Cloned Nigerian Anchor

Tag: Bola Tinubu

  • Cost of governance: Tinubu initiates the sale of presidential jets

    Cost of governance: Tinubu initiates the sale of presidential jets

    In a bid to cut the cost of governance, President Tinubu’s has announced plans to divest three aircraft from the Presidential Air Fleet (PAF), a senior official revealed over the weekend.

    This strategic move forms part of the administration’s wider efforts to streamline government expenditure. Presently, the fleet comprises a total of 10 aircraft, including six jets and four helicopters, with intentions to reduce the fleet to seven through the proposed sale.

    This decision mirrors a previous attempt made during the tenure of President Muhammadu Buhari to sell off two aircraft in the fleet, namely a Dassault Falcon 7x executive jet and a Beechcraft Hawker 4000 business jet, back in October 2016.

    However, the sale faltered after preferred bidders revised their offer from $24 million to $11 million, a sum rejected by the government at the time.

    To alleviate the burden of maintenance costs, the administration had explored alternative avenues, including the possibility of chartering some of the aircraft to interested governors to generate revenue.

    The fleet comprises various aircraft models, including Boeing Business Jets (BBJ) 737, Gulfstream G550, Gulfstream G500, Falcon 7X, HS 4000, Agusta 139, and Agusta 101. Notably, the BBJ 737 serves as the Nigerian Air Force One, exclusively utilized by the President for official travel.

    While specific details regarding the replacement of the BBJ 737 remain undisclosed, it is noteworthy that the aircraft was acquired for approximately $43 million during the tenure of President Olusegun Obasanjo.

    Escalating concerns over maintenance costs, which have soared to over $5 million in recent months, have prompted President Tinubu to take decisive action. The decision to divest three aircraft deemed the most financially burdensome is aimed at curtailing excessive spending on maintenance.

    Over the years, the presidency has allocated significant sums for PAF maintenance, with budgetary provisions ranging from N3.65 billion in 2016 to N25.7 billion in 2023. However, precise expenditure figures remain unconfirmed.

    Furthermore, in a separate move geared towards fiscal prudence, President Tinubu has enforced a three-month travel ban on publicly-funded foreign trips by Federal Government officials, with immediate effect.

    The utilization of the fleet falls under the purview of the Office of the National Security Adviser (ONSA), ensuring efficient management and utilization.

  • Nigeria to commence local manufacturing of vehicles

    Nigeria to commence local manufacturing of vehicles

    The government of Nigeria has revealed plans for the local production of vehicles. 

    According to the governor, the country plans to commence local manufacturing of vehicles in the next ten years.

    This was disclosed by the Minister of Industry, Trade and Investment Doris Uzoka-Anite, on Friday at the launch of the Nigeria Automotive Industry Development Plan.

    According to the minister, the country can produce vehicles, including motorcycles, tricycles, sedans and heavy trucks.

    She noted that the goal was to cut down on the cost of purchasing vehicles in the country.

    “Nigeria can produce its vehicles. We have the raw materials, we have the skills, we have a market, and now we have a plan that can help us produce our vehicles.

    “These vehicles include motorcycles, tricycles, sedans, and heavy-duty trucks.

    “With this plan, we should see Nigeria fully producing its own vehicles within ten years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian,” he said.

    In his remarks, the Director General of the National Automotive Design and Development Council, Joseph Osanipin, stated that the policy proposed to help actualise the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.

    He said, “Through such fiscal initiatives, there is a deliberate focus on backward integration and component production.”

    The development comes as vehicle imports climbed by 226.46 per cent to N1,063 trillion in 2023 from N325. 05 billion in 2022, according to data from the National Bureau of Statistics.

  • CBN Orders Banks to Raise Capital or Face Downgrade

    CBN Orders Banks to Raise Capital or Face Downgrade

    In response to the macroeconomic challenges facing the nation, the Central Bank of Nigeria (CBN) has issued a directive for leading banks to bolster their capital reserves or risk downgrade. The move targets Tier 1 Banks, including UBA, GTB, ACCESS Bank, First Bank, and ECO Bank.

    Under the new regulations, commercial banks with International Banking licenses must increase their authorized capital base to N500 billion, up from previous levels ranging between N115,815 million and N270,745 million. This mandate, effective immediately, stipulates that the revised capital comprises only paid-up capital and share premium, excluding shareholders’ funds.

    Additionally, banks with national licenses must raise their capital to N200 billion, affecting institutions like FCMB, Fidelity, and Stanbic IBTC. Furthermore, those operating with Regional Licenses face a requirement to boost their authorized capital to N50 billion.

    The CBN’s directive also extends to merchant banks, which must maintain a minimum capital base of N50 billion for national licenses and N20 billion for non-interest banks. Regional license holders are mandated to maintain a minimum share capital of N10 billion.

    According to Haruna Mustafa, Director of the CBN’s Financial Policy and Regulation Department, these measures aim to promote a safe, sound, and stable banking system in line with existing legislation.

    Banks are now presented with limited options to comply with the directive, including injecting fresh equity capital through private placements, rights issues, or offers for subscription, engaging in mergers and acquisitions, or undergoing license authorization upgrades or downgrades.

    Executives are bracing for the challenge, with a two-year deadline set by the CBN to meet the new capital requirements. The banking industry now faces a period of restructuring and strategic decision-making as it navigates these regulatory changes.

  • NNPCL Refutes Fuel Price Reduction

    NNPCL Refutes Fuel Price Reduction

    In response to the reports making the round that the price of Premium Motor Spirit popularly known as petrol has reduced, the Nigeria National Petroleum Corporation, NNPC has refuted the report, saying it is fake and should be disregarded.

    NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made the clarification in a statement on Wednesday, urging Nigerians to disregard the report.

    According to the statement issued to newsmen, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely.

    “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

  • NLC Chairman Lands In Prison For Diverting Palliative Funds

    NLC Chairman Lands In Prison For Diverting Palliative Funds

    Comrade Muktar Tarbutu, the Chairman of the Nigeria Labour Congress (NLC) in Yobe State, has been remanded in prison following accusations of diverting palliatives intended for union members.

    Tarbutu faced arraignment before Magistrate II Damaturu on Wednesday, responding to allegations of misappropriating palliatives provided by the North East Development Commission (NEDC).

    According to Barrister Mohammad Mohammad Ngumurumi, Secretary of the Nigerian Bar Association (NBA) in Yobe, the NEDC had allocated various essential items, including rice, sugar, spaghetti, and textiles, for distribution among several unions, which Tarbutu allegedly failed to fulfill.

    “The North East Development Commission (NEDC) had distributed these items to the NLC, TUC, NUJ, and NBA for distribution among their members. However, the accused did not distribute the items allocated to the NUJ and NBA,” Ngumurumi stated.

    Tarbutu, who pleaded not guilty to the charges, was remanded in custody until April 18, 2024, awaiting further legal proceedings, as ordered by Chief Magistrate II Damaturu, His Worship Hasiya Abubakar.

  • Breaking! Tinubu Offers Scholarship To Children of slain soldiers 

    Breaking! Tinubu Offers Scholarship To Children of slain soldiers 

    President Bola Tinubu on Wednesday conferred national honours on 17 members of the Nigerian Army who were killed in Delta State on March 14, 2024.

    This was as he announced the provision of housing facilities for the surviving family members and scholarships for all their children to the university level.

    He also directed the payment of death benefits to the family members within 90 days.

    He announced these during the burial ceremony of the slain servicemen at the National Military Cemetery in Abuja.

    Tinubu posthumously conferred the national honour of Member of the Order of the Niger on the Commanding Officer 181 Amphibious Battalion, Lt. Col. A.H Ali; Maj S.D Shafa (N/13976); Maj D.E Obi (N/14395) and Capt U Zakari (N/16348).

    He also conferred the honour of Officer of the Order of the Niger on SSgt Yahaya Saidu (#3NA/36/2974); Cpl Yahaya Danbaba (1ONA/65/7274); Cpl Kabiru Bashir (11NA/66/9853); LCpl Bulus Haruna (16NA/TS/5844); LCpl Sola Opeyemi (17NA/760719); LCpl Bello Anas (17NA/76/290); LCpl Hamman Peter (NA/T82653); LCpl Ibrahim Abdullahi (18NA/77/1191); Pte Alhaji Isah (17NA/76/6079); Pte Clement Francis (19NA/78/0911); Pte Abubakar Ali (19NA/78/2162); Pte Ibrahim Adamu (19NA/78/6079) and Pte Adamu Ibrahim (21NA/80/4795).

  • Tinubu congratulates Senegal’s president-elect Bassirou Diomaye Faye

    Tinubu congratulates Senegal’s president-elect Bassirou Diomaye Faye

    President Bola Tinubu has congratulated Bassirou Diomaye Faye on his election as the president of the Republic of Senegal, wishing him success as he takes on the important job of leading the good people of Senegal.

    This was disclosed in a statement issued by the special adviser to the president on media and publicity, Ajuri Ngelale, on Wednesday, March 27.

    Part of the statement reads: “President Bola Tinubu extends his congratulations to Mr. Bassirou Diomaye Faye on his election as the President of the Republic of Senegal.

    “President Tinubu notes that President-elect Faye comes with great promise and a sterling record, wishing him success as he takes on this important job of leading the good people of Senegal.

    “The President also congratulates His Excellency, President Macky Sall, for overseeing an election that has been widely adjudged as peaceful and transparent.

    “President Tinubu states that the success of the presidential election in Senegal and the successful conduct of the general election in Liberia a few months ago have affirmed his long-held conviction that the taproot of democracy is deeply established in West Africa and will only grow stronger as it is watered by good governance, justice, and fairness to all.”

  • Details Of Sheikh Gumi’s Meeting With FG Emerge

    Details Of Sheikh Gumi’s Meeting With FG Emerge

    The details of Islamic cleric, Sheikh Ahmad Gumi’s meeting with security agencies over his comments on the activities of bandits in the country has emerged.

    Minister of Information and Orientation, Mohammed Idris, on Monday, revealed that Gumi had been invited over some of his remarks. 

    The minister said Gumi was not above the law and would be interrogated if security agencies deemed his comments reckless.

    This comes after Gumi continued his advocacy for amnesty for bandits in a recent radio interview, saying that many took to banditry because of alleged neglect and marginalisation from the government.

    The cleric has been photographed with various bandit groups on numerous occasions, while some Nigerians have called on security agencies to arrest him over his alleged ties with terrorist groups.

    In a post on his Facebook page on Tuesday, Gumi said he had a productive interaction with security agencies who invited him over his alleged connections with bandits.

    The cleric stated that his meeting with the security agents centred on how to curb banditry in the North West region of the country.

    Gumi said there was no cause for alarm and thanked well-wishers and journalists who called to check on him.

    He wrote: “Last night I got many frantic calls from well-wishers and journalists about a news item that I was interviewed by security. There is absolutely no cause for alarm.

    “Yes, we had a productive interaction on how to curb banditry as we are all trying — each in his own sphere — to tackle the monster bedevilling the nation. There was no animosity but courtesy and full of respect.

    “We all need as a nation to unite and work in synergy to achieve an everlasting peace.”

  • Presidency Disowns Viral List Of New Nigerian Ambassadors, Designations 

    Presidency Disowns Viral List Of New Nigerian Ambassadors, Designations 

    The Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, has described as fake news a purported list of new Nigerian Ambassadors.

    A purported list of new Nigerian Ambassadors and their assigned countries went viral on social media on Tuesday.

    In a statement on his X (formerly Twitter) on Tuesday, Tinubu’s aide said the names in circulation are merely a copy of an outdated 2017 list.

    Olusegun added that most of those mentioned in the fake list have already retired from their diplomatic duties.

    He wrote: “The alleged LIST OF NEW NIGERIAN AMBASSADORS AND THEIR ASSIGNED COUNTRIES circulating online is fake.

    “This list is merely a copy of an outdated 2017 list, where most of the individuals mentioned have already retired from their diplomatic duties.

    “A few names on the list are even inaccurate, and some have sadly passed away. One must question the sudden emergence of this stale list at this time.

    “Therefore, it is imperative to disregard and treat this list with utter contempt.”

    Recall that President Tinubu had, on September 2nd, 2023, recalled all career and non-career ambassadors manning the country’s diplomatic missions, embassies, and consulates globally.

  • Tinubu Makes New Appointment 

    Tinubu Makes New Appointment 

    President Bola Tinubu has appointed Olugbile Holloway as director-general of the national commission for Museums and monuments.

    This was contained in a statement issued on Thursday by special adviser to the President on Media and Publicity, Ajuri Ngelale. 

    “President Bola Tinubu has approved the appointment of Mr. Olugbile Holloway as the Director-General of the National Commission for Museums and Monuments.

    “Mr. Holloway is the Managing Director of Evoke Communications Limited, a creative brand/consultancy agency. 

    “He holds a Bachelor of Arts in Politics and International Relations and a Master’s degree in Business Administration.

    “The President expects that the new Director-General will bring life into this important agency and ensure the preservation, promotion, and development of Nigeria’s diverse tangible and intangible cultural heritage”, the statement said.