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Author: Val Kosi

  • Governor Makinde Presents Staff of Office to New Alaafin Amid Controversy

    Governor Makinde Presents Staff of Office to New Alaafin Amid Controversy

     

    Governor Seyi Makinde of Oyo State has officially presented the staff of office and certificate of recognition to Abimbola Owoade, the newly appointed Alaafin of Oyo.

    The presentation ceremony took place at the Oyo State Government House in Ibadan. The announcement of Owoade as Alaafin was made by the governor on January 10, 2025, following recommendations from the Oyomesi (kingmakers).

    Dotun Oyelade, Oyo State Commissioner for Information and Orientation, confirmed the governor’s approval of Owoade’s appointment, stating that it followed due process as advised by the kingmakers.

    Shortly after the announcement, a faction of the Oyomesi rejected Owoade’s appointment, citing procedural irregularities.

    The dissenting members of the Oyomesi, led by Yusuf Akinade (Basorun) and joined by other kingmakers and warrant chiefs, claimed that the selection process violated the Alaafin of Oyo Chieftaincy Declaration of 1967.

    According to the faction, the Alaafin is traditionally chosen through a process guided by the declaration and not through consultation or divination as stated by Governor Makinde.

  • Five Katsina Revenue Officials in EFCC Net Over Alleged N1.29 Billion Fraud

    Five Katsina Revenue Officials in EFCC Net Over Alleged N1.29 Billion Fraud

    The Economic and Financial Crimes Commission (EFCC) has detained five officials of the Katsina State Internal Revenue Service over allegations of diverting N1.29 billion in state funds.

    In a statement on Monday, EFCC spokesperson Dele Oyewale revealed that the suspects colluded to misappropriate funds meant for the Katsina State Government. The detained officials are Rabiu Abdullahi, Sanusi Mohammed Yaro, Ibrahim Kofar Soro, Ibrahim Aliyu, and Nura Lawal Sauri.

    “They were arrested following a petition from the Katsina state government alleging that the suspects colluded and diverted the sum of N1,294,337,676.53 accruing to the state from the World Health Organization (WHO), Medicins Sans Frontiers, and the **Alliance for International Medical Action (ALIMA),” the statement read.

    The EFCC’s preliminary investigation revealed that Rabiu Abdullahi, a former director of collections and now permanent secretary of the revenue board, authorized the opening of a bank account at Sterling Bank under the name “BOIRS.” He allegedly designated Sanusi Mohammed Yaro, Director of Revenue Account, and Ibrahim Kofar Soro as sole signatories to the account.

    “Subsequently, the account became the primary channel through which all the funds were allegedly funneled to the main beneficiary, Nadikko General Suppliers, a company owned and controlled by Nura Lawal Kofar Sauri, an assistant director of career skills/staff welfare of the board,” the EFCC said.

    The commission further revealed that Nura Lawal and his company, Nadikko General Suppliers, were used as conduits to launder the stolen funds. The misappropriated funds were traced to various bank accounts belonging to the suspects.

    The EFCC confirmed that the suspects are being held at its Kano Zonal Command and will face legal charges upon the conclusion of investigations.

  • CBN Fines Nine Banks N1.35bn for Failing to Ensure ATM Cash Availability During Festive Season

    CBN Fines Nine Banks N1.35bn for Failing to Ensure ATM Cash Availability During Festive Season

    The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

    In a statement issued on Tuesday, the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed that each bank was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

    “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season,” the statement read.

    The affected banks include:

    • Fidelity Bank Plc
    • First Bank Plc
    • Keystone Bank Plc
    • Union Bank Plc
    • Globus Bank Plc
    • Providus Bank Plc
    • Zenith Bank Plc
    • United Bank for Africa Plc
    • Sterling Bank Plc

    The fines will be directly debited from the banks’ accounts with the CBN.

    The apex bank emphasized that the enforcement action follows repeated warnings to financial institutions to ensure seamless cash availability, especially during periods of high demand.

  • US Grants Nigeria $2 Million for Fibre Optic Infrastructure Assessment

    US Grants Nigeria $2 Million for Fibre Optic Infrastructure Assessment

    In a significant step towards enhancing Nigeria’s digital infrastructure, the United States has announced a $2.095 million grant to assess the viability of deploying 90,000 kilometers of new fiber optic backbone infrastructure across the country. This pivotal agreement was reached during the inaugural U.S.-Nigeria Technology Dialogue held in Washington D.C., a high-level event aimed at strengthening bilateral cooperation in critical technology sectors.

    Led by Deputy Secretary of State Kurt Campbell, the dialogue brought together senior officials from both nations, including Nigerian Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani. The event served as a crucial platform for addressing key opportunities and challenges in the digital transformation landscape.

    “This partnership is a testament to the shared commitment of the United States and Nigeria to harnessing the power of technology for economic growth and social progress,” stated Deputy Secretary Campbell. “By improving digital infrastructure and connectivity, we can empower Nigerians with access to information, education, and economic opportunities.”

    Fibre Optic Grant to Support Nigeria’s Broadband Ambitions

    Funded by the U.S. Trade and Development Agency (USTDA), this project aligns perfectly with Nigeria’s National Broadband Plan 2020-2025, which aims to increase broadband penetration from 42.27 percent to 70 percent and ensure 90 percent of the population has access to affordable and reliable broadband.

    “This grant is a critical step towards achieving our ambitious broadband goals,” said Dr. Tijani. “By assessing the feasibility of this massive infrastructure project, we can lay the foundation for a truly connected Nigeria, unlocking significant economic and social benefits for our citizens.”

    Human Capital and AI

    The U.S.-Nigeria Technology Dialogue encompassed a wide range of critical issues. Discussions centered around enhancing the resilience and security of essential services, promoting digital trade and e-commerce, and developing a skilled workforce to meet the demands of the digital age.

    Furthermore, the dialogue explored the burgeoning field of artificial intelligence (AI), focusing on capacity building, infrastructure development, and ethical AI governance.

    Fostering Innovation and Addressing Critical Issues

    Two insightful panel discussions further enriched the dialogue. The first, focusing on “Advancing Public-Private Sector Investment in Innovation and Digital Talent Development,” highlighted the critical role of collaboration in fostering innovation and nurturing a skilled digital workforce.

    The second panel delved into the crucial interplay between critical infrastructure and the development and deployment of AI technologies. This discussion emphasized the need for robust governance frameworks to ensure the responsible and inclusive development of AI in Nigeria.

    Looking Ahead

    The U.S.-Nigeria Technology Dialogue marks a significant milestone in the growing bilateral relationship. This initiative lays the groundwork for continued collaboration on a range of critical technology issues, including cybersecurity, digital health, and the development of a sustainable digital economy.

    By working together, the United States and Nigeria can leverage the power of technology to create a more prosperous, inclusive, and secure future for all citizens.

  • Nigeria to Spearhead African Oil Production Surge in 2025 – AEC Outlook

    Nigeria to Spearhead African Oil Production Surge in 2025 – AEC Outlook

    The African Energy Chamber (AEC) anticipates a significant surge in African oil production in 2025, with Nigeria and Angola leading the charge. In its “State of African Energy 2025 Outlook,” the AEC projects that West Africa will spearhead this growth, increasing oil output from the current 6.5 million barrels per day (bpd) to nearly 7 million bpd by year’s end.

    Contents

    Nigeria’s Pivotal Role in 2025 Oil ProductionBonga North ProjectGovernment ReformsComment

    “West Africa continues to remain the major driver of oil supply, producing around 3.7 million bpd of oil currently. With sustained production from Angola and a recovery from Nigeria, the region could produce between 3.8 – 3.9 million bpd,” the Outlook states. This projected growth will contribute significantly to Africa’s overall oil production, estimated to reach 3.39 million bpd in 2025, representing approximately 8% of global oil supply.

    Nigeria’s Pivotal Role in 2025 Oil Production

    Nigeria, Africa’s largest crude oil producer, holds the key to unlocking this projected growth. However, several challenges must be overcome.

    Curbing Oil Theft and Pipeline Vandalism: The AEC emphasizes the critical need to curtail rampant oil theft and pipeline vandalism, a persistent issue that has significantly impacted Nigerian oil production. These activities not only disrupt production but also pose a significant economic burden on the nation. According to Senate estimates, oil theft cost Nigeria $23 million daily in 2022 and a staggering $1.43 billion in March 2023 alone.

    Security and Stability: The report also highlights the importance of a stable environment in Sudan, which directly impacts oil production in South Sudan.

    Despite these challenges, Nigeria has demonstrated encouraging progress. Recent data from Bloomberg reveals that the country’s oil production has surpassed the 1.5 million bpd threshold, exceeding its OPEC quota. This marks a significant achievement, considering the production cap of 1.3 million bpd in 2023.

    Bonga North Project

    The $5 billion Final Investment Decision (FID) for the Bonga North deep-water project by Shell Nigeria Exploration and Production Company Limited (SNEPCo) signals a significant step towards sustaining Nigeria’s oil and gas output. This project, located off the Nigerian coast, aims to connect to the existing Bonga FPSO facility, adding 16 new wells and enhancing production capacity.

    “As a key project for Nigeria, Bonga North aims to sustain oil and gas output at the Bonga facility,” explains SNEPCo. The field holds an estimated recoverable resource of over 300 million barrels of oil equivalent (boe) and is projected to achieve a peak production of 110,000 barrels of oil per day, with first oil expected by the end of the decade.

    Government Reforms

    The Nigerian government has taken proactive steps to improve the investment climate in the oil and gas sector.

    “We have also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list,” stated Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), on X. These reforms aim to create a more conducive environment for investors and encourage further development within the sector.

    Comment

    Nigeria’s role in driving African oil production growth in 2025 is undeniable. However, sustained success hinges on effectively addressing the challenges of oil theft and pipeline vandalism. By implementing robust security measures, fostering a stable environment, and attracting significant investments like the Bonga North project, Nigeria can unlock its full oil production potential and contribute significantly to Africa’s energy future.

  • OpenAI Names Adebayo Ogunlesi as New Board Member

    OpenAI Names Adebayo Ogunlesi as New Board Member

    OpenAI, the artificial intelligence powerhouse, announced on Tuesday that Adebayo Ogunlesi, Senior Managing Director at BlackRock and founding partner of Global Infrastructure Partners (GIP), will join its board of directors.

    Ogunlesi, whose firm GIP was acquired by BlackRock last year for $12 billion, brings decades of experience in infrastructure and investment, having also spent 23 years at Credit Suisse.

    In a statement from OpenAI, Ogunlesi expressed enthusiasm about the potential of artificial intelligence to create meaningful societal change.

    “The rapid advancement and development of AI offers a unique opportunity to build a better future,” Ogunlesi said. “As part of this, thoughtful strategies and investment in infrastructure will be key to unlocking AI’s full potential and delivering its benefits responsibly. I’m excited to contribute to this effort and look forward to being a part of the OpenAI Board.”

    Ogunlesi’s appointment is the latest step in OpenAI’s evolution from its nonprofit roots to a high-growth for-profit enterprise. The company has revamped its board significantly since late 2023, following the brief ousting and reinstatement of CEO Sam Altman.

    Current board members include notable names such as:

    • Bret Taylor, former Salesforce co-CEO and ex-Twitter chair, became chair of OpenAI’s board in November 2023.
    • Larry Summers, former U.S. Treasury Secretary.
    • Fidji Simo, Instacart CEO.
    • Dr. Sue Desmond-Hellmann, former CEO of the Bill & Melinda Gates Foundation.

    The expanded board reflects OpenAI’s push to balance commercial ambitions with ethical considerations in AI development.

    Founded as a nonprofit in 2015, OpenAI announced in December 2024 that it would operate as a Delaware Public Benefit Corporation (PBC), enabling it to manage commercial operations while supporting charitable activities in health care, education, and science.

    The company, valued at $157 billion last year, is capitalizing on its position as a leader in generative artificial intelligence, following the success of tools like ChatGPT and its cutting-edge large language models.

  • Lagos Assembly Impeaches Speaker Obasa, Elects First Female Speaker

    Lagos Assembly Impeaches Speaker Obasa, Elects First Female Speaker

    The Lagos State House of Assembly has impeached Mudashiru Obasa as its speaker, citing allegations of abuse of office and gross misconduct.

    Following the impeachment, the lawmakers elected Mojisola Meranda, the representative of Apapa I, as the new speaker.

    Meranda, who took her oath of office immediately, makes history as the first female speaker of the Lagos State House of Assembly.

    During her swearing-in, Meranda pledged her commitment to the Constitution and her duties as speaker.

    “I affirm that I will be faithful as the Speaker of the Lagos State House of Assembly; that I will perform my functions honestly to the best of my ability, faithfully, and in accordance with the Constitution of the Federal Republic of Nigeria,” Meranda said.

    Obasa, 52, had served as speaker since 2015 and was a prominent figure in the state’s legislature.

  • ‘Kano Can Only Have One Emir,’ Femi Falana Says

    ‘Kano Can Only Have One Emir,’ Femi Falana Says

    Renowned human rights lawyer, Femi Falana, SAN, has affirmed that Kano State can have only one Emir, following the recent Court of Appeal ruling. Speaking at the 21st Memorial Lecture of Chief Gani Fawehinmi in Lagos, Falana congratulated the 16th Emir of Kano on his legal victory, asserting that his reign is secured despite ongoing opposition.

    “As lawyers, when we gather, we must speak certain truths,” Falana said. “Your Majesty, we congratulate you on your victory in the Court of Appeal.”

    The senior advocate highlighted that the Federal High Court lacks jurisdiction over chieftaincy matters, a position clarified by the appellate court’s ruling. He criticized legal practitioners who, according to him, have been misleading their clients and perpetuating confusion around the matter.

    “Your opponents may seek to go to the Supreme Court, but as far as the law is concerned, it is settled. This is where the Nigerian Bar Association (NBA) must step in. Where the law is settled, the traditional institution is not a matter of fundamental rights. As a traditional ruler, you cannot claim to enforce fundamental rights in court,” he explained.

    Falana urged the NBA to call errant lawyers to order to prevent unnecessary legal battles and disruptions.

    “Your Majesty, whether they go to the Supreme Court or elsewhere, you have come to stay. There can only be one Emir in Kano. We cannot have two Emirs in Kano, just as we cannot have two speakers in Rivers. This confusion must end,” Falana said.

  • Nigeria’s Food Inflation Surges to 39.84% as Core Inflation Hits 29.28% in December 2024

    Nigeria’s Food Inflation Surges to 39.84% as Core Inflation Hits 29.28% in December 2024

    Nigeria’s food inflation rate surged to 39.84% in December 2024, marking a significant 5.91 percentage point increase from the previous year’s 33.93%, while core inflation reached 29.28%, according to the latest Consumer Price Index report.

    The food sector continues to face substantial price pressures, with dramatic increases observed in essential commodities including yam, potatoes, rice, and cereals. Sokoto state recorded the highest food inflation rate at 57.47%, followed by Zamfara at 46.39% and Edo at 46.32%, highlighting severe regional disparities in food price increases.

    Core inflation, which excludes volatile agricultural produce and energy prices, rose by 6.21 percentage points from December 2023’s 23.06%. The increase was primarily driven by transportation costs, including taxi fares and intercity bus journey prices, alongside rising costs in restaurant meals and personal care services.

    Month-on-month data reveals a mixed picture, with food inflation showing a slight moderation to 2.66% in December from 2.98% in November 2024. This modest improvement was attributed to decreasing prices in select categories, including local beer, fruit juice, and some staple foods.

    Regional analysis shows significant variations in food price pressures. While some states experienced severe inflation, others showed relative stability. Notably, Ogun (34.24%), Rivers (35.43%), and Kwara (35.58%) recorded the lowest food inflation rates, though still at concerning levels.

    The twelve-month average food inflation rate stood at 39.12%, representing an 11.16 percentage point increase from December 2023’s 27.96%. This persistent upward trend suggests a deepening food security challenge across the nation.

    Core inflation’s month-on-month rate increased to 2.24% in December from 1.83% in November, indicating accelerating price pressures in non-food sectors. The twelve-month average core inflation rate reached 27.15%, up by 6.39 percentage points from the previous year.

    The widespread nature of price increases across both food and non-food categories, coupled with significant regional variations, presents complex challenges for policymakers working to maintain price stability and ensure food security across the nation.

  • Reps’ Deputy Chief Whip, Hon. Oriyomi Adewunmi Onanuga, Dies

    Reps’ Deputy Chief Whip, Hon. Oriyomi Adewunmi Onanuga, Dies

    Rt. Hon. Oriyomi Adewunmi Onanuga, popularly known as Ijaya, the Deputy Chief Whip of the House of Representatives, has died in London following a brief illness, Todayprice.ng reports.

    The death of the lawmaker, who represented the Ikenne/Sagamu/Remo North Federal Constituency, has not yet been officially announced by the National Assembly (NASS) or her family.

    Born on December 2, 1965, in Hammersmith, London, Onanuga was a politician and entrepreneur who had served as Deputy Chief Whip since 2023.

    In 2019, she contested and won a seat in the House of Representatives under the platform of the All Progressives Congress (APC). She also served as the Chairperson of the House Committee on Women Affairs and Social Development.