President Bola Tinubu sharply criticized fuel subsidies on Friday, describing them as a “scam” that inhibits growth and benefits smugglers while effectively subsidizing fuel costs for other countries.

These comments were made during a meeting with Nigerians residing in France, as reported by his Special Adviser on Special Duties, Communication, and Strategy, Dele Alake.

The President explained that his advisors had initially omitted the subject of fuel subsidy removal from his inaugural address, still, he deemed it crucial to eliminate the subsidy from day one.

This meeting marked President Tinubu’s first public discussion following his inaugural speech on May 29, 2023, during which he declared the end of fuel subsidies.

His announcement led to a near-instant increase in fuel prices and hoarding, inciting calls for protest by the Nigeria Labour Congress (NLC).

These reactions occurred despite former President Muhammadu Buhari’s earlier efforts to terminate fuel subsidy payments by June.

President Tinubu assured the attendees of his commitment to revitalizing the education and health sectors.

He also confirmed that ongoing economic reforms would be sustained and broadened, aiming to alleviate families grappling with poverty and insecurity.

His remarks came just over a week after signing the Students Loan Bill into law.

In a dialogue with the Nigerian community in France, President Tinubu pledged to develop and implement creative policies in sectors directly affecting Nigerians’ livelihoods, like electricity, sports, and energy.

The President assured that the interests of Nigerians would always be prioritized in discussions with international communities, governments, and organizations on global issues such as climate change, energy transition, food security, trade, security, and diplomacy.

President Tinubu acknowledged the country’s ongoing challenges with transportation, electricity, and infrastructure.

He notably highlighted his decision to remove fuel subsidies, referring to it as releasing “the giant elephant of fuel subsidy without bringing down the house.”

Despite political divisions, the President promised to promote unity and prosperity for all Nigerians, reiterating his commitment to implement reforms for a better nation.

In closing, Nigeria’s Ambassador to France, Kayode Laro, and several other attendees expressed their gratitude and support to President Tinubu for his visionary leadership and dedication to economic reform.

The National President of the Arewa Youth Consultative Forum (AYCF), Alhaji Yerima Shettima has said that the claims made by former militant Asari Dokubo concerning illegal oil bunkering in the Niger Delta region are not far from the truth.

Recall that Dokubo had claimed that the Nigerian military is at the centre of 99 percent of oil theft incidents recorded in the Niger Delta.

Reacting to Dokubo’s claims during an interview with Vanguard, Shettima insisted that the allegations against the Nigerian military did not begin with the agitator.

He noted that the former governor of Rivers State, Nyesom Wike also stated that some security personnels are involved in oil bunkering and pipeline vandalisation.

Shettima opined that he believes Dokubo’s allegations and it is now left for President Bola Tinubu to make a decision concerning the situation.

He said, “First of all, the issues Asari Dokubo raised are very fundamental and germane. The Dokubo I know does not raise any alarm when he is not sure of it. Don’t forget that the allegation he raised didn’t just start today. It only takes people with the courage to come out and say what he said. What he said is not different from what Tompolo said a few months ago. It is also not different from what Wike said in Rivers State that some security personnel are involved in bunkering and vandalisation. I trust him and I believe what he said. It is left to the man in charge, (President Tinubu) to take a decision. He needs to take a decision on that to stop the ugly trend.

“I would also advise him to critically look at all sections of the country to unite all sections. He should look at the issue of security and corruption. Anyone found guilty should not go unpunished. He is also a victim of some allegations. He should prove to the world that he is not what some people think. Tinubu has nothing to lose. God has blessed him with everything he wanted. So, he will only be remembered for the good things he did.”

The Central Bank of Nigeria has ordered banks and other financial institutions in the country to regularly screen accounts of Politically Exposed Persons.

It stated this in its circular to banks and other financial institutions on Friday titled, ‘Guidance notes on Politically Exposed Persons’, which was signed by the Director, Financial Policy and Regulation Department, Chibuzor Efobi.

In the circular, it stated that, ““PEP accounts should be subject to periodic reviews as may be determined by the FI in line with risk assessment.

“Frequency of the periodic reviews should be determined by the risk of the customer and documented appropriately. FIs should also review their PEP database frequently.”

It added that, “On a regular basis, transactions and account activities should be monitored and scrutinised for money laundering/terrorist financing/ proliferation financing risks.”

The CBN explained domestic PEPs to be those entrusted with prominent public positions in Nigeria, while those entrusted with prominent public positions in any other foreign jurisdiction were foreign PEPs.

It noted that in view of the corruption level in Nigeria, domestic PEPs were rated highly vulnerable to financial risks, therefore, by default, most domestic PEPs were considered high risk.

Foreign PEPs and PEPs with prominent functions in international organisations should be categorised based on the level of risk as assessed by financial institutions, it stated.

The CBN said customer due diligence should continue after establishing a relationship with the customer.

“The behaviour of the customer, transactions and accounts should be in line with the expected level of activity. Ongoing monitoring is crucial as a customer risk profile may change over time.”

The CBN stated that financial institutions, in the ordinary course of their businesses, established business relationships with PEPs, who may be vulnerable to corruption and portend reputational and financial crime risks to the FI.

PEPs, it stated, posed a high risk of money laundering, financing of terrorism and proliferation financing due to the possibility that individuals holding such positions may misuse their power and influence for personal gain or advantage to themselves, close family members and associates.

The CBN said, “Such individuals may also use their families or close associates to conceal illicit funds and assets.

“In addition, they may also seek to use their power and influence to gain representation and/or access to, or control of, legal entities for similar purposes.”

The Bola Ahmed Tinubu-led Federal Government has approved the appointment of Prof. Olayinka Oladiran Adegbenhigbe as the Acting Chief Medical Director of the Obafemi Awolowo University Teaching Hospitals Complex, Ile- Ife.

Naija News reports that the Federal Ministry of Health approved the appointment which takes effect from Tuesday, June 20, 2023.

Adegbenhigbe’s appointment was disclosed by the Public Relations Officer of the hospital, Kemi Fasooto, in a statement in Osogbo, the Osun State capital, on Friday.

Quoting a letter signed for the Permanent Secretary by the Director, Human Resources Management, Fasooto said the appointment was for a period of six months within which all processes for the appointment of a substantive Chief Medical Director would be initiated and concluded by the Ministry.

The statement said Adegbenhigbe, a Paediatric Orthopaedic Surgeon, President, Paediatric Orthopaedic Society of Nigeria, is also the first black African member of the Medical Advisory Board of Ponseti International Association, United States of America.

It read in parts, “He coordinated the first Ponseti International Clubfoot Workshop in West Africa and translated the manual ‘Clubfoot: Ponseti Management’ to Yoruba, Igbo and Hausa languages for use in Nigeria.

“Through him, Nigeria became the first country globally that produced and adopted national clinical guidelines on Clubfoot treatment. He has added two terminologies into the medical encyclopedias- ophthofall and Exposed Bone Syndrome.

“All members of staff and the entire public are implored to kindly support and cooperate with him on this new assignment.”

One week after his suspension and subsequent arrest, Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), remains in custody. This does not speak well.

It doesn’t do credit to the country, the president, the EFCC, or the much-touted but largely ineffectual war against corruption in Nigeria.

Now, the issue is not about whether Bawa has committed any infractions. He is human and susceptible to temptations, and like everyone caught up in violating the rules of engagement, he should face the music of his failings. However, there are ideal ways to do things in a democracy; not following those ideals is problematic.

I am saying that stealing public resources is just a subset of corruption; more intangible corrupt practices often rear their heads in the form of poor judgement in the operations of public policy, cronyism, ignoring due process, sabotaging the system for self-gains and devaluing procedures in the management of public affairs. Every time we run afoul of the law, no matter how highly placed or influential we are, we are guilty of some form of corruption.

A point in the case is the penchant of investigating and prosecuting bodies in Nigeria to arrest and detain suspects like it was a fundamental requirement of effective prosecution. 

We must develop a system that respects the dignity of citizens without subjecting them to media trials before they have their day in court. Neither the gravity of the alleged crime nor the suspect’s antecedents (including having previously subjected others to the same treatment) justifies the drama that attends the investigation of people, especially public officials in Nigeria.

And speaking about public officials, it is more about people like Bawa, who led the country’s war against corruption. When we drag people like Bawa and dispense serial and unsubstantiated allegations about them through the media, we erode public confidence in the institution they serve and whatever they represent.

Sadly, this has been the EFCC’s trajectory since its inception. It is the leading anti-corruption agency in Nigeria, yet not one of the five people who have led the organisation has left with their heads high. When they were not accused of corruption, the government of the day found an excuse to push and disgrace every chair out of office.

For instance, arguably the most dreaded chair of the EFCC in its 20-year history is Mallam Nuhu Ribadu. Now, national security adviser to President Tinubu, Ribadu’s tenure brought down one state governor and an inspector general of police. He was reputed to have rejected $15 million from a former state governor. Still, his insistence on prosecuting this governor became his albatross when a “new Pharaoh who did not know Joseph” started occupying the Aso Rock Villa.

 Although that government could have removed Ribadu without drama, the Umaru Yar’Adua presidency went for the spectacular! 

Two weeks after he tried prosecuting former Governor James Ibori (a close associate of the president whom he had accused of attempted bribery), Ribadu was disgraced from office. In public glare, he was forced out of a graduation ceremony at the National Institute for Policy and Strategic Studies, Kuru, Plateau state, demoted by the police, and then retired!

Enter Farida Waziri, a retired assistant inspector-general of police (AIG). Throughout her tenure, allegations of covering up for top fraud and money laundering suspects trailed her.

Some reports claimed that certain international donors and partners stopped dealing with Nigeria and that the former American Ambassador, Robin Sanders, once walked out of a meeting with the late Ojo Madueke because Waziri was in the room!

Waziri got the boot in November 2011 with former President Goodluck Jonathan citing “national interest”.

Ibrahim Lamorde replaced Waziri, but he soon came under scrutiny. The senate accused him of stealing some money from the EFCC, even as he was charged with diverting cash and assets recovered from suspects.

His successor, Ibrahim Magu, had it rough from the outset. Upon his appointment by former President Muhammadu Buhari in November 2015, the senate refused to confirm him as chairman. They relied on a report from the Department of State Services (DSS), which allegedly indicted Magu for actions prejudicial to state security, associating with persons of interest, and living above his means.

 Buhari eventually suspended Magu in July 2020, after which he was arrested and subjected to investigations by the Justice Ayo Salami (rtd.) panel. The government never made the findings of the panel public, but Magu was accused of corruption, insubordination, and abuse of office by the former attorney-general, Abubakar Malami (SAN). He did not do it.

Bawa was a breath of fresh air at his appointment in many respects. However, he went the way of his predecessors last week.

His removal and subsequent arrest shocked Nigerians because he met with President Bola Tinubu a few hours before becoming yesterday’s man. Aside from a recent allegation from former governor of Zamafara state, Bello Mattawale, that Bawa demanded a bribe of 2 million dollars from him, the government only attributed his suspension to the investigations of some “weighty allegations of abuse of office.” And there was the fifth corruption czar in Nigeria, going the same ignoble way as all his predecessors.

His continued detention, however, sends wrong signals to Nigerians, who are left to make conjectures about the reason for his arrest. This is more so because of the nebulous character of the expression “weighty allegations of abuse of office.” Historically, we don’t know how much of a president’s or governor’s personal interest is “abuse of office” when an appointee falls out of favour. That always makes things fishy.

So, even though Nigerians cannot vouch for Bawa’s honesty, speculations about steps that he may have taken against President Tinubu’s interests have also hit Nigerians’ consciousness.

The government should not keep Bawa for long without sharing the specifics of his offence with Nigerians. This request is not just about taking care of speculations on the particulars of his transgression; it also goes to the root of the credibility of the EFCC as well as the readiness of the administration to tackle corruption once and for all.

It should start with the decent treatment of those whom we remove from this exalted office. Of course, the government must ensure it appoints only people of integrity to this position, but there is also the issue of security of tenure. This absence of this may pressure officeholders into misdemeanours and encourage distractions. We should give adequate attention to the welfare of the leaders and operatives of the EFCC.

Second, we must try to understand why corruption has been so endemic in Nigeria. This is a country where the bribe takers and bribe givers are in a marriage officiated by bribe keepers. Consequently, we have created a nation where the brazen pursuit of wealth defines social character. 

So, is there a sociological explanation for why corruption has become so cultural? Why are people numb to bribery, influence peddling, and reckless circumvention of due processes in all spheres of life?

Thirdly, and most importantly, we must build the power and force in the EFCC around the institution and not the leader. 

The reform of the EFCC must encourage respect for the rule of law, the dignity of persons, and a level playing field where no one is favoured or despised. All animals must be equal in a country ready to deal with corruption, where Nigeria is. Corruption is so widespread that it is suffocating the oil and gas industry, compounding poverty, increasing insecurity, turning many youths into monsters, adulterating our moral foundation, and bringing the country to its knees.

The Manufacturers Association of Nigeria (MAN) has described the proposed 40 percent hike in electricity tariff scheduled to take effect from July 1, 2023, as “simply outrageous.”

The MAN also highlighted that the federal government had increased electricity tariff by 186 percent in the past eight years, adding that the “expectation of the manufacturers is that government and the Nigerian Electricity Regulatory Commission (NERC) will ensure improvement in electricity generation, transmission and distribution that will lead to adequate and reliable electricity supply in the country, rather than increasing the tariff on the mere 4000MW, to meet all revenue needs of stakeholders in the electricity supply industry.”

The manufacturers expressed these views yesterday in a press statement titled, “Possible Impact of Impending Electricity Tariff Hike on Manufacturers.”
The manufacturers stated that the proposed increase in tariff would lead to rise in cost of production, reduction in manufacturers’ profit margin, high probability of activities paralysis and potential reduction in government’s collectible revenue.

The association further noted that implementation of the proposed tariff would complicate the inflationary pressure on the economy, accelerate the recession in the manufacturing sector, hurt the competitiveness of Nigerian manufacturers and heighten the probability of manufacturing firms relocating their plants from Nigeria to other countries.

According to the Director General of MAN, Mr. Segun Ajayi-Kadir, who signed the press statement, “it is highly concerning for manufacturers to witness the electricity tariff skyrocketing beyond the present embattling high prices, starting July 1st. A 40 percent hike at this time is simply outrageous.”
Ajayi-Kadir further noted that the absence of stable, effective and fairly priced electricity supply in Nigeria has been a long-standing challenge for manufacturers.
He said: “The worrisome development has compelled many manufacturing industries to supplement the unreliable electricity supply with alternative energy sources. Regrettably, the available alternative energy sources such as diesel have become exorbitantly expensive.
“On average, surveyed data by MAN suggested that manufacturers spent at least N144.5 billion on sourcing alternative energy in 2022, up from N77.22 billion in 2021.

“This translates to about 87 percent increase in the cost of access to alternative energy sources by manufacturers within a year.
“In the past eight years, electricity tariff has been increased by 186 percent. The fact that the government itself owes N75 billion in unpaid electricity bills is indicative of how burdensome the cost of electricity has become.”

The MAN argued strongly that as a matter of fact, any further rise in electricity tariff will directly increase the cost of production for manufacturers.
“Already, we have energy constituting between 28 and 40 percent in the cost structure of manufacturing industries. You can imagine the impact on manufacturing industries that are energy-intensive such as metal processing, heavy machinery, and chemicals manufacturing.”
The Association added that “a spike in the electricity tariff will erode the profit margin of the manufacturers and reduce their ability to expand operations and create new jobs.”

It also feared that reduction in profit margins would be “a definite possibility among small and medium-sized enterprises (SMEs) who are unable to accommodate the higher price.”
MAN states further: “The hike in electricity tariff will reduce the manufacturers’ profitability and by extension the quantum of taxes and fees payable to the three tiers of government.
“Manufacturers remain the largest income taxpayers in the country. Therefore, in the event of poor income generation due to high costs of production, the government purse will suffer.

“In addition, the manufacturers would ultimately pass on the additional cost to the consumers of their products, which will increase the cost of locally made products in the market and complicate the rising inflation rate in the country.
“An increase in electricity tariff will reduce the purchasing capability. One of the resulting effects is the fall in demand and recession of manufacturing activities over time.”

The association also envisaged a high probability of outward investment as “some manufacturing industries may consider shifting production to other economies with lower electricity tariffs and guaranteed availability.”
Ajayi-Kadir adds: “As it is today, the manufacturing sector, which is the engine of growth, is still struggling as a result of the inclement production environment in Nigeria.

“The expectation is that the government will engage in extensive and intensive consultations with the manufacturers; focus on measures that will salvage the sector and halt the trend of shutdown of factories, knowing the implications and the multiplier effects on employment and the economy.
“Care should be taken to avoid introducing burdensome measures that will further strangulate the manufacturing sector and the whole economy.”

The director general of MAN stated further that the government should ensure that at least 90 percent of electricity consumers are metered to ensure consumption reflective electricity bill payment.
He also advised the government to formulate electricity policies that will aid investment in the energy industry to increase generation capacities and ensure effective implementation of the Electricity Act 2023 aimed at increasing electricity supply in the country.

[ThisDay]

The Society for Pharmaceutical Sales and Marketing of Nigeria says ensuring standards and professionalism in sales and marketing in the pharmaceutical sector will contribute to the advancement of the sector and promote the ethical use of drugs by patients.

Speaking at the induction and investiture of fellows of the society in Lagos recently, the president of the society, Tunde Oyeniran, a pharmacist, said recognising the importance of training, ethics and integrity in the sales and marketing of drugs would make a significant impact on the health and well-being of the nation.

He stated, “We are a professional association and that predisposes that there is a minimum level of behaviour, a minimum body of knowledge and a minimum way of doing things, and that is what we are trying to do.

“Before now, that didn’t exist in the pharmaceutical industry. What happens in pharmaceutical sales and marketing is that it is an all-comers affair without any form of standardisation of behaviour, ethics and the way they do things.

“So, what we are trying to do is to bring together everybody involved in sales and marketing whether you are a pharmacist or not. Through this platform, we aim to address common challenges, explore opportunities and promote the highest standards of professionalism and practice in pharmaceutical sales and marketing.”

He said the society recognised the contributions of sales and marketing professionals in driving the success of the pharmaceutical industry, adding that unethical practices would not be tolerated.

[Punch]

• SEC says it is a law-abiding agency that has duly audited its financial accounts year after year before and onward from 2014
• Statements submitted to Federal Ministry of Finance, Budget and National Planning; Office of the Auditor General of the Federation; Fiscal Responsibility Commission
• They add proper dissemination of factual information is critical to the growth and development of the capital market

Nigeria’s Securities and Exchange Commission (the Commission), denied media reports claiming it has not audited its financial statements since 2014.

In a statement released on Friday signed by its management, the SEC revealed it is a strong promoter of world-class corporate governance standards, and hereby restates its commitment to upholding such ideals.

False Claims

SEC stated that its attention had been drawn to some reports in the electronic and print media, insinuating that the Commission had not audited its financial statements since 2014, adding:

• “ Contrary to these false claims, the Commission as a law-abiding agency has duly audited its financial accounts year after year before and onward from 2014 and has submitted these to the relevant agencies statutorily empowered by the Federal Government to receive same.

The said agencies they have submitted statements to are the Federal Ministry of Finance, Budget and National Planning; Office of the Auditor General of the Federation; Fiscal Responsibility Commission; Office of the Accountant General of the Federation, as well as the appropriate committees of the National Assembly.

SEC also noted that it is a strong promoter of world-class corporate governance standards, hereby restates its commitment to upholding such ideals and strongly advises persons with requests for information to channel such to the Commission via email to This email address is being protected from spambots. You need JavaScript enabled to view it., to which the Commission would respond accordingly.

• “The dissemination of factual information is critical to complement the efforts of the Federal Government for the growth and development of the capital market and Nigeria’s economy.

SEC in the news

Nairametrics reported recently that the Securities and Exchange Commission (SEC) said that it is collaborating with the Standards Organization of Nigeria (SON) to develop standards for commodities.

Director General of the SEC, Mr. Lamido Yuguda added that Nigeria has various commodities that could be exported in a bid to grow the economy, provide jobs for Nigerians as well as provide the nation with forex.

Yuguda said that the agricultural sector in the country is expected to grow significantly soon.

• ‘’In its desire to ensure that agricultural produce is of exportable standards and quality, the Commission is collaborating with the Standards Organization of Nigeria to develop standards for commodities”, he said.

Developed standards being exposed to different markets

He also disclosed that because of the collaboration with SON, some of the standards have been developed and exposed to different markets close by and they have been received very well.

The DG said that the development of these standards will pave the way for the export of these products to the international market and in turn, boost the Nigerian economy.

He said that the Commission is pleased about the new government’s mention of supporting the commodities sector as it will further boost the SEC’s efforts at developing the Commodities sector.

[Nairametrics]