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2023: Group Rallies Support For Tinubu, Sanwo Olu, Obasa, Vows To Defeat Obi, PDP, Others

By
Akinwale Kasali
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Tinubu Campaign

By Akinwale Kasali

As the electioneering campaign towards the 2023 Election gathers momentum, a Group under the auspices of Obasa Youth Crusade, OYC, took over the street of Agege and its environs to campaign for the Presidential Candidate of the All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu, Lagos State Governor, Babajide Olusola Sanwo Olu who is seeking re-election and Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa who is also vying to return to the Hallowed Chamber.

The Group in their thousands declared their support for Tinubu, Sanwo Olu and Obasa, promising to give them their votes.

The Group added that it will vote enmasse for the re-election of Governor Sanwo-Olu, Idiat Oluranti-Adebule, senatorial candidate for Lagos West, Wale Ahmed, a House of Representatives candidate for Agege and Abdulkareem Jubril, candidate for Agege Constituency 2 at the State House of Assembly.

They vowed to ensure that Peter Obi, Presidential candidate of the Labour Party, and others are woefully defeated in Lagos.

Addressing the crowd at the Agege Stadium, Lagos, Speaker Obasa urged the youth to sustain the tempo adding that the rally was first of its kind in the area.

Obasa added that the passion showed by the youth and those who attended the rally was enough proof that the people of Lagos remained happy with the APC and its progress in the State.

According to him, even though the gathering was in his honour, the attendees must know that the bigger task was to work for Tinubu and Sanwo-Olu’s victory at the forthcoming election.

“Today you are here to talk about Obasa, but we have a bigger project and that is Bola Ahmed Tinubu. We have Asiwaju as the high-tension wire from which we all are connected. I also promise that we will never disappoint you.

“We have provided jobs, thanks to our governor. In Agege today, we have almost all the roads tarred.

We have a governor that is well connected, capable to continue to in office.

“In Tinubu, we have a leader who has the ingenuity of identifying capable hands irrespective of tribe and ethnicity. This has made Lagos a great state. It also shows that he will be beneficial to the country as President.

“We shouldn’t allow someone who only manipulates the internet to deceive the people. APC is the only party that will take us to the promised land and the only presidential candidate that can do it is Bola Ahmed Tinubu while the governorship candidate that can do it in Lagos is Sanwo-Olu,” Obasa said while tasking the crowd to vote for other candidates of the APC as they have shown experience and capacity.

Afolabi Ayantayo, a Special Adviser to Governor Sanwo-Olu, commended the youths for their zeal to ensure continuity in Lagos.

He urged them not to relent in their love for Tinubu and other candidates of the party.

Others who spoke at the rally included candidates Wale Ahmed and Abdulkareem, Abdulrazak Ajala of Odi Olowo LCDA who expressed hope that APC would be returned as the party of choice, and Abdulganiyu Obasa, who affirmed that Agege had witnessed a lot of development and progress as a result of the residents’ love for the APC.

Highlights of the event were raffle draws which star winner, Sunday Grace, went home with ₦200,000 and entertainment by musicians including Adekunle Temitope, better known as Small Doctor.

In his remarks, Gbenga Abiola, convener of the group, promised that the OYC would continue to work hard ahead of the election.

Ondo Gov’s Mother Laid To Rest; Osinbajo, Tinubu, SW Govs In Attendance

By
Ayodele Oni
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Bola Tinubu and Yemi Osinbajo at Akeredolu's Mother Burial

By Ayodele Oni

The Vice President, Prof Yemi Osinbajo and the Presidential candidate of the All Progressives Congress (APC) in the 2023 general elections, Asiwaju Bola Ahmed Tinubu led serving and former political office holders and Chieftains of the ruling APC to Owo Saturday for burial of mother of Ondo state Governor, Oluwarotimi Akeredolu.

Programme for the burial of the governor’s  mother, Lady Evangelist Grace Bosede Akeredolu(JP) started in Ibadan, Oyo state on Wednesday and ended at Owo Saturday.

Other dignitaries at the Funeral Service held at the Cathedral Church of St Andrew’s, Imola, Owo, on included Governors of Ogun, Prince Dapo Abiodun; Lagos, Babajide Sanwo-Olu; Osun, Gboyega Oyetola and Oyo, Engr Seyi Makinde, represented by his wife, Olufunke.

Also in attendance were former Governors of Ekiti state, Dr Kayode Fayemi and wife, Erelu Bisi; Ogun, Senator Ibikunle Amosun; Ondo, Dr Olusegun Mimiko; Minister of Youth and Sports, Sunday Dare and Minister of Science and Technology, Dr. Olorunnimbe Mamora.

Other are members of the National Assembly; Ondo State deputy Governor, Lucky Aiyedatiwa and wife, Oluwaseun; members of Ondo State House of Assembly led by the Speaker, Bamidele Oleyelogun; members of the State Executive Council led by the Secretary to the State Government, Princess Oladunni.

Also in attendance were several Bishops both serving and retired; serving and retired Justices; Heads of security agencies in the state; Afenifere leaders including Basorun Seinde Arogbofa; DG DAWN Commission, Seye Oyeleye;  members of the Bar and the Bench; captains of industry; political associates; technocrats; Chief Akin Olujimi, SAN; Chief Bisi Akande; Titi Laoye-Tomori, representatives of traditional rulers; senator Iyiola Omisore; Chief Femi Falana, SAN, among several dignitaries.

In their separate tributes, Prof Yemi Osinbajo and Asiwaju Bola Tinubu, described late Lady Evangelist Grace Akeredolu as a true Christian who lived a life worthy of emulation and celebration.

Osinbajo said the late Grace Akeredolu lived a good life of service to God and mankind.

He congratulated Governor Akeredolu and his siblings on behalf of the Federal Government of Nigeria and President Muhammadu Buhari, for surviving their aged mother.

The Vice President advised the children to sustain the good legacy of their late mother.

On his part, the Presidential Candidate of the APC, Asiwaju Bola Ahmed Tinubu,  who equally rejoiced with the children of the deceased for surviving their aged mother, prayed God to continue to be with them even after the demise of their mother.

Earlier in his sermon, the Bishop of Owo Anglican Diocese, Dr. Stephen Fagbemi, said God was merciful and gracious to late Lady Evangelist Grace Bosede Akeredolu throughout her lifetime.

While congratulating Governor Akeredolu and his siblings, the Bishop commended the children for taking good care of their mother until her death.

He said he was happy that the late mother lived a fulfilled life as a child of God, as an Evangelist and as a good mother.

Bishop Fagbemi noted that life is not equal and it brings different things to different people, adding that it is God who showed mercy on the late mother and made her die at the ripe age of 90 years.

The Bishop, who observed that nothing is as certain as death, admonished the congregation to be careful about how they live their lives so that they can be remembered for good when they die.

Speaking on the next year’s election, Bishop Fagbemi noted that Nigeria needs a leader that will ensure the security of lives and property of the citizens and as well eradicate poverty in the land.

The first child of the nonagenarian and Governor of Ondo State, Mr Akeredolu appreciated everyone at the event including Prof Yemi Osinbajo, Bola Ahmed Tinubu, South West Governors and other dignitaries for honouring them with their presence.

Bayelsa Flood Disaster: Royal Fathers Say People Left To Fate

By
Ayodele Oni
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By Ayodele Oni

Still sweating from hardship and loses suffered from flooding this year, royal fathers in Bayelsa state, under the aegis of the Bayelsa State Traditional Rulers Council have  condemned delayed response of the Federal Government and multinational oil companies to the plight of the people.

The traditional rulers stated that not less than one million victims were affected by this year’s flood disaster in Bayelsa State.

The royal fathers, in a statement read by the Bayelsa State Chairman of the Traditional Rulers Council, King Bubaraye Dakolo, in Yenagoa, noted that public infrastructure were also damaged by the ravaging flood.

According to Dakolo, it has become absolutely necessary for the Monarchs to speak out in order to set the records straight, given the wrong public perception of this year’s flood, which is undoubtedly the worst ever to have affected the people of Bayelsa State.

He pointed out that as a result of the flood, major Federal Government and State infrastructure such as roads, electricity, bridges have been badly damaged in addition to private properties such as houses, cars, farms and businesses worth multiple of billions of Naira destroyed.

He noted that the flood destroyed the access road leading to the state thereby isolating state completely from the rest of the country forcing  prices of goods and services to skyrocket.

“We the royal fathers of Bayelsa State, have observed that not only did the 2022 flood unleash unprecedented havoc in Bayelsa State and beyond, it also opened the floodgates of ignorance on the subject of the misery floodwaters could unleash on a people who live on the flat arcuate lowlands adjacent the mighty Atlantic Ocean.

“We believe, and strongly so, that the misinformation we have been confronted with this season, may have directly led to the observed extremely slow, and almost shameful response by statutory agencies of the Federal Government of Nigeria to the plight of the over one million victims of the 2022 flood disaster in Bayelsa State.

“Giving the wrong public perception of this year’s flood which is unarguably the worst ever to occur in the lives of the Ijaws of Bayelsa State, and perhaps others too, it has become absolutely necessary for the Royal Fathers of the State to speak out loud, so as to straighten the crooked records, and above all, jolt all concerned to do the work for which they are paid.

“In the recent meeting of the Bayelsa State Traditional Rulers Council (BYS TRC) we took turns in expressing the extreme ordeals we had to endure together with our subjects for over a month.

“We did not mince words in condemning the complete absence of agents of statutory Federal Government Agencies and Ministries saddled with the job of rendering assistance in our domains at times such as these.

“Rather we were seeing oil workers in their coveralls safe in their shuttles, going about their greasy, oily business, all over our flood ravaged State.

“Pitiably there is no evidence yet about any intervention from the oil industry to the flood ravaged people of Bayelsa State also.

“Could it be that they also wished us all dead? Well, being natural swimmers, though distressed and displaced like never before, most us are still alive!

“While this type of calamity had never befallen our people, we had never imagined that this degree of extreme insensitivity and lack of interest would be displayed with respect to the survival and welfare of our peace people who are all fellow citizens of this great country for all to see at a time like this. So brazenly ugly!

“While the Ministry of Humanitarian Affairs and Disaster Management has not furnished the traditional rulers of Bayelsa State with the actual monetary value of a human life in this country of ours, suffice it to say that numerous lives of future leaders have already been lost, and many may still be lost in our Kingdoms as a consequence of the flood if the Federal Government does not quickly lend a hand to support the efforts of the Bayelsa State government in ameliorating the citizen’s plight.”

“Tinubu Not Under Any Criminal Investigation By Us” – INEC

By
Ayodele Oni
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0
Bola Tinubu
Asiwaju Bola Ahmed Tinubu

By Ayodele Oni

The Independent National Electoral Commission, (INEC) has cautioned that it should not be dragged into criminal allegation against the Presidential Candidate of the All Progressive Congress, (APC) Bola Tinubu.

Social media have been awash in recent weeks that the APC candidate is wanted in the United States for drug related offences, an allegation that has been denied by his Media Team.

INEC, in a statement on Saturday, stated that “A Press Release purported to have been issued by the Commission has been trending online since yesterday Friday 11th November 2022.

Signed by Festus Okoye, chairman information committee, it added that “the statement claims that the Commission has commenced investigation into a case of criminal forfeiture against one of the Presidential candidates in the forthcoming General Election and is liaising with a Court in the United States of America in pursuit of same to determine possible violation of our guidelines or the Electoral Act 2022.

“We wish to state categorically that the said Press Release did not emanate from the Commission nor is it pursuing the purported course of action. It is the handiwork of mischief makers and utterly fake.

“Press Releases from the Commission are uploaded to the INEC Press Corps platform and simultaneously disseminated through our website and official social media handles.

The public is advised to ignore the Press Release.”

Remarkably, the Inspector General of Police, Usman Baba Alkali, has a few days, also said Tinubu is not under any Investigation by the Police.

IPOB Debunks Claims Its Camp Was Raided

By
Akinwale Kasali
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0

By Akinwale Kasali

The Indigenous People of Biafra, IPOB, has denied reports that its Camp in Amangwu, Ohafia Local Government Area of Abia State, was raided by Soldiers.

In a Statement by the Group’s Media and Publicity Secretary, Emma Powerful, IPOB said is a false, and calculated attempt by the Federal Government to blackmail IPOB anytime they invaded any criminal hideout.

The statement reads in part:

“We have said it before now that the Eastern Security Network operatives do not have any camp in Amangwu Ohafia LGA. All the criminal camps that the Nigeria Army have claimed to have invaded are not the ESN camps. The ESN don’t (sic) indulge in kidnapping and ransom collection from innocent citizens who eventually lead military to those camps.

“The security Agencies, particularly the military, police, and the Department of State Service agents must stop their continuous blackmail and demonisation of IPOB and the ESN operatives.

“The Federal Government knows that we are innocent in all their allegations. The media should do investigative journalism and not allow the Government and their security agents to use and influence them against IPOB.

“The ESN has no business or hand in the kidnapping of army officer in Ebem Ohafia. For the Nigerian Army to claim that they raided the hideouts of IPOB or the ESN in Amangu community, Abia State, in attempt to rescue an abducted soldier, staff sergeant Bassey Ikunugwan, is false.

“If there is any such camp in Amangwu Community Ohafia, it is not the ESN camp and those armed gang at the camp are not working for IPOB.

“It is a calculated attempt by the Nigerian authorities to blackmail IPOB anytime they invade any criminal hideout. This type of blackmail is no longer holding waters. It simply doesn’t work anymore.

“We advise Nigerian Government and its Security Agencies to change to another blackmailing format. This one has failed!

“IPOB and our ESN Operatives are disciplined gallant men and women who protect our people and do not engage in any criminality or kidnapping and snatching of cars.”

Arewa Group Warns EFCC On Media Trials Of Suspects, Says Standard Dropping Drastically

By
Akinwale Kasali
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0
Abdulrasheed Bawa

By Akinwale Kasali

A Northern Youth Group, the Arewa Youth Consultative Forum, AYCF, has lamented   that the standard of the anti graft agency, Economic and Financial Crimes Commission, EFCC, is dropping astronomically.

Yerima Shettima, the National President of the Group said the Abdulrasheed Bawa-led EFCC is having a downward slide in its operational standards.

He also urged the Commission to stop media trials of suspects which he said has now become the norm of the EFCC.

Shettima who spoke in Kaduna Saturday, November 11th, 2022,  said the Group has been following closely the EFCC’s hasty moves to nail Governor Bello Matawalle of Zamfara State.

The statement reads, “We feel duly concerned to call out the EFCC, led by Bawa, to desist from this repeated embarrassment of starting what it cannot finish. The EFCC as an institution of public service that is crucial to sanitising Nigeria should not be pulled down by the actions of one man.

“The forum rejects the strategy of media trial because it downgrades not just the operational standards of the agency but it amounts to deliberate policy of intimidation.

“The EFCC is meant to be an agency of uncompromising standards that should be a reflection of our domestic and international image in the fight against corruption.”

Yerima said that Governor Matawalle had been able to stabilise Zamfara State more than his predecessors due to his modified security tactics.

It stressed that the EFCC is, allegedly, deliberately trying to undermine the laudable achievements by launching a media trial in broad daylight, wondering why Belsha Printing Press that Matawalle established before he even became the State Governor should be shut down now.

“What kind of law gave the agency the powers to shut down a private business that predates the owner’s emergence as governor? This is really distractive for a governor giving Zamfara his best shot,” the Group said.

The Group added that it is surprising why those targeted for media trial were Northerners and why this selective approach should be seen in an agency that is supposed to be national in outlook.

He called on  President Muhammadu Buhari to call the EFCC chairman to order and stop him from undermining the image of the current administration.

“We thought the recent court judgement that ordered he should be remanded in prison would serve as a warning for his series of actions that amounted to court’s contempt. In other countries, where courts really mean business, nothing would have stopped the EFCC Chairman from going to prison following such a court’s verdict.

“Credible intelligence at our disposal has shown that there are no fewer than 3,000 contempt cases hanging on the neck of the EFCC because of the Chairman’s approach to issues. This is getting out of hand.

“Most importantly, Nigeria is not a Banana Republic and the EFCC Chairman should bear this in mind. Let the world know that we are, as citizens and activists, watching the activities of the EFCC and rating their performance as an institution of public service,” the statement explained.

It added, “Our advice to the EFCC is that it should strive to project its original image of an agency meant to fight corruption using the instrumentality of the law, under a democratic atmosphere. The agency should always do their homework well before making their presence in the media on any matter”, the statement reads.

Attack On INEC Facilities: IGP Steps In; As INEC Boss Urges Police To Bring Perpetrators To Book

By
Akinwale Kasali
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0
Alkali Baba Usman - IGP

By Akinwale Kasali

Following attacks on the Independent National Electoral Commission, INEC, Facilities and Offices around the country, the Inspector General of Police, Usman Baba has directed Commissioners of Police in the State to tighten the security around INEC offices.

The IGP said it is necessary for the Police to give the electoral umpire maximum protection.

In a statement signed by Force Police Public Relations Officer, Muyiwa Adejobi, the Police boss also asked State Police Commissioners to intensify efforts to arrest the culprits involved in the attacks on the commission’s facilities nationwide.

Few days ago, Osun and Ogun States offices of INEC were attacked and set ablaze by criminals, during which thousands of Permanent Voters Cards awaiting collection and other materials were burnt.

It was gathered that in Ogun State, 65,699 PVCs, 904 ballot boxes, 29 voting cubicles, 30 megaphones, 57 election bags and eight electric power generators were destroyed while in Osun State, a portion of the Commission’s office was set ablaze. The Commission however said documents relating to the ongoing governorship election petitions Tribunal in Osun State were not destroyed in the attack.

Abeoluta INEC office on Fire
Burnt INEC office in Abeokuta

Adejobi said. “The directive given by the Inspector General of Police, Usman Baba, to officers is that they must protect all INEC facilities. Hence, it is for the Commissioners of Police in the states to design how best they can protect INEC facilities within their Commands.

“The IGP cannot go to every State to get that done. This is non-negotiable, the IGP has given that leadership platform, directive, and the strategic clues for them to deploy, so we expect every Commissioner of Police to fortify INEC facilities in their areas of responsibility.”

Prior to this, INEC Chairman’s order, Professor Mahmood Yakubu had charged the Police, during an emergency meeting, that the attacks on the Commission’s facilities would not stop the 2023 elections from holding as scheduled, noting that a peaceful campaign was critical to a peaceful election.

He demanded the arrest and prosecution of the perpetrators, warning that if nothing urgent was done and decisive steps taken, the attacks would intensify as the elections approach.

He stated, “Nigerians expect decisive action from ICCES. It is important that we move swiftly to apprehend perpetrators, prosecute them as required by law and reinforce security around election officials and electoral infrastructure around the country.

“As we have stated on several occasions, election is a multi-stakeholder activity involving not just INEC and the security agencies. The political class plays perhaps the most critical role in ensuring peaceful elections. We must all rise to the occasion. Nigerians are watching us. The world is watching us. We must never disappoint them.

“The Commission wishes to reassure Nigerians that we remain committed to delivering credible elections in spite of the challenges. The attempt to sabotage or weaken our resolve will not deter us from conducting transparent elections in which only the votes cast by Nigerians on Election Day will determine winners of elections.”

How I became Imo State Governor – Hope Uzodinma

By
Adesina Soyooye
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How I became Imo State Governor – Hope Uzodinma

By Adesina Soyooye

“I chose not to accept defeat. The Supreme Court adopted the judgement that had more merit”

For the first time, Imo State Governor, Senator Hope Uzodinma, has publicly spoken on how he became the Governor of Imo State on January 14, 2020.

Uzodinma was declared the duly elected Governor on that date by the Supreme Court in a ruling that is, often, described by not a few people as controversial.

The Independent National Electoral Commission, INEC, had declared the Rt. Hon. Emeka Ihedioha of the Peoples Democratic Party, PDP, the duly elected Governor of the State after the 2019 Governorship election in the State.

On May 29, 2019, Ihedioha was sworn-in as Governor. But seven months down the line, the Supreme Court stunned him when it sacked him from office, and in his place, declared Uzodinma duly elected Imo State Governor.

Since then, the Imo PDP has been inconsolable and has thrown all sorts at the Uzodinma APC Government. They hardly recognise his Government, and dubbed him the “Supreme Court Governor.”

Uzodinma, confident and sure-footed in the legality of his Government has, most of the time, maintained a studied silence. He refused to speak on the Supreme Court  ruling, and how he became the Governor, well, until now. And he couldn’t have chosen a better audience to do so.

Speaking at the All Nigerian Editors Conference, ANEC,   the largest congregation of Editors, which Imo State is host, Uzodinma told his story, the journey to his Governorship.

His words to the Editors on how his journey began.

“I recalled the inspiring words of Henry Ford that obstacles are those frightful things you see when you take your eyes off the goal. So I soldiered on with greater determination to recover my mandate.

“After a thorough and painstaking search to determine what actually happened, I discovered that the conspirators, inelegantly, excluded results from a total number of 388 polling units in which I got the highest number of votes from the final tally of the results announced by INEC.

“With the startling discovery, I approached the Election Petition Tribunal sitting in Owerri to recognise the votes from the 388 polling units –  to add the votes to my result and, thereafter, declare me the validly elected governor of Imo State. This was after getting INEC to certify the results from these polling units as the true and original copies of the results in their custody.

“At the Tribunal, none of the Counsel to either INEC or PDP could contradict the results I tendered. The votes were consequently accepted by the Tribunal as exhibits  of the true and original copy of results from these 388 polling units.

“When the Tribunal eventually moved its judgement to Abuja, many believed that this was because the incumbent Governor who was the candidate of the PDP has lost the case. That appeared to be the only logical reason to move the judgement venue from Owerri to Abuja.

“But the unexpected happened as the Tribunal in an unwritten judgement affirmed his election as the Governor of Imo State.

“Was I discouraged or deterred by the verdict? NO. And this was partly because I remembered the wise counsel of Rodger Crawford, “that being challenged is inevitable, but being defeated is optional. So I chose not to accept defeat and I proceeded to the Court of Appeal.

“At the Appellate Court, there was a split judgement – a minority judgement which favoured me – that since the results from the 388 polling units were not contradicted, they were correct and were, therefore, the original copies of the results from those units.

“Based on that, the minority judgement declared that I validly won the Governorship election, therefore, that I should be declared winner.

“The case went all the way to the Supreme Court. At the Supreme Court, the justices examined the two judgements and adopted the one that had more merit and this was the minority judgement which favoured me.

“Consequently on January 14th, 2020, seven of the Justices of the Supreme Court in the panel unanimously nullified the election of the candidate of the PDP as Governor of Imo State and declared me the winner of the election held in 2019.

“I was, thereafter, sworn-in as the duly elected Governor of Imo State on the 15th of January 2020”

Fitch Hammers Nigeria, Predicts $36bn Foreign Reserve

By
Tosin Olatokunbo
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0
Godwin Emefiele and President Muhammadu Buhari

Fitch Ratings has downgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’. What this means, according to the global rating agency, is that the ability of the country to continue to service its debt in the long term is now speculative.

The agency also predicts that the nation’s foreign reserve will be down to $36 billion at the end of the year from $40 billion in 2021.

According to figures from the Central Bank of Nigeria, CBN the reserves at the end of October stood at $38 billion.

“The downgrade to ‘B-‘ reflects continued deterioration in Nigeria’s government debt servicing costs and external liquidity despite high oil prices in 2022,” Fitch said.

“Low oil production and the expensive subsidy on petrol have consumed most of the fiscal benefit of high oil prices in 2022 and will continue to stress already low government revenue levels. If implemented, subsidy reduction in 2023 would benefit public finances, but constrained oil production and structurally low domestic non-oil revenue mobilisation will limit potential gains.

“Fitch expects that the implicit subsidy on petrol will cost the government approximately NGN5 trillion (2.4% of GDP) in foregone revenue from the Nigerian National Petroleum Corporation (NNPC) in 2022, which will contribute to a widening of the general government (GG) fiscal deficit to 6.1% of GDP.

“The foregone revenue stems from the spread between the regulated pump price of petrol, which has averaged NGN190 per litre, and the import cost, which has averaged above NGN300 per litre. The Petroleum Industry Act 2021 contains language mandating a move to a market price for refined fuel products, but plans to phase out the subsidy in 2022 were pushed back owing to higher global oil prices.

“In 2023, our base case scenario sees a gradual narrowing of the spread between the pump price and true market price of petrol, which is in line with the government’s proposed 2023 budget. However, as we expect a longer timeframe for completely phasing out the subsidy, and therefore a higher level of foregone revenue.

“Moreover, the February 2023 election will bring a new administration, which will likely introduce a supplemental budget. Although the subsidy reform has broad-based political support, Fitch considers that there will likely be public pressure to continue the fuel subsidy. Lower subsidy costs and a marginal improvement in oil production, will narrow the GG fiscal deficit, but we expect the this to remain above 5% of GDP in 2023.

“Cost of Debt Spiking: Fitch forecasts Nigeria’s GG debt to increase to 34% of GDP by end-2022. This includes the Federal Government of Nigeria’s (FGN) overdraft with the Central Bank of Nigeria (CBN). Nigeria’s debt stock is low compared with the forecast 2022 ‘B’ median of 57.6% of GDP. However, its debt servicing metrics are among the highest for Fitch-rated sovereigns. We forecast government debt/revenue to increase to 580% in 2022 and interest/revenue to reach 47.7%, compared with the current ‘B’ medians of 282% and 10.8%, respectively. Both ratios will remain at broadly the same levels in 2023 before falling slightly in 2024.

“At the central government level, Nigeria’s debt metrics are made worse because the FGN holds a higher percentage of GG debt relative to its share of GG revenue. Interest payments reached 108% of FGN revenues in 1H22.

“Stagnant Oil Production: Nigeria’s oil production will continue to be weighed down by the combination of oil theft, pipeline vandalism, and aging infrastructure. This will limit both GDP growth and government revenue performance. Production levels have been on a downward trend for several years and, after averaging 1.6 mbpd in 2021, fell to 1.2 mbpd in September 2022.

“We forecast 2022 crude oil production, including condensate, to average 1.3 mbpd and increase slightly to 1.4 mbpd in 2023. Fitch believes that the February 2023 general election will increase security risks in the oil-producing regions, but that the coming back online of the Forcardos export terminal and the Trans-Niger pipeline could help to offset continued losses from theft and vandalism.

“Foreign-currency Liquidity Pressures: Higher oil prices have brought an improvement in oil export receipts; although some of this has been offset by higher fuel imports. We forecast the current account to move into a small surplus in 2022, from a deficit of 0.4% in 2021.

“Despite the improvement in the current account, Fitch forecasts reserves to end 2022 at USD36.3 billion, down from USD40.2 billion in 2021, and to continue falling in 2023-2024. Falling reserves levels have contributed to tight foreign-currency liquidity, as evidenced by the rapid depreciation in the parallel market rate, which was NGN855/USD on 8 November as compared with the official rate of NGN446/USD. The inability to reliably source US dollars on the official FX market has in turn contributed to lower portfolio inflows, which will continue to put further pressure on foreign-currency liquidity.”

First Bank, Pride Of Africa- Olubadan

By
James Orji
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0

Oba Lekan Balogun, the Olubadan of Ibadanland has described First Bank as the pride of Africa, noting that Nigeria’s premier bank has weathered the storm to become a leading commercial bank in the continent.

The over 100 years bank, the respected traditional ruler said “has successfully been able to give a good account of itself in the banking industry”.

Oba Balogun’s statement was contained in his goodwill message at the Gala marking the First Bank Group’s 40th anniversary in London, the United Kingdom, UK, where he was the Special Guest of Honour on Friday.

The statement signed by his Personal Assistant (Media), Oladele Ogunsola, further described First Bank as the only first-generation bank in the country that has maintained its position among its peers.

The statement read in part: “I must acknowledge and admit at this juncture that by and large, the First Bank Group has successfully been able to give a good account of itself in the banking industry.

“This is why those of us who have been privileged to be part of the growth and development of the First Bank group have remained so proud of you as the pride of Africa.

“The bank’s commitment to safe deposit, reliable business partnership that fast tracks transactions, good returns on investment, regular customers’ enlightenment that keeps them at a distance from scammers and a sustainable stimulating staff welfare packages have also been advanced as part of the enabling factors the First Bank group had deployed to remain perpetually afloat.”

“I want to assure you that the Olubadan Palace is prepared for all the support and assistance the bank may require from time to time as a catalyst to your further growth and as partners in progress.

“FBNBank UK has weathered these four decades, thanks to the foresight of its founders, the dedication and tenacity of its employees, the patronage and advocacy of its customers and other stakeholders as well as the hospitality and support of its communities”

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