News
Senate Suspends Omo-Agege , Buhari’s Main Supporter
His earlier plea for mercy notwithstanding, Senate on Thursday suspended for 90 days, its member representing Delta Central Senatorial district, Senator Ovie- Omo Agege for castigating the Upper Chamber on opposing the re-election bid by President Muhammadu Buhari.
The Senate also outlawed the “Parliamentary Support Group for Buhari,” under which Senator Omo Agege and some of his colleagues had operated in recent months in demonstration of their allegiance to the Nigerian President.
Omo-Agege and 9 other Senators had earlier criticized the stance by the Senate on re-ordering of election time-table for the 2019 general election in which case the National Assembly election was ordered first, followed by that of the State Assembly elections and lastly the Presidential election.
The Senate took the hard stance against Omo-Agege after it adopted the report of its committee on ethics, privileges and public petitions on a complaint by Senator Dino Melaye that he had insulted the Senate leadership through a press conference, claiming that the amendment to the INEC Act 2010 was targeted at President Muhammadu Buhari.
Although Senator Omo Agege had apologised during Senate Plenary, his colleagues took offence that he, nonetheless proceeded to court to challenge the decision of the Senate to refer his case to the ethics and privileges committee.
Some Senators who were opposed to Omo-Agege had even recommended 181 days of suspension against him for disregarding the committee and heading to court.
Incidentally, Senator Ovie-Omo Agege is also a member of the senate committee on ethics, privileges and public petitions.
However, punismnemt for the embattled Senator was pegged at 90 days following intervention from Senate Leader, Senator Ahmed Lawan, and Senator Kabiru Marafa who pleaded for leniency on his behalf.
President of the Senate Dr. Bukola Saraki while ruling on the matter, urged his colleagues to exercise more caution whenever they engage in any action or commitment.
He said, “I think in this chamber, if we want to talk about who has the right to even say he is chairman of the parliamentary support group for Mr. President both by action and by what we have done, I think I have the right to be that than anybody else here. But those of us that understand the politics, that because of some times, our own peculiar interest, we desire sometimes that we are holier than thou or more committed but at the expense of others, that is not something we should tolerate.
And I believe that in an institution like this, we must show that discipline, but at the same time, there must be compassion. We must show that such group must be suspended. The case in court also, must be withdrawn. And in consideration of that, we can look at the leniency of what was recommended.”
The President of the Senate also gave insight into the implications of the resolution reached based on the consideration of numerous factors touching on the matter.
“what that is, I think by that we would have captured one, no more of this kind of groups in this senate, two, the issue of court actions, three, to show that we are not in any hurry to take anybody away from this family, and four, we must lay example by showing that there is discipline, and apply some form of discipline in this matter.”
Senate also adopted a resolution mandating Senator Ovie-Omo Agege to withdraw the case he instituted in court against the Senate and the President of the Senate.
https://iso.keq.mybluehost.me/buhari-reveals-why-he-will-never-join-issues-with-obasanjo-despite-criticisms/
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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