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Tinubu maintains that performance will be impacted by reducing the cabinet

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President Bola Tinubu defends his decision to appoint 47 ministers, emphasizing that the diverse roles are essential for an efficient government.

He expresses skepticism about reducing the cabinet, stating that it may not guarantee improved performance.

Tinubu urges the Christian Association of Nigeria to promote tolerance and hope, cautioning against actions that could harm the country irreparably.

Emphasizing the crucial role of faith leaders in fostering unity and peace, Tinubu commits to addressing corruption and vices to pave the way for the prosperity of all Nigerians.

He warns against combining too many ministries, emphasizing the need for manageable challenges to ensure efficiency.

Acknowledging criticisms over the cabinet’s size, Tinubu contrasts his approach with past presidents, justifying the larger cabinet as necessary for mobilizing efficient and resourceful individuals.

He calls for support from Christian leaders in the fight against corruption, advocating for a change in mindset regarding money-related matters.

In a meeting with the Christian Association of Nigeria, Tinubu encourages dialogue, expressing openness to feedback and commitment to fairness.

He emphasizes the need for input from the clergy and promises to maintain an open-door policy.

In response, the CAN President, Daniel Okoh, commends Tinubu’s leadership, expressing support and partnership in nation-building.

Okoh appreciates Tinubu’s listening leadership style and assures the association’s readiness to collaborate in addressing the challenges facing Nigeria.

 

The CBN is considering increasing banks’ capital base to N900 billion, as per a recent report

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A recent report suggests that the Central Bank of Nigeria might instruct commercial banks with international banking licenses to increase their capital base to over N900bn.

This follows a statement from the CBN Governor, Olayemi Cardoso, a few months ago, indicating the need for banks to raise more capital to support the government’s goal of growing the economy to $1tn.

CardinalStone Securities’ Banking Sector FY 2024 Outlook predicts that Nigerian banks may be required to augment their capital, with estimates ranging from N181.85bn for regional banking licenses to N909.27bn for international banking licenses.

The report bases these projections on the possibility of the CBN returning to the capital-to-GDP ratios in dollars set in 2005, ranging from 0.04% for regional banks to 0.22% for commercial banks.

However, the report acknowledges that achieving a $1tn economy in seven years might necessitate even higher capital base requirements.

It highlights a significant decline since the 2005 recapitalization exercise, with current requirements ranging from 0.00% to 0.01% of GDP in dollar terms as of 2024.

The report suggests that banks may need to raise their capital base to meet the range of N181.85bn (for regional banks) to N909.27bn (for international banks), considering the 2024 real GDP of $472.6bn and an exchange rate of N841.61/$ as of December 20, 2023.

While most banks are expected to meet this challenge, achieving the ambitious $1tn economic size goal might require even higher capital base requirements.

The report concludes by stating that monitoring developments in this space will be crucial to understanding the final decisions of the apex bank and the specifics of the directives and timelines involved.

 

Latest Developments Regarding the Bodija Incident: Statement from Seyi Makinde

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I commend the diligent efforts of our security agencies in Oyo State, maintaining law and order around Bodija this week.

Kudos to the residents for their compliance with the officers’ directives.

Yesterday, the medical team at the Emergency Operations Centre, alongside the Honourable Commissioner for Health, visited hospitals where victims from the incident were treated.

Over 90% of the victims have been discharged, and the current death toll stands at five persons.

Counselling for incident victims has commenced at the Emergency Operations Centre in Ibadan, led by a clinical psychologist.

Ground Zero operations have shifted from search and rescue to recovery.

A special appreciation goes to the Nigerian Society of Engineers, conducting structural integrity tests on approximately 230 properties near the explosion site. This includes 13 houses within a 50-meter radius, 40 houses at 100 meters, 122 houses at 200 meters, and 53 houses within 250 meters.

We extend our gratitude to Governor Jide Sanwo-Olu for releasing the Lagos State Emergency Management Agency (LASEMA) to support us.

Special thanks to Engineer Olatunde Akinsanya, the Director of Operations, for their assistance.

Security agencies are actively investigating the incident, and updates on their progress will be publicized.

Our administration remains dedicated to supporting all victims and ensuring accountability for those responsible.

For any issues related to the Bodija Incident, please contact the Emergency Operations Centre at 07049948057 or 08147672009.

 

Prime Video Slashed Budgets on Africa Original Content; Navigating the Challenges in the Film Industry

I’ve found myself deeply troubled since the recent revelation that Amazon Prime has significantly slashed its commissioning and originals’ budget in Africa. Reports also highlighted the unfortunate laying off of many original executives in Nigeria and South Africa.

 

Despite initial speculations suggesting Amazon Prime’s exit from the African Market, it’s clarified that they will continue to acquire African content, albeit with reduced investment. This, understandably, brings a sense of disillusionment to many film producers.

This development has sparked numerous discussions across various sectors, with notable figures like Mo Abudu, the CEO of Ebony Life Media, expressing dissatisfaction with how streaming giants handle the African market.

 

While businesses are, by nature, profit-oriented, the reality is that only about 5% of Nigerians subscribe to these platforms. It makes financial sense for these platforms to cut costs and invest where more revenue is generated. Unfortunately, some resort to pirated links on Telegram, consuming the same movies that streaming giants invest substantial sums to produce.

 

What concerns me most is the apparent silence from industry leaders and guild leaderships. I expected Producers’ Associations, major funders of the industry, to take a stand and voice their concerns. We must muster the courage to demand considerations from these market entrants, or we risk being perceived as beggars lacking negotiation power.

 

The African market, and Nigeria, in particular, is a growing one, projected to become the world’s largest economy by 2050. This projection might falter if critical stakeholders remain silent when adverse decisions, such as this budget cut, are made without notice or consideration.

 

For me, Africa, and Nigeria specifically, must seek an inward solution to revenue generation issues. We should focus on AFROCENTRICISM as our hallmark of foreign policy.

 

Industry stakeholders need to shift focus from internal conflicts and concentrate on demanding a seat at the table to voice our concerns. Producers, in particular, should recognize that not every film needs a big budget. Strategic theatre releases, campus tour movies, YouTube, TV markets across Africa, and crowd-funding are viable alternatives to alleviate the burden of individual investments.

 

Moreover, consider pitching to investors for critical developmental needs in the industry, such as investing in Village Cinemas for low-income earners, training facilities, and alternative exhibition platforms.

 

Based on thoughts on these burning issues. We must navigate these challenges together. Best regards to us all.

 

Written by Adesina Kasali

NDLEA apprehends the suspected proprietor of tramadol concealed within dietary supplements

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The National Drug Law Enforcement Agency (NDLEA) has apprehended the suspected owner of a shipment of tramadol concealed in dietary supplements at Murtala Muhammed Airport, Ikeja.

The arrest occurred on Friday, following a viral video depicting the suspect allegedly being tortured.

The Federal Airports Authority of Nigeria (FAAN) distanced itself, revealing the individual worked for an aviation services company.

FAAN transferred the suspect and the exhibit to the NDLEA, where preliminary findings revealed 50 tramadol pills in the parcel.

Additionally, the NDLEA intercepted drug trafficking attempts involving Indian hemp and seized large consignments of cocaine and colorado at Tincan Seaport.

The agency also made arrests in Kano, Lagos, and Abuja, uncovering significant quantities of illicit substances.

The NDLEA continues its efforts to combat drug trafficking across various regions.

 

ACF expresses opposition to the transfer of CBN units and FAAN headquarters to Lagos

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The Arewa Consultative Forum strongly criticizes the President Bola Tinubu-led administration’s decision to relocate key departments of the Central Bank of Nigeria and the Federal Airports Authority of Nigeria to Lagos.

According to the ACF, this move is a deliberate attempt to further underdevelop the northern region.

While the CBN cites congestion as the reason for the move, the ACF argues that it is done in bad faith.

They urge the Federal Government and the National Assembly to intervene, emphasizing that there is ample land in the Federal Capital Territory for expansion.

The ACF emphasizes the historical relocation of the capital to Abuja for valid reasons and calls for a reconsideration of these recent decisions.

The CBN, through an official, maintains that the relocation is purely operational and not politically motivated.

 

Dangote Refineries aims to provide fuel to 150,000 IPMAN stations as part of their supply plans

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The Dangote Petroleum Refinery is set to provide fuel to approximately 150,000 retail outlets managed by the Independent Petroleum Marketers Association of Nigeria (IPMAN) following a successful meeting between the refinery’s management and IPMAN executives. Last Monday,

The PUNCH reported exclusively that IPMAN had a scheduled meeting with Dangote refinery regarding product supply.

IPMAN President Abubakar Maigandi confirmed the meeting’s occurrence on Friday, stating that the refinery agreed to supply products to their over 30,000 members.

Regulatory authorities are currently inspecting the refined products before granting approval for fuel dispensation.

Seven major oil marketers, including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail, have registered with the refinery for product distribution.

Additionally, the Petroleum Products Retail Outlets Owners Association of Nigeria is engaging with the refinery for product supply.

As of January 12, 2024, Dangote Petroleum Refinery announced the commencement of Automotive Gas Oil (diesel) and JetA1 (aviation fuel) production.

IPMAN President Maigandi expressed optimism about product availability across their 150,000 stations nationwide once the refinery obtains approval to sell.

While the pricing details were not discussed, Maigandi mentioned that the prices would likely be slightly lower than the current market rates.

The Dangote refinery, located in Lagos, has received six million barrels of crude oil, with the first delivery on December 12, 2023, and the sixth on January 8, 2024.

The refinery, with a daily capacity of 650,000 barrels, conforms to international emission norms.

Aliko Dangote, the President of Dangote Group, stated that products would be in the market within the month once regulatory approvals are secured.

Regulatory officials are currently in the process of inspecting the facility.

Former President Muhammadu Buhari inaugurated the refinery in May 2023, and despite facing challenges, it began receiving crude oil batches in December 2023.

However, there is no confirmation of regulatory approvals for product release as of now. Refinery officials did not respond to inquiries on the meeting with IPMAN executives.

 

Over a six-month period, CBN reported that expenditures on overseas medical and school bills amounted to $1.58 billion

Nigerians channeled $1.58 billion into health tourism, foreign education, and personal expenditures in the first half of 2023, as per data from the Central Bank of Nigeria.

Breakdown reveals $245.68 million on overseas health matters, $896.09 million on foreign education, and $434.63 million on various personal needs abroad.

The nation grapples with challenges in health infrastructure, prompting citizens to seek services overseas.

Experts highlight the strain on foreign exchange and emphasize the need for improved domestic health facilities. Efforts are underway to curb medical tourism, including legislative measures imposing penalties.

Despite allocating N1.33 trillion to the health sector in the 2024 budget, challenges persist.

Migration for education continues, with the number of Nigerian students in the United States rising, and expenditures on foreign education reaching $1.01 billion in 2022.

 

Investigation into the Ibadan explosion will guide the government in deciding the next course of action

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The Ministry of Solid Minerals Development, under the Federal Government, has reiterated its commitment to thoroughly investigate the recent explosion in Ibadan.

The incident in the Adeyi area of Old Bodija resulted in the tragic death of five individuals, injuries to 77 residents, and the destruction of approximately 58 houses.

Governor Seyi Makinde of Oyo State stated that initial findings pointed to explosives stored by illegal miners in a house as the cause.

Minister Dele Alake, through his Special Assistant Segun Tomori, affirmed the government’s dedication to uncovering the true cause of the explosion.

The Federal Government is awaiting the results of forensic investigations to determine the specifics of the blast, including the type of explosives involved and the circumstances leading to the unfortunate incident.

Mine Inspectorate officers have been deployed to collaborate with other security agencies in determining the cause.

Emphasizing the importance of allowing security agencies to conduct thorough investigations, the minister believes that this approach will ensure accurate information, accountability for culprits, and effective measures to prevent future occurrences.

The Peoples Democratic Party (PDP) in the South-West praised Governor Makinde’s prompt response to the incident, urging citizens to be more security-conscious.

The party expressed confidence in the comprehensive investigation led by Governor Makinde and security authorities to identify and bring the perpetrators to justice while preventing similar incidents in the state.

The PDP extended condolences to the victims and called on the public to be vigilant, reporting any activities that could pose a security threat.

 

Award-Winning Filmmaker David Akande, Ifedolapo Alabi Adebayo Ventures Into Uncharted Territory with Another Movie “Eti Keta”

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In a groundbreaking collaboration, acclaimed filmmaker David Akande has joined forces with producer Ifedolapo Alabi Adebayo to bring audiences an unforgettable cinematic experience. Titled “Eti Keta,” this upcoming movie is currently in the production stage under the skilled direction of renowned filmmaker Gbenga Ashowo.

Featuring an ensemble cast including Gabriel Afolayan, Mimisola Daniels, David Akande, Halimah Ganiyu, and more, “Eti Keta” revolves around the powerful themes of love and unity. These two concepts serve as the driving force behind the film, encapsulating the entire essence of the narrative.

The storyline is rooted in a true event of ethnic clashes in Nigeria, using this historical backdrop to weave a fictional tale that delves into the aftermath of the real event and its profound impact on the victims. “Eti Keta” promises to be a cinematic journey through a spectrum of emotions, ranging from romance to sadness, mourning to hate, and exploring themes of choices and consequences, sacrifice, and redemption.

The filmmakers aim to craft authentic and relatable characters, placing them in a familiar world that brings the audience closer to the harsh realities faced by these individuals. “Eti Keta” is poised to be a dramatic masterpiece that not only challenges societal norms and ethnic perceptions but also leaves a lasting impression of a unified Nigeria in the hearts of the audience.

As the production unfolds, David Akande and Ifedolapo Alabi Adebayo are set to deliver a thought-provoking film that transcends the boundaries of conventional storytelling, offering a fresh perspective on the intricacies of human relationships and societal harmony. Stay tuned for the unveiling of “Eti Keta,” an artistic endeavor that promises to leave an indelible mark on the landscape of Nigerian cinema.

 

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