President Bola Tinubu on Monday issued a directive to all government ministries, departments and agencies to end the purchase of petrol-powered vehicles and go for compressed natural gas (CNG)-powered vehicles.
Special Adviser to the President (Media & Publicity) Ajuri Ngelale, who made this known on Monday in a statement, said the directive was in line with the commitment of the president “to ensure energy security, drive utility, and cut high fuel costs”
The statement reads “President Bola Tinubu has directed the mandatory procurement of compressed-natural-gas-powered vehicles by all government ministries, departments, and agencies.
“The President’s directive is also in furtherance of Nigeria’s effort to transition to cleaner energy as CNG-enabled vehicles have been adjudged to produce lower emissions, even as they present a more affordable alternative for Nigerian energy consumers.
“Addressing members of the Federal Executive Council (FEC) at the State House on Monday, President Tinubu affirmed that there is no turning back in the energy reforms initiated by his administration.
“This nation will not progress forward if we continue to dance on the same spot. We have the will to drive the implementation of CNG adoption across the country, and we must set the example as public officials in leading the way to that prosperous future that we are working to achieve for our people. It starts with us, and in seeing that we are serious, Nigerians will follow our lead,” the President stated.
“The President further directed the rejection of all memos brought by members of FEC seeking the purchase of traditional petrol-dependent vehicles, tasking the affected members of the council to go back and diligently seek value-driven procurements of CNG-compliant vehicles.
“The President remains committed to effectively harnessing the nation’s gas potential, alleviating the burden of high transportation costs on the masses while enhancing the standard of living of all Nigerians”.
TVN reports that the Minister of Finance, Wale Edun had on Friday paid a visit to the Lagos plant of one of the foremost indigenous car makers in the country, Jet Motor Company where he highlighted the capacity of Nigeria to produce CNG vehicles.
The post Tinubu orders MDAs to buy only CNG vehicles appeared first on Latest Nigeria News | Top Stories from TVN.
Tinubu orders MDAs to buy only CNG vehicles
MPC will do anything necessary to tame inflation, says Cardoso
By: Babajide Okeowo
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has disclosed that members of the Monetary Policy Committee (MPC) will do whatever is necessary” to keep soaring inflation in check.
This is even as he added that interest rates would remain high for as long as necessary to tame rising inflation.
Cardoso made these known on Monday in an interview with Financial Times.
During the interview, the CBN governor disclosed that there was “every indication” that the monetary policy committee would “do whatever is necessary” to keep soaring inflation in check.
“They will continue to do what has to be done to ensure that inflation comes down,” he said.
The next MPC meeting is slated for May 20-21, as there are projections of a rate hike from the committee, even as inflation is forecast to rise.
Read also: NGX: Investors begin trading week with N296bn loss
Cardoso said he hoped that high rates would not be for too long and discourage investment and production.
He maintained that raising rates had been essential.
“Hiking interest rates has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” Cardoso said.
On fluctuations in the value of the naira in recent times, the CBN governor said investors, who were likely to exit the economy in response to currency fluctuations, were now more comfortable with the market.
He said, “Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies. We want to go back to using an orthodox method, and it will take us to where we want to go.”
The post MPC will do anything necessary to tame inflation, says Cardoso appeared first on Latest Nigeria News | Top Stories from TVN.
NGX: Investors begin trading week with N296bn loss
By: Babajide Okeowo
Another trading week began on Monday May 13, 2024 with investors incurring a loss of N296bn.
This follows a dip in the value of stocks like Seplat, PZ, ETranzact, Unity Bank, amongst others.
Similarly, the NGX-All-Share Index ASI decreased to 97,708.74 from 98,233.76 at the close of the previous trading day.
After five hours of trading at the capital market, the equity capitalization decreased N55.265 trillion from N55.562 trillion posted by the bourse on Friday last week.
The market breadth was negative as 18 stocks advanced, 24 stocks declined, while 78 stocks remained unchanged in 8,607 deals.
Read also: Sports Minister hails NFF for appointing local coach for S’Eagles
Tantalizer, Sterling Ng, Ikeja Hotel led other gainers with 8.70%, 5.38% and 5.37% growth each to close at N0.50, N4.70, and N7.45 from their previous prices of N0.46, N4.46, and N7.07 respectively.
On the flip side, Seplat, PZ, and E-Tranzact led other price decliners as it shed 10%, 9.91% and 9.68% to close at N2,962.30, N25.00 and N5.60 from the initial prices of N3,291.40, N27.75 and N6.20% respectively.
On the volume index, NOTORE traded 74.425 million units of its shares in 1 deal, valued at N4.651bn followed by Access Corp which traded 43.053 million units of its shares in 832 deals, valued at N749m and Universal Insurance which traded 38.332 million units of its shares in 44 deals, valued at N139m.
On the value index, NOTORE recorded the highest value for the day trading stocks worth N4.651bn in 1 deal followed by GTCO which traded equities worth N1.099bn in 510 deals and Zenith Bank which traded stocks worth N1.050bn in 600 deals.
The post NGX: Investors begin trading week with N296bn loss appeared first on Latest Nigeria News | Top Stories from TVN.
FCTA marks 500 structures for demolition, issues notice 24 hours to exercise
The Department of Development Control, FCT Administration, FCTA, has issued a 24-hour demolition notice to operators of illegal markets and shanties along Karmo–Dei-Dei Road corridor.
NAN reported that over 500 illegal structures and shanties, situated along the road corridor were marked for demolition.
The Sector Monitor and Assistant Director in the department, Mr Garba Jibril, who led the exercise in Abuja on Monday, stated that the affected owners were earlier served with several notices.
Jibril added that the Director of Development Control, Mr Mukhtar Galadima, had held a sensitisation meeting with critical stakeholders on the matter.
He explained that demolishing the structures was necessary as they constitute a nuisance on the road in addition to heavy traffic, particularly on their market days.
Jibril added that their activities were equally emitting environmental hazards in the area, which, according to him, the FCT Administration frowned at.
The team lead also disclosed that the FCTA had awarded a contract for the construction of Life Camp–Dei-Dei Road.
He, however, said that the traders’ continuous stay on the road corridor was preventing the contractors from moving to the site.
According to him, the 24-hour notice is not to be played with and those who refuse to comply will have themselves to blame.
He also said that the traders have been asked to move to the designated market called Karmo Market, adding that the market was fully developed and equipped with necessary facilities.
“But the traders have been reluctant to move. We have had several meetings with the relevant stakeholders, including traditional leaders in the area, to get them to move but they remained adamant,” he said.
FCTA marks 500 structures for demolition, issues notice 24 hours to exercise
Super Eagles: I’ll not let you down – Finidi vows
Super Eagles head coach Finidi George has promised to deliver on his assignment and raise a team Nigerians will be proud of.
Finidi was unveiled by the Nigeria Football Federation, NFF, in Abuja on Monday.
The unveiling ceremony was attended by Minister of Sports John Enoh, NFF President Ibrahim Gusau and top officials of the sports ministry and NFF.
The 53-year-old’s assistants were also revealed at the event.
Speaking after his unveiling, Finidi said in a video posted on the NFF YouTube channel: “This is a great opportunity given to me to manage the Super Eagles. It is not an easy job for anybody but I’m so happy. For me, it’s just to start working immediately, which I’ve been doing even before signing this contract.
“I just want to say a big thank you for this great opportunity and I believe the God that has brought me here will make everything perfect.
“My job is to make Nigerians and the football federation proud and I believe I will not let anybody down and make sure we get the job done.”
Super Eagles: I’ll not let you down – Finidi vows
Sports Minister hails NFF for appointing local coach for S’Eagles
Minister of Sports Development, Senator John Owan Enoh on Monday praised the leadership of Nigeria Football Federation (NFF) for settling for an indigenous Head Coach for the Super Eagles, despite the plethora of foreign tacticians who applied for the job.
Enoh, who spoke at the unveiling ceremony of the Eagles’ new substantive Head Coach, Finidi George at the MKO Abiola National Stadium, Abuja, charged the NFF to give the former winger all the support to succeed, while also soliciting the support of all Nigerians for the new helmsman.
“As a student of the University of Calabar in those days, I used to go to the UJ Esuene Stadium to watch Calabar Rovers, which included Finidi George. I am excited to see him seated here as the new Head Coach of the Super Eagles,” he said.
President of NFF, Alhaji Ibrahim Musa Gusau exuded delight with the ‘new chapter’ the Federation is opening about the Nigeria game, saying the football-governing body is determined to fully support George and his assistants to lead the Super Eagles to new heights.
“When we returned from the Africa Cup of Nations in Cote d’Ivoire, we began the search for a new Head Coach. There was a plethora of foreign applicants, far more than the indigenous applicants.
“However, we undertook a thorough process that has produced an indigenous Coach and we are very happy about that. Finidi George was part of the technical crew that came close to winning the AFCON, and we have faith in him that he will lead the team to the title next time.
“Our objective now is to ensure the enthronement of excellence at all levels of the National Teams.”
Read Also: Nothing wrong if Finidi wants foreign assistants, says Pinnick
Gusau also revealed that the Federation gave George the free hand to pick his assistants, and that the tactician has already picked Daniel Amokachi and Benjamin James as assistants, as well as Olatunji Baruwa (goalkeepers’ trainer), Chima Onyeike (Fitness Trainer) and Mehmet Ozturk (Analyst).
George, who evinced quiet confidence all through, stated that he will invite for international assignments, only players who feature regularly at their clubs either in Nigeria or in the diaspora, and promised that the Super Eagles will remain even more competitive in the years ahead.
“My first target is to make sure that we are in line to qualify for the 2026 FIFA World Cup by winning the upcoming two matches against South Africa and Benin Republic. The 2025 AFCON qualifiers will soon start and we must also be prepared for those as well.
“I know what the NFF wants as it is boldly written in the contract, and I will work very hard to add value to the team and put myself in the position to earn even more than I will be earning from the take-off.”
On relationship with the players, George said: “I have always had a cordial relationship with all the players as an assistant coach. I am still the same person even as Head Coach now, only that the title has changed. There will be no controversy regarding relationships with the players. These are professional players and we have to give them what they’re used to in Europe; you don’t need to slap anyone to get him to do the right thing.
“I will try my best to ensure the team starts functioning properly and we start winning games again. There is no pressure on me; I have tough skin. I just want to call for your support. I know this is not an easy job, but with the support of everyone, we can achieve our objectives.”
Also at the ceremony were NFF 1st Vice President, Chief Felix Anyansi-Agwu; NFF Board Members Alhaji Sharif Rabiu Inuwa and Mr. Timothy Heman Magaji; Deputy General Secretary, Dr. Emmanuel Ikpeme; Technical Director, Augustine Eguavoen; GMD of GTI, Alhaji Abubakar Lawal; Adviser/Consultant to Hon. Minister, Ken Egbas; NFF directors Babatunde Akinsanya, Ademola Olajire, Okey Obi, Ali Abubakar Muhammad and Dayo Enebi Achor; prominent football stakeholders Jude Anyadufu and Abubakar Danfulani and; former Nigeria internationals Pascal Patrick and Nasiru Jibril.
The post Sports Minister hails NFF for appointing local coach for S’Eagles appeared first on Latest Nigeria News | Top Stories from TVN.
Fubara’s chief of staff alleges financial inducement as impeachment plot against governor thickens
A political firestorm has erupted in Rivers State following allegations by Edison Ehie, the Chief of Staff to Governor Similaye Fubara, that he was offered money to initiate impeachment proceedings against his principal.
Ehie made the claim during a rally in Ahoada East Local Government Area of the state at the weekend.
He said: “They invited me, your son, to impeach the governor and I told them clearly, I was not interested.
“They gave me all the money that was hidden before, which I rejected. And because I refused, they conspired and declared me wanted.”
Ehie’s claims are yet to be substantiated, and no official confirmation has been issued by the Rivers State government or law enforcement agencies regarding the alleged bribe offer.
READ ALSO:Rivers: Lawmakers loyal to Fubara to screen Commissioner-nominee on Monday
This incident comes amidst reported clashes between Governor Fubara and supporters of his predecessor, Nyesom Wike.
Analysts suggest several possible motivations behind Ehie’s allegations. One possibility is that they are a strategic move to garner sympathy for the governor and shore up support within the PDP. Alternatively, they could be a genuine attempt to expose corruption within the state’s political landscape.
The Rivers State House of Assembly will need to address these allegations formally if there is any merit to them. An investigation may be launched to determine the truth behind Ehie’s claims.
Regardless of the truth behind the allegations, this incident further exacerbates tensions within the People’s Democratic Party (PDP) in Rivers State.
The post Fubara’s chief of staff alleges financial inducement as impeachment plot against governor thickens appeared first on Latest Nigeria News | Top Stories from TVN.
Obi can’t win chairmanship election in Lagos, Kano – Reno Omokri
Former aide to ex-President Goodluck Jonathan, Reno Omokri, has resumed his tirades against presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi.
Omokri, who has been on a warpath with the former Anambra State governor, said on his X platform on Monday that Obi has nothing to offer as a politician.
He added that the LP candidate would not win a chairmanship contest in Lagos or Kano States.
Omokri also lambasted Obi’s supporters, saying they are suffering from mass hypnosis in their support for the LP chieftain.
He wrote: “Many Nigerians are controlled by their emotions as well as tribal pulls, and are not sentient enough to see beyond primordial sentiments.
“And that is what I see when people ask me why I oppose Peter Obi since he is the best candidate. Now, let us consider that statement on its merits.
“If a Second Class Lower Philosophy degree holder applies for a job along with a PhD in Water Engineering, a Master in International Relations, and a First Class in Accounting, who would you employ?
READ ALSO:Nigeria’ll only progress if Nigerians pay taxes instead of tithes —Reno Omokri
“If a man who built no schools for eight years competes with a fellow who built 140 schools in that same period and another who built a total of 18 schools, who would you go for?
“Finally on this score, if a person under whom poverty doubled is in rivalry with one under whom poverty almost halved and another who increased wealth in his domain by 78%, who would you expect to win?
“If you put ethnic sentiments aside, Peter Obi cannot compete with a Local Government Chairman in either Lagos or Kano.
“Regarding physical achievements in office, the Chairmen of Eti-Osa, Orile, Ibeju-Lekki, and Kosofe LGAs in Lagos outperform Obi.
“We play party politics in Nigeria, and of course, if a candidate is in your party, you try to package him and cover his faults.
“But after elections, you must do a post-mortem. Obi’s only purpose in 2023 was to decide the PDP’s votes and make it possible for the APC to win. And if he contests again in 2027, it will be rinse and repeat.
“You cannot expect a deep-thinking person like me to believe that Obi would transform Nigeria when he could not transform Anambra.
“I refuse to surrender my intellect because of the mass hypnosis that Obidients are labouring under. And if that means they will continue insulting me, then so be it.
#TableShaker”
Many Nigerians are controlled by their emotions as well as tribal pulls, and are not sentient enough to see beyond primordial sentiments. And that is what I see when people ask me why I oppose Peter Obi since he is the best candidate. Now, let us consider that statement on its… pic.twitter.com/0ej97QNFxf
— Reno Omokri (@renoomokri) May 13, 2024
The post Obi can’t win chairmanship election in Lagos, Kano – Reno Omokri appeared first on Latest Nigeria News | Top Stories from TVN.
Rivers lawmakers who defected to APC have lost their seats – Falana insists
Femi Falana, a human rights lawyer, says that members of the Rivers State House of Assembly who defected from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, last year, have forfeited their positions.
TVN recalls that about 25 members of the state assembly who are loyal to the Minister of the Federal Capital Territory, FCT, Nyesom Wike dumped the PDP for the APC following the face-off between Governor Siminalayi Fubara and the Minister.
The move by the lawmakers led to the establishment of another faction of the assembly as the governor declared their seats vacant.
Despite intervention from President Bola Tinubu, the crisis has continued.
Speaking on the matter, Falana who appeared on Channels Television’s Sunday Politics, asserted that the lawmakers would be ousted from their seats for transitioning to the APC.
According to him, the constitution has made it clear that “unless you can show and demonstrate that there is division in a political party that sponsored your election, you cannot remain in any legislative arm if you decamp to another party.
“The whole idea is that the constitution set out to ban political prostitution on the part of legislators.
“The Supreme Court made this clear in the case of Adetunde and the Labour Party, that you cannot decamp and then remain a member of a legislative house in Nigeria unless you can show that there is a division in your party.
“It doesn’t mean a division in a local government or a state. It has to be on the national level. That is the position of the court,” he said.
Rivers lawmakers who defected to APC have lost their seats – Falana insists
Electricity tariff hike: Nigerian workers shut AEDC offices
The Nigeria Labour Congress and the Trade Union Congress have shut down all Abuja Electricity Distribution Company offices to demand the reversal of the electricity tariff hike.
TVN gathered that the NLC prevented staff members of AEDC who resumed work on Monday from entering their offices.
“Apo office AEDC has been closed by NLC. We were asked to return home when I got to the office around 7:00 am on Monday. Other colleagues in our offices in Abuja were told to do the same”, a staff member of AEDC who preferred anonymity said.
Recall that in a joint notice by NLC Acting Secretary-General Chris Uyot and the TUC Acting Secretary-General, Ankan Hassan, Nigerian workers vowed to ground offices of the 11 Discos Nationwide and the Nigerian Electricity Regulatory Commission.
Nigerian workers had called for a reversal of the April 3 electricity tariff for band A customers to N225 per Kilowatt-hour from N68 kwh.
However, NERC ignored the NLC, TUC reversal call, announcing a minor tariff reduction to N206 kwh.
Unsatisfied with the tariff reduction, the organized labour vowed to shut down discos and NERC offices to meet their demand.
The development comes as Nigerians grapple with the ripple effect of soaring headline and food inflation, which stood at 33.20 per cent and 40.01 per cent in March 2024.
Electricity tariff hike: Nigerian workers shut AEDC offices