The Nation Newspaper

Author: The Nation

  • Fuel depots shut amid fresh scarcity 

    Fuel depots shut amid fresh scarcity 

    Motorists, workers and traders were yesterday caught unaware by the sudden reappearance of fuel scarcity across the states and the Federal Capital Territory (FCT).

    While at some bus stops, hordes of commuters struggled to board commercial buses, many filling stations were under lock and key.

    The Nation, however, gathered that the situation might worsen as depots nationwide stopped loading tankers for deliveries to marketers.  

    Sources close to the depots and marketers said that until they were sure of what price the Nigerian National Petroleum Company Limited (NNPCL) would sell fuel to them at the depots, they will remain shut.

    IPMAN’s National Vice President, Abubakar Maigandi, also confirmed that all the depots had stopped loading.  

    He, however, ruled out allegations that marketers were hoarding fuel.

    Read Also : SGF chides Kachiku in FEC over fuel scacity

    “There is enough product, but up till now, they (depots) refused to load. Our trucks are in all Nigerian depots but they are not loading now. They stopped loading today (yesterday). You know yesterday (Monday) they didn’t load because of the inauguration (of President Bola Tinubu) and the public holiday,” he added.

    Maigandi said that ”panic buying” was the major cause of the long queues seen across the country

    In spite of the stoppage of loading by the depots, the Nigerian National Petroleum Company Limited (NNPCL) assured in a statement that it has sufficient stock of fuel.

    Group Chief Executive Officer of the company Mele Kyari, also said that “they were monitoring all distribution networks to ensure that scarcity did not reoccur.

    Similarly, the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) said it had been monitoring fuel situation across the country to stop marketers from hoarding.”  

    Fields reports, however, showed that few stations that dispensed fuel yesterday had long vehicular queues and jerry can-bearing residents waiting endlessly for hours.

    Although some of such stations, especially in Lagos, sold fuel at N185 per litre, buyers were made to part with between N200 and as much as 1,000 before being attended to by attendants. At some of such stations, N185 displayed on their pumps, but they sold far above that.

    The situation worsened in the evening yesterday with motorists lamenting the astronomical hike in transport fares.

    The states worst hit by the development are Lagos, Ogun, Oyo, Ondo, Osun, Ekiti, Imo, Delta, Abia, Anambra, Enugu, Ebonyi, Cross River, Akwa Ibom, Plateau, Adamawa, Kaduna, Kwara, Niger, Jigawa and Taraba states.

    In these states, the pump price was between N22O and N700 per litre. At black markets, a litre sold for as much as N1,000.

    Governors Babajide Sanwo-Olu (Lagos), Biodun Oyebanji (Ekiti), Ademola Adeleke (Osun) AbdulRahman AbdulRazaq (Kwara) and Caleb Mutfwang (Plateau), who expressed dismay over the “artificial” scarcity, warned marketers against taking advantage of Nigerians.

    While Oyebanji ordered the closure of filling stations hoarding fuel, AbdulRazaq threatened to revoke the Certificates of Occupancy of errant fuel dealers.

    To also show how displeased he was over the development, Adeleke announced the setting up of a special team headed by his Chief of Staff, Kazeem Akinleye, to monitor filling stations in the state.

    His Lagos State counterpart, Sanwo-Olu, who paid a surprise visit to civil servants at the state secretariat in Alausa, Ikeja, described the hike in petrol price and  the queues at filling stations  as ‘unfair’.

    “I think it’s unfair of our major marketers to seize opportunities in areas when not needed,” the governor said.      

    The governor, who  was in accompanied by Deputy Governor Obafemi Hamzat, however, told the civil servants that “we might need to belt up a little bit … for  a better life in future.”

    He said: “We all need to be sincere in this country if we really want to get things done. Let us know we might need to belt up a little bit.

    “There is nothing that has changed in that pronouncement that should have caused queues, but I’m sure the Federal Government is able to deal with it. I encourage everyone to be law-abiding, go about their normal businesses and things will turn out for the better for us.”

    At the Civil Service Commission, Ministries of Women Affairs and Poverty Alleviation (WAPA), Economic Planning and Budget as well as Youth and Social Development, Sanwo-Olu explained that the visit was to encourage staff members. 

    Adeleke warns Osun marketers  

    In Osogbo, the Osun State capital, Adeleke issued a stern warning to fuel dealers for causing “unnecessary hardship for the people.”

    He said: “This deliberate action of hoarding fuel is not only inhumane, but unpatriotic and will not be allowed by the government. To this end, the Special Monitoring Team on fuel scarcity set up by Governor Ademola Adeleke headed by the Chief of Staff, Kazeem Akinleye, is still effective and shall not condone any form of economic sabotage.  

    “As of today (yesterday), the committee shall begin special monitoring of all the filling stations across the state in collaboration with law enforcement agencies and other stakeholders.  

    “Any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off and operators prosecuted for the crime of economic sabotage.”

    Abdulrazaq threatens to revoke Cs -of -O of errant marketers

     Kwara State Governor AbdulRazaq set up a team to monitor the sale of fuel by stations in the state.

    He also threatened to clamp down on marketers found to be hoarding fuel.  

    A Government House statement on his displeasure with the activities of the marketers reads: “The governor is seriously concerned about reports of sudden fuel scarcity in different parts of the state. This is totally uncalled for. He asks fuel marketers to immediately discharge fuel to the public under the normal pricing system since they had bought what they currently have at subsidised rates.

    “Creating artificial scarcity amounts to an intentional misrepresentation of the statement of President Bola Ahmed Tinubu, on the question of fuel subsidy. The people should not be made to undergo any hardship.

    “The governor urges the marketers to desist from anything that qualifies as economic sabotage of the people. Hoarding fuel bought at subsidised price and creating panic in the state is opportunistic and will not be condoned.

    “Fuel stations are to note that the Task Force will dip into their pits. Any filling stations found to be hoarding fuel will have their Certificate of Occupancy (Cs-of-O) revoked, among other penalties.”

    Oyebanji orders stations to sell at the official price

    In Ado-Ekiti, Oyebanji directed all filling stations to sell fuel at the approved price or risk being shut down indefinitely. 

    He gave the directive during a meeting with the leadership of the National Union of Petroleum and Natural Gas Workers (NUPENG), the Independent Petroleum Marketers Association of Nigeria (IPMAN), members of the state task force and heads of security agencies in the state.

    The governor directed the task force to visit all filling stations and seal any that is hoarding petroleum products or selling at an unauthorised price or found to have manipulated their meters.  

    He said: “We will not sit here and allow some people to make life difficult for our people. The subsidy removal has not been effected. Any filling station hoarding fuel or selling at unauthorised prices will be sealed indefinitely. The task force and the security agents will go out Wednesday (today). I have called this meeting so we can both look at the situation together because any filling station that is sealed will remain so until the end of the year.”

    “No station has the right to hoard fuel. If they did not give you fuel or you have exhausted your supply, we will understand, and nobody will blame you for not selling fuel.”

    Oyebanji disclosed that state governors, under the aegis of the Nigeria Governors Forum (NGF), will meet on the issue of the planned subsidy removal next week, adding that Ekiti would not tolerate any attempt by any marketer to inflict hardship on the people through hoarding and unauthorised price hikes.

    The marketers apologised for the scarcity and promised to deploy their own task force to ensure compliance with the governor’s directive.

    Mutfwang appeals to petrol dealers

    Also in Jos, the Plateau State capital, Governor Mutfwang warned marketers against creating unnecessary scarcity and hiking pump price.

    The governor, in a statement by his Special Assistant on Media, Gyang Bere, said if the quest to build a new and united Plateau, must be concretised, citizens must take deliberate steps to avoid issues that could further inflict hardship on an already traumatised citizenry.

    Fuel scarcity, sit-at-home cripple movement in Anambra 

    The scarcity of fuel and sit-at-home order by the Indigenous People of Biafran (IPOB) in honour of Biafran heroes, crippled movements in the state.   

    Some transporters who planned to embark on journeys to and from Onitsha in defiance of the IPOB order were disappointed as they could not find where to procure fuel.

    Bola Oyebola, Adekunle Jimoh, Rasaq Ibrahim, Toba Adedeji, Chris Njoku, Sunny Nwankwo, Nsa Gill, Damian Duruiheoma, Kolade Adeyemi, Elo Edremoda, Onimisi Alao, AbdulGafar Alabelewe, Ernest Nwokolo, Osagie Otabor, Justina Asishana, Ahmed Rufai, Bassey Anthony, Ogochukwu Anioke, Nwanosike Onu, Victor Gai and Emma Elekwa

  • Petrol crisis trails President’s ‘fuel subsidy is gone’ pronouncement

    Petrol crisis trails President’s ‘fuel subsidy is gone’ pronouncement

    • Marketers shut filling stations
    • Loading of product stops at depots
    • Shettima: why payment must end now

    Fuel scarcity yesterday hit the country following the decision of marketers to shut down filling stations after President Bola Tinubu’s pronouncement that “fuel subsidy is gone”.

    Depot owners abruptly stopped loading petroleum tankers. 

    Lengthy queues resurfaced and commuters resorted to panic buying in filling stations in major cities across the states.

    But, Vice President Kashim Shettima reiterated the President’s position yesterday after resuming office.

    House of Representatives members and the Organised Private Sector (OPS) backed petrol subsidy removal, saying it was long overdue.

    Read Also : Fuel subsidy will end Nigeria if we don’t end it – Shettima

    OPS members include the Manufacturers Association of Nigeria (MAN) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

    Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) also endorsed the policy.

    The Nigeria Extractive Industries Transparency Initiative (NEITI) added that revenues saved from subsidy should be channelled to education, health, roads and other critical infrastructure.

    Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari, said Federal Government owed the company N2.8 trillion in subsidy payments.

    He said the Federal Government had stopped funding fuel subsidy, and that the NNPCL can no longer sustain it.

    But, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) kicked against the move, which they said has endangered workers’ welfare.

    NLC accused President Tinubu of being insensitive and bringing “sorrow to millions of Nigerians instead of hope on his inauguration day”.

    Why petrol subsidy must go now, by Shettima 

    Shettima said the fierce opposition to the removal of petrol subsidy is expected.

    He said the administration had anticipated that there will be a pushback, but stressed the need to be resolute.

    The Vice President, who spoke with reporters on his first day in office at the Presidential Villa, Abuja, said Nigeria could no longer carry the subsidy burden.

    According to him, the subsidy regime has not benefited ordinary folks but has been subsidising the lifestyle of the already affluent.

    He said despite the expected opposition from beneficiaries of the subsidy regime, President Tinubu, whom he described as a man of strong will and conviction, would frontally address it.

    “The President has already made pronouncements yesterday (Monday) on the issue of the fuel subsidy.

    “The truth of the matter is that it is either we get rid of subsidy or the fuel subsidy gets rid of the Nigerian nation.

    “In 2022, we spent $ 10 billion subsidising the ostentatious lifestyle of the upper class of society because you and I benefit 90 per cent from the oil subsidy.

    “The poor 40 per cent of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

    “We will get fierce opposition from those benefitting from the oil subsidy scam, but where there is a will, there is a way.

    “Rest assured that our President is a man of strong will and conviction.

    “In the fullness of time, you will appreciate his noble intentions for the nation.

    “The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better,” Shettima said.

    Labour kicks, says it’s insensitive

    The NLC and the TUC rejected the policy.

    The NLC, in a statement by its president Joe Ajaero, called for its immediate withdrawal.

    It argued that the Federal Government cannot remove subsidy without consulting stakeholders and putting measures in place to cushion the effects.

    The statement reads: “We at the Nigeria Labour Congress are outraged by the pronouncement of President Bola Tinubu removing ‘fuel subsidy’ without due consultations with critical stakeholders or without putting in place palliative measures to cushion the harsh effects of the ‘subsidy removal’.

    “Within hours of his pronouncement, the nation went into a tailspin due to a combination of service shutdowns and product price hikes, in some places representing over 300 per cent price adjustment.

    “By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope.

    “He equally devalued the quality of their lives by over 300 per cent and counting.

    “It is no heroism to commit against the people this level of cruelty at any time, let alone on an inauguration day.

    “If he is expecting a medal for taking this decision, he would certainly be disappointed to receive curses from the people of Nigeria, considering this decision not only a slight but a big betrayal.”

    NLC rejected the removal of subsidy, saying the implications were too grave to contemplate.

    It said: “On our part, we are staunchly opposed to this decision and are demanding an immediate withdrawal of this policy.

    “The implications of this decision are grave for our security and well-being.

    “We wonder if President Tinubu gave a thought to why his predecessors in office refused to implement this highly injurious policy decision.

    “We also wonder if he also forgot the words he penned down on January 8, 2012, but issued on January 11, 2012.

    “In light of the foregoing, we advise Tinubu to respect his own postulations and economic theories instead of daring the people. It could be a costly gamble.”

    TUC: a joke taken too far

     TUC urged President Tinubu to halt the subsidy removal.

    In a statement by its President, Festus Osifo and General Secretary, Nuhu Toro, it urged the President to give room for dialogue and consultation.

    The statement reads: “The TUC is delighted by the peaceful transition from the Buhari government to the Tinubu administration and across the 28 states of the federation.

    “We congratulate Nigerians and the new administration at all levels even as we urge all those contesting the election results across the board to keep following the rule of law as provided in the constitutional and electoral act in seeking redress.

    “While listening to Tinubus’s inaugural address, we were at first encouraged, by his pledge to lead as a servant of the people (and not as a ruler) and to always consult and dialogue, especially on key and knotty national issues.

    “But we were subsequently taken aback, even horrified, when he announced the withdrawal of subsidy on petroleum products.

    “If, by this, he means increases in pump price and the exploitation of the people by unregulated and exploitative deregulated prices, then it’s a joke taken too far.

    “It is not for nothing the Buhari government pushed this to the new administration, but we expect the Tinubu government to be wise on such a sensitive issue and be more explicit in its pronouncement to avoid contradictory interpretation when comparing his written statement, what he said and the provision in 2023 Appropriation Act.

    “We dare say that this is a very delicate issue that touches on the lives, if not very survival, of particularly the working people, hence ought to have been treated with the utmost caution, and should have been preceded by robust dialogue and consultation with the representatives of the working people, including professionals, market people, students and the poor masses.

    “Accordingly, we hereby demand that President Tinubu should tarry awhile to give room for robust dialogue and consultation and stakeholders engagement, just as he opined in his speech until all issues and questions – and there are a host of them! – to ensure that they are amicably considered and resolved.

    “Nigerian Workers and indeed masses must not be made to suffer the inefficiency of successive governments.”

    The TUC said it was worried that President Tinubu did not delve into or reveal his plans on how to tackle the deterioration in industrial relations, particularly in the education, health and judiciary sectors, often resulting in prolonged strikes and industrial actions.

    It urged President Tinubu to urgently address the N30,000 minimum wage that has since been eroded by problematic monetary and fiscal policies.

    TUC welcomed other aspects of the inaugural speech, such as the promise to tackle terror, create jobs and end extreme poverty.

    It also welcomed the promise to make electricity accessible and affordable to businesses and homes.

    The union added: “This new administration cannot be seen to be speaking from both sides of its mouth, we urge President Tinubu to be a president with a human face.

    “Like always, we will stand by the people and their interests.

    “Nigerian workers are hardworking and have remained consistent with productive work regardless of harsh government policies, poor governance and mismanagement of resources that have placed us under difficult living conditions.”

    Also yesterday, the House of Representatives backed President Tinubu on the removal of subsidy on petroleum products.

    It lauded the President’s courage in announcing the subsidy removal and asked Nigerians to be patient with the new administration.

    This followed a motion of urgent public importance moved at the plenary by Jimoh Olajide.

    He said it was obvious that the past administration had gone about the issue of subsidy illegally, spending money that has not been budgeted for.

    Olajide said: “There is no provision for fuel subsidy in the 2023 Appropriation Act.

    “The current 9th Assembly and the past administration had given it (subsidy removal) a legal backing.”

  • PDP, LP open case before tribunal

    PDP, LP open case before tribunal

    The  proceedings before a United States (U.S.) court in which President Bola Tinubu allegedly forfeited $460,000 was a civil case, a lawyer and first petitioners’ witness in the petition by Labour Party (LP) and its candidate Peter Obi, Lawrence Nwakaeti yesterday told the Presidential Election Petition Court (PEPC).

    Testifying before the court, Nwakaeti said he did not see or have any copy of any charge filed against Tinubu in respect of the case.

    Nwakaeti, through whom the petitioners tendered documents in relation to the said U.S. court proceedings, which were admitted in evidence and marked as “exhibit PA5,” said the documents were not registered in Nigeria.

    When being cross-examined by Wole Olanipekun (SAN), lawyer to Tinubu and Vice President Kashim Shettma, the witness said the documents were not accompanied with a certificate from either the Nigerian Consular in the US or US Consular in Nigeria.

    Nwakaeti, however, said he would be surprised if the documents did not indicate that Tinubu was fined.

    Under cross-examination by Lateef Fagbemi (SAN), lawyer to the All Progressives Congress (APC), the witness said the documents were also not accompanied with a certificate issued under the hand of a police officer in the U.S.,  where he (the witness) claimed that Tinubu was convicted, indicating the sentence and terms of the sentence.

    The witness also denied knowing if there was charge filed, adding that he did not have any copy.

    Nwakaeti added that he was not aware of the letter of clearance, dated February 4, 2003 issued by the Legal Atache of the U.S. Embassy in Nigeria issued in respect of Tinubu on his alleged prosecution in the U.S.

    He denied knowing about a letter written on July 6 by Shettima, informing the APC of his withdrawal as a senatorial candidate of the party.

    Earlier, while being led by Jibrin Okutepa (SAN), lawyer to the petitioners, the witness adopted his written witness statement, which he urged the court to adopt as his evidence in the case.

    He said beside being a voter, he did not do any other thing on the day of the presidential election, but just voted in his Anambra State community.

    Read Also : Tribunal orders consolidation of PDP, LP, APM petitions

    Okutepa tendered, through the witness, some set of documents relating to Shettima ‘s nomination.

    At the conclusion of Nwakaeti’s testimony, the petitioners applied for an adjournment on the grounds that they have no other witness for the day.

    The court then adjourned further hearing in the petition till today at 9am.

    Also opening its case yesterday, the Peoples Democratic Party (PDP) tendered before the court copies of results sheets, printout of the Bimodal Voter Accreditation System (BVAS) and record of the number of permanent voter cards (PVC) collected for the last presidential election across the 36 states and the Federal Capital Territory (FCT).

    The documents, which are certified true copies (CTCs) of the said materials, were brought to the courtroom in some plastic containers.

    They were tendered from the Bar by the petitioners’lawyer, Eyitayo Jegede (SAN) and were admitted in evidence, with objection raised in relation to some of the documents by lawyers to the respondents.

    Prof Taiwo Osipitan (SAN) and Adeniyi Akintola (SAN) who spoke for the legal teams of Tinubu and APC, said they will give reasons for their objection at the address stage.

    The petitioners (the PDP and Atiku Abubakar) did not call any witness yesterday.

    Further hearing in the petition was adjourned till 2pm on Wednesday,

    The court adjourned till Friday hearing in the petition by the Allied Peoples Movement (APM), challenging the nomination of Shettima as a replacement for Kabir Masari (the placeholder) as the vice presidential candidate of the APC.

    The adjournment, according to the court, was to enable the lawyer to the APM, Shehu Abubakar and other parties obtain copies of the May 26 judgment of the Supreme Court on the appeal by the PDP,  challenging the APC’s nomination of Shettima, which the PDP had termed double nomination.

    Abubakar sought the adjournment upon an observation by Olanipekun (lead lawyer to the President, Bola Tinubu and Shettima in the petition) that the Supreme Court judgment has an effect on the petition by the APM, which deals solely with the same issue of Shettima ‘s nomination.

    Olanipekun promised to obtain a CTC of the judgment and make it available to the court within two days. He also said he hopes to meet with the lawyer to the petitioner to know whether, in view of the judgment, the APM will still continue with its case.

    Abubakar said he needed time to enable him obtain the judgment, study same to ascertain its effect on his client’s case and decide what further steps to take.

  • NDE trains 5,000 Adamawa youths

    NDE trains 5,000 Adamawa youths

    The National Directorate of Employment (NDE), in collaboration with Senator Aisha Dahiru Ahmed Binani, in Adamawa Central Senatorial District, Yola, has trained and empowered over 5,000 youths and women, including people with special needs and the aged. The training and empowerment were carried out under constituency projects being executed by Senator Binani,  representing Adamawa Central since 2019.

    The Director-General (NDE), Mallam Abubakar Nuhu Fikpo, along with NDE top management team, was recently in Yola, the Adamawa State capital, to inaugurate chain of Meat and Fish Cold rooms projects built and equipped by the lawmaker, in collaboration with the NDE.

    Fikpo lauded Senator Binani for effective and efficient senatorial representation, ingenuity, courage and compassion. According to him, the commitment of the distinguished senator to the service and well-being of the people she represented is overwhelming, well cherished and appreciated by the beneficiaries. While calling on the good people of Yola Central Senatorial District to encourage the Senator to do more, the Director-General urged the beneficiaries of the cold rooms to put the facility provided in good use for long term benefit. He further appealed to the jobless in Adamawa State to take advantage of self-employment opportunity presented by the NDE.

    Read Also : NDE collaborates with Binani, commissions projects

    The NDE in the last three years under the leadership of Fikpo, has created thousands of jobs, mainly self-employment, through constituency projects nationwide. This was aside over four (4) million jobs created through her four core programmes namely; Vocational Skills Development (VSD), Small Scale Enterprises (SSE), Rural Employment Promotion (REP) and the popular Special Public Works (SPW).

    In a similar development, the Adamawa State Poverty Alleviation and Wealth Creation Agency (PAWECA), has honoured the Director-General with award of excellence in recognition of his efforts towards youth and women employment in Adamawa State and Nigeria. NDE has trained and empowered over two million Nigerian women in the last three years. The event took place at the Adamawa Government House and was attended by top government functionaries of Adamawa State.

    Meanwhile the Federal House of Representative has called on the National Directorate of Employment (NDE), and SMEDAN to train 100,000 youths and 75,000 women in Sokoto State. This was as a result of the motion moved by the House member, representing Goronyo/Gada Federal Constituency, Hon. Musa S. Adar, on the need to provide job opportunities and resuscitate economic activities of the people in areas worst affected by banditry in Sokoto State. Upon the motion, the House clearly resolved to call on the NDE and SMEDAN to train 100,000 youths and 75,000 women to resuscitate economic conditions of the affected victims of banditry in the State.

    To this end, the government of Sokoto State invited the Director General of the NDE, Mallam Fikpo, to be part of the joint committee that will be constituted and saddled with the responsibility of job creations in the state. The committee was recently inaugurated by the Executive Governor of Sokoto State, His Excellency Hon. Aminu Tambuwal. According to the Governor, there is urgent need to address the worsening insecurity challenges in some parts of Sokoto State.

  • Kwankwaso: bring back those who have left NNPP

    Kwankwaso: bring back those who have left NNPP

    The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 general election, Dr. Rabiu Musa Kwankwaso and a member of Board of Trustees (BOT) of the party, Buba Galadima, have advised the caretaker Executive Committee of the party in Ogun State, led by Prince Ibrahim Adekunle, to ensure they bring back those who have left the party.

    They said by doing so with other party chieftains, they would build a formidable party ahead of the next general election.

    Kwankwaso and Galadima gave the advice when the committee and the governorship candidate of the party in the state, Olufemi  Ajadi, visited them after the inauguration of  Kano State Governor Abba Yusuf, who won the poll on NNPP’s platform.

    Read Also : Why president-elect met with Kwankwaso, by Jibrin

    Kwankwaso, the national leader of the party, said they should return home and spread the party’s tentacles at the ward, local government and state levels.

    He said by having a governor, members of National and State Assemblies in Kano State, NNPP was already gaining ground and the feat should be spread across the country, particularly in Ogun State, “where the governorship candidate, Ajadi, has made a name for himself through his philanthropic gesture.”

    Galadima enjoined them not to allow political challenge affect their sagacity.

    He urged them to consolidate the feat they achieved in the last elections by spreading NNPP’s tentacles in the nooks and crannies of the state.

  • Zenith Bank is ‘Africa’s best in corporate governance’

    Zenith Bank is ‘Africa’s best in corporate governance’

    Zenith Bank Plc has been named the Best Corporate Governance Financial Services  institution in Africa by the Ethical Boardroom.

    The award, won for the fourth consecutive year,   published  in   the   Spring   2023   edition   of   The   Ethical   Boardroom   magazine,   is  in recognition of  the  bank’s  adherence  to  global  best   practices  and  institutionalization  of corporate governance, setting an industry-wide example of best practices in that field.

     Group Managing Director/Chief Executive, Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion  for the  fourth  year  running. 

     “No  doubt,  the  bank’s  board  has  pioneered  thee xemplary governance culture for which we are now renowned. Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum,” he said.

    Onyeagwu dedicated the award to the founder and Group Chairman, Jim Ovia, for providing the template for an enduring and very successful institution; the Board for their vision and outstanding  leadership;   the   staff  for  their   dedication  and   commitment;  and   the  bank’s customers for their unwavering loyalty to the brand.

    Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.

    Zenith Bank has been adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

    The bank’s  track record  of excellent  performances  has continued to   earn  it  numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by TheBanker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022.

    Zenith Bank is also the Best Bank in Nigeria, for three consecutive years from 2020 to last year, in theGlobal Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022.

    It also emerged the Best Commercial Bank, Nigeria andBest Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the BankerMagazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to   2022,   at the BusinessDay Banks   and Other FinancialInstitutions (BAFI)  Awards.  Similarly, Zenith Bank was  named  as  Bank  of the  Decade.

  • 103 PPP projects to attract N11tr investments, says ICRC

    103 PPP projects to attract N11tr investments, says ICRC

    The Infrastructure Concession Regulatory Commission (ICRC) has said 103 Public-Private Partnership (PPP) projects approved by the Federal Government will attract N11 trillion private capital into the  economy.

    The 103 projects are the total number of PPP projects the ICRC issued Full Business Case (FBC) compliance certificates from 2010 to date.

    Of the 103 projects, 94 approvals worth almost N9 trillion (about $19.5 billion) were granted in the last eight years under the President Muhammadu Buhari administration.

    Director-General, ICRC,Michael Ohiani, stated this.  Last year, the Commission published a list of 53 eligible PPP projects worth USD 23 billion in the pipelines of projects, sequel to their certification as  viable and bankable to be undertaken using PPPs.

    In addition, the Commission has issued Outline Business Case (OBC) compliance certificates for 174 projects to proceed for procurement.

    Many of these projects are at various stages of procurement. These cut across various sectors, including transportation, health, education, aviation, agriculture, and water.

    Some of the notable projects approved in the last eight years include the development of Hydroelectric power from  Small and Medium dams across the Country at Bakolori Dam (Zamfara State), Ikere Gorge Dam (Oyo state), Omi – Kampe Dam (Kogi state) and Zobe and Jibiya Dams (Katsina State). These projects are valued at over N1.5 billion.

    Others include the Operation and Management Concession of the 700 MW Zungeru Hydroelectric Power Plant at N552 billion; the 360 MW Gurara 2 Multipurpose Dam Project at N516.6 billion; the 40 MW Kashimbila HydroPower Dam at (HPP) Project at N7.68 billion.

      In the Health sector, the Warehouse-in-a-box projects were approved for Abuja and Lagos among others, while in the Agricultural sector, the Federal Executive Council (FEC) approved the Concession and Leasing of 19 Grain Storage Facilities at N15.1billion.

    In the Transportation sector, the following were approved: the Abuja-Baro-Itakpe-Ajaokuta-Warri Railway Line (269.12km) with branch and extension lines to Jakura-Lokoja (41km) and Agbarho-Warri (5km) at N3.2 billion; Design, Development, Deployment and Management of a Secure Automated Fare Collection (AFC) Solution for the Nigerian Railway Corporation (NRC) Rail Network at N900million.

    There is also the Development of Port Harcourt Railway Industrial Park, Rivers State equipped with rolling stock assembly; Oil and Gas materials supply Industrial Park, Textile Industrial Park as well as Light Industry Park for Fast Moving Commodities and Goods at N133billion; Development of Bonny Deep Sea Port at N253 billion; Ibom Deep Sea Port Project in Akwa Ibom State. N927.5billion.The Onitsha River Port project will attract N3.9billion private investment; the Development of a Deep-Sea Port in Badagry, Lagos at N1.28trillion.

    The Construction and Maintenance of 12 corridors under a highway development and management initiative (HDMI) has the following projects: Route 1: Benin- Asaba 125 km road, Route 2: Abuja -lokoja 195km road, Route 4: Onitsha – Owerri – Aba 161.2 km road, Route 5: Shagamu – Benin 258km road, Route 6: Abuja-Keffi-Akwanga 175.9km road, Route 7A: Kano – Shuari 100km road, Route 9: Enugu – Port Harcourt 200km road, Route 11: Lagos – Ota – Abeokuta 80km road and Route 12: Lagos – Badagry – Seme Border 79km road.

    All the routes will be constructed at a total cost of N1.57trillion for 1,374km roads and a concession period of 25 to 27 years.

    In the Aviation sector, the Development of a Maintenance, Repairs and Overhaul (MRO) Facility at N690million; Abuja and Kano International Airport Terminal N47.6billion.

    Michael Ohiani said: “The above demonstrate the effectiveness of PPPs in contributing private sector investment to infrastructure development, thereby complementing government’s efforts in bridging the gap.”

  • CBN: States perform below average in financial management

    CBN: States perform below average in financial management

    The Central Bank of Nigeria (CBN) has said states performed below global average in financial management, governance quality and borrowing s.

     The CBN added that legal and institutional framework, audit functions, coordination with fiscal policy, and record keeping of debt by state governments have exposed the level of deficiencies among the states in their ability to manage their debts.

    CBN Director Monetary Policy, Dr. Mahmud Hassan, made these known in Abuja yesterday at the opening of the World Bank/ West African Institute for Financial and Economic Management (WAIFEM) Sub-National Debt Management Performance Assessment (SN DeMPA) Methodology Training.

    Hassan, also a Member, Technical Committee (TC) of the Board of Governors, WAIFEM, stated that “as of July 2019, only seven out of the 36 states had completed subnational Debt Management Performance Assessments (DeMPAs)”.

     These assessments evaluate the government’s debt management functions across five areas, 13 indicators and 31 dimensions. Cross River, Edo, Lagos, Kaduna, Kano, Niger, Ondo, and the FCT participated in the DeMPAs between 2013 and 2018.

    The CBN Chief said: “The DeMPAs revealed significant weaknesses in institutions and practices of subnational debt management in Nigeria. On average, only three of the 31 dimensions of debt management as defined by the DeMPA methodology were satisfied by Nigerian states.

    “In nearly the 13 indicators, including governance quality, borrowing processes, financial management, and operational risk control, Nigerian states performed below the global average.

    He added that “the legal and institutional framework, audit functions, coordination with fiscal policy, and record keeping of debt’ by the state governments has exposed their serious deficiencies in these fields.

    Hassan appealed to the Federal authorities and development partners to play a crucial role “in building subnational capacity for debt management in Nigerian states”.

    The CBN and its partners, he said, had seen that “sub-national debts also build into the federal debts and we see that also playing a large part in terms of the stock of debt”.

    “So, I think it is important that we have that transparency, institutional capability and strength to be able to follow through with the processes of either debts securing or management and debt pay back,” he added.

    Mahmud said the training “is very important for state personnel, especially the civil service to be well acquainted with those intricacies of debt management and debt sustainability”.

    Earlier, Director-General, WAIFEM,  Dr. Baba Yusuf Musa, said “national and sub-national debt should have an organisational structure that is conducive for debt portfolio analysis”.

    “A legal framework that includes clear debt management objectives, authorization to borrow and undertake other debt management activities and to issue loan guarantees, requirement for strategy development, and accountability, reporting should be manned by skilled staff with adequate capacity to undertake risk analytical,” he said.

    The DeMPA programme he explained is aimed at improving the capacity states to manage their debts.

    “I think the response of the state to this is overwhelming. We actually have been oversubscribed, we targeted building the capacity of at least half of the states in Nigeria, including the Federal capital Territory (FCT), but because of the demand that we have for this programme we had to increase the number of states.

      “Now we have 17 states that are being trained on this specific module of the training. Later in the year the remaining states will also be called on board to have similar training. Each state is sending at least two representatives plus the FCT, and we do hope that they will improve their debt management” Dr Baba said.

  • Naira records gain after Tinubu directive to CBN

    Naira records gain after Tinubu directive to CBN

    The naira yesterday rebounded to N770/$1 at the parallel market after President Bola Ahmed Tinubu directed the Central Bank of Nigeria (CBN) to unify multiple  exchange rates in the market.

    As the market digested the directive, the local currency, which traded at N780/$1 at the parallel market on Monday, gained N10/$1 as market forces began to interrogate the implications of exchange rates harmonisation.

    The CBN operates a multiple  exchange rates regime with different rates adopted by different segments of the economy. The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) also called I&E forex window, parallel market rate, International Air Transport Association (IATA) rate, Interbank Exchange Rate and Bureaux De Change (BDC) rate are few examples.

    Read Also : Unify exchange rates, IMF advises Nigeria

    President Tinubu had during his inaugural speech on Monday,  said the monetary policy needs thorough housecleaning and directed the CBN to work towards a unified exchange rate.

    This, he said,  will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

    Market findings showed that currency dealers in Abuja Zone 4 market, bought dollars at N765/$1 and sold at N770/$1, as against N780/$1 it traded at the parallel market on Monday.

    The Euro traded at N818 buying rate and N805 selling rate while the British Pounds Sterling exchanged at N955 buying rate and N937 selling rate.

    President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said a volatile naira has underpinned the slow economic growth recorded by Nigeria in the last many years.

    He said the over 50 per cent margin between the formal and informal market has  continued to aid hoarding, currency substitution, round tripping, policy inconsistencies and loss of investors’ confidence.

    In repositioning the naira for growth in the midst of dwindling buffers and narrowing supplies sides, he advocated for harmonisation of multiple exchange rate to achieve exchange rate stability.

    “ABCON as a group and as the potent transmission mechanism of forex liquidity in the retail market and sustained stability, aligns with incoming Government position of harmonizing multiple exchange rates and discovery of a true market price for the naira,” he said.

    Gwadabe  also called for reforms to break the monopoly in forex market and engender competition, transparency and accountability.

    “The incoming Government should ensure there is a paradigm shift from demand measures to supply measures through securitization of Diaspora remittances like is being done in other climes to inject the needed foreign exchange liquidity in the economy and enhance internally generated revenue. The incoming Government should leverage on the bureaux de change sub sector to achieve this laudable objectives,” he stated.

  • ‘Address fiscal gaps, unsuitable monetary policies’

    ‘Address fiscal gaps, unsuitable monetary policies’

    The Lagos Chamber of Commerce and Industry (LCCI) has tasked the President Bola Tinubu administration to focus on issues of immediate and critical importance to the business environment and the overall economy.

     In a statement, LCCI Director-General, Dr. Chinyere Almona, said the fragile business environment had been as a result of inappropriate and poorly implemented policies.

    While asking for a review, she maintained that it includes fiscal policy gaps, unsuitable monetary policies, and administrative inefficiencies that are inimical to the proper functioning of the economy.

    She said: “Areas of grave concern include arbitrage-urging non-unified exchange rates, incidences of market shocks, massive infrastructural deficits, and unsustainable debt burden. Another issue is the recently approved fiscal policy measures which are at variance with the pre-existing but fully agreed-on FPM roadmap 2022 – 2024. The recent measures run parallel to real sector growth and should be suspended forthwith with a view to being reviewed after due consultations with stakeholders.”

    The LCCI boss urged the government to sustain interventions in select sectors like agriculture, manufacturing, and export to boost the nation’s foreign exchange earnings capacity.

    Furthermore, she urged the government to keep track of plans to tackle the menace of oil theft and to boost oil exports.

    She also urged the new government to tackle the issue of subsidy removal with alacrity and with what she referred to as economic consciousness.

     Almona asked that every decision, however, must be combined with humaneness for the sake of the most vulnerable.

    According to her, security is an issue that must also be dealt with in order to ensure a conducive investment climate. Others are appropriate support to sectors recording diminishing contributions to GDP as well as those whose value chains are domesticated.

    For Almona, some of the policies implemented by the immediate past administration might have been well-intentioned; but implementation was a challenge she stated.