The National Drug Law Enforcement Agency (NDLEA) has arrested Ige Babatunde, the Ba’ale of Akarabata in Ile-Ife, for alleged drug trafficking.

In a statement on Sunday, Femi Babafemi, NDLEA spokesperson, said 50-year-old Babatunde was apprehended on Friday with 5kg of “fresh cannabis plants”.

The agency also said Yusuf Abdulrahman, a 25-year-old youth corps member, was arrested at Corpers Lodge in the Sumaila area of Kano, with 1.250kg of Loud. 

He added that the NDLEA also raided the Lagos base of a “high-profile cocaine syndicate” headed by Agbakoba John Mmadu and his wife. 

He said large consignments of cocaine meant for export and local distribution were recovered during the raid.

“Seven parcels of cocaine with a total weight of 7.652 kilograms were recovered from Mmadu at Ago Palace Way,” the statement reads. 

“One hundred and twenty-two (122) compressed pellets of the same drug weighing 2.42kg were seized from Ijeoma and Ifeoma at Lilly Estate, bringing the total seizure to 10.1 kilograms valued at over N2.1 billion in street value.”

Babafemi added that NDLEA operatives in Benue intercepted a consignment of 350 grams of cocaine at a checkpoint along Enugu Road on Thursday.

“The illicit drug was concealed in an MP3 speaker sent as a waybill parcel. A swift follow-up operation at Flight motor park in Otukpo led to the arrest of the owner, 25-year-old Odeh Anthony,” the statement added.

“Meanwhile, NDLEA officers on a stop-and-search operation along Ngurore-Yola road in Adamawa state on Wednesday, July 3, arrested a Chadian, Yves Ahmat Gali, in a commercial bus coming from Kano to Yola.

“The suspect was found with a loudspeaker used to conceal 20 compressed blocks and nine plastic containers of Loud, a strong strain of cannabis weighing 5.200kg.

“In Kano, operatives on Wednesday, July 3, arrested a youth corps member, Yusuf Abdulrahman, 25, at Corpers Lodge, Sumaila area of the city, with 1.250kg of Loud, while in Osun state, the head of Akarabata community in Ile-Ife, Ba’ale Ige Babatunde, 50, was on Friday, July 5, arrested with fresh cannabis plants that weighed 5kg.

“Two suspects, Monday Ali, 49, and Jimoh Alewi, 37, were arrested when NDLEA operatives raided Ikota forest in Ifedore LGA, Ondo state, where a total of 42,500kg of cannabis was destroyed on 17 hectares of farmland while 73.5kg of the same substance was recovered for the prosecution of the suspects during a five-day operation that ended on Monday, July 1.

“In Abuja, the FCT, NDLEA operatives on Saturday, July 6, arrested the duo of Sanusi Mamman, 28, and Usaini Ibrahim, 20, in a vehicle along Abaji-Gwagwalada with 1,132 bottles of codeine syrup; 13,540 pills of tramadol; 50,000 pills of diazepam; and 59 pills of rophynol. The suspects claimed they were bringing the opioids from Onitsha, Anambra state.

“With the same drive, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities among others in the past week.

“These include WADA enlightenment lecture for students of Community Grammar School (Junior), Aroro, Ibadan, Oyo state; students of Candy Secondary School, Agu Awka, Anambra state; students of Community High School, Umuida, Enugu Ezike, Enugu state; students of School for Arabic and Islamic Studies, Kofar Nasarawa, Kano state; and WADA sensitisation lecture organized by Zone M Zonal Command of NDLEA at Sabo motor park, Kaduna, among others.”

The statement said Buba Marwa, NDLEA chairman, commended the officers and men of the special operations unit in Osun, Benue, Ondo, Kano, and FCT commands for the arrests and seizures, while charging them to “maintain the tempo”.

A 40-year-old mother, identified as Rafiat Sheriff and her seven-year-old daughter, Asisat, on Saturday, lost their lives in a gas explosion that occurred on Ebute Road, Ibafo area of Ogun State.

Vanguard gathered that Rafiat had instructed her seven-year-old daughter to cook their dinner.

Confirming the incident, yesterday, spokesperson for the Ogun State Police Command, Omolola Odutola, said: “The incident occurred last night (Saturday night) when the mother told her seven-year-old daughter to cook.

“The girl was attempting to light up the gas cylinder when the entire house went up in flames.

“The mother and the child lost their lives in the explosion. Two other girls, including one of the children of the deceased, are currently receiving treatment in the hospital.”

The federal government has filed an appeal seeking to overturn a ruling upholding a no-case submission filed by Abiodun Agbele, an associate of Ayodele Fayose, former governor of Ekiti.

In a notice, the federal government said the trial court erred when it held that Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited do not have a case to answer.

The defendants are standing trial on a 24-count amended charge bordering on money laundering to the tune of N1.219 billion.

The money is part of the N4.7 billion allegedly transferred from an account belonging to the Office of the National Security Adviser (ONSA) and domiciled in the Central Bank of Nigeria (CBN).

The Economic and Financial Crimes Commission (EFCC) is prosecuting Agbele for indirectly accepting the sum in cash through an official of Zenith Bank in Akure, Ondo state.

The money was allegedly delivered by Musiliu Obanikoro, a former minister of state for defence, on behalf of Fayose, in June 2014 without going through a financial institution.

The EFCC said Agbele committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act 2011 (as amended).

The anti-graft agency also accused Agbele of aiding De Privateer Limited to take possession of N200 million — which was part of the N1.219 billion — on behalf of Fayose, contrary to Section 18 (a) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under section 18 of the same Act.

However, in June, Nnamdi Dimgba of the federal high court Abuja upheld the no-case submission application filed by the defendants.

This happened after the prosecution called 16 witnesses between September 2016 and 2024. Instead of opening a defence, the defendants filed a no-case submission.

In the notice seen by TheCable, on Sunday, the federal government is faulting the trial court’s ruling on 17 grounds.

The federal government said the junior court did not properly evaluate the testimonies of its witnesses or the exhibits it tendered to the court.

“There is overwhelming evidence before the trial court that the sum of N1,219,000,000.00 from the account of the National Security Adviser of Nigeria domiciled with CBN earmarked for security purposes and paid into the account of the 2nd Respondent by the office of the NSA was unlawfully diverted by the 1st, 3rd and 4th Respondents to fund the Governorship Election of former Governor Ayo Fayose in Ekiti State,” the government said in the notice.

“The trial court erred in law in using the ongoing proceedings before another court of competent jurisdiction to determine the merits of the proceedings before the trial court.

“The trial court is not entitled to import into a statutory provision what is not expressly inserted therein by the draftsman.”

The government argued that “it is immaterial whether the origin of the funds is illicit or legitimate as long as the payment and receipt of cash is outside the statutory threshold”.

• CBN projects resilient financial  institutions 
• What 2004 consolidation achieved, by Soludo

Banking recapitalisation got unto the fast-lane with four banks jostling to raise more than N1 trillion in the first cluster of offers.

This is expected to be hallmark of the two-year plan.

Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds.

The first cluster of offers came as the Central Bank of Nigeria (CBN) at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy.

CBN Governor, Olayemi Cardoso, said banks recapitalisation will further strengthen the financial system and make it robust to be able to withstand economic headwinds.

Regulatory reports yesterday indicated that three other banks- Access Holdings, GTCO and FCMB have gotten approval to join Fidelity Bank in the capital market, with the four offers’ periods expected to overlap.

The four banks, which have combined share capital and share premium of N644.995 billion, need to raise N1.355 trillion to meet the new minimum capital requirement of share capital and share premium of N500 billion each, for a bank with international license.

Access Holdings will today open acceptance list for a N351 billion rights issue. Access Holdings is offering about 17.773 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The rights are pre-allotted on the basis of one new share for every two ordinary shares held as at June 7. The offer is scheduled to close on Wednesday, August 14.

Fidelity Bank had launched a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.

The acceptance and application lists for Fidelity Bank’s combined offer, which opened on June 20,  are scheduled to close on July 29. The rights issue was pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on January 05.

In the largest of the fund raising so far, GTCO is launching a N400.5 billion public offer by 9.0 billion ordinary shares of 50 kobo each at N44.50 per share. GTCO, which had secured approval of the Nigerian Exchange (NGX), will meet with capital market stakeholders today to outline facts behind its offer, preparatory to the opening of formal application list.

FCMB Group has also secured approval for a N113.98 billion public offer. The group is offering 15.197 billion ordinary shares of 50 kobo each at N7.50 per share.

The current capital raisings by Access Holdings and GTCO are more than enough to meet their new capital requirements.

However, Fidelity Bank and FCMB Group are implementing multi-layered recapitalisation plans that may see the banks coming to the market as many times as needed to meet their capital requirements. There is indication that Fidelity Bank may raise more than N127.1 billion under the ongoing combined offer, given the generally positive investors’ sentiment around the bank. The board of Fidelity Bank has already launched a regulatory process that will allow the bank to absorb excess funds in the event of potential oversubscription.

Under the current recapitalization process, the Central Bank of Nigeria (CBN) is using a distinctive definition of minimum capital as addition of share capital and share premium, rather than the entirety of shareholders’ funds used under the 2004 recapitalisation plan. With the distinctive definition, nearly all banks need to raise funds to retain their banking license.

Access Holdings has share capital and share premium of N251.81 billion; FCMB, N125.29 billion; Fidelity Bank, N129.705 billion and GTCO, with N138.187 billion.

Speaking at the weekend during the launch of a new book: “The Power of One Man- How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players”, Cardoso said it was important that banks are recapitalised to the levels, where they will be able to absorb any shocks that come and also be able to grow the economy. The book was written by renowned journalist, Dr. Ray Echebiri.

Cardoso, who was represented by Deputy Governor, Financial System Stability, Phillip Ikeazor, said the apex bank had kept close touch with former CBN Governor and Governor of Anambra State, Prof. Chukwuma Soludo in the course of recapitalisation.

He said the decision taken by Soludo 20 years ago on banking consolidation was a very bold one at that time with banks’ capital base of N2 billion raised to N25 billion.

“That is about 12 and half times. Incidentally, the current management of CBN has embarked on another round of banking consolidation. Why was it necessary then, Prof Soludo wanted to make the banks robust, resilient and fit for purpose to grow the economy, and that is exactly the reason why we are embarking on a similar journey today.

“I think by coincidence, if you check the amount of the minimum capital levels that we required, it is pretty similar because international banks are moving from N50 billion to N500 billion, which is 10 times, similar to Soludo’s 12 and half times. Our national banks are moving from N25 billion to N200 billion, roughly about 10 times. When you do consolidation, you would look at the microeconomic headwinds, the microeconomic conditions on ground and of course apply your stress test.

“And when you apply your stress test today, which I am sure all of the big banks have done, they would have second-guessed where the capital levels are going to land. If you compare the bank assets in Nigeria to Gross Domestic Product (GDP) and compare it with similar economies in Africa, you can see that we are way, way behind,” Cardoso said.

Providing more reasons why bank recapitalization was crucial, he said:  “Remember that when the current administration came into place, there were unification of forex rates, and removal of petrol subsidy. And the impact on the economy and manufacturing sector has started manifesting in 2024 and will continue over the next few years. So, it is important that the banks are recapitalized to the levels, where they will be able to absorb any shocks that come and also position the banks to be able to grow the economy”.

Addressing the consistent hike in interest rates,  he said although the jury is out and everyone debating what it should be, Cardoso insisted on the need  to tame and control inflation to ensure the economy does not go into hyperinflation.

He explained that hyperinflation is very difficult to reverse and takes several years to get out of it.

“There is a South American country that still has quite significant oil reserves but is facing hyperinflation. Everybody is aware of what is happening in that economy. We have our brothers in East Africa, who are also facing hyperinflation and we know how hard they are struggling to come out of it,” Cardoso said.

On how long the CBN will sustain the hike in interest rate, he said the apex bank will continue to maintain high interest rate, as long as it is able to control and reverse galloping inflation.

He explained that Western countries, have also raised interest rates for long, and are yet to lower the rates, at present.

 “So, it is important that we tighten and hold on for a little while, and in no distant future, we will be able to be slowing down on the rate hikes,” Cardoso said. 

Soludo described the 2004 banking consolidation as a revolution that produced today’s mega banks.

He said Nigerian banks have today expanded to different African countries, Europe, America and Asia, among others.

Soludo, who was the special guest of honour at the event, said the consolidation was nothing short of a revolution, with many people describing as an impossible mission.

The CBN had on July 6th 2004, announced the recapitalization of banking sector from N2 billion to N25 billion with effect from 31st December, 2005. The initiation of increasing the banks minimum capital base to N25 billion in 2006 led to a remarkable reduction in number of banks from 89 to 25.

Soludo said the CBN team, especially the Deputy Governors and himself, went through hell to achieve the results that turned around the financial sector.

He said the organised labour, Manufacturers Association of Nigeria and even the labour unions in banks kicked against the reform.

“I remembered those days we spent weeks here in Lagos trying to midwife mergers of strange bird fellows. I remembered the hours we spent just reconciling directors of various banks and their irreconcilable differences.  Nigeria is a country of infinite possibilities. It was a disruptive change and the revolution that have changed Nigerian banking and financial system forever,” Soludo said.

According to him, the apex bank, then wanted a private sector-led economy, and decided to pull down the entire banking system for a fresh rebuild.

 “And so, when we raised the capital base  of banks from equivalent of $15 million to equivalent of $200 million, which was about 14 per cent increase, everybody thought it was impossible. Even some bankers took advertorials to say it was impossible. And this is where we must celebrate one man on the issue of leadership. We were determined to get it done but what if the President himself under pressure from all sides cancelled the policy because they couldn’t meet $15 million in two years and now you have $200 million in 18 months?

 “For me actually, the story will be told of what we went through together with the formidable team at the Central Bank to get this done. And for me, the major message of July 6, is that it is a revolution day for the banks. What the policy did was to kickstart what I called a race to the top,” Soludo said.

The Lagos State Governor, Babjide Sanwo-Olu, advised the current leadership of the CBN to seek wise counsel to ensure that the ongoing banking recapitalisation succeeds.

The chairman of the occasion, former Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said Soludo brought positive changes to the country.

He advised on the need to always ensure that the right and qualified persons are entrusted with responsibilities.

 “In every economy, there is need to ensure that the right people who are qualified are used to drive growth,” Ekpo said.

The author, Echebiri, said the 20th anniversary of the banking consolidation marks a watershed in the Nigerian financial sector.

He said the book is a way to celebrate Soludo for his insightful leadership that made the programme a huge success.

 “We are celebrating Soludo for his insightful leadership in guiding the banking sector consolidation to success,” Echebiri said.

Other dignitaries at the event were Chief Guest of Honour, Chief Olusegun Obasanjo, former president of Nigeria, who was represented by former Governor, Donald Duke; Ogun State Governor, Dapo Abiodun and Senior Vice Chairman/Editor-In-Chief at Leadership Media Group, Azu Ishiekwene, who reviewed the book

The brewery industry is now facing severe cost pressure as prices of local raw materials rise astronomically undermining their backward integration strategy. 

Industry stakeholders said the cost pressures coming from sorghum, wheat and others would remain elevated, driven by the impact of rising inflation, insecurity across agricultural belts in the country as well as other macroeconomic challenges.

The brewers had embraced a backward integration strategy to help them save money against imports due to exchange rate volatility.

However, the strategy has now started failing with local raw materials expenses by leading brewers increasing 113.6 per cent to N188.0 billion at the end first quarter of 2024, Q1’24, from N88.0 billion a year earlier, Q1’23, and the industry interim reports have indicated further rises in Q2’24 with no respite projected for this year.

Industry experts are now worried that the failure of the policy would lead to a return of massive importation of raw materials despite the foreign exchange implication.
This development, they also believe, amounts to another blow to Nigeria’s industrialization and employment generation.

Meanwhile, Vanguard findings have also shown that under the rising cost pressures, the top four leading Nigeria’s breweries resorted to bank loans to support cash-flow thereby accumulating credits amounting to N812.7 billion in the first quarter of the year, Q1’24.

The amount indicates almost 29 percent increase in borrowing quarter-on-quarter.

Financial information from the four leading manufacturing companies listed on the Nigerian Exchange Limited, NGX, shows that the finance cost (interest on borrowing) jumped by 191.2 percent to N125.5 billion in Q1’24 from N 43.1 billion in the corresponding period of 2023, Q1’23.

The affected companies are Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries Plc, and Champion Breweries Plc.

Commenting on the challenges facing the manufacturing sector in general, Chairman of Dangote Group, Alhaji Aliko Dangote raised the alarm over the latest interest rate of 30 percent which came at the backdrop of the hike in Monetary Policy Rate, MPR, as announced by the nation’s apex bank, the Central Bank of Nigeria, CBN, saying that it is detrimental to businesses in the country, adding that manufacturers cannot cope with it.

According to him, “But as all of us can testify, our manufacturing sector has declined over the years, and has largely failed to provide the jobs it was expected to create for our teaming youths. It has also increasingly lost the strong linkages it once had with our agricultural and mining sectors which, if it had continued would have resulted in increasing food security, and energy self-sufficiency.”

However, despite the hike in the price of their products, there has not been respite yet for the industry as cost of sales and economic hardship escalates resulting in huge losses recorded by major brewers both in the full year 2023 and in the Q1’24.

The rising inflation, declining purchasing power, naira depreciation coming along with scarcity of foreign exchange, hike in petrol prices, and higher tariff for electricity, among others, have compelled the brewery industry to increase the prices of their products to remain afloat.
But the industry analysts fear that the product price hikes imposed by the breweries may further reduce the demand for the products.

Losses

Meanwhile, the challenges have led the brewers to a combined loss after tax amounting N169.7 billion in the Q1’24, a massive 1034 percent rise from N14.9 billion recorded in the corresponding period of 2023, Q1’23.

In the Q1’24, the brewery industry recorded a combined Foreign Exchange, FX, loss of N272.9 billion, indicating a mind-blowing 1342 percent rise from the N18.9 billion they recorded in Q1’23, largely induced by the impact of the devaluation of the naira on their foreign exchange transactions from raw materials among others.

Also the industry’s cost of sales soared by 250.9 percent to N278.5 billion from N79.3 billion in Q1’23, while the net finance cost soared by 616.1 percent to N191.2 billion from N22.7 billion in Q1’23.

Increase in price of products

Nigeria’s inflation as of May this year stands at 33.95% according to National Bureau of Statistics, NBS. The brewery sector players are responding to this, by raising the price of their products.

Vanguard’s finding has shown that major brewery companies listed on the Nigerian Exchange Limited, NGX have raised prices of their products either directly or indirectly more than three times in one year and some twice in the first half of this year. 

For instance, International Breweries Plc has raised the price of its products two times this year. Just, in April this year, the company announced that its product price would increase with effect from June 1, 2024.

The notice, which was signed by its District Manager, West, Mr Hans Darfour, noted: “All orders created in the system before 23:59 hours of February 29, 2024, will be charged at the current prices.

“All invoices issued by (or after) 00:00 hours of March 1, 2024, will have the new prices, without any exceptions.

“The price on the invoice will depend only on the time and date of invoicing, regardless of when the order was placed. “We urge all our business partners to follow this price chain to keep up with the excellent sales growth in past months and, at the same time, maximise your profits.”

Guinness announced a notice for its increment titled, “Price increase by Guinness Nigeria Plc – Selected Brands,” signed by its Commercial Director, Mr. Olusanya Adesanya, stating: “Following the prevailing economic realities which have impacted significantly on the costs of our production materials and cost of doing business, this is to inform you that we plan to take a price increase on selected Stock Keeping Units, SKUs in our Beer and MSS category. 

“This new price structure will be effective from Wednesday, March 13, 2024, and further details will be communicated subsequently.”

Nigerian Breweries Plc approved a second price change in February, 2024 according to information from sources close to the firm.

International Breweries said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to serve its customers better.

Head of Sales of the company, Olaleye Abimbola, disclosed that it is confident that the decision to review the prices benefits all its partners.

Fallouts

In response to the difficult operating environment, Nigerian Breweries indicated plans for a company-wide re-organisation as part of a strategic recovery measure.

A letter signed by Nigerian Breweries’ Human Resources Director, Grace Omo-Lamai, and sent to the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB), stated that its proposed plan would include a temporary suspension of operations in two of its nine breweries. As a result, and by labour requirements, the company invited the unions to discussions on the implications of the proposed measures.

Commenting, Managing Director/CEO of Nigerian Breweries Plc, Hans Essaadi said: “We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries, and providing strong support and severance packages to all those that become unavoidably affected. We are also committed to supporting our host communities in ways that ensure they continue to feel our presence.”

Guinness Nigeria Plc, in Q1’24 recorded a loss after tax of N56.4 billion, and FX loss of N 37.0 billion.

Analysts’ comments

Analysts at Cardinalstone Research, while commenting on Guinness’s performance said: “We expect cost pressures to remain elevated, driven by the impact of rising inflation on locally sourced raw materials (e.g. sorghum) and foreign exchange volatility on imported products, notably the international premium spirits portfolio. Given that raw materials make up over 50.0% of the cost of sales, we envisage a compression in gross profit margin to 32.0% in full-year 2023/24 as against 34.1% in full-year 2022/23.”

Reacting to the development in the brewery industry, Clifford Egbomeade, Economy and Communications expert, said: “The poor performance and losses in the brewery industry in Nigeria can be attributed to various factors. One major challenge is the intense competition in the market, with several local and international players vying for a share of the market.

“The industry has also been affected by the harsh economic climate in Nigeria, which has led to a decline in consumer purchasing power and a shift towards affordable alternatives. Moreover, the industry has been impacted by the increase in excise duties and taxes, which has raised production costs and forced some brewers to increase prices. The industry has also been affected by the ongoing forex crisis, which has made it difficult for brewers to access foreign exchange to import raw materials and equipment.

“Unfortunately, some brewery companies in Nigeria might face closure or consolidation due to the challenging market conditions. Already, some breweries have begun to downsize or halt production, leading to job losses and economic hardship for affected communities and citizens alike.

Commenting also, David Adonri, analyst and Executive Vice Chairman, High Cap Securities Limited, said: “Their fortunes worsened after the government floated the Naira last year as many of them suffered FX losses that caused their balance sheets to become negative. Also, due to galloping inflation that had eroded the purchasing power of consumers and the high cost of production which has priced their products out of the reach of many consumers, the profitability of brewing companies has evaporated.

“Many consumers can no longer afford drinks manufactured by breweries. Due to consumer resistance, many traders in brewed drinks are suffering from loss of income. The quantum of tax that the government usually collects from breweries can no longer be assured. Many direct and indirect jobs have been lost due to the crisis in the brewery industry. The overall impact on the economy is the decline of the contribution of the industry to GDP.”

In his recommendation, he said: “ To avoid shutting down, many breweries are trying to re-capitalize to boost their working capital and extinguish short-term liabilities. IB Plc is currently running a Rights Issue while NB Plc is expected to hit the capital market very soon to raise capital. The breweries understand the huge potential of the Nigerian market and are determined to weather the storm. They know that the challenges are temporary and that their businesses will boom again when the economy rises to the new price level.”

Zenith Labour Party Chairman, Chief Dan Nwanyanwu, has urged President Bola Ahmed Tinubu to immediately release Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).

Nwanyanwu made the call during a press briefing in Abuja, citing Kanu’s prolonged detention despite others involved in similar agitations being freed.

He questioned the justification for Kanu’s continued detention, emphasizing his denunciation of violent activities and commitment to peaceful means.

According to him, the federal government’s selective treatment of Kanu’s case is unjustifiable. It’s time to end this injustice and release him unconditionally.

He said, “The federal government’s selective treatment of Kanu’s case is unjustifiable. We need to question why Nnamdi Kanu remains in detention while terrorists roam free and negotiate without government oversight. Many who shared Kanu’s agitation have been freed, yet he remains detained. A significant number of people, including a notable religious leader before his passing, have called for Kanu’s release.

“Kanu’s continued detention raises questions. He was agitating like others but was abducted from Kenya and brought back here. Since his detention, he has denounced all activities that caused insecurity in the southeast. It’s evident that those involved in these activities were not from Kanu’s region. He has committed no offence; his only crime is asking for his people’s freedom.

“We are calling on the President to release Kanu. If not, let’s bring him to a public square and use him for barbecue, symbolically letting his enemies partake to close this chapter. There is no justification for Kanu’s continued detention. It’s an injustice that must be addressed immediately.”

Rivers State Crisis

Nwanyanwu also addressed the ongoing political crisis in Rivers State, where lawmakers who defected from their original parties are facing legal challenges.

He urged all parties to respect democratic processes and the rule of law, warning against actions that could lead to a state of emergency.

“Regarding the Rivers State crisis, we must respect democratic processes and the rule of law. The law is clear: leaving your party means losing your seat automatically. They tried to rejoin their old party through the backdoor, which is also not permissible.

“Demonstrations, allegedly sponsored by Abuja, have aimed to create mayhem to justify a state of emergency. We urge all parties to respect the law and avoid actions that could lead to a state of emergency,” he said.

FCT senator in 2027

Nwanyanwu also said that the decision of who becomes the senator for the FCT in 2027 lies with the voters, not the Minister of the Federal Capital Territory, Nyesom Wike.

“He (Wike) cannot decide that (next FCT senator). Abuja voters will make their choice independently,” Nwanyanwu added.

National Minimum Wage/Cost of Governance

The Zenith Labour Party chairman commended the efforts of the Labour Minister and the Nigerian Labour Congress (NLC) in negotiating a new national minimum wage.

He called on President Tinubu to consider the welfare of Nigerian workers, who are the most patriotic group in the country.

Nwanyanwu criticized the high cost of governance, proposing a 50% reduction in salaries of elected officials and government appointees.

This, he explained, would free up resources for essential services and demonstrate the government’s commitment to austerity.

He said, “On the national minimum wage, I congratulate the negotiation efforts. The Honourable Minister of State for Labour and the NLC have shown patriotism. The President should consider their request with humility and a good heart. Nigerian workers, apart from the military, are the most patriotic group in this country.

“During President Babangida’s tenure, measures were taken to alleviate workers’ suffering. Similar efforts should be made today to cushion the effects of economic challenges on workers. The government must ensure that workers’ welfare is prioritized in meaningful and practical ways. We must avoid another strike due to delays in decisions on the minimum wage.

“Regarding the cost of governance, I urge President Tinubu to sign an executive order to reduce the salaries of all elected officials and government appointees by 50%. We cannot sustain the current high salaries while expecting economic stability. This reduction will demonstrate the government’s commitment to austerity and free up resources for essential services.”

President Bola Tinubu has called on Heads of State and Government of the Economic Community of West African States (ECOWAS) to work towards establishing and sustaining a regional standby force for the security and economic advancement of the community.

Tinubu made the plea on Sunday, during the opening of the 65th Ordinary Session of the Authority of ECOWAS Heads of State and Government in Abuja.

Tinubu, who was re-elected at the meeting as the Chairman of the regional bloc, highlighted the practicality of a standby force in the face of growing security threats.

He also urged member states to commit more to providing the needed resources for securing the region.

He said, “The Regional Action Plan against Terrorism has enhanced cooperation on training, intelligence sharing, and humanitarian interventions. In addition to this, the Ministers of Finance and Defence met recently in Abuja to raise funds for activating the ECOWAS Standby Force to boost counter-terrorism efforts.

“Member countries are also displaying their commitment to combating insecurity by individually increasing their defence budgets in order to acquire necessary equipment and ensure preparedness.

“Let me underscore that a peaceful and secure society is essential for achieving our potential. As we move to operationalize the ECOWAS Standby Force (ESF) in combating terrorism, I must emphasize that the success of this plan requires not only strong political will but also substantial financial resources.

“We must, therefore, ensure that we meet the expectations and recommendations set forth by our Ministers of Defence and Finance, in order to counter insecurity and stabilize our region.’’ 

Speaking further, Tinubu advised ECOWAS leaders to leverage the capabilities of Nigeria’s National Counter-Terrorism Centre (NCTC), which has been widely acknowledged as one of the best on the continent.

The President urged the management of ECOWAS to re-align and reposition its priorities by reducing overheads and setting up in-country steering committees.

He stated, “Difficult economic conditions and inconsistent payment of financial commitments to ECOWAS have contributed to the current plight. To ensure ECOWAS has adequate resources for its programmes and activities, I urge all member states to ensure full compliance with the Protocol on the Community Levy.

“Nigeria, under my leadership, is committed to leading by example in remitting its collected levies to the organization. Nevertheless, the ECOWAS management must also reduce its overhead expenditures and focus on programmes and activities that directly impact the lives of our citizens.

“I am aware of the progress report on the implementation of the ECOWAS Institutional Reforms. I therefore call on the President of the ECOWAS Commission to resume and expedite the conclusion of the second phase of the Institutional Reforms, aimed at reducing the organization’s operational costs.”

Tinubu also welcomed a new member of the Authority, Senegalese President, Bassirou Diomaye Faye, stressing that the recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible.

He added, “Allow me to further extend warm congratulations to the Government and people of the Republic of Senegal for their steadfastness in the consolidation of democratic governance.

“Their recently concluded presidential election has been widely adjudged as free, fair, transparent, and credible. This achievement is a testament to our region’s commitment to the principles of democracy, good governance, and rule of law.”

A former presidential media aide, Doyin Okupe, has called for a political solution to the current upheavals in Rivers State.

Okupe, in an interview with newsmen in Lagos on Sunday, lamented that the current happenings in Rivers State are taking dangerous dimensions, describing the situation as a misfortune.

The former Labour Party (LP) chieftain said the happenings in the oil-rich state are about interests, and to resolve the issues, a political solution must be deployed.

He stated further that the crisis in the state was caused by disregard for rules and laws and shouldn’t have surfaced at all if laws were obeyed.

He said, “That is a total misfortune, and the real issue if we look at it properly, is that we do not obey our laws. if only we obey our laws, this situation cannot surface at all.

“The courts have to help, the judiciary must be consistent, fair and judge according to law, not any other sentiment.

“Let us all obey our laws and our rules and let the court adjudicate according to the law and anybody who flouts the law should pay for it.

“The way things are going in Rivers right now is dangerous, but a political solution is what I will suggest, as a very experienced politician.”

Okupe suggested that the interest of all aggrieved parties in the Rivers political crisis must be brought to the table and an acceptable middle ground agreed upon.

He said, “In all my years of politics, I have never seen anything in this world that a political solution cannot resolve in all political disagreements.

“Politics is about interest. What is the interest of A and what is the interest of B, and how can we marry them? That’s is all.”

Rivers State has been engulfed in a political crisis arising from a disagreement between the State Governor, Siminalayi Fubara, and his predecessor, who is the incumbent Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The rift has also divided the State House of Assembly into two factions, with both parties currently in court to get the law on their sides.

Popular socialite, Ismaila Mustapha, also known as Mompha, has responded after the Economic and Financial Crimes Commission EFCC asked him to prove his allegations that they are the most corrupt agency.

This response comes in the wake of the EFCC’s claims that a colossal sum of N35 billion was discovered in his bank accounts.

Momoha, facing a money laundering case brought by the EFCC, in a post via Instagram wrote, “The most useless and corrupt Nigeria government agency @officialefcc.”

However, the EFCC, in a statement by the Head of Media & Publicity, Dele Oyewale, challenged Mompha to show proof that they are corrupt.

In a post via his Instagram page, Mompha said the fact that the anti-graft agency responded to him shows how it is “useless and jobless.”

He wrote, “My attention has once again been drawn to the social media tantrum of the efcc demanding that I prove corruption allegation against them. The fact that the commission, particularly their chairman could stoop so low to respond to my post shows clearly how useless, jobless the efcc is and how they waste taxpayers money on exchanging banters on social media.

“Now, I won’t bother to dwell on the trumped-up charges that was cooked up against me for personal gains by some of their corrupt officials and mere media trial because the fact speaks for itself but will rather dwell on how useless this commission under the leadership of the Chairman Cos why will the efcc on Friday, 5th of July, 2024 step outside of their constitutional duty and litter armed men on the streets of Lagos and Abuja all in the name of preventing citizens from protesting against the corruption being displayed by the Efcc, thereby infringing on their fundamental right to lawfully protest and preventing innocent citizens from going about their lawful business.

“Another example is beating up innocent citizens during their illegal and night raids ( we all saw what happened in Ondo state and recently in Lagos which the commission reluctantly admitted on its social media platform)
Now back to my case, the efcc claimed they have “overwhelming evidence of my involvement in money laundering”, however the question is; who is this faceless person I laundered money for?; does the person not have a name?; did you mention the name of the person in the trumped-up charges before the court?.

“Your commission is clearly the one drowning and clutching to any straw, when they quickly rushed to the media to post one side of the evidence of your witness in court when he was yet to be cross examined just to gain social media trend with my name, whereas all he said in court were lies with no evidential proof, which would all come to light on the next court date. To confirm how useless they are again ??? they will reply me again and i will be waiting with more proof ???? @officialefcc”

The Ebonyi State Chapter of the Labour Party (LP) has expressed confidence that only its presidential candidate in the 2023 general election, Peter Obi, can salvage the Nigerian economy from its declining fortunes.

LP made the assertion in a communiqué issued at the end of an expanded stakeholders meeting in Abakaliki, signed by Linus Okorie (Ebonyi South Senatorial Zone), Dr Ezeh Emmanuel Ezeh (Ebonyi North Senatorial Zone) and Emmanuel Nwobo (Central Senatorial Zone).

The party urged Nigerians to identify with its quest to take power and move the nation to greater heights.

The stakeholders also urged feuding party members to sheath their divisive swords in the overall interest of the Labour Party and target to better the lives of many Nigerians.

The communiqué stated, “The members of the National Transition Committee, NTC, of the Labour Party, Chief Fidelis Nwankwo, Rt. Hon. Linus Okorie and Dr Ezeh Emmanuel Ezeh, convened the stakeholders briefing with a view to informing members of the Labour Party, Ebonyi State Chapter, about the future political activities of the emerging Labour Party, which include mobilisation of new members and registration.

“The members of the NTC also shared details of the 2023 post-election reviews conducted by the national and state working committees of the party and consequently resolved as follows:

“That His Excellency, Mr. Peter Obi, remains the National Leader of the Party and he, Mr Obi, is bestowed with the appropriate competences to salvage the Nigerian economy from its declining fortunes.

“Stakeholders observed the need to support the National Transition Committee in her bid to conduct an all-inclusive state congress and national convention of the Labour Party, respectively.

“Furthermore, stakeholders urged feuding stakeholders of the party to sheath their divisive swords in the overall interest of Labour Party and our target to better the lots of Nigerians.

“That a united Labour Party, Ebonyi State Chapter, shall pursue vigorously the conversion and registration of new members into the party at the right and designated time and also set a target of 400,000 members.”