As petrol scarcity bites harder across Nigeria, motorists in Kaduna, Kano and Katsina States are paying through their noses to get the now scarce commodity.
Checks by Correspondents of the News Agency of Nigeria (NAN) in the three states revealed harrowing experiences of the innocent citizens.
NAN also gathered that most of the major and independent marketers had since closed their filling stations.
Also, the few ones that were operating had jerked off the price of the commodity to between N 800 to N1000 , aggravating the already precarious situation.
Similarly, it was observed that petrol black marketers, especially the roadside fuel hawkers were having a field day, with a 4-litre gallon selling for between N 5000 to N6000 .
A cross section of the motorists interviewed told NAN,”We are very dismayed as the obnoxious situation has negatively affected our activities.”
A civil servant, Salisu Baso, lamented that he had to pay double of the transport fare he was hitherto paying to reach his office at the Federal Secretariat, Kawo-Kaduna.
Baso said, ”We don’t even know who is right now. Is it the government or the marketers? It is very unfortunate that they are just passing the buck.
”But, in whatever case, an urgent action should be taken to redress the ugly situation that is jeopardising socio-economic activities in the country.”
For Mrs Franscisca Idika, a trader at the Chechnya market in Kaduna, the lingering petrol scarcity and the soaring prices have badly affected their businesses.
She said,”I have to pay more now to reach the market and we just have to increase the prices of our wares to break even.”
Reports from Kano and Katsina States also revealed a similar disheartening situation of higher prices and endless queues in the few filling stations operating.
Mr Alao Jaremi, an IT expert in Katsina called on the authorities concerned to take urgent measures to ensure the availability of petrol across the country.
”We need the government to swing into action and do the needful to alleviate the suffering of the hapless Nigerians,” Malam Ibrahim Dan-Musa told NAN in Kano.
As the scarcity persists, NNPCL and the oil marketers have been shifting blame on the real causes of the paucity of the commodity.
NNPCL was insisting that the long queues across Nigeria were as a result of disruption of the ship to ship loading of petrol between Mother Vessels and Daughter Vessels, adding, ”this resulted from a recent thunderstorm.”
The national oil company said that adverse weather conditions had also affected berthing at jetties and truck load-outs transportation of products to filling stations, causing a disruption in station supply logistics.
The marketers, however, maintained that they were unable to access the NNPCCL portal to place orders for the commodity.
[DailyPost]
The Federal Road Safety Corps (FRSC) FCT Command has arrested no fewer than 100 traffic offenders in the last one week during the ongoing “Operation Green Light Enforcement” in the city centre.
FCT Sector Commander, Muta’a Chorrie, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
Chorrie lamented that most motorists, especially commercial drivers, have made it a habit to disregard traffic lights.
He warned that the Corps would continue to sanction traffic offenders, regardless of their status, to ensure sanity on the roads.
He also addressed the issue of indiscriminate parking by commercial drivers, saying that the Corps had increased the mobility of patrol personnel to check the excesses of road users.
“The FCT Command has been engaging with Transport Union Leaders in regular meetings to address the menace in the six area councils of the territory.
“We arrested 100 traffic offenders within seven days in FCT. We will not relent until sanity is restored on our highways,” he said.
Chorrie however, appealed to motorists to avoid overloading, as the Corps would not tolerate those who dent the country’s image.
The FRSC boss also advised Nigerians to avoid boarding overloaded vehicles, as they were difficult to maneuver during emergencies.
“With the rainy season setting in, we urge road users to drive within approved speed limits and park at convenient places when the rain is heavy,”he said.
(NAN)
U.S. President, Joe Biden’s personal physician on Tuesday stated that the president had not seen a neurologist outside of his annual physical examination.
This was as a result of the U.S. media reports about a Parkinson’s specialist visiting the White House multiple times.
Biden’s personal physician, Kevin O’Connor, said in a letter published on Monday that neurological specialist Dr Cannard examined President Biden for each of his annual physicals.
“Biden has not seen a neurologist outside of his annual physical,” he said.
O’Connor said Cannard had been visiting patients at the White House for a dozen years and was not chosen because he was a movement disorder specialist.
The statement by Biden’s personal physician comes after a heated debate had broken out at a press conference between journalists and White House press secretary Karine Jean-Pierre.
The New York Times, citing official visitor logs, reported that Cannard had visited the White House eight times since last summer.
Jean-Pierre refused to respond to questions about why Cannard had been visiting the White House regularly over the past few months.
According to O’Connor, the results of the neurological examination by Cannard were made public each time, most recently at the end of February.
The published health report stated that there were no indications of possible strokes or Parkinson’s disease, and that the president showed “no tremor, either at rest or with activity,” the letter said.
Biden, 81, has increasingly faced questions about his mental fitness since his TV debate with Republican challenger Donald Trump.
A debate was sparked in the U.S. over whether Biden is the right Democratic presidential candidate for the November election due to his age.
Biden has rejected any doubts and refuses to take a cognitive health test to assess his mental abilities.
The White House’s recent action is uncommon and indicates the increasing pressure.
The release of the letter likely aims to dispel any rumours suggesting the possibility of Parkinson’s disease.
Jean-Pierre told the press briefing that he was not being treated for the disease.
(dpa/NAN)
Dangote Refinery capable of solving Nigeria’s forex problems; catalysing economic devt, says S&P Global
Admin
S&P Global tours Dangote Refinery, says it can solve Nigeria’s forex problems; catalyse economic devt
… As Dangote reassures on the commencement of petrol production this July
International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.
S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.
S&P noted that the largest single-train refinery complex in the world would bolster Nigeria's oil sector and, more importantly, also have a positive impact on its growing economy.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.
Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).
Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria's demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.
Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.
He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world's largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.
According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.
Associate Director, Sovereign Ratings, S&P Global Rating, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Director, Corporate Ratings, Omegu Collocott during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
Associate Director, Sovereign Ratings, S&P Global Rating, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Director, Corporate Ratings, Omegu Collocott during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
Members of S&P Global Rating delegation at one of the laboratories during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
2nd from right: Director, Corporate Ratings, S&P Global Ratings, Omegu Collocott; Associate Director, Sovereign Ratings, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin in a group photograph with staff of the laboratories of Dangote Refinery during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
[STATE HOUSE PRESS RELEASE] President Tinubu Condoles With Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Over Mother's Passing
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Condoles With Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Over Mother's Passing](/media/k2/items/cache/14379d1ca0e856692182c2f92863ebae_M.jpg)
President Bola Tinubu condoles with the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, over the passing of her beloved mother, Mrs. Victoria Immaculata Uzoka.
President Tinubu also commiserates with the entire family of the deceased, and extends his prayers and support to them at this difficult time.
While praying for the repose of the soul of the departed, the President urges the Minister and the Uzoka family to find strength in the peace, charity, and good deeds that the late matriarch's life was defined by.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
The federal government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country.
This was contained in the new Withholding Tax regulation document signed by the Minister of Finance, Wale Edun, a copy of which was seen by our reporter.
The new Withholding Tax regulation was proposed by the Tax and Fiscal Policy Committee led by Taiwo Oyedele and took effect from July 1, 2024.
According to the document, the electricity and gas companies are categorised as “manufacturing” and “production” and therefore exempted from Withholding Tax.
According to the Federal Inland Revenue Service (FIRS), Withholding Tax (WHT) serves as a prepayment of Income Tax deducted at rates between 5 and 10 per cent depending on transaction.
Withholding Tax was introduced into Nigeria’s tax system in 1977 as an advance payment of Income Tax on specified transactions.
However, Oyedele said the tax system provided the government with a steady revenue stream and helped curb tax evasion, but that the regime had expanded over time, becoming increasingly complex and burdensome.
He said the complexity led to ambiguities regarding compliance, eligible transactions, applicable rates and the timing of remittance.
He further said the newly approved regime aimed to address the challenges and introduce several key changes.
[DailyTrust]
Ahead of the 2025 governorship election in Anambra State, the All Progressives Congress, APC, walks a tightrope.
Anambra has an unwritten zoning arrangement for the governorship position, which rotates between the three senatorial zones in the state.
The arrangement became more pronounced in 2012 during the twilight of the administration of then governor, Mr Peter Obi.
Obi had insisted on the then ruling party, All Progressives Grand Alliance (APGA) producing a candidate from Anambra North as a way to make for balance, after Mbadinuju from the South had finished a four-year-term, and himself from the central senatorial zone finished eight years term.
Before then, Ngige who held sway for three years was also from central.
This prompted Obi to insist on the North, which is perceived as a minority zone in the state, to produce the next governor on the basis of equity, as it was believed that if the contest was declared open to all zones, they may never be able to have a shot at the position.
Obiano’s emergence from the North then sealed the zoning agreement and left it standing.
As Prof Chukwuma Soludo rounds off his first tenure, the clamour for governorship has heightened.
But contrary to claims of zoning, the APC seems to want to scuttle the arrangement, by insisting on throwing open the contest to all interested.
In June, a group of elders from the party under the aegis of All Progressives Congress (APC) Elders Forum, led by Chief Innocent Obi, met and reinforced the Anambra zoning formula.
The group said that if the APC would upstage the ruling party in the 2025 governorship election, it must field a southern candidate in line with the zoning agreement.
Obi said: “For me, an agreement is an agreement whether written or not. There’s a system already at work in Anambra State. Anybody who denies that is not saying the truth. As elders, we should say it the way it is.
“An arrangement is on the ground. During the 2022 election, the party that pretended that zoning is nonsense suffered for it. They suffered because someone who contested under their platform did not come from where that post should go.
“Whatever decision our party comes up with, the elders must go with them because we’re under them.
“The elders will be pleased if the candidate comes from the South. If you ask me, the South has done four years and the South has four extra years.”
There have been various positions on the matter too.
A chieftain of the party, Mr Pope Amaefuna in a recent opinion piece insisted that any attempt by the party not to field a candidate from the South, and a popular one at that, would cost the party victory.
He said: “The politics of Anambra State has enjoyed relative stability, equity and fairness, thanks to the adoption of the zoning principle.
“Major political parties acknowledged the power rotation formula as reflected by the choice of candidates paraded in Anambra elections in the past decade.
“In reality, APC can no longer afford to continue playing opposition politics in Anambra State and all hands must be on deck to ensure a power shift in the 2025 governorship election.
“Considering the disposition of the Anambra electorate, if the APC makes the mistake of failing to field a strong and popular candidate from Anambra South in favour of parading a candidate from any other zone, then it is safe to kiss the governorship aspirations of the party goodbye as the move would truncate the remaining four years tenure of Anambra South.
“The implication is that a new candidate from any other zone might tentatively lay claims to an eight year tenure instead of four and that is the last thing any right thinking Anambra wants at this epoch.
“Very importantly, the proponents and advocates of no zoning should be wary of what they preach as they risk swallowing their own vomit.”
“Considering the political culture of Anambra State today, any party that does not abide by the zoning formula adopted by stakeholders in rotation of the governorship seat of the state stands no chance of winning the forthcoming guber poll and historical indices support this position.
“Any APC member who is currently crusading for no zoning has been compromised and commissioned to work against the party and such a character should be considered an enemy of the party who are actively working against the party interests,” Amaefuna stated.
Meanwhile, another group within the party, under the aegis of APC Progressives Media in a press release argued that the zoning arguments were aimed at misleading the Anambra APC into falling into a political trap designed to annihilate the party’s gubernatorial chances in 2025.
The group said: “After careful examination, we have confirmed that the authors of these articles are unknown to the Anambra APC and are neither card-carrying members of the party nor affiliated with it in any way. Therefore, we can understand their ignorance about the traditions of the APC in Anambra State.
“The APC in Anambra State has no history of zoning the gubernatorial election.
“Instead, every candidate who has contested under the umbrella of the APC since its formation has done so on the strength of their popularity and acceptance within the party fold and that of the voting public.
“For instance, in 2013, when the APGA zoned its candidate to Anambra North, the APC chose its candidate from Anambra Central, with aspirants from all zones contesting in the primaries.
“Similarly, in 2017, the APC candidate won based on his popularity within the party and not due to zoning. Aspirants from all political zones contested in that primary, just like in 2013 and 2021.”
In what looked like support for the Progressives Media, the APC, Anambra State Chapter, says the party is not in for any zoning arrangement.
In a release signed by the party’s State Publicity Secretary, Dr. Valentine Iyke-Oliobi, the party dismissed those clamouring for zoning.
It brushed aside both the elders forum and Amaefuna who had previously spoken in favour of zoning, describing them as unknown to the party.
It said: “The Anambra State Chapter of the All Progressives Congress (APC) wants to categorically state that our party has no zoning arrangements whatsoever.
“Also, APC as a party was not involved in any agreement with any political party or parties as regards to zoning as being falsely peddled by the group in their publications.
“The APC has always provided a level playing field for all governorship aspirants under the platform of the party to participate irrespective of their Senatorial zones.
“This practice has not changed. We, therefore, call on well meaning members of our party to disregard the said publication insinuating any existing zoning arrangement by the APC.”
As the back and forth on zoning continues, political analysts have predicted that the party may shoot itself in the leg by attempting to scuttle the existing zoning arrangement that has run smoothly.
Mr Chijioke Eze, a political Analyst said: “I have read the press release by both the party and the Progressives Media, and I feel compelled to say that APC in Anambra cannot be doing the same thing all over again, and expect a different result.
“They keep saying the contest has always been free to all, and each time they run, they always lose, and every four years they come back again with the same formula.
“I think it is either the party with the change mantra is not ready to change, or they are not desirous of producing a governor here.”
Also, another respondent, Dr Justin Ogoo Nwankwo said Anambra South is the beautiful bride in the 2025 governorship election in the state, and that APC must shun rhetorics and keep their eyes on equity and capacity.
Nwankwo argued that if APC must perform creditably in the election, it must field a candidate from the southern zone who can battle Soludo, and also ensure to pick a popular candidate who has the capacity to upstage the current governor.
“The fact is that the APC as a party has not won the governorship election in the state before, but evidence and data available suggest that with the right choice and strategy, the party can win Anambra State Governorship election.
“It is therefore very urgent to remind Ndi Anambra from this point of departure and especially members of our great party, APC that as a party, the APC is not rejected in Anambra State.
“This is a party that with the right motivation and balance, has always done well in gubernatorial elections.
“It is rather, the lack of circumspect by some party leaders or of the basic principles of power sharing by the stakeholders that continually places the fate of the party in oblivion.
“We therefore call for APC Anambra to project two key indicators heading into the most important election in the life of the party, which are Equity and Capacity,” he added.
So far, two members of the party have indicated their interests in vying for the ticket.
They include Senator Andy Ubah, a serving senator of the party who hails from Anambra South, and Mr Paul Chukwuma, a former National Auditor of the party from Anambra North zone.
[DailyPost]
The Economic and Financial Crimes Commission (EFCC) has asked INTERPOL in three North African countries of Morocco, Tunisia, Algeria to watch-list former Kogi State Governor Yahaya Bello, it was learnt at the weekend
It was further learnt that the decision by the EFCC was based on credible intelligence.
Other countries where the ex-governor is put on the watch-list are Egypt, Libya and Sudan.
Sources in the anti-graft agency said many option are on the table in dealing with the Bello situation, which include but not limited to storming the Kogi State Government House in Lokoja, where the ex-governor is believed to be hiding.
The watch-list was activated ahead of the July 17th expected appearance of the former governor before a Federal High Court in Abuja.
Bello is facing a 19-count charge for alleged money laundering, breach of trust and misappropriation of public funds of about N80.2billion.
Although the ex-governor has denied the allegation, he has consistently failed to appear before the trial Judge, Justice Emeka Nwite on June 13th and June 27th.
At the last hearing, he filed an application for the transfer of his trial to the Federal High Court, Lokoja.
Speaking in the situation, the EFCC source said: “Ahead of the next hearing of the case, EFCC has activated many options, including taking a concrete action to watch-list Bello in North Africa.
“We are aware of a botched exit to Morocco via Cameroon. We are determined to stop him from going on exile.
“From Singapore, the EFCC Executive Chairman, Mr. Ola Olukoyede was in Tunisia where he delivered a paper at a session on illicit financial flows. Thereafter, he had a meeting with all the Heads of INTERPOL in North Africa on the intelligence on the ex-governor.
“He formally asked INTERPOL to place Bello on Red Alert in all North African countries and it was accepted.
“The watch-list has taken immediate effect. He will be arrested in any part of North Africa.
“We took this step because we are suspecting that he had been bidding time not to be available for arraignment.
“We expect Bello to be in court to prove his innocence. EFCC has to do its work to avoid bad precedent.”
At the last hearing, Bello’s lawyer, Adeola Adedipe (SAN), applied to withdraw his appearance for his client.
But Adedipe drew the court’s attention to an application before the Chief Judge of the Federal High Court for the transfer of charge no: FHC/ABJ/CR/98/2024 to the Federal High Court, Lokoja.
He said the application was pursuant to Section 45 of the Federal High Court Establishment Act.
[TheNation]
Soludo: ‘My family went into exile’ - I Fought Dangerous War Spearheading Banking Sector Consolidation
AFOLABI
Governor Charles Soludo of Anambra State has recounted his experience spearheading the consolidation policy of the Nigerian banking system, describing it as a dangerous war. Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, detailed his challenges during this transformative period.
The consolidation policy aimed to reduce the number of banks and other deposit-taking institutions while increasing the size and concentration of the consolidated entities in the sector. This often involved mergers and acquisitions, resulting in fewer but larger and more robust institutions.
Speaking at the launch of a book titled “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” Soludo shared his harrowing experiences, including threats and attacks that led his family to exile.
Soludo said, “Let me start with a disclaimer: I have not read the book. My gratitude goes to the author of this book, and I appreciate my incredible team. I also thank the Nigerian stakeholders for their massive support because it was like a revolution; today, we are celebrating the possibility of Nigeria.”
He highlighted the lasting impact of the consolidation policy on the Nigerian banking system, noting, “The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the price to avoid personal interest.”
Soludo emphasized the policy’s success by pointing to now-giant institutions like Access Bank and Standard Trust Bank. He concluded, “The major message today is the revolution for the banks themselves, who are now giants. What is stopping and limiting us from developing is our mindset. If we can dream it, we will achieve it.”
Mr. Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC), has appealed to President Bola Tinubu to address the country’s high cost of food items urgently.
In a chat with newsmen on Sunday in Osogbo, Oyintiloye expressed concern that Nigerians were hungry and living below the poverty line. He highlighted that many citizens are disillusioned and worried about where their next meal will come from due to the extreme economic hardship.
Oyintiloye also urged the president to heed the United Nations’ prediction that 82 million Nigerians, approximately 64 percent of the country’s population, might face hunger by 2030. He cited data from the National Bureau of Statistics (NBS), which revealed that the food inflation rate in the country hit a record high of 40.66 percent in May, surpassing the previous month’s increase of 40.53 percent.
As a former member of the defunct APC Presidential Campaign Council (PCC), Oyintiloye noted that the hike in prices is making common household food items increasingly unaffordable for the average Nigerian. Despite the country’s abundant natural and human resources, successive governments have failed to drive the economy productively.
He pointed out that corruption and overdependency on the distribution of crude oil revenue by the government tiers are hindering the establishment of a productive and self-sufficient economy for the benefit of the masses.
While acknowledging that President Tinubu is trying to address the situation through various intervention programs, Oyintiloye emphasized that the impact of these interventions has been insufficient in alleviating the economic distress. He noted that prices of basic household food items such as rice, beans, garri, and spaghetti are becoming increasingly unaffordable for the masses.
More...
The federal government has filed an appeal seeking to overturn a ruling upholding a no-case submission filed by Abiodun Agbele, an associate of Ayodele Fayose, former governor of Ekiti.
In a notice, the federal government said the trial court erred when it held that Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited do not have a case to answer.
The defendants are standing trial on a 24-count amended charge bordering on money laundering to the tune of N1.219 billion.
The money is part of the N4.7 billion allegedly transferred from an account belonging to the Office of the National Security Adviser (ONSA) and domiciled in the Central Bank of Nigeria (CBN).
The Economic and Financial Crimes Commission (EFCC) is prosecuting Agbele for indirectly accepting the sum in cash through an official of Zenith Bank in Akure, Ondo state.
The money was allegedly delivered by Musiliu Obanikoro, a former minister of state for defence, on behalf of Fayose, in June 2014 without going through a financial institution.
The EFCC said Agbele committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act 2011 (as amended).
The anti-graft agency also accused Agbele of aiding De Privateer Limited to take possession of N200 million — which was part of the N1.219 billion — on behalf of Fayose, contrary to Section 18 (a) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 18 of the same Act.
However, in June, Nnamdi Dimgba of the federal high court Abuja upheld the no-case submission application filed by the defendants.
This happened after the prosecution called 16 witnesses between September 2016 and 2024. Instead of opening a defence, the defendants filed a no-case submission.
In the notice seen by TheCable, on Sunday, the federal government is faulting the trial court’s ruling on 17 grounds.
The federal government said the junior court did not properly evaluate the testimonies of its witnesses or the exhibits it tendered to the court.
“There is overwhelming evidence before the trial court that the sum of N1,219,000,000.00 from the account of the National Security Adviser of Nigeria domiciled with CBN earmarked for security purposes and paid into the account of the 2nd Respondent by the office of the NSA was unlawfully diverted by the 1st, 3rd and 4th Respondents to fund the Governorship Election of former Governor Ayo Fayose in Ekiti State,” the government said in the notice.
“The trial court erred in law in using the ongoing proceedings before another court of competent jurisdiction to determine the merits of the proceedings before the trial court.
“The trial court is not entitled to import into a statutory provision what is not expressly inserted therein by the draftsman.”
The government argued that “it is immaterial whether the origin of the funds is illicit or legitimate as long as the payment and receipt of cash is outside the statutory threshold”.
• CBN projects resilient financial institutions
• What 2004 consolidation achieved, by Soludo
Banking recapitalisation got unto the fast-lane with four banks jostling to raise more than N1 trillion in the first cluster of offers.
This is expected to be hallmark of the two-year plan.
Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds.
The first cluster of offers came as the Central Bank of Nigeria (CBN) at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy.
CBN Governor, Olayemi Cardoso, said banks recapitalisation will further strengthen the financial system and make it robust to be able to withstand economic headwinds.
Regulatory reports yesterday indicated that three other banks- Access Holdings, GTCO and FCMB have gotten approval to join Fidelity Bank in the capital market, with the four offers’ periods expected to overlap.
The four banks, which have combined share capital and share premium of N644.995 billion, need to raise N1.355 trillion to meet the new minimum capital requirement of share capital and share premium of N500 billion each, for a bank with international license.
Access Holdings will today open acceptance list for a N351 billion rights issue. Access Holdings is offering about 17.773 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The rights are pre-allotted on the basis of one new share for every two ordinary shares held as at June 7. The offer is scheduled to close on Wednesday, August 14.
Fidelity Bank had launched a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.
The acceptance and application lists for Fidelity Bank’s combined offer, which opened on June 20, are scheduled to close on July 29. The rights issue was pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on January 05.
In the largest of the fund raising so far, GTCO is launching a N400.5 billion public offer by 9.0 billion ordinary shares of 50 kobo each at N44.50 per share. GTCO, which had secured approval of the Nigerian Exchange (NGX), will meet with capital market stakeholders today to outline facts behind its offer, preparatory to the opening of formal application list.
FCMB Group has also secured approval for a N113.98 billion public offer. The group is offering 15.197 billion ordinary shares of 50 kobo each at N7.50 per share.
The current capital raisings by Access Holdings and GTCO are more than enough to meet their new capital requirements.
However, Fidelity Bank and FCMB Group are implementing multi-layered recapitalisation plans that may see the banks coming to the market as many times as needed to meet their capital requirements. There is indication that Fidelity Bank may raise more than N127.1 billion under the ongoing combined offer, given the generally positive investors’ sentiment around the bank. The board of Fidelity Bank has already launched a regulatory process that will allow the bank to absorb excess funds in the event of potential oversubscription.
Under the current recapitalization process, the Central Bank of Nigeria (CBN) is using a distinctive definition of minimum capital as addition of share capital and share premium, rather than the entirety of shareholders’ funds used under the 2004 recapitalisation plan. With the distinctive definition, nearly all banks need to raise funds to retain their banking license.
Access Holdings has share capital and share premium of N251.81 billion; FCMB, N125.29 billion; Fidelity Bank, N129.705 billion and GTCO, with N138.187 billion.
Speaking at the weekend during the launch of a new book: “The Power of One Man- How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players”, Cardoso said it was important that banks are recapitalised to the levels, where they will be able to absorb any shocks that come and also be able to grow the economy. The book was written by renowned journalist, Dr. Ray Echebiri.
Cardoso, who was represented by Deputy Governor, Financial System Stability, Phillip Ikeazor, said the apex bank had kept close touch with former CBN Governor and Governor of Anambra State, Prof. Chukwuma Soludo in the course of recapitalisation.
He said the decision taken by Soludo 20 years ago on banking consolidation was a very bold one at that time with banks’ capital base of N2 billion raised to N25 billion.
“That is about 12 and half times. Incidentally, the current management of CBN has embarked on another round of banking consolidation. Why was it necessary then, Prof Soludo wanted to make the banks robust, resilient and fit for purpose to grow the economy, and that is exactly the reason why we are embarking on a similar journey today.
“I think by coincidence, if you check the amount of the minimum capital levels that we required, it is pretty similar because international banks are moving from N50 billion to N500 billion, which is 10 times, similar to Soludo’s 12 and half times. Our national banks are moving from N25 billion to N200 billion, roughly about 10 times. When you do consolidation, you would look at the microeconomic headwinds, the microeconomic conditions on ground and of course apply your stress test.
“And when you apply your stress test today, which I am sure all of the big banks have done, they would have second-guessed where the capital levels are going to land. If you compare the bank assets in Nigeria to Gross Domestic Product (GDP) and compare it with similar economies in Africa, you can see that we are way, way behind,” Cardoso said.
Providing more reasons why bank recapitalization was crucial, he said: “Remember that when the current administration came into place, there were unification of forex rates, and removal of petrol subsidy. And the impact on the economy and manufacturing sector has started manifesting in 2024 and will continue over the next few years. So, it is important that the banks are recapitalized to the levels, where they will be able to absorb any shocks that come and also position the banks to be able to grow the economy”.
Addressing the consistent hike in interest rates, he said although the jury is out and everyone debating what it should be, Cardoso insisted on the need to tame and control inflation to ensure the economy does not go into hyperinflation.
He explained that hyperinflation is very difficult to reverse and takes several years to get out of it.
“There is a South American country that still has quite significant oil reserves but is facing hyperinflation. Everybody is aware of what is happening in that economy. We have our brothers in East Africa, who are also facing hyperinflation and we know how hard they are struggling to come out of it,” Cardoso said.
On how long the CBN will sustain the hike in interest rate, he said the apex bank will continue to maintain high interest rate, as long as it is able to control and reverse galloping inflation.
He explained that Western countries, have also raised interest rates for long, and are yet to lower the rates, at present.
“So, it is important that we tighten and hold on for a little while, and in no distant future, we will be able to be slowing down on the rate hikes,” Cardoso said.
Soludo described the 2004 banking consolidation as a revolution that produced today’s mega banks.
He said Nigerian banks have today expanded to different African countries, Europe, America and Asia, among others.
Soludo, who was the special guest of honour at the event, said the consolidation was nothing short of a revolution, with many people describing as an impossible mission.
The CBN had on July 6th 2004, announced the recapitalization of banking sector from N2 billion to N25 billion with effect from 31st December, 2005. The initiation of increasing the banks minimum capital base to N25 billion in 2006 led to a remarkable reduction in number of banks from 89 to 25.
Soludo said the CBN team, especially the Deputy Governors and himself, went through hell to achieve the results that turned around the financial sector.
He said the organised labour, Manufacturers Association of Nigeria and even the labour unions in banks kicked against the reform.
“I remembered those days we spent weeks here in Lagos trying to midwife mergers of strange bird fellows. I remembered the hours we spent just reconciling directors of various banks and their irreconcilable differences. Nigeria is a country of infinite possibilities. It was a disruptive change and the revolution that have changed Nigerian banking and financial system forever,” Soludo said.
According to him, the apex bank, then wanted a private sector-led economy, and decided to pull down the entire banking system for a fresh rebuild.
“And so, when we raised the capital base of banks from equivalent of $15 million to equivalent of $200 million, which was about 14 per cent increase, everybody thought it was impossible. Even some bankers took advertorials to say it was impossible. And this is where we must celebrate one man on the issue of leadership. We were determined to get it done but what if the President himself under pressure from all sides cancelled the policy because they couldn’t meet $15 million in two years and now you have $200 million in 18 months?
“For me actually, the story will be told of what we went through together with the formidable team at the Central Bank to get this done. And for me, the major message of July 6, is that it is a revolution day for the banks. What the policy did was to kickstart what I called a race to the top,” Soludo said.
The Lagos State Governor, Babjide Sanwo-Olu, advised the current leadership of the CBN to seek wise counsel to ensure that the ongoing banking recapitalisation succeeds.
The chairman of the occasion, former Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said Soludo brought positive changes to the country.
He advised on the need to always ensure that the right and qualified persons are entrusted with responsibilities.
“In every economy, there is need to ensure that the right people who are qualified are used to drive growth,” Ekpo said.
The author, Echebiri, said the 20th anniversary of the banking consolidation marks a watershed in the Nigerian financial sector.
He said the book is a way to celebrate Soludo for his insightful leadership that made the programme a huge success.
“We are celebrating Soludo for his insightful leadership in guiding the banking sector consolidation to success,” Echebiri said.
Other dignitaries at the event were Chief Guest of Honour, Chief Olusegun Obasanjo, former president of Nigeria, who was represented by former Governor, Donald Duke; Ogun State Governor, Dapo Abiodun and Senior Vice Chairman/Editor-In-Chief at Leadership Media Group, Azu Ishiekwene, who reviewed the book
Zenith Labour Party Chairman, Chief Dan Nwanyanwu, has urged President Bola Ahmed Tinubu to immediately release Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).
Nwanyanwu made the call during a press briefing in Abuja, citing Kanu’s prolonged detention despite others involved in similar agitations being freed.
He questioned the justification for Kanu’s continued detention, emphasizing his denunciation of violent activities and commitment to peaceful means.
According to him, the federal government’s selective treatment of Kanu’s case is unjustifiable. It’s time to end this injustice and release him unconditionally.
He said, “The federal government’s selective treatment of Kanu’s case is unjustifiable. We need to question why Nnamdi Kanu remains in detention while terrorists roam free and negotiate without government oversight. Many who shared Kanu’s agitation have been freed, yet he remains detained. A significant number of people, including a notable religious leader before his passing, have called for Kanu’s release.
“Kanu’s continued detention raises questions. He was agitating like others but was abducted from Kenya and brought back here. Since his detention, he has denounced all activities that caused insecurity in the southeast. It’s evident that those involved in these activities were not from Kanu’s region. He has committed no offence; his only crime is asking for his people’s freedom.
“We are calling on the President to release Kanu. If not, let’s bring him to a public square and use him for barbecue, symbolically letting his enemies partake to close this chapter. There is no justification for Kanu’s continued detention. It’s an injustice that must be addressed immediately.”
Rivers State Crisis
Nwanyanwu also addressed the ongoing political crisis in Rivers State, where lawmakers who defected from their original parties are facing legal challenges.
He urged all parties to respect democratic processes and the rule of law, warning against actions that could lead to a state of emergency.
“Regarding the Rivers State crisis, we must respect democratic processes and the rule of law. The law is clear: leaving your party means losing your seat automatically. They tried to rejoin their old party through the backdoor, which is also not permissible.
“Demonstrations, allegedly sponsored by Abuja, have aimed to create mayhem to justify a state of emergency. We urge all parties to respect the law and avoid actions that could lead to a state of emergency,” he said.
FCT senator in 2027
Nwanyanwu also said that the decision of who becomes the senator for the FCT in 2027 lies with the voters, not the Minister of the Federal Capital Territory, Nyesom Wike.
“He (Wike) cannot decide that (next FCT senator). Abuja voters will make their choice independently,” Nwanyanwu added.
National Minimum Wage/Cost of Governance
The Zenith Labour Party chairman commended the efforts of the Labour Minister and the Nigerian Labour Congress (NLC) in negotiating a new national minimum wage.
He called on President Tinubu to consider the welfare of Nigerian workers, who are the most patriotic group in the country.
Nwanyanwu criticized the high cost of governance, proposing a 50% reduction in salaries of elected officials and government appointees.
This, he explained, would free up resources for essential services and demonstrate the government’s commitment to austerity.
He said, “On the national minimum wage, I congratulate the negotiation efforts. The Honourable Minister of State for Labour and the NLC have shown patriotism. The President should consider their request with humility and a good heart. Nigerian workers, apart from the military, are the most patriotic group in this country.
“During President Babangida’s tenure, measures were taken to alleviate workers’ suffering. Similar efforts should be made today to cushion the effects of economic challenges on workers. The government must ensure that workers’ welfare is prioritized in meaningful and practical ways. We must avoid another strike due to delays in decisions on the minimum wage.
“Regarding the cost of governance, I urge President Tinubu to sign an executive order to reduce the salaries of all elected officials and government appointees by 50%. We cannot sustain the current high salaries while expecting economic stability. This reduction will demonstrate the government’s commitment to austerity and free up resources for essential services.”
President Bola Tinubu has called on Heads of State and Government of the Economic Community of West African States (ECOWAS) to work towards establishing and sustaining a regional standby force for the security and economic advancement of the community.
Tinubu made the plea on Sunday, during the opening of the 65th Ordinary Session of the Authority of ECOWAS Heads of State and Government in Abuja.
Tinubu, who was re-elected at the meeting as the Chairman of the regional bloc, highlighted the practicality of a standby force in the face of growing security threats.
He also urged member states to commit more to providing the needed resources for securing the region.
He said, “The Regional Action Plan against Terrorism has enhanced cooperation on training, intelligence sharing, and humanitarian interventions. In addition to this, the Ministers of Finance and Defence met recently in Abuja to raise funds for activating the ECOWAS Standby Force to boost counter-terrorism efforts.
“Member countries are also displaying their commitment to combating insecurity by individually increasing their defence budgets in order to acquire necessary equipment and ensure preparedness.
“Let me underscore that a peaceful and secure society is essential for achieving our potential. As we move to operationalize the ECOWAS Standby Force (ESF) in combating terrorism, I must emphasize that the success of this plan requires not only strong political will but also substantial financial resources.
“We must, therefore, ensure that we meet the expectations and recommendations set forth by our Ministers of Defence and Finance, in order to counter insecurity and stabilize our region.’’
Speaking further, Tinubu advised ECOWAS leaders to leverage the capabilities of Nigeria’s National Counter-Terrorism Centre (NCTC), which has been widely acknowledged as one of the best on the continent.
The President urged the management of ECOWAS to re-align and reposition its priorities by reducing overheads and setting up in-country steering committees.
He stated, “Difficult economic conditions and inconsistent payment of financial commitments to ECOWAS have contributed to the current plight. To ensure ECOWAS has adequate resources for its programmes and activities, I urge all member states to ensure full compliance with the Protocol on the Community Levy.
“Nigeria, under my leadership, is committed to leading by example in remitting its collected levies to the organization. Nevertheless, the ECOWAS management must also reduce its overhead expenditures and focus on programmes and activities that directly impact the lives of our citizens.
“I am aware of the progress report on the implementation of the ECOWAS Institutional Reforms. I therefore call on the President of the ECOWAS Commission to resume and expedite the conclusion of the second phase of the Institutional Reforms, aimed at reducing the organization’s operational costs.”
Tinubu also welcomed a new member of the Authority, Senegalese President, Bassirou Diomaye Faye, stressing that the recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible.
He added, “Allow me to further extend warm congratulations to the Government and people of the Republic of Senegal for their steadfastness in the consolidation of democratic governance.
“Their recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible. This achievement is a testament to our region’s commitment to the principles of democracy, good governance, and rule of law.”