National

Ahmad Deedat Zakari

President Muhammadu Buhari said the Kolmani oil project has attracted over $3bn investment in the oil and gas sector at a time the world is unwilling to invest in fossil energy.

The President made the disclosure while flagging off the Kolmani Development Project in Bauchi on Tuesday. The president noted that his administration has done everything to de-risk the project and attract investors.

Buhari said:

“Considering the land locked location and the huge capital requirement, the economics of the project is a challenging proposition. Consequently, from the outset, I instructed NNPC Limited to utilize and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment.”

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over USD 3 billion to this project.”

The President in his address also commended the Nigerian National Petroleum Company Limited (NNPCL) for their effort in discovering oil in the northern part of the country after so many futile attempts. He noted that the discovery foreshadows economic prosperity for Nigeria.

“This is indeed significant considering that, efforts to find commercial oil and gas outside the established Niger Delta Basin was attempted for many years without the desired outcomes,” he stated.

The Daily Reality had reported that the Kolmani oil exploration is the first of its kind in Northern Nigeria.

By Ahmad Deedat Zakari

President Muhammadu Buhari is all set to flag off the exploration of oil exploration in Gombe and Bauchi states. The historic event is the first of its kind in the northern part of the country.

Amidst very tight security, the president and his entourage arrived in Bauchi on Tuesday, 22nd November, 2022 for the ground- breaking ceremony and inauguration of the first oil drilling in Northern Nigeria.

The ceremony is set to take place at the OPLs 809 and 810 sites in Kolmani, a border community between Bauchi and Gombe State.

The Nigerian National Petroleum Company, NNPC, had announced the discovery of oil in commercial volume in October 2019. Crude oil, gas were said to be discovered in the Kolmani River region at the community between Bauchi and Gombe State.

By Ibrahim Mukhtar

The members of Academic Staff Union of Universities, Kano State University of Science of Technology (KUST) Wudil have issued a strong warning to Nigerians that the current happenstance in the Nigeria’s educational sector may be a deliberate attempt to destroy the country’s higher education.

In a press statement signed by the duo of Comrade Muhammad Sani Gaya, the Chairperson ASUU KUST and Comrade Murtala Muhammad, Secretary ASUU KUST, they maintained that, despite such evil intents, Nigerian academics have powerful excellent records all over the world.

Part of the release says:

“Members of Academic Staff Union of Universities (ASUU) suspended its eight-month strike action in compliance with Court directives as a Union of intellectuals and law-abiding citizens. It is however, quite disheartening that the Federal Government under the present administration of Major General Muhammad Buhari (rtd) resolved to withhold seven months salaries of our members and payment of pro-rated salary for the month of October 2022. This decision is ill-informed and a clear demonstration of either government’s ignorance on the responsibilities of academic staff or a flagrant abuse of office. The duties are clearly spelt out in the laws establishing the universities, which are easily verifiable.

As at today, Nigeria ranked third (3rd) in Africa with highest number of documents in Scopus database as indicated in Scimago (https://www.scimagojr.com) due to volumes of research outputs. Equally, in other reputable international databases, the Nigerian academics are making the country proud despite the precarious working condition and deliberate underfunding.”

It was also reported in the release that members of ASUU KUST sensed that all these kind of ill-treatment that is meted upon the Nigerian academics is done in order to frustrate the lecturers to abandon their duties, as the current rulers of Nigeria have nothing to lose.

“The ill-intent of this administration to deprive teeming Nigerian youths from quality university education and destroy the public universities was clear from the ugly utterances of Ministers of Education and that of Labour and Employment. Furthermore, the act of withholding the seven (7) month salaries and payment of October salary on pro-rata basis is another testimony. The Federal Government may wish to be reminded that academics in the Nigeria Universities are not casual staff.

ASUU-KUST therefore condemned in strong terms, this singular action and call on Federal Government to immediately address the issues for industrial harmony to be sustained. Mischievously, the Federal Government deliberately refused to implement all the agreements freely/duly signed in 2017, 2019 and 2020. This is not unconnected with the fact that the wards of ruling elites are either schooling abroad or in private universities in Nigeria. For the records, we want the public to note that the union will never be distracted from salvaging Nigerian University system.” the statement further says.

By Muhammadu Sabiu

In order to allow customers to return old naira notes, the Central Bank of Nigeria has ordered commercial banks around the nation to open on Saturdays through January 31, 2023.

The N200, N500, and N1,000 banknotes will be redesigned by the Central Bank of Nigeria (CBN) and released by December 15, 2022.

The present notes will continue to be legal money until January 31, 2023, when they will no longer be, according to CBN Director of Corporate Communications Osita Nwasinobi, who was speaking at the CBN exhibition on Thursday in Ilorin, the capital of Kwara State.

Represented by the acting Director of Corporate Communications, CBN, Akpama Uket, the director said, “They [the banks] have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.

“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.”

By Ahmad Deedat Zakari

The Council of Legal Education, CLE, has released the 2022 Bar ll examination results.

The results of the Bar finals were released by the council in the early hours of Thursday. Students of the Nigerian Law School who spoke to The Daily Reality confirmed that they have checked their results.

The NigeriaLawyer reports that 119 students representing 2.05% bagged first class, 787 representing 13.56%, and 2460 representing 42.40% secured Second Class Upper and Lower divisions respectively. Also, 1323 students constituting 22.8% made a pass, while the conditional pass category had 185 students making 3.19%.

For a person to be qualified to practice as a legal practitioner in Nigeria, he is required to be enrolled at the Nigerian Law School and Pass the Bar Finals.

By Ahmad Deedat Zakari

Nigerian Military has revealed the names and identities of terrorist commanders destabilizing the northern part of the country.

On Monday, the Defense Headquarters released the names of 19 men allegedly culpable for terrorism in the North. 

According to the Director of Defense Information, Maj-Gen. Jimmy Akpor, the names were released so that members of the public with genuine information about the insurgents would contact the military. 

The military also promised a cash reward of five million naira to persons with genuine information. They urged the public to contact 09135904467 to share the information.

The names released by the Defense Headquarters include the names of the following persons : 

SANI DANGOTE – ORIGIN: Dumbarum Village. Zurmi LGA of Zamfara States.

BELLO TURJI GUDDA – ORIGIN: FAKAI Village of Zamfara State.

LEKO – ORIGIN: MOZOJ VIllage, Mutazu LSA of Katsina State

DOGO NAHALI – ORIGIN: YAR TSAMIYAR JNO Village. Kankara LGA of Katsina State

HALILU SUBUBU – ORIGIN: SUBUBU Village in MARADUN LGA of Zamfara State.

NAGONA – ORIGIN: ANGWAN GALADIMA in ISA LOA of SOKOTO State.

NASANDA – ORIGIN: Kwashabawa, Village in Zurmi LGA of Zamara State.

ISIYA KWASHEN GARWA – ORIGIN: KAMFANIN Daudawa Village of Faskari, Katsina State.

ALI KACHALLA aka ALI KAWAJE – ORIGIN: KUYAMBARA VILLAGE in Danaadau MARU LGA of Zamfara State

ABU RADDE – ORIGIN: VARANDA Village in Batsari LGA Katsina State.

DAN-DA – ORIGIN: VARANDA Village in Batsari LGA of Katsina State

SANI GURGU – ORIGIN: VARANDA Village in Batsari LGA of Katsina State

UMARU DAN NIGERIA – ORIGIN: RAFI VIllage. MADA District in GUSAULGA of

NAGALA – ORIGIN: MARU LGA of Zamfara State

ALHAJI ADO ALIERO – ORIGIN: YANKUZO Village Tsafe LGA of Zamfara State

MONORE – ORIGIN: YANTUMAKI Village, Dan LGA of Katona Stata

GWASKA DANKARAMI – ORIGIN: SHAMUSHELE Village in Zuri LGA of Zamfara State

BALERI – ORIGIN: SHINKAFI LGA of Zamfera State

MAMUDU TAINANGE – ORIGIN VARANDA Village in Batsari LGA of Katsina State

By Ahmad Deedat Zakari

Comrade Yasir Abubakar, a 400 level law student of Bayero University Kano, has been elected the National President of the Law Student Association of Nigeria, LAWSAN.

The LAWSAN Electoral Committee, LECOM , declared Abubakar winner after he polled 30 votes in the election of the national executives of the association held at Swiss Spirit Hotel, Porthacourt on Friday night

Abubakar polled 30 votes to defeat his closest rival, Ann Lyam Iverem of Bingham University, Nasarawa, who polled 26 votes.

All efforts to reach the president-elect of the association as at the time of writing this report were futile.
However, Abdullahi Farouk , BUK LAWSAN President happily confirmed the development to the Daily Reality on Saturday morning.

According to Farouk, the victory is well deserved and they are grateful to God and Law students all over the country for the confidence in Abubakar.

He said: “We are extremely elated, It is a well deserved victory, because Yasir Abubakar has done his best, over the years he has served the association in different capacities, he has travelled across the regions and he has acquired all the skills necessary to steer the association to a greater height. We are grateful to God and the entire LAWSAN for reposing confidence in Yasir Abubakar. We assure you that you won’t regret choosing us.I pray that Allah make it easy for him to discharge his shouldered responsibilities effectively and efficiently”

By Abdulhalim Ishaq Ringim

Yes, there’s about N2.73 trillion outside bank vaults. This figure represents 85% of the N3.23 trillion in circulation. However, it only represents 6.5% of more than N49 trillion that is in circulation.

Now, let’s consider Nigeria’s unbanked population which stands at 64 million according to World Bank’s “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19” report.

What financial intelligence, as a matter of specificity, does the CBN have regarding the magnitude of the money circulating within this highly populous unbanked system. If we were to assume all the N2.73 trillion is in the hands of these unbanked population, then the amount of money on a per capita basis would be about N42,000. Is that too much?

But we all know this assumption is far from reality because the banked population also hold cash for transactionary and precautionary purposes(as in the case of emergencies). So let’s extend our assumption by adding 50% of the banked population to the unbanked population and let the final figure be the number of people who hold cash either because they are unbanked or because of other purposes as transactions and precautions. The per capita cash amount would reduce to N28,000. Is that also too much?

For the hoarding claims, economically speaking, what is the incentive of hoarding cash in Naira considering the continuous devaluation and inflationary trend that has been wiping the value of the Naira against the dollar when there are various hedging options available? Does the CBN have any tentative intelligence that suggest massive hoarding or is this just another trial and error policy?

But let’s also assume there’s indeed hoarding and some people are holding suspicious money. Have the CBN thought of the possibility that the hoarders might now be forced to consider hedging options by flooding the market with money in exchange for hedging-compatible commodities? Have they considered the inflationary tendencies of such an eventuality? Check Dr. Adamu Tilde’s most recent post to appreciate the happening in real world markets. Is the recent sharp rise of the dollar value also a consequence of such tendencies?

The risk of counterfeiting has always been present. The CBN confiscated N64.7 million and N56.8 million in 2019 and 2022 respectively. Compared to the money in circulation, are these figures significant enough to evoke the need for a currency redesign?

If it is for the purpose of managing inflation and ensuring the CBN contractionary monetary policies become more effective, then let’s assume they succeed in mopping up most of the cash outside banking vaults. Is it increased money circulation that actually causes inflation or increased money supply? Isn’t the CBN culpable in the expansion of money supply through their unhealthy tendencies of printing money for government spending via ways and means? What are they doing about the money supply? What is the government also doing about deficit spending and the projected budgetary deficit for the coming year?

Is our inflation strictly a consequence of the Demand-pull Effect(caused by an increase in money supply or credit with commensurate increase in demand for goods and services and resultant price increases) or is it a consequence of a combination with the Cost-push Effect as a result of increase in Oil prices and other commodities(mostly as a result of global events plus local events e.g insecurity, oil theft, floods etc) that is gradually rippling and causing increase in the prices of production process inputs? Does the CBN also not think that the hike in the prices of commodities as a result of the consequence of hedging(possibility of which has been painted by Adamu Tilde in his recent post) would also contribute in aggravating the Cost-push as a result of hikes in production process inputs?

What is the CBN tackling exactly?

Abdulhaleem Ishaq Ringim writes from Zaria.

By Uzair Adam Imam

A communication expert, Aisar Fagge, said the quest to keep up with breaking news has led to a high degree of error in online media reporting today.

Fagge, a lecturer at the Department of Mass Communication, Kano State Polytechnic, said the failure was due to the less or absence of proofreading and confirmation of facts by the editors.

He said this on Sunday when speaking on the “Fake News on Nigerian Cyber Space: The Role of an Ideal Journalist” at a One-Day Workshop for Early-Career Journalists on Reporting Northern Nigeria, Fake News and Journalism Ethics.

At the event organised by the management team of The Daily Reality Newspaper that took place in Bayero University, Kano, Fagge said the absence of or weak gate-keepers contributed to the lack of quality journalism in Nigerian cyberspace.

He also attributed the high degree of error in today’s online news reporting to poor staffing, which leads to the single-handed operation of the media.

He said, “Almost everyone wants to establish an online newspaper. A single person wants to be a publisher, a reporter and an editor all by himself. No doubt, the standard of journalism falls.”

The event had in attendance many communication experts and journalists from within and outside Kano state, including some that joined the workshop via Zoom from overseas.

By Muhammadu Sabiu

The Federal Government announced on Monday that the restoration of train service between Abuja and Kaduna is scheduled for this month, November.

The Transportation Minister, Mu’azu Sambo, said this in Abuja while presenting his ministry’s scorecard.

He claimed that sufficient security had been put in place to guarantee the well-being of the travellers. 

However, the Minister did not provide a precise start date.

The incident in March, which claimed the lives of several passengers and resulted in the suspension of rail operations on the Abuja-Kaduna route, according to Sambo, taught the ministry enough lessons.