Author: The Nation

• • NEMA: 116 houses affected at Trademore Estate; no life lost

There was pandemonium in Abuja yesterday  following a downpour that  left the popular Trademore estate submerged in flood.  Property  worth hundreds of millions of naira  was destroyed by the heavy rain which started as early as 6am.

When our correspondent visited the scene, residents of the estate were seen running from pillar to post and looking confused on what to do.

The National Emergency Management Agency (NEMA) confirmed to reporters at the estate that a Peugeot 406 driver with registration no. YLA 681 FS drowned in the flood and was still missing at Imo Street of the Estate. Four other persons according to NEMA were rescued and in stable condition.

Residents of the estate were seen during the downpour making frantic efforts to salvage their property after their houses had been submerged by the flood.

Trademore Estate has over the years suffered from a series of devastating effects of flooding with lives and property worth billions of naira lost.

As at the time of filing this report, stakeholders responding to the flood are NEMA, Fire Service, FCT FEMA, Red Cross and Federal Ministry of Environment-Flood department respectively.

An eyewitness who is also a resident, Sunday Ibrahim, said: “It is expected, this estate has been known for flooding. Many houses were demolished in the past, but people have started building on rain channels despite warnings from concerned authorities.

“I hope many will listen this time and move to where has been allocated to them to further avert crisis.”   

Another resident who gave his name as Samuel Omole said some cars were swept away by the flood.

He blamed the incident on the promoters of an estate in the area who channeled water towards their side.

Read Also: NEMA, NIMET, NIHSA to Nigerians: expect heavy rains, floods soon

Omole said: “It rained heavily this morning and before we knew it, houses were flooded. A man who came to buy drugs from the pharmacy here stayed inside his car for the rain to subside. The car later got submerged. But thank God the man got out of the car.

“I am trying to salvage my belongings. The flood was caused by an estate promoter who channeled water towards our side. If something is not done quickly to address this, what has happened would be a tip of the iceberg.”

Meanwhile, the Director General (DG) of the FCT Emergency Management Agency (FEMA),Dr Abbas Idriss confirmed that no life was lost in the incident

In a statement issued by the Head of Public Affairs, FEMA, Nkechi Isa, the FEMA boss disclosed that 116 houses were submerged during the heavy floods.

Idriss explained that the flood at Trademore Estate was caused by infractions on the water channel, and appealed to residents whose houses were built on the water channel to relocate.

According to him, Trademore is on the water channel and therefore, vulnerable to floods.

He stated that the floods had receded and therefore, appreciated all stakeholders, residents and residents for their efforts and cooperation at Trademore Estate to ensure that no life was lost.

He dismissed as untrue social media reports alleging that a resident of the estate was missing during the floods.

Idriss said the Nigeria Hydrological Services Agency (NIHSA) had predicted heavy floods in the FCT, this rainy season.He urged residents to always use the 112 Emergency toll free number in the event of an emergency.

Oew 102  formations  have been established by the Federal Road Safety Corps (FRSC) to enhance its presence and visibility in all states and the Federal Capital Territory (FCT).

The Corps Marshal, FRSC, Dauda Biu, disclosed  this in Abuja yesterday  at the inauguration of 130 multi-functional operational vehicles provided by the Federal Government.

Giving a breakdown of the figure, Biu said that the formations included 34 Area Commands, 56 Unit Commands, 10 Outposts and two Zebra Commands.

He added that the offices were provided by various governments and public spirited individuals and groups, to support the corps in reducing  road traffic crashes and deaths.

The FRSC boss noted that  inadequate patrol, rescue and recovery vans had continued to hinder the ability of the corps to perform optimally.

Biu added that shortage of such facilities had limited the presence of the agency on the wide network of roads across the country.

He added that it slowed down its ability to respond quickly to emergencies, including clearance of obstructions on the roads.

Read Also: Eid-el-Kabir: FRSC deploys 1,450 personnel<br>to monitor celebrations in Kwara

He, however, acknowledged that the Federal Government had demonstrated practical commitment to ensuring safer movement of goods and people across the country.

“Having encouraged the corps through the provision of these impactful operational vehicles, permit me to pledge the total commitment of the officers and men of the corps.

“This is to the attainment of the United Nations Decade of Action 2021-2030 agenda with all vigour and patriotism,” he said.

The FRSC boss stressed the importance of an effective  road transport system to the economy of the nation.

“Our target as encapsulated in our corporate strategic goal for this year is to achieve a five per cent reduction in road traffic fatalities and traffic injuries in 2023.

“This is in line with Accra declaration of 2007 and United Nations Decade of Action 2021-2030.

“The present leadership of the corps is committed to both development agenda and these vehicles will give a push to the existing efforts at achieving this set goal,” he said.

Biu reaffirmed the readiness and preparedness of the Corps to performing  optimally with the additional tools to attain its corporate strategic goals.

“This has been demonstrated through increased  budgetary and logistic provisions in the last few years.

“Again, today, another milestone is being reached with the inauguration of these impactful multifunctional operational vehicles,” he said.

The FRSC boss reiterated that the agency would remain committed to ensuring safety of all Nigerians on the nation’s highways and continue to support initiatives that could lead to the realisation of the security objectives of the Bola Tinubu-led administration.

He called on all stakeholders to support the corps in its efforts at checking road crashes and other set objectives.

Also speaking, the Permanent Secretary, FCT, Mr Olusade Adesola, noted that FRSC had been responding promptly to distress calls and contributing to safety of lives and property across the country.

Adesola charged the public, especially, motorists, to embrace the culture of safety and good driving.

“Road safety is an essential aspect of our daily lives. The change we desire should begin with us all because it’s  our responsibility.

“On our part, we will continue to prioritise road safety,” he said.

The naira which yesterday weakened to N770/$ at the  Investors’ and Exporters’ (I&E) window- the official market is marginally undervalued, analysts have said.

Managing Director Financial Derivatives Company Limited, Bismarck Rewane, said that in less than two weeks after the Central Bank of Nigeria (CBN) unified all exchange rates into the I&E window, the gap between the parallel and official exchange rates has narrowed sharply.

He said the naira has gone from an overvalued currency (N300) to temporary periods of undervaluation (-N45).

The depreciation of the local currency from N765/$ Thursday  close to N770/$ on Friday happened despite increase in dollar injections at the I&E window.

Data from FMDQ Exchange showed that $204 million transaction turnover was recorded at the window on Thursday, and similar volume of transactions have been recorded in the course of the week.

The I&E window was activated in June 2017, and represents the broader forex market, where dollars sourced from autonomous sources are traded between Authorised Dealers, Clients and the CBN.

This forex window is also the underlying market for the FMDQ Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) benchmark .

The unification of multiple exchange rates into the I&E window has been described by stakeholders as a game changer in the apex bank’s plan to achieve exchange rate stability. 

The policy, which allowed forex dealers and investors to buy and sell dollars at exchange rate of their choice provided they can find buyers. This move aims to ensure that the naira is allowed to trade at the market-clearing rate in the forex market.

Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, said that with the I&E Window policy, government’s revenue would rise in naira terms resulting in a higher tax, revenue to Gross Domestic Product (GDP) ratio. It will also lead to possible reduction in budget deficit and some cost savings for government.

Read Also: Naira weakens to N765/$ despite $204m turnover

“With the Nigerian naira now exchanging in the official forex market at market determined rates, a significant market distortion has been removed. Expectedly, impact on diaspora remittances would be marginal, the capital market will benefit as it is likely to appreciate further as foreign investors take position, there should be negligible impact on the general prices of goods and services as products already factored in parallel market rates to a large extent. Overall, this is a positive move,” he said.

Continuing, he said  the government needs to manage the dynamics to restore confidence, adding that the backlog of forex demands needs to be addressed and government should be ready to supply forex to stabilise the exchange rate in the short term.

Oyedele added: “Government also needs to relax capital control and administrative bottlenecks including unbanning the list of items prohibited for forex (and complement with higher import duties), remove the need for certificate of capital importation among others to prevent the parallel market rate from simply moving further away from the official market rate. Stop the demand for certain taxes and levies in foreign currency, it creates unnecessary forex demand without adding to supply”.

“The aggregate demand for forex across markets should reduce as round-tripping incentive is removed, for instance people who fake foreign travels just to get forex at discounted rates. Also, Nigeria’s sovereign credit rating should improve if this is complemented with the right fiscal and monetary policies thereby attracting more forex inflows and lowering the cost of borrowing,” he stated.

CEO of Moniepoint, Tosin Eniolorunda, said the CBN’s decision to float the naira is a clear step in the right direction for our economy, ensuring investor confidence continues to grow.

 “The decision is good for business, jobs and growth. It will help Nigeria’s brilliant entrepreneurs to do business globally and attract foreign investment. It will also help reduce inflation, leaving more money in people’s pockets,” he said.

• Court rules security service has powers to prosecute cyberstalking

The Christian Association of Nigeria (CAN) has urged the Department of State Service (DSS) to stop issuing security alerts at festive periods and go after terrorists and criminals inflicting pains on Nigerians.

Chairman of CAN, Kaduna Chapter, Rev’d Joseph John Hayab, made the remark following the security agency’s alert earlier that terrorists were planning to attack religious and recreational places during the  forthcoming Eid Kabir festival.

He said, “This alert like many in the past has always come when festivities are around the corner.

“We hope and pray it is not diversionary. The DSS as a secret agent should go after the terrorists or criminals before they will execute their plans.

“Nigerians are already traumatised and should not be further placed on another trauma. Thank God we have a new government and new security chiefs have just been appointed except that of the DSS.”

The clergyman said, “Nigerians will love to see proactive measures, not reactive statements. Everybody, therefore, needs to be on alert so that when you see something say something.”

“After all, security is everybody’s business, everyone should join hands to free our country from all security challenges through strategic action, not propaganda.”

Meanwhile, a preliminary objection filed by a defence counsel challenging the prosecution powers of the Department of State Security (DSS) to prosecute cybercrimes  was yesterday  dismissed by a Federal High Court in Yenagoa, the Bayelsa State capital.

Read Also: Court to deliver judgment in Nnamdi Kanu’s suit against DSS

The DSS had on Oct. 18, 2021 arraigned a teenager  before the court on one count charge of cyber-stalking.

The defendant, according to prosecution, allegedly engaged in cyber-stalking by circulating the nude picture of a retired Permanent Secretary on social media after she tried to blackmail the retiree, into paying her N15 million.

Counsel to the teenage girl, Mr Andrew Arthur, had filed a Notice of Objection challenging the powers of DSS to investigate and prosecute the charge filed against the defendant.

Delivering a ruling, Justice Isa Dashen said that he had carefully get ne through the arguments and judicial authorities cited by defence and prosecution counsels to arrive at his decision.

“I have carefully considered the submission of counsels on both sides and the cases they cited and I understand them. I disagree with the defence that DSS lacks the powers to prosecute cybercrimes.

“Under the Cybercrimes Prevention and Prohibition Act 2015, the DSS is a relevant security Agency and has competence to investigate and prosecute cybercrimes.

First Lady Sen. Oluremi Tinubu, yesterday  launched a pet programme called  the Renewed Hope Initiative (RHI).

 She said the pet programme which was launched at the State House, Abuja, would cater for Nigerian women, youths and children..

Speaking with newsmen shortly after her inaugural meeting with members of the initiative’s governing board, she explained that meeting the needs of the target group would bring them closer to the government.

She said that the initiative would focus on five key areas – agriculture, education, economic empowerment, health and socio-investment.

Read Also: The Nation correspondent appointed Press Sec to Kebbi First Lady

“Beneficiaries will register with the Corporate Affairs Commission and open a bank account to qualify to be considered.

“We hope to take off with unspent funds from the 2023 campaign purse  after which we shall solicit for funds from private organisations, international donors and Non-Governmental Organisations.

“The programme will enable us to assist the vulnerable groups; we shall try to see what we can do to naturally meet their needs.

“We shall have zonal meetings which will involve the wives of state governors,” she said.

Governing board members of the initiative include the First Lady, the wife of the Vice President, Hajia Nana Shettima, and the wife of the Chief of Staff, Mrs Salamatu Gbajabiamila.

Others are the Senate President’s wife, Mrs Chioma Uzodimma, and Dr Betta Edu, the APC National Women Leader.