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2023: Obasanjo Distances Self From Endorsing Tinubu; Warns Ooni Against Canvassing For Him

By
Akinwale Kasali
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Bola Tinubu
Asiwaju Bola Ahmed Tinubu

By Akinwale Kasali

Following speculations and media reports that former President, Olusegun Aremu Obasanjo has endorsed the aspiration of Asiwaju Bola Ahmed Tinubu of becoming Nigeria’s  President in 2023, the elder statesman has distanced himself from any  such endorsement.

It was alleged in the media that the Ooni of Ife, Oba Adeneye Ogunwusi, had said that the former Military Head of State has backed the ambition of the two term Governor of Lagos State.

Reacting to the statement, Obasanjo, over the weekend, advised the Monarch to strike a balance between his role as a Royal Father and politics in Yoruba land.

Obasanjo spoke at the conferment of chieftaincy titles on the Director-General of International Institute for Tropical Agriculture (IITA), Dr Nteranya Sanginga and his wife, Charlotte,  by the Ooni at his palace in Ile-Ife, Osun State.

The Ooni was quoted by blogs and the media to have said at an undisclosed occasion that the the South West must speak with one voice in 2023 by supporting the presidential ambition of Tinubu.

The Traditional Ruler was also quoted to have said Obasanjo had agreed with him on the need for the people of the Southwest to back the former Lagos Governor to emerge Nigeria’s president in 2023.

This prompted Obasanjo to advise the Imperial Majesty not to be partisan or direct the Yoruba people to support any presidential aspirant during the chieftaincy ceremony in Ile Ife on Saturday.

He reminded Ooni that as far as politics was concerned, even in the pre-independence era, the Yoruba usually had two strong sides, adding: “Please, don’t let politicians add to your burden.

“All the sons and daughters of Yoruba land, no matter where they are or their standpoint, will come to meet you. This is expected because you are the father of all.

“Any one of them who says that he is interested in politics, just pray for him and let them go. Anyone who approaches you and says that he wants to be President or Governor, just pray for such a person and let him go.

“Don’t direct Yoruba people to support any aspirant, as we don’t all go in the same direction, which is part of our strength in Yoruba land,” he said.

The former President commended the dedication of Sanginga, a Democratic Republic of Congo (DRC) national,  to agriculture, food and nutrition security in Africa, and applauded their conferment as the Aare and Yeye Aare Afurugbin-Ola of the Source respectively.

The title conferment was in recognition of the Director-General’s passion for the development of agriculture in Africa. He was urged to see the honour as a challenge to do more for the continent.

Obasanjo, who is the IITA Ambassador also commended the Ooni for the choice of Sanginga and his wife for the chieftaincy titles, saying that they were both worthy of the honour.

“I commend Your Imperial Majesty for the bold step taken to honour this distinguished African who has dedicated his life to agriculture, food security and nutrition in Africa.

“I want to assure you these new chiefs will not disappoint you; that they will not disappoint Ife indigenes and the entire Yoruba race.

“I know and I am sure that they will live up to the honour that you have bestowed on them,” he said.

Speaking at the occasion, Ooni Ogunwusi appreciated the IITA Director-General’s passion for agricultural development in Africa.

According to him, in spite of the balkanisation of Africa by the Europeans, Africans will continue to remain one and indivisible.

“I’m impressed with your modest achievements as a true son of Africa. You have been doing all within your capacity to ensure food sufficiency in the continent.

“All through the years, you have developed passion for agriculture and the results are feasible everywhere,” the traditional ruler said.

In his acceptance speech, Sanginga applauded Ooni for the fatherly role he had been playing, not only in Yoruba land, but all over the country.

He also commended Oba Ogunwusi for counting him and his wife worthy of the honour, pledging that he would continue to support him in all ways.

Ondo:Akeredolu Applauds Retiring Police Commissioner

By
Ayodele Oni
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0
Akeredolu and Salami

By Ayodele Oni

Ondo State Governor,  Rotimi Akeredolu, SAN, has lauded the retiring Commissioner of Police in the State, Bolaji Salami, for his passion and dedication to duties throughout his service in the state.

Speaking at the Government House while hosting the CP and his wife, Governor Akeredolu described the Police boss as an ‘Omoluabi’ to the core.

“We have every reason to celebrate you. Let me, on behalf of the First Lady and the good people of Ondo state, formally thank you for your good work.

“We appreciate you. As a people, we cherish the omoluabi in a person. You are an omoluabi to the core.”

Governor Akeredolu noted that CP Salami has demonstrated that he is reliable, trustworthy and loyal, adding that those qualities made him stand out as a gentleman police officer.

The Governor also commended the Police Commissioner for being a team player, stressing that he has shown that in the way and manner he worked and cooperated with the State’s Security Network, codenamed ‘Amotekun’

“Over the years, you have grown up to be someone that is reliable, trustworthy and loyal. All that have been said about you is a pointer to that.

“I have seen you at meetings and I appreciate the fact that you are a team player. A good one. You have shown us that aspect of you as a team player in the way and manner you worked with Amotekun.

“I want to use this medium to thank you for your assistance. You do things out of your duties to make sure that lives and property are protected. One of your predecessors, Adeyanju, did well too. It is important I say that here also.

“You are really a gentleman- officer that Ondo State will never forget. You have left your mark on the sand of time.”

Earlier, CP Salami thanked the Governor and members of the State Executive Council for the cooperation extended to him during his service in the state.

He described the Governor as frank and thorough, saying “If there is any need to serve in the Police Force, I would still love to serve in Ondo state.”

Obasanjo Architect Of Nigeria’s Woes – Northern Group

By
Adesina Soyooye
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0

By Akinwale Kasali

Former President Olusegun Obasanjo has come under strong criticism as the main architect of the woes bedeviling Nigeria since 1999.

Northern Youth Group under aegis of Northern Youth Assembly, NYA, blamed him as one of the people that plunged  Nigeria into the chaotic state it finds itself.

The Northern group maintained that the Country has never been subjected to serious economic backwardness beginning from the 16 years PDP held power, out of which former  Obasanjo was in charge for eight years.

This accusation was contained in a Press Statement signed by the National Assistant Publicity Secretary of the Group, Comrade Muhammad Hussein in Kano over the weekend.

According to the statement  “Obasanjo blatantly created and nurtured some of these national problems plaguing Nigeria to an overwhelming limit with successive administrations feeling the heat of the synthetic problems.

“The intention and plan by former President Obasanjo to organize some civil society and other critics of Buhari administration to form a coalition that will mount additional pressure on already fragile state of politics and insecurity in Nigeria is not new, as he has done same with many previous administrations.

“Obasanjo known to most Nigerians is a thoroughly self- centred leader that only sees fault in previous and every subsequent leader except for those serving his personal interest.

“His performance record and corrupt precedents has for long denied him any inviolability to speak from moral prism on the present happenings in the country.

The Group stressed that the “Third Term Agenda” was widely acknowledged that former President Obasanjo, sought to change the Nigerian constitution to prolong his stay in power by running for an unconstitutional third term for the Presidency in 2007.

To achieve his intention, numerous state resources were squandered by and his boys  amounting to about $500 million, diverted from the Excess Crude Account and invested same in the failed third-term bid.”

Comrade Hussein went down memory lane that in an interactive session with Punch in 2011, Abike Dabiri, a two-term member of the House of Reps and a former Senator, Lawal Shuaibu, confessed that the administration of Obasanjo offered the sum of N50 Million bribe each to members of NASS to secure third term in office for the former President.

“While embezzlement of public funds and the $16 Billion Dollars power funding and the his eight tenure left Nigeria’s infrastructure in total disrepair the administration claimed to have spent over $4 billion in construction and repair of federal roads.”

This spending, the Group claimis completely contrary to the conditions of the roads they claimed to have sunk the money into.

It added that under Obasanjo’s watch, Nigerians were defrauded of $16 Billion Dollars meant to fix the country’s power problem.

“Unfortunately most of this money were stolen and Nigeria was deprived of an opportunity to get over its energy problem.”

The Group in the statement said that as a result of this corruption and mismanagement of funds, shortage of energy supply has continued to undermine Nigeria’s potential of assuming its rightful position as regional economic super power.

“Sadly, when Obasanjo left power, most of the country’s power stations were operating at less than 30 percent of their capacity.

It also accused the former President of human rights abuses.

“The Odi and Zaki Biam Massacres under Obasanjo’s two terms in office, were the worst massacres recorded in Nigeria through Government forces.

“The Odi massacre was an attack carried out on November 20, 1999, by the Nigerian military on the predominantly Ijaw town of in Bayelsa State. The attack came in the context of an ongoing conflict in the Niger Delta over indigenous rights to oil resources and environmental protection.

“Environmental Rights Action, ERA, claimed that nearly 2,500 civilians were killed. People generally say that, the massacre was ordered by the regime of former president Olusegun Obasanjo and Vice president Atiku Abubakar.

“The Zaki-Biam Massacre was a mass execution of hundreds of unarmed Tiv civilians by the Nigerian Army between 20 – 24 of October 2001. The massacre was a surreptitious operation of the Nigerian army to avenge the killing of 19 soldiers, whose mutilated bodies were found on 12 October 2001, near some Tiv villages in Benue State. While the total number of victims is not yet established till today, survivors and eyewitnesses have reported that at least 100 and possibly more than 200 people died in the hands of the soldiers.”

Little to No Personal Morals”

It furthermore added that Obasanjo has been entangled in number of immoral precedents, and such revelations emanated from his immediate family members.

“His first wife Oluremi Obasanjo broke it in spectacular style with a tell-all autobiography, Bitter-Sweet: My Life with Obasanjo published in 2008, where she portrayed Obasanjo as a sly, violent, vindictive womaniser.

“In 2008 an allegation was made by his son Gbenga in a sworn affidavit, submitted to a divorce court in Lagos, that he is having an affair with the son’s wife. In 2013 his daughter Iyabo, ruled out further communication with her father till death, describing him as a liar, manipulator, two-faced hypocrite.

“Senator Iyabo Obasanjo in a letter to her father accused him of having an egoistic craving for power and living a life where only men of low esteem and intellect thrive.

Iyabo accused her father of orchestrating a third term for himself as President, cruelty to family members, abandonment of children and grandchildren, and also, a legendary reputation of maltreatment of women.

“On August 22, 2005, the then Governor of Abia State, Orji Kalu, submitted a petition alleging corrupt practices against Mr Obasanjo to the EFCC. A second petition was delivered two years later – in November 2007 – by the Coalition against Corrupt Leaders, a non-governmental organisation headed by Debo Adeniran, a civil society activist. Few of these corruption allegation against Obasanjo included: the hostels and sports complex at Obasanjo’s Bells Secondary School and University were constructed by STRABAG Construction Company with taxpayers’ money, at about ₦40 billion.

“Obasanjo used his Presidential powers to approve a licence to Obasanjo Farms, which was in “shambles”.

It also observed that till today, Obasanjo has never apologized nor taken responsibilities for  the ills his administration has caused to Nigeria, but instead he opted to create more problems to the system. It is time for all Nigerians to wake up and stop falling into the traps of destruction setup by people like Obasanjo and his cohorts.

The statement stressed that Nigeria belongs to us all, and Nigerians should not allow him to dictate our thinking or how we should respond to some our unfortunate situations which they deliberately created for us.

Keep Your Promise On Free and Fair Elections As Only Major Legacy – CNPP Tells Buhari

By
The Source
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0
Chief Willy Ezugwu

Conference of Nigeria Political Parties (CNPP) has urged President Muhammadu Buhari to make his promise on free and fair elections in 2023 a worthy legacy he can leave behind after his eight years in office.

President Buhari had, during a virtual summit for democracy organised by President Joe Biden of the United States on Friday, assured Nigerians and the international community of free and fair elections in 2023, pledging peaceful transfer of power to another administration after his tenure.

In its reaction to the pledge by the President on Sunday, the CNPP in a statement signed, by its Secretary General, Chief Willy Ezugwu, said President Buhari should go beyond promises and pledges “and leave a legacy of free and fair elections.”

The CNPP, therefore, urged President Buhari to also “as a matter of unforgettable legacy, sign the electoral act amendments into law without fear or favour.”

According to the statement, “There are two remarkable legacies left behind by President Goodluck Jonathan: he signed the Freedom of Information Bill into law and conducted a free and fair elections that saw an opposition party defeating a sitting President in Nigeria.

“Then President Jonathan went beyond that and conceded defeat even before the announcement of the final results of the presidential election in which he was a major and interested actor in, being a sitting President.

“The world will always stand at attention for a true leader with a democratic heart who is ready at all times to remain on the part of rule of law, justice and equity.

“We call on President Muhammadu Buhari to be such a leader in the remaining days of his tenure and give Nigerians a credible, free and fair elections in 2023.

“This call has become necessary in view of the fact that all promises made by the All Progressives Congress (APC) and their presidential candidate during the 2015 and 2019 electioneering campaigns were not kept.

“For instance, today, Nigerians and the international communities, including the government of the United Kingdom, have been urging President Buhari to sign the amended Electoral Act 2021 into law.

“His foot dragging attitude and the body language of the presidency cast doubt on the sincerity of Mr. President to keep his promises on free and fair elections in the country.

“It is also about time Nigerians saw electoral offenders in jail for their roles in violating the sanctity of the electoral process or for altering the will of the people during elections”, the CNPP concluded.

African Football Legend, Samuel Eto’o Becomes Cameroon Football FA President

By
Akinwale Kasali
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Samuel Eto’o

By Akinwale Kasali

African Football legend, Samuel Eto’o Fils of Cameroon  has written his name in gold and made history becoming the first football player to become the President of Cameroon Football Administration.

The former Indomitable Lions of Cameroon striker was elected the President of the Cameroon Football Federation after defeating the incumbent president.

Since his victory, there has been an outpour of love from football fans. His victory is a product of diligence and resilience.

Ivory Coast legends Didier Drogba and Yaya Toure have congratulated Samuel Eto’o on his feat.

The former Barcelona and Real Madrid striker won the election on Saturday after beating interim President and fourth Vice President of the Confederation of African Football, Seidou Mbombo Njoya by 43 to 31 votes.

“Congratulations to Samuel Eto’o for this election at the head of the Cameroonian football federation. Glimmers of hope for the renaissance of African football,” Drogba tweeted.

“Congratulations President! Fantastic to see my friend Samuel Eto’o flying high and elected as the Fecafoot  president. Wonderful news,” Toure tweeted.

Eto’o, in his appreciation message to the electorates and fans, highlighted the triumph as a proud moment in his life.

“President of Fecafoot. I’ll be remembering today as one of the proudest moments of my life. I’m deeply grateful to be elected as the new president of Fecafoot,” Eto’o wrote on Instagram.

“Every single vote represents the energy and ambition of our football family to take our beloved sport to a level we’ve never seen before. Let’s get to work.”

This, Nigerian soccer analysts and enthusiasts believe should encourage other former international players, especially in Nigeria, who are aspiring such elevated positions.

“Eto’o knew what he wanted and he started by setting the template for his success. He did not sit and ask for a position, he worked for it and got it. Nigeria has many former international players who have ventured into administration, while some were successful, others failed

“Rather than always making demands from administrators who did not play professional football and who know little or nothing about being a professional footballer, these former Nigerian international players should seek elective positions in the NFF.

“Often, former Super Eagles players are in the news either criticising the administrators of the game or the coaches of the national teams. Eto’o’s victory should move them to go beyond criticism. This should move them to get involved in the administration of football at various levels.

At 40, Eto’o is the President of the Cameroon FA. He did not allow age to limit his ambitions. There are former Nigerian international players who are within his age range. These ones can start getting involved at the grassroots or at the national level

There have been former Nigerian international players who have gone into administration. Jay Jay Okocha readily comes to mind. He was the state FA chairman in Delta State. Segun Odegbami has also unsuccessfully tried to get into administrative offices.

Even the women are not left out. They can seek entry into administrative positions even in the NFF. Former Super Falcons players can also seek positions in the NFF or demand for some appointments to be in their favour, especially those positions that concerns them in the women’s football department of the NFF

Eto’o positioned himself for this victory and he got the support he needed because he did his background work well. This is a challenge to former Nigerian International players to rise and seek elective positions into the NFF.

NNPC Records N141bn Profit, 47 Pipelines Vandalised

By
Bayo Bernard
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0

By Fola James

NNPC Records ₦141.96bn Trading Surplus
The Nigerian National Petroleum Company NNPC Limited recorded a profit of ₦141.96billion in June this year.

This is in contrast to a deficit of ₦37.46Billion in May, according to a press statement from the oil corporation signed by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division.

This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report, MFOR.
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 per cent or N89.27billion to stand at N894.64billion. Similarly, expenditure for the month decreased by 29.32 per cent or N299.44billion to stand at N721.93billion.
Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per cent, compared to the figure in May which stood at 1.04 per cent.
The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company, NPDC,  an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company, NGC.
The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company, NGMC which also added to the improved bottom line.
Trading surplus or trading deficit is derived after deduction of the expenditure
profile from the revenue for the period under review.
According to the report, in
plus or trading deficit is derived after deduction of the expenditure
profile from the revenue for the period under review.
To ensure continuous supply and effective distribution of Premium Motor Spirit, PMS across the country, a total of 1.63 billion litres of PMS translating to 54.50mn liters/day were supplied in June 2021.
The report indicated that in June 2021, 47 pipeline points were vandalized representing 26.56 per cent decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43 per cent, while Mosimi and Kaduna Areas accounted for 51 per cent and six per cent respectively of the vandalized points.
In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).

For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
Period-to-date production from Joint Ventures, JVs, Production Sharing Contracts, PSCs and NPDC contributed 59.84 per cent, 20.26 per cent and 19.90 per cent respectively to the total national gas production.
The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.
In line with its commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.

CD Scribe Accuses Bureau De Change Operators Of Fleecing Nigerians

By
Ayodele Oni
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0

By Ayodele Oni

A Human Rights Activist, Pastor Ifeanyi Odili, has advised the Central Bank of Nigeria, (CBN) and security agencies to closely monitor operations of Bureau De Change in the country.

Pastor Odili, General Secretary of the Campaign for Democracy (CD), also urged the National Assembly to look into the CBN extant internal policies guiding FOREX to save Nigerians.

In a statement in Akure, Odili pointed out that “It is most unfortunate that since CBN liberalized FOREX in favor of the Bureau De Change BDCs operators, Naira has suffered huge depreciation.”

According to him, CBN internal arrangement for FOREX has caused untold depreciation of Naira and economic hardships in Nigeria.

He decried a situation whereby banks complain of shortage of foreign exchange whereas BDC operators have excess.

“Instead of beneficiaries to access their money in the banks, they are directed to the agents of Bureaux De Change which in turn put the foreign currencies at higher rates.

“Sometime in August, 2021, the Central Bank of Nigeria, (CBN) after its Monetary meeting said it was inundated with at least 100 new BDC applications per month, leaving us to ask what type of nation is Nigeria?

“The Nigerian economy is currently battling with weak economic growth rate, high inflationary pressures and exchange rate volatility.

“With high unemployment rate, Nigerians who are willing to work could not find jobs.

“It was in response to this national malady that the CBN introduced a number of measures to inject life back into the economy through its development functions.

“In this spirit, the apex monetary authority sold foreign exchange to BDC operators with a view to addressing exchange rate volatility but this purpose has been defeated.

“Naira has depreciated against major currencies of the world particularly the US dollar. The arbitrage between the official and parallel market rates moved from about N50 in 2015 to N120 in 2016, and to N90 in 2017.

“It was about N60 each in 2018 and 2019. The arbitrage rose further to N75 in 2020 and to N95 in 2021. What the above arbitrage opportunities mean is that, a BDC that gets $20,000 weekly even with a N50 arbitrage opportunity will make a million naira profit weekly, translating to N4 million monthly and N52 million annually.

“Only few small and medium enterprises (SMEs) make this kind of returns annually. The decent BDC operators in the country should have called their erring colleagues to order.

“This was more so from the point when 400 financiers of Boko Haram activities were arrested in April this year in Kano, Borno, Abuja, Lagos, Sokoto, Adamawa, Kaduna and Zamfara states.

“Even with that discovery alone, it was necessary for the CBN and other security agencies to monitor operations of the BDCs closely.”

Atiku Says Devolution Of Power To States In Nigeria Inevitable

By
Ayodele Oni
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0

By Ayodele Oni

Former Nigeria’s Vice President, Atiku Abubakar, has added his voice to the call for decentralization of power from Federal Government to States.

Atiku, former Presidential candidate of the People’s Democratic Party, (PDP), during last General election, was of the view that “excessive centralization of power and concentration of resources in the Federal Government have not served us well.”

He was delivering a lecture titled “Diversity, Education and Autonomy: Developing Nigeria in the Years Ahead,” at the Convocation of Achievers University, Owo, Ondo State.

The former Vice President pointed out that “Instead, they have encouraged a domineering all-knowing federal government that stretches itself into every aspect of our lives with little positive results to show.

“Rather we have had excessive corruption, mediocrity, generations of citizens who hope to become rich without work, emasculation of state and local initiatives and a lack of creative and healthy competition among states as they all look towards Abuja for handouts every month.

“The development strategies that have produced 13 million out-of-school children, millions of unemployed or under-employed youth, including those with University degrees, and a level of insecurity that threatens to splinter the country into tiny bits controlled by armed warlords are clearly the wrong ones.  We must change direction.

“We must reverse the concentration of power and resources at the centre.  And we must make serious and conscious efforts to identify the potentials and strengths of each state and section of this country and work to maximize its contribution to the development of our country as it is supported to develop itself.

“That is how you allow greater autonomy while pulling together. Greater autonomy for states will allow ideas to germinate from anywhere and blossom.

“If Kano becomes a thriving industrial city, Jigawa would benefit and soon become an industrial centre as well.  If we support the emerging automobile centres in Nnewi, Kaduna, Bauchi and Lagos, the tanneries of Kano would be the natural local suppliers of leather to that sector.

“If we reverse the on-going de-industrialization and attract tire manufacturing companies back to supply that sector, jobs will be created and the rubber plantations in Edo and surrounding states will benefit.

“If we have good transport and communication infrastructure and a reasonably free market, no section of a country would develop without the others soon joining in.  Capital moves and expands to take advantage of new opportunity centres.

“Reduction of Federal powers and responsibilities and greater autonomy for states would, for instance, allow a state with very low demand for university spots to decide whether its priority is another federal university or investments in primary, secondary teacher education to ensure that its young population has basic education, preparatory for possible university or vocational education in the future.”

To the graduating students, Atiku stated that “it is your day, your convocation, your chance to go forth and show the world what you can do. To show what you can become. To show that you can lead. To show what problems you can help the world to solve.

“Let your imagination run wild. Imagine where you would be in 10 or 20 years from now. Imagine where Nigeria would be. Would you be satisfied with it? If so, what role would you have played in getting it there?

“If not, what role would you play in helping to get it to where you would be satisfied with its progress?  What would be Nigeria’s population then? How educated would that population be? What would be the place of crude oil in the world’s energy mix by then?

“What would that mean for Nigeria? Is there a role that you can play in positioning Nigeria for that trajectory?  Or would you just be fighting the wars we fight today over the sharing of oil revenues?”

First Bank: Otedola Renews Quest To Take Control Of Nigeria’s Oldest Bank

By
Bayo Bernard
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0

By Fola James

Business mogul Femi Otedola appears not to have given up his quest to be one of the biggest investors  in the nation’s banking sector.

Barely two months after the billionaire’s attempt to take over First Bank, Nigeria’s oldest bank failed he has set in motion another plan to become the single largest shareholder in the bank and eventually take full control of one of the nation’s financial institutions.

Recall that in October the quest for control between him and Hasan Odukale, the chairman of the Board of Directors of First bank Nigeria Holdings, FBNH got to a boiling point where the Central Bank of Nigeria, CBN Governor Godwin Emefiele had to wade into the matter, by telling the two businessmen that no single individual can own First Bank.

“They should all know First Bank is so big that not one person can say he owns First Bank. They are just one and they should see themselves as representing others in running the bank,” Emefiele said in a veiled message to the two businessmen jostling to control the bank during the November MPC meeting.

The squabble is centered on who between the duo has more than five per cent shareholding in the bank. The extant financial rules confer on the single largest shareholder of any bank to take full control by writing a letter to the Security and Exchange Commission, SEC to that effect.

But everything seems to be working well for Otedola after the National Pension Commission, PENCOM, last month, put to rest claim attributing the 2.11 per cent Leadway Pensure shares in First Bank to Odukale, a former managing director of Leadway Insurance following the controversy that trailed Otedola’s acquisition of 5.07 per cent stake in the bank.

PENCOM clarification appears to put to rest claims that Odukale and related entities own 5.36 per cent stake in FBNH which would have made the insurance guru the single largest shareholder.

Otedola who partly owns Geregu Power, one of the biggest electricity companies in Nigeria has now notched up his quest further by raising his share to over 7.5 per cent from five per cent in the old generation commercial bank.

According to a letter Otedola wrote to SEC, dated December 9, 2021, in which he also copied other regulators such as Nigeria Exchange, NGX and CBN, the businessman claims that the disclosure officially makes him the single largest majority shareholder of the bank in line with the nation’s banking rules.

The details of the letter to SEC indicate that Otedola acquired the additional shares through his companies Calvados Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy.

Otedola, also in the letter, informed the bank that he has now acquired 7.57 per cent ownership in the bank “I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57% percent of the issued shares capital of the Company.”

The businessman’s total stake in the bank is now worth over N44 billion, the magazine has learnt.

Meanwhile, sources told the magazine that Otedola will not be allowed to take full control of the management of the bank despite his enormous shares, but will only be in the position to nominate his own people into the boards of First Bank Nigeria, FBN and FBN Holdings the bank’s parent company.

Secondus, Out; Ayu Takes Over As PDP National Chairman.Assuring Nigerians Of Better Future

By
Ayodele Oni
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0
Iyorcha Ayu

By Ayodele Oni

New National Chairman of the People’s Democratic Party, (PDP), Dr Iyorcha Ayu, on Friday, rekindled the hope of Nigerians in democracy as he, along with members of the National Executive Council of the party, assumed duty.

In his inaugural speech at the International Conference Centre, Abuja, Ayu stated that PDP remains the only political party intact from1999 till date as others had either gone into extinction or merged with other groups.

According to him, “The PDP is the only organic political party in Nigeria that has remained a credible, tested, tasted and trusted mass movement since the return of democracy in 1999. Other political parties have either fizzled away or merged with others.

“Some have mutated into a contraption like the ruling All Progressive Congress (APC), without any clear ideology or a coherent programme of action.

“This contraption seduced Nigerians with propaganda in 2015. Today, Nigerians have seen the limit of propaganda and demagoguery. The only thing the APC is doing successfully is irresponsible borrowing.

“The PDP, on the other hand, has a history of performance and legacy achievements. In our 16 years in power, we not only gave Nigerians good governance, we also strengthened democratic institutions so as to add value to the people.

“In an unprecedented move, we stabilized our democracy by sanitizing the armed forces of politically exposed officers.

“We gave Nigeria her first-ever successful transition from one civilian administration to another in 2007.

“To the disbelief of all watchers of African politics, we willingly conceded defeat in 2015, and handed over power to an opposition party in 2015.

“It was the PDP-Federal Government that created value-adding public institutions like the EFCC, ICPC, NAFDAC, the Debt Management Office (DMO), the Bureau for Public Procurement (BPP) among many others.

“The PDP administration also strengthened the governance process by enacting laws to effectively drive public administration in Nigeria, namely: the Fiscal Responsibility Act, the Mid-Term Expenditure Fame-Work, the Treasury Single Account (TSA), Integrated Personal and Payroll Information Systems (IPPIS) just to mention a few.

“We negotiated and obtained forgiveness of over $30 Billion of debt, making Nigeria almost a debt-free country. Foreign direct investments flowed in.

“Cumulatively, the foregoing made Nigeria, not only the fastest growing economy in Africa, but also the biggest economy on the continent.”

“Our task at this auspicious moment is to return the Party to the people. But to do that, the Party needs to be reinvigorated, reinvented and repositioned.

“We are not unmindful of our missed steps and actions in the past, but we have learnt our lessons, both in government and in opposition. Today, we stand tall, and with a firm resolve to rebuild our great party and rescue our nation.”

Prof Ayu however lamented that the achievements of the PDP in its 16 years rule have been replaced with failures and disappointments by the APC led adminisration.

“From the biggest economy in 2015, the APC has given the country two recessions and turned Nigeria into the Poverty Capital of the world. Today, close to 40 million Nigerians have no jobs.

“In the last six years, the APC-led government has mismanaged our diversity; divided the country along regional and religious lines. It has exacerbated religious tensions in the country.

“And through its marriage to nepotism, the incompetent APC- Federal Government is fueling secessionist agitations in the East and West of Nigeria.

“Your Excellencies, party faithful, very distinguished ladies and gentlemen, our dear Nigeria is drifting dangerously towards a failed state. Terrorists are now sharing sovereignty with Nigeria. Nigeria is simply ungoverned. Nigeria is collapsing under the leadership of a retired general!

“The APC used both the mainstream media and the social media to access power. Today, it coordinates a systematic assault on the media, civic freedoms and freedom of speech.

“Let me give you the grim legacy of the APC: Two economic recessions in six years. A sluggish GDP growth rate of below two percent. About 40 million Nigerians have been pushed into extreme poverty in six years. Inflation is at an all-time high at 18%.

“A weak and devalued Naira, devalued by over 300 percent since 2015, has made our currency the worst in Africa. Unemployment now stands at 33 percent. Meaning: Close to 40 million Nigerians, willing and able to work, can’t find jobs.

“A total debt stock of over $90 billion now hangs over Nigeria. An erratic exchange rate regime has depleted N324 against the US Dollar in the last six years.

“Kidnapping for ransom is now big business. We share sovereignty with terrorists who kidnap and rape our women, including our mothers and under-aged children.The terrorists even kill them when ransom is delayed. These are not political alarms, but statements of facts.”

He however assured that the PDP is back to give the people hope and better tomorrow adding that “But I stand here today, not to merely recount APC’s spectacular failures.

“I stand here to assure you that PDP is back to Rescue and Rebuild Nigeria. Under the new NWC, PDP will strengthen its internal democratic processes. We shall endeavour to reach out to all party members, young and old, male and female.”

Ayu gave kudos to the founding fathers of the party and its various organs, assuring that they would be consulted on issues and actions of the leadership.

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