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Ocean Surge: Ondo Assembly Invites World Bank, Intervention Agencies To Save Affected Communities

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By Ayodele Oni

As Ondo state government declares that the issue of ocean surge in the coastal area is beyond its power, the state House of Assembly has drew the attention of the United Nations, World Bank, the Federal Government as well as the Niger Delta Development Commission (NDDC) to devastating effect of the surge.

The assembly pleaded for immediate deployment of modern technology to rescue affected communities especially Ayetoro in Ilaje local government that are being submerged by ocean surge.

The Assembly made the plea at plenary sitting in Akure after adopting a motion of urgent public importance on the need to save Ayetoro from being wiped off by ocean surge.

The motion was moved by the lawmaker representing Ilaje constituency 1, Abayomi Akinruntan.

Addressing the House plenary presided by the speaker,  Bamidele Oleyelogun, the Ilaje lawmaker, said people in the affected communities had lost valuables worth billions of naira and were currently displaced from their homes.

Report says more than 5,000 inhabitants of Ayetoro and its environs had been displaced by the sea incursion that had been ravaging the area for many years without concrete actions to rescue the communities.

Other communities in Ilaje affected by the ocean surge, are; Gbagira, Odofado, Mese and Awoye.

Moving the motion, Akinruntan appealed passionately to both the national and international relevant agencies to adopt the right modern technology to tackle the menace and save the people of oil-rich Ilaje area.

The lawmaker also appealed to the National Emergency Management Agency, (NEMA) to speed up distribution of relief materials to the victims.

Akinruntan said, “It’s being a reoccurring problem and we seek a lasting solution before the entire homes of my people at the constituency in Ilaje Ugbo, the oil bearing communities in Ondo State is wipe away.

“I feel agencies like NDDC, UN, NEMA, and others need to explore with proper study by experts and deploy same with best and latest technology for a solution to ocean surge in the Ilaje communities.

“But presently immediate settlement plan is required for the people of the affected areas aside the regular relief materials that should be given to them.”

Ruling on the motion, the Speaker of the State Assembly, Bamidele Oleyelogun said the Ondo state government alone could no longer manage the situation at Ayetoro and others, as the surge has now become an annual occurrence and consuming resources.

Why FG Backpedalled On Fuel Subsidy Removal – Shehu Sani

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By Ayodele Oni

Former Kaduna central lawmaker, Senator Shehu Sani, has declared that possible fear of protests and strikes forced the federal government to shelve the oil subsidy removal.

Reacting to the development, in a tweet, Sani also said: “Now that Subsidy will not be removed, please that $800 million borrowed from the World Bank for the purpose should be kept safe, abeg.

“We don’t want to hear that consultants have been paid with half of the money.”

The former lawmaker said he suspected that President Muhammadu Buhari back-pedalled from the subsidy removal out of fear of protests and strikes.

While shedding more light on the subsidy update after a meeting of the National Economic Council, Minister of finance, Mrs Zainab Ahmed explained that the existing committee that has been discussing the fuel subsidy issue needed to be expanded to enable more input from concerned Nigerians.

The minister further pointed out that an expanded committee was formed to determine the exact time and measures to be taken to provide support to the poor and vulnerable, and ensure sufficient supply of petroleum products.

She said the committee will engage with representatives from the incoming administration and key stakeholders.

Mrs Ahmed said the budget for the 2023 fiscal year has provision for the subsidy only up to June 2023, and the Petroleum Industry Act requires that all petroleum products must be deregulated 18 months after the effective date of the PM’s removal, which is also up to June 2023.

According to her, the removal of subsidy will not be done before the transition is completed, but if the committee’s determination is that the removal can be done by June, then the plan will be designed to exit as a tool.

“Council agreed that the first subsidy must be removed earlier rather than later because it is not sustainable.

“We cannot afford it anymore. We have to do it in such a way that the impact of the subsidy is as much as possible, mitigated on the lives of ordinary Nigerians.

“So, this will require looking at alternatives to the post subsidy that needs to be planned for and subsequently put in place, but also what needs to be done to support the people that would be most affected as a result of the removal.

“So, we will be working together with representatives of the state, we will have a plan that we will start working on putting the building blocks towards the eventual removal of the fuel subsidy.”

Senate President: How Akpabio Got Tinubu’s Support

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A former governor of Akwa Ibom state, Godswill Akpabio got many people wondering what happened when he knelt to greet President-elect, Bola Ahmed Tinubu, on Tuesday during a meeting with some All Progressives Congress, APC topshots in Abuja.

Tinubu, who arrived in the country this week after one month in France had a meeting with some APC stalwarts, at the Defence House in Abuja, the nation’s capital, including Akpabio who knelt for Tinubu while they exchanged pleasantries.

Not a few Nigerians who watched the viral video of the meeting expressed surprise that Akpabio, one of the contestants for the position of the Senate President descended so low. Others, however, said what Akpabio did was normal considering that Tinubu is older and is deemed to be the nation’s leader on May 29.

In spite of the mixed feelings that trailed his action, Akpabio, from all indications may have used that singular act to warm himself to the president-elect by getting his support ahead of other candidates contesting for Senate President.

According to Daily Trust, Senator Akpabio has received the backing of the former Governor of Lagos State to secure the position as the Chairman of the National Assembly.

Tinubu, the newspaper quoting sources in the ruling party has also endorsed Senator Jibrin Barau as deputy respectively, Daily Trust has exclusively gathered.

According to the source, Tinubu was said to have told Barau, one of the contestants for the Senate President to shelve his ambition for Akpabio while he takes the position of the Deputy Senate President.

The duo was said to have agreed with the settlement, and Tinubu is expected to communicate the decision to the National Executive Council, NEC of the APC for onward action.

The source said Barau “was told to drop his ambition for the emergence of a Christian as the president of the next Senate.

“The president-elect told Barau that he is extremely qualified for the job but that he should drop his ambition for the emergence of a Christian to enable his administration to commence on a good footing.

“He said since he (Tinubu) and Senator Kashim Shettima (the vice president-elect) are Muslims, the right thing to do is to support a Christian.

“It was after the pleas that the president-elect told Barau that he would want him to work with Akpabio as deputy Senate president.”

By settling for Akpabio, the party may have finally sealed the fate of other contestants for the position, such as Orji Kalu, the Senate Chief Whip, and Ahmad Lawan the incumbent, amongst others.

APC: Fire On The Roof As Lukman Drags National Chairman To Court

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Iyiola Omisore and Abdullahi Adamu

The internal crisis rocking Nigeria’s ruling party, the All Progressives Congress, APC, has taken turn for the worse following the decision of Salihu Lukman, the Vice Chairman, Northwest of the party, to sue his boss, and National Chairman, Abdullahi Adamu.

Lukman took Adamu to court barely 24 hours after Bola Ahmed Tinubu, the President-elect held a meeting with the governors-elect on the platform of the party to work harmoniously with Adamu for the good of the party.

Tinubu’s charge to the governors came on the crest of the contest for the position of Senate President and Speaker of the House of Representatives.

Two weeks ago, Lukman had threatened to sue Adamu and Iyiola Omisore, the party’s National Secretary over alleged mismanagement of the party’s funds.

Lukman had called for the conveyance of the National Executive Council, NEC, meeting, where the issue will be discussed. The party has yet to call for such a meeting.

According to The Cable, Lukman has now made good his threat by dragging the party chieftains to court.

The online newspaper citing a suit marked FHC/ABJ/CS/573/2023, said Lukman is asking the court to determine whether the defendants are not obligated to convene a NEC meeting where the issues he raised will be explained.

The Vice Chairman asked the court for; “An order mandating/directing the 1st, 2nd, and 3rd defendants to immediately call for or cause to be called and held the meeting of the NEC of the APC for purpose of presenting proposed guidelines and regulations governing the conduct of elections to the party offices at all levels and procedure for selecting party candidates for elective offices, including the selection and zoning of the leadership of the national assembly to the members of the national executive committee.

“An order mandating/directing the 1st, 2nd, and 3rd defendants to immediately call for or cause to be called and held the meeting of the national executive committee of the APC for the purpose of presenting the financial report on income and expenditure of the APC from the date of the last NEC Meeting which was 20 April 2022 to the last NWC Meeting which held on 17th April 2023 to the members of the national executive committee.”

Tinubu, according to a statement from the Office of the President-elect signed by Tunde Rahman, told the governors and former governorship candidates of the party during the meeting that “whether you return or not, this is our government. Once we know what we are doing and communicating as elected leaders and loyal party men, we will conquer the challenge,” on those to lead the National Assembly.

Buhari’s Request For Forgiveness Short In Statesmanship

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By Afenifere

BEING THE COMMUNIQUE AT THE END OF THE REGULAR MONTHLY GENERAL MEETING OF THE AFENIFERE HELD AT THE RESIDENCE OF OUR LEADER CHIEF AYO ADEBANJO AT ISANYA OGBO OGUN STATE ON TUESDAY 25TH APRIL 2023.

  1. 000 PREAMBLE.

Afenifere held its Regular monthly General Meeting today, the 25th day of April 2023, at the residence of our Leader, Chief Ayo Adebanjo at Isanya Ogbo, Ogun State,  which Meeting had in attendance  delegates from the member states and presided over by our Leader aforesaid; and after exhaustive deliberations on the state of the Nigerian Federation, Observed and Resolved as follow:

1.0 ON TTHE PRESIDENTIAL ELECTION

Afenifere reiterates  our position that the emergence of a President of Southern and specifically South Eastern origin will guarantee equity, fairness and peaceful corporate existence of the Nigerian federation and for which we continue to support the victory of Peter Obi of  the Labour Party in the 25th February Presidential election and all his endeavours in its realisation.

2.0 THE JUDICIARY AND THE 2023 PRESIDENTIAL ELECTION.

Afenifere strongly calls on the judiciary to ensure that all petitions in respect of the Presidential election be timeously and justly resolved before the end of the tenure of the Buhari administration as the only way the confidence of Nigerians in its intervention may be earned. Precedents in this regard have been laid even by less endowed countries in Africa.

3.0  BUHARI’S  MESSAGE OF FORGIVENESS TO NIGERIANS.

3.1 Afenifere considers the request of  President Buhari for pardon “by those he might have hurt along the line of his services to the country” as rather short in  statesmanship which demands that such apologies be extended to all Nigerians who have been traumatised especially by the pervasive insecurity and marooned in economic quagmire which in the last 8 years have rendered life most uninspiring, nasty, brutish and short.

3.2 That it is rather shameful and painful that the President would celebrate, as achievement, the purported  containment of insecurity in Abuja where the sovereignty of the nation has been wantonly challenged by terrorists routinely routing the Presidential convoy, Correctional Centres attacked and emptied and some Local Governments in neighbouring Niger State in effective occupation by Boko Haram.

3.2  Afenifere further notes the President’s lamentations of his serial loss of elections until “God sent technology to my rescue through the introduction of the PVC” . It is rather more lamentable that the manifest desires of Buhari to improve on the efficacy of the technological processes, inherited from Jonathan, by assenting the 2022 Electoral Act with the BVAS and IREV components, were thwarted by the INEC and security agencies under his watch, while high level officers of his government were befuddled by partisan considerations to justify relapse to primitivity.

4.0 THE 2023 NATIONAL CENSUS.

4.1 Afenifere bemoans the unthinkable insistence of the Buhari administration in conducting the 2023 National Census in spite of the objective realities which make such an important national exercise most inauspicious in timing and impossible in credible implementation.

4.2 Afenifere recalls that in a paper it presented at the National Consultative Forum on the 2023 Census held at the Banquet Hall, State House Abuja on the 11th August 2022, it reiterated the imperative of census in national development noting that the application and misuse of Census data had been our bane as a country where we lie to ourselves and the world about our number indulging in laughable projections sometimes  based on assumed and fixed percentage of  population growth across different parts notwithstanding glaring variables.

4.3 It is in the light of the importance of credible exercise that, in the August 2022 Conference, we strongly advised against the conduct of the Census which, among other reasons, we said could not possibly hold in the same year of a General election. 4.4 Other well meaning personalities and institutions including the UNFPA Resident Representative in Nigeria who at another Conference in PortHarcourt on the 26th-29th March 2023 and most recently the Methodist Church Nigeria, Diocese of Calabar which all have raised concerns on the possibility of reasonable and genuine participation in an acceptable headcount in the current mood of the nation.

4.5  That Afenifere is particularly bemused that Government expects participation in headcount by citizens still incensed and distraught by the trauma of violence and brigandage of the elections or by those in IDP camps within their country in whose ancestral homes terrorists in occupation will now be counted as new indigenes.

4.6  That all factors considered,   including its  inability to supervise a transparent electoral process,  a lesser headcount exercise, the integrity deficiency of this administration is abysmally compounded in conducting census which partisan disputes in Nigeria is often at the level of  communities, states and ethnic nationalities having been politicised overtime.

4.7 Afenifere decries the most insensitive deployment of over 800 bilion Naira on this wasteful exercise as scandalous and an economic offence.

4.8. Afenifere conclusively says there is no compelling reason why the census must be held by the expiring Buhari administration and calls for all steps and preparations in that regards to be stopped FORTHWITH.

Issued and signed at Isanya Ogbo, Ogun State this 25th day of April 2023.

Chief Ayo Adebanjo

Leader

Chief Sola Ebiseni

Secretary General.

Nigerian, Ibrahim Becomes V/ President Int. Transport Institute

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The International body of the Chartered Institute of Transport and Logistics, CILT,  has elected a Nigerian transport colossus, Magayaki Zauzau Ibrahim Jibril as the International Vice President and Chairman Africa Region. The newly elected executives were inaugurated during the annual CILT Africa forum held from April 24 to 27 at the Kigali Convention Centre, Kigali, Rwanda.

The 2023 conference, which had its theme; “Logistics & Infrastructure development as an engine for sustainable implementation of African Continental Free Trade Area, AfCFTA”, with the discussants drawn from various countries within and outside Africa focused on issues pertaining to supply chain, logistics, and transport issues affecting the African Continent.

Speaking at the event, Ibrahim Jibril expressed his appreciation to the International President, Paul Sainthouse, and the President-Elect for their efforts in taking the body to greater heights, while also assuring the newly elected executives of the body will ensure to consolidate the achievements of the outgoing executives.

“I appreciate the good work the President is doing in the international secretariat at the international level. We appreciate what you have been doing so far. At this point, I cannot but appreciate the President-Elect; we are very proud in Africa of your achievements; we are very proud of what you have been doing in over two decades in Africa to take us to the level that we are now and we will continue to appreciate you. I will want to assure you that with your appointment as the President-Elect, and subsequently International President; Africa is in it together with you”, he said.

The newly elected Vice President Ibrahim Jibril has Advanced Diploma and Bachelor’s Degree, in both Public Administration and a Master Degree in International Affairs and Diplomacy. He retired in the Nigerian Maritime Administration and Safety Agency (NIMASA) as a Director.

While in NIMASA, as a Director, he supervised the Maritime Capacity Building, Corporate Planning & Statistics, Administration & HR, Reform Coordination & Strategic Management and Maritime Labour Services Departments.

He is a long-standing Fellow of the Chartered Institute of Logistics and Transport (CILT), Chartered Fellow of the Nigerian Institute of Management (NIM), Fellow of the Institute of Supervision and Leadership and Companion of the Nautical Institute (CNI), London. He is a former International Vice President of CILT in London and also the former President and Chairman of Council of CILT, Nigeria.  He is also the Magayaki Zauzau in Kaduna State, Nigeria.

The CILT African forum is a major continental event for Chartered Institute of Logistics & Transport, International, organized annually and rotated among Africa member countries. The Africa Forum provides a platform for Governments, Individuals, Students, and Corporate Organisations to share, learn and promote professional and business interests.

The event had in attendance world-renowned global industry experts, speakers, business leaders, ministers, policymakers, and over seven hundred (700) delegates from across Africa and beyond.

Among the participants were President CILT Nigeria, Mrs. Ekong Mfon Usoro, President CILT International, Paul Sainthouse among other notable stakeholders.

Ecobank: Court Freezes Businessman’s N500m For Owning Bank

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A businessman, Francis Uzuegbu has been handed a freezing order on his bank accounts for owing the Pan-African bank N522.5 million.

The order was made by a federal high court in Lagos following a case filed against Uzuegbu and Mac DE Frank International, a firm owned by him.

According to the details of the case, Justice Chukwuejekwu Aneke gave the order following a motion of ex-parte filed by counsel to Ecobank, George Chika Duru, in a suit marked FHC/L/CS /429/2023.

The Pan-African bank asked the court for an “injunction restraining the first and second defendants, whether by themselves, agents, proxies, privies or any other person acting on their behalf from withdrawing, transferring, transacting and dealing in any manner howsoever with any monies/funds in their accounts with the banks listed to the sum of N522,589,719.27 pending the hearing and final determination of the motion on notice filed along herewith, among others.

Justice Aneke has now adjourned the proper hearing of the case to June 26.

Tinubu Must End Petrol Subsidy- Esele

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Peter Esele, a former President of the Trade Union Congress, TUC, said President Muhammad Buhari’s administration has the chance to remove the fuel subsidy but squandered it.

The former labour leader spoke on Channels Television programme, Sunrise Daily on Friday, saying the fuel subsidy regime had been allowed to drag for too long.

He said the new administration of Bola Tinubu which is expected to take power from the incumbent on May 29, should end the petrol subsidy ‘once and for all’.

Recall that the President-elect had during his campaign as the candidate of the ruling All progressives Congress, APC, said subsidy removal will be one of the policy thrust of his administration.

Esele’s comment came hours after the Buhari administration said it had pushed the decision on the whether to end the subsidy regime to the incoming administration.

Not a few Nigerians insist that Buhari is trying to create problem for the Tinubu government by shifting the decision to him to make.

The incumbent should have done that long time ago, considering the goodwill it had among Nigerians when it first came to power in 2015.

The organized labour has warned that the country will be set o fire if the subsidy is removed at this time, considering that a concrete plan has yet to be put in place by the government to cushion the effect of the removal.

Nigerians must not be made to suffer for the government’s intransigence on the subsidy issue, the labour said.

The federal government recently said it has earmarked $800 million to be distributed to poor Nigerians on a monthly basis, to cushion the effect on them when the subsidy is finally removed.

It’s not yet clear what will happen to the fund now that the government has decided to suspend the removal.

Labour Applauds FG’s Suspension Of Fuel Subsidy Removal

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Joe Ajaero

 

The Nigerian Labour Congress, NLC says it would be disastrous to remove fuel subsidy for now, saying such action will set the country on fire.

The Labour spoke barely 24 hours after the federal government said it has suspended the removal, leaving the incoming administration to decide on what to do with the multi-billion fuel subsidy regime.

Zainab Ahmed, the Minister of Finance and National Planning stated on Thursday that the subsidy will last beyond the President Muhammadu Buhari administration.

The administration had earlier set the middle of this year for the removal, saying the present economic realities in the country could no longer support the regime.

Ahmed while speaking to journalists after the National Economic Council, NEC, chaired by Vice President Yemi Osinbajo stated that the Petroleum Industry Act, PIA would also need to be amended before a final decision could be made on the matter, noting that the current Act provided subsidy until June this year.  

Speaking, Benson Upah, Head of Information of the NLC said the decision to suspend the removal is the right thing to do for now, saying the country would be “set on fire” if the government had gone ahead with the removal.

Upah said, “There would have been instantaneous reaction. Of course, we would have been glad to coordinate those reactions.

“But happily, they have beginning to see the light. Our advice would be that they should take a lesson from the document we gave them on the so-called fuel subsidy removal. The answer cannot be far from domestic production.”

Meanwhile, not a few have said that the outgoing administration of President Buhari has deliberately set a trap for the incoming administration of Bola Tinubu, by transferring the decision to end the fuel subsidy regime to it.

It will be very difficult for the new administration to end subsidy when it comes to power, considering the negative reaction of Nigerians, including the Organised Labour to the issue.

For instance, Labour has warned that it will resist the removal except the refineries are fixed first.

Fidelity Bank Remains Strong; Grows PAT 100 Percent

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Fidelity Bank Plc has released its audited financial statements (AFS) for the year ended December 31, 2022 which showed the bank’s impressive growth across key top-to-bottom line figures.

The full year 2022 scorecard

The bank’s financial results released to the investing public at the Nigeria Exchange Limited, NGX, show its full year, FY, 2022 gross earnings printed higher at N337.050billion, representing 34.4percent increase against N250.776billion recorded in 2021.

Net Interest Income (NII) rose by 60.94percent to N152.695billion from N94.879billion recorded in 2021. Its Profit Before Tax, PBT, was also higher at N53.677billion in 2022, up by 112.88percent from N25.215billion recorded in 2021, while the bank’s profit after tax, PAT, for the year 2022 at N46.724billion was 102.2percent higher than N23.104billion profit it recorded in 2021.

Its earnings per share, EPS, basic and diluted increased to 161kobo in 2022 from 80kobo in 2021. Fidelity Bank’s total asset in FY’2022 stood at N3.989trillion, up by 21.76percent from N3.276trillion in 2021.

In the review financial year 2022, the bank’s Earning Assets make up a significant portion of the bank’s total assets. For instance, as of December 31, 2022, Earning Assets were N2.64 trillion (2021: N2.22 trillion). The bank’s net loan balance in 2022 stood at N2.116 trillion (2021: N1.66 trillion). This value represents 55percent (2021: 52percent) of the total assets as at the reporting date. Deposits from Fidelity Bank customers increased to N2.580trillion in 2022 from N2.024trillion recorded in 2021.

Dividend                                                                                                       

The bank’s Board of Directors proposes a final dividend of 40kobo per share which in addition to the 10kobo per share as interim dividend amounts to 50kobo per Ordinary Share (2021: Dividend of 35kobo per Ordinary Share.

Stocks Seen Outperforming The Market

Fidelity Bank shares have been on investment analysts stock picks. The share price at N5.3 had reached a 52-week high of N6.03 as against 52-week low of N2.87. The bank shares price has yielded about 21.8percent return this year, confirming analysts BUY rating as a value stock.