The Presidential candidate of the Labour Party, LP, in the 2023 general election, Peter Obi, has said hunger and famine await Nigeria if farmers are denied access to farms by bandits and terrorists.

Obi, who was reacting to publications and the international agency’s warning on the matter, said the alarm should be given adequate attention.

“I just read on the daily this morning, about the concerns being expressed by stakeholders in our agriculture sector over the worsening food insecurity in Nigeria,” he wrote on X.

“I have remained consistent in public voicing out my worries over this growing food crisis, which has even continued to claim the lives of our fellow citizens.

“I do believe that the urgency required to address these issues cannot be over-emphasized.

“The report this morning reads, in part, “The number of food-insecure Nigerians increased significantly, from 66.2 million in Q1 2023 to 100 million in Q1 2024 (WFP, 2024), with 18.6 million facing acute hunger and 43.7 million Nigerians showing crisis-level or above crisis-level hunger- coping strategies as of March 2024.

“While the above report gives an understanding of the present and impending food crisis looming large on the nation, the present realities show that we are already in a worse situation than is presented in the report.

“An earlier similar report by Cadre Harmonise stated that about 31.5 million Nigerians are projected to face acute hunger by the June-August of this year.

“What is now very worrisome is that many Nigerians have lost their lives in their quest to find food, reflecting a very acute level of hunger not yet captured in the media. We are gradually descending to the level of the survival of the fittest, where, driven by hunger and a quest for survival, one loses every sense of order to do the unthinkable.

“With the recurrent bandits and terror attacks on farmers, many of them have abandoned their farms. It is reported that in a state like Sokoto, farmers have paid an accumulated sum of N3 billion in ransom to bandits, others pay as high as N100,000 to bandits to gain access to their farmlands. About 165 farmers have reportedly lost their lives to insecurity this year alone.

“It is, therefore, a matter of urgency, for the government to solve the problems of insecurity in the country. This will in turn reduce the problems of food insecurity when farmers safely return to their farms. A New and hunger-free Nigeria is POssible.”

The Minister of Works, Dave Umahi, has said rehabilitating the Third Mainland and Carter bridges in Lagos will cost N21 billion and 25 billion, respectively.

Umahi disclosed this during a Friday tour of key infrastructure projects in Lagos with the National Assembly Joint Committee on Works.

The Minister said there is a need to declare an emergency on the two bridges to avert a reconstruction cost of N6 trillion.

He warned of the substantial financial and safety risks posed by continued delays of the rehabilitation works.

“The cost of rehabilitation of the Third Mainland Bridge is estimated at N21 billion.

“…I want the National Assembly to note that this is the worst of our challenges on these two bridges. The cost of rehabilitation of Carter Bridge is N25 billion”, he stated.

The National President of the Actors Guild of Nigeria, Chief Ejezie Emeka Rollas, MON, has expressed gratitude to President Tinubu for his fatherly intervention on the health of the ailing Zack Orji who has departed to the United Kingdom for post-surgery assessment.

Rollas also commended the First Lady, Senator Oluremi Tinubu for her motherly care towards the veteran actor as well as the son of the President, Seyi Tinubu for his inflicting support.

He equally thanked Minister for women affair Barr. Uju Kennedy Ohanenye for her relentless efforts in ensuring that Zack Orji gets back on his feet as soon as possible and Orji’s longtime friend, Ahmed Bala for standing by him all through the period.

According to him, “We have witnessed the unprecedented support that President Tinubu is giving to the creative industry which has clearly shown his clear determination to uplift the sector to be more relevant and beneficial to both the practitioners and the national economy and we find it necessary to appreciate him.”

Rollas had earlier expressed profound gratitude to President Bola Tinubu on the appointments of an AGN member, Ali Nuhu, Managing Director of Nigeria Film Corporation and other key professionals such as Dr. Shaibu Husseini, Director General of National Fim and Video Censors Board and Obi Osika, Director General, Council for Arts and Culture.

Recall that days back, it was rumoured that Zack Orji was no more. But the leadership of AGN later debunked the viral report.

Going by the new capital requirements released by the Central Bank of Nigeria (CBN) for commercial, non-interest and merchant banks on Thursday night, 25 banks operating in Nigeria would need to raise not less than N3.894 trillion in fresh capital to meet up with the new minimum capital base.

This is as the apex bank have been cautioned to watch out for inflows of illicit funds that may be directed towards the capitalisation bid of the banks.

Having mentioned late last year at the Bankers Dinner in Lagos that the apex bank would beworking on a recapitalisation bid for the banking industry to cater to the $1 trillion economy that is being targeted by the President Bola Ahmed Tinubu led government, the Dr Olayemi Cardoso-led CBN made good its word with a steep increase in the required capital base for commercial, non interest and merchant banks in the country.

According to the new requirement, commercial banks with international licenses are required to have a capital base of N500 billion while their national and regional counterparts are required to have capital base of N200 billion and N50 billion respectively.

Similarly, the capital base of national non-interest banks were raised to N20 billion while that of regional non-interest was raised to N10 billion. Merchant banks capital base was also raised to N50 billion.

LEADERSHIP findings showed that while the fate of some banks with holding company structure are not fully clear, nearly all the banks with the exception of the two regional non interest banks met the new capital base. Taj Bank and Lotus Bank both have currently more than the N10 billion that is required for them to continue operation.

In total, the 25 banks surveyed by LEADERSHIP showed a cumulative N2.049 trillion in paid up capital and share premium. This means that the banks would be needing a total of N3.894 trillion to meet up with the new capital base should they decide against mergers, acquisitions and reclassification.

Speaking on the capital base, Head of Financial Institutions at Agusto & Co, Ayokunle Olubunmi noted that whilst the recapitalisation bid will see another interesting couple of years in the banking industry, the CBN has to be cautious in ensuring that the industry is not flooded with illicit funds.

According to him, the apex bank will have to shore up its oversight and regulatory functions to ensure that flow of funds from terrorism, corruption and illicit proceeds are not laundered through the recapitalisation of banks.

“The CBN will have to ensure that proceeds from drugs and terrorism does not come in. Secondly, the CBN also need to ensure that it recapacitate itself such that they have the tools, the capacity to supervise the bank of such sizes. Because one major thing we have realised is that after the recapitalisation exercise, CBN is not able to supervise those banks and those are the things they should watch out for.

“And on the part of the bank, the banks need to be careful because if they are not careful with the merger and acquisition and other events that may come again, they need to be carefully that they don’t have a marriage of strange bedfellows. They need to ensure that the person they bring onboard is someone they have the same vision with, because that can ultimately kill the brand.”

Olubunmi stated that whilst everyone was expecting recapitalisation, “the format which the CBN went about it is not what everybody expected. Everybody was thinking about shareholders fund but they surprised everyone by coming from the angle of paid up capital instead of shareholders fund that was traditionally used. All the banks will be required to actually go to the market and raise capital.

“But the banks have two years, it is not something that if they don’t do it now, they will be in trouble. The other thing is that this is just the beginning and I’m sure that will there will be a lot of engagement. The banks will push back, particularly with the paid up capital, they will push back and may even ask the CBN to add retained earnings to it.

“If the CBN sticks to its decision, the banks will have to bring in institutional investors, and some will either merge or leave the industry. There would also be the option of scaling down to meet the recapitalisation so it is a lot of interesting times ahead

“Another thing is that the CBN wasn’t to use this to galvanize the inflow of dollars. because each of the banks will need the money required for recapitalisation and may have to source for investors outside the country, increasing the inflow of dollars that will help the industry.

On her part, Group head of Global Markets at Parthian Partners, Ronke Akinyemi said the new bank recapitalisation requirements by the CBN is a step in the right direction as it will eventually result in a more robust financial system. Though steep, we believe the time frame given will allow room for the current banks to meet the requirements before the deadline.

“Ultimately, we envision that this new recapitalisation requirement will result in increased foreign direct investments which will in turn help to stabilise the naira, thus we expect to see rounds of capital raises especially with the restrictions of the capital requirement to share capital and share premium. In addition, we envisage that there will be mergers between tier 1&2 banks and also among tier 2 banks to meet this new requirements.”

Speaking on this, the vice president, Highcap securities Limited, Mr. David Adnori said that the new capital base will be judged by the combination of the paid-off capital and share premium.

He noted that a lot of the banks that have large reserves and they will need to capitalise on their reserves, by converting them into paid-off capital, saying that if a lot of the banks do that, a lot of them will massively surpass that figure.

Adnori noted that the emphasis is mainly on banks with international operations and one can see the rationale behind the huge increase for those commercial banks with foreign exposures through their foreign operations because of the depreciation of the naira.

He pointed that a lot of those banks already have a lot of amount in their reserves which become capitalized. But some of them have also opted to go afresh, to raise fresh capital from the capital market, to increase their paid-up capital base.

He added that the fear now is that if a lot of them besiege the capital market to raise capital, then they will be crowding out funds from the real productive sector that has a serious shortage of capital.

“So, one would actually have expected that public policy should be aimed at shifting capital to recapitalise the productive sector, and not again to shift capital from the economy to the banking sector that is already well capitalized,” he said.

The doyen of the Nigerian Exchange Limited, Rasheed Yusuf, said stated that the local bourse can support such a major capital raise, even without the presence of foreign investors.

An economy and capital market analyst, Rotimi Fakayejo said “the market will support it with the deadline of 24 months. At such a time, Foreign Portfolio Investors would have started returning to the market gradually.”

Based on this, under the commercial banks with international authorisation of N500 billion; Access Bank, Fidelity Bank, FCMB, First Bank, Guaranty Trust Bank, Union Bank, United Bank for Africa and Zenith have with a total amount of paid-up capital and share premium to be N251.81 billion, N129.71 billion, N125.29 billion, N251.34 billion, N138.19 billion, N148.09, N115.82 billion, and N270.75 billion, respectively. This shows that the institutions will be raising capital to meet up with the new capital base of N248.19 billion, N370.30 billion, N374.71 billion, N248.66 billion, N361.81 billion, N351.91 billion, N384.19 billion, and N229.25 billion, respectively.

Also, out of the Commercial Banks operating all over the country, EcoBank Nigeria met the new capital base as the Bank’s issued share capital and share premium stood at N353.51 billion exceeding the N200 billion new capital base. The paid-up capital and share premium of CitiBank Nigeria Limited (N14.44 billion), Polaris Bank (N50.43 billion), Stanbic IBTC Bank (N109.26 billion), Standard Chartered Bank Limited (N45.42 billion), Sterling Bank (N57.15 billion), Titan Trust Bank (N29.20 billion), Unity Bank (N16.33 billion), and Wema Bank (N15.13 billion) will be adding a new capital of N185.56 billion, N149.57 billion, N90.74 billion, N154.58 billion, N142.85 billion, N170.80 billion, N183.67 billion, and N184.87 billion respectively

Meanwhile, under the regional non-interest banking with a new capital base of N10 billion, TAJ Bank and Lotus Bank met the requirement by N14.06 billion and N13.03 billion respectively.

Based on the stipulation of the CBN, Access Corporation, the parent company of Access Bank has paid-up capital and share premium of N251.811 billion according to its 2023 full-year result released yesterday hence a shortfall of N248.189 billion.

FBN Holdings, the parent company of FirstBank has paid-up capital and share premium of N251.3 billion, hence a shortfall of N248.66 billion, according to its Q3’23 results. The paid-up capital and share premium of GTHoldco, the parent company of GTBank stands at N138.186 billion as of Q3’23, hence a shortfall of N361.814 billion

UBA has paid-up capital and share premium of N115.815 billion, hence a shortfall of N384.185 billion according to its Q3’23 Zenith Bank has a paid-up capital and share premium of N270.745 billion, hence a shortfall of N229.255 billion.

Governor Bala Mohammed of Bauchi State has approved N2.19 billion as subsidy for the 2,290 intending Muslim pilgrims from the state for the 2024 hajj.

The governor said the action is to facilitate the beneficiaries’ religious obligations and enhance their welfare in the holy land.

He explained that the move was sequel to the recent announcement by the National Hajj Commission of Nigeria (NAHCOM) on the adjustment of the 2024 hajj fare where intending pilgrims are to pay an additional N1.918 million.

Against this backdrop, Governor Mohammed said his administration has resolved to subsidize each pilgrim with the sum of N959,025 which stands as 50 percent of the additional fare for the 2,290 intending pilgrims from the state.

In a statement issued by his media side, Comrade Mukhtar Gidado, the governor said he had approved the immediate release of the sum of N2.196 billion for the payment of the fare subsidy.

He said the development underscored the government’s commitment to ensuring that Muslim faithful in Bauchi State have the opportunity to fulfill their sacred duty of performing the Hajj pilgrimage to Mecca, one of the five pillars of Islam.

He said, “By subsidizing the hajj fare, the government aims to alleviate the financial burden on intending pilgrims, thereby enabling more citizens to participate in this revered religious obligation. This initiative also aligns with the government’s efforts to promote inclusive governance and ensure that every citizen has equal access to opportunities and resources.”

The governor charged the intending pilgrims to perform the hajj with sincerity, devotion, and reverence.

He reaffirmed the government’s unwavering support for the religious freedom and practices of all citizens and pledged to continue working towards the welfare and development of the state.

Godswill Akpabio, senate president, has hinted that the upper legislative chamber may consider lifting the suspension on Abdul Ningi, senator representing Bauchi central.

Akpabio spoke on Friday upon his return to Abuja from the Inter-Parliamentary Union (IPU) general assembly in Geneva, Switzerland.

BACKGROUND

Early this month, Ningi sparked controversy when he alleged that the 2024 budget was padded by N3 trillion and that the country is operating two budgets concurrently.

Subsequently, the senate debated the matter at the “committee of the whole”.

The senator was thereafter suspended for three months for allegedly not providing evidence to back his allegations.

NINGI THREATENS TO SUE AKPABIO

In a letter dated March 27 and addressed to Akpabio through Femi Falana, his counsel, Ningi gave the senate president a seven-day ultimatum to lift his suspension from the upper legislative chamber.

Ningi described his suspension as “illegal”, saying he would approach a federal high court for his reinstatement if the suspension is not lifted within seven days.

“Apart from violating our client’s fundamental right to a fair hearing, the Senate violated the right of the entire people of the Bauchi Central Senatorial District to representation in the Senate for three months,” the letter reads.

“This is a breach of section 111 of the Constitution and article 13 of the African Charter on Human and Peoples Rights Act.

“As you are no doubt aware, the Federal High Court had struck down the suspension of some members of the Senate and the House of Representatives who had accused the leadership of both houses of corruption or abuse of office.”

‘NINGI WILL JOIN US IN A FEW DAYS’

Speaking on Friday, Akpabio said although he was yet to receive the letter, he believes that Ningi will rejoin the senate in a few days.

“It is a parliamentary decision. I have not seen the letter yet,” Akpabio said.

“But senator Ningi is one of us. I mean what is suspension? I believe that in a few days, he will join us.

“So, there is no problem. It would be resolved amicably. The senate is a family.”

The Governor of Kebbi, Nasir Idris, has called for a change in how the nation’s revenue is shared.

The governor opined that states should receive a greater share than the federal government.

Idris said that a reassessment of the distribution formula of federal allocations would address the democratic aspirations of the people.

He said that this should be carefully examined, especially in the area of having the police force under the administration of state governments nationwide.

He said this during an interview with journalists in Abuja on Friday, expressing concern that the revenue-sharing formula heavily favoured the federal government at the expense of the states.

“A situation where the federal government takes 55 per cent of the total share of the revenue was, to say the least, unfair. We must look at the formula in order to meet our campaign promises to our citizens,” he said.

“When you look at it, the states and local governments are the closest to the people and most of the challenges faced directly by citizens are handled by the states and local governments.

“It is in the state that you find the farmers, the artisans, and the poorest of the poor and it is our responsibility as governors to make life meaningful and worth living for them.

“So, I believe that the federal government has fewer responsibilities in terms of direct interaction with Nigerians. Governors and local government chairmen deal directly with the people and that is a huge burden on them.

“Our revenues should be shared in such a way that state and local governments that often have direct interactions with the Nigerian people should collect a higher percentage to meet their yearnings and aspirations,” Idris said.

Peter Obi, the presidential candidate of the Labour Party for 2023 elections has declared his stance on the recent national convention of the party that saw Barr Julius Abure emerge as national chairman.

Addressing Nigerians on X Space hosted by Parallel Facts on Friday, Peter Obi said he ignored the convention because the party leadership under Abure failed to do wide consultation with key stakeholders of the party before embarking on the said convention.

The former Anambra Governor emphasised the need for the right thing to be done to salvage the party, adding that he is more passionate about building a new Nigeria than building a new Labour Party.

“We promised to build Nigeria, we did not promise to build a New Labour Party,” he emphatically affirmed.

He also threw his weight behind the call for a structure for the ‘OBIdient’ movement.

“It is the standard practice around the world where movements form themselves into blocs and are part of the political process,” he added.

Recall the LP has been in crisis in recent times with many of its supporters calling for a proper restructuring of the party ahead of 2027.

The Central Bank of Nigeria has said that it recorded an inflow of over $1.5 bn into the economy over the past few days, indicating that its monetary policy efforts are working positively.

The bank’s acting Director, Corporate Communications Department, Mrs. Sidi Ali, made the assertions in a statement on Friday.

She noted that data available to the bank indicated that the inflow resulted from the bank’s effort to stabilise the foreign exchange market.

Ali said the naira has also continued to record gains in the Autonomous Foreign Exchange market as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.

The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12, 2024. The current value of the naira shows a considerable appreciation.

Recently, the CBN held its 294th Monetary Policy Committee meeting where it decided to increase the interest rate by 200 points to 24.75 per cent from the previous 22.75 per cent.

During his post-meeting briefing, the CBN Governor, Olayemi Cardoso, also reiterated that the apex bank had cleared all verified foreign exchange backlogs, underscoring the fact that liquidity would improve in the forex market.

The bank conducted the Nigerian Treasury Bills auction of N1.64 trillion on Wednesday, at stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.

The decision to increase the interest rate raised lots of concern among citizens and economic experts but Cardoso said the bank’s decision was intended to stabilise the economy by bringing the interest rate at par with the current inflation in the country, stating that the increase would not be long.

“While the increase in interest rate may have tendencies toward strangulating the economy, with the foreign exchange rate coming down, that also helps to moderate it overall.

“And as I said earlier, you would expect that this would not be too long drawn; at least I would hope so. We are getting towards a situation where the exchange rate is moderating, and we are expecting it to moderate, and then it finds a level that, quite frankly, is sustainable. This would involve huge collaboration with the fiscal side because a lot of that cannot just rely on the monetary side alone,” the governor said.

While noting that Thursday’s rate signified that the Naira was headed in the right direction, Ali assured that the Cardoso-led CBN would remain committed to ensuring the stability of the market and the appropriate pricing of the Naira against other major currencies worldwide.

The Tinubu-led Federal Government have allegedly released the sum of N90 billion to subsidise the 2024 pilgrimage to the Kingdom of Saudi Arabia.

A source at the National Hajj Commission of Nigeria (NAHCON) told Daily Trust that without this intervention, each of the intending pilgrims would have been requested to add at least N3.5 million to the initial fare which was pegged at N4.9 million.

The source told the publication;

“The forex crisis has caused a lot of problems. That is why the Hajj Commission has asked intending pilgrims to pay the extra amount of N1.9 million each. The commission actually needed N230 billion to sort out the fare differential caused by the forex crisis.

“The N90 billion support which was provided by the government was announced in the presence of reporters during the inauguration of the board and management of the Hajj Commission which was held at the Office of the Vice Presidency on February 28, 2024. But they (reporters) were asked not to report it. That was why no newspaper carried the report. Or did you see it in any reports? If the intending pilgrims pay ₦1.9 million, it is then it can be balanced."

He added that NAHCON had also contacted state governors “to subsidise the hajj fare for the intending pilgrims in their respective states. Kano has responded by subsiding it by N500,000 for each pilgrim.

“By the previous calculation, the N90 billion given by the federal government can only subsidise 19,000 intending pilgrims by ₦3.5 million. But by spreading it on 50,000 pilgrims, it reduces it to N1.9 million; meaning that the federal government has subsidised each pilgrim by ₦1.6 million before each intending pilgrim was asked to add the remaining N1.9 million.”

A top official at the Presidency also confirmed that the federal government “actually provided some financial support for the hajj exercise”. The official said;

“Of course, the federal government has offered support for the pilgrims because the pilgrims have been lamenting.

“Normally, any support that the government is giving to any faith, whether the Christian faith or the Muslim faith, the government does not like to announce it openly so that it will not appear as if the government is favouring on faith.”