The Federal High Court in Abuja will today (Monday) resume sitting in the lawsuit filed by the Edo State Deputy Governor, Philip Shaibu, challenging the move by the state House of Assembly to impeach him.

Justice I. E. Ekwo had on March 28 adjourned till April 8 (today) for the defendants in the suit to appear before him to show cause why Shaibu’s prayer to halt the impeachment proceedings should not be granted.

However, the seven-man impeachment panel headed Justice Omonuwa (retd.) ended its sitting on Friday after Shaibu failed to appear before the panel that probed allegations of perjury and leaking of the government’s secrets against him.


The panel, which had its inaugural sitting last Wednesday in Benin, ended its sitting on Friday with Shaibu or his counsel failing to show up.

The panel had adjourned till Thursday for Shaibu to open his defence and when he didn’t show up, he was given Friday as the final day to come and defend the allegation against him, which he failed to do.

The Edo State House of Assembly, which is the petitioner in the case, had on Wednesday opened and closed its case, paving the way for Shaibu to defend the allegations levelled against him.

Counsel for Shaibu, Prof Oladoyin Awoyale (SAN), attended the Wednesday (the opening day) sitting but excused himself in the middle of the hearing after the panel refused his prayer to suspend the proceedings pending the outcome of a lawsuit in Abuja.

The panel chairman, Justice Omonuwa, upheld the opposition to the suspension prayer by the Assembly, represented by its Deputy Clerk, Joe Ohiafi.

After Awoyale excused himself, Ohiafi went on to state the Assembly case against Shaibu.

In his submission, the Deputy Clerk told the panel that Shaibu leaked the Edo State government’s secrets in the affidavit he filed in support of his suit in Abuja. He said Shaibu tendered documents relating to the State Executive Council’s meeting.

According to Ohiafi, Shaibu violated the Oath of Secrecy he took and acted contrary to the provisions of Schedule 7 of the 1999 Constitution.

At Friday’s sitting, the Assembly was represented by its Legal Officer, N.U. Ibrahim, who appeared with two others.

Ruling on the development, the Chairman of the panel noted that “the panel adjourned sitting for the last time for today (Friday) to allow the respondent to defend himself.

“The panel shall retire to go and write its report as required by the constitution.”

A member of the administrative staff of the panel, who pleaded anonymity, told journalists present in the courtroom that the panel would forward its report to the Edo State Chief Justice, who set up the investigative panel.

However, our currespondent gathered from a source close to the House of Assembly that the lawmakers were also waiting for the report of the impeachment panel to get to the Assembly as soon as possible.

The source said the House was not in a position to determine when the report would get to it as it was the Chief Judge, Justice Daniel Okungbowa, who set up the panel independently.


“I can only say that the House of Assembly is also waiting for the report after the panel ended its sitting on Friday. It is the Chief Judge who set up the panel and the House cannot determine when the report gets to it,” the source said.

The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.

The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.


Gwadabe lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.

He further expressed concerns that many BDCs, who funded their accounts for dollar allocations, were yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to scrutinisation of the BDCs’ documents for collections at the various designated centres.

He noted that this had made the BDCs vulnerable to exchange rate risk and significant losses.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement. This is happening in the face of the prevailing open market rate of N1,235/$, which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the letter said.


Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON president stated that the positive fallout of the CBN’s efforts to restore the naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of the government towards exchange rate stability and economic growth.

He added that ABCON’s forecasts in the ongoing market development indicated a willingness of the market to correct itself with realistic price discovery as the naira is forecast to continue to appreciate further across the market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery.

“This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” he noted.

The association also requested that the process of payments at the various disbursement centres be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of transactions.

According to the group, the apex bank should introduce a cut-off time for payments and collection of bids, adding that the current open-ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” it elucidated.


ABCON insisted that the disturbing exchange rate disparity could be addressed by a quick and decisive response of the apex bank, which would go a long way in bolstering BDC operators’ confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

Presidential candidate for the opposition and leadership crisis-ridden Labour Party (LP) in the 2023 General elections, Peter Gregory Obi, has declared unequivocally that he is not desperate to be Nigeria’s President at any point in his life.

Peter Obi also dismissed insinuations that he is preparing to dump the Labour Party anytime soon, saying that it is mere rumors peddled by politicians who are jittery about his political popularity in the country.

He was fielding questions from Journalists in Bauchi on Sunday shortly after he commissioned a hand pump for water supply in Sabon Layi Community, a suburb of the Bauchi metropolis.

According to him, “I am not thinking of 2027, my concern for now is how to improve the living standards and conditions of Nigerians. Nobody should be talking about politics now, the focus should be on good governance that will make Nigeria better.”


The former Presidential candidate of LP stressed that, “The leadership crisis in the LP presently is not an abnormal thing, it is an in house problem and it will be solved amicably as a family.”

He further stressed that, “I have never thought of leaving the LP, I only advocated for peace because I am a man who believe in peace, I am a man who believe in unity, I am a man believes that we are the same. I don’t see any difference between you and me, by the grace of God I always want to do the right thing that is the reason I came here personally, I would have asked someone to represent me, no, I didn’t.”

According to him, “For me, it is not about elections, we spend more time talking about elections, let us spend time talking about how we can put poor people out of poverty, let’s spend time to know how out-of-school children will be back to school, let’s spend time in other areas, it is not about elections,”

He added that,” I have said it before that I am not desperate to be President, I am desperate to see Nigeria work for the people. It is important for me because we cannot continue this way, poor people in this country are suffering alot. I am urging all leaders in and out of office, this is time for us to listen to to the people, it is time to work with them, time to feel a bit of their pains.”

Peter Obi stressed that,”The crisis in the LP will be resolved just like I have been saying and at the end things will get better. Labour Party is not the problem of Nigeria, the problem of Nigeria is beyond Labour Party, so, my focus is not on the Labour Party but on Nigeria, my promise is a new Nigeria and that new Nigeria is what I am focussed and it important that we all remain focussed on it.”

“If we fixed the leadership problems in Nigeria, I would not have been here to provide this water. So, let us talk about issues of this water, let’s talk about how the people will live and eat. I assure that Labour Party will resolve its issue as a family, no family is perfect,” he concluded.

Kano State Governor Abba Kabir Yusuf has replied his predecessor, Dr Abdullahi Umar Ganduje, over his claims of failure in his eight-month term in office.


He said Ganduje’s eight-year tenure was characterised by maladministration with massive records of corruption, diversion of public funds and sale of government properties.

Governor Yusuf, in a statement issued yesterday evening by his spokesperson, Sanusi Bature Dawakin Tofa, regretted that Ganduje spoke about non-existent failure in the present administration, instead of facing the nemesis of corruption and political violence hanging around his neck.

The governor however emphasised that it would leave no stone unturned in pursuing the dollar video scandal to logical conclusion, urging the Economic and Financial Crime Commission (EFFC) to release the forensic investigation it conducted on the “Gandollar Saga” in 2018, for public consumption.

He advised Ganduje to buckle up in defence of his already battered image at the court, instead of further exposing his impunity on the media space.

The governor also reminded Ganduje on how his gross penchant for corruption had brought shame and disgrace to the good people of Kano, insisting that no amount of media campaign would hinder the process of bringing him (Ganduje) to book on the glaring cases of corruption filed against him.

Part of the statement reads, “Our eight months in office has remarkably outweighed Ganduje’s eight wasted years of political caricature and maladministration by all standards.


“We wish to reaffirm the present administration’s resolve and readiness to make anyone found guilty of corruption to face the full wrath of the law for their intentional wrong doings.”

Governor Yusuf maintained that his administration is multifacetedly inclined, prioritising attention on socioeconomic and physical infrastructure development for the well-being of Kano and the good people of the state.

The 2023 presidential candidate of the Labour Party (LP), Mr Peter Obi, has said he would rather work to ensure peace for the party to overcome its present challenges than leave it.

Obi stated this in Gombe in an interview with journalists after inaugurating a borehole he donated to Tike Ram Market in Pantami, Gombe State.

He said the rumour that he would leave was not true as he was more committed to the peace of the party.

He expressed optimism that the LP would resolve its challenges and forge ahead as one family.

“No, there is no such thing as leaving the Labour Party. I am for peace; I like peace. I believe we are one people.

“Our concentration should be on peace and I believe that we will resolve all situations,” he said.

On recent speculation of him running for the 2027 presidency with former Kaduna State governor, Nasir El-Rufai, Obi said: “Well, I’m more interested now in Nigeria’s success today than tomorrow.

“We are always concentrating on the election rather than what Nigerians are going through.

“My commitment is about Nigerians living in a better society, given a better life and that’s my concern,” he said.

On why he donated the borehole, the former governor of Anambra State said he had been going round in the spirit of Ramadan to support Nigerians, especially the poor to help cushion the impact of the current challenges.

“I’m here in Gombe and I came to Pantami market to help them in the area of water supply that is the borehole I just inaugurated.

“You can see the business here, all the rams and everything here but they don’t have water.

“We will support some individuals which we will do remotely and send them some little money. About 100, that will be done.”

The News Agency of Nigeria (NAN) recalls that there were speculations that Obi might have started shopping for another political platform, in spite of being guaranteed the LP 2027 presidential ticket at its convention.

Recall that the NLC spokesman, Benson Upah on Sunday , said the NLC would not stand in the way of Obi, should he decide to defect to another political platform.

Upah said: “The right of choice is available to Mr Obi. If he chooses to leave the party, that is his preference. We can’t sit in judgment over him on that. But if he chooses to remain, of course, Peter Obi is an asset any day. I rest my case on that.”

The 2023 presidential candidate of the Labour Party, LP, Peter Obi, has said he is more interested in Nigeria’s success today than in the future.

This follows speculations on social media that he was looking to make former Kaduna State governor, Nasir El-Rufai, his running mate in the 2027 polls.

But Obi, while speaking with journalists in Gombe State shortly after donating a borehole to the ram market in Tike Pantami on Sunday, insisted he was not looking far ahead.


When asked about a possible collaboration with El-Rufai, he said: “Well, I’m more interested now in Nigeria’s success today than tomorrow.

“We are always concentrating on the election rather than what Nigerians are going through.

“My commitment is about Nigerians living in a better society, given a better life, and that’s my concern.”

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.


The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

On March 23, 2021, the Federal Government announced its plan to end electricity subsidy by the end of that year. According to the Special Adviser to former President Muhammadu Buhari on Infrastructure, Mr. Ahmad Zakari, "We plan to eliminate subsidy by the end of the year. People will say if you eliminate subsidies, you will have poor people pay more. But our argument is that the only reason the power prices in Nigeria are high is because we don’t generate enough. If you generate 10GW of power, tariff will be half of what it costs. So, keeping the prices very low is not the approach, but delivering adequate power."

On March 12, 2022, the Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed that the Federal Government had quietly removed electricity subsidy. Speaking at a virtual meeting of African Finance Ministers and the International Monetary Fund, Ahmed also said the amendment of the budget was ongoing to accommodate the incremental removal of fuel subsidy. The theme of the meeting was ‘The political economy of fiscal reforms’.

Ahmed said, “We are cleaning up our subsidies. We had a setback; we were to remove fuel subsidy by July this year but there was a lot of pushback from the polity. We have elections coming and because of the hardship that companies and citizens went through during the COVID-19 pandemic, we just felt that the time was not right, so we pulled back on that. But we have been able to quietly implement subsidy removal in the electricity sector and as we speak, we don’t have subsidies in the electricity sector. We did that incrementally over time by carefully adjusting the prices at some levels while holding the lower levels down."

To the utter dismay of Nigerians, the Minister of Power, Mr. Adebayo Adelabu claimed on January 15, 2024 that, "the Federal Government still subsidises electricity because the current tariff DISCOs are allowed to charge is not cost-reflective. This is why the Federal Government spent close to N700 billion in 2023 to subsidise electricity. If tariffs are left at this current rate, it is projected that the government will spend about N1.7 trillion to subsidise electricity. The FG cannot afford that.”

On March 6, 2024, the International Monetary Fund (IMF) warned that continuation of fuel and electricity subsidy will cost Nigeria N2.33 trillion or three per cent of its Gross Domestic Product, GDP in 2024. The warning was given by the team led by Mr. Axel Schimmelpfennig, IMF Mission Chief for Nigeria that visited Lagos and Abuja, February 12–23, 2024, to hold discussions for the 2024 Article IV Consultations with Nigeria.

Last week, the Nigerian Electricity Regulatory Commission, NERC, has approved an increase of electricity tariff to N225 ($0.15) per kilowatt-hour from N68. The 300 percent hike took for urban consumers, also known as Band A consumers in the country took effect from April 1, 2024. In justifying the insensitive hike, the Minister of Power, Mr.
Adelabu said that government was subsidising 67 per cent of the cost of generating, transmitting and distributing power in Nigeria, amounting to over N3 trillion, which he put at 10 per cent of government total revenue.

From the foregoing, it is undoubtedly clear that the IMF and the Federal Government are juggling figures of electricity subsidy to blackmail and deceive the Nigerian people. Whereas the IMF claims that "fuel and electricity subsidy will cost Nigeria N2.33 trillion" in 2024, the Federal Government has given a subsidy figure of N3 trillion from the sum of N700 billion allegedly consumed by subsidy in 2023. Curiously, the Federal Ministry of Finance has failed to reconcile the conflicting figures being peddled around by the IMF and Ministry of Power.

Since the Buhari administration had stopped electricity subsidy in 2022, the Federal Government should institute a panel of inquiry to investigate the claim of the Minister of Power, Mr. Adebayo Adelabu that electricity subsidy for 2024 is N3 trillion. The inquiry is necessary as arrangements have been concluded by the Nigerian Electricity Regulatory Commission to further hike electricity tariffs under the pretext of removing subsidy from the sector. The panel should also inquire into the diversion of the N32 billion paid into the account of a private company account in 2003 for the supply of three million prepaid metres in the country.

The Federal Government has declared Tuesday and Wednesday, April 9 and 10, 2024, as public holidays to mark the Eid-el-Fitr celebration.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Sunday by the ministry’s permanent secretary, Aishetu Ndayako.

The minister congratulated all Muslims for the successful completion of the fasting in the holy month of Ramadan.

Tunji-Ojo called on them to imbibe and practise the virtues that entail kindness, love, tolerance, peace, good neighbourliness, and compassion, as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

The statement read, “The Federal Government of Nigeria has declared Tuesday, 9th and Wednesday, 10th April, 2024 as public holidays to mark Eid-el-Fitr celebration.

“The Minister of Interior, Dr. Olubunmi Tunji-Ojo, congratulates all Muslim Ummah for the successful completion of the fasting in the holy month of Ramadan.

“Tunji-Ojo calls on Muslim Ummmah to imbibe and practise the virtues that entails kindness, love, tolerance, peace, good neighbourliness, compassion as exemplified by the Holy Prophet Muhammad (Peace be upon Him).


“He urged Nigerians to continue in the spirit of unity in order to improve and achieve peace and oneness in the country.

“The minister wishes all Muslim Ummah a happy Eid-el-Fitr celebration and prays that the peace, blessings, and favour of Allah be with everyone and our great nation.”

…Tunde Rahman, Presidential aide, hails Onyema

…Private sector group rallies round Air Peace, urges FG to step up, protect national interest

Olisa Agbakoba, a senior advocate of Nigeria (SAN), has said that the Nigerian economy had begun to turn the corner for good.

Agbakoba pointed out that the economic activities of two prominent citizens were responsible for the feat so far recorded.

The Maritime lawyer noted that there may be signals the economy may be turning.

According to him, “Dangote refinery commenced sales of diesel, increasing supply and crashing prices significantly. Diesel prices dropped from about ₦1,700 per litre to around ₦1,350 per litre. This was just by pumping 100 million litres.

“Dangote plans to pump another 100 million litres. Diesel prices may dip below N1000. Dangote announced plans to begin sale of Premium Motor Spirit (PMS) by May. This will significantly bring down prices. Experts predict petrol prices to crash by at least 25 percent to N400.”

Also noting the positive role Allen Onyema’s Air Peace is playing in the aviation industry and the reaction of the forex market to the activities in that space, Agbakoba said: “With the support of Festus Keyamo, minister of Aviation, finally broke through the reciprocity barrier in aviation. Air Peace is now flying to the United Kingdom (UK). Ticket prices monopolised by British Airways and Virgin Atlantic crashed by at least 60percent.

“The forex market reacted to all these. The Naira strengthened against the dollar. Experts suggest the price of the dollar may well fall below ₦1000 in the coming months. If this trend continues, much-needed relief for Nigerians will occur. The Central Bank of Nigeria (CBN) may potentially review the Monetary Policy Rate (MPR) by Q4.”

The Senior Advocate also said: “It is notable that the turning points now witnessed in the economy, is the work of just two persons (Dangote and Onyema). Imagine what 10, 20 or 50 private sector individuals can do. This raises the issue of putting the private sector at the centre of economic development. Government must withdraw from business. We must move immediately from consumption to production. Q4, 2024, may look on the bright side but it is still early days.”

In a release he personally signed, ‘Is the Economy Beginning to Turn?’ Agbakoba noted that “Nigeria’s economy has gone through very challenging times over the past year. Inflation reached 28.92 percent in December 2023, the highest in 27 years. Food inflation rose to 33.93percent in December 2023.”

According to him, “the naira depreciated significantly, losing 25percent of value in a single day in June 2023 when the government removed pegging to the US dollar. This made imports much more expensive.

“Removal of fuel subsidies in May 2023 caused petrol prices to jump by 196percent practically overnight, from ₦189 to ₦557 per litre. Prices went through the roof!

“According to the World Bank, accelerating inflation pushed an additional 24 million Nigerians into poverty in the first five months of 2023. By late 2022, 63percent of Nigerians (133 million people) were considered multi-dimensionally poor.

“Major foreign companies like Procter & Gamble, GSK, and Bayer stopped manufacturing and scaled back operations in Nigeria, due to tough operating environment. This resulted in massive job losses.”

 

BusinessDaySunday gathered that it was not only Agbakoba that has noticed the positive things going on at Air Peace.

Emulate Allen Onyema, Tunde Rahman counsels

In his tribute recently during the 72-birthday anniversary of President Bola Ahmed Tinubu, Tunde Rahman, a senior presidential aide, had noted that: “It has become compelling that as citizens, we must continue to play our part. The example of Lawyer and Businessman, Allen Onyeama’s Air Peace and its gallant intervention, which helped to crash the airfares on the lucrative Lagos-London route, is there for all of us to emulate.”

At a meeting of private sector operators a few days ago, an ample time was voted to discuss the Air Peace exploits. Participants were unanimous that the Nigerian government must do whatever it would take to support the airline.

An elated member of the group said: “This thing is war. We should be clear-eyed about this and know that Nigeria (not just Air Peace) simply cannot afford to lose. Let us not be deceived into thinking this is only about an airline flying to London.

“The aviation business is cut-throat and governments play very deeply in it. Just look at the history of Boeing, Airbus, Emirates, BA, Pan-Am, Delta, United, Singapore Airlines, Ethiopian, etc. We need to win this fight. The FG must step up and protect our national interest without fear or equivocation.”

All the members at the meeting were in agreement that, “this is a National battle for existential survival, not just for the traveling Nigerians, but for our image, honour and reputation.”

In summary, the chairman of the meeting, admonished: “On the commercial/business side of the battle, we all need a DELIBERATE plan to fly Nigeria in this case.

“This is enlightened self-interest. When we have done our bit and Air Peace does not deliver, then we can turn our angst on them.

“This goes beyond Air Peace and aviation – this might be the catalyst to make us take: Buy Nigeria; Use Nigeria; Wear Nigeria; Drive Nigeria, Eat Nigeria, etc, more seriously.”

[BusinessDay]