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CBN Tackles ‘Loan Sharks’, Retains MPR

By
Bayo Bernard
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CBN Gov Emefiele

By Fola James

The Central Bank of Nigeria, CBN governor  Godwin Emefiele has urged Nigerians to take advantage of licensed micro finance banks rather than obtaining loans from illegal money lenders. Emefiele said CBN has decided to go after the illegal lenders to save many Nigerians, adding that the lenders ‘will be dealt with mercilessly” when caught.

According to him, the illegal money lending firms, mostly run  Chinese nationals have been exploiting as a result of the interest they charge and their crude recovery of loans in case of default. The situation, the apex bank governor said cannot continue.

Emefiele disclosed this in Abuja on Tuesday after the monthly Monetary Policy Committee, MPC meeting in Abuja.

He said the lenders also known as loan sharks have exploited unsuspecting Nigerians for too long, noting that “people normally go to loan sharks because they are desperate and can’t access the bank”.

He said “we found out that those that are vulnerable are households who need money to do their businesses but they can’t access bank finance and as a result go to loan sharks who charge them way above or two times higher than the amount borrowed and expected to pay back in 90 days and if that doesn’t happen, they seize your house or bikes.

“We can only continue to advise that there is no need to go for loan sharks. The central bank has put in place the avenue through which you can raise your finance, like through the target credit facility or the SMEs loan that was set up through our microfinance banks.

“You don’t have to owe anybody, just go to the portal and fill the form, send your data, and if it’s correct, you will be able to access loans.”

He said the micro finance banks are still the surest and reliable sources of getting loans by individuals and business owners.

“We have a large number of people who have testimonials from the facilities we’ve made available and do not have to owe anybody,” Emefiele said.

Meanwhile, the apex bank governor disclosed after the end of the MPC meeting that the committee agreed to retain the Monetary Policy Rate, MPR of interest rate at 11.5 per cent.

Other parameters left unchanged are the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

“After a careful balancing of the benefits and the downside risks of the policy options, the MPC decided to hold all parameters constant, believing that a whole stance will enable the continuous permeation of current policy measures in supporting the recorded growth recovery and further boost production and productivity which will ultimately rein in inflation in the short to medium term.

“The MPC thus decided by a unanimous vote, the MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent,” Emefiele said after the end of the first MPC meeting for the year.

2023: APC Bows To Pressure, Zones Presidency To South

By
Bayo Bernard
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0

By James Orji

The ruling All Progressives’ Congress, APC has released the party’s zoning arrangement for next years general election. Expectedly, the ruling party zoned the presidential ticket to the south.

The Chairman, APC Caretaker/Extraordinary Convention Planning Committee and Governor of Yobe state Mai Mala Buni released the zoning list on Tuesday, after the meeting of the party’s National Working Committee, NWC in Abuja, the nation’s capital.

Governor Buni who chaired the National Working Committee presented the zoning of the 2023 Presidential ticket, to the Leadership of the National Assembly and the Leadership of the Party as follows:

President (South); Vice President (North); Senate President (South); Deputy Senate President (North); House of Reps Speaker (North) and House of Reps Deputy Speaker (South).

Also, the party has zoned the positions of its National Working Committee, NWC as follows: National Chairman (North); National Secretary (South); National Treasurer (South); Financial Secretary (North); Legal Officer (North); Welfare Officer (South); Auditor (North); National Youth Leader (South); National Woman Leader (South); Publicity Secretary (South) and Persons With Disability PWD Leader (South).

More to come………

SAPZ: Uzodimma Commits Imo, Leads Govs. To Meeting With AfDB In Cote d’ Iviore

By
The Source
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Hope Uzodinma

Governor Hope Uzodinma has pledged the commitment of Imo State to the highest standards in infrastructure and management that would be required to attract global, regional and national investors for the successful delivery of the Special Agro-Industrial  Processing Zones(SAPZ) Programme.

Imo was one of the States chosen for the African Development Bank (AfDB) – sponsored SAPZ Programme in collaboration with other Development Banks and the Federal Government, as a veritable strategy in the transformation of the Nigerian agriculture sector, through industrialization.

Other States include: Kaduna, Ogun and Oyo.

Senator Uzodimma, as the focal Governor for the programme, reaffirmed Imo State’s commitment to the scheme in his remarks on Tuesday in Cote d’ Iviore during a meeting with the President of the AfDB, Dr. Akinwunmi Adesina and his team as well as representatives of the development partners and the Federal Government.

During the meeting hosted by Dr. Akinwunmi, Governor Uzodimma and his brother Governors – Nasir el- Rufai (Kaduna), Dapo Abiodun (Ogun) and Seyi Makinde (Oyo),  reaffirmed their unalloyed commitment to a government-enabled, private sector-driven SAPZ implementation model, as agreed by all parties.

Also in attendance at the high level interface were: Prof. Doyin Salami, the Chief Economic Adviser (CEA) to President Muhammadu Buhari, Mr. Uche Orji, Managing Director the Nigeria Sovereign Investment Authority (NSIA) and Mr. Farouk Mohammed Gumel, NSIA Chairman.

The audience from the African Development Bank Group included: The President of the Bank, Dr. Akinwunmi Adesina; Senior Vice President, B. S. Tshabalala; Beth Dunford; Vice President, Agriculture, Human and Social Development, Solomon Quaynor; Vice President, Private Sector, Infrastructure and industrialization, Dr. Victor Oladokun, Senior Adviser to the President on Communications, Strategy and Stakeholder Engagement, and several others.

Imo State was selected as one of the four pilot states that will kick start the Special Agro-industrial  processing zones in Nigeria.

Consequently, Senator Uzodinma emerged the focal governor of the programme ahead of its official launch on February, this year in Abuja.

The SAPZ is a government enabled, private sector driven action plan aimed at quickening the transformation of the Nigerian agricultural sector through industrialization.

The African Development Bank and consortium of international organizations are driving the implementation of the programme.

Governor Uzodinma and his colleagues Tuesday in Cote d’Ivoire met with Dr  Adesina and heads of the other organizations for the signing of agreements for the take-off of the programme four weeks time.

Speaking on the occasion, Senator Uzodinma as the focal governor pledged on behalf of his colleagues to ensure that the programme succeeds.

“As the focal governor of SAPZ,I have dedicated the full instrumentality of my office to the provision of enabling environment for the kick off of the programme”, he affirmed.

Uzodinma said he desires that the programme becomes a veritable strategy that will enhance agriculture and industrialization in Nigeria.

He urged both the institutions and states selected for the first phase of the programme to work in concert to attract global, regional and national investors to fully populate the zones.

All parties in attendance reaffirmed their strong commitment to the shared goal of a stable and prosperous Nigeria and underscored the need for a speedy, successful delivery of the Special Agro-Industrial Processing Zones (SAPZ) Programme.

The Governors in particular reaffirmed their unalloyed commitment to a government-enabled, private sector-driven SAPZ implementation model, as agreed by all the stakeholders.

The meeting recognized the role of the NSIA as critical to an effective private sector engagement and overall efficient implementation off the SAPZ Programme, hence the Nigerian Government representatives signed a letter of intent re-affirming the NSIA’s role in procuring Transaction Advisers; Design Consultants; Zone Construction Companies and Facility Management Service Providers, all geared towards ensuring an efficient, speedy, transparent and open process.

In fact, all parties were united in expressing the expectation that the Zones’ infrastructure and management will be of the highest standards capable of attracting global, regional and national investors (Anchor and other tenants) to fully populate the zones.

Meanwhile, all stakeholders at the meeting, look forward to the official launch of the Nigerian SAPZ Programme in Abuja, February ending to be chaired by President Buhari.

Ministers of leading implementation Ministries of the SAPZ Programme and the Governors of the States included in the Programme’s first phase will also be in attendance.

President of the AfDB, as well as President of the Islamic Development Bank (IsDB), the International Fund for Agricultural Development (IFAD) and representatives of the development communities and key investors will also attend the February event in Abuja.

Sanwo Olu, Obasa, Mourn Former Lagos SSG

By
Akinwale Kasali
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Adeniran Ogunsanya

By Akinwale Kasali

Lagos State Governor, Babajide Sanwo-Olu, has commiserated with the Adeniran-Ogunsanya family over the death of the former Lagos State Government Secretary, SSG, Aderenle Adeniran-Ogunsanya.

Ms Adeniran-Ogunsanya passed on Tuesday, January 25, after a brief illness, at the age of 74.

Adeniran-Ogunsanya was the Secretary to the State Government during the term of former Governor Babatunde Fashola from 2007-2011.

Governor Sanwo Olu described her death as a big loss to the State, stressing that she served the State judiciously during her term as the Secretary of the State government.

Also, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa,  described the death of Princess Adenrele Adeniran-Ogunsanya, as a major loss to the State.

In a statement by Obasa through his Media aide, Eromosele Ebhomele, he commiserated with the family and friends of the deceased saying her contributions as SSG to the progress of Lagos would remain indelible in the hearts of the residents of the State.

“She was always calm, filled with brilliant ideas and contributed immensely to the development of Lagos while she served as Secretary to the Lagos State Government,” Obasa said.

The Speaker added that the late Adeniran-Ogunsanya also played important roles in the politics of the State earning itself respect as a member of the All Progressives Congress (APC).

“On behalf of my colleagues at the Lagos State House of Assembly, I commiserate with the family, friends, leaders of our party and everyone affected by the demise of Princess Adenrele Adeniran-Ogunsanya.

“I pray that God would grant her peace and give those she left behind the fortitude to bear this loss”, he said.

She was the daughter of the  late Zikist and powerful Nigerian politician, Chief Adeniran Ogunsanya.

Idumota Mayhem: LASG Suspends NURTW Activities Indefinitely

By
Akinwale Kasali
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0

By Akinwale Kasali

The Lagos  State Government has suspended the activities of the Lagos State National Union of Road Transport Workers, NURTW.

The indefinite suspension of  NURTW, led by Musiliu Akinsanya, popularly known as MC Oluomo, in Idumota area of the State, was  a result of the mayhem a couple of days ago which claimed the lives of four people with several injured.

Properties worth millions of Naira was also destroyed with shops owners and prospective clients at the market losing their phones and other personal belongings.

Contrary to the earlier statement by the NURTW distancing itself from the crisis, Azeez Kunle Lawal, known as Kunle Poly  indicted MC Oluomo as the mastermind of the attack, alleging that it was the factionalized NURTW Group of MC Oluomo that was responsible for the mayhem.

Kunle Poly had revealed that there was a planned attack and witchhunt against him by MC Oluomo who took some Parks away from him because he believed he was loyal to his predecessor, Tajudeen Agbede.

He added that he had petitioned Governor Sanwo- Olu and the immediate past Lagos State Commissioner of Police, AIG Hakeem Odumosu, over the activities of MC Oluomo’s boys.

Following this crisis, the National Body of the NURTW threatened to  suspend the Lagos State Chapter, but the State Government swung into action, suspending the transport union operations around Lagos Island particularly on Church Street, Eyin Eyo, and Idumota bridge indefinitely due to the recent clashes.

In the aftermath of the clashes, Lagos State Rapid Response Squad (RRS) on Monday disclosed the arrest of Kunle Poly and Mustapha Sego, whose groups engaged in a violent clash that left four people dead.

AFCON: CAF Commiserates With Cameroon Over Death Of Fans At Olembe Stampede

By
Akinwale Kasali
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Patrice Motsepe CAF President

By Akinwale Kasali

Confederation of African Football, CAF, President, Patrice Motsepe, has sent  condolences to the Cameroonian President, Paul Biya, over the death of eight fans that were crushed to death following a stampede outside the Olembe Stadium where the Round of 16 clash between the Indomitable Lions of Cameroon and the Coelacanths of Comoros.

Not less than eight people were reportedly crushed to death, and dozens injured.

A video which surfaced on social media showed fans struggling to gain access to the Paul Biya stadium in Yaounde.  The

Governor of Cameroon’s Central Region, Naseri Paul Biya says there may be more casualties.

Another report said a number of children lost consciousness.

The stadium has a capacity of 60,000 but because of COVID-19 restrictions, it was not meant to be about 80 per cent filled.

Match officials were quoted as saying that some 50,000 people were trying to attend.

Nurse Olinga Prudence told AP that some of the injured were in a “desperate condition.”

The Confederation of African Football, CAF said in a statement that it is “currently investigating the situation and trying to get more details on what transpired.”

The round of 16 match between Cameroon and Comoros took place despite the incident and ended with a 2-1 win for the hosts.

NLC Shelves Nationwide Protest; FG: Suspension Of Subsidy Withdrawal Is For 18 Months

By
Ayodele Oni
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0
NLC Logo

By Ayodele Oni

The Nigeria Labour Congress (NLC) has announced the suspension of the planned nationwide rotest over anticipated removal of fuel subsidy by the Federal Government.

The NLC’s decision to suspend the strike due to originally scheduled for Thursday, was taken at an emergency NEC  Zoom meeting on Tuesday afternoon.

The Congress stated that “it has suspended the planned Protest Rally of Thursday and so request all Unions to demobilise their members and go about doing their legitimate duties unhindered.”

The Union commended members and those who were committed to the call for freedom of Nigerians.

The Federal Government had announced  on Monday the suspension of the planned removal of subsidy on petroleum products till further notice.

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, made this disclosure at a meeting held at the National Assembly.

According to the Minister, the Federal Government initially had the plans to remove subsidy on petroleum products from July this year.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.

“The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr. President does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.”

Another report Tuesday quoted the Minister of State for Petroleum, Mr Timiprye Silva, as saying that the Federal Government planned to propose an 18 month extension of the removal of fuel subsidy.

The Minister said in Abuja that the removal of the subsidy was enshrined in the Petroleum Industry Act, explaining that the proposed extension would be sent to the National Assembly for amendment to avoid acting illegally.

Mr. Sylva argued that by the assent of President Buhari of the Petroleum Industry Bill in August 2021, the PMS subsidy removal was expected to be effective from next month.

He explained that following the envisaged implications the removal of the subsidy would cause, President Buhari agreed to an extension in line with the law.

The Minister said the extension would give stakeholders time to ensure that the implementation of the subsidy was carried out in a manner that all modalities were in place to cushion the effects of the policy.

Sylva added that President Buhari has assured that his administration would continue to put in place necessary measures to protect the livelihoods of Nigerians, especially the most vulnerable ones.

Former Head of State, General.Abdulsalami Abubakar, rtd, had earlier advised against the removal  of fuel subsidy.

World Rises Against Burkina Faso Coup Plotters

By
Bayo Bernard
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0

By James Orji

The United Nations, UN has called for the immediate release of President Roch Marc Christian Kabore and other top government officials by coup plotters who ousted him form power yesterday

Kabore was detained after soldiers took power in the West African country on Monday.

The call comes on the crest of a similar one by the Economic Community of West Africa, ECOWAS and African Union, AU demanding the release of President Kabore and immediate restoration of his government.

ECOWAS in a statement said it will hold “the military responsible for the physical wellbeing” of the president.

“ECOWAS is following with great concern the evolution of the political and security situation in Burkina Faso, characterised since Sunday 23 January by an attempted coup d’etat. ECOWAS condemns this extremely grave act,” the regional bloc said.

The AU also called on the national army and security forces “to ensure the physical integrity of the Kaboré and his government.

In a statement issued by the organisation yesterday, the Chairperson of the AU Commission, Moussa Faki Mahamat “calls on the national army and security forces of the country to strictly adhere to their republican vocation, namely the defence of the internal and external security of the country”.

Speaking on the coup the UN human rights office said democracy must be preserved in Burkinafaso and the rule of law is respected.

Ravina Shamdasani, UN spokesperson said Michelle Bachelet, the UN high commissioner for human rights, visited the country in November 2021 where she called on all parties to ensure that democracy is preserved in the trouble country.

The coup plotters said they decided to oust President Kabore from power due to insecurity in the country. The mutineers said the demand by the military for weapons to fight insurgency had been largely ignored by the administration.

But speaking Shamdasani “call on the military to immediately release President Roch Marc Christian Kabore and other high-level officials who have been detained. We urge a swift return to constitutional order. The high commissioner deeply deplores the military takeover of power in Burkina Faso.

“In the face of the security threats and tremendous humanitarian challenges facing the country, it is more important than ever to ensure that the rule of law, constitutional order, and the country’s obligations under international human rights law are fully respected,” the spokeswoman said.

“It is crucial for democratic space to be effectively protected, to ensure people are able to air their grievances and aspirations, and to participate in meaningful dialogue to work towards addressing the many crises in the country.”

Meanwhile, the leadership of the mutineers said on Tuesday that President Kabore is hail and hearty, in response to fear about the president’s life, adding that ‘his life is not threatened’.

Osun PDP ‘Concerned Members’ Raise Doubt Over Gov Aspirant Credentials

By
Ayodele Oni
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0

By Ayodele Oni

A Group within the Osun State Peoples Democratic Party, PDP, which calls itself “Concerned Members”, is working hard to have the Party’s most viable and popular candidate in the upcoming Governorship election stopped from participating.

This Group, which not a few people say is being sponsored by the opposition Party, and allegedly a PDP Governor, want Senator Ademola Adeleke disqualified. The Group, in a petition to the National Leadership of the PDP, says it doubts Adeleke’s educational certificates and name.

However, many people are crying foul, recalling that these allegations cropped  up in the last Governorship election which not a few people felt that Adeleke was cheated out of victory.

This came up just as the National Working Committee, (NWC) of the People’s Democratic Party, (PDP) succeeded in restoring peace in Ekiti state chapter of the party.

The Group called the attention of the highest decision making organ of the PDP  to some alleged discrepancies as regards Adeleke’s qualifications.

The petition dated  January, 21,  2022, submitted to the Osun state Governorship Appeal Committee, questioned the documents submitted by Adeleke.

The petition requested for Adeleke’s disqualification from participating in the forthcoming PDP gubernatorial primaries in Osun State on the grounds of alleged impersonation, discrepancies in the information and documents submitted to the party and INEC.

Adeleke has already been screened and cleared in Abuja by a Committee set up by the party.

A petition signed by one Akinloye Adeyi, claimed that it will be risky for the party to field Adeleke, bearing in mind what happened in the case of Bayelsa state.

“That aspirant should be put through and monitored, writing test by the screening test to ascertain their communication skills and proof of the veracity of their academic qualification.

“That there is no nexus between Annexures 1-15 as it relates to his name, date of birth, admission number, name of the Institution he graduated from and Party membership number.

“The names on the different documents presented by Senator Ademola Adeleke are different and brandishing certificates and other documents that do not carry his name and using affidavits to assert his ownership of the Certificates and documents (Annexure 1-14) did so in error and fraudulently.

“It is one thing for a person to bear multiple names. It is another, however, when it becomes a legal problem when the multiple names appear on different official documents and the effort to explain the contradictory names leads to more contradictions.

“That it may be uncanny for a person not to be sure of his name, date of birth, a number of O’ Level Subjects he sat for at WAEC, Admission number and name of the Institutions he graduated from, it becomes an issue of fraud when a man presents official documents bearing conflicting names.

“Mr. Chairman Sir and the distinguished members of this Appeal Committee, we have painstakingly weighed the bright chances of the Peoples Democratic Party (PDP) to win the next governorship election in Osun State, after waiting for 12 years of ACN APC maladministration in Osun State.

“All the sectors of the society are waiting for PDP to rescue Osun State from APC Maladministration for 12 years.

“That the documents presented by Senator Ademola Adeleke from 2017 till date to the Party are marred with severe irregularities as enumerated above, which cannot be glossed over.

“Therefore, it is my humbly request that Senator Ademola Adeleke should be disqualified from participating in the forthcoming gubernatorial primary election in Osun State in the overall interest of the Party and the Osun State.”

Senator Adeleke, who was the PDP candidate in the last governorship election in Osun State, has however fired back insisting that the petition against him lacks merit.

“I stand by my certificates anytime, any day, as names in the documents are those given to me by my parents.”

In 2021, Adeleke, I’m addition to his other certificates, graduated with a degree in Law in the United States of America.

FG To Covert 5m Vehicles To Autogas Before Subsidy Removal- Minister

By
Bayo Bernard
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0

By Tosin Olatokunbo

The federal government has disclosed plan to convert 5 million petrol powered vehicles to Autogas. The Minister of state for Petroleum Timipre Silva made this known in Abuja on Monday.

The minister said the government would ensure there are alternatives before the removal of petrol subsidy, adding that the deployment of autogas was one of such key alternatives.

The development comes after the President Muhammadu Buhari administration retracted its earlier decision to remove petrol subsidy by the end of June this year.

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed said during a meeting with Senate President, Ahmad Lawan yesterday that the administration had no intention of ending the subsidy regime anytime soon.

Sylva who spoke during a meeting with oil marketers on the compressed natural gas, CNG/autogas transition programme said the conversion process will take off by March this year.

The minister said during his presentation that the target “is to reach 5,000,000 conversions by achieving a 20 percent y-o-y increment (from year 3) which could be accelerated as the market matures”.

To fast track the implementation of the auto-gas initiative, the petroleum minister said the government will provide 50 percent equity participation, apart from encouraging credit scheme investments with Original Equipment Manufacturers, OEMs.

According to him, “so there will be some collaboration between you and the infrastructure fund to set things up for autogas conversation. We will bring out the fund along with some countries Original Equipment Manufacturers, OEMs to hook up and assess.”

He explained that the federal government will bear the cost of the conversion for the immediate term, adding that efforts would be geared towards ensuring that many vehicles are concerted within the time frame as well as the availability of fuel stations where such vehicles will be refueled.

Sylva said “The burden will not be on you now, that is why we are bringing you on board, already the funding is in place to enable this aspect of your business.

“Government is coming in, we will provide 50 per cent of the funding while the country OEMs will provide another 50 per cent for you to assess. The programme will start in March.”

The federal government would try as much as possible to prevent a situation “where converted vehicles will not have a place to refuel or stations not having converted vehicles to fill,” he said.

“The conversion process has been going on, and we have been talking to OEMs. To do this, we agreed that we needed to have one million vehicles converting in the first place,’’ the minister said.

Meantime, the minister of Finance said on Monday that the federal government decided to rescind its earlier decision to end the petrol subsidy regime because of the impact such action will have on many Nigerians.

Zinab said “We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr. President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll out of the refining capacities of the existing refineries and the new ones which would reduce amount of products that would be imported into the country”.

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