Boko Haram plans To Infiltrate Nationwide Protest — Police

The Police Command in Yobe, says the Boko Haram insurgents have planned to infiltrate the planned nationwide protest in the state.

The spokesman of the Command, DSP Dungus Abdulkarim, stated this in a statement on Saturday in Yobe.

He said intelligence received by the command indicated that foreign mercenaries were engaged to destroy lives and property at the protest.

Abdulkarim therefore called on individuals planning to participate in the protest to exercise caution.

“As Yobe state recovers from insurgency, the Commissioner of Police, CP Garba Ahmed, acknowledges citizens’ constitutional rights to peaceful assembly.

“While we alert citizens to sinister motives, even peaceful protests at this time may be ill-timed.

“Recent insurgency activities in Gujba LGA, including an improvised Explosive Device (IED) explosion, have raised concerns.

“We are unprepared to face additional security challenges,” he said, and warned that criminals trying to hide under the protest to destabilise the state would face the wrath of the law.

According to Abdulkarim, for a hitch-free protest, the protesters are required to indicate proposed protest routes and assembly points.

The spokesman said they should also state expected duration of the protest, names and contact details of leaders and organizers and measures to prevent hijacking by criminal elements.

“By providing this information, we can deploy adequate personnel and resources; designate specific routes and areas, establish clear communication channels, and minimise the risk of violence, property damage, or criminal activity.

“We encourage protesters to cooperate with the Police, obey the law, and adhere to global best practices for peaceful assembly.

“We are committed to working with all to promote peaceful expression and maintain public order”. 

Senators, Reps, Politicians Flee Abroad Ahead Hunger Protest

 

Ahead of the planned nationwide protests slated for August 1, senators, members of the House of Representatives and some members of the Federal Executive Council (FEC) are temporarily moving abroad under the guise of medical checkup and summer holidays.

The Senate and the House of Representatives, last Tuesday, hurriedly shutdown the two chambers of the National Assembly, to enable members process their visas and beat the August 1 deadline for the nationwide protests.

Some senators and members of the House of Representatives, who spoke to Daily Sun in confidence, said they were worried that if the organisers go ahead and commence the nationwide rage, members of the National Assembly would be their first victims.

They recalled how in 2020, many of them were attacked in their constituencies and their properties were vandalised by the raging protesters.

A senator who spoke to Daily Sun, said ministers, governors and other presidential aides were usually protected by the security agents, but expressed worry that lawmakers were usually left to protect themselves.

He said as lawmakers, Nigerians have unfettered access to them whenever they want, explaining that such an arrangement puts their lives in danger, especially during a major uprising.

The lawmaker recalled how protesters attacked the National Parliament in Kenya during a recent nationwide protest and torched lawmakers, while the president and other cabinet members were protected by the security agents.

“We were supposed to adjourn for our annual break next week. But we had a meeting where many lawmakers complained to the leadership of the National Assembly about the imminent threats to their lives if the protests are eventually held. We begged them to bring back the adjournment date. They listened to us.

“Lawmakers who cannot afford the needed security are leaving until the madness calms down. Some of us are not going to Europe or America. Some of our colleagues are even in Ghana and South Africa. You know for holders of the diplomatic passports, it is often visa on arrival.

“As I’m talking to you, I’ve secured my ticket and I’m leaving Abuja this weekend. President Bola Tinubu is protected. All his ministers have enough security. Governors enjoy the same. I don’t have anyone to protect me if the protesters should attack. It is safer to leave until things calm down,” he told Daily Sun.

A travel agent, who works at the Nnamdi Azikiwe International Airport, Abuja, told Daily Sun that she has secured emergency tickets for many members of the National Assembly in the last one week, who are traveling to Europe, the Middle East and other African countries.

The travel agent explained that a visit to the the various international airports in the country would confirm her claims. She said the high demands for international flight tickets has significantly increased the cost, almost double of the original price.

“Summer tickets have gone up because of the sudden demand for them by the government’s officials. Many senators and their colleagues in the House of Representatives are the ones asking for the tickets. Some ministers are also getting tickets, claiming that they’re going for medical checkup, but I doubt it.

“I booked flight for one senator on Saturday to the United States of America for almost $3,000 for a return ticket. South Africa and the United Kingdom are the most sort after tickets by lawmakers. Others are asking for tickets to Turkey, Egypt and Saudi Arabia. Even Ghana is also on the list.

“But one of them jokingly told me that he’s leaving Nigeria to save his head. He said he’s not sure how the protests will turn out. I could see the fears in his eyes. I got a ticket to Turkey for him,” she revealed.

Hardship: NigerDelta Youths Vow To Protest, Occupy East-West Road

Niger Delta youths under the umbrella of Revamp Niger Delta Now Movement, RNDNM, have vowed to continue the August 1-10 protest, insisting that the various calls by politicians and traditional rulers to shun the organised national #EndbadGovernance protest in Nigeria has greeted their ears with deafness.

This came as the 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC) has called on the youths and entire people of the South-South, South-East, and South-West regions to shun the #EndBadGovernance protest because it allegedly has political undertone.

Also, the Ovie of Idjerhe Kingdom, King Obukowho Whiskey, Udurhie 1, has asked President Bola Tinubu to address concerns raised by the youths, just as he pleaded that the planned protest be shelved.

RNDNM in a statement in Yenagoa, Bayelsa State, weekend by the Convener, Ebideke Atuwo and Contact Manager, Doubra Sien, said the protest would be observed peacefully in Bayelsa State by the group, adding that they have fully mobilised a crowd, which would demonstrate peacefully to vent their anger over the current hardship experienced in country.

The In statement read: “The various calls by politicians and traditional rulers to shun the organised national #EndbadGovernance protest in Nigeria has greeted our ears with deafness.

“We wish to draw the attention of the public that the protest will be observed in Bayelsa State and fully mobilised by our group with crowd, which would demonstrate peacefully to vent their anger over the current hardship experienced in our beloved country.

“We have already begun the process and preparations are in top gear to occupy the East West Road and make it our temporal homes from August 1 to 10, 2024, until our demands are met.

“This is not about one group or another. It is about angry and hungry Nigerians, who are tired of the failed government policies. Protest is our right as enshrined in section 40 of the Nigerian Constitution (as amended). Nobody can take it away from us

“We have already submitted our protest letter to the Commissioner of Police in Bayelsa State and relevant authorities to avail us with the needed support for our peaceful protest.

Coordinator of the advocacy group, Izon Ebi, said, in a statement, yesterday: “The 21st CYNDAC has been a strong critic of the government in the past 15 years, and we say that this protest is politically motivated to set our nation ablaze.

“It is another democratic coup against the South-South by the so-called acclaimed owners of Nigeria, who feel it is their birth right to rule.

“We, therefore, use this opportunity to call on President Bola Tinubu to address the nation and call his appointees to order.

“We are forced to ask why they did not organise such protests during the last administration of former President Muhammadu Buhari, when killings and looting of the treasury were the order of the day.

“We are miffed with the sudden gang up to incite Nigerians against a president the last administration trapped to fail with its actions before handover.

“We witnessed the inability of Nigerians to withdraw money from their accounts and nobody said anything about protest.

“The current situation in our country affects everyone devoid of political, religious, and tribal affiliations. We, therefore, plead with the sponsors of the planned protest to give the government more time at least to the end of the year.”

The monarch, who is in USA for a summit in a message, pleaded for understanding among all.

According to him, “I am deeply worried that a mass protest at this critical time will not do our dear nation any good. Rather, it can lead to further national disorder.

“The hunger in the land and growing insecurity across regions should bother us all, and constructively looking inward will be a better option than resorting to wild protests.

“As a traditional ruler in this country, I know it is a constitutional right of every Nigerian, as enshrined in our constitution, to protest. I also know there is hunger, insecurity, and unemployment. But as a veteran journalist and media manager with over three decades of experience, the signals out there clearly indicate that another nationwide protest will plunge this nation into more economic mess and insecurity.

“As your father, I earnestly appeal to you all to shelve the planned protest in the interest of our nation.

“I call on our President, Tinubu to address the concerns raised by our youths. I plead with Mr. President and Nigerians to address the core issues of hunger and the deep disconnect that exists between ordinary Nigerians and the ruling class.

“We cannot afford another #ENDSARS unrest now, considering the current state of our nation. Our collective decision to work for sustainable peace by addressing growing insecurities should be our top national discourse.

Pace setting Fidelity Bank MD, Nneka Onyeali-Ikpe clocks 60

 

There is tremendous excitement in the air as the first female Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe clocked 60 years on Sunday July 28, given her outstanding performance in the nation’s financial services sector that had earned her respect amongst banks’ top CEOs.

Besides leading the bank to close the 2023 financial year with strong double-digit growth across key income and balance-sheet lines with profit before tax growing by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY, her proactive efforts also manifested when the bank opened its N127.10bn rights issue and public offer in June, becoming the first bank to go public following the recapitalisation directive of the Central Bank of Nigeria issued in March.

This wasn’t surprising to many industry watchers, as the virtuous woman and Champion Newspapers’ 2022 Banker of the Year, has consistently advocated that “women must work hard, invest in their personal development, constantly up-skill and gain deep knowledge of their industry, for them to break the ice in their careers” adding however that it is “extremely important that we create enabling environments for women to thrive and maximise their full potential.

At the public offer and rights issue facts behind the combined offer presentation at the Nigerian Exchange Limited, she explained that  the financial institution’s N127.10bn capital raising was to be considered as a pacesetter in the life of the banking industry capitalisation drive, revealing that Fidelity Bank has already started the process of raising additional capital ahead of CBN’s directive, “requiring the banks to raise a minimum capital base of N200bn for national banks and N500bn for banks with international operations like ours, amongst other capital requirements”.

Though the full report on the outcome of the bank’s public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share and rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share has not been fully made public, industry experts earlier predicted a highly successful exercise given the financial institution’s recent strong financial performance and with a client base of over 8 million customers.

Born in Anambra state on July 28, 1964, Nneka joined Fidelity Bank as an Executive Director in 2015 and was appointed Managing Director/CEO of the Bank in January 2021.

According to her citation, she is an alumnus of the prestigious University of Nigeria, Nsukka and Kings College, London where she holds a Bachelor of Law and Masters of Law respectively and has also attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others.

And with over 33 years of experience in investment banking, wealth management, Treasury Management, retail banking and corporate banking among others, Nneka is widely regarded as one of Africa’s leading CEOs with a reputation for “identifying talents, opportunities and executing complex business deals”.

For instance under her leadership, Fidelity Bank has been adjudged by many industry leading experts as the fastest growing bank in Nigeria while her deep understanding of complex businesses and markets has enabled the bank undertake large ticket transactions in financial advisory, structured and project finance in the real sectors as well as take advantage of opportunities in select high growth international markets where the Bank has a competitive advantage.

Significantly, she guided the bank to obtain the approval of the Central Bank of Nigeria, CBN, to expand its operations to the United Kingdom that culminated in Fidelity Bank’s acquisition of the 100 per cent equity in Union Bank UK, a subsidiary of the Union Bank of Nigeria.

Very passionate about innovation and embracing technology, Nneka towering achievements include her pioneering role in several innovative and pacesetting products such as the PayGate Plus, an online platform that enables businesses make and receive payments.

Married to Dr. Ken Onyeali-Ikpe, the workaholic has also radically repositioned the bank as the “go-to financial institution for Small and Medium Enterprises”.

Furthermore, apparently understanding the critical role of small businesses in the sustenance of economic growth and development, she led the bank to create the Fidelity International Trade & Creative Connect (FITCC) which is aimed at providing a touchpoint for exporters, regulators, subject matter experts and the market.

According to the records, the FITCC 2022 edition was attended by representatives of both the UK & the Nigerian Governments, Nigerian exporters, investors, regulators from the United Kingdom and Nigeria, the business community and other practitioners. The pipeline deals from the event was in excess of $200million. Also, over 2,000 people registered to attend the event and daily foot-fall was about 1,000.

Similarly, recall that second edition of the FITCC, held in Houston, Texas in the United States of America took place from the 24th to 25th of October, 2023 at the plush George R. Brown Convention Center, 1001 Avenida de las Americas. It was well attended too.

But in her bid to give back to the communities the Bank serves and as part of her efforts to combat the twin issues of poverty and hunger, Mrs Onyeali-Ikpe  launched a National Corporate Social Responsibility initiative tagged The Fidelity Food Bank which provides free food bags to people across Nigeria on a monthly basis.

A winner of several international and national awards including Officer of the Order of the Niger, OON, Nneka has been recognized by several local and international bodies for her giant strides and such high profile recognitions include: “The Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards; The Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards as well as Champion Newspapers’ 2022 Banker of the Year.

No doubt her impactful leadership and outstanding performance as CEO, had resulted in the bank bagging several laurels within and outside Nigeria some of which are: “Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards; Best Private Bank in Nigeria by The Financial Times in association with The Banker Magazine; Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria and The Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards amongst others.

Happy birthday to a pacesetter and accomplished banker.

Culled from Champion Newspaper Website

President Tinubu Gives His Concern About #EndBadGovernace

 

President Bola Tinubu says his administration is not afraid of protest over The current economic hardship in the country, but only worried about the damages it might cause.

According to reports that some persons are mobilising for nationwide protests slated for August 1 to August 10, 2024.

Speaking on Thursday during a meeting with traditional rulers led by the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, and the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, at the State House in Abuja, President Tinubu said the nation’s economy is on a gradual but steady path of recovery.

Tinubu said the plight of citizens remains a deep concern for him and will receive more attention.

LooThe President said: “Nigeria is on the path of recovery. We are not afraid of protests. Our concern is the ordinary people, and the damages that will be done.

“Till today, I cannot forget the brand new 60 and 100 seater buses, down there in Lagos that were burnt down, and we are now complaining of transportation. That is the problem.”

President Tinubu urged the royal fathers to reach out to citizens on the genuine intentions of the government to deliver on its promises of Renewed Hope.

“Now, we are sending money to the local governments. I addressed the governors today on that issue. I have been distributing fertilizer, rice, and other items to support the recovery of citizens.

“I assure you, Nigerians, we are looking at the light at the end of the tunnel. I can assure you, this economy will be revived, will survive, and prosper,” the President added.

In his remarks, the Sultan of Sokoto said: “I believe that this brief meeting will clear some issues that many people have in their minds. At our meeting on Monday, we had a very open discussion on all issues affecting the nation.

“We are the ones who will tell you the truth about what is happening in our various communities.”

The Ooni of Ife thanked the President for inviting the National Security Adviser, Nuhu Ribadu; the Minister of Finance and Coordinating of Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, and the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPLC), Mele Kyari, to brief the traditional rulers on the state of the economy.

No Cabal Controls Me, Says Tinubu, As He Unveils Social Welfare Plans

 

President Bola Tinubu says he does not owe any cabal compensation as he spent his fortune pursuing his presidential ambition during the last election.

The President, who received a delegation of Islamic leaders led by Sheikh Bala Lau, at the State House on Thursday, July 15, said his victory at the polls was purely by divine intervention.

The President dismissed claims that he is being controlled by some ‘’cabal’’ to make some of the economic reforms his administration embarks on.

“I have no cabal. I have no sponsors. The money I spent on the elections was my personal fortune. At some point, the odds were against me; banks were locked. But Allah, the Almighty God, said I will be the President. Mine is to now follow the leading and teaching of the Almighty God. One of the most potent elements of defence is a good conscience. It is also a defence against corruption.

What should be uppermost in our minds is the future of our children. We have a lot to teach them on what it takes to be a good citizen and what it takes to be a responsible citizen,’’ the President said

President Tinubu said protests fuelled by anger and hate, could degenerate into violence and set the country backwards.

“We are reworking the social welfare scheme to reach the ward level, which is the closest to our people. We are going to ensure that we re-establish connection with the wards, again, so that we can give allowances to the poor and the vulnerable.

The student loans will pay for school fees. There will be monetary support for the education of our children. The consumer credit will support citizens to buy cars and houses, and they can repay gradually. We have increased the minimum wage by more than 100 percent,’’ the President said.

Divert Public Funds And Go To Jail — AGF Warns Local Government Chairmen

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has warned local government council chairmen and councillors against diverting funds meant for their jurisdictions.

Speaking at an event in Abuja on Thursday, July 25, Fagbemi warned that anyone found wanting will be jailed.

Recall that the Supreme Court on Thursday morning, July 11, granted financial autonomy to the 774 local governments across the country.

The apex court in its pronouncement in a lawsuit filed by the Federal Government against the 36 state governments ordered the Federal Government to henceforth, pay allocation meant for the 774 local government directly to their respective accounts.

Fagbemi, who observed that local government chairmen may want to divert the funds amid state pressure, said: “Well, we have a situation on our hands, I know that it is still there; the conduct of elections is to be undertaken by the states.

But the distinction is this: don’t forget, the governors have immunity, the local government council chairmen or councillors, they have no immunity, so they have to choose between dealing with the funds of the local government as they like and risking going to jail. The choice is theirs (LG chairmen).

If they want to tamper with these funds and end up in jail, it is their choice. Or if they want to write their names in letters of gold, activities like construction or upgrading of roads must return to the local government. They don’t all have to come to Abuja.

If they stay at the local government, we will be able to reduce the level of insecurity that we have in Nigeria today. What obtains offshore is that the security agents are able to perform optimally because of information that comes to them from members of the public and usually it is from the grassroots.”

Reps Order Arrest Of Ecobank MD, Probes Oxford Group

 

The House of Representatives committee on Public Petitions has ordered that the Inspector General of Police should produce the Managing Director/Chief Executive Officer of Ecobank Plc, Jeremy Awori, during its sitting of September 17, 2024 to answer to charges of wrongful illegal and fraudulent operation of the personal account of one Grace Nwamina. Expressing dissatisfaction over the handling of the matter by the bank, the Chairman of the Committee, Mike Etaba, on Tuesday, July 23, 2024, directed that the managing director be brought in person so the matter can be resolved permanently. He noted that the police report on the case indicted the bank on several grounds and it is only the MD that can guarantee its resolution.

In a related development, the committee has ordered a full scale probe of a certain Oxford group of companies accused of allegedly defrauding innocent Nigerians who fall for their call for investment gimmicks. Narrating the ordeal of over 500 unsuspecting investors who have been allegedly defrauded, Olamilekan Akinduro on behalf of the aggrieved investors, lamented that well-advertised public offers of juicy investment portfolios by Oxford International Group which most Nigerians fell for since 2021 has turned out to be a scam as the company could not meet up with the promised investments after several years of turning investors around.

He informed the house that the Executive Chairman of the group who used to be known as Teni Adesanya has surreptitiously changed his name to Babatunde Adesanya. Most of the investors had invested over fifty million each without a trace of their investments. Sensing a wide spread scam of innocent Nigerians, committee chairman Etaba ordered that Securities and Exchange Commission, Corporate Affairs Commission and relevant law enforcement agencies be involved in the investigation. The matter will be heard again on September 18.

Reacting to the allegations, Segun Akinloye, Counsel to the Oxford Group said his client was paying people on daily basis but pointed out that the matter was sub judice hence he couldn’t speak much on it.

List Of Locations For #EndBadGovernanceInNigeria Protest

Omoyele Sowore, the convener of the #RevolutionNow movement, has announced the locations of protest coordinators across Nigeria for the upcoming #EndBadGovernanceInNigeria demonstration.

The event aims to bring attention to the country’s governance issues.

According to Sowore, a former presidential candidate, the protest will take place in 35 states nationwide.

He also invited Nigerians who wish to participate in the campaign to add their towns or cities if they are not already listed.

According to the activist, the designated locations for the protest in Lagos are Ikorodu, Lagos Island, Lekki/Ajah axis, Badagry, Ikeja and Epe.

For Kano State, the location is Kano city; Bauchi State – locations are Azare and Bauchi town. Enugu State – locations are Enugu city and the university town of Nsukka; Jigawa State – locations are Dutse and Kazaure; Ekiti State – locations are Ado-Ekiti and Ikere-Ekiti; Cross River State – location is Calabar.

For the Federal Capital Territory (FCT) – locations are Gwags and Central Business District; Imo State – Owerri; Abia State – Aba and Umuahia; Anambra State – Awka and Onitsha; Ebonyi State – Abakaliki; Akwa Ibom State – Uyo; Kaduna State – Kaduna town and Zaria; Kwara State – Ilorin and Offa; Borno State – Biu and Maiduguri; Edo State – Benin and Auchi.

Bayelsa State – Brass and Yenagoa; Yobe State – Damaturu; Zamfara State – Gusau and Kaura Namoda; Nasarawa State – Keffi and Lafia; Sokoto State – Sokoto town; Plateau State – Jos; Oyo State – Oyo town and Ogbomosho; Ondo State – Akure, Ondo, Ore and Owo; Niger State – Suleja and Minna; Benue State – Gboko and Makurdi.

Delta State – Ughelli, Asaba, Warri, Sapele; Kogi State – Kabba, Okene and Lokoja; Rivers State – Port-Harcourt; Kebbi state – Birnin Kebbi and Gwandu; Katsina State – Daura and Katsina. Osun State – Ile-Ife, Oshogbo, Iwo, Ilesha and Ede; Ogun State – Ijebu-Ode, Shagamu, Ilaro and Abeokuta; Taraba State – Jalingo.

New Minimum Wage Can’t Feed A Family Of Three

Nigeria’s new minimum wage of N70,000 may not be enough to feed a household of three, BusinessDay calculations have shown.

The new minimum wage represents a 133.3 percent rise from N30,000 since 2019, but it is incapable of providing food on the table of an average Nigerian family of three.

BusinessDay analysis of the National Bureau of Statistics data shows that the monthly cost of a healthy diet and transport for one person will take N60,518, which is 86.5 percent of the new wage.

This means it costs N121,036 to feed a family of two with a healthy diet and N181,554 for a family of three persons.

Oluebube Nwosu, a consumer goods analyst at Vetiva Capital, said the N70,000 is below the parity of where the last minimum wage was when it was enacted in 2019.

“It should be about N80,000 at least as the consumer price index has risen 160 percent since then,” he said.

Before the new wage was announced by President Bola Tinubu on July 18, there had been an ongoing battle between the organised labour and the Federal Government over the right minimum wage for workers.

The minimum wage negotiation was the most contentious in the history of minimum wage negotiation in Africa’s most populous nation, exacerbated by the economic reforms.

According to the International Labour Organisation, minimum wage is the minimum amount of remuneration an employer is required to pay for the work performed by an employee during a given period.

Unlike a living wage, which is a more standard and satisfactory payment, the minimum wage serves as a baseline that ensures the worker can meet their essential needs.

In April, the organised labour, comprising the Nigerian Labour Congress and Trade Union Congress, demanded N615,000 as the new monthly minimum wage for workers, an increase of 1,950 percent from N30,000.

The N615, 000, whichh was seen as unrealistic, was reduced to N497,000 and further to N494,000. However, the government only raised its national minimum wage offer from N57,000 to N60,000.

Then last week, the offer increased from N62,000 to N70,000. The labour unions accepted the new wage with the condition that it will be reviewed after three years.

The new wage Is not a living wage, given the current economic realities stemming from the reforms of the Bola Tinubu administration, said Tobi Ehinmosan, macroeconomic and fixed income research analyst at FBNQuest Merchant Bank.

“Prices are fast accelerating and stretching consumers’ wallets. While the upward review of the minimum will ease the disposable income of households, the soaring prices of goods and services means that individuals can’t afford necessities. Then, we have higher fuel prices, which translate to higher transportation costs and the increase in electricity tariffs,” he said.

Ehinmosan noted that despite the increase, the wage can’t keep pace with the rising cost of living.

“What the government can do is to stabilise the exchange rate, tackle insecurity, implement policies and reforms that will act as economic shocks to the grappling costs faced by the average Nigerian,” he added.

Further analysis shows that the N70,000 is still the lowest among the top 10 African economies.

Nigeria, home to the largest population of youth in the world, has experienced two recessions in the past eight years, which have weakened consumers’ purchasing power and thrown millions into poverty.

Inflation rate in the country has accelerated to a record high, largely on the back of government reforms via the removal of petrol subsidy and naira devaluation.

The headline Inflation quickened for the 17th straight time to 33.95 percent in June, up from 34.19 percent in May, according to the NBS. Food inflation, which constitutes more than 50 percent of headline inflation, also increased to 40.53 percent from 40 percent.

Ebunoluwa Adeleke, a Lagos-based mother of three, told BusinessDay that rising prices of food items such as rice, oil, and pepper have made her reduce the quantity of food that she sells.

“My husband works at Lagos Island and he comes home only on weekends or at the end of the month. The little money we get is what we use in paying school fees and feeding. We have been eating well because I sell food but not as often as before. Sometimes, I get the opportunity to clean people’s apartments in the evening and get paid. That’s another source of income,” she said.

According to the International Labour Organisation, labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness, and living standards within an economy.

Nigeria’s labour productivity in terms of the gross domestic product (GDP) per hour worked was $7 last year, lower than its African peers such as Gabon ($26), Botswana ($21) South Africa ($21), Egypt ($20) and Algeria ($19).

Charis Edward, an Ogun-based trader, said the high price of food has become unbearable for his family.

Breach of contract: court orders Sterling Bank to pay Comfort Stevens N75m

 

Justice Olumuyiwa Martins of the Lagos High Court, has ordered Sterling Bank Nigeria PLC to pay Comfort Stevens Limited the sum of N75million as damages and cost over breach of their non-disclosure and non-circumvention agreement. 

Comfort Stevens Limited, an international footwear and shoe component manufacturing company with operations in United States, Brazil, China and Nigeria had through its President/CEO Dr. John Ugochukwu Nwankwo filed a N20Billion lawsuit against Sterling Bank for a breach of contract.

  However Justice Martins in her ruling awarded Comfort Stevens N75 Million only which the Court broke down as N50 million for damages, and N25million as the cost of the action by the claimants.

 The Court held that the defendant’s conduct in circumventing the Confidentiality Deed dated September 16, 2019 and the Non-Disclosure and Non-Circumvention Agreement dated October 3, 2019 by engaging in the same project it had with the claimants with a third party without the consent and full disclosure to the claimants, is wrongful and unlawful, resulting in a material violation of the agreement's terms and conditions.

  She declared: “The breach of the Confidentiality Deed dated September 16, 2019 and the Non-Disclosure and Non-Circumvention agreement dated October 3, 2019 is deemed unlawful and unjustifiable.

  “An order of perpetual injunction is granted in favour of the claimants to prevent the defendant, its personnel, and agents from directly or indirectly committing or engaging in any act prohibited by the terms and Conditions of the Non-Disclosure and Non-Circumvention agreement dated October 3, 2019.

  The claimants had sought to embark on a N10.5 billion automated footwear and shoe component project in Aba Abia State Nigeria which the Bank indicated interest in financing, if the Claimants agrees to reduce the amount to N4.5 billion or N4 billion. The Claimants consented, reduced the project amount to N4.5 billion and thereafter executed a non disclosure and non circumvention agreement with the bank to protect their trade secret from being shared with third parties. 

  However, Sterling Bank breached the agreement and entered into discussions on similar shoe manufacturing project with Dr. Okezie Ikpeazu led Government in Abia State and that of Kano State governments respectively without the claimants knowledge.      

  Unhappy with the development on discovering it, the claimants initiated a N20 Billion suit marked LD/ADR/3317/2020, contending that the defendant’s decision to initiate negotiations with a third party to manufacture footwear and tanneries, without full disclosure to the claimants, constitutes a breach of the agreements.

  They argued that, after disclosing their trade secrets, the defendant acted in bad faith by taking advantage of the information received and negotiating and agreeing with a third party on the same product with Abia State Government and tanneries in Kano through the State Government.

  After listening to parties, Justice Martins on July 2, 2024 while delivering her judgment, noted that the defendant did not deny executing the agreement. In fact, the first defence witness, DW1 (eventually the only witness for Sterling Bank) she noted, also admitted that the defendants’ discussion with the Abia State government was about making shoes.

  “The defendant contends that based on the pleadings and evidence presented, there is no evidence of a breach of contract. “It also claimed that the mere fact that the defendant met with the Abia State Government on how to facilitate business collaborations between Kano leather tanneries and Aba leather products producers does not amount to a breach or circumvention of the Non-Disclosure and Non-Circumvention agreements marked as Exhibits P1 and P2 respectively. 

According to Justice Martins, “The importance of Exhibit P2 is that it is recognised in law as a legally binding and enforceable agreement that prevents the unauthorised sharing or disclosure of sensitive information during a commercial relationship.

  “Considering the overwhelming evidence of the claimants, the court finds that DW1 is economical with the truth of the circumstances surrounding the transaction. The court finds her to be a witness of untruth, her evidence to be unconvincing, and a mere afterthought.

  “In the instant case, there is sufficient credible evidence before the court, both oral and documentary, establishing and proving the claim of the breach of the terms in Exhibit P2, and the defendant failed to discredit this evidence during the cross-examination of PW1 and PW2.

  “Therefore, this issue is resolved in the claimants’ favour,” Justice Martins declared before she awarded the damages against Sterling Bank.

  Recall that this same Comfort Stevens Limited recently trended online globally when their Partners from Nigeria, USA, Brazil, Hong Kong and China led by her global President/CEO Dr. John Nwankwo paid a courtesy visit to the Governor of Abia State Dr. Alex Chioma Otti, OFR. 

  During the visit in early June 2024, Dr. Nwankwo unveiled the Company’s plans and readiness to commission a world class automated 15,000 a day capacity shoe manufacturing facility in Owerrinta near Aba that would finally launch Abia State into a global quality shoe manufacturing hub. 

  Governor Otti in his remarks had expressed his Government’s excitement and willingness to support the Comfort Stevens footwear and shoe component manufacturing project in Abia State. 

  The Governor’s public support of the Comfort Stevens project like that of Geometric Electric drew local, national and international commendations.

Hardship: Tinubu Cautions Nigerians Against Planned Protests

Nuella's News reports that some Nigerians, particularly the youth, have planned a nation wide protest from August 1st to 10th to draw the government’s attention to the prevailing hardship in the country.

Speaking in Abuja at the National Council of Traditional Rulers meeting, Tinubu, represented by the Secretary to the Government of the Federation, George Akume, cautioned against allowing economic hardship to be exploited by individuals with ulterior motives to incite protests.

He emphasized the need for patience and commitment from Nigerians during this critical period of economic reform, urging citizens to remember past instances where crises threatened national peace and diversity.

Tinubu highlighted the lessons to be learned from India and Sudan’s experiences, noting that Nigeria, with its population of over 200 million, cannot afford such instability.

“Capitalising on the economic hardship in the country, some men and women with sinister motives have been reported to have been mobilising citizens, particularly youths, to stage a protest.

Let’s learn from India and Sudan’s experiences. We are a country with more than 200 million people.

“Therefore, we can’t afford to have this kind of situation,’’ he said.

The President assured that the government has implemented policies to alleviate economic challenges, including procuring Compressed Natural Gas vehicles, introducing a student loan scheme, distributing palliatives, and providing agricultural inputs like tractors and fertilizers.

He also emphasized ongoing efforts to address security issues in the country.

Tinubu urged traditional leaders to promote peace within their communities and engage with young people and parents to foster harmony.

The Sultan of Sokoto, Alhaji Sa’adu Abubakar III, supported this view, advocating dialogue as the best means to resolve conflicts and highlighting the necessity of peace.

The Ooni of Ife, Adeyeye Enitan, stressed the importance of patriotism and national cohesion for development, asserting that any threat to unity must be resisted.

He acknowledged President Tinubu’s efforts to address the nation’s challenges and reiterated that Nigeria belongs to all its citizens.

Dr. Mainasara Umar-Kogo, Chairman of the Code of Conduct Tribunal, noted the effectiveness of traditional institutions as local administrative bodies since pre-colonial times.

He called for their roles to be restored in the constitution to preserve socio-cultural values, suggesting that past administrative reforms have diminished their influence.

Lagos State Government Vows to Reduce Food Prices, Improve Reserve Management

 

The Lagos State government has promised to consistently pursue initiatives to lower the current high food prices and establish an effective reserve management system within the State.

The State government commitment follows the rebranding of the Ministry of Agriculture to the Ministry of Agriculture and Food Systems.

Commissioner for Agriculture and Food Systems, Abisola Olusanya, made the commitment on behalf of the state government while announcing the new name of the ministry.

She partly said: “Food, as we all know, is essentially the bottom line of all that we do as a Ministry which cuts across several activities, from storage, processing, logistics, preservation to packaging and that Agriculture encompasses a lot more than just production.

“A lot is happening behind the scenes to ensure that in terms of pricing of food, we can bring it down and the inclusion of Food Systems is a process towards achieving this feat”.

Customs Seize ₦‎3.6 Billion Bulletproof Jackets, Drugs in Ogun

 

The Zone A Federal Operations Unit of the Nigeria Customs Service in Ikeja, Lagos, on Thursday, announced that it intercepted 150 cartons of bulletproof jackets worth N1.687bn.

Addressing journalists in Ikeja, the Customs Area Controller in charge of the unit, Kola Oladeji, said the contrabands were intercepted along the Ijebuode-Sagamu Expressway in Ogun State.

Oladeji explained that each carton contains 10 packs of the jacket, adding that these contrabands were seized in June.

He explained that under Schedule 4 of the Customs Common External Tariff, the importation of all kinds of military wares by individuals was under absolute prohibition.

“An end-user certificate is required for the importation of controlled items and products into Nigeria and it comes from the Office of the National Security Adviser,” Oladeji said.

Oladeji vowed that the unit was working on credible intelligence to get the importers of these contrabands.

Oladeji said the unit also intercepted kilograms of cannabis sativa and expired drugs within the period under review.

Our dedicated officers also intercepted 989kg of cannabis sativa and 5,229 cartoons of expired drugs.

According to him, some of the interceptions took place at various times and locations within states in the South-West.

“Other items seized include, 343,750 litres of Premium Motor Spirit, 7,150 bags of foreign parboiled rice, 32 units of used vehicles, 120 bags of sugar, 3,560 cartons of poultry products,” the Oladeji said.

He stated that four suspects were arrested in connection with the various offenses, “including violating import/export guidelines, concealment, wrong classification, smuggling, and contravening policy directives,”

He disclosed that the cumulative duty paid value of the various intercepted goods amounts to N3.6bn.

Oladeji said the unit also recovered the sum of N62m as revenue for June 2024 through documentary checks and the issuance of demand notices on consignments that were found to have paid lesser amounts than the appropriate duties.

He urged Nigerians to provide the service with useful and timely information that would lead to the arrest of illegal importation of military wares, illicit drugs, and counterfeit goods.

Importer and licensed agent are also urged To make sincere declarations,adhere To existing import and export guidelines, and avoid the risk of losing their goods,,he said

Tinubu Orders Military To Crack Down On Oil Thieves In Niger Delta

President Bola Ahmed Tinubu has given marching orders to the Chief of Defence Staff(CDS), General Christopher Musa to curb the menace of crude oil theft and vandalism in the Niger Delta region of the country in the shortest possible time.

Tinubu, said the order had become necessary as oil theft had become a national issue that needed to be surmounted to boost oil production in the country.

The Group Executive Officer of the Nigerian National Petroleum Company Limited(NNPCL), Mele Kyari, made this known in an interview with journalists at the Defence Headquarters in Abuja, after a meeting of all security and intelligence agency heads convened by the Chief of Defence Staff.

Kyari, while noting that achieving the desired economic stability would be impossible without curbing oil theft and other crimes in the Niger Delta region, said, “We are here to engage with the CDS based on the directive of the president.

He said “The president has directed the CDS to take control of the crisis we are having in the Niger Delta operational area. Oil theft and pipeline vandalism have become a national issue, the president has directed the CDS to contend this within the shortest possible time so that we can restore national production to the level the president and the country is expecting.

To do this, he needs the coordination and cooperation of all armed forces, the police, the DIA, the DSS among others. It is the survival of our country that is at stake today. Without restoring oil and gas production, we cannot have the economic stability that we desire. The president is clearly focused on this to deliver value to our country. It is impossible to do this without settling the crisis around our operational areas.

Speaking further, the NNPCL boss said “We are already seeing progress, we are seeing substantial value that is being created by the coordination but we are very convinced that a solution is in sight.”

Also Speaking, the Chief of Defence Staff General Christopher Musa, vowed to eliminate all acts of vandalism and other criminal activities throughout the South-South region.

He said, “The truth about it is that whatever is happening in the South-South has been ongoing for such a very long time. And we feel it is high time that it is stopped. What we are promising Nigerians is that henceforth, the entire South-South will be cleared of any acts of vandalism, or criminality within the general area.

“As we said, the President has given us a mandate to ensure that we secure the entire South-South and to enable NNPC and others to carry out their tasks so that we can have improved production. We know that Nigeria relies so much on what we produce. And so we want to use this medium to appeal to the communities, to have an understanding.

Gen. Musa while calling on the host communities to trust and give the security agencies the needed support, said, the operations of the security agencies would be harmonised to achieve the task given to him by the president.

“Yes, we know trust has been a problem. But they can trust us, they can trust the government, that we want to do things differently. Everyone will be carried along.

“Everyone has a role to play. It is not only for the security agencies alone. We need the communities to understand that pipeline vandalism and all the hazards being caused are also affecting them directly.”

Bad Government Policies, Not Minimum Wage, Responsible For Challenges Faced By Private Sector Businesses — NLC

 

NLC President Joe Ajaero has advocated for elected politicians to be put under a structured wage system.

Nigeria Labour Congress (NLC) says bad policies of the federal government, and not the new minimum wage of N250,000 being demanded for workers, are the major problems threatening business survival in the country.

President of NLC, Mr. Joe Ajaero, made the assertion on Tuesday in Lagos, when he addressed the 67th Annual General Meeting of the Nigeria Employers’ Consultative Association (NECA).

Ajaero blamed members of the organised private sector for keeping silent when President Bola Tinubu removed petrol subsidies and floated the naira.

The NLC president also said the time had come to bring all elected politicians under the wage system, even if it would warrant creating levels 18, 19 and 20 for them, so that everyone’s remuneration would be clear to all Nigerians.

Ajaero said, “The fact is that when you destroy the economy (with policies) everybody will suffer. I met President Tinubu last week. And he said, ‘Ajaero, you are holding my hands. After the first increase in the price of petroleum products, you did not want me to increase it again. If you allow me to increase it, I will pay that minimum wage.’

“Tinubu gave analysis that petrol is N2,000 in Cameroon; N1,800 in Niger; and N1,700 in Ghana. That shows you where we are heading to.

“So, we should not break our heads over this issue of minimum wage.

“It is not the salaries you are paying workers that are affecting businesses. Rather, the ease of doing business in Nigeria is the major problem.

“We are here to tell NECA that when they (federal government) increased tariff, you kept quiet. Sorry to say this. But it is telling more on businesses. It is biting.

“Those of you that were running factories on diesel know that you can no longer do that. These are the problems. Not the workers’ salaries.

“You will go to the black market to buy dollar at N1,500 to import your inputs. But, how are you going to sell your finished products? So, there is enough pressure on everyone.”

Ajaero said NLC was not looking at figures, but the cost of living, because a plate of rice served without meat and water was now N300 or more.

He stated, “Even the N60,000 that NECA and the government proposed for us cannot afford a loaf of bread daily at the price of N2,000 per loaf.

“These are the things that make us to be complaining. How much is a tuber of yam? That is the challenge we have in this country.

“They said that our N250,000 is not realistic. But is their N60,000 realistic? How many families can leave on that?”

Ajaero said N60,000 monthly minimum wage would not have been a problem if the government had implemented proposals, like the introduction of Compressed Natural Gas (CNG) vehicles, for public transportation before it removed the petrol subsidies.

He said, “The NLC has proposed many options for government to address, apart from the minimum wage. If they had addressed those issues before saying that subsidy is gone, you will not have these challenges.

“Nobody will be under pressure when subsidy was gone because there will be alternatives. They have to wear their thinking cap so that we will salvage this country.

“If the CNG that we agreed with them was implemented, a vehicle that you are filling with N50,000 can be filled with N15,000 gas.

“If you are selling PMS at N2,000 and I have the option of CNG that is okay. It is a question of converting my vehicle to CNG.”

The NLC leader also used the occasion to ask industrialists to be mindful of workers’ safety, and said safety standards were being violated.

“There used to be factory inspectors in the Ministry of Labour, who went round the factories to ensure these safety standards were maintained. As of today, I am not sure if this is still the case,” he said.

Ajaero stated that the National Assembly was meeting to decentralise wages, even though the International Labour Organisation (ILO) convention was clear that wages were a national matter.

He insisted, “Nigeria is not an exception. But if that is allowed, all of them (legislators, governors, and president) would be brought under the minimum wage.

“Even if they want, let them have level 18, 19 and 20. But let them come under the wage system. And if it is possible, let the legislators work on part time basis. The money being spent there is unimaginable. We should know your wages.”

Ajaero called on the federal government to constitute the boards of the National Pension Commission (PENCON), National Social Insurance Trust Fund (NSITF), and National Directorate of Employment (NDE), among others.

He said, “The activities of all these are organisations, where we are institutional members, are being paralysed by Nigeria’s government by not constituting their boards.

“More than one year in office is enough for the boards of NDE, NSITF, PENCON, etc. to be reconstituted so that we will serve the workers and the employers.”

Hard Times For Borrowers As Interbank Rate Hits 30.29pct

The interbank call rate for Nigerian lenders has surged to a seven-year high of 30.23 percent, increasing the burden on borrowers who now face higher lending costs.

The Interbank call rate is the interest rate that banks charge each other for short-term loans, typically overnight. It’s an indicator of the extent of liquidity in the Nigerian banking system.

Data from the Central Bank of Nigeria (CBN) shows that interbank call rate increased by 13.86 percentage point year-to-date to 30.29 percent as of May 2024, from 16.43 percent in January this year.

The Increase in the interbank call rate is attributed to monetary policy tightening of the central bank through Open Market Operation (OMO) and increase in Monetary Policy Rate (MPR), also known as benchmark interest rate.

“It is a function of demand and supply. If there is a lot of money or liquidity in the system, a lot of banks will not have a liquidity crunch,” Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting, said in a phone interview.

“The number of banks that need money has increased and those that have excess money have reduced. If you want more money and there is less money available, the interest rate will go up. That is basically what is causing the increase, because the CBN is mopping up all the money in circulation.”

He said the impact will be high rate of borrowing in the economy.

The CBN has raised the MPR by 750 basis point to 26.25 percent in May 2024, from 18.75 percent in July 2023, to rein in inflation, which stood at 33.95 percent as of May 2024.

Looking at the implication of rising interbank rates, Uche Uwaleke, special adviser to the chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, said: “It has grave consequences for output and jobs, as capacity utilisation plunges due in part to difficulty in accessing credit by firms whose finance costs will also rise. “Little wonder agriculture and manufacturing sectors’ gross domestic products (GDPs) have been very weak,” he noted.

Interbank call money market allows banks to borrow and lend excess reserves amongst themselves. Overnight loans usually have a maturity of one business day. The interbank call rate can influence other interest rates in the economy.

“Consumer credit is a crucial part of the economy, as it allows people to make purchases and investments that they might not be able to afford upfront. However, it also comes with the responsibility of managing debt and making timely payments to avoid financial difficulties,” said a personal finance expert.

Philip Ikeazor, a member of the Monetary Policy Committee (MPC), said in his personal statement that Nigeria’s credit channel will witness a major boost with the introduction of the N100 billion ($142.86 million) Nigerian Consumer Credit Corporation (CREDICORP).

President Bola Tinubu in April 2024 gave the green light for the launch of the initial phase of the Consumer Credit Scheme.

NAAT To Tinubu: Expedite Action On Minimum Wage

The leadership of the National Association of Academic Technologists (NAAT) has called on President Bola Tinubu to expedite action on the new national minimum wage for workers. 

Mr Ibeji Nwokoma, NAAT President, said this in a statement on Sunday in Abuja.

Nwokoma said the union was worried over the continuous delay by the President in transmitting the new National Minimum Wage Bill to the National Assembly.

“NAAT, as an affiliate of Nigerian Labour Congress (NLC), stands by the position of organised labour and calls on the federal government to expedite action on the matter to avoid industrial action,” he said.

He said the union condemned in strong terms, the unpatriotic position of State Governors claiming inability to pay even the N62,000 proposed by the federal government, though, rejected by the organised labour.

“The refusal of the Governors Forum to recognise the efforts of workers in creating wealth and prosperity in the states and the country in general, is most unfortunate.

“This undermines the essence and model adopted for national minimum wage. We therefore, demand that the Governors Forum should reconsider the position and toe the path of honour.

“The proposal by the governors to pay minimum wage based on their peculiarities is condemnable and rejected in its entirety,” he said.

He stressed that the constitutional provisions on minimum wage are contained in the exclusive legislative list.

The NAAT president also called on the federal government, to immediately implement the payment of the withheld salaries of its members and the resolutions of all other outstanding issues.

“NAAT is compelled to issue this press statement as a response to the non-payment of five and half months withheld salaries, non-payment of 25 per cent and 35 per cent salary increment arrears.

“Other issues are the non-payment of Occupational Hazard and Responsibility Allowance arrears, and the release of enabling circulars for CONTISS 14 and 15.

“Also, the non-release of arrears of Earned Allowances as contained in Memorandum of Understanding (MoUs) of 2020, 2021 and 2022,” he said.

Nwokoma recalled that the union embarked on a three-day warning strike in March 2024 and had also met with the Minister of Education, Prof. Tahir Mamman and the House Committee on University Education and yet nothing came out of the steps taken.

He added that in all the meetings, assurances were given, especially the withheld salaries, but, unfortunately, nothing had been done in that respect by the federal government.

“Having waited this far, the National EXCO at the end of its emergency meeting held at the National Secretariat, University of Abuja, resolved to toe the path of diplomacy and advocacy in actualising its demands.

“However, if this fails, the issue will be referred to the National Executive Council (NEC) at her regular meeting scheduled to hold this July 2024 for the next line of actions,” he said.

Nwokoma, therefore, called on well-meaning Nigerians, religious leaders, traditional rulers, National Assembly, among others to prevail on government and ensure implementation of all the outstanding issues for sustainable industrial harmony.  

NNPC’s Stake In Dangote Refinery Drops to 7.2% Due To Unpaid Balance

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.

Dangote disclosed this during a press briefing at the refinery on Sunday.

The business mogul revealed that the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.

“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.

In March 2021, Nairametrics reported that NNPC was planning to raise the sum of $2.76 billion in credit facility to purchase 20% stake in Dangote refinery.

The NNPC Chief Operating Officer, Refining and Petrochemicals, Mr Mustapha Yakubu, said this plan is to secure Nigeria’s place in the massive project, making it resource-dependent.

He said this is part of the then government’s plan to work with private oil companies to safeguard the country’s energy security without underming the plans to rehabilitate its own refineries.

In addition, a recent data sourced from NNPC Ltd’s newly released audited financial report for 2022 show that the national oil company borrowed $1.3 billion to acquire the stake.

However, Dangote, said the company has only paid enough to acquire 7.2% of the refinery, and has failed to fulfill its obligations that was due last month.

The Dangote Refinery is a massive oil project located in the Lekki Free Zone, Lagos, Nigeria, boasting a capacity of 650,000 barrels per day (BPD). Owned by the Dangote Group, it aims to become Africa’s largest oil refinery and the world’s biggest single-train facility.

The refinery is expected to generate 9,500 direct jobs and an additional 25,000 indirect jobs.

Scores Of Students Trapped As 2-Storey School Building Collapses During Exams In Jos

 

A two-storey school building at Saint Academy, Jos, has collapsed, trapping scores of students.

The building that housed classrooms and offices collapsed on Friday, while the students were writing their third term examination.

A correspondent of the News Agency of Nigeria (NAN), who was at the scene of the accident, reports that the ground floor contains mainly Junior Secondary School One (JSS1) students, while the senior students are on the top floors.

NAN reports that at the time of filing this report, rescue efforts were ongoing by the

Plateau State Emergency Management Agency (SEMA).

Mr Sunday Abdu, the Executive Secretary of Plateau SEMA, told NAN that the agency had mobilised its personnel and relevant agencies to the scene for emergency rescue efforts.

Abdu said the Jos Metropolitan Development Board (JMDB) personnel, and others, were currently at the scene with earth-moving equipment to remove the debris, and try rescuing the children.

The Zonal Coordinator, National Emergency Management Agency (NEMA), Mr Eugene Nyelong, also told NAN that the number of casualties would be ascertained on completion of recuse operations.

NAN reports that rescued victims are being rushed to different hospitals by ambulances of various organisations, including the FRSC, NEMA, Red Cross, Army, Police, and many others.

President Tinubu Renames National Theatre After Wole Soyinka

President Bola Ahmed Tinubu has officially designated the National Art Theatre in Iganmu, Lagos, as the Whole Soyinka National Arts Theatre in honour of Nobel Laureate, Professor Wole Soyinka.

According to reports that this announcement was made through a formal letter sent by Tinubu to the renowned literary figure as part of the celebrations for his 90th birthday.

Tinubu emphasized that the decision to name the theatre after Soyinka was a tribute not only to his outstanding literary contributions but also to his steadfast commitment to upholding principles of human dignity and justice.

 According to report that this announcement was made through a formal letter sent by Tinubu to the renowned literary figure as part of the celebrations for his 90th birthday.

The letter reads: “I am pleased to join admirers around the world in celebrating the 90th birthday of Nigeria’s iconic son and the world-renowned Professor Akinwande Oluwole Babatunde, famously known as Wole Soyinka.

“Tomorrow, the 13th of July, will be the climax of the series of local and international activities held in his honour. To underscore the global relevance of the literary giant, a symposium, along with poetry reading, was held in Rabat, Morocco, on 9 July. The event was organized by the Academy of the Kingdom of Morocco and the Pan African Writers Association (PAWA).

Professor Soyinka, the first African to win the Nobel Literature Prize in 1986, deserves all the accolades as he marks the milestone of 90 years on earth. Having beaten prostate cancer, this milestone is a fitting testament to his ruggedness as a person and the significance of his work.

“It is also fitting we celebrate this national treasure while he is still with us. I am, accordingly, delighted to announce the decision of the Federal Government to rename the National Theatre in Iganmu, Surulere, as the Wole Soyinka Centre for Culture and the Creative Arts.”

The Nigerian leader added: “When he turned 80, I struggled to find words to encapsulate his achievements because they were simply too vast. Since then, he has added to his corpus with his series of Interventions, which have been published in many volumes.”

“Professor Soyinka is a colossus, a true Renaissance person blessed with innumerable talents. He is a playwright, actor, poet, human rights and political activist, composer, and singer. He is a giant bestriding not just the literary world but our nation, Africa, and the world.

“He remains the shining light of our nation, the gadfly that pokes our national soul, decrying tyranny and oppression, urging us to become better as a nation.

“He is one Nigerian whose influence transcends the Nigerian space and who inspires people around the world. Since his youth, he has been a vocal critic of oppression and injustice wherever it exists, from apartheid in South Africa to racism in the United States. Soyinka always speaks truth to power.

Beginning from his 20s, he took personal risks for the sake of our nation. His courage was evident when he attempted to broker peace at the start of the civil war in 1967. Detained for two years for his bravery, he narrated his experience in his prison memoir, ‘The Man Died’”.

Tinubu’s letter reads further: “Despite deprivation and solitary confinement, his resolve to speak truth to power and fight for the marginalized was further strengthened. His early writing, such as ‘The Lion and the Jewel,’ ’Death and the King’s Horseman’, not only testified to his mastery of language, and his innovative storytelling, but also his unflinching commitment to enthroning a fair and just society.

EFCC To Prosecute Defunct Heritage Bank directors, managers

The Nigeria Deposit and Insurance Corporation ( NDIC)  has called on the Nigeria Police, the Economic and Financial Crimes Commission (EFCC) and other security agencies in the country To be ready To prosecute directors and manager of the recently liquidated Heritage Bank.

The managing director and chief executive officer of the NDIC, Mr Bello Hassan, stated this on Thursday in Lagos at the 2024 capacity building workshop for law enforcement agencies.

The theme of the workshop is: “Inter-agency collaboration in the fight against financial malpractice in banks and other financial institutions in Nigeria”.

He said things that were done by the managers and directors of the failed bank that led to its liquidation must be investigated to be able to curb such occurrences in the future.

He said, “As you are all aware, the Central Bank of Nigeria recently revoked the banking licence of Heritage Bank PLC which may require you to be called upon to investigate some of the Directors, Managers and officers of this failed insured Institution to bring to book those found culpable in the collapse of this institution.

“Let me say at this juncture that we are not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but wish to urge you not to relent in your efforts and be rest assured of our unflinching support at all times”.

Singer, Portable Fights Bike Man in Lagos Over Stolen Phone

 Controversial Nigerian singer Habeeb Okikiola, better known as Portable, is at it again, but this time with a bike man.

The street singer, who recently returned from America, caused a commotion in Lagos as he fought dirty with a bike man, who he accused of stealing his phone. In videos making rounds online, the singer, who was wearing a yellow hoodie, was captured engaging in a fistfight with the bike man as Lagosians gathered to separate them.

Resolve Minimum Wage Now To Avert Kenya-Like Violent Protest – FG Warned

The Centre for Crisis Communication (CCC), on Monday, called on the federal government to avert Kenya-like violent protest in Nigeria by resolving the pending minimum wage issue with members of the organised labour.

It also counselled the government to permanently address Kano emirship tussle and the Rivers political crisis before they snowballed to unwanted and unwarranted crises, adding that minimum wage issue had dragged for too long.

The Chairman, Board of Trustees for the Centre, Maj.-Gen. Christopher Olukolade (Rtd), who stated these in Abuja at a press briefing, said the centre had uncovered that such developments have tendencies of snowballing into violence.

Olukolade, a former spokesman of the Nigerian Army, said the federal and state governments as well as the organised private sector should, as a matter of urgency, resolve minimum wage negotiations.

“We have identified potentially violent or volatile developments in the country which we believe could spark off unnecessary crises with far-reaching consequences to our national security if they are not well-managed.

“That’s why I want to identify the ones we can pick on, among many others,” the retired senior military officer said.

He stated: “First in that list is the yet-to-be-resolved minimum wage issue that has pitched the labour movement against the federal government. We do not subscribe to the idea of sweeping this issue under the carpet.

“We, therefore, want to unequivocally call on the government and the organised private sector to summon the required courage to take decision on this matter, and to meet and resolve it once and for all, than to constantly postpone the resolution of this issue.

“So, the time to conclude the negotiation that has lasted so long is now, and the earlier it is done, the better. So we strongly suggest that it should be completed. Let’s take a decision on the nation’s minimum wage as it matters.”

Speaking on the continued violent development in Kenya, Olukolade said the centre also expressed concerns over the antics of those calling for the re-enactment of the anti-tax crisis happening in the country.

He said, “Those who believe that such destructive protests in Nigeria will be a way to resolving a crisis are rather calling for what is not consistent with our future and desire for a peaceful and progressive nation.

“So, we want to caution against such tendencies and advise that the development in Kenya in relation to their protests on tax is not a model for us to adopt in resolving our issues in a democracy, and that the situation in Nigeria can be better managed with good consensus, discussions, and the necessary consultations.

“In other words, we are strongly against the idea of making reference to the Kenya-Nigeria civil model. The outcome of the protests is still fresh in our minds and it’s not a thing to re-enact by any other means”.

He said the political feud in Rivers State has tendencies towards crisis and hence, calling on the parties to act in the general interest of the people.

The communications expert said, “We are using this opportunity to call on those involved to sheath the sword and relate and when they relate, we believe that this could be solved and there’s no need to plunge that state into crisis.

“We don’t want to see a ripple effect of whatever is going on in terms of the altercations at the moment.”

He added that the emirship tussle in Kano had a huge potential for volatility.

“We do not want it to slide into trouble by reason of the Emirship tussle. We cannot combine that with what’s going on in Rivers State. Nigeria’s unity and corporate existence is more important to us than any achievement through fake news and unnecessary sentiments,” he stated