News
A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident.
In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024.
The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members.
Furthermore, Dana Air informed that the Nigerian Safety and Investigation Bureau (NSIB) and the Nigeria Civil Aviation Authority (NCAA) have been notified of the incident, and the involved aircraft has been grounded by the maintenance team for thorough investigation.
Acknowledging the swift response of airport authorities and the crew in facilitating the safe disembarkation of passengers, Dana Air expressed gratitude to all parties involved.
The airline also extended sincere apologies to the affected passengers, emphasizing that safety remains their paramount concern.
In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts.
Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes.
Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized.
Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone.
This revelation underscores the magnitude of the challenge posed by unmonitored financial activities within the country.
The timing of this crackdown coincides with another notable event: the reported arrest of Nadeem Anjarwalla, the Binance regional manager for Africa, by Kenya’s police service.
Anjarwalla's escape from an Abuja guest house, where he and his colleague Tigran Gambaryan were held by the federal government, further adds intrigue to the unfolding situation.
Their alleged involvement in tax evasion and money laundering has brought them into the spotlight, with their arrest and detention on February 28 marking a significant development in the investigation.
These events unfold against the backdrop of concerns raised by Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), regarding the substantial financial flows passing through Binance Nigeria from unidentified sources.
Cardoso's assertion, made on February 27, 2024, underscores the urgency of collaborative efforts between various agencies, including the EFCC, police, and the office of the national security adviser (NSA), to address illicit financial activities within the country.
Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja.
He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s.
Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors.
He urged careful consideration of the relationship between state and national security structures.
Furthermore, he called for equipping state police adequately to combat criminals effectively.
Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state Abdulsalami Abubakar emphasized the importance of government transparency.
However, the Inspector General of Police, represented by Ben Okolo, opposed state police, suggesting instead the integration of FRSC and NSCDC into federal policing. This stance was met with disapproval from the audience.
The Minister of Education, Tahir Mamman, has announced that candidates under the age of 18 will no longer be admitted to tertiary institutions.
This directive, given during a monitoring exercise of the 2024 Unified Tertiary Matriculation Examination (UTME) in Bwari, Federal Capital Territory, aims to align with the 6-3-3-4 education system.
Mamman expressed concern over parents pressuring underage students into university admission, emphasizing the need for children to mature before entering higher education.
He highlighted the challenges faced by young students adjusting to university life and urged parents to refrain from undue pressure.
The minister stressed the importance of allowing children to transition from a controlled to an independent environment at an appropriate age to ensure their success in university education.
Over 11.5 million electricity households and customers in Nigeria, who account for about 85 per cent of grid connected electricity, have been thrown into darkness as the electricity supply industry moves to implement at least 20-hour power supply to some customers, the Guardian has reported.
With electricity generation wobbling around 3,000 megawatts, there are indications that the Generation Companies (GenCos) may insist on a bilateral bulk trading agreement with the Distribution Companies (DisCos) to prioritise band A customers outside of the Nigerian Bulk Electricity Trading Company (NBET).
Already, most band A customers, who are expected to get at least 20 hours of power supply daily for being charged an exorbitant rate of N225 kilowatt per hour (KWh), are complaining of poor supply.
Sadly, the situation may linger as the extant challenges of the power industry are worsening the regular blame game in the sector, especially between government-owned Transmission Company of Nigeria (TCN), which holds one of the world’s worst records for grid collapse and ramping down of generators, and the DisCos.
Pegging an increase in electricity tariff on the volatility of the naira, exchange rate, gas price and inflation without having a control over availability of electricity, NERC had increased tariff for band A consumers from about N66 KWh to a flat rate of N225 KWh in an attempt to reduce government subsidy on the sector. Struggling to meet up with required hours of electricity for band A, most consumers and the larger segment of the country, who are meant to enjoy between 16 to about four hours of electricity under band B to E, have been thrown into darkness.
Recall that in 2022, NERC had introduced the Service Based Tariff (SBT) under the former administration thinking that the sector would mature into an industry where customers can at least have predictable hours of electricity from band A, which has 20 hours and above of constant supply and band E with at least four hours of constant power supply.
Seeing that the supply was a largely unrealistic yardstick in some areas, most of the feeders on band in the latest review were downgraded to band B; but still customers are raising concerns.
On one hand, the band A customers are not satisfied despite the fact that DisCos have now shifted attention to them; on the other hand, electricity supply is now worse for consumers whose tariffs are yet to be increased.
A customer in Kubwa area of Abuja, Damilola Bashirat, who is under band B, said that for over a week, she had barely enjoyed six hours of electricity daily, adding that the supply situation was better before the new tariff was introduced.
Also, in some parts of Dawaki, where electricity was very stable, the power supply has gone from better to worse.
Some customers in the Ajao Estate area of Lagos State served by Ikeja Electric, who are under band C, said the supply only comes by midnight and disappears before dawn. These customers are supposed to get a minimum of 12 hours of electricity per day.
In Utako area of Abuja, where customers are under band B, a small business owner, Rauf Hassan, said the Abuja Electricity Distribution Company (AEDC) barely provides six hours of constant electricity supply.
Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Segun Ajibola, said the complaints were growing from electricity consumers, adding that the plight of those claimed to be on band A is more pathetic.
Ajibola, who is a Professor of Economics at Babcock University, said: “Lekki Phase 1, Lagos, is on band A. On the average, some of the areas enjoy supply of electricity for about six hours daily since April 1. Yet the consumers are subjected to the nerve cracking tariffs just introduced,” Ajibola said.
He noted that the electricity value chain is overdue for total overhaul, adding that categorisation into bands A to E is a mere distraction away from the real problems.
According to him, the GenCos, the TCN, the DisCos and their regulators need to go back to the drawing board.
The economist noted that unless and until the sector develops the capacity to generate, transmit and distribute electricity to both households and businesses in the country, it would continue to be ‘motion without movement’.
“Raising tariffs for whichever band or for all bands is mere divisive tactics and may not stand the test of time. I strongly believe that it is a way of hitting hard the soft targets represented by the helpless and hapless Nigerian consumers.
“If some less endowed African countries with about a quarter of Nigeria’s population can generate 10 to 20 thousand megawatts, I hasten to ask, what exactly is the problem with the managers of Nigeria’s power sector?” Ajibola queried.
President of Nigerian Economic Society (NES), Adeola Adenikinju, said it was obvious that the DisCos do not have enough power to distribute to customers. He noted that with the higher tariff rate, band A consumers are likely to be more negatively impacted, except there is an overall improvement on electricity generation.
“DisCos should not be allowed to implement any tariff increase until they are ready to meet the number of hours required under each tariff band.
“Overall, the current band category should be transitional. It is also discriminatory. Every customer should be entitled to stable, reliable, affordable and constant electricity supply,” Adenikinju said.
Energy scholar, Wunmi Iledare, noted that Nigeria must come to terms with the fact that N68 per KWh is significantly below the market clearing price of electricity.
“In fact, N68 is also not anywhere close to the fair return price of an economic good with decreasing marginal cost and average cost curve like electricity powered majorly by thermal plants.
“The social optimum price of electricity is also not N68 either. So, NERC had to do something long before now but for political expediency. So, it is better late than never,” he said.
Iledare stated that the accuracy of the band A tariff is, however, conjectural because of the many unknowns.
He noted that as more facts become available, the pricing model is expected to be recalibrated in a self adjusting manner, stressing that some customers badly affected because of affordability and metering issues would be resolved to protect consumer surplus.
“If what I am reading in the media is correct, there is a price discrimination application based on daily supply hours for selected users. Such a mechanism is not unusual in the power market. We have it also in the airline industry. But looking at everything done so far, the presidential Executive Order 40, the increase in wellhead natural gas price by the Nigeria Petroleum Authority, and this discriminatory electricity tariff by NERC; the benefits seemed skewed to optimise producer surplus than consumer surplus,” he said.
Iledare expressed worries about the implementation plan of the tariff bands, saying there appears to be no penalty attached to the delimitation to supply 20+ hours of quality electron delivery services to customers.
Energy lawyer, Madaki Ameh, said the band categories are illegal and a justification for the inefficiencies of the power sector.
“Every consumer of electricity in Nigeria is entitled to regular power supply like others. Creating different bands serves as justification for denying those on lower bands of regular power supply, in a bid to blackmail them, as if the amount they pay is too small for them to expect any regular supply, thereby unfairly justifying the laziness and inability to perform on the part of the DisCos,” Ameh said.
He called for the immediate scrapping of the ‘artificial’ bands, adding that there is a need to expand the consumer base to reduce the unit cost and also get the GenCos to increase power generation from the paltry average output of 3,000 MW, which the country has experienced for decades.
Electricity market analyst, Lanre Elatuyi, said the infrastructure at the distribution end cannot support the reliability that would ensure the service level agreements under each band.
Elatuyi also called for a comprehensive study by all DisCos to ascertain the average load for all classes of customers and see if total allocated loads would be enough or there is a need to procure more capacity.
“Take for instance the 613MW allocated to AEDC; this assumes a flat load profile and AEDC will not be able to meet load demands during peak hours when real time demand rises to say 700MW and there is no extra procured capacity.
“The fact is that there are constraints in the distribution networks and there is a need for the regulator to carry out a study on the networks to ascertain what is possible to avoid customers being shortchanged,” Elatuyi said.
A stakeholder in the power sector, Bode Fadipe, said the prevailing situation in the supply to bands B – E remains a source of worry because it is only tariff adjustment that has taken place and not load increase for Band A end users.
To have a situation where other end users in other bands are complaining, according to him, could mean that affected DisCos have opted to concentrate all their resources on band A end users.
“If that is the case, it is against the spirit and letter of the tariff adjustment. They (DisCos) owe customers in the other bands as much responsibility as they do to their prime customers.
“But let it also be said that this is not unexpected. The resources to meet the service level commitment whether it is a technologically or a manually driven sector is huge,” he said
Forty three (43) people with interests in agriculture have graduated from a 3month agricultural empowerment programme with three (3) offered employment in Abeokuta South State Constituency.
The deputy minority leader of the Ogun State House of Assembly, Lukmon Olajide Atobatele, who made this possible said the programme was in fulfillment of part of his electioneering promises to the people.
Atobatele who was speaking while hosting the 43 graduates of the agricultural empowerment programme at the State legislative quarters on Saturday, enjoined the beneficiaries to put to good use every knowledge learnt at the agricultural training and skills acquisition scheme.
The People's Democratic Party, PDP legislator said the agricultural programme was to support his constituents towards creating job opportunities, now that food and medicals are two important needs of the people.
Mr Afolabi Orekoya, who represented the governorship candidate of the PDP in the last election, Chief Ladi Adebutu said youth engagement and empowerment are some of the cardinal programmes of his party.
He commended the selflessness of Atobatele saying the programme is a good effort aimed at boosting agriculture in the state.
Chief Adebutu promised to support the beneficiaries in his own capacity.
Lukmon Atobatele later presented a token of N30,000 to each graduate while three of them at the venue were offered employment to work on his farm.
The graduates who were full of praises for Atobatele while sharing their experiences at the 3 months training said the scheme equipped them with various soilless farming techniques like hydroponics, aeroponics, and deep water culture.
The presence of stakeholders, including a former member of the Ogun State House of Assembly, Alhaji Fasiu Bakene, Alhaji Ogunsolu and Jamiu Animoowo added glamour to the event.
They urged the participants to make the most of the empowerment as a lifetime opportunity.
The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer following the sudden resignation of Adesola Adeduntan.
Alebiosu, with over 28 years of experience in the banking and financial services industry, will serve in this interim role until clearance from the Central Bank of Nigeria (CBN) is obtained.
The decision came after a board meeting convened to address the rapid developments following the cancellation of an extraordinary general meeting and Adeduntan's unexpected resignation.
Adeduntan, who communicated his resignation from Washington, is expected to formally hand over to Alebiosu on April 29 upon his return from the World Bank/IMF spring meetings.
Speculation surrounding Adeduntan's departure suggests a connection to the cancellation of the planned extraordinary general meeting aimed at approving capital raise plans.
Despite expectations for Adeduntan to assume a Managing Director position at the HoldCo level, uncertainties arise due to regulatory approval status.
Notably, Adeduntan's tenure faced scrutiny in 2021 when former directors voted for his retirement, only for him to be reinstated after the board's dismissal by the CBN Governor at the time, Godwin Emefiele.
Residents of Ogun State have been encouraged to always engage in regular medical check up to ascertain their health status and be able to take care of their health.
The speaker of the Ogun state House of Assembly, Rt. Hon. Oludaisi Elemide gave this advice at a free medical and surgery outreach organised by the member representing Abeokuta South State Constituency 1, Lukmon Olajide Atobatele.
The event was held at the Biliikisu Atobatele memorial health centre, Ita-Agemo, Igbehin, Abeokuta.
Rt Hon. Elemide who was joined by his deputy, Bolanle Ajayi and a member representing Ewekoro State Constituency, Yusuf Amosun were taking round the various sections describing the programme as laudable.
Atobatele said access to good health care service has become a huge burden to most Nigerians and it was in line with this reason that he organised the free medical and surgical outreach for his constituents.
He said the outreach was in conjunction with a team of medical volunteers from the United States of America and Commonwealth Foundation, as well as Precious Sight Foundation, which gave out over 300 recommended glasses and free eye drugs to over 500 people.
According to him, "the medical experts on ground were to cater for the dental, optical, general body sessions as well as surgeries, having done 2 days pre-screening of the patients, at Lekfad Medical center in Abeokuta, to determine their fitness for the surgeries".
It was indeed a great advantage for the beneficiaries, many of whom could not afford such treatment, as they participated in the health programme.
A politicial leader and one time member of the Assembly, Alhaji Fasiu Bakenne, leaders of the medical team and other members were full of appreciation that the lawmaker took the advantage of the golden opportunity to assist people in his constituency and beyond.
People were able to check their health status on hypertension, diabetes, dental and eye problems, while surgeries were performed on those who have hernia and other medical challenges which require surgery.
Fleeing residents from Bini community in Maru Local Government Area of Zamfara sought refuge at the Government House in Gusau, urging the government to protect them from bandits.
The villagers, predominantly women and children, fled their homes after the withdrawal of military security personnel from the area.
Umar Salisu, one of the fleeing villagers, recounted how the absence of security forces prompted their exodus, citing ongoing threats from bandits.
Aisha Usman and Wakkala Gurgu echoed the urgent need for government intervention to address the escalating security concerns in their community.
Commissioner for Science and Technology, Wadatau Madawaki, reassured the villagers of the government's commitment to restoring security, emphasizing its refusal to negotiate with bandits.
Madawaki pledged efforts to facilitate the safe return of the displaced villagers with the accompaniment of security personnel, underscoring the administration's resolve to sort the state's security challenges.
Dangote Industries Limited's management has refuted claims questioning the quality of its diesel, labeling such allegations as false and mischievous.
The company asserts that its refinery is engineered to produce top-tier petroleum products that adhere to rigorous international standards.
Anthony Chiejina, the company's spokesperson, emphasized that recent reports suggesting substandard diesel production led to the price reductions are unfounded.
Chiejina clarified that the refinery's diesel output contains significantly lower levels of Sulphur compared to previous imports, debunking claims of inferior quality.
He further dismissed assertions that the reduced price is indicative of lower quality, citing market dynamics and the company's commitment to national interest as primary reasons for the adjustment.
With a production capacity exceeding domestic demand, Dangote's refinery aims to contribute to Nigeria's energy independence while maintaining global quality standards.
More...
Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has announced his resignation after leading the institution for eight years.
In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled ‘Notice of Retirement,’ Adeduntan, whose tenure was set to end on December 31, 2024, has voluntarily stepped down, commencing his pre-retirement leave immediately.
Adeduntan, who took on the role of CEO on January 1, 2016, cited his desire to pursue other interests as the reason for his departure.
The boards of FBN Holdings Plc and First Bank respectively accepted his resignation and expressed gratitude for his service to the financial institution.
Adeduntan's resignation comes after a tenure marked by significant transformations and achievements, positioning First Bank as a leading financial institution in Nigeria.
Despite challenges, he leaves with appreciation for the support received and wishes the institution continued success in its evolution.
Adeduntan's career in banking and finance, spanning over three decades, has been distinguished by various recognitions and awards.
The Minister of Solid Minerals Development, Dr Dele Alake on Friday, vowed to punish saboteurs involved in illegal extraction of alleged uranium in Gwande Local Government Area of Benue State after thorough investigation, according to a Vanguard news report.
Alake in a statement signed by the Special Assistant on Media to the Minister, Segun Tomori, said he noted “discrepancies in presentations by operators and stakeholders.”
According to the statement, the Minister made the comment after listening to submissions from representatives of the affected mining operators and relevant mines inspectorate officials from the State.
It will be recalled that some weeks ago, a video of 15 trucks laden with minerals alleged to be uranium and extracted from Kwande Local Government, Benue State,went viral.
Following that incident, the Minister ordered discreet investigations by the Mines Inspectorate, which indicated that the video was the result of inter-firm rivalry over control of mining areas.
This prompted the Minister to summon relevant stakeholders from the state to get the true picture of the situation.
The statement also pointed that there were discrepancies in the account divulged by representatives of the communities, the operators and mines Inspectorate officials after the Minister listened to those involved, therefore he vowed to ensure painstaking investigations and bring to book those that might have run foul of the law.
He said: “I have listened to all submissions and noted discrepancies in presentations by operators and stakeholders.
“We will thoroughly investigate all issues related to the incident and any operator found culpable will have their licenses revoked, if some of our officials also connived to perpetrate sharp practices, they will also be made to face the full weight of the law.”
Former Minister of Defence, Lt. Gen. Theophilus Danjuma (Rtd), has declared that Nigeria is a war front, and an embarrassment to the world.
He then appealed to Nigerians to be their brother’s keeper and cease killing one another, to attract foreign investors from across the world.
Gen. Danjuma, who spoke Friday at the opening ceremony of the Nwonyo International Fishing and Cultural Festival in Ibi local government area of Taraba state, said Nigeria has devolved into a war zone where citizens are killing each other.
According to him, “There is no sane foreign person that will come to our country to celebrate with us if we continue to kill each other and make our roads unsafe for people to move around.
“As we are today as Nigeria we are a disgrace to the whole world. The country is a war front where our people are against our own people.
“We must put our house in order because right now we are a laughing stock to the whole world.
“We must stop killing each other. We must make our roads safe. We must stop kidnappings.
“If we are expecting this festival to be truly international, we must have peace in our state and throughout the country.”
He further said the festival serves not only as a platform to showcase Jukun cultural values but also as a convergence point for diverse communities.
Gen. Danjuma thereafter commended Taraba state government for revitalizing the festival after 14 years and urged sustained efforts to ensure its success.
Adamawa state governor, Umar Fintiri, who also spoke, described the event as a uniting factor among the neighbouring states.
He also assured that Adamawa would partner with Taraba state for the sustenance of the international fishing festival to thrive.
Taraba state governor, Dr. Agbu Kefas, in his address said the Nwonyo International fishing and cultural festival was revived to showcase Taraba’s rich cultural heritage to the world.
He assured that his administration will continue to identify and revive all cultural festivals that was once celebrated to unite the various ethnic groups across the state.
A recent report by the International Monetary Fund has shaken up the economic landscape of Africa, revealing Nigeria’s descent from the throne of the continent’s largest economy to a modest fourth position.
This downward shift marks a significant setback for the nation, attributed largely to the economic policies spearheaded by President Bola Tinubu.
In 2022, Nigeria proudly held the title of Africa’s largest economy. Fast forward to the present, and the country finds itself overshadowed by Egypt, South Africa, and Algeria.
Egypt’s ascent to the top spot in 2023, coupled with South Africa’s resurgence, has relegated Nigeria to the sidelines.
Tinubu’s ambitious economic reforms promised a brighter future for Nigeria upon assuming office in May 2023.
However, despite pledges to liberalize the currency, slash subsidies, and tackle dollar shortages, the nation’s economic performance continues to falter.
The naira remains weakened against the dollar, enduring two significant devaluations under Tinubu’s watch.
In contrast, Egypt, facing its own economic challenges, embarked on a bold path of currency flexibility, albeit at the expense of the pound’s value. The move attracted substantial financial assistance from international lenders, providing a lifeline for the debt-ridden nation.
Meanwhile, South Africa, with its traditionally market-driven currency, navigates economic headwinds with relative stability. Efforts to bolster energy supplies and address logistical bottlenecks bode well for the nation’s economic prospects.
Algeria, leveraging its status as an OPEC+ member, reaps the benefits of soaring oil and gas prices amidst global geopolitical tensions. Its strategic interventions in Europe’s energy market further solidify its economic position.