Matawalle Condoles With Zamfara Communities Over Bandits’ Attacks

Matawalle Condoles With Maru, Kaura Namoda Over Zamfara Bandits' Attacks

The former Governor of Zamfara state, Dr. Bello Muhammad, Matawalle Maradun, has condoled with the people of Maru and Kaura Namoda local government area of Zamfara State, over the recent bandits’ attacks. Matallela said he received with shock, the news of recent attacks of marauding bandits in their numbers, killing innocent people and abducted several others, and left many with various degree of injuries. The former governor said he was saddened by the news of the attacks and called on the people of various communities in the state to report any suspicious movements of the bandits to security agencies. This is contained in a statement by the media coordinating office of the former governor, signed by the Coordinator, Ibrahim Dosara. It said “on behalf of myself, my family and political gladiators, I would like to extend my deep sympathy and condolences to Maru and Kaura Namoda Emirates; local government councils and indeed, the Zamfara State Government over these ugly attacks, killings and kidnapping of innocent lives across the two local government areas.  “I must say we are utterly shocked and dismayed at the terrible human loss incurred and the excruciating pain that ensues. May Almighty Allah ease your pain and grant you patience. “We are all terribly sorry to witness the mindless acts of banditry in the two local government areas and other parts of the state, resulting in so much death and destruction. No words are enough to condemn such acts.  “Let me hope that the state government and the detachment of troops the Bola Ahmed Tinubu government deployed to the state, along with other security operatives will work together, assert themselves, and ensure that such callous and barbaric attacks, killings and kidnappings are stopped in all parts of the state.  “We share the grief of our countrymen and offer our sympathies. “I would like to express my heartfelt condolences to the families of those who lost their lives and other victims of the attacks.  “My thoughts and prayers go out to the relatives of those who were killed in the latest waves of the tragic attacks.  “I write to you on behalf of my family and political associates to express our shock, horror and profound distress at the appalling events and tragic loss of life in the two local government areas and beyond.  “What happened was a dreadful blow to us all and to the civilized values which we share and cherish. “I am deeply shocked and filled with grief over the terrible atrocity and losses brought on to your respective communities and people. “The unbelievable disregard to our community values, of human life and dignity, that exhibited in the ferocious plans behind these acts comes as a horrifying awareness to all of us, a threat to humanity and humankind.  “All of us have been impressed by the courage and dedication of our security operatives and rescue workers, and for the dignity and resilience which lies behind the commitment and determination of President Bola Ahmed Tinubu’s government, to prevail against such monstrous evil. “We, who value democracy and freedom, stand shoulder to shoulder with the the government of Zamfara state at this time.” “As the son of the soil and the minister of state, Defence, I would like to reassure you of my commitment and resilience to implement the far-reaching decisions and policies of the Tinubu administration to defeat these monsters and to bring back the lost glory of our dear state in particular and the country in general.”

IPMAN opposes state governments’ bid for downstream regulatory control

Eteo oil Spill destroyed communities’ source of water – Rights group Health of Mother Health Foundation (HOMEF), has again decried the recent oil spills that ravaged Aleto and Eteo communities in Eleme Local Government of Rivers State, saying it has crippled farming and fishing activities in the area. HOMEF said the spills also destroyed the communities’ only source of potable water. HOMEF and members of Oilwatch Nigeria that paid a visits to the two scenes recently for an on-the-spot assessment to ascertain the level of response and possible cleanup of the affected environment said it met the environment still in a sorry situation as nothing is being done to salvage or clean the pollutions caused by the spills. A statement by HOMEF on Saturday by the Media and Communication Lead, Kome Odhomor, Executive Director, Nnimmo Bassey, expressed displeasure that the oil companies are neither decommissioning their aged infrastructure nor ensuring that their facilities are in good working condition. He regretted that rather than remediating the harm caused by their activities, more investments are being made by the oil companies to expand the areas of threat. Bassey further lamented that two months after the spill occurred, the companies have yet to respond and interface with the communities in any meaningful way. “It was heartbreaking to listen to the lamentation of the community women who now have no source of potable water and cannot process their cassava, a major staple due to the pollution of their stream. The insensitivity of the polluters and regulatory agencies is appalling. These atrocious incidents are also compounding the work of HYPREP. While the agency is working to clean some areas, these polluting incidents are threatening to erase their efforts.” During the site visits, coordinator, Peoples Advancement Centre (PAC), and member Oilwatch Nigeria Celestine Akpobari, called on NOSDRA and other relevant agencies of government to do the needful and send relief materials to the starving people immediately. “It is sad and very embarrassing that a spill of this magnitude at Eteo would happen in very close proximity to human habitation and the NPDC and the government of Nigeria carry on as if nothing has happened to the people. It is worse that the spill has affected the community's only source of drinking water. It is not enough to just sneak in at night to clamp the pipe, the right thing must be done.” While receiving the team of CSOs who visited his palace, His Royal Highness Emere Emmanuel T. Akobe the Paramount ruler of Eteo community expressed shock over the attitude of the NPDC saying, “Our beautiful stream is dead, My people don’t deserve this type of treatment and after we have brought the notice of the National Assembly, there is still no response from them, and my people continue to suffer the impact of the spill.” HOMEF reiterates that Aleto and Eteo communities and the entire Niger Delta must not be treated like disposable or sacrifice zones for profit-seeking endeavors. NOSDRA should be more proactive in meeting the challenging situations of oil spills in the region, while the polluting companies should urgently halt their polluting activities, clean up their spills, and pay compensation to affected individuals and communities. The CSOs also demanded that oil companies decommission all aged pipelines and facilities in the region in line with UNEP recommendations in the assessment of the Ogoni environment.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed strong disapproval towards the recent endeavours of various State governments to assume the role of regulators in the Southeast’s downstream petroleum operations. Mr. Chinedu Anyaso, the Chairman of IPMAN’s Enugu Depot, which oversees Anambra, Ebonyi, and Enugu States, conveyed these concerns during an interview in Awka on Sunday. Anyaso underscored that State governments lack the necessary standardized and approved equipment essential for accurately measuring dispensing machines. Moreover, he asserted that these governments do not possess the authority to oversee the intricate operations within the downstream petroleum sector. IPMAN has vehemently criticized the actions of state governments, which have involved entering marketers’ establishments under the pretense of price enforcement and dispensing machine monitoring. Anyaso highlighted that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) remains the sole constitutionally-empowered entity responsible for regulating downstream sector activities. He emphasized that if states intend to collaborate in this sphere, they should work in conjunction with NMDPRA. In his explanation, Anyaso reinforced that state governments lack the requisite authority to perform regulatory functions concerning downstream operators. Their lack of expertise is evident, and even the instruments they employ—termed “seraphim bottles”—have not been certified as properly calibrated for accurate measurements. “NMDPRA is the only body empowered by the Petroleum Industry Act (PIA), Sec 48 (1), to carry out all the regulatory activities in the sector. “IPMAN Enugu depot condemns the invasion of our filling stations; Anambra government did it and we protested but most recently, the Enugu State government is doing the same thing with deliberate effort to blackmail some of our members. “This is sheer overzealousness on the part of some aides of governors. We call on our governors to call these people to order, to avoid putting IPMAN on a collision course with state governments,” he warned. Anyaso said IPMAN was not absolving its members of sharp practices but insisted that state governments should collaborate with NMDPRA, established by the Federal Government to supervise the sector if the need arises. “IPMAN is not by any means saying that all our members are free from malpractice. We are not holding brief for them either; all we are saying is that things should be done properly by the appropriate authority. “NMDPRA has offices in almost all the states, so state governments should work with them. On our part, IPMAN has a taskforce as an internal mechanism to check infractions by our members,” he said.

Nigeria’s unemployment rate drops 4.1% -NBS

Nigeria’s unemployment rate drops 4.1% -NBS

Nigeria’s unemployment rate dropped to 4.1 percent in the first quarter of 2023 from 5.3 percent in the fourth of 2022. Mr Adeniran Adeyemi, the Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), said this during the inauguration of the New Nigeria Labour Force Survey (NLFS) in Abuja. Adeniran said that the drop in NLFS from 33.3 percent in the Fourth quarter 2020 to its present rate was based on change in methodology adopted and not government performance. The new NLFS unveils a set of labour force indicators designed to provide unparalleled insights into the dynamics of the workforce in Nigeria. The NLFS was conducted by the NBS in collaboration with the World Bank (WB) and the International Labour Organisation (ILO) in response to the labour market dynamics Adeniran said “let me at this point clearly state that this methodology review has nothing to do with whitewashing the image of any government or political party. “This process is routine for any responsible statistical office, and we have no reason to continue to ignore the adoption of new methods, when the evidence clearly indicates the need for it. “As a national statistical office, our responsibility is to provide government and all users with accurate data for evidence-based decision making, adhering to the highest possible standards, and our commitment in this regard is unwavering.” According to Adeniran, the new method which indicates that not less than 73 per cent of Nigerians are engaged in one form of work, recognises all forms of engagements from which individuals earn income. He said using the new ILO definition, the survey showed that the unemployment rate for the fourth quarter of 2022 stood at 5.3 per cent and 4.1 per cent for the first quarter of 2023. “This figure aligns perfectly with neighbouring countries around Nigeria. Ghana (3.9per cent), Niger (0.5 per cent), Chad (1.4per cent), Cameroon (4.0per cent), Togo (4.1per cent), Benin Republic (1.7per cent) amongst others. “In responding to the shifting global landscape and the ever-changing data ecosystem, it is imperative for us to continuously adapt the way in which we collect and analyse data. “This is to ensure that we are producing data that reflects reality and the experiences of Nigerians. “These changes also include a revision to the design and methodology applied in the conduct of the actual survey. “Which is the survey that produces commonly known headline Unemployment and Underemployment rates, as well as other labour market indicators that guide policymakers, researchers, and other users,” he said. According to him, the results indicate a scarcity of Wage-employment, as the share of those employed in Wage-employment during the reference quarters was 13.4 per cent in Q4 2022 and 11.8 per cent in Q1 2023. Adeniran said that the working age population which was defined previously as persons aged 15-64, is now defined as persons aged 15 and above. He said this was a very important change particularly in the Nigerian context as it recognises the labour contributions of persons above the age of 64 which was not done previously. The NBS boss said the unemployed appeared to be the most controversial amongst the changes announced under the review. According to him, the new standard defines the unemployed as persons within the Labour force, who within the reference period did not work for pay or profit for a minimum of 1 hour. “In the real sense, nobody works 1 hour a week and then sits down and does nothing else when there are opportunities for more hours of work. “The statistics show that only 7.1 per cent of those working, work between 1 – 19 hours per week. So, 1 hour is just a benchmark and nothing more than that,” he said. The survey revealed that about three quarters of Nigerians in the working age population, 73.6 per cent in Q4 2022 and 76.7 per cent in Q1 2023 were engaged in some form of work for pay or profit in the quarters under review. Earlier, the World Bank’s Country Director, Shubham Chaudhuri pledged the continued support of the bank to ensure a robust, regular national LFS data for the country. Chaudhuri said a reliable data provided the government with knowledge about the nation’s welfare and ensured the right intervention and programs needed to address it’s challenges. The Minister of Budget and Economic Planning, Abubakar Bagudu, said data was key to national planning and development. According to Bagudu, President Bola Tinubu believes in reliable data for planning and will support anything that will lead to production of appropriate data. “To create jobs for youths, we need this kind of data, a lot needs to be done to address the high rate of unemployment in the country. The President is desirous of reducing unemployment. “Nigeria is one of the countries with absorptive capacity, so what we need is to provide better environment and more incentives,” he said. While commending efforts of NBS and its partners in revising the methodology, Bagudu said the ministry would from 2024 use of the revised data more practically. Meanwhile, the Acting CBN Governor, Mohammed Tumala said labour statistics was one of the most important inputs to economic policy and business decisions. Tumula said labour was the most important of the factors of production and determined both the quantity and quality of utility of other factors. While commending efforts of the NBS, he stressed the need for synergy with communication experts to ensure proper linkage and dissemination of data to the public. Similarly, Prof. Mike Obadan, Non-Executive Director and member MPC, CBN also reiterated the need for NBS to ensure robust strategy for communicating its survey findings to the public in simple language. Abuja-Kaduna Road project to be completed by Q1 2024, says Umahi The Minister of Works, Mr David Umahi,has again given the assurance that the reconstruction work on the Abuja-Kaduna-Kano highway will be completed by the first quarter of 2024. Umahi made this known while inspecting the project on Thursday to assess the progress made so far by

Uwaleke appointed SA to Senate C’ttee Chair on Capital Market

MPC Postponement, Blessing In Disguise – Uwaleke

The first Professor of the Capital Market in Nigeria, Uche Uwaleke has been appointed as Special Adviser to the Chairman of the Senate Committee on Capital Market. A letter signed by Chairman of the committee Senator Osita Izunaso, and titled: “Appointment as Special Adviser to the Chairman Senate Committee on Capital Market, and seen by the NIGERIAN ANCHOR on Thursday morning, read: “It is my pleasure to offer you appointment as Special adviser to the Chairman of Senate Committee on Capital Market and Institutions. “Having followed with keen interest your display of deep knowledge of the capital market through numerous media engagement and academic publications some of which I have come across. “As Chairman of the Senate Committee on Capital Market and Institutions, I have no doubt that your advice will assist me and members of my committee to exercise adequate oversight on the Nigerian Capital Market.” A Professor of Finance and the Capital Market at the Nasarawa State University and President of Association of Market Academics of Nigeria (ACMAN), Uwaleke has vast years of experience in the finance and the capital market. A former commissioner of finance in Imo and one-time chief economist at the Securities and Exchange Commission (SEC), analysts are confident that he would bring his experience to bear in the Nigerian capital market. 

7 years after, CBN publishes consolidated financial statements

Nigeria’s Q1 fiscal deficit moves to N1.430trn – Report  

The financial statement comes two weeks after ex-CEO of Financial Reporting Council of Nigeria’s Jim Obazee was appointed by President Bola Tinubu as special investigator to look into the books of the Apex Bank.Godwin Emefiele was suspended by President Tinubu with Folashodun Shonubi appointed as acting Governor.  After a seven-year hiatus, the Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022. After a seven-year hiatus, the Central Bank of Nigeria (CBN) has broken its silence, revealing consolidated financial statements for the fiscal year ending on December 31, 2022. This marks the first financial report published by the CBN since 2015. The long-awaited financial statement emerges in the wake of recent developments, which is notably as former CEO of the Financial Reporting Council of Nigeria, Jim Obazee’s assumption of the role of special investigator, appointed by President Bola Tinubu. Obazee’s task is to meticulously examine the financial records of the CBN. This move follows the suspension of Godwin Emefiele, with Folashodun Shonubi stepping in as the acting Governor. Spanning the years 2016 to 2022, the Consolidated Financial Statements have finally seen the light of day. These statements disclose a net profit of N65.63 billion for this period. Furthermore, the CBN extended a substantial N23.18 trillion loan to the Federal Government through the Ways and Means mechanism. Within the same timeframe, the bank’s group performance has been impressive, showcasing a commendable profit of N103.85 billion during the identical period. “The financial results for the year demonstrate a substantial achievement. Both the group and the bank independently reported profits of N103,854 million and N65,626 million, respectively. (Comparatively, the figures for 2021 were N75,125 million and N31,044 million),” the official report articulates. The stipulations of the Fiscal Responsibility Act 2011 dictate that 20 percent of the bank’s net income will be allocated to retained earnings. The remaining balance will be disbursed to the federal government of Nigeria. In compliance with the CBN Act 2007, the bank’s annual report should be released within a span of two months following the closure of each fiscal year. “The mandate states that the Bank shall provide a certified copy of its annual accounts, audited by a qualified Auditor, to both the National Assembly and the President within this stipulated time frame,” the report highlights. Delving into the expenses, the CBN incurred a total of N888.3 billion in operating costs. A meticulous breakdown discloses that N346.2 billion resulted from foreign exchange revaluation losses. Additionally, N155.5 billion was expended on rebate allowances from the RT 200 and Naira4Dollar initiatives. These policies were strategically crafted to attract foreign exchange inflows. “Rebate expenses encompass the financial outlay associated with the RT200 and Naira 4 Dollar schemes. These initiatives were introduced by the Bank to amplify foreign currency inflow, diversify the channels of FX inflow, elevate non-oil exports, ensure the stability and longevity of FX inflows, and provide support for companies oriented towards exports, facilitating their expansion of export activities and capabilities,” elucidates the comprehensive report.

Tinubu, subsidy, NLC and Nigeria’s economic turbulence

Tinubu, subsidy, NLC and Nigeria’s economic turbulence

On May 29, 2023, during his inaugural speech, President Ahmed Bola Tinubu made a momentous decision to scrap Nigeria’s fuel subsidies, citing pressing budgetary concerns. However, this move triggered a staggering surge in fuel prices, widespread panic-buying of fuel, and a sharp increase in the cost of various essential commodities. The ramifications of the fuel subsidy removal have struck fear in the hearts of millions of Nigerians, particularly low-income earners who worry about their ability to afford transportation, education, food, and healthcare and other social amenities. In response to the government’s decision, the Nigerian Labour Congress (NLC), entrusted with the responsibility to protect and defend workers’ rights and well-being, vehemently opposed the move. Joe Ajaero, the NLC President, criticized Tinubu’s decision, asserting that it lacked careful consideration and predicted it would cause the country’s economy to regress by more than 50 percent within the coming weeks. In light of their objections, the Congress issued a seven-day ultimatum to the Federal Government, demanding the reversal of all “anti-poor” policies, including the petrol price hike. The NLC accused the government of showing disdain and contempt for the Nigerian people and declared a war of attrition on workers and the masses. Citing the strength of Section 40 of the 1999 Constitution as amended, the NLC announced on June 7 their intention to launch a nationwide protest on August 2, 2023, against the fuel subsidy removal. In response, the Federal Government took legal action, seeking to stop the union from proceeding with the proposed strike. The government argued that such industrial action could severely impact society and the nation’s overall well-being. In a ruling on an ex parte application, Justice O.Y Anuwe ordered the unions not to embark on any industrial action or strike pending the hearing and determination of the motion on notice, dated June 5, 2023. The court highlighted the potential disruptions to economic activities and essential sectors. Unfazed by the court’s injunctions, lengthy negotiation meetings, and warnings from the Federal Ministry of Justice regarding contempt of court, the NLC stood firm on their threat and flooded the streets with protesters on August 2. The demonstrations aimed to voice opposition against the recent fuel price hike, tuition fees increase in public schools, and the withholding of salaries for university lecturers and workers. Meanwhile, the government, through the Solicitor General of the Ministry of Justice, accused the NLC leaders of treating the order of the National Industrial Court (NIC) with contempt. Justice Beatrice Jedy-Agba asserted twice that the organized labour’s industrial action was illegal, as there was a subsisting interim order restraining the NLC from engaging in any industrial action. The government prayed the court to hold NLC President Joe Ajaero, Deputy Presidents Audu Aruba, Prince Adeyanju Adewale, and Kabiru Sani, General Secretary Emmanuel Ugboaja, TUC President Engr Festus Usifo, and Scribe/Chief Executive Nuhu Toro in contempt of court and commit them to prison. In response, the NLC condemned the industrial court and the Justice Ministry as “anti-democracy” agents, and they demanded the withdrawal of the lawsuit or face mass strike. Following discussions at the NLC’s NEC meeting in Abuja, the union issued a stern ultimatum, warning that failure to comply with their demand could result in a nationwide strike on August 14, 2023. This ongoing saga showcases the deep-seated tensions and concerns about the impact of the fuel subsidy removal on the lives of Nigerian citizens and the overall health of the nation’s economy. As both sides engage in a legal battle and the NLC continues its protests, the future remains uncertain, and the fate of Nigeria’s fuel subsidy hangs in the balance, even as ordinary Nigerians continue to bear the brunt.

Nigerian Breweries hints of ‘moderate’ hike in beer price

Nigerian Breweries hints of 'moderate' hike in beer price

The Nigerian Breweries (NB) has said that it is set to carry out a moderate adjustment to its current price regime.  According to the company, the proposed exercise is due to the continued rise in the cost of production. NB has 19 high-quality brands (Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced by nine breweries and distributed nationwide. The removal of fuel subsidy by President Bola Ahmed Tinubu has led to an increase in transportation costs. A statement by the management of the company read in part: “We are aware of the memo in circulation issued by our Sales Director, Ayo Lawal on Tuesday, August 1, 2023, to all our direct customers notifying them of the upcoming review of prices of some of our SKUs, effective Thursday, August 10, 2023. “This notification to our esteemed trade partners is in keeping with our standard business practices, and commitment to business continuity for our customers.  “We would like to use this opportunity, to clarify, that this is a moderate price adjustment planned on some of the SKUs of our brands, due to the continued rise in input cost.” The company assured all stakeholders of its unwavering commitment to excellent customer service delivery and consumer satisfaction.

INEC Chairman evading our subpoena, Obi tells Tribunal

INEC Chairman evading our subpoena, Obi tells Tribunal

The Labour Party, LP and it’s presidential candidate, Mr. Peter Obi, on Wednesday revealed that their attempt to serve the Independent National Electoral Commission (INEC), Chairman, Prof Yakubu Mahmoud with a subpoena has been abortive. The Petitioners, through their Counsel, Livy Uzoukwu SAN, drew the attention of the court to the subpoena which was to furnish them with certain documents.  He added that he spoke to the lead counsel to INEC, Abubakar Mahmoud who promised to help out. He therefore, asked for an adjournment until tomorrow. “We have drawn the attention of Abubakar Mahmoud SAN on the failed attempt to subpoena INEC and the office of the INEC to produce certain documents despite efforts of the bailiff of the court. “He asked for a copy of the subpoena which I couldn’t produce at that time, but he suggested I give to any member of the team in court . “I am confident we will do the needful and we will continue tomorrow. Responding, Counsel to INEC, Kemi Pinhero, SAN, told the court that the petitioner’s counsel should stop using INEC as ‘a weeping boy.’ “It is not correct that the office of the INEC chairman refused to be served, but PDP served several documents and received replies,” she said. He added that it has become the habit of the petitioners each time they want an adjournment to find a blame on INEC. “It has become a habit, whenever they want an adjournment, they will look for someone to whip. I have no privy that he had any discussion with AB Mahmoud. “We have no ideal of subpoena served and the refusal. PDP served us, we received and file our reply. “Everytime the matter came up, they keep saying INEC is refusing a document.  “If they want an adjournment, they should ask for it and we will not be objecting. The reason on not accepting or refusing service is absolutely not correct. It is very uncharitable,” INEC defended. Other respondents’ counsel however, did not object to the prayer for adjournment. Meanwhile, the five-man panel led by Justice Haruna Tsammani adjourned until tomorrow (Thursday) for further hearing of the petition.