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CBN holds MPC meeting Monday as inflation soars

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CBN holds MPC meeting Monday as inflation soars

The Central Bank of Nigeria has announced its Monetary Policy Meeting to discuss measures to combat the country’s escalating inflation and economic hardship.

The meeting, scheduled for next Monday and Tuesday, will be the 296th MPC meeting and the fourth under the leadership of CBN Governor, Olayemi Cardoso, who was appointed in September 2023.

The CBN has been under pressure to address the rising inflation, which has seen the country’s interest rate soar to 26.25 per cent in May, up from 18.75 per cent in May 2023.

Despite calls from stakeholders in the financial sector to pause interest rate hikes, the CBN has maintained its tightening measures.

The Centre for the Promotion of Private Enterprise has previously advised the CBN against further interest rate increases, citing the need for businesses to recover from previous rate hikes. However, the CBN has insisted on its stance, citing the need to control inflation.

CPPE director-general Muda Yusuf advised the MPC to pause its tightening measures because of the increase in the recent inflation rates.

He said, “The persistent inflationary pressures in the Nigerian economy remained a major cause for concern because of the implications on purchasing power and operating costs for businesses.”

The latest inflation figures released by the National Bureau of Statistics show that headline and food inflation rose for the 19th consecutive time to 34.19 per cent and 40.87 per cent respectively, in June 2024.

This has led to increased pressure on the CBN to take decisive action to address the economic hardship faced by Nigerians.

The upcoming MPC meeting is expected to be closely watched by stakeholders and analysts, who will be looking for signs of a shift in the CBN’s monetary policy stance.

With the country’s economy facing significant challenges, the CBN’s decisions will have far-reaching implications for businesses, consumers, and the overall economic outlook.

Weak building materials responsible for Plateau school building collapse- Panel

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Weak building materials responsible for Plateau school building collapse- Panel

The Investigative panel set up by the Federal Government on the two-storey school building which collapsed in Jos, the Plateau State capital on Friday, killing over 22 persons has released a preliminary report on the incident.

Addressing journalists in Jos on Tuesday, the Director General, Nigerian Building and Road Research Institute, Samson Duna, said that the panel headed by O.F. Job of the Building Department at the University of Jos revealed that the physical observation of the building looked distressed, adding that weak materials were used for the building.

Job said the report also depicted that the quantity of concrete used in the two-story building was in doubt as there was no boundary between the concrete and the steel reinforcement, adding that the slab reinforcement anchorage provided was inadequate.

The DG said, “The committee has commenced its investigation. Preliminary investigation revealed that the physical observation of the building looks distressed.

“The quantity of concrete is in doubt because there was no boundary between the concrete and the steel reinforcement.

“The slab reinforcement anchorage provided was inadequate. The sizes of the footing (foundation) provided were lesser than the required number (1200 mm X 1200mm). A comprehensive report on the investigation will be presented at the conclusion of the investigation”

Duna advised the government and other professional bodies in the construction industry to insist on carrying out integrity tests on all distressed buildings, especially those around the collapsed building site.

He stated that the institute has so far intervened in more than 60 cases of building collapses in Nigeria, adding that with Nigeria experiencing an average of 20 building collapses annually, especially during the rainy season, there is a need to fight the menace of building collapse.

He also advocated for a multifaceted framework to prevent future occurrences, adding that all organs of government and professional bodies responsible for building construction must enforce strict compliance with building codes, regulations, and standards.

He said the country has continued to experience building collapse because there have been no regular inspections and penalties for non-compliance, adding that from the available records, no one has been sanctioned for negligence or found wanting in relation to building collapse.

“There should be professionalism by ensuring that only qualified professionals like registered architects, engineers, and builders are involved in building projects. In a situation where a contractor borrows a certificate from a professional to execute a job, both the contractor and the owner of the certificate should be sanctioned.

“Public awareness should be reinforced by educating the public on the importance of building safety and the risk of illegal construction. This is necessary because many are not aware of what they need to do before they embark on building projects,” he added

He called for collaboration among stakeholders, including government agencies, professionals and the public, to share knowledge and global best practices and further called for refresher training among the professionals in the country.

The According had earlier reported that a two-storey building housing Saint Academy located at the Busa Buji community in the Jos North Local Government Area of Plateau State collapsed on Friday morning while students and teachers were in their classes.

The incident resulted in the death of over 22 persons while about 154 persons trapped under the rubbles were evacuated to various hospitals

Reps meet CDS, minister over presidential directive on farming Monday

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Reps meet CDS, minister over presidential directive on farming Monday

The House of Representatives Committee on Defence will on Monday, July 23, 2024, meet with the Minister of Defence, Abubakar Badaru, and the Chief of Defence Staff,  Gen Christopher Musa, to ascertain how the military intends to go about the directive by President Bola Tinubu for the military to cultivate their land.

 

The Chairman of the Committee, Babajimi Benson, who disclosed this in Abuja on Tuesday while briefing journalists in his office, said the President gave the charge as part of measures to address the challenges of food insecurity in the country.

 

He said, “If there is food security, insecurity will go down. So, the Army should take possession of their land. Let’s say they have one million hectares somewhere. There is not going to be insecurity in that area because it is going to be manned by the military.

 

“We are taking the initiative on Monday,  next week. We are going to call the Minister of Defence, Chief of Defence Staff, to come and explain to us how they want to transform Mr. President’s directives into reality. Let the armed forces who protect us be involved in this. Let them cultivate the vast land before them.”

Benson, who represents Ikorodu Federal Constituency, Lagos State, commended Tinubu for championing local government autonomy, saying, “This will help in addressing insecurity in the country as security starts from the grassroots and with the autonomy, local government council chairmen will have more funds to develop their areas and secure lives as well as properties. Financial autonomy granted to local governments would spur development and close ungoverned spaces, which induced insecurity.

 

“I give super kudos to the President of Nigeria for ensuring that there is local government autonomy because security starts from the grassroots. So, if you empower a local government to have full receipt of their monthly applications, they don’t have immunity like the governors, and people are aware that now, the shackles are broken. I don’t think there will be any stretch or space in Nigeria that will not be governable.

“When I received reports from my military people, they told us that there are a lot of ungovernable spaces, areas where no single government presence exists.

“It now behoves the people to be wise in choosing people that administer them because if you do that, this is a game changer, in my opinion. I think it is a game changer that can be catalytic for Nigeria’s development.”

The lawmaker added that state policing should be optional, saying, “If I have the power to make legislation,  I will say state policing is not by force. If you want it, apply. If a governor applies for state policing, the authority vetting it. Maybe the Police Service Commission will look at it, and if they pass the test,  they should be given on a pilot scheme.

“There should also be conditions, like  if you give them the license and they don’t do well,  you can suspend, revoke, and the license may not be renewed.”

Nigeria absent at Africa Youth Champs over scarcity of funds

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Nigeria absent at Africa Youth Champs over scarcity of funds

Nigeria is conspicuously absent from the 2024 ITTF Africa Youth Championships, which are currently underway in Gaborone, the capital of Botswana.
Despite being one of the leading African teams, Nigeria is not participating in this prestigious event.
In the 2023 edition held in Agadir, Morocco, the Nigerian contingent managed to compete thanks to the support of Friends of Table Tennis, who funded their trip.
However, despite qualifying for the 2023 ITTF World Youth Championships, the team could not honour the event.
Following weeks of preparation, the players were informed that they would not be able to travel due to the Nigeria Table Tennis Federation (NTTF) failing to secure necessary support from the Federal Ministry of Sports Development.
Botswana is making history by hosting the continent’s finest young players for the first time in African table tennis.
Read Also: Rio: Siasia begs Buhari to release funds for Olympic team 
Unfortunately, Nigeria, a high-profile team, is missing from the action at the championships, which began on Monday, July 15. The Botho University Hall in Gaborone serves as the venue for this exciting event.
Having previously hosted regional championships, Botswana is thrilled to stage one of Africa’s elite tournaments. Motswagole Kudzanani, President of the Botswana Table Tennis Association (BTTA), emphasized that hosting the tournament would lead to all-round improvement for table tennis.
He stated, “Hosting provides a platform to build our capacity and expose our athletes to international standards. It also increases our brand visibility, showcasing our capabilities and helping us identify areas for growth.”
This year’s championships feature an increased number of participating nations compared to the 2023 edition.
The participating countries include Botswana, Congo DRC, Ghana, Egypt, Cameroon, Kenya, Uganda, Lesotho, Benin Republic, Guinea, Madagascar, Namibia, South Africa, Rwanda, Tunisia, Zambia, and Zimbabwe.
Furthermore, the seven-day continental championships serves as African qualifiers for the 2024 ITTF World Youth Championships, scheduled to take place in Helsingborg, Sweden, in November.
The post Nigeria absent at Africa Youth Champs over scarcity of funds appeared first on Latest Nigeria News | Top Stories from TVN.

Rivers royal family drags oil company to court over land dispute

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Rivers royal family drags oil company to court over land dispute

Members of the Agwolo-Ochoeke Royal Family of Ogbele community in Ahoada East Local Government Area of Rivers State have taken Niger Delta Petroleum Resources PLC, now Aradel Holdings PLC, to the state High Court over a land dispute.
The Agwolo-Ochoeke Royal Families are seeking a court order directing Aradel Holdings PLC to allow them access to their land for a survey and to pay proper compensation.
They claim that since 2001, when the company began operations on their land, they have not received any rental payments.
Aradel Holdings PLC, the defendant, argues that it had paid for economic crops and has a Memorandum of Understanding, MOU, with the larger Ogbele community.
At a hearing on Tuesday, the claimants’ counsel, Mike Ozekhome, SAN, requested the court to grant the families access to survey the disputed land, which the defense opposed.
Presiding Judge, Justice Sylvester Popnen, ruled that Aradel Holdings PLC must allow the Agwolo-Ochoeke Royal Families access to the land for a survey, with both parties present.
The judge directed that the survey must be completed within 14 days.
Speaking to the press outside the courtroom, Ozekhome described the ruling as beneficial for both parties and a rightful decision.
He explained that the Nigerian constitution requires anyone, group, or government taking over someone’s land to allow access to determine their interest for compensation purposes.
Rivers royal family drags oil company to court over land dispute

Court remands 98 suspects over Benue violent protest

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Court remands 98 suspects over Benue violent protest

The Chief Magistrate Court sitting in Makurdi has remanded 98 persons to the Correctional Center over the violent protest that rocked Ukum Local Government Area of Benue State two weeks ago.

Though 99 suspects were arraigned in court, one of the suspects, a nursing mother was granted bail.

The accused persons were charged with criminal conspiracy, mischief by fire, culpable homicide, mischief, theft, armed robbery and acts of terrorism.

The first information report said, “The Caretaker Chairman of Ukum LG,  Victor Iorzaa, had reported to the Police that bandits attacked Boikyo ward in Ayati on 03/07/2024 at about 0030hrs and killed six persons.

“The same day at about 0800hrs, violent protesters in their thousands started burning down private and government property including Ukum LG Secretariat”.

The FIR listed other properties set ablaze by the protesters including schools, Federal Road Safety Corps office, courts, Civil Defence office, Unity, Access and UBA banks, hotels, Benue Links park, residential buildings, INEC area office, BIRS office, Police station, NUT office and local government guest house which amounted to millions of naira.

Counsels to the defendants, Tavershima Kusa, E.T. Iyorkaa, M.A Uyina H. A. Abuul, I.G Akange, M.S kwaghtse, S.T Sorkwu and Robert did not oppose to application for extension of time to complete investigation.

A counsel, Tavershima, made an oral application to grant bail to one Vivian Jacob, a nursing mother.

Ruling on the oral application, the Chief Magistrate, Kelvin Mbanongon said, “Vivian is to be granted bail in the sum of 500,000 by a surety who should be a civilian servant with two passports.

“This is done in consideration that she is carrying a baby while all others should be remanded in the correctional centre, Makurdi”.

The case was adjourned to August 21, 2024, for further mention.

Gov Mohammed sacks security adviser in Bauchi

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Gov Mohammed sacks security adviser in Bauchi

The Bauchi State Governor, Bala Mohammed, has sacked his Chief Security Adviser, Ahmed Adamu Chiroma.
The Special Adviser on Media and Publicity to the Governor, Mukhtar Gidado, disclosed this is a terse statement on Tuesday in Bauchi.
The statement read: “His Excellency, Sen. Bala A. Mohammed CON, Fnipr (Kauran Daular Usmaniya) the Executive Governor of Bauchi State has approved the termination of the appointment of his Chief Security Adviser, Ahmed Adamu Chiroma, PhD with immediate effect.
“The termination of his appointment was conveyed to him through a letter signed by the Secretary to the Bauchi State Government, Barr. Ibrahim Mohammed Kashim and he was directed to handover the affairs of his office to the Chief Security Officer (CSO) to the Governor.
“Governor Bala Mohammed on behalf of the government and the good people of Bauchi State thanked the former Chief Security Adviser for the services he has rendered to Bauchi State.
“”With this, the general public is hereby notified of the development.”
By: Yemi Kanji
The post Gov Mohammed sacks security adviser in Bauchi appeared first on Latest Nigeria News | Top Stories from TVN.

Bauchi governor sacks Chief Security Adviser

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Bauchi governor sacks Chief Security Adviser

Bauchi State Governor, Bala Mohammed has terminated the appointment of his Chief Security Adviser, Ahmed Adamu Chiroma, with immediate effect.
The development was communicated through a letter signed by the Secretary to the State Government, Barr Ibrahim Mohammed Kashim, directing Chiroma to hand over his duties to the Chief Security Officer, CSO, to the Governor.
Special Adviser on Media and Publicity to the Governor, Mukhtar Mohamed Gidado, issued a statement on Tuesday notifying the public of the development.
He stated, “Governor Bala Mohammed, on behalf of the government and the people of Bauchi State, thanks the former Chief Security Adviser for his services to the state. The general public is hereby informed of this development.”
However, reasons behind the termination of the appointment remain sketchy as of the time of filing this report.
Bauchi governor sacks Chief Security Adviser

No one can entice me with money, says KWSIEC chair

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No one can entice me with money, says KWSIEC chair

The Chairman of the Kwara State Independent Electoral Commission, Mohammed Okanla has said that the Commission will conduct transparent free and fair Local Government Council elections in the state, saying that no one can entice him with money.

Reacting to accusations by some political parties that the Commission was showing signs of support for the ruling party in the state at a one-day pre-election Stakeholders Forum held in Ilorin, the state capital on Tuesday, Okanla denied the allegation of supporting any of the 17 registered political parties that put in for the local government election.

He said, “It is unfair for people to accuse me of supporting the ruling party in the state on the local government elections. They are giving false information. Let me tell you, I have my own money and I’m satisfied with whatever I have, no one can entice me with money.”

Okanla, while urging all stakeholders to cooperate with the commission and ensure free, fair, acceptable, inclusive and credible local government elections in the state, said that the LG was the closest to the people at the grassroots.

“Local government elections are crucial as they empower citizens to actively participate in governance. They are the closest form of government to the people, directly addressing local issues and community needs. The elected officials at this level are responsible for essential services such as education, healthcare and infrastructure development.

“These elections also play a significant role in nurturing future political leaders. They provide a platform for emerging leaders to gain experience and demonstrate their capabilities. Moreover, local government elections reinforce political accountability, ensuring that leaders remain responsive to the needs of their communities”, he said.

He observed that the LG elections are full of challenges, saying, “As we approach the elections, we are confronted with issues such as political polarisation, voter apathy and the spread of misinformation, adding security remains a paramount concern. Ensuring the safety of voters, electoral officials and is essential.”

While calling for collaboration of all stakeholders to ensure the success of the election, he said their support would achieve a transparent and credible electoral process.

“The success of the upcoming elections depends on the collaboration of all stakeholders; Political parties, Civil Society organizations, Security agencies, the media and the electorate all have crucial roles to play.

“We have established robust monitoring mechanisms to detect and address any instances of fraud adding collaboration with Civil Society organisations and electoral observers will enhance the credibility and monitoring process”, the chairman said.

He added that the commission had held town hall meetings with traditional rulers and the people in the 16 local government areas of the state.

Also speaking at the forum, the former Speaker of Kwara State House of Assembly, Babatunde Mohammed, who is the chairman of the Peoples Democratic Party in the state, urged the commission to do what is possible to ensure transparency in the forthcoming local government elections.

Mohammed, while appealing to the Commission to create a level playing ground for all participating political parties, said “The body language of the commission will encourage the masses to come out and vote in the election.”

The state chairman of the Action Alliance, Ismail Ajinikirun, urged the commission to do the right thing in the election adding, “If you do the right thing, your mind will be clear.”

At the Stakeholders Forum were heads of Security Agencies including the Police, Nigeria Security and Civil Defense Corps, Customs and the Federal Road Safety Corps and the representative of INEC.

Nigerian govt rules out handover of varsities to private investors

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Nigerian govt rules out handover of varsities to private investors

The Minister of Education, Prof. Tahir Mamman, said on Tuesday the Federal Government has no plan to hand over public universities in the country to private investors.
Mamman made the clarification at the ministry’s Second Quarterly Engagement with Heads of units and Chief Executive Officers of parastatals and agencies under its jurisdiction.
The Academic Staff Union of Universities (ASUU) had recently accused the federal government of planning to hand over federal universities to investors through public-private partnerships.
The minister said: “There is no plan to sell off universities to investors. The policy of the government allowed for transnational education.
“Some people are carrying information that the federal government is selling off to private investors its universities. This is an absolute lie and completely false.
READ ALSO: Nigerian varsities face shutdown threat over unpaid salaries
“This government believes in our public institutions. However, as we all know this government has reforms that this country needs.
“The private sector will play a major role in the provision of tertiary education as there are more private universities in Nigeria than public universities combined.
“What this government has done is to open up the tertiary education level in particular the universities for global competitiveness.”
He stressed the need for the government to allow people with international exposure to come into the country and set up institutions either for themselves or in collaboration with local universities.
The post Nigerian govt rules out handover of varsities to private investors appeared first on Latest Nigeria News | Top Stories from TVN.

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