and international cooperation.
He said China and Nigeria had investment in security, education and economy, adding that, “Nigeria has great potential to develop new economy.”
He said Nigeria had abundant natural and human resources that could support China Corporations based in Nigeria., adding: “Nigeria is a large country just like China and we are willing to build our military industries in Nigeria to support local production of military equipment.”
At a media briefing in Abuja, on the ongoing military operations in different parts of the country, Buba said “troops also arrested 49 perpetrators of oil theft and rescued 139 kidnapped hostages”.
He said troops in the South-South region of the country denied the oil bunkerers of the estimated sum of N1, 018,483,900.00 only. Furthermore, troops recovered 141 assorted weapons and 1,463 assorted ammunition.
[ThisDay]
Nigerian chef Hilda Baci has said Ghanaian jollof “has no flavour and that Nigerian jollof is better.”
The popular chef made the remark in the latest episode of the 90s Baby Show.
The former Guinness World Record holder said she has tasted both Ghanaian and Nigerian jollof and can confirm that Nigerian jollof is the best.
She said, “I’ve been to Ghana and I’ve eaten their jollof. I’ve done a jollof competition with a Ghanaian chef who made his best representation of Ghanaian jollof and I’ve seen the recipes.
But with Nigerian jollof, Nigerians don’t play about flavour.”
[politicsnigeriapoliticsnigeria]