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Govt considering pension for MKO’s next of kin, Kingibe

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Wives of the late Chief MKO Abiola, winner of the June 12 1993 presidential election, are likely to be put on pension, a government source said at the weekend.

Also to benefit from the plan is Bashorun Abiola’s running mate in the historic election, Ambassador Babagana Kingibe.

The idea, mooted by the Federal Government will, however, be proposed as an Executive Bill to National Assembly for passage, it was further learnt.

Abiola, a billionaire businessman, won the election believed to be the freest and fairest in Nigeria history, with a pan-Nigerian mandate. But, the military government of Gen. Ibrahim Babangida annulled the results.

Abiola was incarcerated when he stood up to fight for the reclamation of his mandate. He died in custody on July 8, 1998.

The military returned to the barracks after conducting the election that ushered in the Forth Republic in 1999.

However, President Muhammadu Buhari decided to honour the late Abiola by declaring June 12 Democracy Day in place of May 29; gave Abiola the highest national honour – Grand Commander of the Federal Republic (GCFR) – posthumous and officially recognize his victory in that election. Kingibe was awarded the second national honour, The Grand Commander of the Order of the Niger (GCON).

At the weekend, Kola, the late Abiola first son, said the democracy we are practicing is not what his father died for.

He canvassed a united Nigeria, saying there should be no room for secession calls.

Mr. Abiola also said he had no plan to join partisan politics for now.

He spoke on Sunday in Abuja after unveiling his social media platform – Tribe Naija.

He said: “I am not impressed with the democracy that we are in today, because it is not what my father and others died for. It’s not what they put their lives on the line for.

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“And I want to make sure we get what they will be proud of in their graves. The challenge is now for me to make sure it happens,” Abiola said.

On the plan to compensate the Abiola family, the highly-placed government official said last night: “The honours bring them (the late Abiola and his running mate at par with all past heads of state and their deputies.”

The source added: “There has been no concomitant benefit to them since that recognition because the law did not foresee this kind of situation.

“You know there is no monetary attachment to national honours. But, there is a thinking that this must be reviewed because wives of former heads of state who had passed on get quarterly allowances, which are overseen by the Office of the Secretary to Government of the Federation (SGF).

“Those (past heads of state) who are living get their entitlement and when they are dead, their next of kin get certain benefits from the government. But, for Abiola and Kingibe, this requires legislation.

“There is a thinking that the Abiola family (next of kin) deserves attention. The same thing goes for Kingibe,” the source said.

Speaking further, Mr. Abiola explained: “My father had chieftaincy titles from all over Nigeria. He didn’t even have a national honour conferred on him until two years ago. So, it’s about always giving and always believing in Nigeria.

The late politician’s son said he had dedicated himself to the struggle for awakening the consciousness and raising leaders among the younger generation of Nigerians, through Tribe Naija
.

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He said: “I come from a family that is a pioneer in what we do. We raise the unknown, we make them known. In addition to what we are going to do with this platform, we will raise leaders. And that is what we are all about.

“The names you hear in your profession (journalism) today, there is hardly anybody who hasn’t gone through Concord newspapers (published by Abiola). When they were at Concord, did anybody know them? No. And that is what we are all about.”

Mr Abiola denied nursing presidential ambition in 2023 on the platform of the ruling All Progressives Congress (APC).

He said: “I see posters around with my picture and the APC. I am not even a card-carrying member of any political party. I have never been involved politically with any party, since my father’s election.

“I wanted to make sure that first and foremost, he (the late Abiola) was recognised for what he achieved. It took me 22 years to get that with the announcement by President Muhammadu Buhari and I am always going to be thankful for that.

“And now that all that he achieved have been recognised, I want to now finish the job that he started by making sure that nobody is ever robbed and that we keep this Nigeria as one.

“You see, the problem we have in Nigeria is that everything has to be a means to an end. But, there cannot be a means to an end if we don’t have a country, first and foremost. So, I want us to be united and that is my purpose”.

Abiola said that running for a political office and winning election are two different things.

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“Gen. Shehu Yar ‘Adua started the Peoples Front (PF), did he end up being the President of this country? Shehu Yar ‘Adua started the PF, my father came in on the same platform. Did he end up ruling this country? So, it’s not about whether you are running for something or you want an office, no.”

On secession, he said: “My father didn’t run for President for a divided Nigeria. Yar ‘Adua didn’t start this thing for a divided Nigeria. I don’t want to see a divided Nigeria, because I don’t know any other place than Nigeria.

“To get it right, the media and other stakeholders have to get involved. You don’t appreciate the power you have. If you come together and put that power to use, we will see.

“The number is there and all we are looking for is leadership and good governance. We have to have leadership from the ward to the top. It’s about that.

“If we change it progressively and we give you the things to make it happen progressively, then, you will see the difference. It’s not about the head. If the head is so good and we don’t have anybody down the line, what are you going to govern?

“If I’m President today and I have the best of ideas and I don’t have people in the right places, of what use is that? That is what I keep saying. It is about making sure that we can develop something that makes a team with a lasting impact in this country. We need to turn the narrative and I am hoping that with Tribe Niger, we will do that”.

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Fitch upgrades Nigeria’s credit outlook to positive, cites economic reforms

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Fitch, a global rating agency, has reviewed Nigeria’s outlook to positive from stable.

A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.

Fitch, in a statement on May 3, said the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.

 

“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.

 

Fitch said the reforms have lessened distortions stemming from previous “unconventional monetary and exchange rate policies,” leading to the return of sizeable inflows to the official foreign exchange (FX) market.

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“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said.

“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.

 

“Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).”

‘RETURN OF SIZEABLE NON-RESIDENT INFLOWS’

Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.

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According to the company, this followed the 71 percent “post-liberalisation depreciation between June 2023 and mid-March 2024”.

 

However, the credit rating agency said the exchange rate remains volatile.

Fitch said the continued lack of clarity on the size of net FX reserves is a constraint on Nigeria’s sovereign’s credit profile.

‘FURTHER MONETARY POLICY TIGHTENING ANTICIPATED’

In March, the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.

 

Fitch said it expects further increases in the CBN monetary policy rate in the second half of 2024 and “strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR”.

“We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%,” Fitch said.

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In December 2023, Moody’s, a US-based rating agency, also revised its outlook for Nigeria from stable to positive.

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Yahaya Bello: Appeal Court stays execution of contempt proceedings against EFCC chair

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1. The Court of Appeal, Abuja Division, on Friday, suspended moves by the Kogi State High Court to commit the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede for contempt. The Appeal Court granted an ex parte motion for stay of proceedings of contempt application filed against the EFCC Chairman by the immediate past governor of Kogi State, Yahaya Bello.

2. An Ikeja Special Offences Court has adjourned the trial of the embattled former Central Bank of Nigeria, CBN, governor, Godwin Emefiele, to May 9 over filing of additional proof of evidence served by the prosecution. Justice Rahman Oshodi adjourned the trial after taking arguments from the defendants’ counsel over additional proof of evidence of over 60 pages served on them in the morning by the prosecution.

 

3. Efforts for better efficiency in the electric sector received a boost on Friday as the Nigerian Electricity Regulatory Commission, NERC, announced the unbundling of the Transmission Company of Nigeria, TCN, with the establishment of the Nigerian Independent System Operator of Nigeria Limited, NISO.

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4. The Minister of Information and National Orientation, Mohammed Idris has said that no journalist has been incarcerated under the Bola Tinubu administration for practicing responsible journalism, stressing that the media is largely free in Nigeria. He assured that the federal government would continue to protect the interests of journalists and will not compromise press freedom.

5. A Kano High Court has granted an ex parte order restraining the Inspector General of Police, IGP; Assistant Inspector General of Police, AIG Zone 1 Kano; Commissioner of Police, Kano, from arresting, and harassing the All Progressives Congress, APC, Ward officers at Abdullahi Ganduje Ward, Dawakin-Tofa local government area of Kano State.

 

6. The Benue State government has demolished 40 illegal shanties and structures in different locations in Makurdi, the state capital. The General Manager of the Benue State Urban Development Board, UDB, Tarnongo Mede, who led his team yesterday to carry out the demolition exercise, said it came as a result of shanties springing up in some parts of the state.

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7. Nigerian fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any account found engaging in such activities. At least four fintechs— Opay, Moniepoint, PalmPay, and Paga communicated this development to their customers on Friday.

 

8. A man, Hamza Mohammed, has been sentenced to death by hanging for stabbing another man to death during a free-for-all in Niger State. Mohammed and one Baba Usman (now at large) were said to have chased after the deceased, Isah Mohammed, caught up with him and stabbed him several times until he died.

 

9. Ahead of the September 21 gubernatorial election in Edo State, the state chapter of the Peoples Democratic Party (PDP), on Friday, inaugurated a 363-member campaign council, with Governor Goodwin Obaseki describing the Legacy Group as disorganised. The Legacy group, headed by the party’s vice chairman, South-South, Dan Orbih, had vowed not to work with Obaseki and the party’s candidate, Asue Ighodalo, unless their grievances were looked into.

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10. The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday. However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar.

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Court restrains NERC from implementing tariff hike for Band A customers

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A federal high court in Kano has issued an order restraining the National Electricity Regulatory Commission (NERC) and the Kano Electricity Distribution Company (KEDCO) from implementing the new electricity tariff for Band A consumers.

Ruling on an ex parte motion on Thursday, Abdullahi Liman, presiding judge, made an interim order restraining NERC and KEDCO from going ahead with the impending tariff pending the hearing and determination of the motion on notice before it.

The order also restrained the defendant from intimidating and threatening to disconnect the applicants’ electricity supply for non-acceptance of the new increased tariff.

 

The suit marked FHC/KN/CS/144/2024 was filed by Super Sack Company Limited and BBY Sacks Limited.

 

Others are Mama Sannu Industries Limited, Dala Foods Nigeria Limited, Tofa Textile Limited and Manufacturers Association of Nigeria Limited (MAN).

The motion ex-parte was moved by Abubakar Mahmoud, counsel to the plaintiffs.

 

On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification.

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The commission said customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per kilowatt (kW) from April 3 — up from N66.

The sudden hike has been criticised by the house of representatives and other stakeholders who have asked NERC to suspend the implementation of the new tariff.

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