FG Adopts New Technology To Tackle Waste Management Challenges

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October 14, 2024

By Aliyu Galadima

Minister of State for Environment, Dr Iziaq Salako has stated that a new chapter has begun in waste management in Nigeria with the unveiling of plastic waste reverse vending machines ,RVMs.

Salako, who commissioned the machines, stated that they are cutting-edge solutions in waste management.

The Plastic Waste Reverse Vending Machines were produced under the United Nations Industrial Development Organisation ,UNIDO, Project: “Promoting Sustainable Plastic Value Chains through Circular Economy Practices”.

The Minister noted that the reverse vending machine represents not just a tool, but a symbol of the commitment to a cleaner, greener, and more sustainable future for Nigeria.

“We are taking an important step forward in our collective fight against plastic pollution. As we stand together, this reverse vending machine represents not just a tool, but a symbol of our unwavering commitment to a cleaner, greener, and more sustainable future for Nigeria”, he said.

Highlighting the importance of reverse vending machines, Salako stated that they are a powerful technology that encourages proper waste disposal amongst the citizens.

“Reverse vending machines ,RVMs, are cutting-edge solutions in waste management.

“They are automated machines that collect and process recyclable materials, particularly plastic bottles, cans, and glass containers.

“They allow individuals to deposit bottles and other recyclable materials, receiving a reward in return. This simple yet powerful technology encourages proper waste disposal and creates a culture of recycling, where each citizen can actively participate in protecting our environment.

“Beyond its environmental impact, this machine promotes the concept of circular economy as well as increased recycling rates, reduced litter and waste, convenient recycling process, encourages responsible waste management and provides valuable data on recycling patterns and number of unemployed youths engaged in the process”, he explained.

He noted that the use of the machines ensures cleaner communities, with fewer plastics littering the streets and waterways.

“There are also economic opportunities where jobs are created and local industries boosted, and increased public awareness where it fosters the mindset of responsibility and sustainability, especially for future generations.

“Instead of plastic ending up in landfills or polluting our oceans, it re-enters the production cycle, reducing the demand for new resources and minimizing our ecological footprint”, he said.

Salako who stated that the machine marks the beginning of a new chapter in waste management in the country noted, “With the unveiling of this machine which is locally fabricated by a team of young Nigerians, we are embracing local innovation and craftsmanship, and renewing our dedication to protecting our environment”.

Nigerians Kick Over FG Plans To Raise VAT To 10% By 2025, 12.5% In 2026

By

Joel

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October 14, 2024

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By Charles Ebi

Some Nigerians have expressed dissatisfaction over plans by the federal government to increase Value-Added Tax ,VAT, next year.

Already, an executive bill has been sent to the National Assembly to raise VAT from 7.5% to 10% by 2025 and 12.5% by 2026 through 2029.

Besides, the bill, according to the report, is proposing that by 2030, the payment by Nigerians for the tax, which is levied on consumption of goods and services will move to 15%.

“VAT shall be charged on the value of all taxable supplies at the following rates (a) 2025 year of assessment 10% ; (b) 2026, 2027, 2028 and 2029 years of assessment 12.5% (c) 2030 year of assessment and thereafter 15%”, the document stated.

In addition, the bill proposes a reduction in the Corporate Income Tax ,CIT, to 27.5% by 2025 down from 30% and a further cut to 25% by 2026.

Companies with less than N20 million turnover are exempted from paying the CIT, according to the bill, the report stressed.

“Tax shall be levied, for each year of assessment in respect of total profits of every company, in the case of; (a) a small company, at zero per cent; and (b) any other company, at the rate of-(i) 27.5 per cent in 2025 year of assessment, and(ii) 25 per cent from 2026 year of assessment”, the document added.

Recall that many multilateral agencies including the International Monetary Fund ,IMF, urged Nigeria to raise VAT to 15%.

However, the bill also indicated that in the instance where in any year of assessment, the effective tax rate of a company is less than 15% such company shall re-compute and pay an additional tax that makes its effective tax rate equal to 15 %, the document stated.

“The provisions of this section shall apply to (a) a company that is a constituent entity of an MNE group; and (b) any other company with an aggregate turnover of N20,000,000,000.00 and above in the relevant year of assessment.

“The companies covered under this section and the determination of the additional tax payable shall be in accordance with regulations issued by the service”.

The Federal Government has consistently raised concern over the performance of VAT in Nigeria, saying it is the lowest in the West African region and insisting that the country’s VAT rate is less than 1 per cent of the Gross Domestic Product ,GDP,

In Q2 of 2024, the National Bureau of Statistics ,NBS, reported that VAT collected stood at N1.56 trillion, indicating a growth rate of 9.11% on a quarter-on-quarter ,QoQ,basis from N1.43 trillion in Q1 2024

Aradel Holdings Listed On NGX Main Board With N3trn Market Cap

By

Joel

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October 14, 2024

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Aradel Holdings is set to officially list its shares on the Main Board of the Nigerian Exchange ,NGX, at N702.69 per share on Monday, October 14, 2024.

This follows the company’s recent announcement that it has signed a Sale and Purchase Agreement with global energy giant TotalEnergies and the Nigerian National Petroleum Company ,NNPC, to acquire a 100% interest in the Olo and Olo West marginal fields, located onshore in Nigeria.

According to information obtained by Nairametrics, the acquisition was finalized with a purchase consideration of $16 million, alongside an additional $3.5 million in deferred and conditional payments.

This marks a significant step in Aradel’s expansion in Nigeria’s energy sector, adding to its asset portfolio.

The listing details were released by Chapel Hill Denham, the advisory firm managing Aradel’s listing by introduction on the NGX.

The company will offer 4.34 billion ordinary shares with a nominal value of N0.50 each, priced at N702.69 per share. This will result in a market capitalization of approximately N3.06 trillion.

Aradel Holdings began trading on the NASD OTC market in early 2024, initially priced at N1,089 per share. By September 4, 2024, the share price had soared to N9,867.38, reflecting significant investor interest.

In a strategic move on September 30, 2024, the company implemented a share re-denomination, adjusting the nominal value to N0.50 and splitting each share into 20.

Despite the re-denomination, Aradel’s stock continued to surge, closing at N641.06 by October 9, 2024—a 36% increase within just a few days.

This performance highlights the company’s strong showing on the NASD OTC platform, which has served as a launchpad for its transition to the NGX.

The move to the NGX Main Board marks a crucial milestone for Aradel Holdings, providing broader market access and positioning the company for continued growth in the Nigerian energy landscape.

Aradel’s NGX listing is part of the company’s broader strategic plan outlined in its 2023 annual report, published in May 2024. Chairman Ladi Jadesimi emphasized the company’s commitment to sustaining its growth momentum while achieving a successful listing on the Nigerian Exchange before the close of the year.

“In 2024, our strategic priorities remain clear: to maintain our growth momentum, secure a smooth listing on the Nigerian Exchange, and optimize our asset base, while ensuring effective succession planning for our leadership”, Jadesimi said.

This vision was echoed by Managing Director and CEO, Gbite Falade, who, in August, confirmed that Aradel was on track to meet its listing goals by the end of the third quarter.

Aradel’s impressive financial results have further bolstered its market positioning ahead of the NGX listing.

In August 2024, the company released its audited financials on the NASD OTC platform, reporting a pre-tax profit of N122.78 billion for Q2 2024 an astounding 535.16% increase compared to N19.33 billion in the same period of 2023.

Revenue also surged 199% year-on-year, reaching N167.14 billion, up from N55.83 billion in 2023.

With the acquisition of the Olo and Olo West fields and its upcoming listing, Aradel Holdings is positioning to strengthen its presence in the Nigerian energy sector.

Poorest Nations Record Highest Debt Levels In 18 Years – W’Bank

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Joel

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October 14, 2024

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By Dickson Pat

World’s poorest countries are grappling with their highest debt levels in nearly two decades, leaving them increasingly vulnerable to economic shocks and natural disasters, according to a new World Bank report published at the weekend.

These nations, home to 40% of the global population living in extreme poverty, are now poorer on average than they were before the COVID-19 pandemic, despite much of the world rebounding economically.

The report reveals that these economies are, on average, poorer today than they were prior to the COVID-19 pandemic, in stark contrast to much of the world, which has largely recovered and resumed growth.

The findings mark a significant setback in the global fight to eradicate extreme poverty and come just ahead of the World Bank and International Monetary Fund’s annual meetings in Washington.

The study shows the increasing reliance of these nations, whose per capita incomes are below $1,145, on International Development Association ,IDA, grants and concessional loans, as traditional market financing has largely dried up.

With an average debt-to-GDP ratio of 72%, the highest in 18 years, half of the countries are either in or at high risk of debt distress. Most of the countries are in sub-Saharan Africa, with a few, like Afghanistan and Yemen, outside the region.

Two-thirds of these nations are grappling with armed conflicts or deep institutional fragility, which impedes foreign investment. Their dependence on commodity exports leaves them vulnerable to volatile boom-and-bust cycles. Compounding these challenges, natural disasters between 2011 and 2023 resulted in average annual losses equivalent to 2% of GDP, five times higher than that experienced by lower-middle-income countries.

“IDA has been a lifeline for these countries when much of the world has retreated”, said World Bank Chief Economist Indermit Gill. “Over the past five years, it has directed the majority of its resources to these 26 low-income economies, helping them withstand historic setbacks”.

World Bank President, Ajay Banga aims to raise over $100 billion by December 6 to replenish IDA, which last secured a record $93 billion in 2021. The report also advises these economies to strengthen domestic resource mobilization by simplifying tax systems and improving public expenditure efficiency to help stabilize their financial outlook.

Nigeria ascended to the position of the third-largest debtor to the World Bank’s International Development Association ,IDA, as of June 30, 2024, underscoring a significant increase in the country’s borrowing from the institution.

World Bank financial statements reveal that Nigeria’s exposure to the IDA surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024. This $2.2 billion increase marks Nigeria’s first-time entry into the top three IDA debtors, a notable jump from its position as the fourth-largest borrower in 2023.

The fiscal year 2024 runs from July 2023 to June 2024, indicating that Nigeria has secured at least $2.2 billion in new financing from the World Bank under the leadership of President Bola Tinubu’s administration.

In a related development, the World Bank has ranked Nigeria among the top ten countries most severely impacted by food inflation globally. According to its food security report for September, Nigeria ranks as the fifth most affected by food inflation worldwide and the third in Africa, behind Malawi and Liberia.

The report highlighted that worsening food security in Nigeria is driven by conflicts in key food-producing regions and environmental challenges exacerbated by climate change, placing further strain on the country’s economic outlook.

Foreign Capital Inflow From BRICS Nations Surge By 189% In H1

By

Joel

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October 14, 2024

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By Charles Ebi

Nigeria’s foreign capital inflows from BRICS nations have surged by 189% in the first half of 2024, amid the country’s ongoing efforts to secure a spot within the expanded BRICS coalition.

An analysis of data from the National Bureau of Statistics ,NBS, revealed that capital importation from BRICS countries rose from $438.72 million in the first six months of 2023 to $1.27 billion in the same period of 2024.

The BRICS group, initially comprising Brazil, Russia, India, China, and South Africa, expanded on January 1, 2024, by officially welcoming five new members: Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates ,UAE.

Argentina was also invited but declined membership, making the total membership 10.

While Nigeria was not part of this wave of inclusion, the country remains steadfast in its efforts to join the group within the next two years, recognizing the potential benefits in trade and investment flows that BRICS membership could bring.

The surge in BRICS capital inflows was primarily driven by South Africa and Saudi Arabia, which accounted for the largest increases in H1 2024.

Inflows from South Africa skyrocketed from $228.09 million in H1 2023 to $838.32 million in H1 2024, marking a significant 267% rise.

South Africa’s dominant position in capital flows suggests strong bilateral relations, especially in financial services, consumer goods, and telecommunications.

Saudi Arabia, a newly inducted BRICS member, saw a remarkable jump in capital inflows, rising from a mere $0.03 million to $147.07 million during the same period.

Similarly, China, a relatively smaller investor in the previous year, saw its capital importation into Nigeria leap from $0.25 million to $35.64 million over the same period.

China’s growing investments can be attributed to its global Belt and Road Initiative, which seeks to enhance infrastructure and trade networks across Africa, with Nigeria being a key partner.

Among the newly inducted BRICS members, the UAE also contributed to the rise, with inflows growing from $209.41 million in the first half of 2023 to $245.19 million in 2024.

These inflows reflect the deepening economic ties between Nigeria and the Gulf states, particularly in energy, infrastructure, and trade.

While there was a general increase in investments from BRICS member countries, half of the countries on the BRICS list did not record any foreign capital inflows into Nigeria in both H1 2023 and H1 2024.

These countries include Brazil, Russia, Iran, Egypt, and Ethiopia. Despite being members of the BRICS coalition, these nations have not made any capital investments in Nigeria during the period under review.

This lack of inflow could be attributed to a range of factors, including differing economic priorities, regional focus, or geopolitical considerations that may influence their investment strategies.

November last year, the Minister of Foreign Affairs, Yusuf Tuggar, was reported to have said that Nigeria plans to become a member of the BRICS economic bloc in the next two years and join the G20 group of nations.

The Minister said that Nigeria meets the qualification for joining organisations like the BRICS and G20, noting the size of her economy and her population is a suitable criterion.

Last year, Nigeria’s Vice-President, Kashim Shettima attended the BRICS summit in South Africa but didn’t push to become a member when the bloc admitted new members including two from Africa – Ethiopia and Egypt.

In September this year, Tuggar, the Foreign Affairs Minister, reiterated the country’s interest in joining BRICS, an influential economic bloc comprising Brazil, Russia, India, China, and South Africa.

Tuggar explained that while Nigeria has not yet formally applied to join BRICS, the country would do so “at the right time”. He noted that joining the bloc is indeed on the radar of the Bola Tinubu administration.

Households, Businesses In Lagos Consume 15.6bn Litres Of Fuel Annually- Report

By

Joel

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October 14, 2024

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By Rotimi Asher, Lagos

Households and businesses in Lagos consume a combined 15.6 billion litres of petrol yearly according to a new report.

The report produced by Sustainable Energy for All ,SEforALL, in collaboration with the Lagos State Government, highlights progress in advancing the energy transition in Lagos State and across Nigeria.

The report reveals that households consume approximately 9 billion litres of fuel annually, while Micro, Small, and Medium Enterprises ,MSMEs, consume 6.6 billion litres of fuel each year.

The report noted that the average estimated fuel consumption per household in Lagos is about 2000L resulting in almost 45,000 kg of carbon equivalent emissions per year.

According to the report, the 9 billion litres of petrol consumed by households translates to 21 million tons of carbon equivalents ,tCO2e, emission annually. This figure for businesses stood at ~ 17.8 million tons of carbon equivalents of emission every year.

Furthermore, the report noted that 54% of households in Nigeria’s economic nerve centre consume less than 1.5 litres of fuel daily while 17% consume between 1 to 3 litres daily and 29% consume more than 3 litres of fuel daily.

Also, almost half of Lagos households (49%) use their generating sets for three to four days weekly while 29% use theirs for one or two days weekly. Only 6% of households use their generating set every day of the week while 13% of households in the state use theirs for five to six days every week.

In terms of alternative energy supply, a significant 88% of Lagos households would consider alternative energy sources if available, with 70% being aware of solar power and 75% expressing interest. Despite this, only 2% currently use solar energy, and 28% have considered alternative energy options since the petrol subsidy removal.

The high cost of purchasing solar power was reported as the major barrier to transitioning away from the national grid or generating sets.

For MSMEs, the report revealed that 94% owned a generating set consuming 6.6 billion litres of fuel annually.

Data gleaned from the report revealed that 21% of MSMEs in the state have an average of 36,500 litres of fuel per year while 5% of this category of businesses consume an average between 18,250 to 36,500 litres of fuel yearly.

On the other hand, a whopping 39% of MSMEs in Lagos state consume less than 1,825 litres of petrol per year.

Over half (52%) of MSMEs as reported are willing to explore alternative energy sources, with 26% specifically considering this option since the petrol subsidy removal. While 80% are aware of solar power and 64% show interest, only 3% currently use it.

Transcorp Power Records 153%, 198% Revenue , Profits Increase In Q3

By

Joel

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October 14, 2024

0

By Yahaya Umar

Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange ,NGX, Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

Key Financial Highlights:

Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.

Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.

Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.

Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.

Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.

Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.

Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results.

We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid.

As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders”.

Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.

Renewed attacks: Agatu Council Chairman Reads Riot Act

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ALJAZIRAH

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October 14, 2024

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…warns crisis merchants to repent, surrender as he vows serious action

The Executive Chairman of Agatu Local Government Council of Benue State,Hon. Melvin Ejeh,has vowed action against perpetrators of renewed attacks in some parts of the local government.

Ejeh,who expressed sadness over the latest repeated attacks on some parts of Council by suspected herdsmen,vowed that the perpetrators will not go free.

He insisted that every machinery will be put in place to track the arsonists and their sponsors to face the wrath of the law.

He asked merchants of crisis in the area to relocate or surrender to constituted authorities, reminding them that a new sheriff is in town hence it won’t be business as usual.

The Chairman ,in a statement he personally signed,thanked the Chief of Defence Staff, General Christopher Gwabin Musa and the Service Chiefs for their prompt response and intervention through Operation Whirl Stroke and the Nigeria Police, respectively for repelling the bandits and restoring immediate peace to the community.

Hon. Ejeh,who is the Vice Chairman of Association of Local Government of Nigeria,ALGON,Benue State chapter, called on the people of Agatu to remain calm and not take the law into their hands in spite of the unprovoked attacks, assuring that security agencies will go after the perpetrators and consequently bring them to justice.

He hinted that already, clearance operations have commenced in entire Agatu area, explaining that it will be sustained to ensure that the influx of the bandits and herdsmen into Agatu land is completely stopped.

He vowed that his administration will pursue until it recovers every inch of Agatu land for the people, assuring that ” no part of Agatu will be lost to the bandits.

“Agatu belongs to all of us and we shall continue to sustain it,”he added.

The statement reads in full:”I am deeply saddened by reports of repeated attacks by suspected herdsmen around Agatu, particularly Agatu West of Agatu Local Government Council, in recent time.

“Just yesterday, again, I received a report of an attack on Okwutanobe Village of Ogwule Ogbaulu Ward that some houses were razed and livestock rustled by these unscrupulous criminal elements.

“I thank the Nigerian Armed Forces, ably led by the Chief of Defence Staff,Gen. Christopher Gwabin Musa and all the Service Chiefs, for their swift response and intervention through Operation Whirl Stroke and the Nigerian Police Force for repelling the bandits and restoring immediate peace to the community and environs.

“Already, clearance operations have commenced in entire Agatu area and this will be sustained to ensure that the influx of these bandits and herdsmen into Agatu land is completely stopped. We will pursue until we recover every inch of Agatu land for our people. No part of Agatu will be lost to these bandits. Agatu belongs to all of us and we shall continue to sustain it.

“I also want to specially thank the Benue State Commissioner of Police and the Divisional Police Officer,DPO of Agatu,for their timeliness in confronting this ugly situation. They made us proud.

“I want to use this medium to assure the good people of Agatu that, all efforts, both kinetic and non-kinetic, are in place currently to tackle this ugly trend. Let meI reteirate that my administration is committed to restoring the peace, stability and development of our people, with an emphasis on rebuilding ruined communities in Agatu.

“Agatu is our ancestral home, and no one can chase us away from here.

“May I use this medium to appeal to all criminal elements who have infiltrated our council area to relocate, surrender and repent from their criminal ways so as not to fall into the long arm of the law.

“This administration will not leave any stone unturned in its quest to ensure that our people sleep with their two eyes closed. We will do everything within our power to achieve lasting peace and sustainable development of our Council.”

Kidnappings, Killings: Still A Pain In The Neck

By

ALJAZIRAH

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October 14, 2024

0

Increasingly, killings and kidnappings have become necessarily worrisome in Nigeria. It is much so because the trend has defied the largely expressed capacity of security agencies to tame criminalities that appear to be overwhelming the country.

There are several unreported cases of killings and kidnappings which for reasons of ‘inaccessibility’ have eluded official domain despite outcries from immediate communities.

Besides, it has become a dangerous trend in the nation as citizens are being killed by rag-tag terrorists, therefore sleepless nights for endangered citizens.

Only recently, the Sultan of Sokoto, His Eminence Alhaji Muhammad Sa’ad Abubakar lll and the Christian Association of Nigeria, CAN, were alarmed at the extra-judicial killings and kidnappings across the country.

The aforementioned underscores the sustained discontent by religious leaders and bodies over the menace of insecurity in the country that has led to the destruction of lives and property in the country.

It is disheartening that despite the federal government’s efforts to tackle the insecurity bedeviling the nation, the challenge has remained a great pain in the neck.

A report by Beacon Intel indicates that in June this year 1,025 people were killed by non-state actors nationwide, also 467 persons were abducted in the period under review.

States in the North West and North East, including Katsina, Borno, Zamfara, and Kaduna, recorded the highest fatalities and abductions the report noted.

Security challenges especially in northern Nigeria have forced many farmers to abandon their fields with a multiplier effects of food crisis across the country amid bitting economic hardships being faced by Nigerians.

While terrorists and bandits continue to make life miserable in the North, IPOB elements are replicating the carnage in the South-east of the country.

AljazirahNigeria, therefore, calls on the nation’s armed forces and other relevant states-owned outfits to assist the regular forces to curtail the disturbing spate of kidnappings and killings in the country.

Autonomy: Govs Arm-twisting Council Chairmen, Isiguzoro Tells FG

By

ALJAZIRAH

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October 14, 2024

0

From CHARLES ONYEKWERE

Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo has called on the Federal Government to withhold funds meant for local governments across the country, alleging that governors were arm-twisting the council chairmen.

The Supreme Court recently granted full financial autonomy to the 774 local governments across the country in a suit filed by the Federal Government.

Ohanaeze condemned the egregious affront to the country’s democracy and the autonomy of local government councils by governors across Nigeria.

In a statement yesterday by a factional Secretary-General of Ohanaeze Ndigbo, Okechukwu lsiguzoro, stated that the alarm followed a revelation that state governors had colluded to subvert the very resources meant for the uplift of communities.

“These actions not only degrade our cherished democracy; rather a direct assault on the dignity and rights of the Nigerian populace.

“It is a tragic irony that these custodians of our collective governance are using their offices as instruments of oppression, effectively brutalising the 774 Local Government Areas and sapping them of their financial independence and operational integrity.

“The recent judicial mandate by the Supreme Court, which unequivocally granted full administrative and financial autonomy to local councils, is being flouted with impunity. Such conduct is a derision of the foundational tenets of our democratic framework, which relies on the co-equal functioning of the executive, legislative and judiciary branches of government.

“Ohanaeze Ndigbo cannot remain silent in the face of this monumental fraud being perpetrated through the brazen manipulation of the local government system. The imposition of puppet Chairmen, the controlling influence exerted via state-run electoral commissions, and the alarming emergence of legislation aimed at circumventing Supreme Court decisions are assaults that must be met with resolute resistance.

“The recent actions of the Anambra State House of Assembly, culminating in the passage of the ‘Anambra Local Government Administration Law 2024’ serve as a glaring example of this legislative madness. This law seeks not to empower local governance, but rather to entrench a system of coercion, compelling local governments to remit federal allocations to accounts beholden to state authorities.

“We significantly caution that signing this bill into law could irreparably damage his prospects for re-election in the forthcoming 2025 gubernatorial elections of Anambra State”, Isiguzoro said.

FG Adopts New Technology To Tackle Waste Management Challenges

Nigerians Kick Over FG Plans To Raise VAT To 10% By 2025, 12.5% In 2026

Aradel Holdings Listed On NGX Main Board With N3trn Market Cap

Poorest Nations Record Highest Debt Levels In 18 Years – W’Bank

Foreign Capital Inflow From BRICS Nations Surge By 189% In H1

Households, Businesses In Lagos Consume 15.6bn Litres Of Fuel Annually- Report

Transcorp Power Records 153%, 198% Revenue , Profits Increase In Q3

Renewed attacks: Agatu Council Chairman Reads Riot Act

Kidnappings, Killings: Still A Pain In The Neck

Autonomy: Govs Arm-twisting Council Chairmen, Isiguzoro Tells FG

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