A man, identified as Emmanuel Ovwarueso, has been nabbed by the operatives of the Edo State Security Network (ESSN), for allegedly beheading his daughter for money rituals in Benin City, Edo State.

The suspect was arrested in Uteh, Upper Mission, where he resided on Thursday at about midnight with the head of the deceased in a polythene bag.

He was said to have tied and gagged his wife before carrying out the killing of the girl in her presence.

According to his wife, whose name was not available as at the time of this report, she said, “My husband’s attitude changed recently. He kept saying I should not look at him like a poor man anymore.

“At his place of work, he was buying drinks for everyone as if he was celebrating. Even his co-workers were surprised at his new spending style. He even told them that his money is very near. We never knew he had plans to use our daughter for rituals,” she said.

A member of the ESSN who spoke on the condition of anonymity said, “We saw him that Thursday night with a bag, walking so fast like he was rushing to catch a flight. We stopped him, but he resisted. We asked what was inside the bag, he said it was his food. So we searched the bag and found a human head inside it.

“We interrogated him and from the way he was talking, it was obvious he was hiding something. So we took him to his house and we met his wife tied down. We untied her and asked who tied her, she said it was her husband.

“She told us that her husband tied her down with a rope before killing their daughter.

“The suspect then took us to the place where he buried the little girl’s body in a shallow grave and the body of the girl was exhumed immediately,” he said.

The suspect has since been handed over to the Nigeria Police, Edo State Command, for further investigation.

By Idowu Isamotu


A cross-section of Nigerians, on Monday slammed the Economic and Financial Crimes Commission (EFCC) and the Presidency over their long silence regarding the alleged fraud case against the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu.

While some Nigerians expressed disappointment over the development, some said they were not expecting less considering the status of the personality involved and the promise made by the President during the campaign that he would continue where Buhari stopped.


Daily Trust reports that both the EFCC and the Presidency had not given Nigerians any update on the case that also involved the Coordinator of National Social Investment Programme Agency (NSIPA), Halima Shehu, two months after Edu’s suspension.

Findings by our correspondent at the weekend had revealed that the EFCC, after the January 8 suspension of Edu, followed by a thorough investigation, had submitted an interim to the presidency.

It was learnt that the anti-graft agency had submitted the interim report of its investigation into the allegations against the suspended minister, and recommended that Edu be prosecuted.

However, considering the roles she played in the success of the ruling All Progressives Congress (APC), some influential people, including Senate President Godswill Akpabio are alleged to be mounting pressure on President Bola Tinubu to give her “a soft landing”.

But reacting to the story published by Daily Trust on Monday, Nigerians took to their respective X (formerly Twitter) handles to express their views.

@teejaxamiable stated, “Initially they said investigation would take up to six weeks, now we eighth weeks. And the government wants people to believe them with their propaganda.”

On his part, @emmanuel_yours noted, “The joke is on hopelessly delusional people who actually believed that the establishment saw something wrong with Beta Edu’s conduct as minister. Her suspension was just for the optics due to public outcry, and not because anyone in the villa considered that she broke any rule.”

According to @Addaarayn, “We are expecting the outcome of their investigation.”

@DanObed374851 said, “That speaks volumes of how @officialABAT will fight corruption in his regime. Only a Prez that will mandate all anti-graft agencies to go ahead with their constitutional roles without resorting to him, fear or favour, will truly fight the hydra-headed menace. @NGRPresident.”

@Yormexy wrote, “And it is disturbing that @officialABAT & @OfficialAPCNg govt forget the @npower_ng beneficiaries. Till date, as a C2 beneficiary, I’ve not received a dime. How is this a show of sympathy on thy citizens @cenbank,@fmha_pa,@alat_ng,@FirstBankngr all silent. NPWR/2020/004390286.

@d_light247 stated, “What do you expect? Dust will be raised and later settled….that’s always the strategy of all politicians.”

@umarabubakartk noted, “What do you think Nigeria government can do about it. The answer is nothing. If you want to be a free man in Nigeria just turned to a bad person you will see the positive recommendation.”

@ArewaYouth93292 wrote, “The presidency are part of embezzlement, so many big names, Tinubu government won’t fight corruption but rather encourage others.”

@UdofiaUdem44510 noted, “Only on the pages of newspapers and on radio stations corruption are being fought in Nigeria, shame.

@Handypro777 stated, “As usual, in Nigeria, no rule of law, politicians rule the law.”

@balaraabe, “He promised to continue from where FPMB stops. So, what do you expect then?”

@HighestPriest stated, “Corruption cannot fight corruption.”

@mrFokpo said, “They claimed investigation is still ongoing about… Who knows what dey are up to?”

Senator representing Bauchi central senatorial district, Abdul Ningi, has said there was another budget different from what was passed on the floor of the National Assembly.

Ningi disclosed that some experts have been reviewing the budget and a report will be presented to President Bola Tinubu, to ascertain if he was in the know or not.

The Interesting Things About Pha Din Pass, Dien Bien That Just A Few People Know

Speaking as a guest during an interview with BBC on Saturday, the Senator disclosed that the Northern elite is not happy with this government as the North has been neglected.

He said, “This is true (about the review of the government) for the past three months, we have engaged consultants to review the budget for us.

“We have some experts that are working on it line by line. We have seen the huge damage that was done not only to the north but the entire country in that budget. We are supposed to sit with the Senate President to inform him about what we have observed.

“We want to show him what we have seen in the budget that is not acceptable, we will not accept them and we don’t want the country to continue spending money on those things. Apart from what the National Assembly did on the floor, there was another budget that was done underground which we didn’t know.

“The new things we have discovered in the budget were not known to us. We haven’t seen them in the budget that was debated and considered on the floor of the National Assembly.”

Shedding more light on the discoveries on the budget, Ningi said there was a difference of N3 trillion between the budget passed.

The senator said, “For example, it was said that there was a budget of N28 trillion but what was passed was N25 trillion. So there is N3 trillion on top.

“Where are they, where is it going? So, we need to know this. There are a lot of things. We are coming up with a report and we will show the president himself and ask him if he is aware or not.”

Speaking further, he decried the neglect of some giants projects in the North.

“This is what we intended to do. We are to meet the president. We will talk to him about the Mambila power project, Ajaokuta and the River Niger dredging. We will talk to him about the Niger Republic. Recently, they said they will construct a dam, this is not good for us,” he added.

At least two worshippers were killed during Friday prayers at Anguwar Makera under Kwasakwasa Community in Birnin Gwari Local Government Area of Kaduna State.

The incident happened around 2 pm on Friday, according to locals in the area.

A community leader, Hudu Kwasakwasa, who confirmed the incident, said the bandits opened fire on the worshipers.

“The two worshipers killed were among other Muslims attacked at the Juma’at Mosque in Angwar Makera when the bandits opened fire on them and abducted others today (Friday). The victims have been buried at Old Kuyello cemetery,” he said.

He said the people were in the second raka’at of the salat when they were attacked, which forced the remaining people to run for their lives.

He added that a few days ago, the same bandits abducted about 9 people at a community called Angwar Kanawa under Kwasakwasa area.

He appealed for help from authorities concerned, saying the bandits were raiding the communities unchallenged.

The latest attack on the worshipers came less than 24 hours after bandits abducted over 287 students in the neighboring Chikun Local Government Area of the state.

The State Government and the Police Command are yet to react to the mosque incident as the Police Public Relations Officer, ASP Mansir Hassan, couldn’t be reached on the phone and is yet to reply to a text message sent to him seeking clarification.

The Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, has said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.

Veŕheijen said this while briefing journalists in Abuja on Friday.

Earlier, the International Monetary Fund reported that the Nigerian government brought back petroleum subsidies through the back door.

The fund also said that Nigeria may incur an expenditure of around N7trn (3 per cent of GDP) should the existing fuel pump price cap and electricity subsidy be upheld in 2024.

Also former Minister of State for Defence, Musiliu Obanikoro, reportedly said the Federal Government may be filling the widening gap between the United States’ dollar and Nigeria’s naira in the final price of Premium Motor Spirit also known as petrol and called on the government to be transparent and communicate whether subsidy has returned or not.

While responding to questions about whether the government has returned fuel subsidy according to the IMF claim, the special adviser said that governments across the world intervene at difficult times to address economic hardship by way of subsidy.

Although she did not state in clear terms whether the subsidy has fully returned, she said the government is doing all in its power to maintain the price of fuel to cushion the impact on the citizens. she said.

“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene,” she said.

She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed.

Presidential spokesperson Ajuri Ngelale has described President Bola Tinubu as a workaholic, saying the president doesn’t go to bed until 2 or 3 am every day, including Sundays.

Ngelale disclosed this in a chat with Chude Jideonwo on Thursday.

He said, “I’m saying hang in there because I can see an end to this. I’m working with a man who I can personally vouch for because he’s going to bed at 2am-3am every night, including Sundays.

“He [Tinubu] wakes up at 7am-8am every morning including Sundays. Opening his files, working into the late nights when no one is there to say anything good or bad about him. He is doing the work.

“He is a workaholic, and he is doing it all to build a country that is reflective of a progressive and advanced country that he has envisioned, amen way he did in Lagos.

“I’m asking Nigerians to support the president, he means well,” he added.

The presidential spokesperson assured Nigerians that the current economic hardships will soon be a thing of the past.

He said President Tinubu is working tirelessly to ensure the growth and progress of the country.

Operatives of the Rivers State Police Command have arrested a human rights activist, Micheal Chidozie, for allegedly beating his 32-year-old wife and mother of three children, Mrs. Ufuoma Chidozie, to death on Tuesday.

The suspect is currently being detained at the State Criminal Investigation Department (SCID), Port Harcourt, where he was being interrogated.

Some friends of the deceased alleged that Chidozie was in the habit of beating his wife daily without provocation.

Sources close to the family disclosed that after Mrs. Ufuoma died as a result of injuries she sustained from the alleged physical assault by her husband, the suspect fled after calling the brother of the deceased, to come to the house that there was an emergency.

It was gathered that when the brother of the deceased came to his sister’s house, he saw the lifeless body of Mrs. Ufuoma, but did not meet the husband at home.

It was further gathered that the suspect was arrested on Wednesday morning by Police personnel attached to Agip Estate Police Division, Mile 4, Port Harcourt, following credible intelligence.

The Police Public Relations Officer (PPRO) in the state, Grace Iringe-Koko, who confirmed the arrest of the suspect, said the remains of the deceased have been deposited in a mortuary.

Former Central Bank Governor of Nigeria, Sanusi Lamido Sanusi, broke down in tears while paying tribute to the late Herbert Wigwe and his family.

Sanusi refle[/b]cted on his deposition as the Emir of Kano and used it to highlight Wigwe’s loyalty to those who were close to him (the deceased).

He made the remarks on Wednesday while addressing a crowd of mourners in Lagos during the funeral service for Wigwe.

His words: [b]“You know when I had problems in Kano, I called him about six months before I was told to leave Kano and I said to him, Herbert, I know you did all your best to solve all this problem, but I’m convinced that this is what is going to happen.

“He said to me, Your Highness don’t worry, whatever happens, don’t worry, we’re here for you. On the day I heard on the radio that I was dethroned, the night before, I knew this was going to happen and I called him and said I want to come to Lagos when it happens.

“The announcement was made at about 9 a.m. by noon Herbert had a plane on the terminal in Kano. The plan then was to give me to excel for many years. I put my family on that plane. No message, no phone call, nothing. Just put them on that plane and send them to Lagos. Herbert received them. Put them in a hotel. Later got them flats, and got them accommodation. For months when I came we stayed there. I can go on and on. Sola (Wigwe’s P. A) is here. Herbert said to me, Your Highness you want to travel to Sola? I just call Shola and I get a jet. So much so that people believe I own the jet. So people believe.”

Sanusi also shared another story on why he placed Wigwe in charge of a trust fund he set up for his children.

He added, “I’m placing you in charge of this trust for the education of my children because I know that even if I died I did not leave any money, you would educate my children.”

There are strong indications that organised Labour will push for N500,000 as the minimum wage as the zonal public hearing on the new wage structure begins on Thursday (today) in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

The President of the Nigeria Labour Congress, Joe Ajaero, in an interview on Arise TV on February 11, had stated that if the ongoing inflation continued, organised labour might push for a new minimum wage of up to N1m for Nigerian workers.

However, a top official of the NLC, who confided in The PUNCH on Thursday said based on proposals submitted by state chapters to the congress’ headquarters, the organised Labour might push for N500,000 at today’s meeting.

The public hearing on the new minimum wage, which will be held simultaneously in all six geopolitical zones, is expected to receive inputs from organised Labour, state governors, ministers, civil society groups, and the organised private sector on a new minimum wage reflective of the current economic realities and the workers’ aspirations.

The PUNCH learnt that the President of the Nigeria Labour Congress, Joe Ajaero, will chair the meeting in the North-East taking place in Yola, the Adamawa State capital.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, will preside over the South-West hearing taking place in Lagos.

President Bola Tinubu through his deputy, Kashim Shettima, on January 30, 2024, inaugurated a 37-member panel on the new minimum wage at the Council Chamber of the State House in Abuja.

With its membership cutting across the federal and state governments, the private sector, and labour, the panel is to recommend a new national minimum wage for the country on or before April 1 following the expiration of the current N30,000 minimum wage as provided by the law.

Though the tripartite committee met a few times in Abuja, it has yet to deliberate on any figure for the minimum wage.

However, the President of the NLC, Ajaero, in an interview on Arise TV on February 11, stated that if the ongoing inflation continued unabated, organised labour might push for a new minimum wage of up to N1m for Nigerian workers.

Ajaero said the demand from organised labour would be influenced by the cost of living which has been increasing since President Bola Tinubu assumed office, notably due to the removal of the fuel subsidy and other policies.

He said, “This N1m may be relevant if the value of the naira continues to depreciate; if the inflation continues unchecked because the demand of labour is equally dependent on what is happening in the society.

“You will remember that by the time we were contemplating N200,000 (as minimum wage), the exchange rate was about N800/N900 (to a dollar). As we talk today, the exchange rate is about N1,400 or even more.

“Those are the issues that determine the demand and it is equally affecting the cost of living. And we have always said that our demand will be based on the cost of living index. You will agree with me today that even a bag of rice is going for about N60,000/N70,000 or more.

“A bag of locally produced corn is about N56,000 or more. Foodstuff is getting out of reach, now are we going to get a minimum wage that will not be enough for transportation even for one week?’’


States’ proposals

However, speaking in an interview with The PUNCH on Wednesday, a top official of the NLC said organised labour would insist on any amount slightly above N500,000 as minimum wage based on the analysis of proposals got from state chapters.

The official, who spoke in confidence because he was not authorised to speak to the media on the negotiation, explained that the cost-of-living analysis carried out in states was N900,000.

“In reality, what they gave us from the states when we deflate inconsistencies is over N500,000, as the cost of living of an average family of six to meet their basic needs, for an average family to survive.

“But we know that when NLC deflates it taking into consideration some of the things we think are padded, it will come to around slightly over N500,000,” he said.

He added, “ The NLC has done some scientific research on these parameters and the N30,000 that was paid. If you divide N30,000 in the last five years considering what that amount can purchase now, and how much a worker is to earn to buy the same thing, that’s nearly about N300,000 for that same amount.”

He, however, said the NLC’s demand would depend on the proposals submitted to its headquarters from state and local government chapters.

“So, the reality is that the NLC will not ask for a national minimum wage that would be less than what the people from all the local governments in Nigeria have given us.’’

The official confirmed that Ajaero would preside over the hearing in Yola, the capital of Adamawa state.

He said, “There will be a zonal public hearing on the National minimum wage in all six geopolitical zones simultaneously on Thursday (today).

“The president of Nigeria Labour Congress, Joe Ajaero, is the chairman of the meeting in the North-East taking place in Yola; there is also a meeting in the South-West, South-East, and South-South in Port Harcourt, Lagos, Abuja, and other states.’’

According to him, the NLC state chapters do not negotiate the national minimum wage because they are not members of the tripartite committee.

Exclusive list

As the zonal public hearing takes off today, the state chapters of the Trade Union Congress in Ogun and Katsina have called for the minimum wage to be retained on the exclusive legislative list.

The Ogun State TUC Chairman, Akeem Lasisi, declined to speak on the amount being demanded as the minimum wage by his union, noting that the union’s national leadership would provide the direction in that regard.

However, he insisted that the government comply with the International Labour Organisation convention on labour remuneration.

Lasisi stated, “The national will give us the agreed amount but we are demanding that the clause in the last minimum wage that says ‘minimum wage affects only employers of labour with 50 workers should be removed.’

“It should affect everybody. Nigeria must comply with Convention 131 of the International Labour Organisation

“We are also demanding the National Minimum Wage be retained in the exclusive legislative list because a country must have a national minimum wage.

“I am submitting a memorandum at the public hearing. I want the national (TUC leadership) to give us the directive before I release it.’’

The Katsina State NLC Chairman, Husseini Hamisu, said the council would present at the public hearing.

“We have been invited and we shall be there. I will not be there but I am sending my representative I’m on my way to Abuja now for another official assignment,” he disclosed.

The state TUC chairman, Muntari Lawal, said he would make a presentation about “a befitting minimum wage for workers.”

He added, “We shall also suggest that the issue of national minimum wage be on the exclusive list.”

Speaking in the same tone, the Kwara State NLC Chairman, Muritala Olayinka, insisted that workers’ wage should be retained in the exclusive list and be determined by the Federal Government.

He disclosed that the North-Central meeting would be held in Abuja.

He argued, “There should be no difference in the salary paid to the federal and state workers because they buy food and other goods from the same market but allowances should vary from state to state.’’

The labour leader suggested that state governors ought to attend the zonal meeting of the minimum wage committee.

Warning against any delayed implementation of the envisaged new minimum wage, Olayinka stated, “We want the implementation of the minimum wage at the federal and the state levels to take off at the same time because we don’t want the state governments to complain that they don’t know what was discussed on the new minimum wage.’’

“We will also give the committee an amount of money that every category of workers would earn based on the economic reality in the country. The government should not tell us that there is no money when it comes to the turn of the workers.

“If the government has the funds to purchase vehicles of about N160m for each Senator and N130m for each member of the House of Representatives, it should not complain that there is no money when it comes to the turn of the workers,” Muritala cautioned.

Commenting on labour demand, the Sokoto State Commissioner for Information, Sambo Danchadi, said the state government had not decided whether the minimum wage should be moved to the concurrent list.

“If I have to give my personal opinion, I would have said move the minimum wage from the exclusive list to the concurrent list to allow governors of each state to determine the minimum wage of their workers.

“I’m sure if you look at it, the economy of this state cannot be compared to that of Lagos state or Rivers state. So, allowing every state to determine their wage will be a good thing,” he added.

For the Kano State Commissioner of Information, Baba Dantiye, the issue of whether the minimum wage should be moved from the exclusive list to the concurrent list has to be brought before the State Executive Council for deliberation.

“The issue has not come to the Executive Council for deliberation but as soon as a decision is taken certainly it will be made public,” Dantiye said.

The labour leaders in Kebbi, Bayelsa, Benue, Kano, Ekiti, Rivers and Delta, have also said they would be at the meeting to present their proposals.

The Kebbi state NLC Chairman, Murtala Usman, noted, “Yes, we have been contacted about the meeting. I am sure you know it is already segregated into zones and we in the North-West, ours is expected to take place in Kano.

“We will hold a meeting on who will present our demands at the meeting. I can assure you that we have gotten the invitation and already looking forward to the meeting,” he added.

The labour leaders in Benue said they would present their demands to the committee during its sitting today.

Chairmen of the state chapters of NLC and TUC, Terungwa Igbe and Gideon Akaa, spoke to The PUNCH in separate phone interviews.

But while the NLC proposed N300,000 minimum wage for workers, the TUC said N150,000 is a realistic demand.

“The meeting will be held in Abuja on Thursday; our demand as labour from Benue State is N300,000,” Igbe said.

On his part, the TUC chairman said, “We have forwarded our demands to our national headquarters in Abuja from Benue State; our demand is N150,000.

“We also demanded that the Federal Government should ensure that the exchange rate comes down and stabilize because if you demand N500,000 as minimum wage and the foreign exchange rate continues to rise, there is no sense in that.’’


Bayelsa TUC

The Bayelsa State TUC said its proposal to the minimum wage committee would not be different from the demands that the TUC representatives in the committee would make at the zonal meeting.

The state TUC chairman, Julius Laye, said, “We are invited. The zonal sitting will take place at Ibom Hall, IBB Way, Uyo, Akwa Ibom State.

“On the minimum wage, our people are still talking. They have not given us a final amount to demand. You know it’s a tripartite committee. So, for us, whatever our people who are also members of the committee table, is what we will support.”

Speaking with one of our correspondents, the Delta State TUC Chairman, Mathine Bolum said he would align with the demands made by the union’s national leadership.

His counterpart in the NLC, Goodluck Ofobruku, could not be reached for comment.

The TUC Chairman in Ekiti state, Sola Adigun, said that the labour centre in the states comprising the Southwest is strategizing for a common front.

Adigun said the TUC in the Southwest states were also making efforts to ensure that their positions at the meeting were not at variance with that of the national body of the labour union.

The TUC state chairman, however, assured that the labour body would not short-change its members in the bid to have a new national living wage

“By the grace of God, TUC Ekiti State under my leadership will be represented there to present our positions. However, like the governors are trying to synergise and come up with a common front, TUC in the Southwest wants to do likewise,” he stated.

A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, has said the looting of a government warehouse in Abuja on Sunday was a direct reflection of the level of hardship the majority of Nigerians battling currently.

The lawyer said Abuja residents who looted food items used it to pass a message to President Bola Tinubu about the economic policies of President Bola Tinubu’s administration.

Adegboruwa made this known while speaking at the Channels Television’s breakfast show, The Morning Brief, on Monday.

The human rights lawyer stated that Tinubu and his economic team have an assignment of reviewing the current economic policies to renew the survival of the majority of Nigerians.

He said, “Across all states in Nigeria presently there is a crisis of survival from the part of the people. So, it is not just this particular occurrence, a truck bearing foodstuff was randomly attacked and looted. I do not support this in any way at all because we must have an environment where we can secure lives and property.

“But it is a reflection of the fact that the economic policies of the present administration are not helping the people of the country and of course, these occurrences showcase the frustration that people are going through.”

“You know what they say that we pray that we don’t get to a position where the poor will rise up to be eating the rich. I think there is a message to the president and members of his economic team that there is a need to rejig the system in such a way that will allow for the survival of the majority of our people.”

Recall that the president removed the petrol subsidy immediately he assumed the office off Number One Citize in May.

Speaking on this, Adegboruwa said, “Effect of the fuel subsidy removal has imposed hardship on the people in terms of moving from one end to the other. And of course, factories are closing down, there is high unemployment, cost of living is very high whilst the earning capacity remains the same or even lower.”

The Nigerian Communications Commission has confirmed that telecom operators have barred all Subscriber Identification Modules (SIMs) which have yet to be linked to their owners’ National Identity Numbers (NINs).

NCC had last week given the operators the go-ahead to block about 11.2m lines whose owners had failed to link them with their NINs.

The commission’s directive followed the expiration of the months long ultimatum given last year to telecom customers to link their SIMs with their NINs before February 28.

But speaking on Monday, the Commission’s Spokesman, Reuben Mouka, said those subscribers disconnected were not serious about their NIN- SIM linkage.

Mouka who disclosed this during a Channels Television interview on Monday noted that the primary objective of the policy is to boost security and national planning.

“It will be difficult to place a hand on the actual number of phone lines that have been barred. But take it that everybody who has not submitted NIN to service providers has been barred.

“The service providers started barring subscribers many days before the deadline.

“We are expecting to do an audit on that before the end of the week because the service providers ought to send in data of the subscribers barred.

“The process is to have an identity attached to a SIM. One of the benefits of SIM registration is to have a digital identity. The Nigerian government is very serious about having NIN as managed by NIMC. The idea is to ensure that we have those together. Some objectives, if you remember, are security and national planning. Also includes Know your customer’s details,” he said.

The Federal Government has threatened to sanction foreign airlines that fail to comply with the directive to release low inventory tickets within weeks.

The Nigerian Civil Aviation Authority had met with airline operators, the NCAA, foreign airlines, and the National Association of Nigeria Travel Agencies in Abuja last week where the directive was handed down.

During the meeting, the foreign airlines pledged to enhance transparency in air ticketing processes by releasing low inventory tickets, making them significantly more affordable for the Nigerian middle class.

This followed the release by the Federal Government of part of the $700m trapped air ticket funds to foreign airlines.


However, findings by Sunday PUNCH showed that not all the foreign airlines had complied with the directive.

The Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, said in an exclusive with Sunday PUNCH that defaulting airlines risked sanctions.

The NCAA public affairs director stated in an interview with one of our correspondents on Saturday, “The meeting between the NCAA and the foreign airlines had NANTA present.


“They confirmed the opening of those low inventory tickets. During our discussions with the airlines, we allowed them into the meeting one after the other and some claimed that in their agencies, low inventories were opened.

“We had NANTA confirm this in the meeting and discovered that some of the airlines were not being truthful about it. Consequently, we instructed them to open those low-inventory tickets.

“A majority of them are reported to have complied by opening low-inventory tickets. For those that are yet to do so, we have given them a week or thereabout. I will need to check with the chairman to confirm the exact number of weeks given to them to comply.

“Within the scope of the NCAA, there will be sanctions applicable to airlines that do not comply with these directives. We made that very clear. However, I need to confirm the deadline to comply with the committee.”

Investigations by Sunday PUNCH showed that airlines had initiated the release of low-inventory tickets, however, there are concerns as certain carriers have yet to offer their lowest inventory tickets.

Airline operators, who spoke to Sunday PUNCH, confirmed that the NCAA directive had not fully expanded the availability of economy-class tickets.

A reliable source in the industry told our correspondent that some of the airline operators were yet to fully open up the lowest inventory tickets, which cater significantly to the Nigerian middle class.


The source claimed that some of the operators withheld the lowest inventory tickets in a move to compel Nigerians to utilise their dollar cards to purchase air tickets.

“Some airlines did a partial opening, meaning that they didn’t release all of the low-inventory tickets. For example, if they have 10 economy class tickets with different fares, they will release around five,” the source revealed.

The Director-General of the NCAA, Chris Najomo, had called out Air France for non-compliance with the directive.

In response to this, Najomo set up a 10-member committee chaired by the Director of Special Duties at the NCAA, Horatius Egua.

The committee’s primary task is to oversee the full compliance by foreign airlines with the government directive regarding the unblocking of low-inventory tickets.

The committee is expected to propose suitable pricing strategies for tickets in Nigeria compared to other markets in the West African sub-region.

The President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokoma, confirmed to Sunday PUNCH that some airlines had chosen to open their low-inventory tickets, while others were yet to follow suit.


The AFARN president believes this move will benefit everyone, as airline operators navigate market dynamics and competition by strategising accordingly

Nwokoma stated that making decisions for airlines was challenging due to numerous variables that needed consideration.

According to him, the decisions by the airlines to open up inventory involve evaluating both commercial and technical aspects to determine the most suitable course of action.

The AFARN president explained that the increase in ticket prices was attributed to the high exchange rate and the challenge of accessing trapped funds.

He added that airlines were keen to recover these funds.

Nwokoma emphasized the ongoing conversations between the foreign airlines and the NCAA, shedding light on the complexities involved.

“The foreign airlines are having a conversation with the NCAA. So I’m sure as soon as that is sorted, they will look at all the dynamics,” he said.


Nwokoma added that it was important to resolve regulatory matters before proceeding with ticket releases, underscoring the need for alignment between industry stakeholders and regulatory bodies.

Regarding the timeline for the release of low-inventory tickets, he expressed uncertainty, noting, “It is ongoing; we can’t give any timeframe as to when the release of low-inventory tickets will start.”

Price checks by our correspondents revealed significant discrepancies in ticket prices. While some tickets are sold at over N1m, others exceed N3m.

A round-trip economy class ticket from Lagos to London with Air France costs N2,482,138, while for Lufthansa, it is priced at N1,966,165. Qatar Airways offers the same ticket for N2,016,824, and KLM prices it at N2,448,740.

For the Lagos to New York route on Qatar Airways, the cost is N2,982,049. Meanwhile, KLM charges N3,158,314; Air France prices it at N3,148,308; and United Airlines lists it at N3,193,185. Delta Air Lines offers the ticket for N3,310,097.

The Lagos to London flight with Kenya Airways attracts N1,258,857. Asky Airlines prices it at N1,572,617, while Qatar Airways charges N1,639,602.

From Lagos to Canada, Delta Air Lines economy tickets cost N1,982,017. United Airlines charges N3,188,672; Qatar Airways, N2,511,041; and Air France, N2,660,376.

Nigerian passengers are grappling with challenges stemming from fluctuating exchange rates, resulting in increased travel costs and unpredictability.

The surge in Jet A1 fuel price further compounds the issue, with airfares across various airlines experiencing an increase in recent weeks.

The airlines have voiced their concerns about the detrimental impact of these factors on their operations, urging the government to intervene to avert the potential collapse of some of the carriers.

The President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, told Sunday PUNCH that the non-release of the low-inventory tickets was due to the problem of high foreign exchange rates.

Akporiaye said there was no need for the airlines to block the lower inventory tickets anymore as the prices were becoming exorbitant.

She stated, “Before the release of inventory, the economy-class ticket was going for N6m; that’s why you can see tickets priced at less than N2m. We can obtain fares as cheap as we used to before because of the exchange rate when it was $1/N400.

“Due to the reopening of the inventory, passengers can still purchase tickets at the rate of N1.6m and N1.8m, as opposed to what we used to have before.”

An agent at Travel and Tours Limited, Maureen Chimaobi, expressed the hope that all airlines would comply with Nigerian authorities by opening up their low-inventory tickets.

She told Sunday PUNCH that the tickets might not always be available on airlines’ websites, with some airlines selling them to IATA agents at a lower cost.

Chimaobi stated that occasionally, these tickets can be found on the airline’s website.

She added that despite this availability, the prices remained high due to the exchange rate.

Another travel agent, Effiom Martins, said there were persistent high costs of airfares.

“As of yesterday (Friday), ticket prices remained exorbitant, even doubling in some cases, compared to just two weeks ago,” he said.


Martins emphasized that exchange rates played a significant role in determining ticket prices, but lamented the lack of immediate action by airlines following the directive by the NCAA.

He expressed frustration over the opacity of airline policies, noting the absence of clear communication regarding plans to lower fares.

“The foreign airlines won’t even give some of us any information on plans to reduce airfares. It will just be shown on their websites. Yesterday’s airfares and today’s fares are still the same,” Martins added.

An agent with Untamed Travels and Tours, Adediran Adewale, disputed claims of inventory release by the international airlines, labelling it “a capital lie.”

He pointed out pricing disparities, particularly with airlines like British Airways selling tickets in dollars for passengers in Nigeria.

Adewale criticised Turkish Airlines for selective inventory release and the cessation of commission for agents, which he noted was adversely affecting travel businesses. He emphasized the unequal treatment faced by Nigerian travellers, citing restrictive baggage allowances and pricing schemes.

A Travel Agent at T & T Concierge Services, Juliet Abah, acknowledged partial inventory releases by some airlines like Lufthansa and Virgin Air but lamented the lack of action from others such as KLM and Air France.

“Not all but some airlines have released cheaper classes of seats. The likes of Lufthansa, Virgin Air, KLM and Air France have yet to do the same,” Abah stated.

She highlighted the intricacies of fare determination, citing fluctuations in IATA dollar rates and disparities between Nigerian and international markets.

One of the biggest tasks currently before the Minister of Aviation and Aerospace Development, Festus Keyamo, is to ensure that more airlines do not suspend their operations from the Nigerian market.

Recently, the Chairman of United Nigeria Airlines, Obiora Okonkwo, expressed worry that operators were on the brink of collapse as operating costs continued to worsen, especially due to the high cost of aviation fuel, which is currently sold at N1,300 per litre.

Okonkwo stated, “A Nigerian airline may meet their terms and all the standard criteria, but the aircraft owners consider country risk above other factors. Country risk supersedes everything and lessors have their obligations. So, there is nothing personal.

“Some airlines deposited money with the Central Bank of Nigeria, but they cannot provide us the needed dollars.

“We are not only faced with the problem of scarcity of dollars; even the aviation ecosystem is feeling the heat. Handling companies have increased the cost of their services, airports have increased their charges and those that service the aircraft have also increased the cost of their services.

“The funds for these payments are coming from the passengers who are already exhausted financially.”

Earlier, the Chief Executive Officer of Centurion Security Limited, Captain John Ojikutu, said aviation fuel accounted for approximately 60 per cent of airlines’ operational costs.

He highlighted the need for Nigeria to resume producing aviation fuel, as it did in the past, to alleviate the ongoing impact on both operators and passengers.

“Fuel plays a crucial role in commercial aviation. Could you provide information on the fuel prices in 1999 and the current rates? In the mid-1990s, fuel refining occurred in Nigeria, but for over two decades, we’ve been importing fuel, which is now impacting ticket prices,” Ojikutu stated.

He said it was challenging for airlines to continue to pay in dollars while they collect naira from travellers.

The Federal Government holds the highest amount of airline-trapped funds in the world, with over 27 foreign carriers operating in the country, according to the International Air Transport Association.

Dangote Refinery has ramped up its stock of imported crude oil from the United States as a second cargo as a second shipment of US light sweet crude oil was headed to Nigeria on Friday for delivery to the refinery, according to a trader and ship tracking data.

This is coming as indications emerged at the weekend that Nigeria’s efforts to raise crude oil production continued to yield results during the February circle, with output for the month rising by approximately 60,000bpd during the month.

Reuters reported that the vessel, Otis, which loaded about 850,000 barrels of WTI Midland in Houston last week, was signaling Lekki in Nigeria as its destination, according to Kpler and LSEG ship tracking.

It was estimated to reach the country around mid-March.

The vessel was chartered by Vitol, according to data sources and a trader.

The first shipment of two million barrels of US crude on the very large crude carrier, Gem No. 1, also chartered by Vitol, was nearing Nigeria and is expected to discharge next week.

The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital, Lagos, by the continent’s richest man, Aliko Dangote.

The refinery began buying crude in December last year and The Nigerian National Petroleum Corporation Ltd (NNPCL) has been the main supplier.

The refinery had issued tenders to sell two fuel cargoes for export, a tender document showed and trading sources with knowledge of the matter told Reuters earlier this month.

Bloomberg had in January this year reported that Trafigura Group sold two million barrels of WTI Midland to Dangote Refinery for end-February delivery.

This is the first time that the giant refinery has purchased non-Nigerian crude, traders said.

Trafigura is a multinational commodity trading company headquartered in Singapore, with major hubs in various locations, including Geneva, Houston, Montevideo and Mumbai.

Jaafar Jaafar, publisher and social commentator, has accused Governor Abba Kabir Yusuf of Kano State of refusing to meet with his aides on important matters.

In a series of posts on Friday, Jaafar claimed that former Commander General of Hisbah, Aminu Ibrahim Daurawa, attempted to address the issue of arrested Tik Toker, Murja Kunya, with the governor but was denied in-person and phone consultations.

Jaafar further alleged that the governor was involved in the unlawful release of Murja from prison.

He said, “Since the governor did not give those close to him a chance to give him advice, then the it is necessary to everyone who is passionate about Kano to tell him the truth.

“Dear Governor of Kano, Abba K. Yusuf, please correct your relationship with your advisers and those who hold government positions.

“What we are hearing is that a commissioner would be wanting to see the governor for an important matter for months but he could not see or talk to the governor on the phone. This is not right, because you can’t do it alone.

“My research shows that Mallam Daurawa tried to see the governor to discuss on Murja Kunya case but the governor did not give him a chance. He tried to explain to him over the phone, but it also failed.

“The governor’s public criticism of the Hisbah, is a self-inflicted attack for criticizing his own government.

“People have reason for saying the governor’s silence regarding Hisbah’s earlier arrests of individuals deemed to be promoting immorality, compared to his vocal criticism after Murja Kunya was arrested, suggests his motivations are selective.

“Anyone with sound judgment understands the governor’s (not the government’s) clear involvement in Murja Kunya’s unlawful release from prison.

“A few months ago we were going crazy because there was an attempt to remove your government against the law, but unfortunately you also violated the law because of this girl.

“The recipe to losing popularity as a leader is putting your interest on a collision course with public interest. Governor Yusuf should not take this for granted.”

Sanusi Bature, spokesman of the governor, neither responded to calls nor text messages as of the time of filing this report.

According to Financial Times (FT), a UK-based business news outlet, the passports of the unnamed Binance executives were seized.

FT gathered that the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but were detained with their passports seized.

Officials did not provide details on why the Binance employees are being detained and it remains unclear on whether they have been charged with any violations of Nigerian law.

The Nation reported last week Federal Government blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others were also blocked.

The Central Bank of Nigeria (CBN) on Tuesday raised concerns over $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.

CBN Governor, Olayemi Cardoso, expressed worries over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.

“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he stated.

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum products unless deliberate efforts are made to increase investments and crude production in the sector.

Lokpobiri said unless the country ramped up production by handing over its oil wells to capable investors, the refineries would not get enough feedstock to produce enough oil, even for local consumption.

On January 12, the Dangote refinery announced that it had begun the production of both diesel and aviation fuel.

The Dangote refinery, a subsidiary of Dangote Industries Limited, is a 650,000 barrels per day crude oil refinery, located in Dangote Industries Free Zone, Ibeju-Lekki, Lagos, Nigeria

As of January, it was said that the facility had received six shipments of one million barrels each of crude oil from the Nigerian National Petroleum Company Limited.

Recently, Shell Nigeria Plc said it had completed the supply of 450,000 barrels of crude oil to the newly rehabilitated Port Harcourt refinery.

However, both the major and independent marketers said they had yet to receive refined products from any of the refineries as the NNPCL continues importation of fuel with scarce foreign exchange.

Speaking at the seventh edition of the Nigeria International Energy Summit held in Abuja on Tuesday, the minister said the Dangote refinery alone would need up to 650,000 barrels of crude oil daily, while the government-owned ones would gut about 450,000 barrels too.

According to him, Nigeria has in the last five years slowed down investments, saying “We are the lowest in the world, if you talk of investment to reserves ratio, Nigeria is 25 per cent. Nigeria is the least in the world. Between 2017 and 2022, if you look at the figures, Nigeria’s investments compared to our reserves is 25 per cent. There is something we are not doing right.”

He lamented that many oil wells have been left idle even in the face of dwindling crude production.

“We need to ramp up production, there are so many idle wells that we can give to the right people. We need to ramp up production in the upstream, so that the midstream and the downstream can also be successful. We need to increase our production in the upstream so that we will be able to produce the right quantity that will service our obligations, both locally and internationally.

“Dangote Refinery needs about 650,000 barrels a day; we are rehabilitating our government-owned refineries which may need about 400,000bpd. We have a couple of modular refineries coming up. On the whole, we need to ramp up production so that we will be able to meet our domestic needs and to guarantee energy security,” Lopkobiri explained.

He held that unless the country made the investments, the proposed transition from fossil fuel to gas would also be a mirage.

The oil minister opined that Nigeria does not need to import fuel, expressing concerns that the bulk of the country’s foreign exchange goes into fuel importation.

“We must find a solution to our forex problem. Nigeria has no need importing fuel. We should free our scarce forex for other sectors of the economy. I am aware that the bulk of our forex goes to the importation of refined oil products. But now, we are rehabilitating our own refineries, which will come into full operation by the end of this year.

“Port Harcourt refinery’s first phase has started; Warri refinery is about to be completed between now and the next two months, Kaduna will come; all will be rehabilitated this year. Even after rehabilitation, if we do not ramp up production, if we do not get the right investment, we won’t be able to get the feedstock,” he said.

The former Senator noted that Nigeria suffers energy poverty despite its abundance of oil and gas reserves, which he said had not translated to economic prosperity like in the Middle East.

“We need to unravel what other climes have done to bring economic prosperity to their nations that we have not done. If you have reserves underground and you don’t bring them out, they won’t translate to anything.

“We need to give it to those who have the proven capacity to explore oil and gas for the benefit of Nigerians and the global energy landscape. In the past, the allocation of blocks was politicised. The easiest way to guarantee energy security is to get the right investment,” the minister added.

Speaking on energy transition, Lokpobiri joined the Organisation of the Petroleum Exporting Countries to reject the call to stop investing in fossil fuels.

According to him, the West is asking Africa to stop investing in fossil fuels while it is not slowing down the same fossil fuel investment.

“We will transit at our own pace. Our target is to explore these resources in a more environmentally friendly way. We are not stopping it, we need the money to be able to transit, and for us to transit, we must get the right investments,” he said.

A Nigerian migrant identified as Jonathan A residing in Germany is exploiting the German immigration law to earn approximately €22,000 in monthly child support for the 24 children he claims to father.

He led an extravagant lifestyle on social media.

Considered poor and “destitute” by German authorities which pays thousands of euros every month to support his so-called 24 children, Mr Jonathan leads a lavish life on Instagram and TikTok where he constantly flaunts his fleet of expensive cars and goes by the username, Mr Cash Money, according to an investigative report by ARD-Kontraste and Rbb24-Recherche.

The German immigration law allows children of its citizens to receive automatic citizenship whether or not they resided in Germany. The law also recognises the mothers and close relatives of these children as citizens.

Mr Jonathan has already racked up the number of his dependents to 94 persons including his 24 children, their mothers and close relations giving them easy access to the foreign citizenship which entitles him to a minimum of $22,500 to care for them. The Nigerian migrant still has two additional applications underway for children he claims to father.

But the report titled “fake fathers” found out that many people like Mr Jonathan receive payments from the so-called mothers, as fees to file for their citizenship, as a gateway to a better life loaded with benefits for their children and opportunity to live legally in Germany.

“Sham paternity is about allowing people who actually have no prospects of staying in Germany to stay in Germany,” Axel Boshamer, an immigration officer told ARD-Kontraste and Rbb24-Recherche.

“These people are willing to pay money for this, usually to the person who takes on the fictitious paternity.”

He stressed that many women from West African countries were taking advantage of the porous law to occupy North Rhine-Westphalia.

Andreas Keppke, who co-wrote the report, told the media that Mr Jonathan alone benefited over a million euros from taxpayers’ money from the German government.

“This man alone costs significantly more for the social security system than €1.5 million per year,” Remix News cited Mr Keppke as saying.

The German immigration law holds no sanction or punishment for persons who lie about fathering children just to obtain citizenship. Lying about paternity was not in any way considered a criminal offence.

Also, the fact that Germany lacked a central civil status register as a measure to protect the data and privacy rights of citizens, has been abused and now caused paternity fraud to thrive.

Certifying entities such as consular officials, registries, youth welfare offices have no way to verify the number of children an applicant has previously acknowledged before paternity is approved for new ones.

The nation’s ministry of justice has reacted swiftly to the report published on February 22 and was already preparing a draft law to deter other paternity abusers.

Presidential Candidate of Labour Party in the 2023 elections, Peter Obi, has accused the Independent National Electoral Commission (INEC) of deceiving Nigerians with report of the poll released earlier on Friday.

In the 526-page report of the 2023 elections, formally released ahead of the first anniversary of the election, INEC explained why the IREV failed to upload the presidential results despite the seamless working of the bimodal voter accreditation system (BVAS).

The commission attributed the challenge to technical glitches, which was, however resolved and that this did not in any way affect the credibility of the elections.

Obi, who spoke to Daily Trust through Dr Yunusa Tanko, the Chief Spokesperson, Obi-Datti Campaign Committee, described the report as medicine after death.

“I think the INEC report is medicine after death. The truth about it is that if I didn’t mean that INEC actually deal with this issue as it happened during the election, possibly Nigerians will have believed and trusted this particular report.”

“But here we are, the report of the INEC which signifies that the IREV refused to function or been uploaded during the election is false. Considering the fact that there were three elections that happened on that day, the Federal House of Representatives, the Senate, and the result was uploaded and there was no issue.

“Why must there be issue as regard to the presidential election? So totally for us is deceit, disdain for the people and is trying to promote an indecency,” he said.

He lamented that unfortunately everyone knew when INEC gave a written document, citing that they would not agree with any result that is not posted on the IREV.

“It is documented and everybody saw it. But then this is the same INEC who went again to the Supreme Court citing that they had an authority to collate the result manually and it was stamped on authority on illegality by our judiciary.

“And you want to convince me that that particular issue of glitch was not done deliberately? The truth is that nobody was arrested. Somebody ought to have been arrested who has been saddled with that responsibility.

“And if he is saddled with the responsibility, he must be held responsible and account for why the glitches occur.

“And even if there was a glitch, it’s just like your network taking off. It shouldn’t take up to a whole day. A few seconds it is off, three seconds it is back. Why was the server not back or why is the glitch not resolved?

“So for me and many of us, this is totally unacceptable. The report is deceitful to the Nigerian people. Our electoral Act and electoral law must be revisited to give clarity as regard to the process of our election.

“We don’t want to give any lacuna to any of our election process and give room for the judiciary only to decide who wins election. Election should be done and dusted at the polling units,” he said.

By Rilwan Muhammad


Naira continued its free fall with the exchange rate plummeting to over N1,500 and above N1,800 against dollar at the official and parallel market respectively on Tuesday, despite efforts by the federal government to arrest the trend.

The situation is negatively impacting on the country’s economy and subjecting millions into hardship owing to soaring prices of commodities.

In a bid to improve liquidity, boost investors’ confidence and stabilise the Nigerian forex market, the Central Bank of Nigeria (CBN), on June 14, 2023, liberalised the naira through a free-floating policy which allows demand and supply forces to determine the value of the currency.

The decision, instead of yielding positive results, saw the country’s currency losing more value against dollar and other foreign currencies, plunging the economy into deeper crisis and pushing more Nigerians into poverty.

To save the naira, the CBN has taken some measures all of which have failed so far. From obtaining loan to stabilise the local currency to issuing threats to speculators and repeated raids of Bureau de Change offices by the Economic and Financial Crimes Commission (EFCC), all the efforts have defied lasting solutions.


Injection of millions of dollars into banks

In an effort to lessen the pressure on the country’s exchange rate and attract investors, the CBN in 2022, injected the sum of $17.81bn into the inter-bank foreign exchange market in addition to the $16.55bn it committed in 2021.

In January 2024, the Apex Bank injected about $61.64 million to offset debts owed to foreign airlines through various banks. This was in its bid to clear the backlog of pending matured foreign exchange (FX) in Deposit Money Banks (DMBs).

The CBN had also paid approximately $2billion as part of efforts to clear the backlog of outstanding foreign exchange liabilities across various sectors.

The apex bank also infused $500 million into the forex market in January 2024, to “address fundamental issues hindering the effective operation of the Nigerian FX markets to boost investor confidence and attract foreign investment,” said Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN.

President Bola Ahmed Tinubu on Tuesday in Abuja at the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) disclosed plan to raise $10 billion to increase foreign exchange liquidity to stabilise the naira and grow the economy.

The Vice President Kashim Shettima, who represented the President at the function, said in a statement by his spokesperson, Stanley Nkwocha, that “The Federal Government set a goal to raise at least $10 Billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the Naira and grow the economy.”

Despite all the injections, the naira keeps losing value.


Raids on Bureau de Change Offices

In July, 2022, the operatives of the Economic and Financial Crimes Commission (EFCC) stormed a base of Bureau De Change operators in Wuse Zone 4 in Abuja, to dislodge speculators who were reportedly mopping up foreign currencies and contributing to depreciation of the naira.

In November 2022, the anti-graft agency launched another raid on Wapa forex market in Kano where it arrested at least eight BDC operators. But few days after the raid, as confirmed by some of the marketers, the dollar rose against the naira at the market.

In August 2023, the Joint Monitoring Task Force and the Aviation Security Crime Investigation and Intelligence Unit of the Federal Airports Authority of Nigeria arrested 21 persons among whom were “illegal foreign exchange dealers.”

In what appeared to be a renewed effort to stabilise the naira, the EFCC again clamped down on unlicensed BDC operators in Abuja, Kano and Lagos on Tuesday.

The operations were at the behest of the National Security Adviser, Nuhu Ribadu, who in a statement on Tuesday by Zakari Mijinyawa, the head of strategic communication in the office of the NSA, said the meausre is to safeguard Nigeria’s foreign exchange market and combat activities of speculators, both domestic and international, who operate through various channels.

“To reduce the pressure on the naira, the EFCC raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

“Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market. The ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.

“This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force, the EFCC, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

“The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market,” the statement read in part.

Hours after the raid and the arrests of “some speculators,” the naira plummeted further to N1,900/$. However, at the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM).


CBN threat to speculators

The CBN in August 2023 warned speculators that its strategies and plans, once unveiled, would result in huge losses on their side while impacting positively on the forex market. In October 2023, the naira appreciated, gaining N175/$ at the parallel market. But the gain was short-lived as the dollar recovered and even gained more strength against the naira.


NNPC’s $3bn loan from AFREXIM

The Nigerian National Petroleum Company Limited (NNPCL) in August 2023 moved to obtain $3bn Emergency Crude Repayment Loan from the African Export-Import Bank (AFREXIM) to support the Federal Government in stabilising the naira and achieve other fiscal and monetary goals.

With the announcement of the commitment to secure the loan, Naira appreciated at the official Investors and Exporters’ (I&E) forex window and the parallel market, with a significant gain of N60 as the naira strengthened from N940/$ to N880/$.

However, as the deal dragged feet, Naira continued to depreciate against dollar at the market, weakening to between N920 and N925/$ at the black market as of then.

As the government’s attempts at steadying the naira failed to yield the desired results, doubts continue to trail the measures of the government to shore up the country’s faltering currency.


Experts warn against raid, others

Some experts who spoke to Daily Trust described the move as faulty, saying there are better ways to address the volatility.

An economist, Dr Oluseye Ajuwon, told Daily Trust that clamping down on BDC operators was not the solution to the foreign exchange crisis.

Ajuwon, a lecturer at the Department of Economics, University of Lagos, said the raid would only compound the problem.

He said, “There are some kinds of forex demands that you cannot go to banks to do. You have to resort to all these BDCs. The way they (the government) are going about it now is like pushing them into a darker place.

“The implication of that is that it would now become more expensive. I don’t see it solving any problem. Rather, it would compound the problem.

“What will create hoarding is if there is scarcity. If you can’t remove scarcity, there will be hoarding. If we really want to solve the problem, just remove the scarcity.

“Everything they (government) are doing now is a short-time measure. What they are doing now is trial and error and the way they are going about it is wrong.”

An Abuja-based think tank, Agora Policy, in a report titled ‘Steadying Nigeria’s Fledgling Foreign Exchange Reform’, urged the government to embrace a new policy to stabilise the market.

According to the body’s financial analyst, Wale Thompson, forex and monetary policies should be part of a comprehensive economic plan where the exchange rate serves as a tool for export diversification and for attracting capital flows to foster overall development.

“The long-stated objective of Nigeria’s policymakers is to diversify its export base which, given Nigeria’s labour abundance, distils to ensuring that industrial activity is geared towards the production of exportable goods that use a lot of low-skilled labour that is abundant in Nigeria.

“To ensure export competitiveness of these non-oil exports, exchange rate policies must look to deliver an extra layer of competitiveness to export prices in a form that favours domestic industries,” the analyst added.

PZ Cussons Nigeria is facing possibly its biggest existential problem since setting foot in the country 125 years ago after Nigeria’s harrowing foreign exchange crisis plunged the country deeper into troubled waters.

The local unit of British healthcare products and consumer goods giant PZ Cussons Plc slipped into a negative net asset position after a free fall in the value of the naira eroded earnings and wiped out its shareholders’ fund in its entirety.

Negative net asset is a financial condition whereby a company’s total liabilities exceed its total assets.

PZ Cussons Nigeria is the maker of formidable brands, including King’s Vegetable Oil, Mamador, Morning Fresh, Premier Cool, Joy Soap and Robb.

Nigeria is the biggest and most diverse single market of PZ Cussons, which has footprints in North America, Asia-Pacific, Europe and other parts of Africa.

“The ongoing depreciation of the Naira and decrease in volumes of approximately 6% overall resulted in an operating loss of ₦73.8 billion for the first 6 months of the 2023/2024 financial year,” the company said in a Tuesday regulatory filing.

“In addition, the Company had a foreign exchange loss of ₦87.0 billion on our foreign currency-denominated trade obligations, negatively impacting our operating result.”

The development is the latest woe to multinational operations in corporate Nigeria where a protracted currency crisis has caused a raft of foreign companies to flee and is pushing several others to the brink.

Rivals P&G and GSK exited the country last year after a crushing blow from foreign exchange losses, while Unilever was forced to shrink its product mix as a hard measure to keep its operations going.

Unilever is resorting to local sourcing of close substitutes of some imported raw materials to weather the currency volatility storm, while Nestle is ramping up its reliance on local raw materials to beat foreign exchange pressures but that didn’t stop it from reporting a massive loss in the nine months to September.

In its recently issued financial report for 2023, the country’s oldest and biggest beer-maker Nigerian Breweries, backed by Heineken, incurred a record loss of N145 billion for the year after a net loss on foreign exchange transactions of N153.3 billion.

The local currency has dropped by roughly 70 percent against the dollar since June 2023 when a series of far-reaching foreign exchange reforms were introduced to enable the currency market to trade more freely.

Naira shed 50 per cent of its value last year, making it one of the worst-performing currencies in the world and making 2023 a problematic period for PZ Cussons Nigeria, whose liabilities are dominated by foreign currency-denominated borrowings from its parent company and related parties.

Loss for the six months to November 2023 soared more than eleven times to -N74.1 billion, according to its unaudited earnings report for the period.

While total assets stood at N154.8 billion, total liabilities came to N178 billion. Shareholders fund is now in the red, estimated at -N23.2 billion.

“Our payables denominated in foreign currencies have increased significantly in recent years, primarily as a result of our inability to source foreign currency to repay our suppliers and other providers of credit,” the company said.

The company has summoned shareholders to an extraordinary general meeting to be held on 13 March to discuss the issue.

PZ Cussons is in the middle of going private after its core shareholder, PZ Cussons (Holdings) Limited, offered to buy out minority shareholders at the sum of N24.4 billion (N23 per share).

“If they have a lot of borrowings and payables in foreign currencies, it is going to be an issue,” Folorunso Adeleye, a chartered accountant and team lead internal audit and compliance at Lagos-based commercial and variable data printing company Superflux, told PREMIUM TIMES.

“If the problem is as a result of those loans, it means there is not much problem because the moment the exchange rate improves, the value of the loan will come down (in naira terms). If their revenue is poor and they have a lot of receivables, there will be problems.”

Solomon Dalung, Minister of Youths and Sports Development in the first term of President Bola Tinubu, has told President Bola Tinubu to perform what he described as his “Lagos miracles”.

Tinubu was the governor of Lagos State from 1999 to 2007.

During his campaign for the highest office in the land, Tinubu emphasised that he built Lagos to a model for good governance, infrastructure renewal and innovation and asked that he should be given the chance to replicate such in Nigeria.

However, policies introduced by the president have not addressed the needs of Nigerians, but plunged the country into further hardship in some instances.

This, some of Tinubu’s allies have blamed on the past. Recently, Senator Gbenga Daniel, a chieftain of the ruling All Progressives Congress (APC), said Tinubu inherited a dead economy.

But in a series of posts via social media, the former minister described attempts by the President Tinubu-led administration to consistently blame Buhari for Nigeria’s economic challenges, as hypocritical.

Dalung said if Tinubu’s administration devoted the same resources and effort used during elections and tribunals to tackle security and economic issues, significant improvements would have been achieved.

According to him, blaming Buhari for economic woes wouldn’t alleviate the hardships faced by the people.

While acknowledging Buhari’s failure to fulfill the “change” promise, Dalung maintained that the responsibility for Nigeria’s economic woes lies with Tinubu’s government due to its reckless policies.

He wrote: “Blaming #MBuhari for economic woes cannot address the economic situation confronting the people? Can bulk trading be the only solution for #officialABAT & his economic team? The pregnant situation deserves urgent prescriptions. Hunger & high cost of living is at unbearable level.

“The attempt to change narratives of #officialABAT from “don’t pity me, I look for the job and got it” to blaming Buhari by #BwalaDaniel #aonanuga1956 & Co travellers is uncharitable hypocrisy, #officialABAT knew all these problems, yet “he snatched power and run away with it.

“An empty stomach does not listen to the voice of the gospel, the echoes of concerns especially traditional rulers cannot be ignored. I lean my voice to it, #officialABAT hunger is a recipe for disaster, can you sit back at home and engage broadly if your wisdom cannot provide solutions?

“If #officialABAT deploys the same energy, knowledge, tactics & money during elections & tribunal to deal with Nigeria’s security & economic challenges, things will change. Why has the steam suddenly changed to blaming Daura? You have snatched power, oya perform your Lagos miracles.”

The federal government has threatened the possibility of opening the borders to cement importation if Nigerian cement manufacturers refuse to play ball on cement reduction in the country.

It also said that although it is aware of the macroeconomic challenges facing the country some of the key components of producing building materials, especially cement, are locally sourced, and considers the recurring disproportionate increase in the price of cement as unacceptable and unreasonable.

Minister of Housing and Urban Development, Arc Ahmed Dangiwa, who made the declaration said key input materials for cement production such as limestone, clay, silica sand, and gypsum sourced within our borders, should not be dollar-rated.

Dangiwa made this known on Tuesday, February 20, in Abuja at an emergency meeting held with cement and building materials manufacturers.

He said the price of gas that manufacturers are using as an excuse should not be because gas is a raw material found within the country and the excuse of an increase in mining equipment should not come up because equipment bought by these manufacturers has been used for decades and not just purchased every day.

The minister said the border was closed to the importation of cement to help local manufacturers but if the government decides to open it back for mass importation, prices of cement would crash and local manufacturers would be gravely affected.

Dangiwa who called on the manufacturers to be more patriotic said BUA cement for instance has been willing and is still willing as at the last time he spoke with them to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.

The minister in response to the manufacturers said: “The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.

“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough. Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment and it takes years and you are still using it.

“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.

“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”

Earlier in his speech, Group Chief Commercial Officer, of Dangote Cement, Rabiu Umar blamed the high cost of gas and mining equipment for the hike in cement price.

He said: “It is safe to say we are all Nigerians and we are all facing the current head weight that is happening. I would like to speak on the popular belief that most of the raw materials to produce cement are available locally. While we have limestone and in some cases, we have gypsum and some cases coal, the reality is that it takes a lot of forex-related items to produce cement.

“Most of the cement plants in Nigeria use gas to produce, the gas is indexed to a dollar and it is almost half of the total cost of production. So if 50 percent of your cost of production is indexed to the dollar it means if the dollar changes then your total expenditure would change in that direction.

“For us to mine the limestone, one needs to import the mining equipment and the equipment is a substantial part of the cost of production, you have to invest in a lot of those equipment and invest in keeping them going. On the issue of the gas, we also have the issue of the quantity of gas, we are not getting enough gas to produce enough to put into the market then we talk about the price and quality of the gas because they are all related.

“Regarding what is happening at the border towns because of the devaluation of the naira it has made it a lot more attractive for people to come from neighbouring countries, with foreign exchange, buy cement and export it illegally across the border, of course, what that has done is demand has increased meaning that available stock in the country has reduced and that has put a lot of pressure on the prices.”

The minister also put the blame on the Cement Manufactures of Nigeria for not regulating the price of cement in the country because earlier, the Executive Secretary of the Association, Salako James had informed the minister that the association does not discuss or determine the price of individual companies but are only made aware of prices from the market like every Nigerian.

Dangiwa said the ministry would be setting up a committee which would be comprised of representatives of each cement manufacturer in the country, its association, and the government to fashion out modalities to resolve the problem of high price of cement in the country.

Staff on the payroll of the ruling All Progressives Congress (APC) across different departments at its national secretariat in Abuja have threatened to embark on a protest if their welfare is not taken care of amidst the economic hardship in the land.

The staff are specifically asking the party’s top echelon to make provision for their housing and other allowances, stressing that the economic situation of the country is not favourable to them.

One of them who spoke to Daily Trust on condition of anonymity said the party’s executive members have left them to suffer, while they take humongous amounts of money as salaries and allowances.

He said, though the party led by Dr Abdullahi Umar Ganduje commenced payment of N35,000 provisional wage award to them in January 2024, it would end in June, hence their demand for stable welfare packages.

But when contacted for comments, the APC National Publicity Secretary, Barrister Felix Morka, said, “Those matters I don’t really discuss them. As you can see, there are many important things to discuss; at the national level, in Edo State. We are battling with all that. So, any in-house matters are not my focus right now.”

Written by Sola Adebayo


Fresh facts have emerged how the national leadership of All Progressives Congress and other stakeholders were arm-twisted by the Presidency in the Edo governorship primary election.

Presidency and the National Working Committee of the All Progressives Congress (NWC-APC) had toed different lines over the choice of the candidate of the governing party for the forthcoming gubernatorial election in Edo State slated for September, this year.

APC had scheduled the intra-party election to pick its flag-bearer for last Saturday, amidst divergent interests by critical stakeholders from within and outside Edo State.

Loyalists of the key players in the Presidency and NWC fought dirty in Benin City, the Edo state capital, on Saturday, as they pushed for the emergence of the preferred candidate of their benefactors to fly the flag of the ruling party in the crucial off season September 18 government election.

The ill-fated primary produced “two winners” in the persons of a member of the House of Representatives, Mr. Dennis Idahosa, who represents Ovia South/West-Ovia North/East in Edo South senatorial district of the state and Senator Monday Okpebholo, who is representing Edo Central in the 10th Senate.
LEADERSHIP learnt that President Bola Ahmed Tinubu had succumbed to pressures from his chief of staff, Mr. Femi Gbajabiamila, to endorse Idahosa in the countdown to Saturday’s election.

Gbajabiamila, the major promoter of Idahosa, after securing the presidential nod, recruited a former governor of the state, Senator Adams Oshiomhole, as the arrow-head of the deal to clear all hurdles against Idahosa at the state level.

Oshiomhole later set the stage for Idahosa’s emergence in the three senatorial districts of the state.
In the emerging scenario, Oshiomhole was compelled to abandon some of his lieutenants, who had shown interest in the election and touted their relationship with him as an asset to clinch victory in the intra-party election.

Besides, some of Oshiomhole’s loyalists, including his former deputy, Chief Pius Obudu, were tactically eliminated from the race, for lacking financial muscles to prosecute the general election.

Oshiomhole reportedly persuaded some of them to drop their aspirations since they could not withstand the financial war-chest, which Gbajabiamila had promised to deploy in aid of Idahosa to clinch the highest political office in Edo state.

One of our sources in the Presidency said Gbajabiamila, peddling presidential influence, also got some front-runners in the election to back out in order to pave the way for Idahosa. He promised some of them juicy federal appointments as reward.

The source told LEADERSHIP that the party’s NWC was oblivious of the game plan by the Presidency to install Idahosa.

LEADERSHIP was told that the NWC, since it was not taken into confidence by Gbajabiamila, was working to deliver Okpebholo, who hails from Edo central, an area which has been denied governorship seat of the state since the advent of the current political dispensation in 1999.

The tenure Prof. Oserheimen Osunbor, an indigene of the area, who was inaugurated on May 29, 2007, to succeed Chief Lucky Igbinedion (Edo South), was cut short by judicial pronouncement on November 11, 2008.
Osunbor’s fate paved the way for Oshiomhole’s (Edo North) governorship till 2016, and he was succeeded by the incumbent Governor Godwin Obaseki, also from Edo South.

The Abdullahi Ganduje-led NWC was working on the permutation that it would only be fair to accord Edo central the deserving opportunity, more so that Obaseki was planning to pick his successor from the zone, on the banner of the Peoples Democratic Party (PDP).

This, in the wisdom of Ganduje and his colleagues in the NWC, would engender healthy competition between two frontline political parties in the general election.
It was also gathered that Senate President Godswill Akpabio, in a bid to push Okpebholo through, also dropped the name of President Tinubu before the national chairman of the party, Ganduje, to help the cause of his colleague in the Senate.

Akpabio was quoted to have told Ganduje that Okpebholo was the person favoured by the president. One of our sources said Ganduje fell for Akpabio’s subtle blackmail.
The source said Akpabio’s revelation also strengthened the resolve of the NWC to back the Edo senator.
However, findings by LEADERSHIP revealed that Ganduje only got wind of Gbajabiamila’s clandestine plans less than 48 hours to the primary election, in the early hours of Thursday.

As the rumours filtered to him, Ganduje raced to Nnamdi Azikwe International Airport, Abuja, for an audience with Tinubu, who was billed to travel to Addis Ababa, for clarification on the festering issue.

One of the sources told this newspaper that “as Ganduje struggled for recognition for a handshake, Mr. President sauntered forward, facing the national chairman frontally, he said ‘has Femi (Gbajabiamila) delivered my message on the Edo primaries to you? But if he has not told you, this is my position: go and deliver Dennis Idahosa.’

“The NWC had programmed all human and material resources in favour of Senator Monday Okpebholo and some of the arrangement could no longer be altered to accommodate the now glaring interest of Mr. President. The national chairman’s frantic calls and contacts to the various committees to change the course of action were futile. The committee members were either unreachable or they refused to budge and listen to the fresh order.

Already, the controversial intra-party election has produced three winners.
Imo State Governor and chairman of the APC governorship primary committee, Hope Uzodinma, announced Idahosa winner of the primary.

According to the governor, Idahosa polled 40,453 votes to defeat Okpebholo, who garnered a paltry 100 votes.

In another twist, the NWC-appointed returning officer for the election, Dr. Stanley Ugboajah, announced Okpebholo winner having polled 12,145 votes to defeat Idahosa who got 5,536 votes.

Meanwhile, the APC Critical Stakeholders Group has called on party’s national chairman, Dr Abdullahi Umar Ganduje to disregard the declaration of Hon. Dennis Idahosa by Governor Hope Uzodinma as APC governorship candidate for the September 21 Edo State Governorship election.

The APC Critical Stakeholders led Hon. Emmanuel Godwin who made the call at a press conference in Abuja yesterday, insisted that Anamero Sunday Dekeri, popularly called Danco was the validly nominated candidate governorship at the party’s primary election held on Saturday.


Ganduje Succumbs to Presidency, Congratulates Idahosa

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has congratulated Rep. Dennis Idahosa (APC-Edo) over his emergence as the party’s candidate for the upcoming governorship election in Edo State.

Ganduje said this in a statement by Edwin Olofo, his Chief Press Secretary on Sunday in Abuja following the primaries.
He also commended Governor Hope Uzodimma of Imo State, who was the Chairman of the APC Edo State Governorship Primary Election and Appeal Committee, for conducting a credible exercise.

“At this point, I want to call on all the aspirants to bury the hatchet and work for the interest of the party so that our party will emerge victorious,” he said.

Ganduje also commended the state APC stakeholders and assured them that the party would do everything possible to ensure that Edo State was delivered.Ugboajah-led committee sent to the state was the one recognised by law as returning officers, adding that Governor Hope Uzodinma does not have the power to return any aspirant as elected.

Dada Olusegun, a media aide to President Bola Tinubu, has blamed Nigerian media outlets for exposing a photo of the president sleeping during the 37th Ordinary Session of the Assembly of the African Union (AU).

Mr Olusegun, in a post on social media, said Mr Tinubu, who was captured sleeping at the event in Addis Ababa, gave the “most inspiring” speech.

For Mr Olusegun, “Mr President had such a great outing and gave one of, if not the most inspiring speech at the AU summit.”

Mr Tinubu “spoke about the proposed African Central Bank expected to kick off by 2028. Spoke about the importance of unity and a new approach to governance across the continent,” he stated.

The presidential aide, who did not admit whether or not the president slept at the event, criticised the media for exposing the photo.

Mr Olusegun said outlets chose to push a photo that shields young Nigerians from the issues the president spoke about at the AU session.

“Guess what the media back home decided to push?” Mr Olusegun asked, adding that “the ones I pity the most in all of these are their young audiences who miss out on important developments because those they listen to continue to shield them from what they need to know at the expense of what will trend.”

A photo of Mr Tinubu sleeping during the ordinary session on Saturday while his aide-de-camp, Colonel Nurudeen Alowonle Yusuf, took notes closely behind him emerged on the internet, eliciting reactions from Nigerians.

Prior to the presidential election in 2023, Mr Tinubu was also captured sleeping during public events on different occasions, generating concerns about his health status and capability to rule the nation.

NEWS AGENCY OF NIGERIA


Chairman of BUA Group, Abdul Samad Rabiu, says the company has approved a 50 per cent salary increment for staff across board.

Mr Rabiu made the disclosure in an internal memo signed on Sunday in Lagos by Mohammed Wali, BUA’s head of human resources.

The memo quoted the BUA chairman as saying that the increment was to mitigate the impact of the economic hardship currently being faced in the country.

He said the salary increment would cover both permanent/regular and non-permanent staff with effect from February 1, 2024.

“Sequel to the above development, the human resources and finance departments are processing the increase to ensure that it is captured in the February 2024 payroll.

“It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us,” he said.

Due to the current economic conditions in the country, negotiations are ongoing between organised labour and the government for a new minimum wage.

(NAN)

Indications have emerged that the organised labour is prepared to lower its demand for N1m minimum wage for workers in the country in line with realities on the ground. The shift in position will likely be communicated to the Federal Government during the second meeting of the tripartite committee on the minimum wage on Monday and Tuesday.

Sunday PUNCH gathered that the meeting would enhance deliberations between all parties involved in negotiations to allow for the announcement of a new minimum wage on or before April 1 following the expiration of the current N30,000 minimum wage as provided by the law.

President Bola Tinubu, through his deputy, Kashim Shettima, had on January 30, 2024, inaugurated a 37-member panel on the new minimum wage at the Council Chamber of the State House in Abuja.

With its membership cutting across the federal and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

In his opening address at the inauguration, Shettima urged members to “speedily” arrive at a resolution and submit a report early as the current N30,000 minimum wage expires at the end of next month.

“The timely submission (of the report) is crucial to ensure the emergence of a new minimum wage,” Shettima said.

He also urged good faith in collective bargaining, emphasising contract adherence and encouraging consultations outside the committee.

In May 2017, the House of Representatives moved to amend the National Minimum Wage Act for a compulsory review of workers’ remuneration every five years.

The Minimum Wage Act of 2019 signed by former President Muhammadu Buhari empowers the committee to deliberate and come up with an agreed wage, which will be eventually ratified by the National Assembly after due legislative scrutiny.

Buhari had also signed the Minimum Wage Act that approved N30,000 for both federal and state workers in the same year.

However, President Bola Tinubu announced the discontinuance of fuel subsidy on May 29, 2023, which triggered a sharp rise in the general cost of living.

Although the administration approved an additional N35,000 wage award for six months starting from September 2023 to alleviate the impact of the subsidy removal, the organised labour maintained that this was only a provisional solution and called for a complete review of the minimum wage.

Chairing the panel is a former Head of the Civil Service of the Federation, Bukar Aji, who at the inauguration affirmed that its members would come up with a “fair, practical, implementable and sustainable” minimum wage.

The inauguration of the committee follows months of agitation from the organised labour, which expressed concerns over the Federal Government’s failure to inaugurate the new national minimum wage committee as promised during negotiations last October.

On the government’s side, members include the Minister of State, Labour and Employment, Nkeiruka Onyejeocha, representing the Minister of Labour and Employment; Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who was represented by the ministry’s Permanent Secretary, Mrs Lydia Jafiya.

Others are the Minister of Budget Economic Planning, Atiku Bagudu; Head of the Civil Service of the Federation, Dr Yemi Esan; Permanent Secretary, GSO OSGF, Dr Nnamdi Mbaeri; and Chairman/CEO, NSIWC – member/Secretary, Ekpo Nta.

Representing the Nigerian Governors’ Forum are Mohammed Bago of Niger State (North-Central); Senator Bala Mohammed, Bauchi State (North-East); Umar Dikko Radda, Katsina State, (North-West); Prof Chukwuma Soludo, Anambra State (South-East); Senator Ademola Adeleke, Osun State (South-West); and Otu Bassey, Cross River State (South-South).

From the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, Director-General, NECA; Mr Chuma Nwankwo and Mr Thompson Akpabio; representing the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture are Asiwaju Michael Olawale-Cole, National President; Ahmed Rabiu, National Vice-President; and Chief Humphrey Ngonadi, National Life President.

Representatives of the National Association of Small and Medium Enterprises are Dr Abdulrashid Yerima, President and Chairman of Council; Theophilus Okwuchukwu, private sector representative; Dr Muhammed Nura Bello, Zonal Vice-President, North-West; and also from the Manufacturers Association of Nigeria are Mrs Grace Omo-Lamai, Human Resource Director, Nigerian Breweries; Segun Ajayi-Kadir, Director-General, MAN; Lady Ada Chukwudozie, Managing Director, Dozzy Oil and Gas Limited.

From the organised labour are Joe Ajaero, President, Nigeria Labour Congress; Emmanuel Ugboaja; Prince Adeyanju Adewale; Ambali Akeem; Benjamin Anthony and Prof Theophilus Ndukuba.

From the Trade Union Congress of Nigeria are Festus Osifo, President, TUC; Tommy Etim Okon, Deputy President I; Kayode Surajudeen Alakija, Deputy President II; Jimoh Oyibo, Deputy President III; Nuhu Toro, Secretary-General; and Hafusatu Shuaib, Chairperson Women Comm.

Speaking with our correspondent on the deliberations of the committee following the announcement by the President of the NLC, Joe Ajaero, that rising inflation in the country might push the organised labour to demand N1m as minimum wage, a representative of the NLC, who is also a member of the committee, Akeem Ambali, said one of the principles of collective bargaining allowed all parties to look into all factors before an amount would be agreed on.

“The principle of collective bargaining allows compromise once the parties look at all factors to ensure an agreeable amount is reached,” he stated.

Speaking on the next sitting of the committee, Ambali said, “The second meeting of the minimum wage committee has been slated for Monday and Tuesday.

“On the timeline of March for the expiration of the current minimum wage, we hope that the committee, the Presidency, and the National Assembly will expedite action to ensure that the new Minimum Wage Act would have come to replace the old one by April 1, 2024.”

Ambali also expressed shock at the N500m approved by the President for the committee.

A leaked memo had disclosed the request for N1.8bn for the inauguration of the committee. The memo, signed by the Secretary to the Government of the Federation, Senator George Akume, and dated January 18, 2024, was addressed to President Bola Tinubu.

It underscored the committee’s need for substantial funds to kick-start its operations. The document sought approval for the release of N1bn, with the inauguration set for January 26, 2024. The memo also emphasized the legal requirement to establish a new minimum wage by April 1, 2023.

President Tinubu, in response to the memo, approved N500m for the committee’s inauguration, while acknowledging the importance of the committee’s work, and also highlighted the necessity of efficient resource management.

Commenting on the amount, Ambali said, “On the purported allocation of funds to the committee, it is unbelievable because we were never informed or given a kobo. We will unravel the fact behind this soon.”

The Deputy President of the Trade Union Congress, Tommy Etim, who also confirmed Monday and Tuesday’s meeting of the committee, stated that the N1m proposed minimum wage was reflective of the country’s economic realities.

He said it was unfortunate that a Nigerian worker was not earning up to N1m monthly but members of the National Assembly were being paid humongous amounts and acquiring luxury vehicles at the nation’s expense.

“How many months did those in the National Assembly put in that each of them is going home with huge amounts and they have vehicles worth N250m each?” he queried.

Etim told Sunday PUNCH that with the removal of the fuel subsidy, the cost of living had increased, causing the workers to lose hope.

The TUC deputy president added, “How much is for accommodation now? How much is food? By right, civil servants on Level 17 are supposed to be entitled to a two-bedroom flat. Now, a two-bedroom flat costs about N3.5m to rent in Abuja.

“Have you looked at the cost of cement and building materials now? Have you taken time to look at the cost of transportation? So, if you think that the workers cannot earn N1 m, and politicians are earning N3.5m in a month; who is fooling who?

“If the government cannot pay the N1m minimum wage; what the NLC has put forward is a proposal to let them come out to say what they can pay and let it be justifiable in line with the cost of living.”

Etim noted, “If insecurity does not allow people to go to the farm, what will they eat? It is like what the Bible describes as ‘to eat and die’. Have you taken time to look at the cost of a loaf of bread?

“Is it not because of the increase in the cost of bread that led to the revolution in Sudan in 1980? So, if Nigerians have been patient with the government, they need to pay.”

On food hoarding, he said, “If you have the advantage of having food, do not hoard it. Hunger does not recognise food hoarding, and it can turn into a crisis. Hoarding of food is a recipe for revolution.

“My advice is that those in privileged positions to have food should release it to those who need it rather than hoarding it. If you continue hoarding it, it is going to spoil.

“There is hunger in the country and the President is aware of it. That is why he had a meeting with the governors to let them know there is hunger in the country, so that they will release money and pay the necessary salaries they are supposed to pay, and should let people have access to money to reduce poverty.”


‘FG will consult’

Reacting to the N1m minimum wage demand by the organised labour, the Federal Government said it would prefer to wait for the final decision of the 37-man committee.

The Minister of Information, Idris Mohammed, told one of our correspondents that the government would take a reasonable position that would take account of the interest of the people after due consideration of Nigeria’s resources and other factors.

“It (N1m demand) is a proposal but the Federal Government will not pre-empt the work of the 37-man committee that includes labour itself. The government will do what is right in the interest of the nation as a whole, taking into account our resources and other factors.”

On whether the payment of N1m is sustainable by both federal and state governments in the face of the rising inflation, the minister said he would “leave Nigerians to imagine that.”

‘Tread with caution’

A developmental economist and financial expert, Dr Segun Ajayi, said the Federal Government must tread with caution in negotiating with the TUC and the NLC over their demands.

“N1m in this economy is not a lot of money, but the problem is that I am sure the government will say they cannot afford it. From the current economic realities, it is also obvious that the government cannot pay workers N1m as minimum wage. But, in negotiations, it is a good point to always start big. So, by the time it is beaten down and subtractions are made, the workers would have something substantial to bank on,” he said.

Another senior economist, Dr Ade Dayo, said, “The government and the Organised Labour must be reasonable. Nigeria cannot afford to enter into a recession. The country can also not afford another industrial action. The economy is at its lowest ebb. We have never had it this bad in more than 20 years.

“It is true that the N30,000 minimum wage is too meagre to take any worker through the month. The government must understand that. Labour, too, must also understand what the government can afford at this time. But, I believe that everything will melt at the negotiation table; compromises will be made and things will be fixed amicably.”

Also commenting, a senior lecturer at the Department of Political Science, Nnamdi Azikiwe University, Awka, Anambra State, Dr Ugwueze Emmanuel, said the government should consider the plight of Nigerian workers and respond speedily to their requests to increase the minimum wage to “something reasonable.”

He stated that N1m was not too much to ask for, adding that some politicians with little or no qualifications “earn much higher while doing so little.”

“The government people should not act like they are not in the country. How can a worker take home N30,000 as a monthly salary in this economy? How much is bread? How much is garri or rice? The government must also learn to see things from the lenses of the people,” he added.

Presidential Candidate of Labour Party (LP), Peter Obi, has demanded a thorough investigation of alleged financial impropriety against the National Chairman of Barrister Julius Abure.

Obi made the call at a media briefing where he rendered account of the 2023 Obi-Datti Presidential campaign organisation funding, on Thursday.

“For the party (LP), I am a member of the party and they have chosen to say that I am the leader. What we need to do in the party and I have discussed it with the leadership is that we must now appoint a reputable audit firm to audit and be able to deal with the account of the part.

“When I am involved in money, it must be transparent. So the allegations and counter allegations now must be thoroughly investigated and verified and we would reconcile it and know what exactly to do,” Obi said.

Daily Trust reports that the National Working Committee (NWC) of the LP slammed a six-month suspension on its embattled National Treasurer, Mrs. Oluchi Oparah.

The LP NWC made the announcement during a press conference at the party secretariat on Wednesday in Abuja.

Oparah, however, told Daily Trust that she would challenge the suspension in court, as the NWC’s action was premeditated, especially that those who took the action when they knew she was not in Abuja to meet the less than 12-hour deadline to appear before a panel after removing her from the group’s WhatsApp platform.

She had, on Monday, accused the LP National Chairman, Barrister Julius Abure, of mismanaging N3.5bn raised from the sale of nomination forms and fundraising activities in the build-up to the 2023 general election.

Also, on Tuesday while speaking on Arise TV’s ‘Good Morning Show’, Oparah also claimed that the Abure-led NWC is working hand-in-hand with the Edo State Government which is governed by the opposition Peoples Democratic Party (PDP).

However, at the Wednesday media briefing, the National Publicity Secretary of LP, Mr Obiora Ifoh, described Oparah as a mole who was being used by dissidents to cause disaffection in the party.

He said the party decided to sanction after she failed to honour an invitation by the party’s NWC to resolve the crisis.

At the Thursday’s briefing, Obi also appeal to various support groups or individuals or parties that received funding to support the campaign, for which they were grateful, to account to those they received it from.

He said, “Because there are some people, like support groups, there are some people even abroad who collected monies that they are going to use it in the north and everywhere. We were not stringent that everything you collect must come to us, but we want whatever is collected to be accounted for. This is why we are appealing to the public to let us know.”

We spent N744.5m on litigation, received N595.9m from Nigerians - Aisha Yesufu

Also speaking at the event, Mrs Aisha Yesufu, the Chairman of the Fundraising Team of the Campaign Organisation, said it spent over N744,500,000.00 in litigation in courts over the 2023 presidential election.

She also said that it received donations totaling N595,976,994.00.

“Accountability and transparency are very critical and important; that is why we asked people to donate so that we could come back to them to explain how their money was judiciously used. We thank everyone who donated in cash and kindness. From the donations from citizens, we received N595,976,994. This is the money we raised from the four accounts that we have talked about. We also received N8,000,000 from the candidate himself (Peter Obi).

“We designed a strategic blueprint focused on channeling the movement energy and support for Peter Obi and Datti Ahmed with different support groups. We provided direct and indirect support to over a hundred support groups across all 36 states in Nigeria.

“We also deployed media-related campaigns that reached over 11 million people, leveraging over 40 radio stations, community outreach, and social media.

“We would have loved to use Televisions and all of that, but because of our financial constraints, we were mindful of being judicious in our usage of the funds that we received.

“So, out of these things, campaign materials worth N258,374,330.00 were procured and distributed across the 36 States and also in Abuja. Media and radio broadcasting was at the cost of N16,432,867.00.

“For the election promotion expenses, we had N10,808,948.00. For Polling Unit Agents, we spent N324,381,700.00. And then, of course, we had bank charges of N1,750,544.00.

“We also had administrative charges of N477,000.00. We deployed N744,500,000.00 to cover legal expenses. And then, in campaign and election activities, we had over N28,500,000.00. On the issue of legal fees, remember what I said earlier: We had N800,000,000.00 that the candidate himself brought,” Yesufu said.

Following the recent mass transfer of staff by the Central Bank of Nigeria (CBN), and the relocation of the Federal Airport Authority of Nigeria (FAAN), the Nigerian Upstream Regulatory Commission (NUPRC) has concluded plans to relocate some departments to Lagos from Abuja.

The move will see over 200 staff of the commission moving from Abuja to Lagos, it was learnt.

Recall that the federal government’s decision to relocate some departments of the CBN and the headquarters of FAAN from Abuja to Lagos had stirred controversy and discontent among stakeholders.

The NUPRC, formerly the Department of Petroleum Resources (DPR), is a department under the Federal Ministry of Petroleum Resources (FMPR).

It monitors the oil and gas industry to ensure compliance with relevant regulations and laws, as well as oversees the safety and other regulations that relate to the exportation and importation of the products into the country

A senior management source who spoke with Daily Trust said: “The Commission Chief Executive (CCE), Gbenga Komolafe has started making moves to relocate some departments to Lagos.

“He claims that this is to create space for new staff he wants to recruit. This is totally not justifiable as the office was moved to Abuja from Lagos not more than two years ago, and a very big new headquarter building is almost completed.

“So far they are transferring 200 staff of the upstream out of Abuja.”

Located at the strategic Central Business District of the Federal Capital Territory (FCT) Abuja, the new headquarter is a 10-storey building which was approved by the Federal Executive Council (FEC) in 2020, and was initially scheduled for completion in 24 months.

It spans 4,150 sqm with the main building itself occupying a total ground floor area of approximately 48,400 sqm, comprising a basement and a penthouse.

Effort by our reporter to reach the head of Public Affairs, Mrs Sonola to confirm the rationale for the transfer was not successful as she did not pick or return her calls, neither did she respond to text and Whatsapp messages sent to her phone as at the time of going to press

When Daily Trust contacted the Chief Executive, Gbenga Komolafe, on Tuesday, he said: “Will call and speak with you in few minutes on the issue and general regulatory direction by the NUPRC pls.”

However, 24 hours after, and after calls and sending several reminders, there was response from him.

The Socio-Economic Rights and Accountability Project (SERAP) has claimed that all the stolen public funds recovered between 2016 and 2019 by the immediate past government of Muhammadu Buhari are missing from the Central Bank of Nigeria.

The group revealed this on Wednesday afternoon via its verified page, adding that the missing looted funds were discovered when the management of the apex bank could not account for them.

“BREAKING: Recovered stolen public funds between 2016 and 2019 are reportedly missing from the Central Bank of Nigeria [CBN]. The Auditor-General of the Federation wants the CBN to account for the money,” the group wrote on social media.

Recall that the Human and Environmental Development Agenda (HEDA Resource Centre) had earlier said it disagreed with the Nigerian government on the amount of looted funds the latter said it recovered from 2015 to 2022

The Buhari Government disclosed that over one billion dollars were recovered as looted funds by the administration within the period of seven and half years.

The former Attorney-General and Minister of Justice, Abubakar Malami, who made this known while briefing newsmen said $1 billion in looted funds had so far been recovered by the Buhari-led administration.

Commenting on the issue of looted funds, Malami stated that the funds had been deployed to various sectors of the economy, including poverty alleviation.

However, Mr Olanrewaju Suraju, Chairman of HEDA Resource Centre had disclosed that the figure published by the government was not accurate.

He said the only thing that was correct about President Buhari's administration was the inconsistency in the stating and flaunting of figures, especially regarding asset recovery.

Suraju lamented that the government’s asset recovery programme had not been coordinated.

He explained that a serious government that values statistics and data could have been more constructive and responsible to provide data that covers international recoveries and local recoveries.

The federal government has said plans are in the works to establish a National Commodity Board as a solution to the escalating food prices in the country.

The commodity board will be expected to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

Vice President Kashim Shettima disclosed this yesterday during a two-day high-level strategic meeting on climate change, food systems and resource mobilization at the Presidential Villa, Abuja.

Speaking on “Climate Resilience and Food Security: Nigeria’s Vision for the Future”, Senator Shettima said the event was an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security.

The VP, who highlighted ongoing policy reforms by the administration to ensure food and water availability and affordability, said the solution “to the potential food crisis has become immediate, medium, and long-term strategies”, adding that the short-term strategy entails revitalizing food supply through specific interventions like the distribution of fertilizers and grains to farmers and households to counteract the effects of subsidy removal; and addressing price volatility by establishing a National Commodity Board.

He said: “This board will continually assess and regulate food prices, maintaining a strategic food reserve for stabilizing prices of crucial grains and other food items.”

He assured that while the Tinubu administration is fully invested in the restoration of degraded lands, there are ongoing plans “to restore four million hectares, or nearly 10 million acres, of degraded lands within” the nation’s borders as its contribution to the AFR100 Initiative.

On how the government is handling the security challenges that have prevented farmers from working on their farms, he said, “I wish to assure you that we will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.”

He implored those at the event, including development partners, private investors and the diplomatic community, among others, to make sure the high-level engagement results in a positive outcome.