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FG needs $656m to complete Lagos-Ibadan railway – Amaechi

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Minister of Transportation, Rotimi Amaechi has said the Federal Government requires the sum of $656 million to complete work on the Lagos-Ibadan railway project.

Amaechi disclosed this on Friday while defending his ministry’s 2021 budget at the Senate.

He explained that the amount is needed to put the necessary infrastructure in place for the project to serve its intended purpose.

“Some aspects of works involving the construction of upgraded railway station, signalling and telecommunication systems, power supply scheme and the construction of pedestrian and overpass bridges have to be completed,” he said.

“These additional and extra works amounting to $656 million which is to be financed 100 percent by the Federal Government of Nigeria has been approved by the Federal Executive Council for implementation.”

The Minister also told the lawmakers that the construction of the project is 92 percent close to completion.

He however lamented that the work was disrupted following the #EndSARS protests that shook most parts of the country.

Amaechi noted that the Ibadan-Kano railway project also required an injection of $645.3million as advance payment to enable the Federal Government to complete its loan signing agreement with the China Exim Bank.

According to him, the Ministry would commence the reconstruction and rehabilitation of the Port-Harcourt-Maiduguri Eastern Narrow Gauge railways in 2021.

Okonjo-Iweala: WTO postpones meeting to pick new DG

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THE World Trade Organisation has postponed a meeting where members are expected to pick a new Director-General after the United States blocked the favoured candidate, Ngozi Okonjo-Iweala.

The WTO earlier announced that the meeting would hold next week.

But a communication seen by AFP showed that the meeting has been postponed indefinitely.

“It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November,” the head of the selection committee told member states.

“I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations,” he added.

The United States opposed Nigeria’s Ngozi Okonjo-Iweala as the consensus candidate to lead the WTO.

This is despite the Nigeria’s former finance minister’s claim of American citizenship.

The US said it is supporting South Korean trade minister, Yoo Myung-hee, to become the Director-General of the World Trade Organisation because she is a “trade expert”.

However, the European Union and WTO’s ambassadors backed Okonjo-Iweala for the position.

#ENDSARS: CBN gets go-ahead to freeze account of Rinu, 19 others

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The Central Bank of Nigeria has obtained a court order to freeze the bank accounts of Bolatito Rachael Oduala, popularly known as Rinu and 19 others over alleged links to #EndSARS promoters in the country.

The Governor of the apex bank, Godwin Emefiele had on Tuesday, October 20, filed an ex-parte court application to freeze the accounts of 19 individuals and a public affairs company adjudged to be masterminds of the recent nationwide protests against police brutality in Nigeria.

Sixteen days after the application was filed, Justice Ahmed Mohammed of the Federal High Court in Abuja granted the order on Thursday, November 5, 2020.

The banks that were ordered to freeze the accounts of the #EndSARS promoters include; Access Bank, Fidelity, First Bank, GTB, Zenith and UBA.

Below is the full list of individuals whose accounts have been blocked as a result of the court order.

Bolatito Rachael Oduala
Chima David Ibebunjoh
Mary Doose Kpengwa
Gatefield Nigeria Limited
Saadat Temitope Bibi
Bassey Victor Israel
Wisdom Busaosowo Obi
Nicholas Ikhalea Osazele
Ebere Idibie
Akintomide Lanre Yusuf
Uhuo Ezenwanyi Promise
Mosopefoluwa Odeseye
Adegoke Pamilerin Emmanuel
Umoh Grace Ekanem
Babatunde Victor Segun
Mulu Louis Teghenan
Mary Oshifowora
Winifred Akpevweoghene Jacob
Victor Solomon
Idunu A. Williams.

Sanwo-Olu meets with Buhari, presents report on destroyed Lagos facilities

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Lagos State Governor, Babajide Sanwo-Olu, today, met with President Buhari.

The governor was at the Aso Rock Villa to present a report on properties damaged by hoodlums in Lagos.

“President @MBuhari this afternoon met with Governor @jidesanwoolu of Lagos. The Governor presented a report on the extent of the destruction suffered by Lagos State in the aftermath of the ENDSARS protests. #AsoVillaToday,” the Presidency tweeted.

Senior Special Assistant to the Governor on New Media, Gawat Jubril, said, “Governor @jidesanwoolu today, presented the report of the recent coordinated arson in Lagos State to President Buhari at the Presidential Villa, Abuja. In the report were the images of public and private assets destroyed in the violence sparked by the hijack of #EndSARS protest.”

Capital market operators, stakeholders advocate review of new CAMA

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Capital market operators and other stakeholders have called for amendment of some sections of the new Company and Allied Matters Act (CAMA) as a precondition for revival of the Nigerian capital market.

They stated this during the first hybrid  2020 conference of the Chartered Institute of Stockbrokers, CIS in Lagos with the theme, “Navigating through the Storms-Reenergizing the Economy through the Capital Market”.

 

The new CAMA has been under attack by different stakeholders over some of its sections that are anti-investment.

A key speaker at the confab, Mr Asue Ighodalo, Chairman of Sterling Bank Plc, explained that much as the new law contains many sections that would enhance the growth and development of the capital market, there was a need to review some of the sections that could inhibit market growth.

He stated: “Section 142 of the Act provides that a company shall not in any event allot newly issued shares unless they are offered in the first instance to all existing shareholders of the class being issued in proportion as nearly as may be to their existing holdings. The applicability of this provision does not distinguish private and public companies.

“The implementation of this provision will pose significant problems for public companies seeking to raise capital by the issuance of new shares. In undertaking such capital raising transactions, public companies would not be able to make public offers or undertake private placements without first making an offer to all their shareholders.

“This amendment has raised concern amongst operators, corporates and investors, and is a significant deviation from the provision of the repealed Act which only specified pre-emptive rights for private companies.”

In his welcome address, the President, CIS, Mr Olatunde Amolegbe, explained that finding solutions to Nigeria’s economic problems was at the heart of this year’s conference objective.

Amolegbe noted that Nigerian stockbrokers had skills and competencies that positioned them to assist the government in providing solution to funding infrastructure deficit.

Read also: #EndSARS: El-Rufai ‘Sad’ Over Destruction In Lagos, Pledges Support

Breaking: Secret Service Steps Up Protection for Biden

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The United States Secret Service is stepping up protection of Joe Biden in anticipation of him declaring victory.

Joe Biden has inched to victory following polls results where he is leading President Donald Trump in a close to call votes counted so far.

Speaker, Nancy Pelosi, refers to Biden as ‘President-Elect’

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HOUSE Speaker Nancy Pelosi has said in a press conference that she believes it is clear that the Democrat Presidential candidate Joe Biden will be the next President, referring to him in her speech as “President-Elect.”

The speaker,  today, in a televised briefing, also said she looks forward to progress for the people, noting that Biden will be a unifying President for all Americans, and has called on people to be patient.

She added that the Democrats would bring forward a new Coronavirus Bill while waiting for the new administration to take over.

Biden’s victory will attract $700b to Nigeria, other emerging markets – Experts

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A WIN for former United States (U.S.) Vice President Democratic Party presidential candidate Joe Biden will attract $700 billion investments to Nigeria and other emerging markets, Renaissance Capital (RenCap) analysts have predicted.

RenCap Chief Economist Charles Robertson said a Biden victory will, in the long run, shift trillions of dollars to Nigeria and other emerging markets.

In a report to investors titled: “Biden’s victory, trillions into EM and lockdown” released on Thursday, Robertson explained that if that happens, many people will wonder why this election race was tight.

The expert at the global investment and research firm said he expects Biden to clinch victory this evening (London time) with Nevada due to give him six Electoral College votes after 5pm London time.

On the outlook for Nigeria and other emerging markets, he argued that U.S.

President, Donald Trump’s possible defeat is good for emerging markets. He said global investors will start re-allocating cash to emerging markets in a big way.

He disclosed that already, Blackrock’s head of fixed income, who is responsible for $2.6 trillion of that firm’s $7.8 trillion in assets (Africa’s Gross Domestic Product is $2 trillion to put this into perspective), said they will invest more in merging market.

“The stock of Africa’s Eurobonds only topped $100 billion in 2018, and even if it is only Blackrock’s actively managed part of the business more like $2 trillion in all asset classes (perhaps $700 billion in fixed income), that starts to shift to Emerging Markets this could be very helpful.

“Our base case is that Foreign Direct Investment will stop being a net positive for the US due to Trump’s defeat, and portfolio flows will also go to EM, and together, these will drive the $ gradually weaker in coming years,” he said.

Robertson said this becomes a self-reinforcing cycle of emerging market forex appreciation giving good returns to dollar investors, which in turn attracts more money to emerging market and in turn pushes emerging market forex stronger.

Robertson said this becomes a self-reinforcing cycle of emerging market forex appreciation giving good returns to dollar investors, which in turn attracts more money to emerging market and in turn pushes emerging market forex stronger.

He predicted: “Georgia is also looking like another Democrat victory (Biden is 23,000 votes behind with two per cent of the vote, about 100,000, still to be done and they have been flowing his way).

“This gives Biden 270 electoral college votes with Nevada, which is what he needs to win and 286 if he does get Georgia. With Pennsylvania votes counted yesterday – and Democrats expecting a big win from remaining mail-in votes, Biden might well end up with 309 Electoral College votes to 229 for Trump (who is likely to win North Carolina).”

Robertson explained that if that happens, many people will wonder why this election race was tight.

He explained that talk of recounts in Wisconsin have been dismissed by a former Republican governor Scott Walker as having no chance of changing the results – previous recounts have changed voting tallies by a max 300 votes but Biden is 20,000 ahead.

Robertson said that even if challenges in any states get to Supreme Court, the suspicion was that Trump will find that his appointees do not owe him a personal favour to come down on this side.

“They will instead do what is institutionally correct. It would be surprising if there were so many successful challenges that Trump could keep the presidency. So, our base conclusion from May that Trump would lose because that’s what always happens to incumbents in a recession year, will come good,” he said.

(Credit: Analysts)
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US election: Two arrested as counting continues in Pennsylvania
US police have detained two men outside a Philadelphia polling station in Pennsylvania, a battleground state yet to declare a winner in the presidential election, local media reported Friday.
Ballot counting continues in four crucial states days after Tuesday’s vote, with Democrat Joe Biden still confident of capturing the presidency from incumbent Donald Trump.
Trump, narrowly ahead in Pennsylvania, has made unsubstantiated claims about vote rigging in these key states.
Shortly after 10 pm (0300 GMT) two men were detained outside the Philadelphia Convention Centre where vote counting is ongoing, according to the Philadephia Inquirer.
The local newspaper said the men were detained following a tip-off, first reported by 6ABC Action News Thursday night, that an armed group were heading to the center.
No injuries have been reported.The hugely contentious US election has come down to four states — Pennsylvania, Arizona, Georgia and Nevada — deciding the victor.
Since Election Day the president has fired off tweets calling for ballot counting to be stopped, and contended without proof there has been voter fraud.
But his tweets have been masked with notices telling people the claims are misleading.
On Thursday Facebook shut down pro-Trump group “Stop the Steal” that was organizing protests against vote-counting.
Philadelphia police did not immediately respond to AFP’s request for comment.
(Credit:AFP)

Zulum praises military over return of peace to Borno

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Governor of Borno State, Babagana Zulum, has praised the military for the return of peace to Borno State and other parts of the northeast.

The governor made this known during an interactive session with journalists.

“I am glad to inform Nigerians that there is gradual return of peace to the North-east region particularly in Borno State,” he said. 

“We have received tremendous support from the Nigerian military, from the paramilitary, ministry of finance, Humanitarian Affairs and its agencies especially NEMA, North East Development Commission and others.

”The gradually return of people to their respective localities is a symbol of peace, so far so good we are doing well, we need continuous support from the Nigerian military, we need sustainable support to ensure that this madness is brought to an end.”

Read full interview below:

What exactly will it take to end what you call “this madness”?

The kenetic measures will not solve the ensure problem, there must be some certain political solutions. Among the political solutions are the issues of supporting the Nigerian youths… with a means to earning their livelihood. As I have earlier said before, there is need for us to address the root causes of the problem. One of the greatest root cause of the insurgency is poverty. So government at all levels job opportunities to the youths, enabling environment for the poor to have access to their farmlands. That is what I have been advocating for since I assumed the mantle of leadership as governor of Borneo State. We want to ensure people return to their communities, people have access to their farmlands, their livestock farms, aquaculture farms. I think this is the only solution, military solution alone will never solve the problem.

Question: why are you so optimistic about resettlement?

This is very important as you have said. One of the condition for returning is to ensure adequate security in the localities. Government has engaged the Nigerian military with a view to determining situation at the various locations that we have provided for resettlement and they have written to us to say that we are good to go. But the most important thing is that while the federal, state governments are doing their modest best to relocate the people to their communities, the most important thing is how can we engage them all the time. And that is why we are partnering with the federal ministry of humanitarian affairs, north east development commission and also the CBN is doing well in ensuring that the farmers are being supported with agricultural inputs, fertilizers and others, so that they can engage in their means of livelihood. But by and large, the federal government has supporting the state and we remain eternally grateful. When we compare and contrast the situation then and now, I think we shall soon reach the promised land.

What was the president’s response and what’s your reaction to ENDSARS protests and panels that have been set up?

The issue of transparency, good governance are very important. Whatever we are doing in Borneo State, we are ensuring that the entire public are well involved. Fortunately, Borno State received the palliatives early enough and within two weeks of receiving them we had distributed to the deserving ones.

On the issue of ENDSARS, I am calling on all Nigerians especially the youths to be very careful. The whole Boko Haram saga started as a result of the protest by some youths in Maiduguri against the use of helmet by motorcycle riders, you have seen the situation now. Over one million people have been displaced and the most affected population are the vulnerable, the youths. Some of those that led the protests have left Borno State, they are either staying in Abuja or Lagos or abroad. we have to be very careful.

So in Borno State, the entire situation did not take such dimension as that of Lagos because we told them to sit down and examine the situation and recall the past when the situation was so bad. Now, there is emerging peace in Borno State and we don’t want anybody to disrupt the peace. The youths are with us, we are taking very good care of them, palliatives we are distributed to them as at when due, we are giving them some certain financial support and I think the best way every Nigerian should seek for his/her right is through legitimate means, otherwise we are not going anywhere. Peace is very important.

How many IDPs have you successfully resettled?

Within the last one year, we have return 100,000 IDPs to their ancestral homes. The President was happy and has given his commitment to support the entire north eastern region and in particular the government of Borno state in ensuring permanent peace to reign in the region. Most importantly we must comment his efforts. Let me also use this opportunity to condemn police brutality in other parts of the nation, the killings at Lekki Tollgate. But I must also condemn the excesses of some of our Nigerian youths in taking the laws into their hands by destroying some of our infrastructures in attempt to support the legitimate demands of ENDSARS protesters.

Covid-19 Alliance, crisis merchants escalated EndSARS protests to chaos – Centre

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…says Nigerian Army not to blame for Lekki shooting

A special report by the Centre for Human Rights and Crisis Management (CHRCM) has blamed Femi Falana-led Alliance on Surviving COVID-19 and Beyond for the escalation of violence in the aftermath of the shooting at Lekki toll gate in Lagos State.

In the report signed by its special rapporteur, Dr Thomas Uzah, on Friday, the centre exonerated the Nigerian Army of any wrongdoing at Lekki or anywhere else in Nigeria.

The centre said it came to this conclusion after a detailed investigation and analysis of the chain of events that eventually led to the breakdown of law and order in Lagos and other parts of the country.

Among others, the report said Falana mobilised social media influencers to project the government as insensitive to the demands of the youths; mustered logistics for street protest and rallied celebrities through his musician son, Folarin Falana (Falz) to discredit the government’s efforts towards reforming the Police.

The report noted that fake news in the form of press statements and social media trends were deployed by Falana and his group to ensure that the protests gathered momentum despite the government’s assurances.

As part of its recommendations, the centre, however, called on relevant authorities to identify those individuals and groups that incited the people into resorting to acts of violence.

It also suggested that Falana should appear before an investigative panel of inquiry to give an account of the activities of the Alliance on Surviving COVID-19 and Beyond.

Read full report below:

Introduction:
There has recently been an astronomical level of violence across the country, especially in Lagos state; from looting and destruction of public and private properties to social amenities and business concerns.

This indeed necessitated the imposition of a 24-hour curfew by the Lagos state government in a bid to bring the conflict in the state to a halt. Consequently, the Centre for Human Rights and Crisis Management commissioned a special rapporteur to investigate the immediate cause of the escalation of violence in Lagos and other parts of the country.

The report looked extensively on the various conspiracy theories at play and indeed separated the facts from the falsehoods, as well as those individuals and groups whose actions and inactions were responsible for the escalation of violence.

The issues:

The peaceful protest by the youths demanding for the reform of the Nigerian Police Force was ostensibly hijacked by some thugs and hoodlums that went on rampage looting, maiming and killing innocent persons going about their normal businesses.

The crisis was further escalated by the activities of fake news merchants that utilized the social media space in propagating fibs that eventually heated the polity to boiling point.

It was also observed that the protest was hijacked from the moment the protesters refused to leave the streets even after the government had agreed to their five demands and initiated moves for dialogue, which was turned down and instead police formations and units became subject of attack, leading to deaths and injuries.

It was also observed that some individuals and organizations were discreetly propelling the youths to remain on the streets in defiance of the peace overtures made by the government at the federal and state levels.

Indeed groups such as The Alliance on Surviving COVID-19 and Beyond, led by Femi Falana (SAN) prominently heated the polity in several ways that include but not limited to; mobilizing social media influencers to project the government as insensitive to the demands of the youths; mobilizing logistics for street protest; mobilizing celebrities through his musician son, Folarin Falana (Falz) to discredit the efforts of government towards reforming the Nigerian Police Force as well as a host of other despicable acts that includes inciting press statements and communique.

The Facts:

The Centre for Human Rights and Crisis Management after a detailed investigation and analysis of the chain of events that eventually led to the breakdown of law and order in Lagos and other parts of the country identified that proponents of fake news indeed had a field day in ensuring that the protests gathered momentum.

The government of Nigeria as a matter of urgency and in response to the demands made by the youths directed the Inspector General of Police to disband the Special Anti-Robbery Squad (SARS) and begin the process of evaluating the mental and psychological state of operatives of the disbanded outfit, and consequently the training and retraining of these operatives before redeployment to other police units and formations.

The various state governments also instituted a judicial panel of inquiry to investigate cases of human rights violations by the Nigerian Police and the recommendation of appropriate sanctions to erring officers.

The various law enforcement agents deployed to maintain law and order utilized minimal force and only in extreme cases of excessive looting of public and private concerns and arson that force was exerted to restore law and order.

The Nigerian Army indeed rose to the occasion as the personnel deployed to various hotspots was able to restore law and order without the use of force as multiple pieces of evidence indicates that troops utilized persuasion skills rather than force as erroneously reported in the social media space and other traditional media news mediums.

The Lies:

It remains incomprehensible how a segment of the population would elect to spread outright falsehood in the country to encourage crime and criminality at the detriment of peace and unity.

The Lekki TollGate incident was one of the means that was latched on to escalate violence in Lagos state and other parts of the country. The Centre for Human Rights and Crisis Management in its analysis of events indeed identified the ignoble role played by organizations such as The Alliance on Surviving COVID-19 and Beyond, led by Femi Falana.

The organization indeed issued statements that were provoking and inciting, wherein it alleged that the government was not responding to the demands of the youths and that it was business as usual in the operations of the disbanded SARS unit.

The Alliance on Surviving COVID-19 and Beyond did instigate the protesters through statements credited to it on the pages of newspapers and other news dissemination channels. It was also observed that the organization had formed a strategic alliance with Sahara Reporters to indiscriminately disseminate information that is inaccurate and to heat the polity and discredit the efforts of government towards the restoration of law and order in the country.

The Alliance on Surviving COVID-19 also made several attempts at painting a picture of plans by the government through the Nigerian Army to kill protesters on the street, which indirectly charged the already tensed atmosphere.

Conclusion:

The Centre for Human Rights and Crisis Management as a result of this investigation concludes that indeed the immediate cause of the escalation of violence in Lagos state and other parts of the country were are a result of incitements by individuals and organizations. The Alliance on Surviving COVID-19 and Beyond, as led by Femi Falana was notorious in this regard with the multiple press statements and releases that were either mischievously or intentionally placed in the media in a manner that suggests ulterior motives.

It must also be noted that the government lost the narrative when it failed to realize that the peaceful protest was being hijacked by some forces when mobs began to target police units and formations, as well as policemen and women on duty.

Recommendations:

The Centre for Human Rights and Crisis Management as a result of the findings in this report makes the following recommendations:

That the government must identify those individuals and groups that incited the people into resorting to acts of violence

That the Femi Falana led Alliance on Surviving COVID-19 and Beyond should be held liable for the escalation of violence in the country and for leading an uprising against the country and plunging the nation into a crisis of unimaginable proportion.

That Femi Falana should appear before an investigative panel of inquiry to give an account of the activities of the Alliance on Surviving COVID-19 and Beyond.

That the government should trace the transactions of the Alliance on Surviving COVID-19 and Beyond in the past one month towards ascertaining the level of complicity in the funding of the street protests across the country.

That the security agencies must begin the process of mopping up small and light weapons in circulation in parts of the country.