₦airaland Forum

The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N1960 per Euro, driven by persistent demand pressures that continue to erode the currency’s value. 

This marks a notable decrease of 5.36% or N105 compared to the N1,855 rate recorded the previous day at the black market.

This depreciation stands as an unprecedented occurrence, representing the lowest point in the historical performance of the Naira against the Euro.

 Concurrently, black-market exchange rates have continued to witness the devaluation of the Nigerian Naira, exacerbated by a substantial surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024. 

The inflation rate surged to 29.90%, indicating a significant rise from the 28.92% recorded in the previous month.  

These developments persist despite the Central Bank of Nigeria’s (CBN) implementation of several policies aimed at bolstering the supply of foreign exchange (forex). 

Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,880/$1, reflecting a 2.66% decrease from the N1,830 rate it closed at the previous day, according to Nairametrics tracker.
Additionally, the Great British Pound (GBP) stood at £1/N2260, a decline from £1/N2,210 recorded the previous day, this marks a notable decrease of 2.21% compared to the N2,210 rate recorded the previous day.

What you should know
Nairametrics reported that it has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT before subsequently rising to N1354.3.

However, by 7 am on Thursday, February 22, the naira was trading between N1680-N1710/$1 USDT.

This situation arises amid several reports of a crackdown on cryptocurrency trading, which some authorities view as a significant contributing factor to the rapid depreciation of the naira.
Tether (USDT) is a stablecoin used as a medium of exchange for cryptocurrency traders looking to trade their local currency against the dollar. One USDT is equivalent to $1.

This dramatic drop and subsequent recovery underscore the volatile nature of cryptocurrency markets, especially in the context of Nigeria’s current economic climate.

The exact cause of the wild volatility experienced in the last 24 hours remains unclear, even as some attribute it to a broader crackdown on cryptocurrency trading by certain authorities, who argue that such activities have been contributing to the rapid devaluation of the naira.

It has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT before subsequently rising to N1354.3.

However, by 7 am on Thursday, February 22, the naira was trading between N1680-N1710/$1 USDT.

This situation arises amid several reports of a crackdown on cryptocurrency trading, which some authorities view as a significant contributing factor to the rapid depreciation of the naira.

Tether (USDT) is a stablecoin used as a medium of exchange for cryptocurrency traders looking to trade their local currency against the dollar. One USDT is equivalent to $1.

This dramatic drop and subsequent recovery underscore the volatile nature of cryptocurrency markets, especially in the context of Nigeria’s current economic climate.

The exact cause of the wild volatility experienced in the last 24 hours remains unclear, even as some attribute it to a broader crackdown on cryptocurrency trading by certain authorities, who argue that such activities have been contributing to the rapid devaluation of the naira.

What Binance is saying
Earlier in the day, Binance assured its Nigerian users via a blog post that their funds are safe and secure, stating that its peer-to-peer (P2P) product remains operational but with adjustments.

“To protect users, and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement. Late last night, we observed a temporary suppression of prices that briefly reached our system limit. We quickly made the necessary adjustments to allow trading to continue.

“We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P product. Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit,” it said.

While this is not specific to Nigeria, Binance said it is working with regulators and policymakers to maintain transparency in cryptocurrency trading and its impacts on the financial markets.

It emphasized that Binance does not influence foreign exchange rates.

The volatility experienced in the crypto market brings to the fore the reliability of the platform as a benchmark for the exchange rate.

Nairametrics understands most parallel market operators often cite cryptocurrency-stable coin prices as a reference despite their relatively low volumes of trade.

On average, Binance platforms trade around 3 million USDT compared to the official FMDQ market which has averaged $251 million in daily turnover in February this year.

The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it.

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

PREMIUM TIMES earlier reported Wednesday that the government was considering blocking the online platforms of Binance and other crypto firms as part of efforts to avert the free fall of the local currency.

Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.

Binance, a digital assets platform, serves as a window for peer to peer transactions allowing users to advertise interest to sell or buy currencies of their choice.

In September 2023, Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, saying the platform was “neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”.

Despite the warning by the regulatory agency, the firm continued its operation, attracting huge patronage especially among urban youths and suspected speculators and money launderers. Aside from suspicions of economic sabotage, officials also speak of national security concerns as the platforms are often patronised by other criminal groups including for payment of ransom.

In its reaction earlier on Wednesday, Binance said “users behaving in a manipulative way” will be removed from its platform.

“As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance,” the platform added, noting that it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Wednesday, the Nigerian government announced that it was planning to raise $10bn to improve liquidity in the foreign exchange market.

President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years," Mr Shettima said.

Meanwhile, the naira tumbled to an all-time low of N1,900 per dollar at the parallel market on Tuesday, amidst speculations and uncertainties about supply constraints in the markets. But at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local unit appreciated slightly to N1,551.24.

Earlier on Tuesday, the office of the National Security Adviser directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” the office said in a statement.

“The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira.”

STATEMENT FROM THE LABOUR PARTY

Heavy crowd of protesters on Wednesday besieged the Zone 5 headquarters of the Police Command in Benin City over the arrest of the National Chairman of the Labour Party, Barrister Julius Abure.

Also arrested was the state chairman of the party, Kelly Ogbaloi.

The Labour Party on Tuesday had a very successful delegate election in Benin ahead of the Party Primaries scheduled to hold on Friday. The party chairman only this morning along with party governorship aspirants also kept a scheduled security briefing with the Department of the State Security. Abure was however arrested after the meeting by a combined team of DSS and Police officers. Abure, Ogbaloi and their aides were also manhandled.

Effort by some party leaders to have access to the Zone 5 headquarters was turned down due to the huge crowd of party supporters who were expressing their displeasure over the arrest of Abure.

However, a Police source informed the party officials and other governorship aspirants at the gate of the police headquarters that the arrest was in connection to a protest letter by one of the expelled member of the party loyal to Apapa dissident camp.

The source also confirmed that the arrest was not unconnected to the ongoing party primary and the possible candidate that will emerge which the state government is vehemently opposed to.

He informed that the arrest was to frustrate the primary process and possibly interrupt the party’s participation in the governorship election.

The Deputy National Chairman of the Party, Dr. Ayo Olurunfemi in video post said that no form of intimidation from the highest quarters can stop the party from concluding the process leading to the emergence of the Labour Party government in the state.

SIGN

Obiora Ifoh
National Publicity Secretary
Labour Party

21-02-2024

ATIKU HOSTS IPAC, RESTATES HIS COMMITMENT TO THE ENTHRONEMENT OF DEMOCRACY IN NIGERIA

•Canvasses for merger of the opposition parties to present a formidable front

The National Leader of the Peoples Democratic Party (PDP), His Excellency Atiku Abubakar (GCON) has been described as the icon of democracy in Nigeria by the delegates of the Inter-Party Advisory Council of Nigeria (IPAC) who paid him a solidarity visit today in his Abuja residence.

Speaking during the visit, the leader of the delegation that includes Chief Clement Ojukwu, the National Organizing Secretary of the Labour Party who represented their Chairman, Hon. Adekunle Rufai Omoaje, the Chairman of the Action Alliance, and the chieftains of other parties, Engr. Yabagi Sani who is the National Chairman of IPAC, thanked the former vice president of the country for hosting them and explained that they had come on a solidarity visit.

Expressing his satisfaction with the conduct and the commitment of Atiku to the ideals of democracy, he stated that Atiku has a place in our political history as an icon of democracy. He praised Atiku's Pan-Nigerian attributes, describing him as a detribalized leader who does not discriminate based on tribe or religion.

Addressing the delegation, the PDP National Leader who is also the Waziri of Adamawa thanked them for the visit and for identifying with him. He decried the poor state of affairs in the country since the coming of the All Progressives Congress (APC) regime.

He expressed his readiness to work for the unity of the country at all times and for the uplifting of the fortunes of the citizens of our country, stating that he is not quitting the political stage yet. The former number two citizen of the country advocated the merger of the different political parties to combat the behemoth APC that is hell-bent on turning the country into a one-party state. Atiku noted regrettably that the last general election and the recent off-season elections were the worst in our political history.

He regretted that instead of an improvement the Independent National Electoral Commission (INEC) and other public institutions are deteriorating, making themselves instruments of oppression in the hands of the authoritarian APC regime.

AbdulRasheed Shehu
Special Assistant (Broadcast Media) to H.E Atiku Abubakar, GCON
November 14, 2023.

Electricity workers have shut down the national grid following the declaration of an indefinite strike by organized labour unions.

Ndidi Mbah, the spokesperson for Transmission Company of Nigeria, confirmed this to DAILY POST exclusively on Tuesday.

According to her, electricity workers, the National Union of Electricity Employees (NUEE), followed directives of the Nigeria Labour Congress to withdraw their services around 11:20 am on Monday, leading to a nationwide blackout.

"Electricity workers are NLC members; they’ve followed the directive by organized labour to withdraw their services from Tuesday”, she stated.

DAILY POST gathered that the Federal Capital Territory and its environs are experiencing a blackout.

Recall that the Nigeria Labour Congress and Trade Union Congress announced a nationwide indefinite strike starting Tuesday despite a court order restraining the unions from doing so.

Reacting to the development, the Presidency, in a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, said strike action by unions was a flagrant disobedience to court order and a lack of respect for the judiciary.

Accordingly, the government expressed displeasure that the nation’s economy and social activities should not suffer because of the personal interest of any labour leader.

DAILY POST reported that the unions last week issued a nationwide strike notice over an assault on Joe Ajaero, the President of NLC, on November 1 2023, in Imo State.

The immediate-past national vice chairman, North, of the All Progressives Congress, APC, Salihu Lukman, has said the party’s democratic credentials are gradually dwindling.

Mr Lukman, in a statement on Monday, also warned that the ruling party must do away with money politics.

He also claimed that most leaders of the party have been denied access to see President Bola Tinubu.

“As loyal members of the APC, and above all, as patriotic Nigerians, we are all here to make the President and Nigerian governments at all levels succeed.

“Being the father of the nation and the leader of the APC, President Asiwaju Tinubu is the supervisor in chief, and we will not antagonise him. We acknowledge the courage of the President to take all the necessary decisions.

“First, the biggest problem many APC leaders have with President Asiwaju Tinubu’s government is inaccessibility.

“Perhaps, partly because of the challenge of managing pressure from people seeking political appointments in government, the assumption is that everybody seeking to meet the President or people around him will be lobbying for appointment.”

He also said the cost of contesting an election on the party’s platform has become unbearable.

“Beyond issues of strong public perception about similarity between the APC and other parties, there is also the troubling reality whereby it is increasingly becoming more expensive to aspire and win elections in APC, perhaps more expensive than in any other party,” he said.

“For instance, cost of APC Presidential and Gubernatorial nomination forms in 2014, ahead of the 2015 general elections, was respectively, N27.5 million and N5 million.

“In 2019, it increased to N45 million and N22.5 million for Presidential and Gubernatorial nomination forms respectively. It rose to N100 million and N50 million in 2023 respectively.

“At this rate, by 2027, the cost of APC nomination form for Presidential election will not be less than N250 million. That of Gubernatorial election may not be less than N125 million.

“As things are, we must be honest, Nigerian politics cannot continue the way it is today. Many Nigerians, especially APC members, expected that doing away with money politics is one of the changes APC will bring about.

“Unfortunately, things have progressively got worse. Sadly, too, because structures of the party are not functioning, there is no avenue to deliberate all these and make proposals,” he said.

“APC is progressively losing even the little democratic credentials, which in 2015 encouraged Nigerians to expect the possibility of a progressive party emerging out of it,” he added.

“Many Nigerians, including APC members, may be tempted to rationalise this unfortunate reality based on the liberal disposition of former President Buhari who was unable to ensure that APC matured into the envisioned progressive party in the last eight years.

“Consequently, APC virtually was taken over by whatever was PDP, and all its negative values including money politics.

“So long as aspirants and candidates are required to bear all the financial burden of winning elections, the extent of being successful may not include transforming APC into a progressive party, which is the primary source of APC’s electoral advantage,” Mr Lukman added.

The keenly-contested November 11, 2023 Kogi State Governorship Election has finally produced a winner with the All Progressives Congress (APC) candidate, Usman Ododo, clinching the much-coveted seat.

The State Returning Officer, Prof Johnson Urama, who is the Deputy Vice-Chancellor (Academics) of the University of Nigeria, Nsukka, announced Ododo as the winner at 10:23pm on Sunday.

Ododo won with 446,237 votes, defeating his closest rival, Murtala Ajaka of the Social Democratic Party (SDP), who scored 259,052, while Dino Melaye of the Peoples Democratic Party (PDP) polled 46,362 votes.

Ododo, an ex-Auditor General of Local Government in Kogi under Governor Yahaya Bello, was the anointed candidate of the governor who is ending his double terms of eight years.

Melaye had on Saturday, raised the alarm over “filled result sheets” in the Ogori/Magongo Local Government Area of the North Central state. The PDP candidate also called for the suspension of the exercise over violence and vote buying. INEC subsequently suspended election in nine wards in the local government area.

Late Sunday, INEC said fresh polls will be conducted in 59 polling units in the Ogori/Magongo Local Government Area of the state on November 18, 2023 in line with its principle of the margin of lead.

The total number of registered voters in the affected polling units was put at 15,136, one that was insignificant to the about 200,000 votes gathered by the APC candidate ahead of his closest rival – Ajaka.

The Senate on Thursday, November 2, approved the N2.17trn 2023 Supplementary Appropriation Bill after a third reading.

Prior to the bill’s adoption, the Senate accepted the report from the synchronised sessions of the red and green chambers about the 2023 Supplementary Appropriations Bill, which was provided by Senator Solomon Olamilekan Adeola (APC Ogun West), the chairman of the Appropriations Committee.

The @officialABAT dynasty of thieves! They want to buy a “Presidential Yacht” for N5billion for a man who’s never been to a stream before, they want to renovate a Presidential Lodge in Lagos for N4b for a man who just built a mansion in Lagos that stretches from Bourdillon to Queens Drive in Ikoyi! Reason the joker was grandstanding about his son, Seyi sneaking into FEC meetings just to fool the unwary. #RevolutionNow

They took fuel subsidies from the poor, floated the naira and introduced school fees so they could fund their luxuries while they maintain the miseries of the Nigerian populace!

The Kogi State Governor, Yahaya Bello, on Tuesday, said he accepts the Appeal Court’s verdict affirming Natasha Akpoti-Uduaghan of the Peoples Democratic Party as the duly elected Senator for Kogi Central.

“I accept the decision of the appeal court and I use this opportunity to congratulate my sister, Barrister Natasha as a senator of the Kogi Central Senatorial District,” Bello told State House correspondents after the Police Council meeting at the Aso Rock Villa.

He added, “I, as the Executive Governor of Kogi State received the news of the decision of the Court of Appeal nullifying the election of Senator Abubakar Ohere, and affirming Barrister Natasha Akpoti as the senator representing Kogi Central.”

Earlier, the court had dismissed the appeal filed by Ohere of the All Progressives Congress for lacking in merit.

The state Election Petitions Tribunal, in September, had declared Akpoti-Uduaghan winner of the Kogi Central Senatorial election, PUNCH reports.
It also invalidated the victory of Ohere.

The tribunal chairman, Justice K. A. Orjiako, delivered the unanimous judgment of the three-person panel, revealing that Ohere’s results were inflated in nine polling units in the Ajaokuta Local Government Area.

Thank you Fubara for using your full weight of executive powers to stamp your authority. The next step is to write ⁦@officialABAT⁩ withdrawing Wike as minister representing Rivers State. Also don’t forget to demolish any of his properties not on the original master plan.

Rivers State:

We're aware of the security situation at the Rivers State House of Assembly Complex. The Rivers State Police Command is actively addressing the matter. We've launched a comprehensive investigation to uncover the circumstances and will take immediate actions against those responsible. Stay tuned for further updates. Your safety remains our priority. #RiversSecurity

The Governorship Candidate of the Labour Party (LP) in Lagos, Gbadebo Rhodes-Vivour, has disagreed with the verdict of the Lagos State Governorship Election Petitions Tribunal affirming the Incumbent, Sanwo-Olu and has instructed his lawyers to appeal the judgment.

Press Statement

Following the directive of the Federal Government that this year's Independence Day Celebration should be low-key, the Ogun State Government has cancelled all arrangements in respect of the anniversary on October 1st, 2023.

The decision by the Federal Government is to reflect the mood of the nation. The state government enjoins citizens of the state to spend the time solemnly praying for the country.

It is the strong belief of the government under the leadership of Governor Dapo Abiodun that the supplications of the people at this crucial time will be answered by God.

We seek the understanding and cooperation of all and sundry as we observe a low-key independence anniversary this year, believing that better times lie ahead of us as a people.

Thank you all.

Signed:

Tokunbo Talabi
Secretary to the State Government
Ogun State.

The attention of the management of Perez Medcare Hospital has been drawn to the misleading and false information being circulated in some social media platforms that Mr. Ilerioluwa Oladimeji Aloba (AKA Mobbed) died in our medical facility.

We consider it pertinent to put on record that at about 04:30pm on the 12th of September 2023, the lifeless body of Mr. Ilerioluwa Oladimeji Aloba (AKA Mohbad) was brought to our medical facility and our medical team immediately sprang into action and after assessment, it was discovered that there was no sign of life, no central or peripheral pulse, no heartbeat, no recordable vital signs and his pupils were fixed and dilated.

On attempting CPR (Cardiopulmonary Resuscitation), rigor mortis (stiffening of some parts of the body in relation to death) was observed and the persons who brought him to our facility were informed that it was a case of BID (Brought in dead).

Upon enquiry about the circumstances leading to the emergency, our team was informed that the deceased was being treated at home by a nurse and that she administered injections on him.

Our team thereafter advised that the body be taken to the nearest Government Hospital where he can be deposited in the morgue.

Let it be known that Mr. Ilerioluwa Oladimeji Aloba (AKA Mohbad) was not a patient of Perez Medcare Hospital and was never admitted at our hospital at any material time whatsoever.

Also, the nurse who was said to be administering treatment on him at home is not a staff of Perez Medcare Hospital and the video of the medical facility circulating In the media space in which the late Mr. Ilerioluwa Oladimeji Aloba (AKA Mohbad) is seen alive and receiving treatment is not Perez Medcare Hospital.

We are compelled to issue this statement to set the records straight and correct the wrong and false misinformation being circulated about Perez Medcare
Hospital. We urge everyone to desist from spreading false information and be mindful of the sensitivity of this matter.

While we express our condolences to the family and friends of the deceased Mr. Ilerioluwa Oladimeji Aloba (AKA Mohbad), we also lend our voice to the call for
thorough investigation into the circumstances of his sudden death.

Thanks

Governor Alex Otti has officially commissioned Emelogu road, Shallom road and Cemetry road phase 1, all in Aba which were newly reconstructed with solar street lights. by his administration.

Speaking while commissioning the roads in Aba, Governor Alex Otti reassured the people of his commiment to fulfilling his campaign promises. He said that he is investing in road infrastructure because good road network is a huge enabler in economic development.

He assured Abians that he would maintain the confidence the people repose on him said he would develop Aba in line with his campaign promises. He explained that what Aba needs is to open it up with good infracstructure and enabling environment that would support the social and economic lives of the people, which his administration is committed to doing. Governor Otti stated that the Cemetry Market road has not been used for over 20 years and said that his government is committed to puting to an end, activities of touts in the markets. He thanked the residents and contractors for their support and solicited more support from all, saying that a new Abia requires the participation of all and sundry. Governor Otti disclosed that a water fountain would soon be fixed at the Emelogu round about.

In his speech, the Commissioner for Works, Engr. Don Oti said giving adequate attention to road infrastructure is paramount to the Governor Otti led administration as revitalizing the road networks would impact on economic growth and development as well as ease off stress on the citizenry. He called on the beneficiaries of the of the roads to reciprocate government’s gesture by taking responsibility of keeping the roads free from refuse and drainage blockages. He added that soon, it would be a serious offence to drop refuse in the drains or to repair automobiles or display merchandise on the roads and informed that the necessary legislative frame work to put that to force is being put in place.

In their various speeches, the President Aba Chamber of Çommerce, Industry, Mines and Agriculture (ACCIMA), Chief Jerry Kalu, a resident of Emelogu road, Mr. Uche Okafor among others saluted Governor Alex Otti for fixing the roads and assured of the sustained support of the Aba community to his administration.

The original inhabitants of the Federal Capital Territory (FCT) are preparing to take legal action to request that the federal government of Nigeria and the National Assembly allow them to elect their governor, three Senators, House of Representatives members, and State House of Assembly representatives.

This decision comes in response to the recent judgment by the Presidential Petition Tribunal Court, which asserted that Abuja holds no special status compared to other states.

Daniel Bwala, the former spokesman of Atiku Abubakar’s Presidential Campaign Organization, announced this move on his verified X account, formerly known as Twitter, citing the tribunal’s ruling that places Abuja on equal footing with other states.

He wrote: “Following the Presidential Election Petition Court’s judgment which states to the effect that Abuja is just like any other state; I am hearing that the natives of Abuja are approaching the court for an order mandating FGN to let them produce their Governor and 3 Senators amongst other peculiarities of a state. What is good for Guinea is also good for Uganda.”

Recall that the Presidential Election Petitions Tribunal ruled that the Federal Capital Territory (FCT) does not enjoy any special status compared to the other 36 states of the federation concerning the mandatory 25% vote requirement in the presidential election conducted on February 25.

The court’s ruling, issued on Wednesday, emphasizes that the FCT holds no superiority over any state in this regard.

The tribunal said the Labour Party’s “interpretation of 134(2)(b) of the constitution is completely fallacious, if not outrightly ridiculous.”

Section 134(1) and (2) of the 1999 Constitution of Nigeria (as amended) mandates that in a presidential election involving multiple candidates, the winning candidate must secure a majority of the total votes cast and obtain at least 25% of the vote in at least two-thirds of the 36 States and the Federal Capital Territory (FCT) to be declared the duly elected President of Nigeria.

The Delta State Election Petition Tribunal has sacked Senator Joel-Onowakpo Thomas, popularly known as JOT, the lawmaker representing the Delta South Senatorial District in the National Assembly.

The National and State Houses of Assembly Election Tribunal sitting in Asaba, Delta State has ordered a re-run election in Warri South Local Government Area of the state for the Delta South Senatorial District.

The Senatorial candidate of the Peoples Democratic Party (PDP), Michael Diden, aka Ejele had challenged the victory of the All Progressives Congress (APC) candidate, Senator Joel Onowakpo-Thomas (JOT) in the 2023 National Assembly elections.

Diden and his party, the PDP, in their petition marked EPT/DT/SEN/ 01/2023, asked the tribunal to void INEC’s declaration of candidate of the APC Joel-Onowakpo, alleging that he was not duly elected by the majority of lawful votes cast at the polls.

A three-man panel headed by Justice Cathrine Ogunsola in her ruling declared that the election that brought in Joel-Onowakpo was inconclusive and therefore ordered the Independent National Electoral Commission (INEC) to conduct a supplementary election in the Warri South council area of Delta South senatorial district within 90 days.

Delta South Senatorial District Tribunal Verdict

I am aware of the judgement delivered by the National Assembly Petition Tribunal sitting in Asaba, Delta State.

Though we are yet to receive the certified true copy of the judgement, preliminary brief suggested sufficient grounds for appeal which will give us victory.

As I consult the leadership of our party and my legal team, rest assured that, we will appeal this judgement and we will do everything within our God given grace to defend our mandate.

However, I wish to urge my teeming supporters and APC faithfuls in Delta South Senatorial District to remain calm and show brotherly love to one another

Rest assured that, by God's grace, the mandate you gave to me at the polls will be defended and I will remain your Senator now and for the next four years.

Signed:

Senator Joel-Onowakpo Thomas FCA FCTI MBA,
Delta South Senatorial District

6th September 2023

The petition by Atiku and PDP lacks merit. Having found all 3 petitions to be unmeritorious, I hold that the return of Tinubu as elected President by INEC is right.

The Presidential Election Petitions Court on Wednesday affirmed the election of President Bola Tinubu of the All Progressives Congress (APC).

On whether the Independent National Electoral Commission (INEC) was right to return Tinubu as the duly elected by majority of lawful votes cast in the February 25, 2023 poll, the Tribunal held that the petitioner — the Peoples Democratic Party (PDP) and its flag bearer, Atiku Abubakar — did not successfully prove the allegations against this ground and indeed all the grounds in their petition.

Justice Haruna Tsammani said, “This petition accordingly lacks merit. I affirm the return of Bola Ahmed Tinubu as the duly elected President of the Federal Republic of Nigeria. The parties are to bear their cost.”

The court also expunged 37 exhibits tendered by the witnesses from the court’s records.

On the issue of dumping of documents on the court, he held that this would only go to the weight to be attached to such evidence.

On the issue of Tinubu’s conviction and the issue of his dual citizenship, the Tribunal again held like it earlier did that this issues were incompetent and liable to be struck out and same were indeed struck out.

The Presidential Election Petitions Court (PEPC) has ruled on the allegations brought forth by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, against President Bola Tinubu of the All Progressives Congress (APC).

Atiku had accused Tinubu of holding dual citizenship and having a drug conviction in the United States.

Atiku, therefore, claimed that Tinubu was not qualified to contest the presidential election held on February 25.

But, a member of the panel of Justices of the Court, Justice Moses Ugo, while delivering judgement following objections raised by the All Progressives Congress (APC) and Bola Tinubu concerning Atiku’s claims, declared that the grounds of Atiku’s allegations were considered new issues, and, therefore, they could not be accepted as part of the petition.

The objections raised by the APC and Tinubu were upheld, as they argued that Atiku and the PDP had introduced new issues not previously pleaded in their petition regarding non-qualification.

Atiku, in his response to Tinubu’s challenge, contended that he was constitutionally barred from running for the office of President of the Federal Republic of Nigeria due to his forfeiture of $460,000 as part of a compromise agreement related to narcotics-related crimes. This forfeiture took place in the United States District Court, Northern District of Illinois Eastern Division.

It could also be recalled that Atiku claimed Tinubu had failed to disclose his dual citizenship, which included Nigerian and Guinean citizenship.

The Tribunal has dismissed both claims by Atiku.

We write to extend our heartfelt gratitude to all our dedicated Affiliates, State Councils, and esteemed members for their unwavering support and active participation in the recent two-day nationwide warning strike. This collective effort was undertaken to emphasize our strong conviction that the government should prioritize the welfare of our citizens and adhere to our established statutes.

“We are pleased to report that, thanks to your resolute commitment, we have made significant strides in achieving the goals set during our National Executive Council (NEC) meeting, which prompted the initiation of this warning strike. It is abundantly clear that our united message has resonated loudly with the government, and it would take a truly inattentive ear not to hear it.

“As we mark the end of the two-day nationwide warning strike today, at the stroke of midnight, we earnestly call upon you all to gracefully conclude the strike and return to work tomorrow, in accordance with our initial agreement.

“We would like to take this moment to express our profound appreciation for your unwavering determination and dedication, which played a pivotal role in the resounding success of this action. Your contributions during this warning strike exemplify your unwavering commitment to our shared cause.

“In the event that the government fails to provide the appropriate responses to our demands, we encourage you to maintain your steadfast resolve. The same passion and determination that fueled this warning strike will be crucial if we find ourselves compelled to embark on an indefinite nationwide strike.

“Congress is not unmindful of the actions of detractors and fifth columnists but in the face of them all, we remain undaunted and more committed to the defence of Nigerian workers and people at any given time. Our nation deserves better.”

Press Release

Oyo Gov Approves Selection of New Soun

Oyo State Governor, Seyi Makinde has approved the appointment of Prince Afolabi Ghandi Olaoye as the new Soun-elect of Ogbomosoland.

Commissioner for Local Government and Chieftaincy Matters, Hon. Olusegun Olayiwola said in a statement on Saturday that the announcement followed the long-drawn processes specified under the law.

“His Excellency congratulates the new Soun-elect on his ascension to the throne of his forebears,” the statement said.

The Commissioner said the exalted position has placed the monarch-elect in the position to facilitate harmony, understanding and tolerance amongst his people.

The Commissioner also urged all sons and daughters of the ancient city of Ogbomoso to work with the monarch to consolidate the successes of his forefathers.

E-signed:

Prince Dotun Oyelade,
Hon Commissioner,
Ministry of Information and Orientation,
Oyo State.
September 2, 2023.

KAABIYESI ooo
From Pulpit to the Palace
The Next Soun of Ogbomoso
Prince Pastor Afolabi Ghandi Laoye.
B. A.(English) B.Sc( Industrial & Labour Relations)

May your reign be glorious and a blessing.KAABIYESI ooo
From Pulpit to the Palace
The Next Soun of Ogbomoso
Prince Pastor Afolabi Ghandi Laoye.
B. A.(English) B.Sc( Industrial & Labour Relations)

May your reign be glorious and a blessing.

Grammy-award-winning artist Burna Boy's parents, Bose Ogulu, and husband, Samuel, are celebrating their 33rd wedding anniversary.

Bose, who manages her son's music career, made this known in an Instagram post on Saturday.

Celebrating the milestone, she wrote, "33 years and still counting. Happy anniversary to us 😍."

The rift between the Edo State Governor, Godwin Obaseki and his deputy, Philip Shaibu may come to a head next week as the latter is set to be relocated to a building outside the Government House.

The PUNCH discovered on Saturday that the new office is situated at 7 Dennis Osadebey Avenue, close to the Government House.

The building used to be the office of the Edo State Public Procurement Office which was inaugurated by former governor Adams Oshiomhole, on December 16, 2014. In fact, the plaque stating the inauguration date is etched by the entrance of the building.

A signboard with the inscription, ‘Office of the Deputy Governor’ is erected at the entrance. When our correspondent visited the complex, on Friday, workers were seen renovating the building and the compound while the renovation had yet to commence on the security post.

One of the workers handling the renovation who did not give his name, said that the job was expected to be delivered on Monday.

He added that he didn’t know what the building was going to be used for as he also had no idea about how the signboard was placed at the entrance.

The worker said, “I work for the company handling this renovation of this building. Our job is to deliver the project on Monday as agreed. I do not know how the signboard got to the entrance of the building and I don’t have an idea of what the building will be used for.”

Speaking about the development, the Commissioner for Communication and Orientation, Chris Nehikhare, said, “If there is a government signboard saying so, then it must be so."

The Ministry of Foreign Affairs has officially recalled Sarafa Tunji Ishola from his office as Nigeria’s ambassador extraordinary and plenipotentiary to the United Kingdom, a significant change in Nigeria’s diplomatic front under President Bola Tinubu.

The recall, communicated through a letter dated August 31, marks the end of Mr Ishola’s tenure as the country’s highest diplomatic representative to the UK.

“I have the honour to notify you of Mr President’s decision to recall you, signalling the end of your tenure as Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Nigeria to the United Kingdom.

“By this communication, you are now expected to commence the process of winding down your affairs, and take formal leave of your host government within sixty days and to return to Nigeria by 31 October 2023 at the latest,” the letter read.

The letter also conveyed Mr Tinubu’s appreciation for Mr Ishola’s service and exemplary leadership in the course of his tenure and extended warm wishes for his future endeavours.

“I seize this opportunity to express Mr President’s appreciation for the service you have rendered in your capacity as Nigeria’s Ambassador and Principal Representative in the United Kingdom.

“While looking forward to welcoming you in Abuja on your return, please allow me to join Mr President in thanking Your Excellency for your exemplary leadership and service to Nigeria. I wish you God’s continued guidance in your future endeavours,” the letter added.

The appointment of Mr Ishola, a former federal minister for mines and steel development was confirmed in January 2021 when he took over from retired Supreme Court Justice George Oguntade.

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The State Security Service has arrested Kingsley Obiora, the deputy governor of the Central Bank of Nigeria in charge of economic policy, Peoples Gazette can report.

Mr Obiora has now spent four nights in custody under questioning by the security service, which has been looking into allegations of financial mismanagement under Godwin Emefiele, the ousted governor.

Mr Emefiele, who was first appointed as CBN governor in June 2014, has been in SSS since June 10, 2023, a day after he was controversially removed from office by President Bola Tinubu.

While two federal judges have ordered Mr Emefiele’s release, the SSS has continued to find other grounds to hold him in custody, often filing fresh charges to supersede earlier ones for which the top banker had been arraigned.

A source familiar with Mr Obiora’s arrest said he was being targeted as a principal witness against his boss, although The Gazette has asked other sources to corroborate this. Another top CBN official Abbas Masanawa was arrested recently and held in custody, as officials seek to determine the steepness of Mr Emefiele’s alleged corruption.

The Gazette did not promptly hear back from the SSS and CBN about Mr Obiora’s detention, which officials said was not entirely unexpected given his knowledge of CBN’s policy decisions.

Mr Obiora, born March 6, 1976, was a policy chief at the International Monetary Fund and advised former finance minister Ngozi Okonjo-Iweala. He was also an adviser to Mr Emefiele until March 2, 2020, when he was confirmed to his current position as one of CBN’s four deputy governors.

Mr Tinubu, in late July, appointed a special investigator to probe the CBN and other federal agencies suspected of long fostering a culture of public graft. Jim Osayande Obazee resumed work in early August at CBN, officials said.