…as a non-lawyer, impostor Ugochinyere now his interpreter of judgement

… appeal was dismissed to underscore frivolities of the move

…go home and lick your wounds

A group under the aegis of Concerned Rivers People CRP, has carpeted Rivers State Governor Seminalayi Fubara, advising him to leave FCT Minister, Nyesom Wike out of his Supreme Court heart attack.

The group also politely advised his hat his hatchet man, a confirmed non-lawyer and widely acclaimed impostor, Ikenga Ugichinyere who now interprets judgements for him to continue to progress in error.

In the statement signed by Alex Nwogu PRO, Concerned Rivers People, the group noted that:

“Our attention has been drawn to the attempts by some groups and individuals to lampoon the image of the Minister of the Federal Capital Territory, Nyesom Ezenwo Wike following the loss of a legal battle at the Supreme Court by the Governor of Rivers State, Siminalayi Fubara.

“We recall that the battle between Fubara and the 27 lawmakers has been lingering as a result of the appeal filed by Fubara at the apex court.

“Luckily for everybody, he and his lawyers saw the futility of the exercise they had embarked upon and decided to retrace their steps.

“The Appeal was dismissed with cost as punishment to underscore the frivolities of the move in the first place.

” Igochinyere has now constituted himself into an interpreter of judgements of court. A non lawyer and impostor.

“Reports reaching us from the apex court, the appeal the governor filed against the lawmakers was struck out or withdrawn. Either way, it implies that the battle had been fought and won and the winners in this case are the 27 lawmakers who were duly elected by their constituents to represent them at the Rivers State House of Assembly.

“We urge Fubara and his co- travellers to go home and lick their wounds instead of conscripting some hirelings to twist the facts and malign some persons.

“We urge groups such as the Human Right Writers Association (HURIWA) and the illegal Opposition Lawmakers Coalition to look for something else to do.

“They should leave Wike alone and as there is no basis to drag him into what does not concern him.

“We wish to remind them that the truth will always prevail no matter how long it takes, Nwogu added.

The Senate has recommended that the Federal Government approve an allocation of N10 billion in the current year’s budget to facilitate literacy development within the capital market.

This recommendation was presented by Osita Izunaso, the Chairman on Capital Market, during the appearance of Dr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, and Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), before the panel in Abuja yesterday.

Izunaso noted that this request is aimed at enhancing the capital market’s operations, thereby contributing effectively to the overall economic development.

The committee chairman, who regretted that only 5,000 investors were in the capital market, said a special fund would boost the sector.

“We are asking for an intervention for capital allocation, a special funding to finance literacy development in the capital market because that is where the problem is.

“So, if you do that, we will be happy and the capital market will blossom. You will get our letter in that regard today after this meeting.

“That is the hallmark of what Senator Victor Umeh said, that most of them (investors) lost their money through this capital market system. People lost money; people have not regained confidence and we are pushing them,” Izunaso said.

Senator Victor Umeh (LP, Anambra Central) had described the capital market as an essential indicator of “the health of any economy” and how the capital market operates across the world.

He said: “From the past experience from the capital market, a lot is expected to be done to restore public confidence in the Nigerian Stock Exchange (NSE).

“Being able to restore public confidence is key to the operations in that sector. Why we said this is because what we saw was a shock and traumatic experience where investors in the market lost all their funds.”

The Chairman of the Senate Committee on Finance, Sani Musa, explained that the request for N10 billion for literacy and enlightenment was necessary in the light of the current realities.

“We need to see how we can take money out from the budget for the campaign,” he said.

Edun announced that President Bola Ahmed Tinubu had set up a target of $1 trillion economy, adding: “What matters is the vibrancy of the economy.

“This is in terms of having economic stability at the macro level, in terms of the revenues, budget deficits, and inflation rates such that the coming together of these major variables can create a stable environment which will improve investment, including investment in the capital market through the stock exchange.

“All these are under the purview of the SEC.

We now have a much more stable macro economy for investments as a result of the President’s decisive, timely intervention.”

Also, Senate President Godswill Akpabio yesterday promised that the Red Chamber will pass this year’s N54.2 trillion Appropriations Bill latest by tomorrow.

Akpabio made the promise during plenary, urging relevant committees to take swift actions to make the passage possible.

He said: “We need to finish quickly to brush up the budget for possible presentation tomorrow (Wednesday) or next (Thursday).”

President Bola Ahmed Tinubu had initially presented a ₦49.7 trillion budget to the National Assembly on December 18, last year.

But on February 5, he revised the budget upwards to ₦54.2 trillion, citing additional revenue to be generated by key government agencies.

The President said the increase was backed by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion from other government agencies.

Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product from N1,075 to N1,020 per litre at the gantry price in an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, Dangote Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price nationwide during the Yuletide period.

He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.

But it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector.

The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation.

However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food.

In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market.

The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.