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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 met debt overhang of N8.9bn, says APC Chairman, Ganduje

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By Kayode Sanni-Arewa

Abdullahi Umar Ganduje, the National Chairman of the All Progressives Congress (APC), has disclosed that the party’s National Working Committee (NWC) under his leadership, inherited a debt burden of N8.9 billion.

Ganduje revealed this in Abuja while speaking at the ongoing National Executive Committee (NEC) meeting of the APC

According to him, the expenses incurred during pre-election legal battles, election cases, and appeals for legislative, governorship, and presidential elections

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The current NWC inherited debts and legal liabilities to the total tune of N8,987,874,663, arising from various legal engagements,” he stated.

He, however, noted that Prof. Abdul Kareem Kana (SAN), the National Legal Adviser, has been working to reduce the debt burden.

“We still passionately appeal to the National Executive Committee to intervene accordingly,” he pleaded.

The meeting was attended by President Bola Ahmed Tinubu; Vice President Kashim Shettima; Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; state governors; NWC members; and other party chieftains.

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Emefiele: Judge turns down request to withdraw from trial

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By Kayode Sanni-Arewa

Justice Rahman Oshodi of the Ikeja Special Offences Court in Lagos has rejected the request to step down from the ongoing trial of Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

Emefiele is facing 19 counts bordering on abuse of office, receiving gratification, and corrupt demands, brought against him by the Economic and Financial Crimes Commission (EFCC).

During Monday’s court proceedings, Olalekan Ojo, counsel for Godwin Emefiele, orally requested that Justice Rahman Oshodi should recuse himself from the trial on the grounds of alleged bias.

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The request specifically followed a dispute that arose while the seventh prosecution witness, John Adetola, was testifying.

Rotimi Oyedepo, SAN, the EFCC’s counsel, was cross examining Adetola’s testimony and referenced an earlier statement in which Adetola claimed he received a bribe from John Ayoh and delivered it to Emefiele at his office.

Oyedepo then asked Adetola to verify a WhatsApp message from Eric Odoh, which had been extracted from his phone by EFCC investigators.

Ojo had objected, arguing that the document was only for identification and had not yet been formally accepted as an exhibit.

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The defence had contended that the witness should not read or comment on the document at that point.

The court overruled the objection, citing section 224 of the Evidence Act, which allows for leading questions on introductory or undisputed matters.

Dissatisfied with the ruling, the defence declined to cross-examine the witness and instead filed a motion for the judge to recuse himself from the case.

On Wednesday, Justice Oshodi delivered his ruling, stating that after reviewing the arguments and legal authorities presented, the request lacked merit and was therefore dismissed. [With The Witness report]

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Benue boils again as gunmen abduct 4 female varsity students

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By Kayode Sanni-Arewa

Four female students of the Joseph Saawuaan Tarka Federal University, Makurdi, formally known as Federal University of Agriculture, Makurdi, Benue State, have been kidnapped by gunmen.

Confirming the incident, the State Police Public Relations Officer, CSP Sewuese Anene, said that investigation and rescue efforts had begun.

Also speaking on the situation, a senior staff member in the school said the students were going for night study when they were kidnapped between their hostels and the reading point at the North Core area of the school campus.

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Meanwhile, the news of the kidnap of the female students sparked wild protests from students.

The students in their numbers marched around the school with tree branches in their hands, demanding immediate action from the school authorities.

The institution’s Vice Chancellor, Professor Isaac Itodo, had yet to respond to any inquiry as of press time.

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