After several hours of meetings and consultations, President Bola Tinubu has made his first appointment, picking the Speaker of the House of Representatives, Femi Gbajabiamila, as the president’s Chief Of Staff.
According to PMNews the appointment was confirmed by Olanrenwaju Smart Wasiu, the chief of staff to Gbajabiamila.
Smart stated that Gbajabiamila was appointed by the president after several hours of meetings and consultations.
The decision to pick Gbajabiamila was said to have been made by the president after evaluating all possible candidates aspiring for the post among his loyalists.
Hon. Femi Gbajabiamila who was yet to receive his certificate of return from the Independent National Electoral Commission (INEC) would have to forgo his election into the House of Representatives for the sixth term.
This development would also create another opportunity for other aspirants within the party that had shelved their ambition to represent Surulere constituency 1 at the House of Representatives.
According to Smart, Gbajabiamila was picked by the president after a final meeting with stakeholders that ended on Thursday morning at the Villa in Abuja.
He added that Tinubu’s decision to picked the speaker was to get someone that could assist him persuade lawmakers in the National Assembly to accept his proposals and policies.
The Lagos Governorship Election Petition Tribunal has fixed today (Friday) for ruling on whether or not to strike out an application filed by the Labour Party’s (LP) candidate in the March 18 election, Gbadebo Rhodes-Vivour for lack of incompetent and lack of jurisdiction
Justice Arum Igyen Ashom, chairman of the tribunal fixed the date following submissions from counsel in the matter.
Other members of the tribunal are Justice Mikail Abdullahi and Justice I.P. Braimoh.
The appellant, Rhodes-Vivour is seeking an order of the tribunal nullifying the election of Governor Babajide Sanwo-Olu and his deputy Dr Obafemi Hamzat on grounds that they were not qualified to contest the March 18 election.
He asked the Tribunal to disqualify the governor for “non-compliance” with the Electoral Act 2022 and the guidelines of INEC and to declare him winner of the election.
Rhodes-Vivour also argued that the governor was not duly elected by a majority of the lawful votes cast at the election.
The Independent National Electoral Commission ( INEC), Gov. Sanwo-Olu, Dr Hamzat and the All Progressives Congress (APC) are 1st to 4th respondents in the petition.
During proceedings, counsel to the petitioner, Dr Olumide Ayeni (SAN) sought leave of the tribunal to argue two out of nine applications which he said are ripe for hearing.
He said the one application dated May 26, 2023 is seeking two prayers including leave to file list of additional witnesses while the second one is seeking consolidation of their applications with that of Olajide Adediran of the PDP.
He said they would have proceeded to argue the applications but that counsels to 2nd and 3rd respondents, Dr Muiz Banire (SAN) and Bode Olanipeku (SAN) filed motion on notice asking the tribunal to strike out and reject their application and for it to be regarded as their response to the application of the petitioner.
Dr Ayeni on urged the tribunal to take all applications and their responses together so that all matters could be dealt with expeditiously.
Counsel to the respondents, in their various submissions, urged the tribunal to dismiss the petition of the petitioner for being incompetent and for lack of jurisdiction in some other application.
Counsel to 1st respondent, Dr Charles Edosomwan (SAN) told the tribunal that they filed counter affidavit and written addresses in opposition to the two applications and written addresses filed by the petitioner .
Dr Edosomwan also said the 1st respondent filed counter affidavit and written address dated May 22, 2023 against the petitioner.
“Our position is to discuss this petition on grounds that your Lordships have no jurisdiction to hear or entertain it.”
Dr Edosomwan further told the tribunal that their application dated May 19 and filed May 22 for sundry prayers including pre-trial hearing and striking out of some paragraphs in the petition of the petitioner on certain grounds.
He drew attention of the tribunal to the application of the petitioner seeking to bring before the tribunal matters that should not come before it.
He said it raises weighty constitutional matters which jurisdiction and competency lies elsewhere.
Dr. Banire in his submissions further informed the tribunal that the 2nd and 3rd respondents filed application dated May 30 in opposition to the motion for consolidation of applications by the petitioner.
He said they filed a motion on notice dated May 31 in response to petitioners application.
He added that they have three pending applications, in which they were requesting the tribunal to strike out the petitioner’s application on ground of incompetency and lack of jurisdiction.
He said the second application has four paragraphs seeking an order striking out all the averments and list of additional witnesses in the petitioner’s application.
Dr Banire said that their prayer was to ask the tribunal to halt the proceedings in the matter until petitioners ensure due compliance with relevant provisions of the Electoral Act.
Counsel to 4th respondent, Norrison Quakers (SAN) also informed the tribunal that they have filed counter affidavits to all the applications filed by the petitioner along with supportive affidavits and written addresses.
He said the 4th defendant also seek leave of the tribunal to strike out some paragraphs in the petitioner’s applications before the tribunal.
Responding, Dr Ayeni said all applications are ripe for hearing except the one asking for leave to join additional witnesses.
He however drew attention of the tribunal to the fact that one of the witnesses who the petitioner wanted to add was the candidate of the PDP in the March 18 elections, Olajide Adediran a.k.a Jandor .
He drew attention of the tribunal to the application of the 4th respondent challenging the jurisdiction of the tribunal to hear the petition of the petitioner who he argued lacked locus to institute the petition.
He said in response to the petition, they filed counter affidavit and additional affidavit deposed to May 23 and articulating their arguments on point of law.
He adopted all arguments and also urged the tribunal to dismiss the petition of the petitioner for being incompetent adding that its grounds are not sustainable in law.
But Dr Ayeni responded by drawing attention of the tribunal to section 134(1)(3) of the Electoral Act which he said specified grounds upon which election petitions can be brought.
All the counsels to the 2nd to the 4th respondents aligned with the submission of counsel to 1st respondent on new witnesses.
They contended that PDP and its candidate are not in the petition before the tribunal to which they can respond to.
They stated their opposition to application by the petitioner for consolidation of application to add new witnesses.
They all aligned with the submission of the counsel to 1st respondent on the issue.
After taking all submissions by counsels, the tribunal chairman, Justice Arum Igyen Ashom adjourned for ruling today on issues raised by counsel.
The gubernatorial candidates; Sanwo-Olu, Rhodes-Vivour and Adediran of the APC, LP and PDP had scored 718,595; 257,502 and 59,172 respectively in the March 18 election.
International Monetary Fund (IMF) Managing Director Christine Lagarde (5th R) addresses officials during her visit to the headquarters of the Central Bank in Nigeria in Abuja, on January 6, 2016.
Africa's biggest economy Nigeria, battling a revenue shortfall caused by the global oil shock, does not need assistance from the International Monetary Fund, Lagarde said on January 5. / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP via Getty Images)
The Central Bank of Nigeria, CBN said it has not devalued the naira urging the public to dismiss any contrary report.
The Central Bank of Nigeria, CBN said it has not devalued the naira urging the public to dismiss any contrary report.
BVI Channel 1 online had earlier published news reported by Daily Times that the CBN had devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window.
According to the report, the devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy. The apex bank has however put a lie to the report, describing it as fake news.
Acting Director, Corporate Communication, Dr. Isa AbdulMumin stated this in a statement titled, “CBN Has Not Devalued the Naira”.
He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.
The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.
The Presidential Election Petition Court on Thursday admitted in evidence bundles of electoral documents from 6 states of the federation that emanated from the February 25 elections.
The documents which consisted of forms EC8A which are polling units results were tendered by the Labour Party and its presidential candidate in the last election, Peter Obi, in aid of their suit challenging the outcome of the election in which Bola Tinubu of the All Progressives Congress was declared as the winner by the Independent National Electoral Commission.
During Thursday’s proceeding, the petitioners through their legal team led by Awa Kalu SAN, informed the court that they would present the Certified True Copies of the documents as evidence in respect of 18 states of the federation.
However, they were only able to present documents from 6 states before their allotted time was over.
The result sheets tendered on Thursday before the exhaustion of their slated hours were from Local Government Areas of the following states: Rivers, Benue, Cross River, Niger, Osun, and Ekiti.
Among other forms EC8As that they tendered before the court were the forms from 15 Local Government Areas of Rivers states.
The petitioners who initially told the court of their intention to present the bundle of forms for 21 LGAs of Rivers state seemed unable to reconcile the list in their presentation and subsequently tendered 15.
However, the respondents in the petition objected to the admissibility of the Certified True Copies of the documents which were presented before the court.
They said they would advance reasons behind their objections in their final written addresses.
The President, Bola Tinubu, through his team of lawyers led by Wole Olanikpekun SAN, objected to the tendering of documents even as the INEC said it was opposed to the admissibility of the documents.
In a similar vein, the APC opposed the documents in evidence.
Furthermore, INEC’s team of lawyers led by Kemi Pinheiro, SAN opposed the admissibility of the documents.
However, the five-man panel of the PEPC headed by Justice Haruna Tsammani admitted the documents from the 15 LGAs of Rivers states and marked them as Exhibits PB1 to PB15.
Among other documents also admitted by the court as evidence were the electoral forms from 23 LGAs in Benue state which were marked as Exhibits PT1-PT23
It also admitted in evidence were results of the presidential election from 18 LGAs in Cross River state and marked as Exhibits PD1-PD18.
It further admitted results from LGAs in Niger State, Osun and Ekiti.
Thereafter, the panel adjourned further proceedings in Obi’s petition to June 2, 2023, for continuation.
The devaluation of naira came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.The President took the decision after meeting with CBN Governor,Mr Godwin Emefiele
In his inaugural speech, minutes after he was inaugurated as the 16th president of the country, Tinubu said, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate.
This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”
There has been a wide margin between the I&E window and the parallel market, a situation that experts say encouraged round-tripping with Bureau de Change operators.
The situation has seen the CBN devise several measures to check the practice as well as completely stop the sale of forex to BDCs.
On Tuesday, President Tinubu met with the top echelon of strategic institutions including the CBN Governor, Godwin Emefiele, at the presidential villa.
At the end of the meeting, neither the presidency nor Emefiele disclosed the outcome of the briefing. It was, however, gathered that the issue of the exchange rate was discussed at the meeting.
The President also met with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The removal of petrol subsidy was discussed, it was gathered.
Daily Trust finding, however, revealed that at the resumption of the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.
One of the customers told this paper that they applied and that their request was fully granted at N631 as against N461.6.
The move has also seen prices at the parallel market trend downwards. Checks by this paper revealed that prices dropped from N750 to a dollar in the early hours of yesterday to N745 by evening in Abuja and Kano respectively.
The naira weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange rate management after Tinubu takes office on Monday.
The naira dropped to N762 a dollar on Friday from 775 the previous day in the unauthorized market in Lagos, said Umar Salisu, a BDC operator who tracks the data in the nation’s commercial capital.
The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.
The market arbitrage (difference between the official and parallel markets) has widened in the past three years from N100 per dollar or about 30 per cent in 2020 to over N400 per dollar (above 100 per cent) sometime last year when the black market rate spiked to N880/$.
Development institutions, including the International Monetary Fund (IMF), are wary of exchange rate differential in excess of five per cent and warn that such could trigger unhealthy manipulation that could negatively affect other efforts on market stabilisation.
From 2020 to 2022, the CBN spent about $42 billion intervening in the foreign exchange market to stabilise the naira.
The amount was sold to the end-users, including students and tourists, at the official rates, which are way off the effective exchange rate of the naira.
According to the Financial Stability Report, a publication of the CBN, the apex bank sold $9.2 billion in the market in the first half of last year.
The full data for the second half are not available, but the annualised value is assumed to have surpassed that, especially with the level of social and economic activities associated with the second half.
Whereas the black market rate averaged N730/$, the I&E window finished at suppressed N447/$ on average. That puts the arbitrage at N283/$, pushing the CBN’s FX subsidy in the year to about N3.65 trillion.
In his analysis on the impact of FX subsidy, Dr Muda Yusuf, the Director of the Centre for Promotion of Private Enterprise (CPPE), said a realistic exchange rate regime would add N4 trillion to the federation account.
The former director general of the Lagos Chamber of Commerce and Industry (LCCI), said the exchange rate regime constitutes an enormous burden to the economy and public finance.
He said: “Nigeria is facing an all-time tight fiscal space. This year’s budget is stuffed with over 50 per cent deficit, even in the face of spurious revenue projections. The federal government is contemplating an additional loan of N8.8 trillion to support funding of the budget, which could raise its outstanding liabilities to nearly N80 trillion.
Basil Abia, a private research consultant with a track record of supporting think tanks, start-ups, and development projects in Nigeria, said the devaluation of the naira will result in increased inflation and an erosion of the Nigerian consumer’s already dwindling purchasing power.
However, he adds that there could be some benefits from the devaluation. “If it is perceived to be temporary, it may present attractive opportunities for foreign investors to invest in our domestic financial markets.
It is not certain, but it is a possibility that FPI (foreign portfolio investments) inflow to Nigeria may temporarily increase.”
On his part, a Professor of Capital Market, Uche Uwaleke said, “The first casualty will be the 2023 Appropriation Bill. It means the 2023 budget, which is predicated on N435 per dollar is dead on arrival.”
He said, no doubt, the devaluation will force down the volume of imports and reduce the pressure in the forex market temporarily.
“But have we thought of the impact it would have on the pump price of fuel and the multiplier effects?
The Presidential Election Petition Court sitting in Abuja on Tuesday, admitted the 2023 presidential election results announced by the Independent National Electoral Commission (INEC’s) chairman, Yakubu Mahmoud, as an exhibit in the petition filed by the Peoples Democratic Party (PDP) and its presidential candidate, Atiku Abubakar, against the electoral victory of President Bola Tinubu.
The results were admitted following an oral application by the PDP lawyer, Eyitayo Jegede, SAN.
Jegede also applied to tender as evidence, INEC Forms EC8A (which is the summary of presidential election results), Form EC8E series for the 36 states and the Federal Capital Territory, INEC Certified documents in respect of number of PVCs collected for 2023 presidential election and the Bimodal Voter Accreditation System BVAS machine printed report for the 36 states including FCT.
The court then asked the lawyers representing INEC, Tinubu and the All Progressives Congress if they have any objection to the documents that the PDP sought to tender.
Responding, INEC’s counsel, A.B. Mahmoud SAN, did not object to the certified copy of the final results declared by the INEC chairman.
But he said he would object to the other documents because they were bulky and needed to be appropriately numbered.
On his part, Tinubu’s legal team led by Wole Olanipekun SAN did not consent to the admission of the BVAS reports.
He contended that the BVAS reports are more like evidence that needs to be vetted by them before it can be admitted.
The legal team for the APC also aligned with the submission of Tinubu’s lawyer, Olanipekun.
Nevertheless, the five-man panel of the court led by Justice Haruna Tsammani admitted all the documents tendered by the PDP while taking note of the respondents’ refusal to give consent to its admission.
The court subsequently adjourned to Wednesday for continuation of hearing.
Recall that in its pre-hearing report, the PEPC had ordered that all INEC certified documents be admitted and not objected to at the point of admission, as agreed by parties.
According to the court, this was to fast-track the case.
The Presidential Elections Petitions Court has approved the motion for subpoena by the Labour Party and its presidential candidate Peter Obi to obtain essential documents used by the Independent National Electoral Commission (INEC) in the 2023 presidential elections.
Justice Haruna Tsammani, chairman of the five-man panel, on Tuesday at the hearing on Obi’s petition against Bola Tinubu said that the motion for subpoena has been signed and ready.
Livy Uzoukwu, counsel to Obi, had repeatedly lamented INEC’s refusal to release some critical documents, which is hindering his party from arguing its petition challenging the outcome of the presidential election.
The motion, dated March 2, 2023 lodged at the court read in part, “Motion Exparte brought pursuant to Section 36(1) of the Constitution of the Federal Republic of Nigeria,1999, Section 146 of the Electoral Act, 2002 and Paragraphs 47(1) 54 of the First Schedule to the Electoral Act, 2002 and under the inherent power of the honourable tribunal.”
Uzoukwu, while fielding questions from journalists after the hearing session said his party would proceed and serve INEC the subpoena.
The Abia State Governor, Alex Otti, has suspended all transport levies imposed on commercial drivers in the state.
This was contained in a statement by the special adviser to the governor on Media and Publicity, Ferdinand Ekeoma, on Wednesday.
He stated that the directive was in line with the campaign promise of the governor to sanitize methods of revenue collection in the state and stop all kinds of extortion, intimidation and harassement of motorists.
The statement read, “The governor has directed the immediate suspension of all kinds of transport levies payable to Abia state government and imposed on Tricycles (Keke), Buses, taxis and other commercial vehicles plying Abia roads.
“This suspension takes immediate effect, and will remain until government reviews these levies and makes public its arrangements for the smooth, organized and transparent collection of such transport levies in a manner it would not lead to extortion, intimidation and violation of rights and privileges of Abia residents.
“The government believes that the present method is archaic and very harmful to the lives of the people and the economic well-being of the state, and thus should not be allowed to continue.
“In the light of the above decision, the governor has asked all those involved, directly and indirectly to please discontinue forthwith, or face the wrath of the law, as security agents have been briefed and directed to apprehend and bring to justice anyone found violating this directive”.
One thing I detest so much about politicians is how they always tell lies boldly and sometimes coin a new word or phrase just in attempt to deceive the people.
The announcement of subsidy removal on petroleum products by president Tinubu has been hailed by some never do well politicians and many of them called his announcement during his inaugural speech a BOLD STATEMENT from the president. Please, may I ask what is a BOLD STATEMENT in that announcement that subsidy era is gone? Nigerians were aware of that since PIA 2021, we also know that Buhari government made arrangement for petrol subsidy payment in 2023 budget until the end of June 2023. So, why causing confusion, tension and unnecessary hardship as it’s been witness now all over Nigeria. That’s not a BOLD STATEMENT, if you ask me I will call it FIRST TINUBU’S BLUNDER. Honestly, this is not what Nigerians are expecting from a Renewed Hope preacher. I don’t think he actually wanted to make a BOLD STATEMENT because if he did, there are simply statement that would have made most Nigerians believe that they have gotten the right man that will lead them to the promise land.
Eg:
(1) He should have called for devolution of power or regional government.
(2) He should have called for State or Regional Police.
(3) He should have announced the end of Open Grazing.
(4) He should have released prisoners like El ZakZarky and Nnamdi Kanu.
(5) He should have declared war on terrorists, kidnappers, UGM and crude oil thieves.
These are THE BOLD STATEMENTS I think he should have made. If you want to make a BOLD STATEMENT do that that will bring positive change and celebration in the land and not what will turn everywhere upsidedown and exacerbate the pains, agonies and hardships that the people are hoping that a messiah will come and rescue them from. Please, this one on your first day is not a BOLD STATEMENT, but your FIRST BLUNDER, Nigerians have suffered enough and one more blunder like this may set the Nigeria ablaze, we shall keep reminding you of your promises (RENEWED HOPE).
Chukwuemeka Chibuzor is DG of Good Governance Ministry
The Labour Party and its presidential candidate in the February 25 presidential election, Peter Obi, on Tuesday, opened their petition against the Independent National Electoral Commission, candidate of the All Progressives Congress, Bola Tinubu, his running mate, Kashim Shetima and APC, by calling one witness out of the proposed 50.
The calling of the witness who identified himself as Lawrence Nwakaeti, marked the commencement of a full-blown hearing of the petition by the Presidential Election Petition Court sitting in Abuja.
Dr Livy Uzoukwu SAN, who earlier announced the appearance for the petitioners told the court that Jubril Okutepa SAN would anchor the examination.
Upon examination, Nwakaeti who hails from Ihiala, Anambra state admitted that on 20 March 2023, he deposed a witness statement, which he adopted as his evidence.
Before, the witness testified, Okutepa had tendered a judgment of a District Court in the United States on the alleged $460,000 forfeited by Tinubu for drug-related offenses.
However, Tinubu and his party informed the court that they have objections against the admission of the judgment but reserved such at the final address stage.
Under cross-examination by Olanipekun, the witness admitted that the judgment was not registered in Nigeria.
The witness also admitted that there was no certificate from any Consular in Nigeria or America in support of the judgment but insisted that “the judgment speaks for itself”.
He claimed to have been to the United States of America in 2003, and read the judgment in its entirety adding that he would be surprised if no mention was made of $460,000 forfeiture.
Also under cross-examination by counsel to the APC, Prince Lateef Fagbemi SAN, the witness said that the American Court judgment had no certificate given under the hand of any American Police Officer.
He denied knowledge of a February 4, 2003, Formal Clearance Report by Legal Attachee from the American Embassy in respect of the alleged indictment and forfeiture.
When asked by Fagbemi SAN to produce a copy of the charges against Tinubu, the witness admitted not having any but maintained that the indictment and forfeiture are from civil proceedings.
Earlier on cross-examination by Kenny Pinhero, on behalf of Abubakar Mahmoud, counsel for the INEC, the witness said, “I am a registered voter and voted at Umuezeala Village square Amorka (My polling unit).
He admitted not playing any other role except exercising his civic duty of voting.
He told the PEPC that his statements in paragraphs 4,15, 16, and 17 of the witness deposition are not based on his legal opinion but based on matters of pure law.
In paragraph 17 of his witness deposition, Nwakaeti insisted that the US government fined Tinubu 460,000 dollars.
Meanwhile, the Presiding Justice of the Court, Justice Haruna Simon Tsammani has shifted further hearing in the petition till May 31.
