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Politics / Police Did Not Rescue Us, Kidnappers Collected ₦40M – Nasarawa Poly Student by treesun: 8:00am On Jun 13
Police did not rescue us, abductors collected N40m before releasing us – Nasarawa poly student

A student of the Federal Polytechnic, Nasarawa, who was kidnapped alongside 29 others, has disclosed that the kidnappers collected about N40 million in ransom before they were granted freedom.

DAILY POST reported on Monday that about 30 travellers, including some students of the polytechnic, were abducted by kidnappers along the Abuja-Nasarawa Highway on Friday.

Recall that the kidnappers ambushed the vehicles transporting the travellers and took them into a nearby bush in the Uke area of Nasarawa State. A student among the abductees was travelling to her family in Abuja at the time of the incident.

Speaking with newsmen on Tuesday, the victim recounted how the seven-man gang ambushed their vehicles, shot at the tyres, and robbed them of their belongings before abducting them into the bush.

She further explained that once in the thick bush, the kidnappers allowed the victims to rest upon realizing some were exhausted.

She disclosed that around midnight on Saturday, the kidnappers instructed the captives to call their relatives to demand a ransom of N10 million each.

The victim also stated that after several pleadings, the kidnappers grouped them into students and non-students, demanding that students collectively pay N10 million while others should pay N10 million each.

She added, “We, who are students, started calling our relatives and money was rallied around to make the payment.

There is an Alhaji among the other group who raised about N20m and other people raised about N10m. The total money they got was about N40m.

During the whole incident, we did not see any police officer come around till we were released. It was after they said they had got the money that they allowed us to go. We have gone to the police station but were told to write a statement.”

A relative of the victim earlier stated that the victim had reached out to her family, notifying them of her release.

“She contacted us this morning, saying they had been released. I am on my way to the police station because the number she called us from has been unreachable since,” the relative said.

Efforts to obtain a response from the Nasarawa State Police Public Relations Officer, Rahman Nansel, were unsuccessful, as messages and calls to his phone went unanswered at the time of filing this report.



Business / Re: Sallah: Prices Of Food Items Soar In Lagos Markets by treesun: 10:40pm On Jun 12
Nlfpmod, we are hingry!
Politics / Re: June 12: Nigeria’s Democracy Has Long Way To Go, There’s Hunger – Shehu Sani by treesun: 8:25pm On Jun 12
We are hungry!
Business / Sallah: Prices Of Food Items Soar In Lagos Markets by treesun: 8:24pm On Jun 12
As the 2024 Eid Kabir celebrations approach, the prices of perishable and non-perishable food items have soared in major markets in Lagos by over 300 per cent.

A survey conducted by the News Agency of Nigeria in major markets (Mile 12, Oyingbo, Surulere and Ajah) on Tuesday and Wednesday showed that prices of all food items jumped by almost 400 per cent in some cases within the space of one year.

A 50kg basket of tomatoes which was sold for N35,000 in 2023 has risen to N100,000 at Mile 12 and as high as N120,000 in high-brow areas of Lekki and Ajah.

The price of a 50kg bag of Scotch Bonnet popularly known as “rodo” or “atarodo” pepper jumped by over 600 per cent, selling for N120,000 against the previous N18,000.

Similarly, a 50kg basket of bell pepper also called “tatashe” rose to N95,000 from N21,000 while the same quantity of red chilli pepper also known as “bawa or shombo” rose to N110,000 from N22,000 in 2023.

The survey also showed that a[b] 100kg basket of onions is now selling for N70,000, up from N25,00[/b]0 in the period under review.

NAN also reports the price of a 50 kg bag of local rice which sold for N48,000 last year, currently goes for N65,000 while the same quantity of imported Rice pegged at N55,000 in 2023 is being sold between N80,000 and N90,000 depending on purchasing power.

Also, prices of animals used to celebrate the festival such as rams, cows and goats have soared astronomically.

A medium-sized ram ranged from N350,000 to as high as N700,000, a cow ranged from N800,000 to N1,000,000 and a goat from N75,000 to N120,000 depending on bargaining strength.

Eggs and chickens have also jumped as a crate of egg which was N1,800 in 2023 was now N4,500 as of Tuesday and chicken of N8,000 now goes for N12,000 of old layers and N15,000 for broilers.

The Spokesperson for Mile 12 International Market, Lagos, Femi Odusanya, attributed the increasing prices in food commodities to high levels of insecurity for farmers.

According to him, farmers are no more farming because of banditry, kidnapping and wanton killing on farmlands across the country.

Odusanya added that the high cost of transportation also contributed greatly to the inflation currently being experienced on food items.

He said that the government at all levels would need to subsidise the entire agricultural value chain and provide adequate security to encourage more people to go into farming.

“The state government’s contributions to agriculture are abysmal and there should henceforth be competition in the area of comparative advantages at the state level.

“We have arable lands in all the states but the governors must do much more in the area of agriculture and reduce reliance on the largesse from the Federation Account Allocation Committee.

“You can count on your fingers the number of large-scale mechanised farmers we have in the country as it is in the developed climes.

“Furthermore, to make agriculture attractive, we need to take the issue of value addition seriously by supporting local processing,” he said.

Meanwhile, a cross-section of Nigerians have continued to bemoan the country’s current inflationary pressures and are seeking interventions from governments at all levels to mitigate its impacts on ordinary citizens.

A nutritionist, Fatai Akomolafe, stated that pockets of malnutrition incidences were beginning to crop up in different parts of the country.

Akomolafe noted that when citizens were not able to afford a basic meal consisting of critical nutrients, different forms of sicknesses and diseases were bound to attack the body.

“Ordinary egg, which is supposed to be one of the cheapest sources of protein, is now almost N200. You cannot even imagine the price of soya beans, beans and other sources of proteins such as beef and chicken.

“When vegetables, proteins, and carbohydrates become luxury for the common man, then sickness becomes the norm and with the japa syndrome the country is currently facing, we do not have enough doctors to address sicknesses that plague people as a result of malnutrition.

“The time for local, state and Federal governments to find means of getting critical food components to the needy is now to reduce the mortality staring us in the face,” he said.

A businesswoman, Charity Ephraims, stressed that the number of begging Nigerians on and off the streets had increased in the last year.

“Whether on suit or in rags, people begging to eat, begging to be transported, begging to buy drugs, have increased. One is even afraid to pick calls these days, particularly from home, because the needs are overwhelming.

“It has also become very fearful to go to the market these days because the price you met last Saturday is definitely different from what one would see this coming Saturday.

“I wonder how those with high blood pressure are coping. May we not have incidences of people collapsing in markets once they hear the price of an item.

“We beg government to do whatever can be done to reduce the price of food as it is only a person who has eaten that is strong enough to be productive and contribute their quota to the nation’s Gross Domestic Product (GDP), she said.

Alhaji Bala Tanko, a pepper trader, revealed that even as a seller, he could not afford to consume what he was selling at the price it was currently being sold at.

He urged the government to deploy more security surveillance to farm areas, particularly in the middle belt and the north, to match the forces of bandits and encourage farmers to return to feeding the nation.

Tanko also appealed for subsidised transportation systems and reduced levies to aid the transportation of food components across the country until prices become reasonably lowered.



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Politics / June 12: Nigeria’s Democracy Has Long Way To Go, There’s Hunger – Shehu Sani by treesun: 12:27pm On Jun 12
Former Kaduna Central Senator, Shehu Sani, on Wednesday said Nigeria’s democracy still has a long way to go.

Sani said there is so much hunger and hardship in the country amid the Democracy Day celebration.

He was reacting to Tinubu’s Democracy Day promise that his reforms would be fruitful.

Tinubu had said: “The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you. In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”

Reacting, Sani wrote on X: “There is so much hardship and hunger in the land.The earlier the reforms bear fruit and end the aggravating poverty in the land the better, safer and more peaceful our country will become.

“We have come a long way, but we also have a long way to go. Democracy should not be a Government installed by the majority for the benefit of a minority.We should not despair to continue to work for a better country.”

Politics / June 12 Protest Ongoing At Ikeja Underbridge, Lagos (Pictures) by treesun: 10:17am On Jun 12
[PICTURES] Democracy Day: Protest begins in Lagos amid tight security

Protesters, on Wednesday morning, stormed the Ikeja Underbridge in Lagos as the country marks the 2024 Democracy Day.

There is, however, a heavy security presence, as policemen and officials of the Lagos Neighbourhood Safety Corps are sighted at the venue.

The protesters, in their number, chanted solidarity songs as they wielded placards and banners.

Some of the placards had inscriptions like: ‘President Tinubu, let the poor breathe’, ‘For another general strike with mass protest now’, ‘Payment of living wage to all Nigerian workers now.”

PUNCH Online reports that some civil society groups, including the Take It Back Movement, the Education Rights Campaign, the Coalition for Revolution and the Socialist Workers League, are spearheading the protest.


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Politics / Re: Democracy Day: FG Declares Wednesday Public Holiday by treesun: 9:03am On Jun 11
Hope BAT will address us Nlfpmod!

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Politics / Democracy Day: FG Declares Wednesday Public Holiday by treesun: 8:19am On Jun 11
The Federal Government has declared Wednesday, June 12 as public holiday to commemorate this year’s Democracy Day.

The Minister of Interior, Olubunmi Tunji-Ojo in a statement on Tuesday by the Permanent Secretary of the ministry, Dr Aishetu Ndayako, congratulated Nigerians on the celebration.

The statement partly read, “As we mark another Democracy Day in the history of our dear country, let us all reflect on the efforts of our founding fathers and ensure that Nigeria remains a united, secured, peaceful and indivisible entity.”

He urged Nigerians to remain steadfast on the tenets of democratic governance.

Tunji-Ojo added that President Bola Tinubu is committed to positive reforms to revive the nation’s economy and enhance security.

“The minister also called on Nigerians and friends of Nigeria to appreciate the progress that has been made, and look forward to a better future for Nigeria’s Democracy,” the statement added.


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Politics / Bandits Hit Military Base In Niger State, 2 Soldiers Injured by treesun: 11:16pm On Jun 10
At least two soldiers sustained injury when terrorists attacked a military base in Tegina, Rafi Local Government Area of Niger State.

One of the bandits was reportedly killed in the gun duel with soldiers during the attack that happened on Monday.

Sources said the terrorists were crossing to Mashegu and Wushishi Local Government Areas when they launched the attack.

Chairman, Rafi Local Government Council, Alhaji Ayuba Usman Katako, who confirmed the incident, said the injured soldiers were responding to treatment at IBB Specialist Hospital, Minna.

He called for prayers and support from communities through useful information to enable the security agencies fight the attackers.



Food / Residents Raise Concerns As Beans Price Soars In Lagos by treesun: 9:24am On Jun 10
Lagos residents are raising concerns about continued increase in the price of beans, their major source of protein.

They said that consistent rise in the price of beans since 2024 had become unbearable, urging governments to intervene.

The residents spoke in interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.

NAN reports that a 40kg bag of beans, which sold for N26,000 in January, now sells for N115,000, while a 100kg bag which sold for N55,000 at the beginning of the year, now sells for N230,000.

This made the staple food beyond the reach of many of the residents.

Mrs Uloma Chigozirim, a housewife and mother of four on Santos Estate, Akowonjo, expressed worry that children might be malnourished following the high increase in the price of beans.

Beans used to be the cheapest food; now, we do not even understand what is going on.

“Every other week, the price keeps going up; even traders cannot tell us the reason for the hike.

“Beans used to be the cheapest source of protein for the average resident, but the produce is now too expensive to afford.

“We really need government intervention, else a lot of us will be malnourished,” Chigozirim said.

Hinting on the possible reason for the hike in the price of the produce, Mr Uche Ikenga, a beans farmer at the Federal Capital Territory, Abuja, noted that the produce was not an all-season crop.

“It has the time it is cultivated.

“The peak period for beans harvest is usually at the end of the year. Then we have enough supply for the growing demand of the produce.

“However, harvest time is the time some cattle are foraging everywhere for food.

“Last year, a lot of farmers lost their harvest because their beans farms were consumed by the foraging cows.

“The produce is scarce and expensive this year because the harvest of last year was low,” Ikenga said.

A beans trader at the Dry Foodstuff Section of Ile-Epo Market, Agege, Mr Ahmed Yusuf, said that beans might not be unavailable in the coming months.

We sold a small bucket of beans for N6,500 last two weeks but now the same quantity sells for N 8,000.

The price just keeps soaring everyday, and we sell as we buy. We no longer keep because of the price unpredictability.

We are not even sure if we will have beans to sell by this time next month because the produce is unavailable,” he said.

Yusuf told NAN that demand for beans had been high but farmers did not have enough because so many of them could not cultivate crops this year.

“There is nothing we can do about the price hike, it has gone beyond our control,” Yusuf said.

A seller of jewellery, Mrs Bunmi Arowolo, called for intervention of the federal and Lagos State governments in the situation.

Early in May, I bought a paint (small) bucket of beans for N7 500 as against N3,000 previously.

“As common form of protein, I now manage the little quantity for my family.

“I want to appeal to the governments to tackle insecurity so that farmers can go to their farms again and make the produce available and affordable,” Arowolo said.

Emphasising the importance of beans in Nigerians’ diets, Ms Adaeze Oparaku, a nutritionist at the Lagos Teaching Hospital (LUTH), said: “The produce is an important source of protein, carbohydrates, dietary fibre for both adults and children.

“It contains micronutrients such as the Vitamin Bs, good source of minerals such as phosphorus, copper, manganese, iron.

“Beans should be a regular staple in children’s diet, if they like it.

“However, given the rise in the price of the produce, it can be substituted with other protein sources in children’s meals.”

Mrs Eugenia Uloma, a trader at the popular Kotangora Market in Abule-Egba area, said that beans had been a major part of the Nigerian diet and important to every Nigerian.

“The produce is so expensive, but we still buy the quantity we can afford because it is our major source of protein.

“Other protein sources are even more expensive.

“We do not need so much from the government, if it can address this growing food inflation, we will be grateful.

“Let us just have food to eat, that is what most of us are asking. We need to feed our families to live, especially the children,” Uloma said.

A vegetable farmer, Mrs Barinedum Legbara, called for adequate planning for increased local production of beans.

“We buy beans as a basic necessity in our diet. Government should do something about the beans issue.

“We need adequate planning for strategic cultivation of beans so as to avoid this scarcity and hike.

“We have everything in this country to feed ourselves. Farmers should be empowered to cultivate crops for food security.

“Nigeria is fertile, we just need to be more strategic in our crop cultivation to give us sizeable yields and good prices,” Legbara said.


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Politics / Re: How I Saved Tinubu’s Political Career — Atiku by treesun: 8:27pm On Jun 09
Politics / How I Saved Tinubu’s Political Career — Atiku by treesun: 6:02pm On Jun 09
Former Vice-President Atiku Abubakar has revealed how he saved President Bola Tinubu’s political career.

Atiku stated this while reacting to the widely held position that the President Tinubu came to his rescue following his spat with former President Olusegun Obasanjo, leading to his contesting the presidential election on the platform of Action Congress (AC) in 2007.

The former president said without his support to President Tinubu, his political career could have ended as the governor of Lagos State.

May 29 Tinubu Special: One year of teetering on edge of hope0:00 / 1:00

Atiku, in a statement through his Media Adviser, Paul Ibe, said, “Vice President Kashim Shettima goofed when he claimed that former Vice President of Nigeria, Atiku Abubakar benefited from President Bola Tinubu’s goodwill when he was being “persecuted” in the PDP.

“Truth be told, it was Tinubu that actually benefited immensely from Atiku’s goodwill. But for Atiku’s support, hinged on his pro-democracy instincts and rule of law, Tinubu’s tenure as governor of Lagos would have been rough with a wide possibility of termination of his political career.

“For some time, and especially leading up to the 2023 election, there has been a deliberate attempt to distort the history of the politics of the early 4th Republic by ascribing the AC, the political platform that Atiku ran in 2007 as Tinubu’s party.

“Nothing can be further from the truth. Vice President Shettima, obviously carried away with the euphoria of the unveiling of his official residence as Vice President, repeated the same lie.

“Shettima needs to be reminded that Atiku did not run under the Action Congress of Nigeria (ACN), but Action Congress (AC). AC came out of a coalition of ACD (Advance Congress of Democrats), formed by mainly PDM members and other associates and Tinubu’s faction of AD.”

According to him, President Tinubu was not in a position to lend the platform to Atiku “as erroneously being suggested, as he (Atiku) was nominated by all the delegates from all the states.”

He then went further to name the delegates to the primaries of the election that threw up the former Vice President as the party’s presidential candidate to include Atiku Abubakar himself, Lawal Keita, Amb. Yahaya Kwande, Dr. Okwesilieze Nwodo, Alexis Anielo, Titi Ajanaku, former Governor Rasheed Ladoja, Chief Tom Ikimi, and Chief Dapo Sarumi.

Others he said were Chief Sergeant Awuse, Alh. Lawan, Dr. Chris Ngige, Prof Ango Abdulahi, Dr Farouk Abdul Azeez, Chief Audu Ogbeh, Chief Ejiofor Onyia, and Dr. Iyorchia Ayu, among others.

Politics / Re: Zamfara Bandits Kill 7 Policemen, 4 Others, Burn School, Cars, Injure Many by treesun: 1:38pm On Jun 06
Nlfpmod, please when will the killing stop!
Politics / Zamfara Bandits Kill 7 Policemen, 4 Others, Burn School, Cars, Injure Many by treesun: 11:38am On Jun 06
Armed bandits have attacked Magarya community in Zurmi Local Government Area of Zamfara State.

DAILY POST gathered that eleven people, including seven mobile police officers and four civilians, were killed.

Three cars, including one belonging to the district head of Magarya, who is also the brother of the former speaker of the Zamfara State House of Assembly, Nasir Magarya, were also destroyed.

It was also gathered that chairs in the parlour of the former speaker’s house were set ablaze.

According to a resident of the area, Ahmad Umar, Magarya Model Primary School was set ablaze, and many people sustained various degrees of injuries.

The State Police Command’s spokesman, ASP Yazid Abubakar, could not be reached at the time of filing this report.



Politics / Hardship: First Lady Seeks Nigerians Understanding by treesun: 6:54am On Jun 05
The wife of the president, Senator Oluremi Tinubu on Tuesday appealed to Nigerians to show understanding with the federal government in it’s attempt to tackle the hardship Nigerians are experiencing.

Senator Oluremi Tinubu who made the appeal in Lafia, while distributing food items to the people with disabilities, physically challenged and the vulnerable under the Renew Hope Initiative food outreach Programme, said the distribution was in line with Tinubu agenda of not leaving anyone behind.

Vanguard Personality of the Year Awards 20230:01 / 1:00
President Tinubu wife who was represented by the wife of the Vice President, Hajiya Nana Kashim Shettima, said the food outreach scheme is specially designed to provide support to the underprivileged in line with the resolve of the administration of President Bola Ahmed Tinubu to leave no one behind in ensuring food security and sufficiency in the country.

“I’m delighted to be in Lafia for the official hand-over and symbolic presentation of food items to internally displaced persons, people living with disabilities and other vulnerable groups in Nasarawa State under the Renewed Hope Initiative food outreach scheme as part of our Social Investment Programme.

“Under this scheme, a trailer load of assorted food items is being donated to the state government for onward distribution to identified groups courtesy of a notable and public spirited industry that has made the commitment to make the food items available on a monthly basis”, senator Oluremi Tinubu stated.

According to her, so far, the federal capital territory, Kano and Nasarawa State have benefited from the scheme under the Social Investment Program of the Renewed Hope Initiative.

The wife of the president while commending the Nasarawa state governor, Abdullahi Sule for supporting the Renew Hope Initiative programme also acknowledged the donation of a piece of land to accommodate the Orphanage and children home in Nasarawa state.

“I want to appreciate the Governor of Nasarawa State, His Excellency, Engr. Abdullahi Sule for his support for all the Renewed Hope Initiative activities, particularly the gracious donation of a piece of land to accommodate the Orphanage and Children’s Home in Nasarawa State”.

She announced a grant of twenty thousand to 100 vulnerable women and plans by the federal ministry of agriculture to provide fertilizer to women and N50, 000 naira to aid women farmers in Nasarawa state

Politics / Organised Labour Suspends Strike For Five Days by treesun: 11:51am On Jun 04
The Organised Labour has suspended the nationwide strike for five days to give room for uninterrupted meeting with the tripartite committee on the new national minimum wage.

A source with the leaders of Labour disclosed this to Vanguard.

Vanguard Economic Discourse 20240:02 / 0:49
Vanguard had reported how Labour leaders had a successful meeting with the Secretary to the Government of the Federation, SGF, George Akume, and other government officials on Monday and reached a resolution that President Bola Ahmed Tinubu was committed to a new minimum wage higher than N60,000.

They equally resolved that the Tripartite Committee would meet every day for the next one week with a view to arriving at an agreeable National Minimum Wage.

Today at a meeting with FG Tripartite Committee scheduled by 10am, Labour suspended its srike.

With this development, every government and private offices are expected to reopen and function as usual.

Politics / FG Alarmed Over Compliance, To Meet NLC, TUC Over Nationwide Strike by treesun: 3:34pm On Jun 03
The Bola Ahmed Tinubu-led Federal Government has through the National Salaries, Incomes and Wages Commission, NSIWC, summoned a meeting of the tripartite committee on the new national minimum wage for tomorrow.
Naija News recalls that the NSIWC had on May 31st met with organised labour but the negotiating team of the NLC and TUC walked out following government and organised private sector, OPS, refusal to go beyond the N60,000 they had earlier offered.

Sources told Vanguard on Monday that the government is alarmed by the level of compliance and participation by workers in the first day of indefinite nationwide strike.

More to come…

Politics / Re: Apprehension As FG Borrows N20.1trn Under Tinubu by treesun: 8:40am On Jun 03
N20.1 trillion in one year,Nlfpmod and they claimed they have not borrowed!

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Politics / Apprehension As FG Borrows N20.1trn Under Tinubu by treesun: 8:26am On Jun 03
*Borrowing rises 117% YoY

*Analysts list impact on inflation, businesses, interest rate

The Federal Government borrowed N20.1 trillion from domestic investors in the first year of President Tinubu’s administration, representing year-on-year YoY increase of 117 per cent from the previous year, prompting concerns over impact on the economy including likely additional pressure on inflation, increased debt service cost and higher borrowing cost from businesses.

Analysts noted that the sharp increase in Federal Government’s borrowing has the potential to compound the historic high inflationary trend in the country which may lead to further interest rate hikes by the Central Bank of Nigeria, CBN and by extension increased cost of borrowing for businesses and individuals.

The Federal Government borrows from the domestic investors through issuance of FGN Bonds, FGN Savings Bonds, and Sukuk Bonds by the Debt Management Office, DMO. In addition to these are the Nigeria Treasury Bills, NTBs, issued by the CBN on behalf of the FG.

Financial Vanguard analysis of data from the DMO and CBN showed that in the 12 months ending May 31st (June 2023 to May 2024), also the first year of President Bola Tinubu, the FG borrowed N20.09 trillion through these instruments, representing YoY increase of 117 per cent from the N9.275 trillion borrowed in the previous 12 months, namely June 2022 to May 2023.

Most of the increase in borrowing was through the NTBs auctions conducted by the CBN, which also constituted 66 per cent of FG’s domestic borrowing during the period.

Borrowing details

According to data from CBN, FG’s borrowing through NTBs rose YoY by 188 per cent to N13.235 trillion in the 12 months ending May 2024 from N4.592 trillion in the 12 months ending May 2023.

FG’s borrowing through the monthly FGN Bond auctions, which constituted 32.8 per cent of total domestic borrowing during the period, rose, YoY by 42 per cent to N6.476 trillion in the 12 months ending May 2024 from N4.537 trillion in 12 months ending May 2023.

FG’s borrowing through Sukuk Bonds, which accounted for 1.7 per cent of total domestic borrowing during the period, rose, YoY by 169 per cent to N350 billion in the 12 months ending May 2024 from N130 billion in the 12 months ending May 2023.

FG’s domestic borrowing through FGN Savings Bonds accounted for 1.5 per cent of total borrowing during the period, also spiked, rising YoY by 116 per cent to N29.17 billion in the 12 months ending May 2024 from N16.07 billion in the preceding 12 months ending May 2023.

Interest rate hike

Among other things, the 117 per cent YoY increase in FG’s domestic borrowing in the 12 months ending May 2024 was driven by investors’ response to the high interest rate regime during the period following hike in the Monetary Policy Rate, MPR by the CBN.

Analysis showed that the average MPR rose to 20.32 per cent in the 12 months ending May 2024, representing 4.11 percentage points increase from 16.21 per cent in the preceding 12 months ending May 2023.

As a result, the average interest rate on NTBs rose to 9.1 per cent in 12 months ending May 2024, representing 5.1 percentage points from 4.0 per cent in the preceding 12 months ending May 2023.

In the same vein, the average interest rate on FGN Savings Bond rose to 17.91 per cent at the May 2024 auction from 10.89 per cent at the May 2023 auction.

Analysts’ comments

Notwithstanding the influence of the high interest rate regime, analysts expressed concern that the sharp rise in FG’s borrowing from domestic investors is harmful to the private sector as it makes it more costly for businesses to borrow.

The analysts were however divided on the impact of the borrowings on inflation.

Commenting, Co-Founding Partner, Comercio Partners, a Lagos based investment bank, Nnamdi Nwizu, said: “The increase in borrowing by the government means that there will be more spending by the government, which will have a huge impact on inflation as it will drive demand for goods. Governments are always the largest spender in the world, so the more money they spend, the higher the attendant inflationary pressure. Note also that since they are borrowing at record levels, it means that when they are servicing the debt, they will put a lot more funds in the hands of the public.

“Lending to the Private Sector has been impacted with corporates issuing bonds and Commercial Papers at record levels.

“Whilst we continue to see a lot of issuances by the private sector (above 25% yields), we also see that the smaller corporates are struggling as the government is crowding them out. If an investor can invest in one year risk free NTBs at 25% yields, they would naturally ask for a premium when lending to the private sector. How many companies can afford to borrow at these steep levels and still be profitable? Also, the higher lending rates will lead to inflationary pressures as the corporates have to increase prices to cover for the higher borrowing rates.

“With respect to fiscal policy, we are yet to see the borrowing by the government have an impact on fiscal policy. Yes, we have the Coastal roads being built, but we would like to see more with regards to policies to help increase production output in the economy. Also, we expect to see a significant increase in debt servicing costs, factoring in the higher rates and increase in domestic borrowing.

“With respect to monetary policy, whilst the Central Bank continues on its hawkish trend, we expect pressure from the government on the Central Bank as its debt service costs rise. The government cannot afford to borrow at these levels for an extended period of time. Government spending can also lead to more pressure on the currency as it means more Naira available to chase the greenback.”

Similarly, Head of Equity Research, FBN Securities Limited, Tunde Abidoye, said: “Government borrowing could potentially fuel inflationary pressures. In addition there’s an indirect effect on exchange rates. Also, there’s the crowding out effect for private sector lending. As it is, not many businesses can afford to borrow at the elevated interest rate. Finally, the monetary policy response to all this may be to continue to raise interest rates in a bid to tame the spiraling inflation.”

However, Chinazom Izuorah, Senior Associate, Investment Brokerage, differed on the impact of the FG’s domestic borrowing on inflation, though she also noted it will make it costly for businesses to borrow.

She said: “The Federal Government’s domestic borrowing program has not changed in the last year. The government’s calendar for offering FGN bonds, savings bonds and Treasury bills remains consistent and in line with historical practice.

“The reason for the increase in value is due to the increase in MPR and the knock-on effect on interest rates for the FGN securities.

“At interest rates of 17% and above, the government’s instruments are more attractive than in the previous year and consequently there is increased interest and participation. This is also consistent with the CBN’s objective of reducing inflation by mopping up liquidity. In simple terms, higher interest rates create an incentive to save.”

She stated the impact of this in terms of inflationary pressure is that with the greater incentive to save, there will be less money in circulation which is crucial to limiting inflation.

“In terms of lending to the private sector: Higher interest rates on government securities, which are considered the safest instruments, is a disincentive to lending to the private sector, which is considered riskier.

“Money tends to fly to safety. Banks, other financial institutions and fund managers have little incentive to take-on riskier assets when they can get attractive returns lending the funds to the government.

“On the fiscal policy front the government uses the funds raised through the issuance of securities to fund the national budget. The present administration has earmarked a significant portion of the budget to capital expenditures, portions will also be used to fund recurring expenditures and debt service.

“The higher interest rates mean that the government is paying a higher rate to investors.

“However domestic borrowing is more sustainable than external borrowing as the monies are borrowed in the local currency. Governments look to external borrowing due to lack of capacity to meet funding needs from the domestic market.

“There is a lot of benefit to having a financially literate citizenry and high domestic savings rates. The most critical issue for Nigeria and Nigerians is that monies are judiciously employed for the purposes they are raised and projects executed efficiently.

“The increase in domestic borrowing values is indicative of the success of the administration’s monetary policy positioning.

“It can be assumed that the sustained rise in the MPR has been favorably received by the market and has stimulated increased participation in the domestic bond market.”

Moderation needed to avoid economic overheating — Muda Yusuf

Also commenting, Dr Muda Yusuf, CEO of Centre for the Promotion of Private Enterprise (CPPE), said there is a general need to moderate borrowing so that it doesn’t overheat the economy.

His words: “With respect to the implication for inflation, the deficit if financed properly may not be inflationary.

“Inflationary component of deficit financing often arises when CBN prints money to finance the deficit. That is when you have serious issues with inflation, because the money is now what you call high-powered money. But if it’s funded using bonds, treasury bills and other firms of borrowing, either from the public or from within the financial system, it is less inflationary.

“If the debt level continues to increase, of course it has a crowding out effect on the private sector. That means more of the credit in the economy will be going to the government as against the private sector, which is not a particularly good thing. So we need to worry about a trend of increasing domestic debt because of the risk of crowding out the private sector in the credit market.

“For fiscal policy, it’s a fiscal policy instrument. Borrowing is a fiscal policy issue, it’s used to fill the gap. Again, what is important is to maintain a sustainable ratio as far as borrowing is concerned, ratio of debt service to revenue, ratio of debt to GDP, which generally under the present administration have improved.

“For monetary policy, not much implications for as long as the deficit is not financed by CBN. That for me does not pose too many issues.

“Again generally, we need to moderate borrowing so that it doesn’t overheat the economy, and it doesn’t trigger the desire of the financial authorities to begin to tighten monetary policies.

“But for monetary policies, the significance of these borrowings is not so profound. It’s essentially a fiscal policy issue.”


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Politics / Cultism, Drug Abuse Major Security Threats – Lagos CP by treesun: 10:29am On Jun 02
The Commissioner of Police, Lagos State, Mr Adegoke Fayoade, says that it is time urgent measures are taken to halt cultism and drug abuse in the society.

He said this on Saturday at Ikeja, during an event organised by the Police Campaign Against Cultism and Other Vices tagged: “Teenagers Stay Informed: Know the Dangers of Cultism and Drugs”

According to Fayoade, cultism, and drug abuse have become a big security threat that needs to be attended to.

He urged the public to support its drive to eradicate the menaces from the society.

THE ROUND TABLE: Appraising President Tinubu's One Year In Office0.00 / 0.00

“Today, cultism is not only in higher institutions, it has taken over every fabric of the society; mechanics, barbers, drivers, and others are now members of cults.

“Cultists don’t do anything meaningful but disturb the peace of the community, fighting, claiming superiority, and destroying lives and property.

“The law enforcement agencies, government, family, stakeholders, and individuals, must join hands to tame this menace that has eaten deep into our society,” he said.

According to him, cultism and drug abuse lead to other criminal activities such as armed robbery, murder, rape, and other vices.

“When you engage in cult activity and drug abuse, you will be prone to committing other crimes.

“We are losing the precious lives of our youths that would have contributed to the economy and social development of our country, ”
he said.

The police boss said that the aftermath of drug abuse was a serious medical condition.

“When you are mentally derailed, you cannot do anything meaningful with your life; your family and society will also be affected,”
he said.

The police boss advocated for good parenting for the youth to be properly guided not to stray out of the right way by joining destructive groups such as cults and other criminal groups.

“Parents, pay special attention to your children, teach them to do the right thing, and always advise them against peer pressure,” he said.

In the same vein, the National Coordinator of POCACOV, CSP Olabisi Okuwobi, warned students to away from anyone or activity that encouraged the use of drugs, cultism, and all other vices capable of derailing their journey in life.

“Reject cultism and drug abuse to face your education so you can become better students with a brighter future,” she said

According to her, one of the consequences of joining a cult is death.

She called for concerted efforts to fight the vices to save Nigerian children from destruction.

According to her, POCACOV is a community policing initiative and public relations tool within the Force Public Relations Department of the Nigeria Police Force.



Business / CBN Permits International Oil Firms To Sell 50% Of Proceeds by treesun: 1:54pm On Jun 01
The Central Bank of Nigeria on Friday, announced that international oil companies can sell their retained 50 per cent of repatriated export proceeds in the Nigerian Foreign Exchange Market.

This decision comes after the CBN placed limits on the transfer of crude export proceeds by IOCs to offshore parent company accounts on February 14.

The apex bank noted that these transfers affected domestic foreign exchange market liquidity and sought to reverse the trend through ongoing reforms.

According to a circular signed by the Director of Trade and Exchange Department, W.J. Kanya, banks can only transfer 50 per cent of repatriated export proceeds to IOCs’ offshore parent company accounts, with the remaining 50 per cent repatriated after 90 days.

However, on May 6, the CBN reviewed this directive, allowing IOCs to repatriate 50 per cent of their export proceeds immediately or as needed, while the remaining 50 per cent can be used to settle financial obligations in Nigeria.

This move aims to balance the needs of IOCs with the need to maintain liquidity in the domestic foreign exchange market.

By allowing IOCs to sell their retained proceeds in the Nigerian market, the CBN seeks to boost liquidity and promote economic growth.

However, in a new development, CBN said following the release of the circular “dated May 06, 2024, referenced TED/FEM/PUB/FPC/001/008, in respect of Cash Pooling by banks on behalf of IOCs, we received several requests for clarification on item No 3 (cool on forex sales at the Nigeria Foreign Exchange Market”.

Providing more clarifications, the apex bank said the “50% balance of the repatriated export proceeds may be sold to Authorized Dealers or eligible users of foreign exchange with eligible transactions”.

“If the IOC does not have any financial obligation to settle with the funds during or after the 90-day retention period, the 50% balance may also be sold wholly as stated in (1) above,” CBN said.

Some of the financial obligations mentioned by the CBN are the balance for cash calls, domestic loan principal and interest payments, transaction taxes (including the Nigerian Content Development Levy) and education tax


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Business / Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by treesun: 7:51am On May 31
The Naira recorded its first massive depreciation against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.

FMDQ data showed that the Naira depreciated to N1484.75 against the Dollar on Thursday from N1329.65 on Wednesday.

This represents an N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.

Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.

The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.

Accordingly, the last time the Nadepreciatedated at both official and parallel foreign exchange markets was on May 23, 2024, when the Central Bank of Nigeria announced fresh guidelines to Bureau De Change operators.

Since mid-April, the Naira has continued to fluctuate against the dollar at the forex market despite CBN interventions.

Olayemi Cardoso, the governor of CBN at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech.



Politics / Re: Bandits Storm Zamfara Hajj Chairman’s Home, Kill Son, Abduct Relatives by treesun: 9:38pm On May 30
Security has really improved!


Politics / Bandits Storm Zamfara Hajj Chairman’s Home, Kill Son, Abduct Relatives by treesun: 9:32pm On May 30
The Bandits in large number stormed the residence of Zamfara State Hajj Commission Chairman Alhaji Musa Mallaha in Gusau the state capital, where they killed his son, watchman and abducted three relatives.

A resident in the area who identified himself as Malam Aminu Sani, narrated to our correspondent that the bandits stormed the residence of the Chairman around 1:30 pm Thursday with heavy weapons.

Vanguard awards 20220:02 / 1:00
According to him, the bandits wanted to abduct the Chairman but their mission failed and later killed his son, the watchman and abducted some people living in the house.

“We heard heavy shooting sporadically by the hoodlums but after they left, we discovered that they killed Abdulmunaf his son and kidnapped his brother Muawiya Lawali Mallaha and his watchman”, he said.

He stated that the bandits also attacked some residences in the area during the invasion and abducted undisclosed number of people.

Effort to contact the Police Public Relation Officer ASP Yazid Abubakar on the matter failed, as his phone was non-reachable.

Politics / Re: One Year Of Tinubu: The Man, The Myth And The Mediocrity by treesun: 7:54pm On May 30
Politics / One Year Of Tinubu: The Man, The Myth And The Mediocrity by treesun: 7:51am On May 30
This week last year, two things were enthroned in the Nigerian political space. One was the man, Bola Tinubu, who was sworn in as the president. The other was the myth of the man as a headhunter endowed with a unique instinct for sourcing the right talent and an astute administrator. So much was this idea of Tinubu as administrative capacity believed that his supporters were sure he would—to use the language of former Abia state governor Orji Kalu—forward Nigeria to all forwardness. Well, it is one year now, and we might as well start asking how that myth has fared.

Let me digress here to point out that two kinds of people propagated the myth of Tinubu’s governing capacity. In one category are those you might call the Know-No-Betters. These are those who have never seen—let alone lived in—a properly functioning city and therefore have no frame of comparison when they were told Tinubu would build Nigeria as he built Lagos. They could be beguiled by the travesty of Lagos, a city where property value costs a fortune but cannot even boast of something as basic as potable water because that is the height of their experience. Even when they see the seedy sides of Lagos, their desperation for an idol to worship pushes them to willingly blind themselves to reality by eagerly gorging on glossy photoshopped images of Eko Atlantic. When you can self-soothe with the visuals of utopia, dystopia becomes livable.

Then there are the Dishonest-Know-Betters—the people whose lives and livelihoods depend on peddling lies, distortions, sentiments, and blatantly voiced falsehoods. They have experienced functional societies so they know what we have is subpar but they still tell you it is sufficient. Nigeria’s future does not concern them because they have built a safe house elsewhere where they and their children will forever be untainted by the rottenness of the country.

So, how has the myth of Tinubu as a savvy administrator held up? Well, two separate policies might best illustrate how they have conducted themselves in office so far. On May 29, 2023, Tinubu pronounced the three words that immediately unleashed hardship on Nigerians who had already endured hell under the Muhammadu Buhari administration: subsidy is gone. Now, the issue is not that he removed the subsidy—that was already expected—but he was haphazard about such a significant step.

Here is why: about a month after that pronouncement, he announced that he could announce the decision because he was under the influence of some “spirits.” Please think about that for a moment. The President of the Federal Republic of Nigeria made a decision that would affect the lives and livelihood of millions of people, not because he had sat down and worked out a policy agenda with an economic team, but because he was pushed by some voices in his head? Wow!

If it was some “spirits” that took possession of him and forced the words out of his mouth, it means there was no thorough planning to see how the fuel subsidy removal would work, how to mitigate the resultant suffering, and how to assess if their programme was working. Even worse, it means he cannot fully take responsibility for the fallouts of such a programme since it originated from some forces. Whatever pain and hardship you will experience due to his policy decision is not for him to bear. After all, he only acted under some supernatural influence when he pronounced the policy into effect. That too is worth ruminating over: the man some people convinced themselves would turn Nigeria into a Dubai does not plan.

Then came this year when the same administration that told us that the fuel subsidy that helped to attenuate the economic reality was a waste also approved a whopping N90bn to subsidise the hajj pilgrimage. Again, this is worth a reflection: the man saw Nigerians groan in pain from his fuel subsidy removal and grovelled for help, but looked away. They insisted on delivering the hard shocks because the subsidies were supposedly a waste of resources. They offered “palliatives” instead. Their efforts in this direction were so poorly thought-out and poorly organised that they reversed the plan. So, while they had no answer for the pain of the generality of Nigerians and resolutely watched people suffer, they had no qualms catering to a tiny segment of the population embarking on something as privileged as a religious pilgrimage.

What is worse than Tinubu paying N90bn on the hajj this year is that he has to pay it next year, and the year after, and continue like that, especially as his second term election approaches. If he fails to sustain it, the Muslim population whose vote he is targeting through the humongous expense will not forgive him. Worse still, they would have forgotten what he paid in 2024. He has to keep up the spending. Given the Nigerian penchant to turn virtually any initiative into an avenue to siphon public funds, do not be any surprised if that N90bn starts ballooning yearly. You assess the situation he got himself and long-suffering Nigerians into, and wonder how a man who was so mythicized could unravel that quickly. When it came to administering pain and shock, Tinubu was possessed with the spirits of “courage” and “freedom” as he gayly put it. When it came to standing up to religious and ethnic sentiments, his pandering revealed those spirits as “cowardice” and “economic bondage.”

But that is not only where the legion spirits of indecisiveness have possessed the man. First, he took forever to assemble a cabinet even though he won the election in March. He had enough time to decide on a team; he just took it for granted. By the time he unfolded his team, there was initially some confusion over who had made the list. When the final list was unfolded, it was anything but inspiring. Even some of his supporters who had boasted that he knows how to look for the best people were disappointed by how many of those nominated were recycled from the garbage cans of the past administration. To think they even expanded the cabinet just to take some clowns on board.

He signed the Student Loan Act into law, but they later withdrew it with the promise to return. Till now, they are still fumbling through the launch. He recalled ambassadors from their posts, but it turned out that he had no plans in place to replace them. He also proposed the Green Tax but had to reverse it when the introduction turned out to be ill-timed. Then there were the Import Tax Adjustment Levy, Expatriate Tax, and the Cybersecurity Levy that were introduced but needed to be reversed. He will probably go down in history as the president with the most reversed policies in the history of governance at the rate he is going. Even the construction Lagos-Calabar highway, announced with fanfare, had not been fully thought through. Then the blatant and needless lies such as the UAE visa ban and the Maersk affair suggest that they lack any integrity. If they cannot be honest with even the simple things, why should you trust them on the big things?

Plot all of these together, and you come up with a solid picture of a man whose administration lacks coordination and takes decisions based on what their hormones (and some spirits, of course) dictate. Tinubu’s myth as an efficient administrator that has always been propped up with media propaganda and self-serving intellectuals has severely unravelled, revealing an unpleasant picture of the man, the myth, and the mediocrity. To think we are going through this after “16 years of the Peoples Democratic Party” and “eight years of Buhari.” Add the past one year, and you see 25 directionless years. God help somebody!


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Politics / Re: 4,416 Killed, 4,334 Kidnapped In Tinubu’s First Year – CSOs by treesun: 8:14am On May 29
Politics / Re: Tinubu's Aides issue Conflicting Statements on 1st Year Anniversary by treesun: 10:00pm On May 28
Ngelale's statement counters an earlier one issued by the President's Special Adviser on Information & Strategy, Bayo Onanuga
APC is full of confusion, they cant even get anything right!

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Politics / 4,416 Killed, 4,334 Kidnapped In Tinubu’s First Year – CSOs by treesun: 9:52pm On May 28
Ahead of the first anniversary of President Bola Tinubu’s administration, a group of 84 local and international Civil Society Organisations says at least 4,416 persons were killed.

In contrast, 4,334 others were abducted in incidents of mass atrocities across the country, in the last year, the CSOs said.

The groups said the numbers did not account for the regular crimes like armed robbery and other forms of crime committed in the period, adding that the situation had reduced the citizens’ right to life and dignity guaranteed under Sections 33 and 34 of the 1999 Constitution of Nigeria (as amended), to a mere inscription.

Addressing journalists at a press conference held in Abuja on Tuesday, to mark the 2024 National Day of Mourning, said the insecurity in the country had earned Nigeria a place as one of the most insecure countries in the world, ranking 144th out of 163 countries on the Global Peace Index in 2024.

Since the commemoration of the last National Day of Mourning #NDOM2023 on May 28th, 2023, and President Tinubu’s first year in office, our records show that at least 4416 people were killed and at least 4334 were abducted in incidents of mass atrocities across the country.

“These numbers do not account for the regular crimes of armed robbery and other forms of crimes within that range.

These incidents of violence have reduced the citizens’ right to life and dignity guaranteed under Sections 33 and 34 of the 1999 Constitution of Nigeria (as amended) to a mere inscription.

“The frequency of these atrocities has kept Nigerians in a state of perpetual fear and uncertainty and is impacting social cohesion, the economy, public health, and education across the country,” the CSOs said.

The press conference was addressed by Lois Auta, Founder of Cedar Seed Foundation; Martins Obono, Executive Director of TAP Initiative; and Frank Tietie, the Executive Director of Citizens Advocacy for Social and Economic Rights, who said the frequency of the atrocities had kept Nigerians in a state of perpetual fear and uncertainty, and impacting social cohesion, the economy, public health, and education across the country.

They further stated that the Northern Central region had accounted for the highest number of fatalities, with at least 1600 lost, the North West came in second place with at least 1,136 fatalities, with Maradun Local Government, a community in Zamfara state, being the most hard-hit after enduring at least five separate incidents of terror in 2023, with at least 118 lives lost.

“While no region of the country has been spared in the past year, the North Central region has accounted for the highest number of fatalities from mass atrocities, with at least 1600 lives claimed in terror pillages, communal clashes, and herdsmen attacks.

“With at least 1,136 deaths, mostly from terror-pillage attacks(banditry), the Northwest came in second.

Particularly hard-hit were communities like Maradun Local Government Area in Zamfara State, which endured at least five separate incidents of terror pillages in 2023 in a series of attacks that claimed at least 118 lives.

“At least 904 people were killed in the Northeast in the past year. Boko Haram/ISWAP activities still account for the highest number of atrocious killings in the Northeast, particularly in Borno State, with pockets of incidents in Yobe and Adamawa states.

“We also noted an upsurge in insurgent group clashes. For example, at least 82 Boko Haram insurgents were killed in an inter-insurgent group clash in Kukawa Local Government Area of Borno State,” the CSOs asserted.

The Southeast recorded the highest number of killings in the Southern part of the country with at least 344 killed, with most of the massacres occurring in Imo and Anambra states.

The groups also noted that the state security personnel also fell victim to violence, with at least 262 personnel killed on active duty, with the number including 110 military and 126 police officers.

They, however, warned President Bola Tinubu, the security service chiefs, and the representatives at the National Assembly that their continued failure to fulfill their constitutional duty would result in our passing a loud and consequential vote of no confidence in them.

The CSOs urged the government to fulfil its constitutional obligations under Section 14(2)(b) of the Constitution of the Federal Republic of Nigeria as amended and ensure the security of Nigerians’ lives and property.



Crime / Re: Police Arrest Four Soldiers, NSCDC Officer, Others Over Robbery In Rivers by treesun: 9:49pm On May 28
Crime / Re: Police Arrest Four Soldiers, NSCDC Officer, Others Over Robbery In Rivers by treesun: 9:02am On May 28
Most crime are commited by people trainned to handle weapons!

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Crime / Police Arrest Four Soldiers, NSCDC Officer, Others Over Robbery In Rivers by treesun: 8:09am On May 28
The Rivers State Police Command says its operatives have arrested at least 13 suspects, including four soldiers and an officer of the Nigeria Security and Civil Defence Corps, NSCDC, over robbery.

The suspects allegedly hijacked some food trucks, and diverted them to other locations.

The spokesperson of the command, Grace Iringe-Koko made the disclosure in a statement on Monday.

The PPRO noted that the arrests followed a thorough investigation triggered by an initial arrest of suspected burglary in a private warehouse in Elimgbu community, Ohio/Akpor Local Government Area of the state.

She said a corporal in the Nigerian Army serving in Delta State and an officer of the NSCDC serving in Kabba, Kogi State were the initial suspects arrested.

According to her, preliminary investigation revealed that the arrested security agents usually abandoned their posts to engage in criminal activities in Rivers State.

She added that a larger criminal ring was discovered to have been involved in hijacking trailers loaded with various goods, including fertilizers, imported clothing, and POP cement.

The police recovered stolen items and a white Toyota Hilux used in the gang’s operations, she said.

Dunamis testifier, Anyim Vera arrested by Police
Anyim Vera, Dunamis International Gospel Center, DIGC member who went viral after she was accused of lying during a testimony has been arrested by the
Daily Post


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