THE Central Bank of Nigeria (CBN) has reviewed its loan-to-deposit ratio (LDR) policy to align with its current monetary tightening, reducing the LDR by 15 percentage points to 50 per cent.
The apex bank disclosed this in a circular issued on Wednesday, April 17, titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, and signed by the acting director of the Banking Supervision Department, Adetona Adedeji,.
According to the bank, the decision followed a shift in its policy stance towards a more contractionary approach.
With this reduction, all deposit money banks are restricted in their ability to offer credits/ loans to businesses and individuals.
The circular read, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN.
“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50 per cent, in a similar proportion to the increase in the CRR rate for banks.
“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”
Analysts say the policy will further squeeze lending to businesses and the manufacturing sector, many of whom are not getting funds from commercial banks to drive their businesses, with CBN’s lending rate at 24.75 per cent.
“We cannot keep out the commercial and merchant banks from funding businesses. It will spell doom for the economy. The apex bank as it plans to recapitalise should ensure that banks have the financial strength to fund the manufacturing sector for the growth of the economy,” former Director-General of the Lagos Chamber of Commerce (LCCI) Muda Yusuf told TheICIR.
With the new policy, banks must now recalibrate their lending strategies, adhering to the revised LDR of 50 per cent. This measure is anticipated to influence the banks’ ability to offer credit, particularly impacting large and medium-scale enterprises that are dependent on bank financing for their operations.
This reduction might tighten the credit available to businesses, potentially escalating interest rates. However, it also positions the banks to be more circumspect in their lending operations, potentially safeguarding the financial system against undue risk exposure
Recall that the apex bank’s Monetary Policy Committee (MPC) hiked the benchmark interest rate by 200 basis points to 24.75 per cent in March.
The governor of the apex bank, Olayemi Cardoso, also announced that the Cash Reserve Ratio (CRR) of deposit money banks would remain at 45 per cent. However, the MPC adjusted the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also retained the liquidity ratio at 30 per cent.
Analysts say further monetary tightening without incentives to manufacturers and the real sector is not good for the economy, with inflation at 33 per cent.
“The fiscal side must support efforts of the monetary policy. Further tightening is crowding out the private sector from bank lending,” an economist, Dumebi Oluwole, said.
IN today’s ever-changing global healthcare landscape, the quality of life of children has seen significant improvements. However, when we turn our attention to Africa, we uncover a grim reality of persistently high rates of infant and neonatal deaths that continue to cast a dark shadow in developing nations such as Nigeria.
The current Sustainable Development Goals (SDGs) framework presents an ambitious goal, which is to reduce the global neonatal mortality rate to seventy deaths or fewer per 100,000 live births by the year 2030.
Achieving this goal is possible, but there are significant challenges, some of which may seem simple but have the potential to worsen an already challenging situation. More so there are easy and practical ways of preventing some of these diseases, some of which are readily available vaccines.
The use of unsterilised objects during childbirth leads to maternal tetanus, which can be just as fatal as other complications like pre-eclampsia – a condition that is often very fatal and occurs when there is uncontrolled high blood pressure in pregnancy.
Maternal tetanus strikes during pregnancy, sometimes as early as six weeks of its conception, potentially causing neonatal infection through the umbilical cord. This occurs when the pregnant woman encounters contaminated instruments or becomes exposed to hazardous substances carrying the bacteria.
Regrettably, these issues remain underreported, primarily due to systemic deficiencies in the Nigerian healthcare sector. Many women of childbearing age are unaware of the Tetanus Toxoid (TT) vaccine, a crucial tool in preventing these untimely deaths. The Tetanus Toxoid (TT) vaccine, a medical marvel was discovered in the 1920’s has remained a formidable shield against this persistent adversary. TT vaccine is administered to women typically beginning at the age of fifteen, serving as a guardian of both mother and newborn.
Tetanus, a disease caused by the malevolent Clostridium Tetani bacteria thrives in unsanitary conditions, hence its ability to hide in unsterilised instruments and hazardous substances.
A medical doctor and a senior registrar in the Department of Pediatrics at Usman Danfodiyo University Teaching Hospital, explains, Chris Inalegwu, “Tetanus toxoid is the vaccine administered to prevent tetanus infection in children. Much like its vaccine counterparts, it contains inactivated tetanus toxins, which, when administered, stimulate the child’s immune system, promoting the development of antibodies against the harmful tetanus toxin, thus conferring protective immunity.”
Tetanus Toxoid Vaccine
The challenges contributing to maternal and neonatal tetanus are complex, but one critical issue is the failure of healthcare officials to consistently administer the vaccine. It is imperative that pregnant women have access to information about maternal tetanus.
The struggle of pregnant women for information
Pregnant women, regardless of their location, often struggle to find the right information about maternal tetanus. Women in urban areas are not offered the information because it is perceived they do not need it, while women in rural areas are bombarded with so much information that essential information like TT vaccine falls through the cracks. However, an alarming number of pregnant women who even receive the TT vaccine only do it out of necessity, with little understanding of its purpose.
The gap between healthcare professionals and community health workers, who should be attending to these women is large and, in many cases, the community health workers lack the necessary patience and resources to explain vital information to pregnant women in a way that is easily understood.
Most times women reject the vaccine because adequate information is not given. Amina Adamu, a mother and stay-at-home spouse in Bossa local government Niger state expressed confusion, saying, “I don’t know about the vaccine, but I know that whenever I become pregnant and go for antenatal sessions, they give me an injection into my left arm.” Her words, in Pidgin English, reflecting the reality faced by many women.
Kainji Medical Centre, New Bussa, Niger State
Though it is important for pregnant women as well as girls of childbearing age to take TT vaccine, they are also entitled to know what is being put into their bodies, because lack of consultation brings about distrust. An obstetrician and gynecologist in Minna General Hospital Niger state, Aishat Ahmad, emphasized the importance of proper consultation, “In an ideal world, every woman visiting a hospital should have the right to be informed about her condition, educated about relevant aspects of her care, and provided with comprehensive information.
Unfortunately, we find ourselves struggling with a lack of communication skills, which is symptomatic of our understaffed facilities. Antenatal coverage, especially in primary healthcare settings, is increasing, yet the number of women addressed by skilled healthcare workers remains dismally low. Regrettably, the luxury of time eludes us, preventing us from educating these women in a way that fosters genuine understanding.”
Neonatal Hospital, Minna Niger State
Challenges with Community Health Workers
Community health workers, often hailed as the bridge between communities and healthcare facilities, sometimes fail to stress the importance of the TT vaccine. This is especially challenging for women in rural communities with barrage of information shoved at them.
Loko Primary Health Care, Minna, Niger State. Also Known as Asibitin Mata
Abdulbasit Abdulsalam, a community health worker in Loko Primary Health Care Minna Niger state, said these women are the most vulnerable in terms of encountering instruments that may be carrying the tetanus bacteria and not much is available to them by way of meaningful information on how to adequately protect themselves, “On occasions, these women come from rural communities with limited access to healthcare professionals and when they converge on our hospital, we are invariably outnumbered, and the task of attending to them becomes a Herculean ordeal.”
The Entrance of Asibitin Mata
Impact of societal beliefs and ignorance
Cultural beliefs sometimes lead to ignorance and a misunderstanding of vaccines and injections. Some cultures encourage the use of unsterilised objects during childbirth, and there is inadequate information on proper sterilisation methods. This is because in some families, there is a notion that women should avoid medical facilities during pregnancy, rejecting any form of care, including injections, as foreign influences from the West. Women who choose home births are seen as examples of strength and courage forgetting that these societal beliefs are ancient and only make it almost impossible to avoid maternal and neonatal tetanus.
A community health worker in Old Airport Clinic, Minna, Shamsiya Maiyaki, notes, “One of the most formidable challenges we face is the stubbornness of certain village women. They often cite religious and cultural prohibitions against receiving injections. Sometimes, we even offer tokens of goodwill to tip the scales in favor of rationality.”
This deeply rooted cultural belief systems sometimes extends to the husbands, who may discourage their wives from seeking healthcare or subject them to maltreatment if they discover that their wives have visited healthcare facilities without their consent. The obstetrician and gynaecologist in Minna General Hospital earlier mentioned, Ahmad, underscores the importance of involving husbands in the maternity process to ensure that newborns are safe. “It is essential that we actively engage husbands, empowering them to facilitate their wives’ timely access to healthcare facilities, guiding them away from the perils of home births.”
Customs and health risks
Inalegwu, the senior registrar in the Department of Pediatrics at Usman Danfodiyo University Teaching Hospital, earlier mentioned explains that some cultural customs and traditions have caused more harm than good, especially for women who choose home births. “Tetanus in newborn children often results from a combination of factors like inadequate healthcare, poor hygiene, lack of knowledge about proper newborn care, and certain cultural practices.”
Newborns in these settings are at risk of exposure to Tetanus-causing microorganisms, as the umbilical cord may be severed using unclean tools. Traditional practices like skin markings, tribal tattoos, and ear piercings, performed with old and infected instruments, further compound the risks. Traditional uvulectomy, conducted by traditional practitioners using unsterilised and unsanitary instruments, poses yet another danger.
The role of government
One of the significant contributors to the prevalence of neonatal and maternal Tetanus is the apathy shown by government authorities responsible for maternal healthcare.
The 2023 budget allocation to Nigeria’s healthcare sector reveals a sum of N1.17 trillion which has been described as insufficient. Women visit hospitals only to be told that vaccines are unavailable, forcing them into a cycle of repeated visits that result in despair.
Government hospitals, often in a state of disrepair, force pregnant women to navigate staircases due to malfunctioning elevators or lack thereof, compounding their woes.
The shortage of healthcare staff further worsens the problem, resulting in overcrowded antenatal clinics, where a solitary consultant must attend to an overwhelming throng of around two hundred women.
Once the clock strikes noon, these consultants often end their shifts, casting a dark shadow over the prospects of women traveling from far-flung regions in pursuit of specialised care. Therefore, it is very pertinent for government to pay more attention to the healthcare sector, thereby providing good infrastructures and employing more skilled staff.
“Delivering improved quality heath is an underpinned factor in my promise of renewed hope to Nigerians. That hope is ignited here today with the support of all mutilated partners and agencies. Health is back on the front burner” A statement by President Bola Ahmad Tinubu at a conference in Lagos. We hope he keeps his word.
Lack of awareness
The challenges arise from the dearth of knowledge among women of childbearing age regarding the Tetanus Toxoid vaccine. In rural communities, radio broadcasts and door-to-door campaigns constitute the primary sources of information.
Privately owned radio stations and government-owned broadcasters often prioritise government-related programmes and sponsored adverts, leaving little room for disseminating knowledge about the vaccine while the primary obligation of media houses is to inform and educate because they are the eyes and ears of the people. Media houses should do more in disseminating information about the vaccine first as a form of social responsibility.
Urban centres like Minna and some parts of the city of Kano lack sufficient informationabout the vaccine unless individuals seek counsel from medical professionals in hospitals or community health workers in primary health care.
Single women often exhibit lower level of knowledge and awareness of the vaccine. In a cross-sectional study conducted by Victorine M, Mounting G, and Emmanuel N Tufon of Saint Louis University institute of health and Biomedical sciences, revealed that Married women are three times more likely to be engaged in Tetanus toxoid vaccine than single women. However, it is very important to have broad and inclusive sensitisation programs because if girls from the age of 15 take their vaccine and are well sensitised, there will be less pressure on the health sector on the need to do it again especially during pregnancy as the women must have already taken all the required steps at that stage.
Primary healthcare facilities frequently lack a sufficient supply of Tetanus vaccines, leaving women frustrated after repeated visits. This continuous cycle of disappointment leads many women to give up their search for immunisation and are resigned to their fate.
Inalegwu, the senior registrar in the Department of Pediatrics at Usman Danfodiyo University Teaching Hospital, clarifies further, “The Tetanus Toxoid vaccine is an integral component of the Expanded Program on Immunisation. A child should receive a dose at birth, another at six weeks, followed by a third at ten weeks, as part of a pentavalent vaccine. Subsequently, two more doses are administered at 3-4 years and 14 years. However, these shots do not confer lifelong protection. Booster shots are requisite to maintain immunity effectively.”
Addressing the dangers
Several actions need to be taken to ensure that the risks of contracting tetanus are reduced towards the overarching goal of achieving a lower rate of infant mortality. These include ensuring a mandatory and comprehensive immunisation of women of childbearing age from age 15 and guaranteeing that they receive and complete their vaccine doses as expected. This will vastly reduce the risk of contracting the infection and as well foster a healthy society.
Lack of awareness is one of the major concerns. When people are not aware of some of the dangers that they are vulnerable to, they tend to have a carefree attitude towards it. But if knowledge about the vaccine is widely disseminated, targeting women, men, and expectant couples, there would be a better take-up of the vaccine. House-to-house campaigns should be highly encouraged especially in rural communities so that people who do not have access to phones, Radios and TV will as well be aware of the vaccine. This can go together with educating Parents, especially mothers to promote hygienic practices, even if they already do so. By so doing, mothers will take care of themselves and their daughters, preparing them well even before they attain the age of marriage.
Bad sterilisation practices are also one of the problems. Channeling enlightenment campaigns on the need to strictly adhere to equipment sterilisation protocols both in rural and urban centers will go a long way. Traditional Birth attendants in remote regions should be carefully trained on how to locally sterilise equipment before and after use to reduce the risk of contracting Tetanus infection. City hospitals should also be supervised to ensure that they maintain sterilisation protocols for the safely of mothers and their infants.
There should be more qualified healthcare staff with the existing staff given on the job and regular capacity training. This will ensure a seamless vaccine supply, reduce workload on the staff, and foster patient commitment where every patient will be attended to on time and appropriately.
The battle against maternal and neonatal Tetanus is a collective work that transcends borders and boundaries. Women and children are the bearers of our future, and it is our responsibility to safeguard their well-being. Government commitment, community awareness, and healthcare improvements are the headlight on the path to a brighter and healthier future for all. Maternal Tetanus should be taken seriously, as it is not just a health concern but a societal issue that impacts the well-being of our most vulnerable members – mothers and newborns. It is only through a concerted effort that we can protect our tomorrow.
This report was produced with support from the Women Radio Centre and MacArthur Foundation
PRESIDENT Bola Tinubu has directed the Ministry of Education to include National Open University of Nigeria (NOUN) graduates in the National Youth Service Corps (NYSC) scheme.
He also directed graduates of the Law faculty in the institution to be allowed to enrol in Law School upon graduation.
According to Punch, Tinubu gave the orders through the Deputy Executive Secretary of the National Universities Commission (NUC), Biodun Saliu, who represented the President at the institution’s 13th convocation ceremony on Saturday, April 13.
“With the changing demographics of our great nation, the government has recognised the importance of allowing NOUN graduates to participate in the NYSC scheme. The doors of the Law School are now open to the graduates, ensuring equal opportunities for all. Any remaining concerns or uncertainties should be promptly addressed by the Federal Ministry of Education.
“We will continue to do this in order to improve quality, access, and affordability. Government is, therefore, committed through the Federal Ministry of Education and the NUC to provide the enabling environment to ensure a good delivery of this mode of education in Nigeria,” Saliu was quoted as saying.
He also said Tinubu’s administration was committed to enhancing distant learning in the country as part of measures to attain the Sustainable Development Goals (SDGs) by 2030.
It was reported that few days to the convocation, NOUN Vice-Chancellor Olufemi Peters said graduates of the university would soon begin to be mobilised for NYSC.
He also disclosed that the institution would begin its Law programme, which had earlier been suspended, following advice from the Council of Legal Education.
THE Economic and Financial Crimes Commission (EFCC) has obtained a warrant for the arrest of Yahaya Bello, the former governor of Kogi State, from a Federal High Court in Abuja.
However, another judgment from the Kogi State High Court prevented the commission from enforcing the arrest.
The Abuja order was in preparation for his planned arraignment on Thursday, April 18, though he had not yet been arrested as of the time this report was filed.
Reports say the Kogi State governor, Ahmed Usman Ododo, has smuggled out the former governor.
Ododo drove into Bello’s residence while the EFCC surrounded the building Wednesday afternoon.
According to reports, the development forced the commission’s operatives to leave Bello’s residence.
Gunshots allegedly rented the air while the former governor was being smuggled out of the premises by his successor, widely believed to be his kinsman.
An EFCC official could be overheard speaking with someone suspected to be his superior on the phone, stating that Bello was inside Ododo’s car, which departed, as reported by The Cable.
The ICIRreported how the commission’s operatives laid siege on Bello’s Abuja home on Wednesday in an attempt to arrest him.
Confusion as Kogi, Abuja courts issues conflicting judgements
Emeka Nwite, a justice of the Federal High Court, granted Bello’s arrest warrant on Wednesday, April 17, at the EFCC’s request.
The Abuja ruling contradicted the judgement obtained by Bello in Kogi State.
The Kogi order restrained the commission from arresting, detaining, and prosecuting the state’s former governor.
The State High Court in Lokoja, presided over by Judge I.A. Jamil, declared on Wednesday, that encroaching upon the fundamental human rights of the former Kogi was invalid unless authorised by the court.
Although the EFCC had challenged the court’s jurisdiction over the case, the judge ruled that it did have jurisdiction over the case, contrary to the EFCC’s claim.
“This honourable court has jurisdiction to entertain this application.
“Therefore, the substantive issues of fundamental human rights sought by the applicant succeed,” the judge said.
He gave the order of restrainment in a two-hour judgment delivered in suit no HCL/68/M/2020 in Lokoja.
“By this order, the EFCC is hereby restrained from arresting, detaining and prosecuting the applicant except as authorised by the court.
“This is a definite order following the earlier interim injunction given,” the presiding judge said.
OPERATIVES of the Economic and Financial Crimes Commission (EFCC) stormed the Abuja home of the immediate past governor of Kogi State, Yahaya Bello, on Wednesday, April 17, to arrest him.
The planned arrest is likely over the alleged sleaze he perpetrated while in office.
Bello currently has a case before James Omotosho, a judge of the Federal High Court, Maitama, Abuja, where he is accused with his nephew Ali Bello and two others, Dauda Sulaiman and Abdulsalam Hudu, of allegedly laundering N84 billion.
His house in the Wuse Zone 4 area of the nation’s capital was cordoned off as the operatives made spirited attempts to gain entry.
However, according to a live broadcast of the siege by Arise Television, there are three major hurdles for the EFCC’s officers.
First, the former governor’s security aides are resisting the arrest because a court injunction restricts the EFCC from arresting the accused.
Second, the state’s incumbent governor, widely believed to be Bello’s kinsman, Ahmed Ododo, arrived at the compound with his security and other retinue of aides while the siege was on.
Third, many Bello supporters have thronged the area, chanting solidarity songs for him in apparent protest against the planned arrest.
Bello has yet to be arrested as of the time of filing this report, and he is most likely in the house.
The EFCC operatives, wielding dangerous arms as other security officers of Bello and Ododo on the streets, remained unfazed in their bid to smoke the former governor out of the house.
Reacting to the development, the ex-governor’s media office, in a statement, condemned the EFCC’s action and urged President Bola Tinubu to call the anti-graft agency to order.
According to the statement, the presence of the operatives in Bello’s residence negated the order of injunction granted on February 9, 2024, by the High Court of Justice, Lokoja Division, in Suit No. HCL/68M/2024 between Yahaya Bello v. EFCC, restraining the commission by itself or its agents from harassing, arresting, detaining, or prosecuting the former governor, pending the hearing and determination of the substantive fundamental rights enforcement action.
The statement said the EFCC was duly served with that order on February 12, 2024.
It added that the commission filed an appeal (Appeal No.: CA/ABJ/CV/175/2024) against the said order to the Court of Appeal Abuja Division on February 26, 2024.
“It is a surprise that an agency led by a lawyer could flagrantly disobey a subsisting court order by taking actions contrary to the reliefs granted.
“We are aware of the total commitment of President Bola Tinubu’s current administration to the rule of law and can say categorically that the EFCC leadership might have offered the agency on a platter of gold to desperate politicians to convert it to their score-settling tool without minding the effect on its integrity and the image of Nigeria as regards the rule of law,” the statement added.
According to Bello’s media office, the anti-graft agency was allegedly planning to humiliate and harass the former governor through false accusations.
The ICIR reported on March 15 that the EFCC filed charges against Bello, his nephew Ali Bello, Dauda Sulaiman, and Abdulsalam Hudu for alleged N84 billion money laundering.
The case was initiated before James Omotosho of the Federal High Court, Maitama, Abuja, on Thursday, March 14, 2024.
The EFCC is prosecuting them on an amended 17-count charge of money laundering, breach of trust and misappropriation of N84 billion.
To allow for Yahaya Bello’s inclusion in the trial, Rotimi Oyedepo, a senior advocate, informed the court of an application to amend the charges against the defendants.
The judge granted the prayer, overruling objections from A.M Aliyu SAN and Olusegun Joolawo SAN, lawyers to Ali Bello and Suleiman, the first and second defendants.
According to a statement by the EFCC spokesperson, Dele Oyewale, while Bello and Hudu were at large, Ali Bello and Suleiman, first and second defendants, respectively, who were present in court, “pleaded not guilty” to all the charges when they were read to them.
DELOITTE, an audit firm for Fidelity Bank Plc, has expressed concern over the bank’s impairment on loans and advances, which surged by 78.74 per cent to N143.97 billion.
In its ‘independent auditor’s report’ on the bank’s annual and financial statements for the year ended December 31, 2023, Deloitte stated that the loan impairment was a critical audit matter.
It said, “In view of the size of loans and advances portfolio, the audit of loan impairment is considered a key audit matter.
“Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated and separate financial statements of the current period.
The ICIR reports that following the implementation of the International Financial Reporting Standards (IFRS), a loan is now regarded as impaired on the balance sheet date when there is objective evidence of a loss.
Analysis of Fidelity Bank’s audited financial statements revealed that loans and advances accounted for 51.9 per cent of the bank’s total assets of N6.24 trillion.
As of December 31, 2023, Fidelity Bank’s gross loans and advances rose by 47.36 per cent to N3.24 trillion from N2.196 trillion in 2022.
The N3.24 trillion figures comprise local and foreign-denominated loans, against which total loan impairment was N143.97 billion, increasing by 78.74 per cent compared to N80.55 billion in 2022.
The loan impairment resulted in the bank posting a net loan balance of N3.092 trillion in the review years, relative to N2.116 trillion in the preceding year.
Further analysis of the bank’s 2023 financial performance showed that Fidelity Bank posted a N99.45 billion profit for the year, less than the bank’s loan impairment.
A check by The ICIR reveals that the loan impairment is also higher than the N100.3 billion the bank held as credit risk reserves as of December 31, 2023.
“We focused our testing of the impairment on loans and advances to customers on the key assumptions and inputs made by directors,” Deloitte stated.
According to the audit firm, the basis of the impairment on loans and advances is summarised in the accounting policies to the audited consolidated and separate financial statements.
It also said that the directors had assessed the bank’s loan loss impairment using the expected credit loss model provided in the IFRS 9 Financial Instruments.
“We challenged management’s judgements on loans that were not reported as being impaired in sectors that are currently experiencing difficult economic and market conditions, such as the oil and gas and power sectors,” Deloitte added.
Fidelity Bank concentrated N1.11 trillion in loans to the oil and gas sector, the highest amount it advanced to any industry in 2023, and N241.95 billion to the power sector.
According to the Statutory Audit Committee report signed by its chairman, Frank Onwu, the committee “reviewed the External Auditors Management Report for the year ended 31 December 2023 and is satisfied that management is taking appropriate steps to address the issues raised.”
The federal government has threatened to take stringent regulatory measures against traders who unfairly inflate prices of goods and commodities.
Through the Federal Competition and Consumer Protection Commission (FCCPC), the government expressed worry over the sustained rise in prices of goods and commodities despite the recent appreciation of the naira against the dollar.
The commission’s chief executive officer, Adamu Abdullahi, gave the warning in a statement on Wednesday, April 17.
While the naira has been appreciating against the dollar in recent weeks, several Nigerians have taken to social and conventional media to express their grievances about the ongoing rise in commodity prices.
Some have alleged that traders are swift to hike prices whenever the naira depreciates but are reluctant to reduce prices when the dollar falls, even after several days.
Reacting to the development, the FCCPC stated that the continuous increase in the price of commodities was unacceptable, adding that it was committed to protecting consumers from exploitation
“The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the commission is taking proactive steps to address this issue.
“While the FCCPC cannot directly regulate prices, the commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
“This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against any businesses found to be engaging in anti-competitive practices such as price-fixing, price gouging or cartel formation.”
The FCCPC further stated that its operatives had been directed to intensify monitoring of both formal and informal markets, where businesses may take advantage of market conditions to inflate prices unfairly.
“The operatives will be working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers,” the organisation added.
A KANO State High Court has affirmed the suspension of the National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, from the party.
The court granted an ex parte order restraining Ganduje from parading himself as the party’s chairman.
The judge, Usman Na’abba, granted the application on Tuesday, April 16, in response to an ex parte motion filed by Ibrahim Sa’ad on behalf of the plaintiffs, Laminu Sani and Haladu Gwanjo, two executive members of Ganduje’s ward in Dawakin-Tofa Local Government Area.
The four respondents in the case are the APC, APC National Working Committee, APC Kano State Working Committee, and Ganduje.
The court has asked them to maintain the status quo ante belum as of April 15, 2024, until the substantive litigation is heard and decided on April 30, 2024.
Na’abba prevented the APC Kano State Working Committee from meddling with the “legally and legitimately weighed choice” made by the Ganduje Ward executives, which was fundamentally based on action supported by a two-thirds majority of the executives as stipulated by the party constitution.
The ex parte ruling stated as follows: “An order is hereby granted directing all parties in the suit, Dr. Abdullah Umar Ganduje (fourth), APC National Working Committee (second), APC State Working Committee (third), and APC (first), to maintain status quo ante belum as of April 15, 2024.”
The court held that “the fourth respondent (Ganduje) is prohibited from parading himself as a member of APC or doing any act that may portray him or seem to be a member of APC pending the hearing and determination of the substantive suit.”
The ICIR reported that Ganduje was suspended on Monday, April 15.
Nine members of Ganduje’s ward executives proclaimed his suspension over the Kano State Government’s corruption allegation against him.
The party’s legal adviser at the ward, Gwanzo, made this known while addressing journalists in the state on Monday.
Gwanzo cited the state government’s allegations of bribery against Ganduje as the grounds for his suspension.
The ICIR reports that Ganduje, the immediate past governor of the state, would face charges in court on Wednesday, April 17, regarding allegations of bribery, diversion, and misappropriation of funds, which include diversion of funds, criminal conspiracy, misappropriation, and criminal breach of trust.
Meanwhile, Ganduje said he is unshakeable and remained the party’s National Chairman.
He said this in a viral video amidst party supporters on Tuesday.
He boasted that he had met with President Bola Ahmed Tinubu and the President had guaranteed his position as party chairman.
“Tell Kano State Government that the seat of National Chairman of APC in Nigeria is on Abdullahi Umar Ganduje. We are here unshakable,” Ganduje stated.
A POPULAR Nigerian celebrity, Pascal Okechukwu, better known as Cubana Chief Priest, has pleaded not guilty to tampering with and abusing the naira during his trial at the Federal High Court, Lagos, on Wednesday, April 17.
After pleading not guilty, the judge, Kehinde Ogundare, granted him ₦10 million bail with two sureties in like sum who must be gainfully employed with the federal or state government and not less than grade level 16.
The sureties are to have landed property, and the court must verify the lands’ documents.
Cubana Chief Priest must also submit his travel passport to the court.
Cubana Chief Priest was arraigned on three counts bordering on abuse of naira.
He was accused of allegedly spraying and tampering with the nation’s currency at a social event, contrary to the provisions of the Central Bank Act of 2007.
He was alleged to have sprayed the naira on February 13, 2024, at Eko Hotel.
He was said to have tampered with funds in the denomination of N500 notes issued by the CBN by spraying the same for two hours.
The ICIR reported that the Economic and Financial Crimes Commission (EFCC) detained Cubana Chief Priest on Tuesday, April 16, for allegedly abusing the naira at a social event.
The case against him was filed on April 4 by Rotimi Oyedepo, a senior advocate, and seven other lawyers representing the EFCC chairman.
Count one of the cases alleged: “That you, Okechukwu Pascal, on February 13 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.”
The case against Cubana Chief Priest is coming barely two weeks after the EFCC arrested and arraigned controversial cross-dresser Idris Okuneye, also known as Bobrisky, for naira abuse.
He was arrested on the night of Wednesday, April 3, in Lagos State.
Consequently, the Federal High Court, Lagos State, sentencedBobrisky to six months imprisonment without the option of a fine on Friday, April 12.
In her ruling, the judge, Abimbola Awogboro, said the judgment would deter others from abusing the naira.
Selective arraignment?
Meanwhile, The ICIR reported that several videos have surfaced on social media platforms, including X, Instagram, and TikTok, showing public officials, monarchs, and some Nigerian celebrities spraying the naira notes in public.
As of the time this report was filed, the EFCC and related agencies had not arrested any of them.
Some of these videos and reports exposed the Governor of Niger State, Umaru Bago, a lawmaker from Borno State, Ibrahim Abuna, and the Minister of Arts, Culture and Creative Economy, Hannatu Musawa abusing the naira.
The CBN had said it would prosecute the minister, but she has continued as a cabinet member in President Bola Tinubu’s government without an arrest.
Another video showed how the Olu of Owode-Egba, Ogun State, Aremo Sowemimo, sprayed naira on a musician during an event. The ICIR reported that the monarch was suspended for two months by his aggrieved fellow monarchs but has not been arrested by relevant government institutions and prosecuted for it.
THE Federal Capital Territory (FCT) Police Command said on Tuesday, April 16, that it would investigate the alleged attack and counterattack launched by the factional leaders of the National Association of Nigerian Students (NANs).
The attack, as observed by The ICIR, resulted in serious injury to at least three members who were believed to be affiliated with the organisation.
Some yet-to-be-identified persons seriously assaulted one of those injured.
One of the victims is currently undergoing surgery in an Abuja hospital, The ICIR can confirm.
In a video shared by the media aide of the Kwara State governor, Ibraheem Abdulateef, on his X page on Tuesday, April 16, some people with cutlasses ran into a peaceful setting of some group of people and attacked them.
They also destroyed an 18-seater bus with the pictures and name of one of NANS’ factional leaders, Chibuzo Obi Pedro, who was tagged as the organisation’s president on the bus.
The attack, which happened on Monday, April 15, in Area 8, Abuja, took place shortly after the factional president, Pedro, left a meeting they held regarding their inauguration.
Calling on the attention of the Police Force public relations officer, Olumuyiwa Adejobi, Abdulateef wrote: “ Hello esteemed PPRO@Princemoye1, Are you aware of the attacks and counter-attacks factional NANS leaders have been launching against one another in Abuja? A young man from Kwara was caught in the latest at Zone 8 and was butchered to near death in broad daylight. It is crazy.
“The Force should invite the leadership for questioning before we have a further breach of law and order and a possible loss of life. This is criminality on the loose.”
Meanwhile, reacting to the post, the FCT police command, in a statement signed by its spokesperson, Josephine Adeh, said the police were aware of the incident and were looking into the matter.
The statement reads: “The FCT police command is aware of the news making rounds about the recent attacks and counterattacks launched by the factional NANS leaders against one another in the Federal Capital Territory and therefore wishes to state that the police command has commenced an investigation into the matter and is ensuring no disruption of peace being enjoyed by residents is allowed. Further development would be communicated.”
This incident has, however, generated public outrage as many Nigerians called on the authorities to wade into it and bring those behind it to justice.
Some also called on the authorities to suspend or reform the student body, citing its transformation into a tool of Nigerian politicians.
The ICIR gathered that following its last year’s elections, NANs has had two leadership camps fighting for recognition.
