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Nigeria’s headline inflation rate surged to 27.33% in October 2023, marking a 0.61% increase from September’s 26.72%.
Year-on-year, this represents a substantial 6.24% rise compared to October 2022, when the inflation rate was at 21.09%.
The impact of such inflation on investments is crucial to understand, as it erodes the purchasing power of money over time.
While investors often concentrate on nominal return’ which is the actual percentage gain or loss on an investment, it is equally crucial to consider real returns, which account for inflation.
Real returns offer a more accurate reflection of the actual increase in purchasing power and are vital in an inflationary situation.
In this context, traditional asset classes, such as bonds and cash equivalents, often face challenges in providing positive real returns, while stocks generally have the potential to outperform inflation and provide positive real returns though individual stock performance can vary widely.
Some stocks may indeed experience negative real returns, especially if their growth doesn’t outpace inflation.
The interplay becomes especially evident in stock investment when considering the total return of stocks, which includes capital gains and dividend yields, about the inflation rate.
In 2022, for example, this played out, showcasing divergent outcomes among stocks. Some recorded positive real returns, indicating growth that outpaced the closing inflation rate of 21.34%, while others grappled with negative real returns
Take, for instance, Guinness Nigeria Plc, which achieved an impressive total return of 87.99% for 2022.
Considering the inflation rate closing at 21.34%, Guinness Plc secured a real return of 54.93%. This indicates that the investment in Guinness Plc not only outpaced the inflation rate but also provided a substantial real return, reflecting strong performance during the period in question.
In contrast, within the penny stock category, AXA Mansard recorded a total return of +4.21% in 2022. However, when factoring in the inflation rate of 21.34%, the real return for AXA Mansard turned negative, settling at -14.12%.
This reminds us that even in a positive total return scenario, the impact of inflation can result in a diminished real return.
In 2023, penny stocks have shown resilience and growth. Over 40 of these stocks have year-to-date gains above the current inflation rate.
Notably, ten standout performers, including CHAM, JAPAULGOLD, FTNCocoa, Ikeja Hotel, OMATEK, Golden Breweries, ABC Transport, THOMASWY, SUNUAssurance, and TRIPPLEG, have not only outpaced inflation but have soared with triple-digit year-to-date gains.
Penny stocks, identified by their modest per-share value often below N5, present an accessible entry into the market, making them an attractive option for investors.
Their affordability, coupled with the potential for significant returns, positions penny stocks as an enticing opportunity for individuals seeking to venture into investing without a substantial upfront commitment.
However, it’s essential to acknowledge the dual nature of penny stocks. Characterized by high volatility, these stocks are prone to substantial drawdowns, making them a blend of high-risk and high-profit instruments.
Consequently, some stock analysts caution against adopting long-term buy-and-hold strategies in the penny stock sector.
The tendency for short-term trades in this domain highlights the need for investors to navigate with care and consider the associated risks in their investment decisions.
This cautionary approach becomes particularly relevant, even when examining the performance of the top ten penny stock performers in 2023 in comparison to their 2022 performance.
In 2022, except for Thomas Watt Nigeria, which recorded a year-to-date gain of +169.44%, the remaining nine top performers for 2023 either remained stagnant or experienced negative year-to-date returns.
Therefore, it becomes crucial for investors to discern opportune moments to capitalize on profits, given the cyclic returns often associated with these stocks.
However, it’s crucial to acknowledge the absence of guarantees in equity investments. At best, such investments may be considered inflation-protected.
Against the backdrop of the current inflation rate of 27.33%, these penny stocks have not only weathered the economic storm but have also surpassed the rising inflation.
Omatek Ventures: +335% YTD
Omatek Ventures, with a 335% share price YtD gain, emerged as the 5th most-performing penny stock on the NGX.
It commands trading liquidity with a trading volume of 393 million shares over the past four months, ranking it as the 17th most traded stock on the NGX.
OMATEK, which operates in the ICT/Computers and Peripherals sector/subsector, is presently the 112th most valuable stock with a market capitalization of NGN 2.56 billion.
However, it has not paid dividends for the past five years, and there are concerns about the share price growth being unsupported by earnings, given the company’s loss after tax recorded over the past five years.
Ikeja Hotels Plc: +349.52% YTD
In 2022, Ikeja Hotels faced a setback, witnessing a decline and losing about 14% of its share price value. However, a turnaround occurred in the current year, as the stock rebounded significantly, gaining around 350%.
In contrast to OMATEK, Ikeja Hotels has a relatively positive dividend history. It has distributed dividends for three out of the last five years.
Additionally, the company displayed financial resilience in the first nine months of 2023, reporting a pre-tax profit of N1.070 billion compared to a pre-tax loss of N72 million in the corresponding period of the previous year.
Despite this recent positive performance, the company’s earnings have not been stable over the last five years, including a reported pre-tax loss of N3.357 billion in 2022.
This inconsistency in earnings might raise questions about the sustainability of the share price rally and whether it is fully supported by underlying fundamentals.
FTN Cocoa Processors: +489.66% YTD
FTN Cocoa Processors is the 22nd most traded stock on the Nigerian Stock Exchange over the past three months with a total volume of 226 million shares.
This suggests significant market activity and investor interest in the stock and could have an impact on the share price.
Higher trading volumes often indicate increased market liquidity and may attract more investors, contributing to price movements.
However, it is better to approach FTN Cocoa’s share price rally with caution, as it appears not to be supported by the company’s financial performance.
The company has consistently reported pre-tax losses over the past five years, and this trend continued into 2023 with a pre-tax loss of N332 million in Q3.
Additionally, FTN Cocoa lacks a stable dividend history, having not paid dividends over the last five years.
Given these factors, investors are advised to carefully consider the risks and potential implications of the share price movement considering the company’s financial record.
Japaul Gold and Ventures Plc: +507.14% YTD
Japaul Gold, formerly known as Japaul Oil and Maritime Services Plc, operates as a Nigerian upstream service company involved in diverse sectors including mining, oil and gas, maritime, dredging, transportation, engineering, and construction services.
Over the past three months, Japaul Gold has experienced significant trading activity, with an impressive volume exceeding 1.3 billion shares.
This places the company as the 6th most traded stock on the Nigerian Stock Exchange (NGX).
Japaul Gold’s financial performance has been a mix of ups and downs. Investors might perceive the company’s 9M 2023 results as a return to its golden era in 2019 when it reported a substantial pre-tax profit of N41 billion.
CHAMS Plc: +827.27% YTD
Chams Plc is Nigeria’s leading provider of integrated identity management and payment transactional systems. CHAMS Plc with a share price YtD gain of 827.27% is ranked first on the NGX in terms of share price YtD performance.
The stock has also seen trading liquidity, with a substantial volume of 707 million shares traded over the past three months.
This suggests a significant level of market activity and investor interest in Chams Plc.
The positive momentum in Chams Plc’s share price may be attributed to investors perceiving its financial performance in 9M 2023 as a welcomed improvement.
The company has recorded pre-tax losses over the last five years; however, in 9M 2023, it reported a pre-tax profit of N255 million.
[Nairametrics]
The Court of Appeal sitting in Abuja, on Sunday, nullified the election of Governor Caleb Mutfwang of Plateau State.
The appellate court, in a unanimous decision by a three-member panel of Justices, held that Mutfwang was not validly nominated and sponsored by the Peoples Democratic Party, PDP, to participate in the gubernatorial contest that held on March 18.
It held that all the votes that were credited to him and the PDP after the election amounted to wasted votes.
Consequently, the appellate court panel, led by Justice Elfrieda Williams-Dawodu, ordered the Independent National Electoral Commission, INEC, to withdraw the Certificate of Return that it earlier issued to Mutfwang of the PDP as winner of the governorship poll.
It ordered that the candidate that got the second majority lawful votes at the election, should be sworn in as governor of the state.
The judgement followed an appeal that was lodged against governor Muftwang’s election by the governorship candidate of the All Progressive Congress, APC, in the state, Mr. Nentawe Goshwe.
INEC had declared that Mutfwang of the PDP won the gubernatorial contest with a total of 525,299 votes, ahead of the APC candidate, Goshwe, who polled 481,370 votes.
Dissatisfied with the outcome of the election, Goshwe, went before the Plateau State Governorship Election Petition Tribunal to challenge it.
He, among other things, contended that the PDP lacked a political structure in the states and was therefore incapable of validly nominating or sponsoring any candidate for the governorship poll.
Besides, he argued that the election of Mutfwang was not conducted in compliance with the Electoral Act, insisting that he did not win the majority of lawful votes cast during the election.
Meanwhile, a three-member panel of the tribunal headed by Justuce R. Irele-Ifijeh, in a unanimous decision, dismissed Goshwe’s petition as lacking in merit.
Not happy with the judgement of the tribunal, Goshwe brought the case before the appellate court, maintaining his ground that the PDP candidate, governor Muftwang, lacked the platform and legal qualification to contest the election.
He further alleged that the election was marred by over-voting and non-compliance with key provisions of the the 2022 Electoral Act.
While adopting his final brief of argument, Goshwe, through his team of lawyers led by Prof. Fakunle Olagoke, SAN, told the court that Mutfwang was not qualified to contest the election by virtue of a lack of valid sponsorship by a political party, contrary to section 177 (C) of the 1999 Constitution, as amended.
However, the governor, through his counsel, Chief Kanu Agabi, SAN, urged the court to dismiss the appeal and uphold the earlier verdict of the tribunal.
Agabi, SAN, argued that the issue of nomination and sponsorship of a candidate for an election was purely an internal affair of a political party which no court had the jurisdiction to wad into.
More so, he contended that the Appellant lacked the locus standi to query a nomination and sponsorship of the candidate of another political party.
Likewise, the counsel for the PDP, Mr. Emeka Etiaba, SAN, urged the court to strike out grounds 1 and 8 of the Appellant’s grounds of appeal, saying they lacked competence.
Etiaba, SAN, argued that governor Mutfwang emerged as gubernatorial flag-bearer of the PDP, through a validly conducted primary election he said was duly monitored by INEC.
Delivering its judgement in the matter on Sunday, the appellate court upheld the appeal and nullified the election of governor Mutfwang.
Other Justices on the panel were; Muhammed Mustapha and Okon Abang.
It will be recalled that the same panel of the appellate court had on November 7, also sacked a Senator and three members of the House of Representatives in the state that won their respective elections on the platform of the PDP.
The panel based its decision on failure of the PDP to fully comply with a court order that was made in 2022, which it said directed the party to conduct congress in the 17 Local Government Areas in the state.
It held that an evidence the PDP produced to prove that it complied with the order, showed that 12 LGAs were excluded in a purported congress it held to select its candidates for the 2023 general elections.
The appellate court, therefore, held that though the lawmakers won their respective seats during the National Assembly election that held on February 25, all the scores that were credited them, amounted to wasted votes as they were not valid candidates.
[Vanguard]
A humanitarian Oyinade Samuel-Eluwole has advocated the establishment of a ministry for Men Affairs to tackle issues relating to men, particularly, the menace of suicide among male folks.
In a speech to commemorate the 2023 International Men’s Day in Nigeria, the founder Elizabethan Humanitarian Life Foundation reiterated that it was high time the federal government set up the ministry to rescue men.
Mrs Samuel-Oyewole said, ” Suicide is a global problem but it is worrisome to have Nigeria as one epicentre of suicide in the world and the majority of reported cases are males.
The foundation decried the frightening suicide statistics, adding that reports indicated that suicide incidents in Nigeria are 80.6% males, and out of this, 51.8% are married while 33.6% are students.
Getting appropriate data, according to her, is a challenge in Nigeria but we have to tackle this menace collectively to avoid losing our men to suicide.
“The major causes are not far-fetched: they are mainly financial lack and challenges, societal expectations, and marital conflicts as precipitating factors. You can see the need to allow males to express themselves and speak. This intervention and medium is what the Elizabethan Humanitarian Foundation stands for.”
She outlined far-reaching approaches aimed at tackling the menace, starting from the grassroots, to society and the world at large.
She said with the grassroots model, the foundation intends to ”talk and listen to their hearts, encourage them, and give them hope. Be a bridge between them and individuals, organisations, and governmental agencies”
” We intend to work with the Ministry of Education, Information and Strategy, Health, Interior, Youth and Sports, Justice, and Humanitarian Affairs
”Part of the experiences we gained at the outreach is the data we generated from our survey of the differentials between the male gender and female gender in terms of the level of social needs of the male gender compared to the female gender. We were also able to underscore the fundamental challenges the males face from the point of grassroots knowledge beyond some esoteric assertions of the issues that are not based on facts.
“We are still collating the figures and as soon as we finish with the data collation and analysis we will share them with the public. But, in the interim, we are aware based on our on-the-ground assessment that we are losing lots of our youths, especially the males, to drugs.
“We also noticed that the lack of financial capabilities of parents has made them let their children go to the streets. By our estimation, based on our interaction with the youths on the streets where we visited, eight out of ten of the youths are willing to leave the streets, go back to school, and are ready to learn trades, handwork, or technical jobs.
”A high percentage of them opened up to us that they were ready to move out of the streets if the opportunity comes. A lot of them clamour for free education because many are out of school, mostly because of school fees – even as low as five thousand naira only.
Sharing her experience on the level of acceptance from the society on the rescue mission, Mrs Samuel-Oluwole said” the acceptance has been very encouraging from all quarters. It is a known fact that the male gender needs help, and they are prepared to talk about it at this rate.
The acceptance level is expected because parents are losing their children not only to the streets but a lot who are still with their parents are already disconnected. While wives are losing their homes. So the overall picture is like at last, help has come. People move so fast to ask questions on what to expect and are ready to express themselves.
“Like every other venture, you don’t expect a new initiative to flow or flourish without initial teething problems and challenges. But, despite all these, we are still trudging on. We embarked on a self-sponsored opinion survey of males in our society and came to the understanding of what the male gender in our society goes through – from cradle to adulthood. We realised that the challenges are enormous.
“We also realised that to accomplish our goal we will need to partner and to collaborate with other bodies and organisations who are in similar advocacy terrain such as we do. They may not necessarily focus on the male gender as we do, but they are obviously fighting for the well-being of people in our society.
The Nigerian Navy’s Forward Operating Base (FOB) on Sunday, in Badagry, Lagos, seized 50 sacks of cannabis sativa valued at N70 million from the Gbethrome neighbourhood.
According to Lt.Commander Kelly Umoru, FOB Base Operations Officer, the goods were taken by staff from an unfinished building close to the beach at approximately 6.30am.
Umoru said the navy agents took action in response to a tip-off on the whereabouts of alleged smugglers in the region.
“You will recall that on Nov.9, 2023, the Flag Officer Commanding, Western Navy Command Operations, Rear Admiral Mustapha Hussain flagged off an operation codenamed ‘ Water Guard’ line with the Chief of Naval Staff’s directive..
“FOB Badagry on Sunday, Nov.19, acting on credible human intelligence, stormed Gbethrome and discovered 50 sacks of suspected cannabis sativa stored in an abandoned building near the beach.
“Each of the sacks contains about 200 parcels. The market value of the items is N70 million,” he said.
Umoru promised to give the goods to the relevant organisation to take the required steps.
Recall that the Nigerian Navy in Badagry handed over to the National Drug Law Enforcement Agency (NDLEA) 27 sacks of cannabis sativa valued at N35 million on October 4.
The FOB Commanding Officer, Navy Capt. Aiwuyor Adams-Aliu said the objects were taken by agents on September 29 at Pako Beach in Badagry.
Seven years after his escape from prison custody following his conviction for drug dealing, a notorious distributor of illicit substances within the Federal Capital Territory, Abuja, Ibrahim Momoh, popularly known as Ibrahim Bendel, has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, during a raid of his hideout at Filin Dabo, Dei-Dei area of the national’s capital.
This was disclosed in a statement on Sunday issued by the spokesperson for the NDLEA, Femi Babafemi.
Momoh was first arrested on 27th November 2014 with cannabis sativa weighing 385.1kgs, prosecuted, convicted and sentenced to seven and a half years in prison on 22nd July 2015.
While serving his jail term at Kuje, he escaped from prison custody on 16th May 2016.
However, following credible intelligence, NDLEA operatives on 20th November 2022 stormed the warehouse of the fleeing ex-convict, Momoh, and recovered 81 jumbo bags of cannabis weighing 1,278kgs.
The store was located within his poultry farm in the Dei-Dei area of the FCT.
Though Momoh was not around at the time, his warehouse manager, a 55-year-old Ghanaian, Richard Forson Gordon, was arrested, prosecuted and sentenced to two years in jail.
The Agency thereafter declared Momoh wanted.
The manhunt for the drug lord paid off on 5th November 2023 when operatives again raided his hideout at Filin Dabo, Dei-Dei area of Abuja, where he was arrested with 56.9kgs of cannabis sativa and 42.7 grams of Diazepam.
Meanwhile, in another raid in the same area of the FCT on Monday, 13th November, a suspect, Yusufa Ibrahim, 27, was arrested with 75.3kgs of cannabis.
Nollywood actress, Angela Okorie has revealed that she dumped her estranged husband, Chukwuma Orizu because she “fell out of love.”
The mother of one said she became tired of marriage because of pressure from her husband’s family members who were constantly asking her to quit entertainment.
Okorie spoke in a recent podcast interview hosted by her colleague, Iyabo Ojo.
She said, “I won’t advise anybody to be in a marriage when you’re not in love with the man. I think that’s the reason a lot of women cheat. In this Lekki, you have too many women who cheat in their marriages.
“For me, I fell out of love. The man [my ex-husband] was a good man. I fell out of love because of what his family was doing. The family didn’t want me to continue acting. They didn’t want me to do anything acting. They were like, ‘If we are going to marry you, you’ll stop doing entertainment.’ And I will be like, ‘Even my mum can’t even stop me. That is my life. Do you know how many years it took me?’
“He [my ex-husband] was in support of me. He doesn’t even stress me but because of the whole saga, it was like I was in a place where the people didn’t even understand my vision. They don’t understand what I’m chasing. You need to chase it with me. This is what your wife wants. You can’t kill my dream. This is what I’ve worked for so many years to get here. So, you can’t just wake up and say, “Because you want to marry me, give up on my dreams.”
Cindy Okafor, former Big Brother Naija reality show star has claimed she rarely regrets the departure of a man from her life.
Speaking in her latest interview with Saturday Beats, Cindy said she has never felt disheartened by someone’s exit.
While highlighting her strong feeling of independence, she revealed the only reason she might find it difficult to cope with a man’s exit from her life.
The reality star noted that the only scenario in which she could struggle to deal after a breakup is if a man purchased a house for her and then opted to quit the relationship.
“Perhaps if a man buys a house for me and decides to leave me, I might not be able to do without him.
“There’s no way I will say I can’t cope with a man’s exit from my life.”
Governor Babajide Sanwo-Olu of Lagos State has spoken on Lagos participation in the Lord Mayor’s Show in London, the inauguration of the Lagos International Financial Centre Council, commitment of his administration to attract more investments to the State and President Bola Tinubu’s government.
Naija News reports that the governor spoke on these issues during an interview on ‘Business Live with Ian King on Sky News’ in London, on Friday.
Read the full transcript of the interview below:
What kind of growth are you expecting in Lagos State?
Right now, the population of Lagos is over 20 million and we will be conducting another census later next year, maybe by the second quarter or third quarter. But in terms of GDP, we have seen two, three percent GDP growth in the last four years. So, it is about $130 billion now. In terms of numbers, it makes the state the fifth-largest GDP growth in Africa. The GDP of Lagos is actually bigger than the GDP of Kenya; is bigger than Ghana, is bigger than Rwanda and is bigger than Senegal. So, Lagos as a sub-national, is actually very big in how it stands and how it sits and it is all of that conversation that we think a lot of people need to know what is happening in Lagos and how we can use the Lagos story to sort of tell the African story and be able to put it into where it should really be.
You just established the Lagos International Financial Council, what are you seeking to achieve with that?
The whole idea is for us to be able to let the world know what is happening in Lagos. We are starting with London because we have a lot of history with the city of London and we want them to know what is happening in Lagos. The Council will set up strategies where we can handhold companies; we can handhold British companies and investors, foreign direct investors that want to come into Lagos. Let us know what are the red tapes. What are the things they want us to do? The regulatory framework and legal framework. What kind of permits do they need to have? What kind of approvals do they need to have?
The Council is going to set up structures where communication and collaboration would happen; where we can set them on the right trajectory, where we can indeed listen to them and know what are the things they require us to do. And going forward, we have been able to also analyse how well we are doing that to be able to respond to the needs of the private sector at that time. And I on the political side can indeed give it all of the fit.
We are looking at business to government, and business to business, but pretty much just making sure that the environment is suitable for business. It is conducive and we can indeed grow the economy of the city and the state, create jobs for our people, and by extension also create wealth for the investors who are coming into the system.
In seeking to attract international investments into Lagos, what are your priorities? Which are the sectors that you are most keen to expand?
The tech industry is very important. For the past three or four years, Lagos has remained the tech startup capital in Africa. So, there is still a lot of depth that we need to bring into that space. The financial services. Yes, there are a lot of financial products that still need to be deepened in that sector. So, we want to see a lot more international financial organisations come into Lagos.
We want the creative industry to also have a play in our economy. Then, of course, general and consumer products. Because of the population we have, we believe anything indeed could have a market. You could have your share of the market. Petrochemicals, consumer products. Any of those three or four areas will indeed do very well in Lagos.
It sounds from what you are saying, the economy is very service-focused…
Pretty much. The reason is because we are just a little tiny space. We don’t have that much arable land for farming or agricultural products. You can see us leveraging on the final part of it which is value addition. But in terms of real agricultural land space, we don’t have the space. We can do very well because of the population in terms of services, technology, communication, IT, infrastructure, and anything around that space.
Obviously, Nigeria as a whole is a very young country. It is a young population. Is Lagos pretty similar in that respect?
We lead that population; we lead that young, beautiful and capable population. About 60 to 65 percent of our population are under 35 and it is growing. They are very capable, resource-driven and intelligent. So, these are some of the skills we want the organised practice to come and annex. You could be in Lagos and be working for a company in the United Kingdom or Europe with the kind of infrastructure that we are putting in place and we know that they are ready and good to go. So those are the future of work you can get in Lagos. The population is there.
One of the problems Nigeria has had historically is holding onto its talent and stopping people from going to work overseas. Is that still an issue for you and are you finding it easy to retain talent?
Well, it is still an issue, but that is why we are here and that is why I am having this conversation and we are trying to do the collaboration. That is one of the reasons the Council was set up for them to see us all as a global market, where it doesn’t matter where you are. We want to still be able to retain them as Nigerians back home but give them the global opportunity, that they all seek to benefit from. We are trying to say we can derisk some of those risks that come with trying to not secure the talent. They can be back in Nigeria, in Lagos while they are working for international companies. That is what technology does these days.
Who do you think you are competing with primarily?
We are truly competing with ourselves and we cannot sit back and just be okay with the status quo. No, we cannot. We know there is a whole lot that we can give as a state, as a people and as a country. We are the largest in the continent in terms of GDP and population. But we need to double up. We need to be able to let the world know what the potentials are. We have a new government at the central; the central government is just less than six months old.
Last week, the President (Bola Tinubu) was in Saudi Arabia. In the last two months, he has been in India, UAE and Saudi Arabia. His Vice President (Kashim Shettima) has been to China. They have been to Brazil. So, we are all out now, just telling the real story of what is happening in our country and me in my state so that people will understand that there is still a lot of energy we have. There are a lot of people that we need to be able to show out and bring investment, create wealth, reduce poverty and give people a sense of what the world has for us to be able to take on.
It sounds like the United Kingdom is the biggest foreign direct investor in Nigeria. From what you are saying, it sounds as though that might not be the case for too much longer if you have Saudi money and Chinese money coming in differently….
That is why they shouldn’t miss this opportunity. The Saudis are coming, the Chinese and the Americans are there already. The British are there because historically in the colony of Lagos, Nigeria and Britain have been for almost two centuries now. But we still cannot just leave the comfort zone. We have been there for 30 or 40 years but we still need to be creative, innovate and think out of the box. We need to be able to tell the stories differently because the world is actually becoming a lot more competitive.
You know competition is critical. Sustainability is very important for us. So, we need to also be able to come and show, and that is one of the things we have been able to achieve from the Lord Mayor’s Show just for people to know what we are about, what we are doing and to be able to let the business community in the United Kingdom where there is a larger diaspora population know in the United Kingdom that we are also open for more business.
President Bola Tinubu introduced a wide range of economic reforms shortly after he was elected. We are six months on from that now. Have they achieved what you would have hoped they would have done?
I believe six months is a short term but in terms of a clear strategy and focus, he is there. What he has done, no President in Nigeria has been able to take the audacity to remove the subsidy on petrol pump prices. That in itself will save the country about $2.5 billion. These are funds that can go into other areas in education, health and poverty reduction. But more importantly, is what he brings to the table in terms of having been a Governor in Lagos State before. That is one.
Secondly, the fact that he is challenging his cabinet members to say to them, if you don’t sit up and do the right thing, I am going to kick you out. He had said that to them two, three weeks ago and he said to them that we got a job to do, we have to do it well. So, what we are asking our citizens is, let us give him a bit more time. It is pretty tight up right now, but let us give him a bit more time. He set up a very bold, laudable agenda in his Renewed Hope. I think another six months from now we will begin to see the relief coming out from all of his interventions and I believe that the population will be better off for it.
[NaijaNews]
“Subsidy removal, unification of exchange rate could fuel Nigeria’s economic growth” – Morgan Stanley
AdminMorgan Stanley, a global leader in investment banking has revealed that President Bola Tinubu’s policies that put an end to fuel subsidies and the unification of the naira’s exchange rate, could fuel economic growth for Nigeria.
This declaration is contained in a recently published article titled, “Investment Outlook: Nigeria’s New Dawn” on the website of the American multinational investment banking firm.
According to the report by Morgan Stanley, the interventionist policies of former president Muhammadu Buhari -namely, multiple foreign exchange rates and fuel subsidies- led to economic bottlenecks and hindered the private sector’s ability to grow.
The report further explained that during the last eight years of the past administration, Nigeria, which was one of the fastest-growing economies in the world from 2001 to 2014, grew only 1.4% on average despite a 2.8% growth in the working-age population.
Opportunities for investors that could spark Nigeria’s economic growth
The report by Morgan Stanley further reiterated that the removal of fuel subsidies, which cost the country a whopping $10 billion in 2022 and benefited only 3% of the poorest 40% of Nigerians, could revive Nigeria’s growth in the next two to three years.
Also, the unification of Nigeria’s exchange rate by President Tinubu’s administration would reverse the 60% decline in foreign direct investment witnessed under Buhari.
According to Morgan Stanley, President Tinubu’s intention to grow the economy primarily through private investment could lead to a strong rise in incomes, which, combined with a young and fast-growing population, could usher in a new consumer class and several investment opportunities.
The report noted that the mobile banking and consumer segments are two sectors that present unique opportunities for investors seeking to invest in Nigeria.
Nigeria’s low mobile data penetration and usage levels, which is one-tenth of South Africa’s internet usage when compared, presents opportunities for providers of telecommunications-led mobile-money services, which are still in the near stages of growth.
- “Although more than 85% of the adult population has a mobile phone, around 55% have no bank account, and only 10% have a mobile money account.
- “Should mobile money penetration levels in Nigeria climb to the 75% to 95% levels seen in Senegal, Ghana, and Kenya, it would drastically increase financial inclusion and present an attractive investment opportunity, particularly in telecom operators,” the report read in part.
Furthermore, Morgan Stanley suggested that investable opportunities in several consumer segments in Nigeria are likely to arise as well.
The report asserts that should the economic policies of the current administration result in households having ample income to cover essential needs, Nigerians would be able to gradually afford more discretionary purchases.
If the policies of President Tinubu work as intended, such a dynamic in Nigeria could help the consumer goods market grow 150% from an estimated $240 billion in 2023 to about $603 billion in 2030.
This could present investment opportunities in several sectors, including packaged food and beverages, household and personal care products, education, healthcare, and even durable goods like appliances and transportation.
More Insights
Morgan Stanley also notes that the export of services offers Nigeria untapped opportunities. According to the report, the 125 million Nigerians who speak English underpin successful service-export industries.
The report further reveals that the music and film industries offer another potential avenue for service exports.
- “Nigeria is home to two of the most well-known “Afrobeats” artists, in a music genre that has amassed more than 16 billion plays on popular streaming platforms.
- Meanwhile, the Nigerian film industry, affectionately known as “Nollywood,” produces around 2,500 films per year and is attracting investments from major global media companies.
- By 2030, Africa’s film and music industries—which are dominated by Nigerian productions—could be worth 20 billion dollars and create 20 million jobs,” the report stated.
Morgan Stanley noted that once the current administration had succeeded in reversing the harmful policies and economic malaise of the past administration, Nigeria could witness a sharp upturn in economic growth in the next two to three years.
[Nairametrics]
Governor Yahaya Bello of Kogi State says the election has gone beyond ethnic sentiment in the state, saying the All Progressives Congress won the November 11, 2023 governorship poll because it presented a popular candidate and not based on tribe or ethnicity.
He spoke at an APC stakeholders meeting at the Glasshouse of the Government House, Lokoja on Saturday.
Bello said: “Kogi must develop as one united state.
“Under no illusion must any tribe think it could vote for itself and become governor without the support of other tribes.
“The November 11 governorship election has shown that unity is the watchword.
“In 2019, I won without ethnic agenda.
“I cautioned against tribal sentiments and asked that we desist from it before the election.
“I was optimistic that the APC would win the November 11 governorship election.
“I wanted it to be a sweet victory, the reason I cautioned against sentiments.”
Bello lauded President Bola Tinubu for his support toward the victory of the APC in the November 11 off-cycle election.
He added: “This is because our party, the APC, and its candidate, Alhaji Usman Ododo, won the election clean and clear.
“It was pertinent to review and evaluate the election, which APC won overwhelmingly, for people to learn from the mistakes and avoid the pitfalls of the past in future exercise.
“The journey was full of ups and downs in the last seven years.
“But we thank God for the resounding victory.
“With all the obstacles before, during and after the election, the APC came out stronger.
“The time for everybody to carry his cross has come.
“Everybody will bear his father’s name because there is still a future.”
Bello said that transparency would remain his watchword as he tries to ensure that the people enjoyed the democracy dividends.
The governor expressed regret that people allowed emotions, personal and parochial interests to cloud their sense of reasoning during the election.
He said that the good governance by his administration in the areas of road construction, health care and infrastructure development were enough for the APC to win overwhelmingly.
Bello described the Igala nation as good people, who were not tribalistic or racist but that unfortunately the majority were misled by poor representation.
To the people of Kogi West Senatorial District, he assured that payback time would soon come and called on leaders to educate their people to be selfless.
Bello thanked God for giving him the opportunity to serve the people, adding that he was well equipped to continue to serve the state better.
In his remarks, the state Deputy Governor, Chief Edward Onoja, congratulated the APC family and the governor-elect for the victory in the November 11 election.
He said that the victory wouldn’t have been achieved without the support and hard work of Bello.
“Those who could not work for victory should break away from sentiments and work for a united Kogi in the future,” Onoja said.
Senator Sunday Karimi (APC-Kogi) lauded the people for the victory.
Karimi, the representative of Kogi West Senatorial District, commended the people of his zone for standing by the APC in spite of having other candidates in the race.
In his remark, the state Chairman of the APC, Alhaji Abdullahi Bello, appreciated the party faithful for fighting very hard for victory.
The Chairman assured members that the party would do a review of the whole process to determine those who betrayed the APC.
[EagleOnline]
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The Economic and Financial Crimes Commission, has released a statement saying it will charge to court the Nigerian Air Force (NAF) personnel who were released on bail conditions on Friday by the Kaduna Zonal Command of the Commission.
Recall THE WHISTLER reported on Friday that EFCC said it had a “face off” with the Nigerian Air Force during the week after operatives of the Kaduna Zonal Command went on sting operations and arrested some suspected internet fraudsters at a residential Inn and Disney Chicken Eatery, Barnawa on 13th November, 2023.
The Commission said the arrest followed credible intelligence about the alleged activities of suspected internet fraudsters whose names were given as: Favour Itung, Rachael Ande, Zuleiman Haruna, Abubakar Ismaila and Solomon Olobatoke.
EFCC said all the suspects were arrested without any incident. However, it noted that “after the sting operation, six military personnel who witnessed the operation at Disney Chicken Eatery, stormed the Kaduna Command and attempted to forcibly release the arrested fraud suspects.
“They were subdued and detained over the security breach. The intruders are four Air Force personnel : Lawal Abdullahi, Chukwuma Chidi Christian, Alfa Suleiman and Emmanuel Ekwozor and two students of Nigerian Air Force Institute of Technology, AFIT: Chidera Anuba and Joseph Tokula,” EFCC explained.
However, in the press statement released on Saturday by the Head, Media and Publicity Unit of the EFCC, Dele Oyewale, the commission said: “The Nigerian Air Force, NAF, personnel released on administrative bail by the Kaduna Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Friday, November 17th, 2022 will be charged to court at the conclusion of the ongoing investigation.
“The officers were released to their Service in strict adherence to the bail procedures of the Commission.
“The Commission reiterates the fact that no one is above the law and the due process will be followed in bringing the case to a conclusion.”
— As Vice President Bags Honourary Doctorate Degree
Vice President Kashim Shettima has challenged graduates of the University of Maiduguri (UNIMAID) to embrace entrepreneurship and self-employment instead of waiting for government jobs.
Shettima gave the charge on Saturday at the 24th combined convocation ceremony of UNIMAID where he was also conferred with an honorary doctorate degree.
The VP said the era where graduates rely solely on the government for employment was over, adding that they must use their education and entrepreneurial skills to make a positive impact on society.
“Every success in life brings with it challenges. You are graduating today, our nation is faced with myriads of problems. I believe the university has adequately prepared you to contribute to proffering solutions to these problems.
“The era when graduates look up to the government for answers to all problems is fast fading. I encourage you to specifically utilise your entrepreneurial training in the university to decide your employability status. Start an enterprise, no matter how small your capital or idea is,” Shettima was quoted by his media aide, Stanley Nkwocha, as advising the graduating students.
Speaking on his conferment with a honourary doctorate, the VP acknowledged the impact of his educational journey at UNIMAID, describing the institution as instrumental in shaping his formative years as a student.
Shettima expressed gratitude to his lecturers and mentors for imparting knowledge and values that prepared him for leadership and service.
“This homecoming is to express my gratitude for the lessons learned in the halls, the premises, and in the service of this esteemed institution.
“The choices I’ve made since being certified by this institution to pursue my dream have taken me to heights I could have only imagined. In each room and at every event, I find a reason to utter a prayer for the training acquired here. I am a child of a collection of patient teachers and mentors, so I’m acutely aware that this honour is not mine alone to claim,” he added.
He continued: “To you, I will always be a student, and with all the privilege to remind me of my ambassadorial duty to the University of Maiduguri. This is why I am excited that I am not here today for defying a code of conduct, for that would have meant that I failed as a flag-bearer of my alma mater.
“Distinguished ladies and gentlemen, receiving an honorary doctorate from the institution that has been instrumental in shaping one’s formative years can only signify that one has followed the path of an indescribable principle. However, this honour is neither for me nor for you alone; it is a grand testament to the equalizing power of the education fostered here. This gathering symbolizes our collective aspirations as an institution.
“Here, on the fine sands and under the lush trees of Unimaid, I was taught that education is the brick with which a purposeful life is built. However, the education in question isn’t what you cram to pass your examinations; it’s what you do with what you have learned. I am where I am today because I learned here that intellectual curiosity is the preservative of every enduring civilization,” Sen. Shettima
In his remarks, the Borno State Governor, Babagana Zulum, commended UNIMAID for equipping the students to contribute to national development while assuring the university’s management of the state government’s continued support.
The convocation ceremony was attended by dignitaries including state governors, federal lawmakers, and the Shehu of Borno.
Comrade Joe Ajaero, a former Labour reporter who has risen to lead the Labour movement in Nigeria as the President of the Nigeria Labour Congress (NLC), was recently battered in his line of duty by hoodlums while in police custody. Imo State Police Command spokesman, Okoye Henry, had claimed that Ajaero was not arrested during the November 1, 2023 protest in Owerri over unpaid workers’ salaries. Henry said Ajaero was in “protective custody”. The sort of “protection” he received shocked well-meaning Nigerians. In this interview, Ajaero addresses issues that have featured between Labour and government since President Bola Tinubu was sworn-in on May 29, 2023 till date.
Why did you go to Owerri where you had this rough experience?
I went to Owerri in furtherance of my trade union activities. That’s how I move, from state to state. That’s how every trade union moves to where there are challenges. I am not the first President of the NLC, and I will not be the last. Where there are problems, either at the industrial council level or the state council level…we have 36 state councils and Abuja. Where the problem seems bigger than them, the national body wades in. We were in Kaduna on an issue like this. We were in Imo during the time of Governor Rochas Okorocha. A similar situation arose in the case of Governor Nyesom Wike in Rivers. I went to Imo because workers in the state were declared “ghost workers”.
The first set of victims told us that Governor Uzodimma said the wage bill of the state was N1.2 billion and that he was only prepared to pay N700 million. Between that time and now, it has been back and forth. But the thing assumed a dangerous dimension when the governor claimed that he had paid everybody. Had he paid something and promised to the rest when the economy improves, there would have been a way out.
The second reason we went there was the issue of violence. During Rochas’ time, he appointed someone as Chairman of the NLC, someone who was not within the hierarchy of the union. He moved into that place, took it over for over nine months. The legitimate Chairman left the state and we didn’t have Chairman. When we wanted to elect officers in Imo State this year, Uzodimma’s Commissioner for Information, Declan Emelumba, called me. They said they did not want ‘candidate A’. I said “OK, let me give you free advice. If you want candidate B, support him. If you like, give him money. NLC as a body cannot disqualify any candidate if he has met the criteria for election”.
On the day of election, thugs and the police led by a DPO came to disrupt the election. When the election became inconclusive, we appointed a caretaker committee in Imo, Abia and Osun where similar situation obtained. Some people who called themselves Elders in Imo asked us to give them two weeks; that they will talk to the governor and make peace. Even in industrial relations, we can have informal conciliators. It is allowed all over the world. Till today, those Elders have not gotten back to us. During May Day this year, Governor Uzodimma brought some people as “Labour leaders”. He sent letters to leaders of town unions and market unions so they will stand as workers unions at the Heroes Square. Our members and genuine workers went to do their own at our secretariat. The law enforcement agencies and thugs went there and beat our people, and some of them were hospitalized. They vandalized and destroyed everything. The governor of Ogun State called me on Whatsapp and said “speak to your brother”. I said “who is my brother?” Uzodimma asked, “Why are you fighting me? I said “I am not fighting you. I have not met you in my entire life. Pay workers”. We started negotiations. As we were negotiating, Uzodimma said he would like to see every paragraph. And I said “give him”. He was cancelling them. When he was done, I said “is that what you want?” We agreed to sign. Still he did not honour what he signed. People were calling me every day. People were dying. A husband and wife died because both of them were categorized as “ghost workers”. He later claimed that he did not implement the agreement because he had been very busy. It was the DSS that told us that Governor Uzodimma said he was not owing anybody. I said no, that even the headmistress in the primary school I attended had not been paid. Early this year, this lady had been invited for promotion interview which means she is in the system, contrary to the claim that she is a ghost worker. She is retiring this month, and she has not been paid for over three years. If she retires she will equally become a ghost pensioner. So when we arrived for the mass action, we talked to the workers. There were thousands of them. I told them to come back the following day for us to march together and submit a protest letter. The following day when these workers were trooping out they were being beaten up. Around nine a.m., I decided to go and talk to the press. I got there with about 20 security personnel.
The governor also sent security men and his people and they all descended there. They withdrew my security personnel and ordered my arrest. The Police Area Commander arrested me and handed me over to thugs who then had a field day. They blindfolded me and were beating me throughout. They said I should say my last prayer and tell them why I was challenging Hope Uzodimma; that they were taking me to Njaba River. Later they took me to the office of the Commissioner of Police where the blindfold was removed.
They had also arrested and handcuffed two TVC cameramen. They ordered me into another bus. The bus took me to Tiger Base, which is reputed as a very dangerous area. Later they took me back to the office of the CP. The CP apologized and pretended to be harassing the officers who were manhandling me. I was taken to the police clinic where I established contact with my people, and I was taken to the Federal Medical Centre. All the security agencies were acting out a script.
Who do you think gave the order for you to be beaten? Some have insinuated that it could have been an order from “above”, meaning Aso Villa over residual political grievances?
Even if it was an order from Abuja, it was Uzodimma who carried it out. Mr President couldn’t do this. The day we had a rally in Abuja, he sent for us. I was still wearing the clothes I wore to the rally when we went to see him. We articulated all the issues that led to the protest. The other time we gave notice for action, he came with a nationwide broadcast and offered N25, 000, and we said no. He conceded to N35, 000, conceded to not just making it for six months, conceded to not giving it only to the least paid worker. You can see that the President is open for negotiations. He did not say go and beat them up. Up till yesterday that Uzodimma was declared or appointed by INEC for a second term, he has been giving reasons why Joe Ajaero must be killed. Even after the apology that is on the internet, he keeps talking about why Joe Ajaero should not come to Imo State.
What has been your experience with the Bola Tinubu government since he assumed power? Would you say he is Labour-friendly?
I have earlier hinted you that President Bola Tinubu is a leader who believes in dialogue and negotiations, and he is capable of give-and-take. But the Bola Tinubu government is another story. There is a lot of confusion in the administration on who handles Labour matters. Over the years, right from the regime of Obasanjo, Labour affairs rested on the shoulders of the Secretary to the Government of the Federation and the Labour Minister. When Yar’ Adua came, it was Babagana Kingibe, the SGF. When Jonathan was President, it was Anyim Pius Anyim. And during Buhari’s presidency, it was Boss Mustapha. I don’t know the system of engagement that the Tinubu government is evolving. The Minister of Labour in the Tinubu government is not there. Apart from an introductory meeting in his office, he does not call the shots. The Chief of Staff to the President, Femi Gbajabiamila, calls the shots. Meetings take place in his office. He is a personal staff of Bola Ahmed Tinubu. He was not among the people the National Assembly cleared. Therefore, whatever he signs off on is strictly for his principal, not for the Federal Government of Nigeria. The second worrying signal is the use of courts. It is only in this administration that any time we serve notice of strike or protest, a competent court gives warning for us not to proceed. An Appeal Court ruling has affirmed that protests are allowed all over the world. The duty of the police is to protect protesters. Court gives order to precede negotiations, so that the negotiators will be under duress. These two or three areas are worrying signals. And they have destroyed the courts. The Minister of Labour, Simon Lalong, is a lawyer. He should know that the right to strike is an inalienable one. The Nigerian government must learn to allow the sanctity of agreements to prevail. These are some of the challenges we are having in our democratic dispensation.
There have been a number of exchanges between Labour and government is the past six months. Most of the time, Labour threatens to go on strike. Many Nigerians are saying that Labour is a sellout, and Labour should no longer be taken seriously to stand for the common man. What is your response to that?
The credibility of Labour under my watch can’t be questioned. This notion is coming from misinformation from within this government. Government and their handlers are touting the misinformation that Labour has been compromised, that Labour has been given money, to discredit some of us, which they have failed to succeed in doing. I was Secretary and Chairman of Labour in Vanguard before I pulled out and joined the mainstream Labour and, because of my interest, not because that is where the money is. It is unfortunate that 99.9% of Nigerians have not received Labour and industrial education. If my members say they want N5, 000, and we meet government, ask for it, negotiate for it and government is not ready to give it to us, we will declare a strike. And the whole country is hearing about it. If a day to the strike, government invites us to a meeting, we will attend that meeting. If the government gives us that N5, 000, there will be no strike. If we attend that meeting, and government says it cannot afford that N5, 000 and it brings out the data, we will consider that, because ability to pay is at the centre of negotiations. If the government earns N10 million and the wage bill is N12 million, the demand for N5, 000 cannot work. We may sign agreement and collect N3, 000 subject to upward review when the economy gets better. You will hear that Labour has signed agreement. These are the issues that people out there need to understand. But now they carry our burden on their heads, that Labour has been compromised. This is the way it is done in industrial relations. The essence of bargaining is to reach agreement that is implementable.
A radio analyst said Labour should have occupied the National Assembly over the N200 million cars for members of the National Assembly…
For some time now, Nigerians have abdicated their responsibilities. Labour does not have more than ten million Nigerians who are our members. Other Nigerians are shouting Labour. But they have not given us the constitutional responsibility to be the policemen of this country. When I was a student, I was a students’ union leader. That time, in 1988, Labour was dissolved. It was students – National Association of Nigerian Students (NANS) – that made sure that the country was shut down. Babangida came out to say that this was a civilian coup. There was general hardship in the country. He created DFRRI, MAMSER, People’s Bank, Road Safety, and so on, in order to create one million jobs. Nigerians came out to say enough is enough. It wasn’t Labour. In 1993 when the June 12 election was annulled, Babangida and Abacha dissolved Labour. It was the civil society groups, such as the Civil Liberties Organisation (CLO), Campaign for Democracy (CD) and independent Labour groups like NUPENG and PENGASSAN that came out. I say this because an action that all Nigerians should come out to challenge, they say Labour. During the EndSARS protests, it wasn’t Labour. The youth of this country said “enough is enough”. There may be some Labour people there. There may be students there. There may be everybody there. Everybody saw how effective the EndSARS protest was. The Buhari government was forced to make lot of concessions. People are saying, “Labour, go and seize the National Assembly”. Is it only Labour money that they are using to buy those cars? When Labour occupied the National Assembly, most Nigerians behaved as if it did not concern them. The Nigerian people elected those people to represent them. Our own members elected us to represent them. Did Labour ask you to elect those people? And all the political parties, none of their members will say “no, I am APC, PDP, I will not collect this money”. All hands must be on deck to face the challenges that confront the nation, and not to leave them to Labour alone when we already have our hands full.
How far is Labour preparing to go for the big battle ahead, the battle over the new national minimum wage? How much are you going to ask as the new NMW? I ask this against the background of the profligate tendencies of the Tinubu regime amidst scarce resources.
There was a time we said we were going to ask for $200. Then it was translated to about N200, 000. It depends on the indices which will unfold at the time we negotiate. It will be wrong for somebody to announce a figure now. Unless the issues of inflation rate, value of the Naira, cost energy, food inflation are dealt with, whatever they give as the NMW will be practically worthless within a short time. If we were paid N30, 000 and our currency was at par with the dollar or even N5 to the dollar, we are blest. The cost of living index is central. How can I buy a bag of rice for N50, 000 and collect a salary of N30,000? How can I buy bread at N1, 000 when I earn N30,000? That means me and my family will only eat bread throughout the month, no pure water, transport, rent, school fees, medicare and other necessities. If we refine crude oil here in Nigeria, the pressure on the Naira will reduce, and it is bound to positively affect the cost of energy. These are the things government must pursue. Right now, we are selling crude oil high and buying its finished product higher because we import. Government used to pay for the difference, but now it has been passed over to the people. When that time comes, all these factors will be at play to determine what we will do.
There was this question we put to President Tinubu. We asked him why he is running a bloated government. He said he was creating jobs!Who said that?
President Tinubu. He said all the people being appointed, that is a form of job creation. My colleague in the TUC now reminded him that those appointees will have their own aides, and the President said yes, it is job creation. That was how he responded to us.
Did he say it as a joke?
That was his response to us. He said nothing else on a serious note.
The affiliation of Labour to the Labour Party seems to be a tool of political blackmail, especially in the hands of the Federal Government and ruling APC, who now say you are playing partisan politics. Do you think it was a mistake for the NLC to associate itself with a political party, or have a partisan agenda?
One, it is what Labour parties all over the world do. Two, if Labour does not play politics, who will play politics? Labour is politics, politics is Labour. 419 people, scammers are now governors who refuse to pay workers their legitimate wages. Politics should be left for armed robbers?
A former IGP went to the Senate and was shocked at the number of fraudsters he prosecuted sitting in the hallowed chambers as senators. Soldiers are politicians. Two retired generals have been Presidents of this country. Are they more qualified than Labour? Bring all those people who are criticizing Labour’s role in politics and let us compare their consciousness and my consciousness and see if they can talk when we are talking. Labour’s involvement in politics started as far back as 1917 or 1918. Wallace Johnson, a journalist from Sierra Leone, was the first to set up a Labour Party in Nigeria. He lived in Lagos. In the 1930s and 1940s it took an alliance between the Michael Imoudu-led Labour, the Zikist Movement and Aminu Kano’s party, after the 1945 Nigerian Railway workers’ strike, to fight for Nigeria’s independence with great consciousness. In 1954, the same Imoudu and others set up Labour Party which existed till the intervention of the military in 1966. In 1987, Comrade Paschal Bafyau set up Labour Party that came fourth during Babangida’s political experiment.
That Labour Party merged with the SDP which won the 1993 presidential election. Frank Kokori was the National Publicity Secretary of the SDP. Paschal Bafyau was to be the vice presidential candidate of the SDP. When Chief Abiola was in detention, it took Paschal Bafyau to go to court to secure Abiola’s bail, but his supporters prevailed on him not to come out because the bail was conditional. In 2003, Adams Oshiomhole, as NLC President, set up the current Labour Party, LP. An alliance between Oshiomhole’s Labour Party and Tinubu’s Action Congress made Oshiomhole the Governor of Edo State. The same Oshiomhole later became the APC National Chairman. Each time Labour is taking a stand for the salvation of this country, you see a lot of blackmail trailing it. My colleague, Comrade Nasir Irish, is the Governor of Kebbi State; we were both Deputy Presidents. He is in the APC. Another person who was the state Chairman of the NLC is now the Deputy Governor of Niger State. Nobody says every Labour person must be in Labour Party. I have attended two political rallies. One for Oshiomhole during his inauguration as the Governor of Edo State, and the second was for the Governor of Kebbi State. Many people told me they were expecting me to be at the inauguration of Dr Alex Otii as the Labour Party Governor of Abia State. We formed Labour Party so as to provide easy tickets for struggling Nigerians who wanted to contest elections. A political party sold its presidential nomination form for N100 million! When we analysed the situation, we said we needed a political party where the son of nobody can achieve any height in Nigeria. We have achieved that. As we talk today, two Okada riders are members of the National Assembly on Labour Party tickets. A messenger, a clerk can come and we will give him form. We have no apologies for that. The Governor of Imo State, was he a messenger anywhere? Was he a clerk anywhere? If you bring a clerk here, he will know there is admin department, there is finance department, he must come to work at a particular time in the morning, and if he comes late, he knows what is waiting for him. If a person like that becomes a public officer, he will know the sacredness of certain things, like ensuring that those who work get their wages. Let me make it clear. The NLC cannot be part of any political party except the Labour Party.
However, our members are free to join any party of their choice. Indeed, majority of our members are affiliated with other parties. Peter Obi who is always being mentioned became the presidential candidate of the Labour Party before I emerged as NLC President. We will not be deterred in our effort to help make the Labour Party the party that will meet the aspirations of all Nigerians. There is fear about anything Labour. That was why when we registered a political party we called it the Party for Social Democracy (PSD). It was during our national conference that we changed the name to Labour Party. For political jobbers to be attacking us because of our legitimate affiliations, it is uncalled for.
The Economic and Financial Crimes Commission (EFCC) has offered some insight into the fracas that transpired between its security operatives and Nigerian Air Force (NAF) personnel at its Kaduna State Zonal Command on Friday.
Hours after the clash, the commission, in a statement by its Head, Media and Publicity, Dele Oyewale, said some “unruly NAF Officers” stormed the Kaduna command “in a commando- style”, to forcefully release their detained colleagues.
“Operatives of the Kaduna Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Monday, November 13, 2023 arrested five suspects at a residential Inn and Disney Chicken Eatery, Barnawa, Kaduna following credible intelligence about their alleged internet-related fraud activities,” the statement said.
“However, after the sting operation, six military personnel who witnessed the operation at Disney Chicken Eatery, stormed the Kaduna Command and attempted to forcibly release the arrested fraud suspects. They were subdued and detained over the security breach.”
See the full statement below:
Facts of the Face-off Between EFCC and NAF Officers in Kaduna
Operatives of the Kaduna Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Monday, November 13, 2023 arrested five suspects at a residential Inn and Disney Chicken Eatery, Barnawa, Kaduna following credible intelligence about their alleged internet- related fraud activities.
The suspected fraudsters: Favour Itung, Rachael Ande, Zuleiman Haruna, Abubakar Ismaila and Solomon Olobatoke, were arrested without incident.
However, after the sting operation, six military personnel who witnessed the operation at Disney Chicken Eatery, stormed the Kaduna Command and attempted to forcibly release the arrested fraud suspects. They were subdued and detained over the security breach.
The intruders are four Air Force personnel : Lawal Abdullahi, Chukwuma Chidi Christian, Alfa Suleiman and Emmanuel Ekwozor, and two students of Nigerian Air Force Institute of Technology, AFIT: Chidera Anuba and Joseph Tokula.
While in detention, there were inter- agency communication and discussions by the leadership of the EFCC and the Nigerian Air Force, NAF to resolve the issues.
Unfortunately, dialogue on the release of the combative Air Force personnel broke down on Friday, November 17, 2023 when some unruly NAF Officers stormed the Kaduna Command in a commando- style, to forcefully release their detained colleagues.
The EFCC exercised restraint in the face of the provocation and flagrant abuse of power. The Commission continued to engage with the leadership of the Nigeria Air Force and released the officers to the NAF Provost after they had been duly profiled.
The EFCC wishes to assure the public that it will continue to carry out its statutory mandate of tackling all cases of economic and financial crimes, without let or hindrance.
Dele Oyewale
Head, Media & Publicity
November 17, 2023