The Minister of the Federal Capital Territory (FCT) and former governor of Rivers State, Nyesom Wike has accused his successor, Siminalayi Fubara of sponsoring the Action Peoples Party (APP) in the just-ended local government election in the state.
Recall that Governor Fubara on Monday sworn in local government chairpersons in Rivers State.
The chairman of the Peoples Democratic Party (PDP) Governors’ Forum, Bala Mohammed of Bauchi State also attended the event.
APP won 22 of the 23 chairmanship positions in the election.
In the lead-up to the poll, Fubara who is a member of the PDP said he is the “greatest loser” since his party was not on the ballot.
Wike, however, claimed that Fubara sponsored the APP for the election.
While speaking on Channels Tv, on Tuesday said, “Today, people say ‘Discipline Wike, he did anti-party’. I did not do anti-party; I said we must stand for equity, fairness, and justice.
“Today, what happened? The governor [Fubara] is the one who sponsored the APP. The chairman of the [PDP] governors’ forum was the one who attended the swearing-in.”
Former Governor of Rivers State and the incumbent Federal Capital Territory (FCT) Minister,Nyesom Wike, has said he owes no apology for his actions against the Peoples Democratic Party (PDP) in the 2023 presidential election.
Naija News reports that the FCT Minister made this remark on Tuesday on Channels Television’s Politics Today programme.
Wike faulted the accusation against him, saying that he engaged in anti-party activities by refusing to support Atiku Abubakar, the then-PDP presidential candidate.
According to him, he only supported equity, fairness and justice.
“For the presidential election, I said I am going to support equity, fairness and justice. In the other one, I am going to support my party and that is why we won the governor, National Assembly election.
“For presidential, I have no apologies because I don’t believe in injustice. Today people say ‘discipline Wike, he did anti-party.’ I did not do anti-party,” Wike said.
Naija News recalls that in the lead-up to the 2023 general elections, Wike, who was the governor of Rivers State at the time, allied with four other dissatisfied governors from the People’s Democratic Party (PDP): Samuel Ortom from Benue, Seyi Makinde from Oyo, Okezie Ikpeazu from Abia, and Ifeanyi Ugwuanyi from Enugu.
These five governors consistently insisted that Senator Iyorchia Ayu resign from his position as the national chairman of the PDP as a prerequisite for their support of the party’s presidential candidate, Atiku Abubakar.
Ultimately, Atiku was defeated in the presidential election by Bola Tinubu, the candidate from the All Progressives Congress (APC), under whose administration Wike is currently serving.
…Saves Africa's $17bn Petrol Products Imports
Nigeria must enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries, in order to transit from a net importer to a net exporter of petroleum products.
Chairman of Dangote Refinery and Petrochemicals Company Limited, Aliko Dangote, made this assertion during his keynote address at a summit held in Lagos by the Crude Oil Refinery Owners Association of Nigeria (CORAN). The event attracted top government officials and key stakeholders from the midstream and downstream sectors.
Addressing Nigeria’s potential as a refining hub, Dangote expressed concern that, despite producing over 3.4 million barrels of crude oil per day, Africa imports around 3 million barrels of petroleum products daily. He noted that these imports, primarily from Europe, Russia, and other regions, are estimated to cost approximately $17 billion in 2023. He urged that Nigeria could capitalise on this situation to become a net exporter of refined petroleum products, as the markets would be more competitively served from Nigeria.
“Both the crude oil and the petroleum products will travel shorter distances. The logistics costs of floating storage will be eliminated, and countries can purchase their petroleum product requirements just-in-time. Nigeria and Africa can become completely self-sufficient, and we can keep all the value on our shores. We have done it in cement, and we can certainly do it for petroleum products.
“It is worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand. We recently started the production of PMS and will soon ramp up to meet Nigeria’s needs. Our refined products have been exported to diverse markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea,” he added.
Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Ltd, Dangote emphasised that Nigeria must develop a refining capacity of 1.5 million barrels per day and prioritise domestic crude supply obligations to seize this opportunity. Acknowledging the arising and future challenges, he urged the government to incentivise investors, contrasting this with the Dangote Oil Refinery, which was built without any government incentives.
“…It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa, we are spending oil proceeds from the future. We will also need to prioritise the implementation of domestic crude supply obligations. We will need to expand our crude oil production capacity to support demand from new refining capacity. The government of President Bola Ahmed Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives,” he stated.
Emphasising that global developments in the petroleum sector, particularly in Europe, will disrupt historical trade flows for refined petroleum products in Africa, Dangote stated that Nigeria is uniquely positioned to capitalise on this opportunity and become a significant player in the global oil industry. He called for consultation, collaboration, and cooperation among stakeholders.
“As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate much-needed foreign currency. Nigeria’s potential as a refining hub is clearly not in doubt; let us work together to make it happen,” he urged.
The foremost industrialist noted that the summit’s theme, “Making Nigeria a Net Exporter of Petroleum Products,” would have seemed unrealistic a few years ago, and added that despite being Africa’s largest crude oil producer, Nigeria has historically relied on imports to meet its refined petroleum product needs.
However, he emphasised that the Dangote Petroleum Refinery and Petrochemicals is poised to transform Nigeria from a “net importer” to a “net exporter” of refined petroleum products, establishing the country as an emerging player in global downstream trade flows; with refined products already exported to various markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea.
Commending Dangote for this transformation, Chairman of IPPG/Waltersmith Refinery & Petrochemicals Co. Ltd, Abdulrazaq Isa, called on the government to support domestic refiners by ensuring the availability of crude, adhering to domestic crude supply obligations, and implementing effective pricing and monitoring measures to prevent smuggling.
Chairman of CORAN's Board of Trustees and CEO of Integrated Oil & Gas, Captain Emmanuel Iheanacho (rtd), remarked that the Dangote Oil Refinery has set a high standard by producing Euro-V products, thus protecting citizens from exposure to high-sulphur products. He noted that transforming Nigeria into a net exporter will bring numerous benefits but reiterated the need for increased investment to boost crude production, lamenting that Nigeria loses approximately $83 billion annually by not meeting its OPEC quota.
While acknowledging that tank farms remain essential despite local refining, Iheanacho urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to consider cancelling import licences, as Nigeria can now meet its local demand.
Chairman of Major Energies Marketers Association of Nigeria (MEMAN), Huub Stokman, stated that Nigeria is on the verge of becoming Africa's refining powerhouse, which will significantly boost the economy. The Chairman of CORAN, Momoh Oyarekhua, also expressed concern over challenges related to crude supply and stated that domestic refiners will work with regulators and stakeholders to address these issues.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lopkobiri, assured that the government would continue to refine frameworks to enhance crude production and support domestic refineries. His counterpart from the Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, emphasised the Tinubu-led administration’s commitment to ensuring value addition for mineral resources before export.
Two panel sessions were held to discuss Nigeria’s downstream petroleum refining sector and its potential impacts, as well as policy strategies for achieving self-sufficiency in petroleum products.
In Indonesia, authorities have arrested a 36-year-old man in Tangerang, West Jakarta, for allegedly selling his 11-month-old baby online for 15 million rupiah, approximately US$955.
The man, identified only as RA, reportedly used the proceeds to fund his online gambling activities and cover personal expenses, as reported by local media.
According to Tangerang City Metro Police Chief, Zain Dwi Nugroho, the case came to light on October 1 when the child’s biological mother returned from work in Kalimantan and discovered her child missing.
“She pressed RA to share the whereabouts of their child until he eventually confessed that he had sold the newborn,” Mr. Zain explained. Distressed by the revelation, she accompanied RA to file a report at the Tangerang City Police Department.
When questioned by authorities, RA initially claimed he sold the baby to relieve his financial difficulties.
However, further police investigations revealed that the money was spent primarily on online gambling, contradicting RA’s claims of financial necessity, according to news platform detiknews.
The buyers, identified by the initials HK and MO, were also arrested and are suspected of being part of a human trafficking network.
“RA saw on Facebook that the buyers were looking to purchase a toddler, so he sent them a message and arranged the purchase,” Mr. Zain elaborated, as quoted by Kompas.com.
Authorities apprehended HK and MO at a rented residence in Tangerang, where they found the baby in their possession.
The three individuals are now under investigation for suspected involvement in human trafficking.
This incident has drawn condemnation from the Indonesian Child Protection Commission.
Chief Ai Maryati expressed deep concern over the case, stating, “It is worrying that he (RA) is using his financial situation to engage in activities that are being eradicated by the state, and with children being sold, he is also violating basic human rights.”
Maryati further highlighted that such actions represent a severe violation of children’s rights, which should be met with strict legal repercussions.
Under Indonesian law, human trafficking is punishable by up to 15 years in prison and a fine of 600 million rupiah, while violations of child protection laws carry similar penalties, including a maximum prison term of 15 years and a fine of 300 million rupiah.
The sale of children due to economic hardship is not an isolated incident in Indonesia.
Ms. Maryati mentioned another recent case she handled in which babies were sold from Depok, Jakarta, to Bali, citing poverty as a major factor.
In September, Depok police dismantled a baby trafficking ring, arresting eight suspects involved in the illicit sale of newborns via Facebook.
According to Depok Police Chief Arya Perdana, these infants were being bought from parents in Depok and later sold for higher prices in Bali.
Ms. Maryati emphasized that there are no justifications for exploiting children in such a manner.
“There is no excuse to be treating children this way, and violation of their rights has to be punished severely,” she remarked.
She urged the government to take decisive action against human trafficking and online gambling, advocating for long-term solutions focused on education and public awareness.
The rise of online gambling has become a growing concern in Indonesia, with an estimated 4 million Indonesians engaged in these activities, according to Communications and Information Minister Budi Arie Setiadi.
He described online gambling as “a serious threat to the country,” particularly among the 30 to 50-year-old age group.
Minister Setiadi’s comments underscore the broader societal issues contributing to cases like RA’s, where economic desperation leads individuals to take extreme and illegal measures.
The Asian Development Bank estimates that over 9.4 percent of Indonesia’s population was living below the national poverty line in 2023, a statistic that illustrates the economic challenges facing many Indonesian families.
[Punch]
The Supreme Court, on Tuesday, fixed Oct. 22 for the hearing of a suit filed by at least 16 state governments challenging the constitutionality of the laws establishing the Economic and Financial Crimes Commission (EFCC) and two others.
A seven-member panel of justices, led by Justice Uwani Abba-Aji, fixed the date after the states were joined as co-plaintiffs and leave granted for consolidation of the case in the suit originally filed by the Kogi Government through its Attorney General (AG).
The states that joined in the suit marked: SC/CV/178/2023 include Ondo, Edo, Oyo, Ogun, Nassarawa, Kebbi, Katsina, Sokoto, Jigawa, Enugu, Benue, Anambra, Plateau, Cross-River and Niger.
The 16 states said they are relying on the fact that the constitution is the supreme law and any law that is inconsistent with it is a nullity.
The plaintiffs argued that the Supreme Court, in Dr Joseph Nwobike Vs Federal Republic of Nigeria, had held that it was a UN Convention against corruption that was reduced into the EFCC Establishment Act and that in enacting this law in 2004, the provision of Section 12 of the 1999 Constitution, as amended, was not followed.
They argued that, in bringing a convention into Nigerian law, the provision of Section 12 must be complied with.
According to them, the provision of the Constitution necessitated the majority of the states’ Houses of Assembly agreeing to bring the convention in before passing the EFCC Act and others, which was allegedly never done.
The argument of the states in their present suit, which they said had been corroborated by the Supreme Court in the previous case mentioned, is that the law, as enacted, could not be applied to states that never approved of it, in accordance with the provisions of the Nigerian constitution.
Hence, they argued that any institution so formed should be regarded as an illegal institution.
When the case was called on Tuesday, lawyers, who represented the states, made their submissions.
While the majority sought to be joined as co-plaintiffs, two of the states prayed for an order for consolidation of the case.
Kogi AG’s counsel, Abdulwahab Mohammed, SAN, informed the court that there were states that indicated interest in consolidation of the case and those seeking to be joined as co-plaintiffs.
“It is for this honourable court to tell us how to proceed my lord.
“Out of about 15 states, there are about 13 of them that have indicated interest to be co-plaintiffs and only two want consolidation.
“To make the task of the court easier, those who want to be joined as co-plaintiff should be joined and abide by the processes already filed and those who sought consolidation should be asked to file within seven days,” Mohammed said.
After the lawyers’ submissions, Justice Abba-Aji granted their prayers.
She adjourned the matter until Oct. 22 for a hearing.
The Kogi State AG had, in the suit number: SC/CV/178/2023 sued the Attorney-General of the Federation (AGF) as sole defendant.
In the originating summons filed by a team of lawyers led by Prof .Musa Yakubu, SAN, the state raised six questions for determination and sought nine reliefs.
The Kogi government sought a declaration that the federal government through the Nigerian Financial Intelligence Unit (NFIU) lacked the power to issue any directive, guideline, advisory or any instrument however called for the administration and management of funds belonging to the state.
The government also sought a declaration that the EFCC, the NFIU or any agency of the federal government cannot investigate, requisition documents, invite and or arrest anyone concerning offences arising from or touching on the administration and management of funds belonging to the state.
[Vanguard]
OPENING ADDRESS BY PRESIDENT BOLA AHMED TINUBU, GCFR, AT THE 54TH ANNUAL ACCOUNTANTS CONFERENCE: "GOVERNANCE REIMAGINED: MAPPING THE FUTURE", TUESDAY, OCTOBER 8, 2024
(DELIVERED BY ABUBAKAR ATIKU BAGUDU, MINISTER OF BUDGET AND ECONOMIC PLANNING)
PROTOCOL
Ladies and Gentlemen,
1. It is with profound honour that I stand before you today as the President of the Federal Republic of Nigeria and a fellow advocate for transformative governance. I welcome all the distinguished guests, esteemed speakers, and dedicated participants in this pivotal annual accountants’ conference.
Today, we unite under the visionary theme: Governance Reimagined: Mapping the Future.” This theme captures our aspirations and marks a significant milestone in our journey towards refining governance and fortifying accountability across our great nation.
2. As we convene in this esteemed assembly, I would like to pose a question: How can we, as stewards of governance and accountability, harness our collective expertise to foster a more
transparent, efficient, and equitable society?
Your role as accountants in cultivating transparency, upholding integrity, and managing our nation’s resources adeptly is indispensable. Your expertise does not merely shape our economic landscape—it fortifies the foundation of trust upon which our societal progress is built.
3. We convene at a time when the governance landscape is dramatically evolving, presenting challenges and opportunities that demand innovative solutions and proactive strategies. The advent of emerging technologies opens new avenues for enhancing accountability and transparency. We must foster robust collaboration and networking among policymakers, regulators, and professionals to harness these opportunities effectively.
4. Your profession provides you with the skill set to appreciate a company or Government strategy. Some of you are at the heart of or have been involved with turnaround for companies and choices necessary for survival in a competitive environment. The Renewed Hope agenda is our strategy for Nigeria to confront her reality: we are not where we want to be, we are not growing fast enough, and decades of underinvestment have limited the economy from delivering on its potential.
5. The Necessary Choices, pleasant and otherwise, we made in the last 17 months were designed to stop the decline and put us on a path to higher, sustainable, and inclusive growth. It is encouraging that GDP growth for the first and second quarters of 2024 was positive while inflation turned downwards. The foreign exchange market is stabilising, and we see encouraging investment signals.
6. We are continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services, mortgage system reform to provide wider opportunities for home ownership, CNG penetration to offer cheaper and alternative energy sources, and agriculture development fund to de-risk agricultural investments further.
7. Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of Government are receiving higher allocations, which enable more support to vulnerable populations. Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.
8. Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability. We are committed to leveraging cutting-edge
technologies to boost transparency and efficiency and cultivate strategic partnerships that pave the way for sustainable development.
9. As we delve into the complexities of governance, I call upon each of you to participate actively in the dialogues unfolding over the next few days. Share your unique insights and forge new connections. Together, let us develop actionable plans to lead Nigeria towards a future where governance is synonymous with integrity, transparency, and accountability.
10. With great enthusiasm and driven by our shared commitment to excellence in governance, I officially declare the 54th Annual Accountants Conference open.
Let us embark on a path of meaningful discussions and enriching knowledge exchange.
Thank you for your attention, your dedication, and commitment to the noble cause of reshaping our nation’s destiny. Let us reimagine governance and map a future that generations will look upon with pride.
President Bola Ahmed Tinubu, GCFR
Tesla (TSLA.O), opens new tab faces a watershed moment on Thursday when CEO Elon Musk takes the stage at the Warner Bros Hollywood studio to unveil much-delayed plans for a robotaxi, a project that has reignited the electric vehicle maker's stock, despite cooling expectations for EV growth.
Musk has said Tesla's robotaxi product - called a Cybercab - will be a new model of vehicle that can drive itself and work on a Tesla ride-hailing platform. Tesla also will allow owners to make money off their cars by putting them on the ride-hailing network as autonomous cabs, which he has called a "combination of Airbnb and Uber."
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Tesla's relies on cameras and artificial intelligence to drive current cars, with driver supervision but without the costly additional hardware associated with radar systems and lidar technology that other robotaxi players use.
Musk expects that improving this technology will let him crack a still-nascent and tightly regulated industry that has resulted in billions of dollars in losses for others.
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Investors, attracted by Musk's estimate that Tesla's robotaxi business could drive the company's valuation to $5 trillion from $750 billion now, want to see a prototype and learn how quickly Musk can mass-produce it, at a profit. They want to understand regulatory hurdles and how FSD, still categorized as a type of partial automation, can become safer than a human driver.
"They need to get going because this has been sort of discussed, rumored, talked about and announced in various forms for a while," said Elliot Johnson, chief investment officer at Evolve ETFs, which manages investments in Tesla. He does not expect anything announced on Thursday to have a financial impact for one to two years.
Musk said in 2019 he was "very confident" the company would have operational robotaxis by the next year. This year he shelved plans for a new, affordable vehicle in a sharp pivot to robotaxis. Tesla "should be thought of as an AI robotics company," not a carmaker, he said.
Few observers, if any, expect a fully functioning product.
"We believe the robotaxi event will be long on vision, and short on immediate deliverables or incremental revenue drivers," Bernstein analyst Toni Sacconaghi said in a research note. "The company has a track record - particularly in FSD - of being overly optimistic and there is significant devil in the details."
Tesla could also give specifics on cheaper versions of its current lineup as well as update investors on its humanoid robots, Optimus, he said.
HIGH EXPECTATIONS AND RISK
Hopes are high ahead of the event - called "We, Robot" in an apparent nod to the "I, Robot" collection of science-fiction short stories by American writer Isaac Asimov.
Tesla shares - hurt in recent years by worries EV rivals with cheaper and fresher models are eating in to its market share - are up nearly 50% since April when Musk announced the shift to robotaxis. Still, expectations of volatility in Tesla's stock over the next 30 days are close to a two-year high, driven primarily by uncertainties around the robotaxi event, according to options data from Trade Alert.
Bringing self-driving vehicles to market has proven time-consuming and costly for other companies.
Alphabet's (GOOGL.O), opens new tab Waymo is the only U.S. firm operating uncrewed robotaxis that collect fares. Others still in the race include General Motors' (GM.N), opens new tab Cruise - re-launching robotaxis with a safety driver after an accident last fall forced it to halt operations - and Amazon's (AMZN.O), opens new tab Zoox, which is expanding testing of its self-driving taxis that come without steering wheels and pedals.
To keep Tesla's costs in check, Musk has decided to steer clear of sensors beyond cameras and he could potentially develop the first generation of Cybercab on its existing platform that runs the Model 3 and the Model Y.
Tesla also has learnings from the data it collects from millions of vehicles.
But investors and analysts said leapfrogging to high levels of automation that do not require driver supervision from its current FSD technology - which has come under increased regulatory and legal scrutiny with at least two fatal accidents - will not be easy.
"We think this is still several years away and numerous technological hurdles, safety tests, and regulatory approvals are still standing in the way," CFRA Research analyst Garrett Nelson said, highlighting "an increasing disconnect between the stock's lofty valuation and the reality that Tesla's earnings growth has hit a wall."
[Reuters]
On October 7th, 2024, Immigration, Refugees, and Citizenship Canada (IRCC) conducted an Express Entry draw, issuing 1,613 Invitations to Apply (ITAs) for permanent residency.
Express Entry is a system for handling applications from skilled workers who want permanent residency in Canada.
Candidates create an online profile and are scored based on factors like work experience, education, and language skills.
The candidates with the highest scores receive invitations to apply. To qualify, they must meet the requirements of one of the federal economic immigration programs.
According to recent reports from Immigration News Canada(INC), ‘This draw specifically targeted candidates under the Provincial Nominee Program (PNP) who achieved a Comprehensive Ranking System (CRS) score of 743 or higher.’
Current Draw Highlights
Reports inform that this draw comes after a week that started with a PNP-only draw, suggesting more Express Entry draws may happen soon.
There is anticipation for additional draws, especially for the Canadian Experience Class (CEC) on October 8th. The emphasis on specific immigration streams indicates that IRCC is refining its strategy to address labour market needs through targeted selections.
CRS Score Distribution
The distribution of CRS scores among candidates in the Express Entry pool reveals the competitive nature of the process.
As of the most recent update, there are 209,892 candidates in the Express Entry pool, each assigned a Comprehensive Ranking System (CRS) score based on various factors. The breakdown of candidates by CRS score range is as follows:
- 601-1200: 1,656 candidates have scores in this range.
- 501-600: 11,800 candidates fall within this range.
- 451-500: 62,853 candidates have scores between 451 and 500.
- 401-450: 54,313 candidates have scores in this range.
- 301-350: 23,155 candidates have scores between 301 and 350.
- 0-300: 5,374 candidates have scores below 300.
This breakdown shows how many candidates are competing at different score levels, highlighting the competitiveness of the pool, with the majority having scores between 401 and 500.
2024 CRS Score Trends
IRCC’s draws this year have shown fluctuations in CRS score cutoffs based on the immigration program targeted. The trends indicate a focused approach in selecting candidates:
1. General or No Program Specified:
- Draws: 9
- Invitations Issued: 14,445
- Average CRS Score: 536
This category includes candidates who are not tied to a specific immigration program.
2. Provincial Nominee Program (PNP):
- Draws: 9
- Invitations Issued: 12,167
- Average CRS Score: 695
This reflects draws targeting candidates nominated by provinces, indicating a higher average score, which suggests these candidates are typically more competitive.
3. Canadian Experience Class (CEC):
- Draws: 6
- Invitations Issued: 24,800
- Average CRS Score: 516
This category focuses on candidates with work experience in Canada, showing a significant number of invitations.
4. French-Speaking Candidates:
- Draws: 8
- Invitations Issued: 20,400
- Average CRS Score:390
This highlights draws aimed at candidates who are proficient in French, with a lower average score compared to other categories.
Overall, this data illustrates how many draws occurred, how many invitations were issued in each category, and the average CRS score of those invited, reflecting the varying competitiveness and focus of the draws.
Understanding Provincial Nominee Programs
The Provincial Nominee Programs operate within the Express Entry system to address specific labour market needs. Participating provinces and territories can nominate individuals who fulfill their economic requirements.
When candidates receive a nomination, they gain an additional 600 points toward their CRS score, enhancing their chances of receiving an ITA for permanent residency. This system allows provinces to respond directly to labour shortages and attract skilled workers
As Canada continues to refine its immigration strategy, individuals interested in Canada’s Express Entry system should remain informed about upcoming draws and opportunities tailored to specific professions and programs.
[Nairametrics]
The Central Bank of Nigeria (CBN) has reassured of its commitment to ensuring the stability and reliability of the Nigerian financial system.
The CBN which gave the assurance in a bid to retain customers’ confidence in the system, reaffirmed that all deposits in Nigerian banks are secure.
The reassurance comes on the back of a recent panic of a possible collapse of one of Nigeria’s tier 1 banks.
There had been videos circulating on social media showing how customers of the bank were left stranded outside the banking halls and unable to make online and physical transactions.
Allaying the fears, the CBN said it has measures to ensure that banks adhere to established regulations and best practices to maintain the integrity of the financial system.
The bank, in a statement on Tuesday by its spokesperson, Hakama Ali, said, “Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”
The apex bank stressed that it has implemented early warning systems that proactively detect and address emerging risks, allowing it to provide timely solutions to any foreseen issues.
“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.
“Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located. This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” Ali said.
[Leadership]
Petrol price is likely to rise again following the decision by the Nigerian National Petroleum Company Limited (NNPCL) to end its exclusive offtake agreement with the Dangote Refinery, allowing other marketers to buy the product directly from the facility.
The current fuel cost was effected in August when the NNPCL adjusted the pump price from N568 to N855 per litre in Lagos, and to almost N900 in other parts of the country.
Conquering the clouds on a journey to Ta Xua with the team - Road Trip Vietnam Team - Nếm TV
The NNPCL’s exit as a middleman in the Dangote Refinery implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.
The NNPCL’s decision is seen as a crucial shift towards a fully deregulated oil market.
Marketers can now negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
In September, Devakumar Edwin, Vice President at the Dangote Industries, indicated that the 650,000 barrels per day refinery had begun processing petrol, with the NNPCL initially as the sole off-taker.
But recent adjustments allow independent marketers to engage with Dangote directly.
“We can no longer continue to bear that burden,” an NNPCL’s official told Premium Times, highlighting the financial strain of the subsidy system.
Middle East tension may spark higher fuel cost–Experts
Experts have predicted that the heightening tension in the Middle East can spark a new petrol pump price hike in Nigeria and other nations.
Oil prices extended gains yesterday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023.
This is believed to be driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.
Brent crude futures rose $1.09 (1.4 per cent) to $79.14 a barrel yesterday. The United States West Texas Intermediate (WTI) crude futures were up $1.15 (1.55 percent), at $75.53. WTI had earlier risen by more than $2.
Brent rose more than 8 per cent last week; while WTI soared 9.1 per cent on the possibility that Israel could strike Iranian oil infrastructure in response to the latter’s October 1 missile attack on the former.
Amidst the tension, the global oil prices have remained volatile with the likelihood of a barrel of crude climbing to $100 later this month.
Iran, a member of the Organisation of Petroleum Exporting Countries (OPEC), is a global player in the oil market with a production of between three million to four million barrels of oil per day; hence any tension therein constitutes a potential crisis for the oil market with broader implications on the price of crude.
The CNN, in its analysis, predicted that the price could reach $100 this month if the Middle East tension continues.
“Pre-shale revolution, this type of situation would have sent prices well above $100,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNN.
Meanwhile, Nigerians’ expectations that the 650,000-barrel Dangote refinery would crash the petrol price have not been met.
Dangote had explained that it sourced most of its crude from the international market at the prevailing market price and cannot sell below the cost of production.
Experts speak
An economist, Paul Alaje, in a post, stated that the tension generated by Iran’s attack on Israel “may lead to a full-scale war” that could result in a global shortage of fuel supply.
According to him, if Israel should retaliate, there are high chances “that this may lead to a full-blown war. If it happens like this, there may be a global supply shortage of oil because Iran is a major producer of oil.
“What does this mean for Nigeria and nations with oil and relative peace? The price will surge, leading to more revenue inflow for the Nigerian authorities and others.”
He added: “PMS, diesel, and other refined products may increase as well; Inflation may go higher than we already have; Revenues to the government are expected to go up. The government will decide who will pay the increase in petroleum products prices if this happens.”
In the same vein, an oil and gas expert, Dr Ayodele Oni, said only subsidy could prevent Nigerians from paying higher prices for petrol.
“The likely consequence is an increase in crude oil prices and without some subsidy, pump prices will increase correspondingly with increasing crude prices,” he said.
Analysts believe that OPEC’s Middle Eastern producers like Saudi Arabia and the United Arab Emirates (UAE) have enough spare capacity to offset potential losses of supply from fellow member Iran.
They, however, noted that if the conflict escalates to Iranian proxies targeting oil infrastructure in Iran’s Middle Eastern neighbours, or if Iran moves to block or restrict oil cargo traffic in the Strait of Hormuz, oil prices could spike to triple digits and record highs.
400,000bpd for Dangote as naira-for-crude deal begins
Meanwhile, a report by Bloomberg said the federal government was set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote Refinery under its naira-for-crude deal.
[DailyTrust]
More...
Former Rivers State governorship candidate of the All Progressives Congress, APC, in the 2023 election, Tonye Cole has weighed in on the ongoing political crisis in the state.
Cole said peace cannot return to the oil-rich state unless four prominent personalities in the state sit together to resolve the crisis.
He stated this on Tuesday while speaking on Arise Television’s Morning Show programme.
The statement comes amidst ongoing political crisis in Rivers State following the last Saturday’s local government election
According to him, President Bola Tinubu can superintend the meeting if he really wants peace to Rivers State.
He said: “I have already said some actors need to be on the table. There are four of them who must sit down at a table and decide that Rivers State is more important than personal interest and agenda. Till then we are not going to have peace.
“His Excellency ex-Governor Peter Odili, who is the father of this political dynamics, must sit at the table. His Excellency Rotimi Amaechi must sit at that table. Then Nyesom Wike, and Siminalayi Fubara must sit at that table.
“The President can superintend this if he really wants peace in Rivers State. And a decision must be made that this is how are going to be moving forward.
“Until that is done, as soon as Fubara’s time is about to end, you will see an all out war.”
[DailyTrust]
Senator Natasha Akpoti-Uduaghan has added her voice to the growing concerns over the escalating crisis in Rivers, calling on President Bola Tinubu to resolve the feud between the FCT Minister, Nyesom Wike and Governor Siminalayi Fubara.
She equally urged the President to ensure the Minister focuses on his work in the FCT and allow his successor to govern the state as mandated by the constitution.
The crisis, according to a statement by her media aide, Israel Arogbonlo, in Abuja, has been characterised by violence, intimidation, and alleged electoral malpractices, threatening the peace and stability of the region and the country at large.
Senator Akpoti-Uduaghan emphasised the need for presidential intervention to Protect citizens’ lives and properties, ensure neutrality of state institutions to promote peace and justice, and prevent further escalation of the crisis.
“The situation in Rivers demands urgent attention, and I implore Mr President to take decisive action to prevent further escalation.
“We cannot afford to watch as the crisis deepens, threatening the stability of the region. President Tinubu’s leadership is crucial in resolving this impasse.
“If left unchecked, the crisis may undermine Nigeria’s democratic progress, embolden perpetrators of violence and electoral malpractices, and threaten national security and stability,” Senator Akpoti-Uduaghan stated.
The Nigerian Communications Commission has withdrawn its recently issued press statement regarding the operations of Starlink, a satellite internet service provider.
In a brief message addressed to media outlets on Tuesday, the NCC acknowledged that the statement was released in error, urging editors and journalists to retract any related publications.
“Kindly note that this press statement on Starlink was issued in error. It is hereby WITHDRAWN. If already published, kindly BRING DOWN,” the message, signed by the NCC’s Manager of Media Relations, Kunle Azeez, stated.
The commission’s Director of Public Affairs, Reuben Muoka, had announced plans to take enforcement measures against Starlink, for raising its subscription prices in Nigeria without the regulator’s approval.
In a message sent to its customers last week, Starlink said the price hike would affect both existing and new customers.
The monthly subscription fee was increased by 97%, from N38,000 to N75,000.
Additionally, new users will face a higher cost for the Starlink kit (the hardware needed for installation), which is now priced at N590,000, up 34% from the previous price of N440,000.
However, the NCC stated that it had not approved the price increase.
“The decision by Starlink to unilaterally review its subscription packages upwards did not receive the approval of the Nigerian Communications Commission,” Muoka said.
He explained that the commission was “surprised” when the company announced the price changes, despite having filed a request with the NCC for a price adjustment, which the regulator had yet to approve.
[Punch]
….Proposes audit of LG workers, retirees
….Wants embargo on employment for a year
The Organised Labour comprising the Nigeria Union of Local Government Employees, NULGE, Nigeria Union of Teachers, NUT, and Nigerian Union of Pensioners, NUP, has proposed a staff redistribution, placement and auditing exercise, to ascertain the actual numbers of local government workers, primary school teachers and pensioners in all the 774 local government areas nationwide.
Under the Joint Action Committee, JAC, of Local government-based unions they also recommended an embargo on recruitment of new staff into local government including teachers for one year from the date of the Supreme Court Judgment on direct payment to ensure stability and consideration.
These are parts of the recommendations JAC aimed at effective operations of local government during the direct remittance of federal allocation following the recent Supreme Court granting of financial autonomy to the local governments.
The President of NUT, Titus Amba, President-General of NULGE, Ambali Akeem, and President of NUP, Godwin Abumisi, in seven-point recommendations, noted that “For a hitch-free take off of the direct payment system JAC recommends that there should be staff redistribution, placement and auditing exercise to ascertain the actual numbers of Local Government workers, primary schools teachers and pensioners.
“Recruitment of new staff into Local Government and teaching should be suspended for one year from the date of the Supreme Court Judgment on direct payment to ensure stability and consideration. This will enable Local Government to focus on developmental projects and real service delivery”.
Among other recommendations, the JAC equally advocated the “restructuring of supervisory institutions controlling and supervising Local Government workers. These agencies are to be restructured by way of expanding their statutory members to include chairmen of local government; heads of local government based unions and other relevant stakeholders for quality control and inclusivity.”
For the Local Government Service Commission, JAC proposed for statutory membership to include: a representative of the Association of Local Government of Nigeria, ALGON, and a representative of NULGE, while for the State Universal Basic Education Board, SUBEB, statutory membership should include a representative of ALGON and representative of NUT.
Similarly, Local Government Staff Pension Board statutory membership should include representatives of ALGON, NUP, NULGE and NUT, while Primary Health Care Agency statutory membership should representatives of ALGON and health practitioners from the local government
According to the recommendations, “Due to the huge deficit in infrastructural development and lack of capacity for service delivery in many local governments nationwide, JAC recommends that Federal Government should intervene in the procurement of machines and equipment such as tractors, graders, bulldozers, refuse disposal vans (tipper lorries), septic evacuation van, public address system van and supply of materials and equipment for the vocational skill acquisition centres. Funds for the procurement of these materials should be deducted from Local Government allocation overtime on an instalment basis.
“The peace and security committee of the local government should be reorganized for indexing, registration, kitting and intelligence gathering, policing and regular bi-monthly meetings coordinated and funded by the local government.
“For worker’s welfare and industrial harmony, training and capacity building and sustainability of industrial stability in the Local Government system, the following payments should be made the first line of charge and domiciled at the relevant agencies.
“Gross salary of local government workers should be domiciled with the Local Government Service Commission. Two per cent of the total LG allocation for Local Government Service Commission running grants and Local Government Training should be domiciled with the Local Government Service Commission. The gross salary of primary school teachers should be domiciled with SUBES. 1.5 per cent of total LGA allocation for SUBEB running grants should be domiciled with SUBEB
“25 per cent of the gross salary of teachers and local government workers should be deducted from LG allocation for the payment of pension and gratuity and should be domiciled with local government staff Pension Board. Five per cent grant for traditional council should be deducted and remitted into traditional council accounts.”
Also, JAC proposed the “strengthening of the Federal Ministry of Special Duties and Inter-Governmental Affairs as a Supervisory Ministry This is for policy formulation, coordination, implementation and supervision. To also coordinate reforms in the Local Government through the quarterly summit to review government economic policy on Local Government Scheme of Service every five years to enhance productivity and policy assurance at the local government level.”
[Vanguard]