Tuesday, November 19, 2024
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Use Carrot , Stick Method to Tackle Terrorism, Urges Afenifere in Plea to Tinubu

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In response to the escalating menace of kidnapping and terrorism across various states, the Reuben Fasoranti faction of the pan-Yoruba socio-cultural and political organization, Afenifere, has urged President Bola Tinubu to employ the carrot and stick method as a strategic approach.

Expressing deep concern over the surge in criminal activities within Plateau, Benue, Kogi, Borno, Sokoto, Niger, Ondo, Katsina, and Rivers states, the faction highlighted specific flashpoints where criminality has been rampant. Notably, security agencies deployed detachments to Igbeti and Sepeteri in Oke-Ogun, Oyo State, during the last week of the year to thwart a suspected banditry plot.

Residents of Akoko, Igbara Oke, and other parts of Ondo State are reported to be living in fear due to the presence of armed herdsmen, while parts of the Federal Capital Territory, Abuja, have witnessed a rise in apprehension among residents regarding kidnappings.

Reuben Fasoranti emphasized the need for tailored strategies to combat diverse motives behind criminal activities, stressing the necessity to convene meetings with local leaders, representatives of youths, religious bodies, artisans, and even identified marauders in affected areas.

Fasoranti stated, “At such meetings, a carrot and stick approach has to be employed.” The call signifies a plea for a nuanced and multifaceted strategy to address the complex nature of the various forms of terrorism, involving both economic and territorial motivations.

As the nation grapples with these security challenges, Afenifere’s recommendation underscores the importance of engaging different stakeholders to devise effective and targeted measures in the ongoing efforts to curb terrorism and insecurity.

Ogun Pastor Arrested for Allegedly Defiling Minor

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Pastor Clinton John of the Mega World Healing Ministry in Giwa Agbado, Ogun State, has been arrested by the Ogun State Police Command for allegedly defiling a 16-year-old girl.

The pastor is accused of engaging in unlawful carnal knowledge of the girl since November 2022 when she was barely 14 years old. The victim revealed that the 43-year-old pastor had threatened to kill her if she disclosed the affair.

The family became suspicious of possible sexual assault when the victim, who had been treated for recurring infections, exhibited frightful tendencies. The family reported the incident to the police, leading to Pastor Clinton John’s arrest. The suspect has confessed to the crime during interrogation.

The victim has been issued medical forms for treatment and examination. Pastor Clinton John will be transferred to the State Criminal Investigation Department Eleweran for further investigation. This comes amid ongoing concerns about sexual assault cases, emphasizing the need for awareness, protection, and legal action against such crimes.

Nigerian Consumer Goods Companies Lose N472.3bn to Naira Depreciation

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Several major fast-moving consumer goods companies, including Cadbury, Guinness Nigeria, and Nestle, suffered a collective loss of N472.3 billion due to naira depreciation during the first nine months of 2023.

The report by Meristem highlighted that high inflation rates significantly pressured production costs in the consumer goods sector, particularly affecting food and beverage manufacturers.

The weakened naira led to higher import bills for companies relying on the importation of raw materials, resulting in increased production costs. Consumer goods companies, with foreign-currency-denominated debts, faced higher debt burdens, expensive letters of credit, and substantial challenges, impacting profitability.

The report noted that foreign exchange losses for major industry players reached NGN 472.35 billion by 9M:2023, emphasizing the magnitude of the challenge posed by naira depreciation. Nigeria’s inflation, reaching its highest levels in over 18 years, had profound effects on consumer behavior, purchasing power, and spending patterns, impacting the overall industry dynamics.

Despite positive signs such as anticipated price hikes and robust sales during the festive season, concerns persist over ongoing inflation surges, naira depreciation, and foreign exchange liquidity challenges, which are expected to weigh on companies’ profitability. The report predicts that consumer goods companies will engage in business restructuring, strategic acquisitions, and expansions to navigate challenging operating conditions in the Nigerian market in 2024. Adaptation of product categories to remain relevant and innovative is anticipated to be a key strategy for these companies.

This follows earlier reports indicating that several top Nigerian firms lost N960.18 billion in the second quarter of 2023 due to the steep devaluation of the naira following changes in forex policies.

NERC Threatens Discos with Sanctions for Electricity Load Rejection

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The Nigerian Electricity Regulatory Commission (NERC) has expressed concern over power distribution companies (Discos) rejecting electricity loads despite widespread blackouts in many parts of Nigeria.

NERC has warned that it will enforce regulatory actions against Discos failing to meet key performance targets for electricity offtake.

In its quarterly report for Q3 2023, NERC highlighted the large disparity between available power capacity and customer demand. It emphasized the need for Discos to offtake their Partially Contracted Capacity (PCC) at all times. The Partial Activation of Contract regime, effective since July 2022, outlines the target volume of energy to be off-taken by Discos.

However, NERC observed that many Discos do not take their full PCC due to technical limitations and load rejection for commercial reasons. Load offtake has been included as a key metric in NERC’s Performance Monitoring Framework, and persistent non-offtake may trigger regulatory actions against Discos.

In Q3 2023, Discos recorded an average energy offtake of 3,253.83 megawatts-hour/hour. The commission noted that all Discos, except Eko and Ibadan Discos, took less than their available PCC during the quarter. NERC will use its regulatory framework to enforce actions against Discos failing to meet offtake ratio targets.

Consumer groups have criticized the load rejection by Discos, calling for disciplinary sanctions to ensure improved electricity supply. NERC’s Partial Activation of Contract regime also mandates compensation to Discos by Gencos or the Transmission Company of Nigeria in the event of capacity shortfalls. Liquidated Damages from Gencos are treated as net-offs in invoices to Discos. The commission reaffirmed its commitment to daily analysis and intervention through the situation room.

The situation raises questions about the discrepancy between available power and rejected loads amid persistent electricity challenges faced by many Nigerians.

President Tinubu Approves N12 Billion for Outstanding Payments to National Teams

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President Bola Tinubu has given approval for the payment of N12 billion to clear outstanding payments for Nigeria’s national teams in various sports.

The funds will cover a range of financial obligations, including the clearing of senior national team coach salaries for up to 15 months, allowances, and promises due to the senior national teams, female teams, and the Under-20 national team.

This decision comes as the Super Eagles of Nigeria are gearing up to participate in the Africa Cup of Nations, scheduled to begin later this month.

The approval reflects a commitment to addressing financial obligations and supporting the country’s national teams in their sporting endeavors.

FCT Police Commissioner Reassures Safety Amid Kidnapping Concerns

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The FCT Police Command has reaffirmed its commitment to the safety of residents in Abuja, particularly those residing in Ushafa, Bwari, and surrounding areas.

The assurance comes as the Commissioner of Police, CP Haruna Garba, visited the regions in Bwari Local Government Area following reports of kidnapping incidents.

In response to the security concerns, additional police personnel have been deployed to address potential threats and enhance the overall security situation in the affected areas.

The Public Relations Officer of the Command, SP Josephine Adeh, cautioned against the dissemination of unverified information, emphasizing the importance of responsible sharing to prevent unnecessary panic among FCT residents.

Adeh stated, “Instead, we encourage the public to responsibly share any pertinent information with the appropriate authorities.”

The Commissioner of Police conducted thorough visits to communities in Bwari, engaging with community leaders, assessing security arrangements, and implementing proactive measures, including deploying additional personnel and an armored police vehicle.

Despite these efforts, concerns have been raised about perceived inactivity. However, the police emphasized that disclosing detailed security strategies publicly could compromise their effectiveness.

The statement concluded by expressing gratitude for the public’s cooperation and urged citizens to exercise restraint in sharing potentially misleading or mischievous posts. Collaborative efforts with the police were emphasized as crucial for fostering a safer and more secure environment for all.

Police Recruitment: Chairman Warns Against Collecting Money from Applicants

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The Chairman of the Police Service Commission, Mr Solomon Arase, issued a stern warning to officials deployed for the recruitment of new Constables, cautioning them against the collection of money from applicants and their families. Arase, a retired Inspector-General of Police, emphasized the significance of the recruitment exercise and stressed the need to defend the sanctity of the commission’s mandate.

During a pre-deployment briefing for physical and credentials screening officials ahead of the exercise starting on Monday across the federation, Arase stated that the recruitment process goes beyond a routine exercise; it is a defense of the commission’s mandate and a demonstration of its competence.

Arase highlighted the importance of maintaining integrity and fairness, stating that collecting money from applicants or their families contradicts these principles. He reminded officials that they are not just fulfilling a duty but shaping the future of the Nigeria Police Force.

Addressing the challenges anticipated during the exercise, particularly with over 400,000 applicants, Arase urged officials to uphold the highest standards of professionalism and ethical conduct. He emphasized the responsibility entrusted to them, considering the recruitment’s broader impact on the nation’s aspirations for a just and secure future.

The Chairman emphasized the significance of this recruitment, being the first conducted by the Commission after the Supreme Court Judgment on July 20, 2023, that reaffirmed the commission’s primacy and exclusivity in recruiting for the Force.

Arase urged officials to set the gold standard for future recruitments, recognizing that the nation’s watchful eyes would scrutinize their every move. He implored them to exhibit unwavering dedication and commitment to the principles of fairness and justice.

In conclusion, Arase emphasized the solemn duty to ensure that the recruitment exercise establishes a gold standard for future recruitments, urging officials to uphold the highest standards of discipline, integrity, and honesty throughout the entire process.

NLC Prepares for Minimum Wage Negotiation with Government

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The Nigeria Labour Congress (NLC) has formed a negotiation team in preparation for discussions with the government regarding the upcoming review of the minimum wage.

The current minimum wage, negotiated in 2018, is set to expire in April 2024. President Bola Ahmed Tinubu, in his New Year address, pledged to implement a “national living wage” this year.

NLC President, Comrade Joe Ajaero, hinted that the new minimum wage might not be less than N200,000. The negotiation team is awaiting the government’s formation of the committee for the wage review.

Ajaero emphasized the importance of considering economic indices such as the cost of living, currency devaluation, and labor market conditions during the negotiation. He indicated that the negotiation team would carefully assess prevailing circumstances before proposing a new minimum wage.

The President of the NLC also addressed the government’s payment of the N35,000 petrol subsidy palliative, stating that arrears would be paid, and negotiations would resume from where they left off. While the government has not yet constituted the committee for the wage review, Ajaero expressed confidence that negotiations could be concluded within a week, depending on the seriousness of the government.

The interview touched on various aspects of the negotiation process, including the likely timeframe for the new minimum wage to take effect, which is expected to align with the expiration of the current minimum wage in April. Ajaero emphasized the need for compliance and respect for agreements reached during the negotiation process.

Overall, the NLC is positioning itself for robust negotiations to ensure an equitable and realistic minimum wage that reflects the economic realities faced by workers in Nigeria.

Police Set to Recruit 30,000 from Over 400,000 Applicants

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In a significant move, the Nigeria Police Force is set to welcome 30,000 new recruits out of a staggering pool of over 400,000 applicants who applied for the police constable position during the six-week application period. The announcement was made by Solomon Arase, the Chairman of the Police Service Commission (PSC), and former Inspector General of Police, in a statement released on Sunday.

The recruitment process, slated to commence on Monday, January 8, will encompass nationwide physical and credentials screenings for the successful applicants. Arase emphasized the gravity of the task at hand during a pre-deployment briefing, stating, “this is not merely a recruitment exercise; rather, it is a saga – an epic tale where your actions will reverberate through time, each decision, each interaction becomes a paragraph in this narrative, shaping the perception of our Commission and the legacy we leave behind.”

Arase urged PSC staff to maintain the highest standards of professionalism and integrity, recognizing the unprecedented challenges they might encounter. He emphasized the pressure associated with handling the large volume of applicants, each presenting a case for joining the Nigeria Police Force.

The Chairman highlighted the historical significance of this recruitment, marking the first conducted by the Commission since the landmark Supreme Court Judgment of July 20, 2023, which reaffirmed the primacy and exclusivity of the Commission in recruiting for the Nigeria Police Force.

To ensure efficiency and transparency, the PSC is establishing a Situation Room at its Corporate Headquarters in Jabi, Abuja, for the duration of the exercise. Arase warned against any form of corruption within the process, stating that staff found soliciting or collecting money from applicants or their families would face disciplinary measures, including possible termination of employment.

The spokesperson for the PSC, Ikechukwu Ani, provided insight into the demographics of successful applicants, revealing that Kaduna State led with 31,117 applicants, followed by Adamawa, Benue, Borno, and Katsina. Meanwhile, Anambra State had the lowest number of successful applicants with 1,141, followed by Ebonyi, Lagos, and Abia.

As the recruitment process unfolds, the nation’s scrutiny remains on the Commission, with Arase reminding the staff that their actions will be closely observed by the public. The Chairman concluded by urging each staff member to exhibit the highest standards of discipline, integrity, and honesty throughout the exercise.

Banks Ration Cash Across Counter Naira As Notes Scarcity Persists

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Despite the Central Bank of Nigeria’s (CBN) efforts to alleviate the cash crunch by suspending charges for withdrawals above regulatory limits, the scarcity of currency notes in banks across the country persists, intensifying even after the Yuletide season.

Banks nationwide are reported to be rationing cash withdrawals both in their banking halls and through Automated Teller Machines (ATMs). Additionally, Point of Sale (PoS) operators have taken advantage of the situation, increasing transaction fees by not less than 100%.

The CBN’s recent move to suspend charges for cash withdrawals above regulatory limits, with a duration until April 30, has not fully mitigated the scarcity. Despite this, banks continue to restrict customers’ withdrawals well below the statutory limits.

The apex bank, in a statement, has warned of sanctions against banks and PoS operators found complicit in exacerbating the Naira notes scarcity crisis. The public is encouraged to report any infractions, including hoarding of Naira notes by banks and PoS operators.

Checks by Financial Vanguard in Abuja and Lagos reveal that across-the-counter withdrawal limits in most commercial banks range from N10,000 to N40,000, well below the regulatory limits set by the CBN.

Customers in various locations, including Abuja and Lagos, have expressed frustration as banks limit across-the-counter withdrawals, leading to long queues. Many report being able to withdraw only limited amounts, such as N10,000, after waiting for several hours.

The scarcity is affecting multiple areas, with banks in locations like Ketu, Mile 12, Amuwo Odofin, Surulere, and Trade Fair reportedly not loading cash into their ATMs. This has led to extended queues inside banking halls as customers seek to withdraw money for the weekend.

Bank officials cite insufficient cash as the reason for rationing, emphasizing that they have not received enough cash to meet the demand. The scarcity is causing disruptions in business transactions, especially in distributive trade, the informal sector, and intra-city transport.

Economic experts, including Muda Yusuf, former Director General of the Lagos Chamber of Commerce and Industry (LCCI), describe the situation as economic sabotage and call for investigations to identify those responsible for the scarcity.

Bankers attribute the scarcity to factors such as hoarding by individuals who fear future shortages and reduced deposits due to customers keeping more cash at home. Some experts urge the CBN to print more currency notes to address the scarcity.

Pos operators defend their high charges by stating the difficulties in obtaining money from banks, with withdrawal limits as low as N20,000 per day. They argue that high charges are necessary for them to remain in business.

To address the situation, experts recommend boosting Naira liquidity, imposing strict regulatory measures on PoS operators, and promoting digital payments to reduce reliance on physical cash.

The ongoing scarcity raises concerns about the impact on the informal sector and daily financial operations, prompting calls for swift interventions to stabilize the financial ecosystem.