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Cardoso Pledges Conducive Atmosphere For Foreign Investments

Following his confirmation as the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has said that the CBN will do all within its statutory functions to address identified distortions and ensure a conducive atmosphere for different categories of investors.

He gave the assurance in his office on Thursday, when a group of investors paid him a courtesy visit, noting that under his leadership, the new management team at the Bank will do its best to tackle the impediments to liquidity in the foreign exchange market in Nigeria.

While disclosing plans to formally unveil his agenda for the monetary and financial sector in the days ahead, Mr. Cardoso stressed the importance of credibility and transparency in implementing the Bank’s monetary policy.

To achieve this, he said the Bank would focus on strengthening its data-gathering system to ensure that only verifiable data will be relied upon for evidence-based decisions. According to him, the CBN would also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy.

Speaking further on liquidity management, he said his team had a short-term goal of addressing structural issues within the financial system that gave rise to the liquidity challenge in the first instance.

On the relationship between the monetary and fiscal authorities, the new CBN Governor said there would continue to be consensus between both authorities to harmonise their positions on the interest rate and inflation. He, however, said the Bank would remain open to different views in its push for greater transparency.

Meanwhile, Mr. Cardoso said the Bank would only provide strategic policy support to critical sectors of the economy while allowing experts to take charge of such critical sectors, given that the expertise lies within other relevant agencies.

In their remarks, the investors, led by Mrs. Ireti Samuel-Ogbu, said they were at the CBN to discuss ways of strengthening collaboration to boost foreign investment in Nigeria. The group also emphasised issues around the Bank’s independence and the need to grow the country’s foreign exchange reserve, among other issues.

09/29/2023
Illegal Operations: Again, FCTA Crushes 470 Motorcycles In Abuja

The Joint Task Force of the Federal Capital Territory Administration (FCTA) on Thursday crushed more than 470 motorcycles impounded for operating illegally in the capital city, Abuja.

The motorcycles were impounded by the taskforce during an operation that began from the Carwash Bus Stop, Lugbe, through Gosa, Bill Clinton Drive, Trademore Estate, Lugbe Junction and Kubwa.

Over 400 motorcycles were earlier impounded and crushed on Aug. 31, during a similar operation for the same offence.

Mr Obokutom Nyah, Secretary, Transportation Secretariat, FCTA, told journalists during the exercise that the decision to crush the motorcycles was in line with the provisions of the law.

Nyah warned commercial motorcyclists to limit their operations to designated areas, stay clear of the city centre and stop constituting a security threat in the city.

He explained that there are areas designated for different kinds of vehicles, adding that commercial motorcycles are only allowed to operate in the suburbs.

“So, we encourage the operators to respect their boundaries, because if you cross the line, you will face the full wrath of the law,” he said.

Also, the Director, FCT Directorate of Road Traffic Services, Mr Abdulateef Bello, said that the number of motorcycles operating within the city was outrageous.

Bello said that the taskforce would extend its operations to night hours, adding that currently, between 200 and 400 motorcycles are being impounded on weekly basis.

He added that the taskforce was considering arresting residents that patronise motorcycles as part of efforts to strengthen the level of enforcement.

He advised residents against patronising motorcycles but should learn to walk short distances where possible, for their own safety.

The director further advised those investing in commercial motorcycle business to have a rethink, stressing that the FCTA would invest its resources to curtail them.

09/29/2023
Nigeria’s Atomic Energy Commission Signs MoU With Russian Varsity

The Nigeria Atomic Energy Commission and Russia’s Tomsk Polytechnic University (TPU) have signed a Memorandum of Understanding (MoU).

The parties, which agreed to cooperate in the field of nuclear education and development of the Nigerian nuclear industry, signed the agreement on Tuesday.

According to Sputnik, the Russian news agency, the agreement was signed within the framework of the 67th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna.

Sputnik quoted the press service of the university as saying that Vera Verkhoturova, Advisor to the Rector for External Relations and Abdullahi Mati, Director of the Department of Nuclear Power Plants in the commission, signed on behalf of parties.

It said TPU and the commission plan to create joint educational programmes, including dual degree programmes with Nigerian universities, academic exchange of students, distance learning, seminars, training courses and research in the field of nuclear physics and technology.

“TPU has been training in-demand personnel for the nuclear industry for more than 70 years, and its graduates are heads of ministries and departments, heads of companies, engineering and management corps of leading nuclear industry enterprises,” Acting Rector of TPU, Leonid Sukhoy said.

“Thanks to close cooperation with Rosatom State Corporation, whose main university is the TPU, we are developing international nuclear programs.

“The university has already become a reference platform for the development of human resource capacity in the field of nuclear technologies in Indonesia, Bolivia, Egypt, and a number of other Rosatom partner countries.

“And today, Nigeria has officially joined the list of our partner countries.

“TPU will become a reference platform in Russia for training personnel in nuclear and related specialties in the interests of Nigeria.

“We are grateful for the trust, I am sure that fruitful and mutually beneficial cooperation awaits us ahead,” he said.

He added that employees of Nigeria’s energy commission are among the graduates of the TPU international educational nuclear programmes.

The graduates, he said, are now successfully applying the acquired knowledge and competencies for the development of nuclear technologies in Nigeria.

“I believe that this is just the beginning of a long-term cooperation,” he said.

Prof. Yusuf Ahmed, Chairman of the energy commission, who also attended the event, said no fewer than 40 students from Nigeria are already studying for masters and postgraduate programmes in nuclear energy.

He expressed the hope that the number will grow.

09/28/2023
No Going Back On October 3 Strike, NLC Insists

The Nigeria Labour Congress (NLC) says it has reached no agreement with the Federal Government to call off the planned indefinite strike for October 3, insisting that the planned industrial action will still continue.

Mr Benson Upah, Head of Information and Public Affairs in NLC said this in a statement on Thursday in Abuja.

It would be recalled that the NLC and the Trade Union Congress (TUC) had at the end of the joint National Executive Council meeting declared an indefinite strike beginning from Tuesday to press home their demands.

Upah was reacting to a statement allegedly issued by Mr Olajide Oshundun, Director, Press and Public Relations in the Ministry of Labour and Employment.

Upah said there were some inconsistencies in the statement which include the proposed strike and the illegal occupation of the secretariat of the National Union of Road Transport Workers (NURTW).

“Accordingly, we find it necessary to make clarifications. Firstly, we do not have any agreement with the government to suspend the planned strike action.

“Neither do we have any date for a meeting with the government that may lead to the suspension of the proposed strike.

“While we do not intend to demean or minimise the office of the Honourable Minister of Labour and Employment, this matter is beyond the Ministry.

“This should have been obvious to them during our most recent meeting,” he added.

He, therefore, commended the role played by the Minister of Labour and Employment, Mr Simon Lalong in securing the release of the executives of the NURTW from unlawful, illegal police detention.

Upah added: “We take exception to the ministry describing these executives as factional leaders.

“They were lawfully elected into office. We still find it necessary to advise the police and those elements behind their travails to desist from this despicable and shameful conduct.

“They are advised to retrace their steps. If democracy is to be of meaning to us, then we should resist the urge or temptation for impunity. Enough is enough.”

09/28/2023
Kogi APC Guber Pry: Smart Adeyemi Knows Fate Oct 3

The Supreme Court on Thursday in Abuja fixed October 3 for final judgement in a suit filed by Senator Smart Afolabi Adeyemi challenging the conduct of the April 14, 2023 primary election of the All Progressives congress (APC), for Kogi state governorship election.

Adeyemi is challenging the validity of the primary election which produced Ahmed Usman Ododo as APC’s flagbearer for the November 11 governorship election.

The grouse of the appellant is that the provisions of Electoral Act 2022 and the guidelines of the APC were compromised during the primary election.

Specifically, Adeyemi who recently represented Kogi West senatorial district in the Senate is claiming that the result brought out by APC in support of Ododo was fraudulent and invalid on the ground that the primary election was conducted in only 11 out of 239 wards in the state.

A Federal high court in Abuja and the Abuja division of the Court of Appeal had however delivered judgments against him on the ground that the allegations of malpractices were not proved as required by law, promoting him to go to Supreme Court.

At Thursday’s hearing of the Appeal at the Supreme Court, Adeyemi lawyer’s Musibawu Adedtunmbi, SAN, after adopting his briefs prayed the Apex Court to grant the reliefs sought by Adeyemi.

The Senior lawyer argued that the primary election of April 14 was conducted in gross violation of section 84 of the Electoral Act, 2022.

The senior lawyer claimed that Election did not hold in 228 wards and that the claim was supported by INEC’s field officers in their report on the primary election.

However, the APC represented by AbdulWahab Mohammed prayed the Supreme Court panel headed by Justice John Inyang Okoro to dismiss Adeyemi’s appeal on the ground that it is against the concurrent findings of fact by the Court of Appel and the Supreme Court.

On its part the Independent National Electoral Commission (INEC) represented by Adeyemi Adeniyi SAN, after adopting his briefs told that Apex Court panel that the appeal was grossly incompetent and that the decision of the two lower courts should be affirmed because there was no allegation of perversion of justice in the decisions of the two lower courts.

Similarly, the third respondent, Usman Ahmed Ododo through his counsel, Francis Ekpa asked the Supreme court to dismiss the appeal on the ground that it has become academic, adding that the 180 days within which APC can conduct another primary election for nomination of candidate has since lapsed.

Justice Okoro after taking arguments from the parties announced that the final judgment will be delivered on October 3.

09/28/2023
Burkina Faso Junta Foils Alleged Coup Attempt

The military junta in Burkina Faso has announced that it had successfully thwarted what they describe as a coup attempt. The junta did not provide specific details regarding the incident.

In a statement, they stated that “a verified coup attempt was prevented on September 26, 2023, thanks to Burkina Faso’s intelligence and security services. Currently, several officers and individuals believed to be involved in this destabilization attempt have been apprehended, while others are actively being pursued.”

The junta further asserted that the alleged perpetrators had sinister intentions of attacking the nation’s republican institutions and plunging the country into chaos.

It’s important to note that Captain Ibrahim Traore, the leader of the junta, seized power on September 30, 2022, marking Burkina Faso’s second coup in eight months. Both coups were driven, in part, by discontent with the government’s inability to counter a persistent jihadist insurgency that spilled over from neighbouring Mali in 2015.

Following rumours of a coup on social media, thousands of people took to the streets of the capital city, Ouagadougou, late on Tuesday, responding to a call from Traore’s supporters to “defend” him.

The military government has expressed its commitment to shedding light on the plot and has expressed regret that officers, sworn to protect their homeland, were involved in an endeavour that aimed to obstruct the Burkinabe people’s pursuit of sovereignty and freedom from terrorist threats.

Earlier this month, the country’s military prosecutor disclosed the arrest and charging of three soldiers who were accused of plotting against the ruling junta. These individuals were allegedly scouting locations used by key junta figures, including Traore, with the goal of destabilizing the transitional government.

Burkina Faso has been grappling with a persistent jihadist insurgency, resulting in over 17,000 casualties among civilians and troops, according to the Armed Conflict Location and Event Data Project (ACLED). Additionally, more than two million people have been displaced, making it one of Africa’s most severe internal displacement crises.

The country has experienced political instability with coups in January and August 2022, toppling elected leaders and leading to interim military rule. Despite government claims of territorial gains, jihadist attacks persist.

09/28/2023
50 Poisoned At Wedding In Iraq

Reports from local media indicate that over 50 people suffered from food poisoning at a wedding in Iraq’s northern province of Kirkuk.

The poisoning was attributed to spoiled food that was served at the event.

The incident unfolded in the town of Hawija, located west of Kirkuk, which serves as the capital city of the province.

Ziyad Khalaf, the provincial health chief, stated that the affected individuals exhibited a range of symptoms, with some experiencing mild discomfort and others facing more severe health issues.

Fortunately, all the poisoned individuals received prompt medical attention at the hospital to address their conditions.

This incident follows closely on the heels of a tragic event where a devastating fire engulfed a wedding hall in a predominantly Christian town in Iraq’s northern province of Nineveh.

The fire resulted in the tragic loss of 114 lives and left more than 200 individuals injured.

09/28/2023
Labour Ministry Debunks Independence Day Wage Award By Tinubu

The Ministry of Labour says the report that President Bola Tinubu would announce a wage award to workers on Independence Day is untrue.

This is contained in a statement issued Mr Olajide Oshundun, Director of Press and Public Relations in the Ministry of Labour in Abuja.

“The attention of the ministry of Labour and Employment has been drawn to reports circulating online claiming that the President will announce wage awards and palliatives to workers during his October 1st Independence Day speech.

“The report which is said to have emanated from a purported interview with the Director of Information in the ministry claimed that a last-minute meeting has been scheduled for Tuesday between Federal Government and Labour to avert the proposed strike.

“We wish to categorically state that the report is false and misleading as at no time did the Director of Information make such disclosure,” he said.

He urged members of the public to ignore the report as it is a total fabrication of an interview by the reporter to suit the narrative of the interests best-known to the newspaper.

He added that, for the benefit of doubt, it is important to stress that the Director of Information at the ministry does not speak for the President.

The director said that he was also not involved in writing the speech for the President to warrant him making any categorical statement on its content.

“If and when the Minister schedules a meeting with Labour, the public will be adequately notified through verified channels.

“The said newspaper is advised to retract the story and maintain professionalism in its reportage to avoid misleading the public,” he said.

09/28/2023
Wike Sacks Heads Of FCTA Parastatals, Agencies
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has taken the decision to dismiss the heads of various parastatals, agencies, and companies operating under the FCT administration (FCTA).

This significant move was announced by Anthony Ogunleye, the Director of Press in the Minister’s office, through an official statement released on Wednesday.

“The minister’s directive to relieve these officials of their positions is effective immediately, and new appointments to these offices will be made in due course.

“As part of the transition process, all affected officials have been instructed to facilitate the smooth handover of their duties to the most senior officers in terms of rank,” the statement said.

Below is a list of the entities and individuals affected by this decision:
1. Group Managing Director/Chief Executive Officer, Abuja Investment Company Ltd
2. Chief Executive Officer/Managing Director, Abuja Markets Management Ltd
3. Managing Director/Chief Executive Officer, Abuja Urban Mass Transport Company
4. Chief Executive Officer/Managing Director, Abuja Property Development Company
5. Chief Executive Officer/Managing Director, Abuja Technology Village Free Trade Zone Company
6. Chief Executive Officer/Managing Director, Abuja Film Village International
7. Chief Executive Officer/Managing Director, Powernoth AICL Equipment Leasing Company Ltd
8. Managing Director, Abuja Broadcasting Corporation
9. Managing Director, Abuja Enterprise Agency
10. General Manager, FCT Water Board
11. Director-General, FCT Emergency Management Agency
12. Executive Secretary, FCT Primary Healthcare Board
13. Director-General, Hospital Management Board
14. Director, Abuja Environmental Protection Board
15. Director, FCT Scholarship Board
16. Director, FCT Christian Pilgrims Welfare Board
17. Director, Muslim Pilgrims Welfare Board
18. Coordinator, Abuja Infrastructure Investment Centre
19. Director, FCT Health Insurance Scheme
20. Coordinator, Satellite Towns Development Department
21. Coordinator, Abuja Metropolitan Management Council
This development marks a significant change in the leadership landscape of the FCTA parastatals and agencies as the minister seeks to implement his vision and objectives within the Federal Capital Territory.
09/27/2023
IMF Advocates Fiscal Adjustments As Solution African Countries’ Debts

The International Monetary Fund (IMF) has urged African governments to re-anchor fiscal policy through a credible medium-term strategy to avoid a debt crisis.

According to the Fund in its report ‘How to Avoid a Debt Crisis in Sub-Saharan Africa’, it stated that to avoid a debt crisis, African countries seek to achieve key debt targets.

The Bretton Woods Institute said the average debt ratio in the region has almost doubled in 10 years adding that the average debt ratio to gross domestic product (GDP) has increased to 60 percent as of 2022, which is a 30 percent rise compared to the figures of 2013.

According to the Fund, this is what makes debt repayment costlier.

“In most sub-Saharan African countries, fiscal policy focuses excessively on short-term goals and is not guided by a clear medium-term strategy. This lack of anchoring has resulted in frequent breaches of fiscal rules and ever-increasing public debt levels.

“A more strategic approach to fiscal policy would be preferable by setting explicit debt targets that integrate key policy trade-offs between debt sustainability and development objectives, rather than focusing narrowly on short-term fiscal deficits.

“The paper suggests a novel approach to estimating country-specific medium-term debt anchors, which ensures that debt service costs remain manageable.

“The region’s ratio of interest payments to revenue, a key metric to assess debt servicing capacity and predict the risk of a fiscal crisis, has more than doubled since the early 2010s and is now close to four times the ratio in advanced economies,” the IMF said.

In the report, the IMF said more than half of the low-income countries on the continent are at high risk or already in debt distress as at the end of last year.

The multilateral also said mobilising more domestic revenue through the elimination of tax exemptions or digitalising filing and payment systems is key to avoiding a debt crisis as well.

“Sub-Saharan African countries tend to rely excessively on expenditure cuts to reduce their fiscal deficits.

“Although this may be warranted in some circumstances, revenue measures, like eliminating tax exemptions or digitalizing filing and payment systems, should play a greater role.”

The IMF noted that mobilising domestic revenue is less detrimental to growth in countries where initial tax levels are low, whereas the cost associated with reducing expenditures is particularly high given Africa’s large development needs.

09/27/2023