₦airaland Forum

The relative of a bride who was assigned to give out her hand in marriage (waliyyi) was accused of stealing her dowry shortly before the wedding fatiha in Kurna area of Dala LGA of Kano State.

City & Crime gathered that during the incident, people were left stranded waiting for the wedding to take place while the dowry was not found.

A resident, Sunusi Dan Mamman, said that after a long wait, the people agreed to search all those in the vicinity.

“During the search, the money was found inside the pocket of the waliyyi. who said he didn’t know how they got into his pocket.

“On getting the money, the waliyyi was chased out of the mosque as he could not stand for the bride as her representative. His younger brother was assigned to stand for her and the wedding went on.”

On whether he was arrested after the wedding, the source said nobody knew as he was not sighted in the area after the wedding.

Telecommunication firms have said they are working with their regulator, the Nigerian Communication Commission, to review the prices of their services to reflect prevailing market realities, especially the recent unification of the foreign exchange market.

According to the telcos, a price review is needed for their industry to remain sustainable. The president, Association of Licensed Telecoms Operators of Nigeria, Gbenga Adebayo, disclosed this to The PUNCH in an interview. He explained that the price review is needed to reflect the cost of production.

This is following a new FX policy regime introduced by the Central Bank of Nigeria. The apex bank recently asked Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to enable the free float of the naira against other foreign currencies.

This is to bridge the gap between the official and parallel rates of the naira. This move, according to Adebayo, has tipped the scale in favour of a price review in the industry.

He told The PUNCH, “For our industry to remain sustainable, our prices have to reflect the cost of production. This goes without saying that we will also review rates at the appropriate time after consultation with all the stakeholders to reflect the current cost of inputs.”

Adebayo noted that telcos are not isolated or immune from what is happening in the economy. He stated, “When the input cost goes up, prices will also go up. So, in order for the industry to be sustainable, and for us to continue to maintain the grade of service that we deliver, it is only realistic that we review prices.

“We are providing all the necessary information to the regulators.”

He clarified that these discussions have been ongoing for a while, with telcos getting approval to review prices for a while under the last administration. However, he said that the new Forex regime has made an increase paramount.

Adebayo said, “We’ve been discussing this before the end of the last administration, and in actual fact, approval was granted for price review at the time, but we had some interventions that asked that it should be put on hold, which again does not reflect the reality of what we face. So, it is only normal to expect that there will be a price review.

“But it is not only FX that will influence this. It is in addition to other elements and parameters of the cost that we had mentioned in our previous submission to get a review of rates. This other condition will constitute further information, reason, and basis to justify the review of prices.”

Recall that in 2022, telcos wrote a letter to the NCC requesting for a 40 per cent hike in the price of data, calls, and SMS due to the rise in their cost of operations.

They were seeking to increase the floor price of calls from N6.4 to N8.95 and the price cap of SMS from N4 to N5.61.

They said, “Upward review of the price determination for voice and data and SMS. Given the state of the economy and the circa 40 per cent increase in the cost of doing business, we wish to request for an interim administrative review of the mobile (voice) termination rate for voice; administrative data floor price, and cost of SMS as reflected in extant instruments.”

A telecom expert, who asked not to be named, also confirmed that telcos were pushing for an increase in the delivery cost. The expert noted that the industry has not been able to respond to price shocks and it has begun to affect it.

The expert said, “If we keep pegging prices and we cannot respond or adjust based on the reality on ground, we can’t keep subsidising consumption indefinitely.

“This will eventually lead to a price review. This should have happened before now. It has been on the table, we had been putting up with a lot of things, we need some type of help. We have been leveraging on volume, but it is a business we need to keep investing in, upgrading the tech, and it is money.”

Since the President Bola Tinubu administration began with the removal of fuel subsidy on May 29, 2023, prices of many goods and services have risen. Mobile telecommunication service is crucial to the Nigerian economy and is a crucial component of its GDP.

As of April 2023, there are 223.34 million mobile subscriptions in the country. Raising prices of telecom services is set to affect everyone, the president, National Association of Telecoms Subscribers, Adeolu Ogunbanjo, told The PUNCH.

He said, “They can’t increase prices now, that will be totally insensitive. Fuel subsidy is gone, electricity is planning an upward review, we are against this. It will affect businesses again, telecoms is everything to us.”

Chief executives of some federal government departments and agencies are living in anxiety since the dissolution of their boards by President Bola Tinubu, Daily Trust reports.

It was gathered that many of them are just waiting for a presidential directive sacking them even though there are some who are optimistic of being retained on the grounds that they are in the good books of the present government and that of former President Muhammadu Buhari.

A visit by our correspondents to some government agencies and parastatals in Abuja and Lagos revealed an aura of suspense.

Recall that boards of many agencies were dissolved by Tinubu on June 19, in the exercise of his constitutional powers.

Sources said the move was to allow the president and his party, the All Progressives Congress (APC) to bring their loyalists on board. Checks confirmed that the management of most of the agencies are in a dilemma over their anticipated dissolution.

Most of the CEOs and those close to them were not in a good mood as witnessed by our correspondents.

One of them said the suspense was distracting them from their work while another said he wanted to be relieved after almost eight years in his position.

But another CEO who is perceived to be close to President Tinubu since his days as Lagos State governor, confided in Daily Trust that they were aware of the impending sack but that some of them were hopeful of being retained.

Our bosses in dilemma

Two of the aides of the CEO of one of the government agencies told Daily Trust that their bosses have lost their composure and that it was difficult to relate with them as before.

When asked why it was difficult for the bosses to resign knowing they may soon be sacked, one of the aides said, “Our boss is even expecting that her closeness to Asiwaju could make her retain her position or be re-appointed into another agency.

“It will be suicidal to just leave your job because you cannot tell what will happen next…It’s better to wait and see how it goes,” he said.

The other aide, a lady, said it is not common for people in political positions to quit with ease.

“Don’t be surprised if the new president will only reappoint board members and allow the existing management teams of the agencies to exhaust their terms. Buhari did the same in many agencies even though he changed their board members also. So, any chief executive that just leaves may be, has something to hide,” she said.


Situation in maritime sector

Heads of agencies in the maritime sector are not left out as some are now held down by fear over their expected sack.

Agencies in the maritime sector that are affected are the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shipper’s Council (NCS), Maritime Academy of Nigeria (MAN) Oron, and the Council for the Regulation of Freight Forwarders (CRFF).

Though none of the heads of the agencies and institutions could be reached on the phone for their reactions, a visit to some of them showed that work has slowed down considerably as those appointed outside the civil service are said to be winding down their operations.

Currently, there is a kind of suspense at the headquarters of NIMASA on Burna Road, Apapa, it was learnt.

“I think the slow pace of work has to do with the anxiety created by the recent dissolution of the boards,” a staff said.

“Other political appointees are also not too sure of their fate,” he said.

A staff of the NPA told our correspondent that there is a serious fear as no one is sure of what is going to happen next.

“We don’t even know if our jobs are secure. We have been told that there will be possible downsizing of the workforce beside the change of the management,” the staff said.

Dr Bolaji Akinola, consultant maritime expert and Chief Executive Officer of Ships & Port, said though he has not seen any visible slowdown in the operations in the maritime agencies, but that doesn’t presuppose that it may not exist.

He said he had cause to interact with MD/CEOs of agencies on a daily basis and that the day to day running of the affairs of the MDAs lies squarely on the management team, even though the CEO provides direction.

Also, Chief Okey Ibeke, Principal Consultant at Blue-Water Maritime Resources Limited, is of the views that “The coming in of the new administration has reignited fear in the minds of the heads of agencies. This has slowed down operations considerably. Some of them are now in Abuja seeking reappointment.

“While traveling to Abuja on Sunday, I flew in the same aircraft with one of the heads of the agency. He is still in Abuja,” he said.


Aviation sector too

The situation is the same among chief executives of aviation agencies.

A highly placed source told our correspondent yesterday that there has been an uneasy calm in the industry after the dissolution of the boards of agencies.

“This is why you see that there has been a lull in all the agencies in recent times. Everybody is still looking at the body language of the president and the direction of his government.

“But I can tell you they are all doing everything possible to retain their jobs despite very strong opposition from stakeholders to the last minute restructuring carried out by the immediate past administration,” the source said.


Appointment seekers intensify lobby

Sources close to the presidency and around the Office of the Secretary to the Government of the Federation (OSGF) said both sacked board members as well as some management members of the agencies in Abuja and Lagos are making frantic moves to be retained.

Similarly, people who served as members of the APC presidential campaign council are also “showing their faces” around the corridors of power and the APC secretariat in order not to be forgotten.

“I can assure you the lobby is not just for boards or management of agencies,” a source around the presidency said.

“Even though the president is not around, people, especially those who can find their way to the villa, are coming to meet with those that matter.

“Serving and former ministers, top businessmen and even some traditional rulers are making frantic efforts to get appointments for themselves or those they want to support,” he said.

The situation is the same at the SGF office and the APC secretariat.

It was learnt that ahead of the official announcement of the ministerial-nominees by Tinubu, those looking for ministerial positions are also visiting houses of powerful members of the National Assembly.

According to the new amendment to the 1999 Constitution, the president and governors must submit names of persons nominated as ministers or commissioners within 60 days of taking the Oath of Office for confirmation by the Senate or state House of Assembly.

With barely five weeks left before the expiration of the new constitutional mandate, President Tinubu is expected to forward names of ministerial-nominees to the Senate for confirmation.

The Senate, currently on a three-week break, is expected to reconvene in the first week of July, ahead of the screening of ministerial-nominees.


‘Tinubu should prioritise competence’

Speaking on the development, the Lead Director, Centre for Social Justice (CSJ), Eze Onyekpere, said that for the boards to meet their strategic objectives, their composition needs to reflect merit, competence, innovation, character and deep knowledge of the sector in which they operate.

Onyekpere said that the composition of such boards could not be a ‘job for the boys’ if public corporations are to deliver on their mandates.

“There should be a public notice of the intention to appoint persons to these boards. The names of prospective appointees should be published so that anyone that has information regarding the unsuitability of nominees for public office will be requested to submit the same to a committee of persons of impeccable character and integrity who will review the petitions and make recommendations to Mr. President.

“The federal government should set deliverables with milestones and targets and a verifying monitoring and evaluation plan for the boards. Their performances should also be reviewed annually to ensure that their leadership is on target while dead woods are weeded out,” he said.

President Bola Tinubu is scheduled to fly in from London today ahead of Eid-el-Kabir celebrations, The PUNCH has learnt.

The Presidency had on Saturday said the President headed for the UK from France, where he had been attending a summit for ‘A New Global Financing Pact’ hosted by French President Emmanuel Macron.

“Tinubu, who was initially scheduled to be back in Abuja on Saturday, will now proceed to London, United Kingdom, for a short private visit,” a statement signed by the President’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, read on Saturday.

However, the statement was silent on the particular day of Tinubu’s return, saying the “President will be back in the country in time for the upcoming Eid-el-Kabir festival.”

Confirming the day of his arrival, Presidency sources told our correspondent on Monday that the Nigerian leader would return to his private Ikoyi home in Lagos later on Tuesday to observe his first Sallah celebration as President.

“I am are certain that he will return to Lagos tomorrow (Tuesday), not Abuja. That’s where he will observe Sallah,” the source said.

In April, The PUNCH reported that mixed reactions trailed the absence of the President-elect from the Eid el-Fitr celebrations.

Although the then President-elect issued a statement conveying his Sallah message to Nigerians, he was not spotted on any prayer grounds in Lagos or Abuja.

This time, sources say that he is billed to join other dignitaries for the Eid prayers at the Obalende Muslim Prayer ground located at Dodan Barracks, the former seat of the Nigerian government.

It would be recalled that hours before the end of his tenure, former President Muhammadu Buhari directed that the control of Obalende Eid Prayer Ground be returned to the Lagos Jama’atul Muslimeen Council of the Lagos Central Mosque.

A Presidency source said although “the holiday lasts until Thursday, Tinubu may extend his stay till Sunday or Monday next week before he returns to Abuja.”

He returns amidst uncertainty about his ministerial list, which is almost ready to be sent to the National Assembly.

Another source, who spoke with The PUNCH, said, “I learned that Tinubu’s ministerial list is almost done. He kept a core of ministers to himself, heavily influenced by the kitchen cabinet of SAs.

“The politicians are in ‘Bolekaja’ over the rest. It’s a slugfest now.”

In March, Alake, then Special Adviser to the President-elect, said Tinubu would constitute his cabinet within one month of assuming office.

Alake said this is in line with the Fifth Amendment to the Constitution, mandating Presidents-elect and governors-elect to submit the names of their ministerial and commissioner-nominees within 60 days of taking the oath of office for confirmation by the Senate or state House of Assembly.

He said, “I told you in an earlier interview that it didn’t take Asiwaju more than three weeks to form his cabinet as governor.

“That was as at that time. I think 60 days is even too much.

“A month, maximum, is enough for any serious government to form its cabinet and put a structure of government in place after the swearing-in.”

Re-echoing the narrative, the then Director of Media and Publicity for the All Progressives Congress Presidential Campaign Council, Bayo Onanuga, said, “What I can assure you is that even if the list is not ready on the first day, it will not take Asiwaju more than one month to put his cabinet together. He definitely will not wait for 60 days to assemble a competent cabinet.”

In 2015, Nigerians lamented the delay by the Buhari administration in appointing ministers, which took about six months to form its cabinet.

Acting inspector-general of police, IGP Olukayode Egbetokun said henceforth, all police conveys must observe traffic regulations starting with his convoy.

The IGP gave the directive when he met with Mobile Police Squadron and commanders at the Force headquarters yesterday.

According to him, ” let me end this speech by reminding you that those who keep the peace must be the epitome of peace. Those whose duty it is to enforce the laws of the land must themselves respect and obey the laws of the land. Without obeying the laws, the Police lack the moral high ground to interrogate and bring law breakers to book.

“Consequently, in line with my vision of building a rule of law compliant Police Force, it is my directive that henceforth all police convoys on routine, non-emergency movement, must obey traffic lights and other traffic rules, I pledge to lead by example in this regard. As you will be returning to your various bases, I wish you a safe journey and please be assured of my best wishes always.”

Egbetokun also said the newly created special squad (Special Intervention Squad) shall consist of 40,000 specially trained elite officers, selected from officers from the pool of existing Police Mobile Force (PMF) personnel and all tactical units in the country.

He said, “modalities for the creation of a new special squad – the Special Intervention Squad have been initiated. This special squad shall consist of 40,000 specially trained elite officers. The Squad will be formed by selecting officers from the pool of existing Police Mobile Force (PMF) personnel and all tactical units in the country.

“These officers will undergo intensive pre-deployment training to make them combat ready for frontline operational duties in all the states of the Federation, with a particular focus on areas plagued with unrest and turmoil. By pooling together the expertise and experience of our PMF personnel and other tactical units, we can establish a formidable force that is well-equipped to handle the evolving challenges we face.

“This dedicated force will bolster our capacity to respond swiftly and decisively to security threats, ensuring that our presence is felt and our response is effective in every corner of our country.

“1,000 personnel from this new squad will be deployed to every state of the Federation for immediate operations as standby intervention units, while more troubled spots or zones will receive the remaining officers out of the 40,000.

[b]“These officers will not perform routine police duties but will be housed and kept combat-ready at all times engaging in daily training in readiness for deployments to intercept and neutralize high-profile criminals and those terrorizing our communities. [/b]They will be deployed to intervene rapidly and proactively in any situation necessary in their states of assignment.”

The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has made 33 fresh appointments of personal Aides, to assist him in the discharge of his office.

This is coming barely after two weeks when the Speaker appointed Musa Abdullahi Krishi as his Special Adviser on Media and Publicity, and Dr Jerry Uhuo as the Special Adviser on Policy and Strategy.

Abbas in as statement by his Special Adviser on Media and Publicity, Krishi, named Leke Bayeiwu of The Punch Newspaper as his Chief Press Secretary (CPS) and Ahmed Musa of Daily Independent Newspaper as Special Assistant on Print Media.

See the full list of the appointments:

1. ENGR. JAMIL AHMED MUHAMMED – DEP. CHIEF OF STAFF – ADMINISTRATION

2. DR. DUNKWU CHAMBERLAIN – DEP. CHIEF OF STAFF – LEGISLATIVE

3. HON. AHMED DAYYABU SAFANA – SPECIAL ADVISER, SPECIAL DUTIES

4. DR. HAMISU IBRAHIM KUBAU – SPECIAL ADVISER, POLITICAL MATTERS

5. BARR. SAMUEL AJAYI – SPECIAL ASSISTANT, LEGAL MATTERS

6. BARR. OSAZEE MELODY OGUNDIJIE – SPECIAL ASSISTANT, LEGISLATIVE MATTERS

7. BARR. AMINU RAMALAN – SPECIAL ASSISTANT, FINANCE

8. AMB. IBRAHIM HAMIDU GUSAU – SPECIAL ASSISTANT, INTERNATIONAL AND INTERPARLIAMENTARY AFFAIRS

9. LAMIR UMAR IBRAHIM – SPECIAL ASSISTANT, YOUTH MATTERS

10. YETUNDE ADENIJI – SPECIAL – ASSISTANT, WOMEN AFFAIRS

11. HON. RAPHAEL NNANA IGBOKWE – SPECIAL ASSISTANT, INTERGOVERMENTAL AFFAIRS

12. ZAKARI ALIYU
PRINCIPAL PRIVATE SECRETARY

13. LEKE BAYEIWU – CHIEF PRESS SECRETARY

14. NURA ADAMU – SPECIAL ASSISTANT, BROADCAST MEDIA

15. AHMED BABA MUSA – SPECIAL ASSISTANT, PRINT MEDIA

16. OLABAMIJI ENITAN JOWOSIMI – SPECIAL ASSISTANT, NEW MEDIA

17. ALIYU GARBA WAZIRI – SPECIAL ASSISTANT, EXECUTIVE RELATIONS AND JOB CREATION

18. MOHAMMED SALAME – SPECIAL ASSISTANT, INFORMATION AND COMMUNICATION TECHNOLOGY – ICT

19. HON. FRIDAY ITULAH – SPECIAL ASSISTANT, POLITICAL MATTERS(SOUTH SOUTH)

20. HON. GODFREY GAIYA – SPECIAL ASSISTANT, POLITICAL MATTERS(NORTH WEST)

21. HANMATION MARK TERSOO – SPECIAL ASSISTANT, POLITICAL MATTERS (NORTH CENTRAL)

22. HON. ZAKARI GALADIMA – SPECIAL ASSISTANT, POLITICAL MATTERS (NORTH EAST)

23. ABDULSALAM BABAKAYODE – SPECIAL ASSISTANT, POLITICAL MATTERS (SOUTH WEST)

24. HON. OKWUDILI CHRISTOPHER EZENWANKWO – SPECIAL ASSISTANT, POLITICAL MATTERS (SOUTH EAST)

25. HON. ABDULAHI SA’AD ABDULKADIR – SPECIAL ASSISTANT, SUSTAINABLE DEVELOPMENT GOALS (SDGs)

26. LAWAL SHEHU ALIYU – SENIOR LEGISLATIVE AIDE – NEW MEDIA 1

27. MARY ANN UJU ONYEJIMBE – SENIOR LEGISLATIVE AIDE

28. NURA MUSTAPHA – SENIOR LEGISLATIVE AIDE

29. YAHAYA AMINU PATE – SENIOR LEGISLATIVE AIDE – (PERSONAL ASSISTANT)

30. AUWAL USMAN KOMBANI – SENIOR LEGISLATIVE AIDE – NEW MEDIA II

31. VICTOR NGUN – SENIOR LEGISLATIVE AIDE, VISUAL COMMUNICATION

32. ANDREW FABIAN – SENIOR LEGISLATIVE AIDE – PHOTOGRAPHY

33. DAVID ADEBAYO DOLAPO – SENIOR LEGISLATIVE AIDE – OFFICIAL VIDEOGRAPHER

The Speaker advised the new political appointees to discharge their duties in compliance with the new Schedule of Duties in the Office of the Speaker and utmost commitment to the implementation of the Legislative Agenda of the 10th House of Representatives.

Krishi added that the appointments take immediate effect.

A divorce-seeking woman, Taibat Abubakar, has accused her husband, Abubakar Salihu, of getting her pregnant without having sexual intercourse.

Taibat told a magistrates’ court in Kwara State that she cannot explain how she became pregnant without having had penetrative vaginal sex with her husband.

She told the court that her husband, Salihu, had asked her to marry him, but she refused because she did not have any affection for him.

“He said I should marry him, but I said no because I don’t love him. But he insisted and said whether I liked it or not, I didn’t have a choice over his proposal,” Taibat told the court.

Taibat added that even after regretting his proposal, Salibu insisted, saying that whether she liked it or not, she had no choice but to accept it.

According to her, Salibu then called her one day to tell her she was pregnant for him and that she must not abort it.

“Though surprised, I didn’t take it seriously until I didn’t see my period at the end of the month without having sex with him,” she added.

Taibat, prayed to the court to dissolve the marriage, demanded ₦10,000 monthly for the feeding of the child, and also urged the court to order the estranged husband to pay the child’s school fees.

Meanwhile, Salihu denied Taibat’s submissions, claiming that she initially refused his advances but that they later got along.

Salihu told the court that he had “consciously” had physical sex with his wife, not in a dream or in the spiritual realm, as Taibat has claimed.

The Magistrate, Ajibade Lawal, told the couple to maintain their status quo until the next adjourned date of Tuesday, July 25.

The recent devaluation of the naira against the United States dollar has sparked conversation on the urgency around the need to raise the capital base of commercial banks in the country, Daily Trust reports.

Some analysts have argued that the 2004 banking industry recapitalization, which increased banks’ capital base from N2 billion to the current N25 billion, had weakened.

Analysis by this newspaper shows that N25 billion in 2004 exchange rate, which was about N100 saw the banks’ capital base in dollar terms average $250 million.

Today, if we relate N25 billion at N750, it is substantially lower to just $33.3 million.

Capital adequacy ratio is one of the important concepts in banking, which measures the amount of a bank’s capital in relation to the amount of its risk weighted credit exposures.

The last monetary policy committee of the CBN held in May, 2023, had noted the sustained stability in the banking system, evidenced by the performance of the Financial Soundness Indicators (FSIs).

It disclosed that the Capital Adequacy Ratio (CAR) of the banking system stood at 12.8 per cent, Non-Performing Loans (NPLs) ratio at 4.4 per cent and Liquidity Ratio (LR) at 45.3 per cent, as of April 2023.

Effort to get the reaction of the CBN was not successful as the spokesman of the apex bank, Dr Abdulmumin Isa, was said to be in a meeting. The essence was to find out whether they are planning to do recapitalization anytime soon, and what do they think about the concerns being expressed about the banks’ capital base after massive naira depreciation from N100/$ in 2004 to N770/$ today.

Why recapitalisation is necessary

Speaking on recapitalisation, Musa Wapahyal Balla, a Compliance Officer working in a Tier 2 bank in his analysis said Nigerian banks and firms will lose valuation.

According to him, since valuation is done at FX rates, the perception of the strength of most organisations will decline marginally.

Balla said: “Should the current FX rate float at the current rate for long, we should expect recapitalisation of banks, insurance companies and other financial organisations.

“Recall that minimum capital requirement for commercial banks is N25 billion; the naira has depreciated five times since then, the apex bank- CBN may need to recapitalise banks to strengthen the banking industry and financial industry at large.

“My personal prediction for capitalisation is N100 billion. We might see more mergers and acquisitions, especially in Tier 2 and 3 segments, which could lead to loss of jobs,” he said.

Former Economist and Head, Investor Relations at UBA Plc, Abiola Rasaq said recapitalisation should be looked at from the perspective of necessity.

He said based on the most recent reliable estimate from the CBN, the capital adequacy ratio of the overall banking system stood at 13.7% as of February 2023, a couple of months before the liberalisation of the FX market, which has resulted into almost 50 per cent depreciation of the naira in the official market, that the Investors and Exporters window.

He said: “About 40% of Nigerian banks’ loans are in foreign currency and these loans are translated into naira using the official exchange rate.

“A back of the envelope analysis suggests that the banking sector risk weighted assets should have increased by over 20 per cent, which would shave off some 300 basis points off the capital adequacy ratio of 13.7 per cent, thus we may be seeing capital adequacy ratio sitting below 11 per cent at the moment.

“Whilst that is not so bad, especially considering the fact that most banks also have positive net exposure to foreign currency and would be booking some decent gains on the back of the naira depreciation as FX revaluation gain.”

He said most banks would moderate dividend pay-out ratios, notwithstanding the expected growth in profitability.

“So, when we take a balanced view of these issues, the sector would remain stable and not in a bad position,” he said.

Abiola said every regulator would want banks to have good capital buffers to ensure sustainability of the sector and that makes a strong argument for banking sector recapitalisation, especially as a substantive CBN governor is expected to be announced on or before mid-August to give clarity on the leadership of the apex bank and align policy orientations.

“Again, as the new government sets the stage for audacious reforms across multiple sectors, it would be essential for banks to have strong capital ratios that can support credit expansion in the economy.

“So, expectedly, banking sector recapitalisation is likely to be on the plate of the new CBN governor to ensure the sector is able to effectively fund economic growth, going forward,” he said.

Speaking in a similar vein, Ayokunle Olubunmi, head of banking, Augusto & Co, a Pan-African Credit Rating Agency and a leading provider of industry research and knowledge in Nigeria, said the ongoing liberalisation of the FX market is something that everybody expected.

“The industry and analysts have been expecting that there would be some devaluation, especially given the position of the three leading candidates in the last election,” he said.

He argued that all the banks were already prepared for this, saying, “They have been trying to do their scenario analysis, to see where they would be if we have a devaluation. Some have a simulation, a capital base with a devaluation up to N1000/$.”

Olubunmi said various banks have been engaging in different capital raising exercises in the form of tier 1, tier 2 or At1 and some are doing the right issue.

“Wema just finished. TAJ Bank, FCMB and Fidelity bank did it. If you check the capital of most banks, some are 3 times or even 10 times more than the regulatory minimum.

“There are about 3 to 5 banks that are looking at completing their capital raise before the end of the year.”

He said to shore up their Tier 1 capital, banks were allowed to raise a special class of bonds known as AT1 bonds from investors.

According to him, AT1 bonds, like other bonds, pay regular interest. But they do not have a maturity date, as they are a permanent part of the bank’s capital, akin to equity.

However, he said, there are some banks that even before now are already having capital issues.

“Some of them have negative shareholders’ funds. So, they are struggling. If you look at the industry capital, it is the struggling banks that are dragging the others.”

He said a lot will depend on the incoming CBN governor.

“There were times that no sitting CBN governor would allow a capital below the regulatory minimum not to talk about banks having negative capital. With the last CBN governor, you will notice that not one, not two banks had negative capital, so a lot will depend on the approach of the new CBN governor,” he said.


‘Not comfortable with regulatory induced recapitalisation’

An economist and professor of capital market, Prof Uche Uwaleke, however, kicked against what he described as “A recapitalisation compelled by the apex bank.”

He said: “I won’t advise any regulatory induced recapitalisation of banks on the back of the deep naira devaluation occasioned by exchange rates unification.”

Professor Uwaleke said there are other workable options. “Deposit Money Banks can be encouraged to recapitalise either by way of mergers and acquisition or via the stock market,” he said.

“The CBN can use incentives in this regard given that a stronger capital base for banks in dollar terms will put them in a better position to attract foreign capital as well as improve their IT infrastructure and compete in the global scene.”

He said the argument for banks recapitalisation is like saying the country’s GDP should be rebased simply because of the naira devaluation, adding that this will be a weak ground to do so.

He said: “Let the current tiered structure of banks remain. Banks that wish to play in the big league will have no choice but to shore up their capital base.

“But it should not be forced on them in the spirit of a more liberalised financial system, which the naira float signifies. Doing otherwise would mean the apex bank does not expect any significant appreciation of the naira even in the medium to long term.”

Daily Trust reports that the conversation around recapitalisation is not new as the now suspended CBN governor, Godwin Emefiele had at a time disclosed that the CBN would embark on a programme that would lead to the recapitalisation of the banking industry.

Emefiele who stated this in June 2019, while unveiling the five-year plan of the apex bank, said the objective was to position Nigerian banks among the top 500 in the world.

“We will continue to improve our on-site and off-site supervision of all financial institutions while leveraging on data analytics and our in-house experts across different sectors to improve our ability to identify potential risks to the financial system as well as risks to individual banks.

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world.

“Banks will, therefore, be required to maintain a high level of capital as well as liquid assets in order to reduce the impact of an economic crisis on the financial system…,” he had said.


State of Nigerian banks’ assets

The total assets of leading deposit money banks operating in Nigeria rose to N87.25 trillion ($116billion at NN750/$) in the first quarter ended March 31, 2023, up by 17.8 per cent from N74.07 trillion in the corresponding period in 2022.

The banks are Zenith Bank Plc, Access Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company (GTCo) Plc, FBN Holdings Plc, Fidelity Bank Plc, Unity Bank Plc and Union Bank of Nigeria (UBN) Plc. Others are Stanbic IBTC Holdings Plc, Ecobank Transnational Incorporated (ETI) Plc, FCMB Group and Wema Bank Plc.

On the top five in the category, Access Holdings Plc emerged the biggest bank in asset size as its total assets for the period stood at N15.74 trillion, followed by Zenith Bank Plc with N13.36 trillion assets size. ETI placed third with N13.24 trillion,UBA and FBN Holdings Plc emerged fourth and fifth with N11.36 trillion and N11.09 trillion respectively.

In comparison, assets of Standard Bank Group, the leading banking service provider in South Africa in terms of assets in 2022, reached around 170.9 billion U.S. dollars. FirstRand and Absa Bank followed, with assets of around 98.8 billion and 84.7 billion U.S. dollars, respectively.

Daily Trust recalled that after the CBN’s recapitalisation of banks in 2004, the number of banks reduced to 24 from 89.


Capital base eroded by $4.5bn since 2005- CBN Source

A senior management source at the CBN who prefers not to be quoted said: “I can tell you that recapitalisation has been very much on the table and even the commercial banks know this.

“Due to the current value of the national currency, the value of the capital base of each commercial bank has been reduced by $216m from the $250m it was after recapitalisation in 2005.

“If you do your math, based on the number of deposit money banks, which stands at 21, the total value of the capital base may have been eroded by about $4.5bn.

“So, yes, the apex bank has been looking at the modalities and framework for some time now because clearly, it has become imperative,” he said.

The move by the Peoples Democratic Party (PDP) to produce the Senate Minority Leader may hit a brick wall as formidable forces loyal to the All Progressives Congress (APC) have mobilised to ensure that one of the smaller parties produces the Senate Minority Leader, THISDAY has learnt.

This is coming as a former Governor of Sokoto State, Senator Aminu Waziri Tambuwal; his counterpart in Kebbi and Bayelsa states, Senators Mohammed Adamu Aliero; and Henry Seriake Dickson, respectively, as well as five other senators from the minority political parties have warned against what they described as an ongoing attempt to destabilise minority parties in the Senate.

Meanwhile, President of the Senate, Senator Godswill Akpabio, yesterday said that the 10th National Assembly would partner President Bola Tinubu-led administration to change policies inhibiting the progress and development of the country.

The other five signatories to the statement issued yesterday by the eight senators include Senator Abdul Ningi; Senator Patrick Abba Moro; Senator Ezenwa Francis Onyewuchi; Senator Sumaila Kawu, and Senator Ifeanyi Patrick Ubah.

The All Progressives Congress (APC) has 59 Senators; PDP, 36; Labour Party (LP), eight; New Nigeria People’s Party (NNPP), two; Social Democratic Party (SDP); two; APGA, one; and YPP, one.

With PDP’s overwhelming majority, the main opposition party is strategising to produce the Senate Minority Leader.

THISDAY however gathered that the immediate past governor of one of the South-south states, who is also a member of the PDP has mobilised forces to stop his party from producing the Senate Minority Leader.

Investigation revealed that the former governor is determined to influence the choices of minority leaders in both the Senate and House of Representatives.

The PDP chieftain, it was learnt, wants his loyalist in one of the minority parties to emerge as the Senate Minority Leader, while his loyalist in the PDP emerges as the House Minority Leader.

The former governor, who is believed to be working with the suspected agents of President Bola Tinubu’s government, held a marathon meeting with the President of the Senate, Senator Godswill Akpabio in the Senate President’s office in Abuja over the matter last week.

Sources in the Senate who were privy to the meeting told THISDAY that the meeting explored ways of blocking the chances of PDP in the minority leadership positions in the Senate and the House of Representatives.

THISDAY learnt in Abuja that the PDP had zeroed in on the immediate past governor of Sokoto State, Aminu Tambuwal as the Senate Minority Leader.

It was learnt that Tambuwal, who was the Speaker of the House of Representatives in the 7th National Assembly, was considered the best choice to give Tinubu’s government a robust opposition.

A senator in the Senate caucus of the PDP explained to THISDAY on condition of anonymity that bringing Tambuwal on board would create a vibrant opposition for the new administration.

But the former governor of a South-south state, who was sighted by THISDAY in a black suit, after the marathon meeting with Akpabio, left the Senate wing of the National Assembly at about 6:30 pm on Thursday in the convoy of Akpabio; and the Deputy President of the Senate, Senator Jibrin Barau.

Also in the convoy were senators Salihu Mustapha (APC Kwara Central), Jibril Isah (APC Kogi East) as well as the recently appointed Senior Special Assistant, National Assembly Matters (Senate) to President Tinubu, Senator Abdullahi Abubakar Gumel.

A source at the meeting told THISDAY that the plan of the former governor with the leadership of the Senate, was to have a minority leader not chosen by PDP but by his own loyalists within the party.

He said: “The former governor from the South-south and suspected agents of Tinubu’s administration have zeroed in on a former Minority Leader of the Senate, Enyinnaya Abaribe.”

Abaribe left his position as the minority leader of the 9th Senate when he defected from the PDP to the All Progressives Grand Alliance (APGA),

He returned to the 10th Senate on the platform of the APGA.

The four principal positions for Senators elected on the platforms of the minority political parties are Minority Leader, Deputy Minority Leader, Minority Whip, and Deputy Minority Whip.


Tambuwal, Aliero, Dickson, Ubah, Moro, Ningi, Others Warn against Imposition

Meanwhile, Tambuwal and seven other senators from the minority political parties have warned against what they described as an ongoing attempt to destabilise the minority parties in the Senate.

In a statement issued yesterday, the eight senators who signed the statement stated that it had come to the notice of the minority political parties in the Senate of an attempt by forces inside and outside the Senate to divide the minority parties and foist a pliant and compromised leadership on them.

“We have pledged to work constructively with the new Senate leadership and the Executive branch to deliver good governance to the Nigerian people. We consequently hereby advise and caution that they should not aid any group inside or outside the Senate to divide and destabilise the minority parties and the Senate institution,” the statement explained.

The statement disclosed that the senators of the minority parties would meet when the Senate reconvenes to select their leaders after due consultations with their political parties “without undue interference from anti-democratic forces within or outside the Senate.”

“For the avoidance of doubt, no Senator has yet been endorsed or selected for any Minority position as this would await due process as agreed by all Minority Parties in their last meeting. Attempts to foist a one-party dictatorship would be resisted and would fail.

“We call on all members of the minority political parties to work together in unity to defend the democratic institution of the Senate and Nigeria,” the statement added.

N’Assembly will Back Tinubu to Drive Development, Says Akpabio
Meanwhile, Senate President, Senator Akpabio, yesterday said that the 10th National Assembly would partner the President Tinubu-led administration to change policies inhibiting the progress and development of the country.

He thanked the president, the National Working Committee (NWC) of the ruling APC and his colleagues in the Senate for supporting him to emerge Senate President.

Akpabio spoke at the thanksgiving service in his honour at the Regina Pacis Auditorium, St Anne Cathedral Ifuho, Ikot Ekpene Local Government Area of Akwa Ibom.

According to a statement by his media office, Akpabio said: “The current National Assembly will rally round and support the programmes of the current administration by eliminating all inhibiting policies affecting the progress and development of the country. We would be partners in progress for the sole benefit of Nigerians.”

Speaking further, the former Governor of Akwa Ibom State, who arrived the Victor Attah International Airport to a rousing welcome by indigenes across party lines led by Governor Umoh Eno, assured the people of his District of quality representation as their Senator and President of the Senate.

“I am humbled by this show of love. Humility is all that matters in life. You will see the difference. What I want you to take back home is the fact that Nigerians have elected an uncommon Senate President. We will run an uncommon Senate for the benefit of the uncommon people. That is why I am here today to thank God for what he has done for me,” he said.

I his homily, Most Rev Camillus Umoh, charged the 10th Senate to work for Nigerians and right the wrongs of the past to show that they are different through legislations.

According to him: “We pray for collaboration and unity from your colleagues in both Senate and House of Representatives to make laws that would be just and for the good of Nigerians.”

Nigerian Police Probe Hotel Management For Torturing Female Worker To Death

https://saharareporters.com/sites/default/files/styles/focal_point_650x390/public/2023-06/WhatsApp%20Image%202023-06-22%20at%2010.18.38%20AM.jpeg?h=a22ea1bb&itok=j871cAjK

Nnenna Onu Obini also known as Nancy from Uburu in Ohaozara Local Government Area of Ebonyi State, who was a staff of Nwanyioma Hotel in Ebocha, Ogba/Egbema/Ndoni Local Government Area of Rivers State, has been tortured to death over N17,500 missing from her day’s sales.

A source close to the deceased’s family told SaharaReporters that after work on Tuesday, June 13, Nnenna did the account report of the day’s sale and submitted to the hotel management but N17,500 was missing from her account report.

“The woman who owns the hotel (name yet to be ascertained) insisted that she must pay the missing N17,500, which she did (there's evidence to this), yet the madam locked her up in a room for three days and three nights without food or water.

“Within this period, she was banging the door and calling for help to no avail. When they finally opened the door after three days, she was seen on the floor, gasping for air and she was taken to a clinic where she died.

“The hotel management had sent an emissary to the girl's family for peace talks but they're not interested in any monetary compensation. All they want is justice for their daughter that was dehumanised and killed,” the source said.

According to the source, the deceased’s family, the hotel management and the Omoku Police Division in the state had a meeting Wednesday but they could not reach an agreement as the family insisted on getting justice for their daughter, not monetary compensation.

The source further said that while Nnenna struggled with life, rather than rushing her to a standard hospital, she was taken to a clinic, adding that the woman who owns the hotel is currently on the run.

The source noted that during the meeting with the family, the Omoku Police Division and the hotel management, they (the hotel) admitted to all the narratives that led to the female staff’s death.

However, “Nwayioma Hotel, Ebocha is still fully operational, one begins to ask if money is everything in this society of ours,” the source said.

When contacted for confirmation of the matter and comments on police’s actions in securing justice for the deceased, the Rivers State Police Public Relations Officer, DSP Grace Iringe-Koko, sent a reply that she would get back.

"I will get back to you please," she sent a text.

Kiriku, a field commander of the Islamic State of West African Province (ISWAP), has reportedly died in Borno state.

According to Zagazola Makama, a counter-insurgency expert focused on the Lake Chad region, Kiriku died three days after sustaining a snake-bite injury.

He reportedly sustained the injury in one of ISWAP’s hideouts in Damboa LGA of Borno.

Kiriku, who was said to have been injured on Tuesday, died on Friday.

Zagazola Makama said the ISWAP commander was unable to access treatment, hence his demise.

Before his death, Kiriku operated within the Jiddari axis of Chiralia in the Timbuktu triangle — a Boko Haram/SWAP stronghold.

The Timbuktu triangle stretches over four LGAs in Borno —Damboa, Jere, Kaga, Konduga— and Gujba LGA in Yobe state.

Kiruku was said to have led many attacks and ambushes against troops of Operation Hadin Kai in Borno.

TROOPS KILL ‘SIX INSURGENTS’

Troops of Operation Hadin Kai have reportedly killed six ISWAP fighters in Banki town.

Zagazola Makama said the terrorists were gunned down by the special forces in collaboration with the civilian joint task force (CJTF).

They were reportedly killed on Thursday in an ambush near Bula Yobe and Darajamal road, Bama LGA of Borno.

The terrorists were said to be responsible for making and planting improvised explosive devices (IEDs).

Eterna Plc, Emadeb Energy Services Limited, and Asharami Energy have been licensed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to import petrol into the country, TheCable understands.

According to sources, the three companies were the first among the six oil firms licensed to import petrol by July.

“The licensed companies are Eterna Plc, Emadeb Energy Services Limited, and Asharami Energy,” a source told TheCable.

Following the withdrawal of the petrol subsidy, the Nigerian National Petroleum Company (NNPC) Limited had said it is no longer the sole supplier of petrol in the country.

Prior to the subsidy removal, the company served as the country’s last-resort supplier, ensuring a steady distribution of petroleum products.

On June 15, the NMDPRA announced that three oil marketers will start importing petroleum products from next month.

Farouk Ahmed, chief executive officer (CEO) of NMDPRA, said the oil marketers reached an agreement to enhance cooperation with security agencies, with the aim of facilitating the seamless supply and distribution of petroleum products.

“Already, three oil marketers will from July this year start importing petroleum products into the country,” Ahmed had said.

On Monday, the NMDPRA said the number of the firms increased to six.

“There are six companies who said they want to import fuel in July. Of course, all the others may import in December, in November, or anytime but those who expressed interest to bring in fuel in July there were six of them as of this morning,” the NMDPRA CEO said.

“Dangote refinery is surprisingly not among the first three companies, but there are strong indications that the company will be among the companies granted the importation permit in the near future,” another source said.

The new governor of Kano State, Engr. Abba Kabir Yusuf, alias ‘Abba Gida-Gida’, has opened up on what transpired between him and the wife of the Director General (DG) of the Department of State Services (DSS), Yusuf Magaji Bichi, shortly before 2023 general election.

Governor Yusuf said Bichi’s wife threatened to prevent him from becoming Kano State governor in the 2023 elections.

The governor made revelation on Tuesday while interacting with Islamic clerics at the Government House in Kano, to solicit their support for his administration.

Recall that sometime before the elections, there was uproar on the social media on the reported clash between Yusuf’s supporters, then as the governorship candidate of the New Nigeria Peoples Party (NNPP), and the wife of the DSS DG at Malam Aminu Kano International Airport in Kano.

The governor, in a viral video clip, posted by Rahma TV online and monitored by our correspondent on Wednesday, also lamented that some Islamic clerics went to radio stations to blame him for the incident without knowing what exactly transpired between him and Mrs Bichi.

“After DSS personnel molested our people, I met her to complain that they were beating us. She went berserk and started insulting me and my father. She said ‘I swear, we will never allow you to become governor of Kano State’,” the Governor told the gathering of clerics.

The governor also alleged that the DSS DG’s wife, thereafter, prevented him from boarding a commercial plane after duly paying for his ticket, adding that some Kano clerics also criticised him despite being the victim and without hearing his own side of the story.

Engr. Yusuf, therefore, told the clerics at the gathering that he would respect all religious leaders in the State, but warned that he would not tolerate those who opt for unscrupulous criticisms of his government among them.

The Oba of Benin, Oba Ewuare II, has expressed “total disappointment “over what he described as the “lopsided representation “by the immediate past Minister of State Budget and National Planning, Prince Clem Agba.

According to NAN, the Oba said this in a statement in Benin by Mr Iguobaro Osaigbovo, the Chief Press Secretary to the monarch.

The King noted that while in office, the ex-minister failed to extend ministerial benefits to Edo South and Edo Central senatorial districts.

According to the statement, Oba Ewuare expressed disappointment while responding to the Minister who was on a thank-you-visit to the palace for its role in his appointment as a minister by former President Muhammadu Buhari.

Oba Ewuare noted that having benefited from the goodwill that led to his appointment, Agba should have reciprocated the kind gesture to the entire three senatorial zones of the state rather than engaged in “politics of disintegration “.

Oba Ewuare advised all Edo indigenes to use their good offices to attract development to the state and to better the lots of the people.

He said the erstwhile Minister of State Budget and Planning performed “below expectation “.

There was palpable anxiety among members of the public yesterday, following a rise in the ex-depot price of petrol by 4.3% to N490 per litre. As a result, some petrol stations have started selling above N500 per litre, N12 higher than the N488 per litre price in the Lagos area.

But findings by Vanguard showed that NNPC Limited still sells the product to major marketers at N446.57 per litre.

A visit to private depots in Lagos showed that independent marketers, who lift at N490 per litre ended up selling it at N520 per litre at their stations depending on the location in Lagos.

It also indicated that while NNPC Limited continues to sell at N488 per litre in Lagos and environs at their retail stations, the major marketers fixed their prices at between N488 and N492 per litre, depending on location.

This is even as many operators who bought at N490 per litre were seen reselling at N515 per litre in a thriving black market, a development that has put additional price markups on retail prices.

The checks further showed that many independent marketers closed their gates against motorists and other users of the product while some hawkers were seen retailing petrol at exorbitant prices ranging from N550 to N650 per litre at Maryland, Ikorodu road and other parts of Lagos.

Regulator missing

Vanguard learned that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, are not present to monitor and enforce sanctions against defaulters at the filling stations, a development that emboldened illegal operators to embark on sharp practices, especially pump manipulation and product diversion.


PMS now for the wealthy – NLC

Reacting to the development yesterday, the President of Nigeria Labour Congress, NLC, Joe Ajaero, said organised labour was not “surprised by the antics of the marketers; that is why we are working on an alternative.

‘’PMS (petrol) is now for the rich. So, by the time we are through with alternatives, PMS will be left for the rich.”

Ajaero had earlier said as an alternative to PMS, Labour “came up with a module of having a Compressed National Gas, CNG, based on the fact that Nigeria has large natural gas deposits.

He added: “The study we found, especially the pilot study conducted in the Edo area where about 10,000 vehicles were converted to CNG, shows and the report came out from the mouth of the former Minister of State Petroleum Timipre Sylva, that a litre of gas CNG will cost about N90.

“On the basis of that, even Innoson Motors came to address us and said he was going to produce vehicles that will have provision for CNG and PMS, so if you don’t want to buy PMS at N500 and above per litre, you buy CNG.

“If you want to buy CNG at N90 per liter, buy it. But in the construction of the vehicles, you have a switch to whatever you want. If you switch to CNG, you use CNG; if you switch to PMS, you use PMS.

“It is now left for all Nigerians to determine the one that is our target. At least the labour movement has been able to think outside the box to provide this alternative.”


Deregulation drives change in price — IPMAN

On his part, the National President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, stated: “The price is affected by foreign exchange; this is the beauty of deregulation as the price will be determined on the international market whether positive or negative, meaning that the price will not be static.

“With the recent floating of Naira and deregulation of the forex trading windows, allowing the value of Naira to be determined by market forces and the removal of subsidy on petrol, we should expect the situation to change constantly.”


We’re still far from deregulation — PROF. ILEDARE

Also, a petroleum economist and Executive Director of Emmanuel Egbogah Foundation, Professor Wumi Iledare, said, “For me, the removal of petroleum subsidy is not deregulation. Deregulation is all-embracing. The coast should be cleared for all market participants to have access to foreign exchange, import and market petrol in Nigeria. In other words, there should be a level of playing ground for all. This current system is breeding few sellers and larger buyers which would in turn bring shock to the system.

“Under deregulation, we should expect competition in the market and that does not exist in the petroleum industry as at today. To set the market and ensure fair play, there is need for serious and intentional regulation to checkmate irregularities.

“Also, there is need for a price modulation committee that would not remove the Value Added Tax, VAT and guarantee margin to avoid the payment of equalization fund. However, there should be more collaboration and experts engagement in ensuring a smooth and efficient perfect market deregulation.”


FG should tackle energy crisis —- CONSUMERS

In an interview with Vanguard, the President, Nigeria Consumer Protection Network, Kunle Olubiyo, urged government should work towards finding a lasting solution to the nation’s energy crisis.

He said the high price of petrol will likely affect activities in other sectors, especially as many households and organisations use petrol to generate their power.

Also, referring to the proposed increase in electricity tariff from July 1, 2023, he said: “It is expected that these efforts will naturally impact positively or negatively on electricity tariff and translates into general high cost of living in Nigeria depending on the school of thought or individual’s perception.

The last tariff increase in Nigeria was benchmarked on N400/$1 being the official exchange. As of today, the exchange rate is N750/$1. The electricity tariff was fixed on N400/$1, but foreign exchange is now based on N750/$1.


FG should sell 40% stake in Discos

In addition, Olubiyo said: “Moving forward, the government should pull out her 40% stake in the power sector and break the 11 Electricity Distribution Company’s franchise into smaller units in ways and manners that would break the present market monopoly and promote the ideals of the competitive electricity market.

“Government should address matters relating to domestic gas obligation, appropriate gas pricing and gas to domestic market should be sold in local currency (Naira) to owners of thermal power plants.

“Government should provide tax incentives, fiscal and non-fiscal incentives and access to long-term low-interest single-digit credit facilities to indigenous meters assembling plants / local meters manufacturers in order to strengthen their production capacity.

“End users of electricity in Nigeria should be given the opportunity to buy pre-paid meters on the shelves. More investment should be channelled into capacity expansion of critical power grid infrastructure and network improvements in order to achieve efficient service delivery.”


Elimination of fuel subsidy saves N7trn annually — CPPE

However, the founder, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, had said: “The elimination of fuel subsidy will save an estimated N7 trillion annually, just as the “elimination of foreign exchange subsidy will unlock a minimum of N3 trillion revenue annually from the sale of CBN forex to the official foreign exchange window.”

Commercial banks, telecommunications companies, and other organisations will now lose two percent of their annual revenue to the federal government for any breach of their customers’ data, the Nigeria Data Protection Commission (NDPC) has said.

NDPC’s National Commissioner/CEO, Dr Vincent Olatunji, who stated this on Monday in Abuja during a news conference on the implementation of the recently signed Nigeria Data Protection Act 2023, said the sanctions could be more or less severe, depending on the impact on the victim and other factors.

Olatunji said the act would ensure a sustainable digital economy and that the commission was putting plans in place to create 500,000 jobs in order to close the capacity gap in the subsector and help President Bola Ahmed Tinubu achieve his goal of creating one million jobs.

The NDPC boss also explained that the commission aimed to increase public awareness campaigns, develop a standardised framework for implementation to ensure consistency and clarity across all sectors and improve capacity-building for Data Protection Officers (DPOs) within the next two quarters of the year.

He also revealed plans to upscale the registration process for data controllers and data processors, introduce a definite calendar for filing annual Compliance Audit Returns and strengthen its regulatory frameworks for DPCOs as well as issue sector-specific guidelines, particularly for financial and telecom sectors.

He said, “At the core of the NDPR is the essence of respect – respect for the personal data of our citizens, respect for privacy, and respect for digital rights. This respect is now solidly etched in the NDPA.

“The change in legislation is not merely an addendum to the nation’s law books but a transformative stride towards shaping a culture where the protection of personal data is a cherished principle and an inviolable obligation.

“The move to make data protection a statutory requirement means every organization, big or small, must cooperate with government and also ‘walk the talk’ in the interest of our dear nation.

“This development should not be seen as a burden; rather, let us view it as an exciting journey towards gaining trust, building robust data protection structures, and strengthening our standing in the global digital economy landscape.”

Another mobile network operator, Airtel Nigeria, has officially launched services riding on the fifth generation (5G) technology in the country.

The launch brings to three the total number of operators offering services on the technology which promises to deliver super-fast data services and redefine services in other sectors of the economy including medicine, agric, and others.

MTN Nigeria pioneered the launch of the service which was followed by Mafab Communications.

Chief Commercial Officer at Airtel Nigeria, Femi Oshinlaja, said 5G services will be available in four major cities of Abuja, the Federal Capital Territory, Lagos, Ogun and Rivers States, adding that services would be extended to other parts of the country subsequently.

The Economic and Financial Crimes Commission (EFCC) has terminated the money laundering case filed against Ayo Oke (pictured), former director-general of the National Intelligence Agency (NIA) over the discovery of $43 million, £27,000 and N23 million in an Ikoyi flat.

On Friday, June 9, Chukwujekwu Aneke, the presiding of the federal high court in Ikoyi, Lagos, struck out the case.

The termination was initiated by the EFCC, with no objection from the defence team led by Kayode Ajulo of the Castle of Law Chambers.

The case was terminated on national security grounds.

Former President Muhammadu Buhari reportedly approved the termination of the case before he left office.

WHAT IS IKOYI $43M?

In April 2017, EFCC said it had discovered $43 million, £27,000 and N23 million stashed in a flat on Osborne Road in Ikoyi after a tip-off from a whistle blower.

Following reports that the monies belonged to the NIA, TheCable subsequently reported that the agency had collected $289,202,382 in cash for special operations from the account of the National Petroleum Investment Management Services (NAPIMS) at the Central Bank of Nigeria (CBN) in February 2015.

NIA said the funds were part of “covert intelligence operations” but there was public outcry that it was a case of looting.

A three-man panel headed by Vice-President Yemi Osinbajo indicted Oke and recommended his dismissal, which was effected in October same year.

On January 20, 2019, Osinbajo said criminal allegations would be filed against Oke and Babachir Lawal, former secretary to the government of the federation, following a directive from Buhari.

Sources in the intelligence community told TheCable that subjecting Oke to open trial might compromise the nation’s security operations.

“Most of the projects financed by NIA from the funds are aimed at gathering intelligence and these things are usually done through cash transactions. Government might have succumbed to public sentiments to treat it as a crime, but there will be dire consequences for the nation’s security operations,” an NIA operative told TheCable.

There are indications that governors in the All Progressives Congress (APC) across the country would nominate three persons from the states as nominees as the tussle for President Bola Tinubu’s ministers intensifies.

Sources in Tinubu’s camp revealed to Vanguard that there is a likelihood that the ministerial list may be submitted to the Senate for confirmation for ministers to emerge in July.

With the inauguration of the National Assembly last Tuesday, Nigerian citizens are eagerly awaiting the composition of Tinubu’s cabinet to hasten the process of governance.

Although the immediate past President Muhammadu Buhari had six months to get his cabinet in order, Nigerians believe Tinubu will reveal his cabinet members as soon as possible, having shown early moves in some economic decisions and appointment of special aides.

On Thursday, the President released a list of eight Special Advisers. He had previously secured the approval of 12 Special Advisers from the Senate.

The appointment of the Special Advisers, who are also part of the federal cabinet, is the tip of the iceberg as ministers are senior members of the cabinet and are ranked higher in the hierarchy by virtue of the control they have over Ministries, Departments and Agencies (MDAs) of government.

Significantly, the Constitution provides for one minister per state, meaning there is room for 36 ministers (minister and minister of state).

What is certain is that All Progressives Congress (APC) governors will have inputs on those who emerge as nominees in their states while in non-APC states, failed governorship candidates in the 2023 polls and party leaders may decide who gets their ministerial slots.

Vanguard learnt, at the weekend, that APC governors may have been asked to submit three names from each state from which the President would have the prerogative to pick one as minister.

Meanwhile, one intriguing aspect of the reported ministerial nominations is that Tinubu named some of the alleged potential nominees as Special Advisers last Thursday.

They include Mr Dele Alake who was appointed as Special Adviser, Special Duties, Communications and Strategy, and Mr Wale Edun, Special Adviser, Monetary Policies.

Previously both of them had been touted as potential ministerial nominees with Alake allegedly heading to the Information Ministry and Edun to Finance Ministry.

Agbakoba: So many variables

A former Nigerian Bar Association, NBA, President, Olisa Agbakoba, in his contribution, said though Tinubu needs to constitute his cabinet as quickly as possible, he is still within time.

”Yes, the President needs to put up his team as quickly as possible, but I don’t think that it has taken him too long to do so because, in politics, there are so many variables. He will be looking at those who will bring competence to the cabinet, as well as satisfying political considerations. So I would expect that all those have been resolved and at some point this week, his cabinet will be ready. It will be in his interest to put in place a competent team as soon as possible”, Agbakoba stated.

“The most important quality the President should consider while appointing his ministers is competence. He should appoint top professionals from various fields. I think the time has come when we begin to use competency to drive our government policies. The appointees should be competent to do what they have been appointed to do.”


Uwaifo: Don’t tread Buhari’s line

In his submission, a Senior Advocate of Nigeria, SAN, Hannibal Uwaifo, warned Tinubu not to tread,the line of his predecessor, Buhari, in delaying to constitute his cabinet. According to him, the earlier the president put together his team the better for the country.

“I think the sooner the better. The country is in very bad shape and everybody knows that though the last government was from his party, it’s obvious to everyone including the president himself that the last government was a monumental failure. So anything to steer this government in the opposite direction from what the past government did is welcome almost immediately. I expect the president to constitute his cabinet as early as tomorrow morning”, Uwaifo stated.

“First and foremost, we need to look at the Nigerian factor and the position the new administration found themselves in, problems that are very endemic in the country and the need to get a square peg in a square hole and round peg and round hole. I think these factors are contributing to the delay in forming his cabinet. However, I think the president should constitute his team this June. He should be able to do it between now and June 29”.

He urged the President to “appoint more technocrats and less politicians who can deliver on a myriad of problems and numerous challenges facing the country. The president should also avoid appointing religious and ethnic bigots otherwise, the country is going to be further polarized.”

Similarly, a former Vice-President of the Nigerian Bar Association, NBA, Monday Ubani, explained that the Tinubu is still acting within the provisions of the law. According to him, the law allows the President two months to form his cabinet.

”There’s a law now that says the President has two months to form his team. So it can’t exceed two months within which to appoint his cabinet. He has been busy since he was sworn-in and has appointed almost all his advisers. The law gives him two months. We once had a President that stayed six months before constituting his cabinet. So he’s not taking too long, he will appoint. The cabinet has to make sure that they meet the needs of Nigerians.”

The Convener of Ikoro Ndigbo, Ugochimereze Chinedu Asuzu, Tinubu should be commended for the efforts taken so far in selecting members of his team. “For setting up his cabinet, without being unnecessarily hard on him, I think he’s done pretty well in appointing individuals into key positions in the first week of his inauguration including Special A dvisers.”


‘No to padi padi’

National Coordinator, Activist for Good Governance, Mr. Declan Ihekaire, said: “What I expect is good governance, making sure that the masses are well-treated, making sure that the ‘Renewed Hope’ is not renewed punishment, pain and agony to the masses of this country.

“We are monitoring whosoever he brings on board. If he brings people of negative character on board, we will question them, telling Nigerians to say no because this padi padi system of government has taken us back, so whomever he is bringing on board, we expect them to be of good character and have good intentions for the people of this country.

“The people we need in the cabinet aren’t those whose intention is to go and amass wealth, the people we need are those who are ready to declare their assets before being appointed; declare their assets when they are leaving office through the Code of Conduct, people who are not to be compensated because they sponsored one thing or the other during the campaign.

“We also do not want to see that people who contested for governorship elections in their states and failed are compensated with a ministerial appointment.

“The reason is that if they were good as a governorship candidate, their people would have voted for them. I call them ministers out of frustration, and that is why they don’t do well.

“People have been saying that the President knows how to identify technocrats. But I want to tell you that the Tinubu of ten years ago isn’t the Tinubu of today, and Lagos State isn’t Nigeria.

“Nigeria is quite a big place. Then in Lagos, it was easy for him to handpick good people, but Nigeria is bigger than Lagos, and it might be difficult for him to identify technocrats outside party politics because there are so many factors that would be considered.”


Compensation

National President, of Campaign for Democracy, Mr Olufemi Lawson, also speaking, told Sunday Vanguard: “Unlike before, we must understand that the President is now time-bound to name his cabinet. “Judging by his antecedents as a former governor and someone who has a track record of performance, it is expected that President Tinubu will bring credible hands that can assist him in driving the nation forward.

“If we look at where the country is currently, we will realise that this is not the time for political compensation and patronage.

“The kind of men and women that the country requires now are people who can assist the President in redirecting the nation from the current state, especially when you look at the burden inherited such as insecurity and economic challenges.

“I strongly believe that President Tinubu will consider these things when naming his cabinet. It is important that people who are competent not only in their capacity to work but also competent in character make up the FEC.

“There are a lot of political positions that can be used to compensate political party members, it should not be business as usual that every person nominated irrespective of competency or not is pushed into the FEC.

“It must be a moment where the President must select the best in the interest of the country because the country is bigger than the party.

“I think he has the capacity to make his party understand that what is required are men and women who have the capacity to drive the ‘Renewed Hope’ agenda and move the country forward.

“Federal character is a must in the appointment of the FEC, the minister and other positions. It is a constitutional dictate and he must operate by it.

“He also must be sensitive to our prevailing challenges looking at how the past administration has polarised the country.”

Experience and vigour

President, of Women Arise for Change Initiative, Dr Joe Okei-Odumakin, on her part, said: “One would expect a blend of experience and vigour. However, the Constitution is more emphatic on spread than competence. Ministers will come from the 36 states. The task is to chase the spread with a dose of capacity.”

Fast-track

Democratic reforms advocate, Mr. Ezenwa Nwagwu, also spoke.

His words: “The expectation is that the President will fast-track the appointment of ministers considering the plethora of issues that currently needs attention. For instance, the trade unions refused to negotiate with people who they said have no mandate.

“Our Constitution doesn’t contemplate the hoisting of a personality cult. One month is sufficient to run security checks, and so far, the President has been brilliant. He should reward loyalty to the party while not overlooking competence and proven record of capacity.”

By Nnamdi Ojiego and Dickson Omobola


After the inauguration of the National Assembly last Tuesday, Nigerians are eagerly awaiting the composition of the cabinet of President Bola Tinubu to accelerate the process of governance.

But the intriguing aspect of the episode is that some of those rumoured to be on Tinubu’s ministerial list were last week appointed by the President as his Special Advisers.

On Thursday, the President released a list of eight Special Advisers.

He had previously secured the approval of 12 Special Advisers from the Senate.

The appointment of the Special Advisers, who are also part of the federal cabinet, is the tip of the iceberg as ministers are senior members of the cabinet and are ranked higher in the hierarchy by virtue of the control they have over Ministries, Departments and Agencies (MDAs) of government.

By law, Tinubu must name his cabinet within 60 days after taking the oath of office on May 29 and transmit it to the Senate for confirmation.

Immediate past President Muhammed Buhari had, in March 2023, signed 16 constitutional bills into law including the one requiring the President to form his cabinet not later than two months of assuming office.

It took Buhari himself six months after taking office for his first term in 2015 to name his ministers and many analysts believed this had a negative effect on governance at that early stage of the administration.

With the Senate inaugurated on Tuesday, analysts said the stage had been set for Tinubu to send his ministerial list to the Upper Chamber of the National Assembly for confirmation, saying that should be done without delay to signal that the President is ready for the huge task of making the difference in the lives of Nigerians who had been impoverished under the last administration.

Multiple sources close to the seat of power at Aso Rock Presidential Villa told Sunday Vanguard at the weekend that it was not impossible that the ministerial list was ready to be sent to the Senate for confirmation but added that July may have been fixed as the deadline to compose the cabinet.

Lobbyists for ministerial appointments, according to one of the sources, had set to work immediately after Tinubu emerged in the February 25, 2023 election while many names including those of politicians and technocrats have surfaced in the media as potential nominees.

Among those who have been touted as potential nominees are former Governors Muhammad Badaru (Jigawa), Atiku Badaru (Kebbi), Raji Fashola (Lagos), Kayode Fayemi (Ekiti), Bello Matawalle (Zamfara), Nyesom Wike (Rivers), Gboyega Oyetola (Osun), Ibikunle Amosun (Ogun) and Nasir El-Rufai (Kaduna).

Others include former ministers like Festus Keyamo, Isa Pantami and Femi Fani-Kayode.

Kachifu Inuwa, Tanimu Yakubu, Hadiza Bala Usman, Hanatu Musawa, Betty Edu and Rt. Hon. Dimeji Bankole also find space in the rumoured ministerial list.

Significantly, the Constitution provides for one minister per state, meaning there is room for 36 ministers (minister and minister of state).

There have been a suggestion in some quarters that the cabinet should reflect a government of national unity, that is, the opposition parties should have inputs.

But the suggestion was swiftly rejected by the Tinubu Campaign at that time.

What is certain is that All Progressives Congress (APC) governors will have inputs on those who emerge as nominees in their states while in non-APC states, failed governorship candidates in the 2023 polls and party leaders may decide who gets their ministerial slots.

In fact Sunday Vanguard learnt, at the weekend, that APC governors may have been asked to submit three names from each state from which the President would have the prerogative to pick one as minister.

Meanwhile, one intriguing aspect of the reported ministerial nominations is that Tinubu named some of the alleged potential nominees as Special Advisers last Thursday.

They include Mr Dele Alake who was appointed as Special Adviser, Special Duties, Communications and Strategy, and Mr Wale Edun, Special Adviser, Monetary Policies.

Previously both of them had been touted as potential ministerial nominees with Alake allegedly heading to the Information Ministry and Edun to Finance Ministry.

A source said one of the Special Advisers may have actually not wanted the position because he was eyeing a ministerial portfolio and had to be vigorously persuaded to accept the appointment.

According to the source, the ministerial list is a closely guarded secret by the President and only a few people in the inner circle of Tinubu have access to it.

“So if anyone is telling you that he is privy to the list at this point in time he is lying,” the source said.

‘Strangers’

Findings across the states, at the weekend, revealed that there is anxiety over the likely choice of ministers as APC members want only those they described as genuine party members appointed. The mood is that anything short of people in that category may not augur well for APC.


ONDO: ‘ We have been unlucky’

In Ondo State, the absence of Governor Rotimi Akeredolu, who is presently on medical vacation abroad, has made the entire processes seem shrouded in secrecy by the governor’s inner circle members, especially his kinsmen from Owo.

Sunday Vanguard learnt that Tinubu requested three names to be recommended by each governor from their respective states for ministerial position.

Individuals who seem to be close to the President or who know people who are very close to the corridors of power like Ambassador Olusola Iji, APC National Vice Chairman, South West; Hon Isaac Kekemeke, the Director, Humanitarian and Social Directorate of APC, South West in the February election; Chief Alex Ajipe; a former Minister of State for Transportation, Demola Adegoroye; and a former Speaker of the state House of Assembly, Victor Olabimtan, are said to be lobbying to get the Ondo ministerial slot.

Speaking on the matter, the Director, Media & Publicity of the party in the state, Steve Otaloro, said:”Ab initio Ondo State has not been so lucky with the junior ministerial positions allotted to it.

“ The people who benefited also do not work assiduously in the overall interest of the state except the immediate past Minister of Transport.

“Previous ministers from the state were disconnected from the party. They do not have the interest of our members and that of the state at heart.

“ We want to change that narrative with the appointment of a member that is well-connected to the aspiration of our party members and has the interest of the state at heart.”

OSUN: Associates push for Oyetola

Feelers from the party in Osun State is that the slot is for the immediate past Governor Gboyega Oyetola who, it was gathered, is not lobbying for it.

His loyalists were said to have insisted he gets it to keep the party alive. The group considered Oyetola’s closeness to the President an advantage.

But a chieftain of the party, who pleaded anonymity, said the choice of the state ministerial slot would be determined by the leadership in conjunction with the Elders Caucus led by Chief Bisi Akande.

It was gathered that some of the party chiefs in contention apart from Oyetola are a former Minister of Health, Professor Isaac Adewole; immediate past Senate spokesperson, Dr Ajibola Basiru; Fani-Kayode and a former Commissioner for Finance in the state, Bola Oyebamiji.

However, APC Director of Media and Publicity, Kola Olabisi, said the party is united on the choice of who will be minister, saying it is not an issue that would divide APC in Osun.

EKITI: New kid on the block

Those believed to be engaged in a subtle race for a ministerial slot in Ekiti State include Fayemi; a former Minister of Trade, Industry and Investment, Chief Niyi Adebayo; National Coordinator of South-West Agenda for Tinubu 2023, Senator Dayo Adeyeye, and the Coordinator of the Tinubu/ Shettima Independent Campaign Council in Ekiti, Prince Akintade Olayisade.

Sunday Vanguard, however, gathered that the top contenders for the Ekiti ministerial slot are Fayemi, Adeyeye and the new kid on the block with extensive connections in Aso Rock, Makinde Araoye.

Commenting on the issue, the Deputy Chairman of APC in Ekiti State, Mr Sola Eleshin, said:” The party has an interest in anything beneficial, just like we specified what we wanted during the National Assembly elections. On the ministerial slot, it goes the same way. We are interested in getting the best for Ekiti. Nobody has been coming here to pressure us. If they want to do so, they should go to Abuja.”


OYO: Makinde’s men want reward

In Oyo State, sources told Sunday Vanguard that Tinubu may have granted Governor Seyi Makinde the opportunity to present his preferred candidates following the role the G-5 Governors to which he belonged played in his emergence.

The ruling party in the state , Peoples Democratic Party, PDP, and APC, it was learnt, are presenting candidates for final submission to Mr. President.

However, the opposition APC was said to have met stiff opposition from the governor’s camp.

Party faithful felt that having worked hard for Makinde’s re-election, they should be the major beneficiaries.

“Party officials are strong in their position that they couldn’t have worked for others to reap the fruit of their labour,” a source said.

Reacting, the APC’s spokesperson in the state, Mr. Olawale Sadare, said: “President Bola Tinubu is a leader in the true sense of the word.

“We are very optimistic he would go for core party faithful as his choice for key appointments including the ministerial.”


OGUN: Bankole, Amosun, Gbenga Daniel struggle

It’s still not clear who Governor Dapo Abiodun would eventually nominate from Ogun State.

Party chieftains like former Governor Ibikunle Amosun, who stepped down for Tinubu at the party primary, and a former Speaker of the House of Representatives, Dimeji Bankole, are among those said to be interested in ministerial positions.

Also, the camp of Otunba Gbenga Daniel, who fell out with Abiodun during the governorship election, is not left out in the power play for the slot.

Sources said that the state ministerial slot may go to Amosun or anyone in the camp of Gbenga Daniel given his election as senator representing Ogun East.

Speaking, Publicity Secretary of APC in Ogun State, Tunde Oladunjoye, said the matter is a party affair.

Oladunjoye noted that all laid down rules and regulations, in accordance with the Constitution of the country, would be followed when constituting the cabinet.

“It’s a party affair. We are law-abiding. Let’s leave it like that for now. There is a saying that ‘don’t go to town announcing that your wife is pregnant, wait until the delivery time,’” he added.


ANAMBRA: Only genuine party members in contention

Anambra State Chapter of APC is lobbying for only genuine members of the party to be considered for ministerial and other appointments from the state.

The state Publicity Secretary of APC, Dr. Valentine Oliobi, said Anambra would not like to experience what happened during the administration of Buhari when people from the state who occupied ministerial positions did not identify with the party.

He argued that picking ministers among those who support the party would serve as an encouragement to members who use their resources to ensure that the party remains afloat.

“APC in the state knows those who are true members in Anambra and would wish that such people should be appointed ministers,” Oliobi said.

Among those being mentioned as likely candidates for appointment include Elijah Onyeagba who is the Nigerian Ambassador to Burundi, Jerry Ugokwe, a former member of House of Representatives, Chief Johnbosco Onunkwo, who was a governorship aspirant, and Uzuegbunam Okagbue, a former chief protocol officer to ex-Governor Willie Obiano.

ENUGU: The odds favour Onoh

Those being touted in Enugu State include former Tinubu’s spokesman in the South-East, Dr Josef Onoh, ex-Chairman of APC in the state, Dr Ben Nwoye, 2023 governorship candidate in the state, Chief Uche Nnaji, and a former governor of the state, Sullivan Chime.

Some other APC stakeholders in the state who would have made the list of possible nominees include Senator Ken Nnamani; and a former Speaker of the state Assembly, Eugene Odoh but their revolt against the leadership of the party in Enugu made them to even stay away from campaigning for Tinubu in the state.

For now, the odds seem to favour Onoh who has been vociferous in the defense of Tinubu in the South-East.

Factors

In a related development, Civil Society Organisations, CSOs, and activists have told Tinubu to adopt fair-mindedness when constituting his cabinet.

They also demanded that the President must be conscious of the caliber of persons who would make up his cabinet, saying the Federal Executive Council, FEC, cannot serve as a dumping ground for individuals who have failed to clinch their favourite political offices.

In separate chats with Sunday Vanguard, the groups and activists said Nigeria was in a critical condition due to the poor quality of those who had administered it, adding that the guiding principles in formulating his cabinet should include good character, competence and experience.


Ozekhome: No to ‘Baba Go-slow’

Constitutional lawyer and Senior Advocate of Nigeria, Chief Mike Ozekhome, believed Tinubu should hit the ground running by forming his cabinet immediately if he hoped to make any positive impact in the lives of Nigerians.

He said: “Tinubu was elected in February and declared the winner on March 1. He should have hit the ground running, forming his cabinet ahead of his inauguration. This is how it is done in America from which we borrowed our presidentialism. If he hopes to make any impact at all, he should do it as fast as yesterday; not like Buhari, who even laughed at his ‘baba go-slow’ approach to the non-constitution of a cabinet for about 6 months after his inauguration.

“The President is taking too long to constitute his cabinet. Nigeria is in shambles, more divided now than ever before, with citizens dying of hunger, disease, and squalor, and some committing suicide, homicide, and infanticide out of frustration and deep-seated anger.

“Therefore, the President should appoint technocrats who very well know the job and the weighty issues at stake in Nigeria today. Surely not spent, recycled, and old tired horses of politicians and political harlots. These were the type Buhari latched on to and failed disastrously and abysmally.”

By KUNLE SANNI



On Wednesday, President Bola Tinubu removed Abulrasheed Bawa as the chairman of the Economic and Financial Crimes Commission (EFCC).

The president, who assumed office on May 29 with the highest corruption perception index of any Nigerian leader, said he suspended Mr Bawa to allow a detailed investigation into multiple petitions assailing the anti-graft chief’s conduct in office.

Mr Bawa was subsequently held by the State Security Service (SSS), where he lingered under interrogation without access to a legal representative as of this publication.

While Mr Tinubu’s supporters have praised his action as indicative of his resolve to promptly address complaints against public servants in his administration — in contrast with Muhammadu Buhari’s manifest laziness in handling similar transgressions — anti-corruption activists are sceptical about the timing and circumstances preceding his wrath towards Mr Bawa, who is among the first cadet of the EFCC in 2003 and became the youngest officer to lead the agency following his confirmation to the position by the Nigerian Senate in 2021.

For one, Mr Tinubu’s action was seen as action as retaliation because Mr Bawa, 42, had launched an investigation into Mr Tinubu’s alleged fraud and racketeering while he was in charge of the EFCC’s Lagos zonal office in 2020.

“We all saw that Bawa was investigating Tinubu just before he became the EFCC chairman and moved to the headquarters in Abuja,” anti-corruption analyst Sola Olubanjo said. “The president being so prompt in removing a man that investigated him strikes me as too convenient.”

Mr Tinubu’s action also appeared more aimed at giving a respite to his political allies in Mr Bawa’s crosshairs, some of whom initiated the purported petitions used to oust Mr Bawa, Mr Olubanjo said.

“We should see this second part for what it is: a clear obstruction of active investigations against Senate President Godswill Akpabio and former governors like Bello Matawalle and Kayode Fayemi,” Mr Olubanjo said. “The president has immunity from criminal prosecution, so he is only helping his allies in the ruling party who don’t have such protections.”

Mr Matawalle, who completed his one term as Zamfara governor on May 29, has been publicly furious against Mr Bawa for initiating an expansive probe of his administration in one of the nation’s poorest states. Mr Matawalle accused Mr Bawa of seeking a $2 million bribe to ease the probe, which he purportedly rejected. The anti-graft chief denied the claim, and Mr Matawalle fled to Egypt, apparently to evade arrest.

Mr Akpabio, who became the Senate President on June 13, was for months hiding from the EFCC under the guise of a protracted illness.

Mr Fayemi, until October 2022 the governor of Ekiti, was also being probed for stealing billions from his state. He denied the allegations and stonewalled progress in his case.

Others expected to have a respite from Mr Bawa’s ouster include Governor Yahaya Bello, whom anti-graft operatives already traced millions of dollars in Kogi funds into his wife’s foreign bank accounts, as well as those of his associates. Mr Bello denied all allegations and accused Mr Bawa of victimising his administration and family in service to his political detractors.

“All these corrupt characters and their ilk will now have a respite under the Tinubu government,” Mr Olubanjo said. “It is disturbing and a reversal of any meagre progress the EFCC made under Buhari, who was just as corrupt and indifferent to corrupt aides and associates.”

Mr Tinubu has denied favouring his allies with Mr Bawa’s removal, which came barely days after the president removed Godwin Emefiele, another perceived adversary, as governor of the Central Bank of Nigeria, with his spokesman Dele Alake saying the president wanted to start his administration on a clean slate.

Still, Mr Olubanjo said Mr Tinubu, who once forfeited money to American law enforcement for drugs trafficking, should use his presidency to burnish his unsavoury image.

“He should see his presidency as an opportunity to repair his image and leave a legacy of a leader who eschewed personal political and pecuniary considerations to foster a decisive law enforcement system for the Nigerian people,” the analyst said.

Prices of petroleum products have nearly doubled in Cameroon, Benin Republic and Niger following the removal of fuel subsidy in Nigeria, findings by Daily Trust Saturday revealed.

Cheap petrol from Nigeria was regularly smuggled to as far as Sudan, a North African country, making it difficult for Nigerian authorities to save enough to provide services to the people.

The subsidy removal in Nigeria has also affected social and economic life in the neighbouring countries, with sources saying black market activities have significantly reduced.

The removal of fuel subsidy was announced on Monday, May 29, by President Bola Tinubu during his inaugural speech.

Tinubu on Friday, June 9, justified the action, stating Nigeria cannot continue acting as ‘Father Christmas’ to neighbouring countries.

He said this at an interactive session with the Royal Fathers under the aegis of the National Council of Traditional Rulers of Nigeria (NCTRN) at the Aso Villa.

No longer at ease at neighbours’ doorsteps

Our reporters learnt that petroleum products are being sold at CFA700 or CFA 800 in Benin Republic, nearly double the previous price, CFA 450.

The development lends credence to reports that a significant volume of Nigeria’s subsidised petroleum products were being smuggled into other African countries.

The chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, in a media interview said, “We know how much we supply. There is data on this. Is all of this consumed in the country? The answer is no. The reason is very simple. We have an arbitrage environment. For instance, before this decision we made, fuel sold at N185 in Abuja, but just across your border, there is nowhere you would have prices that are lower than N500 per litre.

“None of the countries around us imports petroleum products, and you can’t do something about it because there is an arbitrage environment we have created. We have 4,500km of land borders and you don’t have all the resources to man them,” he said.

Questionable businesses grounded

Transporters, passengers and traders in neighbouring countries said they were grounded by the increase in the price of petroleum in Nigeria.

Speaking to Daily Trust Saturday, a top player in the Nigerien petroleum sector, Bio Abdourahamane, admitted that subsidy removal in Nigeria would have more negative effect on his country.

He said that before the subsidy removal, smuggled Nigerian fuel used to flood his country’s oil market and most consumers preferred buying it due to its cheapness, thereby preventing them from selling their domestic fuel favourably.

“Nigeria was selling at N195 and our domestic fuel sold at CFA508 (N381), so the smuggler took that advantage to exploit Niger’s market, selling below our litre price.

“At that time, we faced a lot of challenges selling our product because smuggled oil is cheaper, but now that the subsidy is removed, we can compete or even sell at a lesser price.

“But our fear is that if our fuel sells cheaper now, we would face the risk of shortage; and our product being smuggled into Nigeria, to Borno, Yobe, Kano, Katsina and Sokoto, among others and our fuel capacity is so little to accommodate that,” he said.

Malam Ali, the chairman of Niger/Nigerian transporters, lamented that the subsidy removal had plunged vehicle owners and passengers into economic crisis.

“Petrol is now too expensive that our drivers and passengers cannot cope. A passenger will now pay N10, 000 as transport for what he used to pay N6, 500,” he lamented.

He called on the Nigerien government to look inward and see how the situation could be regulated and bring succour to the citizens.

Malam Musa Abdullahi, the leader of Nigerian taxi owners in Diffa, also lamented that the subsidy removal in Nigeria jerked up fuel price in Niger, forcing many people to park their vehicles.

“For one week, my car has been parked at home due to the increase in the fuel price because you would go out and burn the little you have without seeing passengers to pick.

“Fuel is available but it is more expensive in border towns where there are no filling stations. For instance, I only know of filling stations in Maine Soroa, Diffa town and Gigime, but I don’t know any in Boso, Kablewa, Jakori, Garin Wanzam, Kinchambi and Tumar. All these are big towns that are supposed to have filling stations. Unfortunately, they don’t have any.

“The consequence of that is that you can only buy fuel at the black market. We are now buying a five-litre gallon at N5, 000, against the old price of 3,000 and a 28-litre jerry can at N25, 000, against the N15, 000 it sold previously,” he said.

Situation same in Cameroon

Cameroonians living along the border with Nigeria have lamented the effect of subsidy removal by Nigeria, calling on President Tinubu to reconsider the decision.

Fuel smuggled from Nigeria provides Cameroonian border communities with cheaper alternative. In fact, many communities are without filling stations to dispense petroleum products; therefore, residents rely mainly on black marketers.

Residents told Daily Trust Saturday that life had not been easy since the announcement of subsidy removal by the Nigerian authorities. Commercial motorcycle operators across the border expressed fear that they would be pushed out of business.

It was learnt that they even staged a protest to press home their demands, but considering that the channel they used to get the fuel was not legal, there was no any response.

Muhammadou Auwal, a business man in Garwa, said the increase in petrol prices took the people by surprise, saying the price of a litre of petrol suddenly jumped from round N300 to N800 equivalent.

“We never expected it because the prices of Nigerian fuel, although unstable, had always been relatively low and affordable. This increase is pushing transporters out of business because here, you cannot increase transport fares as you wish.

“We have our own local supply of fuel, only that border communities take advantage of cheap oil from Nigeria, which does not go beyond 150 kilometres. So it is limited to areas around the border, but it has a huge impact,” he said.

The pump price of petrol stands at CFA730, which is N900, to N1, 000 equivalent, while the smuggled petrol, which previously sold at N300, has risen to N850 equivalent following subsidy removal.

Yahaya Bello, a resident of Beka, depends on his motorcycle for movement within the general area and across the border into Nigeria and petrol had never been a problem until recently when it became scarce and expensive.

Now, he needs N5, 200 to fuel his motorcycle instead of N2,000 he would need in the last few weeks to buy same quantity of fuel from black marketers who lined the street with jerry-cans, making his weekly seven kilometre business trip to Gurin in Nigeria more expensive.

“I live seven kilometres from Nigeria, so Nigerian fuel is more accessible to us.

There is no filling station at Beka, Troua, Pole, Chamba and Wangai. All of these communities depend on fuel supply from Nigeria and the current situation is frightening. You begin to wonder what life would be if the price remains this high,” he stated.

A motorist in Garua, Bindowo Gorko Hadija, told our correspondent that it became impossible to make meaningful profit in the business due to the hike in fuel price, saying that although fuel is available at filling stations in the town, the smuggled products were cheaper and higher in quality.

He said the problem was compounded with the fact that motorists in Cameroon lacked the freedom to keep hiking their fares to match the increase in prices of goods and services.

More troubles for Beninese hawkers over subsidy removal

Black market petrol dealers in the Republic of Benin are finding it rough as the recent removal of subsidy on petrol is now tightening the noose around the neck of their supply chain from Nigeria.

In fact, there is scarcity of the product along the Seme-Port Novo expressway corridor in the country as the unavailability of the product is beginning to have an untold hardship on the citizens of the country.

Investigation by Daily Trust Saturday revealed that those in the petrol business get their daily supply from Nigeria.

It was found out that most of the hawkers are now winding down operations as a result of the sudden hike in the price of the product occasioned by the scarcity.

They said business had not been this bad for decades as most of them got steady supply from smugglers, who deliver to them by the beach side daily.

At first, many of the sellers said they believed the Nigerian government would back down from going ahead with the removal following the threat by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to embark on a nationwide protest against the removal, but their hope was dashed when the leadership of both unions announced the suspension of the protest, saying they had reached an agreement with the government.

Right now, in towns and villages along the road to Cotonou, the capital city of Benin Republic, thousands of Beninese hawkers of petrol have disappeared.

Few of them who have the product are the only ones seen and enjoying the sudden boom.

Those who still have the product are having a field day as they have jerked up the price per litre of petrol from the usual CFA400 to CFA700, which is about N800, almost twice the original price.

“I have to close the business because only the supply which comes from boats at the beach side can sustain it,” Dansis Dansu, a retail seller along the Seme-Port Novo junction said.

Pointing at his village, he said he had lived most of his life selling fuel in bottles by the same spot. He wondered what else to do if the situation persists.

“Now, I don’t have other options but to go back to my subsistent farming. I left my farm because I make more profit selling fuel,” he said through an interpreter.

A female fuel seller who identified herself as Ajara said scores of women like her who were in the business had been forced to leave.

“We had hopes when we heard that there was going to be a mass protest to force government to change their stance, but our heart sank when few days later we heard that those leading the protest had called it off,” she said.

The Seme border command of the Nigeria Customs Service said it intercepted 930,140 litres of fuel, equivalent to 28 tankers, between January and December, 2022

A barber, simply identified as Otubong, has died following an alleged marathon sex with his female partner in the Mile 2 area of Port Harcourt, Rivers State, on Friday.

It was gathered that the man was seen on Thursday evening taking the lady into his room in the densely populated area.

It was also learnt that the middle-aged man had taken some sex enhancement drugs, including alcoholic liquor.

But on Friday morning, one of his neighbours who went to check on him found his door opened.

The neighbour said, “It was early this morning (Friday) that one of his neighbours went to his house to collect something and saw that the door was open.

“He said after knocking and calling his name without a response that he decided to go and see the man.

“So he shouted and immediately rushed out and I informed other residents of what he saw. People now came, took him, and went to report the matter to the police.”

Meanwhile, a police source informed our correspondent that two black bullet drinks, two packs of tramadol and another sex-enhancing drug were discovered in his room.

The incident attracted residents from nearby streets, who thronged out to confirm what they heard before the matter was reported to the Azikiwe Police in Port Harcourt.

The Rivers Police Command Spokesperson, Grace Iringe-Koko, could not be reached for comments, as her mobile telephone rang out without a response.

Iringe-Koko, a superintendent of police, had neither returned the call nor replied to a text message sent to her as of the time of filing this report.

Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, has identified the suspended Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, as an accomplice in the Naira redesign scam that rocked the country some months ago.

SaharaReporters learnt on Thursday that Emefiele who is being detained by the country’s secret police, the Department of State Services, was the reason why the embattled EFCC chairman was also invited and detained.

SaharaReporters on Wednesday night reported that the DSS invited Bawa to its headquarters at about 9:02 pm.

He was thereafter grilled by the operatives of the secret police.

This comes hours after he was suspended indefinitely by President Bola Tinubu.

Bawa’s invitation and grilling by the DSS came days after Emefiele was arrested and flown from Lagos to Abuja to also face interrogations over alleged corruption and abuse of office.

SaharaReporters learnt that Emefiele and Bawa – both undergoing interrogation – were being quizzed on sundry issues including the Naira redesign scam.

On November 23, 2022, then-President Muhammadu Buhari alongside Emefiele unveiled new naira notes in denominations of N200, N500 and N1,000. Emefiele insisted that the old notes would cease to be legal tender from January 31, 2023.

Addressing journalists after the event, Emefiele insisted that the move was not targeted at anyone as there were speculations that the move was pushed by the cabal in the Presidency and targeted at preventing Bola Tinubu, then-presidential candidate of the ruling All Progressives Congress from winning the February 25, 2023 election.

The policy caused Nigerians untold hardship due to the scarcity of naira notes with the CBN unable to meet the demand for new notes. The policy led to a cash crisis and long queues at banks and ATMs.

“Emefiele who is currently cooling his feet in the cell of the DSS is the reason why the EFCC chairman has been detained overnight. Emefiele who is cooperating with the DSS claimed that Bawa was the one who raised a memo to former President Muhammadu Buhari, asking that the Naira should be redesigned to stem money laundering during the 2023 election,” a top source revealed.

“Bawa confronted him that he (Emefiele) and the former Attorney-General of the Federation, Malami were the ones that came to him to raise the memo because they suspected Tinubu had warehouses stuffed with naira notes,” the source added.

Tinubu indefinitely suspended Bawa from office on Wednesday, saying it would allow for a thorough investigation into his conduct while in office following “weighty allegations ” of abuse of office against him.

This was contained in a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, on Wednesday.

In February and March, Nigerians were subjected to extreme difficulty with the Naira redesign and cashless policy due to the scarcity of the new Naira notes.

To make matters worse, Emefiele had earlier refused to heed a Supreme Court ruling which made the old notes legal tender till December 31, before former President Buhari distanced himself from the disobedience to the court order.

SaharaReporters had earlier reported that Emefiele was suspended “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy” according to a release by Willie Bassey, the Director, Information, for the Secretary to the Government of the Federation, George Akume.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms,” the release further said.

SaharaReporters in February reported how the DSS attempted to arrest Emefiele, but the Chief of Defence Staff, Gen. Lucky Irabor, shielded him by providing soldiers to guard his residence and office.

The DSS had said it intensified its investigations in order to arrest and prosecute Emefiele, on allegations of terrorism financing and fraud.

SaharaReporters also in February reported that new court documents obtained from the DSS indicted Emefiele for funding “unknown gunmen” terrorising the Southeast region of the country.

DSS investigation revealed that the apex bank governor funded the groups with resources he raised for his failed presidential bid in 2022 and diverted public funds.

President Bola Ahmed Tinubu Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country.

The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order to enable an efficient collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government.

According to submissions made by the National Economy Sub-Committee, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

The council further outlined the removal of fuel subsidy, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu and Dr Doris Anite. A copy of the report submitted by the panel was obtained by our correspondent on Friday.

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

The 90-page document further proposed that reforms in the CBN will help achieve about $50bn-$60bn in external reserves, with a monthly inflow of at least $6bn-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

On fiscal policies to be implemented, the council advised on the need to achieve a domestic refining capacity of two million barrels per day, while creating economic opportunity for the host communities.

They also proposed one-off Personal Income Tax reliefs for low-income earners for up to one year as non-cash palliatives to cushion the effect of fuel subsidy removal.

The advisory read, “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA.

“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.

“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries.

Other fiscal recommendations proposed include, “a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.

“List shares of strategic and profitable NNPC subsidiaries. Privatise, concession or sell down FGN’s stake in corporate assets to partners and other investors (possibly with a buyback option) to generate liquidity in the short to medium terms (focus on sub-optimal assets e.g., NNPCL refineries).

“Leverage blockchain to create and provide access to a Government land registry and regionalise and concession the power transmission grid.”

Furthermore, the advisory council proposed the extension of old naira circulation till December 2024 in order to resolve the cash shortage situation, if required.

It also advised a five per cent monthly gradual removal of the old notes and replacement with new notes through the deposit money banks.

They said, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 per cent to solve cash shortage.”

The policy added, “ To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”

A 100-level student of Obafemi Awolowo University, Ile-Ife, Osun state, Salako Treasure was reported to have killed herself by consuming a substance suspected of sniper.

The deceased said to be of the Department of Entrepreneur, was found dead inside an uncompleted building around the Lagere area of the town on Wednesday evening with a bottle of sniper beside her body.

Findings revealed that Salako had been undergoing some emotional trauma known to some of her friends and acquittance before the tragic incident.

Confirming the incident, the Public Relations Officer of the University, Abiodun Olarewaju said it was unfortunate that the school lost such a promising young lady to such circumstances.

“It is very unfortunate that we had lost a part one student, a promising young lady to what was alleged to be suicide, although it happened outside campus, we are not happy that we could lose such a person under such circumstances, the university under the administration of Vice-chancellor Professor Simeon Bamire is pained that a student of that tender age could resolve to such thing.

“We appeal to Nigerians to be their brothers keepers. The filler we are getting is that she has suffered depression and people around her knew all this, they ought to have refer her to some one elderly or someone who could be of help to her on psyco-emotional issues. We sympathize with ourselves especially the parent who lost a young lady with future bright. I want to admonish that this world is filled with ups and downs.

“Emotional, psychological and academic frustrations should not make anyone to resolve in taking his or her life. Her remains have been evacuated and we involved the police”, he said.

Also, Osun Police Command Spokesperson, Yemisi Opalola said the body has been evacuated and deposited the University teaching hospital.

She added that the investigation into the circumstances surrounding her death is ongoing.

President Bola Ahmed Tinubu is thinking of extending the validity of old naira notes.

The Central Bank of Nigeria had redesigned the naira last year and set a deadline that was extended after outcry.

However, ruling in a suit filed by some aggrieved governors, the Supreme Court shifted the deadline to December 2023.

But in an Advisory Report released by President Bola Ahmed Tinubu’s Policy Advisory Council chaired by Senator Tokunbo Abiru, a December 2024 deadline is said to be considered for the old naira notes.

Abiru was the Chief Executive Officer of Polaris Bank before he was elected into the Senate to represent Lagos East following the death of Senator Gbenga Oshinowo, his predecessor.

Also on the council is Dr Yemi Cardoso, a strong ally of the president, who played key role when Tinubu was governor of Lagos State.

The policy also outlined the planned achievements of the incumbent administration within 8 years, revealing Tinubu’s plan to seek a second term.

Tinubu currently has a 4-year mandate, having been elected on February 25, 2023.

Listed among the plans are doubling the economy to $1 trillion, achieving 7% average annual GDP rate; lifting 100 million people out of poverty; creating enabling environment to generate over 50 million jobs, among others.

Also listed in the advisory is the president’s position on abolishing of multiple exchange rate window, which was finally implemented by the CBN on Wednesday.

Daily Trust understands that the council will be inaugurated at the Presidential Villa in Abuja on Thursday.

Nigeria’s transportation industry will soon begin to see relief after the federal government’s petrol subsidy removal spiked exponential rise in the price of the product across the country.

The national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, said the Association is 90 per cent ready to roll out Compressed Natural Gas (CNG) as alternative automotive fuel, which it is going to sell between N100 to N110 per litre before the end of June.

Okoronkwo, who confirmed said this on Channels Television’s Business Morning programme on Monday, stressed that CNG has come to serve as an alternative to petrol.

Okoronkwo, explained that CNG would help bring down the cost of energy in the country, adding, “Very soon, we will roll out. We are 90 per cent close to that, and that will also unveil many possibilities.”

He noted that fuel subsidy removal had reduced the speed with which Nigeria could have gotten another energy mix

“IPMAN has brought relief to a lot of families. We have got the usage of our natural energy, CNG, to power vehicles, generators, and even cooking,” the IPMAN president said.

The CNG is expected to reduce, to a large extent, the country’s exposure to fuel importation as natural gas would not be imported.

Okoronkwo noted that CNG-powered cars had started gaining momentum in the country because of increased awareness about its efficiency and affordability, compared to traditional fuels like diesel and petrol.

“If the government buys into what we are saying, it will act as an assistance, bring relief, and create job opportunities.

“What we need the government to do is create the market. The demand is there,” the IPMAN president said.

He added that IPMAN had gotten a lot of buy-in from companies overseas.

On what the CNG brings to the value-chain, he said, “I don’t know if you have seen what is trending this week where people with their I-pass-my- neighbour generators are beginning to use liquified petroleum gas. LPG is close to N700 per kilogramme, but this natural gas we are talking about is under N100 to N110.

“When you check what the impact will be, it will reduce the cost of food because people coming from the hinterlands bring food to the cities. From Kano, it takes them about N1.2 million to fuel trucks with diesel, but with this CNG, it will cost them about N150,000 to N200,000. About a million naira is saved that will translate to cheaper food and open up a lot of other businesses.

“It will provide cheaper energy to drive the processing zones like the agro-based industries, where the gas will also create a lot of impact.

“CNG does not replace PMS, but it is a choice. We are talking of something that will help your purse and not deepen it.”

The director of Gas Analytics and Solutions Limited, Shuaibu Bello, who also spoke at the Channels Television programme, said the CNG would be a game-changer for Nigerians.

“This is the best palliative you can give the nation. If you talk of palliative, it is not just sharing money with people, it is creating a system that will reach the rich and the poor.

“If you compare CNG price at N110 per litre with petrol now at N540 or its former price of N185, still you will have a reduction,” he said.

IPMAN had in April 2023 wrote to the Finance ministry to request that the Central Bank of Nigeria (CBN) be mandated to release N250 billion intervention fund for the implementation of the National Gas Expansion Programme (NGEP).

IPMAN explained it asked for the fund to provide access to the Gas Expansion Fund for vehicle, commercial tricycle and truck owners to access loans to finance the acquisition of natural gas conversion kits.

At the time, IPMAN said that it had partnered with Gas Analytics & Solutions Limited to co-locate natural gas dispensers on their network of over 30,000 filling stations in Nigeria.

According to IPMAN, it controls over 80 per cent of the downstream oil sector, and as such, the collocation model would help to reduce the exposure in building new filling stations.

Similarly, the manager corporate Communications of NipCo, Biodun Lawal, speaking on the company’s desire to depeen investment in the gas sector, said the savings that will accrue from subsidy removal offers more vista of opportunities to fund the enormous gas infrastructure deficit in the nation .

“We are still investing more infrastructure with a proviso that clientele will improve sporadically

Some of the challenges in harnessing the abundant gas resources in the country includes – paucity of pipelines to transport gas across the country ,cost of conversion to use gas as auto fuel , access to gas through stations .

“With all modesty NIPCO gas Limited is the only company with over 12 CNG get to get gas for motorist” he said.

Continuing, Lawal, said motorist can now see the innate benefits in running their vehicles on gas rather than fossil fuels which government has in the past graciously subsidised even at the expense of the overall economic growth and other socio -economic development of the nation .

According to him, CNG as a preferred alternative to petrol is good for gas companies as the nation at large as or offered veritable opportunity of creating more employment opportunities ,better value creation in the Industry ,better utilisation of the endowed gas resources of the country .

He said, the benefits are enormous for motorist in terms of savings and life span of such automobiles and that the conversion cost should not be a drawback with support from government especially with fiscal policies to encourage investors to go into kits manufacturing and ancillary items like cylinders etc .

“In the interim policies can be put in place for exemption from levies of imported accessories pending when the environment will be made more conducive for it’s manufacturing in Nigeria CNG business has a good horizon in the country with the challenges tacked headlong

Lawal, said as pioneers NipCo gas, is looking forward to more inroads in the sector.