Kaduna State House of Assembly has repealed the laws that established the Zaria Metropolitan Authority, Kafanchan Municipal Authority, and the Kaduna Capital Territory Authority.
The repeal was sequel to a recent Supreme Court judgment on local governments in Nigeria.
The Speaker, Dahiru Liman, announced the repeal of the bill after the Chairman of a Joint Committee, Mahmud Lawal, presented a report to the house.
The report highlighted the need to align the state’s laws with the Supreme Court’s judgment and the provisions of the Nigerian Constitution.
The repealed laws, enacted in 2021, had established the metropolitan authorities to oversee specific functions in their respective areas.
However, the Supreme Court’s judgment and a review of the Constitution revealed that those functions were meant to be carried out by local governments.
Mahmud Lawal, a member representing Zaria City Constituency and Chairman of the Joint Committee, explained that the repeal was necessary to enable local government authorities to perform their duties effectively now that they had gained autonomy.
The House also repealed the Fire and Public Safety Law No.20 of 2018 and enacted the Kaduna State Fire and Public Safety Law, 2024. The new law aims to improve fire safety and public safety in the state.
Kaduna Assembly repeals laws establishing metropolitan authorities
Kaduna Assembly repeals laws establishing metropolitan authorities
Three die in Lagos building collapse
The Lagos State Emergency Management Agency on Thursday confirmed the death of three site workers on a building that collapsed at Arowojobe Estate in the Maryland area of the state.
The agency’s Permanent Secretary, Dr Olufemi Oke-Osanyintolu, confirmed this in a statement made available to the News Agency of Nigeria.
He said the incident happened at No 13, Wilson Mba Street, Arowojobe Estate, Maryland, Lagos.
He said that the three males who were recovered dead at the building were site workers.
“The agency received a distress call regarding a collapsed building at the above address at about 3.49am.
“This prompted the immediate activation of the agency’s response team to the incident scene at 3.58am.
“It was discovered that a set of three terraces under construction had collapsed.
“Search and rescue operations began immediately and three adult males were recovered dead, two male adults were rescued alive and one adult male trapped under the rubble was rescued,” he said.
He added that the rescued ones were carried out through the efforts of LASEMA and the Lagos State Fire Service.
“All the six men were site workers.
“They are receiving pre-hospital care on location while the State Environmental Health Monitoring Unit has been contacted for the remains of the three fatalities.
“A combined team of agency personnel, fire service and Nigeria Police are working at the scene.
“LASEMA’s excavator has been deployed to accelerate the search and rescue operations,” he said.
(NAN)
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Israel Army recovers bodies of hostages in Gaza
Israeli forces retrieved the bodies of five people taken hostage in the Gaza Strip during Hamas October 7 attack on southern Israel, the military said Thursday.
The Army said the bodies of hostage Maya Goren as well as soldiers Ravid Aryeh Katz, Oren Goldin, Tomer Ahimas and Kiril Brodski had been returned to Israel.
The bodies were recovered on Wednesday during an operation in Khan Yunis, the main city in the south of the Gaza Strip, the military said.
The four soldiers were killed during the October 7 attack launched by Hamas militants, it added.
In December, the military had announced the death of Goren, who was abducted and taken to Gaza on October 7.
Thursday’s announcement comes after two Israeli kibbutzim, Nir Oz and Nir Yitzhak, said in separate statements that the army had recovered the bodies of Goren and Goldin.
“Last night, we were informed that in a military rescue operation, the body of the late Maya Goren was recovered,” kibbutz Nir Oz said, adding that her family had been informed and more information would follow.
Later in a separate statement kibbutz Nir Yitzhak said the army had returned the body of Goldin.
“This evening, we were informed about the rescue operation for the late Oren Goldin, a member of the kibbutz emergency team, who fell on October 7” during the attack by Hamas militants, Nir Yitzhak said.
On October 7 Hamas militants attacked southern Israeli communities, which resulted in the deaths of 1,197 people, mostly civilians, according to an AFP tally based on official Israeli figures.
Militants also seized 251 hostages, 111 of whom remain in Gaza, including 39 the military says are dead.
Israel’s retaliatory military campaign in Gaza has killed at least 39,145 people, also mostly civilians, according to the health ministry in the Hamas-run territory.
AFP.
August 1st: There’s no reason for national protest —Gov Uzodimma
Governor Hope Uzodimma of Imo State has stated that the planned national protest for August 1st has no reason or programme driving it.
He cautioned against the planned protests set to begin on August 1, spanning 10 days, urging aggrieved Nigerians to reconsider their stance.
Uzodimma who is also chairman of the South-East Governors Forum expressed concerns at the Presidential Villa in Abuja on Wednesday, emphasizing the untimeliness of the protests against the Tinubu administration amid global economic challenges affecting nations worldwide.
During his visit to present Chief Anyim Pius Anyim, a recent defector to the All Progressives Congress (APC), Uzodimma argued that organizers had not provided compelling reasons for the protests.
“Democracy is about the opinion of the people, and protest is allowed in a democratic setting. Every protest must be reasonably conceived to make political sense,” Uzodimma stated. “Given the fragile state of the nation and current global insecurity, the political environment needs careful management to prevent potential collapse.”
Read also: NGX records domestic, foreign transactions worth N2.60tr in H1’24
Highlighting past experiences such as the #EndSARS protests, Uzodimma cautioned that protests could be exploited by criminals. He urged organizers to reconsider, noting, “If they have no reason for the protests, I think our advice is that the protest should not hold.”
“We are not in support of the protest, we are not going to support any protest that has no program, that is not discussed, that nobody knows what the problem is,” Uzodimma emphasized. “I advise against the protests.”
Senator Anyim, is a former President of the Senate and Secretary to the Government of the Federation (SGF) during President Goodluck Jonathan’s administration.
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LAWMA interns sensitise Lagos community
Interns of the Lagos Waste Management Authority, on Wednesday, sensitised residents of Otto Community, Lagos Mainland, to the need to imbibe proper waste management.
The interns, under the aegis of the LAWMA Academy, the 34th set, also known as Team Eco Resilience, took the sensitisation to the community as the state seeks to drive sanitation campaign across the Lagos metropolis.
Speaking at the event, the Managing Director of LAWMA, Dr. Muyiwa Gbadegesin, represented by the Executive Director, Mr. Kunle Adebiyi, told residents to make personal hygiene and proper waste management, a way of life.
He said the task of ensuring a clean environment was not LAWMA’s alone, but a collective responsibility, adding that residents should get covered bins for disposal of their waste, to avoid the spread of diseases.
Gbadegesin also invited interested youths in the Otto community, to register as interns at LAWMA Academy, noting that, “When graduate youths from the community register as interns, they can spread awareness about what they have learned. Various opportunities now exist in waste management. To benefit, we must open our eyes to the possibilities around us.”
In his response, the CDA chairman of Otto community and CDC chairman of Lagos Mainland Local Government, Saloko Babatunde, implored residents in the area, to join the weekly clean-up exercise, to be organised by the community, warning that those who failed to join would be sanctioned.
Representative of the Oloto of Otto Community, Fuhad Oloto, and chief of staff to Oloto, Akeem Esuru-osho, pledged support for LAWMA and compliance with environmental regulations.
In a related development, traders of United Amu Market have taken it upon themselves to clean up their business premises, in response to last Sunday’s sanitation awareness effort at Alamutu Market, Idi-Oro, by officials of the Lagos State Government.
Reacting to this, Gbadegesin, commended the traders for their sense of responsibility towards their environment, urging other markets in the state to take a cue from that, and observe proper sanitation and hygiene around their business facilities.
“Achieving a clean and livable city of our dreams requires everyone to play their own part, we cannot afford to watch the beauty of the state erode due to indiscriminate refuse dumping and nonchalant attitude. The environment is ours to cherish and preserve. Let’s keep Lagos clean,” he said.
You would recall that some officials of the Ministry of the Environment and Water Resources and LAWMA, including the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, last Sunday, visited Alamutu Market, Idi-Oro, Mushin, for a comprehensive community sanitation/ sensitisation exercise.
NGX records domestic, foreign transactions worth N2.60tr in H1’24
The Nigerian Exchange Limited (NGX) has disclosed that a total of N2.60 trillion worth of domestic and foreign investments were recorded between January and June 2024.
This development was disclosed in a report titled ‘Domestic & Foreign Portfolio Investment’ published by the Exchange on Wednesday.
It disclosed that N540.48 billion worth of foreign investments were recorded while a total transaction of N2.06 trillion was recorded from domestic investors in H1 2024.
It added that foreign transactions increased compared to N145.08 billion reported in the first half (H1) of 2023.
Breaking down the foreign transactions, the stock market authority said foreign investors liquidated more portfolio investments in the capital market than they purchased within the six months in review.
According to NGX, of the total foreign transactions, N311.41 billion worth of portfolio investments were liquidated in H1 of this year, compared to a foreign outflow of N73.06 billion recorded in the corresponding period in 2023.
However, foreign investment inflow accounted for N229.07 billion in H1 2024, against N72.02 billion reported in the same period last year.
The Nigerian bourse further said it recorded a total transaction of N2.06 trillion from domestic investors in H1 2024.
This brought the total worth of domestic and foreign transactions in H1 2024 to N2.60 trillion as of June 31.
According to the report, domestic investors accounted for 79.25 percent of 2024 H1 transactions compared to 90 percent reported in the corresponding period last year.
The NGX report also showed that foreign transactions accounted for 20.75 percent of the total transactions in H1 2024, compared to 10 percent in H1 2023.
As of June 30, 2024, it disclosed that total transactions decreased marginally by 0.23 percent from N355.38 billion (about $239.56 million) in May to N354.55 billion (about $241.06 million) in June.
“The performance of the current month when compared to the performance in June 2023 (N406.75 billion) revealed that total transactions decreased by 12.83%,” the report reads.
READ ALSO:NGX: UPL, John Holt among top losers as investors shed N46bn
“In June 2024, the total value of transactions executed by domestic investors outperformed transactions executed by foreign investors by circa 54%.”
NGX also provided highlights of the performance of the market over the last decade.
“Over a seventeen (17) year period, domestic transactions decreased by 10.94% from N3.556 trillion in 2007 to N3.167 trillion in 2023; whilst foreign transactions also decreased by 33.28% from N616 billion to N411 billion over the same period,” NGX said.
“Total domestic transactions accounted for about 89% of the total transactions carried out in 2023, whilst foreign transactions accounted for about 11% of the total transactions in the same period.”
Giving further analysis on a month-on-month basis, the Nigerian bourse said domestic institutional investors (58 percent) outperformed retail investors (42 percent) by 16 percent.
The firm said between May and June 2024, the retail transactions increased by 0.43 percent from N113.53 billion to N114.02 billion.
NGX added that the institutional composition of the domestic market increased significantly by 34.68 percent from N117.57 billion in May to N158.34 billion in June.
See the report below:
By: Babajide Okeowo
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Federal Mortgage Bank refunds N12bn wrongful deductions
The Federal Mortgage Bank of Nigeria has refunded N12bn out of the outstanding N19bn wrongful deductions of the National Housing Fund contributors.
The deductions were misconstrued as revenue under the 40 per cent deduction regime of revenue accruing to federal agencies.
The Managing Director/Chief Executive, of FMBN, Mr. Shehu Osidi, disclosed this at the FMBN Day at the 18th Africa International Housing Show 2024 held in Abuja on Wednesday.
The Federal Government, in 2023, commenced the implementation of an automatic 40 per cent deduction of Internally Generated Revenues of federal universities and other partially funded institutions across the country.
The auto-deduction policy of gross IGR is in line with the finance circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.
It, however, in a circular, limited the annual budgetary expenditure from IGR of the partially funded federal agencies.
Osidi stated, “We initiated constructive engagement with the Federal Ministry of Finance to secure refunds of the wrongful deductions of NHF contribution misconstrued as revenue under the 40 per cent deduction regime of the revenue accruing to the Federal Agencies which led to the recovery of N12bn out of the outstanding N19bn into the Bank’s coffers.”
He added that the bank was engaging relevant authorities until the deduction LS is stopped and “we recover outstanding balances trapped by NHF funds.”
Osidi disclosed that the new management of the bank, through the Ministry of Finance, has presented the proposal for the recapitalisation of FMBN at the Federal Executive Council.
“This effort has led to the establishment of an inter-agency committee on the recapitalization of the Bank towards improving its capacity for providing adequate liquidity for the Nigeria Housing Finance sector and affordable housing delivery in Nigeria,” he said.
He noted that the recapitalisation committee included the Federal Ministry of Finance, Bureau of Public Enterprises, Ministry of Finance Incorporated and the Federal Ministry of Housing and Urban Development.
According to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, the apex bank commenced the process of banks recapitalisation in November 2023 however, in March 2024, it issued a circular to the banks and directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.
Commercial banks with national licences must meet an N200bn threshold, while those with regional authorisation are expected to achieve an N50bn capital floor by 2026.
Interest rate hike threatens manufacturing sector, MAN warns
The Director General, Manufacturers Association of Nigeria, Segun Ajayi-Kadir, has warned that the latest interest rate hike threatens the survival of the manufacturing sector.
He emphasised that the continued increase in the cost of borrowing will escalate production costs, stifle investments, and reduce the sector’s competitiveness, ultimately leading to job losses and economic downturn if not urgently addressed.
Ajayi-Kadir gave the warning in a statement on Wednesday.
The 296th meeting of the Monetary Policy Committee of the Central Bank of Nigeria held on July 22-23, 2024, focused on analysing recent economic developments.
The committee identified high foreign exchange rates, increasing energy costs, and food insecurity as challenges posing potential risks to price stability.
Ajayi-Kadiri lamented the persistent rise in inflation majorly occasioned by continuous increases in energy and food prices, the CBN has again increased the Monetary Policy Rate by 50 basis points from 26.25 per cent to 26.75 per cent.
The MPC widened the asymmetric corridor around the MPR from +100 to -300 basis points to +500 to -100 basis points.
Additionally, the MPC decided to maintain the Cash Reserve Ratio for deposit money banks at 45 per cent and for merchant banks at 14 per cent and retained the Liquidity Ratio at 30 per cent.
The statement read, ” Despite the continuous increase in MPR over the past two years resulting in a weighty 1,475 basis point hike from 11.5 per cent in May 2022 to 26.25 per cent in May 2024, inflation has remained persistently high, reaching a staggering 34.19 per cent in June, the highest since March 1996. The new rate will further constrain the growth of the manufacturing sector, as the purchasing power of consumers, production levels, competitiveness and sales will face further decline.
“The manufacturing sector in Nigeria plays a vital role in the country’s economy. However, it is facing a multitude of challenges that threaten its sustainability and contribution to economic growth. Therefore, the continued increase in the cost of borrowing, which is one of our major challenges, will:
“Escalate production costs and consequently the prices of finished goods, with consequential effect on unemployment and social instability. It will further compound the prevailing low consumer demand, capacity utilization and profitability.
“Stifle capacity to make new and further investments, innovation and curtail opportunities for the growth.
“Constrained the capacity of the sector to compete effectively in regional and global markets, and if unchecked, may trigger critical distress of more manufacturing concerns.”
In another development, Ajayi-Kadir cautioned against policies that could hinder local investment, urging the FG to create a more conducive environment for domestic businesses to thrive.
He raised the concerns in a reaction to comments on Dangote Refinery on Wednesday.
He also called for caution from government agencies and regulators in the oil and gas sector over the recently debunked allegations of poor quality of diesel levelled against Dangote Refinery by the Nigeria Midstream and Downstream Petroleum Regulation Authority.
Ajayi-Kadiri said it is expected that no agencies of government should be seen to be casting a shadow over a homegrown investment like the Dangote Refinery.
He stressed that local investors in Nigeria, particularly Dangote Industries Limited play a vital role in driving economic growth.
“Dangote Industries Limited pays taxes, creates jobs and fosters development within the country. As such, these investors must be protected and given the necessary support to thrive in this business environment. A business colossus like Aliko Dangote, with investments in diverse sectors of the economy and across the Continent of Africa, should be accorded all needed support to grow and invest in more sectors and positively impact the well-being of the people.
“The Dangote Refinery is deserving of government protection and support. It is located in Lagos – the largest single-train refinery in the world, and will play a significant role in reducing Nigeria’s dependence on imported petroleum products, reducing cost and energy poverty and significantly boosting our energy sufficiency. This is also a company in which Nigeria and Nigerians are shareholders. We should never encourage or promote a preference for imported products over local alternatives. This amounts to importing poverty and exporting prosperity.
“As you are aware, the manufacturing sector is beset with multifaceted challenges. They include the high cost of electricity, high cost of compliance with regulatory requirements, lack of access to financing, unfavourable foreign exchange and unfair competition from imported and smuggled products. It is therefore imperative that the Nigerian government takes proactive steps to address these binding constraints in order to improve the competitiveness of local industries and enhance their contribution to the GDP.
“The allegations of poor quality, monopolistic tendencies and non-issuance of license have since been roundly debunked. There may then be the need to issue a clarification that absolves the Dangote Refinery of the negative perception generated by the news report”, he said.
Ajayi-Kadiri therefore calls on the FG to prioritise the protection of local investors and actively take necessary steps to improve the operating environment for manufacturers and other economic operators to thrive.
According Online reported earlier that Ahmed had told the Dangote refinery that the Federal Government would not stop the importation of petroleum products, saying Nigeria cannot depend on one refinery to feed the nation.
The agency also said the diesel from the Dangote refinery contains a high sulphur content of about 1,000 parts per million.
Trump attacks Kamala Harris in first rally after Biden exit
Donald Trump launched a volley of attacks against US Vice President Kamala Harris Wednesday, calling her a “radical left lunatic” in his first rally since she became the de facto Democratic Party nominee for November’s election.
In a speech where he also claimed that Harris was in favor of the “execution” of babies due to her position on abortions, the former president and Republican nominee said: “She is a radical left lunatic who will destroy our country.”
“We’re not going to let that happen,” he told a crowd in North Carolina, repeatedly mispronouncing Harris’s first name.
Trump’s address comes as Harris, 59, hits the campaign trail armed with President Joe Biden’s endorsement — after his historic decision over the weekend not to seek reelection.
The 78-year-old Republican had been attacking Biden over his age, but is now being forced to pivot as he has become the oldest nominee in US history.
– ‘Execution of a baby’ –
Trump turned his aim at Harris on Wednesday, saying she was “the ultra liberal driving force behind every single Biden catastrophe.”
From dubbing her “Lyin’ Kamala” to alleging that her record on the border has allowed communities to be “ravaged by migrant crime,” he charged that “she’s unfit to lead.”
He also raised the politically explosive issue of abortion, after Harris pledged to put abortion rights at the center of her campaign and to fight for the right to control one’s own body.
“She wants abortions in the eighth and ninth month of pregnancy. That’s fine with her, right up until birth and even after birth, the execution of a baby,” Trump claimed.
Harris has notably accused Trump of seeking to ban the procedure, previously saying that “we trust women to make decisions about their own bodies.”
– ‘New victim’ –
Trump alleged Wednesday that Democratic Party leaders ousted Biden in an “undemocratic” way, saying: “Now we have a new victim to defeat.”
“If we start beating her in the polls by 10 or 15 points, are they going to bring in a third candidate?” he added.
Trump accused Harris of covering up Biden’s “mental unfitness” too.
Earlier Wednesday, the White House denied it had covered up any possible decline in Biden’s health prior to his decision to drop out of the presidential election race.
Harris’s candidacy has stirred enthusiasm among Democrats after weeks of turmoil over Biden, who came under pressure after a disastrous debate performance against Trump last month.
On Tuesday, Harris whipped up a rapturous crowd at her first rally since effectively clinching the Democratic presidential nomination, while launching new attacks on Trump for trying to “take the country backward.”
While Biden used to target Trump as a threat to democracy, Harris has adopted a more personal and targeted approach, focusing on his record as a felon.
She pointed to her work as a California prosecutor dealing with what she said were “predators” and “fraudsters” before adding: “So hear me when I say I know Donald Trump’s type.”
AFP
Shun planned nationwide protest, Kalu begs South East youths
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has urged Nigerians, particularly youths of the South East extraction, to shun the planned nationwide strike.
He said the youth instead, should engage in dialogue with the Federal Government to address challenges facing the country.
This was just as the lawmaker stated that President Bola Tinubu’s assent to the South East Development Commission Bill on Tuesday, will aid infrastructural rebuilding in the region, following many years of neglect by successive administrations.
Kalu stated these in Abuja on Wednesday while addressing journalists on the signing of the SEDC into law by Tinubu.
He said, “To my fellow South-Easterners, I implore you not to join the planned anti-government protests. Instead, let us view the signing of the SEDC bill into law as a testament to the President Bola Tinubu administration’s resolve to heal the wounds of the past, bury the rumours of the marginalistion of the South-East geopolitical zone, and renew the hope of the nation towards equitable economic growth and socio-cultural renewal.
“I also implore Nigerians from all walks of life and the entirety of the country to not heed the calls for protest but instead continue to trust in the process. The reforms of the current administration will take time but will soon start to suffice, including a reversal of inflation and stabilisation of the economy.
“This will trigger multiplier effects in a massive employment boom as a result of industrialisation, and the outcomes of the work organisations like the SEDC will engineer.”
Kalu who represents Bende Federal Constituency, added that the commission “will receive and manage funds from the allocation of the Federation Account for the reconstruction and rehabilitation of roads, houses, and other infrastructural damages suffered by the zone as a result of the civil war.
“It will also tackle ecological problems and other related environmental or developmental challenges in the South-East States including Abia, Imo, Enugu, Anambra, and Ebonyi.”
The bill, sponsored by the Deputy Speaker and all lawmakers from the South-East failed to get presidential assent in the 8th and 9th Assembly during the administration of President Muhammadu Buhari.
Commending Tinubu on signing the bill into law, Kalu described the development as a demonstration of official readiness to reposition the South East zone to tap into its resources for the good of its people in particular and the nation at large.
He further reiterated his commitment to use the carrot and stick approach in addressing the security challenges in the region.
“Aside from our legislative interventions and ongoing hard work in the National Assembly, my colleagues and I from the South-East have set the ball rolling with non-kinetic measures as remediation to the insecurity situation in the region.
“Through the Peace in South East Project, a non-governmental special purpose vehicle with thematic and programmatic leadership, we intend to execute this flawlessly,” he added.
Fielding questions from journalists on the significance of the law, Kalu, a member of the All Progressives Congress said the SEDC will propel the people to leverage agriculture and entrepreneurial skills that will enable industrialisation of the region.
“Our innovative mindedness will leverage the opportunities in the digital economy, our creativity will birth a greater cultural and entertainment platform such as Igbowood and our youth and women demography will play a major role in the energy of our development.
“It is time to put our huge gap deposit in the region to use for industrial parks that will bring value to the nation. Most of the radicalized youths will now have jobs to engage them productively among others,” he concluded.