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80% Nigerian Youth Unemployed – CBN …As New CBN Gov Unfolds 10-Point Agenda

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Permanent Secretary Establishment, Rivers State, Asoelu Gayamos representing Head of Service, Rivers State (right) presenting sourvenire to retired NUJ member, Mr Jemina Amachree (left) during the NUJ Tide chapel send-forth of its retired members/seminar on Life Before & After Retirement in the board room of Rivers State Newspaper Corporation, last Wednesday. Pix: Egberi .A. Sampson

Permanent Secretary Establishment, Rivers State, Asoelu Gayamos representing Head of Service, Rivers State (right) presenting sourvenire to retired NUJ member, Mr Jemina Amachree (left) during the NUJ Tide chapel send-forth of its retired members/seminar on Life Before & After Retirement in the board room of Rivers State Newspaper Corporation, last Wednesday. Pix: Egberi .A. Sampson

The Central Bank of Nigeria (CBN) yesterday said 80 per cent of Nigerian youths are still unemployed.
This is despite repeated figures released by the National Bureau of Statistics (NBS) stating that the Nigerian economy had been creating millions of jobs in the past years.
Only last week, the NBS announced that the economy created about 1.2 million jobs in 2013 fiscal year.
But the Special Assistant on Sustainable Banking, CBN, Dr. Aisha Mahmood, disclosed that unemployment was still a severe threat to Nigeria’s economy.
Mahmood spoke while delivering a paper on Nigerian Sustainable Banking Principle during the 2014 World Environment Day programme organised by the Federal Ministry of Environment in Abuja.
She said, “As the population is growing, the resources that we all depend on, the food, energy, water, is declining. The demand for these resources will rise exponentially by the year 2030, with the world needing about 50 per cent more food, 45 per cent more energy and 30 per cent more water.
“In Nigeria, there is the issue of youth and employment. 70 per cent of the 80 million youths in Nigeria are either unemployed or underemployed. We are all witnesses to what happened recently during the immigration recruitment exercise and this is simply because 80 per cent of the Nigerian youth are unemployed,” she added.
Mahmood noted that currently Nigeria’s economy is the largest in Africa, adding that the country is using fossil fuel to achieve this growth trajectory.
She stated that Nigeria’s economic growth was as a result of its abundant oil reserves, and warned that the flaring of gas from oil may negatively affect citizens in the country if not properly managed.
She said, “Nigeria has been flaring gas since the discovery of oil in the 1950s. We produce and burn about 20 billion cubic meters of gas annually and this is enough to meet our energy need. Remember we said we don’t have electricity, whereas we can provide electricity with this gas that we flare. And also when we burn this gas, we produce green house gases that affect our livelihood and the livelihood of people that live around that area.”
The CBN special assistant also lamented the high number of persons living below the poverty line in Nigeria as well as the about 120 million persons in the country that still lack access to electricity.
According to her, the above reasons were some key issues why the financial sector came together to develop and adopt the Nigerian Sustainable Banking Principle.
In her remarks, the Minister of Environment, Mrs. Laurentia Mallam, explained that the 2014 WED was targeted to address climate change and the impact of sea level rise on the environment.
She said, “In Nigeria, the impacts of climate change are manifested by erosion and landslides in the East, drought and desertification in the North, rising sea levels in the coastal areas and flooding across the nation. The transformation agenda of Mr. President in the environment sector is aimed at addressing all forms of land degradation through specialized projects.”
Meanwhile, two days after assumption of office, the new Governor of the Central Bank of Nigeria (CBN), Mr. Godwin I. Emefiele, has kept his promise to unfold his agenda, yesterday.
Addressing a world press conference at CBN Headquarters in Abuja, Emefiele promised that his administration would create a People-Centered Central Bank and ensure financial system stability.
He equally promised to maintain exchange rate stability and macro-economic stability. On monetary policy, Governor Emefiele said: “We shall pursue a gradual reduction in interest rates.”
Emiefele promised to pursue a gradual reduction in key interest rates, include the unemployment rate in monetary policy decisions; maintain exchange rate stability and aggressively shore up foreign exchange reserves.
The CBN governor also pledged to strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking system stability; and build sector-specific expertise in banking supervision to reflect loan concentration of the banking industry.
He observed inadequate trigger thresholds from a macro-prudential perspective, and said he would consider and announce measures to effectively address this anomaly.
Emiefele further said he would abolish fees associated with limits on deposits and reconsider ongoing practice in which all fees associated with limits on withdrawals accrue to banks alone; and introduce a broad spectrum of financial instruments to boost specific enterprise areas in agriculture, manufacturing, health, and oil and gas.
According to him, the CBN under his watch would establish Secured Transaction and National Collateral Registry as well as establish a National Credit Scoring System that would improve access to information on borrowers, assist lenders to make good credit decisions; and build resilient financial infrastructure that serves the needs of the lower end of the market, especially those without collateral.
He added that the CBN would renew vigorous advocacy for the creation of commercial courts for quick adjudications on loan and related offences.
Emiefele appealed to Nigerians to cooperate with the CBN in its bid to ensure a better economic prospect for the country, saying: “We must, by now, have been tired of hearing people talk about the ‘potentials’ of Nigeria. Now is the time to live that dream. I truly believe that working together, we can achieve our goals and give Nigerians the chance to live longer, better and more fulfilled lives.”

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Bonny-Bodo Road: FG Offers Additional N20bn, Targets December Deadline

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The Federal Government has agreed to offer additional N20.5 billion for the completion of the Bonny-Bodo road project in December.
The government, however, said if the construction company, Julius Berger, was not ready to accept the offer, the contract will be terminated.
Minister of Works, David Umahi, said this during a meeting with the Managing Director of Julius Berger, Lars Ritcher and members of Bodo-Bonny Road Peace Committee, on Wednesday in Abuja.
The reports that Julius Berger had requested asking for a N28 billion variation on the 82 per cent completed project.
The company hinged its request on the rise in exchange rate, construction materials, and diesel among others.
Umahi, however, said the government was willing to provide N20 billion out of the N28 billion that Julius Berger requested for.
According to him, the Bonny-Bodo road contract which was initially awarded at the cost of N120 billion in 2015, was later varied at N199 billion with a completion dateline of December 2023, which has since elapsed.
The Tide’s source recalls that in 2017, an agreement between the Federal Government, Nigeria Liquefied Natural Gas (NLNG) and Julus Berger on modalities for funding the project cost of N199.923 billion, without any further increase.
“If you do not accept the Federal Government’s offer by Friday and resume work on the site, the previously expired 14-day ultimatum for termination of project will be enforced.
“I want to let you know that we are the client. No contractor will dictate for this ministry, and there is no job that is compulsory that a particular contractor must do.
“We give you an offer. If you do not like the offer, you walk away. You don’t force us or we don’t force you.
“Agreement of contractual relationship is a mutual understanding,’’ the minister said.
Umahi said that had Julius Berger adhered to the project timetable, the project would have been completed on schedule before the impact of foreign exchange.
“Our position is very simple, we reject the conditions of Julius Berger totally and we ask Berger to please go back to the site to complete the project based on our offer.
“Our offer is unconditional and we say, accept or reject, so you cannot subject our offer to your conditions ,’’ he added
Umahi said the company should be humble in its dealings and exhibit solidarity during challenges.
Earlier, Richter had explained that the company suspended work on the site to seek some clarifications from the ministry.
According to him, the company asked for the augmemtation of N28 bilion because as at the time the contract was awarded the exchange rate was N305 to a dollar and diesel was N350 eor litre.
“We will still require some outstanding materials; that means that the initial agreement can’t fly because the variation of project is not sufficient and the exchange rate is also not in our favour to compensate the additional costs.
“That is why we decided to go back to our original proposal of the augmentation. Augmentation is a very normal process for all contracts,” the managing director said.
Chief Abel Attoni, Palace Secretary, Bonny Kingdom, expressed gratitude to President Bola Ahmed Tinubu over the decision to complete the Bodo-Bonny road project.
Attonu urged the parties to be patriotic and make the necessary sacrifice for the actualisation of the project.

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Court Vacates Arrest Warrant Against Ehie, Five Others

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The Federal High Court, sitting in Abuja, yesterday, set aside the warrant of arrest against Rt. Hon. Edison Ehie, the Chief of Staff, Government House, Rivers State, and five others.
Justice Emeka Nwite stated this while delivering his ruling in an application seeking to vacate the warrant of arrest which he issued on January 31, 2024.
The Judge said he was misled by the police in ordering the arrest of Ehie in connection with the burning of the Rivers State House of Assembly on October 30, 2023.
The Police, had told the court that Ehie and five others masterminded the bombing of the Rivers State House of Assembly amid a plot to impeach Rivers State Governor, Siminalayi Fubara.
The five others are Jinjiri Bala, Happy Benedict, Progress Joseph, Adokiye Oyagiri, and Chibuike Peter, alias Rambo.
Justice Emeka Nwite while setting aside the warrant said it has now become a mere academic exercise.
The judge further granted same to the 2nd to 5th Defendant/Applicant in same suit.
Femi Falana, SAN, and Oluwole Aladedoye, SAN, who appeared for the defendants in separate suits, held that the court lacked the jurisdiction to have granted the order.
While Falana filed a motion seeking an order to set aside the January 31 order by Justice Nwite, Aladedoye applied for a stay of execution of the arrest order.
In a motion marked: FHC/ABJ/CS/112/2024 dated February 2 and filed on February 7 by Falana, Ehie sought two orders, including “an order setting aside the order made on January 31 for want of jurisdiction.
“An order of this honourable court staying the execution of the order made on the 31st January 2024, pending the hearing and determination of this application.”
Giving six grounds of argument, Falana argued that the complainant had not filed any criminal charge or motion before the court.
The senior lawyer argued that the court lacked the territorial jurisdiction to entertain the ex-parte application as the alleged offences of conspiracy, attempted murder, murder and arson took place in Port Harcourt, the state capital.
“He submitted that the court lacked the vires to grant an application to arrest and declare his clients wanted in respect of the alleged offences.
“The complainant/respondent (IG) did not adduce evidence of terrorism in the affidavit in support of the application.
“The complainant/respondent did not cite any section of the Terrorism Prevention Act, 2013 (as amended) alleged to have been contravened by the applicants,” he argued.
Aladedoye in a motion on notice dated and filed February 9, on behalf of the five defendants, sought two orders, including
“an order staying execution or further execution of the order(s) of this honourable court made on the 31st of January, 2024, pending the hearing and determination of the appeal filed by the applicants.
“An order of injunction restraining the complainant from carrying out or further carrying out the orders of this honourable court made on the 31st January 2024, pending the hearing and determination of the appeal filed by the applicant in this case.”
Giving a three-ground argument, Aladedoye said that a notice of appeal had already been filed against Justice Nwite’s orders.
According to the senior lawyer, the notice of appeal contains grounds that challenge the jurisdiction of the honourable court.
The Inspector-General had, in a charge marked: FHC/ABJ/CR/25/2024, arraigned the defendants on a seven-count criminal charge bordering on terrorism and murder.

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13 Students Bag First Class, 182 PhD As IAUOE Graduates 5,550, Today

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The authorities of Ignatius Ajuru University of Education (IAUOE), Rumuolumeni, in Rivers State, have stated that 13 students will be graduating with first class while 182 graduands will bag Ph.D during the 42nd convocation ceremony of the university billed to hold today and tomorrow.
The Acting Vice Chancellor of the University, Prof. Okechuku Onuchuku, disclosed this during pre-convocation press briefing held in his office, yesterday, to unveil the programme for the convocation ceremony.
Onuchuku said that the 13 students were among the 4,653 graduands expected to graduate for the 2022/2023 academic session with first degree, while 897 students will be graduating with postgraduate degrees.
The Acting Vice Chancellor while giving the breakdown stated that 13 students made first class, 890 students bagged second class upper while 2,739 students had second class lower for first degree.
He further stated that 182 graduands bagged PhD, 667 got master’s degree and 48 got postgraduate diploma, adding that the convocation ceremony will hold today and tomorrow for first degree graduands and postgraduate graduands respectively.
He said that a total of 47 programmes out of the 54 programmes being undertaken at the first degree levels had been given full accreditation by the National University Commission (NUC) as well as all the programmes at the postgraduate school.
“We have ensured that our programmes both at the first degree and post graduates are in line with the NUC stipulated guidelines and speculations. We have also ensured that we are in line with both our academic and administrative policies,” he said.
Prof. Okechukwu urged the graduating students of the institution to always remember to use thier positions to help their alma mater as well as project the institution in a good image in the larger society.
“Try to ensure you finish any project you want to do, evaluate it first and avoid unfinished or abandoned projects. We will be graduating first degree graduands on Friday while Saturday will be for postgraduates, “he added.
Prof. Onuchukwu also said his administration had achieved a lot since he assumed office as Acting Vice Chancellor, stressing that his administration had improved on the welfare of the staff and the students.
“There are a lot of projects completed in the school; we have also given scholarship to some students and also encouraged departments to do same. We also impacted positively on our host communities”, he said.

Akujobi Amadi

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