The Nation Newspaper

Author: The Nation

  • Putin: we will drop our cluster bombs if Ukraine uses U.S. munitions

    Putin: we will drop our cluster bombs if Ukraine uses U.S. munitions

    Russian President Vladimir Putin said in an interview published Sunday that Russia has a “sufficient stockpile” of cluster munitions, and warned that Russia “reserves the right to take reciprocal action” if Ukraine uses the controversial weapons.

    In his first comments on the delivery of cluster munitions to Ukraine from the US, Putin said that Russia has not used cluster bombs in its war in Ukraine so far.

    The use of cluster bombs by both Russia and Ukraine has been widely documented, including by The Associated Press and international humanitarian organizations, and cluster rounds have been found in the aftermath of Russian strikes.

    “Until now, we have not done this, we have not used it, and we have not had such a need,” he said,

    Rossiya TV reporter Pavel Zarubin published excerpts of the interview to his Telegram channel Sunday ahead of a scheduled broadcast Sunday night.

    The Pentagon said Thursday that cluster munitions provided by the United States had arrived in Ukraine.

    The munitions, which are bombs that open in the air and release scores of smaller bomblets, are seen by the US as a way to get Kyiv critically needed ammunition to help bolster its offensive and push through Russian front lines.

    US leaders debated the thorny issue for months, before President Joe Biden made the final decision last week.

    Cluster bombs have long been criticized by humanitarian groups, and some US allies, because those used in previous conflicts have had a high “dud rate,” meaning that they often leave behind unexploded bomblets that can harm civilians long after a battle has ended.

    Proponents argue that Russia has already been using cluster munitions in Ukraine and that the weapons the US is providing have been improved to leave behind far fewer unexploded rounds.

    Ukraine has promised to use them only away from densely populated areas.

    The Ukrainian military said in a regular update Sunday morning that over the previous 24 hours Russia had launched two Iranian-made Shahed exploding drones, two cruise missiles and two anti-aircraft guided missiles, in addition to 40 airstrikes and 46 attacks from multiple rocket launchers.

    The Ukrainian General Staff wrote that Russia continues to concentrate on offensive operations in Ukraine’s industrial east.

    Read Also: Putin, the West and the rest of us (1)

    Donetsk regional Gov. Pavlo Kyrylenko said Sunday that two residents of the region were killed on Saturday, and one other person was wounded.

    Ukrainian Deputy Defense Minister Hanna Maliar said Sunday that fighting in eastern Ukraine had “somewhat intensified,” amid a slow counteroffensive in which Ukraine has made small territorial gains.

    Writing on Telegram, she said that Russia had been “actively attacking” in the direction of Kupiansk in the northeastern Kharkiv region for two consecutive days, and that Ukrainian forces were “on the defensive” in the

    “There are fierce battles, the positions of both sides change dynamically several times a day,” she wrote.

    Russian rockets are launched against Ukraine from Russia’s Belgorod region on Sunday.

    Russian rockets are launched against Ukraine from Russia’s Belgorod region on Sunday.

    Maliar wrote that Ukrainian troops were trying to hold on to their positions on the northern flank around the destroyed city of Bakhmut, but reported that Ukrainian forces were “advancing daily” on the southern flank.

    Ukraine has been trying to encircle the city since losing control of it to Russia in May.

    Putin claimed that the Ukrainian counteroffensive had been futile.

  • We can’t work under Sudan’s barrel of gun, says UN relief chief

    We can’t work under Sudan’s barrel of gun, says UN relief chief

    • •Govt, RSF representatives arrive in Jeddah to resume

    UNITED Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Martin Griffiths, says warring factions in Sudan should stop targeting aid workers and civilians.

    “Humanitarians cannot work under the barrel of a gun,” Griffith said in a statement on Saturday, adding that the warring factions must respect international law as the conflict in the country reached three-month mark.

    “For three months now, the people of Sudan have endured unspeakable suffering amid violence that is tearing their country apart.

    “As the conflict enters its fourth month, the battle lines are hardening, making it ever more difficult to reach the millions of people who need urgent humanitarian assistance,” he said.

    This is as Sudanese representatives arrived in Saudi Arabia’s Jeddah to resume talks with the paramilitary Rapid Support Forces (RSF), Sudanese government sources told Reuters on Saturday, after three months of fighting between the army and RSF.

    Previous talks in Jeddah facilitated by Saudi Arabia, the United States, and Egypt were suspended by both countries in early June after numerous ceasefire violations.

    Saudi Arabia and the U.S. have yet to confirm the resumption of talks between Sudan’s warring factions.

    Separately, a mediation attempt launched by Egypt began on Thursday, an effort welcomed both by the Sudanese army, which has close ties to Egypt, and the RSF.

    More than three million people have been displaced due to the conflict both within Sudan and across its borders.

    The fighting, which broke out in mid-April has reportedly claimed the lives of more than 1,100 people and injured over 12,000, according to the UN Office for Coordination of Humanitarian Affairs (OCHA).

    Health workers and facilities have also been attacked, severely limiting access for those in need.

    With the onset of the rainy season, t

    here is an increased risk of outbreaks of water- and vector-borne diseases, compounded by challenges in waste management and shortages of supplies.

    Read Also: Sudan on the brink of ‘full-scale civil war’, says UN chief

    Children are among the worst affected, with an estimated 13.6 million – roughly half the number remaining in Sudan – in urgent need of assistance.

    Describing Sudan as “one of the world’s most difficult places for humanitarian workers to operate,” Griffiths emphasised the collaborative efforts of local organizations and international aid groups in delivering life-saving supplies.

    However, he said the work couldn’t be carried out when relief workers themselves, are at risk.

    “But we cannot work under the barrel of a gun. We cannot replenish stores of food, water and medicine if brazen looting of these stocks continues. We cannot deliver if our staff are prevented from reaching people in need.”

    He underlined that ultimately, the suffering of Sudanese people will end only when the fighting stops, and called on the parties to the conflict to abide by the Declaration of Commitments  they signed in Jeddah to protect civilians and respect international humanitarian law.

    Drawing attention to the recent discovery of mass graves in West Darfur, Griffiths highlighted the fear of resurgence of ethnic killings in the region.

  • Obi, educationist seek more investments in education 

    Obi, educationist seek more investments in education 

    The Labour Party (LP) presidential candidate in the February 25 election, Mr. Peter Obi, and the Chairman of Pacesetters Schools in Abuja, Kenneth Imansuangbon, have called for more investments in the nation’s Education sector. 

    Obi said investing in education would get people out of poverty. 

    He linked the rising security challenges facing the country with growing poverty in the land. 

    The former Anambra State governor spoke at the weekend during the end-of-year ceremony of Pacesetters Schools in Abuja. 

    According to the World Bank, four million Nigerians were pushed into the poverty trap in the first six months of this year with another 7.1 million more expected to join the conundrum, if properly targeted measures are not taken to manage the impact of fuel subsidy removal.

    Obi noted that the higher the number of Nigerians that are pulled out of poverty, the lower the level of criminality would be across the country. 

    The LP stalwart said this could only be achieved by investing more in education.

    He said: “For me, education is the most important thing any nation needs. What differentiates development and underdevelopment is education; it is the foundation. When you go out, people tell you about the measures of development being hinged on the human development index and they tell you it is health, education and per capita income.

    “The problem of insecurity in Nigeria is hinged on poverty. The more you pull people out of poverty, the more you reduce criminality. And you can’t do that unless you invest in education.

    “The more people that are educated, the more they are able to pull themselves out of poverty. You can’t have 20 million out-of-school children and think of development tomorrow. We must invest in education.

    “If you follow the 2022 world population of countries, the population of Norway, the population of Ireland, Singapore and Dubai; if you put the population of these big, successful countries together, their population is 19.7 million and we (Nigerians) have 20 million out-of-school children. We have a population of more than these four successful, thriving, respectable, developed countries put together as our out-of-school children.

    “Imagine what it will be if we invest in education. So, investment in education is critical. We will invest in public schools and we will also invest in private schools. 

    “So, for me, if I have the opportunity, education will get the biggest share of our budget and our teachers will be celebrated. This is because the most critical components of education are the teachers. They are the ones that our children will take after. They are the ones that talk about discipline. But today, we are not celebrating them.”

    Read Also: Tinubu will prioritise girl-child education, gender empowerment, says Shettima

    Obi urged the graduands to remain true to the values they have acquired. 

    Imansuangbon, a frontline aspirant in next year’s governorship election in Edo State, advised the graduands to work hard in order to make a mark in the world. 

    He said: “We have trained them well. They should go out and represent the country as ambassadors; they are the future of Nigeria. 

    “Nigeria needs change and I believe the training they have received puts them in a better position to represent this country because they are the future of Nigeria.”

    The Emir of Dutse, Alhaji Muhammad Sunusi, decried the state of education in the country. 

    The monarch, who recounted his days as a student of one of the unity schools, urged the Federal Government to restore the standard of public schools. 

    He said: “It is quite unfortunate that we have to send our children to private schools in Nigeria. I was a product of Federal Government College in Kano. But we have to ask ourselves why the standard of education in Nigeria is declining. We have to ask ourselves that. Something has to be done.”

    The emir urged the chairman of Pacesetters Schools to raise the standard of public schools in Edo State, if he wins next year’s governorship election. 

    “I was told Kenneth is contesting for the governorship of Edo State. It will be a good opportunity and an advantage to the educational system in Nigeria.

    “This is because I believe he will do something about the public schools in Edo State, which will be a model to other states, because education is the key. Without education, we are going nowhere.”

  • IPPIS: AGF meets service providers over glitches

    IPPIS: AGF meets service providers over glitches

    The Accountant-General of the Federation (AGF), Dr. Oluwatoyin Madein, has urged Integrated Payroll and Personnel Information System (IPPIS) service providers to work for the permanent resolution of the glitches that assail the payroll platform.

    A statement by the OAGF said: “This charge was given during a meeting with IPPIS service providers in Abuja.

    “The Office of the Accountant General of the Federation (OAGF) initiated these engagements with IPPIS service providers and other stakeholders to develop permanent solutions to issues and challenges in the operations of the IPPIS,” the statement said.

    Madein expressed concern over the glitches in the payroll platform, stressing the need to establish efficiency in it to justify the government’s investment in the system.

    Read Also: Reps to probe employment racketeering, mismanagement of IPPIS

    “The OAGF is determined to build upon the successes of the IPPIS and will strive to maintain an efficient and trustworthy payroll system for the country.

    “The OAGF acknowledges the challenges in the IPPIS and will take every necessary step to resolve them and prevent future occurrences,” she added.

    Reaffirming Federal Government’s commitment to the IPPIS, the AGF explained that there is no intention to revert to the analog payroll system.

    According to her, the government is determined to do whatever it takes to make the platform effective.

    Madein called for continuous interaction and collaboration among stakeholders in the IPPIS. The AGF established a technical committee, comprising officers from the OAGF and the IPPIS service providers, to discuss details on the resolution for the payment platform.

  • Why Wike should be rewarded for backing Tinubu, by Rivers APC stakeholders

    Why Wike should be rewarded for backing Tinubu, by Rivers APC stakeholders

    Stakeholders of the All Progressives Congress (APC) in Rivers State under the umbrella of Amalgamation of Support Groups for Tinubu/Shettima have said former Rivers State Governor, Nyesom Wike should be rewarded for his contribution to the victory of President Bola Tinubu in the February 25 poll.

    The stakeholders said it would be wrong to reward the former governorship candidate of the Social Democratic Party, Sen Magnus Abe with a ministerial appointment under Tinubu’s administration.

    The stakeholders, in a statement by the group’s  Southeast Coordinator,Victor Akpati said Wike was at the epicenter of the jinx-breaking result of Tinubu in Rivers State, and should be allowed to benefit from the fruits of his labour.

    The statement reads in part: “It is already a known fact that the Amaechi-led faction of the APC Rivers remained implacable, adamant, and firmly resolved not to support Tinubu, even after Tinubu emerged from a free, fair, and credible Presidential Primary Election. Tinubu personally visited with colleague aspirants, including  Chibuike Rotimi Amaechi, to solicit support for the party.

    “It is equally annoying to see Magnus Abe and his supporters claiming to have supported Tinubu’s emergence when the reverse is clearly the case. We feel sad when we see them posting falsehoods in old pictures and video footage with the clear intention to deceive Nigerians of their involvement.”

    Read Also: How Wike helped APC, Tinubu win Rivers – Okocha

    The stakeholders explained that since Senator Abe and his group defected to the SDP, they didn’t campaign for Tinubu in any way.

    The statement said: “This is understandable, as the SDP had its own presidential candidate for the election. We challenge Magnus to provide evidence of any engagement where BAT was mentioned or any campaign logo of BAT/APC was displayed or worn after he joined the SDP.

    “INEC records show that Senator Magnus Abe comfortably delivered the two voting units in his family house to his party, SDP, in the presidential election. His ward in Gokana Local Government Area, Bera Ward 16, was also delivered to the SDP seamlessly. So, what is the foundation for the entitlement he claims to Tinubu’s presidency?”

    They explained that it was the Amalgamation Group, led by a former Chief of Staff to the Rivers State Government, Chief Tony Okocha that remained resolute in their support for Tinubu/Shettima in Rivers State after Abe and former Minister of Transportation, Rotimi Ameachi abandoned the party in the state.

    “Therefore, any appointment slot for Rivers State given to Amaechi or any member of his faction of APC Rivers State, is like giving a meal meant for the children to the dogs.

    “Same way, any attempt to concede any position to Senator Magnus Abe and his group (even as he is collating CVs from his SDP members) will amount to recompensing recalcitrance and disobedience on one hand, and an unholy attempt to rob Peter to pay Paul,” the statement added.

  • Court orders closure of police case in suit against APGA national chair

    Court orders closure of police case in suit against APGA national chair

    A High Court of the Federal Capital Territory (FCT) sitting in Bwari has abruptly closed a case filed by the Nigerian Police against the National Chairman of the All Progressives Grand Alliance (APGA), Chief Edozie Njoku, and another over alleged conspiracy to alter a judgment of the Supreme Court delivered by Justice Mary Peter Odili (retd.).

    Justice Mohammed Madugu, who gave the order due to failure of police prosecutor, Rinasomte Ezekiel, to produce other witnesses in court, directed Njoku and Chukwuemeka Nwoga, the defendants in the charge, to open their case.

    Justice Madugu recalled that the defendants were charged to court on November 22, 2022 by the police.

    He said Ezekiel had made the court to see the urgency of the matter, and assured that he would close his case within two weeks.

    The judge expressed dismay that since November 22, 2022, the police lawyer had only called two witnesses and caused several adjournments.

    The News Agency of Nigeria (NAN) reports that on July 4, Justice Madugu threatened to close the case of the prosecutor, if he failed to produce his remaining witnesses in court on the next adjourned date.

    At a resumed trial, the judge, based on the oral application by the police lawyer for a five-minute stand down, magnanimously stood the matter down for an hour to enable the prosecution counsel to call his witnesses.

    Read Also: Kogi guber: Court of Appeal declines bail for suspects linked to SDP candidate

    But on resumption of sitting, Ezekiel informed the judge that his remaining witnesses said they would not appear before the court.

    The prosecutor said the witnesses asked him to inform the court of their pending application before the Chief Judge of the FCT High Court for the matter to be transferred to another court.

    When the judge asked him about his opinion on the development, Ezekiel said: “Everybody has freedom of expression,” adding that he aligned with the application of the witnesses.

    Ezekiel sought an adjournment pending the time the CJ would take action on their application.

    But the defence counsel, Panam Ntui, opposed the application for an adjournment.

    He said the court had indulged the prosecution for so long, stressing that “even some of their excuses are untenable and lack any iota of probative value”.

    Ntui added: “This latest antic is aimed at delaying proceedings, and shouldn’t be allowed.

    “It is on record that from November 2022, when the defendants were arraigned, the prosecution said in two weeks, he would be closing his case.”

    The lawyer argued that criminal case was of public interest and not for self-aggrandisement of the prosecution counsel.

    The lawyer urged the court to close the case of the prosecution, having failed to call his witnesses.

    Justice Madugu, who ordered that the police case be closed for lack of diligent prosecution, directed the defence to open its case.

    Also, Ntui called Njoku as his first defence witness to give evidence-in-chief.

  • Major owners take gradual control at NGX

    Major owners take gradual control at NGX

    •Shareholders okay new directors

    Shareholders of Nigerian Exchange Group (NGX Group) Plc at the weekend approved the appointment of representatives of some of the major shareholders of the group unto the board of directors.

    The appointment of major shareholders as directors further consolidated the full transition of the group into shareholders-owned entity, after its historic transition from a mutual, member-owned, not-for-profit organisation into a shareholders-owned, profit-making company limited by shares in 2021.    

    At the annual general meeting in Lagos, shareholders approved resolutions appointing six directors including four non-executive directors; Mr Nonso Okpala, Mr Sehinde Adenagbe, Mr Ademola Babarinde and Mr Mohammed Garuba; as well as two independent non-executive directors-Mrs Mosun Belo – Olusoga and Mrs Fatima Wali- Abdurrahman.

    Okpala is the Group Managing Director of VFD Group Plc, an indigenous investment and finance group that owns the single largest equity stake in NGX Group. VFD Group also owns major equity stake of about 6.6 per cent in the NASD OTC Securities Exchange, Nigeria’s only licensed over-the-counter platform, in addition to other strategic investments in key segments of the economy, especially in the financial services sector.

    Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga, welcomed the approval of the new board members, assuring that the board would continue to work with the management in achieving the goals of the group.

    He commended the contributions of the outgoing board members to the growth and development of the group.

    “Achieving an efficient capital mix and broadening our access to capital remain fundamental to our mission. The board will continue to assist the Management team in addressing long-term risks, strengthening the global NGX brand, and assessing progress toward our goal of being Africa’s preferred exchange hub,” Kwairanga said.

    He outlined that the NGX Group demonstrated resilience in 2022, achieving a 10.3 per cent increase in gross earnings to N7.5 billion, despite a challenging economic environment. The group’s total revenue grew primarily due to a 6.8 per cent increase in revenue to N6.2 billion, and a 30.1 per cent increase in other income to N1.3 billion.

    The growth in its revenue was further bolstered by a 51.2 per cent increase in treasury investment income and a nine per cent increase in transaction fees. However, its total expenses rose by 35.5 per cent to N8.8 billion, primarily due to interest costs on borrowed funds used for strategic acquisitions.

    Group Chief Executive Officer, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema, said the performance of the group reflected its commitment towards driving growth in Nigeria and Africa’s capital markets.

    He added that the group was proud to have generated multiple income streams that enabled it to overcome economic headwinds.

    He expressed optimism on the future outlook of the group noting that the group remains committed to leveraging its strengths and expertise to drive growth and value creation in Nigeria and other financial markets Africa.

    “NGX Group will continue supporting its operating subsidiaries, associates, and investee companies to deliver sustainable value creation for its shareholders. We will look to enhance our performance by continuously striving to optimize operations, increase revenue streams and expand our market reach.

    “We are confident that these measures will enable us to build on the positive momentum we have achieved in recent years and drive growth in 2023 and beyond,” Onyema said.

    After decades as a not-for-profit, member-owned mutual organisation, the then Nigerian Stock Exchange (NSE) had in March 2021 converted to a profit-making public limited liability company and changed its structure to a holding group structure.

    With the conversion, otherwise known as demutualisation, came a new non-operating holding company, the NGX Group which shares were allotted to former members of the defunct NSE. The NGX Group now has three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange, which took on the listing and trading function of the NSE; NGX Regulation Limited (NGX RegCo), the independent regulation company which took on the self regulatory functions of the NSE; and NGX Real Estate Limited (NGX RELCO), the real estate company that took ownership of real estate and other assets, including the iconic Stock Exchange building in Lagos.

    NGX Group also has significant shareholdings in the Central Securities Clearing System (CSCS) Plc, NASD OTC Securities Plc, FMDQ Securities Exchange and NG Clearing.

  • Reps panel to screen Service Chiefs today

    Reps panel to screen Service Chiefs today

    The House of Representatives ad hoc committee to screen the recently appointed Service Chiefs will today engage the appointees.

    The panel, headed by the chairman of the Committee on Defence in the Ninth House, Babajimi Benson (APC, Lagos), was constituted last Tuesday.

    Speaker Tajudeen Abbas, who announced the setting up of the panel during the day’s plenary, said all the eight principal officers of the House – from the majority and minority parties – would be part of the ad hoc committee.

    The Majority Caucus has (Prof.) Julius Ihonvbere (APC, Edo) as Majority Leader; Abdullahi Ibrahim Halims (APC, Kogi) as Deputy Majority Leader; Bello Usman Kumo (APC, Gombe), Chief Whip; and Adewunmi Oriyomi Onanuga (APC, Ogun) as Deputy Chief Whip.

    Read Also: On General Irabor, Service Chiefs and psychological operations

    The Minority Caucus has Kingsley Chinda (PDP, Rivers) as Minority Leader; Aliyu Sani Madaki (NNPP, Kano), Deputy Minority Leader; Ali Isa (PDP, Gombe), Minority Whip; and George Ozodinobi (LP, Anambra) as Deputy Minority Whip.

    The appointees billed for screening by the committee are: Maj.-Gen. C. G. Musa (Chief of Defence Staff); Maj.-Gen. T. A. Lagbaja (Chief of Army Staff); Rear Admiral E. A. Ogalla (Chief of Naval Staff) and Air Vice Marshal H. B. Abubakar (Chief of Air Staff).

    President Bola Ahmed Tinubu had, on June 19, approved the immediate retirement of the former Service Chiefs, the ex-Inspector General of Police (IGP) and the ex-Comptroller-General of the Nigeria Customs Service (NCS) and appointed their successors.

    The President had conveyed the nominations and the request for confirmation of the appointments to the National Assembly via a letter, dated: July 5, 2023, addressed to Senate President Godswill Akpabio and House of Representatives Speaker Abbas Tajudeen.

  • ‘Capital market integration will drive Africa’s global competitiveness’

    ‘Capital market integration will drive Africa’s global competitiveness’

    To address the infrastructure deficit currently affecting capital markets in the West African region, there is need for a harmonised regulatory environment and smart infrastructure that will help to drive Africa’s competitiveness in the global market.

    Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola stated this during the two-day Capacity Building/Sensitization program on the West African Capital Markets Integration (WACMI) Phase 2 Project in Lagos.

    Popoola, who was represented by the Divisional Head, Capital Markets, Jude Chiemeka, said the WACMI Phase 2 Project is another milestone for the West African Capital Market Integration Council (WACMIC), the West Africa Securities Regulatory Association (WASRA), and indeed, the West African Monetary Institute (WAMI) on their efforts to integrate the West African Capital Markets through innovative technology.

    While appreciating the African Development Bank (AfDB) for sponsoring the regional integration program in order to establish a harmonized regulatory environment for the issuance and trading of financial securities across the region, Popoola said this would help address the infrastructure deficit that severely impedes Africa’s competitiveness in the global market.

    According to him, the phase II project will facilitate and stimulate cross-border securities trading, enable free flow of trading information among participants and support the creation of products and securities on the linked exchanges and drive innovation in investment services.

    With the raft of evolutionary changes driven by technology, the NGX CEO stressed on the need to build capacity for Phase 2 in line with current realities and ensure market policies and guiding frameworks for the development of infrastructure and regional integration evolve and adapt to the fourth industrial revolution to ensure that Africa earns its rightful place.

    “In this regard, we have to develop the complementary skills that will drive the smart infrastructure that Africa urgently requires”, Popoola added.

    Earlier in an opening remark, the Director General, West African Monetary Institute (WAMI), Olorunsola Olowofeso stated that the harmonization of market rules and the capacity building and sensitization programme across the stock exchanges in ECOWAS, other activities under component I include the development and hosting of a centralized database/ website for the West African Market region.

    He assured that WAMI as implementing agency of the project will continue to collaborate with all the stakeholders, particularly WASRA and WACMIC to ensure that the project is completed within the stipulated time (June 2024).

    This project, he said, will help to boost investors’ confidence by providing them with robust statistical data. 

    In a keynote address, Director General of the Securities and Exchange Commission (SEC) Lamido Yuguda, stated that the initiative aims to establish a common and integrated platform for listing, trading, and settling securities transactions within West Africa. Represented by the Executive Commissioner Operations at the SEC, Dayo Obisan, Yuguda stated that capital markets play the crucial role of channeling capital from the place of surplus to that of deficit, helping make production and in turn, development possible. He explained that for development to happen, a strong capital market is a requisite necessity.

    “There is need to expand the markets in the sub-region, and one of the ways to do it is to encourage cross-border capital market activity. This increases the opportunity set for people in our sub-region, helps diversification of investments, and encourages transfer of skills and best practices” he stated.

  • Subsidy removal: outsiders no longer feed fat on Nigeria, says Customs

    Subsidy removal: outsiders no longer feed fat on Nigeria, says Customs

    The Nigeria Customs Service (NCS) has said the subsidy removal on premium motor spirit (PMS, or petrol) has drastically reduced the smuggling of the product across the nation’s borders.

    The Comptroller of Customs in Kwara State, Kehinde Ilesanmi, stated this while addressing reporters at the weekend in Ilorin, the state capital, on the command’s achievements under his watch in the last three months.

    The comptroller said the policy had made outsiders, who hitherto fed fat on the country’s largesse, to have a rethink.

    He said: “I even heard that immediately the subsidy was removed, there were demonstrations against the policy in some of our neighbouring countries.

    “You decide to sweep your flat, and your neighbours in other flats start to demonstrate. It is to tell you that you have done something very significant.”

    The Customs chief said the command generated N9.8 billion between January and June this year into the coffers of the Federal Government.

    “The command has, at the end of the second quarter of 2023, generated N6,246,485,827.97. This amount represents 9.14 per cent of the revenue increment, compared to that of Year 2022,” Ilesanmi said.

    This, he said, represents 9.14 per cent increase in the revenue the command generated over that of the corresponding period last year.

    The comptroller also said the command under his watch collected and remitted N9.8 billion to the Federation Account between January and June this year.

    “This amount is above what was collected from (January to June in 2022) with N5,762,552,633.87,” he added.

    Read Also: Subsidy palliative: 12m poor households to get $800m cash

    Ilesanmi said the results of the command’s anti-smuggling activities, coupled with its renewed drive in utilisation of cutting-edge strategies, led to the seizure of 56 different items with a Duty Paid Value (DPV) of N48,822,400.00.

    The Customs chief listed the items seized during the period to include nine units of used vehicles of different types, 813 bags of foreign parboiled rice, 24,950 litres of petroleum product in 998 Jerry cans and 14 kegs of vegetable oil of 25 litres.

    “The seizures were successfully accomplished as a result of the renewed determination of the Comptroller-General of Customs, Bashir Adewale Adeniyi, to rid the country of all forms of illegal importation.

    “These positive harvests in the areas of anti-smuggling and revenue generation are a clear testimony of what can be achieved under a brand new leadership of the service.

    “I want to call on Nigerians, the media in particular, to support the command by providing credible information that will help nip smuggling in the bud,” Ilesanmi added.