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Crime › Re: EFCC, Police Personnel Formed ‘kidnap-for-ransom’ Syndicate In Enugu by treesun(op): 10:18pm On Jul 07, 2024
Nbotee:
Some of them were caught in Anambra and paraded. The videos are all over
Saw the video too!
Crime › Re: EFCC, Police Personnel Formed ‘kidnap-for-ransom’ Syndicate In Enugu by treesun(op): 10:17pm On Jul 07, 2024
This is serious and extremely scary, people with official guns doing evil!
Crime › EFCC, Police Personnel Formed ‘kidnap-for-ransom’ Syndicate In Enugu by treesun(op): 9:24pm On Jul 07, 2024
EFCC, Police Personnel Formed ‘Kidnap-for-Ransom’ Syndicate In Enugu, Detain Suspected Fraudsters In ‘Makeshift Cells’

Certain individuals within the Enugu State police command and Economic and Financial Crimes Commission (EFCC) have been implicated in the kidnapping of Nigerian youths, particularly those suspected of being involved in online fraud, commonly referred to as ‘Yahoo boys’.

Sources told SaharaReporters that the rogue police officers and EFCC officials have formed a clandestine team that collaborates to apprehend suspected ‘Yahoo boys’, targeting their homes or detaining them on the streets, often for exploitative purposes.

According to sources, the security personnel have adopted a tactic akin to kidnapping, mimicking criminal organisations, as a means to circumvent the lack of evidence needed to formally arrest and charge suspected ‘Yahoo boys’, bypassing standard legal procedures.

SaharaReporters learnt that the squad’s victims are abducted and held captive in undisclosed locations until they meet the ransom demands, effectively being treated like kidnap victims.

This rogue squad, comprised of errant security personnel, detains the suspects in makeshift holding cells, mirroring the tactics employed by kidnappers, to extort money in exchange for their release.

A police source said, “So rogue EFCC officials and some policemen formed an illegal squad and they would go for raids on ‘Yahoo boys’. But because they have no base to take them, they would practically hold them to ransom, kidnap-style and never release them until they pay ransom.”

According to one of the sources, some policemen involved in the illegality have been arrested.

However, the sources could not say if the EFCC had done any similar house cleaning to arrest and sanction its officials involved in the illegality.

“Some of the policemen on our side who are involved in such have been arrested but I cannot say if the EFCC apprehended their officers involved,” one of the sources said.

When SaharaReporters contacted the EFCC spokesperson, Mr Dele Oyewale, for his comment to our findings, he denied the agency's involvement in such illegal arrests.

He said, “The configuration of EFCC does not allow for that. The standard operating procedure of the commission does not allow that; it is a very disciplined organisation.

“It's never possible for the EFCC personnel to be conniving with policemen to be doing that. That allegation has no basis because there is no substance. There is no evidential proof. Just last week, four people were arrested for impersonation in Enugu. We are not that kind of organisation.”

The allegations were also denied by the Enugu State Police Command spokesman, Daniel Ndukwe during his telephone interview with SaharaReporters on Sunday.

Ndukwe said, “The information is vague and I would urge those bringing these to be more specific for proper investigation. The claim that we arrested some officers doing that is not true. We don’t have any officer charged for that habit presently.”
https://saharareporters.com/2024/07/07/efcc-police-personnel-formed-kidnap-ransom-syndicate-enugu-detain-suspected-fraudsters

Politics › Re: Bandits Kidnap Two Kaduna Journalists, Wives, Others by treesun(op): 10:26am On Jul 07, 2024
There was a country, Mexico is better now!
Politics › Bandits Kidnap Two Kaduna Journalists, Wives, Others by treesun(op): 9:25am On Jul 07, 2024
Some bandits on Saturday night invaded Dahjonu community in Millennium City of Chikun Local Government Area of Kaduna State and abducted two journalists -The Nation’s Abdulgafar Alabelewe and Blueprint newspaper’s AbdulRaheem Abdu as well as their wives and children.

Alabelewe is also the current chairman of the Correspondents’ Chapel of the Nigeria Union of Journalists, Kaduna State Council.

One of the victims’ family members, Taofeeq Olayemi, who confirmed the incident, said the bandits invaded the area around 10.30 pm and shot indiscriminately before carrying out their act.

Olayemi said the bandits kidnapped Alabelewe, his wife, and two of his children, while Aodu and his wife, who was also sick, were kidnapped, leaving behind their sick daughter.

He said, “Initially, they picked Abdulgafar, his wife, and three of his children and a girl staying with them before asking the girl to return with one of the children and left with Abdulgafar, his wife, and two children.

“They shattered their doors and windows and removed their burglary after scaling the fence.”


Olayemi, who is also a neighbour to the victims, added, “They came around 10:30 pm on Saturday and started shooting indiscriminately.

“They first forced Aodu’s door open and picked him and his wife and left their sick daughter behind.

“Then, they entered Abdulgafar’s house through the fence and jumped into his house.


“They went straight into his bedroom and picked him, his wife, and two of their kids and left immediately, after which the vigilantes arrived and started shooting into the air.”

As of the time of filing this report, the state Police Public Relations Officer, Mansir Hassan, could not be reached for comments as his telephone line was not connecting.
https://punchng.com/just-in-bandits-kidnap-two-kaduna-journalists-wives-others/

Politics › Re: 73 Killed In Two Weeks As Bandits Attack Eight States by treesun(op): 1:29pm On Jul 06, 2024
Death that are preventable!
Politics › 73 Killed In Two Weeks As Bandits Attack Eight States by treesun(op): 8:53am On Jul 06, 2024
No fewer than 73 people have been killed in separate attacks that broke out across eight states of the federation in the last two weeks, Saturday PUNCH can confirm.

Recall that in June, President Bola Tinubu lamented the rising spate of insecurity in the country, noting that the security challenges in the North-West region was affecting other parts of the country.

Tinubu stated this in Katsina, at a two-day summit themed, ‘Regional Cooperation for Securing Lives and Livelihoods in North-West Nigeria,’ organised by the North-West Governor’s Forum in collaboration with the United Nations Development Programme.

The President, who was represented by Vice President Kashim Shettima, said the security issue in the North-West was not a sectional matter as whenever any part of the country was ailing, others would be affected.


He, however, assured Nigerians that his administration would not rest on its laurels until banditry, terrorism, and other forms of insecurity were eliminated.

However, Saturday PUNCH analysis of recent media reports showed that bandits and suspected herdsmen killed no fewer than 73 people between June 16 and July 3, 2024, across eight states of the federation.

The latest of such attack occurred on Tuesday, 2nd July in Benue and Katsina states where a total of 12 people, including a university lecturer were murdered in cold blood by gunmen.


The don, Dr Tiri David, who was the Head of the Department of Agricultural Economics, Extension, and Rural Development at the Federal University, Dutsinma in Katsina State, was reportedly killed early Tuesday morning by the assailants.

An eyewitness reported to Channels Television via telephone that the incident occurred around 1:30am at his residence in the Yarima Quarters, Low-Cost Estate, Dutsinma Local Government Area of the state.

While Nigerians were still reeling in shock over the don’s murder, some bandits struck again on Tuesday night in Benue State, killing no fewer than 11 people.

The bandits were said to have invaded Ayati village in Ukum Local Government Area of Benue State and killed several people out of which 11 corpses had so far been recovered by youths in the local government area, who violently protested the killing on Wednesday in the state.

Recall that before then, three people from the Internally Displaced Persons camp in Agagbe area of the state had been murdered by suspected herders in the state.

The former manager of the camp, Terna Jacob, who confirmed the incident, said the IDPs were killed while returning from their farms on Monday evening.


On Sunday, June 30, five policemen were ambushed and killed by bandits in Jibia Local Government Area of Katsina State.


According to reports, the officers met their death, while returning to Jibia council headquarters from their duty post in Zandam village.

Four of the officers were killed at the scene of the attack, while the fifth officer died while receiving treatment at the Federal Teaching Hospital, Katsina.

On Saturday, June 29, suspected female suicide bombers struck a wedding, a hospital, and a funeral in Gwoza area of Borno State, leaving six people dead and several others injured.

Shettima, as of Monday, said the death toll of the suicide bombing attack had hit 32 with 26 of its injured victims still receiving treatment in the hospital, while 14 others had been discharged.

According to a statement issued by the Special Assistant to the Vice President on Media and Communications, Mr Stanley Nkwocha, Shettima gave the updates while speaking with journalists after paying a condolence visit to the victims and families of those killed in the suicide bombings.

On that same day, suspected herders also hacked a rice farmer identified as Taiwo Paul to death in the Kata Area of Ewekoro Local Government of Ogun State.

Meanwhile, while a retired Army General, Brig. Gen. Harold Udokwere (retd.) was assassinated earlier on Saturday, June 22 by a three-man armed robbery gang in Abuja, the Deputy Vice Chancellor, Research, Innovation and Development of Usmanu Danfodiyo University Sokoto, Prof. Yusuf Saidu, was killed by bandits on Monday, June 24.



Between June 16 and June 17, no fewer than 18 people were also killed in three separate attacks across Kaduna, Taraba and Sokoto states.

Six of the victims were killed when suspected herders attacked Mararaban Azagwa and Alele villages all of Maihula in the Bali Local Government Area of the state on Sunday, June 16.

The Sokoto victims also met their death on the same day as six of them were killed and many others were abducted by the attackers in the early hours of Sunday.

The Sokoto Police Command Spokesman, Ahmed Rufai, who confirmed the killing, said it occurred at Tudun Doki, In the Gwadabawa Local Government Area of the state.

The last six victims from Kaduna State lost their lives when some bandits invaded Bauda and Chibiya communities in Maro Ward in Kajuru Local Government Area of the state on Monday, June 17.
https://punchng.com/73-killed-in-two-weeks-as-bandits-attack-eight-states
Politics › Re: Fuel Scarcity: Major Marketers Blame Thunderstorm by treesun(op): 10:03pm On Jul 05, 2024
Not only Thunderstorm, but Sango!
Politics › Fuel Scarcity: Major Marketers Blame Thunderstorm by treesun(op): 9:46pm On Jul 05, 2024
Fuel Scarcity: Major Marketers Blame Thunderstorm
Travellers and motorists have been groaning following fuel scarcity across various filling stations in the nation’s capital, Abuja. This is just as the Major Energy…



This is just as the Major Energy Marketers’ Association of Nigeria (MEMAN) blamed the situation on supply chain disruption even as the situation is a little bit calm in Lagos except pockets of long queues at some major filling stations.


Daily Trust findings showed that filing stations of both the independent and major oil marketers within Abuja city and some area councils of the FCT have remained closed without fuel.

A visit by our reporter to some of the filling stations especially where fuel is being dispensed showed that there was a long queue of vehicles and motorcycles waiting to buy fuel.

At AA Rano filling station, Wuse zone 2, there was a long queue of vehicles waiting to refill their tanks, even as some motorists carried gallons to buy the fuel.

Also at Gwagwalada area council, one of the satellite towns in the FCT, our reporter observed that some filling stations remained closed, except Doma filling station, which is located along Secretariat road.



However, some motorists who spoke with our reporter, expressed their frustration over the fuel scarcity which they said posed serious hardship to them.


Our reporter further observed that the fuel scarcity and increase in transport fare has forced many residents, especially civil servants to resort to trekking within the city center of Abuja while some trekked from homes to their working places.

Mr. Ayuba Solomon, a commercial driver, who spoke with our reporter, said the fuel scarcity has forced him to park his car at home.

“In fact, since yesterday being Thursday, I couldn’t bring out my car to pick passengers because many filing stations within the area I reside have no fuel,” he said.

“And even where you see fuel, the liter is high as I can’t afford to buy a liter for N900 per liter, which is almost black market,” he said.

Another motorist, Godwin Emmanuel, who is also a commercial driver plying Abuja- Enugu route, expressed his frustration over the fuel scarcity in Abuja.

He said the resurfacing of fuel scarcity in Abuja, has not augured well for both motorists and travellers, saying the fuel scarcity has compelled him to increase transport fare by 85 percent.


“How do you expect me to fuel at N870 or N900 per liter and expect me not to increase transport fare, if we must tell each other the truth,” he said.

A director of one of the petrol stations, who preferred anonymity, said the resurfacing of fuel scarcity in Abuja, was due to non supply of fuel by NNPCL.

He said being an independent oil marketer, he has always depended on buying from NNPCL, which he said could not get fuel for over a week.

“It is the NNPCL that supplies us fuel but for the past one week, we could not get fuel and the government has failed to tell Nigerians what is responsible for the fuel scarcity,” he said.

He added “And the most annoying thing again is that despite the government secretly paying fuel subsidies, yet the government has failed to supply fuel,” he said.

One of our correspondents also observed long queues at TotalEnergies, Wuse, Zone 3, TotalEnergies by Audit House, Conoil and TotalEnergies, opposite the NNPC Ltd. Towers and all NNPC Ltd. retail outlets.


Along Kubwa expressway, the NNPC Ltd. retail outlets opposite Salbas, Shema, AA Rano and Salbas fuel stations as well as Evergreen station inside Kubwa had long queues.

Black marketers were also seen hawking petrol in jerry cans.

Motorists who spoke with our correspondent, however, lamented the untold hardship the development has caused them.

Musa Aliyu, a commercial driver, said he had to increase his fare for transportation because of the difficulties of getting fuel.

“Getting fuel now is so difficult. Most filling stations are not selling even when you see the ones that are selling, long queues are there,” he said.



Slight queues in Lagos

In Lagos, our correspondent observed slight queues at major filling stations on Lagos Mainland and Island where fuel is sold at the official rate of between N568 and N610.


The long queues were observed at Mobil Filling Station at Bonny Camp; MRS along Ahmadu Bello Way, Victoria Island; among others.

President of the Independent Petroleum Marketers’ Association (IPMAN), Alhaji Abubakar Migandi said he has been inundated with reports of scarcity especially in Abuja, saying he was yet to be properly briefed on the cause of the crisis.



MEMAN blames supply chain disruption

Executive Secretary of Major Energy Marketers’ Association (MEMAN), Clement Isong in a chat with our correspondent blamed the scarcity on supply chain disruption.

He said the recent rainfall across the country, especially in Lagos, made it difficult for trucks to lift products, saying there was a thunderstorm at the depots.

He said, “The supply chain is slower when there is a thunderstorm. 24-hour supply chain disruption means that the stations are dry. During the rainy season, the trucks drive more slowly, they also get stuck when the roads are flooded.”


He however assured that the queues would disappear in a few days’ time, adding, “There is product in Lagos, the product is coming and the product is moving.”

https://dailytrust.com/fuel-scarcity-major-marketers-blame-thunderstorm/
Foreign Affairs › Re: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 11:13pm On Jul 04, 2024
obi4eze:
Yea. The new PM will meet the King and a new government will be formed.
Very correct!
Foreign Affairs › Re: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 11:03pm On Jul 04, 2024
obi4eze:
Not the real results though. This is just the exit poll which is a projection of the real results which will be announced by tomorrow morning.
Variances in projected results,
not more than 1%!
Foreign Affairs › Re: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 10:54pm On Jul 04, 2024
budaatum:
I expect Rishi to resign come morning if this turns out to be true. Going from 365 seats to a mere 131 is far too many not to.
It is true, BBC is breaking the news, Keir Starmer will be the New PM, Nlfpmod!
Foreign Affairs › Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 10:45pm On Jul 04, 2024
The poll suggests Sir Keir Starmer's party has won with an estimated overall majority of 170 seats - while the Conservatives, led by Rishi Sunak, look likely to record their lowest seat tally in the party's history.


Labour has won a landslide victory in the general election, ending 14 years of Conservative rule, the exit poll suggests.

Sir Keir Starmer's party looks set to secure the win with an estimated 410 seats - equating to an overall majority of 170 - according to the poll by Ipsos UK for Sky News/BBC/ITV News.

This is compared to the Conservatives, who are projected to win just 131 seats, compared to 365 in the 2019 vote.

Some of the Tories' most senior figures are also expected to lose their seats, including Chancellor Jeremy Hunt, Defence Secretary Grant Shapps and Veterans Minister Johnny Mercer.

Follow general election results live

Labour's deputy leader Angela Rayner downplayed the results, telling Sky News that while the exit poll was "encouraging", there was still a long way to go until the final results.

But she said Sir Keir had done a "tremendous job in transforming the Labour Party and putting forward a programme for government that the country can get behind".

Former leader of the Scottish Tories, Ruth Davidson, also told Sky News the result was a "massacre" for her party.

Here are the number of seats each party is expected to secure:

Labour: 410
Conservatives: 131
Liberal Democrats: 61
Reform: 13
SNP: 10
Plaid Cymru: 4
Green: 2
Other: 19

https://news.sky.com/story/exit-poll-labour-to-win-landslide-in-general-election-13164851
Politics › Re: EFCC Warns Promoters Of Planned Protest by treesun(op): 5:04pm On Jul 03, 2024
Nlfpmod Naptu2 is protest a crime now under democracy!
Politics › EFCC Warns Promoters Of Planned Protest by treesun(op): 4:55pm On Jul 03, 2024
EFCC PRESS STATEMENT

EFCC WARNS PROMOTERS OF PLANNED PROTEST

The Economic and Financial Crimes Commission, EFCC, wishes to alert the general public on the plan by a shadowy group to instigate a “protest” against the Commission.

In the last couple of days, the group has been actively campaigning in the social media, recruiting impressionable young Nigerians, including students to take up “arms” against the EFCC.

This insidious campaign is being promoted as resistance to the operational activities of the Commission especially in respect of the enforcement of the laws dealing with cybercrimes.

The Commission, while not averse to protests by citizens, is alarmed by emerging evidence that suggest a grand design by corrupt elements under investigation or prosecution by the Commission to exploit the so-called protest to orchestrate a national uprising that may threaten the peace and security of our dear nation.

As a responsible law enforcement organisation, the Commission will not tolerate any breakdown of law and order anywhere in the country especially around its office locations across Nigeria.

EFCC, working in concert with sister security agencies, is therefore taking necessary measures to deal with possible threats to the peace and security of Nigeria. 

The Commission, however, appeals to parents, guardians and heads of tertiary institutions to take responsibility in ensuring that their wards are not recruited to be used as cannon fodder in a proxy war against the Commission by vested corrupt interests.

The war being waged by the Commission against corruption and cybercrime is to protect the future of the youth of this country. That future is imperiled if Nigeria degenerates further in global reckoning as a den of fraudsters.

Dele Oyewale
Head, Media & Publicity
July 3, 2024
https://x.com/officialEFCC/status/1808497665769906409?

Politics › Katsina: Bandits Kill Lecturer, Kidnap His Children by treesun(op): 3:57pm On Jul 02, 2024
Katsina: Bandits Kill Lecturer, Kidnap His Children
A lecturer with the Federal University Dutsinma (FUDMA) in Katsina State, Dr. Tiri Gyan David, has been killed by bandits. Dr David, who was the…




A lecturer with the Federal University Dutsinma (FUDMA) in Katsina State, Dr. Tiri Gyan David, has been killed by bandits.

Dr David, who was the Head of the Department of Agricultural Economics, Extension, and Rural Development of the university, was killed in the early hours of Tuesday.

A resident said the assailants abducted two of the late lecturer’s children after killing him.
The deceased resided at Yarima Quarters, Low-Cost Estate, Dutsinma Local Government Area of Katsina State.

The source added that the bandits invaded the community with sophisticated weapons, shooting sporadically to scare the residents.


Gov Fintiri, Northeast Counterparts lead study tour to Pakistan for post-insurgency disaster management

The Katsina Police Command spokesman, Abubakar Sadiq Aliyu, confirmed the incident but said the command would release a detailed statement about it later.

Recall that in the recent past, some students of the University, who were living off campus, were abducted and later released following negotiations, although authorities said no ransom was paid.

Dutsinma is one of the local government areas grappling with banditry, although there has been a reduction in the rate of attacks in recent times due to the efforts by both the state government and security agencies in tackling the menace.


https://dailytrust.com/katsina-bandits-kill-lecturer-kidnap-his-children/
Politics › Warri, Port Harcourt, Kaduna Refineries To Begin Operations By December by treesun(op): 10:14am On Jul 01, 2024
The Downstream Committee of the Nigerian Senate has stated that the three government-owned refineries in the country will begin full operations before January 2025.


According to the Vice Chairman of the Committee, Senator Jide Ipinsagba, who is representing Ondo North Senatorial District, the retrofitting of the Kaduna, Warri, and Port Harcourt refineries was already at the completion stage.

Ipinsagba, who also states that the Dangote refinery in Lagos State will soon begin the refining of Premium Motor Spirit, PMS, known as petrol, expressed the satisfaction of the committee during the on-the-spot assessment as an oversight function for the refineries.



He maintained that the refined petroleum products would be exported after internal consumption had been met.

“Effort is on top gear to ensure that all the refineries are functioning before the end of this year. We have done oversight of all the refineries, and we have good promises from them based on what we saw there.

“Port Harcourt refinery today has about 90 to 95 percent optimisation in terms of retrofitting. Warri is almost about 80 percent, and Kaduna is almost about 70 percent.


“Dangote refinery is ready to operate any moment from now on. With all this, internal consumption of fuel will not be a problem, and we will have the opportunity to also export our refined oil.”
https://dailypost.ng/2024/07/01/warri-port-harcourt-kaduna-refineries-will-begin-operations-by-december-senator-ipinsagba/

Politics › Re: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 7:45am On Jul 01, 2024
¡
Politics › Re: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 9:37pm On Jun 30, 2024
Brendaniel:
Tinubu partnered with the north with this same strategy to remove his fellow southern president just because he wanted to be president, that is how selfish, heartless and wicked he is, he killed southern unity for his presidency, now the north is against him...

Let him and his tribalist face the north on their own, the rest of the south they fought will sit down and watch
Nlfpmod!
Politics › Re: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 9:14pm On Jun 30, 2024
Nukilia:
It's time to fight the Southern president with the bokoharam guys that received amnesty
Emilokan!
Politics › Re: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 8:57pm On Jun 30, 2024
These people have resumed from sabbatical!
Politics › Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 8:30pm On Jun 30, 2024
It was gathered that the tragedy occurred when the farmers stepped on the IED planted on the road.

Two people were reportedly killed when an Improvised Explosive Device exploded at Mile 40 along the Maiduguri-Monguno Road in Borno State on Sunday.




It was gathered that the tragedy occurred when the farmers stepped on the IED planted on the road. The incident occurred around 9:10 am on Sunday, June 30.




A security analyst and counter-insurgency expert in the Lake Chad region, Zagazola Makama, made this known on his X account on Sunday, noting that the use of IEDs by the Islamic State in West Africa Province (ISWAP) indicates weakness rather than strength.



Zagazola explained that ISWAP's reliance on IEDs suggests that they are weak and their conventional militants' capability has been depleted.



He said, “The use of IEDs is often a tactic of desperation, employed by ISWAP, because they lack the manpower or firepower to achieve their objectives through conventional means.”



He added that unlike in the past when they could attack military bases and towns, they are now only adopting defensive strategies to stop troop incursions into their enclaves.


https://saharareporters.com/2024/06/30/two-nigerian-farmers-killed-fresh-bomb-explosion-borno-road
Politics › Re: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 4:18pm On Jun 30, 2024
Melagros:
COMRADES, Gwoza is predominantly Christians, so the objective for the target is clear

Whether you like it or not, Christians lives are in great danger in Nigeria
Christians cant be wiped out!
Politics › Re: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 12:01pm On Jun 30, 2024
iwaeda:
Are we back to 2014, when they were blaming bombing on GEJ's cluelessness. Anyway boko haram only attacking soft targets. 3 places in a day. grin grin grin grin cry cry cry cry
Really bad!
Politics › Re: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 11:59am On Jun 30, 2024
Nlfpmod, more devastating than we thought!
Politics › 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 9:34am On Jun 30, 2024
No fewer than 30 persons died, with over 100 injured when suicide bombers attacked wedding and funeral ceremonies in Borno state.

The First Class Emir of Gwoza Local Government Area in Borno state, His Royal Highness, Alhaji Mohammed Shehu Timta, on Saturday, confirmed that multiple suicide attacks were carried out at various locations, including a wedding reception and a burial ceremony in Gwoza town.

The coordinated incidents, which took place in the afternoon, caused pandemonium as people scamper for safety.

Reliable sources said: “More than 30 innocent civilians were killed, while over 100 sustained various degrees of injuries.

“Many of the victims have been evacuated to Maiduguri for medical attention.”

Woman and two children
Confirming the incident to Vanguard exclusively, the royal father, Timta, said, “The entire Gwoza council area is in serious mourning following multiple suicide attacks on our community.

“The first suicide attack was masterminded by an unidentified woman. She sneaked in with two children into a wedding reception of a popular young man in Gwoza. Then she detonated her Improvised Explosive Devices, IEDs, killing herself and many people.

“Few minutes after, another suicide bomber sneaked into a burial ceremony nearby and detonated IEDs. And as i am talking to you right now, the third explosion just occurred a few minutes ago with more casualties.

“At least, over 100 people were injured, and most of them who sustained serious injuries have been rushed to Maiduguri with military escort for proper medical attention.

“This is just a preliminary confirmation, as details of the casualties are still yet unknown. But I will keep you posted on any developments,” the Emir stated.


Reacting to the incidents, a member representing Gwoza/Chibok/Damboa federal constituency, Ahmed Usman Jaha a.k.a Babawo, sympathized with the families of those who lost their loved ones in the multiple attacks.

He prayed Allah to grant the souls of the deceased Aljannatul Firdaus. Also, he wished those who sustained injuries quick recovery.

Gwoza, a town in southern Borno borders the Cameroun Republic.

It was hitherto declared Boko Haram territory. It was captured by insurgents with hundreds of people killed before it was later liberated by troops

https://www.vanguardngr.com/2024/06/over-100-injured-as-emir-confirms-suicide-attacks-at-wedding-funeral-prayers-in-borno-lga/
Business › PZ Cussons Nigeria Reports N96.4 Billion Losses In FY 2024 by treesun(op): 4:59pm On Jun 29, 2024
Consumer goods company, PZ Cussons Nigeria reported a net loss of N96.4 billion for the fiscal year ending May 31, 2024, according to information contained in its latest unaudited financial statements.

The losses led the company to post a negative equity of N47.2 billion at the end of the fiscal year.

PZ Cussons has been struggling with macroeconomic headwinds which has negatively affected its margins. High interest rates, exchange rate depreciation and galloping inflation are some of the challenges faced by the company.


Struggles amidst revenue growth
PZ Cussons Nigeria posted a revenue of N152.2 billion during the fiscal year, representing a 33.5% growth from the N114 billion revenue generated in the previous fiscal year.

The company also reported a gross profit of N60.6 billion, representing an 84% increase from the N32.95 billion gross profit posted in the previous fiscal year.

News continues after this ad




Dinosaurs Spine at Hang Dong, Ta Xua, Son La seen from above

News continues after this ad

Despite achieving an impressive 40% gross margin during the fiscal year, the group experienced a substantial exchange loss of N158 billion, resulting in a negative operating margin.

Consequently, the group reported an operating loss of N111.5 billion.

The group posted a pre-tax loss of N109 billion, a contrast from the N20.46 billion pre-tax profit posted at the end of the 2022/2023 fiscal year.

News continues after this ad


Due to its losses, the group enjoyed a tax credit of N12.5 billion, resulting in a net loss of N96.4 billion, down from the N13.3 billion profit after tax posted in FYE 2022/2023.

Key Highlights FY 2024 vs FY 2023

Revenue: N152.2 billion, +34% YoY
Cost of sales: N91.6 billion, +13% YoY
Gross profit: N60.6 billion, +84% YoY
Administrative expenses: N1.3 billion, -84% YoY
Exchange loss: N158 billion, +3090% YoY
Operating profit/(loss): (N111.5 billion), -1456% YoY
Net interest income: N2.2 billion, -55% YoY
(Loss)/Profit before tax: N109 billion, -632% YoY
(Loss)/Profit for the year: N96.4 billion, -772% YoY
Total assets: N137.6 billion, -17% YoY
Commentary
The net loss posted by the group at the end of the fiscal year led to a wiping out of its N34.5 billion retained earnings, leading to retained losses of N53.6 billion at the end of the 2023/2024 fiscal year.
The retained losses accrued by the group have led to a negative equity of N47.2 billion, even as the group looks to delist from the NGX.
During the fiscal year, the group’s net cash declined to N32.7 billion, a 68% decline from the N101.6 billion as at FYE 2022/2023.
The decline in cash and cash equivalents was due to an N87.3 billion negative cash flow generated from operating activities.
PZ Cussons Nigeria’s borrowings from its parent company, PZ Cussons (Holding) Limited, surged to N59.8 billion by the end of the 2023/2024 fiscal year, up from N18.7 billion at the close of the previous year.

This increase is attributed to a $40.26 million non-interest loan facility extended by the parent company to the Nigerian subsidiary in June 2022.

The FX revaluation adjustment resulted in an additional N41.1 billion increase to the original borrowed amount.

PZ Cussons Nigeria delisting
In September 2023, the parent company announced its plan to buy out the remaining 26.73% shareholding of PZ Cussons Nigeria and delist the company from the NGX.
At the time, an offer price of N21 per unit was made to the minority shareholders. However, this price was rejected by certain shareholders who claimed such a price was unfair to them.
In November, the offer price was increased to N23. However, in March 2024, the Securities and Exchange Commission (SEC) declined PZ Cusson’s request to delist from the NGX. A move which was applauded by some of the minority shareholders.
In a statement released in March 2024, the holding company, PZ Cussons (Holding) Limited announced plans to review its Nigerian operations in order to “reduce risk and maximize shareholders value.”

https://nairametrics.com/2024/06/29/pz-cussons-nigeria-reports-n96-4-billion-losses-in-fy-2024-shareholders-funds-wiped-out/
Politics › Nigeria A Poor Country – Presidential Committee by treesun(op): 2:26am On Jun 29, 2024
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has described Nigeria as a poor country with the potential to be wealthy.

Speaking on Channels Television’s Politics Today, Oyedele said in comparison with some countries and cities, the Federal Government’s budget and that of states are small.

“By the way, the entire budget, that’s the Federal Government’s of about N29 trillion plus all the states in Nigeria about N15 trillion – if you add it all, it comes to about N44 trillion. That’s around $30 billion,” he said

“That $30 billion is even less than the budget of Kenya which is around $32 billion. It is barely a quarter of South Africa’s budget at $130 billion. And of course, it’s even less than the budget of New York City, not even just New York State. So, clearly, Nigeria is a poor country with the potential to be a wealthy country.”

The Federal Government has faced criticisms over what some described as over-taxation. Kenya’s recent protests over tax laws introduced into the country have further reignited conversations among several Nigerians.

But Oyedele has ruled out the introduction of more tax, saying that cannot solve Nigeria’s revenue challenge.

“So, we do believe based on the analysis we have done and the data available to us that the right way to go is not to introduce more taxes. And in fact, if you’re gonna raise the rates of any tax, it has to be something that we’re doing as a result of the consolidation and harmonisation,” he said.

“We do think that having fewer taxes are broad-based, easy to collect, and do not place a burden on the bottom of the ladder of society is the way to go. And by using data, intelligence, and technology, we can close the tax gap so that people who have not been paying before begin to pay – who have been identified as people who should be paying – and the poor people should be legitimately exempted, particularly nano, micro businesses and low-income earners.

“And then we think that with all those, we can easily more than double our revenue within a period of two to three years.”
https://dailytrust.com/nigeria-a-poor-country-presidential-committee/

Politics › Re: FG Raises Fresh N284bn As T-bills Debt Hits N10tn by treesun(op): 8:38am On Jun 28, 2024
Nlfpmod, Government is doing give aways with borrowing!
Politics › FG Raises Fresh N284bn As T-bills Debt Hits N10tn by treesun(op):
The Federal Government through the Central Bank of Nigeria has raised a total sum of N284.26bn in the latest Nigerian Treasury Bills auction.

This was as its T-Bills debts soared to N10.4tn between December 2023 and March 2024, marking a 60 per cent rise in just three months.

According to the auction result by the Debt Management Office and cross-checked with data posted on the CBN website on Thursday, the auction attracted significant investor interest, with the total subscription amounting to N773.98bn, far surpassing the total offer of N228.72bn.

The most recent outcome indicates ongoing strong demand from yield-hungry investors while also providing a source of funding to meet the government’s short-term expenditure.

Recall that the government also raised N297bn from the June bond auction, which is only about 66 per cent of its target and 22 per cent less than the N380.77bn raised in May.

The bonds, being crucial instruments for the government’s debt management strategy, serve multiple purposes, including providing investors with a relatively safe investment option, assisting in managing the country’s debt profile, and facilitating efficient fund management.

Specifically, treasury bills and FGN bonds are classified as risk-free, theoretically zero risk, because the government is assumed to always make good on its debts. If not, they can print money to pay it back.

As an instrument to implement monetary policy, the CBN also control the money supply in the economy by issuing or redeeming Treasury Bills.

T-Bills also provide a means for the government to raise short-term funds to finance its operations, including bridging budget deficits.

In the latest auction analysed by The PUNCH, there was an increase of 417.1 per cent in the amount offered when compared to the N44.23bn offered in the previous auction, which was held on June 13, 2024.

Also, total subscriptions recorded an 89.8 per cent increase from N407.76bn while total sales rose by 414.7 per cent from N55.23bn.

A further breakdown showed that the auction featured three tenors of 91-day, 182-day, and 364-day bills.

The 91-day tenor, maturing on September 25, 2024, had an offer of N29.83bn but received subscriptions worth N36.29bn, with an allotment of N28.15bn. The range of bids for this tenor was between 15.98 per cent and 24.00 per cent, with a stop rate of 16.30 per cent.

Similarly, the 182-day bills, maturing on December 25, 2024, saw an offer of N30.67bn against subscriptions of N40.58bn, and an allotment of N36.44bn. The bid range was between 17.00 per cent and 21.00 per cent, with a stop rate of 17.44 per cent.


The 364-day bills, maturing on June 25, 2025, had the highest offer at N168.21bn. It recorded an overwhelming subscription of N697.11bn and an allotment of N219.67bn. The bid range for this tenor was 16.00 per cent to 25.00 per cent, with a stop rate of 20.68 per cent.


The significant oversubscription across all tenors demonstrates strong investor confidence in Nigerian Treasury Bills as a safe investment avenue amidst prevailing economic conditions.

The high subscription rate, particularly for the 364-day bills, reflects a preference for longer-term securities, likely driven by expectations of future economic stability and favourable returns.

The range of bids and the stop rates across the different tenors suggest competitive bidding, with investors keen on securing these government securities.

Meanwhile, the government’s thirst for alternative sources of financing has resulted in the highest T-Bills debts.

This surge occurred as the DMO, via the central bank, issued several T-Bills in Q1 2024 as it relies on a combination of monetary and fiscal policy to fight inflation while also providing a source of funding to meet the government’s short-term expenditure.

The debt balance surged from N2.8tn in 2024 to N5.8tn in July 2023 and N10.4tn currently.

This indicates Nigeria’s T-Bills debt is now 4.37 per cent of the Gross Domestic Product.

However, critics continue to point to the rising cost of servicing Nigeria’s domestic debt especially Treasury Bills with true yields closer to 30 per cent per annum.

Nigeria’s total domestic debt profile rose to N65.6tn in Q1 2024, up 11 per cent from the N59.1tn recorded as of December 2023. The external debt profile dipped from $42.9bn to $42.1bn within the same period, largely driven by a reduction in Nigeria’s debt to the IMF.

In total, the public debt profile in naira terms is N114.7 tn, assuming the exchange rate of N1,309 as of March 31, 2024. In dollar terms, Nigeria’s public debt as of March 2024 is $92.2 bn.

In an earlier interview with The PUNCH, a professor of Economics, Sheriffdeen Tella, described bonds and treasury bills as viable solutions to raise funds while reducing foreign debts.

He said the fixed-income securities play a twin role in raising funds for the government and mopping up liquidity in the system.

“Bonds and treasury bills are instruments of borrowing by the government because when the government floats its bond, people, organisations and investors buy into it and that reduces the money supply. So, bonds and treasury bills play two roles: The role of raising funds for the government and the role of mopping up liquidity in the system.”


“Nigerians can earn more via the interest rate paid on these instruments. The bonds can be paid after a minimum of two years while treasury bills can be three months, that is 91 days, six months and a maximum of one year and that is a shorter option. The CBN normally uses that to raise short-term funds for the government and to mop liquidity to reduce money supply,” he said.

https://punchng.com/fg-raises-fresh-n284bn-as-t-bills-debt-hits-n10tn/
Politics › Re: Tinubu Approves N50,000 Uplift Grant For 3.6m Nigerian Families by treesun(op): 9:32pm On Jun 27, 2024
Money for party members. Instead of using something that we last. It will be looted!
Politics › Tinubu Approves N50,000 Uplift Grant For 3.6m Nigerian Families by treesun(op): 9:28pm On Jun 27, 2024
President Bola Tinubu has approved an uplift grant under the National Construction and Household Support Programme for 3.6m Nigerian families.

This initiative will deliver N50,000 to 100,000 families in each state for three months.


The disbursement of the Tinubu uplift grant to families will occur over a three-month period, according to presidential spokesman Chief Ajuri Ngelale.



This initiative is part of the National Construction and Household Support Programme.

4o

Full Statement on the National Construction and Household Support Programme

“To boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians, President Bola Tinubu has approved the immediate rollout of the National Construction and Household Support Programme to cover all geo-political zones in the country.

“Under the programme, the Sokoto-Badagry Highway, which will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, is prioritized.

“Other road infrastructure projects, such as the Lagos-Calabar Coastal Highway, which is underway, and the Trans-Saharan Highway, which links Enugu, Abakaliki, Ogoja, Benue, Kogi, Nasarawa, and Abuja, are also prioritized.

“The President has also approved full counterpart financing for Port Harcourt-Maiduguri Railway; to traverse Rivers, Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Yobe and Borno, as well as for the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway; which will traverse Lagos, Ogun, Oyo, Osun, Kwara, Niger, Abuja, Kaduna, and Kano.


“The Sokoto-Badagry road project is specially prioritized for its importance as some of the states it will traverse are strategic to the agricultural sustainability of the nation.


“Within the Sokoto-Badagry Highway corridor, there are 216 agricultural communities, 58 large and medium dams spread across six states, seven Special Agro-Industrial Processing Zones (SAPZs), 156 local government areas, 39 commercial cities and towns, and over 1 million hectares of arable land.

“In addition, other items under the National Construction and Household Support Programme include:

(1) One-off allocation to states and the Federal Capital Territory of N10 billion for the procurement of buses and CNG uplift programme.

(2) Delivery of N50,000 uplift grant each to 100,000 families per state for three (3) months.

(3) Provision for labour unions and civil society organizations.

(4) Deployment of N155 billion for the purchase and sale of assorted foodstuff to be distributed across the nation.

“Speaking during the National Economic Council (NEC) meeting on Thursday in Abuja, President Tinubu urged state governors to work together to meet the needs of citizens, stating that he is willing to provide the needed support to ensure that Nigerians are relieved of hardship.

“While emphasizing the urgency of boosting food production, the President noted that the Sokoto-Badagry Highway is a pivotal project as the states within this axis form the food belt of the nation, and with Badagry being an important artery for food export.

“Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.


“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.

“We are prepared to provide solar powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.

“How much support do you need from me and in what form? I am prepared to provide it. But we must achieve the result. We must deliver on our targets at all levels. Please report back following your consultations and submit to my office within seven days,” President Tinubu said.



https://www.vanguardngr.com/2024/06/just-in-tinubu-approves-n50000-uplift-grant-for-3-6m-nigerian-families/

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