Peter Obi, presidential candidate of the Labour Party in the 2023 election, says the current monetary policy is slowing economic growth.

In a post on X on Thursday, Obi said the recent outcry of Aliko Dangote, chairman of Dangote Industries Limited, supports his earlier criticisms of the negative effects of the monetary policy of the Central Bank of Nigeria (CBN).

On July 2, Dangote said the increase of interest rate to almost 30 percent by the CBN will stifle growth. 

He added that the country is battling “a very high” interest rate.

The monetary policy committee (MPC) of CBN, on May 21, raised the monetary policy rate (MPR) — on which banks benchmark their interest rate — from 24.75 percent to 26.25 percent.

Obi said the negative impacts of the policy on micro, small and medium enterprises (MSMEs), which are the engine of economic growth, are significant.

“Africa’s foremost entrepreneur and respected Nigerian businessman, Aliko Dangote’s recent outcry against the current interest rate of 30%, underscores my earlier cry in February on the negative effects of the monetary policy of the present federal government,” Obi said.

“According to Dangote, no jobs will be created with such a high interest rate because there will be no growth in the economy.

“This has been my consistent position over time. In February this year, I argued against the decision of the Monetary Policy Committee on MPR to 22.5% and CRR to 45% increases which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which would be very difficult for manufacturers and MSMES to borrow and repay.

“If Dangote, the richest person in Africa, and foremost industrialist, can complain, then imagine the negative impacts of these policies on MSMEs who are the engine of economic growth.

“To further understand the harsh economic environment that this monetary policy had exacerbated, the recent report from the Manufacturing Association of Nigeria (MAN) stated “In 2023, 767 companies were shut down and 335 became distressed.

“The capacity utilisation in the sector has declined to 56%; the interest rate is effectively above 30%; foreign exchange to import raw materials and production machine inventory of unsold finished products has increased to N350 billion and the real growth has dropped to 2.4%.”

The former Anambra governor said these harsh economic policies, both monetary and fiscal, have persistently slowed down economic growth, driven multinationals out of the country, stifled small businesses and discouraged the inflow of foreign direct investment (FDI).

He urged the government to reverse the “ugly trend” causing job losses, discouraging production, and hindering movement from consumption to production.

Obi said the government must reverse course and implement policies that foster growth and the creation of a new Nigeria.

A federal high court in Abuja has invalidated the Peoples Democratic Party (PDP) primary election that produced Asue Ighodalo as the candidate for the forthcoming gubernatorial poll in Edo.

In the ruling delivered on Thursday, Inyang Ekwo, presiding judge, held that the PDP primary held on February 22 failed to comply with the provisions of the Electoral Act 2022 and the party’s constitution.

Ekwo held that from the exhibit tendered in court, the returning officers who prepared the result sheets only sat in one place to falsify the outcome of the poll.

He said the exclusion of the 381 delegates, including the plaintiffs, was against the provisions of the law.

The judge further held that even though the Independent National Electoral Commission (INEC) filed a memorandum of appearance in the suit, it was unfortunate that the commission did not file any process in the case.

Rather, the electoral umpire had said they would abide by whatever the ruling of the court is.

“I found that the case of the plaintiffs succeeds on merit,” he said.

Three aggrieved ad hoc delegates had filed the suit marked FHC/ABJ/CS/165/2024 on behalf of the 378 other delegates.

The plaintiffs are Kelvin Mohammed, Gabriel Okoduwa and Ederaho Osagie, on behalf of the 378 others in 12 LGAs and 127 wards.

INEC, the PDP, its national secretary and the vice chairman of the south-south, were joined as 1st to 4th defendants in the suit.

The 381 delegates are those loyal to Philip Shaibu, the impeached deputy governor of the state.

BACKGROUND

On February 4, the PDP conducted a congress to select delegates who would participate in the party’s February 22 governorship primary.

Before the congress, Seyi Makinde, governor of Oyo, who was appointed as the chairman of the election committee, rejected the appointment.

Makinde said the list of electoral officers for the election contained names from Delta state and those of officials of the Edo state government.

Nine of the 11 PDP governorship aspirants, including Shaibu, former deputy governor of the state, boycotted the exercise.

The aspirants rejected the composition of the committee for the delegates’ election.

Tony Aziegbemi, chairman of the PDP in Edo, asked aggrieved governorship hopefuls to approach the appeal panel.

Ighodalo, a businessman, won the governorship primary conducted on February 22.

Ighodalo was the preferred candidate of Godwin Obaseki, governor of Edo.

Shaibu has since been expelled by the Edo state chapter of the PDP.

The Edo governorship election has been slated for September 21, 2024.

The senate has constituted an ad hoc committee to investigate the “importation of hazardous petroleum products and dumping of substandard diesel into the country”.

During plenary on Wednesday, the upper chamber also appointed Opeyemi Bamidele, majority leader of the senate, to lead other 14 lawmakers to unravel the masterminds behind the illicit practice and transaction.

Members of the ad hoc committee comprise lawmakers Adams Oshiomhole, Abdul Ningi, Osita Izunazo, Ifeanyi Uba, Diket Plang, Mohammed Monguno, Abdullah Yahaha, Olamilekan Solomon, Khabeeb Mustapha, Shahabi Ya’u, and Tokunbo Abiru.

Senate President Godswill Akpabio set up the ad hoc committee at the plenary after Asuquo Ekpenyong, a lawmaker, moved a motion on the urgent need to probe the issue.

Ekpeyong cited a report on June 16 as stating that 12 diesel cargoes conveying a total of 660 kilotons of diesel, were exported by refineries to offshore Lome, Togo for “further distribution to West African markets, mainly Nigeria”.

He said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), despite revising diesel importation standards in line with the Petroleum Industry Act, has been “unable to enforce compliance”.

The politician said a ban on the importation of diesel would be beneficial to the Nigerian petroleum industry and indeed the entire nation and as such, “NMDPRA should cease import licenses in order to address all concerns”.

Consequently, Akpabio highlighted the need for the senate to immediately investigate and unravel those behind the hazardous practice.

On June 23, Devakumar Edwin, vice-president, oil and gas at Dangote Industries Limited (DIL), lamented the activities of the NMDPRA in granting licences indiscriminately to marketers to “import dirty refined products into the country”.

Kenneth Okonkwo, a chieftain of the Labour Party (LP), says Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB), is in prolonged detention because of ethnic bias.

Okonkwo spoke on Wednesday when he was featured on NewsDay, a programme of Arise TV.

The IPOB leader has been in the custody of the Department of State Services (DSS) since he was extradited from Kenya in June 2021.

He is currently facing terrorism charges filed against him at the federal high court.

In recent months, there have been calls for Kanu’s release, particularly by stakeholders from the south-east region.

In June, 50 members of the house of representatives asked President Bola Tinubu to order Kanu’s release.

On Tuesday, governors under the umbrella of the South-east Governors’ Forum also resolved to meet with Tinubu to seek the release of the separatist leader.

The south-east region has witnessed an uptick in the activities of gunmen who violently enforce a sit-at-home order on Mondays to demand Kanu’s release.

‘KANU KEPT IN JAIL OVER ETHNIC BIAS’

Okonkwo claimed that Kanu is being held in detention due to “ethnic bias,”  adding that he has not committed worse crimes like other separatists whose cases in court have been dropped.

“Nnamdi Kanu has not done anything that other people from other zones have done,” he said.

“We know about Sunday Igboho of the Yoruba nation agitator. We know of the Boko Haram people who say that they want a different country where Western education is an abomination.

“These people have been released, not just that they have been released; in the case of Boko Haram, they have been reassimilated into society and given plum jobs.

“Why is Nnamdi Kanu’s case different? There is an ethnic and some unnecessary bias that is keeping that man in jail.

“The government should be wise enough to release this man. You can release him conditionally or unconditionally.

“As a lawyer, I have watched the legal issues very clearly, and I saw that even in the courts, from the high court to the supreme court, there are discordant tunes amongst them.

“Even in the issue of bail, some of the tiers of the court have granted him bail. Even in the issue of the charges, some tiers of the court have quashed all the charges.

“So, you can see that the government has a lot of places it can stand to release the young man and bring peace to the south-east.

“He is now more like a political prisoner. The longer Nnamdi Kanu is in prison, the taller he becomes and the shorter the government becomes.”

Okonkwo asked the federal government to “take the intelligent way out” by releasing Kanu as it did to other separatists.

The naira further weakened against the dollar at the foreign market on Wednesday.

FMDQ data showed that the naira slumped to N1512.61 against the dollar on Wednesday from N1509.45 on Tuesday.

This represents a N3.16 loss against the dollar compared to N1509.45 traded on Tuesday. 

Similarly, at the parallel foreign exchange market, the naira depreciated to N1520 per dollar on Wednesday from N1515 the previous day.

The development comes as foreign currency transaction turnover dropped to $114.91 million on Wednesday from $213.31 million on Tuesday, according to FMDQ data.

The Ekiti State Governor, Mr Biodun Oyebanji, on Wednesday, said governors, under the aegis of the Nigeria Governors’ Forum, are not against approval of a living wage for Nigerian workers.

Oyebanji said the NGF was only clamouring for fiscal federalism that would culminate in the ability and capability of individual states to pay.

Organised labour is battling the Federal Government over delay tactics in implementing the new minimum wage for workers.

While the tripartite committee set up by the government recommended N62,000 to President Bola Tinubu, the governors insisted that most states could not pay the amount and asked that the new minimum wage be pegged at N57,000.

So This Happened (EP 254) Reviews Tinubu's Order To Civil Servants Abroad To Refund Salary, Others0:00 / 1:01
The recommendations of both the tripartite committee and the NGF were, however, not acceptable to the organised labour who came down to the N250,000 benchmark during the final meeting of the tripartite committee.

As Tinubu opted to dialogue with the NGF and the employers, the labour came hard on the governors, accusing them of being insensitive to the plight of the workers.

Oyebanji, speaking in Ado Ekiti, during the Seventh Quadrennial Delegates’ Conference of the Association of Senior Civil Servants of Nigeria, however, said no state wanted to downsize its workforce, adding that each state was interested in determining what it could afford that would not end up in the eventual retrenchment.

“The NGF is not against the living wage. No governor is against the minimum wage, but what we are saying is that it must reflect fiscal federalism, ability and capacity to pay.

“No governor wants to retrench, if there is a minimum wage today without a concurrent increment in what we are earning, no state can pay.

“That is the conversation we are having – that, look, we want to give you a living wage, but we must look at what comes to the states and whatever is in the best interest of the states and the workers, we will do,” Oyebanji said.

The governor told the workers, “My appeal to civil servants is that those who would like to be part of our agriculture revolution should form themselves into cooperative societies and approach the Ministry of Agriculture for support.

“It may be difficult to support you individually, but when you form yourselves into cooperatives, many opportunities are available now. We are clearing land free of charge, we are giving inputs and we are going to buy from you. As I speak today, we have cleared more than 2,000 hectares across Ekiti State.”

Oyebanji reiterated the pivotal role civil servants played in the growth and development of the state, especially in the realisation of the six pillars of his administration, adding that whatever compliments the administration had received could only be directly attributed to the efficiency and effectiveness of the workers.

He said, “I have come here today to associate and rejoice with you as major stakeholders in our body polity.

“More importantly, I am also here to learn from you and to share in your experience. As you know, the civil service is a reservoir of talents where you can find all professionals of different callings and experiences.

“A conference like this does not benefit the senior civil servants alone, it is an avenue for all of us to learn from one another, cross-fertilise ideas, and share experiences. I am, therefore, not just here as a special guest of honour, I am here as a student of Public Administration,” the governor stated.

The Joint Admissions and Matriculations Board has uncovered 3,000 fake graduates who never set foot within the four walls of a classroom.

The board also decried the issue of illegal admissions by some institutions which, it said, had remained a source of embarrassment to the country.

The Registrar, Prof Ishaq Oloyede, made this known in a report published in the board’s bulletin, which was obtained by our correspondent in Abuja.

According to the bulletin, Oloyede disclosed this during a meeting with the leadership of the Committee of Pro-Chancellors of State Universities.

“Some ‘graduates’ had never entered the four walls of a university owing to the endemic corruption in the system but the board had documented over 3,000 of such cases.

“Illegal admission of candidates into tertiary institutions in the country is an embarrassment and a disservice to the nation,” the bulletin read.

The issue of illegal admissions has over the years been at the forefront of JAMB’s priorities. 

The House of Representatives Committee on Basic Education, in December 2023, ordered the JAMB to present a list of tertiary institutions that had conducted irregular and illegal admissions.

The examination body had earlier warned candidates to desist from accepting admissions offered by such institutions without full academic participation.

In the statement titled, “Cessation of illegal/irregular admission,” JAMB reiterated that all applications of admissions to first degree, national diploma, national innovation diploma and the Nigeria certificate in education into full-time, distance learning, part-time, outreach, sandwich, etc, must be processed only through JAMB.

The Rivers State Police Command said its men arrested the commander of a vigilante group identified as Felix Nwaobakata, with two human skulls and other parts at his hideout in Omoku in the Ogba/Egbema/Ndoni Local Government Area of the state.

Also, the police said its operatives in a clampdown on the excesses of vigilante groups operating in the state had arrested seven other members of the local security outfit for sundry crimes including murder.

The spokesperson for the state Police Command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt on Wednesday.

Iringe-Koko said Nwaobakata, who is the Commander of the ONELGA Security and Peace Advisory Committee codenamed OSPAC is a principal suspect in the murder of two brothers in Idu in the Ogba/Egbema/Ndoni LGA of the state on May 1, 2024, on the allegations that they were kidnappers.

The statement noted that the arrest of Nwaobakata and other OSPAC members followed numerous complaints about their operations in different parts of the state, especially in Ogba/Egbema/Ndoni LGA, saying the outfit recently attacked a police division in Omoku and clashed with other security agencies.

The statement reads, “The Rivers State Police Command has commenced a clampdown on the excesses of vigilante groups operating within the state.

“This follows numerous complaints about the operations of the ONELGA Security and Peace Advisory Committee (OSPAC) in different parts of the state, predominantly in Ogba/Egbema/Ndoni LGA, as well as clashes with other security agencies by this vigilante group.

“On May 9, 2024, Alhaji Usman Seleh, the Chairman of the Hausa Indigenous Group in ONELGA, reported that OSPAC had abducted a member of his group. He proceeded to report the matter to the police. Consequently, the police invited the ONELGA OSPAC commander, Felix Nwaobakata, who refused to honour several invitations.

“Instead, the OSPAC outfit coordinated an attack on the police division in Omoku but the attack was thwarted as the police repelled them.

“Following this development, Tactical Units of the command stormed the ONELGA OSPAC Camp at Omoku and arrested Cheta Benjamin, Joshua Ekwosa, Innocent Ahiakwu, and four others.

“The ONELGA OSPAC Commander, Felix Nwaobakata, was subsequently arrested in his hideout in Omoku on June 17, 2023, where two human skulls and human bones were found in his possession.

“The arrested OSPAC Commander, Felix Nwaobakata, is also a principal suspect in the murder of two brothers, Collins Ugorji (32) and Newman Ugorji (39), of the Idu Community in ONELGA.

“The brothers were killed on May 1, 2024, by the OSPAC on the allegation that they were kidnappers. Their motorcycles were confiscated, and their bodies were taken to the OSPAC secretariat in Omoku and received by Felix Nwaobakata after residents lamented their criminal actions. The bodies of the brothers were not seen, and the investigation is ongoing.”

In another related incident, the state police image maker said, “On May 31, 2024, the youths of Egbeda Community in Emuoha LGA staged a peaceful protest to Lubrik Construction Company at Egbeda, and after being addressed by the police, they dispersed but were ambushed by a group of OSPAC members led by the Egbeda OSPAC Commander, Friday Ogbuji, who shot and killed the youth leader, Innocent Didia.

“The Rivers State Police Command has made further arrests and will continue to investigate these cases and related ones, which will then be charged to a court of competent jurisdiction.

“The Rivers State Commissioner of Police, Olatunji Disu, has advised that any resident who has complaints of assault, extortion, or illegal detention should make a report at the nearest police station.

“The Rivers State Command is committed to carrying out its duty of protecting lives and property. It will not tolerate any act of illegality, excessive use of force, torture, fraudulent conversion of properties, and other varying forms of criminality by the OSPAC or any other vigilante outfit.”

Disu said that while recognising the relevance and importance of these vigilante groups in the Community Policing System, as regards information gathering and visibility, among others, the command would keep engaging and synergising with these groups on what was expected of them and their limitations.

“The rights of all as enshrined in the constitution of the Federal Republic of Nigeria (1999) as amended must be respected.

“The Rivers State Command wants to reassure the public and all key stakeholders that it will continue to work within the ambit of the law and issue a stern warning to any individual or group who chooses to operate outside the scope of the law,” the statement added.

Speaking with our correspondent later on Wednesday, Iringe-Koko, a Superintendent of Police, said the suspects had already been charged in court.

She stated, “We (the police) have started the prosecution of the matter. The suspects have been charged in court. The CP is not happy over the activities of some of these vigilantes and he has said they must face the wrath of the law.”

Pandemonium erupted in the agrarian community of Okpare in Olomu Kingdom, Ughelli South Local Government Area of Delta State on Wednesday morning following the gruesome murder of an Anglican priest by his son.

PUNCH Metro gathered that the priest, identified as Rev. Isaac Umurie, one of the reverends attached to St. John’s Anglican Church, Okpare-Olomu, was allegedly hacked to death in his sleep in the early hours of the day by his 28-year-old son, Ufuoma Umurie.

It was learnt that the gory incident occurred around 2 a.m., with the mother narrowly escaping being butchered alongside.

The suspect allegedly chased his mother while she was attempting to save the life of her husband, but narrowly escaped unhurt, sources said.

Ufuoma, who is presently in the police net, was said to have used a cutlass to hack his father’s skull and other parts of his body while asleep before neighbours and church members could gain access to the apartment.

Although what led to the incident was still sketchy as of the time of filing this report, multiple sources in the community alleged that Ufuoma was mentally unstable and that it was the second time that the suspect would be attacking the deceased father.

It was however gathered that in the ensuing melee, the suspect was overpowered, apprehended and handed over to the police at the Otu-Jeremi Divisional Headquarters for prosecution.

Commenting, one of the sources, who preferred to remain anonymous, said, “This is the second time Ufuoma is attacking his father. The other time, he beat him up, and the Okpare-Olomu vigilantes held him.  But the father pleaded that he should not be taken to the police station. We heard that he is not mentally stable.

“In today’s incident, he hacked the father with a cutlass, burst his skull, and mutilated other parts of his body. The priest has a few years to retire. He was brought closer home because of his retirement before this unfortunate incident”.

When contacted, the Police Public Relations Officer, Delta State Command, SP Bright Edafe, confirmed the incident.

Edafe also confirmed that “the suspect is already in police custody and he will be prosecuted for the crime.”