Workers’ Day: Nigeria Declares May 1 Holiday

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April 30, 2024

The Nigerian Government has officially declared Wednesday, May 1st, 2024, as a public holiday to commemorate this year’s Workers’ Day celebration.

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, conveyed the announcement on behalf of the Federal Government. He emphasized the paramount importance of excellence, efficiency, and equity across all realms of labour. Additionally, he reiterated the unwavering commitment of President Bola Ahmed Tinubu’s administration to nurturing a workplace culture rooted in innovation, productivity, and inclusivity.

Dr. Tunji-Ojo said: “In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens. Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development.”

Tinubu Approves N35,000 Provisional Wage Award for Workers

While recognising the invaluable contribution of the workforce, the Minister emphasised the necessity of taking proactive steps to address the challenges posed by climate change.

He emphasised the importance of collaboration in implementing sustainable practices and policies that not only safeguard our environment but also prioritize the well-being of employees. This approach, rooted in the principles of integrity, diligence, and compassion, is essential for nurturing a nation that thrives on sustainability and inclusivity.

Additionally, the Minister urged all Nigerians to uphold their commitment to the administration’s Renewed Hope Agenda as he extended heartfelt wishes for a joyous celebration to all workers.

Nigeria to Spend $10bn To Revive Sector- Power Minister

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Rhoda Onuzulike

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April 30, 2024

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The Minister of Power, Adebayo Adelabu, said on Monday in Abuja that Nigeria would need an annual $10 billion for the next 10 years to revive the country’s ailing electricity generation, distribution and supply chain.

Adelabu said that the sum must be spread across the period to end the liquidity challenge in the sector.

The Minister’s disclosure was made at a one-day investigative hearing on halting the proposed increase in electricity tariff by 11 electricity distribution companies.

The session was organised by the Senate Committee on Power, amidst the biting economic situation in Nigeria.

The Minister also said the federal government would need N2.8trn to subsidise electricity this year alone.

House of Reps Vow to Address Electricity Tariff Hike

Adelabu said, “The government will need about N2.8 trillion to subsidise electricity this year, and we looked at the government budget itself, we looked at the provision for subsidy, we discovered and confirmed that the government could not afford to pay.

“This government budget is N28 trillion N2 trillion is a subsidy for power separately. It is over 10 per cent of the budget, which is not realistic for us to ask the government to pay, ” the Minister said.

His position drew the anger of the lawmakers who in their various contributions bemoaned the country’s power situation.

The Senators decried the experiences of Nigerians on electricity supply over the years, despite the unbundling of the sector.

For instance, Senator Lola Ashiru said Nigerians were paying for inefficiency of power sector operators.

Ashiru, who is the Vice Chairman of the committee said there was a lot of inefficiency across the value chain of generation, transmission and distribution.

He said poor Nigerians must be protected, adding that there was a need to consider a reversal of the tariff increase.

Similarly, Senator Solomon Lalong said there was no consultation before the increase, adding that issues of palliative should have been discussed and provided before the tariff increase.

Senator Enyinnaya Abaribe, who is Chairman of the Committee said what Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.

He also decried the non-appearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians.

He alleged that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

On his part, Senator Adamu Aliero said due consultation was not carried out before the tariff increase.

He said the public was not at peace with the increase, saying that the increase was over 200 per cent, hence the need for a reversal of the tariff increase.

Stakeholders that made presentations at the investigative hearing included the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (MAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

Addressing the gathering, the Minister said, “For this sector to be revived, the government needs to spend nothing less than $10 billion dollars annually in the next 10 years.

“This is because of the Infrastructure requirement for the stability of the sector, but the government cannot afford that.

“And so, we must make this sector attractive to investors and to lenders.

“So, for us to attract investors, and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come.

“But now that we have increased tarrif for a Band, there are interests been shown by investors.”

He attributed the major challenge in the sector to the absence of liquidity, adding that the sector has been operating on a subsidized tariff regime, given the absence of a cost reflective tariff.

This is as he pointed out that subsidies had not been funded over the years as huge liabilities were owed to the Generating Companies (GenCos) and the Gas Companies.

Adelabu said the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation transmission and distribution.

He further said the increase is based on supply, saying that any customer that does not receive 20 hours power supply will not be made to pay the new tariff.

He said the government was committed to ensuring sustainable reform in the sector, saying that there was a need to clear the outstanding debt owed to GenCos and Gas companies.

To improve power supply, he said the government was investing in hydroelectric power, adding that construction of 700-megawatt power in Zungeru had commenced, while Kashimbila Hydroelectric power plant of 40 megawatt was awaiting evacuation to improve generation.

The minister said there was also an ongoing investment of 26 small hydropower dams to boost electricity production across the country.

Lateef Adedimeji, Olaiya Igwe, others to feature in Soyinka Biopic

By

Emenike Agu

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April 30, 2024

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Coming on wings of preserving Nigeria’s culture and extolling the heroes, Nigeria filmmaker and director, Joshua Ojo has disclosed that Wole Soyinka, a biopic on the life and strides of legendary Nobel Laureate will be hitting cinema soon.

The movie, which took over a year to produce, has been described as ‘right on time’ by the producer, Joshua Ojo.

Speaking during a press conference earlier this week, he remarked that the lack of biopics in the Nigeria entertainment space is very alarming, explaining that at a time when history was no longer taught in schools, it should be on the screen for the sake of the next generation and a proper build up of the society.

According to Ojo, “Wole Soyinka is coming to the cinemas on/before June. We are done with production and just rounding off post production. I’ll be sincere that it took a lot to create this. A lot of research, and investigation. But then, if we don’t tell this stories, who will? Our people run away from telling our own historic stories. We documented every integral aspect of Wole Soyinka.

“The movie was shot in Lagos, Ibadan, and in the United Kingdom. At a point, I had an accident during production. Many of the cast and crew had to leave even though some have been paid. I had to pay a number of others to come back. Finance went off at some point and I had to sell some of my properties but the goal is was fixed. The goal is to preserve culture in the best way we can,”

The graduate of New York film academy, who directed ‘Efunsetan Aniwura’ noted that the most of the set of the movie was created from scratch while commending his team for pulling a great achievement with the production.

Nigeria’s Mineral Reserves Valued at $750b- Minister

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Rhoda Onuzulike

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April 30, 2024

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Nigeria’s Minister of Solids Minerals Development, Dele Alake, has revealed that a preliminary report by a German firm, GeoScan, indicated that Nigeria sits on several minerals worth $750 billion.

Speaking during a Summit organised by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud on Monday, in Nigeria, Alake said the mining sector has the potential to contribute a large part of the nation’s goal to achieve a trillion-dollar economy as pushed by President Bola Ahmed Tinubu.

Alake, while stating that the president was pushing several reforms to rejuvenate the sector, said there was a need to avoid Nigeria being a mining pit for solid minerals while the processing and conversion to other products are done in other countries.

He stated this was the reason he was pursuing local value addition in products mined in the country.

He however, said the availability of data was important to attract investors that would establish plants in Nigeria to process the minerals and create a multiplier effect on job creation and growth in the economy.

“We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.

“That is a conservative estimate, by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke.

“By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars,” he added.

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The Minister added that part of its reform was the establishment of the Nigerian Solid Minerals Corporation.

“When I first read this, a lot of people were taken aback and skeptic because what rang in their mind was NNPC, that is we are going to establish something similar like NNPC, which is a quasi- government venture.

“But no, the proposed corporation is vastly different in nomenclature, structure and operation,” he added, saying the establishment of the corporation was presently before the National Assembly.

“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians at large and 25 per cent to the government,” he said.

Speaking earlier, the Governor of Nasarawa State, Abullali Sule, said investment in solid minerals was the way to go.

He said lithium is the new gold and Nigeria has abundant of it, adding that the biggest lithium processing factory would soon be inaugurated.

The Director General of NIPSS, Ayo Omotaya, said the summit was organised to chart a way forward for the mining sector.

Nollywood Produced 274 films in first Quarter of 2024 – NFVCB

By

Emenike Agu

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April 30, 2024

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The National Film and Video Censors Board (NFVCB) say it received and classified 274 movies produced by the Nigerian film industry in the first quarter of the year.

Shaibu Husseini, Executive Director/CEO of the board, made this known in a statement in Abuja.

The NFVCB boss said the figure was provided by the Department of Film Censorship and Classification of the board in its first quarter report, capturing all genres of films approved by the board.

The report is for onward submission to the relevant Federal Government agency as input for the compilation of the nation’s Gross Domestic Product for the first quarter (Q1 2024).

As indicated in the report, films in English Language constitute the chunk of the films produced during the period under review.

250 films out of the numbers verified and approved were produced in English, while others include films in Yoruba, Igbo, Hausa and Hindi languages.

According to the report, classification by viewing audience indicates that films classified ’18’, meant for matured audience, constitute over 50% of the total films produced.

The report further showed that films classified as ’15’, ’12’ and those that requires Parental Guidance (PG), as well as those under ‘General viewing’ trailed behind accordingly.

NFVCB is a Federal Government agency that regulates the films and video industry in Nigeria.

The board is empowered by law to classify all films and videos, whether imported or produced locally.

It is also the duty of the board to register all films and videos outlet across the country and to keep a register of such outlets among other functions.

Money Banks Expand Loans Size to N37.2trn

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Rhoda Onuzulike

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April 30, 2024

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Amidst tight monetary policy and economic contractions, loan portfolio of leading Deposit Money Banks in Nigeria expanded by 57 percent to N37.17 trillion in 2023 against N23.68 trillion recorded in 2022.

The large credit growth was driven by Access Bank, Zenith Bank, First Bank, Guaranty Trust, United Bank for Africa (UBA) Plc, Fidelity Bank, GT Bank, Stanbic IBTC, Sterling Bank, Wema Bank and FCMB.

Details of the loan books showed that tier-1 banks dominated the combined portfolio recording the highest value and growth rate.

Access Bank recorded the largest loan portfolio with N8.04 trillion, while Zenith Bank grew its portfolio to N6.56 trillion, and First Bank increased to N6.36 trillion.

United Bank for Africa (UBA) Plc increased its loan book to N5.23 trillion, while a tier-2 bank, Fidelity Bank Plc, broke into the big five bracket with N3.09trillion loan size forcing GT Bank into sixth position with N2.48trillion.

Also another tier-2 bank, Stanbic IBTC Bank, led the industry growth rate with a 68.6 percent increase in its loan book to N2.03 trillion in 2023, followed closely by a tier-1 bank, First Bank, with 68 percent increase and UBA placing third in growth rate recording 66.7 percent.

The reforms including the removal of the petrol subsidy, exchange rate harmonisation, tax reforms and restoration of a methodological framework for calculating the cash reserve requirements (CRR) provide growth opportunities for the Industry.

Electricity Hike: FG Acting On IMF, World Bank Script – Falana

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Rhoda Onuzulike

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April 30, 2024

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Human rights lawyer, Femi Falana, has accused the Federal Government of pandering to the whims and caprices of the International Monetary Fund (IMF) and the World Bank following a hike in electricity tariff.

Falana claimed that the move is a policy imposed on the Nigerian government by the Bretton Wood institutions.

“The Honourable Minister of Power is acting the script of the IMF and the World Bank,” Falana said on Channels Television’s Politics Today on Monday.

“Those two agencies insisted, and they continue to insist that the government of Nigeria must remove all subsidies. Fuel subsidy, electricity subsidy and what have you; all social services must be commercialised and priced beyond the reach of the majority of Nigerians.

“So, the government cannot afford to protect the interest of Nigerians where you are implementing the neoliberal policies of the Bretton Wood institutions.”

Electricity: 47 Companies Bid for W/Bank’s 1.25m Meters

The Senior Advocate of Nigeria accused Western countries led by the United States of America of double standards. According to him, they subsidize agriculture, energy, and fuel and offer grants and loans to indigent students while they advise the Nigerian government against doing the same for its citizens.

Following the outrage that greeted the announcement of the tariff increase, the Minister of Power, Adebayo Adelabu, explained that the action would not affect everyone using electricity as only Band A customers who get about 20 hours of electricity are affected by the hike.

Falana, however, insisted that neither the minister nor the National Electricity Regulatory Commission (NERC) has justified the tariff increase.

The senior lawyer said that Nigerian law gives no room for discrimination against customers by grading them in different bands.

He insisted that the government cannot ask Nigerians to pay differently for the same product even when what has been consistently served to them is darkness.

Following the outrage over the hike, Adelabu on Monday appeared at a one-day investigative hearing on the need to halt the increase in electricity tariff by eleven successor electricity distribution companies amid the biting economic situation in Nigeria.

However, Falana said that nothing will come out of the probe by the Senate. He believes the matter has to be taken to court so that the minister and the Attorney General of the Federation can defend the move.

Court Bars DSTV, GOTV From Increasing Tariffs

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Rhoda Onuzulike

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April 30, 2024

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A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, has restrained Multi-choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1.

The three-member tribunal, presided over by Saratu Shafii, gave the interim order on Monday following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

In a ruling, the tribunal restrained multi-choice from going ahead with the impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it.

Multichoice Raises DStv, GOtv Subscription Prices

She also directed all parties in the suit to appear before the tribunal on May 7 at 10 a.m. for the hearing and determination of the motion on notice.

The petitioner had dragged Multi-choice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.

In the suit filed on April 29, Onifade, also a legal practitioner, sought two orders.

These include, “an order of interim injunction of this honourable tribunal restraining the 1st defendant whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May 2024, pending the hearing and determination of the motion on notice.

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice.”

The company had, on April 1, 2022, hiked the prices of all its packages.

NFF Appoints Finidi George Nigeria’s 41st National Coach

By

Emenike Agu

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April 29, 2024

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After two matches last March in which Nigeria Super Eagles won one and lost the other, the Nigeria Football Federation Finidi George has been judged as the right man for the vacant Super Eagles job.

He thus become the 41^st person to occupy the position since the adhoc engagement of John Finch, former Fulham winger in 1949. According to a press release by the NFF, the board of the federation on Monday approved the recommendation of its technical development committee to appoint Finidi George as Head Coach of the Super Eagles.

George who belong to the Nigeria Golden Generation of Super Eagles of 1994 spent 20 months as assistant to José Santos Peseiro.

In his baptism as an interim national coach, his squad edged Ghana 2-1, ending an 18-year winless streak against the Black Stars, but then lost 0-2 to Mali in the second game. The loss to Mali was the first time Nigeria had been beaten by Mali since 1972.

As a national team player, George is best known as the player whose goal qualified Nigeria for the World Cup for the first time ever.

It was a goal scored against Algeria on 8 October 1993 – incidentally it was the 44^th anniversary of Nigeria’s maiden international match played against Sierra Leone in 1949.

Finidi played 60 times for Nigeria and was Nigeria’s 40^th scoring debutant when he came as a substitute in a 7-1 defeat of Burkina Faso on 27 July 1991.

He is a winner with the Super Eagles at the 1994 Africa Cup of Nation and had his only World Cup outing at the USA ‘94.

Incidentally, his major task now is to qualify Nigeria to another World Cup in the USA and two other nations. The match is 35 days away from this Monday.

Tinubu Opens Reps Retreat on Economic, Tax Reforms

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Rhoda Onuzulike

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April 28, 2024

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Few days after hosting a national dialogue on Policing, the House of Representatives is to hold a two-day retreat on economic transformation and development to strengthen the capacity of members on economic development and tax reform.

Spokesman of the House, Akin Rotimi (APC, Ekiti) said the retreat which is expected to be declared open by President Bola Ahmed Tinubu on Tuesday, April 30 will hold at the Abuja Continental Hotel (formerly Abuja Sheraton).

Rotimi said the theme of the retreat, which is organised in collaboration with Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS) and Konrad-Adenauer Stiftung, will be “Navigating change: Legislative strategies for economic transformation.”

He said the initiative is to collaborate with legislative support institutions and partners to sustain capacity development programmes for Members.

Tax Reforms: VP Shettima Urges Committee to Develop Robust Roadmap

According to him: “In alignment with its Legislative Agenda which prioritises Economic Growth and Development, the People’s House acknowledges the crucial role of the legislature in shaping the economic trajectory of a nation, as well as influencing the economic environment (directly and indirectly) through its lawmaking and oversight powers.

“Thus, this retreat is designed to further deepen the understanding of Members on the significance of the Petroleum Industry Act in transforming the oil and gas sector. Objectives also include exploring parliament’s role in tax reforms, and the importance of effective oversight in public financial management and tax administration, among others”.

Stakeholders expected at the 2-day retreat include Group CEO, NNPCL, Mele Kolo Kyari; Senator Heineken Lokpobiri; Hon. Minister of State for Petroleum Resources, Oil & Gas, Dr. Orji Ogbonnaya Orji; Executive Secretary, NEITI and Dr. Musa Adamu Aliyu; Chairman, ICPC.

Others are Taiwo Oyedele; Chairman, Presidential Fiscal Policy and Tax Reforms, Mr. Zacch Adedeji, FCA; Chairman, FIRS, Wale Edun; Minister of Finance, Senator Abubakar Atiku Bagudu, CON; Minister of Budget and National Planning, and Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria.

Senate President, Senator Godswill Akpabio; former Speakers of the House, Aminu Bello Masari; Patricia Olubunmi Etteh; Yakubu Dogara and Femi Gbajabiamila who is also the Chief of Staff to the President will also be part of the event.

Rotimi said the event will feature panel and interactive sessions that will equip participants with practical tools and strategies to effect meaningful legislative and oversight work.