Ace journalist and presidential aspirant, Dele Momodu, has said that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, cannot be trusted due to his alleged disloyalty to the Peoples Democratic Party, PDP.

Momodu’s accusations highlight a deepening rift within the party, underscoring the political tension following the 2023 presidential election.

Despite serving in President Bola Tinubu’s APC-led administration, Wike remains a PDP member, a situation that has stirred controversy and distrust in political circles.

Momodu claims that even the president’s camp is wary of Wike’s allegiance, signaling a broader mistrust that transcends party lines.

Wike’s political journey took a contentious turn when he supported APC’s Tinubu in the 2023 elections, following disagreements within the PDP regarding the nomination of Atiku Abubakar, a northerner, as the party’s presidential candidate.

This move, coupled with his subsequent appointment as FCT Minister, has placed Wike at the center of political discourse, questioning his fidelity to the PDP.

Despite the turmoil and calls from certain quarters within the PDP for disciplinary action, the party has yet to officially sanction Wike.

Momodu, a prominent figure and publisher, expressed his disapproval of Wike’s actions, accusing him of undermining the PDP’s unity and strength.

Nigeria appreciated further in the official and parallel markets, on Monday after a 12 per cent or N152.23 reduction in the Bureaux de Change (BDC) exchange rate to N1,117.5 per dollar.

Over the weeks, Nigeria’s local currency, the naira has experienced steady appreciation against the dollar, as efforts to boost the economy are intensified by the federal government.

It is pertinent to know some of the factors responsible for the naira’s appreciation, and a few of them are discussed below:

1. CBN sells dollars to BDCs

In a circular on its website yesterday, the Central Bank of Nigeria (CBN) sold dollars to Bureau de Change (BDC) operators.

The apex bank said it would sell $10,000 to each BDCs a1 about N1101 per/$ and also instructed the BDCs to sell at a spread not exceeding 1.5 per cent above the CBN rate.

This approach has the capacity to strengthen the naira against the dollar, making it to be exchanged at N1,117.5 per dollar.

With this, the customers are suspending the decision to buy because based on the CBN announcement, they expect the exchange rate to further go down.

2. Implementation of CBN policies

The policies of the apex bank led by Dr Olayemi Cardoso are responsible for the naira’s steady appreciation according to the affirmation by co-founder, Comercio Partners Limited, an investment bank, Nnamdi Nwizu.

Nwizu said, “Factors behind the appreciation are basically around the various CBN policies implemented and the confidence it is bringing back to the market.

‘’We now have Foreign Portfolio Investment, FPI’s showing interest in Nigeria and have seen the forex backlog cleared by the CBN. Also, we have high-interest rates, making it harder to source naira to buy the dollars. All of these have contributed largely to the naira’s appreciation.”

The Economic and Financial Crimes Commission, EFCC, has warned schools, supermarkets, hotels and others against charging for services in the country in dollar or any other foreign currency.

EFCC Chairman Ola Olukoyede, in the latest edition of the commission’s monthly e-magazine, released on Monday, threatened to jail anyone found dollarising the economy.

The EFCC boss cautioned that anyone caught collecting dollar for services or goods would be treated as a criminal in accordance with relevant Nigerian laws.

He vowed that the commission would go after schools, supermarkets, hotels, estate developers and business operators that used the dollar for transaction instead of naira.

“We have also started securing convictions. Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.

“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not, you will get that.

“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.

“Our law does not allow for that. And we have also effected some arrests,” he said.

•12.5kg rises 38% to N14, 150

THE price of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas has risen to N14,150 for 12.5kg cyclinder, about 38 per cent Year-on-Year, YoY, against N10, 323.33 it sold in April 2023 last year.
This is even as the price of aviation fuel also rose to between N1, 300 and N1, 500 per litre in the domestic market, from about N1, 000 during the period, indicating an increase of 33 per cent.

However, checks by Energy Vanguard also indicated that the price of 5kg of the gas increased by 37 per cent to N5, 700 from N4, 642.27 during the period.

In an interview with Energy Vanguard, the President, Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGM, Mr. Oladapo Olatunbosun, said the prices of cooking gas would continue to leap as the domestic market continues to be impacted by foreign exchange crisis.

He said: “It is expected that when the foreign exchange increases, the price of LPG will follow suit because it still priced and determined by the flow of foreign exchange.”

On his part, the Minister of Petroleum (Gas), Ekperikpe Ekpo, said: “Despite the declaration of the decade of gas and the government’s push to make gas a transition fuel, low production and rising prices have continued to push Nigerians away from the use of cooking gas.

“You have seen the demonstration by the federal government by withdrawing all taxes and levies from importation of gas related equipment. It is a big incentive on the issue.

“We are interacting with the critical stakeholders to ensure that there is no exportation of cooking gas. All cooking gas produced within the country will have to be domesticated and when this is done, the volume will increase and of course, the price will automatically crash.

“I am in contact with the regulator, NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority), we have meetings almost on a daily basis, and the producers of the gas like Mobil, Chevron and Shell. So, there is hope that things will turn around.

“It is not going to reflect that way. We are dealing with human beings. The policy has been put in place and the investors want to maximise the profits that they are going to get from it all. At the end of the day we have to come in. That is why you have the regulator and we are interfacing with them to make sure they crash the price.”

However, further checks indicated that many households, especially in the outskirts of cities and rural areas have taken to increased utilisation of firewood, thereby encouraging deforestation in the nation.

The Lagos State Special Offences Court in Ikeja, on Monday, sent back the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele, to the custody of the Economic and Financial Crimes Commission.

Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 23 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

In the substance of the charges, the EFCC alleged that abused his office while he was CBN Governor through allegation allocations of $4.5bn and N2.8bn.

He was arraigned alongside Henry Isioma-Omoile, whom the EFCC accused of accepting gifts from agents.

Both defendants pleaded not guilty to the charges.

While Justice Oshodi ordered that Emefiele should be remanded in EFCC custody, he ordered that Isioma-Omoile be remanded at the Ikoyi Correctional Centre, where he was already being held.

The judge made the remand orders while adjourning till Thursday, April 11, 2024, to hear their bail applications.

With Monday’s order, Emefiele returns to the EFCC custody about four and a half months after he left the custody of the anti-graft agency in November 2023, following his initial 151 days in both the custody of the EFCC and the Department of State Services.

At the Monday proceedings, his lawyer, Mr Abdulakeem Labi-Lawal, told hinted that the ex-CBN governor would be up for a fresh arraignment between April 25 and 26.

It will be the fourth criminal case filed against him by the Federal Government following his removal from office last June by President Bola Tinubu.

The DSS first arraigned before the Federal High Court in Lagos for illegal possession of firearms. The case was later withdrawn.

He was subsequently arraigned by the EFCC in November before Justice Hamza Muazu of the Federal Territory High Court on charges bordering on procurement fraud and forgery of the signature of ex-President Muhammadu Buhari.

His Monday arraignment before Justice Oshodi in Lagos was the third.

At the Monday trial in Lagos, the EFCC prosecutor, Mr Rotimi Oyedepo (SAN), told the court that Emefiele allegedly abused the authority of his office as CBN governor by allocating foreign exchange in the aggregate sum of $2.2bn without bids, the act which was prejudiced to the rights of Nigerians.

Oyedepo also told the court that the ex-CBN governor corruptly accepted the aggregate sum of $26.5m through Donatone Ltd on account of the allocation of foreign exchange by the CBN.

The commission further accused Emefiele of receiving the sum of $400,000 from Source Computer Ltd on account of the approval of a “contract” in favour of the said company by the CBN, the institution wherein he served as the governor.

The anti-graft agency alleged that Emefiele used his position as the governor of the CBN to confer a corrupt advance on his associate, Limelight Multidimensional Services Ltd, by allegedly approving the payment of the aggregate sum of N900m to the said company.

Emefiele was also alleged to have used his position as the CBN governor to confer a corrupt advantage on Comec Support Services Ltd by approving the sum of N149m to the company.

The EFCC also alleged that the former CBN governor used his position to confer a corrupt advantage on Andswin Resources and Solutions Ltd by approving payment of the sum of N398m to the company.

The prosecutor said Emefiele, between January 20 and June 2, 2023, in Lagos corruptly, received $7,720,000 on account of foreign exchange.

He was also accused of receiving $850,000, sometime in March 2023, on account of foreign exchange in favour of his employer the CBN, the institution of government where Emefiele governed.

Oyedepo told the court that Emefiele’s co-defendant, Henry Osioma-Omoile, on November 17, 2020, while acting as an agent received the sum of $110,000 through Monday Osazuwa, as a gift for Emefiele as a reward for allocating foreign currencies by CBN.

The commission also accused Isioma-Omoile of receiving the sum of $100,000, in two tranches on behalf of Emefiele as a gift reward for the allocation of foreign currency.

The prosecution said both defendants acted contrary to the provisions of sections 8, 10, and 19 of the Corrupt Practices And Other Related Offences

Act 2000; as well as sections 65, 73, and 328 of the Criminal Laws of Lagos State 2011.

The two defendants, however, pleaded not guilty, following which the prosecutor urged the judge to fix a date for trial.

But the defendants’ counsel, Mr Abdulakeem Labi-Lawal, in two separate bail applications, urged the court to grant the defendants bail on liberal terms, pending the determination of the case.

Specifically, he said that the court should grant Emefiele bail on self -recognizance or release him to his counsel as he was not a flight risk.

He said Emefiele had served Nigeria as the number one banker for nine years and was also still standing trial in Abuja court and would always be available to attend court.

Labi-Lawal added that the charges filed against Emefiele were bailable offences and not capital ones.

“Though the first defendant was granted administrative bail by the prosecuting authorities, he is seeking bail based on self-recognizance and he is ready to attend trial.

“The court should also take into consideration, the status of the first defendant as he was the former CBN governor of the country,” the defence counsel said.

The defence counsel further told the court that Emefiele would likely be arraigned on another charge in Abuja between April 25 and 26, 2024.

“It is for this reason we are asking that this court grant the defendants bail, on self-recognizance or release them to their counsel so that they can attend the court in Abuja,” Labi-Lawal said.

Labi-Lawal also told Justice Oshodi that second defendant, Osioma-Omoile, was previously arraigned on Friday and was granted bail Justice O. Sule- Hazmat of the state high court in Yaba.

He urged Justice Oshodi to allow Osioma-Omoile to continue on Friday bail.

The prosecutor, Oyedepo, did not oppose the bail applications but urged the court to exercise its discretion judiciously in granting bail to the defendants.

Oyedepo also informed the court that the prosecution would like to ask for a closed section for some of their witnesses who were willing to come to court to testify but were scared for their lives.

After listening to the submissions of both counsel, Justice Oshodi ordered that Emefiele should be remanded at the EFCC’s custody, while the second defendant should be returned to the Ikoyi Correctional Centre where he was brought to the court.

The judge adjourned the case till April 11, to rule on the bail applications and to commence trial.

Philip Shaibu, the Edo state politician who was Deputy Governor in that state until yesterday afternoon, would seem to have failed woefully to learn certain basic lessons of power. He has said that he is a victim of an act of injustice and that he would fight to the very end. He may have been led by his counsel to believe that he can fight this to the finish and get back his seat. He would be mistaken to be so misled. He had it coming. He has just been taught a few lessons in the dynamics of power play. The 48 Laws of Power is the title of a book written by Robert Greene, an American author in 1998. It was a massive bestseller, selling over 1.2 million copies in the United States and even more world-wide, offering simple commonsensical advice, illustrated with narratives and historical examples to prove the point that power is a dangerous game, and only persons who understand its dynamics can survive in the palace. Greene recommends humility, obscurity and skillful navigation as the best skills of survival.

One of the reasons, Philip Shaibu, Deputy Governor of Edo State got impeached yesterday was due to hubris, defined in the literature as a flaw of character. And to worsen his agony, both the legislature and the Executive further conspired to nominate, approve, and swear in a replacement, within hours after his impeachment, in the person of Omobayo Godwins from Ibilo, Akoko Edo, the oldest local government area in Nigeria, in specifically, Edo North where Philip Shaibu himself hails from. In the power play that we have just witnessed in Edo State, it is clear that the intention of Governor Godwin Obaseki is to crush Philip Shaibu completely. He has publicly humiliated Shaibu, and forced him to know who the master of the game is. Less than a week after Easter, days after the betrayal of our Lord Jesus Christ by Judas Iscariot, Shaibu, a Christian has just been made to remember, forcefully, Acts 1: 20 – “For it is written in the book of Psalms, let his habitation be desolate, and let no man dwell therein and his place let another take”. Yesterday, someone else took Philip Shaibu’s place in Edo State.

How did he get here? Philip Shaibu emerged in 2016 as the running mate to Godwin Obaseki in the gubernatorial election in that state that year. They both won on the platform of the All Progressives’ Congress (APC). Shaibu was the unanimous choice as Obaseki’s running mate. He had behind him, the support of Comrade Governor Adams Oshiomhole who was his political Godfather and who left no one any choice in the matter. Shaibu and Oshiomhole are from the same homestead and Senatorial district. The APC won the election and assumed office in November 2016. To be fair, Shaibu and Obaseki cut the perfect picture of a team. Many were surprised because it was unusual to have a Governor and a Deputy Governor working together so peacefully like brothers. Shaibu was not just powerful, he was visible and influential. Whenever the Governor went on vacation, he handed over the reins of power to his Deputy. In 2020, when ahead of the struggle for a second term, Obaseki fell out with his former mentor, Adams Oshiomhole and had to leave the APC to find a new political abode in the People’s Democratic Party (PDP), Shaibu stayed with his principal, the Governor. The big men in the rival PDP did not want him as running mate. They didn’t want him as part of the deal. But Obaseki and Shaibu were so much together, Obaseki insisted that Shaibu was part of the deal. He would not ditch him. He had his way. In 2020, Obaseki and Shaibu began a second term in office.

The Deputy Governor’s high moment came in 2021, when he led the National Sports Festival 2020, hosted by Edo State, as the Chairman of the Organizing Committee. Governor Obaseki was full of accolades for his Deputy. The Federal Government did not provide necessary funding, yet Edo State pulled it off, delivering one of the most memorable sports festivals many Nigerians had seen. Shaibu’s reputation as a go-to, can-do person soared. His political scorecard looked even brighter. At the University of Jos where he obtained a B. Sc degree in Accounting he was President of the Students’ Union from 2000 -2001. In 2003, he was elected into the Edo State House of Assembly. He spent two terms representing Etsako West Constituency. In 2015, he won election into the Federal House of Representatives on the platform of the APC, representing Etsako Federal Constituency. Having served subsequently as Deputy Governor, and having been such a star in that position, Shaibu decided in 2023, that it was his turn to become Governor and succeed his boss. The Edo Governorship election is slated for September 21, 2024.

Shaibu defined his declaration and ambition as a “a call to destiny”. This was the beginning of his problems. He did not have the support of his principal, Obaseki who thought, along with others that Edo North where Shaibu hails from, has had more than enough shot at the Government House position in Edo State. Oshiomhole, an Etsako man, was Governor of the state for eight years. Shaibu, believed to be his relative even, was going to serve for eight years as Deputy Governor. A powerful lobby group in the state believes that the people of Edo Central should be given a chance. Since the return to democracy in 1999, only one person from Edo Central, Professor Oserheimen Osunbor had shown up as Governor but even his tenure was truncated by the courts, paving the way for Adams Oshiomhole from Edo North. Whereas Governor Obaseki has insisted that he has no preferred candidate in the election, it was clear that he did not want his Deputy to succeed him. Thus, the impression that Edo State had shown a better example in terms of the tumultuous relationship between Governors and their Deputies ended up as mere illusion in the end. The fight between Shaibu and Obaseki turned messy and acrimonious, finally fitting into an established pattern with the impeachment of Philip Shaibu yesterday. It is unfortunate because it is so familiar.

The office of the Deputy Governor is a creation of the 1999 Constitution to the extent that Section 187 (1) makes it clear that a candidate for the office of Governor shall not be deemed to have been validly nominated unless he nominates another candidate as his associate for his running for the office, that is a Deputy Governor. The joint ticket nature of the Gubernatorial process has been proved, beyond a scintilla of doubt in PDP and 2 ors v. Biobarakuma Degi-Eremienyo and 3 ors in the November 2019 Bayelsa Governorship Election. David Lyon could not become Governor because of discrepancies in his running mate’s qualifications. Despite this twinning of the ticket, this Siamese-twins, umbilical cord connection between Governors and their Deputies, what has happened, since 1999, is that upon assumption of office, there has been no love lost between the duo. One reason is that the 1999 Constitution does not expressly assign powers to the Deputy Governor. The Governor, like the President at the Federal level, is like a monarch. He controls everything. His word is law, and so everyone from traditional rulers to lawmakers in the State House of Assembly learn very quickly that the man to fear and worship is the Governor, who claims that he is an “Executive” or that he is a “constituted authority.”

This “Kabiyesi” syndrome is the bane of Nigerian politics. The Deputy Governor gets a generous mention in Section 191 of the 1999 Constitution which upholds the principle of jus accrescendi inherent in the joint ticket, to wit a Deputy takes over in the event of death, resignation or incapacitation, but which is interpreted to mean that a Deputy Governor is a spare tyre waiting for the main tyre to develop a fault so it can be replaced and he, the Deputy can become the main driver. In a superstitious country such as ours, a Deputy Governor is treated with suspicion. Any sign of self-expression or assertiveness on his or her part is seen as a sign of disloyalty. Political courters capitalize on this and have always tried to cause problems. When the Deputy and the Governor have different Godfathers, the crisis is assured. It is rare to find any incumbent Governor who openly encourages his Deputy to succeed him. It happened in Zamfara once upon a time, but Alhaji Sani Yerima and his successor, Aliyu Shinkafi soon fell apart. Section 193 further reduces the role of a Deputy Governor to the discretion of the Governor. What is the pattern is conflict in Government Houses in the states and even in the Presidential Villa to varying degrees.

For example, President Bola Tinubu as Governor of Lagos State, 1999 – 2007 had three Deputy Governors. Mrs. Kofo Bucknor-Akerele and Mr. Femi Pedro both have stories to tell. Dr Abdullahi Umar Ganduje served as Deputy Governor to Dr. Rabiu Kwankwaso (1999 – 2003, 2011-2015) but his former boss did not consider him good enough to succeed him. He got there by his own means. They have remained tough adversaries since then in Kano politics. The late Christopher Alao-Akala, deputy to Governor Rashidi Ladoja became Governor in 2006, only because his principal was impeached. Ladoja was reinstated by the Supreme Court in December 2006. Bala Ngilari became Governor in Adamawa state in 2014 only because Governor Murtala Nyako was impeached. In Ondo State, to cite a recent example, the late Governor Rotimi Akeredolu had issues with his Deputies. In his first term, a certain Agboola Ajayi who was his Deputy fell out of favour because he was eyeing the Governor’s seat. His successor, Lucky Aiyedatiwa would also eventually run into trouble. He is Governor today because his principal died. At state level, only 10 out of 149 Deputy Governors have taken over from their bosses since 1999, across the 36 states of the Federation, and not necessarily because their bosses wanted them there. In Kebbi, Kano, Imo, Niger, Nasarawa, Plateau and Benue states, we have seen incumbent Governors supporting candidates other than their own Deputies who stubbornly sought to succeed them. Engr. David Umahi, now Minister of Works became Governor of Ebonyi State in 2015 in spite of his former principal Governor Martin Elechi who insisted that Umahi was not his choice. At the Federal level, the Obasanjo Presidency became a “Bolekaja Presidency” because then Vice President Atiku Abubakar wanted to unseat his boss before the 2003 general election. Obasanjo’s second term was a divided Presidency because the principal needed to teach his Deputy a lesson. In 2010, it took the invocation of a doctrine of necessity to get then Vice President Goodluck Jonathan to succeed President Umaru Musa Yar’Adua first as Acting President and later as President. Those who did not want Jonathan as President never gave up.

In sum, there is nothing unusual in the latest development in Edo State. What must be noted is the sheer stubbornness with which Shaibu took on the war against his principal. In the process, he was banished from Government House and restricted to a corner of Benin City. His media crew was withdrawn. He was stripped of all responsibilities. He was told in no uncertain terms that he would not be Governor. He went to court to defend his rights. He later withdrew the case. He apologized. But nothing changed. When the PDP held its party primaries, he organized his own event in his own house and declared himself as the chosen candidate. The next thing that came his way was the commencement of impeachment proceedings against him. On the surface of it, the state House of Assembly tried to follow the motions prescribed in Section 188 of the Constitution on the removal of a Governor or Deputy Governor from office. Shaibu and his lawyers claim that the House acted in violation of an ongoing process at a Federal High Court. Abuja. Without prejudice to Section 188 (10), the only remedy available to Shaibu is to prove in court that his removal was unconstitutional and seek to rely perhaps on Rashidi Ladoja’s case – see Muyiwa Inakoju and Ors. vs. Abraham Adeleke, Rashidi Ladoja and ors. (2007). But the times are different. The circumstances have changed. Shaibu’s political future hangs in the balance.

Whatever tricks his lawyers may still think they have in their bags, when Shaibu is alone let him reflect on how he ignored the laws of power. Law One says: “Never Outshine the Master.” Shaibu got so carried away he began to sound as if he was the master of the Governor. He openly boasted that without him Obaseki could never have been Governor and that he in fact funded his ambition and mobilized support for him. Obaseki has just shown him where power lies. He also violated the fourth law: “Always say less than necessary.” Shaibu believes that he can talk his way to the ticket for Osadebey House. Worse, he disobeyed Law 18: “Do not build fortresses to protect yourself. Isolation is dangerous.”. Shaibu isolated himself. He parted ways with Senator Adams Oshiomhole who helped him to build his political career. He quarreled with party big wigs like Dan Orbih. He abused elders and burnt bridges. He lacks the kind of support that propped up Dave Umahi in Ebonyi and Abdullahi Ganduje in Kano State. Isolation is indeed dangerous. Shaibu’s only saving grace would be how he stands in relation to Robert Greene’s Law 26: “Keep your hands clean”. Let us hope that his hands are clean.

Nonetheless, no man should be subjected to the kind of pain that he has had to endure simply because he wants to exercise his fundamental rights under the law. A system that turns Governors into mini-gods who determine other people’s fate is deplorable. The sycophantic breed of commissioners, special advisers, lawmakers and courtiers who would do anything to please the Governor of a state pose a serious threat to the democratic process. In the long run, Nigeria must make up its mind what it wants to do with the position of Deputies: it is either we protect that office constitutionally by assigning specific powers, or we scrap it.

About 60 members of the Peoples Democratic Party (PDP) in the House of Representatives have threatened to quit the party over the ongoing crises in Rivers State and ten other chapters.

Ikenga Ugochinyere, a member of the House from Imo State, and five other members issued the threat at a press conference at the National Assembly complex in Abuja on Monday.

Some of the other lawmakers at the conference are Abdulmaleek Danga (PDP, Kogi); Midala Balami (PDP, Borno); Aliyu Mustapha Abdullahi (PDP, Kaduna) and Awaji-inombek D. Abiante (PDP, Rivers).

The lawmakers also demanded the removal of Acting National Chairman of the party, Umar Damagum, before its rescheduled National Executive Council (NEC) meeting.

They said they were speaking on behalf of 60 members of the PDP in the House. There are a little over 100 PDP lawmakers in the lower chamber.

“PDP can’t be handed over to the APC. APC officers can’t emerge from our party officials in Rivers or any of the ten states with the alleged imposition of APC interest. Let the world know that why they are hell-bent on imposing APC officials as our party caretaker members is to fulfil a planned bigger plot,” Mr Ugochinyere said.

Background

The PDP has been grappling with strife since the presidential convention in 2022. The blowback led to the suspension of former National Chairman, Iyorchia Ayu, who Mr Damagum replaced in an acting capacity.

Many have speculated that the acting chairman is an ally of FCT minister, Nyesom Wike.

More so, the recent fight between Mr Wike and the Rivers State Governor, Siminalayi Fubara, has further escalated the crisis in the party. Despite President Bola Tinubu’s intervention, the situation in the state has not abated.

Last week, the National Working Committee (NWC) of the party released a list of Peoples Democratic Party (PDP) Caretaker Committee. However, Mr Fubara rejected the list, stating that there was an agreement for a three-month extension of the tenure of the local and ward executive.

“I know that a lot of you saw something flying in the social media dailies. Let me brief you, we had a meeting, and we agreed that, not just in Rivers State, but in all the States affected, the Executive Councils (of PDP) should be extended for three months,” Mr Fubara had told journalists recently.

Damagum must go

Speaking on behalf of the lawmakers, Mr Ugochinyere rejected the NWC’s list, stating that it is part of a plot by the ruling APC to undermine the PDP.

“Despite the decision to retain everybody, Mr Damagun went ahead and received a list of APC agents and announced them as members and leaders of the PDP Local Government Caretaker Committees wholly in Rivers State and partially in at least ten other states. This is a direct attempt to kill the PDP and ensure it goes into extinction,” he said.

He stated that Mr Damagum ought to have exited his acting role but continue to serve in an acting capacity while working against the interest of the party.

“The Umar Damagum-led NWC is assiduously working to hand over the party to the ruling APC and their agents. Serious leadership would have looked into the acts of open anti-party activities, established why they happened and set up measures to ensure that it never happened again in the party.

“He was only constitutionally allowed to step in, hold the fort and midwife the process through which the North-central Zone where the chairmanship of the party was originally zoned to present another person who would complete the slot of the North-central.

“Not only did Damagun hold tight to the seat for well over a year now, he has abdicated every responsibility of the office of the chairman of PDP and is very comfortable serving APC interests,” he said.

Resolutions

The lawmakers gave six conditions to address the crisis in the party. The conditions are:

Top of which is the resignation of Mr Damagum and the investigation of some members of the party over alleged anti-party activities.

“Immediate resignation of Umar Iliya Damagun as Ag. National Chairman of PDP for anti-party activities and allow North-central to produce the acting chairman as clearly stated in the PDP Constitution or watch us reconsider our membership of the party in the months ahead if the right thing is not done.

“Or removal of Umar Iliya Damagun by the NEC of the party with further sanctions against him for his anti-party activities.

“That the NEC of the party should ensure that the list of party caretaker committees in Rivers State and all other 10 states tampered with by Damagun and his APC friends are reversed and announced as originally agreed, that is, by extension of the tenures of the outgoing leadership. The move to use serving APC members in Rivers State and 10 other states to lead our party caretaker at the state, LGA and ward level is the highest act of political provocation and impunity that we are going to fight with everything in us.

“That NEC of PDP should review the sources of generating finance for the party to pay its national secretariat staff and to discharge all other responsibilities of the party and to investigate the allegation that pro-APC supporters are funding the present PDP of today. This is the height of political treason.

“That PDP NEC sets up a Committee to investigate all continuing acts of anti-party activities from 2023 and mete out appropriate sanctions which will serve as a deterrent and also encourage cleansing of the party. Ward executives of our party where people were involved in anti-party activities or still involved like Cross River, Rivers, Benue, Abia, Ondo, Kano, Kogi, Edo etc should immediately announce the expulsion of all those involved without fear or favour. This must be done immediately. Any executive that cannot do this should be removed by members in those wards, and new officers who have the courage to enforce the provisions of our party constitution constituted to do the needful.

“That a credible party leader from the North-central be confirmed chairman of the party in line with the zoning formula as enshrined in the constitution,” the resolution reads.

Mr Ugochinyere said the failure of the party to comply with the resolutions could prompt the lawmakers to sever ties with their party.

“Where these demands are not met, we, the opposition lawmakers coalition from PDP in the National Assembly, will be left with no other options but to suspend participating in the party activities and seek a new political relationship where decisions in that party will not be taken in the secretariats of another political party,” he said.

The Central Bank of Nigeria, CBN, has prohibited the use of Foreign Currency-denominated collaterals for Naira loans by all Nigerian banks.

The apex bank disclosed this on Monday in a letter to all commercial banks signed by its Director Banking Supervision Department, Adetona Adedeji.

However, the new guidelines gave exception to Eurobonds issued by the Federal Government of Nigeria and Guarantees of foreign banks, including Standby Letters of Credit.

“The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans.

“Consequently, the current practice of using foreign currency-denominated
collaterals for Naira loans is hereby prohibited, except, where the foreign currency collateral is: Eurobonds issued by the Federal Government of Nigeria; or Guarantees of foreign banks, including Standby Letters of Credit.

“In this regard, all loans currently secured with dollar-denominated collaterals other than as mentioned above should be wound down within 90 days, failing which such
exposures shall be risk-weighted 150 per cent for Capital Adequacy Ratio computation, in addition to other regulatory sanctions,” CBN stated.

The development comes in the wake of the recently announced minimum capital requirements for all banks.

For months, CBN’s governor, Olayemi Cardoso had continued to roll out policies to defend the Naira and Nigeria’s economy.

The House of Representatives will intervene in the recent increase in electricity tariff by the Nigerian Electricity Regulatory Commission upon its resumption on April 23, 2024, Deputy Speaker, Benjamin Kalu, has said.

Recall that the development which has culminated in consumers in Band A paying as much as a 300 per cent increment has been widely condemned by opposition parties, prominent citizens, and civil society organisations.

It will be recalled that a spontaneous outcry greeted the development upon its announcement by the electricity authorities, stimulating fears that it would escalate the economic hardship in the country.

Speaking virtually on the special edition of “Ben Kalu’s Mandate”, a call-in radio programme of FLO FM, Umuahia, Abia State, on Monday, the lawmaker noted that the parliament would find a way to resolve the issue.

A statement by the Chief Press Secretary to the Deputy Speaker, Mr Levinus Nwabughiogu, quoted Kalu as saying that the parliament would continue to conduct its affairs with the greatest interest of Nigerians in mind.

“It’s a general problem. While I was on my holidays, one of the things I was bothered with was a letter sent to me by the majority leader of the House on the need for us to intervene in a matter involving the University of Ibadan Teaching Hospital power supply. They were disconnected because of this hike, and they don’t have the money to pay. We said it’s an essential service. Something should be done about it while we look at other details.

“I can assure you that when we resume, it’s one of the things we are going to look into. We will look at both sides of the coin to know a win-win approach to it because we cannot suffocate and also the investors. We cannot allow Nigerians to suffer unduly. So, it is one of the things we will look at by the time we resume, and we will find a way to solve it,” the statement quoted Kalu as saying.

On the possibility of a new constitution for Nigerians, Kalu said the onus is on the people to participate fully in the process, while the National Assembly will help amplify their voices.

“Some schools of thought expressed the view that they want a new constitution. They want us to drop the old one and take up a new one. Some elders known as The Patriots are also asking for a new constitution. But as you know, we are the people’s parliament.

“You are our bosses. Whatever the people decide for us to do when we have our public hearings and all these engagements, when we move around because we are going to go to every zone, most local government areas or senatorial or geopolitical zones to engage, is what we will look at.

“If the people have a general consensus that this is what Nigerians want and the template of what they are asking for; what is wrong with this one that you want to change? What would the new one look like, and what do you have in mind? We will be able to factor that in.

“I am happy that you are conscious of the move for the amendment of the constitution. I like it when people call to discuss that. It shows there is an awareness which is very key. It’s only when you are aware that you can engage and make the right impact. So, I appreciate you. This is the time to lend your voice to this,” he said.

Lagos State governor, Babajide Sanwo-Olu, on Monday, received travel content creator, Pelumi Nubi, at the Government House, following her arrival in Lagos from London by road on Sunday afternoon.

The governor has consequently appointed Pelumi Nubi as Lagos Brand Ambassador with a new car, house, and customised plate number.

Taking to her X handle (formerly Twitter) to announce the development after meeting with the Governor Sanwo-Olu, Pelumi wrote: “Just another great start and a new beginning
Congratulations to me guys as I become a Lagos state ambassador ????????????❤️
Alongside a new car gift from His excellence @jidesanwoolu A new home in Lagos and also a customized plate number
God is Good????❤️❤️”

LEADERSHIP reports that Pelumi Nubi had received heroic welcome as she finally arrived Lagos on Sunday after 68 days of driving solo from London, United Kingdom.

It would be recalled that the content creator had earlier announced that she would be driving from London to Lagos some months ago.

During her journey, she had suffered an accident, which momentarily put a stop to her trip, before she continued.

Lagos State Commissioner of Tourism, Arts, and Culture, Mrs. Toke Benson-Awoyinka, and the Special Adviser to the Governor on Tourism, Arts, and Culture, Idris Aregbe, met Pelumi at the Nigerian-Benin Republic border on behalf of the Lagos State Government on Sunday.

Pelumi made her second stop at Badagry before continuing on to the University of Lagos (UNILAG) to celebrate her arrival.