Adebayo Adelabu, the Minister of Power, has promised Nigerians of stable and sustainable power supply in all areas of the country.
He made this statement in Calabar, the capital of Cross River State, on Tuesday when he was on an inspection visit to the Calabar power plant of Niger Delta Power Holding Company.
Adelabu also mentioned that the Federal Government is focused on implementing reforms in the power sector to achieve stability in electricity supply throughout the country.
He said, “There has been an increase in energy demands and the government is working relentlessly with commitment to meet the demands.”
He charged associates in the oil and gas sector to get ready to equally be proactive as the government of President Bola Tinubu would address issues in the sector effectively.
He enthused, “The power sector is very critical to both the government and national economy. This is why the President has asked me to visit all the power plants in the country and assess their functionality.
“From my assessment, The Calabar Power Plant of the NDPHC is the most active. I’m very satisfied. We are encouraging power installation and generation.
“It is not going to be business as usual. Players in the power sector must be up and about as the Federal Government is reforming the sector for optimal power generation and distributions in order to meet the huge demands of Nigerians.”
He said the much-talked-about privatisation of the plant to the Cross River State government is before the Federal Privatisation Council and the Federal Executive Council.
Eka Williams, Cross River State Commissioner for Power and Energy, stated that the state government is fully prepared and capable of taking over and effectively managing the firm, thanks to the expertise available within the organization. He emphasized that the administration of Senator Bassey Otu is committed to addressing the needs of its citizens.
Chiedu Ugbo, the Managing Director of the firm, mentioned that they are currently supplying power to much of the South-South and South-East regions of Nigeria. He highlighted the necessity for additional sub-transmission power stations to facilitate the distribution of electricity to more areas.
Ugbo further expressed his frustration over vandalism by some citizens and urged them to refrain from such destructive behaviour.
This article was written by Tamaraebiju Jide, a student at Elizade University
According to the reports gathered, the Federal Government has reportedly linked an estimate N83 billion in cryptocurrency and fiat money intended for the recent nationwide protests.
The fund comprises of $50m of cryptocurrency; $38 million was blocked in four cryptocurrency wallets. Additionally, the government traced ₦4 billion contributed by various political actors in Abuja, Kano, Kaduna and Katsina to fund the recent nationwide protests.
Nuhu Ribadu, National Security Adviser, announced this as part of his presentation at the inaugural meeting of the Council of State convened by President Bola Tinubu at the Aso Rock Villa, Abuja.
National Security Adviser Nuhu Ribadu presented these findings during the inaugural meeting of the Council of State convened by President Bola Tinubu at the Aso Rock Villa in Abuja. The government’s actions demonstrate its determination to quell the protests and hold organizers and sponsors accountable, citing concerns over potential destabilization and foreign intervention.
According to multiple sources with knowledge of Tuesday’s meeting proceedings, Ribadu, who presented on the topic ‘The Nationwide Protest As It Affects National Security,’ also revealed that an European has been identified as the mastermind of the proliferation of foreign flags during the protests and will soon be declared wanted by the Police.
One of the sources, who spoke on condition of anonymity because he was not authorised to speak on the matter, disclosed that local conspirators traced to capital city, Abuja, Kaduna and Kano have been arrested.
“In his presentation, the NSA said the government was able to trace $50m to crypto wallets that were made as donations to the protests. They succeeded in blocking four of those wallets, each containing $38m.
“They also found out that some political actors contributed N4bn to fund the protests,” one of the sources told The PUNCH.
Reports gathered on Tuesday said that President Tinubu convened the Council of State meeting to discuss, among other matters, the recent #EndBadGovernance protests, national security, the economy and food security.
The Council comprises the President (who serves as its chairman), the Vice President, all former Presidents and Heads of State, all former Chief Justices of Nigeria, the Senate President, the Speaker of the House of Representatives, the Attorney-General of the Federation, the Secretary to the Government of The Federation, and all state governors.
Former Presidents Goodluck Jonathan and Muhamamdu Buhari attended the inaugural Council meeting, while former Heads of State, General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.), joined virtually alongside governors of Abia, Adamawa and Akwa Ibom State.
However, former President Olusegun Obasanjo and former Head of State General Ibrahim Babangida (retd.) did not attend the meeting.
Tuesday’s gathering came days after Nigerians, mostly youths, hit the roads in Abuja for a one-million-man march. The march, which climaxed with a low turnout, marked the 10th day of the nationwide protest against the rising cost of living in the country.
On August 1, the opening day of the nationwide protest, demonstrations declined into destruction of property and loss of lives, especially in the North, leading to at least 17 reported deaths during the “days of rage.”
On August 3, just two days into the demonstrations, viral photos and videos showed demonstrators waving the flags in Kano State and chanting in Hausa, “We don’t want bad government.”
In Kaduna, a state in the north west, protesters were also seen waving the Russian flag and reciting in Hausa, “Welcome, Russia; Welcome, Russia.” Russia, an Eastern power that is currently mired in a proxy war with the West, has been blamed for several unconstitutional changes of government in West African countries such as Niger, Mali, and Burkina Faso, among others.
The Nigerian military said the use of Russian flags during the protests was a treasonable offence, adding that it was investigating those behind the move and would “take serious action” against them.
While addressing the nation in a broadcast on August 4, President Tinubu warned demonstrators not to “let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey.”
Reports gathered mentioned earlier that security agencies had identified at least four politicians from Katsina, Kaduna and Kano states, who, they said, promoted the use of the Russian flag among demonstrators with the intent to spark unconstitutional regime change.
Another source privy to the discussions at the Council of State meeting told our correspondent that these local actors have been arrested, with the foreign mastermind on the run.
The source said, “The NSA also briefed the Council that there was some element of foreign interference in the protest, that they found out that some foreigners fueled the protests. It was not just about Nigerians protesting against hardship.
“A foreign agent had been found to be connected to it and would soon be declared wanted by the police. The police will make the announcement this week.
“This agent is a person of interest with his Nigerian collaborators; most of them have been arrested. They are looking for him. But his collaborators in Abuja, Kaduna, Kano and Katsina have been arrested. The NSA also confirmed that eight people died during the protests.”
Meanwhile, the Minister of Solid Minerals Development, Mr. Dele Alake, said no political actor would be allowed to instigate an unconstitutional regime change. He described the #EndBadGovernance protests as an attempt to achieve regime change, saying any such changes must be made through the ballots, not through insurrection.
“Any change of government has to be through the ballots and not through the barrel of the gun or insurrection, or any other unconstitutional means,” Alake stated while briefing State House correspondents after the Council of State meeting at the Villa on Tuesday.
He added, “Matters of state were discussed in a robust and frank manner. The National Security Adviser was also on hand to present the security situation of the country. He informed the Council of State about the pre-, during and post-event of the last protests, which I do not call a protest. I call it a movement to effect a regime change by force, which was resisted.
“The Council thanked Nigerians at large for resisting any unconstitutional move to change the government. If anybody is not satisfied with the government, there is always an election coming, so you wait for the election and cast your vote.
“The NSA briefed the Council on the security situation and allayed fears. He spoke about the tightness of the security around the country and also reassured all and sundry that nobody would be allowed to truncate our hard-earned democracy. And he reassured us of the readiness of all security agencies in the country to secure our territorial integrity and protect Nigeria’s democracy.”
The cabinet member confirmed an earlier report, stating that he and his counterparts from various ministries briefed the Council on seven areas: The Nationwide Protest as it Affects National Security; the State of the Economy; Food Security, Availability and Affordability; Milestones in the Solid Minerals Sector; Budgeting and Planning for Sustained Development; Milestones in the Road Sector and Leading a Strong Industrial Base for Transformation and Growth.
“Some of us ministers were invited to make presentations on our road map and what we’ve achieved, as well as the prospects and the challenges in our various ministries.
“And so, me, the Coordinating Minister of the Economy and the Finance minister, Mr. Wale Edun, were there to make a presentation.
“The Minister of Budget was also there, he made his presentation. The Minister of Works also made a presentation, and so did the Minister of Industry, Trade, and Investment and the Minister of Agriculture,” he stated.
On his part, Finance Minister Wale Edun told journalists that his data-based presentation at the Council meeting showed attendees that Nigeria’s inflation rate, which he said was too high by Tinubu’s reckoning, was reducing steadily.
“In my case, we updated them on the economy, how much progress has been made in terms of the macroeconomic policies being followed under the leadership of President Bola Tinubu, and these policies are anchored on his eight priority areas and the results to date have been very encouraging.
“We looked at the data of this half year for which data was available, compared to the first and second quarters of 2023. And in broad terms, the economy is growing. The balance of payments, in particular, the trade and current account balances, are in surplus.
“The exchange rate is stabilising, and inflation, though uncomfortably high for the liking of Mr. President and his team, is slowing, and it is set to fall. But in particular, there has been support for the economy from investors, by way of portfolio investors and domestic investors, who are participating in important private-public partnerships, particularly the infrastructure sector and foreign direct investment, which is beginning to recover; I would say so.”
Edun noted that the takeaway from his presentation was that “we have exports, goods exports, non-oil exports, at $55bn last year with tremendous room to grow. And we reported an optimistic outlook for the Nigerian economy and society in general due to prospects for economic growth and progress.”
He said the service sector, particularly the outsourcing industry, was highlighted as a sector with high prospects for growth in the near future.
The Chairman of the Nigeria Governors’ Forum, Governor AbdulRahman AbdulRazaq, announced that the Council of State unanimously passed a vote of confidence on President Tinubu.
“The high note of the meeting was a unanimous passage of a vote of confidence on President Bola Tinubu, GCFR, Commander in Chief of the Nigerian Armed Forces,” AbdulRazaq, the Governor of Kwara State, said.
“Members, especially those of the Nigerian Governors’ Forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive session between members of the NGF and Mr President, and frank and fruitful discussions were held between both parties.
“I’m glad to say we are on the right track. And to say in the same vein, members of the NGF, like the members of the Council of State, also passed a vote of confidence on Mr. President.”
The Council was last held 18 months ago – February 10, 2023 – under former President Muhammadu Buhari. At the time, Buhari had convened the meeting to discuss the 2023 elections, the crisis emanating from the new naira policy and fuel scarcity.
The National Council of State is a constitutional body within the Nigerian government that provides advisory support to the executive on policy-making and other critical functions. Its primary role is to assist the President in making decisions related to national security, appointments, and economic policies.
The Council convenes to discuss vital national issues, which include national security, economic challenges, and the appointment of key officials such as the chairman and members of the Independent National Electoral Commission, the National Population Commission, and the Police Service Commission, at the President’s request.
In addition, the Council offers guidance on the President’s powers concerning pardons and commutations. Meetings are typically called by the President as needed, particularly during significant national challenges that require insights from both current and former leaders. Although the Council’s recommendations are not legally binding, they often have a substantial impact on presidential decisions.
This article was written by Tamaraebiju Jide, a student at Elizade University
MultiChoice Talent Factory has revealed it’s now accepting applications for its fully funded 2025 program, inviting aspiring filmmakers, scriptwriters, producers, and storytellers to apply.
If you’re a seasoned professional looking to switch your career or just starting out and you intend to add value to the TV and Film industry, the MultiChoice Talent Factory (MTF) invites applicants from all walks of life across 13 African countries: Nigeria, Ghana, Uganda, Kenya, Ethiopia, Tanzania, Zambia, Botswana, Namibia, Angola, Mozambique, Zimbabwe, and Malawi.
Ever since it began in 2018, MTF has empowered 60 talented individuals annually to reach their full potential. By providing a platform for growth, networking, and industry exposure, that nurtures and develops talent across the continent.
Through a series of rigorous training programs, MTF believes in using hands-on approach and mentorship from industry experts. Participants not only get a chance to sharpen their craft but also gain invaluable insights into the business of filmmaking. Imagine being chosen as one of the participants to learn from some of the industry’s best minds and gaining practical experience in areas such as cinematography, sound design, editing, and more. MTF gives you all these opportunities and does not stop there.
At the end of the programme, top performing students from each academy will get further training, mentorship and internship opportunities with MTF global partners, such as the New York Film Academy (NYFA), Indian-based platform Zee World and will get an opportunity to work on productions in South Africa. Upon completion students receive accredited and recognised qualification and get a chance to produce and direct short films showcased on MultiChoice platforms.
All these initiatives are indicative of MTFs commitment to supporting MultiChoice’s content selection of delivering exciting local content, which is rich in culture. Africa has many untold stories and by investing in African talent, MultiChoice gets to uncover and showcase these stories by supporting MTFs students, giving them necessary skills and the platform to produce content that resonates with Africans and the global market. Through this support, MTF alumni’s have achieved phenomenal success in their productions.
Just last year, five alumni secured nominations across three categories at the 2023 Africa Magic Viewers’ Choice Awards (AMVCA). In addition to this, Many MTF alumni occupy significant industry roles across the continent, working as directors, producers, sound designers, camera operators, art directors, scriptwriters and editors on major African productions which include Salem, Tempted, Engaito, Mvamizi, Mum vs Wife, Makofi, County 49 and many others. Habtamu S. Mekonen, MTF student from the East Africa Academy in Nairobi, Kenya, recently won an International Emmy Award for a short film that he produced and directed. The success of MTF is best illustrated by the feature films produced by its students. The films highlight the talents and creativity of participants and demonstrate the programme’s profound impact.
MTF also fosters entrepreneurial spirit, giving young people the confidence to start their own projects and businesses. To date, thirty of its alumni have registered production houses, creating employment opportunities and contributing to the economy. The knowledge and skills imparted by MTF empowers graduates to be catalysts for economic growth and cultural enrichment in their communities.
Applications are now open and will close on 15 September 2024. Interested candidates can visit its site to submit their entries and learn more about the program’s requirements.
Are you ready to unleash your talent and step into the spotlight as one of the next generation of filmmakers? Don’t miss out on this incredible opportunity to ignite your career in film and television with MultiChoice Talent Factory. Take the first step towards realising your dreams and apply now. #MultiChoice Talent Factory 2025 Calls for Entries
MultiChoice Talent Factory announced that it’s once again calling upon all aspiring filmmakers, scriptwriters, producers, and storytellers to apply for entry into the 2025 fully funded academic year.
Whether you’re a young professional looking to change careers and expand your horizons or a newcomer eager to make your mark in the TV & Film industry, MTF welcomes applicants from all backgrounds across the 13 countries in Africa: Nigeria, Ghana, Uganda, Kenya, Ethiopia, Tanzania, Zambia, Botswana, Namibia, Angola, Mozambique, Zimbabwe and Malawi.
Since its inception in 2018, MTF has welcomed 60 students each year giving them an opportunity to reach their dreams and to unleash their potential by providing a platform that nurtures and develops talent across the continent, providing opportunities for growth, networking and success in the entertainment industry.
Through a series of rigorous training programs, MTF believes in using hands-on approach and mentorship from industry experts. Participants not only get a chance to sharpen their craft but also gain invaluable insights into the business of filmmaking. Imagine being chosen as one of the participants to learn from some of the industry’s best minds and gaining practical experience in areas such as cinematography, sound design, editing, and more. MTF gives you all these opportunities and does not stop there.
At the end of the programme, top performing students from each academy will get further training, mentorship and internship opportunities with MTF global partners, such as the New York Film Academy (NYFA), Indian-based platform Zee World and will get an opportunity to work on productions in South Africa. Upon completion students receive accredited and recognised qualification and get a chance to produce and direct short films showcased on MultiChoice platforms.
All these initiatives are indicative of MTFs commitment to supporting MultiChoice’s content selection of delivering exciting local content, which is rich in culture. Africa has many untold stories and by investing in African talent, MultiChoice gets to uncover and showcase these stories by supporting MTFs students, giving them necessary skills and the platform to produce content that resonates with Africans and the global market. Through this support, MTF alumni’s have achieved phenomenal success in their productions.
Just last year, five alumni secured nominations across three categories at the 2023 Africa Magic Viewers’ Choice Awards (AMVCA). In addition to this, Many MTF alumni occupy significant industry roles across the continent, working as directors, producers, sound designers, camera operators, art directors, scriptwriters and editors on major African productions which include Salem, Tempted, Engaito, Mvamizi, Mum vs Wife, Makofi, County 49 and many others. Habtamu S. Mekonen, MTF student from the East Africa Academy in Nairobi, Kenya, recently won an International Emmy Award for a short film that he produced and directed. The success of MTF is best illustrated by the feature films produced by its students. The films highlight the talents and creativity of participants and demonstrate the programme’s profound impact.
MTF also fosters entrepreneurial spirit, giving young people the confidence to start their own projects and businesses. To date, thirty of its alumni have registered production houses, creating employment opportunities and contributing to the economy. The knowledge and skills imparted by MTF empowers graduates to be catalysts for economic growth and cultural enrichment in their communities.
Applications are now open and will close on 15 September 2024. Interested candidates can visit its site to submit their entries and learn more about the program’s requirements.
Are you ready to unleash your talent and step into the spotlight as one of the next generation of filmmakers? Don’t miss out on this incredible opportunity to ignite your career in film and television with MultiChoice Talent Factory. Take the first step towards realising your dreams and apply now. #MultiChoice Talent Factory 2025 Calls for Entries
MultiChoice Talent Factory announced that it’s once again calling upon all aspiring filmmakers, scriptwriters, producers, and storytellers to apply for entry into the 2025 fully funded academic year.
Whether you’re a young professional looking to change careers and expand your horizons or a newcomer eager to make your mark in the TV & Film industry, MTF welcomes applicants from all backgrounds across the 13 countries in Africa: Nigeria, Ghana, Uganda, Kenya, Ethiopia, Tanzania, Zambia, Botswana, Namibia, Angola, Mozambique, Zimbabwe and Malawi.
Since its inception in 2018, MTF has welcomed 60 students each year giving them an opportunity to reach their dreams and to unleash their potential by providing a platform that nurtures and develops talent across the continent, providing opportunities for growth, networking and success in the entertainment industry.
Through a series of rigorous training programs, MTF believes in using hands-on approach and mentorship from industry experts. Participants not only get a chance to sharpen their craft but also gain invaluable insights into the business of filmmaking. Imagine being chosen as one of the participants to learn from some of the industry’s best minds and gaining practical experience in areas such as cinematography, sound design, editing, and more. MTF gives you all these opportunities and does not stop there.
At the end of the programme, top performing students from each academy will get further training, mentorship and internship opportunities with MTF global partners, such as the New York Film Academy (NYFA), Indian-based platform Zee World and will get an opportunity to work on productions in South Africa. Upon completion students receive accredited and recognised qualification and get a chance to produce and direct short films showcased on MultiChoice platforms.
All these initiatives are indicative of MTFs commitment to supporting MultiChoice’s content selection of delivering exciting local content, which is rich in culture. Africa has many untold stories and by investing in African talent, MultiChoice gets to uncover and showcase these stories by supporting MTFs students, giving them necessary skills and the platform to produce content that resonates with Africans and the global market. Through this support, MTF alumni’s have achieved phenomenal success in their productions.
Just last year, five alumni secured nominations across three categories at the 2023 Africa Magic Viewers’ Choice Awards (AMVCA). In addition to this, Many MTF alumni occupy significant industry roles across the continent, working as directors, producers, sound designers, camera operators, art directors, scriptwriters and editors on major African productions which include Salem, Tempted, Engaito, Mvamizi, Mum vs Wife, Makofi, County 49 and many others. Habtamu S. Mekonen, MTF student from the East Africa Academy in Nairobi, Kenya, recently won an International Emmy Award for a short film that he produced and directed. The success of MTF is best illustrated by the feature films produced by its students. The films highlight the talents and creativity of participants and demonstrate the programme’s profound impact.
MTF also fosters entrepreneurial spirit, giving young people the confidence to start their own projects and businesses. To date, thirty of its alumni have registered production houses, creating employment opportunities and contributing to the economy. The knowledge and skills imparted by MTF empowers graduates to be catalysts for economic growth and cultural enrichment in their communities.
Applications are now open and will close on 15 September 2024. Interested candidates can visit its site to submit their entries and learn more about the program’s requirements.
Are you ready to unleash your talent and step into the spotlight as one of the next generation of filmmakers? Don’t miss out on this incredible opportunity to ignite your career in film and television with MultiChoice Talent Factory. Take the first step towards realising your dreams and apply now. #MultiChoice Talent Factory 2025 Calls for Entries
MultiChoice Talent Factory announced that it’s once again calling upon all aspiring filmmakers, scriptwriters, producers, and storytellers to apply for entry into the 2025 fully funded academic year.
Whether you’re a young professional looking to change careers and expand your horizons or a newcomer eager to make your mark in the TV & Film industry, MTF welcomes applicants from all backgrounds across the 13 countries in Africa: Nigeria, Ghana, Uganda, Kenya, Ethiopia, Tanzania, Zambia, Botswana, Namibia, Angola, Mozambique, Zimbabwe and Malawi.
Since its inception in 2018, MTF has welcomed 60 students each year giving them an opportunity to reach their dreams and to unleash their potential by providing a platform that nurtures and develops talent across the continent, providing opportunities for growth, networking and success in the entertainment industry.
Through a series of rigorous training programs, MTF believes in using hands-on approach and mentorship from industry experts. Participants not only get a chance to sharpen their craft but also gain invaluable insights into the business of filmmaking. Imagine being chosen as one of the participants to learn from some of the industry’s best minds and gaining practical experience in areas such as cinematography, sound design, editing, and more. MTF gives you all these opportunities and does not stop there.
At the end of the programme, top performing students from each academy will get further training, mentorship and internship opportunities with MTF global partners, such as the New York Film Academy (NYFA), Indian-based platform Zee World and will get an opportunity to work on productions in South Africa. Upon completion students receive accredited and recognised qualification and get a chance to produce and direct short films showcased on MultiChoice platforms.
All these initiatives are indicative of MTFs commitment to supporting MultiChoice’s content selection of delivering exciting local content, which is rich in culture. Africa has many untold stories and by investing in African talent, MultiChoice gets to uncover and showcase these stories by supporting MTFs students, giving them necessary skills and the platform to produce content that resonates with Africans and the global market. Through this support, MTF alumni’s have achieved phenomenal success in their productions.
Just last year, five alumni secured nominations across three categories at the 2023 Africa Magic Viewers’ Choice Awards (AMVCA). In addition to this, Many MTF alumni occupy significant industry roles across the continent, working as directors, producers, sound designers, camera operators, art directors, scriptwriters and editors on major African productions which include Salem, Tempted, Engaito, Mvamizi, Mum vs Wife, Makofi, County 49 and many others. Habtamu S. Mekonen, MTF student from the East Africa Academy in Nairobi, Kenya, recently won an International Emmy Award for a short film that he produced and directed. The success of MTF is best illustrated by the feature films produced by its students. The films highlight the talents and creativity of participants and demonstrate the programme’s profound impact.
MTF goes beyond training filmmakers; it also promotes entrepreneuship spirit, giving young people the confidence to start their own projects and businesses. To date, thirty MTF alumni have already established production companies, creating jobs and boosting the economy. The knowledge and skills imparted by MTF empowers graduates to be catalysts for economic growth and cultural enrichment in their communities.
Applications for the 2025 MultiChoice Talent Factory are now open and close on September 15, 2024. Visit our website to apply and learn more about the requirements needed.
Don’t miss out on this great avenue to fuel your career in film and television with MultiChoice Talent Factory. Are you ready to unleash your talent and step into the spotlight as one of the next generation of filmmakers? Take the first step towards realising your dreams and apply now. #MultiChoice Talent Factory 2025 Calls for Entries
This article was written by Tamaraebiju Jide, a student at Elizade University
President Bola Tinubu has authorized into law, the Judicial Office Holders Salaries and Allowances Bill. Senator Basheer Lado, the Special Adviser to the President on Senate Matters, revealed this in a statement in Abuja on Tuesday.
A bill that grants a 300 per cent salary increase for judicial officers at the federal and state levels had been signed in June by the National Assembly.
This happened succeeding the delibration and adoption of an executive bill that the President disseminated, which sought to prescribe improved salaries and allowances as well as other fringe benefits for judicial officers and workers.
The executive bill forwarded by the President was titled “A Bill for an Act to Prescribe the Salaries, Allowances and Fringe Benefits of Judicial Office Holders in Nigeria and for Related Matters”.
According to Lado, “This extraordinary move underscores Mr President’s absolute prioritization of the welfare of Nigerian workers above all else just like he did when he recently put on hold an ongoing Federal Executive Council meeting to assent to the new National Minimum Wage Bill of N70,000.”
Lado said the new Act “prescribes salaries, allowances, etc., for Judicial Officers to reflect the changing realities and consequentially amend the provisions of the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.), Act, No.6, 2002 (as amended) to delete the provisions relating to Judicial Office Holders.”
According to him, among the salient features of the Act include, “The prescription of salaries, allowances, and other benefits for Judicial Officers.
“The amendment of Certain Political, Public, and Judicial Office Holders (Salaries and Allowances, etc.) Act, No.6, 2002 (as amended) which provides for the deletion of provisions relating to Judicial Office Holders from the aforementioned Act.”
He described the signing of the bill by the President as a landmark achievement and a manifestation of his unwavering commitment to the welfare of Nigeria’s workforce.
Lado said, “In a demonstration of his visionary leadership and deep compassion for the Nigerian people, His Excellency President Bola Ahmed Tinubu GCON has once again affirmed his unwavering commitment to the welfare of the nation’s workforce by assenting to the revised Salaries and Allowances for Judicial Office Holders.
“This landmark decision reflects Mr President’s profound dedication to ensuring that every salary earner in Nigeria, especially those serving in vital and strategic roles, receives the recognition and compensation they deserve.
“By prioritizing the financial well-being of our judicial officers, Mr President is not only reinforcing the integrity of our justice system but also setting a new standard for leadership that truly values the hard work and sacrifices of all Nigerian workers.”
He added, “Under President Tinubu’s administration, the welfare of our workers has become a central pillar of national progress.
“His visionary policies continue to uplift the lives of millions, ensuring that the dignity of labour is upheld and that those who serve our nation are justly rewarded.
“This assent is a clear testament to Mr. President’s tireless efforts to build a more prosperous and equitable Nigeria, where every worker is empowered to contribute to the nation’s greatness.
“As we look to the future with hope and determination, Mr President remains steadfast in his mission to champion initiatives that deliver fair compensation, improved working conditions, and a brighter future for all Nigerians.”
Lado commended the Senate President Godswill Akpabio and Speaker of the House of Representatives, Rt. Hon. Abass Tajudeen, for their patriotic commitment to progressively improving the welfare of Nigerians.
He also lauded the members of the 10th National Assembly for prioritizing the welfare of Nigerians by passing and transmitting the executive Bill which has now been promptly assented to by the President.
He urged Judicial Office Holders in the country to redouble their efforts in ensuring that justice is served and speedily so in the light of the action of the President aimed at enhancing their overall welfare and well-being.
“The judiciary remains the hope of the common man and it is hoped that Nigerians seeking justice get it irrespective of their status in life,” he said.
Following the enactment of the bill, Justice Olukayode Ariwoola, the Chief Justice of Nigeria, will receive an annual salary of N64 million.
The President of the Court of Appeal is set to earn N62.4 million, while each Justice of the Supreme Court will receive N61.4 million.
Additionally, all heads of various courts, including the Chief Judges of the Federal High Court, the Federal Capital Territory High Court, and the President of the National Industrial Court, will have a uniform annual salary of N7.9 million.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Federal Government and state governors have reached an agreement to impose a three-month moratorium on local government autonomy due to concerns regarding its effects on salary payments and operational viability.
This means that Local Governments may not see the law allowing direct payments into their respective accounts take effect until October.
On July 11, 2024, the Supreme Court issued a landmark ruling affirming the financial autonomy of Nigeria’s 774 Local governments and stating that governors can no longer control the funds allocated to them.
The apex Court also mandated the Accountant-General of the Federation to deposit Local Government allocations directly into their accounts, declaring the non-remittance of funds by the 36 states unconstitutional.
Under former President Muhammadu Buhari, the Nigerian Financial Intelligence Unit issued a regulation, effective from June 1, 2019, which banned transactions on State and Local Governments Joint Accounts. Funds were sent directly to the accounts of the local governments. It also limited cash withdrawals from local governments accounts to a maximum amount of N500,000 per day, with penalties for banks that failed to comply. The Nigerian governors, under the aegis of the Nigerian Governors’ Forum, kicked against this regulation and the NFIU eventually capitulated.
The status quo was maintained until May 2024, when the Attorney-General of the Federation, Lateef Fagbemi (SAN), filed suit marked SC/CV/343/2024 at the Supreme Court to strengthen the autonomy of the local government areas as guaranteed by the constitution. It sought to prevent state governors from unilaterally dissolving democratically elected local government councils and establishing caretaker committees, actions that violate constitutional provisions. The AGF argued that the constitution mandates a democratically elected local government system and does not allow alternative governance structures.
The suit also prayed that the funds from the Federation Account be channelled directly to local governments, bypassing the allegedly unlawful joint accounts managed by state governors. The Federal Government also sought an injunction to stop governors and their agents from receiving or spending local government funds without a democratically elected local government system in place. It contended that the governors’ failure to establish such a system constitutes a deliberate subversion of the 1999 Constitution. The Supreme Court heard parties to the case on June 13, with the state governments, through their respective attorneys-general, opposing the suit.
That was the prelude to the Supreme Court judgment of last Thursday, July 11, 2024, which has now affirmed the financial autonomy of Nigeria’s 774 local governments. In the unanimous judgment of its seven-member panel, the Supreme Court upheld the suit brought by the federal government to strengthen the independence of local governments in the country.
A member of the panel, Emmanuel Agim, who delivered the court’s lead judgment, held that the local governments across the country should henceforth receive their allocations directly from the Accountant-General of the Federation. He ruled that it is illegal and unconstitutional for governors to receive and withhold funds allocated to local government areas in their states.
Many Nigerians, including the LG chairmen, hailed the judgment of the Supreme Court, describing it as a step in the right direction to restructure the country.
Although some governors voiced their concerns, the Nigeria Governors’ Forum, speaking through the chairman and Kwara State Governor, AbdulRahman AbdulRazaq, said the judgment was a relief from the financial burden to state governments.
AbdulRazaq, speaking to journalists after meeting President Bola Tinubu on July 12, a day after the judgment, said, “The governors are happy with the devolution of power regarding local government autonomy. The public really doesn’t know how much states spend on bailing out local governments.”
PUNCH findings
However, reports gathered observed that, more than a month after the judgment, the order of the apex court had not been complied with. In July 2024, total disbursements by the Federation Allocation Account Committee increased to N1.354tn, with LGs receiving N337.019bn.
At the July meeting of FAAC, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, of the total amount shared among the three tiers of government, the Federal Government received N459.776bn, the states received N461.979bn, the LGs got N337.019bn, and the oil-producing states received N95.598bn as derivation (13 percent of mineral revenue).
The Association of Local Governments of Nigeria, however, waited in vain to get the money paid directly into the LG accounts.
The Incorporated Trustees of ALGON accused the state commissioners of finance of conspiring with governors to obstruct the direct payment of allocations from the federation account to the 774 LGs’ accounts.
In a letter addressed to the Chairman of the Forum of State Commissioners of Finance in Nigeria, dated July 30, 2024, and signed by its counsel, Mike Ozekhome (SAN), ALGON threatened to initiate contempt proceedings against the commissioners if they failed to comply with the Supreme Court order.
Ozekhome stated in the letter that his clients’ enthusiasm over the apex court decision had been thwarted by the finance commissioners committee.
Though another faction of ALGON, led by Aminu Maifata, denied issuing a legal threat against the commissioners’ committee, Ozekhome insisted that he was briefed by the ALGON Board of Trustees in a letter signed by the Secretary-General of the board, Mohammed Abubakar.
Also, on July 25, the Federal Government confirmed that it had not yet commenced direct payment of the monthly allocations to the 774 local government areas.
Edun attributed the delay to the proceedings of the Supreme Court, which had not been communicated to the Attorney General of the Federation for proper study and implementation. He said the process was still in its early stages, adding that further steps would be taken once the full details were available.
The minister said the Federal Government was yet to commence direct payment to the respective LGs due to some “practical impediments” and added that a committee had been set up by the FG to look at the practicability of the judgment.
On Monday, reports gathered that the “practical impediments” were creating challenges for the implementation of the Supreme Court judgment on LG autonomy.
The Federal Government, it was learnt, faced challenges implementing the ruling on local government financial autonomy, with concerns over its impact on salary payments and operational viability.
The Oyo State Governor, Seyi Makinde, who raised concerns over the judgment, called for a homegrown solution to ensure the people did not suffer.
“The law is the law, and when there is a conflict, yes, we should go to court. But it behoves us to look for our own homegrown solutions that can ensure that we have transparency and that our people do not suffer. This is because when two elephants are fighting, it is the grass that will suffer,” Makinde was quoted as saying.
The National President of ALGON, Aminu Mu’azu-Maifata, called for an increase in the monthly allocation to the 774 LGAs to enable them to pay the new minimum wage.
Speaking at a press briefing in Lafia, Nasarawa State, recently, Mu’azu-Maifata said, “Once the new minimum wage is enacted by the National Assembly and becomes a law, every council chairman must obey.
“But how to obey such a law is what we will look into. By sourcing funds to pay salaries, we are also going to find ways to attract and harmonise resources so that we will not default.”
Multiple sources close to the NGF and the Federal Government, speaking exclusively with The Punch on Monday, said the Federal Government was in a fix on how to proceed with the implementation of the judgment on the financial autonomy for local government areas.
“From what I know from the Nigeria Governors’ Forum, the Federal Government and the states are looking for a political solution to manage the fallout of the Supreme Court judgment.
“The first step is the three-month moratorium on the judgment. For the next three months, the LG allocation will still be paid into the joint account with the respective states while a permanent solution that will serve the objectives of financial autonomy as envisaged by the Supreme Court judgment is worked out,” one of the sources told The Punch.
He added, “The governors are happy that the judgment came eventually, as it would relieve them of the burden of having to augment the monthly FAAC allocation of the LGs to be able to pay local government staff, primary school teachers, and primary health workers, among others.
“However, they are apprehensive that we may go back to the early 1990 era when primary school teachers and other local government members of staff were owed salaries for an average of 12 to 24 months.”
The source expressed the concerns of the governors that only a few local government areas in the country could actually survive and pay bills conveniently from FAAC allocations and internally generated revenue.
“The issue of financial autonomy per the Supreme Court judgment is not as rosy as it looks. Only a few local governments in Lagos, Rivers, Kano, and the Federal Capital Territory can comfortably cover their expenses using only monthly FAAC allocations and their IGR.
“For other states, governors augment their allocation with state funds to be able to pay salaries. That is why the salary of primary school teachers and primary health workers, which are the responsibilities of LGs, is taken as a first-line charge through the joint account with the state.
“It is clear to both the Federal Government and the governors that there will be a problem with the Supreme Court judgment, and the local governments will be rocked by industrial action by workers,” he added.
When reached on Monday by The Punch, Ozekhome said he had only seen the alleged agreement between the Federal Government and the states regarding the delay of LG autonomy implementation on the pages of newspapers.
He said his client, ALGON, did not give him such information.
The constitutional lawyer said he was also not aware that the July allocation for LGs had been paid to the finance commissioners in states.
“If that were done, it would be a frontal attack on the valid and subsisting judgment of the apex court, and there are serious legal consequences for such indiscretion,” Ozekhome said.
He added that there was no ultimatum given by ALGON through his chambers for the initiation of contempt proceedings against the finance commissioners of the 36 states of the federation if they did not pay the allocation to the 774 LGs immediately.
Efforts to reach the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi (SAN), through his spokesperson, Kamarudeen Ogundele, on the AGF’s position on the LGs July allocation paid to state finance commissioners, contrary to the Supreme Court Judgment, proved abortive as he didn’t pick up his calls or respond to messages sent to his phone as of the time of filing this report.
Also, attempts to reach the Ministry of Finance for comments were futile as the Director of Press, Mohammed Manga, didn’t respond to phone calls made to his line.
LGs confirmation
Chairperson, National Union of Local Government Employees, Akwa Ibom State Chapter, Mrs. Anestina Iweh, confirmed on Monday that the July allocation of the 774 LGAs was sent to state commissioners of finance in the respective states.
Iweh, who spoke with one of our correspondents in Uyo, the Akwa Ibom State capital, said the allocation was paid to the commissioners because the FG had yet to get the account details of the 774 LGAs.
“The Federal Government does not have the account details of the 774 LGAs. They have not done anything—no procedure, no process—even up to date to update the account details of the 774 LGAs.
“We can’t keep quiet and allow workers to stay without salaries, so money must come for salaries to be paid. If they are ready to act according to the Supreme Court judgement, they will get account details for the 774 LGAs and do the needful.”
However, the Chairman of Kwami Local Government Area of Gombe State, Dr. Wali Ahmed, justified the disbursement of the July allocation to the commissioners, saying there was a 90-day window for the implementation of the judgment.
Ahmed confirmed that the councils had been told to update their account details with the Treasury Single Account.
Speaking in a telephone chat with one of our correspondents on the supposed illegality of disbursement to states’ accounts, Ahmed said, “They wrote a letter that, within 90 days, all LG signatories should ensure they link their accounts with TSA. So, it’s not yet over.”
In Plateau State, an LG boss, who spoke on condition of anonymity, confirmed that the FG gave a three-month period before the implementation of the judgement.
“Don’t forget that after the Supreme Court judgement, the Federal Government passed a circular giving a three-month window before the commencement of the implementation. As it is, the period has not elapsed, so there is no cause for alarm,” our source said.
“We in the local government areas are not complaining that our monthly allocations are still channeled through the state government. We receive the allocations due to us as LGs. I don’t know of other LGs, but we in Plateau are receiving ours accordingly, and the state government does not tamper with it.”
On Monday, it was gathered that all the members of the executive councils of the LGs from Katsina State had relocated to Abuja, though it was not clear who they went to meet as a follow-up to the LG autonomy.
Another LG chairman in Katsina State, who spoke on condition of anonymity, said all chairmen, together with the state ALGON chairman, Bello Kaita, were in Abuja for a meeting on Monday.
“We are all here in Abuja to push for our autonomy, because the Supreme Court judgement ought to be respected, but you see, even the Federal Government allocation was not given, let alone our legal mandate of a four-year tenure. So, we are in Abuja for the issues.”
Efforts to speak with the ALGON chairman, Kaita, were unsuccessful as his telephone number was not connecting as of the time of filing this report.
‘Court ruling belated’
In another twist, the Adamawa State Commissioner for Finance, Mrs. Augustina Wandamihya, described the Supreme Court judgement as “belated”, saying LG autonomy had long been implemented by the state.
The commissioner told The PUNCH on Monday that Governor Ahmadu Fintiri, in his policy of transparency and accountability, granted local government autonomy during his first tenure in office.
“Since Governor Fintiri took over the mantle of leadership, he granted autonomy to the 21 local governments in the state. All the local governments since then get their Federal Government allocation directly; their monies don’t come through the state account,” Wandamihya said.
“If this interview were in the office, I would have shown you all the documents. So, in Adamawa State, the Supreme Court judgement was belated.”
Alhaji Idris Yahaya, the state Secretary of ALGON and chairman of Song Local Government Area, discussing the situation, confirmed that the July allocation came directly to his council account.
“Our governor, because of his transparency and his interest for the people at the grassroots, granted local government autonomy long before we came into office,” he said.
The total market value of the cryptocurrency industry fell 0.9% in the last 24 hours to $2.08 trillion, according to Coinmarketcap.com data. The collapse was fueled by selloffs in Bitcoin, the world’s largest cryptocurrency asset, which accounts for more than half of the total sector value.
Bitcoin is trading below $59,000 on cryptocurrency exchanges, down 0.08% over the last 24 hours in the market. The cryptocurrency value had fallen sharply due to fears of a US recession, which prompted individual investors to liquidate.
In the last seven days, Bitcoin has acquired 6.73% of its former value. According to CoinMarketCap.com, the largest and most valuable asset is currently worth $58.845.
Ethereum is also trending negative at $2,635 after losing 0.03% over the day The total crypto market volume over the last 24 hours reached $79.2 billion, which is a 21.26% increase.
The total volume in DeFi is currently $3.78 billion, according to market data, representing 4.77% of the total crypto market 24-hour volume.
The volume of all stable coins is now $73.19 billion, which is 92.40% of the total crypto market 24-hour volume. Bitcoin’s dominance has increased by 0.02% to 55.96% today.
BNB is, however, moving positively, up by 0.40% to $522.68. Most major digital assets were mixed on Monday, with bitcoin (BTC-USD) hovering near the $59,000 level. The CoinDesk Market Index, which tracks 134 digital assets, fell 0.7% in the past 24 hours.
The Nasdaq 100 was flat, while the S&P 500 and the Dow Jones Industrial Average shed 0.2% and 0.5%, respectively. Bitcoin (BTC-USD), the most popular cryptocurrency, dipped 1% to $59,106 with a 24-hour trading volume of $38.67 billion, surging about 109%, according to CoinMarketCap data.
Ethereum (ETH-USD), the second-largest digital asset, climbed 2% to $2,657. BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, edged down 0.3%, while Solana (SOL-USD), the fourth-largest, fell 1.9%.
XRP (XRP-USD) gained 1.3%, Dogecoin (DOGE-USD) was 1.7% higher, and Cardano (ADA-USD) was 0.1% softer. The US 10-year Treasury yield closed at 3.907%, down from Friday’s close of 3.944%, while the five-year yield closed at 3.749%, down from 3.798%.
Olufemi Soneye, spokesperson of the Nigerian National Petroleum Company Limited, has revealed that the state-owned energy firm reduced its stake in Dangote refinery to invest in Compressed Natural Gas.
According to Soneye, the company reduced its stake in the refinery from the initial 20% to 7.2% to channel funds into the development of Compressed Natural Gas (CNG) infrastructure across the country.
Soneye made this clarification, on the Berekete Family Radio, while addressing allegations of collusion with the Nigerian Midstream and Downstream Regulatory Commission to undermine the refinery’s operations.
Soneye was invited to discuss on allegations that the NNPC was collaborating with the Nigerian Midstream and Downstream Regulatory Commission to sabotage the Dangote refinery.
He refuted claims that the NNPC would sabotage a company in which it had a 7.2 per cent stake.
He mentioned that the NNPC realised that CNG was more affordable as a better energy alternative for Nigerians, especially during the period of energy transition.
He added that Nigerians could fuel their vehicles with N10,000 when using CNG, compared to petrol.
“The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy.
“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria, why don’t we invest in it?” the NNPC official stated.
On the allegation of sabotage, Soneye posited, “We want all Nigerians to know that the NNPCL does not have any issue with the Dangote Refinery. We are part of the owners of the Dangote refinery and we don’t want it to collapse.
“We invested billions of naira into the Dangote refinery. As of today, we have a 7.2 per cent stake in the refinery. So, why would we want to sabotage such a company?”
He emphasized that Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was acting in his official capacity as the regulator overseeing all midstream and downstream operations, including the NNPC.
“Mr Farouk Ahmed is the head of Nigeria’s mainstream and downstream petroleum regulatory authorities. They have power over all refineries. Anything that has to do with the distribution of petrol, they are in charge. In fact, they are superior to the NNPC in that sector. We don’t have anything to do with them,” Soneye posited.
In 2021, the NNPC acquired a 7.25 per cent stake in the refinery for $1.0bn, with an option to purchase the remaining 12.75 per cent stake by June 2024. But the national oil firm has since reneged on its decision.
Alhaji Aliko Dangote, the President of the Dangote Group, disclosed in July that the NNPC had only a 7.2 per cent stake in the refinery and not 20 per cent.
“The agreement was actually 20 per cent which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.” Dangote stated.
Oby Ezekwesili, a former Minister of Education, called for an independent audit to clarify why the NNPC’s investment in the Dangote refinery was limited to 7.2% instead of the agreed-upon 20%.
“Did the Nigerian government not tell us it borrowed $3.3bn from Afrieximbank to take a stake in the Dangote refinery?” Ezekwesili asked.
She urged President Bola Tinubu to immediately order an independent audit of the NNPC’s transaction with the Dangote refinery to provide the public with a transparent account of the deal.
Notably, Fitch Ratings recently reported that Dangote Refinery plans to sell the remaining 12.7% stake held by the NNPC this year to service its loans.
This article was written by Tamaraebiju Jide, a student at Elizade University
Peter Okoye, better known as Mr P, Nigerian singer, has publicly accused his twin brother, Paul Okoye (RudeBoy), of belittling his contributions to the former duo group, P-Square.
In a heartfelt Instagram post, Peter expressed frustration over Paul’s repeated attempts to downplay his role in the group’s success.
Part of the letter read, “My dear brother Paul, just like I have told you several times, I am not in any competition with you or anybody else.
“However, seeing you grant countless interviews where you constantly discredit my efforts in the group that we both created and built together really speaks volumes.
“In your recent interviews, you claimed that you wrote and sang 99 percent of all P-SQUARE songs and discredited me by saying that our song with TI “EjeaJo,” which I wrote, was a failure.
“You never acknowledged the other songs like “Get-Squared,” “Bizzy Body,” “Personally,” “Roll It,” “Temptation,” “Alingo,” “More than a Friend,” “Shekini,” “Say Your Love,” “Gimme Dat,” “Senorita,” “IGBEdu,” and a few others.
“Were these songs also considered failures as well? We both have talent, no doubt, and I have often praised you in our interviews for your songwriting ability.
“But instead of showing gratitude for my kind words, you seem to find satisfaction in rubbing it in my face, forgetting that it is by God’s grace that we have come this far. “Rather than joining forces with me to reclaim our number 1 spot in the music industry, you chose to team up with Jude to claim the number 1 spot in the P-SQUARE group.
“You always look for opportunities to marginalize and humiliate me. You are always claiming to be P-SQUARE’s songwriter, composer, producer, singer, backup vocalist, in fact you are everything including P-SQUARE’s video director, band, promoter, manager, even the choreographer.
This article was written by Tamaraebiju Jide, a student at Elizade University
The primary beneficiaries of the Central Bank of Nigeria’s retail Dutch auction System, on Tuesday, were the real sector.
The sales report, issued by the Apex bank on Friday, stated 3347 firms got access to the dollars via the 26 banks, which qualified at the rate of N1,495 per dollar cut-off rate.
About $876.26 million was sold during the auction, which the CBN introduced to alleviate pressure on the foreign exchange market and establish a market-driven exchange rate.
The auction primarily benefited manufacturers, who acquired dollars to import essential items such as machinery spare parts, industrial raw materials, paper, pharmaceutical products, brewery ingredients, and equipment.
The other reasons for which the industries got the FX included tobacco rolling paper, spare parts for low loaders and cranes, frozen fish, etc.
Promasidor Nigeria Limited got about $59.772 for Cowbell Instant dairy creamer, and Sumal Foods Limited got dollars for glucose syrup, hydrogenated vegetable fat and dextrose monohy.
African Foundries, International Towers Limited, Crown Flour Mills, Churchgate Investments Ltd, Nucleus Ventures, HIS (Nigeria) Ltd and others got the dollars to facilitate loan repayments.
This auction marks one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilise the naira and address the ongoing volatility in the FX market.
Companies under Dangote Industries got about $105.33m in successful foreign exchange bids via Zenith Bank, Access Bank, Providus Bank, Union Bank and Sterling Bank.
According to the CBN, the beneficiary’s subsidiaries include Dangote Sugar Refinery, Dangote Cement, Dangote Oil & Gas Company, Dangote Agro Sacks and Dangote Coal Mines.
Companies in the BUA Group; BUA Cement, BUA Foods, and BUA Sugar Refinery, also assessed dollars via Access Bank, Greenwich Merchant Bank, Coronation Merchant Bank, FirstBank of Nigeria, Zenith Bank, Union Bank of Nigeria and Sterling Bank.
Some of the reasons for that included wheat, gypsum in bulk, raw sugar in bulk, machinery and equipment and infield drip irrigation systems.
For the auction, the CBN said that the total bids received were valued at $1.19bn.
After the collation, the Committee of Governors of the apex bank approved a cut-off bid of N1495.00/$ with a total successful bid of $815.36m.
The range of successful bids was N1495.00/$ N1650.00/$ across 26 banks. Six banks were disqualified; four banks for submitting bids after the 6-hour submission period stipulated (9:00 a.m.–3:00 p.m.) and two banks for not providing bids in the template supplied.
Zenith Bank, FirstBank and Access Bank were the top three banks to get FX from the Dutch auction.
Other banks in the top 10 included Fidelity Bank, Guaranty Trust Bank, Standard Chartered Bank, Taj Bank, Jaiz Bank, Sterling Bank and Union Bank.
The Retail Dutch Auction System adopted by the CBN involves the sale of FX through an auction system to end users.
It starts with a call for the submission of bids for an auction and all the bids are collated and arranged from the highest bid to the lowest bid. The auction mechanism is predicated on the volume of the FX that is available for sale.
In addition, it is also to give forward guidance on the price of the exchange rate that will promote FX market stability.
The auction’s cut-off point is the lowest exchange rate at which the offered volume is fully sold. The CBN has employed this system in 1987, 1990, and between 2002 and 2006.
In its weekly update, Afrinvest analysts argued that the apex bank did not possess the required financial war chest to meet the average FX demand for an extended period.
Following the auction, the naira appreciated by 1.7% at the Nigerian Autonomous Foreign Exchange Market, closing the week at N1,574.2 per dollar.
“First, we are of the view that Dr Cardoso, during the last MPC meeting, stated that the country’s foreign reserves of $37.1bn could cover 11 months’ imports. This implies a monthly average import spend of $3.3bn. Meanwhile, the IMF, in its 2024 Article IV consultation note, estimated Nigeria’s monthly import bill at $6.0bn, implying that the reserves could only cover six months of imports.
“Regardless of the estimate considered, the FX reserves could run dry in six to nine months should the magnitude of the bids at the auction ($1.2bn) be met weekly and the accretion rate does not offset outflows. In addition, seasonality trends suggest that FX demand for manufacturing imports, educational commitments and summer travel peaks in Q3. Hence, we are of the view that the measure will only temper the demand pressure that is building up,” it stated.
The firm noted that the auction’s exchange rate accurately mirrors the current wholesale foreign exchange market, where the NAFEM rate has fluctuated between N1,450 and N1,600 per dollar for most of 2024.
“This highlights the fact that the FG’s goal of bringing the NGN/USD rate to N800.0/$ by year-end is unlikely. As such, we hold to our view that for the naira to regain lasting strength, there is a need for the implementation of strategic fiscal policies to boost economic productivity.
“Without an increase in oil production (to at least 1.80mbpd), higher remittances flow through official channels (to at least $20.0bn per annum), and improved inflows of patient longer-term capital (FDI of at least $10.0bn per annum), the naira would remain in the shadow of the FG’s dream target,” the analyst mentioned.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Federation Accounts Allocations Committee has declared that the monies yet to be remitted to the repository of the Federal Government by the Revenue Generating Agencies increased to N4.1tn as of June 2024.
FAAC mentioned that this development was in spite of the agencies’ reconciliation and payment of outstanding debts of N94.96bn in May 2024.
Reports reveals that the disclosed amount is $165,067,714.53 (N178.52bn) and N3,917,340,180,696.84, compared to the initial amount of $36,329,376.24 (N51.88bn) and N2,977,561,881,021 recorded in May 2024.
This was revealed in a report at the Federation Account Allocation Committee post-mortem sub-committee meeting, and it was signed by Mohammed Shehu, the Chairman of Revenue Mobilization, Allocation and Fiscal Commission,
A breakdown of the agencies indebted to the government showed that the Nigerian National Petroleum Company Limited owes N940.62bn; Nigerian Upstream Petroleum Regulatory Commission and NNPC owe a combined amount of $23.81m and N1.94tn.
The Federal Inland Revenue Service and NNPC have an unresolved remittance of $141.25m and N1.04tn, while the Ministry of Solid Minerals Development and the Central Bank of Nigeria owe N48.75m.
Reports, gathered two months ago, revealed that the government could lose over N3tn if revenue-generating agencies in the country do not reconcile unremitted earnings collected.
Kabir Mashi, Vice Chairman on the Post-Mortem Sub-committee, who stood in for the commitee chairman, explained that outstanding funds were still undergoing reconciliation with relevant agencies during the monthly reconciliation meeting.
The Federation Account Allocation Committee (FAAC) distributes revenues generated into the Federation Account, which is composed of various sector-specific accounts.
Although mentioning an update in its June meeting, the chairman reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in June 2024 was $165,067,714.53 and N3,917,340,180,696.84.
He said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.
He added that the Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission made the revenue reconciliation.
The report read, “Outstanding Federation Account Revenue Arising from Inter-Agencies Reconciliation Meeting held in June 2024: The total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in June 2024 was $165,067,714.53 and N3,917,340,180,696.84.
“Assessing the impact of the FAAC PMSC on outstanding arrears of revenue inflows due to the federation account.
“For May 2024, the PMSC would like to inform the plenary that as a result of reconciliation with Revenue Generating Agencies, a total sum of $64,073,123.40 equivalent to N94,964,537,885.84 was reconciled and confirmed paid to the CBN designated accounts,” the report added.
The document further explained that the government had recovered a cumulative outstanding of N537.35bn in five months.
“The cumulative outstanding arrears reconciled and paid to the Federation Account from January to May 2024 stood at N537,353,864,835.67.”
“Members should note that these outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee. Furthermore, the sum of $180,230,895.02 and N2,535,352,533,190.87 outstanding payments from the Revenue Generating Agencies before June 2023, were referred to the Stakeholders Alignment Committee and the Sub-Committee awaits the outcome of the reconciliation soonest.
“The sub-committee is working with the Revenue Generating Agencies to ensure that the above outstanding amounts are paid to the Federation Account as soon as possible.”
in response to this, Shizzer Bada, the commissioner of Finance, Kaduna State, expressed concern over the pile up of outstanding arrears of revenue by RGAs against the Federation Account, which was running into trillions of naira between 2023 and 2024.
She further emphasized the importance of promptly finalizing reconciliations with agencies.
This article was written by Tamaraebiju Jide, a student at Elizade University
Olam Agri, a leading agribusiness in food, feed, and fibre in Nigeria, is significantly expanding its Corporate Responsibility and Sustainability (CR&S) investment strategy to deepen its social, environmental, and economic development impact within the country.
The company has committed to a four-year development plan, allocating approximately ₦6.5 billion to various CR&S initiatives. These initiatives are designed to drive socioeconomic growth within the communities where it operates.
These initiatives are part of the award-winning Seeds for the Future (SFTF) programme – Olam Agri in Nigeria’s flagship sustainability effort designed to foster a brighter future for all. The initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people, economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations.
The expanded investment commitment will support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.
For instance, in 2024 alone, the agribusiness plans to invest about $1.07 million into initiatives, which has already seen the presentation of education grants to 15 qualified students from the University of Lagos in January, awarding scholarships to 87 underprivileged students in Nasarawa State in June, manual harvesters for wheat farmers in Jigawa and empowering 118 agri-extension workers in Kwara State in July.
Significant provisions in the four-year plan also include smallholder farmer capacity building in rural communities to strengthen food security, rural road rehabilitation to reduce disruption of the value chain, distribution of harvesters to reduce post-harvest loss, participation in public-private partnerships in seed and product R&D, among others.
Anil Nair, Managing Director of Olam Agri in Nigeria, commented on the investment, stating, “As a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.”
He added, “We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s Renewed Hope Agenda. Our four-year implementation plan aims to make a real impact that benefits all.”
Demonstrating Olam Agri’s commitment to sustainable socioeconomic interventions and addressing the current food inflation and market challenges in the country, a high-level delegation led by the Managing Director of Olam Agri in Nigeria paid a courtesy call to the Lagos State Executive Governor, Babajide Sanwo-Olu, on Thursday, August 1, 2024. During the visit, the Managing Director sought partnerships with the State Government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.
Governor Sanwo-Olu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued efforts. He stated, “Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.”
He further emphasised, “Agro and food processing is a critical industry because food security is as vital as medical security or sovereign security in times of conflict. There is no greater security today than food security.”
TikTok has undergone multiple rounds of layoffs in Africa this year. Before employees were informed about the scheduled layoffs in May, an initial wave of layoffs hit the team in March by the ByteDance-owned company, followed by a larger reduction in workforce in June as part of the company’s global downsizing, a knowledgable person said.
TikTok’s June layoffs hit hard in Africa, targeting key departments. Content operations, marketing, and trust and safety teams were particularly affected. The person further mentioned that more job cuts are looming for the third quarter of 2024.
While exact numbers are unclear, more than half of the South African and Nigerian teams were affected, with estimates placing the overall African team size at about 100 employees. This is based off the information obtained from two persons who worked on those teams.
TikTok, however, has refused to respond to any part of this story.
Despite speculation linking the layoffs to TikTok’s regulatory challenges in the United States—President Joe Biden signed a law demanding that China-based ByteDance sell TikTok within nine months or be banned across the US— a company insider has dismissed this connection.
“The changes are not a reaction to anything,” said an executive who asked not to be named as they were not authorised to speak on the matter. “It is a function of assessing the business on an ongoing basis and making necessary changes.”
Based off the Information, this is TikTok’s most notable layoff. The same publication said it typically prefers smaller reorganisations across teams. Tiktok does not stand aloof in this extensive change. The company joins a growing list of tech giants, including Meta and Microsoft, that have downsized their African operations, although, they insist they continue investments in Africa.
This article was written by Tamaraebiju Jide, a student at Elizade University
Verve, Africa’s largest domestic payments card and token brand, has launched the 5th edition of its Goodlife Promo, a reward program designed to enrich the lives of its cardholders. This year’s edition promises to be the most exciting yet, featuring instant discounts and rewards for Verve cardholders.
Starting August 15, 2024, to December 31, 2024, Verve cardholders will enjoy up to 10 per cent instant discount or rewards on every transaction at selected outlets. All you need to do is use your Verve card at any participating outlet, including NNPC, Addide, The Place, Sweet Sensation, Chowdeck, among others. across Nigeria and enjoy this amazing offer.
The Verve Goodlife Promo 5.0 offers cardholders numerous opportunities to enjoy these rewards. This initiative is Verve’s way of appreciating its cardholders, offering them an opportunity to save while spending on the things they need and love.
Vincent Ogbunude, Managing Director, Verve International, emphasized that the Verve Goodlife Promo is more than just a rewards program. Ogbunude said that it is a testament to Verve’s commitment to understanding and meeting the evolving needs of its customers.
He added that, “Verve is continuously expanding its footprints across the continent and beyond. As such we are continuously exploring ways to stay ahead of the curve and competition. We have seen a growing number of Nigerians and Africans at large choosing the Verve card, and their steadfast loyalty motivates us to continue providing outstanding value. We encourage more Nigerians to join the Verve family comprising millions of people from across Africa and beyond and enjoy the fantastic benefits and surprises we have prepared,” Ogbunude remarked.
Speaking at the launch, Cherry Eromosele, Executive Vice President, Marketing and Corporate Communications, Interswitch Group, said: “We are excited to launch another edition of the Verve Good Life Promo, which demonstrates our commitment to improving the lives of our customers amid our current economic realities. We understand that the pressure on consumers’ disposable income has increased, so, we want to cushion this effect on our cardholders.”
“We believe that everyone deserves a good life, and we’re dedicated to making that a reality through initiatives like this. By offering instant rewards, we empower our cardholders to enjoy the good things of life they love” Eromosele added.
To participate in the Verve Good Life Promo 5.0, Verve cardholders simply need to use their cards at any of the designated outlets. The 10 per cent discount will be applied instantly – no coupons, no hassle.
Non-Verve cardholders can also enjoy the promo benefits by visiting their banks and requesting a Verve card.
Imagine walking into your favourite store, picking up everything you need, and getting an instant discount just for being a loyal customer! Okay, hold that thought but stop stalling.
Please indulge me. Now, let’s try this again, imagine driving to a fuel station, filling up your tank and getting free litres of fuel in this economy! Sounds too good to be true, right?
Well, too good or true, whether you’re feeling your tank at NNPC, grabbing a delicious meal at The Place or Sweet Sensation restaurant, doing your weekly grocery shopping at Addide or carting away loads of basic items on Chowdeck App; Verve Card, Naija’s Agba and Odogwu card, has amazing discounts and rewards for you!
Verve is bringing back the Verve Good Life Promo, bigger and better! From August 15, 2024, to December 31, 2024, Verve cardholders will enjoy up to 10 per cent instant discount or rewards on every transaction at selected outlets. All you need to do is use your Verve card at any participating outlet, including NNPC, Addide, The Place, Sweet Sensation, Chowdeck, among others across Nigeria and enjoy this amazing offer.
For the fifth year running, Verve has consistently rewarded its customers, helping them enjoy the Good Life especially during these challenging times. This year’s edition promises to be the most exciting yet, with even more rewards and surprises than ever before.
Verve isn’t just about providing secure and convenient payment solutions; it is about enriching the lives of its customers. It is a heartfelt gesture of appreciation for Verve cardholders, offering them an opportunity to save while spending on the things they need and love.
Participating in the Verve Good Life Promo is easy! If you have a Verve card, you’re all set! Simply use your card at any of the designated outlets, and you will get up to 10 per cent discount instantly—no coupons, no hassle.
And if you don’t have a Verve card yet, this is the perfect time to get on board, so you don’t miss out on these mouth-watering discounts and benefits. Visit your bank and request a Verve card today to start enjoying all these incredible benefits and more.
See www.myverveworld.com for list of outlets. Terms and conditions apply.
WAEC releases the 2024 WASSCE results. The West African Examinations Council (WAEC) has revealed the results of the 2024 West African Senior School Certificate Examinations (WASSCE).
The exam body announced this in a Monday post on X. The message continued: “The West African Examinations Council is pleased to inform candidates who sat WASSCE for school candidates, 2024 that the result has officially been released today, Monday, August 12, 2024.”
How to check WAEC result
For the students who will be checking results, here are the steps to follow:
Checking Results 2024 Online
Visit the WAEC official results checker website: WAEC result checker. (https://waecdirect.org)
Enter your 10-digit WAEC Examination Number in the designated field.
Enter the 4 digits of your Examination Year eg. 2024
Select the Type of Examination
Enter the e-PIN Voucher Number
Enter the Personal Identification Number (PIN) on your e-PIN
Click Submit and wait for the results window to come up
Checking WAEC result 2024 via SMS
Step 1: Type WAECExaminationnumberPIN*Examyear through your phone (there should not be a space in between).
Step 2: Send to 32327
Step 3: You will receive a message instantly containing your WAEC statement of result.
It should be noted that only MTN, Glo, and Airtel subscribers can actually check their results using this SMS method.
Students can repeat the step if they do not receive your result via SMS. SMS charges will be applied when checking your WASSCE result using text messages.
The West African Examinations Council, WAEC, has officially released the 2024 West African Senior School Certificate Examinations (WASSCE) results. The results can either be accessed online through the official website or through SMS.
For the students who want to check their results, here are some easy steps on how to check your results either online or via SMS:
ONLINE METHOD:
Visit the WAEC Official Results Checker Website: The first thing you need to do is visit the WAEC official results checker website. The official website is (https://waecdirect.org)
Enter Your WAEC Examination Number: When you gain access to the site, you will see the slot to input your 10-digit WAEC Examination Number. Input the 10-digit number into its designated spot. Reminder!! – This number is important for identifying your specific examination results.
Input the Examination Year: Next, enter the four digits corresponding to your Examination Year, such as 2024. This helps the system filter results for the correct year. Enter the 4 digits of your examination year, e.g., 2024.
Select the Type of Examination: Choose the type of examination you sat for from the available options. This could include options like WASSCE for school candidates or private candidates. Select the type applicable to you.
Enter the e-PIN Voucher Number: This is the part where you will need to input the e-PIN Voucher Number you received when you purchased your result-checking pin. You can purchase the e-pin voucher from any cybercafe near you, or online via the WAEC website. https://verify.waeconline.org.ng/BuyPIN
Input Your Personal Identification Number (PIN): You will need to enter the Personal Identification Number (PIN) found on your e-PIN. This provides an additional layer of security to ensure that only you can access your results.
Click Submit: After filling in all the required fields accurately, click the “Submit” button. The system will process your information.
View Your Results: Wait for the results window to appear. Once it does, you will be able to view your WAEC examination results, including your grades in each subject.
SMS METHOD:
Step 1: The first step is to type WAECExaminationnumberPIN*Examyear through your phone via the messages app on your phone. (There should not be a space in between).
Step 2: When you are done typing that, send it to 32327
Step 3: You will receive a message instantly containing your WAEC statement of result.
It is important to note that only MTN, Glo, and Airtel subscribers can have access to their WAEC results using this SMS method. Also, you can repeat this step if they do not receive your WAEC result via SMS after a while. Make sure you have enough airtime before trying this method because SMS charges will be applied when checking your WAEC result using text messages.
By following these steps, you can efficiently check your WAEC results online. Ensure that all information entered is correct to avoid any issues in retrieving your results. May the faith of our forefathers grant you your desired success!
This article was written by Tamaraebiju Jide, a student at Elizade University
The management of AIPCC Energy Limited, operators of the Edo Refinery and Petrochemicals Company Limited, has decried the constant shortage of crude oil in spite of the refinery’s full capacity to process 1,000 barrels per day.
The company claims that despite President Tinubu’s directive for the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to the Dangote Petroleum Refinery and other modular refineries in the country in naira, the Edo refinery has yet to receive any supply.
Segun Okeni, a spokesperson for AIPCC Energy Limited, explained that the company’s Edo refinery, located in Ologbo, Ikpoba-Okha Local Government Area of Edo State, is operating far below capacity due to a persistent shortage of crude oil.
The refinery, designed to process 1,000 barrels per day, can hardly function at its maximum capacity. Also, it has been hindered by bureaucratic obstacles preventing the fulfillment of supply agreements with Seplat and ND Western, which were established in 2022.
He stated that in 2021, ERPCL’s letter addressed to the Group Chief Executive Officer of NNPC, Mele Kyari, after having a series of meetings and constant communication with him was not attended to.
He said, “This is to raise an alarm on the persistent lack of crude despite being a fully functional 1,000 barrels per day stream crude oil refinery.
“On August 18, 2021, our team, led by our chairman, met with the NNPC CEO and its top management team to discuss our intention to buy crude oil from NNPC, and we immediately wrote seeking crude supply. The letter was dated July 22, 2024.
“In July 2022, the representatives of NNPC (from Abuja and NPDC Benin) visited our facility for site inspection and to confirm the mechanical completion of the Edo refinery.”
Okeni added, “In September 2022, we were invited for a commercial negotiation meeting with the NNPC Head of Terms, after which we sent a follow-up letter identifying the oil fields from which we can offtake crude oil.
“In March 2022, we also wrote to the Ministry of Petroleum Resources, informing it of our refinery status, future projects, and our challenges of a lack of crude oil supply to our refinery.
“We also wrote and had a meeting with the NNPC Exploration and Production Limited between November 2022 and March 2023, indicating our severe need for crude oil supply from oil fields where NEPL has equity stakes.”
The ERPCL representative revealed that despite numerous engagements with the NNPC over the past three years to address persistent crude oil supply challenges, the situation remains unchanged.
To resolve the issue, ERPCL has proposed that the NNPC and other crude oil suppliers establish the necessary infrastructure to facilitate truck loading.
Okeni described the past two years as frustrating for the company. He said, “If we, the local investors, can’t get crude even as small as we are, how can foreign investors be encouraged to invest in the country?
“The total daily demand of all modular refineries is not up to two per cent of the daily crude oil production. Our lifting from the pumping station will even reduce pipeline losses.”
Okeni explained that loading crude directly from NNPC pumping stations to the export terminal would be more cost-effective as it would eliminate pipeline, export terminal charges, and reduce product loss.
This, he argued, would enhance the competitiveness of modular refineries compared to offshore refineries that currently rely on the export terminal. Ultimately, these cost savings could be passed on to Nigerian consumers.
He further said, “If the smallest refinery is not getting crude, it will discourage investors in that area. Due to a lack of crude, the Edo refinery operates less than 10 per cent of installed capacity.
“Nigeria loses millions of dollars following the inability of NNPC to supply crude to modular refineries over the past three years, whose total installed capacity is less than 30,000 barrels per day.”
This article was written by Tamaraebiju Jide, a student at Elizade University
Mr Khalil Halilu, the Executive Vice Chairman/Chief Executive Officer of the National Agency for Science and Engineering Infrastructure, has announced that a 50 per cent discount would be granted by the agency to drivers who want to convert their vehicles using the newly introduced MY-CNG App.
A statement wrtitten by Olusegun Ayeoyenikan, NASENI’s Director of Information, mentioned that Halilu moderated over the launch of the Presidential Compressed Natural Gas Initiative’s Conversion Incentive Programme for the rideshare sector, and also, the introduction of the app, at NASENI’s CNG Engineering, Training, and Conversion facility in Utako, Abuja.
He highlighed the importance of Pi-CNG in Nigeria’s gas revolution while speaking at the event graced by Ekperipe Ekpo, Minister of State for Petroleum Resources (Gas), and others. He added that the CNG initiative has rapidly become a focal point in discourse on the nation’s energy future.
“A little over two months ago, we commissioned this all-in-one CNG facility in partnership with Portland and Dana Motors. The Conversion Incentive Programme, aimed at the rideshare sector, including Uber and Bolt drivers, offers a 50 per cent discount to drivers who sign up and use the newly launched MY-CNG App.
“CNG is a cleaner, and more affordable vehicle fuel, with the potential to reduce transportation costs by up to 70 per cent and deliver 40 per cent savings for car owners,” he explained.
Halilu emphasized that the initiative was a direct response to Nigeria’s economic difficulties, providing a practical solution to alleviate the rising cost of living. He commended partners Pi-CNG, Portland, and Dana Motors for their commitment in making the endeavour a successful one.
“The launch of the MY-CNG App and the Conversion Incentive Programme reflect NASENI’s commitment to leveraging technology to drive national transformation”, he added.
This article was written by Tamaraebiju Jide, a student at Elizade University
Data from the Federation Account Allocation Committee, issued by the National Bureau of Statistics, revealed that Nigeria’s 36 states received N39.62 billion as ecological fund allocations from June 2023 to June 2024.
Nigeria’s federal revenue allocation has the ecological fund as an important segment, particularly assigned to address several environmental challenges nationwide, including erosion, desertification, flooding, oil spills, and drought.
Aiding all tiers of government in solving ecological issues, the fund, established in 1981, originates from the Federation Account at a rate of two per cent. The distribution process is handled by the Ecological Fund Office, under the Office of the Secretary to the Government of the Federation.
The Federal Government distributed N39.62 billion in ecological funds to the 36 states over the past year. The distribution was tailored to address the varying levels of environmental threats across the country.
Kano State received the highest allocation, totalling N2.1bn, averaging N175m per month. Borno State, which is dealing with environmental damage linked to the insurgency, received N1.68bn (averaging N140m per month), the second-highest allocation.
Recent heavy rainfalls reportedly rendered a portion of the Kano-Maiduguri highway impassable, causing significant disruptions to traffic flow. Many states have also been affected by the rains.
The Federal Government has terminated the contract for Section 1 of the Kano-Maiduguri road project due to prolonged delays. This decision was announced by the Minister of Works, Senator David Umahi, in a statement by his Special Adviser (Media), Uchenna Orji, on Saturday. The minister has also ordered an immediate assessment of the road project.
A report from the United Nations Office for the Coordination of Humanitarian Affairs, titled ‘Nigeria BAY States, Shelter/NFI Sector Flood Situation Update, April – July 2024 (Issue 1.0)’, stated that severe weather incidents between April and July 2024 directly affected 124,275 individuals across 56 internally displaced persons sites in Borno, Adamawa, and Yobe states.
The region experienced 46 heavy windstorms, 66 flooding events, and 115 instances where both windstorms and flooding occurred simultaneously, impacting 26,493 households.
“These incidents have caused significant damage to camp infrastructure, including shelters, safe spaces, and essential WASH (Water, Sanitation, and Hygiene) facilities such as latrines and showers,” the report stated.
The report highlighted a seven per cent increase in such weather-related incidents compared to the same period last year, exacerbating the already critical situation in these areas.
As of July, only five per cent of the affected population had received any form of shelter or non-food item assistance. The destruction caused by the ongoing rainy season has placed immense pressure on humanitarian efforts, which are already struggling to meet the needs of over a million IDPs across the three states.
Borno State has been the hardest hit, with 114,747 IDPs affected, followed by Yobe with 9,419 and Adamawa with 309.
The scale of the damage is significant, OCHA noted, indicating that 51 IDP sites and 134 host communities have been flooded. In total, 26,779 shelters were damaged by either flooding or windstorms, leaving 24,463 households in desperate need of shelter.
Other top recipients of the ecological fund include Lagos with N1.81bn (averaging N150.83m per month), Kaduna with N1.4bn (averaging N124.17m per month), and Sokoto with N1.49bn (averaging N124.17m per month).
Conversely, the states with the lowest allocations include Kwara, receiving N602.3m (averaging N50.20m per month), Bayelsa with N598.79m (averaging N49.90m per month), and Ondo with N629.42m (averaging N52.45m per month).
Edo received N632.8m (averaging N52.73m per month), and Abia received N633.68m (averaging N52.81m per month).
Benue, affected by desertification and flooding, received N758.97m (averaging N63.25m per month). Cross River received N680m (averaging N56.67m per month), with the funds targeted at managing deforestation and erosion.
Enugu received N1.36bn (averaging N113.33m per month) for its ecological interventions.
Experts stressed the vital role of the ecological fund in financing environmental protection projects across the country. Its ultimate goal is to ensure sustainable development and protect lives and property from ecological disasters.
The fund also plays a strategic role in easing government efforts to reduce the impact of climate change, particularly in vulnerable regions.
An accountability advocate at the Centre for Fiscal Transparency and Accountability, Victor Agi, expressed concerns over the lack of transparency in the management of the ecological fund.
“We don’t even get to know how the funds are used,” Agi said..
He questioned the effectiveness of the fund in mitigating environmental disasters like flooding, which occurs annually in Nigeria.
“What is the use of the ecological fund if every year we keep on having flooding?” he asked.
Agi suggested that the Federal Government should consider taking direct control of the ecological fund, currently managed by state governors, to ensure accountability and effective utilisation.
Tobi Awolope, an environmental economist of the Centre for Agricultural Development and Sustainable Environment, Federal University of Agriculture, Ogun State, mentioned that absence of effective intervention and misdirection of resources had denoted the fund.
“The government has been intervening, but the right people and target population are not being adequately reached. This is why the situation in the country has not improved,” Awolope mentioned.
Awolope stressed the need for impact assessments to determine how well ecological funds are being used.
“The issue is that the interventions are not reaching the targeted population,” she added.
Awolope suggested that clear objectives should be established for the effective management of ecological funds to ensure beneficiaries receive the intended support.
“The allocation and utilisation of these funds should be closely monitored to ensure they achieve the intended objectives of ecological restoration and disaster prevention,” she included.
This article was written by Tamaraebiju Jide, a student at Elizade University
Money market rates rose sharply as financial system pressures pushed banks to pitch their tents at the apex bank discount window to borrow cash to bolster their separate liquidity positions.
Deposit money banks (DMBs) returned to the Central Bank of Nigeria’s (CBN) standing lending facility to borrow around N420 billion to meet their liquidity needs as funding levels in the financial sector decreased.
The current action was a reverse of what the market saw earlier in August, when cash-rich local lenders increased their participation in the standing deposit facility to sterilize surplus liquidity.
Money market rates had fallen below 30% due to the financial system’s robust liquidity, which was backed by FAAC credit, coupon payments, and other inflows from maturing debt instruments.
In the just concluded week, the overnight lending rate expanded significantly by 791 basis points week on week to 34.0%, analysts at Cordros Capital Limited said in note, citing data from the FMDQ platform.
The rate declined following the debits for the CBN’s FX Retail Dutch Auction worth N1.31 trillion on Thursday. The apex bank had sold $826 million to authorised dealer bank on Wednesday to boost liquidity in the foreign exchange market.
Nonetheless, average system liquidity settled at a net long position of N10.61 billion versus net short position of N132.33 billion in the previous week reflecting DMBs’ activities at the CBN SLF window.
At the CBN window, banks take out N419.87 billion in the week, according to analysts note.
“We anticipate sustained dearth in system liquidity this week, as we believe that the sole inflow from OMO maturities worth N20.50 billion would be insufficient to support financial system liquidity. Thus, we expect the overnight rate will likely maintain its uptrend”, Cordros Capital Limited projected.
System liquidity remained positive for most of the week but turned negative by the end of the week. As a result, the Open Repo Rate (OPR) and the Overnight Rate (O/N) increased by 778 bps and 791 bps to 33.39% and 33.97% respectively, compared to the previous week.
In July, the system liquidity was relatively tight with banks queuing up at the CBN discount window, net borrowing about N648.6 billion as against net deposit of N69.6 billion in June 2024.
In the money market, the Nigerian interbank offered rate surged by 500 basis points to close at 36.71% as banks with liquidity sought higher rates on Friday, signalling tightening liquidity conditions.
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