Category: Lead

  • Baby mama craze: When artistes go a-sowing

    Baby mama craze: When artistes go a-sowing

    The recent pregnancy saga involving hip-hop star Davido and two ladies, has again brought to the front-burner the seeming recklessness among artistes, who go about fathering babies with different women without recourse to caution. Gboyega Alaka traces the history in the Nigerian entertainment scene while also exploring factors that may be responsible.

    It’s a craze that took roots from forever. Or so it seems. In the Nigerian music circle, it arguably started with their ‘grandfather’, Fela Anikulapo Kuti. The Afro-beat originator got so women drunk that he brazenly got married to 27 women in one day.

    While Fela’s action outraged many, he took refuge in the African culture of polygamy, which empowers a man to marry as many women as he desires, so long as he gets the women’s consent and has the wherewithal to cater for their needs – physically, materially and emotionally.

    So Fela’s ‘rascality’, as many have termed it, could be excused. What one may however not discountenance would be the fact that he also may have had escapades with the women before he decided to break ‘world record’ at the time. Yes, you heard right. While there have been men who have married more than 27 women, none in history has done it in one day.

    Aside Fela, a few of the musicians and entertainers of the past may also have embarked on reckless philandering, with many amassing wives and concubines and bearing scores of children in near and far flung areas.

    Interestingly, the trend is not limited to Nigeria or Africa, as even monogamous Europe and America are not exempted. It is on record that celebrity actor Eddie Murphy has ten children from five women, while another American rapper, Future, has eight children from eight different women.

    Surprisingly, rapper Snoop Doggy has maintained a relatively disciplined coital life, despite his lewd and raunchy lyrics and videos. He has three children with his wife, Shante; and only one child, a son, with his former high school lover.

    Age of Baby Mamas

    The Oxford Dictionary defines Baby Mama as “the mother of one or more of a man’s children, especially one who is not his wife or current partner.

    For some reasons, the expression, Baby Mama never really crept into mainstream usage until recently. Its etymology or earliest usage could be traced to Jamaica in the ‘60s, when unmarried mothers were referred to as ‘baby-mother’ (pronounced in Creole as bebi mada); while it first appeared in the Kingston newspaper, The Daily Gleaner in 1966.

    More recently, the expression metamorphosed to Baby mama and has since gained popularity among entertainers and celebrities; more because of their lifestyles of partying, sex and booze.

    With the gradual boom in the Nigerian entertainment industry, especially the hip-hop music genre at the turn of the last millennium, international and global music stars and celebrities. Naturally, their fame has attracted the womenfolk like bees to nectar. The result has been numerous reckless copulations that have resulted in numerous out of wedlock babies.

    The ever vibrant Nigerian media have responded accordingly, going to town with juicy stories of scandals and reckless philandering in the industry, and the resultant unplanned pregnancies and babies. And the list of artistes with baby mamas is endless, with names like Tuface, WizKid, Davido taking the front row.

    Even relatively new artistes like Portable have joined the fray, creating an impression that it is a norm rather than an exception.

    The Tuface era

    Tuface literally led the way in the new trend among the current generation of artistes. In spite of what seemed like a steady relationship with actress Annie Macaulay, with whom he had become an item since his chartbusting African Queen album, he has been linked with several women, with at least three of them mamaring babies for him.

    At the last count, Tuface has seven children; four boys and three girls from three women – Sumbo Adeoye-2, Pero Adeniyi – 3 while Annie, who later got legally married to him has two children for him; one before wedlock and the other right after they got married.

    The artiste actually shocked many recently, when, in a live programme, he declared in the presence of his wife that he could not promise that he’d never cheat in the future, claiming that, “Whether you like it or not, it’s how men are wired. A man can love a woman intensely, but sometimes, his sexual urges take control.”

    For years, the media sensationalised headlines with Tuface’s ‘exploits,’ while stand-up comedians feasted on him, making him the butt of their jokes until other artistes broke into limelight.

    Enter Wizkid

    Another artiste whose escapade has resulted in several babies from girlfriend baby mamas is Ayodeji Balogun known globally as Wizkid.

    Since 2010 when he broke into the limelight, Wizkid has been linked with several women, both younger and older. At the last count, Whizzy, as his fans love to call him, has three kids from three different women.

    First was Shola Ogudu, who bore him a son, Boluwatife in 2011. That affair and the resultant baby generated lots of squabbles between the two and had to be settled through a DNA test that proved the young Whizzy actually fathered the baby.

    One would think that would teach the artiste some lessons in caution, but that was not to be, as he was soon caught up in another such situation, this time, with Binta Diallo, an America-based Guinean model in 2016. Again, it was a DNA test to the rescue, as the baby mama endured a year of online trolling and bullying from Wizkid’s fans who saw her as a gold-digger. The child was named Ayodeji Balogun, after his father.

    Read Also: Portable marries fourth baby mama

    Just a year later, the singer would again get entangled in another woman’s firm grip, this time, an older woman, Jada Pollock. Wizkid and Pollock, a brand consultant from Britain worked and dated between 2014 and 2017, and the result is Zion, a son.

    Notwithstanding, the boyish looking artiste has been linked with several other women, and rumoured to have had a thing with artiste Tiwa Savage and even legendary super-model, Naomi Campbell, with whom he shared a long lasting friendship.

    Davido and his numerous baby mamas

    While many may think they’d seen it all with Tuface and Wizkid, it seems like David Adeleke aka Davido joined the race with a solid determination to dust every other artiste in the field.

    At the last count, Davido, who burst into limelight in 2012 with his debut album, Omo Baba Olowo, has a total of five baby mamas and still counting.

    Just last week, he dominated cyberspace and all social media platforms when two women came out to declare that they were each carrying his baby.

    The duo, American Anita Brown and French model Ivana Bay, came out hours after each other to declare that they were carrying Davido’s babies.

    Anita claimed she first met Davido in Dubai and they both dated on and off, culminating in her pregnancy. She also released online conversations as testimonies to suggest how involved they were.

    Ivana on her part called out Davido hours after she heard of Anita’s declaration. She wrote:  “I woke up this morning to see that I am not the only woman David got pregnant. I’m just so disappointed in this kind of man, women be careful. I’m still pregnant. So see you in less than nine months now. So tell me, how many baby mamas do you have, should we just be ready for a soccer team?”

    The questions some observers have asked Ivana is if she was not aware of Davido’s marital status before giving him access, accusing her of feigning innocence.

    As if that was not enough, yet another lady, a Kenyan who identified herself simply as Lillyxspade, barely a week later (a few days ago), reportedly took to the social media to reveal that she also had a three-year-old child for the singer.

    She claimed she had kept a low profile because she valued her privacy and her daughter’s and only came out because of taunting that she was not recognised as Davido’s baby mama.

    One could say she also saw the ongoing saga as an opportunity to announce her presence in the scheme of things.

    Davido has not responded to her claim.

    Before Anita and Ivana, there was Ayomide Labinjo, who bore Davido his first child, Anu, in 2014. The singer initially denied paternity of the child but a DNA test eventually confirmed he fathered the child 99.9percent. The businesswoman cum model claimed they met at a nightclub in 2013 and that the singer rejected the option of a condom before the act.

    There was also Sophia Momodu, cousin to Ovation publisher and politician, Dele Momodu, who bore him Aurora Imade in 2015. The scandal that trailed the news of Sophia’s pregnancy and the argument put the publisher and the young singer on a collision course until the matter was settled amicably.

    Atlanta-based Amanda also came into the scene as mother of Davido’s second daughter, Hailey Veronika. The girl is said to be Davido’s look alike.

    After Amanda was Larrisa Jasmine Lorenko, the Angola-born London-based make-up artist and DJ, who bore Davido a daughter, Dawson, in March 2020. Both had been rumoured to be dating before news of her pregnancy filtered out.

    Then of course, there was Chioma Rowlands, who had a baby boy, Ifeanyi, now late in 2021. Chioma could well have remained in the baby mama list but for the fact that she turned out to be the anointed one, as she and Davido in 2022 got married in a secret wedding.

    Artiste keeps mute

    Meanwhile, Davido has maintained a resounding silence since the latest pregnancies saga broke out, coming out only once on his Instagram page to share a track from his album, ‘Unavailable.’

    That one word has been termed to mean several things, leaving each and everyone to hold onto what suits them.

    While some take the silence for acquiesce, blaming Davido for his recklessness, others say he may be innocent and deliberately staying out of the controversy and waiting for it to pan out.

    Davido is however reported to have once publicly said he has never asked any girl to have abortion for him on account of his philandering activities.

    “At least I can confidently say I have never told any girl to have an abortion. I am not saying having a baby without marriage is good, but to me, babies are blessings.”

    The whole saga almost took a new turn last Wednesday, when Anita came out to declare that Davido was dead to her, decrying the fact that she lost 10 pounds in the one week that the controversy raged.

    She tweeted: “He’s dead to me. Don’t ever bring him up again/That man wants to kill me/I lost 10 pounds in a week/I don’t want nothing to do with him I’m done/I will have another father to my child I swear I will.”

    In the meantime, the world waits.

    Other artistes with baby mamas include:

    •Timaya (real name: Inetimi Timaya Odon) has four children from three different women, namely: Barbara Fumnaya Nwokolo, Tama and Dunnie Onasanya.

    •Flavour (Chinedu Okoli) has two children from two women: Anna Banner and Sandra Okagbue.

    •Olamide (real name Olamide Adedeji) has two children from two women; one from his wife Aisha Adebukunmi and another from a baby mama, Maria Okarende.

    •Tekno (real name Augustine Kelechi) has one child from one baby mama.

    •Zlatan (Omoniyi Temidayo Raphael) has a son with baby mama, Davita Lamai.

    Even controversial musician, Portable (real name Habeeb Okikiola) who only broke into limelight less than two years ago, already has five children from three women, including two from his wife, Ewatomi.

    The list, like they say, is endless.

  • Tinubu hosts Benin Republic President Talon

    Tinubu hosts Benin Republic President Talon

    President Bola Tinubu on Friday evening hosted President Patrice Talon at his residence in Abuja.

    The meeting between leaders of the neighbouring countries was the second within two weeks.

    President Tinubu hosted Talon in Paris, France, on June 23 during the Summit on New Global Financing Pact signing.

    Although there was no information available on the meeting held in Abuja on Friday, the Presidency released pictures of both leaders in President Tinubu’s residence.

    A brief text accompanying the pictures said “President of the Republic of Benin Prof Patrice Talon on a courtesy visit to President Bola Ahmed Tinubu at his residence in Abuja, Friday evening”.

    During their meeting in Paris, according to a statement by his Special Adviser on Special Duties, Communication and Strategy, Mr Dele Alake, Tinubu had emphasized need for African countries to enhance the position of the continent among the comity of nations.

    Read Also: Tinubu’s approval of tax changes will create more conducive business environment – Okumagba

    “I believe in Africa. We have the necessity to grow the continent. The world’s economy is wobbling, and Africa has been left behind. On risk factors, Africa is always placed high, with higher interest rates on borrowing. We are always classified as high risk. We must work together for systematic recovery and growth,” he added.

    President Tinubu described Nigeria’s relations with Benin as that of siamese twins, joined at the hips and supported by other friendly countries.

    “We must recognise the fact that we need each other. We are in a loop and no one should separate us, ” he stated, assuring that his administration will always be open and accessible to all neighbouring countries.

    “I just appointed someone who will work with you as Comptroller General of Customs, Adewale Bashir Adeniyi, and he will be available for our common interest,” the President noted then.

  • UPDATED: Supreme Court quashes Senator Nwaoboshi’s conviction over alleged N805m, orders release

    UPDATED: Supreme Court quashes Senator Nwaoboshi’s conviction over alleged N805m, orders release

    The Supreme Court has quashed the conviction of Senate, Peter Nwaoboshi (Delta North) and his sentencing to seven years imprisonment for offences of fraud and money laundering.

    The apex court ordered his immediate release from the Ikoyi prisons in Lagos, where he is currently being held.

    In a judgement on Friday, the Supreme Court also freed the two companies – Golden Touch Construction Project Ltd and Suiming Electrical Ltd – tried with him on a two-count charge brought against them by the Economic and Financial Crimes Commission (EFCC).

    The judgment was a split decision of four-to-one and  the Supreme Court set aside the July 1, 2022 judgment of the Court of Appeal, Lagos, which had reversed their discharge and acquittal by a Federal High Court in Lagos.

    While Justices John Okoro, Uwani Aba-Aji and Adamu Jauro agreed with the lead judgment, written by Justice Emmanuel Agim, Justice Ibrahim Saulawa dissented.

    The EFCC had accused Nwaoboshi and his companies of illegally acquiring a property named Guinea House on Marine Road, in Apapa, Lagos, for N805 million, property said to belong to the Delta State Govt.

    The anti-graft agency had claimed that part of the money paid for the property was transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, adding the funds are believed to be proceeds of their illicit activities.

    Justice Agim, in the lead judgment,  held that Nwaobishi and the two companies were unjustly and maliciously prosecuted by the EFCC for committing no offences known to law, and  subjected them to needless criminal trial in relation a civil transaction.

    He  noted that,  by the facts of the case as presented by the EFCC, 

    Suiming Electrical Ltd got a loan of N1.2billion from the Nigerian Export Import Bank (NEXIM), from which it was  said to have provided N322million for  the purchase of Guinea House.

    The judge noted that, throughout the trial, the EFCC failed to show that the defendants committed any criminal offence known to law and for which theyr ought to be so prosecuted.

    He held that there was no evidence that the loan was fraudulently obtained, adding that there was no complaint from the NEXIM Bank that the company to which the loan was granted had defaulted.

    Justice Agim noted that a staff of the NEXIM Bank, who testified in the course of trial, confirmed that  the loan was validly acquired and that it  has been repaid substantially, with just N24m outstanding in interest, as at when the EFCC arraigned the defendants.

    He added that the NEXIM Bank staff confirmed that the tenure of the loan had not expired for anyone to concluded the the loan beneficiary had defaulted.

    Justice Agim held that, even if the loan beneficiary defaulted or diverted the loan for a different purpose outside the reason for which the loan was given, such development cannot  clothe the EFCC with any power to subject Nwaobishi and his firms to criminal prosecution.

    He observed that the claim of the EFCC  was that the company got the loan for  the purpose of enhancing its operations, but allegedly diverted  N322m out of the loan for the purchase of Guinea House. 

    The judge said that development did not amount to fraud and money laundering, in respect of which Nwaobishi and his firms were subjected to criminal prosecution by the EFCC.

    Justice Agim held that it was wrong for the EFCC to have prosecuted the company that got the loan, when it has the right to decided what to do with its funds, having lawfully acquired the loan.

    He faulted the Court of Appeal for reversing the decision of the trial court and convicting the defendants on allegation that they diverted the loan, which was not part of the offences for which they were tried at the trial court 

    “The arrest, detention and prosecution of am alleged loan defaulter is illegal. What is worry some worrisome is that the NEXIM Bank never complained that the loan was unlawfully obtained and that there was default in repayment.

    Read Also: Nwaoboshi: EFCC playing to the gallery

    “The company, the 3rd respondent, which is the owner of the money or beneficiary of the loan  cannot be prosecuted for misappropriating the said money, which it lawfully acquired,” he said.

    Justice Agim held that the remedy for the breach of any loan agreement, which is a civil agreement, did not lie in criminal prosecution by the EFCC.

    He added: “The facts of this case, as disclosed by the prosecution, does not support the prosecution of the defendants for fraud and money laundering.”

  • Tinubu suspends key tax measures to ease hardship

    Tinubu suspends key tax measures to ease hardship

    • Presidency explains four Executive Orders
    • ‘No tax raise without consultation’

    To boost manufacturing and ease of doing business, President Bola Ahmed Tinubu yesterday signed four executive orders (EOs).

    The motive of the EOs, which suspended some key taxes, is to boost economic activities and reduce hardship, presidential advisers said.

    According to them, the need to respect the international best practice of giving a 90-day window to investors before new taxes are introduced also brought about the EOs.

    The officials explained that the Federal Government will not raise taxes until after robust consultation with stakeholders.

    Read Also : UPDATED: Tinubu issues four executive orders, suspends key tax measures

    Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, broke down the issues around the new EOs at Aso Villa, Abuja. 

    He was supported by other members of the Presidential Revenue Team.

    Others on the team were Special Adviser to the President on Revenue Mr Zacc Adedeji; a member of the Presidential Advisory Council on Finance and other Related Matters, Ms Doris Aniettie; and an official from the Office of the Chief of Staff to the President, Adenike Laoye.

    According to the team, the move became necessary as a response to the need for clarity and adequate notice for tax adjustments, as specified in the 2017 National Tax Policy. 

    According to Alake, the first executive order is The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023, to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.

    The second order is The Customs, Excise Tariff (Variation) Amendment Order, 2023, which has also shifted the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.

    Thirdly, Alake said the President had given an Order suspending the five per cent excise tax on telecommunication services as well as the excise duties escalation on locally manufactured products.

    Fourthly, he said the President has ordered the suspension of the newly introduced Green Tax by way of excise tax on Single-Use Plastics, including containers and bottles.

    He added that the President had ordered the suspension of the import tax adjustment levy on certain vehicles.

    According to him, President Tinubu intends to listen to the concerns of the Nigerian people and alleviate the negative impact of the tax adjustments rather than exacerbate the challenges faced by citizens.

    “The President wishes to reiterate his commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions. 

    “The Federal Government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and an appreciable reduction in the unemployment rate through job creation. 

    “The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country. 

    “President Tinubu wishes to assure Nigerians by whose mandate he is in power that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework,” Alake added.

    According to him, some of the problems identified with the tax changes include the 2017 National Tax Policy approved by the Muhammadu Buhari Administration, prescribing a minimum of 90 days’ notice from the government to tax-payers before any tax changes can take effect.

    “This global practice is done to give taxpayers and businesses reasonable time to adjust to the new tax regime. 

    “However, both the Finance Act 2023 and the Customs, Excise Tariff Order 2023 did not give the required minimum notice period, thus putting businesses in violation of the new tax regime even before the changes were gazetted.

    “As a result of this, many of the affected businesses are already contending with the rising costs, falling margins and capacity underutilisation due to the various macroeconomic headwinds as well as the impact of the Naira redesign policy,” he said.

    The presidential spokesman also noted that the excise tax increases on tobacco products and alcoholic beverages from 2022 to 2024, which had already been approved, are also being implemented.

    Alake maintained that a further escalation of the approved rates by the current administration presents an image of policy inconsistency and creates an atmosphere of uncertainty for businesses operating in Nigeria.

    “The excise tax of five per cent on telecommunication services has generated heated controversy. 

    “There is also a lack of clarity regarding the status of this tax, just as players in the sector also complain about the imposition of multiple taxes on their operations.

    “We have also seen that the Green Taxes, including the Single Use Plastics tax and the Import Adjustment Levy on certain categories of vehicles, require more consultation and a holistic approach to the country’s net zero plan in a manner that does not impact the economy negatively.”

    In his inauguration speech, President Tinubu promised to address business unfriendly fiscal policy measures and multiplicity of taxes.

    Alake explained that it was in fidelity to the pledge to put Nigerians at the centre of government policies that President Tinubu signed the executive orders.

    On whether the President’s action would affect the Petroleum Tax and if new taxes would be introduced, the Special Adviser on Revenue, Mr Adedeji, stressed that the President intended to lighten tax burdens, harmonise and manage already existing taxes in the best interest of Nigerians.

    He said: “As you rightly said that there’s a plan or possibly proposal for Petroleum Tax, if you look at the current price templates, that has already been included, so this suspension has nothing to do with that. 

    “So the pricing structure that you have for PMS today, all those have been included, there’s no new taxes that we’re bringing in. 

    “As my colleague has said, one of the key focuses of this administration is to harmonise our taxes, the way we collect them. 

    “Mr President wants to simplify and make it friendly to business, the way we operate taxes in Nigeria. 

    “When we talk about revenue management, it’s not only in tax collection. The starting point is our economic policy because our aim is not to tax poverty. Our aim is not to tax production. 

    “We aim to increase our productive activities, capacity to produce, then we can tax our consumption and that is the direction of our economic planning and then we want to increase the trust that we have in the government. 

    “If you have observed what has happened in the last month that we’ve been here, we’ve kept our word. 

    “Part of what we are doing today (with the EOs) is just to increase this trust that we’re here to do what’s best for the country. 

    “We have a robust plan to improve our collection and compliance management because that is what is needed. 

    “So, we’re not going to impose new taxes. We’ll improve the collection, management and efficient use of those resources. 

    “That is the pledge and promise of Mr. President, which we’re here to make sure comes to reality.”  

  • Why President is meeting opposition figures, by Alake

    Why President is meeting opposition figures, by Alake

    • ‘Ministers list not ready’

    President Bola Ahmed Tinubu’s meetings with opposition figures is in line with his decision to run an open government, his Special Adviser on Special Duties, Communication and Strategy, Dele Alake, said yesterday.

    He also dismissed speculative reports on ministers list, saying when the list is ready, the President will make it available.

    Wednesday’s visit to the president by former Senate President Anyim Pius Anyim and former Peoples Democratic Party (PDP) Publicity Secretary Olisa Metuh was to commend the President for the steps he has taken so far.

    He praised them for their courage and sincerity, and criticised some opposition leader who have failed to recognise the President’s effort. 

    On former Rivers State governor, Nyesom Wike’s relationship with the President, Alake said: “Wike’s case is self-explanatory. It was the tempestuous nature of the PDP internal political wrangling that caused Wike’s issue and you are all aware of that. So that one has no issues with Wike’s thing, it’s an internal affairs of the PDP.

    Read Also : Stakeholders hail Tinubu for retaining Ogbuku as NDDC MD

    “However if as a political party, your enemy is fighting itself, you reap whatever gain from it without lifting a finger, that’s what happened. 

    “Now about the PDP people that came, you know the President said that his administration is running an open door policy and he is a unifier, he is a symbol of unity of the country. So if anybody from any angle wishes to see the President and has some salient point to raise or issues or observations or even suggestion, the President opens his doors. 

    “So those people, Pius Anyim and Olisa Metuh came purposely to commend Mr. President. They came to commend the President for his positive policy initiatives that have put Nigeria back to the global stage and it is not just their own saying, it is not what they say they observe, we have received the same accolades and encomium from all parts of the globe. 

    “So it’s not restricted to the PDP people. I think we should commend them for being quite honest and sincere with their views because there are some of the opposition people who also acknowledge this very laudable initiative of Mr. President but they are too prejudiced or myopic or parochial to acknowledge it publicly, we need to commend those people for having the guts”, he said.

    The President has also met at least, twice with national leader of the New Nigerian Peoples Party (NNPP) Rabiu Musa Kwankwaso, among others.

    On ministers list, he said:  “The simple truth is that, you know, this is an executive presidency, we’re not running a parliamentary system. So the President, the bucks stops on his table, and he decides when it’s fit and proper for him to make his cabinet list. 

    “We are not unaware of all the speculations, and innuendos and rumours, all kinds of things in the media. Now, I as a media man, I chuckled to myself that people just want to sell, so they just fabricate. 

    “There is no iota of truth in all of those things. When the President is good and ready, you will be the first to know about his intentions”, he said.

  • Banks abandon uniform ATMs, OTC transaction policy

    Banks abandon uniform ATMs, OTC transaction policy

    For bank customers, it is different strokes for different folks in accessing cash.

    This followed the banks’ failure to implement uniform cash withdrawal policy across their Automated Teller Machines (ATMs), Over-the-Counter (OTC) and other transaction channels. 

    While some banks are raising the daily limit on ATM transactions by over 400 per cent, others are cutting the limit by almost the same margin.

    The practice has made it difficult for some bank customers to access the cash needed for their daily use and businesses.

    While Zenith Bank Plc raised the limit of cash withdrawals on ATMs to N200,000 daily, other banks’ ATMs can only pay between N20,000 and N40,000 daily. 

    “You can perform cash withdrawals of up to N200,000 per day, at Zenith Bank Automated Teller Machines (ATMs) nationwide, even if you bank with other financial institutions,” the bank announced in an emailed note to customers.

    It added that the N500,000 weekly cashless policy withdrawal limit for individuals still applies. 

    Read Also : Banks ration cash at ATMs, over-the-counter transactions

    Aside from Zenith Bank, other lenders also operate diverse rules on cash withdrawals.

    At the Fidelity Bank Plc branch in Ibeju-Lekki Lagos, the bank’s ATMs were set at N5,000 per withdrawal, and customers are allowed to withdraw a maximum of N40,000 per day.

    Lagos-based entrepreneur and Managing Director of Countryside Communication, Johnson Okanlawon, said commercial banks in Akowonjo, Lagos are restricting daily cash withdrawals on ATMs to between N20,000.00 and N40,000. 

    He said many of the banks are also not able to pay N500,000 daily cash withdrawals for OTC transactions as directed by the Central Bank of Nigeria (CBN).

    “Many of the banks are paying N50,000 and N100,000 for over-the-counter transactions per day. It is really difficult to get cash from some banks these days,” he said.

    Okanlawon said many of the banks complained about the rising cost of accessing cash from the CBN.

    A manager with an old-generation bank in Lagos said banks pay around N500,000 for the logistics of moving cash from the CBN to their branches, and many banks are not ready to bear the costs.

    He said: “It costs money to bring money to branches. We are relying on cash deposits from customers, which are not forthcoming. We wish these costs are avoidable. 

    “In many cases, we call business owners with huge cash receipts to bring cash and we pay them cheaper rate, instead of making cash requisition officially.”

    Under the cash withdrawal limit policy, the CBN had placed cash withdrawal limits of a maximum of N500,000 weekly on individuals and a maximum of N5million weekly on corporate entities.

    The implementation of the policy has been chaotic as the shortage in cash supply created a scarcity of cash across the country.

    However, such cash rationing has not been implemented by banks in Abuja and Rivers State.

  • Tinubu seeks confirmation of CDS, Service Chiefs

    Tinubu seeks confirmation of CDS, Service Chiefs

    President Bola Ahmed Tinubu on Thursday formally wrote to the National Assembly informing them of the appointment of the new Chief of Defence Staff and Service Chiefs.

    In a letter addressed to the Speaker and read at Plenary, the President asked the lawmakers to consider speedy confirmation of the Service Chiefs and the Chief of Defence Staff in accordance with extant laws.

    The President appointed the Service Chiefs when the National was on Sallah holiday.

    The service chiefs to be confirmed are: Maj. Gen. C.G Musa, Chief of Defence Staff; Maj. T. A Lagbaja, Chief of Army Staff; Rear Admirral E. A Ogalla Chief of Naval Staff and AVM H.B Abubakar, Chief of Air Staff.

    Read Also: President Tinubu pledges support for NPC, calls for data integrity 

    The President in the letter said that the  request was in compliance with the provisions of Section 18(1) of the Armed Forces Act. Cap A20 Laws the Federation of Nigeria 2004.

  • DisCos intensify efforts for electricity tariffs hike approval

    DisCos intensify efforts for electricity tariffs hike approval

    • Distribution companies weighing option of gradual increase in what consumers pay

    There is no respite yet for electricity consumers with Distribution Companies (DisCos) still pushing ahead with their bid for Federal Government’s approval to raise the tariffs.

    Last week, the National Electricity Regulatory Commission (NERC) halted the 40 per cent tariff hike planned by the DisCos following an outcry by Nigerians, who are reeling under the effect of petrol subsidy withdrawal.

    NERC’s action came after some of the DisCos notified consumers of increased tariffs.

    It was learnt yesterday that the DisCos are billed to meet with NERC in Abuja next week.

    Senior officials of two DisCos, who confirmed the scheduled meeting, declined to release the agenda.

    But it was learnt that tariffs raise is central to the parley.

    The NERC will also meet with other power institutions such as the Transmission Company of Nigeria (TCN) and Generating Companies (GenCos).

    It was learnt that NERC has scheduled a meeting with all the 11 DisCos and other critical stakeholders in the electricity supply and loop.

    The Nation exclusively gathered that the meeting will hold between Monday and Friday.

    NERC will meet on Monday and Tuesday with Managing Directors and top management of DisCos, GenCos and TCN.

    On Wednesday and Thursday, it will meet with major electricity consumers, firms, suppliers and service providers, such as suppliers of gas, among others.

    How the DisCos can shore up their revenue, especially following a 40 per cent loss, and their inability to meet their performance targets, will also be discussed, it was gathered.

    All the DisCos, based on the NERC’s June 2023 data, recorded losses after exceeding their allowed targets for Aggregate Technical, Commercial, and Collection (ATC & C) losses.

    The ATC & C losses include technical, commercial and collection inefficiencies in the power distribution process, such as power theft, meter tampering, billing inaccuracies and revenue leakages.

    The failure to meet the target comes at a time when the sector was considering an increase in electricity tariffs brought about by macroeconomic conditions.

    Sources close to the top management of DisCos that will be attending the meeting confided in The Nation that the issue of tariffs increase will be knotty, but they are ready to really push for its approval.

    It was gathered that another option to be mooted will be to have a gradual increment instead of the 40 per cent tariffs increase at once.

    This means that the DisCos may settle for increments on pro-rata basis until they finally get to the desired target of 40 per cent.

    However, should the proposal be rejected, the DisCos may ask the government for a subsidy in the form of a “relief package” on their equipment importation and other critical operational transactions executed in foreign exchange, especially with the exchange rate unification.

    But this may be a difficult option given that in March 2022, the former Minister of Finance, Zainab Ahmed, revealed that the government had ‘quietly’ removed the subsidy on electricity tariff or any buffers it was paying in the sector.

    “We have been able to quietly implement subsidy removal in the electricity sector and as we speak, we don’t have subsidies in the electricity sector.

    “We did that incrementally over time by carefully adjusting the prices at some levels while holding the lower levels down,” she said at a virtual meeting of African Finance Ministers (AFM) and the International Monetary Fund (IMF) back then.

    DisCos have insisted that without increasing tariffs, their continued survival in business will be threatened.

  • Resident doctors issue two-week ultimatum ahead proposed strike

    Resident doctors issue two-week ultimatum ahead proposed strike

    The Nigerian Association of Resident Doctors (NARD) has given the Federal Government a two-week ultimatum to meet its demands.

    It stated the ultimatum, which ends on July 19, is supposed to give the government time to begin implementation of the resolutions of the Memorandum of Understanding (MoU) agreed on.

    Failure to meet their demands by July 19, the NARD warned it cannot guarantee that its members would not embark on a nationwide strike.

    Some of their demands include 200 percent review of their Consolidated Medical Salary Structure (CONMESS), payment of the 2023 Medical Residency Training Fund (MRTF), issuance of a circular by the Federal Ministry of Health for replacement of doctors and nurses that have left the system with new ones, and the payment of salary arrears, improvement in hazard allowance by state governments, among others.

  • JUST IN: Tinubu, APC close case in Atiku/PDP’s petition with a witness

    JUST IN: Tinubu, APC close case in Atiku/PDP’s petition with a witness

    President Bola Tinubu and the All Progressives Congress (APC)  have ended their defence in the petition by Atiku Abubakar and the Peoples Democratic Party (PDP) before the Presidential Election Petition Court (PEPC).

    Tinubu’s lawyer Chief Wole Olanipekun (SAN) was the first to announce the closure of his client case after the sole witness, Senate Majority Leader, Senator Michael Opeyemi Bamidele concluded his testimony.

    Read Also: JUST IN: Tinubu meets Ayim, Metuh

    Olanipekun also tendered some bundles of documents, including the February 4, 2003 letter from the US Embassy in Nigeria, clearing Tinubu of any criminal indictment or conviction in the United States.

    Lawyer to the APC Lateef Fagbemi (SAN) said his client was satisfied that it has effectively made its case and need not call any witness.

    He subsequently announced the closure of his client’s case.

    Details shortly…