The Nigeria Deposit Insurance Corporation, NDIC, said that 99.4 per cent of bank accounts contain less than N500,000.
Maximum Insured Limit (MIL) of the Nigeria Deposit Insurance Corporation, NDIC Managing Director/Chief Executive, NDIC, Mr. Bello Hassan disclosed this in Gombe, at the second led of the Corporation’s workshop for Finance Correspondents and Business Editors.
He stated this against the concerns over the adequacy of tl the NDIC’s maximum coverage limits of N500,000per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator, as well as N200,000 per depositor per microfinance bank.
The Islamic State of Iraq and Syria (ISIS), also known as Daesh (Arabic) has released a video showing a 12-year-old member of ISWAP (Islamic State’s West Africa Province), the breakaway Boko Haram faction executing two Nigerian soldiers.
In the 17-minute long video, the soldiers were shot dead by the insurgent with his AK-47.
The video which was called “Makers of Epic Battles” also covered other attacks from ISWAP’s spring campaign in Borno and Yobe states in 2021.
Analysing the footage, Tomasz Rolbiecki, a researcher on Islamic State’s attacks worldwide described the execution as “awful.”
“There are no words to describe how awful it is,” Rolbiecki posted on Twitter.
He continued, “In general, the video is mainly covering the attacks from ISWAP’s spring campaign in northern Borno and Yobe, although there are also clips from southeastern and southwestern parts of Borno state.
“Most of the footage had been published in photo reports long before this video was released. Daesh has been doing it for years. However, there is also some new material.
“ISWAP confirms the militants are using an APC (seems like a Mowag Piranha variant) for the first time in a long time, if not ever. News of them using APCs and MRAPs have been circulating for a while now, but we have not seen a confirmation until now.
“The attack on Gajiram is next. It is difficult to say which one is it since there were several in the last year, and the footage was not released previously in any form.
“Then ISWAP shows an IED attack which must have happened in Mallam Fatori (I do not have the exact date). A video shot by one of the soldiers attacked by that IED is used by the militants to show the aftermath. That is a technique sometimes used by Daesh.
“After that, a clip from Geidam, in Yobe State, is shown. This was the attack from 23 April, in which ISWAP briefly established control over the town. We have seen most of that footage previously as well.”
A full-time student of Osun state Polytechnic Iree, Mass Communication department, Omowunmi has been reported dead and used by her boyfriend for money ritual.
This was reviewed by one of her friends who felt bad about the whole issue. It was reported that Omowunmi bleed to death.
According to the friend, the alledged boyfriend, Randy has been arrested and presently in police station for further investigation.
A 25-year-old boy, Prince Mohammed Kadade Suleiman has emerged as the National Youth Leader of the Peoples
Democratic Party (PDP).
Suleiman, who hails from Kaduna State, NorthWest geopolitical zone of Nigeria, emerged through consensus organised by the PDP old cabals on Saturday during the just concluded National Convention of the
party in Abuja.
The Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC) earlier today, apprehended two self-acclaimed herbalists, Ajisafe Toheeb and Ogundayo Usman, at Soka area of Ibadan, Oyo State, over their alleged
involvement in internet fraud.
Anxiety and confusion on Friday trailed the fate and whereabouts of the Supreme Court Justice, Mary Ekaego Peter Odili following the alleged unlawful siege laid on her
Abuja family residence by security operatives.
Justice Odili’s family residence at lmo Rivers Street in Maitama was said to have been besieged by fully armed plain-clothed security men for undisclosed reasons at about 5pm of
Friday, October 29.
However, security operatives guarding the house were said to have resisted the take over of the house without a court order or instructions from the above.
In the drama that ensued, the unidentified security operatives
were said to have stayed put waiting for instructions from above to the resident guards to surrender for them to take over the house.
The school management has ordered all students of Tasued to vacate the campus premises.
Parents are also advised to contact their wards to ensure they return home safely. This came after three trucks of the Nigerian Army invaded the school to repress the protest of students over the abduction of the one student leader and others.
Three trucks of the Nigerian Army officials have been mobilized to repress protesting students of the Tai Solarin University of Education.
According to activist Sanyaolu Juwon he said:
“One year after the army were mobilized to kill protesters at Lekki and other parts of the country, we are confronted yet again with a similar development in Tai Solarin University of Education, TASUED. Three trucks of the Nigerian Army officials have been mobilized to repress protesting students of Tai Solarin University of education.
At the time of filing this report, the army has abducted the students union president and other activists, keeping them under torturous condition. But the abduction of the union president could not deter the resolve of the revolutionary students of TASUED.
The students remain on the streets, and the army have been mobilized in three trucks to attack them. I spoke with the immediate past Students Union President of the institution,
Soneye Abdul-Azeez Lekan in a video call, where he showed me how the army was charging at them. You can tell they are in a very hostile and precarious situation. The regime of Buhari is a curse. It has normalized impunity and lawlessness.
Solidarity to the protesting students of TASUED”.
A student of the Godfrey Okoye University, Enugu, Kaitlin Gee-
Akwada took over the affairs of the university for one day after hitting the perfect 5.0 CGPA.
Students of Tai Solarin University of Education (TASUED) on Friday protested against the abduction of their Students Union President, Sodiq Ridwan and others by men of the Nigerian Army. Reports revealed that Ridwan was arrested on Thursday for intervening in a matter involving students and soldiers.
Sources said he and scores of his colleagues were taken into custody by the soldiers attached to Ilese Barracks.
A student leader said, “A few hours ago, uniformed men of Nigerian Military invaded the students’ community of our dear University and melted absolute injustice, extortion and assaults on peace-loving students.
“TASUEDITES who are going by their legitimate and calm businesses were cornered at CONOIL Filling Station, the Express Road that leads to the university’s second gate. They were arrested and assaulted for no reason. To make things worse, the soldiers asked students to bail themselves with N50, 000 and those who could not do that were detained and taken away (most likely to the barracks).
“As responsible and responsive students’ union officers, upon hearing the ugly development, we swung into action and made frantic efforts to mediate and rescue students from this injustice and assault cum fraudulent exploitation. This calm and ideal effort by the students’ union was met with strong resistance by the military men, who, assaulted and abducted the Students’ Union President.
“The Senate President was also severely injured and many comrades were beaten, whipped and abducted by the military men. The Students’ Union abhors this act in its totality, very displeased and frowns on the reaction of the custodian of the university to the matter when contacted.
“As at the time of making this statement, the President of the Union was still in the custody of the military men. Very assertively, the Students’ Union has declared lecture and exam free day tomorrow, Friday, October 29, 2021, to press home this unjust exploitation and assault. This is a total embarrassment and threat on our university community as a whole, and we will not let it go unchecked.”
“Essentially, despite sporadic shootings at the peaceful students at the express and within the university communities, there was no gunshot injuries while we have video proofs of live ammunition used at the scenes.
“However, scores of students were brutalised and injured, including the Senate President. Meanwhile, the President is still in custody at the Ilese Barracks with other students. And we shall together make effort to release those still in the custody of this disgraceful and embarrassing men of Nigerian Army,” the student leader added.
Still on CBN’s controversial eNaira launch and its failed Google
By Segun Adesokan
If we may engage our CBN Governor further: What benefits exactly does the eNaira offers as a better means of
transactions as opposed to the boisterous and efficient online banking services offered by our digitally savvy commercial banks, or what value-added services and flexibility does it has to offer differently?
If Nigerians banks, in their wisdom had thought it wise by launching short codes as a means of promoting financial inclusion; thereby aiding people in remote places to transact
even without smart phones, then the eNaira appears to have failed if the only means by which Nigerians can access it is through internet enabled smart phones and more worryingly
via Google App store.
Given the pervading atmosphere of mistrust and cynicism often associated Nigeria’s Institution’s inability to be accountable, tact, productive and efficient, as seen in the mismanagement of Pension Funds, botched Air Nigeria Project, Endemically-Corruption-induced-NNPC Lameness, CACOVID mismanaged Donations, among other national
embarrassing Projects, would any sane Nigerian entrust their hard earned resources by banking on a phantom eNaira, whose launch has already been cut short by Google, due to bad reviews?
Buhari’s APC government, has again, by this thoughtless and jamboree, convinced Nigerians again, that his government is long discredited and absolutely confused.
They indeed need help and direction.
Some National Youth Service Corps, NYSC, members in Anambra State have vowed to steer clear of the forthcoming governorship election over constant threats from the
Indigenous People of Biafra, IPOB.
DAILY POST reports that the Independent National Electoral
Commission, INEC, often relies on corps members for the conduct of elections in all parts of the country. They are often used as Presiding Officers, PO and Assistant Presiding
Officers, APO 1, 2 and 3 in most polling units during elections.
But sequel to the tension currently rocking Anambra State following moves by IPOB to halt the election, corps members serving in some local government areas of the state, told
DAILY POST that they are not interested in taking part in the
election currently being threatened.
Credit: Daily Post
Gunmen have asked troops of the Nigerian Army to vacate their post around a village in Miango in the Bassa Local Government Area of Plateau State, TheCable reports.
A company of soldiers was recently deployed to the area, following reported attacks on the villagers by gunmen.
The troops, working under the army’s operation Safe Haven (OPSH), had in the past two months stopped the attackers from invading the villagers.
Insiders knowledgeable about the operation said that the attackers had written to the villages, asking them to inform the troops to leave their location as they planned to attack the community.
“We strategically put our troops in a border area between the village and the mountains from which their attackers come from,” TheCable quoted one of the sources as saying.
“Many times, they have tried to jump on the village but they were stopped by the troops in heavy crossfires. In the past one month, we’ve had gunfights with them and lost two of our soldiers.
“Just a few days ago, the villagers brought a note from the attackers, asking the troops to leave that location so that they could attack. In fact, they threatened that if our soldiers didn’t leave, they would be the first to be attacked.”
Military sources said the development had already been communicated to the operation’s headquarters.
Some army commanders in the area were said to have earlier attempted to broker peace between the attackers and the villagers.
One of the leaders of the attackers, sources said, was invited for a dialogue when some farmers were killed on their farmlands.
“Because they can’t enter into the village and launch an attack, as soldiers won’t allow them, they now wait for some farmers to enter their farmland and from there they go to attack them,” a source explained.
“It could be difficult to ask soldiers to now follow each villager to the farm, so we thought we could broker peace through dialogue with those guys.
“We made a call through, and an agreement was reached that they won’t attack the villagers again. Then at least, we had about three weeks gone and there was no attack on any farmer.
“It was shocking to see their latest threat, but our troops are on standby and we won’t allow them to take over that village.”
Onyema Nwachukwu, the Nigerian Army spokesperson, was not immediately available to comment on the development.
The Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Prof Bolaji Owasanoye, has revealed that the anti-graft agency recovered 301 houses from two public servants in the nation’s capital, Abuja.
ICPC boss made the disclosure at the inauguration of the House of Representatives Ad-hoc Committee on Investigation of the Operations of Real Estate Developers on Thursday.
He said that while 241 buildings were retrieved from one of the suspects at different locations within the FCT, the remaining 60 were recovered on a large expanse of land at another location.
Prof Owasanoye, who did not mention the names of the affected civil servants, bemoaned the increasing rate at which corrupt public officers were using real estate investment as a vehicle for hiding ill-gotten wealth and money laundering in the country.
He, however, accused the officials of the Federal Capital Development Authority (FCDA) as collaborators in the scam.
He said, “Public officers acquire estates in pseudonyms to conceal the illegal origin of funds. This is made possible by the absence of proper documentation, the registration of titles to land and estates in the country and the non-enforcement of beneficial ownership standards.
“A tour round Abuja, especially the metropolis and the Central Area, would show a lot of estates that are built up but empty. If they had been constructed with funds that were borrowed at market rates, I don’t think any investor would leave such proprieties empty.
“One way or the other they would put them to use. So it is suspected that some of those estates have been used to launder ill-gotten public funds.”
He revealed that the agency recovered a total of N53,968,158,974.64 after completing the task of the defunct Special Presidential Investigation Panel on recovery of public property to investigate some real estate developers who defaulted in remittance and payment of money due to the government.
He added that the agency had received a number of petitions from stakeholders in the real estate and housing sector, off-takers, prospective buyers and the general public regarding the behaviour and antics of real estate developers within and outside Abuja.
The ICPC chairman said, “They border on forgery, the closing of land documents, double or multiple land allocations, allocation of land without the minister’s approval, revocation of land title without due process, non-delivery of projects, embezzlement of sourced capital, land racketeering, the use of land syndicates and speculators, the marketing of fake layouts, fraudulent allocation of land, inordinate delay in the processing of land documents for those who subscribe to their projects, general abuse of office, bribery, dishonesty, fraud, payment scams, or the refusal of government itself to pay fair value for acquired land and the concomitant refusal of settlers and traditional owners to give access to legitimate land allottees and other related issues and challenges.”
Ghanaian priest and politician, Christian Kwabena Andrews,
popularly known as Osofo Kyiri Abosom has said that there is
no power in the Bible.
The Founder and leader of Life Assembly Worship Centre
asserted that the Bible is merely a history book and has no power. He also averred that every human being has the ability to produce his own Bible.
“The Bible has no power; it is humans who have power. The Bible is not God’s word; it is simply a collection of historical accounts. You’re creating a new bible every time you hear a
voice telling you to do something.”
Osofo Kyiri Abosom who gained popularity for his unique style
of ‘arresting’ witches and weeding out idol worshipping, was the presidential candidate for Ghana Union Movement (GUM) in the 2020 general elections.
Credit: Nation scoops
Facebook founder, Mark Zuckerberg has announced a change in the parent company’s name to “Meta” to represent a future beyond just its troubled social network.
The development comes as the social media giant tries to fend off one its worst crises yet and pivot to its ambitions for the “metaverse” virtual reality version of the internet that the tech giant sees as the future, AFP reports.
He, however, stated that Facebook, Instagram and WhatsApp will keep their names under the rebranding.
A statement from Zuckerberg reads: “We are at the beginning of the next chapter for the internet, and it’s the next chapter for our company too.
“In recent decades, technology has given people the power to connect and express ourselves more naturally. When I started Facebook, we mostly typed text on websites. When we got phones with cameras, the internet became more visual and mobile. As connections got faster, video became a richer way to share experiences.
We’ve gone from desktop to web to mobile; from text to photos to video. But this isn’t the end of the line.
“The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.
“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this.
“In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop, create — as well as completely new experiences that don’t really fit how we think about computers or phones today. We made a film that explores how you might use the metaverse one day.
“In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catch up. This will open up more opportunity no matter where you live. You’ll be able to spend more time on what matters to you, cut down time in traffic, and reduce your carbon footprint.
“Think about how many physical things you have today that could just be holograms in the future. Your TV, your perfect work setup with multiple monitors, your board games and more — instead of physical things assembled in factories, they’ll be holograms designed by creators around the world.
”You’ll move across these experiences on different devices — augmented reality glasses to stay present in the physical world, virtual reality to be fully immersed, and phones and computers to jump in from existing platforms. This isn’t about spending more time on screens; it’s about making the time we already spend better.
“The metaverse will not be created by one company. It will be built by creators and developers making new experiences and digital items that are interoperable and unlock a massively larger creative economy than the one constrained by today’s platforms and their policies.
“Our role in this journey is to accelerate the development of the fundamental technologies, social platforms and creative tools to bring the metaverse to life, and to weave these technologies through our social media apps. We believe the metaverse can enable better social experiences than anything that exists today, and we will dedicate our energy to helping achieve its potential.
“As I wrote in our original founder’s letter: “we don’t build services to make money; we make money to build better services.”
The social media giant has been battling crisis since former employee Frances Haugen leaked internal studies showing executives knew of their sites’ potential for harm, prompting a renewed US push for regulation.
One Daniel Bassi on Wednesday caused a commotion in the
Iyana Ipaja area of Lagos State after climbing a 200 feet telecommunication mast in an attempt to commit suicide.
Naija News learnt that the aluminium technician had climbed
the telecom tower around 8:30 am yesterday and refused to
come down until around 10:30 am when a mammoth crowd
had gathered at the spot.
While residents were still pleading with Bassi, men of the
National Emergency Management Agency (NEMA) reportedly
arrived at the scene and joined restoring the man’s sanity
from the thought of killing himself.
Credit: Daily times
** VP Osinbajo presides over FEC meeting
** Buhari’s govt plans to borrow $200m for mosquito nets, Senate reacts
** I am ready to take over from President Buhari come 2023- Yahaya Bello
** Senate committee okays N1,000 daily feeding allowance for prison inmates
** Lai Mohammed’s interview misleading, — Rep
** Buhari spends over N45bn to improve the lives of the vulnerable in Katsina – Masari
** We ‘ll Commence Work On Gombe-Biu Soon – FG Assures
** Gumi Is Worse Than Abubakar Shekau And Al Barnawi – Fani-Kayode
** COVID-19: Sanwo-Olu launches mass vacination programme, targets 4 million Lagosians before year end.
** Fourth wave of pandemic imminent’
** Road crashes: Follow traffic rules, Lagos govt cautions drivers
** We’re building 40 digital literacy centres in Kwara –AbdulRazaq
** Lagos Assembly: Consumer Protection Agency Bill Scales Second Reading*
** EkoExcel shines at 2021 education symposium
** Drug addiction: NDLEA ‘ll establish 6 standard rehab centres across Nigeria –Marwa
** Oyo sets up Intervention Committee to intensify waste evacuation
** Kwara Civil Service Commission to conduct 2021 oral interview for civil servants
** Another Nigerian popular politician, a Lawmaker is dead
** Oloyin Adebayo Lateef – Alhaji Lai has the history of thievery
** Deplorable Road: NLC threatens to shut down Lagos-Abeokuta Expressway
** Three suspected bandits’ Informants lynched in Kaduna
** FG accuses media of ‘Bias’, faults awards to politician
** Oyo Sets Up Intervention Committee To Intensify Waste Evacuation
** Gunmen abduct Eight In Ekiti Community, Demand N50m Ransom
** APC Faults Plans To Demolish Edo Central Hospital For Motor Park
** We ‘ll Commence Work On Gombe-Biu Soon – FG
** NLC Blocks Lagos-Abeokuta Expressway
** Alleged Fraud: Trial Of Naira Marley Resumes
** Sex Tape Fallout: Fan Tattoos Tiwa Savage’s Face
** Husband Snatching Allegation: “All Is Well” says Maria
** Human Rights Violation:UN Asks FG To Provide Detailed Information On Nnamdi Kanu
** World Bank suspends aid to Sudan after military coup
** African Union Suspends Sudan
** Not interested’: Zinedine Zidane rules out Manchester United job if Solskjaer is sacked
** FIFA slams 2yr ban on another popular Nigerian Coach
The recently launched eNaira Wallet application has been removed from Google Play Store barely 36 hours after it was launched by the Central Bank of Nigeria, SaharaReporters has gathered.
However, the app is currently available on the Apple app store with 2.6 over 5 ratings.
The digital currency has two applications, which are eNaira speed wallet and eNaira merchant wallet.
On Monday, the two apps were rolled out on the Google play store and the Apple store.
The eNaira was developed by the fintech company, Bitt, which was also responsible for the creation of CBDC in some East Caribbean countries.
At the launch on Monday, the Central Bank of Nigeria Governor, Godwin Emefiele, boasted that 500 million eNaira ($1.21 million) has already been minted.
Meanwhile, a notice on the eNaira website explained how the currency and the wallet would work.
It read: “Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.
“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.
“First Name, Last Name, Date of Birth, State of Origin, and Email.
“Your banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira platform.”
However, negative reactions have trailed the launch of the app as many users complained of several issues, ranging from the inability to link their Bank Verification number, to getting a verification email.
Checks by SaharaReporters as of Wednesday afternoon showed that the app had only gained 1.9 stars out of 5 stars preview.
Also, in the review section, many Nigerians expressed their displeasure.
A user, Moyosore Fagbemigun, despite giving four stars, wrote: ”After sign up, I did not get the verification email in my BVN linked email. I have checked the spam folder and nothing yet. Easy registration process.”
Another user, Oscar Alexander, who gave it one star rating, noted, “I tried registering the first time. Told me there was no email attached to my BVN. I tried my other bank account. It told me an invalid account number. Lol. Now it says too many attempts with the same BVN. What a joke!”
“Every single attempt to get registered on the platform seems futile. It kept giving a prompt invalid BVN whereas my BVN is valid,” another user had said before the app was taken down.
SaharaReporters observed that majority of the users gave the app one star. It is not clear whether the app was removed due to the poor rating it suffered or if the CBN had done that itself.
The CBN Governor, Godwin Emefiele, in a conference at the beginning of the month, promised that the country would start digital Naira currency.
Emefiele said the eNaira would operate as a wallet through which customers could hold existing funds in their bank accounts, and that this would accelerate financial inclusion and enable cheaper and faster remittance inflows.
The Nigerian Air Force vehicle, violating the Bus Rapid Transit (BRT) Law in Lagos State, has allegedly killed a 31-year-old professional dancer, Ifeanyin Kalu.
According to popular stage actor, Segun Adefila, the deceased was knocked down by the military vehicle illegally using a BRT lane on Ikorodu Road while he was on his way to work.
Ifeanyin’s lifeless body was said to be in the mortuary of NAF hospital in Lagos, while his mother’s body was in another mortuary in the same state.
Sources said his mother, Mrs Oluchi Kalu, died of cardiac arrest in August 2021.
They added that the Air Force offered the family N200,000 towards Ifeanyin’s burial.
“Ifeanyin was a young Nigerian artist who was diminutive in stature but gigantic in strides. His life was one huge struggle for survival without a thought for crime but through a dint of hard work,” Adefila posted on Facebook.
“He was a prominent member of the Bariga Artists Forum (BAF) and Guild of Nigerian Dance Practitioners (GONDP). He was also a founding member of Dachrismofa Art Troupe and an alumnus of Feetprints Africa and the assistant director of Kings and Queens Art Academy- a children focused theatre group.
“His creative energy lit up every gathering he attended. Born on the 15th of July 1990, Ifeanyi was the second son of his economically disadvantaged family and the fourth child. He was a major breadwinner of the family, a bread not only rarely gotten but also never buttered.
“Their mother and matriarch of the Kalu clan passed on on the 27th of August 2021. On October 20, 2021, Ifeanyin’s life was cut short on the express way of Ikorodu Road. He lived with his aged father and 6 siblings and left them at home on that fateful day for a job he just secured. He was on his way to a school (Temple Schools, Ilupeju) where he was helping to teach the pupils cultural dance and music.
“A Nigerian Air Force vehicle traveling on a BRT lane knocked him down. Ifeanyin’s body is still in the Nigerian Air Force base mortuary. Ifeanyin’s mum is also still in another mortuary. His bereaved family who are definitely inconsolable at the moment also stands the risk of not getting any form of tangible compensation from those whose vehicle knocked him down.”
The President of the African Development Bank Group, Akinwumi Adesina, has said Nigeria’s industries will always remain noncompetitive, until it decisively tackles energy deficiency and reliability.
Akinwumi made this submission on Tuesday, while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja.
The AfDB President noted that no business can survive in Nigeria without generators.
“Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal.
“Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain noncompetitive,” he said.
Adesina noted that the country had failed to position itself for economic growth and achievements, the type attained by developing countries like Vietnam and Malaysia.
“While for decades the share of manufacturing in Nigeria’s GDP, has hovered around 7%, the nation has not been able to extricate itself from the comatose of its industrial manufacturing sector to unleash the fulness of its potential.
“The performance of the manufacturing sector in the past five years has been poor. Between 2015-2017, the sector declined by -1.5%, -4.3% and -0.2%. This is in sharp contrast to the dynamic and rapid performance of manufacturing in Asian countries, such as Singapore, Malaysia and China.
“While Asian countries have focused on the export of manufactured products, Nigeria’s approach has been on import substitution. The manufacturing sector of Nigeria represents only 3% of total revenues from exports, but accounts for 50% of imports in the country. Instead of being forward looking in expanding the share of the manufactured goods in its total export revenue, Nigeria focuses on the model of import substitution.
“Import substitution, while important, is a very restrictive vision. It looks towards survival, instead of looking to create wealth through greater export market and value diversification. The end result is a manufacturing sector that cannot develop nor compete globally, but limits itself to “survival mode, not a “global manufacturing growth mode”.
Adesina added that Nigeria must have a greater ambition for its manufacturing sector by integrating and rapidly moving up global and regional value chains in areas of comparative advantage; by and by driving greater specialisation and competitiveness.
He also criticised the country’s apparent policy of limiting access to foreign exchange rather than expanding its forex earnings.
The Federal Government has commenced the process for the valuation of property belonging to several politically exposed persons, including the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke.
Diezani property located in highbrow Banana Island Foreshore Estate, Ikoyi, Lagos, include eighteen flats and six penthouses located at Building 3, Block B, Bella Vista, Plot 1, Zone N, Federal Government Layout.
According to Punch, other listed property include those belonging to the late Chief of Defence Staff, Air Chief Marshal Alex Badeh, whose houses in the Wuse 2 and Maitama high-end neighbourhoods of Abuja were seized.
They include No. 14 Adzope Crescent, off Kumasi Crescent; 19 Kumasi Crescent, Wuse 2; and 6 Umme Street, Wuse 2.
Other recovered items listed are; 125 pieces of wedding gowns, thirteen pieces of small gowns, forty-one pieces of waist trainers, seventy-three pieces of hard flower, eleven pieces of suit, eleven pieces of invisible bra, seventy-three pieces of veils, thirty pieces of braziers, two pieces of standing fan, seventeen pieces of magic skits, six packets of blankets, one table blanket and sixty-four pairs of shoes.
The Federal Government had earlier last week commenced the process of screening six hundred and thirteen independent valuers expected to manage the sale of the assets alleged to have been illegally acquired which have been permanently forfeited to it in about twenty-five locations across the country.
The total number of property marked for auction across the country is one thousand six hundred and twenty including cars, houses, phones, laptops, vessels and other valuables.
Lagos has the highest number of property that will be auctioned, including thirty one houses and five hundred and eighty-nine vehicles.
At the expiration of the deadline, two hundred and eighty four firms submitted bids for the valuation of landed property, including residential, commercial, institutional and underdeveloped plots of land slated for disposal.
The Chairman, Inter-ministerial Committee on the Disposal of Forfeited Assets, Mohammed Etsu, said two hundred and twenty nine proposals were received for the valuation of plants, machinery, motor vehicles, furniture and equipment.
Seventy five companies submitted bids for the valuation of water vessels for disposal, while twenty five companies presented bids for the valuation of jewellery, ornaments and clothing materials for disposal.
Etsu, who is also the Solicitor-General of the Federation, stated that the committee would ensure a harmonised and transparent process to safeguard the recovered assets by the relevant agencies.
The solicitor-general disclosed that the sub-committee on valuation and due process had earlier conducted the technical evaluation of the bids received from interested valuers, adding that only clothing materials were available for valuation at the moment.
Etsu noted that pieces of jewellery were still subjects of litigation and therefore were not part of the process for now, reminding the successful valuers of the need to be thorough.
Diezani, who was minister under former President Goodluck Jonathan, has been in the United Kingdom since 2015 and has refused to return to Nigeria ever since.
The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa,stated before the House of Representatives in May that jewellery worth N14billion were seized from Diezani.
** Southwest governors visit Asiwaju Tinubu in Bourdilon
** World War III will be caused by fake news – Lai Mohammed*
** Buhari arrives Saudi Arabia ahead of Investment Summit
** FG sets date for end of fuel subsidy
** S’West Governors meet in Lagos, discuss issues of interest
** New Lagos APC Chairman, Ojelabi visits National Leader, Tinubu at Bourdillon
** Sanwo-Olu charges women to embrace opportunities in environment
…As Lagos First Lady tasks women to contribute positively to society
** Jide Lawal appointed General Manager Radio Lagos/ Eko Fm
** Rid your profession of bad eggs, CJN tells Judges, lawyers
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The Nigerian Senate has condemned a proposal by the Federal Ministry of Health to borrow $200 million (N82,070,388,916.76) under the malaria programme to buy mosquito nets in the 2022 budget.
A member of the Senate Committee on Health, Gershom Bassey on Tuesday opposed the move by the Ministry during the 2022 budget defence of the Federal Ministry of Health.
Bassey told the Permanent Secretary, Mahmuda Mamman that the proposal with respect to borrowing $200 million (about N82 billion at the official exchange rate of N410 to a dollar) to purchase mosquito nets was outrageous considering the amount involved.
The Committee’s condemnation was in response to the Permanent Secretary’s earlier submission of the intention to borrow the said amount for the purchase of mosquito nets.
The panel further demanded the total needs of the agency to ascertain if there was a need for borrowing.
Meanwhile, the Executive Director, National Primary Health Care Development Agency, NPHCDA, Faisal Shuaib had said the $200 million was for importation and local production of mosquito nets.
Committee Chairman on Health in the Senate, Senator Ibrahim Oloriegbe, in his reaction, said the idea of borrowing money from World Bank is “money and job for the boys” by somebody in Washington, D.C.
There was another explosion at Abolongo Correctional Centre in Oyo town, Oyo State on Tuesday afternoon. reports revealed that the explosion, which occurred outside the facility recorded no casualties.
Some residents in the area suspect that the bomb was one of those planted by the gunmen who attacked the prison last Friday. It is suspected that it did not detonate at the time.
Security operatives have paid a visit to the scene to assess the extent of the damage.
Some gunmen had attacked the facility on Friday, setting all the prisoners at the facility free.
The attackers had stormed the facility around 10 pm.
It was gathered that the attackers used explosives to gain access and set prisoners free.
Spokesman for the Nigerian Correctional Service (NCS) in the state, Olanrewaju Anjorin had confirmed the attack on Saturday.
Unknown gunmen believed to be bandits on Monday morning invaded Maza-Kuka in the Mashegu local government council of Niger State, killing no fewer than 18 persons in a mosque.
The villagers were performing their early morning prayers when the gunmen invaded the village in large numbers and attacked the villagers .
The gunmen reportedly arrived on motorcycles and went straight into the mosque shooting sporadically resulting in the death of residents.
An eyewitness said the community was taken unawares by the bandits who left many dead and many others injured.
SaharaReporters had only in September reported that gunmen killed at least 30 persons at Kachiwe village, Sarkin Pawa in the Munya Local Government Area of Niger State.
The gunmen from their hideouts in the dreaded Barnin Gwari forest in Kaduna State, had stormed the village and other neighbouring communities.
Monday Bala Kuryas, the state Commissioner of Police, had said an investigation had begun into the attack but not much was heard about the police probe.
Credit : SaharaReporters