….we’ll appeal judgement – Speaker

The Election Petitions Tribunal sitting in Gombe State, on Tuesday, nullified the victory of the incumbent Speaker of the state House of Assembly, Abubakar Luggerewo.

Luggerewo represents Akko central in the House.

Bashir Abdullahi of the Peoples Democratic Party had dragged Luggerewo of All Progressives Congress, and the Independent National Electoral Commission to the tribunal over the cancellation of results in polling units 001, 024 and 014 in Kumo East which allegedly gave APC an edge.

Luggerewo was recently announced as the Zonal Vice Chairman, North-East of the Conference of Speakers of State Legislatures of Nigeria and Chairman of the North-East Speakers Forum.

Justice Michael Ugar, in his ruling held that the cancellation of the polling units 001, 024 and 014 of Kumo units by the Independent National Electoral Commission were in error.

The tribunal while passing judgement said, “a rerun within the next 30 days of judgement in Kumo East 018 to ascertain the actual winner between Luggerewo of the All Progressive Congress and Bashir Abdullahi, of the Peoples Democratic Party.”

In a telephone interview with our correspondent, Luggerewo who sounded unruffled, assured that the party would appeal the judgement.

When asked if he followed the tribunal’s ruling he said, “I was not at the court but I was briefed.”

On the next move, Luggerewo said, “The next line of action is we are going to appeal.”

About 104 days to the end of the year, President Bola Tinubu has yet to announce new dates for the conduct of the 2023 National Population and Housing Census.

Nigeria has been brandishing an estimated figure for the last few years, as the last census was conducted in 2006, which gave a population figure of 140 million.

Though the result was disputed in some quarters, the country was due for another headcount in 2016.

The immediate-past administration of former President Muhammadu Buhari had planned to conduct another census in 2022 which was later shifted to 2023.

However, a school of thought had expressed doubt in the possibility of conducting a census in an electoral year, while another school of thought supported it.

The exercise was suspended indefinitely by Buhari, a few days before his leaving office, saying that he would allow the incoming administration to announce new dates for the headcount.

Already, the body language of President Tinubu has shown that the census is not ranked among his top priorities.


The President had an audience with the National Population Commission, but no word came out of the July meeting. However, the commission said they were carrying on with the necessary preparation and would be ready once the President pronounced a new date.

Reacting to the uncertainty, some stakeholders on Monday expressed their feelings about the situation.

Speaking with our correspondent, a political analyst, Busari Dauda, said the structure needed for the census must be put in place, adding that the exercise must be conducted in a peaceful atmosphere.

Dauda noted, “I think the government has too much on her plate now. Remember, the dust around last year’s election has not settled down. The country is presently going through a very difficult reform process occasioned by the removal of subsidies and the harmonisation of the forex regime vis-a-vis the hardship these have foisted on the people.

“I do agree that there is a need for the census, but I think it is best if the census is conducted in a peaceful atmosphere.”

A professor of Demography at Ahmadu Bello University, Zaria, Kaduna State, John Laah, stated that there are chances that the 2023 census might not be a priority to the present administration.

Laah said, “The census might not be the priority of President Bola Tinubu because the planning of the census started from former President Mohammadu Buhari’s regime. There are chances that the government might not see this census as a top priority.

“Unfortunately, the problem that we are facing is the fact that we have not been gathering our data correctly and that is why some of the plans put in place have not yielded good results simply because the data has not been regular and timely.”

An economist, Prof. Adegbemi Onakoya, believes that Tinubu’s administration is taking its time to deliver a credible census.

Onakoya stated, “I think this new administration is trying to take its time. Obviously, after 100 days of inauguration, the ministers were just sworn in.

“If I were Mr President, I would wait for an additional six months to do enough sensitisation because whatever at all is done is worth doing well.”

The Force Public Relations Officer, Olumuyiwa Adejobi, has disclosed that the Nigeria Police Force will interrogate as many as possible to unravel the circumstances behind the death of the late Nigerian artiste, Ilerioluwa Aloba, popularly known as Mohbad.

PUNCH Online reported that the 27-year-old singer, who was a former signee of Naira Marley at Marlian Records, died last Tuesday.

The Force PRO shared early Tuesday morning via his handle on X (formerly Twitter), @Princemoye1.

He tweeted, “Mohbad: Let’s open our minds and widen the scope of investigation to unravel the case.

“Many would, by now, agree with me or concur with my assertion that we need a thorough investigation to expose some hidden facts.

“We will torchlight many areas and interrogate as many as possible to get to the root of the matter and have justice done.”

He cautioned that investigations need to be flexible and multi-faceted, rather than being based on a “stereotyped methodology.”

“In investigation, you don’t have a mindset or stereotyped methodology, but be flexible, open-minded, and adopt multi-faceted approaches for a good result.

“The investigation is ongoing. let’s wait and see how it goes,” he assured.

Earlier, spokesperson for the Lagos State Police Command, Benjamin Hundeyin, had, on Monday, September 18, said that the command has set up a special investigative team with the mandate to probe the death of Mohbad.

Hundeyin said the team is expected to submit an interim report within two weeks.

He added that the 13-man investigative team will carry out a discreet investigation which covers exhumation, Autopsy/toxicology/histology, scene visit, Hospital/Medical Report, Records of suspects/witnesses statements.

President Bola Tinubu has nominated Yemi Cardoso as the new governor of Central Bank of Nigeria (CBN).

He has also nominated four new deputy governors, namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello.

Former President Olusegun Obasanjo, on Friday, said a democratic system bedevelled by insecurity, unemployment and other socio-economic challenges must be ditched.

He said any democratic system that failed on the tenets of democracy was not need in any society or country.

Obasanjo, who was hosted by the Oyo State Governor, Seyi Makinde, at the inauguration of internal roads in Iseyin, said any democracy that nurtures poverty has failed.

Obasanjo said, “Democracy that nurtures a lack of peace and security must be thrown overboard. Democracy dividends must involve peace, security, stability, prosperity, wealth creation, employment and the wholesomeness of the society.”

He added, “Democracy that nurtures poverty is abortion. Democracy that nurtures unemployment is a failure.

The former president said democracy was nothing without work.

“That’s when democracy would continue to survive and people will feel that yes, democracy is a worthwhile system of government that must be embraced.”

Aishah Ahmad, the deputy governor of the Central Bank of Nigeria (CBN) for financial system stability, has been interviewed by the special investigator appointed by President Bola Tinubu, TheCable understands.

All deputy governors of the CBN are being interviewed one after the other as the investigator examines the bank’s books under Godwin Emefiele, the suspended governor.

TheCable understands the deputy governors are being asked to confirm their knowledge of a number of decisions taken by the bank in the last eight years.

Along with the governor, the four deputies constitute the board of the apex bank.

The investigating team is using an office at the headquarters of the Department of State Services (DSS) in Abuja, where the deputy governors have been making appearances as the need arises.

Some have been invited thrice and shown documents to confirm if they were aware of the transactions, sources told TheCable.

Jim Osayande Obazee, ex-chief executive officer of the Financial Reporting Council of Nigeria (FRCN), was appointed as the special investigator in July.

Emefiele is being questioned by the secret police and Obazee over his stewardship of the apex bank.

Emefiele has since been slapped with a 20-count charge bordering on alleged fraud after he was initially arraigned over a gun charge.

A source close to Ahmad said she is at home and was not detained by the DSS.

“I wish to reassure everyone that Aishah Ahmad is home with her family,” the source said.

Ahmad alongside Edward Adamu were reappointed as CBN deputy governors and confirmed by the senate in December 2022.

US President Joe Biden has commended President Bola Tinubu for his effort towards preserving the rule of law and democracy in Niger Republic.

On July 26, the Nigerien military, led by Amadou Abdramane, toppled the democratically-elected President Mohamed Bazoum.

The military leadership also announced the dissolution of the nation’s constitution, suspension of all institutions, and closure of the country’s borders.

Tinubu in his capacity as chairman of the Economic Community of West African States (ECOWAS) – a sub-regional group to which the Niger Republic belongs – had swiftly condemned the coup and imposed sanctions on the new regime.

ECOWAS had also dispatched a series of delegations, including the one led by Abdulsalami Abubakar, former military head of state, to negotiate with the country’s military junta.

In a statement released by the White House during the second day of the G20 summit in India, the US president appreciated Tinubu for preserving the rule of law in Niger and also acknowledged his national economic policies in Nigeria.

The US president added that America is committed to reinforcing its longstanding relationship with Nigeria.

Biden acknowledged the steps taken by Tinubu’s administration “to reform Nigeria’s economy”.

He also thanked the Nigerian president for his “strong leadership” as the chair of ECOWAS, towards defending democracy and preserving the rule of law in Niger and the broader region.

“Nigeria’s invitation to the G20 Summit is a recognition of Nigeria’s important global role as Africa’s largest democracy and economy Republic amid military takeover,” Biden said.

TINUBU ON NIGER’S CRISIS

On August 26, in a meeting with Molly Phee, US assistant secretary of state for African affairs, Tinubu revealed that the crisis in Niger is detrimental to the economic reforms in Nigeria.

The president maintained that although he is holding ECOWAS from military intervention in Niger Republic, defending democracy in the region is sacrosanct, adding that the “consensus is that we will not allow anyone to insincerely buy time.”

“We are deep in our attempts to peacefully settle the issue in Niger by leveraging on our diplomatic tools. I continue to hold ECOWAS back, despite its readiness for all options, in order to exhaust all other remedial mechanisms,” Tinubu said.

“War is not ideal for my economic reforms, nor for the region, but the defence of democracy is sacrosanct.”

Tony Elumelu, the group chairman of Heirs Holdings, has urged the Indian private sector to invest in Nigeria, stating that the country is a “huge market”.

Elumelu spoke at the Nigeria-India presidential roundtable and conference on Wednesday, in New Delhi, India, according to a statement by Heirs Holdings.

The meeting was jointly organised by the Nigeria high commission to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).

Elumelu, who was in Delhi for the Group 20 (G20) summit, invited India’s private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy.

“This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, the companies in our Group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and Success,” Elumelu said in his keynote address.

“Nigeria is a huge market; over 200 million people with the largest economy on the continent.”

Most importantly, the businessman said the population is not just over 200 million people but “the demography of the population is exciting”.

“We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses,” the business tycoon said.

Recently, Elumelu, was named co-chair of the Business 20 (B20) Action Council focusing on African economic integration, alongside Sunil Mittal, founder of Bharti Enterprises (owners of Airtel).

Established in 2010 within the G20, and the B20 comprise corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.

Ali Bongo has been released from house arrest by the military junta in Gabon, eight days after he was deposed as president.

The new military leaders in the Central African nation said Bongo is free to leave the country for medical treatment.

Bongo was toppled on the morning the electoral umpire announced that he had been re-elected to a third term in office.

On Monday, Brice Nguema, an army general who led the coup, was sworn in as interim president.

Nguema who is Bongo’s cousin, served as a bodyguard to Bongo’s late father and also headed the country’s republican guard, an elite military unit.

The statement announcing Bongo’s release from house arrest was signed by Nguema.

“Given his state of health, the former President of the Republic Ali Bongo Ondimba is free to move about,” Ulrich Manfoumbi, the military spokesperson, said in the statement read on national television on Wednesday evening.

“He may, if he wishes, travel abroad for medical checkups.”

Bongo became president when Omar, his father, died after ruling from 1967 to 2009.

The military is yet to announce a transition to civilian rule programme.

Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria.

The investment commitments were made on Wednesday during the Nigeria-India presidential roundtable and conference, according to a statement issued by Ajuri Ngelale, special adviser to the president on media and publicity.

Speaking at the meeting, President Bola Tinubu applauded the Indian companies, assuring the foreign investors that their investments in Nigeria would yield fruitful returns.

The president is currently in New Delhi, the Indian capital, for the G20 summit expected to take place from September 9 to 10.

According to the statement, Tinubu commended the firms for making investments in a country that offers “the best returns for investment possible”, adding that “there’s nowhere else like our country”.

He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the statement quoted Tinubu as saying.

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world.”




Indorama Petrochemical Limited was said to have pledged $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers.

Jindal Steel and Power Limited, one of India’s largest private steel producers, also committed to investing $3 billion, while Jitender Sachdeva, founder of SkipperSeil Limited, announced an investment of $1.6 billion in the establishment of 2,000MW power generation plants across northern Nigerian states.

Ngelale said a new partnership with the managing arm of the military-industrial complex of the Indian government led to the finalisation of a $1 billion agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027.

In addition, Bharti Enterprises committed to invest an additional $700 million in Nigeria.

Tinubu had earlier assured that Nigeria would become one of the “most conducive places on earth” for foreign investments, stressing that he would ensure that bottlenecks are removed and investors thrive in the country.

President Bola Tinubu says Nigeria will become one of the “most conducive places on earth” for foreign investments.

The president said he would ensure that bottlenecks are removed and investors thrive in the country.

According to a statement issued by Ajuri Ngelale, special adviser to the president on media and publicity, Tinubu spoke on Tuesday during a meeting with Gopichand Hinduja, chairperson of the Hinduja group of companies in India.

Tinubu had earlier departed Abuja, Nigeria’s capital, for the G20 summit expected to take place from September 9 to 10 in New Delhi, the Indian capital.

The president said his visit to India was focused on attracting investments to Nigeria with lucrative opportunities for investors, but most importantly, jobs for Nigerians and new revenue opportunities for the country.

He assured the Indian billionaire businessman of his support in facilitating a smoother ease of doing business.

“We are here for business. I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs,” the statement quoted Tinubu as saying.

“With my support, there is nothing standing in your way of enjoying the unrivalled opportunities presented by our massive market and the ingenious & hardworking nature of the Nigerian people. We are open for business.”

According to the statement, Hinduja thanked Tinubu for his cooperation, saying he is confident that the president’s efforts as Lagos state governor would be replicated in his administration as the nation’s leader.

Femi Falana, human rights lawyer, says some of the people blackmailing the judiciary on the presidential election petitions are “first time voters”.

During an interview on Channels Television on Monday, Falana said he is worried about the widespread impression that the presidential election tribunal is the end of the process.

On Monday, the tribunal fixed September 6 for judgment on the petitions challenging the victory of Tinubu in the February 25 election.

The Allied Peoples Movement (APM), Peter Obi of the Labour Party (LP), and Atiku Abubakar of the Peoples Democratic Party (PDP) have approached the tribunal to challenge President Bola Tinubu’s victory.

Over the past few months, conversations on the presidential election tribunal have been regarded as a threat to the judiciary in certain quarters.

Asked to react on the issues bordering on the workings of the tribunal, Falana said this is the first time the judiciary will be witnessing “such level of blackmail and intimidation” on election petitions since the colonial era.

The human rights lawyer queried the reasons behind the “cheap blackmail” of the judiciary since parties can still approach the supreme court after the tribunal’s verdict on Wednesday.

“We have been having election petitions since the colonial era, but none has attracted such level of blackmail and intimidation of the judiciary,” he said.

“I am worried that people give the impression that everything ends with the judgment of the court of appeal.

“Any party that loses on Wednesday still has the opportunity to appeal to the supreme court. So, what is the basis for the cheap blackmail that is going on?

“Some of the people involved are voting for the first time and they believe rightly or wrongly that their candidate must be declared the winner and I think that is what is going on.”

Falana said the tribunal will deliver judgment based on the evidence before it, adding that the judges must not be intimidated.

The leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, has accused the Department of State Service, DSS, of denying him access to visitors of his choice.

Kanu explained that the action of DSS violated a subsisting court order that granted him access to his visitors.

This was disclosed by Kanu’s counsel, Ifeanyi Ejiofor, after his routine meeting with Kanu at the DSS facility in Abuja on Monday.

A statement issued by Ejiofor said Kanu’s lead counsel, Mike Ozekhome, has begun contempt proceedings against the DSS Director General, Yusuf Bichi, over the denial.

The statement reads partly: “Recently, the personnel of the SSS have extended their acts of lawlessness by denying Onyendu access to visitors of his choice, in clear violation of a subsisting court order.

“However, our erudite Lead Counsel – Prof. Mike Ozekhome, SAN has swung into action by commencing contempt proceedings against the Director General of the SSS to demand immediate compliance with all the Court Orders that the SSS is currently violating with impunity.”

The President arrived in New Delhi on Tuesday after departing Abuja for the summit in India on the special invitation of Indian Prime Minister, Narendra Modi.

The President’s trip took place hours to a warning strike by the Nigeria Labour Congress (NLC) over palliatives to cushion the effect of the removal of petrol subsidy.

While away, the the Presidential Election Petition Court will also deliver judgments in the petitions by the Peoples Democratic Party (PDP) and the Labour Party (LP) as well as their presidential candidates challenging the victory of Tinubu, the then candidate of the All Progressives Congress (APC) in the February 25, 2023 poll.

At the G20 Summit, the Nigerian leader is expected to share Nigeria’s perspective on the theme, ‘One Earth-One Family-One Future’ with focus on global unity required to address the challenges facing humanity and the planet.

“While Nigeria’s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership.

“Once consultations are concluded, the government will decide whether or not to apply to join as appropriate. The participation of President Tinubu at the G-20 Summit in India is, in part, in furtherance of this objective,” his spokesman, Ajuri Ngelale, said in an earlier statement.

The President travelled to India alongside the Minister of Foreign Affairs, Yusuf Tuggar; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Communications, Innovation, and Digital Economy Bosun Tijani; and Minister of Industry, Trade, and Investment, Doris Uzoka-Anite.

President Olusegun Obasanjo, who twice led Nigeria — first as military head of state (1976-1979) and later as an elected civilian president (1999-2007) — can claim to have seen it all. Born on March 5, 1937, the 86-year-old retired general has been a constant in Nigeria’s history in and out of office, offering comments — even if controversially — on political and economic issues. In this interview with TheCable, he gives his opinions of a wide range of issues.




TheCable: Increasingly, we are witnessing an era of military coups in Africa again. What do you think is going on?

Obasanjo: In 2021, when Col Mamady Doumbouya overthrew President Alpha Condé of Guinea, I recall that I travelled to Conakry. I spent two nights there. The coup leader didn’t want to meet with me because he didn’t know what I would say. They said he was out of town, which was not true. But I met every other important government official. I met his No 2 and his speaker. I listened to them and concluded that we had a new phenomenon on our hands. I realised that they had the support of the youths and were not thinking of staying in power for four, five years years. They are in for a generation.

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When I noticed this, I went to Addis Ababa to meet the chairperson of the African Union Commission, Moussa Faki Mahamat. I told him that maybe he had not seen what I was seeing. That I saw this in Guinea Conakry. He said I was talking about Guinea Conakry, what about his own country, Chad? He said Burkina Faso, Mali, Guinea Conakry, and Chad were thinking the same way and they were connected. I said that was a new phenomenon in Africa. I said I was the one who in 1999 advocated that if you are not a government backed by the constitution, you should be suspended from the African Union, and these chaps don’t even mind any suspension. I told him that all the instruments we had used in the past would not work and asked what he would do about it. He told me about his challenges, especially with his country. So we have a situation where we have a continent where we have to rethink democracy. The liberal democracy we are copying from settled societies in the West won’t work for us.

TheCable: What type of democracy would work for us?

Obasanjo: I don’t know. But we have seen that the liberal type of democracy as practised in the West will not work for us. We have to put our heads together.

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TheCable: Some would say it is working in Nigeria, that it has survived 24 years…

Obasanjo: I won’t answer you (laughs).

TheCable: But can work?

Obasanjo: You have to put your heads together to fashion it out. You can give it any name. But we have seen that this is not working. Out of the six countries that have experienced coups, three of them are directly from elections. Burkina Faso, Guinea Conakry, and Gabon that we have just had are directly from elections. The other three are indirect, if you like.

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TheCable: Would you say ECOWAS could have handled the Niger coup differently?

Obasanjo: What I said about the Niger is now what we did with Gabon, not a threat of force. Tinubu said “we are watching”. In Niger, ECOWAS has beaten the drum, and they have seen that it didn’t work. The point is this: where in Africa have the people benefited from the dividends of democracy? Tell me.

TheCable: Maybe Botswana…

Obasanjo: You don’t know the inside of Botswana. Ian Khama, the former president, cannot go to Botswana today. His father was the first president. I worked with him. As they were settling down, I thought they were making progress because the president after his father was the one who became minister of finance. When I was military head of state, he used to come and visit us, and we would render assistance to them, and he later became vice president and president. The next one was the same way. Ian Khama, who became the head of the army, moved the same way. The one that succeeded him now is chasing him from pillar to post. That is not liberal democracy.

TheCable: What of Ghana?

Obasanjo: (laughs)

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TheCable: Even if not in terms of dividends of democracy but liberal democracy…

Obasanjo: Maybe Namibia is the closest to it.



TheCable: Coming back home now. There is a raging issue regarding Mambilla hydropower over the award of a $6 billion contract to Sunrise Power by your government in 2003. It is now a subject of arbitration. Sunrise is asking for $2.3 billion in compensation, alleging breach of contract. But the federal government is arguing that the contract was invalid…

Obasanjo: Did you say my government awarded the contract to Sunrise?

TheCable: Dr Olu Agunloye, your minister of power in 2003, wrote to Sunrise announcing the award of the contract…

Obasanjo: Who gave him the authorisation? When I was president, no minister had the power to approve more than N25 million without express presidential consent. It was impossible for Agunloye to commit my government to a $6 billion project without my permission and I did not give him any permission. If a commission of inquiry is set up today to investigate the matter, I am ready to testify. I do not even need to testify because all the records are there. I never approved it. When he presented his memo to the federal executive council (on May 21, 2003), I was surprised because he had previously discussed it with me and I had told him to jettison the idea, that I had other ideas on how the power sector would be restructured and funded. I told him as much at the council meeting and directed him to step down the memo.

I find it surprising that Agunloye is now claiming he acted on behalf of Nigeria. If I knew he issued such a letter to Sunrise, I would have sacked him as minister during my second term. He would not have spent a day longer in office. When I was in office, Leno Adesanya, the promoter of Sunrise Power, ran away from Nigeria. I would have jailed him if he was in the country because of the things I knew about him. After I left office, he returned and I saw him. I told him that he was lucky I was no longer president. Otherwise, I would have jailed him.

TheCable: You took a different route over the power sector, coming up with the power sector reform and building power plants such as Geregu, Papalanto, and Omotosho. But the problems of the power sector remain. What else can we do?

Obasanjo: You can only get the power sector right when you get all the fundamentals in the power sector right. In 2006, we ordered 42 turbines that should have been completed if not by 2007 then in 2008. My target was 10,000 megawatts of power by 2007. Up till today, I understand that five of the turbines have yet to be installed. I have been out of the office for 16 years. If after 18 years when those turbines had been ordered, five have still not been installed, what are you talking about?

TheCable: One major issue was that the turbines could not be transported to location because of issues with bridge and water depth in some places. The feeling was that you did not do a proper assessment before ordering the turbines.

Obasanjo: We did what we should do before I left office. I targeted 10,000 megawatts but today, we are still struggling with 4,000. Then you had President Goodluck Jonathan doing privatisation. If that privatisation was done the way we did privatisation, it would have been okay for the country. When you see these things and still ask me the questions you ask, I feel like punching you (laughs).



TheCable: Let’s discuss the refineries. They are still not working…

Obasanjo: They will not work as long as the government is keeping hold of them. When I was president, I invited Shell to a meeting. I told them I wanted to hand over the refineries for them for help us run. They bluntly told me they would not. I was shocked. I repeated the request and they stood their ground. When the meeting was over, I asked their big man (MD) to wait behind for a little chat. Then I asked him why they were so hesitant on not taking over the refineries. He said did I want to hear the truth? I said yes. He listed four reasons. One, he said Shell makes its money from upstream and that is where its interest lies. Two, he said they only do downstream or retail as a matter of service. Three, he said our refineries would be bad business for them, that globally, companies are going for bigger refineries because of the economics of refineries. Four, he said there is too much corruption in refineries.

I thanked him for his honesty. I knew we had a big problem in our hands. I had virtually give up hope on the refineries when God did a miracle. Alike Dangote and Femi Otedola approached me and said they would be interested in buying two of the four refineries. They said they would buy 51 percent stake in Port Harcourt and Kaduna. I was over the moon. I said, finally, this burden would be taken off the neck of the government. They offered $761 million and paid in two instalments. Unfortunately, Umaru (President Yar’Adua) cancelled the sale and returned the refineries to NNPC. Today, we are still where we were. Someone told me Tinubu said refineries would work by December. I told the person the refineries would not work. This is based on the information I received from Shell when I was president.

TheCable: When you were military head of state, you believed in state ownership. You were a changed man when you returned as president in 1999. What happened?

When I was military head of state, we ordered 19 new ships to be built for the Nigerian National Shipping Line (NNSL), which was owned by the federal government. We had about five at the time, and with 19, we were to have 24 ships. We took delivery of some before we left office. President Shehu Shagari took delivery of the remaining balance. When I returned after 20 years, the shipping line had been liquidated. Not one ship left. Let me tell you the story of one of the ships. They sold it for half a million dollars. Then, they started the Oron merchant navy school and needed a ship for training. They bought the ship they had sold for half a million dollars for $2 million and spent another $1.5 million to refit it so it could be seaworthy.

The ship went on the first voyage a week after I became president in 1999. One of the first things they brought to me was that the ship had been arrested for not being seaworthy and that I should bring $1 million to pay as fine for the ship that had been detained. I requested that they allow me time to look at the issues, and when I studied the issues, I told them to inform those who arrested the ship that I had gifted them the ship. The following day, the ship was released without Nigeria paying a dime. You can guess what happened there.

We left 32 aircraft for Nigerian Airways in 1979, but we had only one serviceable aircraft 20 years after I left office. When you look at that and what happened to Nigerian Airways, some directors formed an offshore company, and it was the company that they gave the maintenance and repairs to. The same company would then engage the people that would actually carry out the maintenance and repairs. The payment would be to the offshore company who, in turn, did not pay the contractors. When I returned in 1999, I took a stance that I didn’t owe Nigerians an airline. What I owed Nigerians was secure and safe traveling. So, when they talked about this Nigeria Air project, you would know it is nonsense. When I say certain things, people say Obasanjo has started again. It is because I know what I am talking about.



TheCable: Our economy is currently in a bad shape with a heavy debt burden. With your experience, how do you think can we come out of this?

Obasanjo: Tinubu said the other day that it was unacceptable that he would spend 90% of his revenue to service debts. I wasn’t spending 90% when I went worldwide to get debt relief. Do you think that anybody would give you debt relief today? Buhari was spending money recklessly. I know Buhari didn’t understand economics. I put that in my book. But that he could also be so reckless, I didn’t know. Who would you go to today and ask for a favor? Tinubu says he has trimmed the number of people attending the United Nations General Assembly. Is that news? He will meet with Justin Trudeau, and he will meet with Emmanuel Macron. That will not solve any problem.

TheCable: You’ve pointed to a number of your policies reversed or abandoned by President Yar’Adua. Since he was never an insider in your government, why did you support him to be your successor?

Obasanjo: See, I set up a committee headed by Dr Olusegun Agagu, of blessed memory, to search for a successor. They considered many names and did an extensive assessment of all them. They made their recommendation. Umaru was top on the list. Their biggest argument in his favour was that he had integrity and would not steal. The issues concerning his health were raised and I gave his medical reports to an expert for an opinion. Umaru’s name was redacted so that the expert would not know who it was and why I was seeking his opinion. After assessing the reports, he said the patient appeared to have done a kidney transplant and if that was the case, there was nothing to worry about and he would be as healthy as any other person. That was it. All insinuations that I knew he was going to die and that was why I supported him to be president were false. This is the true story I have told you.

President Bola Tinubu on Monday held a closed-door meeting with the Minister of Defence, Muhammed Badaru; Minister of State for Defence, Bello Matawalle; as well as service chiefs at the Presidential Villa, Abuja.

This was the first meeting the President had with the ministers since they were sworn in on August 21, 2023.

The purpose of the meeting was, however, not disclosed.

The meeting occurred hours before the President’s planned trip to New Delhi, India, for the G-20 Leaders’ Summit.

Badaru and Matawalle had promised “remarkable” changes in Nigeria’s security architecture within one year.

Badaru had assured Nigerians that for the sake of the country, he and the minister of state could not afford to betray the trust given to them by the President.

The Nigeria Football Federation and Jose Santos Peseiro have reached an agreement for the latter to continue in his role as Head Coach of the Senior Men National Team of Nigeria, the Super Eagles.

As stipulated in the original contract, drawn in May 2022, the Portuguese has been handed the mandate to lead the Super Eagles to, in the minimum, the semi finals of the 34th Africa Cup of Nations finals taking place in Cote d’Ivoire in a few months.

Peseiro has steered the Super Eagles through the qualifiers and to a ticket with a match to spare, including a 10-0 record international win against Sao Tome and Principe in Agadir, Morocco in June 2022.

He has now agreed to continue in the role after accepting a pay cut on his earlier terms, with the new agreement also putting him in charge of the Super Eagles B – the home-based professionals who contest the biennial African Nations Championship.

Meanwhile, the Super Eagles’ supremo has invited on-field captain William Ekong, defender Tyronne Ebuehi and Semi Ajayi, midfielders Wilfred Ndidi and Frank Onyeka, and forwards Moses Simon, Victor Osimhen and Taiwo Awoniyi, among others, to next weekend’s qualification series final-day encounter against Sao Tome and Principe in Uyo.

Peseiro called three goalkeepers (including home-based Olorunleke Ojo), eight defenders, four midfielders and eight forwards for the game, slated for the Godswill Akpabio Stadium on Sunday, 10 September.

Nigeria, on 12 points from their previous five matches, are already guaranteed a place in the finals, but must earn at least a point to be sure of topping the group ahead of second-placed Guinea Bissau, who are on 10 points and play at home to Sierra Leone in Bissau.

Peseiro has called for the first time, Belgium-based centre-back Jordan Torunarigha and forwards Victor Boniface and Gift Orban, and there are recalls for Portugal-based left back Bruno Onyemaechi and defensive midfielder Raphael Onyedika.

ALL THE INVITED PLAYERS:

Goalkeepers: Francis Uzoho (Omonia FC, Cyprus); Olorunleke Ojo (Enyimba FC); Adebayo Adeleye (Hapoel Jerusalem, Israel)

Defenders: Olaoluwa Aina (Nottingham Forest, England); Tyronne Ebuehi (Empoli FC, Italy); Jordan Torunarigha (KAA Gent, Belgium); William Ekong (PAOK FC, Greece); Semi Ajayi (West Bromwich Albion, England); Calvin Bassey (Fulham FC, England); Jamilu Collins (Cardiff FC, Wales); Bruno Onyemaechi (Boavista FC, Portugal)

Midfielders: Wilfred Ndidi (Leicester City, England); Raphael Onyedika (Club Brugge, Belgium); Joe Ayodele-Aribo (Southampton FC, England); Frank Onyeka (Brentford FC, England)

Forwards: Kelechi Iheanacho (Leicester City, England); Samuel Chukwueze (AC Milan, Italy); Moses Simon (FC Nantes, France); Ademola Lookman (Atalanta FC, Italy); Victor Osimhen (Napoli FC, Italy); Taiwo Awoniyi (Nottingham Forest, England); Gift Orban (KAA Gent, Belgium); Victor Boniface (Bayern Leverkusen, Germany)

Lauretta Onochie, former chairman of the Niger Delta Development Commission, NDDC, has denied reports that she was kicked out from an apartment in the United Kingdom.

Reports had emerged on Saturday that Onochie was embarrassed and became stranded after she was kicked out by family members.

But reacting on Sunday, Onochie denied that she was stranded.

She explained that her cousin who she housed tried to take her home but after a battle she recovered it.

She wrote on Twitter, “WHAT A BATTLE, I RECOVERED MY HOME.

“My Cousin, Victor Ashiedu Fejokwu and his wife, Ruth Emereze were stranded, infact homeless at the time. I took pity on them, took them in, to house them in my home.

“A year ago, when I started making plans to return to continue housing them, they blocked my phone number. I had no access to my letters. Consequently, I missed quite a number of appointments.

“Having the key to the property, I turned up at the door, twice. They installed bolts and bolted the door from the inside and refused to let me in.

“They stopped contributing to the rent when they both have jobs, preferring to host lavish parties.

“I tried again for the last time. When I knocked, his wife sneaked from the garden into the house, to bolt the front door against me.

“Miraculously. Miraculously. She forgot to lock the garden door through where she sneaked into the house. I got access to the house through that door,” she said.

Onochie further stated that they became nasty and when she called the police, they were dealt a heavy blow and told to vacate the house.

She added that they moved out two days ago and they will reap what they did to her.

Hon. Frank Chinasa, the candidate of the Labour Party for the Bende Federal Constituency election, Abia State, has finally surrendered the seat to the Deputy Speaker of the House, Hon. Benjamin Kalu.

The LP candidate, while making this known to reporters in Abuja on Friday, said the decision followed his compassion for the constituency.

DAILY POST reports that the Independent National Electoral Commission, INEC, had declared Kalu of the All Progressives Congress, APC winner of the February 25 election after garnering 10,020 out of the 22,308 total votes.

Not satisfied with the outcome of the election, the LP candidate subsequently approached the National Assembly Elections Petitions Tribunal in Umuahia, the Abia State capital with the aim to upturn Kalu’s victory.

However, ruling on the matter, the tribunal last week upheld the declaration of the Deputy Speaker as the winner of the February poll.

Although there were insinuations that the Labour Party flagbearer may approach the court of appeal in a bid to set aside the ruling of the tribunal, but Chinasa told journalists on Friday that he has decided to end any further lawsuits, pledging allegiance to Kalu.

According to him, the Deputy Speaker posses the same objective of good representation of the people of Bende, stressing that Kalu remains his brother and and friend.

He said: “I am here to inform the world that I am no longer interested in taking the matter any further beyond the tribunal. This simply means that I have decided to let go of the case.

“Kalu and I have a history that has run into decades which cannot be ruined by the transient political activities of today. First, we are brothers from Bende.
“We are also good friends and we intrinsically share the same objective of good representation of our people”.

The Minister of Works, David Umahi has said that the proposed Lagos 4th Mainland Bridge Supersonic Highway will make travelling from Lagos to Abuja a four-hour journey.

The Minister stated this during a visit to Ogun and Oyo states on Thursday in continuation of his highway inspection tour, according to a statement by the Director Press and Public Relations unit of the Ministry of Works, Blessing Lere-Adams on Friday.

During a meeting with the Ogun State Governor, Dapo Abiodun in his Office in Abeokuta, the Ogun State capital, Umahi was quoted to have said, “Let me announce to you that Lagos proposed 4th Mainland Bridge Supersonic Highway will take four hours to drive from Lagos to Abuja.

“We had a presentation on it yesterday with the consultant and it’s going to be on Public Private Partnership (PPP), driving from Lagos to Abuja will take 4 hours, we are concluding on it within one or two months and work will start.”

He further told the Governor, “We have a programme called Highway Development Management Initiative (HDMI) and it allows states and other private investors to engage with the Federal Government either to take over a fully constructed road to toll and maintain it in partnership with FG or take a brand new road and reconstruct it and toll it under laid down agreement.

“l am very much open to that, we also bring some roads architecture into this kind of arrangement. Solar lights where we can fix CCTV to monitor our roads and increase visibility; this will largely reduce insecurity and also create service stations. We can monitor security at these service stations; we have mini clinics, toll vans at these stations just as we see outside the country.”

Also holding similar meeting with Governor Seyi Makinde of Oyo State in his office in Ibadan, the Minister commended Oyo government for working on Federal Roads.

“You have done quite a number of roads and you were not waiting that you must have all approval before you do it, if we are waiting for due process of refund for working on FG roads, our people will be the ones to suffer. We are excited with Governor Seyi Makinde, we as a Government has also done a number of roads” Umahi said.

A former governor of Ekiti State, Ayodele Fayose, says he is pleased with developments in Gabon following soldiers’ seizure of power in the oil-rich Central African country.

In an exclusive interview on Channels Television’s Hard Copy on Friday, Fayose said that while he does not support military intervention in politics, he believes the recent wave of coups across the continent is the result of the sit-tight syndrome.

“I am very happy with what happened in Gabon, I don’t like military incursions in politics,” he said.

The military officers had on Wednesday toppled Gabon’s President, Ali Bongo, who has been in power for 14 years, hours after he was declared the victor in Saturday’s elections.

But Fayose does not see such happening in Nigeria despite the shortcomings in the country’s democratic journey.

“Remember that, now in Nigeria, you can see an interrupted democratic process. You can see that we know after four years there will be an election. Nigeria has gone from one party to another party, one person to another person in the space of time.

“But in a country where one man is spending 30 years, 20 years, 40 years, they must boot him out of the place, whichever way. That’s different from Nigeria’s setting,” he said.

“You can’t spend more than a particular number of years but don’t compare it with Nigeria. I’m not saying anything cannot happen – no coup.

“When you talk here, they will go and report you. They will come and carry you in the house because, the moment you hear about a coup and you do not report it – let me say to you, you deserve to be killed,” he said.

Buttressing his point, Fayose compared the oil-rich nation’s population to that of Nigeria, saying “Nigeria has a 200 million population, Gabon is 2.5 million, Ekiti is even more than Gabon”.

The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, says N2 billion has so far been released to each state government from the N5 billion earmarked for palliative in light of the removal of fuel subsidy.

Edun stated this on Friday during a briefing in Abuja attended by key government officials including the Minister of Budget, Mr Abubakar Bagudu; and the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari.

Also in attendance were the Director General of the Budget Office, Mrs Patience Oniha; the Senior Assistant to the President on Tax Reforms, Mr Zacch Adedeji; and the Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele.

According to Edun, the partial release of the funds is to curb inflation.

On budget, the minister restated the position of President Bola Tinubu that the nation could not continue to service its debts with over 90 percent of its revenue.

For his part, Kyari noted that the consumption of Petrol Motor Spirit (PMS), or petrol, had dropped from 66.6 million litres to 46 million litres daily.

According to him, production has increased to 1.6 million barrels per day.

The Minister of Aviation and Aerospace Development, Festus Keyamo, 60 percent of the revenue of the Federal Airports Authority of Nigeria (FAAN) comes from Lagos State.

Keyamo added that this necessitates optimal use of the new terminal, according to a statement by the ministry’s Head of Press and Public Affairs, Odutayo Oluseyi, made available to Channels Television on Friday.

The minister, who spoke during his facility visit to the Lagos Airport on Thursday, also expressed the Federal Government’s desire to optimise the generating capacity of FAAN.

According to him, the new terminal has 60 check-in points and can accommodate much traffic.

See the full statement below:

FG set to optimize FAAN’s revenue generating capacity

Hon. Minister of Aviation and Aerospace Development, Festus Keyamo SAN, CON, FCIArb.(UK) has expressed FG desire to optimize the generating capacity of FAAN.

Speaking during the facility visit of the Lagos Airport, Keyamo said 60%revenue of FAAN comes from Lagos and as such the new terminal should be used optimally. He said the new terminal has 60 check-in point and can accommodate much traffic.

Stating that the old terminal should undergo complete overhaul, he noted that the central cooling system is not working, and a lot of dilapidation needs to be fixed. He further directed that all airlines in the old terminal should move their check in counters to the new terminal within 3 months.

On concessioning of the airports and Nigeria air project, the Minister said all will be put on hold (suspended) until he briefs Mr. President on his findings. He stated that in as much as he is willing to protect the local airlines, he expects them to be more efficient and effective, noting that issues of flight cancellation and delays will be looked into and laws enforced where necessary. He further directed the removal of unserviceable aircraft by the owners for expansion of Apron.

To give space for the expansion of the new terminal to accommodate bigger aircraft, Keyamo said he will discuss with owners of private hangers within the space for possible relocation of their hangers.

Odutayo Oluseyi
HP&PA

Maryam Shetty, who was withdrawn as a ministerial nominee by President Bola Tinubu on Friday afternoon, was a staunch supporter of Yemi Osinbajo, former vice-president.

On Wednesday, Shetty’s name appeared among the 19 ministerial nominees forwarded to the senate, after the screening of the first batch of 28 had commenced.

Her nomination elicited mixed reactions on social media. While some questioned her experience, others called her a “TikTok influencer”.

Two days after her nomination, she was replaced by Mariya Mahmoud, former commissioner for higher education in Kano in the administration of Abdullahi Ganduje was recently elected national chairman of the All Progressives Congress (APC).

SHETTY SUPPORTED OSINBAJO IN HIS BID FOR PRESIDENTIAL TICKET


Shetty with some Osinbajo supporters

Social media trail has shown that Shetty threw her support behind Osinbajo in his bid for the APC presidential ticket. She was literally embedded in his campaign for the presidency.

Shetty shared, retweeted and posted videos and images from the Osinbajo presidential campaign organisation.

In April of 2022, Shetty tweeted: “I have had the tremendous pleasure of accompanying His Excellency Prof Osinbajo to Edo and Delta states respectively, to talk to the delegates. The Oba of Benin accolades were simply epic and an unblemished truth”.

I have had the tremendous pleasure of accompanying HE @ProfOsinbajo to Edo and Delta States respectively, to talk to the delegates. The Oba of Benin accolades were simply epic and an unblemished truth!#PYO#webelieve!🇳🇬 pic.twitter.com/MS3B9gjWoN

— @MaryamShetty (@maryamshetty) April 29, 2022

She also shared the video of the former vice-president declaring his intention to run for president on April 11, 2022.

Building on the current administration's legacy….A must watch @ProfOsinbajo pic.twitter.com/U4AR7BC6yl

— @MaryamShetty (@maryamshetty) April 30, 2022


Tinubu eventually nicked the APC presidential ticket on June 8, 2022 ahead of Rotimi Amaechi, Osinbajo and other contestants.

TAKEN UNAWARES

Shetty was clearly taken unawares by the withdrawal of her name during senate plenary.

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The politician and her supporters were told at the gate of the senate that her name had been replaced with that of Mahmoud, sources told TheCable.

Breaking: Kano State Ministerial Nominee, Dr Maryam Shetty arrived at the National Assembly for Screening.

Kindly get close to your television and watch her screening. #WeBelieveinMaryamShetty.#WeBelieve pic.twitter.com/ip22IiOUyN

— Babangida Buharist🇳🇬 (@jarmari01) August 4, 2023

REACTIONS OVER SHETTY’S WITHDRAWAL

Shetty topped the Twitter trends list in the hours following the withdrawal of her nomination.

See some tweets below.



This is not right though, it's the Presidents prerogative to nominate and remove names of nominees but someone should have communicated the Presidents decision to Maryam Shetty.
Impressed that she took the dissapointment in a dignified manner. The Presidency should do better. https:///6QSGIzO1uJ

— Káyọ̀dé Ògúndámisí 🇳🇬 (@ogundamisi) August 4, 2023

Maryam Shetty is a dedicated frontline party loyalist. The decision that led to her replacement had absolutely nothing to do with social media outrage in some quarters. This change is likely for the best for her, and we wish her all the best in her future endeavours.

— Gimba Kakanda (@gimbakakanda) August 4, 2023

You people don’t care about Maryam Shetty or anything really, you are just sad your candidate finished 3rd. Wise people know when to move on from their losses! It’s okay to be sad, but move on. The elections are over. You have a president now. Deal with it. https:///ZYyLn5TFg1

— JJ. Omojuwa (@Omojuwa) August 4, 2023

I pity Maryam Shetty, irrespective of whether she is qualified to be a minister or not. I blame the process that nominated her and then withdrew her name. This is embarrassing, and she might never recover from this humiliation.

— Peacock (@dawisu) August 4, 2023

The Maryam Shetty issue reminds me of when Prince Audu won election as Governor of Kogi and died some hours later because it was never meant to be as providence has already taken effect. Maryam’s case isn’t about death but about the fact that it has been destined not to happen.

— Mr. El-Bonga (@el_bonga) August 4, 2023

Maryam Shetty's name removal now shares the top spot for Worst Political Heartbreaks, along with David Lyon's disqualification.

The game remains undefeated

— Akin Akinwale (@mrlurvy) August 4, 2023

I think it's delusional to believe that the minor chatter you guys had on social media was the reason for the withdrawal of Maryam Shetty's nomination. If that were the case, then figures like Matawalle (facing corruption charges) and Bosun Tijani (who referred to the prestigious… pic.twitter.com/c0x46XCKuy

— Boss Mustapha (@__yellows) August 4, 2023

A LESSON IN DISAPPOINTMENT

Maryam Shetty was already in the National Assembly Complex for her screening as a ministerial nominee when a further directive withdrawing her nomination arrived from the presidency. As a Muslim, this is a huge test of faith, and I believe that she

— Sanusi Lafiagi (@sirnucy) August 4, 2023

Zamfara State’s Commissioner for Religious Affairs, Alhaji Suleiman Adamu Gummi, has vowed that his ministry would revive and improve Islamic Sharia in the state.

Speaking with newsmen in Gusau, the state capital, Gummi said his ministry is seeking support from relevant stakeholders and authorities to ensure that the Sharia legal system is properly entrenched in Zamfara.

“We are advising the citizens of the state to exercise patience with this present administration because it is new,” he added.

He called on Islamic clerics to fear Allah and be as truthful as to serve as counsellors to the state government.

Speaking earlier, the Permanent Secretary of the ministry, Malam Bashiru Surajo, commended Governor Dauda Lawal for appointing a renowned Islamic scholar like Suleiman Adamu Gummi as the Commissioner of Religious Affairs to revive the Sharia legal system in the state.

DAILY POST recalls that Zamfara State, under the leadership of Ahmed Sani Yarima, implemented the Sharia legal system, which in 2000 claimed many lives in Kaduna, Aba, and Umuahia, among other places in the country.

First Lady Oluremi Tinubu has awarded scholarships to 46 Nigerian students in tertiary institutions across the country as the first set of beneficiaries of her Renewed Hope Initiative.

The Special Adviser to the First Lady on Media, Busola Kukoyi, in a statement on Saturday, said the beneficiaries were drawn from the 36 states of the federation and the FCT.

Kukoyi added that other beneficiaries were nominated by various women societies, including the National Council for Women Societies, and the Defence Staff and Police Officers Wives Association (DEPOWA).

The beneficiaries were unveiled at the launch of the National Scholarship Programme for Tertiary Education held at the Presidential Villa.

See the full statement below:

PRESS RELEASE

46 Nigerian students in tertiary institutions across the country have emerged the first set of beneficiaries as the Renewed Hope Initiative, an initiative of Nigeria’s First Lady, Sen.Oluremi Tinubu, flags off the National Scholarship Programme for Tertiary Education.

The beneficiaries were drawn from the 36 states of the federation and the FCT, while others were nominated by various women societies, including National Council for Women Societies, and Defence Staff and Police Officers Wives Association DEPOWA.

At the ceremony held in the Banquet Hall of the Presidential Villa, the First Lady and National President of the Renewed Hope Initiative, Sen. Oluremi Tinubu CON, congratulated the beneficiaries, noting that the gesture is part of efforts by the initiative to ensure that no willing student is left behind.

‘ With the National Scholarship Programme (NASP), we envision a Nigeria where every child , regardless of their circumstances, can access the best education available. It is not just about textbooks and classrooms, it is about igniting curiosity, speaking innovation and fostering a love of learning that will transcend generations..

“The inaugural National Scholarship Programme of the Renewed Hope Initiative is a four year scholarship programme of One Million Naira per year and a laptop for each beneficiary. Today we are empowering 46 students from across the states’.

While urging the beneficiaries to take their studies seriously as their GPA will be taken into consideration in subsequent years, the First Lady also encouraged them to take on vocational skills.

RHI Director of Education, Prof Hafsat Ganduje in an address of welcome identified intervention in education as one of the five pillars of the initiative.

The ceremony was attended by Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu and Minister of State for the FCT, Mariya Mahmood.

SIGNED
Busola Kukoyi
SA Media to the First Lady of the Federal Republic of Nigeria

If you consumed too much foreign media after the inauguration of President Bola Ahmed Tinubu on May 29, 2023, you would conclude that Nigeria was finally on its way to El Dorado. From day one, when Tinubu said “subsidy is gone”, there was euphoria among the advocates of market economy who had always argued that the subsidy bill was killing public finance. Approximately N3 trillion was yanked off government expenditure with his announcement. A few days later, the Central Bank of Nigeria (CBN) began the “unification” of the exchange rates. This got more people excited. It was not just about ending the perverse distortion of the forex market but also getting us back to reality.

The simultaneous removal of these two subsidies — the one on petrol and the other on forex — had been unthinkable all along. When Tinubu was declared winner of the 2023 presidential election and the opposition parties kicked, the thinking among advocates of economic reforms was that it would be near impossible for the new president to take certain decisions, particularly in the early days, because he would be trying to establish the legitimacy of his government. Since reforms are fundamentally political, or subject to political vagaries, no new president would want to start off on such an explosive note in the midst of a strong legal challenge to his victory. But Tinubu did.

What happened next? Petrol prices tripled and the cost of living went haywire. The naira went on a massive fall, threatening to hit a four-figure high against the dollar. You can argue that economic reforms cannot yield results within three months and that Nigerians need to be patient. True. Things could get worse before they get better. But that cannot be music to the ears of those who are daily struggling to feed and paying through the nose for transportation. The lamentation in town is how Tinubu’s policies have brought misery on millions of Nigerians. Even many who voted for him are expressing regrets. The poor are always disproportionately affected by adverse economic realities.

I have noted a series of false starts and missteps by the president. The first, which I raised after his haphazard announcement of the removal of petrol subsidy, was the way he communicated such an important message to Nigerians. I do not deceive myself that there is a neat way of announcing subsidy removal that will invoke a standing ovation. It doesn’t work like that. But I saw a president communicating such a monumental policy decision to millions of Nigerians without empathy and without strategy. Operators in the petroleum industry did not have any inkling of his overall plan and its timelines. Saying “subsidy is gone” on national TV looked like a spur-of-the-moment declaration.

The ensuing confusion was glaring. The subsidy budget President Muhammadu Buhari left behind was to cover up till June 30, 2023, but by saying “subsidy is gone” on May 29, Tinubu ensured there was instant commotion at the fuel stations. The Nigerian National Petroleum Company (NNPC) Ltd, the sole importer of the product, had to adjust pump prices immediately — from an average of N185 per litre to over N500. This was to prevent prolonged agony at the stations. Marketers would naturally have taken advantage to fleece motorists if NNPC had waited till June 30. This, to me, was a clear hint that Tinubu did not have a ground plan and was just being impulsive. That was a false start.

If you want to do away with subsidy, there are better ways of going about it. It is a sensitive policy. Critical segments of the society should have been carried along. Issues regarding the so-called palliatives should have been finalised. Yes, there is no nice way of removing subsidy. It will always come with pains. There will always be resistance. Nonetheless, the policy could have been better thought out, packaged and implemented with extensive and strategic public engagement. It makes sense to build trust with Nigerians so they can be reasonably assured that the outcome would be different from previous experiences. All I hear is a rehash of the old songs around subsidy removal.

Another false start was the unification of the exchange rates. The national currency had been falling against the dollar since 2015 following sustained drops in the inflow of petrodollars. Our warped way of facing the new market realities was to put an official peg and create multiple exchange rates. But in trying to address this anomaly, the Tinubu administration did not appear to have a roadmap apart from removing the official peg. The forex crisis Nigeria has been experiencing is basically a supply crisis. If demand is $5 billion but supply is $1 billion, there is no magic that “unification” can do beyond pushing the naira down the abyss. Demand management has not solved the problem either.

It took two months after “unification” before Mr Folasodun Sonubi, acting CBN governor, came out to make some pronouncements on how “Mr President is very concerned about some of the goings on in the foreign exchange market” and how the central bank would “improve the liquidity in the market” and how “speculators would lose out”. What this tells me is that there was no strategy on the ground from the get-go. It seemed “unification” was the sole tactic to attract forex inflow. Again, maybe it is too early in the day to conclude that this would not work, but I have never thought a single policy action would resolve the chronic crisis. I would be shocked if CBN thinks otherwise.

I hope we can now see that it is wrong to build the entire strategy on the assumption that once the naira was not artificially priced, investors would flood in with loads of dollars. Investors won’t come still if they are getting better value elsewhere. What other values are we proposing to them, beyond a market-determined exchange rate? And if we are trying to please investors at all costs, at what stage should we begin to worry about the welfare of our own citizens? As long as the exchange rate continues to rise, petrol prices will continue to rise too. What are we going to do? Keep adjusting pump prices upwards? Where are we going to draw the line? What is Tinubu’s fallback plan?

As many have already pointed out, Tinubu also made a wrong call with some cabinet nominations. First, it amazingly took him an eternity to send an incomplete list. The senate overlooked the constitutional breach, which, I can bet, will now become a precedent. I was first disappointed that the cabinet positions of the nominees were not on the list. This had been an unwholesome tradition that I expected Tinubu to break, given the way he was marketed as a trail blazer. If we cannot do the simplest things, how much more the complicated ones? The senate still went ahead to interview the nominees, asking questions blindly as if we are all fools. We are being taken for a ride in this country.

Worse, though, is the quality of most of the appointees. I am a realist, by the way: I was not expecting an all-round world-beating cabinet. I expected political favours to be done. I expected electoral IOUs to be settled. That is the way of politics. I am not one that will sit down in my living room and be daydreaming that every single person in the cabinet will be what we call “technocrat” in Nigeria. What I cannot stomach is the assemblage of ex-this, ex-that, some of whom did not particularly set the world on fire in their previous lives. Some former governors, for instance, were not shining examples of goal getters with all the executive powers they wielded in their states.

If anyone was in doubt that many things Tinubu has done so far were not well planned or adequately conceived, the drama around the cabinet was yet another proof. For the first time since I was born, there was a cabinet reshuffle even before inauguration! I hope I am wrong, but this must be a first. What does that say about the way Tinubu is running his government? It tells us quite a lot. It is worrisome. I am seeing too much impulsiveness and ad hoc management. He is making things up as he goes. This is far from the political packaging of Tinubu as someone who was adequately and extraordinarily prepared to preside over the affairs of Nigeria. No, I expected something better.

Is Tinubu losing the momentum? For one, it does appear to me that he did not think through the different dimensions of the two reforms and did not prepare the appropriate strategy to address the impact of the shocks on individuals and businesses. I accept that it may be too early in the day to judge him. I understand that some leaders struggle with starting well. Politics and reforms can be raucous and not usually neatly fleshed out. In the main, reform is about doing, learning and adjusting. Even with the best of plans, things can still take their own turns. I accept all that. What I cannot accept is the lack of assurance that Tinubu is on top of his game with his actions so far.

Tinubu must now ask himself the hard question: can he continue like this and expect to leave Nigeria better than he met it? It seems to me that he got carried away by the initial euphoria. He celebrated victory too early and started taking several decisions without a clear strategic plan. He needs to step back, make the needed corrections, and proceed in a more methodical way. The president must urgently change something about his style. If there was ever a time the country could use some urgency and a clear path forward, this is it. Citizens are getting overwhelmed as economic, political and security problems tear at them from all directions. Nigeria cannot afford another false dawn.

AND FOUR OTHER THINGS…
PUTIN AND PRIGOZHIN

On June 23, 2023, Yevgeny Prigozhin, leader of the Wagner Group, launched an audacious mutiny against the Russian government, complaining that his mercenary troops in Ukraine were being denied the necessary tools. Russian President Vladimir Putin briefly fled Moscow before Prigozhin retreated. Both men later met and made peace — and the rest of the world started waiting for when Prigozhin would, like other renegades, fall from the 15th floor of a hotel. On August 23 — exactly two months later — it more or less happened: a private jet conveying Prigozhin and lieutenants fell from the skies and burst into flames. Putin has since expressed his heartfelt condolences. Legend.

LAGOS LIFT

Do you remember Dr Vwaere Diaso? I won’t blame you if you don’t. Tragedies are two for one kobo in Nigeria and we easily move on. When she was crushed by the lift at the General Hospital, Lagos Island, on July 26, 2023, there was outrage and all that. We spoke the language of fury and made recommendations. The Lagos chapter of the Nigerian Medical Association (NMA) set up a committee to investigate. Its report is telling us what we already knew: that the lift crashed. We heard nothing about the quality of emergency care she received, or if indeed there was shortage of blood. We are now waiting for the government side of the probe. Let’s hope there would be more clarity. Waiting…

WARRIOR WIKE

Among the ministers appointed by President Bola Ahmed Tinubu, Chief Nyesom Wike is already dominating the front pages. Wike, governor of Rivers state from 2015 to 2023, was welcomed to his new base as minister of the Federal Capital Territory (FCT) with the building collapse on Wednesday night which led to at least two deaths. He has been talking tough and has promised to enforce standards, which would mean demolition of structures and revocation of land titles. Wike played the major role in weakening his party, the PDP, in the presidential election, and serving in an APC government will provide us some tasty duels. I would easily pick him as the minister to watch. War!

AND FINALLY…

A letter written by “APC Youth Wing” and circulated extensively made a case for the appointment of Seyi, son of President Bola Tinubu, as the minister of youth development. It brought back memories of Youth Earnestly Ask for Abacha (YEAA) which, in 1997, orchestrated the campaign for Gen Sani Abacha to transmute from military head of state to civil president. I should think that was when sycophancy became mainstream and at least 1.5 million youth groups have been floated since then to praise, recommend, condemn or endorse politicians. Whoever is flying the Seyi kite should please calm down. He can be PA to his dad if he wants. Let’s not complicate matters at this stage. Caution.

The total value of unclaimed dividends has risen to N190bn, representing a 7.35 per cent rise from N177bn recorded in 2021, which was the last figure from the Securities and Exchange Commission.

This was revealed on Friday at the media briefing, following the quarterly Capital Market Committee meeting in Abuja.

The SEC’s Executive Commissioner, Operations, Dayo Obisan, stated that while the figure for the unclaimed dividend had gone up, there was a need to pay attention to the pace of increase.

Obisan said, “It is estimated to be N190bn, but I think one of the most important questions to keep asking is the trajectory of growth. Is it growing at a reduced pace? One of the major issues that keeps the figure of unclaimed dividends high is having the final beneficiaries of this money have access to them.”

He added that efforts were being made to reduce the figure.

“At our meeting yesterday (Thursday), we discussed that efforts are being made by the regulators and other capital market operators to ensure that the spate and volume of unclaimed dividends is reduced by transmitting them to the beneficial owners.

“We keep putting a lot of efforts and activities towards making sure that investors on their own come forward to claim their dividends, update their information and other Know Your Customers details, which will not only help us reduce the volume of unclaimed dividend but ensure that future benefits, which is not only limited to unclaimed dividends, get quickly transmitted.

“Thirdly, that everyone in the capital market is rightly and adequately accounted for, so that our data is more robust to aid our planning.”

Last year, the SEC declared that the total value of unclaimed dividends in the country rose to N177bn in 2021 from N168bn in the prior year. The figure was N158.44bn in 2019.

The value of unclaimed soared by a whopping 8,369 per cent from N2.09bn in 1999 to N177bn in 2021 and went up by 96.67 per cent from N90bn in 2015, when the e-dividend mandate was introduced by SEC.

Meanwhile, the SEC Director-General, Lamido Yuguda, revealed that registered exchanges in Nigeria outperformed global indices in the first half of the year.

Yuguda said, “The registered exchanges present at the meeting informed members that Nigeria outperformed global indices on gains in the All-Share Index and market capitalisation.

“This exceptional performance can be attributed to several factors such as appealing dividend yields offered by certain stocks, the recovery of corporate earnings and a notable improvement in sentiments among domestic retail investors. Also, all indicators reflecting investor involvement including volume, value and the number of transactions have demonstrated month-on-month increase throughout the first half of 2023.”

Also, the SEC DG allayed fears about the proposal of the Nigerian Exchange Limited to allow the listing of dollar-denominated bonds by some selected companies and later equities.

He said, “For dollar-denominated bonds listed on the NGX, I don’t see any problem. Any bond should be an obligation. It is backed by the ability of the obligor to repay the bonds. So, while that bond has that attribute, then it doesn’t matter the currency or the denomination.

“Of course, that bond could be a corporate bond, a sovereign bond or an agency bond. What matters really is person or entity that has borrowed the money through that bond is able to meet the requirement of both interest and principal as they fall due. Once, it is there, it is a good investment for those who wish to participate in those kinds of funds.”

PRESIDENT TINUBU APPOINTS NEW NELMCO MD/CEO AND EXECUTIVE DIRECTOR

President Bola Tinubu has approved the appointment of Mrs. Mojoyinoluwa Dekalu-Thomas as the new Managing Director and Chief Executive Officer of the Nigeria Electricity Liability Management Company (NELMCO) for a term of four years.

Mrs. Mojoyinoluwa Dekalu-Thomas has served as the Acting MD/CEO of NELMCO since the tenure of pioneer NELMCO MD/CEO, Mr. Adebayo Fagbemi, ended on May 8th, 2023.

Furthermore, her previous interim role and new substantive appointment has created a vacancy at her previous position: Executive Director, Liability Management.

Accordingly, President Tinubu has approved of the appointment of Mr. Dimla Joel Nchinney to serve in NELMCO as the substantive Executive Director, Liability Management.

By these directives of the President, these appointments take immediate effect.

Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

August 25, 2023

The National Bureau of Statistics has said that in Q1 2023, 92.6 per cent of employed persons in Nigeria were in informal employment which includes agriculture, while 89.4 per cent in informal employment which excludes agriculture.

The NBS stated this in its “Nigeria Labour Force Survey” published on its website on Thursday.

According to the report, Nigeria’s unemployment rate was 5.3 per cent in Q4 2022 and 4.1 per cent in Q1 2023.

Nigeria tops global unemployment rating
The figure indicates a significant drop in the unemployment rate, compared to the 33.3 per cent published by the statistics body as Nigeria’s unemployment rate in 2020.

The drop in unemployment rate is attributed to a rejig of the metric used by the NBS to measure unemployment in the country.

Details later

President Bola Tinubu is currently meeting with a delegation of Nigerian Muslim leaders led by Sheikh Dahiru Bauchi, at the Presidential Villa, Abuja.

The group of Islamic leaders recently offered to interface with the coup leaders in Niger Republic on behalf of the Economic Community of West African States, got the approval, and actually interacted with the junta’s head, General Abdourahamane Tchiani.

The Ulammas are meeting President Tinubu, who is the Chairman of the ECOWAS’ Authority of Heads of State and Government, at the Presidential Villa to brief him on the outcome of their visit to Niger over the political situation in the country.

It would be recalled that the ECOWAS had taken steps to show its disapproval of the military takeover of power in Niger by imposing a series of sanctions and an ultimatum, which the body threatened could lead to an armed response.

The Ulammas, who are opposed to war with the Nigerien military, as threatened by ECOWAS, said that apart from the dire consequences of armed conflict, they were enjoined by their religious faith and the Quran to seek mediation first in cases like this before resorting to war.

Details later…

Godwin Emefiele, suspended governor of the Central Bank of Nigeria (CBN), is seeking a plea bargain in the criminal suit filed against him by the federal government, TheCable understands.

The suspended CBN governor is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others.

He was charged alongside one Sa’adatu Yaro, an employee of the CBN, and a firm known as April1616 Investment Ltd.

The arraignment, which was initially scheduled for August 17, was stalled due to the absence of Sa’adatu Yaro, Emefiele’s co-accused.

The case was then adjourned to August 23.

However, at the court session on Wednesday, neither Emefiele nor Yaro was present. The case was also not listed on the court’s cause list.

According to sources, Emefiele is proposing a plea bargain agreement and the federal government is disposed to the arrangement.

If an agreement is reached, Emefiele will, subsequently, resign as CBN governor and “disgorge” some assets.

By the provisions of the law, the president cannot remove Emefiele as central bank governor.

Section 11 of the Central Bank Act 2007 specifies the conditions upon which a CBN governor can be removed from office.

Section 11(2)(f) empowers the president to terminate the appointment of a CBN governor. But, the “removal of the governor shall be supported by two-thirds majority of the senate praying that he be so removed”.

If the president cannot get two-thirds majority of the senate to remove the CBN governor, another option would be to wait until he is convicted of a criminal offence by a court of competent jurisdiction per section 11(2)(b).

However, section 11(3) of the CBN Act allows the CBN governor to resign his office by giving at least three months’ notice in writing to the president.

SUSPENDED BUT NOT REMOVED

On June 9, President Bola Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor, operations directorate.

The day after, the DSS announced that Emefiele was in its custody for “some investigative reasons”.

On July 25, he was arraigned on a two-count charge bordering on “illegal possession” of firearms at a federal high court in Ikoyi and was granted bail in the sum of N20 million.

Nicholas Oweibo, the judge, had ordered that Emefiele be kept in the custody of the Nigeria Correctional Service (NCoS) pending the fulfillment of his bail conditions.

But the DSS insisted that Emefiele must return to its custody — a development that led to the face-off between the secret police and prison officials.

After the face-off, DSS rearrested Emefiele on the court premises.

On August 3, the federal government filed an application seeking leave to appeal against the order granting bail to Emefiele.

However, on August 15, the federal government made an oral application to withdraw the charge of “illegal possession of firearms” against Emefiele.

Mohammed Abubakar, the director of public prosecution (DPP) of the federation, said the decision to withdraw the charge is backed by sections 174 (1) and (3) of the 1999 constitution and sections 108 (1), (2) and (4) of the Administration of Criminal Justice Act (ACJA) 2015.

On August 17, the court granted the federal government’s application and struck out the charge.