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CBN holds 294th MPC meeting Monday

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CBN holds 294th MPC meeting Monday

The Central Bank of Nigeria has announced the 294th meeting of the Monetary Policy Committee, a crucial gathering that shapes the nation’s economic policies.

The apex bank made this known in a document uploaded on its website on Tuesday.

The MPC is the highest policy-making committee of the bank with the mandate to review economic and financial conditions in the economy, determine appropriate stance of policy in the short to medium term and review regularly, the CBN monetary policy framework and adopt changes when necessary.

The two-day event is scheduled to be held on Monday, March 25, and Tuesday March 26, 2024, at the bank’s headquarters in Abuja.

The committee will review recent economic indicators, inflation rates, and exchange rate stability.

In a statement signed by the CBN governor, Olayemi Cardoso on Tuesday, the governor said, “I wish to acknowledge the significance of presiding over the inaugural Monetary Policy Committee meeting as the Governor of the Central Bank of Nigeria amidst a backdrop of profound economic challenges: escalating inflationary pressures, sluggish economic growth, volatile exchange rates of the naira, and a rising cost of living.

“The anticipation among Nigerians for this meeting to deliver viable solutions that will steer the economy towards sustainable growth and position Nigeria as an attractive
investment destination is palpable.

“On a global scale, economic growth remains subdued while inflation, persistently exceeding the targets of most central banks, exhibits a gradual decline. Geopolitical conflicts continue to disrupt global supply chains, contributing to escalating debts reaching unprecedented levels.”

Domestically, Nigeria witnessed a surge in inflation to 29.9 per cent in January 2024, up from 28.9 per cent in December 2023. Despite the resilience of weak economic growth, the depreciation of the naira against major currencies, driven by a persistent shortage of foreign currency liquidity, has led to price pass-through effects. Notably, the equities market has shown promising performance in 2024.

Market analysts anticipate a cautious approach from the MPC, balancing economic growth with price stability. Investors and financial institutions closely monitor the committee’s decisions, which can significantly influence market dynamics.

While the MPC meetings are closed-door sessions, the CBN encourages public awareness and transparency.

A post-meeting press release will summarise the committee’s decisions and provide insights into Nigeria’s monetary policy direction.

WHO, others seek more funding to tackle tuberculosis in Nigeria

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WHO, others seek more funding to tackle tuberculosis in Nigeria

The World Health Organisation, KNCV Nigeria, and other experts on Tuesday called on governments at all levels to increase investments in tuberculosis to achieve Nigeria’s goal of eradicating the disease by 2030.

They made the call at a press conference in Abuja ahead of the 2024 World Tuberculosis Day.

They noted that the persistently low awareness levels, particularly in rural areas, pose a significant threat to efforts aimed at addressing the deadly disease.

TB is a disease caused by bacteria (Mycobacterium tuberculosis) that often affects the lungs. It is the number one infectious killer disease in the world and also among the top 10 causes of death worldwide.

It is spread from person to person through the air.

Nigeria, Africa’s most populous nation ranks sixth amongst 30 countries globally with the highest burden of the disease.

Nigeria also ranks first in Africa in the number of undetected cases.

World Tuberculosis Day is marked on March 24 every year to create awareness about the impact of the disease.

The 2024 WTBD is themed “Yes, we can end TB” and Nigeria’s slogan is “No gree for TB, check am o.”

Speaking at the event, a representative of the WHO, Dr Amos Omoniyi, noted that TB is a killer-disease globally, with millions of deaths recorded annually.

Omoniyi said in 2022, Africa reported approximately 2.4 million cases of TB, with Nigeria contributing 479,000 cases (19 per cent ).

He said out of the 424,000 TB-related deaths in Africa same year, 97,900 (23 per cent) occurred in Nigeria.

According to him, one person dies of TB every five minutes in Nigeria despite being a curable disease.

“It is very sad and painful that people still die from TB every day despite being a curable disease,” he said.

Omoniyi noted that despite accounting for the high burden of the disease, Nigeria still has a 70 per cent funding gap in TB.

“This killer-disease is curable, preventable and can be eradicated if the government at all levels can invest more into tackling TB,” he said.

Also, the Executive Director of KNCV TB Foundation Nigeria, Dr Bethrand Odume, said the theme conveys the urgent need to come together and ramp up the fight against TB to achieve commitments to end the disease by 2030.

Odume said it is a continuation of last year’s World TB Day theme which brings attention to TB and our collective power to achieve the 2023 UN High-Level Meeting on TB Political Declaration targets, which will put the world on course to end TB by 2030.

“It brings hope and builds on the amazing work done in 2023 by many TB High Burden Countries and TB Champions around the world who continue to make incredible strides to recover from the COVID-19 pandemic by increasing access to TB treatment and prevention,” he said.

He stated that the theme also revolves around the increased engagement of those affected by TB, communities and civil society who are leading the movement towards ending this disease.

He said it also identifies progress made in research and development – many new TB diagnosis tools, shorter, more efficient treatment, and preventive regimens, as well as several vaccines in phase three clinical trials.

Odume said the time to accelerate all efforts towards ending TB is now more than ever before.

“We all need to sustain the progress we have made in recent years in finding missing TB cases, by scaling up key proven strategies while sustaining advocacy efforts to improve funding from the government and the private sector,” he added.

He said KNCV is working with the National Tuberculosis, Leprosy and Buruli Ulcer Control Programme, and the state TB programme in the 14 supported states to improve TB case detection in Nigeria under the USAID-supported TB Local Organisation Network project.

I’m not in support of violence in South East

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I’m not in support of violence in South East

The detained leader of the Indigenous People of Biafra, Nnamdi Kanu, has distanced himself from the violence in the southeastern part of the country.

He vowed that those behind the violence, in the name of being IPOB members, would not be spared.

Kanu spoke in Abuja immediately after the court rose on Tuesday after he was denied bail.

He noted that the violence persisted because he was being held in the custody of the Department of State Services.

Kanu vowed that if released, there would be peace in the entire South-East.

He said, “Anybody committing crime cannot go free. I swear it. Anybody committing crime in the east cannot go free. They are doing it because I am in the DSS (custody). If I were to be outside, nobody can try this. I suspect that some people in government are complicit. They are making money with the insecurity.

“They know if Nnamdi Kanu is outside, in two minutes, this nonsense will stop. Who is the bagger or idiot that will speak when I am talking? I will give an order in the East who is the idiot that I will give an order that will counter it? Nobody can. I am Nnamdi Kanu.

“Anybody involved in any form of violence in the East in the name of IPOB is a goner, and they know it. Let me come out of this mess, only two minutes, there will be peace in the East.”

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Mansard Insurance, TCN delay filing audit with NGX

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Mansard Insurance, TCN delay filing audit with NGX

Two listed companies on the Nigerian Exchange Limited, Axa Mansard Insurance Plc and Tourist Company of Nigeria Plc will not be able to release their audited financial statements for the year ended December 31, 2023, within the regulatory due date of March 31, 2024.

Through the regulatory body, NGX, the two entities notified shareholders and investing publics of their default and postponement of audit filing as required by the Rules of the NGX and the Consolidated Rules of the Securities and Exchange Commission.

The Company Secretary, AXA Mansard Insurance Plc, Omowumi Adewusi, said in a statement filed with the NGX on Tuesday that the firm postponed its stipulated financial filing because of unforeseen delays in concluding the approval process within the stipulated time.

The statement read in parts, “This is to notify our esteemed shareholders and other stakeholders that AXA Mansard Insurance Plc. (“the Company”) may be unable to file its Audited Financial Statements (AFS) for the year ended 31st December 2023, and the Unaudited Financial Statements (UFS) for the quarter ending 31st March 2024 within the regulatory due dates of 30th March 2024 and 30th April 2024 respectively, as required by the Rules of the Nigerian Exchange Limited (NGX) and the Consolidated Rules of the Securities & Exchange Commission.

“This is because of unforeseen delays in concluding the approval process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards, which require several changes in the disclosure methods. The National Insurance Commission (NAICOM) has obtained, on behalf of insurance companies, a general approval for an extension of the time for submission of the accounts.

“Please be assured that the company is making great efforts to ensure that this exercise is expedited so that the AFS for the year ended 31st December 2023 and UFS for the quarter ending 31st March 2024 are filed not later the 30th of May 2024. AXA Mansard Insurance Plc sincerely regrets the inconveniences that this delay may cause its esteemed shareholders and the investing public.”

Similarly, the Tourist Company of Nigeria Plc is expecting a delay in filing an annual report for the year ended December 31, 2023.

In a statement filed with the NGX and obtained by According Online on Tuesday, the Company Secretary, TCN, Lovelyn Aniekwe, said the firm would not be able to meet up in filing its mandated audited financial report within the regulatory due date of March 31, 2024.

She said, “The Tourist Company of Nigeria Plc (TCN or the Company) wishes to notify Nigerian Exchange Limited (NGX), its shareholders and the investing public that the Company will not be able to release its Audited Financial Statements for the year ended 31 December 2023 (2023 AFS) within the regulatory due date of 31 March 2024.

“This delay is due to the fact that TCN’s external auditor, BDO Professional Services, will likely qualify its opinion as there is a Material Uncertainty Related to Going Concern paragraph which will be included in its audit opinion.

“In compliance with Section 8 (1)(n) of the Financial Reporting Council Act No. 6, 2011, Rule 5 which states that the Financial Reporting Council of Nigeria (FRCN) shall receive copies of all qualified reports together with detailed explanations for such qualifications from the auditors of the financial statements, and that the financial statements shall not be released until all accounting issues have been resolved by the Financial Reporting Council of Nigeria (FRCN), BDO is required to send a copy of the financial statements approved by the TCN Board together with an explanatory memorandum to the FRCN, for review and clearance before the results can be released to the investing public.

“However, the company anticipates that the 2023 AFS will be released on or before 28 June 2024.”

JUST IN: Popular Nollywood producer, Andy Best is dead

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JUST IN: Popular Nollywood producer, Andy Best is dead

Nollywood producer, Ikechukwu Nnadi, popularly known as Andy Best, is reportedly dead.

Nnadi, who was said to be battling with a prolonged ailment, was confirmed dead at a private clinic in Owerri, the Imo State capital, on Tuesday.

Confirming the death of the movie producer, the convener of the Best of Nollywood awards, Mr Seun Oloketuyi, wrote in an Instagram post that Nnadi is late.

“Andy Best, a top Nollywood producer and marketer, is dead.

“He died in an Owerri hospital today,” he wrote.

Until his death, he was the Chief Executive Officer of Andy Best Production and was behind the production of famous movies, including Lion of Africa, White Poison, My Father’s Cup, and many more.

He hailed from Isiala Mbano Local Government Area of Imo State.

Meanwhile, his remains have been deposited at the Aladinma Mortuary in Owerri.

Details later…

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Probe killing of soldiers in Delta, Reps tell armed forces

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Probe killing of soldiers in Delta, Reps tell armed forces

The House of Representatives has urged military authorities to investigate the murder of 17 personnel in the Okuoma community, Bomadi Local Government Area of Delta State.

Seventeen soldiers deployed to the Delta community on a peace mission met their untimely death last Thursday in an ambush.

Moving a matter of urgent importance titled “Need to investigate and apprehend perpetrators of the gruesome killing of 17 military personnel in Delta State” on the floor of the House on Tuesday, member representing Ikorodu Federal Constituency, Babajimi Benson, described the incident as mindless and unfortunate.

He recalled that the fallen heroes “were only responding to a distress call in their service to their fatherland when they were ambushed and killed on Thursday.”

He said, “The perpetrators of this heinous act did not only stop at killing these military personnel but also went ahead to sacrilegiously debase their remains by ripping out their hearts and other body parts.”

The House noted that unless the killings are checked, they have the potential of demoralising the military and affecting the war on insecurity, “which has so far recorded some successes.”

Following the adoption of the motion, the House observed a minute silence in honour of the dead and mandated the Armed Forces of Nigeria “To conduct a thorough and wholesome investigation into the circumstances that led to this heartless, gruesome and despicable act and work with the relevant authorities to bring all perpetrators and their collaborators to book.”

It also mandated the Committee on Defence to interface with the Armed Forces of Nigeria to ensure compliance and report to the House within four weeks.

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Edo assembly directs CJ to probe allegations against Shaibu

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Edo assembly directs CJ to probe allegations against Shaibu

The Edo State House of Assembly on Tuesday passed a resolution directing the Chief Judge of the State, Justice Daniel Okungbowa, to set up a seven-man committee to investigate the allegations of gross misconduct levelled against the deputy governor, Philip Shaibu.

At the plenary, 19 members out of the 24 members voted in favour of the resolution.

The House of Assembly commenced impeachment proceedings against Shaibu on March 5, accusing him of perjury and leaking of government’s secrets.

However, all efforts to get the impeachment notice to him proved abortive as he was said to be out of the state.

After it became clear that the notice could not be served physically, the House served him the notice on March 12 through substitution (by publishing the letter in three national dailies).

The impeachment move is believed to be the latest development in the rift between Shaibu and his principal, Governor Godwin Obaseki.

There had been an uneasy calm between the deputy governor and his principal since last year when Shaibu declared his interest to join this year’s Edo governorship race.

Earlier, Speaker of the House, Blessing Agbebaku, had notified his colleagues that the seven-day ultimatum granted the deputy governor to respond to the impeachment notice served on him has expired.

Agbebaku said the impeachment notice was earlier served on the deputy governor on March 6, 2024, but due to the alleged evasion of service, the House ordered substituted service.

He said the notice was published in the Vanguard newspaper on March 12, 2024, noting that March 19, 2024 (Tuesday) made it seven days.

In his motion, the Majority Leader of the House, Charity  Aiguobarueghan, and seconded by Nicholas Asonsere, representing Ikpoba Okha constituency, moved that the chief judge be directed to set up a seven- man committee to investigate the petition against the deputy governor.

Aiguobarueghan averred that the motion was in line with Section 188 Subsections 3 and 4 of the constitution.

He noted that failure of the deputy  to respond to the petition at the stipulated times was also in conformity with the provision of Section 188 sub section 3, where it was clearly stated that “whether he respond or not the House has a duty to perform”.

He added, “That duty as bestowed by Section 188 Subsection 3 of the constitution of the Federal Republic of Nigeria, that a motion be moved when it will be resolved and that if this allegation is not denied, it is worthy of investigation.

“I am, therefore, moving a motion in pursuant to Section 188 Subsection 3 and 4 of the constitution of the Federal Republic of Nigeria that is designed not to be argued.

“That the notice serves on the deputy governor alleging gross misconduct to be sent for investigations and that the speaker caused the Chief Judge of the state to set up a seven-man committee to look at the allegations and report its findings to this House as soon as possible.”

Nineteen members of the House voted in support of the motion.

In his remarks, the Speaker of the House directed the chief judge to set up a seven-man committee to investigate the petition against the deputy governor.

APC South East zone affirms federal character commissioner’s

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APC South East zone affirms federal character commissioner’s

The South East Zonal Executive Committee of the All Progressives Congress on Tuesday affirmed the suspension of Mrs Ginika Tor by the Enugu State Chapter of the party.

Tor, a Federal Commissioner representing Enugu State at the Federal Character Commission, was suspended over alleged gross misconduct, anti-party activities, and attempts to create a parallel executive of the party in the state.

However, arising from the Zonal Executive Committee meeting of the party in Enugu on Tuesday, the zonal leadership of the party considered the report of the Enugu State chapter suspending Tor and ratified it.

A statement signed by the National Vice Chairman, APC South East, Dr Ijeomah Arodiogbu, noted that the zonal executive committee has ratified the suspension of the commissioner from the party.

According to the statement, Tor had on March 10, 2024, allegedly engaged in anti-party activities and published statements whose purpose was to bring the leadership of APC Enugu and the Enugu State Executive into “disrepute, contempt, hatred and public ridicule.

“She also created a factional/parallel State Executive Committee in APC Enugu state, which is contrary to Section 21:2 of the 2022 Constitution of the All Progressives Congress as amended.

“The South East Zonal Executive of the APC hereby ratifies the suspension of Mrs Ginika Tor from the All Progressives Congress.”

The According reports that the resolution ratifying the suspension of the federal character commissioner was copied to Dr Abdullahi Ganduje, National Chairman of APC; Sen Hope Uzodinma, the governor of Imo State and leader of APC South-East; Chief Emma Eneukwu, APC Deputy National Chairman, South; and Chief Uche Nnaji, Minister of Innovation, Science and Technology.

Eight suspended Zamfara lawmakers drag speaker, others to court

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Eight suspended Zamfara lawmakers drag speaker, others to court

The eight suspended members of the Zamfara State House of Assembly have dragged the Speaker, Bilyaminu Moriki, and six others to the Federal High Court, Gusau, the state capital.

The state House of Assembly had suspended the eight members for the alleged violation of the law and constitution of the assembly.

However, the suspended lawmakers headed to court, challenging the breach of their constitutional rights to liberty, human dignity, fair hearing, and taking possession of their property without due process.

Others that were joined in the suit included the state Commissioner of Justice, the Clerk of the House, the state Commissioner of police, and the Director of the Department of State Services.

The presiding judge, Justice Aminu Bappa, granted the motion and adjourned the case to April 29 for hearing to enable the court to serve respondents who complained that they were not served with any letter by the registry.

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BREAKING: Killers of 16 soldiers may be mercenaries, not Nigerians

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BREAKING: Killers of 16 soldiers may be mercenaries, not Nigerians

The Senate President, Godswill Akpabio, on Tuesday, said those involved in the killing of soldiers in Delta State may be foreigners.

Some armed men had on Thursday, March 14, attacked and killed 15 personnel of the Nigerian Army during a peace mission to Okuama Community in Ughelli South Local Government Area of Delta State.

Speaking on Tuesday during a debate on two merged motions by Senators Abdulaziz Yar’Adua, APC, Katsina Central, and Edeh Dafinone, APC, Delta Central, Akpabio opined that those who killed the soldiers may be mercenaries.

He said, “We are not at war. I don’t think they are from the Niger Delta. They may be mercenaries.”

The Senate thereafter ordered the probe into the killings as it has asked its Committee on Defence, Army, Navy, and Air Force to liaise with the Military authorities to get more information on the remote and immediate cause of what it described as “a dastardly act.”

The Red Chamber further called on the Federal Government to apprehend the perpetrators and bring them to book, just as it observed a minute silence in the honour of those killed.

It also called for the recruitment of more policemen so that the military would not be dragged into civil matters.

The Senate, however, rejected a prayer to observe a minute silence or to commiserate with the families of innocent civilians killed in the process, saying that their numbers are still unknown.

While the Senate rejected an additional prayer for relief materials for the community by the National Emergency Management Agency, the Upper Chamber resolved that families of the killed soldiers should be compensated immediately as moved by the Deputy Senate President,  Senator Jibrin Barau, and seconded by Senator  Tony Nwoye.

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