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Lauretta Fagbohun, Ogun

The Ogun State Government has inaugurated a 10-man Committee towards reviving the Yewa International Market, which was a subject of dispute between Owode-Yewa and Ajilete communities in Yewa South Local Government Area of the State.

It would be recalled that on February 10, 2022, the government held a meeting with relevant stakeholders on the resolution of the crisis and resuscitation of the market where the stakeholders through a communique called for the setting-up of a committee to resuscitate the market.

Commissioner for Industry, Trade, and Investment, Mrs. Kikelomo Longe who spoke during the inauguration ceremony at the Ministry's Conference Hall in Oke-Mosan, Abeokuta, appreciated the members for accepting to serve in the Committee, calling on them to come up with useful suggestions that would help the condition of the market.

Longe charged the Committee to liaise with the Olu of Ilaro and Paramount Ruler of Yewaland, Oba (Dr.) Kehinde Olugbenle, the Olu of Owode-Yewa, Oba (Revd.) Matthew Akindele and the Alale of Ajilete, Oba Kazeem Balogun, as well as other stakeholders on what could be done to reactivate the facility.

She assured that the present administration was determined to implement recommendations that would help the market, noting that based on the resolution of stakeholders the market would now be known as Yewa International Market Ajilete/Owode-Yewa.

The Commissioner urged them to identify ways of attracting more traders to the market to help optimise its potential, saying “the government cannot allow a market with 750 lock-up shops, 480 open stalls, 16 cold rooms, one police post, one fire station, 40 suites for car dealers, 520 car lots and one custom post with capacity to attract 20,000 sellers and buyers on a daily basis to be under-utilised".

" In this Ministry, we are willing and open to co-operating with the Committee to make sure that we achieve the resuscitation of the market. You are to give us timelines on what can be done to help the market and we hope we can invite the Governor to come and inaugurate the revitalised market", the Commissioner said.

Also speaking, Permanent Secretary in the Ministry, Mr. Olu. Ola. Aikulola lauded Oba (Dr.) Kehinde Olugbenle for spearheading the move to revive the market, calling on members of the Committee to work hard towards actualising their objectives.

In her response, Chairman of the Committee and Iyaloja-General of Ogun State, Chief (Mrs.) Yemisi Abass appreciated the government for the opportunity given to the Committee members to contribute to the revival and growth of the market, assuring that members would deliver in record time.

Other members of the Committee include, the Secretary who is also the Director of Commerce in the Ministry, Mr. Lere Ariyibi-Opaleye, Hon. Sanusi Idowu, Hon. Adebayo Ajasa, and Mr. Shamsideen Akinwunmi among others.

 

 

 

Last modified on Tuesday, 22 March 2022 11:44

The Hoteliers’ Association Of Nigeria, Oyo State chapter, has called on Governor Seyi Makinde led administration to rescue the industry from prevalent multiple taxations and outrageous bills in the state.

The association’s President, Ayodele Ogundele, made the appeal in Ibadan, while briefing journalists on Monday.

According to Mr Ogundele, paying multiple taxes and outrageous bills to the state government had worsened their situation.

He said that after managing to survive the challenges of COVID-19, the sector had experienced massive inflation and a shortage of staff.

Mr Ogundele expressed dissatisfaction that the industry had experienced a serious downturn due to the global economic situation, following the COVID-19 pandemic.

He added that the latest increase in fuel, diesel, and total lack of electricity supply in the country had also affected their businesses, and they are now on the verge of total collapse.

“We once asked the Oyo state government to harmonise our bills, we negotiated with them, they gave us bill in January, February, every year and latest by July we paid.

“But, in a bid to raise revenues, with the setting up of Local Council Development Area (LCDA), we now pay taxes to the state government, local government, and also to the LCDA.

“Also, since the last administration, we had been paying for generator emissions even for generators that we are not using; making generating electricity an expensive part of our business.

“All hoteliers are currently running at below 50 per cent of our capacity because of the cost of electricity generation.

“We are no longer generating enough money to pay and take care of our staff and many of them are leaving even when we need them most, because we can no longer pay their salaries.

“We really need the help of the government at this critical time, before our businesses collapse’’, he said.

Mr Ogundele said the tourism and hospitality industry was one of the largest employers of labour in the country and should not be allowed to collapse because the sector could not pay its staff and even make profit.

“The hospitality industry contributes a lot, especially in the area of job creation; our industry is not the type government should watch to suffer at all, because it would affect all sectors, including the food sector.

“Tourism depends a lot on infrastructural development such as health, security, road construction and others, so that government at all levels should strive to provide an enabling environment for tourism to thrive in the country’’, he said.

 

 

The Federal High Court sitting in Abuja, on Monday, sacked 20 members of the Cross River State House of Assembly that defected from the Peoples Democratic Party, PDP, to the ruling All Progressive Congress, APC.  

The court, in a judgement delivered by Justice Taiwo Taiwo, held that the lawmakers, having abandoned the political party that sponsored them to power, ought to vacate their seats.

The judgement followed a suit marked FHC/ABJ/CS/975/2021, which was filed by the PDP.

Justice Taiwo Taiwo, in the judgment, dismissed the defence argument that the PDP (plaintiff) had no locus standi (legal rights) to institute the case.

Justice Taiwo ruled that the argument of the lawmakers that there was rancour in the PDP which necessitated their defection to APC was a ploy to mislead the court.

The judge, who granted all the reliefs sought by the PDP, held that it was disheartening that politicians in the country treat citizens as if they do not matter once they get into office.

According to him, we cannot continue in sin and expect grace to abound.

The News Agency of Nigeria (NAN) reports that two House of, Representatives members and 18 Cross River House of Assembly were affected by the judgement.

 

 

Last modified on Monday, 21 March 2022 16:21

A Federal High Court (FHC), Abuja, on Monday, struck out the motion filed by sacked Governor David Umahi of Ebonyi, seeking for a stay of execution of the March 8 judgment.

Justice Inyang Ekwo struck out the motion after Chukwuma Ma-Chukwu Ume, SAN, counsel for Umahi and his deputy, Kelechi Igwe, prayed the court for the withdrawal of the motion, and the Peoples Democratic Party (PDP)’s lawyer, Emmanuel Ukala, SAN, did not oppose the application.

The News Agency of Nigeria (NAN) reports that the motion for stay of execution was marked: FHC/ABJ/CS/920/21, between PDP Vs. INEC and three others. Justice Inyang Ekwo had, on March 8, in a judgment, ordered Umahi; his deputy, Kelechi Igwe, and 16 lawmakers to vacate their office and seats, following their defection from the PDP to All Progressives Congress (APC).

The judge also directed the Independent National Electoral Commission(INEC) to immediately receive from the PDP, the names of its candidates to replace them, among others.

NAN, however, reported that on March 10, Governor Umahi and others had sought an order of the FHC Abuja, staying the execution of its judgment directing them to vacate their offices over their defection to another political party.

In a motion on notice filed by Ume, the applicants also prayed the court to stay the execution of its order directing INEC to receive another names in their place or hold a governorship election in accordance with Section 177(c) of the 1999 Constitution, pending the hearing and determination of the appeal dated and filed on March 9 by the appellants, among others.

NAN reports that Ume also sought a withdrawal of the stay of execution motion filed on behalf of the lawmakers marked: FHC/ABJ/CS/1041 between PDP Vs. INEC and 20 others.

At the resumed hearing, Ume informed the court of his intention to withdraw the two motions for stay of execution dated March 9 on the grounds that an appeal had been entered at the Court of Appeal on the matter.

Counsel for the PDP, Emmanuel Ukala, SAN, did not oppose the application.

In a short ruling, Justice Ekwo struck out the matter.

NAN reports that Ume had, on Wednesday, approached the court to withdraw the stay of execution motion filed on Umahi’s behalf due to a mistake in the application.

 

Governor Babajide Sanwo-Olu of Lagos State will declare for a second term at the ruling All Progressives Congress (APC) national conference in Abuja.

Sanwo Olu’s second term has been approved by Asiwaju Bola Tinubu, former Lagos State Governor and APC national leader, according to a senior member of the Governors Advisory Council (GAC) who is also one of the apex leaders of the APC in Lagos state.

Tinubu had urged the party leaders to strive for his re-election, according to the source, who did not want his name used.

“Sanwo-Olu is coming back. I can authoritatively confirm that to you. He is likely to declare and will kick off his re-election campaign this weekend at Eagles Square, the venue of the national convention of the APC on March 26 in Abuja.

“The governor has performed creditably well in all areas since coming to office in 2019. As a technocrat, he focused on his job as governor and allowed political leaders who ensured his emergence to run the political affairs of the state. This endeared him to many of us and we believe he should be allowed to continue the good works he started,” he said.

Recall that Tinubu had thwarted the chance of former Lagos State Governor, Akinwumi Ambode to contest for a second term in 2019.

 

 

 

The value of manufactured goods trade deficit has grown to N27.33tn in two years, according to data from the National Bureau of Statistics.

In its ‘Foreign Trade in Goods Statistics’ for the four quarters of 2020 and 2021, NBS disclosed that manufacturing imports rose from N12.71tn in 2020 to N16.73tn in 2021, while exports rose from N960.7bn in 2020 to N1.15tn in 2021.

Cumulative imports for both years under review totalled N29.44tn, making up 93.30 per cent of foreign manufactured trade. Exports for both years totalled N2.11tn, making up 6.69 per cent of the same trade.

Total manufactured goods for both years grew to N31.55tn. According to NBS, used vehicles, motorcycles, and machines for the reception, conversion and transmission or regeneration of voice, images drove import.

In 2021, total value of imports of used vehicles was N418.34bn, motorcycles was N367.39bn, while import of machines for the reception, conversion and transmission or regeneration of voice and images was put N366.83bn.

In 2020, the total value of imported used vehicles was N593bn, while that of motorcycles was put at N415.87bn. The nation imported used vehicles from the United States, Italy, Belgium, Netherlands, Brazil, and Canada.  It imported motorcycles from India and China.

It imported machines for the reception, conversion and transmission or regeneration of voice, images from China, Hong-Kong, and Sweden.

According to the statistics body of the nation, vessels and other floating structures, aluminum alloys, and floating or submersible drilling platforms formed the major component of exported manufactured goods.

NBS said Nigeria exported manufactured goods to Ghana, Cameroon, China, and Japan majorly in 2021.

In its, ‘Nigeria Selected Issues,’ report released in February 2022, the International Monetary Fund disclosed that Nigeria’s high economic dependence on oil was impeding its ability to develop its manufacturing sector.

It added that some components of what Nigeria exports as manufactured trade items could be classified as imports since they were once imported into the nation for use.

It said, “In turn, high economic dependence on oil impedes diversification through overshadowing, among others, the competitiveness of other tradable sectors, particularly manufacturing.

“Caution is warranted not to interpret rising machinery exports as an expansion of the manufacturing sector in Nigeria, as helicopters, vessels, and other floating structures are foreign manufactured goods that were re-exported from Nigeria (according to data from the NBS trade report for 2021Q1).

“Re-exports are goods of foreign origin which entered Nigeria to be consumed but are subsequently sold to another country without any substantial transformation. In other words, they are exported in the same condition as imported. In 2021Q1, they represented 83.5 per cent of the total manufactured goods exported from the country.”

 

 

Officers of the Nigeria Police across the country on Sunday, have been directed to stop requesting Customs papers from drivers.

Acting Force Public Relations Officer (FPRO), Olumuyiwa Adejobi, issued the directive via his Twitter handle.

Adejobi added that the issuance of tinted glass permits remains suspended.

He said officers are only expected to stop such vehicles, search it as well as the occupants.

“No policeman should demand your customs papers. Except they are on joint operation, but not just on mere routine checks.

“We have suspended issuance of tinted glass permits, so we don’t expect our men to disturb Nigerians on this.

“We are to stop any vehicle with tints, search the vehicles, and its occupants, but not to delay for not having tinted glass permits”, he tweeted.

The police spokesman further urged Nigerians to report personnel who delay them for this purpose.

 

 

 

..Nigeria on the brink of debt distress -Muda Yusuff

...debt is costly, vulnerable and unsustainable-world bank

 

Federal Government has incurred N950bn new domestic borrowing between January 2022 and March 11, 2022, the Debt Management Office has revealed.

The fresh borrowing was disclosed on March 17 in the presentation of the Public Debt Data as of December 31, 2021, by Director-General of the DMO, Patience Oniha.

In the document, Oniha disclosed that the Federal Government was considering all options to raise funds externally.

She said, “All options for raising funds externally are being considered. These include funding from multilateral and bilateral sources, the International Capital Markets and the $3.35bn Special Drawing Rights allocated by the International Monetary Fund to the Central Bank of Nigeria.”

According to the document, the Federal Government still plans to borrow an additional N1.6tn, while the 2022 debt target for domestic borrowing is N2.57tn.

There is also a plan to borrow N2.57tn from foreign creditors, while N1.16tn is expected from multilateral/bilateral drawdowns.

In total, the Federal Government plans to add N6.3tn new debts to the current debt stock, which would push the country’s total debt stock to N45.86tn by December 2022.

However, the Federal Government, in the National Development Plan 2021-2025, hopes to push the total debt stock to N46.63tn for 2022.

A tabular illustration in the document showed that the government targets N39.59tn debt stock for 2021, N46.63tn for 2022, N50.22tn for 2023, N50.53tn for 2024, and N45.96tn by 2025.

In March this year, Nigeria acquired $1.25bn Eurobond debt from the International Capital Market, making Nigeria the first African country to access the ICM in 2022.

This happened a few days after the Minister of Finance, Budget and National Planning, Zainab Ahmed, had told Reuters that there was no plan to enter the Eurobond market in 2022.

DMO said the proceeds of the Eurobond would be used to finance critical capital projects in the budget in order to bridge the deficit in infrastructure and strengthen Nigeria’s economic recovery, while the Finance minister said that proceeds from the $4bn acquired from the Eurobond market the previous year would be used to fund fuel subsidy.

The World Bank has said that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

According to the Washington-based global financial institution, the country’s debt is also at risk of becoming unsustainable in the event of macro-fiscal shocks.

Experts have kicked against the Federal Government’s proclivity for debt, which they have described as unsustainable.

Speaking on the development, an economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the country is on the brink of debt distress.

He said, “Nigeria is on the brink of debt distress because our debt profile now is not sustainable. We had a debt service to revenue ratio getting to 76 per cent as of November last year. The situation is likely to get worse because our deficit in the 2022 budget is N6.4tn, and we need to borrow to finance the deficit. Also, the Federal Government has submitted a supplementary budget proposal for subsidy for N2.55tn after the budget was passed. Adding that to the deficit, we will get about N9tn.

“How much is the revenue? It is just about N10.7tn, and we are not likely to get the full revenue, maybe 70 per cent. So, we are getting to a point whereby the time we service our debts, which should be around N4tn, and spend another N4tn on subsidy this year, we have consumed almost all our revenue for the year. Does that now mean that we are going to be using debt for personnel costs; for overhead; for capital budget? That is where we are heading to.”

He further lamented that instead of the country gaining from the increase in oil price like other oil-producing countries, the government was losing money on fuel importation and fuel subsidy

“With the increase in oil price, the subsidy price will have to increase beyond what the NNPC requested. While other oil-producing companies are ‘happy’, as their reserves are increasing and currency are getting stronger, we are lamenting because we are not getting the full benefit of the oil windfall,” he added

 

A security alert has emerged revealing that three serving governors are secretly planning to incite violence in the country, particularly the North.

According to reports, the three governors who would be completing their 8 years in office in 2023, are from North Central, North East and South-South geopolitical zones.

The governors are said to have met in a secret location and mapped out their plan to stage a nationwide protest that would be worst than the 2020 #EndSARS protest.

Report says that the move was to bring the nation to its knees and to make Nigerians kick against the current administration and force a change in the forthcoming 2023 general elections.

It was gathered that the North East governor reportedly met with several interest groups, such as civil society organizations, labour leaders, students and disgruntled politicians in Kaduna earlier in the week, seeking their consent for the planned mass protests.

An official of the Nigerian secret police, who spoke to Vanguard, said the Kaduna meeting, discussed in detail how to mobilize aggrieved Nigerian students who have been forced home by the Academic Staff Union of Universities, ASUU, face-off with the Federal Government, CSOs, NGOs, and aggrieved politicians to join the planned mass protests so as to register the kind of impact that the 2020 EndSARS protest recorded nationwide.

Earlier, it was reported that the Department of State Services, DSS, on Saturday, alerted of a sinister plan to stoke violence in some parts of Nigeria.

The Public Relations Officer of the Service, Peter Afunanya, who raised the alarm in a statement, said the aim was to cause ethno-religious crisis, ignite reprisals and heat up the polity.

 

Lauretta Fagbohun, Ogun

Two suspected armed robbers who snatched a motorcycle and subsequently killed the rider have been arrested by officers of the Ogun State Police Command. 

The suspects, according to a statement issued by the Police Public Relations Officer, PPRO of the command, DSP Abimbola Oyeyemi are Hammed Ismail and Osoba Yakubu.

According to Oyeyemi, the suspects were apprehended following a report lodged at Sango divisional headquarters on the 15th of March 2022,  by one Buhari Saliu.

Saliu had reported that his 25 year old son, Yusuf Buhari left home with his motorcycle a day before he was found dead in an uncompleted building at Araromi Village via Ilogbo town, and his motorcycle is nowhere to be found.

"Upon the report, the DPO Sango Ota division, SP Saleh Dahiru detailed his detectives to the scene where the corpse was evacuated and handed over to the family who insisted on burying him according to their religious belief".

"Determined to unravel the mystery behind the gruesome murder of the victim, the DPO and his men embarked on technical and intelligence based investigation in conjunction with the community vigilante and So Safe Corps.

The investigation yielded when Ismail Hammed was arrested with the motorcycle of the victim".

"His arrest led to the apprehension of his accomplice, Osoba Yakubu".

The Police statement indicates that the "suspects have confessed to committing  the crime and are helping the police in their investigations", Oyeyemi added.

Meanwhile, the State Commissioner of Police, CP Lanre Bankole has ordered the immediate transfer of the suspects to the state criminal investigation and intelligence department for discreet investigation.

 

 

Last modified on Sunday, 20 March 2022 15:44