Buhari returns to Nigeria after testifying in $2.3bn corruption case  

Former President Muhammadu Buhari is back in Nigeria following his testimony in a $2.3 billion arbitration case involving Sunrise Power.  The case, heard at the International Chamber of Commerce (ICC) Court of Arbitration in Paris, France, centers on a dispute over the 2003 Mambilla power plant contract. A video shared on social media confirmed Buhari’s return, showing him stepping off an aircraft.  READ ALSO: Why Nigerians should not pay tax The presidency clarified that Buhari voluntarily testified to defend Nigeria in the ongoing case, dismissing claims of coercion. The dispute began in 2017 when Sunrise Power sought damages over alleged breaches of the 2003 agreement to construct the 3,050MW power plant in Taraba State.  The project, valued at $6 billion, faced setbacks, with the company also claiming the government failed to uphold a 2020 settlement agreement.   READ ALSO: Akwa Ibom fights hunger, malnutrition Former President Olusegun Obasanjo has also been involved, testifying in the same case.  Both leaders have denied authorizing any controversial agreements linked to the project.

Tour Invitation: You’re Disrespectful – Obasanjo

Former President Olusegun Obasanjo has expressed dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) over what he described as an informal approach to inviting him for a tour of the Port Harcourt and Warri refineries.  Obasanjo, who previously criticized the NNPCL’s management of the refineries, stated through his media aide that no official letter was sent to him, deeming the invitation disrespectful to his status as a former head of state. The issue arose after Obasanjo questioned the functionality of the refineries despite significant funds reportedly spent on rehabilitation. READ ALSO: FG to Continue Borrowing Despite Rise in Revenue  NNPCL responded by inviting him to witness the progress at the facilities.  However, Obasanjo’s camp dismissed the gesture, emphasizing the lack of formal communication.  The matter adds to ongoing debates about the efficiency of Nigeria’s refinery management and past decisions, including a declined offer from the Dangote Group to oversee the facilities.

Nnamdi Kanu’s Release Not Discussed in South-East Governors Meeting- Obasanjo

Former President Olusegun Obasanjo clarified that the issue of releasing the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, was not part of his discussions with the South-East governors in Enugu, Enugu State, on Tuesday. Obasanjo, accompanied by former Secretary General of the Commonwealth, Chief Emeka Anyaoku, met with the governors primarily to discuss regional development issues. These included security, infrastructure, economic cooperation, and collaboration aimed at complementing the national economic development agenda. In a statement by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo emphasized that the agenda did not include Nnamdi Kanu’s release. The meeting was convened at his invitation before the governors’ summit began. The South-East Governors Forum, comprising Peter Mbah (Enugu), Alex Otti (Abia), Prof Charles Soludo (Anambra), Francis Nwifuru (Ebonyi), and Senator Hope Uzodimma (Imo), had resolved during the six-hour meeting to visit President Bola Tinubu and engage with the Federal Government to secure Kanu’s release. Additionally, the forum expressed condolences over the passing of Dr. Ogbonnaya Onu, a former Minister of Science, Technology, and Innovation and the first civilian governor of Abia State.

I left Nigeria better than I met it – Obasanjo

Former President, Olusegun Obasanjo, has said that his administration was one of the best the country has had so far. Obasanjo spoke in Abeokuta, yesterday, June 18, at the Safe Online Youth Fellowship Bootcamp organised by NerdzFactory Company, supported by Meta at the Youth Development Centre, Olusegun Obasanjo Presidential Library (OOPL). He recalled landmark achievements his administration recorded while in office between 1999 and 2007. He said he was responsible for setting Nigeria free from the bondage of immense debt, adding that he takes pride in the celebration of the 25 years an uninterrupted democracy, which started during his reign as democratic ruler in 1999. He said: “When I came in as elected President, I wanted to get debt relief because we were spending $3.5 billion every year servicing debt and the quantum of the debt was not going down. Today, I can say that I made Nigeria better than I found it from an economic perspective. “I found $3.7 billion in the reserves and we were spending $3.5 billion to service our debt. By the time I left, we had a debt of about $36 billion with the debt relief, and I left with a debt of $3.6 billion. Also, I left a reserve of over $50 billion. I also achieved excess crude for the country worth over $25 billion.”

Obasanjo proffers solutions to Nigeria’s economic woes

Former Nigeria President, Olusegun Obasanjo has told President Bola Ahmed Tinubu to ramp up activities around production and productivity to tackle Nigeria’s economic woes. Obasanjo disclosed this in a statement by his Media Aide, Kehinde Akinyemi, on Sunday, quoting the ex-president as having spoken at a Colloquium: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” delivered at the Paul Aje Colloquium (PAC) in Abuja. Obasanjo blamed fuel subsidy removal, the Harmonization of foreign exchange markets and dealing with a military coup in Niger for Nigeria’s economic hardship. However, as a solution, the former President said the government should focus on production, noting that there is no shortcut to economic progress. “The way forward is production and productivity, which belief and trust in government leadership will engender. No shortcut to economic progress but hard work and sweat. “The economy does not obey orders, not even military orders. I know that. If we get it right, we will begin to see the light beyond the tunnel in two years. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives,” he said. Recall that in June last year, Tinubu’s administration announced fuel subsidy removal and the Harmonization of Foreign exchange markets. In April, fuel pump price surged by 176.02 per cent on a year-on-year basis to N701.24 per litre compared to N255.06 last year. Similarly, the country’s Naira dropped to N1482.81 per dollar last Friday from N465.50 per dollar on June 14, 2023. This development has led to a surge in prices of goods and services, as headline and food inflation increased to 33.69 per cent and 40.53 per cent, respectively.

Single Digit Interest Rate Will Transform Nigeria’s Agribusiness –Obasanjo

Single Digit Interest Rate Will Transform Nigeria’s Agribusiness –Obasanjo

Former President Olusegun Obasanjo has said that a single digit interest rate on agricultural loans will help transform the agribusiness in the country. Obasanjo who said this at the launch of Youths in Agribusiness project at the weekend in Abuja, said that interest rate of less than 10 per cent would empower youths to go to the bank to borrow money for agriculture. Speaking on the theme of the event: “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,” the former President urged the Federal Government to fashion out a way that will make it easy for youth to access finance at the right rate.   “I believe any interest that is more than single digit is not good enough for agriculture.” OBJ as he is fondly called noted that agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high yielding seed and knowledge that can be used to transform the agribusiness sector. “But we need more of these scientific and technological products in the farmers’ hands so that farmers can be better on what they get in terms of yields,” he said. He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country. On his part, Wouter Plomp, Netherlands Ambassador to Nigeria said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young agri-preneurs. He said the goal was to combat food insecurity by empowering youths to get access to finance and connect young agri-preneurs with local and international markets. According to him, the aim is not only to ensure Nigeria’s food security, but also place the nation at the forefront of global agricultural innovation. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the 2023 World Food Day campaign took water action for food by encouraging its wise utilisation to ensure stability in food security. The minister, who was represented by Engr. Adegbenro Adebiyi, Director Agribusiness and Market Development, said the aim of the project was to provide opportunities that would save and restore livelihoods and reduce food insecurity in the country.