The founder of Stanbic IBTC Holdings Plc, Atedo Peterside, has pulled out of a forum organised by the Central Bank of Nigeria, saying he was displeased with the dethronement of Muhammadu Sanusi II.
The government of Kano State had announced the dethronement of the monarch on Monday and named Alhaji Aminu Ado Bayero as his successor.
In a letter sent to the CBN governor, Godwin Emefiele, Peterside said he cannot hide his displeasure at Sanusi’s deposition and eventual banishment from Kano.
“I received an invitation, at short notice, to be a panellist at a CBN consultative roundtable session taking place in Abuja tomorrow. Whilst thanking you for the invitation, I believe the correct thing for me to do is to respectfully decline to participate,” he wrote.
“My refusal to join you has more to do with the monumental events that took place yesterday (Monday), namely the removal of the Emir of Kano from office and the release of information that purportedly seeks to exile him and restrict his movements or confine them to a little known enclave in Nassarawa State.”
Peterside said he attended the Commonwealth Service that held in Westminster Abbey on Monday where he was reminded of “what can go right when we embrace the forces of modernity whilst recognising and upholding our proud cultural heritage”.
“At the exact same time, I was distracted by disturbing news from Kano yesterday (Monday) which confirmed what can go wrong, when those in authority pay lip service to the Nigerian Constitution and then proceed to violate the fundamental freedoms that it guarantees each individual because they prefer to cling to practices like exile which they learnt from colonial masters and the military. These practices have no place in a democratic dispensation.”
Commenting on the roundtable, which is themed ‘Going for Growth’, Peterside said growth is a concept where investor confidence is boosted through actions like respecting individual freedom and the rule of law.
“Sadly, yesterday’s (Monday), events have turned back the clock at a time when our economy is at a precipice and when we need to tell ourselves some home truths and speak truth to power in a constructive manner,” the former Stanbic IBTC chairman said.
“By coincidence, the ex-Emir of Kano is your predecessor in the office at CBN. Ordinarily, he qualifies to be invited for tomorrow’s event. Did you invite him?
“I have decided to stay away from your consultative roundtable and to instead use the opportunity of this letter to draw the attention of a wider audience to my displeasure with the events of yesterday. Please forgive me because I am in no mood to immediately pretend as if all is well by proceeding with business as usual.”
Peterside also said the stability of Nigeria’s macroeconomy is threatened by an unsustainable policy mix like CBN’s resolve to “pursue a low domestic interest rate regime which clearly cannot coexist with high inflation and naira exchange rate stability in the face of collapsed/collapsing oil prices and an insatiable and uncontrolled appetite for foreign currency loans”.
He said this policy mix has spooked investors (local and foreign) and is making it “increasingly likely that the Nigerian economy slides back into a recession” unless corrections are made.
Aviation Workers Issue Strike Notice To NiMET
Aviation workers unions have given a 14-day notice of strike to the Nigerian Meteorological Agency (NiMET) for failure to implement consequencial adjustment wage for its workers.
This, consequently, means another round of disruption in the aviation industry as three workers’ unions have threatened to ground operations at the Nigerian Meteorological Agency over the wages, and failure to implement the minimum consequential adjustment wage.
The unions, which include the National Union of Air Transport Employees (NUATE), the Association of Nigeria Aviation Professionals (ANAP) and the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees.
The unions in a letter of notice of strike, which was made available to aviation correspondents, gave the agency’s management a 14-day ultimatum to implement the minimum wage adjustment or they would embark in strike action.
This is also coming barely a week after the workers of the Nigerian Aviation Handling Company PLC( NAHCO) downed their tools over wages.
The strike notice to NiMET is also coming up in the sector, irrespective of the recent order given by the ministry of aviation, prohibiting any form of strike in the sector, as aviation industry is viewed as essential service.
The unions have accused the NIMET’s management of ‘wickedness’ over its failure to implement the minimum wage consequential adjustment despite its implementation in other five aviation agencies in the sector, since February 2022.
The letter dated January 26, 2023, was jointly signed by the General Secretary, NUATE, Ocheme Aba; the General Secretary AUPCTRE, Sikiru Waheed; and the General Secretary of ANAP, Abdul Rasaq Saidu, and was addressed to the Director-General of NiMET.
By: Corlins Walter
New Seme Customs Controller Vows To Sustain Tempo
The newly deployed Area Controller, Nigeria Customs Service (NCS), Seme Border Command, Compt. Dera Nnadi, has assumed duty with a pledge to sustain and improve tempo of trade facilitation at Nigeria’s busiest land frontier.
Speaking at a brief handover ceremony, Nnadi, who described Nigeria as a strategic economic player in Africa, said schemes like ongoing ECOWAS Trade Liberalisation Scheme (ETLS) and soon to take off African Continental Free Trade Area (AfCFTA) would be explored for common good.
According to the new CAC, Nigeria’s economy is central to the West African sub-region with a population of over 200 million, with the country having potentials to contribute to the over 1billion African population through the AfCFTA regime
He urged his operatives, other government agencies, members of the border community and travellers to embrace challenges of trans border trade and comply with the law guiding trans border trade all the time.
Nnadi, who noted that border communities have challenges that are not insurmountable, added that there is need to cover infrastructural gaps that will improve their standards of living and promote lawful sources of livelihood.
Ahead of the 2023 elections, he advised his officers to be polite to travellers and traders using the Seme corridor and be firm in curbing any form of lawlessness.
He said his experience and knowledge from previous assignments across the border and his academic exposures will be deployed to border administration
While promising to interact closely with traditional rulers and other members of the border area, he solicited closer stakeholder interactions at strategic and operational levels.
By: Nkpemenyie Mcdominic, Lagos
Kaduna Refinery Rehabilitation: NNPCL, Daewoo Sign N342bn Deal
A contract sum of $740.67million has been signed between the Nigerian National Petroleum Company Limited (NNPCL) and Daewoo Engineering and Construction Nigeria Limited for the rehabilitation of Kaduna Refining and Petrochemical Company Limited (KRPC).
A release from the NNPCL revealed that the signed contract of $740.67million (N341.48billion as at Friday’s official exchange rate of N461.04/$) was signed at the Abuja headquarters of NNPC, and will last for 21 months.
According to the release, the quick-fix strategy would see to the repairs and re-streaming of KRPC, as well as ensure its operation on a sustainable basis at a minimum capacity utilisation of 60 per cent.
In the released statement, the Executive Vice President of the downstream of the national firm, Adeyemi Adetunji, was quoted as saying that the contract is marked a milestone in the history of KRPC, considering the fact that the last Turn Around Maintenance on the refinery occurred about 15 years ago, and that the project was framed after extensive engagement with Daewoo.
“This project shall be executed in three work packages as a maintenance services contract by Daewoo E&C Nigeria Limited at an estimated maximum cost ceiling of $740,669,600, with a duration of 21 months.
”The quick-fix strategy guarantees the fastest route to re-streaming Warri Refining and Petrochemical Company (WRPC) and KRPC for in-country production of refined petroleum products.
“Restoring WRPC and KRPC back to operation will guarantee energy security for the country, reduce dependence on imported petroleum products in view of near total dependence on supply of imported petroleum products and the impact the ongoing Russia-Ukraine war is having on global supply”.
“The proposed quick-fix initiative on KRPC is expected to restore it to a minimum of 60 per cent of its nameplate capacity by fourth quarter of 2024. NNPC Limited is using a combination of Internally Generated Revenue and third party financing to execute the repairs of the refineries”, he stated.
Also in the release, Adetunji noted that the rehabilitation of the Port Harcourt Refining Company had progressed considerably.
”The old refinery is currently at 64 per cent completed and the plant is expected be back in operation in second quarter of 2023, while the entre PHRC rehabilitation project currently stands at about 59 per cent.
“On the other hand, WRPC quick-fix project has achieved 28 per cent completion and is expected to be re-streamed by the end of this year”, it stated.
The statement further maintained that Nigeria should be self sufficient this year with respect to the domestic production of Premium Motor Spirit, popularly called petrol.
By: Corlins Walter
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