Veteran Nollywood actor and politician Kenneth Okonkwo has urged everyone to avoid the Julius Abure-led National Working Committee (NWC) of the Labour Party (LP).

Okonkwo said people would be scammed of their hard-earned money if they followed the Abure-led NWC, which he described as a bunch of ill-fated liars.

In a post on his X handle on Monday, the veteran actor dismissed a statement by the NWC of the Labour Party that the Independent National Electoral Commission (INEC) didn’t reject its last convention.

He said: “My attention has been drawn to the updated lies of the rejected purported Abure-led NWC of Labour Party, signed by one Obiorah Ifoh, to the tune that INEC didn’t reject their crooked convention. A look at the letter will reveal that the writer neglected, failed, and refused to include the dates they purported to notify INEC of the changes in the venue.

“This is because they knew that the notice was inadequate and consequently by Section 82(5) of the Electoral Act was void. INEC didn’t attend because they were not legally notified to attend, not that they opted not to attend.

“Also, the Labour Party members or their duly elected delegates were not allowed to vote for their preferred candidates in the purported convention in accordance with Section 82(3) of the EA, making the convention void for not being all-inclusive as required by law.

“Everyone knows that they didn’t organise ward, local, or state congresses before the purported convention. INEC was right in rejecting the illegal convention, and they remain perpetually rejected.

“I wish to advise everyone to stay clear of these bunch of ill-fated liars as they will be scammed of their hard-earned money if they follow them.”

DAILY POST recalls that Okonkwo had distanced himself from the Julius Abure-led National Working Committee of the Labour Party.

He said he couldn’t continue with a corrupt and incompetent NWC led by Abure.

The Nollywood veteran expressed strong condemnation of the national convention organised by Abure, saying it was rife with criminality and corruption.

According to him, “Nothing can wash out the criminality, corruption, and incompetence with which the purported National Convention was purportedly organised by Abure.

“I did not leave the comfort of a ruling party, APC, because I believe that they are incompetent and dishonest, only to come and join another incompetent and corrupt association, which is the current Abure-led National Working Committee of Labour Party.”

The Dangote Refinery said it is seeking crude oil import from Libya and Angola amid a supply challenge in Nigeria.

The Vice President of Dangote Industry Limited (DIL), Devakumar Edwin disclosed this in an interview with Reuters on Sunday.

Edwin said outside Libya and Angola, the 650,000 barrels per day refinery would also look to other African countries for crude to increase production in its facility.

“We are talking to Libya about importing crude.

“We will talk to Angola, as well and some other countries in Africa,” Edwin told Reuters.

The development comes after the firm had sought crude oil from the United States and Brazil.

Recall that in the past days, the Dangote refinery had been at the center of discussion in Nigeria’s media discourse following a statement by the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed that its products are inferior.

Ahmed’s has received a wide range of reactions from the public.

Meanwhile, Aliko Dangote, the Chairman of Dangote Group has dismissed Ahmed’s statement, calling for an independent test.

Amnesty International has condemned the arrest and remand of Kano-based TikToker Junaidu Abdullahi, popularly known as ‘Abusalma,’ for mobilizing mass protests over the country’s widespread hunger and suffering.

In a statement on Sunday, Amnesty International demanded Abdullahi’s immediate release, accusing the Nigerian government of punishing him for exercising his fundamental rights.

“The Nigerian authorities must immediately and unconditionally release social media activist Junaidu Abdullahi (Abusalma), who was imprisoned in Kano for posting a viral TikTok video calling for a peaceful protest against widespread hunger across the country. #FreeAbusalma,” the human rights organization stated.

Amnesty International criticized the government’s actions, describing the expedited court proceedings and the three-week adjournment of the case as a deliberate attempt to punish Abdullahi for exercising his freedom of expression.

In February, Amnesty International reported that Nigerian authorities unlawfully arrested Aisha Jibrin, Fatima Aliyu, Fatima Isyaku, and 22 others in Minna, Niger State, for participating in a protest against the severe cost of living crisis. The police also unlawfully detained Fatima Auwal, a local bread (Gurasa) baker, for protesting the hike in flour prices.

Abdullahi, a TikTok influencer based in Kano, was arrested by security agents after posting a viral video calling for mass protests against the severe hunger and economic hardship affecting many Nigerians.

Sponsored by Rep. Babajimi Benson, the bill aims to preserve the lives of innocent unborn babies of such convicted women.

During the debate, Benson explained that the proposed legislation seeks to alter Section 33 of the 1999 Constitution by inserting a new subsection. This new subsection stipulates that if a pregnant woman is convicted of a capital offence, the court shall sentence her to life imprisonment instead of the death penalty.

The bill was passed and referred to the Committee on Constitution Amendment for further legislative actions.

Miyetti Allah Kautal Hore, a prominent Fulani socio-cultural association, has announced that its members will not participate in the planned nationwide protests against hunger and hardship scheduled for August 1, 2024.

During a press conference in Karu, Nasarawa State, Alhaji Abdullahi Bello-Bodejo, the national president, and Engr. Saleh Alhassan, the national secretary, made this clear. Bello-Bodejo stated, “Miyetti Allah Kautal Hore unequivocally and strongly asserts that we do not support the planned protests and our members will not be participating.” He emphasized the association’s preference for peaceful dialogue and constructive engagement with the authorities over mass protests. 

The group also praised the recent establishment of the Ministry of Livestock Development by President Bola Tinubu’s administration.

In a related development, Alhaji Abdulkarim Dayyabu, a social critic and leader of the Movement for the Restoration of Justice, expressed scepticism about the authenticity of the faceless groups advocating for mass nationwide protests. Speaking to newsmen in Kano, Dayyabu urged the public to remain patient and supportive of the current leadership, suggesting that the government has been advised on the prevailing issues and is addressing them.

Don’t Destabilize Nigeria, CSOs Warn Protesters

In response to the planned nationwide protests organized by the #EndBadGovernance group, 259 civil society organizations (CSOs) under the Coalition for Transparency and Economic Reforms (COTER) have voiced their opposition.

COTER cautioned the protest organizers at a press conference led by National Coordinator Adeshina Animashaun. Animashaun noted that the protests could lead to chaos and violence reminiscent of the October 2020 #EndSARS demonstrations. He urged the organizers to reconsider, emphasizing that the protests could destabilize the nation and harm innocent citizens.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that it is not their job to protect a company, adding that they are regulators.

The regulatory body stated this while replying to the claims by billionaire businessman, Aliko Dangote that they were demarketing a company that they should be protecting.

Recall that NMDPRA Chief Executive, Farouk Ahmed claimed that Dangote’s diesel was inferior, as it has more sulphur content than the imported one.

He also said the refinery, which has been selling diesel and aviation fuel in Nigeria for months, had yet to be licensed.

Reacting, Dangote lamented that it was disheartening that the regulators were not safeguarding the petroleum market in Nigeria.

However, speaking during an interview with Punch on Sunday, NMDPRA spokesman, George Ene-Ita fumed over the allegation that the regulator was demarketing a company it should protect, wondering if Dangote wants the agency to bend the rules in his favour.

“Why should we protect any company? We are regulators, operations are going don’t protect anybody; we regulate operators. If he says protect, it means we are shielding. It means that we should bend the rules. We don’t do that, we regulate every company.

“And we don’t demarket, what does he mean? You only demarket your competitors to gain an advantage. We are not competing with an operator. The word, ‘demarketing’, is only used when two competing brands are fighting. We are not an operator; we are a regulator. How can we demarket? Please, I take exception to that, on behalf of my organisation. We are not demarketing anybody. We are regulating every local refinery, including NNPC,” he clarified.

Speaking further, Ene-Ita said the body is expecting fresh reports to confirm the real sulphur content of the diesel produced by the Dangote refinery as the company debunked claims of inferior fuel production.

He said the agency had done its job and would not engage in a media fight with anybody over the claims made by the NMDPRA Chief Executive.

According to Ene-Ita, the authority has about 15 engineers and scientists embedded in the Dangote refinery, whose fresh report about the refinery’s sulphur content will be out on Monday (today).

The NMDPRA spokesman posited that a lot might have changed within a space of five days.

“We are not fighting anybody. Dangote refinery is the same as an indigenous local refinery. We are regulators, we don’t fight in the media. We have done our job, and that is it.

“You know we are dealing with engineering and time, and when we deal with engineering and time, it means that whatever claims put forward can be put to test and verified or debunked. If you recall, the ACE made that pronouncement on the sideline of an interaction on Wednesday or so. Between that time and now, it’s been like five days, a lot can change. So, 650ppm or 500 can come down to whatever.

“What I am saying is that I can’t give you any verifiable result for now, being a Sunday evening, until perhaps tomorrow when we will be in a position to review our technical report that must have been submitted by our engineers who are embedded in that plant. What normally comes to us are weekly reports. These particular tasks are done across the week from Monday to Sunday; even now, operations are going on and our engineers are there. So, I can’t speak to the claims made by that refinery now,” Ene-Ita explained.

Former president Bill Clinton and ex-secretary of state Hillary Clinton praised Joe Biden’s decision to abandon his White House reelection bid Sunday, and threw their support behind Vice President Kamala Harris to take up the baton.

Lauding Biden‘s “extraordinary career of service,” the Clintons said in a joint statement that they were “honored” to join him in endorsing Harris as the Democratic nominee “and will do whatever we can to support her.”

“Nothing has made us more worried for our country than the threat posed by a second Trump term. He has promised to be a dictator on day one,” they continued.

THE court-reinstated deputy governor of Edo State, Mr. Philip Shaibu, yesterday, said his fight against his impeachment was to protect the office of the deputy governor in Nigeria, which he said has been ridiculed by some governors since 1999.

Shaibu spoke to journalists after a thanksgiving service at St. Paul’s Catholic Church, Benin City, where he said his reinstatement by the court was an act of God.

He also wants the Federal Government and the Inspector General of Police to investigate the killing of a policeman while he was on the way from the airport.

He said the policeman was an orderly to the governorship candidate of All Progressives Congress, APC, Sen. Monday Okpebholo.

According to him, “The governor (of Edo State) said he will destroy me and that is why I decided that the office of the deputy governor of Edo State, I will fight to make sure that sanity and respect is brought back to that office. 

“All what I am doing is not to earn anything but to make sure that the sanity of the office of the deputy governor is restored in line with the Constitution of the Federal Republic of Nigeria. 

“What other deputies cannot fight, I will fight on their behalf, so that governors will start respecting that office.”

On his victory in the court, he said: “I challenged God and I told Him that I want Him to prove His power in my life, that people that are anti-God and anti-democracy are at it again and they want to use me as scapegoat, I told God to show to the world that I am truly your son.

“They said they will impeach me and I will go to court and that by the time judgment will come, the tenure would have been over.  I now challenged God to it, to prove to them that they have touched His anointed and that the judgment will come more faster more than expected, I said I will need the judgment to come before the election.

“By the grace of God, democracy has come to stay and we that fought for democracy will protect it, anti-democratic forces must be flushed out and by the grace of God we will succeed.”

Shaibu said ahead of the coming election in the state, youths should not allow themselves to be used but should vote in the election to remove “anti-democratic people” rather than allowing themselves to be used for violence.

“This election is the time to change anti-democratic forces and you must do it through the ballot, don’t engage in violence. I have been preaching this for the past year when the intimidation and harassment against me started.”

On the attack that led to the death of a policeman, Shiabu said: “I refused to call anybody to the streets because they were saying we know him, he will soon call people to the streets. 

“They know what they have done and they are trying to cover up, but this one, they cannot cover it up, not when a police officer was a victim, they cannot cover this, all of them must be picked. 

“They orchestrated it, the men of the vigilante did that. The vigilante in Edo State killed a policeman, the IG must look into it. They are struggling to see who they can rope in, they cannot rope anybody in. I am urging the president and IG to set up an enquiry to investigate the killing, not only the killing but proscribe vigilante in Edo.”

Finance institutions to pay 50% of windfall

Experts caution on timing

The proposed one-off tax on 2023 foreign exchange (forex) gain by banks may fetch the Federal Government not less than N2trillion, it was learnt at the weekend.

President Bola Ahmed Tinubu hinted at his administration’s plan to tax the banks’ gain in the proposed amendment to the 2023 Finance Act before the National Assembly.

Also before the National Assembly is an Executive Bill on the 2024 Supplementary Budget seeking to raise N6.2 trillion to fund infrastructure.

The tax on banks’ forex windfall in 2023 is meant to raise part of the funding for the supplementary budget.

The levy on forex revaluation gains, otherwise known as a windfall, will be used to finance “Renewed Hope” infrastructure projects, education and healthcare, among others.

A review of audited reports and accounts of banks and independent analysts’ reports yesterday estimated forex revaluation gains at about N4 trillion in 2023, half of which the government is seeking to appropriate for national budget funding.

For instance, three of Nigeria’s five biggest banks – Guaranty Trust Holdings Company (GTCO), Zenith Bank and United Bank for Africa (UBA), made forex revaluation gains of about N700 billion last year 2023, with GTCO accounting for about two-thirds of the total gains by the big three.

GTCO recorded a forex revaluation gain of about N442 billion in 2023, followed by Zenith Bank and UBA with N229 billion and N27 billion respectively.

If passed into law, the government will receive about N350 billion in one-off payments from the three banks.

Five other banks, including the First City Monument Bank (FCMB) Group, Fidelity Bank, Stanbic IBTC, Access Holdings, and Sterling Financial Holdings, recorded estimated forex revaluation gains of about N176 billion during the year.

The 2023 Finance Act amendment stipulates that “there shall be levied and paid to the benefit of the Federal Government of Nigeria a tax of 50 per cent on the realised profits from all foreign exchange transactions of banks within the 2023 financial year.

“The Federal Inland Revenue Service – (a) shall assess the realised profits, collect, account and enforce payment of tax payable under section 30 in accordance with the powers of the Service under the Federal Inland Revenue Service (Establishment) Act 2007.”

The amendment proposes a penalty of an additional 10 per cent for banks that have not remitted the assessed forex gains or gotten approval for instalment payment from the CBN by December 31, 2024.

Read Also: Shaibu: My legal battles will restore sanity to deputy governor’s office ridiculed since 1999
Also, principal officers of defaulting banks would face imprisonment of up to three years.

Most experts have faulted the timing and the nature of the windfall tax, noting that it could indirectly undermine the ongoing banking recapitalisation.

They said it was unfair to deny shareholders of direct benefits from forex gains on one hand, and for the government to seek to retroactively appropriate such on the other hand.

The Central Bank of Nigeria (CBN) had directed banks not to utilise their forex revaluation gains to pay dividends or for other operational expenses, but rather to save the funds as a hedge against any future volatility.

“Banks are required to exercise utmost prudence and set aside the foreign currency revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the forex rate in this regard.

“Banks shall not utilise such forex revaluation gains to pay dividends or meet operating expenses,” the apex bank had stated.

Experts at Afrinvest West Africa said while the government is constitutionally empowered to impose taxes, including on windfall gains, to strengthen fiscal accounts, the timing of the policy’s announcement is problematic.

Faulting the timing, they argued that it would create a sense of uncertainty and unpredictability among investors and industry practitioners.

Afrinvest said: “For instance, Italy in August 2023 announced a one-off 40.0 per cent windfall tax on increase in banks’ net interest margin for the fiscal year 2023.

“Although the plan was eventually modified, the announcement was made during the 2023 operating year – in contrast to the abruptness of the proposed tax on Nigerian banks, which is to be applied outside of the 2023 fiscal year.

“Unsurprisingly, the banking index shed a total of 3.0 per cent in the final trading sessions of the week, following the announcement.

“In summary, lingering concerns about uncertainty around the sector could present some headwinds amidst the ongoing recapitalisation process.

“Furthermore, there is a need for clarification on the wind-fall tax adjustments to be made for banks that already remitted income tax for 2023.

“Given the five-month window for compliance, the federal government should provide a clearer template that would take into consideration some of the nuances around implementing the tax.

“There is the issue of fairness from the perspective of capital owners, given that the CBN already barred access to foreign currency earnings via dividend payments.

“The Federal Government is seeking access to 50.0 per cent of the same profit.

“In the light of the ongoing recapitalisation, the broad steps by the regulator and the Federal Government to tighten the noose around forex income for banks might disincentivise new capital inflow into the sector, thereby prolonging the current episode of lack-lustre foreign capital inflows into the country.”

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the introduction of the windfall tax in the middle of ongoing banking recapitalisation may send wrong signals to investors and thus negatively impact the ability of banks to raise the much-needed capital.

Amolegbe said: “We also have to be very mindful of the impact on the liquidity ratio of these banks, many of which are finding things tough due to the tight monetary stance of the CBN. There is a need for caution here.

“In business, as in life, timing is everything. It will appear we are moving one step forward two steps backward.”

His counterpart at HighCap Securities, Mr. David Adonri, said the 50 per cent windfall tax amounts to an expropriation of shareholders’ wealth.

“It defeats the purpose of making banks strong enough to support the envisaged $1 trillion economy, an objective that is compelling banks to recapitalise,” Adonri said.

President Bola Tinubu has presented the state of Economic Community of West African States (ECOWAS) report at the mid-year coordination meeting of the African Union in Accra, Ghana.

The mid-year coordination meeting, initiated in 2017, serves as the principal forum for the AU and Regional Economic Communities (RECs) to align their work and coordinate the implementation of the continental integration agenda, replacing the June/July summits.

This year’s meeting, themed “Educate and Skill Africa for the 21st Century,” brought together the Bureau of the AU Assembly, RECs chairpersons, the AU Commission, and regional mechanisms (RMs) on Saturday. 

In a statement on Sunday, Ajuri Ngelale, presidential spokesperson, quoted Tinubu, who is the chairman of ECOWAS, as saying the community “has activated a standby force to counter-terrorism and will continue to explore funding options”.

He added that ECOWAS has actively supported member states in enhancing electoral and governance processes, recently deploying election observation missions to Senegal and Togo, both of which were deemed “peaceful, transparent, and fair”.

He highlighted the facilitation of the national unity agreement signing in Sierra Leone, while noting that ECOWAS will continue to work with stakeholders to implement the agreement’s provisions.

The president said consultations are ongoing to revise the ECOWAS 2001 Supplementary Protocol on democracy and good governance.

On economic integration, Tinubu stated that ECOWAS has consolidated the free trade area, customs union, and common market through various activities.

“We supported six Member States in ratifying the WTO Fisheries Subsidies Agreement, and thirteen Member States have ratified the AFCFTA agreement,” Tinubu said.

“The ECOWAS interconnected System for the Management of Goods in Transit (SIGMAT) is also operational in twelve Member States.”

On the humanitarian and social development front, Tinubu noted that ECOWAS has allocated $9 million to assist refugees, internally displaced persons, and asylum seekers.

“The frontline Member States in the fight against terrorism have also been supported with USD4 million under the ECOWAS Counter Terrorism Humanitarian Response,” the president said. 

“On education, the West African Network of National Academies of Sciences, and the African Forum for Research and Innovation have been established.

“Our regional academic mobility scheme has continued to equip the youth with practical skills and is harmonizing education systems.

“While in the area of health, ECOWAS continues to provide support to women with obstetric fistula, empowered women entrepreneurs in agribusiness, and focused on gender equality in education and the green economy.”

Tinubu highlighted progress in energy, mines, and agriculture, with ECOWAS advancing electrification efforts in The Gambia, Guinea Bissau, and Mali through the ECOWAS-Regional Electricity Access Project (ECOREAP).

“It is also implementing the Regional Off Grid Electricity Access Project (ROGEAP). Thirty-two Solar Off Grid SMEs have been approved, including nine SMEs led by women. A total of 3 million US dollars will be disbursed to finance the SMEs. More than 400 SMEs in 13 countries were trained in 2023 and 2024,” Tinubu said.

“To achieve sustainable electricity access within the ECOWAS and Sahel countries, we will provide a total grant of 38 million US dollars to SMEs in Member States. ECOWAS will extend this to Mauritania, Central African Republic, Chad and Cameroon through Commercial and Financial Institutions. An additional loan of 140 million US dollars will also be made available to the solar SMEs.

“Within the period under review, ECOWAS has supported Experts from Member States in international meetings and negotiations on environmental issues, including environmental governance. We provided support to our members in the implementation of the Paris Agreement and the establishment of a regional carbon market.

“With respect to food security, the ECOWAS Bank for Investment and Development (EBID) has approved the instruments to operationalize the Regional Fund for Agriculture and Food (RFAF). A Regional Food Security was developed to achieve self-sufficiency in rice production.

“Furthermore, our support for pastoralism in the Sahel has targeted the improvement of animal health, with a record vaccination of over 490 million livestock. We have established common rules for controlling veterinary medicine products at borders. In addition, ECOWAS launched a project for Member States to access the Green Climate Fund. This will promote climate-smart agriculture through the use of technologies.”

Tinubu noted that the sixth legislature of the ECOWAS parliament elected Maimunatu Ibrahim, its first female President from Togo.

He added that the ECOWAS community court of justice reviewed fifteen new cases, held thirty-three court sessions, and delivered eleven judgments.

However, the ECOWAS chairman warned of multiple threats facing the bloc, including member states withdrawing, geopolitical rivalries, terrorism, food insecurity, climate change, and the spread of misinformation.

He assured that ECOWAS will continue dialogue with Burkina Faso, Mali, and Niger to maintain unity and will convene a special extra-ordinary summit on the future of the community.

On the sidelines of the AU meeting, Tinubu held a bilateral meeting with Ismail Omar Guelleh, Djibouti president.