The International Monetary Fund, (IMF) and the Nigerian National Petroleum Company, are locking horns on claims and counterclaims on secret return of petrol subsidy in the country.

The IMF is still saying that Nigeria’s reintroduction of a gasoline subsidy months after it was scrapped is expected to guzzle almost half of its projected oil revenue this year.

The implicit subsidy will cost the country an estimated N8.43 trillion ($5.9 billion) of its projected N17.7 trillion oil revenue, in 2024, the IMF said in a report published on Thursday.

Its forecasts are similar to Bank of America’s, which projects it could cost Nigeria between $7 billion and $10 billion this year if it imports between 18 and 25 billion litres of gasoline, Tatonga Rusike, BofA sub-Saharan Africa economist, wrote in a note.

It said that rising crude oil prices are set to send Nigeria’s ‘secret’ bill for fuel subsidies rocketing, threatening to exacerbate the already precarious economic situation of Africa’s largest oil producer.

Brent, the benchmark for Nigeria’s crude oil, has gone from an average of $77 in January to as much as $86 per barrel as of Tuesday.

Although the rising price of crude oil could help in boosting funding for the country’s 2024 budget, which has a benchmark of $77.96 per barrel, the country has been unable to meet its production quotas as its declining production means it cannot increase crude oil revenue from oil sales.

Higher oil price also translates to a larger petrol subsidy burden on the Nigerian National Petroleum Company (NNPC) Ltd.

This is because the federal government has forced a lid on the retail price of petrol, even as the landing cost has long crossed the pump price, leading to the conclusion that the government has begun subsidising the commodity.

However, this calculation has been seen and described as misrepresentation of facts by the NNPCL.

“We are recovering our full costs from the products we import. It is important to emphasise that the subsidy is no longer in place. Contrary to allegations, petrol subsidy has not been reinstated, Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, said in a note to LEADERSHIP.

There are however reports that the NNPCL was using proceeds from Nigeria LNG dividends to pay subsidies on petrol while other reports claim the company deducts the subsidy amount from the proceeds of Nigeria’s crude oil sales before remitting the remaining balance to the federation account.

The exact amount deducted by NNPCL remains unclear, but unofficial data claims it could be as high as N17.72 billion daily, raising concerns about transparency.

A report by the Federation Account Allocation Committee last August showed that over N169 billion was used to pay subsidies, a development that reveals what the country is up against.

The World Bank last December also claimed that Nigeria has a partial subsidy in place and that petrol should be priced at N750 per litre at the pumps.

Gunmen have killed two policemen in a checkpoint attack along Presidential road, Enugu.

The development came barely one week after two policemen and three vigilante operatives otherwise known as Neighbourhood Watch Group were killed in another attack by a gang of rampaging hoodlums in Igga community in Uzo-Uwani local government area of Enugu State.

The latest incident, our correspondent gathered occurred around 9:30 pm on Friday when the officers serving in Ogui Division were conducting stop-and-search along Presidential Road, Enugu.

According to the spokesman of the Enugu Police command, Daniel Ndukwe, the attackers were suspected to be the armed members of the IPOB/ESN who operated in three SUV jeeps.

Ndukwe stated the operatives returned fire, forcing the hoodlums to escape with varying degrees of gunshot wounds and abandoning a recovered Lexus RX 300 jeep [/b]with Reg. No. KTU 991 FD.

But [b]Governor Peter Mbah has placed a N10 million bounty on the killers, saying the State would go after the culprits with every resource at its disposal.

Mbah pledged the reward while briefing newsmen after a State Security Council meeting at the Government House, Enugu on Saturday.

The meeting attracted Commissioner of Police, Kanayo Uzuegbu; Director, State Security Services, Theresa Egbunu; Garrison Commander, 82 Division, Nigerian Army, Enugu, Brigadier General Murtala Abu; and the State Commander, National Drug Law Enforcement Agency, NDLEA, Peter Ogar, among others.

On the possible culprits, Mbah said available security information pointed to men of the Eastern Security Network, ESN, who came in several SUVs, among them a black Lexus SUV.

He called on members of the public to be on the lookout for the criminals and the exhibits and report same to security agencies.

The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Saturday, called on Compliance Officers of Banks across the country to desist from unauthorized disclosure of EFCC’s investigation activities and request from banks to their customers.

Olukoyede, in a statement by Head, Media and Publicity, Dele Oyewale, in Ibadan, Oyo State capital, decried the unhealthy support fraudsters received from the banking sector in Nigeria.

Oyewale stressed that it is posing considerable challenges and concerns to the commission.

The EFCC chairman made this call through the Acting Zonal Director of the Ibadan Zonal Command of the agency, Hauwa Garba Ringim during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State.

He said, “The EFCC is aware of the fact that compliance officers give information to their clients regarding “letters of investigation activities” written to the banks from the EFCC.

“The act usually jeopardizes the investigation exercise of financial crimes and delays corruption cases from being filed before the law court.”

Olukoyede also urged them to always respond to letters received from the Commission with certified true copies including instruments of transactions of beneficiaries or sources, as this will expedite the processes of investigation to a logical conclusion.

The EFCC boss said illegal dealings and trading in naira with the Point-of-sale operators must stop.

“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine but POS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on,” he added.

He, however, assured the compliance officers of the commission’s support at all times, as “they remain relevant stakeholders in the fight against economic and financial crimes.”

The Nigerian Army on Friday pulled out 29 generals of the Infantry Corps who retired from active military service.

The News Agency of Nigeria (NAN) reports that out of the 29 retired infantry officers pulled out of active service at the Jaji Military Cantonment in Kaduna State, 19 were major generals and 10 brigadiers general.

Leading the pack was Victor Ezugwu, a major general, who spoke on behalf of the retirees.

Mr Ezugwu encouraged their successors to not only sustain the modest strategic, operational and tactical achievements made, but also to surpass them.

”The frontline is expanding and the Nigerian Army is becoming increasingly committed with the eyes of the nation and the world on it.

”Our Infantry Corps must therefore not relent or rest on her oars as the entire Nigerian Army depends largely on the Infantry Corps to achieve its core mandate and mission.

”I admonish the Infantry that as the threats to Nigeria sovereignty is becoming asymmetric in time and space, you must be proactively way ahead of our adversaries in all aspects of the unfolding combat scenarios,” he added.

Mr Ezugwu also called on the Infantry Corps to review some of its tactical and operational strategies in the areas of night fighting capabilities, and frontline intelligence gathering on enemy activities.

He further advised the corps to strengthen basic field crafts training in the areas of aggressive fighting patrols to dominate at least 5 km radius of their locations, ambushes, listening and observation posts as well as all levels of battle drills.

Mr Ezugwu advocated for employment of modern technology and ICT enablers, and deliberate efforts to develop the leadership skills of junior commanders.

“Be rest assured that my colleagues and I will be glad and willing to avail the Infantry Corps our time, energy and resources until our last breath on earth.”

He announced the donation of 200 books and encyclopedia to the Infantry Corps Centre and Nigerian Army School of Infantry libraries to promote training, reading culture, mentorship and capacity development of officers and soldiers.

“We are also availing the infantry Corps the sum of N1 million to purchase more Corps related books.

“This is our modest way to encourage the edification of younger Infantry officers and soldiers so as to inspire and motivate them to reach their full potentials as they grow in service,” Mr Ezugwu said.

He described military career as the most priceless, honourable and sacrificial call to duty globally, and thanked God for allowing them to end their careers alive after serving the nation for between 30 -38 years.

The general described the day as full of emotional feelings, nostalgic memories, wholesome gratitude, unending joy and unwavering fulfilment.

“For every service personnel, retirement from active service remains a natural and inevitable end which begins to count from the day we passed out from NDA as officers in the Armed Forces of Nigeria.

”Our joy and that of our families, colleagues and friends gathered here today knows no bounds as we take a final bow from the Infantry Corps.

“On behalf of my retired colleague generals, I most respectfully and dutifully appreciate the incumbent Chief of Army Staff, Lt-Gen Taoreed Lagbaja for organising this benefitting and memorable pulling out parade in our honour,” he added.

He also appreciated the Commander Infantry Corps, Olufemi Oluyede, a major general, for mobilising the entire Infantry family including veterans and other luminaries in the Infantry Corps to honour them.

”As I stand on this podium and looking around this Parade Ground, I am moved with hysterical feeling of excitement considering the mammoth turn out of the infantry family, host and neighbouring communities of Jaji, Labar, Wusono, Railway, Birnin Yero, Angwan Loya and other parts of Zazzau Emirate, led by our revered Emir, to celebrate our retirement.”

(NAN)

By Daniel Adaji, Oluwakemi Abimbola


The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.

Senate President Godswill Akpabio on Tuesday, May 7, lamented that foreigners are earning more from mining the nation’s solid minerals than Nigerians.

Akpabio made this assertion in his speech before declaring open a three day investigative hearing on: “The need to comprehensively review the input and output values of the Nigeria mining industry in the light of its general role to economic diversification, foreign exchange earnings and social inclusion” in Abuja.

The public hearing was organised by the Senate Committee on Solid Minerals Development chaired by Senator Sampson Ekong (PDP – Akwa Ibom South.

Akpabio further said that the foreigners after exploitating the solid minerals and benefiting from them maximally, often leave behind a tale of woes including insecurity.

He said time has come for the country to benefit from the mining sector while challenging stakeholders at the event to discuss the challenges that have hindered the growth of the mining sector and come up with a way forward.

The presidency has announced that President Bola Tinubu and his aides will return to Nigeria from Europe on Wednesday, May 8.

Bayo Onanuga, the special adviser on information and strategy to the president, announced the development in a post on his X handle on Tuesday, May 7.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

On April 22, Tinubu left Abuja, the country’s capital, for the Kingdom of The Netherlands on an official visit.

Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in the Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

VICTOR AYENI examines how the office of the First Lady in Nigeria, created by many governors, has become a hotly coveted title among some state governors who have more than one wife, as the rivalry between their wives spills into the public space

In a not-too-subtle competition for influence, Titilola and Ngozi, the two wives of the Osun State Governor, Ademola Adeleke, locked horns, each claiming to be the First Lady of the state.

Titilola, reputed to be the governor’s first wife, proudly bears the traditional title of Yeye Soludero of Ila Orangun in Osun State. She was honoured with the NET Ambassador award in 2023.

The governor’s other wife, Ngozi, from Dimorji Obokwe Mbieri in Imo State, was named the Face of Adire by former president Olusegun Obasanjo. She also recently received the United Nations Peace Ambassador award.


On April 22, 2024, two viral photos of the posters bearing the photos of the wives of the governor welcoming Nigeria’s First Lady, Oluremi Tinubu, to the state went viral on social media.

Senator Tinubu was billed to be in Osogbo, the state capital, the next day for the inauguration of the Alternative High School for Girls at Oke D.O, Ilesha Road.

The inscription on the poster bearing Ngozi’s photo read, “Welcome to the State of Living Spring. Experience the beauty of Osun State’s landscape,” and was signed off with her name as First Lady of the state.

In a separate poster, Titilola also welcomed Mrs Tinubu to the “Official turning of the sod ceremony of the Alternative High School for Girls at Oke D.O, Ilesha Road, Osogbo” signed off as First Lady of the state.

Checks by our correspondent showed that Ngozi and Titilola have the title “First Lady” clearly written on their X (formerly Twitter) bios, with the former conspicuously including the title in her X name.


Netizens differ

As the two fliers by Adeleke’s wives went viral, many social media users described the situation as confusing, while others lauded the First Lady title taken by both women.

A Facebook user, Anthony Alfred, wrote, “There’s nothing like first ladies in one family. The first wife is the first lady and the second wife is the second lady like that till the 700th lady or more. Moreover, when a man marries more than one wife, the office of the First Lady should be scrapped because of limited state resources.

Another Facebook user, OgoAdulawo, wrote, “Traditionally. In Yoruba culture, it is customary for the first wife to hold a position of authority over the other wives. As a result, the first wife is recognised as the foremost lady of Osun State, unless the governor intentionally designates a different individual for the title.

“It is worth noting that this cultural practice is deeply rooted within the social fabric of the Yoruba people and has been upheld for generations. Thus, it is important to acknowledge and respect this tradition’s significance and impact on the Yoruba culture.”

On his part, another netizen, Sirajudeen Abdulazeez, noted that the issue of a governor having more than one wife had never been an issue, so the two fliers inviting Senator Tinubu was not a problem.

“If the governor has more than one as is common with most sane African men then they are all first ladies. This has never been an issue in the country.

“Most northern governors have more than one wife and it has never generated any controversy. Besides, the Osun people are not complaining. Let’s do responsible and issue-based journalism. The women have not said they are fighting or competing. They are both first ladies.”

But another X user, Aderemi Bukola, said there were no constitutional provisions for the office of the first lady, so any political office holder could have as many first ladies as possible.

“One is only good to prevent confusion and scandals,” Bukola.


Flier bearing Ngozi’s photo fake – Gov’s aide

Following the controversy that greeted the two fliers, Governor Ademola Adeleke, through his spokesman, Mallam Olawale Rasheed, disowned the flier which purportedly came from the office of Mrs Ngozi.

Rasheed, in a statement on Monday (April 22, 2024), explained that Titilola was the First Lady, and would be the one to receive Tinubu’s wife during the visit.

He said, “The attention of Mr Governor has been drawn to fake news in circulation about conflict over who among the governor’s two wives is to host the First Lady of Nigeria, Senator Oluremi Tinubu, on her official visit to the state tomorrow (Tuesday, April 23, 2024)

“For clarification, Chief (Mrs) Titilola Adeleke, the First Lady of Osun, is officially hosting the First Lady of the republic tomorrow in line with the directive of Mr Governor; there is no confusion on this official position.”

The governor’s aide further stated that the mastermind of the fake flier had been arrested.

“The flier circulating purportedly from the office of Erelu Ngozi Adeleke, the wife of the state governor, is fake news and the person behind it was nabbed and questioned last night.

“The said flier was never authorised by Erelu Ngozi Adeleke. The material was manufactured and shared by elements who wanted to sow discord and create an atmosphere of confusion,” he added.

Mrs Tinubu, Ooni recognise Osun ‘first ladies’

But the President’s wife, while speaking at the event, recognised the governor’s wives as first ladies.

“Let me also reiterate that Osun State was chosen as the location for this school through a transparent and unbiased raffle draw process at a strategic meeting with the state first ladies. So, rest assured that the siting of this school here in Osogbo, emanated from a fair process and it is a divinely guided one,” Mrs Tinubu said.

In his remarks, the Ooni of Ife, Oba Enitan Ogunwusi, also acknowledged the role played by the governor’s wives in being a driving force behind the government.

“We will wait for you (Tinubu) over and over again for us to give you that honour. It’s very obvious that you are a unifier in this country; we can see all our first ladies behind our powerful political leaders, they are all sitting here, very gentle and amiable, they are the driving force behind all these political leaders that we are,” the monarch stated.


Adeleke’s wives not alone

Findings by Sunday PUNCH revealed that several state governors, aside from Adeleke, have more than one wife, but some of whom jointly lay claim to the title of the First Lady.

Kebbi State Governor, Nasir Idris, is married to two wives, Zainab and Nafisa, who not only jointly run the office of the First Lady of the state, but also oversee two separate non-governmental agencies.


The Katsina State Governor, Dikko Radda, has two wives, Zulaihat and Fatima. Zulaihat is reputed to be the state’s First Lady while Fatima has the term, “Wife of the Executive Governor” written on her official Instagram and X profiles.

However, our correspondent sighted several pages and videos on different websites where the title of “First Lady” was used for the governor’s second wife, Fatima.

Gombe State Governor, Muhammad Yahaya, also has two wives – Asmau and Amina. Only Asmau is known as the official First Lady of the state.

Also included is the Bauchi State Governor, Bala Mohammed, who is married to Aishatu and Mariana. His first wife is officially recognised as the state’s First Lady.

Conversely, the Kano State Governor, Abba Yusuf, who has two wives – Mariam and Zainab –stated that his wives “will not be part of the governance” and has not recognised either of them as First Lady.

An X user, MS Ingawa, who claimed to have personally met Radda’s two wives, wrote, “It’s actually funny for people to waste their energy on (an) office with no constitutional mandate to the extent that we measure the governor’s competence or ability based on the selection of the First Lady.

“The office is at the discretion of the elected governor who may choose to officially recognise it or not. Recognised or not, the wife (wives) of the governor will play almost (the) same role.


Ingawa said there had been governors in Nigeria whose wives were not known to the public.

“Some have more than one and nobody cares to know about them or even fight for the office on their behalf. It’s different in Katsina because all the two wives have a media presence. People tend to discuss more about what they see every day.”

Speaking with Sunday PUNCH, a lawyer, Segun Oladejo, explained that the title had no constitutional backing but had been merely recognised due to its usage over the years.

“The office of the First Lady of the federation or the state doesn’t enjoy constitutional favour. It became recognised as a result of continuous and long usage by different administrations over the years.

“Coming on the stride of anti-corruption in 2015, (Former president, Muhammadu) Buhari, stated that he won’t have the office because it’s not recognised but we all know what became of it as Aisha used it to the fullest. There can only be one person occupying the office,” Oladejo said.

Five Benin traditional functionaries have been suspended from their roles for engaging in what the palace described as sacrilegious conduct against Benin customs.

The Benin Traditional Council announced their suspension in a statement signed by the Iyase of Benin, Chief Sam Igbe, on Saturday.

The statement noted that the affected functionaries visited the Ooni of Ife, Oba Adeyeye Ogunwusi, where they falsely claimed to be emissaries of the Oba of Benin and rendered inaccurate and disjointed account of the connection between the Benin Royal Dynasty and the Ooni-ship of Ife.

PUNCH Online earlier reported that representatives from the Benin Kingdom, paid a courtesy visit to the Ooni of Ife, Oba Adeyeye Ogunwusi, to affirm that Ile-Ife is the ancestral home of the Benin people.


In a now-viral video capturing the exchange, one of the emissaries told the Ooni that despite contrary narratives circulating online, their collective understanding has always recognised Ile-Ife as their ancestral homeland.

“We have always been told that Ife is our home,” the emissary said.

However, the Benin Traditional Council has distanced itself from the representatives whom it described as “a group of self-serving traditional functionaries from Benin.”

The statement reads, “The attention of the Benin Traditional Council has been drawn to video clips circulating on social media in which a group of self-serving traditional functionaries from Benin engaged themselves in a sacrilegious show of shame and falsehood against the Benin Custom.

In the said clip, the individuals who have been identified as Johnbull Igbinosun, Iduhonre (Ihogbe), S.E. Aigbiremwen, Efesieoghoba (Ogbelaka) and two other Ogbelaka functionaries identified as Ogbeide Osagie and Osamudiame Edo were in the presence of the Ooni of Ife, falsely claiming to be emissaries of the Omo N’ObaN’ Edo Uku Akpolokpolo, His Royal Majesty Oba Ewuare Il, Oba of Benin. These individuals not only declared themselves subjects of the Ooni but also rendered inaccurate and disjointed accounts of the connection between the Benin Royal Dynasty and the Ooni-ship of Ife.

“While the BTC does not wish to be drawn to restating the well-known connection between the two thrones of the Oba of Benin and the Ooni of Ife, the general public is urged to disregard the inaccurate accounts rendered by the ill-bred individuals named above. For the avoidance of any doubt whatsoever, the BTC advise the general public to avail themselves of the official account of the connection between the two ancient monarchies as contained in the authoritative book titled “I Remain, Sir, Your Obedient Servant” authored by His Royal Majesty, Oba Erediauwa, Oba of Benin (1979 — 2016), published by Spectrum Books/Safari Books, 2004 at pages 205-212.”

Describing the conduct of the representatives as sacrilegious, the council advised the public to steer clear of them.

“The BTC considers the conduct of these functionaries as inappropriate, sacrilegious and calculated to ridicule traditional history and to bring disrepute to Benin custom. Consequently, on the authority of the Omo N’Oba N’Edo Uku Akpolokpolo, His Royal Majesty Oba Ewuare Il, Oba of Benin the Prescribed Authority over Benin Custom, the BTC hereby announce the suspension of the individuals mentioned above from their role as Benin traditional functionaries.

The general public is advised to refrain from having anything to do with them as traditional functionaries in Benin kingdom throughout their suspension”, the statement added.

Chukwuemeka Ohanaemere, the self-styled Onitsha-based pastor better known as Odumeje, says he will stop the naira from further depreciating against the dollar.

Odumeje spoke at the airport when he returned from London.

The cleric travelled to the UK earlier this month to host a comedy show. He often boasts that he possesses a plethora of spiritual powers, which he releases periodically to fix issues plaguing society.

He had boasted of being behind the naira’s appreciation with one of his powers, when the currency gained 12 percent against the dollar in early April, building on a 14 percent surge in March.

On Friday, the naira depreciated to N1,320 to the dollar at the parallel market.

At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.

However, Odumeje said he is back to stop the naira’s slide like he has always done.

“This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you ‘I will bring down the dollar’ and gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped,” Odumeje said.

On April 8, the local currency strengthened to N1,120 to the dollar at the black market and N1,230 at the official window.

Odumeje had taken credit for the naira’s appreciation at the time.

Agitation for succession is not new in the South-West geopolitical zone but the resurgence in recent times is fueling suspicion on the motive behind the agitators, Daily Trust reports.

Sunday Adeyemo Igboho known simply as Sunday Igboho in Yorubaland was the ring leader of those agitating for secession. The year 2021 was the peak of the agitation for Oduduwa Republic championed by Igboho and strongly backed by Prof. Banji Akintoye-led Omo Ilana Oodua formerly known as Yoruba World Congress (YWC).

Igboho did not only declare Oduduwa Republic, he also led the campaign for the eviction of Fulani herders in South-West states and he succeeded, especially in sending the Sarkin Fulani of Oyo State packing from his domain in Igangan along Igbo Ora in Oyo State where he lived for more than 50 years.

While Igboho’s campaign for Yoruba Nation which he christened Oduduwa Republic was roundly rejected by his people, he became a target of the Federal Government during the Muhammadu Buhari presidency.

Late governor of Ondo State, Arakunrin Rotimi Akeredolu, who was then Chairman of the South-West Governors’ Forum, did not mince words in rejecting the agitation of the proponents of Oduduwa Republic, describing their agitation as “satanic.”

Igboho was away for more than 30 months after his botched arrest by officials of the Department of State Service (DSS) ostensibly to answer questions bothering on his agitation which the government termed as “seditious.” Many analysts say if he had been arrested at that time, he would have been suffering the fate of Nnamdi Kanu, the Leader of the Independent People of Biafra (IPOB) who is also the arrowhead of the Biafra Republic.

After spending months in Benin Republic detention following his arrest on his way to Germany, Sunday Igboho returned to Nigeria in February this year.

A lot of water has passed under the bridge since his absence and quite significantly Asiwaju Bola Ahmed Tinubu, a foremost political leader in the South-West, has assumed the leadership position as the President and Commander-in-Chief of the Federal Republic of Nigeria.

Igboho therefore returned to Nigeria quietly with many people wondering what had happened to his agitation. Could it be because his kinsman is now in the saddle? Was he trying to lie low because of his experience under the Buhari presidency? Was his secession agitation propelled by the fact that a president outside his geopolitical zone was in the saddle?

Why pundits continue to ponder about the status of his agitation, the South-West geopolitical zone and the entire nation was jolted by the attempted take-over of the Oyo State House of Assembly by suspected Yoruba Nation agitators.

In a daring move, dozens of suspected agitators stormed Oyo House in a bid to hoist the flag of their new “Yoruba Nation.”

And as this was going on, video clips emerged of Ms. Modupe Abiola-Onitiri who pronounced herself as the President of the Yoruba Nation reading an address, informing the whole world of a new sovereign state known as the Democratic Republic of Yorubaland.

“As from today, we want the whole world to know that the Democratic Republic of Yoruba is a new nation, newest nation in the world, number 55th in Africa. I congratulate the indigenous people of Yoruba on this achievement because God has been very merciful with us.

“We made a declaration on Sunday November 20, 2022. We did reclamation on Sunday December 18, 2022. By the special grace of God, we made a proclamation on Friday April 12, 2024. This has become a reality and nothing can change it,” Abiola-Onitiri declared in the broadcast made in Yoruba and roughly translated by our correspondent.


Police clamp down on agitators

Following the invasion of Oyọ State House of Assembly Complex, 29 suspects are currently being held at Agodi Correctional facility. This follows their arraignment before Chief Magistrate O.O Ogunkanmi for their involvement and roles in the foiled invasion.

While Chief Magistrate Ogunkanmi adjourned the case to the 1st of August 2024 for hearing, the Oyo State Police command has assured that investigation on the sponsors and other elements of the secessionists are ongoing.

In a related development, the Oyo State government demolished a building where the Yoruba Nation agitators are alleged to be operating from. The building, located on Toye Oyesola Street in the Ibadan South West Local Government Area, was demolished on Wednesday, 17th April. The demolition exercise was confirmed by the Special Adviser to the Oyo State Governor on Security Matters, CP Fatai Owoseni (rtd.), but he directed further inquiries on the matter to the State Commissioner of Police.

Also, traditional rulers, kings, Chiefs, Baales, Mogajis, security agencies, and religious bodies in Ibadan land have jointly spoken against the secessionist movements in Ibadan land and its environs. They noted that there was no Ibadan indigene among the agitators arrested by security agencies.

Aside this, a traditional oath conducted by the Araba Awo of Ibadan land and Olu Isese of Ibadan land, Araba Awo Odegbola was taken by everybody at the meeting including the local security volunteers, which was first of its kind in the modern history of security structure of the city.

According to the oath, on no account must anybody be in position of creating or supporting any agitation, be it in contact or meeting or joining any form of agitation.

On Tuesday, members of the Oyo State Assembly called for installation of surveillance cameras around the state Secretariat including the House of Assembly and media houses.

While condemning the action of the agitators, they urged the government to engage the suspects in dialogues so as to have a better understanding of their demands.

However, the state government has condemned the activities of the agitators, saying their action is treasonable felony.

The state commissioner for information, Prince Dotun Oyelade, noted that “attempting to barge into the hallowed chambers of legislature and taking it over with an arsenal of seven pump action submachine guns, over 700 live cartridges, is clearly an act of terrorism.”

The commissioner added that sponsors of Saturday’s invasion of the governor’s office and the State House of Assembly have succeeded in leading themselves into serious trouble.


Sunday Igboho, Akintoye disown agitators

While many observers might be quick to link the agitators with Sunday Igboho and Baba Akintoye who have been the arrowheads of the Oduduwa Republic, the duo have swiftly disowned the agitators, saying they were not aware or in support of their actions.

Akintoye said: “I am not connected; I have no contact and I do not know anything about Onitiri and her group. I don’t know what they are doing.

“I learnt they are engaged in some sort of insanity in Ibadan but that is entirely they, and it has nothing to do with me or people like Chief Sunday Igboho who are working with me.

“We are the authentic Yoruba Nation Movement. We are not connected. We are the people fighting for Yoruba Nation freedom and we will win the war peacefully and in an orderly manner.”


Oyo Assembly Complex and its significance

The invasion of the Assembly complex has provoked a rash of actions not only in Oyo State but across the South-West geopolitical zone comprising other states like Lagos, Ogun, Oyo, Osun and Ekiti. The complex was used as the Old Western Regional House of Assembly and so it was seen as an attack on the political fabric of the region. Therefore, other states quickly beefed-up security to forestall any kind of occupation in the name of Yoruba Nation agitation.


What was their motive?

The renewed agitation has triggered a poser about the motive of the renewed agitation. Who are their sponsors? These are questions that have agitated the minds of many observers. Many believe the hitherto unknown Modupe Onitiri couldn’t have done it alone. In fact, those close to Abiola had disowned her and said she was not one of the officially recognised wives of late Moshood Abiola, foremost politician and acclaimed winner of the June 12, 1993 election. Could she have made the declaration for clout?

Findings by our correspondent revealed that the security operatives have launched a manhunt for her as her whereabouts is presently unknown.

Though the Afenifere leadership is presently enmeshed in factional crisis while there is presently no rallying leader within the Yoruba ethnic nationality, attempting to take over the sacred seat of the parliament was considered as sacrilegious and an act of terrorism by all and sundry.

A spokesperson with Afenifere, Comrade Jare Ajayi, in a chat with our correspondent said the leadership of the association is not pointing accusing finger on any individual or group as the sponsor.

He said, “These people who invaded the Assembly Complex couldn’t have the bravado to do it. There must be somebody who coordinated them, put them together and provided the weapons.

“The good thing is that the security agencies are already working, and the government has taken it up. Investigation is going on. We are waiting anxiously for the outcome of the investigation.”

According to him, the action of the government is welcome as it would serve as a deterrent to anyone who might be thinking of such an action to have a rethink.

“We were disturbed by it. Those people must have been coordinated but we are happy the government is not joking on this matter. We have the confidence that the government would get to the root of the matter,” he added.

National President of the Yoruba Welfare Group, Comrade AbdulHakeem Adegoke Alawuje, said those who staged the agitation are not representing the Yorubas, they are agents of the opposition across the country.

He insisted that those arrested should be prosecuted accordingly and face the consequences of the crimes they committed without wasting time.

“They are paid by those enemies of the government to destabilise the government. They were disappointed by the way the Tinubu administration is making progress, especially on economic and security issues. If at all the government really wants to put an end to this kind of madness, they have to be punished accordingly,” he said.

But other schools of thought said the agitation might have been propelled by the agitation for restructuring and to pass a message to the president to fast-track the process of restructuring.

Political Science teacher Prof. Gbade Ojo said the renewed agitation has nothing to do with the fact that a Yoruba man is in the saddle.

He said an average Yoruba man is uncomfortable with the existing federal arrangement, so taking up arms to take over government in the name of Yoruba nation does not make sense.

According to him, the agitators had made a statement about the need for restructuring of the country. He however said the lesson of the agitation is for the government to be more committed to the project of restructuring.

“They have made a statement and the statement is that Yorubas are agitating and the issue of a Yoruba man being president is meaningless. Their own desire is a kind of restructuring which Tinubu has promised but he cannot go all hog to pursue restructuring primarily because of his second term.

“The agitation may be uncalled for in terms of violence but the issue is that the Yorubas are gradually becoming uncomfortable with the federal arrangement. The federal character principle is observed in abeyance. The Federal Character Commission is not monitoring anything. Recruitment is not being supervised. The same set of people from the same ethnic group or the same religion may be recruited at a go in an agency or parastatal or organisation that claims to be federal including federal universities,” he added.

Instead of only clamping down on the agitators, the university don challenged governments at the federal and state levels to make life comfortable for the people.

“Salaries have not been increased for over a year now after the subsidy was removed. The state of the economy is bad. The Oodua states should demonstrate more commitment in taking care of the people,” he said.

Another Professor of Political Science, Sylvester Odion also stated that the renewed agitation was to pass a message of restructuring to the president.

“It is not about a Yoruba man occupying the presidency, it is about restructuring the country. No indication yet that Tinubu will pursue that cause,” he said.

But analysts say the authorities in the South-West must go beyond clamping down on the perpetrators to find out the motive behind the renewed agitation.

Nafisat Abdulrahman


Richard Masters


A Nigerian prophet has come under intense scrutiny after his prediction that the rapture and the end of the world would coincide on April 25, 2024, failed to materialise.

Despite proclaiming to have been shown the date through divine revelations during trances, the prophet’s claims have sparked a mixture of ridicule and criticism across social media platforms.

The prophet, with the handle @Prophetmetu on X, claimed he experienced the visions on two separate occasions, expressed his own trepidation about the revelations.

In his statement, he emphasised the clarity of his visions, where he saw two distinct mountains and felt a strong divine message. He urged both believers and skeptics alike to prepare for the imminent event.

“If you like take it serious, if you like don’t take it serious, but this is real: rapture is coming on the 25th of April, 2024. I saw it very clear. I saw the date very clear, the Lord ministered it to me twice, it has happened twice,” he declared.

As the day progressed with no signs of the prophesied rapture, social media users began to question the timing and validity of the prediction, leading to widespread discussions about the reliability of such prophetic claims in modern times.

An X user, @LereecalSnipper, humorously remarked on the possibility of the event still occurring later in the day: “Today never finish o, e fit still happen for night. Just imagine say you just vanish when you just alight bus, wan pay conductor, wo! Agbero go bring you back with juju.”

Others questioned the theological accuracy of the prophet’s claims, referencing biblical scriptures that state even Jesus and the angels are not privy to the exact date of the rapture. “Lol. Did God say not even the Angels know the day of the rapture? Una go just wake up one morning dey yarn dust up and down. May the lord forgive you bro,” tweeted @mordi_divine.

@omtoyosi08 expressed disbelief in the persistence of rapture predictions in the modern age, “I can’t believe in 2024 people are still talking about rapture. The world has been in existence for about 38,000 years.”

Members of the organised labour, on Friday, protested and shut down the headquarters of Nigeria Social Insurance Trust Fund (NSITF) over alleged cut of workers’ salaries in the agency by the management of the fund.

The aggrieved protesters, led by the President of Trade Union Congress (TUC), Festus Osifo and executive members of the Association of Banks, Insurance and Financial Institutions (ASSBIFE), started their demonstrations at about 11:00am.

Armed with placards with various inscriptions, the protesters alleged that the management led by Mrs Maureen Allagoa, the Managing Director of the Fund, had made deductions of consequential taxes from their salaries to the tune of N2.1bn which were not remitted.

Addressing the protesters, Osifo said the protest and subsequent shutdown of the Fund became imperative after efforts made by the leadership of ASSBIFE to resolve the issue amicably with the management failed.

The protesters urged President Bola Tinubu to sack the MD of the agency with immediate effect to avert “looming crises” in the Fund and called on the Economic and Financial Crimes Commission (EFCC) to probe their claims.

Both the MD of the Fund, Mrs Allagoa and spokesman of the Fund, Mr Godson Nwachukwu could not be reached for comments at the time of filing this report.

Written by Bode Gbadebo


The Transmission Company of Nigeria (TCN) has berated Ibadan Electricity Distribution Company (IBEDC) and Benin Electricity Distribution Company (BEDC) for providing their customers with false information over their (DisCos) inability to supply estimated hours of electricity to the consumers.

The two DisCos had, in separate notices published on their social media handles on different days, blamed their inability to supply estimated hours of power to certain category of customers, to some challenges from TCN installations.

But, TCN, in separate press statements to address the issue on Friday, signed by its general manager, Public Affairs, Ndidi Mbah, faulted both DisCos for blaming it for their failures.

“The Transmission Company of Nigeria hereby notes that the publication circulated by IBEDC on 9th April 2024, which stated that TCN is responsible for its failure to “deliver estimated hours of supply to your feeder”, due to System Outages and Tripping on TCN’s feeders is incorrect.

“That the feeders mentioned in the publication are NOT within the TCN network. This means that most of the listed feeders in the publication are 11kV operated by IBEDC and completely outside TCN’s Operational Control and in IBEDC’s network,” Mbah said.

The TCN spokesperson added that while the company sees the misinformation of IBEDC as a ploy to undermine and mislead the public against regular power supply, it remained focused on supporting the government’s move towards a more robust and efficient power supply.

“Consequently, TCN assures the public of its commitment to continue to work hard to effectively transport the entire bulk electricity received from the generating companies to distribution load centres nationwide,” he stated.

Also, TCN faulted the publication on BEDC’s social media platform on April 12, 2024 on its inability to supply 20 hours of power supply to its Band A customers.

“We hereby note that BEDC attributed this to tripping due to earth fault at Amukpe and tripping due to an XLPE cable puncture at Effurun, both TCN substations, is not correct.

“The incorrect attribution of these faults to TCN is clearly shown in the table on that release by IBEDC.

“For clarity, we note that on the 11th of April 2024, the Amukpe 33kV feeder tripped at 2:31pm. and was restored by 4.08pm within 1 hour and 54 minutes.

“The cause of the outage, which was clearly under BEDC purview, was an instantaneous earth fault caused by stormy weather, which was restored on trial reclosure after the rain had subsided.

“Still, on the 11th of April 2024, Effurun 33kV feeder tripped at 12:25 p.m., and it is still out. The cause of the tripping was an earth fault on the outgoing feeder upriser, also from the BEDC DISCO end.

“This report is to set the records straight and to appeal that facts be stated as they are for the benefit of all,” Mbah added.

There was drama in court on Friday when Idris Okuneye, popular crossdresser known as Bobrisky, confessed being a man.

The crossdresser has ignited controversy over his gender status. Known for dressing as a woman, Bobrisky claims to have undergone different surgeries to make change his gender.

At some point, the social media influencer even said he was ready to bear a child.

When in 2019, the Rivers Police Command declared a crime suspect known as Bobrisky wanted, images of the crossdresser trended.

Responding in an Instagram post, he had said, “So, a notorious criminal in Rivers state is bearing my stage name, Bobrisky. Thank God I have turned to a woman before the useless criminal committed the crimes. If not, I would have become a suspect by now. And why are bloggers placing my picture together with Governor Nyesom Wike’s. Please, it is not my Bobrisky he is looking for o. I have turned to a woman since two years ago.”

But occasionally the socialite dresses as a man. Last year when he lost his father, Bobrisky attended the funeral in Ijebu Igbo area of Ogun State as a man

In a viral video, the obviously embarrassed crossdresser was seen dodging the camera.

Spotted in a black attire and a black scarf, he used a dark shade to conceal a portion of his face.

In the video clip, Bobrisky from time to time felt uncomfortable whenever the camera was tilted towards him.

However, before he was handed a 6-month jail term on Friday, Justice Abimbola Awogboro asked the convict of his sex, and he quickly replied, “I am a man, My Lord.”

The judge subsequently sent him to jail and ruled that the jail term commenced from the day of his arrest.

Controversy over female award

The Internet was practically set ablaze weeks ago following the events that unfolded when Bobrisky was crowned the ‘best dressed female’ at the premiere of actress and filmmaker, Eniola Ajao’s movie titled, ‘Ajakaju (Beast of Both Worlds)’

The drama took another dimension when singer, Portable, condemned the decision to name Bobrisky the winner.

Taking to his Instagram page, Portable asked Bobrisky to stop referring to himself as a woman.

This led the duo to trade expletives in several voice notes. Expectedly, Bobrisky did not take Portable’s criticism lightly, as she cursed the singer and his family.

Apparently overwhelmed at the turn of events, Eniola Ajao tendered a public apology to the people who felt offended by the decision to name Bobrisky the winner of the award. She added that it was nothing but a publicity stunt.

Daily Trust reports that the crossdresser was arrested in Lagos on April 3, and was detained at the Lagos Command of theby the Economic and Financial Crimes Commission (EFCC), over abuse of naira, spraying of naira notes and currency mutilation.

Covenant University has been ranked above the University of Ibadan and the Federal University of Technology, Akure, as the best university in Nigeria for the second time, according to Times Higher Education‘s 2024 rating.

Analysis of the latest ranking on Thursday showed that the university based in Ota, Ogun State, is among the top 1,000 universities in the world.

The 801st-ranked university in the world first gained prominence in 2018 after it got the prize for the best university in Nigeria and the sixth-best university overall.

The University of Ibadan followed Covenant as the second-best university in the country, while the Federal University of Technology, Akure clinched third.

The ranking web said the World University ranking includes 1,904 universities across 108 countries and regions.

“The Times Higher World University ranking includes 1,904 universities across 108 countries and regions.

“The table is based on our new WUR 3.0 methodology, which is carefully calibrated performance indicators that measure an institution’s performance across five areas; teaching, research environment, research quality, industry and international outlook,: it said.

Other universities that achieve the top ranking in Nigeria include the University of Ilorin, the University of Nigeria, Nsukka, Afe Babalola University, the University of Benin, the Federal University of Agriculture, Abeokuta, Ladoke Akintola University of Technology, Lagos State University, Nnamdi Azikiwe University, Obafemi Awolowo University, and the University of Port Harcourt.

Among the 15 top universities, nine are located in the South West, two in the South East, two in the South-South, one in the North West, and one in the North Central.

See full list below:

1. Covenant University
2. University of Ibadan
3. Federal University of Technology, Akure
4. University of Lagos
5. Bayero University
6. University of Ilorin
7. University of Nigeria
8. Afe Babalola University
9. University of Benin
10. Federal University of Agriculture, Abeokuta

11. Ladoke Akintola University of Technology
12. Lagos State University
13. Nnamdi Azikiwe University
14. Obafemi Awolowo University
15. University of Port Harcourt
16. Abia State University
17. Akwa Ibom State University
18. Alex Ekwueme Federal University
19. Babcock University

20. Baze University
21. Bells University of Technology
22. Benson Idahosa University
23. Delta State University, Abraka
24. Edo State University
25. Edwin Clark University
26. Elizade University
27. Evangel University, Akaeze
28. Federal University of Kashere
29. Federal University of Petroleum Resources Effurun

30. Federal University of Technology, Minna
31. Federal University of Technology, Owerri
32. Fountain University
33. Landmark University
34. Nassarawa State University, Keffi
35. Niger Delta University
36. Plateau State University
37. Thomas Adewumi University
38. Veritas University
39. Yusuf Maitama Sule University, Kano

The embattled former Central Bank Governor, Godwin Emefiele, has been granted bail in the sum of N50m after being charged with a 26-count bordering on alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion respectively.

Emefiele was admitted to bail with two sureties in like sum by Justice Rahmon Oshodi on Friday.

National Association of Nigerian Students (NANS) has declared support for Air Peace, saying we should rally behind an enterprise that embodies self-reliance and growth.

A statement by NANS senate president, Akinteye Afeez, noted the arrival of Air Peace brought a change, offering competitive prices that made air travel more accessible to Nigerians.

It noted the drop in prices by other airlines appears not as a genuine effort but rather as a strategic move for competition.

NANS said it is essential not to be swayed by short-term price reductions but to recognise the broader implications for the nation and the future of the aviation industry.

It called on Nigerians to support Air Peace and reject attempts to undermine it. “Supporting Air Peace means more than just choosing a flight; it’s about rallying behind a homegrown enterprise that embodies aspirations for self-reliance and growth.

“Its entrance disrupted this status quo, introducing competition and affordability.

“Together, we can ensure Air Peace continues to soar, not just in the skies but also in the hearts and minds of travellers,” it said.

An old video where Philip Shaibu, former deputy governor of Edo, said a prayer for Omobayo Godwins, his successor, is making the rounds on the internet.

In the clip, Shaibu can be seen praying for Godwins at an event.

“From strength to strength and from glory to glory. And because I’m older than him, he’s supposed to be better than me and that is why I prayed for him to grow higher than me,” the former deputy governor said in Pidgin English.

TheCable could not immediately ascertain when the video was recorded.

Shaibu was impeached as deputy governor of the state on Monday, following the adoption of the report of a seven-member investigative panel.

He was accused of “misconduct, perjury and disclosure of government secrets”.

Some social media users said Shaibu’s prayer for Godwins was prescient given all that has transpired.

“I think life itself is a mystery. Just months ago, impeached deputy governor, Philip Shaibu, proclaimed that the present deputy governor, Omobayo Marvellous Godwins, would be greater than him,” a social media user posted.

“Months down the line, he took over his office.”

Godwins was sworn in as deputy governor immediately after Shaibu’s impeachment.

Rivers State Governor, Sir Siminalayi Fubara, has vowed to keep making the camp of his estranged benefactor, Nyesom Wike, restless.

There has been crisis in Rivers since Fubara fell out with his successor who is now Minister of the Federal Capital Territory (FCT).

Speaking at the ground breaking of automobile spare parts market in Port Harcourt, on Thursday, Fubara declared the purported list of Peoples Democratic Party (PDP) Caretaker Committee members for the State, circulating on social media as fake.

He described the list, which has the names of some Wike’s loyalists, as the handiwork of cheap publicity seekers and agents of crisis.

“I know that a lot of you saw something flying in the social media, dailies. Let me brief you, we hard a meeting, and we agreed that, not just in Rivers State, but in all the States affected, that the Executive Councils (of PDP) should be extended for three months.”

“This extension is not meant to bring in new names. The extension also did not say that you are working without the authority of the Governor. So, for those lists that you saw and those ones altered, I can assure you that they are not going to stand.

“For record purposes, so that you will understand, we also agreed that there is going to be a NEC meeting on the 18th of this month (April) that should ratify that decision.

“So, what you are seeing is the handiwork of desperate people who like media publicity. In fact, empty drums make loudest noise. So, don’t bother about anything. Nothing is happening.”

Governor Fubara alluded to the fear that has come upon his detractors given the warning he issued a day ago that he will surprise those who dare him, and vowed to continue to make them feel restless.

The Governor said Rivers State remains a very important stake to protect, which is why his Administration chose the path of peace in order to engender progress.

“You can see how restless they have been since I made just one statement, yesterday. We will continue to make them restless.”

“They won’t know where we are coming from. We will also continue to hit them hard the way we hit them, yesterday. So, those of you who were worried when you saw those lists that were flying, go and rest, nothing is happening.”

Whistleblowers whose petition led to the summon, detention and ongoing trial of executive of Binance Holdings Limited have raised the alarm over threat to their lives and family.

They called on the Federal Government to grant them state protection.

The group, under the auspices of Empowerment for Unemployed Youth Initiative and Niger Delta Youth Council, made the call in a letter addressed to President Bola Tinubu in Abuja.

The group claimed they are the petitioners and whistleblowers who unearthed the brazen abuse of the Nigerian Financial system being perpetrated by Binance Holdings Limited.

The letter dated Wednesday 28th, March 2024, was jointly signed by the National Coordinator, Empowerment for Unemployed Youth Initiative, Amb. Solomon Adodo and National Coordinator, Niger Delta Youth Council Engr. Jātor Abido.

The letter reads in part: “We write as the petitioners and whistleblowers that revealed the brazen abuse of the Nigerian Financial system being perpetrated by Binance Holdings Limited to notify you of the present threat to our lives and seek protection from the State through your express Presidential directive.

“We are presently in deep shock and panic as to how the detainee managed to escape without a trace.

“We are also aware that the Binance Team have a very significant financial war chest which we can never match.

“Our fears also stem from the fact that we blew the lid on the terrorism financing/serious operations carried out through the Binance platform.

“We are therefore at very significant risk alongside our immediate families.

“We have no where else to run to than to the Nigerian government for whom we undertook this daring patriotic task.”

They added: “It should be recalled that after years of scrupulous investigation and fact finding on the operations of Binance in Nigeria, we identified certain grave infractions perpetrated against the Nigerian government and her people.

“On the heels of our incontrovertible findings, we sent a petition to the House (of Representatives) Committee on Financial Crimes against Binance.

“This petition was submitted on 5th December, 2023 by the Empowerment for Unemployed Youth Initiative, Niger Delta Youth Council and 21 other Civil Society Organisations over irregularities perpetrated by Binance Holdings Limited.

“The said petition listed some of the irregularities perpetrated by Binance to include: Violation of the Provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Violation of the provisions of the Investments and Securities Act, 2007 and the Rules on Issuance, Offering Platforms and Custody of Digital Assets (the “Digital Assets Rules”), May 2022.

“Violation of the relevant provisions of Nigeria’s tax laws, resulting in taxevasion in the country.

“The House Committee on Financial Crimes immediately commenced action by inviting Binance to appear and give clarifications on the allegations.

“Consequently, the Binance Team honoured the summon and came into Nigeria for the first public hearing billed for 10th January 2024.

“The Investigative Hearings of the House led to the unearthing of huge financial transactions that have been carried out on the Binance platform without appropriate tax payments or any form of regulation.

“The Office of the National Security Adviser also commenced an investigation on Binance thereafter. Subsequently two of the Binance Executives – Nadeem Anjarwalla and Tigran Gambaryan – were invited and detained.

“However, one of the detainees – Nadeem Anjarwalla – escaped from the NSA’s custody since Friday 22nd March 2024.

“We therefore use this medium to call on you to exercise the powers of the State to grant us and our immediate families the security and other forms of protection we require (within and outside Nigeria) till the conclusive outcome of the Binance case as we face very grave danger with our lives at risk.

“We have firm confidence that you will grant this our prayer considering our sacrifice thus far.

“We convey assurances of our highest regards and fervid support for your good government.”

By Udeme Akpan & Ediri Ejoh


THERE are indications that Nigeria’s huge dependence on imported petrol would reduce as the $20 billion Dangote Refinery has concluded plans to begin supply of petrol to Nigeria’s domestic market from May 2024.

Before the coming on stream of the 650,000 barrels per day refinery, the nation had depended almost 100 per cent on imported petrol to meet demand.

Facts provided by Dangote Refinery indicates that at full capacity, the facility will produce 99 million liters (26.2 million gallons) of gasoline, diesel, jet fuel and kerosene per day.

Meanwhile, the price of Automotive Gas Oil, AGO, popularly known as diesel, has dropped by 20.6 per cent to N1,350 per litre in April 2024, from N1,700 per litre in March 2024, as the Refinery pumps more supplies to the market.

Nigeria’s inflation and foreign exchange crisis had pushed the prices of the product, which was mostly imported from the global market to about N1,700 per litre in most parts of the nation, including Lagos and Abuja.

Checks by Vanguard, yesterday, indicated that the price started to drop following the awareness that Dangote Petroleum Refinery has pegged its price at N1,225/litre.

Reacting to the development, the Chief Executive officer, Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said: “This is a good development that we are waiting for, we are hoping it will help bring down the cost of diesel and reduce the pressure on the nations’ Foreign Exchange because the importation of consuming products is consuming about 30 percent of our foreign exchange.”

“If we are able to take advantage of the Dangote refinery to reduce our consuming products, it will go a long way in easing the country’s foreign exchange crisis. However, the macro-economic impact that it will have across all sectors”.

Nnaemeka Obiaraeri, a development economist, has criticized the Minister of Agriculture’s proposal to import 10,000 tractors, restating concerns raised in 2019 over a similar plan under former President Muhammadu Buhari administration.

Obiaraeri pointed out that the current plan, estimated to cost $1.1 billion through a public sector arrangement, amounted to repeating the same mistake made during the Buhari government.

Speaking to Channels TV on Tuesday, he argued that a more efficient approach would be to spend $750 million to import both tractors and bulldozers.

He said, “There was a proposal we raised in 2019 when the Buhari government came with the idea of borrowing 1.1 billion dollars to import 10,000 tractors.

“This current government now, we see the minister of agric repeating the same mistake the Buhari government did, signing MoU to import 10,000 tractors under a public sector arrangement that will cost the same $1.1 billion.

“Does it make sense to you that we can spend $750 million and import both tractors and bulldozers and somebody is trying to spend $1.1 billion to import only tractors? Does it make sense to you? And that is kind of things we see in Nigeria.

“Under the structure that we shared with them, you would have agro clusters in all over the 8,000 electoral wards that would be managed by thoroughly trained mechanical engineers.

“Farmers within those clusters would hire those machines, use it on their farms on an average cost of not more than N40,000.

“And when you do it, you would stimulate economic activities, you would grow jobs, you would have over $50 billion in Nigerian economy, but the minister in Nigeria today want to repeat the same mistake that happened under the Buhari regime is something we should be asking ourselves.”

Following the reactions that trailed the comment made by Governor Uba Sani of Kaduna State regarding the inherited debt from the last administration of Nasir El-Rufai, there are indications that the fate of some of the political officeholders who served in El-Rufai’s administration and are now serving under Governor Sani’s cabinet is facing uncertainty.

Within the ruling party, a crack has already been created, particularly among the loyalists of the two leaders, leading to the suspension of the party’s State Women Leader, Maryam Suleiman Mai Rusau, following open criticism of the governor and support for the former governor.

Sources told Daily Trust that the debt speech by the governor was the final stroke in the well-guarded rift between hitherto political friends, with many saying the governor was quite dissatisfied with the financial situation of the state since taking over. “They have just been trying to manage the tension. The crack has been there for the past three to four months,” one of the sources said.

Daily Trust observed that most of the former political appointees of El-Rufai in the present government have not expressed their views regarding the comments on the debt issue, with analysts describing their current situation as being “caught between the devil and the deep blue sea.”

Efforts to speak with them have also been unsuccessful, with a source revealing that they have resolved not to make public comments on the development.

Some of the appointees that served under Nasir El-Rufai’s administration and are now in Uba Sani’s cabinet include the Deputy Governor Hadiza Sabuwa Balarabe, who was also deputy governor in the last term of El-Rufai; and the current Commissioner of Health, Umma K. Ahmed, who served as Commissioner for Local Government and Chieftaincy Affairs under El’rufai’s government.

Others are Dr. Shehu Usman Muhammad, a former Commissioner of Education in the past government and now a Counsellor on Political Matters to Governor Sani. Similarly, Samuel Aruwan, the immediate past Commissioner of Internal Security, is the new Administrator of Kaduna Capital Territory Administration and overseeing Commissioner for the Ministry of Internal Security.

Dr. Abdullahi Aminu Shagali, former Speaker of Kaduna House of Assembly during El-Rufai’s tenure and the immediate past Political Adviser in the El-Rufai government, is now Commissioner of Housing and Urban Development.

Malam Murtala Mohammad Dabo, who joined the El Rufai administration in 2015 and held various positions such as Permanent Secretary of the Ministry of Finance, Permanent Secretary of the Public Service Office, Chairman of the Fiscal Responsibility Commission, and is now the Commissioner of the Ministry of Agriculture under Uba Sani’s administration, Mohammad Sada Jalal, a former commissioner under El-Rufai’s administration, was also appointed Director-General of the Kaduna Geographic Information Service (KADGIS), among others.

It is believed that the current political tension generated after the debt comment by the state governor and the suspension of the party’s women leader has put the question mark on El-Rufai’s loyalists in the current administration. Apart from the party women leader who openly spoke her mind on the issue by defending the former governor, others have remained silent, at least publicly, for fear of the unknown, pundits said.

A serving adviser to Governor Sani, who pleaded anonymity while speaking on the situation, said all appointees of the former governor in the current cabinet have a big task ahead of them, which is to prove their loyalty to the governor.

“The issue is about proving their loyalty; they just have to prove their loyalty, just like the son of the former governor (Bello) did openly by declaring his support for Governor Uba Sani,” he said.

Ex-gov’s political ‘foes’ embraced by Gov Sani

According to observers in the state, part of the reasons cited for the strained relationship between the past administration and Governor Sani’s was the embrace of some politicians perceived to be at odds with El-Rufai’s camp, especially those from the northern and southern parts of the state.

Examples of such politicians are Dr. Dan Fulani, a known critic of El-Rufai’s administration from southern Kaduna, who is now among the appointed senior advisers to Governor Sani. A former House of Representatives Member for Kaduna North, Sama’ila Suleiman, also parted ways with El-Rufai, which led to his replacement with El-Rufai’s son during the 2023 elections. Suleiman has since been appointed as an adviser to the governor.

Others like Sadiq Mamman Lagos, the present commissioner for local government and chieftaincy affairs, and even people from the opposition party like former Executive Director of Kaduna Media Corporation (KSMC), Yakubu Lere, and the former governor of the state, Ramalan Yero, who also decamped from his former party, the PDP, to join the ruling party, have also been seen as parts of Governor Sani’s consolidation moves.

Mohammed Ibrahim Zaria, a former Assistant Legal Adviser of the APC in the state, expressed concerns about the timing of Governor Sani’s comments, suggesting that something must have triggered him to speak out after nearly ten months.

Asked if the recent comment by Governor Sani will further affect their relationship with El-Rufai, he said, “Let me tell you the basic truth: their relationship has gone sour since last year, August 2023. It was not out then, but it was brewing; maybe it has now reached the peak to let the cat out of the bag,” he said.

According to him, it was believed that Governor Uba was changing things he met on the ground, which was believed to be contrary to why El-Rufai supported him to become the governor.

Another adviser to Governor Sani, who doesn’t want to be named, attributed the genesis of the problem to the alarming debt profile inherited by the present administration. He noted that attacks from individuals associated with the former governor’s camp, including his son and the state women’s leader, may have further strained their relationship.

He also emphasized their readiness to defend Governor Sani’s administration and highlighted the suspension of the state women’s leader for her disparaging remarks against the governor as an example of what would befall those who stood against the governor.

But a former cabinet member of El-Rufai, who prefers anonymity, described the former governor and Governor Sani as close friends.

The source expressed disappointment at Governor Sani’s decision to air their grievances publicly instead of seeking clarification privately.

“So, I expected that even if there is anything he (Uba) didn’t understand about the state, he can reach out to the former governor for explanation instead of going public on the matter,” the former commissioner said.

On the faith of the appointees in the government, he said, “I’m sure some of them will start thinking about the next move to take, either to leave or remain.”

‘Loyalty should be 100 percent to the current governor’

Meanwhile, a political analyst in the state, Abubakar Ahmed, said the loyalty of any public servant should be with the present government of the day.

“So those appointed by the present governor must show the governor that their loyalty is with him 100 percent, but for those who feel they cannot be loyal to the government because their loyalty remains with the last administration under El’Rufai, the honourable thing to do is just to throw in the towel and move on,” he said.

Abubakar further added that the appointees have nothing to fear because even their former boss, El’Rufai, should understand that appointees of the governor should be 100 percent loyal to the administration; therefore, they shouldn’t expect anything less with the appointees of this government.

Another political analyst, Haruna Ibrahim Nasarawa, who acknowledged the historical political relationship between the two leaders, said the deputy governor in particular will find herself in a difficult situation.

“These people will find themselves in a difficult situation because they have to show the governor where their loyalties lie, or else they will not enjoy their stay in the administration,” he said.

Late DCP Gbolahan Oyedemi

A Deputy Commissioner of Police serving under the Lagos State Police Command, DCP Gbolahan Oyedemi, has been found dead in his private home in Ogbomoso, Oyo State.

DCP Oyedemi served as the Aide de Camp (ADC) to a former governor of Oyo State, Late Christopher Adebayo Alao Akala, in 2006.

The deceased, a native of Ogbomoso, had visited the town for the Easter celebration last weekend from Lagos before the incident.

Credible sources told LEADERSHIP on Tuesday morning that his body was found hanging in the house on Monday, suggesting he probably committed suicide.

“He came with his aides and we heard that he discharged them to go celebrate Easter with their respective families only to hear that he committed suicide yesterday (Monday),” a former aide to late Governor Akala, who had served at the same time with DCP Oyedemi, told our correspondent.

“He was formerly staying with his mother in the same house be built for her around Randa area of Ogbomoso, later he built another house located at Petros Academy Street, Federal Lowcost area and he thereafter moved to the new building. He was unmarried,” another source stated.

As at the time of this report, efforts to speak to the spokespersons of both Lagos and Oyo State Police Commands proved abortive.

The Chief Executive Officer (CEO) of Air Peace Airlines, Mr. Allen Onyema, yesterday, disclosed that the airline was planning to begin flights to New York and Houston by the end of 2024.

Onyema, who was a guest on ‘The Morning Show’ on ARISE News Channel, spoke on the backdrop of the airline’s Lagos- London route launch.

He stated that the company was in the process of purchasing more aircraft for this purpose.

According to him, “Air Peace is ready and prepared to take on more flights. Already, there are seven Air Peace flights going into Gatwick Airport from Nigeria daily.

“Nigeria has a balance of about 14 to do. We are ready, if the government gives us Abuja-London, I will do it, because we are expecting more aircraft into the country purchased by Air Peace. If we get it, we will do it.”

The airline, he added, was planning to hit New York or Houston towards the end of the year, as it was working on bringing in more 777s.

“As I speak to you, my staff are in California, the engineering technical services department, are in California inspecting some three 777s we want to acquire and buy. So, if we could get them in the next two or three months, then of course, we are good to go anywhere,” he added.

Onyema, however, emphasised on some of the challenges faced by his airline in trying to achieve the long-awaited Lagos-London flights.

He said: “You suffer what I call both internal and external conspiracies. It took us seven years. We got the designation I think about six and a half years ago to go into London. Since then, it has been cat-and-mouse game.

“We actually procured our three 777s because of this route, not for any other route. However, we were not allowed to go.

“Whether you like it or not, there is what is called international aero politics which is very dirty. We applied for the TCO. TCO means Technical Country Operators permit, you must get that one before you start going into any European country, UK inclusive. “And the TCO organisation from Europe wrote our Nigerian Civil Aviation Authority (NCAA). Do you know Air Peace? Do you know about their designation? And we were denied. My own country denied us, so they threw it back.”

Onyema, called for the support of the federal government for Nigerian airlines saying, “In our own country, what we are pleading; I like when you said support, the ease of doing business, let them even do that for the indigenous airlines and see us blossom, instead of badmouthing these airlines that pass through all manner of problems.”

Crude oil prices, on Monday, increased to a five-month high.

Brent crude increased by 0.56 percent to $87.54 a barrel while US West Texas Intermediate (WTI) crude rose 0.79 percent, to $83.83 percent, at 20.00 WAT.

Consequently, the development puts both crude benchmarks on track for their highest closes since October 27, 2023.

This is above the $77.96 per barrel the federal government benchmarked as oil price in the 2024 budget.

It is also higher than the $65 per barrel used by the Nigerian National Petroleum Company (NNPC) Limited to calculate the allocated (90,000 barrels) crude in the $3.3 billion crude-for-cash loan agreement with African Export-Import Bank (Afreximbank).

NNPC, in a statement on January 21, had said if “oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower”.

“The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due,” NNPC said.

“This also ensures that NNPC Limited can meet other cash flow obligations, considering the expected future price of crude oil globally.”

NNPC said oil prices are highly unpredictable, meaning prices can fluctuate within any given period.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC), on March 13, said Nigeria’s average daily crude oil production dropped to 1.32 million barrels per day (bpd) in February.

However, OPEC’s secondary sources put Nigeria’s crude production at 1.476 million bpd — a 3.29 percent uptick from the 1.429 million bpd reported by the oil cartel in January this year.

Residents looting a food truck in Ondo [Credit; Platform Times]


Residents of Akure, Ondo state capital, on Monday, engaged in widespread looting of food items and grains conveyed by a truck into the state, Peoples Gazette can report.

The truck was overpowered after it developed a mechanical fault at one of the popular junctions known as the cultural centre along the Ondo express road.

The Gazette learnt that the fully loaded truck was conveying food items in the cartoons branded in President Bola Tinubu’s name.

Several witnesses who confirmed the development said those who attacked the truck and also looted its contents included petty traders, artisans, drivers and commercial motorcyclists.

“How they got to know the content still surprised me. The truck developed a mechanical fault and before we knew it the residents forced it open.

“They began to bring out the items in the pack which are mostly grains like rice and garri branded in President Tinubu’s blue colour, name and logo,” a witness said.

However, remnants of the food items were observed on the roadside in footage circulated on Monday night.

A social commentator, Ibidapo Adelusi, immediately condemned the action of the residents, saying the police should go after the perpetrators.

“We know there’s hunger and hardship in the land but this is a crime against fellow humans. The police should not hesitate to fish out these thieves,” Mr Adelusi said.

The spokesperson for the police in Ondo, Funmilayo Odunlami-Omisanya, could not be immediately reached for comments when contacted by The Gazette.

A message seeking reaction was yet to be delivered as of the time of filing in this report.

Mrs Yuki Gambaryan, wife of one of the Binance executives detained by the Nigerian government, Tigran Gambaryan, has called on the United States' government for intervention on her husband’s continued detention in Nigeria.

Yuki made the call through the US Senator, Cory Booker, and Congresswoman Sara Jacobs, who led a delegation to President Bola Tinubu on Wednesday at the State House.

In a statement made available to journalists, she said, “For more than 30 days, the Nigerian government held my husband without charging him with any crime.

“Then, they charged him with being responsible for the unsubstantiated actions of his employer rather than having negotiations with the company in a manner in line with international norms.

“Simply put, my husband is being held as blackmail. As these members of Congress are travelling across Nigeria, I am calling on them to push the Nigerians to release Tigran and continue their investigation directly with Binance through appropriate channels.”

SaharaReporters had reported that Gambaryan sued the National Security Adviser (NSA), Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC) over the alleged violation of his fundamental rights.

Gambaryan in the originating motion dated and filed on March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

Also, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped from lawful custody on March 22, filed a separate right enforcement suit before Justice Ekwo.

SaharaReporters had also reported that the Office of the NSA had confirmed the escape of one of the detained executives of Binance, Nadeem Anjarwalla from custody.

In February, Gambaryan, a US citizen and the head of financial crime compliance at Binance, and his colleague Nadeem Anjarwalla, who has escaped from custody, were detained by the Nigerian government for financial and other related offences.

The National Bureau of Statistics (NBS) has said that Ekiti, Lagos, and Osun states recorded the highest costs of a healthy diet (CoHD) per adult a day at N1295, N1195, and N1184 respectively.

The National Average, CoHD stated, per adult a day stood at N938 in February, 2024, according to the report.

The NBS revealed this in its CoHD report released on Friday in Abuja, noting that the average CoHD was highest in the South-West at N1157 per adult per day, followed by the South- East region at N1077 per day.

The NBS also said that in February, the lowest average CoHD was recorded in the North-West region at N723 per adult per day, according to the News Agency Of Nigeria.

The bureau said Katsina recorded the lowest CoHD at N673, followed by Sokoto and Zamfara at N714 and N720, respectively.

The bureau said the CoHD was the least expensive combination of locally available items that met globally consistent food-based dietary guidelines.

It said it was used as a measure of physical and economic access to healthy diets.

“This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”

The bureau said that to compute the CoHD indicator, the following data on Retail Food Prices, Food Composition Data, and Healthy Diet Standard were required.

The report added that animal-source foods were the most expensive food group recommendation to meet in February, accounting for 38 per cent of the total CoHD to provide 13 per cent of the total calories.

It noted that fruits and vegetables were the most expensive food groups in terms of price per calorie.

“They accounted for 12 per cent and 14 per cent, respectively, of the total CoHD while providing only seven per cent and five per cent of total calories in the Healthy Diet Basket.

“Legumes, nuts and seeds were the least-expensive food group on average, at six per cent of the total cost.’’

The report also says that in recent months, the CoHD had risen faster than general inflation and food inflation.

“However, the CoHD and the food Consumer Price Index (CPI) are not directly comparable.

“The CoHD includes fewer items and is measured in Naira per day, while the food CPI is a weighted index.

“The food CPI increased approximately by four per cent between January and February, while CoHD increased by nine per cent.’’

The NBS said the policy implications of these results would foster collaboration among a wide range of stakeholders, such as policymakers, researchers and civil society actors that focus on food security.

“These stakeholders will devise strategies that tackle access, availability, and affordability of healthy diet effectively.

“Also future research incorporating income can also be used to determine the proportion and number of the population that are unable to afford a healthy diet,” the report said.

Going by the new capital requirements released by the Central Bank of Nigeria (CBN) for commercial, non-interest and merchant banks on Thursday night, 25 banks operating in Nigeria would need to raise not less than N3.894 trillion in fresh capital to meet up with the new minimum capital base.

This is as the apex bank have been cautioned to watch out for inflows of illicit funds that may be directed towards the capitalisation bid of the banks.

Having mentioned late last year at the Bankers Dinner in Lagos that the apex bank would beworking on a recapitalisation bid for the banking industry to cater to the $1 trillion economy that is being targeted by the President Bola Ahmed Tinubu led government, the Dr Olayemi Cardoso-led CBN made good its word with a steep increase in the required capital base for commercial, non interest and merchant banks in the country.

According to the new requirement, commercial banks with international licenses are required to have a capital base of N500 billion while their national and regional counterparts are required to have capital base of N200 billion and N50 billion respectively.

Similarly, the capital base of national non-interest banks were raised to N20 billion while that of regional non-interest was raised to N10 billion. Merchant banks capital base was also raised to N50 billion.

LEADERSHIP findings showed that while the fate of some banks with holding company structure are not fully clear, nearly all the banks with the exception of the two regional non interest banks met the new capital base. Taj Bank and Lotus Bank both have currently more than the N10 billion that is required for them to continue operation.

In total, the 25 banks surveyed by LEADERSHIP showed a cumulative N2.049 trillion in paid up capital and share premium. This means that the banks would be needing a total of N3.894 trillion to meet up with the new capital base should they decide against mergers, acquisitions and reclassification.

Speaking on the capital base, Head of Financial Institutions at Agusto & Co, Ayokunle Olubunmi noted that whilst the recapitalisation bid will see another interesting couple of years in the banking industry, the CBN has to be cautious in ensuring that the industry is not flooded with illicit funds.

According to him, the apex bank will have to shore up its oversight and regulatory functions to ensure that flow of funds from terrorism, corruption and illicit proceeds are not laundered through the recapitalisation of banks.

“The CBN will have to ensure that proceeds from drugs and terrorism does not come in. Secondly, the CBN also need to ensure that it recapacitate itself such that they have the tools, the capacity to supervise the bank of such sizes. Because one major thing we have realised is that after the recapitalisation exercise, CBN is not able to supervise those banks and those are the things they should watch out for.

“And on the part of the bank, the banks need to be careful because if they are not careful with the merger and acquisition and other events that may come again, they need to be carefully that they don’t have a marriage of strange bedfellows. They need to ensure that the person they bring onboard is someone they have the same vision with, because that can ultimately kill the brand.”

Olubunmi stated that whilst everyone was expecting recapitalisation, “the format which the CBN went about it is not what everybody expected. Everybody was thinking about shareholders fund but they surprised everyone by coming from the angle of paid up capital instead of shareholders fund that was traditionally used. All the banks will be required to actually go to the market and raise capital.

“But the banks have two years, it is not something that if they don’t do it now, they will be in trouble. The other thing is that this is just the beginning and I’m sure that will there will be a lot of engagement. The banks will push back, particularly with the paid up capital, they will push back and may even ask the CBN to add retained earnings to it.

“If the CBN sticks to its decision, the banks will have to bring in institutional investors, and some will either merge or leave the industry. There would also be the option of scaling down to meet the recapitalisation so it is a lot of interesting times ahead

“Another thing is that the CBN wasn’t to use this to galvanize the inflow of dollars. because each of the banks will need the money required for recapitalisation and may have to source for investors outside the country, increasing the inflow of dollars that will help the industry.

On her part, Group head of Global Markets at Parthian Partners, Ronke Akinyemi said the new bank recapitalisation requirements by the CBN is a step in the right direction as it will eventually result in a more robust financial system. Though steep, we believe the time frame given will allow room for the current banks to meet the requirements before the deadline.

“Ultimately, we envision that this new recapitalisation requirement will result in increased foreign direct investments which will in turn help to stabilise the naira, thus we expect to see rounds of capital raises especially with the restrictions of the capital requirement to share capital and share premium. In addition, we envisage that there will be mergers between tier 1&2 banks and also among tier 2 banks to meet this new requirements.”

Speaking on this, the vice president, Highcap securities Limited, Mr. David Adnori said that the new capital base will be judged by the combination of the paid-off capital and share premium.

He noted that a lot of the banks that have large reserves and they will need to capitalise on their reserves, by converting them into paid-off capital, saying that if a lot of the banks do that, a lot of them will massively surpass that figure.

Adnori noted that the emphasis is mainly on banks with international operations and one can see the rationale behind the huge increase for those commercial banks with foreign exposures through their foreign operations because of the depreciation of the naira.

He pointed that a lot of those banks already have a lot of amount in their reserves which become capitalized. But some of them have also opted to go afresh, to raise fresh capital from the capital market, to increase their paid-up capital base.

He added that the fear now is that if a lot of them besiege the capital market to raise capital, then they will be crowding out funds from the real productive sector that has a serious shortage of capital.

“So, one would actually have expected that public policy should be aimed at shifting capital to recapitalise the productive sector, and not again to shift capital from the economy to the banking sector that is already well capitalized,” he said.

The doyen of the Nigerian Exchange Limited, Rasheed Yusuf, said stated that the local bourse can support such a major capital raise, even without the presence of foreign investors.

An economy and capital market analyst, Rotimi Fakayejo said “the market will support it with the deadline of 24 months. At such a time, Foreign Portfolio Investors would have started returning to the market gradually.”

Based on this, under the commercial banks with international authorisation of N500 billion; Access Bank, Fidelity Bank, FCMB, First Bank, Guaranty Trust Bank, Union Bank, United Bank for Africa and Zenith have with a total amount of paid-up capital and share premium to be N251.81 billion, N129.71 billion, N125.29 billion, N251.34 billion, N138.19 billion, N148.09, N115.82 billion, and N270.75 billion, respectively. This shows that the institutions will be raising capital to meet up with the new capital base of N248.19 billion, N370.30 billion, N374.71 billion, N248.66 billion, N361.81 billion, N351.91 billion, N384.19 billion, and N229.25 billion, respectively.

Also, out of the Commercial Banks operating all over the country, EcoBank Nigeria met the new capital base as the Bank’s issued share capital and share premium stood at N353.51 billion exceeding the N200 billion new capital base. The paid-up capital and share premium of CitiBank Nigeria Limited (N14.44 billion), Polaris Bank (N50.43 billion), Stanbic IBTC Bank (N109.26 billion), Standard Chartered Bank Limited (N45.42 billion), Sterling Bank (N57.15 billion), Titan Trust Bank (N29.20 billion), Unity Bank (N16.33 billion), and Wema Bank (N15.13 billion) will be adding a new capital of N185.56 billion, N149.57 billion, N90.74 billion, N154.58 billion, N142.85 billion, N170.80 billion, N183.67 billion, and N184.87 billion respectively

Meanwhile, under the regional non-interest banking with a new capital base of N10 billion, TAJ Bank and Lotus Bank met the requirement by N14.06 billion and N13.03 billion respectively.

Based on the stipulation of the CBN, Access Corporation, the parent company of Access Bank has paid-up capital and share premium of N251.811 billion according to its 2023 full-year result released yesterday hence a shortfall of N248.189 billion.

FBN Holdings, the parent company of FirstBank has paid-up capital and share premium of N251.3 billion, hence a shortfall of N248.66 billion, according to its Q3’23 results. The paid-up capital and share premium of GTHoldco, the parent company of GTBank stands at N138.186 billion as of Q3’23, hence a shortfall of N361.814 billion

UBA has paid-up capital and share premium of N115.815 billion, hence a shortfall of N384.185 billion according to its Q3’23 Zenith Bank has a paid-up capital and share premium of N270.745 billion, hence a shortfall of N229.255 billion.

By Mariam Ileyemi


A Nigerian nurse, identified as Elizabeth Offier, who was suspended over misconduct by the UK Nursing and Midwifery Council (NMC) now risks being struck off from the agency’s register.

A panel of the Fitness to Practice Committee of the NMC had earlier suspended Ms Offier for six months for “impairment of her fitness to practice arising from misconduct”, but this was questioned by the Professional Standards Authority for Health and Social Care (PSA).

PSA filed an appeal in March 2023 because it said the penalty imposed by the panel was not sufficient for the “protection of the public.” It asked the court to quash the decision and substitute a striking-off order.

This was revealed in a 21-page judgement exclusively obtained by PREMIUM TIMES, which Justice Sheldon approved on 26 March 2024 after a hearing held on 6 March at the Royal Court of Justice, London.

Another panel review hearing held on 23 August 2023 which Ms Offier failed to attend decided to impose a further period of suspension for 12 months, with a further review to be held at the end of the new punishment period.

The NMC’s panel found that Ms Offier was dishonest on different occasions with her employers, and she admitted to having breached the order due to financial reasons.


How it happened

Ms Offier was admitted to the NMC register in March 2004, having worked as a nurse in Nigeria for several years. In November 2018, she registered with Pulse Healthcare Limited – a nursing agency and worked through them at two Foundation Trusts.

On 11 April 2019, the registrant worked a night shift at a hospital that was part of South Tees Hospital NHS Foundation Trust. During this shift, it was alleged that she signed a patient’s chart with another nurse’s initials to indicate that both she and her colleague had attended to the patient.

On 22 and 23 April 2019, she also worked the night shift at North Tees and Hartlepool NHS Foundation Trust, where it is alleged that she failed to give three patients intravenous antibiotic medication and failed to give insulin to two other patients.

She is alleged to have signed patient records indicating that she had administered medication when she had not.

Ms Offier failed to attend any of the meetings scheduled by Pulse to discuss whether she had been in “breach of contract”, after which her contract was terminated.

However, on 11 October 2019, Pulse made a referral to NMC and on 27 August 2019, the registrant applied for employment with another agency- First Call Healthcare Agency, and refused to disclose in the application form that she had worked for Pulse or Standby Agency – another agency with whom she had been registered.

She confirmed that the information provided was accurate and completed a Qualified Staff Questionnaire, where she indicated “No” that she had never been the subject of a disciplinary or investigation by an employer, or had been referred to NMC.


NMC conditions

The NMC Investigating Committee imposed some conditions in relation to the administration of medications and imposed an interim condition of practice order on the registrant for 18 months.

The conditions imposed by the committee were that the registrant should ensure that she was supervised by another registered nurse at any time that she was working and that she had to give a copy of these conditions to any agency with whom she was registered to work.

However, Ms Offier did not notify First Call of the conditions and in December 2019, through a routine check of NMC records, First Call discovered that the registrant was subject to conditions imposed by NMC.

On learning of the conditions imposed by the agency, First Call examined its records and realised that the registrant had worked one-night shift on 7 December 2019 as the only nurse in charge at a care home.

In reaction, Ms Offier explained that she had “never intended to hide anything as such conditions of practice are all made public by NMC. I am sorry if it has caused inconvenience”.

Ms Offier was eventually dismissed by First Call and a referral was made to NMC, leading to her being subjected to an interim suspension order by NMC. This continued to be in force until the hearing before the panel.

As of 3 May 2020, Ms Offier reached out to an investigator at NMC stating that she had not intended to breach the terms of the order when she worked a night shift alone.

She explained “I was in such a financial difficulty that I went to do a shift in a nursing home where a senior carer was also on duty. I sincerely apologise for having done this out of financial desperation and I strongly state here that I will never do such a thing again”.

Ms Offier failed to appear and was not represented at a hearing before the panel on 9 March 2023.


Appeal, panel findings

According to the court document highlighting the panel findings and Ms Offier’s work history and “proven” misconduct, NMC, as the first respondent in the case, has conceded the appeal.

While Ms Offier, the second respondent did not appear before the Court, Mr Sheldon noted that she indicated that she was not prepared to consent to being struck off the register and that she made no representations as to why the appeal should be dismissed.

However, the appeal proceeded in the absence of the registrant after the counsel for the PSA, David Hopkins, “indicated that he would seek to put before the court the arguments that the registrant might have put had she attended.”

The NMC’s panel found that Ms Offier had dishonestly failed to disclose information to a future employer about the existence of two previous employers and that she was subject to investigation by that previous employer.

It also found that she had dishonestly failed to disclose information to her employer that conditions had been imposed on her by NMC.

The panel also found that the registrant had worked one shift for the employer in breach of the condition that she should be supervised by a registered nurse.


Court disposal

Mr Sheldon in his comments admitted that the panel “fell into error by finding that none of the six forms of dishonesty that are most likely to call into question whether a nurse should be allowed to remain on the register were met.”

While PSA contends that any sanction less than one of striking off was not sufficient for the protection of the public, it also argued that the panel failed to give adequate reasons that striking off was disproportionate.

“I do not need to reach a final view on this ground, as I have already found that the panel made several errors and so its decision was wrong,” the judge said.

In his conclusion, Mr Sheldon said: “Accordingly, I will allow the appeal but remit the decision so that the question of sanction can be looked at in light of the findings that the panel made, but also the findings that the panel should have made. I shall consider further submissions from the parties as to the appropriate form of the order for remittal and on any other consequential matter.”Exclusive: UK authority suspends Nigerian nurse over dishonesty, may strike name off register.