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Edem slams critics after table tennis exits

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Nigerian table tennis player Offiong Edem says Nigerians should offer more support and not criticisms to athletes representing the country at the ongoing Paris Olympic Games, following the exits of Quadri Aruna and Omotayo Olajide in the men’s singles on Saturday, According Sports Extra reports.

Nigeria had a bad start in the table tennis event on Saturday with the two representatives in the men’s singles, Aruna and Olajide, crashing out after just one game each.

While Olajide’s 4-1 defeat against Iran’s Noshad Alamiyan didn’t come as a surprise, Aruna’s ouster was shocking as the African champion threw away a three-set lead and lost 4-3 against Romania’s Eduard Ionescu.

After winning the first three sets (11-8, 11-9, 11-6), Aruna was expected to close out the encounter in the fourth set, but a combination of his complacency and Ionescu’s resilience led to a brilliant comeback by the 19-year-old Romanian, who advanced to the round of 32 stage.

Perhaps in the wake of public opinions that trailed Aruna’s ouster, Edem jumped to the defence of her compatriots before her game against Brazil’s Bruna Takahashi on Sunday.

“It’s sad to note that many Nigerians fail to understand sports and how to develop them,” Edem wrote on Instagram.

“Instead of offering constructive support, they sit behind their keypads and type away, pouring out their frustrations on athletes who silently suffer yet strive to be their best. The Olympic Games are the biggest sporting event, and it’s a privilege to be here. All we need is support, not unnecessary criticism.

“Learn to understand that in sports, you win some and lose some. Stop criticising and support Team Nigeria, whether they win or lose. Period…..Peace.”

Nigeria’s last representative in the table tennis event, Fatima Bello, will be in action against France’s Jia Nan Yuan on Monday (today).

A defeat for Bello will mark an unceremonious end for the table tennis players, as Nigeria didn’t qualify for the team event and doubles.

Fitch upgrades FirstBank outlook to positive

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International rating agency, Fitch Ratings has revised its Long-Term Issuer Default Ratings of both FBN Holdings and its banking subsidiary, FirstBank, to positive from stable.

In a rating action commentary on its website on Thursday, Fitch said that the upgrade mirrored the recent revision done on Nigeria’s outlook, which moved from stable to positive and affirmed the IDR at ‘B-’.

Fitch said, “FBN and FBNH’s IDRs are driven by their standalone creditworthiness, as expressed by their viability ratings. The VRs reflect the banks’ high sovereign exposure relative to capital and the concentration of their operations in Nigeria. The Positive Outlooks on the Long-Term IDRs mirror that of the sovereign. The National Ratings balance a strong franchise, healthy profitability and a stable funding profile against high credit concentrations and thin capital buffers.”

The rating agency added that the reforms pursued by President Bola Tinubu; reducing the fuel subsidy and overhauling monetary policy, including allowing the naira to devalue by over 65 per cent, were positive for Nigeria’s creditworthiness and FX market liquidity but posed near-term macro-economic challenges for the banking sector.

According to the rating agency, FirstBank, which is Nigeria’s third-largest bank, (representing 10.7 per cent of banking system assets at end-2023), has a strong franchise that supports a stable funding profile and low funding costs, its revenue diversification is significant, with non-interest income typically exceeding 40 per cent of operating income.

However, the rating agency highlighted, “Single-borrower credit concentration is material, with the 20 largest loans representing 354 per cent of FBN’s total equity at end-1Q24. Oil and gas exposure (end-2023: 33 per cent of gross loans) is greater than the banking system average. Sovereign exposure through securities and cash reserves at the Central Bank of Nigeria (CBN) is high relative to FBNH’s Fitch Core Capital (FCC; end-2023: 334per cent).”

Of concern was also the fact that FBNH’s impaired loans (Stage 3 loans under IFRS 9) ratio increased slightly to 4.9 per cent at end-2023 (end-2022: 4.7 per cent) due to operating environment challenges.

“Specific loan loss allowance coverage of impaired loans was 40 per cent at end-2023. Stage 2 loans remain high (end-2023: 20 per cent of gross loans; concentrated in the oil and gas sector and largely US dollar-denominated) and represent a key risk to asset quality, having inflated due to the devaluation. Fitch forecasts the impaired loans ratio will increase moderately in the near term,” the commentary read.

Fitch expected capitalisation to improve moderately in the near term as a result of strong profitability and capital raisings to comply with FBN’s impending new paid-in capital requirement of N500bn.

“FBNH has healthy profitability, as indicated by operating returns on risk-weighted assets averaging 3.5 per cent over the past four years. Earnings benefit from a low cost of funding and strong non-interest income. Profitability improved notably in 2023 and 1Q24, primarily driven by FX revaluation gains accompanying the naira devaluation due to a net long foreign-currency position.

“FBNH’s customer deposit base (end-1Q24: 73 per cent of total non-equity funding) comprises a high share of retail deposits and current and savings accounts (end-1Q24: 78 per cent), supporting funding stability and low funding costs. Depositor concentration is fairly low,” the report concluded.

 

Landlords discriminating against female tenants in Lagos – Report

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Landlord biases in Lagos are decreasing the housing occupancy rate among women, according to a report by BuyLetLive.

It stated that the restrictions and bias of state Lagos landlords against single women significantly contributed to the lower percentage of female residential respondents compared to men.

“The young population, typically between the ages of 25-30, dominates the rental market in Lagos State. They make up the largest demographic segment within the rental market,” it noted.

The report indicated that a notable percentage of residential respondents in Lagos were young single men.

It added, “Analysis indicates that a significant portion of our residential respondents in Lagos are young, single men. 56.3 per cent of residential respondents are men.

“The demography of residential occupiers in Lagos State reveals that the real estate market is mostly saturated by men. Our analysis shows that respondents prefer to rent properties instead of owning them.

“Analysis reveals that a significant percentage of our respondents in Lagos are young, single men. This gender distribution is influenced by various factors, with the economic conditions in the country being the most significant factor.”

The World Bank reported that the labour force participation rate in 2023 among men in Nigeria was 65.9 per cent compared to the rate of 52.2 per cent among women.

Statistica’s data further highlighted that trend, showing that approximately 40 million men were employed in 2023, compared to the 31.3 million women employed.

These statistics demonstrate why men generally have higher financial capacity compared to women, leading to their increased representation in property or rental ownership.

“The rental preferences of our respondents in Lagos State are closely related to the demographic composition of the population. Approximately 43 per cent of respondents in Lagos live in 2-bedroom apartments, with one-bedroom apartments following closely behind at 41.5 per cent.

“This trend indicates a strong demand for small to medium-sized apartments, largely driven by single individuals and small families. Our analysis reveals that the highest rental payments fall within N500,000 to N1m per annum. This price range aligns with the income distribution among respondents, which is between the N100,000 and N500,000 monthly income bracket,” it showed.

According to the report, in 2021, the Lagos State Government initially announced plans to implement a monthly rent payment scheme.

It added, “The government further reiterated these plans in March this year, with their implementation slated for 2025.”

The report further stated that about 62.6 per cent of Lagos occupants preferred the annual payment of rent, compared to other payments.

“Despite these initiatives in the pipeline, about 62.6 per cent of our Lagos respondents still prefer annual rental payments over other payment methods.

“Amidst this demand for rental properties, 89.6 per cent of respondents intend to own properties in the future. The Federal Government has actively introduced initiatives to improve access to affordable housing in the country.

“In May 2024, the Federal Mortgage Bank increased the National Housing Fund mortgage limit from N15m to N50m. Consequently, the mortgage plan is the most preferred option for property ownership among Lagos residents. The rental preferences of respondents in Lagos indicate a strong demand for affordable housing in the state,” it noted.

Iheanacho close to Sevilla switch

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Nigerian forward Kelechi Iheanacho is on the cusp of completing a move to Sevilla after agreeing personal terms with the La Liga club.

The 27-year-old striker is set to join the Rojiblancos on a free transfer after his contract with Leicester City expired last month.

According to Sky Sports reporter Florian Plettenberg, the former UEFA Europa League champions have reached a verbal agreement with the former Manchester City striker.

The Super Eagles star is expected to undergo medicals at the club this week, with the move likely to be finalised in the coming days as final paperwork is completed.

Iheanacho’s impending arrival at Sevilla comes after a seven-year stint with Leicester City, where he scored 61 goals and provided 34 assists in 234 appearances.

The forward joined the Foxes in 2017 from Manchester City for nearly €28 million and lifted the 2020/21 FA Cup and the 2021 Community Shield.

The move to Sevilla presents a new challenge for the U17 World Cup winner, who will aim to make a significant impact in La Liga after spending his entire professional career in England.

He will join fellow Nigerian international Chidera Ejuke, who also signed for Sevilla as a free agent earlier this summer.

Sevilla’s interest in Iheanacho intensified following the departure of Youssef En-Nesyri to Fenerbahce, leaving the Spanish club in search of a new number nine.

The Nigerian’s arrival is seen as a significant coup by Sevilla as they bolster their attacking options ahead of the new La Liga season.

Last season, Iheanacho netted six goals and provided two assists in 25 appearances for Leicester, playing mostly fringe roles.

The move to Sevilla had been on the cards for some time, with several clubs, including Ipswich Town, West Ham United, and Aston Villa, also showing interest in the Nigerian international.

However, the lure of playing in La Liga and the prospect of European football with Sevilla appear to have swayed Iheanacho’s decision.

As Iheanacho prepares for his medical examination, Sevilla fans eagerly anticipate the official announcement of his signing.

The club will be hoping the Nigerian surpasses his Premier League best of 12 goals in a season, achieved in 2021, as they look to improve their attacking prowess in the upcoming campaign.

With Iheanacho set to compete for a starting spot alongside Isaac Romero and Dodi Lukebakio, Sevilla’s forward line is shaping up to be an intriguing prospect for the 2024/25 season.

The Nigerian’s experience and goal-scoring ability could prove crucial in the club’s challenge for domestic and continental honours.

FG raised over N4tn via bonds in six months — Report

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The Federal Government has raised about N4.13tn from bonds in the first half of 2024.

This was revealed in the FMDQ Exchange Financial Markets Monthly Report for June 2024.

The value of new issuance of FBN bonds for June, which was N297.01bn, was the lowest in six months and the highest was N1.49tn in February.

In January, the value of FGN bonds issued was N418.20bn, N608.86bn in March, N628.81bn in April and rose to N682.07bn in May.

At the end of June 2024, the value of outstanding FGN bonds, which includes savings and green bonds, stood at N26.22tn, which is about 44.49 per cent higher than at the end of the same period in June 2023 (N18.15tn).

For the February bond issuance, the Debt Management Office said the relatively large amount offered was based on the FGN’s financing need, the opportunity to attract foreign investors, as well as, the premise that some local investors may be able to access pools of funds.

The Federal Government offered a N1.25tn seven-year FGN bond maturing in 2031 and another N1.25tnn 10-year FGN bond maturing in 2034 in February.

It received total bids of N1.9tn, making it the highest it has received in any one FGN Securities Auction and allotted N873.53bn for the seven-year bond and N621.38bn 10-year bond, making a total allotment of N1.49tn.

In the second quarter, there were seven reopened bonds; two in April (FEB 2031 and FEB 2024), two in May (APR 2029 and FEB 2031) and all the bonds issued in June were re-openings (APR 2029, FEB 2031 and MAY 2033, which was issued a month earlier).

The interest rates on the bonds ranged from 18.50 per cent to 19.89 per cent.

As of May, the DMO has an outstanding N1.5tn to raise from the Federal Government’s proposed N6tn bond having already raked in N4.5tn from previous issuances.

The Director General of the Debt Management Office, Patience Oniha, at an interactive session with primary dealer market makers in Lagos, noted that domestic securities remained a major source of Federal Government spending.

She said, “Last year, we raised N7tn as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets.

“Out of the new domestic borrowing of N6tn we have raised N4.5tn. For the Ways and Means, out of N7tn approved for securitisation, we have raised N4.9tn.”

Since the beginning of the year, investors have shown interest in the long-term FGN bond. The report on capital importation for Q1 2024 released by the National Bureau of Statistics, showed that it rose to the pre-pandemic high, hitting $3.38bn in the first quarter of 2024, on the back of interest rate hikes in Nigeria and rate cuts in advanced economies.

A closer look at the report showed that foreign portfolio investment contributed the bulk of the total capital imported into Nigeria in Q1-2024, accounting for 61.5 per cent higher than the 28.5 per cent contribution in Q4-2023.

Total FPI inflows stood at $2.1bn in Q1-2024, 570.1 per cent higher than $309.8m in Q4-2023 and 219.7 per cent higher than $649.3m in Q1-2023.

With the recent hike in the Monetary Policy Rate by the Central Bank of Nigeria, analysts were of the view that it would lead to an upward repricing of fixed-income instruments, especially short-term assets, ranging from treasury bills to commercial papers, which would naturally make these investments more attractive to investors compared to stocks.

“This trend is evident from the recent treasury bills auction, where the average stop rates across all instruments rose by 172bps to 20.0 per cent. Additionally, we anticipate an elevated yield in the bonds market, though at a moderate pace.

“Conversely, pressure on interest expense and profit margins could dull the outlook on corporate earnings, leading to subdued equities sentiment — other things equal. This might be a push factor to the fixed income space, while attractive yields pull investors in,” analysts at Afrinvest said in their weekly market report.

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that Nigeria planned to issue a diaspora bond of up to $500m as part of its strategy to stabilise and grow the economy.

According to the minister, the domestic dollar-denominated bond, set for issuance in the third quarter, aims to attract investment from Nigerians living abroad and those with savings held overseas but also to demonstrate the strength and resilience of the economy amidst ongoing economic reforms.

Telcos begin final phase of SIM disconnection

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Telecommunication companies in Nigeria have commenced the final phase of disconnecting Subscriber Identity Module numbers (telephone lines) not linked to National Identification Numbers.

Two senior officials from the telcos who were not in a position to speak publicly on the matter confirmed this development to The According on Sunday.

The disconnection was initially scheduled for April 15, 2024, but the Nigeria Communications Commission postponed it to July 31, 2024, after carefully considering the various challenges encountered by subscribers and requests for extensions.

“This is not only about MTN; it’s an industry issue. The Association of Licensed Telecom Operators of Nigeria will soon release a statement that will be shared very soon,” one of the officials said.

The other source said the directive was from the NCC, the industry regulator, emphasising that numerous channels have been provided to simplify the process for subscribers.

“Subscribers are our customers, we cannot start disconnecting people’s lines. It’s important that these subscribers complain to link their lines with NIN,” the official stated.

The President of the National Association of Telecommunications Subscribers, Adeolu Ogunbanjo, was not available for comments after several calls.

However, there are concerns that the telcos did not wait until the July 31 deadline before disconnecting phone lines. This has sparked outrage on social media, with many Nigerians sharing their experiences and complaints on X.

Numerous users have reported that their SIM cards were barred despite completing the linking exercise, and they have provided evidence of their compliance.

The Digital Communications Assistant to former President Muhammadu Buhari, Bashir Ahmad, tweeted, “It seems MTN has blocked hundreds of numbers from their network today. Many people around me have complained about losing service. Has anyone else experienced this issue?”

Another user, Kensola, expressed frustration, writing, “It’s still shocking to me that my MTN line will just be blocked temporarily for no just cause. I linked it with NIN for years now. What is the problem? Are we sure the state actors are not trying to stamp on dissenting voices? Let’s all be mindful!”

Tall John, on his part, said, “As far as I know, the phone numbers that were blocked have different SIM registration and NIN details. And I remember that SMS was even sent to the affected phone lines, and public awareness was made on how to fix the problem but the propagandists of doom are saying that the network providers are barring some telephone lines because of the planned protest.”

Jude Bela also questioned MTN’s actions, stating, “MTNNG, why are you blocking lines that are already linked to NIN? I just checked to confirm that my NIN is still linked, yet my number was suspiciously blocked. You’re causing distress for Nigerians at a very convenient time. The question is, ‘Why’?”

The order for telecom operators to block SIM cards not linked to NINs is in line with a similar mandate from 2020. The Federal Government stated that the decision was prompted by continuous terrorist attacks, kidnappings, and banditry nationwide during the concluding period of President Buhari’s administration.

The According understands that this final phase of disconnection targets subscribers with four SIM cards linked to a single phone line.

The disconnection process, which began in February, has been rolled out in three phases. The first phase occurred on February 28, 2024, followed by the second phase on March 29, 2024.

During the initial deadline on February 28, 2024, the industry regulator reported that about 40 million lines not linked to NINs were barred.

Meanwhile, telecommunication operators have blamed the National Identity Management Commission for its slow response in approving customer verification requests to link their phone numbers.

They stated that the issue which limited the number of approved verification requests to link their NINs during the last extension period might lead to the disconnection of active customers who fulfilled the requirements but were unverified by the identity commission.

The Chairman of the Association of Licensed Telecom Operators of Nigeria, Gbenga Adebayo, disclosed this during an exclusive interview with The According on Sunday, expressing concerns that a good number of active customers might be blocked if a solution is not provided before Tuesday.

He said the concern has been submitted to the Nigerian Communications Commission, and the telcos are awaiting feedback from the regulatory agency through the appropriate channels.

In December 2023, the NCC directed all telecommunications operators to undertake full network barring of all SIMs that have failed to submit their NIN on or before 28 February 2024. This process led to the debarment of 40 million telephone lines.

Likewise, customers that have submitted their NINs, but remain unverified were to be barred on April 15, 2024. This deadline was, however, shifted to July 31, 2024. Furthermore, guidelines were issued whereby no customer can have more than four active SIMs and all such excess SIMs must be barred by March 29, 2024.

This directive is part of the ongoing Federal Government NIN-SIM harmonisation exercise requiring all subscribers to provide valid NIN information to update SIM registration records.

However, while giving an update on the issue during the interview, the ALTON chairman said the verification and validation are not handled by the operators but by the NIMC.

He said, “Well, the verification turnaround remains a concern. We all know that verification and validation are not done at the level of the operator, it is done at the level of NIMC, so that remains a concern to us. But we are providing the relevant feedback to our regulator, seeking their necessary intervention when and where required.

“But I must admit that the turnaround time for verification, particularly from the NIMC end, is still a matter of concern. And we have not failed to make that known to NIMC through appropriate channels.”

When asked about the likely number of phone lines to be affected by this challenge, Adebayo said, “I don’t have that figure in front of me now. But as I said, we are providing feedback to our regulator, which is the NCC. And I’m sure appropriately, if there’s a need to seek further extension or further review, the regulator will take that position.”

On if this may lead to calls for further deadline extension, the ALTON chair explained that only the regulator could take a decisive position on the matter.

“As we speak, we are providing feedback to our regulator. They provide the overall guidance for us as an industry. So, appropriately, if there will be a need for that or otherwise, our regulator will determine based on the data that we provide to them.”

In its financial statement for the first half of 2024, Telecommunication company, Airtel Africa, said it could lose up to $4m in monthly revenue due to the inability to verify about 4.9 million customers in the ongoing verification of customers’ National Identification Numbers.

Other major operators are yet to disclose the number of barred lines but findings show that MTN barred unverified users on Sunday.

Efforts to reach the NCC Director of Public Affairs, Reuben Mouka, on the commission activity on the issue and possible extension proved abortive as he didn’t respond to repeated calls to his phone lines.

The Director of IT/IDD, National Identity Management Commission, Lanre Yusuf, promised to reply to messages sent to his line but failed to do so as of when this report was filed.

Meanwhile, telecom operators have confirmed an ongoing audit of the industry billing system as part of entrenching transparency and integrity in the industry.

The ALTON chair said the initiative is part of steps to self-regulate the sector and provide answers to customers’ complaints of data depletion, voice tariff and other issues.

“Yes, an audit is ongoing and it is for reasons of health check on the systems. And it’s to further entrench transparency on this issue of billing, data billing, data depletion and drop calls,” he stated.

Protecting Nigerians’ vital right to protest

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IN a thriving democracy, the right to protest is fundamental. For Nigeria, this right holds profound significance. Therefore, the official opposition to the planned August 1 #EndBadGovernanceInNigeria protest is baseless and counterproductive.

Protests are a vital expression of democratic rights. They allow citizens to voice their opinions, grievances and demands collectively and effectively. In Nigeria, where political and social issues often go unaddressed, protests provide a platform for the discontented to make their voices heard. This active participation is essential for a healthy democracy, ensuring that the government remains responsive to the needs and aspirations of its people.

Between March 2019 and November 2020, a series of demonstrations took place to protest the introduction of a bill to amend the Fugitive Offenders Ordinance regarding extradition. In March, doctors in South Korea demonstrated to protest the government’s plans to increase medical school admissions and what they see as a broader “lack of support for the country’s medical system.” For over two centuries, the French people have periodically protested public policies, particularly plans to privatise government-owned enterprises.

Therefore, protests serve as a powerful check on government power. They remind elected officials and public servants that they are accountable to the people. In a country where corruption and abuse of power are persistent challenges, protests can deter governmental overreach and foster transparency. By allowing protests, Nigeria can strengthen its democratic institutions and promote a culture of accountability.

Nigeria’s history is replete with instances where public demonstrations catalysed significant social and political change. From the pre-independence movements against colonial rule to the more recent #EndSARS to protest police brutality, Nigerians have repeatedly taken to the streets to voice their grievances and demand justice. Notable in that era were the National Association of Nigerian Students, the Nigerian Medical Association, the Nigerian Bar Association, NUPENG, and PENGASSAN. Unfortunately, these organisations have lost their mettle.

The 1999 Constitution, under Section 40, guarantees every citizen the right to assemble freely and associate with others. Despite constitutional guarantees, the right to protest in Nigeria faces significant challenges. The excessive use of force by security agencies, arbitrary arrests, and the stigmatisation of protesters are alarmingly frequent. These actions not only undermine the essence of democratic expression but also instil fear and discourage civic participation.

The aftermath of the #EndSARS protests in 2020 is a stark reminder of these challenges. While the protest initially received widespread support and highlighted critical issues of police reform, the government’s response was marred by violence and repression. The infamous Lekki Toll Gate incident, where security forces shot unarmed protesters, remains a dark chapter in the country’s democratic journey.

Ministers, APC stalwarts, monarchs, religious leaders, and the Presidency have called on the protesters to sheathe their swords. Some traditionalists plan to hold ‘oro’ to counter the protests in Lagos. The Inspector-General of Police Kayode Egbetokun, the Department of State Services, and the military high command called for the cancellation of the protest.

Nigerians have been facing unprecedented hardship since President Bola Tinubu cancelled the petrol subsidy in May 2023 and floated the naira the following month.

To safeguard the right to protest, several steps must be taken. Strengthening legal frameworks to protect protesters from arbitrary arrests and violence is imperative.

Contrary to the perception that protests are inherently disruptive, they can be a means of peaceful conflict resolution. When citizens can express their dissent and grievances, it is an opportunity for dialogue and negotiation. Suppressing protests, on the other hand, can lead to frustration and escalate tensions, potentially resulting in more violent outcomes.

A vibrant civil society is crucial for the development and sustainability of any democracy.

As Nigeria evolves, it is essential to protect and cherish this right, ensuring that every Nigerian can raise their voice without fear of retribution.

I’m young enough to become gov in future — Shaibu

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Reinstated Deputy Governor of Edo State, Philip Shaibu, said he has put his governorship ambition on hold to back the candidate of the All Progressives Congress, Senator Monday Okpebholo, to win the September 21 governorship election in the state.

Shaibu, who accused Governor Godwin Obaseki of frustrating his governorship ambition, said he would try again in the future because he had age on his side.

According to a video clip on Sunday, Shaibu spoke at the weekend at the Afemai World Congress in Detroit, Michigan, United States of America.

He claimed that Okpebholo would make a better governor than Asue Ighodalo of the Peoples Democratic Party, being backed by Obaseki.

In a video clip made available by the organisers of the Afemai World Congress on Sunday, Shaibu, also called on the diaspora to be interested in the politics of Nigeria.

He said, “Elections are coming and I would like you to be interested. You see that I have moved from the PDP back to the APC. I moved to the PDP because of the governor (Obaseki) and I am back in the APC because of the governor.

“I wanted to become the governor and they said they would destroy me if I continued to nurse that ambition. They have done everything but God has kept me alive.

“I was impeached but I knew I would come to this programme as the deputy governor. I have been reinstated and my impeachment was part of intimidation and harassment, which I have gone through. We must begin to look for ways to salvage our country.

“I am supporting the APC candidate because he is a breath of fresh air and he is not contaminated yet. He doesn’t speak too much English. He talks less and does more and he is the first person to break the jinx in Edo Central by winning the Senate seat on the platform APC.

“The same scenario that made him a senator is playing out now. It is obvious that the grace of God is upon him. I have played my card, we are still young. If God says I will be governor, then I will be. I have left my ambition to God and we will make Afemai and Edo State, the land of our dream.”

The acting Chairman of the Edo APC, Jarret Tenebe, also urged the diaspora to be interested in who becomes the next governor of the state.

“I urge our people in diaspora to be interested in who becomes the next governor. If you fail to be interested you will allow idiots to rule you.

“Today, it is impossible to win the election at home without the support of the diaspora. If this programme was open to everybody I am sure most of the political parties would be here to seek your support because this is an election year in the state.

“If we have good people in governance in the state, most of the things that are not going on well will work well.

“I employ you to encourage your people, your children to come back home to join hands with us because as the chairman of the occasion said, we have failed at home and we need the diaspora to help us build our society.”

Controversy trails PDP congress in Rivers, Kogi

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Controversy has trailed the conduct of the Peoples Democratic Party congresses in Rivers and Kogi states.

The party, however, successfully conducted its ward congress to elect new ward executives in Akwa Ibom State.

A Rivers State High Court presided over by Justice Charles Wali had, on Friday, barred the party, its National Chairman, Iliya Damagum, and National Secretary, Senator Samuel Anyanwu, or their agents from gathering anywhere in Rivers State to hold ward, local government, and state congresses, pending the determination of the suit before the court.

Justice Wali further directed the Inspector General of Police, the state Commissioner of Police, the Director General of the Department of State Service, and the Nigerian Security and Civil Defence Corps to enforce the order.

The suit was part of the protracted political battle between Governor Siminalayi Fubara and his predecessor, Nyesom Wike, the Minister of the Federal Capital Territory.

The governor was allegedly frustrated when the PDP National Working Committee accepted the list of caretaker committee members submitted by allies of Wike and, at a meeting with federal lawmakers last month, he said the “PDP has failed us.”

Against the court’s order stopping the congress, our correspondent reports that the exercise was held and new executives emerged from the process.

A member of the National Assembly and spokesman of the G-60 lawmakers in the House of Representatives, Ikeaga Ugochinyere, in his reaction, said no ad hoc ward congresses of the PDP held in Rivers State on Saturday.

Ugochinyere, who represents Ideato North/Ideato South Federal Constituency of Imo State, stated this while fielding questions from newsmen in Port Harcourt, at the end of a three-day retreat by the House of Representatives Committee on Petroleum Resources (Midstream and Down-stream.

He said defying a court order that barred the congresses from holding and going ahead with the exercise rendered the outcome of whatever happened a nullity.

“There is a subsisting order of a court a few days to this issue of congress that that exercise can no longer hold. But he decided in his desperation alongside his supporters to gather themselves in their hideout and conduct what I call a kindred meeting.

“So what the Wike group held yesterday (Saturday) in the name of congress is nothing but a kindred meeting. In Igbo, we call it ‘meeting ummuna’. It doesn’t go anywhere, it ends there.

“They are talking to themselves and it’s a nullity. As long as there was a subsisting order and he proceeded to do it, the court in question will void whatever is the outcome of the exercise,” he said.

He insisted that the 27 lawmakers loyal to the FCT Minister had lost their seats automatically for defecting to the All Progressives Congress because there was no crisis in the PDP when they took that decision.

In Kogi State, the Senator Danjuma Laah-led Caretaker Committee said the decision to suspend the exercise became necessary after hoodlums and unidentified thugs invaded the state secretariat and made away with sensitive electoral materials.

In a statement issued by the Publicity Secretary of the caretaker committee, Chief Dayo Akande, on Sunday, the effort was in collaboration with the congress committee chairman, Hon Boyelayefa Debeleme.

The statement said the impersonators came with one 18-seater bus and other vehicles without any means of identification.

“All these happened in the presence of the Independent National Electoral Commission observer. These unauthorised persons went away with all sensitive materials meant for the congress across the 239 wards of the 21 LGAs of the state,” the statement read.

The committee condemned the act and urged the INEC as well as other institutions to disregard any purported result that might emanate from the illegal exercise.

Speaking at his Ibiakpan Obotim Ward 2, in Nsit Ubium Local Government Area on Saturday, Eno saluted the PDP faithful in the state and urged them to sustain their dedication and commitment to the party’s success.

While expressing satisfaction with the peaceful conduct of the congress, the governor charged the newly elected executive members of the ward to be committed and dedicated to the growth of the party and its members.

He also tasked them to work towards future successes of the party in the state

“From the report we have received across the state, the ward congress went well and all the party guidelines and principles were observed.

“We have our party representatives from Abuja, independent observers as well as INEC around. All the requirements were met. It’s been a very peaceful congress and we trust God that this is how it will continue. The large turnout is a sign of future successes and confirmation of our party leadership,” he said.

The Deputy Governor, Senator Akon Eyakenyi, lauded the party for ensuring every member had a sense of belonging, which, he said, reflected in the massive show of support and love during the congress.

The Speaker of the state House of Assembly, Hon Udeme Otong, affirmed that the outcome of the PDP congress was the confirmation that Akwa Ibom remained a stronghold of the PDP, expressing confidence that the party would continue to record overwhelming success in elections.

The state Chairman of the party, Elder Aniekan Akpan, described the outcome of the ward congress as very peaceful and smooth, affirming the readiness of the party to participate and win the upcoming local government elections.

Oil sector’s foreign investments drop from $720m to $3.64m

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Despite efforts by the government to attract more foreign investors into the oil and gas sector, the nation’s foreign capital investments in the industry nosedived from $720m in 2016 to $3.64m in the entire 2023.

The country also recorded no foreign capital investment in the first quarter of 2024, a report by the National Bureau of Statistics showed.

The report indicated that out of the $3.38bn capital importation into Nigeria in the first three months of 2024, the petroleum industry got nothing.

Capital importation is the inflow of foreign capital into a country, typically in the form of investments, loans, or other forms of financial resources.

This can include Foreign Direct Investment, and portfolio investment such as investments in a country’s financial assets like stocks, bonds, and securities.

It can also be in the form of short-term loans, deposits, or other forms of temporary capital inflows.

The petroleum sector’s zero capital importation in Q1 2024 indicates that no foreign capital was invested in the sector during that period, which could potentially impact the sector’s development and growth.

Even as the total capital importation went up by 198.06 per cent to $3.38bn compared to $1.13bn recorded in Q1 2023, the sector that gives the highest revenue to the country attracted no foreign investment within the period under review.

The banking sector recorded the highest inflow with $2.07bn, representing 61.24 per cent of total capital imported in Q1 2024, followed by the trading sector, valued at $494.93m (14.66 per cent), and the production/manufacturing sector with $191.92m (5.68 per cent).

The marketing, consultancy, and construction sectors received inflows valued at $60,000, $300,000, and $610,000, respectively, but the oil and gas sector recorded no investment.

Our correspondent gathered that over the years, foreign capital investments in the petroleum sector have been declining.

In the first quarter of 2023, the petroleum sector recorded $750,000 in capital importation, but nothing was recorded in the second quarter.

The sector got $850,000 in capital importation in the third quarter, while it made a sum of $2.04m in the last quarter.

In total, the sector attracted $3.64m as capital importation into Africa’s largest oil-producing country in the whole of 2023.

Our correspondent reports that the petroleum sector recorded $6.37m as capital importation in 2022, this was below what was recorded in just one quarter of 2021.

It was gathered from the NBS that in Q1 2021, the nation gathered a sum of $57.25m as capital importation; $340,000 in Q2 2021; $940,000 in Q3; and $32.31m in Q4. In total, $101m was the capital importation for the year 2021.

Similarly, the NBS revealed that the sector garnered $208m in capital importation in 2014 and $29.76m in 2015.

It peaked in 2016 to as high as $720m. The nation’s oil sector in 2017 saw $331.36m as foreign capital investment. The sector got $133.51m in 2018; $216.23m in 2019 and $53.51m in 2020.

 Experts react

A professor, Wumi Iledare, said the sharp drop in foreign capital investment in the oil sector is expected because investors are not convinced that the Petroleum Industry Act has changed the country’s style of doing business.

Iledare said the PIA, which is supposed to create incentives, was implemented wrongly by the previous administration of Muhammadu Buhari. He said the incumbent President Bola Tinubu is yet to look at the errors for possible corrections.

“This is expected. Investors are more concerned about the certainty of doing business in an environment. This also has to do with the way the PIA is being implemented. The PIA is expected to create incentives, but they started the implementation wrongly. That is why the PIA, in my opinion, is not doing what it is expected to do.

“So, what investors see in Nigeria is ‘business as usual’ because of the way the PIA is being implemented; and the new government did not sit down to look at the errors of the past administration in the implementation of the PIA. It continued with the status quo,” Iledare said.

The energy expert called for a separation of roles between the NNPC and the regulators, stressing that the NNPC is supposed to be a player and not a government agency.

“Until you can convince investors that it is not business as usual and you can let them see that the governance is not fluid. If you look at the PIA, there is a separation of roles between NNPC, the regulators, and the Minister of Petroleum who is to drive the policy framework that creates stability in the governance.

“NNPC is not representing the government per se because it is a player in the industry, and if they (investors) see the NNPC as people driving the policy of the industry, then it is going to send the wrong signal. There is supposed to be a clear separation of roles; the NNPC is supposed to be commercial and not necessarily an agency of the Federal Government driving the policy. The regulators should be seen to be fair and not biased towards the government,” he advised.

The According reports that the NNPC Group Chief Executive Officer, Mele Kyari, has repeatedly blamed the lack of investments in the oil and gas sector on the unrelenting activities of oil thieves and vandals.

During a meeting with the  Economic and Financial Crimes Commission’s Chairman, Ola Olukoyede, in March, Kyari said, “When we say illegal connections, they are not invisible things, they are big pipes that require some level of expertise to be installed. Some of them are of the same size as the trunk line itself. No one would produce crude oil knowing full well that it is not going to get to the terminal. That is why nobody is putting money into the business. So, you can’t grow production.”

“I believe, personally, that the very purpose of your commission is to curtail economic crimes, and there is no bigger economic crime of this scale anywhere else than what is happening in this area,” the GCEO lamented.