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May 22, 2024 Atiku And Obi Desperate For Presidency In 2027 Says APC

Atiku And Obi Desperate For Presidency In 2027 Says APC

As the 2027 general elections approach, the All-Progressives Congress (APC) claims that Mr Peter Obi and Mr Atiku Abubakar are eager to become Nigeria’s President. Obi was the Labour Party’s presidential candidate in 2023, while Atiku represented the People’s Democratic Party (PDP). Notably, Obi served as Atiku’s running mate in the 2019 general election.

Recent reports suggest that these two opposition figures are considering forming an alliance to challenge the ruling APC in 2027. Responding to this development, APC spokesman Felix Morka stated that Obi’s potential return to the PDP would not be surprising. He characterized Obi as a “political wayfarer” and compared him to Atiku, whom he described as a “veteran political wanderer.”

“Atiku and Obi are united by their mutual desperation to be President of Nigeria and their ignoble disdain for President Bola Tinubu’s focused and extraordinary commitment to transforming our nation,” Morka’s statement read.

He added, “A recent visit by the Labour Party’s 2023 presidential candidate, Peter Obi, to his PDP counterpart, Alhaji Atiku Abubakar, has fueled speculations of a possible alliance or merger between their political parties ahead of 2027. What remains unclear is whether Obi will rejoin Atiku’s PDP, if Atiku will switch to Obi’s Labour Party, or if both will leave their current parties and join Professor Pat Utomi’s proposed mega party.”

Full Statement: 

ATIKU, OBI, UNITED BY MUTUAL DESPERATION

A recent visit by the presidential candidate of the Labour Party (LP) in the 2023 presidential election, Peter Obi, to his Peoples Democratic Party (PDP) counterpart, Alhaji Atiku Abubakar, has fueled speculations of a possible alliance between both men or merger of their political parties in the lead up to 2027.

What is unclear, however, is whether Obi would make a comeback to Atiku’s PDP or whether Atiku would dump his PDP and seek rehabilitation in Obi’s Labour Party or whether both men would abandon PDP and Labour, altogether, and sojourn into the political wilderness of Professor Pat Utomi’s mega party.

News of Peter Obi’s return to the PDP would be hardly surprising. His reputation as a political wayfarer is only dwarfed by Atiku’s track record as a veteran political wanderer. News of Atiku joining the Labour party will shock no one as he will be living up to his well established reputation as the country’s most itinerant politician.  For now, Utomi’s mega party remains a figment with no offering of tangible accommodation for both men.

Atiku and Obi are united by their mutual desperation to be President of Nigeria and ignoble disdain for President Bola Tinubu’s focused and extraordinary commitment to the transformation of our nation.  Their restless drift in search of convenient party platforms to execute their presidential run only belie the self-indulgent and opportunistic essence of their aspirations. Men without the staying power to build or fix their own parties, who flee at the slightest flicker of internal crisis cannot possibly be trusted by Nigerians to tackle serious and complex national political and economic challenges that confront our nation.

President Bola Tinubu embodies character, vision, tenacity and doggedness required to deliver a resurgent Nigeria of stable growth and development. The administration’s bold economic policy reforms and massive infrastructural uptake have already shattered historic barriers to growth, and paved the way for steady progress and development.

We urge Nigerians to stand fast in their invaluable support of our great Party and President Bola Tinubu’s determined commitment to deliver a stronger, secure and more prosperous country for us all.

Signed:

Felix Morka, Esq.

National Publicity Secretary

All Progressives Congress (APC)

May 22, 2024 CBN Announces OPay, Moniepoint, and Others to Resume Onboarding New Customers Within Months

CBN Announces OPay, Moniepoint, and Others to Resume Onboarding New Customers Within Months

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers "in another couple of months." CBN Governor Olayemi Cardoso made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate was increased from 24.75 percent to 26.25 percent.

Cardoso mentioned that the CBN has been working with these companies to enhance their operations. To prevent money laundering and illicit financial flows, the CBN has introduced "remedial measures" to tighten the onboarding process and manage existing customer bases more effectively.

He expressed confidence that within a few months, these issues would be resolved, allowing the sector to resume normal operations with a stronger regulatory framework.

READ ALSO: CBN Raises Interest Rate To 26.25%

In April, the CBN halted fintech companies from onboarding new customers, a move perceived as a crackdown by the Cardoso-led CBN. However, Cardoso clarified that this was not a targeted action against fintechs, emphasizing that the CBN is proud of their achievements and continues to support and strengthen them.

Cardoso highlighted the importance of regulation in this rapidly growing sector, particularly in addressing illicit financial flows and money laundering. He noted that recent investigations into these issues, especially concerning cryptocurrencies, revealed the need for heightened surveillance.

The CBN has collaborated with security agencies to identify areas for tighter regulation and oversight. Cardoso stressed that these measures are intended to improve regulation, not to drive fintechs out of business, and assured that no fintech licenses have been revoked.

May 21, 2024 CBN Raises Interest Rate To 26.25%

CBN Raises Interest Rate To 26.25%

The Central Bank of Nigeria (CBN) has increased the interest rate by 150 basis points, raising it from 24.75 percent to 26.25 percent. This decision was made following a two-day meeting of the bank’s Monetary Policy Committee (MPC), which concluded that a rate hike was necessary to control the country's soaring inflation, which stood at 33.69% in April 2024.

CBN Governor Yemi Cardoso, who also serves as the MPC chairman, announced the decision on Tuesday after the MPC's 295th meeting on May 20th and 21st. The meeting reviewed recent economic and financial developments and assessed risks to the economic outlook.

“The MPC has decided to raise the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent from 24.75 percent,” Cardoso stated.

Despite the rate increase, the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) was maintained at 45 percent. The MPC also kept the asymmetric corridor around the MPR at +100 and -300 basis points and retained the liquidity ratio at 30 percent.

Cardoso acknowledged the rising inflation levels in the country, emphasizing that the primary focus of the MPC meeting was to achieve price stability using available tools to control inflation. He pointed out that inflation pressures are mainly driven by food inflation, which is influenced by rising transportation costs, infrastructure and security challenges, and exchange rate issues.

Monday's announcement comes amid skyrocketing commodity prices and a rising cost of living. These challenges have been exacerbated by the removal of the fuel subsidy last year and the floating of the naira, leading to historic inflation levels in Nigeria.

Despite protests and pressure from labor unions, President Bola Tinubu has repeatedly urged patience, expressing confidence that his government’s reforms will eventually be beneficial.

To combat the declining value of the naira, the CBN has also recently focused on regulating the operations of cryptocurrency exchange Binance.

May 21, 2024 Port Harcourt Refinery to Commence Operations in July

Port Harcourt Refinery to Commence Operations in July

The Port Harcourt refinery, with a capacity of 210,000 barrels per day, is expected to finally begin operations by the end of July after multiple delays. This new date was announced on Monday by Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Marketers Association of Nigeria. He emphasized that the refinery's operation would boost economic activities, lower petroleum product prices, and ensure a steady supply.

In December of last year, Heineken Lokpobiri, the Minister of State for Petroleum Resources, reported the mechanical completion and flare start-off of the Port Harcourt refinery, the largest crude refinery in the area. The facility includes two units: an older plant with a capacity of 60,000 barrels per day and a new plant capable of refining 150,000 barrels per day.

The refinery ceased operations in March 2019 for the first phase of repairs after the government enlisted Italy’s Maire Tecnimont as a technical adviser, with oil major Eni also providing advisory services. On March 15, 2024, Mele Kyari, the Group Chief Executive Officer of NNPC Limited, stated that the refinery would be operational within two weeks, a timeline that was ultimately not met.

In an interview on Monday, Chief Ukadike highlighted the extensive turnaround efforts, noting that nearly all components had been replaced or refurbished. He assured that the refinery was nearly ready, with an expected start date by the end of July. Despite past delays, he stressed that the refinery was now 99 percent complete and faced no significant obstacles.

Ukadike also mentioned the importance of competition in the market, expressing confidence that the opening of both the Port Harcourt refinery and the upcoming Dangote Refinery would help reduce petrol prices. The Dangote Refinery is set to begin petrol production by the end of June, according to Aliko Dangote, Chairman of the Dangote Group. This development could eliminate Nigeria's need to import petrol, saving the government approximately N6.2 trillion annually on import costs, as the refinery is expected to meet the fuel demands of West Africa and beyond.

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