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CBN Warns Business Owners Not to Reject e-Naira

By
Bayo Bernard
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0
Godwin-Emefiele-CBN-Governor

By Tosin Olatokunbo

The Central Bank of Nigeria, CBN has directed business owners and merchants in the country to accept e-naira as a mode of payment.

The apex bank is set to launch the e-naira, also known as Central Bank Digital Currency, CBDC on October 1 amidst skepticism among Nigerians on whether the currency will be widely acceptable to a wide spectrum of the business establishment.

The Godwin Emefiele-led CBN had earlier said that the currency will stabilise the Naira and help to combat money laundering problems.

The government bank has therefore directed businesses in the country not to reject the CBDC for transactions.

The CBN Director, Payment System Management, Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday.

Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted.

“Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”

He advised Nigerians to open e-naira wallets which could be downloaded on their phones from October 1, adding that CBN bears all liabilities.

“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,” Jimoh said

On whether Nigeria was ripe for the e-naira due to the technological challenges in the country, Jimoh said he didn’t expect it to be a major problem.

Folashodun Shonubi, CBN Deputy Director, Operations had two weeks ago disclosed that the bank has put everything in place to ensure the smooth take off of the e-naira, adding that the bank will make sure that “e-Naira feeds our economy and provides greater value.

“The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more.”

According to him, “CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment.

“The intention is not to eliminate other forms of payment but to complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run. I expect in the coming days we will see rapid inclusion rates.

“For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic.

“I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them,” he said.

SSSCE Examinations: Good News For South East

By
Ayodele Oni
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0
Students back to school

By Ayodele Oni

There is hope for the Senior Secondary School students from the South East who were prevented from writing their final papers recently.

The Independent People’s of Biafra, (IPOB) foot soldiers while enforcing the sit-at- home order in some parts of the region had prevented the final year secondary school students from writing one of the final papers.

The Federal Ministry of Education has, now, assured that candidates who missed the 2021 West Africa Senior School Certificate Examinations (WASSCE) in the South East, will be given another opportunity to write the examination.

The Permanent Secretary of the ministry, Mr Sonny Echono gave the assurance in Abuja on Monday, but frowned at the Sept. 13 disruption of examination centres in the South East.

The official, who spoke while monitoring the conduct of the examination in some parts of the Federal Capital, expressed satisfaction with the conduct  across the country, which was written by over 1.57 million candidates.

According to Mr Echono, the Ministry would put modalities in place to ensure that the candidates who missed the examination in the South East are given other opportunities to write the examination.

“We are very pleased that all around the country; examinations are going on peacefully as we have a total of over 19,000 exams centres across the country with over 1.57million registered candidates.

“Besides the disruptions we had on Sept.13 in the South East where some candidates were stopped from doing the exams, it is a peaceful examination.

“We are complying with all the standards and ethics of examinations, we are pursuing very hard more cases, incidence or possibilities of examinations malpractice because we have a zero-tolerance for examinations malpractice.

“We shall punish any person found culpable and ensure that sanity is restored in our system.”

Mr Echono further said that the ministry did not encounter challenges in preparing students for the examinations aside from the COVID-19 pandemic, saying that all COVID-19 safety protocols are being strictly adhered to in centres across the country.

He stated further that although some schools were closed in states due to the COVID-19 pandemic, alternative arrangements were made especially for exit classes to take the examination.

On the possibilities of examination malpractices, Mr Echono said that cases of examination malpractices were usually collated at the end of the examination, pointing out that the culprits would also be brought to book.

He said that the Ministry was collaborating with relevant examination bodies and Non-Government Organisations, (NGOs) to fish out candidates involved in examination malpractices.

“This is because we have a lot of miscreants who are perpetrating and deceiving people. We are going to undertake a general overhaul for all those offering so-called services to candidates.

“We didn’t see much of malpractices in internal examinations like this because these are students who are already in school.”

Insurgency: ISWAP Massively Recruiting, Army Warns; Appeals To Media To Block Process

By
Akinwale Kasali
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0

By Akinwale Kasali

The Nigeria Army has revealed the move by Terrorist Group, Islamic State of West African Province, ISWAP, to massively recruit personnels to strengthen its Group following the recent death of Boko Haram leader, Abubakar Shekau.

The Army warned against the massive recruitment drive. It said it has gathered information to enable Nigeria arrest non-state actors involved in violence.

The Director, Army Public Relations, Brig. Gen. Onyeama Nwachukwu, was quoted by local media as saying that ISWAP recruitment is motivated by the recent death of Boko Haram leader Abubakar Shekau and the surrender, in large numbers, of many armed groups and their disciples in the North East.

Nwachukwu said “They have  embarked on what I will call a massive recruitment drive and I consider it very important to engage the media to block this recruitment.”

He made this known  during his tour of Theatre Command, Operation Hadin Kai Maimalari, in Maiduguri, Bornu State.

He said ISWAP has suffered immense defeat in recent times, leading to the surrender of many of their members apart from the intra-organisational crisis they face.

“The Boko Haram insurgents have been surrendering. People have questioned the authenticity of the surrendering of these insurgents and why they are surrendering at this time.

Maimalari said “There are also the questions on the reintegration of these insurgents. Another question is what the plight of the victims of the insurgency is.

“That is the essence of this tour. The military is not resting on its oars in the fight to end insurgency and insecurity in the country,” Nwachukwu said.

He praised the Army and other security operatives for the success so far recorded in decimating the insurgents.

“At some point, the insurgents almost took over the three state capitals of Adamawa, Borno and Yobe in the North-East. Some three years back, Boko Haram was advancing towards the Federal Capital Territory. Today they have been boxed in to the Timbuks,” the Army spokesperson noted.

The theater Commander, Theater Command, Operations Hadin Kai, Maj. Gen. Christopher Musa, said the military operations are being guided by international laws.

Sanwo-Olu Sign Anti Open Grazing Bill Into Law

By
Uche Mbah
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0

By Uche Mbah

Thirteen days after the deadline given by Southern Governors for states in the region to enact anti-grazing laws, Lagos State Governor Babajide Sanwo-Olu has signed the bill prohibiting Open Cattle Grazing and Trespass of Cattle in Lagos state.

This followed, eleven days ago, the passing of the bill by the Lagos House of Assembly.

Enugu State Governor, Ifeanyi Ugwuanyi, had also signed a similar bill into law.

With this, it is now criminal for herders to walk with their cattle anywhere in Lagos State unless by special authorization.

Lagos, with its dense urbanized population, is witnessing minimal herders incursion, though it is not completely rid of it. Abuja, on the other hand, has always had traffic disrupted by herds of cows in the streets.

While signing the Bill, the Governor told the security agencies to enforce the law.

“By the powers vested in me as the Governor of Lagos State, I am signing the bill on Open Cattle Grazing and Trespass of Cattle on Land into law to prohibit issues associated with open grazing of livestock.”

The Governor also signed a law changing the Lagos State Domestic and Sexual Violence Response Team (DSVRT) to an agency and appointed Mrs. Titilola Vivour-Adeniyi as the Executive Secretary of the new agency.

On the new Agency, Sanwo-Olu said: “Raising awareness about domestic and sexual violence is an important piece of working to end the cycle of violence. It is important to reiterate the State Government’s zero tolerance for all forms of sexual and gender-based violence. We will not rest on our oars until the menace is reduced to the barest minimum in Lagos.”

Yoruba Nation Agitators List Demands To FG As The September 24 United Nation Protest Draws Closer

By
The Source
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0
Yoruba Nation Protest

By Akinwale Kasali

With a couple of days to the September 24th, 2021, proposed Protest by Yoruba Nation Agitators at the United Nation headquarters in New York, United States of America, the agitators have stated their demands to the President Muhammadu Buhari led Federal Government.

The Yoruba Nation agitators alongside other Self Determination Groups had stated its Six major demands to the FG, threatening that if their demands are not met or looked into, it would storm the UN headquarters to protest and disgrace President Buhari who on that day will address the UN Congress.

They made their threat known following the announcement by the Special Adviser to the President (Media & Publicity), Femi Adesina, on Sunday that the president has departed Nigeria for the 76th UN General Assembly in New York Sunday.

Maxwell Adeneye, the spokesperson for the agitators, in a statement, listed the demands as the abolition of the 1999 Constitution and the suspension of further elections (Particularly the 2023 elections), conduct a referendum, end to Fulani Genocide, end to Oligarchy, and declaration of Miyyeti Allah as a terrorist organisation among others.

The statement quoted Chairman of NINAS, Prof. Banji Akintoye, as saying, “Rather than listen to the yearnings and aspirations of our people, the Buhari-led government has consistently waged war against people who attempt to checkmate the menace of Miyyetii Allah in the name of grazing of cows.

“Our appeal to the government, therefore, is to address the issues raised in the December 16, 2020 Constitution Force Majure declared by NINAS. This appeal is necessary so that Indigenous Nationalities in NINAS Territories can peacefully negotiate for what they want without further delay.

“Our demand remains conduct of a referendum so that the Indigenous people of the South and Middle-Belt of Nigeria can lawfully and legally decide on their nationhood and sovereignty. We demand the immediate abolition of the imposed 1999 Constitution.

“We demand an end to the genocide being perpetrated by Miyyetii Allah against our people. Miyyetii Allah is a Terrorist group and it should be declared such by the United Nations. The invasion of our land in the name of grazing is enough. What is happening in our Territories today is State-sponsored Terrorism and Land grab, not cow grazing.

“We shall resume the March on 24th September, Opposite the United Nations Headquarters to tell President Muhammad Buhari to his face that his Miyyetii Allah people are the enemy number one of the people of South and Middle-Belt of Nigeria, and they are the authentic Terrorists,” they said.

NNPC Rakes in $1.6 bn From Crude Oil Sales

By
Bayo Bernard
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0
NNPC

By Tosin Olaokunbo

The Nigerian National Petroleum Corporation, NNPC says it generated over $1.6 billion dollars from crude oil sales. The figure represents sales between May 2020 and May 2021.

The government’s oil company disclosed this on the heels of President Muhammadu Buhari’s appointment of Senate Ifeanyi Ararume as Chairman of the Board of the company.

According to a statement signed by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing 180.29 per cent increase on sales from the previous month of April 2021.

This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report.

According to the report, crude oil export sales contributed $181.19 million (82.45 per cent) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May 2021.

The report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19 per cent at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.

This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month, the statement said.

According to the company ”61.75 per cent of the average daily gas produced was commercialized while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared.

“In the Downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72billion from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.

“Furthermore, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit, PMS contributed about 99.61 per cent of the total sales with a value of ₦2.336 trillion.

“In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

“Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69 per cent of total volume.

“In May 2021, 64 pipeline points were vandalized representing 39.13% increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30 per cent and 5 percent respectively of the vandalized points.

NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace,” the Corporation said.

State Assemblies Will Determine Fate of VAT Amendment Bill, Says Akeredolu

By
Uche Mbah
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0
Rotimi Akeredolu of Ondo State
Rotimi Akeredolu

By Uche Mbah

If feelers from the Southern Governors’ Foruxm is anything to go by, the debate on Value Added Tax, VAT, at the National Assembly, will be an exercise in futility.

Southern governors, during their recent meeting in Enugu, capital of Enugu state, maintained the position that VAT must be collected by States and not the Federal Inland Revenue Service, a position that stemmed from the current controversies based on Court rulings.

Northern groups have, however, kicked against it, while the Federal Inland Revenue Service, FIRS, angrily took the case to the National Assembly to adjudicate and create enabling bills in their favor.

But a rumpus endured in the debate pitching Northern legislators against the Southern ones.

Reacting to the move, Chairman of Southern Governors’ forum, Rotimi Akeredolu, dismissed the move, insisting on its futility, saying the amendment sought by FIRS is “dead on arrival” and will be killed when it gets to the state Houses of Assemblies.

Akeredolu who spoke on a National  TV talk show  Sunday said it is not in line with the Law for Federal government to collect VAT.

Akeredolu is a Senior Advocate of Nigeria.

“The FIRS seeking for amendment is a confirmation that they don’t have the power. The amendment will be dead on arrival. Why seek an amendment to a constitution when the provision is so clear,” he said.

“If the Federal Government was to collect VAT for states, it can only get percentage which the federal government can decide to share at the FAAC.

“You can only collect VAT on behalf of the States and hand their money over to them. You can only take percentage there for helping us to collect the money.”

He applauded the Southern Governors who, according to him, aligned with the steps taken by the Nigeria Governors’ Forum to pursue the amendment to the Petroleum Industry Bill, PIB.

Vatsa Lashes Buhari Over Fani-Kayode’s Red Carpet Reception, Calls It Embarrassing

By
The Source
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0
Jonathan Vatsa

By Akinwale Kasali

Secessionists, Igboho, Kanu to Join APC and have their sins forgiven

By Akinwale Kasali

Last week, former Minister of Aviation, Femi Fani-Kayode became the beautiful bride of the ruling All Progressives Congress, APC, following his defection from opposition, Peoples Democratic Party, PDP.

Criticism  has trailed the new alignment between Fani-Kayode and the APC.

But an angry Jonathan Vatsa, a Chieftain of the APC in Niger State, has described the defection and acceptance of Fani-Kayode by President Muhammadu Buhari and APC top shots as disgraceful, shocking and embarrassing.

Vatsa, who was the Spokesman for the APC in the State, said that those who were branded yesterday as “looters” of the country’s treasury are being given “red carpet reception” in Aso Rock, has further put a question mark on the anti-corruption stand of the present administration.

According to him, “treasury looters are now heroes in APC. Everything is finished. The party has lost direction.”

Speaking with journalists on Sunday in Minna, the former Commissioner for Information, Culture and Tourism pointed out that the desperation at which those that were called thieves yesterday are  being wooed and coerced into the ruling party is not only an embarrassment but a confirmation that “the party is struggling for survival at all means.”

Expressing his disappointment, Vatsa said: “I am dumbfounded and shocked not because Femi Fani Kayode defected to the party, but the kind of red carpet reception accorded him and in Aso Rock before the chief anti-corruption crusader himself.

President Buhari and Fani Kayode
President Buhari and Fani Kayode

“All Nigerians, including Mr. President, know the controversy surrounding the N2billion Port Harcourt Airport runway contract under Femi Fani Kayode as Minister of Aviation and his involvement in the ‘Dasukigate.

“It is sad to see those who looted the country with reckless-abandon and contributed to the economic problem the country is facing today, being received as heroes for defecting to APC, and being received by the President.

I have said this before and am saying it again that APC needs to apologize to Nigerians that it has missed it. We failed this country in totality, and the honourable thing to do is to say we are sorry.

“When we are beginning to eat our vomit, it means that the entire system has entered reverse gear. The party has continued to de-market itself before Nigerians through the actions of its leadership every day.

“I wonder what value some of these defectors add to the party? The APC as a party is beginning to behave like an illegitimate child looking or struggling for survival at all means.” He said.

Vatsa therefore, mockingly advised secession activists, Nnamdi Kanu and Sunday Adeyemo, aka Sunday Igboho, to take a step of faith and join APC and have their sins forgiven.

Accordingly, he said “I will not be surprised if Kanu and Igboho join the APC and are released from detention with the best of reception accorded them. That is the level of desperation that APC found itself in, no matter the level of your corruption, when you join APC you become a saint. It is sad and very unfortunate.”

Obasanjo Hits Buhari Again, Says Borrowing Is Criminal

By
Bayo Bernard
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0

By James Orji

Former President Olusegun Obasanjo has slammed President Muhammadu Buhari for accumulating more debts for the country. The ex-president who is a major critic of the government described the act as criminal.

The former president made the comment on the crest of last week’s request by President Buhari to the Senate to borrow over $4 billion. The president said in the letter to the President of the Senate, Ahmad Lawal that the funds will be used for “emergency needs”.

The development did not sit well with many Nigerians, including the opposition Peoples’ Democratic Party, PDP who accused the president of taking the country to the point of no return over his decision accumulate huge debt. The president’s party the All Progressives congress, APC said the loan is justified.

The Debt Management Office, DMO put the nation’s total debt stocks at N33 trillion. If the Senate approves the latest request, the debt figure would have risen to over N35 trillion with the administration responsible for over 75 per cent of the total, considering that the debt stood at just over N13 trillion when Buhari took power in 2015.

This is not a cheery news, according to the former president who claimed that a huge part of borrowing under the administration is spent on consumption, adding that Buhari is piling up debt for unborn Nigerians.

Obasanjo who had written several letters to Buhari in the past criticizing his style of leadership negotiated the country out of debt from Paris and London Club of Creditors while he was president between 1999 to 2007.

The former president said the debt has become even more worrisome, citing the country’s incapacity to pay back its creditors.

According to him “If you want to build a commercial house and you go and borrow money, and you have 50 per cent of your own money and you borrow 50 per cent and in five years, you pay the 50 per cent that you borrowed. That is a wise thing to do. But if you have to go and borrow money for you to be able to feed yourself and your family, that is a stupid thing to do.”

“If you are borrowing and accumulating debts for the next generation and the next generation after them, it is criminal. What are you borrowing for?

“If we are borrowing for recurrent expenditure, it is the height of folly. If we are borrowing for development that can pay for itself, that is understandable. Then the payment, how long will it take to pay itself?”

“When I came into government as elected President, we were spending $3.5 billion to service debts. Even with that, our quantum of debts was not going down.”

The PDP had last week warned in a letter to the Senate not to approve the loan request because, according to the party it will not be used for intended purposes.

The letter signed by the party’s National Publicity Secretary, Kola Ologbondiyan read in part “More alarming is that the debts that APC is hanging on Nigerians are for nebulous projects whose scopes, utilities, locations and contractors are largely vague; a development that validates apprehensions of a huge swindle on our nation at the expense of innocent Nigerians, including generation yet unborn.

“Our party holds it as an act of wickedness that individuals who know that they will be leaving office in less than two years will be accumulating debts instead of seeking ways to reduce the liability they have brought upon our nation.

“The APC knows it will not be around after May 29, 2023. That is why it is pushing our nation into a deeper economic quagmire with foreign loans, which are largely diverted to the personal pockets of their corrupt leaders.”

Oyo APC Quashes Fani-Kayode Claim Of Wooing Makinde To The Party

By
Akinwale Kasali
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0
Governor Seyi Makinde

By Akinwale Kasali

The Oyo State Chapter of the All Progressives Congress, APC, says  there is no space for Oyo State Governor, Seyi Makinde in the APC.

The Peoples Democratic Party, PDP, Governor is alleged to be nursing the intention to dump the PDP and join the Party at the Center, APC.

The insinuation was rife following the claim by former Minister of Aviation, Femi Fani-Kayode, who recently joined the APC fold, that he is wooing Governor Makinde to pitch tent with the APC.

However, AbdulAzeez Olatunde, the interim Publicity Secretary of the party, said there is no room for Makinde in the Party.

He made this statement while speaking in Ibadan, Oyo State Capital on Sunday over the alleged plan of the Oyo State Governor defection to APC.

Azeez noted that the APC has raised the bar of governance in Oyo State adding that the party doesn’t want people who have nothing to offer.

“APC Oyo State is not disposed to having Makinde because he has a very poor performance. APC has raised the bar of governance in Oyo State beyond the ‘mediocre’ performance of Governor Makinde.

“In over two years, Oyo has nothing to show for having a Governor who is even an Engineer, we see this as very poor.

“The first project that he started from scratch is the remodelling of Lekan Salami stadium at a whooping sum of N5.3billion which ordinarily shouldn’t have cost up to that amount.

“And because the people of Oyo state are prayer warriors, God answered their prayer by showing the ineptitude performance of the Governor with very good rain on the day of the commissioning which exposed the inadequacies of the project.

“It’s not even the money he saved. It’s a loan, so Oyo state will pay it back and only God knows for how long.

“It is the achievement of Governor Ajimobi that he is even leveraging upon.

“It’s funny to us that in three months he got to the office he said he wanted to distribute books that they have produced and we challenged them that if you claimed to have produced this in three months, then do another one in one year. It’s been two years now, nothing to show forth.

“A lot of serious state during COVID-19 were building makeshift diagnostic centre and treatment centre, our Governor could not build one, rather he decided to use the maternity centre at Olodo which is a legacy of Governor Abiola Ajimobi.

“We don’t want people that have nothing to offer the people of Oyo state in our party. We have scores of better candidates, people that will do Oyo state better than Makinde is doing.

“No space for him in APC.

“Fani-Kayode should face his own life, we don’t want him to assist us in Oyo state”, he said.

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