Mohammed Shosanya

The Babaloja General of Oyo State, Alhaji Yekeen Abass, has ordered that markets in Ibadanland be closed on Friday, July 12, between 7 am and 2 pm in honour of the new Olubadan of Ibadanland.

The 43rd Olubadan of Ibadan, Oba Owolabi Olakunlehin, will be coronated on Friday,July 11,at the historic Mapo Hall.

A statement by Abass stated that the closure of markets was to honour the new monarch and allow for the free flow of traffic in the ancient city.

He congratulated Governor Seyi Makinde, sons and daughters of Ibadanland on the coronation.

He, however, said all market traders and leaders are expected at the venue of the presentation of the instrument of office to the new monarch.

Mohammed Shosanya

President Bola Tinubu says Thursday’s Supreme Court verdict on local government autonomy emphasizes the need for rural dwellers to hold their leaders accountable for governance business.

He explained that the onus is now on local council leaders to ensure that the broad spectrum of Nigerians living at that level are satisfied that they are benefitting from people-oriented service delivery.

Welcoming the apex court’s verdict,Tinubu said the decision affirms the spirit, intent, and purpose of the Constitution of the Federal Republic of Nigeria on the statutory rights of council dwellers.

He maintained that a fundamental challenge to the nation’s advancement over the years has been ineffective local government administration.

According to him,governance at the critical cellular level of socio-political configuration was nearly absent.

Tinubu said:”The Renewed Hope Agenda is about the people of this country, at all levels, irrespective of faith, tribe, gender, political affiliation, or any other artificial line they say exists between us. This country belongs to all of us. By virtue of this judgement, our people – especially the poor – will be able to hold their local leaders to account for their actions and inactions. What is sent to local government accounts will be known, and services must now be provided without excuses.

“My administration instituted this suit because of our unwavering belief that our people must have relief and today’s judgement will ensure that it will be only those local officials elected by the people that will control the resources of the people. This judgement stands as a resounding affirmation that we can use legitimate means of redress to restructure our country and restructure our economy to make Nigeria a better place to live in and a fairer society for all of our people”.

He further noted that the provision of some essential amenities and public goods, such as the construction and maintenance of certain roads, streets, street lighting, drains, parks, gardens, open spaces, and other residual responsibilities, including community security, has tottered owing to the emasculation of local governments.

According to him,the decision of the Supreme Court to uphold the constitutional rights and ideals of local governments as regards financial autonomy, and other salient principles, is of historic significance and further reinforces the effort to enhance Nigeria’s true federal fabric for the development of the entire nation.

“I commend the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN) for his diligence and patriotic effort on this important assignment.

“My administration remains committed to protecting the principles of the charter governing citizens, institutions of government, arms, and tiers of government in furtherance of building an efficient and performance-driven governance system that works for every Nigerian,” Tinubu added.

Mohammed Shosanya

Senators have rejected a Bill seeking to empower the Central Bank of Nigeria (CBN) to monitor and control, as well as to determine the basic exchange rate of purchase and sale of foreign exchange in Nigeria.

This was sequel to the introduction of a Bill titled “The Foreign Exchange Control and Monitoring Bill 2024,” at plenary.

At Thursday’s session,the lawmakers expressed fears that a fresh legislation seeking to monitor or control the activities of the foreign exchange market apart from what the CBN was doing, could be counter productive.

Some of the Senators,who expressed serious reservations over the proposed law are, Solomon Adeola (Appropriation Committee Chairman); Tokunbo Abiru (Chairman, Banking, Insurance and other Financial Institutions panel; and Aliyu Wadada (Chairman, Senate Public Account Committee) among others.

Senator Ibrahim Dankwambo, a former accountant general of the Federation,, and the Lawmaker representing Gombe North, pointed out that if passed, the law would confuse Nigerians.

The President of the Senate, Godswill Akpabio, who presided over the session, urged an insistent Senator Sani Musa (APC Niger East) who sponsored the Bill, to withdraw the same for further consultations.

Though the legislation was widely rejected at plenary, the Sponsor explained that the Bill would’ve provided for the control, monitoring and supervision of transactions conducted in the Foreign Exchange Market.

Senator Musa argued that the Bill which was read for the first time on Tuesday, February 20, 2024, “is an important legislation which seeks to repeal the Foreign Exchange (Monitoring and Miscellaneous Provision) Act Cap. 34, Laws of the Federation of Nigeria, 2004.

He said the proposed law would provide for the regulation, monitoring and supervision of the transactions conducted in the market and for related matters.

According to him, it would also contribute to the sound development of the national economy by striving to facilitate foreign transactions and maintain an equilibrium of balance of International payments.

He added that: “The bill seeks to stabilize the value of currency by ensuring the liberalization of foreign exchange transactions to maintain an equilibrium of balance of International payments.

“It will also stabilize the value of currency by ensuring the liberalization of foreign exchange transactions and of other foreign transactions by revitalizing market functionality.

“The bill attempts to expand Section (1) of the existing Act to incorporate three new provisions to make for clarity and to empower the Central Bank of Nigeria to administer, control and manage all dealings and transactions in relation to foreign exchange matters.

“The newly introduced clauses will enable the CBN to determine the basic exchange rate of purchase and sale of foreign exchange.

“Clause 6 of the Bill introduces New Sub-clauses (2), (4) and (5) which require authorized dealers to render returns to the CBN on sources of foreign exchange in excess of USD 10,000 and utilization of the same.

“It also requires authorized dealers to obtain prior approval of the CBN when seeking to import foreign currency notes.

“Part Ill of the Bill makes elaborate provisions for the grant of a license to carry on business dealings in foreign exchange. In this part, provisions were made for refusal of license, suspension or revocation of license, review and appeal.

“Clause 18 (1) (a) and (b) were added to expand the scope of dealers in the market and where funds are purchased from the Bank. The market rate may be subject to rules and regulations prescribed by the Bank.”

Musa added that with the bill, the operation of domiciliary accounts shall be as prescribed by the Bank and that the powers of the CBN have been widened to prescribe how foreign exchange may be accepted for the payment for goods and services in Nigeria.

The bill, when passed into law, according to Musa, will contribute to sound development of the national economy, facilitate foreign transactions and most importantly, stabilize the value of the currency by ensuring the liberalization of foreign transactions and revitalizing market functionality.

He said any further law aimed at regulating the foreign exchange market should come from the executive arm of government to avoid a crisis in the sector.

Also contributing,Senator Adams Oshiomhole, said, “we have to be careful because we cannot speculate. Anything done in this house, Nigerians will take it very seriously, because we have the power to make laws.

“Senators who have spoken, had summarized and amplified meticulously, the contradictions and negative implications of passing the law.

“I believe that the Bill should not attract further hearing because we are trying to take over the monetary policy regulations of the CBN if we go ahead with it.If the executive arm of government likes, let them bring a Bill to further strengthen the regulatory powers of the CBN. It is not our work.”

Mohammed Shosanya

The Federal Government,says it is considering the adoption of non-kinetic security approaches to emphasize security from a human and socio-economic development perspective in the Niger Delta region.

National Security Adviser, Mallam Nuhu Ribadu disclosed this while speaking on “Sustainable Development of Niger Delta: A National Security Outlook” at the ongoing Niger Delta Summit.

According to him,the Federal Government is working on establishing a special directorate to address the security challenges in the oil-rich Niger Delta.

He explained that the measure,is necessitated by President Tinubu’s recognition that the political and socio-economic progress of Nigeria is heavily tied to the social stability of the Niger Delta, which provides an estimated 75% of Nigeria’s foreign exchange earnings.

Represented by his Special Adviser on Energy Security and Niger Delta Affairs, Osarite Ihuoma Grace, Ribadu stated that this decision is also driven by the fact that most of Nigeria’s maritime domain and international coastline, outside of Lagos, are within the Gulf of Guinea, making the region critical to the development of Nigeria’s Blue Economy.

“The Niger Delta must be clearly captured in a more active and determined way as a National Security priority in the vision of President Bola Ahmed Tinubu, GCFR, and his Renewed Hope Agenda,” Ribadu stated.

“Within the President’s broader and long-term National Security vision, which includes shifting internal security from a strong kinetic posture to non-kinetic operations, I will emphasize security from a human and socio-economic development point of view to deepen democratic culture in the Niger Delta.

“In view of these central ideas, I am determined to set up, for the first time in the Office of the National Security Adviser, a Directorate that shall specialize in the security of the Niger Delta, allowing stakeholders to critically address the region’s unique security challenges in a focused and professional manner,” he added.

He attributed the shortfall in oil production to oil theft and pipeline vandalization, advocating for a change in security approach.

“The political and socio-economic progress of Nigeria is heavily tied to the social stability of the Niger Delta. Before 2024, Nigeria was allotted a 1.8 million barrels per day production quota by OPEC. However, less than 1.4 million barrels per day are produced, resulting in a shortfall of 600,000 barrels per day. This is due to socio-economic issues related to security, such as crude oil theft, pipeline vandalization, environmentally harmful artisanal refining, sea piracy, and youth militancy,” he explained.

He expressed regret that the Niger Delta, the world’s tenth largest and Africa’s largest deltaic ecosystem, is ecologically diverse, complex, sensitive, and logistically challenging. “Your people have braved, survived, and made their home out of this ecosystem. The oil and gas business and its negative externalities place a lot of pressure on your physical and social ecosystem and the people’s livelihood,” Ribadu admitted.

Ribadu said the initiative undertaken by his office aligns with President Bola Tinubu’s mandate to ensure that the Niger Delta region is clearly captured in a more active and determined way as a national security priority within the President’s Renewed Hope Agenda.