Month: December 2024

By Uzair Adam

The Central Bank of Nigeria (CBN) has instructed all Deposit Money Banks (DMBs) across the country to ensure continuous cash disbursement to customers.

The Daily Reality reports that the bank urged members of the public to report banks that fail to comply.

In a circular issued to DMBs and the general public, and shared on the bank’s verified X (formerly Twitter) handle on Tuesday, the apex bank emphasized its commitment to enforcing compliance through intensified oversight and sanctions on erring banks.

The CBN Governor, Yemi Cardoso, assured that sufficient banknotes had been distributed to all banks based on their capacity, eliminating any reason for a cash shortage as the festive season approaches.

Titled ‘Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines,’ the circular outlined guidelines for improving currency circulation in the economy.

“As part of ongoing efforts, the CBN directs DMBs to ensure efficient cash disbursement both over the counter and through ATMs. The bank will continue to monitor compliance closely,” the statement read.

The CBN also provided reporting channels for the public to lodge complaints about cash shortages.

Customers are required to submit details, including the name of the bank, location, amount, and date of the incident, through designated phone numbers or email addresses provided for each state.

The circular, jointly signed by Acting Director of Currency Operations Solaja Mohammed Olayemi and Acting Director of Branch Operations Isa-Olatinwo Aisha, took effect on December 1, 2024.

By Abdullahi Sulaiman

The Parents Teachers Association of Rabiu Musa Kwankwaso Bilingual College, Niamey, Niger Republic, has appealed to His Excellency, Governor Abba Kabir Yusuf, to honour the promise made by the former Governor of Kano, Dr Rabiu Musa Kwankwaso to return their children to their school in Niger Republic. 

The students have not been in school for over a year now, while their peers in the Niger Republic have already resumed classes in the new session five weeks ago.

Dr. Ibrahim Habu, Chairman of the PTA, commends Governor Yusuf for prioritising education with substantial budget allocations. However, he urges him to address the unresolved issues of Bilingual College students in Kano from the last academic session. He calls for immediate action to ensure no child from the college is left idle at home.

The PTA Chairman urges all stakeholders to work collaboratively to fulfil Rabiu Musa Kwankwaso’s vision of establishing a Bilingual college, emphasising the importance of equipping students with bilingual skills in French and English to enhance self-reliance and global competitiveness among Kano’s next generation of citizens.

The Chairman also calls on the people of Kano State to continue supporting Governor Yusuf’s educational initiatives. These initiatives will ensure sustainable development in the education sector and contribute to the overall development of Kano State.

By Uzair Adam 

The Nigerian Police Force (NPF) has uncovered how three police officers attached to Zone 7 Headquarters, Abuja, illegally diverted N43,160,000 from a cargo worker at the Nnamdi Azikiwe International Airport in August 2023.  

According to a statement released on Wednesday by the Force Public Relations Officer, ACP Muyiwa Ogunjobi, the officers—Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode—acted on the directives of DSP Peter Ejike. 

They unlawfully arrested Andrew Ejah, an employee of FATFAD Cargo Nigeria Limited, who was transporting N74,950,000 on behalf of clients.  

The officers reportedly detained Ejah at Zone 7 Headquarters and falsely declared that only N31,790,000 was recovered. They allegedly demanded a portion of the funds in exchange for suppressing the case.  

Upon receiving a petition from the owners of the missing funds, the Force Headquarters assigned the IGP Monitoring Unit to investigate. 

The unit recovered N31,790,000 from the officers, who maintained that it was the total sum confiscated during Ejah’s arrest.  

Further investigations revealed that the officers had tampered with evidence. Photographs taken at the time of arrest, showing the full amount, were allegedly lost after the phone used was damaged. 

However, forensic analysis exposed their conspiracy to divert N43,160,000 and move it out of the Federal Capital Territory (FCT) for safekeeping.  

The statement also addressed circulating reports accusing Inspector-General of Police Kayode Adeolu Egbetokun of shielding a cartel involved in smuggling new banknotes from the Central Bank of Nigeria. 

The NPF dismissed the claims as false and part of a smear campaign to divert attention from the officers’ misconduct.  

“The implicated officers have been suspended and face prosecution for serious misconduct, tampering with exhibits, abuse of office, and corrupt practices,” Ogunjobi added.  

The NPF urged the public and media to disregard false narratives aimed at tarnishing the Inspector-General’s image and undermining ongoing police reforms.

By Talent Akpan 

Nigeria’s economy has been heavily reliant on oil exports for decades, accounting for approximately 70% of government revenue and 90% of foreign exchange earnings. This dependence has far-reaching consequences, affecting various aspects of the country’s economic, environmental, and social landscape.

The country’s over-reliance on oil has hindered the development of other sectors, such as agriculture, manufacturing, and services. This lack of diversification makes Nigeria vulnerable to fluctuations in global oil prices, leading to economic instability and uncertainty. Moreover, oil wealth has fuelled corruption, with estimates suggesting billions of dollars lost to mismanagement and embezzlement.

Furthermore, oil exploration and production have devastated Nigeria’s environment, particularly in the Niger Delta region. The degradation of natural habitats and resources severely affects local communities, affecting their livelihoods and well-being.

Despite these challenges, opportunities exist for diversification. Nigeria has vast agricultural potential, with opportunities for growth in crops like cassava, rice, and maize. Developing manufacturing sectors, such as textiles and electronics, can create jobs and stimulate economic growth. Growing the services sector, including finance, tourism, and IT, can reduce reliance on oil. Investing in renewable energy sources, like solar and wind power, can also reduce dependence on fossil fuels.

Policy reforms are necessary to mitigate the risks associated with oil dependence. Diversification strategies, investments in human capital, transparency and accountability, and economic reforms can promote sustainable economic growth and development.

Some potential strategies for diversification include:

– Developing infrastructure to support non-oil sectors

– Providing incentives for private sector investment

– Enhancing education and training programs

– Encouraging foreign investment

– Promoting entrepreneurship and innovation

However, implementation challenges exist. Institutional weaknesses require strengthening, powerful interests may resist reforms, and Nigeria’s infrastructure requires significant investment to support non-oil sectors.

Addressing these challenges will require cooperation from various stakeholders, including government officials, private sector leaders, and civil society organisations. Nigeria can reduce its reliance on oil and build a more sustainable, diversified economy by working together.

Nigeria’s oil dependence poses significant economic, environmental, and social challenges. Diversification and policy reforms can mitigate these risks and promote sustainable economic growth and development.

Talent Bassey wrote via basseytalent@yahoo.com.

By Uzair Adam

President Bola Tinubu has instructed the Federal Ministry of Justice and the National Assembly to address concerns surrounding the proposed Tax Reform Bills.

The bills, recently transmitted to the National Assembly, have faced widespread criticism, particularly from northern governors who argue that the reforms could disproportionately affect their region and worsen the economic situation for Nigerians.

In response, Tinubu directed the Justice Ministry to collaborate with the National Assembly to resolve the contentious issues before the bills are passed into law.

This directive was conveyed in a statement by the Minister of Information and National Orientation, Mohammed Idris, who clarified that the government welcomes constructive feedback.

“It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed,” Idris said.

“The Federal Government welcomes meaningful inputs to address any grey areas in the bill.”

The minister reiterated the benefits of civil discourse and urged Nigerians to refrain from injecting ethnic or regional sentiments into the debate.

He dismissed claims that the bills are designed to impoverish northern states as “fake news” and “misinformation.”

According to Idris, the fiscal reforms aim to benefit all Nigerians by enhancing critical infrastructure such as healthcare, education, transportation, and digital technology.

He assured that the reforms would not weaken any federal agencies or marginalise any state or region.

“When passed, these bills are expected to bring relief to millions of hardworking Nigerians and empower the 774 local governments for sustainable growth and development,” the statement added.

The minister concluded that Tinubu’s commitment to transparency and accountability is a sign of good outcomes in the ongoing public debates as a healthy aspect of democracy.

By Anwar Usman

The President of Nigeria Bola Tinubu on Tuesday stated that Nigeria and South Africa share a collective destiny to collaborate for the well-being of the African continent.

He noted the need for both countries to cooperate across various sectors, adding that the success of the partnership lies in the implementation, not merely the signing, of Memoranda of Understanding (MoUs).

Tinubu made this statement during his opening address as he co-chaired the 11th session of the Nigeria-South Africa Bi-National Commission alongside President Cyril Ramaphosa in Cape Town, South Africa.

He said, “Our successive governments on both sides have recognised our shared history of collaboration and cooperation. We must ensure that the spirit of collaboration and cooperation between our two leading countries in Africa intensifies and deepens under the leadership of our respective nations. This is not a matter of choice but of destiny, which includes a historical responsibility to the African people.”

The Nigeria-South Africa Bi-National Commission, established in 1999, aims to strengthen the ties of friendship and cooperation between the two nations. The first Heads of State-level session took place in Pretoria in October 2019.

However, Tinubu noted that this year’s meeting coincides with the 25th anniversary of the Commission, and he revealed that Nigeria and South Africa have signed about 36 MoUs that reflect their friendship and cooperation.

He stressed that MoUs alone do not constitute success and must be backed by consistent implementation.

He revealed on strengthening the relationship between the youth populations of both countries, explaining that Nigeria and South Africa, with their large youthful demographics, can significantly boost their economic development.

The President also assured Ramaphosa of Nigeria’s readiness to strengthening the partnership between the two nations and warned against external forces that might be threatened by the alliance between Africa’s two largest economies.

He also urged South Africa’s support for Nigeria’s bid to gain full membership in the G20, BRICS, and the BRICS New Development Bank, adding, “Nigeria would like to join South Africa and the African Union in the G20.”

On his part, the South African President Cyril Ramaphosa highlighted Nigeria’s role as a host for several South African companies and reaffirmed his country’s openness to Nigerian businesses, citing numerous investments and operations in South Africa.

By Sabiu Abdullahi

The Nigeria Customs Service (NCS) recently hosted a five-day workshop in collaboration with the World Customs Organisation (WCO) and the Japan International Cooperation Agency (JICA) that focused on building capacity in African rules of origin.

The workshop, which began on November 28, 2024, brought together representatives from nearly 26 countries to enhance their understanding of rules of origin and facilitate intra-African trade. 

According to Deputy Comptroller-General of Customs Caroline Niagwan, the WCO and JICA have formed an alliance to provide technical assistance and training initiatives to support Customs officers across Africa.

Niagwan emphasized that the EU-WCO Rules of Origin for Africa Programme aims to boost intra-African trade by enhancing the capacity of African countries to implement and apply rules of origin. 

Faith Mathenge, a Rules of Origin expert and facilitator for the EU-WCO Rules of Origin for Africa Programme, reiterated the importance of capacity building in rules of origin for facilitating trade.

Mathenge commended Comptroller-General of Customs Bashir Adewale Adeniyi for prioritising capacity building, stating, “I must commend the CGC for prioritising capacity building, which is the bedrock that will enable his officers to implement procedures that facilitate trade and enhance compliance.” 

The workshop portrayed the significance of collaboration in fostering intra-African trade and strengthening the role of customs officers in implementing rules of origin effectively.

This initiative is part of the WCO’s broader efforts to enhance customs capacity building in Africa, including the WCO/JICA Joint Project, which has supported customs administrations in East, Southern, and West Africa since 2015.

By Haruna Chiroma

The tax reform bill is currently stirring controversy. It poses a severe threat to the growth of information and communication technology (ICT) in Nigeria, as it proposes to terminate funding for the National Information Technology Development Agency (NITDA) by 2027. When I first read this shocking news in the newspapers, I was compelled to investigate further. A section of the bill explicitly states, “National Information Technology Development Fund: 20% in 2025 and 2026 years of assessment, and 0% in 2027 and thereafter.” This provision indicates a progressive reduction of NITDA’s funding until complete withdrawal by 2027. At a time when nations worldwide are significantly increasing their investments in technology to drive innovation and economic growth, Nigeria’s decision to defund its premier ICT development agency is deeply concerning.

Globally, governments play a pivotal role in funding and coordinating computing technological advancements through agencies like NITDA. Leading examples include the U.S., where El Capitan, the most powerful supercomputer with over 11 million processors, is hosted at the Lawrence Livermore National Laboratory with government funding. Similarly, Japan’s Fugaku supercomputer, Italy’s Leonardo supercomputer at the Interuniversity Consortium for Automatic Computing of North-East Italy, and China’s Sunway Taihulight supercomputer at the National Supercomputing Center are all funded and maintained in millions of dollars by their respective governments. These centres drive artificial intelligence (AI), climate research, and national security breakthroughs.

Nigeria’s move to stop NITDA’s funding undermines its ability to establish comparable infrastructure, potentially sidelining the nation in the global race for technological leadership, especially in this era of AI boom. NITDA needs a significant increase in government funding, not a reduction or cessation of funding. This support is essential for transitioning from its current focus on providing basic systems with internet connectivity to delivering advanced computing infrastructure. 

The NITDA has been instrumental in providing IT infrastructure to tertiary institutions and centres across Nigeria, aiming to enhance hands-on experience with technology. While this initiative has made IT resources more accessible, its impact has been limited due to the basic nature of the infrastructure provided. NITDA often delivers facilities such as buildings with basic computing devices and internet connectivity.

Although helpful, this approach falls short of addressing the advanced needs of tertiary institutions, which should be hubs for high-impact research, innovation, and technological development. The computers provided in institutions should have at least one server with 4 GPUs, multi-GPU systems, Dual GPU Xeon W-2400, and advanced workstations capable of running 70 billion parameter models. Such limited interventions fail to prepare Nigeria to lead Africa in technological advancements and global IT competitiveness.

Tertiary institutions are critical for pioneering research and fostering innovations that drive national development. However, the resources provided by NITDA rarely go beyond basic systems, leaving institutions ill-equipped to conduct groundbreaking research or develop cutting-edge technologies. High-impact research requires advanced state-of-the-art computing infrastructure, advanced software tools, and specialized facilities, all of which are currently lacking. As the “Giant of Africa,” Nigeria should empower its higher education system with resources to catalyze technological breakthroughs, enabling the country to lead in global innovation. Unfortunately, the limited scope of NITDA’s current offerings restricts this potential.

Rather than addressing these shortcomings, the proposed tax reform bill aims to phase out budget allocations for NITDA by 2027. This move is a significant setback for a developing nation that aspires to secure a place on the global technology map. Eliminating funding for NITDA would exacerbate the already inadequate IT infrastructure in tertiary institutions, undermining efforts to equip students with the skills needed for the Fourth Industrial Revolution. It would also signal a lack of commitment to nurturing a robust ecosystem for research and innovation, essential for long-term economic growth.

Increasing funding for NITDA is crucial to ensure it can provide an infrastructure capable of supporting advanced research and development. By investing in high-performance computing clusters, research laboratories, and innovation hubs, NITDA could transform tertiary institutions into true centres of excellence. Such investments would enhance education quality, foster industry partnerships, and attract global attention to Nigeria’s technological capabilities. These steps are necessary to empower students and researchers to develop solutions that address local and global challenges.

The NITDA should refocus its efforts from constructing buildings to investing solely in advanced IT infrastructure and power solutions. Beneficiary institutions can provide the necessary physical space, allowing NITDA to channel its budget toward cutting-edge computing systems and robust power setups essential for research and development. This shift would maximize resources and provide institutions with tools to foster innovation, invention, and impactful research and development.

NITDA’s approach should prioritize building supercomputers with at least 400,000 processors (mostly accelerators) capable of handling complex computations and simulations required for high-impact research. Additionally, data centre storage units with capacities in petabytes should be established to support the growing demand for data-driven research and AI training models.

Cybersecurity infrastructure must be provided in the relevant institutions equipped to monitor Nigeria’s cyberspace, conduct advanced forensic investigations, innovate, research, and defend against cyber threats. This holistic approach would create a technological ecosystem capable of addressing the needs of both academia and the nation, bridging the gap between research, innovation, and real-world applications.

Rather than building and distributing basic computing devices across institutions, which provide limited value, NITDA should aim to establish at least one high-performance computing and cybersecurity centre in Nigeria’s six geopolitical regions. Establishing high-performance computing centres in each region is a strategic move that could transform the nation’s technological and research landscape. These centres would serve as centralized hubs for cutting-edge computation, enabling tertiary institutions and regional research bodies to access advanced resources essential for high-impact research, innovation, invention and technology development.

These centres would empower researchers and students to engage in frontier areas such as AI, climate modelling, biotechnology, and space exploration by providing access to supercomputers with thousands of processors, vast petabyte-scale data storage facilities, and state-of-the-art cybersecurity infrastructure.

To ensure sustainability and efficiency, these HPC centres should be supported by reliable power infrastructure, skilled personnel, and strategic funding models. Power-intensive facilities like these require an uninterrupted energy supply, which could be addressed through investments in renewable energy solutions such as solar farms or microgrids.

Haruna Chiroma, a University Professor of Artificial Intelligence, wrote from the University of Hafr Al Batin, Saudi Arabia, via freedonchi@yahoo.com.

By Uzair Adam

The House of Representatives has commenced an investigation into the Central Bank of Nigeria’s (CBN) planned retirement of over 1,000 staff, including senior management and directors.

This move followed a motion of urgent public importance presented by Rep.

Kama Nkemkama (LP-Ebonyi) during Tuesday’s plenary session, titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme.”

A media report on December 2 revealed that the retirement plan is part of an ongoing restructuring initiative under the leadership of the current CBN Governor.

The report further indicated that a N50 billion payoff scheme has been proposed to compensate the affected employees.

While presenting the motion, Nkemkama showed concerns regarding the selection criteria, transparency, and adherence to public service guidelines and labour laws.

He noted that the mass retirement could lead to increased unemployment and heightened public discontent.

The lawmaker also expressed concern over the N50 billion payoff scheme, pointing to potential risks of mismanagement and insufficient oversight of public funds in a sector crucial to Nigeria’s financial stability.

Following the debate, the House resolved to set up an ad hoc committee to investigate the retirement plan.

The committee will examine the criteria, legality, and transparency of the process, as well as ensure that the funds are properly utilized.

Additionally, the House urged the CBN to suspend the retirement exercise and its associated payoff scheme pending the outcome of the investigation.

The Federal Ministry of Labour and Employment was also called upon to protect the rights of the affected employees in line with Nigeria’s labour laws.

The committee is expected to report its findings to the House within four weeks for further legislative action.

By Uzair Adam

The Presidency has dismissed concerns that the proposed tax reform bills currently before the National Assembly will impoverish northern Nigeria or disproportionately favor Lagos and Rivers states.

In a statement issued on Monday, presidential spokesperson Bayo Onanuga emphasized that the reforms are designed to improve the quality of life for all Nigerians, particularly the disadvantaged, by simplifying tax administration and fostering a better business environment.

The statement addressed apprehensions raised by Borno State Governor Babagana Zulum, who had suggested that the proposed Value Added Tax (VAT) sharing formula could be skewed in favor of Lagos and Rivers states.

Onanuga, however, described these concerns as unfounded and based on misinformation.

“The tax reform bills will not make Lagos or Rivers states wealthier at the expense of other regions, nor will they lead to the economic marginalization of any part of the country,” Onanuga stated.

He urged Nigerians to reject any attempt to polarize the nation over the proposed legislation.

Onanuga also clarified that the bills do not seek to abolish key federal agencies such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), or the National Information Technology Development Agency (NITDA), which will continue to receive funding through budgetary allocations.

The spokesperson reiterated that President Bola Tinubu’s fiscal policy reforms aim to ease the tax burden on businesses, streamline tax collection, and support national development.

Meanwhile, former Speaker of the House of Representatives Yakubu Dogara called on Northern leaders to approach the tax reform bills pragmatically rather than with ethnic or religious sentiments.

Speaking during a Channels Television town hall in Abuja on Monday, Dogara stressed the importance of prioritizing the region’s future development.

“We Northern leaders must set aside ethnicity and religious biases and focus on the realities these reforms will bring,” Dogara said.

He also criticized senators who claimed there was insufficient consultation on the bills, questioning their own legislative practices.

“How often do they consult the public when making laws? Some state laws are drafted in governors’ living rooms,” Dogara remarked, dismissing the argument that public opinion outweighs the potential impact of the reforms.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reforms, explained that the bills aim to empower subnational governments to enhance revenue generation and achieve fiscal self-sufficiency.