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Nelson Ugwuagbo

Nelson Ugwuagbo

Headlines

Nigeria Customs Denies Tenure Extension for Comptroller General

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

The Nigeria Customs Service (NCS) has dismissed reports claiming that Comptroller General Adewale Adeniyi’s tenure has been extended, describing the information as false.

In a statement on Tuesday, NCS spokesperson Abdullahi Maiwada clarified that the report was inaccurate and misleading.

He explained that appointments and tenure extensions for the Comptroller General of Customs are made solely at the discretion of the President, in accordance with the NCS Act 2023 and other relevant public service regulations.

“The attention of the NCS has been drawn to a fake release allegedly from the State House regarding an extension of the tenure of the CGC, Adewale Adeniyi. The NCS wishes to categorically state that this information is inaccurate and misleading,” Maiwada said.

He further stated that no such directive has been communicated to the NCS by the appropriate authorities.

Maiwada reaffirmed that the service remains focused on its core mandates of trade facilitation, revenue generation, and border security. He noted that under Adeniyi’s leadership, the NCS has continued implementing reforms to modernize customs operations, strengthen inter-agency collaboration, and drive economic growth.

The NCS urged the public and stakeholders to rely on official channels for accurate information regarding the agency. Maiwada added that any updates on appointments or tenure decisions would be formally communicated through the appropriate government authorities.

“The service appreciates the continued support of stakeholders and remains committed to transparency, professionalism, and service to the nation,” he said.

April 2, 2025 0 comments
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JP Morgan
Business

JP Morgan To Establish Bank Branch in Nigeria

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

American banking giant JP Morgan is set to convert its Lagos representative office into a full-fledged business branch as part of its broader strategy to expand operations across Africa.

According to a report by African Intelligence on March 31, the U.S. bank plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.

At the time of filing this report, JP Morgan had not responded to TheCable‘s inquiry regarding the transformation.

The New York-based financial institution, led in Nigeria by Dayo Olagunju, JP Morgan’s head of West Africa, aims to expand its service offerings beyond advisory and asset management to include dollar-denominated loans for large corporations.

In January, a JP Morgan delegation, led by Olagunju, visited Nigeria and held discussions with Wale Edun, the Minister of Finance. The finance ministry stated that the visit was part of an exploratory mission involving international institutional investors seeking insights into Nigeria’s economic landscape.

JP Morgan’s CEO, Jamie Dimon, previously expressed his intention to strengthen the bank’s footprint in Africa, telling Reuters in October 2024 that the institution plans to expand into additional countries every few years.

JP Morgan, which has been active in Nigeria since the 1980s, also operates offices in Abidjan, Côte d’Ivoire, and Nairobi, Kenya, as part of its African expansion strategy. The bank has played a key role in supporting African nations with Eurobond issuances, including Nigeria’s 2024 fundraising in the international market.

April 2, 2025 0 comments
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Donald Trump
Africa & World

Wall Street and European Stocks Drop Ahead of Trump’s Trade Measures

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

Stock markets in the United States and Europe declined on Wednesday as investors remained cautious ahead of U.S. President Donald Trump’s expected announcement of new tariffs.

The dollar and oil prices dipped, while gold, considered a safe-haven asset, neared a record high.

Despite slight gains in Tokyo and stable Chinese markets, European stocks fell, led by losses in Frankfurt. Wall Street’s major indexes also opened lower.

“For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, an analyst at Scope Markets.

Global equities have faced pressure in anticipation of Trump’s announcement, which he has referred to as “Liberation Day.” He has argued that the United States has been “ripped off” for years and has warned that both allies and rivals could be affected by the new trade measures.

While Trump had initially suggested the tariffs would mirror levies imposed by other nations, reports indicate he is also considering a blanket 20-percent tariff or a plan that grants certain countries preferential treatment.

The White House has confirmed that Trump will unveil his decision at 4:00 p.m. in Washington (2000 GMT), after U.S. markets close. The president has promised that the move will usher in a “golden age” for American industry, though officials acknowledged Tuesday that final details were still being discussed.

Chris Weston, an analyst at Pepperstone Group, noted that if the tariffs take effect immediately, markets could gain some clarity, though it would limit room for negotiations.

“This scenario—while hardly a positive for economics or earnings assumptions—would increase the conviction behind how we respond to the ‘facts,’” he said. “That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”

Concerns over a potential global trade war have intensified, with several nations warning they are preparing countermeasures. Economists have cautioned that the tariffs could slow economic growth and reignite inflation, raising doubts about the likelihood of further interest rate cuts from central banks.

April 2, 2025 0 comments
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Enugu CP
Headlines

Enugu Police Refute Claims of Herdsmen Invasion in Eha-Amufu

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

The Enugu State Police Command has dismissed reports alleging that herdsmen have overrun homes and schools in Eha-Amufu, describing the claims as “baseless, mischievous, and misleading.”

In a statement issued by the Police Public Relations Officer, SP Daniel Ndukwe, the Command clarified that no community in Eha-Amufu or any part of Enugu State has been invaded, placed under siege, or displaced. It explained that the reported “overrun farm settlements” are temporary shelters used by farmers who periodically return to their villages.

The statement acknowledged that farmer-herder clashes occurred in Eha-Amufu in 2021 and 2022 but noted that joint security operations have since restored peace to the area.

The Police Command commended the Enugu State Government for its efforts to enhance security under Governor Peter Ndubuisi Mbah. These measures include the deployment of 150 military personnel and Special Forces, as well as the near-completion of the 21.7km Agape-Agu Mgbuji-Ogbete access road to improve security and connectivity.

The Command also criticized the news platform that published the report, accusing it of using unrelated images to mislead the public. A forensic digital analysis reportedly showed that the images were repurposed from incidents in neighboring states, including photos shared by Amnesty International from a February 4, 2025, attack on Nkalaeha community.

Commissioner of Police, CP Mamman Bitrus Giwa, urged residents to disregard the report and assured them of the Police Command’s commitment to maintaining law and order. He called on citizens, particularly those in Eha-Amufu, to remain law-abiding, cooperate with security agencies, and report genuine security concerns through official channels.

April 2, 2025 0 comments
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Nigerian Army
Headlines

We Have Neutralized Terrorists In Kebbi, Zamfara – Nigerian Army

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

The Commander of One Brigade, Nigerian Army, Gusau, Brigadier General Timothy Opurum, has stated that troops under Operation Fansar Yamma have significantly curtailed terrorist activities in their area of responsibility, covering Kebbi and Zamfara states.

General Opurum made this known on Tuesday during a Sallah luncheon with officers, soldiers, and their families at the Brigade Cantonment in Gusau.

He acknowledged that the security situation was previously challenging but credited sustained military operations and the dedication of troops for the improved security landscape.

“The One Brigade has been performing well, especially in Operation Forest Sanity III. A few months ago, the situation was difficult, but through the efforts of our officers and troops, we have been able to dominate our area of responsibility and subdue the terrorists to a large extent,” he said.

The Commander commended the troops for their sacrifices and commitment, noting that in recognition of their efforts, the Chief of Army Staff had approved additional logistics support to enhance operations.

He urged the soldiers to sustain the momentum and intensify efforts to ensure security across the Northwest.

“Because of our achievements, the Chief of Army Staff has graciously approved additional logistics for us. This means we must redouble our efforts. It is not yet uhuru; there is still much work to be done,” he added.

“We must continue fighting until we eliminate all threats and ensure Kebbi, Zamfara, and other states within the Northwest are safe for socio-economic progress.”

The event also included a moment of silence in honor of fallen soldiers who lost their lives in the line of duty.

April 2, 2025 0 comments
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Tinubu
Headlines

Tinubu Departs for Paris on Working Visit

by Nelson Ugwuagbo April 2, 2025
written by Nelson Ugwuagbo

President Bola Ahmed Tinubu is set to depart for Paris, France, on Wednesday for a short working visit, the Presidency has announced.

In a statement signed by his spokesperson, Bayo Onanuga, the visit will focus on assessing the administration’s mid-term performance and reviewing key milestones. Tinubu is also expected to evaluate ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary.

“The period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year,” Onanuga stated.

He noted that recent economic improvements highlight the administration’s commitment to reforms, citing an increase in Nigeria’s net foreign exchange reserves to $23.11 billion, up from $3.99 billion in 2023, as reported by the Central Bank of Nigeria.

While in Paris, Tinubu will remain actively engaged with his team and continue overseeing governance activities. He is expected to return to Nigeria in about two weeks.

April 2, 2025 0 comments
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Governor Sim
Headlines

Coalition Petitions African Union Over State of Emergency in Rivers

by Nelson Ugwuagbo April 1, 2025
written by Nelson Ugwuagbo

A coalition of Nigerian professionals and political figures has petitioned the African Union (AU) over the recent declaration of a state of emergency in Rivers State, describing the suspension of Governor Siminilayi Fubara and the State House of Assembly as unconstitutional.

In a letter addressed to AU Commission Chairperson Alhaji Mahmoud Ali Youssouf, the group argued that the action violated Nigeria’s constitution and posed a threat to democracy in Africa.

The petition, signed by Professor Senator Opeyemi Ola, Professor Adah George, Rt. Hon. Dr. James Oloko, and Dr. Mrs. Evelyn E. Ogolime, urged the AU to intervene, calling the move an abuse of power.

“With President Tinubu as the Chairman of ECOWAS, Nigeria is expected to uphold democratic governance. His decision to suspend the democratically elected Governor of Rivers State and the State House of Assembly is a violation of the Constitution and an affront to democratic principles,” the petition stated.

The coalition cited Section 305 of the Constitution, which the President referenced, arguing that it does not grant him the power to suspend or remove elected officials. They insisted that the process for removing a governor is explicitly outlined in Section 188, making the President’s action unconstitutional.

Describing the move as a threat to democracy, the group warned that it could set a dangerous precedent for the suppression of democratic institutions across Africa.

The coalition further called on the AU to send a fact-finding mission to Rivers State to assess the situation and ensure democratic institutions were protected.

“We urge you to prevail upon President Tinubu to lift the State of Emergency in Rivers State and restore the democratically elected government. The AU Commission must take concrete steps to ensure that Nigeria, as a member state, upholds the principles of democracy, human rights, and the rule of law,” the petition added.

April 1, 2025 0 comments
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Kwara
Headlines

Rainstorm Destroys 200 Houses, Schools in Kwara

by Nelson Ugwuagbo April 1, 2025
written by Nelson Ugwuagbo

A windstorm on Sunday wreaked havoc in Ilorin, the Kwara State capital, as well as Ogele and Eyenkorin in Asa Local Government Area, damaging no fewer than 200 houses, public schools, and electric cables.

The rainstorm, which accompanied the evening downpour, disrupted Eid-el-Fitr celebrations in the affected communities, leaving significant destruction in its wake.

Residents reported that the storm blew off the roofs of about 200 houses, while over 20 buildings, including schools, shops, and business premises, collapsed.

Vice Chairman of Ifelodun Community in Eyenkorin, Zubairu Abiola, described the damage as severe, noting that many residents had been rendered homeless.

“The destruction is huge. This has resulted in many residents becoming homeless suddenly. This will require much rehabilitation from the state government,” he said.

Abiola called on Governor AbdulRahman AbdulRazaq to provide urgent assistance to the affected communities.

April 1, 2025 0 comments
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Trump
Africa & World

Trump Hints Possibility of Contesting Third Presidential Term

by Nelson Ugwuagbo April 1, 2025
written by Nelson Ugwuagbo

Former U.S. President Donald Trump has suggested that he might seek a third term in office, despite constitutional restrictions limiting presidents to two terms.

Speaking to reporters in the Oval Office on Monday, Trump claimed that Americans want him to run again. When asked about the possibility of a third term, he responded, “People are asking me to run. I don’t know. I never looked into it. They do say there’s a way you can do it, but I don’t know about that.”

Trump also entertained the idea of a hypothetical election matchup against former President Barack Obama, who served two terms from 2009 to 2017. “That would be a good one, I’d like that,” he said.

His remarks follow comments made in an interview with NBC News on Sunday, where he insisted he was “not joking” about the possibility of seeking a third term.

Trump, 78, served as president from 2017 to 2021 and began his second term on January 20. However, the U.S. Constitution’s 22nd Amendment, ratified in 1951, explicitly prohibits any individual from being elected president more than twice. The two-term limit became an established tradition after George Washington declined to seek a third term in 1797.

Despite the constitutional restriction, Trump’s statements have fueled speculation about his political future and potential efforts to challenge the rule.

April 1, 2025 0 comments
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NSIA
Headlines

NSIA Records N1.86 Trillion in Profit

by Nelson Ugwuagbo April 1, 2025
written by Nelson Ugwuagbo

The Nigeria Sovereign Investment Authority (NSIA) has reported an operating profit of N1.86 trillion for the 2024 financial year, representing a 59 percent increase from the N1.17 trillion recorded in 2023.

In a statement on Tuesday, Joyce Onyegbula, NSIA’s head of corporate communications, attributed the performance to the resilience of the authority’s investment strategy, strong earnings, a diversified revenue base, and robust risk management despite global economic challenges.

“NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of N3.74 trillion at the end of 2024,” Onyegbula said.

She noted that total operating profits, excluding earnings from associates and joint ventures, rose from N1.17 trillion in 2023 to N1.86 trillion in 2024. The increase was driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, and gains from foreign exchange movements and derivative valuations.

According to Onyegbula, total comprehensive income—including profits from associates and joint ventures—stood at N1.89 trillion in 2024, reflecting a 59 percent increase from N1.18 trillion in the previous year.

Core total comprehensive income, excluding foreign exchange and derivative valuation gains, surged by 148 percent to N407.9 billion in 2024, up from N164.7 billion in 2023. The rise was supported by robust returns on financial assets measured at fair value, including collateralized securities, private equity, hedge funds, and exchange-traded funds.

NSIA further reported that net assets nearly doubled, increasing by 96 percent to N4.35 trillion as of December 2024, compared to N2.22 trillion in December 2023.

Commenting on the results, NSIA Chief Executive Officer Aminu Umar-Sadiq described the financial performance as “outstanding,” emphasizing the strength of the authority’s strategic vision, disciplined execution, and commitment to sustainable socio-economic growth.

“By leveraging innovation, strategic partnerships, and sound risk management, we have not only delivered strong returns but also created value for our stakeholders,” Umar-Sadiq said.

April 1, 2025 0 comments
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