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Youth Council Blames Emefiele For Naira Fall
The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.
The Naira had within last week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.
Emefiele had alleged that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, and reduction in foreign direct investments.
Reacting, President of the NYCN, Comrade Solomon Adodo, said that the CBN Governor’s explanation for the free-fall of the Naira was disingenuous and unpatriotic.
The group accused Eme?ele of completely failing to concentrate on his core mandate of price stability as the apex bank’s governor.
It pointed out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country, accusing him of working at cross-purposes with President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the o?cial exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the o?cial exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and in?ation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ con?dence to restore production and reap the bene?ts of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Eme?ele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signi?cant crude oil output losses of over 600, 000 barrels per day.
“We ?nd it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations a?ecting the economy. These a?ect the NNPC’s remittances to the Federation Account.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy pro?le is signi?cantly in?uenced by CBN foreign exchange management.
“It is, however, worth noting that the NNPC has recorded signi?cant gains on production ramp-up including attaining ‘?rst oil’ production from the Anyala – Madu Fields and most recently Ikike ?elds which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s e?orts towards attaining additional combined production of over 100, 000 barrels from ?elds like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the e?ects of COVID-19 pandemic.
“History shows that Mr. Eme?ele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ?nancing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ?ag carrier of the United Arab Emirates (UAE), has reduced its ?ight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue”.
Calling for the CBN Governor’s sack, the group added that Emefiele is clearly a bad workman who blames every other person for his inability to deliver.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Eme?ele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eeme?ele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-de?ned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank,” it said.
NYCN further expressed optimism that the NNPC’s transitioning into a limited liability entity, in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays, as the company is now exempted from TSA, among others.
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ECOWAS Court Orders Nigeria to Pay N52m compensation to Rivers, Lagos Evictees

The ECOWAS Court has ordered Nigeria to pay two million Naira compensation each to 26 people who were forcibly evicted from various communities in Lagos and Rivers between 2004 and 2013.
The Tide source reports that the applicants, Mr Edwin Lenyie and 25 others had filed the suit No: ECW/CCJ/APP/34/17), seeking the enforcement of their fundamental human rights.
They also prayed the court to compel the Nigerian government to pay them compensation for forcefully evicting them from their communities without prior notice, compensation, or alternative shelter, rendering them homeless.
Delivering judgment yesterday, the court held that the Nigerian government failed in its responsibility to ensure access to legal remedies for the victims.
According to the community court, the action of the Nigerian government was in violation of Article 7 of the African Charter on Human and People’s Rights.
It held that the Applicants’ rights under Article 7 of the African Charter on Human and Peoples’ Rights (ACHPR), which guarantees the right to a fair trial and access to justice, were violated.
The court said that the hearings on the matter, which were held by the National Human Rights Commission (NHRC) “were never concluded, and no alternative means of redress were provided for them.”
“Inspite of initial hearings by the National Human Rights Commission (NHRC) in 2014, the proceedings were suspended indefinitely, leaving the Applicants without legal recourse,” the court said.
The court further dismissed Nigeria’s objections that the Applicants should have pursued their claims in Nigerian courts and on jurisdiction, saying it had the locus standi to entertain the case.
It further struck out the NHRC as a respondent in the case, and ordered that the Federal Government must bear full responsibility for the actions of its agencies.
The three-member panel of the court which has Justices Ricardo Gonçalves (presiding); Sengu Koroma (judge rapporteur); and Gberi-Bè Ouattara (member) held that the compensation/reparation would ensure that justice is served the victims.
News
RSG Moves To Boost Immunization, Commissions Solarized Cold Room, Vehicles

As part of efforts to ensure efficient immunization and vaccine efficacy, the Rivers state Government has commissioned a solarised walk-in cold room for vaccine preservation and vaccine vial crusher.
Also commissioned were nine operational Hilux vehicles and ten motorcycles for disease surveillance across some local government areas in the state.
Rivers Deputy Governor, Professor Ngozi Odu, who commissioned the facilities at the Rivers State Primary Healthcare Management Board premises in Port Harcourt, said the development marks a significant milestone in the government’s unwavering commitment to the health care and wellbeing of Rivers people.
The Deputy Governor said that with the ceremony, the state government is not only inaugurating the equipment but also strengthening the foundation of the health care delivery system
She said: “Today marks a significant milestone in our unwavering commitment to the health and wellbeing of our people.
“As we commission the solarised work in cold room to the surveillance motorcycles, we are not only inaugurating the equipment, we are strengthening the foundation of our health care delivery system.’
Professor Odu further said the installation of the cold room also represents the government’s dedication to maintaining vaccine efficacy as well as ensuring that every child and citizen receives life savings immunization.
According to her, the commissioned Hilux vehicles and motorcycles for disease surveillance also demonstrate the government’s proactive stance in safeguarding health facilities across the local government areas.
She said the present administration, under the leadership of Governor Siminalayi Fubara, has consistently prioritised health care infrastructure in the local government areas.
Professor Odu commended the United Nations Children Funds (UNICEF), the World Health Organization WHO, and others for their immense support.
In her remarks, Rivers Commissioner for Health, Dr. Adaeze Oreh, who spoke through her Permanent Secretary, Dr. Comfort Mekele Igwe said the commissioning would greatly enhance vaccine storage, handling, and distribution and underscores the government’s commitment to improve the efficiency, effectiveness, and sustainability of the Primary Healthcare System
Also speaking, the Executive Secretary of the Rivers State Primary Health Care Management Board (RSPHCMB), Professor Kinikanwo Green, said the commissioning is to strengthen health care delivery system in the state.
Green described the solarised walk-in cold room as one of the best in the country, stressing that it would take care of all vaccines.
He also explained that the vehicles will help health officers, especially in the rural areas to ensure proper supervision of immunisation as well as easy dispatches of vaccines to its destination.
According to the Executive Secretary, the situation will also enable the state to achieve universal health coverage
Speaking in similar vein, the chairman of RSPHCMB, Professor Blessing Jaja, said the board will continue to deliver on it core mandate and commended Governor Fubara for ensuring regular subvention as well promotion of its staff.
In their separate speeches, representatives of the World Health Organization (WHO), Dr Kolude Oluwafunmilola, and Dr Anselem Audu of UNICEF said the ceremony represents Rivers state’s commitment to quality health care.
They also commended the government for its efforts in advancing immunization in the state and assured of their continuous collaborations.
John Bibor
News
Fubara Tasks New Surveyor-General On Professionalism …Says Appointment Based On Merit

Rivers State Governor, Sir Siminalayi Fubara, has urged the Surveyor-General of the State to work differently with professionalism, diligence and integrity, and ensure that every tenable, pragmatic module is deplored to enhance effective delivery of his duties and responsibilities.
Governor Fubara gave the charge shortly after swearing in Surveyor Peter Ogolo as the Surveyor-General of the State and Permanent Secretary of the Survey Department at Government House in Port Harcourt, last Tuesday.
The Governor described Surveyor Ogolo as a long serving public officer who ranks high among his peers, and has contributed immensely to the establishment of most development roadmaps for the State, stressing that his appointment was based purely on merit.
He said, “If you go into the history of how the then Greater Port Harcourt Development Authority was established, if you go into the history of other developments in this State, if you check the survey plans, you will see that Ogolo was the one who signed virtually all those things.
“This appointment is not because he is from Opobo. He is the most senior, most qualified, and even the one who interviewed the person he is succeeding now. The records are there with the Civil Service Commission.”
Governor Fubara stated: “So, I don’t need to give you any charge. You are already there. You know what the office entails. You just read your oath of office: do what is right. It is not about the faces you are going to see, do what is right. Be professional, defend and protect the interest of the State. I wish you all the best. God will guide you.”
Governor Fubara recalled the challenges that Surveyor Ogolo encountered that would have ended his career quite early but quickly added that because he listened to wise counsel, he is now celebrating being the Surveyor-General of the State.
He explained, “But something happened in the course of his service. He was between losing his job or fighting for his life. He came to me, and I advised him: why don’t you leave, maybe, wait to fight another day.
“And that is why today he is alive to be the Surveyor-General. If he had stood to fight, that he is the most senior, that he is the most qualified, he wouldn’t have been here today,” he stated.
He advised the new Surveyor-General to serve the State selflessly and honestly, with abiding integrity, so that posterity will remember his legacies forever.
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