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Good morning! Here Are Some Major News Headlines In The Newspapers Today: NNPP crisis deepens as Kwankwaso faction expels Agbo, others

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1. The Senator Rabiu Kwankwaso faction of the New Nigeria People’s Party, NNPP, has held a parallel meeting of the National Executive Committee in Abuja to reverse his suspension. The faction announced the expulsion of the new acting National Chairman of the party, Major Agbo and some notable members involved in Kwankwaso’s sanction.

2. The Minister of the Federal Capital Territory Administration, Nyesom Wike, has said his administration had yet to decide on how to expend the N5bn palliative fund expected from the Federal Government. He stated that the FCT administration might consider transportation and food support, while noting that efforts were ongoing to bring back urban mass transportation to the FCT to reduce residents’ suffering in terms of transportation.

3. There are reports that the Minister of Federal Capital Territory, Nyesom Wike, has been appointed as a member of the All Progressives Congress Campaign Council for the Bayelsa State governorship election. Wike, who is the immediate past Rivers State governor, was recently appointed as a minister by President Bola Tinubu. He is also a member of the Peoples Democratic Party, PDP, Campaign Council.

READ  Notorious Cross River militant ‘General Iron’ killed in gun battle with vigilante

4. Officials of the Federal Capital Territory Administration (FCTA) have demolished a market called “Kasuwan Dare”. The market located at Hassan Musa Katsina Street, near Kpaduma II in Asokoro Extension, Abuja, was said to have harboured suspected hoodlums and drug dealers.

5. President Bola Ahmed Tinubu has approved the appointment of a new Board and Management team of the Niger Delta Development Commission (NDDC). This is contained in a statement issued by Presidential spokesman, Ajuri Ngelale, on Tuesday night.

6. The traditional ruler of Agulu in Anaocha Local Government Area of Anambra State, Igwe Innocent Obodoakor, has urged Nigerians to be patient with President Bola Ahmed Tinubu. Obodoakor, who is the monarch of Labour Party (LP) presidential candidate, Peter Obi’s town, spoke during the celebration of his community’s new yam festival.

7. The Indigenous People of Biafra, IPOB, on Tuesday, accused the Federal Government of abandoning the case against its leader Mazi Nnamdi Kanu, hiding under a series of adjournments. IPOB while mocking the Federal Government for allegedly abandoning the appeal it instituted against the Court of Appeal judgment discharging and acquitting Kanu, told them to meet the pro-Biafra group in court instead of tactically abandoning its case.

READ  Kwankwaso knocks Obasanjo, Edwin Clark, says Obi endorsement a ‘Big mistake'

8. Men of the Edo State Police Command have arrested a 24-year-old final-year student of the University of Port Harcourt, Victor Ochonogor, for allegedly stabbing his girlfriend, Success Regha, to death on Monday. Ochonogor, a student of Applied and Industrial Chemistry, reportedly committed the offence at 10, Osahon Street, Ogheghe Quarters, off Sapele Road, Benin City.

9. The Gombe State Command of the Nigerian Security and Civil Defence Corps, NSCDC, on Tuesday paraded 46 suspects, 32 females and 14 males, who were arrested in local nightclubs, popularly known as Gidan Gala. The arrest was made in compliance with Governor Muhammadu Yahaya’s directives that all local nightclubs be shut.

10. The Securities and Exchange Commission, on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State, over allegations of illegal investment activities. In a statement, SEC said the move was part of its commitment to ensure that unregistered entities were not allowed to carry out capital market functions.

READ  Criticising men of God can attract leprosy, says Oyedepo

 

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Five pro-Wike commissioners quit Fubara’s cabinet

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A fresh wave of mass resignations has hit the Rivers State Government headed by Governor Siminalayi Fubara after five more commissioners, who are loyal to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, have resigned from the governor’s cabinet.

 

Those who resigned are Chinedu Mmom (from the Ministry of Education), Gift Worlu (from the Ministry of Housing) and Jacobson Nbina (from the Ministry of Transport).

 

Inime Aguma resigned as the Commissioner for Social Welfare and Rehabilitation saying “there is no room for progressional development in the work place”.

 

Austin Ben-Chioma also resigned as the Commissioner for Environment “due to the political crisis befalling our dear Rivers State and other personal reasons”.

 

Mmom and Worlu cited a toxic working environment as the main reason for their exit while Nbina cited “unresolved political crisis” in the state as his reason for exit.

 

The five persons were among the commissioners who first resigned from the governor’s cabinet last December in the wake of the political crisis in the state but were readmitted into Fubara’s cabinet following President Bola Tinubu’s intervention.

READ  Fani-Kayode replies British envoy: ‘I can’t be intimidated by threat of visa ban’

 

Earlier, three commissioners, Zacchaeus Adangor, Emeka Woke and Alabo George-Kelly also resigned from the Ministries of Justice, Special Projects and Works respectively.

 

Governor Fubara recently announced a plan by his administration to set up a panel of inquiry to probe the governance of the state under the Wike administration.

The governor accused his opponents of deliberately sabotaging his administration while he was hoping that the issue in the state would be resolved amicably.

 

The move was the latest twist in the political crisis rocking the oil-rich state. The development has seen a deepening of the feud between Fubara and the state House of Assembly.

 

Last week, lawmakers loyal to the governor elected a new speaker. Fubara had also issued an executive order relocating the sitting venue of the Rivers State House of Assembly to the Government House, citing safety concerns.

 

The feud is due to the fallout between Fubara and his predecessor and current Minister of the FCT Nyesom Wike. President Tinubu had waded into the crisis last year but the imbroglio appears to be far from over.

READ  Notorious Cross River militant ‘General Iron’ killed in gun battle with vigilante

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Atiku condemns FG’s plan to use N20trn pension fund for infrastructure projects

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Atiku Abubakar, former vice-president, has condemned the Federal Government’s plan to use Nigeria’s pension fund to finance infrastructure projects.

 

In a post on X on Wednesday, Abubakar said it is a misguided initiative that must be stopped immediately.

 

On May 14, Wale Edun, the finance minister and coordinating minister of the economy, said the government has unveiled a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.

 

Edun said it was a significant step towards driving economic progress and addressing critical infrastructure needs.

 

However, Abubakar warned the decision could have devastating effects on the lives of Nigerians who have worked hard, saved money, and now rely on their pensions after retiring from service.

 

“My attention is drawn to a disturbing disclosure by the finance minister and coordinating minister of the economy, Wale Edun, as he addressed state house correspondents after the federal executive council (FEC) meeting at the presidential villa on Tuesday, 14 May,” Abubakar said.

 

READ  NNPP BoT suspends Kwankwaso after visit to Tinubu

“There is, according to the minister, a move by the federal government to rev up economic growth by unlocking N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country.

 

“The minister has indicated that although “the initiative is expected to attract foreign investment interest over time”, domestic savings are his ‘immediate focus’ for now.

 

“He provided no useful details, such as the percentage of the funds to be mopped up from the pension funds, for example.

 

“Even at that, this move must be halted immediately!  It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.

 

“It is another attempt to perpetrate illegality by the federal government.”

 

FG MUST ABIDE BY PROVISIONS OF PENSION REFORM ACT 2014

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Abubakar said the government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Funds Assets issued by the National Pension Commission (PenCom).

 

“In particular, the federal government must not act contrary to the provisions of the extant Regulation on investment limits to which Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments,” Abubakar said.

 

“I note that as of December 2023, total pension funds assets were approximately N18 trillion, of which 75% of these are investments in FGN Securities.

 

“There is NO free Pension Funds that is more than 5% of the total value of the nation’s pension fund for Mr. Edun to fiddle with.”

 

He said there are no easy ways to address the challenges of funding infrastructure development in Nigeria.

Abubakar added that the minister needs to implement the necessary reforms to regain investor confidence in the Nigerian economy and to leverage private resources, skills, and technology.

 

READ  Criticising men of God can attract leprosy, says Oyedepo

 

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BREAKING: Nigeria’s inflation rate rises to 33.69%

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The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, as prices of food and non-alcoholic beverages soared.

 

The NBS shared the inflation data in its consumer price index (CPI) report on Wednesday.

 

“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate,” the NBS said.

 

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.”

 

Details later…

READ  Atiku visits Kwankwaso in Abuja
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