Home Blog Page 756

Tinubu to ministers, others: Perform or get sacked

PRESIDENT Bola Tinubu has ordered his cabinet members, including ministers and other appointees, to perform or be ready for sack.

The president issued the warning on Wednesday, November 1, at the opening of a three-day retreat organised for ministers, presidential aides, permanent secretaries, and top government officials at the Presidential Villa in Abuja.

According to Tinubu, a bond of understanding would be signed between his cabinet members and himself, saying, “If you’re are performing, nothing to fear. If you’re not performing, we review, and if you cannot perform, you leave us.”

Tinubu emphasized that his Special Adviser on Policy Coordination, Hadiza Usman, would take the lead in overseeing the performance of ministries, departments, and agencies in the eight priority sectors of his administration through the result delivery unit.

The President further guaranteed the officials the autonomy to do their jobs.

He also encouraged them to seek guidance regarding the timing and methods for executing their tasks.

The President explained that he had accepted the assets and liabilities left by his predecessor, stressing that despite the prevailing challenges, they must maintain a focused approach to achieve their objectives.

While acknowledging that his administration had dedicated the past six months to self-assessment, he highlighted the significance of quality healthcare and education, which he regarded as the most effective tools in the battle against poverty.

Police arrest NLC president Ajaero in Imo

OFFICERS of the Nigerian Police have reportedly arrested the president of the Nigeria Labour Congress (NLC), Joe Ajaero, in Owerri, Imo state.

The NLC’s Head of Information, Benson Upah, told the PUNCH that the labour leader was picked up at the union’s secretariat in the state capital and taken to an unknown location.

The NLC was leading a protest and strike in the state due to alleged disrespect for workers and unpaid salaries by Governor Hope Uzodinma’s administration when officers of the Nigeria Police Force apprehended its leader.

The Labour union had vowed to mobilise its members for a total strike in the state starting Wednesday, November 1.

At a press conference on Sunday, October 29, Ajaero accused Imo State governor Hope Uzodimma of disregarding workers’ wellbeing.

He said many of the state workers had died because of alleged non-payment of their salaries by the state government.

He listed some of Uzodimma’s alleged offences against its employees as the purported inability to implement prior agreements; unpaid salary arrears of nearly two years; labelling of employees as ghost workers; and due gratuity arrears, among others.

Ajaero also complained about the state government’s noncompliance with the federal minimum wage, stating that Uzodinma had opposed the use of dialogue and collective bargaining to address the problems.

Afro Nation cancels debut show in Nigeria

0

AFRO Nation, an annual music festival scheduled for December at Tafawa Balewa Square, Lagos state, has been cancelled.

In a statement released on Tuesday, October 31, via their official X account, the music festival’s organisers expressed disappointment, stating that they would be unable to deliver a show that suits their standards in Lagos.

“Unfortunately, the Afro Nation Nigeria festival in Lagos will now not be taking place. As event organisers, we hold ourselves to extremely high standards, and it has become clear to us that it is currently not possible to deliver a show that is of the quality that Nigeria deserves in December 2023.

“We are honoured to play our part in the Afrobeats community, providing a platform for artists to connect with fans and to create events that have a positive impact on the culture globally, as well as launching the Afrobeats chart in the US and the UK.”

The organisers they had organised great shows in Portugal, Ghana, Puerto Rico, Miami, and Detroit, while it had attached much importance to the planned show in Nigeria.

They regretted the cancellation and promised to refund all tickets and bookings already paid for.

“We know that you are as disappointed as we are, and to all those who have purchased tickets, we love you and thank you for supporting us on this journey.

“We will refund all tickets, including booking fees. Ticket buyers do not need to do anything but will receive an email with information outlining the refund process. We will see you again soon”, the team said.

Afro Nation is a 3-day Afrobeats music festival produced by Live Nation, Event Horizon, Smade Entertainment, and Memories of Tomorrow. The festival was launched in 2019  to bring together artistes in Afrobeats, Hip Hop, Amapiano, RnB, and Dancehall, among others.

The festival has featured performances from Nigerian artistes, including Burna Boy, Davido, Tiwa Savage, Wizkid, Oxlade, Femi Kuti, Adekunle Gold, Niniola, Patoranking, Kizz Daniel, Reekado Banks, Rema, Tems, and host of others. 

Burna Boy, J Hus, Flavour, Seyi Vibez and Black Sherif were named by the organisers as the headliners of the event scheduled to be held in Lagos.

The global music festival would have been held in Nigeria for the first time this year. However, following the cancellation, Ghana remains the only African country to have hosted the event.

Super Falcons pummel Ethiopia 4-0 to enlive Paris 2024 hopes

0

THE Nigeria’s senior women football team, Super Falcons has raised the hopes of their chance to represent Africa at the 2024 Olympics billed to hold in Paris, France as they pummel Ethiopia 4-0 at the Moshood Abiola Stadium in Abuja.

The Super Falcons 4-0 victory on Tuesday summed up to a 5-1 aggregate win over Ethiopia. 

Despite finishing the first leg with 1-1 in Addis Ababa, the Super Falcons opened the basket of goals in the match through Uchenna Kanu who gave her team the lead before the end of the first half.

Five minutes into the second half, the Falcons’ captain Rasheedat Ajibade doubled the lead after she connected from a cross from Asisat Oshoala as she powered a shot into the net. 

In the 68th minute, Oshoala who assisted in the second goal, turned scorer, after she headed the ball into the net from a pull-out from the left by Kanu. 

The visitors’ attempt to limit the damage met the firm resistance of the Super Falcons’ defense but the hunger to increase the score did not diminish as Ajibade unrelenting found a good spot to get a brace.

Ajibade possibility of a hat-trick could have become a reality at the death of the full time before her effort went  narrowly away.

The Super Falcons’ victory means that they will now meet the Indomitable Lionesses of Cameroon, who overturned a 2-0 defeat in Kampala to defeat Uganda 3-0 after extra time in Yaounde on Tuesday night.

No plans for naira redenomination says CBN

1

The Central Bank of Nigeria (CBN) has denied claims of plans to redenominate the naira, with effect from January 2024.

CBN’s Director of Corporate Communications, Isah AbdulMumin, said this in a statement he issued on Tuesday, October 31.

According to investopedia, redenomination is the process of changing the value of a currency, typically due to hyperinflation or when a new currency is adopted.

The CBN’s statement came amid continued plummeting of the naira against the US dollars.

The naira, according to the World Bank’s latest Africa’s Pulse report has experienced nearly a 40 per cent depreciation in 2023, making it one of the worst-performing currencies in Sub-Saharan Africa.

“To avoid doubt, there is currently no plan by the Bank to restructure and redenominate the naira. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,”part of the statement read.

The naira has tumbled to record low against the dollar, putting further pressure on President Bola Tinubu as he tries to reform Africa’s largest economy.


READ ALSO:


Tinubu took the reins of power in May, pledging to break with the policies of his predecessors and attract foreign investment to Nigeria. Allowing the naira to float more freely against the dollar was part of that agenda.

But the currency has continued its slide ever since. It slumped as low as N880 to the dollar on the official market this week, according to data from LSEG. This has bumped up the cost of crucial imports and helped to stoke inflation, while investors have yet to be persuaded by the reforms.

 

MTN vows to appeal $47.8m tax judgment

0

MTN Nigeria Communications Plc said it would appeal the decision of the Tax Appeal Tribunal (TAT) to pay a $47.8 million tax obligation to the Nigerian government.

The telecoms operator disclosed this in a statement, signed by its company secretary, Uto Ukpanah, on Monday, October 30.

The Tribunal had, in its ruling on Friday, October 20, 2023, directed MTN Nigeria to pay a principal liability of $47.8 million tax bill after it set aside an interest and penalty charge of $87.9 million.

Insisting on appealing the judgment, the telecoms giant said, “Having reviewed this outcome and considering input from our tax and legal consultants, MTN Nigeria has resolved to appeal the decision of the tribunal.”

The TAT decision pertains to the value-added tax (VAT) assessment for 2007 and 2010-2017, as issued by the Federal Inland Revenue Service (FIRS) to the company.

In September 2018, the then Attorney General of the Federal and Minister of Justice (AGF), Abubakar Malami, handed a $2 billion tax bill to MTN Nigeria related to imports of foreign equipment and payments to foreign suppliers, The ICIR reported.

The AGF’s demand came a few days after the Central Bank of Nigeria (CBN) ordered MTN Nigeria to hand over $8.1 billion the apex bank said the company illegally took out of the country.

MTN Nigeria then headed to court to challenge the tax bill, one of the company’s series of disputes, The ICIR reported here.

In 2020, the AGF withdrew from the case and transferred the Form-A-related transactions valued at $1.3 billion to the FIRS and the balance to the Nigeria Customs Service (NCS) to resolve the issue.

According to the telecoms company, after a series of engagements, the FIRS issued an initial assessment of $93.6 million, comprising $72.6 million as principal liability and $21 million for penalties and interest on the principal amount.

In subsequent engagements, MTN Nigeria said the tax regulator had to issue a reversed total assessment of $135.7 million, representing a principal tax liability of $47.8 million and interest and penalty of $87.9 million.

“To clarify the interpretation of the VAT Act’s provision concerning the tax treatment of the transactions that led to the aforementioned assessments, MTN Nigeria filed an appeal at the TAT.

“The transactions in question primarily involve the alleged VAT payable on offshore training services provided to employees of the company, transponder services provided by a non-resident company, and software licencing and upgrades,” the company added.

In August 2001, MTN Nigeria began operations in the Africa’s most populous country after it got a mobile phone licence to operate.

The ICIR can report that Nigeria accounts for a third of MTN’s annual core profit and is the company’s biggest market.

Appeal Court reverses Sylva’s disqualification from Bayelsa guber poll

THE Court of Appeal sitting in Abuja on Tuesday, October 30, reversed the disqualification of Timipre Sylva as the valid candidate of the All Progressives Congress (APC) for the Bayelsa State governorship election slated for November 11.

The Court, in a unanimous decision by a three-member panel of justices, restored Sylva as a candidate in the forthcoming poll.

It held that the claimant, Demesuoyefa Kolomo, who instituted the suit that led to Sylva’s disqualification, lacked the locus standi to do so.

Consequently, the appellate Court, aside from setting aside the verdict of the High Court, awarded a cost of N1 million against the Respondent, Kolomo.

The ICIR reported that a Federal High Court in Abuja disqualified Sylva from participating in the election.

In a suit marked FHC/ABJ/CS/821/2023, Kolomo, a member of the APC in the state, asked the court to determine Sylva’s eligibility for the election, given his past terms as the state governor from May 29, 2007, to April 15, 2008, and from May 27, 2008, to January 27, 2012.

But, in his affidavit, Sylva said he was elected once as the state’s governor. While citing an April 2008 court of appeal ruling that nullified the 2007 election, the former minister also emphasised his constitutional and legal right to contest the most-coveted seat in the state for a second and final term.

However, delivering judgment on Monday, October 9, the presiding judge, Donatus Okorowo, held that Sylva, having been sworn in twice and ruled for five years as governor, would breach the 1999 Constitution if allowed to contest again.

Okorowo also said Sylva, who served as the Minister of State for Petroleum Resources in the administration of former President Muhammadu Buhari, would spend more than eight years in office if allowed to participate in the election and eventually win.

Referring to the Supreme Court case of Marwa vs Nyako, Okorowo highlighted that the drafters of the nation’s Constitution explicitly stipulated that a person should not be elected governor more than twice. 

He further mentioned that all parties involved in the case acknowledged that Sylva had been elected into office twice.

Okorowo stated that the Supreme Court ruled in the case of Marwa vs Nyako that nobody could expand the Constitution or its scope. So, if Sylva could contest the next election, any citizen could contest for a political office as many times as they wish.

The Court directed INEC to remove his name from the list of candidates for the election.

INEC, on Wednesday, October 25, complied with the directive and removed Sylva’s name from the election candidates’ list.

INEC also removed the name of Sylva’s ruining mate, Joshua Maciver, from the list.

This was observed in the amended list of candidates released by the Commission.

The amended list was signed by the Secretary of INEC, Rose Oriaran-Anthony,

Dissatisfied with the ruling, Sylva challenged the High Court decision in a three-ground notice of appeal he filed through his legal team under the direction of Ahmed Raji, SAN, claiming it went against well-established legal precedents and recognised norms.

He claimed that Okorowo of the High Court had improperly taken jurisdiction by looking into a matter that fell under the purview of a political party’s internal affairs.

He maintained that the question of a political party’s nomination of a candidate is not a matter that may be brought before a court.

He informed the appellate court that Kolomo, the complainant in the lawsuit, had acknowledged not taking part in the primary election that resulted in his nomination as governor.

The ICIR reports that INEC will conduct off-cycle governorship elections in Bayelsa, Imo and Kogi States on November 11, 2023.

The ICIR had, in a report, presented the top candidates for the election in the three states and their chances.

Over 5m PVCs collected in Bayelsa, Kogi, Imo as states set for poll

Meanwhile, INEC has said 5.2 million (5,169,692) permanent voters’ cards (PVCs) have been collected in Bayelsa, Imo and Kogi, ahead of the November 11 governorship elections in the states.

A statement by the Commission’s National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun in Abuja, on Monday, October 30, stated that the uncollected number of PVCs in the three states was 239,746.

The statistics for the three states revealed that in Bayelsa, out of 1.1 million (1,056,862) registered voters, 1,017,613 had obtained their PVCs, while 39,249 remain uncollected.

In Imo State, there were 2.4 million (2,419,922) registered voters, with 2,318,919 having received their PVCs, while 101,003 PVCs remained uncollected.

According to the statement, out of 1,932,654 registered voters in Kogi state, 1,833,160 have collected their PVCs, leaving 99,494 with the commission.

Olumekun also noted that the commission met on Monday, October 30, to review the preparations for the elections in the three states.

“As was done in recent elections, including the 2023 general election, the commission is publishing the comprehensive information of collected and uncollected permanent voters’ cards in the three states on a polling unit basis.

“The information also gives the distribution of the polling units by Local Government Areas, registration areas/wards, the names of the polling units, their code numbers, the number of registered voters and the number of collected as well as uncollected PVCs,” he added.

Olumekun said the list provided the names and locations of the two polling units in Bayelsa and 38 in Imo without registered voters.

He added that the detailed information on the PVCs had been uploaded to the commission’s website.

On October 16, The ICIR reported how the Commission raised the alarm over rising fake news and misinformation ahead of the election.

According to INEC, fake news might severely affect how the country manages its elections if not stopped early.

How Elumelu’s Heirs Holdings borrowed N41.8bn from UBA at far lower-than-market interest rate

7

TONY Elumelu’s Heirs Holdings got loans totalling N41.823 billion from the United Bank for Africa (UBA) at 15 percent interest rateEconomy Post has found.

Elumelu is both the chairman of  UBA and Heirs Holdings. He is also the founder of Tony Elumelu Foundation.

Findings showed that as of December 2022, Elumelu’s Heirs Holdings owed UBA N13.442 billion. However, the firm’s debt to the bank rose to N41.823 billion by June 2023. This shows that Elumelu’s Heirs Holdings borrowed N28.381 billion from UBA between January and June 2023.

Currently, the Central Bank of Nigeria (CBN)’s monetary policy rate (MPR), which is the benchmark interest rate in the economy, is 18.75 per cent, meaning that any bank lending below that is doing so at below the cost of funds.

Interestingly, while the loans borrowed by Heirs Holdings from UBA rose by 211.137 per cent between January and June 2023, the interest rate remained the same. The bank’s half-year financial statement showed that the rate was static at 15 per cent.

As of December 2022, the CBN’s MPR was 17.5 per cent, meaning that Heirs Holdings’ loans, particularly the N28.381 billion obtained between January and June 2023, were obtained below the benchmark and market rates.

A page from UBA Interim Consolidated and Separate Financial Statements for the Period Ended 30 June 2023 listing Tony O. Elumelu as a director of Heirs Holding while noting the 15% loan rate given to the company.

The market rate of loans in Nigeria is between 20 per cent and 30 per cent, analysts said.

Heirs Holdings is an investment firm founded by Elumelu in 2010 “to drive private investment and champion entrepreneurship across Africa.”

UBA loans are much higher

The UBA loans to customers cost much higher than 15 per cent. The bank’s personal loan products cost 2.5 per cent interest rate monthly or 30 per cent rate annually. Its personal loan product named, Click Credit attracted 23 per cent interest rate annually before the CBN rate increases began in the middle of 2022.

The bank says on its website that its personal loans attract a one-off management fee of 1 per cent, which means that a borrower will repay the principal amount at 31 per cent interest and management rates.

The personal loan also comprises a maximum loan amount of N30 million, a minimum loan amount of N200,000, and access to up to 60 per cent of the debt service ratio (DSR). UBA also has a school loan, an auto loan, and the Young Entrepreneur Finance Scheme.

UBA earned N428.292 billion from interest income in June 2023 as against N257.361 billion received in June 2022. Interest income represents earnings from loans to third parties, including customers and corporate organisations. Loans to customers, corporates and other entities at UBA were nearly N3 trillion as of June 2023.

Discriminatory loan, unhealthy

Finance experts and small businesses said it was not a good practice for banks to lend to related parties at cheaper rates while demanding an arm and a leg from small businesses.

A Lagos-based small business owner, Theresa Owene, said the discriminatory nature of loans in the banks was hurting the economy.

“If big and connected companies are getting loans at lower interest rates while small businesses are getting them at far higher rates, how then would anybody expect an even development? It is actually the small businesses that should be getting loans at 15 per cent, not big businesses or connected firms,” she said.

A finance expert, Daniel Obiora, said the situation must be checked by the CBN.

“There is nothing wrong with anybody getting a loan from a bank which he or she chairs. However, there is a moral burden on a bank when its related parties are getting loans at cheaper rates. Money in a bank is a liability, so it belongs to depositors. Hence, these depositors must be considered first before even the staff or directors.

“It is not right for directors or bank management to obtain finance at far cheaper rates – even when several depositors cannot get loans from their banks. I think the CBN must begin to check this kind of practice because it creates an unequal society where the rich get richer, and the poor get poorer.”

A former staff member of a Tier-1 bank, Otienne Maxwell, said this was a normal practice in deposit money banks.

“It is nothing strange in banks. If a bank decides 4 or 15 per cent is good for its staff, it is not a problem. However, it is absolutely wrong to give out depositors’ money at low rates when the repo or benchmark rate is nearly 20 per cent. It is often meant to compensate staff or directors for their efforts, but it is discriminatory,” he added.

UBA did not respond

Group Head, Media and External Relations at UBA, Ramon Olarenwaju Nasir, did not respond to enquiries as to why Mr Elumelu obtained loans at 15 per cent – below the market interest rate – from the bank.

This report is republished from the Economy Post; read the original here.

MohBad: Naira Marley, Sam Larry sue magistrate, Police, demand N40m

0

THE embattled singer, Abdulazeez Fashola, known as Naira Marley, and Lagos socialite, Samson Eletu, fondly called Sam Larry, have sued the Nigerian Police and the Lagos magistrate, Adebola Olatunbosun over their continued detention.

The duo were ordered to be taken into custody by the magistrate following the death of Naira Marley’s former signee Ilerioluwa Aloba, widely known as Mohbad.

According to a Punch report, the suspects, who have now spent over 25 days in Police custody, filed a fundamental rights suit to challenge their continued detention over Mohbad’s death.

In the suit filed before the Federal High Court in Lagos, both Naira Marley and Sam Larry are seeking N20 million in damages from the defendants.

According to the suit filed through their lawyer, Olalekan Ojo, a senior advocate, Naira Marley and Sam Larry urged the court to declare that their continued detention “at the homicide section of the Lagos State Police Command, Panti, Yaba, Lagos State since October 4, 2023,” violated their rights.

They are also seeking “an order of the court releasing the applicants forthwith.”

The deponents in the affidavits accompanying their lawsuits, stated that their ordeal began between October 3 and 4, 2023, when they were arrested by the Police over their alleged link with Mohbad’s death.

“On the 4th day of October 2023,  the Commissioner of Police sought an order in the Magistrates’ Court, held at Yaba to remand them for 30 days.

“Chief Magistrate Adeola Olatunbosun granted the Police application to remand them for only 21 days in the custody of the Police.

“The 21-day remand order granted by Chief Magistrate Olatunbosun has since lapsed on October 26, 2023, and the order has not been renewed, the affidavits read.

The ICIR reports that following MohBad’s passing, Naira Marley and his co-suspect, charged with accusing and harassing the deceased singer, were arrested by the Lagos State Police Command and taken into custody.

However, Naira Marley and Sam Larry have sternly denied having a hand in Mohbad’s death.

On Wednesday, October 4, a magistrate court in Lagos ordered Naira Marley and Sam Larry to remain in Police detention.

They were asked to be held without bail for 30 days, pending the conclusion of the investigation.

In the same vein, the House of Representatives has summoned Naira Marley over Mohbad’s royalties. 

In a letter of invitation dated October 26, signed by a clerk, Yusuf Ibrahim, a joint committee of the Green Chamber comprising committees on Youth, Justice and Legislative Compliance asked Naira Marley and the legal team of the late singer to appear before it on October 31.

This came after several appeals by Nigerians over the past few weeks for Naira Marley to pay Mohbad’s royalties.

The legislators noted that the purpose of their invitation was to ensure the late singer’s family members receive the compensation that is rightfully theirs.

Appeal Court affirms Natasha Akpoti-Uduaghan as Kogi senator

0

THE Court of Appeal, Abuja, on Tuesday, October 31, affirmed Natasha Akpoti-Uduaghan of the Peoples Democratic Party (PDP) as the valid winner of the February 25 Kogi Central Senatorial election.

All Progressives Congress (APC) member Abubakar Sadiku-Ohere’s appeal was denied by the three-member tribunal, which upheld the Kogi National and State Assemblies Tribunal’s ruling.

The submission made by Joshua Usman, a senior advocate, the attorney for Akpoti-Uduagan, was accepted by the court as meritorious.

The Appeal Court panel headed by Hamma Barka subsequently held that Akpoti-Uduaghan, having won the majority of lawful votes cast at the poll, was the winner of the Kogi Central Senatorial District poll.

Additionally, the appellate court granted N500,000 against Sadiku-Ohere to Akpoti-Uduaghan to cover the cost of the petition.

The ICIR reported that the Election Petition Tribunal, sitting in Lokoja, Kogi, declared Akpoti-Uduaghan the winner of the 2023 senatorial elections held on February 25.

The tribunal, led by K. A. Orjiako, held on Wednesday, September 6 that Akpoti-Uduaghan scored 54,064 votes to defeat her closest opponent and candidate of the All Progressives Congress (APC) Sadiku-Ohere, who polled 51,291.

The three-man panel was unanimous on the judgment.

Orjiako also disclosed that the results were inflated in favour of the APC within nine polling units in the Ajaokuta Local Government Area (LGA). At the same time, Akpoti-Uduaghan’s was intentionally reduced in the areas.

The tribunal also ruled that results were deliberately not entered in favour of Akpoti-Uduaghan in three other polling units.

The Independent National Electoral Commission (INEC) declared Sadiku-Ohere winner of the Kogi Central Senatorial election on Tuesday, February 28.

This came after several hurdles experienced by Akpoti-Uduaghan ahead of the elections, including the hiring of workers a few hours before the voting exercise to destroy roads leading to the Kogi Central Senatorial District by the state Governor Yahaya Bello, who assumed office under the APC platform.

Akpoti-Uduaghan had also accused the APC of hiring thugs in military camouflage to disrupt the elections in some polling units in her district.


READ ALSO:


On Tuesday, June 13, 469 lawmakers were sworn into Nigeria’s National Assembly. Out of 109 senators, three were female.

Sixteen women made it into the House of Representatives out of 360 lawmakers.

With this Appeal Court judgement favouring Akpoti-Uduaghan, the number of women senators in the upper chamber has increased.

You can read The ICIR report that profiles the female lawmakers here.