Category: Lead

A Federal Government team is meeting with Organised Labour at the Presidential Villa Abuja.

The meeting, which is being held in the Chief of Staff’s Conference Room of the Villa, is expected to discuss issues surrounding the escalating fuel crisis across the country.

The proclamation of an end of the fuel subsidy regime by President Bola Tinubu on Monday during his inaugural speech has sparked hoarding of the product and panic buying.

Read Also: Even Obi campaigned for fuel subsidy removal, Daddy Freeze to Tinubu’s critics

The Organised Labour is led by the President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, and his Trade Union Congress (TUC) counterpart, Comrade Festus Osifo.

Federal Government’s representatives in the meeting include the former President of NLC Comrade Adams Oshiomhole; the Permanent Secretary, State House Tijjani Umar; the Head of Service of the Federation, Dr. Foldable Yemi-Esan and the Group Chief Executive Officer, of the NNPCL, Mele Kyari among others.

Details Shortly…

The National Working Committee (NWC) of the ruling All Progressives Congress (APC) is in a crucial meeting with Governors elected under the platform of the party.

The agenda for the meeting was not made public but a source in the NWC said it was called to discuss the 10th National Assembly leadership zoning arrangements.

Recently the party announced a consensus zoning arrangement that ceded the Senate President to South-South and nominated Senator Godswill Akpabio for the position, while the office of the Deputy Senate President is zoned to North West with Senator Jibrin Barau penciled in for the position.

Read Also: Why APC will retain power in Kogi, by Fanwo

In the House of Representatives, North West geopolitical zone is to produce the Speaker and the Deputy Speaker goes to South East zone. 

Tajudeen Abbas from Kaduna and Benjamin Kalu, Abia State are slated as consensus candidates for the Speaker and Deputy Speaker.

The Governors started arriving at the Muhammadu Buhari House, the party headquarters around 5:20 pm and went straight to the NWC Hall for the meeting with the party leadership.

Details Shortly…

The Labour Party (LP) and its presidential candidate Peter Obi failed to continue their case on Wednesday before the Presidential Election Petition Court (PEPC).

The court had on Wednesday fixed further hearings in their petition for 9 am on Wednesday for them to continue the presentation of their case by calling more witnesses and tendering documents, for which it allocated four hours to them.

At the mention of the case on Wednesday, a lawyer to the petitioners, Awa Kalu (SAN) told the court that they had planned to start with tendering of documents, but are constrained by some challenges at their secretariat.

Kalu said two key staff in the petitioners’ secretariat took ill, which has made it impossible for them to proceed with the business of the day.

He sought an adjustment till Thursday.

Read Also: PDP, LP open case before tribunal

Abubakar Mahmoud (SAN) for the Independent National Electoral Commission (INEC), Wole Olanipekun (SAN) for Bola Tinubu and Kashim Shettma, and Lateef Fagbemi (SAN) for the All Progressives Congress (APC) did not object to Kalu’s request for adjournment.

Mahmoud however urged the court to record the day against the petitioners and deduct it from the number of days earlier allocated to them to present their case.

Ruling, the Presiding Justice (PJ), Justice Haruna Tsammani granted Kalu’s request for adjournment and adjourned till 9 am on Thursday.

The petitioners also had a disappointing outing on Wednesday when they could only utilise a fraction of the three hours allocated to them.

They could only call a witness and tendered two sets of documents.

The PEPC plans to resume sitting at 2 pm for further hearing in the petition by the Peoples Democratic Party (PDP) and Atiku Abubakar.

Details shortly…

• Gain is highest in 30 months
• Naira firms up marginally

The Nigerian stock market yesterday gave a rousing welcome to President Bola Ahmed Tinubu’s policy direction.

Intense bargain-hunting for Nigerian equities rallied the market to a net capital gain of N1.51 trillion, its highest gain in a day in two and half years.

The naira also recorded a marginal gain in response to the Presidential policy enunciation.

The benchmark index for the Nigerian stock market, the All Share Index (ASI), posted an average return of 5.23 per cent, its highest gain since November 12, 2020. 

The gain by ASI, a value-based index that tracks all quoted shares at the Nigerian Exchange (NGX), was equivalent to N1.51 trillion.

The rally, on the first trading day after Tinubu’s Monday Inauguration Day address, pushed the average year-to-date return for Nigerian equities to 8.77 per cent, putting Nigeria back on the world’s chart of top stock market returns.

Read Also : ‘Stock market needs policy shifts to drive growth’

The aggregate market value of all quoted equities crossed the N30 trillion mark to N30.349 trillion yesterday, as against N28.844 trillion recorded at the weekend.

The momentum of activities at the stock market doubled by 133.4 per cent with a turnover of 1.08 billion shares valued at N15.8 billion in 9,916 deals, compared with a turnover of 461.78 million shares worth N7.68 billion in 6,520 deals recorded in the previous trading day.

Sectoral analysis showed a market-wide positive sentiment. 

The NGX Banking Index rose by 8.2 per cent. The NGX Consumer Goods Index rallied 6.5 per cent. The NGX Industrial Goods Index rose by 6.1 per cent. 

The NGX Oil & Gas Index appreciated by 4.0 per cent while the NGX Insurance Index improved by 2.3 per cent.

Tinubu, in a speech that had been described as market-friendly, addressed general issues of security, economy, infrastructure and monetary outlook. 

The president also directly addressed investors’ concerns on multiple taxations, returns repatriation and convergence of multiple foreign exchange (forex) rates among others. He also spoke about putting an end to petrol subsidy.

“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions. 

“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home,” Tinubu said in his inauguration speech.

Market analysts were unanimous that the stock market performance was in response to Tinubu’s inauguration address, with a consensus that the general policy direction would significantly uplift the Nigerian economy and drive foreign and domestic investments in Nigerian assets.

The equities rally also came as Nigeria’s sovereign dollar-denominated bonds rallied on the back of the announcement of both subsidy removal and the harmonisation of the exchange rates on the investors and exporters window (NAFEX) and the parallel markets.

The forex market also responded positively with the naira appreciating by 10 basis points at the popular parallel market. 

A spot market survey showed that the naira yesterday rebounded to N770 per dollar at the parallel market, as against N780 per dollar recorded in the previous day.  

The naira was, however, flat at N464.50 per dollar at the official Investors and Exporters (I&E) window.

Managing Director, APT Securities and Funds Limited, Mallam Garba Kurfi, said the market was responding to the expectations of reforms implied in the president’s address.

“The speech is excellent, especially as regards converging exchange rates into one; that will attract an inflow of foreign Investors. 

“The removal of fuel subsidy will attract more investments in the refineries and removal of double taxes will also bring more Investments into the country, and all these will reduce unemployment and increase productivity,” Kurfi said.

Group Executive Director, Investment Banking, Cordros Capital, Mr. Femi Ademola, said the market was expected to respond to the pro-economy outlook of the Tinubu administration.

He said the peaceful transition of power and the inaugural speech “struck the right cords” since markets react to sentiments.

According to him, the market is expected to react very strongly and positively to the government agenda, including the end to fuel subsidy, lower interest rates, end to multiple exchange rates and ease of capital repatriation by foreign investors.

“These are expected to attract investments back into the country as investors return and strengthen the country’s exchange rate. Perhaps, one very notable issue is the issue of lower interest rates. 

“This may indicate that the administration will not be looking at attracting portfolio investment with high-interest rates but the more likely direct and patient investment that would stay for a longer period.

“While the market may still continue with its usual zigzag movements, the implementation of these policy reforms would ensure more positive movements on the market than negative. 

“Supporting the monetary policy changes with the required fiscal reforms such as infrastructure development would add to the sustainability of the growth plan for the economy.

“I am happy with the inaugural speech and the plans of action as it is what is needed at this time. However, it has to go beyond words and intentions, the administration must hit the ground and run with the implementation of the policies,” Ademola, a senior investment banker, said.

Chief Operating Officer, GTI Capital Group, Mr. Kehinde Hassan, said the general economic outlook enunciated by the president would herald new thematic growth for the economy.

He said investors appeared favourably disposed to the various initiatives, noting that the market response was a sort of vote of confidence in the president’s economic direction.

Afrinvest Securities said “economy reform optimism” bolstered the market performance, noting that “the rally in the market followed the promise of critical reforms by the President Bola Tinubu administration”.

 ”President Tinubu’s inaugural address sparked the equity market’s imagination, with a rally of 5.23 per cent today (yesterday). 

“The announcement of key market reforms, including phasing out fuel subsidies and unifying foreign exchange rates, shows that pro-market policies were not just items in the manifesto but issues which he is setting out to fix. If they are fixed, we expect much more from the equity market,” Coronation Securities Limited stated.

Analysts at Arthur Steven Asset Management said the equities market’s bullish momentum was “because of the new administration which tends to affect the market positively”.

“The market reacted to the high expectation from the new administration as the government promised the investors easy repatriation of their investment and profit,” they stated.

Cordros Securities said the resumption of the market on a positive note was similar to investors cheering “President Tinubu’s pro-market policies”.

• 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.”

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.

President Bola Tinubu has directed operatives of the Department of State Service (DSS) to vacate the Lagos headquarters of the Economic and Financial Crimes Commission (EFCC) in Ikoyi, Lagos.

There had been pandemonium within the vicinity of the EFCC office when men of the DSS reportedly barricaded access into the office area. It was gathered that the contention was all about the ownership of the building.

According to reports, the DSS claimed that the office in contention belongs to it, denying interference in EFCC’s duties but only occupying a building belonging to it.

Read Also: VIDEO: Gunshots fired as DSS alleged siege on EFCC Lagos office continues

However, in a statement by his media aide, Tunde Rahman, Tinubu directed the DSS to immediately vacate the disputed premises, saying any disagreement between the agencies of government should be amicably resolved.

“President Bola Tinubu has directed the Department of State Security Service to immediately vacate the office of the Economic and Financial Crimes Commission in Ikoyi, Lagos.

“The President gave the directive when reports that DSS officials stormed the EFCC office located on Awolowo Road, Ikoyi, Lagos on Tuesday, preventing officials of the anti-graft agency from accessing their workplace, was brought to his attention.

“The President said if there were issues between the two important agencies of government, they would be resolved amicably,” the statement reads.

The Peoples Democratic Party (PDP) on Tuesday tendered before the Presidential Election Petition Court (PEPC) copies of results sheets, printouts 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 were tendered as part of the commencement of the hearing in the petition by the PDP and its presidential candidate, Atiku Abubakar.

Read Also: JUST IN: PEPC adjourns APM’s petition over Supreme Court’s decision in PDP’s double nomination case

The documents tender from the bar by the petitioners’ lawyer, Eyitayo Jegede (SAN), were admitted in evidence, with the objection raised in relation to some of the documents by lawyers to the respondents.

The petitioners did not call any witnesses

Further hearing in the petition resumes at 2 pm on Wednesday while the court plans to resume proceedings in the petition by Obi and the LP by 9 am on Wednesday.

Details shortly…

Vice President Kashim Shettima has reiterated the current administration’s resolve to remove fuel subsidy.

He said fuel subsidy will end Nigeria if it is not removed.

Shettima told reporters on his first day in office at the Presidential Villa Abuja the administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.

He said: “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

Read Also: Panic buying in Ebonyi over fuel subsidy removal

“In 2022, we spent $ 10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% 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. Be 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.’’