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News

A Senior Advocate of Nigeria (SAN) and foremost human rights activist, Femi Falana will be representing the Nigerian Association of Resident Doctors (NARD) in their legal battle against the Federal Government.

The chairman of Communication and Communique of the NARD, Dr Julian Ojebo, disclosed this on Monday.

Barely two weeks after the resident doctors started the strike, the Federal Ministry of Labour and Employment, through the Minister, Dr Chris Ngige, took the doctors to the National Industrial Court to explain why the “no work no pay” rule should not be applied against them.

The  court however adjourned the case till September 15, 2021.

The NARD started the work to rule on August 2, 2021, after the Federal Government failed to fulfill its agreement made with them through a memorandum of understanding (MoU).

Chief among the 12 demands by the doctors are: the payment of salaries owed 114 House Officers who are on the GIFMIS platform, withdrawal of the circular by the Head of Service removing House Officers from the Scheme of Service, payment of death in service insurance benefits to families of 21 doctors who died of COVID-19 in the line of duty, among other demands.

 

The Nation

The Naira was at a record low against the dollar on Thursday, depreciating to nearly N550 at the unofficial market from N530 at last week’s close as demand for the greenback from importers continues to bump up against scarce market liquidity.

Checks in Kano revealed the record high forex rate especially at the Kano’s popular Wapa BDC market in Wapa, where forex traders said as of Thursday evening, a dollar was exchanging for N549, and that it could even exceed N550 before the close of the day.

Aminu Shua’ibu Malan, a trader in the market, said: “Prior to the last three days, it used to be around N520, but has now reached N550.

“This is caused by the high demand by importers and its scarcity courtesy of this Central Bank of Nigeria (CBN) policy. We are afraid that if this policy continues, a dollar could reach about N600-N700, which will surely spell doom for our economy.”

The traders, who said that there is no hope in sight as to when the Naira will appreciate, called on the apex bank to have a rethink on its dollar ban policy in order to save the country’s economy.

In Abuja, the Naira continued a free fall, sheding off about N12. At the Wuse Zone 4 BDC market, most of the forex traders sold the naira for between N540 and N542 to the dollar, as against about N528/$1 last week.

A BDC operator named Sumaila said he sold for N540/$1. He also said the price has spiked because even the banks don’t sell to BDCs, yet most SMEs get their forex funding needs from BDCs’ supplies.

Some other BDC operators said they sold the dollar for between N540 and N542.

Ibrahim Audu, a forex hosteller who prospects for customers at Wuse Zone 4 Abuja, told our Correspondent he could arrange for N542/$1 if the Correspondent would sell up to $10,000.

At the Murtala Muhammed International Airport (MMIA) Lagos showed that dollars exchanged for between N530 to N535 at the parallel market.

“We started at N525 this week and it has continued to rise because of high demand,” says a Bureau De Change operator.

“We don’t even understand it again. They said banks should give dollars and when you go there, they would tell you there is no dollar. The banks too have become Bureau De Change,” another BDC operator, who identified himself simply as Hassan, said.

“We now sell at N529, N530. We hope very soon, things will change and CBN will reconsider their stand,” he added.

EFCC reads riot act to bank heads

In the meantime, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has warned banks against fraudulent election financing, foreign exchange malpractice and money laundering.

Baba gave the warning on Thursday during an interactive session with managing directors of banks at the Lagos Zonal Command of the commission.

According to a statement by the EFCC spokesman, Wilson Uwujiaren, the anti-graft agency boss charged the bankers to comply with the guidelines of CBN on the issuance of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, to their customers.

“You need to ensure full compliance with regard to knowing your customers and ensuring that you do not give opportunities for foreign exchange malpractices,” he said.

Pointing out the salient issues EFCC will tackle, Bawa said, “Some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.”

‘Banks selling to cabals’

Chairman of BDC Operators, Local Airport, Danladi Sunday blamed the CBN for the development.

He said while the CBN had directed commercial banks to sell dollars, the banks only supply to “cabals.”

“The stoppage of dollars to bureau de change is the cause of this problem. The CBN said they would be giving to commercial banks and the commercial banks are not selling to everybody, they are only selling to their cabals,” he alleged.

“And once the demand is higher and supply is lower, definitely, the money is going to be high. The solution now is for the CBN to call us back. Once they call us back, the money would come down.”

Trading Desk Manager at AZA Murega Mungai said: “Despite the current weakness, the central bank on Tuesday said it still expects the country’s unofficial and official rates to converge.”

The Naira was trading at 411.30 to the dollar on the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) window this week. We expect the currency pressure to persist in the coming days as demand for forex continues to outweigh supply.

Daily Trust

 

The Southwest Security Stakeholders Group, SSSG, on Friday, warned bandits and other criminal elements to stay away from the southwest region or face the wrath of the group.

The group said this shortly after an emergency meeting held at Omole Phase 2, Ikeja.In a statement jointly signed by its convener and Secretary, the Aare Onakakanfo of Yorubaland, Iba Gani Adams and Alhaji Owolabi Amusat respectively, the group said there are feelings that bandits have perfected their plans to strike in southwest. 

The  group said: “In recent times, bandits have variously attacked the North East, North West and North Central, leaving in its wake, disturbing scenes of terror, killings and destruction that are capable of destroying the sanctity of Nigeria.

On this note, the Southwest Security Stakeholders Group has considered it necessary to beef up the security operations in our region, and we charged the police and all other security outfits across the region to remain vigilant in ensuring that the region is safe.

Any  attempt to invade the southwest will bring about both economic and political doom.”The group, however, dismissed Sheikh Gumi’s visit to Igboho town, saying the visit was an attempt to mock and undermine the efforts of Yoruba activists and freedom fighters. 

It also stated that the Islamic cleric’s body language, utterances and that of his cohorts, Usman Yusuff in Igboho town truly showed that he was behind the DSS attack on Igboho’s Soka home, and that part of the Yoruba territories have been conquered. “Gumi is a Nigerian, he has the right to visit any part of the country but it shouldn’t be to the extent of deliberately attacking Igboho’s ideology in his hometown. Such attempt is provocative, and can lead to crisis as it is in parts of the North. That was why it elicited various reactions. Gumi’s ideas are always at variance with the present reality in the country and I think it is better for him to desist from fanning the embers of discord in the country and the southwest in particular.

“SSSG is driven by the calls to ensure effective security across the southwest. We are also keen on regionalism where each region will control the security architecture of their respective region.

If Nigeria does not return to or go back to regionalism based on the true federalism that we had in the past, there may be crisis and nobody should blame those agitating for self determination.

“But as a group, we will not relent in the struggle to protect the South West and we are determined to partner with the police and other security agencies to combat crime and make the region safe for all and sundry”, the statement noted. 

Vanguard

 

Two teachers from Lagos State, Adeola Adefemi, and Olusegun Adeniyi, have been named in the top 50 shortlist for the Varkey Foundation Global Teacher Prize 2021 in partnership with UNESCO.

The winner would get the $1 million (N411,690, 000) prize.

Adefemi teaches English Language at Oke-Odo Senior High School while Adeniyi teaches art at Caleb British International School, Lagos.

The $1m award was won last year by an Indian village teacher, Ranjitsinh Disale.

Also, Oluwadamilola Akintewe, a 22-year-old student of Adekunle Ajasin University, Ondo State; Blessing Akpan, 23-year-old student of the University of Uyo, Akwa Ibom State; and Esther Ajari, 22-year-old student of the University of Ibadan (UI), Oyo State, have been included in the top 50 shortlist for its new sister award, the Chegg.org Global Student Prize 2021.

They are in the race for the $100,000 (N41,169, 000) chegg.org global student prize.

The top 10 finalists of both categories would be announced in October 2021.

The winners of both prizes would be chosen from the respective top 10 finalists by the Global Teacher Prize Academy and the Global Student Prize Academy made up of prominent individuals.

The  winners are due to be announced at an awards ceremony in Paris in November.

According to a statement by the founder of the Varkey Foundation, Sunny Varkey, the stories of the shortlisted Nigerians highlight the importance of education in tackling the great challenges ahead – from climate change to growing inequality and global pandemics.

A statement from the organisers said Adefemi and Adeniyi were selected from over 8,000 nominations and applications from 121 countries while the students were shortlisted from over 3,500 nominations and applications from 94 countries.

Head of Chegg.org, Lila Thomas, in a statement said the Global Teacher Prize was set up to recognise one exceptional teacher who has made an outstanding contribution to the profession as well as to shine a spotlight on the important role teachers play in the society.

The statement said, “Adeniyi is renowned for bringing out the creative side of his students with two decades of nurturing new talent and creating stimulating art projects in his blended classroom that improves their self-confidence and encourages them to be lifelong learners, critical thinkers, and global citizens.”

The organisers said in her first teaching assignment, Adefemi, was sent to a school that had been labelled “low-performing”.

“Soon, she revolutionised the curriculum and her students’ performance by launching the ‘Every Child Counts’ campaign, creating subject-associated clubs, and encouraging students to enter competitions.

“Within two years, her school won the African Top School Award for its academic performance. Her students have since won 103 different international, national and state competitions.”

The students who applied for the Global Student Prize are being assessed on their academic achievement, impact on their peers, how they make a difference in their community and beyond, how they overcome the odds to achieve, how they demonstrate creativity and innovation, and how they operate as global citizens.

Daily Trust

 

The United Nations (UN) has warned that “the collective future of Nigeria is under threat” given rising insecurity and spate of attacks by bandits on schools.

The warning is coming against the backdrop of recent coordinated killings and kidnappings of schoolchildren across Kaduna, Kebbi, Katsina, Niger and Zamfara states, leading to the forced closure of schools in those  states.

The organisation lamented  in the last academic year, an  estimated 1.3 million children were impacted by attacks or abductions in schools in Nigeria. It urged    President Muhammadu Buhari’s government to tackle the security challenges  ravaging the country to preserve its posterity.  

United Nations Resident and Humanitarian Coordinator for Nigeria, Edward Kallon, stated this in a statement on the 2021 International Day to Protect Education from Attack.

“UN condemns attack on schools, calls for more efforts to protect students and ensure uninterrupted teaching and learning. Children are traumatised; parents are scared; teachers and school administrators are afraid; attacks on schools are gradually spreading to areas not known to insurgencies. With education under attack, the collective future of Nigeria is under threat. This must stop now,” Kallon said. 

He said whenever teaching and learning are disrupted, the impact on human capital development is enormous as the recovery period is always tortuous and longer than the length of the initial disruption.

“Across the Northeast region alone, over 600,000 children remain out of school and some 1.1 million need educational support to stay in school. This has all been compounded by the setbacks due to the Covid-19 pandemic,” he said. 

Meanwhile, the United States and United Kingdom governments  say they have trained nearly 200,000 out of-school-children and youths in Borno and Yobe states.

They said the training would improved literacy, numeracy, and social emotional skills of the nearly 200,000 out of school children in formal and non-formal settings, with more than half of the numbers, girls.  

Present at the closing ceremony of the Addressing Education in North East Nigeria (AENN) event held in Abuja yesterday were USAID Mission Director, Anne Patterson, Nigerian education officials and officials of the United Kingdom Foreign, Commonwealth and Development Office.

The three-year US and UK government-funded activity would significantly increase safe and relevant educational opportunities for children and youth in crisis environments in Nigeria.

The programme launched in 2018, assisted the Federal Government to create more certified and safe educational environments for girls and boys in Borno and Yobe in collaboration with major local, federal and international education establishments. 

Sun

Attorneys–general of the 36 states have sued Abubakar Malami, minister of justice and attorney-general of the federation (AGF) over alleged failure to remit funds generated from stamp duties into state coffers.

The states are arguing that they are the sole authority to collect stamp duties and not the federal government.

In the suit filed before the Supreme Court on August 24 and marked SC/CV/690/2021, the state attorneys are asking the court to determine whether or not “having regard to the mandatory provisions of Section 4(2) of the Stamp Duties Act Cap. S8 Laws of the Federation of Nigeria (LFN) the plaintiffs (all the state attorneys) are not the sole authority to administer and collect stamp duties on all transactions involving individuals/persons within their respective states?”

They also asked the court to determine “whether having regard to the provisions of Section 4(2) of the Stamp Duties Act Cap. S8 of the Laws of the Federation of Nigeria read in conjunction with the provisions of Section 163, items 58 and 59 of the Second Schedule part I and items 7 (a) and (b) of the second Schedule part II and other provisions of the Constitution of the federal republic of Nigeria, 1999 (as amended), the defendant (Malami) could claim, retain, distribute or in any other manner deal with the monies or sums collected as stamp duties on individual persons transactions within the respective states of the plaintiffs without reference to, concurrence of, input or agreement of the plaintiffs?”

The plaintiffs are also asking the court to ascertain whether or not they are “entitled to 85% of all stamp duties collected on electronic money transfer levy, on electronic receipts or electronic transfer for money deposited in deposit money banks and financial institutions, on any type of account to be accounted for and expressed to be received by the person to whom the transfer or deposit is made in the plaintiffs’ respective states.

“Among other reliefs sought and should the issues above be resolved in their favour, all 36 states through their attorneys-general are praying the court for a declaration that they “are the sole authorities entitled to administer and collect stamp duties on all transactions involving individuals within their respective states.

“A declaration that the defendant is not entitled to collect, administer, or keep the proceeds of any stamp duties on transactions involving individuals within the respective states of the plaintiffs or any manner interfere with the Plaintiff’s right and authority in the administering the provision of Section 4(2) of the Stamp Duties Act Cap. S8 Laws of the Federation of Nigeria,” they prayed.

“A declaration that the plaintiffs are entitled to all the sums of money collected by the defendant as stamp duties through whatever source or means in their respective states from 2015-2020 and thereafter till the time of the judgment of this honourable court with respect to individual persons’ transactions.

“A declaration that the plaintiffs are entitled to 85% of all stamp duties collected on electronic money transfer levy, on electronic receipts or electronic transfer for money deposited in deposit money banks and financial institutions, on any type of account to be accounted for and expressed to be received by the person to whom the transfer or deposit is made in the plaintiffs’ respective states.”

The plaintiffs also want the court to issue an order directing Malami to account for and pay back all monies and collected by way of stamp duties on individual persons’ transactions within the respective states of the Plaintiffs from the period 2015-2020 and thereafter till the time of the judgment.

“An order of this honourable court directing the defendant to pay over to the Plaintiffs all the sum of monies amounting to One Hundred and Seventy Six Billion, Sixty Seven Million, Four Hundred Thousand Naira (N 176,067,400,000,00) representing ascertained and admitted collected stamp duties on individual persons’ transactions within their respective states for the period of 2015-2020 and thereafter till the time of the judgment of this honourable court or any other sum as the plaintiffs may be found entitled by the honourable court.

“An order of perpetual injunction restraining the defendant by himself, privies, agents or any persons by whatever name or how so ever called from appointing anyone for the purpose of collecting Stamp Duties on individual persons’ transactions within the respective states of the plaintiffs henceforth.”

Sun

Gunmen have kidnapped three workers of former President, Olusegun Obasanjo at a village in Abeokuta on Wednesday.

A source told our correspondent on Wednesday that the gunmen waylaid the three workers at the Obasanjo Holdings in Kobape in the Obafemi-Owode Local Government Area.

The source said the workers abducted are the financial controller, group auditor and group store manager of the firm.

The source said, “They were abducted around 4pm at Seseri village after their Hilux pick-up was shot at by the gunmen, who took them away.

The state Police Public Relations Officer, Abimbola Oyeyemi, confirmed the incident.

He said, “It happened today (Wednesday) around 6pm. There is Obasanjo Farm around the area in Kobape.

 

Punch

 

Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements (AFS) for 2020, declaring N287 billion profit — even as liabilities exceeded assets by N4.6 trillion.

According to Investopedia, if a company’s liabilities exceed its assets, it is a sign of an asset deficiency – meaning that the company is headed for bankruptcy. The financial health of such companies is at risk.

Also in 2019, auditors raised concerns over material uncertainties in the book that cast considerable doubt on the ability of the group and corporation to continue to operate as a going concern.

In its 44-year history, this is the third consecutive year that the NNPC is opening its financial books.

Garba Deen Muhammad, NNPC’s spokesperson, in a statement on Wednesday, said the release followed President Muhammadu Buhari’s directive for the corporation to meet its statutory requirements.

According to the statement, the group’s working capital in 2020 was N4.56 trillion, up from N4.44 trillion in 2019.

“In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today,” the statement reads.

“Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

“The Group Managing Director of the NNPC, Mele Kyari had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.”

The statement added that while the corporation’s group financial position increased in total current assets by 18.7 percent compared to 2019, its total current liabilities increased by 11.4% within the same period.

“The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44 trillion in 2019, the AFS further revealed,” the statement added.

“Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.”

However, checks by TheCable showed that while the group declared profit of N287 billion, it has liabilities exceeding assets by N4.6 trillion, up by N200 billion from the figure in 2019 when it declared a loss of N1.7 billion.

Additionally, the group suffered recurring losses throughout the year, resulting in accumulated losses of N1.5 trillion.

 

 

 

The Cable

Central Bank of Nigeria (CBN) is worried about boosting dollar supply on the currency market and not valuation of the naira, its director of monetary policy Hassan Mahmud said on Tuesday.

“We are not really bothered much about valuation. What we are worried about is the supply side and the confidence in the system,” Mahmud told a virtual investor conference.

 

Reuters

Gunmen suspected to be bandits have abducted not less than 18 residents in an attack on Keke community in Chikun Local Government Area of Kaduna State.

NIGERIAN NEWSTRACK learnt that the incident occurred at the early hours of Tuesday when the assailants invaded the area.

According to reports, the gunmen numbering about 20, stormed the area at about 12am with sophisticated weapons, shooting sporadically before whisking the victims away.

As at the time of filing this report the  state Police Public Relations Officer, ASP Mohammed Jalige said he was not aware but would inquire and revert.

In recent times, Kaduna has been one of the worst-hit states in the north in terms of the kidnapping of students and other residents.

 

Last modified on Tuesday, 07 September 2021 13:46