The Nation Newspaper

Author: The Nation

  • Naira pressure eases on $10b forex inflows prospect 

    Naira pressure eases on $10b forex inflows prospect 

    • Forex dealers: Naira stability sustainable 

    The pressure on the naira eased at the weekend after disclosure on sources of the expected $10 billion forex inflows announced by the Federal Government.

    The expected dollar inflow has not only raised market confidence, but also pushed the Naira to record significant gains across forex segments. The Naira closed the week at N1,145/$1 at the parallel market, and N789.94/$ at the Investors and Exporters (I&E) window where over $400 million transactions were consummated on Friday. 

    Friday’s closure was a massive appreciation from the N1,315/$1 it exchanged at the parallel market on Thursday.

    Finance Minister and Co-ordinating Minister for the Economy, Mr. Wale Edun, had announced that Nigeria expects a $10 billion FX inflow in the next few weeks to ease liquidity in a foreign exchange market. About $7 billion is being expected from Nigerian Liquefied Natural Gas (NLNG) dividend securitisation by a consortium of lenders led by Standard Chartered Bank this next week.

    Another $3 billion is expected from the over two-month-old emergency loan secured by Nigerian National Petroleum Company Limited (NNPCL) from the African Export-Import Bank (Afreximbank).

    Both deals will bring the cumulative short-term forex inflows to the economy to $10 billion, which analysts said is enough liquidity to put the naira on sustainable path of recovery.

    In a note to investors, Managing Director of Afrinvest Research, Biodun Keripe, linked the naira appreciation to clarity on the sources of the anticipated $10 billion inflows by the Federal Government. 

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    The Afrinvest Weekly Market report released on Friday said: “Consequently, activity level in the Nigeria Autonomous Foreign Exchange Market (NAFEM) improved 3.3 per cent week-on-week to $440.4 million. Also, the Naira strengthened 2.3 per cent week-on-week to N789.94/$1 at the NAFEM window. Similarly, in the parallel market, Naira appreciated 0.9 per cent week-on-week to N1,145/$1.

    “At the FMDQ Securities Exchange, Forex Contract Market, the total value of open contracts dipped 15.2 per cent, week-on-week to $4.2 billion. This came on the back of matured October 2023 instrument valued at $744.8 million. In the week ahead, we anticipate mild gains for the naira following expected dollar inflows.”

    Speaking on the state of the forex market, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said Naira’s ongoing rally is sustainable given the gradual return of confidence in the market. According to him, the depreciation of the Naira was not truly market-based, but artificial and will correct with improved liquidity.

    Gwadabe described the efforts of the Federal Government toward ensuring the rebound of the naira as laudable.

    He said: “The depreciation of the naira is out of speculation, currency substitution and loss of confidence in the market. That confidence is gradually retuning and we expect to see further appreciation of the naira this week and beyond.

    “The authorities’ ability to induce confidence in the market is commendable and should be sustained. It is also important to note that the Naira is just trying to discover its place as it is difficult to control price mechanisms by fiat in a competitive and liberalised market. The Naira rebound will be sustained in the market despite resistance by speculators who are already counting their losses.”

  • Why modular refinery operators can’t access bank loans

    Why modular refinery operators can’t access bank loans

    Operators of modular refineries have blamed their inability to access bank loans on government’s reluctance to release feedstock (crude oil) guarantee letters to them.

    An executive member of the Crude Oil Refineries Owners Association of Nigeria (CORAN) told The Nation yesterday that banks are hesitating to finance their operations.

    The member, who spoke in confidence, added that CORAN members were yet to access the required volume of crude oil.

    Besides, the source noted that the Federal Government has not accepted the CORAN members request to purchase crude oil in naira for domestic refining.

    He said the Nigerian Upstream Regulatory Commission (NUPRC), which has conceded to the implement some aspects of the 2021 Petroleum Industry Act (PIA, was yet to kick-start the full execution of the law.

    When asked to confirm if the commission has agreed to sell crude oil to the local refiners in naira, he said the NUPRC has issued some guidelines in that regards.

    His words: “Yes they have agreed to implement the PIA on this aspect and NUPRC has issued guidelines towards it. But the full implementation has not started.

    “Many CORAN members have not got the quantity they need for refining and the issue of payment for feedstock in Naira rather than dollars is not yet resolved.

    “Those developing refineries need the Letter of Guarantee for their bankers to finance their development.

    “They have not been given such feedstock guarantee letters which is holding up their financing.”

    But a source from the commission, who also pleaded for anonymity, said payment in naira is not automatic.

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    According to the insider source, it could be made in dollars or naira, in line with the PIA.

    “The payment in naira is not automatic. According to Section 109 (4)(C), it may be in USD or naira as may be agreed between the lessees or supplier and the licensee of the refining license,” said the source.

    Alluding to Section 109 of the PIA 2021, he explained that “local refiners are to approach the applicable lessee and agree based on willing supplier and willing buyer basis.

    “There are also conditions attached – crude oil may be sold to holders of crude oil refining licenses whose refineries are operational

    “Supply shall be commercially negotiated between the lessee and the crude oil refining licensee. However, most lessee current have their crude committed while others are battling with crude oil theft.”

    Head, Public Affairs and Corporate Communications NUPRC, Mrs. Olaide Shonola, had earlier issued a press statement, saying that the agency was set to enforce domestic crude supply obligation.

    The statement noted that more refineries have given notice to commence production.

    The statement reads in part:  ”As more private refineries indicate readiness to commence production soon in Nigeria, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is taking all necessary steps within the prescriptions of the Petroleum Industry Act (2021) to ensure adequate and consistent supply of feedstock to operators.

    “It cautioned that there would be consequences for sabotaging the process.

    “The pre-emptive steps are being taken because it would send wrong and unbecoming signals to the international business community if operators of domestic refineries in one of the world’s largest crude oil producing countries start importing feedstock for their production.”

    “It was in contemplation of this that Section 109 of the Petroleum Industry Act (PIA) 2021 introduced the Domestic Crude Supply Obligation (DCSO) to Nigeria’s oil industry in a bid to ensure that domestic refineries are not starved of crude oil supply for their operation.”

  • Healing in vain

    Healing in vain

    Even if God ruled after an appeal from the Supreme Court in favour of President Bola Tinubu and his APC, some citizens will still hoot to the heavens and even anoint Beelzebub as a superior jurist. It is rage thrashing about in a forest. Some derided them by saying they can now appeal to the tennis court. But a tennis court has rackets that plays balls, and not the racket that plays on the mind. It has tennis players, not racketeers.

    It is part of what Wole Olanipekun (SAN) derided when he said they are worse than Alice in Wonderland, adding that even Alice had a destination, unlike Atiku  and Obi. Atiku and his coattail Obidients had no shore even in their fantasy. Lewis Carroll’s work of children literature is called nonsense literature in a sublime sense, although some critics have designated it Roman a Clef. Whatever the story, it is time for the wandering disease to stop, what Cyprian Ekwensi in his The Burning Grass called Sokugo.

    The Supreme Court victory is no excuse to gloat, to emote at the expense of the losers even if the Atiku and Obi crowds continue to bellyache, especially by deploying otherwise respected minds among them to delegitimise the verdict.

    It is time to bind the wounds, to transcend the anxiety of divisions, and rebuild a nation. More than a nation, a community. More than a community, a soul.  Not since the prelude to the civil war has Nigeria lived in a neighbourhood without neighbours. It is time to follow Lincoln’s precept of malice towards none.

    It begins with the president, and he cannot do it alone. Atiku and Obi must restrain their mobs and privilege Nigeria over partisan, tribal and sectarian forces. I think the President should start an initiative and a dialogue, and once the other group sees it as heartfelt, they will have no choice but to follow. If they do not, he should not stop. Both sides must kneel to heal. Humility will give us the ideas to be brothers again. As William Wordsworth noted, “Wisdom is often nearer when we stoop than when we soar.”

    To reconcile is always an adventure, and it is no easy one. Bishop Matthew Kukah, in his latest book, Witness to Reconciliation, demonstrates how fraught and even frustrating it is to build a commonwealth in Nigeria. His book was on Ogoni, a little sliver of a vast country, and he was assigned by President Olusegun Obasanjo to reconcile the federal government, Shell and the Ogoni people.

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    In spite of his efforts, including a near assassination of his person, bitterness still roils that oil-maligned community. Watch this. Kukah did not operate as a politician or bureaucrat but as a priest on a mission of love. He had no budget, funded no office, had no retinue, sought no remuneration, had no official car. So, it was a hardscrabble job. All the ingredients of Nigerian malaise were slimy in the tale, including our institutions.

    He, however, for whatever reasons, did not mirror the media coverage and its tendencies in his book of over 200 pages. The church, the political elite, the business world, the masses of Ogoni. We witnessed factions and fracture at every turn. There were lies, witch-hunts, fears of death, corruption, bold-faced confessions, and violence. On the other side, we saw the symbolisms, the church leaders and their cleansing ceremony, two presidential visits, dances and self-serving rhetoric, the United Nations Environment Programme, the Presidential Implementation Committee.

    The stature and apparent neutrality of the Bishop was not expected to defrock him of allegations of compromise. He noted that Ledum Mitee and Magnus Abe, prominent Ogoni sons, cast him as a Shell charade, saying he was plotting with the federal government to return Shell to Ogoni land. Abe, according to the report, apologized in a public confession for amassing about a thousand signatures to the Pope to discredit the cleric and even rid him of his sacerdotal chair.

    An instance that looked amusing, if it were not tragic. The state governor had a town meeting about why the schools were not built in a community. The contractor had been given money, but the people forswore any local to work with the contractor because they wanted the money and not the school. The contractor started giving them money. Infant minds, no school. It reminds me of a senator who told me a few years ago that he had gathered his constituents to inform them he had some bulk money for projects in the community. He called for proposals to implement their visions. In one voice, the people yelled, “what projects. Just share the money.” He broke into tears. This same thing happened to another governor who gathered stakeholders on what projects they would want implemented. The shameless men said, Let’s share the money.

    In Ogoni, Bishop worked with Mitee and MOSOP to erect monuments to peace and Obasanjo was to unveil it with a peace centre. Governor Peter Odilli mobilized all the money, but when Obasanjo showed up for the event, viola, there was no monument nor a peace centre.

    Bishop was so trusted that when OBJ was leaving office, Kukah had written his report and getting ready to leave. But Yar’adua retained him and when he died, Jonathan would not let him go. Even at that, his puffy minister Allison Madueke temporised on the issue of Ogoni cleanup until she left office. The Buhari administration acted supine. He postponed a visit, raised the people’s hopes of coming only to be a no show. In the end, after a report, UNEP was given a runaround, the people saw no peace. The cleanup has still not been accomplished. Shell is not there, and there is no replacement. Some farmers even spill their own farms in quest for compensation.

    Kukah’s witness follows his earlier book, Witness to justice, on the same subject. He may write a third. But it is a parable about how a society cannot come to peace in order to enjoy the enormous wealth under its feet. It is the story of Nigeria. It is a lesson for Nigeria to learn.

  • Senator Ndume is angry

    Senator Ndume is angry

    In response to my short piece last week, Senator Ali Ndume wrote the following, warts and all.

    “Ordinarily, I wouldn’t have bothered to respond to the disrespectful comments you made on my person. But because you look matured in photographs, I decided to respond.

    First, everyone in Nigeria know that I stood for the emergence of Senator Godswill Akpabio as Senate President because of my belief in justice, fairness, stability of Nigeria and because the President begged me to lead the campaign as Director General not because of what you call “juicy committee or position.”

    In fact, I was begged to accept the positions of Chief Whip and the Vice Chairman of Appropriation Committee not that I asked for them. You can find out.

    You don’t know what happened that day and as is common with compromised journalism in this country, you didn’t care to even find out or even call me or your reporter attached to the Senate to get the facts.

    You were in a hurry to insult me, taking advantage of your pen and position. May be for a chicken fee.

    As you suggested, Insha Allah, I will always go to the mosque and as part of my prayers I will ask Almighty Allah to punish you for not only insulting me but tried to assassinate my character. Insha Allah, you will see, hear, feel, touch or sense it when Allah answers my prayers which He usually does. Fortunately most Nigerians know Ndume is not a whipping person.”

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    I wonder why the senator exposed his poor writing skill and confirmed suspicions that some of our lawmakers should return to school. He said he responded “because you look matured in photographs.” How shallow. Why would you assess a person based on a superficial thing like a photograph? For your information, it is “mature” not “matured.” English 101. He also wrote “chicken fee” instead of chicken feed. He should have employed a publicist to assess his writing before disgracing himself.

    On the idea of compromise, or being paid to write, this is not the first time this essayist would get that. It often comes from those who have lost the argument, often from lowlifes, pugnacious and callow intellectual nymphs. But for it to come from a senator, a man who wanted to lead a branch of government? He should apologise or tender evidence. Or I may contact my lawyers over such infantile rant. From his behaviour, it is obvious he did not support Akpabio from his heart. If he didn’t want the positions, why did he not turn them down? He can still leave. We practise democracy, not despotism.

    He does not even support Allah. Allah does not accommodate liars in his name. He did not address the question as to why he has not apologised to the institution of the senate. Rather he is going to ask for God to punish. The punishment will come to him for lying, and for acting like a baby deprived of a kilishi. He should beg for forgiveness.

  • Justice Okoro’s name, tribe and a retired justice

    Justice Okoro’s name, tribe and a retired justice

    In my novel, My Name is Okoro, that has been studied in universities, including at graduate level, I play on the name Okoro. The lead judge on the Supreme Court verdict on the presidential election brought it to mind.

    is from Akwa Ibom State. In my novel, the name is borne by an Urhobo man who wanders in search of his wife in Biafra, and his name throws up an anxiety of identity.

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    The name reflects our interwoven identity. In Yorubaland, there was a man called Okoro, which means bitter. The name means something else in Urhobo and Igbo, and it amused me as some trolls made light of the Justice’s authenticity as a person. The other issue from the verdict came from retiring Musa Datijo Muhammad, who implied the CJN compromised the composition of the bench because no one from the southeast was on the panel. It was an irresponsible point because he, as a justice, cannot be reading what is in the mind of a jurist. He has a point that the bench needs diversity, especially in the southeast and south-south. Okoro was the lead judge. Mohammad should have explained what role he played as deputy to the CJN on changing the scenario. He may be acting as rabble rouser. His statement detracted from the substance of the case. Justice is supposed to be blind. A tribesman on the bench suddenly loses his physical eyes but acquires a juridical one. That is what he should have said. Anyway, since he became CJN, Olukayode Arowoola has said plans are afoot to get more justices. Some have died from the southeast. He did not kill them. But he has sworn in 23 federal court judges and nine to the court of appeal. But we need them ASAP. The retired judge should not rattle the sabre. He should have focused on the substance of the matter, if he cannot say what role he himself played to improve the scenario.

  • ‘Make some noise’ on Gabon

    ‘Make some noise’ on Gabon

    Following his ouster and detention under house arrest late in August by junta actors, deposed President Ali Bongo Ondimba of Gabon was shown in a viral video calling on the international community to ‘make some noise.’ The message obviously was that sabre rattling could pressure the soldiers into chickening out, or at the minimum release Bongo and his family members from detention. Bongo’s wife, Sylvia Bongo Ondimba Valentin, and eldest son, Noureddin Bongo Valentin, are among principal figures of the Bongo era held by the coup makers. His call came against the backdrop of pressure plied at the time by the international community on putschists in Niger Republic who sacked President Mohamed Bazoum from power on 26th July.

    Bongo’s call, however, did not get the traction he apparently wished with the global community. The junta has been consolidating its hold on power and it lately jailed his wife for allegedly embezzling public funds. Sylvia, who has been under house arrest in Libreville, the Gabonese capital, since the 30th August coup that ousted her husband, was charged on 28th September with money laundering, forgery and falsification of records, and jailed 11th October. Her lawyer, Francois Zimeray, described the trial as arbitrary and illegal. He was reported by frontline news agency, AFP,  saying: “We condemned this illegal procedure, There is a difference between justice and arbitrary actions, between the law and revenge.”

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    Noureddin, who is Sylvia and Bongo’s eldest son, has himself been charged alongside several former cabinet members with corruption and embezzling public funds. The coup makers accuse the wife and son of manipulating the former president, who has not fully recovered from a debilitating stroke he suffered in 2018. Ali Bongo, 64, had ruled the central African country since 2009 before he was overthrown by soldiers shortly after being declared winner in a presidential election that the soldiers argued was rigged. His ouster pulled the curtains on nearly 56-year-long rule by the Bongo dynasty, because Ali Bongo became president in succession to his father, Omar, who died in 2009 after some 42 years in power. Gabon is Africa’s third-richest nation in terms of per-capita GDP, but one in three people lives below the poverty line according to the World Bank.

    Many Gabonese saw the soldiers’ intervention as more an act of liberation than a military coup, and that is perhaps why the junta is consolidating. But a junta is a junta and can’t be a legitimate substitute for civilian rule – even a bad one. Besides, Sylvia’s fate could signpost that of others being currently held, especially Noureddin who is also accused of treason. So, it may be time to really ‘make some noise.’

  • Foreign reserves’ buildup raises hope on naira

    Foreign reserves’ buildup raises hope on naira

    Nigeria’s foreign exchange (forex) outlook has improved as increase in reserves and naira appreciation raised optimism on the nation’s currency management.

    The external reserves recorded its third consecutive weekly accretion at the weekend with the gross reserves increasing by $51.97 million to close at $33.31 billion.

    Three weeks ago, the forex reserves had recorded a modest increase of $1.72 million to close the week at $33.22 billion, the first accretion since May 19, 2023.

    The naira also appreciated by 2.3 per cent to close weekend at N789.94 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM). Total turnover at the NAFEM also improved by 3.3 per cent to $440.4 million. Trades were consummated within the N644.00 and N981.00 per dollar band.

    Nigeria’s external reserves, which closed 2022 at about $37.08 billion, had picked at $37.211 billion on January 16, 2023. It has since suffered a streak of long losses, the latest being its five-month continuous decline since May 2023.

    Economic experts were unanimous yesterday that the buildup in external reserves is a good indication for the country’s currency management and macro-economic stability.

    Analysts expected that changes in forex management rules, steady improvement in crude oil production and upbeat in global oil price could help the country mitigate its volatile forex situation.

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the increase in forex reserves will support government’s current efforts aimed at fostering liquidity and stability at the forex market.

    “The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilize the exchange rate of the naira or even strengthen it against the dollar if the increase is steady and consistent,” he said.

    Amolegbe however, noted that government would need to improve on existing forex market structure.

    According to him, a structure that is more transparent, and discourages arbitrage and rent seeking will need to be put in place as a matter of urgency.

    President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke said the increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.

    “If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” he said.

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    Uche explained that the increase could be due to increase in oil revenue as a result of the rise in crude oil price and the recent increase in crude oil production.

    He added that the external reserves could also increase if the government has received any of the concessional loans it has negotiated with the World Bank.

    Most analysts said the Central Bank of Nigeria (CBN) appeared to be making the right moves on the country’s forex management, although there remains concerns about possible gap in forex supply.

    Senior Research Analyst, FXTM, Mr. Lukman Otunuga, said the removal of forex restrictions on 43 items had sparked some optimism with more dollar supply to the formal market.

    He said the “development offered an opportunity for the naira to fight”, noting the international endorsements that had trailed recent forex policies by the CBN.

    Otunuga pointed out that the resolution of the forex crisis remains a key point in addressing Nigeria’s rising inflationary trend.

    According to him, the inflation menace has continued to draw strength from the removal of fuel subsidies, devaluation of the official naira and security issues in food production regions.

    “This vicious cycle of rising inflation and interest rates certainly presents a risk to Nigeria’s fragile economy,” Otunuga said.

    He noted that oil prices, which gained about seven per cent last week, has the potential to extend gains due to escalating tensions in the Middle East, home to almost a third of global oil supply.

    “Bulls are likely to draw additional strength from the U.S. tightening its sanctions against Russian crude exports. Supply concerns remain rife with growing concerns over the conflict between Israel and Hamas spreading through the region, resulting in major disruptions in an already tight market.

    “While oil is likely to remain supported by supply-side factors, the demand side of the equation may create headwinds down the road – especially when factoring global recession fears. Looking at the technical picture, Brent bulls have a steep hill to climb before heading anywhere near $100. But the daily close above $90 last Friday could be the first signs of bulls reclaiming lost territory,” Otunuga said.

    Most analysts agreed that the removal of forex restriction and recent pronouncements could mitigate the volatility at the forex market and foster the goal of a rate convergence.

    Afrinvest West Africa said the reversal of the forex restriction holds the potential to reduce demand pressure in the parallel market and curb speculative activity which is fuelling the sizeable divergence between the official and parallel market rate.

    “In our opinion, the policy is well-intentioned as it aims to circumspectly improve market confidence, which has been derailed by illiquidity and legacy unorthodox policies,” Afrinvest stated.

    Afrinvest however urged the CBN to roll out more complementary policies to attract the level of forex necessary to meet the policy objectives.

    “In addition to the recent move to obtain a $3.0 billion loan from Afreximbank to support the declining foreign reserves, we recommend exhausting concessionary loan opportunities from bilateral and multilateral institutions to build a forex reserves wall chest. Likewise, we strongly advise exploring more oil-for loan agreements to unlock liquidity. Furthermore, the current administration will need to strengthen ongoing efforts to curb oil thefts and enhance oil production to the target of 1.69mbpd,” Afrinvest stated.

    The World Bank has said it was considering Nigeria’s request to provide $1.5 billion in financing to support key policy reforms.

    The Development Policy Financing (DPF) provides direct budget financing and supports countries with reforms to policies and institutions that boost economies and specific sectors, World Bank spokesperson Mansir Nasir said.

    Cordros Capital said the removal of forex restriction is “another step forward”, but urged the apex bank to prioritise forex liquidity to avoid further forex pressures at the official and parallel markets, more so that the forex queue will now be longer at the official market without liquidity.

    Analysts said while removing demand-side restrictions is necessary, a significant forex liquidity will be required to complete the reform process and give the naira a breathing space.

    Cordros Capital said the country must remain focused on the economic diversification agenda in order to ensure a long-term stable base for the country’s currency.

    “Over the medium-to-long term, diversifying the economy’s export base is paramount to solving the reoccurring exchange rate issues. The country needs to look beyond crude oil and earn more from stable exports,” Cordros Capital stated.

    Cordros Capital however expressed concerns that minimal supply of forex at the NAFEM would continue to push demand to the parallel market.

    They noted that the incentives for holding the naira continue to be limited by the day, coupled with the panic-buying arising from the expectations of further currency pressures amidst limited forex  supplies.

    “Consequently, barring any significant forex inflows or convincing action by the policymakers to turn the tide, we expect the exchange rate pressures to linger in the short term,” Cordros Capital stated.

    Managing  Director, Highcap Securities, Mr David Adonri noted that the recent market reforms were targeted at conserving forex to enable the external reserve rebuild.

    According  to him, the reforms were also geared towards making domestic production more competitive. 

    “Increased foreign reserve will boost investors’ confidence and strengthen the naira,” Adonri said.

  • Defence minister in Turkiye to ease delivery of T-129 ATAK helicopters 

    Defence minister in Turkiye to ease delivery of T-129 ATAK helicopters 

    • By Musa Bologi, Abuja

    The Minister of Defence, Muhammad Badaru, is in Turkiye to facilitate speedy delivery of the T-129 ATAK helicopters acquired by the Federal Government.

    Badaru’s visit would also strengthen partnership with the Turkish Government in intelligence and information sharing for mutual benefit.

    A statement yesterday by the Director, Press and Public Relations, Henshaw Ogubike, said the minister was accompanied by the Chief of Air Staff, Air Marshal Hassan Abubakar.

    The statement said Badaru also discussed and explored how best Nigeria can partner with Turkiye on the production of military hardware and equipment.

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    It reads: “The minister visited the Turkish Aerospace Industries in the capital city, Ankara, where he inspected various sections of the firm in charge of manufacturing modern military aircraft and other defence equipment. “While conducting him round the facility, the company CEO, Temel Kotel, said the industry was established in 1973 with the primary goal of manufacturing military aircraft, satellites, and unmanned aerial vehicles. The minister praised the company for its over five decades of successful venture.”

    The Turkish Minister of Defence, Lt.-Gen. Yasar Guler (rtd), promised that the Turkish government would support the Nigerian government in its efforts to defeat terrorism and other criminal challenges.

    The Federal Government procured six T-129 ATAK helicopters from Turkish Aerospace Industry, two of which had been delivered. Nigeria is expecting the others before the end of the Q2 2024.

  • APC, PDP trade words over Adeleke’s N100b projects 

    APC, PDP trade words over Adeleke’s N100b projects 

    All Progressives Congress (APC) and Peoples Democratic Party (PDP) in Osun State are trading words over Governor Ademola Adeleke’s N100billion projects.

    The Nation recalls that Adeleke unveiled N100billion project fund last Friday, saying he would build five flyovers, 45 roads, among other projects within 12 months.

    He noted that many people underrated him when he was sworn in as the governor, but with his sterling performance in the last one year, he had surprised his critics. 

    However, the leadership of the APC through its Chairman, Tajudeen Lawal, yesterday in a statement described Adeleke’s N100billion development programmes as “a scam skilfully designed to enrich some economic ‘buccaneers’ close to his government.”

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    He alleged: “There cannot be any other name for the phoney and white-elephant projects, but a gross misplacement of priority in the hand of a person statutorily saddled with the responsibility of being the caretaker of the resources of the state.”

    PDP through its Chairman, Sunday Bisi, said APC was an anti-development party, adding: “Criticism of Osun State Government’s multi-billion naira infrastructure plan is unpatriotic, reprehensible and a display of anti-development, anti-people politics.”

    He berated APC for playing politics with a development agenda that is widely adjudged to be commendable, long overdue, sustainable “and paramount to the economic revival of our dear state.” 

  • Over 2,000 PDP members defect to APC in Ondo

    Over 2,000 PDP members defect to APC in Ondo

    Over 2,000 members of the Peoples Democratic Party (PDP) have defected to the ruling All Progressives Congress (APC) in Idanre, Idanre Local Government of Ondo State.

    The defectors were led by Senator Ayo Akinyelure.

    APC Chairman in Ondo State, Ade Adetimehin, who received the defectors, said the party would continue to rule the state and the country.

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    He said APC would sweep next year’s governorship election because “prominent politicians from the state have dumped their parties and joined the progressive train.”

    He said the party’s electoral successes were due to what he termed developmental feats recorded by the Governor Rotimi Akeredolu administration.

    Senator Akinyelure said he joined the APC because he believed in the prosperity of Nigeria under the administration of President Bola Ahmed Tinubu.