Bola Tinubu, President-elect has vowed to speed up ongoing projects when sworn in on May 29th.

This was revealed by the Bola Ahmed Media Centre via its official Twitter handle on Monday.

The statement partly read, “The Lagos – Kano; Benin – Abakaliki; Port Harcourt – Maiduguri; Lagos – Calabar; and Kano – Maradi will be given special attention as his administration hopes to get them completed as soon as possible.

“Having been instrumental to the Lagos rail success story, Asiwaju understands that railways are less expensive in the shipment of large quantities of goods from one location to another part of the country.

“State Governments will be encouraged to build metro systems in their capital cities. These metros will link up with existing national rail lines and revolutionise urban transport in Nigeria.

“This will further boost commerce and contribute significantly to national GDP growth as envisioned in the Renewed Hope policy plan.”

The former Lagos State Governor who was declared winner of the recently concluded presidential election returned to the country after spending one month in France.

Last modified on Friday, 28 April 2023 14:15

The National Agency for Food and Drugs Administration and Control (NAFDAC) has alerted Nigerians about a dangerous cough syrup in circulation.

The cough syrup called ‘Naturcold’, is reportedly manufactured by Fraken Group.

According to reports, the syrup is believed to have caused the deaths of six children under the age of five at a health facility in the health district of Fundong, in the North-West region of Cameroon.

According to the North-West Regional of Cameroon delegate for Public Health, the children showed a decrease in kidney function after using the cough syrup.

This was disclosed in a recent press statement by NAFDAC.

The Agency said the product is not authorised for marketing in Cameroon and was purchased from unauthorised sources.

“Although the product is not in NAFDAC database, importers, distributors, retailers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale and use of the substandard (contaminated) syrups,” the agency said.

Last modified on Friday, 28 April 2023 14:16
The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development (UNCTAD).
 
It stated that the informal sector felt the brunt of the scarcity the most, adding that the continuing decline of oil production is set to impact the country’s finances in 2023.
 
UNCTAD said, “In Nigeria, a shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector.
 
“Meanwhile, the continuing decline of oil production, accompanied by large-scale oil theft, poses a main threat to strained finances in Africa’s most populous nation.”
 
According to the organisation, the general African economy is projected to expand by 2.5 percent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. It explained that this is in no thanks to weaker external demand and tighter financial conditions.
 
It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double-digit inflation in early 2023.
 
UNCTAD highlighted, “In many instances, these recent inflation spikes relate to the continuing depreciation of several African currencies in early 2023 – often following a loss in 2022 of 10–30 per cent of their value vis-à-vis the dollar.
 
“Public debt, in many cases standing at levels not seen since the early 2000s, is another worry across the continent. Out of the 38 African countries that are part of the Debt Sustainability Framework of IMF and World Bank, 8 entities are already ‘in debt distress’, while 13 are considered ‘at high risk’ of distress.”
 
The UN also raised concerns that many African economies are approaching a maturity wall as maturities on international bonds issued in the previous decade peak in 2024 and will remain elevated for the next decade, with most governments unable to tap international capital markets to roll over maturing debts.
 
The agency added, “Overall, risks remain tilted to the downside. The rising domestic cost of living and a deteriorating security situation remain of a key concern in many parts of the continent. More than 116 million African people are currently in acute food insecurity according to the latest projections of WFP and FAO.”
 
Recently, the UN revealed that the Nigerian economy will grow to three per cent in 2023 due to its commodities trade and consumer goods and services markets.

Last modified on Friday, 28 April 2023 14:16

The Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has said the flagbearer for the All Progressives Congress (APC) in the 2023 presidential poll, Bola Ahmed Tinubu, was never fit constitutionally, to run for the presidency.

Atiku also asserts that he has been able to run for the office of the President of Nigeria since 1993 without any controversy because he is free from drugs  and identity scandals, unlike the President -Elect, Ahmed Bola Tinubu.

The former Vice President’s comments were contained in a response to Tinubu’s and APC’s reply regarding his petition challenging the process and the outcome of the February 25 presidential election.

“Tinubu is constitutionally disabled from contesting for the office of President of the Federal Republic of Nigeria,” Atiku insisted in a rejoinder to the president-elect’s response in which he described Atiku as a serial election loser.

Atiku said that Tinubu is a giant in forfeiture, drug related offences and failure to disclose dual nationality to INEC. Besides, Atiku noted that his own identity, comprising age, State of Origin and educational qualifications have never been in dispute unlike those of Tinubu.

The PDP flagbearer alleged that Tinubu is unfit to lead Nigeria having been indicted for drug related offences in the United States of America (USA) and made to forfeit a sum of $460,000 as a compromise agreement.

In the response filed by his lead counsel, Chief Chris Uche (SAN), the PDP presidential candidate justified why the declaration of Tinubu as President-elect cannot stand, adding that it is against the law for Tinubu to hold dual citizenship of Nigeria and Guinea, having voluntarily acquired the citizenship of the Republic of Guinea.

He also accused Tinubu of not disclosing facts of his constitutional qualifications in his Form EC9 submitted to the Independent National Electoral Commission (INEC), contrary to the provisions of the law.

Justifying his request for the annulment of the declaration of Tinubu as President-elect, Atiku said that Tinubu and APC never won majority of the lawful votes cast in the February 25 presidential election.

Amongst others, the PDP presidential candidate maintained that Tinubu failed part of the constitutional requirements having failed to secure 25% of the votes cast in the Federal Capital Territory (FCT), Abuja, as constitutionally required.

He insisted that the return of Tinubu as the winner of the 2023 presidential election is undue, unlawful and invalid because Tinubu did not meet the constitutional requirements as to qualification.

Rather than addressing the issues raised against him and the disputed election, Atiku said that Tinubu deliberately chose not to answer points of substance in the petition and opted for contradictory and vague facts.

Reacting to another issue raised against Atiku’s petition, the former Vice President claimed that his petition did not in any way constitute a gross abuse of any court process, adding that the originating summons of February 28, 2023, filed at the Supreme Court by Adamawa, Akwa-Ibom, Bayelsa, Delta , Edo, and Sokoto states have since been discontinued.

He added that parties in the suit of the six PDP controlled states are not the same in his own petition and therefore prayed the Presidential Election Petition Tribunal to discountenance the objections and the averments raised against the petition by Tinubu and grant him all the reliefs sought in the petition.

[Channels TV]

Last modified on Thursday, 27 April 2023 20:29

Tony Elumelu spent over N23 billion to tighten his control in Transnational Corporation (Transcorp) after Femi Otedola displaced him as the single largest majority investor in the firm.

Ripples Nigeria had reported last week that Otedola bought 2.24 billion shares in Transcorp, a move that handed him a 5.52 per cent stake in Transcorp.

 

The share acquisition by Otedola saw him overtake Elumelu, who owned a 2.06 per cent stake at the time and also serves as chairman at Transcorp.

In response, Elumelu acquired 9.69 billion shares through his investment company, HH Capital Limited, which previously held 293.98 million shares.

This was disclosed on Thursday in a corporate document shared with shareholders and the capital market authority, Nigerian Exchange Limited (NGX).

Elumelu owns direct shares of 273.10 million and indirect shares of 273.54 million (through Heirs Holdings Limited) in Transcorp Plc.

 

The acquisition through HH Capital Limited increased his total shares in Transcorp to 10.26 billion, from 840.63 million.

 

As a result, Elumelu now has a controlling stake of 25.2 per cent in Transcorp, above his previous 2.06 per cent stake. This also increased his stake above the 5.52 per cent held by Otedola.

Elumelu’s total investment value in Transcorp is now N30.28 billion as of Wednesday, while that of Otedola is N6.60 billion.

In the corporate document, Transcorp said: “With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares.

 

“As noted in our previous communication, the Company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.”

[RipplesNigeria]

Last modified on Thursday, 27 April 2023 20:30

Nigerian companies have begun to recount the impact of the naira redesign policy of the Central Bank of Nigeria.

The country’s biggest brewery company, Nigerian Breweries said it recorded a loss of N10.7bn in the first quarter of 2023 due to the ripple effect of the controversial naira redesign policy of the CBN.

The company’s revenue declined by 10.5 per cent in the first quarter of 2023 to N123.3bn from N137.7bn recorded in the first quarter 2022.

The brewery company said in its financial report for the Q1 of 2023 that operating cost (Selling, Distribution & Admin. Expenses) rose 7.1 per cent to N42.35bn in Q1 of 2023, up from N39.3bn recorded in the same period of 2022.

Also, net finance expenses rose 552.5 per cent to N19.3bn, up from N2.96bn recorded in 2022.

The books showed NB lost N10.71bn in the review period as a result of the high input and operating expenses.

The apex bank began a naira redesign policy in 2022 where it introduced new N1,000, N5000, and N200 notes and said old notes will cease to be legal tender by January 31, 2023.

By February, the apex bank mopped up N2.1trn of the old notes and extended the deadline to February 10.

The controversial policy resulted in legal battles after Kogi, Kaduna and Zamfara state governors went to the Supreme Court to challenge the policy due to the resulting hardship.

The deadline was later extended to December 31, 2023.

Nigerian Breweries said, “The operating environment during the period under review was very challenging for businesses. The impact of the cash crunch which led to a near collapse of payment channels as well as the security and safety uncertainties associated with the general elections, created disruptions in the economy.

“These were in addition to the continuing headwinds of inflationary pressure with its impact on purchasing power, input cost, and operating expenses.

“The total brewed product market suffered a double-digit (mid-twenties) volume decline versus the same period in 2022. We were able to largely mitigate the volume decline impact on our Revenue due to our appropriate pricing strategy.

“Our operating profit was further impacted by a one-off reorganisation cost with a view to refreshing and restructuring the business to cope with current challenges for a sustainable future.”

Last modified on Thursday, 27 April 2023 20:30

The Governor-elect of Enugu State, Dr. Peter Mbah, has bemoaned the death of a political stalwart and former gubernatorial aspirant on the platform of the All Progressives Grand Alliance (APGA), ahead of the 2023 general elections, Engr. Dons Udeh, describing it as heartbreaking and condemnable.

It is recalled that Udeh, whose lifeless body was found at the 9th Mile area of Enugu on Wednesday, was reported missing a few days ago.

Udeh was at various times a State Commissioner; Federal Commissioner, Nigerian Communications Commission, NCC; board member, National Drug Law Enforcement Agency (NDLEA); State Secretary of the Peoples Democratic Party (PDP); Special Adviser to the Governor, and most recently a member of the State PDP Campaign Council, amongst others.

 

Reacting to the development, Mbah, in a statement by the head of his media office, Dan Nwomeh, expressed deep grief and sadness over the loss, noting that Udeh had served the state and the nation creditably in several capacities.

“I received with a deep sense of loss the news of the death of Engr. Dons Udeh, an illustrious son of Enugu State.

“He was a political associate, a true Waawa son, and patriot, who gave his best in the service of Enugu State, the nation, and humanity at large.

“The circumstances of his death make it even more painful. It is horrendous, unacceptable, most condemnable, and must never go unpunished.

“I therefore urge the security agencies to do everything within their powers to unravel the killers and bring them to book,” he said.

While expressing heartfelt condolences to the family of the late political stalwart and the entire people of Ozalla whom he served notably as the President General of their apex development union, Dr. Mbah also prayed to God to grant them the inner strength to bear the irreparable loss.

He equally prayed for the peaceful repose of the soul of the deceased.

[DailyPost]

Last modified on Thursday, 27 April 2023 20:30

The pan-Yoruba socio-political organisation,  Afenifere has called on the Federal Government to discontinue all the plans and arrangements to conduct the forthcoming National Housing and Population Census in Nigeria.

The group said it bemoaned the conduct of the national exercise, which is scheduled to commence on May 3, saying it was inauspicious in timing and would be impossible in credible implementation.

This was contained in a communique at the end of its monthly meeting held at the residence of Afenifere’s Acting Leader, Pa Ayo Adebanjo in Isanya Ogbo, Ogun State.

The communique was made available to our correspondent in Akure, Ondo State by the Secretary General of the group,  Chief Sola Ebiseni on Thursday.

 

According to the association, some stakeholders have raised concerns over conducting the census in the same year of the general election but the government insisted in conduct the census. The group also condemned the N100 billion on the exercise,  describing it as a “scandalous and economic offence.”

The group said, “Afenifere recalls that in a paper it presented at the National Consultative Forum on the 2023 Census held at the Banquet Hall, State House Abuja on August 11, 2022, it reiterated the imperative of census in national development noting that the application and misuse of Census data had been our bane as a country where we lie to ourselves and the world about our number indulging in laughable projections sometimes based on assumed and fixed percentage of population growth across different parts notwithstanding glaring variables.

“It is in the light of the importance of credible exercise that, in the August 2022 Conference, we strongly advised against the conduct of the Census which, among other reasons, we said could not possibly hold in the same year of a General election. Other well-meaning personalities and institutions including the UNFPA Resident Representative in Nigeria who was at another Conference in Port Harcourt on March 26-29 2023 and most recently the Methodist Church Nigeria, Diocese of Calabar all have raised concerns on the possibility of reasonable and genuine participation in an acceptable headcount in the current mood of the nation.

“Afenifere is particularly bemused that Government expects participation in headcount by citizens still incensed and distraught by the trauma of violence and brigandage of the elections or by those in IDP camps within their country in whose ancestral homes terrorists in occupation will now be counted as new indigenes.

That all factors considered, including its inability to supervise a transparent electoral process, and a lesser headcount exercise, the integrity deficiency of this administration are abysmally compounded in conducting census in which partisan disputes in Nigeria are often at the level of communities, states and ethnic nationalities having been politicised over time.

“Afenifere decries the most insensitive deployment of over 100 billion Naira on this wasteful exercise as scandalous and an economic offence. Afenifere conclusively says there is no compelling reason why the census must be held by the expiring Buhari administration and calls for all steps and preparations in that regards to be stopped forthwith.”

The group also called on the judiciary to ensure that all petitions in respect of the just concluded presidential election be timeously and justly resolved before the end of the tenure of the “Buhari administration as the only way the confidence of Nigerians in its intervention may be earned.

“Precedents in this regard have been laid even by less endowed countries in Africa,” it noted.

[Punch]

 

Last modified on Thursday, 27 April 2023 20:31

Algeria will on April 29 – May 9 host the continent in the U-17 Africa Cup of Nations tournament.

Meanwhile, the Golden Eaglets of Nigeria are out to conquer the rest of Africa yet again after forward Light Eke disclosed that the team’s target is to win this year’s U-17 Africa Cup of Nations in Algeria, National Daily learnt.

National Daily can confirm that Nduka Ugbade’s tutored side will kickoff their campaign on April 30 when they are expected to confront Zambia, Morocco and South Africa in Group B.

Eke expressed confidence that they will emerge champions based on their preparations, while speaking about the chances of the Eaglets.

“Based on our preparation I know that we are very ready for this tournament,” Eke said on NFF TV. “In our group we have opponents that we know and who are very good.

“But like I said based on our preparation we came here knowing that we are going to win the trophy and also qualify for the World Cup.

“So all we are going to do is play according to the coaches instructions and give our best throughout the tournament.“

The top four teams from the U-17 AFCON will pick the ticket for the World Cup.

The last time the Eaglets won the U-17 AFCON was in 2007 in Togo and have won the tournament twice (2001, 2007).

[NationalDaily]

Last modified on Thursday, 27 April 2023 20:31

UK Prime Minister Rishi Sunak has written to President-elect Bola Tinubu ahead of his inauguration.

In the letter seen by TheCable, Sunak said he “looks forward to working” with Tinubu who won the presidential election on the platform of the All Progressives Congress (APC) in February.

Sunak said he hopes to welcome Tinubu to London in April 2024 for the second Africa Investment Summit.

He said the summit will be a “key moment” to strengthen UK-Nigerian business partnerships “in order to create jobs and growth, increase bilateral trade and investment, and support your aim of boosting Nigeria’s export competitiveness”.

 

The prime minister said the UK will continue to support Nigeria in addressing its security challenges through the sharing of expertise and tools.

“The UK has been a longstanding partner of Nigeria and we stand ready to support your efforts to build peace, unity and prosperity in Nigeria. The UK Government welcomed the opportunity to hear your priorities when you met the Minister of State for Development and Africa last year. I am proud of our work supporting access to education and healthcare, improving governance, and helping meet the humanitarian needs of those affected by conflict,” the letter reads in part.

“Together, we can expand our partnership further, including by strengthening our trade and investment relationship for the mutual prosperity of both our countries through an Enhanced Trade and Investment Partnership.

 

“I also hope to continue our work in addressing the security challenges facing Nigeria and the wider region. Such challenges are not limited by borders; it is vital that we share expertise and tools to combat them. The National Security Adviser looks forward to further dialogue with your National Security Adviser later this year.

“The deep bond between our two nations comes not only from our shared heritage and the links between our people, including through education, the arts, and sport, but also our unique relationship through the Commonwealth.

“We can take pride in its values of democracy, good governance and cooperation. Through this forum, we will continue working in partnership to tackle global challenges like climate change, with its unique impact on Nigeria and your wider region, I believe our shared leadership on this can play a vital role.”

Sunak added that his government will continue liaising with Tinubu and his team “through the transition period and following your inauguration”.

 

President Muhammadu Buhari is expected to hand over power to Tinubu on May 29.

[TheCable]

Last modified on Thursday, 27 April 2023 20:32