Cloned Nigerian Anchor

Author: Chike Ozohili

  • Nigerian stock market hits 15-year high amid FX imbalance

    Nigerian stock market hits 15-year high amid FX imbalance

    In the previous month, the Nigerian domestic equities market reached a remarkable 15-year high, witnessing the All-Share Index (ASI) rising by 3.4 per cent on a month-on-month (m/m) basis. This surge occurred while grappling with foreign exchange (forex) imbalances.

    August saw the Nigerian equities market continue its upward trajectory, driven by a renewed sense of enthusiasm among investors. This optimism was fueled by the pursuit of gains, spurred on by market-stimulating corporate actions and interim dividend payments.

    As a result, the NGX-ASI surged by 3.4 per cent m/m to reach 66,548.99 points, marking its highest level since March 5, 2008. The market capitalization also increased by N1.4 billion, reaching a total of N36.4 trillion.

    Despite this impressive performance in the equities market, the Central Bank of Nigeria’s foreign exchange reserves remained steady at $33.2 billion, as month-to-month outflows were balanced by an accretion of $333 million.

    Interestingly, the official and parallel market exchange rates showed disparities, even in light of the $3 billion NNPCL loan deal.

    In August, crude oil prices recorded a monthly gain due to a drawdown in US crude inventories (which declined by 10.6 million barrels) and production cuts by the Organization of Petroleum Exporting Countries and its allies (OPEC+). These factors overshadowed concerns about weaker demand, particularly in China. Consequently, the average Brent crude oil price rose by 6.9 per cent m/m to $84.64 per barrel.

    System liquidity experienced a contraction of N49.6 million on a month-on-month basis, settling at N360.9 billion. This was a result of several Primary Market Auctions (PMA) totaling N437.0 billion and the resumption of Open Market Operation (OMO) issuance, with N150.0 billion worth of papers issued. In the same period, the OPR and OVN rates increased by 0.9 percentage points and 1.2 percentage points, respectively, reaching 1.9 per cent and 2.6 per cent.

    During August, the Debt Management Office (DMO) conducted a bond auction, reopening the 5-year, 9-year, 14-year, and 29-year instruments. A total of N360.0 billion was offered for APR 2029 (₦90.0 billion), JUN 2033 (₦90.0 billion), JUN 2038 (₦90.0 billion), and JUN 2053 (₦90.0 billion) at stop rates of 13.9 per cent, 15.0 per cent, 15.2 per cent, and 15.9 per cent, respectively. These rates were higher than the previous auction rates of 12.5 per cent, 13.6 per cent, 14.1 per cent, and 14.3 per cent.

    This report highlights the impressive performance of the Nigerian equities market in the face of forex imbalances, providing insights into various economic factors influencing the financial landscape.

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

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

    The recent economic report released by the Central Bank of Nigeria (CBN) over the weekend, revealed that the Federal Government of Nigeria (FGN) incurred a fiscal deficit of N1.430 trillion in the first quarter of 2023.

    This deficit represents a 9.6 percent increase from the last quarter of 2022 but is 22.1 percent lower than the government’s target.

    In its official report, the CBN noted, “The fiscal operations of the FGN in 2023, first quarter, resulted in a deficit. At N1.43 trillion, the provisional fiscal deficit of the FGN was 9.6 per cent higher than the level in the preceding quarter but 22.1 percent below the target.”

    The report further highlights that the fiscal performance for first quarter 2023 was negatively impacted by a significant reduction in oil revenue. Consequently, the retained revenue of the FGN experienced a decline of 10.7 percent when compared to the last quarter of 2022 and fell short of the quarterly target by 46.1 percent.

    Aggregate expenditure by the FGN also registered a decline, with a 1.3 percent decrease relative to the preceding quarter and a 36.0 percent reduction compared to the quarterly target.

    “Thus, the FGN overall deficit widened relative to 2022, fourth quarter, but narrowed by 22.1 per cent when compared with the proportionate budget. Consolidated public debt, as at end-December 2022, stood at N46.25 trillion or 22.8 percent of Gross Deposit Products (GDP.”

    Gross federation revenue for the period totaled to N3.48 trillion, falling short of the levels in the last quarter of 2022 by 0.4 percent and the budget benchmark by 26.6 percent.

    Notably, non-oil revenue continued to dominate government revenue, contributing 61.4 percent, while oil receipts accounted for the remaining 38.6 percent.

    Oil revenue, at N1.34 trillion, declined by 3.0 percent compared to the last quarter of 2022 and by 43.5 percent relative to the quarterly target. This decline was primarily attributed to revenue shortfalls from petroleum profit tax and royalties due to lower domestic crude production. Conversely, non-oil receipts, totaling N2.14 trillion, showed a 1.2 percent improvement compared to the preceding quarter but fell short of the quarterly target by 9.6 percent, amounting to N2.37 trillion.

    The CBN report underscores the challenges faced by the Federal Government in managing its finances during the first quarter of 2023, primarily driven by reduced oil revenue and expenditure constraints. These fiscal dynamics will continue to be closely monitored by government officials and economists as Nigeria navigates its economic path in the coming months

  • Solid Minerals will contribute 50% to Nigeria’s GDP -Alake

    Solid Minerals will contribute 50% to Nigeria’s GDP -Alake

    *To create Solid Minerals Corporation, Mining Police

    Solid Minerals will contribute 50% to Nigeria's GDP -Alake
    The Minister of Solid Minerals, Dele Alake (middle) during the unveiling of the ‘Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity’, in Abuja on Sunday.

    The Minister of Solid Minerals, Mr. Dele Alake, has said that the ministry will add at least 50% to the Nigerian economy, just as he said that the Ministry is poised to attract Foreign Direct Investment to the country.

    The minister, who spoke during the unveiling of the ‘Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity’, in Abuja on Sunday, said that the ministry will focus on a seven-point agenda including the creation of the Nigerian Solid Minerals Corporation, Joint Ventures with Mining Multinationals, Big Data on specific seven priority minerals and their deposits, 30-day grace for illegal miners to join artisanal cooperatives, Mines Surveillance Task Force and Mine Police, Comprehensive review of all mining licenses and the creation of six (6) Mineral Processing Centres to focus on Value-Added products.

    “President Bola Tinubu has taken firm, courageous decisions that have reset the logic of the Nigerian economy. The removal of subsidy and the adoption of a single exchange rate are among the fundamental transformational policies of this administration. This radical approach to making the economy resilient in the long term is the guiding principle of the management of the Ministry.

    “The Ministry has to take the bull by the horns if the country must reap the harvest of the trillion dollars worth of minerals under the ground across the country. To achieve this laudable objective, there has to be a paradigm shift in the strategy by re-positioning the sector in terms of the human and capital factors that can drive its transformation,” the minister said.

    On the creation of the Nigerian Solid Minerals Corporation, the minister said “mining is big business. Nigeria must assert its presence in this environment by replicating its strategic positioning in the petroleum sector by setting up a corporate body that plays in this field. Consequently, the Ministry shall work towards the incorporation of the Nigerian Solid Minerals Corporation.”

    According to the Minister, the corporate body will have subsidiaries doing business in the seven priority areas that require immediate intervention and focus which include: Gold, Coal, Limestone, Bitumen, Lead, Iron-ore and Baryte. Existing enterprises, such as the National Iron-Ore Company, and ongoing arrangements, such as the Bitumen Concessioning Programme, will be reviewed to fit into this new system.

    “The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive Foreign Direct Investment for the mining sector. The positioning of the national corporation as a guarantor and protector of the partnership agreements is expected to assure partners of our seriousness and fidelity.

    “Similarly, the Solid Minerals Corporation will provide robust support for Nigerian businessmen seeking funding abroad and help to authenticate their investment proposals to speed up the commitment of their partners to invest. Domestically, the Solid Minerals Corporation will engage the Nigerian financial system, which has demonstrated palpable reluctance to support mineral prospecting and mining because of the long-term gestation of value generation by developing a Fund to facilitate investments in mining at interest rates that will be mutually agreed,” the minister said.

    The minister said the country will leverage on the abundant precious minerals including gold, manganese, bitumen, lithium, iron ore, lead, zinc, limestone, uranium,  columbite, barite, kaolin, gemstones, coal, topaz and copper that are in massive proportions to attract investors into country.

  • Tinubu’s reforms will rejuvenate Nigeria’s economy – SEC

    Tinubu’s reforms will rejuvenate Nigeria’s economy – SEC

    President Bola Ahmed Tinubu, has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians, the Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has said.

    Speaking during an interview recently, Yuguda said there was a 5.23% surge in market capitalization at the NGX on the President’s first day and it was driven by optimistic anticipation of market reforms.

    “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs.

    “Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future,” Yuguda said.

    He stated further that Nigeria had outperformed global indices on gains in the All-Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated.

    He cited the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors. 


    “All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023,” he added.

    The Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.

    He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change Nigeria’s fortunes for the better.

  • Anti-corruption groups demand transparency in investigation of Kano PCACC Chairman

    Anti-corruption groups demand transparency in investigation of Kano PCACC Chairman

    A coalition of prominent civil society groups dedicated to combating corruption and promoting transparency and accountability is closely monitoring the alleged investigation of Barrister Muhyi Rimingado, Chairman of the Kano State Public Complaints and Anti-Corruption Commission (Kano State PCACC), by the Economic and Financial Crimes Commission (EFCC) and the Code of Conduct Bureau (CCB).

    The statement, jointly signed by Olanrewaju Suraju of HEDA, Anwalu Musa Rafsanjani of CISLAC, David Ugolor of ANEEJ, Ibrahim M. Zikrullahi of CHRICED, and Muhammed Attah of PRADIN, underscores the coalition’s commitment to tracking developments in this case as they unfold.

    The coalition expresses concern that this probe follows the PCACC’s inquiry into alleged financial misconduct during the previous administration led by Dr. Abdullahi Umar Ganduje, who currently serves as the National Chairman of the All Progressives Congress (APC).

    The coalition stands in support of Chairman Muhyi Rimingado, believing that he will emerge unscathed from the investigation.

    In their official statement, the coalition commends the EFCC and CCB for their efforts to uphold transparency and accountability. They call upon these agencies to conduct their duties with unwavering professionalism and integrity, free from political interference.

    The statement emphasizes the importance of an impartial and thorough inquiry into recent developments surrounding the investigation of the Kano State Anti-Corruption Commission Chairman. The credibility and reputation of the Kano State PCACC depend on demonstrating transparency and fairness in its internal processes. All parties involved are urged to collaborate closely and adhere strictly to established legal procedures.

    The anti-corruption groups further call on the Kano State Anti-Corruption Commission, the EFCC, and the CCB to foster a spirit of collaboration in their individual anti-corruption pursuits. Timely cooperation between these agencies is crucial to addressing historical and current allegations of corruption promptly and diligently.

    By working together, these organizations can significantly contribute to a governance framework in Kano State characterized by transparency and accountability. For these groups, the commitment to eradicating corruption goes beyond mere rhetoric; it represents a shared conviction that eliminating corruption is fundamental to sustainable development, social justice, and the overall well-being of society.

    The coalition remains optimistic that the involved agencies will uphold the highest standards of professionalism and make substantial contributions to the realization of a corruption-free Kano State while holding former public office holders in the state accountable for their actions before the Kano State Anti-Corruption Commission.

  • N5bn Palliatives: FG has released N2bn to States, FCT -Wale Edun

    N5bn Palliatives: FG has released N2bn to States, FCT -Wale Edun

    The minister of finance and coordinating minister of the economy, Wale Edun has said that the sum of N2 billion has been released to the 36 States and the federal capital territory. 

    The minister, who said this during a press briefing on Friday in Abuja, said the money is a combination of loans and grant. 

    Edun said the federal government decided to release the money in tranches to avert further spikes in the inflation rate.

    He said, “On the issue of the N5 billion, it is a combination of grants from the federal government and borrowing by the states. And of course, although the sum of N5bn is earmarked, you will agree with me that if you release such funds across all states at once, it will be self-defeating and it will lead to an inflationary spiral, lead to cost of goods going up, and exchange rate liquidity will go up,” he said. 

    The minister further said that the N500 billion palliatives is part of the federal government’s support to poor and vulnerable Nigerians. 

    He said “the president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty”.

    Acknowledging the hardship currently being experienced by Nigerians over the removal of petrol subsidy, the minister said that in a little while, the whole system will begin to experience the benefits of the subsidy. 

    He said: “There are funds in domiciliary accounts and If you give people the incentives they will utilise those funds in Nigerians for Nigerians. They have huge holdings in foreign currency in banks abroad, in financial institutions abroad. We need to provide the environment that brings those funds home, to choose to invest in the Nigerian economy rather than foreign economy.”

    The Chairman presidential Committee on fiscal policy and tax reforms, Taiwo Oyedele said the federal government would rake into its coffers N20 trillion if the right taxes are paid. 

    He added that the government was in the process of reviewing the incentives that has been granted over the years. 

    According to him, the sum of N6 billion is lost by the government from incentives. 

    He insisted that going forward, incentives would be targeted at those that need it the most saying that the country could “make more money from tax than we can do from crude oil.”

  • MAN lists high energy costs as major challenge

    MAN lists high energy costs as major challenge


    The Manufacturers Association of Nigeria (MAN) CEOs Confidence Index (MCI) for the second quarter of 2023 has revealed that rising energy costs remain a major challenge facing manufacturers in the country.

    Challenges facing manufacturers according to the survey includes, energy costs; high cost of credit/inadequacy of loanable funds; multiple taxes/charges/levies/same tax policy for local producers and importers; unavailability of raw materials/delay in receiving imported raw materials; high cost of raw materials and scarcity of forex/high exchange rate/poor allocation of forex.

    According to the survey, about 63.1 per cent of manufacturers enumerated disagreed that government capital expenditure encourages productivity in the manufacturing sector; 23.9 per cent of those enumerated agreed, while about 13.1 per cent were unsure.

    MAN said the aggregate index score of MCCI in the second quarter of 2023 declined by 1.4 points to 52.7 points from 54.1 points obtained in the first quarter of 2023, which is also 2.3 points less than 55.0 points recorded in the fourth quarter of 2022.

    According to the survey findings, manufacturers within the country continue to grapple with the reverberations of the Naira Redesign policy, which was implemented during the tenure of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). 

    Furthermore, manufacturers lament the hindrance caused by two concurrent factors, among which is the upswing in motor vehicle insurance expenses, which continues to add to the operational burden of manufacturers.

    Additionally, the escalation in logistics costs is a concern that stems from the heightened pricing of premium motor spirit (PMS), commonly referred to as petrol. This is of particular significance as manufacturers need to distribute their goods extensively across the various states of the country, entailing substantial transportation expenses.

    The survey’s observations underscore that the second quarter of 2023 witnessed a substantial uptick of 17.3 per cent in both production and distribution costs for manufacturers.

    This surge in costs further accentuates the challenges faced by the manufacturing sector and calls for a comprehensive examination of strategies to mitigate these adverse effects.

    Director General of MAN, Segun Ajayi-Kadir, in the report said government’s capital expenditure should address the issues of economic infrastructure such as roads, electricity, water, etc. that support industrial sector businesses.

    “The absence of economic infrastructure contributes significantly to the high cost of operating environment which obstructs the development of manufacturing in Nigeria.

    “It is highly expedient that the government strives to ensure the harmonisation of fiscal and monetary policies that will pave the way for a stable macroeconomic environment needed to promote productivity in the manufacturing sector and improve the ease of doing business,” he said.

  • Bulls return as equity market gains N60bn

    Bulls return as equity market gains N60bn

    The domestic equity market, on Thursday closed on a positive note, appreciating by N60 billion as Sterling Bank, Transcorps, Fidelity Bank, Dangote Sugar, among others lifted market activit


    The market capitalisation of listed equities increased by 0.17 per cent to N36.422 trillion from N36.362 trillion reported the previous day.


    The NGX All Share Index also appreciated by 109.46 basis points to 66548.99 points from 66439.53 points reported on Wednesday.


    A review of the investment showed that NGX group led gainers table during the day with 10 per cent to close at N26.40 per unit, Seplat Energy followed with a gain of 9.95 per cent to close at N1837.00 per share, Trans Express gained 9.38 per cent to N1.05 per unit, UPL added 9.32 per cent to close at N2.58 per share while ABC Transport increased by 8.64 per cent to close at N0.88 per share.


    Conversely, Multiverse recorded the highest loss, declining by 10 per cent to close at N2.70 per share, Nascon trailed with a drop of 9.81 per cent to close at N50.55 per unit, Honey Well Flour down by 8.11 per cent to close at N3.40 per share, May & Baker dipped by 7.27 per cent to close at N5.10 per shares while Jaiz Bank sheds 6.83 per cent to close at N1.50 per share.


    Volume of trades declined as investors traded 620.982 million shares worth N7.180 billion in 7972 deals against 637.193 million shares valued at N7.790 billion exchanged hands the previous day in 10033 deals.


    Sterling Bank Plc led market activities with 160.995 million shares valued at N531.392 million, Transnational Corporation of Nigeria followed with 135.695 million shares valued at N847.536 million, Fidelity Bank traded 57.622 million shares worth N403.333 million, FTNCocoa sold a total of 47.177 million shares cost N97.395 million while Dangote Sugar exchanged 28.858 million shares cost N1.600 billion.

  • BUA to bring down price of cement in January

    BUA to bring down price of cement in January

    The Chairman of BUA Cement Plc, Abdul Samad Rabiu has said that the company is going to reduce the price of its product by January next year.

    Rabiu, said this when he fielded questions from journalists on Thursday in Abuja.

    He said the decision is part of the company’s efforts to support the government and Nigerians.

    The Minister of Works, Dave Umahi had recently said the federal government was considering the importation of cement as a way of bring down the price of the product.

    There has been outcry from Nigeria over the high price of cement in the country. The price of cement is between N4,500 to N4,800 across the country.

    Explaining, he said the challenge with the exchange rate was part of the reason for the high price of the product in the country at the moment.

    He said, “I understand that the minister is quite concerned, that the price of cement is high at almost N5,000 per tonne. I appreciate where the government is coming from and the frustration from all the issues in the country.

    “The price of cement at N5,000 is not high. If we look at the rate of the US dollar today, to import cement will be at N5,000. The cement cost, insurance and freight to any port in Nigeria will be in the region of about $100 a tonne. So, at $100 per tonne, if you take N800 to $1 then it will be N4,000 per bag. Then the port cost, and transportation from the port.

    “It’s not that the government wants to import cement, but they are frustrated that the price of cement is high. What we told our shareholders is that we will engage with the government to support the government.

    He further said that with its two production lines coming on stream before the end of the year, the company would be in a better position to execute its plan of supporting the government to bring down the price of cement.

    “If you have the volume and you reduce your price, and with the huge volumes that we have the price must come down. So, even if others are not ready to support the government, to support the reduction of the price of cement, they will be compelled because if they don’t reduce they will not be able to sell. That is why we are going to wait till the end of the year when these two lines are on stream. I will discuss with the minister and see how we can do that,” he added.

    Earlier at the AGM, shareholders approved the proposal of the board of directors to pay the sum of N2.80 per share in 2022 compared to the N2.60 per share paid in the previous year of 2021.

    A look at the audited financial statement revealed that the company’s revenue rose by 40.3 per cent to N361.9 billion in 2022 as against N257.3 billion recorded in 2021.

    Also, Profit After Tax rose by 12.1 per cent to N101.1 billion compared to N90.1 billion recorded in 2021.

  • APC expels 84 for alleged anti-party in Osun

    APC expels 84 for alleged anti-party in Osun

    The All Progressives Congress (APC) in Osun have announced the expulsion of 84 of its members for engaging in alleged anti-party activities.

    In a statement by the Osun APC Chairman, Sooko Lawal, the party took the decision following complaints of anti-party activities against those expelled.

    “Following complaints of anti-party activities, the State Executive Committee of the Osun State chapter of the All Progressives Congress (APC) constituted a disciplinary committee to investigate the allegations against some members.

    “This disciplinary measure came in response to the allegations of misconduct and actions that embarrassed and brought the party to disrepute.

    “The disciplinary committee undertook a thorough and impartial review of the allegations and the findings were carefully deliberated upon by the State Executive Committee.

    “After a comprehensive assessment of the evidence and consideration of the committee’s recommendations, the State Executive Committee has taken the difficult yet necessary step of expelling the following members:

    “Akibu Olaiya – Iwo LG, Yekeen Ajoke Nafisat – Iwo LG, Wakeel Mutaleeb Adekunle – Iwo East LCDA, Olufunke Akano – Iwo East LCDA, Olatunji Idowu Ajoke- Iwo West LCDA, Ajala Abayomi – Ayedire LG.

    “Adegboyega Semiu Adeniyi – Ayedire LG, Sabitu Rofiat Omolayo – Ayedire South LCDA, Oladeji Ismail – Ayedire South LCDA, Tajudeen Akanbi – Olaoluwa LG, Oyediran Quasim – Olaoluwa LG, Ajetunmobi Moshood – Olaoluwa South LCDA.

    “Akintoye Opeyemi – Irewole LG, Akerele Sunday – Irewole LG, Pastor Peter Olaawo – Irewole LCDA, Orisatola Surajudeen A. – Irewole LCDA, Shariat O. Olaniyi – Ayedaade LG, Akeem Olodude – Ayedaade LG.

    “Raji Sikiru – Ayedaade South LCDA, Isaac Adeyemi Aderinoye – Ayedaade South LCDA, Oyedeji Tawab O. – Osogbo LG, Aderemi Tajudeen – Osogbo LG, Kamoru Afusat Bolanle – Osogbo South LCDA.

    “Ibrahim Mumini Tunde – Osogbo South LCDA, Olayinka Musiliu Shina – Osogbo West LCDA, Adewumi Ademola Taofeeq – Osogbo West LCDA, Ajala Oladiran – Olorunda LG, Abiola Omotosho – Olorunda LG, Ganiyu Aliu O. – Olorunda North LCDA.

    “Lawal Olalekan – Olorunda North LCDA, Ganiyu Adebayo A. – Olorunda Area Council, Afolabi Olaniyi Olatunde – Olorunda Area Council, Serifat Olayiwola – Ifelodun LG, Olawale Morufu Adebukola – Ifelodun LG.

    “Ajibade Olatunji Ganiyu – Ifelodun North LCDA, Oladunjoye Rasheed Taye – Ifelodun North LCDA, Wale Agboola – Ifelodun Area Council, Sulaiman Akeem – Ifelodun Area Council, Odetayo Olubunmi – Odo Otin LG.

    “Agboola Dayo Remilekun – Odo Otin LG, David Ajiboso – Odo Otin North LCDA, Ajala Richard Folashade – Odo Otin North LCDA, Ogunkanmi Adekunle – Odo Otin South LCDA, Adepoju Kabiru – Odo Otin South LCDA.

    “Fadunmola Fatai A. – Boluwaduro LG, Aina Olusola – Boluwaduro LG, Oyekanmi Hajarat Adenike – Boluwaduro East LCDA, Adewumi O. Olufemi – Boluwaduro East LCDA, Teniola Alaba – Ilesa East LG.

    “Muraina Fatai Olusegun – Ilesa East LG, Alaka Bode Olakunle – Ilesa North East LCDA, Ojediran Folasade Kehinde – Ilesa North East LCDA, Raji Azeez – Ilesa West LG, Afolayan Kafayat – Ilesa West LG.

    “Kabir Ademola Hameed – Ilesa West Central LCDA, Kazeem Kafayat – Ilesa West Central LCDA, Agunlejika Adejuyigbe – Atakumosa West LG, Ogundele Sesan Opeyemi – Atakumosa West LG, Omidiji Olaolu – Atakumosa West LCDA.

    “Adejare Israel – Atakumosa West LCDA, Oni Abiodun – Ife Central LG, Ismail Busayo Alabelewe – Ife Central LG, Chief Titus Awofesobi – Ife Central West LCDA, Alhaji Akeem Oyeleye – Ife Central West LCDA. 

    “Alhaji Omisakin Bisi–Ife East LG, Ogunrinola Sayo – Ife East LG, Oyewole Rafiu – Ife Ooye LCDA, Adefioye Adegboyega – Ife Ooye LCDA, Sangolade Olawale – Ife East Area Office, Adekunle Toyin Asabi – Ife East Area Office.

    “Adeyeye Yinusa O. – Oriade LG, Mathew Olamuyiwa Samuel – Oriade LG, Samson Fakinyede Oladipo – Oriade South LCDA, Oyediran Mikail – Oriade South LCDA, Lamidi Oyeyemi – Obokun LG.

    “Dare Adarayaki- Obokun LG, Oluseyi Oyinloye – Obokun LCDA, Ogundele Ogunsanmi – Obokun LCDA, Ismail Elewedi – Ejigbo Central LCDA, Yekeen Adewale – Oyebisi Ejigbo South LCDA, Muraina Atanda Adeleke – Ejigbo South LCDA.

    “Alhaja Temilade Olokungboye Halid – Osogbo West LCDA, Biyi Odunlade – Ife Central LGA, Rasak Salinsile – Iwo LGA.

    “As we move forward, we enjoin our members to remain focused on our goals and continue working together to serve the interests of our constituents and our State.

    “Our commitment to transparency, inclusivity, and adherence to our party’s core values remains unwavering.” the statement read.