The Civil Society Legislative Advocacy Centre CISLAC, on Friday, described the subsidy policy on petrol in Nigeria as a failure and was unable to meet the reason for which it was set up in the first place.
The group, in statement issued on Friday, titled, ‘CISLAC Response To Proposed Subsidy Palliatives’, said while other developing countries of the world introduced consumer subsidies to improve the welfare of their citizens and alleviate poverty, among other reasons, petrol subsidy in Nigeria failed to address or solve any of the reasons it was introduced in the first place.
In the statement signed by its Executive Director, Auwal Ibrahim Musa (Rafsanjani), CISLAC said: “While welfare, poverty alleviation and election cycle politics largely underpin the reasons for which consumer subsidies are introduced in developing countries, it has been a fool’s errand in Nigeria’s case as it has failed to address any of the issues that birth its introduction.
“The arguments for the removal of fuel subsidy have always bordered on the need to free resources and take necessary steps towards long-needed reform, since the country can no longer sustain the cost, especially as the economy braces for a possible recession.
“It is expected that the fiscal space created by the subsidy withdrawal must be provided for wider public goods and the resources saved could be reallocated to those groups most affected by the reform by adopting complementary measures.”
The group, which said one major challenge the Tinubu administration currently faces is winning the trust of Nigerians, added that because 27 per cent of Nigeria’s average household budget is dedicated to fuel-related expenses, subsidy savings should be reallocated to fixing the challenges faced by the energy and transport sectors.
“However, a real challenge the present government faces is winning the trust of the people who want to know that the government has a credible and sustainable plan. With 27% of the country’s average household budgets dedicated to fuel-related expenses (petrol-powered generators and vehicles and heavy reliance on the poor public transport system), reallocation of subsidy savings should be directed to fixing the energy and transport sectors as opposed to another round of jamboree in the name of succour.
“Loans are being desperately sought to fix and build roads and rail lines, so there are concerns that the new government is mis-prioritizing the utilization of sparse funds that may only end up lining a few pockets,” the statement said.
It also said that it may even be more difficult for Nigerians to express confidence in the government’s transparent disbursement of the N500bn palliative, as the memories of how the COVID-19 palliative was hoarded and eventually looted still remain fresh.
The statement read further: “The concerns about the transparency of palliative disbursement processes are cogent as Nigerians have a fresh memory of palliative administrations during the COVID-19 pandemic. In more recent times, we have witnessed the inefficiency and lack of transparency that trailed interventions like the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank SME/Household loan and Anchor Borrower’s Programme, just to mention a few.
“More worrisomely, a breakdown of the amended N819.5 billion supplementary budget shows that N500 billion is set aside for palliatives to cushion the effect of recent fuel subsidy removal, N185 billion for the Ministry of Works and Housing to alleviate the impact of the flooding disaster suffered in the country in 2022 on road infrastructure across the six geopolitical zones, N19.2 billion for the Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the flooding experienced last year; N35 billion to the National Judicial Council; N10 billion to the Federal Capital Territory Administration for critical projects; and N70 billion for the National Assembly to support the working conditions of new members. There is a seeming lack of clarity and sincerity of purpose behind this sharing formula and its illogical rationale as a further breakdown suggests that each of the 469 legislators gets about N24 million each, while the more vulnerable public beneficiaries get N8000 each monthly.
“The insensitivity behind this is alarming, particularly in light of the country’s growing and unsustainable debt profile. At this crucial time of post-covid recovery when the increasing cost of governance underpinned by high personnel and overhead costs are weighing down on the federation purse; steps should be taken towards restructuring and rationalizing government parastatals, agencies and commissions to address these costs; 30% of the annual budgets barely goes into capital projects; the government has never achieved more than 40% budget performance; and domestic and local debts are piling.
“Given our current fiscal situation, there must be stringent measures to address these depletions and deficits. Nigeria’s external debt is about 40% of its projected N77 trillion debt stock, most of which is to multilateral creditors like the World Bank at 47% and more worrisomely to Commercial lenders (private creditors) at 39%, with debt service to revenue ratio projected by the World Bank to increase from 100.2 per cent in 2022 to 123.4 per cent of federal revenue in 2023 and possibly hit 160 per cent in five years except broad-based reforms are implemented to “unfreeze” the financial landscape.
“The past Assembly was culpable in the Federal Government’s acquisition of these unsustainable domestic and international loans, even above public interest, and all established fiscal and statutory thresholds. The legislators as elected representatives of the people should not betray their mandate and constituents, and thus owe Nigerians and posterity a duty to grant further loan approvals only upon requests from the executive arm are accompanied by clear and publicly accessible frameworks for the implementation of the proposed measures and administration of the loans to finance them.”
The group, however, urged the Federal Government to always make sure its policies and programmes are sound so that they will be widely accepted by Nigerians.
“It is instructive to note that for government policies and programmes to be effective and efficient, they must be technically sound, widely accepted and administratively feasible. Towards more satisfactory medium- and long-term outcomes, the government should start considering fast-tracking the implementation of the outlined recommendations of the Energy and Natural Resources sub-committees of the President’s Policy advisory council, which produced its detailed report in May 2023. All efforts should be balanced with a drive to maximize revenue generation in a way that respects the principles of transparency, equity and fairness.
“The opportunity for this to create a sound fiscal policy environment presents hopes for the common man as we await the report of the Presidential committee on fiscal policy and tax reforms, charged with the primary objective to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
“Also, there needs to be a guarantee of transparency and accountability in the administration of these new palliatives, if we are to proceed with this decision. The funds should be administered through the 774 local governments at N1.04 billion per LGA, with each setting up a committee that will consist of community leaders, civil society groups, religious leaders and political leaders for effective monitoring. On the other hand, the LGAs could be required to utilize the funds (N1.04 billion) in a manner that is consistent with maximizing social benefits in public expenditure, for instance through effectively monitored establishment or rehabilitation of public health care centres, health insurance schemes, skill acquisition centres or similarly robust initiatives.
“Lastly, the need for wider stakeholder consultations cannot be over-emphasized as it is crucial to public trust and acceptability. We encourage the new government not to tow the path of the previous one in excluding Nigerians from planning and monitoring processes both from a rights-based and outcome-based perspective. Civil society actors have harmonized positions on various economic issues which should be given due consideration and space should be provided for engagement with civic actors as voices of the people”, the CISLAC statement added.
President Bola Tinubu will on Saturday, depart Abuja for Nairobi, Kenya, to participate in the Fifth Mid-Year Coordination Meeting of the African Union, the Regional Economic Communities, the Regional Mechanisms, and the African Union Member States.
“As the Chairperson of ECOWAS, the Nigerian leader will join Heads of State and Government, Foreign Ministers of the AU Member-States, and high-level dignitaries at the mid-year meeting which will take place on Sunday, July 16,” a statement signed by the Tinubu’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake, read on Friday.
The Statement is titled ‘President Tinubu to attend 5th mid-year coordination meeting of AU in Nairobi, Kenya.’
Alake revealed that the President will present a report on the status of regional integration in ECOWAS, highlighting actions carried out during the period under review by ECOWAS institutions, member-states, the private sector, and other stakeholders to deepen integration through trade, free movement of persons, investment promotion, infrastructure development, peace, security, and stability.
The 5th MYCM, which is convening under the AU’s theme for 2023 christened “Acceleration of African Continental Free Trade Area Implementation,” will bring together the Bureau of the AU Assembly, comprising the Heads of State and Government from Comoros, Botswana, Burundi, and Senegal, as well as the leaders of the eight RECs.
These RECS include ECOWAS chaired by Nigeria, the East African Community, the Intergovernmental Authority on Development, the Common Market for Eastern and Southern Africa, the Southern African Development Community, the Community of Sahel–Saharan States, the Arab Maghreb Union, and the Economic Community of Central African States.
Sunday’s meeting will also involve the African Union Commission and the RMs.
Kenya is President Tinubu’s fourth foreign destination and second in Africa since the start of his administration on May 29, 2023.
So far, he has visited Guinea-Bissau for the 63rd Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States.
At a meeting held on July 9, Tinubu emerged as Chairman of the regional bloc.
He also visited Paris, France, where he participated in the summit for ‘A New Global Financing Pact’ hosted by French President Emmanuel Macron from June 22-23.
From June 24 – 27, the President was in London for a private visit, where he reportedly held a private session with his predecessor, Muhammadu Buhari. He has so far spent 10 days out of the country.
As Chairman of the West African Bloc, Mr. Tinubu’s duties would see him represent the region’s interests in several continental and global fora.
The President, who will be accompanied by senior government officials, is expected to return to the country at the conclusion of the meeting.
[Punch]
Nigerian authorities have declared a national emergency on food security as record inflation has made basic foods unaffordable for many and has pushed up malnutrition rates.
Food prices jumped after Nigeria controversially removed a long-held, costly fuel subsidy. Officials say they will use those funds instead for the agricultural sector and to provide fertilizers and grains to farmers and households struggling with high prices.
President Bola Tinubu's adviser on special duties, communication and strategy, Dele Alake, announced the emergency during a news conference Thursday in the capital after a meeting with the president.
He said the decision came in response to inflation and the inability of Nigerian citizens to afford basic food items.
Fertilizers, grains made available
The president ordered that all matters pertaining to food and water availability and affordability be included within the scope of the National Security Council.
Authorities also ordered the immediate release of fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.
Nigeria's president scrapped the expensive subsidy payments in late May, promising to divert the funds to other vital projects.
Alake said authorities would deploy savings from the fuel subsidy removal to revamp the agricultural sector in coming weeks.
"We shall create and support a national commodity exchange board that will review and continuously assess food prices as well as maintain [the] strategic food reserve that will be used as [a] price stabilization mechanism for critical grains and other food items," he said.
The president's spokesperson also said authorities would boost the security architecture to protect farmers. He said the ministries of agriculture and water would work together to guarantee irrigation for farmers to produce food year-round.
Nigeria was already battling its worst inflation in nearly two decades — an annual rate of 22.4% — before the government scrapped the petrol subsidy. The high inflation was triggered by exchange rate volatility, widespread insecurity and the effects of climate change, all of which reduced the supply of agricultural products on the market, driving up food costs.
Isaac Botti, an economist at Social Action Nigeria, which works to promote democracy, social justice and human rights in Nigeria's energy, economic and other sectors, said authorities must consider climate change in their new plans.
"If you want to talk about food sufficiency, how do we address the impact of climate change? How do we also address the issue of insecurity? If you do not have a program around climate change, no matter what idea is being implemented, it will be difficult to really achieve whatever target the federal government sets at achieving," he said.
Risk of more flooding
Last year, Nigeria recorded its worst flooding in a decade, and authorities have been warning citizens of potential risks this year.
Kabiru Ibrahim, president of the All Farmers Association of Nigeria, welcomed the government's move but said it's late in the year to be giving seeds and fertilizers to farmers.
"It's a very good decision by the president," Ibrahim said, "but we want to see them walk their talk. [But] the question of distribution of fertilizers: it's a bit late for this year. It could be used again [in] the next farming season. When all these things are tackled, we will be on our way to the attainment of food security in Nigeria."
On Thursday, Tinubu asked lawmakers to approve a stipend of $10 monthly to 12 million households using money from an $800 million World Bank loan.
For now, many will be watching to see the impact of the government’s new plan.
[voanews]
A Nigerian Air Force FT-7NI trainer aircraft has reportedly crashed in Makurdi, the Benue State capital.
According to a Channels Television report, the incident happened on Friday while it was on a routine training exercise.
Channels also reported that the statement has been confirmed by the NAF Director of Public Relations and Information, Air Commodore Edward Gabkwet.
He said two pilots onboard the aircraft survived and were being observed in a military facility.
“Both pilots are currently under observation at NAF Base Hospital, Makurdi. Meanwhile, the Chief of Air Staff, Air Vice Marshal Hasan Abubakar, has constituted a Board of Inquiry to determine the immediate and remote causes of the crash,” he said.
Details later….
[DailyPost]
The Ondo State Government said it has set up a nine-man committee on palliatives that will work out the strategies to cushion the effects of fuel subsidy removal in the state.
The government said the constitution of the committee was part of the decision taken at the state executive council meeting held on Thursday in Akure, the state capital, presided over by the state Acting Governor Mr. Lucky Aiyedatiwa.
The state Commissioner for Economic Planning and Budget, Mr Emmanuel Igbasan, disclosed this after the meeting.
According to the commissioner, the committee on the palliatives was set up to cushion the consequential effects of the fuel subsidy removal on the citizenry.
Igbasan promised that government will continue to place importance on the people’s welfare in the 18 local government areas of the state. He noted that the government was aware of the hardship caused by the fuel subsidy removal.
He said, “There would be a quick intervention in no distant time.”
Igbasan also disclosed that the committee will be headed by the Chief of Staff to the governor, Chief Olugbenga Ale.
“We took a look into the issue of the subsidy removal and its consequential effects on our people and the council decided to constitute a state committee on palliatives under the chairmanship of the chief of staff to the governor.
“Other members are the head of service and the commissioner of finance, among others. We commiserate with our people over the hardship they are facing due to the removal of the oil subsidy.
“The chairman will soon convene a meeting of the committee, the fiscal surplus and what will accrue to the state from the Federal Government from the palliative of N500 billion proposed by the president,” he said.
A traditional ruler and Chairman, Bayelsa Traditional Rulers Council, His Royal Majesty Bubaraye Dakolo, has alleged that the Cameroon-bound stolen crude oil-laden vessel intercepted on Escravos sea in Delta State was burnt to prevent the “real oil thieves” from being brought in for investigation.
The monarch, who spoke on Arise TV’s The Morning Show on Wednesday, faulted the burning of the vessel, calling it a waste of Nigeria’s resources.
The PUNCH had reported that security agencies, on Tuesday, set ablaze a vessel laden with 150 metric tonnes of stolen crude oil earlier intercepted on Escravos sea in Delta State.
Tantita Executive Director on Technical Operations, Captain Warredi Enisuoh, told journalists that:”The whole idea of destroying the vessel is to send a strong message to all would-be investors that this is what they are to face if they do this type of business.”
But faulting the claim, the Bayelsa monarch argued that the vessel was burnt in order to shield the oil thieves.
Dakolo said, “I can tell you for free that that vehicle (vessel) was burnt because it was cheaper to burn it than to bring in the oil thieves that (are) behind it all.
“Usually, what Nigeria has done in the last several decades is to parade a young, helpless, improperly-educated, jobless youth from the Niger Delta as the typical thief. But I argue that such a person shouldn’t be called a thief, he should be rehabilitated. He belongs to a place where you have to educate him, re-orientate him, and make him a patriotic Nigerian. He is a victim of oil thieves.”
He added that “the real thief of oil is someone who has a yacht, someone who has a golf course; it’s someone who cannot sleep a night in the Niger Delta because of mosquitoes and insecurity. It’s someone who has property in London, in Banana Island, in Abuja, in Frankfurt, in New York City. Those are the thieves.”
The monarch alleged that “everyone that is in authority knows them (the oil thieves).”
“They’re well-known. Those in authority, I can bet you, they know who does it and who does not do it. And the reason why they prefer to present the face of a young uneducated, unemployed person from the Niger Delta as a thief is to distract the world.”
He said it was economically unwise to burn the vessel.
“To put it clearly, that is about 1.6 million barrels, and that amount to around $100m which runs into billions of naira. That is the amount or value of what was inside there (the intercepted vessel).”
King Dakolo further alleged that the Nigerian authorities and security agencies were aware the loading of the crude oil, stressing that it was not possible to load such volume of crude without the knowledge of the authorities.
“That is approximately what Nigeria produces in a day – about 1.8 million barrels. It takes a while to load the whole of that volume. And, so, definitely it must have been loaded somewhere that is an authorised loading bay.
“So, the authorities of the NNPC were supposed to know, and I think they know. And, then, of course, usually in all of those places there are law enforcement (agents) at the terminal. So, definitely all of these agencies knew that this was taking place,” he said.
The Kano State Government has faulted the distribution of the Federal Government’s allocation of N500 billion through the Bank of Industry to support small-scale industries across the country’s geopolitical zones.
Governor Abba Yusuf made the complaint during a meeting with representatives from the Kano Cooperative Society at the Government House on Thursday evening.
He revealed that the distribution was heavily skewed, with Lagos State receiving 47 per cent of the allocation, followed by the South-South Zone with 17%, and other regions receiving significantly lower percentages.
Yusuf described the distribution mode as “unfair, unconstitutional, and illegal”. He called on relevant authorities and members of the National Assembly to rectify the situation and take appropriate action against those responsible.
He said the state government would support Cooperative Societies in their efforts to alleviate poverty and regain their influence.
The meeting was held as part of activities to commemorate the 2023 International Day of Cooperatives.
Yusuf, represented by his Deputy, Aminu Gwarzo, reiterated his administration’s primary goal of eradicating poverty in Kano state.
In a statement on Friday by the deputy governor’s spokesman, Ibrahim Shuaibu, Gwarzo emphasized the importance of Cooperative Societies as vehicles through which citizens can improve their lives and contribute to the overall development of their community and the nation.
President of the Kano Cooperative Society, Musa Aikawa, who spoke on behalf of the delegation, emphasized the significance of cooperatives in enhancing the lives of their members.
He disclosed that the state has over 2.8 million cooperative members, primarily consisting of young people.
Aikawa requested the intervention of the state government to develop strategies for reducing the high rate of unemployment in the state.
Yusuf announced that the state government would engage cooperative societies in designing poverty eradication and sustainable development programs.
“Furthermore, committees would be established to review the activities of Cooperative Desk Officers in each Local Government Area, while desk officers would be introduced in major markets such as Dawanau, Kantin Kwari, Yan Lemo to guide and support cooperative activities,” he said.
The Permanent Secretary, Ministry of Commerce, Industry, and Solid Minerals, Mairo Danbatta, encouraged the youth to embrace cooperative business ventures as a means of progress and reducing unemployment in Kano.
The meeting was attended by several dignitaries, including government officials and representatives from educational institutions related to cooperative activities in Kano.
The United States has announced a hike in fees by 15 per cent for certain non-immigrant visa applications (NIV).
The US Department of State disclosed this in a statement on Wednesday.
According to the statement, the hike in the affected NIV fees was implemented after a review of the country’s costs of providing these services.
The hike also affects the border crossing card (BCC) for Mexican citizens aged 15 and over.
The department of state is committed to facilitating legitimate travel to the United States for both immigrant and nonimmigrant travelers.
The statement partly reads, “These increases were published in the federal register on March 28, 2023, and will be effective on May 30, 2023.
“The fee for visitor visas for business or tourism (B1/B2s and BCCs), and other non-petition based NIVs such as student and exchange visitor visas, will increase from $160 to $185.
“The fee for certain petition-based nonimmigrant visas for temporary workers (H, L, O, P, Q, and R categories) will increase from $190 to $205. The fee for a treaty trader, treaty investor, and treaty applicants in a specialty occupation (E category) will increase from $205 to $315.
“NIV fees are set based on the actual cost of providing NIV services and are determined after conducting a study of the cost of these services. The department uses an activity-based costing (ABC) methodology to calculate, annually, the cost of providing consular services, including visa services.
“The fees for most non-petition based NIVs were last updated in 2012, and certain other NIV fees were last updated in 2014.”
“Other consular fees are not affected by this rule, including the waiver of the two-year residency required fee for certain exchange visitors,”
The fee information is contained on the bureau of consular affairs website, travel.state.gov, and on the websites of US embassies and consulates.
The cleric posited that N8,000 palliative will be a total waste of time because it won’t work for its purpose due to corrupt practices that will mar the process.
‘’The N8,000 palliative is corruption, I see nothing in the palliative and it will not reach out to the poor masses. Despite the fact that Mr President has signed it, it will not make any impact. The governors will use it for their selfish needs. The poor will not enjoy it at all.
‘’It will not be a blessing to the majority, the palliative is just a waste of time and energy, it cannot work for its purpose,’’ he asserted.
On the alternative, he advised that minimum wage should be increased to N100,000 if indeed the government has the people at heart.
Primate Ayodele asserted that an increase in minimum wage will have a direct impact on the people.
‘’If truly the government is concerned about the masses, the minimum wage should be increased to N100,000. It will go a long way in cushioning the effects of subsidy removal and inflation. Minimum wage increase will have a direct impact on the people than N8,000 palliatives,’’ he said.
The take-home pays of civil servants in Ebonyi state will be subjected to upward review by the state government.
The salaries of the government workers in the southeastern state will be increased by N10,000, the state governor Francis Nwifuru announced on Friday.
The announcement was contained in a statement signed by the governor and shared on his verified Twitter handle.
Nwifuru said that the increase was ratified by the State Executive Council (EXCO) at its meeting on July 13, 2023.
The governor noted that the increment became imperative in light of the rising cost of living occasioned by the subsidy removal.
He said that the increase underscored his administration’s commitment to improving the welfare of civil servants.
Nwifuru also announced that EXCO had approved the employment of 1,454 new civil servants into the state’s civil service.
The statement reads:
EMPLOYMENT OF CIVIL SERVANTS AND INCREMENT OF WORKERS’ SALARIES
The State Executive Council Meeting of July 13, 2023 received a report from the Head of Service on areas we need to employ Ebonyians into various Ministries, Departments, and Agencies of the State Civil Service.
Accordingly, EXCO has approved the employment of 1,454 Ebonyians into the State Civil Service. Additionally, EXCO has as well approved the increase of salaries of our Civil Servants by Ten Thousand Naira (N10,000.00), each.
The governor’s announcement comes at a time when civil servants across the country are facing increasing financial hardship due to the removal of fuel subsidy.
The removal of fuel subsidy by the Bola Tinubu-led federal government has led to a sharp increase in the price of petrol, which has in turn led to an increase in the prices of other goods and services
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Another FCT High Court sitting in Abuja has nullified the arrest, detention, and interrogation of the suspended CBN Governor Godwin Emefiele by the Department of State Services (DSS); barely 24hrs of similar judgement were delivered by another court.
In a judgment upon an Originating Motion on Notice brought before the Court by Mr Emefiele against Incorporated Trustees of Forum for Accountability and Good Leadership, the Attorney General of the Federation, Economic and Financial Crimes Commission, Inspector General of Police, State Security Service and the Central Bank of Nigeria, the presiding Judge held that the arrest, detention, and interrogation being in violation of the subsisting judgment and orders of Justice M. A. Hassan in Suit No. FCT/HC/GAR/CV/41/2022.
Mr Emefiele, through his Counsel, Mr Peter Abang, had asked the court to set aside, quash, invalidate, and nullify the arrest and detention of the Applicant for being illegal and a nullity in view of the subsisting judgment of Justice M A Hassan delivered on 29th December 2022.
In another prayer granted by Hon. Justice Bello Kawu, the Court made an order setting aside, voiding, quashing, invalidating, and nullifying any warrant of arrest obtained or procured by the respondents, especially the DSS for the arrest, detention, and/or interrogation of Mr. Emefiele in connection with the allegations of terrorism financing, fraudulent practices, money laundering, round tripping, threat to national security before or from any court since the date of the judgment of Justice M A Hassan.
Furthermore, the Court granted an injunction restraining the respondents, particularly the DSS, from arresting, detaining, further detaining or proceeding against, breaching, or interfering with Mr. Emefiele’s personal liberty and freedom of movement or taking any other steps against him in connection with any allegations of terrorism financing, fraudulent practices, money laundering, round tripping, threat to national security before or from any court since the date of the judgment of Justice M. A. Hassan.
The Court finally granted an order of injunction directing and mandating the respondents, particularly the DSS, to forthwith release and unfetter Mr Emefiele from any arrest, detention, custody, interrogation with regard to allegations of terrorism financing, fraudulent practices, money laundering, round-tripping, the threat to national security before or from any court in view of the subsisting judgment of Justice M A Hassan.
In his reaction to the judgement, Counsel to Mr Emefiele told newsmen that beyond the release of his client, Nigerians must celebrate the fact that Nigerian judges, despite several acts of intimidation by security agencies and some unfavourable conditions under which they work, are bold to dispense justice not minding whose ox is gored. He called on the DSS to immediately comply with the orders of the court and release his client so that he can go and look after his failing health, aggravated by over one month of illegal and unlawful arrest and detention.
This judgement is the third favourable judgment the former CBN helmsman is getting against the DSS yet he has remained in detention for over a month.
A fraud case against the former Governor of Imo State, Senator Rochas Okorocha, has been dismissed by a Federal Capital Territory High Court sitting in Abuja.
Naija News reports that the Economic and Financial Crimes Commission (EFCC) had filed a suit against the former Imo federal lawmaker.
Giving a judgement on Thursday, the presiding judge, Justice Yusuf Halilu described the EFCC’s charges of fraud and abuse of office as an abuse of the judicial process.
Justice Halilu premised his judgement on the fact that the EFCC had filed a similar charge against the former Imo State governor at the Federal high court, which case was decided upon in favour of the former governor in December last year.
NASCON Allied Industries Plc, the salt-making arm of the conglomerate Dangote Industries Limited, will contemplate a business combination with two other food companies in the group during a meeting of its directors’ board later this month.
The marriage is expected to unite the salt-maker with Dangote Sugar, owners of sub-Saharan Africa’s largest sugar refinery, and Dangote Rice into a single entity, according to a regulatory filing on Thursday.
Both NASCON and Dangote Sugar are listed in Lagos, while Dangote Rice is not quoted yet. Dangote Industries Limited is the holding company for a raft of firms majority-owned by Africa’s wealthiest man Aliko Dangote.
The planned merger is coming months after the group’s fiercest rival, BUA Group, announced a similar move consolidating its food businesses – rice, sugar, flour, edible oils and flour – into a new company known as BUA Foods.
BUA Foods would go on to list on the Nigerian Exchange and is currently Nigeria’s biggest consumer goods company by market value, worth over N2.4 trillion as of market open on Thursday and N649.6 billion in total assets as of 31 March.
BUA Group is controlled by Abdul Samad Rabiu, Nigeria’s second-richest person and Africa’s fourth-wealthiest.
Dangote Sugar and NASCON opened trade respectively on Thursday at a market capitalisation of N329.8 billion and N70.2 billion.
The two had total assets estimated at N558.9 billion and N59.2 billion as of the end of March.
Dangote Group’s biggest bet is the 650,000 barrels per day oil refinery in Lekki, Lagos, commissioned in May and said to have cost $19 billion.
BUA Group is also building a refinery in Akwa Ibom State with a capacity to process 200,000 barrels of crude daily, expected to come on board by 2025.
Organizers of the Big Brother Naija, BBNaija , reality TV show have announced that the 8th edition of the show will premiere on Sunday, July 23, 2023.
Tagged’ All Star season” the winner of the show will walk away with the grand prize pegged at N120 million Naira among other consolidation prizes.
According to the organizers, the housemates will battle for the grand prize in the next 70 days. The show ends on the ,1st of October.
Ebuka Obi- Uchendu is returning again as the host of the show.
As a reward for fans this seasons, 30 lucky fans will win one million each in the fan lock challenge where they have the opportunity to lock in their top three favorite housemates all through season.