As a precursor to the fixing of judgement date, the Justice Haruna Tsammani-led five-member Presidential Election Petition Court, PEPC, sitting in Abuja has directed all the parties to appear before it on Tuesday to adopt their final briefs of argument.

The court, in a notice it sent to the parties, invited them to adopt their written address with respect to the petition that was lodged against President Bola Tinubu by a former Vice President and candidate of the Peoples Democratic Party, PDP, as well as the one that was filed by candidate of the Labour Party, LP, Mr. Peter Obi.

It will be recalled that the Independent National Electoral Commission, INEC, had on March 1, announced that Tinubu of the ruling All Progressives Congress, APC, won the presidential election that was held on February 25, ahead of 17 other candidates that participated in the contest.

It declared that Tinubu scored a total of 8,794,726 votes to defeat the two major contenders, Alhaji Atiku of the PDP, who came second with a total of 6,984,520 votes, and Mr. Obi of the LP, who came third with a total of 6,101,533 votes.

However, dissatisfied with the outcome of the election, both Atiku and Obi approached the court to invalidate it.

The duo, in their separate petitions, claimed that they won the presidential poll, even as they challenged Tinubu’s eligibility to contest the election.

The petitioners, aside from praying the court to declare that President Tinubu did not secure the majority of lawful votes that were cast at the election, are equally seeking the withdrawal of the Certificate of Return that was issued to him by INEC.

Alternatively, they are praying the court to order a fresh presidential election, with the exclusion of President Tinubu whom they argued was ab-initio, not qualified to participate in the Poll.

The court had on July 5, concluded its hearing of both Atiku and Obi’s petitions

While Obi closed his case after he called 13 witnesses that testified and tendered several documentary exhibits, Atiku produced 27 witnesses and equally tendered exhibits before the court.

On their part, both INEC and President Tinubu wrapped up their defence in both cases with one witness each, while the APC failed to produce any witness before the court.

However, all the Respondents, in their respective written addresses, urged the court to dismiss all the petitions for want of merit.

They argued that the petitioners were unable to discharge the burden of proof that was placed on them by the law.

According to the Respondents, whereas the petitioners raised allegations that had elements of crime in them, they, however, failed to prove them beyond reasonable doubt as required by the law.

Though five petitions were initially filed to nullify Tinubu’s election, however, the Action Alliance, AA, on May 8, withdrew its case, even as the Action Peoples Party, APP, followed suit two days later by also discontinuing further proceedings on its own petition.

The Allied Peoples Movement, APM, which refused to withdraw its own petition, had on July 14, adopted its final written address, even as the court reserved its judgement on the petition.

[NationalDaily]

Price of petrol may to rise further as international market data gathered by The PUNCH revealed that the commodity has gained 20 per cent.

At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel.

On the other hand, petrol prices started the year at less than $2.50 per gallon. Last week, it hit $2.90 per gallon, and analysts said it could reach $3 in the new week.

A weak currency and inflation had caused a rise in the dollar against the naira to as much as N820/$1 recently, before dropping to N776/$1 as of Saturday.

In Nigeria, petrol price had risen from between N198/N200 per litre, to around N617 per litre since deregulation of the downstream sector by President Bola Tinubu on May 29.

Due to lack of functional refineries, Nigeria still imports its petrol despite being an oil producing country.

A Deputy Director, Mrs. Maimuna Lami Gogo Shiru, was over the weekend awarded with the Presidential Distinguished Public Service Award for successfully saving over N7 trillion in the cases she handled on behalf of the federal government.
She was of the 31 civil servants conferred with meritorious awards to conclude the activities of the 2023 Civil Service Week celebration.

Gogo, who is the Director of Civil Litigation and Public Law at the Ministry of Justice successfully completed over 200 cases on behalf of federal government including a case between the Registered Trustees of SERAP vs Chairman Code of Conduct wherein the federal government was saved from liability in the sum of N12 billion and Registered Trustees of Original Inhabitants of FCT Vs FGN where the latter was saved from a liability to the tune of N4 trillion.
She also saved the federal government the sum of $47.8 million in the matter against Panic Alert System.

Another awardee was Issac Anum, of the Ministry of Science and Technology, who initiated the memo that led to the formation of National Information Technology Development Agency (NITDA) and was also in the team that drafted the memo that midwife the formation of National Board for Technology Incubation.

Each of the 31 recipient of the outstanding award received N500,000 from the Aig-Imokhude Foundation while the star prize of a brand new 2022 JAC JS4 SUV was won by Mrs. Juwon Olayiwola of the Federal Ministry of Education; a 2-bedroom semi-detached bungalow won by Mr Kevin Nwachukwu of Service Welfare Office (OHCSF) and the third price, a plot of land was allocated to Mrs. Chukweke Stella Oluchi, of the Office of the Secretary to the Government of the Federation (OSGF).

Meanwhile President Bola Ahmed Tinubu, has described the civil service as a fulcrum for governance, whose vision and mission were predicated on implementation of policies and programmes that will enhance national economic and multi-dimensional growth.
The president, who was represented by the Secretary to the Government of the Federation, Senator George Akume, made this disclosure at the Rewards and Recognition Ceremony/Gala Nite marking the concluding activities of the 2023 Civil Service Week celebration.

He noted that the event was a social gathering to appreciate the uncommon, exemplary and commendable performances of deserving civil servants.
He said the annual ritual was essential for the ongoing improvement in service delivery geared towards ensuring good governance, leading to rapid socio-economic development of our dear country.

According to him the African Continental Free Trade Area (AFCFTA) would require a fit-for-purpose African Public Administration to succeed, which interrogates intra-African trade and productivity of the continent against the backdrop of the ambitious aspirations of Agenda 2063.
He added it was this that inspired the theme for this year’s Civil Service Week: “Digitalisation of Work Processes in the Public Service: A Gateway to Efficient Resource Utilisation and National Development,” further concretised the cardinal role digital technology plays in today’s workspaces, especially, in evolving a capable Public Service.

Tinubu also extolled the Aig-Imoukhede Foundation for instituting a N41 million endowment fund to reward deserving civil servants annually.
The move according to the president, would drive public sector transformation for improved public service delivery in the country.
He pledged that his administration would accord the necessary attention to prioritise the welfare of civil servants.

In his words: “As you must have noticed, the private sector is becoming more interested and committed to the value proposition of the civil servants. Their support is commendable. I am informed particularly of the support of the AIG-Imoukhuede Foundation.
“It is on record that the Foundation has instituted an endowment fund with N41,000,000.00 to reward deserving civil servants annually. The onus is now on the body of civil servants to collectively show greater dedication to its ideals.”

He therefore appreciated the Federal Civil Service as the custodian of public trust, and promise to empower it in order for them to consolidate on the gains of the on-going reforms, while also introducing further smart and radical policies and administrative measures to make the civil service more virile, competent, accountable and citizen-centred in the delivery of public services.

“It is fitting that the awardees today be adequately celebrated with fanfare. Award and recognition are instituted to motivate personnel and stimulate healthy competition among them for the delivery of high-quality services. The officers who have been adjudged worthy of recognition and awards today, are exemplars of the right values being promoted by the ongoing reforms in the Service,” he said.

“This initiative must be sustained. Let me therefore specially commend each and every one of the awardees for their dedication to service. The recognition given here today though a reward; is also a call to greater service. Be reassured that the country of your dream is possible,” he averred.

He noted his administration counts on the Public Service and the Federal Civil Service in particular, to deliver on their promise of a renewed hope even as the federal government would be unfolding very explicit cues for action in no distant time.

Tinubu said many tough, but needful policy and paradigm shifts would be emplaced to reposition governance for efficiency, effectiveness and productivity, saying that to match the expectations of the present administration, the civil service must increase its reform pace.

[ThisDay]

Adebisi, a young Nigerian set to migrate to Canada for good, found himself in a precarious situation when he visited the bank to purchase Personal Travel Allowance (PTA) with his July salary.

Having already sold all his belongings to fund his move and converting the proceeds to forex, he had hoped to save around N450k by buying at the official Investors’ and Exporters’ (I&E) window rate, which averages at N775/$1, rather than resorting to the black market rate of N870/$1. 

However, upon reaching the bank, he was met with disappointment.

The bank informed him that they were unable to fulfil his request due to supply-related challenges and suggested he seek out the black market instead.

This scene is becoming all too common across Nigerian banks as they grapple with an acute scarcity of dollars, leading to rationing of forex supplies and leaving customers like Adebisi in the lurch. 

The Central Bank, in its efforts to manage the forex market, had assured that PTAs and other invisible transactions would continue to be accessible through banks at the prevailing I&E window rate.

However, in practice, many Nigerians are finding it increasingly difficult to access forex through official channels, leaving them with no choice but to turn to the parallel market. 

The current predicament faced by Adebisi and countless others looking for dollars is a symptom of the prevailing dollar scarcity that has enveloped Nigeria.

A survey of several commercial banks in Lagos has shown that most institutions are struggling to keep up with the demand for forex, and in many cases, they simply have nothing to sell.

As a result, customers are left with no choice but to explore alternative sources, such as the black market, to meet their forex needs. 

When questioned about the situation, a manager at one of the commercial banks, who preferred to remain anonymous, disclosed that forex is typically sold to at most two customers per week, but there are often periods when they have nothing to sell.  

Another bank executive stated that their branch hadn’t sold dollars as PTA or travel allowances in weeks, and customers were frequently redirected to larger branches.

The frustration of customers has led many to resort to the black market to secure their much-needed supply of forex, especially now that the disparity is not as wide. 

Previously, the disparity between the official and parallel market rates created an advantageous situation for customers purchasing forex through PTAs.

However, with the convergence of the two rates, the benefit of buying from official sources has largely evaporated, pushing more individuals towards the parallel market. 

Why dollar is scarce 

Asides from possible speculations against the naira, one of the contributing factors to the high demand for forex is the phenomenon of Nigerian youth seeking better opportunities abroad.

Many individuals, like Adebisi, are liquidating their assets to fund their migration, putting additional strain on the forex market and exacerbating the depreciation of the naira. 

The situation is also impacting middle-class Nigerians who have children studying abroad. To meet their obligations, they regularly convert a significant portion of their income into dollars, further contributing to the limited supply available for all.

As a result, the depreciation of the naira persists, and the outlook for forex volatility remains uncertain. 

Several analysts interviewed by Nairametrics share concerns that forex volatility may persist as more young Nigerians leave the country in search of better opportunities, a phenomenon colloquially known as “japa.”

The increasing number of Nigerian youth emigrating is seen as a significant factor contributing to the heightened demand pressures on the forex market. 

Some individuals who choose to emigrate sell off their assets, including cars and houses, and then turn to the black market to convert their naira proceeds into dollars.

This behaviour is believed to further contribute to the depreciation of the naira, as the demand for foreign currency surges. 

Additionally, many middle-class Nigerians have their children studying abroad, necessitating the regular conversion of a substantial portion of their income into dollars to meet their financial obligations.

Unfortunately, the limited supply of forex available to meet the needs of all these individuals and factors has resulted in the depreciation of the country’s currency. 

What the CBN is saying 

During the last monetary policy committee meeting of the Central Bank, acting governor Fola Shonubi acknowledged that the ongoing forex volatility is primarily attributed to the limited supply of foreign currency.  

He expressed optimism that once the supply issues are addressed, the volatility is likely to reduce. In a bid to attract dollar inflows, government officials have also been engaging in consultations with foreign investors, as reported by Nairametrics last week. 

The growing demand pressure on the parallel market has led to a significant widening of the gap between the official and parallel rates.

Last week, the parallel market rate plummeted to as low as N870/$1, while the official rate remained at N775/$1. This growing divergence is now a growing cause for concern as it threatens the forex stability envisaged following the unification of the naira. 

Meanwhile, Bureau De Change (BDC) operators continue to face exclusion from the official forex market, ever since Godwin Emefiele ceased selling dollars to them last year.

However, some BDC operators argue that their absence from the market contributes to the volatility in the parallel market, as the lack of supply puts immense pressure on their ability to meet the high demand. Consequently, they have called on the Central Bank to reconsider their exclusion and reintegrate them into the formal forex market. 

 [Nairametrics]