Buba Galadima, a chieftain of the New Nigeria People’s Party (NNPP), says Rabiu Kwankwaso was given permission by the party to meet with President Bola Tinubu.
Speaking in an interview with Arise Television on Wednesday, Galadima was reacting to the suspension of the party’s presidential candidate in the last election by a faction of NNPP.
On Tuesday, the NNPP’s board of trustees (BoT) led by Boniface Aniebonam, founder of the party, suspended Kwankwaso over allegations of anti-party activities.
But a faction of the party loyal to the former governor of Kano state reversed the suspension.
The faction also suspended Agbo Major, the national publicity secretary of the party.
Kwankwaso has been photographed alongside President Bola Tinubu on a few occasions in recent times.
Galadima said Kwankwaso’s suspension was not the decision of the NNPP because Major who spearheaded it, is not a member of the national caucus of the party.
“Let us establish one fact. Is Major Abgo speaking for himself or speaking for the BoT? Let us establish his own credentials first,” Galadima said.
“I told you who the national exco of the party met in Abuja today and I rolled out who have been here.
“Did Agbo tell you who, himself and who did meet in Lagos? Are they members of the party? And I also said that there is no locus. Do two people only make up a party? Which other member of the BoT was there in that thier meeting?
“State chairmen that we expelled were the ones at that meeting. Preemptive. So, there is no even locus and he is not supposed to know because he is too small to know whether Kwankwaso took permission from the party or not to meet with other interest groups because he is not a member of the national caucus of the party. So, how can he know?
“Kwankwaso took permission from us when he was going to France. Thirteen members of the national caucus of the party met and he put down this issue that the president wanted to see him, what is our opinion?
“And each and everyone of us that was there except myself that did not speak on that day because I knew what led to that meeting.
“He came to inform us that the president invited him to see him and he could not go without taking a permission from the party.
“He (Kwankwaso) came back and told us that the president had asked him to tell his party that he would want to work with them.
“When we agree that we can work together then we will meet with the APC to do the modalities of working together.”
The Lagos Metropolitan Area Transport Authority (LAMATA) says the blue line rail system will commence passenger operations on September 4, 2023.
In June, LAMATA announced that the blue line would be open for passenger operations in August 2023.
Recently, the agency announced that passenger operations will commence on Wednesday.
Speaking on Wednesday, Abimbola Akinajo, the agency’s managing director, said LAMATA has decided that the passenger operations should start on September 4.
Akinajo said Babajide Sanwo-Olu, governor of Lagos, will be on the train for the inaugural operation of the blue line rail system.
“The reason I’m talking to you today is that we said August (for the commencement of train service),” she said.
“We were supposed to be starting today. We decided that we will start on Monday.
“From LAMATA’s perspective, we will be starting commercial operations on September 4.
“For the inaugural ride, we will be hoping that the governor will come and ride with us.
“The first train ride will be at 9am. Mr governor will take the inaugural train ride with members of the public.”
The LAMATA MD said the train operations will start with 12 trips for two weeks, which will be increased to 76 trips per day.
Jubril Gawat, senior special assistant on new media to the governor, wrote on X: “A full journey from Marina to Mile 2 will cost N750. Zonal fares will be between N400 and N500 (for people not making the complete full trip)”.
“The transportation palliative announced by Governor Sanwo-Olu will also cover the train system, meaning that the highest fare for the full trip will be N375,” he said.
In January, former President Muhammadu Buhari inaugurated the first phase of the blue line rail project in Lagos.
Prior to the inauguration, Sanwo-Olu launched a test run of the project which is designed to run from Mile 2 (on the mainland) to Marina (on the island).
The Kano State Hisbah Board says it has procured furniture and other materials for the wedding of 1,800 intending couples under its mass wedding scheme.
Sheikh Aminu Daurawa, Hisbah commander-general, said this when he inspected the items for the wedding on Wednesday in Kano.
He said the government budgeted over N800 millon for purchase of clothing materials, food items, furniture and other necessities for the wedding.
“Each bride will receive a set of bed, mattress and pillows, as well as N20,000 to start up a business. Some philanthropists have pledged to contribute their quota to ensure the success of the wedding.
“One thousand eight hundred couples will benefit from the gesture, which would go a long way in curtailing societal vices and poverty in the society, as many marriages were being postponed, due to inability of parents to sponsor the wedding,” Mr Daurawa said.
Mr Daurawa said the wedding date would be announced.
He added that criteria had been set for the selection of the beneficiaries adding that those who divorced their spouses on flimsy excuses after the marriage would be made to pay back by the government.
(NAN)
The Akwa Ibom government has closed down a Chinese mining firm, Ruitai Mining Company, for failing to produce an operation licence.
Uno Etim Eno, the commissioner for environment and mineral resources, disclosed this to journalists in Uyo.
Mr Eno said the firm could not provide authorisation documents for titanium ore mining in Ibeno.
He said the Chinese company had been mining titanium ore secretly in the area, before it was intercepted and ordered to produce relevant documents.
Mr Eno added that during inspection, it was discovered that the firm could not produce a mining licence as well as an Environmental Impact Assessment (EIA) report to show impact of its operations on the host community.
“The joint ministerial inspection team included the permanent secretary, Mrs Iquo Abia, on arrival at Ibeno community, were conducted round the mining site by the chairman of Ibeno Local Government Area, High Chief Williams Mkpa. The team discovered black clay-like minerals contained in sacks of 50kg, which was identified by the miners as titanium ore,” said the commissioner.
Mr Eno added, “On critical examination of the site amidst tight security, the managing director and director of the company, Zeng Zhonghuan and Huang Ying, were not available at the site. The available staff members could not provide any information or documents.”
Mr Uno said that the ministry of environment discovered that the company was an exploration company while the board of directors are all Chinese nationals not eligible to acquire the small-scale mining licence as claimed.
“Ruitai mining company should terminate its mining operations forthwith, until due clearance legitimising its operation is completed with the state government,” said Mr Eno.
(NAN)
The House of Representatives ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilisation of the funds from 2011 has summoned concerned chief executive officers of insurance companies.
Rep. Dachung Bagos, the committee’s chairman, issued the summon following their failure to appear before the committee in Abuja on Tuesday to explain the unremitted fund.
He said the insurance companies should come and explain why they still owed over N267 billion of workers’ investment to NHF in 2019.
Mr Bagos said the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting workers’ investments to the Federal Mortgage Bank of Nigeria (FMBN).
He said the insurance companies should come along with all the amount they had remitted to FMBN, adding that they should also provide evidence of sanctions to those who had defaulted.
According to him, in 2019 alone, 54 insurance companies have not remitted N267 billion.
“They need to tell us where the money is. This figure does not include 2020 to 2023.
“We have the law but are not working with the law. Rather, we complain on a daily basis,” he said.
Mr Bagos said the 10th House of Representatives will address the issue, adding that all the concerned CEOs must appear by September 5.
Rep. Kama Nkemkanma (LP-Ebonyi), a committee member, said: “What we are talking about here involves billions of unremitted money; I will want us to be more serious.”
He called on the CEOs of insurance companies to appear rather than send their subordinates, saying there was a need to get to the bottom of the problem.
Rep. Timilehin Adelegbe (APC-Ondo), also a committee member, said the non-remittance of workers’ NHF contributions was not something to joke with.
He said: “For any outstanding unremitted fund, the CEOs should be held responsible, and if they fail by the next hearing, we will publish their names.”
(NAN)
The Lagos State Government has disbursed a total of N2.017 billion in retirement benefits to 644 retirees.
Based on a report by the National News Agency of Nigeria, on Wednesday during a 101st batch Retirement Bond Certificate presentation for retirees in Lagos State, Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), made the announcement.
According to him, the payment made on Wednesday represented the retirement benefits accrued to these retirees for their past service prior to the inception of the Contributory Pension Scheme in 2007.
Obilana emphasized the significance of the occasion, which aimed to honour and recognize the exceptional retirees who had dedicated their time, energy, and talents to serving Lagos State.
- “It is indeed an honour to recognize and commend the retirees’ hard work and commitment demonstrated throughout their years of service to Lagos State. This retirement bond certificate presentation is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made.”
The Permanent Secretary of the Lagos State Ministry of Establishments, Training, and Pensions, Olawale Musa, lauded Governor Babajide Sanwo-Olu for prioritizing the welfare of the public service workforce, even in retirement.
Musa encouraged retirees to exercise prudence in managing their funds and to make careful choices when considering investment opportunities.
He also reassured the retirees that they could reach out to LASPEC or the ministry for pension-related information or further clarifications.
- “I applaud our retirees for their exceptional contributions and unwavering dedication to the development of Lagos State and pray that their retirement be filled with joy, fulfilment, and new experiences,” Musa remarked.
The Zamfara State chapter of the Peoples Democratic Party (PDP) has raised concerns over bribery allegations of judges at the governorship election petitions tribunal sitting in Sokoto by a supporter of APC in the state.
The concern was raised by the acting Chairman of the party, Mouktar Lugga, while briefing journalists in Gusau, the state capital, on the alleged bribery.
He cited an audio clip circulating on social media posted by one Anas Anka, said to be an APC supporter, in which he claimed that the tribunal judges had been induced with money to write a judgement in favour of the APC.
Lugga argued that in the viral audio, Anka was heard telling his friends how he was contracted by a top APC stalwart in the state with N100 million to also bribe members of the state assembly to commence impeachment moves against Governor Dauda Lawal.
The PDP also called on the National Judicial Council (NJC) to launch a full-scale investigation on the allegation levelled against the panels of the governorship and state assembly election petitions tribunal.
The party appealed to the Department of State Services (DSS) to invite Anka for questioning over the weighty allegations, saying they were capable of causing chaos and disorder in the state.
Furthermore, it called on a former governor of the state, Senator Abdulaziz Yari, to as a matter of urgency, clear himself of the allegations levelled against him.
APC Kicks, Calls For Probe
Meanwhile, the All Progressives Congress (APC) in Zamfara State has in strong terms dismissed allegations of its involvement in a plan to bribe election petitions tribunal judges in the suit by the ruling PDP.
It also denied claims of an alleged move to mobilise members of the state House of Assembly to impeach the governor as contained in a leaked audio by one Anas Anka.
In a swift reaction made available to journalists in Gusau on Wednesday, the APC State Publicity Secretary, Yusuf Idris, said Anka was never a supporter nor a card-carrying member of the APC in the state.
The APC also called on all the relevant security agencies to uncover those behind the audio clip that went viral where Anka was allegedly explaining that he was directed to give a bribe to the judges of the election petitions tribunal to decide the judgement in favour of the party.
[Channels TV]
On August 30, 2023, the Nigerian Armed Forces acquired TOGAN and BAHA Unmanned Aerial Vehicles (UAVs) from Turkish defense companies. This acquisition is part of Nigeria's broader strategy to modernize its defense capabilities, particularly in the areas of surveillance and intelligence. This reinforcement comes as tensions between ECOWAS and the military dictatorships in the Sahel region show no signs of abating.
Togan UAV at IDEF 2019 produced and delivered to Nigeria by STM (Picture source: Army Recognition)
Turkey has become a key player in the global UAV market, with its drones gaining notoriety for their effectiveness in various conflict zones, notably its famous Bayraktar in Ukraine. Nigeria, facing challenges ranging from counter-terrorism to border security, has increasingly turned to Turkey to meet its UAV needs.
Supplied by Turkish defense company STM, the TOGAN UAVs are small, rotary-wing drones designed for tactical-level reconnaissance and surveillance. These UAVs are equipped with a variety of sensors, including cameras and thermal imagers. As part of a $36.5 million project with ASISGUARD and the Nigerian Ministry of Defense, this marks the second international export of the TOGAN system, with STM also in discussions for potential exports to other African nations.
Havelsan, another Turkish defense and informatics company, has also exported its BAHA UAVs to an undisclosed African country, believed to be Nigeria. Like the TOGAN, the BAHA is a small, fixed-wing UAV equipped for tactical-level reconnaissance and surveillance missions.
The acquisition of these UAVs is not an isolated event but part of a larger pattern of military cooperation between Turkey and Nigeria. Last year, ASISGUARD supplied at least 10 armed Songar drones to Nigerian counter-terrorism units. Both nations have also pledged to strengthen their military relations, focusing on areas such as joint training, intelligence sharing, and defense production.
There have also been rumors about the Nigerian Armed Forces purchasing Russian T-90 tanks, as we reported on Army Recognition on August 25, 2023.
Nigeria continues to strengthen its armed forces with multiple deliveries of foreign vehicles, but it is not just a buyer. Nigeria has indeed launched licensed production of Chinese Dong Feng CSK-131 MRAP vehicles. Recent tensions with military regimes in the Sahel, such as Niger, Mali, or Burkina Faso, have clearly accelerated Nigeria's procurement of equipment.
[armyrecognition]
Ousted Gabon president speaks from detention, urges friends to ‘make noise’ over military coup
AdminThe ousted President of the Republic of Gabon, Ali Bongo, has called on friends and allies all over the world to “make some noise” over the military coup.
DAILY NIGERIAN reports a group of Gabonese military officers on Wednesday said they have overthrown Mr Bongo as the democratically elected president of the country.
The coupists who appeared in Gabon TV also nullified Mr Bongo’s victory in last Saturday’s presidential election.
But Mr Bongo, who appeared in the 50-second video, said he was speaking from detention in his residence.
“I’m just sending a message to all the friends we have all over the world. To make noise. The people here have arrested me and my family,” Mr Bongo appealed.
He lamented that the coupists had denied him access to his wife and son, saying, “I don’t know what’s happening”.
“I’m calling you to make noise, make noise really,” he added.
[DailyNigerian]
•Marketers halt petrol loading, blame vandals for disruption
•More filling stations shut as import hiccups hurt supply
Long queues for Premium Motor Spirit, popularly called petrol, are beginning to resurface at filling stations in Lagos and Ogun states, and in few other locations in South-Western states.
Although The PUNCH gathered that queues were not seen in Abuja and other states in the North, it was learnt that depots in Lagos were gradually running dry of petrol.
Queues were sighted at many stations, particularly those on the Oshodi-Ojodu Berger Expressway and some sections of the Lagos-Ibadan Expressway, as vehicles that waited to purchase petrol stretched into the expressway, slowing down movement on the service lane.
North-West filling station had the longest queue, as it dispensed petrol at N568/litre. Others such as Eterna – N568/litre; NNPCL – N568/litre; TotalEnergies – N570/litre; and Mobil – N570/litre had shorter queues.
Conoil, Enyo and Oando at Berger in Lagos, had no product to dispense.
While some of TotalEnergies stations were seen dispensing, a branch of the station located on the Berger axis was locked.
A few others such as Worldoil, Fatgbems and Quest in Ogun State shut their outlets.
The Chairman, Independent Petroleum Marketers Association of Nigeria, Satellite Depot, Akin Akinrinade, told The PUNCH that the depot had not loaded products in the last three weeks.
According to him, even the NNPCL Retail depot is currently operating skeletal dispatching of products.
“From our end, the issue has been with the pipeline vandalism which we raised an alarm over since July. Satellite depot has not loaded any product in the last three weeks, and whenever there is a problem here, it is going to affect Lagos and the whole of South-West.
“Although I don’t know what has been happening in other depots, from what we gathered yesterday, even NNPC Retail has been operating skeletal product dispatching. The NNPC Retail loaded just three to four trucks to Ikoyi on Monday. No product was dispatched to other places. I don’t know about other depots,” he said.
The NNPCL Retail has 21 depots across the country, nine in the North, and 12 in the South. However, The PUNCH had reported in December how the company abandoned the depots due to pipeline vandalism, and now relied on private depots to dispatch products.
Recently, NNPCL had been making efforts to put the pipelines in order. One of those efforts was the Satellite depots in Lagos which resumed operations last year, but was again vandalised in July.
Managers of the Ejigbo Satellite Depot had raised the alarm over incessant activities of pipeline vandals on System 2B pipeline in front of Good Luck Estate at Idimu, Alimosho Local Council Development Area of Lagos.
A statement released by Akinrinade at that time, said, “IPMAN Satellite Depot are constrained with heavy heart to announce the vandalism of the Nigerian National Petroleum Company Limited pipeline at Idimu in Alimosho LCDA of Lagos State, in front of Good Luck Estate.
“This continuous vandalism is a setback to the effort of IPMAN and NNPCL to ensure uninterrupted supply of petrol to Lagos and the entire South-West region of Nigeria.”
The PUNCH also gathered that some depots owners had been unable to import products due to rising foreign exchange.
Sources close to the matter told The PUNCH that many filling stations had shut down operations as many could not afford to buy products due to high prices at the depots.
“Stations are now cutting down costs because most don’t have enough money to buy products to distribute to their outlets. That is why you see that those with more than one station had to close down some of them,” one of the sources told The PUNCH.
Another source who craved anonymity told The PUNCH that “the economy is tough right now and marketers have been unable to import products. Emadeb had teamed up with some other marketers and brought in about 27 million litres.
“But since then, who else did you hear has brought in the product? We are now back to the era of NNPCL being the sole importer, and would still continue to dictate what the market price would be.”
A top member of the Major Oil Marketers Association of Nigeria told one of our correspondents that demand now outweighs supply.
“NNPCL has reduced importation. And the whole idea was for private individuals to also augment what NNPCL brings in. But marketers are not importing. So NNPCL still remains the only importer,” he said.
When contacted to speak on the development, the spokesperson for NNPCL, Garba-Deen Muhammad, said he was speaking with an official of oil firm who had idea about the issue.
He promised to revert and our correspondent kept calling him for update, but got no response to the matter from the oil firm as of the time of filing this report.
Meanwhile, Muhammad had stated in June that the company would cut down its fuel imports programme in August once the Dangote Refinery began to push out refined petroleum products from late July or early August. NNPCL owns a 20 per cent stake in the Dangote Refinery.
“Because of the circumstances that surround our refineries, we cannot allow the country to be grounded. So we have to buy wherever we can get and sell. So if Dangote products are available, why should we not buy from Dangote?
“There is absolutely no reason. And that is the reason why we are interested in the Dangote Refinery. We are co-owners, shouldn’t we do business with our partners rather than do it with other people?”
Corroborating Muhammed, while speaking to journalists after a meeting with oil marketers in Abuja, also in June, the Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said NNPCL had cut down on importation.
Ahmed had said, “The market is open already, we have to follow the regulations. So we have rolled out policies that are user-friendly. Some of them (marketers) have already started putting their applications in place. This is because we don’t want to create a gap. NNPCL is slowing down on their importation.”
Since the end of fuel subsidy, the price of petrol had risen from an average of between N180/N200 per litre, to between N614 and N700 per litre. Although it was later debunked by the NNPCL, rumour had it that the price could go as high as N720 per litre due to the rising exchange rate and increase in the cost of crude at the international market.
The National Controller Operations, IPMAN, Mike Osatuyi, confirmed that oil marketers were not importing because of the price. He, however, said there was no cause for alarm.
“Marketers are not importing because of the price. But marketers can still pick it up from the NNPCL. We know NNPCL would intervene. So no cause for alarm,” he said.
Further checks by The PUNCH revealed many major outlets within Lagos metropolis did not dispense fuel to customers on Tuesday.
It was observed that between Berger and Iyanoworo stretch of the Lagos-Ibadan Expressway, major outlets like Conoil (two outlets), Total (two outlets), African Petroleum, Oando and Enyo did not dispense fuel to customers.
At Mobil Filling station located adjacent to the Lagos State Secretariat (in-bound Alausa), there was a sizeable queue of motorists waiting in line to buy petrol while other customers lined up with jerry cans and jostled in a bid to get ahead in the queue.
The development sparked fears among motorists who expressed concern that Tuesday’s turn of events could be a prelude to an increase in the pump price of petrol.
A cab driver, Babatunde Onifade, who plies between Berger-Victoria Island, told one of our correspondents that the sudden closure of many filling stations along the axis had triggered panic among commercial transport operators who had a hard time buying fuel on Tuesday.
Some filling stations along Idimi-Egbeda axis were also visited on Tuesday, and it was observed that an outlet belonging to the NNPCL along the axis was not selling.
It was also observed that there was queue at an Oando fuel station on the axis.
A motorist who gave his name as Harry Ugochukwu, said, “NNPC here is not selling and they sold on Sunday. It is only the Oando outlet here that is selling at the normal price and as you can see there is queue here.”
At Dopemu, inward Agege, it was observed that a NIPCO outlet was selling with little or no queue.
Commenting on the development in the South-West, the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said though the queues had yet to get to the South-South, North and other regions, the drop in imports might warrant a spread in queues.
“People cannot import because there is NP forex to do that, and this is not good for a liberalised market. That is why we’ve continued to advocate for the rehabilitation of refineries in good time to avoid a spread of such queues to other regions of the country,” he stated.
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One of the founding fathers and chieftain of the New Nigeria Peoples Party, NNPP, Buba Galadima has described the suspension of the party’s national leader, Rabiu Kwankwaso as a “Nollywood and Hollywood joke”.
Recalls that a faction of the party on Tuesday suspended Kwankwaso, alongside other members over alleged “anti-party activities in various meetings”.
The group claimed that there was “material evidence” showing that the party’s flagbearer for the February 25, presidential poll has been involved in anti-party activities.
But Galadima, who spoke during a program on Channels TV on Tuesday night, said the leaders of the group which announced Kwankwaso’s suspension had earlier been expelled from the NNPP.
Galadima also insisted that the party is still intact and has no crisis as being peddled.
He said, “When I saw it on social media, I thought it was like a Nollywood or Hollywood joke.
“Now let me make a small correction, those that were expelled were Boniface Okechukwu Aniebonam and Gabriel Agbor Major.
“All of them who were expelled were called to a disciplinary committee. They were drilled and they accepted their sins and it was on the basis of their acceptance that they were recommended to the Nation Working Committee for expulsion.”
Speaking on the alleged anti-party activities, Galadima explained that “as a politician, we can meet with anybody. He took permission from us.”
A newborn has been rescued from a pit toilet in Otuocha, Anambra East Local Government Area of the State three days after birth.
According to a report posted on the Facebook page of Anambra State Ministry of Women and Social Welfare, the incident happened on Sunday.
The mother of the male child, Nwaedoka Chidinma, a 20-year-old girl from Izzi, Ebonyi State, was said to have deliberately carried out the act.
Esther Omesi, a farmer and friend to Chidinma, alerted relevant authorities about the incident.
Omesi said she was staying at Chidinma’s place at the time it happened.
According to her, Chidinma started acting suspiciously on Sunday after she had notified her (Omesi) that she was having stomach upset and then went to the pit to ease herself.
She narrated that Chidimma took time and when she came out, there was dripping of blood which made her call a nurse that inspected her and revealed that the baby was gone.
Omesi said that she thought that Chidinma had a stillbirth, which is why she encouraged her to travel home to her parents and notify them of the development.
Revealing further on how it happened, Omesi said that they heard a baby’s cry on Tuesday morning and quickly used a ladder to rescue the newborn.
Reacting to the incident, the Honourable Commissioner for Women and Social Welfare, Ify Obinabo, was shocked when both the mother and child were brought to her office.
Turning to Chidinma, she said: “Why would you, after you have passed through pregnancy, given birth and decided to put the baby in the toilet? Why? Since Sunday? Why are you this wicked?”
The commissioner quickly directed that the newborn should be taken to Chukwuemeka Odumegwu Ojukwu Teaching Hospital, Amaku, in Awka for treatment and later called for the arrest of the culprit.
Obinabo decried the rate at which young girls now commit crime and stated that the young mother won’t go unpunished.
She further noted that the Governor of Anambra State, Prof Charles Chukwuma Soludo has zero tolerance for such inhumane and dastardly acts and assured of seeing to the end of the case.
The erstwhile Minister of Interior, Rauf Aregbesola, has disclosed that he deliberately did not support his party’s candidate in the 2022 Osun State governorship election to avoid confusing voters in the state.
Aregbesola, a two-time governor of Osun, spoke during a radio programme on Tuesday in Ilesha.
According to him, politics of bitterness and boastful exclusion of him and his supporters by the then ruling All Progressives Congress (APC) in the state prevented them from supporting the re-election bid of former Governor Gboyega Oyetola.
“There is nothing like exclusivity when it comes to politics or elections. All interests matter and are important. When I wanted to run for a second term as governor in 2014, I ensured that even the bigwigs of the opposition party joined us.
“I rallied everybody because we knew how important it was to have a strong and formidable party going into the elections. That was why we were able to achieve success.
“But in a situation when some individuals decide to exclude some people, ostracise them and want to even throw them out of the party, that (defeat) is what you would get. I have no power or control over the decision of where anyone wishes to vote or support in a political contest.
“Politicians or party men and women constitute only 10% of the electorate. The success of any election rests on the level of how people are able to embrace others, irrespective of their convictions or personal aggrandisement to others.”
He added, “They (Oyetola and others) never wanted us, and our existence gave them a constant headache. There was even a video that trended at the time when they said anyone who was not invited to their campaign and comes around would bear the consequences of whatever happens to him/her.
“They did not want me. That was why I stayed away. In order not to create confusion as to who I was supporting or supported in the governorship election, I had to stay away.”
Oyetola, who lost the election and failed to get redress both at the tribunal and Supreme Court, was recently appointed as the Minister of Marine and Blue Economy by President Bola Tinubu.
The Debt Management Office (DMO) sold T.bills valued at N406.10 billion across its auctions in July 2023.
This was contained in the FMDQ Markets Monthly Report for July seen by Nairametrics.
The amount represents 0.39% (N1.59 billion) Month-on-month (MoM). An increase in the value of T-bills sold across its auctions in June 2023 (N404.51 billion).
Similarly, the DMO reopened two (2) 10Y, one (1) 15Y and one (1) 30Y FGN Bonds worth N657.84 billion in July 2023.
The report noted that the total sale represented a 182.73% oversubscription of the amount offered, and a 39.03% (N184.68 billion) MoM increase on the amount sold in June 2023 (N473.16 billion) for the same FGN Bond maturities.
FMDQ noted that the CBN did not conduct any public OMO Bills auctions in July 2023.
Corporate bonds:
According to the report, there were no corporate bonds listed on the FMDQ Exchange in July 2023 compared to N17.50 billion worth of corporate bonds listed in June 2023.
- “As a result, the total outstanding value for corporate bonds remained unchanged at N1,757.95 billion in the review month,” it said.
Commercial Papers:
The report stated that the total value of Commercial Papers (CPs) quoted on the FMDQ Exchange in July 2023 was N117.32 billion, representing a MoM increase of 42.85% (N35.19 billion) from the value of CPs quoted in June 2023.
- “Quoted CPs were issued by institutions from various sectors including Financial Services (5), Manufacturing (4), Real Estate (3), Agriculture (2), Chemical Supply & Oil Field Services (2), Commodities Trading (1), Public Sector (1), Telecommunications (1) and Consumer Staples (1).
- As a result, the total outstanding value of CPs increased MoM by 14.10% (N117.32 billion) to N949.26 billion,” it said.
Secondary market turnover:
According to the report, secondary market turnover on the FMDQ Exchange in July 2023 was N19.92 trillion, representing a MoM decrease of 8.37% (1.82 trillion) and a YoY increase of 0.81% (N0.16 trillion) from June 2023 and July 2022 figures, respectively.
It noted that Foreign Exchange (FX), Money Market (MM), and CBN Bills transactions dominated secondary market activity, accounting for 73.98% of the total secondary market turnover in July 2023.
- “Total spot market turnover for all products traded in the secondary market was N18.47 trillion in July 2023, representing a MoM increase of 3.68% (N0.66 trillion) from June 2023 figures.
- The MoM increase in total spot market turnover was driven by an improvement in turnover across MM and FI transactions which increased MoM by 16.35% (N0.90 trillion) and 12.16% (N0.91 trillion), respectively, despite the MoM decline in FX transactions by 24.34% (N1.16 trillion).
- The uptick in MM turnover was driven by an increase in Repos/Buybacks, offsetting the MoM decline in Unsecured Placement/Takings transactions. Likewise, the improvement in FI turnover was driven by a MoM increase across all FI products, excluding CBN Special Bills and FGN Bonds which decreased in the review period,” the report noted.
According to the report, Spot FX market turnover was N3.61 trillion ($4.66 billion) in July 2023, representing a MoM decrease of 24.34% (N1.16 trillion) from the turnover recorded in June 2023 (N4.77 trillion).
- “In the FX Market, the US Dollar appreciated against the Naira, with the spot exchange rate ($/₦) increasing by 22.94% ($/N143.60) to close at an average of $/N769.51 in July 2023 from $/N625.90 recorded in June 2023.
- Further, exchange rate volatility decreased in July 2023 as the Naira traded within an exchange rate range of $/N740.08 – $/N803.90 compared to $/N464.67 – $/N770.38 recorded in June 2023,” the report said.
Fixed Income: The report stated that the (FI) market turnover was N8.43 trillion in July 2023, representing a MoM increase of 12.16% (N0.91 trillion) from the turnover recorded in June 2023 (N7.52 trillion).
- “The MoM increase in the FI market turnover was driven by the 52.55% (N0.94 trillion), 63.75% (N0.98 trillion), and 402.37% (N0.03 trillion) uptick in turnover across T.Bills, OMO Bills,
- Other Bonds which offset the MoM decrease in CBN Special Bills and FGN Bonds transactions by 57.36% (N1.00 trillion) and 1.24% (N0.03 trillion), respectively,” the report noted.