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.

Frustrated passengers of Dana Airline, on Monday, vandalised the check-in counter facility belonging to the airline over repeated flight delays and cancellation.

The passengers disrupted the airline’s operations after long hours of waiting at the Murtala Muhammed Airport wing 2 ( MMA2) in Lagos.

PREMIUM TIMES gathered that the incident occurred at about 6 p.m. on Monday, shortly after the airline announced the cancellation of two flights scheduled for Port Harcourt and Owerri from Lagos by 12 p.m.

“Some of the passengers have been waiting since yesterday after their flight was cancelled. They were promised that their flight would take off today but after over three hours of delay again, the flight was cancelled,” an official at the airport who sought anonymity since he was not authorised to speak on the issue, said.

Other sources at the airport who spoke with this medium said some passengers had been stranded at the airport for over 24 hours after their flights were delayed and eventually cancelled without prior notice.

This prompted the violent move by the passengers who were seen disconnecting the computers used for flight check-in by the airline.

“The computers were disconnected and vandalised, while some of the attendants were severely beaten by the passengers,” an attendant at the airport told PREMIUM TIMES.

As of Sunday, airport attendants said the passengers were promised by the airline that their flight scheduled for 11 February would now depart on 12 February by 10 a.m. and 12 p.m. due to technical issues from the operating aircraft.

“Unfortunately, as at 1800hrs, Dana airline announced flight cancellation on both routes with no proper address nor option for refund. Angry passengers started their agitations and vandalised the airport properties belonging to Bi-Courtney Aviation Services Limited,” an airport official said.


Dana airline speaks

Meanwhile, in an earlier statement issued Monday by the airline and posted on its official page, the management apologised to passengers for the delay of flight schedules.

“We sincerely wish to apologise for the expected delay on your flight today 12/ 02/ 24 due non-scheduled maintenance,” the airline said.

“We understand the negative impact this disruption might have on your planned activities for the day and we are deeply sorry.”

It added that the safety of its customers and staff will remain a top priority and that it is committed to flying passengers safely and comfortably to their choice destinations.

PREMIUM TIMES gathered that the aggrieved passengers were eventually called to board at about 9.00 p.m, after the intervention of aviation security agencies at the airport.

The Police in Borno have arrested two friends (male and female) having sex at the All Denominations (ADC) Church Police College in Maiduguri, the state capital.

Sources revealed that the culprits identified as Kaka Ali Umar of Damboa road and Khadija Adam of Ngomari area Maiduguri were arrested on the act on Monday 12/2/2024 at about 11:40 a.m, allegedly aided by the security man attached to the Church (Name withheld).

Reverend in charge, Danjuma Adamu, told the Police Investigation Team at the Metro Divisional Police Office that the arrested friends were having sex right inside his church.

It was gathered that the Reverend of the affected Church told Police that “after the act, Khadija said Kaka Ali paid her N1,000 for a short round”.

A close security source who was involved in the ongoing investigation, but is not authorized to talk to the press said the two suspects were undergoing investigation at the Metro police station, after which it will refer the case to appropriate authorities for further investigation and prosecution.

Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria.

The country has relied on imports for most of the fuel it consumes but the $20bn refinery is set to turn the country into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.

The first fuel should be hitting the market “anytime from now”, a senior Dangote executive, speaking anonymously as the details were not public, told Reuters.

The development means Nigeria has been exporting less oil in recent months and could soon import less gasoline and diesel for domestic needs from oil majors and trading houses – a multibillion-dollar annual trade that has persisted for decades.

Nigeria’s national oil firm, NNPC Ltd, is set to supply the 650,000 barrel per day (bpd) plant with 4-million barrels in March, a source with direct knowledge of the matter told Reuters, bringing the total supplies since December to 12-million barrels, or roughly 100,000 bpd.

The source added that NNPC was allocating cargoes to the refinery on a spot basis.

Dangote is also set to receive two cargoes of US WTI crude from oil trader Trafigura, two of the sources said.

Neither privately owned Dangote Refinery nor state-owned NNPC immediately responded to an official Reuters request for comment.

Daily Trust findings revealed that the refinery is producing and storing diesel, naphtha, jet fuel, and residual oil, one of the sources said.

Tests to determine if the supplies meet quality standards are in final stages, the Dangote executive added.

Reaching full capacity could take months and Dangote has said it will start by refining 350,000 bpd and aims to ramp up to full production later this year.

A police inspector from the PMF 51, Oghara, headquarters of Ethiope West Local Government Area of Delta State has reportedly lost his AK-47 rifle with sixty (60) rounds of ammunition, SaharaReporters has learnt.

The mobile police officer identified as Yusuf Samaila, is said to be attached to the palace of the Olu of Warri.

The officer lost his service rifle with breach number: 0927, with 60 rounds of ammunition on Sunday when he went to watch the match between the Super Eagles of Nigeria and the Elephants of Cote d’Ivoire in the final of the Africa Cup of Nations (AFCON) on the palace premises.

Confirming the incident to SaharaReporters, a source in the palace privy to the matter, said that the mobile police officer had locked his rifle with 60 rounds of ammunition inside his room in the palace and gone to watch the match. But when he returned to his room, the rifle was missing.

The source said, "It was during half time when he came back to his room, he discovered that the room was burgled and his rifle had been taken away by an unknown person.

“Based on this, his unit commander attached to Olu of Warri Palace went to Warri Area Command to incident the case of missing firearm that the Inspector locked his AK-47 rifle with breach number: 0927, in his room and went to watch the AFCON finals between Nigeria and Cote d’Ivoire within the palace premises.

“The police officer has been defaulted while an effort to recover and arrest anyone behind the stolen rifle and ammunition is in place.”

Contacted on the issue, Delta State Police Public Relations Officer, DSP Bright Edafe Bright in a text message simply said, "False, the rifle was immediately recovered."

By Daniel Ojukwu


Eurocopter EC 130B4, the aircraft model that crashed on Friday and claimed the lives of Herbert Wigwe, Access Holdings CEO, his wife, son and three others, suffered five crashes last year alone, FIJ has learned.

Since 1975, 100 crashes involving the aircraft and previous models manufactured by Airbus Helicopters SAS have been recorded.

Wigwe died in a helicopter crash near Interstate 15 in Southern California’s Mojave Desert, and questions arose over the circumstances surrounding the crash.

FIJ has gathered that a similar crash occurred on December 1, 2023, involving the same Eurocopter EC 130B4, which struck power cables during takeoff and crashed into a ball of flames near Ex Hacienda el Hospital, Cuautla, Morelos in Mexico. Three people died in the accident, and it was the last of 11 crashes involving Airbus models in 2023.

The same aircraft model crashed in the Grand Canyon in 2018 and claimed the lives of five people.

Scott Booth, who piloted that flight and managed to survive, told investigators that the aircraft encountered a violent gust of wind before spinning uncontrollably and crashing into flames.

The parents of Jonathan Udall, one of the passengers on the flight, who was on a honeymoon with Eleanor, his wife, filed a lawsuit against Papillon Airways Inc., the company that owned the aircraft, and the manufacturer.

These plaintiffs argued before a Nevada judge that the aircraft was unsafe for air travel as it did not have a crash-resistant fuel system, which was why it regularly burst into flames upon crashing.

In January, the court ordered that Papillon pay them $24.6 million and Airbus pay $75 million for the loss of their son.

Speaking to the Associated Press after the ruling, Gary Robb, the family’s lawyer, said, “They don’t want anyone else to go through what their son went through in an otherwise survivable accident — not a broken bone. He would have walked away.”

His statement was a nod to the fact that Jonathan did not die as a result of the direct impact of the crash but suffered burns in the explosion, which caused his death days later.

Among the 100 crashes the Airbus aircraft have suffered since 1975, many have been without casualties, but Friday’s incident claimed the most lives in one crash.

The UK Minister for Business and Trade, Kemi Badenoch has arrived in Nigeria to begin a 3-day visit to deepen the UK-Nigeria partnership.

A statement released by Senior Press & Public Affairs Officer and Comms Lead, Prosperity and Economic Development, Ndidiamaka Eze, disclosed that Minister Badenoch’s visit will take forward ongoing efforts by both countries to boost the UK-Nigeria trade relationship and unlock new investment opportunities.

Badenoch was appointed Secretary of State for the Department for Business and Trade on February 7, 2023.

She remains Secretary of State for International Trade and President of the Board of Trade on, which she was appointed to on 6 September 2022, and Minister for Women and Equalities for the Equality Hub, which she was appointed to on 25 October 2022.

According to the statement, “Minister Kemi Badenoch and the Prime Minister’s Trade Envoy to Nigeria, Helen Grant will have meetings with the Federal Government of Nigeria, State Governors as well as British and Nigerian business leaders and investors.

“Through these meetings, she will explore current and potential investment and trade activities from education to infrastructure and energy projects, with a potential to create thousands of jobs.

“Minister Badenoch will look to further strengthen the UK-Nigeria partnership, remove barriers to trade and investment, grow business between the two countries, and ensure the City of London’s enabling role for international business is more accessible to Nigeria.”

Speaking on her visit to Nigeria, British High Commissioner to Nigeria, Richard Montgomery said: “Nigeria is one of the UK’s most important partners in Africa. We are committed to helping Nigeria unlock new investments opportunities, supporting more UK and international investment through the City of London, and thereby creating jobs in both our countries.

“Recent big and bold reforms by the Federal Government of Nigeria and the Central Bank are boosting optimism amongst international investors that the country is on the right path and are creating the conditions for growth.”

Workers in different federal establishments across the country have bemoaned the delay in the payment of their January salary, describing the action of the government as insensitive considering the current economic situation in the country.

Some of the workers said the delay is the worst in recent years, worse than they experienced during the COVID-19 pandemic when workers were asked to stay at home.

PREMIUM TIMES learnt that a memo from the Office of the Accountant General of the Federation had earlier notified the workers of the delay.

According to the memo, the accountant general’s office was working on finalising the 2024 Appropriation on the GIFMIS platform, and as a result the Personnel Warrant for the month of January 2024 was yet to be released.

The memo, it was learnt, stated that the delay would cut across Ministries, Departments and Agencies (MDAs). It urged the affected members of staff to exercise patience while the issues were being sorted.

In Ekiti State, some of the workers who spoke with PREMIUM TIMES included staff of the Federal University, Oye Ekiti (FUOYE), Federal Polytechnic, Ado Ekiti; Federal Radio Corporation of Nigeria (FRCN); National Orientation Agency (NOA), and Federal Ministry of Information, among others.
An official of FUOYE, Wole Balogun, said that with the hardship being faced by the people, it was inconceivable that salaries could be delayed longer than necessary.

Mr Balogun, who blamed the delay on an unnecessary bureaucratic bottleneck associated with the payment platforms, urged the federal government to expedite action on the payment, “because the situation is becoming unbearable.”

A staffer of the Federal Polytechnic, Ado Ekiti, Folashade Daramola, also lamented the delay. She noted that many members of staff have loan obligations that they ought to have paid as at when due, which have remained pending.

“We are finding it difficult to even go to work; after all, we depend on our salary to be able to transport ourselves, not to talk of feeding our families. We are tired of excuses, let them pay our salary,” Mrs Daramola said.

Also, Owoeye Ilesanmi, who is a staffer of the National Orientation Agency (NOA), said that in addition to delay in the payment of January salary, the federal government has reneged on the payment of the wage award.

“We have only received a wage award of two months, while three months is outstanding. The whole thing boils down to insensitivity on the part of the government. How do we survive without our salary and the wage award? I think the government should show empathy by paying us all the money they owe us,” he said.

The wage award is the allowance that the federal government promised to pay federal workers for six months to assuage the impact of the removal of subsidy on petrol. Following the subsidy removal and other government policies, prices of goods and services have more than doubled despite the non-increase in wages for many workers.

In Ibadan, Oyo State, another federal civil servant, Idris Badiru, while lamenting the delay in payment of January salary, described the situation as pathetic.

“January the 39th! Alagbase ti si oko gba bayi,” he wrote on his Facebook page, using a Yoruba terminology to indicate the lamentation of an unpaid worker.

In Katsina State, many federal workers spoken to also said they had not been paid their salary and palliatives support from the government.

Some of the affected workers told PREMIUM TIMES that the delay was affecting their work schedule, as they now find it difficult to go to work, especially those living in areas far from their offices.

“I work in a department that requires me to go to the office every day, but I’ve finished my savings and I’m finding it difficult to travel to Dutsin Ma to undertake my responsibility,” Faruk (surname withheld), who is an engineer with the department of Physical Planning and Works at the Federal University, Dutsin Ma, said.

“Things are hard, but we have no option than to oblige,” he added.

Mr Bala travels to and from Dutsin Ma from Katsina metropolis, a 68-Kilometre journey, every working day.

“On these travels, I can spend a whole month’s salary not to talk of the foodstuffs and other basic necessities,” he said.

Others told our reporter that the situation was making life difficult for them as prices of foodstuffs keep increasing.

Another non-academic worker of the Federal Polytechnic, Daura, who asked not to be named for fear of victimisation, said the delay in salary payment is affecting her activities, especially because she travels daily from Katsina to Daura.

“The polytechnic is new so there are no houses for staff, most of us travel to the school on a daily basis, which compounds our situation.

“Though, we’ve been notified by the management of the salary delay, I think it’s unfair for the government, especially because January is usually a long month,” the official, who works in the Students’ Affairs department said.

On the palliative support, most of them said they only received the palliative for two months – October and November, 2023.

A staffer of the National Population Commission in Katsina State said he has since stopped going to the office “because several of my colleagues are no longer going too.”

An official of the Nigerian Television Authority (NTA) in Edo State, Jude Abugu, described the delay in payment of salaries as commonplace in recent months. He said there has been frequent delays in payment of salaries of federal civil servants since the new administration came onboard last month.

Mr Abugu said he received his January salary on 2 February.

“I think that was the earliest that they have paid us a salary. There are times when our salaries will come in during the first or second week of the next month,” he said.

Professor Joy Ngozi Ezeilo, SAN

Joy Ezeilo, SAN, a Professor of Law, has decried the cost of flight ticket to Abidjan, Cote D’IVoire, saying she dreamt of watching the final of the African Cup of Nations (AFCON) live but was shocked with the price of ticket estimated at over N2.1m.

Many Nigerians have also frowned at the price of tickets to the neighboring country despite the distance.

The airlines flying to Abidjan, the capital of Ivory Coast are Nigeria’s Air Peace, Asky, Air Côte d’Ivoire.

Ezeilo, in a post on her social media handle, said the N2.1m quoted as a return air fare to Abidjan is equivalent to her five-month salary.

She wrote: “I am dreaming of watching AFCON 2024 live, and I enquired about flights to Abidjan to watch our Super Eagles play in the finals. I believed that Ivory Coast being so close (an hour and 35 minutes) wouldn’t cost me too much.

“However, my travel agent of over twenty years sent me a price quotation of N2,183,000.00 (two million, one hundred and eighty-three thousand Naira), which was a huge shock.

“I did the math and realized I would need to save my five months’ salary as a Professor of Law on the last professional step to buy one return ticket to a West African country.

“This is a sad reflection of our current economic realities. Please refrain from attempting to convert to US dollars- it’s extremely depressing and demystifying of a full professor position.

“This will push the resolve of brilliant young ones we’re training and mentoring to take over from us farther away from the classrooms to becoming political aspirants/election delegates.

“My alternative plan is to cut down on expenses. I have recharged my DSTV for N19,800, and I plan to buy twenty litres of fuel to generate power because we didn’t have electricity during the Semifinals.

“The match is a must-watch for me as it will be a breath of fresh air and a chance for me to forget about Nigeria’s many woes. I want to make a public notice for those asking for help that I have been posting that we haven’t been paid. Kindly note that my salary, which I received yesterday, has been mortgaged in arrears.

“Please be patient, and let’s hope we get the 8-month arrears from the ASUU strike or that NLC and FGN reach a new deal that will increase my wage.

“The struggle continues! Good luck to our Super Eagles! You’re in my thoughts and prayers!,” she wrote.

The Peoples Democratic Party has called for a National Assembly investigation into the approval of N500 million, the first instalment of a purported N1bn approval allegedly by President Bola Tinubu, for the inauguration of a 37-man Tripartite Committee on the New National Minimum Wage.

On Thursday, a leaked memo surfaced, revealing that President Tinubu allegedly approved N500m out of a total of N1bn to the Secretary to the Government of the Federation, Senator George Akume, for the inauguration of a 37-man Tripartite Committee on the New National Minimum Wage.

The PDP National Publicity Secretary, Debo Ologunagba, in a statement on Friday, described the approval as the height of financial recklessness.

“The PDP describes the said approval of the huge amount for a routine government activity like committee inauguration as the height of profligacy, imprudence, and financial recklessness which further validates PDP’s position that the Tinubu-led government is a cesspit of corruption where officials engage in brazen and reckless treasury-looting,” Ologunagba added.

He further described it as provocative and unpardonable that at a time when the nation was suffering from acute food shortages, with millions of Nigerians starving due largely to inadequate investment in food production, insecurity, and harsh economic policies of the government, President Tinubu was allegedly spending a huge amount to inaugurate a committee.

The statement read in part, “It is even more revealing that the Secretary to the Government of the Federation allegedly requested for an audacious sum of N1.8bn for the event which was later scaled down to N1bn, out of which President Tinubu reportedly directed the SGF to “start with N500m first.”

Reacting to PDP’s claim, the Presidency called for a probe into the civil service structure to rid it of those it called “moles” loyal to the main opposition, the Peoples Democratic Party, who it blamed for leaking classified documents.

It said correspondence between the Office of the President and the Secretary to the Government of the Federation must be airtight. Therefore, leaks show vulnerabilities in the overall system.

In an interview with Saturday PUNCH on Friday, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, urged the Federal Government to weed its ranks of moles loyal to the opposition who are leaking classified documents.

Onanuga said, “What is worrisome is, how come a memo written by SGF to the President and bearing the President’s signature leaked out? It means that there are some fifth columnists-within the government.

“It’s not the first time a memo will leak. There was a memo leak when the President went to UNGA, about a request for money to pay for his hotel bills and you wonder where it is leaking from.

“There are so many moles around who are probably doing the bid of the opposition. They are not respecting the civil service rule for handling official secrets. And it shows that the government should look inwards to probe how memos between officials are getting into the public space. Memos that are supposed to be secret are not supposed to be flying all over the place.”

Another Presidency official who wanted to remain anonymous defended memo, describing it as a normal request for monies used to run the affairs of government.

By Tope Omogbolagun


The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex bank will no longer give Ways and Means to the Federal Government until the previous loans are repaid.

Olayemi noted that it was one of the measures taken by the apex bank to curtail the economic country currently plaguing the country.

Ways and means is the money that the CBN lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated.

Cardoso on Friday alongside the economic team met with the Senate Committees on Finance, Appropriations, Banking, Insurance, and Other Financial Institutions.

The Senate had summoned the economic team including the CBN governor, Minister of Finance, Wale Edun; the Minister of Budget and Economic Planning, Atiku Bagudu, the Minister of Agriculture, Abubakar Kyari to address the current economic situation and more importantly, the free fall of the Naira and hike in prices of food.

The CBN governor said, “On our side at the CBN, we have responded with significant monetary policy tightening to reign in inflationary pressure.

“Empirical analysis has established that money supply is one of the factors fueling the current inflationary pressure. For instance, an analysis of the trend of the money supply spanning over nine months shows that M3 increased from N52.01tn in January 2023 to N68.25tn in November 2023 representing N16.24tn or 31.22 percent increase over the period.

“Increase in Net Foreign Asset following the harmonisation of exchange rates and the N3.22tn ways and means advances were the major factors driving the increase in the money supply.”

He further explained, “I am pleased to note the Fiscal Authorities efforts in discontinuing Ways and Means advances. This is also in compliance with Section (38) of the CBN Act (2007), the Bank is no longer at liberty to grant further Ways and Means advances to the Federal Government until the outstanding balance as of December 31, 2023, is fully settled.

“The bank must strictly adhere to the law limiting advances under ways and means to five percent of the previous year’s revenue.

“We have also halted quasi-fiscal measures of over N10tn by the Central Bank of Nigeria under the guise of development finance interventions which hitherto contributed to flooding excess Naira and raising prices to the levels of Inflation we are grappling with today.”

He reiterated, “The CBN’s adoption of the inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.”

Cardoso further stated that its efforts were beginning to yield results to ease the economic situation in the country.

He said, “Our MPC meeting on the 26th and 27th of February is also expected to review the situation and take further decisions on these important issues.

“Distinguished Senators, Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.”

Cardoso while addressing the issues said, “Distinguished Senators, these measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass-through to domestic inflation.

“Indeed, they have already started yielding early results with significant interest from Foreign Portfolio Investors that have already begun to supply the much-needed foreign exchange to the economy.

“For example, upwards of $1bn in the last few days came in to subscribe to the Nigeria Treasury Bill auction of N1tn which saw an oversubscription earlier this week.”

Cardoso added, “Our measures aimed at improving USD supply into the Nigerian economy, have significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must as a country, moderate our demand for FX.”

Meanwhile, on addressing the issue of the free fall of the Naira in exchange for the US dollar and other hard foreign currencies, the CBN governor has advised Nigerians to reduce their quest for dollars, consumption, and usage of foreign goods .

He emphasized that without moderation of demands on USD, the CBN has no magic wand to hurriedly get Naira stabilized.

He, however, informed members of the committee that a series of measures put in place by the apex bank recently are yielding results with an inflow of about $ 1 billion into the economy.

He said, “The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira. Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.

“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations and adjusting the remunerable Standing Deposit Facility cap among others.”

He added, “Our measures aimed at improving USD supply into the Nigerian economy, have significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must as a country, moderate our demand for FX.

“It is also clear that the task of stabilizing the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs”.

On the Inflation rate, the apex bank governor assured Nigerians that it will reduce to 21.4% in 2024.

“Distinguished Senators, Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures”, he said.

Aside from the CBN Governor, the economic team like the Ministers of Finance, Wale Edun; Budget and National Planning, Senator Atiku Bagudu, Agriculture and Food Security, Senator Abubakar Kyari, also made presentations based on questions asked by the Senators on the State of Economy.

Senator Sani Musa who chairs the Senate Committee on Finance, in a series of posers fired at the Ministers and CBN Governor, queried the $3.3bn collected as a loan to rescue Naira since expected positive effects are not being felt, months after.

Meanwhile, the Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru (APC, Lagos East) underscored the need for a forensic investigation of past transactions and the issue of compliance of the bank.

He said, “We have serious economic challenges, they are largely macroeconomic challenges.

“We have inflation in several countries including developing countries but in Nigeria, we have inflation at almost 20%. What special measures do we have to address this?

“Do we have the place to assist the government to boost food supply in a view to also kind of reduce the weight of food inflation in the consumer price index? That’s my second question.

“How does CBN plan to support the productive sectors of the economy, the agriculture and manufacturing sectors? Because there are the two critical sectors already experiencing heavy growth rates.

“Today the money supply is estimated at close to about 75 trillion and thereabouts. I don’t know what is impeded in that 75 trillion, we have 30 trillion ways and means that ordinarily should have been impeded, but we have structured this into a 40-year instrument at a subdued interest rate of 9%. These are part of what is creating the distortions in the economy.”

He specifically, urged the CBN governor to make available to the committee, an audited account of the apex bank and its budget.

On his part, Senator Orji Uzor Kalu (APC, Abia North) called for the ban of dollar use in Nigeria, stressing that the government must go back to abolish the use of dollars in business transactions

“What plans are you putting in place to strengthen the Naira? We must go back to abolish the use of dollars unless to those who are authorized.

“In South Africa, nobody buys anything with dollars. I can see the shops in Abuja putting their goods to be bought in dollars. So what have you done? Where we are now, there is no foreign direct investment that will come to Nigeria, I’m really worried. People are leaving.”

Kalu added, “And what else have you made to bring to book those 2.7 billion dollars that you say that they have been in default of the documents? Who are the Nigerians that have defaulted these documents?

“You must bring them the book and you must make it public because people are attacking us. I can’t go to my constituency. If I go to my constituency, people are hungry, people are shouting at us, and people think we the senators are the cause of the economic problem. We are just making laws. It’s left for you people to execute it.

“So for me, what plans are you making right away to reconcile with NLC and TUC? They have given a 14-day ultimatum. What are we doing to stop that movement? Because I don’t want to see people say this is politics, this is not politics. These people are legitimately doing what they are doing,” he added.

Two Ministers in the Federal Executive Council on Friday expressed concern over the deleterious effects of fuel subsidy removal and floating of the Naira on the economy.

The Minister of Budget and Planning, Atiku Abubakar Bagudu and his counterpart in the Ministry of Agriculture Senator Abubakar Kyari, picked holes in the economic policy of the present administration.

The duo spoke at a session with the joint Committee of the Senate: the Committee on Finance; Banking, Insurance and other Financial Institutions Committee and Appropriation Committee.

The Minister of Budget noted that the removal of fuel subsidies has instigated a high cost of petroleum with attendant costs for farmers.

Senator Kyari in his observation declared that devaluation of the Naira in the guise of floating the currency has made farm produce in the country cheaper in the neighbouring country and consequently encouraged what he called “undocumented exports of food to our neighbouring countries.

“Our food products are the cheapest around the neighbourhood,” Senator Kyari declared.

Yusuf Alli and Collins Nweze


The Economic and Financial Crimes Commission (EFCC) yesterday joined the battle to halt further depreciation of the naira against the dollar.

It launched a crackdown on dollar speculators, hoarders, racketeers and firms issuing invoices in foreign currency.

The anti-graft agency said it had raised 14 special task forces to fish out culprits.

The anti-graft agency, which announced the arrest of many racketeers in Lagos, Port Harcourt and Kaduna, said each task force will operate from the agency’s 14 zonal commands.

It has also invited for questioning some proprietors of privately run varsities and higher institutions who charge fees in dollars.

The development came on a day the Association of Bureaux De Change Operators of Nigeria (ABCON) requested that the Central Bank of Nigeria (CBN) allow its members to resume dollar sales.

The naira exchanged yesterday for N1, 490/$ at the parallel market and N1, 418/$ in banks.

In a statement by its Head of Media and Publicity, Mr. Dele Oyewale, the EFCC said the task forces will ensure “the enforcement of extant laws against currency mutilation and dollarisation of the economy.”

“The task force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.”

The CBN frowns at the use of foreign currency as a medium of exchange in Nigeria.

In a statement by its erstwhile Director, Corporate Communications, Ibrahim Mu’azu, the apex bank drew attention to the consequences of contravening the provisions of the CBN Act of 2007.

According to the Act, “the currency notes issued by the bank (CBN) shall be legal tender in Nigeria…for the payment of any amount.”

The statement reads: “The attention of the Bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.

“It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the domestic currency (the naira), which is the legal tender in Nigeria.

“For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia: ‘the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount’.

“Furthermore, the Act stipulates that any person who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outposts.

“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action.”

Although the EFCC was silent on the number of those arrested, it said some suspects have been undergoing interrogation.

The statement added: “Already, the commission has arrested some perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the commission.

“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”

In a separate statement, the EFCC said its operatives in the Kaduna Zonal Command arrested three persons in connection with suspected currency racketeering.

It listed the suspects as Musa Gideon, Abdul Seidu Adamu and Justine Musa.

They were arrested yesterday on Yakubu Gowon Way, Kaduna while trying to “sell new naira notes to an EFCC’s undercover operative”.

“The operative, a member of the special task forces set up for the enforcement of extant laws against currency mutilation and dollarisation of the economy, functioned in a sting operation carried out by the team.

“The operation yielded the arrest of the three suspects selling new and old naira notes to the tune of N1, 307,400 and in possession of many Automated Teller Machine (ATM) cards.

“The suspects would be charged to court as soon as investigations are concluded,” the EFCC statement said.


BDCs to CBN: let our members resume dollar sales

The Association of Bureaux De Change Operators of Nigeria (ABCON) has requested that the CBN allow its members to resume dollar sales.

It said dollar distribution at the retail end of the market would recommence if the proposals it submitted yesterday to the CBN were approved.

The association also proposed the return of the self-regulatory status of ABCON by the apex bank. This, according to the association, will ensure compliance by its members with regulatory guidelines.

President of the Association, Aminu Gwadabe, said the BDCs would also partner with International Money Transfer Operators (IMTOs) to ensure the economy attracted more forex proceeds to deepen market liquidity.

The CBN had in July 2021 stopped forex sales and issuance of new licences to prospective BDCs after its Monetary Policy Committee two-day meeting in Abuja.

Former national vice chairman (North West) of the ruling All Progressives Congress (APC), Salihu Mohammed Lukman, has asked President Bola Tinubu to ignore the mass protests over high cost of living at his peril.

In a statement on Wednesday in Abuja, Lukman, a former Director General of the Progressive Governors Forum (PGF), warned that if the issues were not addressed, mass protests would engulf the entire country in no distant time.

He said, “As it is now, the renewed hope agenda of our party has been floated. Like the Naira exchange rate, Renewed Hope is being exchanged for Renewed Anger. The value is becoming more and more provocative to citizens.

“If the truth must be told, there is hunger in the land! As a committed member of APC, it is very depressing that this is happening under the leadership of our party. Even more depressing was the statement issued by Mr. Felix Morka, our National Publicity Secretary alleging that opposition parties are behind the protests.

“For Mr. Morka to issue such a very dishonest statement points to only one thing that the leadership of our party has completely lost it and at this rate their political utility value is zero. This clearly suggest that even the old pretence about being progressive has been thrown to the dogs.

“How can we be talking of opposition sponsoring protests in the strongholds of the APC? Both Minna and Kano are strong holds of APC. In the case of Minna, Niger State, APC is the ruling party. Kano is the home state of Dr. Abdullahi Umar Ganduje, the APC National Chairman.

“To suggest that any opposition party could mobilise citizens to protests our government is already defeatist. The hard reality is that these protests are logical responses to the realities facing Nigerians.

“If these realities continue unattended to, these protests will spread like bush fire across every part of the country within a very short period. No one should be deceived, these are justifiable protests, which tests the responsiveness of our party, our leaders and above all our democracy. APC and President Asiwaju Tinubu may wish to ignore them at their own peril.”

By Oluyemi Ogunseyin


Lagos State Governor, Babajide Sanwo-Olu, wants the construction of the 4th Mainland Bridge to commence in March 2024.

Sanwo-Olu, who is currently on a working visit to China alongside some government officials, set the date for Saturday when he took a trip from Beijing to Dalian, a city famous for its aquatic products and a coastline of about 1,900 kilometres in the North-east of China.

The governor, according to a statement, gave his reassurance to Lagosians that the long-awaited Fourth Mainland Bridge project would commence very shortly.

Sanwo-Olu also called on the contractor handling the project, China Civil Engineering Construction Corporation (CCECC), to make sure that the ground-breaking of the project is done in March.

“The Fourth Mainland Bridge is one of our legacy projects. We are committed to that project. We want to do that project like yesterday. We have assured Lagosians that this administration is going to do it,” Sanwo-Olu said.

“We are working with your team back in Nigeria to see how best we can start that project as soon as possible. We don’t have all the funding to do it, but we have a lot of pressure from different people. So, if CCECC can help us, we can sit together and try and see how much funding we both can raise and start the project.

“I have to deliver this project. I have got only three years to go and I have to deliver it. You (President of CCECC) have to help me to ensure that we deliver the Fourth Mainland Bridge. It is what we need in the state, and it is something that we want to do. We have been talking about it for a long time and I want to put it behind me.

“It has to start very soon. I made a commitment before the end of the first quarter; if I can achieve that, I will be very happy. I want to break ground, may be in March or April, to start that project. I will be happy if Mr. President of CCECC helps me to achieve this. It would be one of my greatest joy as a governor in the state.”

There was heavy traffic gridlock in some parts of Lagos on Monday as motorists formed long queues outside the forecourts of filling stations on what appeared may herald a fresh scarcity of Premium Motor Spirit.

One of our correspondents observed along the Ikorodu Road axis how motorists endured an unusually heavy gridlock due to a long queue of motorists waiting to buy petrol at filling stations. Also, the Total Filling station at the Mobolaji Bank Anthony Way had queues which led to heavy tariff around the Ikeja axis.

Our correspondent also noticed that many of the filling stations along the Ikeja axis, through Obafemi Awolowo Road in Ikeja were shut.

Meanwhile, some motorists had begun to hike the prices of their fares due to the development.

A commercial transport operator plying the Unilag-Jibowu axis in Yaba one of told our correspondents that he was forced to hike his fees after waiting for hours to buy fuel.

The commercial transport operator, who refused to disclose his name said, “Do you know how long it took me to buy fuel today? Anybody who doesn’t want to enter should stay out.”

Our correspondent also observed that all the filling stations along Ogunnusi Road inbound Berger did not also sell petrol to customers.

It is not immediately clear why fuel queues have resurfaced in Lagos.

Meanwhile, our correspondents gathered that the queues were noticeable in major filling stations considered to be selling at lower rates.

It was gathered that a number of filling stations owned by the Nigerian National Petroleum Company along the Lagos-Ibadan Expressway did not dispense fuel too.

The National Vice Chairman of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said he was aware of the queues in some filling stations in Lagos.

However, Fashola said the queues might be due to panic-buying on the part of customers.

“I am not in Lagos as we speak. But I heard about it too that there are queues in Lagos. It may just be panic buying. I am not sure there is fuel scarcity. People are just panicking. However, I will find out what the problem is,” Fashola said.

Just 11 out of the 36 states in Nigeria will generate enough income to pay workers’ salaries in the 2024 fiscal year, FIJ has found.

This was gathered from comparing the 2024 personnel costs and revenue estimates for the 36 Nigerian states in the country. FIJ found that only Kaduna, Edo, Enugu, Gombe, Kano, Kwara, Rivers, Lagos, Ogun, Osun and Zamfara states will generate enough money to offset personnel costs in the 2024 fiscal year.

For most of the remaining states, however, federal allocations constitute more than 50 percent of their total revenue for the 2024 fiscal year. By implication, these states cannot fund the salaries of their workers without federal government disbursement or a loan.


STATE IGR (Naira) PERSONNEL COST (Naira)
Kaduna 120,001,818,558. 76,206,260,777

Edo 71,691,130,754.62 65,167,577,994.68

Gombe 22,318,245,500. 21,925,000,000.

Kano. 101,956,874,541. 87,465,825,287

Rivers 231,057,836,945 99,588,939,939.39

Kwara. 71,788,763,444. 50,997,629,672.

Lagos 1.251 trillion

Ogun. 240,538,655,485. 122,400,076,062.

Osun 104,770,526,130. 82,361,903,000

Zamfara 55,534,775,000. 35,579,537,000.

States with Higher Revenue Than Personnel Cost in 2024


FIJ also compared the revenue estimates of the 36 states to their total recurrent expenditures to determine which of the states would be self-sufficient. FIJ found only Lagos, with a N1.25 trillion revenue, and Enugu, with a N252 billion revenue, can fund their 2024 expenditures comfortably.

Only Rivers State and Lagos have revenue projections that exceed the federal allocations budgeted for them in 2024.

On the other hand, six states, including Akwa Ibom, Bayelsa, Nassarawa, Rivers, Plateau, and Yobe state will spend more than their independent revenue in 2024 to service both foreign and domestic loans.

According to the National Bureau of Statistics, the cumulative revenue of the states in Nigeria increased by more than N1 trillion in 2022, with Lagos and Rivers as the top two earners for that fiscal year.

States in Nigeria generate revenue from services provided by MDAs, taxes and fines paid by citizens and industries local to their respective states.

BY DYEPKAZAH SHIBAYAN


Philip Agbese, deputy spokesperson of the house of representatives, says some members in the All Progressives Congress (APC) were invited to “come and eat”.

Agbese said this on Sunday in reaction to the victory the APC recorded during Saturday’s rerun election to conclude the tussle for Guma 1 constituency in the Benue house of assembly.

The Independent National Electoral Commission (INEC) declared APC’s Terwase Uche as winner of the election after he polled 5,289 votes to defeat Geoffrey Jimin of the Peoples Democratic Party (PDP) who scored 4,134 votes.

Speaking on behalf of the Benue APC national assembly caucus on Sunday, in Abuja, Agbese said the party won the election because of the leadership of George Akume, secretary to the government of the federation (SGF).

“We were in receipt of credible intelligence about high tensioned forces within the party, which should have originally added efforts to support the labour of original APC men and women, led by our Member, RT. Hon. Dickson Tarkighir; but rather, deployed the resources of the party and the collective patrimony of the people to fight the people and sabotage their genuine labour,” the lawmaker said.

“But for the timely guidance and congent leadership provided by the leader of the party, Senator George Akume and the state chairman, Comrade Austin Agada, the story would have been different.

“Now, the Benue people have known the truth. The APC as a party has also seen the difference between genuine party men and those who were invited to come and eat.

“And in all these, too, we must acknowledge the leveled playing ground provided by the electoral umpire, INEC, the professional and civil manners the security agencies conducted themselves during the election and the level of cooperation from the participants and their agents.”

The lawmaker said Benue people “have reached a higher stage of political awareness”.

“It spells a good future for the state. It means future elections will toll this pattern of peace, freeness, fairness and credibility,” he said.

“The electorate too must be commended.”

SUCCESS NWOGU


The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the resort of the 650,000 barrel-per-day Dangote Refinery to the United States for crude importation will increase the prices of petroleum products in the country. IPMAN’s National Public Relations Officer, Mr. Ukadike Chinedu, in an interview with Sunday Telegraph over the weekend, decried that Nigerians were currently suffering from sky- rocketed fuel pump price as a result of the unilateral removal of fuel subsidy by President Bola Tinubu during his inaugural speech on May 29, 2023. According to him, hopes were high that with local refining, prices of petroleum products would be reduced. He, however, said that it was worrisome for Dangote to buy crude from the US. He noted that with the crash of the Naira and the high cost of freight and other associated charges involved in international shipping and business, Nigeria could witness more increases in the prices of petroleum products. Chinedu said: “It will increase the price of petroleum products.

The problem we are facing is policy making and implementation. What is the essence of building Dangote refinery and we still go to the US to buy crude? It is very unfortunate and not good for us. It also means that we are not robbing Peter to pay Paul. The product is being exported from here to other countries. Still, we are now going to US to import crude when Nigeria is an oil producing state. It is very ridiculous. I believe that in the earliest distance, Nige- ria should rethink and talk about it.” Bloomberg had reported that Dangote Refinery was planning to import crude oil from the United States in the forthcoming months. Blomberg, quoting traders familiar with the matter, had said that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery by the end of February, which will mark the first time the refinery bought non-Nigerian crude.

Reacting to the development in an interview with Sunday Telegraph, Group Head, Corporate Communications at Dangote Group, Anthony Chiejina, said the refinery resorted to crude oil importation from the US because there was not enough crude for its purpose in the country. He, however, said resorting to the US for crude imports may not increase prices of petroleum products, as according to him, prices will be determined by the inter- national market.

Chiejina said: “If you have this, why should somebody go elsewhere and pick? It is NNPC Ltd you should be asking. “I do not know about that. Even if you are buying it from Nigerian National Petroleum Company Limited (NNPC Ltd), is it going to be cheaper? It is international market price determined.”

The Executive Secretary, Major Energies Marketers Association of Nigeria (MEMAN) formerly Major Oil Marketers Association of Nigeria (MOMAN), Mr. Clement Isong, opined that prices of petroleum products may not go up in Nigeria because Dangote bought crude from the US. According to him, the choice of US crude may be informed by technical consideration and commercial competitiveness. Isong said: “Dangote has done their mathematics and based on what is currently available in the mar- ket and the grade of crude that they are looking for, in order to blend the various crude blends in their facility, that this is the best deal they could have gotten in the market at this point in time even with the transportation calculated. Nigeria’s crude is Bonny light. It is not cheaper. There is a blend of crude that they use depending on what they want to produce. I am 100 percent sure that this is the best price they could have gotten. We need to trust them. “In any case, we must remember that it is a refinery.

There are two ways you can work in a refinery. Somebody can buy, refine and sell, depending on what the person wants. Refinery is just a tool for refining. Everything that goes into and comes out of the refinery does not neces- sarily mean that it must be- long to Dangote. “The refinery belongs to him and we do not have that information. You can rest assured from his history that they have done the best possible pricing of the prod- uct and that the price is very competitive from where it could have bought it from, based on the kind of grade that it uses.” He added: “I would not worry about that. Remember that a lot of crude in Nigeria is committed. So, the commission is investing in trying to make sure that everybody gets as much crude as it needs from the different refineries that are operating in Nigeria. We are still in the process of finding our feet with respect to the supply chain. I believe that it becomes more efficient as time goes on.

“Because of the grade you are looking for, the grade may not be what they want- ed. You know we have light sweet; they may be looking for a higher grade. We do not know. “Secondly, even if NNPC Ltd could supply him, if the one he has gone to buy is cheaper, if he buys in dollars, you do not know. So, you can not presume any- thing. You need to ask them if you want to understand why they went to America. I will not be surprised if it is cheaper. There are technical and commercial reasons that have caused them to go and buy from the US. I have no doubt about that. “It may not make the price go up. Whatever will make the price jump up, those conditions are already in place.” There are also reports that Nigeria had pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay a loan through Project Gazelle Funding Ltd, a Special Purpose Vehicle (SPV) incorporated in the Bahamas for the PxF.

The loan is o $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank. The NNPC Ltd also pledged 38.58 per cent of five years’ worth of tax and royalty oil to secure the loan. Nigeria has been consistently unable to meet its crude quota by the Organisation of Petroleum Exporting Countries (OPEC). Nigeria’s daily crude oil production jumped to 1.4 million barrels per day (mbpd) in December 2023 from 1.319mbpd in November, using secondary sources, while, using direct communication, Nigeria production from 1.250mbpd in November to 1.335mbpd in December. Sources told Bloomberg that part of the current oil production cuts only started at the beginning of January, adding that OPEC+ will need more time to review and assess what impact the output reduction has had on market balances.

Nigeria had been restricted to 1.5 million barrels per day target in 2024 during the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on November 30, 2023. The development was precipitated to a meeting in June where OPEC+ agreed a complex deal that revised production targets for several members. The oil cartel had contracted three consultancies – IHS, Rystad Energy and Wood Mackenzie – to verify production figures for Nigeria, Angola and Congo. As a result of the reports of the consultants, it gave Nigeria a 2024 target of 1.5 million barrels per day (bpd), Congo a target of 277,000 bpd and Angola one of 1.11 million bpd, who by then had not exited OPEC. In June 2023, it had been agreed, pending the assessments by the consultancies, that Nigeria could produce Nigeria 1.38 mbpd and possibly as much as 1.58 million bpd but Nigeria had not met previous quotas.

Dangote Petroleum Refinery had before commencement of operation received six crude shipments. On January 9, it received the sixth one million barrels of crude oil. It disclosed that the product was supplied by the Nigeria National Petroleum Company (NNPC) Limited, and got discharged at the single point mooring (SPM-C2) of the Dangote offshore oil terminal (DOOT). According to the state- ment, the fresh one million Agbami barrels of crude via MT ALMI SUN is the last cargo to complete the initial scheduled six million barrels consignment to be delivered to the Dangote facility.

In a significant move aimed at improving Nigeria’s defence capabilities, the United States Department of Defence has confirmed the sale of arms valued at $1 billion to Nigeria.

According to a statement issued by the US Defence Security Cooperation Agency, the deal includes the procurement of 12 AH-1Z Viper attack helicopters, as well as 32 mission computers from Northrop Grumman.
The acquisition of 12 AH-1Z Viper attack helicopters will enhance Nigeria’s ability to conduct precision strikes and undertake rapid response operations for the country’s overall security and stability.

The statement added that the strategic move is expected to bolster Nigeria’s ability to respond to security challenges and strengthen its overall defence posture.
Nigeria’s complex security challenges have displaced millions and claimed countless lives, making the purchase of the helicopter, scheduled for completion in June 2024, a significant upgrade to the country’s military assets.

The sale follows the US State Department’s approval in April 2022 of Nigeria’s request for the helicopters, which includes guidance systems, night vision imaging systems, and extensive training.

The statement said the sale of 12 AH-1Z Viper attack helicopters and 32 mission computers to Nigeria marks a significant milestone in the defence cooperation between the United States and Nigeria.

This deal not only enhances Nigeria’s military capability but also signifies a deepening partnership between the two countries in addressing security challenges in the region.

The AH-1Z Viper is a highly advanced attack helicopter that will provide Nigeria with enhanced capabilities to conduct a wide range of military operations, including counterinsurgency and counterterrorism efforts.

The inclusion of 32 mission computers from Northrop Grumman, it was learnt, will further augment the effectiveness of the helicopters by providing advanced mission planning and execution capabilities.

This comprehensive package underscores the United States’ commitment to supporting Nigeria in its efforts to address security threats and protect its territorial integrity.

The deployment of advanced attack helicopters in Nigeria is expected to have a ripple effect on the security dynamics of West Africa, potentially influencing the balance of power and security architecture in the region. The increased capabilities of the Nigerian military could lead to a more assertive role in addressing security threats not only within its borders but also in neighboring countries, thereby reshaping the regional security landscape.

The collaboration between the United States and Nigeria in strengthening defence capabilities reflects a shared commitment to enhancing regional security and countering transnational threats.

The advanced technological capabilities of the AH-1Z Viper helicopters, coupled with the integrated mission computers, are expected to significantly enhance Nigeria’s operational effectiveness and situational awareness, thereby enabling the country to respond more effectively to evolving security challenges.
As both nations work together to enhance regional security, the impact of this strategic move is poised to resonate across West Africa.

The enhanced defence capabilities of Nigeria, coupled with its deepening partnership with the United States, are likely to have far-reaching implications for the regional security dynamics, shaping the trajectory of security cooperation and defense engagements in the region.

“The strategic move is poised to bolster Nigeria’s ability to respond to security challenges and strengthen its overall defense posture. The announcement has sparked discussions on the geopolitical implications for the region, highlighting the potential impact on the regional security landscape. As both nations work together to enhance regional security, the impact of this strategic move is poised to resonate across West Africa, setting the stage for a new chapter in defense collaboration and regional security dynamics,” the statement added.

By Yusuf Alli


Determined to deliver the dividends of democracy, President Bola Tinubu has redefined the priorities of his administration.
He has placed premium on security for peace, food security, infrastructure, education, health, and social investment.

Ministers and heads of agencies have also submitted lists of deliverables and timelines which will be monitored monthly and quarterly.

In line with the new order, Desk Officers have received Key Performance Indicators (KPI) metrics to assess Ministries, Departments and Agencies.

The list of the redefined goals was contained in a January 15, 2024 circular issued by the Secretary to the Government of the Federation, Senator George Akume.

Those copied with the circular were the Clerk of the National Assembly; the Auditor-General of the Federation; the Accountant-General of the Federation; Heads of Extra-Ministerial Departments/Directors-General and the Chief Executive Officers of parastatals, agencies and government-owned companies.

Titled “Redefining of the Presidential priority areas of President Bola Ahmed Tinubu”, the memo stated that the benchmarks will keep ministers and directors on their toes.

“Further to the cabinet retreat for Ministers, Presidential aides, Permanent Secretaries and top government functionaries held from 1st – 3rd November, 2023, His Excellency, President Bola Ahmed Tinubu has redefined the Priority Areas of his Administration as follows:

•Reform the economy to deliver sustained inclusive growth

•Strengthen national security for peace and prosperity

•Boost agriculture to achieve food security

•Unlock energy and natural resources for sustainable development

•Enhance infrastructure and transportation as enablers of growth

•Focus on education, health, and social investment as essential pillars of development

•Accelerate diversification through industrialization, digitization, creative arts, manufacturing and innovation

• Improve governance for effective service delivery,” the memo stated

“Accordingly, all Ministries, Departments and Agencies (MDAs) are to ensure that their Policies, Programmes and Projects align with Mr. President’s Priority Areas in line with the Renewed Hope Agenda,” the memo added.

A top source, who spoke in confidence with The Nation , said it will no longer be business as usual for ministers and MDAs.

According to the highly-placed source, ministers and agencies have submitted deliverables which have been broken down to monthly and quarterly modules.

The source added: “With the deliverables, desk officers will now apply KPI Metrics to ascertain whether or not Ministries, Departments and Agencies are following their plans and goals.”

He said the fact is that ministers, heads of departments and agencies have to work round the clock to meet their targets.

“At the end of the day, the overall performance of a minister or head of any agency will be based on the KPI Metrics. The essence is to set goals, ensure good governance, fast-track development and make those in charge of any project or assignment be up to what they are doing. “

He said the President will take a final decision and determine those who are not performing, those underperforming and those abysmally weak.

He said Tinubu is interested only in optimal service delivery because Nigerians are awaiting accelerated changes in the economic outlook, security and social development.

Gbajabiamila: President focused on solving economic, security challenges
The Chief of Staff to the President, Mr.Femi Gbajabiamila, said yesterday that President Bola Tinubu is determined and fully committed to dealing with the myriad of socio-economic problems facing the country.

Gbajabiamila said it was for this reason that the President had to remove the fuel subsidy.

He said Nigeria and Nigerians would soon begin to reap the benefits of the removal of fuel subsidy.

Gbajabiamila spoke to reporters moments after voting at Polling Unit 014, Ward 08, Elizabeth Fowler Memorial School, Surulere, Lagos in the House of Representatives by-election for Surulere 1.

He said: “Mr President, who I talk to on a daily basis, has no other thing in his mind than how to address the issue of insecurity and economic hardship.

“He (Tinubu) has his gaze fixed on solving the problems. He met a lot on ground, we’ve had these issues for years, and I think we have somebody who would address those issues and address them well.”

Gbajabiamila represented Surulere 1 in the Green Chamber before becoming Speaker in 2019.

The Federal Ministry of Finance and the Central Bank of Nigeria (CBN) are working on fresh initiatives to rescue the naira, according to hints yesterday.

The Finance Minister and Coordinating Minister for the Economy, Mr. Wale Edun, yesterday met with CBN Governor Olayemi Cardoso and Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede to strategise on stabilising the beleaguered currency.

This occurred on a day the naira sustained its rally against the dollar, closing at N1,440 at the parallel market. The rate represents a N10 gain from the N1,450 to dollar recorded on Thursday.

But apparently not satisfied with the exchange rate, the trio launched into a meeting in Abuja yesterday to discuss ways of shoring up the naira.

Details of the meeting were not immediately available, but the Federal Ministry of Finance in a terse statement on its X handle said: “This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede @officialEFCC and CBN Governor Olayemi Cardoso @cenbank, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the Naira.

“The meeting highlighted our continuous efforts in aligning monetary and fiscal policies, underscored by a commitment to the rule of law.

“The EFCC Chairman reaffirmed the Commission’s support for these initiatives, emphasising his dedication to enhancing the integrity of financial regulations.”

This meeting comes amidst efforts to bridge the gap between the official and black market exchange rates, including this week’s EFCC raids on unauthorised foreign exchange operators.

Mr. Edun reiterated the government’s “commitment to the rule of law” as a cornerstone of achieving these objectives.

Speaking in a similar tone, Mr. Olukoyede, the EFCC Chairman, “pledged the Commission’s unwavering support” for these initiatives. He stressed the organisation’s dedication to enforcing financial regulations with integrity, and combating illegal activities threatening the financial system.

Governor Cardoso, leading the apex bank, expressed the CBN’s commitment to collaborate with the Ministry of Finance and the EFCC. He emphasised the importance of “coordinated efforts” in achieving their shared goals of economic stability and financial system efficiency.

An official of the Ministry of Finance told The Nation that “these meetings hold regularly where they try to coordinate fiscal and monetary policies to make sure there’s a strong coordinated handshake and they’re operating in sync whilst maintaining their independence.”

The source said while the CBN retains its grip on financial sector regulation, control of the transmission mechanisms and tools for setting the exchange rate, the macroeconomic strategy is driven by the minister.”

“The minister takes his coordinating role very seriously. He’s there to provide thoughts leadership, mentorship support, intellectual support and all of that.”

On further efforts to stabilise the Naira, the official said: “The CBN is putting things out and setting the market right. It’s all about macroeconomic stability, enhancing liquidity, deepening the capital market and making sure there’s access to capital for inclusive development.

“While challenges remain, the collaborative approach and commitment to the rule of law demonstrated by these leaders will pave the way for potential progress in strengthening the Naira and fostering a more robust financial system for the nation.


Naira sustains rally after apex bank’s intervention

With the naira now trading at N1,461.9/$ at the NAFEM window- official market, the spread between the official and parallel rates have converged, signaling rate unification.

Hassan Abdul, a BDC trader in Central Lagos, said the naira was traded for N1,400 to the dollar at about 1.00pm, but weakened to N1,440 to dollar at the close of business after dealers asked for higher premium to cover loss positions.

“The CBN policies in recent days have shaken up the market. We have seen a high volume dollar offload by speculators. But for that to be sustained, the apex bank needs to support dollar injections into the official markets,” he said.

Banks are at the centre of forex market activities, with their action and inaction contributing significantly to market performance.

Observing that the banks were not living up to expectations, the Central Bank of Nigeria (CBN) last Wednesday issued new directives to shore up the value of the naira.

The banks were accused of hoarding over $5 billion by holding back funds expected to be injected into the official forex market.

Following the 4.25 per cent depreciation in the naira between January 29 and 31, the CBN has issued two complementary circulars to commercial banks and International Money Transfer Operators (IMTOs) to address price discovery and market distorting restrictions.

The first circular instructed banks to limit their net open position to 20 per cent of shareholders’ funds unimpaired by losses using the gross aggregate method to hedge forex losses while softening forex demand. Meanwhile, the circular to IMTOs instructed Deposit Money Banks to ensure that international transactions now occur at the prevailing market rate, thereby removing transaction pegs.

Previously, IMTOs were required to quote rates within an allowable limit of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian foreign exchange market, according to the circular TED/FEM/PUB/FPC/001/009 dated September 13, last year.

All authorised dealers, International Money Transfer Operators, and the general public are advised to take note of this development and ensure compliance with the revised regulations. The CBN’s decision reflects ongoing efforts to adapt and enhance the dynamics of the Nigerian foreign exchange market, the circular stated.

“The reason for the removal of the cap is to incentivise the IMTOs to transparently transfer their receipt into the country,” Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), disclosed.

The apex bank had also deployed examiners to Treasury Units of banks headquarters to ensure compliance with policy shifts.

The impact of the policy measures showed the naira rallying and correcting huge depreciation gaps across the official and parallel markets, leading to convergence in the forex market.

An economist and Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the prevailing concern reverberating across the Nigerian economy is the downward spiral of the exchange rate.

According to him, weakened naira will result in imported inflation and erode the purchasing power of consumers.

He explained that over the course of 10 days, the currency shed 10.78 per cent of its value against the dollar before appreciating to N1,440/$ (parallel market) on February 2.

But through a sequence of circulars and a change in the methodology for computing FX rates, the CBN has reinstated its commitment to encouraging transparency with market reflective rates, reducing forex demand pressures, lifting restrictions on international transactions and improving dollar liquidity.

Rewane said that despite gradual rebound of the naira, the markets still show signs of disequilibrium and unanchored exchange rate expectations.

“The solution to the naira’s FX throes begins at the first MPC meeting since July 2023, scheduled for February 26-27. We expect a hawkish CBN, likely raising effective interest rates by 200 basis points to narrow the negative real rates of return, instill confidence and bring the FX markets to a correction,” he said.

The CBN removed the cap on the allowable limit of -2.5 per cent to +2.5 per cent around the previous day’s closing rate for the International Money Transfer Operators (IMTOs). This adjustment signifies a shift in the regulatory framework, providing IMTOs with more flexibility in determining exchange rates.


Apex bank overhauls Cash Reserve System

The apex bank has also effected a change in the last monetary policy decision – the Cash Reserve Requirement (CRR) system.

The CBN in a circular sent to all banks by the Acting Director Banking Supervision Dr. Adetona Adedeji said the new “Cash Reserve Requirement (CRR) mechanism is intended to facilitate your capacity for planning, monitoring, and aligning your records with the CBN.”

The move is designed to provide banks with more flexibility in managing their reserves while encouraging increased lending to businesses and individuals.

Previously, a fixed percentage of banks’ deposits, currently 32.5 per cent for commercial banks was automatically deducted daily by the CBN as CRR. This new system, however, adopts a phased approach with key changes.

In the first Phase which adopts an incremental approach, the existing CRR percentages (32.5 percent) will no longer be applied daily. Instead, they will be applied only to increases in banks’ weekly average adjusted deposits.

This means any new money received by banks, such as customer deposits, loan repayments, or other inflows, will have the designated CRR portion set aside as reserves. This approach offers banks greater flexibility in managing their overall liquidity and planning for future reserve needs.

The second Phase which promotes lending through Loan-to-Deposit Ratio (LDR) compliance introduces a dynamic element based on banks’ adherence to the minimum Loan-to-Deposit Ratio (LDR) currently set at 65 percent.

Banks that fail to meet the LDR target will face an additional 50 percent CRR on the “shortfall” in lending. This essentially increases their effective CRR, which in turn will affect their available funds for lending and encourage them to meet the LDR requirements.

Benefits and potential impacts of this new CRR system are that banks no longer face daily fluctuations in their reserves, allowing for better financial planning and stability. By encouraging banks to meet LDR targets, the CBN now aims to increase credit availability for businesses and individuals, potentially boosting economic activity.

However, it is too early to predict the exact impact on interest rates and loan availability, as market dynamics and individual bank strategies will now play a role.

The circular added that the CBN will provide details to banks on the applied CRR charges and their calculation rationale, ensuring transparency. The apex bank also noted that it will closely monitor the implementation of the new system and make adjustments as needed.

Exchange rate for cargo clearance raised to N1.356/$

The CBN also raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

The rate had been increased from N783/$ to N952/$ only last November and from N783/$ to N952/$ in December.


Don blames politicians for Naira free fall

United States (US)-based Nigerian academic, Dr Abdulmumini Y Ajia, claims some Nigerian politicians are largely responsible for the Naira free fall.

The control of the country’s foreign exchange flow by the Nigerian National Petroleum Company Limited (NNPCL) is also partly responsible for the problem, according to him

The Associate Professor of Business Administration, Lincoln University, Missouri told The Nation in Ilorin, Kwara State, that many Nigerian politicians with free access to public funds are exposing the naira to undue assault.

The APC stalwart said: “Those politicians may not know what they are doing.

“When you take 100 or 200 million Naira to change to dollar you are inadvertently putting pressure on the dollar.

“People that are stockpiling the dollars without buying or selling goods are the reason we are in this mess.

“Another reason is that our foreign exchange flow is controlled by the NNPCL primarily because we have become a mono-economy.

Easy money is coming through the NNPCL, leading to opacity.

“Oil swap is yet another reason. President Bola Tinubu needs to close the gap with the politicians. They need to earn legitimate money.

“What we have in Nigeria is that few people have access to too much Naira and in turn go to the foreign exchange market to buy the dollar without using if for industrial purposes.

“When a genuine industrialist goes there to buy dollar, he will keep waiting for the Central Bank of Nigeria (CBN) forever. He wants his industry to run. He will buy it at the same rate. He will then transfer the cost to you and I.

“When middle income people see that the Naira can longer be used as a store of value, out of their meagre resources, they will take out of their resources to exchange for dollars at the parallel market and keep. Imagine if one million people do that. The ordinary folks will also join the bandwagon. It is corruption that is killing this country.”

Trouble is rocking a family in Nasarawa State following claims by a housewife that her husband cheated on her by sleeping with her mother.

Doris (surname withheld) said the lid on the secret affair between her 46-year-old husband and her mother was blown open by her six-year-old son.

Curiously, Doris’s mother, Madam Cynthia (surname withheld), did not deny the alleged romance between her and her son-in-law when her daughter confronted her with the allegation.

Rather, she told her daughter that she was in a relationship with her son-in-law (her daughter’s husband), Joseph, before they got married, and it was the best romance opportunity she had 20 years after she lost her husband.

Madam Cynthia said: “My husband died about 20 years ago, and I never found another man of my dream until I met Joseph.

“He is a kind and generous gentleman. He is also very strong and very good in bed.

“He gave me the most satisfaction I ever had with a man in bed. Because of that, I did not want to lose his company, so I recommended him to you (Doris).

“I insisted that he must get married to you so you could have a taste of what he is made of.”

Doris, 28, had got married to Joseph, a sales manager with a private company, oblivious of the fact that he and her mother were dating.

As it later turned out, it was Madam Cynthia that actually persuaded Joseph to marry her daughter (Doris), who at that time was based in Keffi as a student of Nasarawa State University.

Since Doris was not visiting Lafia regularly, she had no idea how intimate her mother and Joseph were.

To worsen matters, Doris was not coming to Lafia most times her school was on holiday as she chose to take up some casual jobs in Keffi despite that her mother was running a big restaurant in Lafia where Joseph got to know her.

Our correspondent gathered that Joseph’s affair with Madam Cynthia was so discreet that it was difficult for any observer to know what was going on between them.

Joseph was said to be in the habit of closing late in the office, after which he would wait for Madam Cynthia at his Lafia apartment after closing her restaurant.

The bubble burst on January 18 when Madam Cynthia visited her daughter’s matrimonial home in New Nyanyan, Karu Local Government Area, Nasarawa State. Joseph was said to have moved to Nyanyan for the sake of proximity to his wife for whom he had secured a civil service job in Abuja.

As it was customary between them, Joseph and his mother-in-law (Cynthia) decided to engage in fresh sessions of romance during the visit. Unfortunately, their six-year-old son ran into them in one of the sessions and later let the cat out of the bag.

Distraught Doris, who narrated the incident to a close friend of hers in a recorded telephone voice, said: “I met my husband through my mother in Lafia in 2018.

“I had just completed my NYSC (national youth service) and she introduced him to me as someone who was very good and generous, and would never maltreat me.

“Looking at Joseph, although he was not too young, he actually appeared gentle and promising.

“He would come to my mother’s restaurant every evening after close of work, but I never suspected that he was also going out with my mother.

“She actually hid her main reason for linking the two of us together. My mother did not want my husband to get married to another woman basically because of his sexual prowess and kindness.

“To my admiration, Joseph actually showed commitment, making sure that all my needs were met even without me asking.

“Within a short time, he proved to me that he was actually a good man in addition to what my mother told me.

“We eventually got married in 2018, and two years later, we relocated to New Nyanyan because he had secured a civil service job for me in Abuja and also opened a salon for me.

“I have three kids and I am presently four months pregnant.

“My mother, a very careful woman, had told me after my marriage that she felt fulfilled that I got married to Joseph.

“She was always coming on visits, and would always ask whether I was enjoying my marriage. And I truly was enjoying it, because my husband did make life easy for me and my kids.

“She was always calling or visiting, and I thought it was because I am her only child.

“When I gave birth to my first son, she was very excited and often came to help out with house chores.

“She was always taking care of my kids who she loves so much. It was as if she was living together with us.

“We live in a three-bedroom apartment, so there was enough space for her to stay for as long as she wanted.

“On January 13, my mother came around and it coincided with the time my husband took a week off to rest at home.

“It never occurred to me that my husband’s one week rest was tactically planned to coincide with my mother’s coming.

“The setting in my matrimonial home was the best for them because of the kids. They took care of the kids while I went to work, but I did not know that they were also taking care of themselves.

“My mum loves a particular brand of alcohol while my husband also likes a brand of wine, which he always ensured was in the refrigerator.

“So while I was away to work and the kids had gone to school, they kept each other company with their drinks. It never occurred to me that their relationship was beyond mother in-law and son in-law.

“On Thursday, January 18, I returned from work and my eldest son came into my room as I was pulling off my dress.

“He looked worried and confused, so I asked whether his aunty beat him in school or he was not given food, but he said nothing.

“When I prodded him further, he told me that he saw his father and grandmother fighting naked in the visitor’s room and grandma was crying while daddy was on top of her.

“I asked how he got to know, and he said that when he returned from school, grandma bathed him and he slept off after eating because he was tired.

“He said that when he woke up, he went to check on grandma (Madam Cynthia) in her room and found that she and her father were fighting naked and grandma was crying under him.

“Obviously, they did not lock the door.

“He said his father ordered him to go out immediately.

“Although I was shocked at the revelation, I managed to control my anger and inquire to know more of what went wrong in my absence.

“My son’s claims were actually not unexpected because of my mother’s constant visit to us and her unusual closeness to my husband.

“They were so close and were always in the sitting room together.

“But another thought came into my mind: the two of them had known each other before I came in, and I actually met my husband through my mother.

“I walked swiftly across the house and into my mother’s room and asked if there was something going on between her and my husband.

“She could not deny the allegation and that caused me to start shedding tears. I just did not know where the tears were coming from.

“My mother calmed me down and narrated the story of her relationship with Joseph and why she insisted that I should marry him.

“She said she got hooked on my husband because he was very good in bed in addition to his good nature. In fact, he described my husband as a Maradona in bed.

“She said that every woman would like such a man and she did not want me to miss out on him because those are the traits that sustain marriages.

“She said she would have felt cheated if Danjuma had married another woman, and that was why she persuaded me to marry him.

“She actually believed she was doing the best for me.

“Yes, the bible says honour thy father and mother, but what do you do with a mother who didn’t even honour her daughter’s wedding vows?

“Before I could say anything, she knelt down and said she was sorry I found out about their relationship the way I did, but she was not sorry she got both of us together.

“She said I should be grateful for our stable home and healthy children, adding that she did what she did because she was hungry for sex, particularly with Joseph.

“My mother confessed that on that particular day, they were together in the parlour when she suddenly grabbed Joseph and dragged him into her room.

“She said there was a flurry of actions without words. Unfortunately, my eldest son came in while they were in the thick of action.”

Doris further told her friend that she never suspected that there was any relationship between her husband and her mother, wondering how they were able to keep it secret for so many years and now leave her to grapple with the nightmare induced by their sacrilegious act.

She said: “I couldn’t send my mother away because the children genuinely love her and she is a good grandmother.

“I used to be happy and grateful to her for giving me a husband that understands how to keep a woman.

“My husband is indeed very good in bed, and I thank my mother for bringing him into my life. But she should not have insisted on sharing him with me.”

She told her friend in the recorded telephone conversation that she has enjoyed life the most since she got married to Joseph.

She said: “I like him because he asks me out, opens the door for me, pours me drink, offers me his jacket, kisses me and says good night. So I need to be his wife all the days of my life.

“His libido is very active. His weak point is his nipples. Once you suck them, he becomes like a lion ready to devour its prey.

“He is someone that can take me on for as long as I want. His sexual prowess is not in doubt. But my mother is not allowing me to enjoy my man alone.

“How can my husband be sleeping with me and my mother? It is wrong, shameful and abominable. I am in distress and I don’t know how to handle the matter.

“It would have been better for my husband to get a girlfriend than sleep with me and my mum.

“It is very shameful and an abomination of the highest order. It is wrong of her and it will be very shameful if people get to know about it.

“When I left my mum in her room and went back to my room wondering on how to approach my husband on his return, I’m sure my mother had informed him about my approach to her.

“So when he returned to the house, he looked calm and guilt was written all over him.

“When I finally asked him about his affair with my mum, he tried to adjourn the discussion to a later date, but I insisted.

“He then sat me down and narrated how he had known my mother while I was away in school, and it was through their relationship that my mother nursed the idea of connecting us for marriage.

“Having monitored my attitude, she strongly believed that I could give her daughter the desired comfort. So whatever has happened now was not planned. Let me call it a devilish act.

“He confirmed to me that the only mistake he made was to have succumbed to the pressure from my mum. He really apologised and pleaded with me not to take it to heart no matter the level of anger.

“Although I am still grappling with this nightmare in my life, I have to control my emotions as I don’t want to leave my marriage because of this terrible thing.

“I can’t also stop my mum from visiting us. She loves my children and cares so much about them, and I’m her only daughter.”

Doris explained that both her husband and her mother regretted what happened, saying that it was not meant to hurt her but was done out of emotions from past memories.

“I don’t actually know what to do, though my husband has been begging me to forgive and forget.

“My sickness currently is from the mind. I’m so confused. The emotional pains are too much for me to bear.”

Her friend has, however, advised her to let go of the matter, forgive and forget.

“Please, don’t react angrily. It is not a matter for public consumption.

“Don’t let your marriage crash because of this abominable act.

“Think of your kids and swallow it because of them,” she said.

The United States Bureau of Prisons says it will probe convict Ramon “Hushpuppi” Abbas, currently serving an 11-year sentence, after a viral video that seemingly showed someone believed to be Mr Abbas holding a feast with others inside what was reported as his detention facility at Fort Dix, New Jersey.

“We take these matters seriously,” the prison facility told Peoples Gazette Thursday night, adding that the “investigative department” would take charge of the inquiry to ascertain the facts or lack thereof about the viral video.

Mr Abbas’ ally and social media influencer, Tunde Adekunle, alias Tunde Ednut, celebrated his birthday on January 22.

While fans and other celebrities joined the birthday across Nigeria and parts of the U.S., a video surfaced showing a feast of different foods, including jollof rice, pasta and soda drinks, in what appeared to be a jail facility.

“Tunde Ednut, you can see that we are celebrating you in our own little way o,” said a voice which many Nigerians said belonged to Mr Abbas in the video that went viral on January 22. “Fried rice is ready, Tunde Ednut birthday celebration. Jollof loading, pasta is here as you can see,” the voice continued as the person, who hid his face behind the camera, displayed a variety of delicacies on a white table.

The video, which The Gazette analysed, showed a grey double bunk and a bed covered in white sheets. The features reminiscent of a prison interior, stoked rumours that Mr Abbas was really having a swell time celebrating his friend’s birthday behind bars.

Nigerians familiar with Mr Abbas’ voice insisted that he was the one in the viral video. Mr Abbas, 41, was convicted for his role in a multimillion-dollar international fraud scheme in 2022.

Hushpuppi was arrested in Dubai before and extradited to the U.S. to answer for his crimes.

In the first few years of his incarceration, Mr Abbas enrolled in prison educational courses and also took an active role in cleaning prison facilities, becoming one of the correctional facility’s finest toilet cleaners, in a bid to earn a lighter sentence.

The U.S. Court of Appeals for the Ninth Circuit in Los Angeles on January 19 dismissed Mr Abbas’s appeal to review and reduce his 11-year sentence on the grounds of his good behaviour during his stay so far in jail.

Canal+ Group, a French TV channel, has offered to buy all the shares in South Africa’s MultiChoice for $1.69 billion.

According to Reuters, Canal+, in a statement on Thursday, said it has already submitted a proposal to this effect.

Canal+, a top shareholder in MultiChoice with a 31.67 percent stake, according to data on London Stock Exchange Group (LSEG), said it would likely pay 105 rand in cash per share — a 40 percent premium to MultiChoice’s closing share price on Wednesday.

The French firm said its offer, worth 31.7 billion rand ($1.69 billion), was non-binding and indicative.

The company is expected to deliver a letter of firm intention to MultiChoice’s board once due diligence has been completed.

“MultiChoice to continue to thrive in Africa will require a strategy that enhances its scale as well as strengthened local and global expertise,” Maxime Saada, chairman and chief executive officer (CEO) of Canal Plus, said in a statement.

“Our potential offer, if successful, would be an important next step for MultiChoice to realise its full potential.”

Confirming the development, MultiChoice, which operates in 50 countries in sub-Saharan Africa, said it had received a letter from the French media company and would update shareholders on any developments.

Canal+ is a subsidiary of Vivendi SE, a French mass media holding company headquartered in Paris.

The management of National Mathematical Center, Abuja on Wednesday announced that the payment of salaries to Federal Government civil servants will be delayed beyond normal.

The center in a viral memo signed by its acting bursar, Pius Ukwah, attributed the delay to the Office of the Accountant General of the Federation, AGF.

According to the memo, the AGF office was still working on finalizing the 2024 Appropriation on the GIFMIS platform and as a result the Personnel Warrant for the month of January 2024 is yet to be released.

The memo further revealed that the delay would cut across other MDA’s and not just the centre.

While urging the staff to exercise patience, the Centre said: “We await a positive resolution by the OAGF.”

Following the exit of Niger Republic alongside Mali and Burkina Faso from the Economic Community of West African States (ECOWAS) over the regional bloc stance on military takeovers in these francophone countries, findings by the Nigerian Tribune has revealed that some importers and exporters from landlocked Niger Republic may decide to abandon Nigerian ports for their trans-shipment cargoes.

Recall that Niger Republic, which borders Nigeria from the northern part, in 2023 had pledged to abandon Cotonou Port and start trans-shipping its cargoes through Lekki Port.

The Director General of the Ministry of Transportation at the Niger Republic, Mme Tchima Moustapha had told journalists in January of 2023 during the commissioning of the Lekki Deep Seaport in Lagos that the modern facilities available at the Lekki Deep Seaport have created an alternative for Niger importers to now trans-ship their cargoes through Nigeria instead of Cotonou Port in Benin Republic.

However, speaking with the Nigerian Tribune in the wake of the withdrawal of Niger Republic from ECOWAS, a former National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu explained that he doesn’t see Niger Republic trans-shipment cargoes coming in through Lekki Port anymore.

According to Prince Olayiwola Shittu, “I don’t see the trans-shipment cargoes of Niger Republic coming in through Lekki Port because of what is going on in ECOWAS. Don’t forget that all the three countries that pulled out of ECOWAS are francophone countries and are landlocked.

“With the withdrawal of Niger Republic from ECOWAS, their importers might be told to also go back to Cotonou Port to mover their trans-shipment cargoes. You know Niger Republic and Benin Republic are both francophone countries. However, Niger Republic will face the backlash more because they depend on Nigeria for electricity and trade. Its an ongoing development that we are watching unfold.”

Also speaking, a former National President of the National Association of Government Approved Freight Forwarders (NAGAFF), Eugene Nweke explained that from time immemorial, Niger Republic had always preferred Cotonou or Lome for their trans-shipment cargoes.
[b]
“The Niger Republic had always preferred to use Lome and Cotonou Ports for their trans-shipment cargoes in the past. Yes, last year they said they will start using Nigeria, but with what is happening in ECOWAS politically today, that promise might no longer be feasible. However, that looks insignificant to me judging by the volume of cargoes that they trans-ship, which is very low,” [/b]Chief Eugene Nweke explained.

The wife of the late king of Esun Ekiti in Ajoni, Ikole Local Government Area of Ekiti State has narrated her last moments with her slain husband.

The widow, Yetunde Ogunsakin, stated that her husband called her before being slain by gunmen to inform her that he was hungry and that she should prepare something for him before he arrived at his palace.

Mrs Ogunsakin who spoke to AIT News in a documentary seen by SaharaReporters said she started to worry when she realised her husband did not arrive within the period of an hour.

She said, “He called me when he reached Ajowa that he was coming, that he was hungry and I should prepare something for him. Ajowa to this place, I was not checking time, that it is not supposed to take more than one hour. Getting to one hour, one hour plus, I was calling his phone. He did not pick.”

“I was shocked when I was called around 4:30 to be informed that he has been attacked by assailants and that he was killed in the process with a fellow Kabieyesi, Onimojo of Imojo,” Chief Niyi Ojo, a community leader from Esun Ekiti added.

In response to the monarchs' deaths, Micheal Ogungbemi, Chairman of the Ajoni LCDA, urged the Nigerian government to grant local security officers in the town a licence to carry arms in order to confront militants attacking residents.

He said, “I believe at this time, we should ensure that our local security must be harmed, the must be allowed to carry weapons.”

SaharaReporters had reported how gunmen suspected to be herdsmen, on Monday, killed the two traditional rulers, throwing their towns into confusion.

The incident was said to have happened between Oke-Ako and Ipao-Ekiti in Ajoni Local Government Area of the state.

Sources disclosed that another monarch, Alara of Ara in Ikole LG, however, narrowly escaped when the armed men accosted them and attempted to forcefully take them away.

President Bola Tinubu had also condemned the killing of the two traditional rulers.