The Presidency has announced that President Bola Tinubu and his aides will return to Nigeria from Europe today.

Recall that the President travelled for a meeting with the Dutch Prime Minister, Mark Rutte, over two weeks ago, from where he took a trip to Saudi Arabia to attend a special World Economic Forum, WEF.

He subsequently travelled to Europe after the summit

Special Adviser to the President on Information and Strategy, Bayo Onanuga, who announced the development in a post on his X handle yesterday, said: “President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow (today) from Europe.”

On April 22, Tinubu left Abuja, the country’s capital, for the Kingdom of The Netherlands on an official visit.
Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

The president was expected back in the country after the forum in Saudi Arabia, but he did not return, which fueled speculations about his whereabouts.

Some reports said the president travelled to London from Saudi Arabia for a private visit before heading to France, a European country.

Presidential candidate of the Social Democratic Party (SDP) in the 2023 General Elections, Adewole Adebayo, has advised the Federal Government to focus on the social investment elements of the 1999 Constitution and make life better for the citizenry.

Speaking with journalists in Lagos, Adebayo noted that the country had organised its politics and government around sharing money, hence the endless agitation for the betterment of workers’ welfare without necessarily looking at how to fix the economy for the benefit of all Nigerians.

According to him, the N615,000 being demanded by Labour as the national minimum wage would not sound the same way it sounds today in the next four years and, therefore, would not take the country anywhere.

“Whether you pay salary, pay allowance, pay grants, like we did during the Udoji Award, give loans and all that, what is that loan chasing? Remember during the Udoji Award, everybody ran to UTC to buy bicycles once they got it, the price of bicycles skyrocketed.
“Meanwhile, in China, if you join the civil service, they will not give you any Udoji Award; they will give you a bicycle because the bicycle comes with the job. If you were in the colonial government and you were an assistant district officer, school officer, health officer or forest ranger, all these things are tools. When you are getting the job, they will direct you to the staff quarters and the school your child should go to,” he added.

Noting that the country should organise its politics around this philosophy, Adebayo noted that if the President Bola Ahmed Tinubu administration wants to place the welfare of Nigerians on a sustainable path, it must first stop worrying about who is a worker or who is not.

He added: “They have to first look at Chapter 2 of the Constitution and say if by virtue of this Constitution I have been given a mandate to come and govern Nigeria, what are the promises inside the Constitution? What is the minimum that Nigeria should do? Do we have the resources to put them there? By that, you now know that you need new hospital beds and new roads.
“During the Second Republic, all the governors understood these social investment elements and that is why all the state governments had their own school boards, scholarship boards and water boards such that water got to houses even in rural areas. What we are doing now is monetary government, where we share money.

“The way our Constitution is crafted, it is not related to your job. It is related to your being a citizen. While I was growing up, I schooled in Lagos and Ondo states during the Jakande and Ajasin era. I was too young to be employed by anybody. I was about five years old in primary school, and as such, I was not employable, but the government was interested in knowing whether I had eaten or not before we started class.

“When we got to school, the first thing they would give us was bread, beans and milk. When they were chasing you around in primary school to give you that inoculation, it wasn’t that you were going to be employed by them, it was required that the government made sure you were not blind or crippled,” he said.

The Senate Chief Whip, Ali Ndume, has criticized the renovation work done in the Chamber, describing it as a poor job.

Ndume spoke in an interview with Channels Television’s Politics Today on Tuesday.

Under Order 42 of the Senate Standing Rules, Ndume described the Chamber as a conference hall.

The lawmaker said the Chamber is fraught with inadequacies such as poor sound system, evident in the echoes, poor sitting arrangements, lack of provision of voting devices, amongst others.

He said, “Since day one, precisely last week Tuesday, when we moved into this Chamber that supposed to have been renovated, there have been complaints here and there.”

Reacting to Ndume’s argument, the President of the Senate, Godswill Akpabio, however, explained that complaints on sitting arrangements among Senators have been sorted out 99.9%.

Akpabio said the contract for the renovation work was not done by the 10th National Assembly.

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.


Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.

On Tuesday, the Economic and Financial Crimes Commission (EFCC) continued its crackdown on Bureau De Change (BDC) operators in Abuja amidst the persistent naira depreciation against the dollar.

These raids are part of the federal government’s and the Central Bank of Nigeria’s (CBN) ongoing efforts to address the naira’s downward spiral.

Recent reports highlighted how speculators in the forex market and digital marketing sphere have intensified pressure on the naira.

Last week, the EFCC arrested and paraded over 20 BDC operators, accusing them of collaborating with currency speculators to undermine the value of the naira.

Confirming the latest raid, a BDC operator in Wuse Zone 4, Abuja, disclosed anonymously that EFCC operatives had once again apprehended some operators.

“They were here again. They’ve taken away some people,” the BDC operator informed Daily Trust over the phone.

In response to inquiries, EFCC spokesperson Dele Oyewale described the raids as part of an ongoing operation.

“The exercise is a continuous one. So, if our officers are there, I don’t think they are in a wrong place,” Oyewale stated.

Thirteen persons have been kidnapped from Piko, a remote community in Bwari Area Council of Abuja, by suspected gunmen during a stealth invasion of the community that caught vigilance group and other security agencies unawares.

A source at the community disclosed yesterday that the Maidakin of the community, Chief John Jatau, confirmed that 10 residents were kidnapped, including four nomadic Fulani herdsmen. However, one of the nomads escaped from the kidnappers’ custody.

He listed the following as those kidnapped and still in the captivity of the abductors: Nuhu Anyiwoyi, Emmanuel Nuhu, Danjuma Ali, Parisa Numa, Ezekiel Jatau, Shekwosa Ezekiel, Roseline Samuel, Salome Jacob, Abyelo Ezr, and Ezra Male.

It was also gathered that the kidnappers have placed N900 million ransom on the victims.

He said: “The kidnapping incident occurred last Sunday at about 11p.m. 

The kidnappers raided the village for about one hour without any response or reaction from the community or outsiders, and the major challenge the community faced last night in terms of communication to others was as a result of no telecommunication network in the village, so they picked people from house to house, kidnaping 13 people and later released three.

“The Madakin Piko informed me that they have called and they said they need the ransom of N900 million. They picked about four Fulani people and one of them is released.”

When contacted, the FCT Police Public Relations Officer, Josephine Adeh, neither confirmed nor refuted the kidnap incident.

There are indications that Microsoft African Development Centre (ADC) may shut down its West Africa operation, located in Lagos, Nigeria.

Industry sources in the know revealed this to The Guardian on Tuesday, though no official statement from Microsoft yet.

It was gathered that the management of Microsoft had on Monday informed the staff of the sudden development.

Affected staff, according to information gathered, might be paid their salaries till June and their HMOs.

A source within Microsoft Lagos office neither confirmed nor denied the development when reached out to yesterday.

“I cannot say anything on that for now. Thank you,” the source stated.

While the immediate cause of the shutting down of the ADC remains sketchy, industry sources claimed it might be due to the current economic situation in the country.

The industry source, however, said that ADC in East Africa, situated in Nairobi, Kenya is not affected, “only that of Nigeria.”

The ADC was launched in Nigeria in 2022 after it was set up in 2019. It formed part of Microsoft’s $100 million investment for two development centres in Africa, with the other located in Nairobi. Since its launch, ADC was reported to have hired 120 engineers and more than 200 total employees in Nigeria.

At the launch in 2022, Managing Director, Microsoft ADC, West Africa, Gafar Lawal, said, “We intended to recruit 500 full-time engineers by the end of the year or by 2023. However, currently, we have exceeded 500. This is to tell you about the abundance of talents we have in Africa.”

The ADC was commissioned by former Minister of Communications and Digital Economy, Prof. Isah Pantami and Lagos State Governor, Babajide Sanwo-Olu.

The ADC aimed to facilitate the creation of tech solutions that will solve both African and global problems.

“We desire to recruit exceptional engineering talent across the continent that will build innovative solutions for global impact. This also creates opportunities for engineers to do meaningful work from their home countries and be plugged into a global engineering and development organisation,” Microsoft had said in a statement.

The ADC facility in Lagos also housed the Microsoft Garage, an entity, launched to scale innovation in the tech ecosystem. An increased Microsoft presence in Africa will empower partners and customers as they use Microsoft solutions in fields important to the continent like FinTech, AgriTech and OffGrid energy.

The Independent Petroleum Marketers Association of Nigeria has attributed the current fuel scarcity to the combination of low refining capacity and inconsistent government policies in the petroleum sector.

IPMAN Deputy President, Zarma Mustapha, disclosed this on Tuesday while reacting to the concerning development of Nigerians grappling with fuel scarcity, with widespread reports of long queues at petrol stations across the country.

Speaking on Newsnight broadcast by Channels TV, Mustapha said the scarcity is a result of the dwindling supply of petroleum products, particularly Premium Motor Spirit, commonly known as petrol.

According to the IPMAN official, the roots of the current fuel scarcity can be traced back to the late ’70s when the Nigerian government established IPMAN and other major marketers to alleviate supply challenges in the petroleum sector.

He said, “Despite efforts to expand refining capacity and build infrastructure such as depots and refineries, the country has failed to keep pace with the growing demand for petroleum products, leading to recurrent shortages. There is a need for continuous investment in refining infrastructure to meet the needs of Nigeria’s burgeoning population and economy.

“Government policies have also played a significant role in exacerbating the fuel scarcity situation. Inconsistencies in pricing regulations, particularly regarding PMS, have deterred private investors from participating in the importation and distribution of petroleum products. While certain products like Automotive Gas Oil (AGO) and kerosene have been deregulated, PMS remains under the control of the NNPCL, further limiting competition and supply chain efficiency.

“Despite efforts by some independent marketers to import petroleum products, the unfavourable foreign exchange rates and high operational costs have rendered such ventures unprofitable. The disparity between the exchange rates at which NNPC imports fuel and the prevailing market rates has discouraged private importation, leaving NNPCL as the primary importer of PMS. As a result, independent marketers like IPMAN are left to rely on NNPC for their supply, impacting their bottom line.”

The IPMAN official, however, urged the Federal Government to review its policies and increase investment in refining capacity to ensure a stable and reliable supply of petroleum products in the country.

“While IPMAN acknowledges the role of market dynamics in determining retail prices, the association emphasises the importance of consistent supply to meet consumer demand.

“The current situation highlights the urgent need for a comprehensive review of government policies and increased investment in refining capacity to ensure a stable and reliable supply of petroleum products across Nigeria.

“As citizens endure the inconvenience of fuel scarcity once again, stakeholders look to the government for effective solutions to address the underlying issues plaguing the country’s petroleum sector,” he added.

Nigerians, the organised labour, Civil Society Organisations and power sector experts have knocked the Nigerian Federal Government and Nigerian Electricity Regulatory Commission, NERC, over the N18 downward review of electricity tariff for end-users under Band A.

Recall that NERC announced a tariff decrease for customers under Band A feeders on Monday.

The Commission slashed electricity to N200.6 per Kilowatt-hour from N225.

Ikeja Electric, Abuja, Kaduna, Ibadan, Enugu, and other discos effected the new tariff implementation on Monday.

The development comes a month after NERC approved a 240 per cent tariff hike for electricity customers getting between 20-24 hours of supply.

However, Nigerians, organised labour and other organisations have kicked against the hike, insisting on its reversal amid Nigeria’s economic hardship.

Recall that on Sunday, TUC issued a two-week ultimatum to NERC to reverse April tariff hike.

But, contrary to Nigerians and Organized Labour’s demand for an immediate electricity hike reversal, NERC settled for a downward tariff review.

NERC sighted Improved macroeconomic parameters as the reason for the downward review.

The Naira appreciated N1353.21 per Dollar on Monday at the foreign exchange market, up from N1400.4 on Friday last week.

Explaining the decision, NERC said, “The Commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently, the Commission has approved a downward review of end-user tariffs for Band “A” customers from NGN225/kWh to NGN206.8/kWh”.

Barr Dafe Akpeneye, Commissioner of Legal, Licensing and Compliance at NERC, stressed that, “It is based on other macroeconomic variables that the tariff was reduced”.

Meanwhile, the development did not go down well with NLC, Civil Society Organisations and many other Nigerians.

They described the reduction as silly, insignificant, tokenism, and shallow.

In an exclusive interview with DAILY POST on Monday, Benson Upah, the spokesperson of NLC, described the development as tokenism, stressing that it would not positively impact consumers.

He said the downward review of electricity for end-users under Band A fell short of Nigerian workers’ demands and expectations.

He called for a total reversal of April’s tariff hike and a review of Nigeria’s power sector privatisation.

“This is tokenistic. It falls far below our demand or expectations. Doubtful if this will make a positive impact on consumers.

“A total reversal and a review of the privatisation of the power sector is our demand”, he told DAILY POST.

On his part, the national secretary of the Network for Electricity Consumers Advocacy of Nigeria, Uket Obonga, said NERC was confused and was making a mockery of the sector.

“NERC is confused. You wake up to issue electricity price hike. Is that the methodology of tariff fixing? NERC should not mock themselves.

“A methodology designed by the Commission has yet to be followed. All their claims about the benefit of electricity subsidy removal are scams,” he noted.

According to the 2023 Electricity Act, Section 116(6) provides that the proposed tariff will be published in Newspapers and the official gazette to enable stakeholders to raise concerns and representation to the Commission.

Additionally, it provides that the Commission shall issue notice to relevant stakeholders to submit their input within the timeframe determined by the Commission for consideration before the Commission updates the tariff methodology, which is why Obonga alleged that NERC failed to follow due process in issuing May’s tariff order.

Also, Ewetumo A A, a retired staff member of the defunct Power Holding Company of Nigeria, PHCN, formerly the National Electric Power Authority, NEPA, said the recent review shows how shallow and misdirected NERC personnel have become.

“It only shows how shallow and misdirected our bureaucrats and technocrats in NERC headquarters are.

“They refused to condemn a Gas-to-Power Policy denominated in US Dollar but are quick to pass on to hapless Nigerians the Forex fluctuations.

“NERC has no feasibility studies on Load Demand or a blueprint for building Power Plants to meet citizens’ energy needs nationwide but only to ration and price the little Megawatts remaining on the Grid”, he stated.

Similarly, the Lead Director of the Centre for Social Justice, Eze Onyekpere, said the tariff reduction is a silly manoeuvre by NERC.

He urged for a reverse to status before April’s tariff hike.

“It is a silly manoeuvre. It is above the market cost of electricity. How sustainable is the Naira appreciation?

“If the Naira slumps tomorrow, will the tariff be increased? That is why I call it a silly manoeuvre.

“They should go back to the status quo. Nigerians should know the actual cost of electricity. I am not impressed”, he told DAILY POST.

The Federal Government on Tuesday vowed to pursue the criminal case against the crypto platform, Binance, and its officials, to a logical end.

Speaking against the backdrop of a bribery allegation made by the Binance Chief Executive Officer, Richard Teng, in a blog post published by the New York Times, top officials of the President Bola Tinubu administration described as false and unfounded the accusation that some individuals demanded $150m bribe in cryptocurrency to settle the criminal charge against the firm.

The NYT on Tuesday reported that on a trip to Nigeria in January, Tigran Gambaryan, a compliance officer with the exchange, received an unsettling message: The company had 48 hours to make a payment of roughly $150m in crypto.

Gambaryan, a former United States law enforcement agent, understood the message as a request for a bribe from someone in the Nigerian government.

The incident allegedly occurred before Gambaryan and a colleague, Nadeem Anjarwalla, were arrested and detained on the orders of the National Security Adviser. Anjarwalla subsequently escaped and has been traced to Kenya.

Gambaryan has been held in Kuje Correctional Facility in  the last four weeks, after he was transferred there from a safe house on April 8.

Both Binance and Gambaryan are facing trial for tax evasion and money laundering.

Their trial was scheduled to begin last Thursday, but the court postponed it until May 17.

Gambaryan reportedly wrote a three-page report describing the payment request and gave it to Binance’s lawyers, two people familiar with the report told NYT.

He also reportedly alerted contacts in the Nigerian government and recounted the incident to them.

 Binance had denied that Gambaryan had any “decision-making power” in the company.

The case is the latest legal headache for Binance, which agreed to a $4.3bn fine last year to settle charges by the US government that it allowed criminal activity to flourish on its platform.

In April, the company’s founder, Changpeng Zhao, was sentenced to four months in prison for his role in those violations.

The spokesman for the ONSA, Zakari Mijinyawa, said in a text message to NYT that the Federal Government would make its case “on the strength of the facts and evidence, in accordance with due process.”

“We are confident that Nigeria has a good case. Binance equally will have every opportunity under the rule of law to make its case and see justice delivered,” Mijinyawa said.

 In his post, Teng laid out the history of Binance’s engagement with Nigeria, which has become a hotspot for the crypto industry.

It has the second-highest rate of crypto adoption in the world behind India, according to Chainalysis, a data firm.

In 2023, the financial regulators issued a statement directing Binance to stop soliciting investors in Nigeria.

Binance halted its advertising in the country and offered to meet with government officials, Teng said.

On January 8, Teng said Gambaryan and a group of Binance employees met with lawmakers, but the meeting was contentious

The lawmakers, he wrote, read aloud a list of accusations against Binance, including tax violations.

They also threatened to pursue an arrest warrant for Teng, the article said.

As the Binance employees left the meeting, Teng wrote they were approached by “unknown persons” who suggested that they make a payment to settle the allegations.

Later, a local lawyer representing Binance spoke with someone purporting to be an agent of the House committee, Teng further claimed in his article, adding that the purported agent demanded “a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away,”

The amount was roughly $150m, four people familiar with the matter said, according to a Bloomberg report, quoting NYT sources.

“Our team grew increasingly concerned about their safety in Nigeria and immediately departed. We, of course, declined the payment demand via our counsel, not viewing it to be a legitimate settlement offer,” Teng wrote in his post.

Teng claimed that Binance had received assurances that  Gambaryan would be safe if he returned to Nigeria.

According to him, a company adviser with deep local connections recommended that Binance officials meet with the ONSA.

EFCC dismisses allegation

However, a prosecutor with the Economic and Financial Crimes Commission, Ekele Iheanacho, dismissed Teng’s allegation, vowing to prosecute the case to the end.

Iheanacho, one of the lawyers prosecuting the Binance officials, said, ‘’Nobody demanded any money, the case is being taken to a logical conclusion. He’s making it up although I am not aware of any such allegations. As far as I am concerned, the charges are going on and we are making every effort to ensure that we get to a logical end.’’

The Media Adviser to the Attorney-General of the Federation, Kamarudeen Ogundele, directed inquiries to the information minister and the Presidency.

He said “You can call the minister of information or president’s spokesperson. This allegation is not court-related. It is not an allegation against the Attorney-General of the Federation.

The information minister, Mohammed Idris, could not be reached for comment as calls to his phone rang out.

But senior officials, who spoke in separate interviews with The PUNCH on condition of anonymity because they were not authorised to talk about the matter, dared the Binance boss to reveal the names of individuals who demanded the bribe.

A top official in the ONSA, who is close to the probe, said, “Did he (Binance CEO) mention a name? Since he didn’t mention a name, why should anyone be worried? Why should anyone waste their time if somebody made an unfounded allegation but could not mention any name?”

A top EFCC chief, who is close to the trial, also said, “If someone would say something like this, he should have the capacity to mention the people. It’s not worth our time, anybody can say anything but as long as they can’t substantiate it, it’s a waste of time. He should mention names, if not, all that he’s saying is rubbish.”

Two top officials at the EFCC accused the Binance CEO of blackmailing the Federal Government.

 They noted that Teng’s claim was frivolous, describing his action as ‘’the modus operandi of foreign personalities and corporations facing legal charges in Nigeria and other African countries.’’

One of the sources noted, “It is not only the EFCC that is prosecuting or investigating Binance over its atrocities against Nigeria. There are allegations of money laundering, and tax evasion, amongst others, against the company, and several federal government agencies are probing the company’s activities in the country.

“But the latest comment about alleged request for bribery by the Binance CEO is a blackmail against the Federal Government. That is the modus operandi of international corporations and individuals facing charges in Nigeria or anywhere else in Africa.”

A senior official noted, “It is the tradition of these international players to blackmail the country whenever they’re caught. What is the correlation between the alleged request for bribes and the allegations brought against Binance?

“The facts are there – they evaded tax, their platform is being used to launder money, so why are they not facing the facts? The claim is frivolous and a mere blackmail against the government.”

The spokesperson for ONSA, Mijinyawa, could not be reached for comments on Tuesday. He did not respond to calls and a message sent to his phone.

The spokesperson for the EFCC, Dele Oyewale, declined comment.

CSOs react

Commenting on the development, the Executive Director of the Civil Society Legislative Advocacy Centre, Auwal Musa Ibrahim, said he wasn’t surprised by the allegation, noting the bad reputation of Nigeria’s administrative justice system.

He urged the CEO to “be bold enough” to name persons and organisations involved in the alleged demand for bribes so that they could be dealt with decisively.

 ‘’This allegation is not enough, it should be investigated and let Nigerians know those undermining their country’s integrity. The (Binance) CEO should be bold enough to mention those individuals or corporate organisations that have demanded bribes on this matter. 

‘’This is important in order not to make frivolous accusations and to also deal decisively with these public officials who always mortgage this country. So, we urge him to be courageous and bold enough to also mention those individuals, those organisations, those government officials, if at all they were involved”, he said

Similarly, the Chairman of the Centre for Accountability and Open Leadership, Debo Adeniran, said Binance should be compelled to name the alleged persons so they can be prosecuted.

He added that the officials who allowed the Binance executive to slip out of the country should be equally investigated.

“Binance should be compelled to name names, and everyone involved should be prosecuted and punished. All the agencies involved in the Binance case; DSS, NIA, DMI, Immigration Services, which let him slip out of Nigeria should be investigated and culpable offenders should be prosecuted and given deterrent punishment,’’ he suggested.

Binance did not respond to email queries to provide clarity and insight on the ‘unknown persons’ who suggested making payment to settle the allegations.

The crypto exchange did not also respond to how much the ‘unknown persons’ requested.