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Ideye set to lead Team PUNCH against Nigeria Media XI as coach

Tosin Ranks
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Ideye set to lead Team PUNCH against Nigeria Media XI as coach

Brown Ideye, the victorious 2013 African Cup of Nations player, is set to lead Team PUNCH in a novelty match against Nigeria Media XI at the Mobolaji Johnson Arena (formerly Onikan Stadium), Onikan, Lagos Island, on February 24.

The Nigeria Media XI comprises journalists from various newspaper houses and will be coached by former Eagles striker Victor Agali.

This novelty game marks the kickoff of PUNCH Nigeria Limited’s 50th-anniversary celebration in Lagos.

While PUNCH, the publisher of renowned titles like The PUNCH, Saturday PUNCH, Sunday PUNCH, and PUNCH Online, reached its 50th milestone on March 18, 2023, the celebration was shifted to this year due to its occurrence during an election month and year.

The 50th-anniversary festivities coincide with the 40th remembrance of the late Chief James Olubunmi Aboderin, the founding Chairman, who passed away on February 28, 1984, at the age of 50.

Starting on February 28, PUNCH will host a three-day photo exhibition at the Alliance Francaise de Lagos/Mike Adenuga Centre, Osborne Road, Ikoyi, Lagos, showcasing iconic photographs from its extensive archive of significant national events.

A distinguished public lecture on February 29 at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, is expected to draw leaders from the public and private sectors.

The celebration continues on March 2, 2024, at Eko Hotels and Suites, Lagos, with a black-tie dinner to recognize stakeholders’ contributions to PUNCH’s success.

Angela Emuwa, the Chairman of the company’s board, sees the anniversary and her father’s 40th remembrance as twin milestones, emphasizing PUNCH’s enduring impact on Nigeria over five decades.

Adeyeye Joseph, the Managing Director/Editor-In-Chief, described PUNCH as a national treasure that stood with Nigeria through thick and thin.

The 50th anniversary is an occasion to celebrate the newspaper’s heritage and editorial independence.

The grand finale, a staff party on March 9, will honor current and former staff for their contributions to PUNCH’s success.

A special commemorative anniversary publication will be distributed at various events to mark the golden jubilee anniversary of the newspaper.

Market traders in Lagos experience heightened panic due to the quit notice issued by the Lagos government

Tosin Ranks
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Market traders in Lagos experience heightened panic due to the quit notice issued by the Lagos government

Traders in the Balogun and Breadfruit markets area of Lagos Island are growing increasingly uneasy as the approaching 14-day eviction notice from the Lagos State Government looms.

Matilda John, a single mother of three, expressed her struggles after the government demolished her container shop, leading to a decline in sales due to the lack of proper shelter.

Other traders shared similar woes, citing unexpected demolitions, loss of livelihoods, and challenges posed by Central Business District officials imposing levies.

The government, on its part, issued the ultimatum to remove extensions on road setbacks, citing concerns about building collapse, traffic congestion, street trading, and environmental violations.

The traders’ plea for understanding and support echoes in the face of the impending changes, with concerns raised about the suddenness of the demolitions and the economic hardships faced by those affected.

$900bn in dormant capital is immobilized within the real estate sector, according to PwC’s assessment

Tosin Ranks
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0
$900bn in dormant capital is immobilized within the real estate sector, according to PwC’s assessment

PricewaterhouseCoopers Nigeria estimates that Nigeria holds approximately $900 billion in dead capital, locked in residential real estate and agricultural land, as revealed in their report titled ‘Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.’

The dead capital includes the Federal Government’s abandoned property, valued at N230 billion.

Despite a housing deficit of 28 million units and a projected population of 223.8 million in 2024, the demand for housing remains low due to high rental and construction costs, along with declining disposable incomes.

The lack of proper documentation, bureaucratic procedures, corruption, and inefficient legal frameworks contribute to the existence of dead capital in Nigeria’s real estate sector.

Last October, the Federal Government announced plans to unlock over $300 billion in dead capital through reforms and collaborations in the housing sector, aiming to enhance investment and address the housing deficit.

FG commends Dangote for his efforts in driving economic diversification

Tosin Ranks
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FG commends Dangote for his efforts in driving economic diversification

The Federal Government has expressed gratitude to the Dangote Group for its contribution to diversifying the country’s economy and commitment to best practices in all operations.

The commendation was given by the Ogun State Government, highlighting Dangote Cement as a key driver of the state’s economy with the continent’s second-largest cement plant located there.

Minister of State for Environment, Dr. Iziaq Saloko, praised Dangote Industries for promoting best practices in conception, planning, and management of factories during a visit to the Dangote Cement plant in Ibese, Ogun State.

The visit, preceding an Expert Panel Review of an Environmental Impact Assessment on coal milling, emphasized the company’s role in economic diversification, job creation, and infrastructure development.

Ogun State Commissioner for Environment, Ola Oresanya, called for increased collaboration, acknowledging the significant contributions made by Dangote Cement to the state’s revenue through levies and taxes.

Plant Director, Mr. Azad Nawabuddin, highlighted the plant’s achievements in social investments, infrastructure, and employment, underscoring its substantial contribution to both state and federal economic diversification efforts through job creation and cement exports.

CBN instructs banks to divest surplus dollars within a 24-hour timeframe

Tosin Ranks
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CBN instructs banks to divest surplus dollars within a 24-hour timeframe

In an effort to stabilize the nation’s exchange rate, the Central Bank of Nigeria has directed Deposit Money Banks to sell their surplus dollar reserves by February 1, 2024.

This move, outlined in a recent circular, aims to prevent banks from hoarding foreign currencies for speculative gains.

The circular introduces guidelines to mitigate risks associated with holding large foreign currency positions, focusing on managing the Net Open Position (NOP).

Banks exceeding the specified limits must adjust their positions by February 1, 2024, and non-compliance may result in sanctions and suspension from the foreign exchange market.

 

Fire claims multi-million naira Lagos church belonging to the House of David

Tosin Ranks
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Fire claims multi-million naira Lagos church belonging to the House of David

The Household of David church on Surulere Street, Adeniyi Jones, Ikeja, Lagos State, suffered a significant loss as its multi-million naira auditorium succumbed to a fire around 10:00 am on Wednesday.

The Lagos State Fire Service spokesperson, Amodu Shakiri, explained that the auditorium’s ceiling overheated, leading to its collapse and the subsequent ignition of a fire.

Responding agencies, including the Lagos State Fire and Rescue Service, Alausa and Ikeja Fire Stations, LASAMBUS, LASEMA, and Red Cross, worked to contain the fire to the auditorium, minimizing damage to surrounding properties.

The Senior Pastor, Olusola Osunmakinde, expressed the painful experience in a video on Instagram, emphasizing gratitude that no lives were lost.

Despite the destruction of the auditorium and church items, he remained resilient, stating the intention to proceed with the scheduled conference, acknowledging challenges but expressing faith that all things would work together for good.

Makinde issues a 72-hour ultimatum to companies possessing explosives

Tosin Ranks
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Makinde issues a 72-hour ultimatum to companies possessing explosives

Oyo State Governor, Seyi Makinde, signed Executive Order 001, 2024, focusing on the management of hazardous materials.

Within the order, he issued a 72-hour ultimatum for individuals possessing explosives in the state to declare them.

This legislation, prompted by a recent explosion in Ibadan, aims to enhance safety measures, with violations punishable under existing criminal laws.

Makinde expressed confidence that these measures would prevent a recurrence of the tragic incident and emphasized the immediate implementation of the Executive Order.

 

Tinubu instructs the Attorney General of the Federation (AGF) and Lokpobiri to resolve the $1.3 billion oil block dispute

Tosin Ranks
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Tinubu instructs the Attorney General of the Federation (AGF) and Lokpobiri to resolve the $1.3 billion oil block dispute

President Bola Tinubu has directed key government entities, including the Attorney-General of the Federation, Lateef Fagbemi, and Minister of State for Petroleum Resources, Heineken Lokpobiri, to swiftly resolve the prolonged legal disputes surrounding the $1.3 billion deepwater OML 245 oil block in the southern Niger Delta.

The order extends to agencies like the Economic and Financial Crimes Commission, Nigerian Upstream Petroleum Regulatory Commission, and Nigerian National Petroleum Company Limited.

Lokpobiri revealed in Abuja that negotiations are underway to settle the 28-year-old crisis surrounding the lucrative oil block within the next month.

The Malabu OML 245 deal, marked by corruption allegations, fraud, and prolonged legal battles, involves the acquisition of the oil block by Shell and Eni in 2011 for $1.3 billion.

The complexity of the case, stemming from questionable practices in the late 1990s, has led to litigations involving Nigeria, Eni, Shell, and Malabu, with allegations of bribery and corruption.

Despite various investigations and legal actions in different jurisdictions, the outcomes have been mixed, prompting considerations to end further litigation and allow development of the block.

Lokpobiri emphasized the economic importance of resolving the issue promptly, expressing the government’s commitment to attracting investments to benefit Nigerians.

The case sheds light on the challenges of corruption in extractive industries and raises questions about the role of Western oil companies in potentially fueling corruption in resource-rich countries.

The EFCC is investigating the Nigeria Air deal, according to Keyamo

Tosin Ranks
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The EFCC is investigating the Nigeria Air deal, according to Keyamo

The Minister of Aviation and Aerospace Development, Festus Keyamo, revealed on Channels TV Politics Today that the Economic and Financial Crimes Commission is conducting a criminal investigation into the controversial Nigeria Air deal initiated by his predecessor, Hadi Sirika.

Keyamo emphasized the government’s commitment to establishing a proper national carrier instead of designating a local airline as the national carrier.

He announced plans to publish weekly reports on flight cancellations and delays by local airlines, aiming to name and shame those at fault.

Keyamo acknowledged the pervasive issue of delayed and canceled flights in the country, assuring that the ministry would delicately address the matter to avoid discouraging potential investors.

He emphasized the need to enforce international laws regarding flight delays and compensation for customers, expressing empathy for the difficulties faced by Nigerians.

The minister also disclosed the government’s engagement with insurance companies to provide coverage for passengers and their flight tickets, ensuring swift action during delays or cancellations to prevent passenger strandings.

Highlighting the complexities involved, Keyamo mentioned various factors contributing to flight disruptions, including weather conditions, bird strikes, and fuel shortages.

He noted the responsibility of the Federal Airports Authority of Nigeria (FAAN) to manage these issues and the government’s plans to digitalize FAAN to streamline operations.

Furthermore, Keyamo pointed out the financial strain caused by FAAN officials commuting between Lagos and Abuja, revealing that the movement of FAAN headquarters would save the government and the people of Nigeria approximately N0.5bn spent on air tickets annually.

EFCC pursues church for allegedly accepting N7 billion in proceeds from fraudulent activities

Tosin Ranks
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0
EFCC pursues church for allegedly accepting N7 billion in proceeds from fraudulent activities

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, disclosed that the anti-graft agency traced N7bn, suspected to be money laundering proceeds, to a religious organization.

He also revealed another religious group was found laundering money for terrorists. Olukoyede stated at a dialogue in Abuja that various religious entities in the country were aiding fraudsters and terrorists.

The EFCC discovered the N7bn in the bank account of a religious organization during an investigation into a N13bn fraud case. Despite a restraining order, the chairman vowed to recover the money through the court.

Additionally, the EFCC uncovered another religious body laundering money for a terrorist organization. Olukoyede affirmed a commitment to probe financial crimes, including those involving members of the executive, legislative, and judiciary arms of government.

The event aimed to address youth involvement in cybercrimes and explore the role of religion in their reorientation, with Vice President Kashim Shettima emphasizing the need to combat corruption among government officials and young people.

 

Dignitaries present included the Attorney General of the Federation, Lateef Fagbemi (SAN), former Minister of Power, Babatunde Fashola, the Ooni of Ife, Oba Enitan Ogunwusi, the Sultan of Sokoto, Sa’ad Abubakar, the President of the Christian Association of Nigeria, Archbishop Daniel Okoh, the Chairperson of the Nigeria Committee of Vice Chancellors, Prof. Lilian Salami, and the Registrar of JAMB, Prof. Ishaq Oloyede.

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