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President Tinubu Orders Customs To Sell Seized Food Items To Nigerians

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The Comptroller General of Customs and Excise, Adewale Adeniyi, has said President Bola Tinubu gave orders for seized food items to be sold to vulnerable Nigerians to address hunger across the country.

Adeniyi disclosed this on Tuesday on the floor of the House of Representatives during the sectoral debate series, which also had in attendance the Minister of Agriculture and Food Security, Abubakar Kyari.

According to Mr Adeniyi, President Bola Tinubu gave the directive that food items produced in Nigeria and seized at the Nigerian land borders, be sold directly to vulnerable Nigerians to ease the challenge of hunger in the country.

He said, “Mr President has directed that we sell directly to needy Nigerians food items produced locally but which were seized. This is one of the ways to address hunger and food scarcity we are facing. We have started this in Lagos.

“Also, the President has also directed that imported food items seized by the Nigeria Customs Service should be sold back to the local markets for resale to Nigerians,” he said

Ghana Central Bank suspends FX trading licences of Nigerian bank's over malpractices

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Bank of Ghana suspends GTB, FirstBank's forex licences

The Bank of Ghana has imposed a one month suspension on the foreign exchange trading licences of the Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), due to malpractices including fraudulent documentation.

In a statement announcing the suspension, Bank of Ghana said: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.

“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.”

Implement cash transfer programme before addressing fuel, electricity subsidies - IMF tells FG:

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The N25,000 Conditional Cash Transfer

The International Monetary Fund (IMF) has emphasised the need for the Nigerian government to prioritise the full implementation of its cash transfer program to aid vulnerable households.

This step is crucial before the government takes on the task of revaluating the costly fuel and electricity subsidies.

According to the IMF, the established social safety net programme, designed to disburse cash transfers to the poor and vulnerable, needs to be operational to its fullest capacity. This approach ensures that the economically vulnerable segments of the population remain shielded as the government contemplates adjustments to the existing fuel and electricity subsidy framework.

This recommendation emerged in the backdrop of concerns raised by the IMF over the fiscal burdens emanating from the current practice of subsidising fuel and electricity in a statement following a recent visit by an IMF team led by Axel Schimmelpfennig, the IMF mission chief for Nigeria.

According to the statement, the continuation of capping fuel pump prices and electricity tariffs below their recovery costs could lead Nigeria to incur fiscal costs of up to 3% of its Gross Domestic Product (GDP) in 2024.

This visit, part of the 2024 Article IV Consultations, saw the team engage in discussions with key Nigerian officials in Lagos and Abuja from February 12 to February 23, 2024.

The statement read partly:

“Recent improvements in revenue collection and oil production are encouraging. Nigeria’s low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.
“Non-oil revenue collection improved by 0.8% of GDP in 2023, helped by naira depreciation. Oil production reached 1.65 million barrels per day in January as the result of enhanced security. The capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of up to 3% of GDP in 2024.
“The recently approved targeted social safety net program that will provide cash transfers to vulnerable households needs to be fully implemented before the government can address costly, implicit fuel and electricity subsidies in a manner that will ensure low-income households are protected.”

3.2% GDP growth in 2024

The IMF notes that despite Nigeria’s economy showing signs of growth in the fourth quarter of 2023, with a GDP growth of 2.8%, this growth barely keeps pace with population dynamics.

The Fund further projects an improvement in GDP growth to 3.2% in 2024, supported by increased oil production and anticipated better harvests. However, challenges such as high inflation, a weakening naira, and the need for tighter monetary policies are expected to pose significant headwinds.

On food security and social protection

During its visit, the IMF team praised the Nigerian government’s efforts in addressing food insecurity, which affects approximately 8% of the population.

The team also acknowledged the approval of a targeted social safety net programme intended to provide cash transfers to vulnerable households. This initiative, coupled with improvements in revenue collection and oil production, is seen as a positive step towards stabilising the economy.

However, the IMF emphasised the urgent need for Nigeria to address the financial implications of fuel and electricity subsidies. The Fund suggested that before tackling these costly subsidies, the recently approved social safety net program must be fully implemented to protect low-income households effectively.

On MPR

The IMF also applauded the decision of the Monetary Policy Committee (MPC) to tighten monetary policy further by increasing the policy rate by 400 basis points to 22.75%.

This move, aimed at containing inflation, which had hit 29.9% year-on-year in January 2024, and alleviating pressure on the naira, represents a total tightening of 1,025 basis points since May 2022.

More Insights

The elimination of fuel subsidies and other recent policies have had a disproportionate impact on Nigeria’s poor and vulnerable, who stand to benefit greatly from a monthly cash transfer system.
The World Bank earlier said that cash transfers can help save Nigerians from intergenerational poverty traps as inflation and low economic growth adversely affect the poor.
President Bola Tinubu launched a social safety net programme last year that will distribute N25,000 to 15 million homes for three months in observance of the 2023 International Day for the Eradication of Poverty.
The Federal Ministry of Humanitarian Affairs and Poverty Alleviation is tasked with carrying out the $800 million World Bank loan project.
However, the Federal Government had to suspend the cash transfer programme for further investigation and revamping following alleged misappropriations within the programme.
Betta Edu was earlier suspended as a humanitarian affairs minister due to the misappropriation of N585 million earmarked for palliative distribution.
Also, Edu’s predecessor, Sadiya Umar-Farouq, is being investigated by the EFCC. The ex-minister is being probed over an alleged laundering of N37.1 billion during her tenure as a minister.
The Federal Government recently said that it has revamped its cash transfer programme to combat fraud, with immediate implementation of direct payments.

Corruption: Lawyers seek reduction of CJN’s powers

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Lawyers, including two Senior Advocates of Nigeria (SAN), have called for the reduction of the powers of the Chief Justice of Nigeria (CJN) to accountability and public confidence in the nation’s judicial process.

They expressed concern that the increasing challenge of accountability, lack of transparency, and corruption among others, contribute to the dwindling public confidence in the judicial process.

These were part of the key issues that dominated discussions at a conference on accountability in the Judiciary held in Abuja on March 1.

Among the conferees were Jibrin Okutrpa (SAN), Adamson Adeboro (SAN), Mbasekei Martin Obono (the Coordinator of Tap Initiative), Victoria Benson, and Lillian Okenwa.

The event, with the theme: “Impact of judicial accountability on democratic Resilience and public trust in the legal system” was organised by Tap Initiative, with the support of Open Society Foundations.

In a communique made available on March 4, the conferees were of the view that the duty to restore the trust of the common man in the Judiciary rests on every member of the profession starting with the Judges and especially the heads of courts.

They urged the Judiciary to take urgent steps to improve transparency within its governance processes especially the appointment of judges.

The conference participants recommended that the office of the CJN should be unbundled especially as chairman of the National Judicial Council (NJC), Federal Judicial Service Commission (FJSC), National Judicial Institute (NJI), and Legal Practitioners Privileges Committee (LPPC).

The conference equally recommended that the conversations will continue and that all Nigerians will make their voice heard and the judiciary would listen and not take the calls for accountability as a challenge to its authority but rather as an opportunity to win public trust again.

They stressed the need to strengthen the integrity requirement of the appointment of judges and make it more transparent.

The conference participants also called for the strengthening of the NJC to hold judicial officers accountable.

They added: “The code of ethics for judicial officers by the NJC needs no review but proper political will by the CJN to investigate and sanction erring judicial officers.”

The participants and discussants suggested that the conference should be made periodic to review the state of accountability in Nigeria’s judiciary.

CBN warns Nigeria, others on New Debt Risks

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The Central Bank of Nigeria (CBN) has issued a warning message to Nigeria and other West African nations regarding trends in borrowing practices.
Traditionally, nations often relied on loans from the Paris Club, a group of creditor countries.

However, the CBN has observed a significant shift towards borrowing from non-Paris Club members and private lenders, such as banks and investors who buy government bonds.

The West African Institute for Financial and Economic Management (WAIFEM) has warned that Nigeria is at a high risk of falling into debt distress and urged the federal government to look for ways of improving revenue generation.

Governor of the CBN, Yemi Cardoso, gave the warning in Abuja at the Joint World Bank/IMF/WAIFEM Regional Training on Medium Term Debt Management Strategy in Abuja on Monday, March 4.

Represented by Dr. Mohammed Musa Tumala, Director of the Monetary Policy Department of the CBN, Cardoso noted that while this change in who countries owe money to might seem like a minor detail, he emphasized that it is a critical development with serious implications.

He argued that the way countries manage debt owed to the Paris Club may not be as effective for these new lenders. Cardoso expressed concern that this new debt landscape could pose a threat to financial stability and economic recovery for many countries.

According to the CBN Governor, “Public debt dynamics are increasingly influenced by significant debt servicing obligations to non-Paris Club members and private lenders, including commercial banks and bond investors. This shift in the debt structure represents a critical evolution in the global financial framework, with profound ramifications for public debt management in our countries.

Cardoso stated that recent events like the COVID-19 pandemic, geopolitical conflicts, and natural disasters have put a strain on many countries’ finances, making them more likely to seek loans from diverse sources. However, these non-traditional lenders might come with stricter repayment terms and potentially higher risks compared to Paris Club loans.

“Following the COVID-19 pandemic, along with other developments such as geopolitical conflicts and natural disasters, the financial strain on our sub-region has escalated, posing a threat to their macroeconomic and financial stability and prospects for faster recovery,” he said.

Nigeria, despite being classified as having generally moderate debt risk, the CBN urged the federal government to remain cautious, particularly regarding potential liquidity risks. These risks, if not addressed effectively, could stem from weak revenue mobilization, a persistent challenge hindering debt sustainability and economic stability.

What the CBN is saying is that while Nigeria’s overall debt risk is considered moderate, the country still needs to be careful about its ability to pay back its loans (liquidity risk). This risk could become a problem if the government doesn’t collect enough revenue (money) in the future.

Dr. Baba Yusuf Musa, Director General of the West African Institute for Financial and Economic Management (WAIFEM) told journalists: “When you compare Nigeria with the rest of the world or peer countries, you realize that with the 37 percent debt to GDP ratio, we still have room to borrow but the issue with the Nigerian debt is you don’t use GDP to pay debts rather you use the revenue to pay for any debt”

He added: “If you look at it from the revenue side Nigeria is at a high risk of debt distress in terms of our borrowing so what we need to do now is to step up our capacity to generate revenue, the more revenue we have, the less ratio of debt to revenue we have.”

WAIFEM, he said, is “very much in support of what the federal government is doing because there is a window for the government to raise more revenue, all that the people need to do is to support the federal government diversify the sources of revenue and of course generate more sources of revenue, once we have this we don’t really have debt problem but rather revenue problem

Musa said: “What the Medium Term Debt Strategy (MTDS) does is that it smoothens the debt service so that going forward when borrowing, you take into consideration the redemption profile that you have and the type of loans that you have in your existing portfolio and then it will enable you also to minimize the cost and risk the future loans will add to the debt portfolio.”

Tinubu seeks global partners’ support in Africa’s battle against arms proliferation

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President Bola Ahmed Tinubu yesterday tasked global partners to stand with Africa in its fight against growing and socio-political crisis springing up on the continent.

He gave the task at the opening of a summit on African Regional Dialogue of the Future titled: “The Africa we want and the UN we need” in Abuja.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the President expressed concern over the rising threat of terrorism, insurgency and military intrusions in governance across Africa, particularly in West Africa,

He, however, pressed the African Union (AU) and the United Nations (UN) to devise innovative strategies to halt the flow of arms and light weapons into the continent.

Tinubu said: “As part of our collective response to these challenges which have grave global implications, may I urge the participants to find innovative and cost-effective strategies by which the African Union would collaborate with the United Nations and the international community to stem the tide of the proliferation of arms and light weapons into Africa, end terrorism and resurgent insurgency and to check the retrogressive return of the military in governance in Africa.”

The president commended the efforts of the Savannah Centre for Diplomacy, Democracy and Development and the Stimson Centre for organising the high-level Regional Dialogue, highlighting the global call for reform and democratisation of the UN System.

“The wide support by many reputable international Civil Society Organisations and research institutions…speaks the minds of honest and progressive global citizens,” he noted, emphasising the collective desire to improve global governance through multilateralism”, Tinubu said.

[TheNation]

Approach Zimbabwe for solution to inflation, Obasanjo tells FG

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Former President Olusegun Obasanjo, on Monday, advised that Nigeria should approach the government of Zimbabwe for a solution to the current all-time high inflation in the country.

He noted that since Zimbabwe was recently confronted with the same problem and came out of it, the southern African country would have useful advice for Nigeria.

In its latest release, the National Bureau of Statistics put Nigeria’s inflation at 29.9 per-cent.

The country is currently grappling with high cost of living, with pockets of protests breaking out across the country as Nigerians contend with increasing prices of foodstuffs.

Obasanjo, speaking on Monday at a youth leadership symposium as part of activities lined up for his 87th birthday, said Nigeria had Zimbabwe to learn from.

The symposium with the theme “Opportunities for Peace: Roles of the Youths in Conflict Prevention in Africa” held at the Olusegun Obasanjo Presidential Library, Abeokuta.

It was put together by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

The ex-President said the times of challenges were not to give up but to face the problem head-on and draw lessons from those who encountered similar problems in the past and overcame.

He said, “When the time is rough and tough, the tough must get going..no problem is new and no problem will be permanent. Committing suicide is not the end of any problem, confront it and take it to God because he could do anything. When you have a problem look at those who have had this problem before and how they overcame it

“We have this problem of galloping inflation in the country now but do we have a country with such problems recently? Yes we do, Zimbabwe had this problem recently. Shouldn’t we ask them how they did it even if our approach will be different? Even if whatever we shall be doing will be different but we can ask questions to navigate our way out.”

Obasanjo also posited that dialogue, not guns or any form of violence, would help resolve the various conflicts on the African continent.

He said that like never before, conscious efforts to build and inculcate a culture of peace and security in the youth must be intensified to spur them to be at the vanguard of promoting peace rather than being used to perpetrate violence on the continent.

He said, “We must begin to bring up our youths in the culture of peace and security. The chances are where we have a culture of love, we will have peace. The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have a life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness. All of these attributes are professed by God and He shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be a problem.”

He referenced biblical characters Esther, “who was able to secure her race from being exterminated,” and Joseph, “who helped to fight famine.”

“The youth must be at the vanguard of pursuing peace. They must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink. The way out is conversation and dialogue.

“We have had our issues here during the civil war. We killed ourselves mercilessly and destroyed our best facilities but we still came back to the roundtable to get the challenge resolved.

“Youths must develop the culture of peace, the culture of humaneness, the culture of living the way God wants us to live,” Obasanjo added.

The coordinator of the programme and former Executive Secretary of the National Universities Commission, Prof Peter Okebukola, said the essence of the symposium was to further drive home Obasanjo’s commitment to the African youths.

Okebukola, who is the Director of the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library, said, “This event is a testament to the belief that it is not enough to grant young people a seat at the table; their involvement must be vital and meaningful.

“Through targeted interventions, inclusive policies, and international collaboration, we aim to empower West African youths as catalysts for positive change, paving the way for a more peaceful and harmonious society.”

[Punch]

Corporate Nigeria shuts down Lagos for Wigwe

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Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.

In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.

Wigwe, 57 years old, who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.

Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.

Dangote

In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.

Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.

Dangote described the late Herbert as a visionary role model with courage second to none.

“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.

Dangote also disclosed plans to immotalise the late banker by naming the road to the Dangote Refinery as Herbert Wigwe road.

Adesina

AfDB President, Adesina Akinwunmi, in his tribute said: ‘’Herbert Wigwe brought pride to Nigeria and to Africa.

“He was relentless, determined, bold, visionary, inspiring, with exceptional drive for excellence. Everything he touched became gold

“Herbert is a bankers banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”

Aig-Imoukhuede

The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.

Edun

Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.

“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.

Sanwo-Olu

Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.

“Herbert led from the front during the difficult period of COVID 19.

Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.

Gov Abiodun

Herbert believed in Nigeria—Dapo Abiodun

Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria

“Herbert believed in Nigeria. He did everything to support Nigeria. He was intelligent, bold and lived two lifetimes in one.”

Cardoso

CBN Governor, Olayemi Cardoso described late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access Bank into one of Nigeria’s foremost financial institutions.

I spoke with Herbert 2 weeks before he died —Agbaje

Agbaje

The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.

Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being.

‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother.

‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.

He came to my house to talk about his obsession which was his university.”

Banks now borrow more from CBN to shore up cash position

Amidst sustained liquidity

mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.

CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.

The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.

This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.

One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.

Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.

In their Banking Sector update report for March, analysts at Cardinal Stone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).

“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.

“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.

“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.

“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”

[Vanguard]

IGP bans use of POS in Police stations

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Kayode Egbetokun, the Inspector-General of Police (IGP) banned the use of Point-of-Sale (POS) terminal machines and other mobile money transaction devices within police stations and facilities nationwide.

In a statement issued by Olumuyiwa Adejobi, the Force Public Relations Officer, the NPF cited public concerns regarding alleged illicit transactions and collusion between POS operators and certain police personnel as the rationale behind the ban.

Adejobi highlighted that despite previous directives, some commands and formations within the NPF have persisted in flouting the regulation, necessitating the reiteration of the ban to safeguard the security and integrity of police operations.

The use of payment devices within police premises, according to the statement, poses inherent risks, including the compromise of sensitive information and the facilitation of illicit activities.

The statement reads, “The Nigeria Police Force, following public outcry on alleged illegal and illicit transactions through point-of-sale (POS) machine operators and connivance with certain police operatives, hereby reiterates the ban on the utilisation of POS machines and other electronic mobile money transaction devices within police stations and other police facilities nationwide.”

“Despite previous directives, it has come to the attention of the Force leadership that some commands and formations continue to flout this regulation. As such, the IGP warns that any violation of this ban will attract severe sanctions on the leadership of the affected commands and formations.”

“The IG noted that the use of electronic payment devices within police facilities poses significant risks, including the potential compromise of sensitive information, financial irregularities, and the facilitation of illicit activities, therefore, strict adherence to this directive is non-negotiable.”

The FPRO stressed the importance of officials adhering to the directive.

He cautioned that any breach by officers or POS operators would result in “severe sanctions” imposed on the leadership of the affected Formations or Commands.

“The IG urges all officers and personnel to comply with this directive without exception. He warns that any police officer or POS operator found contravening this order or colluding in illicit financial transactions will face appropriate disciplinary and criminal action in accordance with existing laws and regulations. The Command/Formation leadership will equally be held accountable,” he emphasised.

[Businessday]

Obasanjo: Dialogue, not violence, will resolve conflicts in Africa

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Former President Olusegun Obasanjo says only dialogue without any form of violence, will help resolve conflicts in Africa.

Obasanjo spoke in Abeokuta, the Ogun state capital, on Monday at a youth leadership symposium organised as part of activities to mark his 87th birthday which comes up on March 5.

The symposium was titled “Opportunities for peace: Roles of the youths in conflict prevention in Africa”.

The former president said efforts to inculcate a culture of peace and security in the youth must be intensified.

He noted that such efforts would spur young people to be at the forefront of promoting peace rather than being used to perpetrate violence.

“We must begin to bring up our youths in the culture of peace and security. The chances are where we have culture of love, we will have peace,” Obasanjo said.

“The first thing to do is to inculcate in the youths the ingredients of peace which is love and fellowship.

“Look at the attributes that God gave us to have life of stability, life of peace, they are as I mentioned, kindness, mercy and forgiveness.

“All of these attributes are professed by God and he shared same with us to make life pleasant for us. But when we build negative attitudes, pull him down, then there will be problems.

“The youth must be at the vanguard of pursuing peace, they must be able to persuade those who believe that gun and violence is the way out of conflicts to have a rethink, the way out is conversation and dialogue.

“We have had our issues here during the civil war; we killed ourselves mercilessly, destroyed our best facilities but we still came back to the roundtable to get the challenges resolved.”

The programme was organised by the Centre for Human Security and Dialogue in collaboration with the Institute for African Culture and International Understanding, Olusegun Obasanjo Presidential Library.

Peter Okebukola, former executive secretary of the Nationa Universities Commission (NUC}, emphasised Obasanjo’s commitment to African youths’ pivotal role in achieving peace across the continent.

[TheCable]

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France becomes first country to make abortion a constitutional right

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French lawmakers approved a bill that will enshrine a woman’s right to an abortion in the French Constitution during a historic joint session of parliament in at the Palace of Versailles on Monday.

The bill was approved in an overwhelming 780-72 vote, and nearly the entire joint session stood in a long standing ovation.

There were jubilant scenes of celebrations all over France as women’s rights activists hailed the measure promised by President Emmanuel Macron following a rollback of abortion rights in court rulings in the United States.

Both houses of parliament, the National Assembly and the Senate, have already adopted a bill to amend Article 34 of the French Constitution to specify a woman’s right to an abortion is guaranteed.

Image: MPs and senators applaud after the French parliament voted to anchor the right to abortion in the country's constitution — MPs and senators applaud after the French parliament voted to anchor the right to abortion in the country's constitution, in Versailles, on Monday.Emmanuel Dunand / AFP - Getty Images

In the lead up to the historic vote, Prime Minister Gabriel Attal addressed the 925 lawmakers gathered for the joint session in Versailles, and called on them to make France a leader in women’s rights and set an example in defense of women’s rights for countries around the world.

“We have a moral debt to women,” Attal said. He paid tribute to Simone Veil, a prominent legislator, former health minister and key feminist who in 1975 championed the bill that decriminalized abortion in France.

“We have a chance to change history,” Attal said in a moving and determined speech. “Make Simone Veil proud,” he said to a standing ovation.

The lower house of parliament, the National Assembly, overwhelmingly approved the proposal in January. The Senate adopted the bill on Wednesday, clearing a key hurdle for legislation promised by Macron’s government, intended to make “a woman’s right to have an abortion irreversible.”

The measure must be approved by a three-fifths majority in the joint session.

None of France’s major political parties represented in parliament have questioned the right to abortion, including Marine Le Pen’s far-right National Rally party and the conservative Republicans. However, some lawmakers have voted against inscribing abortion right into the constitution in previous votes in both houses.

Le Pen, who won a record number of seats in the National Assembly two years ago, said on Monday that her party will vote in favor of the bill but added that “there is no need to make this a historic day.”

The right to an abortion has broad support among the French public. A recent poll showed support at over 80%, consistent with previous surveys. The same poll also showed that a solid majority of people are in favor of enshrining it in the constitution.

Sarah Durocher, a leader in the Family Planning movement, said Monday’s vote is “a victory for feminists and a defeat for the anti-choice activists.”

With the right to an abortion added to the constitution, it will be much harder to prevent women from voluntarily terminating a pregnancy in France, women’s rights and equality activists said.

Image: Women hold flags of the "Fondation des Femmes" women's rights group and clench their fists as they gather at the Place du Trocadero in Paris — Women hold flags of the "Fondation des Femmes" women's rights group and clench their fists as they gather at the Place du Trocadero in Paris, on Monday.Dimitar Dilkoff / AFP - Getty Images

“We increased the level of protection to this fundamental right,” said Anne-Cécile Mailfert of the Women’s Foundation. “It’s a guarantee for women today and in the future to have the right to abort in France.”

The government argued in its introduction to the bill that the right to abortion is threatened in the United States, where the Supreme Court in 2022 overturned a 50-year-old ruling that used to guarantee it.

“Unfortunately, this event is not isolated: in many countries, even in Europe, there are currents of opinion that seek to hinder at any cost the freedom of women to terminate their pregnancy if they wish,” the introduction to the French legislation says.

Amending the constitution is a laborious process and a rare event in France. Since it was enacted in 1958, the French Constitution has been amended 17 times. The last time was in 2008, when parliament was awarded more powers and French citizens were granted the right to bring their grievances to the Constitutional Court.

[TheCable]

Reps Seek Arrest of Binance Executives Over Financial Fraud, Terrorism Funding

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The House of Representatives’ Committee on Financial Crimes has recommended that the parliament should evoke its powers to subpoena and arrest top executives of Binance Holdings Limited for financial infractions and terrorism financing.

The Reps committee made the call against the failure of Binance to appear for the public hearing organised by the panel.

The call was sequel to non-appearance on Monday, of the company over allegations bothering on terrorism financing, money laundry, tax invasion and other crimes at the committee’s public hearing.

The Chairman of the Committee, Hon. Obinna Ginger lamented the non-appearance of the Chief Executive of Binance Holding limited, Mr Richard Teng, after many invitations.
The Committee had in a letter dated 12 December, 2023 summoned Tang to appear at the public hearing.

The Committee got infuriated with Binance disregard of the invitation and failure to send legal representatives to the public hearing.

Ginger said the committee will be forced to recommend the arrest Binance executives to the House over its failure to appear before the it.

“As long as the Committee is concerned, Binance is not at this meeting, because we have said it severally that we do not want representation by lawyers but that the chief executives should appear before us.

“Binance is not here.We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.

“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations leveled against them in the petitions brought to us by the Empowerment for Unemployed Youths Initiatives and Niger Delta youths Council.

“This Committee has resolved to recommend to the House to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this Committee to answer these questions relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax,” Ginger said.

Counsel to Binance, Senator Ihenyen who appeared for the company pleaded with the Committee to give the firm ample time to appear before it.

Ihenyen disclosed that two of the company’s executives that arrived the country for the meeting were arrested by the Office of the National Security Adviser.

“Following the arrest of two executive, other persons could not come into Nigeria because they are afraid of arrest too.

“Binance has responded appropriately to the demands of the Committee and as our client, we are pleading that this honorable committee consider taking the report,” he said.

Trump To Remain On Presidential Ballot, US Supreme Court Rules

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Supreme Court: Insurrection Clause Doesn't Bar Trump From Presidential Ballot | National News | U.S. News

It was a massive relief for former United States President Donald Trump as the US Supreme Court, on Monday, ruled that efforts by independent states to bar him from the presidential ballot as a candidate in the November election cannot stand.

Justices unanimously overruled Colorado’s decision to disqualify Trump from the Republican primary ballot following an anti-insurrection clause in the US Constitution to ban Trump, cited by the Colorado judges.

Similar attempts have been made in Illinois and Maine, citing Section 3 of the 14th Amendment that bans anyone who has “engaged in insurrection or rebellion” from office.

The Colorado ruling was predicated on Trump’s actions around the January 6 attack on the Capitol by his supporters. However, in their Monday decision, the Supreme justices ruled that only Congress has the power to enforce the provision, not states.

On Tuesday Republican voters in Colorado and more than a dozen other states will go to the polls to pick the party’s presidential nominee.

Trump has already demonstrated his capacity to win the Republican Presidential ticket, having won in important states that already voted.

Buhari left poor economy for Tinubu — PDP Gov Muftwang laments

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Governor Caleb Mutfwang of Plateau State said former President Muhammadu Buhari left a poor economy for President Bola Tinubu.

Muftwang stated this while speaking during the swearing-in of 22 Special Advisers and heads of other government agencies appointed by his administration on Monday.

The governor lamented that the economic hardship being faced by Nigerians should be blamed on the last administration.

He noted that President Bola Tinubu inherited the worst-performing economy in Nigeria from Buhari since the country started its democratic experiment in 1999.

Muftwang said, “We are at a very difficult juncture in the history of this country and I’m an advocate that after the election you forget politics and face governance.

“And even though the Federal Government is being led by a party other than my own, I owe you the duty to tell Nigerians the truth that this government inherited a worse situation than 1999.

“This government inherited an economy where we simply printed money up to the tune of N30 trillion and shared. This government inherited an economy where the crude oil we’re yet to take out of the ground has been sold in advance.

“So when you’re talking about the fall of the naira, it’s not rocket time. We sold our future under the last administration. No wonder you’re hearing of riots today, people intercepting food on the way. We are lucky on the plateau that perhaps we have more food than many other states.

“And I pray that the time will not come on the Plateau that we will see this kind of riot for food, but it means we must roll over our sleeves and get to work. And that is why, for us as a government, when we announced one of the positions that talked about Food Security, people were laughing but it is a serious issue.”

The governor announced plans by his administration to set up a special agro-processing zone in Barkin Ladi LGA in partnership with the African Development Bank to the tune of 300m dollars.

He called on the new appointees to brace up to the challenge to enable his administration to reverse the ugly situation for the good of the people.

The governor added “And to tell you that some of the appointees, I don’t know them, but because we want to get things done, we’re looking for the right people. Some of them were just introduced to me barely a week or two before the appointment.

“But because we became persuaded that they had the requisite CV to fit into the position we are looking for, we took them on board. And we are confident that with their coming on board, they will add value to governance. So the most critical part for all the advisers is that you must go and look for money.

“This is a serious matter. There’s no money to share. You must put on your thinking cap and help us where we can source for funds. Some of the funds will be used for investment and development so that we can generate wealth.

“Those of you in charge of the constituencies are to step down whatever government is doing to your constituencies so that together we can move as a people.

“We have suffered enough distraction. You know of the bloodshed on the plateau. The time is now to say enough of it at all.”