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Nigerian senator, businessman Ifeanyi Ubah, is dead

Mustapha USMAN
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Nigerian senator, businessman Ifeanyi Ubah, is dead

NIGERIAN senator and businessman Ifeanyi Ubah is dead.

The late lawmaker, aged 52, represented Anambra South, and was said to have passed on in London.

Details of his death were still sketchy as of the time of filing of this report.

Ubah, through his campaign council, had recently donated N71 million to the All Progressives Congress (APC) in Anambra State, bolstering the party’s presence and strength in the South-East region.

A statement by his special adviser, media and strategic communications, Kamen Chuks Ogbonna, indicated that the donation was part of efforts to redeem the senator’s pledge towards enhancing the party’s effectiveness In the state.

His political career

In 2014, Ifeanyi Ubah lost at the 2014 Anambra State gubernatorial election under the Labour Party platform.

He was, however, elected as Senator in 2019 on the Young Progressive Party (YPP) platform and was re-elected in 2023. 

Ubah later defected to the All Progressives Congress (APC) earlier this year, and has expressed interest in running for the governorship of Anambra State in next year’s election, positioning himself as a leading frontrunner. 

The deceased had previously contested the 2021 Anambra governorship election, coming fourth in a race won by the incumbent Governor Chukwuma Soludo of the All Progressives Grand Alliance (APGA).

In September 2022, Ubah narrowly escaped assassination when gunmen attacked his convoy on the way to Nnewi in Enugwu-Ukwu, Anambra State. 

His attackers opened fire on the convoy, which resulted in the deaths of at least five people, including two policemen and his aides, while he survived the attack, thanks to his bulletproof vehicle.

Personal life

Ubah was born in Otolo, Nnewi on the 3rd of September, 1971 to Alphonsus Ubah and Patty Ubah. He was the first son of seven children in his family.

Ubah was married to Uchenna, a Business Administration graduate from Ahmadu Bello University, Zaria. The couple had five children.

The deceased attended Okongwu Memorial Grammar School, Nnewi, Anambra State, before heading to Premier Academy, Lugbe, Abuja, where he dropped out because his parents couldn’t afford his academic and material needs.

Ubah later bagged a degree in Law from Baze University, Abuja.

Business Life

He was an entrepreneur and businessman who served as the CEO of Capital Oil (CCO), a company he founded in 2001, until his death. 

Ubah also established a foundation named after himself, the Ifeanyi Ubah Foundation.

He founded the Ifeanyi Ubah Football Club in the Nigeria Premier Football League (NPFL), previously known as Gabros International Football Club.

The late lawmaker started his business as an exporter of motor tyres and parts in West African nations like Ghana, Sierra Leone, Liberia, and the Democratic Republic of the Congo before extending to Belgium and the UK.

In, 2015, he founded the Authority Newspaper, with the platform covering both domestic and foreign news.

Corruption allegations

In 2019, a Federal High Court sitting in Abuja removed Ubah from the Senate after founding him of certificate forgery. The lawsuit was filed by Obinna Uzoh, the runner-up of the election that brought the accused to the Senate.

Uzoh was a member of the Peoples Democratic Party (PDP)

 However, the Court of Appeal voided the judgment that sacked Ubah as the lawmaker representing Anambra South Senatorial District.

The court, in a unanimous decision by a three-man panel of justices, led by Stephen Adah, held the ruling was based on incompetent court processes.

Similarly, the Federal High Court in Lagos struck out a charge brought by the Asset Management Corporation of Nigeria (AMCON) against Ubah and his company, Capital Oil and Gas Limited, over an alleged N135 billion debt.

The charge was struck out just six days after  Ubah announced his defection from the Young Progressive Party to the ruling APC. 

Ubah said his defection was due to the insurmountable disagreements within his party – the YPP.

Court jails 125 Boko Haram terrorists, financiers

Kehinde OGUNYALE
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Court jails 125 Boko Haram terrorists, financiers

Following a mass trial held for two days in Kainji, Niger State, the Federal Government has disclosed that 125 members of the Boko Haram terrorist group, including their financiers, have been convicted and found guilty of the charges brought against them.

The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, disclosed this in a statement on Friday, July 27.

Signed by the Special Adviser to the President on Communication & Publicity, office of the AGF, Kamarudeen Ogundele, the statement noted that the convicts were tried on charges bordering on terrorism, terrorism financing, and rendering material support, among others.

The trials were held under the Giwa Project Kanji Phase Five, between Tuesday and Wednesday, before five Federal High Court judges led by Binta Nyako. Other Justices are Joyce Abdulmalik, Emeka Nwite, Obiora Egwuatu, and Mobolaji Olajuwon.

The statement read in the part, “The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), is superintending over the trial in conjunction with the Office of the National Security Adviser.

“The prosecution team was led by the Director of Public Prosecution of the Federation, Mohammed Babadoko Abubakar, while the defence team was led by Mr Abdulfatai Bakre from the Legal Aids Council.”

“Others in attendance as international observers are the National Human Rights Commission, the Nigerian Bar Association, and the United Nations Office on Drugs and Crimes among others. The courts convicted 85 persons for terrorism financing, 22 for ICC-related crimes while others were convicted for terrorism. They were sentenced to various jail terms.”

It added that 400 defendants who had completed their sentence were moved to Operation Safe Corridor in Gombe State for rehabilitation, deradicalisation and subsequent reintegration.

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Recall that in March 2024, the Nigeria Sanctions Committee (NSC) listed some individuals and Bureau de Change (BDCs) designated as terrorism financiers. The NSC document showed 21 individuals and six entities tagged as financiers of terrorism.

For more than a decade, the Boko Haram group been known for its brutality mostly in the Northern part of the country, killing thousands of people in multiple attacks. The United Nations documented that millions of Nigerians have been displaced since the conflict started in 2010.

Aside from killings and destruction of properties, the group have been notorious for the kidnapping of people, including over 1,000 school children, as documented by The ICIR. 

Naira hits worst level in four months at N1,609.29 after CBN rate hike

Ehime ALEX
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Naira hits worst level in four months at N1,609.29 after CBN rate hike

THE naira depreciated to its worst level in four months to N1,609.29 against the dollar on Friday, July 26, a few days after the Central Bank of Nigeria (CBN) raised the benchmark interest rate.

At its two-day monetary policy committee (MPC) meeting on Tuesday, July 23, the CBN tightened the monetary policy pool and hiked the benchmark interest rate to 26.75 per cent from 26.25 per cent in May.

This is the fourth consecutive time the apex bank has raised the monetary policy rate to rein in inflation which surged to 34.19 per cent in June.

The rate hike has failed to lessen inflationary pressure which inadvertently is affecting Nigeria’s currency market, with the naira becoming a weaker store of value by the day.

For instance, at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the naira closed at closing at N1,609.29 to the dollar on Friday, July 26 compared to the N1,500.32 it closed on Monday, July 22 when the apex bank commenced its MPC meeting.

On Tuesday, July 23 when it ended its meeting, the naira worsened to N1,548.76 to the dollar, to N1,586.71 on Wednesday, July 24, and to N1,603.80 on Thursday, July 25.

A check by The ICIR shows that the last time the dollar traded above N1,600 to the dollar was on March 15 when the naira depreciation against the dollar at N1,602.75.

The depreciation of the naira to a four-month low came after the CBN announced its intention to defend the naira over the next few weeks.

The apex bank had on Friday, July 19, said it had commenced a regular intervention in the country’s foreign exchange market to quell the large demand pressure from corporate entities and the expected seasonal uptick during the summer period.

“Recent movements in the forex market are largely driven by demand pressure from corporate entities and the expected seasonal uptick during the summer period.

“Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity,” the apex bank said.

According to the CBN, its intervention in different segments of the market is in line with its price stability mandate and commitment to ensuring a well-functioning and liquid market.

In the last three weeks, the apex bank had sold $229.17 million to authorised dealer banks between an exchange rate range of N1,480 above to a dollar.

It also sold $20,000 to each of the eligible Bureaux De Change operators to avert market distortion in the Nigerian foreign exchange market.

Experts believe that not meeting its crude oil production quota remains a major determining factor for the shortage of foreign exchange in the country.

The federal government needs to pay closer attention to Nigeria’s dwindling oil production to grow support for the foreign exchange market, a Partner and Head of Africa Tax at KPMG, Wale Ajayi, said.

“We are not meeting up with our Organisation of Oil Producing Countries (OPEC) quota and it’s not good for our foreign exchange market and budget funding. We have 1.7 million barrels per day in the budget and we are not doing up to 1.5 million barrels per day production,” he said.

The Dangote Refinery, projected to earn foreign exchange savings of between $25 billion and $30 billion yearly for the country, has struggled to start production of petroleum products due to regulatory bottlenecks.

FG threatens to stop British Airways from Lagos Airport

Kehinde OGUNYALE
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FG threatens to stop British Airways from Lagos Airport

THE Minister of Aviation and Aerospace Development, Festus Keyamo, has threatened that the federal government might restrict the United Kingdom’s British Airways from landing at Nigeria’s Murtala Muhammed International Airport (MMIA), Lagos. 

This is due to a slot issue in the UK that has restricted Nigeria’s airline, Air Peace, from flying to Heathrow, the UK’s number one airport in London. 

Air Peace has flown its passengers to Gatwick Airport, London, since it began its flight operation in March 2024. Since it commenced operations, Air Peace has had conflicts with the UK authorities in a bid to get a slot at Heathrow.

Keyamo said that the ministry had written to the UK Civil Aviation Authority (CAA) to allow Air Peace to fly to Heathrow in line with the reciprocity principle in the Bilateral Air Service Agreement (BASA).

Speaking at the 28th Annual Conference of the League of Airports and Aviation Correspondents (LAAC) in Lagos, Keyamo argued that it was unjust to grant British Airways unrestricted access to MMIA, Nigeria’s busiest airport, while Nigerian airlines are not afforded the same privilege in the UK, contrary to the principles of the BASA

He noted that the ministry was awaiting a response from the ministry in the UK adding that insisted that countries must abide by the BASA arrangement that Nigeria reached with their governments

The minister stressed that the failure to do this might lead to a negative reaction from the Nigerian government.

He said, “We have already written to the United Kingdom to give Nigerian carriers, especially Air Peace Heathrow Airport, which is a tier one airport, just as we have British Airways, using our Lagos Airport. We may as well give BA Ilorin to operate to. When we asked for Heathrow Airport, you’re telling us to go to a slot committee. Who does that? Air Peace, I can tell you is on its way to Heathrow away from Gatwick.

“The local operators are struggling to cover their routes locally, not to talk of our international routes; Air France is coming here 10 times a week, we are not going to Paris, Lufthansa is coming here, we are not going to Frankfurt, Delta and United from America are all coming here, but we are not reciprocating. Even, though South African Airways is coming here, we are not going there.

“We only managed to have Air Peace in London and to Gatwick, but we are pushing for them to take us to Heathrow. You can’t tell us you have a slot committee. Your airport operator should know that you have an existing relationship and they should respect it. For connectivity, people prefer Heathrow. That is an airport you can have an airline to codeshare with so that there can be connectivity.”

The ICIR reported that the Nigerian government announced that local airlines would soon launch direct flights to America and South America. This would be the first-ever direct flight between Nigeria and South America.

The efforts are aimed at increasing Nigerian presence in global airspace, making travel more seamless and boosting the nation’s economy.

Kwankwaso calls for patience, urges Nigerians to shelve planned protest

Mustapha USMAN
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Kwankwaso calls for patience, urges Nigerians to shelve planned protest

THE former candidate of the New Nigeria Peoples Party (NNPP) in the 2023 presidential election, Rabi’u Musa Kwankwaso, has cautioned Nigerians against embarking on a nationwide protest

He said rather than protest against unfavourable events under President Bola Tinubu’s government, Nigerians should prepare to vote out the administration in the next election.

While attributing the country’s hardships to leadership failures dating back to 2007 in a statement via his X account, on Saturday, July 27, the former Kano State governor urged Nigerians to remain patient and supportive of Tinubu’s government in its efforts to navigate some of the challenges.

The NNPP national leader also expressed deep regret over the attitude of Nigerian leaders towards governance, which he said had resulted in widespread anger, hunger, insecurity, and hopelessness, particularly among the youths. 

He cited several examples of these governance failures including federal government interferences in Kano State emirship matters, the impeachment of Edo State’s Deputy Governor, political crises in Rivers State, and controversies surrounding the SAMOA Agreement. 

He added that the alleged sabotage of the Dangote Refinery and the continued insecurity in the country were among the issues that angered citizens.

Part of his statement reads, “I urge Nigerians to put our country first before any other consideration by way of being patient with the government and giving it all necessary support to succeed. If any government fails to provide the necessary leadership for better Nigeria, we will have opportunity as citizens to elect the people who can bring the required change using our votes.

“In these trying times, our nation stands at a crossroads. Our collective frustration with bad governance has reached a boiling point, and the urge to protest is strong. As an elder and patriotic Nigerian, I share your concerns and your desire for change. However, I urge you to consider the consequences of national protests and to channel your energy into a more effective and peaceful means of transformation—through the power of your ballot.

“Protests, while a fundamental democratic right, often come with unforeseen and dire consequences. The tragic events of the past have shown us that protests can escalate into violence, leading to loss of lives, destruction of property, and widespread chaos. The repercussions of such actions extend far beyond the immediate moment, leaving scars on our communities and deepening divisions among us.”

The ICIR reports that some Nigerians, along with a group led by former presidential candidate, Omoyele Sowore, have been mobilising for nationwide protests scheduled for the first week of August.

The posts and tweets on the protest carry different hashtags, ranging from #RevolutionNow, #EndBadGovernanceInNigeria, #TakeItBack, #DaysofRage and #TinubuMustGo.

However, since then, some state actors, including the presidency, military, SSS and police, have threatened the protest organisers, calling on them to suspend the plan.

The Nigerian military had, on Thursday, July 25, accused the organisers of the planned protest of intending to replicate the recent protest demonstration in Kenya, which led to deaths, destruction and drastic actions from the country’s president.

Foreign mercenaries involve in protest – IGP

The Inspector-General of Police (IGP), Kayode Egbetokun, on Friday, July 25, told journalists that intelligence at the Force’s disposal revealed that foreign mercenaries were involved in the proposed protest.

He advised every Nigerian to proceed with caution and reconsider their decision to join the protest.

He also directed the protest organisers to submit their names and other details to the Commissioners of Police in their respective states.

He added that to prevent clashes with other events or activities, the police needed to be aware of the precise routes and locations for the demonstrations.

Submit your names, addresses to police, IG tells protest organisers

Bankole ABE
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Submit your names, addresses to police, IG tells protest organisers

THE Inspector-General of Police (IGP), Kayode Egbetokun, has directed organisers of the #EndBadGovernanceInNigeria protest to submit their names and other details to the Commissioners of Police in their respective states.

Egbetokun stated this while addressing journalists in Abuja on Friday, July 26. He claimed the order was to guarantee a peaceful protest.

Egbetokun declared that he recognised Nigerian citizens’ constitutional right to peaceful assembly and protest.

“To facilitate a successful and incident-free protest, they should please provide the following information: state the proposed protest routes and assembly points; expected duration of the protest; and names and contact details of protest leaders and organisers.”

According to the IG, to maintain public safety, the police would be able to deploy enough manpower and resources from the information provided.

He added that to prevent clashes with other events or activities, the police needed to be aware of the precise routes and locations for the demonstrations.

Additional directives from Egbetokun include creating open lines of communication with protest organisers to resolve any issues or concerns that may come up and reduce the likelihood of violence, property destruction, or other criminal conduct.

To ensure a safe and effective exercise of their rights, he urged all demonstrators to collaborate with law enforcement agencies, follow international best practices for peaceful assembly, and obey the law.

Foreign mercenaries involve in protest – IGP

Egbetokun told journalists that intelligence at the disposal of the Force revealed that foreign mercenaries were involved in the proposed nationwide hunger protest.

He advised every Nigerian to proceed with caution and reconsider their decision to join the protest.

The IGP said the Force had been monitoring development surrounding the protest threats.

“While some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations,” the police boss stated.

Abuja not available for protest – Wike

Meanwhile, The FCT Minister, Wike, had warned against any planned demonstrations, saying no protest would be allowed in the nation’s capital under his watch.

Wike said this on Thursday, July 25, while addressing some FCT residents during an inspection tour in Saburi community.

“For those who want to protest on the 1st (of August), FCT is not available for such protests,” he said while urging residents to desist from embarking on such acts.

The minister claimed that protests would not address the problems facing the country, urging that instead, every well-meaning citizen work together to find solutions.

He noted that prominent politicians and other leaders endorsing the demonstration had no good intentions for the nation, but rather were acting in their self-interest.

Wike acknowledged that there was widespread poverty in the nation but insisted that the administration of President Bola Tinubu was making every effort to solve the issue and enhance the quality of life for all citizens.

He urged Nigerians to be patient with the federal government.

The ICIR reports that Wike has issued a warning against the anticipated nationwide protest twice in the last week.

Group writes minister to prepare Eagles Square for protest

Despite Wike’s opposition to the protest, a group has written to the minister for permission to use Eagle Square for the protest scheduled for August 1 to 10.

The group, Take It Back Movement, in a letter titled, “Request For Use of Eagles Square Abuja For #EndBadGovernance Protest,” addressed to Wike and dated Friday, July 26, notified the minister of its decision to use the Eagles Square as a point of convergence to “demand for better governance.”

In addition, it requested that the outer wire barrier facing the Aso Rock Presidential Villa be removed as the protesters may decide to visit the Presidential Villa during the protest.

 

Planned protest: police deploy 4,200 officers in FCT

Mustapha USMAN
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Planned protest: police deploy 4,200 officers in FCT

NO fewer than 4,200 police officers have been deployed to various strategic locations in the Federal Capital Territory ahead of the planned nationwide protest, scheduled to begin on August 1.

In a statement on Friday, July 26, the FCT Police Command, said in anticipation of the planned nationwide protest by Nigerians, it had also deployed material and explosive ordnance device experts at the command’s disposal across the nation’s capital.

“The proactive deployment, which is aimed at ensuring public safety, protection of protesters, and preventing protests from being hijacked by non-state actors, is characterised by visibility policing, the deployment of explosive ordinance devices (EOD) experts and personnel at various strategic locations, raids on identified black spots, uncompleted buildings/shanties, stop and search, vehicular and foot patrol and synergy with sister security agencies.

“The Commissioner of Police FCT, CP Benneth C. Igweh psc, mni, while acknowledging the right of residents to protest, advises that it should be peaceful. The CP vows to resist all forms of violent protest and lawlessness, as the police will not be stampeded into allowing the destruction of public and private properties or loss of lives,” the statement added.

While the police agreed with citizens’ right to protest, the FCT Minister, Nyesom Wike, had vowed that the city would not see a protest under his watch.

The ICIR reports that some Nigerians, along with a group led by former presidential candidate, Omoyele Sowore, have been mobilising for nationwide protests scheduled for the first week of August.

The posts and tweets on the protest carry different hashtags, ranging from #RevolutionNow, #EndBadGovernanceInNigeria, #TakeItBack, #DaysofRage and #TinubuMustGo.

However, since then, some state actors, including the presidency, military, SSS and police, have threatened the protest organisers, calling on them to suspend the plan.

THE ICIR reported how the Nigerian military accused the organisers of the planned protest of intending to replicate the recent protest demonstration in Kenya, which led to deaths, destruction and drastic actions from the country’s president.

“The Armed Forces on its part will not stand by and allow anarchy to befall our nation,” a Director of Defence Media Operations, Major General Edward Buba, said at a media briefing in Abuja, on Thursday, July 25.

“While citizens have the right to peaceful protest, they do not have the right to mobilise for anarchy and unleash terror,” Buba added, noting that “The level of violence being envisaged can only be described as a stage for anarchy.”

The military’s stance aligns with the positions of a few other state actors, including the presidency and the police, who have also issued stern warnings against any protest. 

The Inspector General of Police, on Tuesday, July 23, expressed similar sentiments, warning that “some groups of people, self-appointed crusaders and influencers, have been strategising and mobilising potential protesters to unleash terror in the land under the guise of replicating the recent Kenya protests,” he said.

Meanwhile, the Nigeria Labour Congress (NLC) had warned the Nigerian government against engaging in a “war-war” situation with Nigerians by trying to suppress citizens’ fundamental right to protest.

World Bank debunks minister’s claim that its staff take 40% of loans to Nigeria

Mustapha USMAN
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World Bank debunks minister’s claim that its staff take 40% of loans to Nigeria

THE World Bank has denied a recent allegation by the Minister of Women Affairs, Uju Kennedy-Ohanenye, that the Bank’s staff in Nigeria pocket 40 per cent of all loans Nigeria receives from the financial institution.

The Bank refuted the claim in an exclusive mail sent to The ICIR, noting its staff did not receive 40 per cent of project funds in “consultation fees,” as alleged by the minister.

It also disputed the claim by the minister that Nigerian officials were entitled to five per cent of project funds after signing loan agreements.

The ICIR reported how Kennedy-Ohanenye accused the World Bank staff in Nigeria of pocketing 40 per cent of the loans given to Nigeria as consultation fees, while government officials who sign those loans get five per cent of the funds.

“All the loans they collect, including World Bank loans,  are you aware that the same World Bank staff in Nigeria take back 40 per cent and call it consultation fees?

“These are things you people should look into. You people should focus on where the problem is and let them leave me alone,” the minister said during a phone interview with THISDAY newspaper.

She also alleged that she was being victimised by the National Assembly and some cabals for refusing to sign a $500 million World Bank loan request.

“There is a $500 million loan that was meant to be signed by me, but I refused to sign. There was also a case of $100 million earlier as well. Find out what it was meant for,” the minister added.

World Bank reacts

Meanwhile, the World Bank, while responding to The ICIR’s queries on the issue, emphasised that projects funded by the Bank were implemented by recipient governments and were governed by strict policies designed to prevent the misuse of funds. 

The Bank also noted that it worked closely with borrowers to manage procurement processes, ensuring that funds are used transparently and efficiently. Key contract award information, including details about the recipients and the purposes of the funds, is required to be published as a condition of Bank financing, the Bank said.

“In response to your query, please note that World Bank staff do not receive 40 per cent of project funds as “consultation fees”. Nor are ministers entitled to five per cent of project funds for signing loan agreements. Both assertions are unequivocally false.

“World Bank-funded projects are implemented by recipient governments and are governed by rigorous policies meant to prevent the misuse of funds and ensure they are used for the purposes intended.

“Under our Procurement Framework, the Bank works with borrowers to carefully manage the integrity of procurement processes in line with core principles that emphasise fair competition, transparency, and efficiency.

“Borrowers are required to publish key contract award information – who the contracts were awarded to, where the money goes, and for what purposes – as a condition for bank financing,” the organisation wrote.

It further claimed that project staff involved in World Bank-supported initiatives are employees of the government ministry that hired them, not of the World Bank.

“Furthermore, it is worth noting that the World Bank does not recruit project staff. Such is purely the responsibility of the government ministry in charge of the project. Project staff in World Bank-supported projects are not employees of the Bank, but employees of the government ministry that hired them.

“The World Bank has zero tolerance for fraud and corruption and takes very seriously our obligation to ensure that our funds are used for clearly defined activities for the benefit of the poorest and most vulnerable,” the statement added.

Loan distribution based on claim by women’s affairs minister

Meanwhile, through media reports, The ICIR gathered that Nigeria has secured $4.95 billion in loans from the World Bank since the beginning of President Bola Tinubu’s administration in May 2023.

The amount was secured from six different loan requests: $750 million for the power sector, $500 million for women empowerment, $700 million for educating adolescent girls, another $750 million for renewable energy, $1.5 billion for economic stabilization reforms, and $750 million for resource mobilization reforms. 

With the claim by Kennedy-Ohanenye, of the $4.95 billion secured by the country, $1.98 billion went for consultancy fees to the World Bank staff, meaning that only $2.97 billion was for the federal government to execute projects.

Infographic on loans Nigeria took from the World Bank under President Tinubu and amount that allegedly went to World Bank staff as claimed by the Minister of Women Affair, Uju Kennedy-Ohanenye

Nigeria’s current loan status 

According to the Country’s Debt Management Office (DMO), Nigeria’s total public debt portfolio rose by 24.99 per cent in three months to N121.67 trillion as of March 31, 2024.

The DMO in its latest report released on Thursday, June 20, declared that the federal government and the 36 states, including the Federal Capital Territory (FCT), owe $91.46 billion.

“Central Bank of Nigeria’s (CBN) official exchange rate of $1 to N1,330.26 as of March 31, 2024, was used in converting external debt to naira,” the DMO noted.

Also, domestic debt rose to N65.65 trillion or $49.35 billion, representing 11.05 per cent increase relative to N59.12 trillion or $65.73 billion as of December 31, 2023.

External debt rose to N56.02 trillion or $42.12 billion, representing a 46.57 per cent increase compared to N38.22 trillion or $42.495 billion the debt office declared as of December 31, 2023.

Of the external debt, The ICIR reports that Nigeria’s current World Bank loan, as of March 31, is  $15.59bn, according to data from the DMO.

Despite Wike’s opposition, group writes minister to prepare Eagles Square for protest

Bankole ABE
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0
Despite Wike’s opposition, group writes minister to prepare Eagles Square for protest

DESPITE opposition from the Minister of the Federal Capital Territory (FCT), Nyesome Wike, to the forthcoming #EndBadGovernance Protest, a group has written to the minister for permission to use Eagle Square for the protest scheduled for August 1 to 10.

The group, Take It Back Movement, in a letter titled, “Request For Use of Eagles Square Abuja For #EndBadGovernance Protest,” addressed to Wike and dated Friday, July 26, notified the minister of its decision to use the Eagles Square as a point of convergence to “demand for better governance.”

In the letter signed by its Director of Mobilization, Damilare Adenola, the group said the request entailed using the venue day and night for the duration of the protest.

“Also, note that the protest may be prolonged beyond ten days as we embark on resolving the protracted national crisis occasioned by the ruling party.

“Further, your office must also ensure the provision of a 24-hour power supply, toilet facilities, water, and security for the convenience of Nigerian citizens who will be camped out at Eagle Square,” the letter stated.

In the letter, the group also demanded that the minister accord the protesters the courtesy given to foreign and local official dignitaries who frequently used the space.

In addition, it requested that the outer wire barrier facing the Aso Rock Presidential Villa be removed as the protesters may decide to visit the Presidential Villa during the protest.

Abuja not available for protest – Wike

Meanwhile, The FCT Minister, Wike, had warned against any planned demonstrations, saying no protest would be allowed in the nation’s capital under his watch.

Wike said this on Thursday, July 25 while addressing some FCT residents during an inspection tour in Saburi community.

“For those who want to protest on the 1st (of August), FCT is not available for such protests,” he said while urging residents to desist from embarking on such acts.

The minister claimed that protests would not address the problems facing the country, urging that instead, every well-meaning citizen must work together to find solutions.

He noted that prominent politicians and other leaders endorsing the demonstration had no good intentions for the nation, but rather were acting in their self-interest.

Wike acknowledged that there was widespread poverty in the nation but insisted that the administration of President Bola Tinubu was making every effort to solve the issue and enhance the quality of life for all citizens.

Letter to Wike
Letter to Wike

He urged Nigerians to be patient with the federal government.

The ICIR reports that Wike has issued a warning against the anticipated nationwide protest twice in the last week.

He labelled the planned protest as politically motivated on Tuesday, claiming that its purpose is to distract Nigerians from the programmes of Tinubu’s government.

Tinubu, the ruling All Progressives Congress (APC), governors, have all urged Nigerians to postpone the protest.

Food and basic commodities prices have skyrocketed in recent months as Nigerians struggle with one of the biggest inflation and economic crises the nation has ever experienced.

The crises have been worsened by the government’s policies including fuel subsidy removal and unification of forex windows.

Senate to investigate sabotage in Nigeria’s oil sector in past 10 years

Ehime ALEX
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0
Senate to investigate sabotage in Nigeria’s oil sector in past 10 years

THE Senate will soon investigate the disruptions that have hampered Nigeria’s oil and gas industry in the last 10 years.

The Senate majority leader, Opeyemi Bamidele, disclosed this at a press briefing in Abuja on Thursday, July 25.

He said the Senate would also wade into the face-off between Aliko Dangote and the regulators in the petroleum sector.

Dangote Refinery has been facing regulatory hurdles that have affected its plans to start petroleum production, setting its owner, Aliko Dangote, against the regulators over the control of the petroleum downstream market in the past couple of months.

Bamidele, who is chairman of the ad-hoc committee set up to investigate alleged sabotage in the petroleum sector, noted that its committee’s public hearings would start on September 10 to interrogate key stakeholders about the poor state of the country’s petroleum sector.

He said the committee would in the course of its investigation examine the pre-shipment and pre-discharge standard test parameters adopted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPDRA) to uncover if loopholes were being exploited to get toxic cargoes into the country.

It will determine the level of compliance of the Nigerian National Petroleum Company Limited’s (NNPCL) direct sale and direct purchase arrangements in line with the provisions of the Petroleum Industry Act, including the extent of transparency and accountability in the oil sector.

He stressed that the committee would beam its searchlights on the activities of NMDPRA, including payments made to transporters in the last 10 years.

It will equally inquire from the NNPCL the state of the 22 depots built by the defunct NNPC to eliminate road distribution of petroleum products.

Further terms of reference include engagement with stakeholders within the oil and gas industry to identify possible gaps in regulating and strengthening the surveillance and monitoring structures in place to enable it to detect violations of best practice standards in the importation of products before entering the domestic supply chains.

It is also expected to engage with the NNPCL to understand the extent of its determination and timelines for the start-up of government-funded oil refineries.

The committee will also investigate how institutions across the importation and distribution chain failed to conduct quality sampling, shipped in products without auditing, and performed port validations by the Nigeria Customs Service (NCS), NMDPRA, Nigerian Maritime Administration and Safety Agency (NIMASA), Standards Organisation of Nigeria (SON), and Nigerian Ports Authority (NPA).

Bamidele said further that the committee would interact with the minister of state for petroleum, finance minister, trade and investment minister, and NNPCL, among others.

The Central Bank of Nigeria, National Engineering and Technical Company Limited and Contractors, NMDPRA, Nigerian Upstream Petroleum Regulatory Commission, and SON are expected to testify before the committee.

Others include the Dangote Group, NIMASA, NCS, Nigerian Navy, Obat Oil and Petroleum, Matrix Energy Depot, Independent Petroleum Marketers Association of Nigeria (IPMAN), International Oil Companies (IOCs), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Major Oil Marketers Association of Nigeria (MOMAN), NPA, modular refineries, and Capital Oil.

As part of its assignment, the committee will visit the facilities of some identified stakeholders, especially the state-owned refineries, to ascertain their status, considering the huge funds already invested in their various turnaround maintenance over the years without commensurate results.

“The committee is particularly interested in understanding why local refineries are not working despite the substantial amounts of money spent annually on their maintenance and operations. We will closely examine what the Nigerian National Petroleum Corporation Limited (NNPCL) has been doing to address this persistent problem.

“Additionally, the committee will meet with stakeholders in their various zones to gather localised insights and feedback. To ensure broad participation and transparency, the committee will create a platform for the general public and stakeholders to submit memoranda before the public hearings.”

“Our investigation seeks to identify and hold accountable parties involved in the importation and distribution of adulterated petroleum products (PMS and AGO). This includes suppliers, importers, regulatory bodies, and any other entities that may have contributed to this serious lapse in quality control,” Bamidele was quoted to have said.

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