We’ve never had it so bad like under Buhari- MACBAN, COPAN

*Say Nigeria lost over N500bn to farmers-herders’ conflicts; Buhari failed Cattle breeders in Nigeria have expressed displeasure at the President Muhammadu Buhari’s administration as it concerns the security of lives and property during his tenure. They claim that Buhari, who claims to be a cattle breeder, ought to have brought cattle breeders and farmers together with a view to finding an amicable solution to the persistent conflicts that had led to loss of several lives in virtually all states of the federation. At a joint press conference, the Cattle Breeders however, expressed hope that incoming administration will restore peace between herders and farmers. The joint press conference was attended by the National President, Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), Dr. Baba Othman Ngelzarma; President General, Fulbe Global Development and Rights Initiative (FGDRI) Dr. Salim Musa Umar; Vice President, Tabital Pulaaku International Nigeria Chapter, Alh Auwal A. Gonga under the umbrella of Pastoralists Association of Nigeria (COPAN). Dr. Salim Musa, who spoke at the forum demanded that the incoming President look into activities of security agents in charge of these areas and mandate them to do more in protecting innocent people who are continuously harassed by the activities of those described as criminal vigilante and bandits. COPAN called on the security agencies to identify, arrest and prosecute all those involved to serve as a deterrent to other criminally minded individuals. While calling on elected officials at all levels of government to be responsive to factors that may escalate insecurity in the country, the coalition also urged pastoral communities in the states to exercise restraint in the face the calamity that has befallen them. Responding to questions, Alh. Auwal Gonga urged the incoming administration to establish the Federal Ministry of Pastoralist Affairs to manage issues around this aspect of the economy, in line with global best practices, and as obtainable in most neighbouring countries and other ECOWAS member countries. According to them, the ministry will be charged with the responsibility of harmonizing and managing the affairs of both farmers and pastoralists, instead of leaving it in the hands of security agencies whom he said have shown themselves to be biased. Concluding, the MACBAN president said; “You see, wether we are happy he’s going or not, one thing is clear: “It is on record that after eight years of his (Buhari) administration, over N500 billion was spent on agronomy and nothing was spent on livestock farmsteads.  “And we have never had it so bad like when Buhari was in government. “This is the worst era for the Nigerian pastoralists – we’ve never had it so bad like this time.”

CJN inaugurates 39 new election petition tribunal members

The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola has inaugurated 39 additional members of the 2023 Election Petition Tribunals. While swearing them in at the Supreme Court Complex in Abuja, Justice Ariwoola advised them to willingly submit themselves to the sanctity of the rule of law and supremacy of the Constitution in the discharge of their judicial functions. Justice Ariwoola also charged them with the power to adjudicate on electoral disputes and take decisions in accordance with their convictions, which according to him, must be deeply rooted in law and not on sentiments orpublic opinion. He therefore urged them to be mindful of the oath they had taken and restore the confidence in the judiciary. “| pray the Almighty God will grant you the courage and wisdom to carry out this responsibility without faltering or failing. | congratulate you and look forward to hearing good commentaries on your conduct and sterling performance at the end of your assignment,” he said.

Sports sector to get N80bn under National Development Plan – Minister

Minister of Sports and Youth Development, Sunday Dare, says the sports sector will receive N80 billion in the next four years, under the Federal Government’s National Development Plan (NDP). Dare said this in Abuja while receiving the “Outstanding Youth and Sports Minister” award, presented to him by the Executive Board of Nigeria Olympic Committee (NOC), led by its President, Habu Gumel. The award was presented to the minister for his contributions to sports development in Nigeria and the Olympic movement. Dare said that a percentage of the NDP fund for sports sector would go directly to sports federations since they were the main propellers of athletes’ success, which had now been attributed to him. “I salute the resilience of the sports federations. Their sacrifices and work in developing sports in Nigeria deserve commendation. “In spite of the challenges of funding, they still turn up for international competitions, thereby giving the athletes the needed exposure and training required to compete at the elite level. “We all know that without these athletes, nothing is possible in sports, while there will be no achievements,” he said. The minister also identified funding as one of the biggest challenges of sports development in Nigeria, a problem, he said that the newly-approved National Sports Industry Policy (NSIP) would alleviate. “The incentives outlined in the Sports as Business Policy have been approved and will be announced soon. “The technical committee has put finishing touches to the document and it will become fully operational soon. “This will drive private sector support for sports and there will be a massive turnaround, as the funding issue will be confronted headlong. “In the last four years, the sports ministry had moved from being a third tier ministry to being a first tier one. “Just a few weeks back, the Federal Government approved N2.4 billon for a High Performance Centre to be established inside the Moshood Abiola National Stadium, Abuja. “Before then, there was the Anti-Doping Centre to be established in Nsukka, Enugu State,” he said. Dare commended NOC for offering scholarships to many Nigerian athletes and combining its participation in sports with education. Earlier, Gumel commended the minister for his numerous achievements, some of which, he said, included: the emergence of the National Sports Industry Policy (NSIP) and the ‘Adopt Initiative’. Other achievements, he said, were the revamping of the Nigeria Professional Football League (NPFL), payment of monthly stipends to the families of departed sports icons as well as provision of financial support to ailing former and active athletes. According to the NOC president, another remarkable legacy is the delivery of the headquarters and secretariat of Association of National Olympic Committees of Africa (ANOCA) by the federal government. He recalled that the ANOCA secretariat was inaugurated by the President of International Olympic Committee (IOC), Dr Thomas Bach. Also speaking, the Permanent Secretary, Federal Ministry of Sports and Youth Development, Alhaji Ismaila Abubakar, thanked the minister for his ‘wonderful’ performance in office. Abubakar, while wishing Dare well in his future endeavours, called for stronger cooperation between the ministry and the Olympic family. 

Breaking: Tinubu, Shettima conferred with GCFR, GCON

The President-elect Bola Ahmed Tinubu and his Vice President-elect Kashim Shettima have been conferred with the titles of Grand Commander of the Federal Republic (GCFR), and Grand Commander of the Order of Niger (GCON), respectively on Thursday. The investiture ceremony is currently taking place at the State House Conference Center in Abuja. More details later…

How CBN’s 18.5% interest rate hike will affect businesses

*Stock Market, Bond Market, Lending Rate, others, to be affected Businesses in Nigeria will have to cope with a higher cost of sourcing funds as the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 18% to 18.5%. The CBN Governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank would be raising the MPR, which determines the interest on lending by financial institutions to borrowers. Commercial banks, as a result of this development, would have to hike lending rates to customers, which may eventually end up higher than 30%. Also, commercial banks are not unlikely to review upward interest rates on debts that borrowers had collected from them due to this development. “This is not healthy for businesses to thrive. This has shown that the economy is in dire need of overhaul since it has failed to support funds for businesses. How can businesses survive this kind of rate hike? CBN has been doing this without results,” a development consultant, Celestine Okeke, is quoted as saying. Okeke stressed that it was becoming more expensive to do business in Nigeria, saying, “Those who borrowed money would pay higher. Nigeria’s stocks are expected to experience low yield as a result of the rate hike.” While data has shown that constant rate hikes have not curbed inflation, experts urged the monetary authorities to change their strategy to tackle the country’s inflation. “Both the monetary and fiscal authorities have to find a lasting solution to the rate hike. It is negatively affecting small and medium-scale enterprises, and it is not a good development for the economy,” a business analyst with Arise Television said while reacting to the MPR hike. Meanwhile, in a flash note published on April 16, 2023, professional services company, KPMG Nigeria, argued that inflation is cost-pushed and need not be tackled by the monetary authorities through rate hikes. “The reversal of inflation in March after a seeming slowdown in February reinforces our view that the determinants of inflation in Nigeria are largely cost-push factors which are out of control of monetary authorities,” the note said. Also, in a report titled, ‘Report Card: CBN’s New Naira Policy and Interest Rate Hikes’, a research consultant with Kwakol, Basil Abia, highlighted reasons why the rate hikes by the MPC have not affected inflation. “The CBN’s aggressive push to contain Nigeria’s high inflation by deploying monetary tightening as part of its monetary policy through repeated interest rate hikes has not yielded the intended result. Inflation continues to rise unabated, mostly because the monetary tightening approach is not the right way to contain Nigeria’s supply-side or cost-push inflation. “It is important to note that Nigeria’s inflation is driven by supply-side concerns that raise the cost of production and, inadvertently, consumer prices.” As explained by analysts, the interest rate has a ripple effect throughout the economy, affecting the Nigeria stock market, bond market, lending rate, consumer and business spending, and asset prices, among others. If the benchmark interest rate is lower, they said, the lending rate will be lower, making borrowing attractive to people. In turn, there’s more money to spend. Conversely, if the interest rate is high, lending becomes expensive, and there’s less to spend. *ICIR

Children’s Day: ICPC holds anti-corruption debate for students in Osun

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Thursday organised an anti-corruption debate for secondary school students in Osun on the impact of corruption in the society. The debate was organised in commemoration of this year’s Children’s Day celebration on May 27. Mr Demola Bakare, ICPC Resident Anti-Corruption Commissioner in the state, said the debate was geared toward behavioural change in the minds of the students and further push its anti-corruption drive among the youth. Bakare said a careful stakeholders’ analysis had identified the school system as a major pillar of any behavioural change and anti-corruption endeavour. He said it was based on this analysis that the commission put together a robust programme of engagement with the school system as well as youths in the country. “The debate is part of the public mobilisation (education and enlightenment) mandate of the ICPC. “At the end of today’s debate programme, ICPC would have contributed something to competitive scholarship among secondary schools in Osun State. “We would have deepened our engagement with the anti-corruption clubs established by the commission in schools around the state. “Also, as part of the national ethics and integrity policy of the commission, students and youths would speak their mind, which will further encourage them to make useful inputs into the fight against corruption,” he said. Bakare urged the students to add morality to their education, shun the get-rich-quick syndrome, embrace integrity and strive to achieve their dreams in life. The debate, which is the first edition, has as its topic: “Who Is Responsible for Corruption, the Masses or Government?” Fakunle Comprehensive College, Osogbo, emerged winner of the debate, defeating four other secondary schools that participated. 

We’re working until May 29 — Lai Mohammed

*Says FEC not dissolved President Muhammadu Buhari, Wednesday, directed members of the Federal Executive Council, FEC, to continue with their functions till Friday. President Buhari was expected to dissolve his cabinet at the valedictory session which was held at the Council Chamber, Presidential Villa, Abuja. The valedictory session was the last Federal Executive Council meeting to be presided by President Buhari as he prepares to leave office on May 29 when the new administration would be inaugurated. Briefing State House correspondents at the end of the valedictory session, the Minister of Information and Culture, Alhaji Lai Mohammed said the cabinet was not dissolved contrary to reports in some quarters. He described the report of the dissolution while President Muhammadu Buhari was presiding, as fake news. He said President Buhari has directed all ministers to return to their desks and continue working on their transition assignments. According to him: “I just want to make this clarification. While we were at the chambers there was a false breaking news that the federal executive council has been dissolved which is not correct. As a matter of fact, we have been directed by the president that we should all go back and return to our offices. So it is not true that the federal executive council has been dissolved, it is still very much alive. “We have all been directed to go back to our offices and ensure that we continue to work right to the end of 29 May. So please ignore the fake news.”President Buhari had earlier sworn in seven federal commissioners of the Revenue, Mobilization, Allocation and Fiscal Commission (RMAFC). The federal commissioners include Senator Ayogu Eze (Enugu state), Peter Opara (Imo state), Hawa Aliyu (Jigawa state), and Rekiya Haruna (Kebbi state).Others are Ismaila Agaka (Kwara).

‘Shine Your Eye’, NCC sensitises traders on fraudsters’ tactics

The Nigerian Communications Commission (NCC) has sensitised traders on how to avoid falling prey to fraudsters in the country. The commission did the sensitisation at the Market Square, Kasuwar Rusau, Keffi, on Wednesday in Nasarawa State. The programme was tagged: “Shine Your Eye, No Fall Mugu”. The Executive Vice-chairman, NCC, Prof. Umar Danbatta, was represented by Mr Clement Omife, Head, Consumer Protection Advocacy Unit of the NCC. Danbatta said that the awareness was to promote initiatives such as to empower telecom consumers with knowledge and advocate for their protection within the telecom industry. He said that the menace, which follows wide acceptance of new methods of mobile money, electronic banking and payment systems has been discovered to cost the country whopping sums of money. Danbatta said that a lot of people were highly ignorant of how losing their phones to fraudsters can lead to a complete clean-up of their bank accounts.  He said|: “These fraudsters do this by stealing victims’ identities; names, addresses, bank information, which they use in gaining access to their bank accounts. “They also use the stolen identity to defraud other people and even apply for loans, leaving the victim with debts.” According to him, as the telecom industry evolves, there is a growing concern over the rising trend of fraud on telecom (electronic fraud) across sectors of the Nigerian economy. Danbatta added: “CBN rates electronic fraud as the biggest risk in the sector which has widely incorporated electronic payment solutions such as ATMs, Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking. “The telecommunications sector is not also spared in the raging storm stoked by cyber fraudsters across the country. “Attackers are now targeting telecom networks with the intent to disrupt service delivery and infiltrate their data bank SIM swaps and Unstructured Supplementary Service Data (USSD). “USSD e-payment frauds are currently some of the sensuous cyber threats in the telecom industry. Fraudsters conduct SIM swaps of individuals and then conduct USSD-based transactions which cost victims huge losses.” He said that the commission also collaborated with critical stakeholders such as the CBN, the Nigerian Police Force (NPF), EFCC, ICPC and others relevant in the fight against e-banking fraudsters. Danbatta said that effective collaboration between government agencies, private organisations and individuals was pivotal in tackling this scourge of electronic fraud. He assured consumers that the commission would intensify its regulatory efforts in protecting the interest of telecom consumers. Danbatta said that the development and deployment of robust infrastructure to support innovative technologies and services had no doubt positively transformed the socio-economic space. “One of the critical mandates of the NCC is the protection and promotion of the interests of consumers, which is majorly domiciled with the Consumer Affairs Bureau of the commission. “As part of the strategy to actualise this mandate, the department collaborates with Consumer Advocacy Groups and relevant stakeholders in creating consumer awareness. “By promoting initiatives such as this to empower telecom consumers with knowledge and advocate for their protection within the telecom industry. “Today, telecom consumers are enjoying broadband and other services driven by the quest to establish a digital economy,” he said. He urged traders to avail themselves of the necessary information required to avoid falling prey to cybercriminals. Danbatta also urged consumers to be careful not to open unfamiliar emails or respond to unfamiliar inquiries and report suspicious E-fraud to their bank and telecom service providers. The Chairman, Keffi Traders Association, Alhaji Musa Yakubu, called on traders to learn about financial frauds and the strategies to tackle them. “We appreciate NCC for coming to enlighten our people on how to manage our money. “I have mandated my members to be here to be able to learn how not to fall victim to financial frauds,” he said. 

Judgement Debts: Buhari seeks Senate’s approval to pay N226bn, $556.8m, £98.5m

President Muhammadu Buhari has sought the approval of the Senate to issue a promissory note for the payment of $566,754,584.31, £98,526,012.00, and N226, 281, 801, 881.64 judgement debts owed by the Federal Government. Buhari’s request was contained in a letter addressed to Senate President, Ahmed Lawan and read at plenary on Wednesday. Buhari in the letter said: “Distinguished Senate President, you may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023, approved the liquidations of top priority judgment debts and general debts owed by Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes. “The judgment debts are to be settled through the issuance of promissory notes which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria. “Thus debt securities have been issued for the settlement of the judgment debts and approval of the National Assembly is required for this purpose. “In view of the foregoing, I wish to request the Senate to kindly consider and approve through its resolution the settlement of the top priority debts incurred by Federal MDAs in the sum of 566,754,584.31 dollars, 98,526,012.00 Pounds and N226,281,801,881.64 through the issuance of promissory notes. “The Honourable Attorney-General of the Federation and Minister of Justice and the Honourable Minister of Finance, Budget and National Planning shall provide any information that may be required by the Senate for the consideration of this request.” Senate also at plenary passed for first reading five bills. The bills include Federal Medical Centres Act Amendment Bill 2023 sponsored by Sen.Gobir Ibrahim (APC- Sokoto), Federal Teaching Hospital, Markurdi, Benue State Establishment Bill, 2023 by Sen.Gobir Ibrahim (APC- Sokoto), Others are Central Bank of Nigeria (CBN) Act Amendment Bill, 2023 by Senator Gobir Ibrahim (APC- Sokoto), and Federal University of Petroleum Technology, Ohaji-Egbema Establishment Bill, 2023 by Senator Rochas Okorocha.

Efficient legal system will boost economy- CBN

*Says it will attract foreign investments The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has said that an efficient national judicial system will strengthen the confidence in the economy and attract foreign investments. Emefiele said this on Wednesday in Abuja at the 2023 Capacity Building Workshop on Banking and Financial Services Sector for Judicial Workers organised by the CBN, in collaboration with the National Judicial Institute (NJI). Discussing the theme: “The Law and Modern Banking: Adapting to Issues Regarding Digital Products and Services; Regulation of Payment Services Banks and Other Emerging Digital Payment Services”, Emefiele said investors are more willing to invest in jurisdictions where the rule of law takes prominence in shaping business and investment decisions. He said that the judiciary helps to ensure that all parties adhere to legal ethical standards, while individuals and businesses can also seek relief through the law courts on violations of agreements. “They can also be sure that disputes will be treated swiftly and fairly in accordance with the prevailing laws. “The presence of a fair and just legal system will help in attracting much-needed foreign investments. “Such investments will help in updating our distinguished legal community on emerging trends in the financial services industry,” he said. According to him, this is with a view to enhancing their knowledge on how to build legal frameworks that will contribute to the growth of the financial services industry. He added that it would also help them deal with some emerging risks associated with such innovations. “The judiciary, invariably, contributes to the effectiveness of monetary policy, financial system stability, economic growth and development through their interpretation of statutes and sometimes, giving effect to acts of governments and its agencies,”he said. Also speaking, the Chief Justice of Nigeria, Justice Olukayode Ariwoola said that the workshop was designed to explore strategies that will aid the legal system in adapting to rapid and significant changes in the banking sector. According to Ariwoola, these transformations, when fully harnessed and managed. will further strengthen our financial system in terms of providing new opportunities and thereby bringing stability and growth to the financial sector. “The theme of this workshop, no doubt carries tremendous significance in our contemporary society. “We are currently witnessing a time of rapid technological advancements, particularly within the financial sector, where conventional practices are swiftly being displaced by digital products and services that offer unparalleled convenience and efficiency. “In light of recent developments, I am of the view that it is expedient to have a comprehensive understanding of the regulatory framework put in place by the CBN. “We should juxtapose it with other relevant laws and regulations establishing the legal frameworks governing digital products and services,” he said. He cited the Cybercrime Act 2015; the Nigeria Data Protection Regulation (NDPR), and the BOFIA Act, 2007 as notablee examples of such regulations. ” These frameworks provide comprehensive directives concerning crucial aspects such as data protection, cyber security, and consumer protection in the context of digital activities. “They delineate the specific criteria and responsibilities that digital service providers must adhere to” Ariwoola said. The Administrator of the NJI, Justice Salisu Abdullahi, said that the workshop was aimed at equipping judicial officers with the indispensable knowledge and skills required to navigate the intricate landscape of modern banking. According to Abdullahi, this aligns perfectly with the mandate of the NJI in an era where technology is driving unprecedented transformation in the financial sector. “It is of utmost importance that the judiciary remains up-to-date with the latest developments and trends to carry out its duties effectively,” he said.