AI Strategy: Nigeria in Global Hunt for Best Minds

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August 29, 2023

Naira Swap: Show More Competence, Students Union Charges CBN

The Central Bank of Nigeria (CBN) has repaid 5.10 billion Chinese yuan (CNY) out of the 6 billion utilized from the Nigeria-China currency swap agreement, expected to be renewed next year.

The apex bank disclosed this in a response note to Femi Falana, a human rights lawyer, who, in June 2023, sent a Freedom of Information (FOI) request to the CBN to disclose the details of the currency swap agreement.

According to the CBN, the currency swap agreement commenced in July 2018. It expired and was renewed in April 2021. CNY 15.00 billion was the overdraft amount usable within the year.

Africa’s largest economy’s Central Bank said the swap deal is renewable every three years.

“Since its renewal, CNY9.00 billion had been drawn, CNY6.00 billion utilized and CNY3.00 billion outstanding, and out of the CNY6.00 billion utilized, the sum of CNY5.10 billion had been repaid, while the sum of CNY2.10 billion had not been utilized, leaving the sum of CNY900.00 million yet to be repaid. Furthermore, the next renewal is expected to take place in 2024,” the CBN said in response to Falana, as reported by the Cable.

Falana was concerned that despite the currency swap agreement, the federal and state governments and business community have been “prevented from transacting business in naira and yuan”.

Suspended governor of the CBN, Godwin Emefiele led CBN officials while Yi Gang, PBoC governor, led the Chinese team at the official signing ceremony in Beijing, China, on April 27, 2018, a culmination of over two years of painstaking negotiations by both central banks.

The deal aimed to provide adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies.

Nigeria became the third African country to have such an agreement with the PBoC.

The agreement provides naira liquidity to Chinese businesses and renminbi liquidity to Nigerian companies, improving the speed, convenience and volume of transactions between the two countries. It also assists both countries in their foreign exchange reserves management, enhances financial stability and promotes broader economic cooperation between the two countries.

With the operationalization of this agreement, it is easier for most Nigerian manufacturers, tiny and medium enterprises and cottage industries in manufacturing and export businesses to import raw materials, spare parts and simple machinery to undertake their businesses by taking advantage of available renminbi liquidity from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies.

IPOB leader Nnamdi Kanu: “Begging FG for my freedom is an insult.”

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August 29, 2023

The detained leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, on Tuesday, said begging the federal government to release him would be an insult to the memory of the late Pa Mbazulike Amaechi, whose dying request to FG, to have him (Kanu) freed was ignored.

The lead counsel to IPOB, Ifeanyi Ejiofor, disclosed this to newsmen in Owerri after they visited the detained leader at the detention facility of the State Security Services, SSS, in Abuja.

In addition, he said the court of appeal had made a pronouncement freeing him given that, “it remains sacrosanct.”

According to IPOB’s lawyer, “We visited our indefatigable Client – Onyendu Mazi Nnamdi Kanu, on the 28th day of August 2023, to brief him on the various intervening actions taken by the legal team ably led by Prof. Mike Ozekhome, SAN, to address pertinent concerns affecting his welfare and failure of the SSS to avail him of his medical records.

“To this end, an application has been made to the Honourable Chief Judge of the Federal Capital Territory by our erudite Lead Counsel – Prof. Mike Ozekhome SAN, to appoint a Magistrate that will visit and inspect the SSS facility/cell where Mazi Nnamdi Kanu has been held in solitary confinement since June 2021 till date, in pursuance to the relevant provisions of the Administration of Criminal Justice Act, 2015.

“Following the SSS’ refusal to avail Onyendu Mazi Nnamdi Kanu with his medical records, as directed by Hon. Justice Binta Nyako, in the judgment delivered on the 20th day of July 2023, our erudite Lead Counsel – Prof. Mike Ozekhome, SAN, was compelled by this brazen disregard to an order of Court by the SSS, to initiate a contempt proceeding against the State Security Service (SSS) and her Director General, for this gross violation of positive Orders of Court.

“Onyendu Mazi Nnamdi Kanu used the opportunity offered by the visit to extend his heartfelt gratitude to all people of good conscience and groups calling for his release. He however, observed that many people may not have understood the peculiarity of his case, but proceeded to urge us to clarify that he has been effectively and validly discharged by the judgment of the Court of Appeal, delivered on the 13th day of October 2022, which said judgment also prohibited his further trial and detention. Therefore, there is no charge pending against Onyendu Mazi Nnamdi Kanu before any Court as of today.

“Furthermore, Onyendu Mazi Nnamdi Kanu unequivocally stated that begging the Federal Government to release him at this point is an insult to the memory of late Pa Mbazulike Amaechi, who despite his age and ill health, repeatedly traveled from the South-East to Abuja, begging the Federal Government of Nigeria, to honor his dying wish, which request was treated with greatest disdain by the Federal Government, and was also not honored.”

Chevron Workers’ Strike, Threatens Global LNG Supply

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August 29, 2023

Qatar State-Owned Oil And Gas Company To Cut Emissions

Workers at two large liquefied natural gas (LNG) plants in Australia, operated by U.S energy giant Chevron, are set to go on strike from September 7, a move that could impact around 5 percent of global LNG volumes, thereby driving up global prices.

This follows weeks of negotiations between Offshore Alliance (OA) members at Chevron’s Western Australian gas facilities and other parties in the company over pay and working conditions.

OA members of the US supermajor’s Gorgon project, Wheatstone downstream, and Wheatstone platform facilities voted virtually unanimously in favour of more than 20 types of industrial action, including several work prohibitions and total shutdowns.

The industrial action will escalate each week until Chevron agrees to our bargaining claims, the union said via its Facebook account.

“The OA Chevron crew won’t be intimidated by an outfit which thinks they can exploit our resources, rip off Australian taxpayers and underpay highly skilled oil and gas workers engaged on remote major hazard facilities,” the Facebook Post read.

Chevron’s Gorgon LNG project, which consists of three trains, has a nameplate capacity of 15.6 million tonnes per annum, while its Wheatstone liquefaction complex has two trains with a combined capacity of 8.9 million tpa.

According to the BBC, Chevron said it would continue to take steps to maintain safe and reliable operations in the event of disruption at our facilities.

“While we don’t believe that industrial action is necessary for agreement to be reached, we recognise employees have the right to take protected industrial action,” Chevron said in a statement on Tuesday.

It added that it would “continue to work through the bargaining process as we seek outcomes that are in the interests of both employees and the company.”

The Offshore Alliance, a collaboration of two unions representing oil workers, including those at Chevron, said it has been working with the corporation on “several key” concerns such as salary, job security, rosters, and training standards.

It added that workers had been “consistently disappointed with the company’s approach to negotiations with the union and Chevron not accepting that an industry standard agreement should apply to the work they perform for the company.”

Australia is one of the biggest LNG exporters in the world and its supplies have helped to cool global energy prices, especially when Russia slashed supplies of natural gas to Europe after the start of the Ukraine war in early 2022.

Fuel Subsidy: Wike Affirms N2bn Palliatives for FCT

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August 29, 2023

Breaking: FG Approves N5bn Subsidy Palliatives

The Federal Capital Territory (FCT) Minister, Nyesom Wike has announced that President Bola Tinubu has sanctioned a two-billion-naira relief package for the FCT.

Wike shared this news during a meeting with contractors following the inaugural Federal Executive Council (FEC) session of the current administration.

The funds are earmarked primarily for addressing transportation challenges. Wike emphasized that while the Federal Government is considering increased project funding, the FCT Administration will also explore internal revenue sources.

He cautioned contractors against offering excuses. The Federal Government has previously approved billions of naira for the 36 states, including the FCT, to help soften the impact of the fuel subsidy removal.

#CovidScam Trends Again As Vaccine Mandates Resurface

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faith Jegede

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August 29, 2023

As the same experts that predicted the 2020 pandemic and all the potential fallouts, have come up again, anticipating a tripledemic, governments like the American government are back asking people to get vaccinated again.

White House Press Secretary Karine Jean-Pierre said the Biden Administration will “encourage” Americans to get the updated COVID-19 vaccine when it rolls out in mid-September.

According to her, vaccinations against COVID-19 remain the safest protection for avoiding hospitalization, long-term health outcomes, and death.

The white house has avoided the conversation of deaths linked to the COVID vaccinations, rolled out and mandated since 2020.

Several Americans have mysteriously fallen dead, most especially athletes and essential workers who were forced to be vaccinated or lose their jobs.

In the last three years, however, with the spread of information and access to more of the COVID agreement documents, dissatisfaction with the vaccine mandates has grown.

Tax Reforms: VP Shettima Urges Committee to Develop Robust Roadmap

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August 29, 2023

President Tinubu Inaugurates Committee on Fiscal Policy, Tax Reforms

The Vice President, Kashim Shettima has charged members of the Presidential Committee on Fiscal Policy, Tax Reforms to develop a robust roadmap that will transform the economy of the country.

The Vice President gave the charge today when he received in audience members of the Committee led by the Chairman, Taiwo Oyedele at the Presidential Villa, Abuja.

Shettima, who stressed the importance of fiscal policy and tax reforms, noted that it was a potent tool for resource mobilisation.

According to him, the committee should make recommendations that are quick deliverables in view of the nation’s current economic realities.

In his remarks, the Special Adviser to the President on Revenue, Zaccheus Adedeji, stated that the Presidential Committee would be interested in working with the National Economic Council (NEC) which is chaired by the Vice President “to ensure effective collaboration with the sub-national governments who are critical stakeholder group in the task before the Committee.

Earlier, Oyedele disclosed that members of the Committee were “excited for this opportunity to help our country to redefine, redesign a new fiscal policy framework that is fit for our nation to thrive and deliver the Nigeria we want in order for our people to flourish in their endeavours.”

He assured that the Committee would engage with Nigerians both at home and abroad as well as with all segments of the society. Also, he expressed the readiness of the Committee to engage with sub-national governments through NEC in achieving the mandate of the committee.

In the delegation of the Presidential Committee were Kyari A. Bukar, Tayo Aduloju, Ismaila M. Zakari, Prof. Abiola Sanni, Dr. Chinyere Almona, Aubakar Suleiman, Bamate Ogara-Lawson, Taminu Yakubu and Muhammad Nami.

Tinubu’s certificate: Chicago State University locks X account after backlash

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August 29, 2023

Chicago State University, United States has put its X page on private after some Nigerians allegedly stormed the page to inquire whether or not President Bola Tinubu truly graduated from the institution.

This is in the wake of a petition filed by the presidential candidate of the Peoples Democratic Party, Atiku Abubakar, in a United States court to obtain information about Tinubu’s academic records at the Chicago State University.

A check on the page which was earlier Public, on Tuesday, showed it has now been put on Private with a message – “These posts are protected. Only confirmed followers have access to @ChicagoState’s posts and complete profiles. Tap a Follow button to send a follow request.”

In January 2022 the university confirmed that Tinubu indeed attended the university.

Beverly Poindexter, who is in charge of official transcript requests, enrollment, and degree verification at the Office of the Registrar, CSU, in a terse email response said, “Mr Tinubu did attend our university, however, if further information is needed, go to studentclearinghouse.org website to make a formal request.”

In an earlier letter dated August 20, 1999, and signed by then Registrar, Lois Davis, the university stated that Tinubu was its student between 1977 and 1979.

He wrote, “Please be advised that Bola A. Tinubu did indeed attend Chicago State University from August 1977 through June 1979. He was awarded a Bachelor of Science Degree in Business and Administration with honours on June 22, 1979. His major was accounting.”

FCT undecided on what to do – Wike

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August 29, 2023

The Minister, Federal Capital Territory Administration, Nyesom Wike, has said his administration has yet to make a decision on how to expend the ₦5billion palliative fund expected from the Federal Government.

This is as he noted his administration may consider transportation and food support while noting that efforts were ongoing to bring back urban mass transportation to the FCT to reduce commuters’ suffering.

Wike revealed the development to pressmen in Abuja on Monday night, after a closed-door meeting with contractors handling several projects in the FCT.

He said, “We are yet to decide on what to do with the ₦2billion palliative. We have not chosen any area yet. Are we going to concentrate on food, we are thinking that the issue of transportation is very very important, particularly the urban mass transit.

“People would like to have easy transportation to go to where they want to go, and if you give them rice and they eat the rice today, what about transportation tomorrow?

“So, we have not come up with what actually we are going to use the money for, but I believe food support and transportation is very key,” Wike said.

Abure to Nigerians in US: Obi will soon be declared Nigeria’s president

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August 29, 2023