The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, closing at 793.70/$.

A spot exchange rate of N853 to the dollar was the highest rate recorded within the day’s trading before it settled at N793.70.


On Wednesday, $87.19 million was traded at the investor’s and exporters’ window.

The local currency had earlier traded at N825 a week earlier on the I&E window.

According to figures obtained from the FMDQ, the trading, which commenced at 778.07/$ on Wednesday reached a high of 853/$ before closing at 793.70/$.


The trading also recorded a turnover of $87.19m as of the end of trading.

The Central Bank of Nigeria, in recent weeks, directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.

The banking regulator explained its new forex operation in its report on ‘Understanding the operational changes to the foreign exchange market’.

By collapsing all segments in the FX market into the I&E window, it said this meant all eligible FX transactions in the market would only be done via the I&E window, as all other windows ceased to exist.

“The I&E market functions by a willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer,” the CBN stated.

On the concept of the willing buyer and willing seller model, it explained that the rates were mutually agreed by both parties.

The CBN said PTA, BTA and other invisible transactions would continue to be accessed through the banks at the prevailing market rate.

The Central Bank of Nigeria had announced Tuesday and Wednesday next for its Monetary Policy Committee Meeting, where decisions will be made on the Country’s economic challenges.

Last modified on Thursday, 20 July 2023 11:47

No fewer than 2,500 ghost workers have been uncovered from the payroll of local government areas in Benue State.

There are 23 local governments in the state.

Benue State Governor, Hyacinth Alia, disclosed this in a press statement issued by his Chief Press Secretary, Kula Tersoo, and made available to journalists in Makurdi on Thursday.

The governor, who gave reason for the the delay in payment of salaries of teachers in primary and post-primary schools, as well as the local government staff, said there was a need to sanitize and clean all the manipulations created by the past administration.

Alia explained that the probe into activities of local government during the last administration revealed mindless padding of the wage bills and manipulation of the payroll.

The statement read in parts, “The governor says the decision for the delay in the payment of salaries of the above-mentioned workers was taken after the government discovered mindless padding of the wage bill and other fraudulent manipulations on their payroll.

“He says the decision became necessary after the discovery, to enable the government sanitize and cleanse the payroll; to ascertain the actual wage bill of the state, and to know the genuine workers that are worth their wages.


“He reveals that the first phase of an extensive staff verification and payroll audit for all teachers and local government staff has just been concluded, and it has already uncovered over 2500 ghost workers that have already been removed from the payroll.

“He identifies ghost workers, ghost schools, double dipping, unlawful employment, salary padding, payment to dead or retired individuals, unlawful replacement, and inflation of the wage bill, as some of the payroll infractions discovered from the audit.

“He assures that workers who were successfully screened will receive their salaries before the end of this week, noting that government is not only fishing out ghosts workers and removing the padding associated with payroll fraud but also putting in measures to ensure the systems are protected going forward.”

Alia had suspended the 23 local government chairmen to pave the way for a thorough investigation into alleged maladministration in the council areas by the state assembly.

The Vice President described President Tinubu as a leader with a genuine interest to transform the country, adding that his principal is a good man.

He said: “President Bola Tinubu is a good man, I will urge all of us to rally around and support him.”

On his personal relationship with the former senators, the Vice President said “In the last four years, I have formed permanent bonds of friendship and of fraternity that I believe will stay with me for the rest of my life.

“I want to assure you that I will work with you in the interest of our nation. What binds us together as a family and a nation supersede whatever that divides us.”

Earlier in his remarks, the leader of the delegation, Sen. Philip Aduda, said the visit was not partisan as composition of the group comprised members across different political affiliations who are united for the progress of the country.


He pledged their support for the Tinubu administration and prayed for the success of its policies and programmes.

In the same vein, Senator George Sekibo expressed confidence that the capacity, humility and depth of knowledge of the Vice President will impact the policies and programmes of the Tinubu administration and reassured Shettima of their loyalty and solidarity at all times.

Other members of the delegation included Senator Sam Egwu; Sen. Aliyu Abdullahi; Sen. Gabriel Suswam; Sen. Emmanuel Bwacha; Sen. Chukwuma Utazi; Sen. Ibrahim Oloriegbe; Sen. Uche Ekwunife; Sen. Betty Apiafi; Sen. Yakubu Oseni; Sen. Jarigbe Agom Jarigbe; Sen. Suleiman Kwari; Sen Danjuma Laah; Sen. Cleopas Moses and Sen. Stella Oduah.

Sen. Biodun Olujimi; Sen. Nora Daduut; Sen. Bulus Amos; Sen. Istaifanus Gyang; Sen. Michael Nnachi; Sen Hassan Mohammed; Sen. Albert Bassey Akpan; Sen. Clifford Ordia; Sen. Hezekiah Dimka, and Sen. Chukwuma Ibezim, were also at the meeting.

The National Working Committee (NWC) of the factional National Chairman of the Labour Party ( LP), Lamidi Apapa, has felicitated with the party’s flag bearer, Peter Obi, on his 62nd birthday.

The Apapa-led NWC of the party, as much as they jubilate with Obi, said they regret fielding him as the party’s presidential candidate for the 2023 presidential election, Naija News gathered.

According to the faction, Obi, rather than representing varied interests in the party, chose the interest of a faction.


The faction, in a statement issued on Wednesday night by Suspended National Publicity Secretary of the Labour Party, Comrade Abayomi Arabambi, said as he celebrates his 62 birthday, he should reflect on being a statesman rather than a regional bigot.

Arabambi said, “The National Working Committee (NWC) of the Labour Party (LP) felicitates with its popular presidential candidate, Mr. Peter Gregory Obi, on his 62nd anniversary.


“The Party wishes that the occasion should provide the celebrant a period of deep reflection and ponder on the citizens-conferred status of a statesman who represents interests beyond his ethnic leaning

“The Lamidi Apapa-led National Working Committee of the Party hereby charges the celebrant to, on this occasion of thanksgiving to God, to be reflective of the Nigerian interest, which he seeks to serve.


“While we in the Labour party join him to thank God and wish him a good health and prosperity we want to also remind him that his popularity emanates from the love of the people for the Labour party and galvanized by his representation of the people.

“In wishing him well, we want him to state that we regret fielding him on the platform of the party, in the light of recent development particularly actions that undermined the discipline the Labour party has been known for.

“It is indeed worrisome that even though he went to the Presidential Electoral Tribunal as a non-member of the Labour Party and lied severally that there was a time they issued subpoena to INEC for all those document and maintained that they, they were unable to pay all the documents they seek to tender, kicks regret in our party stakeholders.

“We are further disturbed that our presidential candidate would rely on a “non party agent’ who came to court to defend the alleged stolen mandate,” this is regrettable as it is laughable.

“We wish him well for his 62nd year birthday. We made a mistake to have fielded him to, which we will never repeat again.

“We had thought that this birthday will offer him an opportunity to have a reflection that would make him a better Nigerian and not an Ethnic bigot.”

 

The ICC International Maritime Bureau (IMB) recently released its January to June 2023 IMB Piracy and Armed Robbery Report Summary Sheet, which indicates a resurgence of piracy around the Gulf of Guinea waters. In this report, TOLA ADENUBI looks at the reasons the scourge is returning.

The launch of the Integrated National Security and Waterways Protection Infrastructure, otherwise known as Deep Blue project by the Federal Government in 2021 and the collaborative efforts of international navies patrolling the Gulf of Guinea (GoG) waters brought succour to the waters off Nigerian coastline, leading to a drastic drop in the rate of piracy attacks on vessels between late 2021 and most part of 2022.

With a drop in piracy incidents, Nigeria recorded zero attacks on ships calling at its  ports and this necessitated the removal of the most populous black nation from the list of countries designated as risk maritime nations by the International Bargaining Forum (IBF) in the first quarter of 2022.

Top 5 facts about Nigeria
 

The IBF, which is a body that brings together the International Transport Federation (ITF) and the international maritime employers that make up the Joint Negotiating Group (JNG), had listed five designated risk areas and applicable benefits in the event of attacks leading to deaths and disability, mentioning the Gulf of Guinea as second extended war risk zone covering Liberia/Ivory Coast border to 00°N 005°E, to the Angola/Namibia border.

However, events in the first and second quarter of 2023, according to the 2023 January to June IMB Piracy and Armed Robbery Report Summary Sheet of the International Maritime Bureau (IMB), has shown a return of insecurity in the GoG waters.

According to the IMB, 65 incidents of piracy and armed robbery against ships were recorded in the first half of 2023 in the GoG, an increase from 58 incidents for the same period in 2022.

 

Of the 65 incidents reported, 57 vessels were boarded, four had attempted attacks, two were hijacked and two were fired upon. Perpetrators successfully boarded 90 percent of targeted vessels. Violence towards crew continues with 36 taken hostage, 14 kidnapped, three threatened, two injured and one assaulted.

The IMB mid-year report further stated that “The Gulf of Guinea witnessed a concerning surge in maritime incidents between Q1 and Q2 of 2023, with five incidents in the first quarter and nine in the second quarter. Out of these, 12 were classified as armed robberies and two as piracy, predominantly targeting anchored vessels in the region.

 

“Fourteen crew were kidnapped, of which eight crew members were taken from vessels anchored within territorial waters. Additionally, in two separate hijackings, 31 crew members were held hostage, communication and navigation equipment destroyed and partial cargoes stolen. One of these incidents also involved the abduction of six crew members.”

Appealing to governments in the GoG waters to redouble efforts in tackling maritime crimes, IMB Director, Michael Howlett, said, “The resurgence in reported incidents including hostage situations and crew kidnappings in the Gulf of Guinea waters is concerning. The IMB calls for continued, robust regional and international naval presence as a deterrent to address these crimes.

“We once again call on the Gulf of Guinea regional authorities and the international community to refocus their attention on the region, to establish long-term, sustainable solutions that effectively address these crimes and protect the seafaring and fishing communities.”

Why resurgence of piracy?

Findings by the Nigerian Tribune have revealed that due to the ongoing onslaught against oil thieves on Nigerian waters, most of the people siphoning the nation’s crude oil are gradually returning to their first job – piracy.

Disclosing this to the Nigerian Tribune exclusively, a top official of Tantita Security Services, a private security firm contracted by the Nigerian National Petroleum Company Limited (NNPCL) to tackle oil theft, explained that most of the people perpetrating oil theft were also involved in kidnapping-for-ransom attacks on ships before.

The Tantita Security Services official, who wouldn’t want his name in print as he has not been authorised to speak on the matter, said “I am not surprised piracy is gradually on the rise again.

 

“The pirates never left before; they only switched trade due to the pressure on them from international navies and the Nigerian Navy. They switched to oil theft after some of them were killed by foreign navies patrolling the GoG.

“If you observed, as piracy declined, oil theft increased. These guys never left in the first place; they only switched trade. These guys are used to making money in foreign currency through illicit activities on Nigeria’s waterways.

“So, as piracy went down, activities in oil theft increased. Nigeria was losing huge revenue due to its crude oil being stolen to neighbouring African countries. That was why Nigeria witnessed a drastic drop in piracy attacks on ships.

“But since the NNPCL contracted Tantita Security Services to help in tackling oil theft, the pressure is now on these guys to switch trade again. You know that anywhere Tompolo puts his hands, the place always becomes hot for whoever is competing with him (Tompolo) for such space.

“Tompolo is fully focused on the war against oil theft and, as such, there cannot be room for people who indulge in such illegal activities. They are moving back to piracy because stealing crude oil now is a no-go area for them.

“Some of them have lost ships. We just destroyed a ship, MT TURA II, some days ago for trying to steal Nigeria’s crude oil to Cameroon. The vessel was burnt to serve as deterrent for other would-be-oil-thieves.

“So, they are going back to piracy. I saw the IMB report. It is important that our security operatives are on top of their game because the statistics of attacks on commercial ships may rise if unchecked.”

Recall that the vessel, MT TURA II (IMO number: 6620462), owned by a Nigerian registered company, Holab Maritime Services Limited, with registration Nnumber RC813311, was heading to Cameroon with stolen crude on board when it was apprehended at an offshore location (Latitude: 5.8197194477543235°, Longitude: 4.789002723991871°), with the captain and crew members on board.

[Tribune]

The First Lady, Oluremi Tinubu, on Wednesday in Abuja, urged female lawmakers in the 10th National Assembly to work together and remain teachable as they discharge their duties for the next four years.

“As a former lawmaker, I advise you to please work together, irrespective of party affiliation, because the success of the nation depends on this. My advice is that, be teachable. Stay that way. Learn new things. Try it. You can’t say you are all-knowing,” Mrs Tinubu said when she received female senators and members of the House of Representatives at the Presidential Villa, Abuja.

The Special Adviser to the First Lady, Busola Kukoyi, disclosed this in a statement she signed on Wednesday titled, ‘The First Lady Oluremi Tinubu encourages female National Assembly members to remain committed to constituents.’

The statement quoted her as saying, “You are the women here at the National Assembly for the masses, and you should not take this for granted”.

“As a former lawmaker, I advise you to please work together, irrespective of party affiliation, because the success of the nation depends on this.”

She urged the women not to lose their femininity in the execution of their duties.

[Punch]

The federal government says the country targets to earn $5 billion from exporting jobs in the outsourcing industry in 2024.

Dr Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council, NEPC, disclosed this at the National Conference on International Trade-in-Service organized by the council on Wednesday in Abuja.

He emphasized the significance of outsourcing to the Nigerian economy.

 

Yakusak explained that some outsourced services include financial, advertising, courier, customer support, and logistics.

According to him, Nigeria is moving gradually and focusing more on the export of services because it is an area that has been neglected for a long time.

He added that the Country’s high population, less expensive labour cost, and English proficiency make it appealing to companies and businesses worldwide.

“It has so much potential, but if our services sector is well harnessed, we can earn more than the $4 .8 billion we earn from our products.

“We are looking at five billion dollars in 2024,” he said.

[DailyPost]

Peter Obi, Labour Party’s (LP) presidential candidate in the 2023 general election, on Wednesday in Jos, the Plateau State capital, stressed that Ni­gerians cannot continue to be killed incessantly without gov­ernment’s intervention.

Speaking at the Rayfield Government House in Jos while addressing the Plateau State governor, Caleb Mutf­wang, the former governor of Anambra State decried the inability of authorities to stop the perpetrators.

 

Obi’s remarks, which were made on his 62nd birthday, was a reference to recent carnage in parts of the state where about 300 persons were killed, and properties worth millions of naira destroyed by gunmen.

He disclosed that his deci­sion to visit Plateau, and to the internally displaced persons in Mangu Local Government Area, on the occasion of his birthday, was to show support to the people and also com­miserate with them over the needless killings in parts of the state.

“I would like to commend the governor for his relentless efforts to see that these killings stop. For us as Nigerians, it is time to be with our people es­pecially in this trying period. Nigerians cannot continue to get killed in their homes un­provoked and we fold our arms. We cannot compensate for a life lost, we can only show support. We must do everything within our means to bring this barbar­ic killings to an end.

“We must go back to the Plateau we used to know. A Plateau where people from various parts of life come to organise events and enjoy the beauty of Plateau. I call on se­curity agencies to collaborate and bring these perpetrators to justice,” the LP presidential flag bearer added.

This is as he told the people of Plateau of his unwavering support to end the killings, adding that Plateau was known to be the most peace­ful state in Nigeria with a beautiful weather and serene environment.

 

Governor Mutfwang on his part wished the LP presidential candidate a happy birthday and thanked him for his visit to his state, noting that “Man­gu has been in the news a lot because it was one of the most peaceful areas of the state.”

 

He pointed out that “loos­ing over 300 lives in the space of two months is a national disaster that must stop and so we are determined to fight to the end to ensure Plateau State remains the home of peace and tourism.

 

“You have changed the po­litical landscape in Nigeria. We share a similar vision of a Ni­geria that works where the chil­dren of the poor can also be rec­ognised, where every Nigerian can sleep without fear of being killed. We as a government are committed to this task and we promise to do our best.”

Obi moved from the Govern­ment House to the paramount traditional ruler of Mangu where he donated 100 bags of rice and N5 million to the vic­tims of Mangu attacks.

[DailyIndependent]

There were indications yesterday that President Bola Ahmed Tinubu and the governors on the platform of the All Progressives Congress (APC) may have endorsed immediate past Kano State governor, Abdullahi Umar Ganduje, as replacement for the erstwhile national chairman of the party, Abdullahi Adamu.

With the development, it is likely that the defunct Congress for Progressive Change (CPC) bloc which produced former President Muhammadu Buhari may have again taken a back seat in the scheme of things in the party’s leadership.

LEADERSHIP had reported on Tuesday that former governor of Nasarawa State, Senator Umaru Tanko Al-Makura, who is an ardent member of the CPC bloc, and Senator Sani Musa from Niger State were being considered as possible replacements for Adamu.

However, it was learnt last night that despite pressure on President Tinubu to retain the chairmanship position in the North Central, he settled for Ganduje, apparently to pacify the North West zone which had insisted on producing the Senate President of the 10th Assembly.

It was also gathered that four APC governors, including chairman of the Progressive Governors Forum (PGF) and Imo State governor, Hope Uzodimma; his Kwara State counterpart and two others led to meet with Tinubu at the presidential villa yesterday.

At the meeting, the president was said to have briefed the former Kano governor of the plan to make him APC national chairman, instead of minister as earlier planned.

According to reports, Ganduje who had made Tinubu’s ministerial list was asked to nominate someone as his replacement from Kano State.

The news of Adamu and Omisore’s resignation broke on Sunday night but was not confirmed until Monday after the National Working Committee (NWC) meeting of the party.


A source within the party who confirmed the development said the choice of Ganduje as the new chairman would be unveiled at the party’s National Executive Committee (NEC) meeting which was postponed indefinitely on Monday.

It was also learnt that a former Senate spokesman in the 9th Assembly, Senator Ajibola Basiru, from Osun State has been tipped to replace the erstwhile party’s national secretary, Iyiola Omisore, who tendered his resignation letter alongside Adamu.

On the choice of Ganduje as the next APC chairman, an online paper quoted a source as saying: “President Tinubu has settled for the former Kano state governor Ganduje to replace Senator Abdullahi Adamu as the party’s national chairman.

“The President had listed Ganduje as one of the nominees for ministerial appointment but because of his trust and confidence in the former governor, President Tinubu has to change his mind and asked two governors (Governor Hope Uzodimma and the Kwara state governor) to persuade Ganduje into another assignment.

“The president also asked him (Ganduje) to nominate another person from Kano for the ministerial job. I can confirm to you that four serving governors of APC, including Imo and Kwara governors led the former governor Ganduje to a meeting with the President on Wednesday afternoon. The purpose of that meeting was for President Tinubu to brief Ganduje directly about the new assignment.”


But speaking after a meeting of the APC governors at Imo Goverors Lodge last night, chairman of the PGF, Governor Uzodimma refused to comment on the development.

Addressing journalists after the meeting, Uzodimma neither confirmed nor denied that Ganduje had been contacted to become the next national chairman of the party.

When confronted with the question he simply ended the interview with journalists and joined his colleagues as they left the Lodge.

Deputy national chairman of the party, Senator Abubakar Kyari, had on Monday announced Adamu’s exit as chairman after a meeting of the party’s National Working Committee (NWC) at the party’s national secretariat, Abuja.

He said, “We are here to address the happenings and recent developments regarding the party. The NWC wishes to inform you about the resignation of the National Chairman Senator Abdullahi Adamu and that of the National Secretary, Senator Iyiola Omisore.

“My humble self as the deputy national chairman (North) to assume the office of the acting national chairman, consequently too, the deputy national secretary, Barrister Festus Fuanter, will now assume the office of acting national secretary of the All Progressives Congress.”


He also said the proposed national caucus and NEC meetings slated for today and tomorrow have been postponed.

He said, “With the recent development, we implore everybody here that the proposed National Caucus and National Executive Committee meetings slated for July 18 and 19, 2023 are hereby postponed. This postponement is not indefinite. A new date will be communicated in the nearest future”.

He also refuted reports suggesting that the presidency and the party may have deployed operatives of the Economic and Financial Crimes Commission to arrest Adamu and Omisore.

He stated: “There are no allegations against them. Both of them resigned voluntarily and that is what is available at this moment. The details of their resignation will be made known to you in the nearest future”.

Adamu reportedly tendered his resignation letter on Sunday on the orders of President Bola Ahmed Tinubu.

It became clear that Adamu had resigned his position as national chairman when Kyari, who arrived at the party’s national secretariat at about 10:35am, led a team of seven other members of the NWC to a meeting in his office.

Kyari’s official car was also parked in the space reserved for the national chairman.

The former national secretary, Omisore, who arrived at the national secretariat at about 11:20am was said to have been barred from the ongoing NWC meeting.

Omisore, who left the secretariat as soon as he came in, said he was going to meet Adamu, noting that he did not know why the former Nasarawa governor was not at the secretariat.

Last modified on Thursday, 20 July 2023 08:00

Governors elected on the platform of the All Progressive Congress(APC) have announced plans to meet with the Bola Tinubu-led federal government to seek a quick solution to the hardship caused by the recent removal of fuel subsidy in the country.

The chairman of the Progressive Governors’ Forum, Governor Hope Uzodimma of Imo State, revealed this after a meeting of the APC governors in Abuja on Wednesday night.

Uzodimma admitted that although the removal of fuel subsidy will result in increased federal allocation to states, the subnational governments will ensure they support the federal government to ameliorate the pains of the masses.

During the meeting, the APC Governors emphasized their commitment to addressing the current hardships caused by the fuel price increase.

They reassured citizens that the subnational governments are actively collaborating with the federal government to find effective solutions to ease the burden on the citizens.

Governor Uzodimma, while addressing newsmen after the meeting, said, “On the upcoming FAAC, we are aware that as a result of the removal of fuel subsidy, it will increase the volume of money that will be received in our purses during the Federation Account meeting and we are working with the Federal Government to ensure that it is utilized in a manner that the citizens are happy and the economy of the country will be protected.

“The current hardship occasioned by the price increase is being addressed. The subnational governments are working with the Federal Government and on Thursday there will be a meeting of the National Economic Council to cross the “t” and dot the “i’s”.

“We understand the concerns of Nigerians regarding the removal of fuel subsidy, and we are working diligently to ensure that the impact on the people is minimized. The increase in revenue from the removal of the subsidy will be used responsibly to benefit our citizens and protect the nation’s economy.”

The governors also addressed the recent developments within the APC, clarified that there is no crisis in the party despite the recent resignation of the party’s National Chairman, Abdullahi Adamu, and Secretary, Senator Iyiola Omisore.

The governors reiterated that the APC remains united and focused on delivering meaningful progress to the citizens.

They appreciated the former National Chairman and Secretary, recognizing their contributions to the party’s growth and development.

The governors will be meeting with Vice President Kashim Shettima at the National Economic Council meeting chaired by him, where they will further discuss strategies and initiatives to support Nigerians during the challenging times.

They assured that the welfare of the people remains their top priority, and every effort will be made to ensure that the impact of the subsidy removal is managed in a way that benefits all Nigerians.

The governors also encouraged citizens to remain patient and assured them that the palliative measures being developed in partnership with the Federal Government would soon come into effect.

They hoped that the measures would alleviate the financial strains caused by the subsidy removal and foster economic stability and growth across the nation.

The meeting hosted by Imo State governor had in attendance, Dapo Abiodun of Ogun state; Umar Bago (Niger); Francis Nwifuru (Ebonyi); Abdulrahman Abdulrazaq (Kwara); Acting Ondo state Governor, Lucky Ayedatiwa; Rev. Fr. Hyacinth Alia (Benue), Uba Sani (Kaduna); Babajide Sanwo-Olu (Lagos); Mai Mala Buni (Yobe) and Dikko Radda (Katsina) and Bassey Otu (Cross Rivers).