The immediate-past National Vice Chairman of the ruling All Progressives Congress APC, Salihu Moh. Lukman has written President Bola Tinubu, threatening a lawsuit against the leadership of the party for serial violations of its constitution.

In the letter dated May 21, 2024 and titled ‘APC and Subversion of Nigerian Democracy’, Lukman said he was compelled to write the letter since the party is operating almost blindly without recourse to provisions of the APC Constitution.

According to him, it was deeply concerning to note that the APC since inception in 2013 has operated without a Board of Trustees BoT.

He said, “Meetings of organs as specified by relevant provisions of the APC Constitution are not taking place. Decisions, which established organs of the party are expected to take, are being taken by individual leaders outside those organs.

“One of the critical organs, the Board of Trustees, which is renamed National Advisory Council has not been inaugurated since the formation of the APC in July 2013. With such reality the National Working Committee NWC of the party has appropriated the powers of all organs and in its name the National Chairman is taking discretionary decisions.

“With such reality, many of the decisions taken not only violate sections of the APC Constitution but also undermine Sections 221 — 229 of Part Il of the 1999 Nigerian Constitution as amended as well as the Electoral Act 2022.

“As things are, we have been regressing democratically as a nation. Due to inability to comply with statutory provisions regulating the conduct of political parties, we are embarrassingly running governments that don’t value principles of consultations and respecting valid agreements contracted through diligent political negotiations.

“Consequently, all the serial decisions taken without references to organs of the APC and complying with subsisting internal agreements have resulted in outright violation of relevant provisions of the 1999 Nigerian Constitution as amended, which imposes the requirement to ensure the establishment of an inclusive governments at all levels.

“As a committed member of APC and as someone who has worked hard and made so many sacrifices for the growth and development of the party, I find our current reality highly unacceptable. I have made several requests to meet with you for more than a year now since your election as President of the Federal Republic, which, perhaps understandably, you have been unable to grant.

Seventeen members of the Cross River State House of Assembly on Wednesday removed the Speaker of the House, Hon Alvert Ayambem over allegations of mismanagement, Misconduct, financial misappropriation and indifference to welfare of members.

Hon Ayambem’s removal was made public in an impeachment notice signed by 17 out of the 25 members of the State House of Assembly which they later later affirmed in a Press Briefing held at the metropolitan Hotel in Calabar.

Vanguard also learned that consultations, delivration are ongoing as the house was yet to elect another Speaker to succeed the embattled Ayambem at the time of his report.

The 17 members described Ayambem as a tyrant who according to them undermines their interest and has been allegedly involved in various forms of financial misappropriation.

The speaker was impeached via a motion under maters of urgent public importance inline with order 24 of the Cross River State Assembly rules.

His removal according to them was based on the grounds of gross financial misconduct, incompetence and wrong conduct of plenary proceedings, non compliance and total failure to convene leadership meetings.

The impeachment notice reads: “Having met the Constitutional requirements of two-third majority( 17 members)we the under-listed members of the Cross River State House of Assembly hereby pass a vote- of-no- confidence on Rt. Hon. Elvert Ayambem, Speaker of the House of Assembly and he is hereby removed.”

Hon. Ayambem is also accused of “misappropriation of the sum of N48,000,000.00 (Forty-Eight MillionNaira) meant to pay electricity bills for the House of Assembly complex and the House of Assembly Quarters, Misappropriation of 2% of all revenue collected by the Internal Revenue Service (|RS) monthly for oversight functions of the House of Assembly in line
with Section 18(a)(i) of the Cross River State Revenue Administration Law 2011 as amended to the tune of N404,683,855.1 0 (Four Hundred and Four Million, Six Hundred and Eighty-ThreeThousand, Eight Hundred and Fifty-Five Naira, Ten Kobo).”

Other allegations include; “Misappropriation of the sum of N19,437, 844.00 (Nineteen Million, Four Hundred and Thirty-Seven Thousand, Eight Hundred and forty-five Naira) from Local Government deduction and 11 months deductions which he allegedly failed to disclose to members.”

The motion for his impeachment was moved by Honorable Effiong EKarika, representing Calabar-South-1 and was Seconded by Honorable Charles Omang Omang representing Bekwarra state constituency in the Assembly.

Super Eagles coach Finidi George has emphasized his unwavering commitment to victory, regardless of tactical formations.

Finidi, who was appointed coach of the three-time African champions on April 19, was unveiled on Monday, May 13, by NFF President Ibrahim Gusau and Sports Minister Sen. John Owan Enoh at the Moshood Abiola National Stadium in Abuja.

The 53-year-old, who is currently on a media tour, made this known in an interview on Brilla FM on Tuesday.

His words: “My philosophy is to win. For me, formation is not that important, because if players interpret when to attack and when to defend and do it well, there won’t be problems.

“You can play 2-5-2 or 4-4-2, but if the players know they have to attack or defend, the team won’t have problems. That is what Manchester City, Arsenal, and every other team do, but the difference is when players recognise this moment.”

In another interview, Finidi, who was a guest on Arise TV on Wednesday, addressed issues surrounding his contract as Super Eagles head coach.

Finidi stated that regardless of the number of years on his contract, performances on the pitch will determine whether he stays longer as coach, adding that the NFF is not being disrespectful with the terms of his contract.

His words: “It’s not a one-year deal,” he clarified. “It is based on how well we perform. Even if you have given me a five-year deal and I don’t perform, definitely, I will leave before that five years… My focus is on adding value, winning games, and playing attractive football. If I achieve that, the contract length becomes secondary. But currently, it’s a two-year performance-based deal.

“Personally, I don’t think so, even Peseiro who came was given a target; Nigeria has gotten to a level that you can’t bring a coach and say, let him stay for four or five years hoping he will turn things around.”

The Super Eagles will host South Africa in their upcoming 2026 FIFA World Cup qualifying fixture at the Godswill Akpabio International Stadium in Uyo on Friday, June 7th.

The three-time African champions will travel to face Benin at the Felix Houphouet Boigny Stadium in Abidjan three days later.

The former Chief of Defense Staff, General Lucky Irabor has backed the closure of the Banex plaza in Abuja, saying an attack on soldiers constitutes an attack on the State.

Irabor stated this in an interview with Arise Television on Wednesday.

According to eyewitnesses, the soldiers visited the plaza to complain about a phone, which resulted in a heated argument and fight with the traders.

After the incident, many shop owners and traders quickly closed for the day to avoid being caught up in a reprisal attack and on Monday, military personnel arrived in about five Hilux vehicles and reportedly shut down the plaza.  

Reacting to the development, Irabor described the Banex Plaza incident as a very sad one, adding that on no account will it be right to raise a finger on a uniformed man. 

He said, “This applies to any uniformed person for as long as he is an agent of the state. An attack on him is an attack on the state, so any Nigerian of goodwill must condemn such an act.

“For me, I join to support the closure of Banex Plaza for as long as it takes to have anyone responsible for that dastardly act brought to justice. This is because if we fail to do so, we will be calling for anarchy. 

“The only men who are sacrificing their lives to ensure our collective good are members of the armed forces, the police, and other security agencies,” he said.

Irabor noted that if not for the policemen and some other private individuals who rescued the soldiers, the situation would have been worse and would have reflected poorly on the nation. 

He appreciated the media’s role in the whole incident but emphasised the need to “put context when setting the agenda for discussion”. 

“The media has created an awareness that in our civics, there are people you must respect. You have to put the context in setting the agenda for this discussion. 

“The populace needs to be re-educated to understand the place of national security and the responsibility of each and every one of us in preserving the sanctity of our various establishments that seek to make us live in a very good environment.” 

Speaking on claims that the army has refused to comment on the situation, he said it is the responsibility of the state to speak on their behalf. 

“Whatever job members of the armed forces do, it is not on their behalf but on behalf of the state, so they are only an agent of the state. They ought not to speak for themselves; the state should speak for them.”  

“It was a mild view, and it would have been harder, not necessarily from the army but from the appropriate agency of government, to be able to speak against such a dastardly act.” 

Irabor called for cooperation from Banex Plaza’s leadership in the ongoing investigation so as to bring out the perpetrators of the crime to book.

He said, “I believe Banex Plaza has leadership because they need to cooperate appropriately so that whatever investigation is ongoing can be concluded, and they must also cooperate by bringing out those who committed that act.”

The bill seeking to raise the retirement age of members of the Nigeria Police Force (NPF) on Tuesday, passed second reading in the House of Representatives.

Tajudeen Abbas, speaker of the house, and Abubakar Yalleman from Jigawa, sponsored the bill which proposes to raise the retirement age of members of the NPF from 60 to 65, and from 35 to 40 years in service.

The bill proposes to amend section 18 of the Nigeria Police Act 2020.

It also seeks to review the service years of police personnel in order to “improve the experience and expertise of the police workforce to retain experienced personnel, and reduce the cost of training and recruiting new officers, improve the morale performance and job satisfaction, and to address the shortage of experienced police personnel”.

In his lead debate during plenary on Tuesday, May 21, Yalleman, who chairs the house committee on police, said the amendment is needed to retain the experience of officers “who have been trained and have served for considerable years”.

“This experience is needed especially in this time of insecurity when experienced police officers are needed to help tackle insecurity in the country,” he said.

The Movement for the Actualization of Sovereign State of Biafra, MASSOB, Wednesday said that is not going to take it lightly with anybody or group that will flout the sit-at-home declared on May 30th 2024, for the celebration of its Biafra Anniversary Day, saying nothing even Nigerian security agents will stop them.

The pro-Biafra group through a statement by its leader Comrade Uchenna Madu, entitled “Biafra Anniversary Day Celebration Is Sacrosanct”, said that the day and all that will be done for the celebration is sacrosanct, adding that it will use the occasion to commemorate 57 years’ anniversary of Biafra declaration by General Chukwuemeka Odumegwu Ojukwu, now deceased.

MASSOB Statement read, “The leadership of the Movement for the Actualization of the Sovereign State of Biafra, MASSOB, have insisted and vowed that May 30th Biafra Day Anniversary celebration must hold irrespective of the threats by Nigeria security agents.

“In commemoration of 57 years anniversary of Biafra declaration by General Chukwuemeka Odumegwu Ojukwu, there will be a sit at home exercise in Biafra land. All schools, banks, markets, public offices, motor/ Keke parks, air/seaports and other corporate bodies shall stay at home as a mark of respect and patriotism to Biafra land.

“We know that the overzealousness, partiality and brutality of Nigeria security agents will be displayed in couple of days in Biafra land towards May 30th. No amount of their intimidating patrols and show of force will ever deter MASSOB and other pro-Biafra groups from honouring our past heroes and friends of Biafra on May 2024.

“MASSOB also wishes to assure the people of Biafra that there will be no public processions, rally or forceful enforcement on the citizens to adhere or obey our directives involuntarily.

“MASSOB is appealing to Ndigbo to continue in their indomitable spirit of the movement for the restoration of Biafra as the political independent of Biafra is the only hope for an Igbo man in Nigeria.

“As we march into 30th May 2024, we advise all Biafrans and Ndigbo to join in the celebration, in remembering the day which His Excellence Dim Chukwuemeka Odimegwu Ojukwu, made a historic declaration of Biafra. Every household shall light up a candle in their homes in the spirit of Biafranism.

“Stay in your house and pray while you light your candle. We will not take it lightly with anybody that will flout the sit-at-home order on 30th May. As we preach nonviolence, we shall maintain the principal of nonviolence in all our approach towards Biafra actualization and restoration.

“As May 30th anniversary celebration is sacrosanct, MASSOB acknowledged the conscious awareness and synergies among the pro-Biafra groups and other organizations in Biafra land towards the preparations and enthusiastic spirit in readiness for the celebration of Biafra declaration anniversary”.

Citing the need to rein in inflation and achieve price stability, the Central Bank of Nigeria, CBN, yesterday raised its benchmark interest rate, the Monetary Policy Rate, MPR, by 150 basis points to 26.25 percent from 24.75 percent, the third raise less than three months, with the CBN Governor, Mr. Olayemi Cardoso, saying there’s no magic wand. 

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

However, the apex bank retained the Cash Reserve Ratio, CRR, for deposit money banks at 45 percent and the Liquidity Ratio at 30 percent.

Cardoso expressed optimism that the various tools deployed by the bank to tame inflation and create a stable foreign exchange market would yield the needed results in the coming months.

Inflation had sustained upswing for over 13 months hitting 33.69 percent Year-on- Year, YoY, fueled by food inflation.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated: “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing”.

He added, “The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure- related constraints along the line of distribution network, security challenges in some food producing areas, and exchange rate pass-through to domestic prices for imported food items.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

Investors’ confidence

Cardoso said investors’ confidence in the country was growing, adding, “we have attempted to make the market more transparent in our dealings which foreign portfolio investors want to see and which gives them the added confidence.

“We have seen that they have responded very positively to the transparency initiatives and that have given a considerable amount of confidence to them.

“The removal of the distortions that we all know about which over time have resulted in a multiplicity of different circulars to address certain things have also helped in no small measure to boost confidence in the sector”.

Fintechs regulation

The CBN Governor explained that the move to tighten regulations around the operation of Fintech companies was not aimed at putting them out of business but to ensure that the Nigerian public obtains the maximum benefit from the sector.

“The Fintechs have definitely not been singled out for any exceptional kind of treatment, on the contrary we are very proud of what the Fintechs over the years have been able to do for the country and the positive impact it has been having not just in the country but worldwide. It is for us to support them and help them to strengthen what they have been able to accomplish”, he stated.

He said the CBN was concerned about illicit flows and money laundering through the sector which created the need for heightened surveillance of the sector.

He stated that despite the increase in regulatory guidelines for the sector, no Fintech organization has had its licence revoked by the CBN, stressing that “we have had conversations with a number of them and we have explained the need for them take another look at what they are doing and the need to strengthen them”.

MPR poses more challenges for businesses — NACCIMA

Reacting to the further hike in the MPR, the Director General, Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, said MPR hike poses more challenges for managers of businesses in the country.

He stated: “Basic economics defines capital as one of the factors of production. Therefore, if the cost of money by way of interest rates goes up, the cost of doing business further rises.

“MPR rates aside, conventional banking philosophy will encourage banks to charge higher than prevailing inflation rates when lending money.

“Thereby, in the face of rising energy costs, unstable forex rates and associated costs, managing businesses becomes more challenging. Additionally, the issues of revision of minimum wages are there to accommodate.

“Again, it’s quite a challenging time for business managers. As it is loans are currently available above 30% per annum from banks. “It’s surely neither development nor investment- friendly.”

Additional cross for investors to bear – CPPE In his comment, the founder of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the move will impose additional cross for investors to bear.

His words: “Most economic operators with credit exposures to the banks have not recovered from previous hikes. Interest rates were already around 30% threshold.

“Secondly, extant CRR of 45% has profound liquidity effects on the financial system. Both measures have dampening effects on financial intermediation, which is the primary role of banks in an economy.

“Thirdly, the monetary policy transmission channels are still very weak, given the level of financial inclusion in the economy. This limits the prospects of monetary policy effectiveness.

“Meanwhile, the new rate hike is an additional cross to be borne by investors who have exposures to bank credit facilities. Naturally, a rigid monetarist disposition by the Central Bank is expected. But we need to reckon with the costs to the economy.

“Hopefully, with the positive outlook for domestic refining of petroleum products, we may begin to see a moderation in energy cost and a pass through effect on general price level.

“This is one silver lining that is on the horizon at the moment.

“Necessary fiscal policy supports are urgently needed to compensate for the adverse impact of extreme monetarism on the economy.”