The National Assembly has shut down calls for the creation of a new constitution, instead of the statutory amendments or reviews which have been ongoing in the last 20 years.
The federal legislature said the process of creating a new constitution would lead to anarchy and chaos, adding that a country cannot throw its existing Constitution away on any account.
The National Assembly, which is resuming from its recess, added that a country cannot discard its grundnorm but will fine-tune it to meet emerging realities after promulgation or enactment.
Meanwhile, the House Committee on Constitution Review, chaired by Deputy Speaker Benjamin Kalu, has so far received 13,500 memoranda on various subject matters.
The Nigerian Constitution has been subjected to five alterations since the inception of the Fourth Republic in 1999, with the first and second alterations providing for the Financial Independence of the National Assembly and Independent National Electoral Commission (INEC) and granting the Supreme Court jurisdiction on appeals from the Court of Appeal on the election of governors and their deputies.
The third and fourth alterations, among others, established the National Industrial Court under the Constitution as a superior court of record and provided for the funding of the Houses of Assembly of States directly from the Consolidated Revenue Fund of the state.
The fifth alteration under the 9th Assembly, amongst others, reinforced financial autonomy for State Houses of Assembly and Judiciary, decongested the Executive List, and deleted reference to the provisions of the Criminal Code, Penal Code, Criminal Procedure Act, Criminal Procedure Code or Evidence Act.
However, in the current National Assembly, the committee on the constitution amendment was set up in the Senate on February 14, 2024, while that of the House was inaugurated on February 26, 2024.
Since the 10th National Assembly began the process for the sixth Constitution amendment, there have been renewed calls for the abolishment of the present laws of the land and enactment of a new one.
Such demands had emanated from eminent leaders, elder statesmen, and serving and former governors who called for the complete abolishment of the 1999 Constitution, citing its lack of legitimacy and inability to address the country’s challenges.
Some of such calls were made at the Nigeria Institute of International Affairs (NIIA) in Lagos during the National Dialogue on the Constitutional Future of Nigeria in honour of renowned legal luminary, Prof. Ben Nwabueze, organised by the Patriots with the theme: “Lawful Procedures for Actualising a People’s Constitution for Nigeria.”
A former secretary-general of the Commonwealth and Chairman of the Patriots, Chief Emeka Anyaoku had stressed that the current constitution lacked the legitimacy expected in a pluralistic country like Nigeria, and called for the adoption of the recommendations of the 2014 National Conference or the convocation of a nonpartisan constituent assembly to develop a truly federal constitution.
Leader of the Pan-Yoruba socio-political organisation, Afenifere, Chief Ayo Adebanjo, also called on President Bola Tinubu, who he said had been an advocate for a new constitution, to set up a committee to deliver a new constitution within three months, arguing that the National Assembly cannot oversee the process due to its origins in the flawed 1999 Constitution.
For a constitutional lawyer, Prof. Mike Ozekhome (SAN), the 1999 Constitution is fundamentally flawed and cannot be amended. “One million amendments multiplied by one million amendments added to another one million amendments cannot change the constitution because it is fundamentally flawed,” he said.
Also, a former Sokoto State governor, Senator Aminu Tambuwal, noted that the National Assembly could promulgate a law to begin the process of a new constitution, similar to the doctrine of necessity used during the health challenges of the late President Umar Musa Yar’Adua.
Tambuwal, a former speaker of the House of Representatives, said, “We can as well resort to another doctrine of necessity to come up with the legislation to enable us to commence the process of having a new constitution.”
Similarly, former governors James Ibori, Kayode Fayemi, and Obong Victor Attah have also emphasised the need to secure the support of Tinubu for a new constitution while Governor Babajide Sanwo-Olu of Lagos State threw his weight behind the agitation for a truly federal constitution in Nigeria to devolve power to the federating units.
In the same vein, the National Christian Elders Forum (NCEF) said the perennial amendment of Nigeria’s 1999 Constitution by the National Assembly should cease and that the lawmakers should instead commence work on a new grundnorm for the country.
The forum’s chairman, Dr Samuel Gani said after five alterations to the Constitution without any significant positive impact on the country, the National Assembly should commence work immediately on adopting the report of the 2014 National Conference which included a draft Constitution.
This is just as there have been agitations for the return to parliamentary system of government to replace the presidential mode, which is being championed by some members of the House of Representatives who have introduced three bills to that effect.
The bills seek to alter the Constitution to transition from the current presidential system to a parliamentary system at all levels – federal, state, and local government.
But speaking to LEADERSHIP, spokesperson of the House Committee on Constitution Review, Hon Philip Agbese declared the demands for abdication of the current Constitution as a call for anarchy and chaos as a country cannot throw its supreme law away on any account under a democratic dispensation.
Speaker Abbas Tajudeen had admitted that some citizens are calling for the Constitution to be entirely discarded instead of amendment, but that even more mature democracies have accepted this position as the United States had ratified 27 amendments to its Constitution.
“While some citizens argue that the document should be entirely discarded, it is important to remember that democratic consolidation can only be incremental and gradual,” Abbas said.
Giving an update on the Constitution amendment process in the House, Agbese disclosed that the Committee is still receiving memoranda till Tuesday, April 30, while 13,500 memoranda had so far been collected on various subject matters.
The Constitution Review Committee’s spokesperson also said the panel will be holding town hall meetings to train experts on the various subject matters on which memoranda had been submitted.
“We are still receiving memoranda. We have extended deadline for the collection of memoranda. We initially set the deadline for April 10 but that has been extended to April 30. We have so far received 13, 500 memoranda on various subject matters.
“These include state police, state creation, devolution of power, local government autonomy, etc. We have subcommittees looking at the various subject matters. By next week (Tuesday or Wednesday) we are holding a town hall meeting to train experts on the various subject matters,” the lawmaker said.
Constitution Reforms Will Be Taken Seriously – Senate
Speaking to LEADERSHIP, the chairman, Senate Committee on Media and Public Affairs, Yemi Adaramodu, said the issue of the amendments will be taken seriously as the lawmakers resume on Tuesday.
“The issue of constitutional review will be taken seriously. Issue of electoral reforms will be taken seriously also. Already, committees had been constituted in the Senate before we went on recess. We are going to hold critical meetings with stakeholders.
“We are going to move to the zones, which is necessary, to get the input of Nigerians and their desires in the constitution amendment and the electoral reforms,” Adaramodu said.
LEADERSHIP reports that bills and memoranda have been received with the issues of devolution of power, true federalism, local government autonomy, parliamentary system, state police, and giving roles to traditional rulers, among other issues being raised.
The bills are coming as private and member bills while the executive has announced it will submit bills in the amendment process.
All the bills, if passed by the National Assembly, must get two-thirds approval from the 36 state houses of assembly.
[Leadership]
A retired Assistant Inspector-General of Police, Ambrose Aisabor, has said adopting state police is non-negotiable.
According to him, the clamour for state police raged over the failure of the federal police.
Daily Trust reports that the discussion on state police has been revived recently with President Bola Tinubu and state governors supporting it.
Aisabor in a chat with our correspondent yesterday, said the new dynamics in security have made state police imperative.
He said, “The argument is that state governors will misuse the outfit. Is the federal government not presently misusing the federal police? So many civilized countries are practicing multilevel policing. There are always safeguards for checks and balances. When you look at what we are having now, most of the police requirements are already being borne by the various state governments.
“Apart from salaries and allowances which the federal government is responsible for, other logistics needs of the police are being handled by governors.”
Governors will hijack it – Ogun traditional ruler
A first-class traditional ruler in Ogun State, the Eselu of Iselu kingdom, Oba Akintunde Akinyemi, has rejected the call for the establishment of state police, saying the country was not ripe for a decentralised policing system.
Oba Akinyemi expressed fear that the state governors may hijack the apparatus of state police to intimidate and victimise members of the opposition parties in their states.
Oba Akinyemi spoke in an interview with journalists on the sideline of his birthday ceremony, held in Abeokuta, Ogun State capital.
The traditional ruler argued that if the existing police force is well equipped, funded and motivated, it will be better positioned to fight insecurity and other criminal activities confronting the country.
[DailyTrust]
Nimbo community in Uzo-Uwani Local Government Area of Enugu State has again come under attack by suspected Fulani herdsmen.
DAILY POST learnt that the attack, which occurred late Sunday evening, claimed some lives, with many others critically injured.
Sources disclosed that the herders attacked mourners at Ugwuijoro Nimbo community, leaving behind tears and sorrow.
Some of those killed were identified as Okeh Simon Ugwu Oruku, Okeh Chukwuebuka, Julius Ogbonna Odiegwu and Gabriel Ugwor Ezea.
A gruesome video sighted by DAILY POST Monday morning showed a deserted community.
The voice in the video cried out that the invaders took the villagers by surprise and shot sporadically at the mourners.
Tables and chairs could be seen scattered in the compound where the mourners had gathered, with lifeless villagers also seen in the pool of their blood.
DAILY POST recalls that Nimbo was also attacked in 2016, leading to the death of scores.
The incident attracted a nationwide outrage then.
Meanwhile, the Police Public Relations Officer, PPRO, Enugu State Command, DSP Daniel Ndukwe is yet to respond to an enquiry sent by DAILY POST on the latest attack.
[DailyPost]
- •Enugu, Ekiti, Ondo get the nod to generate, distribute power
Can state governments truly take on the challenge of generating, transmitting and distributing electricity, given the substantial capital required for such projects? Would governors prioritise investing in initiatives that may not yield significant returns during their limited tenures? The Minister of Power, Chief Adebayo Adelabu, consistently highlights the prolonged gestation period of electricity projects as a major hurdle. Rather than solely blaming weak regulation for the industry’s challenges, he advocates for the recapitalisation of electricity Distribution Companies (DisCos) or involvement of core investors capable of meeting the sector’s financial and technical demands. He actively seeks new investors to help reduce Aggregate Technical Commercial and Collection (ATC&C) losses.
Since the Nigerian Electricity Regulatory Commission (NERC) delegated oversight powers to Enugu, Ekiti and Ondo states last week, energy experts have raised pertinent questions about their potential impact on operations. Will these states merely regulate existing underperforming firms, or can they enact meaningful changes? Shedding light on the country’s energy mix, NERC’s Vice-Chairman, Musliu Oseni, revealed on April 3, that gas plants and hydroelectric sources account for 75 per cent and 25 per cent, respectively. However, the feasibility of state governments generating, transmitting and distributing electricity remains a subject of debate. While some doubt their financial capacity and question their motives, others ponder whether they will explore renewable energy opportunities or solely focus on leveraging existing power infrastructure for revenue. With NERC’s recent decision to cede regulatory power to state bodies such as the Enugu State Electricity Regulatory Commission (EERC), the landscape of the Nigerian Electricity Supply Industry (NESI) has shifted after 19 years of NERC’s monopoly.
On April 22 2024, this move marked a significant departure from the status quo, as regulatory authority was transferred to the Ekiti State Electricity Regulatory Bureau and the Ondo State Electricity Regulatory Bureau the following day.
According to NERC Chairman Sanusi Garba and Commissioner Legal, Licensing and Compliance, Dafe C. Akpeneye, regulatory oversight was transferred to Enugu, Ekiti and Ondo states effective May 1, 2024. This decision, rooted in the amended Electricity Act 2023, marks a significant shift from the previous centralisation of the electricity market. The NERC management emphasised that decentralisation became feasible after presidential assent was granted to relevant amendments of the Constitution of the Federal Republic of Nigeria on March 17, 2023.
Sanusi and Akpeneye added that “Paragraph 14(b) Part II of the Second Schedule to the 1999 CFRN which provides that “a House of Assembly may make laws for the state with respect to generation, transmission and distribution of electricity to areas not covered by a national grid system within that State” was amended to “a House of Assembly may make laws for the State with respect to generation, transmission, and distribution of electricity to areas within that state.”
The NERC management highlighted that this amendment granted legislative autonomy to federating states in Nigeria, allowing them to legislate on electricity generation, transmission and distribution within their jurisdictions. As Enugu, Ekiti and Ondo states seize this opportunity to separate their electricity markets from NERC control, other states like Oyo, Kaduna, Edo, Nassarawa, and Lagos are reportedly following suit. This shift not only alters the landscape of the Nigerian Electricity Supply Industry but also redefines the states’ roles in power generation and distribution.
However, the true test lies ahead as these states must now demonstrate the financial capacity to operate independently beyond mere legislative authority.
It’s important to remember the presence of the Federal Government-owned Nigerian Electricity Supply Company (NESCO) in Jos, Plateau State. Originally established to support the thriving tin production business of the Nigerian Tin Mining Company, NESCO continues to operate even after the decline of tin mining in the area. Today, it remains active, supplying electricity to various customers in the city.
Before the 2023 Electricity Act, several states had expressed interest in establishing and managing their own power plants. Lagos State, for instance, embarked on this path over 15 years ago, seeking to generate its own electricity. Similarly, Edo State stands out as a success story with its 550MW Ossiomo Gas Power Plant, supplying power to various consumers. More recently, the Aba Geometric 188MW Power Plant, in partnership with Aba Power Limited Electric (APLE), resumed electricity supply to the Aba business cluster, marking a significant departure from the Enugu Electricity Distribution Company (EEDC). While these power plants may not be operating at full capacity, they continue to operate and contribute to the electricity supply.
But how has the order transferring power to the Enugu State Electricity Regulatory Commission changed the landscape of the power market in the state? Basically, NERC has, in compliance with the Act, granted the ESERC power to regulate its intra-state electricity market activities once the order takes effect.
NERC ORDER NO: NERC/2024/039 states that: “On completion of the transfer under subsections (2) and (3), whichever occurs later in time, the commission shall have no further regulatory responsibility whatsoever for electricity market activities carried on entirely within the state to which regulatory responsibility has been transfered.”
The law has further empowered the state commission to incorporate and license a company: powers firm that it oversights. NERC said: “B. EEDC shall complete the incorporation of EEDC SubCo within 60 days from (1st May, 2024), the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from EERC. C.EEDC shall identify the actual geographic boundaries of Enugu State and carve out its network in Enugu State as a standalone network with the installation of boundary meters at all border points where the network crosses from Enugu State into another state.”
In essence, the state commission will now grant licenses to companies owned by the Enugu Electricity Distribution Company (EEDC) for operation within the state. However, the EERC will not regulate the activities of the EEDC in areas beyond the state’s territorial boundaries.
Additionally, any significant electricity firm emerging within the state will also be subject to licensing and regulation by the EERC. Despite its name, the Enugu State Electricity Regulatory Commission lacks regulatory authority over the EEDC’s franchise areas in Abia, Anambra, Ebonyi, and Imo States. These states will continue to fall under the oversight of the NERC until they establish their own regulatory commissions. This is so because the EA 2023 says, “Notwithstanding the provisions of section 63(1) and subsection (5), the generation, transmission, system operation and distribution of electricity in a State that has not exercised its option under subsection (2) shall continue to be regulated by the Commission in accordance with the provisions of this Act until such a time as that State exercises the option.”
In the instance of transferring regulatory oversight of the electricity market in Ekiti State to the Ekiti State Electricity Regulatory Bureau (EERB), NERC stated that it has issued an order based on the state’s application for a regulatory bureau. This action aligns with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), facilitating the transition of regulatory responsibilities from the Commission to the EERB.
Accordingly, the transfer Order by NERC has the following provisions:- Direct Benin Electricity Distribution Company (BEDC) and Ibadan Electricity Distribution Company PLC (IBEDC) to incorporate a subsidiary (BEDC SubCo and IBEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Ekiti State from BEDC and IBEDC. BEDC and IBEDC shall complete the incorporation of BEDC SubCo and IBEDC SubCo within 60 days from 22 April 2024 and the sub-companies shall apply for and obtain licences for the intrastate supply and distribution of electricity from EERB, among other directives. All transfers envisaged by this order shall be completed by 22 October 2024.”
But unlike Enugu State that all its notable electricity market activities are hitherto under the franchise of only Enugu Electricity Distribution Company (EEDC), Ekiti State electricity market business has been under the operation of Ibadan Electricity Distribution Company (IBEDC) and Benin Electricity Distribution Company (BEDC), hence the above NERC order. Similarly, NERC also transferred regulatory oversight of the electricity market in Ondo State to Ondo State Electricity Regulatory Bureau (OSERB) in compliance with the same Act. The commission said: “The transfer Order by NERC has the following provisions: Direct Benin Electricity Distribution Company (BEDC) to incorporate a subsidiary (BEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Ondo State from BEDC. BEDC shall complete the incorporation of BEDC SubCo within 60 days from 22 April 2024 and the sub-company shall apply for and obtain licence for the intrastate supply and distribution of electricity from OSERB, among other directives. All transfers envisaged by this order shall be completed by 22 October 2024.”
The EA 2023 is explicit that the BEDC shall now register a distribution branch company that is licensed by the OSERB. From the view of the foregoing, the Act has brought the operators nearer to its customers in the above mentioned states. Since the new commission or bureaus will oversee their licensees, there is the high hope that it will result in a better customer relation and improved service delivery. However, some industry players have always raised the questions about source of funding since Nigeria’s commercial banks seem to have shut their doors of lending against the power sector. Owing to their huge exposure to the industry and the unwillingness of both governments and private investors to service the debts, the local banks are out of the options. Thus, only the next few years shall tell whether the new electricity legislation has induced more light or darkness.
[TheNation]
IN the run-up to the 2023 general elections, the relationship between Nyesom Wike, then governor of Rivers State and Siminalayi Fubara, the state Accountant-General, as he then was, was like that of a father and son.
Wike, at the twilight of his administration, did everything to ensure that he installed a loyal successor, which he found in Fubara, against the wishes of many party bigwigs and faithful in the state, who argued that the latter, being a political rookie and having not contributed anything to the Peoples Democratic Party, should not have been given the plum job.
Wike, however, appealed to the heavyweights to accept Fubara for reasons best known to him. His plea was received with mixed feelings among party men and women, especially among the majority of the aspirants seeking the party’s ticket ahead of the election.
The likes of former governor of the state, Celestine Omehia, erstwhile deputy governor, Tele Ikuru, former Minister of Transport, Dr Abiye Sekibo, former Deputy Speaker of the House of Representatives, Chief Austin Opara, Senator Lee Maeba, among others, were party stalwarts Wike locked horns with and stepped on their toes before having his way, causing a major crack in the party fold.
Even before Fubara was declared winner of the primary, it was said that some of the aspirants, including Dr Sekibo, in objection, walked out of the Dr Obi Wali International Conference Centre, the venue of the exercise where Fubara was elected as the party’s standard-bearer.
One of the fallouts of the disagreement was that Dr Sekibo, Senator Maeba, and Chief Opara, who were governorship aspirants of the party, along with Sir Omehia and other chieftains of the party, like former Commissioner for Employment and Economic Generation, Dr Leloonu Nwibubasa, turned their backs on Wike.
Needless to say, the aggrieved party stalwarts also opposed the group of five governors, known as the G-5, aka Integrity Group, led by Wike, who rejected the Peoples Democratic Party presidential candidate and former vice president, Atiku Abubakar, as the political permutations then gathered momentum for the poll.
While Wike saw them as state enemies for aligning with Atiku, one of them and former senator, Maeba, voiced his concerns bluntly thus, “A candidate has emerged for our party. So we don’t need anybody to tell us who to support for the president in the coming election. What we should do is to come together and support the candidate that has emerged.”
Fubara contested the election, won by a landslide and was sworn in as governor in a well-attended ceremony, held at the Yakubu Gowon Stadium, Elekahia, in Port Harcourt, on May 29, 2023, after Wike had handed over state power and authority to him in the public glare.
Within the first three to four months of the new administration, things were going smoothly between the godfather, Wike, and his godson, Fubara, until somewhere down the line, when some strange developments were noticed.
Like a bolt from the blues, Wike and Fubara were no longer seen together exchanging the usual banters, even at important state functions. Tongues started wagging and, as it is said, the walls have ears, so that from within there were whispers that the house was falling.
Noticeably among the cracks in the wall was the former governor ensuring that four commissioners – Works, Education, Attorney-General/Justice, and Finance, who worked under him when he held sway, were reappointed and assigned the same portfolios by his successor.
Subsequent appointments of commissioners were, according to the ‘whispers,’ determined by Wike, while the incumbent governor was limited to appointing special advisers and related aides, coupled with the fact that he hardly took any major decision without the express approval of his predecessor, which he (Fubara) began to find nauseating.
An elder statesman and pioneer spokesperson of the Pan Niger Delta Forum, High Chief Anabs Sara-Igbe, during an interview with The PUNCH correspondent, bare it that Governor Fubara had expressed worry over the trend and had dared to resign from office following the high-handedness of his predecessor, which he considered a mouthful.
In search of a breath of fresh air, Fubara resorted to relating his travails to some top politicians, including known political foes of his predecessor and followed it up with a private visit to Governor Douye Diri of Bayelsa State in Yenagoa, and his Edo State counterpart, Governor Godwin Obaseki in Benin.
Again, it was said that Governor Fubara, against his godfather’s advice, started attending PDP stakeholders’ meetings outside the state and interacted with bigwigs and heavyweights, a development that Wike neither found funny nor palatable.
The result was the commencement of the moves to unseat the governor, who was barely six months in office, by the state House of Assembly, led by Wike’s kinsman from Obio/Akpor Local Government Area, Martin Amaewhule.
After the move to impeach the governor failed, Wike, who was already the Minister of the Federal Capital Territory, himself had alleged that there was a move by Fubara to change the leadership of the state legislature and install one loyal to him in a bold effort to start building his political structure as a sitting state chief executive.
“You want to remove an Obio/Akpor man, you will go first,” Wike was quoted as saying during one of his famous outings in the media.
While the unfolding political drama had set the stage for 27 members of the state House of Assembly loyal to the FCT minister to execute their plan, the night before the planned impeachment proceeding, precisely on October 30, 2023, an explosion rocked the state House of Assembly and destroyed the hallowed chamber.
Not deterred, the 27 lawmakers went into the bombed chamber under heavy security and announced a notice of impeachment against the governor, who demanded to know the sin he committed to warrant the plan by the lawmakers, amid all the hullabaloo and pandemonium that occurred, including teargas and water shelling on Fubara.
According to Newton’s Third Law of Motion, ‘every action has an equal and opposite reaction’. A day after, on December 13, 2023, Governor Fubara supervised the demolition of the imposing Assembly complex with several earthmoving equipment and the complex has since then been under lock and key to date.
Justifying the demolition, the state Commissioner for Information and Communications, Joseph Johnson, at a news briefing in his office, said the facility had integrity issues, made worse by the bombing, adding that engineers had advised that the facility was no longer safe for legislative business due to the structural defects.
During the melee, former House Leader, Edison Ehie, who had earlier been removed and suspended, claimed that he had been elected Speaker by his colleagues and announced the suspension of some of his colleagues, including Martin Amaewhule.
A few days afterwards, Fubara presented an appropriation bill of over N800bn to four members of the state Assembly loyal to him at the Government House, Port Harcourt and 24 hours after, the bill was passed into law and assented to by the governor, going down in the annals of democracy as the fastest in the country.
In the heat of the political crisis, President Bola Tinubu stepped in and intervened, inviting warring parties to Abuja, a development which culminated in an eight-point peace agreement, which directed Fubara to represent the budget to the whole House and reappoint about nine commissioners loyal to Wike who had resigned from his cabinet in the wake of the faceoff between godfather and godson.
Back home and across the country, the presidential truce was greeted with disapproval and outright rejection by a plethora of Governor Fubara’s supporters, including the Rivers State Council of Elders. However, amid several youth and group protests, Fubara pledged his commitment to implementing the agreement, saying, “It is not a death sentence,” though Rivers’ elders argued that it was.
The governor went ahead and fulfilled almost all the terms of the Abuja peace agreements, including payment of allowances due to the lawmakers and reinstating the resigned pro-Wike commissioners.
However, the governor had yet to represent the budget to the Amaewhule-led Assembly, the centre of a lingering faceoff with the majority lawmakers and the state caretaker committee of the All Progressives Congress, led by Chief Tony Okocha.
Chief Okocha had, at a media interaction, said, “The governor cannot be cherry-picking which agreement to implement when he appended his signature to the document before Mr President.”
On December 22, a mother-of-all-all protest by various groups, including the Ijaw National Congress, led by its President, Prof Benjamin Okaba, the Ijaw Youths Council, Eastern zone, the Nigeria Labour Congress, Rivers State branch, National Youths Council of Nigeria and the National Association of Nigerian Students, South-South zone, grounded the state with a clear message of rejecting the presidential peace agreement, which they said favoured Wike.
One of the leaders of the protesters and the state chairman of the NYCN, Chijioke Ihunwo, put it succinctly thus, “We reject the eight-point agenda because it was not written by Rivers people who gave the governor their mandate. We, therefore, warn that if the governor makes the mistake of trying to represent the budget, we will occupy the Government House.”
While the issues of representing the budget, the status of the lawmakers and the presidential intervention are currently before the court awaiting adjudication, Governor Fubara, at a recent public function, reiterated his commitment to the peace accord, saying his honest decision to implement the pact was because of his respect for President Tinubu.
Fubara stated, “Mr President invited all the parties to Abuja and came out with a resolution that we should go and implement. That resolution, I am implementing. It is not a constitutional implementation. It is a political solution to a problem. And I’m doing it out of the respect I have for Mr President.”
He, however, warned that he would surprise those who thought his decision to implement the agreement was a sign of weakness.
In analysing the political situation, some pundits said Fubara’s refusal to represent the budget was in order, emphasising that it would be a grave tactical error for him to do so. They further averred that Fubara would be stepping on a minefield planted by the pro-Wike lawmakers to enable them to finally nail him if he attempted to represent the budget.
But be that as it may, the recent outburst of the FCT minister ruling out any reconciliation with his estranged political godson seems to sound the death knell on any hope of reconciliation between the duo. This was just as Fubara himself was proving to be a good student of diplomacy, preaching peace and practising war.
But the pro-Wike lawmakers are not backing down, as they have vetoed the governor to amend some extant laws in the state, including the Rivers State Local Government Law, the state Advertising and Signage Law and the Rivers State Assembly Commission Law, which limits the powers of the governor in more ways than one if allowed to sail through
Only recently, on March 30 precisely, the 27 lawmakers threatened Governor Fubara with impeachment, saying they would be compelled to do so as a last resort if it would take to enforce their responsibilities and uphold the constitution of the land.
Speaker Amaewhule, flanked by 26 of his colleagues, while issuing the threat at a news briefing at his official residence, accused the governor of refusing to implement all the agreements reached in Abuja, adding that he (Fubara) had continued to act outside the law, including running the state without an approved budget.
Amaewhule also took a swipe at the former Director General of the PDP Presidential Campaign Council in the state, Dr Abiye Sekibo, for casting aspersions on the FCT minister in a bid to paint him black before President Tinubu, knowing well that the president is happy with the good works Wike is doing in Abuja.
Speaking directly to Dr Sekibo and his pro-Atiku supporters, he said, “They must not forget that the Rivers State House of Assembly has the mandate of the people and that we swore an oath of allegiance to the constitution to do the needful, including the impeachment of the governor as a last resort.”
There is no gainsaying the fact that in the coming weeks and months, it will be needless to peep into the star to predict the impending outcome of the political imbroglio in Rivers State. It is also an open secret that as of today, the Abuja peace agreement, which led to a semblance of temporary peace (of the graveyard) in the state, had crumbled.
Though Fubara has been talking tough lately, acting with aplomb and gaining the support of many stakeholders, a cursory look shows that Wike still holds the aces, as he still controls the political structure, especially of the PDP in the state.
The former governor still commands the loyalty of all chairmen of the 23 local government areas of the state, who were elected during his tenure as governor. Similarly, the three senators, including Senator Barry Mpigi of the Rivers South-East, the district of the incumbent governor, remain Wike’s loyalists any day.
Similarly, the FCT Minister still enjoys the support of the majority of the 13 members of the green chamber of the National Assembly from the state, save for three dissenters.
However, Fubara is not unaware of the challenges ahead as he is gradually endearing himself to the people, especially civil servants and the labour unions. The approval for payment of salaries arrears, promotion of workers who had been stagnant for about nine years, and approval of N100,000 as a Christmas bonus for workers last December lends credence to this.
Some groups, including members of the ‘Grassroots Development Initiative,’ a political arm of the PDP set up before the 2015 general election, and which has the FCT minister as its grand patron, paid visits to the governor at the Government House, Port Harcourt, to pledge their loyalty and support for his administration.
A case in point was on March 10, 2024, when former coordinators of the GDI in 12 local council areas of the state pledged their support for Governor Fubara. The coordinators represented Obio/Akpor, Ogu/Bolo, Port Harcourt City, Opobo/Nkoro, Gokana, Bonny, Ahoada West, Ahoada East, Ogba/Egbema/Ndoni, Oyigbo, Asari-Toru, and Akuku-Toru local government areas, according to a statement issued by the Chief Press Secretary to the Governor, Nelson Chukwudi.
The former coordinator in Obio/Akpor Local Government Area, Collins Onunwo, led the delegation of former members of the GDI All Coordinators’ Forum on the solidarity visit to Fubara, where they explained that their decision to resign from their positions in GDI to join the Simplified Movement was in the interest of the Rivers people.
The governor thus continues to entrench his hold on the party, with the recent redeployment of two loyalists of the FCT minister in his cabinet, namely, Prof Zacchaeus Adangor, SAN, the state Attorney-General and Commissioner for Justice, and Isaac Kamalu, the state
Commissioner for Finance, to whom the governor redeployed to the Ministries of Special Duty (Governor’s Office) and Employment Generation and Economic Empowerments, respectively.
Watchers of political events in the state described the deployments as attempts by Fubara to whittle down their powers and influence in his administration and render them somewhat redundant.
Prof.Adangor and Kamalu’s rejection of their deployment and consequent resignation from the cabinet a day after their deployments, to all intent and purposes, thus achieved what political analysts described as a subtle way of asking them to take a bow and leave without necessarily firing them, which otherwise would have been a violation of the Abuja peace treaty.
But another school of thought said that aside from the commissioner for youths and that of information and communications, and perhaps one or two others believed to be his staunch supporters, the governor may still be eating with the devil as other known loyalists of the FCT minister are still in his cabinet.
The appointment of 16 new Permanent Secretaries with gifts of new Sports Utility Vehicles in January this year, was said to be a masterstroke to enable him to work with those he feels comfortable with, while the commissioners in those ministries may be the mere status of symbols or ceremonial heads going forward, especially as it may be difficult for him to appoint new commissioners, knowing full well that they would be subjected to screening and confirmation by a legislature which is not his best of friends.
Another twist to the tale is the list of the state PDP caretaker committee members, released over a fortnight ago by the party’s national secretariat, which was populated by Wike’s men, suggesting that the former governor still has a handful grip on the party in the state and at the national level.
Of particular importance and interest is the fact that while the state publicity secretary of the PDP, Sydney Gbara, is working with Governor Fubara, the chairman of the ruling party in the state, Aaron Chukwuemeka, is loyal to Wike.
It is also noteworthy that in his bid to keep his loyalist base secure and intact, and maintain his stranglehold on the party in the state, the FCT minister has influenced the appointment of some of his confidants into key positions at the federal level so that they don’t change their minds and become ‘SIMPLIFIED’.
Some of the appointments are that of the former state PDP chairman, Amb. Desmond Akawor, who is now a federal commissioner of the Revenue Mobilisation, Allocation and Fiscal Commission; his predecessor, Mr Felix Obuah, is now the coordinator of the Abuja Metropolitan Management Council.
Also, the former commissioner for works under Governor Fubara, Dr Des George Kelly, was appointed the Director-General of the Border Communities Development Agency, and Prof. Henry Ogiri was appointed as federal commissioner in the National Population Commission, among others approved by President Tinubu himself.
Meanwhile, with the tenure of the current LG chairmen winding down, it is yet unknown whether Governor Fubara will conduct local government election as the state, just APC caretaker committee chairman, Chief Okocha, has alleged plans by Fubara to install council administrators at the expiration of the tenure of the council chairmen.
Also, the state legislature had amended the local government law by fiat, empowering the government to extend the tenure of the council chairmen by not more than six months, if the governor fails to conduct council elections.
Wike’s camp is however, unsettled with the recent support Governor Fubara received from Atiku’s loyalists in the state, including Dr Sekibo, Secondus, Opara, Sir Omehia, Senator Meaba, Dr Nwibubasa, all of whom Wike recently described as ‘expired politicians,’ and a couple of others who openly declared loyalty and support for Governor Fubara and chided Wike.
[Punch]
The Vice Chairman South-South of the Peoples Democratic Party, PDP, Dan Orbih; former Deputy Governor, Philip Shaibu; former Speaker of Edo State House of Assembly, Kabiru Adjoto, and several other bigwigs and followers of the party in Edo North senatorial district, weekend, said they were displeased with the way Governor Godwin Obaseki was going about the September 21 Edo governorship poll.
The event was a meeting of the Legacy Group of the PDP at Orbih’s country home, Ogbona, Etsako Central Local Government Area, where Orbih also denounced his membership of the PDP campaign council for the election.
They said the current PDP led by Governor Obaseki and his chosen candidate, Asue Ighodalo, cannot lead Edo, adding that the PDP Legacy Group will vote for a candidate who would represent the good people of the state.
The gang-up is coming as Deputy Governor, Marvellous Omobayo, said that his Akoko-Edo Local Government Area would deliver not less than 80 per cent of its votes to the PDP.
Obaseki abandoned those who worked for him — Orbih
Orbih said they are the foundation of PDP which is anchored on unity, fairness, justice and equity, saying that Governor Obaseki came into the party in 2020 and abandoned the group that worked and voted for his re-election.
His words: “I am not part and parcel of the PDP campaign council. In 2020, we came out in Edo North supporting the election and re-election of Gov Godwin Obaseki. I, Dan Orbih, worked with Governor Obaseki to deliver him. People ask me questions: where are we today, what is the way forward?
“Today, I can boldly tell you, all is not well with the Edo State PDP. As we prepare and move forward for the upcoming election we will do all we can to let Edo people know that this election is about Edo and the future of Edo.
“Let me send a powerful message to PDP, we the Edo PDP can tell you that it is not well with Edo PDP. I hereby denounce my membership as a member of PDP Edo campaign council. Obaseki and his chosen candidate is not the way forward.”
Legacy group’s behind Shaibu
Orbih also condemned the impeachment of Shaibu and said that the Legacy Group was behind him.
He said: “The present predicament of Philip Shaibu is that some people are saying you have no right to contest the election. We are here today to let the good people of Edo North know that we support you, appreciate you and in the matter between you and the Edo State government, we stand by you. As for the PDP legacy group, we are proud of Philip Shaibu.”
Edo people won’t vote for an outsider —Shaibu
On his part, Shaibu said Edo people cannot vote for a candidate who does not know their problems and challenges.
“We will not vote for an outsider. Edo State needs a home grown person, I want to assure you that we are in support of Dan Orbih’s Legacy Group. We will not support Asue Ighodalo. WE will wait for the direction of the PDP Legacy group on who to vote for,” Shaibu said.
Obaseki could not manage our 2020 success — Adjoto
In like manner, Adjoto said PDP under the leadership of Obaseki could not manage the success of its victory in 2020.
He said that instead of consolidating on the victory recorded in 2020 election by rewarding those who worked for his re-election, Obaseki opted for others in the party who did not work for the party.
Akoko-Edo’ll deliver 80% votes to Ighodalo—Omobayo
However, Deputy Governor, Omobayo, said the PDP would win the election, assuring that his Akoko-Edo people would deliver at least 80 per cent of their votes to Ighodalo.
He stated this at a reception organised by the Akoko-Edo Forum, AEF, in collaboration with the local government area and the traditional institution where the AEF requested the National Assembly Constitution Review Committee to create two additional local government areas of the council in view of its landmass to engender development.
Omobayo, who said he did not lobby for deputy governorship, said Governor Obaseki’s sense of equity and justice should be rewarded.
“Governor Obaseki has a very fair sense of justice, fairness and equity. This informed his, permit me to use the word, ‘stubborn’ decisions that the next governor must come from Edo Central. We must deliberately and consciously liberate ourselves. Governor Obaseki has broken a generational curse, and to whom much is given, much is expected.
“The job description is to deliver 70 per cent of Edo North for Asue Ighodalo and I do not expect less than 80 percent from Akoko-Edo. If you look at the combination of Ighodalo and Osarodion Ogie, without bias, you can’t compare them to the others. When you look at them, they are even more pro-masses than Governor Obaseki and when the drums begin to beat, you will see more of them.
“The governor has designed a deliberate master plan that will usher us up to 2050 and for those who care to listen, the masterplan is amazing. The governor is setting up a system that will lead to the state revolving around the youth in the state.”
In his address, President of AEF, Dr Charles Jagun, who was represented by Steven Dania, said AEF had been at the forefront of presenting the case of the Akoko-Edo LGA to the world and “as development partners interested in the development of our local government area, we are calling for the establishment of a tertiary institution in this area which will bring development. We are equally in the process of submitting a memorandum to the National Assembly Constitution Review Committee for the creation of additional two local government areas from Akoko-Edo and also calling on the State House of Assembly to create LCDAs.”
On his part, chairman of the local government area, Tajudeen Alade, said: “We have been witnessing high levels of marginalization, oppression, suppression, and deprivation that have led to our frustration and despondency and that is the more reason we like speaking out. But now, we are seeing light at the end of the tunnel, the Akoko-Edo of our dream is here today.”
President Bola Ahmed Tinubu has said the fuel subsidy removal and foreign exchange liberation policies have put Nigeria at the forefront of economic growth.
In a statement by Ajuri Ngelale, presidential spokesperson, he said Tinubu highlighted this during a high-level panel session at the World Economic Forum, WEF, Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
Ngelale quoted the president as saying that he had to take tough but essential decisions like removing fuel subsidy – with its attendant perils – to reposition Nigeria’s economy.
“Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.
“That was necessary for the country. Yes, there have been drawbacks. Yes, there was an expectation that more people would feel the difficulty. But, of course, our people’s interest was the government’s primary focus.
“Along the line, there was an arrangement to cushion the effect of the subsidy removal on the country’s vulnerable population. We shared the pain across the board. We cannot but include those who are very vulnerable.
“Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology and good education, and they remain committed to growth.
“We managed that and partitioned the economic drawback and the fallout of the subsidy removal equally, engendering transparency, accountability, and fiscal discipline for the country. And that is most important, focusing on what direction we should head in. I will pursue that rigorously,” he said.
Tinubu explained that the government under his leadership manages the nation’s currency and effectively removes corruption-laden arbitrage.
“Currency management was necessary to remove the artificial value element in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.
“That we did. At the same time, that is a two-engine problem that is a very turbulent situation for the government.
“But we can manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public,” the president said.
Recall that in June last year, Tinubu’s administration removed subsidies on petrol and liberalized the FX market.
The development had led to soaring inflation in Nigeria, which stood at 33.20 per cent in March, and currency fluctuation.
The Returning Officer of the All Progressives Congress, APC, in Supare Akoko, South West council area of Ondo state, in the just concluded governorship primary election, Alaba Abe, aka Excel, has reportedly been assassinated.
Abe, who was also the ward 10 coordinator of the party in the council area, served as the returning officer for Governor Lucky Aiyedatiwa in the governorship primary election on April 20.
The victims death was confirmed by his elder brother, Samuel Abbey.
Samuel said that his brother was assassinated on Saturday at about 9 pm in front of his house.
In a swift reaction, the governor Lucky Aiyedatiwa Campaign Group, has appealed to the police authorities in the state to protect its members against implacable opponents.
While decrying the gruesome murder of the ward coordinator, the campaign group in a statement issued by its State Information Director of the organisation, Mr. Kayode Fasua, said that “the late Excel, was a resourceful coordinator, campaigning for the election of Governor Lucky Aiyedatiwa until he was gruesomely murdered.
Fasua said that “he was shot in his Supare home on April 27.
He described the incident as a rude shock to members of the party in the council area, working for the election of the governor, come November, this year.
Also reacting, the Akoko Southwest Local Government Director-General for the campaign group, David Ajobiewe, equally described the incident as a rude shock.
“Excel had been a resourceful coordinator for the Aiyedatiwa campaign organisation in Ward 10 of Supare and was never known to be violent and never had any history of local or domestic dispute.
“We urge the police authorities to step up investigations into his gruesome murder and bring the perpetrators of the dastardly act to book.
Meanwhile, the Convener of the campaign group Dr. Oladipupo Okeyomi, has expressed the heartfelt condolences of Governor Aiyedatiwa, as well as the lamentation of the campaign group and the leadership of the APC in Ondo State, on the tragic loss.
He described the incident as terrible and uncalled for, expressing his sympathy with the family members, friends, and associates of the late Excel.
Contacted, the spokesperson for the state police command, Funmi Odunlami, said that ” In brief, the command is aware of the incident at Supare, investigation is ongoing to unravel all that happened.
The judicial commission of inquiry on public properties and assets established by Governor Abba Kabir Yusuf of Kano State to probe the previous administration led by former Governor Abdullahi Ganduje has scheduled its inaugural session for today.
The commission’s secretary, Salisu Mustapha, said this in a letter addressed to the director-general media and publicity, Kano State Government House on Saturday.
The session will take place at High Court No. 3 within the Audu Bako Secretariat by 10am prompt.
Earlier this month, Governor Yusuf inaugurated two judicial commissions of inquiry (JCI) to investigate instances of misappropriation of public properties and assets, political violence, and missing persons between 2015 and 2023.
During the inauguration of the JCI members, Governor Yusuf pledged to hold accountable anyone found culpable, emphasizing his commitment to uncovering and prosecuting those responsible for political violence in the state before and during previous elections.
The governor urged the commission to thoroughly investigate cases of misappropriated public properties and assets during the tenure of immediate past administration.
He instructed the commission members to uphold their integrity, remain true to their oath, and serve the people of Kano State by ensuring justice is served.
Governor Yusuf clarified that the initiative was not politically motivated or directed at any individual but rather a response to the mandate of the people of Kano State.
Justices of the State High Courts, Farouq Adamu and Zuwaira Yusuf along with other eminent personalities were selected and appointed as chairmen and members of the two commissions of inquiry respectively.
Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN).
This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow.
The sector on the Nigerian Exchange (NGX) has witnessed massive sell-off since the beginning of April, thereby triggering a huge loss of N2.069 trillion. The banking stocks comprise Ecobank Transnational Incorporated (ETI), Fidelity Bank, Guaranty Trust Holding Company (GTCO), Jaiz Bank, Sterling Financial Holdings Company, Unity Bank, Wema Bank, FCMB Group, Stanbic IBTC Holdings, United Bank for Africa (UBA), Zenith Bank, Access Holdings and FBN Holdings (FBNH).
Recall that on March 28, 2024, CBN had revised the minimum capital requirements for banks and, according to data compiled by LEADERSHIP, the overall total market value of the banking stocks dropped by N2.069 trillion to N6.013 trillion as of April 26, 2024 from N8.082 trillion on March 28, 2024.
Also, the NGX Banking Index within the period under review recorded a decline of 25.75 per cent from 1,029.63 points on March 28, 2024 to 764.50 points when it closed trading on April 26, 2024.
Of the 13 banking stocks between March 28, 2024 and April 26, 2024, only ETI recorded a gain of 16.12 per cent. On the other hand, FBNH recorded the biggest loss of 42.76 per cent, while GTCO followed with a decline of 32.38 per cent.
Access Holdings was down by 32.24 per cent, Sterling Financial Holdings Company (-29.26 per cent), Zenith Bank (-26.74 per cent), Wema Bank (-26.47 per cent), FCMB Group (-19.41 per cent), Unity Bank (-18.36 per cent), UBA (-17.86 per cent), Jaiz Bank (-15.83 per cent), Stanbic IBTC Holdings (-11.61 per cent) and Fidelity Bank (-6.00 per cent).
Speaking to LEADERSHIP on the current banking stock performances, the managing director of HighCap Securities Limited, David Adonri said “after the announcement by the CBN directing banks to recapitalise, the market started declining, but we cannot see for sure that, that policy is behind the decline in the prices of banks’ stock since that announcement was made.
“I think the major factor should be the second announcement that restrained banks from paying out good dividends in line with their extraordinary income within the financial year.”
Another reason he associated with the situation was the contractionary monetary policy of the Central
Bank wherein the interest rate had been hiked heavily in the last MPC meeting. So, this has caused a migration of financial assets away from equities to debt, he stressed.
Adonri explained that the recapitalisation structure, as directed by CBN, is predicated on the flow of fresh capital to the banks.
“The banks will have to raise fresh capital from all the sources where they can raise. But we are presuming that a lot of them will have to leave the capital market. They will come to the primary market to raise fresh capital. Judging by historical antecedents, that is likely to cause some price movement in the banking sector before the banks hit the market to float their public offerings,” he said.
On mergers and acquisitions, he said “there is no need because banks are segregated into different segments. Some are regional banks, some are national Banks, and some are international banks. So, any bank that is unable to meet the minimum requirement for a segment will drop down to the lower segment instead of going to a forced merger or offering itself for acquisition.
“But banks have been given about two years to raise fresh capital. What will happen is that there will be a timetable in the capital market that will make them come one after the other so that the market will not be fatigued if all of them are to swamp the market at a fair swoop. I believe that the SEC will come up with a timetable that will give space for each of the listed banks to come to the market via a public offering so that the success rate will be very high.”
The head of Investment Management at STL Asset Management Limited, Oluwaseun Magreola said this bearish sentiment was beyond banking stocks.
Magreola said “since the MPR was jerked up by 400 basis points by the CBN governor in February, the whole equity market has been at risk of a negative turnout. Over the years, there’s been a strong inverse correlation between the fixed income market and the equities market.
Magreola asserted that the reaction to the high yields in the fixed income market was ‘quite slow’, noting that most investors were waiting to earn their dividends.
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Former Governor of Jigawa State, Sule Lamido, has tackled Northern governors over their recent trip to the United States.
Daily Trust had reported how the Northern governors recently traveled to the US to attend a peace summit organized by the United States Institute of Peace (USIP).
Reacting to the development, Lamido, in a Facebook post, said the trip exposed the governors’ ignorance of the country’s constitution.
The former governor said security is solely the responsibility of the federal government because it is on the executive-legislative list.
The statement, titled, ‘Advancing our shame and embarrassment beyond our frontiers!’ reads: “Our Northern Governors as concerned leaders traveled all the way to the United States of America to attend a lecture at the American Institute for Peace titled ADVANCING STABLITY IN NORTHERN NIGERIA as to find a lasting solution to the intractable problems of insecurity bedeveling their respective states.
“Their concern commendable as it were, ended up exposing their ignorance at understanding the Constitution of the Federal Republic of Nigeria the very instrument which gave them the legitimacy and the authority to be Governors!
“If the Governors had traveled to the US to engage on how to boost agriculture or health issues or any other pressing local problems listed on the Concurrent List of our Constitution this could be quite understandable! But to engage on issues which are on the Exclusive Legislative List such as Security says a lot of the substance they are made of.
“Security is a very wide subject which their Excellencies must have capacity to grasp. Most urban towns in their State lack portable drinking water, refuse dumps have taken over some streets; all these have precipitous Security health hazards. Our children attend primary schools under the trees and where there are built classes, they take their lessons sitting on the floor, yet the Security implications of this can not be discerned by their Excellencies. Deliberate and harshly induced poverty by unplanned government policies have made citizens lose their esteem, honor and self worth by lining up scrambling to collect palliative from patronizing and condescending leaders yet the Insecurity of this is of no worry or concern to them.
“You have Governors with no human empathy or respect for dignity or decency in an open show of shame throwing money like confetti from an open Jeep and people scrambling to pick it like the Governor of Niger State. Yet they fail to see the security implications of all these!
“If the Governors were serious and wanted to have a lecture on security, they needed not have embarked on such a wasteful journey with the accompanying expenditure of flight tickets, hotels with all their aides and above all the valuable time wasted at the expense of running their States.
“Certainly they could have gotten more than they wanted from our resourceful institutions such as NIPSS in Kuru Jos or ASCON in Badagry or even NIA! These three Institutions have more than enough materials, essays and templates on the problems on Security in Nigeria more than the far fetched American Institute.”
[DailyTrust]
President Bola Tinubu has secured an additional $600 million foreign investment for the expansion of the nation’s ports infrastructure to accommodate more container shipping services in Nigeria’s ports.
The new $600 million investment, which was offered from the Danish shipping and logistics company, A.P Moller-Maersk, would be complementing the $1 billion already being invested by the administration into seaport reconstruction across the eastern and western flanks of the country.
The new investment decision was disclosed on Sunday by the Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.
The president added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.
The president assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
He emphasized the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.
”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.
[TheNation]
A chieftain of the ruling All Progressives Congress in Osun State Olatunbosun Oyintiloye, has lauded President Bola Tinubu for the N200 billion Presidential Intervention Fund recently launched for Micro, Small and Medium Scale Enterprises and manufacturers in the country.
Oyintiloye, who stated this on Sunday while addressing newsmen in Osogbo, the Osun State capital, equally advised the President to monitor the distribution of the funds to meet the required targets.
The Federal Government, through the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, on April 22, announced the launch of the Fund.
(https://punchng.com/fg-unveils-n200bn-intervention-fund-for-msmes-manufacturers/)
However, Oyintiloye, while harping on the economic contributions of MSMEs to the nation’s Gross Domestic Product, urged Tinubu to “personally” carry out “integrity checks on the process to prevent sabotage.”
He said, “By creating jobs, MSMEs help to reduce unemployment rates, promote innovation, stimulate economic growth and diversification.
“And that is the more reason we have to give it to the President for this initiative. It will in no small way boost the economy through the creation of open new markets because MSMEs are vital to the economic growth of any nation. But there must be a close watch on the distribution of the funds. The President must ensure that he is personally carrying out integrity checks on the process to prevent sabotage.”
The APC chieftain added that “MSMEs contribute over 45 per cent to the country’s Gross Domestic Product (GDP), with 98.8 per cent of them in the micro cadre.
“They account for nearly 90 per cent of the jobs in the country.
“Therefore, as MSMEs grow, they create more jobs, contribute to GDP by producing goods and services for domestic consumption and export, which will lead to prosperity for more, and less insecurity across the country.”
Oyintiloye, a former lawmaker and a former member of the defunct APC Presidential Campaign Council, said that the intervention fund would also boost the manufacturing industries in the country, adding that no modern economy could be developed without a strong industrial base.
He, however, urged Nigerians to continue to support the President for the delivery of more dividends of democracy.
[Punch]
As acute petrol supply challenges enter its second week, independent marketers have explained that issues that led to the scarcity of the product would take another two weeks to be fully resolved.
Checks around Abuja on Sunday showed that most stations were out of stock with very few major marketers dispensing the product in Abuja city centre. At the suburbs, the few stations opened to motorists jacked up their pump price from N680 per litre to N870 per litre.
Speaking to Vanguard on the situation, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike said the product was not available in-country.
Chief Ukadike blamed the acute shortage in supply of importation bottlenecks and the slow pace of marketers licence renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
He disclosed that only 1,050 marketers out of 15,000 have had their licences renewed by the NMDPRA.
He said: “The situation is that there is no product. Once there is lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations. On the part of NNPCL, which is the sole supplier of petroleum products in Nigeria, they have attributed the challenge to logistics and vessel problems.
“Once there is breech in the international supply chain, it will have an impact of domestic supply because we depend on import. I also have it good authority that most of the refineries in Europe are undergoing turn around maintenance. So sourcing of petroleum products has become a bit difficult.
“NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving. Once that is done, normalcy will return. This is because once the 30 days supply sufficiency distrusted, it takes two to three months to restore it. We expect that by next week or so, NNPC should be able to restore supply and with another one week, normalcy should return”.
The challenges faced by marketers in renewing their licences, he said: “NNPC has said the marketers who have not been able to renew their licences will not be allowed to remain on their portal which has been shut for sometime now. Because of this we have not been able to request for new products.
“At this nascent period of deregulation, you will discover that this leads to scarcity even when the product arrives. As it is now, even by their own data, out of 15,000 marketers that are on the portal with licences, only 1,050 renewed their licences. And the requirement for renewal by NMDPRA is so much. Marketers are facing hostile environment. NNPC placed a deadline of April 15, 2024, for marketers to renew their licences.
“We are therefore appealing to NNPC extend this deadline and also to NMDPRA to hasten the release of marketers licences who have completed their processes, and also reduce the bottlenecks around licence renewals”.
[Vanguard]