Governor Siminalayi Fubara of Rivers State said the state government will continue to support the Nigerian Navy to achieve its mandate of fighting criminalities in the waterways, and oil theft.

Governor Fubara said this in a meeting with the Chief of Naval Staff, Emmanuel Ogalla, and other top naval officers at the Government House in Port Harcourt, the state capital, on Thursday.

This is contained in a statement sent to PREMIUM TIMES by Nelson Chukwudi, the chief press secretary to Governor Fubara.

The governor told the visiting delegation that the country was facing myriads of challenges, including insecurity and criminal activities that threaten the national economy, which should not be overlooked.

“The success of the Nigerian Navy in our State, in the areas of oil theft, is because the State Government has given you all the necessary support.

“We have also maintained good relationships with the communities to make sure that whatever it is that is required for these operations to be successful were granted. I am happy to be associated with these very laudable achievements.”

“So, I have to say that I am happy that the Chief of Naval Staff, today, is commending the success of the exercise. He is commending the doggedness of the men in fighting oil theft, not just in the Niger Delta, but particularly in our State.

“I want to assure you that we will continue to give them the support, and discourage any act that would be a sabotage to the economy of our State,” Mr Fubara said.


Arrest of 14 crude oil vessel

In his remarks during the meeting, the Chief of Naval Staff, Mr Ogalla, acknowledged the support of the Rivers State Government and informed Governor Fubara of the achievements recorded by the Nigerian Navy in the area.

Mr Ogalla thanked the state government for donating two model schools in the state for the Navy for training of personnel. He also told Mr Fubara that a set of former civilians will be graduating on Saturday at the Navy Basic Training School in Onne.

Speaking further, Mr Ogalla said the Navy is relocating its training command headquarters to the state.

Reeling out its achievements in the state, the chief of naval staff said over 14 vessels carrying crude oil have been arrested in the state in four months.

“We are happy to report, today, that the erstwhile location of Headquarters of Naval Training Command, Lagos, is moving to that particular school location in Eleme, tomorrow.

“Over 14 large crude carrying vessels have been arrested within that period. Most of them are at various levels of investigation. We have also arrested several barges and other companies and organisations that are involved in oil theft.”

The Nigerian National Petroleum Company Limited (NNPC) yesterday signed a contract with African Refinery Port Harcourt Limited (ARPHL) to build a 100,000bpd refinery within the Port Harcourt Refinery and Petrochemical Complex in Rivers state. The national oil company disclosed the deal on its social media handle, indicating that the Executive Director, Downstream of the NNPC, Dapo Segun signed on its behalf. On its website, ARPHL described itself as the special purpose vehicle incorporated for the specific purpose of co-locating the 100,000bpd crude oil refinery in Nigeria.

It stated that in line with the strategic plan of the Ministry of Petroleum Resources, the NNPC in 2016 advertised a Request for Proposal (RFP) , seeking bids for private investors to transfer brownfield crude oil refineries to the existing refinery sites in Kaduna, Port Harcourt and Warri. According to the firm, this was aimed at increasing Nigeria’s national refining capacity in the shortest possible time frame. ARPHL said it submitted a comprehensive proposal and solution to NNPC by the deadline and applied for the Port Harcourt collocation opportunity along with 11 other investors.

It stated that by virtue of having the “most complete package”, it was declared the winning bidder for the Port Harcourt co-location project. However, the value of the contract was not stated.“Under the aforementioned MoU, we entered into an agreement with NNPC, whereby ARPHL will own and operate the 100,000 bpd refinery on 46 hectares of vacant land adjacent the PHRC ’s refinery complex, where we will benefit from direct crude supply from NNPC and access to other shared services, e.g. security, electricity, water, storage, jetty,” it added.

However, a source told THISDAY that it did not make sense that the Port Harcourt refinery, which had been under rehabilitation for years had yet to begin operation and another deal was being signed to build an additional one.Recall that part of the $1.5 billion facility to repair the Port Harcourt plant was taken from Afreximbank at the time, a debt which the NNPC is supposed to be servicing.In December last year, the company announced the ‘mechanical completion’ of phase 1 of the 210,000bpd Port Harcourt refinery. Since then, it has not started refining crude oil.

“NNPC Ltd.’s move to boost local refining capacity witnessed a boost today with the signing of share subscription agreement between NNPC Limited and African Refinery Port Harcourt Limited for the co-location of a 100,000bpd capacity refinery within the PHRC complex.“The signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Aviation Turbine Kerosene (ATK), Liquefied Petroleum Gas (LPG), and other petroleum products to the local and international markets and provide employment opportunities for Nigerians,” the NNPC said in the announcement.

Meanwhile, several filling stations remained shut in Abuja and its environs yesterday as the petrol supply crisis which began a few days ago, worsened.Aside Abuja, Nasarawa, Niger, other states close to the federal capital were impacted by the supply challenge, leaving commuters stranded.Motorists besieged the few filling stations, including NNPC, resulting in long queues on Obasanjo Way, Zone 1, Conoil as well as Total filling stations opposite the NNPC headquarters in Abuja.

It was the same story at in Zuba, Niger State at AYM Shafa, NNPC outlet on Arab Road, Kubwa, Nyanya, Nasarawa State, among others. The situation was the same at stations owned by AA Rano, Mobil, NIPCO and Ardova Plc.While the few open filling stations were selling for as high as N680 per litre and N700, at the roadside black market, the product sold for up to N1,000 per litre.But in a reaction, the NNPC stated that the problem arose from logistics issues, assuring that it had been resolved.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that the tightness in the supply of PMS currently being experienced in some areas across the country is as a result of logistics issues and that they have been resolved.“It also wishes to reiterate that the prices of petroleum products are not changing. It urges Nigerians to avoid panic buying as there is a sufficiency of products in the country,” Chief Corporate Communications Officer, Olufemi Soneye, said in a statement.

Nigeria’s external reserves shed $2.16 billion in the past month, falling to a seven-year low of $32.29 billion on April 15, 2024, from $34.45 billion on March 18, 2024, according to CBN data.

A recent Bloomberg report suggested that Nigeria is burning through its foreign exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the CBN, that’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg.


How naira has performed since January

At the beginning of the year, the naira went down to about N1,900 to a dollar. However, the naira has been gaining strength lately and has gone up to about N1,100 to a dollar.

The central bank said last month that it had cleared a backlog of overdue dollar purchase agreements estimated at $7 billion since the beginning of the year.

Nigeria still has a sizable cushion of foreign exchange reserves, buoyed by a rally in oil prices and inflows from multi-lateral loans. Gross reserves of around $32.6 billion cover about six months’ worth of imports, according to the International Monetary Fund.


What the FMDQ data revealed

Data from the FMDQ Securities Exchange, which tracks trading activity at the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the central bank has only sold $581 million in the official market.

That leaves the CBN’s sales accounting for only 3.2 per cent of the total market turnover of $17.9 billion in the same period.

The data also showed that the CBN bought dollars from the banks on two occasions within the period. One was a $50 million transaction on March 28 and the other $30 million on March 27, bringing it to a total of $80 million.

When the apex bank’s $80 million sales to Bureau de Change operators this year (since lifting a three-year-old ban) is factored in alongside the $581 million sold at the official market, the total CBN interventions come to $661 million.

In comparison, Nigeria’s external reserves shed $2.16 billion in the past month. That figure is, however, more than double the combined interventions of the CBN in the market

The data from NAFEM shows the reserve drop did not flow into FX sales.

According to data from the CBN, out of the $6.11 billion in total outflows made during this period, $3.07 billion was spent on servicing external debt.


Cardoso explains depletion

Speaking on the sideline of the just concluded Spring meeting of the International Monetary Fund/World Bank in Washington DC, CBN Governor Olayemi Cardoso said the depleting external reserve is mostly due to factors such as debt repayments, other obligations and also due to the ordinary course of business.

He said: ‘What is important to us is that there is sufficient liquidity in the market. $1 billion is out now, sometimes it is $600, $700 million as the case may be, and that will continue.

“What you see with respect to the shifts in our reserves, is a shift that you will find in any country’s reserves situation, where for example, debts are due and certain payments need to be made: they are made because that is also part of keeping your credibility intact.”

Siminalayi Fubara, governor of Rivers, has redeployed two commissioners in his cabinet in a major shake-up since he took the mantle of leadership of the state.

Tammy Danagogo, secretary to the state government (SSG), announced the development in a statement issued on Tuesday.

Fubara redeployed Zacchaeus Adangor, attorney-general and commissioner for justice, to the ministry of special duties.

The governor also deployed Isaac Kamalu, commissioner for finance, to the ministry of employment generation and economic empowerment.

Danagogo said the commissioners are to hand over to the permanent secretaries in their outgoing ministries, adding that deployment is with immediate effect.

Both commissioners are loyalists of Nyesom Wike, the immediate former governor of Rivers and incumbent minister of the federal capital territory (FCT).

Last year, the commissioners resigned from their positions following the political feud between Wike and Fubara.

They were later reinstated after Wike and Fubara signed a peace accord facilitated by President Bola Tinubu.

Wike and Fubara are locked in a struggle for control of Rivers’ political structure.

The political crisis led to the defection of 27 state house of assembly members, who are loyal to Wike, from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

The lawmakers have been threatening the govenor with impeachment.

The lawmakers have vetoed the governor in at least three bills after he refused his assent.

The Lagos State government on Tuesday hinted that it has commenced moves to introduce about 2, 000 Compressed Natural Gas, CNG, buses into the state before the end of 2024.

Commissioner for Transportation, Mr Oluwaseun Osiyemi disclosed this at the commencement of the 2024 ministerial briefing on the activities of the ministry in the administration of Governor Bababjide Sanwo-Olu, held at Alausa, Ikeja, Lagos.

Osiyemi also said the state government is set to launch about 231 electric vehicles by the end of June, 2024.

According to Osiyemi, the state government is already engaging a private company on the acquisition of the CNG buses which will be distributed in two phases of 1,000, scheduled to be introduced by the end of 2024.

He explained that measure was part of efforts to alleviate the effects of fuel subsidy removal by the Federal Government on the residents.

“We are also looking at introducing about 231 electric vehicles on our road to complement the existing fleet of vehicles, using diesel and petrol,” Osiyemi stated.

The Commissioner added that the initiative was targeted at delivering cheaper, safer and more climate-friendly energy to residents and Nigerians in general.

Emmanuel Addeh in Abuja


S&P Global Commodity Insights has projected that when the 650,000 Dangote refinery finally ramps up refining activities, it could massively reduce West Africa’s reliance on import of petrol from Europe by as much as 290,000 bpd, thereby becoming a dominant supplier in the sub-region.S&P analysts, who spoke during a panel discussion themed: “Exploring West Africa’s Oil Product Flows in a Changing Refining Landscape”, agreed that although delayed, the $19 billion facility in Lagos will before 2026, significantly change the fuels supply landscape in West Africa.

The panel featured Joel Hanley, Matthew Tracey-Cook, Kelly Norways and Elza Turner, all analysts and contributors at S&P Global.Also, S&P said that Nigeria has recently cut the maximum sulphur content for gas oil imports from 3,000 parts per million to below 500ppm, thereby significantly stifling import of the product from Europe to Nigeria.

“Once Nigeria sees Dangote reach a steady state capacity, that could mean some 327,000 barrels per day gasoline (petrol) supply and 244,000 barrels per day of diesel or gas oil. In practice, how that splits between the domestic market and the export market remains to be seen.

“There’s a significant amount of pressure from the Nigerian government for significant volumes of that supply to flow to the domestic market to try and solve this cost of living crisis and prevent significant pay-outs that need to be made onto importing those large volumes.“ But in reality, when we see that start to scale up is still subject to debate. Dangote have been espousing some pretty punchy timelines.

“They’ve most recently been saying that they’re looking to produce gasoline by May latest, but in reality, our analysts expect that that would be something like the fourth quarter of this year and in a more realistic timeline.

“Once we see the refinery ramp up, that could mean that West African gasoline imports or the import reliance that they have at the moment could drop by as much as 290,000 barrels per day between 2023 and 2026. So really, this could become quite a dominant supplier in the West African market, subject to when we start to see those barrels hit the market in Nigeria and the local region,” said Norways, Downstream Sector Oil analyst at S&P.S&P described the ongoing level of downstream activities in the downstream as a ‘flux’, stressing that the Dangote refinery may also reduce the amount of cargo that often sit off the coast of West Africa.

“ If you’ve ever been to Lagos, you see these enormous queues of refined products tankers waiting there. Now, one thing that I think people thought might relieve some of the pressure and, as I said, redress the imbalance somewhat would be the Dangote refinery
“And it’s finally got going, not fully up to speed perhaps, but we started to see a cargo coming out, which is exciting,” stated Hanley, a Director at S&P.Hanley stated that while the ramp-up is important, it was also important for the firm to look at ‘where the money is.’

“ As you said, there’s pressure from the Nigerian government because, of course, they would like this much-vaunted, long-awaited, Waiting for Godot kind of refinery to supply the local market and take some of the pressure off.“But if the international markets are prepared to pay up for that product, then it’s going to be tricky. It’s a very tricky balance to decide where that flow will go,” Hanley added.

With the upcoming Port Harcourt and the Warri refineries, about four major refineries in South Africa, the new refinery in Ghana and Angola’s ongoing three plants, Turner, a Contributor at S&P, stated that the sub-region was undergoing quite a massive change in the refinery landscape. “They (Angola) ‘re building three new refineries. There are all sorts of other projects in Africa. Over the years, there have been indications of Russian companies interested in building some of these refineries. There has been hardly any update in the recent years about those.“

But we have a lot of upgrade programmes in Africa, and quite a few refineries are involved in building new secondary units,” Turner said.Another analyst at the firm, Tracey-Cook, noted that: “Russia has completely cut off exports to West Africa, which saw some other regions that we haven’t previously seen exporting take some space in the total export pool”.“So the Mediterranean, specifically Spain, has been taking a larger role in Europe, exporting gasoline into Nigeria in particular,” Tracey-Cook said.The much-awaited Dangote refinery last week announced a price reduction of diesel to N1,000 per litre from N1,200 previously and has refuted insinuations that the slash in price was attributable to the high sulphur content of its products.

A leading and founding member of the All Progressives Congress (APC) and coordinator of the Tinubu/Shettima 2023 Presidential Campaign in Zamfara State, Senator Kabiru Marafa, has countered the Minister of State for Defence, Mr Bello Matawalle, stating that Northern elders are neither a burden nor paperweights whatsoever.

Matawalle had, in a statement with the title, ‘Tinubu Presidency: Northern Elders Forum, a political burden to the North, said they do not speak for the region, and described the Northern Elders as ‘paperweights and a burden’.

In a statement, he issued on Sunday, Marafa said rather than negatively portraying the Northern elders, Matawalle should have listed the achievements, programmes and policies, projects of President Bola Ahmed Tinubu in the North and the country as a whole in the first 10 months of the administration.

He said calling the elders of the region, which has and gave the highest number of votes to ensure victory for the Tinubu presidency, was counterproductive and a great disservice to the president, who is working tirelessly towards addressing the numerous challenges facing all segments and sectors of the country, among them terrorism, insurgency, economic and financial malfeasance and infrastructural decay, to list a few.

At the moment, Marafa insists that what President Tinubu needs from his appointees is support, loyalty and hard work to actualise the Renewed Hope Agenda conceived to return the country to the path of progress and prosperity, not sycophancy and unguarded statements.

Marafa, who represented Zamfara Central Senatorial District (2011 -2019), called on the minister to withdraw the offensive statement and tender, without delay, an unreserved apology to the Northern elders and Northerners in general.

“In the last one week, I have been inundated with calls from well-meaning and prominent stakeholders in our region and party, the APC, who know my relationship with the President.

“They are worried and disturbed that the unfortunate statement by the Minister of State for Defence, if not addressed, could affect the president’s electoral fortunes in our region because it will be seen as if the minister spoke the mind of the president or the Presidency.

“The crux of the matter is that; whether you like them or not these people are called Northern Elders, so, unless they are stripped of that title by the people of the region, insulting them is tantamount to insulting the entire people of the region.

“It’s not in our culture and upbringing to insult elders. No descent society will refer to its elders as a burden and paperweights. The North is not an exception.

” As one of the senators who worked very closely with Asiwaju as party leader (as he was then called) from the formation of APC through the primaries that led to the emergence of General Muhammadu Buhari as APC presidential candidate in Lagos, the politics of the National Assembly leadership in 2015 and 2019 and the processes and intrigues that characterised the 2023 Presidential Primaries, I can say without mincing words that President Tinubu holds the North, the Northerners, and their leaders in high esteem.

“Although, I’m not the mouthpiece of either the president or the Presidency, as a Northerner and an elder in the region, as an APC stakeholder and one that has worked closely with both the president and the Vice President, I want to state categorically that this view expressed by Mr Matawalle is his personal opinion and not in any way that of Mr President or the Presidency, and should, therefore, be disregarded.

“I know for sure that the North, Northerners and the Northern elders are neither a burden nor a paperweight in the scheme of things in the region and the country as a whole. The president shares this view, and therefore he is with me on this,” Senator Marafa concluded.

There are strong indications that the sudden resignation of former Managing Director and CEO of First Bank, Dr Adesola Adeduntan was triggered by directives from the Central Bank of Nigeria (CBN).

LEADERSHIP gathered that news of his resignation broke in Nigeria while Adeduntan was still attending the World Bank/IMF Spring Meetings in Washington DC.

The former CEO suddenly notified the board of his intention to leave with effect from April 20, eight full months to the expiration of the third term of three years which he won as a reprieve by former CBN governor Godwin Emefiele.

Announcing his retirement, the MD said: “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.

“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution.”

Messages sent to the Bank were not replied as at the time of writing this report.
According to one inside source, “there are several moving parts in the unfolding drama.
There is the matter of an unresolved issue flagged by the regulator years ago and how this has not been fully resolved to the satisfaction of the apex bank and there is also the issue of mismanagement of relationships and added to this is the question of ego.”

One source said following the questions raised by the central bank, the initial target had been the entire board of the bank itself and there is a suggestion the apex bank dialled back once it realised that the current board of the bank was appointed by the CBN itself.

Recall that FBN Holdings Plc also cancelled its Extraordinary General Meeting (EGM) scheduled for April 30th, 2024 to get shareholders’ approval on the raising of N300 billion capital.

Before this sudden resignation there had been expectation that Adeduntan would take up the position of managing director at the HoldCo level but it is unclear if this plan was abandoned because the regulator withheld its approval of the request from the bank. There is what is called a two-year “cooling off period” imposed by the regulator between directorship tenures in banks in Nigeria and this may have counted against the plot for Adeduntan to move up.

On April 28, 2021 former directors at a board meeting of the bank had voted for Adeduntan to be retired as his second term was to expire but he regained his position after the board was sacked by CBN Governor Emefiele.

It is unclear why the bank CEO is leaving now but First Bank has had a policy by which Managing Directors of the bank were allowed only two terms of three years each. Adeduntan would have been the first CEO to last three full terms on the job.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said in his letter resigning.

According to the letter, “during this period the Bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. “I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016. Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO). Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC). Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

The Central Bank of Nigeria (CBN) appeared to have finally subdued arguably one of the most grueling and the multi-faceted attacks on the Naira in recent times.

This is just as data compiled by THISDAY on the daily turnover on the official Nigerian Autonomous Foreign Exchange (NAFEM) between January 18 and April 18, 2024, revealed the market has recorded total turnover of $12.66 billion over three months.

The trend in the daily turnover data showed fluctuations in value, with some days recording relatively low turnovers and others recording higher amount.

But findings showed that in February, there was a significant increase in turnover, with some days experiencing exceptionally high turnovers, particularly towards the end of the month.

Following a bouquet of reforms launched by the apex bank to sanitise the foreign exchange (FX) market at the inception of President Bola Tinubu’s administration, the local currency had received direct hits from attackers who were mostly currency speculators.

The official exchange rate of the Naira to a dollar stood at about N465.07/$ at the time Tinubu took over the helm of affairs in June last year, promising to achieve a unified exchange rate in contrast to the multiple exchange system, which he had inherited.

The president, who had blamed the country’s economic woes and currency challenges on faulty policies of the central bank, immediately approved new measures aimed at stabilising the FX segment.

One of the major reforms introduced by the apex bank was the floating of the Naira, which immediately opened up a floodgate of vulnerabilities against the local currency.

Before the eventual liberalisation of the FX market, the past leadership of the central bank had been under severe pressure to float the local currency and allow it to find its real value. But the central bank, rather chose to adopt a managed-float regime, intervening in the market whenever the situation demanded.

The reluctance of the apex bank to float the currency was largely because the country remained heavily import -reliant and given that the move would create a likely liquidity crisis.

However, following the liberalisation of the exchange rate market, where forces of demand and supply determined the value of the currency, and amid series of devaluations, the Naira shed significant value.

As of June 21, 2023, the local currency had lost 38.7 per cent to trade at N763/$ on the official window– at par with the parallel market rate.

Among other things, the resulting confidence crisis as a result of a backlog of unsettled FX liabilities amid the expected liquidity challenges also limited the local currency’s chances of survival.

As of February this year, the Naira depreciated to about N1,800 to the dollar on the parallel FX market as its woes continued, amid a high inflationary environment and attendant impact on prices of goods and services.

At some point, analysts had called for the reverse of monetary policies to address the economic hardship resulting from the policy choices.

However, the CBN apparently achieved a breakthrough when it started to clear genuine FX backlogs, initially estimated at about N7 billion but reduced to about $4.5 billion as over $2 billion requests turned out to be fraudulent. It also commenced the sale of the greenback to Bureau De Change operators who hitherto were banned as well as lifted ban on 43 items that were prohibited from accessing FX from the official market.

The settlement of the outstanding FX indebtedness boosted confidence of local and international investors, particularly portfolio investors who had since injected significant liquidity in the market to help strengthen the ailing Naira.

The local currency has since returned to winning ways and currently trade at about N1,100/$, with the Naira’s positive performance expected to have salutary effects on the economy.

Only recently, Goldman Sachs, in a report, predicted Nigeria to rank as the world’s 5th largest economy by 2075. The report had also projected the country to emerge as world’s 15th largest economy by 2050.

The top global investment banker had further predicted the country’s GDP to reach $13.1 trillion by 2075, further solidifying its position as Africa’s largest economy.

The projection puts Nigeria ahead of Pakistan at 6th position, Egypt (7th), Brazil (8th), Germany (9th), UK (10th) Mexico (11th), Japan (12th), Russia (13th), Philippines (14th), and France (15th).

Analysts believed the feat was achieved through liquidity boosts and the aggressive monetary tightening regime implemented by the CBN Governor, Mr. Olayemi Cardoso, who have raised the Monetary Policy rate (MPR) by 600 basis points since assumption of office in a bid to achieve price stability.

The Naira’s major comeback has continued to attract accolades from analysts who have hailed the recent monetary policy direction of the apex bank.

But they have also expressed concerns that the present gains may become unsustainable in the long-run without a commensurate policy action by the fiscal authority.

Analysts who spoke with THISDAY emphasised the critical need to boost oil output, which has been dwindling, and underscored the significance of diversifying the economy and stimulating non-oil exports to enhance foreign exchange earnings.

They also hoped that the recent interest rate hike and current banking industry recapitalisation drive could further attract foreign exchange inflows.

Group Chief Executive Officer, Cowry Asset Management, Johnson Chukwu, emphasised the need to improve oil production to sustain the Naira’s current gains.

He told THISDAY that, “It is going to be tough one to sustain the current gains we have in Naira without improving oil production. The gains we have in Naira are driven by withdrawals from the central bank and DMO who have collectively withdrawn about N12.7 trillion and in addition, you have foreign portfolio investors who are enjoying the benefits coming in at low exchange rates and high interest rates.

“So, these are not sustainable measures. What is sustainable that will make the naira remain strong or improve further will be if we have improved our operating cash flow or operating foreign currency cash flow. And current cashflow for Nigeria for now remains oil production.”

He said, “We have witnessed a consistent decline in oil production in the past three months from a high of 1.64 million barrels per day in January to about 1.4 million barrels in march.

“The assured route to having stability in the naira will be to have significant improvement in oil production otherwise it would be difficult to sustain.”

On his part, the Head of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi, also harped on the need to diversify the economy, and bolster foreign exchange (FX) earnings.

He said, “The moves now for the CBN to handle the gains in the exchange rate. We have seen them raising the rates, settling the outstanding obligation actively engaging the international investment community to improve their confidence in Nigeria.

“All those are good, But the truth is that if we are going to maintain this appreciation, in summary, what we need to do is to increase our FX earnings and a bulk has to do on the fiscal side.

“What we have seen thus far that has helped us is actually foreign portfolio investments, and those are short-term funds, the next year they may take their funds out.

“So, things that can promote export, improve our non-oil exports because oil sentiment is going down and in the long-term, non-oil export would be critical while also looking at our oil export because that is the low hanging fruit.”

Olubunmi said, “As a country, we have a lot of non-oil exports that we can export out. Also, trying to reduce the bureaucracy and the challenge of exporting goods would help. Also, there should be reforms at the ports to enhance exports.

“Also, there is a need to increase the consumer purchasing power of Nigeria because when the economy is booming, that is when you’ll see those foreign direct investors start coming into the country.

He said the planned bank recapitalisation exercise would attract foreign investors and further support the Naira’s appreciation.

According to him, “The amounts that the banks need to recapitalise. The expectation is that a lot of them will also reach out to foreign investors. And with GT bank saying the amount that it wants to raise is denominated in dollars. So now we also, in the medium term, support the naira appreciation because more funds would come in based on the recapitalisation process.”

On his part, Head, Global Markets, Parthian Partners, Ronke Akinyemi, acknowledged the positive impact of recent monetary policies on the Naira.

She also emphasised the importance of encouraging exports, and managing imports effectively, as well as enhancing trade balance to ensure long-term currency stability.

She said, “The recent strengthening of the Naira is a positive development, although the anticipated reduction in prices has been slower than expected. The Central Bank of Nigeria (CBN) has played a vital role in managing the Naira’s value through foreign reserve management, interest rate adjustments, and various policy reforms.

“To further bolster the Naira, it is imperative to encourage exports, manage imports effectively, and enhance our trade balance. This will contribute to currency stability in the long term.

“Additionally, ensuring stability and instilling confidence in the financial market can be achieved through strengthening regulatory frameworks and enhancing transparency. The recent announcement of bank recapitalisation by the CBN, scheduled for 2026, is a step in the right direction.

“Another essential aspect is improving government spending efficiency and refining taxation policies, which will help sustain the Naira’s strength.”

All Progressives Congress (APC) stakeholders have stressed the need for the party to give the governorship ticket to former governor of the state, Mr. Akinwunmi Ambode, saying he has the midas touch to transform the state.

Speaking on behalf of the stakeholders in Lagos, a stalwart of the APC, Oluwaseyi Bamigbade, said Ambode’s four-year tenure in the state witnessed massive development in infrastructure.

This came on the heels of Muslims in Lagos State yearning for one of their own as governor in 2027 as disclosed by an Islamic human rights organization, the Muslim Rights Concern (MURIC).

He said many groups are on a daily basis yearning for the return of Ambode in 2027 to continue his midas touch in Lagos development agenda, saying they believe he should be given the opportunity to have a second shot in the Government House as the constitution permits.

Bamigbede said, ‘’Within four years in office, he remodelled Lagos, making it an investment destination for big businesses from within and outside the country. He massively touched the lives of millions of Lagosians in every sphere such that it would appear as if he had been in office for a far longer period.

‘’He caused a paradigm shift, taking the government from the urban centre to the suburbs and opening up their narrow roads, giving them modern streets with lights that also link the arterial highways. It’s been a seamless arrangement that has prevented traffic glut on the expressways.

‘’Ambode’s health and education initiatives equally penetrated across suburbs in Lagos, giving opportunities to the son of a nobody to have access to free and decent education that would prepare them for the future. Understanding the place of science in the current educational system, during his tenure in office, Ambode established templates suggesting a progressive look into the future where science and tech will lead.’’

He added that the Ambode administration established the Lagos State Neighborhood Safety Agency saddled with the responsibility of collaborating with the Federal Police and other security outfits to ensure a safe Lagos State.

‘’The Lagos State Neighborhood Safety Corps is a model for community policing and other state governments are now replicating it in view of the prevalent security challenges,’’ he said.

A former Chief of Defence Staff, General Theophilus Y. Danjuma, (rtd), says that Nigeria’s security challenges have made the country become a laughing stock and a disgrace to the world.

General Danjuma, while speaking at the annual Nwonyo Fishing and Cultural Festival in Ibbi Local Government Area of Taraba State on Friday, advised that urgent steps must be taken to address the security challenges facing the country.

“Nigerian authority must take urgent measures to redeem the battered image of the country by addressing the security challenges confronting the nation,” he said.

The retired General maintained that no person, especially foreigners, would be willing to come to the country to invest or visit tourist sites when their security was not guaranteed.

“No person or group of persons will want to come to our state or country if we continue to kill and butcher ourselves,” he noted.

The retired general further lamented the security challenges across Nigeria, adding that the ugly situation required immediate attention of the government.

He urged that all hands must be on deck in order to put “the right pegs in the right holes.”

He said, “Those in position of authority must work hard to make the country safe for all Nigerians including foreigners before we could attract more and more investors into the country

“If we continue to make our roads unsafe for people to move around, our dreams of making Nwonyo fishing and cultural festival an international festival, can not be achieved.

“It is sad that Nigeria as a nation has become a laughing stock following the security challenges.

“As the country is currently, we are a disgrace to the whole world and therefore we must redeem our image and put our house in order because right now we have become a laughing stock to the whole world.” he said.

Speaking at the event, the Governor of Adamawa State, Ahmadu Fintiri, pledged that his administration would work round the clock to foster mutual cooperation between his state and Taraba State Government.

Two Commissioners in the present administration in Ebonyi State, were said to have publicly fought each other in a public gathering at Ezza North Local Government Area of Ebonyi State.

The two Commissioners who are said to be stakeholders in their various communities had a field day as they reportedly exchanged blows, not minding those that were watching them.

Speaking with newsmen, an eye witnessed said: “Nobody told me anything about it. I saw everything myself. I don’t know the cause of their fight but they fought and this is the 5th fight between them.

“As a leader of thought in my place, this is embarrassing to me, our people and the people of Ebonyi State. It happened during the defection of some people into APC at Ezza North. “It was a very big fight and it was not hidden.”

The Attorney General of the Federation, AGF, and Minister of Justice, Lateef Fagbemi, has faulted Governor Usman Ododo of Kogi State for obstructing the arrest of his predecessor, Yahaya Bello, by operatives of the Economic and Financial Crimes Commission, EFCC.

Fagbemi said it’s “insufferably disquieting” for Ododo to obstruct EFCC from arresting Bello.

On Wednesday, operatives of EFCC had stormed Bello’s residence in Abuja in an attempt to arrest him over an ongoing fraud investigation.

But Bello was reportedly smuggled out of his residence by Ododo to evade arrest by the anti-graft agency.

Reacting, Fagbemi said EFCC should not be obstructed from carrying out its lawful duties.

In a statement he personally signed, the AGF said: “A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting.

“A flight from the law does not resolve issues at stake but only exacerbates it.

“I state unequivocally that I stand for the rule of law and will promptly call EFCC and indeed any other agency to order when there is indication of any transgression of the fundamental rights of any Nigerian by any of the agencies but I also tenaciously hold the view that institutions of State should be allowed to function effectively and efficiently.”

The Federal Government through its Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited have stated that the various claims by different individuals and groups on the alleged return of subsidy on Premium Motor Spirit, popularly called petrol, were wrong.

The government also challenged those who make this argument to provide evidence to justify their allegations, stressing that since President Bola Tinubu had declared the end of subsidy on petrol, the situation remains so.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stressed that fuel subsidy was a sensitive issue, but noted that the government had made its position known on the matter.

When contacted for the reaction of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the matter, his media aide, Nneamaka Okafor, provided a video clip where her boss reacted to the claims of the former Kaduna governor and marketers.

In the clip, Lokpobiri insisted that petrol subsidy had ceased to exist, and urged those who alleged that the government was still subsidising the commodity to provide evidence and facts.

The minister said, “I don’t want to delve into that issue. It is a very sensitive issue. It is better we get all the facts. As far as I’m concerned, the President removed the subsidy and it remains removed till today. Anybody who is saying that subsidy is being paid, it is left for the person to bring the facts and then we will talk about them.”

Asked whether the price being paid for petrol currently is determined by market forces, the minister replied, “It may not be determined by market forces but let us deal with the price as it is today.

“Every government has a duty to do certain things, not only in the petroleum sector but in several other sectors, to be able to cushion the effect and burden on Nigerians.”

The NNPC also said it was recovering its full cost on the petroleum products that it imports into Nigeria, and insisted that there was nothing like petrol subsidy any more. NNPC is the sole importer of petrol into Nigeria currently.

Their comments came as oil marketers backed the claim by the immediate past Governor of Kaduna State, Nasir El-Rufai, that the Federal Government had resumed the payment of subsidy on Premium Motor Spirit also called petrol.

Oil dealers also pointed out that the current cost of PMS at filling stations should be around N900/litre if there were no subsidy on the commodity.

This price, according to them, is because of the recent appreciation of the naira against the United States dollar.

The pump price of petrol is currently between N600 and N700/litre depending on the area of purchase.

El-Rufai had told journalists in Maiduguri on Monday that many citizens were not aware that the government had reintroduced the PMS subsidy.

“The Federal Government is now subsidising fuel; many people don’t know this. It is the right policy. I have always supported the withdrawal of oil subsidies; but in the course of implementing the policy, the government realised that subsidy has to be back; right now, the government is paying a lot of money for subsidy, even more than before.

“You start implementing a policy because you are sure it is the right policy, but in the course of implementation, you come across bottlenecks, and you modify.

“The keyword in leadership, in my view, is pragmatism. You should be pragmatic. So when you make a policy, you start implementing it, and it doesn’t seem to work well. You should have the humility to stand back and say this is not working, and you modify it,” the former governor stated.


Marketers back El-Rufai

Reacting to this on Wednesday, oil dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, stated that what the former governor said was not far from the truth.

They argued that the subsidy on petrol kept rising as the exchange rate of the United States dollar increased, stressing that the government spent more on the PMS subsidy at the time the dollar exchanged for about N1,500.

The marketers, however, noted that since the local currency started appreciating against the dollar, the subsidy on PMS had been on the decline.

This, according to them, is because the dollar remains the major component that influences the cost of petrol, as Nigeria imports the commodity through NNPC Ltd.

The Public Relations Officer, IPMAN, Chief Ukadike Chinedu, told our correspondent that petrol prices at the pumps should be around N900/litre.

“I’ve said before that the PMS subsidy had been returned, and the government said it was a lie. I said before that the government is subsidising PMS and it is on till this moment. I said before that what the government was doing was quasi-subsidy and that has not changed,” Ukadike stated.

When asked what would have been the landing cost of petrol at the depots and tank farms if there was no subsidy on the commodity, he replied, “Going by the steady appreciation of the naira against the dollar lately, the amount being spent as subsidy on petrol should be on the decline.

“Since the dollar is currently around N1,000, then PMS landing cost should be around N800/litre, while the cost at the pumps should be nearing N900/litre.”


No subsidy, NNPC insists

But the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, insisted that the national oil firm had stopped subsidising petrol.

“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, the petrol subsidy has not been reinstated,” he stated.

Before the recent claims on the return of petrol subsidy by the Federal Government, the Group Chief Executive Officer, NNPC, Mele Kyari, had told state house correspondents after an audience with the President at the Aso Rock Villa a few months ago that fuel subsidy had not been returned.

“No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,” Kyari had stated.

His reaction at the time came after the Petroleum and Natural Gas Senior Staff Association of Nigeria confirmed the return of fuel subsidy.

PENGASSAN’s National President, Festus Osifo, had said the government still subsidised petrol due to the cost of crude oil in the international market and the exchange rate.

“They (government) are paying subsidies today. In reality, today, there is a subsidy because, as of when the earlier price was determined, the price of crude in the international market was around $80 for a barrel.

“But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, the price (of petroleum) also needed to move. The only reason the price will not move is when you can manage your exchange rate effectively and you can pump in supply and bring down the exchange rate.


“So, if the exchange rate comes down today, we will not be paying a subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced the subsidy,” Osifo had explained.

In his inaugural address after taking the oath of office on May 29, 2023, President Bola Tinubu announced that the Federal Government was closing the curtains over the subsidy era.

“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions. Petrol subsidy is gone!” Tinubu had declared.

The President’s announcement sparked the increase in fuel price from N197 to between N480 and N570. The pump price was subsequently reviewed upward to N617/litre and now sells for between N620 and N700/litre.

The recent decision by the Dangote Petroleum Refinery to slash the price of diesel from N1,200 per litre to N1,000 per litre has several potential impacts on Nigeria’s domestic economy and the lives of its citizens.

Chairman of Dangote Group, Alhaji Aliko Dangote, recently said that his refinery’s capacity to sell diesel at greatly reduced prices would offer immediate relief to Nigeria’s inflation challenges.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate,” Dangote said.

Meanwhile, here are ten things you could expect from this price reduction:

Decrease in Transportation Costs

Diesel is a major fuel for transportation, especially for goods. The reduction in its price will likely lead to lower transportation costs for goods and services, potentially translating to lower retail prices for consumers.

Lower Inflation

A decrease in transportation and production costs can help curb inflation, as lower fuel costs can lead to reduced prices for goods and services across various industries.

Increased Purchasing Power

As inflation rates decrease and goods become more affordable, consumers may find their purchasing power increases. This can lead to higher consumption and potentially stimulate economic growth.

Positive Impact on Industries

Industries reliant on diesel, such as manufacturing, logistics, and agriculture, may experience cost savings due to the lower diesel prices. These savings can be reinvested in business growth and expansion.

Potential Market Stability

Lower diesel prices can contribute to market stability, encouraging investment and fostering a better environment for business operations in Nigeria.

Encouragement for Domestic Production

With the reduction in diesel prices, there could be increased motivation for businesses to produce goods domestically, reducing reliance on imports and boosting local industries.

Competitive Edge for Dangote

Dangote’s move to lower diesel prices may provide the company with a competitive edge over other suppliers in the market, potentially increasing its market share.
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Better Business Profitability

Businesses in various sectors, including transportation and logistics, that use diesel as their primary fuel source may experience higher profitability due to the reduced fuel costs.

Positive Sentiment

The reduction in diesel prices could lead to positive sentiment among businesses and consumers, which could translate to increased confidence in the economy.

Improvement in Local Economy

As businesses save on diesel costs and potentially pass on savings to consumers, there may be an overall improvement in the local economy due to increased spending and investment.

These changes will likely contribute to a more stable and prosperous economic environment in Nigeria, benefiting businesses and consumers alike.

BY BUNMI ADULOJU


The Dangote refinery says it has reduced the price of automotive gas oil (AGO), also known as diesel, to N1,000 per litre.

According to a statement on Tuesday by the refinery, the price of the product was dropped from N1,200 per litre.

“In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel to from 1200 to 1,000 naira per litre,” Dangote refinery said.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

“This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

The development comes days after Dangote refinery fixed the minimum volume of diesel that can be purchased by oil marketers at one million litres.

The 650,000 barrels per day (bpd) capacity refinery was inaugurated by former President Muhammadu Buhari in May 2023.

Subsequently, the plant commenced operations with the production of diesel and aviation fuel on January 12 — after receiving six shipments of crude from oil marketers.

A former National Publicity Secretary of the Peoples Democratic Party (PDP), Kola Ologbondiyan, has explained why the party is yet to take any serious action against one of its ex-presidential aspirants and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The appointment of Wike as the FCT Minister had raised questions within the PDP, with some accusing the ex-Rivers governor of forming alliance with the All Progressives Congress (APC) under President Bola Ahmed Tinubu.

However, the PDP has yet to take any disciplinary action against Wike.

Reacting to the issue, the former PDP spokesperson, Ologbondiyan, said the party was following due process in handling the case.

He said there’s a disciplinary committee whose responsibility is to look extensively into the situation before deciding whether or not to sanction the FCT minister, adding that the party has a constitution that guides its affairs.

He said, “Let me start by saying that the constitution of the party provides for how the party should be managed. That has been clear from the onset. The responsibility of the day-to-day running of the party lies in the office of the national chairman.

“So in respect of the minister of the FCT, Nysom Wike, it’s about disciplinary action. And I can recall that under the leadership of Secondus, when the former Governor of Ebonyi State, (Dave) Umahi, started relating with the APC, a letter was written to him in form of a query and issued to him to explain to the party why he was rallying with the APC.

“So the constitution of the party provides for disciplinary measures. It’s not a mob. Somebody can’t rise from somewhere and carry wood and say ‘You are responsible for this and that.’

“So the purview of sanctioning is with the current working committee to consider your action this way or that. The party also has a disciplinary committee where matters of this nature are addressed.”

Troops of the Nigerian military attached to Operation Hadin Kai in the Northeast have neutralised more terrorists’ commanders and over 30 members wreaking havocs on innocent citizens in the Lake Chad region of Borno State.

It was learnt that the air component of the operation rained airstrikes on the adversaries following the terrorists’ refusal to surrender their weapon and ammunition to the military after a series of appeal by the authority and community leaders.

No fewer than 50 tough and hardened terrorists’ commanders have been taken out by the military across all the theatres of operations, particularly in the Northwest and Northeast in the last one year.

The military high command last month declared high-profiled terrorists’ commanders including Simon Ekpa, the notorious leader of proscribed Indigenous People of Biafra, wanted over their nefarious activities.

Daily Trust reports that the senior terrorists’ commanders, who were killed during the operation that was carried out on Saturday, included Ali Dawud, Bakura Fallujah and Mallam Ari.

The spokesman of the Nigerian Air Force, Edward Gabkwet, who confirmed this to journalists in Abuja, explained that terrorists’ numerous vehicles, motorcycles and logistical assets were destroyed.

Gabkwet, an Air Vice Marshal, said the air troops executed a precision airstrike on the hideouts of ISWAP terrorists nestled within Kolleram village along the shores of Lake Chad.

According to him, the operation yielded significant success as the Battle Damage Assessment (BDA) post-strike conducted revealed the neutralisation of over 30 terrorists apart from the commanders that were taken out.

“Intelligence gathered after the airstrike further indicated that the aerial bombardment effectively obliterated a key facility within the Kolleram enclave, which served as a hub for the terrorists’ food processing activities, including grinding machines.

“The success of these airstrikes underscores NAF’s commitment to eradicating terrorism and ensuring the safety and security of Nigerian citizens. By neutralising key terrorist figures and destroying their logistical infrastructure, the operation has significantly degraded the capabilities of the ISWAP group in the region.

“These airstrikes complement the ongoing efforts of ground forces in the Lake Chad flank and represent a crucial step forward in the fight against terrorism in Nigeria,” the senior military officer told newsmen.

Chief executives of some Nigerian government agencies including the National Drug Law Enforcement Agency (NDLEA), Nigerian Correctional Service (NCS), Code of Conduct Bureau, Public Complaints Commission, National Human Rights Commission (NHRC), and the Legal Aid Council are reportedly anxious over moves by President Bola Tinubu’s administration to overhaul the agencies.

This is part of plans for the justice sector reform, multiple sources told SaharaReporters.

It was gathered that some of them would be sacked while others would be retained or moved to other agencies.

The wave of reforms may be also extended to the Supreme Court, Courts of Appeal and High Courts.

SaharaReporters learnt that the reforms may take effect after the National Summit on Justice to be held later in the month.

The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN) last Thursday in Abuja said President Tinubu would on April 24, 2024, declare Nigeria’s justice sector reform summit open.

According to him, the reforms were in line with the agenda of Tinubu to protect the rights of the citizens, allow access to justice and ensure speedy dispensation of justice.

Most of the heads of the agencies who suspect that they would be affected are reportedly apprehensive over the planned overhaul.

The country’s justice system is currently fraught with delays in the adjudication of cases.

Many criminal cases involving politically exposed persons like former governors and ministers linger in courts for upward of five to 10 years before they are disposed of.

Multiple sources told SaharaReporters that the government has been uncomfortable with the NDLEA, PCC, NHRC and the correctional service, which underewent reforms under the administrations of the late President Umaru Yar'Adua and ex-President Goodluck Jonathan.

One of the sources specifically identified NDLEA as one of the main agencies to be affected because it is a “strategic agency.”

“Apart from the low rate of prosecution of suspects, there was rumpus recently in the NDLEA on alleged lopsidedness in the promotion of workers, and irregularities in rank assignments and regularisation.

“There was also tension on the purported reappointment of the secretary of the NDLEA, Shadrak Usman Haruna, for a second term in office,” one of the sources said.

“Despite the rating of the performance of the NDLEA Chairman, Gen. Buba Marwa above average by stakeholders and international partners, the Tinubu administration discovered that the former Military Administrator of Lagos State appears a lone ranger.

"NDLEA bureaucracy is stinking for a meaningful war against drugs," the source in the presidency said.

But according to findings, Marwa might be given an ambassadorial appointment given his track record as a defence attache.

The likelihood of the restructuring of NDLEA has reportedly made Marwa to begin moves to save his job.
"Marwa is also battling to stay on the job, at least to complete his tenure," one of the sources said.

“Given his devotion to the Rule of Law, President Bola Ahmed Tinubu is interested in Justice Sector Reform. He was a pacesetter in Lagos, he will also reform the sector at the national level.

"The overall objective is to enhance the Rule of Law, uphold the sanctity of fundamental human rights, ensure equal access to justice and speedy dispensation of cases.

"Issues in the sector are around the judiciary, the National Drug Law Enforcement Agency (NDLEA), the Nigerian Correctional Service (NCS), the Code of Conduct Bureau, the Public Complaints Commission, the National Human Rights Commission (NHRC), and the Legal Aid Council among others.

"In fact, the low prosecution of drug suspects by NDLEA is worrisome to the government. In the 29 months of Marwa's tenure, NDLEA arrested 31, 675 drug offenders out of which 5,147 were prosecuted and convicted.

"The drug trafficking bust is increasing compared to the low number of prosecutions and convictions. NDLEA needs a drastic reform. The agency's bureaucracy is not giving adequate backup.

"There are a lot of matters coming up, including the tension over the reappointment of the agency's secretary and promotion lopsidedness.”

On the fate of Marwa, another source added, “I think he is being considered for a strategic ambassadorial appointment.

"The Justice Sector Reform is really not about individuals; it is about putting the right institutions in place to become sustainable.

"All the courts will undergo the reform too. The number of cases pending in the Supreme Court is alarming too. We need to decongestant the place."

Last week, SaharaReporters reported how some NDLEA officers raised an alarm and accused the agency of lopsidedness in the promotion of workers, and irregularities in rank assignments and regularisation.

The aggrieved officers alleged that while the names of certain officers had been released for promotion examinations, including those who were recruited at the same time with them, the names of Course 3 and 4 officers had not been included in the process.

According to them, the omission of their names in the promotion examinations list has left them deeply troubled and raises serious questions about the fairness and transparency of the promotion process.

They further accused NDLEA authorities of discriminatory practices in the recruitment and rank assignment processes.

The officer said that many officers, including Course 3 and 4 officers, who applied with degree qualifications were “unjustly” recruited as junior officers while others were short-changed with one rank each.

https://saharareporters.com/2024/04/08/officers-nigerias-anti-narcotic-agency-ndlea-allege-lopsidedness-promotion-process

Nigeria’s Attorney General last Thursday spoke on the forthcoming National Summit on Justice.

Addressing the press on one of the summit’s goals, Fagbemi said it was to “review, validate, and adopt the revised National Policy on Justice 2024 - 2028 to drive prison reforms, access to justice for the average Nigerian, as well as the review of electoral laws and procedures in handling election-related cases, among several other reforms".

He said, “This comprehensive policy document outlines a broad framework and initiatives in 17 thematic areas aimed at

reforming the justice sector to enhance its effectiveness and accessibility to all Nigerians, ensuring that justice is not just a privilege for the few, but a right for all.

“The policy aims to address various challenges within the legal framework, seeking to promote social cohesion, bolster economic development, and foster good governance.”

He added that the summit will deliberate on draft legislation proposed to address specific challenges within the justice sector, relating to the judicial appointments process, administration, funding and budgeting for the judiciary, and the elimination of delays and inefficiencies in justice delivery.

It will equally evolve ways to reduce the amount of time for adjudication of cases, eliminate some of the associated technicalities, and reduce the number of cases getting to the Supreme Court.

He said, “In this regard, we intend to look at a situation where many cases will terminate at the Court of Appeal to reduce the burden on our noble justices of the Supreme Court.

“These proposed laws are expected to serve as a catalyst for collective action and provide a guiding framework for relevant governmental institutions at both the national and sub-national levels to establish an effective, efficient, and people-centred justice system.

"The country cannot afford to remain complacent in the face of the obstacles impeding the efficient delivery of justice for all Nigerians. The Summit will present an opportunity for us to unite our efforts, leverage our collective expertise, and chart a course toward a more just and equitable society.”

Fagbemi also expressed the hope that the national summit on justice will usher in a new era of positive change and progress in the country’s justice sector, ensuring a fair, accessible, and efficient legal system that upholds the rule of law while safeguarding fundamental human rights.

The Economic and Financial Crimes Commission (EFCC) on Sunday, April 14, said it has so far recovered N32.7billion and $445,000 from top officials of the the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

It also said some banks implicated in the ministry’s scandal are being investigated.

It admitted that the Managing Directors of the implicated banks have made useful statements to EFCC investigators.

But the anti-graft agency said it was yet to clear any of the suspects under probe.

It said those found wanting will be prosecuted accordingly.

The EFCC, which gave the status update in a statement through its Head of Media and Publicity, Dele Oyewale, said discreet investigations by have been opened on other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry.

The statement said: “The Economic and Financial Crimes Commission (EFCC) , has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

“At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.”

The EFCC said it has opened investigations into more activities of the Ministry.

The statement added: ” Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.

” Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.”

On the involvement of banks, the EFCC said some Managing Directors of such institutions have been interrogated.

The statement said: “It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.

“Banks involved in the alleged fraud are being investigated.

“Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.”

But the EFCC clarified that it was yet to clear anyone implicated in the fraudulent deals under investigation.

“Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary,” it said.

The commission explained its position on dollarization of the economy and the enforcement of all extant laws.

It added: “On the issue of the works of the Commission against Naira abuse, dollarization of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support and involvement demonstrated so far.

“Increasingly, members of the public are drawing the attention of the Commission to video recording of abuse of the Naira by Nigerians from all walks of life.

“These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.

“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7, 2024.

“However, going forward, new videos of such infractions will be investigated and prosecuted.

“At the moment, the commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

After months to turmoil and near bankruptcy as a result of the prohibitive cost of aviation fuel, Nigerian airlines are celebrating following the news that Dangote Refinery will start supplying the product to them in the coming days.

The airlines, it was learnt, hope to gain financial momentum with expected reduction in the cost of aviation fuel as a result of the development.

Currently, the price of aviation fuel ranges between N1,450 to N1, 500 per litre in Lagos and higher in Abuja, Port Harcourt, with almost N2000 per litre in Kano and Maiduguri.

Research shows that aviation fuel constitutes about 60 per cent of cost of operation of domestic airlines and has made flight service unprofitable.

Nigerian airlines have been largely unable to pass the high cost of the product to passengers who are already complaining that cost of ticket has become too high, hence the noticeable dwindling of passenger movement at the airports.

Airline operators told THISDAY that if they dare increase fares further, traffic would reduce drastically and airlines would go out of business.

Records from the Nigerian Civil Aviation Authority (NCAA) showed that more people flew on domestic destination in 2022 than in 2023 and it is projected that if the cost of aviation fuel does not come down, the record of passenger movement this year will be less than the figures of last year.

The CEO of Cleanserve Energy, an oil marketing company and former Managing Director of Arik Air, Mr. Chris Ndulue, told THISDAY that although Dangote Refinery has not started producing aviation fuel, “everyone is expectant that it would soon start and when it does, it is also the expectation of everyone that there will be significant reduction in the price of the product.”

He said the cost of logistics of importing the product would no more be there because it is being produced locally and expressed the hope that Dangote would not sell the product at the international price.

Also, Dangote will sell the product in Naira, not in dollars; thereby reducing the pressure on the naira and eliminating the struggle marketers go through sourcing for dollars to import the product.

He predicted that the distribution of the product from Dangote would still follow the current system where the product is moved to the Apapa from the refinery and distributed from the tank farms there.

THISDAY also learnt that some marketers have made financial commitment for the supply of the product, which indicates that the selling of Aviation fuel through Nigeria’s latest refinery and one of the biggest in the world, has become imminent.

“Dangote has not started producing aviation fuel; however, everybody is expecting that soon it will start. It is expected that the cost will be cheaper as he is producing locally. First, there will be significant reduction in logistics cost, which will reduce the price and Dangote will not sell in dollars but in naira. This means that oil marketers will no more source for dollar for importation of the product. Dangote supply will ease the pressure on the naira; it will also reduce our import and give fillip to the recovery of the naira. When the naira is strengthened and these is an end to importation,” Ndulue said.

According to him, when the refinery fully comes on stream Naira will further appreciate on that account because petroleum product import is huge, which could be about 30 per cent of Nigeria’s total import.

He also admitted that the current price of aviation fuel is very high and that explains why airfares are also high, stopping many who hitherto travelled by air to seek alternative means of transport.

Speaking on behalf of Airline Operators of Nigeria (AON), the Chairman of United Nigeria Airlines, Professor Obiora Okonkwo, said the association would meet with Dangote and have an agreement with the company on the supply of the product to the airlines without passing through oil marketers, adding that through that process, Nigerian airlines will reap full benefit of the cost of the product.

He also believes that the price of the product when produced locally ought to be cheaper than when it is imported.

“We need to approach the company. There should be cost reduction. Import costs more but we cannot say until we see his price. I believe AON should make a deal with Dangote without passing through vendors and I heard that vendors have deposited money for the product already,” he said.

Importation, some industry observer said, constitutes a huge forex challenge for Nigeria adding that this explained why aviation fuel is very costly.

Numbers released by the National Bureau of Statistics (NBS) indicate that Nigeria spent N292.56 billion on the importation of aviation fuel, known as Jet A1 in the first three months of the year – January to March 2022.

An Oil and gas industry publication recently stated that aviation fuel import featured prominently in Nigeria’s trade data for the stated period.

NBS in its Foreign Trade Statistics Report for First Quarter of 2022, said aviation fuel, accounted for 4.96 per cent of Nigeria’s total import of N5.9 trillion, with the commodity ranking the second most imported commodity in the country in the first quarter.

According to the report, aviation fuel import in the first quarter of 2022, represented a significant increase of 287.29 per cent compared to the N75.54 billion spent on its import in the fourth quarter of 2021.

In the fourth quarter of 2021, the NBS disclosed that jet fuel import was the sixth most imported commodity, accounting for 1.27 per cent of the period’s total import figure of N5.94 trillion.

In the first quarter of 2021, there was no mention of jet fuel import in the foreign trade statistics of the NBS, despite the country recording total imports of N6.85 trillion for the period.


The NBS said: “The value of total imports in first quarter 2022 stood at N5.90 trillion, this decreased by 0.67 per cent when compared with the value recorded in the fourth quarter of 2021 (N5.94 trillion); but increased by 21.04 per cent compared to the value recorded in the corresponding quarter of 2021, which is N4.875 trillion.

“In terms of Imports, in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3.44 trillion representing a share of 58.34 per cent of the total value of imports. The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ – N1.507 trillion’; ‘Kerosene type jet fuel’ – N292.56 billion, and ‘Durum wheat (not in seeds)’ – N258.31 billion.”

With the successes recorded by President Bola Tinubu administAjuri Ngelaleration’s intervention in the foreign exchange market and resumption of full operations by the refineries, a stronger Naira should be achieved by the first quarter of 2025.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who made the projection in a brief to State House Correspondents in Abuja on Thursday, said the policy revitalisation in the foreign exchange market is aimed at strengthening the Naira in currency markets.

Ngelale, however, noted that the recent successes in foreign exchange market are not enough for the nation to rest the policies and other efforts to strengthen the Naira.

He further noted with the various refineries, public and privately-owned, resuming full operations and capacity between now and the first quarter of 2025, the position of the Naira should become stronger and reflect on prices of market commodities.

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board.

“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.

“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place.

“Once you join the rising spending power of Africa’s population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” he said.

British-Nigerian doctor accused of having sex with 'vulnerable' patient

Oluwafemi ‘Tijion’ Esho, the UK-based cosmetic doctor of Nigerian descent, exchanged free botox for sex with a patient, a medical tribunal has found.

Botox injections are shots that use a toxin to prevent a muscle from moving for a limited time. The treatment is used to reduce the appearance of facial wrinkles.

Esho, who has been featured on several popular TV programmes, was said to have admitted to an improper emotional relationship with the patient, who is an OnlyFans model.

The woman, referred to as Patient A, earlier claimed she got free botox in return for sex at his clinic. She also alleged that they exchanged “inappropriate” sexual messages on Instagram.

During a recent hearing, the Medical Tribunal Practitioners Service (MPTS) found Esho exchanged toxin treatment for sex with the woman.

The 42-year-old doctor, who has several celebrity clients, had told the tribunal he never had any physical sexual contact with Patient A.

But the panel, during sitting in Manchester, ruled Esho did have sexual intercourse with the woman at his clinic in Newcastle in 2021 and administered botox free of charge.

The tribunal also ruled that the doctor told the woman he “could get away with giving her Botox in exchange for sexual services”.

The panel found that the overall conduct of the doctor was sexually motivated, but it did not find Patient A to be vulnerable because of her profession.

In response, Esho, who is the founder of the Esho Clinic, which also has locations in London, Liverpool and Dubai, said he was “disappointed” with the MPTS’ ruling.

He insisted that he only exchanged “inappropriate” sexual messages on Instagram but never had any physical sexual contact with the lady. He also apologised for his conduct.

“I am disappointed that the MPTS has today found against me in relation to the charges which I denied,” he wrote on Instagram.

“Throughout the hearing and investigation, with which I have cooperated fully, I stressed that I deeply regretted the mistakes which I made in engaging in communications with Patient A, and I admitted to the charges which related to those serious errors of judgement.

“I am truly sorry for those actions, and apologise to everyone I let down as a result. However, I have always been clear that whilst my conduct in communicating with Patient A was wrong, I repeat categorically that it never crossed over into any physical sexual contact.

“Whilst I respect the MPTS and the process, I do not agree with its decision. My life’s work has been and will remain focused on helping people. I remain dedicated fully to this purpose. I am incredibly grateful to my patients and friends who supported me throughout this incredibly difficult period.”

The panel is expected to reconvene later in April to decide if Esho’s fitness to practice is impaired because of his misconduct.

The Federal Government members of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union (NASU) will get half of their withheld salaries should President Bola Tinubu approve the payment of their salary arrears.

The Minister of Education, Tahir Mamman, stated this on Channels Television’s Politics Today on Wednesday.

According to the Mamman, the non-academic staff members of universities were not on strike for the same period in 2022 as their academic counterparts.

He said the government has been “doing everything possible to get a relief for them.”

When asked what has delayed the payment to NASU and SSANU members, Mamman said, “No, it has not been approved.

“There is a court judgement on no work, no pay. ASUU getting four months’ pay was actually a discretion and decision on the part of the President. So, it doesn’t automatically transfer (to NASU and SSANU) but the matter is under consideration.”

“I don’t think it is safe to put a time on it but it’s safer to say that we are on it and we are pushing.

“And in any case, the non-academic staff, they were not on strike for the same period with the academic staff — about four months or so. So, if they are getting payment, it is going to be half of that (payment), if the President will follow his precedent with the academic staff.”

Speaking on the claim of discrimination by NASU and SSANU, the minister said, “That cannot be right, there is no rating. These are people working in the same terrain, they are doing different things but all working towards the same goal.

“I believe what happened was a communication problem initially, it wasn’t deliberate to exclude them from that benefit.”

In March, SSANU and NASU members embarked on a one-week warning strike to protest their withheld salaries by the Federal Government.

The two unions berated the Federal Government for paying withheld salaries to the Academic Staff Union of Universities (ASUU) while neglecting the non-academic unions.

All the unions had embarked on an eight-month strike in 2022 to press home some of their demands including a better welfare package.

The administration of then President Muhammadu Buhari subsequently invoked a ‘No Work, No Pay policy’ against the unions but President Bola Tinubu last October approved the release of four of the eight months withheld salaries.

SSANU and NASU accused the Federal Government of unfair treatment and discrimination by failing to pay them like their academic counterparts.

The suspended Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, has threatened to file a lawsuit against the British Broadcasting Corporation (BBC) for defaming her personality.

Edu disclosed this in a letter sent to BBC Abuja and London offices by her counsel, Chikaosolu Ojukwu (SAN).

According to the letter, the suspended minister claimed that BBC reported that N30 billion was retrieved from her in the ongoing probe by the Economic and Financial Crimes Commission (EFCC).

The lawyer alleged that the publication which he described as false had dented the reputation of his client, Edu.

Ojukwu asked BBC to retract the article and tender a public apology to Edu over the matter within 48 hours, saying that, “Our client has suffered immeasurable reputational damage, psychological trauma and anguish as a direct consequence of the publication and dissemination of the article,” the letter read.

Edu is also demanding 50 million dollars from the UK-based media organisation as compensation, and threatened to take legal action against BBC.

The letter received by Vanguard read, “We represent Dr. Betta Edu, the Hon. Minister of Humanitarian Affairs and Poverty Alleviation of Nigeria (hereinafter referred to as “our client”) and we have her express instructions to write you in the terms thereunder.


“We write to express our deep concern regarding the recent article published by the BBC on its website: www.bbc.co.uk/news/world-Africa (Last accessed on 9th April 2024 at 17:40 GMT) titled: “Betta Edu Probe: Nigeria Recover $24m in Poverty Minister Investigation- EFCC” with the byline “Nigeria Has Recovered 30bn Naira ($24m; £19m) as Part of an Ongoing Corruption probe Into a Suspended Minister, the Financial Watchdog Says”.

“The aforesaid article, which presents information purporting to relate to an ongoing corruption probe into the activities of the Ministry of Humanitarian Affairs and Poverty Alleviation in Nigeria, is replete with innuendoes and insinuations which suggest that N30bn has been recovered in the course of the ongoing investigation by the Economic and Financial Crimes Commission (EFCC) from our client and that the 50 bank accounts connected with the recovered sums are linked to our client.

“Furthermore, your article proceeds to cast aspersion on our client by referencing her earlier suspension (to allow for unfettered investigations) in the following terms: “Humanitarian Affairs and Poverty Alleviation Minister Betta Edu was initially suspended in January over the alleged diversion of $640,000 of public money into a personal bank account.”

“First and foremost, the language used in describing our client’s purported involvement in the alleged corruption case suggests guilt without allowing for the presumption of innocence, which is fundamental in any fair and unbiased reporting. The reckless manner in which the article was crafted, without providing our client with the opportunity to respond to the allegations before its wide publication, is a clear breach of journalistic fairness and due process and demonstrates a complete disregard for journalistic integrity and professionalism.

“The headline, content, and tone of the article imply guilt on the part of our client, without any concrete evidence to substantiate such claims. This is a blatant attempt to tarnish our client’s reputation and undermine her credibility which she has earned over the course of her distinguished career in both private and public life.

“For the avoidance of doubt, our client has neither been indicted nor found culpable of any act of financial impropriety in relation to her stewardship of the Humanitarian Affairs and Poverty Alleviation Ministry in Nigeria. It is also pertinent to emphasize that neither N30 billion nor any amount whatsoever has been traced to or recovered from our client’s bank accounts nor has any proceed of crime been traced or recovered from her to warrant the scurrilous article under reference.

“Suffice it to say that in the aftermath of the publication of this scandalous article (which the BBC caused to be disseminated to millions of persons across the globe), our client has been inundated by calls and messages from friends, associates expressing their shock and consternation. Our client has suffered immeasurable reputational damage, psychological trauma and anguish as a direct consequence of the publication and dissemination of the article.”

The Economic and Financial Crimes Commission has parted ways with one of its top prosecutors amid a sprawling probe into how a high-profile case was bungled last month.

The anti-corruption office received a severe reprimand from a federal judge last week during a verdict on the criminal bribery case involving former attorney-general Bello Adoke, the proprietors of Malabu Oil & Gas Ltd, and multinational giants Eni and Shell. Justice Abubakar Kutigi threw out the case, which the EFCC first filed in 2020 before the High Court of the Federal Capital Territory, Abuja, saying the agency wasted four years yet was still unable to prove key elements of its indictment.

The case was the last serious attempt by the Nigerian government to impose accountability on organisations and individuals with suspected ties to the vast corruption that has for years plagued the possession of Nigeria’s deepwater OPL 245 oil block. The new Tinubu administration had already abandoned the civil liability strand of the controversial deal in favour of a lucrative business deal with the oil firms, Peoples Gazette previously reported.

Officials managing the situation told The Gazette the EFCC brass moved quickly to castigate Offem Uket as the wellspring of untold humiliation the agency suffered in court after he suddenly said there was no inculpatory evidence to send Mr Adoke and another suspect Abubakar Aliyu to jail or foist criminal liability on Eni and Shell.

Mr Uket, one of the agency’s prolific prosecutors who earlier handled cases involving Stella Oduah, Peter Nwaoboshi and Sambo Dasuki, was terminated because the agency’s chairman, Ola Olukoyede, was particularly incensed by the prosecutor’s alleged misconduct, according to multiple officials briefed on the matter.

“He was sacked because extensive internal investigation revealed he compromised the case,” an official familiar told The Gazette. “But this may not be the end of the matter.”

The official said the EFCC planned to fight to resuscitate the case through an appeal process because there was enough evidence against the suspects and Mr Uket went rogue in his submission declaring otherwise before the court.

The agency initially tried to save the case in Mr Kutigi’s courtroom, but Mr Adoke and Wole Olanipekun — defence attorney for Mr Abubakar — filed opposing motions and the judge said it was already too late.

Prior to his controversial submission that led to the granting of the defendants’ motion to dismiss, Mr Uket had told some of his office that he was under pressure to accept bribes from Messrs Adoke and Olanipekun, officials said under anonymity to discuss an active investigation.

“He reported to the office that he was under pressure of financial inducement from Bello Adoke and Wole Olanipekun over the case,” another official said. “But we thought he was just following internal ethical compliance by informing the office, we didn’t know this would happen.”

The Gazette was not immediately able to ascertain the steepness of Mr Uket’s ties to the suspects. He did not return a request seeking comment, but some of his colleagues said his action came as a shock because he had displayed his mettle as some of the agency’s best hands.

One of the officials said Mr Uket’s contract was not renewed as part of the fallout from the botched trial, adding that he departed on a good note with the agency’s executives.

“His contract expired around the time he was accused of sabotaging the Malabu case,” one official said. “That’s why it was amicably decided that he should not be granted a renewal.”

Officials did not immediately convey whether or not the probe would remain limited to Mr Uket or be expanded to include those suspected of having offered bribes to the ousted prosecutor.

The 1991 graduate of the University of Nigeria Nsukka joined the police shortly after completing school, from where he moved to the EFCC as a contractor in the aughts. His ouster may leave a vacuum in the agency’s pool of prosecutors and marked only the latest in charges bordering on prosecutorial sabotage. For several years, attorney Festus Keyamo was bruised from charges that he sabotaged cases while serving as a contractor prosecuting cases for the EFCC during the Goodluck Jonathan administration.

Mr Keyamo later teamed up with some of the politicians he was purportedly prosecuting in the All Progressives Congress and went on to clinch ministerial position twice, including now as aviation minister under President Bola Tinubu.

Mr Olanipekun declined comments over two days. But Mr Adoke, who stepped down a criminal case against Mr Tinubu in 2011, said he did not offer bribes to the official, accusing the EFCC of being out to further besmirch his reputation after beating the agency’s charges in several courts in and out of Nigeria.

“Not in this world would I offer Uket bribe or anyone for that matter,” the former attorney-general said in a statement to The Gazette. “It is unfortunate that anyone would come up with such a lame excuse. I have no reason to offer Uket or anyone bribe.”

“Don’t forget that they lost their cases in London and Milan, and the U.S. Department of Justice and SEC found nothing wrong with the transaction, and ditto the Dutch government. The claim is utterly ridiculous cynical, and irresponsible,” he said.

While the cases against Eni and Shell in Italy were resolved in favour of the multinational giants, they did not necessarily suggest Mr Adoke’s innocence of the bribery allegations because he was not a party in the lawsuits. Moreover, the Italian court said evidence submitted at trial indicated Mr Adoke received $2 million in suspicious payment as part of the 2011 deal.

The Nigerian politician, however, continued to maintain his innocence and has touted the recent judgement in Abuja as his most resounding vindication yet. The EFCC, however, vowed to make the suspects’ victory lap short-term because the case would be handled by a different prosecutor who would effectively itemise evidence on appeal.

The Federal Government and the International Criminal Police Organisation have commenced the process of extraditing a Binance chief, Nadeem Anjarwalla, who escaped from detention on March 22.

Security agencies had in February arrested Anjarwalla and Tigran Gambaryan, two executives of the crypto-currency firm, Binance Holdings Limited, over alleged money laundering.

They were detained in ‘a safe house’ in Abuja on the order of the National Security Adviser, Nuhu Ribadu.

Among other charges, the firm and the two executives were arraigned for $35,400,000 money laundering at the Federal High Court, Abuja.

But on Friday, March 22, Anjarwalla escaped from detention and left the country using a Kenyan passport.

On Tuesday, top government sources confirmed to The PUNCH that the process of extraditing the fugitive had begun.

The sources noted that Anjarwalla’s absence would not affect the arraignment of Binance and Tigran and Gambaryan in court on Thursday over a five-count money laundering charge.

“Mr Anjarwalla’s extradition process has begun. The Federal Government is working as did with INTERPOL to extradite the fugitive to Nigeria. He’s a fugitive that escaped from lawful custody, and his other partner is still in custody and would be arraigned on Thursday alongside their company, Binance,” a source noted.

Another source revealed, “It is true that the Federal Government has commenced the process of extraditing Binance’ Anjarwalla in order to bring him back to Nigeria to answer to his money laundering case in court, among others. The arraignment of Binance and Gambaryan in court on Thursday will also aide Anjarwalla’s extradition.”

Meanwhile, a top security source confirmed to our correspondent that the soldiers detailed to monitor Anjarwalla were being grilled by special investigators drawn from the military, Department of State Services, the police, Economic and Financial Crimes Commission and the National Intelligence Agency.

“The soldiers detailed to monitor Anjarwalla have been detained as you know, and they’re still being grilled by special investigators drawn from various security and intelligence agencies and services- the military, DSS, NIA, and the police, all hands are on deck as it is a matter of national security.”

Meanwhile, the EFCC will on Thursday arraign Binance Holdings Limited and two of its senior executives Gambaryan; and Anjarwalla, th fugitive over alleged $35,400,000 money laundering.

The EFCC had on Thursday, March 28, charged Binance Holdings Limited, Gambaryan, Anjarwalla with $35,400,000 money laundering.

The EFCC which has now fully taken over the case from the Office of the National Security Adviser, has also detained Gambaryan, and obtained a court warrant to arrest and extradite Anjarwalla.

Confirming the development to our correspondent on Friday, impeccable sources noted that Anjarwalla would be arraigned in an absentia alongside Binance and Mr Gambaryan who’s now in EFCC custody.

“The detained Binance executive, Gambaryan is now in custody of the EFCC. The NSA has totally handed over the matter to the EFCC for investigation and prosecution. The commission has charged Binance, Gambaryan and Anjarwalla to court for $35,400,000 money laundering, and they’ll be arraigned in court on Thursday, April 4, 2024.” a source noted.

Another source revealed that, “The EFCC is now partnering the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government, to effect the arrest and extradition of Mr Anjarwalla, the fugitive who fled from lawful custody in Nigeria.”

Following the takeover of the investigation into the alleged financial irregularities committed by Binance, the EFCC had filed five-count charges bordering on money laundering against the crypto-currency giant and two of its executives, Anjarwalla and Gambaryan.

The court documents obtained by our correspondent revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.

The charges read, “That you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialized business of other financial institution without valid licence and thereby committed an offence contrary to section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.

“Count two, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.


“Count three, that you, Binance Holdings Limited (“aka Binance”) between January, 2022 and January, 2024 in Abuja within the jurisdiction of this Honourable Court not being an authorized dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.

“Count four, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), and other persons at large between January, 2023 and January, 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January, 2023 and December, 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400, 000 (Thirty Five Million, Four Hundred United States Dollars) generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”

The Federal Government, on Monday last week, contacted the INTERPOL and issued an arrest warrant for the apprehension of Anjarwalla, who escaped from lawful custody.

The PUNCH reported on March 26, 2024 that the accused used a Kenyan passport to escape, while his colleague was still in custody.

According to the report, Anjarwalla, escaped from Abuja through a Middle East airliner.

The office of the NSA had confirmed the escape of Anjarwalla in a statement issued in Abuja on March 26 by the Head of its Strategic Communication, Zakari Mijinyawa, who stated that preliminary investigation showed that the escapee fled Nigeria using a smuggled international passport.

Anjarwalla escaped from ‘a safe house’ where he and his colleague were detained guarded by heavily armed soldiers.

Financial Times had on February 28, 2024, reported that two executives of the company were arrested and detained after they flew into the country as a result of a ban on their website.

On March 12, 2024, the FT reported that the EFCC asked Binance to share data on its 100 top users in Nigeria as well as all transaction history for the past six months.

According to the report, the request is at the centre of negotiations between Binance and Nigeria.

There is panic in the Nigerian financial sector over massive job losses as banks battle to meet the recently announced minimum capital requirements by the Central Bank of Nigeria.

The National President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, Olusoji Oluwole, expressed these concerns during an interview with Channels Television on Monday.

He said the Association had already informed the CBN and the Ministry of Labour about the impact of the recapitalization exercise on workers in the sector.

“We are very aware of what happened in the past during such recapitalization programmes, the last being in 2005. We knew that some banks had to pull it through themselves, some through mergers, others through acquisition.

“It has an impact on the employment of workers; because of that experience, we have proactively acted by informing the Central Bank of Nigeria and the Ministry of Labour of the likelihood of the programme on our members.

“When things like this happen, there are bound to be jobs lost. We expect that there will be a lot of fairness in the actions of the banks and to ensure that our members are well protected and compensated”, he said.

DAILY POST recalls that the CBN raised the minimum capital requirements for commercial banks with international authorization, National Spread Regional, Merchant Banks, National Non-Interest Banks, and Regional Non-interest between 100 and 900 per cent last Thursday.

What the 2024 Recapitalization exercise means

With the move, the CBN proposed to achieve the $1 trillion economy of President Bola Ahmed Tinubu’s government.

Also, the bank said the exercise would engender the emergence of healthier banks with the capacity to underwrite larger levels of credit/loans.

The development came nearly 19 years after the apex bank had last conducted its recapitalization exercise in 2005 under former President Olusegun Obasanjo and Prof Charles Soludo as CBN governor.

According to reports, over 5,000 staff members of affected banks such as Oceanic bank, Fin Bank, Spring Bank, Union Bank, Intercontinental Bank, Stanbic IBTC, and others lost their jobs.

This is why the announcement of the 2024 recapitalization programme sent a shockwave across the country’s banking sector.


Banks’ available options

CBN had given all the banks 24 months, starting from April 1, 2024, to kick the ground running in meeting the new set capital benchmark.

Within the set period, Nigerian banks have been boxed into Injecting fresh equity capital through private placements, rights issue/or offer subscriptions, mergers and acquisitions( M & As) and Upgrades or downgrades of license authorization options.

It is left to banks to explore either option to escape extinction.


Controversy clause

Unlike in the 2005 recapitalization exercise, CBN placed a caveat that 2024 minimum capital requirements shall only comprise paid-up capital and share premiums, ruling out the shareholders’ funds.

The non-inclusion of the Shareholders’ Fund had raised dust among the sector’s players.

In his statement reacting to the development, Johnson Chukwu, CEO of Cowry Assets Management Limited, faulted the exclusion of retained earnings and advised the CBN to align the new capital requirements with industry dynamics to facilitate a seamless transition.


Will Nigerian Banks Survive 2024 Capitalization?

With the development, the top ten Tier 1 and 2, namely Guaranty Trust Bank, Zenith Bank, United Bank of Africa, Access Bank, First Bank of Nigeria, EcoBank, Stanbic IBTC, First City Monument Bank, Fidelity, Sterling and others, will have raised over N3.3 trillion minimum capital base in 24 months.

Meanwhile, Ernst and Young, a global financial services company, had earlier predicted that about 17 banks would survive recapitalization.

“In a worst-case scenario, i.e., given a capital multiplier of 15, about 17 out of 24 banks would not meet the new minimum capital,” it said.


Financial Experts Reactions

Speaking to DAILY POST on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, said many banks may be unable to meet the current requirements, especially the family-like banks in terms of ownership and operation.

The economist said that a successful banking recapitalization exercise could benefit the Nigerian economy if well implemented.

According to him, with the exercise, Nigeria’s domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements. However, he said the country needs to be mindful of how the ownership of Nigerian banks can be ceded to foreign interests.

“The recapitalization of Nigerian banks by their owners is no doubt an exercise that is long awaited due to the current value of Naira, and by extension the size of the bank’s financial position, when viewed globally. The current value has constrained the banks’ capacity to handle large ticket deals even within the domestic economy.

“Many banks may be unable to meet the current requirements, especially the family-like banks in ownership and operation. There may be voluntary and involuntary mergers and acquisitions.

“One only hopes that the situation of 2005, when banks formed ”unholy alliances” and strange bedfellows, those with conflicting orientations, cultures and governance practices, were forced together to save their shareholders from total loss, etc. Some banks may seek downgrades as a way out of pollution and dilution of their shareholders.

“It remains to be seen if the domestic economy can cough out the funds required to meet the required capital.

“However, the flow of foreign funds to the Nigerian economy by the existing and would-be shareholders will be a welcome development if it happens.

“There is a need for the authorities to assure potential investors of stable and consistent investment and exchange control policies for a safe and predictable investment environment, among others.

“The definition of what constitutes capital under the Basel Accord is shifting from Tier I to Tier III. As said earlier, it is hoped that the domestic economy will enjoy the patronage of existing and new local and foreign investors to meet the capital requirements.

“Again, one is mindful of the extent to which the ownership of Nigerian banks can be ceded to foreign interests.

“A successful banking recapitalization exercise can have a beneficial impact on the Nigerian economy. It can help to rejuvenate the overall growth of different sectors of the economy through appropriate, timely funding of economic activities.

“Yes, it has the likely effect of crowding out investments in other suitable areas of the economy. It can lead to some job losses. But the overall benefits outweigh these side effects if successfully executed”, he told DAILY POST.

On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said that the real issue is that Nigeria’s soaring inflation has weakened the value of money over time, which makes recapitalization imperative and inevitable.

He, however, urged that the exercise be done to minimize shocks and disruptions to the banking system and the economy.

Yusuf added that the apex bank should caution all players in the banking sector against predatory and other anti-competitive practices in the industry because of the recapitalization policy.

He told DAILY POST: “The last major review of the minimum capital requirement was done in 2005, some 18 years ago. That was under President Olusegun Obasanjo, with Prof Charles Soludo as CBN governor.

“But since then, the value of the minimum capital has been significantly eroded by inflation. For instance, the official exchange rate in 2005 was about N130 to the dollar.

“This meant that the N25 billion for a national bank, for instance, was equivalent to $192 million. The naira equivalent today is about N250 billion. The International Banking license would be about $384 million, an equivalent of about N500 billion.

“The capitalization requirement has not increased materially in real terms when adjusted for inflation.

“The real issue is that inflation has weakened money’s value over time, making recapitalization imperative and inevitable.

“The essence is to ensure the safety of depositors’ funds, strengthen the financial system’s stability, deepen the banking system’s resilience and reposition the bank to support growth.

“Reports from the Central Bank of Nigeria attest that Nigerian banks have good soundness indicators. The industry Capital Adequacy Ratio as of January was 13.7 per cent, above the prudential threshold of 10 per cent.

“The Non-Performing Loans as a ratio of total loan assets was 4.81 per cent as against the prudential threshold of 5 per cent, which is also positive. The liquidity ratio is 40.14 against the prudential minimum of 30 per cent, which also reflects a healthy position.

“The summary is that based on the financial soundness metrics, Nigerian banks are judged to be generally healthy.

“However, this does not diminish the need for regulatory authority to ensure that this soundness and stability are preserved and improved, especially because of the recent macroeconomic headwinds.

“This, perhaps, is what informed the current policy of the CBN to review the capital base”, he stated.

Similarly, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the recapitalization exercise will allow Nigeria to maintain its leading role in the African continent.

“The recapitalization of banks in categories is long overdue”, he told DAILY POST and advocated for the expansion of our economy.

“The time frame is very adequate as well. Some international banks have already envisaged this process and have started making provisions early enough. Banks that cannot meet the new capital requirements have mergers and acquisitions options.

“Nigeria has the highest GDP in Africa, and for us to maintain that position and operate a trillion-dollar economy, the banks must be adequately capitalized.

“A trillion dollar economy must have local capacity to initiate and execute million dollar transactions locally without foreign intervention in key areas of development like oil and gas, steel production, mining, mega construction projects and Public Private Partnerships with the government.

“This can only materialize if we have adequately capitalized banks that can rise to the occasion. Nigerian banks also need to take pride in Africa regarding capitalization because Nigerian banks are not among the most capitalized in Africa.

“Therefore, this new recapitalization policy will adequately position our banks for the emergency economy in Nigeria or Africa and worldwide.

“The exclusion of shareholders’ funds as additional Tier 1 capital shows the CBN wants to distinguish fresh funds from existing funds which could be subject to regulatory infractions because shareholders’ funds is not a statutory capital base”, he told DAILY POST.

A battle of supremacy by two bandit groups over the control of some mining sites has led to the killing of several terrorists.

A credible intelligence obtained by PRNigeria revealed that the brutal clash was between Jammatu Ansarul Musulmin Biladis Sunna, also known as Ansaru, and Dogo Gide’s group of bandits at Kuyello area of Birnin Gwari local government area of Kaduna state.

“A wanted terrorist leader, Mudi and his son Murtala, on Dogo Gide’s side, lost their lives.
“Dogo Gide’s side also suffered severe losses, including close associates and some family members.

“The rivalry is a battle of supremacy over the control of mining sites.

“There are several gold mining sites in Birnin Gwari. Most mined products are smuggled outside Nigeria into Niger, which implies a strong connection with criminal elements in the Republic of Niger.

“The recent clash draws attention to more rivalry attacks in the days ahead, considering the encroachment of JAS and ISWAP elements in the Northwest,” the source told PRNigeria.

The defence intelligence source who confirmed the rival clash between the terrorist factions further said that the casualty figure was high on both sides going by the sighted corpses, which littered the affected areas.

The Chief Executive Officer, CEO of Air Peace Airlines, Allen Onyema, has narrated how his airlines suffered what he called both internal and external conspiracies.

Onyema disclosed this on Monday while fielding questions on Arise Television’s Morning Show programme.

Onyema said ‘his own country’ denied Air Peace and threw back its application for a Technical Country Operators (TCO) permit, which could have allowed the airlines to start going into any European country.

He lamented that it took the nation’s leading airlines seven years to get the designation to go into London.

“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 a 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 organization from Europe wrote our Nigerian Civil Aviation Authority- 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.

“We went back to the NCAA, they said, oh, we didn’t tell them. Who designated us, the Federal Ministry of Aviation, whose duty it was and still is to do that. We said okay, we’re ready. They refused, they said until they allow us to apply. So, we got a designation from the Federal government, and the NCAA, under the same Federal Government, was telling us that we should not make any application towards going into the UK.”

Onyema suggested that Nigerian airlines need all the necessary support they could get from the Federal Government.