A new price management and stability framework that will lead to improvement in average living standards is underway.
The inflation management plan, soon to be unveiled by the Central Bank of Nigeria (CBN), is in conjunction with the Ministry of Finance and other relevant fiscal authorities, CBN Governor Olayemi Cardoso hinted at the weekend.
Nigeria’s headline inflation rate rose for the 10th consecutive month to 27.33 per cent last month, as against 26.72 per cent in September.
Food inflation stuck to an 18-year high at 31.52 per cent.
Rising inflation, underlined by continuing increases in costs of basic foods, logistics, energy and other living items, has undermined Nigerians’ living conditions and led to the depletion of savings and investments.
Spiralling inflation has posed a major challenge to global economic growth.
Widespread tightening of monetary policy, aimed at curbing inflation, has restrained economic activity and suppressed growth.
According to the International Monetary Fund (IMF), global growth is projected to slow from 3.5 per cent in 2022 to 3.0 per cent this year and 2.9 per cent next year, well below the historical average of 3.8 per cent achieved between 2000 and 2019.
Advanced economies are expected to experience a slowdown from 2.6 per cent last year to 1.5 per cent this year and 1.4 per cent next year as the impact of policy tightening takes hold.
Emerging markets and developing economies are projected to have a modest decline in growth from 4.1 per cent last year to 4.0 per cent in both 2023 and 2024.
Cardoso said the apex bank was revising the inflation-management framework to address the challenges of rising and unstable prices and foster stable and sustainable economic growth.
He said the CBN was well aware of the damage inflation has caused to living conditions and businesses, assuring that the new inflation-targeting framework would be effective in anchoring the apex bank’s agenda of price stability.
“As part of this refocus, the CBN has just approved the adoption of an explicit inflation-targeting framework to enhance the effectiveness of our monetary policy.
“The details and requirements for this framework are currently being finalised alongside the fiscal authorities,” Cardoso said during his lecture at the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner in Lagos.
He recalled that he recently met with a group of small business owners and individuals who expressed their concerns about the impact of inflation on their operations and living conditions.
The CBN governor said: “They shared stories of struggling to maintain affordable prices for their customers while facing rising costs for raw materials and supplies.
“The instability caused by inflation not only affects their profit margins but also hampers their ability to plan for the future.
“These entrepreneurs stressed the need for price stability to create a conducive business environment that allows them to thrive and contribute to the economy.
“In recent discussions with individuals from different walks of life, I encountered a young family trying to make ends meet in the face of rising prices.
“They shared their worries about the erosion of their purchasing power and the challenges of meeting basic needs within a tight budget.
“They emphasised the importance of stable prices to protect the well-being of ordinary citizens and ensure a fair distribution of resources.
“It is crucial that we prioritise price stability to safeguard the livelihoods of our fellow Nigerians,” Cardoso said.
He explained that while the country’s inflationary trend was due to both global and domestic challenges, well-crafted monetary and fiscal policies could ease domestic price pressure.
Cardoso noted that in response to the inflationary pressures caused by the surge in energy prices resulting from the Russia-Ukraine conflict, monetary authorities worldwide had raised policy interest rates, which led to tighter global financial market conditions and significant outflows of funds from emerging market countries such as Nigeria.
According to him, these developments have strengthened the dollar, exacerbating inflationary pressures while weakening currencies and depleting external reserves in many emerging market countries such as Nigeria.
As a result, several central banks in emerging markets and developing economies have implemented restrictive policies to contain rising inflation and reduce capital outflows.
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He, however, pointed out that the domestic factors affecting Nigeria’s economic performance are wide-ranging, encompassing both social and economic aspects.
“Insecurity remains a pressing issue, affecting the agricultural, industrial, and services sectors simultaneously.
“The persistently high levels of insecurity have resulted in decreased national output and productivity, as many farmers have been unable to access their farmlands, disrupting supply chains and major economic activities. This has led to food shortages and inflation in various parts of the country.
“Infrastructure constraints also pose significant challenges, undermining the production chain and distribution network of goods and services.
“Additionally, issues such as business bottlenecks and a culture of poor service delivery, particularly within the public sector, further hinder the fortunes of the Nigerian economy.
“Addressing these challenges requires a well-crafted structural policy, complemented by coordinated monetary and fiscal policies,” Cardoso said.
According to him, he and the Minister of Finance and Coordinating Minister of the Economy Wale Edun are meeting on how to address the critical issues.
Cardoso laid out the efforts aimed at controlling inflation and other key policy priorities of his administration at the 58th Annual Bankers’ Dinner and Grand Finale of the 60th CIBN anniversary.
According to him, a thorough assessment of the economy reveals significant challenges, including high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment.
He noted that the challenges have pushed up interest rates, discouraging investments in productive activities while high inflation has affected asset quality and solvency ratios in the banking sector, just as persistent depreciation of the naira poses a significant risk for domestic banks with foreign exchange exposures.
He said the focus of his administration at the apex bank would not be a figurative expression of data but to achieve meaningful improvements in the living conditions of Nigerians.
Cardoso said: “To address these challenges, the CBN is committed to achieving monetary and price stability. This is not just a technical objective, but it has real-life implications for the well-being of our citizens.
“Through targeted policies, transparent market operations and coordination between monetary and fiscal authorities, we can ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive.”
He added new foreign exchange guidelines and legislation would be developed to ensure clarity, transparency and harmonisation of operating rules, which are essential for the proper functioning of domestic and foreign currency markets.
The CBN governor said policy formulation and assessment will be continuously monitored as key macroeconomic indicators on fiscal and monetary activities would be tracked, diligently evaluated, and necessary adjustments made if things are not pointing in the right direction or moving at the right pace.
According to him, the key indicators to be tracked include consumer price indices; headline and core inflation rates; Gross Domestic Growth (GDP), tax-to-GDP; per capita income; balance of payments, foreign exchange reserves, unemployment rate, as well as more granular measures that the apex bank uses in assessing stability of the financial system.
EXCLUSIVE: What CJN Considered Before Recommending His Son, 22 Others As Federal High Court Judges
AdminRecently, 23 new Federal High Court judges were appointed and deployed to various divisions across Nigeria.
Their curriculum vitaes, which were reviewed by the National Judicial Council (NJC) prior to their recommendation, appointment, and swearing-in, have been exclusively obtained by THE WHISTLER.
The NJC, headed by Chief Justice of Nigeria Olukayode Ariwoola, serves as the apex judicial body in Nigeria, tasked with appointing and disciplining judicial officers while also managing all judicial funds, both capital and recurrent.
On October 4, 2023, 23 new Federal High Court judges, including the Chief Justice’s son, Ariwoola Jnr., took their oath of office in the Supreme Court’s main courtroom.
The appointments saw an increase in the total number of Federal High Court judges in Nigeria to 96, as previously reported by THE WHISTLER.
In accordance with NJC procedures, the Federal Judicial Service Commission (FJSC) invites suitable candidates to express their interest and notifies relevant courts, the Federal Ministry of Justice, and the Nigerian Bar Association (NBA) about the vacancies.
The FJSC also mandates heads of courts, judicial officers, and the NBA to nominate qualified candidates for the proposed judicial appointment.
These nominations are then forwarded to relevant interested stakeholders within their respective institutions before being submitted to the NJC.
Factors Considered by the NJC in Recommending Candidates for Federal High Court Judgeship
Guided by NJC procedural rules, the Chairman of the FJSC/Committee, CJN Olukayode Ariwoola, oversees the shortlisting process for candidates.
Before recommending names to the federal government for appointment, the Committee carefully evaluates their professional expertise and competence, “the quality of judgments and performance and demonstration of judicial skills of the Judge; and in the case of appointment from the Bar, evidence of 6 contested cases in the last 5 years; sound knowledge of law, seniority at the Bar and or the Bench, Federal character or geographical spread.”
Among other eligibility requirements, appointment as a Federal High Court judge is limited to practising lawyers and is open to registrars, law lecturers, and magistrates.
Candidates are required to submit their credentials and curriculum vitae for review, along with other screening procedures.
Part of the procedural rules of the NJC reads, “
“In considering the candidates, Judicial Service Commission/Committee shall take into account the fact that Judicial Officers hold high office of State and occupy an office carrying enormous powers and authority. Accordingly, the National Judicial Council shall- (i) regard the following qualities as essential requirements for the selection of suitable candidates for the judicial office in any of the Superior Courts of Record in Nigeria;
“In all cases:
a) Good character andv reputation, diligence and hard work, honesty, integrity and sound knowledge of law and consistent adherence to professional ethics;
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“As may be applicable:
b) Active successful practice at the Bar, including satisfactory presentation of cases in Court as a Legal Practitioner either in private practice or as a Legal Officer in any Public Service;
“c) Satisfactory and consistent display of sound and mature judgment in the office as a Chief Registrar or Chief Magistrate;
“d) Credible record of teaching law, legal research in a reputable University and publication of legal works, and in addition to any or all of the above:
“e)In the case of appointment of a candidate to the office of Kadi of a Sharia Court of Appeal, knowledge of Arabic language and grammar.”
Below are the CVs of the new Federal High Court judges exclusively obtained by THE WHISTLER.
JUSTICE IBRAHIM SALIM OLASUPO
Highest Educational Qualification
Usmanu Dan fodio University, Sokoto, 1998 2001
Track Record
– Deputy Divisional Registrar, Lagos FHC Division, 2018-2020
– Divisional Registrar, FHC, Akure Division 2020-2023
– Divisional Registrar, FHC, Ado-Ekiti Division, 2023 to date.
– Customary Court of Appeal, Utako, Presiding Judge/Chairman Customary Court, Pyakasa , 2009 to 2018
– Presiding Judge/Chairman Customary Court, Dobi
– Presiding Judge/Chairman Customary Court, Kabusa
– Judge/Member Customary Court, Abaji
Judge/Member Customary Court, Nyanya
– National Human Rights Commission, Abuja, 2006-2009 Senior Legal Officer (Monitoring)
– Legal Officer (Investigation), NasiruI Ibrahim & Associates, Birnin Kebbi, 2006
-Elshaddai Chambers, Abuja 2004-2005
– Kogi State Ministry of Justice, Lokoja, 2003-2004 NYSC( State Counsel)
JUSTICE OLUFUNMILOLA AGBAJE
Highest Educational Qualification
International Trade and Maritime Law at the University of Essex, United Kingdom, 2019
Track Record
Olufunmilola joined Kyari Chambers as a junior counsel from 2000 to 2002.
In 2003, she joined the Law Firm of Abiodun Falade and Co, until she was appointed in 2011, as a Research legal assistant in the Federal High Court of Nigeria.
First, she was attached to the Chambers of Hon. Justice B.B Aliyu and second, Hon. Justice Kolawole.
In 2016, Olufunmilola was appointed as a Deputy Chief Registrar of the Federal High Court of Nigeria and held the position till her appointment as FHC judge.
JUSTICE MASHKUR SALISU
Highest Educational Qualification
– Ahmadu Bello University, Zaria 2011-2015 LLM (Master of Laws.
Track Record
– Assistant Chief Legal Officer, Legal Services Dept., ICPC Abuja & SA to the Secretary to the Commission ICPC Abuja 2021 to Oct. 2023
– Principal Legal Officer & Head of Legal Unit ICPC, Sokoto Office2017-2020
– Lecturer, Faculty of Law- Umaru Musa Yar’adua University Katsina State, 2012
Registrar, National Industrial Court of Nigeria (NICN), 2011
– Counsel in Chambers, K.T Turaki & Co (SAN) Asokoro, Abuja, 2010-2011
– Pupilage Counsel, K T Turaki& Co (SAN), NYSC Service Year, FCT Abuja 2009 / 2010.
– Law Intern, Bello Umar & Co (Kaura Chambers) Gusau, Zamfara State.
– Member, Students’ Representative Council (SRC) Nigeria Law School, Lagos 2008/2009 Session.
– Member, Students’ Representative Assembly (S.R.A), SUG, Usmanu Danfodiyo University, Sokoto 2007.
– Deputy Head Boy, Gov’t Unity Secondary Sch. Malumfashi, Katsina State, 2002/2003 Session
– President, English Debating & Current Affairs Society (EDDCAS), Gov’t Unity Secondary Sch. Malumfashi, Katsina State 2002/2003 Session.
President, Zamfara State Students Union, Gov’t Unity Secondary School Malumfashi, Katsina 2002 / 2003 Session.
JUSTICE ABDULAHI DAN IGE
Highest Educational Qualification
International Certificate Course On Legislative Drafting , School of Law, KIIT University, India, 2016
Track Record
1. Deputy Chief Registrar, Federal High Court of Nigeria. 2016- Date
2. Ag. Director Legal Services Department, Sokoto 2007- 2016 State House of Assembly, Sokoto.
3. Deputy Director Public Prosecution (Sharia) 2004 – 2007 (Head of Sharia Prosecution Unit)
4. Member, Sokoto State Censorship Committee 2003 – 2016 (Representing Ministry of Justice)
5. State Counsel 1, 2003 – 2004
6. Counsel in Chambers, Dafe Abobo& Co. 2001 – 2003, Sokoto.
7. Solicitor/Legal Adviser Specialist Hospital Sokoto, 1999/2000
JUSTICE ONAH CHIGOZIE
Highest Educational Qualification
Masters in Law, University of Lagos, 2016
Track Record
NYSC (Akwanga West Development Area, Nasarawa State), Legal Adviser (2009-2010)
St Giles Solicitors, Abuja. Litigation Officer, ( 2010-2013)
Lawyers Alert Abuja Program Officer, 2013-2015
Kings and Rose, Chambers, Abuja Head of Chambers 2015-2017
– VERITAS ATTORNEYS LP, Senior Partner (2017-Date)
– VERITAS UNIVERSITY, ABUJA, Lecturer II, Faculty of Law (2020-Date)
JUSTICE CHITURU WIGWE
Highest Educational Qualification
Master of Laws -[Criminology and Criminal Justice], UNIVERSITY OF LONDON, 2013-2015
Track Record
– Chief Magistrate, RIVERS STATE JUDICIARY, January 2019- date
– Senior Magistrate, RIVERS STATE JUDICIARY, January 2013 to December 2018
– Magistrate, Grade 1 RIVERS STATE JUDICIARY, December 2009-January 2013
– Legal Counsel at 0K0CHA & 0K0CHA, MANUCHIM CHAMBERS, October 2005- December 2009.
– Administrative Assistant, EKITI SOUTH¬ WEST LOCAL GOVERNMENT (National Youth Service), SEPTEMBER 2004- AUGUST 2005.
JUSTICE ABIODUN JORDAN ADEYEMI
Highest Educational Qualification
– Master of Laws (L.L.M), – University of Lagos –
2014
Track Record
– Federal High Court of Nigeria, Principal Registrar II (Grade Level 14), December 2010 to Present
– Ejide Sodipo & Co. Legal Practitioners, Apapa, Lagos – Counsel, January 2009 – December 2010
JUSTICE ALIYU AMINA MOHAMMAD
Highest Educational Qualification
Masters in Law, University of Abuja, Gwagwalada, Abuja 2019
Track Record
Principal Registrar 1, Federal High Court of Nigeria, Abuja, December 2019 to date.
– Member/ Judge, Customary Court (Kubwa, Dutse Alhaji and Garki), Federal Capital Territory Judiciary,
May 2009- Dec. 2019
– Legal Assistant, Chukwuma Machukwu Imeh & CO, Suite 12, Ibro Hotel, Opp. Shippers Plaza Michael Okpara Way, Zone 5, Wuse, Abuja , Aug. 2007- May 2009
Legal Officer, (N.Y.S.C.)NITEL Plc HQ Legal Department, 251, Herbert Macaulay Way Central Business District, Abuja, Aug. 2006 – Aug. 2007
JUSTICE FRIDAY NKEMAKONAM OGAZI
Highest Educational Qualification
Masters in law, University of Essex, England, 2005
Track Record
CEO/ Principal Counsel, F.S.N Ogazi & Associates, March 2011 – till date
Lecturer, Faculty of Law, Ebonyi State University, Abakaliki, August 2006- till date
Solicitor and Advocate, Marcel Ali & Co. Feb. 2007 – March 2011
Solicitor and Advocate, Kefas Magaji & Associates. June 2002- September 2002
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Solicitor and Advocate Reinsurance House,Bauchi, May 2001- May 2002
JUSTICE DEINDE DIPEOLU
Highest Educational Qualification
Institute of Chartered Mediation and Conciliation (Associate Member), 2017
Track Record
– Chief Magistrate, Ogun State Judiciary Sagamu, Ogun State, August 2020 till date
– Counsel, Ogun State Ministry of Justice, Oke-Mosan, Abeokuta Ogun State, August 2008- July 2020
– Senior Counsel & Head of Chambers , O. Thomas & Co. 11th floor, Western House, 8/10, Broad Street, Lagos state. 1998 to 2002
– Counsel, O. Thomas & Co. 11th floor, Western House, 8/10, Broad Street, Lagos state, 1992- 1998
JUSTICE ALEX OWOEYE
Highest Educational Qualification
Associate member, Chartered Institute of Taxation of Nigeria, ACTI,2017
– July 2018 till date – Legal Research Assistant to Justice Folasade A. Ojo of the Court of Appeal
-July, 2009 till 2018 – Active legal practice with the firm of Bayo Ojo and Co, 8, Ahmadu Bello Way, GRA, Ilorin, Kwara State
-2005-2006 – Active legal practice with the firm of Ashaolu. Anifaloba & Co, Wahab Folawiyo Road, Ilorin, Kwara State
-2004 – 2005 (Mandatory One Year National Service (N.Y.S.C.) Programme at the Zamfara State Ministry of Justice, Gusau, Zamfara State
JUSTICE AISHATU AUTA
Highest Educational Qualification
Masters(LL.M) in International Commercial and Maritime Law, Swansea University, Wales, United Kingdom 2009 to 2010
Track Record
i. Senior Magistrate II – June 2021 – till date
ii. Magistrate I – March 2015 to June 2021
iii. Junior Counsel, FOUNDATION CHAMBERS, LAGOS – 2011 to 2015
iv. Law Office Attachment, DOKUN AYENI & CO., LAGOS – 2007
JUSTICE HUSSAINI DANDA GARBA
Doctor of Law PhD (Public Law), Ahmadu Bello University, Zaria, Kaduna State, 2023
Track Record
– Presently working as Senior Registrar/Legal Research Assistant in the Federal High Court of Nigeria Headquarters, Abuja since 2010 and currently attached to The Chief Judge, The Hon. Justice J. T. Tsoho from 2012 to date.
– Worked in the Lagos Judicial Division from 2010 to 2015.
– Presently, a Member of Federal High Court (Civil Procedure) Rules Review Committee Federal High Court of Nigeria since 2017.
– Active Legal Practice in Bauchi; Kaduna States and the FCT, Abuja, 2008 to 2010.
-National Youth Service Corps Primary Assignment, B.S. Nwankwo SAN & CO, 48 Onitsha Road Nnewi, Anambra State, 2009.
Law Office Attachment of the Nigeria Law School 2008, Kenna & Associates, Bensima House Maitama, Abuja.
JUSTICE HAUWA BUHARI
Highest Educational Qualification
University of Abuja(Masters in Laws),2015-2016
Track Record
• 2011-2023 FCT Judiciary, Customary Court Of Appeal
Position: Presiding Judge
– 2011-2012 FCT Judiciary, Customary Court of Appeal
Position: Legal Assistant to the President of Customary Court
-2010-2011FCTA, Federal Capital Territory Administration Position: State Counsel
– 2009-2010, ECOWAS, Economic Community of West Africa States
-2008-2009, EFCC, Economic and Financial Crime Commission Position: Legal Adviser
-2008-2009, NFIU, Nigeria Financial Intelligence Unit
JUSTICE OLUKAYODE ARIWOOLA JNR
Highest Educational Qualification
Masters in Law, University Of London, 2013
Track Record
– Conducting legal research for and on behalf of the Council and Drafting Correspondence for the performance evaluation department, National Judicial Council Supreme Court of Nigeria, Three Arms Zone, Abuja. – August 2021 till date.
-Legal practitioner, Olujinmi and Akeredolu Firm, December 2011-2021
JUSTICE EKERETE UDOFOT AKPAN
Highest Educational Qualification
Masters in Law, Obafemi Awolowo University, Osun state, 2021
Track Record
-Legal Practitioner, KAYODE OGUNLEYE & CO.(Legal Practitioners & Notaries Public), Osun – 1993 – 1998
-Principal Partner, EKERETE UDOFOT & CO, Ondo state. 1998 Till Date
JUSTICE KEHINDE OGUNDARE
Highest Educational Qualification
Masters, Law, University of Lagos, Akoka, Yaba, Lagos , 2016
Track Record
– Magistrate, Lagos State Judiciary, 12th April 2005 – 3rd October, 2023
– Private Legal Practice, Kehinde Ogundare & Co., Lagos January 2004 – April 2005
– Private Legal Practice, , Ayanlaja, Adesanya & Co., Lagos, January 2001 – December 2003
– Private Legal Practice, Fola Sowemimo, June 1996 to December 2000
JUSTICE IBRAHIM AHMAD KALA
Masters, Law, University of Jos, 2018
Track Record
– Head of Department ,Litigation, Court of Appeal Gombe Division – 2020 To Date
– Principal Registrar I/ Legal Research Assistant, Gombe Division – 2022 To Date
– Senior Registrar I/ Legal Research Assistant, Court of Appeal, Yola Division – 2019 To 2022
– Senior Registrar II/ Legal Research Assistant, Court of Appeal, Yola Division – 2016 To 2019
– Registrar I/Legal Research Assistant, Court of Appeal, Yola Judicial Division – 2013 to 2016
– A. Dauda & Co. Chambers Solicitors & Advocates of the Supreme Court
of Nigeria, Gombe, Gombe State (as Counsel in Chambers) 2010 – 2013
– Saki West Local Government Secretariat, Oyo State (NYSC Scheme) 2009 – 2010
-High Court of Justice, Gombe State (Nigerian Law School) Internship requisite for the award of BL. – 2009
JUSTICE MUSA KAKAKI
Highest Educational Qualification
LL.B Ahmadu Bello University, Zaria, 1991-1998
Track Record
-Deputy director, MINISTRY OF JUSTICE, KADUNA, January 2020 to date.
– Assistant director, MINISTRY OF JUSTICE, KADUNA , January 2016 to January 2020
– Head of Result Delivery Unit (RDU), MINISTRY OF JUSTICE, KADUNA , January 2017 to date.
– Open Government Partnership Desk Officer , MINISTRY OF JUSTICE, KADUNA, September 2017 to date.
– Legal Adviser, Nigerian Bar Association, August 2017 to June 2019
– Principal State Counsel, Ministry of Justice , Kaduna, October 2012 – December 2015
– Legal Officer, Kaduna State aids Control Agency, August 2009 to June 2010.
State Counsel(1,2, Senior), Ministry of Justice, Kaduna, 2002 – 2009
JUSTICE SHARON T. ISHAYA
Highest Educational Qualification
Human Rights and Criminology, University of Hull, UK, 2013
Track Record
Magistrate (Senior, Chief…), 2001- 2023
Senior Registrar, Kebbi State High Court Birnin Kebbi, Kebbi State Nigeria,
2003-2004
Legal Adviser, National Youth Service Corps, 2002- 2003
JUSTICE EGBE RAPHEAL
Highest Educational Qualification
Masters of Law, DELTA STATE UNIVERSITY, ABRAKA , 2013
Track Record
– FEDERAL CAPITAL TERRITORY JUDICIARY 2021-DATE
– MAGISTRATE AND SENIOR MAGISTRATE, HIGH COURT OF THE FEDERAL CAPITAL TERRITORY ABUJA, 2015- 2021
LEGAL PRACTICE/HEAD OF OFFICE, MAGNA-PAX LAW PARTNERS, BAYELSA STATE, 2014-2015
– LEGAL PRACTICE/HEAD OF LITIGATION, G.T. DEINDUOMO & ASSOCIATES, BAYELSA,
2010-2014
– LEGAL ADVISER, JEDEZORENCE (NIG.) LTD, BAYELSA STATE, 2011-2013
– LAW INSTRUCTOR, CROWN POLYTECHNIC, ADO-EKITI, YENAGOA STUDY CENTRE BAYELSA STATE, 2010
-COURT ATTACHMENT, HIGH COURT 6, BAYELSA STATE HIGH COURT YENAGOA, 2010
JUSTICE ANYALEYA ONOJA-ALAPA
Highest Educational Qualification
Master of Laws (Human Rights)University of London, 2016
*Track Record
– Principal Registrar 2, Principal Registrar 1, Assistant Chief Registrar, Federal High Court
December 2016 – October 2023
– Private Law Practice, 2008-2016
– Fola Adeyeye & Co. 123, Broad Street, Okitipupa
Ondo State
September 2006 – September 2007
NYSC
Position: Counsel
Almost a year after he was sacked as the Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdlhameed, has been arrested, Daily Trust can exclusively report.
NIRSAL, a $500m non-bank financial institution, is a creation of the Central Bank of Nigeria (CBN) mandated to manage agribusiness-related credit risks in Nigeria.
Abdulhameed was kicked out of office following allegations of corruption, including a 2018 N5.6 billion wheat project meant for farmers in Kano and Jigawa States.
His sack was endorsed by the Board of the CBN following approval from the Presidency in December last year.
Daily Trust had, in January last year, carried out an investigation into how a multi-billion-naira loan guaranteed by NIRSAL for three investor companies for the cultivation of 20,000 hectares of dry season wheat in Kano and Jigawa States was allegedly diverted by the companies in connivance with NIRSAL officials.
In the course of the investigation, Daily Trust visited the affected communities in the two states states where farmers said they were deceived. Community leaders there said they were told the project was aimed at changing the lives of 20,000 smallholder farmers. They said after making farms available, affected farmers were promised fertiliser and other inputs for the wheat plantation, but never saw any of these thereafter.
Both Abdulhameed and the three investor companies had denied wrongdoing.
However, when the Special Investigator appointed by President Bola Tinubu and his support team to probe the activities of the apex bank and related entities swung into action in September this year, there was panic and apprehension within the top hierarchy of the CBN and the NIRSAL. The Special Investigator, Jim Obazee and his team, led by DCP Eloho, was said to have beamed searchlight on the NIRSAL and the CBN’s Anchor Borrowers’ Programme which have, over the years, been at the centre of investigations.
How Abdulhameed was arrested
Multiple sources within and outside the NIRSAL revealed to Daily Trust that the arrest of the ex-NIRSAL boss came after five months of a manhunt by a joint team of the Department State Services, the Nigeria Police Force and the Special Investigator.
A source privy to Abdulhameed’s arrest told Daily Trust that he was apprehended last week on the premises of a federal government’s revenue-generating agency in Abuja where he had gone to lobby for a reappointment.
“After turning down several invitations, the joint team eventually got hold of him on the premises of a popular government’s parastatal in Abuja where he was said to have gone to lobby either to return as NIRSAL MD or as the head of the Nigeria Agriculture Development Fund,” said the source who sought for identity protection due to the sensitive nature of the matter.
Startling discoveries
Daily Trust’s findings indicate that the embattled ex-NIRSAL boss, who is said to be in the custody of the DSS, is being quizzed on multiple allegations of corruption during his tenure.
A source at the NIRSAL confided in Daily Trust that the investigators were also seeking answers based on findings contained in an investigation earlier conducted by a team from the CBN following a petition against the NIRSAL on alleged fraud, money laundering and criminal conspiracy.
It was gathered that following the investigation, the Banking Supervision Department of the CBN wrote to the ex-NIRSAL boss seeking explanation to “observed breaches of internal policies and procedures of the organisation, relevant regulations and laws, especially the Public Procurement Act 2007.”
Findings by Daily Trust indicate that a query on the breaches was conveyed in a letter referenced: BSD/SPG/CON/NIR/13/083 titled: ‘On a spot check on the operation of NIRSAL conducted between August 27, 2020 and September 11, 2020.’
In the document exclusively obtained by Daily Trust, the CBN had, in its interim report, drawn attention to questionable spendings and procurement violations, and requested the ousted NIRSAL boss to forward his reply within three days.
How ex-NISRAL MD bolted away 32 official vehicles
Sources also revealed that 32 official vehicles were discovered to have been diverted to personal use by the former NIRSAL MD during his tenure.
A staff member of the NIRSAL familiar with the development disclosed that only two of the vehicles had been retrieved by security operatives and returned to the organisation following his arrest. He said it was discovered that 21 of the diverted vehicles were purchased with official funds as auction in the name of some staff of the NIRSAL without their knowledge, but were converted personal use by the former MD.
He was also said to have made away with nine exotic vehicles, including two bullet proof jeeps, and household items at four official guest houses belonging to the NIRSAL in Lagos, Abuja and Yola.
Attempts by Daily Trust to reach out to the former NIRSAL MD for his reaction were unsuccessful as his mobile telephone line was switched off. Contacted, the spokesperson of the DSS, Peter Afunanya simply said: “No comment”.
On his part, Muyiwa Adejobi, the Public Relations Officer of the Nigeria Police Force, neither answered several phone calls nor replied to a text message sent to him on the matter.
However, a top security source confirmed to Daily Trust that the former NIRSAL boss was arrested and is currently in detention.
A popular Nigerian US-based Fuji musician, Saheed Osupa, has disclosed how he almost abandoned his political science programme at the University of Ibadan (UI), Oyo State.
Osupa, who was part of the last graduates of the institution, disclosed this in a Facebook post while commenting on his decision to pursue a degree in political science.
He wrote: “I went to school to pursue my degrees because I wanted to upgrade my intellectual capacity and don’t want to be segregated.
“Initially, I was not having any problems from my 100-level. But when I got to 300-level, I almost quit because it was now more about writing. But I adjusted and adapted.
“However, it was not easy at all and I had to employ two lecturers for a course before my graduation and put in more effort.”
“My plan is to achieve my masters and a PhD in five years in America where I reside now to validate my PhD title.”
He, therefore, advised that, “People should not be mentally lazy or believe that once they can feed, clothe and provide shelter for themselves and families; that is the peak of achievement or success.”
‘Yahaya Bello’s Govt Takes Action On Monarch Over Woeful Performance Of APC In His Local Council’
AdminThe Governor Yahaya Bello-led Kogi State government has issued a query to a traditional ruler, the Ohimege-Igu Kotonkarfe, Alhaji Abdulrasaq Gambo Isa Koto, over involvement in partisan politics during the last gubernatorial election in the State.
Naija News reports that the query signed by the Commissioner for Local Government and Chieftaincy Affairs, Barrister Salami Deedat, stated that the monarch was queried over his failure to maintain peace when a crisis erupted under his watch and led to the death of a lady.
The query ordered the traditional ruler to forward a written explanation of why disciplinary action should not be taken against him.
However, top sources in the State told SaharaReporters that the state government was only trying to exert aggression on the traditional ruler over the poor performance of the All Progressive Congress (APC) in Koto, his local council.
The letter of query wrote, “It has come to the notice of the State Government that you deliberately engaged yourself in a partisan role in the just conducted Gubernatorial Election in Kogi State.
“This is viewed very seriously, especially that your action, role and participation in partisan politics endangered the security of your domain to the extent that a crisis erupted under your watch that led to the death of an innocent young lady in addition to several others that were wounded.
“This blatant action of yours is a sad contradiction of your expected role as a revered Royal Father of your status. It is more worrisome that you acted unbothered when the much-coveted peace and security of the State were being threatened by your action.
“In view of the above, you are hereby requested to forward a written explanation within 48 hours why disciplinary action should not be taken against you. Oral explanations may also be required from you when the State Government sets up a panel to examine your case.
“You are advised to give priority attention to the content of this letter, please, your Royal Majesty.”
[NaijaNews]
Nigerian business magnate Aliko Dangote has announced plans to list his $20 billion oil refinery on the Nigerian Exchange Limited (NGX).
This move marks a significant step forward for Dangote Industries, Africa’s largest conglomerate.
In a recent interview with the Financial Times, Dangote confirmed that the company has overcome challenges related to crude oil supply, paving the way for the refinery’s listing.
The listing is expected to boost investor confidence and unlock further growth opportunities for Dangote Industries.
- “We have resolved all the issues with crude oil supply,” Dangote stated. “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The Dangote Refinery is Africa’s largest single-train refinery, with a capacity of 650,000 barrels per day. It is expected to transform Nigeria’s oil and gas sector, reducing the country’s reliance on imported fuel and generating significant export revenue.
Dangote also expressed his vision for the refinery to eventually become an independent entity, further solidifying its position as a leading player in the global oil and gas industry.
The listing of the Dangote Refinery on the NGX is expected to attract a wide range of investors, both domestic and international. It will also boost the liquidity of the Nigerian stock market and enhance its reputation as a regional investment hub.
Dangote confirmed his refinery startup in December 2023, saying that 350,000 barrels per day is the first target of the refinery.
According to Dangote, the long-awaited refinery is starting with 350,000 barrels a day, He also confirmed that a deal had already been clinched for the first cargo of about 6 million barrels of crude for delivery in December 2023.
He said:
- “We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive. It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”
Dangote highlighted that he held a strong belief in the refinery’s capability to achieve its maximum output of 650,000 barrels per day by the end of 2024.
Expanding on the refinery project, Dangote expressed that this kind of project won’t emerge in Nigeria within the next twenty years.
He also said the company did not cut corners or seek applause, but the project was done for the sake of posterity.
Backstory
Nairametrics reported the NNPC acquired about 20% of the equity of Dangote Refinery in 2021 in a deal that valued the refinery at about $20 billion.
[Nairametrics]
‘You’ll be killed if you come to Cameroon’ – Ambazonian fighters warn Okocha, Amokachi against Eto’o’s invitation
AdminNigeria’s football stars invited by the President of Cameroonian Football Association, Samuel Eto’o for a ceremonial tournament holding in Victoria City, Cameroon, on Thursday 30 November 2023 will be killed if they honour the invitation, a separatist group has warned.
The warning was issued in a voice message sent to DAILY POST’s correspondent by one Comrade Chris Anon who claimed to be head of the Ambazonia Interim Government based in the United States of America.
Eto’o invited international football stars including those in Nigeria to the tournament to promote relationships and football development in Cameroon.
The Restoration Fighters of the Ambazonia Interim Government, who are agitating for the independence of Southwest Cameroon, warned Nigeria’s former national football skipper, Austin Jay Jay Okocha, Daniel Amokachi and other ex-Super Eagles stars not to honour Eto’o’s invitation.
They emphasized that their security will not be guaranteed if they ignore the warning.
Anon described the tournament as a mockery of the Ambazonian people.
The separatist group has ordered a total lockdown on Victoria City and entire Fago County on the said Thursday 30 November 2023.
The group warned residents to stay indoors, stressing that violation of the order would be met with death.
Parts of the voice message stated, “The Restoration Fighters of Ambazonia Control Victoria and entire county and are committed to ensuring the lockdown. Our determination to safeguarding the integrity of Ambazonia independence struggle will not be deterred. We show no mercy for any persons who attempt to disregard the lockdown.
“It is essential to emphasise the severity of the situation and to caution against actions that could be misconstrued as aligning with any forms of propaganda.
“The football match proposed by Samuel Eto’o is very controversial; it is a misguided and insensitive initiative.
“That decision to involve international players from Nigeria is deeply troubling.
“The timing and location of the tournament give rise to suspicions.
“We seriously and strongly caution Jay Jay Okocha, Daniel Amokachi and others who are promoting and preparing to participate in the tournament to reconsider their involvement as their participation may unintentionally result in bloodshed.
“We cannot help but question Samuel Eto’o’s decision to organize this tournament in Victoria, an Ambazonia territory that has been marred by war for over seven years, for which 30,000 Ambazonians have been killed.
“It raises legitimate concerns about potential exploitation of the situation for purposes that are not in the best interests of Victoria and Ambazonia in general.”
[DailyPost]
Terry Venables was saluted as an “innovative” and “charming” manager after the charismatic former England, Tottenham and Barcelona boss died aged 80 on Sunday.
Venables guided England to the Euro 96 semi-finals, led Barcelona to the 1986 European Cup final and won the 1991 FA Cup with Tottenham during a managerial career that made him one of English football’s most admired coaches.
“We are totally devastated by the loss of a wonderful husband and father who passed away peacefully yesterday after a long illness,” Venables’ family said in a statement.
“We would ask that privacy be given at this incredibly sad time to allow us to mourn the loss of this lovely man who we were so lucky to have had in our lives.”
Venables’ vibrant personality and love of attacking football established him as a firm favourite with players and fans alike.
Gary Lineker, signed by Venables for Barcelona in 1986 and then Tottenham in 1989, encapsulated the feelings of the football world as he paid a heartfelt tribute to his trail-blazing former manager.
“Devastated to hear that Terry Venables has died. The best, most innovative coach that I had the privilege and pleasure of playing for,” he wrote on social media.
“He was much more, though, than just a great manager, he was vibrant, he was charming, he was witty, he was a friend.
“He’ll be hugely missed. RIP Terry.”
Tottenham paid tribute to Venables’ by holding a minute’s applause ahead of their Premier League fixture with Aston Villa on Sunday.
Both teams wore black armbands, while an image of Venables was displayed on two big screens in the Tottenham Hotspur Stadium.
Venables masterminded England’s run to the last four of Euro 96 on home soil at Wembley, with the highlights including a stunning 4-1 rout of the Netherlands and a memorable 2-0 victory over Scotland.
They fell agonisingly short in the semi-finals, losing on penalties to eventual winners Germany, bringing an end to his reign after two years.
England’s current boss Gareth Southgate, who infamously missed a crucial penalty in that shoot-out against Germany, praised Venables’ empathy, as well as his tactical acumen.
A brilliant man
“Tactically excellent, he had a wonderful manner, capable of handling everyone from the youngest player to the biggest star,” he said.
“He was open-minded, forward-thinking, enjoyed life to the full and created a brilliant environment with England that allowed his players to flourish and have one of the most memorable tournaments in England history.
“A brilliant man, who made people feel special, I’m very sad to hear of his passing and my thoughts are with Yvette and all of his family.”
Nicknamed ‘El Tel’, Venables led Barca to the La Liga title in 1985, their first since 1974, and the following season’s European Cup final, where they lost to Steaua Bucharest on penalties.
He was sacked by Barca in 1987 and moved to Tottenham, enjoying success with a side that included Paul Gascoigne and lifted the FA Cup in 1991.
Venables endured an acrimonious end to his spell as manager of the north Londoners after falling out with then owner Alan Sugar.
He won two England caps and made more than 500 club appearances between 1960 and 1975, largely for Chelsea, QPR and Tottenham, where he won the FA Cup in 1967.
Venables also had spells in charge of QPR — taking them to the 1982 FA Cup final — and Crystal Palace, who were labelled the ‘Team of the 80s’ after being promoted with a dashing young side, and the Australian national team.
Hailing Venables’ impact, Tottenham’s current manager Ange Postecoglou said: “If you are asking about a person who embodies everything this football club has always wanted to be, it is Terry.
“It wasn’t just about the way he managed or coached, it was the person he was.
“The biggest testament is that anyone who I have ever come across that has worked with him will say he is by far the best coach, manager and tactician they have come across.”
[Vanguard]
The retired Catholic Archbishop of Abuja and former President of the Christian Association of Nigeria (CAN), Cardinal John Onaiyekan, has said lots of Nigerians need psychological attention because of the problems facing the country.
According to Onaiyekan, Nigerians are battling socio-economic crises and depression as never before and require the Church to step in to avoid a total breakdown of the fabric of the nation.
Onaiyekan made the remarks in Abuja during the foundation laying ceremony of the Building and Remodeling of the Dominic Cardinal Ignatius Ekandem Villa which houses the Gaudium et Spe Institute, Asokoro Abuja.
The Abuja Catholic Arch. Bishop, Kaigama Ignatius performed the foundation laying ceremony of the building which would cost the Catholic Community about N1.6 billion.
Speaking with newsmen, Onaiyekan said Nigerians are going through lots of challenges and difficulties beyond spiritual, health, educational, and physical problems which had over time engaged the attention of the Church.
According to him:” People are facing difficulties, and there are many problems in our country now, so beyond spiritual support, we need to provide psychological support for the people.
“The church has always impacted the lives of the people in many ways, we build schools to educate children and adults, health facilities to give physical treatment in hospitals, even the major job we do as religious leaders, we deal with the spiritual problem of the people.
“This particular project is beyond, health, education, spiritual and physical because it is also for psycho-spiritual work to help people who do not have only spiritual problems but have psycho problems.”
Onaiyekan explained the project when completed would take care of people with various social challenges as the Catholic Community and Church had trained lots of people to attend to such needs.
Kaigama commended the project Committee headed by Senator Ndoma Egba for their commitment so far, saying the building was in honour of the late Dominic Cardinal Ekandem who devoted his life to the services of the people.
“We are hoping by the grace of God and generosity of good-spirited people to erect this building in honour of his eminence, the Late Dominic Cardinal Ekandem.
“This was where he was to live before he died. This place is being transformed into a spiritual home., where people can come and get help, do retreat and prayers, and engage in psychotherapy, counseling, amongst others,” Kaigama said.
[ThisDay]
It was a windy Wednesday morning in Kyiv a fortnight ago and 14 journalists from Africa were visiting the National Museum of the Holodomor Genocide.
While learning about the genocide and how the ongoing war in Ukraine reminds Ukrainians of the Holodomor, an air raid alert went off and the tour guide started to look frantic.
Our tour ended immediately with the guide informing us that the museum had no shelter and we had to leave for the shelter in the metro station close by. Already, Ukrainians whose lives may have changed forever were trooping out of the museum.
This reporter and 13 other journalists from Africa made their way to the shelter in the metro station. On getting there, a lot of Ukrainians were already seated, some standing and waiting for the alert to go off.
While in the shelter, there was Nataliya Chernenko, a 56-year-old retired music teacher who had also come to the shelter in the metro as a result of the air raid alert. But this was not her first time; in fact, she spent three hours in the same spot the day before.
Mrs Chernenko told PREMIUM TIMES and other journalists present that she wanted Ukraine’s President Volodymyr Zelenskyy to make peace with Russia’s Vladimir Putin and end the war even if Ukraine did not get back its occupied territories.
“We have lost more people than territories, so I would rather we make peace than lose more people,” she said.
Mrs Chernenko is depressed by the war. Yet, she has to be strong for her ailing mother and husband whom she believes became sick as a result of the war.
“They were fine before the war started and now they have cancer and I have to take them to the hospital every other day.”
She has completely lost hope; in the first days of the war, many Ukrainians including Mrs Chernenko felt it would end quickly but the feeling has changed as the war continues.
Stuck in the metro station while trying to take her ailing mother to the hospital, Mrs Chernenko soon broke down in tears while talking to journalists.
She said she believed the war in her country was a hybrid warfare.
“It feels like someone is engineering this, someone who makes more drones and missiles; compared to what I heard about the Second World War, it is the other form of the war,” Mrs Chernenko said.
Having lived 33 days in occupation, she fears very little these days. When asked if she wanted her name mentioned in the journalists’ article, she retorted “I am in my country.”
She narrated how her family had fled Kyiv, Ukraine’s capital, on 24 February 2022 when the first missiles came down destroying parts of the city.
“We thought Kyiv would be subdued and so we ran to Brkyiv, a suburb 70 kilometres from Kyiv. On 26 February 2022, the Russians came in and occupied the town for 33 days,” Mrs Chernenko narrated.
According to her, there were two types of Russians during the occupation: the ones who just occupied and did nothing and the others who killed people just because they could.
While Mrs Chernenko wants the war to end, there is 50-year-old ‘Spanish’, as he is fondly called, who does not want his country to concede. The only option he sees is to get more weapons and air defence systems to win the war.
Spanish used to be an engineer before the war broke out. For love of country, he became a volunteer soldier defending his country at the frontline in the Donetsk region.
On joining the military, he and other volunteers received five weeks of simulation training in the UK before they were deployed to the war front. He is now injured and has returned to Kyiv to be treated.
Talking about his experience at the frontline, Spanish said he felt inadequate defending his country with just a gun compared to the artillery wielded by Russia.
Despite this challenge, he refused to leave the fighting but for the injury that forced him to return home.
When asked why he did not quit fighting, he asked “How can I do that?”
Spanish insists that Russia is not a country you negotiate with and so Ukraine must continue to fight with more air defence systems.
The ongoing war in Ukraine has lasted for 21 months with no end in sight as several propositions for peace have failed.
The war has oftentimes been referred to as a frozen conflict including recently by Slovakia’s new prime minister, Robert Fico.
Similarly, Ukraine’s military commander-in-chief General Valerii Zaluzhnyi in October told The Economist that the war has reached a stalemate.
Ukraine’s President Volodymyr Zelenskyy rejected Mr Zaluzhnyi’s position saying that a stalemate is unacceptable.
[Premium Times]
More...
The Nigerian entertainment industry is projected to experience a revenue growth from $4 billion in 2013 to an estimated $14.82 billion in 2025. This is, according to the recently released NECLive report.
The report provides an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.
A statement by NECLive Report said, the industry boasts an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage. Recent findings from the PWC report (Africa Entertainment and Media Outlook 2023 – 2027) underscore the remarkable growth of the Nigerian entertainment and media market compared to key competing countries like South Africa and Kenya.
Projections indicate an impressive 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within this timeframe. Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive a double-digit revenue growth.
The industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance. This paradigm shift highlights that music isn’t merely an art form but a substantial source of revenue.
The film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, fostering sectoral growth.
The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently has positioned Nigeria as the world’s second-largest film producer.
The Nigerian entertainment industry has undergone significant expansion and exponential growth in recent years.
The era of cassette tapes and DVDs has given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video.
The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.
Amidst progress, there are challenges that once plagued the entertainment industry, such as high cases of piracy which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.
However, today’s landscape, shaped by the internet, streaming platforms like IrokoTV, Billboard, Netflix, and social media giants like Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with forums like the Nigerian Entertainment Conference (NECLive), which has for the past decade served as gathering for the industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry.
Ayeni Adekunle Samuel, the founder of NECLive, recalls, “In 2012, the industry encountered formidable challenges, causing frustration and disillusionment. However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive. This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent. In 2013, the realisation of this dream became a remarkable reality.”
[Leadership]
Davido’s logistics manager, Israel DMW has revealed how his boss rescued him from falling deep into depression.
Recall that Israel and his wife, Sheila have gone their separate ways, a year after organising an elaborate wedding in October 2022.
Israel on Saturday detailed the crisis that ended his marriage with Sheila, while the estranged wife reacted by explaining her side of the story, accusing her husband of beating her mother.
Making clarifications on his marital trouble, the 002-performing artist in a post on his Instagram story, revealed he fell into depression but was saved by his boss, Davido.
He said: “I immediately fell into serious depression. Thanks for Oga, who would always call to check up on me and make me laugh.”
[Newsguru]
The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, Mr Ajay Banga, to promptly, transparently and effectively conduct investigation into spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding “if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.”
In the letter dated 25 November 2023 and signed by SERAP deputy director Kolawole Oluwadare, the group also urged the Bank to suspend further applications for loans and any other funding to the 36 states until these states are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners.
Many of the country’s 36 states are allegedly mismanaging public funds which may include loans obtained from the Bank and its partners, and allocations from the Federal Government, which may also include loans obtained from the Bank.
SERAP said the World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds.
According to the group, they are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states.
SERAP stated that it is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.
The letter, read in part: “The World Bank’s lending, and support for these states may create the impression of complicity in the allegations of mismanagement or diversion of public funds by the states which may include loans from the Bank and its partners, and federal allocations.
“We would consider the option of pursuing legal action should the World Bank fail or fail to implement the recommendations contained in this letter, and we may join the country’s 36 states in any such suit.
“According to Nigeria’s Debt Management Office, total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion. The Federal Government’s total public debt portfolio is N78.2 trillion.
“SERAP also urges you to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states and provide guarantees that loans and funding from the Bank and its partners would not be used to fund the luxurious lifestyles of politicians.
“SERAP urges the Bank to send independent monitors to the 36 states to monitor the spending of the loans and other funding obtained from the Bank and its partners to remove the risks of mismanagement or diversion of public funds by these states.
“The World Bank currently has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states carry out reforms to attract investment and create jobs.
“The accounts of Nigeria’s 36 states are generally not open to public scrutiny as many of them continue to refuse freedom of information requests seeking transparency and accountability in the spending of public funds.
“The World Bank and its partners need to make clear to Nigeria’s state governors that it would not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.
“The Bank has a legal responsibility to ensure that suspected perpetrators are brought to justice, and that any mismanaged or diverted public funds are returned to the treasuries of the states.
“The World Bank has the legal obligations to observe and promote compliance with the Nigerian Constitution 1999 [as amended] and domestic laws including the Fiscal Responsibility Act of 2007.
“Nigeria’s total public debt stock, including external and domestic debts, increased to N46.25 trillion or $103.11 billion in the fourth quarter of 2022.
“Many states reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in these states continue to be denied access to basic public goods and services such as quality education and healthcare.
“Several state governors are also reportedly spending public funds which may include funding obtained from the Bank and its partners and allocations from the Federal Government to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.
“The country’s 36 states have reportedly spent N1.71tn on recurrent expenditures, including allowances, foreign trips, office stationery, and aircraft maintenance in the first nine months of 2023.
“In Abia State, the government reportedly spent N397,520,734.84 on ‘feeding and welfare’ and N223,389,889.84 on ‘refreshments and meals.’
“The Akwa Ibom State government has reportedly spent N92.54bn on allowances and social contributions, social benefits, travel and transport, utilities such as electricity chargers, Internet access charges, and on materials and supplies such as office stationery, drugs, laboratory and medical supplies, maintenance, training in the first two quarters alone.
“The government has also reportedly spent N10m on hosting/mobilisation of political associations and interest groups, and N841.83m on entertainment at meetings.
“The Adamawa State government has reportedly spent N40.90bn on non-salary expenditure as of the end of quarter three, 2023 including on furniture allowance, travel and training, domestic and foreign, office stationery and consumables, and refreshments and meals.
“The Anambra State government also reportedly spent N15.17bn frivolous items, as of the end of quarter two, 2023. While Bauchi State government reportedly spent N70.25bn on frivolous items, Bayelsa State government spent N58.26 on travel, welfare packages, burial logistics, meeting expenses, ‘praise night/thanksgiving expenses’, and ‘marriage ceremony support’.
“In Lagos State, N440,750,000 was reportedly awarded to the Office of the Chief of Staff for the “procurement of a brand new bullet-proof Lexus LX 600 for use in the pool of the Office of Chief of Staff.” Some N2bn was also reportedly budgeted to buy rechargeable fans, rechargeable lights and fridge in the Office of the Deputy Governor.
“The Benue State government reportedly spent N34.44bn on ‘special day celebrations’ ‘welfare packages’, ‘security votes’, and materials and supplies such as office stationery, and books.
“According to reports, Borno, Cross Rivers, Delta, Ebonyi states also respectively spent N32.63bn, N43.71bn, N152.15bn, N30.91bn, and N41.11bn on frivolous items and the public funds may have been mismanaged or diverted.
“Ekiti State reportedly spent N31.33bn on local and international travel and transport, miscellaneous such welfare packages, refreshments, honorarium and sitting allowances. According to reports, both Enugu and Gombe states respectively spent N33.36bn and N24.73bn on frivolous items and the public funds may have been mismanaged or diverted.
“Imo State government reportedly spent N58.21bn on refreshments and meals, welfare packages, and other allowances. Jigawa State reportedly spent N49.64bn on transport and travelling, materials and supplies including drugs, vaccines, medical supplies, and stationeries.
“According to reports, Kaduna, Kano, Katsina, Kebbi, Kwara and Kogi states also respectively spent N27.87bn, N17.79bn, N40.49bn, N24.51bn, N41.19bn, and N58.02bn on frivolous items and the public funds may have been mismanaged or diverted.
“Section 41 of the Fiscal Responsibility Act provides: ‘Government at all tiers shall only borrow for capital expenditure and human development.’
“Section 44 of the Fiscal Responsibility Act provides: ‘Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’
“Under Section 45, ‘All banks and financial institutions shall request and obtain proof of compliance with the provisions of this Part before lending to any Government in the Federation. 2) Lending by banks and financial institutions in contravention of this Part shall be unlawful.’
“The World Bank and its partners have obligations under international anticorruption and human rights law, including a responsibility to promote transparency and accountability in the management of public funds, prevent mismanagement or diversion of public funds, and redress any abuse of public trust that they may have contributed to.
“As a UN specialized agency, the World Bank also has an obligation to promote transparency and accountability in the management of public resources and effective implementation of the UN Convention against Corruption to which Nigeria is a state party.
“The World Bank’s board of executive directors also has an obligation to ensure that the policies and decisions of the Bank are consistent with their own statutes and governments’ transparency and accountability obligations.”
[NaijaNews]
Rite Foods Ltd, a Nigerian consumer-packaged goods company, committed to delighting its consumers with innovative beverages in the non-alcoholic segment and sausage rolls has announced the appointment of new members to the Board of the Company to propel growth.
The new Board members include Mr. Kunle Elebute and Isa Mohammed Inuwa as Independent Non-Executive Directors; Raheem Owodeyi as Non-Executive Director and Dr Kehinde Onijingin as Executive Director.
This strategic move is aimed at positioning the business for accelerated growth and enhanced market presence as the Company takes giant strides into the next phase of its growth strategy.
Chairman of Rite Foods Ltd, Dr Sulaiman Adebola Adegunwa, OFR says the Board is “delighted to welcome a distinguished and experienced group of individuals to the Board of Directors. The collective intelligence, expertise and experience of the new Board members, working with the old members of the Board will be instrumental to guiding Rite Foods to new heights of success.
Dr. Sulaiman Adebola Adegunwa
The Board members are professionals with varied experience from both the private and public sectors in Nigeria and beyond. They include:
The Chairman of the Board, Dr. Adegunwa, OFR is an accomplished industrialist of 60 years’ experience with diversified interests in Photography, Food and Beverage, Insurance, Agriculture and printing. He has served on several Boards and was the Chairman of Sterling Bank Limited from 2007 to 2014.
Mr. Seleem Adegunwa, is the Managing Director/Chief Executive Officer of Rite Foods. The pioneer Managing Director of Rite Foods, with 27 years’ experience in leadership and business, has a first degree in Mechanical Engineering and an MBA degree in International Business from Birmingham City University and the University of Bristol, respectively. His leadership and business acumen have positioned Rite Foods Ltd as a household name in the Food and Beverage sector in a very short time
Mr. Elebute is a chartered accountant with over 40 years’ experience in Consulting. He was Senior Partner/CEO of KPMG Nigeria and Chairman of KPMG West Africa. He has served on the Board of several not-for-profit organisations.
Mr. Inuwa is a former Deputy Managing Director of Nigeria Liquified Natural Gas Limited and former Chief Operating Officer/Executive Director, Support Services at the Nigerian National Petroleum Corporation (NNPC) where he retired. Inuwa, with experience spanning over 35 years, has a degree in Accounting and Masters in Accounting and Finance. He has served on the Boards of many organisations in the Education, Banking, Food & Beverage, and Oil & Gas industries.
Mr. Owodeyi, an Economist, is currently an Executive Director/Chief Operating Officer of Sterling Bank Ltd and comes with over 32 years’ experience in the Financial Services Industry.
Mrs Kudirat Balogun, an accountant with over 25 years’ experience, is the Chief Financial Officer of Rite Foods. She has a first degree from the University of Lagos in Computer Science and trained as an accountant in the UK. She is a Fellow of the Association of Chartered Certified Accountants, UK as well as a Fellow of the Institute of Chartered Accountants of Nigeria. She also holds an MBA from Cass Business School, UK.
Dr. Onijingin is currently the Chief Operating Officer at Rite Foods. He has two doctorate degrees in Human Resource Management and Strategic Management and comes with over 21 years’ experience in manufacturing and financial services.
The Chairman is confident that Rite Foods will capitalize on the collective expertise and industry insights of the new directors to achieve great milestones.
[Nairametrics]