Sunday, December 17, 2017

2019 Presidency: Atiku and the PDP Inner War


Some presidential candidate hopefuls of the main opposition party in Nigeria have vowed to battle decampee, Atiku for the 2019 ticket. 

The political tremor set off by the return of former vice president, Atiku Abubakar, to the Peoples Democratic Party, where, it is widely believed, he would seek the 2019 presidential ticket, may not ease off soon.
 
Since his defection to the party about two weeks ago, political alignments and realignments have been ongoing within the PDP and between some members of the ruling All Progressives Congress (APC) and some PDP members.
 
Although the then PDP leadership under former Kaduna State governor, Senator Ahmed Mohammed Makarfi, was alleged to have provided him a “soft landing” by dissolving the Adamawa State caretaker committee, to enable Atiku’s men take over the structure of the party while still hanging on in the APC at the time, the statement from the party’s leadership shortly after his defection that there was no automatic ticket for the Adamawa-born politician is a clear indication that Atiku is not likely to get the ticket on a gold platter.
 
Neither would his ambition dim the light on the aspiration of other members of the party, who are also believed to be interested in seeking the presidential ticket.
 
Interestingly, the Makarfi was the first man who came out in the open to say that Atiku posed no threat to any of the presidential hopefuls on the platform of the PDP.
 
Although he has not formally signified interest in the race, Sunday Sun can authoritatively confirm that Makarfi will run.
 
Barely 72 hours to the PDP national convention, there had been reports in sections of the media insinuating Makarfi had interest in seeking to fly the PDP’s flag in 2019. Makarfi dismissed the insinuation in the media reports as not true.
 
In a statement signed on his behalf by his spokesman, Mukhtar Zubairu Sirajo, the former Kaduna State governor said: “The fact is that the senator was asked what threat the return of Atiku Abubakar to the party portends to the aspirations of others who had either made their intentions known or those, who, like him were rumoured to be nursing such ambition.

“His answer was that Atiku’s return would not, in any way adversely affect the rights of any member of the party to aspire to any position, adding that there were no preconditions to the return as Atiku Abubakar did not ask for, neither did the party offer any concessions to him beforehand.

“Senator Ahmed Makarfi wishes to assure the teeming members and supporters of the PDP and indeed the entire country that his own major preoccupation at the moment is to discharge the responsibility given to him to lead the process of repositioning the party, which he hopes will culminate in the conduct of a very credible and transparent convention. This is what matters the most to him at this moment.”
 
After the convention penultimate Saturday, sources close to him confirmed to Sunday Sun that he would indeed run and that he would make the intention known at the appropriate time.
 
Asked further if Makarfi does not feel threatened by Atiku’s return to the PDP, one of the sources said that there was no way Atiku could stop Makarfi’s ambition.
 
“He has always believed that power belongs to God. In 2007, when PDP governors rooted for him, but someone else was chosen, he fell in line like a good party man that he is and behaved as if nothing happened. He supported the person that was chosen because he believes you cannot get something by force. So he will go into the contest with the same disposition,” the source added.
 
On his part former Jigawa State governor, Alhaji Sule Lamido, who has since notified party stakeholders and has visited former Nigerian leaders and consulted and still consulting with prominent Nigerians, including former defence minister, General TY Danjuma (retd), told Sunday Sun that if Allah says he would be the next president after President Muhammadu Buhari, nothing can change it.
 
Reacting through one of his aides, Kyari Jitau, the former governor noted that from day one he knew that he would not be the only one seeking the party’s ticket and was, therefore, prepared to compete with anyone.
 
“Recall the event of his meeting with state chairmen of the party. He said he knew others would also join in the race, but urged the stakeholders to ensure that they choose the best for the party and for the country.

“And at the risk of sounding immodest I don’t see anyone who is capable of constituting a threat to him in the party. Historically, he started politics before all of them. Therefore, ideologically, he stands out. We have seen what he can do with his experiment in Jigawa. That is why they refer to him as a good repairer. So we need him to help repair Nigeria.

“Like some analysts say, PDP needs someone who can break the votes in Kano and Kaduna axis. Alhaji Sule Lamido looks good to make that happen. He is a party man to the core. He’s got the political capacity and sagacity to turn the tide against the APC if given the opportunity by the party. So we leave everything to God and to the party. Only God gives power,” Kyari declared.
 
Former Kano State governor, Mallam Ibrahim Shekarau, said he was battle ready. And like others, he also said the ultimate decision rested with God.
 
Speaking through his media aide, Sule Ya’u Sule, the 2011 presidential candidate on the platform of the defunct All Nigeria Peoples Party (ANPP), said: “We are battle ready. We ran in 2003 for governorship, we had no money, but we won. We ran in 2007 for a second term, and despite the odds against us, God made it possible. We have run for the presidency before and so we are not threatened by Atiku’s return to the PDP. Ultimately it is the electorate that will decide. We rely on God and not anyone else. We are in the race, there is no going back,” he said.
 
Long before former Vice President, Atiku Abubakar defected to the opposition Peoples Democratic Party (PDP), he left no one in doubt that he was prepared to run for the presidency again in 2019.
 
Sunday Sun gathered that Atiku had sought to “seize” the structure of the party in the state to avoid a repeat of what happened to him in 2011 and 2015 at the PDP and APC presidential primaries respectively.
 
In 2011, Atiku lost Adamawa State delegates to the then President Goodluck Jonathan as Murtala Nyako, the then governor, ensured that all the delegates voted for Jonathan. Again in 2015, Atiku lost Adamawa delegates to his rivals. All these, it was further learnt, made him reason that once he had control of the party in the state, it would be easy to get their loyalty and votes.
 
Regardless, Atiku needs more than Adamawa delegates to pick the coveted PDP presidential ticket.




Wednesday, August 23, 2017

Nigerian Finance Minister Adeosun Emerges New Chairman of ECOWAS Investment Bank


President Muhammadu Buhari's minister and former commissioner of finance in Ogun, Ms. Adeosun has bagged an international appointment.


he Minister of Finance, Mrs Kemi Adeosun has emerged as the new Chairman of the Board of Governors of the ECOWAS Investment Bank.
 
She was named as the new Chairman on Tuesday in Abuja at the 15th Annual General Meeting of the board of governors of the bank.
 
The meeting was declared open by Vice President Yemi Osinbajo and was attended by ministers of finance of all the 15 member states that made up the ECOWAS region.
 
 
 
From London to Daura: President Buhari to operate from Home




President Muhammadu Buhari, who returned on Saturday from a 103-day medical vacation in the United Kingdom, will be operating from his home, a presidency official said on Monday. 


President Muhammadu Buhari resumed work, on Monday, at about 11:20am.
 
Acording to The Sun newspaper, the president did not go to his office, but chose to operate from his official residence.
 
A Presidency official told State House told reporters that this was because the president’s office was being renovated.
 
The official, who pleaded anonymity, said the president would move to his office as soon as the renovation was completed.
 
Speaking to State House correspondents later, presidential spokesman, Mr Femi Adesina, confirmed that the president had resumed work and transmitted a letter to the National Assembly.
 
Later in a statement, Adesina said Buhari, in line with constitutional provision, had written the National Assembly, notifying the legislature of his return to office, after returning from medical vacation in London.
 
President Buhari had left for London on May 7, 2017, and handed the reins of government to the Vice President, Prof Yemi Osinbajo, who functioned as the Acting President.
 
 
 

Monday, July 10, 2017

Boko Haram: UNIMAID Suffer another Suicide Bombing attack


Security operatives have dealt with three deadly suicide bombers who attacked a hostel at the University of Maiduguri on Friday.


Three male suicide bombers on Friday attacked the students’ hostel of the University of Maiduguri. The News Agency of Nigeria (NAN) reports that the attack was, however, repelled by security operatives at the University.
 
An eye witness, who pleaded anonymity, said the suicide bombers attacked the new male hostel block (A) of the institution. He said the attackers entered the hostel in spite of the trenches dug to fortify the security of the school. He said two of the bombers detonated their explosives and blew up themselves.
 
According to him, the third one was shot down by security men while trying to flee the scene of the attack.

“The attack came at a time when students are on vacation. Only the suicide bombers were killed but they caused damage to the building,” he eye witness said.
 
The Public Relations Officer of the Borno Police Command, ASP Victor Isuzu, confirmed the incident. Isuzu, however, said the command had neutralised two suicide bombers before they entered the university. He said security men shot dead the bombers before they crossed the university’s fence.
 
He said the command had deployed additional personnel to beef up security at the institution.




#ChangeBeginsWithBuhari as President Medical Vacation in the UK Clocks 63 Days


Today makes it 63 days that President Muhammadu Buhari of the All Progressives Congress jetted out of Nigeria for a follow-up medical treatment in London, United Kingdom. 


On the 7th of May, 2017, President Muhammadu Buhari - a former military dictator transmitted a letter to the National Assembly to officially transfer his political power to his deputy, Vice-President Yemi Osinbajo as he embarked on an indefinite medical leave to London.
 
Today makes it 60 days that President Buhari has left the shores of this country without an official explanation about his state of health to Nigerians. The nature of Buhari's ailment remains unknown as the alternative media has alleged that the 74 year old is battling with Crohn's disease as well as cancer and the toll of old age.



 

There are rumours that Buhari is bed-ridden with his voice impaired thereby making him unfit to govern Nigeria. Some political hawks reportedly arranged with Buhari so send an audio message to Nigerians on the 25th of June, 2017 during the Eid al-Fitr celebration by the Muslims in Nigeria.
 
Buhari's audio message was delivered in Hausa language belonging to the dominant ethnic group thereby dividing Nigeria faster than the secessionist advocacies of the Biafra separatists and the coalition of Arewa Youth groups.
 
As the former soldier remains 'Missing in Action' for about two months due to health issues, his popularity has continued to dminish. Its not sure if he will run for office in the 2019 presidential election. Its also uncertain if Nigerians will vote for an elderly and sickly leader despite his integrity claims.
 
Tori News political correspondent, Osayimwen Osahon George has consistently condemned the secrecy Buhari's health is shrouded in as Nigerians deserve to know his well-being.
 
It remains unclear when the Fulani native will be returning to Nigeria as the poor masses lament on the 'long distance relationship' between Nigerians and their leader especially during a period of political, security and economic turbulence.



Sunday, July 02, 2017

France President, Macron in Mali for diplomatic push on Sahel anti-jihad force


French President Emmanuel Macron, making a lightning visit to Mali, on Sunday threw his weight behind a planned Sahel force to fight jihadists but told countries their efforts had to bear fruit.


The so-called "G5 Sahel" countries -- Burkina Faso, Chad, Mali, Mauritania and Niger -- have pledged to set up a joint force to combat the wave of Islamist bombings, shootings and kidnappings south of the Sahara.

Macron, joining the heads of state in the Malian capital Bamako for a special summit, hailed the initiative as "a dynamic, a groundswell which France is proud to back".
But, he said, "it will be up to you and your armed forces to demonstrate that the G5 can be effective, while respecting humanitarian conventions. The results have to be there to convince your partners."
Based in Sevare in central Mali, the 5,000-strong G5 Sahel force aims to bolster 12,000 UN peacekeepers and France's own 4,000-member Operation Barkhane, which is operating in the region.
Macron is also looking to extra backing from Germany, the Netherlands, Belgium and the United States -- which already has a drone base in Niger -- beyond a pledge of 50 million euros ($57 million) made by the European Union, a sum he described as "the start of a long-term commitment".
Serge Michailof, a researcher at the Paris-based IRIS institute, described the EU contribution as "a joke" given the EU's "very deep pockets" and the poverty of the Sahel countries.
"This force is going to cost $300-400 million (262-350 million euros) at the very least," he told AFP. Malian Foreign Minister Abdoulaye Diop gave a figure of $450 million.

Chadian President Idriss Deby has said his country cannot afford to mobilise large numbers of troops simultaneously for the UN peacekeeping mission and also in the new force.
Deby and Macron are due to meet on the margins of the Bamako summit to discuss the financial issue, according to the French presidency. Chad's military is widely viewed as the strongest of the five Sahel nations.
Al-Qaeda's Mali branch, meanwhile, offered a reminder of the jihadists' threat, with the release of a proof-of-life video of six foreign hostages.
The clip posted Saturday by Nusrat al-Islam wal Muslimeen, also known as the Group to Support Islam and Muslims, includes elderly Australian surgeon Arthur Kenneth Elliott and Frenchwoman Sophie Petronin.

Phased rollout

Macron visited Gao in northern Mali in May, his first foreign visit as president outside Europe, and promised that French troops would remain "until the day there is no more Islamic terrorism in the region".
France intervened to chase out jihadists linked to Al-Qaedawho had overtaken key northern cities in Mali in 2013.
That mission evolved into the current Barkhane deployment launched in 2014 with an expanded mandate for counter-terror operations across the Sahel.
The new Sahel force will support national armies trying to catch jihadists across porous frontiers, and will work closely with Barkhane.
Operations across Burkina Faso, Niger and Mali, all hit with frequent jihadist attacks, will be coordinated with French troops, a source in the French presidency told AFP earlier this week, while help would be given to set up command centres.


Nigerian Troops Kill 5 Suspected Boko Haram Terrorists


Troops waging war against Boko Haram have killed five suspected terrorists in Mussini village, Borno State.

The Boko Haram sect members were shot when they tried to steal some food items from the village.
According to Daily Post, troops of 3 Battalion, 22 Brigade ambushed the sect members after receiving a tip-off.
The Director, Army Public Relations, Brig.-Gen. Sani Usman, in a statement, said “Weapons recovered from the insurgents were one AK-47 rifle, one AK-47 magazine, three rounds of 7.62mm ammunition, 27 bicycles, 10 machetes and one dagger.”
Meanwhile, four female suicide bombers detonated their bombs after they were detected by vigilante members at a border town near Cameroon.


Thursday, June 01, 2017

Shameful! 10 Killed, Vehicles Destroyed after Naval and Police Officers' Clash


About 10 innocent people have died after some Naval and police officers clashed in Calabar following an incident. 


Eyewitnesses said that trouble started yesterday afternoon when a police traffic warden stopped a Naval officer who got angry and ordered his boy to beat him.
 
He said: “As the Naval personal were battering the traffic officer, a deputy Superintendent of Police who was passing by tried to settle the dispute, but the naval personnel descended on him as well. 

“A senior police officer contacted the commander in charge of the unit. We thought the matter was over until around 8.pm when some Naval personnel stormed Akim police station and started shooting at officers and visitors at the station. 

“The Naval personnel did not stop at shooting at people, they set the police station, including the armoury and suspects in the cell ablaze. 

“Over 10 persons were killed. I know of three policemen who were confirmed dead. Many suspects in the cell died in the inferno. I narrowly escaped death. Few of us who took to our heels survived but many others sustained injuries of varying degrees.  
 
A witness, John Bolus said: “It was like a war-torn zone. I thought it was another civil war. I was hearing the cacophony of gun shots and I took to my heels. I think the government should do something about it. The Navy should submit to the constitution.”


 
When contacted Force Public Relations Officer, Jimoh Moshood, said he had not been briefed. Meanwhile, the Naval authorities said, last night, only one person was shot. According to them, it was a minor incident involving a Naval officer and  a policeman, which was later resolved.
 



Acting President, Osinbajo Names Dangote and 35 Others in New Appointment


Nigeria's acting president has inaugurated a 36-member board of the Nigerian Industrial Policy and Competitiveness Advisory Council. 


Acting President, Yemi Osinbajo has inaugurated the board of the Nigerian Industrial Policy and Competitiveness Advisory Council.
 
The 36-member Council, to be chaired by Osinbajo himself, comprises representatives of the public and private sectors as well as a seven-member Technical Committee.
 
The Council, which is to device and supervise policies that will speed up Nigeria’s industrialisation bid, was inaugurated at the presidential villa in Abuja on Tuesday.
 
Below is the full list of members of the Nigerian Industrial Policy and Competitiveness Advisory Council inaugurated by Osinbajo on Tuesday;
 

LEADERSHIP
 
1. His Excellency, the Acting President and Chairman of the EMT, Prof. Yemi Osinbajo (Chairman)
2. Hon. Minister, Industry Trade and Investment, Dr. Okechukwu Enelamah (Vice-Chairman, Public Sector)
3. Hon. Minister of State, Industry, Trade and Investment, Mrs. Aisha Abubakar (Alternate Vice-Chairman, Public Sector)
4. President, Dangote Group, Alhaji Aliko Dangote (Vice-Chairman, Private Sector)
5. Chairman, ANAP Business Jets Ltd, Mr. Atedo Peterside (Alternate Vice-Chairman, Private Sector)

 
OTHER PRIVATE SECTOR MEMBERS:
 
1. Chairman, Nigerian Breweries and PZ Cussons Chief Kola Jamodu
2. Chairman, BUA Group Alhaji Abdulsamad Rabiu
3. Chairman, IVM Innoson Group of Companies Limited Dr. Innocent Ifediaso Chukwuma
4. GMD, Chi Foods Nigeria Mr. Rahul Savara
5. Chairman, Flour Mills of Nigeria Plc Mr. John Coumantarous
6. CEO, Emzor Pharmaceuticals Mrs. Stella Okoli
7. Country Head, Olam Mr. Mukul Mathur
8. President/CEO Beloxxi Industries Limited Mr. Obi Ezeude
9. MD/CEO Fidson Healthcare Plc Dr. Fidelis Ayebea
10. Founder, Flutterwave Mr. Iyinoluwa Aboyeji
11. President & CEO, GE Business Operations Nigeria Mr. Lazarus Angbazo
12. CEO, Jumia Mrs. Juliet Anamah
13. CEO, SecureID Nigeria Ltd Mrs. Kofo Akinkugbe
14. Chairman/C.E.O, AMMASCO International Limited Alhaji Ado Mustapha
15. Chairman, KAM Industries Alhaji Kamaldeen Yusuf
16. Chairman, United Textiles Plc Alhaji Adamu Atta
17. Chairman Candel Corporation; CEO Swift Networks Mr. Charles Anudu
18. Chairman, Rumbu Sacks Nigeria Limited Alhaji Ibrahim Salisu Buhari
19. Chairman, Tofa Group Mr. Isiaku Tofa
20. MD/CEO Proforce Limited Mr. Ade Ogundeyin
21. President, Manufacturers Association of Nigeria Dr. Frank Udemba Jacobs





OTHER PUBLIC SECTOR MEMBERS:
 
1. Hon. Minister for Budget & National Planning, Senator Udoma Udo Udoma
2. Hon. Minister of Finance, Mrs. Kemi Adeosun
3. Hon. Minister for Agriculture and Rural Development, Chief Audu Ogbeh
4. Hon. Minister for Power, Works & Housing, Mr. Babatunde Raji Fashola
5. Hon. Minister for Transportation, Chief Rotimi Amaechi
6. Hon. Minister of State, Petroleum Resources Dr. Ibe Kachikwu
7. Hon. Minister for Mines and Steel Development, Dr. Kayode Fayemi
8. Hon. Minister for Science & Technology, Dr. Ogbonnaya Onu
9. Governor, Central Bank of Nigeria, Mr. Godwin Emefiele


TECHNICAL COMMITTEE MEMBERS:
 
1. Economic Adviser to the President Dr. Yemi Dipeolu
2. Trade Adviser/Chief Negotiator Amb. Chiedu Osakwe
3. MD, Bank of Industry Mr. Waheed Olagunju
4. Exec. Director/CEO, Nigerian Export Promotion Council, Mr. Olusegun Awolowo
5. Executive Secretary, Nigeria Investment Promotion Commission Ms. Yewande Sadiku
6. Statistician-General, National Bureau of Statistics Dr. Yemi Kale
7. CEO, Economic Associates Dr. Ayo Teriba



Thursday, May 11, 2017

Breaking! Finally NASS Passes 2017 Budget(Detailed)



The 2017 Appropriations Bill proposed by President Muhammadu Buhari in December last year, has been passed by the National Assembly, on Thursday, 11th May, 2015.



The National Assembly has passed the 2017 Appropriations Bill, raising the budget from N7.28 billion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.
The Appropriations Committees of the Senate and the House of Representatives separately presented their harmonised reports of the budget for consideration and subsequent passage on Thursday.
According to the report,
1. N434.4 billion was appropriated for statutory transfers to the National Judicial Council (N100 billion);
2. Niger Delta Development Commission (N64.02 billion)
3. Universal Basic Education (N95.2 billion);
4. National Assembly (N125 billion);
5. Public Complaints Commission (N4 billion)
6. INEC (N45 billion)
7. National Human Rights Commission (N1.2 billion).
The seven establishments are to get allocations on first line charge. In practice, the spending details of these offices are not made public.


2017 Budget Breakdown: 
Debt Service (Local & Foreign): N1,663,885,430,499. 
Sinking Fund: N177,460,296,707 
Total Debt Service: N1,849,345,727,206. 
Recurrent Non-debt expenditure: N2,086,176,493,860 
Federal Executive Bodies: N1,413,441,659.90
Service wide Votes & Pension: N191,631,846,958 
Total Pensions: N191,631,846,956. 
Other service wide votes: N138,700,000,000 
Reforms to Special Acts: N40,000,000,000 
Special Intervention recurrent (Heads):N350,000,000,000
Presidential Amnesty Programme Stipends: N766,700,000,000 
Total Recurrent: N987,550,033,000 
Capital Expenditure: N1,710,580,601,619
Head of sub-total Federal Executive Bodies: N7,248,944,788 
Head of Federal Executive Bodies: N1,717,829,446,407
Capital Supplementation: N7,441,175,486,755. 




Read more: TORI NEWS

Friday, March 24, 2017

Land of Herdsmen! Soldiers Kill Student, Injure Others while Rescuing a Fulani Herdsman


Nigerian soldiers have inflicted irreparable harm on a secondary school student while rescuing a Fulai herdsman. 



A secondary school pupil, identified as Ayew Atume has been killed by one of the bullets reportedly fired by soldiers attached to 707 Special Forces Brigade in Makurdi, Benue State, Punch Metro reports.

It was gathered that Atume, a resident of Jato Aka in the Kwande Local Government Area of the state, was having a lunch in his parents’compound after returning from school on Tuesday when the stray bullet hit him.

He reportedly died at the spot.

Punch Metro reports that some members of a vigilance group in the community had intercepted a car conveying some suspected Fulani herdsmen.

The security guards were said to have found arms in the vehicle, which made them to detain the occupants.

A resident, who did not give his name, said the herdsmen alerted soldiers in the Kashimbila area of the state, who raced to the scene and allegedly freed the men, shooting continuously. In the process, one of the bullets killed Atume.

The resident said, “Youths keeping vigilance on the town acted on a tip-off  and intercepted a vehicle conveying some suspected herdsmen who were in possession of arms. The suspects called soldiers in Kashimbila who then called their colleagues stationed in Jato Aka to rescue the men.


“The soldiers arrived at the scene and whisked the car and the occupants to their base. The continued insistence of the youth for the vehicle to be handed over to the police angered the soldiers who started shooting indiscriminately into the air to frighten them.


“Ayew (Atume) was killed by a stray bullet. The boy just returned from school and was taking his lunch in his parents’ compound near the scene of the incident when the bullet hit him. He died instantly.”

Another resident said several other persons were injured in the commotion that followed the shootings as people scampered to safety.

“The situation now is such that residents of the town are leaving, while commercial activities have been put to a halt.


"The villagers are alleging conspiracy between the Fulani herdsmen and the soldiers to destroy the town. Many residents were injured on Tuesday by the soldiers’ bullets, including a community leader,” he added.

However, the Assistant Director, Army Public Relations, 707 Special Forces Brigade, Makurdi, Maj. Olabisi Ayeni, debunked the claim that the pupil was killed by soldiers.

Ayeni, in a statement on Thursday, stated that the vigilantes had mounted an illegal roadblock in the community. He accused them of harassing motorists and other road users, adding that those rescued by soldiers were victims and not suspects.

“Youths in the town mounted an illegal roadblock, especially along the road linking Jato Aka to Taraba State, arresting innocent road users coming into Benue State.


“They detained some visitors, alleging they were Fulani herdsmen. Our soldiers got a distress call and moved there immediately. They were able to rescue seven people and they were moved to our base to ensure their safety.


“At the time of the arrest, they were searched and their vehicles were also searched, but nothing incriminating was found. The police were immediately contacted for further investigation if actually they were coming in with arms.


“While this was going on, the youth regrouped in their hundreds and surrounded the military base, demanding that the seven commuters be handed over to them.


“On the refusal of our troops to hand them over, they became aggressive and started throwing stones into our base. They later started firing at the camp. They destroyed our operational vehicles.


“They also killed a boy in the process. Furthermore, they attacked some traditional chiefs and the Sole Administrator of Kwande LGA who came to appeal to them.


“Our troops rescued the chiefs, but one of them was injured. Therefore, the claim that our troops are protecting Fulani herdsmen is not true. The illegally arrested commuters by the youths are not Fulani people; they are innocent Nigerians going about their business peacefully.


“The Nigerian Army has the constitutional responsibility to ensure the safety of all Nigerians. Inasmuch as we share the pains of those youths, we won’t allow any Nigerian to be unjustly punished or allow their fundamental rights to be tampered with,” the statement read in part.


The spokesperson warned youths against taking the law into their own hands, urging them to report any security breach to the army or the police.







Black Market Bleeds As CBN's Policy Crashes Dollar


The naira has continued in its resurgence against the dollar in the black market as financial speculators encounter losses. 



Get 3X Your Deposit after 30 Days



Black marketers this week hit rock bottom as several interventions of the Central Bank of Nigeria (CBN) in the forex market bolstered the value of the naira, which rose to N390 to the dollar yesterday.

 
The Naira, which also appreciated against the Pound Sterling and Euro rate, traded at N510 and N415 respectively, even as operators and analysts said they expect the trend to continue.

 
The CBN had over the weeks sold dollars at the interbank and bureau de change market, clearing backlog of dollar demands and meeting forward contracts, as well as BTA/PTA, school fees and medical fees demand.

 
Briefing journalists on the outcome of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN governor, Godwin Emefiele said the apex bank was determined to see the convergence of rates at the foreign exchange market.

 
Noting that the apex bank was optimistic that the rate between the official and parallel market would converge further, he assured that the bank could sustain the policy.
 

According to him, currency speculators who doubt the ability of the bank to take decisions and implement the policy were taking a great risk.
 

Emefiele had also warned speculators to desist from stocking dollars at home because the CBN intervention would crash the price of dollar, which was already happening.
 

From a low of N500 to the dollar in February this year, the value of the naira had appreciated at the parallel market, as the CBN intensified its dollar sales, following a meeting with the Vice President.

 
Likewise the rise in the price of crude oil at the international market, coupled with increased output as soon as Niger Delta militants stopped blowing up pipelines boosted the country’s foreign exchange revenue and, consequently, the foreign reserves.

 
Nigeria’s foreign reserves this month crossed the $30 billion mark and is currently trending towards $31 billiion, further boosting the ability of the CBN to continue its consistent intervention.
 

So far, it has sold $1.7 billion dollars in forwards as well as other legitimate dollar demands through banks and BDCs.
 

Black market currency traders in Lagos who spoke with LEADERSHIP last night said the value of the naira had risen to N415 by afternoon and rose further to N395 by the close of business in the evening.
 

One of the Bureau de Change operators, simply known as Tijanni Jos, said that the development had caused operators to lose a lot of money.

 
According to him, operators did not envisage a quick downfall of the dollar which has caused them to buy at an expensive rate, hoping to make returns.

 
Jubril, a currency trader in Lagos said, “I have not been able to sell the dollars that I have with me because I bought it at N420 and now it is priced at N395. People are not buying, they are selling and I believe that  the naira will go up more this week and next week”.
 

This was corroborated by the president of the Association of Bureau de Change Operators (ABCON), Aminu Gwadabe, who told a reporter that 90 per cent of the speculators have been burnt badly by the appreciation of the naira.
 

According to him, the recent steps taken by the CBN had eliminated most of the “frivolous demands and those demands that do not add value to the economy”. He added that most of them who had envisaged that the naira will continue to depreciate had been disappointed.

 
“People are not buying dollars anymore for now. They are waiting for a level where the CBN cannot go beyond before they demand for dollars again”, he stated.
 

He, however, noted that the CBN could sustain its present intervention levels considering the rising fortunes of the country.
 

Explaining that the interventions have been successful so far, Gwadabe said increased inflow from crude oil sales was bringing in “nothing less than $30 million everyday for the country”.

 
He continued: “We are saving about $13 per barrel through the difference between the benchmark and selling price of oil. The selling price is about $56/57 per barrel, while our benchmark is $40.

 
“This has increased our buffers and then there is the foreign exchange that is expected to come in through the various loans. If all these come into play, then the CBN will be able to sustain the interventions and meet all legitimate demand”.

 
Also speaking, Chief Executive of Cowry Assets Management Limited, Johnson Chukwu, said the understanding between the fiscal and monetary authorities will give ability to the central bank to continue its interventions.

 
Observing that the capacity of the apex bank had been limited by a low inflow of foreign investors, he said the accretion of forex from crude oil sales as well as expected inflow from multilateral loans will give the CBN the needed capacity.


“The $500 million Eurobond which the government will go back to the market to raise, the $1.3 billion from China EXIM Bank, the $1.6 billion from World Bank and then the balance of $600 million from the African Development bank”, Chukwu said.
 

Also speaking with LEADERSHIP yesterday, Dr. Tayo Bello commended the CBN for plugging the loopholes in the forex market which was being exploited by currency speculators who were holding the greenback before now, thereby creating artificial scarcity in the market.
 

He said the CBN’s move to flood the market with more forex, thereby creating a glut in the market, was unprecedented.

 
Bello said, ‘‘What we had before was an unprecendedted demand for forex fuelled by unprecedented corruption where people look for forex which are not being chamnnlled into productive uses but now CBN is nomlising everything”.
 

He also expressed hope that if the peace in the Niger Delta region of the country could be sustained, the CBN will be able to susutain its intervention in the market.
 

“Dollar will still sell for N250 in the few weeks to come. Currency speculators are in trouble because what happened in the stock market when the bubble burst is already happening to them. They are already committing suicide and more will still commit suicide”, Bello noted.
 

He enjoined Nigerians to have faith in the country, as that was the only way to get the nation’s economy out of recession.



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