An All Progressives Congress, APC, Ondo governorship aspirant, Wale Akinterinwa, has accused Governor Usman Ododo of Kogi State and Chairman of the party’s primary election committee of writing results.
He said the party did not conduct any primary election in all the 203 Wards of the state.
Ododo had announced the state governor, Lucky Aiyedatiwa, as the governorship candidate of the party after polling the highest votes at the primary election.
However, Akinterinwa described the APC’s primary election in the state as a show of shame.
The aspirant’s stance was contained in a statement signed by his campaign organisation spokesperson, Mr Segun Ajiboye.
According to the statement: “Without any fear of contradiction, we state here that no election was held in any part of Ondo on Saturday to elect the candidate of the APC.
“It is on record with incontrovertible evidence that nothing in the semblance of a primary election was held in all the 203 wards in Ondo.
“At best, what can be said to have happened was that the committee chairman, Gov. Ododo, arrived in the state at about 8 am on Saturday to write the result of an election that was never conducted.
“Saturday’s election presented our dear party with a rare opportunity to endear itself to the people of the state.
“All that was needed was for us to organise an election that would be hailed by all, even the opposition.”
The Nigeria Labour Congress (NLC) is advocating for the incorporation of punitive measures into the Minimum Wage Act to address non-compliance by state governors and local government administrators.
This push for stricter enforcement comes amid ongoing challenges with the implementation of the current minimum wage across various states.
The National Treasurer of the NLC, Hakeem Ambali, highlighted the issue in an interview with Punch in Abuja, explaining that the lack of penalties in the existing 2019 Minimum Wage Act has allowed some state governors to evade their obligation to pay the stipulated minimum wage.
Ambali emphasized the necessity of such sanctions to ensure compliance and protect workers’ rights across Nigeria.
The move by the NLC coincides with the scheduled meeting of the 37-member committee established by President Bola Tinubu’s administration to discuss the new minimum wage.
This panel, inaugurated on January 30, 2024, by Vice-president Kashim Shettima, includes representatives from federal and state governments, the private sector, and organized labor.
The committee’s task is to deliberate on findings from various sub-committees across the six geopolitical zones and formulate recommendations for a revised national minimum wage.
As discussions are set to proceed this week, the inclusion of penalties in the wage legislation will be a critical point of debate, aimed at fostering greater accountability and ensuring that all Nigerian workers benefit from fair labor practices and wage standards.
Ambali said, “When we look at the purchasing power in Nigeria, we can see a huge difference between 2019 and now. With the stoppage of the payment of the fuel subsidy, we can see an increase in the hardship of Nigerians.
“In the new minimum wage bill which will soon be signed into law by the President, we have put in some internal clauses to make it difficult for governors not to pay the new minimum wage. It is also good to know that some of the governors are also involved in the negotiation process.
“Labour itself has to be responsive. Once the National Minimum Wage Bill is signed into law juxtaposed with Labour’s responsiveness, we know they will pay. As you can see,0 even private companies have started increasing the salaries of workers and some of them are even paying wage awards for their workers.
“So in the bill, the clause involves sanctions and also talks about increased allocation to local governments so that nobody will have any excuse of not paying the approved rate.”
Meanwhile, the 37-member Tripartite Committee on Minimum Wage appointed by the Federal Government will hold a meeting this week to debate proposals by stakeholders on the new minimum wage.
An executive bill is also expected to be sent to the National Assembly as a form of amendment to the current Minimum Wage Act.
The minimum wage to be unveiled is expected to cushion the effects of the removal of subsidy on Premium Motor Spirit.
During the public hearings, different zones suggested different amounts for minimum wage. The South-West zone suggested N794,000; the North -East proposed the sum of N560,000 as minimum wage; North- West proposed N485,000; The North-Central proposed N709,000; the South-South demanded N850,000 while the South -East demanded N540,000.
Nigerian singer Tiwa Savage has said despite the “crazy” nature of men, women can’t do without them.
Savage, who recently released a collaborative song with Simi titled ‘Men Are Crazy,’ said she relished working with the ‘Duduke’ crooner.
Speaking recently on MTV Live, she described their collaboration as “magical” as she noted that Simi is “a queen in Afrobeats”.
She said, “My collaboration with Simi is titled ‘Men Are Crazy But I Still Want One In My Bed.’ The inspiration behind it is that men are crazy but we can’t do without them.
“Simi is somebody that I’ve always wanted to work with. She is a queen in Afrobeats so both of us coming together in such an amazing track is magical.”
Lagos-Calabar coastal highway project may never be completed in next 30yrs - Peter Obi tackles FG
AFOLABIThe presidential candidate of the Labour Party, Peter Obi, has tackled the Federal Government over the Lagos-Calabar coastal highway project.
Obi expressed his concern in a statement via his verified X handle on Monday.
According to him, there is a pressing issue of numerous uncompleted roads scattered across the country, many of which, according to him, have become hazardous death traps and security risks.
He maintained that embarking on another huge project that will not be completed in the next 20 or 30 years will only worsen the problem of abandoned, uncompleted projects that are not contributing to economic growth and overall development.
Obi suggested that given the state of the nation’s economy, prioritization and fiscal discipline should be the critical guiding principles, insisting that the project will worsen the already sagging debt burden.
The former Anambra State governor said most of those uncompleted roads have been under construction for several years and are unlikely to be completed any time soon due to poor and unplanned funding.
He said,“I have closely followed the comments and developments arising from the coastal (Lagos-Calabar) Super highway Project.
“While I’m hesitant to engage in contentious debates about its benefits, which I acknowledge, and the pricing, which I have serious concerns about, and believe should be thoroughly reviewed, I am compelled to raise essential questions about the timing and prioritization of such a monumental venture.
“At the forefront of my concerns is the pressing issue of numerous uncompleted roads scattered across the country, many of which have become hazardous death traps and security risks.
“It is disheartening to witness the plight of innocent Nigerians who traverse these dilapidated roads under perilous conditions, vulnerable to kidnappers and other dangers.
“Most of these roads, vital for economic growth, regional connectivity, and overall development, have been under construction for several years if not decades now and are unlikely to be completed any time soon due to poor and unplanned funding.
“The Federal Ministry of Works 2024 capital budget of N892,461,262,656.00, additional funding from multilateral loan projects of N94,828,535,243.00, alongside other expected contributions from sources like the China-Exim Bank and the World Bank, will not be enough for serious work on all the critical roads, some of which I enumerated above, let alone their completion.
“So, why embark on another huge project that will not be completed in the next 20 or 30 years? To do so will only exacerbate the problem of abandoned, uncompleted projects that are not contributing to economic growth and overall development.
“It will merely worsen our already sagging debt burden. Given the state of our economy now, prioritization and fiscal discipline should be our critical guiding principles now.
“Therefore, while acknowledging the potential benefits of coastal superhighway infrastructure, I urge prioritization of our existing uncompleted projects.
“We must allocate resources towards repairing and completing existing infrastructure, crucial for the well-being and safety of our society, before embarking on new projects, no matter their perceived benefits.
“Let’s prioritize the urgent needs of our people and ensure that our investments serve the collective good of the nation.
“In any development formula, the primary focus should be on completing and rehabilitating existing infrastructure rather than embarking on colossal new projects that may never reach completion within the next 30 years.”
Calls Alleged Statement “Odious Inanity” And “Lie From The Pit Of Hell
In a strongly worded response, renowned Senior Advocate of Nigeria, Prof Mike Ozekhome, has vehemently denied authoring a statement that criticized the Economic and Financial Crimes Commission (EFCC) for failing to arrest former Zamfara State Governor, Abdulaziz Yari.
The alleged statement, which was published on the website Arewa Agenda, suggested that the EFCC was applying the law selectively and engaging in media trials.
Ozekhome, who has been a friend and lawyer to the current Zamfara State Governor, Bello Matawalle, for many years, described the statement as “odious inanity” and a “lie from the pit of hell.” He emphasized that he would never contemplate making such a “banal statement devoid of common sense and reasoning.”
The Senior Advocate, known for his advocacy of human rights, due process, democracy, and good governance for over four decades, questioned how he could be linked to a statement that suggests meddling in a matter that is subjudice or engaging in media trials and convictions before a proper trial.
Ozekhome called on members of the public to ignore the statement and its banner headline, labeling them as “utterly false, baseless, unfounded, and simply idiotic.” He referred to the authors of such statements as “faceless idle internet crawlers” and “millipedes of the internet,” borrowing a term coined by Nobel Laureate Prof Wole Soyinka.
The Senior Advocate further pointed out the absurdity of the alleged statement, noting that it quoted an earlier statement purportedly made by him about defeating the EFCC 11 times in court. He argued that he could not have been authoring a statement while simultaneously quoting himself.
Ozekhome urged the public to disregard the statement and consign it to the “trashcan of history where it rightly belongs.”
Governor Lucky Aiyedatiwa of Ondo State has clinched the gubernatorial ticket of the All Progressives Congress (APC) ahead of the upcoming governorship election.
The chairman of the Governorship Primary Election Committee and Governor of Kogi State, Ahmed Ododo, made this announcement on Monday morning in Akure, the state capital.
Ododo said Aiyedatiwa clinched the APC ticket with a resounding victory, amassing a total of 48,569 votes followed by his closest rival, Mayowa Akinfolarin, who trailed behind with 15,343 votes, while Chief Olusola Oke secured the third position with 14,865 votes.
The Kogi governor said Aiyedatiwa won in 16 of the 18 Local Government Areas (LGAs) and Oke won in Ilaje LGA, while the election was cancelled in Ifedore LGA.
Following his victory at the polls, Governor Aiyedatiwa thanked his supporters for the victory.
Read the APC gubernatorial candidate’s speech below.
ACCEPTANCE SPEECH DELIVERED BY HIS EXCELLENCY, HON LUCKY ORIMISAN AYEDATIWA, AFTER THE DECLARATION AND AFFIRMATION OF THE RESULT OF THE GOVERNORSHIP PRIMARY ELECTION OF THE ALL PROGRESSIVES CONGRESS IN AKURE, ON SUNDAY, 21ST APRIL 2024.
A TIME TO WIN TOGETHER
The internally orchestrated heavy politics within our party, APC, in search of our flag-bearer in the forthcoming gubernatorial election has come to a conclusion today with the emergence of a candidate as declared by the Governorship Primary Election Committee under the chairmanship of His Excellency, Governor Usman Ododo, the Governor of Kogi State.
Let me at this time acknowledge and thank all the aspirants who threw their hats into the ring in the family contest to be the flag-bearer: Hon. Mayowa Akinfolarin, Chief Olusola Oke, SAN, Sen. Jimoh Ibrahim, Mr. Wale Akinterinwa, Hon. Isaac D. Kekemeke, Hon. Gbenga Edema, Mr. Ohunyeye Olamide Felix, Hon. Olujimi Odimayo, Mr. Olusoji Ehinlanwo, Morayo Lebi Esq, Prince Diran Iyantan, Prof. Francis Faduyile, Engr. Ifeoluwa Oyedele, Mrs. Funmilayo Waheed Adekojo and Engr. Funke Omogoroye.
Your participation has created so much awareness within and outside our party. You mobilized our members and removed apathy. You have also brought in numerous new members into the party. All of these have enriched our democracy and strengthened our party in the State.
Democracy sometimes, after a contest like this, comes with discordant tunes. But this is not the time to hold grudges against anyone but for all of us to come together to work for the success of our great party so as to remain in power. We will all gain in this party, though at different times, if we keep faith. I salute your courage and keen interest to lead the State towards development. It is your right and you are qualified and worthy members of our party.
I want to specially thank the President and Leader of our party, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, for his leadership. I thank the Vice President, Senator Kashim Shettima, GCON, the National Chairman of our party, Alhaji Umar Abdullahi Ganduje, the Progressive Governors, National and State Working Committees of our party and all stakeholders in the state for their forthrightness in the processes leading to my emergence as the flag-bearer for our party in the Ondo 2024 governorship election.
I thank all our traditional rulers, institutional heads, civil servants and all the stakeholders who have chosen me as their preferred candidate. I also thank all the party leaders, including the APC Aborigines, members of the campaign team and all others who toured the entire 18 local government areas together with me to engage with our party members. I do not take for granted the love shown to me by our members across the State.
To all our party members, I hereby accept, wholeheartedly, the responsibility conferred on me as the candidate of our party by the votes of our members who turned out in their large numbers on the 20th of April 2024.
Now, more than ever before, the greatness of Ondo State is what matters the most. I therefore request that we all join hands together in building the future that we all yearn for in Ondo state. There is infrastructure to be built; better healthcare services to be delivered; fair justice to be served; qualitative education to be ensured; civil servants to be trained and motivated; security of lives and properties to be strengthened; enabling environment to be created for businesses to thrive and attract investors.
Once again, I thank you all for your support.
Lucky Orimisan Aiyedatiwa
APC Guber Candidate
21st of April 2024.
The Central Bank Governor, Yemi Cardoso, proudly announced that the Naira has achieved the prestigious status of being the best performing currency worldwide as of April 2024.
This significant milestone follows comprehensive foreign exchange market reforms, buoyed by optimistic sentiments from major international investment entities.
Speaking during a press briefing at the World Bank/IMF conference in Washington DC, Cardoso highlighted the remarkable turnaround in the Naira’s fortunes. Just a month prior, in March, the Naira had plummeted to its lowest levels, exchanging at N1,600/$1 on the official market and N1800/$1 on the parallel market, marking a period of uncertainty and economic strain.
However, April brought a meteoric rise for the Naira, witnessing an astonishing 45% gain fueled by a series of strategic forex and monetary policies. Governor Cardoso emphasized that this surge in value has been accompanied by a resurgence in the FX market’s activities, with turnover levels soaring to heights unseen in over seven years. This liquidity infusion has instilled confidence among investors, businesses, and partners, fostering smoother transactions within Nigeria’s FX markets.
Despite this resounding success, Cardoso tempered the enthusiasm with a note of caution, acknowledging the persistent challenges that the economy faces. Elevated inflation, propelled by surging food prices, transportation costs, and energy expenses, remains a pressing concern. However, he expressed confidence in the deceleration of inflation rates and anticipated a subsequent decline.
“Security concerns in food-producing regions and infrastructure challenges also demand attention,” remarked Cardoso, underscoring the multifaceted nature of the obstacles that must be addressed. To counter these challenges, the Central Bank has implemented a suite of policy reforms aimed at stabilizing the economy and alleviating various pressures. While celebrating the early successes, Cardoso stressed the importance of remaining vigilant and proactive in tackling the myriad challenges ahead.
The strategic focus on policy reforms is expected to continue bolstering the Naira’s robust performance on the global stage. “We still have work to do in solving all our problems,” Cardoso acknowledged, “however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses, and notably, our counterparts on the fiscal side.”
Cardoso also commended the efforts towards orthodox monetary policy, noting the positive impact on rebuilding trust and confidence in Nigeria’s economy and leadership. This concerted effort and collaborative approach are pivotal in navigating the complexities of the economic landscape, ensuring sustained growth and stability.
The Yoruba Self-Determination Movement, led by Prof Banji Akintoye and Chief Sunday Adeyemo, alias Sunday Igboho, has written an open letter to President Bola Tinubu, seeking a peaceful breakaway of Yoruba people from Nigeria.
The open letter, dated April 17, 2024, was signed by both Akintoye, Igboho and one Ola Ademola.
They called on the President to within the next two months set up a negotiation team to negotiate the exit of the Yoruba people from Nigeria.
The letter by the Yoruba Nation arrowheads came about a week after some armed agitators invaded the Oyo State Government House, attempting to hoist their flag on the premises of the state House of Assembly.
The agitators were subdued and 29 of them were last week taken before a magistrates’ court in Ibadan, which ordered that they should be remanded in the prison custody.
Both Akintoye and Igboho dissociated themselves from the violent action.
However, in their open letter made available to our correspondent in Ibadan on Sunday, the Yoruba Self-Determination Movement, said, “We have the honour to send to Your Excellency this important letter on behalf of the many millions of Yoruba people at home in Yorubaland in Nigeria and in the Yoruba Diaspora in almost all countries across the world.
“We send this letter as a follow-up to our earlier letter, dated August 06, 2022, which we delivered to your predecessor, President Muhammadu Buhari, in his exalted position then as President of Nigeria.
“Since 2015, the Fulani have been killing widely among the other peoples of Nigeria, including us Yoruba, destroying farms, villages and other assets, kidnapping men, women and children, extorting large amounts of money as ransom from friends and family of the kidnapped, and repeatedly asserting their intention to seize the homelands of all the indigenous peoples of Nigeria for the purpose of turning all into a Fulani homeland.”
The group said in the Middle Belt, horrendous blood-letting was going on with many families forced into Internally Displaced People Camps while many of their villages were seized by the Fulani and renamed as Fulani villages.
“In our Yoruba homeland, our people are resisting somewhat better, but the Fulani attacks and killings and kidnappings are unrelenting and are coming daily, leading to horrific instability, and forcing most of our farmers to abandon farming altogether, thereby dooming Yoruba people to years and years of famine.”
It further alleged that an unofficial estimate showed that Fulani had killed as many as 29,000 Yoruba people since 2015 till date, adding that aforementioned reasons were enough for them to seek breakaway from Nigeria.
“All these actions by the Fulani are, to us Yoruba, a sufficient reason for our seeking to separate our Yoruba Nation from Nigeria. Most of us, Yoruba have no confidence in the ‘restructuring’ that some of our most respected Yoruba leaders (such as our fathers in our highly exalted Afenifere) are advocating.
“And our reason is that we know that restructuring cannot keep the Fulani marauders away from our homeland. Since, after restructuring, the Fulani would still be Nigerians like us, and would still have full citizens’ rights to come in large numbers, and with weapons and intent to kill and destroy and seize land, to our homeland.
“The Fulani elite seem to be saying in effect that they intend to make Nigeria ungovernable for President Tinubu, and that they would never accept any official action of his.
“We are acting for and on behalf of our 60 million Yoruba people of the Ekiti, Lagos, Ogun, Ondo, Osun, and Oyo State, respectively, plus the Yoruba Local Government Areas of Kogi and Kwara State, and plus the Itshekiri homeland of Delta State, all together constituting the Yorubaland in Nigeria, hereby most humbly place our crowning request before Your Excellency as follows:
“That the Nigerian Federal Government shall, within the next two months, but not later than June 15, 2024, inform us Yoruba Self-determination Movement that the Nigerian Federal Government has graciously agreed to our proposal for negotiation and that they have set up a negotiation team that will meet and have a dialogue with our Yoruba Nation’s negotiation team.
“That the Nigerian Federal Government shall invite the United Nations, African Union and the Economic Community of West African States, to send observers to the negotiation meetings.”
It, therefore, promised to forward the list of its negotiation team to the government as soon as it received a message in response to its request for the negotiation.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
As Cardoso sets up task force on remittances
The Federal Government said yesterday it planned to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora.
The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun disclosed this, yesterday, at his wrap up media briefing at the end of the 2024 Spring Meetings of the IMF and World Bank.
His words, “In terms of remittances, it is certainly one of the ways we can increase supply of foreign exchange and investment in the country.
“There are Nigerians abroad who are doing very well. Even Nigerians in Nigeria with funds abroad that can be counted as remittance and in order to increase the supply of foreign exchange into the economy, government is looking at attracting those funds through a Diaspora kind of instrument.
“A Diaspora Bond and we think that will be attractive enough for Nigerians abroad and for foreign holdings of foreign currencies and look to having a substantial issue later in the year.”
As part of the efforts of the administration to increase foreign exchange inflows, the minister said that that Nigeria has qualified for the processing of a $2.25 billion World Bank facility.
According to him, “Nigeria has qualified for the processing of a total package of World Bank $2.25 billion of, well there is no free money but it is close to a grant for 40 years, moratorium of 10 years and about 1 percent interest. So that is also part of the flow that you can count.
“In addition, there is a similar Budgetary Support, low-interest funding from the African Development Bank and clearly, there are also on-going discussions with foreign direct investors.
“Some of these things take longer than you expect but there are relatively advanced discussions on major foreign direct investment inflows into the country, specific transactions with companies, institutions and authorities”
The Minister said that the Spring Meetings presented an opportunity to engage the international audience on a global stage.
His words, “We have had the opportunity of speaking to international investors, portfolio investors and those international direct investors that will bring what I will describe as quality funding. The kind of funding that builds factories and creates jobs.
“The response from all of them, I can say, without exception is that of greater confidence in the economic management of the country and greater interest and willingness to invest.
“But in addition, not just the international community that we addressed, it is also critical that we are a private sector-driven economy and that is the policy of President Bola Ahmed Tinubu, to encourage private domestic and foreign investment to grow the economy and increase, create jobs and reduce poverty.
“But also we have other partners- the multilateral organisations, development banks, bilateral financiers, grant-givers, foundations such as the Bill & Melinda Gates Foundation and others. The whole eco-system of international finance, we have engaged with all of them.
“We have come away with funding to provide electricity to 300 million people in Africa that the largest portion will come to Nigeria. And you know what the provision of electricity does to increasing productivity and reduce poverty.
“We can also say that we have a bigger say for Africa through an additional Chair on the Board of Directors of the International Monetary Fund. I think it is a major success for Africa as a whole.”
Tacking debt with higher revenue
On debt challenges, he said that revenue remained the only way out and that for Nigeria, the first source of revenue was oil.
The Minister said that oil production has increased from 1.2 million bpd to 1.6 million bpd since President Tinubu came to power.
He said that with a 2 million bpd quota from the Organisation of Petroleum Exporting Countries (OPEC), the administration was looking to ramping production to 2 million, including 300, 000 barrels of condensate.
Cardoso sets up task force to facilitate inflows
The Governor of the Central Bank of Nigeria (CBN) Mr.Olayemi Cardoso disclosed that a task force has been set up to ease the flow of remittances into the country.
His words, “It has indeed been a fruitful few days of engaging with our esteemed international policy counterparts and stakeholders from around the world, as well as Nigeria’s investors. We came here with a very clear agenda and have held highly significant, intentional meetings – each one with an objective to further support the stability and ultimate growth of the Nigerian economy.
“Besides our meetings with multilateral financial institutions, and foreign investor groups with a keen interest on developments in Nigeria, including a critical gathering at the US Chamber of Commerce, we had very productive discussions with leading International Money Transfer Operators (IMTOs), where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term.
“This target is both ambitious and achievable, and we’re wasting no time in setting up a collaborative task force, reporting to myself, to drive progress and address any bottlenecks that hinder flows through formal channels.
In the six months since assuming the position of Central Bank Governor, the challenges have been significant, from grappling with inflation to addressing volatility in the foreign exchange market. However, with relative stability now achieved, particularly in the FX market, we have transitioned from firefighting to strategic planning across key areas.
”These areas include improving the ease of doing business in Nigeria, to consolidate and sustain the gains through an efficient and transparent market system
and boosting financial and economic inclusion for small businesses and households–interrogating all potential ways to leverage smarter use of technology, and remote banking to reduce the cost of transactions and expand accessibility to the financial system.
“April saw the naira emerge as the best-performing currency globally, supported by
bullish sentiment from leading international investment institutions. Our FX market is experiencing robust activities, with turnover reaching levels not seen in over seven years.
“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.
However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses.
“We note that inflation though rising is doing so at a decelerated rate and we are confident will soon commence a fall. Security concerns in food-producing regions an infrastructure challenges also demand attention.
“The CBN has implemented a number of policy reforms to address some of these various pressures and, while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.
“We still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead,
working hand in hand with our key stakeholders including investors, banks, businesses – and, notably, our counterparts on the fiscal side.
“We have recommitted our stance to orthodox monetary policy, and it is heartening to see the efforts being put up have started yielding results especially in terms of rebuilding trust and confidence in our economy and the leadership.
Diaspora target
“The Diaspora target is to double our current level. This may appear ambitious but I am confident that we will be able to achieve it.
“We have transitioned from fire fighting to strategic planning in key areas. These areas include the improving the ease of doing business in Nigeria.
“To consolidate and sustain the gains of an efficient a d transparent market system and boosting economic inclusion for small businesses and households.
“Interrogating all potential ways to leveraging smarter use of technology and remote banking to reduce to cost of transactions and expand accessibility to the financial system.”
Cardoso on FX market movements
The governor said that movements in the market should be expected but that his team would remain focused on ensuring a transparent stable FX market.
His words “Expect that there will be increases here and there, ups and downs and from what I gathered yesterday, the Naira has again strengthen overnight. So I think the most important thing to say here is that we are doing everything possible to have a stable exchange- exchange rate that finds adequate price discovery level.”
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UPDATED: Gov. Otti Revels How Past Govt Paid N107.2bn For Non-existent Projects In Abia State
AFOLABIA forensic audit conducted by an audit firm has revealed how the immediate past government of Abia State approved funds to contractors for the construction of non-existent state-owned airport and other infrastructure.
The Abia State Governor, Dr Alex Otti made the revelation during a presentation at the Johns Hopkins University School of Advanced International Studies, Washington DC, United States.
He spoke on the theme, ‘Dynamics of State Governance, Economic Transition and the Challenges of Seeking to Establish a New Order Amidst Multiple Constraints and Pushbacks.’
Otti said it is difficult to admit how some Nigerian leaders contest elections for reasons shrouded in corruption.
The governor who took over from Okezie Ikpeazu in 2023 explained that some politicians have abused the privilege of governance thereby impoverishing their states.
Otti explained how he engaged one of the top audit firms to examine the state accounts, adding that the auditor uncovered several deals that are shrouded in corruption.
He said, “Talking about corruption, I set up a forensic audit as soon as I took over last year in Abia so that there won’t be any argument, I called in one of the top three audit firms in the world and not too long ago, they sent in their report and some of the things in the report are frightening.
“So, N9.3bn was paid to seven contractors for contracts that were not executed at all up till today. Another N15.9bn- almost N16bn was paid to 63 contractors with no supporting documents anywhere in the State.
“Another N12bn was paid to two contractors for contracts that did not exist. Out of this figure, N10bn was on September 25, 2020- that is almost four years, paid to some contractors for the construction of Abia State Airport.
“We have spent time trying to locate the airport and up till now, we have failed.”
Otti told his audience that one of his aides advised him to seek Artificial Intelligence (AI) in search of the airport.
“So, as we continue to look for our airport, we have also involved security agencies to help us search.”
Otti explained that the N37.2bn spent on ghost projects is what happens when politicians fail to understand the role of governance and economic integration.
According to Otti, a lack of accountability enables “mindless stealing of resources from the people,”. The governor lamented how impoverishing the populace promotes incompetence and damages trust in public institutions.
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He said the evidence of the lack of ingenuity of politicians is how Nigerian states struggle to pay salaries and pensions.
Earlier in April 2024, Otti lamented that the state was plunged into debt of N192bn by his predecessor, Ikpeazu. He further revealed how his predecessor also inherited N34.5bn debt from T.A. Orji.
This report was updated to reflect that N9.3bn was paid to seven contractors and not N79.3bn. The report was also adjusted to reflect that the aggregate figure paid to all the 72 contractors was N37.2bn, not N107.2bn.
[Src: THE WHISTLER]
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Aiyedatiwa Declared Winner Of Ondo APC Ticket, Defeats 15 Aspirants In Controversial Primary
AFOLABIGovernor Lucky Aiyedatiwa of Ondo State has secured the nomination of the All Progressives Congress (APC) for the forthcoming November 16 governorship election, following his declaration as the party’s candidate.
Aiyedatiwa clinched the nomination with a resounding victory, amassing a total of 48,569 votes in the primaries. His closest contender, Mayowa Akinfolarin, trailed behind with 15,343 votes, while Chief Olusola Oke secured the third position with 14,865 votes.
The announcement was made by the Chairman of the Governorship Primary Election Committee and Governor of Kogi State, Ahmed Ododo. Governor Ododo, reflecting on the competitive nature of the primaries, highlighted the rigorous contest that characterized the electoral process.
The primaries, held across the 18 council areas of Ondo State, witnessed fervent participation from party members and supporters.
With the nomination secured, Aiyedatiwa and the APC now shift their focus to consolidating support and rallying behind their candidate as they prepare to face off against opponents in the November election.
Returning officer in lfedore, Oliver Okpala said violence marred the exercise in the area, hence no voting in all the wards.
Speaking before the party’s electoral officers reeled out the results from the 18 council areas, Governor Usman Ododo said, “Let’s remember that the real election lies with all of us as members of this great party, the All Progessives Congress.
“We must always reflect on the words of our father and leader, President Bola Tinubu, who has maintained that a political contest is a quest to serve by brothers and sisters from the same family but leaving in the same room and must therefore live in the same house after the election has been won and lost.
“In our own room today, we are all in the same room as a family, and as such, we have no need to abandon the party, irrespective of today’s outcome.
” We must set aside our differences and unite behind our candidate.
“In our unity, we shall continue to find strength, and our victory lies in our solidarity as party men and women.”
RESULTS
Total number of voters 117922
Total number of accredited voters 95,178
Total votes cast 95178
Invalid- Nil
Jimi Odimayo 490
Omogoroye Judith 115
Aiyedatiwa 48,569
Kekemeke 1045
Soji Ehinlanwo 492
Olugbenga Edema 395
Jimoh lbrahim 9456
Adekojo Funmilayo 529
Akinfolarin Samuel 15343
Wale Akinterinwa 1952
Olusola Oke 14,915
Olamide Ohunyeye 424
Morayo Lebi 290
Diran lyantan 348
Prof Dayo Faduyile 353
Ife Oyedele 462
1:ILAJE LG
Lucky Aiyedatiwa 2,485
Wale Akinterinwa. 26
Olusola Oke. 2,511
Jimoh Ibrahim 589
2: Ile Oluji/Okeigbo
Jimoh Ibrahim: 282
AIYEDATIWA: 1225
WA: 474
3: Ondo West LG:
Jimoh Ibrahim: 2668
AIYEDATIWA: 10610
4: ESE-ODO LG
Aiyedatiwa 298
Akinterinwa 0
Oke 147
Jimoh Ibrahim 174
5: OWO LG
Aiyedatiwa 2,123
Akinterinwa. 345
Oke 225
Jimoh Ibrahim 192
6: IDANRE LG
Aiyedatiwa 1, 579
Akinterinwa 119
Oke 225
Jimoh Ibrahim 120
7: AKOKO NORTH EAST LG
Aiyedatiwa 1, 664
Akinterinwa 135
Oke 138
Jimoh Ibrahim 505
8: AKOKO NORTH WEST LG
Aiyedatiwa 5, 430
Akinterinwa 198
Oke 2, 721
Jimoh Ibrahim 728
9: AKOKO SOUTH EAST LG
Aiyedatiwa 2, 533
Akinterinwa 43
Oke 391
Jimoh Ibrahim 67
10: AKOKO SOUTH WEST LG
Aiyedatiwa 2, 747
Akinterinwa 272
Oke 415
Jimoh Ibrahim 466
11: NO RESULT FOR IFEDORE LGA.
ALL ASPIRANTS SCORED ZERO ACCORDING TO THE RETURNING OFFICER DUE TO AN ALLEGED SHOOTING.
12: OSE LG
Aiyedatiwa 1, 091
Akinterinwa 39
Oke 800
Jimoh Ibrahim 267
13: IRELE LG
Aiyedatiwa 1, 203
Akinterinwa 15
Oke 93
Jimoh Ibrahim 139
14: ODIGBO LG
Aiyedatiwa 2, 631
Akinterinwa 114
Oke 138
Jimoh Ibrahim 845
15: AKURE NORTH LG
Aiyedatiwa 2, 860
Akinterinwa 177
Oke 1, 239
Jimoh Ibrahim 1, 606
16: AKURE SOUTH LG
Aiyedatiwa 3, 265
Akinterinwa 86
Oke 328
Jimoh Ibrahim 294
17 OKITIPUPA LG
Aiyedatiwa 1, 622
Akinterinwa 27
Oke 1, 571
Jimoh Ibrahim 109
18: ONDO EAST LG
Aiyedatiwa 4, 803
Akinterinwa 141
Oke 1, 171
Jimoh Ibrahim 406
All Progressives Congress (APC) stakeholders have stressed the need for the Lagos State chapter of the party to give its governorship ticket to former Governor Akinwunmi Ambode in 2027, asserting that he possessed the Midas touch to transform the state if given the opportunity again.
This assertion comes in response to a call by an Islamic human rights organization, the Muslim Rights Concern (MURIC), stating that the next governor must be one of their own, a Muslim.
Speaking on behalf of the stakeholders in Lagos, Dr. Oluwaseyi Bamigbade said the call became imperative because Ambode’s four-year tenure as governor from 2015 to 2019 witnessed massive infrastructure development in the state.
Bamigbade, while making the call, noted that numerous groups were consistently yearning for Ambode’s return in 2027 to continue his Midas touch in Lagos’ development agenda. He expressed the belief that Ambode should be given the opportunity for a second term in the Government House as permitted by the constitution.
The APC chieftain recalled that Ambode, as governor, remodeled the state within four years in office, making it an investment destination for big businesses from within and outside the country.
Furthermore, he stated that the former governor significantly impacted the lives of millions of Lagosians during the same period, causing a paradigm shift by extending government attention from urban centers to the suburbs. Ambode opened up narrow roads, transforming them into modern streets with lights that also connected to arterial highways. This approach to project execution facilitated seamless traffic flow on expressways.
The Bola Tinubu-led Federal Government is set to roll out the first set of critical assets for the deployment and launch of the Compressed Natural Gas (CNG) initiative.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known in a statement on Sunday in Abuja.
Onanuga said the CNG initiative was designed to deliver cheaper, safer, and more climate-friendly compressed natural gas, especially for mass transit, after the removal of the wasteful fuel subsidy on May 29, 2023.
He said President Tinubu launched the Presidential CNG Initiative in October last year and approved the set up of a committee led by Michael Oluwagbemi, an oil and gas expert.
Onanuga said the government provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
The presidential aide said over 600 buses are targeted for production in the first phase, which will be accomplished this year and to mark the president’s first year in office on May 29.
The statement reads: “The Federal Government, as part of the many intervention programmes to reduce the burden of the increase in pump prices on the masses, provided N100 billion (part of the N500 billion palliative budget) to purchase 5,500 CNG vehicles (buses and tricycles), 100 Electric buses, and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
“After months of detailed planning and background work, the committee driving the initiative is set to deliver on President Tinubu’s vision and promise.
“Already, the committee, being led by Michael Oluwagbemi, an oil and gas expert, has delivered some major foundational reforms to enable the new CNG and Electric Vehicles future the President promised. All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
“With necessary tax and duty waivers approved by President Tinubu in December 2023, the PCNGI committee is partnering with the private sector to deliver the promise of the initiative. The private sector has responded with over $50 million in actual investments in refuelling stations, conversion centres, and mother stations.
“Also, a safety policy document outlining 80 standards and regulations that operators must strictly adhere to has been developed and approved to ensure CNG conversions are done safely and reliably.
“The deployment of CNG buses and tricycles and the vision to get at least one million natural gas-propelled vehicles on our roads by 2027 will mark a major energy transition in our country’s transportation industry. The use of more expensive diesel and PMS will gradually be phased out, when many vehicles, including trucks run on natural gas, which our nation has in abundance in at least 30 out of the 36 states of the federation.
“As studies have shown, one of the main causes of air pollution is primarily the amount of gases emitted by gasoline and diesel engines. To reduce pollution, some countries of the world, such as India, China, Iran, Pakistan, Brazil, Argentina, and Italy, have built fleets of natural gas-powered vehicles instead of going the route of relying on liquid petroleum products and propelled vehicles. Natural gas vehicles reduce tailpipe emissions by up to 40 per cent, and Nigeria’s commitment to this course will enable her to meet her nationally determined commitments (NDCs) under the Paris Climate Accord, to which we are signatories.
“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles. Remarkably, the Tinubu administration, in driving the nation to the desired destination, has flagged open a new industry, along with thousands of new jobs.
“Four plants owned by JET, Mikano, Mojo, and Brilliant EVs located in various parts of the country are involved in assembling the Semi-Knocked-down (SKD) components of the CNG buses. JET, which has received the SKD parts, is coupling the buses in Lagos and is working towards delivering 200 units before the first anniversary of the Tinubu administration.
“Brilliant EV will assemble electric vehicles. It is awaiting the SKD parts, which will arrive in due course. The electric vehicles it will produce are meant for states such as Kano and Borno, which do not have access to CNG for now. They will also be available in key Nigerian cities and university campuses. It must be noted that soon-to-be-completed gas pipeline projects initiated by the Buhari administration and being completed by NNPCL (the AKK Pipeline) will take gas into the hinterlands of North East and North West, where there is current paucity.
In all, over 600 buses are targeted for production in the first phase, which will be accomplished this year. A new plant on the Lagos-Ibadan Expressway will assemble thousands of tricycles. The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and are expected to arrive early in May. About 2,500 of the tricycles will be ready before May 29, 2024.
“Thousands of conversion kits for petrol powered buses and taxis that want to migrate to CNG are also ready with CNG cylinders. The Federal Government intends to provide them at subsidized rates, especially to commercial vehicle drivers to bring down the cost of public transportation.
“As part of private sector collaboration, NIPCO and BOVAS are involved in offering refilling services for the CNG vehicles and also serving as conversion centres. NIPCO is setting up 32 stations nationwide to offer the services. The company has completed the set up of four of the CNG stations. Likewise, BOVAS is setting up eight stations in Ibadan, two each in Ekiti, Abuja and four in Ilorin. MRS is also involved. It is making efforts to announce where its refilling stations and conversion centres will be.
“The NNPC Limited, which had launched an on-and-off CNG initiative in the past, is joining the new initiative. It is expected soon to announce the locations for CNG refilling and CNG conversion centres nationwide.
“In addition, the PCNGI is working with 22 other agency partners, including the Standards Organisation of Nigeria(SON) and Nigeria Automotive Design and Development Council to deliver 80 Natural Gas Vehicle Conversion and Associated Appliances Standards for the country.
“For proper monitoring, PCNGI will also launch MYCNG.NG App. The app will embed the Nigeria Gas Vehicle Monitoring Systems, which will show CNG conversion and refuelling sites in the country.
“The Tinubu administration is an enabler of the evolving CNG industry. In collaboration with the private sector, the PCNGI is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of this year.
“The vision of Mr. President to deliver one million gas vehicles cannot be possible without the private sector, including the RTEAN, NARTO, NURTW, and players in the downstream sector of the transportation chain and financiers.”