Nelson Ugwuagbo

President Bola Tinubu is billed to attend the inauguration of Mahamat Déby as the President of Chad.

Provisional results from Chad’s National Election Management Agency in May indicated that Deby emerged victorious in a closely monitored presidential election.

With over 61 per cent of the votes, Deby’s win obviates the necessity for a run-off with his nearest competitor, Prime Minister Succes Masra, who garnered 18.5 per cent.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Wednesday, saying President Tinubu would depart Abuja on Thursday for N’Djamena, the Republic of Chad, for the inauguration.

Ngelale stated that President Tinubu will be joined by high-ranking government personnel during the journey and will come back following the event.

The statement read in part, “The inauguration of President Déby follows his declaration as the winner of the country’s presidential election earlier this month and subsequent affirmation by the Constitutional Court of Chad.

“President Tinubu will be accompanied on the trip by senior government officials and will return after the ceremony.”

President Bola Tinubu has approved the appointment of two new Chief Executive Officers to head the National Oil Spill Detection and Response Agency (NOSDRA) and the Ogun-Osun River Basin Development Authority (OORBDA).

A statement issued on Wednesday, May 22, by the special adviser to the president on media and publicity, Ajuri Ngelale, said Engr. Chukwuemeka Woke has been appointed as the Director-General/Chief Executive Officer of NOSDRA, while Dr. Adedeji Ashiru will serve as the Managing Director/Chief Executive Officer of OORBDA.

Woke, an engineer and environmental specialist, brings a wealth of experience to his new role, having served in various capacities, including as Chairman of Emohua Local Government Area of Rivers State and Chief of Staff, Government House, Port Harcourt.

Ashiru, who holds a Doctorate degree in Engineering from the Commonwealth University, UK, has led a consortium of blue-chip companies and has a proven track record of success in his professional endeavors.

“President Bola Tinubu has approved the appointment of Engr. Chukwuemeka Woke as the Director-General/Chief Executive Officer of the National Oil Spill Detection and Response Agency (NOSDRA).

“Furthermore, the President has approved the appointment of Dr. Adedeji Ashiru as the Managing Director/Chief Executive Officer of the Ogun-Osun River Basin Development Authority (OORBDA).

“Engr. Woke, besides being an engineer, is an environmental specialist and politician. He holds a Bachelor’s degree in Chemical/Petrochemical Engineering and has served under the Environmental, Safety, and Operations Departments of the then Nigerian National Petroleum Corporation (NNPC).

“He was chairman of Emohua Local Government Area of Rivers State and Chief of Staff, Government House, Port Harcourt, for many years.

“Dr. Ashiru holds a Doctorate degree in Engineering from the Common Wealth University, UK, and has led a consortium of blue-chip companies, in addition to earning many stripes in his professional endeavour.

“The President expects the new Chief Executive Officers to deploy their competencies to these critical agencies for sustainable gains and turnaround, while maintaining utmost transparency in their operations”, the statement said.

As part of ongoing efforts to clear restricted areas of commercial motorcycle (okada) operations, the Federal Capital Territory Administration (FCTA) has conducted a joint enforcement raid in Abuja’s city center and locations like the Kubwa Expressway axis.

The task force, comprising the FCT Directorate of Road Traffic Services (DRTS), police, military and paramilitary agencies, took to the streets to apprehend okada riders violating traffic rules and causing disturbances in the territory.

Some of the targeted areas included Garki Areas 1 and 3, Guzape, Durumi 1, 2 and 3, Mpape Junction, Asokoro, and the Kubwa axis, where motorcycles were confiscated.DRTS Head of Operation, Deborah Osho, described the exercise as a routine activity that will continue as long as okada men persist in flouting traffic regulations by operating in prohibited zones.

She stated that the enforcement team will keep seizing motorcycles until the court authorizes their destruction.”We were able to clear the city center and expressway of the okada menace and their activities, which include causing traffic congestion and other offenses that violate traffic rules,” Osho said.

The Secretary of the FCT Command and Control Centre of the Security Services Department, Dr. Peter Olumuji, noted a significant reduction in crime rates associated with commercial motorcycle use. 

He emphasized that the FCT Commissioner of Police, CP Benneth Igweh, has reiterated the areas where okada men are prohibited from operating.Olumuji stated that the Minister of FCT, Nyesom Wike, is committed to ensuring the safety and security of FCT residents. 

He described the operation as a sustained effort to improve security in the FCT, surpassing past conditions.The joint operation involved various security agencies, including the Nigerian Police, Civil Defence, Department of State Services (DSS), National Drug Law Enforcement Agency (NDLEA), Immigration Services, and Correctional Services.

President Bola Tinubu has approved the appointment of ACM Shehu Mohammed as the Corp Marshal and Chief Executive Officer of the Federal Road Safety Commission (FRSC).

This was contained in a letter of appointment signed by the Secretary to the Government of the Federation (SGF), George Akume dated May 20th, 2024.

The letter said the appointment is in accordance with Section 7 (1) of the Federal Road Safety Commission Act, 2007 and takes effect from May 20th, 2024.

Shehu Mohammed takes over from Dauda Ali Biu as Corps Marshal, FRSC.

Details shortly…

The Transmission Company of Nigeria, TCN, has reassured the North East Governors Forum, NEGF, that power restoration in the region will proceed as planned on May 27.

The Transmission Company said it is taking all necessary steps to restore power supply as stated in its press release dated May 10, 2024.

Ndidi Mbah, General Manager, Public Affairs gave the assurance in a press statement made available to Journalists in Bauchi on Tuesday.

In the statement titled: ‘Re: North East Governors on Power Blackout, and May 27 Timeline for Power Restoration’, the TCN expressed understanding of the governors’ concerns for their citizens and the impact of the blackouts on governance and business operations. “We are not happy about the situation,” it stated.

This is as the TCN assured that its team is working tirelessly to rebuild the four towers destroyed by vandals adding that it will not rest until power is restored to all affected areas.

“We appeal for a little more patience, as work is truly advancing. We are pushing our contractors very hard to ensure we deliver on our promise of rebuilding the towers and energizing the transmission line.”

“Despite the recent increase in vandalism, we have continued to rebuild towers each time they are damaged and have consistently restored supply.”

“The four vandalized towers on the Gombe axis are no exception. Despite our prevailing poor liquidity, we have mobilized all necessary resources to ensure this job gets the attention it requires.”

“To expedite the work, we have insisted that the contractor put in place and on-site machines that will help increase the fabrication processes of tower members which is ongoing.”

The statement further stated that, “A visit to the site will show that the towers are nearing completion, with one tower at 90% completion, another at 80%, a third at 60%, and the fourth at 40%.”

“We are utilizing all available daylight hours for the work. However, due to security issues, we are unable to work through the night, which we would have gladly done.”

“Nevertheless, we are optimistic about completing the reconstruction and energizing the line within the given time frame. We expect power supply to be restored by May 27, 2024, through the new 330kV transmission line, allowing Yola and Jos DisCos to offtake and distribute optimally from the TCN substation,” he added.

Recall that last weekend, at the conclusion of its regular meeting, the North East Governors Forum (NEGF) expressed displeasure over the continuous blackout in the subregion.

The forum berated the TCN over what it describes as ‘nonchalant attitude’ in addressing the situation.

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent. 

Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at 33.69% in April 2024.

“The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 295th meeting on the 20th and 21st of May 2024 to review recent economic and financial developments and assess risks to the outlook,” the CBN Governor Yemi Cardoso who is also the MPC chairman said on Tuesday.

“Decisions of the MPC. The committee’s decisions are as follows: 1. Raise the MPR by 150 basis points to 26. 25 per cent from 24.75 per cent.”

Cardoso, however, said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) was retained at 45 per cent. The MPC also put the Asymmetric Corridor around the MPR at +100 and –300 basis points. It retained the liquidity ratio at 30 per cent.

The CBN chief who admitted the rising inflation levels in the country said the key focus of the MPC meeting was to achieve price stability by using tools available to rein in inflation.

He said the inflation pressure is being driven largely by food inflation, citing rising costs of transportation, infrastructure challenges, insecurity, and exchange rate issues as some of the factors affecting it.

Monday’s announcement comes amid soaring prices of commodities and a rising cost of living.

Pushed majorly by the removal of fuel subsidy last year and the floating of the naira, Nigerians are battling historic high inflation levels.

Despite protests and pressures from labour unions, President Bola Tinubu has repeatedly called for patience, expressing optimism that his government’s reforms will yield fruit.

In a bid to combat the falling value of the naira, the CBN in recent months targeted the operations of cryptocurrency exchange Binance. That and other measures led to an appreciation of the currency. But the gains appear to have stalled in recent weeks.

Gunmen suspected to be bandits have reportedly kidnapped a Nigeria Customs Service senior officer’s pregnant wife and four other family members at Shagari Quarters, Dei-Dei, a suburb of Abuja.

Vigilante sources disclosed this, noting that the incident happened on Sunday.However, when contacted, the spokesperson of the Customs Service said he was unaware of the incident.

It was reported that the gunmen arrived in the area around noon and went straight to the senior Customs officer’s compound, where they picked his wife, three of his children and a younger brother.

They spent more than two hours before proceeding to the neighbouring Dakwa community, a vigilante source said.

It was gathered that the gunmen later released the officer’s wife, who was said to be heavily pregnant. But they left with his children and younger brother.

The Central Bank of Nigeria (CBN) has withdrawn the directive to banks and other financial institutions to charge cybersecurity levy on electronic transfers.

On May 6, the apex bank directed all commercial, merchant, non-interest and payment service banks, mobile money operators and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

CBN said the charges would be remitted to the national cyber security fund, and be administered by the office of the national security adviser (ONSA).

However, CBN halted the move to charge the cybersecurity levy in a circular titled ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 — Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’ and dated May 17.

The circular made public on May 19 was signed by Chibuzo Efobi, director, payments system management department, and Haruna Mustafa, director, financial policy and regulation department.

“The Central Bank of Nigeria circular dated May 6, 2024 (Ref:PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” CBN said.

“Further to this, please be advised that the above referenced circular is hereby withdrawn.

“Please be guided accordingly.”

CBN withdrew the directive after President Bola Tinubu suspended the cybersecurity levy on May 14.

Tinubu directed the apex bank to suspend the implementation and review the modalities for its implementation.

Criticism had trailed the levy, with the Nigeria Labour Congress (NLC) condemning the directive and describing it as “another burden on the shoulders of hardworking Nigerians”.

Joe Ajaero, the president of NLC, on May 7, said such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

Ajaero said domestic manufacturers and other businesses were already suffering as a result of the stifling socio-economic environment.

Justice Emeka Nwite of the Federal High Court Abuja, has refused to grant bail to an Executive of Binance Holdings Limited, Tigran Gambaryan.

Justice Nwite held that Gambaryan is likely to jump bail if bail is granted to him.

The company and its executive were arraigned on a five-count charge bordering on money laundering before Emeka Nwite, judge of a federal high court in Abuja.

The defendants pleaded not guilty to the charge.

Moving an application, Counsel to the Defendant, Mark Mordi, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.

The Prosecution Counsel, Ekele Iheanacho, however opposed the bail application, stating that the defendant was a flight risk.

He stated that the defendant attempted to obtain a new passport which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody.

He added that the court cannot risk granting him bail, especially since he is not attached to any community in Nigeria.

“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.

He urged the court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.

Delivering ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant applicant.

Justice Nwite agreed with the depositions made by prosecution and was of the view that the applicant will jump bail if bail is granted to him.

He subsequently ordered that the trial be given an accelerated hearing.

After the ruling, the EFCC called its first witness, a staff of the Securities and Exchange Commission.