Economy

Nationwide Operations: Military neutralizes 135 terrorists, arrests 185 suspects

By Uzair Adam

Nigerian military troops have intensified their nationwide operations, eliminating 135 terrorists, apprehending 185 suspects, and rescuing 129 kidnapped victims within the past week.

The Director of Defence Media Operations, Maj.-Gen. Edward Buba, provided the update during a briefing at the Defence Headquarters in Abuja on Saturday.

He disclosed that in the North Central region, some terrorists have begun surrendering due to sustained military offensives and collaborative non-kinetic engagements with community stakeholders.

Among those who surrendered are notable figures such as Yellow Jambros, Alhaji Mallam, Ardo Idi (Alhaji Lawal), Lawal Kwalba, Salkado, Yellow Ibrahim, Gana’e, and Babangida.

Buba emphasized that the military would maintain its operational momentum to dismantle terrorist networks and encourage further surrenders.

During the operations, troops recovered 113 weapons and 2,415 rounds of ammunition, including 72 AK-47 rifles, 11 fabricated guns, 15 Dane guns, eight pump-action shotguns, and four hand grenades. They also seized 46 motorcycles, 15 vehicles, 28 mobile phones, and various communication devices.

In the Niger Delta, troops destroyed 93 crude oil cooking ovens, 12 dugout pits, 37 boats, and 82 illegal refining sites.

They also recovered 909,800 litres of stolen crude oil, 71,060 litres of illegally refined diesel, and 13,580 litres of petrol.

Maj.-Gen. Buba reiterated the military’s commitment to addressing Nigeria’s security challenges, stating, “We remain in a winning position in this war and will continue to innovate in our approach.”

40% of mechanics in Kano are out of business— NATA

By Anwar Usman

The Chairman of the Nigerian Automobile Technicians Association, Kano State Council, Yahya Ibrahim, on Wednesday, lamented over the negative impact of the fuel subsidy removal on the livelihoods of the association’s members.

Ibrahim, noted this during a courtesy visit to the Chairman, Rano Local Government Area, he explains that the severe poverty being faced by mechanics was as a result of the puel subsidy removal.

The Zonal Information officer, Rabiu Kura, in a press statementsaid “40 per cent of mechanics in Kano are out of business due to the fuel subsidy removal, a situation that rapidly led to the decline of patronage of motorists.”

He explained that low patronage from motorists, who are struggling with the ongoing economic challenges, has led to a significant decline in business.

He called on the Kano State Government to intervene and provide support to help mechanics stay afloat.

The visit coincides with preparations for the NATA’s upcoming local government council election.

Earlier, the association’s Secretary, Sani Umar, praised Governor Abba Yusuf for his readiness to establishing a mechanical village in Kano.

In his remarks, the council Chairman, Muhammad Yau, thanked them for the visit and prayed for a successful election.

CBN assures banking sector’s stability amid economic challenges

By Uzair Adam

The Central Bank of Nigeria (CBN) has assured that the country’s Deposit Money Banks (DMBs) remain resilient amid ongoing internal and external economic challenges.

CBN Governor Yemi Cardoso made this known on Tuesday in Abuja while presenting the communiqué from the 298th meeting of the Monetary Policy Committee (MPC).

Cardoso stated that the MPC commended the sustained stability of the banking system despite various economic headwinds.

“Key financial soundness indicators, such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio (LR), continue to reflect the strength of the sector,” he said, adding that the CBN will maintain close monitoring to ensure banks adhere to regulatory thresholds and remain healthy.

The MPC also highlighted the CBN’s ongoing efforts to deepen financial inclusion, aiming to enhance the effectiveness of monetary policy transmission.

Addressing inflation, Cardoso noted that data from the National Bureau of Statistics (NBS) revealed a rise in headline inflation to 33.88% in October, up from 32.70% in September.

On a month-on-month basis, inflation increased to 2.64% in October from 2.52% in the previous month.

Food inflation climbed to 39.16% in October from 37.77% in September, while core inflation rose to 28.37%, compared to 27.43% in the preceding month.

Despite the inflationary trend, the MPC observed a slight moderation in the prices of farm produce and commended the Federal Government’s efforts to boost productivity in the agricultural sector.

On economic growth, Cardoso disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, driven by both the oil and non-oil sectors.

The non-oil sector expanded by 3.37%, while the oil sector recorded a 5.17% growth.

Additionally, Nigeria’s external reserves increased to $40.88 billion as of November 21, up from $40.06 billion at the end of October, providing enough to finance 17 months of imports.

Kano anti-corruption agency uncovers mismanagement of FG palliative rice

By Uzair Adam

The Kano State Public Complaints and Anti-Corruption Commission has uncovered warehouses where federal government palliative rice, marked as “not for sale” and bearing the image of President Bola Tinubu, was being re-bagged for potential resale.

The operation, led by the commission’s chairman, Muhuyi Magaji Rimingado, revealed the illicit handling of approximately 28 trucks of 50kg rice, valued at over N1.4 billion, around the Kano Western Bypass.

“This is a serious case of mismanagement and diversion of public goods. These palliatives were meant for the poor and vulnerable, but some individuals are profiting from the people’s suffering,” Rimingado stated during the raid on Tuesday.

One suspect has been apprehended, and investigations are underway to identify others involved in the scheme.

The commission pledged to recover the diverted palliatives and ensure their proper distribution to intended beneficiaries.

Rimingado assured the public of the commission’s commitment to holding those responsible accountable, stating, “We will leave no stone unturned in bringing those behind this act to justice.”

The incident has sparked outrage among residents, with many condemning the misuse of resources meant for the less fortunate.

A community leader in Hotoro, Garba Isah, described the act as “shameful and heartless,” adding, “People are struggling, yet some individuals are stealing from the poor. We commend the anti-graft agency for their swift action.”

The commission has urged citizens to remain vigilant and report any suspicious activities involving government relief materials.

It reaffirmed its dedication to transparency and accountability in addressing corruption and ensuring public resources reach the vulnerable.

Indian PM Modi meets Tinubu at Aso Rock

By Uzair Adam

Indian Prime Minister Narendra Modi visited the Aso Rock Presidential Villa on Sunday as part of his official tour of Nigeria.

President Bola Ahmed Tinubu, along with other top government officials, welcomed Modi and his delegation to the nation’s seat of power.

The two leaders are expected to hold discussions aimed at strengthening bilateral relations between Nigeria and India.

This marks the first visit by an Indian Prime Minister to Nigeria since Dr. Manmohan Singh’s state visit in 2007, during which both countries established a strategic partnership.

Modi’s arrival on Saturday signifies a renewed focus on fostering ties between the two nations.

Fake EFCC syndicate faces trial for $1M blackmail attempt against Ex-NPA boss

By Uzair Adam

The Economic and Financial Crimes Commission (EFCC) has brought charges against two individuals, Ojobo Joshua and Aliyu Hashim, accused of impersonating the commission’s Executive Chairman, Ola Olukoyede, in an attempt to extort $1 million from former Nigerian Ports Authority (NPA) Managing Director, Mohammed Bello-Koko.

The Daily Reality gathered that the suspects appeared on Wednesday before Justice Jude Onwuebuzie of the Federal Capital Territory High Court in Apo, Abuja.

According to EFCC reports, Joshua and Hashim allegedly contacted Bello-Koko, claiming they could influence a supposed investigation against him.

They demanded $1 million to secure favorable treatment, threatening him with arrest and prosecution if he did not comply.

The defendants face a four-count charge under the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006, which includes allegations of impersonation and attempted fraud.

Court proceedings revealed that on September 28, 2024, the duo allegedly sought $700,000 from Bello-Koko to halt a non-existent EFCC investigation.

Both defendants pleaded not guilty. EFCC counsel Elizabeth Alabi requested that the suspects remain in custody until their trial, while the defense applied for bail.

Justice Onwuebuzie granted bail to Joshua under stringent conditions, including a bond of N100 million and two level-16 civil service sureties.

Both defendants are to be held at Kuje Correctional Centre until bail conditions are met, with the second defendant’s bail hearing scheduled for November 18, 2024.

The two suspects, allegedly part of a four-man syndicate posing as EFCC officials, were arrested on August 28, 2024, in Abuja’s Garki and Apo areas.

Hardship: “Things’ll get better soon” Tinubu, Sanwo-Olu assure Nigerians

By Anwar Usman

President Bola Ahmed Tinubu on Monday, affirmed that Nigerians are going through a serious difficulties, but assured that the situation will soon change for the better.

While Tinubu insisted that his administration was on the right track, he also noted that solutions to these problems cannot be an instant one.

On his part, Lagos State governor, Babajide Sanwo-Olu, described the current administration as tough men working to get Nigerians through the prevailing difficulties.

Represented by Secretary to the Government of the Federation, Senator George Akume, Tinubu, and the Lagos governor spoke at the 70th birthday of the Overseer of Citadel Global Community, Pastor Tunde Bakare in Lagos.

Akume said: “The president is aware of the hard times, but at the end of it all, there is always light. And solutions to diverse issues can never be as instant as coffee, but we are on the right track.”

The president also described Pastor Bakare as a spiritual leader and advocate for truth who had left an indelible mark, not just on those who follow his teachings, but on the nation as a whole.

“I am aware of your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testimony to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.

On another development, Sanwo-Olu said those in public office needs the public’s prayers, saying “It’s a hard times, but you see, we are also tough men, and we know that at the end of the tunnel, there will be a bright phase.”

NLC to begin nationwide strike over non-compliance with new minimum wage

By Uzair Adam

The Nigeria Labour Congress (NLC) has directed an indefinite strike across states that have not implemented the 2024 Minimum Wage Act, effective December 1, 2024.

The Daily Reality gathered that the directive came after a National Executive Council (NEC) meeting held in Port Harcourt, Rivers State, last Friday.

In a communique issued on Sunday, NLC President Comrade Joe Ajaero highlighted the union’s dissatisfaction with the delay or refusal by certain states to adopt the new minimum wage, viewing it as a violation of workers’ rights.

The strike order will apply to all state councils where the minimum wage remains unimplemented as of November 30, 2024.

The NEC communique expressed concerns over escalating inflation, economic hardships, and rising costs of living, all of which have severely impacted Nigerian workers.

It called for a comprehensive wage review and immediate intervention to ease citizens’ suffering. Additionally, the NLC emphasized the need for reforms in Nigeria’s energy and fuel sectors, including enhanced transparency in fuel pricing and reactivating domestic refineries to stabilize costs.

The communique criticized some state leaders, stating, “This betrayal by certain governors and officials disregards both legality and morality, denying workers their rightful earnings amidst worsening economic hardship.”

To ensure compliance, the NLC has set up a National Minimum Wage Implementation Committee, which will launch campaigns to mobilize workers and citizens against what the union termed an assault on workers’ dignity.

A work template for the new minister of livestock development

By Zayyad I. Muhammad

Nigeria boasts one of the largest cattle populations in Africa, ranking among the top on the continent. Over 20 million cattle are primarily concentrated in the northern regions, including states such as Adamawa, Borno, Kaduna, and Kano. 

The new Minister of Livestock Development, Idi Mukhtar Maiha, faces a complex and tasking job in three key ways.

First, the newly established Ministry of Livestock Development has high expectations from Nigerians. The ministry oversees and develops livestock policies, manages animal health and disease, improves breeds and genetic resources, enhances farming and production systems, supports rural livelihoods, and modernises livestock marketing and trade.

From an informal perspective, expectations will focus on how the minister will transform the lives of nomadic cattle herders from uneducated and nomadic to more settled, everyday lives while also addressing the farmer-herder conflict and the notorious practices of cattle rustling, banditry, and kidnapping for ransom, which are prevalent among some cattle herders.

Mukhtar’s second challenge lies in his background; he has spent most of his career as a technocrat at NNPC. Whether he knows it or not, he will inevitably experience the bittersweet realities of politics. Once appointed as a minister, one automatically assumes a political role. Mukhtar must navigate this transition, deciding whether to embrace full-time politics or attempt to balance his technocratic expertise with his political responsibilities. 

Furthermore, few people in Adamawa know him despite his former role as Managing Director of the Kaduna Refinery, a Petrochemical Company (KPRC). As a result, many may perceive him as elitist and aloof, particularly in an inherently people-centred position.

Mukhtar’s third challenge stems from the performances of his two predecessors from Adamawa, Mohammed Musa Bello and Prof Mamman Tahir, which many Adamawa people view as less than stellar. Their tenures have left a mixed legacy, leading to scepticism about Mukhtar’s ability to bring about something new and different. 

To distinguish himself, Mukhtar must work diligently to establish his identity and a positive track record. This task is particularly crucial, as he shares several traits with both former ministers, which could lead to assumptions about his capabilities and approach. By demonstrating effective leadership and addressing the needs of the people, Mukhtar can overcome this challenge and build a reputation that sets him apart.

With an impressive CV as a technocrat and practical knowledge of livestock management, Mukhtar’s Zaidi Farm stands out as a well-integrated enterprise that applies world-class best practices in animal husbandry. Given this background, we expect him to introduce innovative approaches to livestock management by benchmarking against countries renowned for their success in this field, such as New Zealand, Australia, the Netherlands, Denmark, Brazil, Ireland, and the United States. These nations have excelled in implementing efficient and sustainable livestock practices, utilising advanced genetic research and technology to enhance productivity. However, Mukhtar’s journey will be sweet and bitter, mainlydepending on his approach to leadership, public relationships and policy implementation. By embracing collaboration and leveraging global best practices, he has the potential to make significant strides in transforming the livestock sector.

Zayyad I. Muhammad writes from Abuja, zaymohd@yahoo.com

NLC backs NUPENG’s strike threat over military involvement at oil rig

By Uzair Adam

The Nigeria Labour Congress (NLC) has expressed strong support for the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in its decision to initiate a nationwide strike.

The strike threat follows allegations that military personnel were deployed to remove workers from the Oritsetimeyin oil rig, a move that has drawn widespread criticism.

In a statement issued on Friday, NLC President Joe Ajaero condemned the alleged military intervention, affirming the congress’s solidarity with NUPENG.

Ajaero warned of escalated actions from NLC if breaches of agreements and the use of security forces in industrial disputes persist.

This stance arises from a protracted dispute between NUPENG and the oil rig’s management, where agreements on employment terms reportedly remain unfulfilled.

Earlier in the week, NUPENG alerted the Federal Government, cautioning against military involvement and urging respect for previously established agreements.

On Thursday, however, a special naval unit allegedly arrived at the Oritsetimeyin rig to forcibly evict workers, prompting NUPENG’s strike warning.

Ajaero decried this development as an affront to worker rights, urging military and government officials to address the issue immediately.

“This unacceptable use of state security forces to intimidate workers undermines democratic values and workplace freedoms,” Ajaero’s statement read.

“The militarization of workplaces only harms our economy and violates the principles of industrial relations.”

NUPENG maintains that the eviction followed workers’ calls for adherence to agreements, including severance benefits discussed during prior meetings mediated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Department of State Services (DSS).

The NLC’s statement specifically called out companies Dutchford E&P and Selective Marine Services for failing to honor these commitments.

The NLC is urging the Nigerian military, the National Security Adviser, and other key government figures to intervene and prevent further confrontations, emphasizing that industrial issues should not involve the military.