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Why we can’t arrest Bobrisky, other cross-dressers – Police

THE Nigerian Police Force (NPF) has said it could not arrest cross-dressers in the country because there were no laws to prosecute them.

Speaking on Channels TV on April 2, the Force public relations officer, Olumuyiwa Adejobi, noted that cross-dressers couldn’t be arrested because cross-dressing remained a very tricky situation and was not yet a punishable offence in Nigeria.

He added that there must be credible evidence before anyone can be charged by the law court.

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“There are some cases that are always very difficult to prove. I’m not ruling out that we have many of them. Let us be reasonable. You can’t have someone you want to prosecute without having credible evidence against them. I have not read anywhere where cross-dressing is an offence in Nigeria.

“Some of them that are into crossdressing, the allegation is that they are into something else. That’s where the problem lies. We need to have enough proof, credible evidence to prove that they are actually into that. All those offences are natural offences in Nigeria, and they are punishable under our laws”, he said.

Adejobi’s position came after the uproar by Nigerians on social media in the past week when a Nigerian cross-dresser, Idris Olarenwaju, known as Bobrisky, was honoured with the award of ‘Best Dressed Female’ at a movie premiere.

The ICIR reports that no federal law in Nigeria specifically addresses cross-dressing because of the enshrinement of the freedom awarded to citizens in the Constitution.

In 2022, the National Assembly proposed a bill seeking to amend the 2013 Same-Sex Marriage Prohibition Act to criminalise cross-dressing. The bill failed to pass the second reading in the House of Representatives following arguments that the bill was unconstitutional and did not reflect Nigeria’s diverse culture.

How epileptic power supply, hike in gas price, push many Nigerians to harmful cooking practice

EPILEPTIC power supply and soaring gas prices have forced several households into harmful cooking alternatives, with some Nigerians finding themselves stuck between having to choose their health or using firewood for cooking.


On a sunny afternoon in Orisunmibare community in Ilorin, Kwara state, a woman, Rasheedat Muhammed, was seated on a small stool beside an open firewood, cooking an Iftar meal (an evening meal for fasting Muslims) for her family. 

Wiping away sweat with the hem of her wrapper, Rasheedat said she is just adjusting to using charcoal and wood to cook for her family since she got married.

Rasheedat, while trying to use her hand to direct the direction of the smoke heading to her face, said she battles coughs and sometimes

Firewood and charcoal arranged for sales in Ilorin, Kwara state. Photo: The ICIR
Firewood and charcoal arranged for sales in Ilorin, Kwara state. Photo: The ICIR

chest pain every time she is cooking with a coal pot. 

 

She explained that the incessant increase in the price of Liquified Petroleum Gas (LPG), also called cooking gas, coupled with the economic hardships and the poor supply of electricity since the beginning of the year, has made life more difficult for her family.

“Before now, we used kerosene stoves, gas and hotplates to cook our meals most of the time. The only time we used coalpot to cook then was when we wanted to cook beans. But now, since about few months ago, we have been using coalpot to cook almost all our meal.”

“Compared to buying kerosene or filling of gas, you can easily buy charcoal for N100/150 that will be enough for you for that cooking but that is not possible again with gas.”

For Rasheeedat and some other women across the country, cooking with firewood and charcoal is not just a tradition but a harsh reality dictated by the country’s energy crisis and worsening economy. 

Charcoal
A picture of charcoal packaged and prepared for sale. Photo: The ICIR

The unreliability of the electricity supply has left some of them with little choice but to turn to primitive cooking methods despite the health risks and its climate impact.

Surge in Gas price 

According to data obtained from the National Bureau of Statistics (NBS), the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) has increased from N4,962.87 recorded in December 2023 to N5,139.25 in January 2024, representing 3.55 per cent on a month-on-month basis. 

This means that a kg of cooking gas, as of January 2024,  costs an average of N1,027.8, contrary to the N992.6 per kg in December 2023.

The price of a kg of gas is different across the country depending on the retailers’ choice of profit and the amount spent on transportation of the gas.

The ICIR gathered that the price of the gas has since increased from January’s price, with a kg of gas in some parts of Abuja, as of March 18, being sold for N1200/N1300, while a kg of gas is being sold for N1400/1500.

Also, in Ilorin, a kg of gas is being sold for N1300/1400, while in Sokoto, a resident also said they get a Kg of gas on an average of N1300/1400.


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Meanwhile, the recent price official shows a 12 per cent from N4,588.75 in January 2023. 

Further breakdown of the data shows that Nasarawa recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) at N5,790.00, followed by Jigawa with N5,681.82 and Gombe with N5,660.00. Conversely, Kaduna recorded the lowest price at N4,150.00, followed by Ogun at N4,751.04 and Osun at N4,763.53.

The increment in gas price, according to a business journalist, Harrison Edeh, could be tied to the unprecedented inflation rate, Nigeria’s cost of gas production, and exchange rate variables.

The country’s inflation rate has continued to rise nine months after President Bola Tinubu assumed office in May 2023, as the latest data in March showed that the rate stood at 31.70 per cent as of February 2024. 

The rate at which the inflation figure picked up over the month has placed pressure on the prices of consumer goods in local markets. The food prices were triggered largely by high energy prices as a result of fuel subsidy removal, devaluation of the currency and other monetary policies implemented by the president. 

Poor power supply compounds problem

While the increase in gas prices has mounted pressure on many Nigerians, the alternative use of hotplates, which were supposed to cushion the impact, has been hindered by poor power supply since the beginning of 2024.

The ICIR reports that there has been an abysmal power supply situation nationwide since January, with several parts of Abuja experiencing a blackout as the TCN on Wednesday, February 28, confirmed the vandalisation of its transmission towers by vandals.

The situation was similar in several parts of the country, with many Nigerians protesting against the epileptic and complete outage of power supply.

With this challenge plaguing many communities nationwide, several families are forced to resort to traditional methods of cooking to meet their daily needs.

Samuel Rebecca, a resident of Lugbe, Federal Capital Territory, bemoaned the poor electric supply, noting that the rate at which they get power has significantly reduced.

Before, Rebecca said her area, Car Wash, Zone 9, used to have a power supply for at least 12 hours a day and did not have the reason to rely on charcoal or wood to cook.

“Until recently, we normally have light for 12 hours or thereabout every day and except our transformer is faulty, most people use hotplate and gas cooker. Like in my house now, we use coalpot once in awhile.

“But things have changed. We now use coal pots every evening because the price of gas is quite high and poor power distribution,” she said.

What does this mean for charcoal sellers?

Iya Bashiru,a charcoal vendor, complaining about the significant redudction in the profit she made while packaging charcoal into a nylon for sale. Photo: The ICIR
Iya Bashiru, a charcoal vendor, complaining about the significant reduction in the profit she made while packaging charcoal into a nylon for sale. Photo: The ICIR

Meanwhile, despite the challenges mentioned, two charcoal vendors who spoke to The ICIR disclosed that they have hardly seen any rise in profit, although many would expect increased profit and revenue for charcoal sellers due to the rise in gas.

A charcoal vendor in Ilorin, who gave her name as Iya Bashiru, said that they used to earn as much as N600 on a bag of charcoal, but market inflation has made that a challenge, noting that they hardly make a profit of N200 on a bag of charcoal now.

She said this was because they needed to entice customers and maintain the normal price of a small nylon of charcoal despite the continued inflation.

According to her, the amount used to buy a bag of charcoal is now being used to buy one bag, adding that they still purchase nylon for its package.

When asked if her customers have increased since the beginning of this year, she said “yes” but noted that they still had not reached her usual number of customers when she started the business a few years back. 

She further noted that many people have resorted to using wood for cooking instead of buying charcoal, adding that despite reducing the amount of charcoal being sold out, many still complain.

“Some people are now cooking with wood. Once they buy N100 wood, they can use it for two days, but the charcoal of N100 won’t be enough for them for two times because it really too expensive. We are just selling it so we won’t be sitting idle.

Impacts on women, children’s health

Cooking with firewood
A local cooking with firewood. Photo: The ICIR

Speaking on the implication of using firewood and charcoal for cooking, a Researcher with the  International  Center for Energy Environment and Development (ICEED), Unico Uduka, quoted the World Bank report, stating that smoke from indoor air pollution (cooking with biomass) kills about 93,000 Nigerians annually. 

He noted that the victims of this indoor air pollution are mostly women and children.

“Cooking with firewood also causes respiratory diseases for cooks and has proven to be a major cause of lung diseases for most women. Women who cook with firewood every day are deemed to be smoking almost seven packs of cigarettes.

“Another implication for women is the loss of time that would have been put to other productive uses. Most women who cook with firewood use traditional three-stone firewood stoves. Using those stoves leads to loss of heat in the ambience, which means that more time is needed to cook,” he stressed.

Similarly, the World Health Organisation (WHO) stated that around 2.3 billion people worldwide cook using open fires or inefficient stoves fuelled by kerosene, biomass (wood, animal dung and crop waste) and coal, which generates harmful household air pollution.

According to the global health body report in 2023, household air pollution was responsible for an estimated 3.2 million deaths per year in 2020, including over 237,000 deaths of children under the age of 5.

It noted that the combined effects of ambient air pollution and household air pollution are associated with 6.7 million premature deaths annually, adding that household air pollution exposure leads to non-communicable diseases, including stroke, ischaemic heart disease, chronic obstructive pulmonary disease (COPD) and lung cancer.

WHO listed women and children, who are typically responsible for household chores such as cooking and collecting firewood, as being the greatest health burden from the use of polluting fuels and technologies in homes.

BBNaija Season 7 winner, Phyna, calls out show’s organisers over unredeemed prizes

WINNER of Big Brother Naija (BBNaija) Level Up Edition (Season 7), Ijeoma Josephine Itabor, popularly known as Phyna, has called out the organisers of the reality TV show over unredeemed prizes.

In a post she shared on her official X account on Tuesday, April 2, Phyna noted that a new season was about to begin and she had yet to receive all her prizes and money.

“New show😂 Winner of season 7 nor see all her prizes and money 💰😂 Well lemme mind my business before them go talk say I don go bite their hand…. It is well☹️☹️”, her post read.

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The post, written in corrupted English Language, known in Africa as pidgin English, means “New show winner of Season 7 didn’t see all her prizes and money. Well, let me mind my business before they will say I have bitten their hands. It is well.”

Phyna, who emerged winner during the 7th season of the reality TV show in 2022 was presented with a cheque of N50 million, a brand new sports utility vehicle, and other prizes totalling the N100 million grand prize promised by the show’s organisers for that season.

The Big Brother Naija reality TV show is set to return to screens for its 9th season. As revealed by the organisers.

This year’s edition comes with a plot twist- “The Dynamic Duo”.

Rivers: Publish all debts I owe as governor, Wike taunts Fubara

THE minister of the Federal Capital Territory (FCT), Nyesom Wike, has challenged his successor, Siminalayi Fubara, to publish the debt he owed during his tenure as the state governor.

Wike threw the challenge at Fubara during a chat with journalists in Abuja on Tuesday, April 2.

Before becoming the FCT’s minister, Wike served as the governor of the oil-rich South-South state from May 2015 to May 2023.


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“I see other states talking about debt. I say publish the debt I left in the bank. There are two banks, Zenith Bank and Access Bank. Yes, it is not hidden; how much was I owing?” Wike taunted. 

Reacting to the allegation that he is trying to control Fubara, whom he supported to be governor, Wike said he had only been trying to maintain his political relevance in his home state.

“Am I from here? Am I from Abuja? I should not go home? I should not oil my political machinery,?” he responded. 

Speaking further on the bone of contention between him and the governor, Wike accused Fubara of treating the Rivers State House of Assembly members “as his boys”.

The minister also revealed that he no longer enjoys a smooth relationship with the former governor of the state, Peter Odili.

Wike had previously referred to Odili, the governor of Rivers from May 1999 to May 2007, as his political father and leader at several public events. 

He said, “As it is today, politically, we don’t have a good relationship,” Wike said of Odili.

The minister claimed that despite their political differences, he still considered Odili a father figure.

He did not specify what he meant by “political differences.”

The issue between Wike and Odili might not be unconnected to the threat of impeachment against Fubara by the state House of Assembly.

Wike further described some Peoples Democratic Party (PDP) leaders who had declared their support for Fubara as “political vampires.” 

The ICIR reported on Saturday, March 30, that the State House of Assembly accused Fubara, of dishonesty and threatened to resume impeachment proceedings against him.

 The House also accused the governor of breaching the Constitution.

The Speaker of the House, Martin Amaewhule, announced this in Port Harcourt, the state capital.

Amaewhule was accompanied to the briefing by 26 members of the Assembly.

The aggrieved lawmakers accused Fubara of not keeping his end of the bargain regarding the Presidential Peace Accord.

He said the Assembly had suspended its earlier notice of Fubara’s impeachment because the members respected President Bola Tinubu who intiated the peace acord, adding that members had hoped the governor would have a change of heart.

They insisted that if the governor kept up what they called “constant Constitutional breaches,” they would reopen the impeachment process against him.

They claimed that Rivers State remained the only state without an Appropriation Law and that the governor had abandoned the state’s laws.

“So, if it becomes a last resort, in accordance with the law, we will not hesitate to do so because no individual is bigger than Rivers State, including the governor,” the members threatened.

False claim circulates about solar eclipse expected on April 8

A claim that the upcoming solar eclipse would last for three days and there would be total darkness globally is circulating on WhatsApp.

The claim was contained in a video that has been circulating in closed WhatsApp group chats.

But a look at the video showed that the over one-minute footage was earlier published on TikTok as it has its watermark.


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The video when transcribed read:

3 days of darkness will occur when the earth passes through the photon belt, this is as the earth enters and passes through this belt there will be no sunlight nor moonlight on the earth’s surface. Photons are electromagnetic particles that travel at the speed of light and will act as a barrier or temporary shield around the earth. preventing the light of the sun or the stars from passing through it. This is expected to last seventy-two hours or five days there are no breaks of periods of light. During the three days, only darkness. Recommendations, stock up on food, water, candles other essential items. All sunlight would be blocked and solar panels will not generate energy, stay at home and avoid travelling for safety reasons the sunlight will return to the earth marking the beginning of the golden age.

From previous checks of similar content, The FactCheckHub could ascertain that the audio and images were AI-generated.

On WhatsApp, the video was shared alongside a caption that read:

From 4th to 8th April, 2024 it’s likely we experience darkness for 72 hours, you are forwarned, don’t let opportunistic pastors or Alfa’s take advantage of you be prepared.

A total solar eclipse is expected to take place on Monday, April 8, 2024, crossing North America, passing over Mexico, the United States, and Canada. The caption implies that the eclipse would also take place in Nigeria.

A check on the username, @your_fave_shop, displayed at the footage of the TikTok footage led us to the original version of the video which was posted on Friday, March 15, 2024. The video has garnered over 100,000 likes and more than 6,000 comments as of March 31, 2024.

CLAIM

There will be total darkness for three days following expected solar eclipse from April 4.

THE FINDINGS

Checks by The FactCheckHub show that the claim is FALSE!

Screenshot of the Viral claim; Insert Misleading Verdict
Screenshot of the viral claim retrieved from TikTok. INSERT: False verdict.

According to NASA, a total solar eclipse is when the moon passes between the sun and earth, completely blocking the face of the sun. Thus, the sky will be darkened for a while as if it were dawn or dusk, contrary to the statement made by the claimant that everywhere would be in total darkness.

The American space agency said that the eclipse would happen for a few minutes, unlike what the claimant stated that it would take place for three days.

Individuals are always excited and eager to watch the solar eclipse and it is advised for individuals to wear specialised eye protection glasses for the solar eclipse viewing as it is not safe to look at the sun directly because it might cause severe eye injury to some onlookers.

Further findings revealed that the eclipse would only take place in the United States contiguous and not in any other country in the remaining continents as forwarded by recipients.

THE VERDICT

The claim that there will be total darkness for three days following expected solar eclipse from April 4 is FALSE; the solar eclipse is expected to take place on April 8, 2024 for a few minutes and will not subject the whole world to total darkness, according to NASA.

This report is republished from the FactCheckHub.

Deputy commissioner of police found dead in Oyo home

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A DEPUTY Commissioner of Police (DCP), Gbolahan Olugbemi, has been found dead in his home in Ogbomosho, Oyo State.

Olugbemi worked at the Lagos State Police Command and went to celebrate the Easter holidays in the town.

The police chief, who was celebrated for his role during the #EndSARS protest, died in a mysterious circumstance.


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His death has thrown his family and the Force into mourning.

The ICIR contacted the Oyo State Police Command spokesperson, Adewale Osifeso, to confirm the news.

He directed this organisation to the spokesperson of the Force Criminal Investigation And Intelligence Department (FCID).

In a chat with The ICIR, the FCID spokesperson, Aminat Mayegun, said she had contacted her Oyo State counterpart but had yet to get a confirmation.

“We have no information now. I will let you know as soon as we get any information,” Mayegun said.

She disclosed that the late Olugbemi headed the Special Enquiry Unit at the FCID Annex Alagbon close, Ikoyi, Lagos State.

According to reports, Olugbemi served as Personal Assistant to Deputy Inspector General of Police (DIG) Israel Ajao and the late Commissioner of Police Young Arebamen.

He was also a former Divisional Police Officer (DPO) at Ilupeju and Area Commander at Ajah in Lagos State.

He had previously served as the Aide De Camp (ADC) to the late Oyo State Governor, Alao Akala.

Olugbemi studied at the University of Lagos and the Olabisi Onabanjo University, Ago-Iwoye, Ogun State.

The 50-year-old was reportedly found alone in his mansion.

A police source at the FCID told Daily Trust that a few people who first saw his corpse would be interrogated about the incident. 

Electricity tariff hike likely as gas price jumps by 11%

THERE are strong indications of an imminent hike in electricity tariffs with the latest increment in the wholesale price of gas to power by 11 per cent.

The Nigerian government announced on Monday that there would be an increase in the wholesale price of gas to power plants by 11 per cent.

This means an increment of $2.42 per million British thermal units (MMBTU) from $2.18 per MMBTU amid Nigeria’s persistent electricity supply shortfall.

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In a notice issued by the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, on Monday, April 1, the government raised the commercial wholesale gas price from $2.50/MMBtu to $2.92/MMBtu.

“Accordingly, after due consultation with key stakeholders and taking into cognisance the provisions of the PIA, as well as the gazetted Gas Pricing and Domestic Demand Regulations, the NMDPRA hereby establishes the Year 2024 Domestic Base Price as USD 2.42 / MMBTU and wholesale prices of natural gas in the strategic sector”, the notice partly reads.

The Leadership Association of Power Generating Companies (APGC)of Nigeria has yet to issue any official statement about this development.

The ICIR reached out to the Chief Executive Officer of the APGC, Joy Ogaji, to get her response to the development. She said, “No comments.”

Analysts say the implication is that the country’s electricity generation companies would have to pay more to buy gas, with the likelihood of tariff adjustments by the Nigerian Electricity Regulatory Commission (NERC)

Findings have shown that gas pricing exchange rate variables are key factors considered by NERC before adjusting its tariff.

These changes are at variance with concerns of gas shortages, the undersupply raised by gas-generating companies, and the continuous “dollarisation” of the product in Nigeria. In contrast, power produced in the country with the gas is priced in naira.

Data obtained from the NERC revealed that some power plants which are largely gas-powered, such as – Afam IV-V, Sapele ST, Olorunsogo National Integrated Power Projects- NIPP, Omotosho National Integrated Power Projects NIPP, Sapele GT NIPP, Ihovbor NIPP, Geregu NIPP, Olorunsogo, Ibom Power, River IPP, Omoku, Trans Amadi, Paras, Taopex Energy and Dadin Kawa- currently produce just about 1,053MW (37 per cent) of the power consumed in-country.

This drop has led to the epileptic power supply in the country, with the gas generation companies threatening force majeur on several occasions.

On the other hand, only 10 power plants classified as major, including Egbin ST, Delta GS, Kainji Afam VI, Odukpani, Shiroro, Jebba, Okpai, Azura IPP and Geregu currently generate 56 per cent, about 3,398MW of total power consumed.

Although the 26 plants have a total installed capacity of 12 199 (megawatts)MW, current electricity generation is less than 5000MW, which is far from what the country requires to boost its industrialisation drive.

The Minister of Power, Adebayo Adelabu, had faulted the gas pricing in dollars in December last year.

Since January, gas companies have reduced their supply to power plants following years of unpaid invoices amounting to over $1.2 billion.

The government intervened in March by paying $120 million to the companies as the power supply dwindled.

However, the country’s epileptic power supply has persisted.

Reacting to the Development, a stakeholder in the power sector, Executive Director and Convener, PowerUp Nigeria, Adetayo Adegbemle, said: “The Federal Government just used its hand to hike its (unpaid) ‘subsidy ticket’; it was already battling the impact of the FX floating policy and has now just decided to increase the price of gas.”

“This further brings back our argument that the subsidy on electricity tariff is unsustainable,”he added.

Nine abducted students regain freedom in Delta

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NINE students abducted along the East-West Road in Ughelli, Delta State, have regained freedom.

Police Public Relations Officer (PPRO) in the state, Bright Edafe, disclosed this via his official X handle late on Monday, April 1.

“All nine victims have regained their freedom,” he noted.

The students were travelling along the road at the time of their abduction, and according to Edafe, they were suspected to be returning from their school in Calabar, Cross River State, in the late hours of Friday, March 29.

The incident occurred after about three students of the University of Calabar (UNICAL) were abducted from one of the hostels on campus.

Abduction of students has become a source of concern in Nigeria, where the number of out-of-school children is very high.

In 2023, The ICIR reported that Nigeria had 19.7 million out-of-school children and was the country with the third highest number of children deprived of education according to the United Nations Educational Scientific and Cultural Organization (UNESCO) 2020 Model Estimates.

On Thursday, March 7, about 287 students and their principal were reportedly abducted by terrorists from the LEA Primary School in Kuriga, a community within the Chikun Local Government Area of Kaduna State.

The incident generated public outcry, with several leaders, including President Bola Tinubu, calling for their immediate release.

Over two weeks later, the Defence Headquarters announced that the abducted children were not 287, but 137 and confirmed they had been rescued.

Abduction of schoolchildren became rampant in Nigeria, especially in the North, after nearly 300 students were abducted by terrorists from a school in Chibok, Borno State, in 2014.

Since then, students have been abducted from various institutions of learning, including primary, secondary and tertiary schools.

Some tertiary institutions where students have been whisked away are Federal University Dutsin Ma, Katsina state, Federal University, Gusau, in Zamfara state, and the Federal College of Forestry Mechanization, Afaka, Kaduna state.

Recapitalisation: CPPE urges CBN to ensure safety of depositors’ funds

THE Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ensure the safety of depositors’ funds, noting that the proposed recapitalisation requirements for banks won’t increase materially in real terms when adjusted for inflation.

The CPPE chief executive officer, Muda Yusuf, made the appeal in a statement on Monday, April 1, while raising other concerns.

He said the Central Bank of Nigeria (CBN) needed to assure depositors of the safety of their funds in the banking system, irrespective of banks’ current level of capitalisation.

He also said it was essential to sustain the banking public’s confidence in the soundness and stability of the Nigerian banking system, mainly because of the perception and vulnerable risks of smaller banks.  

“We implore the CBN to ensure minimum risk to shareholders and employees in the banking system, across the board. It is also imperative to guide against elevated concentration risks and the deepening of oligopolistic structure in the banking system.”

According to Yusuf, inflation has significantly eroded the value of banks’ minimum capital, making it imperative for recapitalisation.


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He noted the current minimum capital base for banks with international licenses was N50 billion, national banks N25 billion, and regional banks N10 billion.

The ICIR reported recently that the apex bank had raised the minimum capital requirements for the three categories of banks to N500 billion, N200 billion and N50 billion, respectively.

In 2005, when the Central Bank of Nigeria (CBN) carried out the last recapitalisation for banks, the official exchange rate was about N130 to the dollar.

Yusuf said that the N25 billion for a national bank was equivalent to $192 million, explaining that today’s naira equivalent is about N250 billion.

Also, for a bank with an international license, it would be about $384 million, an equivalent of about N500 billion.

“The real issue is that inflation has weakened money’s value over time, making recapitalisation imperative and inevitable.

“The essence is to ensure the safety of depositors’ funds, strengthen the stability of the financial system, deepen resilience of the banking system and reposition the bank to support growth,” Yusuf stressed.

The CPPE boss also called on the apex bank to ensure minimum disruption of the banking system in the proposed review of the minimum capital requirements for banks.

“We commend the CBN for giving a timeline of 24 months for banks to comply. This would minimise disruptions and dislocations in the financial system. It would also ensure a smooth transition to the new capitalisation regime for banks,” Yusuf said.

The CPPE boss believes that with the current approach and timeline given by the CBN, the risk of bank collapse or hasty mergers and acquisitions should be minimised.

In keeping with the categorisation of banks, Yusuf said it was necessary to allow for inclusion and reduce the risk of dominance of the banking space by a few big banks.

He also raised concerns about the hefty interest rate spreads in the Nigerian banking system.

He pointed out that the spread between deposits and lending rates was sometimes as high as 20 per cent, which is one of the highest globally.

He also shared concern about the tenure of funds in the banking system, saying it needed to be longer.

“Over 80% per cent of funds are of one year tenure or less, which explains the high level of assets and liability tenure mismatch in the banking system.”

Another concern he raised was the small businesses’ credit access, as it significantly inhibits economic growth and inclusion.

“Small businesses account for over 50 per cent of GDP but get less than five per cent of credit in the banking system.

“Financing gap in the Nigeria SME space is about $32.2 billion (over N40 trillion), according to IFC estimates. De-risking the credit space for small businesses should be accorded high priority in the new dispensation. This is essential to boost growth, create jobs and deepen economic inclusion.

“The apex bank should caution all players in the banking sector against predatory and other anti-competitive practices in the industry because of the recapitalisation policy,” Yusuf added.

Tinubu heads to Senegal, to attend Faye’s inauguration 

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PRESIDENT Bola Tinubu will depart Abuja on Tuesday, April 2, for Dakar, Senegal, to attend the inauguration of the country’s President-elect, Bassirou Faye.

Tinubu’s trip is on the invitation of the Republic of Senegal, Special Adviser to the President on Media and Publicity Chief Ajuri Ngelale said on Monday, April 1, in a statement titled “President Tinubu to attend the inauguration of Senegal’s President-elect Bassirou Faye.”

He noted that the President would be accompanied by the Minister of Foreign Affairs,  Yusuf Maitama Tuggar, and other senior government officials.

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“He will join other regional leaders to witness the inauguration at the Diamniadio Exhibition Centre on Tuesday,” said Ngelale.

Meanwhile, the President is expected to return to Nigeria at the end of the inauguration.

Faye, an opposition candidate in the Senegal presidential election, was officially declared the winner of the March 24 election, having gathered 54 per cent of the total votes.

According to reports, Faye edged the governing coalition’s candidate and former Prime Minister Amadou Ba, who had 35.79 per cent of the votes.

Faye, 44, freed from prison a few days before the election, is set to become the youngest President in Senegal’s history.

He has never held a national office to which he was elected and has not spoken publicly since after the election, which followed three years of unrest and political crisis.