Don’t Be Rubber Stamp, Be Advocates For The People – SDP Charges New Ondo Assembly Members

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June 5, 2023

By Ayodele Oni

The Social Democratic Party (SDP) Ondo State Chapter, has charged members of the 10th House of Assembly to chart a new course and refuse to be rubber stamps of the executive arm like their predecessors.

In a congratulatory message to the members, who were inaugurated last Saturday, the opposition party, advised that “As the 10th Assembly begins, we challenge them to forge ahead on a new route that will solidify their legacy in the State’s annals of history.”

The message, signed by chairman of the party, Stephen Adewale “congratulated the newly inaugurated members of the 10th Ondo State House of Assembly. We call on them to ensure that they work for the people of Ondo State that elected them, and not for any other interest.

“It is regrettable that Ondo State is yet to experience a genuinely independent House of Assembly since 1999 as the previous members of hallowed chambers regarded themselves as nothing more than pawns who rubber-stamped the whims and caprices of the Executive.

“As the first institution of democracy in Ondo State, their duty is to work with the executive and the judiciary. They were never designed to work for the executive or work for the judiciary.

“Since no one speaks just because they enjoy the sound of their own voice, a legislature that encourages constructive criticism and healthy debates will likely be a responsive legislature; and such will be advantageous for the newly inaugurated 10th Assembly.

“In this kettle resides the strategy of how the 10th Assembly can deliver dividends of democracy to the people as anything short of that is a signpost to instability and a recipe for catastrophe.

“As another legislative journey begins, expectations are high that the lawmakers will diligently implement their legislative duties and attend to several unfinished businesses.

“A cursory look at the 9th Assembly with the eye of history would suggest that they left a lot to be desired in the State. To insist that the 9th Assembly was flawless is to play God. To say that mistakes were not made while they were in the saddle is to stretch the truth.

“Therefore, the 10th Assembly members have their work cut out for them. Their predecessors in the 9th Assembly passed 63 bills into law, a number of these bills were passed at the twilight of the legislative session and have not yet been properly implemented.

“Therefore, the 10th Assembly must pay diligent attention to their oversight functions. 10th Assembly begins at the time when the country and the State is undergoing a financial trying times and their legislative contributions must reflect this changing reality.

“On this note, we implore the 10th Assembly to work on legislation that will improve the ease of doing business in Ondo State. Laws that will enhance the revenue of the State and increase what we generate internally

“A time like this also presents the 10th Assembly with unique opportunity to give the Ondo people what they ask for, reward them with what they look forward to, and surprise them with what they are yet to ask for, but considered expedient.

“In order to deepen a people-oriented legislature, the immediate task before the 10th Assembly is to consciously design a template to debate and pass people-oriented law as much as necessary, fine-tune strategies where feasible, make adjustments where achievable, tamper with the existing narratives where such is needed, and encourage participations in the legislative affairs wherever practicable.

“Finally, the good people of Ondo State will undoubtedly demand nothing less than excellent performance because one good turn deserves another.

“The fact that the nation is transitioning from one form of civilian government to another is a wonderful thing; nonetheless, the state’s legislators need to realize that they have a job to do. Instead of acting as a rubber stamp, they should all be prepared to serve and vigorously advocate for their constituency.”

Zenith Bank’s Onyeagwu Emerges Africa’s Best Banking CEO

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James Orji

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June 5, 2023

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The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, sees Dr Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa.

Expressing gratitude for the recognition, Dr. Onyeagwu commended the Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award. He stated,

“This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution”.

He dedicated the award to the Founder and Chairman, Jim Ovia, CFR, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.

Dr Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.

As Group Managing Director/CEO, Dr Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability. These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.

On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.

Published by Finance Publishing Limited, the International Banker is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition.

The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire.

The 2023 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.

Unity Bank CEO Says Performance Proof of Focused Mgt; Lender Grosses N57bn

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Tosin Olatokunbo

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June 5, 2023

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Tomi Somefun, the chief executive of Unity Bank Plc has disclosed that the commercial bank’s quest to deliver in key metric areas despite the 2022 economic challenges has paid off looking at its 2022 Financial statement submitted to the Nigerian Exchange, NGX Limited.

She spoke on the back of the lender’s announcement of a Profit Before Tax, PBT, of over N1 billion during the Financial year, noting that the “high and lows” in key performing areas point to the serious economic headwinds in the country within the period.

Somefun said, ” There are highs and lows as we look at the gross earnings, with 13.7% growth, increase in liquid assets by 7.5% and deposits recording moderate growth of 1.6%, while maintaining steady growth in profitability,

“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business.”

She reassures that going into the new financial year, the Bank will remain laser-focused on our strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory. “The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year”, Mrs. Somefun stated.

She further said: “Since late 2022, the Bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding. As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of (1) significantly reducing customer pain points and simplifying customer experience; (2) increasing the rate of customer acquisition; (3) expanding the frontiers of partnerships; and (4) ultimately developing new and sustainable income lines for the Bank.”

According to her, the Bank will further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.

Analysts are of the view that the growing retail footprint driving the repositioning strategy of the Bank aligns with the market expectations, which is also reflected in the increasing uptake of the Bank’s offering.

According to the full-year financial statement submitted to the regulators, the bank also noted that gross earnings rose by 13.1 per cent to N57 billion from N50.2 billion in the corresponding period of 2021, adding that the performance is reflected in the bank’s interest income, loans and advances to customers, customer deposits, and profits.

The bank stated in its report to NGX that the major highlight of the financial year, is the growth in total comprehensive income, which rose by 262.1 percent to N1.2 billion from N744 million in the corresponding period of 2021. The Bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.

With the loan book sustaining an expansion by 7.5 percent to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5 percent to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.

Similarly, income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.

More so, deposits from customers saw marginal growth, increasing by 1.6 percent to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the Bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.

Meanwhile, the Bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting a 21 percent growth in Profit After Tax, PAT to N1.04 billion from N869.2 million in the corresponding period of 2022. Its gross earnings for the quarter also rose by 17 percent to N15.9 billion compared to N13.6 billion in the corresponding period of 2022.

Petrol Subsidy: Nigerians Will Experience ‘Short-term Pains, Says APC Group

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Tosin Olatokunbo

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June 5, 2023

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A supoort group of the ruling All Progressives Congress, APC, has appealed to Nigerians to support the removal of subsidy on Petroleum Motor Spirit, PMS, by the federal government, saying the pains from ending the subsidy regime will not last for too long.

The National Integrity Movement, NIM, solicits the support of Nigerians for the action which has led to a sharp increase of the product to more than N600 per litre from N195 two weeks ago.

The announcement by President Bola Ahmed Tinubu, on May 29, that no provision for subsidy in the 2023 budget has also trigger the anger of the organised labour under the aegis of the Nigerian Labour Congress, NLC and Trade Union Congress, TUC, which claimed that the incense has brought untold hardship to their members.

The NLC in its eactionbto the policy has directed its members nationwide to embark on a five-day warning strike, starting from June 7.

But less that 72 hours to the strike called by NLC the APC supoort group said the federal government has its full backing, noting that subsidy on petrol only benefit a few people in the country.

The group made its position on the issue known on Sunday while addressing Journalists in Abuja, the nation’s capital.

The coordinator of the group, Abubakar Sadique Fakai, stated that Nigerians should rest assured that the economy of the country is in a safe hands of President Tinubu, who it described as a very cerebral administrator, and has the capacity to make the country great.

Fakai urge Nigerians to keep faith with the government, adding that anyone who has the interest of the country at heart will support the removal of subsidy.

According to him, “Anybody that wants this country to go greater than it’s will support subsidy removal, the reason being that it’s only very few people that are benefiting from the subsidy. On a monthly basis Nigeria is spending trillions of naira annually on subsidy, that money alone can be used to build infrastructure as dividends of democracy for Nigerians.

“ANIM is giving its full backing to the complete removal of fuel subsidy and we totally support his stance. While Nigerians will experience short-term pains, we believe that the long-term benefits are too juicy for us to ignore.

“Our concern is that when the policy comes, the Independent marketers should see reasons not to take advantage of the policy to maltreat the masses because the government of President Bola Ahmed Tinubu is here to make sure that things work well for Nigerians.”

Meanwhile, the major opposition party in the country, the Peoples Democratic Party, PDP, has condemn the sudden removal of subsidy, noting that the federal government did not consult widely before taking the decision.

But critics insist that subsidy removal was part of the campaign promises of the major political parties in the country ahead the February 25 presidential election.

Senate President : Niger Delta Group Uncovers Plot By Lawan To Stop Akpabio

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Tosin Olatokunbo

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June 5, 2023

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Ahmad Lawan, Senate President has been accused of being behind the probe against Godswill Akpabio, a frontline candidate for the Senate Presidency, that he mismanaged the funds of the Niger Delta Development Commission, NDDC.

Ahead of the contest for the top job of Senate President, the Economic and Financial Crimes Commission, EFCC, has ramp up its investigations against the immediate past Minister of the Niger Delta, which some say threatens his chance for the top National Assembly job.

But, a group, South-South Solidarity Group , SSSG, said Lawan the outgoing Senate President, is the arrowhead of the plot to stop Akpabio who has been endorsed by his party, the All Progressives Congress, APC, as its sole candidate.

According to a statement released by the group’s Convener, Pete Ikpen Ilefa, “a few Nigerian Leaders led by Senate President Ahmed Lawan” are witch – hunting Akpabio having realised that the choice of Akpabio by APC is the most strategic decision by the ruling party.

The group said it is wrong to blame the former Akwa Ibom state govrnor for the corruption in NDDC despite trying his best to clean the Augean Stable of the interventionist agency while he was a minister.

It said the committee set up by the Senate President to investigate the NDDC budget is a clear vendetta against the former governor, warning that it will not accept the report by the committee.

The statement reads in part, “As the battle for the Leadership of the 10th senate thickens, the choice of Mr. President and the All Progressives Congress to settle for South-South and Senator Godswill Akpabio as the next Senate President of Nigeria, has been adjudged as one of the most strategic move of a purposeful government, this is because, for a region that has lost touch of the office of the Senate President since after the second republic, zoning the office of Senate President to the region meant total adherence to the spirit of cohesion and national solidarity.

“And yet, a few Nigerian Leaders led by Senate President Ahmed Lawan have no agenda for Nigerians and no real solutions to the problems that we face on a daily basis, other than playing the role of witch-hunt in the name of investigating Senator Akpabio while serving this Nation as Minister Niger Delta Ministry. Instead, what is Senate President Ahmed Lawan focused on? He is scrambling to change the headlines, praying that the nation will focus on his partisan witch-hunt instead of putting efforts to see that the 9th Assembly described under his watch as a weak Assembly corrects such impression by finishing strong.

“South-South Solidarity Group has no problem with Leaders coming clean in their areas of service, but frowns at political ploy to scuttle the chances of her leaders in serving this nation.

“As Minister of Niger Delta Affairs, and supervising the board of the NDDC, Sen Godswill Akpabio gave his right eye to see that things worked again, a forensic audit of the board bears testimony to this fact. What senator Akpabio deserves at this moment is commendation and not witch-hunt.

“It is no news that, immediately the choice of President Asiwaju Bola Ahmed Tinubu and the All Progressives Congress was made known, the Senate President, Ahmed Lawan became unsettled and has since, advanced moves to see that Sen. Akpabio is denied the office of Senate President. Hence using a committee setup by Dr. Ahmed Lawan to investigate Sen. Akpabio already tells where the committee report is going.

“Let it be known on clear terms that South-South Solidarity Group would reject any negative report emanating from the Committee set up by Senate President Ahmed Lawan to investigate Sen. Akpabio, and for the peace of Nigeria, the South-South region should not be taken for granted.

“The Senate ad hoc committee set up recently by the Senate President to investigate the 2021, 2022 and 2023 budgets of the NDDC budgets that were implemented without the approval of the National Assembly was only a vendetta against the aspiration of the immediate past Minister of Niger Delta and Senator-Elect Godswill Akpabio.

“It is on record that the Senator-elect is aspiring to become the next Senate President of Nigeria which will oversee the Legislative functions of the 10th Senate. His ambition which does not seat well with the present Senate President and other adventurous few aspiring for same position, is been spiked with false allegations to thwart his efforts and spoil the minds of the many who has taking a liking for his personality and leadership style.

“Senator Godswill Obot Akpabio who is a man of impeccable character, with his track records of holding up to responsibilities; with a clean slate in governance and administration surfaced at the National Assembly to acknowledge the summons/invitation given him by the committee to be questioned and investigated.

“However, even the Chairman of the ad hoc committee Senator Yusuf Yusuf, who is to investigate the budgets of Niger Delta Development Commission (NDDC) was not on seat at the exact time given. Other members of the committee which were of cause absent said when reached on phone, they weren’t aware of the invitation as investigative activities have long been concluded.

“This pitiful and cheap propaganda against the person of Sen. Godswill Akpabio is a swipe against proper and effective Democratic processes. The absence of the ad hoc committee chairman and it’s members is a clear display of a magnified set up and character assassination on the person of Sen. Godswill Akpabio

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“It was indeed a hoax and the entire ad hoc committee and the Senate President who set it up should be questioned and brought to book.

“It is on record that Senator Godswill Obot Akpabio and others who accompanied him were kept waiting for over three hours, only to be informed later by members of the adhoc committee that they have since concluded with their investigation.”

NLC Shuts Down Election Petitions Tribunal/Courts, As Judiciary Staff Union Joins Strike

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Adesina Soyooye

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June 5, 2023

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Presidential Election Petition Tribunal 2023

By Adesina Soyooye

Those waiting for an early end to Election Petitions, including that of the Presidential Election Petition Court, PEPC, will have to wait for a longer period than expected. The Nigeria Labour Congress, has shut down the Courts.

This follows the decision of the Nigerian Judiciary to join the strike action called NLC and the Trade Union Congress, TUC, which begins on Wednesday, June 7, 2023.

The NLC called out all its affiliates to embark on a Nationwide strike action to protest the sudden removal of subsidy on Petroleum Motor Spirit, PMS.

President Bola Tinubu had, surprisingly, on May 29, the day he was sworn into office as President, announced the, complete withdrawal of the subsidy on PMS, during his inaugural speech to the Nation. He said the subsidy was not captured in the 2023 Budget which he inherited.

The withdrawal shut the price of petrol to an unprecedented high, selling as much as N1,200 per litre in some States of the Federation, and in most others between N500 and N700 per liter. The Nigerian National Petroleum Corporation Ltd, NNPCL, on 31st May, 2023, released a new official price, and put it at between N488 and N555 per litre.

The sudden increase in the price affected the masses in no small measure, and triggered untold hardship.

The NLC in reaction, after a deadlocked meeting with the Presidency, called out workers on strike, insisting that the Federal Government did not have the courtesy to consult with the Union before the increase. Most affiliate Unions of the NLC, including the Nigeria Union of Journalists, NUJ, have endorsed and joined the Strike action. And so has the Judiciary Staff Union of Nigeria, JUSUN

A letter of compliance signed by M.J. Akwashiki for JUSUN’s General Secretary, dated 3rd June, 2023, to its Deputy President, Vice Presidents, and all its branches, reads: “l bring you fraternal greetings from the Leadership of the Judiciary Staff Union of Nigeria (JUSUN).

“This is to inform all branches and chapters of our great Union across Nigeria, to begin mobilization for a nationwide action and withdrawal of service which would would commence on Wednesday, 7th June 2023.

“This followed a decision of the National Executive Council (NEC) of the Nigeria Labour Congress (NLC), at its meeting on 2nd June, 2023, over the increase in the pump price of Petroleum Motor Spirit (PMS) by the Federal Government through NNPCL.

“All zonal vice presidents are to coordinate their zones by ensuring that Branch and chapters chairmen, mobilize their members for a total compliance. Also, note that the nationwide action commences on Wednesday 7th June, 2023.

JUSUN’s participation in the strike action automatically shuts down the Election Petitions Courts until the situation is sorted out.

Lawyers In Ranks Of Sergeants, Corporals Appear For Police In Court – Abuja NBA

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Ayodele Oni

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June 4, 2023

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By Ayodele Oni

There is hope for better days for junior serving Policemen that are holding professional certificates, as the Police Service Commission (PSC), promised to facilitate their promotion.

The commission has raised the hope of junior policemen who hold law degrees and similar qualifications in other disciplines that they would be considered for upgrade in due course.

Chairman of PSC, Mr Solomon Arase, made the promise when he received the leadership of the Nigerian Unity Bar Association, Abuja branch, in his office.

A statement by Mr Ikechukwu Ani, Spokesman of the commission, on Sunday in Abuja, stated that qualified lawyers serving in the Nigeria Police Force and appearing in courts with the ranks of Corporals, Sergeants and Inspectors would be elevated soon.

He also promised that cases of other policemen that acquired additional qualifications while in service, will also receive attention.

According to the statement, Arase said, this would give the affected policemen the required self confidence to perform better.

“The Nigeria Police need the services of more lawyers. The Commission will come up with a win-win situation for all parties.”

Arase called on the Nigerian Bar Association to advise practicing lawyers to stop criminalising civil matters.

“It is wrong and should be discouraged, civil matters should be treated as civil matters and arbitration should serve the parties and the society better.

“We should avoid time wasting in criminalising civil matters and sending them to the police when it can be better handled outside of the force.”

The Chairman added that the Commission was setting up a Compliance Monitoring Unit to ensure that the Police Complaints Response Unit promptly attends to public complaints.

He said that the new unit will be directly under his supervision for effectiveness and efficiency, stressing that the Commission will henceforth ensure that it prevents a system that does not attend to public complaints with dispatch.

The statement quoted Arase as stating the Commission’s desire to collaborate with the Nigeria Bar Association to organize some training programmes on human rights so as to expose its staff lawyers to a better appreciation of its duties.

The Chairman of Unity Bar of NBA, Abuja, Mr Afam Okeke, had earlier congratulated the PSC Chairman on his appointment and pledged the union’s support.

Okeke, however, complained that lawyers who came into the Force as Junior Officers but improved their qualifications, were currently appearing and defending cases in courts for the Nigeria Police Force, but still wearing junior ranks.

NLC Strike: Sanwo-olu Begs NLC To Allow Tinubu “Reflect” On Subsidy Removal

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James Orji

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June 4, 2023

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Governor Babajide Sanwo-olu of Lagos state, has appealed to the Nigerian Labour Congress, NLC, to shelve its planned strike.

His appealed comes barely 78 hours to the planned strike by the Joe Ajaero-led NLC, in response to the recent removal of fuel subsidy by the federal government.

The five-day warning strike is billed to commence on June 7.

Recall that President Bola Ahmed Tinubu announced during his inauguration on May 29, that his government had ended the petrol subsidy regime.

The development has received strong criticism from the organised Labour, including the Trade Union Congress, TUC, and others who said the removal will bring untold hardship to their members nationwide.

Governor Sanwo-olu, on his part, said this is the time for NLC to consult with the government and other stakeholders on how to resolve the fuel removal logjam, begging them to forget any strike action for now.

The Lagos Governor made the appeal on Sunday during a special service at the Cathedral Church, Marina, Lagos.

He said the NLC need to work with state governments who are already working on palliatives to cushion the effects of subsidy Removal on Nigerians.

He urged NLC to be patient with President Tinubu who has spent barely a month in office, adding that what is paramount now is how to turn the economy around, Tinubu should be allowed “to reflect” on how to turn the country around for good, he said.

The governors had during the week endorsed the removal, saying that is the way to go.

According to Sanwo-olu, “This is not the time to go on strike. Recall that all presidential candidates said the first thing they will do is remove fuel subsidy. So what has changed? What has President Bola Ahmed Tinubu said or done that is different from what others would have done?

“The president has not even spent one week in office. We need to be very patient and reason together. Let us not make the issue about politics, but let’s support this man. We should allow him to go and reflect.

“Strike will not resolve anything; it won’t address the issue. The point should be how to ensure a sustained turnaround in our economy.

“The president mentioned better wages, and we started that in Lagos in January, and I hope other states can key into it.

“We don’t need to wait for the national government, we just need to reflect on what the challenges are in the country and seek ways to resolve them.

“So I plead with the NLC to not turn the subsidy issue into a political one. The leadership should know they are leading people and so there is a need to restrain themselves.

“Let us be patient and work with the president. NNPC has said it has more than enough fuel to go round, so there is no need to heat up the polity.

“We should not get political because it is governance, and the people must see purposeful governance,” the governor said.

Meanwhile, not a few analysts have criticized the president for rushing rushing to declare that “subsidy is gone”, when he had enough time to consult on the issue with critical stakeholders.

His unilateral action, they insist, has now thrown the country into the current crisis, and the government is looking for a way out through dialogue with NLC and other Nigerians who kicked against petrol subsidy removal.

Subsidy Removal: Tinubu, Other ‘Liars’ Must Apologize To Jonathan

By

James Orji

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June 4, 2023

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Atedo Peterside, a foremost business man and Founder, Stanbic IBTC Bank Plc, has demanded an unreserved apology from President Bola Ahmed Tinubu to former President Good luck Jonathan for removing petrol subsidy.

President Tinubu had announced during his inauguration as President and Commander-in-chief on May 29, that subsidy on Premium Motor Spirit aka petrol “is gone”.

The president’s statement has pushed the price of the product beyond the reach of many Nigerians, who are demanding a reversal to old price.

The government, on its part, said the decision is for the good of the country, that the current state of paucity of funds would not allow the government to continue with the multi-billion subsidy regime.

But as a member of a committee set up by former President Jonathan, Peterside criticised the president and others who rejected the decision of the former president to remove subsidy on petrol in 2012.

According to him, those that were against the removal of subsidy at the time, forced the Jonathan’s government to abandon the policy by embarking on a massive demonstration in Lagos and other parts of the country, apart from making incendiary comments against the former administration.

For instance, President Tinubu as one of those opposed to the policy, wrote a scathing letter to former President Jonathan, on why he must abandon the policy for being unpopular with many Nigerians.

In the letter dated January 11, 2012, Tinubu said ” I’ m not calling President Jonathan an evil man. I do not believe he is perverse. However, the economic ideas controlling him are so misguided that they have a perverse impact. Because he is slave to wrong-headed economics, the people will become enslaved to greater misery. This crisis will bear his name and will be his legacy. The people now pay a steep tax for voting him into office. The removal of the subsidy is the “Jonathan tax.”

“This situation shows that ideas count more than personalities. People may occupy office but how that person performs depends on the ideas that occupy his mind.

“Though someday, Nigeria will have to remove the subsidy, the time to do it is not now. This subsidy removal is ill-timed and violates the condition precedent necessary before such a decision is made. First, government needs to clean up and throw away the salad of corruption in the NNPC.

” Then, proceed to lay the foundation for a mass transit system in the railways and road network with long term bonds and fully develop the energy sector towards revitalizing Nigeria’s economy and easing the burden any subsidy removal may have on the people,” the former Lagos Governor said at the time.

Reacting in his official tweet on Sunday, Peterside, an investment banker and one of the respected business men in the country said, “The petrol subsidy removal is complicated by the fact some liars who held sway in 2012 are now singing a different tune in 2023.

“They should apologise to @GEJonathan @PeterObi @NOIweala & others in the 2012 Economic Team & beg Nigerians for forgiveness so we can move forward.”

Peterside criticism is coming barely 48 hours after the Nigerian Labour Congress, NLC, issued a five-day ultimatum to the federal government, to revert to the old pump price failure which it’s members, will embark on an indefinite nationwide strike.

The ultimate ends this Wednesday, on June 7, 2023.

The Removal Of Subsidy By President Tinubu – The Audacity Of Courage And Political Will

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The Source

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June 4, 2023

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By Willie Amadi.

For taking the bull by the horn on May 29th during his inaugural speech, I am honestly delighted and convinced that Nigeria will experience an era of governance of common sense and empathy in the coming years under his leadership. For that immediate action I pray to Almighty God to to guard his decisions and direct his footsteps towards similar national challenges that have bedevilled and defied genuine national solutions due to greed, political, ethnic and religious considerations by past leaders aided and confused by the cabals of that government. A Daniel may have come at last.

Painfully and regrettably, at an annual payment of over N6.5 trillion naira for the payment of a subsidy to unknown importers and unknown quantity of petroleum supplied to Nigerian Petroleum Corporation, that surprisingly till date neither know how many barrels of crude oil is sold nor the quantity of the so called petroleum supplied to the country under the subsidy obviously presented a heart warming feat to many Nigerians.

Many thanks to President Bola Ahmed Tinubu for resisting the pressures and lures of political support by the subsidy cabal through the immediate pronouncement of the exit of the age long criminal subsidy regime deliberately given a legal toga but used as a conduit pipe in siphoning our revenue while the nation and her citizens bleeds.

It is a notorious fact that the National Assembly in the 2023 Annual Budget appropriation did not provide for payment of subsidy beyond July 2023 as it appropriated only for the month ending in June 2023. This lacunae left a huge trap for the new administration to either condone the fraud circus by sending a bill for a supplementary budget to the 10th Assembly for appropriation and continuation of the fraud on poor Nigerians who actually bear the brunt of the subsidy but incidentally unknown to them. Fortunately and luckily for Nigerians, the President, a cat with nine lives saw through the trap and neutralised it with his sudden declaration that the “SUBSIDY IS GONE” to a mixed shock and disbelief of all and sundry particularly the cabal.

The economic analysis and gains of that pronouncement will be witnessed in the months ahead because it is widely believed and rightly too by those who understand the level of embezzlement and damage associated with the so called payment of petroleum subsidy to unknown Nigerians that Mr. President could not have under any reasonable guise or imagination taken that decision out of any wicked desire or motive to hurt or punish his fellow Nigerians to whom he swore to protect and defend under the constitution. I strongly believe that his early decision was deliberately taken to avoid and or prevent the vultures who had fed fat on the subsidy money from activating the sentiments and mobilising the gullible stakeholders to blackmail the government through propaganda thereby postponing the removal and also encourage endless engagements between government and the vulnerable but uninformed stakeholders to arm twist government for their sole benefits. However, that gavel on 29th May by Mr. President showed and displayed the audacity and courage reminiscent of his NADECO days exploits and brought a finality to the subsidy game. We thank God for that gift of foresight, common sense and courage.

With the end of this brazen and organised looting and wastage of our commonwealth by a yet to be identified few unpatriotic Nigerians, the payment of over N6.5 trillion naira can now be gainfully deployed to address the vexed and nagging issues of of ASUU, NARD, AVIATION and other critical infrastructures. Many verified claims of these and other critical agencies of government begging for immediate attention can be resolved with the money. Currently, the inevitable salary increase of workers including a well organised and structured palliatives regime for citizens suffering from multiple dimensional poverty ratings proposed by Mr. President will immediately protect them as major beneficiaries of the gains of the subsidy exit.

Politically and economically, the renewed Hope administration of President Bola Ahmed Tinubu having cleared this mess owe the nation a sacred duty. That duty is to without delay present to the Nation a comprehensive list of all the beneficiaries of this fraudlent subsidy network for Nigerians to know as well as presenting all statistical evidence of the supply of the fuel subsidy and it’s delivery to the Nigerian National Petroleum Corporation, a corporation that has unbelievably been unable to account for receipts and payments under the subsidy scheme and even surprisingly unable to provide accurate account of the daily production of crude oil in the country. It is on this basis amongst others that Nigerians call on the TINUBU administration to initiate an investigation into the activities of NNPC, using international accounting firms to carry out real auditing under best international practices so that Nigeria and Nigerians will start breathing again. The outcome of this investigation will obviously be an exposure of the damage the cabal and looters occasioned on our commonwealth. This will activate immediate recovery of the looted funds through the Economic and Financial Crimes Commission and the Police. It will also act as a deterrent for the managers and operators in our oil and gas industry in future.

Furthermore, the timing of the announcement of this subsidy removal which luckily coincided with the commissioning of Dangote Refineries in Lagos is providential and blessing to our nation. At the average price of N550 per litre of fuel across the country, it is possible that when Dangote Refinery comes on stream in August 2023, the price of petroleum products will lower tremendously through the intervention of the market forces. This is mainly because other cost of importation such as shipping, haulage, insurance and other charges may not be factored into the cost of pricing because the Refinery and its product are located within less than five hundred kilometres radius from the point of loading and lifting of the product. The timing of that Presidential pronouncement therefore couldn’t have come at a better time.

Finally, it is extremely important that government should timeously dialogue with Labour unions and other critical stakeholders in order to quickly navigate the murky waters of institutional and civil disobedience arising from an avoidable deadlock that is looming. It will be a win-win situation for the rest of the country if government amicably resolves the implementation and operational mortalities for enforcing the removal of the subsidy with Labour since both parties are partners in the progress, well being and prosperity of Nigerians.

It is my fervent prayer that this decision to implement the cessation of the subsidy regime and successful dialogue with Labour and other critical stakeholders will usher in a stable and prosperous economic polity where both the Presidency and the citizens will buy one, and also get one free to the glory of the administration and God.

I wish the administration well and pray for God’s continued protection and direction in the years ahead.

Amadi, a Lawyer, writes from Owerri.