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Tinubu signs bill to increase salaries of ALL judicial officers by 300%

Tinubu signs bill to increase salaries of ALL judicial officers by 300%

President Bola Tinubu has signed into law a bill seeking to increase the salaries and allowances of judges in the country by 300 percent.

The judicial office holders’ salaries and allowances bill, which was passed by the senate  in June, will allow the chief justice of Nigeria (CJN) to earn N64 million annually.

In a statement on Tuesday, Basheer Lado, special adviser to the president on senate matters, said Tinubu’s signing of the bill marks his “unwavering commitment” to the welfare of Nigeria’s workforce.

“This extraordinary move underscores Mr President’s absolute prioritization of the welfare of Nigerian workers above all else just like he did when he recently put on hold an ongoing Federal Executive Council meeting to assent to the new National Minimum Wage Bill of N70,000,” Lado said.

“In a demonstration of his visionary leadership and deep compassion for the Nigerian people, His Excellency President Bola Ahmed Tinubu GCON has once again affirmed his unwavering commitment to the welfare of the nation’s workforce by assenting to the revised Salaries and Allowances for Judicial Office Holders.

 

“This landmark decision reflects Mr. President’s profound dedication to ensuring that every salary earner in Nigeria, especially those serving in vital and strategic roles, receives the recognition and compensation they deserve.

“By prioritizing the financial well-being of our judicial officers, Mr. President is not only reinforcing the integrity of our justice system but also setting a new standard for leadership that truly values the hard work and sacrifices of all Nigerian workers.

 

“Under President Tinubu’s administration, the welfare of our workers has become a central pillar of national progress.

“His visionary policies continue to uplift the lives of millions, ensuring that the dignity of labour is upheld, and that those who serve our nation are justly rewarded.

 

“This assent is a clear testament to Mr. President’s tireless efforts to build a more prosperous and equitable Nigeria, where every worker is empowered to contribute to the nation’s greatness.

“As we look to the future with hope and determination, Mr. President remains steadfast in his mission to champion initiatives that deliver fair compensation, improved working conditions, and a brighter future for all Nigerians.”

 

Lado lauded Godswill Akpabio, president of the senate, and Tajudeen Abbas, speaker of the house of representatives, for their “patriotic commitment” to improving the welfare of Nigerians.

“The judiciary remains the hope of the common man and it is hoped that Nigerians seeking justice get it irrespective of their status in life,” he added.

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Bank directors ask FG to reconsider windfall tax, say it’s ‘excessive burden’

Bank directors ask FG to reconsider windfall tax, say it’s ‘excessive burden’

The Bank Directors Association of Nigeria (BDAN) has called on the federal government to reconsider the recently imposed 70 percent windfall tax on banks’ earnings from foreign exchange transactions.

On July 17, the national assembly said President Bola Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 percent on banks’ FX gains last year.

Tinubu said the windfall tax will be used to finance infrastructure projects, education and healthcare, among others.

The national assembly passed the bill on Tuesday and increased the windfall tax to 70 percent, with retroactive application from January 1, 2023.

The windfall tax has raised several concerns in the banking sector, particularly regarding its timing and potential impact on ongoing recapitalisation efforts — but Femi Otedola and Tony Elumelu backed the decision.

In a statement on Monday, Mustafa Chike-Obi, chairman of BDAN, described the levy as, “excessively burdensome and ill-timed”.

 

Chike-Obi, who is also the chairperson of Fidelity Bank, said the high tax rate could stifle growth and innovation within the banking industry, ultimately affecting the quality of financial services available to customers and the broader economy.

 

He also said there was a need for greater consultation and dialogue between the government and stakeholders in the banking sector before enacting such significant changes.

“We, the Bank Directors Association of Nigeria (LTD/GTE) wish to formally address the recent imposition of a 70 per cent levy on the profits realised from foreign exchange transactions by banks for the financial years 2023 to 2025,” he said.

“We acknowledge and respect the intentions of the government in implementing this decision; however, we feel it is essential to express our concerns regarding the magnitude of the levy, its timing and the ambiguities surrounding its implementation. 

“While the imposition of this windfall tax appears to be a response to the current economic climate, we suggest that a 70 per cent tax rate is excessively burdensome and ill-timed, particularly considering the ongoing bank recapitalisation efforts.

 

“Such a high levy has the potential to stifle growth and innovation within the banking sector; ultimately affecting the quality of services we provide to our customers and the broader economy.

“Moreover, we believe that it is vital for all stakeholders in the banking sector to have been consulted prior to the enactment of such significant changes in the Finance Act 2023. Open dialogue and negotiation are essential to ensure that policies are both equitable and effective.

“A primary concern lies in the ambiguities of the language in this amendment which leave critical questions unanswered. Such as, whether the windfall tax will be implemented as a Total Tax charge on banks, incorporating other taxes already levied such as Company Income tax, Tertiary Education Tax, National Information Development Levy (NITDL), etc.” 

The BDAN also asked that clarifications on what constitutes “FX transactions” to be taxed and the treatment of banks that may incur losses rather than gains during this period should be provided.

 

“We urge the government to provide clear guidelines on this matter to avoid further uncertainty,” the association added.

 

‘BANKS ARE HEAVILY TAXED’

 

The association also stressed that Nigerian banks are already among the most heavily taxed globally, citing the existing Asset Management Corporation of Nigeria (AMCON) levy imposed on total bank assets. 

BDAN urged the government to consider consolidating all taxes and levies on banks in the future to alleviate the sector’s tax burden.

 

“It would also be critical to reassure the banking community that future levies and taxes will not be arbitrarily imposed,” the association said.

“In view of these concerns, we respectfully urge the national assembly to revisit this amendment and engage in constructive discussions with stakeholders in the banking sector.

 

“By collaborating, we can develop a framework that effectively balances the need for revenue generation with the imperative of fostering a thriving banking environment that supports sustainable economic growth.”

The association said it remains committed to supporting and collaborating with regulators, government entities, and other stakeholders to find solutions that benefit all parties involved.

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Binance: My Husband Needs Surgery, May Not Walk Again - Gambaryan’s Wife Cries out

Binance: My Husband Needs Surgery, May Not Walk Again - Gambaryan’s Wife Cries out

Yuki Gambaryan, wife of the Binance Executive detained in Nigeria, Tigran Gambaryan, on Monday, raised the alarm over the state of her husband’s health, which according to her has continued to deteriorate in custody.

Gambaryan was one of two Binance executives arrested on arrival in the country on February 26, 2024, after being accused of money laundering through their platform.

The Federal Government also accused Binance of tax evasion, operating without licence and regulatory compliance.

Gambaryan’s colleague, Nadeem Anjarwalla, the regional manager for Binance in Africa on March 24, escaped from custody using a smuggled passport.

In a statement on Monday, Yuki Gambaryan said her husband’s health has continued to get worse as he is unable to access proper medical care, adding that he might require surgery or risk not walking again.

Gambaryan collapsed in court on May 23, 2024, leading to an order by the court for a medical checkup to determine the true state of his health.

Justice Emeka Nwite of the Federal High Court, Abuja had on July 16, 2024 issued a bench warrant on the medical doctor at the Kuje Correctional facility, to appear before him to provide Gambaryan’s records after his counsel, Mark Mordi, said his test results were still being withheld despite court directive.

Yuki in her statement released by Binance spokesperson, Monique Thompson, said her husband has failed to improve adding that he faces risk if his health is not given special attention.

She said her husband who used to be very strong was wheeled into the court room and little or nothing has been done to ensure he returned to perfect health.

 

Yuki said Gambaryan has a herniated disc that has continued to worsen and runs a risk of not being able to walk again as a result of it.

The Court had ordered a 24-hour medical checkup for him, but Yuki claims his lawyers were denied access to him since July 26.

However, according to Yuki, her husband’s legal team has been denied access to him at Kuje prison since July 26.

“My husband Tigran left our home for a work trip almost six months ago, and I have no idea when he will be back. Now his health is in a shockingly bad condition and getting worse by the day.

“The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk.

“My once fit and healthy husband, who loves working out, is now wheelchair-bound due to a treatable condition that has not been properly addressed.

“He needs highly specialised and risky surgery, it is terrifying. Additionally, an ENT doctor examined him last week and determined he also needs surgery to remove his tonsils due to the recurring infections he is suffering in detention.”

Gambaryan’s legal battle with the Federal government continues on October 11, 2024 as the company is accused of concealing the origin of their alleged unlawful financial proceeds, totaling $35,400,000.

This, the government claimed, is contrary to the Money Laundering (Prevention and Prohibition) Act.

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We Are Ready To Defend Our Decision On Otudeko’s Shares In Court - First Bank

We Are Ready To Defend Our Decision On Otudeko’s Shares In Court - First Bank

First Bank Nigeria Holdings Plc has confirmed that it is in court with Oba Otudeko’s Barbican Capital Limited after Barbican received notification that showed that FBN Holdings sought to reduce its 5,386,397,202 total shareholding in the bank by 40 per cent.

The bank said on Tuesday in a statement that it will defend its position in court.

 

The misunderstanding began when FBN Holdings in its December 2023 audited accounts released in May, 2024 slashed Barbican’s shareholding in the bank to 3.1 billion (3,110,400,619) or 8.67 per cent of the lender’s total shares from the earlier reported 4.8 billion (4,886,062,743).

Prior to the report, Barbican controlled 13.61 per cent of the shares based on the December 2023 unaudited accounts released in February.

FBNH attached to the audited accounts a note that said the 3.1 billion shares represent the total that had been “verified” by the Central Bank of Nigeria.

 

But the aggrieved Barbican Capital filed a lawsuit against FBN Holdings, and attached a statement from the Central Securities Clearing System (CSCS) as evidence of its total shares ownership.

 

Based on the Barbican statement from CSCS as of May 23, 2024, the company owned 5,386,397,202 shares (15.01 per cent) while It held 4.8 billion (4,886,062,743) shares or 13.61 percent as at December 2023.

Reacting On Tuesday, FBNH said it was aware of the matter, adding that it has engaged its solicitor to defend the bank’s position.

It said, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports regarding the suit filed by Barbican Capital Limited (the Plaintiff). The Company is aware of this suit, and we have duly instructed our Solicitors to defend the interest of the Company accordingly.

“The matter is presently in a Court of law, and it will be subjudice to join issues with the Plaintiff outside the Court. We confirm that the necessary papers have been filed and by virtue of a Third-Party Notice, the Central Bank of Nigeria (CBN) has been joined as a Party to the suit for effective determination of questions and issues raised by the Plaintiff.

“The matter is presently adjourned to October 2, 2024, for hearing of the suit. We assure our numerous stakeholders of the Company’s commitment to the highest levels of corporate governance standards in defending the matter.”

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CNG Vehicle Conversion Centres To Be Opened In 20 States By October - FG

CNG Vehicle Conversion Centres To Be Opened In 20 States By October - FG

The Program Director and Chief Executive, Presidential CNG Initiative (Pi-CNG), Michael Oluwagbemi has said that centres to convert vehicles to run on Compressed Natura Gas (CNG) will be extended to 20 states by October.

Oluwagbemi disclosed this during an interview monitored by THE WHISTLER.

 

Oluwagbemi said, “Conversion has started. Under our own program, we’ve activated a conversion site in seven states, and additional states will be added. The seven states are Lagos, Ogun, Oyo, FCT, Nassarawa, Niger, and Kaduna States.

“And those states are, of course, being increased every day. We expect that before the end of September, we should be in at least 15 states, and before the end of October, we should be in about 20.”

The Presidential CNG Initiative (Pi-CNG) was inaugurated by President Bola Ahmed Tinubu to provide succour to the Nigerians occasioned by the transitive hardships of the fuel subsidy removal policy of the government.

The price of Premium Motor Spirit has jumped to nearly N700 per litre and in some states about N900 per litre, a development that has elevated Nigeria’s inflation and hardship.

 

The Program Director said, “So we are expanding our footprint every day. So far, we have over 50 conversion centres signed up under that initiative, which is the conversion incentive program. The president announced that they will allow a million conversion vehicles to be able to get converted for free or almost at a heavy discount.

“In Nigeria today, we have about 10,000 vehicles running on CNG, and it’s increasing every minute. It’s a drop in the ocean, but it’s a lot better than where we were this time last year.

“It takes time. We do not have sufficient conversion centers. We only had seven of them when we launched this program in November of last year.”

He explained that each conversion centre will be able to do two conversions every day.

According to Oluwagbemi, the government is also organizing training for technicians.

He said, “And we also have to proceed to make sure that we ensure those vehicles when they are properly done so you need to make sure you We are also building technical capacity, we are training technicians, we did the signing with the Ministry of Labor working with Nigerian Institute of Transport Technology (NITT) under the Ministry of Transport and we are doing MS training across the country for 500 technicians and we are going to do more.”

 
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Dangote Refinery Insists Petrol Will Hit Local Market In August

Dangote Refinery Insists Petrol Will Hit Local Market In August

Dangote Refinery has insisted that Premium Motor Spirit (PMS), popularly known as petrol, refined at the refinery, will hit the market by August.

The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed this to PREMIUM TIMES in an interview on Monday.

The response came amid concerns over the earlier announcement that the refinery would commence domestic supply by mid-August.


When asked why the refinery is yet to commence domestic supply at its stipulated date of 12 August, Mr Chiejina said, “We said August, and today is 12 August. Just wait; this is August.”

Over the months, the company had set dates for its domestic petrol supply, but the timelines were unmet.


In June, the President of Dangote Group, Aliko Dangote, said petrol, refined at the refinery, will hit the market in July.

Mr Dangote, who disclosed this when he received a Senate delegation led by Senate President Godswill Akpabio on a tour of the facility, explained that the date change was because of a delay that prompted the shift from the initially proposed date of June to mid-July.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then, we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Mr Dangote said at the time.

Again, in July, Mr Dangote said petrol production in the refinery was disrupted because of the fire incident at the refinery.


“PMS was supposed to be out by July, but we had a fire incident. The incident disrupted us for a few days, but latest 10 or 12 of August, PMS will be ready,” Mr Dangote said while addressing journalists at the refinery at the time.

The refinery


The 650,000 barrels per day Dangote Petroleum Refinery commenced diesel and aviation fuel production in January.

Announcing the commencement of production, the company said the refinery had received six million barrels of crude oil at its two SPMs 25 kilometres from the shore.


The first crude delivery was done on 12 December 2023, and the sixth cargo was delivered on 8 January.

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).

The company commenced supplying petroleum products to the local market in April.

Background


In recent months, the Dangote Group and the petroleum regulators in Nigeria have been at loggerheads over the control of the petroleum downstream market.

In June, the Dangote Group accused some international oil companies of sabotaging the plant’s operations by refusing to supply crude or offering oil at higher premiums than market prices.

It also clashed with the regulators of the Nigerian energy industry, including the Nigerian Midstream and Downstream Regulatory Authority, which claimed diesel from the refiner has sulphur content levels above the allowed threshold. The regulators also accused Dangote of seeking to be a monopoly.

In refuting the allegation, Mr Dangote took lawmakers visiting the refinery to a laboratory within the plant, where diesel from the refinery was tested alongside two different imported samples.

The results showed that the refinery’s diesel sample had much lower sulphur than the imported ones.

Last month, the Federal Executive Council (FEC) directed NNPC Ltd to engage the Dangote refinery and other local refineries to resolve the dispute over the sale of crude oil to them.

The FEC, presided over by President Bola Tinubu, also directed that such crude oil sales to the refineries be made in naira and that the refineries located in Nigeria should also sell their refined products to the Nigerian market in naira.

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Japa: Tinubu approves policy to retain health workers in Nigeria

Japa: Tinubu approves policy to retain health workers in Nigeria

President Bola Tinubu has approved a new national policy in curbing health workforce migration.

In a statement on Monday, Ali Pate, coordinating minister of health and social welfare, said the policy is a comprehensive strategy to manage, harness, and reverse health workers’ migration.

 

The minister added that the policy will also encourage the return of professionals to Nigeria through attractive incentives and reintegrate them into the nation’s health system.

 
 

“This approach leverages the expertise of our diaspora to bridge gaps within the health sector,” the statement reads.

“Also, the policy champions reciprocal agreements with other nations to ensure that the exchange of health workers benefits Nigeria.

“These bilateral and multilateral agreements are designed to protect national interests while respecting the rights and aspirations of our healthcare professionals.

“We call on recipient countries to implement a 1:1 match — training one worker to replace every publicly trained Nigerian worker they receive.”

The minister said the policy recognises the importance of work-life balance and has included provisions for routine health checks, mental well-being support, and reasonable working hours, especially for younger doctors.

“These measures aim to create a supportive work environment, reducing burnout and enhancing job satisfaction,” Pate said.

“The governance of this policy will be overseen by the National Human Resources for Health Program (#NHRHP) within @Fmohnigeria, in collaboration with state governments. This ensures responsible implementation and alignment with broader sector-wide (#SWAp) health objectives.

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DSS, Immigration Place Ex-El-Rufai Adviser Lawal on Watch-list Over Alleged N11bn Project Scandal

DSS, Immigration Place Ex-El-Rufai Adviser Lawal on Watch-list Over Alleged N11bn Project Scandal

DSS, Immigration Place Ex-El-Rufai Adviser Lawal on Watch-list Over Alleged N11bn Project Scandal | #Politicsnigeria


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has summoned a former Special Adviser to Kaduna State Governor Nasir El-Rufai, Jimi Lawal, over an alleged phoney Light Rail Project valued at N11 billion.

Lawal was invited for questioning but failed to appear, prompting the ICPC to request the Department of State Service (DSS) and Nigerian Immigration Service (NIS) to place him on a watch-list at airports, seaports, and land borders.

A copy of the letter to DSS and NIS reads: “The above mentioned person (Lawal Shakiru Olujimi Adebisi), who hails from Ogun State and speaks Yoruba and English fluently, is being investigated for the offence of criminal conspiracy.

“Credible information at the commission’s disposal suggests that the suspect, who is under investigation, is most likely to flee the country to evade being prosecuted.

“You are therefore, kindly requested to place him on the watch-list and arrest him if seen in any of the airports, seaports or land border and inform this commission accordingly.”

The ICPC is investigating Lawal for alleged criminal conspiracy and loans obtained without due process.



The commission discovered N144 million in his bank account from four private companies.

Twenty top officials and a company’s Managing Director have also been invited for questioning over $350 million loans meant for school rehabilitation and infrastructure projects.

The ICPC’s probe is part of an ongoing investigation into the administration of El-Rufai.

Recall that the Kaduna House of Assembly’s ad-Hoc Committee in June alleged that N423 billion was siphoned from the state government’s coffers between 2015 and 2023, and $1.4 million was withdrawn from the Kaduna State Economic Transformation Account.

El-Rufai has denied all allegations, claiming he was not given a fair hearing by the House of Assembly.

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Jonathan, Buhari attend Council of State meeting in Aso Rock

Jonathan, Buhari attend Council of State meeting in Aso Rock

FORMER Presidents Goodluck Jonathan and Muhammadu Buhari are physically attending the inaugural Council of State meeting under the administration of President Bola Tinubu at the Presidential Villa, Abuja.

 

But two former Heads of State, Generals Yakubu Gowon (retd) and Abdulsalami Abubakar, joined the meeting virtually alongside the governors of Abia, Adamawa and Akwa Ibom States.

 

 

The council comprises of president as chairman and vice president as deputy chairman, all living former Heads of State and Presidents, all former Chief Justices of Nigeria, the President of the Senate, Speaker of the House of Representatives, all state governors and the Attorney-General of the Federation as members.

The Council of State is an organ of the federal government saddled with the responsibility of advising the executive on policymaking.

The meeting which began at 12:35 pm, is expected to address pressing national issues, including food security, national security, and economic policies.

The last Council of State meeting was held on February 10, 2023, under former President Buhari.

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Iran rejects Western calls to stand down Israel threat

Iran rejects Western calls to stand down Israel threat

Iran on Tuesday rejected Western calls to stand down its threat to retaliate against Israel for the killing of Hamas political leader Ismail Haniyeh in Tehran late last month.

The Islamic Republic and its allies have blamed Israel for Haniyeh’s killing on July 31 during a visit to the Iranian capital for the swearing-in of President Masoud Pezeshkian. Israel has not commented.

Iran has vowed to avenge the death, which came hours after an Israeli strike in Beirut killed a senior commander of Hezbollah, the powerful Iran-backed militant group in Lebanon.

Western diplomats have scrambled to avert a major conflagration in the Middle East, where tensions were already high due to the Israel-Hamas war in Gaza. 

In a statement on Monday, the United States and its European allies urged Iran to de-escalate.

“We called on Iran to stand down its ongoing threats of a military attack against Israel and discussed the serious consequences for regional security should such an attack take place,” said the joint statement from Britain, France, Germany, Italy and the United States.

The White House warned that a “significant set of attacks” by Iran and its allies was possible as soon as this week, saying Israel shared the same assessment.

The United States has deployed an aircraft carrier strike group and a guided missile submarine to the region in support of Israel.

Iran’s foreign ministry spokesman Nasser Kanani criticised the Western call for it to de-escalate.

“The declaration by France, Germany and Britain, which raised no objection to the international crimes of the Zionist regime, brazenly asks Iran to take no deterrent action against a regime which has violated its sovereignty and territorial integrity,” he said in a statement.

“Such a request lacks political logic, flies in the face of the principles and rules of international law, and constitutes public and practical support” for Israel.

•⁠ ⁠Call for ‘unfettered’ aid –

The United States and its European allies also called for a ceasefire between Israel and Hamas in Gaza, with difficult talks set for Thursday on halting the conflict.

They also called for the “unfettered” delivery of aid to devastated Gaza.

The Gaza war began with Hamas’s October 7 attack on southern Israel which resulted in the deaths of 1,198 people, mostly civilians, according to an AFP tally based on Israeli official figures.

Militants also seized 251 people, 111 of whom are still held captive in Gaza, including 39 the military says are dead.

 

Israel’s retaliatory military offensive in Gaza has killed at least 39,897 people, according to a toll from the territory’s health ministry, which does not provide a breakdown of civilian and militant deaths.

International mediators have invited Israel and Hamas to resume negotiations this week on a ceasefire and hostage release deal, an invitation Israel has accepted.

Hamas has urged mediators to implement a truce plan earlier presented by US President Joe Biden instead of holding more talks.

Analyst Esfandyar Batmanghelidj said Iran was considering how to retaliate against Israel without derailing the ceasefire talks.

“The renewed push for a ceasefire offers Iran a way out of this escalatory cycle,” Batmanghelidj, CEO of the Bourse & Bazaar Foundation think-tank, told AFP.

“Iranian officials still feel obliged to hit back at Israel, but they must do so in a way that doesn’t derail the prospects for a ceasefire summit.”

•⁠ ⁠West Bank violence –

Pressure for a ceasefire in Gaza has grown since civil defence rescuers in the Hamas-run territory said an Israeli air strike on Saturday killed 93 people at a school housing displaced Palestinians.

Israel said it targeted militants operating out of the school and mosque.

In the latest Gaza violence, Palestinian fighters clashed overnight with the Israeli army near Netzarim, south of Gaza City, an AFP correspondent reported.

Paramedics said one person was killed and others were wounded in Israeli bombing of the Al-Maghazi refugee camp in central Gaza. They were taken to Al-Aqsa Martyrs Hospital in the city of Deir el-Balah.

In the occupied West Bank, the Palestinian health ministry said Israeli forces shot dead a Palestinian man near the town of Azzun, east of Qalqilya, on Monday.

The Ramallah-based health ministry identified him as Tariq Ziad Abdul Rahim Daoud. The Israeli army said the alleged attacker had fired at an Israeli civilian in Qalqilya.

Hamas later issued a statement mourning the death of Tariq Daoud, saying he was a member of its armed wing.

A Palestinian prisoners watchdog said on Tuesday that the 18-year-old had been released on November 25 during a one-week truce that saw scores of Palestinians freed from Israeli jails in exchange for Israeli hostages held in Gaza since October 7.

AFP

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