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Labour Party chieftain, Okupe, Makes a u-turn and applauds Tinubu for hitting the ground running, showing determination and courage in leadership

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Achieftain of the Labour Party (LP) Doyin Okupe has commended President Bola Tinubu for showing commitment, zeal and courage in directing the affairs of the nation.

Okupe, an ex-aide to former President Olusegun Obasanjo in his piece titled: “For President Bola Tinubu: Still Many Rivers to Cross,” applauded the President for abolishing fuel subsidy and equalising foreign exchange.

He said: “President Bola Tinubu actually hit the ground sprinting; showing much determination, zeal commitment and courage. He has taken 2 extraordinarily bold steps by abolishing fuel subsidy and equalizing foreign exchange.

“This without doubt is causing very severe pain and hardship on the populace. However, in order to ground these policies properly, and reduce the pain on the populace, the President will still need to take more bolder steps.

“1. Nigeria must quit OPEC. – In about two decades from now, oil reserves may become meaningless. The present allocation of less than 2 million barrels per day for Nigeria with a population of over 200 million people and it’s prevailing strangulating economic conditions, given volumes of export to our main foreign exchange earner (90%) is inimical to our growth as a nation and to the wellbeing of the citizens.

“Outside OPEC, Nigeria can reduce it’s selling price of crude but also increase it’s exports to 3 million barells and above per day.

“This will increase accruable revenue from forex by up to 200% or more, which will allow the CBN have more supply of forex to the banks. In the face of surplus liquidity in forex supply, Naira will gain tremendous value over the Dollar.

“2. The present situation whereby the oil majors earn 60% of our accruable revenue from sales of oil leaving Nigeria with only 40% is no longer economically and financially prudent or reasonable. Saudi Arabia, using its own Aramco drills its own oil and earns 100% of the revenue from sales.

“We may not be able to achieve this instantly, but we should renegotiate with the oil majors for the ratio to shift in the favour of Nigeria to 60:40 minimum, even if we must add considerable investment in the processing for oil.

“3. The NNPC can no longer serve fully, neither can it meet the full expectations of it’s obligations to the Nigerian people. I am inclined to recommend that the President and his team should take a look and study the Atiku Abubakar model as it concerns the NNPC as a commercial entity.

“4. Most of the local refineries can still be made to be functional for the next 50 years. Part of the massive revenue inflow from the equalization of the forex regime should be used to refurbish once and for all, all our refineries, employing the best acceptable international bidding procedures to choose reputable international contractors to be engaged in the refurbishment programme.

“This should be done outside the purview of the NNPC and by a special presidential team that will abide by the best principles of honesty and transparency.

“5. Government must instantly liberalize licensing for investors who are interested in building petroleum refineries in Nigeria; especially modular refineries.

“6. The present crop of Nigerians engaged in crude petroleum refining who are scattered all over the place should no longer be hounded by task forces but rather harnessed officially into the downstream sector and licensed under supervision to produce and sell petroleum products.

“7. Government must deploy all powers and resources available to it to put a final end to crude oil theft and limit to the barest minimum, pipeline vandalization throughout the country.

“8. In spite of our leadership of ECOWAS in this period, the Nigerian government should encourage the deployment of diplomatic crises management approach and seek ways by using its influence with the organization to end the crises in Niger as quickly as possible as a precursor to urgent steps that need to be taken towards the activation of the plan to build the trans-sahara gas pipeline from Nigeria to Algeria and Europe, through Niger and Algeria.

“If this can be accomplished in the next 3 years, with Nigeria being the 9th highest deposit of gas in the world, sales of gas to Europe will bring in revenue in excess of $30b per annum.

“9. In order to ameliorate the present hardship in the country and give succor especially to the poor, government will have to revisit the 100% abolition of fuel subsidy pending the time when some of the items enumerated above can be accomplished. In the mean time, part of the excess inflow from forex equalization can be deployed to fund a supplementary budget to the National Assembly to cover for whatever percentage of the subsidy regime that government considers will suffice to grant the desired relief of the current hardship.

“10. The equalization of the foreign exchange regime instantly brings in massive revenue into the federation account from NNPC. Last month, for the first time ever, a sum if 1.5tr was available for sharing among the 3 tiers of government.

“The implication of this is that each tier of government will have the requisite financial cushioning to increase minimum wage to at least N60,000 per month.

“The rest of the excess funds can be channeled towards the repair and refurbishing of refineries as stated above and further strategic infrastructural and human development projects especially at states and local government levels.

“Furthermore, the more export trades our small and medium scale enterprises and business concerns within the country undertake will boost and improve the percentage of inflow of Dollars from non-oil exports.

“The weakening of the naira also has a major economic advantage of making our goods and services cheap abroad. Government must seize the situation to encourage the export if anything and everything by individuals and enterprises.

“Such encouragement may include payment of special grants per tonnage of goods exported.

“11. In the same vein, a major international drive and campaign must be undertaken by the CBN to encourage Nigerians in diaspora to use the official platform for remitting money home from abroad. This may be in form of waving commissions and fees chargeable on transfers.

“With an inflow of nearly $25b per annum from the diaspora community, Dollar supply to the CBN will increase to a large extent.

“12. Power generation and distribution is a major player in our economy; creating employment and improving the living standard of people generally.

“With this in view, I will strongly recommend that government shifts the level of power generation without official licensing from 1 MW to 5 MW. The cost of generating power from various sources is about $1-1.2m per MW on the average. With this singular policy, up to 1,000 local investors can enter into the power generation market in less than 1 year thereby boosting our power generating potential by more than 5,000 MW in 1 year.

“If this policy is followed with more liberalization of the power act of 2022, the need for generating sets by millions of Nigerians will drastically reduce by more than 80%. This will also further cause a decline in the demand by the populace especially the lower class for petrol to power small generators either for business or leisure.

“In conclusion, I personally believe that President Bola Tinubu is a thinker and an achiever. I have therefore enumerated the points above just to stimulate thoughts and actions and draw attention to areas which I consider if exploited, will add value to the plans of the current administration, increase revenue inflow to the country, reduce hardship and combat poverty.”

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APC Launches Reps Primaries, Embraces All-Inclusive Screening Approach — Morka

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Abbas, Kalu, Ihonvbere, Doguwa, Faleke, Obasa, Amaewhule, others in race for tickets
Primaries to pick candidates of the All Progressives Congress (APC) for next year’s elections begin tomorrow.

Aspirants for House of Representatives tickets will take the first shots across the 360 constituencies.

As of last night, the party’s national secretariat was busy coordinating reports from screening centres, while appeal committees also sat to consider different cases as they arose.

“The process is tough, and the schedule is tight,” a member of the party’s National Working Committee (NWC) told The Nation.

The party assured its members that, despite the logistical difficulties, the process would proceed as planned.

Leading lights of the party, which controls an overwhelming majority in the Green Chamber, such as Speaker Abbas Tajudeen, Deputy Speaker Benjamin Kalu, House Leader Prof. Julius Ihonvbere, spokesman Akin Rotimi, long-standing member Ado Doguwa, Finance Committee Chairman James Abiodun Faleke, former minister Nkeiruka Onyejeocha, Chijioke Edoga and Leke Abejide, who defected from the African Democratic Congress (ADC), are among those seeking tickets to return.

Among those seeking a return to the House are Bimbo Daramola (Ekiti), Kafilat Ogbara (Lagos), Oluwole Oke (Osun) and Donald Ojogo (Ondo).

There are also high-profile lawmakers from state Houses of Assembly bidding to move to the House of Representatives.

These include Speakers Mudashiru Obasa (Lagos) and Martins Amaewhule (Rivers).

National Publicity Secretary Felix Morka said the date fixed for the intra-party selection is sacrosanct.

The screening of the contenders has set the stage for what is largely expected to be direct primaries and, in some cases, consensus arrangements.

According to the APC guidelines, direct primaries should be adopted where consensus agreements fail.

Sources said the panel cleared all aspirants from Lagos, Ondo, Ekiti, Enugu and Rivers states.

However, a source said members of the Appeal Committee were at the Treasures Suites in Abuja handling last-minute petitions arising from the screening exercise.

According to the source, governors still hold the ace, having been saddled by the party with negotiating the “mode of primary” best suited for their respective states.

A senior party official confirmed that the committee refused to bow to external interference.

He said despite intense lobbying and “pressure from opponents,” the screening panels opted for an all-inclusive approach.

The source added: “No aspirant was disqualified. I was part of the team that handled Lagos, Ondo, Ekiti, Enugu and Rivers states, and I am sure that all the aspirants were cleared.

“There was pressure to disqualify some, but the screening committee stood its ground.”

The party’s National Working Committee (NWC) reviewed the report of the screening committee on Tuesday and yesterday.

While the official results have not been formally gazetted, sources at the party’s headquarters confirmed that the reports have been ratified.

Already, the NWC has dispatched primary election committees to the states to liaise with governors for rancour-free shadow elections that will produce acceptable candidates.

A member of the NWC reiterated the party’s resolve to adhere to the revised schedule of activities and timetable.

He said: “We have done everything possible for the primaries to be held as scheduled.”

Emphasising that the timetable would not change, Morka said the clarification became necessary following misleading reports.

He said the primaries will be held as follows: senatorial, May 18; House of Assembly, May 20; governorship, May 21; and presidential, May 23.

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Breaking : Energy Commission DG Nabbed by EFCC Over Alleged N500bn Scam

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Operatives of the Economic and Financial Crimes Commission have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences.

A source within the anti-graft agency, who spoke on condition of anonymity because he was not authorised to comment officially on the matter, disclosed on Wednesday that Abdullahi was arrested in Abuja and is currently being held in the custody of the commission.

According to the source, the investigation involves alleged fraud amounting to about N500 billion.

“We have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences. He was arrested in Abuja and is currently in our custody. The amount involved is estimated at N500 billion,” the source said.

The commission is yet to issue an official statement regarding the arrest as investigations continue.

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Foreign Investors Drag Senator Fasuyi to EFCC Over Alleged $2.98 Million Fraud

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Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.

The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.

According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.

The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.

The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.

Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.

The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.

“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.

The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.

According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.

The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”

The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.

Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.

Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.

The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.

According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.

The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.

The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.

Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.

The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.

“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.

The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.

According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.

The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”

The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.

Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.

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