Benue State Governor, Hyacinth Alia, has attributed the success of his administration in the first year in office to President Bola Tinubu.

The clergyman-turn politician disclosed this on Friday during his thank-you tour to Makurdi/Guma Federal Constituency.

Alia said every achievement recorded in the state was the handiwork of Tinubu, including the construction of roads, underpass, payment of salaries, pensions and gratuities, remodelling of the Assembly Complex, and State Secretariat.

According to him, Tinubu had given him unimaginable support and urged the people of the state to be patient with him as the President had “very good intentions for the citizenry.”

He also promised to renovate and upgrade the Ibrahim Badamosi Babangida (IBB) Square in Makurdi to international standard.

Gov. Alia further disclosed that from now on, payment of salaries and pensions would start from the 22nd of every month.

The founder of Stanbic-IBTC Bank, Atedo Peterside has announced his exit from the banking business.

Peterside made this announcement in a post via his verified social media page.

The banking icon wrote, “This has been an incredible 35-year journey that ends today, June 10, 2024. 

“Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68,” he added.

His exit comes after over three decades and a half of dedicating his wealth of experience to the Nigerian banking sector.

According to Sources, Peterside is investing his time more in advocacy, charity, philanthropy and human capital development through his foundation.

Recall that Peteside founded Investment Bank and Trust Company (IBTC), which later metamorphosed into Stanbic-IBTC Bank after a series of mergers over the years.

The Rivers State-born founded the bank in 1989, at 33, when most of his peers were busy lavishing their parent’s wealth.

After running the affairs of the bank for years leading it to the path of profitability and also ensuring the bank lived up to his expectations, he resigned in 2017.

He later channelled his strength to Anap Jets Ltd he founded in 2015. He also sits on the boards of The Standard Bank of South Africa Limited and Standard Bank Group Limited.

Those close to the former member of the National Economic Management Team and member of the National Council on Privatisation disclosed that when it comes to finance, economics and business success, he is a walking encyclopaedia.

His family background as the son of Pa. Clement Atowari Peterside, an ophthalmologist and a retired controller of Medical Services in the Old Rivers State ensured he had a sound education. 

He graduated from The City University, London with a B.Sc. in Economics and an M.Sc. in Economics from the London School of Economics and Political Science.

Peter Obi, an ex-Anambra State Governor and Presidential Candidate of the Labour Party (LP) in the 2023 general elections, has described Nigeria as poverty capital of the world, with the hungriest and most insecure people on earth.

Obi has, in recent time, been consistently speaking out against the administration of President Bola Ahmed Tinubu, faulting its policies and focus especially amid economic crisis hitting the country.

In a post on his X handle (formerly known as Twitter), Peter Obi described it as disheartening how those in authority dismiss the country’s challenges by saying “we are not the only ones struggling with poverty and hunger.”

He said, “It is disheartening to hear those in charge, who were hired to address our problems, make statements like ‘we are not the only ones struggling with poverty and hunger’.

“We are the poverty capital of the world, among the most insecure people on earth, among the hungriest, have poor education quality and the highest number of out-of-school children, high infant mortality, corruption, unemployment, the highest income gap between the poor and the rich, high corruption perception index, infrastructure and healthcare challenges, and more.”

Obi, however, urged leaders to come up with concrete solutions and clear vision to address the country’s challenges, maintaining that mere comparisons of challenges with other countries would not solve the problems.

“Instead of merely acknowledging that other countries face similar challenges, we need to hear a thorough plan of action to tackle our unique struggles. We require concrete solutions and a clear vision to address these issues, not comparisons that downplay our circumstances.

“I urge those in leadership positions to offer tangible solutions, not mere reminders that others face similar challenges. We need a comprehensive approach to tackle our specific challenges, not marginalizations that dismiss our experiences.”

The Nigerian Electricity Regulatory Commission (NERC) has announced the approval of N21 billion for 11 Distribution Companies (DisCos) to provide meters for customers. This move is part of the Presidential Metering Initiative under the Meter Acquisition Fund (MAF).

According to NERC’s ORDER NO: NERC/2024/072, the initiative aims to operationalize “Tranche A” of the MAF scheme. The order, signed by NERC Chairman Mr. Sanusi Garba and Commissioner of Legal Affairs Dafe Akpeneye, will take effect from June 2024 and may be amended or revoked by future orders from the commission.

NERC stated, “The commission hereby approves the sum of N21bn apportioned pro rata to contribution by the DisCos as Tranche A of the MAF scheme. Attached to this order as Schedule 1 is a breakdown of the funds available for each DisCo to purchase end-use customer meters. All the meters to be procured and installed under the MAF framework shall be at no cost to the customers of the DisCos.”

The commission introduced the Meter Asset Provider (MAP) Regulations in 2018 and the National Mass Metering Regulations (MAP&NMMR) in 2021 to tackle metering challenges within the Nigerian Electricity Supply Industry (NESI). Despite significant progress, a national metering gap still exceeds seven million customers.

NERC identified DisCos’ inability to secure financing as a major obstacle in acquiring and deploying end-use meters. The MAF scheme was developed to address this challenge by creating a credible revenue stream to support long-term financing for utilities.

NERC further noted that the NESI is expected to leverage the revenue stream under the MAF framework to raise substantial capital funding for metering, aiming to accelerate the closure of the metering gap for all customers.

considering purchasing an Airbus aircraft

The federal government plans to sell three aircraft from the presidential fleet to fund the purchase of a new jet for President Bola Ahmed Tinubu. This decision comes as the Presidency progresses towards acquiring a new presidential aircraft.

The National Assembly recently supported this move after the House of Representatives Committee on National Security and Intelligence recommended purchasing new aircraft for the president’s safety. In May, the House of Representatives directed the committee to investigate the state of the presidential air fleet following reports of the president using chartered flights due to a fault in the popular 001 jet.

In its report, the committee stated, “Considering the fragile structure of the Nigerian federation and recognizing the dire consequences of any potential mishap from the technical or operational inadequacy of the presidential air fleet, it is in the country’s best interest to procure two additional aircraft as recommended. This will also prove cost-efficient in the long run, apart from providing a suitable, comfortable, and safe carrier for the president and vice-president.”

Multiple sources within the Presidency revealed that the government decided to sell three aircraft to help fund the new purchase. Jet HQ, a global aircraft sales company, has been appointed as the agent to sell these jets.

The presidential fleet includes six aircraft and six helicopters. The aircraft comprises one Boeing Business Jet (BBJ), one Gulfstream G550, one Gulfstream GV, two Falcon 7Xs, and Challenger CL605. The three aircraft being put up for sale are the BBJ, one Gulfstream, and one Falcon 7X.

A used Boeing Business Jet is estimated to cost between $25 million to $41 million, depending on its flight hours and landings. A used Gulfstream is priced between $12 million to $15 million. An aviation expert suggested the government could raise at least $50 million from selling these three aircraft.

The Presidency is considering purchasing an Airbus aircraft. Discussions on this acquisition have reached an advanced stage. “The Presidency is planning to buy an Airbus aircraft, likely due to our renewed relationship with Airbus and its growing presence in Nigeria, competing with Boeing. Detailed plans for the new purchase will be available soon,” said a source who requested anonymity.

Amid persistent high prices, the Governor of Central bank of Nigeria (CBN), Mr. Olayemi Cardoso assured yesterday that inflation will subside in the months ahead.

At a meeting with leaders of organised private sector (OPS), the CBN governor said there were positive developments in the fight against the economic menace.

He told the OPS leaders at the meeting held at the bank’s Lagos office on Wednesday, June 19 that there is a deceleration in month-on-month inflation rates.

The meeting was designed to discuss the state of the economy, monetary policy direction and fostering of collaboration.

It also focused on exploring how broad-based monetary policy communication and guidance can positively influence the global investment community’s perception of Nigeria and on determining the right bundle of monetary policies and interventions to increase the productive sector’s growth.

The apex bank governor expressed expectations for continued moderation in the coming quarters.

A key focus of the meeting was the CBN’s commitment to improved communication and transparency.

Cardoso emphasised the bank’s intention to utilise forward guidance, a strategy that has to do with communicating future monetary policy actions to enhance investor confidence – both domestic and international.

According to the CBN Governor, building trust through transparency is critical to attracting investment and fostering a healthy business environment.

Addressing the recent interest rate hikes implemented by the CBN, he provided a detailed explanation on the rationale behind the decisions and the expected timeline for their impact on the economy.

The CBN Governor assured the OPS that the measures were designed to achieve price stability, a core function of the central bank, while also supporting economic growth.

Cardoso acknowledged the challenges faced by the private sector in accessing foreign exchange (FX) and emphasised the bank’s ongoing efforts to improve FX supply while ensuring a fair and balanced approach that protects the interests of all stakeholders.

The meeting reiterated CBN’s commitment to collaborating with the private sector as discussions focused on establishing a framework for ongoing communication and engagement with OPS leadership.

This collaboration is designed to harmonise economic policy and ensure the CBN’s effective support for private sector growth, potentially in partnership with the Nigerian Economic Summit Group (NESG).

Mr. Cardoso noted the importance of private sector input in shaping economic policy, saying: “The private sector is a critical engine of our economy.”

The inclusion of private sector perspectives is seen as crucial for creating a more robust and investor-friendly financial environment.

President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, raised concerns regarding the operation of the CBN’s price verification system.

He, however, proposed a collaborative approach which was agreed upon, with the OPS providing specific details and suggestions for improvement.

Other private sector leaders also addressed the need for development finance support.

While acknowledging that such measures may not directly increase cash flow, the private sector leaders emphasised their value in enhancing the productive sector’s capacity to manage risks like exchange rate volatility.

The CBN’s role in facilitating trade finance and development finance through traditional institutions was also highlighted.

The apex bank presented a detailed explanation of the economy’s trajectory, the reasons behind the recent aggressive monetary policy rate hikes, and the expected transmission timeline into the economy.

The Federal High Court sitting in Lagos has permanently forfeited to the Federal Government properties valued at N11,140,000,000.00 (billion) and N1.04 billion linked to the embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

Justice Chukwujekwu Aneke made the order of final forfeiture after hearing a motion filed and argued by the Economic and Financial Crimes Commission (EFCC), through its counsel Chineye Okezie.

The judge had on June 5, 2024, upheld the anti-graft agency’s motion filed an argued by its counsel, Rotimi Oyedepo (SAN), for an interim forfeiture of the property.

Oyedepo informed the court that Emefiele was suspected to have bought the choice properties by proxy, with the proceeds of fraud.

The EFCC named two current and one former CBN staff as Emefiele’s accomplices in the alleged fraud.

The trio, according to the affidavit filed in support of the application, are Obayemi Oluwaseun Teben and Akomolafe Adebayo working with Olubunmi Makinde a former CBN staff and others.

The properties are mostly located in highbrow parts of the Federal Capital Territory (FCT), Abuja.

Justice Aneke ordered the EFCC to publish the order in a national newspaper for any interested party to show cause why the final order of forfeiture should not be made.

Read Also: Why Corruption can be defeated in Nigeria – EFCC boss
The judge adjourned for hearing of the motion for final forfeiture.

Upon resumption on Friday, June 21, no party appeared in court to contest the judge’s interim order and Okezie moved her motion for permanent forfeiture.

Justice Aneke, after reading a 41-paragraph affidavit deposed to by an EFCC Investigating Officer, Michael John Idoko, the 19 exhibits attached, a Written Address signed by Okezie, and after hearing Okezie’s motion, granted the application.

The properties were listed by the EFCC in two schedules, A and B.

The judge said: “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”

They Include shops and apartments at Cadastral Zone Maitama and Wuse.

For Schedule B, Justice Aneke added: “That a final forfeiture order of this Honourable Court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which properties were traced to have been acquired with proceeds of unlawful activities.”

The properties include lands and apartments which were paid for on behalf of Oluwaseun at a total value of N1.04billion.

According to the affidavit, Obayemi Oluwaseun Teben and Akomolafe Adebayo working with Olubunmi Makinde “used their positions and Influence as CBN staff to secure retail and Special allocation of Foreign Exchange to different companies in exchange for kickbacks.

“That Olubunmi Makinde is the link between Obayemi Oluwaseun Teben and Akomolafe Adebayo and the various companies applying for the purchase of foreign exchange.

“That Obayemi Oluwaseun Teben

and Akomolafe Adebayo as staffs of the Central Bank of Nigeria has access to the bidding processes and bidding Data of companies who has applied for the approval of form Ms to the CBN through their various commercial banks.”

The Kano police command says it will not comply with the directive of the state government on the eviction of Aminu Bayero, the deposed 15th Emir of Kano.

Speaking in an interview with Punch on Friday, Usaini Gumel, Kano commissioner of police, said the state government is “jumping the gun” with the eviction directive.

“The police will not evict the deposed Emir because the same government has filed a case at the state high court on the eviction order, which would come up on Monday, 24th June 2024,” Gumel was quoted as saying.

“The government is jumping the gun because the same government has filed a case on the eviction order, which is coming up on the 24th of June, 2024.

“So, if we carry out the order, it is like we are pre-empting the court because we don’t know what will happen at the court.”

On Thursday, the federal high court in Kano nullified all actions by the state government repealing the Kano Emirates Council Law of 2019 on May 23.

Muhammed Liman, the presiding judge, held that the defendants were aware of an interim order previously granted by the court but ignored it and implemented the Kano Emirates Council Law 2024.

The judge, however, ruled that his order did not affect the validity of the emirate law passed by the state house of assembly.

On May 23, Abba Yusuf, the Kano governor, announced the reinstatement of Muhammadu Sanusi as Emir of Kano.

The governor also ordered the dethronement of Bayero as Emir of Kano.

Speaking after the court verdict, Haruna Dederi, Kano attorney-general and commissioner for justice, said the state has acknowledged the judgment, noting that the ruling affirmed the validity of the emirate law.

Dederi said the government has ordered the demolition of a section of the palace of Bayero.

He added that the police have been directed to take over the Emir’s palace in Nassarawa LGA.

Grammy award-winning Nigerian singer, Temilade Openiyi popularly known as Tems has expressed her desire to start a women’s football team.

The ‘Essence‘ coroner shared her passion for sports during a recent episode of her YouTube podcast, expressing a keen interest in football.

According to the singer, her team will compete in regional competitions to support the Nigerian women’s football league.

She said, “I love sports. I love sports, but if I could play football, I would. I’m like a football fan.

“I want to start a female football team. I think it is something that is needed. Like, why can’t we just have something like a local tournament with the girls? I feel like it would be fun.”