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Tinubu Seeks Increase to $2bn Naira-Yuan Currency Swap Deal

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trade relations between Nigeria and China

By Adedapo Adesanya

President Bola Tinubu on Thursday urged the Chinese government to increase the $2 billion currency swap between Nigeria and the Asian nation to enhance trade between the two countries.

He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.

Recall that China and Nigeria recently renewed their currency swap agreement, valued at 15 billion Yuan (approximately $2 billion), to enhance trade and investment.

According to a statement signed by his media aide, Mr Bayo Onanuga, the President made this appeal and more while receiving the Minister of Foreign Affairs of China, Mr Wang Yi, at the State House Abuja on Thursday.

The President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.

“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” the President was quoted to have said in a statement

President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.

“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth.

“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.

President Tinubu also called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.

The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.

He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding

“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.

“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.

“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.

On his part, Mr Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.

He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.

“We stand with Africa, and we will not support a country that invades another country,” he stated.

The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.

He said China fully supported Mrs Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.

The minister also lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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ANLCA Onne Seaport Chairmanship: Ikenga Vows to Carry Colleagues Along

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ANLCA Chinedu Ikenga

By Bon Peters

As the Association of Nigerian Licensed Customs Agents (ANLCA) braces up for the February 2025 election, a chieftain and incumbent General Secretary of the group at the Onne Seaport chapter, Mr Chinedu Ikenga, has promised to be the voice of members.

Mr Ikenga is contesting for the chairmanship position of the chapter and while unveiling his 7-Point Agenda in Port Harcourt, the Rivers State capital, he said, “I firmly believe that every member of ANLCA in general and Onne chapter, in particular, deserves a voice, and I am committed to be that voice for each and every one of you.”

The association’s scribe, who described ANLCA as a place of learning, growth and development, promised to continue on that part, noting that such values should be the touchstone for anybody who aspires to lead the chapter.

Relying on his accessibility, humility, honesty, integrity, inclusiveness, commitment, dedication and uprightness, industry watchers and critical stakeholders believe that Mr Ikenga is the man for the top job, all things being equal.

The GS, who is the chief executive of Prestige Associates Limited, said he would prioritise members’ needs and concerns when elected.

He also pledged to create a safe and inclusive environment where everyone feels welcome and valued, promote a friendly and conducive environment for business to thrive, ensure ANLCA becomes a better place for members, and create opportunities that would guarantee members’ welfare.

He also promised to sustain and improve on the foundation led by previous administrations for the benefit of the group.

After launching his manifesto, Mr Ikenga visited some of the government agencies at the ports, including the Nigeria Customs Service (NCS), the Nigerian Ports Authority (NPA), the West African Container Terminal (WACT), and the Onne Multipurpose Terminal (OMT), among others.

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How We Rescued Ex-Lagos CP’s Wife from Kidnappers, Recovered N10m Ransom, Others—Police

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hakeem odumosu

By Modupe Gbadeyanka

The wife of a former Commissioner of Police (CP) in Lagos, Mr Hakeem Odumosu, Mrs Folashade Odumosu, has been rescued from the kidnappers’ den.

Mrs Odumosu, whose husband retired as an Assistant Inspector General of Police (AIG), regained freedom in the earlier hours of Thursday, January 23, 2025, after some police detective launched an attack on her abductors.

She was forcefully picked up by the suspects on Thursday, January 16, 2025, at about 9:45 pm from her car outside her residence in the Arepo area of Ogun State allegedly by four masked gunmen.

Immediately after the incident, police operatives attached to the Ogun State Command began surveillance for her rescue, which finally happened a week later.

In a statement issued by the police spokesman, Mr Olumuyiwa Adejobi, narrated that the Ogun State police operatives engaged in extensive surveillance of the creeks surrounding Arepo, gathering crucial information to track down the assailants.

It was stated that their efforts culminated in a raid today after an intelligence-led operation took the police to a creek in the swampy area of Ikorodu where the kidnappers were reportedly planning their next attack.

Upon arrival, the operatives encountered the kidnappers, who opened fire. In the ensuing confrontation, two of the gunmen were neutralized, while four others fled the scene, abandoning their operational weapons.

The victim, Mrs Odumosu was rescued within the swampy creeks during the operation, unharmed. She is currently undergoing medical evaluation as a precautionary measure and has since been reunited with her family.

The police also recovered four AK-47 rifles, three locally made single barrel rifles, ammunition of various calibres, and the sum of N10 million ransom previously demanded by the kidnappers, further ensuring that justice is served.

The Inspector-General of Police (IGP), Mr Kayode Egbetokun, commended the Ogun State Commissioner of Police, Mr Lanre Ogunlowo, and his operatives for the successful operation, saying it exemplifies the dedication and resilience of police officers.

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Telco Tariffs Hike: FCCPC Promises to Ensure Compliance

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By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has said it would ensure compliance with the new telecommunications tariff adjustment.

Earlier this week, the Nigerian Communications Commission (NCC) allowed for a 50 per cent hike in tariffs for the first time since 2013.

Although stakeholders have expressed dissatisfaction with the level, the law establishing the policy will have to be followed.

While the telcos have silently expressed that the 50 per cent level was too low for the sustainability of the industry; consumers want a lower threshold with an association protecting customers saying it will approach the courts.

Speaking on how it will ensure compliance, the Director of Corporate Affairs of FCCPC, Mr Ondaje Ijagwu, said the commission was working with the NCC to ensure consumers are not infringed upon during the transition period and beyond.

He urged telecom operators to prioritise visible and measurable improvements in network reliability, speed, accessibility, and customer service as part of any tariff adjustment, saying that consumers’ interest is paramount.

According to him, it is crucial that tariff adjustments directly translate into demonstrable and tangible service enhancements for consumers, commending the NCC for adopting a deliberate and measured approach by rationalising the tariff adjustment and linking it to commensurate improvements in service quality.

”Operators are now required to disclose all key details upfront, including the cost, validity period, and the specific inclusions of a plan.

“Consumers can also expect a mandatory disclosure table from their service providers, enabling them to make informed decisions without worrying about unexpected charges or surprises,” he said.

Mr Ijagwu said the Memorandum of Understanding (MoU) signed between the FCCPC and NCC would provide a unified framework to oversee the implementation of the tariff adjustment in a manner that met the needs of consumers, encouraging consumers to report any unfair practices or concerns through the agency’s official channels to ensure effective resolution.

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