The Corporate Affairs Commission is set to delist 91,843 companies for failing to file their annual returns with it.
In a list published on its website, the commission listed 91,843 companies for delisting (2,738 less than the 94,581 it initially published in August). This is still less than the initial 100,000 companies that CAC said it would remove in an earlier announcement.
In July, the Registrar-General and Chief Executive Officer, CAC, Garba Abubakar, revealed that the commission would delete 100,000 registered companies from its database for failing to file an annual return.
He said, “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”
At the time, Abubakar announced that the commission would send notice of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA, 2020.
In an update on December 5, CAC said, “Further to its earlier notice of the commencement of striking off the names of Companies from the Register of Companies and published on August 2, 2023, the Commission hereby notifies the General Public that the list of Companies that have failed to comply with the provisions of the Companies and Allied Matters Act 2020, to file up to date annual returns is now ready for publication in accordance with the provisions of Section 692 of the Act.
“Companies who filed complete annual returns in response to the earlier publication are advised to confirm removal from the list of Companies to be struck off. The updated list for publication is available on the Commission’s website.”
It noted that any company that filed complete annual returns but still has its name on the list should send a mail with evidence of filing to This email address is being protected from spambots. You need JavaScript enabled to view it. not later within 30 days.
It further stated that it is unlawful for any company whose name has been struck off the register of companies to carry on business unless its name is first restored to the register by an order of the Federal High Court.
It added, “The General Public should note further that the striking off of the name of a Company from the Register of Companies is without prejudice to the powers of the Commission to enforce any liability arising under the Act against the directors of the struck off Company.”
Universities across the country may witness strikes in 2024 due to the small budget allotted to the education sector and poor remuneration, the Academic Staff Union of Universities has said.
Speaking in an interview with The PUNCH on Monday, Prof. Emmanuel Oshodeke, explained that during the campaign and election earlier this year, President Bola Tinubu promised to increase the Education sector to at least 15 per cent or over.
Similarly, the United Nations Educational, Scientific, and Cultural Organisation also recommended for member states, a 26 per cent benchmark allocation for the education sector.
He complained that Nigeria was the country with the least remuneration for professors, globally.
Oshodeke, however, said that ASUU was dejected when the 2024 education budget was announced to be N2.18tr or 7.9 per cent of the budget.
He reiterated that it was the same figure during the Buhari government, adding that not much progress would be made in the sector; if the budget was not increased.
Oshodeke advised the government to meet with the cabinet members and increase the budget to 15 or more.
“With this seven per cent education budget, nothing will change in the sector, it is just as we had during Buhari’s time. Tinubu during his campaign promised to increase the education budget but nothing.
“However, there is still a chance for him, to change. But if no improvement on this and our other demands, by next year, we will mobilise our people and we can’t stay like this because Oyo State has 15 per cent and Enugu State budgeted 32 per cent for education, but FG is giving less than eight per cent.
“He can still increase it, they should liaise with the executives and come out with a budget that is not less than 15 per cent as he promised during the election.”
National president, The Academic Staff Union of Polytechnics, Dr Anderson Ezeibe, also told The PUNCH “It is demoralising to see the allocation follow the same trend as in the past.
“The sectoral allocation for education is less than eight per cent and can barely provide solutions to the multifaceted problems in the sector. The allocation is inadequate and falls short of the expectations.”
While speaking on the japa syndrome, which he said had led to an overwhelming brain drain in the university system, he advised the government to increase the salaries of lecturers, pay the backlog of Earned Allowance and withheld salaries.
Osohodeke added, “They should increase lecturers’ salaries, and the increment of retirement age, will enable lecturers to produce more PhDs, but the government is not interested in the system. They should separate lecturers from civil servants.”
He also complained about the lack of international lecturers in the tertiary institutions in Nigeria, saying, “For you to be well-ranked, you have to get lecturers all over the world to come lecture in your system. We pay the least remuneration to professors, globally.
“Professors in Nigeria earn between $200 to $300 a month but when such a professor moves to Rwanda, he earns $3000.
“The government should allow universities to run on its own, they should sign the agreement with Nimi Briggs. They can do all these if there is willpower.”
Ezeibe, added, “The only way to stop the japa syndrome and save our sector from brain drain is to improve funding for the education sector, improve the wage structure to meet at least the African average, and restore governance in the sector to global standards. By doing these, our academics who are leaving will stay back as they will be better motivated.”
No fewer than 6,000 jobs are expected to be lost as five notable companies shut their production factories in Nigeria.
American multinational consumer goods company, Procter & Gamble, announced plans to terminate its on-ground operations in Nigeria, transforming the country into an import-focused market.
The manufacturing giant, headquartered in Cincinnati, Ohio, United States of America, joins a growing list of multinationals to dump Nigeria in 2023 owing to reasons that have revolved around business profitability.
Other multinational firms that have also left Nigeria in 2023 include Unilever Nig (home care and skin cleansing division), GlaxoSmithKline, Sanofi and Bolt Foods.
The companies, in separate statements, alluded the painful decision to leave Nigeria to their plan to pursue an import-based model that would ensure business sustainability.
Preliminary checks by The PUNCH indicate that the departure of the five companies means approximately 6,000 direct and indirect jobs may have been lost.
P&G, the biggest of all five names, leaves Nigeria with a portfolio valued at $85bn with Nigeria contributing $50mn net sales. The company’s exit also means that approximately 5,000 jobs have been taken away from the economy.
GSK, on the other hand, left Nigeria with a market cap of N22bn. Even though the company had over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and more than 1000 other staff, it said around 160 employees would bear the brunt of this shift in business strategy in Nigeria.
Unilever Nigeria, on its part, leaves Nigeria with a home care and skin cleansing division worth N50bn. A total of 755 people worked for the company as of 2021.
In June, while speaking exclusively with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, had said that some international manufacturing firms were planning to exit Nigeria as a result of the power crisis, coupled with the unpredictability of the country’s foreign exchange rate before it was recently unified.
Meshioye said, “The downsising of businesses in Nigeria, for instance, shows that businesses are not doing very well. So this power issue and other things have made some manufacturers, particularly international businessmen relocate from Nigeria to other countries.
“Therefore anything to reduce this energy cost will be very beneficial both to manufacturers and the masses in general. So it (power) is a high cost to us and a major driver in terms of cost. At the same time, it could lead to other things.”
Profits shrink
While many of the big firms that left Nigeria in 2023 have attributed their decision to business strategy, an analysis of the companies’ financials indicates shrinking profits while others have posted significant losses in recent memory.
For example, when Unilever Nigeria announced its exit from the home care and skin cleansing markets in Nigeria, the company said it did so “to find a more sustainable and profitable business model.”
However, a deep dive into the company’s financials showed a N1.09bn profit after tax loss in the third quarter of 2023.
Also, the company’s nine-month interim report showed a N389.30m profit before tax; however, a corporate income tax obligation of N1.48bn dragged the company’s bottom-line performance into negative territory.
Similarly, GSK, before announcing its exit saw its half-year revenue decrease to N7.75bn from N14.8bn.
Also, Sanofi, a French pharmaceutical multinational, which announced its exit from Nigeria last month, said “This strategic move is driven by our commitment to continually improve access to our medicines and to better serve our patients and the Nigerian health system.”
However, the company’s financials indicate that it had struggled to keep up profitability in Nigeria.
According to Ventures Africa, in 2019, May & Baker Nigeria announced a contract manufacturing agreement to produce four brands from Sanofi. This deal was an effort to boost local production.
It enabled May & Baker to use Sanofi’s facilities to manufacture flagyl tablets, suspensions, anti-infective medicines and anti-malaria drugs. By then, May & Baker’s revenue slowed by 9.57 per cent to N5.9 billion in the first nine months of 2019. Gross profits also fell by 9.36 per cent due to a sharp decline in sales.
At the top of the list of factors that have influenced the exit of international firms from Nigeria is the acute scarcity of foreign exchange. While announcing the decision to leave Nigeria, the Chief Financial Officer of P&G, Andre Schulten, said it was difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.
Schulten said, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So, when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.
“So with that in mind, we are announcing a restructuring programme with the intent to adjust the operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.”
MAN, LCCI fear
Speaking with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, blamed the ‘harsh business environment’ as the reason why there has been a stampede for Nigeria’s exits in recent months.
He warned that if the government failed to step up its engagement with manufacturers, the trend would likely continue as investors were wary about plunging money into business climates that did not guarantee return on investments.
Meshioye said, “Yes. it is because of the harsh business environment. This should send signals to the government that it is not everyone that can withstand turmoil. Money goes to where it will achieve its intended motive.
“FDI comes for a purpose, these companies are not charity organisations. They want to reap the dividend of their investments at the end of the day. So, if the dividend is not forthcoming, naturally they will want to go to where they can get returns on their investments.
“This is the right time for the government to engage the manufacturers, they should understand our plight. A strategic engagement with manufacturers is important.”
Asked if the trend of multinationals packing up operations in Nigeria is likely to continue, the MAN president said the status quo was unlikely to change since investors are wary about the risks involved in investing in volatile business environments.
In a statement made available to The PUNCH, the Lagos Chamber of Commerce expressed worry that over the last few months, there has been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by the multinationals.
It said the lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, have taken a toll on many businesses in the country.
The statement read in part, “The Chamber recommends that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments. The LCCI also implores the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.
“Further, the Chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that will forestall the exodus of businesses from Nigeria. The CBN should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability.”
Also reacting to the development, the Director General of the Nigeria Employers Consultative Association, Mr Wale Oyerinde, in a chat with The PUNCH on Thursday, said, “This is not only worrisome, it calls for urgent and immediate steps to arrest the continuous exit of businesses.
“With P&G joining the number of the growing divestments, it portends economic crisis as this will escalate the growing rate of unemployment with consequences for security. The attendant dwindling or erosion of individual or family disposable income will also have negative consequences for the economic activities of the nation.”
On his part, the Chairman of the Nigerian Economic Summit Group, Niyi Yusuf, said, “I see this as a wake-up call and reminder of the urgency required to stabilise our macro environment so we can be more attractive to capital. Apart from Land, other factors of production (labour, capital, entrepreneurs) have options and will go to the most welcoming and attractive destinations.”
The Chairman of the Nigerian Association of Small and Medium Enterprises, South-West region, Solomon Aderoju, told The PUNCH in an exclusive interview that Nigeria should expect more exits due to the challenging business climate.
According to Aderoju, P&G is also importing some of the raw material for manufacturing which will be at a very high cost.
He said, “Nigeria should expect more exits if nothing is done to make the business environment conducive. P&G is not the first to leave, more will definitely. They have made reasons, it could be because of high inflation, high exchange rate, and insecurity, the problems are humongous.
“To date, SMEs are still not able to access Forex. As I speak to you, it’s still hovering around N1000 per dollar. The dollar is still not accessible, you have to go to the black market to get it,” Aderoju said.
An economist, Alias Aliyu, in an exclusive interview with The PUNCH, has voiced serious concerns regarding the widening gap between the naira and dollar exchange rates.
Aliyu emphasized the potential for businesses to operate at a loss due to this substantial disparity, stating, ‘There is no way you won’t exonerate the naira and dollar from the conversation because the parity is too much.
If you are not making money as a business, there is no way you will still be in business, and this will affect the Nigerian economy.’
With the Central Bank of Nigeria (CBN) ending all its development finance interventions by the end of this year, more than 4.6 million farmers along with over 1,358 projects that had benefitted from the various initiatives will have to commence the repayment of the over N5.25 trillion loans given out by the apex bank over the years, LEADERSHIP checks reveal.
CBN governor, Dr Olayemi Cardoso, had stated his plan to deviate from the path of development finance interventions which his predecessors toed, stating that the apex bank will, under his leadership, focus on monetary policy and advisory roles.
Cardoso was brought in as the governor of the CBN by the President Bola Ahmed Tinubu administration after the suspension and subsequent prosecution of the former governor, Godwin Emefiele, as well as the removal of the acting governor, Adebisi Shonubi.
Before Cardoso’s appointment, the CBN, under the previous governors, had embarked on development finance programmes and policies, one of which was the removal of some items from the eligibility list for foreign exchange.
The ban on 43 items had been initiated under the leadership of Sanusi Lamido Sanusi and had been fully implemented during Emefiele’s tenure.
The CBN had delved into encouraging backward integration through the Anchor Borrowers Programme (ABP) that has seen over N1.09 trillion lent to more than 4.6 million farmers all over the country.
In total, the CBN had given out more than N5.25 trillion to individuals and companies of various categories.
According to data sourced from the apex bank, the funds had been disbursed under several intervention programmes such as the ABP, the 100-for-100 Policy on Production and Productivity, the Nigerian Electricity Market Stabilisation Facility, N1.0 trillion Real Sector Facility, Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprise Development Fund (MSMEDF) amongst others.
As of May this year, the CBN under the Real Sector Facility had disbursed a cumulative amount of N2.56 trillion to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.
Aside this, more than 4.6 million smallholder farmers had benefited from the ABP under which a total of N1.09 trillion had been disbursed to farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland across the country.
The 100-for-100 PPP had been introduced in November 2021 to stimulate investments in Nigeria’s manufacturing sector with the core objective of boosting production and productivity, necessary to transforming and catalysing the productive base of the economy.
As of May this year, cumulative disbursement under the facility stood at N173.31 billion, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, five healthcare, and eight services sector projects with an estimated 23,343 direct jobs created.
Also, the apex bank through the Commercial Agriculture Credit Scheme (CACS) had disbursed a cumulative N745.31 billion for 680 projects in agro-production and agro-processing, while total disbursements under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF) interventions stood at N150.22 billion and N96.08 billion, respectively.
Under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital, and operational expenditure of distribution companies (Discos), the Bank disbursed a total of N254.39 billion to ease liquidity constraints and support the recovery of legacy debt.
Under the Export Facilitation Initiative (EFI), the Bank funded export-oriented projects with the cumulative sum of N44.58 billion as it disbursed under the Healthcare Sector Intervention Facility (HSIF), a total of N135.56 billion for 135 projects in the healthcare sector where 33 pharmaceuticals, 60 hospitals and 42 companies in other services benefited.
Cardoso, at the beginning of his tenure, had stated that CBN’s forays into development financing had been such that the lines between monetary policy and fiscal intervention have blurred. Thus, he said, in refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.
Speaking at the 2023 Bankers Dinner in Lagos, Cardoso said the apex bank before his assumption of office had forayed into fiscal activities under the cover of development finance activities.
“There was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges.
“Hitherto, the CBN had strayed from its core mandates and was engaged in quasi-fiscal activities that pumped over N10 trillion in the economy through almost different initiatives in sectors ranging from agriculture, aviation, power, youth and many others. These clearly distracted the Bank from achieving its own objectives and took it into areas where it clearly had limited expertise.”
According to him, the primary mandate of the CBN is to ensure price stability, in addition to other objectives such as issuing legal tender/ currency, safeguarding external reserves, promoting a sound financial system, and providing economic and financial advice to the government.
“In line with our strategy to refocus on our core mandate, the CBN will discontinue direct quasi-fiscal interventionist activities and instead utilise orthodox monetary policy tools for implementing monetary policy,” he said.
The Peoples Democratic Party (PDP) has asked the Independent National Electoral Commission to declare the seats of 27 members of the Rivers State House of Assembly vacant, following their defection from the Peoples Democratic Party to the All Progressives Congress.
The PDP said this in a statement by its National Publicity Secretary, Mr Debo Ologunagba, in Abuja on Monday.
Ologunagba said that by leaving the PDP, on which platform they were elected, their seats had become vacant.
He said this was in line with the provision of Section 109 (1)(g) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
Daily Trust reported that no fewer than 27 out of the 32 lawmakers in the Assembly defected to the APC on Monday. The 27 lawmakers cited division within the PDP and the “impressive performance” of President Bola Tinubu as their motivation for joining the APC.
However, Ologunagba stated, “For the avoidance of doubt, Section 109 (1) of the 1999 Constitution provides that “a member of a House of Assembly shall vacate his seat in the House if (g) being a person whose election to the House of Assembly was sponsored by a political Party, he becomes a member of another political party before the expiration of the period for which that House was elected…”
“By reason of the above constitutional provision and its clear interpretation by the Supreme Court, the 27 defected members of the Rivers State House of Assembly have vacated and have lost their seats, rights, privileges, recognition and obligations accruable to members of the Rivers State House of Assembly.”
Ologunagba added, “The PDP therefore demands that the Speaker of the Rivers State House Assembly immediately complies with the provision of the constitution by declaring the seats of the 27 former lawmakers vacant.
“In view of the vacancy now existing in the 27 state constituencies in Rivers State, the PDP demands that INEC should within the stipulated period under the Constitution of the Federal Republic of Nigeria 1999 (as amended) conduct fresh election to fill the vacancies.”
He also cautioned the 27 members from parading themselves as members of the Assembly, saying that would amount to impersonation.
[STATE HOUSE PRESS RELEASE] ECOWAS To Ready Standby Force for Counterterrorism, Promises Gradual Easing of Sanctions on Niger Republic
AdminECOWAS leaders have resolved to urgently review efforts to activate a standby force for counterterrorism operations in areas infested by terrorist groups.
A communiqué read by Dr. Omar Touray, President of ECOWAS Commission, at the end of the 64th ordinary session of the Authority of Heads of State and Government of ECOWAS, on Sunday in Abuja, said the leaders reiterated their commitment to the eradication of terrorism and other threats to peace, security, and stability in the region.
They also resolved to hold an extraordinary summit on unconstitutional changes of government aimed at promoting peace, security, and democracy in the region.
The ECOWAS leaders directed the commission to embark on deep reflection and explore the possibility of convening the extraordinary summit.
The Authority of ECOWAS Heads of State and Government, chaired by President Bola Tinubu, established a committee of Heads of State to engage with CMSP, the military junta in Niger Republic, on the need for a short transition roadmap and the emplacement of monitoring mechanisms.
The Authority promised a gradual easing of sanctions based on outcomes of the engagement, emphasizing the need for the immediate and unconditional release of detained President Mohammed Bazoum.
"The Authority deeply deplores the continued detention of President Mohammed Bazoum, his family and associates by the CMSP regime.
"The Authority further deplores the lack of commitment on the part of the CMSP to restore constitutional order. Consequently, the Authority calls on the CMSP to release President Mohammed Bazoum, his family, and associates immediately and without precondition.
"The Authority decides to set up a committee of Heads of State made up of the President and Head of State of the Republic of Togo, the President and the Head of State of the Republic of Sierra Leone, the President and Head of State of the Republic of Benin, to engage with the CMSP and other stakeholders with a view to agreeing on a short transition roadmap, establishing transition organs as well as facilitating the setting up of a transition monitoring and evaluation mechanism towards this speedy restoration of constitutional order.
"Based on the outcomes of the engagement by the committee of Heads of state with the CMSP, the Authority will progressively ease the sanctions imposed on Niger.
"In the event of failure by the CMSP to comply with the outcomes of the engagement with the committee, ECOWAS shall maintain all sanctions, including the use of force, and shall request the African Union and all other partners to enforce the targeted sanctions on members of the CMSP and their associates," the communique read.
At the meeting chaired by President Bola Tinubu, the regional leaders commended the efforts being made by member states and the ECOWAS commission to work on the consolidation of democracy, peace, security, and stability in the region.
The Authority noted, in particular, the peaceful elections that took place during the year in Nigeria, Guinea Bissau, Sierra Leone, and Liberia, and welcomed the peaceful resolution of the electoral dispute in Nigeria, as well as the peaceful outcome of the dialogue between the opposition and the government in the Republic of Sierra Leone.
On the fight against terrorism and other related security matters, the leaders instructed the commission to expedite the convening of the meeting of ministers of finance and defence to agree on the modalities for the mobilization of internal financial, human, and material resources on a mandatory basis to support the deployment of the regional counterterrorism force.
"The Authority takes note of the commencement of assignment by the Special Envoy on Counterterrorism, Ambassador Baba Kamara, and directs the commission to facilitate his mission.
"The Authority directs the commission to intensify collaboration with sub-regional counterterrorism initiatives such as the Accra initiative and MTJN and urges member states to increase funding for joint maritime operations and exercises in the region and to improve coordination and collaboration among various ministries, departments, and agencies responsible for maritime security," the communique read.
On The Gambia, the Authority implored the government and stakeholders to expedite the adoption of the new constitution ahead of the 2026 general elections, as well as the implementation of the white paper on the recommendations of the Truth, Reparation, and Reconciliation Commission.
They extended the mandate of the ECOWAS mission in The Gambia by one year and instructed the mission to continue to support The Gambia in the implementation of the white paper and needed defence on security sector reforms.
On Guinea Bissau, the leaders strongly condemned the violence that erupted in Bissau on December 1, 2023, and all attempts to disrupt the constitutional order and rule of law in the country.
Commending the action of the loyal members of the security forces of Guinea Bissau, they expressed solidarity with the people and the constitutional authority of the country.
The ECOWAS stabilization support mission in Guinea Bissau was extended, while the commission was instructed to take steps to review the mandate of the mission.
Condemning the attempted coup in Sierra Leone on November 26, 2023, the leaders expressed sadness over the loss of lives and destruction of property and called for a thorough and transparent investigation to identify and bring perpetrators to justice.
They applauded the signing of the agreement for national unity resulting from mediated dialogue between the government and the opposition party in Sierra Leone, and called on all parties and stakeholders to implement the agreement in good faith within the specified timeframe.
ECOWAS leaders directed the commission to continue supporting Sierra Leone and facilitate the deployment of an ECOWAS standby security mission for stabilization.
On Senegal, the Authority of Heads of State and government took note of preparations for the February 25, 2024 presidential election in the country, while urging inclusivity and transparency in the electoral process.
They called on the Senegalese government and stakeholders to adhere strictly to constitutional norms, ECOWAS protocols, and the rule of law in managing all electoral processes.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
December 10, 2023
The Central Bank of Nigeria has announced the suspension of processing fees on significant cash deposits, as disclosed in a statement by the Acting Director of Supervision, Dr. Adetona Adedeji, on Monday.
The new development under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, with reference number (FPR/DIR/GEN/CIR/07/042), affects deposits above N500,000 for individual accounts and N3,000,000 for corporate accounts.
The suspension shall remain in effect until April 30, 2024, CBN said.
The CBN had in 2019 declared that it would begin to levy bank customers making cash deposits and withdrawals as part of its efforts to reduce cash in use.
The CBN also made known that for corporate accounts, the Deposits Money Banks would charge five per cent processing fees for withdrawals and three per cent processing fees for lodgments of amounts above N3,000,000.
“Consequently all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward’
“Please be guided accordingly,” the apex bank said.
Prof Abubakar Mohammed has narrated how government officials withdrew N6bn from National Examination Council's account and are yet to make a refund.
Mohammed is the former Chairman of the National Examination Council.
Mohammed disclosed this last weekend, while speaking at NECO’s first award ceremony in Minna, Niger State, which had in attendance educationists and policymakers.
He said the money was examination fees collected from candidates, adding that it is still a mystery how examinations were conducted afterwards.
Mohammed said;
“The government, and especially some officials in the Ministry of Education, are out to sabotage the indigenous examination body. I do not owe anyone any apology for my statement, some government officials don’t want NECO to exist.
“The officials first withdrew the N6bn found in the accounts of NECO. To date, the money has not been returned and nobody even bothered to inform us what they did with the money.”
The Coalition of Northern Youths Movement Initiative (CNYMI) has alleged plot to weaken prominent politicians from the Northern region ahead of the 2027 election.
The group also called on the judiciary, security agencies and the Independent National Electoral Commission (INEC) to abide by their oath of allegiance to the people and the Constitution of Nigeria, adding that any form of injustice against the northern region will be resisted.
The group also caution politicians against being accomplices in the plots to undermine the people of the region.
Addressing a press conference in Kaduna, chairman of the group, Hamza Bala Lawal, who was flanked by its secretary, Ibrahim Muhammad Inuwa, said, “The chairman of the group also claimed that there is a plot to weaken political elites in the north ahead of the 2027 general elections.
He listed northern politicians suffering political embarrassment to include former Governor of Kaduna State Malam Nasir el-Rufai and Senator Abdulazeez Yari, the former Zamfara State Governor “who was subsequently rubbished by the government when he tried to become the Senate President of the country.”
Lawal added, “Another Northerner who has also been humiliated since coming into being of this government is Senator Ali Ndume who by right and qualification ought to be the Senate Leader but has since been relegated to be the deputy despite having served in that position in the past in the last 9th Assembly.
“Perhaps, the major casualty in the plot against the North is the former Governor of Kano State, Sen Rabiu Musa Kwankwaso who is being harassed on a daily basis to give up the mandate that the people of the state have given to his party in the general election”.
He added that the coalition is aware of moves by certain politicians to destabilize the northern parts of Nigeria, especially the commercial city of Kano and Plateau states respectively.
“We are however calling on President Tinubu not to do anything that would truncate the peace and tranquility that exist in the country by allowing the will of the people in all electoral contests to prevail at all times.”
Lawal also charged the judiciary to resist the “brazen injustice and theft of people mandates” in the Northern region.
He further decried what he called the ruling APC plot’s to turn the country into a one-party state by utilising instruments of the state to arm-twist and browbeat the opposition into submission.
The chairman of the group also posited that Nigerians are witnesses to what is going on in the Court of Appeal with respect to the governorship poll in Zamfara, Plateau and Kano States, where the opposition parties won the states at the ballot box and the attempt by the Federal Government to snatch these states from the winning political parties.
“What is even more embarrassing is the case of Kano where the Court of Appeal is still finding it hard to defend its verdict on the election which many have come to see as very ignoble and horrible. The fact that the verdict is tainted was further shown when the NNPP tried to secure the certified true copy of the judgment revealed the underhand dealings that must have happened with the document revealing contradictory outcomes.
“While some paragraphs upheld the election of Gov Abba Kabir Yusuf of the NNPP as duly elected. The embarrassment created by the nasty scenario is yet to abate as we speak as the action has further put the judiciary in the negative spot in the minds of right thinking Nigerians who have lost faith in that vital arm of the government.
“The most laughable verdict also is the issue of internal affairs of each political parties which is clearly enshrined in our electoral act and which the supreme court has long settled, yet that is the issue the same judiciary is using to upturn Kano’s mandates which was freely given to NNPP,” he said .
As his administration is winding down, the Kogi State Governor, Alhaji Yahaya Bello, on Monday, presented a N258,278,501,339 Appropriation Bill for 2024 before the Kogi State House of Assembly for approval.
This will be the last budget Governor Bello will be presenting before the hallow chamber before exiting office on January 27, 2024.
The 2024 proposed budget of N258,278,501,339 is against N197,599,674,912 revised approved budget for the year 2023.
Tagged Budget of Consolidation and Continuity for Inclusive Growth, Governor Bello disclosed that this makes the 2024 draft budget higher by N60,678,826,427 compared to the 2023 revised budget, representing a 30.71% increase.
“This total budget outlay is divided into recurrent expenditure of N145,736,429,609.00 representing 56.43% and capital expenditure of N112,542,071,730.00 representing 43.57%.
“The year 2024 draft Budget has been drafted to enhance Internally Generated Revenue, aggressive pursue repayment of debt owed to us by the Federal Government, provide more conducive environment for our Development Partners across the world to contribute to the State economy; mobilise private sector investments to the State; encourage Public-PrivatePartnership (PPP) and more importantly, block all wastages and leakages in our revenues as well as emphasise the completion of all on going projects/programs while bringing on board, few new critical ones that are in line with the priorities of the New Direction Administration” he stated.
Bello added that some of the critical areas of the State economy that the 2024 budget will focus on includes good governance and leadership, infrastructural development and maintenance, education and human development, improved health care and social welfare, agriculture and rural development, security and peace building, Women Empowerment and Gender equality.
Other critical areas the 2024 budget will be focusing on according to Governor Bello are environment and sustainable development, industry and commerce, information and communication technology and innovation, youth empowerment and Sport development, entertainment, culture and tourism development, housing, enhanced internally generated revenue, water and sanitation.
Earlier in his address, the Speaker, Kogi State House of Assembly, Rt. Hon Aliyu Umar Yusuf, noted that the budget is expected to be a reflection of the resolve of the people of the state to address their critical needs.
“While I understand the resource constraints we face as a state which is not peculiar to us, I hope the budget would prioritise investment in the future of the state by consolidating and solidifying the areas the state has recorded positive gains and areas of advantage.”
The Kogi Assembly Speaker stressed the need for the overhauling of the state fiscal policy in view of the continued dwindling of our resources.
He said, “You will agree with me that the habit of wholesomely or largely depending on the Federation Allocation is no longer feasible as it is affecting the ability and preparedness of government to provide effective governance.
“It is high time we explore alternative means of funding the budget. This could be in the form of expanding the government tax net, blocking leakages, centralised revenue generation, and ensuring that other means of gathering revenues are explored to enable government provide provide essential services to the citizens”.
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The Ministry of Education says it plans to focus on getting Nigeria’s 20 million out-of-school children back to school in the next four years.
Prof. Tahir Mamman, the Minister of Education, said this on Monday at the 2024 budget defense before the joint committee of the National Assembly on Education in Abuja.
He said that there were millions of out of school children in Nigeria saying that it was a major problem for the country.
‘’At the tertiary level, we need graduates who have skills and competence to be able to contribute to national development.
‘’We need graduates who can be employed by willing employers, right now we have complaints about the quality of the products from our universities and polytechnics.
“Basically the policy trust of the government and this ministry is in these major areas. There are about 20 million out-of-school children or even more in Nigeria.
“We are working on it to ensure that as many of these children as possible, for those of them that can come back to school are given the opportunity to come back,’’ he said.
Mamman added: “For those who cannot, we want to ensure they are empowered through short term skills training that will give them the opportunity to connect with the society to have a meaningful likelihood.”
The minister said that the ministry had engaged with stakeholders to review Nigeria’s school curriculum to ensue skills acquisition for students.
He encouraged universities to include skills training, and entrepreneurship into their curriculum to ensure that they produced self-reliant graduates.
Mamman said that a total of N101.45 billion was allocated for the ministry by 2024 out of which N5.88 billion was for personnel cost, N1.08 billion for overhead cost and N94.48 billion for capital expenditures.
The Chairman, House Committee on Alternative Education Rep. Aliyu Mustapha, said that the House was concerned by the rising number of out-of-school children in Nigeria.
“I am happy that the minister has highlighted out-of-school children, youth and adult literacy in the ministry’s programme and vocational training that has taken the centre stage.
“In 2024, we have seen that you are still limited by funding, the National Assembly is doing its best to see that those allocations are raised,” he said.
Alliyu assured of the required support to the ministry and oversight where necessary to ensure proper implementation of programmes.
(NAN)
No fewer than 27 out 32 members of the Rivers State Assembly have defected from the ruling Peoples Democratic Party (PDP) in the state to the All Progressives Congress (APC).
The lawmakers announced their defection in a group photograph where they are seen holding APC flag.
They cited division within the PDP as the primary reason for their defection.
The development has heightened the crisis between the state Governor, Siminalayi Fubara, and lawmakers loyal to former Governor Nyesom Wike.
Rivers Crisis: Fubara Summons Emergency Exco Meeting After 27 Lawmakers’ Defection From PDP to APC
AdminGovernor Siminalayi Fubara of Rivers State, on Monday, met with the members of the State Executive Council.
Naija News learned that the emergency meeting was held at the Government House in Port Harcourt, the state capital and presided over by Governor Fubara.
The meeting is not unconnected with the political crisis in the state, in which the lawmakers made a failed attempt to impeach the governor a few weeks ago.
Amid the planned impeachment, the Assembly complex was eventually set ablaze by yet-to-be-identified persons.
The emergency meeting followed the defection of 27 members of the 32-member House of Assembly from the governing Peoples Democratic Party (PDP) to the opposition All Progressives Congress (APC).
Their defection was a fresh twist to the lingering political impasse between the governor and his political godfather, Nyesom Wike who is currently the Minister of the Federal Capital Territory (FCT).
The Senator representing Sokoto South senatorial district in the National Assembly, Aminu Tambuwal has appointed 64 persons as aides in his constituency.
The lawmaker, who is the Chairman, Senate Committee on Housing and Urban Development made the development known in a press statement made available to journalists on Monday by his media aide, Muhammad Bello.
The statement noted that the initiative is part of efforts to empower members of his constituency.
Naija News understands some of the new aides include people who served as commissioners and special advisers when Tambuwal was the Sokoto State Governor.
“This initiative is part of the Senator’s efforts to empower his constituents and drive his development agenda,” the statement read in part.
The appointed aides include Aminu Bodinga, Special Adviser on Constituency Affairs and Stakeholders Engagement, Alhaji Ahmed Maradu, Special Adviser on Constituency Political Affairs, Bala Yabo, Special Adviser on Constituency Welfare and Bello Tureta, Special Adviser on Constituency Traditional and Religious Affairs.
Others are Nasiru Tambuwal, Special Adviser on Constituency Projects, Youth and Student Affairs, Bashir Lambara, Special Adviser on Special Duties, Lauwali Fakku, Special Adviser on Community Orientation and Enlightenment and Abdullahi Dange, Special Adviser on Constituency Security Matters.
Lauwali Ubandoma , Surajo Isah, Ibrahim Ubale, Haliru Kilgori, Abubakar Rafi, Abubakar Salihu as well as Ummaru Bodinga were also on the list.
Furthermore, Senator Tambuwal also appointed seven Special Assistants for each of the seven Local Governments within the Sokoto South Senatorial District.
The local governments include Tambuwal, Kebbe, Shagari, Yabo, Bodinga, Dange-Shuni and Tureta, respectively.
Tambuwal congratulated the appointees and urged them to do their best in the discharge of their duties.