The President Bola Ahmed Tinubu Government of Nigeria received an additional N3.8 trillion in Ways and Means Borrowing from the Central Bank of Nigeria in the last six months of 2023.

According to Nairametrics, this is the provisional data published in the latest Statistics bulletin for the fourth quarter of 2023, which the central bank recently released.

The CBN’s provision data showed that the total figure rose from N4.4 trillion at the end of June 2023, meaning that the cumulative Ways and Means balances due by the government now stand at N8.2 trillion as of December 2023.

The figure contradicts claims by the Minister of Finance, Wale Edun, that Tinubu’s government has yet to borrow from CBN.

Edun said this when he spoke with journalists at the recently held Spring Meetings of the IMF and World Bank in Washington DC, United States.

Meanwhile, the Total Ways and Means balance as of May 2023, when the Tinubu administration took over, was N26.95 trillion.

However, the balances were securitized as part of the federal government’s domestic debt profile.

Further analysis showed that at the end of June 2023, it was N4.36 trillion, indicating that the prior month’s balances may have been moved to the Debt Management Office, the custodial of the country’s debt record.

However, from July 2023, the balances increased monthly to N4.5 trillion in July, then N5.1 trillion in August, crossing the N5.1 trillion mark for the first time.

By September, the total was N6.4 trillion, representing the largest monthly additional borrowing with about N1.3 trillion.

It climbed to N7.2 trillion in October before rising marginally to N7.6 trillion in November.

At the end of the year, in December, the total hit N8.21 trillion, suggesting that Ways and Means increased by 88 per cent in 6 months.

The National Parent- Teacher Association of Nigeria (NPTAN) has expressed support for the Minister of Education, Professor Tahir Mamman’s recent pronouncement to peg the tertiary education admission age limit in Nigeria to 18 years instead of the current 16 years.

The national president of NPTAN, Alhaji Haruna Danjuma, expressed his backing on this on Wednesday during an exclusive interview with Nigerian Tribune.

He, however, urged the Federal Government to co-opt the three major examining bodies in the country, the West African Examinations Council (WAEC), the Joint Admissions and Matriculation Board (JAMB), and the National Examination Council (NECO) to make the proposal a policy that would work effectively.

He said the three examination bodies have significant roles to play on the matter.

He said parents, who rush their children’s education are mostly the rich and the educated ones, who can afford to send their children to private schools which usually admit underaged children without considering their emotional maturity.

Danjuma explained that for the minister of education to have aired his view again about the 18 years age limit for tertiary education admission is a way of reminding parents of the risk to rushing their children’s education.

He said the Federal Government should in that case, compel WAEC, NECO and JAMB to henceforth register only students, who are in the appropriate class and have attained the ages required for the examinations they are conducting.

He said, based on the national policy on education, each examination targets certain students at a specific level of education.

He said, for example, “NECO and the state government examination boards which conduct common entrance examinations into Federal Government colleges and other secondary schools for primary six pupils as applicable should no longer register pupils below 11 years and they must not be in terminal class and likewise, WAEC and NECO should not also register students who are below 17 years or in SSS3 class for the senior school exams.

Similarly, he suggested further that JAMB should not also register/allow students below 17 years to sit for its Unified Tertiary Matriculation Examination (UTME).

He pointed out that children need to be six-year-old to start primary school education and spend another six years before going to secondary school, where they will spend additional six years to reach age 18 to become fully matured to go to tertiary institutions where they are expected to live independently.

While noting that all these examining bodies usually request for ages of candidates during registration, Danjuma wondered why such a request should be a mere request rather than to be a gatekeeper to block underaged registration.

He said once the underaged were not able to scale through those stages of examinations right from primary, secondary and then to the UTME level, it would be difficult for them to secure admission into universities, be it public or private.

He added that JAMB as a clearing house for university admissions in the country for example had greater opportunity to block any underaged from sitting for its examination or issuing an admission letter.

He said the money these various examination bodies are making from their candidates through registration could be largely responsible for them not to bother to block the underaged sitting for their examinations.

He said the supply of candidates’ National Identity Numbers (NINs) as part of their registration alone is enough to aid the implementation successfully.

Danjuma, therefore, emphasised that the bulk of the work is more on the hands of the government and the various examining bodies and lesser on the parents.

He stressed that it is the government and its agencies that will implement such policy and not the parents.

He, therefore, urged the Minister of Education, Professor Tahir Mamman, to without delay work the talk by tabling the matter with appropriate quarters to make it become a national policy and not a mere political statement.

Meanwhile, the Committee of Vice Chancellors of Nigerian Universities (CVCNUs) says it can’t react on the matter now.

The secretary general of the committee, Professor Yakubu Ochefu, gave this position on Tuesday in an exclusive interview with Nigerian Tribune when he was asked for the committee’s reaction to the subject.

He said: “The committee has not discussed this matter you raised.

“There is no official communication from the ministry of education yet; when there is, we shall review it and make an appropriate response.”

The Naira has slumped seven times in recent days against the US dollar at the foreign exchange.

FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1309.88 per Dollar on Thursday from N1308.52 on Wednesday.

This represents a N1.36 loss on a day-to-day basis.

At the parallel market section, the Naira dropped between N1,300 and N1,370 on Thursday from between N1,250 and 1,300 the previous day.

In the last four days, Naira has recorded depreciation against the Dollar in the FX market.

Last week, the Naira dropped three times against the Dollar in the foreign exchange market.

Accordingly, the Naira had lost N237.14 since April 17, 2024 when it traded at N1,072.74 per Dollar at the FX market.

The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.

This is the third recent intervention for BDCs amid the bank’s effort to defend the Naira.

BDC operators blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the dollar in the foreign exchange market.

Telecommunications operators in the country including MTN Nigeria and Globacom have asked for Federal Government approval through the Nigerian Communications Commission to raise their tariff.

The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year.

The telcos’ proposal to raise their tariff came barely 24 hours after MultiChoice, a South African pay television company raised its tariff. Several companies including Discos and brewing companies have also raised their prices in recent times.

On Thursday, the telcos, under the aegis of the Association of Licensed Telecom Companies of Nigeria and the Association of Telecom Companies of Nigeria, issued a joint statement asking the government to expedite the approval.

The two bodies in their statement explained, “Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last 11 years, primarily due to regulatory constraints.

“For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.”

The associations called on the federal government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.

The telecom industry appears to be among a few sectors that have yet to review their prices despite the rising inflation in the country amid other economic challenges. They blamed this on the regulatory restraints that have been preventing them from pricing appropriately.

Efforts to reach the commission’s Director of Public Affairs, Reuben Mouka, on whether the request will be considered proved abortive as of press time on Thursday. There were no responses to calls, WhatsApp messages, and text messages sent to his line.

The NCC regulates prices in the telecom industry, and telecom operators are not allowed to implement any price changes without the regulator’s approval. The regulator has said a cost-based study is being conducted to determine if it would approve price increments for the operators.

The Chairman, Association of Licensed Telecoms Operators of Nigeria, Gbenga Adebayo, said in a publication on Thursday that cost reflective tariff was non-negotiable.

“We have seen the impact of price control in other segments of the economy, like power. If providers cannot operate sustainable business models, then they’ll stop investing. When that happens, the existing infrastructure starts to crumble.

“For power, a consumer can choose to take ownership of the solution by buying a generator, or a solar panel. For fuel, the government can step in as a provider of the last resort and manage a subsidy regime that mitigates the impact on the population. Those options are not available in the telecoms sector. There is no self-help solution,” he explained.

The industry has faced significant increases in operational costs occasioned by the scarcity of foreign exchange, network expansion, and upgrades, which have also negatively affected the bottom lines of the operators.

Investment in the sector has also dwindled to $134m in 2023 from $456.8m in the previous year, a decline of $322m, according to the National Bureau of Statistics.

The decline represented a decrease of approximately 70.5 per cent.

MTN Nigeria Plc has disclosed a substantial loss of N740.4bn for the fiscal year 2023, a notable surge from the N81.8bn loss reported in 2022, marking an alarming 804 per cent increase, equivalent to N658.6bn.

This drastic financial setback is primarily attributed to the effects of the foreign exchange market liberalisation that commenced in June of the previous year.

MTN clarified that it applied an official exchange rate of N907.11 per dollar, based on NAFEM (Nigerian Autonomous Foreign Exchange Market), as of December 31, 2023.

This implies that the reported loss might escalate further if the prevailing exchange rate between the naira and dollar remains unchanged by the end of March, coinciding with the publication of its Q1 results.

Meanwhile, Airtel Africa reported a 99.6 per cent decline in its post-tax profit to $2m at the end of the nine months ended December 2023 from $523m at the end of the same period in 2022.

The key driver behind these losses was the liberalization of the forex market in June 2023, which led to a 96.7 per cent devaluation of the naira from N461 per dollar in December 2022 to N907.1 per dollar by the end of 2023, MTN disclosed in its audited financial results for 2023.

Telcos threaten
Speaking with The PUNCH, the President of Telecommunications Companies of Nigeria, Tony Izuagbe, explained that telcos are running at a loss and may not survive this year should tariffs remain the same.

Izuagbe warned that if urgent action is not taken, many telecom operators may be forced to shut down operations, leaving millions of Nigerians without access to vital communication services.

He emphasised that the current tariff regime is insufficient to cover the costs of providing services, and urged regulatory bodies to address the industry’s challenges and support operators in maintaining the quality of service.

The current price of diesel, ranging from N1300 to N1500 per litre, has placed a substantial financial burden on operators, who consume an average of 2000 to 3000 litres per month per base station, Izuagbe analysed.

In 2023, telecommunication companies spent about N429.43bn on diesel for base stations, an increase of 34.57 per cent from the N319.11bn they spent in 2022. This is because diesel prices soared in 2022 and remained at an elevated level in 2023.

In 2022, the telecoms industry noted, “The telecommunications industry has been heavily financially impacted following Nigeria’s economic recession in 2020 and the effect of the ongoing Ukraine/Russia crisis. This has increased energy costs, (which constitutes an appreciable 35 per cent of ALTON’s members’ operating expenses).” 

Telcos use an average of 40 million litres of diesel per month to power telecom sites.

ATCON President expounded, “We all know the challenges of inflation, which is affecting operators. Let’s take a typical diesel price, for example, which is sold at N1500 per litre or even N1300. On average, a typical base station would use about 2000–3000 litres in a month.”

Analysing further, he stated, “The cost per gigabyte of data in Nigeria is about N250. By the time you look at the expenses incurred in maintaining a base station, you will discover that revenue will not be enough to cover them.

“This excludes colocation and infrastructure services. By the time they mark up their charges, the operators will also be suffering.”

He revealed that many operators were already cutting back on infrastructure investments to mitigate losses and warned that if drastic measures are not taken, many may not survive the year.

Izuagbe acknowledged that the NCC has been working to address some of the challenges facing the industry, but emphasized that more needs to be done to ensure the survival of telecom operators.

He described the situation as a “chicken and egg scenario,” where it is difficult to improve the quality of service when operators are struggling to survive.

He urged the NCC to take further action to address the challenges facing the industry, including the issue of compensation for damaged infrastructure, to ensure that telecom operators can provide the quality of service that Nigerians deserve.

A commission official, speaking anonymously due to the sensitive nature of the issue, conveyed that the operators were left with no choice but to seek a tariff review approval from the commission. However, such approval might not be granted due to the prevailing high cost of living.

The official said, “Telecommunications cannot do anything without the commission’s permission. There can’t be any increment in cost without regulatory approval. That is what the law says. They can only keep agitating. The telecommunications sector is unlike other sectors that can increase their prices at any time without notice or recourse.”

Subscribers, economists back telcos

Subscribers and economists who spoke with The PUNCH backed the move by telecom operators to increase tariffs to stay afloat.

As of March 2024, industry statistics obtained from the NCC website showed that there are at least 219 million subscribers.
The President of the National Association of Telecommunications Subscribers, Adeolu Ogunbanjo, called for a marginal increase in tariff prices.

According to Ogunbanjo, the increase is necessary to help operators offset the rising cost of operations, including the purchase of equipment in dollars, which has been affected by the fluctuating exchange rate, and the removal of fuel subsidies, which has led to an increase in the price of diesel used to power base stations.

The NATCOM president acknowledged that telecom companies were facing significant challenges, including the need to improve services, deploy infrastructure, and power their base stations.

He noted that a slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure.

A slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure, Ogunbanjo pinpointed.

“A slight increase will not be bad so as not to suffocate the operators. They need to improve services, they need to deploy infrastructure, and it will be difficult if the situation doesn’t improve. They have to continue to power their base stations. Recently, they had issues with the undersea cable. All these issues have compounded their woes,” he buttressed.

Professor of Economics at Olabisi Onabanjo University, Sheriffdeen Tella, told The PUNCH that the move was long overdue.
The cost of operation for telecom operators has increased significantly, making it difficult for them to sustain their businesses, the academic stated.

“When I see the cost of sending text messages, I discover that they haven’t increased their charges. Generally, the cost of operation has increased, and it’s the government that is supposed to reduce the cost of energy, the interest rate, and all those indicators.

“So, since the government is not doing that, they cannot stop them. So there is a need for the government to review its policies. The need to intervene generally in the economy,” he elaborated.

Tella also highlighted the need for subscribers to adjust to the new reality and understand that operators cannot continue to operate at a loss.

He warned that if the situation is not addressed, more companies may be forced to leave the market, which would have negative consequences for the economy.

An economist, Aliyu Ilias, stated, “The move is justifiable, and the telcos and the NCC have been doing well. The way they have even approached the situation is commendable.

“The environment they operate in is not different from the environment others are operating in. It is a tight move, but the government needs to work with them to know the percentage they intend to increase the tariff,” Ilias argued.

A United Kingdom-based Nigerian man, Olubunmi Abodunde, has beaten his wife, Taiwo, to death with their son’s skateboard, Daily Mail reports.

The couple, who had three children, arrived in the UK from Nigeria in 2022 and always clashed over alleged affairs and arguments about bills.

According to the news platform, 48-year-old Abodunde had been repeatedly investigated by Suffolk Police about domestic violence and was due to go on trial for murder but changed his plea to guilty on Wednesday after a jury had been sworn in.

During the abuse, officers heard ‘a number of bangs’ inside the house, which Abodunde had gone into, despite bail conditions imposed the day before that banned him from the property following another violent episode.

When they finally entered 25 minutes later, they found the wife, 41-year-old Taiwo, with her ‘skull smashed in’.

However, Judge Martyn Levett, sitting at Ipswich Crown Court, warned him the only possible sentence was life imprisonment.

Suffolk Constabulary has referred itself to the Independent Office of Police Conduct, which confirmed three officers were under investigation.

An IOPC spokesman said, “We advised two Suffolk officers that they are under investigation for potential breaches of the police standards of professional behaviour at the level of gross misconduct.

“We advised another officer that they are under investigation at the level of misconduct.”

Abodunde had a history of jealousy and suspicion and accused his wife of having affairs. He had been investigated by police a number of times over alleged domestic violence incidents before his wife’s death.

He was arrested on April 27 last year when police arrived at the couple’s home in Newmarket, Suffolk, and found Mrs Abodunde with a split lip.

Later that day, he was freed on police bail with the condition that he stayed away from the marital home and didn’t approach his wife.

But after working a night shift at Tesco, he went home just after 9 am to allegedly pick up his mobile phone.

Two officers arrived at 9.20 am to take a statement from Mrs Abodunde about the previous night’s incident and heard repeated banging noises inside.

But it wasn’t until 9.55 am that they forced their way in after getting approval from senior officers and found Mrs Abodunde ‘obviously dead’ near the front door.

A post-mortem examination later showed she had been throttled until she fell unconscious, then stamped on until her ribs were broken before her husband used the skateboard to finish her off. The blows were so violent that the skateboard was damaged.

Prosecutor Simon Spence KC told the court the banging officers heard was likely to have been Abodunde continuing to attack his wife after she was unconscious or dead.

Mrs Abodunde had a job as a care home assistant in Cambridge, but her husband, who had trained as a civil engineer, was unable to find work in his profession and took shifts at Tesco and Wickes.

After his arrest for the murder, Abodunde was taken to hospital “because he appeared to have some sort of mental episode”.

He later claimed in a police statement he had acted in self-defence, saying, “My wife has subjected me to physical abuse for a number of years.

“On November 28, we got into an argument. She ran at me with a knife, I grabbed the knife and cut my hand. I was defending myself.”

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But the court heard while he did have an injury to his hand, there wasn’t a knife near his wife’s body.

Nneka Akudolu KC, defending, said the level of violence was ‘completely out of character’ for her client and might have been affected by medication he was taking. But she said no medical evidence would be provided to support this claim.

Detective Inspector Dan Connick, of Suffolk Police, said after the hearing, “This was an awful attack on a woman that has had a lasting impact on the community and, most importantly, on the victim’s family.

‘We are pleased that Taiwo’s family will no longer have to go through the pain of a trial.

‘Our thoughts remain with Taiwo’s family and friends and hope this result will bring some small comfort to them.’

Taiwo Abodunde worked for Cambridge Manor Care Home, which provides dementia care and residential and respite care.

A spokesman for the facility, which is owned by TLC Care, said: ‘We are all deeply shaken and upset by the tragic death of Taiwo, who was a much-loved member of our home community.

‘Our thoughts and deepest condolences are with her family. Taiwo always cared for those we support with compassion and kindness, and she will be greatly missed by all of us and our residents.’

Abodunde was remanded in custody and will be sentenced on May 9.

A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe.

According to data compiled by the business news platform, the refinery has more capacity than many European ones.

The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day.

The report sighted by our correspondent on Thursday stated that this is over 246,00bpd capacity, more than Shell’s Pernis Refinery, which is located in the Netherlands.

It added that the Pernis Refinery, which has an installed capacity of 404,000bpd, is the biggest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.

Bloomberg also reported that the GOI Energy ISAB Refinery in Italy was built with a refining capacity of 360,000bpd.

Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.

Others listed in the report were the Orlen Plock Refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro Refinery in Germany with 310,000 capacity; and the ExxonMobil Anterwep Refinery in Belgium with 307,000 capacity.

It added that the Saras Sarroch Refinery in Italy had 300,000 capacity; the ExxonMobil Fawley in England had 270,000bpd capacity.

The Bloomberg report described the Dangote Refinery as a ‘game changer’ and said it was taking advantage of cheaper US oil imports for as much as a third of its feedstock as it started up.

According to analysts, the refinery has been shipping products in recent weeks while readying two units to enable petrol output, which will deliver a long-promised transformation of the fuel market in Nigeria and the region.

“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” an oil expert, Alan Gelder, told Bloomberg.

According to the average estimate of analysts at WoodMac, FGE, and Citac, the refinery is running at about 300,000 barrels a day, nearly half its nameplate capacity.

The complex has started shipping jet fuel, diesel, and naphtha as it widens to a full slate of products.

Reuters recently reported that the Dangote oil refinery could end a decades-long petrol trade from Europe to Africa, worth $17 billion a year.

Reuters, quoting analysts and traders, said the Dangote refinery was heaping pressure on European refineries already at risk of closure from heightened competition, adding that the refinery would be the largest in Africa and Europe when it reaches full capacity.

About a third of Europe’s 1.33mbpd average petrol exports in 2023 went to West Africa, a bigger chunk than any other region, with most of those exports ending up in Nigeria, Reuters said, quoting Kpler data.

Dangote Refinery has begun selling diesel into the Nigerian market, crashing the pump price from N1,600 to N940 in less than a month.

IT is beginning to look as if cars are now built to last a life-time. Surprisingly, such cars are not even from established brands that you might be thinking of.

Ordinarily, most people would think that such cars are made in Germany, Britain, America, Japan or Korea. But they are wrong.

The cars that are giving world renowned automakers sleepless nights are from China.

Have you imagined that a car built in China could offer 10 years or 1,000,000 kilometer warranty? Or that  a car could float on water in case of emergency? This is the new bar that the Chinese automakers are setting.

Leading this new technology exploits are the Jetour and BYD companies and other Chinese makers are gearing up to surpass the competition in no time.

For instance, the new Jetour T2 Sport Utility Vehicle is offering 10 years/one million kilometer warranty and a host of new technologies that could make renown automobile makers look like learners. This five seater  SUV comes with array of features that are not common in its segment, thereby giving other traditional brands serious concern for worry. Roof rails, bulging wheel arches, striking tailgate and high-tech light signature, stand the SUV out.

Measuring about 4.78 meters long which is slightly shorter than the Hyundai Santa Fe, the Jetour T2 comes with imposing front end with its large grille, LED headlights and lower guards.

The T2’s clean cabin comes with 15.6-inch HD central screen as well as 10.25-inch instrumentation and a centre console that houses the gear selector and driving profiles. Ventilate and panoramic roof with snapdragon 8155 chip and 12-speaker Sony audio completes the luxury feelings in the T2.

Power is at your control with the 2.0 Turbo petrol engine which delivers 254 PS and 390Nm of peak torque. This engine is linked to a seven-speed DCT dual-clutch automatic gear and six generation BorgWarner all-wheel drive system.

Features such as remote parking, lane assist, 360 camera, adaptive cruise control with traffic jam guidance, fatigue detector, blind spot monitoring and automatic braking, are standard features of Jetour T2.

Another shocker from the Chinese automaker is the BYD Yangwang U8 SUV which delivers unrivalled off-road prowess and can be driven off-land too. It can float like a boat in flood even when the water gets up to the window level.

BYD revealed that the upcoming U8 Premium Edition was designed to withstand extreme weather conditions, including flash floods. If you’re ever caught in a flood, the SUV will elevate its suspension, turn off its engine (more on that in a bit), switch its HVAC system to re-circulation mode and seal its windows so that it can remain afloat up to 30 minutes, according to CarScoops. The vehicle can do more than just float, though. It can also drive forward at speeds of up to 1.8 mph. You’ll be able to maneuver around objects if necessary, too.

Water readiness is far from the U8’s only attractive feature. The full-size SUV is being pitched as a Chinese alternative to the ultra-chic Mercedes-Benz G-Wagon and Range Rover. Its unique hybrid power train, the U8 is an extended-range EV (EREV), which means it pairs a four-motor electric power train with a 2.0-liter turbocharged four-cylinder engine that acts as a range extender. BYD says the setup produces 1,200 hp and has a range of 621 miles.

BYD isn’t the first company to think about making a land-based electric ride that can travel through water. Elon Musk has had the same idea for the Cybertruck. Last year, the company’s CEO posted on X, then known as Twitter, that the eagerly anticipated EV would be able to “serve briefly as a boat.” We’ve yet to see the finished Cybertruck—the examples that have rolled off the line have only been production candidates—so it remains to be seen if the ability will be available.

The opposition Labour Party, LP, and Peoples Democratic Party, PDP, yesterday, expressed shock over how the United States 2023 Country Reports on Human Rights Practices arrived at its conclusion that the 2023 polls reflected the will of Nigerians, despite widespread irregularities.

However, the All Progressives Congress, APC, and the Presidency hailed the report but said the party did not need external validation of its victories at the polls. 

The report published by the Bureau of Democracy, Human Rights, and Labour, US Department of State, highlighted human rights practices and violations in different countries, including Nigeria. 

It said the last general elections in Nigeria reflected the will of the populace, despite widespread irregularities. 

Picking holes in the conclusion, LP and PDP said they are committed to deepening democracy in Nigeria and averting a one-party state.

The report stated that supporters of the All Progressives Congress, APC, suppressed votes in Igbo-dominated areas during the March 2023 governorship election in Lagos.

“National elections were widely reported to have reflected the will of voters, despite technical and logistical difficulties, and some irregularities.

“Many independent observers who assessed the results of the presidential, legislative, and state-level elections during the year reflected the will of voters despite reports of voter suppression and vote-buying, campaigning at polling stations, lack of ballot secrecy, violence, and intimidation. 

“During the March 18 state election in Lagos, All Progressives Congress (APC) supporters reportedly intimidated and suppressed voters in Igbo-dominated areas, which Labour Party Presidential Candidate, Peter Obi, won in the February 25 national election.

“Viral videos on social media showed APC supporters in Ojo (LGA in Lagos) threatening to attack ethnic Igbo voters presumed to be pro-Obi.

“In Eti-Osa, APC supporters also attacked journalists and, in some cases, shut down voting and prevented non-Yoruba voters from accessing polls. They similarly destroyed property and physically blocked voters in Amuwo-Odofin.

“According to videos posted on social media, police officers were present but failed to respond to attacks,’’ the report read.

It said there was no evidence that individuals who perpetrated violence in Lagos during the election were arrested or prosecuted.

The report also stated that the Nigerian government has not “consistently” implemented anti-corruption laws.

It said there was “widespread” corruption across the country, including the judiciary.

“In August, President Tinubu appointed former Governor Abubakar Bagudu, the Minister of Budget, despite Bagudu’s widely reported history of helping then-President Sani Abacha steal hundreds of millions of dollars from the government in the 1990s,’’ the report stated.

However, the two main opposition political parties, the PDP and the LP, in reaction to the report, restated their commitment to the development of democracy in Nigeria, despite its shortcomings.

National Publicity Secretary of the PDP, Debo Ologunagba, in a telephone chat with newsmen said: “I am yet to read the report but one thing we, as a party, can assure Nigerians is that we remain committed to the advancement of democracy in our country.

“We are also committed to ensuring that our country does not become a one-party state or slide into dictatorship.”

Speaking in a similar vein, his counterpart in the Labour Party, Obiora Ifoh, said: “With all said and done, we take solace in the fact that the report was fair enough to admit that there were irregularities, including but not limited to vote buying, ballot box snatching, intimidation and physical attacks on our party supporters, especially in Lagos.

“The report was magnanimous enough to note that supporters of the All Progressives Congress, APC, suppressed votes in areas dominated by our supporters during the March 2023 governorship election in Lagos.

“To say the outcome of such an election reflects the majority view of Nigerians is left for the people to judge. Our commitment to the development of democracy in Nigeria remains unshakable.”

On its part, the ruling APC said while it welcomed the report, it does not need any external validation in that regard.

Deputy National Organizing Secretary of the party, Nze Chidi Duru, told Vanguard that the party had since moved on, concentrating on developing Nigeria’s electoral democracy.

He said: “It (report) is a welcome development but I want to restate that we do not need any external validation on the outcome of the 2023 general election.

‘’That election, as far as the party is concerned and as far as the people of Nigeria are concerned, is now behind us and we are looking forward to the 2027 general election.

“All the infrastructure of government at all levels, whether it is at the federal, state, local government or ward level, are already in place. Our councillors, National Assembly members and governors have been elected and are in place.
‘’Where there are issues arising from that election, those elections have been contested at the courts and we know that the courts have heard and given their well-considered ruling. So, we have gone beyond that.

“We also believe improvement, development and change are constant things and then as a government, we will continue to encourage and fund INEC in a way that empowers them to be able to further improve the electoral process in Nigeria.

“As we continue to march on the path of democracy, we hope to continue to conduct elections that would reflect the will of Nigerians.

“So, in a nutshell, as much as this is welcome, we do not need any external validation. Elections have been conducted and those elected have assumed offices and where there are disputes, they were taken to courts and the issues have been resolved.”

Speaking in like manner, the Presidency through the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said INEC “conducted a free and fair election.’’

He noted that there is nowhere in the world the electoral umpire conducted a 100 per cent error-free election.

His words: “INEC conducted a free and fair election. We don’t need any foreign country to validate or make our election free and fair.

“The report doesn’t require any validation. As far as we are concerned, it was a free and fair election. We (the All Progressives Congress) won the election.”

The presidential aide also debunked the allegation of voter suppression in Lagos State.

The digital lending landscape in Nigeria has witnessed significant growth, with an array of licensed loan app companies offering credit facilities to both individuals and businesses.

These companies, licensed by the Central Bank of Nigeria (CBN), play a crucial role in providing financial services to the informal sector.

The Limited Interim Regulatory Framework and Guidelines for Digital Lending, spearheaded by the FCCPC, have led to the registration and approval of over 260 digital lenders that meet the required standards. However, it’s noteworthy that only a fraction of these lenders are licensed by the CBN, subjecting them to stringent guidelines and ethical practices in loan recovery.

Here are 16 CBN-licensed loan app companies actively operating in Nigeria’s digital lending space:

1. Fast Credit Limited (FCL): Offers investment and loan products to individuals and SMEs, including micro and nano loans via its mobile app and USSD service.
2. Baines Credit Microfinance Bank Limited: Provides quick digital loans and salary advances for various sectors, including salary earners and MSMEs.
3. Greenbond Finance Company Limited: Facilitates instant loan services through its app Apply 24/7, offering salary advances and asset finance without collateral or guarantor requirements.
4. Ekondo Microfinance Bank: Focuses on credit facilities tailored for clients in the South-South region, offering civil servant loans, salary advances, and fast cash.
5. Accion Microfinance Bank: Offers personal and business loans, including a School Fees Loan for easy payment facilitation.
6. Newedge Finance Limited: Provides instant loan services through multiple apps such as Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash.
7. Shepherd Trust Microfinance Bank: Offers savings, investment, and loan products to MSMEs, with individual loans available to qualifying salary earners.
8. Firmus Microfinance Bank: Provides financial services to individuals and SMEs, offering various loans through its mobile app, including personal, house, school, and car loans.
9. Cashbridge Microfinance Bank: Offers business loans, school fees loans, and home loans, among others, designed to fulfill customers’ financial goals.
10. Zedvance Finance Limited: Provides instant collateral-free loans through its MoneyPal App, tailored to customers’ specific needs.
11. Credit Direct Limited: Focuses on quick turnaround loans with minimal documentation and efficient processes, emphasizing customer service.
12. FairMoney: Processes instant loans of up to one million naira, along with banking services, for individuals and businesses.
13. Branch International Financial Services: Offers personalized loan offers through its mobile app, with loan eligibility determined using smartphone data.
14. Carbon Finance and Investments Limited: Provides a range of financial services, including personal and business loans, payments, credit scoring, savings, and investments.
15. Renmoney Microfinance Bank: Grants personal and micro-business loans ranging from N50,000 to N6 million, alongside savings and banking services.
16. Links Microfinance Bank: Provides a one-stop approach to banking services, including savings, loans, and investments through its Sofri mobile app.

The federal government has directed the Nigerian Civil Aviation Authority (NCAA) to conduct a thorough audit of all domestic airlines operating in the country.

This was made known on Thursday by the Minister of Aviation and Aerospace Development, Festus Keyamo, who emphasized the need to ensure the safety of passengers.

Fortunately, no casualty was recorded in the incident, which happened on Tuesday, 23rd April.

Against the backdrop of the incident, Keyamo said during an appearance on Channels TV that in addition to suspending Dana Airlines and conducting an audit of the airline, all other airlines in the country will undergo audits to ensure the safety of passengers and the sustainability of the civil aviation sector.

FAAN Reopens Lagos Airport Runway After Dana Air Incident

The Federal Airports Authority of Nigeria (FAAN) has officially declared the reopening of runway 18L/36R at Murtala Muhammed Airport in Lagos.

Naija News understands that the runway was temporarily closed earlier on Tuesday following a Dana Air plane skidding off it.

A press release signed by FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah, on Wednesday, stated that the runway is now safe for operation following a joint inspection by the FAAN Operations Division and the Nigerian Airspace Management Agency.

FAAN also recognized the need for extensive cleaning efforts in the muddy area affected by the overshoot to ensure safety is restored.