Spotlights
Again, CBN sacks 40 more staff in move away from development finance
The Central Bank of Nigeria (CBN) has let go of another batch of 40 employees, mostly from its development finance department (DFD), as part of its ongoing restructuring. This news comes on the heels of an earlier dismissal of 27 staff, bringing the total number affected to 67.
Daily Trust reports that the dismissals are likely connected to the CBN’s refocus away from development finance interventions. Governor Olayemi Cardoso has previously voiced concerns about such interventions, arguing that they take the bank outside its core function and can distort the economy.
Among those let go in this latest round is Musa Zgabawa Bulus, an Assistant Director who headed the National Collateral Registry (NCR). The NCR is an initiative aimed at improving access to finance for small and medium-sized enterprises (MSMEs) by leveraging movable assets as collateral.
The dismissals reportedly targeted senior staff, with 22 from the DFD and 18 from the Medicals and Procurement Services Department. The previous round included eight directors, 10 deputy directors, five assistant directors, two principal managers, and two senior managers.
Anonymous senior management sources at the CBN reportedly expressed concerns about potential irregularities in the bank’s leadership. Specifically, they questioned the authority of Olayemi J. Solaja, Coordinator of the Currency Operations Department, to sign the Naira note. CBN rules reportedly mandate a formal appointment process for directors before they can sign currency.
Spotlights
Ajaero: Tinubu’s oppressive control surpasses military dictatorship — Atiku
The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has urged President Bola Tinubu’s administration and security agencies to redirect their intimidation towards the perpetrators of violence.
The former Vice President, in a post on his verified Facebook page on Tuesday, also alleged that the level of oppressive control imposed by Tinubu’s administration now surpasses even the harshest days of military dictatorship.
Recall that the President of the Nigeria Labour Congress, Joe Ajaero, was arrested by the Department of State Services on Monday morning at Abuja’s Nnamdi Azikiwe International Airport while heading to the UK for official duties.
On the same day, the DSS also raided the Socio-Economic Rights and Accountability Project’s Abuja office.
Ajaero was held in custody throughout the day and was released late Monday night.
In his response, Atiku stated that Ajaero’s arrest exemplifies the current administration’s persistent efforts to intimidate and suppress organised labour.
He stated, “The escalating assault on civil society and the media by the Bola Tinubu administration is profoundly disturbing. The level of oppressive control now imposed surpasses even the harshest days of military dictatorship.
“The recent arrest of Mr Joe Ajaero, President of the Nigeria Labour Congress, en route to an official event, epitomises this regime’s relentless campaign to intimidate and subdue organised labour.”
The former Vice President added that the DSS raid on SERAP was fundamentally opposed to the principles of freedom and justice.
The post read in part, “Just days prior, security forces detained a journalist, only to later claim it was a grievous error. What if the outcome had been fatal?
“Now, Tinubu’s regime extends its repressive grasp to encroach upon SERAP, an action that stands as a grave affront to our democratic values. This siege is anathema to the principles of freedom and justice.
“Tinubu and his security apparatus must redirect their fervour and intimidation towards the true perpetrators of violence — terrorists and bandits — who are inflicting immeasurable suffering upon the Nigerian people.”
Spotlights
Oil price drops below $70 per barrel — lowest since December 2021
Brent crude oil price has dropped below $70 per barrel for the first time since December 2021.
During trading hours on Tuesday, Brent crude, the global oil benchmark, dropped by 3.45 percent to $69.36 per barrel.
On the other hand, West Texas Intermediate (WTI) fell by 3.86 percent to $66.06 a barrel.
According to a Bloomberg report, adverse economic statistics from the United States (US) and China — notably the dismal import numbers that were made public on Tuesday — have stirred fears about the demand for oil in the top two consumers and increased the likelihood that there will be a surplus in the coming year.
The publication said the fear was compounded by surging output in producing nations outside the Organisation of Petroleum Exporting Countries (OPEC).
The decline in the oil price comes five days after OPEC and its allies (OPEC+) postponed plans to increase production by 180,000 barrels a day (bpd).
According to OPEC, countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, decided to extend their voluntary cuts of 2.2 million bpd until November.
Thereafter, OPEC said the cuts would be gradually phased out on a monthly basis starting December 1, “with the flexibility to pause or reverse the adjustments as necessary”.
The oil cartel said overproducing countries also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025.
Spotlights
FG to tackle flood disaster with new roadmap – Shettima
Vice President Kashim Shettima has assured that the present administration of President Bola Ahmed Tinubu will tackle the challenges of flood in Nigeria with a new roadmap.
Spotlights
AGF seeks end to pardon for corruption convicts
Should the Attorney-General of the Federation (AGF) and Minister of Justice Lateef Fagbemi (SAN) have his way, those found guilty of corruption would not be entitled to state pardon.
Fagbemi made the recommendation yesterday in Abuja at a roundtable organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for state Attorneys General.
“I will suggest in our next constitution review that we expunge those found guilty of corruption from benefiting from powers of ‘Prerogative of Mercy’ to serve as a deterrent to others,” the AGF was quoted as saying by his spokesman Kamarudeen Ogundele.
Fagbemi, who frowned at the inadequate investigation of criminal cases by law enforcement agencies, advised them to always arm themselves with sufficient facts before inviting anyone for questioning.
A statement by Ogundele reads: “The AGF said the cooperation of all stakeholders, especially the AGs, was crucial in the fight against corruption.
“Fagbemi advised the AGs to eschew nepotism, political witch-hunting, rivalry, and bigotry in the fight against corruption just because they want to please their governors.
“He also said there should be no basis for rationalising corruption or crimes.
“He said their legal opinions on cases must be based on the facts as practised in the advanced countries, adding: ‘We should not give in to public sentiments. In Nigeria, we are polarised along political lines.’
“The AGF advised participants and anti-graft agencies to conduct thorough investigations of cases before arresting suspects to avoid media trials.
“’Let us be thorough and take our time before inviting someone for questioning. Don’t do a shoddy job and be quick to say we have caught a big fish…You will catch a big fish. If it is two or three big fish you are able to get in a year and you are thorough, it is alright.’”
Ogundele said the AGF also counselled against filing bogus counts of charges against defendants just to generate frenzy in the public against the suspect.
He quotes the AGF as saying: “Nobody wants a 50-count charge…make it five or six and be sure. Make sure you get him (suspect) in.”
Former Governors Rev Jolly Nyame (Taraba) and Joshua Chibi Dariye (Plateau) are recent examples of those granted a presidential pardon.
They were forgiven in 2022 after serving some years following corruption convictions.
Dariye was jailed by a High Court of the Federal Capital Territory (FCT) for stealing N2 billion of public funds while in office.
Nyame was serving a 12-year jail term for misappropriation of funds while he was in office. The Supreme Court upheld his conviction in February 2020.
In a speech read earlier on his behalf by a director in the Federal Ministry of Justice, Mrs. Victoria Ojogbanne, Fagbemi identified corruption as the core hindrance to the nation’s development.
He argued that despite the country’s immense potential, it has remained prostrate owing to the challenge of corruption.
Fagbemi added: “Nigeria is a land of immense potential, blessed with vibrant cultures, abundant resources, and a dynamic population brimming with talent and ambition.
“Yet, despite these advantages, corruption remains a formidable barrier to our progress and prosperity. It undermines our institutions, distorts economic opportunities, and erodes the trust that is vital for a thriving society.
“Today, we gather not only to acknowledge this impediment to our nation’s development but to chart a course towards a brighter future – a future where integrity, transparency, and accountability would define our path forward.
“To achieve this vision, it is imperative that we build a unified front against corruption, harnessing the collective strength of every segment of our society.
“First and foremost, our fight against corruption must begin with a shared commitment to reformation and transparency. It is essential that we strengthen our institutions, fortify our legal frameworks, and ensure that justice is both prompt and impartial.
“The integrity of our judicial system is paramount, and we must work tirelessly to eliminate any weaknesses that can be exploited by corrupt elements.”
Fagbemi stressed the need for cooperation.
He said: “Collaboration is key. No single entity or individual can tackle corruption alone. We must foster a spirit of cooperation between government agencies, the private sector, civil society, and international partners.
“By sharing information, resources, and best practices, we can create a more robust and effective mechanism for combating corruption.
“Public and private sector leaders must lead by example, setting standards of ethical behaviour and accountability that others will follow.
“I must commend the resolve of President Bola Ahmed Tinubu for donating property to serve as the Network of Anti-Corruption Institutions in West Africa, the NACIWA permanent headquarters.
“Mr. President’s resolve underscores the importance of strengthening institutional capacity and enhancing cross-border cooperation in the prevention, detection and investigation of corrupt practice.
“Thirdly, we must engage and empower our citizens. An informed and active populace is one of the most powerful tools against corruption.
“Education and awareness campaigns are crucial in equipping Nigerians with the knowledge to recognize and resist corrupt practices.
“We must encourage whistleblowing and protect those who bravely stand against corruption. The fight against corruption is a shared responsibility, and every citizen has a role to play.
“This is why at the African Anti-Corruption Day held on 11 July 2024 we emphasised the urgent need to collaborate with the legislature to pass a robust whistleblower protection law in Nigeria to safeguard whistleblowers’ anonymity, safety, and rights. This would in turn boost the fight against corruption and promote accountability.”
According to the AGF, addressing corruption “requires vigilance and resilience”.
“It is essential that we continuously evaluate our strategies, adapt to emerging challenges, and maintain a steadfast resolve in our efforts.
“Our commitment to fighting corruption must be unwavering, regardless of the obstacles we encounter. Let me reiterate that the fight against corruption is not just a legal battle but a moral and societal one.
“As the chief legal officers in your respective states, you have a unique role in ensuring that this fight is sustained, strengthened, and ultimately won.
“I am confident that with your cooperation, commitment, and dedication, we can build a stronger, more independent, and more effective ICPC that will serve as a beacon of hope for our nation,” Fagbemi said.
Spotlights
JUST IN: Operatives visit to SERAP office lawful, not harassment — DSS
The Department of State Services has clarified why its officers visited the Socio-Economic Rights and Accountability Project’s Abuja office on Monday.
The secret police, in a statement on its website on Tuesday, explained that contrary to reports that its officers raided SERAP’s office, the agents were detailed for routine investigation.
The DSS insisted that the officers’ actions had been misinterpreted as harassment and intimidation.
The statement read, “The Department of State Services has been inundated with multiple enquiries on its alleged unlawful invasion of SERAP offices in Abuja and Lagos.
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“This narrative is inaccurate and misleading in its intent. For the records, a team of two unarmed Service operatives were lawfully detailed on a routine investigation to the SERAP office in Abuja, which has sadly been skewed and misinterpreted as unlawful, harassment, and intimidation of SERAP officials.
“The Service further wishes to state that such official enquiries and liaison are traditional and do not in any way amount to illegality or raid.
“While it assures of in-depth investigation of these malicious contents, it sues for citizens’ participation in national security management.
“The DSS, therefore, urges the public to disregard these false narratives as it restates its commitment to utmost professionalism in the discharge of its core mandate.”
The PUNCH reports that SERAP had urged President Bola Tinubu “to immediately direct Nigeria’s DSS to end the intimidation and harassment and attack against our organisation and the threat of arrest against our directors.”
In a statement by SERAP Deputy Director Kolawole Oluwadare, the organisation said, “We condemn the invasion of our Abuja office today by Nigeria’s Department of State Services. The Tinubu administration must immediately direct the DSS to end the intimidation and harassment of SERAP and our staff members.”
SERAP’s statement added in part, “The invasion of SERAP’s office by the DSS and the harassment and intimidation of our staff members is a brutal assault on the entire human rights community in the country.
“The escalating crackdown on human rights, and harassment and intimidation of NGOs and human rights defenders that have shown astonishing courage in their human rights work hurt those most in need, undermine access of Nigerian victims of human rights violations and abuses to justice, and contribute to a culture of impunity of perpetrators.
“This government has an obligation to support and protect civil society groups and human rights defenders. We are seriously concerned about the growing restrictions on civic space and the brutal crackdown on the human rights of Nigerians.
“President Tinubu must urgently instruct appropriate authorities to promptly and thoroughly investigate the invasion of our offices and to bring to justice those involved.
“Nigerian authorities must allow SERAP to freely carry out our mandates as recognized under the Nigerian Constitution 1999 (as amended), the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.”
Spotlights
DSS releases Ajaero, seizes passport
The Department of State Services (DSS) has released labour leader Joe Ajaero. He confirmed his release to our correspondent, said the secret police allowed him to go home around 11 pm on Monday.
The Nigeria Labour Congress president said he was grilled for about 15 hours since his arrest around 7 am at the Nnamdi Azikiwe International Airport, Abuja.
Ajaero, however, said his travel passport was seized by the secret police.
The labour leader said though he was detained by the DSS, some police officers also came around to grill him at the DSS office in Abuja over the #EndBadGovernance nationwide protests that took place in August.
Ajaero said he was quizzed over alleged terrorism financing involving a British national, Andrew Wynne.
The labour leader was on his way to the United Kingdom on Monday for a Trade Union Congress (TUC) event when he was arrested at Abuja airport.
The NLC had condemned Ajaero’s arrest and gave the secret police Tuesday midnight to release the labour leader. The union had also put all its affiliates, state councils, civil society allies and all patriotic Nigerians on the highest state of alert in the light of “this troubling development.”
The TUC, global rights group Amnesty International, as well as human rights activist Femi Falana, amongst others, had berated the Federal Government for clamping down on the labour leader and demanded his immediate and unconditional release.
The NLC president had honoured police invitation over allegations of terrorism financing in late August, insisting on his innocence.
Ajaero was previously arrested last November in Imo State when he was about to lead a protest over unpaid workers’ salaries, amongst others.
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