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NGX records domestic, foreign transactions worth N2.60tr in H1’24

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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
The post NGX records domestic, foreign transactions worth N2.60tr in H1’24 appeared first on Latest Nigeria News | Top Stories from TVN.

Federal Mortgage Bank refunds N12bn wrongful deductions

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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

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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

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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

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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.

Edo APC demands apology over alleged libelous publication

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The Edo State chapter of the All Progressives Congress has called on the Vanguard Newspaper to immediately retract a publication in its Tuesday edition, depicting some prominent members of the party as masterminds of the violence which claimed the life of a police officer, Akor Onuh, last Thursday in Benin.

Recall that the convoy of the reinstated Deputy Governor of the state, Philip Shaibu, and the All Progressives Congress governorship candidate, Senator Monday Okpebholo, was attacked by gunmen last Thursday, leading to the death of the police officer.

The incident has pitched the Peoples Democratic Party and the APC against each other, with both parties calling for a probe while fingering opposition members as those involved in the mayhem.

Solicitor to the APC, Martin Omo-lghekpe and Co., in a letter to the management of Vanguard newspaper said the publication was malicious, libellous and defamatory, and should be retracted within 24 hours of receipt of the letter.

The solicitor’s letter to Vanguard reads in part, “We are solicitors to the AIl Progressive Congress, Edo State chapter, (hereinafter refer to as our client), on whose behalf we write you this letter.’’

“It is our brief that our client’s attention was drawn to the libellous, defamatory and malicious publication on page 15 of your newspaper, wherein you described the aforesaid faces in the publication; ‘as published by Vanguard Newspaper today (Tuesday) all of them APC thugs’.

“It is our brief that you termed the photographs of the aforesaid gentlemen as ‘Edo State Airport Violence faces of suspected culprits.’

“We take serious reservation to your audacious, malicious, libellous and defamatory publication, which has no legal foundation, as the said publication is orchestrated to

malign the image of the All Progressive Congress, Edo State chapter, in the eyes of the general public as our client had written a comprehensive petition to the office of the Inspector General of Police, in respect of the incident at the Benin Airport on the 18th of July, 2024, with said petition is subject to police investigation.

“We are of the firm view that a newspaper of your standing, ought to maintain the highest ethical standard by the regulatory agencies.

“Flowing from the above, our client hereby demands the immediate retraction of the aforesaid malicious, libellous and defamatory publication within 24 hours of the receipt of this letter.

“Our client also demands a letter of apology within a full cover space of your newspaper.”

The solicitor said that failure to abide by the penultimate paragraphs, “will leave us with no option than to institute both criminal and civil action against the newspaper.”

NGF promises to enhance security

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The Nigeria Governors’ Forum has reiterated its commitment to improving the security and protection of lives and property at the sub-national level.

According Online reports that a nationwide protest, set to take place from August 1 to 10, has been generating tension and a variety of responses from Nigerians.

Numerous groups expressing interest in leading the campaign stated that the protest was sparked by the escalating cost of living and the economic hardships faced by the populace.

 

In a communiqué signed by its Chairman, Kwara State Governor, AbdulRahman AbdulRazaq, made available to journalists on Thursday, the NGF emphasised the importance of implementing robust security measures to ensure the safety and well-being of citizens within their respective states.

This announcement followed the Forum’s meeting early Thursday morning.

NGF received a presentation from the Minister of Health and Social Welfare, Mohammed Pate, on the Nigeria Health Sector Renewal Investment Programme

He provided updates on the Sector-Wide Approach, the Basic Healthcare Provision Fund, Primary Health Care Revitalisation, and National Supply Chain Management.

The governors reiterated their commitment to enhancing health outcomes for all Nigerians.

The communique read in part, “The NGF received a briefing from the National Security Adviser’s office on the current security situation in the country. The NSA noted the growing momentum for a planned protest demanding government attention.

“The NSA is committed to supporting the governors in improving security architecture at the subnational level. The governors thanked the NSA and reinstated its commitment to enhance the security of lives and properties at the subnational.

“Members received the new Country Director of the World Bank, Mr. Ndiame Diop, and his team. They introduced themselves to the Forum and presented the bank’s various programmes currently being implemented in the states, including HOPE (Human Capital Opportunities for Prosperity and Equality), Food and Nutrition Security, and SPIN (Sustainable Power and Irrigation for Nigeria Products).

“Members welcomed the new Country Director and his team, assured them of the governors’ continued support, and expressed their willingness to support the programme implementation across the country.”

The 36 state governors were also briefed by the body of State Attorneys General on the July 11 Supreme Court judgment, which affirmed the financial independence of the 774 local governments.

It continued, “Members received a briefing from the body of Attorneys General of the 36 states on the Supreme Court ruling on the financial autonomy of local governments.

 

“Members received a briefing from the Nigerian Bar Association on the recent change in the association’s leadership and other initiatives. The NBA expressed their commitment to working with the States in defence of our democracy and the rule of

 

“The governors highlighted the importance of such a revered association and the role they play in ensuring effective governance. They assured the governors of their continued collaboration and readiness to provide necessary support.”

Two years after, Alaafin succession delay fuels counter-accusations

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The selection of a new Alaafin of Oyo Kingdom has been marred by controversy and delays. Despite the kingmakers, known as the Oyo Mesi, presenting a choice to the government, the process has stalled due to legal disputes, causing anxiety in the kingdom, writes OLASUNKANMI AKINLOTAN

April 22, 2024 makes it exactly two years since one of the most respected monarchical stools in Nigeria became vacant, following the demise of the Alaafin of Oyo, Oba Lamidi Adeyemi. The continuous delay in the installation of a new monarch has been raising dust, considering the sanctity of the stool in the traditional institution in the country.

Oba Adeyemi, the longest-serving Alaafin in the history of the Oyo kingdom, died in April 2022 at the age of 83, after a 51-year reign.

Upon his demise, efforts were made by the kingmakers, known as Oyo Mesi, to nominate and install a new monarch. The Alaafin’s stool rotates between two ruling houses in the Oyo Kingdom, the Agunloye and Alowolodu ruling houses. The immediate past king was from the latter, which means that the Agunloye ruling house will produce the next Alaafin.

According to the Oyo tradition and the Alaafin Chieftaincy Declaration, which is the law governing the process of succession, the Baba Iyaji, who is the head of all the princes in Oyo, will present the list of interested princes to the Oyo Mesi and the list will be received by the head of the kingmakers, the Bashorun, after which he will convene a decision meeting after screening.

The decision meeting, to be witnessed by government officials, features a consensus or voting where there is a plurality of choices. After a decision has been made, the Bashorun will then communicate the kingmakers’ choice to the local government in writing.

According to multiple sources in the Oyo kingdom, who spoke with The According, the process has been completed since October 2022, when the Oyo Mesi chose a prince by consensus and forwarded the decision to the Oyo State Government.

For the Oyo Mesi, Prince Lukman Gbadegesin led in the selection, defeating 81 other contestants who expressed interest in the stool. Following the conclusion of the selection process, Gbadegesin’s name was sent to the government.

Three kingmakers — the Agbakin of Oyo, Samu of Oyo and Alajagba of Oyo — however, dissented out of the Oyo Mesi.  The dissenting kingmakers noted that Gbadegesin’s selection was not properly done and based their grouse on the allegation that one of the seven kingmakers who voted during the process was not qualified to participate because he did so at the time of the vote as a warrant chief.

Statutorily, the Oyo Mesi, the recognised kingmakers in the Alaafin selection process, should be seven in number. There are five living members of the seven-man Oyomesi and they are: Yusuf Ayoola (Bashorun), Lamidi Oyewale (Samu),  Asimiyu Atanda (Agbaakin), Hamzat Yusuf (Akinniku), and Wakeel Oyedepo (Lagunna). Two positions of Ashipa and Alapini are vacant, following the death of the previous chiefs.

However, two warrant officers, Gbadebo Mufutau (Alapo) and Wahab Oyetunji (Aare Ago), were appointed to meet the required conditions in the selection of the new king.

When contacted, the Baba Iyaji, Mukaila Afonja, told The According that he had done his part by submitting the names of the interested princes to the kingmakers.

He, however, faulted the kingmakers for transmuting the name of the successful candidate to the government without his knowledge.

The Baba Iyaji further noted that although a few of the kingmakers had reservations over the selection process, the concluding part of the process that would produce a new monarch was left to both the kingmakers and the state government.

“Yes, they have agreed on the next Alaafin but when they were going to submit his name, it was done without my knowledge and it is not supposed to be like that. Meanwhile, what we heard was that the name submitted had been petitioned and the governor then said they should go and reselect, to guard against the situation of dethronement.

“Despite the governor’s advice, the kingmakers repeated the same name. Whatever, I have handed over to the kingmakers,” Afonja said.

Two sources in the palace, who have good knowledge of the ongoing tussle, told our correspondent that Governor Seyi Makinde seemed not interested in the candidate presented by the kingmakers.

One of the sources, who spoke on condition of anonymity because he was not authorised to speak on palace issues, noted that the matter had generated anger in the community. He added that residents believe that the delay by the government was a tactic to subvert the will of the kingmakers.

“We are all watching and observing the situation, it will be an assault and the first of its kind for that matter for the government to meddle in issues concerning the enthronement of a new Alaafin. We have gathered a lot and everybody is patiently looking.

“Princes had shown interest, the kingmakers had voted, and a prince had been selected, so what is the problem? If the governor doesn’t have faith in the selection of the kingmakers, maybe another selection should be conducted amongst them, free of government influence,” the source stated.

The According reports that the kingmakers dragged the government to court, praying that the court restrained the state governor and his agents from nullifying the choice of Gbadegesin and “approving or recognising any other candidate” as the next Alaafin, “after a duly conducted process for the filling of the vacant stool of Alaafin of Oyo, in accordance with the native law, custom and Chieftaincy Declaration of Alaafin of Oyo Chieftaincy.”

The suit marked HOY/38/2023 before the Oyo State High Court suffered a setback on April 17 as the kingmakers’ prayers were not answered and the suit was struck out.

When contacted, the ex-Commissioner for Local Government and Chieftaincy Affairs, Segun Olayiwola, stated that the state government was studying the court judgment and other issues on the matter and promised that very soon, the public would hear from the government.

The According had spoken with him before the recent cabinet shake-up, which moved Olayiwola to the Ministry of Establishment and Training.

Olayiwola said, “Just as you have heard of the judgment, so I also did. We are studying the judgment and you must have heard that it has also been appealed, so we are studying the development and very soon, you will be hearing from us.”

On the allegation that the Oyo State Governor was interested in who became the next Alaafin, Olayiwola said the person who made the statement “does not know what he is doing.”

He added, “Anybody alleging an interest does not know what he is saying. His Excellency, the Oyo State Governor, Seyi Makinde, does not have any interest in whoever becomes the next Alaafin of Oyo and I, Olusegun Olayiwola, who is working with him on this matter, do not have any of such interest.

“Governor Makinde has no interest whatsoever, he is not married to an Oyo person and neither of his parents are related to Oyo in any form. Our concern is, and he has been saying it, that the stool of the Alaafin is important, a historical stool in the African setup and not just for the Yoruba race. As a result of that, the stool is not for sale. We are not going to toy with anything about that.”

He, however, assured the residents and watchers of the development to remain calm, adding that a transparent procedure that will produce the next Alaafin will soon commence.

“I can assure you that by the time we choose the next Alaafin, the whole world will know that no one had an interest in who became the next Alaafin. I can assure you that the governor has no candidate, I also don’t have a candidate, so who dare now has a candidate?

“We are just following the due process and we are of the opinion that the stool of the Alaafin is not for sale and that is it. Just wait and see what will happen very soon, because the government has no interest in anybody. What we want is to have a person that God has ordained and when the procedure starts, you will see that it is not about interest.”

Speaking on the crisis bedeviling the stool of the Alaafin, the head of the kingmakers, traditionally known as the Bashorun, High Chief Yusuf Ayoola, noted that the matters were in court but challenged Olayiwola to come forward with a report of any attempt to sell off the stool of the Alaafin.

“I can’t speak on the matter now because the matter is in court. But the commissioner, who said the stool of the Alaafin is not for sale, should come forward with any report or evidence showing that anyone is trying to sell the stool.”

Expert makes case for AI adoption to tackle challenges in agriculture

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Tech expert,  Adesokan Ayodeji, has highlighted the transformative potential of Artificial Intelligence in revolutionising Nigeria’s agricultural sector.

He said AI technologies, including machine learning and predictive analytics, are set to enhance crop yields, optimise resource use, and improve supply chain efficiency.

According to a statement made available to According Online on Wednesday, Ayodeji said these innovations promise to address key challenges such as food security, climate change, and sustainable farming practices.

“By leveraging AI, farmers can gain insights into weather patterns, soil conditions, and pest control, leading to more informed decisions and higher productivity. This shift is expected to boost the agricultural economy and contribute significantly to Nigeria’s overall development,” he said.

Ayodeji, a Consultant at Ambiance Media Limited, explained that agriculture is a critical sector in Nigeria, employing about 70 per cent of the labour force and contributing significantly to the country’s GDP.

However, the tech expert observed that the sector faces numerous challenges, including poor infrastructure, limited access to modern technology, unpredictable weather patterns, and inefficient farming practices.

“In recent years, Artificial Intelligence has emerged as a powerful tool to address these issues and drive agricultural reform in Nigeria. This explores the importance of AI in transforming Nigerian agriculture and its potential to enhance productivity, sustainability, and food security.

“AI technologies enable precision farming, which involves the use of data analytics, machine learning, and IoT devices to optimise agricultural practices. Sensors and drones equipped with AI can monitor soil health, crop growth, and weather conditions in real time. This information allows farmers to make data-driven decisions on irrigation, fertilisation, and pest control, resulting in higher yields and reduced resource wastage.

“Pests and diseases are major threats to crop production in Nigeria. AI-powered systems can analyze images of crops to detect early signs of infestations and diseases. Machine learning algorithms can identify patterns and predict outbreaks, enabling farmers to take preventive measures. This proactive approach reduces crop losses and minimises the need for chemical pesticides, promoting sustainable farming practices.

“Nigeria’s agriculture is highly vulnerable to climate change, with unpredictable weather patterns and extreme events affecting crop production. AI can help farmers adapt to these changes by providing accurate weather forecasts and climate models. By analysing historical weather data and current trends, AI systems can predict droughts, floods, and other climate-related challenges, allowing farmers to plan accordingly and mitigate risks.

“Access to market information is crucial for farmers to make informed decisions about what to plant and when to sell their produce. AI-powered platforms can analyse market trends, demand, and prices, providing farmers with valuable insights. This information helps farmers maximise their profits and reduce post-harvest losses by aligning their production with market demand.

“The agricultural supply chain in Nigeria is often fragmented and inefficient, leading to significant post-harvest losses. AI can streamline supply chain operations by improving logistics, inventory management, and distribution. Machine learning algorithms can optimise routes for transportation, ensuring timely delivery of produce and reducing spoilage. This efficiency benefits both farmers and consumers by reducing costs and ensuring a steady supply of fresh produce,” Ayodeji said.

He further explained that many smallholder farmers in Nigeria lack access to financial services and education, thereby limiting their ability to invest in modern farming techniques and equipment.

“AI-driven fintech solutions can assess creditworthiness based on alternative data sources, such as mobile phone usage and transaction history. This enables farmers to access loans and insurance products, empowering them to adopt innovative technologies and improve their productivity.

“AI can also play a role in educating and training farmers. Mobile apps and AI-powered chatbots can provide farmers with information on best practices, pest control, and crop management. These tools can offer personalised advice based on the specific conditions of each farm, helping farmers implement modern techniques and improve their yields.

“The integration of AI in agriculture holds immense potential for driving agricultural reform in Nigeria. By enhancing precision farming, pest and disease management, climate adaptation, market intelligence, supply chain optimisation, financial inclusion, and education, AI can address the critical challenges facing the sector.

“As Nigeria continues to embrace AI technologies, it is essential to ensure that these innovations are accessible to all farmers, particularly smallholders, to achieve inclusive and sustainable agricultural growth,” he concluded.

Naira dips in value for third day in a row

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The Nigerian currency, the naira, slumped again against the American dollar on Wednesday, July 24, 2024.
The domestic currency shed N38 to trade at N1,586/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,548/$1 it traded on Tuesday July 23, 2024.
The intra-day high and low recorded during the day were N1,617/$1 and N1,476/$1 respectively, representing a lean spread of N141$1.
READ ALSO:Naira recovers, trade N1,500/$1 at official window
The naira also slumped against the dollar at the parallel section of the FX market as the local currency shed N5 against the dollar to trade N1,595|$1, as against the rate of N1,500/$1 it traded the previous trading day.
The naira also shed N10 against the British Pound to trade at N2,070£1 as against the previous trading day’s rate of N2,060£1 representing a loss of N10 for the local currency.
The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.
The naira also lost N10 against the Euro to trade at ₦1,710/€1 as against the previous trading day’s rate of ₦1,700/€1.
By: Babajide Okeowo
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