₦airaland Forum

naptu2:
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seunmsg:
American Obidient, Jeffrey Gutterman and US based Atiku supporter, Jackson Ude attacks each other on X formerly known as Twitter over publication of fake news. Gutterman is a well know Tinubu hater while Jackson Ude is a well known fake news merchant who is wanted in Nigeria over criminal defamation of former Minister of Works and housing, Mr. Raji Fashola.

Cc: Mynd44 nlfpmod

Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and refusing to deliver goods without payment as foreign currency shortages worsen in Africa’s biggest economy.

A letter of credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by a bank at the request of its customer, in which the bank obligates itself to pay the exporter up to a stated amount within a prescribed time frame upon presentation of stipulated documents in exchange for goods.

Foreign suppliers are now demanding cash transfers into escrow accounts in place of LCs as faith in the Nigerian banking system wanes owing to the dollar shortage.

“Nigeria is bad credit today,” a banking source familiar with the matter said. “If the central bank can not honour obligations, why take any risk on a bank from Nigeria?”

The Central Bank of Nigeria (CBN) sold what is called forward contracts to several Nigerian businesses with the promise of dollars at an agreed price in future. The banks opened LCs on the back of the forward contracts, which were then used to buy goods from the foreign suppliers.

“The CBN has however not settled the contracts since February 2023 which means there’s a backlog of around $3 billion,” another source familiar with the matter said.

Worried by the growing backlog and with no assurance of when it will be cleared, correspondent banks are pulling the plugs on local Nigerian banks.

A correspondent bank acts as an intermediary or agent, facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents on behalf of another bank.

Correspondent banks are most likely to be used by domestic banks to execute transactions that either originate or are completed in other countries. Domestic banks generally use correspondent banks to gain access to foreign financial markets and to serve international clients without having to open branches abroad.

Bankers say the CBN’s failure to clear the dollar backlog has put them in a very tight FX liquidity position and has forced them to suspend several transactions including school fees and Personal Travel Allowance applications.

In the meantime, businesses are getting hammered and are turning to the black market to get dollars at a premium of over 20 percent to fund critical imports.

The persistent recourse to the black market is pushing up the cost of business, with severe implications for inflation.

The August inflation figure rose for an eighth straight month from July’s 24.08 percent, compounding a cost of living crisis worsened by President Bola Tinubu’s reforms.

The last time Nigerians experienced this level of inflation was in August 2005.

“The inflation data in our view reflects only in part the lifting of the subsidy. Much of the pre-existing pressure came from Nigeria’s monetary policy stance in the months that preceded this outcome, and the continued naira depreciation on the parallel market,” Razia Khan, Standard Chartered managing director and chief economist, Africa and Middle East, said.

The naira pared some losses to trade at 995 per US dollar on the streets on Monday after crashing to a new low of N1,050 last Friday. The official rate opened at N747 per US dollar. The gap, which disappeared in the first two days of the CBN’s reform in June, has reopened due to the scarcity of dollars in the official market.

Liquidity in the official market has collapsed to a daily average of $99.81 million, down from $295.58 million between May and June 2023 and $318.46 million between January and May 2023, according to data compiled by BusinessDay.

“The dollar illiquidity in the official market is why the rate in the black market is soaring and the gap between the official rate has reopened,” said Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise. “That is why the new CBN governor must prioritise clearing the backlog in order to save manufacturers and other businesses.”

Read also: Drawings on letters of credit decline by 73.1% on CBN’s FX directives

The CBN, last June, following Tinubu’s victory at the polls, allowed the naira trade at a market rate by shifting to a willing buyer-willing seller arrangement after eight years of exchange rate controls.

But the CBN is proving that old habits die hard and has started unduly influencing the rates once again, stifling the market and draining the confidence that built in the early days of the reform.

All eyes are now on Yemi Cardoso, the new CBN governor, to see how he deals with the foreign exchange crisis that is threatening the economy.

President of the Academic Staff Union of Universities (ASUU), Prof Emmanuel Osodeke, has warned that 40 to 50 per cent of students will leave school in the next two to three years if the federal government fails to stop the arbitrary increment in school fees by the universities.

Prof Osodeke gave the warning while speaking on the current situation in the education sector in Nigeria on Channels TV Sunday night.

The union leader, who accused universities of arbitrarily increasing school fees, posited that the government should rather be attracting more students to school by its education policies.

“Today, universities are arbitrarily increasing school fees. Is that correct in an environment today where the minimum wage is N30,000 per month when you have to pay rent, pay heavily for transportation and you are enforcing it on the students?

“If nothing is done about these heavy fees being introduced by schools all over the country, in the next two or three years, more than 40 to 50 per cent of these children who are in school today will drop out,” he said.

Prof Osodeke also warned that the country would be in trouble when its large youthful population are out of school.

He said: “When they drop out, they will become a big feed for recruitment for those who want this country to be ungovernable.

“This is what we are saying, create the environment we have in the 60s and 70s. When I was a student, the government was paying me for being a student. Let’s have an environment where the children of the poor can have access to education.

“School fees of N300,000, how can the children of someone who earns N50,000 a month be able to pay such a fee?”

He called on the government to increase budgetary allocation to education to at least 15 per cent of the total budget sum.

He lamented that the 3.8 per cent allocated to education in the last budget was nothing to write home about, saying with an increase in budget allocation to education, parents would be relieved of the burden of paying high fees for their children.

The union leader punctured the student loan policy of the government, saying there were no signs it would work.

Prof Osodeke said: “When you are talking about student loans, you have to be comprehensive. There is nothing to show that it would work.

“There is a need for a review. Check what happened in the past and see how we can move forward. But for us, our idea is that instead of calling it a loan, let us call it a grant.

“If you look at the conditions, 90 per cent of the students will not have access to that loan. The condition that you must have parents who earn less than N500,000 per annum [is harsh]. How many people earn less than N500,000 per annum?”

Islie:
My ex-classmate Usman Oladipo ‘languishing’ as general manager in Nigerian mediocre bank: Shettima



Mr Shettima’s recent remark cements his reputation as a politician who lacks tact in communicating an opinion without denigrating others.



https://gazettengr.com/my-ex-classmate-usman-oladipo-languishing-as-general-manager-in-nigerian-mediocre-bank-shettima/

Nlfpmod

The Presidential candidate of the Peoples Democratic Party in the February 25 elections, Atiku Abubakar, has condemned the abduction of female students in the Federal University Gusau, Zamfara State,

The former Vice president said in a series of tweets via his handle on X (formerly Twitter) on Sunday.

Abubakar, who described the abduction incidents as “unfortunate,” added that Nigerian citizens have continued to live in fear despite the “huge investment in national defense.”

He tweeted, “The news of the invasion of the Federal University of Gusau and the abduction of a number of students by bandits who were also said to have invaded the Sabon-Gida community in the Bungudu Local Government Area of Zamfara State is very unfortunate.

“It is equally regrettable that despite the huge investment in national defense, Nigerians have continued to live in a state of insecurity as terrorists, militants, and bandits have continued to ride roughshod over our communities.”

Abubakar showed sympathy to the victims of the incident while urging security agencies to rescue those remaining in captivity, by putting an end to the acts of “barbarism, banditry and brigandage.”

He added, “The recent kidnap is one incident too many. While I sympathise with the victims of this incident, I commend the security agencies for being able to rescue some of them. I also charge the security agencies to step up efforts to rescue those still in captivity and put an end to these acts of barbarism, banditry and brigandage that has continued put our compatriots in a state of perpetual fear and anguish.”


President Bola Tinubu on Sunday had ordered security operatives to rescue the remaining Zamfara students.

Femi Adesina, former Spokesperson to former President Muhammadu Buhari, has disclosed that the media was deliberately misquoting his statements when he was in office.

Adesina, who spoke at a media chat organised by the Association of Veteran Journalists in Osogbo on Wednesday, said some media outfit deliberately set him against the members of the public just because he was serving in government.

“My biggest challenge during the eight years that I served with former President Muhammadu Buhari was the fact that a section of the media deliberately quoted me out of context.

“I eventually grew out of it and got used to the antics. Even while I had a television interview, it was turned upside down in the papers deliberately to make me an enemy of the public, but I outgrew it and it did not affect my duty throughout my tenure”, he said.

Nigeria electricity has collapsed again, as power generation dropped from a peak of 3,594.60 megawatts (MW) at about 1am on Tuesday morning to a meagre 42.7MW as of the point of writing this report.

Only Delta Power plant was active on the grid with 41.00MW as at 12noon while Afam had 1.7MW, Guardian reports.

This comes barely five days after the grid collapsed twice within a space of more than 12 hours leaving the nation in total darkness.

SaharaReporters reported last Thursday that the Nigerian Minister of Power, Adebayo Adelabu claimed that the explosion at Kainji/Jebba 330kV was the cause of the collapse of the national grid during the early hours of last Thursday.

The minister had disclosed this in a series of tweets on X platform while assuring that all hands are on deck to ensure speedy restoration of the power.

He had said, “At 00:35Hrs this morning, Fire outbreak with explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1 was observed burning. This led to sharp drops in frequency from 50.29Hz to 49.67 Hz at 0:35:06Hrs with Jebba generation loss of 356.63MW.

“We are on top of the situation and speedy restoration is in progress. The fire has been fully arrested and over half of the connections are now up and the rest will be fully restored in no time. My sincere appreciation to those who responded or expressed concern via different.”

SaharaReporters also reported that Electricity supply was restored in Nigeria hours after a nationwide blackout on that Thursday due to the collapse of the national grid operated by the Transmission Company of Nigeria (TCN) from Osogbo in Osun State

This was disclosed by the Eko Electricity Distribution Company in a Twitter post on that day.

ijustdey:
https://punchng.com/arms-mop-up-police-plan-clampdown-on-vips-cultists/

The Nigerian National Petroleum Company Limited (NNPCL) has sent all management staff with less than 15 months to statutory retirement on compulsory early retirement.

A statement signed by management the oil company on Monday, September 18, 2023 and posted on its X handle (formerly Twitter) early Tuesday morning stated that the early retirement takes immediate immediate effect from Tuesday, September 19, 2023.

It added that the decision became imperative in order to pursue effective organisational renewal to support the delivery of NNPCL’s strategic business objectives.

“In our bid to pursue effective organizational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

It wrote: “Consequently, in addition to the recent exit of three (3) Executive Vice Presidents, other Management Staff with less than fifteen (15) months to statutory retirement will be exiting the Company effective 19th September 2023.

“This is in line with our commitment to scale up NNPC Ltd’s capabilities through targeted talent management and equal opportunity for all Nigerians.”

LEADERSHIP recalls that a couple of days ago on September 17, 2023, NNPCL announced the appointments new Executive Vice Presidents to spearhead critical sections of the company.

Oritsemeyiwa A. Eyesan was appointed Executive Vice President for the Upstream sector, Olalekan Ogunleye for Gas, Power, and New Energy, and Adedapo A. Segun for the Downstream sector.

“In line with NNPC Ltd.’s commitment and drive for organisational renewal, anchored on our business imperatives, standards of excellence, people development, and strengthening our competencies and capabilities through broad-based leadership exposures, the company wishes to announce the following executive appointments with immediate effect,” the firm stated, before outlining the earlier stated names/designations.

This strategic restructuring is a result of pivotal recommendations put forth by the Energy and Natural Resources sub-committee of President Bola Ahmed Tinubu Advisory Council back in June 2023.

The sub-committee, committed to instigating vital reforms in the energy sector, set a stringent timeline of 0 to 100 days for the new administration to meticulously head-hunt competent, seasoned, and reform-driven leaders within the NNPCL.

The primary aim is to ensure that the company functions as a commercial entity in strict accordance with the provisions of the Petroleum Industry Act (PIA), effectively contributing taxes and profits to the Federation Account.

Beyond executive appointments, the sub-committee underscored the urgency to realign NNPCL by divesting it of policymaking roles and advocating for the strategic sale of certain assets.

These comprehensive recommendations reflect a resolute effort to fortify the NNPCL, facilitating its alignment with statutory mandates and transforming it into a more efficient and profit-oriented entity.

According to the NNPCL, the developments within the company stand as a beacon of change, poised to reshape the energy landscape and drive the nation towards a more accountable and prosperous future.

Note also that the sub-committee proposed a generation of a substantial $17.4 billion in funds, primarily through well-structured NNPCL sell-downs.

The committee’s vision entails strategically selling down interests in joint ventures to a minority position.

This approach is meticulously designed to streamline operations, introducing an operating model that eradicates the traditional cash call system, fostering financial efficiency and sustainability.

Furthermore, the committee advocated for a prudent divestment of interests in refineries while simultaneously advocating for the development of a robust Nigeria Liquefied Natural Gas (NLNG) operating model.

These twin strategies, meticulously planned, are poised to realign NNPCL’s financial structure, injecting agility and a more lucrative trajectory.

The sum of $17.4 billion represents a significant injection of funds that can potentially steer NNPCL towards a more profitable and resilient future.

In July last year, the national oil firm, formerly known as Nigerian National Petroleum Corporation, transited fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited.

The official transitioning into a private entity means that the oil company is now being regulated in line with the provisions of the Companies and Allied Matters Act (CAMA), 2020.

The group chief finance officer of the firm is therefore expected to bear additional tasks of ensuring the liquidity of the group as well as the efficient allocation of capital to its businesses based on returns and business relations.

Also, the federal government is to halt all forms of funding for projects and sundry purposes of the firm, compared to what was obtainable in 45 years of the NNPC before it transitioned to a limited liability company.

The oil company has since been operating as a limited company, run by a group chief executive officer (GCEO) and his executive vice presidents.

Suspected Terrorists Kill 15 Persons, Abduct 32 Others In Fresh Attack On Southern Kaduna Community

No fewer than 15 people have been killed in a fresh attack by terrorists, locally dubbed as bandits and armed herdsmen, in Dogon Nama village, Kajuru Local Government Area of Kaduna State.

Several others were said to have sustained injuries from gunshots while about 32 villagers were taken away by the gunmen.

The incident, according to a resident of the community, took place around 7 a.m on Friday.

He said the attackers who were communicating with one another in Fulani language invaded the villages and fired gunshots indiscriminately.

SaharaReporters learnt the gunmen also set houses ablaze and engaged in sporadic shooting of the residents as they ran out of their homes.

“Fulani herdsmen invaded our community today, killing 15 people and abducting 32 others. This happened around 7am this morning, they entered with motorcycles,” the source said.

Kaduna is one of the states with periodic incidences of inter-communal killings.

BossGerald:
CNN reports

ijustdey:
NTA

Nigeria Police spokesperson Olumuyiwa Adejobi has said young Nigerians always get extorted by Police officers because their means of income are not genuine.

Adejobi said this while responding to a post made by a user on X (formerly Twitter) handle @altruistglotv.

The individual reacted to a video of a young man on X, in company of his girlfriend, who was stopped, labelled a Yahoo boy and extorted by Police officers in Ilorin, Kwara State.

Commenting on the video, the individual called out the Police spokesperson for knowing about the extortion that takes place.

“Uniform shouldn’t be a symbol of war to citizens, your officers are criminals, the way they extort young guys instead of politicians is too much. You know about this, you see it and hear it everyday. We have families, we have parents,” the X user said.

In his response, Adejobi said only young people with ingenuine incomes get extorted and questioned why those harassed always go ahead to pay the officers.

He said that if such a person has a genuine income then there is no point paying the officers.

“Why do the young ones pay them? Someone who claims he doesn’t have work, he’s suffering, yet he pays 500k or 1m naira etc, how come?” Adejobi said.

“I guess they are birds of the same feather. If you are genuine, you earn your income from your eork place, legit money, I dont think you would allow someone or some people to rob you of it. No way. My take.”

nlfpmod:
https://dailytrust.com/nis-cleared-60000-passport-backlogs-in-4-days-interior-minister/

The Police Service Commission on Tuesday said vigilante organisations would be used in the community policing system because the police and other security agencies do not have the numeric strength to dominate the security spaces and fight criminality.

The organization said that as volunteers, it should be able to key them into the community policing system in Nigeria with regards to information gathering, because of their presence and visibility.


The chairman of PSC and former Inspector-General of Police, Solomon Arase, stated these in an interview with journalists in Abuja during the national vigilante conference organized by the Vigilante Group of Nigeria with the theme, “Mobilizing VGN members for improved security in schools, farmlands and roads”, with about 50,000 members in attendance.

At the event, the Commander-General of VGN, Navy Commander Umar Bakori (retd.), said the organization was committed to mobilizing its members to safeguard schools, farmlands, roads and vital spaces that demand utmost attention.

He said, “With our strength of over a million members nationwide and all operating in our localities, we can play a crucial role in safeguarding these vital areas. The security of our schools is of paramount importance. Educational institutions serve as the foundation of our nation’s future, nurturing the minds and talents that will shape a prosperous Nigeria.”


Arase highlighted the limitations of the police and other security agencies in their ability to dominate security spaces due to their numeric constraints but emphasized the importance of harnessing the support of volunteers who have stepped forward to assist in maintaining security.

He stressed the necessity of developing a comprehensive plan to collaborate with these volunteers effectively.

Arase said, “The police and other security agencies don’t have the numeric strength to dominate the security space. Now, if we have people who have volunteered, what we have to do is to draw up a plan to collaborate with them.

“Security is everyone’s business including journalists and others. But these people are volunteers, we should be able to key them into the community policing system.


“We will collaborate with them on information gathering which will, in turn, be processed into intelligence and this is because of their presence and visibility which mean so much.

“When criminals want to commit a crime they will go on surveillance and if you see the vigilante, either on the highway or in the community, it is already a deterrent.

“All we have to do is to harness their numeric strength, their spread and leadership to deal with issues of insecurity.”


According to Bakori, recent events have shown that schools have become vulnerable targets for criminal activities, and endangering the lives and education of children.

He said, “It is our duty as vigilant citizens to create a safe and conducive environment for learning, where students can thrive without fear.

“As an agricultural nation, the productivity of our farmlands directly impacts our economy and food security. Our farmers, who toil day and night to feed the nation, face numerous challenges such as theft, destruction of crops, and attacks from bandits. By mobilizing our vigilant members, we can provide a protective shield around our farmlands, ensuring that our farmers can work without fear and that Nigeria’s agricultural potential can be fully realized.

“The safety of our roads is essential for the smooth functioning of our society and the economy. Unfortunately, incidents of armed robberies, kidnappings, and other criminal activities on our highways have become all too common. It is our collective responsibility to ensure that our roads are secure, allowing citizens to travel freely and businesses to thrive.

“Mobilizing our vigilant members will help create a strong presence of security and deter potential threats, thus fostering an environment conducive to economic growth and social harmony.
To achieve our objectives, collaboration and training are crucial. We must strengthen our ties with law enforcement agencies, educational institutions, farmers’ associations, and transport unions. By fostering partnerships, sharing information, and conducting joint operations, we can amplify our impact and create a united front against criminal elements.

“Furthermore, continuous training and capacity-building programs will equip our members with the necessary skills to tackle emerging security challenges effectively.

“By focusing on these critical areas, we aim to create an environment where education flourishes, agriculture thrives, and citizens can travel with peace of mind. Together, let us harness the power of vigilance, unity, and collaboration to forge a safer and more prosperous Nigeria for generations to come.”

Aminu Ado Bayero, emir of Kano, says rich Nigerians should help those in need around them.

Speaking with journalists on Saturday in commemoration of World First Aid Day, the emir said Nigerians are facing difficult times, adding that some go to bed for two or more days without eating.

He appealed to citizens to help one another, irrespective of religion, tribe and culture, in order to build a peaceful society.

”I am appealing to the rich among communities across Nigeria to assist the needy around them facing hardships and hunger due to the current difficult economic situation in the country,” NAN quoted him as saying.


Bayero called on Nigerians to remain hopeful, saying the present economic situation is not permanent and will be “a thing of the past as no condition is permanent”.

The emir advised citizens to “support and assist one another” and not limit such gestures to “times of disaster” only.

He added that rendering assistance to the needy can also be described as aid, noting that presently, “more people are in need of assistance”.


“We will not relent on our call to the government as we inform them of the hardship being faced by the people. We call on them to find solutions to the hardships being faced by the people, especially those that are weak among us.”

Godfullsam:
This banditry of a thing is becoming a norm in Nigeria.

If the news is true that the local traditional rulers are in collabo with the bandits, it means the problem of insecurity has just started.