Citing the need to rein in inflation and achieve price stability, the Central Bank of Nigeria, CBN, yesterday raised its benchmark interest rate, the Monetary Policy Rate, MPR, by 150 basis points to 26.25 percent from 24.75 percent, the third raise less than three months, with the CBN Governor, Mr. Olayemi Cardoso, saying there’s no magic wand. 

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

However, the apex bank retained the Cash Reserve Ratio, CRR, for deposit money banks at 45 percent and the Liquidity Ratio at 30 percent.

Cardoso expressed optimism that the various tools deployed by the bank to tame inflation and create a stable foreign exchange market would yield the needed results in the coming months.

Inflation had sustained upswing for over 13 months hitting 33.69 percent Year-on- Year, YoY, fueled by food inflation.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated: “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing”.

He added, “The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure- related constraints along the line of distribution network, security challenges in some food producing areas, and exchange rate pass-through to domestic prices for imported food items.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

Investors’ confidence

Cardoso said investors’ confidence in the country was growing, adding, “we have attempted to make the market more transparent in our dealings which foreign portfolio investors want to see and which gives them the added confidence.

“We have seen that they have responded very positively to the transparency initiatives and that have given a considerable amount of confidence to them.

“The removal of the distortions that we all know about which over time have resulted in a multiplicity of different circulars to address certain things have also helped in no small measure to boost confidence in the sector”.

Fintechs regulation

The CBN Governor explained that the move to tighten regulations around the operation of Fintech companies was not aimed at putting them out of business but to ensure that the Nigerian public obtains the maximum benefit from the sector.

“The Fintechs have definitely not been singled out for any exceptional kind of treatment, on the contrary we are very proud of what the Fintechs over the years have been able to do for the country and the positive impact it has been having not just in the country but worldwide. It is for us to support them and help them to strengthen what they have been able to accomplish”, he stated.

He said the CBN was concerned about illicit flows and money laundering through the sector which created the need for heightened surveillance of the sector.

He stated that despite the increase in regulatory guidelines for the sector, no Fintech organization has had its licence revoked by the CBN, stressing that “we have had conversations with a number of them and we have explained the need for them take another look at what they are doing and the need to strengthen them”.

MPR poses more challenges for businesses — NACCIMA

Reacting to the further hike in the MPR, the Director General, Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, said MPR hike poses more challenges for managers of businesses in the country.

He stated: “Basic economics defines capital as one of the factors of production. Therefore, if the cost of money by way of interest rates goes up, the cost of doing business further rises.

“MPR rates aside, conventional banking philosophy will encourage banks to charge higher than prevailing inflation rates when lending money.

“Thereby, in the face of rising energy costs, unstable forex rates and associated costs, managing businesses becomes more challenging. Additionally, the issues of revision of minimum wages are there to accommodate.

“Again, it’s quite a challenging time for business managers. As it is loans are currently available above 30% per annum from banks. “It’s surely neither development nor investment- friendly.”

Additional cross for investors to bear – CPPE In his comment, the founder of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the move will impose additional cross for investors to bear.

His words: “Most economic operators with credit exposures to the banks have not recovered from previous hikes. Interest rates were already around 30% threshold.

“Secondly, extant CRR of 45% has profound liquidity effects on the financial system. Both measures have dampening effects on financial intermediation, which is the primary role of banks in an economy.

“Thirdly, the monetary policy transmission channels are still very weak, given the level of financial inclusion in the economy. This limits the prospects of monetary policy effectiveness.

“Meanwhile, the new rate hike is an additional cross to be borne by investors who have exposures to bank credit facilities. Naturally, a rigid monetarist disposition by the Central Bank is expected. But we need to reckon with the costs to the economy.

“Hopefully, with the positive outlook for domestic refining of petroleum products, we may begin to see a moderation in energy cost and a pass through effect on general price level.

“This is one silver lining that is on the horizon at the moment.

“Necessary fiscal policy supports are urgently needed to compensate for the adverse impact of extreme monetarism on the economy.”

Nollywood actor Yul Edochie has stirred controversy after revealing why he didn’t attend a burial ceremony.

This is coming a few days after his late colleague Junior Pope was laid to rest in Enugu State on Friday.

According to Yul Edochie, due to betrayal, he chose to stay away as he promised to provide details on the matter. 

He wrote, “I didn’t want to say anything till after his burial. I know many asked why I wasn’t there. Why I haven’t said anything about it since.

“I took him like a brother & good friend. I was there for him when he needed me. But he stabbed me in the back repeatedly. That’s life!

“I’ll drop the full details soon so others can learn from it.

“Be careful what you wish people, it could come to you.”

The announcement has sparked a mix of reactions among fans and colleagues within the Nollywood community, with many eagerly awaiting Yul Edochie’s full account of the events that led to his decision.

Philanthropist and founder of Christ Mercy Land Church Warri, Prophet Jeremiah Fufeyin, has donated N5 million to support the burial of the late veteran Nollywood actor, John Okoafor popularly called Mr. Ibu. 

The donation was made when members of the burial committee visited Fufeyin at his church to seek support.

Fufeyin announced that N2 million of the fund would go directly to Mr. Ibu’s immediate family, while the remaining N3 million would be allocated for the burial expenses.

The cleric who had initially offered the family of the Sound Engineer Precious Ofurum, who died alongside Junior Pope and four others in River Niger, N10 million, added an extra N1 million when they came down to appreciate the man of God 

The man of God was also awarded Best of Friend award by the River State Chapter of Nollywood.

The development is also generating reactions on the internet, as an X user @Nwoke_samson says, “This PapaJ is always there to help those grieving and in need. To be honest, this is true love, always him showing love to people. The man dey try abeg.”

Another user, @SisterKelechi_italy, says, “Prophet Jeremiah Fufeyin no dey ever fall hand when it comes to showing love. This man is indeed a replacement of TB Joshua. Only Prophet TB Joshua did these things.“

…FG’s N54,000 offer is a wage reduction 

…No governor in attendance

…Meeting to reconvene today 

…CDWR calls for mass action

The tripartite minimum wage negotiation meeting involving Organised Labour, the federal and state governments, and the Organized Private Sector, OPS, yesterday ended in deadlock, following Labour’s dismissal of the government’s N54,000 offer as expected.

Labour leaders also lamented the absence of state governors in the meeting to present their offers, as their representatives said they had no mandate.

However, Vanguard gathered that the meeting will reconvene today by 4 pm.

According to sources, labour leaders insisted that the Federal Government has not made an offer and that it appears the government is not serious.

According to Labour, the N54,000 offer falls below the N77,000 salary its workers are earning.
Before the meeting adjourned for today, it was agreed that governors must attend to make presentations.

Confirming the development, a member of the Tripartite Committee on the National Minimum Wage, Professor Theophilus Ndubuaku, lamented the absence of six governors who represent the six geopolitical zones, stressing that it would not augur well if any agreement was reached without the governors.

Professor Ndubuaku reiterated the May 31 deadline labour had given to the government to conclude negotiations.

He said: “It took them (the government team) some time and they were passing the buck on who would present the offer. It was then the Minister of Labour who now said they had shifted ground to N54,000.

‘N54,000 is wage reduction’

“We still told them that the ground they shifted means nothing. They have not started the negotiation because as of now, the take-home of the lowest-paid federal worker is over N77,000. By their standard, we have not started negotiating minimum wage.

“What we are negotiating now is wage reduction because what they are now telling us is that if we walk out of there if we agree on N54,000, that means we will come out and tell people who are already earning N77,000 that their wage has been reduced.

“We told them that a worker can’t start earning less than what he or she was earning. Is it that there is a reduction in inflation that the cost of living has improved, or is it that the cost of food items has come down?

“Why will they now be negotiating wage reduction? It is unthinkable. We cannot be involved in this kind of process where labour will sit down and negotiate wage reduction. On what will it be based? Will it be based on the fact that the revenue government is realising now since the petroleum subsidy was removed has been reduced?

“Or why will the government be talking about wage reduction when even the inflation is going higher and the cost of living is going higher? So, we told them it is not acceptable, but then we had to adjourn because we could not continue to negotiate without the presence of governors. It will not augur well for the tripartite committee.

Governors not at minimum wage talks

“The Federal Government’s team said it did not know why the governors were not around because six of them were sworn in as members of the committee. We told them this is a serious matter. If they refused to come, even if in the end we agreed on anything, they would say it was not binding on them because they were not there.

“There was a permanent secretary that represented one governor and the person had no input. So, nobody will decide on their (governors) behalf when they are not at the meeting. So we said let us adjourn and invite the governors formally. So, we had to adjourn to tomorrow (today) by 4 pm.”

On the reaction of organised labour when the N54,000 was offered, he said: “When they offered N54,000, we told them they have not started. We did not see that as any shifting of grounds which they promised.

“Shifting grounds must start from the point of negotiation for minimum wage. Anything below N77,000 is a wage reduction, anything below the take-home of the lowest-paid worker is a wage reduction. We cannot start negotiating wage reduction.

“Already the clock is ticking. We gave them a May 31 deadline to conclude negotiations, today (Tuesday) is May 21. We have 10 days to go and it will not augur well for this country if negotiations are not concluded on time.

“This one is no more the case if we did not agree. It is the case of the government not negotiating the minimum wage. I do not think we need any other notice (for a strike). They also said that as far as they are concerned, they are working towards the deadline so that we will conclude before we go to Geneva for the ILO.”

Recall that labour walked out of last week’s meeting after rejecting the government and the Organized Private Sector, OPS, new minimum wage proposals of N48,000 and N54, 000 respectively.

Under the umbrella of the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, Labour described the government’s proposal of a paltry N48,000 as not only insulting the sensibilities of Nigerian workers but also falling significantly short of meeting their needs and aspirations.

According to organised labour, what the government offered is a reduction in income for federal-level workers who are already receiving N30,000 as mandated by law, augmented by former President Muhammad Buhari’s 40 per cent peculiar allowance of N12,000 and the N35,000 wage award by the present government, totalling N77,000.

CDWR calls for mass action

Reacting to the development yesterday, the Campaign for Workers Democratic Right, called on labour leaders to mobilise workers for sustained mass action to actualise living wage and end all anti-people capitalists policies.

The group in a statement signed by national chairperson, Comrade Rufus Olusesan, and national publicity secretary, Comrade Chinedu Bosah, said: ‘’The Campaign for Democratic and Workers’ Rights, CDWR, calls on labour leadership not to turn this ultimatum to another empty threat like the previous one which has expired since March 13 without the NLC saying a single word, let alone a declaration of mass actions.

‘’Despite the ongoing negotiations, it is only a struggle anchored on mass mobilisation of Nigerian workers and the masses on a sustainable basis, demanding living wage and reversal of all anti-poor policies that can win reasonable concessions from an anti-people government. ‘’Therefore, after the expiration of the ultimatum, we propose a 48-hour general strike and mass protest as the first step. The struggle is going to be protracted, and so labour leaders should be prepared to sustain the mass actions through a programme of actions that allows workers to actively participate and be democratically involved.

‘’This will entail producing and circulating mass leaflets and posters, media campaigns, community mobilisation, mass meetings at workplaces and communities, and setting up community/workplace action committees to make clear that labour will wage a determined struggle to defend and improve the living standards of the vast majority of Nigerians.’’

Independent petroleum marketers have expressed concern over the rising price of Premium Motor Spirit, PMS, otherwise known as petrol, in private depots to N710 per litre.

With the increase, petrol pump prices at outlets operated by independent marketers also rose to between N730 and N750 per litre which has led to queues at some stations operated by major marketers and Nigerian National Petroleum Company Limited, NNPCL, where pump prices are cheaper at N610 and N568 per liter respectively.

A visit to the private depots in the Satellite and Apapa areas of Lagos showed that prices varied as the product were sold at between N701 and N735 per litre. The depots with the highest price include Bovas depot which sold petrol to independent marketers at N762 per litre followed by MRS depot with N735 per liter.

The lowest prices were at Rainoil depot at N705 per litre, Emadeb depot with N705 per litre, while depot owned by Eterna Oil and Sahara also known as Asharami depot sold at N701 per litre respectively.

One of the independent marketers who spoke on condition of anonymity stated “most major marketers own tank farms in Lagos and they buy directly from NNPC. Scarcity has eased out a bit because NNPC supply mainly to major marketers but we the independent marketers are struggling as we depend on these major marketers for products.

“The major marketers buy at NNPCL rate of N548 to N550 per litre and they sell to us at N705, the cheapest is N701 per litre. These major marketers have filling stations in Lagos and other states but in Lagos they sell in their various stations at N610 to N620 per liter.

“IPMAN stations in Lagos are struggling as we are unable to sell due to the price difference making the market highly competitive. Our people outside Lagos are the ones selling as they benefit from the high price that it’s being sold over there.

He noted “when we buy from these major marketers at N705 per liter, NUPENG will charge us per the number of liters we purchase and then we add transportation cost of N15 to our filling stations, the price at the pump will be sold at N740 to N750 per liter”

Meanwhile, in a telephone interview with Vanguard, the National President, Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Abubakar Migandi Garima, stated that the supply hitches witnessed in the past few weeks have eased, adding that the situation in the country has gradually improved as marketers have started lifting the products from NNPC depots.

“Some of our members have started direct purchase through NNPCL, but the allocation from them is very low and cannot sustain all our members, therefore we have to go through private deports and buy from them to augment our various stations. For our members that buy from the private deports, automatically the price will change at their stations as they sell at a higher rate compared to major marketers”.

Findings by Vanguard indicated that some independent marketers partner with some major marketers to get petroleum products at NNPC price in order to stay afloat.

The Academic Staff Union of Universities, ASUU, had reiterated that it would declare a nationwide strike anytime soon following the federal government’s refusal to meet its demands despite consistent appeals.

While addressing journalists on Tuesday during a news conference at the University of Lagos, the coordinator of the Lagos zone of the union, Prof. Adelaja Odukoya, said the union was fast losing patience over government’s insensitivity to the plight of its members and that of the public universities.

Odukoya said the only saving grace that could stop them from embarking on the proposed industrial action is for the federal government to do the needful fast.

He spoke against the backdrop of the union’s National Executive Council, NEC, meeting held at the Obafemi Awołowo University, Ile-Ife, on May 11 and 12, 2024.

“Our union assessed the outcomes of its engagements with the state and federal governments over the last few months on matters pertaining to the status of developments around the renegotiated 2009 Agreement, payment of owed salaries and earned academic allowances (EAA), unremitted deductions made by the disruptive and discredited IPPIS, proliferation of universities, and a number of other matters.

“NEC also had a critical review of government policies and actions that had led to the present deteriorated living and working conditions across the country and in our universities, particularly,” he said.

According to him, most of the issues mentioned had been lingering and unaddressed by the government for many years.

He also debunked the threat of a ‘no work, no pay’ rule by the government, adding that the policy is unknown in global labour laws of which Nigeria is a signatory.

On the newly-constituted governing councils for federal universities, Odukoya described them as ‘illegal.’

He said ASUU had urged the federal government to recall them about a year ago to complete their tenures in line with the University Act upon which they were constituted.

“So, we are not talking about the personalities and composition of the list but the illegality of constituting new councils,” he added.

Odukoya called for proper funding of public universities rather than creating new ones, noting that it is far better to enhance the capacity and access of these universities and make them globally competitive.

He said ASUU would not relent in its struggles for better public university education and the country.

Olaolu Akeredolu-Ale popularly known as Olaolu Slawn has designed the English FA Cup trophy to be displayed on the 2024 final between Manchester City and Manchester United at the Wembley on Saturday.

Here are some things to know about Olaolu Slawn:

1. Born in Lagos, Nigeria on 24 October, 2000, Olaolu Slawn is a British-Nigerian designer and artist.

2. Most of his works include spray paint, large-scale pop art canvases, graffiti, caricatures and murals.

3. The 23-year-old became the youngest person to design the Britannia statuette for the annual BRIT awards in 2023.

4. In his late-teens, Slawn worked at Wafflesncream, Nigeria’s first skate shop, where he met his friends Leo and Onyedi at the shop, and the trio created artwork, skate together, and made films.

5. Slawn and his friends eventually created an apparel group named Motherlan, and their brand gained popularity in Nigeria and received recognition from Virgil Abloh.

6. In 2018, Slawn moved to London and enrolled at Middlesex University to study graphic design in 2019.

7. During the beginning of the COVID-19 pandemic, he began to paint, and would hand his artwork to people at parties and established a social media presence for his artwork.

8. He had his debut exhibition in September 2021 at Truman Brewery on Brick Lane.

9. In 2022, Skepta debuted his first painting on a collection for Sotheby’s auction organised by Slawn for charity.

10. Slawn was the statuette and set designer for the 2023 Brit Awards.

11. On May 22, 2023, Slawn opened BeauBeau’s Cafe, a family-run restaurant in East London that is named after his son.

A former National Vice Chairman, Northwest, of the ruling All Progressives Congress (APC), Salihu Moh. Lukman, has blasted his party for dashing the hopes of Nigerians in the last nine years.

In a statement on Tuesday, while restating his membership of the party, Lukman said the worst part of the situation is that “we have elected governments, virtually at all levels, performing worse than military rulers.”

He noted that 25 years after the advent of democracy in 1999, the welfare condition of Nigerians is unarguably worse, while unemployment and poverty indices have increased.

His words, “Poor management of national resources has continued so much so that crisis of insecurity and threat to human lives is the new normal.

“The worst part of it is that we have elected governments, virtually at all levels, performing worse than military rulers. Although theories of democracy and politics have unquestionably proven that elected leaders will be more accountable, 25 years of democratic rule in Nigeria is yet to produce leaders that are predisposed to accommodating the interests of citizens.

“Instead, we keep moving almost in the opposite direction to whatever could be estimated as the interest of Nigerians, no matter how narrowly defined.

“Is it that Nigeria’s democracy is yet to open the expected opportunity? Or is it that the majority of Nigerians are unable to ‘positively grab’ the opportunity, which democracy presents? What is the opportunity, which democracy presents?

“These are fundamental questions, which we must interrogate to be able to come to terms with our Nigerian reality and perhaps develop creative initiatives on how to exercise the freedoms that come with democracy based on which the opportunities it presents can be ‘positively grabbed’ in order to achieve the desired effect of resolving our national challenges.

“First, while interrogating this issue, I want to affirm my membership of the All Progressives Congress (APC) and recognize that the last nine years have disappointingly dashed the expectations of Nigerians.

“I make this admission as someone who is committed to progressive politics based on the conviction that the first thing that qualifies anyone to be a progressive is the capacity to recognize challenges based on a correct assessment of realities.

“A correct assessment of reality is about honest criticisms and taking responsibility. It is not about rationalizing choices or denial of challenges and realities,” he added.

According to him, being a party founded with the vision of becoming a progressive party, it has crashed below whatever a political party represents, not to mention being progressive.

“As it is today, its leadership doesn’t obey its own constitution, it doesn’t hold meetings, and it is accountable to no one. Since 2015, when the party was elected as a ruling party, with former President Muhammadu Buhari inaugurated as president of the Federal Republic, the manifesto of the party has been virtually abandoned, and leaders of the party have little or no say in the management of governments it produced at all levels.

“Processes of appointments into government and policy decisions have been made the prerogative of the president at the national level and governors at state levels.

“Like under military rule, when citizens were reduced to distant observers, under the APC, party leaders and members have also become distant observers,” he said.

Constituents of Kaura Namoda-Birnin Magaji federal constituency of Zamfara State have notified the chairman of the Independent National Electoral Commission, INEC, Professor Mahmood Yakubu, of their resolve to recall Hon. Aminu Sani Jaji from the House of Representatives.

The constituents said their decision is on account of poor representation pursuant to Section 69 of the Constitution of the Federal Republic of Nigeria.

The recall letter, submitted by the constituents to the office of the chairman at the INEC Headquarters in Abuja, was duly acknowledged and stamped.

Constituents have also commenced the collection of signatures of the voters as contained in the voters’ register, which will be forwarded to the commission for verification of the voters’ signatures and subsequently to conduct a referendum for Jaji’s recall.

The statement, signed by Hon. Bello Mahmud Birnin Magaji, chairman of the Coalition for Sustainable Democracy and its secretary, Comrade Mustapha Ibrahim, said: “We urge eligible voters in the constituency to turn up en masse for this crucial civic exercise. The urgent need to recall Hon. Jaji cannot be overemphasised, as he failed woefully to represent his constituency at a time when his service is most needed.”

Activist and political analyst Atiku Abubakar has said that President Bola Tinubu inherited a nation in disarray, economically, politically and security-wise.

He said this during an interview on Arise Television’s News Day, insisting the president is on track and requires time to address the issues inherited from the previous administration.

According to him: “The President, in my opinion, has done well. This is because he met a country in disarray, economically, politically and security-wise. But he has been able to put things in proper perspective, even though we expect him to do some more.

“But in my opinion, the President is on track because he has shown so far that he is a listening President with so many actions he has taken so far.

“His policies are well conceived but in the implementation, there are some things that should have been done differently.

“But the good thing is that the President is listening and anything that needs to be corrected will be corrected because he has shown capacity in leadership so far.”