Vice-President Kashim Shettima says President Bola Tinubu ended petrol subsidy and multiple exchange rates in the official market because they were producing billionaires overnight.

Shettima spoke during a courtesy visit by a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by Gabriel Idahosa, president of the chamber, in Abuja on April 18.

Tinubu declared the end of petrol subsidy during his inaugural speech as president on May 29, 2024.

A month later, the Central Bank of Nigeria (CBN) unified the multiple exchange rates in the official markets.

Also, Shettima expressed optimism about the performance of the naira.

He said the naira will continue to appreciate in the foreign exchange (FX) market.

After a consecutive appreciation trend from March 20, the naira depreciated by 17.14 percent to N1,230 per dollar on April 19.

He said the naira will strengthen in the coming days.

“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend,” he said.

“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Meanwhile, Shettima said the present administration is making every effort to address challenges in the power sector because it is aware that power is crucial.

“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal,” he said.

Shettima said Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.

The Nigerian Immigration Service (NIS) has made state of origin certificate a compulsory requirement for passport renewal and fresh application.

Immigration made this known to the public in a post on its X handle on Saturday morning.

It said passport applicants do not necessarily need to go to their states of origin to get the “indigenship document”.

NIS added that it is aware that most states have liaison offices in other states.

“For example, Anambra state has liaison offices in Lagos (Eti-Osa) and Abuja (Asokoro),” NIS said.

According to Immigration, these liaison offices are empowered to issue such documents.

NIS said every document that the it requires from passport applicants to produce/submit/upload was carefully thought through.

It further stated that each document is backed by certain laws and policy documents.

“They are approved by the Federal Government through our supervising ministry – in this case, the Ministry of Interior,” Immigration said.

“It is quite important, especially based on certain intel that we have (but cannot disclose publicly), that ANYONE, a Nigerian of course, who wishes to obtain a Nigerian passport – a document of authority for identification and travel – MUST prove beyond reasonable doubt, that he/she is a Nigerian citizen.”

NIS stated that for one’s claim of being a Nigerian citizen to hold water, there has to be a document that “ties” an individual to a local government (indigenous area) within the country.

This document is what NIS requests that an applicant presents to them, amongst others, to authenticate one’s claim of being a citizen.

Immigration has urged passport applicants to read up the particular part of the Nigerian Constitution that bothers on citizenship.

The basic requirements for first-time passport applicants are as follows: completed passport application form, a recent passport-style photograph and a copy of your National Identification Number (NIN).

Others requirement include a copy of applicant’s birth certificate, letter of consent from your parents or guardian and payment of N5,000 for the passport application fee.

The requirements for renewal passport applicants are as follows: completed passport application form, a recent passport-style photograph, a copy of old passport and payment of N2,000 for the passport application fee.

Babajide Sanwo-Olu says Tunde Onakoya’s achievements show greatness can come from humble beginnings.

The governor, in a statement on Saturday, congratulated the young chess master for completing a 60-hour chess marathon in New York.

Tunde Onakoya is a Nigerian chess master, coach, and the founder of a non-profit initiative called Chess in Slums Africa.

He has organised several interventions for children across slums in Lagos state including Ikorodu, Makoko, and Oshodi.

The children are engaged in a two-week session to unlock their potential through chess while learning and acquiring literacy.

Onakoya would take on what became one of his most daring projects, opting to set a record for the longest chess marathon.

The Nigerian completed the Guinness World Record (GWR) attempt on Saturday after surpassing the previous mark of 56 hours.

GWR is typically expected to vet an attempt before confirming that a new record has been set on any task.

Sanwo-Olu said Onakoya’s achievement at Times Square New York captures “the true spirit of Lagos”.

“Your journey from Lagos, Nigeria to global recognition embodies the spirit of our great city,” he said of the young chess master.

“Tunde Onakoya continues to demonstrate that greatness can emerge from even the most humble beginnings.

“His remarkable story serves as a blueprint for all of us in Lagos city where his impact has been felt the most, showing that, with determination, dreams can indeed soar to monumental heights.

“Tunde’s entire journey was showcased on digital billboards and celebrated with watch parties, capturing the true spirit of Lagos. Despite enduring pain and fatigue, Tunde persevered, driven by his commitment to empower the children he champions.

“This is your moment, Tunde, and Lagos stands with you every step of the way.”

Onakoya learned to play chess at a barber’s shop in an Ikorodu Lagos slum where he grew up.

He got a diploma in computer science at Yaba College of Technology, representing the school in chess competitions.

Onakoya, aged 29, is a board member of the New York City-based non-profit The Gift of Chess.

It is believed the Nigeria Football Federation, NFF, have a final shortlist of three coaches, from which they will pick the next head coach of the Super Eagles.

They are: Emmanuel Amunike, Domenec Torrent and Antonio Conceicao.

“I think that, in the first place, it must have been a quite underwhelming set of applicants that these are the three best candidates,” Solace Chukwu, Site coordinator, AfrikFoot NG tells DAILY POST.

“Conceicao has the strongest merit but Amuneke has not managed anywhere in a few years and Torrent has extremely limited success and/or experience as either a head coach or in international football.”

Amunike is the only local coach on the shortlist. He excelled as coach of Nigeria’s U17 team, leading them to glory at the FIFA U17 World Cup.

He also led Tanzania to the 2019 Africa Cup of Nations – their first in nearly 40 years.

However, Amunike’s record with Egypt’s Misr Lel Makkasa and Zambia’s Zanaco left much to be desired.

The 53-year-old coach also failed to help the Nigeria U20 team qualify for the AFCON in 2017.

Conceicao, 62, is no stranger to African football, having previously managed Cameroon.

He led the Indomitable Lions to a third-place finish at the 2021 Africa Cup of Nations on home soil.

Since leaving the Cameroon position in 2022, Conceicao has been without a job.

Torrent is a former assistant to Manchester City manager, Pep Guardiola,

The 61-year-old has worked closely with Guardiola throughout his coaching career, including stints at Barcelona, Bayern Munich, and Manchester City.

Torrent has since transitioned into a head coach role himself. Apart from coaching Girona, he has managed in Major League Soccer (MLS) with New York City FC.

The Spaniard has also coached Brazilian Serie A club, Flamengo, and most recently led Turkish Super Lig side, Galatasaray.

It is believed that Torrent is a big favourite among NFF board members.

So, do those in the football house have an obsession with foreign coaches?

“That does seem to be the case. While some might attribute that to thinly veiled internalized prejudice against our own indigenous coaches, I think we also have to consider the fact that our indigenous coaches seldom do enough to test and prove themselves worthy.

“That, I feel, is the bigger issue. If a Nigerian coach went to, say, Morocco, South Africa or Egypt, and won league titles there, on what basis would anyone question their viability?

“Keshi qualified Togo for a World Cup and took charge of Mali as well. When he was appointed, even those who had a problem with his personality could not say he was unqualified for the role,” Chukwu explains.

So, why should the NFF go ahead and appoint Amunike instead of a foreigner?

“Well, it depends on who the foreign person is, really,” Chukwu notes.

“I’m personally not persuaded any foreigner is better than Amunike (or any indigenous coach for that matter).

“However, speaking objectively, there is no Nigerian candidate who applied that combines international experience, (a measure of) success, and (if ongoing/recent employment can be considered a proxy for that) currency of ideas.”

The Nigerian Air Force (NAF) is expected to take delivery of six M-346 fighter aircraft before the end of 2024.

In November 2023, NAF struck a deal with Messrs Leonardo, an Italian defence company, for the supply of 24 M-346 fighter aircraft.

The deal is reportedly worth around €1.2 billion.

On Wednesday, Claudio Sabatino, the vice-president of the Italian company, visited NAF headquarters in Abuja and met with Hasan Abubakar, the chief of air staff.

In a statement by Edward Gabkwet, NAF spokesperson, Sabatino was quoted to have assured Abubakar of the timely delivery of the first batch of the aircraft.

Sabatino said further agreement between NAF and the company would be necessary to complete some aspects of the projects.

He added that after the final agreement, the maintenance of the aircraft fleet would not constitute a challenge as there is a binding agreement for the 25-year maintenance support.

Sabatino disclosed that the manufacturing of the aircraft fleet has reached an “appreciable state”.

On his part, Abubakar commended the company for the “assurance of long-term maintenance support” for the aircraft fleet.

The NAF chief urged the Italian company to set up a maintenance hub in Nigeria to serve the needs of its African clients.

“Reflecting on the journey thus far, Air Marshal Abubakar also acknowledged the challenges overcome and expressed optimism for the future trajectory of the partnership,” the statement reads.

“Envisioning the operational impact that the M-346 fighter aircraft, Air Marshal Abubakar underscored its dual role in bolstering training capabilities and augmenting operational effectiveness in diverse mission scenarios.

“Moreover, the prospect of close air support, air interdiction, and tactical reconnaissance as well as advanced pilot training capabilities inherent in the M-346 fighter aircraft heralded a new prospect for NAF’s operational versatility.”

The federal government says it will pin down Ways and Means advances to deal with the problem of too much liquidity in the system to stem inflation.

Wale Edun minister of finance and co-ordinating minister of the economy, spoke to journalists in Washington DC, United States, shortly after a meeting with investors at the on-going spring meetings of the International Monetary Fund (IMF) and the World Bank.

He told the global gathering that the current administration, led by President Bola Ahmed Tinubu, is fully determined to “pin down” Ways and Means to alleviate the pressure of the excess money in the system.

The minister said the fiscal and monetary authorities are also working towards bringing down inflation.

“The two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again,” Edun said.

“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”

Speaking on food security, Edun said the present administration is dealing with the problem in order to provide farmers’ with access to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

Edun added that agro clusters are being developed in collaboration with the African Development Bank (AfDB) to increase food production in the country.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN); Lydia Shehu Jafiya, permanent secretary, federal ministry of finance, and Zainab Ahmed, former minister of finance, were some of the top government officials who attended the meeting.

On February 9, Cardoso had said the CBN would halt its Ways and Means advances to the federal government.

He said the apex bank would no longer be a part of the Ways and Means agreement with the federal government until all outstanding debts are refunded.

Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.

According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.

However, he voluntarily decided to step down on April 20.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016.

Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).

Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).

Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

The naira reversed the appreciation trend at the parallel section of the foreign exchange market on Friday.

The local currency depreciated by 17.14 percent to N1,230 per dollar — from N1,050/$ on April 17.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,200 and the selling price at N1,230 — leaving a profit margin of N30.

“The price of the dollar against naira increased since yesterday, probably due to the fact that there has been an increased demand since yesterday,” Aliyu, a BDC operator, said.

Meanwhile, the decline ended the upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$.

At the official window, the naira depreciated to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ traded on April 18.

The local currency traded at a high of N1,236 and a low of N1,021, according to FMDQ Exchange, a platform that oversees official FX trading in Nigeria.

The development comes a day after the Central Bank of Nigeria (CBN) denied selling FX to BDC operators at the rate of N1,001/$1.

CBN, in a post on X on April 18, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”.

The apex bank urged Nigerians to always refer to its website for authentic information.

Tunde Onakoya, a chess master from Nigeria, achieved a remarkable feat on Saturday, April 20, by setting a new Guinness World Record for the longest continuous chess marathon.

On his official X account, he excitedly shared the news with his followers, expressing determination to push the record to 60 hours while emphasizing the charitable cause behind his endeavor – raising funds for the education of underprivileged African children worldwide.

Surpassing the previous record of 56 hours and 9 minutes set by Norwegian players, Tunde’s marathon took place at the iconic Times Square in New York City. 

Partnering with US counterpart Shawn Martinez, both national masters, Tunde aimed not only to break a record but also to draw attention to the importance of providing educational opportunities to disadvantaged children across Africa.

As of Saturday morning, Onakoya has garnered nearly $100,000 in donations.

Joined by Martinez after 23 hours of play, the duo continued their quest, garnering support from notable figures including Nigerian President Bola Tinubu, Lagos State Governor Babajide Sanwo-Olu, and musicians Davido and Adekunle Gold.

Through their determination and support, Tunde and Shawn showcased the power of unity and love in making a positive impact on the world.

City FM is inviting you to a scheduled Zoom meeting.

Programme: CITY TALKS WITH REUBEN ABATI

Time: 12:00pm

Guest: Mogaji Gboyega Adejumo (National Publicity Secretary of The Afẹ́nifẹ́re)

Topic: "Yoruba Nation Agitation"

Date: 20th April, 2024
                         
Join Zoom Meeting: https://zoom.us/j/92877141732?pwd=VEJWb29OL2VVekZUTHRpdWYxK0xxZz09

Meeting ID: 928 7714 1732
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