Marketers Threaten  Fresh Strike Over Depot Price Hike

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has threatened to withdraw their service over incessant increment on the price of premium motor spirit in the Eastern part of the country.

The marketers in a statement today lamented that the private depots are the cause of the hike in the price, stressing that they are buying from them at the cost of N185:00 per liter, adding that after other expenses the price would increase to N200 per litre.

The marketers regretted that even at N200 per liter, their business could not thrive considering the high cost of diesel to power the station and the exploitation from private tank depot owners and NUPENG.

They implored the federal government to revive all NNPC depots within the Eastern zone to enable them to get premium motor spirit at a regulated price.

They sought the intervention of the Nigerian Labour Congress (NLC) to appeal with NUPENG to reduce the loading fee.

They added:”It is no longer news that premium motor spirit, known as petrol is sold at N200 per litre in the Eastern part of Nigeria, including Portharcourt, Enugu, Owerri, Awka, Uyo, Cross River, Aba, Yenagoa, Makurdi, Lokoja.The real cause of hike in price is the incessant increment in price of premium spirit from private depot owners. A litre of fuel is being sold to us at the rate of N185 per litre.

“When you add transport and logistics including the exploitation by NUPENG in the name of union fee which is over One Hundred and twenty thousand Naira, N120,000, per truck, the price will be more than N200 per liter. Even at N200 per litre, considering the high cost of diesel to power the station and the exploitation from private tank depot owners and NUPENG, our business cannot thrive. Our various associations have met, and we have resolved to withdraw our services.

“Hence, we cannot cope with the harsh environment of doing business, caused by private depot owners and NUPENG. We’re calling on the federal government to revive our various NNPC depots within the Eastern zone to enable us to get premium motor spirit at a regulated price. We are also calling on the Nigeria Labour Congress and the management of NNPC to please appeal to the leadership of NUPENG to lessen our burden by reducing the loading fee”.

US Govt Admits Air Peace Boss Didn’t Commit Fraud -Lawyer

A.O. Alegeh & Co Legal Practitioners & Notaries Public, a law firm contracted by Mr. Allen Onyema, the Chief Executive Officer (CEO) of Air Peace has said that there was no fraudulent intent in all the Letters of Credit issued by his client.

It also declared that the money in the transaction were legitimate and belonged to Onyema.

According to the firm,findings by the United States Government and its judgment admitted there was no loss suffered by any bank in the country over the fraudulent allegation leveled against Onyema.

The law firm in a statement,said the conclusion of the indictment filed against Ebony Mayfield, an American and a former staff of Springfield Aviation Company, who was accused to have played a key role in an alleged bank fraud case instituted against Onyema on Friday, revealed that the act was with good intent.

It further hinted that Mayfield was also not given any prison sentence, confinement or home detention by the court at the end of the proceedings.

The indictment was filed against Mayfield by the United States Attorney for Northern District of Georgia at the District Court in Atlanta, Georgia on Friday, October 28, 2022.

According to the law firm, Mayfield, a former staff of Springfield Aviation Company Inc. was on Friday given probation and a $4,000 fine in respect of the criminal indictment filed against her by the United States Attorney for Northern District of Georgia after an investigation spanning over three years and involving about five agencies of the US Government.

“Ebony was an administrative staff with limited knowledge in Letter of Credit Transactions and pleaded guilty to one count in the indictment, presumably as she realized the futility of attempting to explain several Letters of Credit utilized for purchase of Aircraft for Air Peace Limited in a Jury trial. Probation is the lowest possible sentence available under US Federal Law.

“There was no loss of money or any damage whatsoever to any third Party. The US Government admitted in Court today that no Bank suffered any financial loss in this matter.There have been false and unsubstantiated press stories in Nigeria, about the Indictment and Ebony Mayfield,” the statement said.

The firm maintained that its clients never took loans or credit from any US Bank and Mayfield was never paid the sum of $20,000.00 at any time to commit any fraud, as is being peddled by a section of the Nigerian press.

It explained further that Mayfield, like other Springfield Aviation Company Inc. staff was only paid her bi-weekly salary and/or allowances, adding that stories were deliberately being peddled by a section of the media in the country with ulterior motives.

The firm emphasized that its clients maintained his innocence in the matter and insisted that all steps taken in respect of the Letters of Credit were in good faith and with legitimate funds.

He maintained the aircraft involved were brought to Nigeria and utilised in the operations of Air Peace Limited.

“There was no victim. There was no loss of funds to any person and there was no criminal intent whatsoever,” he added

It said its clients’ position had been reviewed by various law enforcement agencies in Nigeria and no evidence of criminality was established against them.

Reacting,Mr. Stanley Olisa, the Spokesman of Air Peace, expressed delight over the US judgment.

He regretted that a section of the media had been peddling false reports against Onyema, but the company remained silent because none of the stories was true.

He added:“We knew the source of those false reports and we decided to wait them out. We know that truth would eventually indict them and that is what has happened. In fact, the feelers we are getting are that concerned authorities in the US were aghast that a section of media in Nigeria was preempting the case and did not feel good about it.

“So Nigerians will know that all those distorted reports were done out of mischief. We know the truth would come and we decided to wait them out.”

Naira Redesign: Emefiele Replies Finance Minister,Insists Action Lawful

The Central Bank of Nigeria says it followed the law and due process to carry out the proposed redesign of the Naira, which is 12 years due.

The bank’s reaction came on the heels of claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria (CBN), in the ongoing process of redesigning three series of the Naira.

Speaking to newsmen in Abuja, the spokesman of the CBN, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim,adding that the apex bank remains a very thorough institution that follows due process in its policy actions.

He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

He implored Nigerians to support the currency redesign project in the overall interest of the country

He reiterated that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks,stressing that the trend should not be encouraged by anyone who means well for the country.

He noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

Speaking on the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

Assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Naira Redesign: Banks Commence Collection Of Old Notes

Commercial banks in Nigeria have commenced collection of existing naira notes sequel to the planned redesign of the currency by the Central Bank of Nigeria,CBN,Premium news can report.

Premium News reports that one of the country’s oldest commercial bank,Union Bank Plc notified its customers nationwide in a public notice.

It explained that the development was necessary to enable the customers withdraw the new banknotes when they are in circulation.

The notice read:”The Central Bank of Nigeria (CBN) has announced its plans to redesign and circulate a new series of banknotes – N200, N500, and N1,000 beginning December 15, 2022. The new and existing banknotes will remain legal tender until January 31, 2023.

“What does this mean for you?You can start depositing your existing naira notes into your Union Bank account to enable you withdraw the new banknotes when they are in circulation. You will not be charged for cash deposits into your account.You will be unable to spend the existing banknotes (N200, N500, and N1000) from February 1, 2023”.

The CBN had on Wednesday said that it would redesign the country’s currency from 200 Naira denomination to N1,000 notes.

It said the action was taken in order to take control of the currency in circulation, even as the CBN Governor revealed that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

According to him, the policy was in line with Sections 19, Subsections A and B of the CBN Act 2007.

This Act Emefiele said is the foundation on which the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.

Privatization Best Option For Ajaokuta Steel Company, Group Insists

The Coalition For The Revival of Ajaokuta Steel Company Limited says it was against moves to concession the multi-million dollars steel company.

The group conveyed its feeling in a statement on Friday,saying it’s giving support to local investors to turn around the fortunes of the company

Mohammed BougeiAttah, NGO,National Coordination,andOtunba Dele Ajayi-Smith,member,Africa Citizens Development Foundation,signed the statement.

The coalition’s position was sequel to mixed reactions trailing the recent pronouncements by the Federal Government of Nigeria, to privatize the steel company.

This is coming on the heel of a protracted legal tussle that was put to rest recently.In particular, we view the recent comment by the Honourable Minister, Arc. Olamilekan Adegbite, where he informed Nigerians of the ongoing privatization process involving a review of select firms bidding as investors in the company, as positive and in the right direction,the statement added.

Though details about the procurement of the firms and consultants for the processes are not made public yet, the group expresses optimism that government will follow due process by applying the direct sourcing or selective bidding processes.

“As civil society group monitoring the developments around the steel plant, we wish to reinstate our earlier support to the government on the ongoing privatization efforts, which in our opinion is to encourage local investors in the affairs of the company for effective and efficient management and productivity.

“As a point to note, one of the recommendations of the November 25, 2021 National Conference on Ajaokuta Steel Complex and President Muhammadu Buhari Industrialization Agenda, was for the government to stop the concessioning agreement and consider the privatization of the ASCL and the National Iron Ore Mining Company, NIOMCO, by encouraging local investors.

“The conference however frowned at any attempt to reconsider the issue of concessioning the two companies or to allow foreign investors, as the above two factors have been the bane of setbacks recorded over the last 30 years by the two establishments

“The CSO coalition used the opportunity once again to commend the federal government over the settlement of debt owed to a foreign firm that has now set ASCL and NIOMCO on a positive new course”

According to him, the policy was in line with Sections 19, Subsections A and B of the CBN Act 2007.

Nigerian Company Wins $50,000 Ecobank Fintech Challenge 2022

Ecobank Group has announced that Touch and Pay a Nigeria-based fintech has won the 2022 edition of the Ecobank Fintech Challenge.

Touch and Pay took home a $50,000 cash prize, the largest no-strings attached fintech cash prize in Africa.

Touch and Pay processes microtransactions across Africa, such as paying for bus journeys. Today, Touch and Pay has over 2 million users who help 500,000 people make payments every day.

The winner and the other five finalists were also inducted into the Ecobank Fintech Fellowship – a unique programme that gives the Fintech Fellows the opportunity to explore potential commercial partnerships with the Bank, such as integrating with Ecobank’s pan-African banking platforms and scaling their fintech businesses across Ecobank’s 33 African markets.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, congratulating the finalists, said: “This year’s six finalists have set the bar high at this Grand Finale. Their innovations are revolutionising the financial payments landscape in Africa and advancing financial inclusion. It is an honour for the Ecobank Group to partner with them and jointly transform the financial landscape of our continent.” Mr Ayeyemi also expressed Ecobank’s “profound appreciation to all our partners especially Arise, the gold sponsor of the 2022 Challenge, as well as to the Jury who worked tirelessly to evaluate the finalists and select the winner.”

Gavin Tipper, the CEO of Arise, a gold partner and co-sponsor of the challenge, said: “Arise extends its congratulations to the finalists and the winner for the creativity and innovation they displayed. The Ecobank Fintech Challenge has become an important platform for supporting fintech innovators and encouraging bold solutions to advancing financial inclusion in Africa. The talent on offer in this year’s pool of finalists once again exceeded expectations, and we look forward to seeing how the different products transform financial services on the continent.”

Oluwole Michael, CEO of Touch and Pay,expressing deep satisfaction at winning the Fintech Challenge, commented: “We at Touch and pay (TAP) are excited about the opportunity given to us to work with Ecobank, a pan-African bank operating across Africa. This plugs into our vision of helping 250m Africans process cash-based transactions digitally making them truly cashless and providing true credit facilities for merchants, retailers, and customers.”

In addition to the pitch by each of the six finalists and a keynote address by H.E. Cina Lawson, highlights at the Grand Finale included panel discussions on ‘Sustaining and deepening investor interest in African Fintech in the face of global economic crisis: what should investors, Fintech companies and governments do?’ and ‘Ensuring Fintech-friendly regulations that accelerate start-up growth and maturity: what is the best way forward for Africa.’

Sahara Group Partners UNILAG On Sustainability, Global  Competitiveness

Sahara Group has announced the establishment of the Sahara School of Innovation and Extrapreneurship at the University of Lagos (UNILAG), Akoka to serve as a platform for promoting inventions and solutions that will facilitate sustainable development and global competitiveness in Africa.

Ejiro Gray, Director, Governance and Sustainability at Sahara Group said Sahara would collaborate with UNILAG to make the school a world class facility that will proffer solutions to future challenges today, with emphasis on areas like the future of energy, entrepreneurship, data science, digital arts and culture, artificial intelligence and robotics, and fintech, among others.

The sod-turning ceremony of the proposed school held on Friday.

“This project reinforces our commitment to giving back always and serves as one of Sahara Group’s contributions towards building a formidable legacy for sustainable development. For over 26 years, innovation and extraprenuership have driven Sahara’s growth across Africa, Asia, Europe, and the Middle East. We are confident that working with the University of Lagos, a foremost institution of global repute, the school would deliver sustainable value for the benefit of Africa and the world at large,” said Gray whose directorate would drive the project..

Lauding Sahara Group for the initiative, the Vice-Chancellor of the University of Lagos, Professor Oluwatoyin Ogundipe, FAS, stated it is particularly gladdening that the drivers of the project are alumni of the University from different Faculties who have by their achievements, individually and jointly, demonstrated to the world the quality of UNILAG products. He noted that the Sahara Group School of Innovation and Extrapreneurship project hallmarks the repositioning of UNILAG as a “University of The Future”, a vision that has shaped its pursuits over the last five years and informs its 60th anniversary theme: UNILAG@60: Eyes on the Future.

“We, at the University of Lagos are committed to building on our heritage of excellence to continue to produce graduates that are locally relevant and globally-competitive as the alumni before us today. We aim to instill in our students, more than ever, the culture of innovation, entrepreneurship,” the VC added.

Gray said a timeline of 24 months has been set for the completion of the project with clear sustainability indices in terms of seamless maintenance, inclusiveness, transparency, relevance and scalability of modules/inventions, access to strategic/financial advisory and collaboration for regional and global impact.

She also announced the launch of the Sahara Scholar Award aimed at “energising excellence” through rewards to university students with outstanding performance in select disciplines. The Sahara Scholar Award will commence from the University of Lagos as a pilot scheme, and progressively expand in scope across Africa.

“The unique thing about the first phase of the Sahara Scholar Award is that it is wholly funded by the Group Executive Directors of the Sahara Group as a way of giving back to the University of Lagos where most of them received their university education and some also had parents who taught at the university. The award will be N1 million yearly for each category, including provision for annual sponsorship of exchange programmes for lecturers within Africa,” she added.

Categories under the Sahara Scholar Award include one-off prizes for 26 outstanding students to mark Sahara Group’s 26th anniversary, Temitope Shonubi prize for Best Improved Student in Architecture, Moroti Adedoyin-Adeyinka Prize for Best Graduating Student in Economics, Wale Ajibade Prize for Best Improved Student in Economics, Ade Odunsi Prize for Best Student in Finance, and Kola Adesina Prize for Best Graduating Student in Business Management.

Others are: Dr. Folashodun Shonubi Prize for Best Graduating Student in Mechanical Engineering, Zacchaeus Odunsi Prize for Best Entry Level Student in Civil Engineering, Mr. Adegoke Adeniji Prize for Best Graduating Student in Library and Information Science, Dr. John Falegan Prize for Best Graduating Student in Insurance and Actuarial Science, Asharami Prize for Best AI/Fintech invention and Sahara Group Prize for Best Entrepreneurial Dissertation in Architecture, Engineering, and Economics.

FGM: Group Condemns Attacks On Lagos Monarch ,Seeks Sanwo-Olu’s Intervention

The New Generation Girls and Women Development Initiative (NIGAWD) has condemned hoodlums invasion of the residence of Oba Adekoya Adeolu Olanipekun; the traditional ruler of Ashasa Kingdom of Agbowa, Lagos over his refusal to perform Female Genital Mutilation (FGM) on his daughter.

Olanipekun, who claimed to have lost a daughter to this harmful practice, is being pressured to risk another daughter’s life.

The action goes contrary to the efforts of the government, civil society organisations and other stakeholders’ commitment to protecting women and girls from harmful traditional practices,Abimbola Aladejare-Salako,Executive Director of the group said in a statement on Friday.

She said NIGAWD, is at the forefront of ending Female Genital Mutilation across Africa through her EndFGM campaign and has amplified the harmful effects of Female Genital Mutilation and the urgent need to abandon the practice.

She added:”Female Genital Mutilation is a threatening form of violence against women and girls that amounts to torture; it violates fundamental human rights, including their physical integrity, right to be free from torture or other cruel treatment, right to life, and right to sexual and reproductive health. It is pertinent to remind the traditional community council of the Ashasa Kingdom of Agbowa and the general public that FGM is a criminalized practice in Nigeria.

“The following state and national laws have criminalized FGM; Lagos State Domestic and Sexual Violence Agency Law, 2021; sections 134 and 136 prohibit Indecent Acts and Indecent Treatment of a Child with penalties of up to 7 years imprisonment for perpetrators and three years for those who aid and abet such acts. The 1999 Constitution of the Federal Republic of Nigeria (CFRN), which is the land’s supreme law of the land, provides in section 34 that no person shall be subjected to any form of torture, inhuman or degrading treatment or punishment.

“FGM falls under the preceding categories and thus can be punishable under this section.The Child Rights Act: The Child Rights Act (CRA), which was passed in 2003 in Nigeria, also has some provisions that outlaw this practice. Section 11(B) of this Act also provides that no child shall be subjected to any form of torture, inhuman or degrading treatment or punishment.

“Violence against Persons Prohibition (VAPP) Act 2015: Section 6 explicitly classifies FGM as a criminal act and makes provisions for the maximum protection of victims and effective remedies for victims.Under the above-mentioned national laws/policies, anybody who performs or engages another to perform FGM on any person is liable to a term of imprisonment not exceeding four years or a fine not exceeding N200,000 or both.

“Also, anybody who attempts, aids, abets, or incites another to carry out FGM is liable to a term not exceeding two years imprisonment or a fine not exceeding N100,000 or both”

She implored Governor Babajide Sanwo-Olu, the National Human Rights Commission (NHRC), Police, and International Partners to use their good offices and network to intervene in the case with a view to ensuring that the residents and community traditional council of Ashasa Kingdom act under the law.

She also emphasized the need for the protection of Oba Adekoya Adeolu Olanipekun and his daughter and other community members of the Agbowa community.

“To think that a community in Lagos state will enforce a criminal practice like FGM is highly worrisome and condemnable; this further shows that the level of education and exposure does not determine the choice of FGM within our communities. We reiterate our commitment to supporting all efforts to protect sexual reproductive health and rights (SRHR) and create a safe societal space for women and girls.

” It takes our collective efforts to attain a society free of Gender Based Violence (GBV). Therefore, we call on the young and old public members to continue refusing the illegal practice”

Naira Design: CBN Didn’t Consult Us, Finance Minister Claims

The Minister of Finance, Budget and National Planning, Zainab Ahmad,Thursday claimed that her ministry was kept in the dark on the proposed design of the nation’s denomination by the Central Bank of Nigeria,CBN.

Ahmad,who expressed this while responding to questions from Senator Opeyemi Bamidele (APC Ekiti Central), at the 2023 budget defence session of the ministry with the Senate Committee on Finance,said that her officials and herself learnt of it through the media.

She added:”Distinguished Senators, we were not consulted at the Ministry of Finance by CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.However as a Nigerian privileged to be at the top of Nigeria’s fiscal management , the policy as rolled out at this time , portends serious consequences on value of Naira to other foreign currencies.

“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now “, she said .

Puncturing Emefiele over moves by the apex bank to redesign the naira,Ahmad warned the CBN Governor of consequences that may arise from his actions.

Her remarks was sequel to a statement by the lawmaker that barely two days after the CBN announced the policy, its impact on the value of the Naira to the US Dollar was being felt.

He said: “Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of stacthed Naira Notes for foreign currencies , particularly dollar .To me, the policy may be a well conceived one , but the timing going by realities on ground , is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.”

The CBN had on Wednesday said that it would redesign the country’s currency from 200 Naira denomination to N1,000 notes.

It said the action was taken in order to take control of the currency in circulation, even as the CBN Governor revealed that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

According to him, the policy was in line with Sections 19, Subsections A and B of the CBN Act 2007.

This Act Emefiele said is the foundation on which the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.

I Didn’t Kill My Kano Girlfriend, Chinese Lover Tells Court

The Chinese national, Geng Quangrong, accused of killing his Nigerian lover, Ummukulsum Sani Buhari,Thursday denied charges levelled against him before a Kano High Court.

The case was not heard due to the absence of an interpreter as the accused person claimed not to understand the English language.

When the matter came up on Thursday,the state counsel led by the Kano State Attorney General, Musa Abdullahi Lawal, presented the court with an interpreter courtesy of the Chinese Embassy in Nigeria, Mr Guo Cumru.

He said following the adjournment of the trial over the absence of an interpreter, the ministry wrote to the embassy and they availed them with one.

The court asked Cumru to affirm before it to interpret from English to Chinese to the accused person.

The prosecution counsel then filed an application of trial of the accused person under Sections 123 sub 1a of the Administration of Criminal Justice Law of Kano State.

“That you, Geng Quangrong of railway quarters in Kano, on the 16th of September 2022 about 21:00, went to a house at Janbulo Quarters of Gwale Local Government Area of Kano, did commit culpable homicide punishable with death.

“That you caused the death of Ummukulsum Sani Buhari of the same address by stabbing the said Ummukulsum on different parts of her body with a knife with knowledge that her death will be the probable consequence of your act, thereby committing an offence 221(b) of the penal code law as amended.”

The accused person,denied the charge levelled against him.

The Attorney General prayed the court to adjourn the case by two weeks to enable them tender witnesses on the 14th, 15th and 16th of November.

Defence counsel led by Muhammad Balarabe Dan’azumi objected that it wasn’t convenient for him, seeking another date.

The prosecution counsel moved a motion that the interpreter comes from Abuja and should be considered.

Justice Sunusi Ado Ma’aji adjourned the case to 16th, 17th and 18th of November for further hearing.

Geng is being accused of trespassing and murder of 23-year-old Ummulkulthum Buhari.

The deceased and accused have been dating before the relationship could no longer be sustained.