Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN).

This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow.

The sector on the Nigerian Exchange (NGX) has witnessed massive sell-off since the beginning of April, thereby triggering a huge loss of N2.069 trillion. The banking stocks comprise Ecobank Transnational Incorporated (ETI), Fidelity Bank, Guaranty Trust Holding Company (GTCO), Jaiz Bank, Sterling Financial Holdings Company, Unity Bank, Wema Bank, FCMB Group, Stanbic IBTC Holdings, United Bank for Africa (UBA), Zenith Bank, Access Holdings and FBN Holdings (FBNH).

Recall that on March 28, 2024, CBN had revised the minimum capital requirements for banks and, according to data compiled by LEADERSHIP, the overall total market value of the banking stocks dropped by N2.069 trillion to N6.013 trillion as of April 26, 2024 from N8.082 trillion on March 28, 2024.

Also, the NGX Banking Index within the period under review recorded a decline of 25.75 per cent from 1,029.63 points on March 28, 2024 to 764.50 points when it closed trading on April 26, 2024.
Of the 13 banking stocks between March 28, 2024 and April 26, 2024, only ETI recorded a gain of 16.12 per cent. On the other hand, FBNH recorded the biggest loss of 42.76 per cent, while GTCO followed with a decline of 32.38 per cent.

Access Holdings was down by 32.24 per cent, Sterling Financial Holdings Company (-29.26 per cent), Zenith Bank (-26.74 per cent), Wema Bank (-26.47 per cent), FCMB Group (-19.41 per cent), Unity Bank (-18.36 per cent), UBA (-17.86 per cent), Jaiz Bank (-15.83 per cent), Stanbic IBTC Holdings (-11.61 per cent) and Fidelity Bank (-6.00 per cent).

Speaking to LEADERSHIP on the current banking stock performances, the managing director of HighCap Securities Limited, David Adonri said “after the announcement by the CBN directing banks to recapitalise, the market started declining, but we cannot see for sure that, that policy is behind the decline in the prices of banks’ stock since that announcement was made.

“I think the major factor should be the second announcement that restrained banks from paying out good dividends in line with their extraordinary income within the financial year.”
Another reason he associated with the situation was the contractionary monetary policy of the Central

Bank wherein the interest rate had been hiked heavily in the last MPC meeting. So, this has caused a migration of financial assets away from equities to debt, he stressed.

Adonri explained that the recapitalisation structure, as directed by CBN, is predicated on the flow of fresh capital to the banks.

“The banks will have to raise fresh capital from all the sources where they can raise. But we are presuming that a lot of them will have to leave the capital market. They will come to the primary market to raise fresh capital. Judging by historical antecedents, that is likely to cause some price movement in the banking sector before the banks hit the market to float their public offerings,” he said.

On mergers and acquisitions, he said “there is no need because banks are segregated into different segments. Some are regional banks, some are national Banks, and some are international banks. So, any bank that is unable to meet the minimum requirement for a segment will drop down to the lower segment instead of going to a forced merger or offering itself for acquisition.

“But banks have been given about two years to raise fresh capital. What will happen is that there will be a timetable in the capital market that will make them come one after the other so that the market will not be fatigued if all of them are to swamp the market at a fair swoop. I believe that the SEC will come up with a timetable that will give space for each of the listed banks to come to the market via a public offering so that the success rate will be very high.”

The head of Investment Management at STL Asset Management Limited, Oluwaseun Magreola said this bearish sentiment was beyond banking stocks.

Magreola said “since the MPR was jerked up by 400 basis points by the CBN governor in February, the whole equity market has been at risk of a negative turnout. Over the years, there’s been a strong inverse correlation between the fixed income market and the equities market.

Magreola asserted that the reaction to the high yields in the fixed income market was ‘quite slow’, noting that most investors were waiting to earn their dividends.

If you think some courses are not relevant in Nigeria, I won’t say you’re wrong. Some even argue these courses are what they are, even before the advent of the internet. They’re not just feasible. The propagation of digitisation and technological advancement has made some fields more demanding. Yes, daily discoveries tend to relinquish the importance of so many fields in schools. Notwithstanding, some courses are still doing very well in the labour market—lucrative and relevant. Here is a list of the highest-paying courses in Nigeria you can consider anytime: 

1. Law

If you want to study law, you must be very determined and be ready to put in the work. I won’t sugarcoat anything for you because this profession demands a lot of dedication. The aim of studying it should not be “I want to be a lawyer” — rather a question of “what kind of lawyer do you want to be?” You must consider the niche you’ll want to carve using the profession. What would distinguish you from every other lawyer? As a student, Law is a course you’ll never regret studying. It is prestigious and exposes one to different high-earning opportunities. You can’t deny that lawyers are very well respected in Nigeria; one of the reasons is their crucial role in society. On average, good lawyers earn between N1.8 to N18 million yearly.

2. Graphic Design

Technology improvement has made graphic design a formidable way of communicating in businesses, media and advertisement. It is a way of creating designs for a specific purpose that would be visually appealing. Currently, graphic designers are among the most sought-after people in advertising agencies, media organisations and design companies. You don’t have to contemplate; the future is bright, and technology has come to stay — it will only continue to improve. Studying graphic design gives you an edge, and you don’t have to wait until you finish the entire course before making a living. There are many tools available online to practice it. The yearly average salary of an outstanding graphic designer is N1.8 to N3.6 million.

3. Medicine

We cannot erode the fact that, as humans, we need to take medication if the need arises at any point in our lives. Medicine is highly regarded across the world. Even in Nigeria, you cannot be idle; you’ll find a place to work because it is very demanding. Becoming a medical professional and being excellent at it requires rigorous work. But never doubt the reward of this profession;  you can decide to be a specialist rather than just a doctor working with organisations, hospitals, and clinic centres. Don’t limit your thinking to what you see around you; this is a high-paying course in Nigeria and it is relevant anywhere in the world. As a specialist, you can earn an average of N1 million to N4.5 million annually.

4. Information Technology

Technology has posed the need to have skilled professionals in companies and organisations. It has made information technology one of the courses that receive the highest pay. It entails knowledge and skills in developing and managing computer systems and networks. These are areas employers are looking for to foster the growth of their firms in meeting and competing well in the world of technological development. This course can equip you to get employment if you aim to be a software developer, database administrator, cyber security and Information Technology manager — the course is a good starting point. Per annum, you can earn between N1.7 to N2.3 million.

5. Electrical Engineering

If you’re interested in electrical control systems, power maintenance, and how telecommunications work, you should opt for this course. This is a field that can always be noticed because electrical power is a necessity.  Electrical engineering is a course that would prepare you to work for companies in power generation and distribution, construction, transport networks, renewable energy, etc. You can dedicate your life to this field without regret or doubt. Your prowess will get you better opportunities after graduation. Electrical engineers tend to earn between N1.2 to N3.6 million per annum.

6. Computer Science

Computer science has proven to be one of the highest-paying courses over the years. This field is useful for every sector, even personally — the knowledge you get from it can shape how you handle tasks. You can be a software developer, data analyst, or anything concerning computational principles. You can specialise in artificial intelligence, numerical analysis, programming languages and database systems. The benefits of the course are enormous; you can work in technological companies and financial institutions and even create your own startup. In this digital age, computer scientists will continue to be relevant. Computer scientists earn N900,000 to N1.8 million per annum.

7. Estate Management

If you are interested in real estate, this course is for you. It will equip you to understand the legal use of land and how to manage and develop it. The real estate industry thrives very well in Nigeria; individuals, companies, and corporations hire estate experts to manage or sell their properties. You can be an adviser and investor in estate development. The average yearly earnings for a smart estate manager are around N1.2 million.

8. Petroleum Engineering

As a Nigerian, you should know petroleum is a very lucrative business. This course will enable you to understand every hydrocarbon-related activity, such as crude oil, gas, and other properties. In this sector, the salary structure is very encouraging; you can work for national and international companies. The growing need for energy has placed petroleum engineering as one of the most important and highest-paying courses in Nigeria. You can work as a drilling engineer, reservoir and production engineer. You can earn between N2.4 to N12 million per annum as a petroleum engineer.

Rivers State Governor, Siminalayi Fubara, has described as very unfortunate the fire incident caused by a tanker conveying premium motor spirit otherwise known as petrol which burnt motorists and commuters beyond recognition and destroyed several vehicles on Friday night.

The incident occurred between the Indorama Petro-Chemical Company Gate and the Aleto Bridge on the popular and ever busy Eleme section of the East-West Road now undergoing major reconstruction by the Federal Government.

The governor expressed sadness at the gory sights that he saw when he visited the scene of the incident, accompanied by the State Commissioner of Police, Olatunji Disu, and the State Commissioner for Energy and Natural Resources, Uchechukwu Nwafor, on Saturday morning.

This was contained in a statement issued by the Chief Press Secretary to the Governor, Nelson Chukwudi, and sent to newsmen.

The governor also spoke about the tanker inferno that had become a sad episode in the State with over 120 vehicles razed and about five lives lost, describing it as “great tragedy”.

“It is a very sad day in our dear State. Something happened in Eleme, along the route of Indorama Petrochemical and Fertiliser Company Limited. A tanker had an issue with a tipper, and there was an unfortunate situation that caused the State a very devastating loss.

“I went there this morning to see for myself what happened, and I can tell you, I’ve not been happy since then. With all the dramas in our State, it is not even proper for us to add that to it. 

“But it wasn’t our fault. It was just what impatience caused. The tanker driver, knowing the state of that road, was not patient, and it resulted in that colossal loss. Over 120 vehicles were completely burnt, and five lives were lost. It was very unfortunate.”

Governor Fubara spoke at the country home of Sir Celestine Omehia in Ubima community, Ikwerre Local Government Area of Rivers State on Saturday.

Earlier, Fubara explained that he got a call from the Managing Director of Indorama Petrochemical and Fertilizer Company Limited in Eleme Local Government Area, informing him of the incident.

At the news of the incident, the governor said he immediately routed a call to the security agencies and instructed that they visit the scene to take charge of the security of the area to avoid escalation of the situation.

Governor Fubara stated, “We are here to see for ourselves and get first-hand information of the incident of what happened yesterday night.

“About 7.30 – 8pm, we got information of the gravity of the incident. I was told that it was caused by a tanker vehicle that was conveying Premium Motor Spirit.

“In fact, I got the information through the MD of Indorama, and I immediately alerted the security agencies to make sure they take control of the security situation in the area.

“And from what we are seeing this morning, it was not a pleasant case. We recorded a huge number of vehicles destroyed and lives lost.”

The governor explained that he had already requested the relevant government agencies to provide him a detailed account of their findings to enable the State Government to take appropriate decisions and actions to significantly remedy the situation and reduce the negative effects on the affected people.

“I have already asked the relevant agencies to give us a full brief so that we can come into the situation fully by seeing to how much we can support the families that are bereaved, and also cushion the effect of the losses, which I believe, is no fault of a good number of them.

“We all know the situation of this road. It is really unfortunate. Most of our people, when plying this road, should ply it with caution.

“I believe very strongly that this situation would have been avoidable, if the motorists had behaved properly. But it is late already. The damage has happened. This is the situation we have found ourselves in. We will see how we can control the aftermath,” he added.

Confirming the incident, the spokesperson for the State Police Command, Grace Iringe-Koko, in a statement said four bodies, including that of a pregnant woman were seen at the scene of the inferno.

The statement read, “At approximately 8:30 p.m. on Friday, April 26, 2024, the Rivers State Police Command received a distress call regarding a fire incident along East-West Road near Indorama Gate, Eleme, caused by a tanker explosion. Immediate action was taken by contacting the fire department and mobilizing operatives to the scene.

“Upon arrival, a joint operation of the Police and Firefighters successfully extinguished the fire by 10:30pm. However, over 70 cars were engulfed, and several individuals were trapped. Efforts led to the rescue of many, though the total casualties are yet to be determined.

“Regrettably, four individuals, including a pregnant woman, have been confirmed dead, and those injured are receiving treatment at nearby hospitals.”

When contacted, the Sector Commander, Federal Road Safety Corps, Rivers State Command, Christopher Kuje. Corroborated the casualty figure by the police, saying the charred remains were bagged and taken to the Military Hospital in Port Harcourt.

Kuje added, “We counted four bodies that were burnt beyond recognition. So, we use body bags to carry them to the Military Hospital. The vehicles we counted that got burnt were 60.”

An eyewitness who gave his name as Precious, said, “Some people were running when the fire caught them and they died,” he explained, even as he blamed the tragedy on the reconstruction of the road which, according to him, had worsened the gridlock.

“Yes, they are working the road, which is good, but they should also create access. Not the way they are doing it. One they should be fast about it and secondly the contractor should know that vehicles are using the road. Otherwise, this would not have happened. It is unfortunate,” he added.

A Federal High Court in Kano State on Saturday restrained the acclaimed executive members of the All Progressives Congress (APC) of Ganduje Ward from suspending the party’s national chairman, Abdullahi Ganduje.

The court, presided by Justice A. M Liman ordered the restraint pending the hearing and determination of a suit filed by Ganduje for enforcement of his fundamental rights. 

Respondents in the suit include Basiru Nuhu Isah, the Nigeria Police Force, the Commissioner of Police in Kano, Inspector General of Police and the Department of State Service (DSS). 

A faction of the APC in Ganduje ward, Dawakin Tofa local government area had announced the suspension of Ganduje, citing allegations of corruption and bribery during his eight-year tenure as Governor.

Ganduje approached the court through his counsel, Hadiza Ahmed, seeking the enforcement of his fundamental rights to fair hearing and freedom of association.

The lawyer buttressed his submission pursuant to the Enforcement and Procedure Rules, 2009, as subsumed under Section 46 of the Constitution of Federal Republic of Nigeria, 1999 as amended.

Justice Liman gave the order after hearing of an ex parte application moved by the lawyer.

The judge also directed all the parties in the suit to maintain status quo before the purported emergency meeting of the said executive members of APC Ganduje Ward, and to stay all action in respect of the matter, pending the hearing and determination of motion on notice. 

Justice Liman said: “All the respondents, their servants, agents or privies are hereby restrained from implementing and or given effect to the purported decision reached during the purported Emergency Meeting of the alleged Executive Members of APC Ganduje Ward, on the 20 April, 2024, pending the hearing and determination of the substantive application for the enforcement of fundamental rights of the Applicant.”

A foundation member of the All Progressives Congress, APC, Mr Osita Okechukwu has stated that leaders of the Peoples Democratic Party, PDP, should blame themselves for the party’s woes.

He spoke while responding to former Senate President and Chairman of the Board of Trustees (BoT) of the main opposition Peoples Democratic Party, (PDP), Senator Adolphus Wabara.

The PDP BoT Chairman had vowed that any attempt by the ruling APC to turn Nigeria into a one-party state would be vigorously resisted. 

Wabara’s statement is coming as a former Governor of Imo State, Rt. Hon. Emeka Ihedioha, Minister of State for the Federal Capital Territory (FCT), Chief Chuka Odom, and myriads of others resigned their membership of the PDP.

However, Okechukwu, in a statement made available to DAILY POST on Sunday, stated that the blame game dished out to the APC by “Senator Wabara and Co who dug the grave of the PDP is misplaced in all materials particular”.

He maintained that “as long as the nemesis of Wabara and Co’s deliberate crass breach of presidential rotation convention between north and south, albeit PDP’s Constitution; Obi’s Labour Party, Kwankwaso’s NNPP and Wike’s Masquerade are alive and breathing, with open arms admitting defector-exits from PDP, there is no valid fear of one party state in Nigeria.”

Okechukwu maintained that the blame game from the BoT Chairman is no solution provider, “therefore PDP should earnestly introspect on how best to pick the pieces of the party that is dangerously sinking.”

He said that “instead of careful introspection of its bleeding ailments and how to fix Obi and Kwankwaso’s exit and its troubled Wike’s Masquerade, plus imbibing the best tenets of internal democracy devoid of breach of the zoning convention, extant laws, planlessness and squandermania, the PDP most times arrogantly hauled unnecessary blame game on the APC.

“My understanding from our elder statesman’s vituperation is that PDP may not even recover in August after the ward, LGA, and State congresses and national convention, when they failed ab initio to embark on careful introspection to examine the root causes of Obi and Kwankwaso’s exit, especially Wike’s Masquerade which led a party that boasted of 60 years uninterrupted reign to woeful failure in 2023 presidential election.

“Truly PDP needs soul searching to make amends, rather than sweeping its troubled faction under the carpet.”

A 26-year-old Ebonyi State lady, Chinaza Nwaezere, battling goitre (thyroid enlargement) decided to go into sex work to raise the money for her surgery after two failed businesses in Enugu State. She tells how life has been for her caring for her sick father and six younger siblings with the proceeds from the ‘business’ and why she wants to quit

Where are you from?

My name is Chinaza Nwaezere. I am 26 years old. I am from Abakiliki Local Government Area in Ebonyi State.

Did you go to school?

No, I did not finish secondary school. In fact, I stopped in JSS 1. I could not further my education because it was the period my mother died, and she was the breadwinner of the family.

What year was this?

This was in 2014.

Where is your dad?

My dad is alive, but my mother was the one taking care of the family.

How has life been since your mother’s passing?

Hmm… Life has been hard since she passed, especially as my dad is not really doing his work as a father. Everything is left for me and my siblings to hustle to make ends meet. We are just trying to survive.

When you said your father is not doing enough as a father, what did you mean?

My father is not capable of taking care of us.

Is he sick? 

Yes, he is sick. He has been sick for many years, long before my mother’s demise. He has a heart condition, and because of that, he doesn’t do any hard work. He is just always at home because the doctors were very clear when they told him that he must avoid anything that would be classified as hard work. So, it has been me and my siblings struggling for the family.

We came together and gathered some money and opened a foodstuff business for him. That is what he does in Enugu. Although the business is very small and barely makes any profit, at least, my father can come out, interact with people, and make some sales so he will not just be lonely at home. He has been doing this business for a few years.

How many siblings do you have?

We are eight children. I am the second child. I have seven other siblings. Our last child should be around 11 years or so and he is still in school.

You mentioned you have an elder sister; where is she?

She is in Enugu. She is married with kids. She is a fashion designer. The burden of taking care of the family falls squarely on both our shoulders. My dad particularly relies on me so much and I have to do anything I have to do to provide, and all this was part of the reason I started sex work. My dad believed that, even if my siblings would not be able to give him any money for upkeep, I should be able to give him. We are really close.

How have you been able to live up to this responsibility?

Hmmm… It has not been easy. I was into food business. I sold food by the roadside in Enugu, but the business was not going as planned. It was not yielding much profit because the weight of the entire family was on it. It was from that business I took care of seven of my siblings and my father as well. The business collapsed before it even started. I also tried to do baking but it was not profitable to me. The money I was getting was not enough to take care of myself and my family.

It was around that period of my confusion that I was introduced to the ‘hustle’. I started hustling.

What do you mean by ‘hustling’? 

I started hookup (sex work) in Enugu but had to relocate to Asaba, Delta State. I didn’t work for up to one week before I relocated to Asaba.

Why?

It was someone who told me to move to Asaba. She said the business there would be more profitable than Enugu. I also wasn’t feeling okay there, because that is where my family is based. I was staying with my dad and had to lie to him every night and I didn’t like it. I had to just decide to either stop it and return to poverty or move to Asaba and make some money.

I had to lie to my dad that I had a job in Asaba. He was so happy. He told me to kneel and he prayed for me before I left. He doesn’t really know what I am doing there.

What year exactly did you move to Asaba?

I moved in January 2024. I have only been in Asaba for four months.

How much have you made in four months?

The thing is that it is not every day I normally go out for this kind of stuff. There is also an issue of police clampdown. They are everywhere here, disturbing us. I had to stop for a while because of the police palaver. They are really disturbing girls here. I was squatting with a friend of mine here but she drove me out of the house, saying that she couldn’t accommodate me if I was not bringing money into the house for some basic things. I became homeless for a while before I got to the place where I am squatting now. I pay N11,000 here every week.

In a month, I may hustle for just two weeks. The money that I get, I will try to save. The money that they are paying me here is not even big.

How much do you charge for your services?

I can tell a man that a night with me is N30,000. They will beat it down to around N10,000. If it is okay by me, I will go with the man.

What is the highest that you have been paid in a night?

The highest? I don’t know. If it is someone that I have looked at from afar and weighed his pocket, I can demand N50,000 or N40,000, and they may beat it down to N30,000 which is my regular charge. But, it is not that simple.

At what point did you notice that you had goitre?

It started developing in my body in 2022. I just woke up and noticed I had a swelling. I thought it was just neck pain or sore throat. I went to a pharmacy and got medication for a case of sore throat. But, it kept growing bigger. I carried it for the entire year and even into 2023. It was in 2023 that the pain became unbearable as the swelling got really bigger. It has been weighing me down. This is the major thing that made me say I must take it out.

It is really disturbing me. It is giving me reactions in my body.

Have you gone to the hospital?

Yes, I have. I did that in 2023. When I got there, the nurses said I would have to see the doctor. That day, I was unable to see the doctor because the crowd was too large. I had to leave. It was the University of Nigeria Teaching Hospital, Enugu. But, the thing normally itches me on my skin. Sometimes, it will itch me and I will have to scratch my body even in public. It makes me so uncomfortable. It has also made me develop a difficulty in breathing.

How have you managed to do your sex work in this condition?

It is not really an easy thing for me. Most times, people don’t know I am sick. If I come out at night for my work, some guys will see me and ask me what happened to my eyeballs. My eyeballs are almost popping out of their sockets because of this goitre. If I tell them, they will just give me some money and go and carry someone else. But, some of them may not look at me very well and they will carry me. When I get to the hotel room, the pain in my neck will be much but I have no choice.

Once I lie down with it to start the job, I always feel excruciating pain, but I just deal with it. I brace up and focus on the money I am going to be paid, knowing that, once I gather enough money, I will stop the work. I have just been managing because nobody will feed me.

Sometimes, when the guys in the hotel room notice that I have a swollen neck, they will ask me what the problem is and they’d just give me some money and not touch me. Most of them are afraid that I may have some disease that they may contract. Some are also scared to touch me so I don’t die in their eyes.

How much did the doctors say it will cost to treat you?

Before I relocated to Asaba this January, I went to a private clinic in Enugu, and the doctor, after many tests, said it was a surgery that I required and that it would cost N700,000. This was earlier in the year, and I don’t know if this has increased. I also went to the hospital two days ago to see a doctor and he has done some scans on my neck, and gave me some medication to be taking while waiting for the test results. They said it will go on Monday, they will tell us the next thing to do.

Are your family members aware that this is the kind of work you do to bring in money for their upkeep?

My father and younger siblings are not aware. My elder sister is aware. She has not told me directly that she knows but I know she does. She is a lady, she knows ‘what’s up’. She knows I don’t have any job I am doing so there is no way I will be bringing in money if it is not through sex work. There are some things she tells me that make me really sad.

What do you want Nigerians to do in this matter?

God really knows my heart that this is not what I wish to do with my life. I want to become healthy and go back to my food business and baking. There is no day that I don’t use to pray for God to forgive me and send my destiny helper for me. God finally did it for me when I met this content creator, Comicmiss2, who interviewed me and published it on her Facebook page.

I remember that one prophet came to me when I was waiting for a customer one day and told me that if I didn’t stop this work, I would die untimely from it. I told him that I would not die because God knows it is not my wish or intention to do this work. This is why when most guys carry me, after giving me the money, they will take it and run away.

Are you promising that if the surgery is done, you will not go back to the streets again?

I am promising the whole world that once the surgery is done and I come out, I will quit prostitution. I have even quit since my story went viral and donations started pouring in. There is no gain in this business. No gain at all. I know many girls who have lost their lives on this job.

Doesn’t it scare you sometimes that you may end up dead like one of these girls you speak of?

It does, but what do I do? Life itself is a risk. I have had many bad experiences myself but I am glad I have not lost my life. Some men will carry me, and when I get to the hotel room, they will have sex with me and beat me up after that. Some will even beat me during intercourse because it is the way they enjoy it. Or, is the ones that will sleep with me and still do me fake transfer? More than once, guys have carried me and done fake transfers for me after everything.

One time, one guy carried me and paid me N25,000. While I was sleeping, he opened my purse and stole the money. So, he slept with me and still stole from me. Some will even beat you and collect the money back. Where do I even start? The street is a mixed breed. You will meet good people and bad people. Some people will just give me money and leave the hotel room for me. They will not even touch me.

Most of the girls doing this sex work have stories to tell. None of them likes what they are doing. They have killed many many girls on these streets. Many have gone missing, but God is still keeping me alive. God knows I want to stop it. I would not want my children to go into this business. It is not a good thing. “Hook-up” is not a good thing. Many people are doing it for a reason. I know how many times I have escaped kidnappers and ritualists.

Can you remember any particular incident?

No, I cannot. I don’t want to talk about that.

What advice do you have for people who feel ‘hook-up’ is the only answer?

I pray that God should have mercy on them. There is no life in this business. There is no gain at all. The best option is to quit. The money got from ‘hook-up’ is not good money; it disappears mysteriously. Whatever money they have made from the business, they should use it to do something for themselves. For how long do they want to continue doing it before they settle down? By that time, no man will even talk to you about marriage.

So, that means you still dream of a day when a man would propose marriage to you?

Of course, yes. Yes! I want to get married like other ladies outside there. Most girls get married on these streets. Most prostitutes get their husbands here. Good men! But, I won’t get my own husband from the streets. I want a god-fearing man. I have left ‘hook-up’ totally and god will give me my own good man.

POOR turnout, non-arrival, late arrival of electoral officers and materials marred the conduct of the local government elections in Oyo State on Saturday. 

In particular, the tale of poor turnout and late arrival of electoral officers was similar across many voting units.

Across many polling units, electoral officers did not arrive before 9 a.m.

When Sunday Tribune arrived at some polling units, between 1 p.m. and 2 p.m., electoral officers were largely idle as voters barely showed up for the exercise.

In Ward 12, Unit 16, Ibadan South East Local Government Area, 17 voters out of 613 registered showed up; at Unit 35, Ward 12 of the same local government, 23 out of 520 eligible voters showed up.

At Open Space, Ward 12, Unit 5 of Ibadan South East, 31 out of 355 registered voters had come as of 1.35 p.m., while at Unit 14, Ward 9, 12 out of 358 voters turned up. 

In Ibadan South West Local Government Area, at Unit 14, Ward 9, 12 out of 358 voters came out to cast their ballots; at Unit 29, Ward 9, 35 out of a total of 846 voters showed up to exercise their franchise. 

In the same vein, voters who had turned up at some voting units waited in vain as electoral officers failed to show up.

In Ibadan South East Local Government Area, voters registered in Unit 14 and 15 in Ward 12 as well as in Unit 15 in Ward 9 waited in vain for electoral officials who failed to arrive.

The story was the same in Unit 47, Ward 9 in Ibadan South West Local Government Area; as well as in some units across the 11 wards in Saki area of the state, where voters waited long hours for electoral officials to arrive.

Meanwhile, security agents were visible at most of the polling units visited by the Sunday Tribune, while party agents of the All Progressives Congress (APC) and Peoples Democratic Party (PDP) were the only ones present at most polling units.

The agent of the New Nigeria Peoples Party (NNPP) was seen only at one unit out of the units visited.

The Oyo State Independent Electoral Commission (OYSIEC) on Saturday night stated that announcement of results would commence on Sunday at 9 a.m.

APC alleges irregularities

In its assessment of the conduct of the poll, the APC has called for cancellation of the exercise after it described the poll as a sham that is capable of bringing the state to disrepute.

The party called on the OYSIEC to cancel the exercise and reschedule it for another day when it is ready to conduct a free, fair and credible poll.

The APC alleged that cases of non-availability of election officials, disenfranchisement of eligible voters, shortage of voting materials, violence and threat to life marred the poll, adding that the electoral commission appeared helpless to rescue the situation even as voters waited endlessly in most of the affected places.

In a statement issued on Saturday by its Publicity Secretary, Olawale Sadare, Oyo APC disclosed that it would still reject the outcome of the poll even if the electoral commission declares all APC candidates as winners because the poll falls below the minimum global standard of election conduct.

“The best thing is for the commission to suspend the exercise and choose another date for a proper conduct rather than continue to connive with a few anti-democratic elements in the ruling PDP to perpetrate electoral fraud and desecration of democracy in the land,” APC said.

“In the 10 local government councils of Oke-Ogun, the official result sheets known as Form EC8A were withheld by OYSIEC’s electoral officers while political thugs were unleashed on some members of the opposition who asked questions in places like Kajola, Olorunsogo, Itesiwaju, Ibarapa East, Lagelu, Ido, Oyo East, Atiba, Oluyole among others. The chairman of our party in Ibarapa East, Mr Segun Ojediran, was violently attacked by the PDP thugs in Eruwa and he is now receiving treatment in a private hospital.

Meanwhile, Chairman, Oyo State Independent Electoral Commission, (OYSIEC), Isiaka Olagunju, has expressed satisfaction with how the local government election is being conducted in the state.

This is as he said complaints about late arrival of election materials at some polling units had been addressed.

Olagunju gave this assessment at the commission’s headquarters, Agodi, Ibadan, after monitoring the exercise in parts of the state.

Olagunju said: “I am very glad everywhere is calm and there is no violence. We have addressed all concerns about late arrival of election materials at some polling stations.”

Also speaking on the monitoring exercise, the Commissioner of Police in Oyo State, Mr Adebola Hamzat, said the collaborative efforts of security agencies is evidenced by the peaceful election.

He said skirmishes in some parts of the state were being addressed.

“We have deployed enough security personnel, our people would see them everywhere. There is no cause for alarm, so far so good.”

In a related development, Oyo State governor, Seyi Makinde, has commended citizens of the state for turning out to vote during the Saturday election.

The governor also rated the conduct of the election high, stating that the poll compared favourably with elections conducted by the Independent National Electoral Commission (INEC).

The governor made these statements after casting his vote at Unit 1, Ward 011, Abayomi Open Space, Iwo Road, Ibadan North East LGA of Oyo State.

While addressing journalists after exercising his franchise, Governor Makinde said: “For us in Oyo State, it is almost like a given that democracy at the grassroots is what we practise. This is almost our fifth year in office and we are holding local government election for the second time. 

“Before we came in, it had always been caretaker administration at the grassroots without the people having a say in who should govern them.

“You can see around also that the people are going about, performing the exercise peacefully and the traffic restriction is being obeyed by the people. So, I will commend our people for coming out to take democracy seriously at that level.”

The governor, who noted that the security report about the election had been excellent, said those who observed any untoward development should report the same to the security agencies.

The chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has commenced the restructuring of the anti-graft agency.

Olukoyede appointed Mr. Michael Nzekwe as his Chief of Staff.

He also appointed zonal directors for each of the 14 zonal commands of the commission. 

A statement on the EFCC’s website said Nzekwe is a top-notch investigator, lawyer and former commander of its Ilorin Zonal Command and is a course-one officer of the commission.

The statement reads: “He has served in various departments in the Commission, including Legal and Prosecution Department, Department of Operations (now Department of Investigations), Department of Internal Affairs (now Department of Ethics and Integrity), Servicom, and Asset Forfeiture Department.

“A seasoned administrator, he has attended several trainings and courses home and abroad, including the Advance Defence Intelligence Officers Course organised by the Defence Intelligence Agency, DIA. The appointment takes immediate effect and he has assumed duties.

“Olukoyede, in his restructuring and repositioning of the EFCC, equally upgraded all the Zonal Commands of the Commission to the status of Departments, with each of them headed by a Director. To this effect, 14 new directors have been appointed to head each of the Zonal Commands. Additionally, to bolster and fortify the security architecture of the Commission, the Security Unit of the EFCC has been upgraded to a department with a seasoned officer appointed as Director, Security and Chief Security Officer.

“A new department has also been created in the Executive Chairman’s office and it is headed by former Makurdi Zonal Commander of the EFCC, Mr. Friday Ebelo, who also doubles as Director and Coordinator, Special Duties, at the corporate headquarters of the Commission. The former Department of Internal Affairs has been renamed Department of Ethics and Integrity and minor reshuffling effected in some departments at the headquarters.

“An important component of the restructuring is the creation of a new department to drive the preventive mandate of the EFCC. Olukoyede, in an unprecedented move, created the Fraud Risk Assessment and Control Department to handle this all-important work of the Commission. The department has commenced operations and its impact will be felt more across the country in a short while.

“Olukoyede says that the ongoing restructuring is meant for the repositioning and strengthening of the EFCC to deliver on its assigned mandate optimally.”

In a not-too-subtle competition for influence, Titilola and Ngozi, the two wives of the Osun State Governor, Ademola Adeleke, locked horns, each claiming to be the First Lady of the state.

Titilola, reputed to be the governor’s first wife, proudly bears the traditional title of Yeye Soludero of Ila Orangun in Osun State. She was honoured with the NET Ambassador award in 2023.

The governor’s other wife, Ngozi, from Dimorji Obokwe Mbieri in Imo State, was named the Face of Adire by former president Olusegun Obasanjo. She also recently received the United Nations Peace Ambassador award.

On April 22, 2024, two viral photos of the posters bearing the photos of the wives of the governor welcoming Nigeria’s First Lady, Oluremi Tinubu, to the state went viral on social media.

Senator Tinubu was billed to be in Osogbo, the state capital, the next day for the inauguration of the Alternative High School for Girls at Oke D.O, Ilesha Road.

The inscription on the poster bearing Ngozi’s photo read, “Welcome to the State of Living Spring. Experience the beauty of Osun State’s landscape,” and was signed off with her name as First Lady of the state.

In a separate poster, Titilola also welcomed Mrs Tinubu to the “Official turning of the sod ceremony of the Alternative High School for Girls at Oke D.O, Ilesha Road, Osogbo” signed off as First Lady of the state.

Checks by our correspondent showed that Ngozi and Titilola have the title “First Lady” clearly written on their X (formerly Twitter) bios, with the former conspicuously including the title in her X name.

Netizens differ

As the two fliers by Adeleke’s wives went viral, many social media users described the situation as confusing, while others lauded the First Lady title taken by both women.

A Facebook user, Anthony Alfred, wrote, “There’s nothing like first ladies in one family. The first wife is the first lady and the second wife is the second lady like that till the 700th lady or more. Moreover, when a man marries more than one wife, the office of the First Lady should be scrapped because of limited state resources.

Another Facebook user, OgoAdulawo, wrote, “Traditionally. In Yoruba culture, it is customary for the first wife to hold a position of authority over the other wives. As a result, the first wife is recognised as the foremost lady of Osun State, unless the governor intentionally designates a different individual for the title.

“It is worth noting that this cultural practice is deeply rooted within the social fabric of the Yoruba people and has been upheld for generations. Thus, it is important to acknowledge and respect this tradition’s significance and impact on the Yoruba culture.”

On his part, another netizen, Sirajudeen Abdulazeez, noted that the issue of a governor having more than one wife had never been an issue, so the two fliers inviting Senator Tinubu was not a problem.

“If the governor has more than one as is common with most sane African men then they are all first ladies. This has never been an issue in the country.

“Most northern governors have more than one wife and it has never generated any controversy. Besides, the Osun people are not complaining. Let’s do responsible and issue-based journalism. The women have not said they are fighting or competing. They are both first ladies.”

But another X user, Aderemi Bukola, said there were no constitutional provisions for the office of the first lady, so any political office holder could have as many first ladies as possible.

“One is only good to prevent confusion and scandals,” Bukola.

Flier bearing Ngozi’s photo fake – Gov’s aide

Following the controversy that greeted the two fliers, Governor Ademola Adeleke, through his spokesman, Mallam Olawale Rasheed, disowned the flier which purportedly came from the office of Mrs Ngozi.

Rasheed, in a statement on Monday (April 22, 2024), explained that Titilola was the First Lady, and would be the one to receive Tinubu’s wife during the visit.

He said, “The attention of Mr Governor has been drawn to fake news in circulation about conflict over who among the governor’s two wives is to host the First Lady of Nigeria, Senator Oluremi Tinubu, on her official visit to the state tomorrow (Tuesday, April 23, 2024)

“For clarification, Chief (Mrs) Titilola Adeleke, the First Lady of Osun, is officially hosting the First Lady of the republic tomorrow in line with the directive of Mr Governor; there is no confusion on this official position.”

The governor’s aide further stated that the mastermind of the fake flier had been arrested.

“The flier circulating purportedly from the office of Erelu Ngozi Adeleke, the wife of the state governor, is fake news and the person behind it was nabbed and questioned last night.

“The said flier was never authorised by Erelu Ngozi Adeleke. The material was manufactured and shared by elements who wanted to sow discord and create an atmosphere of confusion,” he added.

Mrs Tinubu, Ooni recognise Osun ‘first ladies’ 

But the President’s wife, while speaking at the event, recognised the governor’s wives as first ladies.

“Let me also reiterate that Osun State was chosen as the location for this school through a transparent and unbiased raffle draw process at a strategic meeting with the state first ladies. So, rest assured that the siting of this school here in Osogbo, emanated from a fair process and it is a divinely guided one,” Mrs Tinubu said.

In his remarks, the Ooni of Ife, Oba Enitan Ogunwusi, also acknowledged the role played by the governor’s wives in being a driving force behind the government.

“We will wait for you (Tinubu) over and over again for us to give you that honour. It’s very obvious that you are a unifier in this country; we can see all our first ladies behind our powerful political leaders, they are all sitting here, very gentle and amiable, they are the driving force behind all these political leaders that we are,” the monarch stated.

 Adeleke’s wives not alone

Findings by Sunday PUNCH revealed that several state governors, aside from Adeleke, have more than one wife, but some of whom jointly lay claim to the title of the First Lady.

Kebbi State Governor, Nasir Idris, is married to two wives, Zainab and Nafisa, who not only jointly run the office of the First Lady of the state, but also oversee two separate non-governmental agencies.

The Katsina State Governor, Dikko Radda, has two wives, Zulaihat and Fatima. Zulaihat is reputed to be the state’s First Lady while Fatima has the term, “Wife of the Executive Governor” written on her official Instagram and X profiles.

However, our correspondent sighted several pages and videos on different websites where the title of “First Lady” was used for the governor’s second wife, Fatima.

Gombe State Governor, Muhammad Yahaya, also has two wives – Asmau and Amina. Only Asmau is known as the official First Lady of the state.

Also included is the Bauchi State Governor, Bala Mohammed, who is married to Aishatu and Mariana. His first wife is officially recognised as the state’s First Lady.

Conversely, the Kano State Governor, Abba Yusuf, who has two wives – Mariam and Zainab –stated that his wives “will not be part of the governance” and has not recognised either of them as First Lady.

An X user, MS Ingawa, who claimed to have personally met Radda’s two wives, wrote, “It’s actually funny for people to waste their energy on (an) office with no constitutional mandate to the extent that we measure the governor’s competence or ability based on the selection of the First Lady.

“The office is at the discretion of the elected governor who may choose to officially recognise it or not. Recognised or not, the wife (wives) of the governor will play almost (the) same role. 

Ingawa said there had been governors in Nigeria whose wives were not known to the public.

“Some have more than one and nobody cares to know about them or even fight for the office on their behalf. It’s different in Katsina because all the two wives have a media presence. People tend to discuss more about what they see every day.”

Speaking with Sunday PUNCH, a lawyer, Segun Oladejo, explained that the title had no constitutional backing but had been merely recognised due to its usage over the years.

“The office of the First Lady of the federation or the state doesn’t enjoy constitutional favour. It became recognised as a result of continuous and long usage by different administrations over the years.

“Coming on the stride of anti-corruption in 2015, (Former president, Muhammadu) Buhari, stated that he won’t have the office because it’s not recognised but we all know what became of it as Aisha used it to the fullest. There can only be one person occupying the office,” Oladejo said.

The Central Bank of Nigeria has said it is all out to tackle rising inflation in Nigeria.

The acting director of the Banking Supervision Department of CBN, Dr Adetona Adedeji, disclosed this on Friday on the bank’s second episode of the talk podcast on its YouTube page.

He affirmed the bank’s decision to prioritise combating inflation over tackling rising unemployment rates.

During his talk, Adedeji emphasised that the Central Bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas.

“The ultimate objective is for us to combat inflation. That is what the central bank is doing today. Whatever it takes to fight inflation, we are going to do that. It may have some impact in some areas.

“We can’t fight two things at the same time. There will be trade-offs. If you are fighting inflation, you can’t fight unemployment simultaneously. Even if you fight unemployment, it cannot reach the desired level. So, you have to choose either to fight inflation or unemployment. These two are macroeconomic objectives that are very critical to the development of the economy.

“But we are saying if we are talking of economic growth, it is because the economy is still relevant and available, which is why you are talking of economic growth. But if you look at an economy hit by inflation, you will not even talk of economic growth.

“So, it is essential that we concentrate and fight inflation. By bringing inflation down, we start talking of economic growth,” he said.

Meanwhile, despite the CBN consistently raising interest rates, which stood at 24.75 per cent in March, the country’s inflation increased to 33.20 per cent in the same month.