The Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has described the Independent National Electoral Commission (INEC) as a meddlesome interloper in its defence against Bola Ahmed Tinubu.
At the resumed proceeding on Friday, the electoral empire, through its counsel, Mr Kemi Pinhero (SAN) moved a motion on notice praying the Court to strike out some of the allegations made against Tinubu.
Specifically, INEC pleaded with the Court to strike out 32 allegations made against Tinubu by Atiku for various reasons comprising lack of jurisdiction.
But Atiku, through his lead counsel, Chief Chris Uche (SAN) filed a counter affidavit in opposition to INEC’S request and asked the Court to dismiss the electoral body’s position.
Uche argued that it was not the duty of INEC to do the battle or argue the case for Tinubu who is the 2nd defendant in the petition.
Atiku insisted that INEC ought to be neutral but has somersaulted by turning itself into a busybody and a meddlesome interloper by taking up the defense of Tinubu against the provisions of the law.
He, therefore, asked the Court to dismiss INEC’s motion for being a gross abuse of court process, lacking in merit, and grossly incompetent.
Meanwhile, the Chairman of the Court, Justice Haruna Simon Tsammani has fixed ruling till the date of judgment in the substantive petition.
A Federal High Court sitting in Kano, presided over by Justice M N Yunusa has nullified the candidature of the Abia State Governor-elect, Dr Alex Otti and all the candidates of the Labour Party in Abia and Kano States.
The court ruled that their emergence was not in compliance with the provisions of the 2022 Electoral Act.
A copy of the judgement delivered by the court was made available to newsmen on Friday.
The Court in Suit No FHC/KN/CS/107/2023 filed by Mr Ibrahim Haruna Ibrahim against the Labour Party and the Independent National Electoral Commission, INEC, ruled that the failure of the Labour Party to submit its membership register to the INEC within 30 days before their primaries renders the process invalid.
“The party that has not complied with the provisions of the electoral act cannot be said to have a candidate in an election and cannot be declared winner of an election; this being so, the votes credited to the 1st defendant is a wasted vote,” the Judge ruled.
The National Drug Law Enforcement Agency (NDLEA) has commenced a nationwide raid of drug joints ahead of the May 29 inauguration of a new government in the country.
According to the Director, Media and Advocacy of the agency, Femi Babafemi, 534 drug suspects have been arrested during the operation, code-named Operation Mop Up.
Babafemi said in a statement on Friday that the operation was to remove enablers of crime and violence in the form of illicit substances and those who deal in them.
This, he said, was with a view to ensuring peaceful inauguration of new administrations at national and sub-national levels on May 29.
“Not less than 534 suspects have been arrested in the first few days of the commencement of the operation.
“However, tons of illicit drugs were recovered across the states and the Federal Capital Territory.
“This includes cocaine, heroin, methamphetamine, tramadol, codeine-based syrup, cannabis sativa and various new psychoactive substances among others.
“Top on the list of the states with high arrests and seizures are Lagos, Kano, Abuja, Kaduna, Rivers, Bayelsa, Adamawa, Osun, Benue and Plateau,’’ he said.
Babafemi quoted the Chairman, retired, Brig.-Gen. Buba Marwa, as commending all officers and men involved in the exercise for their professionalism and adherence to standard operating procedure.
Marwa said “I am impressed by the level of compliance with the directive to all our commands and formations.
“Which is to dismantle all drug joints within their areas of responsibility, mop up all illicit substances in such locations and arrest all those culpable.
“This will in no small measure take out of the equation, enablers of crime and violence.
“This includes illicit drugs, their dealers and all those relying on mind-altering substances to disrupt the May 29 inauguration ceremonies across the states and the Federal Capital Territory,” he said.
The NDLEA boss charged them to continue with the offensive against drug cartels and traffickers “until the last gram of illicit drug is taken out of the streets and communities” across Nigeria.
Katsina State Police Command has announced the arrest of two notorious criminals, locally known as Kauraye, who burgled a shop and stole 48 mobile phones.
The Command’s Public Relations Officer (PPRO), CSP Gambo Isah, made the disclosure in a statement on Friday in Katsina.
He said that the suspects, Abubakar Haruna, 23, and Ibrahim Sani, 22, were arrested in Katsina based on credible intelligence.
Isa alleged that the suspects conspired with one Tayi, now at large and burgled a mobile phone dealer’s shop at Tsohuwar Tasha, Katsina, and stole the 48 mobile phones found in their possession.
He claimed that the suspects had confessed to the offence, and said they wanted to dispose of the stolen phones in a neighbouring country.
The Command spokesman said the two suspects and others still at large, would be traced, apprehended and prosecuted.
Nigeria’s total forex inflow into the economy increased by 4% quarter-by-quarter (q/q) to $17.6 billion.
According to the latest Quarterly Statistical Bulletin (QSB) of the Central Bank of Nigeria (CBN), the key driver of the rise in forex inflow in Q4 relative to the previous quarter was forex revenues from autonomous sources, which climbed by 18 percent q/q to $11.4 billion.
In contrast, forex inflow through the CBN, which accounted for about 35 percent of the total forex inflow, decreased by -15 percent q/q to $6.2 billion.
However, on a year-to-year (y/y) basis, forex inflow into the economy declined by -15 percent y/y to $17.6 billion in Q4’22.
Based on the data, the total outbound flow of forex (outflow) from the Nigerian economy declined by -9 percent q/q and -27 percent y/y to $9.1 billion during the quarter.
The data, taken together, imply a net forex inflow of $8.5 billion in Q4‘22.
This compares favourably with $7.0 billion and $8.3 billion in Q3‘22 and Q4’21, respectively.
The outflow of forex through the CBN decreased by -12 per cent q/q to $7.5 billion.
This accounted for 83 percent of total forex outflows in Q4’22.
The forex outflows from the CBN largely constitute payments made to service external debts and third-party transfers for government ministries, departments and agencies (MDAs).
The combination of total forex flows (inflow and outflow) through the CBN resulted in a net outflow of $1.3 billion.
The net outflow position largely mirrors the increased demand pressure on Nigeria’s gross official reserves, which has maintained a downward trend in the past months.
Autonomous outflow of forex increased by 11 per cent q/q to $1.5 billion during the quarter.
Combined, autonomous forex flows through the economy resulted in a net inflow of $9.8 billion.
On an aggregate basis, the total forex inflow into the Nigerian economy fell by -23 per cent y/y to $73.0 billion in financial year of 2023 (FY’22), while the total forex outflow decreased by 2 per cent y/y to $41.0 billion.
This resulted in a net forex inflow of $31.4 billion in 2022.
It is significantly lower than the $52.7 billion recorded the previous year.
“We continue to advocate for effective monetary and fiscal policies toward attracting foreign direct and portfolio investments into the economy,” CBN said.
The Board of Directors of the African Development Bank (AfDB) has approved $15 million loan for Infrastructure Credit Guarantee Company Limited (InfraCredit) to support infrastructure financing in Nigeria.
Nigerian Anchor reports that InfraCredit is a specialized Nigerian credit guarantee company that mobilises long-term capital from institutional investors, including pension funds and insurance companies, to support infrastructure projects.
According to the Bank, the subordinated loan is to strengthen InfraCredit’s capital base and help close Nigeria’s infrastructure financing gap.
The financing, which will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria, complements a 2019 investment into InfraCredit made by the AfDB and other partners to help unlock domestic institutional capital for infrastructure.
The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years, primarily by leveraging private sector financing.
“The African Development Bank is pleased to continue to support an innovative financial institution – InfraCredit – which has objectives that align closely with our priorities to mobilise institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure,” the Director General of the Bank’s Nigeria Country Department, Lamin Barrow said.
The company’s green finance track record and commitments under its Clean Energy Transition Strategy and Roadmap and Green Finance Framework fits with the AfDB’s commitments to promote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said.
“We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth. This second round investment will strengthen our guarantee issuing capacity and bring AfDB’s total investments in InfraCredit to $25 million, which is a strong signal of commitment to the long-term growth of InfraCredit and the Nigerian economy,” InfraCredit CEO, Chinua Azubike, said.
The AfDB’s Acting Director for Financial Sector Development, Ahmed Attout, explained why AfDB made the support.
“The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The African Development Bank is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilisation of long-term funding into Africa’s infrastructure,” he said.
The factional Chairman of the Labour Party, Lamidi Apapa has arrived the Court of Appeal premises, the venue of the Presidential Election Petition Court on Friday morning, for the continuation of the proceeding.
Recall that on Wednesday, factions of the LP had clashed in court, leading to Apapa being taken into protective custody by security operatives attached to the Court.
The problem had started shortly after the adjournment of the case, as Apapa, while stepping out of the courtroom, made an attempt to address the media, as a group of youths that identified themselves as “Obidients” pushed him away from the cameras, insisting that he lacked the right to speak for the party.
Meanwhile, Labour Party presidential candidate, Mr Peter Obi was sighted arriving the Court for hisa case against president-elect, Bola Ahmed Tinubu and the All progressives Congress (APC).
The Enugu State Governor-elect, Mr Peter Mbah has filed a N20 billion suit against the National Youth Service Corps (NYSC) at the Federal High Court, over alleged conspiracy, deceit, and misrepresentation of facts.
Justice Inyang Ekwo had on Monday, upon a motion ex-parte by Mbah’s counsel, Mr. Emeka Ozoani (SAN), sequel to the lawsuit, stopped the NYSC from disclaiming Mbah’s certificate.
In the suit, Mbah is equally seeking a declaration that he participated in the NYSC scheme via a call-up letter number FRN/2001/800351; Lagos code LA/01/1532, and upon completion was issued a certificate of National Service No. A808297.
The governor-elect also alleged that the corps conspired by fraudulent design suppressed and misrepresented facts in the supposition that his certificate of national service with number A808297 was not issued by them.
According to him, this is a fact they know as untrue, and incorrect and which act he said constitutes an act of conspiracy.
He also wants a declaration that the defendants were negligent and maliciously misrepresented facts, which facts the defendants know or ought to know as untrue and ought reasonably to have foreseen that damages would flow from such negligent misrepresentation of material facts.
An affidavit in support of the motion on notice deposed by Ms Grace Udeagha, stated among others, that Mbah, after graduating in law from the University of East London in 2000, returned to Nigeria.
She also deposed in the affidavit that as a prerequisite to practice as a barrister and solicitor of the Supreme Court of Nigeria, Mbah applied and was admitted into the Bar Part I program of the Nigerian Law School.
She further deposed that the plaintiff upon completing the Bar Part I exam had to wait for the Bar Part II program.
“That the plaintiff in view of the above was called up for the NYSC and was deployed to Lagos State, with the following particulars: Mbah Peter Ndubuisi; Call up letter No 01134613; reference No NYSC/FRN/2001/800351.
“That the plaintiff in the course of his NYSC program aforesaid and after six months of NYSC, the Nigerian law School scheduled the commencement of the Bar Part II program usually called Bar Finals.
“The plaintiff was offered admission to the Nigerian Law School by a letter dated June 20, 2002, the plaintiff applied to the State Director, NYSC, for deferment of NYSC year 2001/2002.
“Pursuant to paragraph 12 the NYSC directorate headquarters vide Ref: NYSC/DHQ/CM/M/27 approved the plaintiff’s application for deferment of NYSC Ref: LA/01/1532 of Aug.6, 2002.
“That the plaintiff upon completion of his NYSC service, was issued the NYSC certificate No. A808297 dated Jan.6, 2003, certifying that he completed the one year of NYSC from Jan.7, 2002 to Jan. 6”.
The Bank of Industry (BoI) recorded N2.3 trillion profit before tax under President Muhammadu Buhari, Chairman Board of Directors of the bank, Alhaji Aliyu Dikko has said.
Dikko, made this known on the sidelines of the 63rd Annual General Meeting of the bank in Abuja.
“It has been excellent. If you look at the eight years when we came on board the total assets of the bank were about N630 billion.
“Right now it has grown to about 2. 3 trillion. So you can see that it has multiplied by more than three times.
“So the bank has done excellently well in the last eight years,” he said.
On Micro Small and Medium Enterprises (MSMEs), Dikko said the risk encountered in MSME businesses, is that money could be lost easily.
According to him, this makes it difficult for financial institutions to easily give out loans to small business owners.
”What we are trying to get the government to do, is to create a corporation that guarantees SMEs.
“Once we have that, the bank will be willing to give to the SMEs, because they know that whatever they give to them is guaranteed by any organization.”
On the bank’s projections for 2023, the board chairman said Africa’s economic growth was expected to remain slow, due to spillover effects from uncertainties in the global environment.
He said as the debt servicing burden rises, a growing number of African Governments are expected to seek bilateral and multilateral support towards managing the adverse economic impact.
He quoted the United Nations Department of Economic and Social Affairs as projecting Africa’s growth to slow from an estimated 4.1 percent in 2022 to 3.8 percent in 2023.
“The IMF has however upgraded Nigeria’s 2023 economic growth projection to 3. 2 percent from 3. 1 percent earlier reported.
“The IMF noted that the upward review was due to sustainable measures being implemented by the government to address insecurity issues in the oil sector.
“The Chief Executive Officer, NNPC, projects that daily oil production in the country can hit 2. 2 million barrels in 2023 if adequate security measures are put in place to protect oil assets.
”Based on the foregoing it is expected that exchange re-pressure on the Naira should be fairly reduced in the year, due to the projected accretion of foreign exchange revenue.
“Thus, a peaceful political transition to a new government, following the 2023 presidential elections is also expected to further boost investor confidence in Nigeria,” Dikko said.
On downside risks and potential headwinds, he expressed hope that economic advisers and policymakers would be circumspect and proactive in placing adequate measures to manage the risks.
He reiterated the bank’s commitment to enable seamless integration with new developments and ensure purposeful growth in the economy.
The average retail price of a litre of petrol witnessed a drop from N264.29 in March to N254.06 in April 2023, the National Bureau of Statistics (NBS) has said.
This is according to the NBS Petrol Price Watch released in Abuja on Friday.
It stated that the April 2023 price of N254.06 represented a 3. 87 percent decrease over the price of N264.29 recorded in March 2023.
However, the average retail price of a litre of petrol increased on a year-on-year basis from N172.61 recorded in April 2022 to N254.06 in April 2023.
It stated that the April 2023 price of N254.06 represented a 47.18 percent increase over the price of N172.61 recorded in April 2022.
“On state profiles analysis, Taraba paid the highest average retail price of N320.00 per litre, followed by Imo at N310.55 and Jigawa at N305.00.
“Conversely, Sokoto paid the lowest average retail price of N195.00, followed by Benue at N198.13 and Kogi with N206.11,” it stated.
Analysis by zone, the NBS said, showed that the South-East recorded the highest average retail price in April 2023 at N291.15, while the North-Central recorded the lowest at N208.88.
The NBS also stated in its Diesel Price Watch Report for April 2023 that the average retail price paid by consumers increased by 28.69 per cent on a year-on-year basis.
It explained that the retail price moved from a lower cost of N654.46 per litre recorded in April 2022 to a higher cost of N842.25 per litre in April 2023.
“On a month-on-month basis, the price increased by 0.17 per cent from N840.81 per litre recorded in March 2023 to an average of N842.25 in April 2023,” it added.
On state profiles analysis, the report said the highest average price of diesel in April 2023 was recorded in Adamawa at N980.33 per litre, followed by Bauchi at N934.46, and Borno at N900.50.
On the other hand, the lowest price was recorded in Bayelsa at N708.04 per litre, followed by Kebbi at N773.33 and Anambra at N773.56.
In addition, the analysis by zone showed that the North-East had the highest price at N895.42 per litre, while the South-South Zone recorded the lowest price at N807.59 per litre.
