Pastor Adeboye Predict Naira Bounce-Back against the Dollar
The General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye, has predicted the possibility of Naira bouncing back and this time greater than the United States dollar.
Our correspondent reports that based on findings in the black market buying rate of the dollar is about N915, and sells at N918.
Sequel to the upward slide, businesses and the cost of living of Nigerians coupled with the fuel subsidy removal have been badly affected.
The G.O gave this prediction during the church’s monthly thanksgiving service on Sunday, monitored by our correspondent with the September theme; ‘Uncommon Miracles’.
According to the revered Clergy, there was a period when Naira, competed favourably with United States dollars.
He said, “The days when Naira will be stronger will come back; those glorious days will return when that happens you will know.”
Adeboye noted that miracles connoted something that is unique, stressing that a lot of times they may not be comprehensible by many.
He explained how God granted him usual testimonies, some of which many people couldn’t believe.
“Miracle is totally unusual. God can give you a miracle that will be difficult to share,” the respected clergy added.
Reps Investigate how NAGWW Spend N81bn on 21 Million Trees
The House of Representatives ad-hoc committee investigating the utilization of Ecological Funds and other intervention funds of the Great Green Wall Project on Wednesday queried claims by the National Agency for Great Green Wall (NAGGW) that it spent N81bn to plant 21 million trees in the frontline states in the north.
The states are Kebbi, Sokoto, Zamfara, Katsina, Kano, Jigawa, Bauchi, Gombe, Adamawa, Yobe and Borno.
NAGWW Director-General, Yusuf Maina Bukar, told the committee that the agency also spent N697.71m on renovation of office accommodation and N11.28bn on capital projects.
He said the main funding of the agency was from 15 per cent of the Ecological Funds and the federal allocation as well as other sources for its operations.
The committee also quizzed the Central Bank of Nigeria over seven accounts domiciled in the apex bank.
A six-page document dated 22nd August, 2023 submitted by the CBN showed that N9,465,960,382.57 was domiciled in the agency’s account from 2015 to date.
The Accountant-General of the Federation, Oluwatoyin Madein, represented by Deputy Director, Irene Nwangwu, said the NAGWW had received a total of N19,377,726,506.95 from the Derivation & Ecology Accounts from February 2019 to date.
In addition, the agency also received the N11.023bn as capital expenditure through the oAGF.
Nwangwu said former President Muhammadu Buhari approved the release of N2.309bn to the agency as 2020 statutory 5% Ecological Fund.
The chairman of the committee, Isma’ila Haruna Dabo and members complained that the NAGGW spent monies without commensurate results.
The committee also said the agency deviated from its core mandate.
He said, “Projects such as the Great Green Wall under investigation here were designed primarily to address some of these issues.
The persistence of these challenges despite funds put into the programme from both the federal government and international partners has necessitated this investigation.
“In recent years, we have witnessed a significant upsurge in natural environmental challenges such as land degradation, deforestation, desertification and drought, which most times are explained away with the context of climate change”.
I Am Sad The Way The Acting Leader I Appointed Ran Afenifere – Pa Fasoranti
The leader of Pan Yoruba Socio- political group Afenifere, Pa Reuben Fasoranti on Wednesday disclosed that the group is in a sorry state and requires urgent restoration effort to steer it away from the current trajectory.
Fasoranti, who said that the present state of the group was not his vision and expectation when he appointed the acting leader and deputy leader, said,’’I am sad and disappointed at the turn of events is an understatement.”
Speaking at the meeting of the group held in Akure, the state capital, Fasoranti said, “I am particularly disturbed because unless we take urgent remedial action, the future looks very bleak and the necessary resources to revamp our organization are being depleted by the day.
“A noticeable drift away from our core values of Afenifere which is based on consultation, brotherliness and camaraderie and traditional process of conducting the business of the organization, upon which our collegial system of leadership is based, has been severely threatened.
“This threat has been further exacerbated by more recent events, culminating in a fracture of the traditional backbone of the Afenifere organization. I am sorry to say, without mincing words, that our organization is in a sorry state and requires urgent restoration efforts to steer it away from the current trajectory.
“This wasn’t my vision or expectation when I appointed the acting leader and deputy leader. And to say that I am sad and disappointed at the turn of events is an understatement. I am particularly disturbed because unless, we take urgent remedial action, the future looks very bleak and the necessary resources to revamp our organization are being depleted by the day.’’
“I have called you here today therefore, as leaders and responsible members of this organization, to challenge yourself to find a lasting solution to the current impasse. I implore you to engage frankly and honestly in the spirit of comradeship and mutual respect for which we are well known and upon which this organization is founded.’’
We’ll make Police take full Control of Internal Security – Ribadu
Nuhu Ribadu, national security adviser (NSA), says the goal of his office is to ensure that the Nigeria Police Force (NPF) takes full control of internal security without any need to invite the military.
Ribadu spoke on Wednesday while presenting a paper at the ongoing annual conference of the Nigerian Bar Association (NBA) in Abuja.
Represented by Anthony Oluborode, a special adviser in the legal department of the office of the NSA, Ribadu said achieving the goal would help the army to focus better on external security and terrorism.
The NSA said there must be closer interagency collaboration as well as capacity building to ensure success in the fight against insecurity.
“National security is a collective effort where all ministries, departments, agencies, civil society groups and citizens have to work collaboratively to ensure a secure nation,” NAN quoted Ribadu as saying.
“Community support is also critical for the success of curbing insecurity.
“The goal is to get the police to take full charge of internal security without having to invite the military to wade into the internal security of the country so that they can focus on external security.”
The NSA said there is a need to strengthen the legislative framework and review strategies and policies on security.
He noted that the government would spare nothing to ensure synergy among all security agencies.
He added that it was important to work with the media to reach a wide audience to ensure that any information on security was accurate and not fake news.
Coup in Gabon as Military Announce Oust of President Bongo
Army officers have appeared on national television in Gabon to say they have taken power.
They said they were annulling the results of Saturday’s election, in which President Ali Bongo was declared the winner.
The electoral commission said Mr Bongo had won just under two-thirds of the votes in an election the opposition argued was fraudulent.
His overthrow would end his family’s 53-year hold on power in Gabon.
Twelve soldiers appeared on television on Wednesday, announcing they were cancelling the results of the election and dissolving “all the institutions of the republic”.
They also said the country’s borders had been closed “until further notice”.
One of the soldiers said on TV channel Gabon 24: “We have decided to defend peace by putting an end to the current regime.”
This, he added, was down to “irresponsible, unpredictable governance resulting in a continuing deterioration in social cohesion that risks leading the country into chaos”.
Journalists from the Reuters and AFP news agencies reported the sounds of loud gunfire could be heard in the country’s capital, Libreville, following the broadcast.
There was no immediate response by the government to the soldiers’ announcement.
As in previous general elections in Gabon, there were serious concerns about the process in Saturday’s vote.
Main opposition candidate Albert Ondo Ossa complained that many polling stations lacked ballot papers bearing his name, while the coalition he represents said the names of some of those who had withdrawn from the presidential race had still been on the ballot sheet.
Campaign group Reporters Without Borders said foreign media had been banned from setting foot in the country to cover the vote.
As polls closed, the government announced a curfew and suspension of internet access for security reasons.
Both of Mr Bongo’s previous wins were disputed as fraudulent by opponents. This time, controversial changes were made to voting papers just weeks before election day.
Mr Bongo came to power when his father Omar died in 2009.
In 2018, he suffered a stroke which sidelined him for almost a year and led to calls for him to step aside.
The following year, a failed coup attempt saw mutinying soldiers sent to prison.
ZENITH BANK APPOINTS DR. JULIET EHIMUAN AS NON-EXECUTIVE DIRECTOR
The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023. The appointment, which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday, August 29, 2023, has also be confirmed by the Central Bank of Nigeria.
Dr Juliet Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa, by the London Business School as one of 30 people changing the world, and as one of the Most Influential People of African Descent (MIPAD). She was also featured in the BBC Africa Power Women series, and on CNN Innovate Africa.
With over 25 years experience primarily in Technology, Oil & Gas, and New Media industries across Europe, Middle East and Africa; Juliet is a leading voice on Innovation, Transformation, and Leadership.
During her remarkable 12-year tenure at Google, Juliet played a pivotal role in expanding the company’s presence in Nigeria and the wider West Africa region. She championed initiatives to increase digital access, local content development, skills acquisition, entrepreneurial growth, innovation, and fostered strategic partnerships with leading private sector and government institutions.
Dr Juliet has made significant contributions to the tech ecosystem in Nigeria and Africa at large. She served on committees that developed the national broadband plan and ICT incubation strategy in Nigeria, and has been involved in national strategic advisory groups focused on economic growth. These engagements demonstrate her commitment to shaping the future of tech in Africa. She has received numerous awards for outstanding contribution to the digital landscape in Africa.
She holds board positions across multiple industries including Finance, FMCG, Oil & Gas, Education and social enterprises.
Her education includes a Doctoral degree in Business from Walden University in Minneapolis, an Executive MBA from the London Business School, a Postgraduate degree in Computer Science from the University of Cambridge; and a BSc in Computer Engineering (1st class honours) from the Obafemi Awolowo University, Ile-Ife. She is a recipient of the London Business School Global Women’s Scholarship, and at Cambridge University was awarded Selwyn College Scholar and Malaysian Commonwealth Scholar. She is a Fellow of the Cambridge Commonwealth Society.
She was awarded IT Personality of the Year in 2012 by the Nigeria Computer Society, Digital Personality of the year 2016 by Marketing World; and received a 2015 Titans of Technology award from Technology Africa. She is a published Author, Executive Coach, and a member of the Forbes Coaches’ Council.
Access Pensions Limited, a subsidiary of Access Corporation, has achieved an astonishing feat, surpassing the N1 trillion mark in assets under management (AUM).
In an impressive trajectory, the Company – which emerged from the business combination of Sigma Pensions and First Guarantee Pension in December 2022 – has scaled up its assets under management to surpass the N1 trillion threshold in just six months.
This remarkable feat firmly establishes Access Pensions position as the fourth largest Pension Fund Administrator (PFA) measured by AUM in Nigeria and the second largest PFA, overseeing a portfolio of over 1 million Retirement Savings Accounts (RSAs).
Commenting on this feat, the Managing Director, Access Pensions, Dave Uduanu said: “Our journey to N1 trillion has been guided by a strong commitment to partnering with clients to shape their future.”
While technology served as a cornerstone, Uduanu also attributed Access Pensions’ success to a disciplined investment management approach and a resolute client-centric philosophy.
“Leveraging on technology in service delivery to improve user experience, following a disciplined approach to investment management, and being a member of the largest financial ecosystem in Nigeria, we can offer clients a superior retirement planning experience. Having a client-centric approach has played a significant role as we look to match our client’s needs and aspirations, building trust along the way,” Uduanu continued.
He added that Access Pensions is committed to delivering consistent results, even in challenging times, which has been the cornerstone of its credibility and client promise.
Furthermore, on leveraging technology, Uduanu noted that Access Pensions has invested heavily in technology to enhance its operations and client experiences and that its digital platforms (USSD, Mobile, WhatsApp chatbot) and Contact Centre provide real-time updates, keeping clients informed about their portfolios and requests.
Since its official formation in December, Access Pensions has brought forth innovative products that cater to a wide range of risk preferences, effectively staying ahead of changing demands.
“Our vision is clear – to provide our clients with the financial tools needed to shape their retirement future. We are dedicated to raising the bar in service, performance, and client satisfaction. As we expand, responsible and sustainable investing will remain our priority,” Uduanu added.
With its range of innovative products and remarkable achievements like this, Access Pensions is unquestionably charting a new course for success in the pensions industry and playing a pivotal role in shaping the financial future of Nigerians.
Niger Junta: Algeria Wants Six-Month Transition Period
The Algerian Foreign Minister, Ahmed Attaf, on Tuesday, said the country is proposing an initiative to resolve the political crisis in neighbouring Republic of Niger with a six-month transition period led by a civilian.
Attaf, who recently toured West African states, said, “Most of the countries we have talked to are against military intervention to end the crisis,” as quoted by Reuters.
President Mohamed Bazoum was ousted on July 26 in a military coup led by the former commander of Niger’s presidential guard, Abdourahamane Tchiani.
Leaders in the Economic Community of West African States said that they would keep all options on the table for a peaceful resolution to the crisis and ordered the activation of an ECOWAS standby force to restore constitutional order in Niger.
Algeria had repeatedly said it was against military intervention, pointing to the chaos that followed NATO action in Libya in 2011 during its uprising against longtime leader Muammar Gaddafi.
Algerian officials have spoken three times since the coup to the Niger military leader, who wants a transitional period of up to three years, Attaf said.
As part of its initiative, Algeria would seek a United Nations conference to restore constitutional order, propose guarantees for all sides in the crisis, and host a conference on development in the Sahel region, it said without elaborating.
Last week Algerian state television said President Abdelmadjid Tebboune had denied permission to France for a possible military operation in Niger, but France denied it had sought any such permission.
FG Rakes in N1.36tn on Product Taxes in Six Months – NBS
Taxes on products in the country rose to N1.36tn in the first six months of 2023 despite worsening hardship across the board according to the NBS.
This is a 113.29 per cent increase from the N636.19bn it was in the first six months of 2021, and a 25.00 per cent increase from the N1.09tn it was in the corresponding period of 2022. These figures were obtained from the National Bureau of Statistics (NBS) data on Net Indirect Taxes on Products and are based on current basic prices.
When adjusted for inflation, the taxes on products amounted to N465.94bn in the first six months of 2023, a 34.98 per cent increase from the N345.19bn it was in the first six months of 2021, and an 11.94 per cent increase from the N416.23bn it was in the corresponding period of 2022.
According to the World Bank, net indirect taxes (taxes less subsidies on products) are the sum of product taxes less subsidies. It stated that product taxes are taxes payable by producers as they relate to the production, sale, purchase, or use of the goods and services.
The country’s Gross Domestic Product grew by 2.51 per cent (year-on-year) in real terms in the second quarter of 2023. This was lower than the 3.54 per cent recorded in Q2 2022 and the NBS suggested this may be because of challenging economic conditions being experienced
With the global economic downturn affecting revenue, the Federal Government has been ramping up its tax efforts. In its 2023-2035 Medium Term Expenditure Framework and Fiscal Strategy Paper, the revealed how it would improve its revenues.
It said, “These measures include improving the tax administration framework, including tax filing and payment; as well as introduction of new and/or further increases in existing pro-heath taxes like excise on sugar-sweetened beverages, tobacco, and alcohol. Mixed reactions have greeted the implementation of these measures.”
The rise in product taxes year-on-year is despite falling purchasing power in the country with inflation hitting 22.79 per cent in June. According to the World Bank, the loss of purchasing power from high inflation has increased poverty and pushed about four million Nigerians into poverty between January and May 2023.
Inflation is expected to continue to rise and is predicted to hit 25 per cent by 2023. The global bank said, “Headline inflation is expected to rise from 18.8 per cent in 2022 to 25 per cent in 2023.”
Meanwhile, the International Monetary Fund has been advising Nigeria to raise its VAT rate to 15 per cent by 2027, which could further increase the amount generated from product tax and increase the prices of products.
Fuel Queues Hit Lagos, Ogun and others as Thieves Vandalise Pipelines
Long queues for Premium Motor Spirit, popularly called petrol, are beginning to resurface at filling stations in Lagos and Ogun states, and in few other locations in South-Western states.
Queues were sighted at many stations, particularly those on the Oshodi-Ojodu Berger Expressway and some sections of the Lagos-Ibadan Expressway, as vehicles that waited to purchase petrol stretched into the expressway, slowing down movement on the service lane.
The Chairman, Independent Petroleum Marketers Association of Nigeria, Satellite Depot, explained that the depot had not loaded products in the last three weeks.
According to him, even the NNPCL Retail depot is currently operating skeletal dispatching of products.
“From our end, the issue has been with the pipeline vandalism which we raised an alarm over since July. Satellite depot has not loaded any product in the last three weeks, and whenever there is a problem here, it is going to affect Lagos and the whole of South-West.
“Although I don’t know what has been happening in other depots, from what we gathered yesterday, even NNPC Retail has been operating skeletal product dispatching. The NNPC Retail loaded just three to four trucks to Ikoyi on Monday. No product was dispatched to other places. I don’t know about other depots,” he said.
The NNPCL Retail has 21 depots across the country, nine in the North, and 12 in the South. However, The PUNCH had reported in December how the company abandoned the depots due to pipeline vandalism, and now relied on private depots to dispatch products.
Recently, NNPCL had been making efforts to put the pipelines in order. One of those efforts was the Satellite depots in Lagos which resumed operations last year, but was again vandalised in July.
Managers of the Ejigbo Satellite Depot had raised the alarm over incessant activities of pipeline vandals on System 2B pipeline in front of Good Luck Estate at Idimu, Alimosho Local Council Development Area of Lagos.
A statement released by Akinrinade at that time, said, “IPMAN Satellite Depot are constrained with heavy heart to announce the vandalism of the Nigerian National Petroleum Company Limited pipeline at Idimu in Alimosho LCDA of Lagos State, in front of Good Luck Estate.
“This continuous vandalism is a setback to the effort of IPMAN and NNPCL to ensure uninterrupted supply of petrol to Lagos and the entire South-West region of Nigeria.”
The PUNCH also gathered that some depots owners had been unable to import products due to rising foreign exchange.
Sources close to the matter told The PUNCH that many filling stations had shut down operations as many could not afford to buy products due to high prices at the depots.
“Stations are now cutting down costs because most don’t have enough money to buy products to distribute to their outlets. That is why you see that those with more than one station had to close down some of them,” one of the sources told The PUNCH.
Another source who craved anonymity told The PUNCH that “the economy is tough right now and marketers have been unable to import products. Emadeb had teamed up with some other marketers and brought in about 27 million litres.
“But since then, who else did you hear has brought in the product? We are now back to the era of NNPCL being the sole importer, and would still continue to dictate what the market price would be.”
A top member of the Major Oil Marketers Association of Nigeria told one of our correspondents that demand now outweighs supply.
“NNPCL has reduced importation. And the whole idea was for private individuals to also augment what NNPCL brings in. But marketers are not importing. So NNPCL still remains the only importer,” he said.
