President Tinubu Approves Dissolution of Management of Federal Agencies, Parastatals.

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June 18, 2023

In a significant move towards consolidating his administration’s grip on power, President Bola Ahmed Tinubu has given the Office of the Secretary to the Government of the Federation (OSGF) the green light to dissolve the management and boards of federal government agencies and parastatals.

Multiple senior government sources, who spoke on the condition of anonymity, revealed to THEWILL that the shake-up will impact all political appointments made by the outgoing Muhammadu Buhari administration.

This decision reflects President Tinubu’s commitment to forming his own team and implementing his vision for the country.

While an official announcement is expected in the coming days, sources suggest that the dissolution will take effect soon, with the highest-ranking civil servant temporarily overseeing the various agencies until a new management and board are appointed.

The move is seen as an opportunity for President Tinubu to assert his authority and establish a firm footing for his administration.

With his assumption of office on May 29, 2023, the President aims to shape the federal government’s structure to align with his policies and priorities.

Observers anticipate that President Tinubu’s new appointments will reflect his vision for effective governance, as he works towards achieving his objectives for the nation.

The dissolution of the management and boards of federal agencies and parastatals represents a significant step in this direction.

As the country awaits the formal announcement, Nigerians are keen to see the composition of the new teams that will drive the government’s agenda in key sectors.

The President’s appointments are expected to reflect competence, diversity, and a commitment to delivering positive change.

With the dissolution of the current management and boards, President Tinubu’s administration sets the stage for a fresh start and a renewed focus on national development.

The coming days will unveil the new faces tasked with driving Nigeria’s progress and addressing the challenges that lie ahead.

As the nation looks forward to this new phase, the expectations are high for President Tinubu’s administration to deliver on its promises, bring about meaningful change, and steer Nigeria towards a prosperous and inclusive future.

Vice President, Kashim Shettima Launches Made-in-Nigeria Electric Car.

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Favour Bassey Otu

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June 16, 2023

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Vice President, Kashim Shettima on Friday, launched a fully designed and assembled made-in-Nigeria Electric car in Nigeria.

The Electric Vehicle was presented by Mr. Jelani Aliyu, the Director General/Chief Executive Officer of the National Automotive Design and Development Council (NADDC) at the State House, Abuja.

ECOWAS, Morocco, Cote d’Ivoire Sign MoUs on Nigeria-Morocco Gas Pipeline.

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Favour Bassey Otu

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June 16, 2023

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A momentous occasion unfolded today at the headquarters of the Economic Community of West African States (ECOWAS) as six nations gathered, Nigeria, Morocco, Cote d’Ivoire, Liberia, Benin, Guinea to sign Memoranda of Understanding (MoUs) for the Nigeria-Morocco Gas Pipeline Project.

The signing ceremony marks another significant step towards the realization of this transformative initiative.

The chief corporate communications officer, Garba Deen Muhammed, confirmed the signing of the four MoUs in a press statement on Friday.

The project’s Steering Committee also convened to deliberate on its progress and strategic direction.

These tripartite MOUs were respectively and successively signed between the Nigerian National Petroleum Company Limited (NNPC) and the Office National des Hydrocarbures et des Mines (ONHYM) of Morocco signed separate tripartite MoUs with the Société Nationale d’Opérations Pétrolières of Cote d’Ivoire (PETROCI), the National Oil Company of Liberia (NOCAL), the Société Nationale des Hydrocarbures of Benin (SNH-Benin), and the Société Nationale des Pétroles of the Republic of Guinea (SONAP).

These MoUs, akin to previous agreements signed with ECOWAS, Mauritania, Senegal, The Gambia, Guinea-Bissau, Sierra Leone, and Ghana, reaffirm the Parties’ commitment to this strategic project.

SIGNIFICANCE OF THE MOU

Once completed, the Nigeria-Morocco Gas Pipeline will not only unlock the monetization potential of natural gas resources in the participating African countries but also establish a new export route to Europe.

The signing ceremony took place alongside the Steering Committee meeting, attended by representatives from ECOWAS and all participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.

This ambitious infrastructure project holds the promise of accelerating energy access, improving living conditions, integrating economies, and mitigating desertification. By providing sustainable and reliable gas supply aligned with Africa’s environmental commitments, it also opens up new economic, political, and strategic possibilities for the continent.

Mr. Mele Kvari, the Group CEO of NNPC Ltd, expressed gratitude to President Bola Ahmed Tinubu and the Nigerian Government for entrusting NNPC Ltd.

With this strategic project as the National Energy Company, he emphasized that the project presents an opportunity to monetize Nigeria’s abundant hydrocarbon resources, expanding access to energy and fostering economic growth, industrialization, and job creation across Africa and beyond.

Amina Benkhadra, the Director General of ONHYM, hailed the gathering as a progressive step towards achieving social and economic development through energy security and accessibility. She emphasized the importance of this project in driving Africa’s holistic development.

Mr. Sédiko Douka, the ECOWAS Commissioner for Infrastructure, Energy, and Digitization, highlighted the significance of the gas pipeline project in bolstering the region’s electricity production capacity, stimulating industrial and agricultural growth, and contributing to the energy transition by utilizing a cleaner energy source compared to other fossil fuels.

The signing of the MoUs represents a significant milestone in the journey towards a more integrated and sustainable energy future for West Africa.

The Nigeria-Morocco Gas Pipeline Project holds the promise of transformative impact on the participating nations, driving economic development and improving the lives of millions across the region.

NIS Boss Declares State of Emergency Over International Passport.

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Social Plus Africa

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June 16, 2023

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The Acting Comptroller General of the Nigeria Immigration Service (NIS), Caroline Adepoju, on Friday, June 16, declared a state of emergency in the country about passport concerns.

The Service Public Relations Officer (SPRO), Tony Akuneme, in a statement said the CG made the declaration at the inauguration ceremony of the Visa on Arrival Lounge at Murtala Mohammed International Airport, Lagos.

The News Agency of Nigeria reports that during the visit, Adepoju stated that there is an urgent need to solve the difficulties Nigerians s¥ffer in getting international passports.

According to her, the declaration of a state of emergency on passport issues represents NIS’s reinvigorated commitment to resolving the challenges that Nigerians seeking passports confront.

“It represents a call to action for all stakeholders to prioritise efficiency, transparency, and excellence in service delivery,” she said.

Boat Accident: Governor Bello Sympathises With Kwara State Government, Victim’s Families.

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Social Plus Africa

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June 16, 2023

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In the wake of the tragic boat accident at Egbu village in Patigi Local Government Area of Kwara State, the Government and People of Kogi State extend their heartfelt condolences to the Government and People of Kwara State, as well as the immediate families of the victims.

The incident, which involved over 100 citizens, is a deeply unfortunate event that has shaken the entire community.

The thoughts and prayers of Kogi State are with the affected families, the community, and the entire state during this difficult time.

The swift response and rescue efforts by the Kwara State Government deserve commendation as they have helped to minimize the number of casualties in the aftermath of the accident.

Governor Yahaya Bello, addressing his esteemed brother, Governor Abdulrazaq Abdulrahman of Kwara State, assured him of unwavering support and solidarity throughout this challenging period.

As the departed souls find eternal rest, the Kogi State Government hopes that the affected families will find solace and comfort amid the pain and grief they are experiencing.

The incident serves as a reminder of the importance of safety measures and precautions, and both states are called upon to continue working together to prevent such tragic accidents in the future.

AMMC, NAICOM Collaborate to Enforce Building Insurance Compliance in FCT.

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Favour Bassey Otu

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June 16, 2023

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The Management of Abuja Metropolitan Management Council (AMMC) recently embarked on a significant step towards enforcing compliance with insurance regulations for building developers and occupiers of public buildings within the Federal Capital Territory (FCT).

Led by Mukhtar Galadima mni, the Director of Development Control at the Federal Capital Territory Administration, the AMMC team paid a courtesy visit to the National Insurance Commission (NAICOM) on thursday.

During the visit, the AMMC team was warmly received by the Commissioner for Insurance/CEO, Olorundare Sunday Thomas, along with his management team.

The purpose of the visit was to foster collaboration between the two entities and explore ways to ensure compliance with sections 64 and 65 of the Insurance Act 2003, specifically concerning building developers and occupiers within the FCT.

Recognizing the importance of enforcing mandatory insurances, the AMMC and NAICOM have established a Joint Committee.

This committee will work together to devise effective strategies and modalities for enforcing the compulsory insurance requirements within the FCT.

The collaboration between the AMMC and NAICOM aims to enhance compliance and ensure that developers and occupiers of public buildings in the FCT adhere to the provisions of the Insurance Act 2003.

By joining forces, the AMMC and NAICOM demonstrate their commitment to ensuring the safety and financial protection of developers, occupiers, and the general public.

This collaboration serves as a significant step towards creating a more secure and regulated environment for the construction and occupation of public buildings in the FCT.

With the establishment of the Joint Committee, both agencies are expected to leverage their expertise and resources to develop effective mechanisms for enforcing compliance with the compulsory insurance provisions.

This initiative will contribute to the overall safety and risk management in the FCT, safeguarding stakeholders from potential financial burdens and liabilities.

The AMMC and NAICOM’s collaborative efforts reflect the commitment of the Nigerian government to upholding insurance regulations and ensuring the well-being of citizens and the sustainable development of the capital city.

Prof. Uwaleke Urges Caution on Sudden Free Float of Naira Due to Weak Economic Fundamentals.

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Favour Bassey Otu

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June 15, 2023

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Professor Uche Uwaleke, a renowned Professor in the capital market, has voiced his support for the unification of exchange rates in the forex market, citing the benefits of a more transparent system.

In an interview with Social Plus Africa, Prof. Uwaleke highlighted the importance of implementing the unification process carefully to avoid significant distortions in the general price level.

While expressing his support, he also cautioned against a sudden free float of the naira, considering the current weak economic fundamentals and limited sources of foreign exchange.

He emphasized that sustainable capital inflows, particularly from foreign direct investments, are unlikely to materialize in the near term due to factors such as insecurity and an unfavorable business environment in Nigeria.

Prof. Uwaleke pointed out that the recent surge in the stock market could be attributed, in part, to the anticipation of foreign portfolio investments.

However, he cautioned that portfolio investments represent hot money and should not be relied upon as a sustainable source of forex inflows.

To ensure a smooth transition, the professor suggested that the unification of exchange rates should be implemented gradually over a period of time, considering empirical evidence that reforms are more successful when sequenced and implemented in phases.

He stressed the need to strike the right balance and minimize unintended consequences, especially given the simultaneous removal of oil subsidies, which could potentially lead to galloping inflation and increased poverty levels.

While supporting fiscal and monetary policy reforms, Prof. Uwaleke emphasized the importance of careful implementation and the need to address potential challenges to ensure a successful unification of exchange rates in Nigeria’s forex market.

CBN Announces Unification of All Exchange Rate Windows, Naira Official Rate Declines To 755/$1.

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Favour Bassey Otu

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June 15, 2023

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The Central Bank of Nigeria (CBN) has announced immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, as stated by Angela Sere-Ejembi, the Director of Financial Markets.

In a move towards unification, all segments of the forex market will be collapsed into one.

The key changes involve the abolition of the segmentation of the FX market into different windows. Going forward, all transactions will be conducted through the Investors and Exporters (I&E) window.

Applications for medical expenses, school fees, Business Travel Allowance (BTA)/Personal Travel Allowance (PTA), and Small and Medium Enterprises (SMEs) will continue to be processed through deposit money banks.

Under the new system, applications for Business Travel Allowance and Personal Travel Allowance will be executed at the official exchange rate determined by market forces at the I&E window.

The CBN plans to reintroduce the ‘Willing Buyer, Willing Seller’ model at the I&E window, allowing eligible transactions to access foreign exchange at their preferred rates.

For government-related transactions, the CBN will establish the operational rate, which will be the weighted average rate of the previous day’s executed transactions at the I&E window, rounded to two decimal places.

With market forces now serving as the primary determinants of exchange rates, the currency price will follow a floating exchange rate model. These changes aim to streamline and enhance the efficiency of the Nigerian Foreign Exchange Market.

Earlier on Wednesday, The Central Bank of Nigeria had authorised commercial banks to freely trade foreign exchange at any rate.

The authorisation means that banks now have the power to sell forex at a market-determined rate.

It was later gathered that some banks have pegged the USD to Naira rate at N700 to N755, suggesting that Nigeria is now operating a freely floating exchange rate in line with President Bola Ahmed Tinubu’s pledge to unify the rate.

Read full press statement below:

*Press Release By the C*entral Bank of Nigeria

INEC Cautions Labour Party Against Blackmail

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Favour Bassey Otu

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June 14, 2023

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The Independent National Electoral Commission on Wednesday reacted to the statement by the legal team of the Labour Party and its candidate, Peter Obi suggesting that the commission has refused to respond to the subpoenas served on them.

The LP and Obi in a petition marked CA/PEC/03/2023 are challenging the outcome of the presidential election wherein Bola Tinubu of the All Progressives Congress was declared the elected president by INEC.

During the proceedings, the petitioners had previously stated that the electoral commission had denied them access to some sensitive documents which are germane to their pleadings.

While moving the motion for adjournment of the hearing on Wednesday afternoon, counsel for the petitioners, Livy Uzoukwu SAN again complained to the Presidential Election Petition Court that despite the effort made to access documents under the commission, INEC has “consistently refused…the subpoena to produce documents.”

He further said that he had to draw the attention of the lead counsel for INEC, A.B Mahmoud who assured him that the commission would comply.

Displeased with the statement that implied that his client was uncooperative, counsel for INEC, Kemi Pinhero SAN who conducted Wednesday’s proceedings on behalf of the electoral body countered the assertion.

He accused the petitioners of constantly blaming them for withholding documents from them and urged them to desist from the “habit”.

He said, “Don’t use INEC as a whipping boy.”

He said he was unaware of any discussion Uzoukwu SAN may have had with their lead counsel, Mahmoud, to warrant the statement.

“It has become a habit for them to look for somebody to whip. I am not privy to any discussion he has had with A.B. Mahmoud.”

“It can’t be true that the receipt or the subpoena were refused.”

“It has become a habit for them to blame INEC or say that INEC has refused to release documents to them.

“It is not correct that the office of the chairman will refuse to respond to the subpoena. The chairman of INEC has no interest whatsoever. It is unfair to INEC.”

“If they have nothing else to do today, they should just say it.”

Gov Bello Congratulates Akpabio, Abbas as Senate President, Speaker HoR.

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Favour Bassey Otu

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June 13, 2023

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Governor Yahaya Bello of Kogi State extends his warmest congratulations to Senator Godswill Akpabio on his resounding victory and election as the President of the Senate of the 10th National Assembly.

The governor commended the flawless and peaceful conduct of the election, which stands as a testament to the commendable workings of internal democracy within the National Assembly.

Governor Bello firmly believes that Senator Akpabio’s extensive experience as a former Governor of Akwa Ibom State and Minister of the Niger Delta will enable him to effectively lead the 10th Senate, fostering a harmonious relationship with the other arms of government for the greater good of the nation.

In a similar vein, Governor Bello extends his heartfelt congratulations to Rt. Hon. Tajudeen Abbas on his well-deserved election as the Speaker of the 10th House of Representatives.

The governor acknowledges and appreciates Rt. Hon. Abbas’ distinguished presence in the parliament, which has equipped him with the necessary knowledge and understanding to fulfill his responsibilities harmoniously, always keeping the national interest at the forefront.

The Governor firmly believes that Senator Akpabio and Rt. Hon. Abbas, in their respective leadership positions, will work closely with their colleagues and other arms of government to ensure effective governance, drive meaningful legislative reforms, and contribute to the progress and development of the nation.

He also extends his congratulations to Senator Barau Jibrin and Rt. Hon. Benjamin Kalu as well, on their well-deserved election as Deputy President of the Senate and Deputy Speaker of the House of Representatives, respectively.

The governor expresses his optimism that their tenures will be characterized by remarkable achievements, uncommon progress, and positive impact on the lives of Nigerians.

In the election, Distinguished Senator Godswill Akpabio secured an impressive 63 votes, defeating his closest rival, Senator Abdulaziz Yari, who garnered 46 votes. Similarly, Rt. Hon. Tajudeen Abbas emerged victorious with an overwhelming 353 votes, surpassing his rivals, Rt. Hon. Idris Wase and Aminu Jaji, who got 3 votes each.

Governor Bello wishes all elected officials success in their new positions and assures them of his unwavering support and cooperation in their efforts to enhance the welfare and prosperity of the country and its citizens.