Tinubu's Bishops, Emir ❤️ terrorist + other WTF moments
Tinubu's Bishops, Emir ❤️ terrorist + other WTF moments
+ new NNPC, Wanted terrorist gets traditional title, New interest rate & what it means, Marburg virus
Hello.
In this edition:
All you need to know about New NNPC
Some local airlines suspended
What’s all this about fake Bishops?
Wanted terrorist gets traditional title
New interest rate + what it means
Marburg virus
Oil & Power
Old NNPC, new NNPC, still NNPC?
Background:
Since the 1960s, most of Nigeria’s revenue has come from crude oil. And “we” have stuck with it. To manage the oil and everything that comes with it, NNPC was created in 1977.
But as a government organisation plagued with “alleged” corruption, poor management and politicking ploys, it hasn’t succeeded in keeping the industry afloat enough to maintain profitability.
In fact, it has not been able to generate any money for the country for months due to its struggles.
Its also causing Nigeria to leave money on the table: since the start of the Russia-Ukraine conflict, the price of oil has skyrocketed, but while other oil-producing countries are benefiting greatly, Nigeria is at the losing end because we’re still importing refined petrol.
Hence, the decision to privatise NNPC
The issues plaguing the NNPC forced the government to introduce the Petroleum Industry Act 2021 to “redefine the oil and gas industry”.
One of the tasks that came with it was for the Minister of Petroleum to privatise NNPC “within 6 months”. Which explains the recent ceremonious unveiling
This new direction means the NNPC will now be managed like a private-sector company, and unlike the government-owned version, the NNPC is expected to become efficient and 🤞 profitable.
Does this mean petrol will become more expensive?
No idea. Mele Kyari, group managing director, NNPC, said the new NNPC is a service provider to the government and will not bear the responsibility for importation and subsidy— subsidy, he said, is a “policy matter”.
He said that the NNPC is there purely for strategy and to aid with transparency. The new version is also expected to list on the stock exchange, so you can buy some shares if you want.
“That means that there are further requirements beyond what we are doing today. Beyond just publishing your financial statements, there are many other disclosure requirements for being a partner company”. This means they now owe transparency to anyone who buys shares, so no more sneaky money links(?).
Question for you, reader: Do you think things will be different?
By the way, did you catch Asa’s performance at the government-packed NNPC unveiling ceremony? She took their money (hopefully. I hope they paid before) and then performed her most anti-government music. Asa, if you see this, I love you, girl.
Electricity
Another public-gone-private initiative in Nigeria is Electricity. And if this is anything to go by… good luck to NNPC. Though electricity prices keep skyrocketing, the electricity supply is not great, and recently, the National grid keeps collapsing — so far, six times this year.
The grid isn’t private-run, though; that bit is all the government-owned Transmission Company of Nigeria. According to the government, poor management (by the TCN) and low gas supply are the major causes of the constant collapses.
But the Senate has a new resolution: State-run electricity. The HOR just signed a bill allowing states to generate their own electricity. The bill also allows state governments to permit individuals who want to operate mini-grids in the state.
Long week for air travel
During the week, the pilot on Dana Air— a local travel airline— had to emergency land the aircraft due to an issue with the engine. That is, the airline was already en route (with over 100 passengers), and the engines were faulty.
No one died or was injured as the pilot safely parked the airplane at the Nnamdi Azikiwe International Airport.
This is two months after the tyres of one of the airline’s other aircrafts caught fire while it was in the air. No one died then either.
Regardless, the Nigerian Civil Aviation Authority (NCAA) decided, upon investigating, that it would be best to suspend Dana’s operations indefinitely.
The NCAA Director-General, Musa Nuhu, said that upon auditing Dana’s operations, the agency found that Dana Airlines can “no longer meet its financial obligations and to conduct safe flight operations”.
++ Another local airline, Aero Contractors, announced that they have decided to close shop due to the rising costs of running an airline.
The cost of Aviation fuel has risen steadily for a few months. This week, the price hit N800 per litre (it was N200 in December 2021 to N400 in February 2022)
Out of 10 airlines, we now have 8 standing: Air Peace, Arik Aik, Azman Air, Green Africa, Ibom Air, Max Air, Overland and United Nigeria Airlines.
Vanguard’s insider scoop found that flights will not only be later than usual (so, like, 24h delays? 😭), but the airlines are also considering increasing local flight tickets to N100,000 per flight.
Tinubu’s Clergymen (and women)
If you live on Twitter (like I do), you most likely saw numerous posts making fun of “alleged” fake priests who showed up for an APC event.
My fave:
What it was about:
Aspirant president Bola Ahmed Tinubu officially announced his running mate Kashim Shettima at a ceremony on Wednesday in Abuja. There have been many disagreements about 2 Muslims in the Head of State position.
So perhaps to create the impression that the Christians are down with it (these are the only two religions, you know), someone from the APC campaign team “supposedly” hired a bunch of people to pose as Bishops and leaders of the Christian community.
So are they Bishops?
The Christian Association of Nigeria (CAN) says “no”. The association released a statement affirming that they do not know these people.
The Vice President of CAN in charge of 19 Northern States, Rev. Joseph John Hayab, said that Tinubu was free to hire mechanics and other artisans and sew clerical garments for them, but that does not make them part of the association. “The people we saw at the unveiling of Shettima paraded as Bishops are people who did not have enough time to learn how to wear Bishop garments”, he added.
According to People’s Gazette, one of the “Bishops” further compounded the doubt by claiming that “Tinubu’s people” promised to pay them N100,000 for their role as Bishop but only paid N40,000.
Want to learn more about Tinubu? This infographic by International Centre for Investigative Reporting is a great place to start 🤷🏽♀️
Money
Higher interest rates
In May, the CBN attempted to suppress the rise of inflation by raising interest rates to 13% (from 11.5%). This week, CBN governor Godwin Emefiele announced that the rate is now 14%.
He said this decision will help address Nigeria’s rising inflation
Nigeria saw the highest inflation rate in 5 years in June when inflation rose from 17.71% recorded in May to 18.60%. The rise in inflation was driven by world events, which increased food and oil prices.
What does it mean for Nigerians?
When interest rates rise, borrowing money becomes more expensive. The high-interest rate means that you'll pay more in interest if you borrow from banks and other financial institutions.
The increase in the cost of borrowing will impact the operating costs, prices of products and profit margins of businesses. So, a hike in interest rate could potentially curb spending and shrink economic growth, which will send the economy into recession (a recession could battle inflation).
A hike in interest rates also means savings, Nigerian Treasury Bills and bonds will pay higher interests, which can be good for savers and investors.
It might also encourage people to save/invest more money, further curbing the amount of money running around in the country.
Accountant-General goes to jail
Justice Adeyemi Ajayi of a High Court sentenced a former Accountant-General of the Federation, Ahmed Idris, to the Nigerian Correctional Service, Kuje.
Along with Ahmed Idris, Godfrey Olusegun Akindele and Mohammed Kudu Usman were also sentenced.
The trio were prosecuted on a 14-count charge of stealing N109, 485,572,691.9.
The EFCC says that Adeyemi Ajayi and Olusegun Akindele (who was his Technical Assistant) embezzled much of the funds through a company in Akindele’s name, Olusegun Akindele & Co.,
They will be kept in prison until their bail hearing on July 27th
Debt > Revenue
The cost of servicing debt surpassed the federal government’s retained revenue by N310 billion in the first four months of 2022.
According to the FG’s fiscal performance report, the federal government’s total revenue for the period was N1.63 trillion, while debt service gulped N1.94 trillion.
The document also showed that the FG’s share of oil revenues was N285.38 billion, while non-oil tax revenues totalled N632.56 billion. It also highlighted that the government generated N401.8 billion from company income tax (CIT) and value-added tax (VAT).
Insecurity
Community leader celebrates “former” terrorist
Alhaji Aliyu Garba Marafa, the Emir of Birnin Yandoto (a community in Zamfara), has given a chieftaincy title to Adamu Aleru, a known and wanted terrorist who he claims is “repentant” and has been “helpful in restoring peace in the community”.
The spokesperson of the emirate, Lawal Magaji, told journalists that Aleru is considered a peace-maker within the community.
Magaji said that with this development, Aleru, who has been helping ward off terrorists, now has more power in the community to chase away the bad guys.
“I want to use this medium to appeal to the entire people of the state to look at this as the best option to address the banditry issue. This is because the bandit leader has repented and is now fighting those who have refused to surrender”, he said.
The government’s reaction
Soon after the chieftaincy, the Zamfara state government publically declared that they don’t support the Emir’s decision. They also suspended him.
This is particularly curious because Adamu Aleru has been declared wanted in Katsina since June 2020.
The Katsina State Police Command declared Aleru wanted for leading a group of terrorists who attacked Kadisau village of Faskari LGA of the state and killed 52 people.
The government promised to reward N5,000,000 to anyone who delivered him to the police— dead or alive.
Really odd that someone so sought-after can openly “help fight terrorism” for over 2 years and even earn a public title without the police catching on.
Kidnapped Priest killed
Reverend Father John Cheitnum, one of the two Catholic priests abducted in Lere Local Government Area (LGA) of Kaduna State, has been murdered by his abductors.
Reverend Father Cheitnum and his colleague, Reverend Father Donatus Cleopas, were kidnapped on July 16 while they were on pastoral work at the rectory of Christ the King Catholic Church, Yadin Garu in Lere LGA.
Reverend Father Cheitnum’s body was found on Tuesday, while the kidnappers released Reverend Cleopas after an undisclosed amount was paid in ransom.
Health
New disease alert:
We have COVID, Monkeypox, and now the Marburg virus.
The Nigeria Centre for Disease Control (NCDC) says it is on a high alert following the first outbreak of the Marburg virus in Ghana.
The agency says no case of the Marburg virus has been reported in Nigeria, but they are taking several measures to prevent a possible outbreak.
On Monday, the World Health Organisation (WHO) confirmed the virus outbreak in Ghana after blood samples from two patients in the southern Ashanti region, both of whom later died, tested positive.
Marburg is not an airborne disease. The virus spreads from human to human via direct contact with infected people's blood, poop, pee, organs or other bodily fluids, and surfaces and materials contaminated with these fluids.
The virus causes a rare, highly infectious viral hemorrhagic fever (the same family as Ebola).
The initial symptoms of the disease: sudden onset of high fever, chills, headache, and body aches. It could also come with a rash, most prominent on the chest, back and stomach. Also, nausea/vomiting, chest pain, sore throat, and abdominal pain by the fifth day of illness.
An increase in severity could come with severe watery diarrhoea, jaundice, inflammation of the pancreas, severe weight loss, bleeding from multiple areas, delirium, shock, liver failure, massive haemorrhaging, and multi-organ dysfunction and/or failure.
NCDC says the death rate is 24-88% and the average timeline from infection to death is 8/9 days.
To prevent an outbreak, the NCDC urged Nigerians to avoid:
non-essential travel to locations where the outbreak is reported, for now,
direct contact with blood, saliva, vomit, urine, and other bodily fluids of people suspected or confirmed to have the virus, and
anywhere with fruit bats and ill animals.
This outbreak is the second time the virus will be detected in West Africa, after the 2021 experience in Guinea.
Soot in Port Harcourt is getting worse.
Rights activists, lawmakers and medical experts describe the soot pollution in the Niger Delta “as a time bomb awaiting explosion”. Also, respiratory and health issues as a result of the environmental issues have worsened.
The stakeholders said despite the visible health effects, the rate of makeshift refining of petroleum products is still increasing.
At an event to discuss the issue, former Rivers State House of Assembly leader, Hon. Chidi Lloyd said they’ve noticed a decline in illegal oil refineries (known as kpofire). The decline, he said, came after stern orders from the state governor, Nyesom Wike, directed at community leaders.
He said, however, that as the people in the community stop these activities, security and law enforcement agents posted to Rivers have started to pick it up. According to them, the law enforcement agents are giving licences to people who operate these makeshift unsafe refineries, so the community leaders now have no power over them.
Other News
Buhari issued an ultimatum for the Minister of Education to resolve the ASUU strike - Premium Times.
JAMB has fixed the cutoff mark at 140 - Premium Times.
Buhari received report on Kuje prison - Premium Times
The FG may ban motorcycles across the country to “Fight terrorism” - Premium Times
Six weeks after the terrorist attack on St. Francis Catholic Church, Owo , Ondo State, the community appealed to security agencies to arrest the perpetrators - PunchNG