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Scarcity of Naira: Ibadan Boils, Governor’s Office Attacked, Banks Shut Doors

By
Adesina Soyooye
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Ibadan Naira Redesign Protest

By Adesina Soyooye

The sufferings of the people, occasioned  by the Scarcity of Naira boiled over on Friday in Ibadan, Oyo State, when hundreds  of protesters stormed the streets.

They are hungry and they are angry. They cannot get out their money from the banks, and so, cannot buy food. Their lives are at a standstill. They are frustrated, so they took their frustration to the streets of Ibadan.

In their hundreds, some  carrying sticks and clubs, they siezed a vehicle belonging to Amotekun- the Regional Security Outfit – around Adamasingba area, and began to harass people.

They also stormed and attacked the Governor’s office at the Agodi area of Ibadan. Fear reigns.

Banks and offices have shut down their doors for fear of attacks and vandalization.

Ever since the Central Bank of Nigeria redesigned three denominations of the Naira and announced a January 31 deadline for the exchange, crisis has hit Nigeria.

A couple of days ago, CBN Governor, Godwin Emefiele, announced that President Muhammadu Buhari had given a 10-day break to end on February 10. But that has not eased the sufferings of the people. Instead it gets worse.

Banks are not dispensing money, nor are ATM and POS machines working and people are  hungry. They have resorted to fighting in the banks and at ATM points with some people stripping and asking for their money.

After a meeting at the Presidential Villa on Friday, Buhari asked for seven days to sort the problems out, and attributed the difficulties being experienced to greediness.

However, Kaduna State Governor, Mallam Nasir el-Rufai, added a new twist when he said that only the poor are suffering as Governors and top politicians and businessmen already has the new Naira stashed away. He said they have their own way of getting the money, and disclosed that an unnamed Governor just withdrew the sum of N500 million from a bank.

The Governors appealed to the President to allow the usage of the  old and new notes.

Unless things ease out, the protest is likely to spread.

‘I Will Tackle Massive Poverty And Criminalities,’ Obi Declares In Kebbi

By
The Source
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Peter Obi in Kebbi State

The Labour Party Presidential Candidate, Peter Obi on Thursday rounded up his national campaigns to the North Western states in Kebbi state declaring that his administration will tackle massive poverty and criminalities prevalent in the region if elected.

Obi told a mammoth crowd of supporters in Birin Kebbi the state capital that he and his running mate, Yusuf Datti Baba Ahmad will build a new Nigeria free from massive poverty and criminalities.

The LP candidate said that they intend to do this by investing massively in Agriculture to ensure food security and export as well engage youths in their productive age.

“By engaging the youths meaningfully we would be tackling unemployment and reducing criminalities in the area as idle hands they say is the devil’s workshop.

He also promised to invest heavily in education and health as its the only way that the people can be dutifully deployed for the production and growth of their environment.

“This country is a great country with landmass and courageous people; we can feed ourselves if we truly harness our potential for the better.

”I will also invest heavily in education and ensure that unemployment becomes history in this country as our youth will be gainfully engaged in empowerment programs,” he said.

Obi also promised an upward review of workers’ salaries and pensions if given the mandate in the 25 February election because you can’t achieve the goal of massive production if the people are poorly remunerated.

The Presidential Candidate did not fail to remind the people that this year’s election is existential to the country and must not be based on the old idea of ethnic and religious sentiments but on competence, characters you can trust with capacity and capabilities which is what he and his mate Datti are bringing to regain and rebuild a new Nigeria that is possible.

Vice Presidential Candidate Datti BabaAhmad and the National Chairman of the Labour Party, Comrade Julius Abure, and other leaders of the party also addressed the rally.

Obi who appreciated the jubilant and enthusiastic crowd for their patience in waiting long for his arrival in the state late evening promised to improve their lives if elected.

Akeredolu Raises Alarm Over Palpable Anger In Nigeria, Calls For President’s Intervention

By
Ayodele Oni
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Rotimi Akeredolu - Ondo Communal Clash

By Ayodele Oni

Ondo state Governor, Oluwarotimi Akeredolu, has expressed reservation about the choice of this period by the Central Bank of Nigeria, (CBN) for the implementation of a change in colours of the naira.

The Governor noted that the policy, which bears an instant negative impact with no discernible mitigation in sight, raises serious suspicion of partisanship on the part of the CBN.

In statement, he personally signed, Akeredolu, who is chairman, Southern Governors Forum pointed out that the current hardship being experienced by the ordinary people forebodes unpleasant consequences.

The statement reads, “The people of this country have had to live under excruciating pains occasioned, mainly, by the contrived crisis in the petroleum sector.

“Nigerians have been at the mercy of the unscrupulous elements in the distribution chain who have sustained the artificial scarcity of the product since late last year.

“The unsavoury sight of the past has not only resurfaced in all the major cities of the country. It is also eroding the goodwill enjoyed by the Federal Government for the stability achieved in the past seven years.

“Nigerians have been living with scarcity of petroleum products for some time now. Fuel scarcity, a phenomenon which this current Administration had once confined to the dustbin in the chronicle of happenings in an inglorious past, has suddenly assumed a permanent feature of our daily existence and there appears to be no solution to the perennial crisis.

“The Central Bank of Nigeria, through his Governor, Mr. Godwin Emefiele, who purports to act under the powers conferred on the institution by the CBN Act, has chosen this period, when the country prepares for general elections, to redesign the currency notes for sundry reasons, chief among which is the need for the bank to be in control of the currency notes in circulation and checkmate the unwholesome activities of terrorists and their enablers and election riggers.

“The struggles and actual fights recorded in banking halls, ATM and POS points, and markets across the country are disquieting.

“The choice of this period for the implementation of a policy, which bears an instant negative impact with no discernible mitigation in sight, raises serious suspicion of partisanship on the part of the CBN.

“The ordinary people are the victims. Depositors can no longer access their monies even to feed their families. Hunger is not the anticipated result of a monetary policy.

“While no reasonable person will contend with the decision of the CBN to discharge its statutory functions, the plight of the downtrodden must, however, be considered. Majority of Nigerians groan, at present, under the crushing weight of these crises.

“There is pervasive discontent in the land and unless some urgent redemptive steps are taken to ameliorate the debilitating effects of seeming desultory and nonchalant disruptions of their normal simple lives, a series of events with unpleasant consequences is inevitable.

“There is palpable anger engendered by frustration in the land. The wave of discontent increases with unbelievable rapidity across the country.

“The current hardship being experienced by the ordinary people forebodes unpleasant consequences. These crises may set in motion a chain of events the end of which is better imagined.

“The Federal Government must make a categorical pronouncement on the availability of petrol and its price since it is the general belief that the country still pays humongous amounts as subsidy.

“A situation which permits a few individuals to inflict pains on the populace, seemingly without check, is deplorable. The CBN Governor, Mr. Godwin Emefiele, must come clean on the new monetary policy.

“Nigerians are practically buying the country’s currency to feed when we are not in a state of war.

“The fact that the ruling party hopes to present candidates for election in the general elections in the coming weeks accentuates the level of suspicion as regards the possibility of having certain elements whose interests stand at variance with the general aspirations of the party and its committed members.

“There is no better way to de-market a brand than this ruthless execution of a pernicious motive. The Federal Government, through the President (Muhammadu Buhari), must act now.”

Naira Change: President Buhari Sets Seven Days Target To Resolve Problems, Says Hardship Due To Greed

By
Ayodele Oni
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Godwin Emefiele and President Muhammadu Buhari

By Ayodele Oni

President Muhammadu Buhari has observed that the hardship being experienced as a result of change in design of some Naira denominations is as a result of greed and selfishness of some individuals.

The President, however, vowed that all issues relating to the decision would be resolved within the remaining seven days.

He particularly promised to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria, (CBN) to change high value Naira notes with new ones.

The President spoke on Friday in Abuja, during a meeting with Progressive Governors Forum who came to the Presidential Villa to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the economy.

Garba Shehu, Presidential spokesman, quoted Buhari as saying that the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.

According to the President, “some banks are inefficient and only concerned about themselves, saying even if a year is added, problems associated with selfishness and greed won’t go away.”

He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension will be used to crackdown on whatever stood in the way of successful implementation.

“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension.”

The Governors told the President that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

They told the President that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming.

They requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.

The President said when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes will be printed in a foreign country and they in turn gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs.

He said he needed to go back to find out what was actually happening.

President Buhari told the Governors that, being closer to the people, he had heard their cries and will act in a way that there will be a solution.

El-Rufai To Obi: “How Many Christians Are In The North? An LGA in Kaduna Wipes Out Anambra Votes”

By
The Source
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By Gideon Njoku

Kaduna State Governor, Mallam Nasir El-Rufai, has written off the popularity of the Presidential Candidate of the Labour Party, Peter Obi.

In an interview with TVC, El-Rufai said the race for the Presidency is between his Party, the All Progressives Congress, APC, and the Peoples Democratic Party. PDP, because they know the footprint. He insisted that Obi does not have the numbers to win, especially in the North. He claimed, contrary to opinion polls, that Obi is polling one per cent in Sokoto, two per cent in Katsina, and five per cent in Kano.

The Governor boasted that Religion will not save Obi, and asked: “How many Christians are in the Northern enclave?”

He admitted that Obi would do well in the South-east and South-west. But picking Obi’s Anambra State, he said the votes from one Local Government Area in Kaduna would cancel out the votes from the whole of Anambra State.

El-Rufai: Doing 70% in Anambra does nor mean that somebody doing 10% in Kano is not better than you.

“Kano is four million votes. Yes, Peter Obi will sweep South-east States. He will do well in South-south. Where else?

“He is not doing well in the South-west, other than a drop of Ocean in Lagos.

“He is polling in Christian enclave in the North, but how many are they? Ethnicity and religious bigotry will not take you anywhere. The election is APC versus PDP because they have the footprint.”

The Presidential election is scheduled for February 25, 2023. There are three front runners – Obi of the LP, Bola Tinubu of the APC and Atiku Abubakar of the PDP.

Tinubu Boasts: “South West Put Buhari In Power, We Shall Succeed Him”, Says Yoruba Not Bast..ds

By
The Source
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0

By Gideon Njoku

The Presidential Candidate of the All Progressives Congress, APC, Bola Tinubu,  has raised the antenna of his indirect attacks on President Muhammadu Buhari as the Presidential Campaign races to the end of the rope.

He boasted that it was the South-west that collaborated with the North to put Buhari in power, and must succeed him. “We are not bast..ds, you cannot frustrate us”, he said.

He said this during his Campaign Rally in Osogbo, Osun State and noted that the scarcity of fuel and Naira will not have any effect on his victory on February 25, 2023.

Tinubu: “We corroborated with the North to elect a President of Northern extraction. This time, we (South-west) will succeed them.

“Nobody smashes the seed from a palm kernel by being gentlemanly. We are not bast..ds. We were the ones that put them there, and we will be the ones to succeed them.

“If you say you want to frustrate us, we have come a long way, and no matter what you do, we will remain steadfast.”

In the past couple of weeks, Tinubu has been attacking President Buhari’s policies, especially the timing of the new Naira redesign and the biting scarcity of fuel. He says they were targeted at him to frustrate his ambition.

On Wednesday, he had a backing from the Kaduna State Governor, Mallam Nasir el-Rufai, who disclosed that there are forces in Aso Rock working against the emergence of Tinubu as the President.

Imo: Gunmen Murder Magistrate In His Court While Sitting

By
The Source
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0
Nnaemeka Ugboma

By Charles Igbo

The insecurity in Imo State took a new twist when a Magistrate, who was sitting in his Court, was dragged out by gunmen and shot dead within the Court premises on Thursday, February 2, 2023.

Magistrate Nnaemeka Ugboma was presiding at the Ejemekwuru Customary Court, in the Oguta Local Government Area, when the gunmen who rode on motorcycles, invaded his Court, dragged him out and shot him dead.

The tragic incident caused  pandemonium in the Court as people ran helter-skeltee, leaving the body of the Magistrate sprawling on the ground in a pool of his blood.

Nobody has yet to explain the motive behind this unprecedented incident. The gunmen left the scene as soon their dastardly act was completed.

Ugboma was a law graduate of 1991, and hailed from Nnebukwu Community in the Oguta LGA.

As at the time of filing this story, there has been no statement from either the Imo State Police Command or the State Judiciary.

PDP Owes Peter Obi An Apology

By
The Source
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0
Peter Obi in Gombe

A public policy think tank, the NEO AFRICANA CENTRE, has expressed dismay over the disinformation making the rounds that some Presidential Candidates in the February 25 polls are in merger talks with the Peoples Democratic Party (PDP) with a view to withdrawing from the race in favour of the PDP Presidential Candidate. The Centre said that while it has always sneered at such insinuations, it was deeply alarmed when Mr Peter Obi, the presidential candidate of the Labour Party, was touted as one of those considering withdrawing from the race for Atiku Abubakar of the PDP.

The Centre said that it views such an unholy rumour with utmost disgust and calls on Nigerians to shun desperate politicians who want to ride on the back of falsehood to score a cheap political point. The Centre also said that it is convinced that nation-wreckers are trying to hide under the veneer of politics to unleash anarchy and confusion on the system. To this end, the body wants the electorate to be vigilant and shun desperate campaigners and their antics.

In a statement by its Director of Public Affairs, Jenkins Udu, the Centre wondered why anybody who wants genuine change in the country will sidestep issues of national importance and dwell instead on rumors and falsehood.

The statement reads in part:

“As a body interested in issues of democracy , public policy and good governance, we find such an unfounded rumor distracting and mischievous . It aims at diverting attention from the germane issues that should form the fulcrum of the campaigns and dwells instead on inanities and rumour-mongering. This is an act of desperation which should be shunned by well meaning Nigerians.

“We would have indulged the fancies and fantasies of the desperate campaigners if they had chosen to use in vain the names of the presidential candidates that cannot be taken too seriously in the race. But to insinuate that a frontline presidential candidate like Peter Obi is considering withdrawing from the race is the height of absurdity. It is an assault on the psyche of Obi’s teeming supporters. Such cheap rumours can only appeal to the shallow imagination of its purveyors.

“May we alert Nigerians to the fact that the campaigns have entered a crucial endgame. At a time like this, desperadoes and buccaneers are bound to foul the atmosphere. This is already being seen in the dirty, drag-out fight between the presidential campaign councils of the All Progressives Congress and the Peoples Democratic Party. The unfounded rumours bordering on mergers and withdrawals could be another layer of this act of desperation. Nigerians should be vigilant lest unpatriotic elements drag them into the pit of hell.

“In the light of the foregoing, we call on the leadership of the PDP to, as a matter of honour, disclaim the toxic rumour and set the records straight. It should, particularly, apologize to Peter Obi over the embarrassing insinuation. This is the least that we expect from a political party that wants the people to entrust it with the leadership and destiny of the Country.”

Nigerian Billionaire, Dozy Mmobuosi, Set To Buy Sheffield United Football Club

By
Akinwale Kasali
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Dozy Mmobuosi

By Akinwale Kasali

England Championship Club Side, Sheffield United is on the verge to be bought over by Nigerian Born Billionaire, Dozy Mmobuosi.

The Club is presently in distress following a transfer embargo last month amid financial difficulties. It was to  put up for sale in the region of 90 million Pounds.

Mmobuosi has shown interest in buying the Club from its present owners.

The Tech Entrepreneur who owns a Tech Firm called Tingo valued around seven Billion Pounds is a graduate of Ambrose Alli University, Edo State, Nigeria where he bagged a Bachelor of Science degree in Political Science and a Master of Science degree in Economics.

He founded Tingo Mobile PLC in 2001 and went ahead to designed and launched Nigeria’s first SMS Banking Solution called ‘Flashmecash’, which was later sold to the First City Monument Bank, according to Examinerlive.

He has been an adviser to some large corporate organisations and also holds a doctorate in Rural Advancement from University of Putra Malaysia.

It was gathered he also completed the Advanced Management and Leadership Programme at Saïd Business School, University of Oxford in March 2022.

In December 2021, the African billionaire launched the Dozy Mmobuosi Foundation, aiming to support Africans across multiple sectors including education, healthcare, and technology.

Mmobuosi was said to have also set up two mobile phone assembly facilities in Nigeria to help the local population gain access to the Internet and smartphones, and advocates technological advancement and social uplift in Africa and beyond.

The Times reports that Mmobuosi is the subject of the EFL’s owners’ and directors’ test at present but no problems have been flagged so far.

Moody: Minister ‘Shocked’ After Downgrades Of FG, 9 Banks Ratings

By
Tosin Olatokunbo
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Zainab Shamsuna Ahmed,minister of finance

Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning, has disclosed that the federal government is working to adress last week’s downgrade of the federal government by Moody, a United States of America- based rating agency. She described  the rating as a shock.

The Minster spoke after the agency also downgraded nine top Nigerian banks.

The agency slashed Nigeria’s long-term foreign-currency and local-currency issuer ratings as well as its foreign currency senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable.

It also downgraded Nigeria’s foreign currency senior unsecured Medium Term Notes, MTN, program rating to (P)Caa1 from (P)B3. Friday’s rating action concludes the review for downgrade initiated on 21 October 2022.

Following what experts described as the biggest hit on the federal government by the respected rating firm in recent times, both local and foreign investors have abandoned federal government bonds in response.

Apparently, it’s was the investors rejection of FG bonds that elicited the Minister’s response, according to experts watching what’s going on, though Ahmed also stated that the issues raised by Moody are critical, and that the federal government is currently working to adress them.

Speaking with journalists in Abuja on Thursday, the minister said the downgrade coincided with the time the federal government is working hard to adress problems facing the economy, adding that th3 rating did not reflect the current situation in the economy.

She described the downgrade ” as a surprise to us because we had presented all the work that we have been doing to stabilise the economy.

“But these are external rating agencies that don’t have the full understanding of what is happening in our domestic environment.”

“But the reasons they gave were very practical ones. They said part of the reasons for the downgrade was that even though oil production has been restored, that there is still a high risk that there could be a relapse to the production levels.

“Secondly, they also said they are concerned that our debt service to revenue ratio is high.

“Even though their assessment is that we have been able to pay our debt and even in the medium term, they have confirmed that we have the capacity to pay our debt.

“But they are worried that it is still eating too much of our revenue and they flagged that as a high risk.

“The third major reason they gave is that our management of foreign exchange is still quite problematic in the sense that industries operating in their country are not able to get the FX requirements to meet their business needs.

“These are practical things and we had explained to them what we are working on to address each of these major challenges,” Ahmed said.

Moody had on Tuesday downgraded nine commercial banks in the country citing a combination of a weak operating environment.

The nine major Nigerian banks are: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank plc, FCMB (First City Monument Bank) Limited and Sterling Bank Plc.

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