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No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank.
This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024.
The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.
Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked personnel were more than 200.
They revealed that the latest purge included older directors who were not affected by the last round of retrenchment.
One of the sources in a 20-second call stated, “It is true and confirmed.”
The staff who could not disclose further details for fear of being tapped added that the purge had caused palpable apprehension amongst staff of every cadre as the management had not specified any known criteria for the decisions.
Another authoritative source confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out in phases.
The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.
“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”
The sack letter issued by the Human Resources Department on May 24, 2024, indicated that the policy was to reorganise the organisation for effective operations.
The letter, lacking a signature, read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.
“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”
In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.
At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.
It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.
Efforts to get the reaction of the Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not respond to several calls sent across to her or reply the text messages to her line.
Nigeria’s economy grew at a slower than expected rate in the first quarter as a sharp currency slump and adverse weather impacted the non-oil sector.
Gross domestic product expanded an annual 2.98% in the three months through March, compared with growth of 3.46% in the previous quarter, according to data released by the National Bureau of Statistics on Friday. The median estimate of eight economists in a Bloomberg survey was 3.5%.
Key contributors to the slower-than-expected growth were agriculture, due to bad weather and insecurity, and manufacturing where profits have been knocked by an almost 70% slump in the naira against the dollar since last year.
Weaker growth in those sectors contributed to the non-oil part of the economy expanding 2.8% - its slowest pace in two quarters.
One bright spot was the oil sector which grew for a successive quarter because of higher oil production. Output rose to 1.57 million barrels per day in the period, up from 1.51 million barrels a year earlier, helped by better security in the Niger Delta region.
Improved oil output is expected to continue. Minister of State for Petroleum Heineken Lokpobiri said Thursday that production - which includes crude and other hydro-carbons - is now at 1.7 million barrels per day from a low of 1.1 million barrels when Tinubu took office. Nigeria hopes to further lift production by opening bids for a dozen oil blocks and concluding several divestment deals with international oil companies in coming months.
The government is targeting an economic growth rate of about 3.8% in 2024 and a return to 6% or more in the coming years, which it last achieved in 2014. The International Monetary Fund projects 3.3% economic growth for 2024, which will lower Nigeria’s ranking to fourth largest in Africa.
Reinstated Emir of Kano, Muhammadu Sanusi II, has taken over the historic Kano Emir’s Palace in the wee hours of Saturday.
Emir Sanusi II was earlier on Friday presented with a letter of appointment by Kano State governor, Abba Kabir Yusuf, following the dissolution of the five Emirate Councils in the State and restoration of Kano Emirate to its pre-2019 status before it was divided into five different domains.
Emir Sanusi II was accompanied by the State’s deputy governor, Comrade Aminu Abdussalam, and other government officials to enter the palace around 1.30am.
The development is said to preempt an alleged plan by the deposed Emir Aminu Ado Bayero to return to the palace.
The deposed Emir Bayero was conspicuously out of town when the Kano State House of Assembly and the State Government were determining his fate.
Bayero was initially appointed the Emir of Bichi Emirate in 2019 following the creation of new emirates and later appointed the 15th Emir of Kano, a position he had held since the controversial deposition of Sanusi II by former Governor Abdullahi Umar Ganduje in 2020.
However, incumbent Governor Abba Kabir Yusuf announced Sanusi II’s reinstatement as the Emir of Kano after signing a new Kano Emirate Council Bill into law at the Government House on Thursday. The move effectively reversed Ganduje’s decisions, and restored Sanusi II to his former position as the sole Emir in the State.
Although Bayero was yet to publicly comment on the reinstatement of Emir Sanusi II, it was however gathered that he had returned to the Kano in the wee hours of Saturday. The governor had given Bayero and the four other deposed emirs appointed by former Governor Ganduje a 48-hour notice on Thursday to vacate their palaces and relinquish all emirate properties to the deputy governor’s office who doubles as commissioner for local government and chieftaincy affairs.
Emir Sanusi II’s early morning entrance into the palace, under the escort of high-ranking government officials without the traditional pomp and pageantry underscored the tense atmosphere surrounding the Kano Emirate’s leadership tussle that has captured national attention.
Emir Bayero Returns…
Meanwhile, deposed Emir Aminu Ado Bayero has returned to Kano on Saturday morning to a waiting crowd of supporters at the Malam Aminu Kano International Airport Kano (MAKIA).
The aircraft, which conveyed the embattled monarch and son of 13th Emir of Kano, Late Ado Bayero, touched down at MAKIA around 4:32am.
He was immediately surrounded by his supporters, who were chanting a verse from Surah Al-Fatihah in the Holy Qur’an while some others were chanting, “God the Almighty will punish your enemies.”
The former Emir, who was fully dressed in his trademark royal regalia, did not utter a word to the crowd as he took his steps consciously away.
He later observed Subhi (dawn) prayer at the Airport before departing to an unknown destination in the city.
In the meantime, a deployment of soldiers has arrived at the mini-palace of Alhaji Aminu Ado Bayero following his dethronement by Kano State Governor, Abba Kabir Yusuf.
Yusuf, while signing the repealed Kano Emirates Council Law, gave the deposed Emirs 48 hours to vacate their palaces and hand them over.
The other Emirs—Alhaji Nasir Ado Bayero (Bichi), Alhaji Kabiru Muhammad Inuwa (Rano), Alhaji Ibrahim Abubakar II (Karaye), and Alhaji Aliyu Ibrahim Abdulkadir (Gaya)—complied with the directive.
While Alhaji Aminu Ado Bayero returned to Kano on Saturday, it was observed that a team of soldiers moved into his palace at Nasarawa, where the 15th Emir is located, following the governor’s order.
Although security operatives accompanied Ado Bayero from the airport to the mini-palace, the reason for the additional troop deployment remains unclear.
The Deputy Governor, Aminu Abdussalam Gwarzo, accused the National Security Adviser, Nuhu Ribadu, of facilitating the return of the dethroned Emir.
Gwarzo made the accusation in a short video interview at the Emir’s palace in Gidan Rumfa on Saturday.
He alleged that the NSA released two jets to bring Ado Bayero to Kano
He said, “The National Security Adviser gave two jets to bring the dethroned emir to Kano and to bring him to the place. We have not understood their intention.”
Earlier, Yusuf ordered the immediate arrest of Ado Bayero.
Reacting to Ado Bayero’s actions, Yusuf ordered his immediate arrest, accusing him of creating tension in the state.
Yusuf, in a statement issued by his spokesperson, Sanusi Bature Dawakin Tofa, claimed that Ado Bayero was smuggled into Kano in an attempt to return to the palace two days after his deposition forcefully.
He said Bayero should be arrested for allegedly creating tension in the state.
The statement titled ‘Gov. Yusuf Orders Arrest of Deposed Emir of Kano Aminu Ado Bayero,’ read, “The Governor of Kano State, Alhaji Abba Kabir Yusuf, has ordered the immediate arrest of the former Emir of Kano, Aminu Ado Bayero, for creating tension in the state.
Usman Bugaje, a respected elder statesman and political activist, has labeled the first year of President Bola Ahmed Tinubu’s administration a “tragedy” for Nigeria.
Bugaje made these remarks during an appearance on Channels Television’s Politics Today, where he assessed Tinubu's inaugural year in office.
As a former member of the House of Representatives, Bugaje criticized the APC-led government for failing to address the multitude of challenges confronting the nation.
He stated, “The past year has been a tragedy for Nigerians. There isn’t a single problem they have resolved. The government appears overwhelmed and is struggling to manage the mounting frustrations of the populace.”
Bugaje further argued that the policies introduced by Tinubu's administration have worsened existing issues instead of improving them.
He emphasized the need for the government to seek advice from experts, regardless of their political affiliations, to navigate the country through its current difficulties.
“In this year, they have left people in darkness. It’s time to seek help from knowledgeable Nigerians, even those outside the party and politics. Many nations have overcome similar challenges by leveraging their intellectual and administrative resources. Nigeria is rich in such resources, but the government remains insular and ineffective.”
He also stressed the importance of developing clear metrics to evaluate governance. “As a nation, we should have established metrics for assessing governance by now. There are academic and statistical methods to do this.”
To highlight the worsening security situation, Bugaje recounted a recent incident:“This morning, I read reports of 20 individuals being abducted in a residential estate in Gwarimpa, Abuja. If the seat of government isn’t safe, it sends shockwaves throughout the citizenry.”
Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has expressed deep concern over the growing frustration among Nigerians due to escalating poverty and hunger, urging political leaders to fulfill their duties in improving the populace's living standards.
Addressing the Federal Government, the Sultan emphasized that the current socio-economic conditions are extremely challenging, and political office holders must acknowledge and address this reality.
Speaking at the first quarterly meeting of the Nigeria Inter-Religious Council (NIREC) in Abuja, the Sultan highlighted the severe impact of poverty and hunger, noting that desperation has driven some individuals to commit serious crimes for meager sums.
“Nigeria has got to a point where some people could commit any kind of crime, including murder for as little as N500”.
He called on all levels of government to take immediate action to uplift the citizens' living conditions.
The Sultan, who co-chairs NIREC, remarked, “Corruption in Nigeria is a persistent issue discussed in every public and private forum, yet it remains entrenched. It’s crucial to research why eradicating corruption is so challenging.”
He criticized the pervasive corruption among politicians, who often exploit public resources without accountability, becoming wealthier than the states they serve.
“Politicians come into office targeting public wealth, growing richer overnight without being questioned. This sad reality will persist as long as political office holders operate unchecked, continuing the cycle of corruption after their terms,” he lamented.
Highlighting the dire state of the nation, the Sultan declared, “We are living in very difficult and challenging times, and nobody should deny this. Even our leaders recognize this fact. Acknowledging a problem is the first step towards solving it.”
Daniel Okoh, President of the Christian Association of Nigeria (CAN) and co-chair of NIREC, noted that the meeting's theme, “The role of religious leaders in combating corruption and cybercrime,” would provide a platform to evaluate the situation with insights from the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
He urged religious leaders to speak out against cybercrime, emphasizing the collective effort needed to build a just and ethical society for future generations.
EFCC Chairman Ola Olukoyede, represented by the Commission’s Director of Media and Publicity, Wilson Uwajaren, highlighted the severe impact of cybercrime among Nigerian youth, noting numerous convictions.
He identified corruption as the primary obstacle to Nigeria’s development, stating, “Corruption is a cankerworm that has deeply infiltrated our society, impeding our progress despite our vast human and mineral resources.”
Olukoyede stressed that public office is often seen as a means to accumulate personal wealth, neglecting the society's well-being. He warned that this has led to widespread insecurity and social unrest.
“Children who have never experienced good governance are now taking up arms. No one is safe, and even those with amassed wealth realize their fortunes are fragile against uncontrolled rage.”
He also addressed the global reputation damage caused by cybercrime, urging a unified approach to combat corruption.
“When it comes to looting, the corrupt are united by greed, transcending ethnic and religious differences. Therefore, our fight against corruption must be comprehensive and collective,” he concluded.
Amid increasing poverty and hunger, Nigerians are grappling with skyrocketing prices of essential food items such as beef, rice, beans, white garri, and yam. The National Bureau of Statistics (NBS) revealed these alarming trends in its latest report titled ‘Selected Food Prices Watch (April 2024).’
The report highlights significant month-on-month and year-on-year price increases. In April, the average price of 1 kilogram (kg) of local rice reached N1,399.34, reflecting a 3.47 percent increase from March and a staggering 155.93 percent rise from April 2023, when the price was N546.76.
Similarly, the average price of 1kg of white garri soared by 134.98 percent year-on-year, from N362.50 in April 2023 to N851.81 in April 2024. On a month-on-month basis, its price increased by 13.59 percent from N749.89 in March 2024.
Tomato prices also surged, with 1kg costing N1,123.41 in April 2024, a 131.58 percent increase from N485.10 in April 2023. From March to April 2024, the price jumped by 17.06 percent from N959.68.
The price of 1kg of brown beans saw a year-on-year increase of 125.43 percent, climbing from N615.67 in April 2023 to N1,387.90 in April 2024. Month-on-month, the price rose by 12.44 percent.
Yam prices did not escape the trend, with the average price of 1kg rising by 5.76 percent in April to N1,130.37, compared to N1,068.78 in March. Year-on-year, yam prices surged by 154.19 percent from N444.69 in April 2023 to N1,130.37 in April 2024.
The NBS report also detailed the variation in food prices across different states and geopolitical zones. Niger recorded the highest average price for 1kg of local rice at N1,785.47, while Benue had the lowest at N993.72. Bayelsa had the highest price for 1kg of white garri at N1,095.26, while Benue again had the lowest at N494.47. Delta state reported the highest price for 1kg of tomatoes at N1,851.19, with Zamfara recording the lowest at N547.22. The highest price for 1kg of brown beans was in Abuja at N2,288.36, and the lowest was in Yobe at N818.03.
Geopolitically, the south-west and south-south regions bore the brunt of high food prices. The south-west had the highest average price for 1kg of local rice at N1,615.21, followed by the south-south at N1,564.85. The north-west recorded the lowest prices for rice, garri, and tomatoes. For beans, the north-central and south-south regions had the highest prices.
The NBS’s Consumer Price Index (CPI) for April indicated that food inflation soared to 40.53 percent, a significant increase from the 24.61 percent reported in April 2023.
These rising food costs are exacerbating the struggle for many Nigerians already facing severe economic hardships, leading to increasing poverty and hunger across the nation.
Transparency International, the global movement to end injustice and corruption has joined growing chorus of those mocking the controversial award of the contract for the construction of the Lagos-Calaboar coastal highway which could cost as much as thirteen billion dollars.
“With the cost involved, you can see that it’s an inflated contract that has been given simply because some people believe that they will make money out of it,” said Auwal Rafsanjani, Nigerian head of Transparency International.
Lack of transparency around Nigerian projects like this is “the reason why we are not making any progress in terms of improving transparency and accountability in public sector,” he added.
Nigeria’s federal cabinet last week approved construction work on the second section of the $13 billion highway awarded to an ally of President Bola Tinubu, a project that’s understandably ignited a political firestorm in Africa’s most populous country, reports Bloomberg.
The 700-kilometer (434 miles) Atlantic coastal road linking the commercial hub of Lagos to Calabar in the oil-rich Niger Delta has been mired in controversy since it became know that the contract was awarded in September to Hitech Construction Company Ltd., a business owned by tycoon Gilbert Chagoury, who was listed by the government as Tinubu’s “confidante” and part of Nigeria’s delegation at last year’s COP28 climate conference in Dubai. The government has been forced to hold a series of public meetings, press conferences and speeches to defend the project, while surrogates have been sent to explain its position on television.
Authorities have demolished dozens of houses and buildings, including sections of the popular Landmark beach complex in the Lagos district of Victoria Island. That’s led to protests from businesses and residents in the area, home to many of Nigeria’s richest people and local headquarters of TotalEnergies SE and Standard Chartered Plc. Nigeria is littered with ambitious projects that are abandoned after huge amounts of money have been spent, and those that are completed often experience lengthy delays.
According to Bloomberg, Chagoury, 78, has been a fixture of Nigerian politics and business for decades. In 2000, he was convicted in Switzerland of laundering money for Sani Abacha, the notoriously corrupt Nigerian dictator, and has admitted to making illegal campaign contributions in the US. The Chagoury Group didn’t respond to a Bloomberg request for comment.
Hitech has built a number of major infrastructure projects, including the privately developed Banana Island luxury housing estate and the 10-square-mile Eko Atlantic development — both on land reclaimed from the sea. The firm has constructed two highways in Lagos that are 16 miles and 31 miles long, but critics question its capability for large-scale projects.
“We don’t feel like we caught the best deal,” Lagos opposition politician Gbadebo Rhodes-Vivour said by phone. “Because this whole project did not go through the Senate, did not go through the regular due process and we’re just being stuck with the bill that seems extremely over bloated.”
The bidding process for the contract wasn’t conducted publicly, which has also drawn criticism from civil society groups and opposition politicians.
Works minister Dave Umahi told journalists that the government approved a “restrictive bidding” round for the project, without elaborating on what other companies were involved or why it wasn’t made public.
“People say it was not listed in the 2024 budget,” he said during a May 14 speech at the presidential villa in Abuja, the seventh time he has addressed the controversy around the highway since April. “Yesterday, I quoted the budget number and so everything about coastal road followed due process.”
Lagos-Calabar Coastal Highway of controversy
This year’s federal budget contains two line items for the project totaling 1 billion naira, a fraction of the 2.6 trillion naira ($1.8 billion) approved so far, according to the version posted on the website of the budget office in January.
“It is curious that the terms of such an audacious project continue to be shrouded in secrecy,” opposition leader Atiku Abubakar, who lost to Tinubu in last year’s presidential election, said in a statement. “It is no secret that both Tinubu and Chagoury are business partners.”
The president’s office didn’t respond to a detailed list of questions, instead referring to an April 8 statement that called the highway an “economic game changer.”
Tinubu, who was governor of Lagos from 1999-2007, has long been dogged by allegations of corruption, which he denies. He was being investigated by Nigeria’s anti-graft authorities as recently as June 2021, two years before he was elected president. In 1993, he forfeited $460,000 to resolve a lawsuit in Chicago after US federal authorities said bank accounts in his name held the proceeds of heroin trafficking. Tinubu’s lawyers have said he was never charged over the matter.
Nigeria ranks among the world’s most graft-ridden countries, according to a Corruption Perceptions Index published by advocacy group Transparency International, a key reason why the economy is mired in crisis. Since coming into office, Tinubu has talked about enhancing transparency in government and vowed to fight corruption. In April, he described corruption, self-interest and fraud as “an enemy” of the country.
The task of completing the coastal road project will extend beyond Tinubu’s first term, and cost more than Nigeria’s 9-trillion naira budget deficit for this year. Civil society groups and opposition leaders have questioned the rationale behind spending so much on a highway while ordinary Nigerians battle a cost-of-living crisis and citizens have died in stampedes to get food.
23-Year Plan
Estimated at 15 trillion naira, the Lagos-Calabar Coastal Highway is part of Nigeria’s 23-year plan to improve the nation’s infrastructure. The project was first designed as a railway under President Goodluck Jonathan and awarded to the China Civil Engineering Construction Corp. for $12 billion, but fell apart when he left office in 2015.
The following year, the plan was revived by President Muhammadu Buhari’s administration for $11 billion and given a timeline of three years, which expired without significant progress.
Minister Umahi then announced the project had been resurrected once again, but as a coastal highway alongside some rail, and this time awarded to Chagoury’s Hitech.
As much as 30% of the funding for the highway is expected to come from the government, with Hitech sourcing the rest, according to Umahi. The road will also be tolled, costing as much as 3,000 naira to use for a one-way trip — the equivalent of two day’s salary at the current national minimum wage.
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has raised concerns that rising insecurity is compelling many manufacturers to cease operations.
In a recent television interview reported by Thisday, Ajayi-Kadir disclosed that manufacturers are spending more on security than on government taxes.
Ajayi-Kadir also cited multiple taxation and high energy costs as significant challenges for manufacturers in Nigeria.
He urged the federal government to mitigate the unintended consequences of its reform policies to improve the competitiveness of the manufacturing sector.
“Insecurity is a major challenge. We have lost between 56 to 60 percent of our members in the North-East due to insecurity. They have stopped production,” he said.
He highlighted the financial burden of security expenses, noting that it surpasses tax payments. “Insecurity is a serious challenge. It is a disincentive to manufacturing and other businesses, and the government needs to intensify its efforts.”
Ajayi-Kadir remarked on the tough business environment in Nigeria and called for prompt action to address issues arising from President Bola Ahmed Tinubu’s reforms.
“We needed to float the forex rate and remove the subsidy, but how do we manage the negative fallout? How do we ensure business survival?” he questioned. He emphasized the importance of effective and truthful engagement with industry operators to minimize the adjustment period and achieve reform objectives with less pain.
“These are tough times, and we need all hands on deck. Government cooperation with stakeholders is essential to navigate this challenging period, not only for businesses but for individuals as well,” he explained.
Ajayi-Kadir stressed the necessity of a synergy between the private and public sectors to make progress, highlighting the government's duty to ensure adequate security policies and measures.
He noted that the manufacturing sector's underperformance is not due to a lack of competent entrepreneurs but due to environmental constraints. He pointed to electricity tariffs as a critical issue requiring resolution between the government and the private sector.
“We understand that costs cannot remain static. We are not opposed to tariff increases, as all prices have risen. Power suppliers are businesses too, and their costs are increasing,” he said.
Ajayi-Kadir called for adherence to processes to ensure value for money. “Power is not charity; there must be engagement and adherence to laws and regulations. Following these processes will enable DISCOs to operate, manufacturers to produce competitively, and ordinary Nigerians to have access to power.”
He concluded, “It is essential for all parties—DISCOs, manufacturers, and consumers—to benefit. I must be able to buy power, produce, compete, be profitable, and operate effectively.”
Former Secretary to the Government of the Federation, Babachir Lawal, has asserted that Nigeria experienced a collapse following the inauguration of President Bola Tinubu on May 29, 2023.
Speaking on Trust TV's Daily Politics, Lawal criticized Tinubu's sudden announcement of fuel subsidy removal on inauguration day, which he believes triggered a severe economic crisis before a cabinet was formed.
Lawal highlighted that the immediate removal of the fuel subsidy caused a significant increase in transportation costs, which is essential for both businesses and the general populace in Nigeria.
He argued that implementing such a drastic policy without having a cabinet or Federal Executive Council in place to manage its repercussions was a critical mistake by Tinubu, resulting in what he described as the collapse of the country.
Reflecting on the situation, Lawal remarked, "On the very day of inauguration, impactful policies were enacted like a cowboy move to remove the subsidy. However, there was no minister of planning to foresee the outcomes, no minister of finance to evaluate the impact, and no federal executive council to approve the measures. There was no one to advise on potential consequences."
Lawal shared his personal experiences as a farmer to illustrate the policy's effects, noting that transportation costs skyrocketed immediately. He recounted, "Before, I paid N270,000 per truck to transport animal feed from Zaria. Following the announcement, the cost jumped to N1 million. Similarly, transporting farm equipment from Kano, which previously was manageable, now costs N3 million for three tractors in a single trailer."
He concluded that the abrupt policy implementation led to widespread economic hardship, significantly inflating costs and effectively deflating the nation's economy.
The Federal Government has dismissed the proposed alliance between former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi.
According to the Presidency, President Bola Tinubu is not concerned about the potential alliance, stating that he is not losing sleep over the political maneuverings of Atiku and Obi.
Atiku ran for president in 2023 under the Peoples Democratic Party (PDP) but lost, while Obi, representing the Labour Party (LP), came third in the election.
Recently, Obi held a private meeting with Atiku and other PDP leaders in Abuja. He also met separately with former Jigawa State Governor Sule Lamido and former Senate President Bukola Saraki, prompting speculation about a possible coalition for the 2027 general elections.
In an interview on Friday, Atiku expressed his willingness to support Obi if the PDP decided in 2027 that it was the South-East’s turn to field the presidential candidate and selected Obi. He reiterated, “I have said repeatedly that if the PDP zones the presidential ticket to the South or South-East specifically, I won’t contest it. If Peter Obi is chosen, I won’t hesitate to support him,” he told BBC Hausa Service.
Atiku suggested that a merger between the PDP and LP was possible and stressed that party members would decide their fate in the 2027 elections. He noted that his recent meeting with Obi might signal a possible alliance leading up to the elections. “It was just a normal friendly meeting, particularly among us in the opposition parties. Such meetings are healthy for Nigeria’s democracy,” he said.
When asked about the potential for a merger, Atiku confirmed, “Yes, it’s very much possible. We can merge to achieve a common goal. The choice of a presidential candidate will not be an issue.”
Tinubu Unbothered – FG
Reacting to the planned alliance, the Minister of Information, Mohammed Idris, stated that the Federal Government was not worried. He emphasized that the government was focused on delivering on its mandate. “The government is not thinking about them at all. We are focused on delivering on the mandate handed over to Tinubu,” Idris said.
He highlighted recent achievements, including the inauguration of critical gas infrastructure projects in Imo and Delta states and ongoing social security and farming initiatives. “With the good works the government is doing, he [Tinubu] is already the toast of Nigerians,” Idris added.
A presidential aide, Bayo Onanuga, also dismissed the alliance, describing Atiku and Obi as sore losers. “We are only surprised that they are plotting just one year after an election they lost. They are still behaving like sore losers,” Onanuga said.
He stressed that President Tinubu remains focused on fulfilling his promises and resetting the economy. “President Tinubu is a true statesman who is concerned about fulfilling his promises to Nigerians,” he concluded.
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Adebayo Adelabu, the Minister of Power, announced the federal government's decision to suspend the transfer of regulatory authority over electricity to state governments. This was revealed during the 8th Africa Energy Market Place (AEMP) conference held in Abuja on Friday.
Earlier in April, the Nigerian Electricity Regulatory Commission (NERC) had transferred oversight of the electricity markets in Ondo, Ekiti, and Enugu to the states' electricity regulatory bureaus (OSERB). However, Adelabu stated that the suspension was necessary to ensure state governments and power sector stakeholders fully understand the requirements for operating an electricity market.
Adelabu emphasized that a thorough understanding of regulatory oversight transfer is crucial for the power sector's sustainability. "We must proceed with caution and not rush this process. Our market is not mature enough. Centralizing regulation under one body has presented numerous challenges. Now, creating a regulatory framework across 36 states must be done methodically and strategically," he said.
He proposed using a few states as pilot programs, which led to halting further regulatory autonomy grants. The transfer will be tested in selected states across Nigeria's geopolitical zones. "By running the pilot for three to six months, or up to a year, we can identify and address potential issues before extending regulatory autonomy further," Adelabu explained.
Adelabu clarified that granting regulatory autonomy to a state encompasses the entire electricity value chain—generation, transmission, and distribution within the state's territory, including tariff setting. He stressed the importance of understanding the financial responsibilities involved, particularly concerning tariffs and subsidies.
"We need comprehensive discussions to ensure everyone understands the implications of regulatory autonomy. This will determine whether we are ready for full autonomy or need to implement it gradually until our electricity market matures," he said.
The minister also highlighted the underestimated capacity required for regulatory authorities in 36 states and the FCT. Each state must establish a framework to protect assets, address vandalism, ensure consumer protection, and secure sufficient capital for continuous investment and infrastructure maintenance.
.. promises land sales with discount
Nigerians have been advised to keep investing in owning lands as a way of protecting their money and saving it from depreciation at this critical time of the economy, as the value of lands appreciate always.
The Chairman of IAS Unique Homes and Properties, Oba Ayobami Akanji Adelani who gave the advice said, investing in lands is one of the wisest decisions to preserve the value of ones money and secure the future.
Adelani disclosed that IAS Unique Homes would be marking its 8th year anniversary with a discounted fifty (50) plots of land at its Bluestone City gated Estate, Wasinmi, Ogun State.
He encouraged Nigerians to take advantage of the land facility with its closeness to Lagos saying "IAS unique homes is celebrating 8 years of positive impact".
Adelani said "the Bluestone city where construction is presently on-going is secured with fence, electricity, closeness to the main road and other facilities.
He promised that anyone who purchases land in the gated estate would be given fifteen (15) tonnes of sharp sand, setting sand and granite each to begin foundation immediately on the land.
According to him, "Owning lands is a valuable long term investment, as its value appreciates over time, providing a sense of security and permanence".
"This Bluestone City is a great opportunity to own a land in Ogun State with about forty five minutes drive to Lagos. There is a flexible payment plan as one can pay at once, or pay fifty percent and subsequently balance on instalment in six months."
"I can assure you that in few months the value of the land would go up", he said.
The Nigerian Army is investigating how a group of soldiers detained in guard rooms for various offenses managed to break out of the facility at the 8 Division Garrison in Sokoto.
Following the incident, in which Lance Corporal Charles Ekefure was reportedly shot, the Army has detained around 100 soldiers, 10 in each cell, after they clamored for better living conditions.
Army spokesperson, Onyema Nwachukwu, expressed regret over the incident and stated that appropriate sanctions would be applied to the soldiers involved. He emphasized that while the Army acknowledges the need for improved conditions, it cannot condone the unruly behavior displayed by the detainees.
A probe has been initiated by the Chief of Army Staff to determine the extent of the issue and ensure such incidents do not reoccur. Nwachukwu reaffirmed the Army's commitment to upholding professional standards and ensuring fair treatment for all detainees, even those awaiting sentencing for aiding criminal activities.
The Army appreciates the support of Nigerians and remains focused on addressing security challenges in collaboration with other security agencies.
President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.
The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
Financial institutions are required to apply the levy at the point of electronic transfer origination.
The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution. All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.
By implication, the deduction of the levy by financial institutions should commence on May 20, 2024.
However, financial institutions are to make their remittances in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.
The circular also stipulates a timeframe for financial institutions to reconfigure their systems to ensure complete and timely submission of remittance files to the Nigeria Interbank Settlement Systems Plc as follows: “Commercial, Merchant, Non-Interest, and Payment Service Banks – Within four weeks of the issuance of the Circular.
“All other Financial Institutions (Microfinance Banks, Primary Mortgage Banks, Development Financial Institutions) – Within eight weeks of the issuance of the Circular,” the circular noted.
The CBN has emphasised strict adherence to this mandate, warning that any financial institution that fails to comply with the provisions will face severe penalties. As outlined in the Act, non-compliant entities are subject to a minimum fine of two per cent of their annual turnover upon conviction.
The circular provides a list of transactions currently deemed eligible for exemption, to avoid multiple applications of the levy.
These are loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank.
Exemptions include other financial institutions’ transfers to their correspondent banks, interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, letters of credit, and banks’ recapitalisation-related funding.
Others are bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments such as treasury bills, bonds, and commercial papers, and government social welfare programmes transactions.
These may include pension payments, non-profit and charitable transactions including donations to registered non-profit organisations or charities, educational institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions, and transactions involving the bank’s internal accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
The introduction of the new levy sparked varied reactions among stakeholders as it is expected to raise the cost of conducting business in Nigeria and could potentially hinder the growth of digital transaction adoption.
‘Stop levy now’
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.
According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
However, sources with knowledge of Tinubu’s position on the issue told Sunday PUNCH that the President was aware of the economic burden on Nigerians since his hardline economic reforms began last May, adding that he did not want to risk adding to the burden with more levies.
A senior presidency official who preferred not to be named told our correspondent, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”
Another presidency official who preferred to remain anonymous as he was not authorised to speak on the issue said these discrepancies prompted the President to order a review.
“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.
“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive. As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”