The Publisher of Ovation Magazine, Dele Momodu, on Thursday warned President Bola Tinubu to be wary of hero worshippers in the National Assembly.
He also asked the president to see the sacked Senate chief whip, Ali Ndum, as his best friend.
The Senate on Wednesday removed the outspoken lawmaker as Chief Whip following the recommendation of the All Progressives Congress (APC) National Working Committee (NWC).
He had since been replaced by the Senator representing Borno North, Mohammed Monguno, in that position.
Ndume was removed a few days after he criticised President Bola Tinubu’s leadership style.
The lawmaker, who featured in a programme on Arise TV, said the president has been caged by his aides in Aso Rock.
He added that Tinubu was not aware of the challenges faced by Nigerians because he was far removed from the current realities in the country.
The lawmaker also argued that former President Muhammadu Buhari was a more accessible leader.
In an open letter to the president, the director of strategic communication for the Peoples Democratic Party (PDP) campaign council in the 2023 elections called for efficient management of the scarce resources because the country’s “economy has collapsed.”
He wrote: “In the name of God, beware of those hero-worshippers at the National Assembly who have turned you into God. Ndume is your best friend. Listen to him. There’s danger ahead.
“You must enforce discipline as a leader. Your new disciple, Nyesom Wike, has publicly disrespected you in the Fubara matter. You need to sanction him before he throws Nigeria into total chaos.
“Nigeria is in big trouble. Our economy has virtually collapsed. And what’s the way out? You’ve been wasting too much money at a time that requires absolute frugality.
“Please stop this reckless propensity for wasting scarce resources. Purchasing presidential jets, building outlandish monuments, distributing cash as palliatives, etc. are signs of a failed and careless government.
“If you can curb the excessive spending of your government, you will free up a lot of resources for serious development.
“Invest in vocational skills for our highly talented youths who can demonstrate their capacity for hard work.
“Invest heavily in local agriculture. Upgrade our institutions of learning. Giving cash to politicians to distribute is unhealthy and unhelpful… It is the height of cluelessness.”
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Dele Momodu to Tinubu: Beware of hero worshippers in National Assembly
NGX: Equities market recovers as investors gain N262bn
The Nigerian equities market rebounded from previous losses on Thursday with investors gaining N262 billion at the close of the trading.
This followed an increase in the share prices of stocks like UCAP, OANDO, and AFRIPRUD amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization increased to N56.9 trillion from N56.6 trillion posted by the bourse on Wednesday.
The All-Share Index (ASI) increased to 100,503.21 from the 100,032.32 recorded the previous day.
The market breadth was negative as 23 stocks advanced and 29 declined, while 62 others remained unchanged in 9,013 deals.
UCAP, OANDO, and AFRIPRUD led other gainers with 9.92%, 9.76%, and 9.55% growth in share price each to close at N39.90, N18.55, and N9.75 from the previous N36.30, N16.90, and N8.90 per share.
On the flip side, LINKAGE ASSURANCE, VERITASKAP and VITAFOAM led other price decliners as they shed 10%, 10%, and 9.67% each to close at N0.90, N1.08, and N19.15 from the initial N1.00, N1.20, and N21.20 per share.
On the volume index, GTCO led trading with 39 million shares valued at N1.80 billion in 663 deals followed by VERITASKAP which traded 39 million shares valued at N36 million in 193 deals.
FCMB traded 31 million shares valued at N242 million in 183 deals.
On the value index, AIRTEL AFRICA recorded the highest value for the day trading stocks worth N2.24 billion in 34 deals followed by GTCO which traded equities worth N803 million in 663 deals.
UBA traded stocks worth N689 million in 547 deals.
By: Babajide Okeowo
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Economic hardship: Gov Buni warns Yobe youths against taking part in protest
Yobe State Governor, Mai Mala Buni, has charged Nigerian youths in the North East region to shelve any plan of embarking on another round of protests, saying such a move would be dangerous and counterproductive.
The governor, through his Senior Special Assistant, Digital and Strategic Communications, Yusuf Ali, also charged the youths with the responsible use of social media in shaping positive narratives about the state and the country.
Buni gave the charge during the launch of the Ethical and Re-Orientation Campaign (Operation Gyaran Hali), organised by the Ministry of Religious Affairs and Ethical Re-Orientation in Damaturu.
He said no Nigerian youth, especially from the North East part of the country, in his right senses will stage a protest that will disturb the hard-earned peace that people are enjoying in the North East after years of Boko Haram insurgency.
He added that the North East part of the country was yet to recover from the impact of the deadly Boko Haram insurgency, which has left the region in ruins with millions of people’s lives and property worth billions destroyed.
“We all have not forgotten what we have gone through during the dark days of the insurgency. Only those who have no senses will pray to go back to those years when people were running for their dear lives not to talk of what to eat,” Buni said.
According to him, another round of protests will worsen the already precarious security situation and economic hardship currently bedevilling the North East region and country.
The governor said his administration has taken bold steps in training youths on the responsible use of social media and providing tools for them to key into the digital economy.
He noted that the Yobe State Information Technology Development Agency, YITDA, is also working to engage more youths in its drive to provide digital skills to the people.
The governor called on traditional rulers, religious leaders, and parents to rise to the responsibility, of rebuilding the eroding culture of discipline, decency, and righteousness in the youth for a better future.
Economic hardship: Gov Buni warns Yobe youths against taking part in protest
NGX delists Niger Insurance, two others from platform
The Nigerian Exchange Limited (NGX) has delisted the shares of Niger Insurance Plc and two other companies from its platform for non-compliance with standards.
The other affected firms are – Resort Savings and Loans Plc, and RAK Unity Petroleum Plc.
The NGX’s Head of Issuer Regulation, Godstime Iwenekhai, confirmed the development in a statement on Thursday.
The companies, according to NGX, were delisted because they were operating below the listing standards of the exchange firm.
The decision took effect on Thursday.
The statement read: “Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of General Undertaking, Appendix iii Of the Rule Book of The Exchange, 2015, Part II.
“Issuers Rules Delisting the process which states that; to recognize that Council reserves the right to remove the name of a company from the Official List of The Exchange at its absolute discretion and may, if it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public, or.
“Any of the foregoing terms and conditions are not complied with, or the company becomes a subsidiary of any other company.”
The NGX also said the companies’ securities “are no longer considered suitable for continued listing and trading in the market.”
The company said the operating licences of Niger Insurance and Resort Savings and Loans were revoked by their primary regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) on June 21, 2002, and May 24, 2023, respectively.
“On the other hand, RAK Unity Petroleum completed its liquidation process on September 26, 2023, and has since been dissolved “and on that note no longer needs to remain listed on the platform of NGX,” it added.
By: Babajide Okeowo
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Naira gains N15 to trade N1,566/$1 at the official window
The naira recovered from its slump against the American dollar to trade N1, 566/$1 at the official window on Thursday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N15 in today’s trading when compared with N1, 588/$1 recorded on Wednesday.
The intra-day high and low recorded during the day were N1,650/$1 and N1,500/$1 respectively, representing a lean spread of N150$1.
The naira continued its slump at the parallel market as the local currency shed N25 against the dollar to trade N1,640|$1 as against the N1,615/$1 for Wednesday.
READ ALSO: Court throws out suit challenging Arabic inscription on Naira notes
The naira lost N10 against the British Pound to trade at N2,090£1 as against the previous day’s N2,080£1.
The Canadian dollar continues to close flat against the naira to trade N1,200|CA$1.
The naira lost N20 against the Euro to trade ₦1,740/€1 as against the previous of ₦1,720/€1.
By: Babajide Okeowo
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We need support to pay N70,000 minimum wage – Organised private sector
The Organised Private Sector, OPS, has reacted to the new N70,000 minimum wage adopted by the Federal Government.
TVN had reported that President Bola Tinubu on Thursday approved N70,000 minimum wage for Nigerian workers, with a promise to review the national minimum wage law every three years.
Reacting, the spokesperson of OPS, and Director General of the Nigeria Employers’ Consultative Association, NECA, Adewale-Smatt Oyerinde, warned that members cannot pay the N70,000 national minimum wage announced by the Federal Government without support.
He was quoted as saying: “While we commend the President for putting to rest the immediate issue of the National Minimum Wage, we also note, most importantly, his commitment to support the sub-nationals and the organised private sector to pay the new wage.”
We need support to pay N70,000 minimum wage – Organised private sector
Appeal Court dismisses Kyari’s move to quash drug charge
The Appeal Court, Abuja, on Thursday, dismissed a move by the former head of the Inspector-General of Police Intelligence Response Team (IRT), Abba Kyari, to quash the unlawful drug deal charge against him.
A three-member panel of justices led by Justice Adebukola Banjoko dismissed Kyari’s appeal for lack of merit.
The once-feared supercop was arraigned by the National Drug Law Enforcement Agency (NDLEA) alongside four members of the IRT for conspiracy to deal in 17.55kg of cocaine.
The other defendants are – ACP Sunday J. Ubua, ASP Bawa James, Insp. Simon Agirgba and Insp. John Nuhu.
They were also accused of dealing in cocaine without lawful authority, conspiracy to tamper with cocaine, and unlawfully tampering with 21.35kg of cocaine seized from two convicted drug dealers.
Kyari had appealed the March 22, 2023 ruling by Justice Emeka Nwite of the Federal High Court, Abuja, who dismissed an application filed by the defendant.
The police officer in his application challenged the jurisdiction of the court to try him and other defendants when they were yet to be subjected to the internal disciplinary mechanisms of the Nigeria Police Force (NPF).
Justice Banjoko, who read Thursday’s judgement, held that there was no reason to tamper with the findings and conclusions reached on the issue by the lower court.
She said: “In conclusion, this court finds no reason to disturb the findings and conclusions reached by the learned trial judge of the Federal High Court, and in the ruling delivered on the 22nd day of March 2023 is affirmed.
“The learned trial judge is directed to continue and conclude the trial at the Federal High Court.
“The appeal is found unmeritorious and it is accordingly dismissed.”
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SDP woos former Senate chief whip, Ndume
The Social Democratic Party (SDP) on Thursday invited the former Senate Chief Whip, Ali Ndume, to its fold.
The SDP National Chairman, Alhaji Shehu Gabam, extended the invitation at a news conference in Abuja.
The Senate on Wednesday removed the outspoken lawmaker as Chief Whip following the recommendation of the All Progressives Congress (APC) National Working Committee (NWC).
He had since been replaced by the Senator representing Borno North, Mohammed Monguno, in that position.
Ndume was removed a few days after he criticised President Bola Tinubu’s leadership style.
The lawmaker, who featured in a programme on Arise TV, said the president has been caged by his aides in Aso Rock.
He added that Tinubu was not aware of the challenges faced by Nigerians because he was far removed from the current realities in the country.
At the briefing, Gabam condemned the removal of Ndume for criticising the government and its policies.
He said the advice by the APC leadership that Ndume was free to join any opposition party was an act of intolerance.
The chairman said: “The SDP believes that criticism is essential to a healthy democracy, and we will not stand idly by while the APC seeks to stifle dissenting voices.
“We extend an official invitation to Senator Ndume to join our party and continue his quest for social justice, good governance, and the entrenchment of democratic principles.
“To Senator Ndume, we say your courageous stand against the APC’s authoritarian tendencies is laudable, and we welcome you to our fold.
“Together, we shall continue to advocate for the rights of Nigerians and ensure that our democracy remains vibrant and inclusive.”
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Tribunal upholds APC Rep’s victory in Katsina rerun election
The National and State Assemblies election petitions tribunal on Thursday upheld the election of the lawmaker representing Faskari/Sabuwa/Kankara federal constituency in the House of Representatives, Alhaji Dalhatu Tafoki, in this year’s rerun elections in Katsina State.
The three-member panel headed by Justice K.A Ojiaka dismissed the petition filed by the Peoples Democratic Party (PDP) candidate, Alhaji Jamilu Muhammad, for lack of merit.
The tribunal also ordered Muhammad to pay a fine of N150,000 each to three respondents.
The respondents are Tafoki, the All Progressives Congress (APC), and the Independent National Electoral Commission (INEC).
The petitioner alleged that the election that returned Tafoki was marred by irregularities, multiple thumb printing, disenfranchisement of voters, and non-compliance with the electoral act.
The tribunal declared that the petitioner failed to present witnesses to prove his case.
INEC had declared Muhammed as the winner of the 2023 election in the constituency but the tribunal declared the election inconclusive.
The panel ordered INEC to conduct re-election in 16 polling units of Kankara and four in Faskari local government areas of the state.
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Niger doesn’t rely on allocations from federation account – Gov Bago
Governor Mohammed Umar Bago has disclosed that Niger State does not need to rely on the monthly allocation from the federation account to survive.
Bago stated this while declaring open a stakeholder town hall meeting on the state’s state affairs in Minna.
Bago explained that with bodies of water and four hydroelectric dams located in the state, Niger ought not to be complaining of hunger but rather will serve as a food basket for Nigeria.
According to him: “Niger State Government doesn’t need the monthly FAAC allocation from the Federal Government because we are not poor and are producing, which is our secret.
“Many people have invested in Niger State for the next five years and we even had to defer a bilateral agreement with the United Arab Emirate’s Dubai until next year since Nigeria cannot feed itself now.”
The governor also revealed that the sum of N500,000 as minimum wage will be paid to each youth employed to work in the one hundred thousand greenhouses located at the Airport City project in the state.
He disclosed: “Under the greenhouse project, the Niger State Government will employ one million youths, comprising males and females, which will assist in addressing the problem of unemployment as well as provide jobs to the teeming unemployed.”
Bago further approved the release of the N20,000 wage award for disbursement to all categories of civil servants while approving another N2 billion as scholarship allowances to students of tertiary institutions across the state.
Speaking on behalf of security chiefs, Niger State Commissioner of Police Shawulu Danmamman stated that security agencies in Niger State have been working round the clock to ensure peace for sustainable development and will not relent in that direction.
Niger doesn’t rely on allocations from federation account – Gov Bago