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The current currency crisis is not a Nigerian phenomenon, Governor Ambode tells Nigerians 

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 According to press release by Lagos State Ministry of Information and Strategy, Lagos State Governor, Ambode stated that market forces should determine exchange rate and that the current currency crisis is not a Nigerian phenomenon 

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The Governor of Lagos State, Mr. Akinwunmi Ambode has said that for a virile economy, the naira exchange rate must be allowed to respond to other macroeconomic changes in the economy.

He stated this at the weekend while delivering his keynote address at the Nigerian Economic Outlook 2016 organised by the Net-Works Business Club, an exclusive Christian Business Club promoted by Redeem Christian Church of God (City of David Parish) with the aim of providing a platform to empower people towards the realization of their business potentials. 

The Governor, who was represented as the Special Guest at the forum by the Commissioner for Economic Planning & Budget, Mr. Akinyemi Ashade, expressed confidence in the regime of President Buhari to combat the fiscal failures of the past administration, which, he said, was responsible for the economy downturn we are experiencing following the crash in the price of crude oil – our major source of revenue.

He, however, noted that the current policies must be time bound and give way for a more sustainable exchange rate policy that will bring confidence back to the system, stressing that any attempt to manage the exchange rates will create further distortions in the system which is akin to solving one problem while creating others in the process.

Ambode urged the Central Bank to listen to the various calls by well meaning Nigerians by clarifying its long term strategy for market determined exchange rate policy which he said are genuine and should be addressed as soon as possible.

The Governor insist that, contrary to general belief, the current currency crisis is not a Nigerian phenomenon as all developing countries whose growth in the last decade was hinged on commodity boom are going through same problem which include exchange rate depreciation; rising unemployment and shrinking GDP.

He, however, express his cautious optimism that oil prices will rebound in the medium term as it is not in the interest of most countries for oil prices to fall indefinitely, noting that with rapid decline in exchange rates, some countries that are oil importers are now realizing that falling oil prices have not paid off as expected.

While commending the Federal Government for towing the line of Lagos State in making efforts to increase its Internally Generated Revenue, Ambode emphasised that the most important lesson that must be learnt from the fallen oil prices is the need to diversify our economy by looking inward.

He averred that the solid minerals sector is acknowledged as a viable alternative to oil and gas for foreign exchange earnings, adding that the National Bureau of Statistics has made us to understand that the contribution of Solid Minerals to the IGR which stood at 1% in 2014 has the potential of increasing to 10% by 2020.

 AO/TMS/FO

Politics

Kano court upholds Ganduje’s suspension from APC

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The Kano state high court has affirmed the suspension of Abdullahi Ganduje from the All Progressives Congress (APC).

The court, while granting an ex parte order, also restrained Ganduje, national chair of the party, from further parading himself as a member of the APC.

On April 15, APC executives in Dawakin ward, under Tofa LGA of Kano, suspended Ganduje over alleged corruption.

However, the working committee of the APC in Kano subsequently nullified the suspension and punished the ward executives.

The court ordered that henceforth, Ganduje should desist from presiding over all affairs of the national working committee (NWC) of the APC.

The application was granted by Usman Na’abba, a judge, on Tuesday, following an ex parte motion filed by Ibrahim Sa’ad, on behalf of executive members of the APC in Ganduje’s ward.

The court directed the respondents to maintain status quo pending the hearing and determination of the substantive suit on April 30.

Na’abba also stopped the state working committee of the APC in Kano “from interfering with the legally and validly considered decision of executives of Ganduje’s ward, essentially on action endorsed by two third majority of the executives as provided by the party constitution”.

“An order is hereby granted directing all parties in the suit APC (1st), APC National Working Committee (2nd), Kano State Working Committee APC (3rd), Dr. Abdullah Umar Ganduje (4th), to maintain status quo ante belum as of 15th April, 2024,” Na’abba said.

“The order thereby restraining the 1st respondent (APC) from recognising the 4th respondent (Ganduje) as member of APC and prohibiting the 4th respondent (Ganduje) from presiding over any affairs of the NWC and restraining the state working committee from interfering with the legally and valid decision of the ward executives of Ganduje ward.

“That the 4th respondent (Ganduje) is prohibited from parading himself as member of APC or doing any act that may portray him or seem to be a member of APC pending the hearing and determination of the substantive suit.”

On Tuesday, the Kano anti-corruption commission said it had filed fresh charges against Ganduje who was governor of the state from 2015 to 2023.

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Politics

Kano APC suspends Ganduje over corruption allegations

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The All Progressives Congress (APC) in Dawakin Tofa LGA of Kano has suspended Abdullahi Ganduje, national chair of the All Progressives Congress (APC), over corruption allegations.

The suspension was announced by Halliru Gwanzo, legal adviser of the ward, during a briefing with journalists in Kano on Monday.

Gwanzo cited allegations of bribery against Ganduje by the Kano state government as reason for the suspension.

“We decided to suspend Dr. Ganduje from the party due to the seriousness of the allegations against him,” Gwanzo said.

He added that the suspension will persist until Ganduje is cleared of the charges.

Last week, the Kano high court had stated that Ganduje will be arraigned on April 17 on charges bordering on bribery, diversion, and misappropriation of public funds.

In a court summon, it was stated that the former governor of Kano will be arraigned alongside his wife and son.

The other defendants in the case are Abubakar Bawuro, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lesaga General Enterprises.

In a charge sheet seen by TheCable, the state government said the offences contravened the Kano State Public Complaints and Anti-Corruption Commission Law 2008.

BACKGROUND

In 2018, Daily Nigerian, an online newspaper, published a video of Ganduje allegedly receiving bundles of dollars from contractors, which he stuffed into his “babanriga”, a traditional outfit.

The APC national chairman was the governor of Kano from 2015 to 2023.

The newspaper said Ganduje requested $5 million as bribe from the contractors who recorded the video.

In 2023, the Kano state Public Complaints and Anti-Corruption Commission (PCACC) invited Ganduje for questioning over the video.

The former governor did not honour the invitation and instead instituted a suit against the agency.

In March, a federal high court in Kano stopped the agency from inviting or questioning Ganduje over the bribery allegations.

The court ruled that the agency lacks the power to invite or investigate Ganduje over the allegations.

Abdullahi Liman, the presiding judge, said the alleged infraction is a federal offence that cannot be prosecuted by the state anti-graft agency.

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Politics

38-year-old Omobayo to replace impeached Shaibu as Edo deputy governor

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Godwin Obaseki, governor of Edo, has picked Omobayo Godwin as his deputy, hours after the impeachment of Philip Shaibu.

The 38-year-old Omobayo is scheduled to be sworn in at the Edo government house in Benin City, the state capital, in the next couple of hours.

Born on July 19, 1986, Omobayo hails from Akoko Edo LGA of the state.

He holds a bachelor’s degree in electrical electronics, and a master’s degree in public administration from the University of Benin (UNIBEN).

Shaibu was impeached on Monday by the Edo house of assembly.

His impeachment followed the adoption of the report of a seven-man investigative panel.

The panel was set up by Daniel Okungbowa, chief judge of Edo, and was headed by S. A. Omonuwa, a retired justice.

Shaibu was accused of “misconduct, perjury and disclosure of government secrets”.

Obaseki fell out with Shaibu after the latter showed interest in contesting the governorship election.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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