The House of Representatives Committee on Financial Crimes has given Mr Ola Olukoyede, Chairman of the Economic and Financial Crime Commission, EFCC, till July 30 to appear before it over budgetary allocation issues.
The committee said that Olukoyede, along with his management team, should appear to answer questions relating to the commission’s budget performance and its challenges.
Rep. Obinna Onwusibe, the chairman of the committee, expressed the panel’s displeasure at an oversight of the commission’s office in Abuja.
The committee condemned what it described as the snobbish attitude of the chairman and the denial of the committee’s members access into the commission’s complex.
Following the denial of access into the commission’s complex, the committee members headed back to their bus and returned to the National Assembly.
The committee had visited the EFCC headquarters after communicating with the anti-graft agency and agreeing on a date for an oversight visit.
The committee was, however, surprisingly told that the chairman was called for an unexplained emergency development at the Central Bank of Nigeria (CBN).
Reacting, the committee chairman said: “In performing our constitutional functions we had written to the EFCC for this oversight visit.
“The latest letter to EFCC was last week and we all agreed that the oversight is going to be today.
“The essence of the oversight is for the committee to know the budget performance of the EFCC as appropriated by this National Assembly.
“That was exactly why we went and to also see other things, including the challenges being faced by the EFCC.”
He said the committee had requested that the chairman, and all the zonal commanders of the EFCC be invited today for us to interface with them.
“But, the committee also saw that they were not on ground,” he said.
The committee, however, resolved that it would not continue with the oversight and resolved further to summon the EFCC chairman and his team to appear before it.
“As far as we’re concerned, the functions and integrity of this 10th National Assembly cannot be taken for granted.
“We’ve written severally to the commission, requesting information and documents and are yet to get them,” he said.
Budget probe: Reps give EFCC chairman 4-day ultimatum to honour invitation
Budget probe: Reps give EFCC chairman 4-day ultimatum to honour invitation
Dangote Refinery should be national pride, not vilified – APC chieftain
A former Chairman of the All Progressives Congress, APC, in South Africa, Bola Babarinde, says the Dangote Refinery should be a national pride.
Babarinde in a statement on Friday, said critics of the refinery should focus on constructive solutions rather than negative publicity.
He noted that the refinery represented a significant stride towards self-sufficiency in the petroleum industry.
According to him, unlike those who siphoned the nation’s wealth and stashed it abroad, Alhaji Aliko Dangote reinvested in Nigeria, creating infrastructure and job opportunities for Nigerians.
Babarinde noted that Dangote throughout his career had maintained a strategic relationship with successive governments in the country.
He said critics, however, argued that his close ties with political powers had afforded him undue advantages, including favourable policies and contracts.
The APC chieftain said that Dangote supporters, however, saw in him a savvy businessman, who understood the importance of aligning with the government to foster national development.
“Despite these controversies, Dangote remained a steadfast and focused entrepreneur.
“His commitment to Nigeria is evident in his investments and the jobs created by his enterprises.
“While some wealthier Nigerians amassed fortunes through dubious means, Dangote’s wealth is largely traceable to legitimate business ventures.
“This transparency sets him apart from corrupt politicians and civil servants who exploited public resources for personal gains.
“Aliko Dangote remains a complex figure in Nigerian business and politics and his story is one of ambition, strategy, and resilience.
“While his methods and relationships with power may invite scrutiny, his contributions to Nigeria’s economic landscape are undeniable.
“As the nation seeks a path to prosperity, figures like Dangote play a crucial role, albeit one that requires careful balancing of national interests and individual enterprise,” he said.
Dangote Refinery should be national pride, not vilified – APC chieftain
Group requests Wike to grant Eagle Square for protest
A group under the aegis of the Take It Back movement has requested the Minister of the Federal Capital Territory, Nyesom Wike, to grant them the use of Eagle Square for the proposed #EndBadGovernance protest scheduled from August 1 to August 10.
The group made this disclosure in a letter written and signed by its Director of Mobilisation, Damilare Adenola, to Wike on Friday.
They highlighted demands, including the provision of a 24-hour power supply, toilet facilities, water, and security for the convenience of Nigerian citizens who would be camped out at the location.
The statement titled, ‘Request for use of Eagle Square Abuja for #EndBadGovernance protest,’ read, “As one of the groups organizing the forthcoming #EndBadGovernance protest, #DaysOfRage starting from August 1st to 10th, 2024, we at the Take It Back Movement write to your esteemed office to notify you of our decision to use Eagle Square as a point of convergence for patriotic Nigerians to demand better governance.
“This request entails using this national asset day and night for the duration of the historic protest. Also, note that the protest may be prolonged beyond ten days as we embark on resolving the protracted national crisis occasioned by the ruling party.
“Further, your office must also ensure the provision of a 24-hour power supply, toilet facilities, water, and security for the convenience of Nigerian citizens who will be camped out at Eagle Square.”
The group further requested the honour and courtesy accorded to foreign and local dignitaries who had used the space for the protesters while appealing for the removal of the outer wire mesh barrier facing the Aso Rock Villa for easy access to the Presidential Villa during the protest.
Meanwhile, ahead of the proposed protest, the FCT police have deployed 4,200 policemen throughout the nation’s capital.
The command also announced the deployment of explosive ordnance device experts at various strategic locations.
In a statement on Friday by its spokesperson, Josephine Adeh, the command said the deployment was to ensure public safety and protection of protesters and to prevent the protests from being hijacked by non-state actors.
She added that, in collaboration with sister security agencies, raids on identified black spots, uncompleted buildings/shanties, and stop-and-search operations would take place.
Food scarcity: Bauchi farmers get fertilizer as Foundation moves to boost agricultural productivity
Amid the soaring food inflation in Nigeria, occasioned by shortage of foodstuffs, farmers in Kaduna State have received 6,000 bags of fertilizer and other farm inputs from Wunti Al-khair Foundation as part of a programme aimed at boosting agricultural productivity in the country.
The bags of fertilizer and other farm inputs were distributed to farmers across 20 local government areas of Bauchi State in the first phase of the programme.
In a statement on Thursday, the foundation which has the core objective of ameliorating hardship faced by Nigerians due to rising food prices, said the programme was launched in Bauchi on Wednesday.
The development is coming amid escalating economic hardship, and worsening hunger, in Nigeria, which is facing a severe food crisis that has led to food inflation surging to 40.8 per cent in June 2024, according to the National Bureau of Statistics, NBS.
The latest NBS food price index shows that the prices of some food items have risen by over 250 per cent year-on-year.
Specifically, the NBS said the average price of 1kg of brown beans skyrocketed by 252.13 per cent, from N651.12 in June 2023 to N2,292.76 in June 2024. Tomatoes recorded an even steeper increase of 320.67 per cent, with prices rising from N547.28 to N2,302.26 per kg.
An official of the foundation, Ismail Wunti, disclosed that, in line with efforts to tackle the food crisis, the distribution of fertilizers would be extended to farmers in other parts of the country.
The first phase of the project began in seven Bauchi LGAs, including Toro, Alkaleri, Kirfi, Misau, Dambam and Darazo. Other LGAs will receive the farm inputs on Saturday.
The beneficiaries include members of All Farmers Association of Nigeria, Bauchi State chapter, and individual small-scale farmers selected from wards across the state, according to Wunti.
Wunti noted that the programme is aimed at alleviating the economic burden on farmers struggling with high prices of essential commodities and farming inputs, particularly fertilizers.
He said, “This initiative is a significant contribution towards achieving food sufficiency and security, and is expected to bring relief to farmers, enhance agricultural productivity, and boost economic growth,” he said.
The Head of Enterprises of the foundation, Mr. Ango Mustapha, further explained that the rationale behind the gesture is to assist local farmers, considering the high cost of fertilizer.
Noting that all selected farmers would receive two bags of fertilizer, he urged the beneficiaries to use the fertilizers judiciously so that it would translate to a bumper harvest by the end of the year.
Bauchi State Chairman of All Farmers Association of Nigeria, Mallam Yakubu Sambo, commended the foundation for supporting local farmers with fertilizers.
He said the initiative was timely, considering the high prices of fertilizer in the country.
Some of the beneficiaries, including Ibrahim Fada, Hajiya Hauwa’u Abbas and Yusuf Kilishi, from Bauchi LGA, expressed happiness at the development.
Also, farmers from Toro Local Government, including Mrs Tabita Dabo, Yusuf Yan’Kwanan Lame and Ibrahim Yari, expressed gratitude to the foundation for the support.
Yari described the gesture as a significant succor in view of the exorbitant prices of fertilizer in the country.
Food scarcity: Bauchi farmers get fertilizer as Foundation moves to boost agricultural productivity
Hardship: Shelve planned protest -Tompolo urges Nigerian youths
Niger Delta leader and Chairman, Tantita Security Services Nigeria Limited, Chief Government Ekpemupolo, popularly known as Tompolo, has called on the organisers of the proposed nationwide protest to listen to well-meaning Nigerians’ call to stop the action.
Tompolo, while admitting to citizens’ right to protest, noted that the current hardship in the country did not start from the past year of the administration of President Bola Tinubu, adding that it was long in the making.
“I wish to add my voice to all well-meaning Nigerians, including our revered traditional rulers, on the call to shelve the proposed hardship protest billed to start on August 1, 2024.
“It is true that there is hunger and hardship in the country. However, it must be pointed out that hunger and hardship did not start today.
“President Tinubu is working hard to revamp the economy with well-thought-out policies and programmes in addressing the issues of the economy and security, which are the basis of other problems in the country.
“I am aware of Mr. President’s efforts to get things right in the country, and truly things are getting better. For instance, there has been a great improvement in the oil and gas sector in the last year, which is still the main source of our economy,” he said.
He said he was aware of the right of the citizenry to protest government policies and programmes in any country, stressing that it was one sure way for the citizens to participate effectively in governance, by checking the excesses of any government.
Tompolo urged the organizers to know that the timing is wrong, saying that the protest may cause more harm than good, as security reports have indicated that the protest will be hijacked by unscrupulous elements.
“Against this background, I have joined other Patriotic Nigerians to appeal to prospective protesters to call off the proposed protest and engage governments at all levels to find lasting solutions to the country’s problems. You must agree that the threat of protest only has achieved its aim, as Mr. President has said loud and clear, that he has heard the voices of prospective protesters,” he added.
Hardship: Shelve planned protest -Tompolo urges Nigerian youths
Police deploy 4,200 policemen ahead of hunger protest in FCT
Ahead of the proposed nationwide protest, the Federal Capital Territory police command has deployed a total of 4,200 policemen across the nooks and crannies of the nation’s capital.
The command also announced the deployment of explosive ordinance device experts at various strategic locations.
The command in a statement on Friday by its spokesperson, Josephine Adeh, said the deployment was to ensure public safety, protection of protesters and to prevent the protests from being hijacked by non-state actors.
She added that there would be raids on identified black spots, uncompleted buildings/shanties, and stop and search operations among others in collaboration with sister security agencies.
Details later…
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RipplesMetrics: The economic reality of Nigeria’s N70,000 new minimum wage
Following the meeting between President Bola Tinubu and the leadership of the Nigerian Labour Congress, the federal government agreed with the union to increase Nigeria’s minimum wage to N70,000.
This is an increase of 133 per cent from N30,000 which has been operational since 2018. The president also promised to create a plan to assist the private sector and the sub-nationals to pay the minimum wage.
The bill for this new minimum wage was transmitted to the National Assembly which speedily passed through the first, second and third reading within hours. Aside from increasing the national minimum wage, the bill will also reduce the period for periodic review from five years to three years.
The backstory of minimum wage
On Monday, June 3rd, the NLC and the Trade Union Congress embarked on a nationwide strike to press for increment of the Nigerian minimum wage.
The union’s proposal was for the federal government to pay N615,000 as a new minimum wage, which is 1950 per cent higher than N30,000. However, several meetings between the unions, the federal government, and the National Assembly have continuously ended in deadlock.
RipplesMetrics analyzed that the minimum wage was reviewed about seven times between 1981 and 2024. However, findings showed that while there was an increase over the years, the wage decreased when compared on a global scale, especially to the dollar exchange market rate.
READ ALSO:RipplesMetrics… Fuel scarcity: How Nigerian govt subsidised cost of fuel in the two decades
Can N70,000 suffice now?
According to data published by the States Fiscal Transparency, Accountability, and Sustainability (SFTAS) Performance Assessment, there are about 858,668 civil servants in Nigeria. If each of these workers were paid a minimum wage of N70,000, the total wages paid in a month would amount to N60.107 billion.
On the dollar comparison, the N70,000 minimum wage is equivalent to $46.62, according to the CBN exchange rate of N1534.56/$1. This amount is lower than the dollar equivalent of the minimum wage between 2000 and 2018.
On an economic outlook, if an average Nigerian earns N70,000 monthly, he may use more than 90 per cent of his wages to feed in a month, assuming he has no other source of income.
Data from the National Bureau of Statistics shows that as of May 2024, Nigerians spend N1,041 to eat a healthy diet. This means that if a Nigerian were to eat twice a day for 30 days of a month, he would be spending N62,460 on feeding.
Also in transportation, the average fare paid by commuters for bus journeys within the city per drop is N976.08 as of May 2024. This can translate to spending N39,043 monthly if an average working Nigerian takes two buses to his work for 20 days a week. More than 50 per cent of his wages would have been exhausted on transportation.
However, while there are still rising trends in economic indices, as regards the inflation rate, dollar exchange, transportation and other socio-economic parameters, the minimum wage might become insufficient for an average Nigerian if these indices do not drop in subsequent months.
By: James Odunayo
The post RipplesMetrics: The economic reality of Nigeria’s N70,000 new minimum wage appeared first on Latest Nigeria News | Top Stories from TVN.
Corruption: Reps meet ICPC, CCB on operational framework
The House Representatives Committee on Anti-Corruption convened a meeting with the management of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Code of Conduct Bureau (CCB) to discuss the operational framework in the fight against corruption in the country.
At the interactive session that took place at the National Assembly complex on Wednesday, the Chairman of the House Committee on Anti-Corruption, Kayode Moshood Akiolu, emphasized the purpose of the meeting: to identify gaps, challenges, and potential areas for legislative reforms to enhance the effectiveness of the anti-corruption agencies.
According to him, “Today’s meeting aims to foster an open dialogue and harness the wealth of experience and knowledge within this room. I hope this gathering will allow us to constructively discuss issues such as increasing transparency, streamlining reporting mechanisms, enhancing cooperation with other anti-corruption agencies, and exploring avenues for public engagement and awareness,”.
Akiolu stressed that the fight against corruption requires a collective effort from all stakeholders and assured that his committee would provide the necessary legislative support and oversight to strengthen the effectiveness of the ICPC and CCB in fulfilling their mandates.
The ICPC Chairman Dr. Musa Adamu Aliyu, SAN, represented by the Director of Legal Services, Mr. Henry Emore, expressed gratitude for the opportunity to address the House Committee stressing that despite challenges and limitations, the ICPC remains resolute in upholding high standards of transparency, accountability, and justice in combating corruption.
The ICPC chairman stated that between June 2023 and June 2024, the Commission had filed 67 cases in court involving individuals and organizations implicated in corrupt practices.
He explained that these cases encompass a wide range of offenses, including bribery, embezzlement, and abuse of office, with 17 convictions secured to date, demonstrating their determination to hold corrupt individuals accountable but quick to inform the lawmakers that the few convictions by the Commission were due to the slow judiciary process in the country.
“We have also seized and forfeited assets worth billions of naira through rigorous investigation and legal proceedings. Additionally, the ICPC has recovered cash directly linked to corrupt activities. Over the past year, we have recovered N73,922,033,705.10 and $20,000, redirecting these sums to the national coffers.
These recoveries, the ICPC boss said, “not only restore stolen funds but also deter those who might consider engaging in corrupt practices, adding that these recoveries have been paid into the coffers of the Federal Government”.
Aliyu highlighted the challenges faced by the Commission, including limited resources and legal loopholes noting that the complexity and sophistication of modern corruption schemes necessitate continuous adaptation and technological innovation in investigative techniques.
The ICPC chairman assured that the ICPC was committed to enhancing its capabilities and processes to foster a culture of integrity and accountability across the nation.
The lawmakers and the ICPC management later engaged in a question-and-answer session on the operational activities of the Commission.
Corruption: Reps meet ICPC, CCB on operational framework
Iwuanyanwu’s death devastating – Ex-NBA President Agbakoba
A former President of the Nigerian Bar Association, NBA, Olisa Agbakoba, has described the death of President General, Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu, as devastating.
Agbakoba stated this in an interview with newsmen in Lagos on Friday.
TVN reports that Iwuanyanwu, also a politician, sports enthusiast, and media mogul, died on Thursday at the age of 82
Agbakoba said, “It was with shock I learned of the passing of the President of Ohanaeze Ndigbo worldwide.
“Iwuanyanwu was a great Nigerian all-rounder in politics, business, and media. He will be very well remembered for his role as President Ohanaeze. May his memory be a blessing.”
Agbakoba sympathized with friends and associates of Iwuanyanwu, the Imo State Government, and all Nigerians over the loss of the politician.
He, therefore, prayed to God to grant the soul of Iwuanyanwu peaceful repose, while asking God to grant his family the fortitude to bear the loss.
Iwuanyanwu’s death devastating – Ex-NBA President Agbakoba
N’Central youths pull out of planned nationwide protest
Over 60,000 youths under the aegis of the Arewa Integrity Group for Good Governance in the North Central region of the country have declined to participate in the planned nationwide protest slated for 1 August.
The Federal Government held a series of meetings with several youth groups to shelve the protests and give President Bola Tinubu’s administration more time to execute people-oriented programmes.
In a statement made available to journalists in Lafia, the Nasarawa State capital, on Friday, the group’s leader, Joseph Maiwada, said they decided to withdraw from the protest to give the Federal Government a chance to address the citizens’ needs and sustain the existing peace in the region and country.
He added that another reason for shelving the protest was due to the several appeals made to youth groups by the Secretary to the Government of the Federation, George Akume, who hails from the North Central region.
The statement reads in part, “The Secretary to the Government of the Federation has appealed to notable youth groups and some pressure groups around the North Central zone of the country, and he has reassured us of the government’s commitment to improving the welfare of the citizens.
“We are willing to pacify our people to back down from the protest because the SGF has always stood with us and supported our cause.
“So, we have mobilised over 60,000 members of the group to withdraw from the protest in order to ensure that we all continue to live in peace and unity in the country.”
Maiwada, therefore, advised other organisers of the nationwide protest to shelve their plans, adding that it would not benefit the nation, considering the negative effects of past protests on many citizens and their means of livelihood.
“Instead of embarking on the protest, I urge the youths to support the efforts of the federal government to address the socio-economic challenges facing the country,” the statement added.