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Ondo APC Election Appeal Committee Begins Sitting, Receives Three Petitions

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By Ayodele Oni

The Ondo State All Progressives Congress,(APC), primary election appeal committee has confirmed receipt of three petitions concerning last Saturday’s election.

The committee is headed by former Governor of Bauchi State, Abubakar Mohammed.

It disclosed that it received three appeals against the emergence of Governor Lucky Aiyedatiwa as the candidate of the party in November 16, 2024 governorship election in Ondo state.

The final outcome of the primary election was announced officially in Akure early Monday morning by the Chairman of the election committee and Governor of Kogi State, Usman Ododo.

But three of the 15 governorship Aspirants who lost at the primary, have filed their appeals to seek the cancellation of the Exercise, asking the National Working Committee (NWC) of the party to order fresh primary election.

According to the Chairman,  members of the committee will be in Ondo state for the next twenty-four hours to receive more petitions if any.

The Committee announced that the three appeals came from Wale Akinterinwa, Jimi Odimayo and Gbenga Edema.

The Chairman noted that only Aspirants who participated in the primary election could submit appeal to the committee.

More are likely as none of the defeated 15 aspirants has congratulated Aiyedatiwa on his victory.

Instead their followers continued with protest against the conduct of the election which produced result in favour of Aiyedatiwa.

One of the reactions from Ife Oyedele campaign group stated that”The actions of Governor Lucky Aiyedatiwa and his supporters have not only shattered the integrity of the APC but also undermined the trust of the people of Ondo State in our ability to govern and conduct fair elections.

“When our principal received, a day before, the rumour of the plan to unleash terror during the elections he initiated a telephone conversation with the Governor. It is deeply regrettable that the Governor failed to rein in his goons even after our principals appeal and advice that a governorship ticket is not worth the blood of any human being.”

To Combat Terrorism In Africa, President Tinubu Canvasses Coordinated Efforts

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By Ayodele Oni

President Bola Tinubu has said that it is time for African countries to identify the root causes of terrorism in the continent.

He has therefore called for the establishment of a regional counter-terrorism centre that will serve as a hub for intelligence sharing, operational coordination, and capacity building throughout Africa.

The president, who spoke at the African High-level meeting on Counter-Terrorism in Abuja on Monday, said Africa must take a comprehensive approach to combating terrorism.

The president identified root causes of terrorism to include poverty, inequality, and social injustice.

Tinubu emphasized that while seeking to address the root causes of terrorism, Africa must also attack the roots that feed this evil branch — ransom and illegal mining — as terrorism evolves and perfects ways to continuously finance, re-equip, and re-supply itself for its sinister mission.

The President added that the African region must strengthen existing counter-terrorism structures, such as the Regional Intelligence Fusion Unit (RIFU) in Abuja, the African Centre for the Study and Research on Terrorism (ACSRT) in Algiers, and the Committee of Intelligence and Security Services of Africa (CISSA) in Addis Ababa.

“I am mindful of the funding, legal, and logistical complexities that face the proper establishment of such a force.

“However, with a prudent and clearly defined mandate that accords with the international law and respects national sovereignty, such a force can serve as a rapid deployment mechanism, capable of swiftly responding to major threats and bolstering the security of our region.

“Such a force can stand as a strong deterrent to large scale and protracted terrorist operations and the capture, occupation or disruption of strategic land and resources. We must continue to make careful yet meaningful progress toward this goal.

“Establishing an all-inclusive African Union Ministerial Committee on Counter Terrorism is also a high priority as envisaged in the Declaration of the 16th Extraordinary Summit of the African Union Assembly two years ago in May 2022.

“This would ensure that a forum of high-level government officials meets regularly to assess our counter-terrorism efforts and provide guidance on how to further improve.”

Speaking on the efforts of Nigeria in beating the menace, President Tinubu said the nation’s counter-terrorism capabilities have been enhanced through the enactment of the Terrorism Prevention and Prohibition Act, establishing the National Counter Terrorism Centre (NCTC).

“We have and will continue to take bold steps forward in safeguarding our nation and the wider region. Dedicated to coordinating and implementing counter-terrorism strategies, the NCTC significantly enhances our capacity to detect, prevent, and respond to terrorist threats.

“The Centre has become a platform; fostering greater collaboration among stakeholders and promoting synergy in our approach to fighting terrorism.

“Similarly, our security forces continue to demonstrate courage and dedication in the fight against terrorism, often at great personal risk. I am grateful to the selfless work and sacrifice of these patriotic men and women. They are the best of the best.

“I must also mention the ongoing need to halt the proliferation of Small Arms and Light Weapons (SALW) on the continent. No one state can solve this problem for itself. It requires continuous and concerted action by all of us. We need to reposition our regional organizations and build the capacity of our national institutions to effectively address this element of terrorism and violent extremism.”

In his welcome remarks, National Security Adviser, Mallam Nuhu Ribadu stated that terrorism in Africa is driven by a number of factors, including organized crime, foreign terrorist financing and training, poverty, inequality, prolonged conflicts, among others.

He said Nigeria is dealing decisively with all drivers of violent extremism, including economic and social enablers, while enhancing intelligence gathering through enhanced inter-agency collaboration and confidence building with citizens.

He also said Nigeria is strengthening its judiciary to effectively deal with cases of terrorism and has earmarked a fund to boost counter-terrorism efforts.

“We have resumed the prosecution of Boko Haram suspects across the country,” the National Security Adviser said.

In her remarks, Deputy Secretary-General of the United Nations, Ms. Amina Mohammed suggested that one of the ways to remove the engenderers of terrorism on the continent is for Africa to work to rebuild its social contract with its citizens, and deliver good governance.

“Rebuilding the social contract is necessary for recovery. We must pay attention to women and girls who are greatly impacted by terrorism, including the youth. Providing support and healing for those impacted by terrorism is important,” the UN Deputy Secretary-General said.

Under-Secretary-General of the United Nations Office of Counter-Terrorism (UNOCT), Mr. Vladimir Voronkov commended Nigeria for its leadership in counter-terrorism in Africa and for hosting the meeting.

“Terrorism is a threat to peace and security, particularly in Africa where its impact is mostly felt. The success of UNOCT in Africa hinges on its support for Africa-led programmes and solutions,” the UNOCT Under-Secretary-General said.

Gadunje’s Suspension: Judge Reverses Self, Vacates Restraining Order

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Governor Abdullahi Ganduje

By Suleiman Anyalewechi

Justice Usman Malam  Na’Abba of a Kano High Court on Monday, April 22, 2024, reversed his earlier ruling restraining  Dr Abdullahi Umar Ganduje from parading himself as the National Chairman of the All Progressive Congress, APC.

The Source reports that Justice Na’Abba had, on April 17, while ruling on an exparte application brought before the Court  by one Haladu Gwanjo on behalf of himself and  others, restrained Dr Ganduje from parading himself as the APC National  Chairman.

He, also, ordered both parties in the  suit to  maintain the status quo pending the determination of the substantive suit.

The restraining order  was sequel to the earlier suspension order slammed on Dr Ganduje by a group of self acclaimed APC Ward Executives of Ganduje in Dawakin Tofa local council of the state led by Gwanjo  on April 15.

The group cited the bribery and corruption allegations leveled against the APC National Chairman by the kano state Government as a major reason.

However, in what appears to be a twist in the suspension saga, Justice Na’ Abba on Monday,vacated his earlier restraining order on the APC National Chairman and subsequently fixed  April 30, 2024 for hearing on the case.

The Source, however, gathered that Justice Na,Abba has been under the searchlight of the National Judicial Council, NJC, ever since he granted what not a few have come to perceive as a contentious restraining order.

In fact, the APC, as a party in the wake of the controversial ruling had threatened to petition the NJC, to seek disciplinary actions against the Judge.

His decision to reverse himself may have stemmed from his desire to be free  from a possible sanction by the NJC.

How Binance Executive, Nadeem Anjarwalla, Who Fled Nigeria Was Nabbed In Kenya

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Nadeem Anjarwalla - Binance Regional Manager

By Akinwale Kasali

Nadeem Anjarwalla, Binance Executive who escaped from Nigeria has been nabbed by Kenyan Police Service in Nairobi, Kenya’s Capital.

The fleeing Anjarwalla is set to be extradited to Nigeria as the International Criminal Police Organization are already making plans to send him back to Nigeria where he had escaped.

This must come as a relief for Malam Nuhu Ribadu, the National Security Adviser, NSA. Anjarwalla was in the custody of the office of the NSA when he made the inexplicable escape from Nigeria to Kenya.

It was gathered that Anjarwalla had been traced to Kenya after hus unlawful escape from Nigeria. That prompted the Economic and Financial Crimes Commission, EFCC, the International Criminal Police, the Nigeria Police Force, and the Kenyan Police Service to deepen talks to quicken Anjarwalla’s extradition.

It would be recalled that EFCC Boss, Ola Olukoyede, had in the March edition of its bulletin titled, “EFCC Alert,” confirmed that the Commission was working in conjunction with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the Government’s of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.

Olukoyed said: “The takeover of the prosecution of Binance Chiefs by the Commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.

“Tax evasion, currency speculation, and money laundering to the tune of $35,400,000 and are at the foundation of the Commission’s five counts against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.

“While Gambaryan is currently in the Commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing. Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”

There is, however, speculations that Anjarwalla may be extradited to Nigeria before the week runs out.

Over Crowed Custodial Facilities Frustrating Reformation Of Inmates, Nigeria Correctional Service  Laments

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By Suleiman Anyalewechi

The total number of inmates awaiting trials, far outnumber the convicted persons,a development which has rendered nugatory reformatory efforts on the correctional centres inmates.

The development has also brought about overcrowding of correctional centre facilities,with its attendant operational challenges for the handlers who are most often exposed to avoidable potential threats .

This much was revealed by the Spokesperson for the Kano state  Command of the  Nigerian Correctional  Service NSC Musbau Lawan at a press briefing on Monday, April 22, 2024,

Alhaji Lawan expressed worry over the potential threats posed by over crowed correctional centres in the country, noting that available statistics have shown that, awaiting trial inmates constitute over %70 of the total number of inmates in the correctional facilities in kano .

According to him, most of the awaiting trials inmates have been at the facilities without the courts conclusively determining their cases thereby putting undue pressure on the system.

“If the awaiting trials inmates are convicted, we would not be worried about the problem of congestion and overstretching of facilities. This is because our laws permit us to transfer them to any other facilities in the country. And it will  help in decongesting the facilities we have here in Kano,” Lawan stated .

Further shading light on the problems posed by awaiting trials inmates dominating the facilities, the Kano Correctional Service spokesperson, stated that while convicted inmates engage in reformatory programmes and activities, their awaiting trial counterparts do not  enjoy such privilege..

“Besides, most of the convicted inmates benefit from the educational programmes at the custodial centres.

For instance ,a total of 38 convicted inmates sat for and passed the NECO ,SSCE examinations and now seeking admissions at the National Open University of Nigeria NOUN .” Lawan said.

However ,despite the challenges being faced by the Service, Lawan assured that it will continue to uphold its statutory mandate of safe and humane custody of the legally interned ,while also ensuring the protection of the wider society through the  reformation, rehabilitation, and reintegration of law offenders.

While commending some judges who have keyed into the Federal Government efforts at exploring non Custodial measures in sentencing of Offenders, Lawan noted that the federal authorities have since adopted parole ,Community service ,probation and others ,as veritable means of  decongesting Correctional facilities in the country.

Alleged Payments Of  N107bn For Phantom Airport, Other Projects: Gov Otti Demarketing Abia, Says PDP

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Alex Otti

By Suleiman Anyalewechi

The Abia State chapter of the opposition Peoples Democratic Party PDP has expressed regret that   Governor Alex Otti, instead of using the opportunity provided by his public lecture at John Hopkins University the United States of America USA, to show case to the global community the huge economic potentials of Abia state as a destination choice for investors, rather chose the platform to demarket the state.

The PDP’s position is coming on the heels of the revelation made by Governor Otti,during the lecture presentation that the immediate past administration of Dr Okezie Ikpeazu between 2015 and 2023 paid out a whopping sum of  N107 billion to some nebulous contractors,for equally phantom projects.

Governor Otti,who on Friday April 19 was a guest Speaker at the famous USA university ,noted that about #10 billion was paid for a non existent Abia Airport project, while about 72 contractors were paid close to # 97 billion for various jobs not executed.

In a viral video which debuted on Saturday April 20 ,Governor Otti, stated that the  shocking discovery about the fleecing of Abia state by the immediate past PDP led administration in the state was unearthed by forensic auditors contracted by  his regime  to look into the financial books of the state immediately he came on board in May 2023.

But the PDP in a statement issued on Monday April 22 ,by its Publicity Scribe Abraham Amah and made available to the press ,noted that  much as it is not against Governor Otti setting up an audit panel to examine the financial records of Abia state  it is however worried that the same administration that  set up a judicial panel of inquiry on the  recovery of  public funds and properties is now through its present media outburst trying to preempt the work of the panel.

“The said panel is still at work ,and has at various times invited officials of the previous administration and asked questions  which answers were provided.

If the Governor has received the report of the forensic auditors ,conventional  wisdom dictates that  he should have quietly handed it over to the panel of inquiry in order not to preempt its judicial work and allow it to further ask questions and incorporate it in its own final report.

By going to the global stage to make revelations about alleged acts of corruption looks to us as a media trial and attempt to embarrass individuals who are yet to be proven guilty by the law.

We had expected that Governor Otti,would have taken advantage of the occasion to showcase the  investment opportunities in Abia state and emphasise on points like improvements on ease of doing business ,availability of raw materials,and infrastructures, strong corporate governance structure, tax holidays, power supply and other factors that would entice foreign investors to come and invest in Abia state” the PDP statement noted.

According to the PDP Spokesperson, Governor Otti,apart from demarketing the state ,put out variable tissues of half truths regarding the payments of 10 years pension arrears during the public lecture in the USA.

“That is a lie from the pit of hell with the intent to defraud Abians as pensioners have also confirmed that only nine (9) months of a certain percentage of their monthly pensions were paid.

To avail a proof of intent to steal Abia funds ,a simple calculation would show that 10 years amount to 120 months salary arrears deemed to have been cleared .

If you deduct 9 months from the purported 120 months ,the balance of 111 months pensions as would be reported in Abia financial records is unaccounted for .

If that is not an intent to defraud ,then we wonder what it is,” Amah noted

However ,the PDP said it is not all together surprised at the stand of the present administration,insisting that since mounting the saddle ,Governor Otti,has not hidden his disdain for the  party and officials of the immediate past administration.

“Unfortunately, while he thinks that he is attacking PDP ,he is invariably making his own job difficult, by demarketing Abia State ” the PDP stated.

Abia: Alex Otti, Forensic Audit And The ‘Small Man’ Syndrome

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By John Okiyi Kalu

The Governor of Abia State, Alex Otti, signed off tens of millions of Abia State funds to travel to Washington DC, USA, ostensibly to malign his predecessor, HE Dr Okezie Ikpeazu, who was not present at that forum to defend himself and indeed has not seen the so called “forensic audit” referenced by Otti. During his address, Otti falsely claimed, among others, that Dr Ikpeazu’s administration paid N10bn to contractors for the Abia Airport Project. Note that Otti failed to mention the  concerned contractors.

I was a member of the state executive council when approval was given to spend N10bn to start the Abia airport project and in my capacity as then Commissioner for Information, I announced it to the public.

However,  thereafter, members of Abia State Traditional Rulers Council led by HRM Eze Joseph Nwabekee (Eze Amara), visited Governor Ikpeazu in his Government House Umuahia residence and advised that since the state was surrounded by at least four airports, the project should be suspended and the resources deployed to fix more roads.

Governor Ikpeazu accepted their recommendation and I also announced same to the public.

It is important to note that in the 8 years he was in office, Dr Ikpeazu fixed more than 200 roads including many urban roads that were bad for more than 30 years prior, and rural access roads across the state.

I will make public the list of road projects executed by Governor Okezie Ikpeazu while in office in another publication for verification by all and sundry.

Governor Alex Otti who supposedly worked at management level in a bank claimed that he hired an unnamed forensic auditor that made the false findings he had to take all the way to United States of America to make public. Unfortunately, he forgot a key element of auditing which is the response of the Auditee. To date, neither former Governor Ikpeazu nor anyone in his team has seen the report and he was never allowed to review it or state his own side. Yet, a supposedly responsible man chose to malign him in USA on the basis of same flawed, and possibly non-existent report.

Permit me to ask those expecting detailed response from Dr Ikpeazu what exactly he is supposed to respond to? Is he expected to say what we already know that Governor Otti is a liar in government house, or tackle the issues raised in an audit document he is yet to see and was not part of its making?

Are we not talking about same Governor Otti that lied publicly that he was not aware of any investment in the Aba IPP project by the Ikpeazu administration  whereas Prof Barth Nnaji already advised him in writing that Abia under Ikpeazu invested the sum of $3.56m representing 3.5% shares in the project? Where is the fake 24/7 power supply in Aba that Otti gleefully claimed and for which Ikpeazu was unjustly vilified?

Is Governor Alex Otti not the same man that claimed that he has “cleared pension arrears of 9 years” whereas he only paid pensioners what his administration was owing them in 9 months and declared the rest forfeited? The same Governor Otti that told the world that he awarded Port Harcourt road Aba to Julius Berger at N32bn and the company gave him N2bn discount possibly as a groundnut seller that does not understand the public sector procurement process.

Anybody who believes whatever comes from Governor Otti is doing so at his own peril because time has proved that he is incapable of telling the truth at any point in time. He is a man consumed by hate and bitterness against his predecessor and will do anything to malign him even if it means demarketing Abia State in faraway USA.

As a citizen of Abia State and someone who served in Ikpeazu’s administration, I wish to recommend the following to enable the public get to the truth in this matter:

  1. Governor Alex Otti should hand over a copy of the the so-called forensic audit report to Dr Okezie Ikpeazu for his factual response or alternatively publish it verbatim for the former Governor to read and respond to the issues with facts.
  1. Publish the list of all contractors that allegedly received money from the Ikpeazu administration, with the amount involved, and did nothing. Such contractors and their accomplices deserve to go to jail if proven to be true. Yet, I know for a fact that many contractors that worked with Ikpeazu administration are still working with Otti or are his personal buddies. Unless Governor Otti is now stealing with them he should have no problem publishing their names and relevant contract details.
  1. Governor Alex Otti should accept the setting up of a joint audit team with reputable audit firms nominated by Otti and Ikpeazu to review Abia finances from May 2015 to date. What that means is that the team will look into the finances of the Otti era in addition to that of Ikpeazu and publish the report for the world to see.

Let Otti bring his Ernst & Young or whoever that concludes and publish forensic audit report without response or input from the auditee while Ikpeazu brings a reputable local audit firm for the proposed exercise.

In his short story titled “The Small Man”, Michael Mayr noted as follows: “the small man was…small. Not a midget nor a dwarf…just small.”

Continuing, Mayr wrote: “Only once did I hear the Small Man speak, and I thank God it wasn’t to me. I cannot remember what he said and that is good, because all I know is that I will do anything not to hear that voice again. A voice that sounded like an avalanche of maggots eating their way through still living flesh…”

Obviously, Governor Alex Otti wishes to be the small man of Abia State hounding and harassing his predecessor out of personal bitterness arising from losing twice to him in previous elections. But he must know that he has only one term of 4 years with a maximum of possible extension to 8 years. After that, he will become like every other citizen and if his successor has the small man mentality like him, he will also proceed to do forensic audit on how Signature Bank suddenly bounced back to life, opened new branches across the country and with healthy balance sheet ten months after its owner became Governor of Abia State. He might also choose to track up certain investment in crypto currencies made from June 2023 to date and publish the report at Chatham House London without allowing Otti to see and defend himself.

May be Governor Otti needs to read Abiodun Fajabi who wrote “Don’t look down on others, lest you take your eyes off the ball and lose your bearing. For every ‘little man’ is put on your path for you to lift up, not to pull down; for you to include, not to exclude. He deserves not pity but love. And, don’t look up gratuitously to others, lest you sprain your neck and lose your sense of gratitude. Every ‘big man’ is put on your path for you to respect, not idolize; for you to honour, not resent. He deserves not envy but love. Love: that’s one debt you owe all men – the small and the big.”

As per former Governor Okezie Ikpeazu, my advice to you, Sir, is to remove your gloves and fight back like a man. Do not allow the small man continue to hound and harass you at every platform available to him. You have enough facts to take the battle to him and nobody will blame you if you do so because he obviously does not understand the true value of golden silence. Give him ten times whatever negative energy he gives you because time will prove that he was never prepared for governance, had no agenda and is only using your name to divert attention from his own many failings and weaknesses.

His administration has only one narrative “what Ikpeazu did and not do!” This narrative is a deliberate ploy adopted by Otti to dorminate his tenure, inundate and keep the public busy with so that at the end questions will not be asked of his administration’s near zero-achievement as the public is preoccupied listening to his manufactured horror fables to the extent that they will forget to ask for his own achievements.

Ler me end this piece with the words of a psychologist, Darius Cikanavicius, “People with strong narcissistic tendencies and other dark personality traits tend to blame others for their own bad behavior. If they are lying, then they will accuse others of lying. If they are cruel, they will say that others are cruel. If they are stealing and scamming, then they will accuse others of stealing and scamming. They never take responsibility, and it’s always someone else’s fault.”

Need I say more about Governor Otti?

Chief  Kalu was  Commissioner for Information, Trade & Investment under the Ikpeazu Government

“I Can Only Say  I am Alive Only By Grace Of God”  – Zack Orji Tells His Harrowing Experience

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Zack Orji - Actor

By Akinwale Kasali

Veteran Actor, Zack Orji, has finally told his near death experience with a sudden ill-health.

The Actor had slumped in his bathroom and was rushed to the National Hospital Abuja where he was kept in the Intensive Care Unit for a couple of days before he was taken to another hospital where he underwent two brain surgeries.

Speaking on  Channels Television, Orji  revealed that it took the intervention of his friend, Bala Ahmed in the United Kingdom, when alerted of his situation, to promptly contact his colleagues in Nigeria who hurriedly came to his aid.

The actor disclosed that he underwent two brain surgeries to remain alive, and added: It was “a miracle and God’s Grace that  I am  alive.”

Orji: “I can only say that it’s by the grace of God that I’m alive today because I passed out. I was out for like five and a half hours before help came.

“Benedict Johnson rushed to the house, and I was there on the floor, incoherent. I couldn’t even stand because when he raised me, I slumped again, and he had to call another colleague who we call Labista.

“So the two of them lifted me on their shoulders from the second floor to the ground floor and took me to the National Hospital.”

He disclosed that the first surgery he had was performed by a neurosurgeon, Dr. Biodun Ogungbo, who he said was an ‘awesome guy’.

After Ogungbo performed the surgery successfully, weeks later, scans revealed a residual blood clot.  Orji underwent a second surgery performed by same doctor.

He said: ‘But in all of it, I’m grateful to God Almighty and I’m also grateful to so many people who stepped in. The President of Nigeria, the First Lady, the wife to the Vice President, the President’s son, the Minister for Women’s Affairs, the Minister for Arts, Culture, and the Creative Economy, the Minister for Works, and a whole lot of other people.

“I was receiving calls from South Africa, from the UK, from the US. Some of them were willing to, they were asking me, how can we help? How can we be of assistance? So it was overwhelming the way people responded to the whole thing,

Orji, after his recovery in Nigeria, however, was advised to seek post-surgery assessment in the UK, where he consulted with Dr. John Yeh.

“I’m grateful to God Almighty and I’m also grateful to so many people who stepped in,” he said.

First Bank: Alebiosu In, Adeduntan Out As CEO

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FBN Holdings Plc has announced the appointment of Olusegun Alebiosu as the acting managing director of First Bank of Nigeria.

Alebiosu was the chief Risk Officer, CRO, of the nation’s premier bank before his current appointment as managing director and chief executive officer.

His elevation brings to end the tenure of Kazeem Adeduntan whose departure from the position is with immediate effect, according to the notification sent to the Nigeria Exchange Limited, NGX, on Sunday by the FBNH, the parent company of the commercial bank.

FBNH holdings said in the notice: “In accordance with Rulebook of The Exchange (Issuers’ Rules), we hereby notify Nigerian Exchange Limited and the investing public of the appointment of Mr. Olusegun Alebiosu as the Acting Chief Executive Officer of our flagship subsidiary, First Bank of Nigeria Limited (“FirstBank”).

“Following the resignation of the Managing Director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.

“Alebiosu who as Executive Director / Chief Risk Officer jointly led the transformation of FirstBank over the past 8 years, as an integral member of the team under the previous CEO’s leadership is well-placed to deliver on the bank’s strategic objectives. Alebiosu joined FirstBank in 2016 and has over three decades of banking experience.

“The Board of Directors expressed gratitude to Adeduntan for his exemplary leadership in the last nine years during which he superintended the transformation and growth of the Bank and wish him well in his future endeavors.”

Major things you need to know about Alebiosu

He is a chartered account with over 20 years in the nation’s financial sector, with a Master of Science degree in Development Studies from the London School of Economics.

The new chief executive is also an alumnus of Harvard Kennedy School of Governance; an associate of the Nigeria Institute of Management, member Chartered Institute of Bankers of Nigeria, CIBN and the Nigeria Institute of International Affairs, NIIA.

Tinubu Breaks Jinx, Raises Nigeria’s Debt To Over N90trn

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President Bola Tinubu

The federal government has announced plans to obtain $2.25 billion from the World Bank.

The Minister of Finance and Coordinator of the Economy, Wale Edun announced this on Saturday during the press briefing at the just concluded World Bank/IMF Spring Meetings in Washington DC, the United States.

The new loan will increase the nation’s total debt to more than N90 trillion, according to experts who spoke on the issue.

The advance from the World Bank is also coming on the heels of President Bola Ahmed Tinubu administration’s promise to break the vicious cycle of government’s reliance on borrowing to fund public project.

The president made the promise last August Tinubu disclosed after inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, the Executive Chairman of the FIRS in Abuja.

Speaking at the weekend, Edun stated that Nigeria has qualified for the loan, stressing that it is the cheapest loan to get anywhere because of its one percent interest.

He described the loan as a “free lunch”, adding that the pay-back time for the new loan is between 10-20 years.

“We have qualified for processing just this week to the Board of Directors of the World Bank of a total package of $2.25 billion, which you can call ‘the closest you can get to a free lunch’—virtually a grant. It’s for about 10-20 years’ moratorium and about 1% interest. In addition, there is similar budgetary support—low-interest funding from the African Development Bank (AfDB), and clearly, there are also ongoing discussions with foreign direct investors across many sectors,” the minister said in far away US on Saturday.

But not a few Nigerians are unhappy that the federal government has made a U-turn on its earlier promise not to rely on foreign loan to finance critical government projects.

For instance, they cited the humungous proceeds from the subsidy removal which, according to analysts is enough to run the government.

Apart from this, the new loan will also worsen the debt burden of the country which stood at over N87 trillion by the end of the last quarter of last year.

The Debt Management Office, DMO, put Nigeria’s total public debt at N87. 91 trillion by the end of the third quarter of 2023.