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Gov. Otu, Senator Ayade Feud Deepens As State Assembly Recovers Missing State Property From Last Administration

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March 8, 2024

Gov. Otu, Senator Ayade Feud Deepens As State Assembly Recovers Missing State Property From Last Administration

Palpable fear now grip loyalists of former Governor of Cross River State Senator Ben Ayade as the frosty relationship between the ex – governor and his successor Prince Bassy Otu deepend in the state .

Source alleged that the embattled deputy governor of the state Hon

Peter Odey who was nominated by the ex governor for the plum job may be the first casualty as the face off between the governor and his predecessor in office escalates .

Source alleged that the sins of the ex governor may be visited on the embattled deputy governor ,as the governor allegedly sidelined him in most decision making especially in recent appointments even from his own local government area.

The embattled governor was said to have alerted his perceived godfather and ex governor Ayade over the subtle move by the state government to witch-hunt those perceived to be loyal to Ayade.

The alleged man hunt for key loyalists to ex governor Ayade was said to have added a new twist in the perceived muscle flexing between Ayade and governor Otu.

Already some politicians who served in the last Ayades administration are said to have gone under as the state government allegedly initiated high level move to recover all stolen government properties under Ayade government. The move was said to have thrown the Ayades camp in the state into panic .

Already the State Assembly is said to be leading recovery move as the state lawmakers beam their search on past politicians that served under ex -governor Ayade .

Meanwhile the 10th Cross River State House of Assembly, led by the Speaker, Rt. Hon. Elvert Ayambem has recovered some state-owned construction equipment following an investigation into the misappropriation of 34 State-owned heavy-duty construction equipment by certain government officials during the administration of former governor Ayade.

Recall that on Thursday 22 February, 2024, the House of Assembly unanimously reaffirmed their commitment to the recovery of the construction equipment and demanded that the perpetrators of this fraudulent scheme face justice. Sequel to the Assembly’s investigative resolution, some of the construction equipment recovered and taken into the State’s custody includes 1 1050k Dozzer, 1 payloader, 1 Grader, 1 850J Dozer, 1 Backo, and 2 Excavators.

Acknowledging the arrival of the state-owned heavy-duty equipment in Calabar, Rt. Hon. Elvert Ayambem clarified that while 23 heavy-duty trucks and equipment remain on the site to be transported back to Calabar, 7 of the equipment have been successfully recovered to Calabar. He said that the slow movement to Calabar was caused by a lack of high-powered transportation vessels. The recovery exercise, he vowed, will continue into the next week.

Ayambem reaffirmed the House of Assembly’s steadfast dedication to recovering all of the 30 stolen pieces of equipment and making sure that the people, who constitute every democracy’s greatest asset, are receiving their dividends from the government. He continued by saying that the Cross River State Government will save more than 50 billion naira by recovering the heavy-duty equipment, which was originally used for rentals and the purchase of new machinery.

The speaker also emphasised that to fulfil the people’s first mantra, the 10th Assembly will keep backing the government led by Governor Otu to return Cross River to a model state.

Messi, Suarez on track as Miami struggle again for attract Nashville

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March 8, 2024

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Messi, Suarez on track as Miami struggle again for attract Nashville

Luis Suarez grabbed a stoppage-time equaliser after Lionel Messi had reduced the deficit as Inter Miami fought back from two goals down to draw 2-2 in the first leg of their CONCACAF Champions Cup round-of-16 tie on Thursday.

Canadian winger Jacob Shaffelburg had put Nashville 2-0 up with a pair of superbly taken goals before Miami’s comeback.

The goals from the former Barcelona forwards, who had scored a brace each in the 5-0 win over Orlando on Saturday, make Miami favourites for Wednesday’s return in South Florida with a place in the quarter-finals on the line.

Miami had beaten Nashville on penalties in the final of the Leagues Cup last season and returned for the debuts in CONCACAF regional competition of Messi, Busquets and Suarez.

Coach Gerardo ‘Tata’ Martino handed a debut to new Argentine signing Federico Redondo in midfield but was without Spaniard Jordi Alba, suffering from illness.

But Miami were soon reeling after Nashville’s Shaq Moore broke through from midfield and fed Shaffelburg who blasted past Drake Callender with a left-foot drive from the edge of the box.

The Canadian, with the distinctive mullet haircut, doubled the lead two minutes after the interval with an even better finish, cutting in from the left before unleashing an unstoppable shot with his right foot high into the far top corner.

Miami responded strongly though and six minutes later Messi had pulled a goal back with a trademark left-footed curler.

Suarez set him up on the edge of the box and despite having four defenders in close proximity, the Argentine World Cup-winner found space to work the ball on to his left foot and then find the corner.

•⁠ ⁠Suarez equaliser –
Miami had an effort from Diego Gomez disallowed for offside but Nashville weren’t ready to set their backs against the wall just yet.

Moore cut in from the right and beat Callender to send the 30,109 crowd wild but a VAR review found that Moore had been narrowly offside from earlier in the move and the goal was disallowed.

But then deep in stoppage time, the ball was fed out to Busquets on the right and the Spanish veteran floated in a cross which was headed home by Suarez.

“It leaves us in a good position for the second 90 minutes, which are going to be as tough as today and the other games we have played with Nashville,” said Martino.

“We put the game at risk at the start of the first and second half… We came in with less intensity than the opponent put in.

“There are 10 or 15 minutes in each half that could have cost us the game. For an hour we controlled the ball very well, we circulated the ball well, we had chances to score but we could also be 3-0 down seven or eight minutes into the second half,” he said.

Nashville’s English manager Gary Smith was upset about Moore’s disallowed goal and felt his team should have had a penalty in the first half but he was proud of his team’s display.

“Hell of a game. I’m very, very proud of the performance from the guys, we created an awful lot against an exceptional team. I see no reason why we won’t go to Miami and put on a real show. There’s still plenty of mileage in this tie,” he said.

Earlier, Monterrey’s USA striker Brandon Vazquez scored on his return to his former club Cincinnati as the Mexican club enjoyed a 1-0 win in their first-leg tie on Thursday.

Cincinnati had started brightly and had the ball in the net in the 18th minute but Corey Baird’s effort was ruled out for offside.

Six minutes later though, the Liga MX team were ahead and it was the former home favourite Vazquez who produced the breakthrough.

Maximiliano Mesa found the forward in the box and his right-foot effort crept under the body of Cincinnati keeper Roman Celentano, who should have done much better.

It was Vazquez’s seventh goal in 11 appearances since joining the five-times CONCACAF champions in and will strengthen his case for inclusion in Gregg Berhalter’s USA squad for the upcoming Nations League Final Four.

Monterrey were reduced to ten men in the 70th minute when a VAR review ruled that Rodrigo Aguirre had struck Baird, off the ball, before a corner.

AFP

‘Dragon Ball’ creator Akira Toriyama dies at 68

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March 8, 2024

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‘Dragon Ball’ creator Akira Toriyama dies at 68

The creator of Japan’s hugely popular and influential “Dragon Ball” comics and anime cartoons, Akira Toriyama, has died aged 68, his production team said Friday.

First serialised in 1984, “Dragon Ball” is one of the best-selling manga franchises of all time and has spawned countless anime series, films and video games.

Toriyama died on March 1 because of a blood clot on the brain, a statement posted to the official “Dragon Ball” account on X, formerly Twitter, said.

“It’s our deep regret that he still had several works in the middle of creation,” said the statement attributed to Toriyama’s Bird Studio, which praised the artist’s “great enthusiasm”.

“He would have many more things to achieve. However, he has left many manga titles and works of art to this world,” the statement added.

“We hope that Akira Toriyama’s unique world of creation continues to be loved by everyone for a long time to come.”

“Dragon Ball” features a boy named Son Goku who collects magical balls containing dragons to help him and his allies in a fight to protect the Earth from evil enemies.

Toriyama was already famous for his comedy manga “Dr Slump” in the early 1980s when he created “Dragon Ball”, which he said was inspired by Chinese-style kung fu movies.

The 1990s brought the beloved cartoon “Dragon Ball Z”, and Toriyama was also part of the design team for the massively successful “Dragon Quest” games.

Not all the spin-offs have been a hit, however, with the live-action 2009 movie “Dragonball Evolution” flopping at the box office and attracting withering reviews.

Publishing house Shueisha, whose weekly “Shonen Jump” magazine serialised the “Dragon Ball” comics, said it was “greatly saddened by the sudden news of his death”.

•⁠ ⁠’Big shoes to fill’ –
Born in Japan’s central Aichi region in 1955, Toriyama studied design at an industrial high school, according to Animage Plus, part of the anime magazine Animage.

He worked for three years at an advertising agency in the city of Nagoya before making his debut as a professional manga artist in his early 20s.

In an interview with Japan’s Asahi newspaper in 2013, Toriyama described himself as a “difficult” person.

“‘Dragon Ball’ is like a miracle, given how it helped someone like me who has a twisted, difficult personality do a decent job and get accepted by society,” he said.

He told the newspaper he had “no idea” why “Dragon Ball” had become such a huge hit worldwide, saying his comics were “dedicated to entertainment”.

“I just hope that readers will have a fun time reading my works,” he said, adding he had “never been preoccupied with getting a message across through my manga”.

“When I was drawing the series, all I ever wanted to achieve was to please boys in Japan,” he said.

The news of Toriyama’s death immediately made headlines in Japan, with many fans expressing their grief.

Eiichiro Oda, creator of Japan’s major “One Piece” manga franchise, said in a statement that Toriyama’s death was “too soon” and had left “too big shoes to fill”.

“To think I’ll never see him again… I’m overwhelmed by sadness,” Oda said.

Fans paid tribute with art posted under the statement on X, including of Son Goku ascending to the sky with angel wings and a halo.

“You have touched so many lives and inspired millions throughout the entire world,” one wrote, while another said: “Thank you for making my childhood awesome.”

Anime journalist Tadashi Sudo told AFP that for many manga artists, Toriyama was “a role model”.

“Toriyama knew exactly what everybody wants to read — adventure and the growth of characters,” he said.

“Many people — not only creators in Japan, but those abroad — saw in his works the culmination of what entertainment should be like,” Sudo said.

AFP

NANS urges governors to appoint student representatives as advisers

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March 8, 2024

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NANS urges governors to appoint student representatives as advisers

The National Association of Nigerian Students has appealed to state governors to engage with students by appointing their representatives as special advisers.

The association said the engagement of students’ representatives would make state governors understand their needs and concerns.

The association’s Senate President, Akinteye Babatunde, in a statement made available on Thursday, urged governors to prioritise investments in education and provide adequate infrastructure and resources for learning institutions.

He stressed that by investing in the education sector and prioritising the welfare of students, governors can contribute significantly to the development of our nation and ensure a brighter future for all.

He, however, commended Governor Babajide Sanwo-Olu of Lagos State and Governor Seyi Makinde of Oyo State for “their exemplary leadership and unwavering commitment to the welfare of students.”

According to him, Sanwo-Olu’s decision to appoint student leaders as Senior Special Assistants is a commendable move that demonstrates a willingness to engage with and empower the youth.

“By involving student leaders in governance, Governor Sanwo-Olu has shown a deep understanding of the invaluable contributions that students can make to the development of our society.

“Similarly, Governor Makinde’s initiative to provide buses to all tertiary institutions in Oyo State, including NANS and other student bodies, is a significant step towards improving accessibility and mobility for students.

“This thoughtful gesture not only addresses practical transportation needs but also sends a powerful message of support and encouragement to the student community.

“We applaud Governor Babajide Sanwo-Olu and Governor Seyi Makinde for their proactive approach to addressing the needs of students and prioritizing education as a cornerstone of development. Their actions serve as a shining example of responsible and responsive governance, and we urge other governors across the country to emulate their efforts and do even better.

“We extend our heartfelt gratitude to Governors Sanwo-Olu and Makinde for their student-centric initiatives and urge them to continue championing the cause of education in Nigeria. Let their actions serve as inspiration for leaders at all levels of government to prioritise the needs of students and invest in the future of our country”, Babatunde stated.

Sanwo-Olu had on Tuesday, announced the appointment of four former Students Union leaders as his Senior Special Assistants.

The appointed SSAs were Eniola Opeyemi, Kayode Samuel, Giwa Moore and Adeola Adewunmi.

The governor also announced an increment in scholarships and bursaries for students of Lagos State origin in tertiary institutions.

He said his administration would pay N225,000 and N60,000 as scholarships and bursaries to indigene students, as against the existing N200,000 and N50,000 respectively.

Parliamentary workers seek full financial autonomy for state

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March 8, 2024

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Parliamentary workers seek full financial autonomy for state

The Parliamentary Staff Association of Nigeria, on Thursday, called on President Bola Tinubu to prevail on state governors to guarantee full implementation of financial autonomy for state legislatures to avert another strike.

PASAN suspended its strike following a jointly signed Memorandum of Understanding by the Chairmen of the Conference of the Speakers and Nigeria Governors’ Forum to the effect that legislative financial autonomy for the state legislatures would take effect across the country by February 28, 2024.

The association’s South-West Zonal Vice President, Adewale Adele, made its position known at a press conference, held at the Western Hall, Secretariat, Agodi in Ibadan, the Oyo State capital on Thursday.

He explained that the warning became necessary due to the expiration of the ultimatum given to the governors to implement legislative financial autonomy in their various states.

Adele said only Benue State Governor, Hyacinth Alia, had started implementation of the financial autonomy by his recent assent to the legislative fund management law.

The Zonal Vice President said it was noteworthy that Lagos and Oyo states, respectively, had initiated moves in that regard.

He said, “The ultimatum given for the implementation of legislative financial autonomy has expired according to the signed agreement with no positive response from the state governors except for Benue.

“Consequently, the association considers the non-compliance of the NGF with the MoU as a breach of trust and a grave violation of Section 121 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“We are optimistic that the implementation of full legislative financial autonomy will strengthen the state Houses of Assembly Service Commission, enhance the career progression of the legislative staff and also resolve issues like non-remittance of legislative staff monthly deductions e.g cooperative and pension deductions, and non-payment of legislative staff wardrobe allowance, as well as other germane issues concerning the welfare of the parliamentary staffers across the federation.

“To avert another strike which could cripple legislative activities across the nation at this critical economic period, we respectfully call on President Tinubu to prevail on the state governors to respect the position of the law on financial autonomy for state legislatures as stipulates in the Constitution

“While we are awaiting further directive from the national secretariat of our union on the next line of action, it is pertinent to state that members of the ZEC of PASAN South West will stand firm to vehemently resist any attempt to subvert the quest for the implementation of legislative financial autonomym”

Reps demand 2024 budget review over forex crisis

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March 8, 2024

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Reps demand 2024 budget review over forex crisis

The House of Representatives has called for a review of the 2024 budget projections owing to the free fall of the naira in the past few months.

Rising from plenary session on Thursday, the lawmakers adopted a motion on matter of public urgent importance titled, “Need to evaluate the implications of the current exchange rates on the 2024 national budget implementation to ensure a balanced budget and increase in the standard of living of Nigerians.”

The motion, moved by member of the All Progressives Congress representing Kosofe Federal Constituency, Lagos State, Kafilat Ogbara, drew the attention of the House to the fluctuating exchange rate of the naira to the dollar since the passage of the N28.7trn 2024 budget by the National Assembly and the subsequent assent by President Bola Tinubu.

Moving the motion, Ogbara who doubles as the House Committee Chairman on Women Affairs and Social Development, noted that the initial proposal of the Federal Government on the 2024 budget based on a projected N800 to the dollar was no longer fissile.

The According reports that though the naira has witnessed improvement in value in the past few days, it exchanged for N1,488 to $1 in the official market on Thursday.

The lawmaker told his colleagues that there is a causal relationship between the exchange rate movements and macroeconomic aggregates such as inflation, fiscal deficits and economic growth, adding that “The persistent fluctuation of the exchange rate trended with major economic variables such as inflation, Gross Domestic Product and fiscal deficit in Nigeria, presently.”

She also stated that when exchange rates change, the prices of imported goods will change in value, including domestic products that rely on imported parts and raw materials, stressing that “Exchange rates also impact investment performance, interest rates, and inflation and can even extend to influence the job market and real estate sector.”

She further said, “The House is worried that the weighted Average Rate Nigerian Foreign Exchange Market hovers an average of $1 at N1, 488. 90, Pound at N1, 880. 1779, Euro at NI, 609. 35 and Swiss Franc at N1, 691.35 respectively.

“The House is worried that with the distortionary impact of the foreign exchange regime, the 2024 Appropriation Act would be difficult to implement due to foreign exchange volatility. Definitely, the exchange rates have already caused a major wide variance in personnel cost, recurrent expenditures and capital costs appropriated to the various Ministries, Departments and Agencies.”

Given these market fluctuations, Ogbara said it was incumbent on the National Assembly to review (amendments to) all the items that make up the 2024 Appropriation Act, Medium Term Expenditure Framework/Fiscal Strategy Paper, external borrowing plan, foreign exchange market, and role of bureaucracy in budget implementation.

Following the adoption of the motion, the House mandated its Committees on National Planning and Economic Development, Appropriation and Finance to “Carry out a comprehensive assessment of the implications of the foreign exchange on the 2024 appropriation act and determine the method of alignment of the current foreign exchange with the approved national budget.

It also tasked the committees to “Evaluate the prevailing exchange rates to understand the value of the foreign exchange in the local currency and how fluctuations impact the purchasing power and overall 2024 budgetary effectiveness.”

Other mandates of the committees are to “Examine the expected revenue the government anticipates from various sources, including taxes and other income streams and how these can help to gauge the financial resources available to meet budgetary demands; as well as “Review the outlined government spending plans across different sectors, adjust where necessary to ensure the budget remains realistic and achievable within the economic context considering priorities and essential areas.”

The committees have six weeks to report back to the House for further legislative actions.

Tinubu suspends REA boss, directors over alleged N1.2bn fraud

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March 8, 2024

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Tinubu suspends REA boss, directors over alleged N1.2bn fraud

President Bola Tinubu has indefinitely suspended the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Ahmad Salihijo, alongside three executive directors of the agency, from office.

This followed “new findings unearthed during a comprehensive investigation into the financial activities of the Rural Electrification Agency,” the State House revealed in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled, ‘President Tinubu suspends Rural Electrification Agency managing director and team from office.’

Aside from Salihijo, the President also suspended the Executive Director, Corporate Services, Olaniyi Netufo; Executive Director, Technical Services, Barka Sajou and Executive Director, Rural Electrification Fund, Sa’adatu Balgore.

Tinubu also ordered a wider investigation into the conduct of the officials in “a fraudulent mis-expenditure amounting to over N1.2bn over the past two years, some of which has already been recovered by anti-graft agencies,” Ngelale revealed.

Consequently, the President appointed a new management team of the Agency who will serve in acting capacity with immediate effect.

They include: Abba Aliyu as Managing Director/CEO, Ayoade Gboyega as Executive Director, Corporate Services, Umar Umar as Executive Director, Technical Services, Doris Uboh as Executive Director, Rural Electrification Fund and Olufemi Akinyelure as Head of Project Management Unit, Nigeria Electrification Project.

The President “expects all appointees in his administration to uphold the highest standards of transparency and accountability in the discharge of their duties and reiterates his determination to elevate the yearnings of Nigerians for good governance and qualitative service delivery above the narrow interests of individuals who are entrusted to provide critical services to the Nigerian people,” the statement concluded.

FG inaugurates Oronsaye report implementation committee

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March 8, 2024

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FG inaugurates Oronsaye report implementation committee

The Federal Government, on Thursday, inaugurated a committee for the implementation of the Oronsaye Report, which majorly recommends the merger of the government’s ministries, departments, and agencies to cut the cost of governance.

The inauguration of the implementation committee followed the announcement by the President Bola Tinubu-led Federal Government on February 28, 2024, that parts of the recommendations in the 12-year-old Oronsaye report would be implemented.

The 800-page report recommended that 263 of the statutory agencies be slashed to 161; 38 agencies be scrapped; 52 be merged and 14 be reverted to departments in various ministries, among others.

A statement on Thursday by the Director of Information, Office of the Secretary General of the Federation, Segun Imohiosen, said the SGF George Akume, inaugurated “the Committee on the Implementation of the Recommendations on the Review of Reports and White Papers on Restructuring and Rationalisation of Federal Government Parastatals, Agencies, and Commissions.”

“The Secretary to the Government of the Federation, while inaugurating the Committee on behalf of President Bola Tinubu stressed that the implementation of the White Papers on the report, which would involve the merger, relocation, subsuming or scrapping of some parastatals, agencies, and commissions is aimed at reducing the cost of governance and streamlining efficiency across the governance value chain,” he said.

Outlining the mandate of the committee, Akume said the committee would “identify redundancies and overlaps or conflicting objectives among the mandates of different organisational units.”

It will also “define strategic objectives to ensure the revised mandates align with the strategic objectives and priorities of the government.”

The committee is to “engage key stakeholders and gather input and feedback on the proposed revisions to the mandates.

“Draft clear, concise, and actionable revised mandates for the organisations involved in the restructuring.

“Ensure the revised mandates comply with all applicable laws, regulations, and policies governing government operations.”

On the committee are the SGF; the Attorney General of the Federation/ Minister of Justice, Lateef Fagbemi (SAN); Minister of Budget and Economic Planning, Abubakar Bagudu; Head of the Civil Service of the Federation, Folasade Yemi-Esan, and the Special Adviser to the President, Policy and Coordination, Usman Bala.

Others are Director-General, Bureau of Public Service Reform, Dasuki Arabi; Senior Special Assistant to the President on National Assembly Matters (Senate), Abdullahi Gumel; Senior Special Assistant to the President on National Assembly (House of Representatives) Ibrahim Olarwewaju; Principal Secretary to the President, Hakeem Okunola and Permanent Secretary, Cabinet Affairs Office, Richard Pheelangwah.

SEC to reduce N190bn unclaimed dividends

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March 8, 2024

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SEC to reduce N190bn unclaimed dividends

As part of efforts to reduce the level of unclaimed dividends by investors in the capital market, the Securities and Exchange Commission said it is intensifying strategies to shrink unclaimed dividends.

The apex regulator saddled with the dual responsibilities of regulating and developing the Nigerian capital market, disclosed this to journalists on Thursday after a three-day investors clinic it held in Yobe State to address complaints from investors in the region.

Head of the SEC Zonal Office, Kano, Mr. Danladi Mohammed, stated that the investor clinic was jointly organised by the Securities and Exchange Commission and the Gombe State Investment and Property Development Company to assist investors with unclaimed dividends and related matters.

Mohammed said the three-day exercise was aimed at creating awareness and enlightenment on e-dividend, dematerialisation of shares certificates, and direct cash settlement payment system, among other initiatives.

It was also to handle inquiries and complaints from shareholders in Yobe State and its environs.

“The initiative is one in a series of programmes, and strategies toward reducing the level of unclaimed dividends which stood at N190bn in August 2023, by creating awareness, particularly in the regions; to make the investing public come forward to take what rightfully belongs to them – This is one of the key objectives of the Capital Market Development Master Plan 2015 to 2025,” he said.

It will be recalled that the Director-General of the Securities and Exchange Commission, Lamido Yuguda, while briefing the members of the House Committee on Capital Market and Institutions on the overview of the capital market and its importance to the Nigerian economy, intimated that the commission had made several efforts in the past and has a lot of strategies and measures in place to tackle the rise in unclaimed dividends.

The Director-General said, “The core mandate of the commission is to regulate and develop the capital market of Nigeria to be on a par with its counterparts in other jurisdictions in all ramifications; and the commission is not resting on its oars to achieving and sustaining that mission. The Commission will embark on a series of investor clinics in 2024 in all the regions of the federation to provide the platforms for investors to reap the benefits of investing in the capital market.”

The commission noted that, at the end of the three-day event, it was able to address the many complaints by investors who attended the clinic which included the request for guidance on E-dividend adoption, change/reconciliation of names, schemes consideration pay-off, verification share certificate, transmission of shares & payment of outstanding dividends and many other issues.

Capital market experts have attributed the rise in unclaimed dividends to either a change in residential address by investors and failure to update records with the registrars or investment companies or not keeping track of personal investments or investments owned by deceased relatives.

Nigeria independent-minded, says Tuggar in Russia

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March 8, 2024

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Nigeria independent-minded, says Tuggar in Russia

Nigeria will prioritise its national interests and will not succumb to external pressure from the West regarding cooperation with Russia, Nigeria’s Foreign Minister Yusuf Tuggar, said.

Tuggar said this in an interview with Sputnik in the course of his three-day working visit to Russia from March 5 to 7.

“You have to understand one thing. Nigeria is not the sort of country that succumbs to pressure.

“We have been single-minded since inception.

“We joined the non-aligned movement since we became independent in 1960.

“We do what we feel is right for us as a country; we are not dictated to by anyone,” Tuggar said.

The minister said Nigeria welcomed alternatives to the SWIFT payment system, including a Russian analogue — the Financial Messaging System of the Bank of Russia.

He gave an assurance that Nigeria could consider using them if they satisfy its national interests.

“This is a very interesting system. It is welcome. You know, the more the merrier, as they say.

“It doesn’t mean that SWIFT is not a good system, but if there are other alternatives, Nigeria would consider (them) … It’s something that we will look at.

“And if it’s in our interest to engage in it, we will, for sure,” the minister said when asked to comment on the creation of SPFS and the possibility of Nigeria joining it.

SWIFT is the world’s main international payment system, exchanging millions of messages a day.

In 2014, after the first wave of Russian sanctions, several countries launched work on developing their payment systems.

The Bank of Russia has created the SPFS system, which ensures uninterrupted transmission of financial messages within and outside the country, while China has launched the Cross-Border Interbank Payment System.