Senator representing Anambra South, Ifeanyi Ubah has died while in a medical trip to the United Kingdom.
Ubah, a prominent business mogul from the south-east region is also the Chief Executive Officer of Capital Oil, which he founded in 2001.
More details coming…
The post JUST IN: Senator Ifeanyi Ubah dies in London appeared first on Latest Nigeria News | Top Stories from TVN.
JUST IN: Senator Ifeanyi Ubah dies in London
Southern Kaduna people distance selves from nationwide protest
The Southern Kaduna Peoples’ Union (SOKAPU) has said its members will not join the planned nationwide protest against the government of President Bola Tinubu.
In a statement issued in Kaduna on Friday, the National President, Tabara Kato, explained that it would be unwise for the group to join the protest, saying that the intention and organizers of what they want to achieve are not known to them.
According to him, a well-intentioned protest cannot originate from people who just previously claimed that religion, ethnicity, and tribe forbid protests against leaders, saying that only fools embark on a journey whose destination they cannot predict.
He said, “It is more reasonable and meaningful to remain where we are and manage what we know in order to get what we need. For now, at least there is respite on insecurity with hope for improvements, the governments at both federal and state levels are operating a policy of inclusiveness, which marks a clear departure from the immediate past governments in Kaduna State under Mallam Nasiru el-Rufai and Nigeria under former President Muhammadu Buhari.”
He explained that there is hope in the future of the country and enjoined Nigerians to be patient and give the present federal and state governments time to consolidate on their mandates.
While admitting the current economic hardship, Kato said Bola Tinubu’s administration is engaging stakeholders to stem the hardship, he observed that every government wants to be successful, believing that the federal government under Senator Bola Ahmed Tinubu, and the Kaduna state government under Senator Uba Sani, are no exception.
According to him, “They need time with our support to succeed in office. For now, let it be known that SOKAPU is standing with the government at both levels in contrast to participating in any protest in Kaduna State, Nigeria, and in the diaspora.
He assured that the people of Southern Kaduna are seriously ready and willing to work with anyone desiring to make Kaduna State and Nigeria peaceful and great at the material time.
Southern Kaduna people distance selves from nationwide protest
Stop trying to demarket Dangote refinery, Northern elders warn
The Chairman of the Northern Elders Forum, Prof Ango Abdullahi, has warned against frustrating and demarketing Dangote Refinery, saying it is an ill wind that would do the country no good.
The former vice-chancellor of the Ahmadu Bello University, Zaria, raised the concerns in a statement issued in Abuja on Saturday.
His concerns come in the wake of the Federal Government’s intervention in the lingering face-off between the Nigerian Midstream and Downstream Petroleum Authority and the management of Dangote Refinery.
The media was awash recently with news on the difficulties being experienced by the refinery, arguably one of Africa’s largest oil plants, in securing local crude oil in the country.
But Abdullahi expressed worry that for 30 years, the vested interests that run the NNPC cartel ensured that the nation’s four refineries were rendered comatose and incapable of refining the needed petroleum to meet domestic consumption.
He noted that instead of Nigerians appreciating the popular business mogul, Aliko Dangote, for his efforts to save Nigeria the burden of continued importation of refined petroleum products, some vested interests are bent on frustrating its operations.
According to him, Nigeria has become the object of global ridicule being the only member nation of the Organisation of the Petroleum Exporting Countries without refining capacity and heavily dependent on mass importation of oil and other derivatives.
The statement read, “The Northern Elders Forum is watching with sustained interest the unfolding drama being orchestrated by some powerful vested interests to frustrate the good example set by the nation’s leading investor and foremost African entrepreneur, Alhaji Aliko Dangote, who has defied all formidable odds to build a privately-owned ultramodern petroleum refinery in Nigeria.
“This remarkable business feat, which ordinarily should instantly earn him national encomiums and accolades, has paradoxically ignited the malicious fury of enemies of our dear country, who are strategically located in the oil and gas sector of the economy. They have been wreaking havoc over the years through many subterfuges, resulting in the crippling of our nation’s refining capacity and the ruthless imposition of a ruinous regime of massive refined oil and other sundry products importation to the detriment of our national growth.
“In this wise, the lamentable and highly troubling commentary against the Dangote refinery that came out from the NNPCL and its other sister regulatory bodies smacks of a glaring attempt to de-market this epochal national achievement and premeditatedly derail the economy from the path of healthy growth and stability.”
Continuing, the Arewa leader warned that the masses who mostly bear the brunt of escalating fuel pump prices, frequent fuel shortages and joblessness would no longer fold their arms and allow a few powerful individuals to continue taking the economy of the nation hostage.
“Regrettably, it is only in Nigeria that politics is played with narrow interests as the motive force and the sole determinant, more often than not, allowed to trample the economic interest of the nation.
“The NEF, while welcoming and taking judicious note of the timely action taken by the Honourable Minister of State for Petroleum Resources, Mr Heineken Lokpobri, to arrest this worrisome situation, wishes to conclude by restating our determination to stand resolutely with Dangote in defence of this gigantic business stride, which signifies the dawn of prosperity for our people,” the statement added.
FG urges MDAs to tackle corruption
The Federal Government has urged Ministries, Departments, Agencies and bodies involved in fighting corruption to intensify their efforts and strengthen their commitment to eradicating corruption in the country.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), issued this directive on Friday in Abuja during the Validation Meeting of the National Anti-Corruption Strategy Action Plan.
The Ministry of Justice organised the NACS validation meeting with support from the European Union/International IDEA, Rule of Law and Anti-Corruption Programme.
Fagbemi explained that after a series of consultations, it was concluded that the NACS Action Plan should be reviewed to achieve better results.
He stated, “Following a series of consultations and collaboration among the 22 MDAs with anti-corruption and accountability mandates, it became essential to review the NACS Action Plan to ensure enhanced participation, effectiveness, and responsiveness.”
He outlined the five pillars of the NACS Action Plan, which focuses on driving both public and private sectors as well as national and subnational levels of government: prevention of corruption, public engagement, campaign for ethical re-orientation, enforcement and sanctions, and recovery and management of proceeds of crime.
Nigeria adopted the ECOWAS Protocol on the Fight Against Corruption in 2001. In July 2003, Nigeria joined other member states in adopting the African Union Convention on Preventing and Combating Corruption. Additionally, in October 2003, member states of the United Nations, including Nigeria, signed the United Nations Convention Against Corruption to address the rising incidence of global corruption.
Earlier in her opening remarks, the Head of the Technical Unit on Governance and Anti-Corruption Reforms, Jane Onwumere, explained that the purpose of the action plan review is to bring the strategy document to life, aiming to minimize corruption for effective and efficient service delivery.
She highlighted the progress made from the action plan, noting critical legislation such as the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; the Proceeds of Crime (Recovery and Management) Act, 2022; the Petroleum Industry Act, 2021; and the Companies and Allied Matters Act, 2020, among others.
The event was attended by the Auditor-General of the Federation, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, the Chairman of the Economic and Financial Crimes Commission, and the Secretary of the Public Complaints Commission, along with other anti-corruption heads and accountability bodies.
Also present were the President of the Nigerian Bar Association, Yakubu Maikyau (SAN), and the NBA President-elect, Mazi Afam Osigwe (SAN), among other stakeholders.
Iwuanyanwu: No need for Ohanaeze – Simon Ekpa-led BRGIE
The Simon Ekpa-led Biafra Republic Government In-Exile has claimed that there is no longer a need for Ohanaeze Ndigbo.
Ekpa spoke amid the recent death of Ohanaeze President-General, Chief Emmanuel Iwuanyanwu.
It could be recalled that Iwuanyanwu succeeded Prof George Obiozor, who passed away in December 2022.
The development has been attracting concerns.
Ekpa has now said with the deaths of two successive Ohanaeze presidents, there was no need for a replacement.
He said the people were tired of mourning and crying over Ohanaeze Ndigbo.
In a post on his X handle, the Biafra agitator wrote, “Anything Ohanaeze should cease in Biafraland, following the death of Iwuanyanwu.
“There should be nothing like Ohanaeze nor Ohanaeze election in Biafraland.”
“The time of Ohanaeze sorrow, tears in Biafraland is over,” he claimed.
Meanwhile, recall that Nigeria’s President, Bola Ahmed Tinubu, governors, the presidential candidate of Labour Party, in 2023, Peter Obi, Afenifere and other bigwigs have all expressed sadness over Iwuanyanwu’s demise.
Iwuanyanwu: No need for Ohanaeze – Simon Ekpa-led BRGIE
I’m honoured, Celine Dion says as she relishes comeback performance at Paris Olympics
Grammy-winning Canadian singer, Celine Dion, has savored her first performance in four years at the 2024 Olympic Games opening ceremony in Paris, France, on Friday.
The 56-year-old singer delivered a heartfelt rendition of “Hymne à l’amour” by Édith Piaf from the base of the Eiffel Tower, creating an iconic moment.
Dion, who has not performed publicly since 2020 amid her battle with stiff-person’s syndrome, in a statement released after her performance, expressed her joy and gratitude.
She wrote, “I’m honoured to have performed tonight, for the Paris 2024 Opening Ceremony, and so full of joy to be back in one of my very favourite cities!”
Dion also praised the athletes for their dedication and hard work.
She wrote, “Most of all, I’m so happy to be celebrating these amazing athletes, with all their stories of sacrifice and determination, pain and perseverance.
“All of you have been so focused on your dream, and whether or not you take home a medal, I hope that being here means that it has come true for you!
“You should all be so proud, we know how hard you have worked to be the best of the best. Stay focused, keep going, my heart is with you!”
This performance marks Dion’s second appearance at the Olympic Games, having previously performed at the Atlanta 1996 Olympics.
TMZ reports that Dion was paid for her highly anticipated performance at the Paris 2024 Olympic Games.
Dion, in an interview with Hoda Kotb on the Today Show, had vowed that she wouldn’t let her Stiff Person Syndrome battle stop her from performing again.
She vowed that she would resume live performances even if she had to crawl to the stage and talk with her hands.
Ex-NBA president, Agbakoba, urges Tinubu to copy Obasanjo on how to raise funds to run govt
Senior Advocate of Nigeria (SAN), Olisa Agbakoba, has proffered a solution on a way out of the present financial crunch which the current administration of President Bola Tinubu finds itself.
Agbakoba, a former president of the Nigerian Bar Association (NBA) called on the government to take a cue from the strategy adopted by former President Olusegun Obasanjo who had the same issue while he was in power.
Agbakoba further proposed a return to maximum crude oil production as a short-term solution to Nigeria’s economic challenges.
In a statement issued on Friday, the legal practitioner argued that boosting oil output and revenue could provide the much-needed financial lifeline for President Tinubu’s administration.
Citing the Obasanjo era as a reference point, Agbakoba emphasized the importance of maximizing revenue from crude oil sales, and contended that by increasing production to at least 2.4 million barrels per day, the government could significantly bolster its foreign exchange reserves, stabilize the naira, and reduce the nation’s debt burden.
Agbakoba further suggested that the government should take control of its hydrocarbon revenue from international oil companies. He believes this move would enable the government to allocate funds more effectively towards addressing pressing national needs.
The statement reads, “President Tinubu doesn’t have enough money in the treasury to meet the huge National needs of 200m Nigerians. So there is a simple solution.
READ ALSO:Ex-NBA president, Agbakoba, laments Nigeria’s paradox: $1trn earned, yet $91.46bn in debt
“I urge President Tinubu to look at how President Obasanjo resolved his money headaches. First, President Obasanjo tackled Corruption and plugged waste. Nuhu Ribadu saw to that, as the fear of Nuhu was the beginning of wisdom.
“Second and most important was that president Obasanjo understood what is called public sector borrowing requirements and how much was needed to sustain the National system.
“Most important was President Obasanjo’s clear vision of how to raise revenue. This was from optimal production of crude oil. The revenue from crude oil was fully maximized. Crude oil daily production was at maximum capacity.
“Funds from sales of crude propped the Naira value to the dollar. The Government was able to get things done without borrowing but using crude oil revenue. President Tinubu must reverse the trend by maximizing crude oil outputs, removing the international oil companies from control of our hydrocarbons revenue, paying down debts and hedging the Naira against the dollar with crude oil dollars.
“So quite simply president Tinubu should maximize crude oil production to at least 2.4 million barrels a day, pay down debts, apply funds to meet national needs. If this simple fiscal process is sustained, Nigeria will be out of this desperate situation within 6 months.
In the final analysis, optimal crude oil production is our way out.”
The SAN’s proposal comes amidst a challenging economic climate characterized by soaring inflation, currency depreciation, and rising debt levels. As the government grapples with these issues, Agbakoba’s suggestion offers a potential path to economic recovery, albeit one that relies heavily on the oil sector.
Critics may argue that overreliance on oil is unsustainable and could hinder the diversification of the economy. Additionally, the global transition to renewable energy sources poses a long-term threat to oil revenue. Despite these concerns, Agbakoba’s proposal might ignite a debate on the role of the oil sector in Nigeria’s economic revival.
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NGX WEEKLY ROUND-UP: Investors lose N1.32tr as equities market crumbles
Investors in Nigerian equities market enjoyed a trading week to forget on the floor of the NGX following a loss of N1.32tr in the just ended trading week.
The bourse recorded losses in four of the five trading days gaining on just one trading day as the market suffered the second heaviest loss in 2024 yesterday.
The market capitalisation fell by N1.32tr to N55.61trn from N56.93trn in the previous week.
Similarly, the All-Share Index (ASI) fell by 2.33% to close at 98,201.49 from 100,539.40 points recorded the previous week.
The equities market began the week on a positive note on Monday, July 22, 2024 as investors gained N16bn at the end of trading session.
It went downhill from there.
On Tuesday, July 23, 2024 the equities market reversed the gain made on Monday, July 22, 2024 as investors lost N46bn at the end of trading session
It was the same on Wednesday, July 24, 2024 as investors recorded a loss of N68bn.
On Thursday, July 25, 2024 investors also lost N117bn at the end of trading session.
The equities market closed the week with its second heaviest loss in 2024 on Friday, July 26, 2024 as investors lost N1.1tn at the end of the trading session culminating in a total loss of N1.32tn for the just ended week.
READ ALSO:NGX: Investors lose N117bn as equities market slump continues
A total turnover of 3.557 billion shares worth N47.220 billion in 42,871 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.827 billion shares valued at N42.366 billion that exchanged hands last week in 44,277 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.011 billion shares valued at N25.783 billion traded in 24,350 deals; thus contributing 56.52% and 54.60% to the total equity turnover volume and value respectively.
The Services Industry followed with 1.020 billion shares worth N3.216 billion in 1,846 deals. The third place was the Agriculture Industry, with a turnover of 168.028 million shares worth N647.859 million in 1,473 deals.
Trading in the top three equities namely Tourist Company of Nigeria Plc, FCMB Group Plc and Abbey Mortgage Bank Plc (measured by volume) accounted for 1.876 billion shares worth N8.511 billion in 935 deals, contributing 52.73% and 18.02% to the total equity turnover volume and value respectively.
SOVEREIGN TRUST INSURANCE PLC recorded the biggest share price increase from N0.49 at the beginning of the week to N0.56 followed by CORONATION INSURANCE PLC which increased its share price from N0.76 to N0.86.
NEIMETH also increased its share price by N0.22 from N1.74 to N1.96.
On the flip side, SECURE ELECTRONIC TECHNOLOGY PLC recorded the biggest decline in share prices losing N0.15 to close the week at N0.42 from the N0.57 it started the week on followed by OMATEK which shed N0.11 and ended the week on N0.63 from N0.74 at the start of the week.
CUTIX also shed N0.84 to close at N5.15 from N5.19 at the beginning of the week.
By: Babajide Okeowo
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G20 nations agree to make super-rich pay tax
G20 nations have agreed to work together to make the super-rich pay their taxes, but stopped short of a more substantial deal, according to a declaration adopted Friday after a meeting of finance ministers in Rio de Janeiro.
The thorny topic of tackling tax-dodging billionaires dominated the two-day meeting in the Brazilian city, which will host the next G20 summit in November.
The initiative is a key priority for Brazilian President Luiz Inacio Lula da Silva, who heads this year’s grouping, which includes the world’s major economies, the European Union and the African Union.
Lula was hoping for a minimum tax on the moneyed elite, but the final statement represents a compromise on a topic that divided member states.
“With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” said the statement.
“Wealth and income inequalities are undermining economic growth and social cohesion and aggravating social vulnerabilities.”
Brazil’s Finance Minister Fernando Haddad said that “from a moral point of view it is important that the 20 richest nations consider that we have a problem, which is to have progressive taxation on the poor and not on the rich.”
The United States and Germany dismissed the need for a global deal on taxing billionaires, an initiative which is backed by France, Spain, South Africa, Colombia and the African Union.
• ‘Time to go further’ –
International Monetary Fund chief Kristalina Georgieva hailed the G20’s position on “tax fairness.”
“The shared vision of G20 Ministers on progressive taxation is timely and welcome, as the need to rebuild fiscal buffers while also attending to social and development needs involves difficult decisions in many countries,” she said in a statement.
French economist Gabriel Zucman, who authored a report on taxing the rich, welcomed the fact that “for the first time in history, there is now a consensus among G20 countries that the way we tax the super-rich must be fixed.”
“Now it is time to go further,” said Nobel Prize-winning economist Joseph Stiglitz on Friday, urging heads of state to coordinate minimum standards by November.
“The climate crisis is expected to cost trillions of dollars every year and it is outrageous to expect that the regular taxpayer should pay for it, while the super-rich evade taxes,” said Camila Jardim of Greenpeace Brazil.
On the sidelines of the thorny tax discussions, US Treasury Secretary Janet Yellen and Brazilian Economy Minister Haddad announced on Friday the signing of a partnership on climate protection.
Founded in 1999, the organisation was originally focused on global economic issues but has increasingly taken on other pressing challenges — even though member states do not always agree on what should be on the agenda.
Divisions within the G20, of which Russia is also a member, have made drafting a joint communique at the outcome of meetings a challenge.
Three texts were published by Brazilian authorities: a joint final communique, a document on “international cooperation in tax matters” and a separate communique from Brazil on geopolitical crises.
The final communique makes no mention of the wars in Ukraine and Gaza, but simply refers to “wars and the escalation of conflicts” as risk factors for the global economy.
AFP.
Shelve planned hunger protest, Kwankwaso urges organisers
Former Kano State Governor, Rabiu Kwankwaso, has urged organisers of the nationwide protest to shelve the plan and exercise caution while expressing their grievances.
In a statement, he personally signed on Friday night, Kwankwaso called on the organisers of the protest and the citizens to end an incompetent government through the ballot rather than protests
Kwankwaso also called on Nigerian leaders at all levels to urgently address various challenges facing the country by ensuring good governance and adherence to the rule of law.
He said, “It is with a deep sense of responsibility that I share my thoughts on the current situation in Nigeria. We find ourselves in avoidable hardship because our leaders missed some steps since 2007. However, there is always room for correction and setting the country on the right track for economic development, prosperity, and better welfare of citizens.
“Interferences by the Federal Government into the affairs of the chieftaincy matters in Kano State, impeachment of the Deputy Governor of Edo State, political crisis in Rivers State, sabotage to Aliko Dangote refinery, controversies surrounding the SAMOA agreement, the conflict between Sen. Ali Ndume and the APC Leadership, widespread insecurity and other criminal acts are a few examples of avoidable and unnecessary crises.
“We appeal to the leadership of the country at all levels to take necessary steps to address the myriad challenges facing the country.”
Kwankwaso acknowledged the hardship in the country and the yearnings for a better Nigeria but cautioned against protests that could lead to anarchy.
The NNPP national leader urged Nigerians to be patient with the Bola Tinubu government and give it all the necessary support to succeed.
He said, “Today, I speak to you not just as an elder and a concerned citizen but as someone who deeply believes in the power and potential of our great nation. The recent calls for protests against bad governance resonate with me, as they reflect our collective frustration and yearning for a better Nigeria.
“However, I urge Nigerians to put our country first before any other consideration by way of being patient with the government and giving it all the necessary support to succeed. If any government fails to provide the necessary leadership for a better Nigeria, we will have the opportunity as citizens to elect the people who can bring the required change using our votes
“In these trying times, our nation stands at a crossroads. Our collective frustration with bad governance has reached a boiling point, and the urge to protest is strong.
“As an elder and patriotic Nigerian, I share your concerns and your desire for change. However, I urge you to consider the consequences of national protests and to channel your energy into a more effective and peaceful means of transformation through the power of your ballot.”
Kwankwaso noted that protest, while it is a fundamental democratic right, often escalated into violence, leading to loss of lives, destruction of property, and widespread chaos.
He added, “Protests, while a fundamental democratic right, often come with unforeseen and dire consequences. The tragic events of the past have shown us that protests can escalate into violence, leading to loss of lives, destruction of property, and widespread chaos.
“The repercussions of such actions extend far beyond the immediate moment, leaving scars on our communities and deepening divisions among us.”