The monthly salary of a member of the House of Representatives is N600,000 and not the N900,000 that is being speculated, House spokesman Akin Rotimi has said.
In a statement yesterday in Abuja, Rotimi reaffirmed the commitment of the Green Chamber to the 50 per cent deduction in the salary of its members to reduce hardship.
“The House of Representatives has been inundated by some media outlets reporting claims of discrepancies in the salaries of members, suggesting that we received 100 per cent of our July salaries. The report claimed that our salary amounted to N936,979.
“We wish to clarify that the actual monthly salary for members is N600,000, after deductions for advances, such as housing, which are paid at the commencement of the tenure,” Rotimi said.
The House spokesman explained that the member who displayed his salary on a TV programme was an exceptional case because he assumed office through a court decision many months after the on-boarding process had been concluded.
He said the House remained committed to the resolution passed on July 18, which stipulated a 50 per cent reduction in the salaries of members for six months.
“We acknowledge and regret that this resolution was not implemented by the bureaucracy, as intended, for the month of July.
“Resolutions of the House are ratified when the votes and proceedings of plenary are adopted on the next legislative day. Consequently, the bureaucracy was only formally instructed on July 23,” Rotimi said.
According to him, the delay in the implementation is due to necessary administrative procedures and coordination with financial institutions.
The House spokesman added that instructions for adjusting members’ salaries had been issued and would be enforced, moving forward, to ensure that its pledge is fully implemented.
“There is nothing to investigate, as some media houses reported. The House’s position on this matter had been provided to some journalists who had reached out for clarification,” he said.
Rotimi called for patience among members of the public, assuring of the House’s steadfast adherence to its pledge and sustained efforts to earn the trust and confidence of all Nigerians.
Nigeria Labour Congress, NLC, has given details of Wednesday’s night invasion of its headquarters, the Labour House, Abuja by armed security operatives.
NLC in a statement, also demanded international inquiry into the traumatic invasion.
The statement by its Head, Media and Public Relations, Benson Upah, equally “directed all its staff to stay away from the Labour House for now until we are certain that there are no incriminating materials or harmful substances dropped in our offices by the invading operatives.”
It called on the international community to take note of the deterioration of democratic principles in the bid to turn Nigeria into a Police State.
Among others, the statement reads “
This evening (yesterday) at about 8.30pm long after the close of work, a troop of heavily armed security operatives invaded the Labour House, Central Business District, Abuja which serves as the National Headquarters and Secretariat of the Nigeria Labour Congress (NLC).
“The security operatives, some from the Nigeria Police Force, some wearing black tee-shirts presumably from the Department of State Services (DSS), and others on outright mufti swooped on the 10th Floor of the NLC and arrested the security operative on duty and then commandeered him to the second floor where he was asked to produce the keys to the offices.
“When he told them that he had no such keys on him, they broke into the floor and ransacked the bookshop on the 2nd floor carting away hundreds of books and other publications. The invading troop claimed that they were looking for seditious materials used for the#EndBadGoveranance Protests.
“The Nigeria Labour Congress condemns in its entirety this new low in security operations in Nigeria. The armed security operatives showed no legal document permitting them to invade the premises of the Nigeria Labour Congress in the ungodly hours of the night.
“Even in the dark days of military rule, NLC secretariats were never invaded and ransacked by security agents. Today is indeed a very sad day for our democracy.
“Just this afternoon (yesterday)the National Executive Council, NEC, of the NLC took note and vehemently condemned the high handed manner that security agents manhandled protesters in many parts of the country and the needless bloodshed that ensued.
“We also condemned the sweeping mass arrests of those perceived to have led the protest. The NEC also frowned at the reckless use of ‘treason’ to describe the protest and demanded for moderation. What we did not see coming was the invasion of the Labour House by masked and heavily armed security operatives hours later.
“In the light of the foregoing and the ominous sign it portends for democratic rights, freedom of speech and association and the unimpeachable right of citizens to protest peacefully on any issue they feel strongly about, we call on the international community to take note of the deterioration of democratic principles in the bid to turn Nigeria into a Police State.
“Given the experience of the leadership of the NLC in recent times at the receiving end of the naked brute force of the state especially the near daylight assassination of the NLC President by security operatives and thugs, our fears of a Nigerian state that is descending into enforced brutality are well founded. We fear that the situation might deteriorate.
“Given the state of things, the Nigeria Labour Congress has directed all its staff to stay away from the Labour House for now until we are certain that there are no incriminating materials or harmful substances dropped in our offices by the invading operatives.
“In order to allay our fears, we demand an international inquiry into this very traumatic invasion.
Finally, we demand the immediate withdrawal of the troop of invading security agents from the premises of the Labour House, Abuja. We also demand that all the books and materials carted away by the invading security operatives should be returned unfailingly to where they were taken from before the end of work tomorrow, 8th August 2024. We make this demand given the illegality of the operation as there was no court order for the invasion, ransacking and looting of the publications.
If this harassment continues, the Nigeria Labour Congress will not hesitate to call on its members to stay home until their safety and security are assured. We warn that the asphyxiation of the public space and channels for constructive engagement, dialogue and negotiations in light of the excruciating difficulties that Nigerians are going through right now would only make matters worse. A stitch in time might still save nine!”
The Federal Government has issued a stern warning to the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to refrain from meddling in the Labour Party‘s internal matters, stating that such actions breach the Trade Unions Act.
This warning followed the NLC’s refusal to acknowledge Barrister Julius Abure as the Labour Party’s chairman, with the NLC’s National Transition Committee providing conflicting directives to party members.
It is noteworthy that Abure had reached out to the Ministry of Labour and Employment on July 10, 2024, requesting clarification regarding the NLC’s role.
In a reply dated July 31, 2024, the Ministry of Labour and Employment cited Section 15 (1) (2) (3) of the Trade Unions Act, which restricts the use of trade union dues for political purposes unless explicitly allowed by the union’s regulations.
The letter from the Ministry, signed by the Director/Registrar of Trade Unions, Falonipe Amos, stressed that any breach of the Trade Unions Act is considered an offense.
It also delineated the NLC and TUC’s limitations in political activities, emphasizing that their funds should not be used for political aims.
“If any of the funds of a trade union are applied to the furtherance of a political objective in contravention of subsection (1) of this section, the trade union and every official thereof shall be guilty of an offence under this Act.
“I wish to urge the leadership of the NLC to be guided by the above provisions of the Trade Unions Act in dealing with the Labour Party and any other political parties,” the letter read.
The Ministry urged the NLC leadership to adhere to the Trade Unions Act when engaging with the Labour Party or any other political entities. This response serves as a caution to the NLC and TUC, warning them against further involvement in the Labour Party’s business.
Oil marketers are still apprehensive and are not opening their filling stations for business, causing queues for Premium Motor Spirit, popularly called petrol, in many cities nationwide.
Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, which controls about 80 per cent of filling stations across the country, said on Wednesday that the decision to close shop was because of the ongoing protests.
They, however, told our correspondent that the queues would clear out next week, stressing that it would be so risky to open filling stations, particularly in locations where the protests had been violent.
Nigerians commenced nationwide protests on August 1, 2024, as the organisers of the exercise declared that it would continue till August 10, 2024.
Responding to a question on why the queues for petrol have failed to clear in many locations despite the recent slowdown in the protests, the National Publicity Secretary, Chief Ukadike Chinedu, said, “The protest is still ongoing, so filling stations and trucks are not functioning optimally. This is because of the fear of attacks on our stations by protesters.
“During the ENDSARS protest, the businesses of oil marketers were attacked and destroyed and the government did not pay any compensation for it. Trucks that were carrying petrol and diesel were burnt in the Warri, Enugu, Sapele, and some other axes, and the government did not pay any compensation.
“So we are being very careful now. I also told you earlier that the security agencies had advised us not to attract protesters to our stations when these stations are opened. We thought the protests wouldn’t last and we asked our people to go and work, but unfortunately, with the way things are moving, we have to wait till the end of the protest.
“That is the reason why you see many stations are still closed, particularly in locations where the protests were violent. So we urge the protesters to calm down, they have made their mark and the government now understands the plights of the Nigerian people better.”
The IPMAN publicity secretary also stated that marketers were interested in seeing a reduction in the pump prices of petrol and diesel.
“The high prices of these commodities have caused their consumption to drop. People now have alternative sources and have reduced the purchase of these fuels, making our turn-around time drag and reducing profit margins,” he stated.
On his part, the National Operations Controller of IPMAN, Mustapha Zarma, said marketers were afraid, but promised that the situation would stabilise next week after the protests had ended.
“Everybody is afraid to put their trucks on the roads now because of the protests. Nobody wants to take chances. But now that the situation is improving gradually, we have dispatched some trucks to go and bring products from the coastal depots to other parts of the country.
“However, the fuel supply situation won’t clear immediately. It should stabilise by next week. But I must state that this is dependent on the protest because no one can predict it. We also urge the protesters to suspend the exercise because we won’t gain anything by heating the polity.”
In another development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the country currently spends $600m on fuel importation every month.
He stated that the high import bill was due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports.
The minister stated this during an interview on AIT’s Moneyline programme which was posted on its Youtube channel on Wednesday.
Edun explained that the situation was the reason the President removed the fuel subsidy, as the country does not know the exact amount of fuel consumed internally.
The National Bureau of Statistics revealed that Nigeria’s petrol import were reduced to an average of one billion litres monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.
The Federal Government yesterday warned foreign countries to steer clear of the nation’s internal affairs.
The warning came against the backdrop of foreign flags being flown during the ongoing protest against hardship in the country, especially in some northern states, including Kano, Kaduna and Zamfara, and the arrest of some foreigners as sponsors of the protest.
This came as the protest, which had thawed in most states where it was held, continued in Port Harcourt, Rivers State, yesterday, as protesters and some journalists were attacked by thugs who infiltrated the protest.
The Nigerian Army has also detained the soldier who fired the shot that killed a 16-year-old boy in Zaria, Kaduna State, on Tuesday evening, saying he was being investigated.
Also, the Plateau and Bauchi governments which imposed a curfew in the heat of the protest earlier in the week, have relaxed it, as normalcy returned to the two states yesterday.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, gave the warning while briefing members of the Diplomatic Corps in Abuja, however, highlighted the importance of cordial international relationships.
Recall that the protest, which gained momentum in major cities, such as Lagos, Benin, Osun, Oyo, Kano, Gombe, Yobe, Borno, Niger, Kebbi, Abuja, and other northern towns, was marked by violence, and that at least six Spaniards were arrested in Kano in connection with the protest.
The minister appealed for continued collaboration from the international community to support Nigeria’s efforts in overcoming its current challenges and achieving a better future for all Nigerians.
He warned: “While the government continues to work hard through the various reform programmes and measures to address challenges facing Nigeria and Nigerians, it is pertinent to remind us that no nation tolerates foreign interference in its domestic affairs and that of its citizens. Nigeria is not an exception.
“The government will take appropriate action against any foreign entity residing in Nigeria that is found to have directly or indirectly supported the protesters by whatever means or seeks to interfere in the internal affairs of the country.
“Nigeria cherishes and continues to value the cordial relationships that happily subsist between her and your countries and organisations and will not do anything to undermine or take for granted such relationships.
“Indeed, more than any time before now, we solicit your understanding and collaboration in the ongoing efforts of the Federal Government in addressing the economic challenges confronting the country, to achieve a better life for every Nigerians at home and abroad.’’
In his address at the meeting, the Minister of Information and National Orientation, Mohammed Idris, reaffirmed the government’s support for peaceful assembly and freedom of expression, while committing to investigating the violence and bringing those responsible for violence to justice.
Idris thanked the diplomatic community for their support and assured that the worst of the unrest is over.
He expressed optimism that the government’s policy interventions would soon yield positive results for the nation.
“I want to assure your excellencies that the Federal Government has launched an investigation into the violence that we saw in the last week, to identify and bring to justice all those responsible.
“We are committed to preventing the recurrence of such unfortunate incidents in the future. I also want to thank you individually and collectively for your support and understanding during that difficult period.
“I want to assure you that the worst is over, and we can now as a nation march forward to enjoy the fruit of all the policy and programme interventions being implemented. I thank you for your kind attention,” he stated.
Meanwhile, the Department of State Services, DSS, yesterday, revealed that it is investigating seven Polish nationals who were arrested in Kano over their alleged involvement in the widespread waving of the Russian flag during the protest.
Speaking during a meeting in Abuja on Wednesday with members of the diplomatic corps, the DSS spokesperson, Peter Afunanya said the Polish nationals were arrested in connection with the waving of Russian flags during the protest.
Afunanya said the arrest of the suspects was not targeted at Polish nationals.
His words: “For the persons that we have picked up from Kano, it was because of where they were found during the protest and display of the foreign flag in Kano that was two days ago.
“As a responsible security organisation, we owe it an obligation to do some verification and ascertain basic reasons and circumstances for some cases.
“They were picked as a result of security enforcement because of where they were when the incident happened. It is not a targeted operation.
“As the foremost domestic security organisation, we believe we have to work in sync with all of you who are men of goodwill, and our operations must be governed by democratic principles and protocol that emphasise freedom and human rights and, of course, intelligence and security governance.
“We obey all of this whether we are dealing with Nigerians or foreigners.”
The hunger protests, which rocked the country, especially the northern part, from last Thursday, appears to have lost steam following the police crackdown on the organisers and protesters, many of whom had been detained.
Some of the #EndBadGovernance protest leaders have also gone underground and switched off their phones as the Department of State Services took custody of seven Polish nationals arrested for waving Russian flags during the demonstration in Kano on Tuesday.
DSS spokesman, Peter Afunanya, confirmed the arrests on Wednesday while explaining that the action was part of routine security enforcement rather than a targeted effort against Polish nationals.
The protest, which gained momentum in major cities such as Kano, Gombe, Yobe, Borno, Niger, Kebbi, Abuja and other northern towns, were marked by escalating violence.
In some instances, security officials’ actions were the catalyst for the violence, while in other cases, it was driven by overzealous protesters or counter-protesters.
A few days ago, media reports and footage showed some #EndBadGovernance protesters carrying Russian flags.
In a national broadcast on Sunday, President Bola Tinubu pleaded with the organisers of the nationwide protest to suspend the action as it had gone violent in some states with the attendant loss of lives and destruction of property.
However, the protests scheduled nationwide between August 1 and 10, 2024, seem to have faltered as the demonstration was not held in Abuja, Lagos, Kaduna, Borno and other states on Wednesday.
The development followed the arrest of 873 protesters by the police, and detention of 30 others for waving the Russian flag during the protest in Kano, Kaduna, Katsina and Bauchi states.
The Chief of Defence Staff, Gen Christopher Musa, had said the individuals waving the Russian flags committed treason and would therefore, be prosecuted.
The PUNCH reported that four political bigwigs, who hail from Katsina, Kaduna and Kano states, were being investigated for allegedly instigating the use of Russian flags by demonstrators in the north to orchestrate an unconstitutional regime change.
Confirming the probe of the seven Polish nationals, the DSS spokesman, Afunanya, explained that the action was in line with democratic principles and respect for human rights.
Afunanya addressed the Polish Ambassador to Nigeria during a briefing with the Diplomatic Corps in Abuja, on Wednesday.
“Seven persons were picked up from Kano because of where they were found during the protest and display of foreign flag in Kano two days ago.
“As a responsible security organisation, we owe it an obligation to do some verification and ascertain basic reasons and circumstances for some cases.
“They were picked by security enforcement because of where they were when the incident happened. It is not a targeted operation,” the spokesperson stated.
He also issued a plea for international cooperation in maintaining global stability, urging other nations not to allow their citizens to be used as instruments for undermining domestic peace in any country.
Afunanya added, “As the foremost domestic security organisation, we believe we have to work in sync with all of you who are men and county of goodwill.
“Our operations must be governed by democratic principles and protocol that emphasises freedom and human rights and of course intelligence and security governance. We obey all of these, whether we are dealing with Nigerians or foreigners.
“But we have a plea. In the course of discharging of our duty, we also see that some Nigerians definitely would want to use foreign lands as a launch pad to attack domestic peace and stability.
“We plead that you do not offer your country to some persons who may be deviant or have a terrorist inclination in today’s global pursuit; if anything happens in a country, it affects the others. Nigeria is a country with a large population and I believe that the support other countries will give will help us.”
Meanwhile, the United Kingdom, the United States and the Economic Community of West African States have called for dialogue to address the tension from the hunger protests.
This is as the international community expressed support for President Bola Tinubu’s economic reforms, emphasising their importance for Nigeria’s future prosperity.
Diplomatic Corps
Speaking at a briefing of the Diplomatic Corps in Abuja on Wednesday, the British High Commissioner, Richard Montgomery, and his US counterpart, Amb Richard Mills, stressed the importance of maintaining dialogue and peace-building efforts to address the issues raised by the protesters.
The Ministry of Foreign Affairs convened the parley to brief the international community about the protests over the economic hardships in the country.
The diplomats praised the Nigerian administration’s commitment to reform, while also urging continued dialogue to address the citizens’ concerns.
Montgomery commended the security agencies for their restraint in managing the protests, highlighting their avoidance of lethal force.
“I commend the synergy and policing agencies for avoiding lethal force. This is a big and complex situation, and we have noted very clearly the commitment to enabling a peaceful process and the commitment to policing proportionately.
“And I just wanted to put on record our appreciation of some of the handlings. We have a lot of empathy for people facing significant hardship. The level of inflation is significant, and I would endorse my colleagues’ question and interest in the dialogue and the peace-building that needs to continue in Nigeria given the hardship that people face.
“But I also want to put on record that we fully support the big and important economic reforms that are going on in Nigeria at the moment, which we see as essential for the future prosperity of the country, and indeed the economic relationships of many of us here with this major power,” Montgomery said.
Mills expressed his condolences for the losses caused by the recent events.
He reiterated the US support for the necessary reforms undertaken by the Tinubu administration.
“I thank you for bringing us together for this useful and informative briefing. I also want to take this platform just to express my embassy’s condolences for the loss of life and suffering that Nigeria has seen over the past several days.
“And let me echo my British colleague’s comments that we understand the difficulty that the reforms President Tinubu and his administration have undertaken have imposed.
“We know that these reforms are necessary, and we have supported and worked with the administration as they have carried them out,” Mills stated.
Weighing in on the protest, the ECOWAS Commission expressed deep concern over the demonstration, lamenting the reports of violence, fatalities and property destruction.
In a statement on Tuesday, ECOWAS emphasised the right of citizens to peaceful protests, as enshrined in the 2001 ECOWAS Supplementary Protocol on Democracy and Good Governance and Nigeria’s 1999 Constitution.
“The ECOWAS Commission has been closely monitoring the ongoing protests by citizens of the Federal Republic of Nigeria and deeply regrets reports of violence in the course of the protests and the unfortunate death of some protesters as well as alleged looting and destruction of public and private properties.
“The commission extends heartfelt condolences to the bereaved families and sympathises with the Government and people of the Federal Republic of Nigeria over the losses.
“The ECOWAS Commission recognises the right of citizens to peaceful protests, as guaranteed by the 2001 ECOWAS Supplementary Protocol on Democracy and Good Governance and enshrined in the 1999 Constitution of the Federal Republic of Nigeria, as amended,” the statement read in part.
The commission also welcomed the national broadcast by the President, urging the protesters and all stakeholders to heed Tinubu’s call for inclusive dialogue to address their grievances and ensure peace and security in Nigeria and the wider ECOWAS region.
“The commission welcomes the State of the Nation address of 4th August 2024 by H.E. President Bola Tinubu and urges the protesters and all stakeholders to heed the President’s call for inclusive dialogue for the resolution of all grievances and the preservation of peace and security in Nigeria and the ECOWAS region at large,” it added.
As the police and the DSS clamp down on protesters continued, the Emir of Kano, Alhaji Muhammadu Sanusi II, says intelligence failure led to the attacks on public and private properties during the protest in the state.
Several public property and private businesses were attacked and looted by hoodlums, who hijacked the peaceful protest.
The Emir, who spoke when he paid an inspection visit to Kano Printing Press, the NCC Digital Industrial Park and Barakat Stores, on Wednesday, said the security agencies were notified of the plot to attack some public facilities in the state days before it occurred.
He said, “As we used to say, whoever had a hand in this is an enemy of Kano and he is an enemy of its people. What happened in Kano, whoever saw them, knew was planned. Kano was billed to be destroyed but we pray that God will not let them succeed. May God return all that was lost, we can only pray.
“Before this happened, the security operatives were notified in writing that it was going to happen but instead of preventing it, it was allowed to happen. Whoever did well knows, whoever did badly knows and they all will see their result. We pray that God gives the government the opportunity to return it.
“My grandfather had worked here (Kano Printing Press). It is sad that a place like this is destroyed by their grandchildren.
“We pray that God comes to the aid of these youth, and whoever is behind it God will deal with them. We pray that we may not witness anything like this in the future. I swear to Almighty God, those bent on destroying Kano will not succeed and God willing, the way they saw Kano they will leave it like that.”
The Commissioner, the Ministry of Science and Technology, Muhammad Othman, said the state government had secured the approval of the minister to restore the looted facilities.
The monarch had expressed deep concern over the incident during a press conference held two days after the incident.
The Kano Printing Press was established in 1938 and has been serving the state ever since.
The NCC centre was billed for commissioning this week before it was vandalised and a section of the building set ablaze.
Curfew lifted
As the tension over the protest subsided, a curfew imposed by the authorities to control the situation has been partially lifted in some northern states.
Following the last Security Council meeting in Borno State, which saw the temporary lifting of the curfew, protesters have deserted the streets and returned to their daily engagements.
Although there is still heavy security presence in strategic locations in Maiduguri, the state capital, the Internal Security Commissioner, Prof Usman Tar, said the city would remain under watch by security operatives to prevent a further escalation of violence.
The commissioner explained that the lifting of the curfew was temporary until it was confirmed that there was total peace in Maiduguri and its environs.
However, a police source confirmed that the curfew had helped in dousing the protest in the city.
“After the lifting of the curfew last Saturday, till this moment, we have not witnessed or heard of any protest in Maiduguri,” the police officer said.
A Maiduguri resident, Jeremiah Blessing, confirmed that “Maiduguri is now peaceful with less tension” while appreciating the effort of the state government and security agencies in maintaining law and order in the state.
In Kaduna, the shooting of a boy raised tension in the metropolis, forcing the State Security Council to extend the 24-hour curfew imposed on Kaduna and Zaria towns, despite initial plans to relax it.
A security source revealed that the government hesitated due to the killing of a 16-year-old boy by a soldier in Zaria, fearing potential escalation.
The source stated that the government was satisfied with the situation in the southern part of the state, where residents did not participate in the protests or were peaceful during the protest.
However, the reported looting and destruction of property made the government cautious about reviewing the curfew.
“An investigation is ongoing, and authorities have identified individuals responsible for manufacturing and distributing foreign flags, with some allegedly using children for this purpose.
“The curfew remains in place as the government prioritizes maintaining security and order in the affected areas,” the source said.
Speaking on the waning protests, the Director of Mobilisation for the Take It Back Movement, Damilare Adenola, argued that the demonstration had not died down, adding that the issue was the government clampdown on activists and protesters.
“The protest has not died down. We should be talking about how the government continually cracks down on free speech, making it unsafe for activists and citizens to express their human rights,” the activist stated.
No fewer than 60 senior Directors have been shortlisted to jostle for 12 Permanent Secretary positions in the Kogi State Civil Service.
The directors are to write an examination with the best expected to take the seats.
The Kogi State Head of Civil Service, Mr Elijah Evinemi, disclosed this while addressing newsmen at the examination centre on Wednesday in Lokoja.
Evinemi assured the directors that the examination would be a fair, transparent and credible.
He said that the initiative was part of the efforts by Governor Usman Ododo to promote quality service delivery and ensure credible Civil Service reform for optima productivity.
He said the directors were from the 12 Local Government Areas with vacancies the positions.
Evinemi disclosed that the Public Service Institute of Nigeria (PSIN), had been engaged to handle the exercise that would be preceded by two days of lectures and training.
He commended the PSIN management for a well-structured training process handled by highly experienced resource persons.
The Central Bank of Nigeria has auctioned $876.26m to end users whose bids were submitted by 26 commercial banks in the apex bank’s latest attempt to strengthen the ailing naira.
The policy impacted the foreign exchange market on Wednesday as the naira appreciated against the United States Dollar, trading at N1,596.52/$ from N1,601/$ it traded on Tuesday.
The auction process was conducted on August 6, 2024, to enhance foreign exchange liquidity in the market, alleviate demand pressure, and support price discovery in alignment with the apex bank’s objectives.
The CBN said this in a statement posted on its website on Wednesday and signed by the Director of the Financial Markets Department, Omolara Omofunde Duke.
The naira has traded within the range of N1,450 and N1,600 in recent months. However, the bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction.
The statement read in part, “The Central Bank of Nigeria undertook the sale of foreign exchange to end users through a Retail Dutch Auction System to reduce the demand pressure in the FX market and promote price discovery on Tuesday, August 06, 2024.
“A total bid valued at $1.18bn was received from 32 Authorized Dealers Banks, of which, bids valued at $876.26m from 26 banks qualified, while bids valued at $313.69m from six banks were disqualified.
“In line with the objective of the CBN to boost FX liquidity to the market as well as promote price discovery, the bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction where bids valued at $876.26m from 26 banks qualified.”
It noted that all end-user accounts will be funded with the naira equivalent of their bids by Wednesday, August 7, 2024, while settlement for the successful bids is scheduled for Thursday, August 8, 2024.
Explaining the auction process, the director said a total bid valued at $1.18bn was received from 32 authorised dealers banks while bids valued at $313.69m from six banks were disqualified.
Of the disqualified bids, four banks submitted their bids after the cut-off time of 3:00 pm, while two banks did not provide bids in the template submitted.
Also, all bids with Form Q, and unverifiable Form A and Form M on the Trade Portal were disqualified.
The statement added that “Authorised Dealer Banks were required to submit a comprehensive template that contains the details of Forms A and M of all the outstanding trade-backed unmet FX demand of their customers via email on Tuesday, August 06, 2024, between 9:00 am and 3:00 pm.
“The templates were all password protected with the passwords submitted to the CBN after the deadline for the submission of the bids. Thereafter, the bids were opened and collated.”
It further stated, “To ensure the transparency of the process, the total bids submitted by banks and all qualified bids for payment will be published on the website of the Central Bank of Nigeria for the information of the general public.”
Last week, the CBN unveiled plans to implement a Retail Dutch Auction System to address the mounting unmet foreign exchange demand from end users.
It said the aim was to alleviate the growing pressure in the FX market and stabilize the naira’s exchange rate.
The sale follows “growing unmet foreign exchange demand” which has “continued to increase the demand pressure in the foreign exchange market, with adverse impact on the exchange rate of the naira,” the Abuja-based Central Bank of Nigeria said in a circular to lenders last week.
The naira has come under pressure through seasonal demand from summer tourism as well as businesses seeking the greenback to bring in goods in the import-dependent nation.
Commenting, the Chief Executive Officer of Cowry Treasurers Limited, Charles Sanni, stated that the intervention to improve liquidity in the foreign exchange market will shore up the naira against the United States dollar but constitute a potential loss for speculators.
Sanni said the intervention was important but not sustainable as the apex bank may not possess the required war chest due to low foreign reserves.
He also said the gain would be short-lived if the government fails to take advantage and implement strategic fiscal policies to boost economic productivity.
He said, “What CBN has done is improved liquidity by the way of supply to the market. So its expected impact, which we are already seeing, is that the naira will begin to firm up, meaning that it would trade at a better exchange rate.
“Two things it creates immediately is that for the guys who are speculating, it is a loss position for them so they may have to come to the market to sell. So, you are likely to see some level of panic trading on those who are speculating on the naira which will massively drop the rate.
“There is also the neutral position where people will say they are not going to sell immediately because it is still unsure if CBN has the war chest to continue to intervene looking at their reserve. How well they can sustain it is the critical issue which is a function of the supply. If you look at our reserves, this auction system doesn’t look sustainable.”
On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, applauded the intervention by the apex bank, stressing that the naira volatility has negatively impacted the economy and business and reduced investors’ confidence.
He said, “The intervention is welcome because the CBN is the custodian of our major FX inflows, especially from the oil sector. To ensure stability and reduce volatility in the foreign exchange market. The CBN must intervene from time to time at an exchange which the CBN thinks is sustainable. This is what we have advised all along, and it is good that the CBN is doing that.
“Volatility is very bad for the economy, for business and investors confidence. So what the CBN is doing is to see how it can ensure some stability in the exchange rate.
“The Dutch option perhaps is trying out different models or intervention because we are still contending with volatility, so maybe it is a question of looking at another model that may work better to ensure stability.”
Meanwhile, the impact of this policy was immediately felt at the foreign exchange market on Wednesday as the naira appreciated against the United States dollar, trading at N1,596.52 per dollar from N1,601 per dollar it traded on Tuesday, data from the FMDQ Securities Exchange Limited showed.
This means a marginal appreciation of 0.3 per cent or N5. The naira traded at an intra-day high of N1,628 and a low of N1,520 to a dollar.
Dollar supply between willing sellers and willing buyers also increased to $93.92m from $61.90m recorded on Tuesday, which was the lowest since January.
The Police Command in Osun has warned against the setting aside of Aug. 8 to celebrate cultism in the state, saying any unlawful gathering would not be tolerated.
The command issued the warning in a statement by its spokesperson, SP Yemisi Opalola, in Osogbo on Wednesday.
According to the statement, the command received credible intelligence that some cultism groups were planning to celebrate cultism on Thursday, known as ‘8/8’.
“In view of this, the command, therefore, warns cultists and other unscrupulous elements in the state to jettison the plan or any of such action(s) forthwith as the command is earnestly monitoring their activities.
“Consequently, the command, in collaboration with other security agents and Civilian JTF, will not tolerate any unlawful gathering or assembly that will endanger the peaceful atmosphere of the state, as the plan to mark 8/8 may lead to bloodshedding and destruction of properties,” it said.
It reminded parents and guardians to closely monitor and warn their children and wards to eschew any act likely to contravene provisions of the law.
“The command will not spare anyone who constitutes any threat to law and order.
“Finally, the Osun State Police Command further appeals to members of the public to be vigilant and give prompt and actionable information in case of any infraction of the law,” it read.
According to the statement, the command has also arranged adequate security mechanisms ahead of the Osun-Osogbo festival, climaxing on Friday.
It, therefore, urged residents and participants to be security conscious and enjoy a safe festival
The Senate has raised concerns over 1.5 billion dollars approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no result.
Senator Opeyemi Bamidele, Chairman of the Senate Ad Hoc Committee to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry, raised the concern during an interactive session with stakeholders on Wednesday, in Abuja.
Bamidele, who is also the Senate Leader, said it was unfair and wrong to treat public companies shabbily while private businesses were flourishing and thriving.
He recalled that the Federal Executive Council (FEC) had approved the plan by the Ministry of Petroleum Resources to rehabilitate and turn around the Port Harcourt Refinery with 1.5 billion dollars.
Bamidele expressed concerns about the dysfunctional state of government-owned refineries despite billions of dollars spent on turn-around maintenance.
“The federation is undergoing a truly challenging period. The distribution and supply of refined petroleum products have been irregular and problematic in the recent history of our fatherland.
“The long queues at filling stations are obviously a testament to this challenge.
“A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market about two per cent of its crude oil requirements is worrisome,” he said.
He said also of serious concern was the importation of hazardous petroleum products and dumping of substandard diesel into the country.
Under different administrations since 1999, Bamidele observed that the federal government “has invested billions of dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri. But the refineries are not functioning.
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The Central Bank of Nigeria, CBN said it sold a total of $876.26 million to end users from 26 successful banks at a cut-off rate of a cut-off rate of N1495 per dollar.
This is as the bank commenced its latest Retail Dutch Auction System.
The apex bank disclosed this in a statement on Wednesday signed by Omolara Duke, its
Director, Financial Markets Department.
CBN noted that total bids came to US$1.18 billion which was received from 32 authorized dealer banks.
The apex stressed that while 26 banks successfully submitted bids for FX, six banks were disqualified for not meeting with deadline and other requirements.
“The Bank approved a cut-off rate of N1495/US$ for the Retail Dutch Auction where bids valued at US$876.26 million from 26 banks qualified.
“While bids valued at US$313.69 million from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids after the cut-off time of 3:00 pm, while 2 (two) banks did not provide bids in the template submitted. All bids with Form Q. and unverifiable Form A and Form M on the Trade Portal were disqualified”, the statement partly reads.
Recall that on Wednesday, CBN announced the commencement of the Retail Dutch Auction System amid the Dollar demand spike.
On Tuesday, the Naira recorded two consecutive appreciations against the Dollar closed at N1601.
The Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, says the oil industry has nothing to do with the importation of sub-standard products into the country.
Kyari made the statement on Wednesday while appearing before a Senate ad-hoc committee investigating alleged economic sabotage in the Nigeria Petroleum industry.
The committee is led by Senate Leader, Senator Opeyemi Bamidele.
Kyari said he, as the CEO of the NNPCL, had faced undue media attacks from persons doing everything to create the impression that NNPCL is sabotaging the nation’s economy, adding that the company is “faithful and will not lie” to the country.
He said, “We are not criminals and we are not thieves. We will protect our dignity so we can serve this country.”
Kyari further disclosed that the oil and gas industry is bleeding and that there were things they knew but could not talk about in public until the right time comes, urging that the committee sessions be televised live going forward.
The Department of State Services (DSS) has announced its intention to identify and reveal the names of individuals funding foreign-flag-waving protesters to incite insurrection.
DSS spokesman Peter Afunanya stated that the identities of the sponsors will be made public soon.
Speaking at a joint press conference in Abuja, Afunanya urged Nigerians to be patient with the Federal Government.
He explained that the DSS is investigating the display of foreign flags during the protest and will reveal more information about the sponsors in due course.
He said, “Now, people have started exhibiting behaviors that are detrimental to the security, welfare, and orderliness of society. We won’t remain passive. We have arrested those behind the flag display. It’s not just about children waving flags; there’s more to it.
“There are aspects of our operations that we may not disclose publicly due to their sensitivity, the ongoing nature of investigations, or because revealing them might jeopardize the investigations.
“We will see it through to the end, and you may be surprised if and when we do make the information public.”
Some protesters in the North had displayed Russian flags during the #EndBadGovernanceInNigeria protest.
The protest is directed against President Bola Tinubu’s administration and the levels of hunger and suffering in the country.
A former federal lawmaker, Senator Shehu Sani has revealed that the northern part of the country needs urgent help.
He said the region is in dire need of urgent implementable master plan.
He said governors, political, business, religious, traditional leaders and the intellectuals of the region must converge and urgently come out with an implementable master plan to tackle the decades of endemic poverty and destitution, Illiteracy, Chronic underdevelopment, abject neglect, religious extremism and terrorism that has demonised the region and impoverished its people.
Sani, who represented Kaduna Central between 2015 and 2019, added that President Bola Tinubu is neither the problem or solution to the crisis bedevilling the region.
He cautioned that the use of guns and tanks can suppress the flame sparked by the ongoing protest but not extinguish the fire.
The raging hardship protest has led to deaths, looting and destruction of properties in many states in the North. Protesters were seen waving Russian flags and calling for the return of military rule.
Although some governors have declared curfew in their states, protesters have continued to come out in defiance.
Concerned about the deteriorating situation, Sani, on his X handle said, “Northern leaders must take lessons from the recent violent uprising in the region. The President must be held to account, but he is not the Problem or the Solution to the Problem.The Governors, political, Business, religious, traditional leaders and the intellectuals of the region must converge and urgently come out with an implementable master plan to tackle the decades of endemic poverty and destitution, Illiteracy, Chronic underdevelopment, abject neglect, religious extremism and terrorism that has demonised the region and impoverished its people.
“Guns and tanks can suppress the flame but not extinguish the fire. The monster in our homes was not created in a day.
The North should look at the mirror and not the telescope. We have the cattle to build our wealth, we shouldn’t be looking for a scapegoat,” he said.