Indian Finance Minister Ms. Nirmala Sitaraman who travels to office (VIDEO)

She is the current Finance Minister of 4 trillion dollars economy,  5 trillion dollars stock capitalization,  700 billion dollars foreign reserves. 

She is the Indian Finance Minister Ms. Nirmala Sitaraman who travels to office with Indian Metro Train & whose husband is an anti BJP University Professor.

Nirmala Sitaraman

Born 18 August 1959, Nirmala Sitaraman is an Indian economist, politician and a senior leader of the Bharatiya Janata Party (BJP) serving as the Minister of Finance and Minister of Corporate Affairs of the Government of India since 2019.

See above why Nigeria may never depart misery. 9/11 presidential aircraft fleet, over 70 presidential automobile fleet, similar huge vehicular fleet for Senate president, speaker of NA, and each of 36 states government, illegal security votes of $1b+  for the 35 states governors(one declined it from one year ago), each of over 400 national legislators have motorcade of 4+ each all these at state expense and changed every 4 years and just the tip of the iceberg of unconscionable profligacy and looting of the government Treasury by the state actors in Nigeria < $300b GDP economy

Source: social media 

Nigeria's Apex Bank Revokes Heritage Bank’s Operating Licence

Appoints Deposit Insurance Corporation as liquidator of the bank

The Central Bank of Nigeria (CBN), has revoked the banking licence of Heritage Bank Plc with immediate effect.


According to a statement by the Ag. Director, Corporate Communications of the Appex bank, Hakama Ali, on Monday, said the move was under its mandate to promote a sound financial system in Nigeria, and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.


According to Ali, the bank had breached Section 12 (1) of BOFIA, 2020, adding that the Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the licens know .


To this effect, the CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of the bank under Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system,” the statement added.

Religions and the plundering of Nigeria

By Bolaji O. Akinyemi.

Tinubu 

It is no longer news that the magnanimity of BAT doled out 90 billion naira to support Hajj Operations this year 2024. May I on behalf of the homeless and hungry Muslims who will not benefit from the fund say rankadede to Mr President, and on behalf of those who will benefit by association and strategic positioning say may your days be long on the throne for many more joyful Hajj to the holylands, insha Allah!

Sir, your determination to fight corruption is commendable,even though we are yet to see any meaningful results. Also is the examplary leadership of the Vice President who took a clue from you and transparently announced the amount you gave to the Muslim Community to support 2024 Hajj Operations. May such slip of tongue be the portion of all strategic officers; elected or appointed in your administration in the mighty name of Jesus.

Sir, may I on behalf of Christians plead with you to let us know how much you gave to the Christians in support of this year's pilgrimage. We had expected that by now the Executive Secretary of the Nigeria Christian Pilgrims Board, His Lordship Bishop STV Adegbite would have announced like the Vice President how much we were given. Sir, this becomes necessary for transparency and accountability. As we may need to advise his office on better use of the money for the much needed capacity building for displaced Christians from their ancestral homeland across our Northern axis.

Adegbite's attempt to structure Christianity after the pattern of Islam is no longer hidden. Christian pilgrimage will now take after the pattern of lesser and higher Hajj. While one serves Ramadan the other holds during Eid-el Kabir. Christian pilgrimage will now be twice a year, one for Easter and the other for Christmas I supposed. An Easter Pilgrimage according to him will take place in the month of June. The plundering of money allocated for pilgrimage is so paramount to him that the safety of Nigerian Christians is not put to consideration. Adegbite probably have prayed and the God of Israel "fighting" in Gaza has assured him that Nigerian Christians will be safe in Gaza.

The Executive Secretary of the Nigerian Christian Pilgrim Commission (NCPC), Bishop Stephen Adegbite, has assured that Nigerian pilgrims will be safe in Israel.

He made this disclosure during a press briefing in Abuja on Wednesday; May 8, 2024.

“By the grace of God, Nigerian pilgrims will be safe in Israel,” Bishop Adegbite said.

“We will travel for the Easter Pilgrimage and we will be safe. It will be a journey for reawakening and rejuvenation, not a jamboree.” 

He added that the pilgrims will experience the glory of God by the end of the pilgrimage exercise.

The NCPC boss announced that the Easter pilgrimage exercise will commence in June, and preparations are in top gears for a hitch-free exercise.

He revealed that the Commission has approved a calendar of activities for its annual pilgrimage program, stating that pilgrimage is now more structured and no longer done haphazardly every month.

According to him, the Easter pilgrimage", (should I say lesser pilgrimage) "runs from April to July, while the main pilgrimage exercise" (higher) "begins from November and ends in February.

Bishop Adegbite condemned the ongoing carnage in Gaza, calling for an end to the war".

Must any Nigerian be led anywhere near Gaza, the place of his condemnation at this time? President Bola Ahmed Tinubu is the only one who can speak about the safety of Nigerians outside Nigeria.

Adegbite further hinted; "The cost for the Easter pilgrimage exercise will be released next week after considering some variables. It is important that Adegbite declares how many billions the Commission has received, is it N90Billion or more; before announcing what it will cost to partake in the lesser and the higher Pilgrimages.

Dr. Bolaji O. Akinyemi is an Apostle and Nation Builder. He’s also President Voice of His Word Ministries and Convener Apostolic Round Table. BoT Chairman, Project Victory Call Initiative, AKA PVC Naija. He is a strategic Communicator and the C.E.O, Masterbuilder Communications.

Email:[email protected]

Facebook: Bolaji Akinyemi.

X: Bolaji O Akinyemi

Instagram: bolajioakinyemi

Phone: +2348033041236

Tinubu's 1st Anniversary gift to Nigeria

By Bolaji O. Akinyemi

His campaign promises were clearly spelt out, on eight (8) points, which are:

Food security

Poverty eradication

Growth 

Job Creation 

Access to capital 

Inclusion 

Rule of law

Fighting corruption.

Upon being declared winner by INEC and pronounced the elected President by the court. He left no one in doubt of his commitment to these promises as he translated them from mere campaign promises to the focus of his administration as 8 points Agenda. Meaning our operations daily will be systemically geared towards making these 8 things the experience for all Nigerians. It is therefore a simple excise to appraise Bola Ahmed Tinubu's one year in office. Just by asking yourself how secure is my daily bread? Am I on my way out of poverty in the last one year? How much of growth have I experienced in 365 days of Bola Ahmed Tinubu?

Those who were jobless before Tinubu's presidency and are gainfully employed through his 50 million job creation promise should help us rate BAT on job creation. 

On access to CAPITAL, the N90 billion given to Hajj I guess is Capital for those who are going to buy dates to resell in Nigeria?

Inclusion must have sounded ambiguous, but how included are you in the system or how captured are you in its delivery?

On rule of law, Mazi Nnamdi Kanu is too stubborn to be the yardstick to measure BAT. Moreover, he is a Biafran. Segun Olatunji is a Yoruba-Nigerian, Editor of First News should tell the story of military invasion at his home and the 14 days of rule of law in military enclave.

Do I need to bother you about our fight against corruption? Pastor Olanipekun Olukoyede should just carry the EFCC Register of persons under investigation, and go to the national assembly to mark register like an old class teacher. For example, please it's just an example o! He should call out the name of the head of our National Assembly, only if his name is on the list o! Godswill Akpabio! Then we all wait for the response to rate BAT's fight against corruption.

Like the master of the game and expert in public distraction he is. While the debate on his performance was raging and opinions are divided. BAT set a new agenda for public discourse, a narrative that will drown the performance debate, a move that will definitely put the Governors in a bad public light. A strike that is bound to settle the scores of the political crisis that had engulfed Rivers State for some time now! 

Tinubu led Federal Government dropped the ace card of the 2027 game!

Beyond settling the Rivers State issue, it is bound to endear the President to the heart of all the 774 Local Government Chairmen in the country. The President by this, has proven to be the smartest Democrat alive today. 

In his days as Governor of Lagos State, he headed to court to have many conflicts between his state (Lagos) and the Federal Government resolved by the Judiciary.

If politics is a game, the grandmaster of Politics in Nigeria is Bola Ahmed Tinubu. As a matter of fact, he is in a class of himself. In an article I wrote recently, I narrated the legalisation of the illegality of the phenomenon of suppression and oppression of the third tier of government that has become the culture of relationship between State Government and the Local Government as originating from Lagos State; titled Governors are Nigerians' number one enemies'. You can visit my blog;

bolajioakinyemi.com to read the article.

 This President is far more than what his opponents and Nigerians are making of him. "BAT is not drunk with power, rather power is a victim in BAT's hands". This quote should be noted! Posterity will judge me right or wrong on it.

The passage of the bill on Local Government autonomy and assent of President Buhari has made no difference. The illegality has been institutionalised by all the Governors since 1999!

The Federal Government has instituted a legal action against the Governors of the 36 States of the Federation at the Supreme Court over alleged misconduct in the administration of Local Government Areas, (LGAs).

FG, in the suit marked: SC/CV/343/2024, which was filed by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, is seeking full autonomy for all LGAs in the country as the third tier of government.

It specifically prayed the apex court to issue an order prohibiting State Governors from embarking on unilateral, arbitrary and unlawful dissolution of democratically elected local government leaders.

As well as for an order permitting the funds standing in the credits of local governments to be directly channelled to them from the Federation Account in line with the provisions of the Constitution as against the alleged unlawful joint accounts created by Governors.

Besides, FG prayed the Supreme Court for an order stopping Governors from further constituting Caretaker Committees to running the affairs of local governments as against the Constitutionally recognized and guaranteed democratic system!

It equally applied for an order of injunction, restraining the Governors, their agents and privies, from receiving, spending or tampering with funds released from the Federation Account for the benefits of local governments when no democratically elected local government system is put in place in the States.

Governors of the 36 States were sued through their respective Attorneys General.

In the 27 grounds it listed in support of the suit, FG, argued that Nigeria, as a  federation, was a creation of the 1999 Constitution, as amended, with the President, as Head of the Federal Executive Arm, swearing on oath to uphold and give effects to provisions of the Constitution!

It told the apex court: “That the Governors represent the component states of the Federation with Executive Governors who have also sworn to uphold the Constitution and to at all times, give effect to the Constitution and that the Constitution, being the supreme law, has binding force all over the Federation of Nigeria.

“That the Constitution of Nigeria recognizes federal, states and local governments as three tiers of government and that the three recognized tiers of government draw funds for their operations and functioning from the Federation Account created by the Constitution.

“That by the provisions of the Constitution, there must be a democratically elected local government system and that the Constitution has not made provisions for any other systems of governance at the local government level other than democratically elected local government system.

“That in the face of the clear provisions of the Constitution, the governors have failed and refused to put in place a democratically elected local government system even where no state of emergency has been declared to warrant the suspension of democratic institutions in the State(s).

“That the failure of the Governors to put democratically elected Local Government system in place, is a deliberate subversion of the 1999 Constitution which they and the President have sworn to uphold!

“That all efforts to make the governors comply with the dictates of the 1999 Constitution in terms of putting in place democratically elected Local Government systems has not yielded any result and than to continue to disburse funds from the Federation Account to Governors for non existing democratically elected Local Government is to undermine the sanctity of the 1999 Constitution!

“That in the face of the violations of the 1999 Constitution, the federal government is not obligated under section 162 of the Constitution to pay any State, funds standing to the credit of local governments where no democratically elected Local Government system is in place.”

Consequently, FG, prayed the Supreme Court to invoke sections 1, 4, 5, 7 and 14 of the Constitution to declare that the State Governors and State Houses of Assembly are under obligation to ensure a democratic system at the third tier of government in Nigeria and to also invoke the same sections to hold that the governors cannot lawfully dissolve democratically elected Local Government councils!

It also prayed for the invocation of sections 1, 4,  5,  7 and 14 of the Constitution to declare that dissolution of democratically elected Local Government Councils by the Governors or anyone using the State powers derivable from laws enacted by the State Houses of Assembly or any Executive Order, is unlawful, unconstitutional, null and void!

In a 13 paragragh affidavit that was deposed to by one Kelechi Ohaeri from the Federal Ministry of Justice, the AGF said he filed the suit under the original jurisdiction of the Supreme Court, on behalf of the FG.

The deponent averred that Local Government system recognized by the Constitution are  democratically elected Local Government council heads, adding that the amount due to Local Government Councils from the Federation Account is to be paid to Local Government system recognized by the Constitution!

FG said it would in the course of the hearing tender Daily Post online publication of January 29, 2024 titled “LG Administration; 15 Governors, under scrutiny over Constitutional breach”, Vanguard online special report of September 12, 2023, Guardian editorial of January 23, 2024, Premium Times online publication of December 1, 2023, Vanguard online publication of December 1, 2023 and Arise online news of December 2, 2023, to justify the national importance and the public interest on the issue of granting autonomy to LGAs in the country!

I am not a fan of Tinubu and I don't have to be one to tell you for free that this is the biggest democratic move since 1999. Nigeria would never see remarkable human capital development except we allow the Government at the Local Area levels to function. That is where we all live. There, our franchises are exercised to elect all political leaders.

Meanwhile, the Supreme Court has fixed May 30 the day after one year of Tinubu's Presidency to hear the suit.

This ruling of Supreme Court if in favour of the Federal Government's prayers, will definitely translate into a game changer for the governorship elections in Edo and Ondo. I only hope the oppositions are seeing what am seeing and should be back to their drawing boards.

I can't wait for this. Get ready for Owambe(balling); no Ankara-no semo, as we fondly say of owambe parties in the South West. 774 locations across the country would witness eating and drinking by men and women in Ankara; singing "on your mandate we shall stand."

This mandate ehn, na by tulasi! Tuale to the BAT! A creature of two natures. The most 'democratic'...I leave you to assume the unsaid!

Dr Bolaji O. Akinyemi is an Apostle and Nation Builder.  He's also  President Voice of His Word Ministries and Convener Apostolic Round Table.

email:[email protected]

Facebook: Bolaji Akinyemi.

X: Bolaji O Akinyemi.

Instagram: bolajioakinyemi.

Phone: +2348033041236

Fear of China's Domination: Joe Biden Imposes a series of tariffs on goods made in China

Biden &XI
Photo credit: BBC

The President of United States Joe Biden has imposed a series of tariffs on goods made in China following a revelationd that the Chinese are more than determined to dominate the world in such aspects.

According to President Biden, China is determined to dominate industries which includes : Steel and aluminum, Semiconductors, EVs and solar panels.

Consequently Biden has imposed heavy tariffs on them: 

25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.

I just imposed a series of tariffs on goods made in China:

25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.

China is determined to dominate these industries.

I'm determined to ensure America leads the world in them.

— President Biden (@POTUS) May 14, 2024

Biden criticized Donald Trump's measure against China but obviously taken Trump's options . 

The bottom line is that I want fair competition with China, not conflict.

And we’re in a stronger position to win the economic competition of the 21st century against China or anyone else because we’re investing in America again. pic.twitter.com/KpoSzoahzS

— President Biden (@POTUS) May 14, 2024

For years, the Chinese government has cheated by pouring money into Chinese companies which then dump cheap products onto the market, hurting competitors who play by the rules.

I’m announcing tariffs that will ensure American workers are not held back by unfair trade practices. pic.twitter.com/JHdJ6EcXWr

— President Biden (@POTUS) May 14, 2024

#MiddleEastAffairs: G7 working on measures against Iran, says British PM

“We are urgently working with our allies to see what steps we can take together in a coordinated fashion to deter and condemn what Iran is doing,” Rishi Sunak said in the British parliament, citing discussions among Group of Seven (G7) leaders over the weekend.

“I spoke to my fellow G7 leaders; we are united in our condemnation of this attack.”

He added that the coordination of any measures, including sanctions, among allies would ensure they have maximum impact on Iran and those sanctioned.

Earlier, Italy, which holds the rotating presidency of the G7, said it was also open to new sanctions against individuals taking hostile action against Israel.

The G7 is comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

However, Iran has endures various economic sanctions and economic terrorism for the past 44 years.

Source: Aljazeera news 

Bola Ahmed Tinubu: "Emi lokan and Sons" Nigeria Limited

By Bolaji O. Akinyemi.

The overbearing influence of Seyi Tinubu over state affairs was first noticed prior to the Lekki Toll gate massacre of Nigerian youths who were out on a peaceful protest against police brutality. Seyi's company is alleged to hold the monopoly of right to the lighting and the camera system at the facility. Though, his role, or of the company was hidden from the prying eyes of the public but its effect set the stage for what will become the worse state onslaught against peaceful and unarmed civilians in human history. They set the stage for what was to follow by switching off the lights before the military opened fire on the citizens, sending countless to early grave. Till date, lack of public transparency still trails the tragedy.

The President and Commander in Chief of the Armed Forces at that time was Muhammadu Buhari, who by implication is responsible for ordering the shoot at sight of the peaceful protesters.

The worst human puppet in the history of national leadership, once you can find a narrative to appeal to his ego you have pulled the string to get the puppet to dance to your sound. Buhari will later confess what the narrative that got the order out was; "the young people want to overthrow my Government"!

Who pulled the string on the President?

Though unseen, Seyi and Father's hands can't be exonerated from the deaths at the toll gate, while the yoke remains Buhari's burden to bear. Truth has never been buried successfully, if time doesn't reveal it, characters will! 

Our King had hardly been crowned when the first son of Pastor Remi Tinubu for the President, Oluwaseyifunmi Tinubu , the Crown Prince of Lagos State and the Olu-Omo of Nigeria showed us their families mission to power. He showed up in the chamber of the state house pacing up and down needlessly during the Federal Executive Council meeting. The rudeness of his conduct not even his father could keep his pretence of. He was forced as it looks now, against his will to openly rebuke his son. Seyi according to Mr. President has no business being in the chamber during the FEC meeting.

Please, what business then does he have to be on the entourage to Qatar?

Tinubu said he will cut the cost of governance by limiting his entourage on foreign trips to 20 persons after the national outcry that greeted the trip to the COP28 UN Climate Change Conference in Dubai, the United Arab Emirates where over 1400 delegates were alleged to have made the trip, and about 590 of them were sponsored by the government at an alleged cost of #885 million to taxpayers.

"Emi lokan"; seems to be clearly defined, "Emi lokan and Sons" Nigeria Limited!

The entourage to Qatar included 3 members of the Tinubu immediate and extended family, 35 members of the main body who arrived in 2 separate jets and an advance team estimated at 40 persons who also flew in a separate jet. 

In all, 3 jets from the presidential fleet landed in Qatar, with about 70 persons, excluding flight crew of 15 persons for 3 aircraft.

The Presidency' s ear is lost. It is one which is not ready to be corrected . He has successfully surrounded himself with YES men; sycophants and hypocrites?

No man of conscience should spare Tinubu and sons on this! 

I read a friend of mine who is an APC chieftain on the WhatsApp Platform of my Media friends and I was sorry for the President and his family. He wrote; 

"This eyesore and hideous incident is another low for Tinubu as a leader. I was appalled and disgusted because this is coming when Nigerians are in pain, despair, hungry and angry about how they are being governed.

One can just imagine how the Qatari officials will be thinking when the President's sons who are not government officials or known investors could be there to talk less of being introduced before the Minister of Foreign Affairs.

I wish one could hear how Tinubu introduced his two sons. 

Would he say: 

"Meet Oluwaseyifunmi Tinubu my son, the first son of the Federal Republic of Nigeria". 

And again: 

"This is Oluwayinka Tinubu, the Second Son of The Federal Republic of Nigeria".

I'm just wondering what will be going through the mind of the Qataris.

This is impunity taken to the highest level. It is highly provocative and nauseating. It is disrespectful to all Nigerians. Tinubu is democratically elected as President and not as a King in a Monarchical country. It is high time people who are close to this president talked some senses into his head. He should cease from insulting and disrespecting us.

There is a thick cloud over this country. No one knows the straw that will break the carmel's back".

If my friend was angry with the President and his sons, I would not! My anger is with men who failed to lift up their heads when it matters, led by the Honourable? Can we in all honesty still retain any honour for men who couldn't stand up for their own honours? 

Qatar's order of protocol is the most dishonouring one I have seen in my 57 years of life. Next to Tinubu and sons in order of protocol were, Ambassador Yusuf Maitama Tuggar, the Foreign Affairs Minister . The Minister was joined on the line of shame by the elected Governors of Borno and Kaduna, their Excellencies Babagana Zulum and Uba Sani. The Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun, made the line with Dele Alake, Minister for Solid Minerals, same for Nuhu Ribadu Defence Adviser, Mele Kyari, the Group Chief Executive Officer of Nigeria National Petroleum Company Limited, and the parrot at the Villa Ajuri Ngalele completed the line of "Iwofas"(serfs) who filed behind Oluwaseyifunmi and Oluwayimika Tinubu. 

Church Ministries like public Ministries are held in trust for the people. Many don't understand it when we demand succession transparency and accountability for leaders of Churches. This conduct is not different from what the attitude of our church leaders are.

I assumed they managed the situation by not walking away from that line of protocol. I have waited to see a resignation by any of the appointees and a media chiding of what the elected Governors were subjected to by the sons of Tinubu but I seem to be waiting in vain to see if any iota of honour is still left with these men that should compell them to resign for breach of protocol and gross disrespect to their offices upon their return to Nigeria.

Dr Reuben Abati, who studied protocol for four years, who wrote and passed exams according to him, asked; “Are the sons of the President not gainfully employed?”. 

And I also want to remind Sade, Seyi and Yinka that they are adults and not dependants of the President. 

They should focus on their own careers".

What seems to be a rumour before 2023 that the President Bola Tinubu wanted Seyi Tinubu as the Governorship candidate for Lagos State seems to be adding up. I think we should be prepared for Seyi in Lagos as Governor in 2027. Mummy back to the Senate for senate Presidency and Oluwayimika can make do with the Chief of staff to his father. Please, don't dare say it is not possible! What have you done to the embarrassing impossibility that has become our reality in Qatar?

The Emir of Qatar, Sheikh Hamid, after his warm embrace of PBAT was led in hand by the President to the most senior official of the Federal Republic of Nigeria on his entourage without official Portfolio! Mr Oluwaseyifunmi Tinubu followed in order of seniority of protocol by Oluwayimika Tinubu!

Many Nigerians had risen in defence of this indefensible!

What have you seen in the media against this Institutional nepotism by Tinubu? Buhari was no where near this, when crumbs seeking South West Media descended on him. Where are they now? They are shut up by Awa lokan! If not for the Arise Team that raised this, it probably would have gone unnoticed!

Tinubu has exceeded Buhari in nepotism with the appointment of his son-in-law as DG FHA, his brother as a Minister, now his sons were presented to the world as the most senior officials from Nigeria after their father; even though they were banned from attending FEC meeting!

A pity, if Nigerians can't see this "Emi lokan and Sons" Nigeria Limited coming and rise against it!

Dr Bolaji O. Akinyemi is an Apostle and Nation Builder. He's also President Voice of His Word Ministries and Convener Apostolic Round Table.

email:[email protected]

Facebook: Bolaji Akinyemi.

X: Bolaji O Akinyemi.

Instagram: bolajioakinyemi.

Phone: +2348033041236

EFCC Defends Arrest of Suspected Food Smugglers

A Profile picture

The Economic and Financial Crimes Commission, EFCC, on Wednesday, March 6, 2024 justified the interception and arrest of 21 trucks loaded with food items allegedly being smuggled into neighboring countries, describing it as economic sabotage.

The justification was made in Abuja on Wednesday, March 6, 2024 by the Spokesperson of the Commission, Assistant Commander of the EFCC, ACE I Dele Oyewale while fielding questions in an interview session with the EFCC Radio, 97.3Fm.

According to him, the EFCC is saddled with the mandate of tackling all forms of economic and financial crimes, especially issues that directly affect the economy to avert sabotage. “Anything that has a negative bearing on the economy is an act of economic sabotage or serving as a leakage, distortion or disequilibrium in the economy, the Commission has a responsibility to tackle it and that is what the EFCC has done”, he said.

Continuing,  the image maker explained that,  “it is not that the Commission is throwing its nets towards the borders, an arrest can be made anywhere, and the smugglers were arrested at the exit routes leading to Cameroon and Chad as a result of the effectiveness of our surveillance. They could have also been arrested anywhere else but the most important thing is that they were arrested for allegedly smuggling food items that could be useful to Nigerians, which they were not allowed to take out of the country”.

He urged the public to commend and support the Commission for spreading its wings across the country, “the Commission is proactive and it is everywhere to ensure that the economy is revamped so that Nigerians can get optimum value. So, I think Nigerians should applaud the Commission more for being so proactive enough to tackle such incidental crimes. We all need to join our hands together to ensure that this problem of economic sabotage is directly addressed”, he said.

Source: EFCC 

OPINION: Tinubu and the creation of a new society

By

abiodun KOMOLAFE

Nigeria is at a critical juncture; and in such a context, it is _“cometh the moment, cometh the man”._ For President Bola Tinubu, this adversity should be turned into a historic advantage which should propel him to be the creator of a new society and his place in history will be assured, not for all time but forever. Men who took advantage of their opportunity include Park Chung Hee of South Korea, Lee Kuan Yew of Singapore, Mahathir Mohamad of Malaysia and Luiz Inácio Lula da Silva of Brazil. Take it or leave it, Nigeria is in it already but this is a historic task for Tinubu to right the wrongs; and it must not be long.

In life, every day counts! Tinubu has already spent more than 20% of his four-year tenure. By May 28, 2024, he will have used 25% of his tenure as President and Commander-in-Chief of the Armed Forces. So, the clock is ticking and time waits for no one! Reinventing the wheel shouldn’t be an option!

It is a historic turning point for Nigeria and Tinubu has a historic opportunity to position himself as the creator of a new political economy and the builder of a new Nigeria. If he gets it right, especially by reconstructing an economy that was hitherto based on parasitic activities, the country will never look back. If he is able to midwife a production, export-led economy, the changes brought will be irreversible and Tinubu will become the equivalent of Hee, Yew, and da Silva. Then he should forget about the next election as his place in history as the creator of a new Nigeria will have been assured and cemented. It will have been signed, sealed and delivered!

According to Karl Marx, _“men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances but under circumstances existing already, given and transmitted from the past …”_ In a word, Tinubu is asked to make history but not in ways that he would have chosen or wanted but he still has to make that history in a positive manner. In order to attract more support from the masses therefore, what is expected from our president is to understand that sermons will not quench thirst and hunger even as change is not expected to be in a day but a daily process. He must understand that dispensational factors are expected to play notable roles in the fulfillment of his agenda for the Nigeria of his vision and that the opposition and those benefiting from the afflictions confronting Nigerians are not relenting. Since they are condemned to the monstrous conventions of politics, they aren’t going to sleep either. But if the president asked not to be pitied, Nigerians are seriously asking for his pity.

Tinubu is expected to represent the progressive currents that have passed through the Nigerian space, going back to the foundation of _‘Egbe Omo Oduduwa’, Northern Elements Progressive Union_ (NEPU) and others. So, the president must return to the basic tenets of social democracy – the German-type social market and shared prosperity.

But why are his ministers not functioning and why are they not talking to Nigerians about what their respective ministries are bringing to the table to help Nigeria out of this socioeconomic morass? For reasons best known to most of them, there’s no functional, mobile and serious in-house media to help coordinate their media outlets other than the usual _‘kick-and-start’_ creation of bureaucracy. There is no meeting of minds and it’s as if our ministers are scared of taking bullets for the president, which, of course, is one of their central functions as presidential aides.

The two performing ministries in times of Balance of Payment crises ought to be Solid Minerals and Blue Economy. In the 1960s, the Nigerian Ports Authority (NPA) alone provided not less than 42% of the Federal Government Budget, up to the end of the First Republic. Impliedly, the Marine and Blue Economy under Gboyega Oyetola should be prepared to give about 18% of Nigeria’s Budget with ease. Whether we like it or not, Nigeria has to export her way up out of the wahala in which she’s currently immersed. To respond to the Balance of Trade and currency crises, the economic strategy is to export in order to import with a view to balancing its payments.

One of the reasons the world continues to remember former Prime Minister Tony Blair and former President Bill Clinton is that, immediately after they assumed office, they set up what could be referred to as public sector targets with fixed timelines for every minister. Because they did that, the ministers were very effective, not just because they were brilliant. It’s because they had targets that were eventually met; and that’s why the two leaders ended well. In Nigeria, how do we appraise performance without targets and timelines? Therefore, Tinubu should give every minister public-sector targets with fixed timelines as it’s done in sane climes. This is very important because every hour counts! The performance evaluation team put in place by the president also has to give a dispassionate report on the ministers because Nigerians expect more from them.

If truth be told, those who have been assuring Nigerians that all would be well are not telling us something new. As we speak, the hypocrisy of the dollar remains unsurpassed even as the inflation rate is 29.9%. Yes, that terrible record is the highest in 28 years. The more reason Tinubu needs our prayers! Here’s a man who said that nobody should pity him because he asked for the job, that the current pains were products of his tough policies geared towards revamping the economy and that the situation would soon begin to smile. However, laudable as these promises may be, it is perhaps because most Nigerians see the president as being above their level that his messages seem not to be resonating with them. They don’t see him as speaking the same language with them, coming down to dance their dance or taking their brand of tea. Should the president continue this way, his reforms may become wounded and, his legacy, troubled.

As a Yoruba leader of the _Afenifere_ bent, Tinubu’s cardinal focus should be the creation of state police, restructuring and better life for all. God forbid, should he miss this rare opportunity, then there may be no hope again for the progressives and Yoruba race will be worse for it. Yes, he might have come at the wrong time but the satisfying truth is that he remains the right man for the job. He is a pro-democracy fighter and an advocate for human dignity. He has promoted self-rule with all his might and fought oligarchy and shallowness of thought in governance. He has led many situations perceived to be for the good of all and spearheaded measures aimed at restoring values and a new beginning.

So, what practical things does Tinubu want to do in practical ways that will bring practical succor to the people? If it is a four-lane road that he’s going to construct from Ijebu-Jesa, my Native Nazareth in Osun State, through Fenwa Community in Oyo State, to Daura in Katsina State, the president should let us know! If it is power, he should give instructions to Adebayo _‘Penkelemesi’_ Adelabu on how to move beyond cruising in the unmatched comfort of wattages of darkness to truly deliver on his mandate. Nigerians are no longer interested in excuses that do not edify prosperity. What Nigerians want going forward is result.

May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

 _●[email protected];_ 

 _●08098614418 - SMS only._

NEWS RELEASE: Gov Adeleke Markets Osun Cocoa Potentials, Meets Chocolate Producers and Stakeholders

The Executive Governor of Osun State, Senator Ademola Adeleke has urged investors to tap into the potentials of cocoa in the state, saying that his administration is already taking steps in addressing past challenges that stunted growth of the sector.

Addressing a global audience of investors in the cocoa sector in London, the United Kingdom, on Wednesday, Governor Adeleke noted that Osun brand of cocoa is highly sought after by end users providing investors with a guarantee of returns for their investments.

Governor Adeleke, who pointed out that Osun is a major cocoa belt in Nigeria to underscore opportunities, outlined ongoing efforts by his government to expand the production base and unleash the benefits of the sector for both the state and investors.

"Our cocoa is the traditional species which has the best taste in chocolate and other related products. Our brand is therefore much sought after by end users," Governor Adeleke remarked.

"Our cocoa sector faces several challenges, several of which include the need to expand the production base, ensure entrance of young farmers, ease access to finance, deepen the value chain among others.

"It was in pursuance of the above that I launched the Osun Cocoa Revival Agenda in January this year.

 The agenda focuses on assembling stakeholders to design an updated revival implementation plan; get the cocoa industry company in the state running again; put life back into the cocoa farming sub-sector through demonstration of political will; get more investors into the value chain through ease of doing business.

Others include setting up a domestic export terminal in Osun state to ease export process and access to international market; partnering with the Nigerian Railway Corporation for easy of transport; upgrading local infrastructures for farming community; setting up a modified commodity boards to strengthen stakeholders’ finance; develop partnership with financial institutions to support the cocoa farming community;

The Governor also listed the development of  relationship with the National Agency for Science and Engineering Infrastructure (NASENI) for agric tech and innovations; and establishment of  strong partnership with the Cocoa Research Institute for partnership and collaboration engagement.

The Governor said he has directed the  state Ministry of Agriculture to establish high yielding cocoa nurseries across the local governments ; prepares an action plan for the rehabilitation of old cocoa plantations in term of facilities and re-plantation; open up new cocoa estates with young farmers; introduce deliberate programme to protect cocoa farms from destructive activities of miners and mining activities.

Describing his cocoa plan as very ambitious, Governor Adeleke said his administration plans to resuscitate the State owned cocoa processing industry at Ede for value chain addition; link the cocoa revival plan with climate agenda, establish 

cottage cocoa factories across the state Under an industry cluster agenda among others.

The Governor called on "our business friends in the United Kingdom and Europe as well as North America to partner with us for mutual interest in the cocoa sector. We are widely open to investors who are interested in the value chain of the cocoa sector as well as shareholding in the existing cocoa ventures.

"Your coming to Osun is assured to be very rewarding for many reasons. Our government has enhanced the ease of doing business Osjn through an end to multiple taxation and facilitation of access to land and simplification of the approval system.

"We are open to supporting government to government, government to business, business to business arrangements. We are a willing partner and my team is here to negotiate deals and partnership", the Governor assured the cocoa conference.

Signed: 

Mallam Olawale Rasheed,

Spokesperson to the Osun State Governor

Addressing Nigeria's Economic Crisis: The Imperative for Immediate Government Intervention

Awotayo Olagoke 

Awotayo

Nigeria is currently facing an alarming economic crisis, with various factors contributing to the deteriorating situation. Rising inflation rates, increased food prices, removal of subsidies, and a hike in foreign currency exchange rates have compounded the challenges faced by the Nigerian people. Urgent action is required from the government to address these issues before public frustration reaches a boiling point the red light is blinking and danger is overing, as extreme poverty, insecurity, and corporate corruption continue to plague the country. One of the primary concerns in Nigeria's economic landscape is rapid inflation and the subsequent increase in food prices. In recent years, inflation rates have risen steadily, eroding the purchasing power of the common citizen. This has had a crippling effect on the average Nigerian's ability to afford basic necessities. Government intervention is essential to implement policies that stabilize inflation and support the agricultural sector to enhance food production and distribution. This can help to alleviate the burden on the vulnerable populations who are disproportionately affected by these escalating prices.

The removal of subsidies has further exacerbated the economic situation in Nigeria. The withdrawal of subsidies on essential commodities such as fuel and electricity has directly impacted the cost of living of Nigerians. The sudden surge in fuel prices, for instance, has led to increased transportation costs and subsequently affected the prices of goods and services in the market. The Federal Government must reassess the impact of subsidy removal decisions on the people and carefully evaluate alternative measures that can mitigate the burden on the average Nigerian failure which potend danger for peace in the country. Foreign currency exchange rates play a crucial role in Nigeria's economic stability. However, the recent sharp increase in exchange rates has greatly affected trade, investments, and the overall economic health of the nation. The depreciating value of the Nigerian currency has proven detrimental to imports, making essential goods more expensive. Urgent action is required to stabilize the exchange rates through strategic policies, such as diversifying the economy and attracting foreign investments. 

The economic challenges faced by Nigeria are not only affecting individuals but also posing a threat to social and political stability. The extreme poverty situation, coupled with a lack of purchasing power, has created a climate of desperation among citizens. Insecurity continues to escalate, making it imperative for the government to alleviate the economic burden on the populace promptly. Swift and concrete measures are needed to combat widespread corruption, address income inequality, and provide essential services to the most vulnerable. 

Nigeria's economic situation requires urgent and decisive action from the government to prevent a potential social and political crisis that is knocking. By stabilizing inflation, tackling the issue of rising food prices, reconsidering subsidy removal, and actively addressing the hike in foreign currency exchange rates, the government can help restore confidence in the economy and provide relief to the struggling populace. It is crucial for all stakeholders to come together and find sustainable solutions that alleviate the suffering of the Nigerian people and pave the way for a brighter and more prosperous future.

OSUN STATE : Governor Adeleke Unveils Food Security Plan, Preaches Unity on Economic Crisis

OSOGBO

24 hours after Mr President’s meeting with state governors, Governor Ademola Adeleke today unveiled his government’s food security plan as he advocated national unity to resolve the current national economic crisis.

The Governor who attended President Bola Tinubu’s briefing with Governors on Thursday was at the Federal Ministry of Agriculture today during which he opened up on the extensive agenda of the state government on food security and expanded food production.

Hosted by the Federal Minister of Agriculture, Senator Abubakar Kyari, the Osun Governor accompanied by his Commissioner for Agriculture, Tola Faseru said “these are emergency eras in the economic life of this nation. 

“We therefore have a duty to look and act beyond partisan politics and ensure collective efforts towards restoration of normalcy. A federation works best when component units join hands for common good”, the Governor told the minister.

“ It is in that line that I am here today. The first reason is to brief you on what the Osun state government is doing on the issue of food security and ongoing economic challenges facing the nation. 

“Mr President yesterday briefed the state governors on the state of the nation. He outlined several steps state governors should take to stem the crisis of food security and inflation.

“ I am happy to report that the Osun government has been very proactive. First, we are setting up a State Security Trust Fund to mobilise financing for security agencies. This is going to be private sector driven. 

“Secondly, I have conveyed a food security meeting for Monday to brainstorm on how to further secure our farmlands. I will be meeting representatives of Hunters Association and the Amotekun commanders alongside the civil defence and police services. The goal is to strengthen farm security. 

“Our administration is also working on Small Farmers’ Equipment Lending service. This is to ease the access of small-scale farmers to tractors and other needed machineries. We are meeting this week to finalise the plan ahead of the onset of the rainy planting season.

“To expand food production, we are also pushing to implement a City to Farm programme. This was designed to encourage young small-scale farmers. This will expand production and also engage our youth. 

“This is alongside our plans for a regional farmers’ markets where offtakers can meet farmers for exchange and market relationships.

We need your technical support to implement many of the listed areas.

“On a more general level, our administration recently unveiled a Cocoa Revival plan for the state. It involves several activities which focus on moving Osun from 3rd to 1st cocoa producer in Nigeria. We seek partnership with the federal Ministry of Agriculture on this.

“Our government is also interested in the livestock development programme. We have submitted our expression of interest. Kindly help to facilitate early approval.

“The state is also interested in the Agro-processing zones project being implemented under the African Development Bank. I hosted a delegation of the AFDB in Osun two weeks ago. Your ministry’s support on this is also solicited.

“Overall, I seek an MOU with the ministry to ensure standby collaboration with our government. I will be glad if we can have a small committee to oursure the making of the MOU”, Mr Governor told the Minister and top management of the federal ministry.

Responding, Senator Abubakar commended the multi-partisan approach of the Governor to state governance, pledging to work on all the areas touched by the Governor.

He restated the determination of President Bola Tinubu to address the national economic challenges, informing the delegation that the meeting with the Governor was part of a broad plan to ensure immediate resolution of the current dislocations within the economy.

While describing the state governments as key partners in national economic development, the minister expressed happiness on the proactive measures listed by the Governor and assured him of federal support and assistance.

Signed:

Mallam Olawale Rasheed,

Spokesperson to the State Governor.

Osun Gov Ademola Adeleke Nominated as a member of 37-man Committee on National Minimum Wage

Osun State Governor Ademola Adeleke as been nominated as part of the 37-man Tripartite Committee on National Minimum Wage by President Bola Ahmed Tinubu. 

According to a report, the committee members are drawn from representatives of the Federal Government, State Government, Private Sector and the Organised Labour with mandate to recommend a new National Minimum Wage for the Country.

GovAdeleke is the representative of the South West Governors at the committee expected to be inaugurated tomorrow Tuesday, 30th of January 2024 at the Council Chamber, Presidential Villa, State House, Abuja.

In the face of hardship in the land and devaluation of naira, Tinubu led federal government is still seeking legitimatcy and popular support despite supreme court judgement which confirmed his election Victory.

The Committee under the Chairmanship of former Head of the Civil Service of the Federation, Bukar Aji, which cut across Federal Government, State Government, Private Sector and the Organised Labour are as follows:

From the Federal Government, the members include Hon. Nkeiruka Onyejeocha, Hon. Minister of State, Labour and Employment (Representing Hon. Minister of Labour and Employment); Mr. Wale Edun, Hon. Minister of Finance & Coordinating Minister of the Economy; Alhaji Atiku Bagudu, Hon. Minister of Budget Economic Planning; Dr. (Mrs) Yemi Esan, Head of the Civil Service of the Federation; Dr. Nnamdi Maurice Mbaeri, Permanent Secretary, GSO. OSGF and Ekpo Nta, Esq, Chairman/CEO, NSIWC – Member/Secretary.

Also from the State Government, Alh. Mohammed Umar Bago, Governor, Niger State- representative from North Central; Sen. Bala Mohammed, Governor Bauchi State- representative from North East; Alh. Umar Dikko Radda, Governor Katsina State- representative from North West; Prof. Charles Soludo, Governor, Anambra State- representative from the South East; Sen. Ademola Adeleke, Governor, Osun State- representative from South West; Mr. Otu Bassey Edet, Governor, Cross River State- representative from South West.

From the Nigeria Employers’ Consultative Association (NECA)- Adewale-Smatt Oyerinde, Director-General, NECA; Mr. Chuma Nwankwo; Mr. Thompson Akpabio with also members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) include Asiwaju (Dr) Michael Olawale-Cole, National President; Hon. (Dr) Ahmed Rabiu, National Vice President and Chief Humphrey Ngonadi (NPOM), National Life President.

The membership from the National Association of Small and Medium Enterprise (NASME) are Dr. Abdulrashid Yerima, President & Chairman of Council; Hon. Theophilus Nnorom Okwuchukwu, Private Sector representative; Dr. Muhammed Nura Bello, Zonal Vice President, North West and also from the Manufacturers Association of Nigeria (MAN) are Mrs. Grace Omo-Lamai, Human Resource Director, Nigerian Breweries; Segun Ajayi-Kadir, mni, Director-General, MAN; Lady Ada Chukwudozie, Managing Director, Dozzy Oil and Gas Limited.

From the organised labour, the Nigeria Labour Congress (NLC) Comrade Joe Ajaero, President, NLC; Comrade Emmanuel Ugboaja, mni; Comrade Prince Adeyanju Adewale; Comrade Ambali Akeem Olatunji; Comrade Benjamin Anthony and Prof. Theophilius Ndukuba.

Also, membership from the Trade Union Congress of Nigeria (TUC) include Comrade (Engr) Festus Osifo, President, TUC; Comrade Tommy Etim Okon, PhD, Deputy President I, TUC; Comrade Kayode Surajudeen Alakija, Deputy President II; Comrade Jimoh Oyibo, Deputy President. III; Comrade Nuhu A. Toro, Secretary-General and Comrade Hafusatu Shuaib, Chairperson Women Comm.

Under a Military Junta, Niger Republic to become fastest growing economy in the world (video)

PRESS RELEASE: NNPCL To Supply 46.2% of Dangote Refinery Crude: Too Many Questions Unanswered

 21st May 2023

The Group Managing Director of the Nigeria National Petroleum Corporation Limited (NNPCL), Mele Kyari has announced that Nigeria's national oil company

will begin to supply Dangote refinery 300,000 barrel of crude oil daily this week.

The 300,000 barrels

 is 46.2% of Dangote's daily crude oil needs.

This is another phase and beginning of corporate capture of our Commonwealth by frontiers of the ruling class.

Mr. Kyari was quoted to have said that"we want to address the energy challenges so that industrialization can come to the country."

Has any monopoly arrangements ever enthrone industrialization in any climes?

The Publish What You Pay (PWYP), Nigeria wonders why the nation's four (4) refineries that several billions of dollars have been wasted on cannot work while the managers of our economy are happy to cheaply give away the people's natural resources while host communities lives in degraded, environmentally polluted and disease invested underserved communities: and the citizenry lives in

abject poverty.

Industrialization, growth and development can only come when we deploy our resources for a productive economy away from casino economy.

When our refineries are functional, we derive several dozens of petroleum by-products like petrol, diesel, jet fuel, kerosene, paraffin, heavy fuel oil, liquefied petroleum gases (LPG), petrochemical, feedstock and bitumen. Including: fertilizer, flooring (floor covering), perfume, insecticide, petroleum jelly, soap, vitamins and some essential amino acids etc.

All these petroleum wastes will reposition thousands of our ailing and collapsed industries for value chain activities, employment and revenue generation; for the government, the informal economy and the mass of our people.

We have said it for the umpteenth time that oil swaps will continue in a weak, leaking, corrupt, and compromised system like we have suffered and continue to suffer in Nigeria.

PWYP would like NNPC to publicly provide response or publish the followings:

A) the contract between Dangote and Nigerian Government to enable citizens understand that content and commitments, and ways of monitoring the contract implementation.

B) How long will this swap continue?

C) How would this development address industrialization of the country?

D). What happens to the nation's four (4) refineries that we have wasted several billions of dollars in turn-around- maintaince (TAM), staff remunerations and other expenses?

E). Would our refineries go the way of the Discos, Gencos and other government enterprises that were grossly under valued and sold under the guise of privatization?

F). If oil swaps continue to be the focus of the oil regime in Nigeria, then the gradual transition to just clean Energy Transition (J-CET) becomes a goose chase.

G). The NNPCL said it was going to visit Saudi Arabia to learn from the operations of ARAMCO, government owned company; we wonder what lessons the management of the NNPCL brought back to the country for the purpose of doing things different to move our oil and gas sector forward.

We will readily advocate, monitor and speak against any arrangement that is akin to economic sabotage and looting of our commonwealth.

To us, productivity is the road to industrialization and national development.

COMRADE Otitolaye Taiwo 

National Coordinator

PWYP, Nigeria

Trouble looming for Sterling Bank, Osogbo branch as security operatives may have issues to settle with some of it's staff

 Many of the staff and security attendants of banks in Nigeria resulted to an unprofessional and repressive methods of dealing with customers since CBN naira redesign and eventual scarcity of new notes with endless problems facing bank customers.

Sterling Bank, Osogbo branch has been cought up in this web of inhumane treatment.

Security operatives have reportedly been visiting the bank since early this week following an urgly occurrence against a customer whose phone was smashed by the bank's security door on Monday 6th March, 2023.

Our source confirmed that Alhaja (name whited) whose phone was smashed was in the bank to make a complain about her numerous money transfers that were not delivered. When she was about to enter the bank, the bank's door was remote controlled from the control room and damaged her phone (Hot 10 play).

The complain about the damaged phone was made to the bank manager and the business manager as well. The bank response was that woman should just accept the damage/lost or what if the phone got damaged in another circumstances, what will she do?

The woman demanded to see the Bank's security officer who was responsible for the incident but was denied. It was also said that Bank business manager said the fault must be from the customer not the bank security officer.

It was leant that the CCTV footage review has been demanded for but both the bank manager and business manager are said to be noncooperating. 

It was also leart that an arrest order has been issued against the concerned officials. Today been Saturday, further enquires from the bank seems difficult.

The fact remained that Nigerians have been subjected to an untold hardship and economy of many individuals and families crippled under the current policy.

More photos and video of the smashed phone 👇👇 

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Kolmani Oil Discovery: What it means Ahmed Adamu, PhD

Some Nigerians had some euphoria as the game-changing oil and gas discovery in Kolmani, a Northern Nigerian area, was announced. It is the first Northern Nigerian proven petroleum reserve, sixty-six years after petroleum discovery in southern Nigeria. "What does this discovery mean to us as Nigerians and northerners," someone from the north called and asked me.

An estimated proven reserve of 1 billion barrels of crude oil and 500 billion cubic feet of natural gas were found in an oil field that straddles Bauchi and Gombe states, known as the Kolmani oil field. The commercial quantity of the oil reserve in this area could increase in the future. 

Anywhere oil is found in Nigeria belongs to the federation. The only benefits to the host community are the 3% of the oil operating cost in the area from the preceding year and the constitutional 13% derivation funds to the state government. The new oil-rich states will benefit from these two sources.

The 3% is only for the oil-bearing communities; other non-oil-bearing communities will not benefit from it. At the same time, 13% of all the revenue generated from the oil produced in the state will go to the state government. Oil-producing states and their host communities could get more than N100 billion in a year from these two sources alone. 

Other extended benefits to the new oil-rich states could be direct jobs for high, medium, and small-skilled labor. Already some Indian oil companies have shown interest in becoming partners in developing the onshore Kolmani oil fields. 

Onshore oil production in Nigeria, like the Kolmani field, is not attractive to major oil-producing companies. The five major oil companies operating in Nigeria are divesting from onshore and shallow water oil fields despite the recent reduction in taxes and royalties in the PIA. Oil companies prefer deep water oil production to avoid hostilities from restiveness, vandalism, and insecurity associated with the onshore oil production areas. 

Because of what is stated in the PIA relating to the 3% for host communities, the Kolmani oil production should not experience restiveness and vandalism. The PIA said, "In any year where an act of vandalism, sabotage or other civil unrest occurs which causes damage to petroleum and designated facilities or disrupts production activities within the host communities, the community will forfeit its entitlement to the extent of the cost of repairs". Host communities' benefits are now tied to the smooth running of the oil production in their area.

NNPC limited will be the Kolmani oil and gas concessionaire and will lift Nigeria's profit oil and gas from the oil field and transfer the proceeds to the Nigerian Petroleum Upstream commission after deducting its service cost. However, the profit oil could only be derived after cost recovery by the developers of the field, known as contractors. 

The New Nigeria Development Company (NNDC) is the lease owner for petroleum mining on the field. But, could NNDC be able to develop this new oil field? No. NNDC may not have the technical and financial readiness to develop the Kolmani field yet. Therefore, oil companies must be contracted to spend millions of dollars and provide technical expertise to develop the area. 

There will not be a profit oil and gas from the field until after some years of production to allow the contractors to recover their cost, but this depends on the oil price and contract agreements. Mainly the cost incurred by the contractor in developing the field is amortized and may take up to the first five years of production, and then the profit sharing will start. This is to allow the operators to recover their costs of development. The government will transfer the exploration costs to the operator, which will add to the total cost of oil. 

The only money that will be accruing to the federation account in the early years of production will be the royalty crude and hydrocarbon taxes (only if there is a profit), which are 15% and 30% of the crude oil produced, respectively. It could take between five to ten years to develop the field. So, any financial benefits will be after developing the area. 

Would the focus be on developing crude oil only or both crude oil and gas? Natural gas has far-reaching economic benefits, but developing it is more expensive. With the ongoing gas pipeline projects, there could be more gas supply from this field which will help industrial growth in the country. 

Now, some states will begin to suspect their possible oil and gas reserves. We can now conclude that every part of Nigeria has a possible oil and gas reserve. With the first oil discovery in the north and with the creation of the Frontier Exploration Funds, more exploration will be undertaken in the north. The Frontier Exploration Fund is funded by 30% of the NNPC Limited profit oil and gas and 10% of all rents on petroleum licenses and leases. 

Many states are facing debt and development issues and might wish to have more control and access to the natural resources in their states to fix their problems. More oil, gas, and other natural resources could be harnessed when state governments are given the right to control those resources. States will maximize their potential resources to outcompete each other. 

In the event of states' resource control, people ask, how could border states handle shared oil and gas fields that cross their borders? Just like the Kolmani oil and gas field, which straddles across Gombe and Bauchi states. Any state that produces more at the border areas may draw more oil from the neighboring state. So, who drills first captures the oil.

 To avoid over-production and damage to the environment at the border areas, the neighboring states should unify the oil field, appoint a single operator, and share the profit based on where the field lies in relation to the boundary. State governments in a geo-political zone could undertake this kind of unification. 

Even after states' resource control, further oil explorations will continue to search for more oil and gas reserves in the states that do not confirm their petroleum deposits yet. So, non-oil-producing states could become oil producers eventually. 

With oil fading away and growing restrictions on the use of fossil fuels, we can maximize the utilization of our endowed petroleum resources to build infrastructure and the economy and fund alternative energy sources and consumption. 

Finally, more oil reserves without growing and functioning refineries will not make any difference. The focus should be on functioning and adequate refineries locally to stop importing refined petroleum. Imported refined petroleum is the biggest bill in our import basket. Having local refineries will help restore the value of our exchange rates. Government refineries must be privatized as soon as possible, and modular refineries should be encouraged to grow their efficiencies and capacities. So, the discovery of oil and gas in the Kolmani area is not a given benefit; it is a potential benefit, so celebrate not yet. 

Ahmed Adamu, PhD

Petroleum Economist

[email protected]

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