The Indigenous People of Biafra has said that it is now ready to negotiate with the Federal Government on peaceful exit of Biafra from Nigeria through a United Nations supervised referendum.

The pro-Biafran group said the peaceful agitation for Biafra Independence started in 2012 without any violence or criminality, but the Federal Government has continued to attack its members.

It stated this in a press statement issued by group’s spokesman, Emma Powerful, on Saturday.

Powerful said IPOB has lost over 5,000 members and properties worth over $1bn as a result of the extreme use of force from the Nigeria security forces.

The statement read, “We the global family and movement of IPOB wish to reiterate once again that IPOB remains peaceful and open for negotiations and dialogue on peaceful exit of Biafra from Nigeria through a UN supervised Referendum.

“IPOB’s peaceful agitation for Biafra Independence started in 2012. Never has IPOB been associated with violence or criminality in all our years of rallies and protests. Nevertheless, Federal Government, through its security forces, has levied war against IPOB. Our members have been brutally attacked while on peaceful protest by the Nigeria security forces at many locations in Biafra Land.

“Many IPOB members and sympathisers have had their houses and business burnt by the Nigeria security forces. IPOB has lost over 5,000 members with properties worth over $1bn as a result of the extreme use of force from the Nigeria Security Forces. Irrespective of all the provocations, IPOB has never retaliated nor have we taken up arms against the Nigerian State.

“IPOB stands for peace. We stand for dialogue, and we stand for discussions. The cardinal rule under which IPOB was formed is to lead the way to a peaceful separation of Biafra from Nigeria. Biafra and Nigeria are two different nations.

“The events from 1948 to 2023 have shown that it is practically impossible for Biafra and Nigeria to coexist as one nation. IPOB has been calling on the Nigeria State for discussions on a peaceful referendum date, but the Nigeria State always returns the peaceful call with violent suppression.

“We have always maintained that self-determination is our inalienable right according to the UN laws.”

The group insisted that it remains committed to pursuing its self-determination peacefully according to international laws and regulations.

The New Nigeria People’s Party has declared its intention to remain neutral in the ongoing dispute between the presidential candidate of the Peoples Democratic Party, Atiku Abubakar and President Bola Tinubu regarding the latter’s academic records from Chicago State University.

The NNPP said it would be more concerned with issues associated with the party and to allow the court to carry out its constitutional duty of deciding the case.

Atiku had in a press conference on Thursday called on the presidential candidate of the Labour Party, Peter Obi, and that of the NNPP, Senator Rabiu Kwankwaso, and other presidential candidates to join him in his legal battle against President Tinubu, particularly over the certificate forgery allegation.

Atiku had sought leave from a United States Court to order the Chicago State University to release to him certificates of the President to back his allegation of forgery against the President.

Last Monday, the US Court released the President’s document which sparked reactions both within and outside the polity.

Speaking at a press conference on Friday, the Deputy National Chairman of the party, Nwaeze Onu, noted, “If you remember we are not in court, and if you jump into what you are not, you become an interloper. We do not want to get engaged in what we are not part of. We love the country more than we love ourselves.

“We need fairness, we need equity and we allow the court to do its constitutional responsibility. We address the issues that are within the level of our party.”

While commending the judiciary for their role in promoting the rule of law, the party appreciated the condition under which they are working, praying that they should continue to work towards upholding the principle of fairness and justice.

Onu continued, “This party came into existence about 21 years ago. But little was known about the party until a little over a year ago when some notable politicians joined it. And today, the party has been taken to all the nook and corners of this great country to the extent that it came fourth in the last elections.

“We are using this medium to appreciate Nigerians in general for accepting the NNPP and seeing the party as the only hope for a better Nigeria.

“However, along the line, we discovered that some leaders of the party did not know that things had changed. They wanted to continue using every election to negotiate with governments in power at both the national and state levels, instead of contesting elections. Even when notable politicians joined, they frustrated them by aligning with the government in power,” he said.

“That was our experience in the last elections, and this prompted the party’s leadership to sanction about nine states where the executives were dissolved and some chairmen suspended or expelled.

The deputy chairman, however, further revealed that erring chairmen of the party who became disgruntled and embarked on “a war” against the party, even to the extent of conniving with enemies of the party were disciplined.”

He advised outsiders fighting the party to steer clear and stop meddling in the internal affairs of the party.

While reassuring of the party’s commitment to enthrone democracy and all its dividends, it appreciated the Independent National Electoral Commission for its passion to the growth of democracy in the country and also for its support to the party.

“We are also assuring Nigerians that we will continue to hold them dear to our hearts,” he concluded.

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Industry experts have underscored the importance of tackling the current influx of substandard spare parts in the Nigerian automobile sector.

According to the experts, counterfeit components not only compromise vehicle safety but also erode consumer confidence in the authenticity of automotive products.

The Standards Organisation of Nigeria reports that 95 per cent of auto spare parts imported into the country do not meet the minimum acceptable standard.

The Chairman of Automedics Motor International, Yusuf Adah, told The PUNCH that the issue remained critical to the sector, blaming the influx of substandard vehicle spare parts on dealers and importers.

According to Adah, unscrupulous elements within the industry lack commitment to excellence and integrity, making it a herculean task to fight the problem head-on.

Adah stressed the importance of Original Equipment Manufacturers, noting that while they may be pricier, they prove their worth by standing the test of time.

He stated, “Car owners have several options to choose from. But it is very easy to differentiate between OEM and substandard spare parts.

“Fighting the menace remains a top priority even though it is almost looking as if it’s impossible to combat.”

Additionally, Adah decried the lack of customer satisfaction and the shortage of skilled talents in the automobile industry.

According to him, these challenges require collective efforts to address and improve the overall health of the Nigerian auto sector.

Also, in an exclusive chat with The PUNCH, the Chief Operating Officer of Fixit45, Pankaj Bohhra, said, “From our experience, we have seen the challenges with the quality of work done, and the big pain point there has got to do with the right spare parts – availability, pricing, and sourcing.

“The quality of parts that will be used by our workshops will ensure that the vehicle’s lifetime value can last longer. It helps workshops to improve efficiency in terms of how they work and claims reduction.”

He also mentioned skill gaps among automotive professionals, subpar repair, and limited access to essential infrastructure as some of the challenges plaguing the sector.

The Nigeria Customs Service, a key agency responsible for overseeing imports and exports, had stressed the need for collaboration among stakeholders to curb smuggling which had given rise to the influx of counterfeit automotive spare parts into the country.

In a document titled “Enhancing the Role of Nigeria Customs Service and Fostering Collaborative Efforts with Stakeholders to Prevent the Inflow of Substandard or Counterfeit Spare Parts,” the agency points out the formidable obstacles encountered in curbing smuggling.

Oba Otudeko- Honeywell Group



Oba Otudeko is the founder and chairman of the Honeywell Group, a conglomerate spanning oil and gas, flour milling, real estate, and marine transportation. His most successful enterprise in the Honey Well Flour mills. Otudeko also owns Radisson Blu through Leisure.

Honeywell Flour Mills recorded a revenue of N67. 909 billion in H1 2022.


Taiwo Ayodele Adeniyi-Vitafoam



Taiwo Ayodele Adeniyi is the Group Managing Director/CEO of Vitafoam, a manufacturing powerhouse established in 1962, specializing in polyether foam products.

Adeniyi became part of the Vitafoam Group in 2007 and earned his board position in July 2012. Before taking the helm as Group Managing Director/CEO, he held the role of Group Technical and development Director and served as the Supervising Director for Vitapur Nigeria Ltd, a subsidiary of Vitafoam Nigeria Plc.


Raymond Murphy-Mouka Foam



Raymond Murphy is the Managing Director and CEO of Mouka Foam, a Nigerian mattress manufacturer founded in 1959. Raymond Murphy has led the company since 2015.

Under his leadership, Mouka achieved recognition in the London Stock Exchange Group’s Companies to Inspire Africa reports for 2017 and 2019, highlighting its remarkable growth and contributions to African development.


Fidelis Ayebae-Fidson Healthcare Plc



Fidelis Ayebae founded Fidson Healthcare Plc, where he remains the Managing Director (MD). Fidson is a pharmaceutical company listed on the Nigerian Stock Exchange. In 2018, the company declared N3.61 billion as its revenue for the first quarter, a 26% increase from the N3.42 billion recorded in the comparable period in 2017.

With an employee strength of over 1200, Fidson is the largest employer of pharmacists in Nigeria. Prior to founding the Healthcare company, Ayebae was a Managing Director at Ayebe Investment Limited and an Assistant Director at Citibank.


Stella Chinyelu Okoli-Emzor Pharmaceuticals



Stella Chinyelu Okoli, CEO of Emzor Pharmaceutical Manufacturing Company since 1977, is a prominent player in Nigeria’s pharmaceutical sector. In 2021, Emzor listed its N13.7 billion 5-Year Series 1 Bond on NGX.

She also founded the Chike Okoli Foundation in 2006, which operates a Center for Entrepreneurial Studies at Nnamdi Azikiwe University, impacting over 1,500,000 Nigerians.


Ademola Odunaiya-Wemy Industries



Ademola Odunaiya is the Managing Director of Wemy Industries Limited, founded in 1978. The company is a pioneer manufacturer of baby diapers and other personal hygiene products in Nigeria such as Dr Brown.

The daily operations of the company is run by his sons, Paul and Obatunde Odunaiya.


Senator Daisy Ehanire Danjuma- May & Baker



Senator Daisy Ehanire Danjuma chairs May and Baker, a pharmaceutical company dating back to 1962, known for its vaccines, antibiotics, and sera. Senator Danjuma, a prominent figure in Nigerian politics, served from 2003 to 2007.

Beyond her political career, Senator Danjuma chaired South Atlantic Petroleum Limited from 1999 to 2003. Furthermore, she plays the Trustee of the H I D Awolowo Foundation, Chairman of the Board of Trustees of Lagos Public Interest Law Partnership, and Executive Vice Chairman of South Atlantic Petroleum Limited.


Ahmed Kazalma Mantey- Leventis Group



Ahmed Kazalma Mantey chairs AG Leventis Group, with interests spanning power and gas products, consumer foods, real estate, and more.

The conglomerate’s legacy dates back to 1936. Prior to becoming chairperson, Mantey boasts an extensive career within AG Leventis Group of Companies, serving in diverse roles, from Divisional/Special Assistant to the Chief Executive to Executive Director.

He holds positions on the boards of Nigerian Bottling Company Limited and Leventis Foundation GTE.


Viju Wang Nianyong- Viju Industries

Viju Wang Nianyong founded Viju Industries (Nigeria) Limited in 2004, offering products like Apple fruit milk drink. He shifted from commodities trading to revolutionize the Nigerian market.

Today, Viju is one of the country’s most iconic brands with more than 5 flavours in the beverage market.


Razak Murphy Okoya- Eleganza Group



Razak Okoya, a billionaire industrialist founded the Eleganza Group. This conglomerate, with six factories in strategic locations across Western Africa, manufactures a diverse range of household goods and utensils, including cutlery, collieries, food warmers, ice chests, electric fans, cosmetics, and ballpoint pens.

Employing over 5000 individuals, the Eleganza Group has achieved household recognition in Nigeria and neighbouring African markets, becoming a symbol of local industry success and innovation.


Peder Tuborgh- Arla Foods



Peder Tuborgh is the Group CEO of Arla Foods, the makers of Dano milk a global dairy cooperative with 10,300 farmer owners in Northern Europe. He joined Arla in 1987, rising through various roles worldwide.

Arla, a Danish-Swedish multinational and the largest Scandinavian dairy producer established a dairy farm in Kaduna, Nigeria. Governor Nasir El-Rufai attended its May 25, 2023 inauguration.

The farm aims to produce 1.6 million kg of milk in 2024, with a target of 4 million kg annually.


Obi Ezeude - Beloxxi Biscuits



Obi Ezeude, the founder behind Beloxxi Biscuits, a producer of cream crackers incorporated in 1994, has become a household brand in Nigeria. Initially funded by a $2.2 million US Exim loan, the company later divested minority shares to KFW-DEG, a German investment bank, and 8Miles of London, a private equity firm, raising approximately $85 million. These funds facilitated significant expansion, including nine production lines and an allied packaging factory in Oregun.


Pierre Vandebeeck



Pierre Vandebeeck, an Agronomist, founded SIAT, the owner of Presco. In 1974, he led Socfin Consultant Services for the World Bank’s Nigerian oil palm plantation project, overseeing the successful development of the Adapalm estate. In 1983, he became SOCFINCO’s Country Director for Nigeria, achieving similar results at Okomu Oil Palm Company.

He later established Siat Group, overseeing 48,000 hectares of oil palm estates in Edo, Delta, and Rivers States, and Presco’s growth into a market leader in Nigeria’s vegetable oils and fats industry, employing over 10,000 Nigerians.


Hubert Fabri



Hubert Fabri and Vincent Bollore co-founded SOCFIN, an agro-industrial group specializing in oil palm and rubber cultivation and the largest shareholder in Okomu Oil Palm Company PLC.

Initially established by the Nigerian Federal Government in 1976 in Edo State, Okomu Oil Palm became a PLC in 1990. Under their guidance, SOCFIN has expanded its plantations across Africa and Asia, with control over 400,000 hectares of land. Okomu oil’s current market capitalization stands at N250.8 billion on NGX.


George Onafowokan - Coleman Wires



George Onafowokan is the Managing Director and CEO of Coleman Wires.

Established in 1975 by Asiwaju S.K. Onafowokan, Coleman Wires has grown to become West Africa’s largest cable manufacturer.

George’s journey in the industry includes serving as the immediate past chairman of the Electrical and Electronic Sector of the Manufacturers’ Association of Nigeria (MAN). Furthermore, he currently holds a position on the executive committee of the Lagos Chamber of Commerce and Industry (LCCI). Under George’s leadership, the company’s assets surged from N50 million in 2002 to N15 billion by the end of 2014.


Hussein Safa - Sara Foam

Hussein Safa serves as the CEO of Sara Foam, a prominent foam and foam-related product manufacturer with a workforce exceeding 500. Founded in 1992, Sara Foam has expanded its product range over the years to include brands like Sara Elegance, Sara Omega, Sara Luxury, Sara Trendy, Sara Flex, Sara Macho, and Sara Ultima-Plus, among others.


------------------------------------------------
Note: All individuals featured on the list were carefully compiled by a panel of editors, experts, and analysts at Nairametrics.

It is important to note that none of the individuals listed actively sought inclusion; rather, they were selected based on their significant contributions to the manufacturing sector in Nigeria.

While we aimed for comprehensiveness, it is essential to recognize that this list is not exhaustive, as many other contributors have played vital roles in advancing the sector.

This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the sector.

Feedback will be appreciated.

Nigeria’s Manufacturing companies contributed approximately N32 trillion to the economy over a five-year period between 2018 and 2022 according to Nairametrics reporting citing NBS data.

Despite Nigeria’s challenging economic landscape, the manufacturing sector remains a significant force, bringing joy and providing goods for use by many households, from Cement, through Food and beverages, to Textiles, Apparel and Footwear, to Chemicals and Pharmaceuticals and many others, they have continued to sustain the needs and wants of Nigerians.

The leaders of these companies have adeptly navigated Nigeria’s economic turbulence, considering the country’s heavy reliance on imports. In Q4 2022, the Nigerian Bureau of Statistics reported N559.25 billion in raw material imports, according to its Foreign Trade in Goods 2022 data.

The sector’s contribution to real GDP in Q2 2023 stood at 8.62%, marking a slight decline from 8.65% when compared to Q2 2022 and a more significant decrease from 10.13% in Q1 2023. Increasing energy costs, exchange rate fluctuations, elevated financing costs, rising inflation and rising costs of raw material imports have contributed to hindered production and eroded profit margins, as previously reported by Nairametrics.

Nevertheless, these manufacturing powerhouses persist, driving job creation and contributing to product diversity.

They are more than just business leaders; they are household brands deeply entrenched in Nigeria’s economy, influencing various industries ranging from food, beverages, oil, construction, and pharmaceuticals.

In this feature, Nairametrics profiles these top manufacturing industry powerhouses, highlighting their pivotal role in shaping consumer demand and maintaining economic stability.

Our list also includes leaders of foreign-owned companies who are in charge of the local manufacturing process in Nigeria.


Aliko Dangote – Dangote Group



Alhaji Aliko Dangote, Africa’s wealthiest individual, founded the Dangote Group in 1981. The conglomerate spans cement, food, and oil and gas industries, making it West Africa’s largest company. With over 30,000 employees and N3.3 trillion($ 4.3 billion) in revenue, Dangote’s empire began as a trading enterprise before venturing into manufacturing.


Abdulsamad Rabiu – BUA Group



Abdulsamad Rabiu established BUA Group, a conglomerate involved in cement production, sugar refining, and real estate.

In 2020, Rabiu merged Obu Cement with Cement Co. of Northern Nigeria, creating BUA Cement Plc. BUA cement has a market capitalization of N3.2 trillion on NGX. Abdul Samad Rabiu studied Economics at Capital University, Columbus, Ohio, USA and he holds the Nigerian National Honour of ‘Commander of the Federal Republic’ (CFR).


Tim Kleinebenne – Unilever Nigeria Plc.



Tim Kleinebenne holds the position of Managing Director at Unilever Nigeria, a company established by William Hesketh Lever back in 1923. At the end of the 2022 financial year, Unilever Nigeria generated N88.6 billion, Net operating profit of N4.47 billion and had 786 employees.

Unilever Nigeria is a member of the Unilever Group, with a global presence in 190 countries, and a global of 148,000 employees.


Wassim Elhusseini-Nestle Nigeria



Wassim Elhusseini is the MD of Nestle Nigeria Plc., a food and beverage speciality company with ties to Tolaram Group. Nestle Nigeria was founded in 1961 and by the end of the 2022 financial year, Nestle Nigeria generated a revenue of N446.8 billion, net operating profit of N86.9 billion and had 2,320 employees.

Together with the company’s 275,000 associates in 188 countries, Wassim strives to enhance the quality of life through the power of food with Nestlé’s 2,000+ brands.


Oyeyimika Adeboye-Cadbury Nigeria



Oyeyimika Adeboye, the CEO of Cadbury Nigeria, assumed her role in 2019. Under her leadership, the company, founded in 1965, has seen substantial growth. Cadbury Nigeria Plc currently employs about 781 people who have chosen to build their careers with the Company.

A chartered accountant, in November 2008, Oyeyimika was headhunted to join the board of Cadbury West Africa as Finance and Strategy Director, West Africa; and a director on the board of Cadbury Ghana Ltd.


Bernard Cheruiyot Langat-Friesland Wamco



Bernard Cheruiyot Langat is the Managing Director of FrieslandCampina WAMCO Nigeria Plc, known for milk brands like Peak and Three Crowns.

The company started production in 1975 and at the end of the 2022 financial generated revenues of N324.72 billion, a net operating profit of N13.46 billion and had 764 employees.


Mathieu Seguin-Coca-Cola Hellenic Bottling Company



Mathieu Seguin serves as the CEO of Coca-Cola Hellenic Bottling Company Nigeria. With Nigeria as one of its markets, it provides exclusive services for the bottling and selling the Coca Cola brands such as Coca-Cola, Fanta, and Sprite. The Nigerian Bottling Company has been in operation in Nigeria since 1953.


Adhi Narto-Prima Foods



Adhi Narto leads Dufil Prima Foods. The company started operations as De United Food Industries Limited in 1996. They are the manufacturers of brands such as Indomie Noodles, Power Oil etc.

Narto joined the company in 2001 as a project manager and climbed through the ladders-his experience spans over 20 years in supply chain management.


Faysal El-Khalil-Seven Up Bottling Company



Feysal El-Khalil chairs the Seven-Up Bottling Company, renowned for producing and marketing globally recognized beverages such as Pepsi, 7Up, and Mountain Dew. Founded by Feysal’s father, Mohammed El-Khalil, originally as El-Khalil Transport in 1926, it later evolved into the largest transport company in West Africa.

The company transitioned into the beverage industry on October 1, 1960, producing the inaugural bottle of 7Up at its Ijora factory. As of 2017, Feysal held a majority share valued at N63 billion in the company.


Omoboyede Olusanya-Flourmills Nigeria



Omoboyede Olusanya, the Group Managing Director and CEO of Flour Mills Nigeria, established in 1960, oversees significant investments in the agro-allied sector. At the end of the 2023 financial year in March 2023, FMN generated revenues of N1.54 trillion, a net operating profit of N42.75 billion and had 5,919 employees.

With over 20 years of executive experience, Olusanya currently, serves on the boards of Axxela, Starsight, and OVH Energy.


Bruno Gruwez



Bruno Gruwez leads Promasidor Nigeria Ltd, the company behind Cowbell Milk, a staple in Nigerian households since 1993. In 2016, during the share purchase agreement between Ajinomoto and Promasidor, the group’s valuation stood at approximately N1.15 trillion (adjusted for inflation).

Gruwez joined Promasidor Nigeria, having spent over fourteen years at PepsiCo South Africa as the Senior Director for Food Categories in Sub-Saharan Africa.


Omobola Johnson/John Musunga-Guiness Nigeria



Dr. Omobola Johnson chairs Guinness Nigeria Plc, a subsidiary of Diageo Plc, founded in 1962. She’s a seasoned professional with 30 years of experience in both the private and public sectors.

John Musunga is the Managing Director and CEO of the foreign extra stout brewer recorded revenues of N229.44 billion, net operating profits of N23.38 billion and had 791 employees in the year ended June 30, 2023.


Hans Essaadi-Nigerian Breweries



Hans Essaadi, is a Dutch business leader, who serves as the CEO Director, and MD at Nigerian Breweries Plc, as well as the Managing Director at Heineken Egypt. He is also a Member of the Governing Council at the Confederation of Malaysian Brewers Bhd.

Mr. Essaadi has held various significant roles throughout his career, including General Manager at Sirocco GmbH, General Manager of Brau Union International GmbH, and others.

At the end of its 2022 financial year. NB Plc., generated revenues of N550.58 billion, net operating profits of N52.56 billion and had 2,685 employees


Arun Bhintade-Cway Foods and Beverages



Arun Bhintade serves as the Managing Director of Cway Foods and Beverages, known for producing a range of products including Nutri-Yo Yoghurt, Nutri-Milk Fruit Milk, Nutri Milk Superkids Fruit Milk, Nutri-Soya Soymilk, Peach Fruit Drink, Nutri-Choco Chocolate Drink, and Maca Plus Energy Drink. The company, founded in 1999 by Mr. Onest Che, has made significant strides in the industry.


Sulaiman Adebola Adegunwa - Rite Foods/Essay Holdings



Sulaiman Adebola Adegunwa is a Nigerian businessman and founder of Essay Holdings Limited, the parent company of Rite Foods Limited, makers of Bigi drinks. Rite Foods began its journey in 2008. He also served as the Chairman of Sterling Bank Plc.


Souhail Joseph Nassar-Sunal Foods

Souhail Joseph Nassar founded Sunal Foods in 1989 alongside Nouhad Joseph Nassar, under the name Vital Foods Limited producing toffees, lollipops and other products.

The company has since grown and is renowned for the production of biscuits, chewing gum, and toffees, with products like Digestive and Malted Milk.


Daniel Agbor-UAC Group Plc



Daniel Agbor chairs UAC Group Plc, a conglomerate founded in 1879. The group spans various sectors, offering brands like Gala, Mr Bigg’s, and Dulux. The company reported revenue of N109. 27 billion for 2022.


Jan Jenisch- Lafarge Nigeria



Jan Jenisch leads Holcim Group, owners of Lafarge Nigeria. Lafarge began operations in 1961 and is committed to innovative and sustainable building solutions. Lafarge Africa Plc is a member of the Holcim Group – it became a publicly quoted company on the Nigerian Exchange on February 17, 1979. At the end of the 2022 financial year, Lafarge generated revenues of N373.34 billion, net operating profits of N69,74 billion and had 1,343 employees

BREAKING | 2 hours ago

Tells CBS: “As an educational institution, we are sometimes asked to provide information related to student records. Federal law known as FERPA (the Family Educational Rights and Privacy Act) protects the privacy of student records and limits what an institution can release”

The Chicago State University (CSU), yesterday, confirmed that President Bola Tinubu attended the university and graduated in 1979 with a bachelor’s degree.

The university disclosed this in a statement issued to CBS Broadcasting Inc. generally referred to as CBS News, one of America’s biggest and most influential news network.

It, however, pointed out that United States’ federal law, prevents it us from providing any further information about Tinubu’s record, without consent or unless allowed to do so via court order.

The presidential candidate of the Peoples Democratic Party in the 2023 election, Atiku Abubakar, had alleged that documents showing that Tinubu graduated from Chicago State in 1979, were not authentic, and had highlighted it as grounds to nullify Tinubu’s election victory.

The certificate was issued in 1979, and signed by university President Elnora Daniel. But Daniel didn’t arrive at CSU until 1998 and left about ten years later.

Submitting false records to the National Election Commission before the vote should nullify the election, Atiku had claims.

At a hearing in Chicago this week, Atiku’s lawyers had asked a federal judge to compel the CSU officials to turn over Tinubu’s academic documents and appear for depositions. Judge Jeffrey Gilbert of the United States District Court for the Northern District of Illinois did not rule on the request.

CSU’s lawyer, Michael Hayes, told Gilbert that the university wouldn’t be able to certify Tinubu’s diploma under oath.
A CSU spokeswoman said the university could confirm the president graduated. However, it cannot authenticate the diploma because it was a ceremonial document and not part of a student’s official academic file.

Earlier this month, the Presidential Election Petition Court had dismissed Atiku’s claim against Tinubu’s February 25 election. But the PDP presidential candidate continues to fight the president’s academic results in Chicago.
But in the statement CSU issued to CBS yesterday, the university explained: “As an educational institution, we are sometimes asked to provide information related to student records. Federal law known as FERPA (the Family Educational Rights and Privacy Act) protects the privacy of student records and limits what an institution can release.

“In August 2023, a request was made to the U.S. federal court for the university to provide information related to educational records concerning Bola Tinubu, the President of Nigeria, and a former CSU student.
“The university has confirmed Tinubu attended CSU and graduated in 1979 with a bachelor’s degree. Federal law, however, prevents us from providing any further information without consent or unless allowed to do so via court order.


“CSU is confident in the veracity and integrity of our records regarding Tinubu’s completion of graduation requirements and degree certificate. The university is not a party to the Nigerian legal proceedings that spurred this request, and a U.S. federal judge will determine whether the university will provide further requested information.


“Our response to the request for Tinubu’s academic records has been entirely consistent with our practices, policies and federal law. We would respond in exactly the same manner for any request for any student information by a third party.”
Chicago State University Statement to CBS:


As an educational institution, we are sometimes asked to provide information related to student records. Federal law known as FERPA (the Family Educational Rights and Privacy Act) protects the privacy of student records and limits what an institution can release.
In August 2023, a request was made in U.S. federal court for the university to provide information related to educational records concerning Bola Tinubu, the President of Nigeria, and a former CSU student. The university has confirmed Tinubu attended CSU and graduated in 1979 with a bachelor’s degree. Federal law, however, prevents us from providing any further information without consent or unless allowed to do so via court order.

CSU is confident in the veracity and integrity of our records regarding Tinubu’s completion of graduation requirements and degree certificate. The university is not a party to the Nigerian legal proceedings that spurred this request, and a U.S. federal judge will determine whether the university will provide further requested information.

Our response to the request for Tinubu’s academic records has been entirely consistent with our practices, policies and federal law. We would respond in exactly the same manner for any request for any student information by a third party.

The former Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf has said out of the 32 airports in the country, only four of them are economically sustainable.

These airports include Murtala Muhammed Airport in Lagos (which generates about 50% of the entire revenue), Nnamdi Azikiwe Airport in Abuja, Mallam Aminu Kano International Airport (MAKIA), and Port-Harcourt International Airport.

He made these remarks during the second annual National Transport Technology Conference and Exhibition, which had the theme, ‘The Viability of State-Owned Airports: Issues, Challenges and the Way Forward,’ and was held virtually on Tuesday.

Yusuf pointed out that many state-owned airports heavily rely on subsidies from their respective state governments merely to maintain the appearance of functionality.


State-owned airports are unviable

Also speaking, the Director-General of Nigeria Civil Aviation Authority (NCAA), Captain Musa Nuhu, emphasized that many state-owned airports are unviable and were built without considering the air traffic in the state.

He also highlighted that the increasing construction of airports by state governors places a growing regulatory burden on the agency.

Nuhu identified several challenges stemming from this situation, including financial stress on various agencies within the aviation sector, such as the Federal Airports Authority of Nigeria (FAAN), the Nigerian Airspace Management Agency (NAMA), and other related organizations.

Nuhu articulated thus,

“We have been stretched beyond our capacity. How does an airport generate revenue when it operates only once a week?”

“Most of the airports are unviable; built without traffic in mind and leaving the burden to the Federal Government to shoulder. Airports should be a catalyst for economic development. It has to be well thought through. It becomes a problem when an airport will not generate economic returns.”

Contributing to the discussion, the President of the National Association of Nigeria Travel Agencies (NANTA), Susan Akporiaye attributed the lack of thriving state-owned airports to inadequate funding.

She stressed that no business can thrive when an airport operates only one or two flights daily.

State government airports conduit pipe for embezzlement

Wole Shadare, an aviation journalist and participant in the webinar, alleged that many state government-led airport projects serve as conduits for embezzlement of public funds.

He expressed frustration that numerous state governors continue to build non-viable airports in their regions, subsequently transferring them to FAAN, which places additional pressure on the revenues generated by the only four viable airports.

Share estimated that not less than N374 billion had been expended on such projects by the states, which observers consider as mechanisms for misappropriating public funds rather than promoting economic interests.

As part of Nigeria’s moves towards becoming a maritime hub in the west and central African region, the newly built Lekki Deep Seaport has started processing transhipment cargo for neighbouring countries.

Mohammed Bello-Koko, managing director of the Nigerian Ports Authority (NPA), disclosed this during a recent tour of the port facility by Adegboyega Oyetola, minister for the Marine and Blue Economy accompanied by the management of the NPA.

Bello-Koko disclosed that two of Nigeria’s neighbours have expressed interest in transshipping their cargo through Lekki Port, and with the renewed partnership with Nigeria Customs, the country will domesticate the World Customs Organisation’s guidelines on transhipment and other ease of doing business best practices.

He said that in furtherance of the resolve to leverage the competitive advantages of Lekki Deep Seaport in attaining maritime hub status, the number of transhipment cargo can only increase.

“Lekki Deep Seaport’s distinctive features such as full automation, drive-through scanners, and Super Post-Panamax size Ship-to-Shore Cranes among others, positions it for quick cargo and vessel turnaround which will greatly enhance the competitiveness of our exports especially agro-allied products in the international marketplace. With enhanced competitiveness comes increased demand which ultimately grows forex inflow into the country,” Bello-Koko said.

On his part, the Minister expressed his delight at the world-class facilities at the Lekki Port and pledged the Ministry of Marine and Blue Economy’s commitment to ensuring that the opportunities for national prosperity inherent in the Lekki Deep Seaport are maximally utilised.

Just recently, the NPA procured and deployed two first-of-its-kind in Africa, Azimuth Stern Drive (ASD) 80-Ton Bollard Pull Tugboats to equip Lekki Port towards providing the best marine services.

The visit to Lekki Port, which came after the new Minister of Marine & Blue Economy toured Lagos and Tin-Can Island Port Complexes, signposts the importance of the Nigerian Ports Authority in actualising President Bola Tinubu’s vision for national prosperity.

Durojaiye Ogunsanya: Tinubu was my classmate at Chicago University | We mocked his Nigerian accent

AUTHOR: Ayodele Oluwafemi

SEPTEMBER 13, 2023 10:45

Durojaiye Ogunsanya, a public affairs analyst, says he was a classmate of President Bola Tinubu at the Chicago State University (CSU).

During a chat with TVC on Monday, Ogunsanya said he graduated alongside Tinubu at CSU from the department of accounting and business administration in 1979.

CONTROVERSY OVER ACADEMIC RECORDS

Over the past few months, the academic records of Tinubu have been the subject of controversy.

Opposition political parties continue to raise questions over the authenticity of the university certificate presented by the president before the 2023 elections.

Tinubu’s academic records show that he graduated from CSU in 1979 with a bachelor’s degree in business administration, accounting, and management.

However, there are allegations that the Tinubu who attended CSU is different from the current president of Nigeria.

Amid the controversy, Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), in a suit filed before the US district court, asked the court to subpoena CSU over Tinubu’s academic files.

‘WE MOCKED HIS ACCENT’

During the interview, Ogunsanya was asked what he was thinking when he heard about the controversy over Tinubu’s academic records.

“We were in the same department, class, and college,” he said.

“We met in school at Chicago State University (CSU) and we were in the same department — college of accounting, business administration — with a major in accounting.

“We graduated together. He did attend the Chicago State University and he graduated in 1979 as I did. I’m here to testify that he did attend the university and he was a good student.

“People were being mischievous in the first place because he was a governor for eight years, he worked for Mobil for several years and you are contesting that he did not go to university. How is that possible?

“I can’t imagine how that is possible. Sometimes, the president might be embellished but that does not mean he did not attend university.”

Speaking further, Ogunsanya said Tinubu was elected as the president of the accounting student club at CSU between 1978/1979.

He added that colleagues often mocked Tinubu for his “deep” Nigerian accent in the US.

“We were members of the accounting club in the school. When the time for the election came, the president surprised me,” he said.

“There was a time he became the president of the club. Go and check it out. We were even laughing at him with his accent.

“He had a Nigerian accent and because of that we were laughing at him.”

He added that Tinubu was a sociable and ambitious person during his days at the CSU.

16. Fara Ashiru Jituboh



Fara Ashiru Jituboh is the co-founder and CEO of Okra, a Nigerian-based startup that enables the secure exchange of real-time financial information between customers, applications, and banks.

She founded the company in 2019, and it has since received the backing of top investors such as TLcom which disbursed $1 million in funding.

In April of 2021, Okra announced that it had deposited a $ 3.5 million seed round with a bank, led by US-based Susa Ventures, bringing its funding to $4.5M in total.




17. Valentine Obi



Valentine Obi, founder of eTranzact since 2003, champions e-payment solutions in Africa. After stepping down as Managing Director in 2018, he founded Kyiara 2021, a PAN African Factoring Platform.

eTranzact delivers electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and cards.

Dr. Obi is a seasoned business strategist with a wealth of experience in formulating business strategies.




18. Adia Sowho



Adia Sowho, an accomplished global executive, merges her engineering, consulting, and product development background to lead businesses in tech, telecoms, and finance, achieving valuations exceeding $100 million.

In 2018 she was the VP of Growth and Managing Director, in Nigeria for Migo, a machine learning-powered instant credit platform.

She mentors startups, speaks, and sits on boards like Hover and Sankore Investments. She is the Chief Marketing Officer at MTN.




19. Olumide Soyombo



Olumide Soyombo is a renowned angel investor in Nigeria and Africa, having invested in 33 startups since 2014, including several FinTechs such as Paystack, PiggyVest, and TeamApt.

He’s also co-founder of LeadPath Nigeria and Bluechip Technologies, overseeing a portfolio valued at over $70 million and contributing to two secondary and one primary exit.

Abe Choi, co-founder, and CEO of Simple Dealer, is another key investor, backing 15 tech startups with two successful exits.

In 2021 he launched Voltron Capital, primarily focused on funding startups in Nigeria, Kenya, South Africa, and Northern Africa.




20. Kola Aina



Kola Aina, Founding Partner at Ventures Platform, is a prominent executive and board director with expertise in diverse industries, including technology, finance, and agriculture.

He excels as a venture capitalist, investing in early-stage tech companies focused on disrupting financial services, healthcare, education, agriculture, and enterprise software.

Notable investments include Mono, PiggyVest, Reliance HMO, and Paystack (bought by Stripe in 2020). The venture platform was founded in 2016.




21. Tayo Oviosu



Tayo Oviosu, CEO and co-founder of Paga since 2009, democratizes access to financial services for Nigerians.

Paga’s journey from processing its first N2 trillion over 99 months to achieving the next N2 trillion in just 22 months highlights Oviosu’s impactful leadership.

His extensive experience includes serving as a vice president at West African private equity fund Travant Capital Partners, leading to Paga’s expansion into Ethiopia and other African markets.




22. Odunayo Eweniyi



Odunayo Eweniyi, a serial entrepreneur and co-founder of PiggyVest, fosters savings and investment among Nigerians.

Her ventures extend to co-founding PushCV, one of Africa’s leading job sites, and the establishment of First Check Africa, a female-led angel fund supporting women in African tech, recognized by Bloomberg New Economy Catalyst and Forbes Africa Technology and Innovation Award in 2022.

She co-founded the company in 2016 alongside Josh Chibueze and Somto Ifezue.




23. Yinka Adewale



Yinka Adewale, Co-founder and CEO of Kudi (now Nomba) revolutionized payments through messaging, easing access to electronic banking and financial services since 2017. Under Adewale’s leadership,

Kudi raised $30 million in a pre-Series B investment, valuing the company at over $150 million. He and his partners, Michael Oluwole and Olamide Afolabi founded Touch and Pay (TAP), a contactless Cowry card used in paying bus fares.



24. Richmond Bassey



Richmond Bassey, a technology entrepreneur, CEO, and co-founder of Bamboo alongside Yanmo Omorogbe in 2019. Bamboo empowers Nigerians with real-time access to stocks on the U.S. and Nigerian stock markets through a digital investment platform.

His extensive technology background, including roles at Mastercard, Babybliss, L5 Labs, and as chief of staff at Helium Health, contributes to Bamboo’s success.



25. Tosin Osibodu



Tosin Osibodu, co-founder and CEO of Chaka, democratizes stock trading, granting access to over 4,000 Nigerian and US stocks.

Osibodu’s fintech expertise led Chaka to secure a license from Nigeria’s Securities and Exchange Commission (SEC) in 2021 and raise $1.5 million in pre-seed funding for expansion across West Africa. He founded the company in 2019.



26. Oluwatomi Solanke



Oluwatomi Solanke, co-founder of Trove Finance alongside Desayo Ajisegiri, champions micro-investing, enabling Nigerians to invest in global stocks, government bonds, and more.

Trove was founded in 2018 and its strategic partnership with JumiaPay in May has shown Solanke’s commitment to financial empowerment.

So far, under Solanke’s care, Trove has secured investment from three Nigerian angel investor networks – Lagos Angel Network (LAN), SSE Angel Network (SSEAN), and Diaspora Angel Network (DAN).




27. Fehintolu Olaogun



Fehintolu Olaogun is the co-founder and CEO of CredPal, a Nigerian fintech company that supplies access to consumer credit to Africans. He is a visionary entrepreneur with a passion for driving impactful change in the entrepreneurial ecosystem. It was founded in 2018.

Before CredPal, Fehintolu co-founded Exolve Technologies Limited, a premier technology company delivering enterprise solutions to governments and organizations across Africa.

He also founded Tutor. ng, an online tutoring platform that enabled anytime, anywhere learning, transforming traditional learning environments.



28. Tomi Amao

https://nairametrics.com/wp-content/uploads/2023/09/Tomi-Amao.png

Tomi Amao is the founder of Eyowo, a mobile-based payments platform that provides a variety of services to its users, including money transfers, bill payments, airtime top-ups, etc.

He is a Nigerian entrepreneur with a passion for using technology to solve real-world problems. Other co-founders of Eyowo include Yomi Adedeji, who is the CEO, and Omoseindemi Olobayo the COO of the company. The company was founded in 2018




29. Maya Horgan Famodu



Maya Horgan Famodu, a Forbes 30 Under 30 entrepreneur (2021), founded Ingressive Capital, a $60 million investment Lagos-based firm for African tech startups in 2017.

Ingressive Capital’s portfolio includes Paystack, Bamboo, Carry1st, Mono, Tizeti, Lenco, Jetstream, 54gene, OZÉ, and more.




30. Tunde Kehinde



Tunde Kehinde founded Lidya, a global SME-focused financial platform in 2016 which has raised almost $10 million and is backed by Bamboo Capital, Accion, and others.

He was Co-founder of Jumia Nigeria and Africa Courier Express, Lidya has disbursed $46 million in loans and expanded to Europe in 2019, earning him comparisons to ‘The Jeff Bezos of Africa’ by BBC.


Note: The individuals featured in this compilation have been carefully selected by a distinguished panel of editors, experts, and analysts at Nairametrics. It is important to note that none of the individuals listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; numerous other contributors have played significant roles in advancing the Fintech sector in Nigeria. This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the field. Feedback will be appreciated.

Beneath the skyline of Lagos and beyond the oil fields of the Niger Delta, a financial revolution is brewing in Nigeria, Africa’s most populous nation and its largest economy.

No longer just a hotbed for natural resources, Nigeria is now a fertile ground for technological innovation in the financial sector, reshaping how business is conducted and making the rest of the world sit up and take notice.

According to Nairametrics Corporate DealsBook report for 2022, fintechs operating in Nigeria raised a staggering $773 million in investments from about 80 deals. Boasting several unicorns—companies with a valuation over $1 billion—such as Interswitch, Flutterwave, Opay, and Esusu, Nigeria is leading Africa’s charge into the future of finance.

When it comes to venture capital in Africa, Nigeria’s fintech ecosystem is a dominant force. According to a PwC, report Nigeria was responsible for nearly a quarter of all equity funding on the continent in 2022, contributing to a grand total of $1.2 billion raised across Africa.

The economic ripple effects are monumental with the financial services sector now valued at about N6.7 trillion as of 2022. Thus the financial services sector now contributes 5% to Nigeria’s GDP in 2022 from 3% 5 years ago, highlighting the role FinTechs have played as a major driver of the growth of the sub-sector.

The architects of this financial metamorphosis are the founders and visionaries steering the fintech companies on our list. They have democratized access to financial services, capturing the attention of global investors along the way.

Through pioneering services like mobile banking, digital payments, and peer-to-peer lending platforms, these innovators are breaking down barriers and making financial inclusion not just a buzzword, but a reality for millions of Nigerians.

So, who are these game-changers redefining the financial topology of Nigeria? Prepare to meet the fintech magnates who are not only changing the rules of the game but are also setting Nigeria on a trajectory to become a global fintech powerhouse.


1. Olugbenga Agboola



Olugbenga Agboola, a prominent figure in Nigeria’s fintech scene, is the CEO and founder of Flutterwave, a trailblazing company set up in 2016.

Before this, Agboola served as Senior Entrepreneur in Residence at Africa Fintech Foundry, showcasing his deep industry insights.

Agboola’s academic journey includes a stint at MIT Sloan School of Management, which further enriched his fintech acumen. Flutterwave is now a Unicorn and provides services across other African countries.



2. Mitchell Elegbe



Mitchell Elegbe, a key player in the fintech arena, is the Founder, Managing Director/CEO of Interswitch Group, an integrated payment processing powerhouse born in 2002.

Operating from its Lagos headquarters, Interswitch connects all of Nigeria’s banks through technology.

Elegbe’s notable achievements include earning the 2023 West Africa Ernst & Young (EY) Entrepreneur of the Year Award and overseeing Interswitch’s record-breaking 1.2 billion transactions in March.

Interswitch is regarded as the first FinTech unicorn of Nigeria


3. Iyin Aboyeji



Iyinoluwa Aboyeji is currently the CEO and general partner of Future Future Africa, a venture capital firm with a portfolio of 100 companies worth $6 billion.

He founded the firm in 2020. Previously he co-founded Andela, a billion-dollar talent-matching business, and was the co-founding CEO of Flutterwave, a billion-dollar payments platform established in 2016.

Iyin also has several interests in other Fintech companies either as a shareholder or serving in advisory capacities.



4. Shola Akinlade



Shola Akinlade, a symbol of the Nigerian startup dream, co-founded Paystack in 2015 with his partner, Ezra Olubi.

Their collaborative efforts have left an indelible mark on the payments landscape. In 2020 he sold the startup payments platform Paystack which he co-founded to US company Stripe for $200 million.

Paystack also attained Unicorn status after the sale.



5. Zhou Yahui



Chinese billionaire Zhou Yahui holds the distinction of being the founder of Nigeria’s fastest-growing fintech unicorn, Opay.

Yahui’s visionary leadership brought Opay into existence in 2018, becoming a beacon of financial inclusion and innovation across Africa.

His portfolio also boasts Opera, Opay’s parent company, acquired in 2016. Yahui’s entrepreneurial prowess extends to diverse industries, solidifying his reputation as a fintech luminary.



6. Babs Ogundeyi



Babs Ogundeyi, in conjunction with Musty Mustaph, co-founded Kuda Bank in 2018. This digital-only bank champions accessible and modern banking solutions for Nigerians.

Ogundeyi’s career journey, including roles as an auditor and contributions to major African banks, shapes Kuda’s success story.

Kuda Bank is regarded as one of the leaders of neo-banking in Nigeria with operations outside the shores of Nigeria.



7. Solape Akinpelu



Solape Akinpelu is the CEO and co-founder at HerVest- a fintech firm that specializes in extending inclusive financial solutions to African women.

Founded in 2020, Akinpeleu’s Harvest was part of Google’s 60 African tech startups shortlisted to receive funding from its $4 million Black Founders Fund (BFF) in 2022.

Akinpelu is the Global Co-Chair of Marketing for the Women in Tech Global Movement, and the Chairman of Technology at the Nigerian-British Chamber of Commerce.



8. Stephen Jennings



Stephen Jennings has been the brain behind Renmoney since 2012. The company has propelled financial empowerment through this FinTech enterprise, offering loans, savings, and investment products.

With a career that cuts across capital markets in Africa, and Central and Eastern Europe, Jennings has steered over $200 billion in investment flows to these regions, making him a trailblazer in his field.




9. Chijioke Dozie and Ngozi Dozie



Brothers Chijioke and Ngozi Dozie, founders of Carbon (formerly Paylater) in 2012, pivoted from a brick-and-mortar consumer lender to a digital lending platform via the Paylater App in 2016.

Their journey led to Carbon Finance, granted a microfinance banking license by the Central Bank of Nigeria.

In 2020, Carbon processed N96.54 billion ($241.35 million) worth of transactions for approximately 659,000 customers.



10. Laurin Hainy



Laurin Hainy, born to a Nigerian father and German mother, leads FairMoney as CEO and co-founder, propelling financial inclusion with instant loans and financial services since 2017.

His strategic acquisition of PayForce, a merchant payment service, in 2023 further underscores his commitment to supplying services to small businesses.



11. Tomilola Adejana



Tomilola Adejana is the co-founder and CEO of Bankly, a licensed payment service provider and microfinance bank in Nigeria.

Tomilola’s quest to solve some of the myriad problems led to the establishment of Bankly in 2019. Today she leads her team and doubles as Executive advisor to Lulaa, an AI-driven fashion tech company.



12. Tosin Eniolorunda



Tosin Eniolorunda, founder and CEO of Moniepoint, steers the wheel at Africa’s second-fastest-growing company in 2023 and was founded in 2015.

From processing N400 billion worth of transactions monthly in 2021, it now handles approximately N8 trillion worth of transactions monthly as of June 2023.

Eniolorunda’s journey includes contributions to Interswitch before launching Team Apt, now known as Moniepoint.


13. Nonso Okpala



Nonso Okpala, the GMD/CEO of VFD Group Plc, shapes Nigeria’s financial landscape with interests spanning foreign exchange, debt investment, international remittance, real estate, and payments.

Okpala assumed leadership in 2016 and successfully redeemed VFD Group’s series 1 Commercial Paper valued at N4.2 billion under a N20 billion Programme. The Group is currently listed on the NGX exchange.


14. Razaq Ahmed



Razaq Ahmed, the Co-Founder and Chief Executive Officer of CowryWise, used his ability from launching Sart Partners, elevating to become CowryWise in 2017.

His strategic acumen led CowryWise to become the first participant in the Catalyst Fund program in Nigeria, receiving support from JP Morgan and UK Aid.




15. John Obaro



John Obaro, the founder, and CEO of SystemSpecs, pioneer of indigenous software solutions, notably the Remita e-payment system, instrumental in the management of Nigeria’s Treasury Single Account policy.

Obaro’s career journey, marked by a background as a software developer and IT executive, contributes to Remita’s role in revolutionizing Nigeria’s e-payment industry. Obaro founded SystemicsSpecs in 1992.

NEWS FLASH

President Bola Tinubu arrives in Abu Dhabi, United Arab Emirates 'to address specific salient issues within the bilateral relationship'.
📷 @MDanwahab

Simon Ekpa, the acclaimed Prime Minister of the Biafra Government in Exile (BRGIE), has threatened a 3-week civil disobedience in protest over the continued detention of IPOB leader Mazi Nnamdi Kanu.

His threat is contained in a statement titled ‘Delegitimization of Nigeria within Biafra Territory’.

He declared that if Nnamdi Kanu and other Biafrans held in Nigerian state custody are not released and all roadblocks and checkpoints in the southeast are not dismantled by September 15, 2023, the people will engage in another three weeks of civil disobedience, including a curfew.

The breakdown of this three-week sit-at-home and curfew protest is as follows:

Week One (September 18–September 23, 2023):

September 18, 2023: Normal Monday sit-at-home
September 19–22, 2023: Curfew from 6 a.m. to noon
September 23, 2023: Normal movement


Week Two (September 25–October 1, 2023):

September 25, 2023: Normal Monday sit-at-home

September 26–29, 2023: Curfew from 6 a.m. to noon

September 30–October 1, 2023: Normal movement in Biafra country.


Week Three (October 2–October 6, 2023):

October 2, 2023: Normal Monday sit-at-home

October 3-6, 2023: Curfew from 6 a.m. to noon

The statement further dictates that during these three weeks of curfew, all Nigerian government secretariats in Biafra territory must remain closed in all states.

Earlier this year, Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), disapproved of Ekpa’s sit-at-home declarations, citing their adverse impact on the economy.

Meanwhile, the Ohanaeze Ndigbo Youth Wing recently reaffirmed their commitment to ending sit-at-home protests in the southeast.

They expressed concern about the security challenges and economic disruptions caused by these actions and pledged to work towards restoring peace and security in the region and Nigeria as a whole.

IPOB had initially called for sit-at-home protests in 2021 to demand Nnamdi Kanu’s release, who is currently detained by the Department of State Services (DSS) on charges of treason, leading a proscribed group, and breaching bail conditions.

Despite IPOB’s cancellation of the sit-at-home order, Ekpa’s faction has continued to issue such directives, including a two-week sit-at-home last month.

Go and register your own party, NNPP founding fathers tell Kwankwaso as crisis deepens

The crisis rocking the New Nigeria People’s Party (NNPP) has taken another dimension as the faction of the party loyal to the Board of Trustees pulled out of the memorandum of understanding signed between the party and Kwankwansiya Movement in 2022.

The memorandum of understanding which was signed in February 2022 saw the emergence of former Kano state governor, Rabiu Kwakwanso as the national leader of the party, while the founder of the party, Boniface Aniebonam was named the chairman of the Board of Trustees.

Aniebonam and the erstwhile National Publicity Secretary, Agbo Major, were expelled from the party on Tuesday by the National Executive Committee, while the BoT also announced the suspension of Kwankwaso for three months.

However, in a statement on Thursday, August 31, Mohammed Abdullahi said to be the Secretary of the BOT announced an end to the romance between the NNPP, The Nigeria Movement and Kwankwansiya Movement.

Abdullahi said leaders of the TNM and the Kwankwansiya Movement have been informed of an end to their MOU which he said was signed with the sole purpose of winning the election.

While wishing them well in their future endeavour, he asked them to approach the Independent National Electoral Commission (INEC) for registration as a political party.

He said: “Wearing a red cap as a member of the New Nigeria People’s Party is a very big embarrassment and avoidable violation of terms of understanding between NNPP and the Kwankwasiya movement. This is because the Kwankwasiya Movement is not a political party other than the New Nigeria Peoples Party.

“For the avoidance of doubts, Kwankwasiya movement, TNM are mere pressure groups under the canopy of NNPP and for the purposes of elections in Nigeria.

“Therefore and henceforth, wearing of red cap is not an appropriate dress code of NNPP during political activities. At this point, all members of the Kwankwasyia Movement are hereby informed that other than being deceived by their leaders, NNPP was not sold to the Kwankwasiya Movement or anybody or a group of persons.

“What we had was a mere memorandum of understanding with Kwankwasiya and TNM to work together for the purposes of winning elective positions. It is not an alliance because none of the group is a political party.”

He said further that the need to end marriage became necessary as parties in the memorandum of understanding have since withdrawn.

He named those who were party to the MOU as Senator Suleiman Hunkuyi who served as National Organising Secretary and Prof Angwe who served as National Legal Adviser and signed on behalf of TNM, while Dr Aniebonam and Dr Agbo Major signed for the NNPP.

He said further that the exit of these people left “Senator Kwankwaso and elder Buba Galadima floating and swimming in violations of the memo of non-existing understanding.

“It is on record that Prof Alkali who also represented TNM and served as National Chairman of the party had since stepped aside as the chairman of the party to avoid destroying his political career.

He also said that another member of the alliance, Avm Ihemeje, who served as the Deputy National Chairman “equally resigned due to high handedness, constitutional violations, anti-party activities and all sorts of arrogance and avoidable self-pride of senator Kwankwaso and elder Buba Galadima”.

He appealed to all members of the New Nigeria People’s Party from 2001 to date who, out of anger left the party to return and help in the rebuilding process of the party.

He said: “We made an honest mistake but we did not lose out entirely. Today we have one Governor, two Senators, over fifteen House of Representatives and several House of Assembly. We won elective positions as NNPP and not Kwankwasiya Movement and we are very proud.

“It is most unfortunate that NNPP went into political understanding with Kwankwasiya group, but unfortunately it is apparent that a case of highjack from the backdoor may have been established against Senator Kwankwanso and elder Buba Galadima.

“In the opinion of the leadership of NNPP, founder and founding members, the duo of Senator Kwankwaso and elder Buba Galadima may be better described as cowards and gold diggers.

“It is unheard of that a tenant can eject a landlord from his home. We can only put Elder Buba Galadima and Senator Kwankwaso into prayers and ask God to have mercy upon them and forgive their sins against humanity”.

The Federal Government has said it will demolish two multibillion-naira private jet terminals/aircraft hangars to pave the way for the expansion of the newly inaugurated international terminal of the Murtala Muhammed Airport, Lagos.

The Minister of Aviation and Aerospace Development, Festus Keyamo, who made the disclosure during an inspection of facilities at the Lagos airport on Thursday, said the private jet terminals were obstructing the expansion of the apron size of the new Chinese-build terminal, which was opened in March 2022.

According to him, the apron size of the new international terminal is not adequate to accommodate jumbo planes operating international routes.

Findings by The PUNCH show that over 22 private jets belonging to some prominent Nigerians and organisations are expected to be relocated from the two multibillion-naira private jet terminals/hangars ahead of the demolition of the facilities.

The two private jet terminals belong to Dominion Air, an arm of Living Faith World Outreach (Winners Chapel), and Evergreen Hangar, owned and operated by a private company.

Keyamo emphasised the need to provide a better travelling experience for Nigerian passengers passing through the airport.

As a result, he said the old international terminal would be shut by October 1, while over 25 foreign airlines operating from the facility would be relocated to the new terminal.

The aviation minister said, “We have to find a way to use the new terminal. Like in many other countries, we have to get emergency procurement to buy big buses and move passengers to where the big planes can stop for both arrivals and departures so that Nigerians can have some form of comfort.

“The long-term plan is that, we are going to find a way to build avio-bridges for the big aircraft coming in and that means some of those private hangars will have to go for public purpose, we have to relocate them so that we can have a beautiful, functional gateway to Nigeria. For now, I am giving them till October 1 to shut down the old terminal so that we can use the new terminal.”

Keyamo declaration came barely four months after the immediate past Minister of Aviation, Hadi Sirika, said the two private jet terminals/hangars were obstructing the efficient use of the international wing of the airport.

As such, Sirika said the facilities would be demolished to pave the way for the expansion of the new international terminal built with Chinese loans.

He said, “Those two hangars, Dominion and Evergreen, will have to go and give way for our airport to be more efficient. We are not operating the Lagos airport at full capacity and it is household knowledge now, we have some obstructions that would be removed within the next one or two weeks, so that we can expand the apron; so that Lagos can have the full airport in full use to 100 per cent.”

However, Sirika could not carry out his threat until the end of the term on May 29.

Last year, the Federal Government had demolished the headquarters of the Accident Investigation Bureau located behind the new international terminal.

However, the government could not reportedly demolish other structures, especially the private jet hangars due to litigation concerns. There are reports that the government may pay about N5bn in compensation if it will have to demolish the hangars and other buildings located behind the new MMIA terminal.

It is unclear whether there is litigation on the matter or whether the Federal Government and the owners of the hangar have entered an agreement on the issue.

Private jets reportedly belonging to Winners Chapel, GTBank, Pastor Enoch Adeboye of the Redeemed Church of God, and several business moguls currently make use of the two hangars.

However, the new aviation minister insisted that his concern was to get a better travelling experience for Nigerians.

[b]Keyamo said, “The major complaint of Nigerians or foreigners coming into the country has been about the old terminal. That terminal is an eyesore. And we have this new terminal that the Chinese built. Nigerians have been asking why the new terminal is not put into use. The simple reason is that I don’t know how this new terminal was designed. It has a provision to take big planes. I don’t know how it happened. I’ve been asking questions about how they would design an international gateway like the Lagos terminal without a provision to take the big planes; it doesn’t have the avio-bridges that can link to the big planes.

He added, “That has been the reason why we have not been using this new terminal and that’s why Nigerians have been asking that question. Meanwhile, 60 per cent of the revenue of FAAN comes from the Lagos airport. The Lagos gateway is one of the major gateways in the country. So what is the solution to this? We have said we must use what we have for now. I’m giving the international and all the other airlines up to October 1 to move from the old terminal to the new terminal. What we are going to do temporarily is that we are going to shut down the old terminal and sort out all the issues regarding the renovation of the old terminal.”[/b]

On the Nigerian Air project, the minister said he had suspended the project.

He said, “There are issues already on the ground before I came; concession and all of that. For now, I have suspended all of that until I brief the president as to what is happening regarding all those noises going on, including the issue of Nigeria Air. I have given them the directive to suspend everything until I brief Mr President fully.

“For now, the temporary arrangement we want to make, and for the comfort of Nigerians, we have to find a way to use the new terminal built by the Chinese even without the big planes coming in because there are no aviobridges for them to use and the gate bridge for the passengers to pass. So like it’s done in many other countries we are going to do emergency procurement to buy the big buses. So we are going to put them in buses and move them to where the big planes stop in an orderly fashion, both the arrival and departure so that Nigerians can have some sort of comfort with this new facility.”

He added, “The long term plan is that we are going to find a way to build aviobridges for the big planes coming in and that means that some of those private hangars will have to go for public purpose. If we have to do anything for them, we will relocate them so that we can have a beautiful and functional gateway to Nigerians.”

However, the Assistant General Secretary of the Aviation Round Table, Olumide Ohunayo, while reacting said, “There were some discussions in the past which have led to litigation, coming in now, I thought the minister would have been patient. You don’t come in and take decisions like this, I am not a fan of demolition, I mean, a minister like him in the past was the one who failed to follow the master plan, not only in Lagos even in Abuja airport and that’s what has caused this problem. We have collected loan to build this terminal and it’s not yielding, we have a duty to recover money and pay those loans and the way to do that is for the terminal to work. Public officers should be made to face the consequences of actions that are inimical to the public.”

A former Military Commandant at the Murtala Muhammed International Airport, Lagos, Group Capt John Ojikutu (retd.), said, “I don’t have any problem with what the minister has said because everything built on that side shouldn’t have been there. That’s where MMA’s terminal three and four ought to be. Will the apron in the new terminal take all the airlines if operations at the old terminal are suspended? For how long would this be? Abuja is not as big as MMA, yet how many buses are operating and it’s not even as big as the international airport in Lagos.”

Another stakeholder who spoke on condition of anonymity said, “It’s not going to end well, the airport cannot expand to anywhere else. It’s not nice for people to want to destroy what others built. You say they would be relocated, have you prepared a place for them? The new terminal is poorly designed and cannot house the big aircrafts yet you want airlines to move there.”

The coup announcement early Wednesday came just moments after the national election overseer declared Bongo had won a third term with 64.27 percent of the vote.

By Emmanuel Egobiambu

Updated August 31, 2023

Gabon’s main opposition Thursday urged military leaders who have overthrown President Ali Bongo Ondimba to conclude the vote count from elections last weekend and acknowledge their candidate had won the disputed poll.

The Alternance 2023 coalition also said it was inviting the security forces to take part in discussions “In order to work out the situation within a patriotic and responsible framework.”

Alliance spokesman Mike Jocktane told reporters that members of the security forces had been deployed at every polling station and overseen the transporting of ballot boxes.

As such, they were the “first witnesses” of main opposition candidate Albert Ondo Ossa’s “clear victory,” he said.

The coup announcement early Wednesday came just moments after the national election overseer declared Bongo had won a third term with 64.27 percent of the vote.

Ondo Ossa won 30.77 percent, it said.

Ahead of the declared results, the university professor had angrily accused Bongo of “fraud” and demanded he hand over power “without bloodshed”.

Jocktane also thanked the army on behalf of a “grateful homeland” for standing up to an “electoral coup d’etat” and sparing the country loss of life.

He invited the army to “supervise” the resumption of the collating process of results from the presidential vote which he said would “see Mr. Ondo Ossa’s victory at the ballot box formalised”.

The Spokesperson for the Airline Operators of Nigeria and Chairman of United Nigeria Airlines, Obiora Okonkwo has said that with the increase in cost operations, an air ticket from Lagos to Abuja should cost N250 thousand. He said this in an Exclusive interview on AriseTv.

In his words,

“If you think tickets are expensive, then you probably don’t appreciate the sacrifices made by local operators. If we have to charge the fares, the way the costs are increasing every day, we should be paying not less than N250,000 from Lagos to Abuja,”

Airlines should have a special window for Forex.

Going further Prof. Okonkwo who doubles as the Chairman of United Nigeria Airlines highlighted the urgent need for local airlines to access foreign exchange through a designated window facilitated by the Central Bank of Nigeria (CBN).

He called upon the newly appointed Aviation Minister, Festus Keyamo, to collaborate with other governmental bodies to identify and rectify obstructive elements within the system, which exacerbate the existing challenges.

Addressing the foreign exchange predicament, Okonkwo stated,

“You have naira and you can’t convert it to the dollar. So, the solution to this is for our minister to understand that we need a special window with the CBN to access foreign exchange.”

High cost of aviation fuel caused by speculation.

He expressed concern over the unjustifiably high cost of aviation fuel, attributing the excess charges to speculative practices. He called on the Nigerian National Petroleum Corporation (NNPC) to play its part in stabilizing the industry by curbing these practices.

He remarked thus,

“There is no reason, no matter the international price of crude oil, that the aviation fuel should be delivered to the pump for more than N500. Everything you see on top of it is speculations and I am calling out on NNPC staff to set this country free.”

The aviation sector should be designated an essential sector.

Recognizing the significance of the aviation sector, Okonkwo advocated for its acknowledgement as an essential industry within Nigeria. He cautioned against any interference with the existing regulatory framework, stressing that stability and consistency were paramount.

He remarked,

“The government and new aviation minister have to recognize the aviation industry as one of the essential industries in the country. It is no more for the rich only but a means of transportation.”

New Minister should not tamper with existing regulation

Drawing attention to the industry’s unique challenges, Okonkwo highlighted the currency disparity that local operators grapple with. Earnings in naira must cover significant dollar-denominated expenses, making the industry particularly vulnerable to currency fluctuations.

In this context, he urged the minister not to tamper with the existing regulations and institutional structures.

“The current minister should not interfere with the regulations. We had a very terrible past where the regulatory employees were given employment letters from the Federal Ministry of Aviation. That’s absurd and unacceptable. So, let the regulatory system remain. Also, look into the latest appointments that were made before the end of the last administration,”
Okonkwo asserted.

Canada-based Nigerian men release their pre-wedding photos as they set to walk down the aisle

Two Canada-based Nigerian men have released their pre-wedding photos as they set to walk down the aisle.

The couple rocked Nigerian attires as they posed for their pre-wedding photos.

See more of the photos below…

A Lagos-based lawyer and human rights activist, Malcolm Omirhobo, has sued the Emir of Ilorin, Dr Ibrahim Sulu-Gambari, for allegedly stopping traditional religious worshippers from holding their Isese festival in Ilorin, Kwara State.

In the suit filed before the Kwara State High Court, Omirhobo, who described himself as an Olokun worshipper, wants to court to declare that the alleged action of the Emir was an affront to the constitutional rights to “freedom of dignity of the human person, freedom of thought, conscience and religion, freedom of expression, freedom of peaceful assembly.”

The PUNCH had in July reported that a Muslim group, Majlisu Shabab li Ulamahu Society, in Ilorin, Kwara State, went to the house of a traditional religion priestess to warn her against going ahead with her planned Isese festival in Ilorin.

The priestess, Yeye Ajesikemi Olokun Omolara Olatunji, an Osun devotee, had earlier reportedly released fliers announcing a three-day traditional event aimed at celebrating certain Yoruba deities.

But the Muslim group, which described Isese festival as idolatry, said they recalled that the Emir of Ilorin had made a public declaration against such events.

Omirhobo, in his suit, is asking the court to declare that Ilorin, like every other part of Nigeria, is a multi-religious and multicultural society/city, hence, “the respondent has no constitutional powers or authority to ban and/or prohibit Isese festival in Ilorin, Kwara State, which made it impossible for the applicant to commune, felicitate, celebrate, merry, bond and worship with the community of African traditionalist/Olokun worshippers.”

He wants the court to make an order of “perpetual injunction” restraining the Emir and his agents “from embarrassing, coercing, bullying, harassing, intimidating, tormenting, torturing, dehumanising, debasing, and frustrating the applicant from enjoying his fundamental rights to dignity of his human person, freedom of thought, conscience, and religion, freedom of expression, freedom of peaceful assembly and association and freedom of movement with other Olokun worshippers in Ilorin, Kwara State in private and in public.”

1st August 2023

By Israel Bulus

Less than 24 hours to Wednesday’s planned nationwide strike and mass protest by the Nigeria Labour Congress, 16 Northern-based civil society groups under the aegis of the Coalition of Arewa Civil Society Organisations have pulled out on the grounds that the indefinite strike action will damage the fragile economy and cause more hardship to the ordinary citizens.

The NLC had given the Federal Government a seven-day ultimatum with threats of a nationwide strike scheduled to commence on Wednesday, August 2, 2023, and directed all its affiliates and civil society groups across the 36 states of the federation to mobilise workers and Nigerians for a long-lasting strike should the government fail to meet its demands.

Earlier, the NLC in a statement signed by its National President, Joe Ajaero, had accused the Tinubu government of failing to meet up with the demands it presented to it following the removal of subsidy on petrol.

“But after a critical study of the disadvantages and overall consequences on the masses, we decided to pull out immediately and asked the labour unions and Federal Government to rather embrace dialogue on mitigating measures,” the CSOs stated.

The decision to pull out was contained in a statement jointly signed by Chairman and Secretary of the Arewa Coalition, Comrade Ibraheem Suleman Dogo, and Comrade Friday Luka Dalung, according to the groups, because the planned strike action was not the best way to resolve problems emerging from the current harsh economic conditions caused by the removal of fuel subsidy.

They added that the strike would cripple the country as movement would be severely curtailed with markets, schools, and healthcare facilities forced to shut down.

The statement further reads: “We can’t afford to go back to the days when the Federal Government used monies meant for the development of public infrastructure; education, health care, and jobs for payment of subsidy to rich marketers.

“We can’t also continue to feed smugglers and act as ‘Father Christmas’ to neighbouring countries.

“It is for these reasons we recommend dialogue and more robust discussion on the matters arising from fuel subsidy removal.

“It would be recalled that President Tinubu, while addressing Nigerians on June 12 Democracy Day commemoration said he decided to free the country’s resources from the stranglehold of unpatriotic elements.

“We expect the labour unions and relevant stakeholders to look beyond the harsh policies now and consider the future of a sustainable economy that will bring about overall development across all spheres of life.

“However, between now and tomorrow, Wednesday, August 2, we urge the Federal Government to invite representatives of organised Labour to stop the nationwide strike called by the Nigeria Labour Congress.”

The Senate has rejected a motion to release from the detention the leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu.

The motion which was moved by Senator Osita Izunaso (Imo West) sought to address the constant sit-at-home order enforced by unknown gunmen in the South-East.

The lawmaker, in the motion co-sponsored by other lawmakers from the South-East, noted that the senators were aware that thousands of innocent lives had been lost since the action started, and properties worth over a trillion had been destroyed resulting in investors leaving the region.

He said, “The sit-at-home civil disobedience actions in the South-East have led to the disruption/destruction of economic activities and immeasurable financial losses for businesses, workers, and the local economy. Because, when people are forced to stay at home and businesses remain closed, productivity declines and income is reduced, affecting livelihoods and economic growth.

“The “sit-at-home” protests disrupt the education of students, leading to missed classes and delays in academic progress. And such prolonged disruptions have long-term effects on students’ learning outcomes and educational development; Disturbed that disruption of essential public services, such as healthcare, transportation, and waste disposal, continues to have a severe impact during “sit-at-home” protests which adversely affect the well-being and safety of the general population living in the South-East.”

IPOB had in August 2021 declared a sit-at-home order every Monday across the South-East to protest the continued detention of Kanu. The separatist group eventually suspended the order.

However, the leader of a faction of IPOB, Simon Ekpa, has continued to declare sit-at-home orders in the region despite the exercise being suspended by the IPOB faction led by Kanu.

Residents of the five South-East states: Enugu, Ebonyi, Imo, Abia and Anambra have constantly been killed, maimed and attacked by gunmen enforcing the civil order for stepping out on Mondays and other days in violation of the order.

Seyi John Salau

Jul 26, 2023

No fewer than 100 female entrepreneurs have been empowered with N2 million each (totalling N200 million) to drive their various businesses.

The support was extended by Folorunso Alakija, one of Africa’s richest women, through Flourish Africa, a non-governmental organisation she founded.

The 100 beneficiaries were part of the 501 female entrepreneurs who completed training in the second batch of Flourish Africa Business and Life Skills Training Programme, having emerged successful from a business pitch competition.

Speaking at the ceremony held in Lagos recently, Alakija congratulated the entrepreneurs on their successful completion of the four-month training programme. She advised the beneficiaries to utilise the knowledge and skills acquired from the training, and those who received the grants to not only make a difference in their spheres of influence but also contribute to the growth of the Nigerian economy.

Appreciating all partners for backing the programme, she called on other public-spirited individuals and organisations to lend their support to cause through funding, training, mentorship, and advisory services, saying that such gestures would go a long way in the lives of the beneficiaries.

Also speaking at the event, Kings Jack, the regional director, Bank of Industry, Nigeria, represented by Adebola Oruma, the group head, gender business group, large enterprises directorate, said the agency has multiple platforms for women to get the right support, including access to funding.

The Senate, on Wednesday, condemned the Monday sit-at-home in the South East geopolitical zone and asked the Federal Government to collaborate with the Finnish Government and extradite a pro-Biafran agitator, Simon Ekpa, for prosecution.

The upper chamber also resolved to invite the Minister of Foreign Affairs (when appointed) and relevant stakeholders to carry out thorough investigation as well as bring other sponsors of the act to book.

26th July 2023

By Sami Tunji

The Central Bank of Nigeria has directed banks to vacate a post-no-debit restriction placed on the bank accounts of 440 individuals and companies.

A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts have been blocked but can receive inflows.

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, on Tuesday, also instructed banks to notify the concerned customers of the development.

The apex bank did not state any reason for the action.

The companies on the list include Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services and Proport Marine Limited, among others.

The circular read, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance.

“You are also required to inform the concerned customers of the vacation accordingly.”

In 2021, CBN instructed banks to freeze the accounts of 18 companies, ranging from bureaux de change, construction firms, investment companies, laundering services, and property companies.

The affected companies included Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.

Others were Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, and Wudatage Global Resources.

Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru were also included.

All 18 companies have had their bank accounts unfrozen by the apex bank.

Published on July 22, 2023

By Seun Opejobi

The Lamidi Apapa’s faction of the Labour Party, LP, has lamented over the choice of Peter Obi as its presidential candidate in the 2023 election.

The faction said the party made a mistake by fielding Obi as its presidential candidate.

The faction noted that Obi lied federally to the presidential election tribunal over some electoral documents from the Independent National Electoral Commission, INEC.

This was contained in a statement signed by its suspended National Publicity Secretary, Abayomi Arabambi, to celebrate Obi’s 62nd birthday.

According to Arabambi: “The National Working Committee (NWC) of the Labour Party (LP) felicitates with its popular presidential candidate, Mr. Peter Gregory Obi, on his 62nd anniversary.

“In wishing him well, we want him to state that we regret fielding him on the platform of the party, in the light of recent development particularly actions that undermined the discipline the Labour party has been known for.

“The Lamidi Apapa-led National Working Committee of the Party hereby charges the celebrant to, on this occasion of thanksgiving to God, to be reflective of the Nigerian interest, which he seeks to serve.

“It is indeed worrisome that even though he went to the Presidential Electoral Tribunal as a non-member of the Labour Party and lied severally that there was a time they issued subpoena to INEC for all those document and maintained that they, they were unable to pay all the documents they seek to tender, kicks regret in our party stakeholders.”

EXCLUSIVE: State Governors Endorse FG’s Proposal To Share Only N900bn From N1.9trn FAAC Revenue

By Ifeanyi Onuba On Jul 20, 2023

… Over N1trn To Be Used To Shore Up CBN Reserves

The 36 State Governors have endorsed the proposal of the Federal Government not to share the entire revenue of N1.9trn which may have accrued to the federation by Federation Accounts Allocation Committee, THE WHISTLER can authoritatively report.

The endorsement of the Federal Government’s proposal was made at a meeting held by the Governors on Wednesday night in Abuja.

It was gathered that during the meeting, the issue of the revenue accruals into the federation account was discussed ahead of the FAAC meeting to be held later today.

During the meeting, THE WHISTEER understands that the Federal Government had proposed that the sharing of the entire N1.9trn was not a good idea because it would increase the amount of money in circulation and cause further inflationary pressures in the economy.

Nigeria’s inflation stands at about 22.7 per cent based on figures released by the National Bureau of Statistics.

One of the governors who attended the meeting told THE WHISTLER that in view of the removal of fuel subsidy, the Federal Government raised concerns that if the entire N1.9trn is to be shared, it may put pressure on the naira and also affect the price of fuel.

Rather than sharing the entire N1. 9trn, the governors, it was learnt agreed that N900bn should be shared while the balance of N1trn should be transferred to the Central Bank of Nigeria to shore up the nation’s external reserves.

Figures obtained from the Central Bank of Nigeria showed that as of July 18, Nigeria’s external reserves stood at $33.99bn

The governor said, “The N1.9trn revenue is true. But we won’t be sharing all. FAAC will only be sharing N900bn and keep the rest with CBN. The fear is that sharing all will further push inflation and put pressure on the dollar, which will in turn push further the fuel price.

“The governors have agreed with the proposal made by the Presidency not to share all the money. The idea is to help the CBN raise the foreign reserve up to $40bn from the current $33bn.”

The revenue of N1.9trn is the highest amount generated in one month in the history of Nigeria.

The amount almost tripled the N786.161b shared in June and more than tripled the N655.93bn in May.

Allocations are usually shared from the preceding month’s revenue — meaning June will be shared in July.

Statutory collections make up N1.7trn of the federally collected revenues, followed by N293bn from Value Added Tax and N12bn from electronic money transfer charges.

The fall in the official exchange of the naira might have contributed to the seemingly unprecedented rise in revenue.

It was learnt that FAAC adopted N436.38 to a dollar as the exchange rate for the calculation of the forex component of federally-collected revenues for June 2023, but this has now gone up to at least N750 to dollar.

Members of FAAC will be meeting in Abuja today to share the N900bn which was endorsed by the governors last night.

Some of the agencies remitting funds to the federation account are the Federal Inland Revenue Service, and the Nigeria Customs Service among others.

The FAAC committee is made up of commissioners of finance from the 36 states of the federation; the Accountant-General of the Federation, representatives of the Nigerian National Petroleum Company Ltd, the Revenue Mobilization Allocation and Fiscal Commission, CBN and Customs

The federation account is currently being managed through a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

An analysis of the petrol prices in Africa indicates that at the current rate of N617 per litre, the only difference between petrol prices in Nigeria and its neigbhouring countries is the absence of taxes on the product.

Currently, Nigeria does not charge taxes for petrol. There is no import duty on the product after it is shipped into the country and Value Added Tax is not charged on the commodity when it is sold at the pump.

The price simply represents the landing cost of the product, with the cost of crude oil and exchange rate being the key variables determining price movements. Therefore, to sell at any price lower than currently posted by the Nigerian National Petroleum Company Limited (NNPCL) and other marketers will imply returning to a subsidy regime.

A comparison of the petrol prices across Africa using N772/$1, the exchange rate at the investors and exporters window where dollars are accessed, petrol will sell for N872 in Ghana, N858 in Benin, N925 in Togo and N967 in Cameroon.

This is why oil marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) restate that the current pump price of petrol accurately reflects current economic realities in a liberalised market.


How NNPCL arrived at N600/litre

On Wednesday, Nigerians groaned across filling stations as NNPCL sold petrol for N565 in Lagos, while some other stations sold higher. Prior to the increase, they sold at N484 to N488. In Lagos, NNPCL sold the product for Read also: Households in pains as petrol prices jump

“The international price of crude oil and the exchange rate constitute the largest components of the cost build-up for Premium Motor Spirit (PMS), accounting for over 80 percent,” Olumide Adeosun, chair of MOMAN told journalists on Wednesday.

“The remaining 20 percent includes statutory dues, distribution costs, and margins,” Adeosun said.

An exclusive petroleum pricing template seen by BusinessDay showed the latest cost of bringing a litre of petrol to Nigeria’s shores based on 38KT vessel, which includes the cost of the product, freight, insurance, govt charges, and storage, stood at N529, using an exchange rate of N825/$.

Once the petrol arrives in Lagos, the price increases to N589 due to additional costs such as depot throughout (N8), local transport (N6), station margins (N20), and Nigerian Midstream and Downstream Petroleum Regulatory Authority (N5).

Adeosun said Nigeria’s move to float the naira was one of the major reasons why petrol prices have risen to over N600 per litre.

“As of today, the liquid exchange rate is close to N825 to the dollar. This devaluation adds N100 to the cost of importing a single litre of PMS into the country. Consequently, an increase in the pump prices of petrol should be expected,” Adeosun said.

BusinessDay had earlier reported that the eventual exchange rate would determine petrol prices at the pump as Nigeria’s lack of refining capacity means it imports all the petroleum products it uses locally.

“Deregulation promises a transparent and level playing field where cost-reflective prices are evident at fuel stations,” Adeosun added.

Adeosun noted that market liberalisation and the commitment to a level playing field should enhance operators’ efficiency, enabling them to offer competitive pricing choices to the public.

“Some operators have successfully imported PMS into the country, marking the first practical step towards a liberalised market. However, the major challenges still lie in accessing foreign exchange for imports and ensuring a level playing field regarding pump prices,” Adeosun said.

He added, “If marketers are undertaking the financial risk of importing petrol, measures must be in place, in line with the Petroleum Industry Act, to ensure that no one player has an unfair advantage.”

To cushion the effects of new economic realities, MOMAN urged the federal government to engage in the timely, transparent, and visible provision of subsidised transportation to cushion the harsh impacts of subsidy removal.

“The gains from subsidy removal should be invested in the promised palliatives, including subsidized transportation, as well as social investment programs for healthcare, education, and infrastructure development (such as roads, railways, and power),” Adeosun said.

The subsidy, introduced in the 1970s, had kept fuel prices cheap for decades but had become increasingly expensive, costing the government $10 billion last year.

“Subsidy” became a national buzzword in 2012 when the then-President Goodluck Jonathan announced its removal. Petrol prices increased from N65 to N140 per litre and triggered almost two weeks of protests, known as ‘Occupy Nigeria’, causing the government to reverse the decision.

Since ending the subsidy this year, 56 private firms have been licensed to import petrol, and 10 of them are due to start deliveries in the third quarter. The NNPCL had previously been the sole importer of petrol using crude swap contracts.

“Out of these 10, three of them have already landed cargoes, … and others are also indicating interest to import in August and September,” Farouk Ahmed, head of the NMDPRA, said on Monday.

Nigeria imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.

In June, the average daily petrol consumption fell to 48.43 million litres (13 million gallons), down from a daily average of 66.9 million litres in January through May before the subsidy was removed, according to figures from the NMDPRA.

Many analysts and experts, including those of the World Bank, have repeatedly warned the Nigerian government to remove costly petrol subsidies that haemorrhaged government expenditure.

President Bola Tinubu, on day one, said the subsidy was gone, sending the market into a tailspin as prices more than doubled overnight. Since then, many Nigerians have been demanding palliatives and government programmes to cushion the impact.

However, there are concerns that unless properly managed, Nigeria could substitute fuel subsidy with other costly programmes that would have little impact on the people.

With petrol subsidy removed, marketers are being forced to compete on cutting costs and improving efficiency in their operation as demand for petrol declines following the 15 percent hike in prices.

HOW OIL DERIVATION FUND IS SHARED

JAN 2023
1 🟤Akwa Ibom: 27.85%
2 🟤Delta: 25.95%
3 🟤Rivers: 18.74%
4 🟤Bayelsa: 18.59%
5 🟤Edo: 3.34%
6 🟣Ondo: 3.18%
7 🟢Imo: 1.15%
8 🟢Anambra: 0.86%
9 🟢Abia: 0.34%

Total shared in Jan 2023: ₦150.1bn

#StatiSense
(FAAC)

The Tertiary Education Trust Fund, TETFUND, has revealed that over 137 students sponsored on scholarship abroad absconded.

The Executive Secretary, TETFUND, Sonny Echono revealed this on Tuesday when he appeared before the House of Representatives ad hoc committee investigating the alleged mismanagement of N2.3 trillion tertiary education tax by TETFUND.

According to Echono, the scholars who were sponsored by TETFUND for “higher education” abroad refuse to return to the country after completing their programmes.

He said: “Some of the scholars that have been sponsored, unpatriotically when they go, they enjoy our scholarship, acquire a higher degree, then refuse to come back, it has become a major crisis.

“The scholarship requires that you will come back. It is required that you have a guarantor and in many cases, the guarantor had suffered undue hardship because when you disappear we hold the guarantor to pay all the money expended on your behalf but that has not been effective.”

Echono said TETFUND was working with stakeholders for “stringent and effective measures” to be taken against those who refuse to return to the country for Nigerians to benefit from their expertise.

“We believe that in a system where we work with our embassies and the institutions, we can enforce the repayment for those who insist they will not come back,” he said.

He added that if the scholars who don’t want to return to the country refuse to repay the money expended on their programmes, they will be declared persona non grata.

Echono said: “We will write to the embassies and they will make it available to those countries and they will not be able to get jobs. They will be seen as fugitives of law from their countries.

“We may have to take that hard stand because the numbers are alarming. We just checked about 40 institutions and over 137 absconders and the review is ongoing.

“It is a huge number that we cannot afford and so we will be seeking your support to strengthen some of the existing regulations to ensure that those who benefit from this programme must come back.

“We are not against people looking for greener pastures but do so on your own, not through our scholarship or our sponsorship.”

The Executive Secretary said TETFUND may suspend foreign scholarship due to the exchange rate crisis.

Echono said that some of the taxes are paid to TETFUND in foreign currencies at the account domiciled with the Central Bank of Nigeria but when fees are to be paid for scholars abroad, the apex bank insists on TETFUND sourcing Forex by itself.

He added, “We operate a system where our forex is being sold on our behalf at an official rate and we apply like anybody else to get it, sometimes it leads to additional cost.

“Currently as I speak, we are in consultations with all our stakeholders to suspend foreign training for a year or two.

“This is because of the recent exchange rate adjustments. We are unable to continue based on our disbursement guidelines.

“The money we allocated in naira cannot cover the dollar requirement for training. For those who are currently there, we now need more naira to pay for the dollar that is required for their annual fees. We are trying to put a hold.”

He said most of our training will now be done locally through “our experienced, first-generation universities and other specialised universities” in the country.

“This way we can retain our resources in-house and cope with the change of foreign exchange variation,” he added.

He said the federal government was owning TETFUND N371.3 billion out of which it has repaid N46 billion so far.

Echono also denied the allegations that TETFUND mismanaged the N2.3tn fund.

Meanwhile, Oluwole Oke, chairman of the committee, said the probe is not to witch-hunt, adding that the lawmakers are out to stop the misuse of public funds.

The three tiers of government are set to share N1.959 trillion in July 2023 — probably a record, TheCable can report.

This is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May.

Allocations are usually shared from the preceding month’s revenue — meaning June will be shared in July.

The Federation Account Allocation Committee (FAAC) will meet in Abuja on Wednesday to allocate the revenue to the tiers of government — federal, state and local — based on the sharing metrics.

Statutory collections make up N1.7 trillion of the federally collected revenues, followed by N293 billion from VAT and N12 billion from electronic money transfer charges.

TheCable is yet to establish if there had been any higher monthly revenue in the history of Nigeria.

A snap analysis by TheCableIndex data team suggests that the fall in the official exchange of the naira might have contributed to the seemingly unprecedented rise in revenue.

FAAC adopted N436.38/$ as exchange rate for the calculation of the forex component of federally-collected revenues for June 2023 but this has now gone up to at least N750/$.

TheCable could not confirm the actual exchange rate used for July.

FAAC is made up of the minister of finance as chairman, all state commissioners of finance, state accountants-general, the accountant-general of the federation and the permanent secretary of the federal ministry of finance.

Governor Peter Mbah of Enugu has threatened that traders in Enugu who observe next Monday’s sit-at-home order of the proscribed Indigenous People of Biafra (IPOB) will lose their shops and licenses.

Mbah stated this when he toured various parts of the state capital on Monday to monitor the level of compliance with his ban on the order.

The News Agency of Nigeria (NAN) recalled that a few days after their assumption of office, the governor announced an end to the order, effective from June 5.

He had said such orders restrict creativity, entrepreneurship, and productivity in the state, and threatened to close any school, markets, and financial institutions, among others, that obey the order.

The governor warned that traders, who continued to sit at home from Monday, July 24, stood to lose their shops to serious-minded businessmen.

He said adequate security had been provided in the areas, adding that there had not been any incident of attack since the ban on sit-at-home in June.

To the traders at Ogbete, Garki, and other markets, the governor warned that locking shops on Mondays would no longer be condoned.

Mbah, who took time to interact with business owners, shoppers, traders as well as civil servants at the State Secretariat, said “it should never be heard that we were cowed because of the threat of violence by these criminals.[/i]

“The poverty that will befall us for sitting at home will kill us even faster. We are losing over N10 billion every Monday that we sit at home. Enough is enough. This foolishness must end and it must end now. We cannot be marginalising ourselves and still complain of marginalisation.

“So, we must say no to sit-at-home because what it means is that we are destroying our employment, our economy, and our GDP.”