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West Africa Now Global Hub for Stolen Vehicles – NCS

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The Nigeria Customs Service (NCS) has raised concerns about West Africa becoming a major hub in the global trade of stolen vehicles. According to the Comptroller General of Customs, Adewale Adeniyi, this illegal network spans continents, including Europe, North America, South America, and Australia.

Speaking in Lagos on Tuesday while showcasing seized vehicles, Adeniyi highlighted the Customs Service’s intensified efforts over the past months to combat vehicle trafficking syndicates operating within Nigeria’s borders.

“INTERPOL reports indicate that West Africa has become a significant destination for stolen vehicles globally,” Adeniyi stated. He added that the challenge is particularly acute in Nigeria. Data from the National Bureau of Statistics revealed that between 2013 and 2015, only 54% of stolen vehicles were recovered, underscoring the complexity and scale of the criminal enterprise.

In response, the Customs Service launched Operation Hot Wheels, a targeted enforcement initiative aimed at intercepting stolen vehicles smuggled through Nigeria’s ports and borders. This operation, a joint effort with the Economic and Financial Crimes Commission (EFCC) and Canadian authorities, leverages intelligence sharing, coordinated surveillance, and strategic interventions.

Adeniyi stressed that the rise in stolen vehicles entering the region threatens the legitimate automotive market, strains security infrastructure, and results in significant economic losses. He pointed out that intelligence from global law enforcement agencies confirms Nigeria as a preferred destination for stolen vehicles, damaging the country’s international reputation and leading to increased security spending.

During an intelligence-led operation at Area II Command, Onne Port, Customs officials intercepted a 40ft container (registration number: MRSU-5028706) declared to contain used vehicles and auto spare parts. A physical inspection revealed undeclared items, including three 2021 Toyota Highlander vehicles, two navy blue and one red. Collaboration with Operation Screen West Africa and INTERPOL confirmed two of these vehicles were stolen from Canada.

Additional high-value recoveries included:

  • A Mercedes-Benz G550 and a Range Rover Sport, valued at ₦506 million, intercepted at Trinity Axis in Lagos.
  • A Mercedes-AMG GT and Lamborghini Huracan, worth ₦630 million.
  • A Rolls Royce intercepted in Victoria Island, valued at ₦231 million.
  • A 2019 Lamborghini (₦239 million) and two Range Rovers (2023 & 2018 models) valued at ₦267 million, seized in Lekki.

Adeniyi explained that these incidents expose the sophisticated tactics employed by criminal syndicates, such as false declarations and concealment in legitimate cargo, to bypass detection systems.

The Customs Service’s success in these operations is attributed to enhanced risk management systems and strengthened collaboration with international partners, including INTERPOL. The integration of international databases with the NCS system has been instrumental in swiftly identifying and intercepting stolen vehicles.

Adeniyi further warned about the far-reaching economic consequences of this illicit trade, which undermines Nigeria’s legitimate automotive market and President Bola Tinubu’s economic reforms aimed at bolstering international commerce. He noted that resources allocated to combat this crime could otherwise support trade facilitation and economic growth programs.

In a final note, Adeniyi confirmed that the recovered luxury vehicles will be returned to Canada, in line with international collaboration efforts.

Nigerian Equity Market Rebounds with N8bn Gain

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The Nigerian equity market witnessed a modest recovery on Tuesday as market capitalization increased by N8bn, closing at N59.2tn. The All-Share Index (ASI) edged up slightly by 13.61 points, or 0.01%, to settle at 97,639.88.

Despite the uptick, the market reflected a one-week loss of 0.34% and a four-week decline of 0.43%. However, the year-to-date gain remains robust at 30.58%.

Investors traded 552.1 million shares worth N8.03bn in 9,305 deals, marking an 18% drop in volume, a 25% decrease in turnover, and an 11% reduction in deals compared to the previous session.

Market breadth closed negative, with 24 stocks advancing while 25 declined. Haldane McCall led the gainers, surging by 9.98% to N6.17 per share. It was followed by Sunu Assurances, which rose 9.8% to N1.68, Japaul Gold and Ventures, which gained 9.72% to N1.13, and Prestige Assurance, which was up 9.64% to N0.91 per share.

On the flip side, Multiverse Mining and Exploration declined by 9.92% to N5.90 per share, followed by Tantalizers, which shed 9.3% to close at N0.39. UPDC Real Estate Investment Trust dropped 9.01% to N3.03, while Universal Insurance fell 5.88% to N0.16.

In terms of trading volume, Haldane McCall topped the charts with 177 million shares exchanged. Tantalizers followed with 37 million shares, while United Bank for Africa and Prestige Assurance traded 29.6 million and 28.6 million shares, respectively.

Among sectoral indices, the Insurance Index outperformed with a 0.91% increase, boosting its year-to-date gain to 52.26%. The Industrial Index rose by 0.76 per cent, reflecting a 1.14% one-week gain and a 29.99% year-to-date growth. The Oil & Gas Index appreciated by 0.36%, extending its impressive year-to-date growth to 133.09%.

Other indices saw mixed performance:

  • Consumer Goods Index rose marginally by 0.09%, contributing to a 42.39% YTD gain.
  • Premium Index gained 0.09% but recorded a one-week loss of 0.54% and a 27.22% YTD gain.
  • NGX Top 30 Index increased by 0.04%, with a 31.6% YTD gain but a one-week loss of 0.42%.

Earlier on Monday, the market opened the week with a loss of N123bn in market capitalization, closing at N59.17tn. The All-Share Index fell by 0.21% to 97,626.27. On the same day, trading volume surged to 671.26 million shares worth N10.64bn across 10,464 deals, representing an 83% rise in volume, a 75% increase in turnover, and an 8% growth in deals compared to the prior session.

President Tinubu Appoints Three New Members to the Code of Conduct Bureau Board

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President Bola Tinubu has nominated three new members to fill vacant positions on the board of the Code of Conduct Bureau (CCB).

The announcement was conveyed through a formal letter addressed to the Senate President, as revealed by Tinubu’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga. The statement, titled “President Tinubu Nominates Three New Board Members for the Code of Conduct Bureau,” was released on Tuesday.

The nominees include Fatai Ibikunle from Oyo State, Kennedy Ikpeme from Cross River State, and retired Federal High Court Judge, Justice Ibrahim Buba. Once confirmed, they will complete the Bureau’s 10-member board, aimed at strengthening oversight mechanisms within public service, according to Onanuga.

Established in 1979, the Code of Conduct Bureau plays a vital role in promoting integrity and accountability in public service. Under the Code of Conduct Bureau and Tribunal Act, Chapter 58 LFN 1990, the Bureau is tasked with receiving, examining, and safeguarding asset declarations made by public officials. These declarations can be made accessible for public inspection under terms prescribed by the National Assembly.

Previously, on October 23, 2024, President Tinubu swore in the CCB board chairman, Dr. Abdullahi Bello. Other current board members include Muritala Kankia, E.J. Agbomayinma, Ben Umeano, Prof. Juwayriyya Badamasiuy, Mr. Bulus Zephaniah, and Abdulsalam Olawale.

Tinubu Applauds Revival of Port Harcourt Refinery

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President Bola Ahmed Tinubu has celebrated the successful revival of the Port Harcourt refinery, marking a significant milestone in Nigeria’s quest for energy sufficiency. The refinery officially resumed operations with the loading of petroleum products on November 26, 2024.

In a statement released by the Presidency, the President commended the Nigeria National Petroleum Company Limited (NNPCL) and its Group Chief Executive Officer, Mr. Mele Kyari, for their dedication to overcoming challenges and revitalizing the refinery. He also acknowledged the foundational efforts of former President Muhammadu Buhari, who initiated the comprehensive rehabilitation of Nigeria’s refineries and expressed gratitude to the African Export-Import Bank for financing the critical project.

Building on this success, President Tinubu has directed NNPCL to fast-track the reactivation of the Warri and Kaduna refineries and the second Port Harcourt refinery. These measures, alongside contributions from privately-owned refineries, aim to significantly boost Nigeria’s domestic production capacity and position the nation as a leading energy hub in Africa.

The President highlighted the importance of these initiatives in addressing Nigeria’s longstanding paradox as a major crude oil producer reliant on imported refined products. He reaffirmed his administration’s commitment to erasing this disheartening image through sustained investment in refinery rehabilitation and expansion.

“This administration is determined to repair our refineries, ensuring that Nigeria refines its own crude for domestic consumption while enhancing our energy security and export capacity,” the President stated.

President Tinubu also emphasized the role of patience, integrity, and accountability in rebuilding the nation’s infrastructure. He urged all stakeholders to remain focused and uphold trust as they work towards the Renewed Hope Agenda, which aims to achieve shared economic prosperity and energy sufficiency for all Nigerians.

The revival of the Port Harcourt refinery is a critical step in the government’s broader strategy to transform the energy sector, including unprecedented attention to the gas sector under Tinubu’s leadership.

The President’s directive sets the stage for Nigeria’s more robust and self-reliant energy future.

CBN Increases Interest Rate to 27.5%

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The Central Bank of Nigeria (CBN) has increased the country’s benchmark interest rate by 25 basis points, bringing it to 27.50% in November 2024, up from 27.25% in September. The decision was made during the 298th meeting of the Monetary Policy Committee (MPC) in Abuja, with CBN Governor Olayemi Cardoso announcing the change at a press briefing.

Cardoso stated that the unanimous decision to raise the Monetary Policy Rate (MPR) is aimed at combating the persistent inflation, which stood at 33.87% in October 2024.

In addition, the CBN Governor confirmed that the Cash Reserve Ratio (CRR) would remain unchanged at 50% for deposit money banks (up from 45%) and 16% for merchant banks (up from 14%). The liquidity ratio was also maintained at 30%, as was the asymmetric corridor at +500/-100 basis points around the MPR.

Other monetary policy measures and decisions were left unchanged. The move follows concerns over rising inflationary pressures, particularly core inflation driven by energy prices, fiscal deficits, and food price inflation.

Wale Ajetunmobi: What You Should Know About Sanwo-Olu’s Suspended Media Aide

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The recent suspension of Wale Ajetunmobi, Senior Special Assistant on Print Media to Lagos State Governor Babajide Sanwo-Olu, has sparked widespread discussions.

Who is Wale Ajetunmobi?

Wale Ajetunmobi served as a key media aide to Governor Sanwo-Olu, specializing in managing the state’s print media communications. He was responsible for crafting narratives representing the Lagos State government, addressing issues, and countering misinformation.

While detailed records of his educational background are scarce, Ajetunmobi has built a journalism and public relations career, which paved the way for his appointment within the Sanwo-Olu administration.

What Led to His Suspension?

On November 26, 2024, Governor Sanwo-Olu announced the suspension of Ajetunmobi following a controversial post on his personal X (formerly Twitter) account. In the now-deleted post, Ajetunmobi wrote that individuals responsible for burning down Television Continental (TVC) during the 2020 #EndSARS protests were “hunted down and executed.”

This comment, which many interpreted as a justification for extrajudicial killings, ignited public outrage. Critics questioned the accuracy of the claim and expressed concern over its implications.

The Governor’s Response

The Lagos State government quickly distanced itself from Ajetunmobi’s remarks. Gbenga Akosile, the governor’s Special Adviser on Media and Publicity, released a statement emphasizing the administration’s commitment to justice and the rule of law. The statement highlighted that the administration does not condone extrajudicial actions.

Ajetunmobi’s Defense

In the wake of backlash, Ajetunmobi attempted to clarify his position, suggesting that the alleged executions occurred during an exchange of gunfire with soldiers. However, this claim was disputed, as no official reports of such confrontations exist from the incident at TVC during the protests.

The #EndSARS Context

The #EndSARS protests of 2020 remain a sensitive subject in Nigeria, symbolizing youth resistance against police brutality and government oppression. One of the pivotal moments during the protests was the alleged military shooting at unarmed protesters at the Lekki Toll Gate on October 20, 2020.

The TVC arson occurred a day later, with no verified accounts of confrontations involving soldiers. This context has fueled skepticism toward Ajetunmobi’s claims, further intensifying the backlash against his post.

This story continues to develop as more details emerge. Some have praised Governor Sanwo-Olu’s actions as a firm stance against misinformation, while others argue they reflect deeper challenges within government communication strategies.

Acting COAS Seeks National Assembly’s Intervention on Soldier Welfare

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The Acting Chief of Army Staff, Lt. Gen. Olufemi Oluyede, has voiced concerns about the Nigerian Army’s financial challenges and the lack of housing for its growing personnel.

Speaking on Monday during a condolence visit by the Senate Committee on Army, led by Senator Abdulaziz Musa Yar’Adua, Oluyede emphasized the strain caused by recruiting approximately 15,000 personnel annually without corresponding support for their accommodation.

He highlighted the diminishing resources allocated to the Army despite the increasing recruitment numbers and warned that soldiers might face housing shortages if Nigeria’s security challenges are resolved.

Lt. Gen. Oluyede appealed to the National Assembly to address these issues in the upcoming budget.

He stated, “Nigeria belongs to all of us, and without your support, it will be very difficult to secure the country. Over the years, the resources allocated to the Nigerian Army have been dwindling. This is a critical opportunity to advocate for increased attention to our needs, especially housing for our recruits.”

He expressed concern about the future of personnel, noting that the lack of accommodation poses a significant challenge. “If we manage to tackle the security challenges, where will these soldiers retire to? This keeps me up at night,” he added.

The Army Chief also called for investments in technological advancements to enhance the military’s effectiveness in combating security threats.

Senator Yar’Adua, Chairman of the Senate Committee on Army, encouraged the Acting COAS to uphold the legacy of his predecessor, the late Lt. Gen. Taoreed Lagbaja. Describing Lagbaja as a practical, honest, and knowledgeable officer, Yar’Adua commended his leadership in improving the country’s security and pledged the Senate’s support to Oluyede in continuing those achievements.

The Senator also urged the Army to integrate more technology into its operations to better tackle terrorism and other security challenges.

Sanwo-Olu Suspends Media Aide Over Comment on #EndSARS Protest

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Lagos State Governor, Babajide Sanwo-Olu, has suspended his Senior Special Assistant on Print Media, Mr. Wale Ajetunmobi, following a controversial post on his personal X account (formerly Twitter).

This decision was announced in a statement released on Tuesday by the governor’s Special Adviser on Media and Publicity, Gboyega Akosile. The statement, titled ‘Governor Sanwo-Olu Suspends Aide’, cited the suspension as a response to the “misrepresentation of facts” in Ajetunmobi’s post.

Akosile emphasized the administration’s stance, stating, “The Sanwo-Olu-led government frowns at any form of extra-judicial punishment and disassociates itself from such actions. That is not who we are.”

The controversy arose from a post by Ajetunmobi, under the handle #Riddwane, where he claimed that arsonists who set Television Continental (TVC) ablaze during the 2020 #EndSARS protests had been “hunted down and executed.” His post further alleged that one of the individuals, a young trader in Ketu, Lagos, was discovered with an AK-47 rifle.

The original tweet read:
“The full story of people who burnt down TVC in 2020 will be told one day, with gory clips and images. One thing to note: majority of them have been hunted down and executed. One of them, a young boy trading in cooking gas around Ketu, was found with an AK-47 at the site. Even his neighbors were shocked. But the full gist is better saved for later.”

Credit: Premium Times

This sparked reactions on social media, with one user questioning if the post endorsed extra-judicial killings. Ajetunmobi replied, claiming the incidents involved exchanges of gunfire and were not extra-judicial killings.

Credit: Premium Times

Amid backlash, Ajetunmobi later clarified that the word “executed” was “erroneously used” and that his statements were his personal opinions, not reflective of his employer’s position. He deleted the tweet prior to its widespread reporting.

The controversy has reignited discussions about the 2020 arson at TVC during the #EndSARS protests. Over 250 staff members were displaced, and critical infrastructure, including state-of-the-art studios, production rooms, and vehicles, was destroyed. TVC’s CEO, Andrew Hanlon, revealed that the incident left over 500 employees struggling to resume normal operations.

Governor Sanwo-Olu visited the station after the incident, condemning the attack and pledging support for affected workers and management.

Full List: Jagun Jagun Dominates 2024 BON Awards

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Femi Adebayo’s acclaimed Netflix Original Yoruba film Jagun Jagun emerged as the biggest winner at the 2024 Best of Nollywood (BON) Awards, securing six prestigious awards. The film took home accolades including Best Indigenous Film, Best Actor, Best Production Design, Best Special Effect, Best Costume, and Director of the Year.

The 16th edition of the BON Awards, held on Sunday at the Sugar Factory Film Studios in Ilorin, Kwara State, was hosted by Toyin Abraham. Jagun Jagun received a total of 12 nominations, cementing its place as a standout film in the Nollywood industry.

Here’s the full list of winners:

  • Best Cinematography: Adire
  • Best Social Message: Unleashed
  • Director of the Year: Bayo Tijani & Tope Adebayo (Jagun Jagun)
  • Best Short Film: Out of Many
  • Best Actress: Wunmi Dada (Unknown Soja)
  • Best Supporting Actor: Keppy Ekpenyong (The Weekend)
  • Best Supporting Actress: Mercy Aigbe (Ada Omo Daddy)
  • Best Actor: Femi Adebayo (Jagun Jagun)
  • Best Editing: Momiwa
  • Best Costume: Jagun Jagun
  • Best Soundtrack: *Oloku Ada
  • Best Sound: Offshoot
  • Best Use of Food: Nwanyi Abacha
  • Best Indigenous Film: Jagun Jagun
  • Best Child Actress: Darasimi Nadi (Unknown Soja)
  • Best Child Actor: Nifemi Lawal
  • Most Promising Actress: Chioma Okafor
  • Most Promising Actor: Ozechi Franklin Izuchuchukwu
  • Best Production Design: Jagun Jagun
  • Best Screenplay: Momiwa
  • Best Kiss: Halima Ganiyu & David Akande (Eti Keta)
  • Best Documentary: Is It Your Money?
  • Best Special Effect: Jagun Jagun

This year’s awards highlight the growing global influence of Nollywood, with Jagun Jagun leading the charge.

NAF Airstrikes Kill Terrorists, Destroys Food Depot in Lake Chad

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The Nigerian Air Force (NAF) Air Component, part of Operation Hadin Kai, has successfully eliminated several terrorists and destroyed a key food storage facility in the Lake Chad Basin. The operation targeted a terrorist stronghold at Jubillaram, located in the Tumbuns area, following strategic intelligence gathering.

Air Commodore Olusola Akinboyewa, Director of Public Relations and Information for the Nigerian Air Force, disclosed in a statement on Monday that the operation took place on November 23. The targeted location, identified through precise intelligence, served as both a critical food depot and a hideout for terrorist commanders and fighters.

The operation was prompted by intelligence linking the terrorists to recent violent attacks, including the assault on troops in Kareto on November 16. In response, NAF fighter jets launched a targeted airstrike, destroying key structures used for storing supplies and neutralizing numerous insurgents on-site. “Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements,” Akinboyewa said.

The success of the mission was attributed to several days of Intelligence, Surveillance, and Reconnaissance (ISR) operations, which identified terrorist structures hidden in dense vegetation. The destruction of the food depot and the elimination of key fighters have significantly disrupted the logistical capabilities of the terrorists, hindering their ability to plan and execute future attacks.

Akinboyewa emphasized that the mission underscored the NAF’s steadfast commitment to safeguarding the nation, both independently and in coordination with ground forces. He reiterated the Air Force’s determination to continue with relentless operations until all those threatening Nigeria’s security are brought to justice.