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France is set to repatriate $150 million stolen from Nigeria by former Head of State, late General Sani Abacha.

This was announced by presidential spokesman, Ajuri Ngelale, following a meeting between President Bola Tinubu and Catherine Colonna, the French Minister of Europe and Foreign Affairs.

Abacha ruled Nigeria from 1993 until his death in 1998. Transparency International had estimated that he stole up to $5 billion from the nation’s coffers during those years.

More than two decades after his death, Nigeria has continued to recover funds stolen by him during the five years he ruled the nation.

Transparency International puts the total amount recovered since the death of the late military dictator at $3.65 billion, as of 2022.

“Thank you for the good news on the return of Abacha loot,” Ngelale quoted President Tinubu as thanking France for the planned return of the loot.

“We appreciate your effective cooperation concerning the return of Nigeria’s money. It will be judiciously applied in attaining our development objectives,” the President added.

Tinubu emphasized the need for stronger collaboration on both political and economic fronts, and welcomed the growing cooperation between the two countries in areas of mutual interest, such as climate change, economic integration, education, and culture.

On the situation in Niger Republic, the President, who is also the Chairman of the ECOWAS Authority of Heads of State and Government, said that Nigeria is monitoring the situation closely and working through diplomatic channels to avoid violence.

“Leadership is about responding to the needs of the people; their cries, and their frustrations. Nigeria shares a border with Niger across the expanse of seven Nigerian states, and most of these states are very populated. Therefore, I need to guide ECOWAS carefully and steadily so that we manage our anger carefully.

”We have a colleague and a democratically-elected leader, President Bazoum, being used as a human shield. If we are not careful, he and his family can be endangered.

”I am deploying all appropriate back-channel strategies to avoid bloodshed in Niger Republic. We recognize the wishes of our people; they do not want war, but that does not mean we can not take bold and decisive action,” the President affirmed.

President Tinubu said Nigeria will continue to galvanize international partners in the determined pursuit of a peaceful resolution to the situation in Niger Republic.

The French Minister of Europe and Foreign Affairs conveyed the goodwill of President Emmanuel Macron and expressed the readiness of France to expand mutually beneficial collaboration with Nigeria across multiple sectors.

She extended a formal invitation to President Bola Tinubu to attend the forthcoming Paris Peace Forum.

Colonna further applauded the conclusion of the lengthy legal process for the repatriation of the Abacha loot.

“It was a long process, but we are glad that it was concluded. Sometimes, justice may be slow, but this is a very good achievement,” she said.

Colonna added, “We support your efforts at ECOWAS. We are behind you because we believe that constitutional order is a treasure for all countries, and democracy must be a reality.”

bola ahmed tinububola tinubuEmmanbuel MacronFranceSANI ABACHA

Tinubu Empowers Nigerians To Hold Him Accountable, Launches Projects Tracker After Signing Performance Bond With Ministers

After Tinubu Disowned N5bn ‘Presidential Yacht’ Request, Reps Yank Off Proposal From Supplementary Budget

The House of Representatives has removed the N5 billion presidential yacht from the 2023 supplementary budget.

The House passed the N2.17 trillion budget on Thursday after the adoption of the report submitted by the chairman of its appropriations committee, Abubakar Bichi.

Bichi announced that the committee had reallocated the funds proposed for the yacht to the student loan budget provision to make it N10 billion.

Leading Reporters earlier reported that amid backlash over the N5 billion budget provision for the presidential yacht, the Presidency clarified that President Bola Tinubu did not request and does not need a yacht to carry out his functions.

According to Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, the Nigerian Navy requested it in its budget.

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Earlier on Thursday, the Senate passed the supplementary budget which amounted to N2.17 trillion.

President Tinubu had requested the supplementary budget to address labour wage adjustments, security concerns, and other urgent matters.

Additionally, the President sent the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration.

The sectoral allocations of the supplementary budget were as follows:

• INEC: N18 billion
• Defence: N346.1 billion
• Police formations and commands: N29.6 billion
• Office of the National Security Adviser: N39.6 billion
• Federal Ministry of Agriculture and Food Security: N103 billion
• Service-wide vote: N515 billion
• State House: N28 billion
• Ministry of Defence: N200 billion
• Police formations and commands: N20.3 billion
• Office of the National Security Adviser: N10.3 billion
• Federal Ministry of Agriculture and Food Security: N97 billion
• Federal Ministry of Works: N300 billion
• Federal Capital Territory Administration: N100 billion
• Capital Supplementation: N220.5 billion.

Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state, Daily Trust reports.

The product sells for N1,270 per litre in Kano state and above that outside the metropolis.

This implies a 26 per cent increase in the price of the product in less than one week. It had sold for N1,030 on the 23rd of October.

As of Thursday, many filling stations in Lagos yesterday had adjusted their price to between N1,250 and N1,270.

A bakery owner, Ibrahim Nagode, said: “The price keeps increasing on a daily basis. You can buy it in the morning for a certain price, and in the evening, you are told that the price has changed.”

“We were planning to buy diesel yesterday, and we have planned our budget on the rate we bought it the last time only to be told that the price is now N1,275,” said another source.

Commenting on the situation, the Chief Executive Officer of Golden Rice Mill, Ilya Nazifi, said since logistics and power are affected, the cost of production and prices of finished goods would go up.

The dollar’s value against the naira witnessed a significant drop from its peak of N1,310 last week, resulting in a marked appreciation of the naira, particularly on the black market.

Business Day reports that on Thursday, the naira showed a notable gain of 2.56 per cent as the dollar traded at N1,140, a decrease from its previous rate of N1,170 on Wednesday in the black market segment of the foreign exchange (FX) market.

Traders attributed the naira appreciation to specific government-proclaimed policies, causing uncertainty among speculators.

The government’s plan to digitize FX transactions and discourage speculative demands and hoarding of cash in foreign exchange played a crucial role in shaping the market dynamics.

Additionally, the Central Bank of Nigeria (CBN) made strides in resolving unsettled matured FX forward contracts in banks, clearing approximately 75 per cent to 80 per cent of the contracts. This move significantly relieved pressure on the foreign exchange market.

The official market also saw positive trends, experiencing a considerable increase in the value of the naira against the dollar. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira strengthened by 3.59 per cent on Wednesday and a remarkable 17.96 per cent on Tuesday.

The dollar’s exchange rate exhibited a noticeable shift in the official market, as per data obtained from the FMDQ. Wednesday recorded a trading rate of N786.02, showcasing strength compared to Tuesday’s rate of N815.32, which improved from Monday’s rate of N993.82.

A 34-year-old man has died after drowning in the Elegushi Beach, in Lagos State, during a church hangout event.

The victim, identified as John, was a member of an unnamed Ikorodu-based church which had organised a picnic for its youths on Saturday.

Trouble, however, started when the members were about to leave the beach that Saturday afternoon but couldn’t locate him anywhere.

It was learned that as the church members began searching for him, someone informed them that they had seen him go into the water. Lifeguards and divers were alerted but efforts to locate him in the water that Saturday proved abortive.

It was gathered that his body was only recovered by lifeguards on Tuesday afternoon at the beach.

A source who witnessed the event but doesn’t want to be named said, “A church from Ikorodu had come to Elegushi beach for a hangout on Saturday. They were just young people who came around to have fun; about 35 of them came that Saturday.

“It happened that late in the afternoon when they were packing up to leave, they called everyone to make sure that they were all accounted for, 35 of them, before they left. That was how they realised that one of them, John, was missing.

The National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a public alert, warning consumers about the G Fuel brand Energy Drinks that have been recalled by T&E Imports and GPAE Trading Corporation.

Mojisola Adeyeye, Director-General of NAFDAC, in the notice issued on Thursday, said the energy drinks were found to contain high levels of caffeine, which can cause several health problems such as headaches, insomnia, irritability, and nervousness, especially for people sensitive to caffeine.

Adeyeye advised pregnant women not to consume the products as the effects of consuming too much caffeine can lead to a higher risk of miscarriage and low birth weight.

She also warned consumers and retailers not to use, sell, serve, or distribute the product as NAFDAC did not register it and lacks a cautionary statement to limit the number of daily servings.

The NAFDAC DG warned that the affected products are sold online.

NAFDAC urged members of the public to report any suspected distribution and sale of unwholesome packaged food products to the nearest NAFDAC office.

The agency also called on Healthcare professionals and patients to report any adverse events or side effects related to the use of any substandard NAFDAC-regulated product to the nearest NAFDAC office or through the E-reporting platforms available on the NAFDAC website or the Med-safety application available for download on Android and IOS stores.

Recall that the Netherlands Food and Consumer Product Safety Authority and the Canadian Food Inspection Agency also recalled the product.

Borno lawmaker and chief whip, Senator Ali Ndume, has made fresh revelation about the controversial N5 billion presidential yacht budgets by the Nigerian Navy.

Ndume said the presidential yacht had been signed and delivered but not paid for before the public outcry.

The ranking senator noted that the red chamber has since added the required payment fee to the student loan budget.

“We queried the amount budgeted for the yacht, but it was signed for a dollar rate, and the new rate isn’t favourable. The budget was predicated for about N435, and now it is over N800,” Ndume said.

“The Navy also clarified that it is not a new budget. And even the House of Representatives moved the budget to the Student loan. The deal for the yacht has been agreed, signed, and delivered but not paid for.”

Speaking on the N160 million for Land Cruiser SUV for each lawmaker in the National Assembly, the chief hip stressed that it is not a new thing for government workers to be buying vehicles for official duties.