TOP STORIES: Tinubu arrives Maiduguri to attend Army conference.

27 Rivers PDP Lawmakers Defect To APC.

… Governor Fubara Summons Emergency Executive Council Meeting.

The crisis rocking the Rivers State House of Assembly took a new dimension on Monday with twenty-seven members leaving the ruling Peoples Democratic Party(PDP) in the state for the opposition All Progressives Congress(APC).

The defecting lawmakers cited the deepening crisis and the attendant division within the PDP as the overriding reason for their action.
The affected lawmakers are believed to be those loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

It was learnt further that the lawmakers held plenary around 8am on Monday where the decision was taken to leave the PDP and headed to APC.

The lawmakers were seen chanting APC slogan, songs and brandishing the flags in a group photograph after the sitting.

A member of the Assembly confirmed the defections, saying the House also passed the second reading for the local government amendment law.

While the meeting lasted, a tight security was mounted at the entrance of the Assembly complex along Moscow Road in Port Harcourt to secure them and the property.
But the rattled Rivers State Governor, Siminalayi Fubara, has summoned an emergency executive council meeting.

Providing good governance will avert military coups, Tinubu tells African leaders

President Bola Tinubu says African leaders can avert military coups on the continent by prioritising good governance.

Tinubu, who is the chairman of the Economic Community of West African States (ECOWAS), made the statement on Sunday while addressing the 64th ordinary session of the authority of heads of state and government at the state house in Abuja.

He implored West African leaders to prioritise good governance and collective prosperity as an essential tool to prevent authoritarian takeover of power and unconstitutional change of government in the region.

“The delivery of good governance is not just a fundamental commitment; it is also an avenue to address the concerns of our citizens, to improve their quality of life, and create a stable environment conducive to the achievement of sustainable development,” Ajuri Ngelale, special adviser to Tinubu on media and publicity, quoted the president as saying.

“By providing good governance that tackles the challenges of poverty, inequality and other concerns of the people, we would have succeeded in addressing some of the root causes of military interventions in civilian processes in our region.”

The ECOWAS chairman further said the plan to float the ‘Sahel Alliance’ comprising Niger, Mali and Burkina Faso would not lessen the resolve of the bloc to uphold its commitment to democracy. Tinubu added that the bloc has outlined specific measures to be taken against any member state opting for unconstitutional change of government.

He encouraged African countries under military rule to embrace “realistic and short transition plans” for the return of democracy.
“While the imposition of punitive sanctions may pose challenges, it is important to underscore that the struggle to protect the fundamental liberties of our Community’s Citizens must be upheld and respected,” he said.

“Without let or hindrance, democracy will win, if we fight for it, and we will definitely fight for democracy.”
Tinubu also appealed to sister African countries to provide the coup-affected countries with technical and material support.

‘Our hope is renewed’ — Tinubu says Nigeria has sufficient manpower to drive economic development

Edo election: Ighodalo resigns as Nigerian Breweries chair, Hiemstra to take over.

The Nigerian Breweries Pic has announced the resignation of Asue Ighodalo as the chairman of its board of directors.

In a corporate filing on the Nigerian Exchange Limited (NGX), on Friday, Uaboi Agbebaku, the company secretary, also said there were changes in its board of directors after the board meeting on December 7, 2023.

Agbebaku said the resignation of Ighodalo — who declared his intention to run in the gubernatorial election of Edo state under the Peoples Democratic Party (PDP) — will take effect at the end of the year.

He added that Sijbe Hiemstra will become the interim chairman.“The chairman informed the board today of his decision to offer himself for public service,” Nigerian Breweries said.
“As a result, he will be resigning from the Board and as the chairman of the board on the 31st of December 2023 to enable him devote his full attention to the new cause.

“To give the board enough time to appoint a substantive chairman, the longest serving director, Mr. Sijbe “Siep” Hiemstra was appointed to act as the chairman in the interim effective the 1″ of January 2024.”

Nigerian Breweries said during the transition period, Hiemstra will steer the affairs of the board and oversee the process of appointing a substantive chairman. Before his appointment, Hiemstra was a member of Nigerian Breweries’ governance committee and also served on the company’s statutory audit committee.

“He joined the board on the 1 of August 2011 and is a past Heineken Regional President for Africa and Middle East,” the company said.
Meanwhile, Nigerian Breweries also announced that Ndidi Nwuneli notified the board of stepping down from her position as an independent non-executive director.

According to the company, Nwuneli, who served a 9-year tenure, will be leaving by December 31, 2023. The board of directors appointed Stella Ojekwe-Onyejeli as an independent non-executive director to fill the vacant position.
“Ojekwe-Onyejeli brings to the Board years of experience as a risk manager with a demonstrated history of working in the financial services industry, and skilled in enterprise risk management, business planning, internal audit, and analytical skills,” Nigerian Breweries said.

“She currently serves on the boards of Coronation Insurance Plc and Rand Merchant Bank, amongst others. The company is pleased to have someone with her knowledge and experience join its board.”
The company said all appointments take effect on January 1, 2024.

Beware of fake naira notes in circulation, CBN alerts Nigeria.

The Central Bank of Nigeria, CBN, today alerted banks and Nigerians to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country.

According to Apex Bank, it is an offense punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the CBN.

CBN disclosed this in a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali, Hakama.

CBN said, “The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.

“For the avoidance of doubt, Section 20(4) of the CBN Act (2007), as amended, states that it shall be an offense punishable by a term of imprisonment of not less than 5 years for any person to falsify, make, or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.

“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.

“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the CBN or via contactcbn@cbn.gov.ng.

“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”
[Vanguard]

We’ll Remove Bottlenecks To Attract Investments – Tinubu.

President Bola Tinubu has expressed optimism on the prospect of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), saying his administration was ready to remove bottlenecks to attract investments.

He emphasised Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.

Receiving the management of Shell Group led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, the president in a statement by presidential spokesman, Ajuri Ngelale, said his administration would continue to ensure the security and viability of existing and new investments in the country.

“We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.

“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.

“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors. We need each other,” the president told the delegation.

In her remarks on behalf of the Shell Group, Ms. Yujnovich expressed Shell’s commitment to maintain its legacy of investments in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the deepwater and gas sectors.

She outlined the company’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to 10 years aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project.

Ms. Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.
She expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments that Shell Group is eyeing in Nigeria over the short to medium term.

She commended the collaboration her team has experienced with the minister of state for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the special sdviser to the president on energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualising the potential of these projects as well as others.

“Mr. President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria. “I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger. In the deep water, we have an imminent investment opportunity in Bonga North.

This is $5 billion. I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria”, she said.
(Leadership).

Israeli Attack: Not less than 17,700 Palestinians have been killed in Israeli attacks in Gaza since October 7.

Israel’s military said Sunday it struck more than 250 Hamas targets as battles rage across Gaza, including in the main southern city of Khan Younis, where the IDF has ordered residents to evacuate to a coastal area with few facilities.

Qatar’s prime minister, a key negotiator, gave a downbeat assessment of both Israel and Hamas’ willingness to agree to another truce and said Gaza is witnessing an “unprecedented humanitarian disaster.” Meanwhile, the head of the World Health Organization called the war’s impact on Gaza’s health system “catastrophic.”

UN Secretary-General António Guterres said he “will not give up” calling for a ceasefire in Gaza after the Security Council failed to pass a resolution demanding an immediate truce.

At least 17,700 Palestinians have been killed in Israeli attacks in Gaza since October 7, according to the Palestinian Health Ministry, citing sources in the Hamas-controlled enclave.

IMF urges CBN to hike interest rate because of the Inflation

The International Monetary Fund has urged the Central Bank of Nigeria to hike the interest rates in the next Monetary Policy Committee to address the country’s high inflation rate.

The agency’s Director of the Communications Department, Julie Kozack, disclosed this during a press conference held on Thursday. The transcripts of the conference were published on the IMF website on Saturday.

Koszack noted that the CBN’s policy of mopping up excess liquidity from the system has contributed to the growing inflation in the country.

“You asked a specific question on inflation. Inflation in Nigeria is running very high. It reached over 27 per cent in October, that is the year-on-year number.

“The Central bank, under its new leadership, has started to withdraw excess liquidity that was in the system and contributing to high inflation.

“The next Monetary Policy Committee meeting should further raise the policy interest rate. So, the Central bank is taking action to try to address the high inflation problem. As we mentioned in our Article IV Consultation, which was held in February of 2023, raising revenue from the very current low revenue-to-GDP ratio of 9 percent is essential to create fiscal space for social and development spending. 9 percent of GDP is a very low revenue to GDP ratio, and it is really not high enough to be able to support strong social safety nets, and development spending, to help protect vulnerable households and also to meet Nigeria’s development needs,” she said

She also commented on the 2024 budget, stating that it “aims to reduce the fiscal deficit while also creating space for these priority spendings, both on the social side and also on the development side.”