Former president Olusegun Obasanjo says he is willing to testify for Nigeria in the $2.3 billion disputed Mambilla power contract.
The Mambilla power plant project has been dogged by controversy and litigation for years now. At the center of the decade-long dispute is the former Minister of Power and Steel, Olu Agunloye, who allegedly signed off on the contract during the government of Obasanjo.
Sunrise Power and Nigeria have been engaged in legal tussle at the International Chamber of Commerce, ICC, Paris, France, as the company alleges a breach of contract.
Sunrise Power claimed it was awarded a $6 billion contract to build, operate, and transfer in May 2003 by the government of former President Olusegun Obasanjo.
The company is alleging that the Federal Government of Nigeria breached the agreement and is asking for compensation of $2.3 billion.
The company is further claiming that it had already spent millions of dollars on financial and legal consultants before the contract was abandoned.
However, in its defence, the Nigerian government is alleging fraud and corruption of public officials in the award of the contract.
In his letter to the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, the counsel to the Nigerian government, the former President declared his readiness to testify on behalf of the Nigerian government “in any form.”,
The federal government on Wednesday said it had no hand in the ongoing political crisis in Rivers state.
Recall that 27 lawmakers in the Rivers house of assembly dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).
Subsequently, Edison Ehie, speaker of the assembly, in an undisclosed location, with only lawmakers loyal to Siminalayi Fubara, the governor of Rivers, in attendance, declared the seats of the defectors vacant.
Speaking after the federal executive council (FEC) meeting held at the presidential villa in Abuja on Wednesday, Mohammed Idris, the minister of information and national orientation, says the federal government is not involved in the ongoing political crisis in Rivers state.
The minister said the federal government is not biased in its assessment of the political situation in the state.
He said the involvement Nyesom Wike, the immediate past governor of the state and the current minister of the federal capital territory (FCT), in involved in the crisis did not translate to federal government interference.
He said the government remains neutral in the matter, adding that the federal government was only interested in the well being of the State.
“Well, he is a federal cabinet member; he is involved in the situation in the state. That cannot be a federal government position. How can it be the federal government’s position?” he asked.
“The federal government is always interested in the well-being of all the states, and in that direction, the federal government will always align with everyone in Nigeria to make sure that there is peace and tranquillity in all parts of this country.
“But you know that what has happened in Rivers is not a creation of the federal government. It is a political problem that is brewing in the state.
“Of course, the government will ensure that there is peace and stability for all Nigerians, including River state, but you can’t say that this is a creation of the federal government. The federal government never had any hand in creating that problem.”
The Ogun State Government, in collaboration with National Information Technology Development Agency (NITD), has trained some teachers across the state on digital literacy for improved, effective and efficient impartation of knowledge.
Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, while declaring open a five-day training at Akin Ogunpola Model College, Akinale, said the government was committed to ensuring that education was digitalised, to meet international best practices.
Represented by the Director, Department of Science and Technology, Mr. Sunkanmi Ogunpola, according to the Ministry's Press Officer, Mr. Samuel Ogungbesan, charged participants to be attentive and ask questions where necessary, saying facilitators were experts and professionals in their fields.
"Don't forget, our objective is to train our learners so that they will be marketable; hence the need for this training for teachers that will flow down to them", he said.
Speaking, the Director-General and Chief Executive Officer, NITDA, Mr. Kashifu Abdullahi, represented by the Administrative Officer, Digital Literacy and Capacity Building in the agency, Mr. Divine Buhari, expressed satisfaction with the level of preparedness and government’s support to ensure the training yielded desired results, urging participants to be focused, to acquire new digital knowledge.
On his part, the Chief Facilitator, Mr. Joshua Umaru, highlighted areas of concentration as browsing, searching, filtering data information and digital content, finding data, information, content through a simple search in a digital environment, evaluating data, information and digital content, among others.
In their separate responses, two of the participants, Mrs. Aderonke Olatunji-Osho, from Remo Secondary School Sagamu (Junior) and Mr. Bashir Obasanjo, from Ajoda High School Senior Ayetoro, commended government for the initiative, promising to pass down whatever knowledge acquired to their colleagues and learners.
The Presidency on Wednesday said the suspended Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu, will be probed by the Economic and Financial Crimes Commission (EFCC).
Earlier, President Bola Tinubu suspended Nuhu as the head of the NCAA, replacing him with Capt. Chris Najomo.
Presidential spokesman, Ajuri Ngelale, who disclosed this in a statement, said Nuhu’s suspension will enable anti-graft agency beam its anti-corruption searchlight on the NCAA.
“Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu has been suspended from office to enable the Economic and Financial Crimes Commission (EFCC) to conduct an unfettered investigation into the activities of the suspended Director-General and other senior officials in the Nigeria Civil Aviation Authority,” he said.
“Capt. Chris Najomo assumes office as the Acting Director-General of the Nigeria Civil Aviation Authority immediately.”
The President also sacked the six Managing Directors and Directors-General of parastatals in the Ministry of Aviation and Aerospace Development.
The affected directors include the Federal Airports Authority of Nigeria, Nigerian Airspace Management Agency, Nigerian Safety Investigation Bureau, Nigerian Meteorological Agency, Nigerian College of Aviation Technology and Nigeria Civil Aviation Authority.
The sack is in tandem with his Renewed Hope Agenda, which is to bring world-class standards to Nigerian Civil Aviation in consumer protection and the promotion of the well-being of Nigerian passengers and the high cost of under performance in the sector, Ngelale stated.
“The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr. Kabir Yusuf Mohammed, has been removed from office and replaced with Mrs. Olubunmi Oluwaseun Kuku as the substantive Managing Director of the Federal Airports Authority of Nigeria.
“Managing Director of the Nigerian Airspace Management Agency (NAMA), Mr. Tayib Adetunji Odunowo, has been removed from office and replaced with Engr. Umar Ahmed Farouk is the substantive Managing Director of the Nigerian Airspace Management Agency,” he stated.
The Chief of Defence Staff (CDS), Gen. Christopher Musa, has said that steps were being taken to ensure the accidental airstrike on Tudun Biri village in Kaduna State, which resulted in the deaths of innocent civilians, does not happen again.
Gen. Musa stated this when he appeared before the House of Representatives Committee on Defence to justify the 2024 budget for the Defence Headquarters (DHQ) on Wednesday.
He said: “I want to mention the sad incident in Kaduna that shouldn’t have occurred. It was a mistake, not deliberate, but we are taking steps to ensure that we address it and prevent it from reoccurring.
“We are meant to protect our citizens, not to harm them; that is highly regrettable. We assure you that we will continue to work until everybody is free and there is no more threat to any life or property in Nigeria.”
The Defence Chief assured that the Armed Forces of Nigeria (AFN) were determined and committed to restoring peace and tranquillity in the country despite all challenges.
The CDS said: “There are challenges all over. We are working together as a team in synergy between the Armed Forces and other security agencies. We call on all Nigerians to take ownership of the challenges that are going on in Nigeria.
“Security is everybody’s responsibility, not only ours. We are happy that you know our challenges and are ready and willing to assist, and we assure you that we will not take that for granted.
“Whatever support we can get to enhance our capability and capacity, we assure you, including all Nigerians, that we are ready to go forward, whatever it takes for us to ensure that there is peace in Nigeria because it is not only for us; it is for our children and our children’s children.”
The chairman, House Committee on Defence, Hon. Babajimi Benson (APC, Lagos), assured that the legislative panel would do all it can to ensure the fight against insecurity was won through legislative interventions.
“We understand that you live in a very challenging situation. We understand that you need money for barracks, weapons, and aircraft, and funds are limited. On behalf of my committee, we say well done,” the lawmaker stated.
In an effort to ensure transparency and efficiency in the Nigerian civil service, the federal government has suspended the salaries of 686 civil servants over unverified records on the Integrated Personnel and Payroll Information System (IPPIS).
The move was part of ongoing efforts to streamline the country’s payroll system and eliminate ghost workers.
The Head of Civil Service of the Federation, Dr. Folasade Yemi-Esan, disclosed this in a statement signed by the director of Communication for the office of the Head of Service of the Federation, Mohammed Ahmed, on Wednesday.
Recall that out of the 59,201 civil servants who participated fully in the verification exercise earlier in the year, 11,447 officers had discrepancies in their records.
However, Yemi-Esan ordered for the verification portal to be reopened and invitation was also extended for verification exercise from October 16 to 27, 2023 for the 11,447 civil servants whose salaries were suspended to update their records online, which out of the 11,447, only 10,761 officers participated in the physical verification exercise and the 686 did not attend.
The statement read in parts: “The records of 59,201 Civil Servants, who participated fully in the verification exercise and had no discrepancies in their records were forwarded to the Office of the accountant general of the Federation for continuous payment of their salaries. However, salaries of 11,447 officers, whose records were not verified, were suspended.
“On account of the suspension, the verification portal was reopened for these officers to enable them update their records online. Thereafter, they were invited for verification exercise from 16th – 27th October, 2023.
“A total number of 10,761 officers participated in the physical verification exercise. After the verification exercise, the review of verified records was carried out, in phases, to ensure that only credible records were on the IPPIS platform.
“The names of officers with cleared records were sent to the Office of the Accountant General of the Federation immediately they were cleared as follows: i. September, 2023 – 818 officers, ii. October, 2023 – 650 officers,
iii. November, 2023 -6857 officers, iv. December, 2023 – 1407 officers and v. Total number of officers cleared – 9,732 officers.
“Some of these officers have received their salaries to date, while others will be paid in the month of December with all the arrears. Files of 1,029 officers, who have discrepancies in their records are still being expected from their MDAs to enable the office to authenticate their records after which their salaries will be restored.
“It should be noted that about 686 officers, whose salaries were suspended, did not show up for the verification exercise and their salaries remain suspended on the IPPIS platform.”
Stakeholders in the downstream petroleum sub-sector drawn from the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have assured that the prevailing crisis in the energy sector would soon end with the envisaged return of operations at the Port Harcourt Refinery, Rivers State in January.
The national president and chairman, Board of Trustees (BoT) of NOGASA, Mr Kenneth Korie and his PETROAN counterpart, Dr. Billy Harry, who spoke after the inauguration of Akwa Ibom State chapters of the two industry regulatory bodies at Ibom Icon Hotel, Uyo, the state capital yesterday, said they were 100 percent sure that the prices of petroleum products would crash when the refineries begin to function again from January.
Korie, who blamed the current hike in prices of the products on importation, said rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna and Warri, which he said works have reached advanced stages, remain the sure way of collapsing the prices of the products.
He said, “Yes, of course there is hope. The GMD NNPC has given assurance concerning that before the National Assembly. In all my talks, I have been hammering on the Port Harcourt Refinery to come on steam.
“I’m 100 percent sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. But we should not expect the price to come down like it was before, because of the high exchange rate, but it will be a bit lower than what it is now.”
In the same vein, the national president of PETROAN, Dr Billy Harry, described the inauguration of the two associations as unique, adding that it is the first time in the annals of the history of the downstream sector for such to happen.
He said it is only when the two groups work together and act together that they would be able to overcome the challenges in the sector and ensure that Nigeria returns to the time when petroleum products is sold at a price that a common man can afford.
He expressed that “what we are doing today is unique, it’s epic and it’s the first in the annals of the history of the downstream sector. We are going to make it unique throughout the country because together we can make sure that the importation of petroleum products is reduced to the barest minimum.”
“Together we can make sure that our refineries are working again, together we can get back to the time when petroleum products are sold at what the common man could afford. They say in Nigeria, anything that goes up will not come down again, but I can tell you with the synergy that is coming from retail outlet owners and the suppliers’ association of Nigeria, this is going to be something that is going to change the landscape of the economy and the economic activities of the downstream, so take this meeting as history,” he assured.
However, in his acceptance speech, the new state chairman of NOGASA, Mr Sam Osung, promised to partner with the state government and the security agencies to mitigate irregularities and other unwholesome practices within the supply and distribution chain.
He said: “It’s my pleasure that today I am being considered the chairman of NOGASA in Akwa Ibom State, which is the fastest growing stakeholders’ agency. I am going to do this job with passion, determination and commitment. We will partner with the state government, the regulatory agencies representing the federal government, the service chiefs and all security agencies available to mitigate irregularities within the downstream supply and distribution chain,” he said.
The Central Bank of Nigeria has reassured Nigerians that there are enough naira notes in circulation to meet their cash needs.
CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday.
This came amid growing apprehension over cash scarcity in different parts of the country, especially among bank customers.
Ali however said naira notes in circulation had increased from N1tn in February to N3.4tn in December. This, according to her, indicates that there is sufficient cash in circulation, which she blamed on the hoarding of the naira by some persons due to the challenges they faced during the naira redesign project.
She said the CBN was monitoring the situation and had released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.
She stated, “The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians. We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond.”
She urged members of the public to continue accepting all naira notes, while encouraging them to embrace alternative modes of payment, especially e-channels, to reduce the pressure on cash.
The Economic and Financial Crimes Commission (EFCC) on Wednesday declared a former Minister of Power and Steel, Olu Agunloye, wanted over alleged fraud to the tune of $6bn.
Agunloye, who served under the administration of President Olusegun Obasanjo as a minister between 1999 and 2003, had earlier been invited and quizzed by the anti-graft agency.
Daily Trust reports that before Agunloye’s invitation by the commission in September, former President Obasanjo had accused him of mismanaging the power project during his tenure specifically on his failure to brief him on the state of the project.
Before his invitation, the former minister had in 2016 run for the office of the governor in Ondo State under the platform of the Social Democratic Party.
Declaring him wanted on its website on Wednesday, the EFCC accused the indigene of Akoko North Local Government Area of Ondo State of corruption and forgery.
The announcement, which was signed by the spokesman of the EFCC, Dele Oyewale, appealed to Nigerians to report to the nearest police stations or the anti-graft zonal offices close to them if found anywhere.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Benin, Kaduna, Ibadan, Sokoto, Maiduguri, Mardi, Ilorin, Enugu, Kano, Lagos, Gombe, Uyo, Port Harcourt, and Abuja offices or contact 08093322644 or email This email address is being protected from spambots. You need JavaScript enabled to view it. or the nearest police station and any other security agencies,” the notice read.
Lagos State Governor, Mr Babajide Sanwo-Olu, has presented a budget estimates of N2.2 trillion for the 2024 fiscal year to the state House of Assembly.
The governor presented the budget titled, ‘Budget of Renewal’, on Wednesday at the Lagos State House of Assembly Complex in Alausa, Ikeja, the state capital.
The proposed budget comprised N1.02 trillion recurrent expenditure, which is 45% of the total budget, and N1.22 trillion capital expenditure, which is 55% of the budget.
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The Chairman of the Federal Civil Service Commission, Prof. Tunji Olaopa, has described as disturbing, reports of job racketeering in the Federal Civil Service, promising to work with intelligence agencies to finish out culprits.
He spoke on Wednesday after being sworn in with 11 members of the commission by President Bola Tinubu at a brief ceremony that took place before the Federal Executive Council meeting at the State House, Abuja.
“I’m disturbed by the whole cash-and-carry reputation of the commission,” Olaopa said.
“For me, we will do everything possible in collaboration with some of the intelligence and security agencies to make a few scape goats and communicate a new image for the commission.”
Olaopa said the Service under his leadership will be “committed to bringing back institutional values” to sanitise the system.
Also, the Chairman of the Independent Corrupt Practices and other related Offences Commission, Dr Musa aliyu, who was also sworn in by the President on Wednesday, said he will lead by example and abide by his oath of office.
Federal Universities, Polytechnics and Colleges of Education have been taken off from the Integrated Personnel Payment System (IPPIS).
The approval for the exemption was given by The Federal Executive Council at its meeting on Wednesday at the Presidential Villa Abuja.
The Minister of Education, Prof. Tahir Mamman disclosed this while briefing State House Correspondents alongside other ministers on the outcome of the FEC meeting, and said this takes immediate effect.
According to him FEC also observed that Vice Chancellors of Universities didn’t need to abandon their work to come to Abuja to process the salaries of their personnel.
On Tuesday, Argentina’s newly sworn-in president, Javier Milei, declared a 54 percent devaluation of the peso, the country’s domestic currency, marking a significant first move among a set of sweeping reforms aimed at addressing the nation’s severe macroeconomic challenges.
Milei is akin to Nigeria’s President Bola Ahmed Tinubu, who vowed swift macroeconomic changes to tackling a multi-exchange rate system and removing fuel subsidies.
Milei’s initial reforms aim to bolster investor trust in the South American country.
He sees aggressive devaluation as crucial to bridging the wide gap between official and street currency rates, a disparity that is one of the largest in the world.
Prior to his inauguration, Argentina’s peso traded at 350 pesos to a US dollar, while the black market sold for 1000 pesos to a US dollar, a situation that mirrors Nigeria’s volatile FX market.
Milei, an “anarcho-capitalist” figure, asserts Argentina’s economy needs immediate, radical solutions rather than “gradualism.”
His plans involve cutting spending and shuttering the central bank, which are deemed extreme and nearly implausible by many in the country.
The Economy Ministry hinted at forthcoming central bank measures today to tackle rising interest rates, debt, and monetary policy, aligning with the president’s goals.
Unfortunately, Nigeria’s similar move to collapse multiple exchange windows led to the naira plummeting by over 70 percent since the announcement, resulting in an underwhelming outcome.
“The objective is simply to avoid catastrophe and get the economy back on track,” Caputo said in a recorded speech.
He emphasised the urgency of addressing the country’s substantial fiscal deficit, estimating it at 5.5 percent of GDP. He highlighted that Argentina has grappled with a fiscal deficit for 113 out of the past 123 years, attributing this persistent issue as the root cause of its economic challenges.
“We’re here to solve this problem at its root,” he said. “For this, we need to solve our addiction to a fiscal deficit.”
As reported by Reuters, the South American nation, a significant producer of grains, contends with inflation approaching 150 percent, dwindling central bank reserves, and a staggering two-fifths of its population living in poverty.
Additionally, it grapples with a precarious $44 billion loan arrangement with the International Monetary Fund.
“I welcome the decisive measures,” IMF chief Kristalina Georgieva said, calling them “an important step towards restoring stability and rebuilding the country’s economic potential.”
The IMF praised the steps as “bold,” mentioning they would aid in stabilizing the economy and laying the groundwork for more lasting growth driven by the private sector. This comes after recent policy setbacks highlighted by the IMF.
On Tuesday, the country’s foreign exchange and grain markets were at a standstill as traders awaited the new government’s economic strategy. Banks had foreseen a substantial devaluation, with some adjusting their FX rate to 700.
P&G severed relationship with Nigeria and Argentina
Last week, Procter & Gamble, a major American company, revealed plans to exit Argentina and Nigeria due to tough business conditions linked to currency issues. P&G anticipates incurring charges between $1 billion and $1.5 billion after tax for restructuring its operations in both countries because of challenging macroeconomic situations.
Additionally, P&G attributed these significant charges to the impact of a stronger dollar on their operations in Argentina and Nigeria.
“It’s very difficult for us as a U.S. dollar-denominated company to create value in these markets,” Schulten said.
P&G announced plans to sell off its fabric and home care businesses in Argentina and transform Nigeria into a market focused solely on imports.
The company expects total charges of $2 billion to $2.5 billion after tax, scheduled to be accounted for in the fiscal years 2024 and 2025.
[Businessday]
A staff of Enugu State Fire Service was confirmed dead early Wednesday morning as he battled, alongside his colleagues, to quench a raging inferno at the Enugu State Motor Spare Parts Market.
The market is located at the Coal Camp area, within the Enugu metropolis.
DAILY POST learnt that the fire started from one of the spare parts shops, before spreading to a fast food joint.
A source hinted that a gas cylinder in the fast food joint exploded and made the fire extend to over 40 shops.
The President of the Spare Parts Market Association, Mr Mike Nome confirmed that millions of Naira was lost to the fire incident.
He disclosed that, “it started from one of the shops; when the security men noticed it, they struggled to open the shop but it was difficult because of burglary proof.
“As they were still struggling with it, the fire spread to the fast food joint and a gas cylinder exploded, making things more difficult.
“We invited fire service and they responded to our call. Unfortunately, one of the fire fighters collapsed owing to the thick smoke from the fire.
“When his colleagues noticed it, they raised alarm. We rushed him to the Enugu State University Teaching Hospital, Parklane, but he didn’t make it. It’s quite a sad development.
“The fire affected over 40 shops and destroyed goods worth hundreds of millions.
“We are appealing to the government and good spirited individuals to come to our rescue.”
Also, Engr Okwudili Ohaa, the Director of Enugu State Fire Service told journalists that the deceased officer was a dedicated staff.
He said his death was a huge loss to the Fire Service and the State.
[DailyPost]