Seun Kuti Gets Bail

Mohammed Shosanya

Afrobeat artist, Seun Kuti was Tuesday released from police detention.

He was remanded at the State Criminal, Investigations and Intelligence Department, SCIID, Panti, Yaba, Lagos on the orders of a Yaba Chief Magistrate Court for assaulting a policeman in viral video.

Omoyele Sowore conveyed the release of Seun through his Twitter handle that the music star has regained his freedom.

He said: “Just to announce that @RealSeunKuti has been released from @PoliceNG detention in Lagos. Hasta la victoria siempre!”

Besides,Seun’s lawyer Adeyinka Olumide-Fusika (SAN) confirmed that he was released around 7.30 pm Tuesday.

According to him, the singer was released to his family after meeting his bail conditions.

They also confirmed that he would be at the magistrate court tomorrow for the proceedings which was adjourned today. The purpose of that proceeding is to receive the Director of Public Prosecution (DPP)’s advice.

Earlier on Tuesday, the Chief Magistrates Court sitting in the Yaba area of Lagos failed to sit in the case against Seun Kuti.

Infraction: CBN Revokes Operating Licenses Of 179 Microfinance Banks

..We Won’t Delay Depositors’ Payment-NDIC

Mohammed Shosanya

The Central Bank of Nigeria CBN on Tuesday revoked the operating licenses of 179 microfinance banks in the country.

This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN Tuesday night.

The gazette stated that the licenses of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.

The banks also failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

The CBN Governor, Godwin Emefiele, according to the document revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

The microfinance banks include – Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.

Finance companies whose licenses were revoked include – HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings and Loans.

Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) on Tuesday assured affected depositors speedy payment of their insured sums following the revocation of licenses of 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).

NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of the licenses of the affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele, urging the depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

A statement signed by Mr. Bashir Alhassan Nuhu, NDIC’s Director, Communication and Public Affairs, reads: “Following the revocation of licenses of 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks speedy payment of their insured sums.

“NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of the licenses of the affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele.

“Hassan said, as deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks.

“He enjoined such depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

“The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are 200,000.00 and &500,000.00 per depositor per bank, respectively.

“As liquidator, the MD/CE disclosed that the Corporation has also put machinery in motion to commence sales of assets of the defunct banks as well as recover debts owed to them in order to declare liquidation dividends on pro rata basis to the affected depositors with claims exceeding the maximum insured sums of $200,000.00 for MFBs and &500,000.00 for PMBs.

“He assured that regulatory authorities are leaving no stone unturned to ensure that the soundness of the banking system is not compromised, stressing that there is no need for the public to panic over the safety of their bank deposits” .

House of Representatives Speaker Femi Gbajabiamila (l), President-elect Bola Tinubu, former British Prime Minister and founder Tony Blair Institute, Mr. Tony Blair, and Vice President-elect Kashim Shettima after a meeting between the President-elect and the former UK PM at the Defence House…on Tuesday
Kaduna Electric Commences Rehabilitation Of Kofar Doka Injection Sub-Station

Mohammed Shosanya

The Kaduna Electric has announced ongoing rehabilitation and installation of new equipment at the 3×15 MVA Kofar Doka Injection Sub-Station to guarantee reliability and safety in Zaria and environs.

The rehabilitation of the 20-year Kofar Doka Injection sub-Station was prioritized following the unfortunate accident of December 2022 as a result of obsolescence and equipment failure and Management determination to undertake an upgrade of equipment and civil works as to forestall a re-occurrence while modernising the Injection sub-station.

Upon completion, the rehabilitation of the Injection sub-station will bring improvement in stability and reliability of supply on Zaria City, Wusasa, Teaching Hospital, Kofar Kibo and Gaskiya 11KV feeder,a statement from the spokesman of the company,Abdullahi Abdul Azeez said.

He quoted the company’s Managing Director,Engr. Yusuf Usman Yahaya,as saying that said the exercise is in line with the Company’s resolve to revamp and modernise some of the obsolete infrastructure in its network.

“As part of our network transformation and infrastructure revamp and modernization, we are embarking on rehabilitation of a number of critical injection sub-stations and installation of new equipment across our franchise; the Kofar Doka Injection sub-station rehabilitation is the first of these infrastructure revamp projects”, he said.

He further revealed that beside rehabilitation of the control room, all the breakers and other protective equipment of the five outgoing 11KV feeders in the Injection sub-station shall be replaced with new ones.

He disclosed that the sub-station was first commissioned in 2002, over twenty-one years ago, with most of the equipment being out-of-date and often breaks down, thereby posing serious hindrance to power supply stability in Zaria and environs as well as posing safety challenges.

According to him, the company is committed to delivering electricity services to its customers in a sustainable and safe manner.

The rehabilitation of Kofar Doka Injection Sub-Station is scheduled for completion and commissioning over the next two weeks, in the first of a series of such rehabilitation and upgrade across Kaduna Electric Franchise Area.

Police Versus Seun Kuti: Persecution In Prosecution

By Ebun-Olu Adegboruwa, SAN

The unexpected happened last week, even from those who are expected to know. Without mincing words, Nigerians rose up in condemnation of the action of Afrobeat star, Seun Kuti, for assaulting a police officer in uniform, although the nature of his duty has not been ascertained till date.

It has now transpired that the police officer was an official driver with the Nigeria Police Force, he was reportedly drunk and driving dangerously on the expressway in such a manner that constituted danger to Seun and other motorists, leading to the incident that led to Seun’s incarceration.

As stated by my humble self and other Nigerians, nothing could justify the reaction of Seun in the circumstance of what we watched in the video. But all these have now become a thing of the past. As expected of any responsible citizen, Seun surrendered himself to the police, in the company of his counsel, a Senior Advocate of Nigeria.

We watched with shock how the police bungled that encounter, by filming Seun in handcuffs and parading him on social media, for a simple offence that was bailable. He was promptly transferred to the State Criminal Investigation Department and denied bail. He has now been charged to court.

There are several lessons for Nigerians from this avoidable episode. The verbal and physical attack on the policeman by Seun is typical of what some policemen go through in the hands of VIPs. The manner in which the police authorities have turned the case into personal vendetta is typical of what most Nigerians go through in the hands of the police.

For very simple and bailable offences, the police magnify them beyond comprehension, purely for the purpose of extortion. Bail is denied and the facts are twisted in such a manner as to prolong the misery and agony of the defendant, all meant to secure a remand order or detention by all means necessary.

The usual refrain from the police to the court would be that the investigation was still ongoing or that the defendant constitutes a flight risk. In this case, it was reported that the police claimed that the officer who was assaulted and who we saw live in the video, was in a coma in an undisclosed hospital.

This would then compel the court to grant bail under very stringent conditions by demanding for a level 17 officer with land and property within jurisdiction, to be confirmed from the Land Registry and the addresses of the sureties to be verified by the prosecution.

With these conditions, the defendant would certainly remain in custody for well over two weeks at the minimum. This is the sordid situation of the administration of justice in Nigeria. In extreme cases, such a defendant may remain in custody for years, without trial.

The case file could be lost, between the police and the office of the Director of Public Prosecution, the Investigating Police Officer could be dead or transferred out of jurisdiction, or he could be on official assignment, has gone for some training or has retired. Common cases of disputes between landlord and tenant, husband and wife and even business partners, end up in this way.

What is the strategy of the police in this case? Mainly to keep Seun in custody for as long as possible. And this is the bane of the criminal justice system in Nigeria, to the extent that law enforcement agencies take prosecution as some kind of vendetta on behalf of the nominal complainant.

The energy spent in opposing bail for the defendant by the prosecuting agencies is unnecessary and in most cases it would drain them of the steam needed for the main case. Either with the EFCC, ICPC, NDLEA, Customs, Immigration and indeed the police, the emphasis is always on keeping the defendant in custody pending trial.

This is because of the stigma that society attaches to those who have been remanded in custody culturally. It is the same scenario that is playing out in Seun’s case. Law enforcement agencies should stop deploying criminal trials as instruments of oppression or punishment, so long as our law still dictates that every citizen charged with a criminal offence is presumed innocent until the contrary is proved.

After a defendant has voluntarily surrendered himself to the police in a matter that does not carry the maximum penalty, that defendant has no business sleeping in the police station. He should be admitted to bail by the police on self-recognisance. It is illogical that a person who surrenders himself to the police will at the same time escape his trial subsequently.

It was therefore an overkill, for the police to have opposed bail in court, after illegally parading Seun before the whole world in handcuffs and denying him administrative bail. And this has in turn raised several issues. Why would the police seek to remand a defendant in prison custody for twenty-one days after a charge has been disclosed? Is there some merit in the case of the defendant?

Seun is not a mad man and he would not just block a policeman on the expressway without some reasonable cause. In this case, Seun has alleged that the policeman was drunk and was driving in such a reckless manner as to constitute a threat to him and his family. Even though we have all stated that such allegation will not be a justification for Seun’s action against the policeman, deploying that for the purpose of securing his permanent incarceration is uncharitable on the part of the police, to the extent that a Senior Advocate of Nigeria was flown into Lagos from Abuja for this purpose.

Personally, I had thought that the involvement of the Learned Senior Counsel for the police would bring some sanity into the prosecution, such as for instance bringing the parties together to explore the possibility of settlement.

As it has now turned out, the police should not have been involved in the prosecution of this case at all, given that the charge revolves around a police officer. The element of bias has so much played out against the police that the most reasonable thing to do for now is to take away the case from the police. No prosecuting agency should be allowed to turn prosecution into persecution as is being done in this case. The report is out in the media that the police visited Seun’s house to conduct a search and proceeded to traumatize his wife, his lawful tenant and even his neighbours.

That was totally unnecessary, in the circumstances of this case. It was also reported that an attempt was made by the police to obtain the blood samples of Seun for some other laboratory tests totally unconnected with the charge in court. What this has shown is that it is possible for the police to manufacture evidence just to nail Seun, given the desperation that has been exhibited so far, meaning that the police cannot be trusted to handle this case with the required objectivity.

It is against our laws for a man to be a judge in his own cause. In this case, the police being the complainant and the investigator, they should not be allowed to handle the prosecution as that will be unfair to Seun. The slapping alone cannot be the reason for the excessive actions of the police against Seun, unless there are other undercurrents not known to the general public.

I urge my Learned Brother Silk, Mr. Simon Lough, to use his good offices to bring the parties in this case to a roundtable. Nigerians rose in unison to condemn Seun’s unjustified attack on the policeman and the law has been deployed to arrest the situation. I do not think that there is anything else to be gained in the perpetual remand of the defendant in this case.

Having been made to come to terms with the gravity of his misconduct, Seun should be allowed to offer an apology to the policeman, the police authorities and indeed the people of Nigeria and if there be any reason for such, to offer modest compensation to the officer.

If this cannot be achieved in the immediate time, then the Honourable Attorney-General of Lagos State, Mr. Moyosore Onigbanjo, SAN, should exercise his powers under the Constitution and the Administration of Criminal Justice Law of Lagos State, to take over the prosecution of this case from the police, to avoid a miscarriage of justice.

The present plight of Seun is the lot of suspects who find themselves in police stations all over Nigeria. I am in the midst of it to know. Law enforcement agencies should not create the impression of hostility such as would make citizens dread visiting police stations. We should not use the instruments of authority to terrorize or traumatize our people, or else it will get to the point whereby casual invitations to the police will become difficult to honour.

Furthermore, we must address judicial interventions in the system of administration of justice. Unfortunately, the courts are too mechanical in dealing with cases such that once a defendant appears in court, you can be sure he is going to be remanded. It should not be the case that a defendant who voluntarily surrenders himself to the police should still end up in custody.

Something is wrong with such a system that does not recognize the cooperation that the defendant has extended to the State. Where such a defendant is unable to perfect the conditions of his bail immediately, he should be handed over to his solicitors pending compliance. It is not in doubt that the police have squandered the goodwill and sympathy of Nigerians in the manner in which they have handled this case.

Dangote Refinery Will Generate 12,000 MW,Save Nigeria N7trn Fiscal Expenditure -CBN

Mohammed Shosanya

The Dangote Refinery and Petrochemicals Project will generate 12,000MW of electricity,the Governor of Central Bank of Nigeria,CBN,Godwin Emefiele has said.

He disclosed this on Monday in his remarks
at the Commissioning of the Dangote Refinery and Petrochemicals Complex, Lekki, Lagos,where he also said the project could spare Nigeria about N5 to N7 trillion annually in fiscal expenditure of the federal government over the next five years.

He said the commercial loan component of the US$18.5billiom project was financed majorly by our domestic banks with the balance sourced from foreign banks.

He also said,the Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

He added:”What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.

” I must at this juncture appreciate all the participating local Nigerian banks, who did not only partner with the project through effective financing but were keenly aware of the importance of the project for our nation. They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due”

He said, the refinery and the other ancillary projects will have significant multiplier effects on other sectors of the economy by supporting a diverse range of sectoral value-chains.

According to him,the project avails Nigeria with significant savings both in terms of foreign exchange and in easing the fiscal burden on Federal Government to the tune of $30billion annually.

He said,the impact of this savings will be directly reflected in Nigeria’s foreign exchange reserves by reducing the pressure on our balance of payments,adding that there are also substantial benefits that we will gain from the export of refined products to the rest the world.

He said:”In addition to the nearly US$30 billion foreign exchange savings from the reduction in petroleum imports, the economy is projected to benefit an extra US$10 billion of foreign exchange inflow annually through the export of refined petroleum products, which will further boost our official reserves and enhance exchange rate stability. This project will equally provide support to the fiscal operations of the government as it could help ease budget constraints of funding the petroleum subsidy and engender fiscal savings”

He also disclosed that the Dangote Refinery and Petrochemical Factory which is being inaugurated is a blessing to Nigeria and Africa as a whole.

Favourable spillovers from this project,he said,are also expected to spread from Nigeria to other West African countries and eventually to all countries of the African continent.

The recent endeavours of Alhaji Aliko Dangote confirm that Africans have the capacity to drive the continent’s economic integration, growth, and development, rather than depend almost entirely on foreign investors,he said

He added:”It is in this regard, Your Excellencies, and consistent with the Federal Government’s drive to diversify the economy, that the Central Bank of Nigeria, through its various development finance interventions, has continued to support critical sectors of the Nigerian economy to promote a homegrown rebalancing of our economy and foster self-sufficiency.

” Accordingly, since the refinery will backstop our diversification efforts by exporting its surplus refined products, the CBN supported the project through our Small and Medium Enterprise Refinancing and Restructuring Facility (SMERRF). Under this facility, the sum of N75.0 billion was released for the project through a consortium of banks, in order to bolster value-addition in the real sector, create jobs sustainably, and enhance foreign exchange dynamics.

“The intervention in this project is one of the many efforts of the CBN to support President Muhammadu Buhari’s drive to diversify the economy. We have provided interventions in many critical segments of the real sector, a few of which I will now mention, with your permission”.

Stakeholders Seek Probe of Allocation To Chibok Girls’ Families

Musbau Babatunde

Stakeholders have advocated the need for accountability from the government on the funds allocated for the families of the abducted Chiboks Girls

They implored the media to keep tab onissues surrounding the abduction and incarceration of Chibok Girls as constant reminders to the authorities concern.

They expressed these during the screening of the documentary “Nine Years: Life after the Chibok Abduction”, produced by Women Radio.

It featured an abductee, parents and siblings of some of the abducted girls who lamented the inconsistency of the government in reaching out to them. The documentary showed that about 37 parents have died on account of trauma caused by the abduction of their children.

Speaking,Bukky Shonibare, Executive Director of Invictus Africa urged the media to leverage their visibility around the nine-point agenda of Bring Back Our Girls (BBOG) movement in demanding accountability from the government. She urged the media to beam the light on the funds allocated for the families and how they should be expended and the need for continuity on the Safe School Initiative”

Hamzat Lawal, CEO Connected Development [CODE] implored the media not to abandon but continue to give regular reportage of the abducted girls

He said: “As a society, the media sets the tone for governance and continuity of engagement. I believe this is an opportunity with the ongoing transition and important that we use this to set an agenda for the incoming government on security”.

In her submission,Dr Gloria Puldu, Executive Director of Leah Sharibu Foundation faulted the communication gap between the government and the parents of Leah Sharibu as they have been left without any words from the government since 2020.

Murtala Abdullahi, a journalist spoke on the need for the media to probe the Chibok Budget Allocation of over 1 billion naira between 2017 & 2022 for accountability and transparency.

They urged the incoming Tinubu/Shettima administration to ensure that more efforts are geared towards the release of the remaining girls

“We should keep the issue of the girls in incarceration on the front burner as constant reminders to the government to work harder in recovering our girls who are now women because their parents and Nigerians need closure ”

Ene Ede, a gender activist said psychosocial support and rehabilitation for the girls and their relatives are key.

Friya Bulus, Director of Gender Affairs, Federal Ministry of Women Affairs noted that the ministry had been liaising with different stakeholders in the rehabilitation and education of the rescued girls.

Esther Alaribe, head of programmes Women Radio who moderated the conversation, charged media platforms to commit to a weekly reportage of the status of the Chibok Girls and their families and to also work with security agencies to intensify efforts in facilitating the safe release of all the remaining girls still in captivity.

The co-founder Women Radio 91.7 Toun Okewale Sonaiya and executive producer of the documentary, pointed out the need for the media to intentionally report these cases and keep the conversation going.

Okewale Sonaiya said “We should not wait till commemorative dates before referencing the remaining Chibok Girls and the only Dapchi girl still in captivity Leah Sharibu. We should keep the issue of the girls in incarceration on the front burner as constant reminders to the government to work harder in recovering our girls who are now women because their parents and Nigerians need closure”.

The panelists said they are committed to following the status of the approved funds, tracking data on the girls for proper documentation and promised to follow updates on the girls. They also called on the President-elect Asiwaju Bola Ahmed Tinubu and his vice Kashim Shettima to intensify efforts in the rescue of the Chibok girls.

Alamson, one of the siblings who was flown in from Borno State was inconsolable with tears and narrated their ordeal.

She said:”They are being kept in the camp doing nothing, they are not being engaged in any vocational training or formal education and we keep appealing to the government to give us an update on what is to be done for the girls”.

Sambo Commissions NIMASA Projects

Mohammed Shosanya

Minister of Transportation, Mu’azu Jaji Sambo, in Lagos commissioned five enforcement boats and four ferries for staff of the Nigerian Maritime Administration and Safety Agency, NIMASA.

He also commissioned were newly acquired gadgets to enhance communication between NIMASA operational base and vessels in Nigerian waters, an ultra-modern Search and Rescue Base clinic located in Apapa, the newly developed multipurpose hall and an administrative block for the agency in its Kirikiri operational base.

Commending NIMASA for the achievements, the Minister noted that the new facilities would have tremendous positive impacts on the Agency and the entire blue economy of Nigeria especially as the nation seeks more vibrant ways of diversifying its economy.

He added: “Maritime remains the catalyst for our growth as a country and we must do all we can to ensure the sector remains viable for investors. If we want to benefit from the potentials of our blue economy, we must be able to reinvent the wheel in such a manner that would boost the confidence of foreign and local investors in our maritime domain and these projects are laying credence to our efforts. It is our belief that our efforts to bring these projects to fruition would have made significant positive impacts on the decisions of investors in our maritime sector.”

“Specifically talking about enforcement boats, I am aware of the impact these boats would have on the regulatory mandate of NIMASA. It is expected that those who have plans of carrying out nefarious acts in our maritime domain would have a rethink because NIMASA now has additional platforms to enforce compliance of its regulations. This will further enhance security in our domain in order for maritime businesses to thrive.”

Speaking at the event, the Director General of NIMASA, Dr. Bashir Jamoh,said that the commissioned assets would ensure Nigeria’s Maritime Administration sustains its leadership role in the maritime sector of Africa, ensuring that the impact of its maritime security architecture is felt in the Gulf of Guinea and the entire African maritime domain.

He noted that the investment in the communication gadgets alongside the enforcement boats will not only add more value to our maritime security architecture, but also enhance NIMASA’s primary role of Port and Flag State Administration, adding that the Search and Rescue Base Clinic (SARBC) was to meet basic requirements of the IMO, since Nigeria is host to the Regional Maritime Rescue Coordination Center for the West and Central Africa Region.

“Maritime cannot thrive without effective Search and Rescue because as much as we don’t want accidents, when they occur, we should be able to respond effectively. The Maritime Search and Rescue (SAR) Coordinating Centre for West and Central Africa Region is domiciled here and we have the SARBC to complement its activities. What NIMASA has done is to upgrade the SAR clinic to the standards that would ensure it meets up with rescue centers of global repute.

“The issue of health in the Transport sector must always be at the front burner. The NIMASA Search and Rescue Base Clinic is another stride for the maritime sector because it meets international standards and would serve more purposes of taking care of patients within and beyond the transport sector,” he stated.

Nigerian Banking Sector On Growth Trajectory, Says CIBN

Mohammed Shosanya

The Chartered Institute of Bankers of Nigeria (CIBN) has identified growths in the nation’s banking sector.

Presenting the council’s report at the Institute’s 2022 Annual General Meeting (AGM) recently, the President/Chairman of the Council, Mr. Ken Opara maintained that the banking sector remains resilient as Nigeria continues to endure incessant, mutating and perilous socio-economic shocks.

According to him,some of the notable growth recorded in the sector in the year in view include,attraction of $1.47 billion as capital inflows in the first half of 2022; an increase of 10.8 per cent compared to $698.2 million received in the second half of 2021 and 46.5 per cent higher than the $1 billion inflows recorded in the corresponding period of 2021.

Acknowledging the contributions of the banking sector toward the country’s growing availability of financial services, commodities, and access, Opara said the evidence is clear in the increasing credit to the private sector which rose from N13.2 trillion in 2018 to N27.7 trillion as of September 2022.

He added: “Credit to the core real sector as measured by the credit to GDP at the end of 2018 to approximately 15% (As obtained from Central Bank of Nigeria 2022 Report). Opara says, “This shows the capacity of the sector to enhance inclusive and sustainable economic growth that creates jobs and improves the standard of living of the citizens”.

According to him, Electronic payment transactions in Nigeria rose to N387 trillion in 2022, hitting an all-time high as more Nigerians embrace cashless payment amid plans to mop up a high volume of physical cash in the country’s financial system.

He said,the volume of financial transactions performed electronically in Africa’s most populous nation surged to the highest in five years in 2022,while the NIBSS instant payment platform (NIP) shows that the volume of transactions rose by 618.1 per cent to 5.2 billion in 2022 from 729.2 million in 2018.

He also said,the total value of electronic transactions increased by 381.5 per cent from N80.4 trillion as at 2018 to N381.1 trillion in 2022.

According to Opara, the growths were recorded at the time the challenges faced by businesses in 2022 were unabated insecurity, multiple taxations, exorbitant interest rate, energy crisis, and the migration of young and talented youths to Europe, America, and Asia in search of greener pastures.

Opara said the CIBN recorded a 16.9 per cent increase in revenue to N2.06 billion in 2022 from N1.76 billion in 2021, with its net assets and net operating surplus increasing by 7.3 per cent and 4.9 per cent respectively, to N6.66 billion and N837.94 million in 2022.

He stated that the institute’s financial status has improved due to, among other things, efficient resource utilisation.

He said, “I am delighted to inform you that despite the macroeconomic headwinds in 2022, the Institute recorded a modest growth in its financial position.The improved performance recorded in the year under review was as a result of efficient utilisation of resources and the deliberate focus on revenue generation drive.

“While appreciating the management of the institute for their efforts, it is important to state that the institute will remain focused and committed to the implementation of our strategic plan.”

The ‘Foolish Man’ And His Mega Refinery Complex

By Bayo Onanuga

Some years ago, Aliko Dangote, Africa’s richest man invited media leaders to a luncheon at then Protea Hotel in Ikeja to mark his 55th birthday.

Some of his guests sat around him at the centre table. They chatted freely. Discussions about our country, the state of the economy soon veered into discussing the absurdity of our country, being a major crude exporter, and also a major importer of refined petroleum products.

Our colleague from a major business paper said the local conditions were unfavourable to any investor who wanted to build a refinery. He then made a remark that I believe he would live to regret: “Only a foolish man will build a refinery in Nigeria”.

Aliko who had listened to all our business and political pontifications, interjected: “I am that foolish man”. A pin drop silence enveloped the table as he dropped the unexpected news: “My company has just decided to build a refinery in the country. But we are doing it big”. Those were his exact words, as the multi-dollar billionaire told us he was willing to spend close to $9 billion on the project.

The media big man became speechless. The rest of us caught the contagion of being flummoxed as well, as Aliko expatiated on the project. He said it will be a petrochemical complex. As the project was still on the drawing board, he did not tell us it will be the biggest refinery in the world, capable of processing 650,000 barrels of crude. All the hint he gave was that it will be ‘big’. Our takeaway was that it will be big like Aliko’s involvement in cement, sugar, pasta and other businesses.

He didn’t say it will include a fertiliser plant and a power plant that can supply enough electricity to Nigeria’s South West, excluding Lagos.

Initially billed for Ogun State, the Dangote Petroleum Refinery surprisingly shifted location to Lagos, just opposite the creek separating the two states. Governor Dapo Abiodun may want to probe his predecessor, Ibikunle Amosun, why he allowed the complex to move to neighbouring Lagos.

The gigantic project is now sitting in all majesty in the Lekki Free Trade Zone in Ibeju-Lekki, covering a land area of approximately 2,635 hectares, seven times the size of Victoria Island.

The complex is the world’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.

It comes with a 435 MW Power Plant, which will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara and Ekiti.

The refinery, according to its fact sheet, can meet 100% of the Nigerian requirement of all refined products, including Gasoline,Diesel, Kerosene, and Aviation Jet.It will also be able to produce surplus of each of these products for export.

Designed for 100% Nigerian Crude, the refinery has flexibility to process other crudes. No wonder it is located near the sea shore.

Today President Muhammadu Buhari commissioned the gigantic petrochemical complex.

Just as we rejoice with Aliko Dangote and the Dangote Group family, we need to give kudos to the Buhari administration for ensuring that the complex comes to fruition, by ensuring that it was not starved of needed foreign exchange and taking a stake in it.

For Aliko, all is well that ends well. The complex will bring to an end our country’s many decades of shame, for being unable to refine its crude and having to depend on importation, wasting scarce forex.

The ‘foolish man’ of 11 years ago has demonstrated once again that he is a man of wisdom, a peerless shrewd investor who sees clearly the ‘bigger picture’, when his compatriots are bogged down by parochialism and immediate monetary gains.