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NLC expresses strong disapproval of the police presence at the NURTW national secretariat.

Tosin Ranks
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NLC expresses strong disapproval of the police presence at the NURTW national secretariat.

The Nigeria Labour Congress has strongly criticized the seizure of the National Union of Road Transport Workers’ (NURTW) national secretariat by thugs, who were reportedly accompanied by law enforcement personnel. In a statement released after an urgent National Administrative Council meeting on Monday, the NLC expressed its opposition to the alleged involvement of the Nigerian Police in the intrusion into the NURTW national secretariat located in Abuja.

The labor organization’s communiqué pointed out, “During the meeting, the NAC acknowledged the recent instances of the Nigeria Police interfering in the internal affairs of various unions.

This trend is seen as a violation of union autonomy and a breach of the legal framework that governs labor relations.”

The NLC strongly denounced what it claims to be an unauthorized intervention by the Inspector General of Police in the raid on the NURTW National Secretariat, seemingly with the intention of removing the lawfully elected union leadership and installing an alternate faction.

“The NAC has unequivocally demanded the immediate and unconditional evacuation of the unlawfully occupied NURTW National Secretariat by both the police and the group of individuals involved.

This demand must be fulfilled within 48 hours from the time of the resolution.”

In a bid to ensure openness and responsibility, the NLC has called upon His Excellency Bola Ahmed Tinubu, the President of the Federal Republic of Nigeria, to address the allegations associating his name with those responsible for the incursion.

“The NLC stressed that President Tinubu, as a product of democratic processes, should clarify his position and disassociate himself from any involvement in the incident.”

The labor union has also issued a warning of a potential strike if the lawfully elected leadership of the NURTW is not reinstated.

“The resolutions made by the NAC underline its unwavering dedication to upholding democratic values, safeguarding the independence of unions, and ensuring the well-being and rights of workers all over Nigeria.

As the nation closely observes these developments, the NLC remains resolute in its commitment to protecting the interests of Nigerian workers and unions, while urging for the swift resolution of the present crisis.”

Stanbic’s after-tax profit for the first half of 2023 has surged by an impressive 121%.

Tosin Ranks
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Stanbic’s after-tax profit for the first half of 2023 has surged by an impressive 121%.

Stanbic IBTC Holdings Plc, a financial institution, has issued its financial report for the first half of 2023.

The report highlights an impressive 121.46% increase in Profit After Tax, rising from N30.669 billion to N67.919 billion compared to the same period in 2022.

The report, which was submitted to the Nigerian Exchange Limited with a slight delay attributed to seeking regulatory approval from the Central Bank of Nigeria, reveals substantial growth across various financial metrics.

The group’s gross earnings surged by 58.18%, profit before tax soared by 107.58%, and profit after tax witnessed an impressive growth of 121.46% for the period ending on June 30, 2023.

Stanbic IBTC’s directors recommended an interim dividend of 150 kobo per share, matching the previous year’s figure, for the review period.

The favorable results can be attributed to the rise in Net Interest Income, which surged by 44.35% to N72.684 billion from N50.353 billion in 2022. Non-interest revenue also demonstrated strong growth, increasing by 56.64% to N98.618 billion from N62.957 billion.

Although there was a minor increase of 9.37% in net impairment loss on financial assets from N5.467 billion to N5.979 billion, the overall picture remained positive.

Furthermore, total assets experienced a noteworthy increase of 47%, reaching N4.45 trillion compared to N3.03 trillion in December 2022. Gross loans and advances rose by 37% to N1.70 trillion from N1.24 trillion in the same period.

In response to these results, Dr. Demola Sogunle, the Chief Executive of Stanbic IBTC, expressed his views.

He noted that the initial half of 2023 was eventful due to factors such as general elections and cash scarcity, leading to slower business activities initially.

However, business activities rebounded during the second quarter, with an increase in the PMI and demand due to better access to cash and business expansion.

Dr. Sogunle highlighted that the bank achieved significant growth in key income areas.

He mentioned a substantial increase of over 100% in the Group’s profitability, largely driven by growth in revenue streams.

The growth was reflected in a 62% year-on-year rise in interest income, attributed to higher yields and loan volumes as the bank aimed to support clients through lending and investment opportunities.

Dr. Sogunle also shared the bank’s participation in processing the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria.

PAPSS, a project of the African Union and the African Continental Free Trade Area Secretariat, aims to promote intra-African trade.

This accomplishment showcases Stanbic IBTC’s commitment to providing secure and efficient payment solutions across Africa, further aligning with their goal of helping clients unlock the potential of the African market.

Product tax revenues surge to N1.36 trillion within a span of six months, according to the NBS.

Tosin Ranks
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Product tax revenues surge to N1.36 trillion within a span of six months, according to the NBS.

Taxes imposed on goods within the country surged to N1.36tn during the initial half of 2023, despite widespread economic difficulties.

This increase reflects a significant 113.29% surge from the N636.19bn reported in the first half of 2021, as well as a 25.00% rise from the N1.09tn documented in the same period of 2022.

These statistics were sourced from National Bureau of Statistics data focusing on Net Indirect Taxes on Products, calculated using present base prices.

When considering the impact of inflation, the taxes on products tallied up to N465.94bn during the first six months of 2023.

This showcases a substantial 34.98% escalation from the N345.19bn reported in the initial half of 2021 and an 11.94% rise from the N416.23bn noted in the corresponding period of 2022.

As described by the World Bank, net indirect taxes encompass the aggregate of product taxes minus subsidies.

The bank clarified that product taxes pertain to the payments manufacturers bear concerning the production, sale, purchase, or utilization of goods and services.

In the second quarter of 2023, the country’s Gross Domestic Product (GDP) grew by a real-term rate of 2.51% on a year-on-year basis.

This figure represents a decline from the 3.54% registered in Q2 2022, with the National Bureau of Statistics suggesting this might be attributed to challenging economic circumstances.

Confronted with a reduction in global economic activity and the consequent drop in revenue, the Federal Government has been intensifying its taxation initiatives.

Outlined in the 2023-2035 Medium Term Expenditure Framework and Fiscal Strategy Paper, these efforts encompass an enhancement of the tax administration framework, which includes tax filing and payments.

Additionally, the government aims to introduce new taxes and potentially elevate existing ones, particularly in the realm of health-related taxes on items such as sugar-sweetened beverages, tobacco, and alcohol.

This strategy has been met with mixed reactions from the public.

Remarkably, the year-on-year rise in product taxes has taken place amid a decline in purchasing power across the country, evidenced by a 22.79% inflation rate in June.

The World Bank highlighted that this decrease in purchasing power resulting from high inflation has exacerbated poverty, causing approximately four million Nigerians to fall below the poverty line between January and May 2023.

Anticipations suggest that inflation will continue to surge, possibly reaching 25% by the end of 2023.

The World Bank’s forecast indicated, “Headline inflation is expected to rise from 18.8% in 2022 to 25% in 2023.”

Meanwhile, the International Monetary Fund (IMF) has been advising Nigeria to raise its Value-Added Tax (VAT) rate to 15% by 2027. Such a move could potentially further amplify the revenue generated from product taxes, subsequently influencing product prices.

UNIPORT student fatally stabs girlfriend in Edo State.

Tosin Ranks
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UNIPORT student fatally stabs girlfriend in Edo State.

Edo State Police Command authorities have apprehended Victor Ochonogor, a 24-year-old final-year student at the University of Port Harcourt, following the fatal stabbing of his girlfriend, Success Regha, on Monday.

The incident took place within their residence at 10, Osahon Street, Ogheghe Quarters, situated off Sapele Road in Benin City.

The tragic event unfolded as Ochonogor, enrolled in the Applied and Industrial Chemistry program, engaged in a violent confrontation with his girlfriend.

Both individuals were within their locked residence when the altercation escalated, leading to a mutual exchange of stabbings.

During a press briefing on Tuesday in Benin, State Commissioner of Police Muhammed Dankwara disclosed the details of the incident.

The alert was raised by the suspect’s landlord, Emmanuel Momoh, who reported the incident to law enforcement.

Tragically, the young woman, Success Regha, suffered fatal injuries from stab wounds to her neck and chest inflicted by Ochonogor using a knife.

The suspect explained to reporters that he had been in a relationship with the deceased for three years.

He recounted that while she was visiting him from Asaba in Benin, she accused him of being involved in kidnapping activities.

This accusation incited anger within Ochonogor, which seemingly contributed to the unfortunate incident.

In addition to the case involving Ochonogor, the police also presented another individual to the press.

Etinosa Omoregie, affiliated with the Nigeria Hunters and Forest Security Service, was paraded before journalists due to his alleged involvement in a murder case.

The police commissioner stated that Omoregie reportedly shot a man named Eric, who subsequently succumbed to his injuries after being rushed to a medical facility.

The police have also detained other suspects in unrelated cases.

Among them is Efosa Osayande, aged 31, who was arrested for purportedly sharing explicit images of his former girlfriend publicly. Furthermore, Friday Igberase is in police custody on charges of rape.

These incidents underscore the importance of law enforcement and social awareness campaigns to address issues of violence, crime, and consent within society.

“Long lines at fuel stations in Lagos and surrounding areas due to pipeline vandalism by thieves.”

Tosin Ranks
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“Long lines at fuel stations in Lagos and surrounding areas due to pipeline vandalism by thieves.”

The resurgence of long queues for Premium Motor Spirit (petrol) is becoming evident once again at filling stations in Lagos, Ogun states, and a few other locations in the South-Western states.

While queues haven’t been spotted in Abuja and Northern states, depots in Lagos are experiencing dwindling petrol supplies.

These queues are notably present at various stations, causing congestion on roadways such as the Oshodi-Ojodu Berger Expressway and sections of the Lagos-Ibadan Expressway.

The North-West filling station has the longest queue, dispensing petrol at N568/litre, while other stations have slightly shorter queues.

However, stations like Conoil, Enyo, and Oando at Berger in Lagos are without any petrol supply. Some stations like Worldoil, Fatgbems, and Quest in Ogun State have closed their outlets due to this shortage.

The Chairman of the Independent Petroleum Marketers Association of Nigeria, Akin Akinrinade, explained that the pipeline vandalism issue they raised alarms about in July has been impacting supply.

This has affected depots’ ability to load products, particularly the Satellite Depot.

The NNPCL Retail depot is also dispatching products on a limited scale.

Unfortunately, these disruptions extend to Lagos and the entire South-West.

The NNPCL Retail owns depots across the country, with nine in the North and twelve in the South.

However, due to pipeline vandalism, they have relied on private depots for product dispatch, which has led to challenges in maintaining a steady supply.

There have been efforts to repair pipelines, like the Satellite depot in Lagos, but even that depot was vandalized in July.

As a result of the rising foreign exchange and high prices at depots, some stations have been unable to import products. Many stations have had to shut down due to financial constraints.

The imbalance between demand and supply has also led to a reduction in imports by NNPCL, further contributing to the scarcity of petrol.

It was initially hoped that the Dangote Refinery’s operations would help alleviate the situation, but with the refinery’s delayed output, the scarcity continues.

While the market price of petrol has increased significantly since the end of fuel subsidies, there is still hope for intervention from NNPCL to stabilize the situation.

Major outlets in Lagos have been impacted, and motorists are worried about the potential for further price increases.

This situation has led to panic among commercial transport operators and motorists alike. While queues have not spread to other regions, the decline in imports could potentially lead to wider scarcity and queues if not addressed promptly.

The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stressed the importance of rehabilitating refineries to prevent similar scenarios in the future.

“Chronology of Recent Coups in Africa” Improved Description: “A Detailed Overview of Recent Instances of Coups Across Africa”

Tosin Ranks
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“Chronology of Recent Coups in Africa” Improved Description: “A Detailed Overview of Recent Instances of Coups Across Africa”

A group of military officials in Gabon proclaimed their control over the nation through a televised message shared on social media on Wednesday. This declaration followed shortly after the election body of Gabon announced that the incumbent President Ali Bongo secured a third term, thereby extending his family’s decades-long rule over the oil-rich country with a population of 2.3 million.

If successful, this coup would mark the tenth occurrence of such incidents in the western and central regions of Africa since 2017. Notably, Niger underwent a military takeover in July, which caused significant ripples across the area and drew in countries with strategic interests in the region.

Here’s a summary of some prominent coup events that have taken place in Africa in recent years:

– **2019 Sudanese coup d’état:** President Omar al-Bashir was ousted on April 11, 2019, by the Sudanese Armed Forces following widespread protests. The military took over, eventually leading to a two-year transitional period.

– **2020 Malian coup d’état:** On August 18, 2020, parts of the Malian Armed Forces initiated a mutiny that resulted in a coup. President Ibrahim Boubacar Keta resigned amid detainment, making it Mali’s second coup in less than a decade.

– **2021 Malian coup d’état:** On May 24, 2021, the Malian Army, led by Vice President Assimi Gota, carried out a coup, detaining several top officials. This was the nation’s third coup in a span of 10 years.

– **2021 Tunisian self-coup:** Tunisian President Kais Saied overthrew the Hichem Mechichi government on July 25, 2021, suspending the Assembly of Representatives and causing political upheaval amid the COVID-19 pandemic.

– **2021 Guinean coup d’état:** On September 5, 2021, Guinea’s President Alpha Condé was captured by the military, leading to the dissolution of the government and constitution.

– **2021 Sudanese coup d’état:** General Abdel Fattah al-Burhan and the Sudanese military staged a coup on October 25, 2021, detaining several high-ranking officials.

– **January 2022 Burkina Faso coup d’état:** A coup occurred on January 23, 2022, resulting in the removal of President Roch Marc Christian Kaboré.

– **September 2022 Burkina Faso coup d’état:** On September 30, 2022, another coup ousted Interim President Paul-Henri Sandaogo Damiba due to concerns about handling the nation’s insurgency.

– **2023 Nigerien coup d’état:** On July 26, 2023, the Republic of Niger witnessed a coup where President Mohamed Bazoum was detained, leading to the rise of a new military junta under the command of General Abdourahamane Tchiani.

These incidents underscore a concerning timeline of coup activities across Africa in recent times.

Oyo APC alleges that Makinde redirected N5.7 billion and relief materials.

Tosin Ranks
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Oyo APC alleges that Makinde redirected N5.7 billion and relief materials.

The All Progressives Congress in Oyo State raised concerns on Tuesday regarding the alleged misdirection of funds and essential supplies provided by the Federal Government to alleviate the hardships caused by the removal of fuel subsidies during the President Bola Tinubu administration.

Tinubu had declared his intent to implement relief measures to alleviate the suffering caused by hunger and economic difficulties, particularly among the less privileged in the nation.

It’s noteworthy that a portion of these aid funds and supplies was reportedly released through both state and local governments in recent weeks.

Some states, such as Kwara and Ogun, openly acknowledged receiving these resources.

In a statement from Olawale Sadare, the APC Publicity Secretary, issued in Ibadan, the capital of the state, on Tuesday, criticism was directed towards the PDP government in the state for allegedly concealing details about the receipt, allocation, and management of the resources and provisions provided to Oyo State by the Federal Government, which were intended for the benefit of the state’s residents.

He remarked, “Almost every state in the country has announced the receipt of a minimum of two billion naira out of the five billion naira allocated by the Federal Government to support the most economically vulnerable through the state governments.”

“Recently, the nearby states of Osun and Kwara declared the reception of two billion naira each, whereas Makinde chose not to disclose this to the public, following his usual pattern.”

“For roughly six weeks now, the whereabouts of the three thousand bags of rice that Makinde received from Abuja remain unknown to the state’s populace.

There are indications that these resources might have been diverted, much like what happened with the COVID-19 relief materials provided by the Federal Government, corporate bodies, and individual philanthropists.”

“We also urge Makinde to clarify why he instructed local government council chairpersons to transfer the two installments of N56 million, which the federal government allocated to the local governments between August 16 and 18 this year, into the state government’s account.

The 33 local government councils in the state collectively received N3.696 billion, yet they seemingly failed to utilize any of these funds for their intended purpose.”

“It’s apparent that the supposedly organized Palliative Committee established by Gov.

Makinde about a month ago was merely a façade to deceive the public, as the committee’s practical role appears to be negligible.”

“We wouldn’t be taken aback if the state government were to release a limited quantity of rice and noodles to the committee in the upcoming days and instruct them to distribute these provisions to a few members of the PDP, all for the sake of creating an impression that the targeted impoverished population in society has gained benefits,” Sadare concluded.”

Nothing Is Spiritual About Nigeria Music – TEMS

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Nothing Is Spiritual About Nigeria Music – TEMS

“When I listen to Nigerian music, it sounded so plain and basic, and there was nothing spiritual about it that I could connect to,” —Tems tells Kendrick Lamar.

In a recent interview on ‘Interwine’ with legendary American rapper Kendrick Lamar, Grammy award-winning Nigerian singer Tems told Kendrick Lamar that she decided to pursue classic R&B instead of Afrobeats, which is more popular in Nigeria.

The singer explained that when she used to listen to Nigerian music, it sounded plain and basic to her. She didn’t feel any substance or anything spiritual she could connect with in Afrobeat songs, as she was more familiar with the type of music associated with artists like Celine Dion.

Tems wanted to make a difference by producing music that would touch souls and connect with people. This is why she chose to focus more on creating R&B music.

She also added that most of the producers she worked with were more into Afrobeat and could not really do well with the sound she wanted to put out that is why she learned to produce herself.

“NNPP imposes a six-month suspension on Kwankwaso and others”

Tosin Ranks
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“NNPP imposes a six-month suspension on Kwankwaso and others”

The Board of Trustees of the New Nigeria Peoples Party has taken action against its candidate in the February 25 presidential election, Sen. Rabiu Musa Kwankwaso, due to alleged anti-party activities. Alongside this, the Board suspended the National Working Committee of the party.

To fill the vacancies, they appointed new national officers, led by Dr. Agbo Major as acting National Chairman and Mr. Ogini Olaposi as acting National Secretary, along with 18 others.

Reportedly, these suspensions will remain in effect for a period of six months.

The decision was made through a voice vote by party members during a special general assembly held at Rockview Hotels in Apapa.

The party’s founder, Dr. Boniface Aniebonam, and the National Publicity Secretary, Major, were also suspended by the NWC on August 24.

At the conclusion of the meeting in Lagos, Babayo Muhammed Abdulahi, the Secretary of the BoT, accused Kwankwaso of unauthorized interactions with President Bola Tinubu, Alhaji Atiku Abubakar of the Peoples Democratic Party, and Mr. Peter Obi of the Labour Party.

Abdullahi revealed that Kwankwaso had lost his status as the NNPP national leader due to these actions.

Furthermore, he emphasized that the purported suspension of the NNPP founder disregarded the party’s constitution.

The BoT alleged that Kwankwaso’s participation in anti-party activities and unauthorized discussions with various political figures led to his six-month suspension pending investigation by the Disciplinary Committee.

The BoT declared that the breach of the Memorandum of Understanding (MoU) between NNPP, Kwankwasia Movement, TNM, and NAGAFF led to the withdrawal of partnership.

The acting chairman of the party, Dr. Agbo Major, expressed his intention to mend the divisions caused by the suspended NWC members and reaffirmed the party’s commitment to being people-oriented.

The special general assembly meeting witnessed the attendance of the new NWC and members from across the nation

“List of the ten Nigerian startups with the highest funding as of August 2023.”

Tosin Ranks
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“List of the ten Nigerian startups with the highest funding as of August 2023.”

Nigerian startups have gained substantial prominence worldwide, demonstrating their prowess in generating inventive solutions that captivate investors in pursuit of substantial returns.

As these investments prove lucrative, they pave the way for increased funding opportunities for both established and emerging innovators from Nigeria.

Amid the global economic challenges of 2022, which prompted significant layoffs by prominent tech companies, Nigerian startups managed to secure more than $1.2 billion in funding during the year.

Although this fell slightly short of the $1.5 billion achieved in 2021, Nigeria still retained its status as a favored destination for global venture capital and angel investors keen on exploring opportunities in Africa.

Nigerian startups have successfully traversed the fundraising journey from pre-seed to series D, with several now branching out into investing in other nascent ventures.

Despite the remarkable progress, the demand for additional funding continues to surge due to the continuous emergence of tech-savvy Nigerians with innovative ideas that necessitate financial infusion for scaling.

Presently, numerous startups are striving to bootstrap their operations and are eyeing their inaugural revenue streams, while a multitude of innovative enterprises are amassing millions in funding and aiming for more to facilitate business expansion.

The surge in funding within the Nigerian startup ecosystem is yielding numerous positive outcomes for the national economy. It is fueling job creation, propelling innovation, and attracting foreign investments.

These startups are also playing an increasingly pivotal role in addressing pressing societal challenges in Nigeria, such as financial inclusion, poverty alleviation, unemployment, and healthcare improvements.

Despite some deceleration in the current year, Nigerian startups are still actively securing funding.

Examining those that have raised capital in the past, as well as those that have recently secured investments, Nairametrics has identified the top 10 most well-funded startups in Nigeria based on their cumulative funding amounts:

1. Moniepoint ($55.5 million)
2. ThriveAgric ($65.4 million)
3. Konga ($79.5 million)
4. Kuda Bank ($91 million)
5. TradeDepot ($123 million)
6. Lumos Global ($125 million)
7. Moove ($335 million)
8. Andela ($381 million)
9. Flutterwave ($475 million)
10. OPay ($570 million)

These startups encompass a diverse range of sectors, including fintech, agriculture, e-commerce, and energy, collectively exemplifying the remarkable growth and potential of the Nigerian startup ecosystem.

 

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