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Tinubu explains why he acted on Forex and petrol subsidies

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President Bola Ahmed Tinubu Thursday in Lagos said he could have chosen to maintain the hitherto multiple foreign exchange systems and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial hemorrhage.

Dele Alake, Special Adviser, Special Duties, Communications and Strategy revealed this in a statement Thursday.

While speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu said he took the decision in the nation’s best interest just like he did with fuel subsidy removal.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” he said.

The President said it was imperative to take those decisive actions in the early days of his administration.

“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,” he said.

President Tinubu said as a way of ensuring good use of available resources, the government would “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders”.

The President used the opportunity to solicit the support of governors present at the event to work with him in ensuring even development of the country.

“We will work together with an open door policy. We will bring Nigeria from the brink to a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”

An elated President Tinubu, who was thankful to the Lagos State Government for putting together the reception and to his friends and associates who attended, apologised to some of his friends in the audience who, he said, had been yearning to see him but could not, because of the demands of his office.

“The assignment is greater than the love of the living room. We got to do the job,” he said.

Lagos State Governor Babajide Sanwo-Olu, who was overwhelmed with joy, while appreciating guests, expressed gratitude to God for making President Tinubu the leader of Nigeria. He described him as a competent manager of human and financial resources with the midas touch to turn around the economic fortunes of the country.

Speaking on behalf of the Nigeria Governors’ Forum (NGF), Kwara State Governor and Chairman of the forum, Abdulrahman AbdulRazaq, pledged that state chief executives, regardless of party affiliations, were ready to cooperate and work with the President to ensure the country becomes better and safer for all citizens.

“NGF is excited that both the President and Vice President are alumni of the Governors’ Forum. We are committed to work with a federalist who worked to get things done in a truly federal system. We reiterate our support for a renewed hope agenda regardless of our parties.”

President of the Senate, Senator Godswill Akpabio, who spoke on behalf of members of the National Assembly, thanked President Tinubu for his leadership in smoothening the take-off of the 10th National Assembly.

“You will succeed. Nigerians are proud of you and the National Assembly is here for you 100 percent. We will do whatever is legislatively possible to make you succeed,” Akpabio said.

Immediate past Minister of Works and Housing and former Governor of Lagos, Mr. Babatunde Fashola, pleaded with governors and Nigerians that the work of remaking Nigeria should not be left alone to the President, stating that good governance must be replicated across 36 states.

Going down memory lane, leader of Lagos Governor’s Advisory Council (GAC), Pa Tajudeen Olusi, said the emergence of President Tinubu was a pay-back time for the state having contributed significantly to the political evolution of Nigeria since the colonial era of Herbert Macaulay till date.

“Those who have led this country were tutored in Lagos. We are grateful that the President of Nigeria this time finally came from Lagos. We have a man whom we are proud of. He has already started well and Nigerians have seen his first 30 days as remarkable.”

The event was attended by the Vice President, Senator Kashim Shettima; wife of the president, Senator Oluremi Tinubu; All Progressives Congress National Chairman, Senator Abdullahi Adamu; Senate President, Godswill Akpabio; Speaker of House Representatives, Special Advisers, Hon. Tajudeen Abass, and Chief of Staff to the President, Femi Gbajabiamila, among others.

Lagos Deputy Governor Obafemi Hamzat delivered the vote of thanks at the occasion which was also attended by serving and former govenors from across party lines in solidarity with the President.

NEXIM partners Fidelity Bank, Sapphital to grow Nigeria’s export sector

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As part of efforts to boost Nigeria’s foreign exchange earnings, the Nigerian Export-Import Bank (NEXIM) has announced a strategic partnership with leading financial institutions, Fidelity Bank Plc and Sapphital Learning Ltd.

The partnership will help improve the skills and performance of export businesses in Nigeria by leveraging the NEXIM Export Academy (NEXA), an online platform that provides exporters with capacity-building training and access to finance to scale their business.

The NEXA platform which was Launched with the support of Sapphital (a digital learning institute) in 2022, is designed to empower millions of businesses with resources needed to run successful export operations, perform at higher levels of quality control, and compete favorably in the global market.

The platform aims to drive the growth of Non-oil Exports and Foreign Exchange by connecting all the stakeholders along the value chain to enhance learning, improve quality, and grow Intra-African and Global Trade.

At the Memorandum of Understanding (MOU) signing ceremony in Abuja, the Managing Director, NEXIM, Mr. Abba Bello said: “Part of the awareness the bank seeks to drive was to make people appreciate the fact and come to the knowledge that export is not only for big companies especially now that small manufacturers or traders can trade across borders.

“We seek to drive the knowledge that will help entrepreneurs know the processes, documentation and the kind of compliances they need to adhere to in their quest towards export and import business,” Bello added.

The Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe noted that the bank has consistently championed the promotion of non-oil export and capacity building for players in the nation’s export and import business.

“We have always been at the forefront of growing the non-oil export business. We focused on our export banking business over the years and we have remained consistent in pioneering initiatives geared towards aiding capacity-building and access to capital for local exporters. The partnership provides an opportunity to deepen the conversations in the export space and more importantly, to create value for the players in the sector,” she said.

On the ultimate goal of the institute, Mr. Amu Ogbeide, Founder/CEO of Sapphital Learning Ltd (the Education Alternative for individuals, teachers, employees, organizations, and business owners), said: “We want to grow the export market, we want more people to join and grow.”

NEXIM was established by Act 38 of 1991 as an Export Credit Agency (ECA) owned by the Federal Ministry of Finance and the Central Bank of Nigeria (CBN). It provides short term guarantees for loans granted by Nigerian Banks to exporters as well as credit insurance against political and commercial risks in the event of non-payment by foreign buyers. The bank is also the government’s National Guarantor under the ECOWAS Inter-state Road Transit programme.

Fidelity Bank, with over 7.5 million customers serviced across 250 business offices and digital banking channels, was recognized as the Best SME Bank in Nigeria (2022) and the Best Payment Solutions Provider in Nigeria (2023) by the Global Banking and Finance Awards. The bank won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Former militant Asari Dokubo blames military for Niger Delta oil theft

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Asari Dokubo, a Niger Delta activist, on Friday, said few powerful Nigerians and military personnel are behind oil theft in the Niger Delta region of the country.

“We know that oil theft is an organised racket by some powerful people, including military personnel who give directives from Abuja. We have been saying this a long time ago and many Nigerians do not understand the politics in oil theft.

“I told the president that we know the people involved in this theft. Here was a crime being conducted within metres away from security posts of personnel sent to guard these oil installations.

“These security agents were able to intimidate other legally-recognised agencies mandated to guard these installations. We need to speak out against these elements and stop the bleeding of the economy,” he said.

He said this when he visited President Bola Tinubu on Friday in Abuja.

Mr Dokubo said that the resources in the region was being hijacked by few Nigerians and their cohorts against the greatest interest of the citizens.

He said Niger Delta activists would ensure that the wealth of the people was used judiciously for the common good of the region and its people.

Mr Dokubo said that he had extensive discussion with the president, and assured that very soon the bad eggs in the system would be flushed out to give way for sanity in the Niger Delta region.

He said that the nation should not be held hostage again by a few individuals and groups who have no interest in the development of the Niger Delta and Nigeria generally.

“I will work with all stakeholders to see that oil theft is brought to zero level and also fight other crimes against the wellbeing of the economy of the country in the region,” Mr Dokubo vowed.

Nigerian Navy refutes ex-militant Dokubo’s allegations of involvement in oil bunkering

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The Nigerian Navy has described as spurious, the allegations by ex-Niger Delta militant leader, Asari Dokubo, that some cabals in the military are involved in oil theft in the region.

Mr Dokubo made the claims when he visited President Bola Tinubu in Abuja on Friday.

Reacting to the accusation, naval spokesman, Commodore Adedotun Ayo-Vaughan, challenged Mr Dokubo to produce evidence and names of those behind the criminality.

Mr Ayo-Vaughan spoke with the News Agency of Nigeria (NAN) on Saturday in Abuja.

He said the Nigerian military, and the navy in particular, had been at the forefront of fighting crude oil theft at all levels in the country.

He said that while crude oil being stolen from pipelines were being refined in the creeks for the local market and the local buyers, it was also being stolen by criminals from offshore at sea.

“You remember the case of MT HEROIC IDUN that was made to pay fines to the Nigerian government after they were arrested and brought back from Guinea Bissau, Malabo Island and made to face court orders.

“It demonstrated the will of the Navy to go as far as even beyond our waters to arrest a ship that attempted to load without licence, without due approval in April last year.

“I was there physically on board one of our ships at FOT in Onne when the navy launched Operation Dakatarda Barawo, which means stop the thief in Hausa language.

“Stop the thief that is stealing the nation’s natural resources, the hydrocarbons.

“Nigerian Navy has been fighting crude oil theft, taking the fight to the creeks and as I speak to you, our men are battling in the creeks.

“So, what I will just say is, Asari Dokubo is seeking some form of relevance and whatever.

“He alleges that there is a cabal of military people that are involved in crude oil theft, let him bring the names.

“Nobody is afraid of getting the names of those involved in crude oil theft.

“You cannot make such spurious allegations and think that we will just sweep it down the carpet,” he said.

Mr Ayo-Vaughan said neither the Chief of Defence Staff nor the Chief of Naval Staff will condone such acts.

According to him, the Nigerian Navy will not be distracted by the allegations and will continue to be actively involved in the fight against crude oil theft and resources in the Niger Delta.

“So for anybody to say that there is a cabal of military officers, the only simple thing to do is bring the evidence, bring the names,” he stressed.

The navy spokesman said that the efforts of the Nigerian military in the Niger Delta was the reason Nigeria regained top spot in oil production in the month of May among oil producing countries in Africa, as confirmed by OPEC, NUPRC and others.

Labour lines up 36 witness to fight Governor Mbah’s forgery case

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The Labour Party in Enugu State says it will call 36 witnesses to testify against Peter Mbah of the People Democratic Party (PDP) at the Governorship Election Tribunal over alleged certificate forgery.

The Tribunal is hearing the petition filed by Chijioke Edeoga of the Labour Party against Mr Mbah of the PDP.

Mr Edeoga is praying the tribunal to disqualify Mr Mbah over the alleged NYSC certificate forgery.

Speaking to the tribunal on Thursday in Enugu, M. J. Numa, counsel to Mr Edeoga said that they intended calling 28 witnesses in a whole within their control and eight subpoenaed witnesses.

Mr Numa said that they would require a period of five weeks to call the witnesses and had agreed that the witnesses within their control would need 15 minutes for cross examination.

He added that they had taken care of the interpreter as they would schedule for the process prepared.

Responding, counsel to Mr Mbah and the PDP, Wole Olanipekun and Tochukwu Maduka respectively maintained that the FCT High Court had resolved the issue of alleged certificate forgery as there was a leave of appeal and that section 177 and 182 of the constitution had settled the matter.

Mr Numa said that there was no record of any appeal on such subject matter, adding that the court could not speculate the existence of an appeal.

He said that the tribunal had the competent jurisdiction for the matter and pleaded the court indulgence to strike out the objection.

“177 and 182 of the constitution are mutually exclusive, 182 has elaboration than 177, so they are two separate provisions that stand on their own. I, therefore, invite your Lordship to decline those invitations,” he said.

The counsel to Mr Mbah said that they would be calling 44 witnesses, adding that they required 25 days to call all their witnesses and 15 minutes for cross examination.

He said that the petition on the ground that the second respondent was not qualified due to alleged certificate forgery was not a petition before the tribunal, noting that the tribunal had no jurisdiction over the matter.

Also, counsel to the PDP, Mr Maduka stressed that there was leave of application on the alleged certificate forgery.

He added that the tribunal was not to determine whether the FCT High Court has jurisdiction or not.

He said that the PDP intended to bring 54 witnesses which would include subpoenaed witnesses and forensic experts.

The chairman of the tribunal, Justice K. M Akano, said that ruling on the alleged forgery would be delivered alongside the judgement.

The chairman however, adjourned the case to June 22 for continuation of hearing.