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FEBRUARY 5, 2023BY TIMOTHY ATOYEBIIN BUSINESS, HOME, NEWSCOMMENTS OFFON UYO RESIDENTS FACE NAIRA SHORTAGE AS BANKS STRUGGLE TO MEET DEMAND FOR NEW CURRENCY
UYO RESIDENTS FACE NAIRA SHORTAGE AS BANKS STRUGGLE TO MEET DEMAND FOR NEW CURRENCY
Godwin udo
Residents of Uyo, the capital of Akwa Ibom state, are facing a severe shortage of naira, the national currency of Nigeria. The shortage has persisted for several weeks, and residents are finding it increasingly difficult to access the cash they need for everyday expenses.
This Sunday morning, hundreds of people were seen lining up outside of banks in Uyo, hoping to get their hands on the new naira notes. Despite the long lines and hours-long wait, many pethepople remain optimistic that they will be able to get the cash they need.
According to sources, the scarcity of naira is due to a number of factors, including a shortage of physical cash in circulation and a high demand for new currency. The Central Bank of Nigeria has been working to address the issue, but so far the efforts have not been enough to meet the demands of the public.
As a result of the shortage, many businesses in Uyo have been forced to close or limit their operations. This has had a severe impact on the local economy, and many residents are becoming increasingly frustrated with the situation.
In an effort to ease the strain on the local economy, the Central Bank of Nigeria has urged residents to use alternative forms of payment, such as electronic transfers and mobile money. However, for many residents, these options are not feasible, and they are left with no choice but to wait in long lines for cash.
The situation in Uyo is a stark reminder of the ongoing challenges faced by the Nigerian economy. Despite recent efforts to address the naira scarcity, it remains a pressing issue for many residents, and one that will likely require ongoing attention and action from the Central Bank of Nigeria
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FEBRUARY 3, 2023BY TIMOTHY ATOYEBIIN HOME, NEWSCOMMENTS OFFON PDP LOSES BID TO NULLIFY OYETOLA’S CANDIDACY
PDP LOSES BID TO NULLIFY OYETOLA’S CANDIDACY
The Supreme Court has dismissed an appeal filed by the Peoples Democratic Party to nullify the nomination and participation of the Osun State former governor, Mr Gboyega Oyetola, and his deputy, Benedict Alabi, in the governorship election that was held in the state on July 16, 2022.

After directing the PDP lawyer, Kehinde Ogunwumiju (SAN) to withdraw the appeal, the apex court led by Justice Chima Nweze on Thursday dismissed it because it was lacking in merit.

The PDP had prayed the Supreme Court to affirm and reinstate the judgment of the Federal High Court in Abuja that nullified the nomination of Oyetola and his deputy, Alabi, as standard bearers of the APC for the governorship election.

Justice Emeka Nwite of the Federal High Court had voided the participation of Oyetola and Alabi on the ground that their nomination forms were endorsed by an acting chairman of the APC and serving governor of Yobe State, Mai Mala Buni.In the suit marked FHC/ABJ/CS/468/2022, the court held that Buni acted in contravention of the provision of Section 183 of the Constitution when he held dual executive positions as the Governor and the Chairman of the National Caretaker Committee of APC.

Arguing through its team of lawyers led by Dr Abiodun Layonu (SAN), the APC said the high court judgment was perverse and occasioned a grave miscarriage of justice against it.

The party filed an appeal in December last year at the Court of Appeal and obtained an order that set aside the judgment of the high court. The party contended that the PDP lacked the requisite locus standi to institute the action. The appellant further insisted that PDP was bereft of the legal right to dabble in the internal affairs of another political party.

Among others, the APC argued that according to Section 84(14) of the Electoral Act, 2022, only an aspirant who took part in the primary election in which Oyetola and his deputy emerged could complain that the selection and nomination of a candidate for an election did not comply with the Act or the electoral guidelines of the political party.

Convinced, the high court judgment was thereafter vacated by the appellate court and subsequently upheld by the Supreme Court.
https://thepandoranewspaper.com/pdp-loses-bid-to-nullify-oyetolas-candidacy/

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Stakeholders in the nation’s energy sector gathered in Abuja on Tuesday to brainstorm on ways of improving the energy transition plan, using green hydrogen to boost power supply.

It was organised by German Government, African Network for Solar Energy and Renewable Energy and Energy Sufficiency Association (REEEA) with a workshop on Nigerian Perspective of a Hydrogen Partnership with Germany.

The Pandora Newspaper reports that hydrogen if produced from renewable power sources is climate-friendly.

This is due to its ability to be transported over long distances and storable over long period of time.

Ms Gina Lagunes, Head, German–Nigeria Hydrogen Office said that German Government was dialoguing with Nigeria’s Government, the public and private sectors as well as academia to develop an enabling framework for hydrogen.

Lagunes said that one of the achievements of the German Government was that it was in the process of finalising a study on policy regulation framework for hydrogen in Nigeria that would include energy development.

“We are carrying out hydrogen potential for the country and we are working also on establishing a working group on development of national hydrogen strategy, ’’she said.

On his part, Prof. Daniel Egbe, President African Network for Solar Energy, said there was an existing partnership between Germany and Nigeria in green hydrogen area.

Egbe said that the workshop was also organised to seek the opinions of Nigerians as the German parliament directed.

“The opinion of the man in street is very important that is why we have people from different sector gathered together to brainstorm on the perspective of green hydrogen.

“We have stakeholders from civil society group, industry players, government to voice their opinion on Nigeria and German green hydrogen partnership,’’ he said.

According to him, the goal of the workshop is to equally develop recommendations for actions for international green hydrogen partnership.

“It aims to promote understanding of the perspectives of these potential hydrogen exporting countries by discussing and exchanging with stakeholders through an online survey and stakeholders workshops.

“If we have to interact or corporate, it should be a win-win situation for everyone on the street of Nigeria to voice their opinion on any aspect that concerns them,’’ he said.

On his part, Prof. Magnus Onuoha, National Vice Chairman, REEEA, described green hydrogen as an emerging technology important to serve as a critical component in Nigeria’s energy transition.

Onuoha said that the workshop was to build capacity and educate people on the partnership between Germany and Nigeria so as to bring about active participation.

According to him, the job opportunities in green hydrogen are huge and important that Nigeria keys in by providing enabling environment and right policies.

“When we are sure that the right policies are in place and an enabling environment to drive the policies by 2030, you will be amazed what the green hydrogen will be contributing into the Nigeria’s energy transition plan, ’’ he said.
https://thepandoranewspaper.com/stakeholders-brainstorm-on-improving-nigerias-energy-transition-plan/

The Chief of Army Staff, Lt.-Gen. Faruk Yahaya has tasked senior military officers to provide proactive and efficient leadership to effectively address the prevailing security threats in the country.

Yahaya made the call on Tuesday in Abuja while delivering a lecture titled, “Military Leadership in a Security Challenged Environment”.

The lecture was presented at the maiden Leadership Lectures Series of the Nigerian Army Resource Centre (NARC).

He said effective leadership was key to military plans and operations, as such military commanders must imbibe it in order to efficiently tackle the current security challenges in the country.

“The challenges are all across the globe and our own version of it is asymmetric in nature., and that is why we have continuously tried to address issues that border on leadership,” he said.

The COAS said the lecture series was part of efforts to have all levels leaders in the military to understand was needed to inspire troops to success.

According to him, the lecture has been designed to emphasise issues like courage, dedication, integrity and proactiveness in taking decisions on issues of equipment and welfare of officers and men.

Yahaya said that the military would continue to train its officers and men at strategic, operational and tactical levels to be proactive, efficient and constantly adapt to changes in the environment.

Earlier, Director General of NARC, retired Maj.-Gen. Garba Wahab, said every military personnel has been trained to be a leader, as such they must constantly develop their capacity to meet strategic and operational requirements.

According to Wahab, the first requirement for every leader is to have a dream of what he or she wants the system to be.

He added that integrity was of utmost importance for every military commander, who leads his men to success or to death.

Wahab therefore said that the COAS vision of professionalism, knowledge, administration and readiness were key to effective military leadership.

The News Agency of Nigeria (NAN) reports that the lecture was attended by the Commandant, Nigerian Defence Academy, Maj.-Gen. Ibrahim Yusuf.

Others were principal staff officers, top commanders of army institutions and units, as well as members of the academia and research fellows, among others.
https://thepandoranewspaper.com/insecurity-coas-tasks-officers-on-proactive-efficient-leadership/

The International Monetary Fund has attributed the current global inflationary pressure to the dramatic increase in shipping costs.

In a new report titled “the costs of misreading inflation,” the lender said that by October 2021, indicators of the cost of shipping containers by maritime freight had increased by over 600 per cent from their pre-pandemic levels, while the cost of shipping bulk commodities by sea had more than tripled.

According to the report, as manufacturing activity picked up following extended COVID-19 lockdowns, demand for shipping intermediate inputs (such as energy and raw materials) by sea increased significantly.

At the same time, shipping capacity was severely constrained by logistical hurdles and bottlenecks related to pandemic disruptions and shortages of container equipment.

It further noted that ports around the world lacked workers, who had to self-isolate after testing positive for COVID-19, and public health restrictions prevented truck drivers and ship crews from crossing borders.

It read partly, “While skyrocketing food and energy prices were making headlines, the surge in shipping costs seemed to pass largely under the radar, despite its potential inflationary impact. Our analysis suggests that a doubling of shipping costs causes inflation to increase by roughly 0.7 percentage points.

The global lender said its study showed that the effect of the shipping cost shock on inflation was longer-lasting than the effects of commodity price shocks, peaking after about a year and lasting up to 18 months.

“By contrast, the impact of global oil prices on consumer price inflation peaks after only two months.

“Of course, this average result varies across economies and regions, and it depends on monetary policy frameworks, particularly central banks’ track record of stabilising prices and anchoring expectations, as well as on more structural features such as geography (which affects an economy’s remoteness and dependence on goods shipped by sea).

“Our evidence suggests that the impacts of surging shipping costs are likely to be larger and more persistent in countries with less-anchored inflation expectations and weaker monetary policy frameworks. Lower-income countries and some emerging market economies may be more at risk than advanced economies with established price stability credentials,” the statement added.

The presidency has dismissed allegations made by Gudaji Kazaure, member of the house of representatives on mismanagement or embezzlement of stamp duty funds, claiming there were cover-ups by administration officials.

In a recent interview, Kazaure, who said he is also the secretary of the presidential committee on the reconciliation and recovery of all stamp duties, alleged that the Central Bank of Nigeria (CBN), the office of the secretary to the government of the federation (OSGF), and the protocol department of the state house, conspired to prevent him from briefing President Muhammadu Buhari on the findings so far made.

The lawmaker alleged that he was blocked from meeting Buhari in order to brief him on progress reports on efforts to trace trapped N89.09 trillion.

However, in response to Kazaure’s allegations, Garba Shehu, presidential spokesperson, on Saturday, said it was “ludicrous that a member of the parliament would claim to be secretary of an executive committee”, adding that such a mix would be unconstitutional.

Shehu also said Buhari had since dissolved the committee Kazaure was claiming to be the secretary to, but noted that there is another committee, chaired by the attorney-general and minister of justice, set up in June 2020 by the president, which is still executing the task of reconciling stamp duties accounts.

“In the first instance, the committee on the alleged loss of stamp duty funds he is talking about is an illegal committee, it was dissolved on directive of the president,” he said.

“Anyone familiar with our constitution will find it curious that a member of the parliament is the secretary of an executive committee. It suffices to say that the entire net worth of the nation’s financial sector, the assets of the banking sector put together, is not worth N50 trillion, not to talk of the kind of money he is talking about.

“The Central Bank assures that there is absolutely no problem, whatsoever, with money from stamp duties.

“There is a committee duly set up by the president in June 2020, chaired by the attorney-general and minister of justice and the secretary is the chairman of the Federal Internal Revenue Service (FIRS) that is currently reconciling the stamp duty accounts. The job is not finished.

“As it is, there is nothing to give credence to wild accusations made against the administration.

“Following speculation and the many allegations, earlier investigations were commissioned by government departments and agencies, including the ministry of finance, the revenue mobilisation and fiscal service, the Economic and Financial Crimes Commission (EFCC), the Nigerian Deposit Insurance Corporation and nothing sensational has been discovered by them.

“Issues of reconciliation are being handled.”

On the allegation that Kazaure had been prevented from meeting with the president in his efforts to expose his findings to him, Shehu said it was not true as the legislator is known to be a friend of the president with unfettered access to him.

“As for Gudaji seeing the president, I’d like to assure you that there is nobody that can stop him from seeing the number one citizen. Gudaji is a friend of the president. He sees him as many times as he wants and he is welcome to come and see him again and again,” he added.

The federal government is yet to recover stamp duty funds made from January 15, 2016, to June 30, 2020, according to Abubakar Malami, attorney-general of the federation. The 36 states through their attorneys-general, had sued the AGF over the alleged failure of the government to remit funds generated from stamp duties into state accounts.

https://thepandoranewspaper.com/in-abuja-atiku-promises-unify-nigeria-improve-living-standard/
Presidential Candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar, has promised to ensure the unity of the country, make life better for the people and ensure Nigerian universities don’t go on strike if elected president.

The former Vice President stated this on Saturday at the PDP’s presidential rally held at the Eagles’ Square, Abuja.

The PDP presidential candidate promised to release all entitlements of Abuja indigenes, including the much demanded constitutional review.

Atiku praised the loyalty of PDP supporters in the Federal capital territory, saying that the party doesn’t take it for granted.

“We have no reason to believe you won’t support us again.

“We are here to pledge that if you support us we will give you all your entitlement; appointments and other demands including constitutional review.

“In the process of restructuring we will give you all what belongs to you.

On security, Atiku vowed to secure the nation’s capital if elected.

He said, “We shall protect and secure Abuja for your own safety. You know my 5 point agenda, I will unify the county; no part of the country will be left untouched. Peace for everyone. These I promise you”.

Atiku seized the moment to take a swipe at the APC over the ASUU strike which lasted for 8 months, promising the nations universities will never experience strike for ever.

“We have promised education is key for everyone, we will make our universities remain open forever.

He further told the PDP supporters that, “Abuja will be the first to feel the impact of the govt. PDP Will fullfill all the obligations to you. We are not taking your loyalty for granted! We will pay back but not with hunger and insecurity.”

Earlier, the Vice Presidential candidate of the PDP, Dr Ifeanyi Okowa in his address noted that the PDP Is stronger than it has ever been in the FCT.

He told the Abuja supporters that “We need to rescue our people from where the APC has left us, we must work together with youths, women and elders to collectively steer the ship of this country to safe harbour. The people are tired of the APC govt, they are angry and hungry. Nigeria require a man with experience to rescue the country and Atiku is the only candidate that has solution to the problems of this country,” Okowa stated.

On his part, PDP chairman, Ayu told the people that APC had created so much poverty.

He said, “Atiku will continue from where he left off under Obasanjo. We don’t want a president that will deceive you, an experimental president.

“Insecurity has bedeviled the country especially the FCT, if Atiku is voted he will restore security to the country,” Ayu told the gathering.

Aminu Tambuwal, DG, Atiku presidential campaign council, who spoke earlier said, “I am sure you know who the cap fits, he has experience and he is familiar with the people. This team is being led by the unifier, and he his prepared for the unification of the country from restructuring to infrastructure. I urge you all to vote the PDP from bottom to top, he said.”

The Governor of Adamawa State, Ahmadu Fintiri, has accused the Central Bank Governor, Godwin Emefiele, of targeting the political class with the cash withdrawal limit policy unveiled by the apex bank on Tuesday.

Controversies have continued to trail the planned policy of the Central Bank of Nigeria to limit daily cash withdrawal for individuals to N20,000 daily and N100,000 and N500,000 per week for individuals and corporate bodies respectively.

But Governor Fintiri, who was reacting to the new CBN policy during a campaign engagement in Kala’a, Hong Local Government Area, said it was evident that the policy by Emefiele was targeted at the political class.

He said the policy coming shortly after Emefiele’s uneventful foray into politics which had been prematurely truncated, could only have been retaliatory giving that the policy was likely to worsen poverty among the citizens.He said, “What is breeding poverty? Economic policies. Look at the one that is about to be implemented by the Central Bank which would further throw the country into poverty. Nobody is saying the economy shouldn’t be cashless. Take time and do it systematically. We shouldn’t do it as if some people wanted to be politicians and they were denied the opportunity, then they use their office to punish the politicians.”

Fintiri who cautioned against such policies tasked holders of key national institutions to act in the overall national interest.

The governor also reiterated his call for true federalism. Fintiri had on Thursday, called on the President Muhammadu Buhari (retd.), to amend the constitution to allow for a true federation where states are allowed to take full control of revenues and by so doing assure autonomy for the third tier of government.

He said, “If we are talking about governors diverting funds, we expect the government to correct the anomaly by sponsoring amendment to the Nigerian constitution to separate the office of the accountant general of the federation from the accountant general of the federal government so that funds belonging to local government and the state would not also be converted by the federal government, because what the governors’ are being accused of, the Federal Government can equally be accused of doing same ten times over.”

He maintained that there needs to be restructuring of the current system that would allow autonomy to the states and local government, adding that “the way the system is couched there’s no autonomy even for the states nor for the local governments and nobody sees the states as sub-national of the federation because everything is being controlled at the centre.”https://thepandoranewspaper.com/breaking-cbn-withdrawal-limits-retaliatory-against-political-class-fintiri/

President Muhammadu Buhari on Saturday assessed the readiness of the ruling All Progressives Congress (APC) for the 2023 general election in the country with a call on the party members to close ranks ahead of the polls billed for the first quarter of next year.

Speaking while receiving the Katsina State APC governorship candidate, Dr Dikko Radda, and his running mate, Faruk Lawal Jobe, at his Daura residence, the president urged members of the party to unite and cooperate with one another as a prerequisite for victory in the coming elections.

President Buhari said party leaders need “to sit together,” to avoid divisions and ensure unity in order to avoid defeat at elections.

He said he received frequent reports on the ongoing campaigns in Katsina State and felt happy that so much hard work was being put into the exercise.

The president for the umpteenth time reiterated his determination to allow the reign of free, fair and credible elections in the country, adding that the outcomes in Anambra, Ekiti and Osun States were testimonies of that resolution on his part.

He added that he felt honoured by the visit and wished the party a very good outcome in the contest.

Meanwhile, Buhari will on Sunday, December 11, 2022, depart for Washington, USA to join other African leaders at the United States-Africa Leaders Summit.

According to a release issued on Saturday by his spokesman, Mallam Garba Shehu, the high level meeting, which holds from December 13 to 15, is at the instance of the United States President, Joe Biden, who looks forward to “working with African governments, civil society, diaspora communities across the United States and the private sector to continue strengthening our shared vision for the future of US-Africa relations”.

The event is expected to demonstrate the United States’ enduring commitment to Africa and underscore the importance of US-Africa relations and increased cooperation on shared global priorities.

The summit further seeks more pragmatic ways to foster new economic engagement; advance peace, security, and good governance; reinforce commitment to democracy, human rights and civil society; work collaboratively to strengthen regional and global health security; promote food security; respond to the climate crisis; amplify diaspora ties; and promote education and youth leadership.

On the first day, Buhari will speak on the topic ‘Conservation, Climate Adaptation and a Just Energy Transition’, dwelling directly on the ”Just Energy Transition” component.

He will also address some of the other sub-themes of the summit, as well as participate in the US-Africa Business Forum (USABF) hosted by the US Department of Commerce, which focuses on increased trade and investment between the United States and African nations.

On the sidelines of the summit, the Corporate Council of Africa will host the Nigerian delegation to a US-Nigeria Business and Investment Forum Business Roundtable during which Nigerian organisations and businesses are expected to sign agreements with their American counterparts.

President Buhari, who will be accompanied on the trip by Governors Bala Mohammed and AbdulRahman AbdulRazaq of Bauchi and Kwara States respectively, some ministers and other top government officials, is expected back in the country on Sunday, December 18.