Foreign direct investment into Nigeria fell by $331.2m to $698.78m in 2021, from the $1.03bn recorded in 2020, figures from National Bureau of Statistics have revealed.

The NBS report according to punch, titled ‘Nigerian capital importation Q4’, showed that equities investment of the FDI totaled $692.58m, while other capital was put at $6.2m.

Nigeria recorded $154.6m, $77.97m, $107.81m and $ $358.23m FDIs during the first, second, third and fourth quarters of 2021, respectively.

The report revealed that portfolio investment in the country also fell by $1.75m to $3.39bn in 2021 from $5.14bn recorded in 2020.

It also showed that “Other Investments’ fell by $890m from $3.51tn in 2020 to $2.62tn in 2021.

The NBS report said the total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19bn from $1.73bn in the preceding quarter, indicating an increase of 26.35 per cent.

When compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1.05bn.

The largest amount of capital importation by type was received through other investment, which accounted for 54.24 per cent ($1.19bn).

This was followed by portfolio investment with 29.39 per cent ($642.87m) and the FDI amounted to 16.38 per cent ($358.23m) of the total capital imported in Q4 2021.

Disaggregated by sectors, capital importation into tanning had the highest inflow of $645.59m amounting to 29.51 per cent of the total capital imported in the fourth quarter of 2021.

This was followed by capital imported into the production sector, valued at $360.06m (16.46 per cent) and the electrical sector with $325.55m (14.88 per cent).

Capital importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45m, accounting for 27.95 per cent.

This was followed by the United States of America and the Republic of South Africa valued at $321.03m (14.67 per cent) and $285.83m (13.07 per cent), respectively.

By destination of investment, Lagos State remained the top destination in Q4 2021 with $1.98bn, accounting for 90.66 per cent of the total capital investment in Nigeria.

This was followed by investment into Abuja valued at $170.55m (7.80 per cent).

Categorisation of total capital investment by bank showed that Eco Bank Plc ranked highest in Q4 2021 with $708.58m (32.39 per cent).

This was followed by Stanbic IBTC Bank with $453.82m (20.74 per cent) and Union Bank of Nigeria Plc with $284.60m (13.01 per cent).

Justice Adepele Ojo of an Osun State High Court has fixed Wednesday, March 30, for ruling on the no-case submission filed by the owner of Hiltons Hotel Ile-Ife, Dr Ramon Adedoyin, and six of his workers, who were arraigned in connection with the death of OAU Master’s student, Timothy Adegoke according to Punch. 

At the resumed hearing of the matter on Friday, prosecution and defence counsel adopted their final written addresses in favour and against the no-case submission already filed by all the defendants.

In his submission, Yusuf Ali, SAN, who is the counsel to the 1st defendant, Adedoyin, said the prosecution failed to bring before the court legally admissible evidence to prove any of the five charges pressed against his client.

According to him, all the eight witnesses called by the prosecution did not give any evidence admissible in law to connect Adedoyin to any of the offences he was charged for.

Ali also said regardless of the opinion expressed on social media regarding the matter, the court would have to decide the case based on facts before it and not on suspicion.

Counsel to the second, fourth, and fifth defendants, Muritala Abudlrosheed, SAN, while addressing the court, also said his clients did not have any interaction with the deceased until he was discovered dead.

He further submitted that the prosecution failed to establish a prima facie case linking the three defendants to the death of the deceased.

In their separate, but similar submissions, counsel to third and sixth defendants, and that of the seventh defendant respectively, Rowland Otaru, SAN and Okon Ita, adopted and relied on the written addresses of no-case submission filed for their clients.

But responding to the no-case submission for Adedoyin, prosecution counsel, Omosun, said he had established a prima facie case against the hotel owner.

Omosun insisted that no matter how to light evidence linking an accused to a charge, he or she ought to enter defence and explain roles played before the court.

He also adopted a reply to the no-case submission of second, third, fourth, fifth, sixth and seventh defendants already filed before the court and urged it to dismiss the plea by them.

Justice Ojo subsequently adjourned the matter to Wednesday, March 30, for the ruling.

Olubadan of Ibadanland, Oba Lekan Balogun, has elevated nine chiefs from the Balogun line, even as he urged them to see their elevation as a call for more service to the ancient city.

The occasion, which was the traditional ruler’s first official function today, since his coronation on March 11, was held at Olubadan’s ancestral Ali-Iwo palace in Ibadan.

Oba Balogun urged the newly-promoted chiefs to justify the confidence reposed in them by Ibadan people for whom they hold their titles in trust by rededicating themselves to the service of Ibadan land.

“I charge you all to see your elevated positions and the future ones as a call to Ibadan duty in particular and humanity in general.

The promotion of the new chiefs was a sequel to the vacancies in the Balogun line.

Highlightsof the event included the receipt of the traditional ‘Akoko leaves’ by the promoted chiefs and the mandatory rite from Oluwo Afobaje of Ibadanland, Alhaji Wahab Mosadogun.

The promoted senior chiefs are: Akeem Adewoyin, Abese; Sharafadeen Alli, Maye; Adegboyega Adeniran, Ekefa; Taiwo Oyekan, Agbaakin; Raufu Eleruwere, Aare Alasa, and Emiola Onideure, Ikolaba.

Others are Arowolo Obisesan, Asaju; Wasiu Ajimobi, Ayingun, and Gboyega Modi, Aare Ago.

All the members of Olubadan-in-Council, with the exception of Osi-Olubadan, Chief Rashidi Ladoja, were present at the occasion.

Lagos socialite Ms. Ogbulu Pearl has been convicted for distributing Premium Motor Spirit, PMS, as souvenir at a party by a Lagos Special Offences Mobile Court sitting at Oshodi.

The defendant was earlier arraigned on March 14, for the offence of distributing PMS as souvenir during her installation party on March 5.

The offences violates section 251(1), 168 (1), 244 of the Criminal Law of Lagos State, 2015 and Section 195 (2)(b) of the Environmental Management Protection Law of Lagos State 2017.

Delivering judgement in the matter after the defendant changed her plea from ‘not guilty ‘ to guilty,  Chief Magistrate Kehinde Ogundare sentenced her to three months imprisonment or option of N15,000 fine on the first count of the charge.

The magistrate also ordered the defendant to pay  N1 million fine on the second and third count of the charge or face two years imprisonment according to a vanguard news report.

Magistrate Ogundare held that the prosecution has successfully proven the charge against the defendant beyond a reasonable doubt and thereby convicted and sentenced her accordingly.

…says it is height of impunity

The Peoples Democratic Party (PDP) has demanded the immediate resignation and investigation of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his appearance in All Progressives Congress (APC) campaign posters which confirms his partisan affiliation and entanglement with the APC.

This was contained in a press statement by the National Publicity Secretary of the party, Debo Ologunagba on Friday. 

The PDP in the statement asserts that "the appearance of the CBN Governor; who is the banker of the federation, who by law, ought to be non-partisan and apolitical, in APC campaign material is the height of impunity of the President Muhammadu Buhari-led APC administration, which amounts to poking its fingers in the eyes of Nigerians and daring them to do their worse".

"This action by Mr. Emefiele is contrary to the provision of Section 9 of the Central Bank of Nigeria (Establishment) Act which provides that “the governor and the deputy governors shall devote the whole of their time to the service of the bank and while holding office, shall not engage in any full or part-time employment or vocation, whether remunerated or not…”

"By engaging in partisan politics to the extent of appearing in APC campaign posters, Mr. Emefiele has knowingly and deliberately violated the provision of the CBN Act stated above". 

"Mr. Emefiele has also desecrated the sanctity of his office as CBN Governor, compromised the integrity of the apex bank, stripped it of the confidence reposed in it by Nigerians and the International Community and as such, cannot legitimately continue to hold and function in that office".

"This further confirms that under Mr. Emefiele, the CBN, as the custodian of our national economy, has become an appendage and cash cow of the APC in their reckless pillaging of our national resources, the resultant effect of which is now evident in the near collapse state of our economy".

According to the State, "the CBN Governor must therefore resign immediately and subject himself to investigation by anti-corruption agencies on various allegations of financial misfeasance including reportedly opening our national vaults to the cabal in the APC administration and operating a special fraudulent, corrupt and discriminatory foreign exchange regimes for APC leaders to fleece our nation".

"In addition, this further confirms allegation in the public space that the CBN had secretly released billions of naira through various petroleum sector underhand dealings to finance the APC National Convention".

"It is now crystal clear that President Buhari and the APC are not committed to providing a level playing field for free and fair general elections in 2023. As the banker of the federation, Mr. Emefiele is in a position to have undue access to public funds to finance APC’s campaigns".

"Moreover, being in control of all the accounts of other Nigerians, the CBN Governor is also in a position to use his office to clamp down on the finances of other contestants and stifle them of funds".

"It is only under the APC with its impunity and disregard for rules and sanctity of Institutions that campaign posters with the portrait of the CBN Governor side by side with that of the President can be condoned. That presupposes an endorsement of impropriety and we demand that President Buhari come clean on this monumental corruption of the Central Bank of Nigeria".

"History will note President Buhari’s legacy of destroying every segment of our national life; from security to electoral process, unity of our nation and now the sanctity of the Central Bank. Our Party cautions that the consequences of this are better imagined".

"Now that Mr. Emefiele has openly identified with the APC, he should immediately resign and face an ill-fated career in the fizzling APC".

There was palpable fears at the early hours of today as residents of Oluwo, Onikolobo area of Abeokuta were seen in a panic mood following the killing of a popular area boy known around the metropolis as Tommy.

Tommy was reportedly killed late Thursday night at Panseke, by some yet-to-be-identified persons.

A gory picture of the deceased which has gone viral suggests that he was brutally hacked to death with either an axe or a machete.

While some said he was hit on the head with a big stone, some other believed that his assailants had butchered him in the head and other parts of the body, leaving him dead in the pool of his blood.

There are reports that he must have been killed by members of the Aiye confraternity, as many rumoured him to be of the rival Eiye cult group.

There is now tension in Oluwo town as residents fear possible reprisal attacks while some people were seen running helter skelter at different times.

Most Shops and residential buildings were under lock and key, while the whole street was partially empty despite being a student environment.

Some of the students spoken to by our corespondent said they are already planning to travel to their various homes for fear of reprisal attacks.

“There is likely going to be a serious fight in Oluwo Abeokuta. That man killed is a big elephant and he is not going to die just like that. He is a very popular man in Abeokuta and I know his boys won't take it easy. Please, it is better to travel and stay safe,” a student said.

Information reveals that Tommy was well known on the streets of Oluwo where he regularly collects dues from residents and for his involment in the organization of the yearly Oluwo Carnival which usually brings music maestro, Alabi Pasuma to the area.

The Ogun State Police Command has confirmed the incident, saying it was a cult clash.

According to the Ogun State Police Public Relations Officer, Abimbola Oyeyemi, 18 persons have been arrested in connection with the killing of Tommy.

He enjoined residents of the area not to panic, saying police are on top of the situation.

Two days to the convention of Nigeria’s ruling party, APC, President Muhammadu Buhari has hosted the founding fathers of the party to a dinner.

The dinner was held at the Presidential Villa, Abuja, on Thursday.

One of the attendees was Bola Tinubu, the former Lagos governor who wants to succeed Buhari as president.

Another presidential aspirant and founding member of the APC who attended the dinner was Imo Rochas Okorocha.

Transportation minister Rotimi Amaechi, who is believed to nurse a presidential ambition, but has yet to formally declare his interest, was also at the dinner.

The get-together was to show Buhari’s appreciation to the critical stakeholders for their continued support, understanding and cooperation to his administration.

It was also meant to show appreciation to the founding fathers for keeping faith with the goals and ideals of the ruling party, the agency reported.

The engagement was also in furtherance of genuine efforts by the Buhari administration aimed at ensuring a rancour free and successful National Convention of the party, slated for March 26.

Others in attendance included the first interim chairman of the party, Bisi Akande, Ogbonnaya Onu, Ibrahim Shekarau and Aliyu Wamakko.

Others are Governors Nasir El-Rufai of Kaduna and Aminu Masari of Katsina.

Chairman, Caretaker and Extraordinary Convention Planning Committee of the party, Mai Mala Buni, and Secretary to the Government of the Federation, Boss Mustapha, also attended the dinner.

No official statement was issued on the outcome of interactive dinner as at the time of filing this report.

Buhari had earlier met with APC governors, national chairmanship aspirants of the party as well as the party’s leadership at the National Assembly during which issues relating to the APC National Convention were discussed.

Saturday’s APC convention will hold in Abuja during which new leaders will be elected for the party. The new leaders will lead the party into next year’s general election.

Buhari is rooting for a former Nasarawa governor, Abdullahi Adamu, to be the next chairman of the party.

As the 2023 General Election gathers momentum, delegates loyal to a presidential aspirant of the People's Democratic Party (PDP), Senator Bukola Saraki have  endorsed Chief Ladi Adebutu for Ogun governorship.

The Saraki delegates who gave the endorsement at the PDP secteriat in Abeokuta, included Prince Adenekan Olateru Olagbegi, Ibrahim Sheu Gusau, Hembadoon Amena, Rico Abdullah, Chief Okafor Dan, Olaniyi Odunsanya and Nze Ifeanyi among others.

Prince Olagbegi in his words explained that ," since Ogun State has the largest companies in the Country it would require synergy from the State and Federal governments to further develop, thus Ladi Adebutu and Bukola Saraki who are of the same age group and better understanding would have a better communication between them to help the state grow more".

He added that "this is a season when every yoruba man should think well to elect a credible and active leader. 

Prince Olagbegi, who described former President Olusegun Obasanjo as one of the best presidents to rule Nigeria said some may condemn him but baba was able to put in his best. 

He also expressed optimism, saying "if a free and fair election was conducted in Ogun State, Adebutu no doubt will emerge as the next governor of the State".

The state chairman of the PDP, Sikirulai Ogundele who went memory lane, said the myriad of problems and infighting that bedevilled the party in 2019 made it to loose elections, but now the Party has mended its fences and had continued to wax stronger due to the support and efforts of Chief Ladi Adebutu. 

According to Ogundele, "politics is about give and take, today the PDP family in Ogun state is United".

" I pray that Chief Adebutu would become the next governor of Ogun state. Infact he has a lot of works to do to put Ogun on its deserved place as there is no reason not to beat Lagos in virtually everything".

"Our leaders started wit "otògè"in kwara now it is "òtùnyà", Ogundele stressed. 

Peter Obi, former governor of Anambra, has declared his intention to contest the presidency in the 2023 general election.

He announced his decision on Thursday at a meeting with traditional rulers in Awka, the Anambra capital.

According to him, if given the opportunity, he will unite Nigeria and ensure steady inflow of investments into the country.

“We are too divided. I believe that the government I will lead will unite Nigeria. We need unity and peace for the progress of the country. I believe in Nigeria,” he said.

“We need security in order to attract local and foreign investments that will make Nigeria work. People need to live in a secured place.

“The government I will lead will manage Nigeria’s resources effectively and efficiently for production. The government will invest in critical areas of development, which are education, health and pulling people out of poverty in order to create jobs for our teeming youths.

“I have done a careful study of Nigeria and I can tell you that if I have the opportunity, I will turn around the country. And I’m using the example of what we have been able to do in Anambra state. There’s practically no difference between Anambra and Nigeria.

“What Nigeria needs are people with capacity, competence and willingness to manage the country’s resources efficiently. We want to move from consumption to production.

“I’m here to ask for your blessings and your support. I want to have a secured Borno state; I want to have Sokoto secured as I want Onitsha to be secured. I want people in Ibadan to see a Nigeria that is growing; I want people in Minna, Enugu to celebrate Nigeria.

“I’m not aspiring for political position, but to serve and start the reconstruction and rebuilding of Nigeria. Where we are today is unacceptable.”

Obi was vice-presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general election.

Pensioners in Southwestern Nigeria has vowed not to vote any governor owing them pensions and gratuities in the coming 2023 general elections.

The Public Relations Officer (PRO) of Nigeria Union of Pensioners (NUP), Southwest Zone, Mr Olusegun Abatan, stated this while briefing newsmen shortly after a meeting of the pensioners in Abeokuta on Thursday.

Abatan explained that pensioners in the southwest were not well taken care of, saying that it was important to vote for someone that would understand and take care of the plights of the pensioners especially in the southwest.

He added that southwest governors are owing pensioners in the neighborhood of trillions of naira.

“Salaries of workers were increased in 2010 , many of the state governors throughout the federation did not increase pension except Lagos and Ondo state.

“Salaries also increased in 2019, over three years now, no southwest governors has implemented the adjustment for pensioners to benefit,” he said.

Abatan called on Southwest State governments to as a matter of urgency hold consultation with pensioners and do the needful.

He also opined that if government truly wanted to tackle corruption in the civil service, it was important to take care of pensioners.

Abatan, also the Secretary of NUP in Oyo state, explained that salaries and emoluments of public office holders should be reduced, saying that the country’s presidential system of government should be restructured.