General
Aremu Tasks CBN, NLC on Dialogue Over Cash Scarcity Strike
By Adedapo Adesanya
The Director-General of the Michael Imoudu National Institute of Labour Studies (MINILS), Ilorin, Kwara State, Mr Issa Aremu, has advised the Central Bank of Nigeria (CBN) to engage the Nigeria Labour Congress (NLC) in a social dialogue to avert the planned strike over the continued cash scarcity.
Mr Aremu made the call on Thursday in Ilorin on the sidelines of the Interfaith Prayer organised to mark the 40th anniversary of the institute.
Recall that Business Post earlier this week reported that the president of the NLC, Mr Joe Ajaero, directed affiliate unions of the group to be on standby for a picketing exercise across all branches of the CBN nationwide.
The directive, according to the trade unionist, became imperative following the expiration of a one-week ultimatum given to the apex bank to make cash available for Nigerians.
Speaking on the development, the MINILS head said it was unprecedented that the labour union is threatening to picket the CBN, tasking the apex bank to use every means at its disposal to ensure monetary stability in the country.
The DG, who was once a labour leader, noted that depositors had been subjected to a lot of hardship in recent times over the CBN financial policy.
Mr Aremu said that CBN must be more transparent and engaging and look at the overall policy’s impact on the growth and development of the nation’s economy.
He said that this would ensure the confidence of Nigerians in the banking system.
Mr Aremu explained that such a cashless policy should be gradually introduced after the appropriate infrastructure had been put in place.
“It also requires mass sensitisation and awareness, and there is a limited time for implementation of the policy for Nigerians,” he said.
The institute’s head lauded the CBN’s Anchor Borrowers Programme, saying it “provides loans (in kind and cash) to smallholder farmers, which had boosted agricultural production, especially rice”.
He, therefore, insisted that picketing of the apex bank by labour leaders was avoidable and preventable, advising CBN to address all concerns by organised labour.
On the 40th anniversary of the institute, Mr Aremu said, “This gathering is all about appreciation to Almighty God in the Holy Month of Ramadan, in which Catholic lent also runs. Both Christianity and Islam stress gratitude. Gratitude pleases Allah, while ingratitude displeases Him.”
“Glory to Almighty for sparing our lives to continue the institutional building that started with President Shehu Shagari’s formal inauguration in 1983,” he said.
By Adedapo Adesanya
A Federal High Court sitting in Lagos has ordered the final forfeiture of another $1.4 million linked to embattled former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
Justice Olayinka Faji in his ruling on Thursday agreed with the Economic and Financial Crimes Commission (EFCC) that the sum was proceeds of unlawful activities and must be forfeited to the federal government.
Through its counsel, Mrs Bilkisu Bahari-Bala, the EFCC told the court that the sum of $1,426,175.14 was found in the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500) and that investigations confirmed the money was linked to fraudulent activities.
An affidavit deposed by an EFCC investigator, Mr David Jayeoba, revealed that intelligence reports led to the discovery of funds concealed in Donatone Limited’s account.
According to Mr Jayeoba, the investigation uncovered a scheme involving Mr Emefiele and his associates, including Donatone Limited directors, Mr Uzeobo Anthony and Mr Adebanjo Olurotimi, who allegedly helped hide and disguise the proceeds of the illicit activities.
In documents put before the court, Mr Jaiyeoba also disclosed “that investigation revealed that Uzeobo Anthony and Adebanjo Olurotimi men are some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of the erstwhile Central Bank of Nigeria’s Governor, Godwin Emefiele.
“That both men were procured by Emefiele and used to conceal, retain and disguise funds reasonably suspected to be proceeds of unlawful activities.
“That both men used Donatone Ltd to collect bribes and gratification on behalf of Emefiele to get approval for accessing Forex.”
Recall that Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling on the permanent forfeiture of the funds.
In November 2024, the same court in Lagos ordered the forfeiture of the sum of $2.045 million, seven choice landed properties and share certificates linked to the former CBN Governor.
By Adedapo Adesanya
Embattled Senator Natasha Akpoti-Uduaghen has decried injustice after the Senate suspended her for six months over her dispute with the Senate President, Mr Godswill Akpabio.
The Senate President, to whom she alleged sexual harassment, announced the suspension of the Senator from Kogi Central Senatorial District on Thursday.
“That the Senate do suspend Senator Natasha Akpoti-Uduaghan for six months for her total violation of the Senate Standing Rules (2023 as amended for bringing the presiding officer and the entire Nigerian Senate to public opprobrium,” he said.
Business Post reports that Mrs Akpoti-Uduaghan was denied audience after the announcement. She was later led out of the chamber by the Sergeant-At-Arms.
However, before she left, she declared that “this injustice would not be sustained.”
According to Mr Akpabio, the recommendations of her suspension were based on the Committee on Ethics, Privileges, and Code of Conduct.
Some of the senators pleaded that the suspension be shortened to three months but the majority of the senate voted for the initial decision.
The lawmakers ruled that the suspension could be lifted or reduced if she tenders a written apology.
“For the Senate to consider lifting this suspension or reducing the tenure of the suspension, Senator Natasha Akpoti-Uduaghan shall submit a written apology to the Senate before her reconsideration by the Nigerian Senate,” Mr Akpabio said at the Red Chamber on Thursday.
The decision has led to reactions from many quarters who lamented that the male-dominated legislative organ is flexing its issues rather than tackling the matter properly.
By Adedapo Adesanya
The Managing Director of Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, has said the authority was taking steps to reposition the Nigerian ports to improve its competitive strategy to stay ahead of its rival ports.
He noted that this is as the country is determined to ensure that the Nigerian ports take advantage of the intra-African trade that is expected to increase with the coming into operation of the African Continental Free Trade Area (AfCFTA).
Mr Dantsoho disclosed this in his presentation at the Nigerian-British Chamber of Commerce (NBCC) Maritime and Logistics event in Lagos, noting that intra-African trade will significantly increase with the collapse of trade barriers across Africa.
The NPA boss said it is therefore imperative that the Nigerian ports reposition to be competitive in order not to lose its gateway traffic to the ports.
“Our vision is to be the maritime logistics hub for sustainable port services in Africa.
“Given the fact that port cost is a significant component of freight cost, which ultimately affects the prices of goods in the market, this speaks to the imperativeness for our ports to be competitive and efficient. This requires strategic collaboration of every player in the port system for this to be actualized,” he said.
He explained that port competitiveness is driven mainly by institutions, infrastructure and macroeconomics, saying strong institutions provide the regulatory and governance framework necessary for stable and predictable business operations, while infrastructure is a cornerstone of port competitiveness, influencing both operational efficiency and long-term strategic viability.
“The quality of infrastructure affects transport costs, trade efficiency, and overall competitiveness. Investments in inland terminals, logistic zones, and rail networks can expand a port’s influence beyond its traditional hinterland and bring about efficiency that makes the port competitive,” he said.
Similarly, the NPA MD, noted that the macroeconomic environment of a country is intricately linked to its ports’ performance and competitiveness, saying factors such as inflation, exchange rates, and economic stability influence trade flows and investments.
Mr Dantsoho expressed his gratitude to the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, for his support to every step the authority is taking to reposition the Nigerian ports.
He also disclosed that the Lekki Deep Seaport has been a game changer, saying with the commencement of its operation, NPA’s cargo and vessel traffic has gained traction along with the growth of transshipment traffic.
He affirmed that the country has a few new Deep seaport projects underway, including in Badagry, Ibom, and Calabar, saying with the right and skilled manpower deployed to these new ports, Nigerian ports will certainly be competitive
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