he Central Bank of Nigeria (CBN) has disclosed banks reduced loans to the private sector to N71.21 trillion in March.

Credit to the private sector describes monetary resources given to the private sector, such as advances and loans, purchases of non-equity securities, trade credits, and other accounts receivable, which create a claim for repayment.

According to the CBN’s money and credit data, the current figure represents a month-on-month decline of 11.93 percent or N9.65 trillion drop, compared to N80.86 trillion recorded in February.

However, on a year-on-year basis, credit to the private sector rose by 65.57 percent compared to N43.01 trillion recorded in the corresponding period in March 2023.

In January, credit to investors was N76.29 trillion.

Also, data obtained from the CBN showed credit to the government decreased to N19.59 trillion in March from N33.93 trillion in February — representing a month-on-month decline of 42 percent.

On a year-on-year basis, CBN reported that credit to the government rose by 28.8 percent against N27.52 trillion in March last year.

Credit to the government stood at N36.18 trillion in January.

The decline in credit to the private sector and government follows CBN’s monetary tightening.

CBN has raised interest rates 10 consecutive times since May 2022 — a move that has increased the cost of borrowing — to tame inflation.

Also, in line with its monetary tightening, CBN announced a downward review of the loan-to-deposit ratio (LDR) from 65 percent to 50 percent on April 17.

LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.

A Nigerian couple based in the United States has been convicted of forced labour by a federal jury in New Jersey and faces 20 years imprisonment.

Isiaka Bolarinwa, 67, and Bolaji Bolarinwa, 50 — who are both US citizens were also found guilty of operating a coercive scheme to compel two victims to perform domestic labour and childcare in their home.

Speaking at the end of the trial on April 24, Kristen Clarke, assistant attorney general, said the husband and wife lured the victims to the US with promises of a better life and an education but instead subjected them to hours of physical and psychological abuse.

“The defendants confiscated the victims’ passports, threatened them, degraded them, physically abused them and kept them under constant surveillance, all to coerce the victims’ labor and ruthlessly exploit them for the defendants’ own profit,” Clarke said.

“Human trafficking is a heinous crime, and this verdict should send the very clear message that the justice department will investigate and vigorously prosecute these cases to hold human traffickers accountable and bring justice to their victims.”

According to the evidence presented at trial, including the testimony of two victims, the incident happened between December 2015 and October 2016.

“Once Victim 1 arrived in the United States in December 2015, Bolaji Bolarinwa confiscated her passport and coerced her through threats of physical harm to her and her daughter, verbal abuse, isolation and constant surveillance to compel her to work every day, around the clock for nearly a year,” the court heard.

“Isiaka was aware of his wife’s threats and abusive behavior toward Victim 1 and directly benefited from Victim 1’s cooking, cleaning and childcare.

“The defendants then recruited Victim 2 to come to the United States on a student visa.

“When Victim 2 arrived in the United States in April 2016, Bolaji Bolarinwa similarly confiscated her passport and coerced her to perform household work and childcare but relied more heavily on physical abuse.

“On at least one occasion, Isiaka Bolarinwa also physically abused Vitim 2, and he was aware of his wife’s coercive, abusive behavior toward Victim 2 and directly benefited from her cleaning and childcare.”

The US department of justice (DOJ) said both victims endured the abuse until October 2016, when one of them (victim 1) summoned the courage to outcry to a professor at her college, who in turn, reported the targets to the Federal Bureau of Investigation (FBI).

Both defendants face a maximum penalty of 20 years in prison for each forced labour count and a maximum penalty of 10 years in prison for the alien harbouring count.

The DOJ added that they will also be required to pay mandatory restitution to the victims and each faces a fine on each count of up to $250,000 or twice the gross gain or gross loss from the offence, whichever is greatest.

A sentencing hearing will be scheduled at a later date.

The FCCPC has said it will block loan app that harasses customers.

This was disclosed on the Commissions X page on Saturday, 4 May 2024.

The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue.

Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.”

However, if they don’t pay back on time, some of these loan companies send unpleasant messages with their picture to all their contacts.

This harassment has caused many problems in Nigeria, as some people even lose their jobs because of embarrassment and disgrace.

“We do not agree with that kind of practice because customers are being harassed, even though it’s not directly our problem.

We have involved CBN, NITDA, EFCC, and the Human Rights Commission to form a committee to address the issue.

“Since we found out that they operate online and have no physical offices or managing directors, we approached Google and Apple stores to take down all their Apps. We also coordinated with the CBN to block all their accounts.”

He said after they blocked their accounts, they approached them and gave them forms to fill out with all their details, addresses, and managing directors before giving them the new regulations on how they should operate. So, anytime we receive any complaints from any customer, we will block them again.” 

He explained that for now, they have issued warnings to them, and they started this project last week Monday.

“They have agreed in writing that they will no longer have access to people’s contacts and photos, so if we hear that they do it again, we will block them immediately,” he concluded.”

The Lagos State Government has issued a 48-hour eviction notice to illegal occupants of the Ikoyi Towers in the Lagos Island area of the state.

The state Commissioner for Environment and Water Resources, Tokunbo Wahab, made this known during an inspection of the estate on Saturday.

In a post via his official X handle, Wahab stated that hundreds of undocumented residents were seen on the premises, which lacked sanitary provisions.

The Commissioner added that they pose security and environmental threats to the state, hence the eviction notice.

Wahab, therefore, stated that the Ministry of Environment and Water Resources has given the illegal occupants a 48-hour vacation notice to leave the area.

He wrote, “Abandoned Ikoyi Towers which we observed were housing illegal occupants posing a security threat to the environment and a nuisance to the state.

“An undocumented number of persons running into hundreds were seen on the premises with no sanitary provisions and whose daily activities could not be ascertained. 

“They have been given a 48-hour vacation notice to leave the area.”

Wahab further stated that the team also conducted an inspection to assess the enforcement of Osborne under the bridge after the illegal structures harbouring several people were removed.

See the video below.

Veteran journalist, Dele Momodu has accused the Economic and Financial Crimes Commission, EFCC, of “misfiring” in the ongoing case against former Kogi governor, Yahaya Bello.

Momodu said the EFCC failed to do due diligence during their investigation against Bello.

Speaking during an Instagram Live, the Peoples Democratic Party, PDP, chieftain faulted EFCC’s claims of Bello using government funds to pay his children school fees upfront before the expiration of his tenure.

He faulted EFCC’s conduct in its attempt to prosecute Bello, stressing that the commission’s Chairman, Ola Olukoyede should have learnt from the cases of his predecessors, who he said were “booted out ignominiously”.

According to Momodu: “When they brought in the new chairman, I thought oh, you will have the benefit of learning from your predecessors.

“All of them were booted out ignominiously and if I were in the shoes of the current chairman, what I will simply do is make sure I do my job as meticulously, as professionally, as efficiently as possible. And, you will never go wrong if you obey the rule of law.

“I watched the EFCC chairman, I think either last week or the week before the last, I was almost crying because the way he went on and on..if I don’t do this… spitting fire and all.. you don’t have to do media trial.”

Asked if the EFCC was lying about Bello, Momodu said: “I have no idea, I don’t work for EFCC but from all the things that I have read, a lot of them, they misfired. That is the honest truth. They misfired. They didn’t do their due diligence.

“When you said a man took out money and paid for his children’s school fees, just as he was about to leave power, and you go and check the documents and you see that these things started happening from 2021, 2022 (laughs); I am not an illiterate.”

The EFCC had accused Bello and three others of alleged money laundering to the tune of N80.2 billion while he was governor.

Olukoyede also accused Bello of withdrawing $720,000 to pay for his children’s school fees before leaving office.

This, the former governor denied.

The impeached deputy Governor of Edo State, Philip Shaibu, has expressed plans to reunite with the former Governor of the state, Adams Oshiomhole.

Naija News reports that Shaibu made this known in an interview with PUNCH, stating that he is not ready to support the Peoples Democratic Party (PDP) gubernatorial candidate, Asue Ighodalo.

The former deputy governor said he would not support Ighodalo because, despite several attempts to know his plans, the latter failed to open up to him about his governorship ambition.

Shaibu noted that he has consistently apologised to Oshiomhole. However, he does not regret his past actions because the former Governor led them to fight against godfathers.

He said, “First, I am not ready to support the governorship candidate of the party, Asue Ighodalo, and until the PDP does the needful, I may not be able to answer the question. I cannot support him because he didn’t open up to me about his ambition despite asking him several times, including at my house. The last time I asked was in November. So, I was taken aback when he spoke on TV that he was being pushed to run.

“I called him and asked who was pushing him to run, but he told me to ignore the report and that it was a social media thing. But his younger brother, Pastor Ituah Ighodalo, said that the move to make his elder brother the governor of Edo State started two years ago. Edo State needs a “homeboy” to govern them, not people who will rent houses during their tenure and leave as soon as it ends. We need people who we can relate to and understand the challenges of the people. The PDP governorship candidate is more of an Ibadan man than an Edo man.

“I am ready. I have also consistently apologised to Comrade, and I am using this avenue to do so again over what happened in 2020, especially the language I used during that period. I look at some of the videos and the only thing I can do is apologise. However, I don’t regret the action I took because Oshiomhole is the one who led us to fight against godfathers. I felt what he was trying to do at that time was wrong. Reuniting with him will be interesting. Even amid the fight, I have maintained that he is my father. I will reunite with him sooner or later. He is also my mentor. So, a lot of things that I do, I learnt from him.”

A chieftain of the ruling All Progressives Congress, APC, Abayomi Nurain Mumuni says poverty and lack of economic opportunities are the major causes of insecurity in northern Nigeria.

Mumuni who said this in a statement made available to DAILY POST on Saturday, suggested that a multi-faceted approach be used to tackle the problem.

In the statement signed by his Media Aide, Rasheed Abubakar, Mumuni said to address the problem of insecurity in the region, the government must invest in economic development projects, create jobs and ensure infrastructural improvements.

He said other things to be done to tackle the menace in the region are the introduction of social reforms, strengthening of security forces, community engagement and empowerment of women and youths in the region.

“Addressing the issue of insecurity in northern Nigeria requires a multi-faceted approach that tackles the root causes of the problem. Here are some potential solutions. Economic Development: In many instances, poverty and lack of economic opportunities have contributed to insecurity in the region. By investing in economic development projects, job creation initiatives, and improvements in infrastructures, the government can help alleviate poverty and reduce the likelihood of individuals turning to violence as a means of survival.

“Social Reforms: Addressing social inequalities, promoting social cohesion, and fighting discrimination are crucial steps in reducing insecurity. This could involve programs to empower marginalized communities, promote interfaith dialogue, and address issues of land disputes and resource-sharing.

“Strengthening Security Forces: It is important to enhance the capacity and professionalism of security forces in northern Nigeria. This includes providing training, equipment, and support to law enforcement agencies, as well as ensuring accountability and respect for human rights in their operations.

“Community Engagement: Building trust between communities and security forces is essential in combating insecurity. Community policing initiatives, dialogue forums, and conflict resolution mechanisms can help foster cooperation and understanding between different groups.

“Countering Extremism: Radicalization and extremist ideologies have fueled insecurity in northern Nigeria. Countering violent extremism programs that address the root causes of radicalization, provide alternative narratives, and promote tolerance and respect for diversity can help prevent individuals from joining extremist groups.

“Empowering Women and Youth: Women and youth often bear the brunt of insecurity in the region and are key actors in promoting peace and stability. Empowering women through education, economic opportunities, and leadership roles, as well as engaging youth in positive activities and youth-focused programs, can help build resilient communities and prevent violence.

“In conclusion, addressing insecurity in northern Nigeria requires a comprehensive approach that combines security, economic, social, and governance strategies. By tackling the root causes of insecurity, promoting sustainable development, and fostering inclusive and peaceful societies, we can work towards a future where all individuals in northern Nigeria can live in safety and prosperity.”

Warns them to work with FG tripartite c’ttee

‘We are generous with N615, 000 demand’

Organised Labour, at the weekend, fires back at state governors, warning them against inflammatory utterances that could set the nation’s industrial space on fire over the new national minimum wage, NNMW.

It faulted the statement credited to the governors through the Nigerian Governors’ Forum, NGF, that they were working on what individual states could sustainably pay.

Labour contended that the governors must work within the 37-member committee saddled with the responsibility of fashioning out a new national minimum wage for the country.

According to the Organised Labour, it is being magnanimous with N615,000 new minimum wage’ demand because, based on the socioeconomic indices on the ground, it would have demanded much higher which the governors “are more than able to pay”.

Recall that in a statement, last Thursday, by the NGF Chairman and Governor of Kwara State, Alhaji AbdulRahman AbdulRazaq, at the end of NGF’s virtual meeting held Wednesday night, the governors said, among others, “As members of the committee, we are reviewing our individual fiscal space as State Governments and the consequential impact of various recommendations, to arrive at an improved minimum wage we can pay sustainably.

“We remain committed to the process and promise that better wages will be the invariable outcome of ongoing negotiations.”

Misquoted

Reacting to the statement, Deputy President of the Trade Union Congress of Nigeria, TUC, and President of the Association of Senior Civil Servants of Nigeria, ASCSN, Dr Tommy Okon, told Sunday Vanguard, yesterday, that Organised Labour believed the governors were misquoted.

“They can’t say that they are working on what individual states can pay. I think the governors may be talking about what they can add to the minimum wage at the end of the day because what will be agreed upon is the baseline which nobody should pay less than”, Okon said.

“But they can pay higher than that. I think that is what they are saying. 

“They cannot be telling us that they are reviewing or setting up a committee to work on what they can pay individually. Two committees cannot be working on the same issue.

“The governors are members of the tripartite committee on the New National Minimum Wage, so they cannot set up another committee or work independently from the tripartite committee set up by the Federal Government.

“Maybe the governors are talking about implementation. It is right for the governors to set up an implementation committee. They need to know their staff’s strengths and sources of funds to implement the new wage
“But to say that they are working on what individual states can pay outside the committee that the Federal Government has set up cannot be correct.

“Do not forget that the governors are members of the tripartite committee set up by the Federal Government. So, they cannot do anything outside the committee.

“If what is reported is correct or if the governors own up to the statement as reported, it is a recipe for serious industrial unrest.

“And no nation can accept that because any nation that works like will face unprecedented industrial unrest and can never grow. No nation grows amid industrial chaos.

“We think the governors will tread with caution and avoid inflammatory utterances. We still believe the statement was not from them.”

Negotiation table

On its part, Nigeria Labour Congress, NLC, declined a response, saying it has made a demand before the tripartite committee on the minimum wage and whatever the governors want to say should be brought to the negotiation table since they are members of the committee on the new minimum wage.

However, an official of NLC, who spoke on condition of anonymity, told Sunday Vanguard that the governors are treading on dangerous ground that could set the nation’s industrial space on fire.

“You cannot be talking about reviewing what individual state can pay sustainably outside the committee set up to look out will be the baseline or minimum”, he said. “Whatever opinion you have is what you should bring to the negotiation table. You come to the negotiation table and argue your opinion.

“We do not want to trade words with the governors because they are members.

“(But) they are treading on a dangerous ground that can set the nation’s industrial space on fire.

“We have made our demand which is a very generous one from the breakdown we released on Thursday on the N615,000 demand.
“You can see that we have been very magnanimous. Several expenses, including basic things like recharge cards, entertainment, extended family and others, are missing.

“Don’t forget that this demand was a product of questionnaires we sent out to states and local governments. We did not manufacture it.

“Again, take the issue of electricity which we allocated N20,000 a month. At the time we did it, the electricity tariff had not been adjusted by about 300 per cent. With the adjustment, it has affected nearly every other thing in terms of inflation.

“We know the governors can do much more than what we are demanding. We have passed through this road before.
“The problem with the governors is that they place their aggrandizement far above public good and workers’ welfare.

“That many former governors are facing prosecution by the nation’s anti-graft agencies, especially the Economic and Financial Crimes Commission, EFCC, is a pointer to the fact that governors have the resources to pay much higher than our demand.”

‘How we arrived at N615, 000’

NLC had, on Thursday, given the breakdown on how Organised Labour arrived at its demand of N615,000 as the new minimum wage, and also countered the government on the commencement date for the proposed new minimum wage.

The Minister for State for Labour and Employment, Nkeiruka Onyejeocha, had, on Wednesday, while addressing workers at the May Day celebration in Abuja, said the new minimum wage would take effect from May 1, 2024.

But the NLC is arguing that it will take effect from April 19, 2024. 

In a statement, NLC President, Joe Ajaero, said: “It has become imperative at this point that we inform Nigerians who may not have known already the foundations upon which our initial demand for a N615, 000 new National Minimum Wage is based.

“The figure was a product of a painstaking effort through which we captured the cost of living of Nigerian workers and masses in all parts of the country.

“It was essentially an outcome of independent research conducted by the NLC and TUC on the cost of meeting the primary needs of an average family around the country.

“Our research was based on a family with both parents alive and four children without the burden of having other dependents with them.

“A questionnaire was designed and sent to all the State Councils of NLC and TUC from where these questionnaires were sent to our members in all the local government areas in the country to gather the monthly cost of living for the average family as described above. 

“Below is a summary of our findings and we hope that this will enable Nigerians understand what propels our demand so that better clarity is made to create better engagement around the ongoing National Minimum Wage Negotiation process.

“A cursory look at the table above shows that we have deliberately removed certain elements from the basket used in calculations of this nature.

“However, it should also be noted that we have not included things like expenditure on calls and data, offerings in churches and Mosques, community dues, entertainment, savings and security etc.

“These are therefore just for the bare necessities.

”It should be noted that we arrived at this figure before the increase in electricity tariff and the recent scarcity of petrol across the nation leading to the appearance of long queues with attendant increased transport fares. 

“Any figure below this amount becomes a starvation wage and condemns Nigerian workers and their families to perpetual poverty.

Commencement date

”We have to remember that the old one has expired on the 18th day of April 2024, and a new one is expected to have come into effect on the 19th day of April 2024. “However, because of the government’s inability to comply with the law that demanded negotiations for a new national minimum wage to have begun six months before the expiration of the existing one, concluding the new one has become unfortunately delayed.

”We are sure that our social partners would see our demonstration of understanding, sacrifice and reasonableness in our demands and thus accept this figure without much delay.

“We also enjoin all well-meaning Nigerians to implore the government and employers to meet our demands for the sake of justice, equity and national development.”

Cristiano Ronaldo has said that he was not bothered about scoring another hat-trick but cares more about his team.

The veteran Portuguese forward scored his 66th hat-trick of his career and it’s 52 goals in 52 games this season.

Ronaldo reduced his tally to just 10 goal to reach 900 career goals as Al-Nassr beat Al-Wehda 6-0 in the Saudi Pro League on Saturday at Al-Awwal Stadium. 

The Portuguese icon scored his 50th goal of the season with his first one in the match along with netting his 66th career hat-trick.

He, however, said his priorities lie with the team rather than individual achievements.

“I don’t care about scoring a hat-trick as much as I care about the team,” the 39-year-old said after the game.

Ronaldo is just 10 goals away from 900 career goals and when asked about that post-match, he said:

“I always say, numbers come naturally, so I don’t attach numbers, they come.”

Super Eagles head coach, Finidi George has said it is important for the Super Eagles to qualify for the 2026 FIFA World Cup.

Finidi insisted that he will do his best to ensure the Super Eagles didn’t miss out on a place at the mundial for the second consecutive edition.

Recall that the Super Eagles failed to qualify for the last edition of the global soccer fiesta hosted by Qatar.

The three-time African champions face a tough task of making it to the 2026 World Cup finals after drawing their opening two matches against Lesotho and Zimbabwe.

The Super Eagles will face South Africa and Benin in their next two games in the qualifiers.

Finidi said he would need the prayer and support of all Nigerians to succeed on the job.

“The World Cup qualification matches against South Africa and Benin Republic is a collective responsibility for all Nigerians.

“I know I am in charge now and the heavy responsibility is on me to win the two world cup matches,” Finidi told reporters during his visit to Nigeria Football Federation’s office in Abuja.

“I will do my best to ensure success and qualify for the World Cup. I am also in touch with the players and they are ready and willing to give their all having missed out in the last edition held in Qatar.

“In terms of having knowledge of our opponents, I have been following them.

“The world today is a global village, one can monitor anything in the comfort of his/ her sitting room.

“We need prayers and support from everybody, this is our own, we can do it and do it well. I watch our players weekly as they play in their various clubs.

“Honestly my target is to win the two matches and not to be judged with the two international friendly games played.”

Finidi’s appointment as Super Eagles head coach was confirmed by the NFF last week.