The Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo has stated that the first year of President Bola Tinubu’s administration can be described as a period of progress and development.

The group claimed that during the administration of former president, Muhammadu Buhari, the South-East region faced deliberate economic suppression, leading to strife and insecurity.

 

They, however, noted that Tinubu’s regime has fostered hope in the southeast.

Speaking further, Ohanaeze stated that the Minister of Works, David Umahi, is the best performing Minister in the Federal Executive Council.

 

They also commended two others, Minister of the Federal Capital Territory (FCT), Nyesom Wike, and Minister of Interior, Olubunmi Tunji-Ojo, and Presidential aide, Bayo Onanuga, for being the pillars of President Bola Tinubu’s administration.

In a statement issued on Tuesday, Ohanaeze’s factional secretary-general, Okechukwu Isiguzoro, said that despite inherited challenges such as a retrogressive economy, treasury looting, and infrastructural decay, Tinubu has demonstrated the political will to overcome these obstacles more effectively than in the previous eight years of Buhari.

The statement reads in part: “During Buhari’s tenure, the South-East region faced deliberate economic suppression, leading to strife and insecurity. In contrast, President Tinubu’s administration has fostered hope and progress in the South East through initiatives like the ongoing road reconstruction and rehabilitation projects led by Engr. David Umahi and fostering economic activity and inclusivity.

 

“Ohanaeze Ndigbo unequivocally declares Engr. David Umahi the Best Performing Minister in the Federal Executive Council due to his diligence, dedication, and innovative ideas that have reshaped the region’s narrative.

“The organisation also commends Minister Nyesom Wike for his visionary leadership, Minister Tunji-Ojo for his reformative efforts, and Presidential aide Bayo Ononuga for his invaluable contribution to promoting President Tinubu’s vision.

“As the administration addresses challenges like insecurity and economic issues in the South East, Ohanaeze Ndigbo calls on President Tinubu to halt property demolitions in Lagos, release Nnamdi Kanu, enhance trade policies, and reopen the Calabar seaport to stimulate economic growth further.

 
 

“The organisation also advocates for the removal of underperforming ministers to drive progress and efficiency. Ohanaeze Ndigbo affirms its commitment to partnering with the government and urges opposition leaders to join hands with President Tinubu to rebuild the nation for prosperity and progress.”

… More Needs To Be Done To Achieve Monetary Policy Target- Muda Yusuf

 

Muhammed, a civil servant at the Ministry of Agriculture almost lost his temper after buying 25 pieces of pepper for N1000 after the sellers refused to sell N500 tomato to him.

Dona who sells auto spareparts in Gudu market, Abuja has been frustrated by exchange rate depreciation. The importer has struggled with his spareparts business since the naira fell to over N1,700 per dollar in February 2024.

These testimonies explain how the ‘Renewed Hope’ monetary policy of the Central Bank of Nigeria has failed to bring down inflation and stabilize the naira despite several policy initiatives.

The Bola Ahmed Tinubu-led administration inherited a central bank that applied an unorthodox monetary policy approach in the discharge of its mandate.

In his ‘Renewed Hope’ Manifesto released months before the 2023 presidential election, Tinubu told supporters that monetary policy must focus on the exchange rate, interest rate and price levels.

For him, the trio must serve the objective of fiscal policy, which is broadly shared prosperity.

Tinubu’s Promise To Stabilise Exchange Rate And Deal With Inflation

In order to undo the mistakes of the past government, Tinubu in his Renewed Hope Agenda highlighted some of the issues leading to the depreciation of the naira including, low crude oil production and the multiple exchange rate windows which gave rise to financial dislocation, currency speculation and arbitrage.

“To ensure that exchange rate policy harmonises with our goals of optimal growth and job creation driven by industrial, agricultural and infrastructural expansion, we will work with the Central Bank and the financial sector to carefully review and better optimise the exchange rate regime. Our economic policies shall be guided by our desire for a stronger, more stable Naira founded upon a vibrant and productive real economy,” part of the manifesto reads.

On tackling inflationary pressure, Tinubu said his team would assess the sources and causes of inflation and deploy the right mix of fiscal and monetary policy tools to contain it; instead of copying the policies and practices of economies from other countries.

 

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The manifesto reads, “To impose the usual anti-inflation medicine of higher interest rates and tighter money-supply will only weaken the patient. The answer to supply-driven inflation is not to suppress normal aggregate demand levels. The better solution is to find ways to increase production and supply. To suppress demand will result in the overall loss of economic activity and jobs.

“Worse, since the inflation is grounded in supply-side issues, placing this weight on the demand side will do little to answer the root causes of current inflation. In short, we punish the national economy and the people without deriving any meaningful benefit.”

Naira Devalues By 221% While Inflation Rises To 33.6% One Year After

Two weeks after the administration took over, the CBN on June 14 introduced the ‘willing buyer, willing seller’ model and harmonized the different foreign exchange markets into the Nigerian Foreign Exchange Market (NAFEM) window.

Before the CBN took the decision, the naira was trading at an average of N460.72 in May. The currency moved to N589 on June 24, N770.88 in July, N783.17 in November 2023.

 

However, the CBN has achieved success in narrowing the gap between the official and black market rates. In May when the naira traded officially at N460.72, the black market rate was N780 effectively allowing speculators to enjoy an arbitrage of N319 per dollar.

As of May 24, 2024, the black market rate was N1,510 against N1,481.1 traded officially.

Inflation has constantly risen since the government assumed office in May last year. The National Bureau of Statistics (NBS) measured inflation at 24.41 per cent in May 2023 but surged to 33.6 per cent as of April 2024.

The Olayemi Cardoso-led CBN has consistently increased the Monetary Policy Rate (MPR) to combat inflation.

The administration met MPR at 18.5 per cent but the CBN increased it to 22.75 per cent on July 25. At the meeting of the Monetary Policy Committee in February 2024, the bank further raised MPR to 22.75 per cent; adjust the asymmetric corridor to+ I 00/-700 basis points around the MPR and raise the Cash Reserve Ratio from 32.5 per cent to 45.00 per cent.

In March, the MPR was raised to 24.75 per cent and in May, the bank also hiked the rate to 26.25 per cent.

This approach is in contrast with the manifesto that condemns increasing “interest rates and tighter money supply” as a “usual anti-inflation medicine.”

More Needs To Be Done To Achieve Monetary Policy Target- Muda Yusuf

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf told THE WHISTLER that more needs to be done regarding the approach to monetary policy.

The CPPE boos said, “With respect to issues around interest rates, Customs Duties exchange rate and issues around the volatility in the foreign exchange market, I think the current administration needs to do a lot more in that area because you cannot have an exchange rate that should be swinging almost on daily basis. You can not also have a Customs Duties rate that is also changing almost on a daily basis.

“That is not good, and we should also define the limits of tightening monetary policy because interest rate is getting to a point that nobody can do business with bank funds. We are talking about 30-35 per cent interest rate.What business are you going to do with that. It is not a perfect situation, but I believe some progress has been made.”

However, the former Lagos Chamber of Commerce and Industry DG said that a lot has been achieved compared to past CBN regime led by Godwin Emefiele.

According to Yusuf, the CBN under the previous administration, had a “terribly dysfunctional” foreign exchange market where there was corruption, round-tripping, and a lot of opaqueness in the way that the market was managed.

Yusuf said, “From all the audit reports, we can see the kind of atrocities that were committed under that regime. Under the current dispensation, at least you have more transparency, you have a minimum round-tripping because the gap between the official and parallel market rate have narrowed significantly and the market is beginning to generate more revenue from government.

“We are seeing better governance and stakeholder engagement by the central bank. We are not seeing the kind of reckless use of ways and means financing that we had under Emefiele, which was a gross violation of the CBN Act.”

The National Drug Law Enforcement Agency, NDLEA, has arrested a couple heading a cocaine trafficking cartel, Bolanle Lookman Dauda and Olayinka Toheebat Daudah in Lagos and Ogun states.

They were apprehended with multi-billion-naira worth of the illicit drug recovered in two major operations following the arrest of the kingpin and his queen in one of the intelligence-led raids.

In a statement released, the NDLEA spokesperson, Femi Babafemi, said the duo were arrested on Saturday 25th May 2024 by operatives of a special operation unit in NDLEA with the support of the Drug Enforcement Administration of the United States at Ibiye, along Lagos-Badagry expressway while attempting to cross the land border to deliver the consignment in Ghana. 



‘’At the point of their arrest, 42 blocks of the Class A drug weighing 47.5 kilograms were found on them. A swift follow-up operation in their residence at Plot 24/25 OPIC extension, Petedo road, Agbara, Ogun state, led to the recovery of an additional eight blocks of the same drug weighing 10kg, bringing the total weight of the cocaine seized from the couple to 57.5 kilograms. ‘’ Babafemi said.

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He stated that in another raid by the special operation unit, no fewer than 1,100 ampoules of lethal synthetic opioid, fentanyl, weighing 6.48kg were recovered from a member of a drug trafficking syndicate, 34-year-old Ikeh Stanley Ifeanyi at the popular Idumota market in Lagos Island.

‘'No less than 790 ampoules of the dangerous opioid weighing 5.273kg were equally seized from another member of the fentanyl syndicate, 48-year-old Chieze Ogechukwu Benjamin who was also arrested at Idumota market. Fentanyl, a lethal synthetic opioid, which is 100 times more potent than heroin is currently responsible for over 70% of overdose deaths as well as a major contributor to fatal and nonfatal overdoses in the US.

Two other persons: Olayiwola Aremu Kazeem, 37, and Ogunfowora Taofik Ajibola, 35, were arrested on Lagos Island in a different raid by NDLEA officers with 432 grams of methamphetamine recovered from them.''

arrest
 

Babafemi added that at the Tincan port in Lagos, NDLEA operatives on Saturday 25th May intercepted 15 parcels of Loud, a synthetic strain of cannabis weighing 7.5kg concealed in the doors and body crevices of a Toyota Highlander SUV in a container marked MSMU 7294325. The container declared as containing three units of used vehicles including the Toyota Highlander originated from Toronto and shipped to Nigeria via Montreal, Canada.

arrest

He said a swift follow-up operation led to the arrest of two suspects: Sunday Sodade and Oriyomi Adesina, who were to receive the vehicle and the drug consignment. A bribe of six million naira offered to the NDLEA officers by the sender of the container based in Canada through his agent has also been registered as an exhibit for the prosecution of the case.

Reacting to the arrest of the drug kingpins and the seizure of the dangerous illicit drugs, the Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Retd) commended the officers and men of the special operation unit for their resilience in targeting and taking down drug cartels and barons. He equally praised the result-oriented collaboration between NDLEA and its local and international partners, urging all commands and formations of the Agency to remain unrelenting in their offensive action against the drug underworld.

Minister Of Agriculture and Food Security has blamed the rising cost of tomato products across Nigeria on an infestation of tomato farms known as Tomato Ebola or Tomato Leaf Miner.

He disclosed this on Monday through his official social media account.

Kyari was reacting to the astronomical rise in the prices of tomatoes in Nigeria.

DAILY POST reports that the average price of one kilogram of tomato rose by 131.58 per cent yearly to N1,123.41 in April 2024 from N485.10 in April 2023.

However, Kyari said the infestation in tomato farms has reduced product availability and price hikes.

“Many of our tomato farms have been affected by a severe infestation known as Tomato Ebola or Tomato Leaf Miner.

“This has drastically reduced the availability of tomatoes and contributed to rising costs.

“Our ministry is taking immediate action to combat this issue. We are deploying agricultural experts to affected areas to contain and eliminate the infestation.

“Additionally, we are supporting our farmers with the necessary resources and guidance to recover their crops as quickly as possible, just as we instituted the Ginger Blight Control Taskforce.

“We understand the impact this has on your daily lives and are working tirelessly to resolve the situation and restore the supply of affordable tomatoes”, he wrote.

Meanwhile, Nigeria’s food inflation surged to a record high in April.

Data from the National Bureau of Statistics showed that food and headline inflation increased to 33.69 per cent and 40.53 per cent in April 2024, respectively.

Four teams from Nigeria have secured two grand prizes and two first prizes at the Huawei ICT Competition 2023-2024 Global Final held in Shenzhen, China, on May 26.

At the competition designed to help students enhance their ICT knowledge and practical skills, the Nigerian teams emerged as part of 19 teams from nine countries that won the Grand Prizes of the Practice and Innovation Competitions.

This 8th edition of the Huawei ICT Competition, themed “Connection, Glory and Future,” attracted more than 170,000 students from over 2,000 universities and colleges across more than 80 countries and regions, making it the largest offline competition since its launch.

More than 160 teams, consisting of over 470 contestants from 49 different countries and regions, made it through national and regional competitions to reach this year’s global final.

The Nigeria team, comprising four students from the University of Ibadan – Rufus Olusoji Adisa, Tolani Adekunle Adisa, Chibueze Emmanuel Ibekwe, and Lawrence Chukwuemeka, won the grand prize in the Computing Track category.

In the Cloud Track category, another Nigeria team also from the University of Ibadan won the grand prize. The students include Lukman Oyeniyi Abdulyekeen, Sodiq Babawale, and Temiloluwa Oloye.

Two teams from the Federal University of Technology, Minna, also won first prizes in the Network Track category. Students in Team 1 include Knimi Bakna Musa, Kaosar Salaudeen Ahmad, Taiye Ayantola, and Oluwagbemiga Victor Ogundele, while Team 2 consists of Justus Ilegieuno, Yusuf Olanrewaju Toye, and Jamiu Damilare Dahunsi.

The Nigerian students beat thousands of competitors at the national level competition, testing a range of practical and theoretical digital skills, and represented Nigeria at the regional level contest where they qualified for the finals in China.

Speaking at the event, the President of Huawei’s ICT Strategy and Business Development Department, Ritchie Peng, described ICT as the cornerstone of the intelligent world.

“ICT is the cornerstone of the intelligent world. Through the Huawei ICT Competition, we aim to provide students with a global platform to compete and exchange ideas.”

Popular singer Tiwa Savage recalled that when she returned to Nigeria from the United Kingdom to pursue her musical career, she was prevented from performing at concerts because her outfits were considered “too risqué.”

She revealed that some of her earlier music videos were not aired due to being deemed indecent.

The ‘Koroba’ hitmaker disclosed this in a recent interview with BET.

Savage said, “When I first moved back, I would turn up at a show and they would say I can’t perform because my outfit was too risqué.

“It was a cultural issue. Even some of my first music videos were not played on the television because they were considered indecent. I wasn’t even wearing bikinis.

“Despite the setbacks, I was still stubborn. My dresses were getting more revealing. It was just getting worse. They were bashing me online.

“It was funny because the females were secretly falling in love with me and my style. They couldn’t deny it. My fanbase, my followers, was growing. So they had to put me on shows and play my music because there was a demand for it.”

Tiwa Salvage recently revealed the inspiration behind her newly unveiled movie, “Water & Garri”.

Salvage said she got the movie idea while she was drunk.

She stated this during the pre-launch press conference at Livespot Entertainment.

The award-winning Afrobeat superstar Tiwa Savage said, “I said this before, this is an idea I had in my head when I was drunk in my room and when I brought the idea to my amazing team, they didn’t make me feel stupid. They just said this is a brilliant idea.”

Last modified on Tuesday, 28 May 2024 14:28

Nollywood actress, Regina Daniels and her husband, Senator Ned Nwoko, have marked their 5th wedding anniversary.
Taking to her Instagram page to celebrate their wedding anniversary, the actress noted that it has been a “remarkable 5 years of marital bliss with so much to show for it.”

She prayed God to grant them many more years to “celebrate in love, peace, care and respect.”

Sharing a cosy video of herself and her husband, she wrote, “Happy 5th anniversary my love. It had indeed been a remarkable 5 years of marital bliss with so much to show for it. We give all glory to God and pray for many more years to celebrate in love, peace, care and respect. 

“Our home is indeed blessed.”

Despite a significant age gap, Ned Nwoko tied the knot with Regina Daniels in May 2019 in Delta State.

The couple welcomed two children into the world between 2019 and 2023.

The Leader Of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, on Tuesday released fresh prophecies regarding the Chairman of the All Progressives Congress, APC, Abdullahi Ganduje; the People Democratic Party, Umar Damagum; Labour Party, Julius Abur; and the New Nigerian Peoples Party.

Primate Ayodele disclosed that Ganduje will not be appreciated and will soon be replaced.

He warned that his time is up, adding that there will be a series of issues within the party’s secretariat.

 

In a statement by his media aide, Oluwatsin Osho, Ayodele said: “Ganduje will not be appreciated; there will be problems between him and other party members. He should watch his back, they want to stab him, somebody is about to take his place and let them be careful so that there won’t be any crisis or unexpected gunshot inside the secretariat. The time of Ganduje and his executives is up, someone is coming to take over.”

In the Labour Party, Primate Ayodele revealed that the factional leaders, Lamidi Apapa and Julius Abure, will fight and break the party if care is not taken.

He made it known that the party will face a serious political crisis that will cause division and that even Peter Obi will not be able to resolve it.

“Apapa is ready to fight Julius Abure to the last, and if care isn’t taken, they will both break the Labour Party and make it irrelevant in the next election. There will be so many crises that will make the party fail. The Labour Party should wake up so that they won’t create problems.

“The party will face an unusual and unexpected political crisis that will cause division in the party and even Peter Obi’s influence will not stop what is coming up in the Labour party. There will be various corruption issues among their party leaders, and they will be confused. The party’s image will be dent before 2027. There will be great division and if at all they change the chairman, there will be issues,” he said.

In NNPP, he warned the party of impending political issues that will threaten the existence of the party.

The prophet revealed that there will be an attempt to hijack the party from Rabiu Kwankwaso.

‘’NNPP issue will turn to something else, there will be so many political issues to contend with though the party may not spread, they will not be able to win other states but there will be multiple challenges. They will fight heavily among themselves. The party will have a series of divisions and there will be financial scandals in the party. There will be moves to hijack the party from Kwankwaso but it will be difficult,” he said.

In PDP, Primate Ayodele stated that the next chairman of the party will be an enemy if the leaders do not do the right thing.

“PDP leadership will be in shambles, the present chairman will be removed, and if care isn’t taken, the enemy of the party will become the next party chairman. If they are not doing the needful now, PDP will be in shambles. The party must put its house in order so as to face the task ahead,” he added.

A group of lawyers from Northern Nigeria, known as the Northern Lawyers’ Forum, is demanding the reversal of Emir Muhammad Sanusi II’s reinstatement. They issued a 48-hour ultimatum to Kano State Governor Abba Yusuf, calling the reinstatement “unconstitutional” and a violation of Kano Emirate traditions.

Barr Umar Sadiq Abubakar, Director General of the Forum, argued that Sanusi’s initial removal followed established laws and traditions. He further accused Governor Yusuf of disrespecting the judiciary by defying a Federal High Court order that restrained him from reinstating Sanusi. He claimed that the Kano State High Court injunction used to justify the reinstatement was an affront to the Federal High Court’s authority and a dangerous legal precedent.

 
 

“You will recall that prior to the reinstatement of deposed Muhammad Sanusi II as Emir of Kano, a Federal High Court granted an order restraining the Governor of Kano state and every other party concerned from reinstating Mohammed Sanusi ii as Emir of Kano, but the executive governor of the state, H.E Abba k. Yusuf, in breach of the court order went ahead to reinstate Mohammed Sanusi ii as Emir of Kano state.

“We know that the judiciary is conservative and therefore look up to the bar to speak for it. As an organization of young lawyers who are irrevocably dedicated to an independent and free judiciary whose injunctions, judgements and orders must be enforced and obeyed, we are perturbed that a sitting governor who swore to protect our laws and constitution will flagrantly disregard a valid court order and engage in illegal actions that are capable of desecrating the hallowed temple of justice.

“We will not allow this to happen unchallenged. The age-long principle of constitutionalism is very clear that no man is above the law. The governor of Kano state, irrespective of how highly placed, is not an exception.”

A former member of the House of Representatives Tajudeen Yusuf has dismissed the possibility of a merger between the presidential candidate of the Labour Party (LP) in the 2023, Peter Obi and his Peoples Democratic Party (PDP) counterpart, Atiku Abubakar.

Yusuf spoke in an interview with Channels Television’s Politics Today on Monday.

 

Recall that talks of a merger between Obi and Atiku became public conversation following a meeting between the two politicians a few weeks ago.

 

Obi was Atiku’s running mate in the 2019 presidential election under the PDP before the former joined LP in the leadup to the 2023 poll.

 

Speaking on the proposed merger, Tajudeen said he does not see both Obi and Atiku working together in 2027.

He said, “They have worked together before in 2019. It would not be out of place if they work together again. I am not in their minds but I don’t see the possibility.”

According to Yusuf, Atiku’s comment after the meeting and other roadblocks make an alliance between the duo a herculean task.

Yusuf said, “They met a few days ago and after the meeting, Alhaji Atiku Abubakar came out to say he will continue to contest as long as he’s alive and healthy.

“To me, that was to send a signal to those, especially the media, who were running with the notion that Alhaji Atiku Abubakar might step down and shelve his political ambition for Peter. But the follow-up statement a week later clarified that.”

Yusuf said both men may contest the poll in 2027 which makes talks of a merger difficult.