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The House Committee on Public Petitions has summoned the Comptroller-General of the Nigeria Customs Service (NCS), Hameed Ali, in connection with the sales of impounded…
The House Committee on Public Petitions has summoned the Comptroller-General of the Nigeria Customs Service (NCS), Hameed Ali, in connection with the sales of impounded vehicles as scraps by the service.
Ali was directed to appear at the National Assembly on Tuesday, following his failure to show up last Wednesday.
The invitation followed a petition by the National President, Nigeria Association of Auctioneers, Alhaji Musa Kurra, to the committee.
Kurra had alleged the sales of hundreds of vehicles seized from smugglers by Customs at below-market prices through what the NCS called direct auction allocation.
In the summons, Ali was directed to appear in person with one soft copy and 10 hard copies of his brief on the sales of impounded vehicles at below-the-market prices.
The letter signed by the committee chairman, Jerry Alagbaoso, was titled, ’Nigeria Association of Auctioneers (petitioner) against Nigeria Customs Service on direct auction allocation of scrap vehicles and other items.’
It read, “Whereas the above-named petition is now pending before this committee and the particulars of the petition aforesaid are already within your knowledge whereas, the petition has been assigned to be heard by the committee for determination.
“You are hereby required to note sections 88 and 89 (c) of our constitution (as amended) and appear in person before this committee on Tuesday, November 29, 2022, at 2pm or so soon thereafter as the committee shall direct. Please, bear in mind the NCDC protocols. Venue: House of Representatives Room 429 (new wing).
“You are to submit one soft copy and 10 hard copies of your brief on the matter. And further take notice that if you do not attend the hearing as required, the case may be heard or determined in your absence.”
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The Social Democratic Party (SDP) has cautioned the ruling All Progressives Congress (APC) against the use of national assets for rallies, election campaign or using…
The Social Democratic Party (SDP) has cautioned the ruling All Progressives Congress (APC) against the use of national assets for rallies, election campaign or using them to promote its candidates across the country.
The Director-General of SDP Presidential Campaign Council, Solomon Dalung, gave the advice at a news conference in Abuja.
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Dalung said the use of national assets, including aircraft, for a candidate would amount to abuse of power.
He said that does not mean that the incumbent should be denied of his office privileges, but that when such is being used to the advantage of a candidate, others should also benefit.
The former Minister of Sports during President Muhammadu Buhari’s first tenure also urged Buhari to live by his words of promising to deliver free and fair 2023 elections.
“Presidential Campaign should not turn rally to comedy. The issues are too much to be turned to fun fair. Parties should account for their stewardship. The Peoples Democratic Party (PDP) should compare their 16 years to that of the APC’s eight years in power so that Nigeria can see the difference. The APC should tell Nigerians what they have done in terms of infrastructural development and others,” Dalung said.
He urged Nigerians not to vote on sentiment but vote for candidate with practical solutions, which he said the SDP Presidential Candidate, Prince Adewole Adebayo represents.
“Our candidate (Adebayo) has practical solutions to challenges confronting Nigeria and is already engaging Nigerians with practical solutions to problems of poverty, unemployment, insecurity and others.
“SDP is not worried by rented crowd turning to violence. Our method of engagement fundamentally is differ from what is being employ by others. We have gotten considerable approval of Nigerians who believes in our president candidate and his practical solutions to the problems of Nigeria.
“Nigerians should not vote any president base on sentiments, whether on religion or ethnicity. We should elect president that has practical solutions to our problems,” Dalung said.
He also said Adebayo and the party had no plan of stepping down for any party or candidate in the 2023 presidential election, because Adebayo has something superior to offer.
He said, “A first class student cannot step down for a third-class student. Adebayo has proved beyond reasonable doubt that as young as he is, he knows this country problems and he has practical solutions to them.”
Dalung, however, raised alarm on plot to use criminal allegations against Adebayo, urging those involve desist from such action.
He said that information available to that the campaign council revealed that some people were being recruited to fabricate criminal allegations to either implicate or drag Adebayo into blackmails or harass him.
“Adebayo is an Ondo prince. He has an impeccable background; he has clean records of background because he had lived in different parts of the world where he left with clean record. Therefore, going the extra mile trying to frustrate our campaign council will not work. All those doing so should desist from it. Deploying gorilla tactic to undermine our candidate will not work,” Dalung said.
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Kylian Mbappe scored twice as holders France edged Denmark 2-1 on Saturday to become the first team to reach the last 16 of the World…
Kylian Mbappe scored twice as holders France edged Denmark 2-1 on Saturday to become the first team to reach the last 16 of the World Cup.
A potent French side knew a second victory in as many Group D outings would take them through to the knockout phase and they were well worth the lead that Mbappe gave them when he opened the scoring at Stadium 974 just after the hour mark.
However, Andreas Christensen soon equalised for the Danes and Les Bleus needed Mbappe to deliver again in the 86th minute as he turned in Antoine Griezmann’s cross to puncture the Danish resistance once and for all.
Having scored four during France’s victorious 2018 campaign and one against Australia, Mbappe now has seven goals in nine World Cup appearances.
Didier Deschamps’s side now have the luxury of going into their final group game against Tunisia knowing a draw will guarantee them the top spot, and even a defeat may not prevent them from finishing first.
Having come roaring back to batter Australia 4-1 in their opening match in Qatar, France were more wasteful in front of goal on this occasion but at least they did not come unstuck against opponents who have caused them problems before.
They were reigning champions when a defeat to the Danes knocked them out of the 2002 World Cup, while the sides played out the only goalless draw in 2018.
More recently Kasper Hjulmand’s side beat France home and away in this year’s Nations League, and it seemed that Deschamps had learned lessons from those two encounters.
If France were a shadow of their usual selves in Copenhagen in September, they were much better in this match, played in a pop-up stadium made of shipping containers on Doha’s waterfront.
Deschamps changed three of his back four, with Theo Hernandez at left-back in place of his injured elder brother Lucas and Raphael Varane coming in for his first game in over a month.
Pace and power
But the French attack was untouched from the Australia game.
If Olivier Giroud took the headlines then, here Ousmane Dembele was electric at times on the right, Griezmann excelled in an advanced midfield role, and Mbappe made the difference.
France’s pace, power and passing were all too sharp for the Euro 2020 semi-finalists who were lucky to go in level at half-time.
There were some French appeals for a red card in the 19th minute when Mbappe burst onto a beautiful threaded-through ball by Griezmann only to be hauled down by Christensen, but the Danish defender escaped with a yellow.
The holders’ best chances in the first half came from headers by Varane and Adrien Rabiot, but when Mbappe turned away from Joachim Andersen just before the hour mark and accelerated away, it was a sign that a goal was coming.
His shot was turned behind by Kasper Schmeichel, and Griezmann then wasted a great chance shortly after, but in the 61st minute, Mbappe did score.
The Paris Saint-Germain superstar linked up brilliantly with Hernandez on the left and met his teammate’s cutback with a shot that beat Schmeichel thanks to a deflection off Christensen.
Denmark had offered little but suddenly they were level midway through the second half as Andersen nodded down a corner and his fellow defender Christensen headed home.
Hugo Lloris was then forced into a key save to deny Jesper Lindstrom and Martin Braithwaite grazed a post as Denmark threatened to turn the game completely on its head.
That would have been extremely harsh on France, even if they could only really have themselves to blame for not making more of their chances.
But Mbappe was not to be denied as he stole in front of Rasmus Kristensen at the back post with four minutes left to meet Griezmann’s cross with his thigh for his 31st international goal.
(AFP)
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A spokesperson for the Peoples Democratic Party Presidential Campaign Council, Senator Dino Melaye, has mocked Asiwaju Bola Tinubu, presidential candidate of the All Progressives Congress…
A spokesperson for the Peoples Democratic Party Presidential Campaign Council, Senator Dino Melaye, has mocked Asiwaju Bola Tinubu, presidential candidate of the All Progressives Congress (APC), over his gaffe during his presidential campaign rally in Lagos on Saturday.
While addressing a crowd of supporters in his hometown on Saturday, the former Lagos governor asked them to get their “APV”.
Although the context showed he meant Permanent Voter Card (PVC), the presidential candidate adjusted by saying APC.
“Do you love me? Do you love me? Go and take your APV…APC and you must vote,” Tinubu charged the cheering crowd.
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Reacting, Melaye in a Facebook post said, “Why are these people wicked to this man? He called PVC, APV and corrected himself by calling it APC. Advance Dementia leleyi oooo. Get well soon Tinubu. SDM”
In recent times, the APC presidential candidate has suffered a number of gaffes while addressing the public.
Earlier this month, while speaking at the flag-off of his campaign in Plateau state, he concluded his speech, “God bless PD…APC.”
Also in October, Tinubu said Kaduna State Governor, Nasir El-Rufai, has a vision of turning a “rotten situation to a bad one.”
He was speaking at the seventh edition of KadInvest, an annual event organised by the Kaduna State Investment Promotion Agency.
“We’re not going to let you run away, your vision, creativity and resiliency in turning a rotten situation to a bad one is necessary at this critical time, that’s why we are here today,” Tinubu told El-Rufai.
Critics of the ruling party have alleged that Tinubu is suffering dementia, a condition which they claimed has made him avoid debates and interactive sessions.
On Friday, Tinubu’s campaign announced that he would not attend ARISE TV townhall for presidential candidates.
In a statement by Bayo Onanuga, a spokesman of the campaign, the APC said Tinubu had been interacting directly with Nigerians.
Tinubu’s team has also denied rumors of his alleged ill health, saying he is as fit as fiddle.
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Governor Ahmadu Fintiri of Adamawa State escaped unhurt after a truck crushed two vehicles in his convoy on Saturday. According to a witness, the incident…
Governor Ahmadu Fintiri of Adamawa State escaped unhurt after a truck crushed two vehicles in his convoy on Saturday.
According to a witness, the incident happened shortly after the governor and some of his commissioners entered a black Mercedes bus at the end of a wedding at Agga Mosque in Dougirei highbrow area of Yola, the state capital.
A truck rolling down the steep road crushed two vehicles in his convoy, leaving two policemen identified as Inspector Madu and Sergeant Isa injured.
A resident, Muhammad Dougirei, said the tipper suddenly ran toward the governor’s convoy at a speed so high, suggesting that the driver had lost control.
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He said security operatives controlling traffic flow at the venue scampered in different directions.
Dougirei told our reporter who visited the scene that the truck driver managed to steer the truck away from the direction of the bus conveying the governor to hit the official vehicle of the permanent secretary, Political and Security Affairs at the government house, and a Peugeot 406 conveying a video journalist and the two injured policemen.
According him, the police escort consequently manhandled the elderly driver as well as a young man who pleaded with them to take it easy with him before the driver was thrown in to a police pick up van and whisked away to Jimeta Police Division in the metropolis.
However, the governor who came out unhurt, personally rebuked the driver after which he was hurriedly transferred to a Toyota jeep.
A security source revealed that the injured Inspector was still lying unconscious at the Intensive care unit of the Specialists Hospital while the Sergeant had regained consciousness.
“The incident took place within the twinkle of an eye; only a sheer of luck saved the governor and other passengers sitting with him in the bus. See how armed security men ran for their lives before the truck halted after hitting the two vehicles.
The governor had on Friday had a case against his victory in the primary election quashed by the Supreme Court, a development that confirmed him as his party’s governorship candidate for the 2023 election.
When contacted, spokesman for the Adamawa Police Command, DSP Sulaiman Nguroje, promised to get details of the incident and get back to our reporter.
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The All Progressives Congress (APC) Presidential Candidate, Sen. Bola Tinubu, on Saturday assured ordinary Nigerians that they would not be forgotten in his administration if…
The All Progressives Congress (APC) Presidential Candidate, Sen. Bola Tinubu, on Saturday assured ordinary Nigerians that they would not be forgotten in his administration if elected in the 2023 general elections.
Tinubu, who made this remark at the flag–off of the APC Presidential Rally at Teslim Balogun, Surulere, Lagos, said that Nigerians would not be forgotten in education, health, employment opportunities, security and infrastructure.
Tinubu said: “I am indeed grateful to the people of Lagos State. I say thank you from the bottom of my heart. It is a broom revolution.
” We will do our best for Nigeria. It is not going to be easy at the starting point.”
He expressed confidence that the party would not lose any of the progressive governors to other parties, saying,: “we will work together to run this government”.
Tinubu urged the electorate to use their Permanent Voter Cards (PVCs) to defeat the Peoples Democratic Party (PDP)’s Presidential Candidate, Alhaji Atiku Abubakar, describing him as a serial contestant over the years.
Tinubu urged Lagos residents to also re-elect Gov. Babajide Sanwo-Olu and his running mate, Dr Obafemi Hamzat for the progress and stability of the state.
The candidate, who urged his supporters to ensure peaceful conduct and collect their PVCs, said: “God will give you your hearts’ desires.”
In his remarks, Gov. Simon Lalong of Plateau and Director General of the Tinubu/Shettima Presidential Campaign Council, expressed joy at the massive turnout and excitement by party supporters at the rally in the state.
“It is not only human beings that are happy with Asiwaju, I saw fishes jumping for Asiwaju on our way here, and we are anxiously waiting for the victory in 2023.
“Asiwaju stands tall among all the other candidates because he has demonstrated it when he was the governor of Lagos state. He has built several leaders across the length and breadth of the country.
“Since he became the governor of the state, he has maintained the legacy and also built bridges across the state, and that is why wherever you go today, it is very clear that Nigerians have decided to vote for Asiwaju and Shettima in the presidential election,” Lalong said.
According to him, since charity begins at home, the people of Lagos should not reject their own son because he is the only candidate that can serve the country with all his heart.
“I want to urge you all not to be deceived and not support other candidates that will give you fictitious statistics, they are there to deceive you.
“Asiwaju Tinubu is the best candidate and the most suitable person to succeed President Muhammadu Buhari. Tinubu is a good manager of people and resources. We know he can take Nigeria to greater heights.
“Tinubu has the capacity to rule Nigeria with fairness, equity and justice. Asiwaju has done it and we can testify.
“We are anxiously looking forward to February 25, 2023. Our Prayer to God is that we will be victorious. With Asiwaju and Shettima, Nigerians will not regret,” Lalong added.
Also, Gov. Atiku Bagudu of Kebbi and Chairman of the Progressives Governors’ Forum (PGF), who spoke on behalf of all other progressive governors, commended Sanwo-Olu for organising such a massive rally.
Bagudu, who thanked Lagos residents for putting their faith in the former governor of Lagos state, said that Tinubu would run an inclusive government.
In his remarks, the APC National Chairman, Sen. Abdullahi Adamu said that Nigerians have huge hope in Tinubu, describing him as “the president in waiting of the Federal Republic of Nigeria”. (NAN)
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There will no longer be a hiding place for oil thieves and their accomplices, no matter how highly placed in the country if the Peoples…
There will no longer be a hiding place for oil thieves and their accomplices, no matter how highly placed in the country if the Peoples Democratic Party (PDP) takes power next year.
This was the pledge of the PDP presidential candidate, Alhaji Atiku Abubakar, when he interacted with a broad spectrum of corporate Nigeria under the aegis of Business Dialogue Stakeholders Forum at Eko hotel in Lagos, on Saturday.
Doyens of industry at the session were Alhaji Aliko Dangote, Jim Ovia, Tony Elumelu, Herbert Wigwe, Muhammad Hayatudeen, among others.
Atiku also said he would, in the interest of national development, confiscate all oil bloc allocated to some Nigerians who have failed to make them operational.
The former Vice President, who promised to sustain frequent interactive sessions between government and the country’s’ business class when voted to power, equally outlined the ways he would tackle what he described as an ailing economy.
“If you are not going to develop oil blocs given to you, we will take it away and give it to those who will develop it. We will also assemble the names of those involved in oil theft, publish same and prosecute them,” Atiku told the stakeholders.
On his plans to boost the oil and gas sector, Atiku recalled that under the administration of ex-President Olusegun Obasanjo the quota of oil production was earmarked for increase to four million barrels per day.
That plan, he explained, would be resuscitated and sustained beyond the projected figure, when he is voted into office next year, pointing out that in order to do this successfully, the Petroleum Industry Act (PIA) and any other enabling law would be invoked.
“When we were in government, we started this process. However, there were hiccups. We were unable to pass the legislation to encourage IOCs to partake in the sector. We will go back to where we started,” he said.
He added that the Brass and Olokola LNG projects, started under the Obasanjo administration will be given more attention under him.
“We will continue if we have the opportunity. As you know, joint ventures are good because they are investor-driven,” he said.
He reiterated his commitment to privatizing the refineries in Kaduna, Port Harcourt and Warri, saying: “I swear to God, I’ll privatize them.”
Turning to fiscal challenges of FOREX, monetary policy and the N20 trillion way and means balance facing the country, Atiku said, “I believe that we should have a FOREX policy that allows a convergence. I don’t believe in a multiple FOREX policy that currently applies.”
“Dollarization or otherwise of the Nigerian economy depends on the strength or weakness of our economy. If we strengthen our economy, you don’t need the dollar. The naira can be strengthened by the number of jobs created and exports.”
According to him, the monetary policy would be such that the Central Bank of Nigeria (CBN) would be independent. “Monetary policy and other related items would be liberalized. Without prize stability, the economy does not work for anyone; and job creation and poverty eradication cannot be attained.”
“CBN will take responsibility to deliver price stability despite the fact that inflation is a global phenomenon and a product of strong demand and limited supply.
“But none of these stops the CBN from carrying out its duty of price stability and single window fiscal regime,” the PDP presidential candidate said, pointing out that “some of these economic and financial challenges existed in 1999.”
“We were responsible for enacting the Fiscal Responsibility Act (FRA). We tried to schedule repayment of debts and we succeeded. If we did that, you can trust us again to address the cure problems.
“With this experience, you should trust that we can bring the monetary policy back on track,” he further added, indicating that it is disturbing that “the country is moving backwards.
“This have grave consequences for job creation and long term growth. The key sectors are not growing or growing slowly. There are acute fiscal challenges. The manufacturing sector is declining. 133 million Nigerians are multi-dimensionally poor, meaning they have restricted access w education, healthcare, housing and rural facilities. These are the reasons we are engaging you today,” he stated.
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Asiwaju Bola Tinubu, presidential candidate of the All Progressives Congress (APC), committed another gaffe during his presidential campaign rally in Lagos on Saturday. While addressing…
Asiwaju Bola Tinubu, presidential candidate of the All Progressives Congress (APC), committed another gaffe during his presidential campaign rally in Lagos on Saturday.
While addressing a crowd of supporters in his hometown on Saturday, the former Lagos governor asked his supporters to go and take their “APV”.
Although the context showed he meant Permanent Voter Card (PVC), the presidential candidate adjusted by saying APC.
“Do you love me? Do you love me? Go and take your APV…APC and you must vote,” Tinubu charged the cheering crowd.
The APC presidential candidate has suffered a number of gaffes while addressing the public in recent times.
Earlier this month, while speaking at the flag-off of his campaign in Plateau state, he concluded his speech, “God bless PD…APC.”
Also in October, Tinubu said Kaduna State Governor, Nasir El-Rufai, has a vision of turning a “rotten situation to a bad one.”
He was speaking at the seventh edition of KadInvest, an annual event organised by the Kaduna State Investment Promotion Agency.
“We’re not going to let you run away, your vision, creativity and resiliency in turning a rotten situation to a bad one is necessary at this critical time, that’s why we are here today,” Tinubu told El-Rufai.
Critics of the ruling party have alleged that Tinubu is suffering dementia, a condition which they claimed has made him avoid debates and interactive session.
On Friday, Tinubu’s campaign announced that he would not attend ARISE TV townhall for presidential candidates.
In a statement by Bayo Onanuga, a spokesman of the campaign, the APC said Tinubu had been interacting directly with Nigerians.
Tinubu’s team has also denied rumors of his alleged ill health, saying he is as fit as fiddle.
 
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The Borno State Governor, Prof Babagana Umara Zulum, has lamented the high level of joblessness among youths in the state, seeking a partnership with Alumni…
The Borno State Governor, Prof Babagana Umara Zulum, has lamented the high level of joblessness among youths in the state, seeking a partnership with Alumni of Barewa college Zaria to create more jobs.
The governor was speaking when the leadership of Barewa College Old Boys Association (BOBA) paid him a courtesy call at the government house, Maiduguri.
While saying the availability of jobs for youths would help to tackle insecurity in northern Nigeria, Zulum said he would leverage the experiences of the executive members of the association, who are eminent personalities in Nigeria, to reach out to other leaders in their respective states.
“I want to partner with you to see how we can develop our educational system, and see how we can do advocacy in this part of the country on job creation.
“We have to create jobs, it is one of our main problems.
“We have abundant land, rainfall is not a listing factor but again, over 70 per cent of our youths are jobless,” he said.
He said the problem of Boko haram being faced in Borno and other criminal activities in some parts of the nation were a result of self-inflicted poverty.
Earlier, the National President of BOBA, Engr Dahiru Ibrahim, said they were in Borno State to conduct their annual lecture.
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Robert Lewandowski scored the first World Cup goal of his prolific career on Saturday when he netted in Poland’s 2-0 win over Saudi Arabia, bursting…
Robert Lewandowski scored the first World Cup goal of his prolific career on Saturday when he netted in Poland’s 2-0 win over Saudi Arabia, bursting their bubble following the team’s giant-killing act against Argentina.
Barcelona forward Lewandowski made sure Poland took a big step towards the last 16 in Qatar when he rolled home in the 82nd minute after being gifted the ball by Abdulelah Al-Malki.
However, it was a battle for Czeslaw Michniewicz’s side, who were leading at that point thanks to Piotr Zielinski’s roofed finish and an incredible double save from Wojciech Szczesny after Salem Al-Dawsari’s penalty late in the first half.
Poland leapfrogged the Saudis into first place in Group C, with Lionel Messi’s Argentina facing Mexico later on Saturday.
Egged on by a vocal crowd, Herve Renard’s Saudi team came out with the bit between their teeth and the Poles frequently struggled to handle their aggressive press.
Poland were shown three early yellow cards.
Mohamed Kanno had the game’s first decent effort on goal, tipped over by Szczesny in the 13th minute.
Lewandowski initially found it hard to get into the game as he was immediately surrounded by a gang of defenders led by Ali Al-Bulayhi, who at one point looked to be heading out of the game after being accidentally studded by the Barca star.
Super Szczesny
Lewandowski played a key role in Poland’s opener against the run of play in the 39th minute, pulling back for Zielinski to finish after nearly clipping home his first World Cup goal.
Szczesny then stepped up to save his team minutes later after referee Wilton Sampaio awarded a soft penalty when Saleh Al-Shehri went down heavily under pressure from Krystian Bielik.
The Juventus goalkeeper did well to bat away Dawsari’s nervy spot-kick but the ball fell to Mohammed Al-Burayk, who was denied on the rebound by a sensational stop.
Szczesny was again Poland’s saviour nine minutes after the break when he charged off his line to keep out Dawsari following a chaotic passage of play that ended with the ball being ballooned over the bar.
Poland were again close to buckling under intense Saudi pressure but should have been further ahead midway in through the second half when Arkadiusz Milik and Lewandowski both struck the woodwork in the space of three minutes.
Malki then scuffed wide from the edge of the box and it was his mistake that allowed Lewandowski to seal the points.
Nothing looked on when Malki received a pass on the edge of his own area but he let the ball slip past him and right into Lewandowski’s feet, allowing him to roll in a simple finish and end his hoodoo.
(AFP)
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The Police Command in Ogun State says it has arrested a 36-year-old suspect, Sikiru Ajibola, who allegedly raped a 5-year-old boy to death in the…
The Police Command in Ogun State says it has arrested a 36-year-old suspect, Sikiru Ajibola, who allegedly raped a 5-year-old boy to death in the Ogijo area of Sagamu local government.
SP Abimbola Oyeyemi, the Police Public Relations Officer (PPRO) in the state, disclosed this in a statement issued in Abeokuta on Saturday.
Oyeyemi explained that the suspect was arrested on Friday following a report lodged at Ogijo divisional headquarters by the Community Development Association (CDA) Chairman of Olorunwa Arogbeja Ogijo.
Oyeyemi said that the chairman had reported that one of the community members informed him that the suspect had unlawful carnal knowledge of the boy, who died in the process.
The PPRO added that upon the report, the Divisional Police Officer, Ogijo division, Enatufe Omoh, quickly detailed his detectives to the scene, where the suspect was promptly arrested.
“On interrogation, the suspect confessed to engaging in homosexuality and that while he was having sex with the deceased boy, he died.
“He confessed further that he quickly dug a shallow grave in a nearby bush, where he hurriedly buried the boy.
“He has also taken policemen to where the deceased was buried,” Oyeyemi said.
Meanwhile, the Commissioner of Police, Mr Lanre Bankole, has ordered the immediate transfer of the case to the homicide section of the State Criminal Investigation Department for further investigation and diligent prosecution. (NAN)
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The Nigeria Immigration Service (NIS), has directed passport offices across the country to work on Saturdays to clear the backlog of passport applications. The directive…
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Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) has said the steady increase in headline inflation from 15.60 per cent in January to 20.77 per…
Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) has said the steady increase in headline inflation from 15.60 per cent in January to 20.77 per cent in September was consistent with global trends.
Emefiele said this at the 57th Annual Bankers Dinner, organised by the Chartered institute of Bankers Nigeria (CIBN), in Lagos.
The dinner had the theme, “Radical Responses to Abnormal Episodes: Time for Innovative Decision-making” was appropriate and well timed.
He also said headline inflation soared to 20.77 per cent in September, indicating eight consecutive months of uptick, and that the upward momentum was after a successive period of decline in 2021, due to balanced monetary policy actions.
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He said upside pressure on consumer inflation re-emerged during the year, as global conditions complicated existing local imbalances to undermine price stability.
“Food remains the major component of domestic consumer price basket. The annualised uptick in headline inflation mirrors the 6.21 percentage points upsurge in food inflation to 23.34 per cent in September.
“During this period, core inflation also resumed an upward movement from 13.87 per cent in January to 17.60 per cent.
“In addition to harsh global spill overs, exchange rate adjustments and imported inflation; inflation was also driven by local factors such as farmer herder clashes in parts of the food belt region,” he said.
Emefiele said during the early part of 2020, the world economy experienced the most significant downturn last witnessed since the Great Depression following the outbreak of the COVID-19pandemic.
He said the effect contracted global GDP by about 3.1 per cent in 2020, and commodity prices went into a state of turmoil as the price of crude oil plunged by over 70 per cent.
He said as the world struggled to recover to pre-pandemic conditions, the global economy was yet again hit by another adverse occurrence with the eruption of the Russian-Ukraine war.
He said the war, along with the sanctions placed on Russia by the US and its allies, led to a spike in crude oil prices.
He said in the attempt to contain rising inflation, advanced markets such as the US, began to increase their policy rates, which led to a tightening of global financial market conditions along with a significant outflow of funds from emerging markets.
“The subsequent strengthening of the US dollar further aggravated inflationary pressures, along with a weakening of currencies, and depletion of external reserves in many emerging market countries.
“Today close to 80 per cent of countries have reported heightened inflationary pressures due to a confluence of some of the factors mentioned above,” said Emefiele.
He explained that central banks in emerging markets and developing economies, in a bid to contain rising inflation were also compelled to raise rates, which was expected to lead to a tapering of global growth over the next year.
On currency redesign, Emefiele said, “Analysis of the key challenges primarily indicated a significant hoarding of banknotes, as over 85 per cent of currency in circulation were held outside banking system.
“This is even as currency in circulation more than doubled from N1.46 trillion in December 2015 to N3.23 trillion in September 2022; a worrisome trend that must be curbed.”
He, therefore, said the policy would quicken the attainment of cashless economy as it was complemented by increased minting of the eNaira.
According to him, the redesigned notes will also curtail currency outside the banking system, and as the monetary policy becomes more effective, it will help rein in inflation. (NAN)
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