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Economic downturn: Billionaires Dangote, Elumelu to lead private sector in Tinubu’s Economic Advisory Panel
By Emmanuel Agaji
Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote
President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector.
This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.
The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis.
Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.
Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.
He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.
“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”
At the meeting, Tinubu discussed food security, job creation and the exchange rate.
Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.
He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail.
“The economic presidential advisory committee which has been set up…will look at all the issues and address them, coming from job creation and food security.
“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”
Meanwhile, Elumelu noted implementing the decisions made that the gathering “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”
The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.
Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”
Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.
Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.
“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”
On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”
The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.
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Ondo Assembly mulls 10-year jail term for land grabbers
The Ondo State House of Assembly is considering a bill that proposes harsh penalties for land grabbers, including up to 10 years imprisonment for forceful entry or illegal takeover of properties.
Governor Lucky Aiyedatiwa has further reinforced the fight against land grabbing by signing an Executive Order to prohibit such activities.
The order aims to end forceful entry, illegal occupation of landed properties, and fraudulent or violent conduct related to land in the state.
To strengthen enforcement, the governor has established a Task Force to protect property rights, uphold the rule of law, and ensure a secure environment for property owners and residents.
The proposed bill also includes severe penalties of up to 21 years imprisonment for selling family land without the consent of the family head or secretary.
Hon Moyinolorun Ogunwumiju, the lawmaker representing Ondo West Constituency 1, who sponsored the bill, spoke during a public hearing on the bill
Hon Ogunwumiju assured stakeholders that the bill would improve land administration, protect landowners, attract investors, and foster peace and development in the state.
He explained that the bill sought to regulate land dealings, protect landowners and buyers, penalise encroachers, and criminalise unregistered agents.
Ogunwumiju said the bill proposed penalties of up to 10 years’ imprisonment for forceful entry or takeover of properties and up to 21 years for selling family land without the consent of the family head or secretary.
Speaker of the Assembly, Hon Olamide Oladiji, urged committee members and stakeholders to ensure the bill served the interests of the people.
He said the bill would maintain order in the state and impose necessary sanctions on offenders.
“Land grabbers pose a significant threat to property acquisition. Their activities ranging from trespassing, forceful occupation, and illegal sales of properties to multiple buyers must be confronted decisively.”
Majority Leader and Chairman of the House Committee on Rules and Business, Oluwole Ogunmolasuyi, said the bill, would benefit the society at large
Ondo Commissioner for Justice and Attorney General, Kayode Ajulo said the bill would enhance land administration and complement the executive order signed by Governor Aiyedatiwa.
Stakeholders including traditional rulers called for full implementation of the bill when signed into law.
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FG earmarks N250bn for Lagos-Abuja rail project in 2025 budget
The federal government has made an allocation of N250 billion in the 2025 budget for the Lagos–Abuja mass transit rail project.
This budgetary investment is part of a broader plan to revitalize Nigeria’s infrastructure and stimulate economic growth.
The government’s focus on infrastructure development is rooted in the belief that it is a cornerstone of long-term economic planning.
By investing in critical infrastructure such as roads, railways, energy, healthcare, and education, the administration aims to create a conducive environment for both domestic and foreign investment.
The Lagos-Abuja rail project, in particular, is expected to have a transformative impact on the Nigerian economy.
By improving transportation connectivity between two major economic hubs, the project will facilitate the movement of goods and people, reduce logistics costs, and stimulate economic activity.
Additionally, the project is expected to create numerous jobs, both directly and indirectly, contributing to the country’s overall employment rate.
The government’s infrastructure investments are also aimed at addressing regional disparities.
By connecting different parts of the country through improved transportation networks, the administration hopes to stimulate economic growth in underserved regions, reduce poverty, and promote equitable development.
The 2025 budget signals the government’s commitment to transforming Nigeria’s infrastructure landscape.
By investing in critical projects like the Lagos-Abuja rail line, the administration aims to lay the foundation for a more prosperous and connected Nigeria.
However, the success of these initiatives will depend on effective planning, efficient implementation, and transparent governance.
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Why we dismissed ex-cop in viral video, by Police
The Nigerian Police Force (NPF) has disclosed that Vincent Makinde, a former officer seen in a viral video, was dismissed from service as an Inspector in 2022 due to extortion and other serious offences.
This clarification was issued on Wednesday by the Force spokesperson, ACP Olumuyiwa Adejobi, via a statement on his official X account. Adejobi refuted the claims made by Makinde in the video, describing them as misleading.
According to Adejobi, Makinde was dismissed after a thorough investigation and an orderly room trial for offences including abuse of office, extortion, gross misconduct, dereliction of duty, and insubordination.
The police also addressed the viral video showing Makinde in leg restraints, where he claimed to be an Assistant Superintendent of Police (ASP) and alleged unlawful detention.
The situation has attracted attention, including calls for his release by renowned legal luminary and human rights activist, Mr. Femi Falana, SAN.
The NPF emphasized that Makinde’s dismissal followed due process, countering the narrative he is pushing online.
The police urged the public to disregard the misleading claims and reaffirmed their commitment to upholding discipline and accountability within the force.
“While awaiting the validation of orderly room proceedings and subsequent prosecution, Vincent Makinde assaulted a senior police officer on duty and subsequently escaped from lawful custody,” he said.
“Around June 2024, he resurfaced, parading himself as a bona fide member of the Nigeria Police Force, adorning the rank of Assistant Superintendent of Police without being previously absolved of his offences or promoted. Being made aware of this, the Police authority issued a directive for his immediate re-arrest.
“The suspect was apprehended while personating himself as an active sworn senior police officer, and armed with a rifle. When approached by police operatives, Vincent Makinde exhibited violent and aggressive behaviour while resisting lawful arrest and detention.
“Upon his arrest, the suspect was restrained using feet restraining devices due to his continuous violent nature coupled with the fact that he had previously escaped from lawful custody in a violent manner.
“The officers deemed it necessary to employ the use of these restraints as a precaution to ensure the safety of the officers on duty, prevent another escape, and secure against any potential harm to him and others around him, that might arise from his aggressive demeanour.
“It is pertinent to note that the use of restraining devices is a global practice for individuals actively, aggressively, or aggravatedly resisting lawful detention”.
Adejobi said Makinde remains a dismissed police officer, serial criminal, and is currently in custody awaiting conclusion of investigations and prosecution.
The police spokesman added that further investigations have revealed his involvement in several other nefarious acts in addition to those which led to his earlier dismissal.
As such, Adejobi said intensive investigation into the circumstances of his current impersonation offence is also ongoing.
He added that the Nigeria Police Force remains dedicated to fostering transparency and accountability within its operations, striving to maintain the public’s trust and confidence.
“Through thorough investigations and strict protocols, the Force is steadfast in the pursuit of truth and justice, while ensuring that its personnel who violate the law are held accountable for their actions. This commitment is evident as the Nigeria Police Force continues to work tirelessly to uphold the rule of law and reinforce the integrity of policing.”
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