Naira slumps to new low of N1,043.09/$ in official market, raising anxieties ahead of new year
AdminThe Nigerian Naira reached a new low on Thursday, December 28th, 2023, closing at N1,043.09 per dollar in the official market.
This represents a significant depreciation of 16.35% compared to its previous closing rate, marking a concerning trend just three days before 2024.
This marks the second time the Naira has crossed the N1,000/$ threshold, signifying a significant depreciation and raising concerns about its impact on the economy.
The first time the Naira crossed the N1,000/$ threshold was on Friday, December 8th, 2023, when it reached a new historical low of N1,099.05 per dollar in the official market.
This development represents a major turning point in the history of the Naira.
Despite recent efforts by the Central Bank of Nigeria to bolster the foreign exchange market, the Naira’s downward trajectory continues, raising concerns over its impact on the upcoming New Year, traditionally characterized by increased consumer spending and reliance on imported goods.
This development is likely to aggravate existing inflationary pressures and further strain household budgets, particularly for those reliant on imported goods.
The implications for businesses, both large and small, are also significant, with potential increases in production costs and challenges in maintaining profitability.
The domestic currency depreciated by 16.35% to close at N1,043.09 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
- This represents an N170.5 loss or a 16.35% decline in the local currency compared to the N872.59 it closed on Wednesday.
- The intraday high recorded was N1235.65/$1, while the intraday low was N720/$1, representing a wide spread of N515.65/$1.
- According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $83.63 million, representing a 34.63% decrease compared to the previous day.
- However, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 1.07%, quoted at N1220/$1, while peer-to-peer traders quoted around N1202.66/$1.
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of letters of credit from 24 hours to five working days as the country continues to struggle with foreign exchange scarcity.
In the approved 2020 service charter of the CBN, the timeline for the issuance and management of letters of credit was 24 hours.
However, the newly approved 2023 service charter shows that the timeline is now five working days.
Also, Nairametrics observed that the CBN extended the timeline for the registration of Form M and NXP from 24 hours to two working days.
Earlier in June 2023, the CBN announced the unification of all segments of the forex market, collapsing all windows into a single official window for FX transactions.
Although this was part of an effort to drive liquidity and stability in the forex market in Nigeria, it appears to have had a counter-effect, as it triggered further instability in the market.
Nairametric reported that the naira lost nearly a fifth of its value as it traded at N951.2/$ on the official Investor and Exporter forex window on Wednesday.
This has affected local and international trade, especially the import of goods and services in the country, with reports stating that foreign suppliers have started rejecting letters of credit from Nigerian businesses.
For the importation of visible goods, a letter of credit is a mode of payment.
As requested by the customer, the bank promises in writing to pay the exporter a certain sum within a certain time frame in return for goods, as long as the customer provides the bank with the proper paperwork.
Also, to import goods denominated in foreign currency into Nigeria through the CBN Single window, all importers are required by law to fill out Form M.
All exporters are required by law to fill out the Nigeria Export Proceed Form (NXP) before sending goods outside of the country.
The current forex crisis in the country likely triggered the increase in the timelines for letters of credits, Forms M and NXP in the newly approved service charter by the Governor of the CBN, Yemi Cardoso.
According to a statement from the CBN, the service charter is a prerequisite of the Business Facilitation Act 2022 that is meant to drive the ease of doing business in Nigeria.
It enables the CBN to comply with SERVICOM’s directions on improving customer service delivery.
Expert reaction
Amid the rising free fall of the Naira both at the official Nigerian Foreign Exchange Market (NAFEM) and the unofficial market, financial experts had called on the Central Bank of Nigeria (CBN), to de-dollarise the economy by declaring any local transactions in the US dollars illegal.
Speaking on strategies that can be used for the naira to regain strength, the founder and chief consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, said the CBN should stop government agencies from charging local operators and entities in US dollars.
According to him, the sale of crude oil to local refineries should also be made in Naira rather than in US dollars.
- Adedipe said: “CBN should deal transparently with participating banks at the I&E Window. De-dollarize the economy by declaring as illegal any local transactions in US dollars (sale of assets, rent/leases, and other services, including school fees and medical bills) and ensure that government agencies stop charging local operators and entities in US dollars (quite common in the maritime sector).
- “Other suggestions include the need to ensure that the sale of crude oil to local refineries should be made in Naira rather than dollars. “
- “President Bola Tinubu should have a direct engagement with bank CEOs to generate ideas and use moral suasion to enlist their support for the market reforms. Face the reality that unified exchange rates (not any different than floating the Naira) is a poor policy choice for a structurally defective and weak economy like ours,” he added.
[Nairametrics]
BUA Chairman Abdul-Samad Rabiu on Thursday promised that his company would sell a bag of cement at N3500 in 2024, as earlier promised.
After meeting with President Bola Tinubu in Lagos on Thursday, he assured his firm targets about 6 million tonnes of cement annually.
” I have given a promise, and we intend to keep that promise.”
Rabiu disclosed that President Tinubu will commission its cement plant in Sokoto at any moment.
He, however, insisted that he intended to keep that promise: “We intend to keep the price of cement as we promised. And as we all know, our volumes will be about 6 million tonnes per annum combined.”
He disclosed that the volumes will positively impact the nation’s cement supplies.
BusinessDay check, however, reveals that the product currently sells at between N5000 and N5200 per bag
But the BUA Chairman, who had earlier assured Nigerians that the company would crash the price in 2024, insisted that the company is working hard to meet the target.
” I am going to maintain the price that we promised Nigerians. We’re having some issues here and there, but these are issues that I believe, you know, we can address and we are addressing them. But we intend to keep that promise that we made to Nigeria and to Nigerians.
” You know the price that we have set will be 3,500 Naira per bag.
” You know x factory, of course, plus VAT, and then delivered to customers depending on the region, because as you know, our factories are in Edo state, the other in Sokoto state.
“So, for example, if you want us to deliver cement to you from Sokoto, say, to Lagos or Adamawa or to any destination, the distance is quite far. So, depending on the distance and the location. You know the price changes, but we intend to keep that promise.
” The important thing is to ensure that we maintain an affordable price number one that Nigerians will get. So, we are working on that, and I’m sure we’ll be able to achieve that.”
The Chairman of the All Progressive Congress, APC, Abdullahi Ganduje, who also spoke with State House Journalists after meeting with the President, said the party is working to establish an electronic database for members and the APC Institute of Progressive Studies.
He said, ” We are here to share the joy or the celebrations of Christmas and the joy of the new year 2024.
” Also to condole the President on the death of two political giants, the Governor of Ondo state and also the former speaker, National Assembly Ghali Na’Abba in Abuja, and also to congratulate him for his achievement so far in managing the affairs of this country. So basically, that is why we’re here.
He said Nigerians should expect more from the government of the Federation and the APC as an institution.
” You have seen how we have started forging ahead to increase the coverage of the party in terms of having more states for the party, more members of National Assembly, state assemblies, and we are continuing to do that.
” I believe we have some innovations for the party because now we’re introducing e-registration of our political party, where our members will be electronically registered so that we have a database that we can rely upon, that we can plan that we can be able to expand the party.
* We have in our programme for the establishment of the National Institute of Progressive Studies so that we enlighten our members, even members of the public in Nigeria, on the doctrine of democracy, on the issues of internal democracy, issue of avoiding hate speeches, and also issues of abiding by the rules of the law on election and other processes.
” So, you can see that this institution will work with the government to develop appropriate policies conducive to democracy.”
[Businessday]
The Africa Cup of Nations hosts, Ivory Coast, revealed their 27-man squad for the January 11 to February 11 tournament, incorporating a mix of overseas talents, in an announcement made on Thursday.
Under the management of French coach Jean-Louis Gasset, Ivory Coast’s squad includes Borussia Dortmund striker Sebastien Haller, Monaco defender Wilfried Singo, along with midfielders Ibrahim Sangare from Premier League outfit Nottingham Forest, Seko Fofana from Al Nassr, and Franck Kesslie from Al Ahli.
However, absent from Gasset’s selection are Galatasaray forward Wilfried Zaha and Besiktas defender Eric Bailly.
Drawn in Group A alongside Guinea-Bissau, Nigeria, and Equatorial Guinea, Ivory Coast gears up for the challenge ahead.
Full Squad:
Goalkeepers: Yahia Fofana (Angers/FRA), Charles Folly (Asec Mimosas), Badra Ali (Sekhukhune United/RSA)
Defenders: Serge Aurier (Nottingham Forest/ENG), Willy Boly (Nottingham Forest/ENG), Ismael Diallo (Hajduk Split/CRO), Ousmane Diomandé (Sporting Lisbon/POR), Ghislain Konan (Al-Feiha/KSA), Evans N’dicka (Roma/ITA), Odilon Kossonou (Bayer Leverkusen/GER), Wilfried Singo (Monaco/FRA)
Midfielders: Jean-Thierry Amani Lazare (Union Saint-Gilloise/BEL), Idrissa Doumbia (Alanyaspor/TUR), Seko Fofana (Al Nassr/KSA), Ibrahim Sangaré (Nottingham Forest/ENG), Franck Kessié (Al-Ahli/KSA), Jean-Michael Seri (Hull/ENG)
Forwards: Simon Adingra (Brighton/ENG), Jonathan Bamba (Celta Vigo/ESP), Jérémie Boga (Nice/FRA), Sébastien Haller (Borussia Dortmund/GER), Karim Konaté (RB Salzburg/AUT), Christian Kouamé (Fiorentina/ITA), Jean-Philippe Krasso (Red Star Belgrade/SRB), Max-Alain Gradel (Gaziantep/TUR), Oumar Diakité (Reims/FRA), Nicolas Pépé (Trabzonspor/TUR)
[Leadership]
Summit to promote economic diversification holds next month
Managing Director of Nigerian Export-Import Bank (NEXIM), Abba Bello, has revealed that the cocoa industry is worth $200 billion yearly, out of which the entire West Africa’s producing region, made up of Côte d’Ivoire, Ghana, Cameron and Nigeria, accounts for about 70 -75 per cent of the global output, but yet earns only $10 billion.
Represented by General Manager/Head of Strategy and Corporate Communications, Tayo Omidiji, yesterday at a briefing to announce the International Cocoa and Chocolate Forum (ICCF) 2024 to be held in Abuja on the 9th and Lagos on the 11th of January, the NEXIM boss added that cocoa is a leading non-oil export commodity in Nigeria, noting that during the pre-oil era, the product was indeed a major driver of foreign exchange earnings for the country.
Bello regretted that Nigeria has lost its leading position in the production and export of cocoa over the years, now ranking as fourth producer behind Cote d’Ivoire, Ghana and Indonesia.
His words: “This problem can be attributed mainly to the aged plantations and lack of investment in the sector over the years. However, of more significance is the need for Nigeria to add value to its cocoa exports as a major step towards maximising the benefits of investments in the sector.
“It is instructive to note that the cocoa industry (including beans, cake and chocolate) is worth $200 billion yearly, out of which the entire West Africa’s producing region (made up of Côte d’Ivoire, Ghana, Cameron and Nigeria), which accounts for about 70 -75% of the global output, earns only $10 billionn. To further drive home the point, I would like to make reference to the report by the International Trade Centre (ITC) in 2021. According to the report, Nigeria produced 208 MT of cocoa beans in 2021, but generated a total income of $628 million. However, Germany, which did not produce cocoa, earned a whopping $57.3 billion from export of cocoa products.
“The foregoing underscores the need for all hands to be on deck amongst all stakeholders, including policy makers, researchers, the organised private sector and financial institutions to discuss strategies to crowd in investments and address all the other issues towards achieving the huge potential in the Nigerian cocoa industry.”
Bello said the upcoming summit aligns with the Renewed Hope Agenda of the President Bola Tinubu administration to promote economic diversification, address scarcity of foreign exchange and enhance job creation nationwide.
“The Nigerian Export-Import Bank, being the Export Development Bank of Nigeria, is also partnering in organising this conference for the same reason. This is in keeping with our mandate of developing the external sector of the Nigerian economy and facilitating export trade,” he added.
Speaking on behalf of the organisers, Sola Muhammad, explained that Lagos State Governor, Babajide Sanwo-Olu, is to flag off the Lagos leg of the event, while Minister of Finance and Coordinating Minister of the Economy, Wale Edun, would open the Abuja’s.
He said those expected at the conference include critical stakeholders like the Minister of Agriculture, cocoa farmers, exporters, regulators, researchers and policy makers.
[Guardian]
Former Liverpool striker Dean Saunders has urged Sir Jim Ratcliffe to begin his rule over Manchester United’s football department by ruthlessly offloading 10 players.
The 10 players are Marcus Rashford, Anthony Martial, Luke Shaw, Antony, Diogo Dalot, Raphael Varane, Jonny Evans, Scott McTominay, Aaron Wan-Bissaka and Jadon Sancho.
Saunders believes some of these players are not good enough to play for the Red Devils.
DAILY POST recalls that the chairman of petrochemical conglomerate INEOS last week agreed to a £1.3 billion deal with the Glazer family, giving him a 25 per cent stake in Man United.
It would allow Ratcliffe to take charge of Man United’s football operations.
Speaking on talkSPORT, Saunders said: “Rashford has been there too long. [Anthony] Martial, I will drive him to the airport. Antony, drive him to the airport.
“Luke Shaw has been there too long. [Diogo] Dalot’s not good enough. [Raphael] Varane, he’s a good player, but it’s not worked for him. Ten Hag’s tried to get rid of Varane.
“Jonny Evans is not good enough now, so there’s the back four. [Aaron] Wan-Bissaka, he’s tried to get rid of him. He got rid of Fred. [Scott] McTominay, the manager has obviously shown he doesn’t think he is good enough, but he gets goals.
“He is not good enough to play for Man United, in my opinion. If you play for Man United in midfield, you have got to be one of the best players in the world in midfield. You are not playing for Crystal Palace!”
He added: “I am just thinking off the top of my head. Sancho, Antony, Martial, you are looking at what, £200m or something like that just for them?”
[DailyPost]
Vice President Kashim Shettima has stressed the need for Nigerians in the northern part of the country to unite to end what he described as the heritage of poverty and destitution in the region.
He called on Nigerians to resist any act capable of leading the nation into anarchy, saying people must learn to tolerate one another and live together in peace to enhance development in all parts of the country.
The vice president stated these in Masaka, Nasarawa State, on Thursday while inaugurating the 5km Masaka-Luvu Road in Karu Local Government of the state. He said it’s easy to cause chaos but difficult to bring back peace. He therefore urged Governor Abdullahi Sule to continue maintaining peace in the state.
Shettima stated, “We have to learn to embrace each other, to tolerate one another and for us in Northern Nigeria, we are all united by our heritage of poverty and destitution. I see no reason why we should be fighting one another instead of collectively fighting poverty, destitution and backwardness in our states.”
According to him, President Bola Tinubu is interested in redefining the meaning and concept of modern leadership, adding, “It is for us in Nasarawa to maintain peace and amity and embrace one another for development to reach us.”
He added, “There can never be peace without development and there can never be development without peace. I was in Plateau State on Wednesday to sympathise with the people of Bokkos and Barikin Ladi Local Governments over the sad tragedy that befell us on Christmas eve.
“As Martin Luther King rightly said, ‘we either learn to live together as brothers or we perish together as fools. It is inconsiderable for any community to be an island unto itself.”
“I want to thank the governor’s fundamentally for maintaining that delicate peace balance. There are agents of destruction and purveyors of death, who are trying to inflame passion in most of the volatile parts of the North but we should resist that temptation to plunge us into a state of anarchy.”
He said the President was committed to the provision of infrastructure across the country, adding, “President Bola Ahmed Tinubu has instructed me to convey to the good people of Nasarawa State that his government is poised to address the infrastructural deficit of our society.”
The vice president stressed that by next year, the school feeding programme would take off across the length and breadth of the country.
He added, “It is absolutely essential. This is vitally important and the President has a lot of empathy for those on the lower strata of the society. The President is interested in redefining the meaning and concept of modern leadership. It is for us in Nasarawa to maintain peace and amity, embrace one another for development to reach us.”
Earlier, the governor applauded the vice president for personally accepting to inaugurate the road, adding that it has a lot of history attached to it and that the project was conceived 15 years ago.
He stated, “I want to show great appreciation to Your Excellency because it was only last week that I came to inform you about the historical nature of this road and asked that you come and help us commission it. We had much longer roads and bigger projects but this one is extremely historical because it was indeed the dream of our first civilian governor, Senator Abdullahi Adamu.”
Sule expressed joy that the road was completed during his tenure.
Etsu Karu, Luka Panya Baba, who gave the vote of thanks on behalf of the Nasarawa State Council of Chiefs, commended the state government for the gesture as he promised the full support of his people for the Tinubu-led administration.
Daily Trust reports that dignitaries present at the event included Adamu, who is the immediate past National Chairman of the All Progressives Congress; Senator Ahmed Wadada representing Nasarawa West at the Red Chamber; Justice Sidi Bage Mohammed, the Emir of Lafia and Chairman Nasarawa State Council of Chiefs; Mr Danladi Jatau, Speaker of the Nasarawa State House of Assembly; and members of the state executive council and members of the state House of Assembly.
[DailyTrust]
Afrobeats began to experience widespread mainstream acclaim in the late 2010s. In 2023, the genre enjoyed massive global recognition, with Nigerian artistes gracing the stages of some of the biggest events and occasions across the world.
The success of Afrobeats has given room for Nigerian singers to share their rich musical heritage with the world, fostering cross-cultural connections and appreciation for African music and culture on a global scale. Their electrifying stage presence, collaborations, and participation in international events have been pivotal in propelling Afrobeats to the forefront of the global music scene.
Without further ado, here are the seven highpoints of Afrobeats in 2023:
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Davido
On August 29, Davido thrilled the audience at the 50th Professional Footballers’ Association (PFA) Awards ceremony in Manchester, UK.
The Afrobeats singer’s exhilarating performance drew applause from the audience, including renowned international football stars.
In June, Davido dazzled the crowd with an electrifying performance of his hit songs at the 2023 BET Awards.
At the event which was held at the Microsoft Theatre in Los Angeles, the Nigerian singer delivered an energetic performance of ‘Unavailable’ and ‘Feel’.
In the same month, Davido also performed the hit tracks from his ‘Timeless’ album at the CNN Juneteenth concert.
The Juneteenth concert is an annual event put together by CNN, the prominent US-based multinational news channel, to commemorate the end of slavery in the United States.
Davido became the first African artiste to perform at the concert.
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Rema’s Ballon d’Or performance
On October 30, Rema delivered an exhilarating rendition of his chart-topping track ‘Calm Down’ at the prestigious 2022-23 Ballon d’Or ceremony in Paris.
Presented by France Football magazine, the Ballon d’Or recognises the best footballers in the world.
The feat makes Rema the first Afrobeats artiste to perform at the prestigious Ballon d’Or awards.
In November, the ‘Calm Down’ hitmaker also thrilled concertgoers inside the sold-out 20,000-capacity iconic 02 Arena in London, UK.
At the concert tagged ‘Ravage Uprising’, the singer whose real name is Divine Ikubor, delivered a mix of his stellar collection of songs.
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Burna Boy
In April, Burna Boy dazzled music lovers with his scintillating performance at the 2023 Coachella Valley Music and Arts Festival.
The Grammy-winning singer thrilled the audience with an electrifying performance of hit songs like ‘It’s Plenty,’ ‘Killin Dem,’ and ‘Alone’.
Coachella is one of the largest, most famous, and most profitable music festivals in the United States and the world.
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Tiwa Savage
The songstress thrilled guests at the coronation ceremony of King Charles III on May 7.
At the historic event which was held on the grounds of Windsor Castle, the Afrobeats star dazzled the crowd as she performed ‘Keys To The Kingdom’, her hit song.
Tiwa was clad in a full green-coloured dress to represent her Nigerian heritage at the coronation concert.
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Wizkid’s performance in Saudi
On December 14, Wizkid delivered an electrifying performance of his hit songs at the Soundstorm festival in Riyadh, Saudi Arabia.
The Grammy-winning singer entertained the crowd with an energetic performance of ‘Joro’, ‘Mood’, ‘Pakuromo’, ‘Beat of Life (Samba)’, ‘Ginger’ and ‘Energy (Stay Far Away)’.
Wizkid’s performance serenaded the audience as they sang along with excitement.
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Asake
On September 8, Asake entertained the concertgoers at the sold-out 19000-capacity Barclays Centre, New York, during his ‘Work of Art’ US tour.
Asake delivered a spectacular performance from his impressive bestselling songs off the latest album.
The Nigerian is believed to be the first Afrobeats artiste to headline and sell out the Barclays Centre.
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Tems’ Grammy win
In February, Tems won her first-ever Grammy award.
The Nigerian songstress won the ‘Best Melodic Rap Performance’ category for her role in ‘Wait for U’, the 2022 hit song by Future featuring Drake.
The 2023 Grammy Awards ceremony was held at the Crypto.com Arena in Los Angeles.
[TheCable]
Nigerian executive Emeka Onwuka, who presently serves as the chief financial officer (CFO) of Seplat Energy — Nigeria’s leading energy provider — received a $1.55-million compensation package from the leading energy group in 2022.
For Onwuka, who assumed the role at Seplat Energy in August 2020, his 2022 compensation package signifies a noteworthy 7.78-percent uptick from the preceding year’s $1.4 million, underscoring the progress achieved by the conglomerate during the period under review.
His compensation includes a base salary of $0.72 million, supplemented by a performance-based short-term incentive of $0.47 million. Additionally, he received a long-term incentive of $0.2 million, underscoring his contributions to the success of Seplat Energy.
Seplat CFO Onwuka: A 30-year financial maestro in Sub-Saharan Africa
Seplat Energy, a key player in Nigeria’s energy sector, holds a prominent position as the country’s leading independent energy company. Listed on both the Nigerian Stock Exchange and the London Stock Exchange, Seplat is driving Nigeria’s shift towards sustainable and affordable energy solutions, influencing Africa’s largest economy.
Onwuka, Seplat’s CFO since August 2020, boasts more than 30 years of financial services expertise in Sub-Saharan Africa. Instrumental in the 2018 merger of Access Bank and Diamond Bank, Onwuka held leadership roles at Diamond Bank and Enterprise Bank before joining Seplat, including a partnership at Andersen Tax Nigeria.
Onwuka’s shares in Seplat cement his status as high-value Nigerian Exchange investor
Under Onwuka’s leadership, Seplat Energy witnessed impressive financial growth. Profits surged by 62.96 percent, climbing from $285.19 million in 2021 to $464.74 million in 2022. Total assets increased by 11.82 percent, reaching $3.54 billion from $3.16 billion in 2021. The company’s revenue also soared by 69.91 percent, reaching $951.79 million from $733.19 million.
In addition to his executive role, Onwuka holds a 0.0046-percent stake in Seplat, equivalent to 26,864 shares valued at $0.68 million, aligning his personal interests with the company’s success — this stake makes him one of Nigerian Exchange’s high-value investors.
[https://billionaires.africa/]
THE Central Bank of Nigeria (CBN) has reported a 284.6% increase in the transaction volume of its digital currency, eNaira, for August 2023.
The apex bank which stated this in its Monthly Economic Report for August 2023 also noted that for August, eNaira reached N9.78 billion.
Although the increase in eNaira for the month was substantial, when compared to the Currency-In-Circulation (CIC) it was only 0.37%.
The report said: “There was a substantial increase in the eNaira, which rose by 284.6% to ₦9.78 billion, although the ratio of eNaira to CIC at 0.37%”
The CBN also reported an 11.7% decline in currency-in-circulation for August to reach N2.66 trillion.
The decline in CIC was attributed to a rise in the use of electronic payment methods for business transactions.
[NaijaTimes]
BEING AN ADDRESS BY THE NEWLY SWORN-IN GOVERNOR OF ONDO STATE, HON. LUCKY ORIMISAN AIYEDATIWA HELD AT THE COCOA CONFERENCE CENTRE, OF THE GOVERNOR’S OFFICE ON MONDAY, 27TH DECEMBER, 2023
PROTOCOL
It is with heavy heart that I accept this onerous responsibility of taking over the reins of governance and affairs of our State following the unfortunate loss and passing of our beloved Governor, leader and dear boss, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON.
The death of our Governor is indeed a devastating shock to us all, as we have all been praying earnestly for his quick recovery and subsequent safe return to Ondo State, having embarked on another medical leave on Wednesday, 13th December 2023. Indeed, there is no armour against fate, death lays his icy hand on kings.
Permit me to use this opportunity to condole with the immediate and extended family of Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON, HRM Oba Gbadegesin Ogunoye III, the Olowo of Owo, the people of Owo and indeed the entire people of Ondo State over this monumental loss.
The demise of Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON is indeed a great loss to me as an individual as our relationship dates back to many years ago, having closely worked with him when his gubernatorial journey started in the Year 2012. The loss then did not affect our relationship as we continued to maintain a close political and personal relationship which climaxed in Year 2020 when he graciously picked me as his running mate for his Second Term as Governor of Ondo State.
Governor Akeredolu was a man of courage and conviction who always stood for the truth even to his detriment. I remember vividly when we had a case in court challenging our second-term victory. He still pursued the matter of emplacing a strong security network for the people of the Southwest codenamed ‘Amotekun Corps’. The People of Ondo State and the entire people of the Southwest will be eternally grateful for this bold act which has greatly improved the security architecture in the Region and reduced incidents of kidnapping, banditry and other acts of criminalities to the barest minimum especially in Ondo State. His many legacies in the health sector, infrastructural development, education, and industrial development as symbolised in the Ondo-Linyl Industrial Hub, Ore, his innovation in Ondo State Entrepreneurial Development Agency, his Tech Hub, etc will be difficult to surpass.
The events which culminated in today’s ceremony is a watershed in the history of Ondo State as this is the first time we are having a transition in an administration. Today’s event has placed a burden on all of us to pull together and stay together as one because we have the onerous responsibility to continue to sustain the legacies of Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON, which was good governance, properly called. Our leader and Governor, during his time, embarked upon several landmark projects, many of which have been completed and several ones ongoing. We now have the responsibility to complete them. It is to the credit of Arakunrin Akeredolu, that the State now has a flyover in Ore, while the one in Akure is ongoing. We must acknowledge with pride the wonderful achievements and legacies of Arakunrin Akeredolu. His records of performance are monumental and unprecedented.
I want to assure the people of Ondo State that under my watch, this administration shall continue to advance the welfare of the people. We shall always place the people first in every decision we take. It is my prayer, once more, that God Almighty shall grant the family and the people of Ondo State the fortitude to bear this irreparable loss.
Let me use this opportunity to convey our deep appreciation to Mr. President and Commander-in-Chief of the Federal Republic of Nigeria, His Excellency, Bola Ahmed Tinubu, GCFR, the National Chairman of our party, His Excellency Alhaji Adbullahi Ganduje, the leaders of the party both at the National and State levels, the elders of our State, for providing succour and support to our State at this critical time.
Ladies and gentlemen, I want to urge the people of Ondo State to continue to remember us in their prayers as we continue to emplace good governance in our dear State.
May God continue to bless the people of Ondo State.
[Leadership]
More...
The Speaker of Edo State House of Assembly, Blessing Agbebaku, has explained why 354 million naira was appropriated to the Office of Deputy Governor, Philip Shaibu.
Naija News recalls that in the budget, which was signed into law by Governor Godwin Obaseki on December 15, the Governor’s Office got an allocation of N19 billion, the Secretary to the State Government got N8bn; the House of Assembly got N13bn while the Head of Service got N968 million.
Speaking to journalists on the development in his office on Thursday, the Edo Assembly Speaker said the deputy governor is not expected to carry out too many functions in 2024.
According to him, the deputy governor doesn’t have constitutional functions bestowed on him except those which are allocated to him by the governor.
Agbebaku dismissed rumours that the issue has caused animosity among members of the Assembly.
He also denied that N13bn was allocated to his office but noted that the allocation was to the state House of Assembly.
The Speaker said, “Allocation has been done in a way to reflect the office. However, on this occasion, the governor stated clearly that since the deputy governor had not performed his functions in the outgoing year because of his aspiration, which he recognised to be a huge one and time-consuming, most of his functions were relocated to other offices as the governor has the powers to do so.
“All of us know that the deputy governor doesn’t have constitutional functions bestowed on him except that which are allocated to him by the governor. So, most of those things that the deputy governor used to do, the governor has taken away from him.
“The deputy governor has even complained that he is no longer working. If you are not working, why allocate money to the office?
“The money is not allotted to you as a personal gift, it is given for work. So, if you are not working, naturally the money will not come, and there is no way you can be working effectively when you have an ambition of becoming the governor.
“We are talking about a year where most of it, almost 11 months, will be on electioneering. So, how are you now going to function properly as a deputy governor? In his magnanimity, the governor has said, ‘I don’t want to be a stumbling block to your ambition of becoming the governor of the state.’”
[NaijaNews]
The Corporate Affairs Commission (CAC) has granted an extension for companies to submit their annual returns, allowing for a revised timeline from 1st January to 1st of April 204.
This was disclosed in a statement by the commission on Thursday, 28th December 2023. According to CAC, the extension was granted as a result of glitches on the company’s registration portal (CRP) as well as a deference to the Micro, Small, and Medium Scale Enterprises (MSME) sector.
The CAC recently released a circular, stating their intention to delist 91,843 companies by the month’s end for neglecting to submit their annual returns on the commission’s website.
However, the commission highlighted that the penalties are currently on hold for companies who fall within the bracket of the earlier deadline of January 1, 2023, given that the deadline for submission has been extended to April 1, 2024.
What CAC is saying
In addition, CAC urged companies to take advantage of the window provided by the extension to file their annual returns with the commission.
- “Further to its earlier notice on Thursday, 2nd November 2023 informing the General Public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021 against Companies and each of their Directors or Officers for failures to file annual returns, the Commission hereby extends the commencement date from 1st of January 2024 to 1st of April 2024.
- “This extension has become necessary given the glitches presently experienced on the Company Registration Portal (CRP) and in deference to the appeals from the Micro, Small and Medium Enterprises (MSME) sector.
- “All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission,” the circular reads.
Meanwhile, CAC noted that the deadline does not affect those whose penalty proceedings commenced before the date when the first notice was released.
- “The General Public should please note that this extension of time does not affect the striking-off proceedings commenced by the Commission before the publication of Thursday, 2nd of November 2023,” it added.
Backstory
Earlier in November, the Corporate Affairs Commission (CAC) set to delist 91,843 companies from its register for failing to file their annual returns with it.
In a list published on its website, the commission presented the names of 91,843 companies for delisting.
This was 2,738 less than the 94,581 names of companies it initially published in August.
It is also less than the initial 100,000 companies that CAC said it would remove in an earlier announcement in June.
[Nairmatrics]
Former Premier League star, Clinton Morrison has insisted that William Saliba is just as important to Mikel Arteta’s Arsenal as Declan Rice.
Morrison said that Rice has been outstanding for Arteta’s side but Saliba’s availability will be a decisive factor in their Premier League title race this term.
According to the former Republic of Ireland international, Saliba and Gabriel’s partnership is rock solid but Arsenal could struggle if the French defender suffers an injury setback.
“We spoke about Declan Rice, he has been outstanding. But another player who has been outstanding and they have to keep fit is Saliba,” Morrison said on Soccer Special on Sky Sports.
“Unbelievable. The partnership between him and Gabriel is brilliant.
“That is a protection (from Rice). But if they were to pick an injury to Saliba, then it is a struggle. You are then looking at who could come in.”
[DailyPost]
No fewer than forty persons are feared dead when a tanker truck exploded after it broke down in central Liberia.
The petrol tanker crashed and tipped into a ditch along a road in Totota, about 130 kilometres (80 miles) from the capital Monrovia.
Videos shared online showed residents of the community scooping fuel from the tanker before it exploded. The country’s chief medical officer, Dr Francis Kateh who confirmed the incident to newsmen, said it was difficult to determine the number of victims because some had been reduced to ashes but he estimated that more than 40 people were killed in the incident.
Police earlier put the death toll at 15 and said at least 30 people were injured as locals gathered at the scene.
“There were lots of people that got burned,” said Prince B. Mulbah, deputy inspector general for the Liberia National Police.
Watch a video from the scene below…