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Biggest Error Created In 2023 Was Naira Devaluation From N460 To N1,400 In Nigeria, Says Dangote

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By Kayode Sanni-Arewa

The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest error that affected his company and other business owners in 2023.

Floating the naira allows market forces to determine its value in relation to other currencies.

Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.

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Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira’s value against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion

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Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.

This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

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The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”

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I Can’t Feed My Family Again; I Make N20,000 Daily But Spend N17,000 On Fuel — Taxi Driver Laments

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Despite earning N20,000 daily, Ajibaye says he takes home only N3,000 after fuel expenses, leaving him unable to cater to his children and wife.

A commercial driver identified as Wahab Ajibaye based in Ilorin, Kwara State has expressed frustration over the rising fuel prices, saying it has left him struggling to provide for his family.

Despite earning N20,000 daily, Ajibaye says he takes home only N3,000 after fuel expenses, leaving him unable to cater to his children and wife.

He said: “I am buying fuel for N1100 and I make N20,000 (daily) but I take only N3,000 with me to my house (after work). I am the owner of my car but I am no longer making enough to cater to my children and my wife. The All Progressives Congress (APC) government will not end well. Nigeria is becoming worse and we pray God takes away this set of current leaders.”

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Ajibaye blamed the ruling APC government for the hardship faced by Nigerians, saying, “Their government is bringing more suffering. They’re not ashamed, despite many Nigerians cursing them. They should rethink.”

The ruling All Progressives Congress (APC) had recently agreed that the policies initiated by President Bola Tinubu resulted in growing economic hardships in Nigeria.

The party in a statement issued by the party’s National Publicity Secretary, Barrister Felix Morka had said this, while responding to a former national vice chairman (North West) of the party, Salihu Mohammed Lukman.

Recall that Lukman had berated the party for bad governance, adding that former President Muhammadu Buhari and incumbent President Bola Ahmed Tinubu have failed to deliver on their campaign promises.

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Lukman, therefore, urged opposition leaders to unite and work hard to defeat the APC-led government in 2027.

But reacting, Morka in a statement on Tuesday argued that President Tinubu was taking bold measures to reset the country’s “long broken economy”, explaining that his reforms had increased economic hardship in the country.

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LASG shuts down Idera market over ‘environmental pollution

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By Kayode Sanni-Arewa

The Lagos State Environmental Sanitation Corps (LAGESC) says it has sealed off the Idera market in the Oshodi metropolis.

In a statement on Thursday, Ajayi Lukman, LAGESC spokesperson, said the agency sealed the market due to unhygienic practices and indiscriminate dumping of refuse, which contravened the environmental law of the state.

He said the measure was taken to enforce adherence to environmental cleanliness across registered markets in the state.

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‘‘Our operatives stationed across the Oshodi division during routine market monitoring identified the filth, unhygienic practices, and indiscriminate dumping of refuse around the Idera Market area, which prompted us to seal off the market until further notice,” the statement reads.

Lukman quoted Olaniyi Cole, the corps marshal of the agency, as decrying the level of hygiene at the market, which could lead to an outbreak of diseases.

He said Cole frowned at the inability of the market leadership to provide a valid waste collection contract, which resulted in the heaps of refuse in the facility.

He added that the display of wares for sale on road setbacks, lay-bys, medians, verges, kerbs, street trading, and hawking remained banned in the metropolis.

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The LAGESC corps marshal reiterated the ban on the sales, distribution, and usage of styrofoam in the state, noting that anyone found culpable would be punished decisively.

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Hours to Edo guber polls, major opposition candidate crumbles structure for Ighodalo

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By Kayode Sanni-Arewa

Hours to the Edo State governorship election, the guber candidate of the All Peoples Party (APP)Amb Osalumese Areloegbe on Thursday morning collapsed the structure for the governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo and his running mate, Osarodion Ogie Esq.

Addressing journalists at the party secretariat in Benin City, Areloegbe said his decision to collapse the structure for the PDP candidate was because he believed that Ighodalo had all it would take to govern the state to greater heights.

According to him, I urged all my followers and supporters to disregard any information that I have aligned with the All Progressives Congress (APC) governorship candidate, Senator Monday Okpebholo.

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“I am supporting Asue Ighodalo because he is competent, not that I am not competent but I believe Asue is on the forefront. That is my reason for supporting his candidacy.

“My party is aware because they have been having a series of negotiations for us to align with the APC, and I told them categorically that I am supporting PDP. My eighteen local government followers are in full support of my decision, I mean 100 per cent supporting the PDP candidate, Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie in this election.

“My choice for Asue Ighodalo is because, apart from myself, I see him as the next better candidate that I can support and I can put my weight on because he has the capacity, mentally, physically and otherwise to pilot the affairs of Edo State to greater heights.

“The national secretariat of my party, APP – they are in Abuja and I am in the state, and know much more of what is happening in Edo State. They are not here and don’t know what is going on here in Edo. And I am in a position to tell them what will be better for the Edo people.

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“There is a parable that says, ‘You cannot shave a man’s head when he is not present’. I am here in Edo State and I know who to support and why I am supporting him. The national leadership might have taken a different tone, but this is what I and my followers have chosen.

“We had a series of other politicians who had made such decisions before. That is why I agreed with the support of my supporters to collapse my structure for the governorship candidate of the PDP Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie.”

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