THECentral Bank of Nigeria (CBN) on Tuesday announced a reduction of the Monetary Policy Rate (MPR), which determines the interest rate on loans to Small and Medium Scale Enterprises (SME’S) from 12.5 per cent to 11.5 per cent.
Godwin Emefiele, the CBN governor, announced this decision on Tuesday at the end of the MPR Committee two-day meeting.
This indicates that the interest rates on getting access to a loan will reduce by 1 per cent.
Emefiele said the Committee retained the cash reserve ratio at 27.5 per cent because it agreed that the recent inflationary pressures were driven by structural policies, not monetary policy.
“In the face of declining economic growth and rise in inflation, the Committee faced a difficult set of policy choices requiring trade-offs and sequencing,” he said.
The committee also retained liquidity ratio at 30 per cent.
According to the CBN Governor, reducing the MPR will put pressure on the deposit money banks to lower cost of credit and the cheaper credit will improve demand, stimulate production, reduce unemployment and support the recovery of output growth.
“Bearing in mind its primary mandate of price stability and the need to support the recovery of output growth, the likely action to address the rise in domestic prices would have been to tighten as it would moderate upward pressure on prices and attract fresh capital to improve the state of the economy and external reserves,” he said.
“It may stifle the recovery of output growth and drag the economy further into contraction,” he added.
However, retaining rates would allow the economy to adjust to the stimulus measures put in place by monetary and fiscal authorities and give the MPC more time to assess the impact on the economy.
A number of central banks have lowered interest rates to support their economies in response to the pandemic and the US federal reserve has said it will keep rates at near zero until at least 2023.
A VIRAL message retrieved from a WhatsApp group on Thursday, September 17, says the Department of Development Control of the Abuja Metropolitan Management Council (AMMC) in the Federal Capital Territory Administration (FCTA) is set to demolish a list of 37 estates in Abuja, Nigeria’s capital.
The post attributed the Development Control Department of the AMMC as the source of the information.
It was also reported by the Nigerian Lawyer, an online publication.
Some of the estates with their locations allegedly marked for demolition include; Ejima Group Estate, Minnanuel Estate, Redwood/Bidmusdruhill, Joafra, Efficacy Home all in Kyami.
Stone Mountain Homes, Lento Estate, RCCG Estate (Site A, B, C & D), and Rainbow Estate (Pykassa), among others, were also listed.
THE CLAIM:
That the Development Control Department of the Abuja Metropolitan Management Council (AMMC), an agency of the Federal Capital Territory Administration (FCTA), in 2020 marked 37 Estates for demolition.
A screenshot of the claim shared on WhatsApp.
THE FINDINGS:
Findings show that the news of demolishing the 37 estates was earlier published in October 2012. The Leadership newspaper in a report culled by the AllAfrica news platform announced the plan to demolish structures considered to be illegal.
According to the old report, the announcement came shortly after 500 buildings were pulled down by the FCTA for flouting the Abuja Master Plan.
The Leadership newspaper report in 2012 culled from AllAfrica.com
TheNigerianLawyer.com, in a report it published on September 16, 2020, stated that “The Abuja Metropolitan Management Council (AMMC) has disclosed that it is set to demolish estates built along the Abuja airport road where Federal Government plans to construct a centenary village, according to Bridge News reports on 3rd day of March 2020.”
The report as seen on Thenigerianlawyer.com republished in 2020.
The Bridge news it referenced with a link-back read; “The Abuja Metropolitan Management Council (AMMC), on Wednesday said there was no going back on the proposed demolition of 32 illegal estates along the Abuja Airport Road. Speaking recently, Mr. Atebeji Nathaniel, the Assistant Director, Monitoring and Enforcement Department of the council told the News Agency of Nigeria (NAN) in Abuja.”
The 2013 report republished almost verbatim by the Bridge news as a 2020 report
An online search shows that this report which was published almost verbatim and passed as recent had been reported in 2013 by the Vanguard newspaper.
The Bridge news republished a 2013 news report and passed it as an event that happened in 2020 and www.thenigerianlawyer.com republished the report and also passed it as a recent event.
The FactCheckHub reached out to Ikharo Attah, the Chairman of the FCT Ministerial Task Force Team who debunked the claim. He described the viral WhatsApp message as fake news.
“Fake News. First circulated in 2013,” he responded in a message while verifying the claim.
Mukhtar Galadima, the FCTA Director of Development Control – the department attributed as the source of the claim in circulation also stated that it was an old event. He told the FactCheckHub that the proposed plan was announced in 2013.
“It is fake news. This is something that happened in 2013. It is false information.”
However, the FCTA, in a July 2020 report by the Premium Times (an Online newspaper), has suspended the processing and issuance of building plan approvals for Lugbe and all on-going developments in the district.
This was attributed to a statement from The Director, Department of Development Control, Mukhtar Galadima who explained that the suspension had become necessary due to the ongoing harmonisation of developments in the district with the Abuja Master Plan.
Galadima, in the report, said “This is to inform the general public that the Department of Development Control, Abuja Metropolitan Management Council, is not granting building plan approval for developments in Lugbe due to the ongoing harmonisation exercise of the district, in line with the Abuja Master Plan.
“Consequently, any developer found to be developing any property within Lugbe district without the requisite building approvals from the department is doing so at his or her own risk.
“The department will enforce appropriate sanctions, in accordance with the provisions of the law, including demolition of such illegal properties.”
THE VERDICT:
The claim that the Development Control Department of the Abuja Metropolitan Management Council (AMMC) in 2020 marked 37 Estates for demolition is MISLEADING. Although the FCTA announced plans to demolish estates, this was done in 2013 and not 2020 as the WhatsApp claim in circulation alluded.
FORMER Vice President, Atiku Abubakar, has denied a report that the Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of Treasury, placed him and his family members under close watch over alleged financial fraud.
Atiku and his wife, Rukaiyatu Abubakar, were named in a trillion dollar global corruption case by the International Consortium of Investigative Journalism (ICIJ) earlier this week in his recent investigation.
The ICIJ investigation which was conducted by about 108 media organizations in the world kept tabs on Politically Exposed Person (PEP) in over 170 countries to expose how trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system.
Atikus’ involvement in the illicit financial flow case was revealed in the Financial Crimes Enforcement Network (FinCEN) files.
However, the former presidential candidate has denied the purported report in a statement issued by Paul Ibe, his Spokesperson on Tuesday.
Ibe, who said his principal’s name has never been in the watchlist of the United States said the story was a deliberate attempt to smear his image through recycled lies that were told to Nigerians during the 2019 election.
“For the avoidance of doubt, Atiku Abubakar is not under any U.S. watch list, neither has he been charged, or will ever be charged by the US Justice Department or any other in a foreign jurisdiction.
“It will be recalled that these recycled lies were re-unearthed just before the Feb. 23, 2019, Presidential election, and to put paid to it, Abubakar applied for and received a U.S. visa, whereupon he embarked on a visit to the US on Jan. 17, 2019.
“He stayed at a hotel just miles to the United States Department of Justice.
“Abubakar in the course of that trip was also received in the audience by officials of the United States Government,” Ibe said.
He said that the news reports were a desperate gambit to recast these discredited accusations.
“They are meant to divert the attention of Nigerians from the recent statement by the Secretary of State of the United States, Mr. Mike Pompeo, announcing visa and travel bans for certain unnamed but notorious individuals.
“Moreover, the timing of this report, less than 24 hours after the Edo state gubernatorial elections, should give some thought to thinking people.
“And considering the season that we are in, more of such jaundiced stories seeking to discredit Abubakar would come.”
Ibe reiterated that Abubakar and every member of his family kept a clean business portfolio that had nothing to do with government resources and in conformity with local and foreign laws of respective countries.
THE National Executive Council (NEC) of the Nigeria Labour Congress (NLC) has reached a resolution that the Congress should commence a nationwide strike on September 28 to protest the recent increases in fuel prices and electricity tariffs.
Ayuba Wabba, the NLC President disclosed this to journalists in Abuja on Tuesday at the end of the NEC meeting.
Wabba said the planned nationwide strike would go on except the government decides to reduce the pump price of fuel and electricity tariffs before September 28.
The Congress had condemned the timing of the increment and also advised the Federal Government to put the nation’s refineries into operations by revamping them with immediate effect.
It would be recalled that the NLC had threatened to shut down the economy if the Federal Government failed to reverse the recent hike in petrol price and electricity tariffs within 14 days.
This was as the Trade Union Congress (TUC) has also decided to join the NLC in the proposed nationwide strike on September 28.
Quadri Olaleye, the TUC President, in a communique issued after its NEC meeting said, “there is no need for the pains we bear. It is a needless one. They ask us to tighten our belts while they loosen theirs. Services are not rendered yet we are compelled to pay estimated bills.”
“You will recall that this government during its electioneering campaigns in 2014 told the world there is nothing like a subsidy. We were told that they will build refineries, all that is history now. We run a mono-economy and any hike in fuel automatically will have an adverse effect on us yet successive government tow that path because they are not creative, Olaleye said.
He added that about eight states in Nigeria were yet to commence the payment of the new minimum wage signed into law since April 18.
“We have written letters to the governors and also engaged them in dialogue but all to no avail. Sometimes we wonder if these people have a conscience at all,” he said.
“The Congress hereby appeals to all Nigerians to get ready for the unprecedented mass action against corruption, obnoxious policies, rape and other violent offences, breach of Collective Agreement, unemployment.”
He called on the United States of America, United Kingdom, Germany and Spain, to support their ‘struggle by placing indefinite VISA ban on political leaders whose stock in trade is to loot and impoverish the masses and the country’.
A Civil Society Organisation, the Coalition of Whistle-blowers Protection and Press Freedom (CWPPF) has condemned the detention and attacks on some journalists during the just concluded governorship election in Edo State.
The group said this in a statement made available to The ICIR on Tuesday signed by Stephanie Adams, the CWPPF Program Officer.
“In several attacks during the just concluded elections which held on the 19th September, 2020, journalists suffered physical attacks, detention, destruction of work tools and work products and denial of access,” the statement read.
The Coalition stated that it wishes to address in particular, the attacks and detention of Samson Adenekan, a reporter with Premium Times and Nathaniel Offel of GeeTV by thugs for taking pictures and recording videos of the irregularities at the Ward 10 (Uzairue North East), Polling Unit 1 of Etsako West Local Government in Iyamho area of Uzairue, Edo State.
“The actions of the journalists were in no way out of order and according to eyewitnesses, not only were security personnel present during these attacks, they did nothing to intervene or apprehend the attackers,” it said.
“Several other journalists and observers were denied access to their designated monitoring and observation centres. They are Samuel Ajala, Maxwell Osita, and Alamu Dolapo, among others, who were denied access to the collation centre at Okha Local Government by security personnel with no clear reason but which represents a blatant abuse of power and a breach of the constitutional rights of the journalists from performing their statutory functions in an election setting,” CWPPF stated.
The Coalition noted that such actions were a hindrance to a free and fair election which is the ‘crux of a truly democratic state’ and a breach of the 1999 constitution of the Federal Republic of Nigeria.
It charged relevant authorities to ensure that the aforementioned cases were investigated and culprits brought to book.
The Coalition further demanded the protection of journalists and observers ahead of the October 10 Ondo State governorship elections.
“The Coalition the Inspector General of Police (IGP) and the Independent National Electoral Commission (INEC) should ensure that the protection of journalists and election observers be given priority and that all law enforcement agencies should be mandated to protect journalists and observers during elections to promote a free and fair election and further strengthen the country’s democracy,” CWPPF stated.
MUHAMMAD Sanusi II, former Emir of Kano says the Federal Government did not handle the issue of electricity tariffs increase in a manner that convinced Nigerians to pay more for energy consumption.
Speaking on the second day of the Kaduna Investment Summit as a guest speaker, the former Governor of the Central Bank of Nigeria (CBN) stated that Nigerians will pay anything for electricity if they knew how to turn it into capacity.
Sanusi corroborated his claim, saying that citizens complained about the tariffs because “they are paying for power and earning nothing from it.”
“Whereas for others, every electron of electricity delivered makes you a carpenter, electrician, an artisan. For every naira you spend on electricity, you’re earning N10 – N20. That’s why at very low level of poverty, income elasticity is far more important than price of elasticity,” he said.
Sanusi who currently serves as the Vice-Chairman of Kaduna Investment Promotion Agency added that people were complaining about tariffs because they were thinking of tariffs only from a consumption perspective.
“If you go to a village and give a man electricity and he is paying N100/KWh and he can turn down into money by having a small freezer and his wife is making Kunun Zaki and he is selling and every month, he is spending x thousand on electricity and making four times more from sale of Kunun, he is happy. He will pay twice to get the next freezer,” he said.
“And when we focus on the issue of tariff, I think the government is not having that conversation in a manner that convinces people. People need to understand that you complain about tariffs because you’re thinking of tariffs only from a consumption perspective.”
While speaking on the importance of electricity in moving people from poverty, Sanusi said electricity per capita is such a critical determinant for moving people out of poverty.
“If you look at electricity as a critical input into production, productivity, earnings, if you look at electricity as an economic resource, look at how much money you could make. There is a difference between not earning a thing and earning something. There’s a difference between extreme poverty and rising above the poverty line,” he said.
“I spoke to a Chinese economist one day and he said: “forget all these numbers. The Chinese government has always focused on only two numbers, the number of Chinese at work and the number of Chinese who have electricity because electricity per capita is such a critical determinant for moving people out of poverty.
In canvassing for human development, the former emir called for attention to be given to the high number of Nigerians who can’t afford to eat.
In May, the National Bureau of Statistics (NBS) disclosed that more than 82 million Nigerians live on less than $1 a day.
Sanusi called for more investment in the youths by the Federal Government.
“Are we consumers or are we producers? Produce young people who know that they are worth more than just using their mobile phones,” he said.
He also spoke about Nigerian economic growth in the past 30 years.
Referencing Malaysia, Sanusi gave a breakdown of the economic growth of both countries within a 30-year period.
According to him, for Nigeria “there was an increase in wealth but without any structural transformation”.
“We were growing but we did not diversify and that explains the huge levels of poverty in the country, it explains the huge levels of inequality in the country, it explains the vulnerability of the economy to shocks, it also explains the relatively slow pace of growth because when Malaysia started, they started from a GDP per capita level lower than Nigeria’s GDP per capita in 1985. It started from $310 to $4,045 while we started from $345 to $2,055,” he said.
He also stressed the importance of the government creating the right environment and infrastructure for private businesses to thrive.
“One way to look at it is to understand the difference between production and consumption,” he said, adding that “electricity per capita is such a critical determinant for moving people out of poverty”.
FELIX Osilama Okpoh, a suspect indicted by the Federal Bureau of Investigation (FBI) in an internet scam worth more than $6 million has surrendered himself to the Economic and Financial Crimes Commission, (EFCC).
Wilson Uwujaren, the EFCC Head of Media and Publicity disclosed this in a statement issued in Abuja on Tuesday.
Uwujaren said Okpoh turned himself in at the Lagos Zonal Office of the Commission on Friday, September 18 in the company of his parents, a retired colonel, Garuba Okpoh and Justina Okpoh.
According to the statement, Okpoh, alongside one Richard Izuchukwu Uzuh, Alex Afolabi Ogunshakin, Abiola Ayorinde Kayode and Nnamdi Orson Benson, were declared wanted by the FBI in 2019 for alleged involvement in a Business Email Compromise scheme that defrauded over 70 businesses in the United States, of over $6,000,000.
Uwujaren noted that the suspect allegedly provided over 40 bank accounts to his conspirators, which were used to receive fraudulent wire transfers from their victims totalling over $1,000, 000.
“He was, on August 21, 2019, indicted in the United States District Court, District of Nebraska, on charges of conspiracy to commit wire fraud,” Uwujaren stated.
The EFCC spokesperson noted that during its interrogation, Okpoh said he made the decision to surrender himself to the Commission out of respect for his parents and his resolve to be morally upright.
THE Independent National Electoral Commission (INEC) on Tuesday issued a Certificate of Return to Godwin Obaseki, Governor of Edo State and Philip Shaibu, his Deputy, following their electoral victory in the state governorship election held on Saturday.
The certificate was presented by May Agbamuche-Mbu, INEC’s National Commissioner supervising Edo, Rivers and Bayelsa states.
In a Twitter post, the Governor also shared the news of the certificate of return.
“I received my certificate of return today from @inecnigeria after the landmark victory in Saturday’s election. I restate my commitment to Edo people, to deepen sustainable development and consolidate on our sterling legacies,” he wrote.
Philip Shaibu, Deputy Governor-elect also received his certificate of return
Obaseki defeated Osagie Ize-Iyamu, candidate of the All Progressive Congress (APC), to claim a landslide victory in the keenly contested election.
He polled 307,955 votes against Ize-Iyamu’s 223,619 votes, according to the final results announced on Sunday in Benin City, capital of Edo State by the INEC.
Reacting to his victory on Sunday, Obaseki hailed the people of the state and supporters of his party, the Peoples Democratic Party (PDP) for their display of immense courage and support in the face of threats that saw him winning the election.
He also commended the resilience of the people in the face of intimidation and brutality during the election.
The Governor hailed President Muhammadu Buhari and INEC as well as for ensuring a free, peaceful and credible poll in the state.
“The Great People of Edo State have spoken. They have spoken loud and clear. We thank God Almighty and give him all the glory for this victory,” Obaseki said.
“Thank you, President Muhammadu Buhari, for defending our democracy and allowing the Independent National Electoral Commission (INEC) and the security agencies to perform their constitutional functions without interference.
“INEC and the security services have shown to Nigerians and the world that they are capable of conducting free and credible elections.”
According to him, the collective will of Edo people made it possible for “this triumph over godfatherism”.
“I am eternally grateful to my party the Peoples Democratic Party (PDP) and my brother governors not only for giving me the umbrella during my political storm but for the hard work which has brought me back to office.
“Our success has reinforced my belief that there is nothing we cannot achieve as a people if we pull forces together and collectively call on God for support.”
“I reiterate that working with my Deputy, Philip Shaibu, we are committed to Making Edo Great Again. Thank you for your support,” he added.
The Nigeria Bar Association (NBA) and Civil Societies Organization in elections monitoring have judged the polls to be free, fair and credible.
THE All Progressives Congress (APC) has commended the conduct of the Saturday’s governorship election in Edo State as peaceful.
Mai Mala Buni, Chairman, APCCaretaker/Extra-Ordinary National Convention Planning Committee, in a statement also, described the outcome of the election as victory for Nigeria democracy.
He noted that the APC has congratulated Governor Godwin Obaseki and asked its members in Edo State to do the same.
“The September 19, 2020 Edo State Governorship election is over, the winner has been declared by the Independent National Electoral Commission (INEC) in the person of Mr. Godwin Obaseki, candidate of the People Democratic Party (PDP),” Buni said.
“We hereby congratulate the winner of the election, the people of Edo State and all Nigerians. The peaceful conduct of the election and its outcome represent victory for Nigeria’s democracy.”
He called on all stakeholders to come together and move democracy forward in the country noting that all must put an end to era where elections were warfare.
“We urge our candidate and all our members to join us in congratulating Mr. Godwin Obaseki and the PDP, being the declared winner of the election,” Buni said.
While commending the INEC and all other stakeholders for the conduct and outcome of the polls, he added that the APC was committed to efforts by President Muhammadu Buhari to consolidate and deepen the nation’s democracy through free and fair credible polls.
“As a party, we join our leader, President Muhammadu Buhari GCFR, to affirm our ‘commitment to free and fair elections’ in order to strengthen ‘the foundation for our political and moral authority,” he said.
“We commend INEC, our security agencies and all political parties that contested the election for the successful conduct of the election.
“As a governing party, we will take every step necessary to support the Federal Government to consolidate all the gains achieved.”
Obaseki at the weekend in a keenly contested election defeated Osagie Ize-Iyamu, candidate of the All Progressive Congress (APC) to claim a landslide victory.
He polled 307,955 votes against Ize-Iyamu’s 223,619 votes, according to the final results announced on Sunday in Benin City, capital of Edo State by the INEC.
The Nigeria Bar Association (NBA) and Civil Societies Organization in elections monitoring have judged the polls to be free, fair and credible.
THE National Universities Commission (NUC) has released new directives to Vice-Chancellors of Nigerian universities for the safe reopening of universities for academic activities during the COVID-19 pandemic.
In a memo addressed to the Vice-Chancellors sighted by The ICIR, the Commission announced that steps have been taken towards the reopening of universities in Nigeria following a significant decline in the number of recorded cases of the virus in the country.
According to the memo signed by Chris Maiyaki, Director, Directorate of the Executive Secretary’s Office, universities in Nigeria can now conclude their resumption arrangements as long as they are in line with NCDC guidelines and other existing NUC assurance and guidelines.
“Following the recent press briefing by the Presidential Task Force Team on COVID-19, to the effect that significant deadline in the reproduction number (R-value) for COVID-19 has been recorded in the country, the Federal Ministry of Education has accepted the request of the National Universities Commission for Universities to firm up arrangement towards the immediate resumption of academic activities,” the statement disclosed.
It also furthered that the universities should expect inspection visits from staffs of the Commission and the Ministry of Education for on-the-spot inspections of physical facilities like the lecture theatres, accommodation, healthcare facilities.
“Universities must continue to adhere to the safety protocols and the Nigeria Centre for Disease Control (NCDC) guidelines which are very much in force.”
The NUC reiterated that the decision to re-open institutions should not, in any way, diminish the importance attached to full compliance, noting that the virus is still potent and there is no cure yet.
It warned that universities must under no circumstances, violate the full cycle of the semester system, consistent with the its (NUC) approved Benchmark Minimum Academic Standard (BMAS) adding that they are to ensure strict compliance with other extent quality assurance standards and guidelines.
The Federal Government had earlier ordered the closure of schools for the period of one month after the country recorded the first index case of COVID-19 pandemic, earlier in March and further ordered indefinite closure in May 2020.
