Former lawmaker Shehu Sani has said those loyal to President Muhammadu Buhari in the All Progressives Congress (APC) are now being treated with disdain and no longer have a say in the party.
Sani said this in reaction to the resignation of Abdullahi Adamu as the National Chairman of the party.
Within Nigeria had reported that Adamu, the erstwhile APC chairman, tendered his resignation letter on Sunday night.
Following the development, Senator Abubakar Kyari, APC Deputy National Chairman (North), has taken over the affairs of the party.
Adamu is purported to be a loyalist of the former president.
It was alleged that Adamu worked against the emergence of President Bola Tinubu prior to the presidential primaries and even after he emerged as the candidate of the party.
Sani, in a post via his verified Twitter handle on Monday, following confirmation of Adamu’s resignation, taunted Buhari’s supporters in the APC.
He noted that Buhari’s supporters were now orphans who had become pariahs and are being thrown out of the party.
“The Buharists are now orphans; they are purged in their party,” he wrote.
Meanwhile, Sani has proffered a solution to the deepening security crisis in the south east which is engendered by the sit-at-home order enforcement.
On how to tackle the effects of the sit-at-home order on socio-economic activities, Sani asked the federal government and governors of Southeastern state to resort to financial inducement.
Senator Sani suggested that since the sit-at-home is usually observed on Mondays, the government should start sharing N50,000 palliatives to South-East residents in market places every Monday in order to make them come out.
Recall that the factional leader of the Indigenous People of Biafra (IPOB), Simon Ekpa, has been declaring a series of sit-at-home in the South-East zone in protest of the continued incarceration of the leader of the proscribed group, Nnamdi Kanu
The Acting Inspector-General of Police (IGP) Kayode Adeolu Egbetokun has debunked the report of the removal of police aides from certain top politicians and their relatives.
Egbetokun said the report is fake and did not emanate from the Nigeria Police Force (NPF) or any of its formations.
Force Public Relations Officer, CSP Olumuyiwa Adejobi, in a statement on Monday clarified the letter purportedly originating from MOPOL 45 FHQ ABJ, which is: “fake and did not emanate from the NPF or any of its formations”.
Addressing the ambiguity surrounding the signal, CSP Adejobi emphasised the signal deviates from the Police’s telegraphic message structure and standard as the signal bears the signature of a Deputy Commissioner of Police (DCP), which is highly irregular, as a signal of this nature would typically be signed by an Assistant Commissioner of Police (ACP), who heads such formations, and not a higher-ranking officer.
Adejobi said: “The Acting Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has taken immediate notice and has ordered a thorough investigation into its source and assures that appropriate action will be taken against those responsible for its creation and dissemination.”
The memo circulating in the media space was also described as fake by some top police officers.
Since the memo went viral, there has been confusion in the police force over the authenticity of the memo.
A senior mobile police officer, who pleaded anonymity told our correspondent that the memo is fake.
The police officer, who is conversant with signals and memos, said it didn’t come from the police authorities.
Curvaceous film star Destiny Etiko has spoken on trust and loyalty as it concerns her relationships with those she considers dear to her heart.
She described herself as being ‘picky’ with people she befriended and one whose friendship with others is devoid of second chances.
Etiko, who claimed to have been heartbroken numerous times by those she genuinely loved and cared, about said loyalty meant a lot to her and would waste no time in disconnecting from any friend regardless of who the person is if she sensed even an ounce of disloyalty.
She explained that’s because she possesses an unwavering kind of loyalty even in the face of betrayal.
She said for that reason, it was almost impossible to give anyone who betrayed her a second chance as she’s someone with zero tolerance for fakeness.
The 33-year-old screen diva wrote: “Loyalty is a big deal to me. That’s why I’m very picky with my friends. I’m such a loyal person naturally. Even in the midst of fallout/betrayal. My loyalty remains the same.
Read Also: Actress Destiny Etiko calls out colleague over alleged debt
“I don’t give second chances when it comes to friendship. U betray me & I cut you off for life. I forgive but cut off. My heart is so pure & tender. I don’t want no fakeness. Zero tolerance”.
“This is soooo me. A wonderful heart that has been broken a lot of times by people I loved so much and sacrificed a lot for.
“But the thing is, when I decide I move, no turning back.
The film producer went on to advise individuals on guiding their lives jealousy seeing it had no duplicate.
“LIVE HAS NO DUPLICATE GUYS. Guide yours with every of your being”, she added.
The Federal Government, through the Federal Ministry of Agriculture and Rural Development Monday, officially confirmed the first case of anthrax in the country.
According to a statement signed by the Chief Veterinary Officer of Nigeria, Dr. Columba T. Vakuru , animals showing signs of a possible case of anthrax on a farm in Suleja, Niger State, were reported to the Office of the Chief Veterinary Officer of Nigeria on July 14, 2023.
The statement reads in part, “The case was in a multi-specie animal farm comprising of cattle, sheep and goats located at Gajiri, along Abuja-Kaduna express way Suleja LGA Niger State, where some of the animals had symptoms including oozing of blood from their body openings – anus, nose, eyes and ears.
“A Rapid Response team comprising of federal and states One Health Professional Team visited the farm to conduct preliminary investigations and collected samples from the sick animals. Subsequent laboratory tests by the National Veterinary Research Institute laboratory confirmed the diagnosis, marking the first recorded case of anthrax in Nigeria in recent years.”
Recall that the federal government had issued a warning to Nigerians weeks ago after a report of anthrax outbreak in Northern Ghana where all infected animals had died.
Anthrax is a disease caused by the spore-forming bacterium Bacillus, though mostly affects livestock like cattle, sheep, and goats but can also infect people who come into contact with infected people or contaminated animal products like meat, wool, or skins. Anthrax that spreads via the skin might result through open wounds or contact with contaminated objects, while anthrax that spreads through the air can happen when spores are inhaled.
According to the statement, Nigerians are enjoined to “immediately report cases of animals bleeding from body openings to veterinary authorities, or agriculture extension workers.”
“The blood of an anthrax-infected animal does not clot. Do not process or move the dead or sick animal, quickly report to your veterinary doctor or veterinary authorities at the ministry of agriculture in your state,” th statement added.
Delta State Governor, Rt. Hon. Sheriff Oborevwori, on Monday, visited the family of two-year-old Ivan Omorhiakogbe, who was killed by stray bullets from operatives of the National Drug Law Enforcement Agency (NDLEA) in the Okpanam area of the State capital on Thursday, 13th July.
Oborevwori visited the family at the Federal Medical Centre, Asaba, where the younger sibling, Eromonsele, a one-year-old, is receiving treatment for bullet injuries sustained in his left eye.
He expressed condolences to the family on the unfortunate demise of Ivan and promised that all efforts would be made to bring the culprits to justice.
The Governor stated that the Police were already investigating the matter and would make their findings known to the general public at the conclusion of the inquiry.
Oborevwori said: “Upon hearing the unfortunate news, we immediately issued a statement urging the NDLEA authorities and the Police Command to swiftly investigate the circumstances that led to the death of your son and injury to his younger sibling.
“On behalf of the Government and people of Delta State, we extend our heartfelt sympathies to you and your family over the loss of your son, Ivan.
“We have great confidence in the police, and as you know, they are conducting their investigation. They will not make the outcome public until they have completed their investigations. So rest assured that the culprits will be held accountable.
“Once again, I commiserate with your family for this loss, and I am happy that Eromonsele is recovering,” he said.
He commended the medical personnel at the hospital for their proactive treatment of the younger sibling, assuring that the State Government would cover all the medical expenses related to the incident.
“Let me also express appreciation to the Federal Medical Centre, Asaba for the proactive action they have taken so far since the incident occurred.
“I had sent people here earlier to find out what they are doing, and I am pleased that they were able to save Eromonsele’s life, and I believe he will recover fully.
“The State Government will cover the costs of the hospital treatment, so the family should not worry about expenses,” Governor Oborevwori directed.
Also speaking, the State Commissioner of Police, CP Wale Abass, assured the Governor and the family of the Command’s commitment to ensuring a thorough investigation into the matter.
“Your Excellency, we will do our best to unravel the mystery behind the whole incident. We have contacted the NDLEA, and they have responded. In due course, we will release a report to the public.
“Once again, we sympathize with you, and we pray that God Almighty will grant you the strength to bear this irreparable loss.
“For Eromonsele, we pray that God will lay His healing hands upon him for a full recovery,” CP Abass said.
In a briefing to the Governor earlier, the Head of the Ophthalmology Department at the hospital, Dr Ernest Ogbedo, stated that they have successfully covered the eye to prevent infections from entering. He added that further surgeries would be conducted on the eye.
“We have performed one surgery, but the child will require additional surgeries because there is an eye injury that the doctors have addressed and covered.
“We conducted an X-ray, and fortunately, there were no bullet fragments present. However, we will conduct further investigations to assess the extent of the injury.
“We have successfully covered the eye to prevent infections and other diseases,” Dr Ogbedo said.
There are strong indications the Federal Government may consider the request by power distribution companies for a review of their tariff, as the government spending on electricity subsidy has risen to N2.8tn.
A new report by the Nigerian Electricity Regulatory Commission, obtained by our correspondent in Abuja on Sunday, indicated that past hikes in electricity tariffs by Discos saved the government from paying additional N1tn in subsidy to power firms annually.
The July 2023 NERC report was titled, ‘Overview of the Nigeria Electricity Supply Industry.’
Providing an update on the country’s tariff review journey, the commission stated that “between January 2020 and January 2023, tariff increased from 55 per cent of cost recovery to 94 per cent.
It added, “Without the tariff reviews that commenced in 2019, subsidies payable by the government would have grown to about N1tn per annum by 2023. Service-Based Tariff was instrumental in the transition to cost-reflective levels.”
On subsidy payable, the NERC stated that subsidy (tariff shortfall) paid by the Federal Government between 2015 and 2022 rose to N2.8tn in December last year.
It added that between January and April this year, subsidy on electricity gulped N57bn, adding that the Service-Based Tariff scheme help in reducing the amount spent by the government on power subsidies.
“Annual subsidy reduced from N528bn in 2019 to N144bn in 2022. Subsidy in 2023 year-to-date (January to April 2023) stood at N57bn.
“Service-Based Tariff was instrumental to the reduction of tariff subsidy. The financial burden of tariff subsidies between 2015 and 2022 stood at NGN2.8tn,” the NERC stated.
The yearly hikes in power tariffs by the Federal Government through the NERC have been targeted at ending subsidies on electricity.
On Friday The PUNCH reported that the 11 power distribution companies in Nigeria had applied for the review of electricity tariffs so as to incorporate the changes in Nigeria’s macroeconomic parameters.
The report stated that the NERC disclosed this in a notice, as it said the Discos stated that their reasons for the rate review were premised on factors affecting the quality of service, operations and sustainability of the companies.
Meanwhile, some power distribution companies had announced on Sunday, June 25, 2023, that there would be a hike in tariff, projected to take effect from July 1, 2023.
The Discos, however, backtracked the next day after widespread criticisms, as they stated that the Nigerian Electricity Regulatory Commission had yet to approve the hike.
The development caused apprehension among power users at the time, as many prepaid consumers rushed to buy more electricity units in their meters, while anticipating a possible hike in tariff.
It was, however, observed on Saturday, being July 1, 2023, that the Discos did not raise the tariff, an indication that they had yet to get the approval of the power sector regulator.
But in the regulator’s notice, as contained in The PUNCH’s report on Friday, it said, “Pursuant to Section 116 (1) and 2(a&b) of the Electricity Act 2023 and other extant rules, the 11 successor electricity distribution companies have filed an application for rate review with the Nigerian Electricity Regulatory Commission.
“The request for rate review is premised on the need to incorporate changes in macroeconomic parameters and other factors affecting the quality of service, operations and sustainability of the companies.”
However, speaking on the requests by Discos for tariff, on Sunday, a senior official at the NERC stated that the commission would ask the power firms to further state why they were bent on having a hike in tariff during the proposed meeting.
“If you study their (Discos) Performance Improvement Plan, the number of transformers they are supposed to buy, did they buy it? And what is the justification for this increase they are asking for?
“How many transformers, lines, meters, etc, are they bringing on? How many customers are they going to migrate from four hours to eight hours, from eight hours to 10 hours, etc?
“These are the justification for rate increase. Although they may likely argue about the increase in foreign exchange rates, but they should know that the price of gas has reduced.
“So, they will need to let us know some of these things,” the NERC official, who pleaded not to be named, due to lack of authorisation, stated.
In the notice published on the NERC website, the commission invited “the general public for comments on the rate review applications by the distribution licensees.”
It stated that “interested stakeholders are advised to review and take into consideration the excerpts of the rate review applications filed with the commission by the respective licensees.”
‘Subsidies should stop’
Commenting on the development, energy economists stated that it was high time that all forms of subsidy on energy energy were stopped by the Federal Government.
“Energy is holistic. It is not like what we have done in the past, which is to treat petroleum and oil as very different from electricity, and to talk about energy and power and not talk about it in a holistic sense.
“So any country that is successful in this area is dealing with energy as a whole and recognising that the hydrocarbons are so useful and important because they are sources of energy.
“So when talking about electricity and trying to divorce it from the rest, you’re going to fail,” the President, Nigeria Association for Energy Economics, Prof. Yinka Omorogbe, stated.
She explained that electricity should not be treated like an elite product, stressing that it served as a commodity for everyone in any country, adding that “everybody has a right to electricity.
Consumers oppose hike
However, power consumers said they were opposed to any move by the government or Discos to hike tariffs, stressing that subsidy on electricity should remain, since subsidy on Premium Motor Spirit, popularly called petrol, was removed in May.
“Nigerians have not been able to cope with the fuel subsidy removal that was done recently and you are talking of power tariff review. Petrol sells for N540/litre in Abuja. It sells for N600 and above in parts of Calabar, Rivers and Bayelsa, and you talking about power tariff hike?
“Nobody is comfortable. Nigerians are not comfortable. Nobody will accept this kind of rise in energy cost. If the Federal Government will re-introduce the policy of paying the market shortfalls, then it will be better for consumers.
“Because if they go the way they are going, it will be disastrous, for we heard that some Discos are asking for as high as N300 per unit of electricity,” the National Secretary, Nigeria Electricity Consumer Advocacy Network, Uket Obonga, told our correspondent.
He said though tariff review should be based on the service delivered to consumers, the Discos were neither delivering nor implementing capital projects as they promised.
Obonga said, “The NERC that is now going about sending notices, does it have a mechanism in place to measure the hours of electricity supplied by the Discos? How do they measure it? Apart from that, when you say Service-Based Tariff, it is not only tied to time, in terms of the number of hours of supply?
“It is equally tied to the quality of electricity supply. Now, who measures the quality of electricity supplied to Nigerians? There is also the issue of CAPEX, capital expenditure. We still have cases where the Discos are no longer involved in metering, rather they push the meters through Meter Asset Provider agents to sell and collect money.
“Their Vesting Contracts on CAPEX and others, are they keeping to it? Are you aware that for evey tariff rate there is a percentage that goes for CAPEX for the Discos? Are they really executing capital projects?”
The NECAN official went ahead to ask, “Have you seen it in any report of NERC where it is stated clearly that the Discos executed considerable amount of capital projects for which they had earlier demanded for an increase in tariff?
… Nigeria Army most misunderstood- COAS
The Chief of Defence Staff Gen. Christopher Musa said that the Armed Forces of Nigeria (AFN) will apply the lens of people-centricity to key components of activities to truly put the Nigerian people at the centre of its actions geared towards promoting and safeguarding a secure environment for all.
He further said that the AFN will defend the country’s territorial integrity and democracy as well as safeguard internal security and unity to achieve the stability required to guarantee sustainable national development.
Musa stated this on Monday at the Screening of Service Chiefs while he appeared before the House ad-Hoc committee on screening.
He said “I recognize the significance of leading the thousands of devoted and distinguished service men and women to provide a secure and peaceful environment for the Nigerian people to freely engage in their legitimate enterprise in line with the constitutional mandate of the AFN.
“In this regard, the AFN under my leadership will be people-centric by prioritizing and safeguarding our people and their legitimate way of life as prescribed by the Nigerian Constitution.
Speaking on the welfare of the troops, Musa said the troops’ welfare and sound administration will provide the required atmosphere for the AFN to deliver on its constitutional responsibilities. Thus, the AFN will continue to seek ways and means to improve the welfare of its personnel under my watch.
“In this regard, service men and women of the AFN should be reassured of my commitment to their welfare, provision of relevant operational equipment as well as infrastructural development within available resources to enable them to succeed in assigned constitutional roles.
“I shall also promote international military cooperation/ collaboration to further expose and provide capacity building to AEN personnel in joint and combined operations outside the shores of Nigeria. This measure is required to consolidate AFN welfare priorities in order to effectively deploy, fight and win our nation’s wars by providing ready, prompt and sustained land, sea and air dominance by the AFN across traditional as well as asymmetric conflict settings as part of a joint force,” he said.
Speaking also at the screening, the Chief of Army Staff, Major Gen.Taoreed Lagbaja said that the Nigeria Army is the most misunderstood, complex and challenged component of the Nigeria Armed forces.
According to him, security challenges in the last two decades have made governance more challenging, adding that it has disrupted developmental progress in the country.
Lagbaja said “I consider my nomination as a call to higher responsibilities and I am determined not to betray the trust and confidence reposed in me. It is an open secret that our country has faced a challenging security environment in the past two decades. It has impacted adversely on our socio-economic and political lives.
“The episodic crises of the past have now become enduring thereby making governance and the rule of law more challenging for successive administrations.
“Today’s painful reality is that insecurity has distracted our developmental plans and aspirations of a strong, prosperous, globally competitive and influential nation. Never in the recent is the requirement for proactive, adaptive and inclusive leadership more needed than in Nigeria’s security environment of today.
” These requirements are what I intend to do as COAS if confirmed. I am mindful that the Nigerian Army, which I am being screened to lead is a crucial component of our military instrument of national power. It is not only the largest, but the most complex, most geographically spread, most sought after during crisis and often most misunderstood.
“I believe that for the Nigerian Army to grapple with the demands of the contemporary security environment, it would consistently transform to be a step ahead of its time.
“For this reason, I conceptualize my philosophy of command as to transform the Nigerian Army into a well-trained, equipped and highly motivated force towards achieving our constitutional responsibilities within a joint environment. I intend to partner with the National Assembly and other stakeholders in achieving this command philosophy,” he added.
Speaking earlier at the meeting, the chairman of the committee, Hon. Babajimi Benson said for more than sixteen years, Nigeria has witnessed diverse and unprecedented level of insecurity in which the Armed Forces of Nigeria have been fully involved prompting the launch of several theatres of operations and exercises as well as providing support for tackling several domestic security challenges.
“The House of Representatives is delighted with the successes recorded so far, especially in the last one year. We acknowledge these robust achievements which is a proof of the level of professionalism often displayed by our military in the discharge of their duties. We urge you to effectively collaborate with sister security agencies to ensure that all security threats are completely neutralised, and Nigerians can live peacefully.
“The world of security is dynamic and ever-changing. New security threats are emerging across the globe. Today, wars are not only fought on land, sea and air but also in cyberspace.
” Consequently, the art of warfare must therefore be a step ahead. This is why Nigeria must tap into and harness the potential of having a Defence Space Force, like in the United States of America. While acknowledging the immense contributions of the Defence Space Administration (DSA), there is a need for a full-fledged Defence Space Force to adequately handle potential threats from cyberspace and provide intelligence support to other services.
Tasking the nominees on their task, Benson stated that the role of securing the lives and property of Nigerians is the collective task of the Armed forces
Benson further stated that the 10th House of Representatives is keenly committed to providing the necessary legislative framework to the current government in its quest to ensure that Nigerians live in peace.
“We must therefore work collectively to deliver more on the goals of this administration to drastically reduce cases of insecurity across the country.
” While the House will continue to support this vision through our legislative activities, we shall also embark on rigorous oversight exercises, beginning from this screening, to ensure that the Armed Forces of Nigeria adhere strictly to the provisions of all Appropriation Acts as will be eventually passed by the National Assembly and accented to by Mr President.
He, therefore, urged the nominees to cooperate with the National Assembly while performing their constitutional duties of ensuring a peaceful, secure and prosperous country for all Nigerians.
The meeting afterwards went into a closed door.
Troops of 192 Battalion, Nigerian Army, operating in 81 Division Area of responsibility have busted an international ammunition smuggling syndicate, while transporting a truck-load of ammunition to Anambra State on Saturday, July 15.
The troops, who acted on actionable intelligence, conducted a stop-and-search operation along Ajilete-Owode Road in Yewa North Local Government Area of Ogun State and uncovered the illegal ammunition in a truck with number plates ENU 697 XY.
The truck was loaded with 720 packets of (red) cartridges of 12 calibre, containing 25 cartridges per packet. The total comes to 18,000 cartridges.
There was also additional 250 packets of live (black) cartridges containing 10 packets each, totalling 2,500 cartridges of same calibre.
The suspects, identified as Mr. Eric Seworvor, a Ghanaian, and the driver, Mr. Lukman Sani, have been taken into custody and are helping with ongoing investigations.
Information gathered during preliminary investigation revealed that the ammunition, which were surreptitiously concealed in a supposed empty truck, were imported from Mali, via Idiroko border.
A statement by Brig.-Gen. Onyema Nwachukwu, Director of Army Public Relations said: “The criminals had successfully beaten several other checkpoints en route their final destination in Onitsha, Anambra State, where they intended to deliver the illegal ammunition.
“The timely intervention by the vigilant troops, however, thwarted the chaos that such volume of ammunition would have unleashed on innocent members of the public, if the criminals had succeeded.
“The Nigerian Army, therefore, appeals to all law-abiding citizens to continue to support the troops and other security agencies with credible and actionable information, as they combat security challenges across the country.
“The Chief of Army Staff, Major General Taoreed Lagbaja, has commended the troops for their commitment and urged them not to relent as they strive in synergy with other services and security agencies to provide safe and secure atmosphere for all Nigerians and the socio-economic development across the country.”
Below are more photos of the seizure:
At the backdrop of sustained supply gap in Nigeria’s foreign exchange (forex) market, the local currency, Naira, has hit a new low at the weekend, trading N803.9 to a dollar in the Investors & Exporters (I&E) window which is the official forex market and N822/$ in the parallel market.
Financial Vanguard’s findings indicated a 6.6 per cent decline in volume of dollars traded in the I&E window as dealers said they were disappointed that the increase in supply they expected last week did not materialize.
A week-on-week trend in the parallel market shows a 5.5 percent depreciation to N822/$ as against N779/$ closing rate previous week.
In the I&E window, the local currency depreciated 3.9 percent W-o-W to N803.9/$ from N776.9/$ the previous Friday.
Financial Vanguard currency monitor shows that after the initial massive depreciation on June 14th, 2023 when the Central Bank of Nigeria, CBN, introduced reforms in the market, exchange rate had remained volatile with daily fluctuations until the record low was hit last weekend.
The reform majorly eliminated multiple exchange rates and reintroduced the ‘Willing Buyer Willing Seller’ market model in the I&E window.
Since the new measures were introduced, the Naira has depreciated cumulatively in the I&E window and parallel market by 70 per cent (N321.23) and 7.0 per cent (N58) respectively.
Meanwhile last week’s closing rate also indicated that the parallel market margin that narrowed to almost elimination following the new policy has started widening.
While the measures announced by CBN was aimed at increasing transparency and boosting confidence in order to attract increased forex supply, forex market operators who spoke to Financial Vanguard said the expected increase in supply is yet to materialize, adding that this, coupled with rising demand, and hoarding, are the factors driving the renewed depreciation of the naira in both segments of the forex market.
Dealers lament
Speaking to Financial Vanguard, Mr. Ahmed Danjuma, a parallel market operator in Lagos Island, said: “I bought a dollar for N810 and sold for N819 and N820.
“People are demanding for the dollar. It is not easy to get dollars from the bank because it is very scarce.
“When you have access to dollars the way buyers demand for the currency is like when you take food to the prison.
“The supply is very low. Even Bureau De Changes have little access to the foreign currency.”
Similarly, Mr. Umoru Mohammed, a parallel market operator at Ikotun area of Lagos, said: “Dollar was very scarce today (last Friday) as we could hardly have access to it even from the banks.
“Every day the demand for dollars increases but the supply is very little. This is really hindering business especially for transactions requiring dollars.”
President, Association of Bureaux De Change Operators of Nigeria, ABCON, Aminu Gwadabe, in a chat with Financial Vanguard on the situation, stated: “The situation is tough, it even traded at N822 in some segments today (last Friday).
“You know now the restrictions have been removed, there is also competition and surge in demand. Most people are still holding assets in dollars, and we have not seen significant inflows even from the side of the investors.”
Turnover, external reserves fall
Reflecting the paucity of forex supply amidst rising demand, the volume of dollars traded (turnover) in the I&E window fell by 6.6 per cent or $57.06 million to $807.92 million in the first half of July, from $864.98 million in the corresponding period in June.
Following the same trend, the nation’s external reserves fell by $646 million or 1.9% in one month ending July 13th. Data from the CBN showed that the reserves fell to $34.047 billion on July 13th, from $34.693 billion on June 13th.
Analysts’ insight
To reverse this trend and achieve the expected increased forex inflow, analysts said the CBN must introduce further reforms including removing forex restriction on 43 items and incorporating BDCs into the I&E window as well as clearing the forex demand backlog.
In this regard, Managing Director/CEO Financial Derivatives Company, Mr. Bismarck Rewane, in his Monthly Economic News and Views, said: “In the short term the CBN must tighten monetary conditions, eliminate forex restrictions (Ban on 43 items on the I & E window) and move effective interest rates towards the rate of inflation.”
The above, he added, ”must be complemented in the long term with export-oriented policies, elimination of structural bottlenecks that constrain production and export activities”
In the same vein, analysts at Lagos based CardinalStone Research, in their outlook for H2’23, said: “While the current policy reforms bode well for foreign providers of capital, additional investments into the country will also be partly dependent on the following: 1) the willingness of the CBN to clear existing backlogs, which is estimated at $2.5 – $3.0 billion; 2) the FX market reflects a genuine “willing buyers and willing sellers” structure and supply begins to improve notably. If the 2 highlighted points are achieved, we see legroom for a surge in foreign inflows from the multi-year lows of $5.3 billion in 2022 to about $12 billion over the next one year.”
On this Gwadabe averred that the CBN must increase participation in the official market to include BDC who can play the moderating role needed to stabilise the market.
“The trend will continue except if there is a turnaround, and there are changes in the I&E to bring in more players like BDCs to enhance competition. Once you have competition there will be stability, there will be availability
“They need to wear their thinking cap, because it is like the CBN is not in control of the market, it is the FMDQ. “We are still appealing to the CBN to include BDCs in order to increase liquidity, transparency, and ensure we stop the volatility in the market competition.”
Corroborating this position, a former top management staff of the CBN, who spoke on condition of anonymity said: “We must find a way out to stabilise the exchange rate and still keep the third leg (BDC) as part of the moderator of the market.
“We must eliminate abuses, corrupt practices and police the market for sustainability. We also need to restructure the BDC to trade in the market and not by allocation to moderate the rates.”
According to analysts at Cowry Assets Management Limited, “The Naira hit a new low in 2023 in the face of pressure demand for the dollar across various forex segments as forex demand and supply mismatch continue to play as an underlying driver with more backlog of unmet forex demand.”
The candidate of the Labour Party in the February 25th presidential elections, Peter Obi, has stated that he will not be marking his 62nd birthday anniversary on Wednesday, 19th July, 2023 over the state of Nigeria.
Obi in a series of tweets posted on his verified Twitter handle on Monday urged his family, friends and members of the Obidient movement to donate whatever gift they have for him to hospitals, orphanages, and homes for the aged and people with disabilities.
He added that, on his birthday, he plans to raise money for schools and hospitals while spending his time and resources with ‘less fortunate’ people around him.
The LP candidate maintained that Nigerian leaders must lead by example and make sacrifices for the betterment of the country.
“Wednesday 19th July 2023, marks my 62nd Birthday. While I remain immensely grateful to God for His infinite mercies, I still maintain my decision of over 20 years, that I will not celebrate my birthdays in today’s Nigeria, with the current deplorable state of the nation.
“Let me humbly and respectfully appeal to all those who desire to celebrate me with any kind of gifts, to look around them and extend such gifts to the people in need, especially in these difficult times.
“Those who wish to do more can visit various IDP camps in different parts of the country. I intend to do the same thing. Aside from sharing my time and resources with the less fortunate people around me, I plan to raise money for schools, hospitals, etc.
“I have already said that the sacrifices for a better Nigeria must now start from us, the leaders and the well-placed. The state of our nation must give us cause to pause and ponder. There is far too much insecurity, violence, and bloodshed.
“I want to celebrate in a Nigeria that works for all and which Nigerians can be proud of. This, and not my birthday, is the true celebration that will be beneficial to all Nigerians,” he said.
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The Deputy National Chairman, Senator Abubakar Kyari, (North) of the ruling All Progressives Congress (APC), has emerged as acting National Chairman of the ruling party.
This comes after Senator Abdullahi Adamu’s resignation as the party’s national chairman.
In accordance with the party’s constitution, the deputy national chairman from the zone would take over in an acting capacity if a national chairman resigned.
Kyari led some members of the National Working Committee (NWC) into a meeting currently taking place at the party’s national secretariat in Abuja amid tight security.
Kyari was accompanied by the Deputy National Chairman (South), Emma Enukwu; the National Vice Chairman (North-West); the National Vice Chairman (North-East); Salihu Mustapha; the National Vice Chairman (North Central); Issacs Kekemeke; Ejoroma Arodiogu; and the Deputy National Secretary, Barr. Festus Fuanter.
Born in Borno State on January 15, 1960, Kyari is the son of the late Brigadier Abba Kyari, a former military administrator of North Central from 1967 to 1975.
In 1986, he graduated with a bachelor’s degree from the University of Tennessee Martin in the United States. He then enrolled at Webster University in St. Louis, Missouri, in 1989 to pursue a master’s degree in business administration.
In 1998, Kyari was chosen to serve as a representative for the now-defunct United Nigeria Congress Party (UNCP). Between 1999 until 2003, he was elected to the House of Representatives on the platform of the now-defunct All Peoples Party (APP).
He served as Commissioner in Borno State from 2003 to 2005 and 2007 to 2011. He was elected to the Senate in 2015 to represent Borno North on the APC platform. He was re-elected in 2019 and continued in office until 2022, when he was named Deputy National Chairman.
The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of Deposit Money Banks to a maximum of 12 years.
The new tenure of 12 years is an increase of two years when compared to the 10 years contained in the previous corporate governance guidelines.
The increase is containes in a circular on the new, “Corporate Governance Guidelines for Commercial, Merchant, Non-interest and Payment Service Banks in Nigeria.”
The circular dated July 13, 2023, was signed by CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi, and addressed to commercial, merchant, non-interest, Payment Service Banks and Financial Holding Companies
Also, the central bank increased the tenure of Deputy Managing Director (DMD/Executive Director (ED) of a bank to a maximum period of 12 years.
The CBN stated that the objectives of the guidelines are to among other things provide additional guidance on the principles, recommended practices, and responsibilities contained in NCCG 2018; outline industry-specific corporate governance standards for banks; and promote high ethical standards amongst operators, while enhancing public confidence.
Also, in line with the Nigeria Code of Corporate Governance (NCCG) 2018, the apex bank further stipulated that no board of a bank shall consist of only one gender.
In a bid to achieve gender diversity and promote a gender inclusive board, it said banks must take a practical approach to women’s economic empowerment in line with Principle 4 of the Nigerian Sustainable Banking Principles (NSBP).
The apex bank explained that the guidelines followed the pronouncement of the Financial Reporting Council of Nigeria (FRCN) for sector regulators to issue sector-specific guidelines on corporate governance for institutions under their regulatory purview.
The CBN therefore, adapted the principles and recommended practices of NCCG 2018 in developing the new guidelines for affected entities, taking into account, the peculiarities of the sub-sectors.
The central bank said the regulation was issued pursuant to the provisions of Section 2(d) of the CBN Act 2007, and Sections 56(2) and 67(1) of the Banks and Other Financial Institutions Act (BOFIA 2020).
Specifically, the regulation noted that where an ED becomes a DMD, a cumulative tenure of 12 years applies and shall not be extended.
Also, Non-Executive Directors (NEDs) (with the exception of Independent NEDs) of a bank must serve for a maximum of 12 years comprising three terms of four years each.
The CBN stressed that to qualify as a NED in a bank, the proposed NED shall not be an employee of a financial institution except where the bank is promoted by that financial institution and the proposed NED is representing the interest of that financial institution.
The guidelines further stated that an executive (ED, DMD or MD/CEO) who exits from the board of a bank either upon or prior to the expiration of his/her maximum tenure, must serve out a cooling period of two years before being eligible for appointment as a NED in the same bank.
The Economic and Financial Crimes Commission has gone after Abdullahi Adamu, the National chairman of the ruling All Progressives Congress (APC), over his inability to account for over N32 billion raised by the party from the sale of forms for the 2023 general election.
A source in the Commission confirmed to THE WHISTLER that operatives were in Adamu’s residence on Sunday night after he reportedly tendered his resignation letter to the Chief of Staff to the president, Femi Gbajabiamila.
The operatives visited his residence located on Ali Akilu Crescent, by Aso Rock Presidential Villa with a search warrant around 8pm.
The source who does not want to be mentioned, said he was not part of the team that went to the chairman’s house, but a colleague who was part of the team told him that they were barred by police orderlies guarding Adamu’s residence from entering the house.
According to him, the operatives were barred despite presenting search warrants as they were told that it was late to grant such a request.
It was reported that Adamu left only N7 billion in the party’s account despite claims that the party account was audited.
Adamu was said to have sought the support of the state chairmen of the party to avoid being removed but failed.
The APC state chairmen were said to have distanced themselves from the alleged action of Adamu because he didn’t carry to hem along in line with the constitution of the party.
The spokesman for the EFCC didn’t respond to calls and messages sent to him as at press time.
Senator Iyiola Omisore, National Secretary of the ruling All Progressives Congress (APC), has been denied access to an emergency meeting of the party’s National Working Committee (NWC) amid reports that he and the APC National Chairman, Abdullahi Adamu, resigned from their respective positions.
Omisore arrived at the party’s National Secretariat in Abuja at about 12:05 PM but was shut out of the ongoing meeting.
Our correspondent observed that Omisore had entered the party secretariat situated at Blantyre Crescent in Wuse 2, shortly after some members of the APC NWC had arrived.
The visibly angry former Osun senator, however, stormed out of the building after being denied access to the conference room by the sergeant at arms.
Some of the APC NWC members who had arrived before him were Senator Abubakar Kyari, Deputy National Chairman (North), Emma Enukwu Deputy National Chairman (South); National Vice Chairman (North-West), Salihu Lukman among others.
When asked by journalists about his reported resignation, Omisore responded: “I’m going to meet with the National Chairman, Adamu, to know why he’s not here.”
“I want to meet Adamu, and find out what’s wrong,” he said before zooming off from the party secretariat.
The meeting is taking place ahead of APC’s National Executive Committee (NEC) meeting which would be attended by President Bola Tinubu.
Omisore’s exit will pave the way for the Deputy National Secretary, Festus Fuanter (Plateau State), to immediately assume office as Acting National Secretary.