🗞️ "Nigeria We Hail Thee"

Hi,

This edition was written by Nafisat Abdulrahman, and edited by Adetomiwa.

Let’s get into it.

In this edition 

• Labour rejects FG’s fresh #60,000 minimum wage

• Tinubu signs old national anthem bill

• Biafra Day turns bloody, soldiers killed in Abia

• Tax reform panel recommends #800/$ rate for custom duties

• FCT school owners decry 5% tax on schools

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This newsletter is 1,826 words. About 6-minute read.

Money and Fraud 

Labouring in vein?

Strikes are back, Oshiomole is shaking - Business Day 

• The Nigerian Labour Congress (NLC) initially demanded ₦615,000(!!!) as the new minimum wage, citing the rising cost of living (honestly, fair).

• The FG countered with a much lower offer of ₦48,000, which Labour promptly rejected.

• After further negotiations, the FG upped their offer to ₦54,000, then ₦60,000 – still a far cry from Labour's demand.

• Labour has now adjusted their demand slightly to ₦494,000, but they're standing firm on their threat to begin an indefinite strike from June 3rd if a deal isn't reached.

Emefiele's Money Troubles

Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele's legal woes are piling up faster than my unpaid bills! A Federal High Court in Lagos has ordered the interim forfeiture of another $1.4 million allegedly linked to him. This latest development adds another layer to the already substantial corruption allegations he's facing.

• The Economic and Financial Crimes Commission (EFCC) claims the $1.4 million represents proceeds of unlawful activities carried out during Emefiele's tenure as CBN Governor.

• The anti-graft agency alleges that the money was likely part of a bribery scheme, potentially used to influence foreign exchange approvals.

• This fresh seizure adds to Emefiele's mounting legal troubles, as he's already facing multiple criminal charges related to procurement fraud and the controversial Naira redesign policy.

• The court has given anyone with a legitimate claim to the $1.4 million 14 days to come forward and explain why it shouldn't be permanently forfeited to the government.

• Emefiele's legal battles are far from over, and it seems like each week brings fresh allegations and financial scandals to light.

First Bank Employee Goes on a Spending Spree 

A First Bank employee has allegedly gone rogue, disappearing with a staggering ₦40 billion from the bank. 

• Tijani Muiz Adeyinka, the accused employee, reportedly used his position to funnel the funds into 98 different bank accounts, including one belonging to his wife.

• The alleged fraud was uncovered after a customer lodged a complaint, triggering an internal investigation that revealed the massive scale of the embezzlement.

• According to reports, Adeyinka exploited his role to process fraudulent reversals to a merchant account under his control, effectively diverting funds for his personal gain.

• First Bank has reported the incident to the Nigerian Police Force and obtained court orders to freeze the accounts linked to the stolen funds.

• The investigation is ongoing, and authorities are working to track down the stolen money and bring Adeyinka to justice. This case highlights the vulnerability of financial institutions to internal fraud and the importance of robust security measures.

Taxes, Taxes Everywhere

Brace yourself. After soft launching (& failing to hard launch) the cybersecurity levy, the government will not keep its hands out of your pocket - Leadership 

• The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an additional tax on individuals earning N5 million or more per month. While this might sound like a case of "tax the rich," many are concerned about the potential impact on investment and economic growth.

• The same committee also recommended a fixed exchange rate of N800/$ for calculating import duties, a significant departure from the current volatile market-driven rate. While this aims to create stability for businesses, some experts warn it could lead to distortions in the market.

Davido's Crypto Crash Course

Davido's latest cryptocurrency project has ended in familiar fashion as the last one – with accusations of a "rug pull," leaving the funds of some $DAVIDO coin holders… Unavailable - Tech Cabal 

• The launch of the $DAVIDO token on the Solana blockchain initially generated excitement, fueled by Davido's massive fanbase and endorsements on social media. However, the token's value plummeted by 90% within a day, wiping out investments and raising red flags.

• Crypto experts and traders pointed to signs of a classic "rug pull" scheme, where developers artificially inflate a token's price before vanishing with the funds. Suspicious trading activity and allegations that the creators cashed out large sums fueled these claims.

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Speaking of the president, 

the old Nigerian Anthem is back

President Bola Tinubu has signed into law a bill that will see Nigeria revert to its original national anthem, "Nigeria We Hail Thee," which was first adopted at independence in 1960 - Vanguard 

• The old anthem was replaced in 1978 by the current one, "Arise, O Compatriots," composed by Benedict Odiase.

• Proponents of the change argue that the old anthem, with its lyrics by Lillian Jean Williams, evokes a stronger sense of national unity and nostalgia for Nigeria's early post-independence era.

• The bill to reinstate the old anthem received widespread support in both houses of the National Assembly, suggesting a shared desire to reconnect with the nation's history and heritage.

• While some have welcomed the change, others have questioned the timing and necessity of such a move, arguing that there are more pressing issues facing the country.

Tinubu's One Year Report Card

President Bola Tinubu marked his first year in office with a self-congratulatory address, highlighting what he sees as his administration's key achievements. While he emphasized progress in areas like infrastructure, healthcare, and economic reforms, some critics argue that it's too early for a victory lap, especially given the ongoing economic hardship facing many Nigerians (sound familiar? Remember last week's tomato price hike?). 

• Tinubu touted the ongoing rehabilitation of roads and the establishment of a Renewed Hope Infrastructure Development Fund to attract investments.

• He also pointed to social programs like grants for market women and the student loan scheme (which, as we discussed earlier, has seen its own share of controversy).

• Critics argue that his administration needs to focus on tackling inflation, creating jobs, and addressing insecurity, which continue to plague the country.

• Renewed Hope when?

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Economy

CNG is the New Black

With fuel prices still rising and the never-ending queues still , the government is going all-in on CNG (Compressed Natural Gas).

• The government commissioned a 5.2 million standard cubic feet per day CNG plant in Lagos, positioning it as a beacon of hope for a smoother transition away from petrol dependency.

• Plans are in motion to roll out 2,000 CNG-powered buses in Lagos and distribute 2,500 conversion kits to encourage vehicle owners to make the switch.

• As usual, significant hurdles remain. The availability of CNG infrastructure, the affordability of conversion kits for the average Nigerian, and public awareness about CNG remain major question marks.

• This isn't Nigeria's first attempt at promoting CNG as an alternative fuel. Previous efforts have sputtered and stalled, leaving many skeptical about the long-term viability of this latest push.

Huggies Says Goodbye, Leaving Nigerian Parents in a (Pricey) Diaper Dilemma

Kimberly-Clark, the maker of the popular Huggies brand of diapers, has announced its departure from Nigeria, adding another layer of complexity (and potential cost) to the already challenging task of parenting in this economy. 

• Citing "refocused priorities" and a tough economic climate, Kimberly-Clark is shutting down its Nigerian manufacturing facility and commercial operations.

• This exit leaves a significant gap in the market for quality, yet affordable diapers, potentially leading to higher prices for imported brands or a reliance on less reliable local alternatives.

• Huggies' departure is unfortunately part of a larger pattern of multinational companies scaling back or exiting Nigeria due to economic headwinds and policy uncertainty.

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Insecurity 

Biafra Day: A Day of Remembrance, Defiance, and Tragedy

Biafra Day, commemorating the 1967 declaration of an independent Republic of Biafra, was marked by a mix of remembrance, defiance, and tragically, bloodshed in some parts of the Southeast.

• The Indigenous People of Biafra (IPOB), a separatist group, called for a sit-at-home protest across the Southeast to mark the day and draw attention to their demands for self-determination.

• While some areas saw a muted response to the sit-at-home order, others experienced disruptions, with businesses closed and streets deserted.

• Tragically, the day was marred by violence in Abia State, where clashes between security forces and unknown gunmen resulted in the deaths of five soldiers and several civilians. The incident sparked outrage and condemnation from various quarters, highlighting the volatile security situation in the region.

Press Freedom Under Threat?

Staff members of the International Centre for Investigative Reporting (ICIR), including its Executive Director, were detained by the Nigeria Police Force National Cybercrime Centre (NPF-NCC) after honoring an invitation for questioning. - Vanguard 

• The ICIR received initial invitation letters containing vague accusations of "cyberstalking" and "defamation of character" without specifying the nature of the allegations or the complainant. The letters also contained discrepancies in dates, further raising concerns about the transparency and legitimacy of the process.

• Despite the lack of clarity and potential red flags, the ICIR, demonstrating a commitment to transparency, honored the invitation, sending its Executive Director, Dayo Aiyetan, reporter Nurudeen Akewushola, and their lawyers to the NPF-NCC office.

• Worryingly, contact with the ICIR representatives was lost after they arrived at the NPF-NCC office, raising fears of a deliberate attempt to detain them, despite the invitation stating it was for a "fact-finding" interview.

Erisco’s continuous abuse of power

The ongoing legal battle between Chioma Okoli and Erisco Foods Limited has taken a deeply concerning turn, raising serious questions about corporate power, freedom of expression, and the justice system's handling of such cases - The Cable

• Okoli's ordeal began with a harmless Facebook post in September 2023, where she shared her opinion about the taste of Erisco's Nagiko tomato paste, describing it as sugary.

• Erisco Foods, headed by CEO Eric Umeofia, responded not with a counter-argument or product clarification, but with a heavy-handed legal attack. Okoli was arrested following a petition by Umeofia, accusing her of cyberstalking.

• Okoli's lawyer revealed that she suffered a miscarriage while being held in custody, adding a deeply tragic layer to an already concerning situation.

• While Okoli has since been granted bail, the ordeal has taken a significant toll on her well-being and highlights the potential for abuse of power when corporations use legal means to silence criticism.

• Boycott Erisco!

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Other News

• Federal High Court ordered eviction of Emir Muhammadu Sanusi II from Kano Palace - Leadership

• President Bola Tinubu extends free train rides on Abuja Rail Mass Transit for six months - Business Day 

• Bilikis Adeyinka convicted for hawking ₦897,900 worth of naira notes. Sentenced to six months imprisonment or ₦50,000 fine - Punch 

• A multi-storey building has collapsed on Iga Iduganran street, in the Lagos Island area of Lagos State, trapping many people underneath the rubble - Premium Times 

• Banex Plaza reopened after a week-long closure due to the assault on two soldiers - Guardian NG