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715 terrorists killed, 465 hostages rescued in April – DHQ

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715 terrorists killed, 465 hostages rescued in April – DHQ

The Nigerian Defence Headquarters, on Thursday, said troops killed over 715 terrorists in April, while 465 kidnapped hostages were freed in the same period.

The feat, according to the military, was achieved through coordinated ground and air operations.

The Director of Defence Media Operation, Maj-Gen Edward Buba, disclosed these during a bi-weekly media briefing in Abuja.

Buba stressed the non-negotiable defeat of terrorist groups to prevent further harm to citizens.

According to him, operations in April included ambushes, raids, and fighting patrols, with aerial assets identifying and targeting terrorist leaders and their bases.

He said, “The synchronised strikes between the ground and air forces during the period under review resulted in over 715 terrorists neutralised.

“During the process, troops arrested 146 persons and rescued 465 kidnapped hostages.

“Furthermore, troops recovered 937 assorted weapons, 23,034 assorted ammunition, and denied the oil theft of an estimated sum over N2 billion (N2,572,397,190),” he said.

He listed some of the engagements of the troops and the successes they recorded in the fourth month of the year.

“On April 13, 2024, during the airstrikes, three senior terrorist commanders (Ali Dawud, Bakura Fallujah, and Mallam Ari) were neutralised at Kolleram Village along Lake Chad.

“Additionally, on April 15, 2024, the enclave of terrorist commander, Babaru, in Kankara LGA of Katsina State was destroyed. On April 19, 2024, the terrorist hideout belonging to a senior terrorist commander, Kamilu Buzaru, in Danmusa LGA of Katsina State was decimated.

“Similarly, on April 20, 2024, a gathering of senior terrorist commanders, Ado Ailero and Kamilu Buzaru in Danmusa LGA of Katsina State was disrupted by airstrikes. Battle Damage Assessment of all these strikes revealed that several terrorist combatants and their commanders were neutralised,” he added.

In the North-East, the military spokesperson reported that Operation Hadin Kai troops conducted missions in the Sambisa Forest, Timbuktu Triangle, and the Tumbus around Lake Chad, resulting in the elimination of 248 terrorists, the arrest of 422 and the rescue of 163 kidnapped hostages.

Additionally, he said 714 Boko Haram and ISWAP terrorists, along with their families, surrendered, with recovered items including 208 AK-47 rifles, 34 fabricated guns, 45 Dane guns, and various caches of ammunition.

In the North-Central area, he said Operation Safe Haven neutralised 32 terrorists, arrested 148, and rescued 35 kidnap victims, seizing weapons and ammunition.

Maj-General Buba said Operation Whirl Stroke targeted criminal strongholds, killed 60 terrorists, arrested 99, and rescued 57 hostages, with arms and ammunition also recovered.

In the North-East, Operation Hadarin Daji, he said, continued efforts against terrorists, killing 297, apprehending 141, and rescuing 143 hostages, with significant weapon and ammunition recoveries.

In the South-South, the Operation Delta Safe operations, according to him, targeted violent extremists, crude oil theft, and illegal refining, resulting in killings, arrests, and significant recoveries as well as successes of Operation UDO KA in the South-East.

Procurement practitioners push for improved tech adoption

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Procurement practitioners push for improved tech adoption

The Association of Public Procurement Practitioners of Nigeria, Lagos State Chapter, has called for the integration of e-procurement systems into the public procurement processes.

Speaking at the first capacity-building workshop organised for participants in Lagos, the Director-General of Lagos State Public Procurement Agency, Mr Fatai-Idowu Onafowote, in his presentation, explained that AI-powered analytics and blockchain technology could revolutionise the efficiency and transparency of public procurement processes.

He added that public procurement involves the acquisition of goods and services by government entities.

This, according to him, plays a critical role in public administration and economic development.

Onafowote appealed to the government to recognise the need for training programmds and capacity building for procurement professionals, saying they were essential to enhancing their skill sets.

While speaking on ‘Optimising efficiency: The practicality of public procurement processes,’ he emphasised that “Integrating e-procurement systems, AI-powered analytics, and blockchain technology can revolutionise the efficiency and transparency of public procurement processes.”

“Investing in training programs and capacity building for procurement professionals is essential to enhance their skill sets and ensure adherence to best practices. Implementing standardised procedures, embracing digitalisation, and promoting fair competition are key best practices to enhance the efficiency of public procurement.”

He also called on the government to give more recognition and support to the practitioners.

In her welcome address, APPON Chairman, Lagos State Chapter, Mrs Charity Olawole, said the workshop was organised by APPON, Lagos State, in collaboration with Lagos State Public Procurement Agency.

She stated, “As we all know, public procurement plays a vital role in delivering essential services and infrastructure that align with the overall objectives of organisations. However, the process can be complex, cumbersome, and often mired in bureaucracy. This workshop aims to explore the practical aspects of public procurement, sharing best practices, and innovative solutions to overcome the challenges we face.”

Olawole called on the participants to work together to make public procurement more efficient, effective, and responsive to the needs of organisations in building a greater Center of Excellence and Nation at large.

The National President of APPON, Dr Emem Kanico, presented awards of excellence to some deserving participants in recognition of their immense contributions in various categories.

Other speakers included Mr Segun Soluade and Mrs Bola Adeniran.

9,000 marketers may lose licences, seek FG’s intervention

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9,000 marketers may lose licences, seek FG’s intervention

•IPMAN begs NMDPRA, NNPC not to delist operators from sales portal to avert fuel crisis

•Queues persist as more filling stations open for sale, pump price drops marginally

As Nigerians battle fuel scarcity, over 9,000 oil marketers are on the verge of losing their operating licences.

As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum Company Limited to extend its final deadline for licensing renewal to July.

It also appealed to the Nigerian Midstream and Downstream Regulatory Authority to release 9,000 already processed licences to its members.

The association made the request known in a release signed by the National Public Relations Officer, Chief Chinedu Ukadike, on Thursday in Abuja.

Recall that IPMAN in a statement on Sunday lamented the slow pace of marketers’ licence renewal by the NMDPRA.

The NNPCL had placed a deadline of April 15, 2024, for marketers to renew their licences or risk closure to access their customer express portals for the purchase of petroleum products from NNPC Retail Limited.

But IPMAN requested an extension, saying the extension would enable marketers to reconcile their licenses and reduce panic buying by members of the public aggravating the present scarcity of petroleum products.

The statement read, “The Independent Petroleum Marketers Association of Nigeria are abreast with current developments in the downstream sector of our petroleum industry and wish to state that the latest information reaching us from the Nigerian Midstream and Downstream Petroleum Regulatory Authority states that they have already processed more than 9,000 out of the 15,000 licenses they are expected to process for our members within this period.

“Marketers are fast-tracking the processing of their licenses to avoid the impending closure of their customer express portals for purchase of petroleum products from NNPC Retail Limited.

“We, therefore, use this opportunity to appeal to the management of the NMDPRA and NNPC Retail Limited to respectively release the processed licenses and extend the deadline for delisting of marketers from their express portals. If our request is granted, it will ease the tension of panic buying by members of the public in order not to aggravate the present scarcity of petroleum products.”

Giving further clarity in a telephone interview, Ukadike said, “The release is to appeal to the NNPCL and NMPDRA to please extend the final deadline to July so that it would enable them to reconcile the licences so that they will not be unduly shut out off the portal and that is IPMAN appeal.”

Our correspondent contacted the NMDPRA South-West Regional Coordinator, Ayo Cardoso, over the plea of the marketers.

Responding, Cardoso told The According that the NMDPRA would take a look at the request and act accordingly.

“We will look into their request,” he responded during a chat with our correspondent.

The According recalled that amid the ongoing fuel crisis, IPMAN had on Tuesday declared that it would shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government failed to pay the N200bn that was being owed marketers.

IPMAN specifically said the NMDPRA had refused to clear the debt, which had continued to accrue since September 2022.

It disclosed this in a communique issued in Abuja by the Chairman of IPMAN Depot Chairmen Forum, Yahaya Alhassan, over the non-payment of marketers’ bridging claims.

Fuel scarcity lingers

In their quest to buy the currently scarce Premium Motor Spirit, commercial drivers in Abeokuta, the capital of Ogun State have started keeping vigil at fuel stations.

The Federal Government on Wednesday said it had begun a 15-day emergency fuel supply to ensure the commodity circulates across the length and breadth of the country to immediately cushion the scarcity.

The government also disclosed that vessels importing Premium Motor Spirit would continue to berth at the shore to discharge petrol to different depots, from where the product would be distributed to different filling stations.

But despite these promises, the product is yet to be available to residents as commercial drivers now keep vigil at filling stations in Abeokuta, Lagos, Oyo and others.

Commercial drivers have raised transport fares as the majority of them now patronise black marketers who sell a litre of petrol at N1,200 per litre or more.

A commercial driver, Adio Adegoke, at Slaab filling station in Abeokuta, told our correspondent that he had slept in his taxi in an attempt to buy fuel.

 “I had to park my car here since 7:30 pm yesterday when my tank went empty. I slept at Divine Pax Oil and Gas filling station,” he said.

Also, a mechanic, Lekan Ade, corroborated the claims of the taxi driver stating, “I just bought it there this afternoon for one of my customers, they are still selling it as we speak at the rate of N950 per litre.”

When our correspondent visited the fuel station, aside from being written on their metre, an attendant was also seen warning motorists to go if they could not buy the product at that rate.

Another driver, Adeoluwa Onasanya, told one of our correspondents that many slept at the filling station before they could get the product.

The According observed that the persistent fuel scarcity seems to be a huge source of income for black marketers, as young boys and girls were sighted by the roadside in Lekki, Ajah and other parts of Lagos advertising fuel in jerry cans.

 One of our correspondents observed that along the Egbeda-Idimu-Ikotun axis of Lagos, the black marketers sold five litres of the product for N6,000.

A young man who gave his name as Mr John said, “How many litres do you want? We sell 5 litres here for N6,000. At the fuel station, they sell a litre for N1,200, we have to bribe the fuel station to be able to get the product, I can give you any amount of litre that you want,” he boasted.

The According observed a long queue of vehicles at the NNPC filling station along the Cele Expressway which was selling at N568/litre, while the AP filling station at Barracks Bustop was selling fuel at N700/litre with a long queue of motorists scrambling to buy fuel.

As the queues refuse to ease off at the filling stations despite the promises from the government, Nigerians are worried that the fuel crisis might degenerate into loss of sources of income.

Aregbesola no longer member of APC

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Aregbesola no longer member of APC

The immediate past Osun State Commissioner for Local Government and Chieftaincy Affairs, Mr. Adebayo Adeleke, has said ex-Minister of Interior, Mr. Rauf Aregbesola, is currently not a member of the All Progressives Congress.

Adeleke served as a commissioner in the cabinet of ex-governor, Adegboyega Oyetola, who is currently serving as the Minister of Marine and Blue Economy.

He spoke at the Osun Central Senatorial meeting of the APC held in Osogbo, Osun State capital.

In a video clip of Adeleke’s remarks at the event obtained on Thursday, the APC chieftain said all serious members of the party in the state were aware that Aregbesola was not currently a member of the party.

Aregbesola, who served as Osun State Governor between November 27, 2010 and November 27, 2018, was succeeded by Oyetola, who contested and won 2018 governorship poll in the state on the platform of the APC, defeating Senator Ademola Adeleke of the Peoples Democratic Party.

However, the relationship between Aregbesola and Oyetola went sour before the 2022 governorship poll, after the latter declared support for Mr. Moshood Adeoti, who served as Secretary to the State Government during his reign as governor.

Oyetola eventually lost the 2022 poll to Adeleke of the PDP, the development that deepened the crises between him and Aregbesola, and the discord has so far defied all solutions.

Speaking at the meeting attended by the APC National Secretary, Senator Ajibola Basiru, and other party bigwigs from the 10 local government areas that made up the senatorial district, Adeleke insisted that the two ex-governors in Osun APC are Chief Bisi Akande and Oyetola.

In the video, Adeleke said, “They said in our party in Osun, we have two former governors, we have Chief Bisi Akande and ex-governor, Adegboyega Oyetola.

“Someone asked about ex-governor Rauf Aregbesola, and my response is that all members of the APC know that Aregbesola presently is not a member of our party.”

Efforts to get a reaction to Adeleke’s claim failed, as a response to a message sent to Mr. Sola Fasure, Aregbesola’s media adviser, on the matter, was still being expected as of the time of filing this report.

Govs demand sustainable minimum wage

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Govs demand sustainable minimum wage

The Nigeria Governors’ Forum, on Thursday, emphasised the need for the government and organised labour to come up with a sustainable minimum wage in the ongoing negotiations.

The NGF, which made the call in a communique issued at the end of its virtual meeting and signed by its Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, assured labour of governors’ commitment to pay the workers an improved wage.

In response, the Nigeria Labour Congress and Trade Union Congress warned the state governors against defaulting on the new minimum wage that would be approved during the ongoing negotiations.

In January, President Bola Tinubu constituted a tripartite committee comprising government, labour, and private sector representatives to assess the N30,000 minimum wage implemented during former President Muhammadu Buhari’s tenure.

Recently, the two primary labour organisations, the NLC and the TUC presented a proposal of N615,000 minimum wage to the committee.

 During the May Day celebrations on Wednesday, the government refrained from announcing a new minimum wage, citing its reluctance to accept labour’s proposal.

 However, the NGF, in its statement, said it was assessing each state government’s fiscal capacity and the potential effects of different proposals to determine an enhanced minimum wage that could be sustained by the states.

NGF advises committee

 The communique read in part “The forum celebrates with workers across the country for their dedication to service and patience as we work with the Federal Government, labour, organised private sector and relevant stakeholders in arriving at an implementable national minimum wage.

“While we acknowledge various initiatives adopted of recently by way of wage awards and partial wage adjustments, it is imperative to state that the 37-member tripartite committee inaugurated on the National Minimum Wage, is still in consultation and yet to conclude its work.

“As members of the committee, we are reviewing our individual fiscal space as state governments and the consequential impact of various recommendations, to arrive at an improved minimum wage we can pay sustainably. We remain committed to the process and promise that better wages will be the invariable outcome of ongoing negotiations.”

Speaking on the governors’ pledge, the TUC Vice President, Tommy Etim, argued that the new minimum wage would be binding on the governors.

“Governors increasing wages are taking individual decisions as the new minimum wage hasn’t been drafted. What will be binding on governors is what is agreed upon at the federal level and that is why governors are on the committee,’’ he said.

On when the committee would meet following its inability to reach a consensus last Monday, a top official of the NLC, who insisted on anonymity because he was not authorised to speak on the issue, said, “There is no fixed date yet for the meeting between the minimum wage committee and the Federal Government.”

According to him, the labour unions have placed their demand of N615,000 as the new minimum wage and are expecting an offer from the Federal Government.

The source added,  “The unions have also demanded that the new Act should have a two-year life with an agreement for automatic adjustment in wages any time inflation exceeds 7.5 per cent.

“We have also demanded that every employer with up to five workers in his employ shall pay the new minimum wage and have asked for the strengthening of monitoring and compliance mechanisms to penalise non-complying state governments and organisations.”

Also, the Adamawa State Chairman of the NLC, Chief Emmanuel Fashe, said the state governor had promised to pay the new minimum wage to workers of the state without subjecting it to any further negotiations or review with labour in the state.

Speaking on the plight of workers and the need for state governors to act in the interim to alleviate their suffering, he said the standard of living of Nigeria workers had nosedived following the fuel subsidy withdrawal and floating of the naira.

He berated the governors for being”too self-centred even though the same cannot be said of all the governors as some have been very considerate in implementing the new minimum wage.’’

He however added that Governor Ahmadu Fintiri had shown himself as a workers-friendly governor hence the robust relations he enjoys with labour in his state.

Fashe, who also doubles as the National Vice President General National Union of Local Government Employees, North-East zone, said, ‘’We are glad that Governor Ahmadu Fintiri has assured us that his government will pay whatever new minimum wage is declared by the Federal Government without subjecting it to any negotiations.

“The government has implemented the minimum wage for local government workers and there’s no need for any confrontation with the executive on these matters.”

Kwara workers

On his part, the NLC Chairman in Kwara State, Muritala Olayinka, disclosed that the state government paid its workers N30,000 minimum wage and an additional N10,000 award monthly.

He explained that the unions had made efforts to prevail on the Governor AbdulRazaq to increase the monthly award but their efforts had yet to yield results.

 “We have made several efforts to our governor Mallam AbdulRaman AbdulRazaq who is the chairman of the Nigeria Governors’ Forum to increase the palliative award to the state workers to N35,000 as approved for the federal workers by the Federal government but we have not succeeded,” he lamented.

The labour leader appealed to AbdulRazaq to set an example as the NGF chairman by implementing the new minimum wage when passed into law.

The governor in his May Day address promised to implement the new minimum wage as soon as all processes were concluded.

“We will continue to review our responses within current realities, including the implementation of another minimum wage as soon as all processes have been concluded,” he said.

Commenting on the NGF pledge, Osun State Commissioner for Information and Public Enlightenment, Kolapo Alimi, said the state would wait for the National Minimum Wage Committee to conclude its assignment before it would open negotiations with Osun workers.

Alimi, who said the Adeleke administration would not want to pre-empt the outcome of the national negotiation on a new wage, noted that the state would soon inaugurate a negotiation committee on the issue.

“We don’t want to be pre-emptive. All states you mentioned are free to act, but in Osun, we will wait for the National Minimum Wage Committee to conclude its assignment. We will soon set up a negotiation committee here too,” Alimi said.

Meanwhile, the President of the Nigeria Labour Congress, Joe Ajaero on Thursday night explained how the Congress arrived at the N615,000 minimum wage proposal which it submitted to the Tripartite Committee on minimum wage.

Recent reforms in Nigeria including the removal of fuel subsidy and the unification of the foreign exchange market have pushed the cost of living to newer levels. Inflation figures hit 33.2 per cent in March, further compounding a troubled economy.

Labour unions and the Federal Government have since been locked in negotiations over measures including a new minimum wage to cushion the impacts of the harsh economy.

The NLC is proposing a N615,000 monthly salary for workers, a jump from the current N30,000. Although many believe it is unrealistic, the labour union believes many states can pay it if they get their priorities right.

Ajaero in the statement said the figure was a product of a painstaking effort through which we captured the cost of living of Nigerian workers and masses in all parts of the country. It was essentially an outcome of an independent researchconducted by the NLC and TUC on the cost of meeting the primary needs of an average family around the country. Our research was based on a family with both parents alive and four children without the burden of having other dependents with them.

“A questionnaire was designed and sent to all the State Councils of NLC and TUC from where these questionnaires were sent to our members in all the Local government areas in the country to gather the monthly cost of living for the average family as described above. Below is a summary of our findings and we hope that this will enable Nigerians understand what propels our demand so that better clarity is made to create better engagement around the ongoing National Minimum Wage Negotiation process,” the labour leader explained.

Ajaero further noted that the union arrived at the figure before the increase in electricity tariff and the recent scarcity of Petrol across the nation leading to the appearance of long queues with attendant increased transport fares.

He said Any figure below this amount becomes a starvation wage and condemns Nigerian workers and their families to perpetual poverty.

“We have to remember that the old one having expired on the 18th day of April, 2024, a new one is expected to have come into effect on the 19th day of April, 2024. However, because of government’s inability to comply with the Law that demanded for negotiations for a new national minimum wage to have begun six months before the expiration of the existing one, concluding the new one has become unfortunately delayed,” he added.

Naira closes 1,402/$ at official market as dollar demand persists

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Naira closes 1,402/$ at official market as dollar demand persists

The naira traded at a loss at the official market, depreciating to N1,402 against the United States dollar on Thursday.

According to data from the FMDQ exchange securities, the naira dropped by N12 or 0.86 per cent from the N1,390 recorded at the close of trading activity on Tuesday.

There was no trading activity on Wednesday due to the Worker’s Day celebration.

At the Nigerian Autonomous Foreign Exchange Market, the intraday high closed at N1,445 on Thursday weaker than N1,450 on Tuesday. The intraday low also depreciated to N1,299 on Thursday as against  N1,200 on Tuesday.

Dollars supply at NAFEX appreciated by 3.1 per cent or $7m to $232 on Thursday from $225.36m recorded on Tuesday.

The naira had depreciated following a renews demand for the greenback at both the official and parallel market.

Based on data from the FMDQ official trading platform, the naira gained N28.15 on the final trading day of April, settling at N1,390.96/$ as against N1,419/$ on April 29.

The positive trend was also reflected in trading volumes, with a 52.45 per cent surge in forex turnover, reaching $225.36m, up from the prior volume of $147.83m.

However, compared with the beginning of April, the April 30 rate was a 5.8 per cent depreciation from N1,309.39 seen on April 1.

Similarly, Bureau De Change operators said the naira recorded a reduction in value at the parallel market on Thursday.

Abubakar Yahu, a BDC operator in Wuse 2, Abuja, said traders bought the dollar at N1,310 and sold at N1,360 leaving a profit margin of N50.

He said the dollar was rising marginally due to constant demand but not at the same rate when the naira slid to N1,900 two months ago.

He said, “The naira depreciated today. We sell at N1,360 per dollar and we buy from customers at N1,310 depending on how you bargain. But we are expecting that the rate will drop tomorrow. Demand is still coming, it is not like before but it is still high.”

Another currency trader, Ibrahim Isa, in Ikeja, Lagos, confirmed the rate while reiterating that the government must stabilise the naira for a long period.

“The market is moving slightly but it will be better if we can stay on a particular amount and stabilise the economy.”

Govt borrows N11tn via bonds, T-bills in four months

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Govt borrows N11tn via bonds, T-bills in four months

The Federal Government has raised a total sum of N11tn through auctions and sales of Treasury bills and saving bonds issuance in four months, according to findings by The According

An analysis of bonds and bills results issued this year by the Central Bank and the Debt Management Office showed that the government had raised N3.1trn in FGN bonds and 7.92trn in T-bills between January and April 2024, totalling N11.2trn.

These bonds, being crucial instruments for the government’s debt management strategy, serve multiple purposes, including providing investors with a relatively safe investment option, assisting in managing the country’s debt profile, and facilitating efficient fund management.

Specifically, treasury bills and FGN bonds are classified as risk-free, theoretically zero risk, because the government is assumed to always make good on its debts. If not, they can print money to pay it back.

In January 2024, the Federal Government raised about N418.197bn from the four bonds that were auctioned before realising N1.49tn from two FGN bond offers issued by the DMO in February though below the target of N2.5tn.

In March 2024, the DMO raised about N475.67bn in its March bond option capitalising on the current rally in rising rates while the office disclosed that the Federal Government raised N626.8bn in its April 2024 FGN bond auction.

The amount is about 32 per cent higher than the N475.67bn raised in the March auction indicating high market confidence in the government’s credit.

 For T-bills, a total of N1tn was on offer but was oversubscribed as investors staked a whopping N2.3tn in January. The one-year bill on offer for N600bn recorded a massive N1.8tn subscription out of which the central bank sold N908.7bn.

The DMO sold bills valued at N2.69tn across its auctions in March 2024 an increase of N11bn in the value of T-bills sold across auctions in February 2024 (N2.589tn).

The CBN also conducted a successful T-Bills auction on April 24, 2024, where about N362.45bn was raised across various maturities. This outcome demonstrates the market’s appetite for government securities.

The raised amount came amidst plans by the government to fund the 2024 budget deficit of N9.18tn and offset debts to settle the Ways and Means Advances.

The government had allocated approximately N4.83tn from the proceeds of Nigerian Treasury Bills and Bonds issued in 2024 to settle the Ways and Means Advances from the CBN, according to the Minister of Finance, Wale Edun.

Reacting, a professor of Economics, Sheriffdeen Tella, in an interview with our correspondent, described bonds and treasury bills as viable solutions to raise funds while reducing foreign debts.

He said the fixed-income securities play a twin role in raising funds for the government and mopping up liquidity in the system.

“Bonds and treasury bills are instruments of borrowing by the government because when the government floats its bond, people, organisations and investors buy into it and that reduces the money supply. So, bonds and treasury bills play two roles: The role of raising funds for the government and the role of mopping up liquidity in the system,” he said.

“Nigerians can earn more via the interest rate paid on these instruments. The bonds can be paid after a minimum of two years while treasury bills can be three months, that is 91 days, six months and a maximum of one year and that is a shorter option. The CBN normally uses that to raise short-term funds for the government and to mop liquidity to reduce money supply,” he added.

Although the government has raised a substantial amount via these means, experts suggest that Nigerians could raise more funds through increased promotion of financial literacy.

The Director of Research and Strategy at Chapel Hill Denham, Tajudeen Ibrahim, said many Nigerians were not taking advantage of treasury bills and bonds as an investment opportunity due to low financial knowledge.

While speaking in a telephone conversation, Ibrahim said the government could increase funding by focusing on improving public awareness of financial literacy and investment opportunities.

He said, “Let me start by saying that Nigeria is one country where financial literacy is still low. So in a country where financial literacy is low, you should not be surprised that many Nigerians are not taking advantage of treasury bills and bonds as an investment opportunity. So, it is true that many Nigerians don’t and there is no way you can know how to do it if you are not financially knowledgeable.

“Secondly, the supervising authorities like the CBN and the DMO of these securities have always tried to educate the public by advertising or creating a notice on the T-bills to be issued and interested investors should bid. But it is difficult for someone to identify them if they are not financially knowledgeable and that is the problem. How many Nigerians are aware of the FGN saving bonds? Nigerians do invest but the reality is that Nigerians who are not aware of it are a lot more than those who are aware of it and invest in it.”

He added, “Every month, the government comes to the market to raise these funds. Portfolio managers, banks, insurance companies and other corporate investors are savvy about these things. They follow it and get updates. They ask about it. So it is not a problem of institutions but a problem of individuals and financial illiteracy and that has to improve over time.”

Explaining the registration process, the economist explained that interested individuals could open an investment account with their preferred portfolio investors, financial institutions, or insurance companies, and then provide instructions for investment in profitable bonds based on observed data and analysis.

“Interested Nigerians have to go through their financial advisers, they can go through investment management businesses. When they open an account with such investment businesses, they will deposit money in their investment account and then they can give their assets management company instruction to invest in treasury or saving bond bills for them and other investment securities that are available to which they are eligible to invest.

“Our company is one of such management organisations that can handle it. They will onboard them as customers and then begin to invest in them. They will also offer investment advice to them. Nigerians are of different ages and your age determines your risk appetite so we expect older citizens to have a low-risk appetite and younger ones to have a high-risk appetite. Investing in bonds and treasury bills is a lot more beneficial than keeping their money in a savings account and is highly more rewarding.”

FG directs banks to deduct stamp duty charges on mortgages

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FG directs banks to deduct stamp duty charges on mortgages

The Federal Government has directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.

Mortgage-backed loans are loans extended by financial institutions to individuals or entities to buy a home and repay the loan amount over time with interest while bonds are debt securities issued by governments, municipalities, corporations, or other entities to raise capital.

The new directive was contained in a message sent to customers by banks as directed by the Federal Inland Revenue Service.

It indicates that the government is expanding the scope of stamp duty charges to include foreign transactions and loans, alongside regular bank transfers, as part of efforts by the tax authority to enhance fiscal performance.

Recall that banks were also in January directed to deduct stamp duty on old foreign transactions between January 2021 and December 2023 by January 31, 2024.

Before that, the electronic money transfer levy was only applicable to accounts receiving electronic deposits of N10,000 and above or its equivalent.

In an electronic message sent to their customers on Thursday notifying them of the deduction, Access Bank wrote, “We would like to inform you that the Federal Inland Revenue Service has directed all Nigerian banks to implement stamp duty on certain transactions that require duty payments such as contracts and legal mortgages.

“In compliance with this directive, we have taken measures to streamline the process to make transactions more convenient for you.

  “To this end, a stamp duty charge of 0.375 per cent will be applied to loans backed by legal mortgages, shares, debentures, or bonds. The charge will be applied to the value of the Legal Mortgage, Shares, Debentures or Bonds and remitted to the Federal Inland Revenue Services.”

 The notice further clarified that the directive did not affect previously approved loans, which will still be repaid in full according to the agreed terms and conditions.

 “However, all previously approved loans will remain unchanged and should be repaid in full as per the agreed terms and conditions. We are committed to providing you with exceptional service,” the notice stated.

Banks embrace NQR at ‘Ounje Eko’ discount markets

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Banks embrace NQR at ‘Ounje Eko’ discount markets

Banks available at the ‘Ounje Eko’ discount markets, an initiative of the Lagos State government have increasingly warmed to NQR payment solutions.

The NQR payment solution is powered by the Nigeria Inter-Bank Settlement System to enhance convenience and accessibility for customers.

The Ounje Eko discount market was initiated by the Lagos State Government to provide discounted food prices across the state.

To reduce reliance on cash, the government mandated a cashless policy, which initially resulted in some challenges for customers.

However, it was revealed that the adoption of modern payment solutions, particularly NQR has revolutionised the payment experience at the various locations.

 The According while visiting the markets noted that customers who needed to pay for goods were able to do so seamlessly.

They simply logged into their Mobile Banking APPs, navigated to an NQR menu and scanned the QR codes provided at the payment points to conclude the transaction. This eliminated the need for physical cash or relying solely on the limited number of POS terminals.

Speaking to one of the supervisors at the market, she emphasised NQR’s pivotal role in facilitating transactions and reducing congestion, thereby contributing significantly to the success of the discount market initiative.

Several banks have embraced the NQR payment solution, by integrating it into their mobile apps to offer customers a seamless payment experience.

Some of the banks identified at the market locations were Access Bank, First Bank, Stanbic IBTC, Zenith Bank, UBA, Union Bank, Providus Bank, FCMB, Keystone Bank, Sterling Bank, Globus Bank, Wema Bank, Titan Trust Bank, Polaris Bank, Signature Bank, Jaiz Bank, Lotus Bank and VFD

Recent data from NIBSS showed that the value of NQR payments stood at N64.18bn in March 2024.

FG warns saboteurs as power generation rises to 4,800MW

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FG warns saboteurs as power generation rises to 4,800MW

The Federal Government says Nigeria’s electricity generation has risen to 4,800 megawatts up from around 3500 in March.

This is as the government accused some “cartels and cabals” as those who did not want the power sector to function because of their selfish business interests.

The Minister of Power, Adebayo Adelabu, disclosed this on Thursday when he was in Ajah, Lagos State to launch a 63MVA, 132/33kV mobile substation installed under Phase 1 of the Presidential Power Initiative by the FGN Power Company in collaboration with Siemens Energy.

Speaking at the event, Adelabu disclosed that the power generation increased from 4,200MW in the past few days following the operation of the Zungeru hydroelectric power plant.

The According reports that the Zungeru power plant is a major infrastructure project with the capacity to generate 700MW, making it the second-largest hydroelectric plant in Nigeria, behind the Kainji Dam.

Located in the Kaduna River, near the town of Zungeru in Niger State, the plant is to generate 2.64 billion kilowatt-hours of electricity annually, meeting nearly 10 per cent of Nigeria’s domestic energy needs.

“Let me mention that we have started seeing improvements in our generation output.  In the past few days, the output has increased from 4,200MW to 4,800MW. What we experienced in February and some parts of March is not desirable when we had very low generation.

“I just came back from a meeting this morning, where how to make efforts to pay down on our debts to the gencos and the gas companies was discussed.

“We have made significant progress which I believe will encourage generating companies to ramp up their outputs as we are targeting 6,000MW before the end of the year.

“What led to the increase in the past few days was the commencement of the operation of Zungeru hydroelectric power plant that just added 625MW to the national grid,” he said.

Speaking on the cartels preventing power growth, Adelabu asked them to stop being shortsighted, saying there are enough opportunities in the sector.

“I know is that there are cartels and there are cabals in this sector who think their business interest will be negatively affected if we have stable electricity. But they are just being myopic, they’re being shortsighted. There are lots of opportunities available in the sector that will compensate for whatever business loss that they think they are experiencing in their current business. So, it is a win-win.

“I don’t think stabilising the power sector will render anybody jobless or affect the business interest of anybody. It is a matter of you determining where to be because the business moves. The business world is dynamic. A business that is profitable today may not be profitable tomorrow.

“When you see the trend of business moving, you just click into the value chain and it is so huge for everybody such that if local investors are not interested, there are foreign investors interested in this sector,” Adelabu added.

 Asked if the cabals are the ones importing generators, he replied: “I did not mention anybody’s name specifically. But whoever knows he belongs to the cartel or cabal should have a rethink and join us in this our transformation journey”.

The ministers maintained that “we are only scratching the surface in this country given the potentials that we have in our human and natural resources,” saying if “we add reliable electricity to it, the sky is our limit.”

He spoke further, “We’ve had over 40 ministers in the past, we are still at this same point. What is that thing that is not allowing us to achieve our plans for the sector? These are the fundamental issues the President Bola Tinubu administration is trying to address. When you are addressing it, of course, there will be resistance.

“There will be frustration because there are some people that do not want this sector to work because of their own personal selfish interest. But we are resolute in this our transformation journey, and we will not be intimidated. We will not be cowed into obscurity.

“Their resistance and abuses are like a tonic to me. The tonic that will incentivise us to do more”.

Earlier, the Managing Director of the FGN, Kenny Anuwe, said the event represented a vital addition to the nation’s infrastructure to enhance transmission wheeling capacity and reinforce the government’s commitment to providing better electricity access for all Nigerians.

“The 63MVA, 132/33kV Mobile Substation plays a critical role in upgrading transmission wheeling capacity and facilitating quick deployment to meet Nigeria’s growing energy demands.

“10 of them were procured and three have been installed while two will be commissioned by next week,” Anuwe said.

He noted that the mobile substations were strategically positioned to enhance the efficiency and reliability of power supply across key economic hubs in the country and would alleviate transmission capacity constraints in the sector by over 1,300MW.  Some of the Mobile Substations are being deployed at Ajah, Jebba, Kwanar Dangora, Nike Lake among others.

“The commissioning of the Ajah Mobile Substation marks a significant step within the Nigeria-Siemens Partnership framework aimed at modernising and expanding Nigeria’s power infrastructure. Alongside Ajah, the commissioning of another location, Birnin Kebbi in Kebbi State, occurred simultaneously,” she stressed.

The MD explained these combined efforts will boost transmission wheeling capacity to 123MW, ultimately leading to enhanced electricity provision for households and businesses in both Ajah and Birnin Kebbi.

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