Sunday, May 10, 2026
Home Blog Page 171

Nigeria’s Declining Economic Activities Worrisome – CBN

0

The Central Bank of Nigeria, CBN, has expressed worries over the declining economic activities in Nigeria.

The CBN deputy governor of Corporate Services, Bala Moh’d Bello, disclosed this in his personal statement at the end of the last Monetary Policy Committee meeting released on the Banks’ website on Tuesday.

He noted that the country’s Composite Purchasing Managers’ Index, PMI, declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

He stressed that economic activity has contracted for eight months due to exchange rate pressures, inflation and security challenges.

It is concerning to note that the Composite Purchasing Managers’ Index (PMI) declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. This calls for well-nuanced policy decisions targeted at price stability to forestall stifling economic activities and derailing output performance.

“Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate with forecasts of further price increases in the near term.

“Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month.

“This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures,” he said.

He added that the country’s inflation soared to 33.22 per cent in March, which is unacceptably high and requires coordinated efforts to curb.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

“The Federal Government’s initiatives addressing food insecurity, such as releasing grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, are important and commendable,” he added.

Recall that the MPC raised the country’s interest rate to 24.75 per cent in March.

Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote

0

The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest mess that affected his company and other business owners in 2023.

Floating the naira allows market forces to determine its value in relation to other currencies.

Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.

Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira’s value against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion

Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.

This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”

May Day: Tinubu Promises Better Working Conditions, Fair Wages For Workers

0

President Bola Tinubu on Wednesday pledged better living and working conditions for all Nigerians of working age, saying the “custodians of the nation’s machinery deserve a fair wage and enhanced welfare.”

Tinubu made this pledge in his maiden May Day message dedicated to workers nationwide.

The President’s Special Adviser on Media and Publicity, Mr Ajuri Ngelale, conveyed the President’s remarks in a statement he signed Wednesday titled ‘President Tinubu salutes Nigerian workers on May Day.

According to Ngelale, the President affirmed that his administration remains committed to improving the welfare of all workers, noting the various relief programmes, including the wage award and the imminent minimum wage review.

President Tinubu strongly believes that the custodians of the nation’s machinery deserve a fair wage and enhanced welfare and that a labourer is deserving of not just any reward but fair and commensurate wages.

The President assures Nigerian workers of his dedication to not only improving their welfare but also enhancing their working conditions and providing the necessary tools for them to succeed,” the statement read.

His remarks come amid a cost of living crisis believed to be the aftermath of hardline economic reforms pursued by his administration.

When he assumed office on May 29, 2023, Tinubu implemented the discontinuance of subsidies on petrol as approved by the immediate past administration of Muhammadu Buhari.

The move, he posited, would save the government money for massive infrastructural expansion.

Tinubu also unified the foreign exchange rates to, among other things, curb currency arbitrage and other forms of forex malpractices.

However, these steps sparked collateral instability in the value of the Naira and heaped hardship on Nigerians as food prices soared.

While speaking at a high-level panel session at the World Economic Forum Special Meeting in Saudi Arabia on Sunday, April 28, Tinubu defended the removal of the petrol subsidy as a “necessary action for my country not to go bankrupt” and to “reset the economy towards growth.”

On May Day, President Tinubu saluted Nigerian workers for their “fidelity to the peace, progress, and development of the nation evident in their tireless efforts and patriotic zeal to keep the national engine running.”

He commended the workers across all spheres, from the clerical officer who ensures the proper documentation and distribution of correspondence; the security officer who remains ever dutiful through all seasons; and the teacher who secures the future of our nation by imparting knowledge to the next generation; the doctor who works relentlessly to save precious lives; and all Nigerian workers who keep the candle aflame.

“The President wishes Nigerian workers Happy May Day celebrations,” the statement concluded.

Workers’ Day celebration in Nigeria owes its origins to the People’s Redemption Party government in Kaduna and Kano, which in 1980 adopted May 1 as a public holiday for the commemoration of International Workers Day.

In 1981, the Federal Government under Shehu Shagari, declared May 1 as a national holiday to celebrate International Workers’ Day.

Governor Adeleke flags off major road project, says he’s maintained balance between projects, stomach infrastructure

0

Osun State governor, Ademola Adeleke on Tuesday said his government has maintained fair balance between capital projects and stomach infrastructure.

He said his administration have come to accept that as they build the road, they must intensify the strengthening of the body.

Adeleke stated this during the second edition of an interactive session with the citizens programme tagged, ‘Ipade Imole, held in Ilesa, Osun State.

According to him, the implementation of five points agenda is proceeding unabated, adding that from infrastructure to the social sector, his government are recording great advances.

He said his administration have refused to abandon uncompleted projects inherited from the previous administration, but expanding and adding value to them.

“In our upholding of governance as a continuum, we initiated our landmark infra agenda alongside a multi-sector social investment programme. We have so far maintained a fair balance between what our people have come to regard as ‘stomach infrastructure’ and hard capital infrastructure,” he said.

“Osun is currently a construction site as evidenced by massive ongoing works across the state. We are pursuing the construction of flyover bridges and dualisation of roads as announced in December. The first phase is billed for delivery later this year.

“I kick started the second phase this morning with the flag off of the Brewery – Palace road dualisation project. I will be going to Ile Ife to flag off the flyover bridge project at Mayfair in the next few days. I want to assure the state that in the execution of our projects, due process and compliance with procurement laws are compulsory observance” Adeleke added

Speaking at the flag off ceremony for Ilesa Roundabout-Brewery road, governor Adeleke said his administration is billed to construct a total of over 16.5 kilometers of road across the Eastern Senatorial district at 1.5 kilometers of roads per local government.

He noted that the choice of the road which is 6.2Km length with 9.0m width was informed by a question of functionality and the focus on easing the burden of motorists plying the road and to facilitate smooth trading between the Ilesa City Centre and outer areas.

He said the flag off of the road will mark the beginning of the second phase of his 100 billion infra-plan launched in October, 27, 2023.

The road, according to the governor, is to be completed within 12 months.

GPHCDA 2024 Management Retreat: Governor Sim Fubara Commits To Making Greater Port Harcourt City A Model…

0

…as greater/taf city works to ensure that about 400 affordable houses are at various stages of completion in 3 months of its flagoff within the new city area.

The Greater Port Harcourt City 2024 Management Retreat, with the theme, “Transiting to New Smart Cities; The Beginning” which held from April 26 to April 27, 2024 at the Swiss International Hotel, Mabisel, Port Harcourt brought together a diverse group of government officials, stakeholders, industry experts, and leaders of thought to deliberate on key issues related to the sustainable development and growth of Greater Port Harcourt City.

The retreat was flagged-off by the Governor of Rivers State, His Excellency Sir Siminilayi Fubara, ably represented by the Deputy Governor, Her Excellency Prof (Mrs) Ngozi Nma Odu who assured the Greater Port Harcourt City Development Authority (GPHCDA) management that the Governor has a keen interest in seeing that the vision of creating the Greater Port Harcourt City is fully realized during his tenure. He emphasized hs commitment to support the authority towards the achievement of the vision for the good of the people of Rivers State and truly make Greater Port Harcourt City a model for other states to emulate, calling on the management to seize the moment and lay the ground work for a city that is prosperous, liveable and futuristic.

In his own address, the acting Sole Administrator TPL (Dr) Tonte Davies highlighted the road map/action plans which the GPHCDA is undertaking towards achieving the vision of creating new smart cities and in the context of the outlined drive, the recent groundbreaking for the ongoing 20,000 low income housing units is a recognised cardinal move that points to the start of a major implementation activity which will enhance this focus. He also listed a few achievements like the completed phase 1 storm water canal retention, the 500,000liters capacity water project, the installed 11kva switch-gear panel, and 3kva electricity power substation amongst other ongoing infrastructural projects. Dr Davies happily informed the meeting of the introduction of a digital solution to streamline physical planning regulations and documentation to facilitate business transactions and enhance express approvals, which promotes the ease of doing business in that regard.

The Executive Secretary, Nigerian Content Development Management Board, Engr. Omatsola Felix Ogbe, represented by Mr Olubisi Okunola, Manager Strategy, presented a paper on “Transformation and Reorganisation of a 21st Century Organisation; The NCDMB Experience.” He took the participants through the transformative journey of the board, which placed them as one of the most productive public sector organisations in the country. He stated that the board has transformed the oil and gas sector with strategic partnerships, which has enhanced local participation in the industry to about 70% in the past few years.

Also an international investor from Gambia and CEO of RIV/TAF, Mustapha Njie, presented a paper on affordable housing Initiative and promised the timely completion of the ongoing TAF City 20,000 housing units project, a pet project of Gov Sim Fubara. He gave participants strategic insight on the keys to successful project implementation and project delivery and stated that the RIV-TAF project has recorded remarkable progress with about 400 housing units at various stages of completion within three months of its flagoff.

Furthermore, the lead paper presenter, renowned Town Planner Kazeem Sanusi tasked the management of the Greater Port Harcourt City Development Authority to stand out in their responsibilities emphasizing that the most beautiful aspect of planning is inclusiveness, utilizing the power of crucial discussions and team work. He stated that the GPHCDA stands on the threshold of history to transform the new city into a model smart city just like Dubai was transformed in the past few decades.

 

He urged the participants to be committed to fostering partnerships and collaborations to drive sustainable development in Greater Port Harcourt City, including engaging with private sector stakeholders, civil society organizations, and international partners to implement the sustainable development practices and initiatives in the new city.

In his closing remarks the Administrator Greater Port Harcourt City, TPL (Dr) Tonte Davies promised a commitment to the comprehensive action plan outlining key priorities, initiatives and timelines for implementing the ideas and recommendations generated during the retreat. He further declared that the just concluded Greater Port Harcourt City Management retreat has set the stage for a new chapter in the city’s development journey, noting that the vision, passion and commitment of Governor Sim Fubara and the enthusiasm and shared vision of all participants has laid a strong foundation for the sustainable growth and prosperity of Greater Port Harcourt City and the state at large.

The Lead Consultant Mr Ono K. Akpe of Red Sapphire Ltd , Abuja, who led a team of seasoned facilitators engaged the participants for the two days at the retreat with cutting edge intellectual discourse to broaden knowledge in various aspects of management covering work ethics, organizational culture, intrapreneurship, team building, infrastructural development, innovation and mindset change, re-branding and marketing smart cities. The creative two-day retreat was rounded up with a team bonding exercise session that was quite stimulating , engaging and exciting.

Presidential Amnesty Programme Will Thrive Under Dennis Otuaro’s Leadership

0

Chief Frank Akiefa has applauded President Tinubu for finding a dogged and experienced Niger Delta ace for the PAP stating that it was not a mistake as Dennis Otuaro is a square peg in a square hole.

He also commends the passion and commitment at which Dennis Otuaro is managing the programme and producing the expected result.

According to him, the Presidential Amnesty Programme is on the right path under the leadership of Dennis Otuaro as Interim Administrator.

However, Akiefa allegedly calls on Jude Tabai and Douglas Oyakemeagbeya to stop sponsoring mischief against the new Amnesty Boss warning that such act will not earn them any good.

According to him, “He who leaves in glass house should not throw stones.” Issuing this warning, Akiefa noted that instigating unrest in the region via th pull him down mechanism adopted by the duo is totally uncalled for as them to desist from such actions immediately.

In his voice, we are going to do everything necessary to start washing our dirties in the public if there is no change of mind. We also have information on involvement that should lead to investigation.

Nevertheless, Frank Akiefa calls on every illustrious son of the Ijaw nation to work with the new Amnesty Boss, stating that his emergence is a beacon of hope for the Ijaw Nation. The peace of the region is sacrosanct. Let us let love lead for all to enjoy the dividends. We have confidence in Dennis Otuaro to deliver the aims and objectives of the PAP.

Are Bello, El-Rufai’s Ordeals In The Tinubu Era A Betrayal Of Northern Allies? –

0


https://www.youtube.com/watch?v=p_QYc1R81tA?si=NDIxbS87vnB30TKg

Within the complex nature of Nigerian politics, loyalty could often come at a steep price, as evidenced by the recent tribulations faced by former governors Yahaya Bello of Kogi and Nasir El Rufai of Kaduna. These two stalwarts, known for their unwavering support of President Tinubu’s presidential bid, now find themselves entangled in a web of political intrigue and betrayal, raising questions about the true nature of allegiance and the cost of loyalty in the corridors of power.

During President Tinubu’s campaign and eventual victory, Bello and El Rufai emerged as prominent figures, championing his cause with fervor and dedication. Bello’s commitment was particularly notable, as he not only donated his campaign office to the Tinubu presidential campaign but also spearheaded the youth arm of the movement, rallying support from grassroots levels to the highest echelons of power.

Similarly, El Rufai leveraged his influence and networks to source support for Tinubu, playing a pivotal role in mobilizing resources and galvanizing momentum behind the presidential hopeful.

Their dedication went beyond mere rhetoric, as they personally attended court sessions and spearheaded legal battles against the federal government’s Naira policy, designed to frustrate Tinubu’s emergence during the campaigns.

Their efforts bore fruit as they secured victories in court, effectively thwarting the federal government’s attempts to undermine Tinubu’s candidacy. In doing so, they not only safeguarded the interests of Nigerians but also bolstered the Tinubu campaign, offering hope to a populace weary of political machinations and desperate for change.

However, the euphoria of victory soon gave way to disillusionment and dismay, as both Bello and El Rufai found themselves ensnared in a power struggle within the presidency. Despite their unwavering loyalty and contributions to Tinubu’s success, they were thwarted by powerful interests within the administration, their ambitions thwarted and their aspirations dashed.

What is perhaps most disconcerting is the lack of intervention from President Tinubu himself in the face of his allies’ plight. As Bello grapples with the specter of arrest by the EFCC, seemingly politically motivated by unamed forces according to some quarters , El Rufai faces political ostracization, the conspicuous absence of support from the highest office in the land speaks volumes about the precarious nature of political alliances and the fleeting nature of loyalty in Nigerian politics. El rufai was regrettably stripped off his nomination as minister and thrown into early political retirement; he has since begun mobilising the North against 2027.

For party faithfuls across the north, these developments serve as a sobering reminder of the fragility of power and the perils of blind allegiance. As whispers of discontent grow louder and disillusionment takes hold, there is a palpable sense of unease among the ranks of Tinubu’s erstwhile supporters. If these grievances remain unaddressed, the loyalty of northern faithfuls may wane, and the allegiance once pledged to Tinubu could soon shift to other, more sympathetic candidates from the north. In the volatile arena of Nigerian politics, alliances are forged and broken with alarming swiftness, and those who once stood as pillars of support may find themselves cast aside, casualties of a ruthless game of power and ambition.

“Recover Our Stolen Wealth From Yahaya Bello” – Kogi Indigenes Tell EFCC

0

Some indigenes of Kogi state on the platform of Kogi Conscience Liberation Movement (KCLM) have the Economic and Financial Crimes Commission (EFCC) to recover every dime allegedly stolen by former Governor Yahaya Bello.

They made their demands known during a peaceful rally at the headquarters of the EFCC on Monday, April 29.

Led by Comrade Jacob Okpanachi, secretary of KCLM, and Desmond Obaro, the group bore placards with inscriptions such as ‘Kill Corruption before it kills Nigeria’, ‘Corruption is cancer to democracy’, among others.

Addressing the crowd, Okpanachi urged the EFCC to intensify its efforts in combating corruption, particularly in Kogi State, where they alleged that billions of naira had been embezzled by former government officials.

“We are here to clarify that the people of Kogi State are in full support of the EFCC’s commendable work. We urge them to continue their efforts to recover our stolen wealth and bring those responsible to justice,” Okpanachi said.

“N80 billion is not a trivial amount, and N800 million paid in advance to American International School Abuja for the children of an ex-Kogi governor could cover the school fees of five to six children or the WASSCE fees for 29,630 students in Kogi State.

“Our state struggles with counterpart funding for UBEC, and many children are out of school due to lack of funds. Education at the primary and secondary levels has become a burdensome affair,” he added.

Desmond Obaro also emphasized the need for the EFCC to persist in their efforts to recover every proceed of corruption from the last administration in Kogi State.

“Our presence here today signifies solidarity with the EFCC, as we urge them to recover our common wealth stolen by the former governor and his associates. Despite attempts to discredit the EFCC through sponsored detractors, we are here to bolster their resolve because the world is watching their rightful actions.”

The group also called on the National Judicial Council (NJC) to take swift action against compromised judges who have been undermining the fight against corruption.

The EFCC officials received the group’s letter and promised to look into their demands.

CBN Raises Customs FX Duty Rate For Cargo Clearance By 14%

0

This represents a 14 percent increase in rate compared to the old rate of N1,164.84/$ previously used for the opening Form M and an increase of N162.51 on a dollar needed to clear goods at the port.

This means that importers opening Form M today will require more money to pay import duties than those who opened Form M at the weekend.

BusinessDay reports that last week, the naira had its worst run since the devaluation in January, falling 7.8 percent to N1,339.23 on Friday from N1,234.49 at the beginning of the week, according to data by FMDQ Securities Exchange.

The naira appreciated to N1,280/$ Saturday, an 8.57 percent gain compared to N1,400/$ Friday, according to multiple traders who spoke with BusinessDay.

In his reaction, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, told BusinessDay that Nigeria needs to deemphasise revenue generation because too much emphasis on revenue causes growth, job creation, and development to suffer.

He said fiscal authorities need to stabilise rates to give policy support to critical sectors of the economy and also give breathing space to investors without burdening them with too much taxation.

Eugene Nweke, a freight forwarder, called for a fixed exchange rate regime for cargo clearing at the port to give relief to businesses, support trading activities, and stabilise the market value of products.

According to him, the port’s high import and clearing cost is exacerbating Nigeria’s inflation rate.

Industrial Court orders Deputy Manager to pay First Bank Outstanding loan within 30 days

0

Hon. Justice Sinmisola Adeniyi sitting in Abuja Judicial Division of the National Industrial Court has declared the allegation of wrongful termination of employment filed by the former Deputy Manager, Mr. Garba against First Bank of Nigeria Ltd as unmeritorious.

 

The Court ordered Mr. Garba to pay First Bank of Nigeria Ltd the sum of (N3,445,833.22) Three Million, Four Hundred and Forty-Five Thousand, Eight Hundred and Thirty-Three Naira, Twenty- Two Kobo) being the outstanding balance of Loans collected while in service within 30 days.

 

From facts, the Claimant- Bitrus Garba had submitted that the termination of his appointment by the First Bank of Nigeria Ltd for services no longer required is unwarranted and contended that the loan he obtained from the Bank ought to have been liquidated by the bank’s Insurers and further alleged that after his appointment was terminated, his account with the bank was wrongfully debited.

 

Mr. Garba alleged that he is entitled to payment of his terminal benefits and for damages that the termination of his appointment without any reason whatsoever violates International best practices and averred that having served the bank since 2006 and due for retirement on attaining the age of 60 in 2030, the termination of his appointment was to deprive him of his full entitlements at retirement.

 

In defendant, Defendant- First Bank of Nigeria Ltd denied the entirety of Garba’s claims and maintained that his appointment was terminated by the terms and conditions of his employment, and alleged that Mr. Garba has failed and refused to pay the indebtedness in spite of repeated demands.

 

The bank maintained that by the terms of employment, it had no obligation to state any reason for terminating Mr. Garba’s appointment, and the insurance policy, is not binding on Mr. Garba not being a signatory to the policy.

 

In opposition, Mr. Garba also contended that he is entitled to be issued with certificate of meritorious service for the furtherance of his career and submitted that by international best practices, the termination of his employment for services no longer required is not a valid reason, and urged the Court to grant the reliefs sought.

 

Delivering judgement after careful evaluation of the submissions of both parties, the Presiding Judge, Justice Sinmisola Adeniyi held that in a written or documented contract of service, the Court should not and will not look outside the terms stipulated or agreed therein in deciding the rights and obligations of the parties.

 

Justice Adeniyi held that having accepted one month’s salary in lieu of notice, Mr. Garba has put to rest any contract real or imagined which he has or thought that he had with the bank.

 

The Court held that the contract between the parties was validly and mutually determined in accordance with the terms and conditions prescribed in the contract of employment, and Mr. Garba has not proved by credible evidence the claim for the refund of the sum of N416,390 allegedly deducted from his account.

 

Visit the judgment portal for full details