Coronation:Ibadan Markets To Be Shut For Olakulehin

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.

Shell Inducts 27 Nigerian Academics Into Sabbatical,Research Positions

Mohammed Shosanya

The Shell Petroleum Development Company of Nigeria Limited (SPDC) Joint Venture has inducted 27 Nigerian academics and research interns.

This year’s programme, a 35% increase from the previous year, welcomed eight professors, four senior lecturers, and 15 other participants.

The induction ceremony which held at the company’s headquarters in Port Harcourt,marked the beginning of a one-year programme focused on knowledge exchange and skill development. Drawn from 13 Nigerian universities, these participants will gain valuable industry experience in fields like biodiversity, petroleum engineering, and environmental impact assessment.

“The research and internship programmes are central to our commitment to supporting higher education in Nigeria,” explained Shell Nigeria’s Head of Corporate Relations, and SPDC Director, Mr. Igo Weli. He described the programme as mutually beneficial nature by offering Shell access to specialised expertise from professors and lecturers, who in turn acquire practical industry knowledge and exposure to cutting-edge technologies.

Mr. Weli reaffirmed Shell’s position as the industry leader in fostering a positive learning environment and empowering people.

Representing the NNPC Upstream Investment Management Services, Mrs. Bunmi Edith Lawson echoed Mr. Weli’s sentiments. She highlighted the programme’s significance in scientific exploration, environmental stewardship, and knowledge advancement. “This is an investment in the next generation of innovators,” she stated, “and a way for us to give back to our stakeholders.”

The 2024 programme includes participants from a diverse range of universities across Nigeria, including the University of Benin, Rivers State University, University of Ibadan, Niger Delta University, and Ahmadu Bello University.

Others are Bingham University Karu, Federal University Wukari, University of Medical Sciences, Ondo State, Covenant University, Alex Ekwueme Federal University Ndufu-Alike, Ajayi Crowther University, Oyo, University of Uyo, Ladoke Akintola University of Technology, and Michael Okpara University of Agriculture.

LG Autonomy:NLC Warns Against Sabotage Of Supreme Court Verdict

Mohammed Shosanya

The Nigeria Labour Congress,NLC has warned against sabotage of the implementation of Thursday’s Supreme verdict which gives full autonomy to local government areas in the country.

“We urge that all necessary measures be taken that this judgment is not sabotaged at the implementation stage”,Comrade Joe Ajaero,President of the labour group said in a statement,wherein he mentioned the conduct of elections at local governments.

According to him,the true freedom of local governments must also come from those who govern them.

He asked:”Should State Independent Electoral Commissionbe allowed to conduct ‘elections’ or should NEC take over (even as they are over-burdened and are not exactly the best example)? Should there be regulatory agency or commission with an oversight over SIECs? We will find the devil in the details through a stake-holder conversation?”

He reasoned that freedom of local governments will be nothing if those who will take charge, end up behaving badly like their predecessors in power.

He also emphasized the need for a self-purgation or a national rebirth as laws or court pronouncements alone may not be enough.

Commending the Supreme Court of Nigeria for restoring power to the Local Governments, Ajaero said the verdict directing that financial allocations be made directly to Local Governments as well as divesting state governments of power to remove local government executives is both courageous and salubrious.

He maintained that the Supreme Court through the landmark judgment has not only restored our democracy but possibly hope in the democracy.

He added:”Not a few believe the stunted national growth or development and the overwhelming surge in crimes and threats to our collective good is directly tied to the seizure and paralysis of local governments by state governments.

We Won’t Allow Pricing Impede Domestic Refining-NUPRC

Mohammed Shosanya

The Nigerian Upstream Petroleum RegulatoryCommission,NUPRC,says it will not allow pricing to impede domestic refining.

The development came as NUPRC signed a deal with Oil Producers Trade Section (OPTS) to allow sales of crude to domestic refiners at market prices, ending a supply dispute that had strained relations with international oil companies.

He said in a statement that the regulator would work to ensure there was no “crude supply profiteering,” although he also said it did not condone any loss-making in oil production.

He sought monthly cargo price quotes on crude oil supply and delivery from both producers and refiners and said it was up to the regulator to balance upstream development with a sustainable domestic energy supply chain.

US Pledges $75m Support For Nigeria’s Power Sector

Mohammed Shosanya

The United States of America under the U.S Agency for International Development (USAID) has pledged to commit 75 million Dollars, (N115 billion) in order to support electricity reforms in Nigeria.

Speaking at the signing of a Memorandum of Understanding (MoU) between USAID and the Ministry of Power in Abuja,Melissa Jones, USAID/Nigeria Mission Director, explained that the development would support electricity sector reforms, market transparency, and expanded access to sustainable, reliable, and affordable power for Nigerians.

The agency continued that the agreement “will facilitate the implementation of a ₦115.2 billion (approximately $75 million) U.S. government grant-funded technical assistance program for power sector development and reforms in Nigeria.”

“Currently, over 85 million Nigerians lack access to grid power, while many others face unreliable supply.

These challenges force many Nigerian families and businesses to rely on expensive, emission-intensive gasoline and diesel backup generators,” she emphasized.

The USAID Director maintained the U.S. government’s commitment to advancing electrification in Nigeria, adding “Today’s goal is to strengthen collaboration between USAID and the Federal Government of Nigeria and provide a framework for partnerships with other key actors, including state and local governments, electricity generation and distribution sectors, and the off-grid sector.”

Power Africa Coordinator Richard Nelson, attending the signing ceremony during his first official visit to Nigeria, noted, “Nigeria is at the core of Power Africa’s strategy.

“I look forward to elevating our partnership to advance Nigeria’s progress towards our shared goal of ensuring access to reliable, sustainable, affordable power for all.”

Speaking,the Minister of Power Adebayo Adelabu who was represented by the Permanent Secretary, Mahmuda Mamman, disclosed the partnership’s potential to transform the country’s power sector.

He stated, “This collaboration with USAID is a significant milestone towards achieving sustainable and reliable electricity supply for all Nigerians.

“Together, we will address long standing challenges, ensure transparency, enhance market liquidity, and accelerate our transition to clean energy solutions.”

He explained that the US agency’s efforts are captured under the North American country’s Power Africa Initiative, a U.S. government-led partnership that leverages public and private sector resources to double electricity access in sub-Saharan Africa.

He added that the initiative, which is reportedly new, aims to strengthen policy frameworks, enhance regulatory capacities, and encourage private sector participation, driving Nigeria towards its clean energy and net-zero carbon emissions targets.

Nigeria Needs Investor Continuous Education To Develop Capital Market-SEC

Babatunde Solanke

Director General of the Security and Exchange Commission,SEC,Dr. Emomotimi Agama,says Nigeria needs continuous nvestor education to develop the nation’s capital market.

He said this during a meeting with the management of the Investments and Securities Tribunal in Abuja, Thursday.

He said:”We need to continue constant education in the capital market. The market is knowledge based and we are committed to ensuring that information is made available to the investing public.

“The Commission will continue to partner with relevant stakeholders to create more opportunities for learning. We will do more trainings and sensitisation because it is important we continue to learn”.

He stated that the IST is an important organ in the discharge of capital market disputes adding that as more cases are being resolved, the investing public will begin to appreciate more the role of the IST in the capital market.

He disclosed that decisions on cases brings about confidence which is needed for the nation to have a fledging capital market

He assured that the SEC is committed to partnering with the IST on the dispensation of justice and growth of the capital market.

Speaking,Chairman of IST, Mr. Amos Azi said the IST was borne out of a need to address two significant pillars of market growth, development and stability which are investor confidence and protection through a specialized dispute resolution system.

He said, “Suffice to say, this one initiative has set the pace for similar regulatory climes all over the world. There is no gain saying, the Tribunal is the bedrock of dispute resolution in the Nigerian Capital market.

“Established pursuant to S.274 of the ISA 2007, the Tribunal has given judgements on over 480 cases with monetary value of over N868billion naira”.

Azi stated that in the course of exercising its powers, the Tribunal has not only restored investor confidence in the market but has contributed immensely in the development of capital market jurisprudence by its decisions, and promoted knowledge dissemination and market enlightenment through its law reports.

“It is noteworthy to state here that the creation of the Tribunal gave a boost to the International recognition of the Nigerian capital market. You will recall that the existence of the Tribunal was part of the factors considered by the International Organization of Securities Commission (IOSCO) in admitting Nigeria’s SEC as “Appendix A” signatory to its multilateral memorandum of understanding (MMOU) in 2006″ he added.

LG Autonomy: Demand Accountability From Your Leaders,Tinubu Tells Rural Dwellers

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.

We’ll Accelerate Niger Delta Development With N1.9trn Budget-NDDC

Mohammed Shosanya

The Niger Delta Development Commission, NDDC, has said that the early approval of its 2024 budget,will assist the commission to fast track the development and socio-economic transformation of the Niger Delta region.

Its Managing Director, Dr Samuel Ogbuku,disclosed this while presenting the 2024 budget estimates of N1.9 trillion to the House of Representatives Committee on the NDDC at the National Assembly in Abuja.

Ogbuku highlighted the success stories of the NDDC with its 2023 budget estimates, saying that a lot of progress were recorded in the region and that much was being done to complete all ongoing projects embarked upon by the Commission.

Dr Ogbuku,in a statement signed by the commission’s Corporate Affairs Director, Seledi Thompson-Wakama on Thursday, explained that in preparing the 2024 Budget, entitled “Budget of Renewed Hope”, the primary objective was to sustain robust foundation for sustainable economic development and greener future for the region.

He further stated that the proposed budget will be funded through Federal Government contribution, oil companies’ contribution, ecological fund, arrears owed NDDC by the Federal Government and recoveries by Federal Government agencies revenue brought forward, borrowings and internally realized income.

Dr Ogbuku emphasised that the NDDC had partnered the Industrial Training Fund to gainfully engage the youths of the region in reducing crime and economic sabotage.

“Investing in critical infrastructure is a key component of our fiscal strategy under the 2024 Budget Proposals. The present management has reviewed its process of intervention by adopting the Public-Private-Partnership model as a vehicle to drive sustainable development in the Niger Delta Region.

“To this end, we are in partnership with the Industrial Training Fund to gainfully engage the youths of the region to reduce crime and economic sabotage.

“We have strategically made provisions towards diversifying our sources of funding as we intend to source an aggregate sum of One trillion naira to fund on-going legacy projects of the Commission in 2024”, Ogbuku stated.

Speaking on fiscal reforms,he said: “we shall introduce new performance management frameworks to regulate the overhead cost. Accordingly, only activities that are tied to measurable programmes will be approved. We have moved away from the line-item budgeting system to sectoral allocation.

“I once again commend the 10th National Assembly’s firm commitment to stop the unnecessary circle of delayed annual budgets.

“I am confident that with our renewed partnership, the deliberations on the 2024 Budget shall be completed soon to pave way for the 2025 budget as this present Management is poised to normalize NDDC budget calendar”.

Dr Ogbuku reiterated the commission’s commitment in deepening the relationship it has with the National Assembly.

He stated: “It is a matter of recorded history that we have moved from being transactional to transformational, and transformation is practical. In this regard, we thought it has to be all encompassing, from areas of youth training, areas of supporting our entrepreneurs, areas of infrastructure and development.

“In the area of our youth training, we came up with Project HOPE to put together a proper database of the Youths and Artisans of the Niger Delta Region. It will aid us in engaging these youths in their area of competence.

“In the area of infrastructure, we came up with “Operation Light Up Niger Delta Region”, this has seen a reasonable number of the communities being lit up using solar powered street lights which have boosted the economic activities of the communities at night.

He added: “Health is wealth, and good health remains at the core of human development. The NDDC, through the free medical mission has provided health solutions to over two million Niger Deltans across communities in the Region and remains committed to working with relevant stakeholders to improve healthcare and all other critical sectors that impact positively on the overall development of the health and wellness of the people of the Region.

“In education, we have awarded foreign scholarships to 750 individuals between 2023-2024 and provided educational grants to 84 individuals. Additionally, we are distributing 45,000 Ulesson tablets preloaded with Nigerian and WAEC syllabus to schools in the 9 States in the Niger Delta region”.

He told the Federal Lawmakers that a new dawn of progress and development is emerging under the present Management of the NDDC as standards and effectiveness are being redefined in driving positive change in the region.

Chairman, House of Representatives Committee on NDDC, Hon. Erhiateke Ibori-Seun, commended the Management Team of the Commission for the comprehensive documentation and promised accelerated legislative action on the proposed budget.

CBN Can’t Control Forex -Senators

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.”

FG Considers Non-Kinetic Security Strategy To Stop Oil Theft

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.