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Cholera: LAWMA promotes safe hygiene practices to tackle outbreak

Stories

Ranks-Staff

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June 20, 2024

Cholera: LAWMA promotes safe hygiene practices to tackle outbreak

In the wake of the current outbreak of cholera in Lagos State and its environs, the Managing Director/CEO of the Lagos Waste Management Authority, LAWMA, Dr. Muyiwa Gbadegesin, has urgently called on the residents to prioritise personal and domestic hygiene.

Gbadegesin, who spoke on Monday at the LAWMA headquarters in Ijora Olopa, said all hands should be on the deck to maintain a clean and safe environment, even as he called for a series of precautionary measures, including proper waste disposal, safe drinking water, frequent hand-washing, and the use of covered bins for waste.

“The outbreak of cholera in the state is a serious public health concern. Every resident must take proactive measures to prevent further spread of the disease. Ensuring proper personal and domestic hygiene, including efficient waste management, will go a long way in curbing the spread of the fatal disease”, he avowed.

To prevent the spread of disease, Gbadegesin advocated for several key measures. These include proper waste disposal through bagging and using covered bins to deter pests, ensuring safe drinking water, frequent handwashing with soap, and following food safety practices. He also urged residents to avoid littering and rely on assigned sanitation service providers for waste collection.

Stressing that LAWMA is stepping up waste management efforts, he announced increased efforts to ensure prompt waste collection throughout Lagos. Service providers will work tirelessly to tackle existing waste build-up “black spots”.

Calling on residents to practice good hygiene by washing hands after handling waste, he advocated for community support in achieving the state’s environmental goals by urging residents to avoid littering in drains, road medians, and elsewhere.

“We are fully committed to the health and safety of every Lagosian. Our teams are on the ground, ensuring that waste is properly collected and disposed of to minimise health risks. However, we need the cooperation of all residents to maintain a clean and safe environment”, Gbadegesin stressed.

Cholera spreads primarily through contaminated water and food and thrives in unsanitary conditions. The latest disease outbreak which has so far claimed a number of lives and left many others hospitalised in the state, is a severe diarrheal illness caused by the bacterium Vibrio cholerae.

We only crashed decoder prices”: MultiChoice speaks on DStv, GOtv sub prices

Conversation

Ranks-Staff

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June 20, 2024

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We only crashed decoder prices”: MultiChoice speaks on DStv, GOtv sub prices

MultiChoice has debunked a recent report that said it reverted to its old subscription prices due to a court order

The company told Legit.ng that its subscription prices remained unchanged and that it has only crashed decoder prices

The company increased its subscription prices in May, which it said was due to inflation and other market realities

MultiChoice, the owners of DStv and GOtv, has debunked a viral report that it has reverted to the old subscription packages in Nigeria following a court order.

A company source who spoke to Legit.ng anonymously said that the firm only reduced its decoder prices for DStv and GOtv to enable customers to join the service.

MultiChoice speaks on subscription prices

MultiChoice reacts to alleged adjustment in subscription prices Credit: MultiChoice Source: Getty Images

MultiChoice crashes decoder prices

“While subscription prices did not change, we reduced the decoder prices to enable customers to get on board. That is the only thing that has been reduced,” the source said.

MultiChoice has been battling a revenue decline caused by the loss of about 1.2 million subscribers, which analysts believe is caused by the hike in subscription prices.

According to reports, the company announced in May 2024 that it was increasing its bouquet prices in line with market realities.

DStv Subscription prices remain unchanged

The company said new prices for DStv packages are as follows: The premium package will now cost N37,000 monthly, as against the current N29,500 subscription fee.

The price of the compact+ bouquet has also increased to N25,000 from 19,800 monthly.

DStv said subscribers to its Compact bouquet will now pay N15,700, as against the N12,500 they are currently paying, while those on the confam package will pay N9,300, compared to the previous N7,400.

Under the new price regime, viewers of DStv Yanga bouquet will pay N5,100 for the monthly subscription instead of the N4,200 currently paid.

Padi subscribers will, starting May 1, 2024, be paying N3,600 instead of the current N2,950 prices

GOtv prices remain the same

For GOtv users, Multichoice said customers on its Supa Plus package will now pay N15,700, up from the current price of N12,500. Its Supa bouquet will now cost N9,600, up from the current N7,600.

GOtv Max subscription has also increased to N7,200 from N5,700, while its Jolli package will go to N4,850 from N3,950. Multichoice said its customers on the lowest GOtv package, Jinja, will be paying N3,300 monthly instead of N2,700, which they are currently paying.

Users of Smallie will now be paying N1,575 as against N1,300

MultiChoice vows to appeal court order

Following the hike, a Nigerian court ordered the company to revert to the old subscription prices, fined it N150 million, and asked it to provide a one-month free subscription to Nigerians.

The company vowed to appeal the court’s ruling, saying its price adjustment is due to current market realities.

MultiChoice laments N31.6 billion trapped in Heritage Bank

Legit.ng previously reported that the MultiChoice Group, owners of DSTV, said it had an account balance of N31.6 billion with the liquidated Heritage Bank.

The satellite television company disclosed in its annual report for the 2024 Financial Year that it had a deposit of N33.7 billion with the bank as of the 2024 fiscal year ending on March 31, 2024.

The company disclosed that the balance was subsequently reduced to N31.6 billion due to remittance before the Central Bank of Nigeria revoked the bank’s license on June 3, 2024.

Governor Sanwo-Olu vows crackdown on kidnappers of Fouani brothers

Stories

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June 20, 2024

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Governor Sanwo-Olu vows crackdown on kidnappers of Fouani brothers

Governor Babajide Sanwo-Olu of Lagos State on Wednesday vowed to ensure the arrest of those behind the recent kidnapping of three Lebanese nationals, including the Managing Director of Fouani Nigeria Limited, Muhammed Fouani.

This was contained in a statement by his Special Adviser on Media and Publicity, Gboyega Akosile.

According to Sanwo-Olu, his administration would not condone people of evil intentions in the state.

He assured residents, particularly business owners and religious tourists, of adequate security in the state, saying his administration is committed to making the state peaceful, attractive and homely.

“The security of life and property is paramount, and we do not leave anything to chance on that. The very recent incident that happened in Lagos was about the kidnapping of three members of our Lebanese community. We are happy that they have been released, and this morning (Wednesday), I met with them, and we have useful information to ensure that the perpetrators of the act are not going to be spared.

“We know we have an idea of how far they have gone, and we will do everything to ensure that we do not give them a space in our city and state. I want to assure all our citizens and businesses, both national and international, that Lagos will continue to remain safe and peaceful. People thought the incident happened around the Five Cowry, Falomo. No, it actually happened on the big water on the way to Ikorodu. So they were not even around Falomo.

“We want to assure you that we are on top of it. The security operatives are combing all the necessary areas. This is a strong signal that Lagos will not condone such people with evil intentions.

“They do not deserve any sort of recognition. So, we will continue to make Lagos peaceful. We will continue to make it attractive and homely. We will continue to ensure that businesses thrive. We will ensure people live and work in a conducive environment”, the governor said.

Recall that the Managing Director of Fouani Company, which represents LG and Hisense, along with three Lebanese, were kidnapped on Friday while travelling by boat in Lagos State.

However, they regained their freedom on Monday.

The spokesperson for the Lagos State Police Command, Benjamin Hundeyin, confirmed this via a text message to our correspondent on Tuesday.

According to him, the brothers identified as Abbas Fouani, Youssef Fouani, and Amtal Fouani, who were abducted on June 14 around 6 pm in Lagos were rescued on Monday night in Orugbo Iddo.

Davido sues Sophia Momodu for Imade’s custody

Stories

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June 20, 2024

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Davido sues Sophia Momodu for Imade’s custody

International award-winning singer, David Adeleke, popularly known as Davido, has dragged Sophia Momodu, the mother of his first child, Imade, to court, seeking custody of the daughter.

In an originating motion filed by his lawyers, Dr Olaniyi Arije, Okey Barrah and others, at the Lagos State High Court, dated April 17, 2024, Davido is praying the court for “an order granting joint custody of Miss Imade Adeleke to the applicant.”

In the alternative, the singer prayed to the court for “an order granting to the applicant unfettered and unrestricted access to Miss Imade.”

The suit, marked LD/1587PMC/2024, has as applicant Mr David Adedeji Adeleke, while Ms Sophia Momodu was listed as the sole respondent.

The originating motion was supported by a 44-paragraph affidavit deposed to by Davido himself.

He narrated that though he had a relationship with Momodu that led to the birth of their child on May 14, 2015, the relationship had ended some years ago “while we resolved to take care of our child as biological father and mother.”

Davido said, “That it is on record that I have been responsible for the payment of all the school fees of my daughter to provide her with the best education possible and to meet all her educational needs without a hitch.

“That I have also been providing money for the rent of the apartment where the respondent resides with our daughter.”

The singer said that as a result of the love he had for Imade, he purchased and offered the mother a N200m worth apartment in a condominium gated community with a swimming pool and 24-hour power and water supply at Oniru, Victoria Island, Lagos. An offer he claimed was turned down.

He said, “The respondent rejected the offer to stay and live at the above-described secured Oniru apartment, which had been purchased already, but demanded that I continue to pay N5,000,000 annually for a rented facility as my own contribution towards my daughter’s accommodation.”

Davido said to ensure that the interest of Imade was well-catered for, “I bought a Range Rover Sport Utility Vehicle for the use of the child and the respondent to meet the transport needs, including transportation of the child to and from school, etc.”

He added that sometime last year, he received a call from her daughter’s school that Imade had been absent for two weeks, and upon his inquiry from Momodu, “She began to make excuses and complained that the Range Rover SUV was not in a good condition, however, she refused to inform me about that.”

He added, “That sequel to the information about the said condition of the vehicle, I provided another vehicle, Highlander SUV, and in addition, the sum of N5.8m as requested by her for the repair of the Range Rover SUV, making it two vehicles in the custody and use of the respondent and our daughter.”

According to Davido, to further ensure that the interest of their child was adequately taken care of, “I also made commitments to pay for living expenses, the fees of the nanny to our child, provide medical and health care, insurance, periodic international travel expenses and tickets.”

“That notwithstanding my efforts in the overall interest of my daughter, the respondent has continued to make outlandish and Utopian demands to frustrate me,” the singer added.

Listing the other demands allegedly made by Momodu, he said, “The respondent, among others, is demanding that I should pay the nanny she hired the sum of $800 per month, and that the total sum of $19,600 per annum be paid as a lump sum.”

Davido claimed that despite his contribution towards ensuring a better life for their daughter, “the respondent has continued to show me unwarranted cruelty, inflicting so much pain on me.”

Davido and Sophia have often been at loggerheads.

In 2021, Sophia revealed that she was pained when their daughter, Imade, took Davido’s last name and not hers.

Momodu revealed this via her Instagram Story when she reacted to a post about children bearing their mothers’ names.

According to her, she cried bitterly because her daughter could not bear her last name ‘Momodu’.

She wrote, “I remember my mom and aunties laughing at me when I was crying because my daughter’s last name wasn’t going to be Momodu.

“I was genuinely distraught. I was even arguing and everything, that they put her father’s full name and not a single letter from mine.”

She further revealed that her mother made her understand that Imade should bear her father’s name so that she could gain from her father’s lineage and inheritance.

She added, “It made me shut up real quick, but I lowkey had so many questions.”

Notcoin hits 40 Million users as players earn $1.5 million from airdrop campaigns

Cryptos

Ranks-Staff

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June 20, 2024

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Notcoin hits 40 Million users as players earn $1.5 million from airdrop campaigns

Notcoin, a crypto game project on Telegram has announced that it has hit 40 million users globally.

The Notcoin team ended the speculation around their number of users by third-party tools whom they said used the wrong parameters.

Notcoin also announced that its players earned a whopping $1.5 million across 20 campaigns.

The team stressed the achievement and success of the Notcoin project stating that the amount earned by players is more than what most Web3 projects could generate for users in less than a month.

The team stressed that the $1.5 million earned by players is still a small amount compared to their targets. The team expects the number of campaigns and the amount of money players earn to rise by 10fold after they launch automated campaigns.

Notcoin is currently trading at $0.0185 and surged by 5% in the last 24 hours. In the past 14 days, the memecoin surged by 210% according to Coingecko.

The NOT token earlier this month hit an all-time high of $0.0283 pushing its market capitalization past the $2.75 billion mark.

The Notcoin team has announced exciting new features that they are looking to integrate into the Notcoin ecosystem in no distant time.

These prospective features include rewards sharing with friends, gold and platinum players gaining access to highly sought-after token launches, implementing automated campaigns, and new players gaining access to levels.

As of May 20, Notcoin’s total players stood at 35 million. The crypto play-to-earn project thus gained an additional 5 million players a 14% increase in its total players in less than three weeks.

The impressive jump in the number of players can be attributed to the recently launched feature in the project where players can earn rewards passively. These rewards are earned in the form of Not tokens the Native Token of the game.

This is a sharp diversion from the previous earning models where players must complete a particular task or a mission to earn rewards. This new feature is less tedious and more rewarding than the existing one hence the increased adoption of the Notcoin project by new users.

What to know

Notcoin is one of the top 5 promising memecoins to watch out for after a successful airdrop campaign and a recent surge in price value in the market.

The team behind the project also looks solid and recently announced that they will be giving out 40 million NOT tokens to players who hold Notcoin’s Premarket trading vouchers.

Notcoin is the very first crypto airdrop campaign that many Nigerians benefitted from creating a lot of awareness and driving a massive adoption of Web 3 projects by Nigerians.

First Bank confirms appointment of Olusegun Alebiosu as Managing Director, Ini Ebong as DMD

Finance & Banking

Ranks-Staff

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June 20, 2024

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First Bank confirms appointment of Olusegun Alebiosu as Managing Director, Ini Ebong as DMD

First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its substantive Managing Director/Chief Executive Officer.

He has been serving as the Acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan resigned his position as the MD/CEO of the bank.

The bank also announced the appointment of Ini Ebong as the Deputy Managing Director. Ini was the bank’s Executive Director in charge of Treasury and International Banking since January 2022.

The bank also announced the appointment of Omotunde Alao-Olaifa, the CFO of Leadway Holdings as a non-executive Director.

First Bank of Nigeria Limited, a subsidiary of FBN Holdings has undergone significant leadership changes since March 2024, when its MD resigned.

About Olusegun Alebiosu

Before Acting as the MD of the bank, Olusegun Alebiosu was an Executive Director with the bank, serving as the Chief Risk Officer and the Executive Compliance Officer of the bank since January 2022. He has been the Chief Risk Officer (CRO) of First Bank since 2016.

Before joining First Bank as the CRO in 2016, he was the CRO at Coronation Merchant Bank. He was also the Chief Credit Risk Officer at the African Development Bank Group and was the Deputy Chief Credit Risk Officer at UBA. His professional career commenced in 1991 with Oceanic Bank Plc (now Ecobank Plc).

He is an alumnus of the University of Lagos, where he obtained a Bachelor’s Degree in Industrial Relations and Personnel Management. Alebiosu then obtained a Master’s Degree in International Law and Diplomacy from the University of Lagos.

Alebiosu obtained a Master’s Degree in Development Studies from the London School of Economics and Political Science. He also completed the Advanced Management Program at Harvard Business School.

About Ini Ebong

Ini Ebong will resume as the bank’s Deputy Managing Director after serving as the Executive Director of treasury and International Banking from January 2022. He was previously the Group Executive, Treasury and International Banking from 2016.

Before serving as a Group Executive, he was the Bank’s treasurer, a position he held from 2011 to 2016.

Prior to joining First Bank, he worked with Renaissance Securities Nigeria Limited, as well as Citigroup, where he was the Country Treasurer, as well as Sales and Business Head.

Ebong holds both a Bachelor’s and Master of Science degree in Architecture from the University of Ife (now OAU).

About Omotunde Alao-Olaifa

Omotunde Alao-Olaifa is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings.

Before joining Leadway Holdings, he was an Investment Banking associate with Lionstong Group. He was also an assistant manager in Fidelity Bank, in the corporate banking division.

First Bank management changes in 2024

In 2024, First Bank of Nigeria and its parent company, FBN Holdings underwent significant leadership changes, starting from January when Femi Otedola was appointed as Chairman of FBN Holdings.

After Otedola’s appointment as FBN Holdings chairman, on March 20, the group announced the appointment of new Non-Executive Directors (NEDs), including three new NEDs for First Bank of Nigeria. The new NEDs for First Bank were Remilekun Odunlami, Anil Dua, and Fatima Ibrahim Ali.

Then on April 20, 2024, the CEO of First Bank of Nigeria, Adesola Adeduntan resigned after nine years in charge of the bank, and the following day, April 21, Olusegun Alebiosu was appointed as the Acting Managing Director of the bank.

On May 9, 2024, Tunde Hassan-Odukale completed his tenure as the Chairman of First Bank of Nigeria, with Ebenezer Olufowose replacing him.

The appointment of Alao-Olaifa as a NED brings the total number of NEDs in First Bank to nine.

FBN Holdings posted a 2.65% loss in the NGX today, as its share price declined to N22.00, with its market capitalization closing at N790 billion.

CBN heist: How Emefiele’s PA, others

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June 20, 2024

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Court documents have revealed that the sum of $6,230,000 allegedly stolen from the Central Bank of Nigeria on February 8, 2023, was shared and invested in real estate.

The Jim Obazee-led Presidential Special Investigative team set up by President Bola Tinubu to probe the former CBN governor, Godwin Emefiele had uncovered how the $6.2 million was stolen from the apex bank’s vault under the guise of paying election observers.

Currently, Emefiele is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission.

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence during his tenure as the apex bank’s boss.

In the court documents, investigators described the heist as an insider’s job carried out mainly by CBN officials with the connivance of two outsiders, identified as Adamu Abubakar and Imam Abubakar.

Investigators, the documents further revealed, found that Emefiele’s Personal Assistant, Odoh Eric Ocheme, received $3,730,000 of the stolen funds, while his three other collaborators shared the remaining $2,500,000.

Ocheme, the documents said justified his lion’s share of the looted funds by claiming he had to pay other interests within the apex bank.

It was revealed in one of the court documents that some of the beneficiaries invested about N1.4billion of their shares of the looted funds in real estate, part of which has now been recovered.

One of the investigators, who is a Deputy Superintendent of Police, in an affidavit filed along with an extradition charge pending against Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme before a Federal High Court in Abuja, gave details of their findings and progress made so far.

The three suspects are said to be at large and are believed to have fled Nigeria, a development that informed the initiation of extradition proceedings against them before the Federal High Court in Abuja.

According to the police officer in one of the court documents, “We commenced investigation into the case and obtained copies of the withdrawal slip as well as the accompanying documents, Central Bank of Nigeria memos, dated 07/02/2023 and 31/01/2023 respectively, staff identity card of one Jibril Abubakar, letter dated 2/01/2023 purportedly written by Muhammadu Buhari to Boss Mustapha and letter dated 20/01/2023 purportedly written by Boss Mustapha to Mr Godwin Emafiele, which the Central Bank of Nigeria, Abuja Branch relied on in making the payment.

“Investigation at the office of the President as well as the Secretary to the Government of the Federation in the Stale House revealed that the letters purportedly written by Muhammadu Buhari and for Secretary to the Government of the Federation (SGF) Boss Mustapha did not emanate from the offices respectively, while Jibril Abubakar, whose identity card was used to cash the money in question is not a staff of the office of the Secretary to the Government of the Federation.

“We watched the Closed-Circuit Television (CCTV) footages of the 08/02/2023 being the day the money in question was cashed, and the payee (Jibril Abubakar) could not be identified by the staff of either the CBN or that of the office of the Secretary to the Government of the Federation, where he falsely represented himself to be working.

“A further study of the Closed-circuit Television (CCTV) footage revealed that a staff of the Abuja Branch of the Central Bank of Nigeria, identified as Abdulmajeed Muhammad received the impostor (Jibril Abubakar) at the gate of the bank when he arrived on the fateful date: 08/02/2023.

“Abdulmajeed Muhammad was consequently arrested and in his statement made on 15/12/2023, he admitted helping the impostor into the Abuja Branch of the Central Bank of Nigeria, but claimed that he did that innocently, the impostor having been referred to him by Bashirudeen Maishanu; a Senior Staff of the CBN.

“Abdulmajeed Muhammad further revealed that prior to 08/02/2023 when the impostor came to cash the money in question, he (Abdulmajeed Muhammad) had been invited by Bashirudeen Maishanu to explain the procedure of public officials making cash withdrawal from the CBN as those persons claimed to be officials from the office of the SGF and that the then president had approved certain fund for official assignment.

“We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.

“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator’s team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant – Odoh Eric Ocheme – was the Personal Assistant to Godwin Emefiele as the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”

Tolaram Group: The good, the bad, the ugly by Joseph Edgar

Expert Opinions

Ranks-Staff

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June 19, 2024

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Tolaram Group: The good, the bad, the ugly by Joseph Edgar

We have received the news of the Tolaram Group takeover of Diageo’s majority stake in Guinness with mixed feelings. More like with a huge sigh of relief.

The Diageo Group, citing obvious reasons, has exited the brewery business, taking with it its expansive spirits business.

This marked the end of an epoch. Seventy-five years of doing business in Nigeria culminated in the iconic “Udeme is a great guy” campaign, which resonated widely.

For the last 20 years, and I must say immediately after the robust OBJ administration, which instituted reforms that pushed business and minimized government intervention, multinationals have gradually pulled out of the Nigerian economic space.

It started as a trickle during Jonathan’s administration and has escalated to a worrying speed under the Tinubu administration.

The reasons are not far-fetched: global economic shifts, insecurity, incompetent and inconsistent government policies, weak corporate governance, and rampant corruption all contribute to this exodus.

However, as the Western-backed multinationals exit, something else is happening.

The Asians and Chinese are moving in, with this Tolaram infusion being the most high-profile example.

The Asians, Indians, and Lebanese have been in Nigeria for hundreds of years but have mostly stayed on the periphery of mainstream economic activities, engaging in trades, services, logistics, small-scale manufacturing, and hospitality.

They run very profitable businesses and control these markets firmly. The reason is simple: these businesses do not require stringent corporate governance, are mostly cash-based (which fits well in a corrupt system), have no real need for forex, and do not need to extract profits urgently.

This is why you see large Lebanese and Indian communities spread all over the country. They have nationalized because the margins are huge, there are little or no taxes, and active connivance with authorities to bend the rules, and it creates a business utopia that’s hard to believe.

Multinationals, on the other hand, with home government-backed corporate governance enforcement and ethics, get frustrated out of the very lucrative market space and are replaced by those who know how to do business the Nigerian way.

So, what does the Asian and Chinese influx portend for the Nigerian economic space? It comes with the good, the bad, and the ugly.

The good: It immediately fills the gaps left by the receding multinationals. The inflow of funds and maintenance of positions will save jobs, keep goods and services running, and generally attempt to stabilize things.

There will be no immediate need to repatriate profits, as they reinvest and take on stakes in Nigerian projects, easing pressure on the Naira by reducing the demand for forex.

However, the bad will quickly emerge. Unregulated inflows will enter the mainstream economy, corporate governance will erode, and job security and work conditions will deteriorate.

The ugly: They will connive with corrupt government officials, further skewing the system. As a result, long-term economic prospects will remain dim with no real growth.

So, what can be done? The government must recognize this phase as a temporary stopgap measure to stabilize things while implementing adequate policies to fight corruption and better prepare the economy for serious investment.

Notably, Foreign Portfolio Investments (FPIs) are beginning to come in, a symptom of ‘distress investment.’ This occurs when investors jump into an environment of hyperinflation, loose government rules, and huge short-term margins, only to exit quickly.

All these factors are tied to the corruption index. As the corruption index grows, FPIs and similar investors will invade, typically targeting high cash turnover areas like hospitality, tourism, food and beverages, and other low-entry, high-profitability sectors.

It all depends on how one views this situation. One thing is certain: with continued government insincerity, lack of policy cohesion, and inability to fight corruption, the situation will worsen, potentially leading to a ‘taken state.’

I will explain that in another series.

Thanks,

Duke of Shomolu

EXCLUSIVE: Lagos sets humongous N2.5bn revenue generation target for LASTMA

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June 19, 2024

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EXCLUSIVE: Lagos sets humongous N2.5bn revenue generation target for LASTMA

Motorists in Lagos, Southwest Nigeria who are fond of breaking road traffic laws should be warned because officials of the Lagos State Traffic Management Authority (LASTMA) have been given the target to generate N2.5 billion into government ‘s coffer this year.

This is contained in the approved budget of the Lagos State Government for 2024 and signed into law by Governor Babajide Sanwo-Olu.

In the budget, the Ministry of Transportation is to generate N52.48 billion this year, out of which LASTMA is to rake in N2,505,000,000.

In the 2023 budget, LASTMA was given N2.35 billion as revenue target. The Authority raked in N703.486 million between January and September, 2023. The revenue generation in the last three months (October-December) was not captured in the budget.

Asides LASTMA, the Ministry of Transportation is to cough out N11.28 billion, while the Lagos State Metropolitan Area Transport Authority (LAMATA) is to generate N10.3 billion.

The Motor Vehicle Administration Agency (MVAA) was given a budget of N17.059 billion revenue target. In the previous year, out of the N16.399 billion revenue target, MVAA generated N7.196 billion between January and September 2023.

Also, the Lagos State Parking Authority is to generate N4.1 billion this year. In the previous year, the agency posted N450.9 million between January and September 2023 out of the N1.75 billion it was given in that year.

The Lagos State Number Plate and Production Authority has a revenue generation target of N6.2 billion, which is more that the N5.23 billion revenue target the previous year.

Credit: PM News

Documents: How $6.2m Stolen From CBN Within 24 Hours Was Shared

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June 19, 2024

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Documents: How $6.2m Stolen From CBN Within 24 Hours Was Shared

The sum of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN), on February 8, 2023, was shared and invested into real estate, according to court documents.

The $6.2 million, according to the special presidential investigative team, led by Jim Obaze, that probed the tenure of the immediate past CBN Governor, Godwin Emefiele, was removed from the apex bank’s vault under the guise of paying election observers.

Emefiele is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC).

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.

In the court documents, investigators described the theft as an insider’s job, allegedly effected by mainly, CBN officials with the connivance of two outsiders, identified as Adamu Abubakar and Imam Abubakar.

According to the documents, investigators claimed that Odoh Eric Ocheme, Emefiele’s personal assistant, received $3,730,000 of the funds, with three other people splitting the remaining $2,500,000.

Ocheme was said to have justified his lion’s share by claiming he had to pay other interests he had within the apex bank.

In one of the court documents, it was revealed that some of the beneficiaries invested their shares of the loot, estimated at about N1.4 billion in real estate, part of which has now been recovered.

In an affidavit filed along with an extradition charge pending against Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme before a Federal High Court in Abuja, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.

Adamu Abubakar, Imam Abubakar and Ocheme are said to be at large and are believed to have fled the country.

This informed the initiation of extradition proceedings against them before the Federal High Court in Abuja.

The Deputy Superintendent of Police was quoted to have said: “We commenced investigation into the case and obtained copies of the withdrawal slip as well as the accompanying documents, Central Bank of Nigeria memos, dated 07/02/2023 and 31/01/2023 respectively, staff identity card of one Jibril Abubakar, letter dated 2/01/2023 purportedly written by Muhammadu Buhari to Boss Mustapha and letter dated 20/01/2023 purportedly written by Boss Mustapha to Mr Godwin Emafiele, which the Central Bank of Nigeria, Abuja Branch relied on in making the payment.