Reports have indicated that All Progressives Congress (APC) party chieftains are strongly against the nomination of former governor of Rivers state, Nyesom Wike as a minister in President Bola Tinubu’s cabinet.
Naija News reports that the president, who is under obligation by the constitutional provision to present his ministerial list within 60 days of his inauguration, has only three days left to the expiration of the window.
According to sources who spoke to Vanguard, there has been anxiety over the list due to information that the President has been editing the list he previously prepared.
A highly placed source told the publication that the president has made it clear that he has an interest in Rivers, Kano and Lagos states and would like to personally choose ministerial nominees from the three states, while the Vice President, Kashim Shettima is said to have been given the leeway to nominate ministers from the North-East.
However, in the case of Rivers, party leaders are divided as the majority of them have reportedly opposed the purported nomination of former Governor Nyesom Wike.
It was gathered that those against Wike have officially written to President Tinubu, while other party members who worked hard for APC victory, have threatened to dump the party should the President abandon those that laboured to ensure that the party existed in the state despite what they described as the hostile environment created by the ruling PDP.
Travellers are expressing their disappointment and frustrations as airfares continue to skyrocket, making it increasingly difficult for individuals to embark on their desired trips. The rising costs, coupled with economic uncertainties, have left many passengers in a state of dismay.
About two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, the apex bank decided to float the naira at the Investor’s and Exporters’ Window of the foreign exchange market. Since then, the naira had fallen from N471/dollar to N867/$.
With this development, Nigerians, particularly, intending international students hoping to resume school in September, had been greatly impacted by the unpredictable fluctuations in foreign exchange rates.
The prices of air tickets had skyrocketed, making it increasingly difficult for Nigerians to travel, especially when compared to neighbouring countries such as Benin and Ghana, where airfares are notably cheaper.
The current policy of floating the Naira had done little to alleviate the situation. As the exchange rate continued to rise, most foreign airlines’ funds were trapped within Nigeria, due to a scarcity of dollars in the market. This scenario created a problematic landscape for Nigerians who depended on reasonably priced flights to go about their business.
In an exclusive chat with The PUNCH in Abuja, Ade Johnson, a potential traveller, noted that although he had not yet booked his flight, he had noticed a significant increase in prices compared to a few months earlier.
He disclosed that many Nigerians had started exploring alternative options. One popular choice was to travel via the Benin Republic, where airfares were considerably cheaper. Additionally, the proximity of Benin Republic to Lagos, with a travel time of less than an hour, mades it an enticing proposition for cost-conscious travellers.
He said, “Though, I have not booked my flight, prices have gone up compared to what was obtainable some months ago. Lagos to London was around 350k in May for the airline I booked, but the same route goes for 750k or more now.
“The best alternative option is to travel through Benin republic where air tickets are cheaper and it’s less than an hour drive from Lagos.”
Moreover, the Fx situation had created additional challenges for Nigerian students, including increased payment for tuition fees, visa expenses, the International Health Surcharge, and the need to provide proof of funds for maintenance and upkeep.
Previously, Nigerian students utilised Form A for tuition payments, which was pegged at a fixed rate controlled by the Central Bank of Nigeria. However, the current circumstances had altered this arrangement, leading to further financial burdens for students.
Sharing her experience, Success Apiaka, a traveller impacted by the recent increase and fluctuation in foreign currency rates, expressed his frustration with the effect it has had on her travel plans and budget, adding that she was forced to reassess and make significant adjustments to his financial planning to accommodate the unforeseen changes.
Apiaka recounted the challenges she faced, stating, “The recent increase and fluctuation in foreign currency has affected my travelling plans, especially considering the amount I had originally budgeted for the process. I had to go back to my drawing board to replan and find the best way to achieve my travel goal. This meant cutting down on a lot of expenses, including food, clothing, and family-related costs, in order to meet the current exchange rate and make the most of every penny I have.”
Fortunately for Apiaka, being knowledgeable in economics, she anticipated the economic difficulties ahead and took proactive measures to secure her travel plans. She booked her flight as early as May after paying her tuition, having learned from past experiences with using Form A for foreign currency transactions.
“I had to cut down a lot of my expenses in terms of feeding, clothing, family, etc just to ensure I can meet up to the current rate, utilise every single penny that comes my way.
She said the mental stress that came with the entire process, the wait is really not easy, process and all. For the financial aspect, I would say a little because this is something I have been preparing for although not at this current rate but so far I must say the mental stress was quite overwhelming at some point.
Another affected traveller, Aisha Abdullahi told our correspondent that currency fluctuations and the single exchange rate policy were affecting her travel plans, strewing that with her intended budget of N12m, now only yielding 12,000 pounds instead of the expected 24,000 pounds.
Abdullahi had been forced to consider alternative arrangements to make up for the significant financial hurdle, noting that said she had to explore selling off properties and liquidating investments.
She highlights the drastic change in flight prices, with a return ticket now costing between N800,000 to over N1m, compared to the previous rates of N300,000 and above.
“I’m considering flying through Benin Republic, Contonu Airport to be precise but I’m trying to weigh the prons and coins that are involved because moving my things from my base in Abuja down to Lagos means incurring some expenses like paying for excess luggage to Lagos.
“So, I will put all this together and compare it with the air ticket in Cotonou then that would give me a clear picture of what I want and make my decision.”
The Ondo Sector Command of the Federal Road Safety Corps has disclosed that eight people lost their lives in the petrol tanker fire that occurred along the Benin-Ore-Sagamu Expressway on Sunday.
This is just as an eyewitness told our correspondent that two pregnant women and three children were among the victims of the fire.
The FRSC’s casualty figure contradicted the earlier report on the incident which claimed that 20 persons were burnt to death.
Speaking on the incident on Monday, the Sector Commander of the FRSC, Mr Ezekiel Son’Allah, confirmed that the victims were scooping fuel from the fallen tanker when the fire broke out.
“The accident was caused by a loss of concentration and speed limit violation on the part of the driver involved. Eight people died.
“The driver and motor boy of the vehicle escaped unhurt, but the eight villagers scooping fuel got burnt in the act. The dead bodies were taken to the morgue of the General Hospital, Ore,” he said.
Some residents of the area who spoke about the incident insisted that over 20 people, including two pregnant women and three children, died in the fire while others sustained injuries.
They also said not all the victims were scooping fuel, explaining that some of the victims were passersby.
A resident, Susan Jerry, confirmed that some of the victims went to the scene of the incident to scoop petrol.
“More than 20 persons were burnt beyond recognition. Two pregnant women and three children were among the deceased,” Jerry said.
Another resident, Tijani Diekola, said the tanker driver lost control of the vehicle and entered the ditch around 4.30pm on Sunday.
He added that the people were at the scene of the incident, scooping the fuel till the incident happened around 6pm.
“This morning (Monday), I met about 10 burnt dead bodies while those around the tanker cannot be recognised. They were packed inside a sack by officials of the FRSC,” he said.
He explained that trouble started when the fuel started spilling into a stream in the community while the residents continued to scoop the fuel with buckets and kegs until the explosion occurred.
He added, “Unfortunately, a woman was cooking in her kitchen when the inflammable product on the water caught fire, burning the woman to death while the fire travelled back to the tanker.
“A pregnant woman who was crossing the stream with three other minors were caught in the river and burnt beyond recognition. No one could move to save them. Some other people who were close to the tanker were also badly affected. Their remains were packed this morning.”
Meanwhile, the state government has described the incident as tragic and unfortinate.
The government’s reaction was contained in a statement by the state Commissioner for Information Orientation, Mrs Bamidele Ademola-Olateju.
Also, the state chapter of the All Progressives Congress has described the incident as unfortunate.
The party’s position was contained in a statement issued by its Publicity Secretary, Mr Alex Kalejaiye.
Similarly, the lawmaker representing Odigbo 1 Constituency, Mr Olatunji Ifabiyi, in his condolence message on Monday, described the incident as unfortunate.
The 10th House of Representatives has released its six-point legislative agenda for the 10th Assembly to drive progress, prosperity and inclusivity across the country.
Rep. Julius Ihonvbere, the House Leader and Chairman of the Ad-hoc Committee on Legislative Agenda, announced the agenda on Monday in Abuja.
He listed the agenda as economic empowerment and diversification, infrastructure development, education and human capital development.
Others include healthcare for all; transparent governance, accountability, and the security and safety of persons and property, as well as economic empowerment and diversification.
Ihonvbere said the agenda, being the vision of the 10th Assembly, would be the fulcrum upon which the 10th Legislature’s operation would be based.
He said one of the House’s foremost goals would be to drive economic empowerment and diversification, adding that Nigeria’s over-reliance on oil exports had left the economy vulnerable to fluctuations in global oil prices.
According to him, to mitigate this risk and build a sustainable economy, they would incentivize investments in non-oil sectors such as agriculture, technology and renewable energy.
He said, “In the agriculture sector, we will pass legislation to modernise farming practices, improve access to credit for farmers, and support agricultural research and development.”
He said the Green Chamber would explore opportunities in agro-processing to add value to the country’s agricultural produce and create more jobs.
He said, “In the technology and innovation space, we will foster an environment that encourages start-ups, nurtures innovation hubs, and incentivizes research and development”.
He said the aim was to position Nigeria as a technology powerhouse, leveraging her young and dynamic population to drive innovation and digital transformation.
He said the agenda was to prioritise renewable energy projects to reduce the country’s carbon footprint, improve energy security and create jobs in the renewable energy sector.
This, according to him, will be done by embracing renewable energy, which would not only protect the environment but also open up new investment opportunities.
“Our overall goals are job creation, higher foreign exchange earnings, new skills development, diversification of exports and strengthening and deepening our technological foundations,” he explained.
The News Agency of Nigeria reports that some of the stakeholders that contributed to the agenda are the Nigerians Union of Teachers, Nigerian Metallurgical Society and the Federal Ministry of Health. (NAN)
Former President Olusegun Obasanjo, on Monday, decried Nigeria’s inability to live up to expectations since it got independence about 63 years ago, stressing that the country had not only disappointed itself but also Africa and the world.
Obasanjo disclosed this while delivering the keynote address at the public presentation of the book titled ‘Reclaiming the Jewel of Africa,’ written by former Minister of Industry, Trade and Investment, who also served as Minister of Finance, Olusegun Aganga.
The book was unveiled by President Bola Tinubu through his Special Adviser on Monetary Policy, Olawale Edun. The event, which was held in Abuja, witnessed a large turnout of past and current senior government officials, as former President Goodluck Jonathan and Obasanjo spoke virtually.
In his address at the programme, Obasanjo said, “Over the last 63 years, we have not lived up to expectations. We have disappointed ourselves; we have disappointed Africa; we have disappointed the black race; and we have disappointed the world.”
He, however, stated that “what Segun (Aganga) has tried to identify, itemise and recommend in his book is the way forward.
“But the beginning of charting a new course for ourselves is to admit our failure because we have not always put the round peg in the round hole.
“We are carried along by ego and emotion of self, selfishness and self-centeredness, ethnic and religious jingoism, with total lack of understanding of the world we live in and gross misunderstanding of what development entails and how to move fast and continuously on the trajectory of development.”
The former President further identified two of the major issues that were interrelated in terms of factors for all-round development.
“These are peace and security, which we cannot achieve without justice, equity and inclusive society. And telling ourselves the truth, we have not done well on these scores in the recent past—in the last decade and a half.
“I will also point at the issue of education, where over 20 million children that should be in school are not in school. We do not need an oracle to tell us the consequences of that for tomorrow,” Obasanjo stated.
He said the skill acquisition, empowerment and employment of youth would seem to be ignored or not appreciated.
“We do not need to look far for the remote causes of banditry, Boko Haram, kidnapping and other organised crimes.
“We are living dangerously on a keg of gunpowder, driving more people into poverty through good policies poorly and thoughtlessly implemented or bad policy and no policy at all,” he stated.
The Enugu State Magistrate court presided over by Magistrate Mrs N. Esso has remanded the embattled Councillor representing Umualor Ward in Isi-Uzo LGA of Enugu State, Hon. Maxwell Aluagbo for alleged embezzlement of One million, one hundred thousand naira, (N1,1m) meant for Internally Displaced Persons (IDPs) in his constituency.
The Councilor was recently accused and suspended for alleged fraud and embezzling money meant for Internally Displaced Persons (IDPs) in his constituency by his colleagues.
Aluagbo, male, 33, was arraigned by police before Magistrate Court 7, Enugu East LGA, Friday, on one count criminal charge bordering on fraud.
He was arrested last week by Enugu police command in a hotel where he was hiding with his fiance.
The charge sheet marked CME/478/C/2023 read: “That you, Aluagbo Maxwell ‘m’, on the 3rd day of March, 2023 at Ikem in Isi-Uzo Magistraterial District holden in Enugu did by false pretence and with intent to defraud, obtained the total sum of One Million, One Hundred Thousand Naira (N1,100,000.00) from Isi-Uzo Local Government Legislature with the pretence to use same for palliatives and relief support of Internally Displaced Persons (IDP) in Umualor, a promise you knew to be false and committed an offence contrary to Section 1 (1) (b) and (c) and punishable under Section 1 (3) of the Advance Fee Fraud and other Fraud Related Offences Act, Laws of Federation of Nigeria 2006 as applicable in Enugu State”.
Hon. Aluagbo who pleaded not guity was subsequently remanded in the Enugu correctional custodial centre by Magistrate, Mrs. N. Esso and adjourned till August 22, 2003.
At least two Boko Haram fighters were arrested at about 9:44 pm on Sunday while attempting to identify the residence of the Peoples Democratic Party (PDP)’s presidential candidate, Atiku Abubakar.
Security details at the gate of Abubakar’s residence had sighted a man, Jubrila Mohammed loitering around the residence of Abubakar and queried him.
His reaction was suspicious, and prompted the policemen on duty at Abubakar’s residence to interrogate and subsequently arrest him.
The state police command told THE WHISTLER on Monday that the terrorist, “upon interrogation confessed to have been member of the Boko Haram.
“He confessed that they were two of them and they were here on a mission to assess the residence of the former Vice President, the central mosque in Adamawa and some places so that whatever they may like to do, they may at least coordinate and attack”.
The spokesperson of the command, Yahaya Suleiman noted that the suspect’s confession prompted the commissioner of police to transfer them to the military since the latter is saddled with the responsibility of fighting terrorism.
Suleiman clarified that the police only arrested two suspects – one at the gate of Atiku’s residence and the other somewhere in Yola North’s Local Government Area.
He also stressed that at the time the suspect was arrested “there was no attack on Atiku’s residence” and the report of four suspects arrested only emanated from earlier interrogation by Abubakar’s security aides.
Reacting to the incident, the Peoples Democratic Party, PDP, insisted that by the confession of the assailants, “the plot has the paw marks of a sponsored attempt on the life of Atiku Abubakar.”
The party’s National Publicity Secretary, Debo Ologunagba in a statement on Monday said the attempt was “ostensibly by forces who are unsettled by his bid to retrieve his mandate at the Presidential Election Petition Court (PEPC).
“Our Party believes that the intent of the sponsors of this evil plot is to silence our Presidential Candidate, massacre innocent Nigerians and cause chaos, confusion, and anarchy in the polity.
“The PDP asks, is this foiled attack on Atiku Abubakar and sensitive locations in Yola, Adamawa connected to the recent APC’s threats of chaos and anarchy in the country if the PEPC upholds the clear provisions of Section 134 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) with regard to the mandatory and statutory requirements for which a Candidate in a Presidential election can be declared winner?
“Could it also be a plan to orchestrate a sense of insecurity in the country, starting in Adamawa State, the home State of our Presidential Candidate so as to justify the imposition of a State of Emergency in Adamawa State as a precursor to a declaration of a State of Emergency throughout the country?”.
The PDP charged the Inspector General of Police, Kayode Egbetokun to take the lead provided by the confession the terrorist to track down their sponsors and bring them to book in the interest of the security
“The Federal Government has a duty and obligation to Nigerians and indeed, the whole world to ensure that the perpetrators of these dastardly act and their sponsors are brought to book. This particular investigation is important to the country because of the scope and dimension of the attempted attack.
“The PDP also calls on security agencies to tighten security around Atiku Abubakar and members of his family at this critical time in our democratic process.
“Our Party commends the collaborative effort of the vigilant people of Yola, Adamawa State and security agencies in foiling the attack while urging Nigerians to remain calm and alert as the authorities commence investigation to fish out those behind this evil plot,” Ologunagba said.
The National Assembly Election Petition Tribunal sitting in Asaba has nullified the election of Labour Party candidate, Mr. Ngozi Okolie, as a member representing Aniocha/Oshimili Constituency of Delta State in the House of Representatives.
In about 107-page judgement that lasted over five hours, the three-member tribunal headed by Justice A.Z. Mussa, disqualified Okolie and declared the runner up in the February 25, 2023 National Assembly election, Ndudi Elumelu of the People’s Democratic Party (PDP) as winner.
Elumelu had in petition EPT/DL/HR/06/2023 approached the tribunal, seeking to disqualify Okolie on the grounds that he was not properly sponsored by the Labour Party, and that he did not resign his position as a public office holder.
The tribunal agreed with the petitioners that the second respondent (Okolie) was not duly sponsored by the third respondent (Labour Party) as he was not a member of the party as at May 28, 2022 when the primary held.
Justice Mussa also resolved that the second respondent did not resign from public office to contest the elections.
Elumelu’s counsel, Andrew Osemenem, described the judgement as “a correct exposition of jurisprudence and the law.
“We also proved and the tribunal agreed with us that there were no primaries, there was no sponsorship, the Labour Party did not conduct any primaries for the National Assembly election.
“And Sections 65 and 66 of the constitution require that for a person to be qualified to contest election into the House of Representatives, he must belong to a political party and must be sponsored by that political party.
“In this instance, Okolie, the tribunal found that he was not duly sponsored by the Labour Party because there were no primaries.
“The second ground is as we urged the tribunal, the tribunal also found in our favour, was that Okolie was in public office, he did not resign, he continued to collect salaries and emoluments in breach of the law. The tribunal agreed with us.
“So, for these two reasons his election was nullified, and in line with Section 135 of the Electoral Act, Elumelu who was the first runner up, has been declared and returned as winner of that election,” he added.
Mass Burial: Amnesty International Demands Coroner’s Inquest, Identities Of 103 ENDSARS Victims
AdminAmnesty International Nigeria has demanded a transparent coroner’s inquest on 103 slain EndSARS protesters for whom the Lagos State Government is planning a mass burial, saying the plans should be put on hold.
This follows the emergence of a leaked memo addressed to the Lagos State Ministry of Health indicating that the State Government approved N61,285,000 for the mass burial of 103 persons identified as 2020 EndSARS victims.
The memo, dated July 19, 2023, capturing steps for the processing of funds after approval by the governor, surfaced on social media Sunday morning, sparking outrage.
The Lagos State Government however maintained that the victims to be buried were not from the controversial Lekki Tollgate shooting.
The Permanent Secretary, Ministry of Health, Dr Olusegun Ogboye, while confirming the letter, insisted that the victims were from incidents of violence that occurred in the aftermath of the EndSARS protests.
Responding, the Director of Amnesty International Nigeria, Isa Sanusi, in a statement on Monday, said, “The Nigerian authorities must urgently halt their plans to carry out a secret mass burial of #EndSARS victims and instead carry out a thorough and independent investigation into the killings and ensure that those suspected to be responsible are brought to justice in fair trials.”
The human rights group added that the authorities must also carry out transparent coroner inquests and autopsies on the 103 #EndSARS victims and publish their identities and the circumstances of their deaths.
“It is appalling that the Lagos state government has not even mentioned that it has held the bodies of 103 #EndSARS victims in its custody since October 2020,” Sanusi said.
“All those detained because of their role in the #EndSARS protests must be immediately released. The Nigerian authorities must also ensure that victims and their families are provided with access to justice and effective remedies, including adequate compensation.”
The non-governmental organisation noted that it had been monitoring developments across Nigeria since the #EndSARS protests began on October 8, 2020.
“In October 2020, an on-the-ground investigation by Amnesty International confirmed that Nigerian security forces opened fire on thousands of peaceful protesters, who were peacefully calling for good governance and an end to police brutality, killing at least 12 protesters at Lekki toll gate and in Alausa,” director Sanusi said.
“Amnesty International was able to establish that pro-government supporters instigated violence at many of the demonstrations, providing cover for the police to use lethal force against peaceful protesters.
“On 16 November 2020, a Judicial Panel of Inquiry set up to investigate the Lekki toll gate killings submitted its report, which indicted the military and the police for killing unarmed protesters, who were sitting on the floor and waving Nigerian flags and singing.”
Speaker Tajudeen Abbas has asked members of the National Association of Resident Doctors(NARD) to suspend their planned strike action and allow the House intervene in the dispute.
The Speaker, who spoke at a meeting with the leadership of the doctors in his office, also asked them to offer realistic solution to the issues in dispute.
The resident doctors had embarked on warning strike before the inauguration of the current Tinubu government demanding a 200 percent increase in their salaries and other associated allowances.
They also want the payment of all salary arrears, implementation of the CONMEAS salary structure and new hazard allowance and domestication of the Medical Residency Training Act and payment of medical residency training fund to its members in state tertiary health facilities among others. After suspending the strike, the doctors issued a fresh two-week ultimatum for the government to meet its demands.
However, Speaker Abbas said the decision of the leadership of the doctors to meet with the House is an affirmation of their faith and confidence in the capacity of the House to intervene and resolve the lingering issues in dispute.
He said: “This is most reassuring owing to the fact that the 9th Assembly had previously intervened in this matter. We hope to even go beyond the steps and actions taken by the previous House to ensure that we find a lasting resolution to the ever lingering crisis”.
The Speaker said further that the House was not unmindful of the many sacrifices resident doctors have continued to make in the nation’s health sector in spite of the many challenges they face and the poor conditions within which they work.
According to him, while many doctors have left the shores of the country in pursuit of better working conditions, they have chosen to remain behind in service to their fatherland.
He assured them that the House will deploy every legislative instrument available to us to ensure that they are fully compensated and rewarded for this act of patriotism.
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Trade Union Congress (TUC) of Nigeria has issued a fresh two-week ultimatum, demanding that the federal government fast track planned palliatives measures to ease the burden on the citizens caused by the fuel subsidy removal.
The stipulated time frame came in the light of the federal government’s apparent delay, several weeks after it hosted organised labour in a meeting where both parties agreed on the palliatives.
TUC said it felt that the Presidential Steering Committee is not working at an anticipated speed while Nigerians are suffering.
The labour centre at a briefing with journalists in Abuja said that the congress would no longer continue to hear “big grammar” around the proposed palliatives while Nigerians trek long distances to their places of business.
TUC national president, Comrade Festus Osifo, asked the Presidential Steering Committee on the palliatives to conclude its work quickly to meet the yearnings of “battered” Nigerian masses.
Osifo also demanded that the federal government lead by example and reduce the cost of governance rather than pushing the burden of the subsidy removal and making an injury to the poor Nigerians.
The congress vowed to mobilise action against the National Assembly if the legislative arm failed to justify the planned purchase of exotic vehicles for its members.
“We all know the suffering that Nigerian workers are passing today and indeed the entire Nigerian masses.
We understand the difficulty that workers are passing through as it stands today,” he noted.
He said,” We want the government to fast track and ensure that between now and the next two weeks all the committees must have submitted their work.”
He added that this is one of those things they felt that as the Trade Union Congress of Nigeria, they must bring to the limelight, saying that they would do everything possible to ensure that the government listens to them and the government fast track these processes.
“Government cannot continuously ask the workers and the Nigeria masses to continuously tie their belts. We have adjusted our belt while in government, they are continuously increasing the largesse.
“If they tell us that it is not a business as usual, it should not be to the detriment of the battered Nigeria masses or the downtrodden Nigerian workers. They should live by example… in a situation whereby they are pushing a log of poverty to the masses and they are living in affluence, we will not allow that to work”, he added.
Other issues raised at the briefing include; government decisive action against insecurity, reinstatement of the Lagos State chapter of RTEAN, and policies that will support a good exchange rate, among others.
[Leadership]
The Nigeria Police Force (NPF) have reaffirmed that there is no going back on the decision to withdraw officers from very important persons (VIPs) in the country.
In June, Olukayode Egbetokun, acting inspector-general of police (IGP), said personnel of the police mobile force (PMF) will no longer carry out VIPs escort and guard duties.
Egbetokun said the force will conduct an assessment of all the duties of the mobile police to ensure effective utilisation.
He said a special committee has been created to evaluate the strategies and how they will be enforced, adding that the team would be headed by the deputy inspector-general of police.
In a statement on Monday, Muyiwa Adejobi, force spokesperson, said the policy remains valid, adding that there is “no going back”.
Muyiwa said the special committee established for the policy had submitted its report to the IGP while a process for the creation of the police quick intervention squad has been “activated”.
“The force wishes to clarify that the decision to withdraw the PMF personnel from escort and guard duties stands firm, and there will be no going back on this critical policy change,” the statement reads.
“The withdrawal process has already commenced with a comprehensive report, which has been submitted by the constituted committee assigned to oversee the seamless implementation of this directive; and the IGP has activated the mobilisation process for the establishment of the police quick intervention squad which precedes the withdrawal policy.
“The decision to withdraw police mobile force personnel from VIP duties is part of ongoing efforts to optimize the allocation of resources and enhance the efficiency of the Nigeria Police Force in its core mandate of safeguarding the lives and properties of all citizens.
“While poised to ensure a smooth transition, the Nigeria Police Force is committed to providing adequate security arrangements for VIPs who are entitled to such protection.
“Meanwhile, the force will carefully consider the provisions of sections 23 to 25 of the police act 2020, in recruiting more supernumerary officers, to handle VIP security responsibilities.
“No VIP or critical infrastructure will be left unprotected as a result of the new policy.”
[TheCable]
The Nigerian Navy Ship, Pathfinder said its operatives arrested over 150 suspected oil thieves and seized about 100 boats in various parts of Rivers State in the last 16 months.
The outgoing Commander, NNS Pathfinder, Commodore Suleman Ibrahim, disclosed this while fielding questions from newsmen shortly after a send-forth parade in his honour in Port Harcourt on Monday.
Ibrahim said, “We arrested hundreds of large wooden boats. We also arrested over 150 persons for illegal oil bunkering.
“The arrest we made is quite huge and the arrested suspects were handed over to the relevant agencies for prosecutions.
“We have taken some arrested suspects to the Economic and Financial Crimes Commission and the Nigeria Security and Civil Defence Corps.”
Ibrahim thanked the commanders and heads of sister security agencies for the synergy the base enjoyed which which he said was responsible for the relative peace being enjoyed in Rivers State.
[Punch]
Nigerian banks are strategically gearing up for a major capital raise in response to various factors shaping the country’s economic landscape.
Industry insiders and market intelligence from Nairametrics indicate that several banks are actively planning to bolster their capital reserves, with some institutions already taking concrete steps to attract potential investors.
Access Holding has taken the lead, having announced in April the successful completion of a $300 million (N240 billion assuming $800/$1) capital investment into its flagship subsidiary, Access Bank Plc.
The bank holding company notably employed a non-dilutive approach to raising the capital, signaling its innovative approach to meet capital requirements.
Following Access Holding’s move, other banks in Nigeria have been prompted to assess their own capital needs and adopt proactive measures.
One of the major players in the Nigerian banking sector, Fidelity Bank announced plans to raise capital via a combination of a public offer and a rights issue. At the current share price of N7.3, the sales could fetch the bank fresh capital of about N96.3 billion.
Other banks are expected to follow suit and explore similar capital-raising strategies. While not all banks have disclosed their plans officially, many are expected to include capital raise proposals as part of their upcoming Annual General Meetings (AGMs).
FBN Holding is anticipated to announce its own capital raise soon, according to a reliable source who informed Nairametrics.
Why the need for more capital?
In a bid to arouse the interest of institutional investors and pension funds, some banks have commenced road shows, seeking to secure substantial investments.
These engagements are seen as crucial steps in securing the necessary capital for their growth and expansion plans.
Market experts believe that several key drivers underpin the surge in capital-raising activities among Nigerian banks.
Macro-Economic Headwinds – Firstly, the country’s economy has faced challenging headwinds, leading banks to fortify their capital base to absorb potential losses and maintain healthy balance sheets.
The increase in non-performing loans has further emphasized the importance of shoring up capital to remain compliant with regulatory capital adequacy ratios.
In discussions with Nairametrics, a pension fund manager expressed the belief that Tier 2 and regional banks should seek to raise new capital to safeguard against falling below the required 15% and 10% Capital Adequacy Requirements, respectively.
- Additionally, such capital would facilitate the enhancement of their technology infrastructure, enabling them to compete more effectively.
- Conversely, the pension fund manager does not perceive an immediate need for Tier 1 banks to raise additional capital, as these banks possess well-established FinTech capabilities, enabling them to handle technology improvements internally.
According to insights from an investment banker, the primary concern lies in placements and investments from an institutional perspective.
- Banks falling below the threshold required for pension funds to conduct business with may face limitations in securing placements and investments in their capital market transactions.
- This dynamic underscores the significance of maintaining adequate capital levels to attract and retain potential investors.
The central bank recently released key financial indicators for the banking sector as of April 2023. According to the disclosure, the Capital Adequacy Ratio (CAR) stood at 12.8 per cent, the Non-Performing Loans (NPLs) ratio at 4.4 per cent, and the Liquidity Ratio (LR) at 45.3 per cent.
Changes at CBN – While these indicators may currently seem positive, there are skeptics who believe they could deteriorate under renewed scrutiny.
- As the appointment of a new CBN Governor is imminent, analysts predict that banks will face increased scrutiny of their financial books.
- This heightened oversight may lead to loans that were previously classified as performing to be reevaluated and potentially disclosed as non-performing upon closer examination.
Basel III – Additionally, the implementation of the latest Basel III requirements has prompted banks to seek additional capital to meet global capital adequacy benchmarks.
- Complying with these international standards is paramount to ensuring stability and resilience in the face of economic uncertainties.
- Nigeria’s central bank had set a November deadline for Nigerian banks to begin implementation of Basel II guidelines, however, no new directives or updates have been made since then.
Competition– FinTechs, with their well-capitalized presence, have emerged as formidable competitors to traditional banks in Nigeria.
- The scarcity of the Naira earlier this year served as an eye-opener for most banks, revealing vulnerabilities in their IT infrastructure when facing the pressure of online transactions.
- During this challenging period, many banks experienced difficulties, and their IT systems crumbled under strain.
- In stark contrast, FinTech companies showcased their resilience and efficiency, as their superior and modern IT infrastructure withstood the pressure effortlessly.
- This advantageous position allowed FinTechs to gain market share, capitalizing on the opportunity presented by the shortcomings of traditional banks.
As technology continues to play a pivotal role in the industry, the ability to handle online transactions seamlessly has become a crucial factor for banks to retain their market standing and effectively serve their customers.
Govt Policy – The Nigerian government’s signal towards a market-driven economy has opened doors for capital-intensive projects.
- Banks are positioning themselves to take advantage of economic expansion opportunities and secure significant deals that may arise in this dynamic environment.
- The government plans to spend around N30 trillion according to information contained in some of their policy documents.
- Another critical consideration is the recent unification of the naira, which has resulted in a smaller dollar-denominated balance sheet for banks.
Pan Africa – As Nigerian banks continue with their Pan-African expansion plans, raising additional capital becomes imperative to support cross-border operations effectively.
- The Nigerian banking sector has been strategically positioning itself for the full implementation of the African Continental Free Trade Area (AFCFTA).
Market confidence appears to have anticipated the sector’s growth, as the banking index has impressively surged 68% year-to-date, outpacing the 26.8% growth of the All-Share Index.
As banks take proactive measures to secure capital and adapt to the changing market dynamics, investors and stakeholders are closely watching how these strategic moves will shape the future of the banking sector in Nigeria.
[Nairametrics]