News
….tells investors to take advantage of President Tinubu’s economic reforms
Ekiti State Governor, Mr Biodun Oyebanji yesterday in Dallas , USA told foreign investors to take advantage of the current economic reforms in Nigeria to invest in the country.
“This is the right time for any investor to invest in Nigeria”, Oyebanji declared at a panel session, one of the major events at the 2024 US- Africa Business Summit organised the Corporate Council on Africa ( CCA), citing the current reforms of the President Bola Ahmed Tinubu administration and the synergy between the Federal Government and the state governments.
In attendance at the session were heads of national government and sub- national governments; investors; policy makers and development agencies drawn from different parts of the world, including the Chairman of the Board of Corporate Council on Africa, Mr John Olajide.
Governor Oyebanji, in his presentation also cited a few successful collaboration between Ekiti State Government and some international investors, including Cavista Holdings and Promasidor to make a case for more direct investment in the state, stressing that the right time to invest in the state is now.
According to Oyebanji “Now we have a reform-minded government that is visionary and we have 36 state governors (I am one of them) and these are people that have keyed in to the vision of the President Tinubu’s administration.
“And like I have said, the economies of sub-nationals are so critical to the Nigerian economy itself. So, for any investor that wants credible return on their investment, this is the time to invest in Nigeria because the market is readily available, the people are ready, we have a government that is reform-minded, transparent, and trusted by the people.
“Nigerians believe in this government because we have a President that has done it right and all the governors have keyed into his vision as well. So, the time to invest in Nigeria is now.” He added.
Wooing Investors to Ekiti, Governor Oyebanji said the State Government is strong on regulatory framework which are designed to protect investors and investments in the state.
“What we are doing is to ensure that we have a stable and predictable regulatory framework and there must be trust because I believe that for any business to thrive, trust is key. You must have a leader that is visionary, trust-worthy, and transparent. All these, we have in Ekiti State and that is why I am here today so that we can have more investors like Cavista who are relevant to what we are doing in the State.
“So, the sub-nationals are critical to developing the Nigerian economy, but for them to attract credible investors there must be clear regulatory framework. The ease of doing business has to be top notch, security must be guaranteed, put in place the building blocks that will allow businesses to grow and thrive. Things must also be done in the way and manner that will give them confidence to bring their capital to invest.
“The Cavista story is one of our success stories and I am proud of it. Cavista Holdings came to Ekiti State as a company we were not aware of but they showed interest in one of our moribund assets that has been there for many years and nobody wants to touch it. Cavista came to discuss with us but through the help of NIPC, they told us to set up an Investment Promotion Agency so we have an IPA that shields investors away from government bureaucracies.
“So, they do things the private sector way and we also set up a very strong regulatory system. We have a predictable policy because we realized that when you look for development, investors look for returns on their investments. So we have all our businesses plan being driven by the Ekiti State Development and Investment Promotion Agency (EKDIPA) and the Director-General has access to me directly so that when there are issues, I can give the executive backing.
“So we started with the facility at Ikogosi Warm Spring and Resort that we are so proud of, and they told us what is expected of us as a government and because of the recent reforms of the Federal Government, which ceded resources to sub-nationals who are able to build critical infrastructure to support investments. Now the Resort is a success story, and because of that, we have now migrated from Tourism to the Agriculture.
“In Nigeria, there is a central government and there are 36 state governments with governors as heads of states; The Nigerian economy is the aggregate economy of sub-nationals and so if the sub-nationals do well, the country will do well as whole. The Federal Government realizing this put in place structures to assist subnational in areas of business development and attracting private investors into their space.
“As a governor of a state you have responsibilities within the state but there are some critical areas that are better left in the hands of private investors. So through the Nigerian Investment and Promotion Council ( NIPC), the Federal Government collaborates with states and tell us what we need to do to make the state investment-friendly because capitals (finances) will move to a place where they are welcome.
“So, there are healthy competitions amongst the 36 states to get very responsible and credible private sector players into our states.”
The Nigerian military has pulled out of Okuama community in Ughelli South Local Government Area of Delta State.
According to sources in neighbouring Akugbene and Okoloba communities in Bomadi local government area, the soldiers pulled out of the embattled community, Tuesday, 7th May, 2023, suddenly without any prior information to do so.
Confirming the development, Governor Oborevwori expressed appreciation to President Bola Tinubu and the military high command for the withdrawal.
“My dear good people of Delta state, I have the pleasure to announce to you that, upon many deliberations and collaborations between the state government and the military leadership, the Nigerian Army has agreed to withdraw its officers and men from Okuama.
“I spoke with the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja on Monday, 6th of May, and as at today, 8th of May, 2024, the military have withdrawn from Okuama.
“With this development, the people of Okuama can now safely return to their homes and begin the process of reintegration and rebuilding their homes.
“I want to express my deep and profound gratitude to Mr. President, the Chief of Army Staff, and the hierarchy of the Nigerian Army for their understanding and cooperation.
“In my engagements with them, they demonstrated the highest level of concern and care for the plight of the displaced persons. To God be the glory that we have achieved an amicable resolution,” Oborevwori said.
He also commended members of the National Assembly, other distinguished Nigerians, traditional rulers and other leaders of thought who stood with the state throughout the Okuama saga.
He added, “Let me assure all Deltans and residents in the state that this administration is irrevocably committed to enhanced peace and security in the state as contained in our MORE agenda.
“It is also pertinent to point out that matters of security are better handled with tact, wisdom and patience; it is not meant to be a subject of daily media discourse as some would have wanted.
“As the people of Okuama start the process of returning to their homes, I pledge the commitment of the Delta State Government to make that process smooth and seamless.
“We shall render all the necessary assistance they need to enable them settle down quickly and joyfully in Okuama,” the governor said.
He prayed that Delta State would never “experience the kind of tragedy that happened in Okuama.”
“Security, as we all know, is a shared responsibility. So, we will continue to count on the support and cooperation of every citizen to ensure that our state remains safe and peaceful.
“Once again, I commiserate with the families of victims of the Okuama incident,” the governor stated.
The House of Representatives has opted against proceeding with the proposal to suspend the cybersecurity levy.
Naija News reported that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.
The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”
The cybersecurity levy has received criticism from Nigerians.
During Wednesday’s session, lawmaker Manu Soro expressed concern over the proposed levy, citing its inappropriate timing given the ongoing challenges facing many Nigerians.
The lawmakers argued that the National Security Adviser (NSA) should not be responsible for handling funds as it is a political role.
However, the Speaker of the House, Tajudeen Abbas, encouraged the lawmaker to withdraw the motion.
He said that the House leadership will discuss the situation and determine the best course of action.
The naira further depreciated against the US dollar despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market.
FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.
The figure represents a N4.46 depreciation against the dollar on a day-to-day basis.
Similarly, the naira dropped to N1438 per dollar on Wednesday from N1430 the previous day in the parallel market section.
A Bureau De Change operator in Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that operators of the anti-graft agency raided and arrested some BDC operators on Wednesday.
“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said.
DAILY POST recalls that EFCC resumed clampdown on illegal BDC operators and cryptocurrency platforms to defeat the FX crisis.
On Tuesday, the Securities and Exchange Commission delisted naira from the cryptocurrency market to tackle naira instability in the FX market.
The lawmaker representing Ondo South Senatorial District in the National Assembly, Jimoh Ibrahim, has asked President Bola Tinubu to dissolve his cabinet.
The chieftain of the All Progressives Congress (APC) stated this during an interview on Channels Television’s Politics Today programme on Wednesday.
Ibrahim asked the President to drop some ministers from his cabinet and appoint knowledgeable and competent persons.
He stated that the current ministers don’t fall within the country’s “Grade A” and are not the best for the country, as seen so far since their appointment by the President.
The Ondo South Senator also opined that some of the ministers who have been accused of corruption should be dropped.
He said: “If you fail to do that, you will be carrying their burdens and that will be terrible for our country.
”You have to dissolve the cabinet, you have to come up with knowledgeable people, the cabinet is too cold and some of them accused of corruption should be dropped.”
Speaking further, Senator Ibrahim reiterated his reasons for describing the APC governorship primary election in Ondo state as a mega fraud.
He said: ‘The Governor of Kogi State Ahmed Ododo wrote a letter to INEC requesting a change of collation centre …. he didn’t communicate in that letter the new collation centre.’‘
[NaijaNews]
The lawmaker representing Ondo South Senatorial District in the National Assembly, Jimoh Ibrahim, has asked President Bola Tinubu to dissolve his cabinet.
The chieftain of the All Progressives Congress (APC) stated this during an interview on Channels Television’s Politics Today programme on Wednesday.
Ibrahim asked the President to drop some ministers from his cabinet and appoint knowledgeable and competent persons.
He stated that the current ministers don’t fall within the country’s “Grade A” and are not the best for the country, as seen so far since their appointment by the President.
The Ondo South Senator also opined that some of the ministers who have been accused of corruption should be dropped.
He said: “If you fail to do that, you will be carrying their burdens and that will be terrible for our country.
”You have to dissolve the cabinet, you have to come up with knowledgeable people, the cabinet is too cold and some of them accused of corruption should be dropped.”
Speaking further, Senator Ibrahim reiterated his reasons for describing the APC governorship primary election in Ondo state as a mega fraud.
He said: ‘The Governor of Kogi State Ahmed Ododo wrote a letter to INEC requesting a change of collation centre …. he didn’t communicate in that letter the new collation centre.’‘
The Brickhall School, Abuja, has mourned the death of its four-year-old pupil, Miguel Ovoke, who died from choking on a piece of meat in a home-made meal he ate during school hours.
Lamenting the death of the pupil, the school authorities said it was greatly saddened that the life of the pupil could not be saved despite the timely response of its trained nurse and the eventual decision to rush him to a hospital.
While noting the decision to mourn the late pupil by closing the school for one week, the school respectfully urged everyone connected to the tragedy to respect Miguel’s memory with dignity and peace while allowing medical professionals and law enforcement agencies to conclude with the autopsy.
The school manager said, “It is with profound sorrow and deepest sympathy that we at Brickhall School, Management and the Parents Teacher’s Forum express our heartfelt condolences to the family of our dearly beloved pupil, Miguel Ovoke.
“We are devastated to report that Miguel tragically passed away on April 24, 2024, following a sad incident where he choked on a piece of meat offal from his meal brought from home, despite the immediate and expert care provided by our dedicated staff and certified school nurse.
“In response to this heart-wrenching event, we convened an urgent meeting with our school community on the day of the incident.
“Out of respect for Miguel’s memory and to honour his bright spirit, we suspended classes for over a week, allowing our community time to mourn and reflect on this profound loss.
“We have cooperated fully with the relevant authorities to ensure a thorough and compassionate resolution for everyone affected, especially Miguel’s grieving family.
“The leadership of both the school and the Parents Teacher’s Forum has personally visited Miguel’s family to offer our support and condolences during this indescribably difficult time. We stand with them in their grief and extend our support to all who loved Miguel—his friends, classmates, and our entire community.
“As our school resumes, particularly for students preparing for their Senior and Junior School Certificate examinations, we reaffirm our commitment to the well-being and education of all our students.
“We have continued to work closely with medical professionals, law enforcement, and Miguel’s family to clarify the circumstances surrounding this tragedy.”
The school also reiterated that its duty of care has been efficient, and has never recorded an incident of this magnitude.
It said its staff were trained on emergency procedures and first aid, adding that the licensed school nurse followed laid down procedures for handling such emergencies.
[Dailytrust]
The Trade Union Congress of Nigeria (TUC) has threatened a shut down of the economy over the plan to begin implementation of the 0.5 per cent cyber security levy on electronic transactions.
The body urged the Federal Government to direct the Central Bank of Nigeria (CBN) to withdraw its directive to financial institutions on the issue, to avert the shutdown.
The union’s President, Mr Festus Osifo, gave the warning in a statement on Wednesday.
CBN had recently directed banks to implement the 0.5 per cent cybersecurity levy on electronic transactions from May 20.
The apex bank said the directive followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.
It said that the proceeds were to be remitted to the National Cybersecurity Fund which would be administered by the Office of the National Security Adviser.
Osifo described such plan as illogical, coming at a time that Nigerians were grappling with high cost of living.
He said that such high cost of living was imposed by devaluation of Naira, hyper hike in the cost of petrol, supersonic increment in the cost of electricity tariff, among others.
“We are quite disturbed that since the inception of this administration, its policies have brought pain, anguish and sorrow on Nigerians.
“Whereas, a bank account holder in Nigeria today is currently charged stamp duty, transfer fee, VAT on transfer fee, and all forms of account maintenance levies by both government and the banks, this burden seems not to be enough, as government is poised to inflict further pain on the already battered Nigerians.
“So, many policies of this government are not only imposing hardship on the downtrodden Nigerians but also on businesses, as some of them are shutting down because of the unfriendly business environment,“ he said.
The union leader expressed fears that the development would further encourage people to hoard cash at home, reduce financial inclusion, increase poverty and exacerbate misery index.
According to him, all Nigerians are interested in right now is the urgent conclusion of discussions around the minimum wage.
“Not a vexatious policy that is further reducing the already depleted disposable income of the masses and indirectly ridiculing the gain which the minimum wage would have brought to the people when concluded,” he added.
(NAN)
The President General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu, has alleged threat to his life and an attempt to burn down his residence.
Iwuanyanwu said some Igbos, whom he described as anti-Igbo, have orchestrated plans to either kill him or burn his house over his leadership of Ndigbo.
He spoke while addressing a briefing at the secretariat of Ohanaeze Ndigbo in Enugu on Wednesday evening.
The Ohanaeze president linked those threatening his life to the death of his predecessor, Prof. George Obiozor.
He said: “This has become very dangerous. These people have carried this too far. Some time ago, I got some information that some people were coming to burn my house; that people said they were hired to come and burn my house.
“Some people also said they were hired to come and kill me; all sorts of stories like that. And I started asking myself: what is it that I have done that would warrant that my house should be burned, that I should be killed?
“I told those people that they shouldn’t worry. Fortunately, one of them said that the person they hired said that I trained his brother in the university. You know I had a scholarship scheme that trained over 5, 000 young people in the university. So he said his brother was trained by me and so he cannot burn my house.
“I feel sad that I should be confronted by some of these types of threats just because I want to serve my people.”
He said the group traced Obiozor to his village to kill him and when they failed to get him, they set his house on fire.
“Obiozor died as a result of that attack on his country home because as a diplomat, all his books, awards and recognition were totally burnt and these were things he cherished so much.
“In the case of Nnia Nwodo, as President General of Ohanaeze Ndigbo, they trailed him to his village in Ukehe, Enugu State and threw bomb into his house,” he said.
[DailyPost]
A Nigerian woman, Oluwami Dosunmu-Ogunbi, has made history as the first black woman to bag a PhD in Robotics at the University of Michigan in the United States.
Speaking at the university’s College of Engineering convocation, Dosunmu-Ogunbi, a daughter of Nigerian immigrants, spoke on the support she received in realising her aspirations.
She said, “I do not stand here on my own two feet alone. None of us got here by our individual merit alone, whether it be teacher, friends, family, mentors, or role models, we each have one or multiple people to whom we are grateful for making this moment possible.”
She added that she wants to be remembered as the University’s of Michigan’s first black woman to get a PhD in Robotics and she wants to use her knowledge in engineering to improve the lives of others.
She added, “A Michigan Engineer is one who does not just provide scientific and technological leadership, but is also one who is intellectually curious, socially conscious, creates collaborative solutions to societal problems, and promotes an inclusive and innovative community of service for the common good.
“We each have a solemn duty to make positive contributions to the world. Well, my reasons for becoming an engineer were initially frivolous, but they eventually moved into something more meaningful. I want to have a positive impact on the world.”
The University of Michigan Robotics Department website describes Dosunmu-Ogunbi’s journey as one shared by many PhD students who initially lack a clear vision for their final goals.
It added that Dosunmu-Ogunbi has been an active community builder in robotics, earning an MLK Spirit Award from the College of Engineering for mentoring and inspiration as well as being named an outreach ambassador by Robotics for three years, 2021–2023.
The Department also disclosed that she was named a runner-up in the
College of Engineering’s three–minute thesis competition and has been inducted into the Bouchet Society, which recognises outstanding scholarly achievement and promotes diversity in graduate education and the professoriate.
Dosunmu-Ogunbi is currently interviewing for faculty positions, the department revealed.
[Punch]
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The Editor of FirstNews, Segun Olatunji, has resigned hours after the publication apologised to the Chief of Staff of President Bola Tinubu, Femi Gbajabiamila.
Olatunji, who spent 14 days in the custody of Defence Intelligence Agency (DIA) Abuja for a report on Gbajabiamila, said he resigned for his safety and that of the family.
The report titled: “How Gbajabiamila attempted to corner $30bn, 66 houses traced to Sabiu” was written by Olatunji.
The First News Management, in a statement on Wednesday, May 8, said it had discovered the said story contained “falsehoods and fabricated stories handed out to us as facts by a misleading source which was highly negligent on our part and for which we deeply tender an unreserved apology to the Chief of Staff to the President.”
Hinting that he was unhappy about the apology, he hoped that the truth would come out soonest on what transpired over the report.
His resignation letter reads: ”In view of the latest development regarding the Gbajabiamila story and the stance of the company’s Management, I hereby tender my resignation as the General Editor of First News.
”It has become imperative for me to resign my appointment for the safety of my person and my family.
”However, I want to state that in no distant time, the truth will come out and then it’ll be my word against theirs.
”I hope the Management of First Media Network Limited, publishers of First News newspaper, will be magnanimous enough to fully settle the one year outstanding salaries I am being owed, in no time.
”I thank the company’s management for giving me the opportunity to contribute my quota to its operations in the past four years.”
[TheNation]
Hon. Victor Oko Jumbo, the lawmaker Representing Bonny Local Government Area State Constituency at the Rivers State House of Assembly, has emerged as the new speaker of the state assembly.
Jumbo emerged as the speaker of the three-man assembly members that is loyal to the state governor, Siminalayi Fubara, during its sitting in Port Harcourt on Wednesday.
Jumbo is emerging after the resignation of Rt. Hon. Edion Ehie, now the Chief of Staff to the state government.
This emergence is coming when the APC and the LGA chairmen in the state are calling for the impeachment of the governor.
APC said the impeachment process was necessary given the governor’s blatant refusal to honour the peace agreement initiated by President Bola Tinubu between Fubara and the Minister of the Federal Capital Territory, FCT, Nyesom Wike, some months ago and his recent declaration of the lawmakers’ seats vacant.
Recall that on Monday, Fubara had declared, for the first time since the commencement of the crisis, that the APC lawmakers do not exist in the eyes of the law.
In his reaction, the caretaker committee chairman of the Rivers State APC, Chief Tony Okocha, who addressed newsmen in Port Harcourt, said the statement of the governor was tantamount to re-writing the constitution of Nigeria.
He said: “He has re-written the books. Elementary politics taught us there are three organs of government and their roles. And goes further to talk about the separation of powers and checks and balances.
“What the governor was implying clearly is that he is ruling Rivers State without laws. That Rivers State runs an executive arm and judiciary. So, what that implies is simply absurdity.
“You can now see the tendencies of a dictator. As an opposition party in Rivers State, we will not keep quiet, we will shout. Regrettably, the governor has taken up to this point and we will not take it.
“The governor said that the President’s intervention in Rivers State which he signed was not constitutional but a political solution. But he assented to it, not under duress. The agreement was signed in a friendly environment and the governor assented to the proclamation and had the opportunity to speak where he thanked Mr President.”
The Economic and Financial Crimes Commission (EFCC) will arraign Hadi Sirika, a former aviation minister, before the federal capital territory (FCT) high court on Thursday.
Sirika would be arraigned on six-count amended charges related to an alleged N2.7 billion contract fraud.
NAN reports that the former minister will be arraigned alongside Fatima, his daughter; Jalal Hamma; and Al-Duraq Investment Ltd.
The EFCC was said to have detained the former minister on April 23, as part of investigations into the financial malfeasance allegedly committed by him, including fraudulent contracts awarded by the ministry under his watch.
“The former minister (Sirika) was invited for questioning by investigators handling the alleged contract fraud under his watch in the ministry,” NAN quoted an EFCC source as saying.
“He honoured the invitation and has been detained as I am talking with you.”
The source also said the EFCC had been investigating the alleged contract fraud when Sirika was in office as the minister, noting that he also met with investigators at the time.
The arraignment was earlier slated to take place on Tuesday, but due to an EFCC prayer to amend the charge, a new date was given.
[TheCable]
..States, LGs to get 90% VAT revenue
The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate.
Taiwo Oyedele, chairman of the committee, spoke on Monday while disclosing the VAT revenue-sharing formula would be reviewed.
He spoke at a policy exposure and impact assessment session organised by the committee.
Nigeria’s VAT rate is currently 7.5 percent.
Oyedele also said the committee has proposed reviewing state and local governments’ share of VAT revenue to 90 percent.
According to section 40 of the VAT Act, the federal government gets 15 percent of the tax revenue, states share 50 percent, and local governments share the balance of 35 percent.
However, Oyedele said the committee is recommending reducing the federal government’s share from 15 percent to 10 percent.
“We are proposing that the federal government’s portion should be reduced from 15 percent to 10 percent. States’ portion will be increased but they would share 90 percent with local governments,” he said.
Oyedele said the committee proposed adjusting the sharing formula for VAT because it is a tax of the states.
“In 1986, we had sales tax collected by states. The military came up with VAT in 1993 and stopped sales tax so they said it would collect VAT and return 15 per cent as cost of collection and that is the 15 per cent charged today came about. But we think it is too much,” he said.
The tax expert added that the burden of VAT should be on the ultimate consumer.
“So we must make it transparent and neutral and this is what over 100 countries where they have VAT are doing,” Oyedele said.
“Nigeria’s economy is more than 50 percent in services and if I just stop at this, many states will be broke because VAT collection will go down by more than 50 percent and it won’t even fly.
“So we therefore need to adjust the VAT rate upward. We would ensure that it doesn’t affect businesses. The only thing is to look at basic consumption from food, education, medical services and accommodation will carry zero percent VAT. So for the poor and small businesses, no VAT.”
Oyedele said other consumers will pay a bit more.
“We have spoken to businesses about it and they won’t increase the product price. We want to make sure when we do VAT reform, no one will increase the price of commodities. We will work the mathematics with the private sector,” he said.
Oyedele also said each state should not be granted exclusive custodianship of their collections– because it would likely result in chaos.