The Independent National Electoral Commission, INEC, has restated its commitment to conducting hitch-free polls in the forthcoming Edo governorship election.
INEC National Chairman, Prof. Mahmood Yakubu, stated this, assuring Nigerians that the commission will continue to push the boundaries of credible and inclusive elections.
While answering questions from newsmen during the formal induction of 10 new Resident Electoral Commissioners, RECs, in Lagos, Yakubu reacted to the flood that affected INEC’s office in Edo State, promising Nigerians that the election would be hitch-free.
“Although we had an unfortunate flooding in our office in Edo State, over 4000 machines were affected, but we deployed our technical staff, and we have already recovered over 3500 machines.
“It seems like it’s an off-cycle election. We will call for additional support from neighbouring states, so in terms of machines, rest assured that we have enough. We are going to recover from Edo, and rest assured that we won’t suffer any encumbrances at all,” he said.
He called on the inducted RECs to focus and acquaint themselves more with the processes and procedures of the Commission.
The 10 RECs inducted include Mr Abubakar Dambo (Kebbi State); Mr Abubakar Ma’aji-Ahmed (Bornu State); Dr. Anugbum Onuoha (Edo State); Mr Ehimeke Shaka-Isha (Akwa Ibom State); Mr Aminu Idris (Kaduna State); Mr. Mohammed Sadiq Abubakar (Kwara State); Mrs Oluwatoyin Babalola (Ondo State); Dr. Olubunmi Omoseyindemi (Ekiti); Alhaji Shehu Wahab (Nasarawa State); and Sir Etekamba Umoren (Delta State).
Edo guber: We’ll conduct hitch-free election – INEC
Edo guber: We’ll conduct hitch-free election – INEC
Banking, trading, manufacturing sectors lead as capital importation surges by 210% in Q1 2024- NBS
The banking, trading and manufacturing sectors led the way as Nigeria’s capital importation grew by 210.16 percent in the first quarter (Q1) of 2024.
This is according to the latest Nigeria Capital Importation Q1 2024 report published by the National Bureau of Statistics (NBS) on Monday.
Capital importation is the inflow of funds from abroad to fuel investment, trade, and manufacturing within a country.
According to the report, the banking sector recorded the highest inflow with $2.07 billion, representing 61.24 percent of total capital imported in Q1 2024,” the NBS said.
The trading sector recorded $494.93 million (14.66 percent), while production and manufacturing sector received $191.92 million (5.68 percent).
The report further stated that the total capital imported stood at $3.38 billion in Q1 2024, up from the $1.09 billion recorded in Q4 2023.
On a year-on-year basis, the NBS data show that foreign investment into the country grew by 198.06 percent compared to $1.13 billion in Q1 2023.
“In Q1 2024, total capital importation into Nigeria stood at US$3,376.01 million, higher than US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%,” NBS said.
“In comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023.”
The bureau said foreign portfolio investments (FPI) ranked top with $2.08 billion, accounting for 61.48 percent, followed by other investments with $1.18 billion, accounting for 34.99 percent.
Foreign direct investment (FDI) recorded the least, with $119.18 million (3.53 percent) of total capital importation in Q1 2024.
“Capital importation during the reference period originated largely from the United Kingdom with US$1,805.83 million, showing 53.49% of the total capital imported,” the bureau said.
“This was followed by Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).”
According to NBS, only Lagos, Abuja and Ekiti states attracted capital importation.
Lagos State remained the top destination with $2.78 billion, accounting for 82.42 percent of the total imported capital, Abuja (FCT) followed with $593.58 million (17.58 percent), and Ekiti State with $12,750 million.
NBS said Stanbic IBTC Bank Plc received the highest capital importation by banks, recording $1.25 billion (37.24 percent) during the reviewed period, Citibank Nigeria Limited got $547.71 million (16.22 percent) and Rand Merchant Bank Plc received $528.73 (15.66 percent).
By: Babajide Okeowo
The post Banking, trading, manufacturing sectors lead as capital importation surges by 210% in Q1 2024- NBS appeared first on Latest Nigeria News | Top Stories from TVN.
Volume of non-bank transactions pose threat to West Africa’s financial stability- Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has expressed worries over the rising volume of non-bank transactions, which he said, threatens financial stability in West Africa.
Cardoso stated this on Monday at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions of the West African Monetary Zone.
Cardoso, was represented by the apex bank’s Acting Director of the Other Financial Institutions Department, Abayomi Arogundade.
He said, “We reiterate the importance of monitoring trends, risks and innovations of NBFIs/OFIs (Non-Bank Financial Institutions or Other Financial Institutions) as their increasing transaction volumes pose major financial system stability risk.
“Fintech loans is one of the most commonly reported innovation. While overall this may appear small in relation to the size of credit by DMBs, some jurisdictions globally, have noted a growing trend in the volume of these loans.
“In many cases, fintech credit is provided via electronic platforms that connect lenders to borrowers – in which case the platform takes the role of a financial auxiliary.
“In some cases, however, loans are taken on the balance sheet of these platforms (even if it is short-term), in which case the platforms are akin to new types of financial intermediaries. These entities are typically fintech firms that offer applications, software, and other technologies to streamline mobile and online banking.
“In many jurisdictions, these digital firms have a banking license and are subject to prudential requirements or they may just be regulated as Fintech payment service firms. Innovations linked to crypto or stablecoin assets were also reported by some jurisdictions.”
Non-bank financial firms offer financial services but don’t hold banking licences and therefore can’t accept deposits.
By: Babajide Okeowo
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Shettima donates to bomb blast victims in Maiduguri
Vice President Kashim Shettima paid a condolence visit to the victims and families who lost their members in the suicide bombings in Gwoza, Borno State, on Saturday.
Hell was let loose on Saturday, as news filtered in that a female detonated bombs in a wedding ceremony and killed over 30 persons and injured many others.
Shettima, while on the condolence visit, described the incident as pathetic.
Speaking with journalists immediately after meeting and commiserating with victims of the attack at the State Specialist Hospital, Maiduguri, the Number Two citizen conveyed the condolences of President Bola Ahmed Tinubu to the Borno State government and the people of Gwoza.
The Vice President later made a personal donation to all the victims of the attacks and condoled with the families of those killed by the multiple explosions, saying the heart of the President is with them.
“The heart of President Bola Ahmed Tinubu is with the victims and he specifically instructed us to come and offer our condolences and commiserations to the victims of this incident.
“We are here with the Director General of NEMA, with the Minister of Agriculture, with the Minister of Transportation and, of course, the Chief Whip of the Senate, a son of the soil from Gwoza, who was here since yesterday (Sunday), and the Acting Governor. They have been working round the clock to provide succour and support to the victims,” Shettima stated.
He said further: “It was a very pathetic scene. Our hearts go out to the victims. So far, we have recorded 32 deaths; 42 of those injured were brought in from Gwoza and about 14 have been discharged, while about 26 are currently receiving attention.”
Shettima donates to bomb blast victims in Maiduguri
Court releases man after 15 years in prison without trial
An Ikeja High Court on Monday ordered the release of a man, Kazeen Adeshina, after spending 15 years in a correctional facility without charge or trial.
According to the News Agency of Nigeria, Justice Oyindamola Ogala, while ruling in a fundamental rights enforcement suit No. D/16997MFHR/24 filed by Adeshina’s counsel, Mr Ben Okeke, held that detaining Adeshina in prison without charge or trial was unjustifiable.
Ogala, in her ruling, said the arrest and continued detention of Adeshina in the custody of the Medium Correctional Centre, Kirikiri, Lagos, without a trial, was wrong, illegal and unjustifiable.
She added that it was a gross violation of the applicant’s fundamental human rights as enshrined in the 1999 Constitution of the Federal Republic of Nigeria and the African Charter on Human and Peoples Rights (Ratification Enforcement Act, Cap. 10).
“As aforestated, there is unchallenged fact that this applicant has remained in custody for about 15 years and is yet to be arraigned before a court of competent jurisdiction.
“The presumption of innocence enshrined in our constitution remains sacrosanct and it is indeed a travesty of justice for this to occur with the administration of criminal justice, no matter where the delay emanates from.
“Counsel to the first respondent has exhibited correspondence to the police to transfer the suspect for arraignment since 2003 which has remained unattended to and it appears that this applicant has fallen through the cracks and thus remained in custody for such years without trial.
“The presumption of innocence in our constitution remains sacrosanct and it is clear to this court that no good cause has been exhibited necessitating the continued remand of the applicant and therefore this court finds that the applicant is entitled to the declaratory order sought,” she said.
The judge, thereafter, ordered the immediate and unconditional release of the applicant from the custody of the Kirikiri Medium Correctional Centre.
Court releases man after 15 years in prison without trial
Over 80 schools to celebrate Wole Soyinka at 90
A group, Initiative for Information, Arts and Culture Development, on Monday, announced plan to gather over 80 schools to mark and celebrate the 90th birthday of Nobel Laureate, Prof. Wole Soyinka.
The According reports that Soyinka, who was born in 1934, would be 90 on July 13, 2024.
The President of IACD, Kolade Mosuro, announced this in Ibadan, the Oyo State capital, during a press briefing on events earmarked to celebrate the global icon.
The IACD boss said there were a plethora of programmes lined up for the exhibition, which include performances, stage plays, reading and others.
He said, “The students will know more about Soyinka who is a patriot, advocate of fair play, dramatist, artist, guitarist, music lover and nobel laureate. The students will learn from the icon’s story of rigorous study, reflection and growth.
“The Government College, Ibadan will stage The Lion and The Jewel directed by Jumoke Sobo; Childe’s International directed by Dele Morakinyo on July 19, 2024 at Bishop Philip Academy, Aperin, Ibadan; Isara: A stage adaption of Wole Soyinka by Femi Osofisan on July 26, 2024 by 5.00 p.m. at Wole Soyinka Theatre, University of Ibadan.
‘’Soyinka will be 90 on July 13, 2024. To mark the occasion, we will be mounting a first of its kind in the country special exhibition depicting his full life and have this on for a month from July 2 to July 31, 2024.
“The exhibition will trace his stellar life from birth to date. It will be a display of visuals, memorabilia with sound woven in a thematic manner to tell his rich and remarkable story.
‘’The exhibition venue is the premises of IACD, Magazine Road, Jericho, Ibadan. Several activities have been and are being held across the globe but what we are doing is different. Students of 80 schools will gather here to celebrate and see the exhibition. It is to inspire and rekindle the legacy of scholarship and creativity of Soyinka in the students.”
He said the exhibition would rekindle some interest in reading culture in the students.
“While the students would come daily, the general public could come in the afternoons and Saturdays. His life is a story of rigorous study, reflection and growth and a man of rare conscience in any part of the world.”
Mosuro, who was flanked by Tunde Awosanmi and Patrick Agwu, promised that IACD would celebrate the Soyinka in a unique way.
Supreme Court rules on Trump immunity, delaying trial
The US Supreme Court ruled Monday that Donald Trump enjoys some immunity from prosecution as a former president, a ruling that will likely delay his trial for conspiring to overturn the 2020 election.
The 6-3 decision split along ideological lines comes four months ahead of the presidential election in which Trump is the Republican candidate to take on Democrat Joe Biden.
The historic case was the last heard during the top court’s current term and has far-reaching implications for executive power and the White House race.
Conservative Chief Justice John Roberts, in his majority opinion, said a president is “not above the law” but does have “absolute immunity” from criminal prosecution for official acts taken while in office.
“The president therefore may not be prosecuted for exercising his core constitutional powers, and he is entitled, at a minimum, to a presumptive immunity from prosecution for all his official acts,” Roberts said.
“As for a President’s unofficial acts, there is no immunity,” the chief justice added, sending the case back to a lower court to determine which of the charges facing Trump involve official or unofficial conduct.
Both a District Court and a three-judge appeals court panel had previously rejected Trump’s immunity claims.
The District Court will now hold what is expected to be a series of lengthy pre-trial hearings, making a trial before the November White House vote extremely unlikely.
Trump is charged with conspiracy to defraud the United States as well as obstruction of an official proceeding — the January 6, 2021, joint session of Congress held to certify Biden’s victory.
The 78-year-old former president is also charged with conspiracy to deny Americans the right to vote and to have their votes counted.
– ‘Fear for our democracy’ –
The three liberal justices dissented from Monday’s ruling with Justice Sonia Sotomayor saying she was doing so “with fear for our democracy.”
“Never in the history of our Republic has a President had reason to believe that he would be immune from criminal prosecution if he used the trappings of his office to violate the criminal law,” Sotomayor said. “In every use of official power, the President is now a king above the law.”
“Orders the Navy’s Seal Team 6 to assassinate a political rival? Immune. Organizes a military coup to hold onto power? Immune. Takes a bribe in exchange for a pardon? Immune. Immune, immune, immune,” she said.
Trump, in a post on Truth Social, welcomed the ruling calling it a “big win for our Constitution and democracy.”
Biden’s reelection campaign team countered that Trump “thinks he’s above the law.”
Trump’s original trial date in the election subversion case had been March 4.
But the Supreme Court — dominated by conservatives, including three appointed by Trump — agreed in February to hear his argument for absolute presidential immunity, putting the case on hold while they considered the matter in April.
– ‘Drag on more and more’ –
Steven Schwinn, a law professor at the University of Illinois Chicago, said the ruling “simply means that this case is going to drag on more and more and longer and longer and well beyond the election.”
“To the extent that Trump was trying to drag his feet and extend this beyond the election, he has succeeded wildly,” Schwinn said.
He said the opinion also provides a “roadmap” for a president to avoid prosecution for a particular action “simply by intertwining it with official government action.”
“That’s going to seriously hamstring the prosecution of a former president because the president’s official actions and unofficial actions are so often intertwined,” he said.
Facing four criminal cases, Trump has been doing everything in his power to delay the trials until after the election.
Trump was convicted in New York in May of falsifying business records to cover up a sex scandal in the final stages of the 2016 campaign, making him the first former US president ever convicted of a crime.
His sentencing will take place on July 11.
By filing a blizzard of pre-trial motions, Trump’s lawyers have managed to put on hold the three other trials, which deal with his attempts to overturn the 2020 election and hoarding top-secret documents at his home in Florida.
If re-elected, Trump could, once sworn in as president in January 2025, order the federal cases against him closed.
AFP
Remove name, photos of Emefiele’s wife from wanted list – Court orders EFCC
A Federal High Court sitting in Lagos has declared illegal the declaration of the wife of former Central Bank Governor, Godwin Emefiele, Margaret, as a wanted person by the Economic and Financial Crimes Commission, EFCC.
The former CBN governor’s wife had sued the anti-graft agency and its chairman for declaring her a wanted person and publishing her photographs on its website without any valid court order.
In suit No. FHC/L/CS/262/2024, Mrs Emefiele prayed the court to, among other things, hold that the decision by the EFCC to add her name to its wanted persons list without any valid charge or court order amounted to a violation of her fundamental human right.
She also prayed to the court to order the EFCC to remove her name and photograph from the wanted persons list on its website and to apologise to her for the alleged rights infringement on two national television stations and three newspapers.
Delivering judgement in the suit last Friday, Justice D. I. Dipeolu held that it was illegal for EFCC to have published the name and photograph of Mrs Emefiele on its website as a wanted person without complying with the provisions of sections 41 and 42 of the ACJA 2015 and without any valid charge or court order to that effect.
The judge also ordered the EFCC to pay the applicant N3 million as damages for infringement of the right.
After perusing the arguments of the applicant and the EFCC legal team, the judge held: “I grant in favour of the applicant as follows: That the applicant is entitled to the protection of her fundamental rights to life, personal liberty, right to dignity of her person, freedom of movement and right to security as guaranteed under sections 33, 34, 35 and 41 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Articles 4, 5, 6 and 12 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (CAP A9) VOL.1 Laws of the Federation of Nigeria, 2011.
“That the publication of the applicant’s name and photograph on the website of the 2 Respondent as having been declared “WANTED” without complying with the provisions of sections 41 and 42 of the ACJA and without any valid charge and or court order to that effect, amounts to a violation of the applicant’s fundamental rights to the dignity of her person, right to personal liberty, freedom of movement and right to security as guaranteed under Sections 34, 35 and 41 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and articles 5, 6 and 12 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (CAP A9) VOL.1 Laws of the Federation of Nigeria 2011.
“The respondent is directed to immediately withdraw the publication of the applicant’s name and photographs from the list of persons wanted by the respondents on its website.”
Remove name, photos of Emefiele’s wife from wanted list – Court orders EFCC
Aliko Dangote University in darkness as KEDCO disconnects power over N248m bill
The Aliko Dangote University of Science and Technology, Wudil, Kano State, have been thrown into darkness, following the disconnection of the institution’s power supply by the Kano Electricity Distribution Company.
KEDCO disconnected the university about a week ago over its inability to settle its outstanding accumulated bill of over N248 million, a situation that has currently paralysed the institution’s academic programmes.
Narrating the higher instructions ordeal to newsmen on Monday, the Dean of Students’ Affairs of the university, Prof. Abdulkadir Dambazau, said efforts to convince KEDCO to reconnect the institution back to the National Grid fell on deaf ears, as the company insisted on the settlement of the entire bill.
Such efforts, Dambazau said, included the payment of N20 million, which according to him, was the university’s enhanced monthly subvention from the State Government.
With its population of 28,000 people, he said the university is grappling with numerous difficulties in running its services, including academics and water supply.
“Electricity is critical to the operations of the institution in view of its nature as a University of Science and Technology,” Dambazau said.
The Dean said the situation might degenerate when students of the university fully return from their end-of-semester break.
He also disclosed that the university embarked on a local load shedding, in order to reduce the electricity consumption level, noting that the monthly bill slightly dropped to a little over N50 million.
He said the situation compelled the university to write to the state government to intervene and bail it out of the predicament, adding that the request is under government’s consideration.
Prof. Dambazau noted that there are three options now left for the university in the circumstances – the State Government to bail it out of the situation, students to bear the burden or the management to shut down the institution.
Aregbesola’s caucus receives new members
Omoluabi Progressives, a caucus within the All Progressives Congress backed by ex-Osun State Governor, Rauf Aregbesola, has received new members into its fold during its monthly meeting.
Aregbesola while receiving the defectors, urged them to return to their various wards and mobilise more members into the group, according to a statement by the spokesperson of the Caucus, Oluwaseun Abosede, obtained in Osogbo on Monday.
Describing the new entrants as politicians with value and uncommon grit, Aregbesola expressed conviction that the Omoluabi Caucus was on the right track to the desired political destination.
The statement quoting Aregbesola partly read, “I want you all to return home and work more in mobilising political eggheads and grassroots politicians to the fold. The essence of Omoluabi is embedded in our character, competence, and integrity. That is what we should all focus on doing.
“All of you have to work hand-in-hand to ensure that we accommodate many interests and make our tendency more vibrant than before. I know you can’t fail us.
“The new entrants are politicians with value and uncommon grit. I believe that slow and steady wins the race. I am convinced that we are on the right track. With God on our side, we will reach the promised land.”
Speaking in a similar vein, former Speaker of the Osun House of Assembly, Dr. Najeem Salaam, called on members not to relent in their pursuit of the caucus’ agenda, calling on the stakeholders to further raise the bar in canvassing the electorate to join Omoluabi caucus.
The Caucus Chairman, Azeez Adesiji, lauded members for turning out in large numbers for the membership registration of the group.
He assured new members of the caucus of fairness, just as he admonished them to step up their mobilisation strategies as it would further impact the realisation of the vision of Omoluabi Progressives to reclaim the state in 2026.