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Oyebanji, Osun APC support Tinubu to perform

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On Monday, members of the All Progressives Congress in significant towns located throughout the state of Osun organised get-togethers in order to celebrate the inauguration of Bola Tinubu as the new President.

Our correspondent in Ila, Iragbiji, Ikire, Iwo, Osogbo, and Ife conducted some checks, and the results showed that members of the APC gathered at predetermined locations to watch Tinubu’s swearing-in ceremony on television, and then they held the celebration afterward.

Tinubu’s birthday was celebrated by party members who gathered at the home of Chief Bisi Akande, a former interim national chairman of the All Progressives Congress (APC), in Ila.

Members of the APC were also seen engaging in celebratory partying in Iragbiji, which is the town in which Adegboyega Oyetola served as governor of the state before his most recent term ending.

A large number of party members were also present at the secretariat of the APC state party in Osogbo, which was located in Osogbo. There, they were entertained by a band.

Adegboyega Adelabu, who served as the Special Adviser, Youth and Sports to the former governor, Oyetola, told The PUNCH in Osogbo at the APC state secretariat that celebrations of Tinubu’s inaguration took place across the nine federal constituencies in the state. Adelabu spoke with The PUNCH at the APC state secretariat.

He stated that this is happening in each of Osun State’s nine federal constituencies at the present time. While we are in the midst of the festivities here in Osogbo, this occasion is also being observed in the surrounding federal constituencies of Ede, Iwo, Ikire, Ife, Ilesa, Ijebu-ijesa, Ila, and Ikirun.

“Today is a joyous occasion as we celebrate the birth of the All Progressives Congress. “I’m sure you’ll agree with me that this will be the first time in this country’s history that a staunch progressive will hold the office of president,” he said.

On the other hand, the Governor of Ekiti State, Mr. Biodun Oyebanji, extended his congratulations to Asiwaju Bola Tinubu on the accomplishment of his successful inauguration.

In a statement issued by Oyebanji’s Special Adviser on Media, Yinka Oyebode, Oyebanji referred to the newly elected President as “a seasoned administrator and strategist who has the wealth of experience to turn the fortunes of Nigeria around positively, making use of abundant human and material resources.” Oyebanji made this remark in response to a question about the new President’s qualifications.

The governor made the following statement: “With President Tinubu in the driving seat, Nigeria is in safe hands for sustainable development, economic revival, sustenance of infrastructure renewal, reduction of poverty, wealth creation, and job creation, as well as fulfilment of electoral promises made in the lead up to the presidential election.”

Additionally, a sociopolitical organisation based in the South-South known as the Niger Delta Youth Council congratulated Tinubu on the success of his inauguration and urged him to “focus on infrastructure development, so as to cast his name in gold” and “prioritise the proper development of the Niger Delta region.”

Day after inauguration, stock market hits N1.51trn

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Following President Bola Tinubu’s inauguration, investors’ confidence helped the Nigerian Exchange’s equity market start trading for the week on a positive note.

In his inaugural address on Monday, Tinubu noted that the previous administration had failed to include fuel subsidies in the 2023 budget and that, as part of his plans to strengthen the Nigerian economy, he would ensure a single exchange rate.

To be more precise, the market capitalization increased by N1.505 trillion (5.22%), or N30.349 trillion, from the N28.844 trillion posted on Friday.

Additionally, the All-Share Index increased by 2,764.47 points, or 5.22 percent, to finish at 55,738.35, up from the 52,973.88 points registered in the previous trading.

As a result, the Year-to-Date gain slowed to 8.76%.

The market’s strong performance was driven by index heavyweights MTN Nigeria, Dangote Cement, and BUA Cement, as well as gains in Tier-one banking stocks like Guaranty Trust Holding Company, Access Holdings, United Bank for Africa, and Zenith Bank.

The most actively traded company was Access Holdings, which had 199.62 million Transcorp shares valued at N2.45 billion.

Zenith Bank traded 66.13 million shares worth N1.92 billion, followed by GTCO with 76.38 million shares worth N2.18 billion.

Transcorp traded 95.68 million shares worth N309.24 million, while UBA traded 81.99 million shares worth N831.47 million.

The market reacted favourably to President Tinubu’s inauguration speech and his suggested plans for the nation’s economy, according to analysts at Vetiva Securities Ltd.

Investors reacted favourably to the most recent transfer of power to the new administration, and it is anticipated that this positive sentiment will continue in the upcoming session.

With 54 advancing stocks outnumbering four declining ones, market breadth closed positive at.

The largest price increase, 10%, was recorded by Zenith Bank, which closed at N29.70 per share.

Following with 10% gains each, Transcorp Hotels and Nigeria Breweries closed at N8.25 and N42.35 per share, respectively.

First City Monument Bank and Jaiz Bank both increased by 10% to close at N1.10 and N4.62 per share, respectively.

Ikeja Hotel, on the other hand, led the losers’ chart with a 10% loss to close at N2.16, per share.

Tantalizer fell by 8% to close at 23k per share, and NCR followed with a 9.88% decline to close at N2.76.

Following Julius Barger, which saw a decline of 7.94% to close at N29, and International Energy Insurance, which saw a decline of 6.98% to close at N1.20 per share.

According to an analysis of today’s market activity, trade turnover settled higher than it had the previous session, with the value of transactions rising by 106.07%.

In total, 9,916 transactions involved 1.08 billion shares worth N15.80 billion. NAN

Residents complain as petrol costs N700 in Anambra

In some areas of Anambra State on Tuesday, the cost of Premium Motor Spirit, also known as petrol, reached as high as N700 per litre as residents resorted to panic buying.

This occurs after President Bola Tinubu announced on Monday during his inauguration that subsidies would be eliminated.

The few stations that did sell the product reported long lines, with some of them selling for between N250 and N350 per litre prior to the announcement of the subsidy removal. This was despite the fact that most filling stations in the metropolis had closed their doors since Friday in anticipation of the new price regime.

However, due to the Indigenous People of Biafra’s declaration of a sit-at-home on May 30 to observe Biafra Day, petrol stations in Onitsha, Nnewi, Ekwulobia, and some areas of Awka remained closed.

Some of the few residents who disobeyed the sit-at-home order resorted to panic buying, spending between N500 and N700 on the product from black market vendors.

Additionally, the few tricycle drivers who refused to follow the sit-at-home rule increased their prices by up to 100%, making previously N100-per-mile trips into N200-per-mile ones.

According to Mama Chisom, the owner of a restaurant in Onitsha, “Since the announcement of the subsidy removal, filling stations have stopped dispensing fuel so that they can adjust their prices in line with the new market price.

“Today, I purchased the item from the black market for N700 per litre in order to power my business’ generator. As there are no petrol stations selling, the black marketers who had the product stored raised their prices. This is dreadful. By the time routine activities resume after the stay-at-home day, we don’t know what tomorrow will be like.

Kenechukwu Okonkwo, a commercial driver, claimed that the majority of petrol stations had stopped dispensing products since Friday in anticipation of the upcoming announcement regarding the removal of subsidies.

Since Friday, it has been challenging to obtain the product. Sit-at-home days were on Monday and Tuesday. By the time full activities pick back up, we have no idea how tomorrow will look. More adversity than what we already endure is not what we want.

The fuel was being sold for N500 at a few filling stations that started dispensing it later on Tuesday evening because they had adjusted their pump prices, according to our correspondent.

Two petrol stations, Altrac Filling Station and Hanaco, changed their metres to read N500 per litre as of 7:32 p.m. on Tuesday, despite the fact that few customers were swarming the locations to purchase the product.

Witness presents US verdict on Tinubu’s $460,000 forfeiture

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In the ongoing lawsuit between its candidate, Peter Obi, and the president and leader of the All Progressives Congress, Bola Tinubu, the Labour Party on Tuesday called its first witness.

Jibrin Okutepa, the legal representative for the LP and Obi, claimed that documents one through four as well as the receipts offered are the ones where Kashim Shettima, the vice president, accepted the APC’s nomination to run for vice president.

Lawyer Lawrence Nwakaeti, the witness, revealed that he was sworn in on March 20, 2023, according to the witness statement.

Nwakaeti’s deposition included documents that included information about the alleged $460,000 forfeiture by Tinubu to the US government.

The LP and Obi are asking the court to overturn Tinubu’s victory on a number of grounds, including the fact that the president “at the time of the election was not qualified to contest for election to the office of President as he was fined the sum of $460,000 for an offence involving dishonesty, namely narcotics trafficking imposed by the United States District Court, Northern District of Illinois, Eastern Division, in Case No: 93C 4483.”

During the cross-examination, the witness acknowledged that the judgement was not registered in Nigeria while responding to questions.

He also acknowledged that the judgement was not supported by a certificate from a Nigerian or American consulate.

On the other hand, he insisted that “the judgement speaks for itself.”

“As a lawyer, you are aware that these documents are not registered in Nigeria and there is no certificate attached to the document from the US?” inquired Lateef Fagbemi, SAN, the APC’s attorney. Lawrence responded by saying there are certificates.

Is a certificate from the US consulate present?

“No certificate from the consular,” Nwakaeti answered.

Additionally, he claimed to be unaware of a legal attaché’s formal clearance report from the American Embassy dated February 4, 2003, regarding the purported indictment and forfeiture.

The witness refused to provide a copy of the charges against Tinubu when Fagbemi, SAN, asked him to do so, but he insisted that the forfeiture was the result of civil proceedings.

“You are aware that all of the proceedings were civil proceedings?”

“Civil forfeiture proceedings,” the witness said.

Justice Haruna Simon Tsammani, the court’s presiding justice, has postponed further hearing on the petition until May 31.

Release Nnamdi Kanu, MASSOB implores Tinubu on Biafra Day

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Nnamdi Kanu, the detained leader of the Indigenous People of Biafra, has been imprisoned by the Department of State Services. The Movement for the Actualization of the Sovereign State of Biafra has begged President Bola Tinubu to free him.

During a celebration of the 56th anniversary of Biafra on Tuesday, May 30, 2023, MASSOB leader Uchenna Madu made the appeal in a statement.

“Today, we remembered, celebrated, and commemorated the sacrifices our valiant Biafra soldiers made for our freedom,” the statement said. MASSOB recalled the suffering, agony, starvation, subjections, hunger, mesmerization, and tremendous costs that our ancestors—fathers, mothers, brothers, and sisters—paid for the freedom of Biafra.

We will continue to remember them because they inspire and rekindle our unwavering and unwavering zeal and commitment to the self-determination of Biafra every time they suffer.

“The non-violent approach is the cornerstone of the new struggle for Biafra’s restoration and self-determination, which is led by MASSOB and others.

In remembrance of the brutalities, persecutions, mesmerization, traumatic torture, extrajudicial killings, afflictions, imprisonment, and traumatic deaths at the hands of Nigerian security agents, MASSOB members are in a sombre state of reflection today across the globe.

“The more political detention the freedom fighters endure, the harder they become, and the more uncontrollable their supporters become.

“MASSOB demands that the new president of Nigeria, Bola Tinubu, who has previously stated that he does not believe in Nigeria, release Mazi Nnamdi Kanu, the leader of IPOB.

“MASSOB thanks the people of Biafra for their gracious observance of today’s Biafra Day anniversary celebration,” it says.

El-Rufai: “My successor inherits N80bn and $577mn in debt.”

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Nasir El-Rufai, the recently-retired governor of Kaduna State, stated on Monday that he left the state in a better state than when he arrived in 2015 because he started legacy projects that gave the people more power.

El-Rufai stated he left N5 billion and $2.05 million in the state coffers.

He did, however, reveal that he also left the new administration with a domestic debt of N80.60 billion and a foreign debt of $577.32 million.

“The Federal Government owes Kaduna State approximately N41 billion in reimbursements for infrastructure and security expenditures, which will be paid to the state in due course.

This excludes the sums owed to the state as a portion of the total stamp duty receipts, which are expected to total more than N100 billion and which the incoming administration will undoubtedly receive before the end of this year.

“I am therefore optimistic that the incoming government will, in due course, be in a position to settle all inherited liabilities, complete ongoing projects, and initiate new ones by the Grace of God,” said El-Rufai.

In the meantime, Senator Uba Sani was sworn in as the new governor of Kaduna State on Monday. He promised that his administration would serve all residents of the state, regardless of their political, racial, or religious affiliation.

In his inaugural speech, the governor renamed the well-known “Rabah Road,” where the late Sardauna of Sokoto and Premier of the defunct Northern Nigeria, Sir Ahmadu Bello, lived, as “Nasir El-Rufai Road,” shortly after being sworn in at the Murtala Square in Kaduna with his deputy, Dr. Hadiza Balarabe.

The governor stated that he took office as the state’s new leader “well prepared, very determined, and imbued with a clear vision for the continued progress” for the state in a prepared speech titled “Hope renewed; consolidation assured.”

Inclusion, fairness, justice, and equity would serve as the guiding principles of his administration, he added.

He added that the settler/indigene dichotomy would disappear in Kaduna State while he was governor because “we are all citizens of Kaduna State with equal rights, privileges, and responsibilities.”

“My government will be the government of all,” the governor declared. I owe you something, regardless of whether you supported me in the election. I’ll treat everyone fairly.

He counselled his successor to put together a capable team to assist him in efficiently managing the affairs of the state.

Abuja Business Chamber congratulates Tinubu

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Dr. Al-Mujtaba Abubakar, the president of the Abuja Chamber of Commerce and Industry (ACCI), extends his congratulations to Bola Ahmad Tinubu, who was sworn in as the Federal Republic of Nigeria’s 17th president today.

President Muhammadu Buhari, who served as president of Nigeria for two terms, was succeeded by President Tinubu of the All Progressives Congress (APC), a two-time governor of Lagos State.

Dr. Abubakar, who congratulates President Tinubu on behalf of the Executive Council and the ACCI members, said that there are a lot of expectations for the president and prayed that God would give him the strength to accomplish everything he outlined in his inaugural address.

With the wealth of business and political experience President Tinubu has so far, he claimed, “we believe that Nigeria will experience a new turn.”

Nigeria is waiting to see how the new administration will approach important economic issues, security concerns, and employment issues, among others.

In his inaugural address, he declared that “security shall be the top priority of our administration because prosperity and justice cannot prevail in an environment of insecurity and violence.We will update both the architecture and our security doctrine in order to address this threat effectively.

Regarding the economy, “we aim to increase GDP growth and significantly lower unemployment. The following actions are what we plan to take to achieve this: First, there will be a budgetary reform that stimulates the economy without causing inflation. Second, industrial policy will make use of all available fiscal tools to support domestic manufacturing and reduce reliance on imports. Third, both homes and businesses will be able to access and afford electricity. Networks for transmission and distribution should be improved, and power generation should nearly double. States will be urged to create local sources as well.

He added that his administration must give our youth worthwhile opportunities.

According to Dr. Abubakar, as a chamber of commerce and industry, we anticipate favourable policies that will benefit the business community and make a significant contribution to the growth of the economy.

“We do hope that this administration will honour its commitments to security, employment, infrastructure provision, and other orders.”

We once more extend our congratulations to President Bola Ahmad Tinubu, the Federal Republic of Nigeria’s 16th president, and Kashim Shettima, Tinubu’s running mate.

 

Akeredolu tells Tinubu to populate his cabinet with individuals who demonstrate their ability to perform their duties effectively

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Akeredolu, who is the Chairman of the South West Governor’s Forum, tasked Tinubu on the necessity of focusing on socio-economic programmes for the emancipation of Nigerians. Akeredolu is also the Governor of Ondo State in Nigeria.

It was reported that Akeredolu provided the recommendation on Monday, in his congratulatory message to Asiwaju Bola Ahmed Tinubu, GCFR: Stepping into History.

He complimented Tinubu on his resiliency, equanimity, doggedness, and extraordinary tenacity to achieve the goals that were set before his administration.

In addition, the governor extended his congratulations to Vice President Kashim Shettima on his selection to serve as a member of the team “who will steer the affairs of the country for the next four years.”

Read Also: How we marketed Tinubu to Nigerian voters – Onanuga

He stated that “We need to admonish ourselves on the need to remain focused on the need to remain focused on the socio-economic programmes for the emancipation of our people.”

“Now is not the time to gloat about the electoral victories that were recorded in the most recent general elections,” the speaker said. This is most certainly not the time of year for making amends.

“The rhetoric, which conveys the divisive nuance of “we against them,” ought to have stopped once the winners were declared by the electoral body, INEC. This would have been the appropriate time to do so.

“Now is the time for all of the new leaders to abandon all of the tendencies that foster and deepen cleavages of various hues,” she said. “This is the moment.” It is imperative that all hands be brought to the deck.

“The undertaking that lies ahead is so massive that it justifies paying attention to frivolities that have the potential to distract the new administration.”

According to Akeredolu, the first thing the new administration needs to do is to assist in the birthing of a new constitutional order that takes into account the principles of federalism in a keen manner.

The governor continued by stating that it is the President’s responsibility to ensure that all of those individuals who are intent on pitting Nigerians against one another “are neutralised.”

He went on to say that “the pattern and the depth of the deliberative governance designed to achieve development will be determined, in large part, by the success recorded at fixing the basic defects in the 1999 constitution, as amended.”

“Every existential problem will be dealt with in a practical manner. It is our responsibility to urge the new government to proceed along this moral course of action.

“The new way of thinking should anticipate active participation by the constituent units of the federation as coordinate partners in the generation of revenue and the protection of the lives and property of the citizenry,”

“There is not the slightest shadow of a doubt in my mind that the president is prepared to deliver on this responsibility of rectitude. His track record of public service in the state of Lagos removes all reasonable grounds for scepticism regarding his capacity to effectually change things for the better.

Read Also: Davido explains why he gave his performance at Alex Otti’s inauguration away for free

“The federal government should anticipate robust engagements from the government and people of Ondo state, who expressed confidence in the new leadership by providing the president with an overwhelming amount of support during the most recent presidential election.

“On behalf of the government and the people of Ondo state, I would like to join other party leaders and members in congratulating Senator Bola Ahmed Tinubu, GCFR, on the successful take-over of the mantle of leadership,”

Davido explains why he gave his performance at Alex Otti’s inauguration away for free

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David Adeleke, better known by his stage name Davido, is a Nigerian Afrobeat star who recently revealed why he gave his performance at the inauguration celebration of Alex Otti as governor of Abia State away free of charge.
You may remember that after Otti and his deputy, Ikechuckwu Emetu, were sworn in by the Chief Judge of Abia State, Justice Lillian Abai, Davido performed for an audience in Umuahia that was packed to the gills with people, playing some of his most popular songs.

The singer’s action had, on the other hand, prompted his fans to pry, asking him why he decided to give a free show to the Abians despite the fact that he is an A-list artist. Before going on stage to perform, there was some speculation that he had been given sufficient funds to cover the cost of the show.

Read Also: How we marketed Tinubu to Nigerian voters – Onanuga

David Adeleke, better known by his stage name Davido, is a Nigerian Afrobeat star who recently revealed why he gave his performance at the inauguration celebration of Alex Otti as governor of Abia State away free of charge.

You may remember that after Otti and his deputy, Ikechuckwu Emetu, were sworn in by the Chief Judge of Abia State, Justice Lillian Abai, Davido performed for an audience in Umuahia that was packed to the gills with people, playing some of his most popular songs.

The singer’s action had, on the other hand, prompted his fans to pry, asking him why he decided to give a free show to the Abians despite the fact that he is an A-list artist. Before going on stage to perform, there was some speculation that he had been given sufficient funds to cover the cost of the show.

In response to the reports, Davido stated on his Twitter account that he had known the governor of Abia all of his life and is confident that he will act in the best interests of the state’s population.

Read Also: NNPCL supports removal of fuel subsidy, promises to sustain product availability

He also mentioned that he did not receive any payment for his performance.

The following is what his tweet says: “Not a dime. Since I have known His Excellency throughout my entire life, I am confident that he will serve the people of Abia state well.

NNPCL supports removal of fuel subsidy, promises to sustain product availability

The Nigerian National Petroleum Company Limited (NNPCL) has expressed its satisfaction with the decision made by the Federal Government to eliminate the subsidy on Premium Motor Spirit (PMS), which is also known as petrol.

On Monday, President Bola Tinubu announced the elimination of fuel subsidies as the first policy directive issued under his administration.
During his first speech as President of Nigeria, he revealed this information to the audience.

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In light of the diminishing availability of resources, he maintains that subsidies can no longer be used to rationalize the ever-increasing costs they incur.
Following an urgent meeting in Abuja, Mallam Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Limited, stated that the removal of the subsidy, which had been a burden on NNPCL cash flow, will free up funds to enable optimal operations within the company. The subsidy had been a burden on NNPCL cash flow.
In response to the fuel shortage that had already begun to be felt almost immediately after the presidential pronouncement, Kyari gave the Nigerian people his assurance that there would be a sufficient supply of the product.

He also mentioned that the NNPCL was keeping a close eye on all of its distribution networks to guarantee that they were in compliance.