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Meet the 28 new, returning governors

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Congratulations are in order, it would seem, as more than two dozen states inaugurated the winners of their March 18 governorship elections and April 15 reruns. Today, they took their oaths of office with expectations of them as high as ever.

But the epoch-making events did not include eight states — that is, Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo, and Osun — for which the Independent National Electoral Commission (INEC) will conduct off-cycle elections at various times within the next three years to determine their governors.

Making up the “Class of 2023” governors are 18 newbies and 10 returnees — despite a handful of them still in the process of defending their victories at their respective Election Petitions Tribunals.

Here is a quick look at each one of “Their Excellencies” who made history today:

Turning A New Page
Alex Otti (Abia): The Isiala-ngwa native has served as a Group Managing Director of Diamond Bank Plc. After losing to outgoing governor Okezie Ikpeazu of the PDP in the 2015 and 2019 elections, the 58-year-old won by a landslide this year, as the candidate of the Labour Party.

 Abia State Governor Alex Otti. (Photo:

Umo Eno (Akwa Ibom): The 59-year-old founder of All Nations Christian Ministry International served as the Akwa Ibom State Commissioner for Lands and Water Resources. He was elected under the PDP with the full backing of outgoing governor Udom Emmanuel.

Umo En

Rev. Fr. Hyacinth Alia (Benue): After earning a Diploma in Religious studies (1987) from St. Augustine’s Major Seminary, Jos and a BA in Sacred Theology (1990), he was ordained a Catholic Priest on July 7, 1990. The 57-year-old was elected under the APC.

Benue Governor, Fr Hyacinth Alia

Bassey Otu (Cross River): Since 2003, he has represented the Calabar Municipal/Odukpani in the House of Representatives and Cross River South. He defected from the PDP to the APC in 2016 and now assumes office as governor at the age of 63.

Bassey Otu

Sheriff Oborevwori (Delta): Oborevwori, 60, has served as a member of the Delta State House of Assembly under the PDP since 2015. He held office as the speaker in 2017 after Monday Igbuya’s impeachment and was re-elected in 2019 as the representative of Okpe State Constituency.

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 Oborevwori Sheriff.

Francis Nwifuru (Ebonyi): This two-term speaker of the Ebonyi State legislature hails from Oferekpe Agbaja in the Izzi LGA of Ebonyi State. The 48-year old takes over with the exit of outgoing governor Dave Umahi.

 Francis Ogbonna Nwifuru

Peter Mbah (Enugu): The founder and CEO of Pinnacle Oil and Gas Ltd, he comes from Owo under the Nkanu East LGA. The maritime lawyer and financial analyst, 51, triumphed at the Enugu poll as the PDP candidate.

Enugu State Governor Peter Mbah

Umar Namadi (Jigawa): Having served as the deputy governor of Jigawa State from 2019 to date, the sexagenarian levels up to replace his principal, Mohammed Abubakar. He is the founder of Namadi, Umar & Co Chartered Accountants firm and pioneer Head of Dangote Group Management Accounts Department.

Umar Namadi

Uba Sani (Kaduna): The 52-year-old’s political background includes his service as Kaduna Central senator from 2019 till 2023. He is also a former National Vice Chairman (North) of Campaign for Democracy.


Governor of Kaduna State, Senator Uba Sani

Abba Yusuf (Kano): This civil engineering graduate of Federal Polytechnic, Mubi, Gongola State (now Adamawa) served as Kano State Commissioner of Works, Housing and Transport between 2011 and 2015. At 60, he is the first NNPP governor.

Abba-Kabir-Yusuf
Governor of Kano State, Abba Yusuf, gives his acceptance speech in Kano following his victory in the March 18 governorship poll in the state.

Dikko Radda (Katsina): He is a former director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and served as APC National Welfare Secretary soon after the party was formed in 2013. The 53-year-old succeeds Aminu Masari.

Nasir Idris (Kebbi): He held office as a national president of the Nigerian Union of Teachers and deputy president of the Nigeria Labour Congress, Idris. Aged 57, he was elected in the recent elections as the APC candidate.

Umar Bago (Niger): After years of experience in the banking sector, he won a seat in the House of Representatives in 2011. The 49-year-old graduate of Federal University of Technology Minna contested for Speaker in the 9th National Assembly, emerging as the runner-up to eventual winner Femi Gbajabiamila.

Caleb Mutfwang (Plateau): The 58-year-old is a former LGA Chairman of Mangu, Plateau State. His administration sees the state’s return to the PDP after eight years under the APC’s Simon Lalong.

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Siminalayi Fubara (Rivers): Until his emergence as the Rivers PDP governorship candidate in 2022, Fubara was the former accountant general of the state. The native of Opobo Town in Opobo/Nkoro LGA of Rivers State coasted to victory at the recent polls.

Ahmad Aliyu (Sokoto): This 53-year-old was the deputy governor of Sokoto State from 2015 until his resignation in 2018. He has also served as a chief accountant at the Local Government Service Commission, a commissioner and the Executive Secretary of the Police Trust Fund.

Kefas Agbu (Taraba): He is a retired army lieutenant colonel with 21 years of service. At the age of 52, Agbu has experience serving as chairman of the governing board of directors at Nigerian Maritime Administration and Safety Agency and as a member of the Presidential Committee on North-East Initiative (2016-2019).

Dauda Lawal (Zamfara): A banker, the 57-year-old holds a PhD in business administration from Usmanu Danfodiyo University, Sokoto and was former CBN governor Lamido Sanusi’s special adviser on Islamic banking.

The Final Chapter
Ahmadu Fintiri (Adamawa): The 55-year-old was Speaker of the Adamawa State House of Assembly between 2014 and 2015. The impeachment of Governor Murtala Nyako in July 2014 led to his emergence as acting governor, serving until 1 October 2014. He was elected in 2019 by a hair’s breadth, a scenario which seemed to play out again this year.

Prior to becoming governor of Bauchi State in 2019, he was minister of the FCT from 2010 to 2015, and Senator for Bauchi South from 2007 to 2010. At 64, he has held several prominent roles including as Principal Administration Officer in the Presidency from 1994 till 1995.

Babagana Zulum (Borno): After joining the University of Maiduguri in 2000, he rose to the rank of professor and acting Dean, Faculty of Engineering by 2011. He served as Commissioner for Reconstruction, Rehabilitation and Resettlement from 2015 till 2018 and was elected as governor under the APC in 2019. He is 53 years old.

Inuwa Yahaya (Gombe): The 61-year-old served as managing director of A.Y.U Civil Engineering Company Ltd from 1993 to 1999 and was appointed as Commissioner for Finance and Economic Development in 2003. Though he was the Gombe APC governorship candidate in 2015, it wasn’t until the 2019 election that he would win his first term.

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AbdulRahman AbdulRazaq (Kwara): As the Congress for Progressive Change candidate, he lost a string of governorship elections between 2003 and 2011. Since joining the APC, the now-63-year-old’s tenacity appears to have paid off as he takes the oath for his second and final term.

Babajide Sanwo-Olu (Lagos): The inauguration of the former Lagos State Property Development Corporation boss comes on the heels of perhaps the most heated governorship race the state has ever seen. In the wake of a markedly violent, ethnically charged election, the 57-year-old is hoping to close out his tenure, while ensuring the state remains in the APC’s firm grasp.

Abdullahi Sule (Nasarawa): From 1989, he worked for several companies in the US before returning to Nigeria in 2000 to co-found Sadiq Petroleum Nigeria Limited. The company won a bid to acquire African Petroleum (AP) Plc and he became the CEO of AP in 2001. Before running in 2019, he was announced as substantive Group Managing Director (GMD) of Dangote Sugar Refinery Plc.

Dapo Abiodun (Ogun): Prior to his assumption of office, he founded First Power Limited and served as managing director of Heyden Petroleum as well as board chairman of the Corporate Affairs Commission. He is 62 years old.

Seyi Makinde (Oyo): In 1997, he established Makon Engineering and Technical Services (METS) at the age of 29, after having earned years of work experience at international oil and gas companies. His victory in 2019 under the PDP came after his 2015 loss as the SDP candidate. He is now aged 55.

Mai Mala Buni (Yobe): After completing his secondary education, he ventured into business at a young age and returned to school years later, receiving his Diploma from the College of Vocational Science and Technology in 2012. Two years later, the entrepreneur turned politician became the first elected APC National Secretary. At 55 years of age, he has also served as Caretaker Chairman of the party (2020-2022).

 

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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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