Connect with us

News

Fed Govt to stop $418m Paris Club refund payment

Published

on

The Federal Government has made moves to block the redemption of about 62 promissory notes issued to consultants/contractors engaged by the Nigeria Governor’s Forum (NGF) and the Association of Local Governments of Nigeria (ALGON) to retrieve their shares of the Paris Club refunds.

The Federal Government, while faulting the procedure for the issuance of the promissory notes, has prayed a Federal High Court in Abuja to void the notes already issued.

In the suit, now before Justice Inyang Ekwo, the Federal Government and three others, listed as plaintiffs, want the court to, among others, set aside all the promissory notes and issue an order of perpetual injunction restraining the defendants and their agents “from exercising any proprietary rights” over the promissory notes.

Listed as defendants in the suit are: FSDH Merchant Bank Limited, Ned Munir Nwoko, Gregory Nangor Lar, Riok Nigeria Limited, Prince Orji Nwafor Orizu, Olaitan Bello, Dr. Ted Iseghohi Edwards, and Panic Alert Security System Limited.

Other plaintiffs in the suit are: the Attorney General of the Federation, the Minister of Finance, Budget and National Planning, and the Accountant General of the Federation.

The 62 promissory notes, valued at $418,953,668, were issued to the defendants on September 27, 2021 by the Debt Management Office (DMO) following judgments and orders of mandamus obtained against the Federal Government and the Minister of Finance by the defendants, who were said to have been engaged by the Federal Government and ALGON.

The plaintiffs are contending, among others, that the promissory notes are invalid, having been wrongly issued in violation of relevant laws.

They added that although the promissory notes were executed by the then Minister of Finance, Budget and National Planning and the Director General of the DMO, the notes were not signed as required.

The plaintiffs argued that “the promissory notes in issue were wrongly and unlawfully changed on the assets and revenues of the federation instead of the assets and revenues of the states and local governments, who incurred the applicable loans/debts”. 

A Principal State Counsel in the Federal Ministry of Justice, Mr. Oyinlade Koleosho, stated in a supporting affidavit that the promissory notes were wrongly and invalidly issued against the assets of the federation. 

The lawyer averred that sections 314 and 317 of the Constitution have separated the assets of a state or local government from the assets of the federation or the Federal Government of Nigeria.

Koleosho added that the 62 promissory notes issued to the defendants are invalid because they were charged on the assets of the Fed Govt, who is not indebted to any of the defendants (contractors/consultants).

The plaintiffs also claimed that the Federal Government of Nigeria did not engage any of the defendants, saying there is no valid consideration for the promissory notes issued to them (defendants). 

According to court documents, FSDH Merchant Bank Limited was issued 10 promissory notes for the total value of $67,925,661.00, at the rate of $6,499,561.00 per note (allegedly for the benefit of Nwoko).

Gregory Nangor Lar, who is described as Nwoko’s agent, was issued two promissory notes “for the account/benefit of the second defendant (Nwoko) for the total value of $732,511.00 at the rate of $366,256.00 per note”.

Riok Nigeria Limited was issued 10 Federal Government of Nigeria promissory notes issued for the total value of $142,028, 941.00, at the rate of $14,202,895.00 per note.

Prince Orji Nwafor Orizu was issued 10 promissory notes for the total value of $1,219,440.00 at the rate of $121,944.00 per promissory note.

Olaitan Bello is said to have been issued eight promissory notes for the total value of $215,195.00 at the rate of $21,524.00 per promissory note.

Dr. Ted Iseghohi Edwards is said to have got 10 promissory notes for the value of $159,000,000.00, at the rate of $15,900,000.00 per note.

Panic Alert Security System Limited was also issued 10 promissory notes for the value of $47,831,920.00 being the total value of the 10 notes, with a value of $4,783,192.00 per note.

News

2027: Wike’s Tinubu endorsement sparks opposition firestorm

Published

on

The Peoples Democratic Party, New Nigeria Peoples Party, Coalition of United Political Parties, and others have strongly criticised the Minister of the Federal Capital Territory, Nyesom Wike, for openly declaring his plan to lead President Bola Tinubu’s 2027 re-election campaign.

During a media chat on Monday in Abuja, Wike described himself as a key asset in helping Tinubu win the 2027 election.

The former Rivers State Governor also insisted he was not involved in any anti-party activities and challenged the PDP to suspend him if they believed otherwise.

In response, the party’s Deputy National Youth Leader, Timothy Osadolor, urged Nigerians to disregard Wike’s comments, stating that the party would soon enforce its rules against the minister.

The CUPP’s Publicity Secretary, Mark Adebayo, labelled Wike as the “President’s hatchet man”, accusing him of working to dismantle opposition parties.

The NNPP asserted that Tinubu would be defeated in 2027 despite Wike’s endorsement.

Speaking on Monday during a media parley in Abuja, Wike said, “I am still in the PDP. I worked hard for the party.

I have not seen anybody who has the guts to tell me, ‘Wike, you are not a member of the party.’ Who is that? What is his contribution to the party that is more than mine?”

Wike noted that the PDP violated the agreement for a southern candidacy for President and supported former Vice President Atiku Abubakar, hence his refusal to endorse the party’s 2023 presidential candidate.

“In 2023, did I not tell you that I wouldn’t support their presidential candidate? I said, based on equity, justice, and fairness, the presidency should go to the South because you can’t have that and the national chairman at the same time.

“You, therefore, take one and give us one. Believing that Atiku would win, they said to hell (with it), and I said I was not going to support.

“So, why didn’t I leave the party and join APC? Of all of us then and PDP governors today, who produced National Assembly 100 per ncent? Who produced a governor? Ask them in their various states how many senators they have,” he said.

Wike referred to himself as a valuable asset, emphasising his key role in securing Tinubu’s re-election in the 2027 general elections.

“I am not a liability, I am an asset. Whether you agree or you don’t agree, I am an asset.

Whether you want to die or you don’t want to die, I am an asset. It doesn’t matter, you may not like me. I am an asset to making sure that Tinubu wins his second term,” Wike boasted.

The ex-Rivers governor also spoke on the chances of the PDP in 2027, stating that the PDP has a leadership problem, which was responsible for the mass defections to the ruling All Progressives Congress, particularly in Delta State and Akwa Ibom.

“It’s a party leadership problem. Look at it. You won’t tell me that they didn’t have intelligence that Delta would go. You won’t tell me that they didn’t have intelligence that Akwa Ibom would go.

“Now, as the leadership, what would you do? Send a team, ‘ask them ‘why are you doing this?’ No, you’re making a mistake. Impunity; let them go. Look Opposition does not do impunity.

No, no, no, we try to beg, beg. Put everybody together. You don’t say, let them go. Let me tell you, I cannot do that,” the minister insisted.

In response, a senior PDP official described the party as one that upholds law and order, stating that it would soon take disciplinary action against Wike in accordance with its rules.

He stated, “This party is a party of process. We have the structures, processes, and laws that we’re following. At the right time, we shall enforce our laws on him and others.

“When somebody says nobody can remove him from the party, that is just his view. The PDP is bigger than any individual. And my answer is very simple: opinion is free, but facts are sacred.

Policies are sacred. Rules and regulations are sacred. While he is entitled to his view, I can tell you that, at the right time, the party will enforce its rules.

”The PDP Deputy National Youth Leader, Osadolor called on Nigerians and party members to disregard Wike.

Continue Reading

News

Oyebanji Seeks Better Collaboration with Benin-Owena River Basin Devt Authority

Published

on

Ekiti State Governor, Mr Biodun Oyebanji has expressed his dissatisfaction with the Benin-Owena River Basin Development Authority (BORBDA) over its handling of development initiatives in the state, stressing that the state has not benefited from the authority despite numerous attempts to collaborate with it on some projects.

Governor Oyebanji, who stated this on Monday during a meeting with the new management of the Benin-Owena River Basin Development Authority led by the Managing Director/ Chief Executive Officer, Dr Olufemi Adekanmbi in his office on Ado Ekiti, emphasized that the agency has not been fair to the state in it’s development drive.

Expressing his displeasure over what he described as lack of meaningful contribution from the authority to Ekiti development, the Governor emphasized that this had forced his administration to exclude the agency from its strategic development plan, stressing the need for a more effective and accountable approach moving forward.

Governor Oyebanji who Emphasized the importance of synergy between government agencies and stakeholders in driving sustainable development, urged the new leadership to ensure that their renewed commitment translates to meaningful actions and development in the state.

He also assured them that his administration would collaborate with the authority provided there is a visible shift in their operations and engagement.

“I need to refresh our memories about our experience with Benin-Owena, they have not been fair to us, we have gained nothing from them. We have crafted our development strategy without you in our plan because every attempt to collaborate with you has been frustrated.

We are investing massively in agriculture in the state and Benin-Owena has no contribution to it.

“However, I have read your speech, it shows that you want to do things differently but we have listened to beautiful speeches that didn’t translate to action, so for those project that are already in the budget concerning Ekiti State, whatever we can do to ensure that we fast track development, I am ready to do that”, the Governor asserted.

Earlier in his remarks, the Managing Director of the Benin-Owena River Basin Development Authority, Dr Olufemi Adekanmbi, who commended the Governor for the remarkable progress in the state particularly in agriculture sector, said the purpose of the meeting was to introduce the new leadership to the Governor, assess on going collaboration with the state government as well as forge a strengthened pathway toward achieving the goal of the renewed hope agenda of President Boa Ahmed Tinubu, particularly in the area of food security.

Unveiling the agency’s comprehensive development blue print aimed at boosting agriculture, infrastructure, and youth empowerment in the state, the BORBDA CEO assured the Governor of a new dawn in the agency, noting that President Bola Ahmed Tinubu was intention and strategic with the appointment of right people into the board of the agency.

He listed various on-goin and proposed BORDA interventions across the state to include, flood contro projects in Ilupeju, Efon-Alaye, Ado-Ureje Road, Ikere-Ado/Osun Road as well as management of key dams in Apariko-Aisegba, Oye-Ayede, and Ado-Osin, among others.

Also present at the meeting were, Chief of Staff, Mr Niyi Adebayo, Commissioner for Infrastructure and Public Utilities, Prof Bolaji Aluko, Commissioner for Agriculture and Food Security, Mr Boluwade Ebenezer and Special Adviser Media, Mr Yinka Oyebode.

Continue Reading

News

Kogi’s Ododo Tasks Officials on Grassroots Engagement, Clears N98.8bn Debt

“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.

Published

on

By

Kogi State Governor, Ahmed Usman Ododo has charged government officials to remain close to the grassroots and ensure constant engagement with the people, noting that such connection is key to responsive governance.

Also in a separate briefing, the Commissioner for Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris, announced that within just 15 months, the Ododo administration has fully liquidated N98.8 billion in debts inherited from previous administrations.

“We are in government to serve the people, and that means staying connected to their needs and aspirations,” said Ododo during the Kogi State Executive Council meeting held today at the EXCO Hall, Government House, Lokoja.

LOCAL PATRONAGE

As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries.

He encouraged the citizens to take pride in local products and lead a cultural and economic renaissance from within.

Briefing journalists after the meeting, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said the administration is committed to making governance more visible and impactful.

“Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said.

On infrastructure, Fanwo disclosed that the perimeter fencing at the Confluence University of Science and Technology (CUSTECH), Osara is 90 percent completed, while both male and female hostels have been completed and are already housing students.

Similar projects at the Kogi State University, Kabba, are progressing satisfactorily.

As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries

To improve public safety, the Council also approved a bill to restrict the movement of heavy trucks during peak hours.

Another bill was approved for the establishment of the Kogi State Agency for Climate Change as part of a forward-thinking response to global environmental challenges.

STATE‘s DEBT BREAKDOWN

Regarding the paid state debt, he said:

“The breakdown includes: • N8 billion in bonds from the Idris Wada administration. • N50.8 billion salary bailout from the last administration. • N10 billion ECA-backed infrastructure loan. • N15 billion infrastructure loans from Zenith Bank and another N15 billion from UBA Plc.”

“This is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal discipline and commitment to economic recovery.

Within 15 months, we have cleared N98.8 billion in inherited debt,” Idris said.

He added that Fitch Ratings has upgraded Kogi State’s credit rating from ‘B-’ to ‘B’, with a stable outlook, citing prudent financial management.

As of September 30, 2024, the state’s debt profile stands at N40.5 billion, placing it on a strong path to debt sustainability.

Continue Reading

Trending