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Electricity tariff hike: Power Ministry, NERC forcing Nigerians to pay for their inefficiency
… Afenifere wants NERC, Gas companies, Gencos, Disco
s to be more efficient
… Says that the increase may thwart Pres. Tinubu’s efforts at boosting economy
… Calls on State Governments to establish their own power plants
The pan-Yoruba socio-cultural and political organization, Afenifere, has decried the over 200 per cent electricity tariff increase, saying that it will thwart the current administration’s effort at boosting the economy as businesses will shrink.
Afenifere, in a statement issued by its National Publicity Secretary, Comrade Jare Ajayi, recalled that as recent as Thursday, April 4, 2024, President Ahmed Bola Tinubu underscores the role that private sector plays in an economy. He did so while hosting some members of the business sector in Aso Rock Villa. According to the president, “There is no driver of the economy that is bigger than the private sector. If the private sector is not flourishing, there is no growth, no prosperity, no employment or development”.
Afenifere spokesman then wondered how businesses can flourish as desired by the President when the amount to be paid per kilowatt hour (kWh) of electricity jumped from N68 to N225 just within 24 hours of its announcement.
It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) on Wednesday, April 4, 2024, announced that from the following day, Thursday, electricity consumers on Band A would begin to pay N225 per kilowatt hour as against N68 they have been paying up till then. Mr. Musliu Oseni, the Commission’s Vice Chairman who made the announcement, said that only those who enjoy 20 hours of electricity supply or more (out of 24 hours that make a day) were affected by this increase. They were categorized to be on Band A.
Oseni said that the additional revenue will attract investments into the energy sector just as he promised that his commission will deploy several tools to ensure that customers in Band A would get the said 20 hours electricity supply from distribution companies (DisCos).
Minister of Power, Chief Adebayo Adelabu, corroborated Oseni when he said that the increment would affect only 15 per cent of electricity consumers in Nigeria which translates into only 1.5 million customers.
The Minister went further to say that the present government “is so sensitive to the pains of the people; … and we are not ready to aggravate this suffering any longer.” He then called on players in the power sector to ensure that consumers get value for whatever they pay for.
Taking a swipe at this reasoning, Ajayi submitted that it is erroneous to say that only those who are direct enrollees in a particular Band utilize the power being supplied through that band.
“For instance, a Band A consumer is likely to have people in his/her household or place of work where the power is being consumed. Meaning that if 1.5 million is the figure the government has as enrollees on Band A, the number of people who depend on the power coming therefrom would be about five times that figure.
“Besides, by calling on players in the power sector to ensure that people get what they are paying for is like putting the cart before the horse”.
According to Ajayi, the sing-song virtually everywhere now is the poor supply of electricity and low quality of the commodity sometimes. “If the relevant government agencies are to be sincere with Nigerians, what they should do is to first ensure regular and efficient supply of electricity before acceding to increase in payment for services that are being poorly rendered.
“A rough calculation indicated that a person on Band A who was paying an average of N50,000 per month (on N68 per kWh) would now have to pay N170,000 for the same service. Note the increase!
It is noteworthy that the Ministry and its agency, the NERC, are interested in the revenue that would be generated rather than first ensuring regular and efficient supply. This is in contradistinction to the claim that the government agencies care about the pains of Nigerians. It is clear that rather than exploring ways to reduce the cost of producing energy thus reducing the pains of Nigerians, the relevant government agencies are passing the price of their own inefficiency on the people. For instance, increase in the cost of gas was used as the reason for the hike in electricity tariff.
“Yet, it is clear that even the present cost of producing gas, and by implication electricity, can be made more efficient. In other words, both the price of gas as well as electricity would be far lower than what they are presently if the agencies concerned had gone into research and/or take advantage of available information on cost-efficient production of energy.
For instance, a report by Pricewaterhouse Cooper (PWC) indicated that “harnessing Nigeria’s proven gas reserves can stimulate an estimated Gross Value Added (GVA) of US$18.3 billion annually to the domestic economy. In addition, optimizing the domestic utilization of gas could support 6.5 million Full Time Equivalent (FTE) jobs for the local economy” (from the Executive Summary of a 2020 Report of PWC titled ‘Evaluating Nigeria’s Gas Value Claim’.
From the foregoing, it means that were relevant government agencies up to their responsibilities, not only would costs of producing gas and electricity be cheaper, millions of people would also be employed directly and indirectly. Studies have revealed that natural gas, wind and solar are the cheapest sources of electric energy. It is surprising therefore that the Ministry of Power and its agencies could not go in this direction and/or encourage generating and distribution companies to go in that direction.
Beyond the above, it has been established that with adequate investment in gas exploration, Nigeria could become the gas powerhouse of Africa. But at the moment, with gas production standing at an average of 2.53 trillion cubic feet (tcf) in about two decades, it means that what is being extracted for proper utilization is less than one per cent of Nigeria’s reserve. What is the power ministry doing in this respect?
“When, in 2013, the federal government unbundled the Power Holding Company of Nigeria (PHCN) into power generation companies (GenCos) and distribution companies (DisCos), it was with the expectation that the energy sector in the country would be as obtained in countries from where such facility was introduced to Nigeria. But alas, what have we been having – lamentations!
The situation became so bad that many Nigerians were nostalgic of the days when government was handling the power issue directly. No appreciable value seems to have been added to what they inherited from PHCN. Unfortunately, the government (through its relevant agencies) that was supposed to ensure that we get the best does not seem to be keen.
One of the alibis given for the hike was the increase in the price of gas being purchased by electricity generation companies (Gencos) from $2.18 to $2.42 as announced by the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA). A simple arithmetic would show that the per centage of gas increase is not the same as the one announced for electricity which is over 200%!
Minister Adelabu also stated that government can no longer continue paying subsidy on electricity.
“As the experience from the subsidy on petrol has shown, those who suffer from government’s withdrawal of subsidy are not necessarily those who benefitted from it. The victims would be average Nigerians who would patronize services being rendered or items being produced by high power users since they (the latter) would easily pass the higher cost onto their customers.
Thus, what Nigerians are suffering for today – and what they are being forced to pay for – is the failure of the relevant government agencies to discharge their responsibilities to the people – Research, innovate, move with the time etc.
It would be recalled that broadcasting stations were forced to migrate to Frequency Modulation (FM) from Short Wave Band just as computer users had to move from desktop to laptop. Same can be done in the power sector. The in-thing today is solar, wind and gas.
“But the appropriate government agencies are disappointing Nigerians. Rather than look for means of taking Nigerians to the modern-day power technology, they chose to be milking the people. The way things are now, no effort should be spared in making the exploration of gas, wind and solar more efficient for the purpose of generating energy etc”.
In conclusion, Afenifere called on President Bola Tinubu to compel the Ministry of Power, to reverse the present hike, go into alternative energy sources like solar and wind, review the terms with which the 2013 exercise was carried out and be more innovative.
It also called on “state goverments to expedite action in setting up their own respective electricity power plants since they now have power to do so”.
EFCC ARRESTS SUSPECTED FRAUDULENT PASTOR FOR N3.9M FRAUD IN ILORIN
The Ilorin Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Tuesday, April 2, 2024 arrested the General Overseer of CAC Freedom City Prophetic and Deliverance Ministry, Ilorin, Prophet Adeniyi Abiodun James, for allegedly defrauding a member of the church to the tune of N3,980,000 (Three Million, Nine Hundred and Eighty Thousand Naira).
The victim, Oluwole Babarinsa, had in a petition to the Commission, alleged that Prophet James called him out during a church programme sometime in 2021 that he had a revelation that he would travel abroad.
According to the petitioner, the cleric, in the course of giving the revelation, asked him about his preferred country, to which he replied “Canada”. Thereafter, they reportedly struck an agreement to talk later in order to perfect arrangements for the trip.
The prophet, he said, later told him that he had a friend in Lagos who could help him facilitate his relocation to Canada, but at a cost of N1.7million and N2.5million for processing of flight ticket and travel documents, respectively.
The petitioner further disclosed that he had to sell some of his properties and took some loans before he could raise N3,980,000 which he gave the prophet to facilitate his quick relocation to Canada.
After prolonged waiting with no result, the petitioner became agitated and began to query the prophet’s vision, prompting him to ask for a refund of his money. He said that all efforts and entreaties to the suspect to refund his money yielded no positive result.
The suspect will be arraigned in court upon the conclusion of investigations.
Media & Publicity
April 6, 2024
EFCC DENIES STOPPING SERVICE OF CHARGES ON BINANCE CHIEF
The Economic and Financial Crimes Commission, EFCC, wishes to react to a news report in a leading national newspaper entitled: “EFCC Stopped Service of Charges on Binance Chief, FIRS Alleges”. The report is untrue, misleading and removed from the facts before the court.
At no time did the court bailiff approach the EFCC to serve any of the Binance executives in its custody with a charge. At the last sitting of the court, counsel to the Federal Inland Revenue Service, FIRS, Moses Ideh, did not lodge such a complaint before the court. He only told the court that the Service was yet to serve the defendants.
The Commission, therefore, finds the news item preposterous and embarrassing. The public is enjoined to ignore it entirely.
Media & Publicity
April 5, 2024
NAIRA ABUSE: LAGOS COURT CONVICTS BOBRISKY, DEFERS SENTENCE TILL APRIL 9
The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Friday, April 5, 2024, secured the conviction of Idris Okuneye, a.k.a Bobrisky, before Justice Abimbola Awogboro sitting at the Federal High Court, Ikoyi, Lagos over mutilation of the Naira notes.
He was arraigned on Friday on a four-count charge bordering on mutilation of the Naira notes to the tune of N490, 000, 00 (Four Hundred and Ninety Thousand Naira).
Count one reads: “That you, OKUNEYE IDRIS OLANREWAJU, on the 24th day of March, 2024, at Imax Circle Mal, Jakande, Lekki, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with the total sum of N400,000.00 (Four Hundred Thousand Naira) notes issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act, 2007.”
Another count reads: “That you, OKUNEYE IDRIS OLANREWAJU, between July and August, 2023 at Aja Junction, Ikorodu, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with the sum N50,000.00 (Fifty Thousand Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act, 2007.”
He pleaded “guilty” to the charges when they were read to him.
In view of his plea, prosecution counsel, S.I. Sulaiman sought to invite the investigating officer, ASE I Bolaji Temitope Aje, to give a brief review of the facts.
Aje narrated to the court that the EFCC received intelligence on some individuals, who are in the habit of mutilating and spraying the Naira notes at social parties and event centres in Lagos.
“Based on the intelligence, the EFCC set up the Special Operations Team to observe and monitor activities of individuals, who are involved in the habit of mutilating the Naira.
“The team visited many event centres and monitored social media pages, where the Naira was being abused.
“During the course of the monitoring, the team came across videos on social media, where the defendant was seen abusing the Naira.
“The team then proceeded to download these videos via our office laptop computers and also went further to copy these videos on compact discs.
“In the light of the foregoing, a letter of invitation was written and forwarded to the defendant.
“The defendant honoured the invitation. When he got to our office, he was voluntarily cautioned. Thereafter, he volunteered to write his statement .
“The defendant was shown a video, where he was spraying money on an artiste called Segun Johnson. The defendant confessed that he was the one in the video. He was also shown a video at IMAX Circle Mall, where he sprayed a total sum of N400,000 at a movie premiere. The defendant also admitted that he was the one in the video and that he carried out the abuse.
“The defendant was also shown two other videos of him spraying the Naira at Aja junction, Ikorodu, and White Stone Event Centre, Ikeja, Lagos .
“The defendant admitted to spraying money in these videos. He was, therefore, served with a bail condition.
Sulaiman, thereafter, sought to tender, in evidence, the defendant’s statements and compact disc copies of the video attached to the certificate of identification.
Justice Awogboro admitted and marked the documents as exhibits.
In view of the above, Sulaiman prayed the court to convict and sentence the defendant accordingly.
Justice Awogboro, thereafter, ruled, “upon the admission of guilt by the defendant, testimony of PW1 and following the evidence tendered, the defendant is declared guilty as charged.
Bobrisky, in his plea for mercy told the court, said: “I am a social media influencer, with five million followers; and in all honesty, I was not aware of the law.
“I wish I can be given a second chance to use my platform to educate my followers against the abuse of the Naira. I will do a video on my page and educate people on that. I will not repeat the offence again. I regret my action”, he pleaded.
The defendant’s counsel, Ayo Olumofin, prayed the court for leniency. He appealed to the court to temper justice with mercy, considering his status as a first-time offender as well as his “ sincere remorse for his actions.”
Pleading further, he said, “He will lead the crusade against the abuse of Naira. He is also an employer of people ; and if he goes to jail, the people he employs will suffer. He has cooperated with the EFCC and has not wasted the time of the court. We urge the court to caution the defendant and allow him to go. He has given evidence that he will be useful to the country. We urge you to grant a non-custodial sentencing option of fine.”
After listening to both parties, the Judge deferred judgment in the matter to Tuesday, April 9, 2024 and also ordered that he be remanded in the EFCC custody.
Media & Publicity
April 5, 2024
EFCC’S POSITION ON MALABU OIL FRAUD CASE AND ASSOCIATED ISSUES
The Economic and Financial Crimes Commission, EFCC, has commenced a review of developments around the Malabu OPL 245 fraud case, including the dismissal of the charges against a former Attorney General of the Federation and Minister of Justice, Bello Adoke by a Federal Capital Territory High Court, Abuja and the conduct of the prosecuting counsel, Offem Uket.
The review will entail exploration of the option of appeal and possible change of counsel in view of the Commission’s dissatisfaction with the handling of the case by Uket.
Nevertheless, this intention has no nexus whatsoever to the spew of speculations imputing compromise by parties to the charge, currently making the rounds in some sections of the media .
EFCC is not obliged to embrace such narratives as it neither accused any of the parties of any unsavoury conduct nor made any conclusive statements about any investigation on the matter.
The public is enjoined to ignore effusions of mischief makers on the matter and await the next course of actions.
Media & Publicity
April 5, 2024
President Tinubu Appeals for Peace in Africa and Trouble Spots Around the Globe
President Bola Tinubu on Friday made a strong appeal for global peace and stability, particularly in Africa and trouble spots around the world.
Addressing members of the Diplomatic Corps and Heads of International Organizations during Iftar at the State House, President Tinubu urged the ambassadors to convey the message of peace and stability to their respective countries.
“It is an honour for me to speak to you collectively and share with you the diverse culture that Nigeria embodies. Sharing this moment with you is a privilege for us,” the Nigerian leader said.
Reflecting on the essence of Ramadan, President Tinubu emphasized the values of tolerance and perseverance, noting their importance in fostering peace and stability worldwide.
“Ramadan is a period of self-denial, sharing, tolerance, and perseverance. It is a time for us to bring peace and stability to the world. I appreciate your coming and sharing of peace with us,” the President said.
President Tinubu appealed to members of the Diplomatic Corps to extend their care and support to the needy and the vulnerable, noting the collective responsibility to promote peace and stability globally.
“Let us in our hearts care for the needy and those who have nothing. Together, we can promote peace and stability in the world. It is what you need to convey to your various countries, that stability and peace are attainable. We should all come together to promote peace in the world.
“There will be no economic stability without peace in the world,” the President stated.
Ambassador Salaheddine Abbas Ibrahim, High Commissioner of Cameroon and Dean of the Diplomatic Corps, expressed gratitude for the generous invitation to share Iftar with President Tinubu.
He prayed the blessings of the last days of Ramadan upon Nigeria and wished President Tinubu fruitful stewardship for peace and prosperity in the country.
Commending the President for bringing renewed hope to Nigerians, High Commissioner Ibrahim assured him that Nigeria can rely on the international community as a veritable partner.
Earlier at the State House mosque, President Tinubu joined other Muslim faithful to participate in the closing of the Ramadan Tafsir.
He urged the Muslim faithful to uphold the lessons of the Holy month beyond the fasting season by living in peace and harmony with one another.
“I want to thank God Almighty that we started this Ramadan with the opening knowledge of Tafsir. I thank the Imams for their dedication, love, and commitment to the faith. My appeal is for them to continue to preach the sermon of goodwill,’’ President Tinubu concluded.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 5, 2024
HIKE IN ELECTRICITY TARIFF WILL CREATE MORE DIFFICULTIES FOR THE CITIZENS – ATIKU ABUBAKAR
As usual, the government is unleashing another dose of reforms without adequate notice and without an adequate post-reform plan to mitigate the pain.
The increase in electricity tariff comes at a time when Nigerian citizens are going through excruciating difficulties occasioned by the withdrawal of subsidy on PMS and floating of the domestic currency.
The government has not successfully dealt with the pains associated with the implementation of those measures, and now this. The hike in electricity tariff will create more difficulties for the citizens as inflationary pressures are elevated. Our manufacturing sector will similarly be impacted negatively. Not only are they paying higher interest rates on their bank loans but also paying more for diesel, paying higher wages as a result of the new minimum wage. The President’s men are pushing the economy into a deeper crisis. His reforms are without a human face.
It is important that we understand the root cause of the inefficiencies in the power sector before unleashing another dose of reforms. It is time to revisit the privatization exercise that produced the DISCOs.
Tinubu must (a) ensure that these reforms are sequenced, (b) implement measures to mitigate the pain, and (c) hold the NERC responsible for ensuring improved service delivery. -AA
April 6, 2024
Press Statement
Ondo Governorship Election: PDP to Hold Ward Congress Monday, April 8, 2024
…Sets Up Ward Congress Electoral Committee
The National Working Committee of our great Party, the Peoples Democratic Party (PDP), has approved the nomination of the underlisted Party members to serve as members of the Ondo State Ward Congress Electoral Committee to conduct the 3-Man Ad-Hoc Ward Congress for the purpose of electing 3Ad-Hoc Delegates per Ward (one of whom shall be a woman) in each of the 203 Wards of Ondo State
The Ward Congress is scheduled to hold at the Ward Secretariat in each of the 203 Wards on Monday, April 8, 2024.
The members of the Committee are:
- Sen. Abba Moro – Chairman
- Hon. Tom Zakari -Member
- Comr. Issaiah Makinde – Member
- Chief David Kolawole Vaughan – Member
- Barr. Nheoma Ndu -Secretary
The NWC charges all Governorship aspirants, leaders, critical stakeholders and members of our great Party in Ondo State to take note and be guided accordingly.
Signed:
Hon. Debo Ologunagba
National Publicity Secretary
Emmanuel Essien
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Official Peoples Democratic Party (PDP) Nigeria
Seyi The Beloved
Nearly Completed PPP Project: Construction of Oyo State 11 MW Independent Power Project (IPP) under Governor Seyi Makinde-
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Alhaji Yusuf
Your excellency Maj Hamza Al mustapha is a very good work
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Official Peoples Democratic Party (PDP) Nigeria
March 30, 2024
Press Statement
PDP Sets up Screening Appeal Panel for Ondo State Governorship Election… See more
Salisu Ibrahim Garba
PDP will face trouble 2027 in Jigawa state.
PDP will be in serious problem till 2027 if action can not be taken into Consideration most of the Party leaders and those whom contested and elected in the flag party has abundant their People especially the… See more
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Official Peoples Democratic Party (PDP) Nigeria
March 30, 2024
Press Statement
Easter: PDP Urges Faith, National Renewal … See more
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Welcome!I wish our great party same
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Official Peoples Democratic Party (PDP) Nigeria
March 29, 2024
Press Statement
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John Ayogu
POWER TO THE PEOPLE
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Official Peoples Democratic Party (PDP) Nigeria
March 29, 2024
Press Statement
PDP Appoints Caretaker Committees for State, LG, Ward Chapters… See more
Usman Abimiku Dimka
Never repeat the mistake of what happen in plateau to our greater pary again, please!
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Official Peoples Democratic Party (PDP) Nigeria
PDP Governors in Action
RIVERS EXECUTIVE COUNCIL APPROVES N80.8BN FOR ELELE-OMOKU ROAD PROJECT
The Rivers State Executive Council has approved the sum of N80,886,404,836.45kobo for t… See more
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Kelvin Ikponmwosa
Dear pdp . Pls I want to know what pdp is doing as a party to those G4 ex gov and governor Makinde . who betrayed the party during the last presidential election we are still waiting for action . Thank you 🙏
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STATE HOUSE PRESS RELEASE
MINING AND EDUCATION IN FOCUS AS PRESIDENT TINUBU RECEIVES LETTERS OF CREDENCE FROM NEWLY-APPOINTED AMBASSADORS
President Bola Tinubu, on Friday, welcomed newly-appointed ambassadors to Nigeria, expressing his commitment to enhancing cooperation in the areas of education, mining, culture, and tourism.
The President received Letters of Credence from the High Commissioner of Jamaica, Lincoln Downer; High Commissioner of Australia, Leilani Bin-Juda; and Ambassador of Romania, Florin Talapan at the State House, Abuja.
During separate meetings, President Tinubu assured them of Nigeria’s support for a rewarding stay and reaffirmed his government’s commitment to maintaining an open-door policy toward strengthening existing economic, cultural, and diplomatic relations.
Speaking when he received the High Commissioner of Jamaica, President Tinubu emphasized the importance of collaboration on trade, investment, and the Technical Aids Corps.
He reiterated Nigeria’s readiness to reactivate energy cooperation with Jamaica, particularly in the context of climate change and the utilization of gas as a transition fuel.
”The essence of a relationship is to understand one another. With Nigeria’s energetic and talented youth, we have a cultural affinity with Jamaica and a lot of potential for cooperation in the areas of culture and tourism that will benefit the youth populations of both countries,” the President said.
The Jamaican High Commissioner conveyed his Prime Minister’s willingness for cooperation between Nigeria and Jamaica in various fields, such as energy, trade and investment, culture, and tourism.
He announced plans for a Jamaican business delegation to visit Nigeria later this year and invited Nigerian investors to explore opportunities in Jamaica’s special economic zones.
During the meeting with the High Commissioner of Australia to Nigeria, President Tinubu expressed appreciation for the longstanding relationship between Nigeria and Australia.
He acknowledged the shared values and interests between Nigeria and Australia as active members of the United Nations, the Commonwealth, and other multilateral institutions.
Acutely aware of Australia’s world-leading position in iron ore export, the President emphasized the importance of strengthening cooperation in mining, following recent initiatives by the Minister of Solid Minerals Development, Dr. Dele Alake, to deepen ties between the two nations concerning developments in the sector.
“The Minister of Solid Minerals was in Australia recently, and we look forward to further collaboration in this area. We are also ready to deepen our mutual cooperation in the area of education,” President Tinubu stated.
The Australian High Commissioner expressed enthusiasm for further collaboration during her tenure in Nigeria.
“I am the first Australian indigenous person to be appointed High Commissioner to Nigeria. I have been here for five months, and I love Nigeria. I love the people. I am sure my tenure here will be extremely fruitful for both sides,” the High Commissioner told the President.
The Australian High Commissioner extended an invitation to President Tinubu to consider visiting Australia during the Commonwealth Heads of Government Meeting (CHOGM) in Samoa.
During the meeting with the Romanian Ambassador, President Tinubu assured the ambassador that Nigeria will explore more opportunities for collaboration with the EU-member country.
The Romanian Ambassador expressed his commitment to strengthening ties between Nigeria and Romania, particularly in the education, energy, and defence sectors.
He announced plans to increase scholarships for prospective Nigerian students interested in studying in Romania.
“Nigeria is a second home to me, and I have lived here for many years. I have to give back every good thing I have received from Nigeria. My country is looking towards a strategic alliance with Nigeria in the areas of education, energy, and defence,” Ambassador Talapan told President Tinubu.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 5, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU APPOINTS CHIEF EXECUTIVE OFFICER OF THE NIGERIAN CONSUMER CREDIT CORPORATION (CREDICORP)
In keeping with his dedicated efforts to ensure financial inclusion and economic prosperity for the majority of Nigerians, President Bola Tinubu has approved the appointment of Engineer Uzoma Nwagba as the Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP).
Engineer Nwagba, 36, holds a Master’s of Business Administration from the Harvard Business School and a first-class Bachelor’s of Engineering from Howard University, Washington DC.
Prior to his appointment, Engineer Nwagba served as Chief Operating Officer of the Bank of Industry, in charge of driving micro-credit and other financial interventions at the institution.
He had also served as Senior Investment Associate, specializing in financial services (banking, insurance, pensions) at the African Capital Alliance.
Engineer Nwagba was a Software Engineer at Microsoft, where he led multiple teams charged with building enterprise and mobile software for emerging markets (Brazil, Russia, India, China, South Africa, and Nigeria), before his transition to finance.
More information about this landmark initiative of President Bola Tinubu’s administration can be found on:
www.credicorp.ng
The President expects the new Chief Executive Officer of this critical agency to bring to bear his wealth of experience in finance and technology, as well as his record in driving financial interventions across Nigeria in this new role in order to expand access to credit to all classes of Nigerian citizens, while promoting financial inclusion, and enhancing the quality of life of the Nigerian people as they access the tangibles of prosperity.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 5, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU APPOINTS MANAGEMENT TEAM OF THE NIGERIAN EDUCATION LOAN FUND
In line with his determination to secure Nigeria’s socio-economic future by ensuring sustainable higher education and critical skill development for all Nigerian students and the youth, President Bola Tinubu has approved the appointment of the following qualified Nigerians to serve on the management team of the Nigerian Education Loan Fund (NELFUND):
(1) Mr. Akintunde Sawyerr – Managing Director/CEO
(2) Mr. Frederick Oluwafemi Akinfala – Executive Director, Finance and Administration
(3) Mr. Mustapha Iyal – Executive Director, Operations
With the appointment of the management team, the President expects that the necessary apparatuses are expeditiously put in place for the effective take-off of this pivotal Fund for the immediate and lasting benefit of Nigerian students and families in all parts of the country.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 5, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU TO OBSERVE EID-EL-FITR IN LAGOS
President Bola Tinubu will depart Abuja, the Nation’s Capital, for Lagos on Sunday ahead of Eid-el-Fitr.
In deference to the solemn occasion, which marks the end of Ramadan, the President will observe the moment in prayers for Nigeria and with family.
The President will continue official duties during and after the Eid-el-Fitr holidays.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 6, 2024
SERAP sues Akpabio ‘over failure to recall Ningi, refer N3.7trn budget padding to EFCC, ICPC’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Senate President, Mr Godswill Akpabio over “the failure to refer the alleged N3.7 trillion budget padding to appropriate anti-corruption agencies for investigation and prosecution, and to recall Senator Abdul Ningi who blew the whistle on the allegations.”
Mr Akpabio is sued for himself and on behalf of all members of Nigeria’s Senate.
It would be recalled that whistleblower Ningi last month was suspended for three months over his allegations that the 2024 budget was padded by over N3 trillion and that the country is operating two budgets.
In the suit number FHC/ABJ/CS/452/2024 filed last Friday at the Federal High Court, Abuja, SERAP is seeking: “an order of mandamus to direct and compel Mr Akpabio to refer the alleged N3.7 trillion budget padding to appropriate anti-corruption agencies for investigation and prosecution of suspected perpetrators.”
SERAP is also seeking: “an order of mandamus to direct and compel Mr Akpabio to immediately take steps to ensure the reinstatement of whistleblower Abdul Ningi who was suspended from the Senate over his allegations that the lawmakers padded the 2024 budget by irregularly inserting projects worth N3.7 trillion.”
SERAP is also seeking: “an order of mandamus to direct and compel Mr Akpabio to put in place transparency and accountability mechanisms to ensure that the trillions of Naira budgeted for constituency projects are not embezzled, misappropriated or diverted into private pockets.”
In the suit, SERAP is arguing that: “Granting this application would serve the public interest, encourage whistleblowers to speak up, improve public services, and ensure transparency and accountability in the management of public resources.”
SERAP is arguing that, “Directing Mr Akpabio to refer these allegations to appropriate anticorruption agencies and to reinstate whistleblower Abdul Ningi would be entirely consistent and compatible with the letter and spirit of the Nigerian Constitution 1999 [as amended] and the country’s international obligations.”
SERAP is also arguing that, “The allegations by Senator Ningi amount to public interest disclosures and can contribute to strengthening transparency and democratic accountability in the Senate in particular and the country as a whole.”
According to SERAP, “Suspension of Senator Ningi by the Senate followed a seriously flawed process and it amounts to retaliation.”
SERAP is also arguing that, “Senator Ningi’s status as a whistleblower is not diminished even if the perceived threat to the public interest has not materialised, since he would seem to have reasonable grounds to believe in the accuracy of the allegations of budget padding and corruption in the Senate.”
The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Mrs Adelanke Aremo, read in part: “It is in the public interest and the interest of justice to grant this application. No whistleblower should ever be penalised simply for making a public interest disclosure.”
“Directing Mr Akpabio to refer the allegations to appropriate anticorruption agencies would help to address the lingering problem of budget padding and corruption in the implementation of constituency projects.”
“Directing Mr Akpabio to refer the allegations to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) would also ensure probity and accountability in the budget process.”
“Investigating and prosecuting the allegations of budget padding and corruption would end the impunity of perpetrators. It would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”
“Years of allegations of budget padding and corruption in the implementation of constituency projects have contributed to widespread poverty, underdevelopment and lack of access to public goods and services.”
“Allegations of budget padding and corruption in the implementation of constituency projects have also continued to have negative impacts on the fundamental interests of the citizens in several communities and the public interest.”
“Combating budget padding would improve access of Nigerians to basic public goods and services, and enhance the ability of ministries, departments and agencies to effectively and efficiently discharge their constitutional and statutory responsibilities.”
“Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.”
“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“Section 13 of the Nigerian Constitution imposes clear responsibility on the National Assembly including the Senate to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Section 81 of the Nigerian Constitution and sections 13 and 18 of the Fiscal Responsibility Act constrain the ability of the National Assembly to unilaterally insert its own allocations in the budget without following the due process of law.”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources.”
“Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the National Assembly including the Senate to ensure proper management of public affairs and public funds.”
“Article 33 of the Convention requires government institutions including the Senate to ensure the protection of whistleblowers against any unjustified treatment. Granting this application would ensure that these commitments are fully upheld and respected.”
“Senator Ningi is a whistleblower, who is protected under article 33 of the UN Convention against Corruption to which Nigeria is a state party. Senator Ningi is a whistleblower because of his public interest disclosures on alleged budget padding and corruption in the Senate in the context of carrying out his work as Senator.”
“According to our information, Senator Abdul Ningi, the former Chairperson of the Northern Senators Forum (NSF), recently told BBC Hausa that the lawmakers sought the service of a private auditor and discovered irregularities in the budget.”
“Senator Ningi reportedly said, ‘For example, we had a budget of N28 trillion but after our thorough checks, we found out that it was a budget of N25 trillion. How and where did we get the additional N3 trillion from, what are we spending it for?.’”
“According to BudgIT, a total of 7,447 projects culminating in N2.24tn were indiscriminately inserted in the 2024 budget by the National Assembly. 281 projects worth N491bn, and 3,706 projects within the range of N100–500m, worth 759bn were inserted in the budget.”
No date has been fixed for the hearing of the suit.
Kolawole Oluwadare
SERAP Deputy Director
7/04/2024
Lagos, Nigeria
Emails: info@serap-nigeria.org; news@serap-nigeria.org
Twitter: @SERAPNigeria
Website: www.serap-nigeria.org
For more information or to request an interview, please contact us on: +2348160537202
