Breaking: CBN: Naira Now N755 To Dollar, Few Days After Apex Bank Denied Devaluation

By

-

June 14, 2023

The naira is currently trading at N750-N755 per dollar at the investors and exporters, I&E, window.
The development comes barely a month after the Central Bank of Nigeria, CBN denied reports that it had devalued the naira.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while, Isa Abdulmumin, CBN Acting Director, Corporate Communications said two weeks ago in a statement.

According to TheCable, the Central Bank of Nigeria ,CBN, has directed commercial banks to sell forex freely at market-determined rates.
President Bola Ahmed Tinubu had during his inuaguration disclosed his government’s readiness to unify the Naira exchange rate.
“Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level,” Tinubu said on May 29.

The market rate is said to be a “willing buyer, willing seller” arrangement.

This implies that Nigeria has eased its control of the naira, allowing the local currency to freely float.

A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.

Speaker: Why I Defied Tinubu- Wase

By

James Orji

-

June 14, 2023

0

Idris Wase, the immediate past Deputy Speaker of the House of Representatives, said he defied his party by contesting the Speakership because his zone was marginalised in the power sharing arrangement in the National Assembly.

Yusuf Abass was declared Speaker yesterday after he defeated Wase and one other candidate by scoring an overwhelming 353 votes.

The former Deputy Speaker had shunned the appeal of the ruling All Progressives Congress, APC, and that of President Bola Ahmed Tinubu not to vie for the position, after they threw their weight behind Abass as the Speaker in the 10th NASS.

Abass was sworn in on Tuesday alongside Benjamin Kalu, the Deputy Speaker who emerged unopposed.
But speaking after the inuaguration, Wase who represents Plateau state, said he needed to prove a point to the party which marginalised the North Central in the power sharing arrangement after the APC won the election earlier this year.

The former Deputy Speaker in his congratulatory message to the new Speaker, said in a statement made available to journalists on Wednesday, that his decision to contest the position is “a case for what I considered a lack of equity and fairness in the manner in which my party’s zoning was done much more than it was about winning.”

“As a politician who has been engaging in elections since 2007 and has returned to the House for the 5th term, I verily understand that every contest must generate its necessary contentions. However, in the end, we have to come together to confront the bigger matters of stability of the Parliament and enriching Legislative Governance to deepen our collective democracy.

“In this light, I wish to once again congratulate the Rt. Hon. Speaker, Tajudeen Abbas, and Deputy Speaker Benjamin Kalu, on their victory and urge my supporters and well-wishers, as well as my fellow contestants, to give them all the cooperation required to achieve a stable and united 10th House of Representatives.”

Meanwhile, the new Speaker has assured Nigerians that the House under his leadership will not be a rubber before stamp, in response to suggestions in some quarters that the current leadership in NASS will be an appendage of the Executive, because of the manner the Principal Officers came into their positions.

NIMASA, Navy Collaboration Key to Sustenance of Security In Gulf of Guinea- Jamoh

By

James Orji

-

June 14, 2023

0

The Chief of Naval Staff, CNS, Vice Admiral Awwal Zubairu Gambo, CFR has approved the appointment of Rear Admiral PE Effah as the new Co-Chair of the Gulf of Guinea Maritime Collaboration Forum Shared Awareness and De-Confliction (GoG-MCF SHADE), replacing Rear Admiral KO Egbuchulam.

The CNS, who conveyed this development to the Management of the Nigerian Maritime Administration and Safety Agency, NIMASA, stated that it is in continuation of efforts to sustain collaboration and improve the security architecture in the region.

Speaking during the handover ceremony at the headquarters of NIMASA in Lagos, the NIMASA DG, Dr. Bashir Jamoh, OFR, reiterated the importance of collaboration in sustaining the efforts and gains of the fight against piracy and all forms of insecurity in the Nigerian waters and the Gulf of Guinea.

The DG said; “NIMASA and the Nigerian Navy will continue to deepen collaboration with international partners to ensure security of the Nigerian waters and the Gulf of Guinea is guaranteed”.

Earlier in his handover remarks, the outgoing Co-Chair Rear Admiral Egbuchulam expressed gratitude for the opportunity to serve alongside other navies in the region, which has led to relative peace in the countries within the SHADE Gulf of Guinea. He described the incoming Co-Chair as competent and well qualified for the job.

On his part, the incoming Co-Chair, Rear Admiral Effah, who is the Director, Maritime Domain Awareness at the Nigeria Navy headquarters pledged to hit the ground running in his new role, while also seeking more co-operation from relevant stakeholders towards the realization of a robust and friendly maritime domain.

Recall that Nigeria and 22 countries of the Yaoundé Code of Conduct (ICC) established the SHADE Gulf of Guinea Collaboration Forum in July 2021. The goal is to implement effective operational counter-piracy cooperation amongst regional and international Navies, as well as the shipping industry and reporting centres of the Yaoundé Code of Conduct, for a Regional Strategy for Maritime Safety and Security in Central and West Africa region.

Why INEC Chairman, Yakubu, Should Quit Office; CNPP, CSOs Give Him 14 Days To Step Aside

By

Akinwale Kasali

-

June 13, 2023

0

By Akinwale Kasali

The Chairman of the Independent National Electoral Commission, INEC, Mahmood Yakubu has been urged to step aside from his position at the electoral body.

The call was made by the Conference Of Nigeria Political Parties, CNPP, and Civil Society Organisations, CSOs, under the aegis of the Coalition Of National Civil Society Organisations, CNCSOs. They are demanding that the INEC boss resign from office with immediate effect.

The CNPP and the CSOs, however, issued a 14-day ultimatum to Yakubu to step aside or they will galvanise all democratic and legal means to force him to do so.

In a statement jointly signed by the CNPP Secretary General, Willy Ezugwu, and the National Secretary of the Coalition, Alhaji Ali Abacha, they explained that the INEC Chairman, who failed to deploy the Bimodal Voter Accreditation System (BVAS) it procured “despite billions of naira wasted on the 2023 General Elections is not worthy of remaining in office and must not be allowed to continue to waste the nation’s resources in conduct of future elections.”

According to the statement issued in Abuja, the CNPP and the CSOs said that they are equally disturbed that “INEC under Prof. Yakubu has equally constituted itself into an obstruction to justice in the electioneering process in Nigeria by becoming a partisan umpire and opposing petitioners who are in the various tribunals to seek justice after being allegedly rigged out in the elections.”

They also accused the INEC Chairman of inflating about N105.25 billion spent on acquiring BVAS machines for the 2023 polls, saying that “despite having been severally accused of manipulating the February 25 presidential election results, counsel to INEC, Abubakar Mahmoud, recently aligned with the position of the candidate of the All Progressives Congress (APC) in the February 25 presidential election to object to the presentation of subpoenaed witnesses who were INEC ad-hoc staff during the 2023 presidential election in the petition filed by Atiku Abubakar and Peoples Democratic Party (PDP).

“We recall that at the resumption of proceedings on Atiku’s petition last Thursday in Abuja, one of the witnesses, Egwuma Friday from Kubwa area of Abuja entered the witness box and prayed the court to admit his witness statement, but all respondents in the petition, including INEC, raised objections to stop the witness from testifying.

“This is the same INEC that has been accused of manipulating election results by deliberately refusing to transmit polling units results as promised real-time.

“From mere allegations, a staff of INEC, Abedemi Joseph on Friday told the Presidential Election Petition Court (PEPC) that they were instructed by the commission under Prof. Yakubu, their employer, not to give copies of election results to political party agents who declined to sign the results.

“It’s now becoming more obvious that, until INEC Chairman exited from the commission, rebuilding confidence in the electoral body will be impossible due to the now battered image of the commission in the eyes of the electorates.

“More so, INEC under Prof. Yakubu took four years to mislead Nigerians by creating false impression that uploading of the election results to the BVAS real-time was the only way to go for the country’s electoral system.

“Contrary to expectations, INEC made it impossible for electoral officers to upload the results of the presidential election real-time from the polling units, which may have created room for the upload of manipulated election results.

“We note that the former Minister of Transportation and chieftain of the All Progressives Congress (APC), Mr. Rotimi Amaechi, had revealed that a member of the camp of the presidential candidate of his party, now President Bola Tinubu, nominated the Chairman of INEC, Prof. Yakubu, for his reappointment for a second term.

“In the words of Amaechi, ‘There are those of us who opposed the reappointment of Yakubu Mahmood. The person who nominated him is a member of Tinubu’s camp. So what are you expecting?’

“So, how can anyone convince Nigerians that such a character remain in office as INEC Chairman for a single day, not to even think of allowing him to conduct another election in the country?

“We equally call on the Economic and Financial Crimes Commission (EFCC), other anti-graft agencies, as well as the Department Of State Services (DSS) to immediately commence investigation of INEC’s N105.25 billion budgetted for acquiring 200,000 units of the Bimodal Voter Accreditation System (BVAS) as the budget has been found to have surpassed the estimated market cost by a whopping 30.4 percent, yet Nigeria lost the anticipated benefits, and for constituting himself into a national security risk as his continued stay in office could trigger violence in the country.

“According our findings as corroborated by the media, the BVAS machines, which were deploy during the now controversial 2023 general elections, EMP2920 Biometric tablets, were manufactured and supplied by Shenzhen Emperor Technology at an inflated unit cost of $795 (N366,089.55 at the rate of N460.47/$) as against the Amazon price, where the device sells under a different name SecuMind Tablet Biometric CX2920.

“Why should the INEC Chairman remain in office after wasting 34.51 percent of the total sum of N355 billion budgeted for the 2023 polls on the procurement of biometric devices that never worked?

“In a sane clime, such an official who failed woefully to conduct an acceptable general elections after receiving all he asked for should have long resigned.

“We, therefore, demand the immediate resignation of the INEC Chairman within 14 days.

“At the expiration of the ultimatum, all democratic and legal means possible would be deployed to force him to quit the office.

“All the CNPP organs at the state level and the civil society groups under the CNCSOs across the country are being mobilised for appropriate action in event that Prof. Yakubu remains in office after two weeks from today.

“It is on record that the CNPP and the CSOs fully backed INEC in the build up to the 2023 general elections and insisted that all that the commission required should be made available to it since INEC Chairman had assured of conducting a free, fair and credible elections.

“The same promise to do what is right was made by the INEC Chairman at the CHATHAM House before the elections and today, the world is seeing Nigeria as a mockery among the comity of nations, especially with the testimonies emanating from the election petition courts where INEC staff are indicting the commission under Prof. Yakubu.

“Therefore, if the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who followed the instructions of former President Muhammadu Buhari to redesign the naira to ensure that illicit funds were not deployed for 2023 elections, could be ordered to step aside from office, why should Prof. Yakubu, who has done more harm to the psyche of Nigerian electorates than any past Chairman of the commission in Nigeria’s history, remain in office?

“Prof Yakubu dashed the hopes Nigerians in a credible 2023 electoral system, raising voter apathy to the highest level in the country, and for us, it’s time up for Prof Mahmood Yakubu to quit the stage as INEC Chairman. Enough is enough”, the statement concluded.

You Can’t Afford To Disappoint Nigerians – President Tinubu Charges Tenth Assembly

By

Ayodele Oni

-

June 13, 2023

0

By Ayodele Oni

President Bola Tinubu has said that Nigerians expect the tenth National Assembly should strive to make laws and carry out oversight duties that will enhance the performance of government to achieve successful outcomes, including improving the quality of the lives of the people.

This was contained in a statement made available by the State House after the inauguration of the 10th Assembly on Tuesday.

According to him, “As your President, I am prepared to transparently work with the National Assembly. Nigerians expect distinguished Senators and Honourable members to make laws and carry out oversight duties that will enhance the performance of government to achieve successful outcomes including improving their quality of life.

“In the course of our work together, disagreements may occur. When we disagree it will not be out of malice, ill-will and quest to diminish the institution of National Assembly or any individual member.

“Our people across the length and breadth of our country expect so much from us. They want us to lift their economic burden. They want us eliminate insecurity so our farmers in rural communities can go to their farms and produce the food we eat.

“Our people look up to us to change the fortune of our country for good and remove all barriers that impede progress. All of these we can make happen with dedication and commitment.

“We can only achieve all the good things we promised during our campaigns when we work together in harmony but with respect for our respective prerogatives and in the best interest of our country.

“We cannot afford to waste this opportunity because Nigerians want us to make every day of the next four years count. Justifiably, our people want more from their government.

“They truly deserve progressive good governance that will improve their standards of living. We must give them our best.

“I will remain a partner in progress for peace, stability and prosperity of Nigeria. I count on the leadership of the 10th National Assembly and all members to work and walk with me on this governmental journey.”

Tinubu, however said that the election of Senator Godswill Akpabio, and Rt. Hon. Tajudeen Abbas as the President of the Senate and Speaker of the House of Representatives for the 10th National Assembly is a good development.

To the new leaders, the President congratulated the new Deputy Senate President Jibril Barau and House of Representatives Deputy Speaker Benjamin Kalu for their well-deserved victories.

“Being elected by their peers as presiding officers and assuming the leadership of the National Assembly is a great honour that comes with huge responsibility. I trust that you will justify the confidence reposed in you by your members and many Nigerians.

“I urge them to sustain the same level of enthusiasm they brought to the leadership contest in the discharge of their duties to their constituents and Nigeria.

Ondo: Akeredolu’s Deputy Takes Over His Functions; Assembly Says Governor On Sick Leave

By

Ayodele Oni

-

June 13, 2023

0

By Ayodele Oni

Apparently envisaging constitutional infraction the long absence of Governor Rotimi Akeredolu may lead to, Ondo State House of Assembly has stepped in and said it has received the letter of medical leave from the Governor.

Opposition parties, especially the Social Democratic Party (SDP), have severally demanded delegation of power to the Deputy Governor in the continued absence of the governor.

SDP said in a statement that the current vacuum caused by the governor’s absence is unnecessary if the constitutionally required step is taken.

The statement, signed by the Chairman, Stephen Adewale, states that “Ondo State and her friends must speak out on the increased level of uncertainty that hovered around the governance of our dear Sunshine State before it is too late.

“What began as a candlelight blaze is quickly snowballing into a sizable forest fire. And if we do not act quickly, history will not be kind to all of us who knew the incredible power of voice but chose silence.

“The Social Democratic Party (SDP) in Ondo State understands Governor Oluwarotimi Akeredolu’s health condition, for which we have been praying for a speedy recovery.”

The state legislature, through the Speaker, Olamide Oladiji, in a statement on Tuesday, explained that the Governor had embarked on a 21-day leave for medical treatment abroad starting from 7th of June,2023 to 6th July,2023.

According to the letter, the leave which commenced on 7th of June,extends to 6th July,2023 due to the Public Holidays on June 12(Democracy Day) and Eid el Kabir(28th and 29th,June,2023)

He explained that the Governor, who had directed his Deputy,Hon.Lucky Orimisan Aiyedatiwa to act as the Governor while away, has assured of his resumption on the 6th of July, 2023.

The Speaker had earlier described the Governor as a lover of peace and an apostle of rule of law. He later, wished him speedy recovery and joyful vacation.

Another World Record In Cooking Hours May Emerge; Guinness World Record Confirms Hilda Baci New Record Holder

By

Ayodele Oni

-

June 13, 2023

0

By Ayodele Oni

Just as the Guinness World Record, (GWR) affirmed Hilda Baci as the new record holder for the longest cooking by an individual, reports indicate that Ekiti state Chef Dammy has surpassed the cooking hours record of internet sensation.

Hilda Baci went viral last month after she cooked for 100 hours non-stop in an attempt to beat the current holder of the longest cooking hours record, Lata Tondon from India.

The GWR in a statement on its website, on Tuesday said, “Following a thorough review of all the evidence, Guinness World Records can now confirm that Hilda Effiong Bassey, better known as Hilda Baci, has officially broken the record for the longest cooking marathon (individual), with a time of 93 hours 11 minutes.”

The 26-year-old Nigerian chef began on Thursday 11 May and continued through to Monday 15 May, cooking over 100 pots of food during her four-day kitchen stint.

Hilda attempted to set a record of 100 hours, however, almost seven hours were deducted from her final total because she mistakenly took extra minutes for one of her rest breaks early on in the attempt.

Lata Tondon cooked for 87 hours but was defeated by Hilda Baci, who cooked for 100 hours last month.

However, while Hilda Baci and her followers were still waiting to be confirmed by Guinness World Record, Chef Dammy attempted to have a cooking marathon of 120 hours.

Since she decided to break the record, there was so much backlash against her as many felt she should have given Hilda Baci some time to, at least, relish her fear and get recognized by Guinness World Record.

Unshaken by the critics, Chef Dammy continued and has now surpassed Hilda Baci. GWR is yet to react to Sammy’s feat.

Breaking: Victorious Akpabio Sworn-in As Senate President

By

Akinwale Kasali

-

June 13, 2023

0

By Akinwale Kasali

After he emerged as the Senate President in a tension-soaked contest between him and Senator Abdulaziz Yari, former Akwa Ibom State Governor, Godswill Akpabio has been sworn-in as the third most powerful man in the Country, politically.

To take the position he beat Yari by 63 votes to 46.

Senator Orji Uzor Kalu who also contested for the position stepped down for Senator Yari. But some of the Senators raised a point of order that Yari is not a Ranking Senator and so, cannot contest for the exalted position.

There was wild jubilation among the Senators and supporters of Akpabio which included Governors of various States.

Akpabio, the immediate past Minister of the Niger Delta, was the candidate of both the ruling party, All Progressives Congress, APC, and President Bola Tinubu.

Details Later….

Breaking: Senate President: Akpabio Wins

By

Tosin Olatokunbo

-

June 13, 2023

0

Senator Godswill Akpabio has emerged the Senate President of the Federal Republic of Nigeria.

The former Akwa Ibom state governor defeated Abdullaziz Yari, a former Governor of Zamfara state by 63 votes to his opponent’s who scored 46 votes to clinch the position, according to the results announced by the Clerk of the Senate.

Two contestants, Orji Uzor Kalu and Osita Izunaso had earlier dropped out of the race before the election commenced this morning at the National Assembly Chamber in Abuja.

More details later………

CBN: How Officials Collected N280bn Bribes Under Anchor Borrowers Scheme

By

Tosin Olatokunbo

-

June 13, 2023

0

Some officials in the Central Bank of Nigeria, CBN, allegedly collected bribes to the tune of N280 billion before they approved loans for farmers under the Anchor Borrowers Scheme, ABP, a stakeholder in the sector said.

Rotimi William, the Chief Executive Officer of Kereksuk Rice Farms made the allegation during a recent stakeholders’ meeting, adding that one of the reasons why the policy failed is because approving officials insist on collecting bribes before making the loan available to benefit farmers.

The Scheme is anchored by the CBN in collaboration with some commercial banks as part of the Federal government’s efforts to ensure an abundance of rice and food security for Nigerians.

But the ABP has been adjudged a failure by major stakeholders in the agri-business sector, including the International Monetary Fund, IMF, which claimed that farmers who benefitted from the Scheme have failed to pay back the loans.

Whereas the apex bank claimed that over N1 trillion has been released so far to the farmers, the IMF said barely 24 percent of that amount has been paid back by farmers.

The reason for the default, the IMF said is because the farmers used the loans for other purposes rather than what it was originally meant for.

Williams blamed the low payment level among farmers on the fact that the funds were not approved based on merit, adding that the policy initiated by the suspended CBN Governor, Godwin Emefiele has not achieved its purpose, a pointer to that, he explained is the high price of rice in the market.

He, however, said the Scheme should be overhauled for better results.

According to him, “The measurement of success should be a reflection of the price of a commodity in the market and in the past five years. What we have experienced is persistent increase in the price of rice across markets, coupled with an increase in smuggling activity, signally a supply gap in the market.

“This is the true signal of either success or failure. At this point, it is safe to say that Nigeria’s money was wasted,” he adjudged.

“This is the primary reason why the repayment levels are low: the funds were not approved based on merit and the recipients do not feel the need to pay back following the huge kickbacks given.

“To quantify this based on the N1.4 trillion, a total kickback of N280 billion was enjoyed by the approving authority within the bank

“I honestly believe that the ABP was developed with clear intentions and if the funds were disbursed on merit, the impact would have been immense. Its failure is down to the greed of the approving authorities and the negligence of the banks that accepted questionable collaterals.

“I believe that with minor adjustments, the impact could be positive, but with over N1 trillion disbursed and potentially lost, I am not sure the government will have the appetite to continue.”