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One year anniversary: Kemi Ayelabola hails Tinubu’s for combating corruption, others

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By Kayode Sanni-Arewa

Chairperson and Convener of Asiwaju Renewed Hope (ARH’23), Kemi Olokode-Ayelabola has lauded President Bola Ahmed Tinubu for his efforts in the fight against corruption and putting Nigeria back on track socio-economically despite attendant challenges.

Kemi, a behavioural, developmental and child/young persons care professional, gave the commendation in a press statement to commemorate one year of Tinubu’s administration on Monday, May 27, 2024.

She urged the Tinubu’s administration to consolidate on the achievements recorded so far to engender development in the country and deepen policies and programmes that can make a positive difference in the lives of the people especially the vulnerable segments of the society.

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According to her, “President Tinubu has taken a few steps, which personally, I consider to be in order. First is the removal of fuel subsidy. This is very commendable. I have always maintained that the subsidy must go if we are going to make any progress. Since the subsidy was removed, the government has succeeded in saving a lot of money which would have gone into payment of the subsidy. This is possible because fuel smuggling out of the country has been curtailed.”

“As a way of justifying its decision to remove fuel subsidy, the government had claimed it had been able to save over N1 trillion two months after fuel subsidy was removed.

“The harmonisation of the rates at the official market and parallel market is another major development. Although people are saying that the policy has led to scarcity of dollars and increase in the rate of the naira to dollar. There is no doubt that inflation has risen to about 24 per cent and standard of living falling, prices of food skyrocketing, there is no way such bold economic policies will be taken without its initial pains and groaning, but eventually things will improve.

“Nigerians will have to endure the initial pains which these policies have thrown up before they can enjoy the gains. I therefore appeal to all Nigerians with all modesty to adjust based on their income. People need to cut down their expenses as I am doubly sure that this government is well intentioned to bring succour to the generality of the people in no distant time.

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“President Tinubu should also be applauded for his administration’s notable initiatives such as the nationwide digital literacy programme and the expansion of the broadband infrastructure to bridge the digital divide and empower our people in this digital age”.

“The C-in-C and his Vice President Kashim Shetiima, over the last one year, have equally engaged globally and locally with institutions that represent development partnership, multilateral institutions, and bilateral institutions, consistent with our development agenda”.

“With no shred of doubt President Bola Ahmed Tinubu’s foreign policy will continue to accommodate the interests of all Nigerians and ensure mutual and beneficial partnerships with all nations,” Ayelabola said.

Ayelabola added that President Tinubu is not resting on his oars nor is he reneging in his renewed hope agenda pointing out that he has secured a financial partner from EDIB Hong Kong to develop the $27.29bn Escravos Seaport Industrial Complex. “This project is located in Escravos (Gbaramatu Island/ Omadino).”

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She said, “President Tinubu has provided a written confirmation of a new era Free Trade Zone, with a workable financial model 99years concession of Build, Own, Operate, and Transfer Delta State to provide 31,000 hectares of land.

“Records also show that this government has signed an M.O.U. with the President of Russia to build a nuclear power plant for Nigeria in order to get stable electricity. The said nuclear power plant will take effect on the 3rd of July, 2024 in Warri Delta State which will serve the entire 36 States of the Federation including the F.C.T. Only a leader with purpose and vision can achieve these in less than a year and I am bold to say Asiwaju will transform Nigerian socio-economically, the present challenges will be short-lived.”

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Change Negative Narrative About EFCC Being Used For Settling Political Scores- Reps

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………Ask Anti Graft Agency To Fight Financial Crimes Within Established Laws

.
……My Staff Are Poorly Paid, EFCC

…., States Why Fight Against Yahoo Boys Fierce

 

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The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, to purge itself from the negative impression that its being used to settle political scores and concentrate fighting financial and economic crimes within established laws.

The House handed the advise on Tuesday through the Chairman House Committee on Financial Crimes Honorable Ginger Onwusibe who led members of the committee on the 2024 oversight exercise on the commission.

The oversight covered extensive facility tour of departments and critical operational units of the antigraft agency.

In his terse remarks, Hon. Onwusibe challenged the agency to improve its operational activities in combating economic and financial crimes by complying with its 2004 Establishment Act and other relevant applicable laws like the Money Laundering ( Prevention and Prohibition) Act 2022: Terrorism ( Prevention and Prohibition) Act 2022: The Proceeds of Crime Act. 2022, as well as other statutes, that compels it to carry out these roles transparently with accountability and show that the negative maxim being peddled in some quarters that the agency is often being used for settling political scores is incorrect .

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The committee assured that it will collaborate with the commission to actualize its mandate by enacting new laws or amending old ones and as well providing budgetary interventions, if it must strive tirelessly to be on top of its challenges

The House urged the agency to collaborate with sister agencies and desist from keeping suspects as- awaiting ‘trial in correctional centres nationwide

“At this point let me add that a recent visit to the Maximun and Minimun Correctional centres in Kirikiri Lagos State, numerous suspects have been awaiting trial for over one year and yet we are all acquainted with the saying that justice delayed is justice denied”

” It is on this note that we call on the EFCC, Attorney General of the Federation and the Judiciary to improve and ensure the administration of justice works and is efficiently delivered to the victims”

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The House warned the agency to purge itself of rotten eggs in order to fight economic and financial crimes frontally, thereby stimulating the Nigerian economy

It also urged EFCC to focus properly on its mandate.

” The issue of appropriate and proper focusing on the mandate of the EFCC must relentlessly be on the front burner:

“Orders from competent courts , arrest and debt recovery must be pursued religiously” the House cautioned

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But on its side, the antigraft agency said it has not deviated from its focus but rather working hard and fighting financial and economic crimes as enunciated in its mandate.

Chairman of the agency , Ola Olukeyede told his guest in his remarks during the oversight visit that the commission was doing much to fight financial and economic crimes and stimulate the Nigerian economy

He said so far that the agency has recovered over N250bn cash, tens of million of Dollars and other foreign currencies, with over 3000 convictions: 17000 petitions while also investigating over 20000,with about 4000 fresh cases , all being handled by a misery number of staff strenght

He noted that its priority is to improve the country’s image and stimulate its economy, such that there could be improvement in foregin direct investments and stimulation of the local economy.
Olukeyede however, argued that the agency needed more staff strenght, funding , better renumeration for staff because they were poorly paid. He also emphasised on modern day technology to fight the ever dynamic cyber criminals

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According to the EFCC boss, it was important to give more salary to EFCC staff and deploy modern technology to fight emerging cyber crime dynamism . He expalined that the agency has increased efforts to fight Yahoo, yahhoo, boys because of their ability to crumble any economy within a twinkle of an eye

According to him, the agency was expanding its drag net to focus on ministries, departments and agencies infrastructural projects. ” “Go to MDAs and see their budget implementstion. It is not up to 20%”

“We want to ensure 50% infrastructural development” the anti graft boss announced, insisting that it would henceforth encourage monitoring of project implementation which was an aspect of preventing financial crimes

He said the agency has dismissed lots of erring staff, and will continue to dismiss and even prosecute them going forward.

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Olukeyede disclosed that it had designed a template on staff integrity, using the Gift- Policy model

.” It is not every thankful gift we should collect” the EFCC boss warned

” I am advocating for more welfare improvement, better welfare, he said.

“We will do more recoveries, more convictions, but we need more resources to do our work, maintaining that, that was his stand on ethics and integrity .

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Olokeyede’s demand for more salary wage for staff of the commission, is seen as an incentive to boost welfare and morale to fight financial crimes to standstill.

He stated that there was the utmost need to increase salaries of staff of the commission

The EFCC boss who spoke on his stewardship in the last one year, further added that it increased the war against Yahoo- Yahoo boys because of the consequences of their nefarious acts which could crumble a nation’s economy in a jiffy.

He argued that more technology was required to fight financial crimes.

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For instance he explained that it was a common scenario then for thieves and armed robbers to attack and break into banks with guns and Dynamites

” But it is the same common and more easier scenario and task now to have Yahoo-Yahoo boys and bank thieves attack banks with technology in the comfort of their homes or hideouts”

“So we need technology and we also need to increase our fight against these Yahoo boys who can dismantle any economy within a twinkle of an eye

He called on the national Assembly to improve and increase its finances because fighting Financial crimes was a herculean task that requires adequate funding

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Olokeyede who apparently was responding to criticisms of the commission’s over concentration on Cyber crimes/ thieves, perpetrated by Yahoo boys, said he has made tremendous impact in enforcement, investigation and conviction with an outstanding record convictions between October 2023 when he was appointed till date

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Trouble looming for Obaseki as Gov Okpebholo orders probe of his admin

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By Kayode Sanni-Arewa

Governor Monday Okpebholo of Edo State has ordered the setting up of a committee to probe the immediate-past administration of Godwin Obaseki for its failure to inaugurate 14 Edo Assembly lawmakers-elect into the 7th Assembly.

Okpebholo disclosed this while giving his inaugural speech as the new governor of the state.

Governor Okpebholo also ordered the State Chief Judge to immediately investigate the initial delay of former Governor Obaseki to inaugurate duly-cleared judges by the National Judicial Council (NJC) last year

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Naira may depreciate to N1,993 against dollar – Report

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By Kayode Sanni-Arewa

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days.

This is according to BMI, a Fitch Solutions subsidiary report title, ‘Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth’.

The report said the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria.

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According to the report, the development would erode both the health system and patient purchasing power.

“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018.

“As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies given the underfunding of the public health sector,” the report stated.

This comes as Naira fell to N1681.42 and N1735 at the official and parallel foreign exchange markets on Monday.

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This comes as FMDQ FX transaction turnover dropped significantly from $1.4 billion on Friday to $471.5 million on Monday.

Last Thursday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s external reserves rose to $40 billion.

Despite Central Bank of Nigeria’s interventions and external reserves rise in the last months, the naira has continued to experience fluctuations in the FX market.

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