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NIN project made N8.6bn forex gains in 2023

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NIN project made N8.6bn forex gains in 2023

The devaluation of Nigeria’s naira led to a foreign exchange gain of N8.6bn for the Nigeria Identification for Development project, according to the World Bank’s recently released 2023 audited financial statement.

An e-copy of the 21-page document was obtained by The According on Tuesday.

The ID4D project, launched in 2020 with a $430m budget, seeks to register all Nigerians in the National Identification Number system.

Backed by the International Development Association, French Development Agency, and European Investment Bank, the initiative has received funds in multiple installments since December 2021, with additional disbursements pending.

The financial report stated that euro and dollar-denominated accounts, managed by the Central Bank of Nigeria and NIMC, received funds from international financiers.

The document stated that the NIMC and CBN received $2.538m and €3.03m respectively during the period ending December 31, 2023.

These accounts facilitated the implementation of project activities by converting the funds to naira through the CBN Autonomous Foreign Exchange Market and depositing the equivalent amount into NIMC’s naira drawdown accounts for the Project Implementation Unit.

“During the period, the project’s transactions were carried out in local currency. A foreign exchange gain of N8,607,679,554.68 is recognised,” the report stated.

The financial report showed that the exchange rate for the dollar rose from N448.05 at the beginning of the year to N898.8 by year-end. Similarly, the euro exchange rate increased from N478.3 to N993.9 over the same period.

The naira devaluation has increased NIMC’s funding, with exchange rates now at N1,600/$1 and N1,750/€. This increased funding will allow NIMC to complete several outstanding project tasks, ultimately strengthening the project’s infrastructure and improving its efficiency.

As of June 2024, the project’s disbursement rate was 37.37 per cent, according to the Bretton Woods Institute, indicating that only $160.7m of the $430m budget has been utilized.

To achieve full disbursement and meet the project’s goals, the bank recently announced a restructuring and extension of the project to 2026, which was initially set to conclude on June 30, 2024.

This decision comes amid threats from the French Development Agency and the European Investment Bank to withdraw their funding if the World Bank ceases to be the project’s implementor.

Nigeria has faced challenges in meeting project targets, including the issuance of 148 million NINs by June 2024.

As of May, the number of NINs had risen to 107.34 million, according to NIMC Director-General, Abisoye Coker-Odusote.

In its July project restructuring document, the World Bank revealed that Nigeria had not yet fulfilled a key condition for additional funding disbursement.

Specifically, the Bank noted that the Nigerian government needed to amend the NIMC Act to establish an inclusive and non-discriminatory legal framework, a requirement still pending.

The Nigerian Senate had advanced a bill to repeal the National Identity Management Commission Act of 2007, passing it to the second reading stage last month.

The proposed legislation, introduced by Deputy Senate President Barau Jibrin, aims to enhance the efficiency and inclusivity of the country’s identity management system.

The bill seeks to achieve this by providing comprehensive provisions that align with global best practices and updating and improving existing regulations.

TotalEnergies co-operative bags IFC certification

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TotalEnergies co-operative bags IFC certification

TotalEnergies Staff Housing Cooperative Multipurpose Society Limited, Louisville Mixed-Use Development, has been awarded two excellences in design for greater efficiency certifications by the International Finance Corporation.

In a statement, the co-operative said the accolades, awarded at the Future Cities—Africa Green Building Summit co-hosted by the Green Building Council Nigeria, underscored Louisville’s commitment to sustainability and excellence in green building practices.

The summit brought together industry leaders, policymakers, and experts to discuss climate resilience in urban development.

“Before this intelligentsia, Louisville was recognised for its advanced environmental alignment, significantly reducing water consumption, enhancing energy efficiency, and lowering embodied carbon in materials.

“Nestled within Eko Atlantic City in Victoria Island, Lagos, the Louisville mixed-use development—envisioned to span over 22,000 m2—aims to create a vibrant and sustainable urban environment that seamlessly combines residential and commercial spaces,” the statement read.

The Chief Operating Officer at TEHC, Ehima Uwumarogie, expressed the company’s pride in receiving the certification, stating, “We are truly honoured to receive the IFC EDGE certification.”

“TEHC, sustainability is central to everything we do, from design to construction, ensuring minimal environmental impact and maximizing long-term benefits for our communities. This award reaffirms our belief that the troika of sustainable thought, design, and structure enhances life quality for all.”

Operators canvass special exchange rate for cargo clearance

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Operators canvass special exchange rate for cargo clearance

The President of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, has urged the Federal Government to implement a special exchange rate for calculating import duties.

Amiwero, in a position letter obtained by The According on Tuesday, stated that a stable and manageable exchange rate for import duties would stimulate economic growth and benefit the broader Nigerian population.

This is coming days after the Central Bank of Nigeria raised the exchange rate for cargo clearance from N1,600. 32 to N1, 618.73 representing an increase of N18.

It was also observed that the new rate has been posted on the official portal of the Nigeria Customs Service.

The increase is coming amidst the naira depreciation of the naira by 6.43 per cent in July.

Amiwero, however, expressed significant concern over the current practice of using floating exchange rates for customs duty calculations.

“We wish to highlight to the Federal Government the severe challenges faced by Nigerians, particularly due to the soaring prices of goods driven by the floating exchange rate applied to import duty computations,” Amiwero said.

He argued that this approach had contributed substantially to the rising costs of goods and escalating food prices in Nigerian markets.

According to Amiwero, the use of a floating exchange rate introduces unpredictability into the process of clearing goods at ports, which complicates logistics and places a heavy financial burden on consumers.

“This issue has drastically reduced importation, disrupted transportation, and made basic foodstuffs increasingly scarce, especially for those who struggle to make ends meet and have no financial safety net,” he added.

The NCMDLCA boss further explained that the liberalised foreign exchange market’s fluctuating rates had led to inconsistent and unpredictable pricing, causing an abnormal surge in the final sale prices of goods.

To address these challenges, Amiwero called for measures to eliminate the uncertainties and inconsistencies associated with the current exchange rate system.

He stressed the importance of stabilising the domestic trading environment to provide a more predictable framework for importers.

An importer, Mr Basil Nwaolisa, said that the cost of clearing a container at the port had increased significantly.

“Now, to clear a 40ft container of goods, depending on the item, it costs at least N16m and above. This was far below the amount we used to clear the same consignment before,” he said.

Court orders LASG to probe journalist’s death

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Court orders LASG to probe journalist’s death

The Federal High Court in Lagos has ordered the Lagos State Government to probe the death of a 20-year reporter with Gboah TV, an online television channel, Pelumi Onifade, who was reportedly arrested by officers attached to the Lagos State Task Force while covering the #EndSARS protests in 2020.

The reporter was reportedly found dead at a mortuary in Ikorodu in Lagos, where his body was deposited, in the aftermath of the nationwide protest against police brutality which led to the disbandment of the defunct Special Anti-Robbery Squad.

According to a Tuesday statement by the Communications Officer, Media Rights Agenda, Idowu Adewale, the court also ordered the state government to conduct a coroner’s inquest to ascertain the cause of the death of Onifade as well as identify and prosecute those responsible.

In November 2020, the management of Gboah TV confirmed the death of Onifade, who was earlier declared missing on October 24, 2020.

In a statement, the station said young Onifade was covering the scene of a mob attack at a government facility in the Oko Oba area of Agege Local Government when operatives of the Task Force stormed the scene and engaged hoodlums who attempted to loot palliatives at the Ministry of Agriculture’s store in the Abattoir area of the state.

“Onifade Pelumi died while covering the scenes at the site of the palliative storage centre. He will be deeply missed,” the statement partly said.

Delivering judgment in a suit filed by MRA over the death of the journalist against the police and the Lagos State Government, Justice Ayokunle Faji agreed that the government’s chief law officer “cannot just conduct an inquest without a duplicate of the case file” but he ruled that Section 74 of the Administration of Criminal Justice Law of Lagos State gives the Attorney General the power to request for a case file from the Commissioner of Police.

A Lagos-based lawyer, Charles Musa, who was selected for conferment of the rank of Senior Advocate of Nigeria, filed an originating summons on August 4, 2021, on behalf of MRA, against the Commissioner of Police, the Inspector-General of Police and the Attorney-General of Lagos State.

In the suit, the organisation urged the court to declare that: “Onifade’s shooting in Oko Oba in Agege Local Government Area of Lagos State by agents of the Commissioner of Police and the IGP on October 24, 2020, in the course of his journalistic work is unconstitutional and a gross violation of his fundamental rights as guaranteed by Section 33 of the 1999 Constitution (as amended) and Article 4 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (Cap A9) Laws of the Federation of Nigeria, 2004.”

In his judgment, Justice Faji stressed that the Attorney General was not alleged to have known about the alleged unlawful killing of Onifade and was also not accused of being involved in the killing but that as stated by MRA, he has a duty to conduct an inquest into the circumstances of the death.

He said: “Indeed, in paragraph 15 of the counter­ affidavit, the 3rd respondent (the Attorney General) has stated that he would prosecute anyone found to have a prima facie case established against him.”

Justice Faji therefore directed the Attorney General to take all necessary steps to see to the investigation of the circumstances of the death of Onifade and to conduct a coroner’s inquest to ascertain the cause of the death as well as identify and prosecute those responsible for his death.

Anambra federal character commissioner lauds Tinubu on S’East development

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Anambra federal character commissioner lauds Tinubu on S’East development

The commissioner representing Anambra State on the Federal Character Commission, Rev. Ukadike Ibeabuchi, has commended President Bola Ahmed Tinubu, for signing into law, the South-East Development Commission Bill.

Ibeabuchi, who hails from Oba in Idemili South Local Government Area of Anambra State, gave the commendation while speaking to South-East According correspondent on Monday, adding that the act was a resounding testament to the President’s unwavering commitment to the growth, development and prosperity of the South-East region.

The bill, sponsored by the Deputy Speaker of the House of Representatives, Benjamin Kalu, is aimed at helping to rebuild the South-East region, devastated by the civil war 54 years ago.

The commission will be charged with the responsibility of receiving and managing funds from the allocation of the federation account for the reconstruction and rehabilitation of roads, houses, and other infrastructural damage suffered by the region as a result of the effects of the civil war, 54 years after it ended.

Reacting to the bill, Ibeabuchi said the signing of the bill into law marks a significant turning point in the region’s history, as it will empower the people to drive their development agenda and compete favourably with other regions in Nigeria, West Africa and beyond.

He said, “I am delighted to express my heartfelt commendation to President Tinubu for his historic signing of the South-East Development Commission Bill into law.

“This landmark achievement is a resounding testament to the President’s unwavering commitment to the growth, development, and prosperity of the South-East region.

“President Tinubu’s visionary leadership and dedication to bridging the developmental gaps in our region are truly commendable. His administration’s efforts to address the region’s unique challenges and harness its vast potential are a beacon of hope for a brighter future.

“The signing of this bill marks a significant turning point in the region’s history, as it will empower the people to drive their development agenda and compete favourably with other regions in Nigeria, West Africa and beyond.

“I am thrilled to witness our region’s potential unfold under President Tinubu’s administration. The SEDC would play a vital role in coordinating and implementing development projects, fostering economic growth, and improving the lives of our people.”

He enthused that the bill is a demonstration of the President’s genuine interest in the welfare and progress of the South-East region, debunking misconceptions and silencing critics.

He added, “I also extend my gratitude to our esteemed legislators, particularly the Deputy Speaker, Rt. Hon. Kalu and the late Senator Ifeanyi Ubah, for their tireless efforts in ensuring the passage of this bill. Their contributions have paved the way for a brighter future for our region, and their commitment to the development of the South-East is truly appreciated.

“The SEDC is a comprehensive framework that addresses critical areas such as infrastructure development, education, healthcare, and economic empowerment. Its implementation will have a direct impact on the lives of our people, creating opportunities for employment, entrepreneurship, and innovation.

“As we celebrate this achievement, we must also acknowledge the President’s commitment to unity, inclusivity, and regional development. His administration’s efforts to address the region’s unique challenges and promote economic growth demonstrate a clear understanding of the region’s potential and its contribution to the nation’s development.

“This milestone achievement is a testament to his visionary leadership. I urge all stakeholders to support the implementation of this bill and work towards a brighter future for our region.”

Tinubu’s broadcast worsened hunger protest, Bauchi gov claims

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Tinubu’s broadcast worsened hunger protest, Bauchi gov claims

The Bauchi State Governor, Bala Mohammed, has tagged President Bola Tinubu’s Sunday nationwide broadcast as an “empty statement,” claiming it worsened the hunger protest.

But the ruling All Progressives Congress rubbished the claim by Mohammed, who is the Chairman of the Peoples Democratic Party Governors’ Forum.

Speaking shortly after an emergency security meeting at the Bauchi State Government House on Monday night, Mohammed said, “I am not the spokesman for the President but I certainly know that the speech of the President is very empty. It is rather escalating the whole situation.”

The President, in a broadcast on Sunday, appealed to the youth and the citizens to end the hunger protest, which began on August 1, explaining that his decisions to remove the fuel subsidy and float the naira were to save the nation’s economy from total collapse.

The President, during the broadcast, reeled out some of the programmes his administration had embarked upon, including the funds made available to governors to cushion the effect of the hardship.

However, the Bauchi State governor said the President should have listened to the state governors before the broadcast.

“He should have listened to us because we also listen to our local government chairmen. He speaks in a manner that does not show sympathy with the youth.

“We are with the protesters in Bauchi State, but, at the same time, we are not with them in terms of unleashing harm and destruction of lives and properties,” he said.

Mohammed explained that the Monday security meeting brought all the stakeholders together to discuss the issue of protest against bad governance, hunger, and anger in the country.

Mohammed acknowledged the widespread hunger, anger, and acute poverty affecting the country, stressing that the current situation demanded more than just words but concrete actions.

But disagreeing with him, the National Director of Publicity for the ruling APC, Bala Ibrahim, said, “What was he saying? Has the President not met with the governors, traditional rulers, emirs and leaders of sociocultural communities like the Arewa Consultative Forum several times, where he spoke in clear and unmistakable language that the time had come for the people to hold their governors accountable? A lot of money has been given to these governors but they have not been utilising them judiciously in a way and manner that will make development cascade down to the people.

“This means the governors have been the engine of corruption in the country and they have not been doing what is expected of them by way of giving the dividends of democracy to the people, thereby making the people point fingers at the President.

“At no time has the Federal Government given as much money to the state governments as being done under the present administration of Bola Tinubu. What are they doing with the money?”

“They should stop playing politics with poverty. Let them concentrate on the mandate and show proof that they are judiciously the resources given to them, not putting blame on the president every time.”

No hiding place for drug cartels, says Marwa

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No hiding place for drug cartels, says Marwa

The Chairman of the National Drug Law Enforcement Agency, Brig. Gen. Buba Marwa (retd.), says with the recent overseas training of its officers, drug cartels will now be discouraged from shipping cocaine into Nigeria because they will be spotted and arrested.

According to a statement on Tuesday by the NDLEA spokesman,  Femi Babafemi, Marwa made the remark while receiving the report of the training of two NDLEA officers abroad.

Babafemi said the report was presented to Marwa by the NDLEA Director of Seaports Operations, Omolade Faboyede.

“Their (officers’) new ability to dive into the sea to search ship hulls will no doubt discourage global drug networks from attempting to send any large consignment to Nigeria, knowing full well that our men now can search every nook and cranny of ships and vessels coming to Nigeria, ” Marwa said.

According to the statement, two officers of the NDLEA Marine Command were among eight officers selected from four countries, by the United Nations Office on Drugs and Crime to undergo a certification training in Bombinhas City, Brazil, in two phases – first in November 2023 and then July 2024.

Marwa was quoted as saying, “The recent training and certification of officers of the Marine Command of the NDLEA in basic diving, advanced open-water diving and full-face mask diving will discourage large shipments of cocaine to Nigeria.”

Babafemi, quoting  UNODC, said the diving training was initiated to strengthen the fight against drug trafficking and transnational crime activities for the four countries: Cape Verde, Guinea Bissau, Nigeria and Senegal.

“The second phase of the training was to qualify professionals certified in basic and advanced diving in public safety diving to conduct ship hull searches, enforce the law and ensure public safety in combating transnational drug trafficking,” he added.

Ortom dismisses suspension from PDP

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Ortom dismisses suspension from PDP

Former Benue State Governor, Samuel Ortom, on Tuesday, dismissed the report of his suspension from the Peoples Democratic Party.

Speaking through his media aide, Terver Akase, the former governor said his reported suspension was null and void.

“Ortom has not been suspended. He is the leader of the party in the state, and any meeting that is called or going on without his consent is null and void,” Akase said.

He insisted that the embattled Benue PDP Chairman, John Ngbede, had been suspended for one month and had no standing to convene any meeting to suspend anyone.

But Ngbede, speaking with journalists at the party’s secretariat along Otukpo Road in Makurdi on Tuesday, insisted that Ortom had been suspended.

According to him, Ortom was suspended for attempting to hijack the PDP leadership in the state and return the party to the old order where malpractices held sway.

Ngbede said, “It’s true that the former governor was suspended by the  State Working Committee of the party because what we are saying is that we will not allow anyone who thinks he can take the leadership of the party by force.

“The party belongs to the people, and that is what we want to do. We will not allow anyone to take us back to the old order where they will be hijacking voting materials. We should allow people to feel the impact of the congress.”

Ngbede also insisted that he remained the Benue PDP Chairman.

 “Ordinarily, our tenure expires on August 4,  but we are waiting for the directive of the national secretariat. It’s only the state executive committee of the party that can suspend me by virtue of my position as a member of the national executive,” he said.

Citizens’ rights not absolute, Presidency replies Atiku

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Citizens’ rights not absolute, Presidency replies Atiku

The Presidency has told former Vice President Atiku Abubakar that the rights of assembly and freedom of expression guaranteed to citizens in the constitution are not absolute.

It said the rights can be abridged in the interest of public peace.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said this in a statement on Tuesday while reacting to a post, Atiku made on X.com earlier.

Atiku had, in the post on, cautioned security agencies against using lethal force against peaceful civilian protesters who are demonstrating against bad governance and the hardship in the country.

But Onanuga said Atiku’s warning should have been directed at the protesters who have turned peaceful protests into violence in states like Kaduna and Kano.

The statement read, “Former Vice President Atiku Abubakar, this evening, tweeted the absurd: he warned security agencies against using lethal force against looters and arsonists who masqueraded as protesters.

“As a statesman, his warning ought to be to the looting mob in Kaduna, Kano, Plateau, and Jigawa states, who hijacked what was advertised by organisers as a peaceful protest.

“Our security forces have remained professional, and even-handed, and observed every restraint in the face of extreme provocation by the rioters. We are surprised that Alhaji Atiku is still relying on Section 40 of our constitution (as amended) to justify a protest that is now clearly a riot, a rampage in some parts of the country. Section 45 of the constitution says the right of assembly and the right of freedom of expression are not absolute.

“They can be abridged and fettered in the interest of public peace, public safety, law, and order. The Service Chiefs reiterated the rights of Nigerians to protest and gather freely.

“They, however, reinforced their constitutional duty, today, when they said they can not sit by idly and watch hoodlums destroy the country and its democracy. The Service Chiefs and the officers and men of our security outfits should be commended for their patriotic duty to our country.”

ICAN seeks failed transactions tribunal in power sector

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ICAN seeks failed transactions tribunal in power sector

The President/Chairman of the Council of the Institute of Chartered Accountants of Nigeria, Davidson Alaribe, has called for a failed transactions tribunal to handle the rot in the power sector.

Alaribe said this on Tuesday during a media parley at the headquarters of the institute in Lagos.

Speaking on the poor electricity supply in the country, Alaribe, who is the 60th president of ICAN, urged the government to understudy countries and communities with regular electricity in Nigeria and adopt a similar strategy to boost supply in the country.

He said, “We should also find out from other countries and even locations in Nigeria where they have 24 hours. They say they have privatised the power sector but they are owing. That means the unbundling was not properly done. The government should get to the root of it. The people who bought the distribution companies, were they qualified? Which money did they use? It cannot be business as usual. Why are they not working well?

“We should set up a failed transaction tribunal. The government should try them. If they misled the government, they should be jailed.”

Nigeria’s power sector was privatised in November 2013 and over N7tn worth of investment had been put in but the power supply in the country is below demand.

On Monday, the national grid experienced a partial collapse, plunging some parts of the country into darkness.

On the ongoing hunger protest across the country, Alaribe maintained that dialogue was key to resolution on the part of the government and the citizenry.

“They gave notice that this protest would happen. The organisers held meetings with security agencies. The government should have engaged them. Ask, ‘What are the things you want us to do which we have not been doing? Write it down and bring it to us.’ The government should engage every layer—the professional bodies, the civil society organisations, and every layer of society within the citizenry for input.

“I’m not talking about a jamboree committee where people only go allowances. The government should find a way of engaging very effectively. Also, the citizens, we should continue to make our suggestions known. The press, the CSOs, and the professional bodies should collaborate on a working paper and advise the government on what to do. There is a need for dialogue on all fronts,” he posited.

Alaribe disclosed that ICAN was planning to meet the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to discuss the proposed 70 per cent windfall tax and other topical issues.

He said, “We have made our position known in the position papers we have but as it is now. We are proposing to see the governor of CBN to tell him more about what we propose to do. I don’t want us to advise him on the pages of the newspapers.

“We want to see him and tell him our exact position based on things that have happened. We have written position papers; we have done quite a lot, but very soon we are going to meet the CBN governor.”

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