Category: Economy

Ohanaeze Ndigbo Condemns Onanuga’s Remarks As Anti-Igbo And Divisive

July 23, 2024 (updated July 23, 2024) Published by

Obasempire reports that Ohanaeze Ndigbo, the leading socio-cultural group for the Igbos, has voiced strong objections to the remarks and actions of Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy.

Read more: Tinubu Urges Nigerians To Cancel Protests Amid Economic Hardships

The organization accused Onanuga of holding a deep-seated animosity towards the Igbo people.

In a statement from Dr. Alex Ogbonnia, the National Publicity Secretary of Ohanaeze Ndigbo, the group criticized Onanuga for his provocative comments regarding the planned nationwide protests, suggesting they were orchestrated by supporters of Peter Obi, the Labour Party’s presidential candidate, and implying that the Igbo were behind these protests.

The organization called on the government to create policies and programs that address the hardships of all citizens, instead of issuing threats and making divisive remarks.

Dr. Ogbonnia highlighted Onanuga’s history of making disparaging comments about the Igbo, including a statement on March 19, 2023, where Onanuga advised the Igbo to stay out of Lagos politics.

Ohanaeze Ndigbo emphasized that the current nationwide difficulties stem from long-standing systemic issues and marginalization, requiring inclusive and thoughtful solutions.

Read more: Katsina Hisbah Seizes N60m Worth Of Alcohol And Drugs

“It may be necessary to inform Onanuga that Nigerians of all persuasions, North, South, East and West are in pains of diverse forms: excruciating hardships, poverty, naira downward spiral, incessant kidnappings, banditry, farmers-herdsmen conflict, most terrifying insecurity, joblessness, rising food prices and cost of living challenges. And that the prevailing hardship in Nigeria is blind to ethnicity.

“It is necessary to inform Onanuga that this is a time for the Presidency to initiate policies, programmes, activities, and a body language that will appeal to or assuage the downtrodden, dispossessed, oppressed, the deprived, including Obidients.”

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Tinubu Urges Nigerians To Cancel Protests Amid Economic Hardships

July 23, 2024 (updated July 23, 2024) Published by

Obasempire reports that President Bola Tinubu has urged Nigerians to cancel their planned protests, asserting that measures are in place to ease hardships.

Read more: Labour Party Denies Involvement In Protest Against Tinubu Administration

Speaking at a National Council of Traditional Rulers meeting in Abuja on Monday, July 22, 2024, Tinubu, represented by Secretary to the Government of the Federation George Akume, highlighted the importance of patience and support during this crucial time.

Tinubu criticized those exploiting the nation’s economic challenges to provoke protests.

He emphasized that instead of participating in demonstrations, Nigerians should exhibit patience and dedication to the success of the reforms.

He called on citizens to consider past instances where crisis and violence have endangered national unity.

He said, “We should learn from the experiences of countries like India and Sudan,” he said. “With over 200 million people, we cannot afford such discord.”

Read more: Lawmaker Yusuf Gagdi Faces Backlash for Gifting SUV to Daughter

The President highlighted the administration’s efforts to ease economic hardship, including the procurement of Compressed Natural Gas vehicles, the introduction of a student loan scheme, distribution of palliatives, and provision of agricultural inputs such as tractors and fertilizer.

He also affirmed the government’s commitment to addressing insecurity.

Tinubu appealed to traditional rulers to promote peace and convey this message to the youth and their communities.

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Dangote Refinery Seeks Libyan Crude As Nigeria Struggles With Supply

July 22, 2024 (updated July 22, 2024) Published by

Obasempire reports that the Dangote Refinery in Lagos is negotiating with Libya to import crude oil for its 650,000 barrels per day facility as it boosts production.

The Vice President of Dangote Industry Limited (DIL), Devakumar Edwin, disclosed this to American media outlet Reuters on Sunday.

Read more: Lawmaker Yusuf Gagdi Faces Backlash for Gifting SUV to Daughter

The Vice President also mentioned that the refinery will seek crude from Angola since the Nigerian National Petroleum Corporation (NNPC) Limited has been unable to satisfy the demands of the 650,000 bpd facility.

Since commencing operations in January, Dangote has encountered challenges in obtaining sufficient crude supplies within Nigeria.

Despite being Africa’s top oil producer, the country contends with theft, pipeline sabotage, and insufficient investment.

Consequently, Dangote has turned to importing crude from as distant locations as Brazil and the United States.

“We are talking to Libya about importing crude.

“We will talk to Angola as well and some other countries in Africa,” Edwin said in a statement. 

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He mentioned that international traders and oil companies were among the largest buyers of Dangote’s gasoil, much of which was being exported.

Edwin noted that Dangote’s oil trading arm was operational, with staff in London and Lagos, to manage supplies and sell products.

“The biggest off-takers are the two big traders Trafigura and Vitol and BP and, to some extent, even TotalEnergies. But all of them are saying they are taking it to offshore,” Edwin said.

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Labour Party Denies Involvement In Protest Against Tinubu Administration

July 21, 2024 (updated July 21, 2024) Published by

Obasempire reports that the National Working Committee (NWC) of the Labour Party (LP) has asserted that the party is not associated with lawlessness and cannot be connected to actions that might disrupt national unity.

Read more: Atiku Criticizes Lawmakers for Reducing Salaries Instead of Allowances

In a statement released over the weekend and signed by the National Publicity Secretary, Obiora Ifo, the party reiterated its dedication to legal norms while addressing remarks made by the Media Aide of President Bola Ahmed, Mr. Bayo Onanuga. Onanuga had claimed on the social media platform X (formerly known as Twitter) that the LP was involved in the planned nationwide protest against the Bola Tinubu administration.

The party refuted the claims linking the Labour Party, its national leader Peter Obi, and other prominent figures within the party to the proposed #EndBadGovernance protest.

The LP statement read in part: “We say that there is no truth in that and the tweet is just a figment of the author’s imagination.

Labour Party is known for being a very peaceful party and it has at several occasions asked its followers to follow peace at all times.

“We are not known as a lawless group as was evident in the aftermath of the last general election. It is therefore delusional for anyone to link our supporters to the planned protest. Labour Party, Peter Obi and our supporters are not planning any protests.

Read more: Video: Woman Sells Garri At N800 Sparks Market Conflict

“However, peaceful protests all over the world are initiated and executed by the people and not by the opposition. No opposition has any control over protests. Popular protests such as in Kenya, Egypt and several other places were a direct registration of the people’s frustration against the government. The opposition have the right to protest and it is within their constitutional right.

“It is therefore puerile for the government or anyone for that matter to begin to look for who to blame for the bad governance that is being witnessed in Nigeria today. Nigeria can still get it right if the right policies are initiated. We also advise that some aides of the Presidency must be cautioned to avoid incendiary pronouncements capable of combusting the nation, all in the name of playing politics.”

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Charly Boy Urges Odumeje To Save Nigeria From Disaster

July 21, 2024 (updated July 21, 2024) Published by

Obasempire reports that veteran musician and activist Charles Oputa, also known as Charly Boy, has urged the controversial pastor Chukwuemeka Cyril, widely recognized as Odumeje, to harness his spiritual abilities to rescue Nigeria from disaster.

Read more: NLC and TUC Accept N70,000 Minimum Wage with Review Promise

This appeal follows Odumeje’s criticism of billionaire entrepreneur Aliko Dangote for not acting on his prophecy regarding Dangote’s refinery in the Ibeju-Lekki area of Lagos, which experienced a fire incident about a month ago.

In response, Charly Boy has urged Odumeje to utilize his powers to prevent further calamity in Nigeria.

He wrote on X, “Dear Odumeje, we, Nigerians, have humbly come to you. Please can you stop the nation from burning…the economy is plummeting. We ask for your power in this desperate time of need. Please, don’t pay any mind to Dangote. He has a lot of money, and the hunger in the land does not get to him side. That’s why he did not understand that he had to be humble before you.”

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Atiku Criticizes Lawmakers For Reducing Salaries Instead Of Allowances

July 18, 2024 (updated July 18, 2024) Published by

Obasempire reports that the Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has criticized the House of Representatives members for their decision to reduce their salaries by 50 percent for six months.

This development followed the approval on Thursday of an amendment to a motion proposed by Deputy Speaker Benjamin Okezie Kalu. The amendment requires lawmakers to forgo 50% of their N600,000 monthly salaries to aid Nigerians.

Read more: NLC and TUC Accept N70,000 Minimum Wage with Review Promise

The salary reduction is intended to support the federal government’s efforts to tackle the increasing cost of foodstuffs and ease the hardship faced by Nigerians.

The motion was approved and assigned to the committees on Humanitarian Affairs, Finance, and Budget for implementation.

With each member contributing N300,000 to a collective fund, the legislative body will provide N108 million monthly to the Federal Government, totaling N648 million over six months.

However, Atiku Abubakar criticized this decision on X, suggesting that lawmakers should cut their allowances rather than their salaries.

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Atiku argued that the country can no longer afford to borrow to finance governmental irresponsibility.

He wrote, “The demons are in allowances and not salaries. There’s too much wastage and prioritisation of non-essential expenditures. What we want is an across the board cut in expenses pork. We can no longer afford to borrow to fund irresponsibility in government.”

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NLC And TUC Accept N70,000 Minimum Wage With Review Promise

July 18, 2024 (updated July 18, 2024) Published by

Obasempire reports that leaders of organized labor, including the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), have confirmed their acceptance of the N70,000 minimum wage proposed by the Bola Tinubu-led Federal Government.

Following a key meeting at the Presidential Villa in Abuja, Comrade Joe Ajaero, President of the NLC, announced the unions’ agreement to the proposal.

Joined by Comrade Festus Usifo, President of the TUC, and other worker representatives, Ajaero explained that the unions consented to the offer because of the added incentives.

Read more: Video: Woman Sells Garri At N800 Sparks Market Conflict

A major factor in their decision was the President’s commitment to reviewing the minimum wage every three years, unlike previous arrangements.

Although the labor leaders initially sought a minimum wage of at least N250,000, the agreed sum, along with the promise of regular reviews, led the unions to accept the N70,000 offer.

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Video: Woman Sells Garri At N800 Sparks Market Conflict

July 18, 2024 (updated July 18, 2024) Published by

Obasempire reports that a heated exchange erupted at a bustling market in Ilorin when a woman was confronted by fellow market traders for selling a paint of garri at N800, significantly lower than prevailing market rates.

Read more: Fuel Landing Costs Surge, Sparking Concerns Over Price Increases

The incident, captured in a video circulating on TikTok today, July 18, 2024, has ignited a debate on social media about the escalating cost of staple foods in Nigeria.

In the viral video, one woman expressed frustration over the high inflation affecting food prices, asserting that Nigerians are suffering due to these exorbitant costs. She urged market vendors to show empathy towards consumers’ financial struggles and reconsider their pricing strategies.

However, not all market traders shared this sentiment. Some accused the woman of undercutting their prices, thereby jeopardizing their livelihoods.

They argued that maintaining higher prices was necessary to sustain their businesses amidst economic challenges.

The video’s circulation on TikTok sparked widespread reaction across Nigeria, with users expressing a range of emotions.

Many voiced disgust at the situation unfolding in Ilorin, a city often heralded for its economic vibrancy and cultural richness. Some commentators pointed fingers at Nigerians themselves, suggesting that internal factors were exacerbating the hardships faced by the populace.

Read more: Bayelsa Police Investigate Killing Of NDU Student Over N500 Levy Dispute

Conversely, others stood in solidarity with the market traders, defending their right to earn a fair income based on their investment in goods sold at market rates.

They speculated that the woman selling at a lower price might have procured her merchandise under different circumstances, allowing her to sell at a reduced rate.

Dangote Reveals Capital Residence Isn’t His Property, Sold London Home in 1996

July 15, 2024 (updated July 15, 2024) Published by

Obasempire reports that Africa’s wealthiest individual, Mr. Aliko Dangote, has stated that the residence he uses when he is in Nigeria’s capital is not his private asset.

In a media briefing at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos State, on Sunday, Dangote explained that his dedication to a developed Nigeria is the only reason he does not own properties outside the country.

He also shared that he previously owned a house in London, which he sold in 1996.

“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.

“I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.

“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja,” he revealed.

In her closing remarks, the Group Executive Director, Commercial Operations, Fatima Dangote, commended Mr Dangote for never giving up on the Nigerian dream.

She added that “I have not seen anyone as hardworking as my father, sometimes I wonder how he never gives up.

“I wish we have a few more men like my father in Nigeria, the country will be a better place,” she said.

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Governor Sanwo-Olu Promises Ongoing Support For Lagos Business Community

July 12, 2024 (updated July 12, 2024) Published by

Obasempire reports that Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his commitment to engaging with the business community in the State, emphasizing the importance of listening to their needs to shape the implementation of reforms that will create a conducive environment for business growth.

Governor Sanwo-Olu provided this assurance at the extraordinary 9th Lagos Corporate Assembly held in Ikeja on Tuesday, themed: “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth”.

Read more: Lawmakers Question Minister On N45 Million Party And N20 Million For Sanitary Pads

Represented by the Deputy Governor, Dr. Obafemi Hamzat, the Governor stated that through the 4th Pillar of the T.H.E.M.E.S Plus Development Agenda, M pillar – which is Making Lagos A 21st Century Economy, his administration remains steadfast in its commitment to sustaining an enabling environment for businesses to grow and thrive.

He said, “I assure you of our continued support as our administration is unreservedly committed to providing the necessary resources, infrastructure, and policies that will ensure your businesses not only survive but thrive. Using the instrument of the agenda, we have introduced numerous policy reforms to ease the doing of business in Lagos”.

The Governor commended the resilience of the business community, noting that despite the numerous challenges, including the current global economic downturn confronting their operations, they have continued to innovate, adapt, and contribute significantly to the growth of the State, stressing that their tenacity and entrepreneurial spirit are the bedrock upon which Lagos’s economic success is built.

Read more: Couple Arrested For Attempting To Sell 2-Year-Old Son In Lagos

Sanwo-Olu also described the Lagos Corporate Assembly as a crucial platform for public-private dialogue, where parties collectively identify challenges, discuss solutions, and chart a course for sustainable economic growth and development.

“This is because we recognise the power of stakeholder engagement and the importance of providing a listening ear to the business community. Our resolve is to make the LCA a formidable platform for public-private collaboration, ensuring that their voices are heard and their concerns are addressed promptly.

We are determined to turn the feedback we receive from you into actionable policies that will further ease the business environment in Lagos”, he said.

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