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Makinde gives reason for setting up anti-corruption agency in Oyo

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Oyo State Governor, Engineer Seyi Makinde on Wednesday forwarded the Oyo State Anti-Corruption bill, 2019 to the State House of Assembly for legislative action, declaring that his decision to set up an anti-graft body is in fulfillment of his campaign promise.

Governor Makinde, who formally presented a copy of the draft bill to his Special Adviser, Legislative Matters, Hon. Samuel Adejumobi,  for onward transmission to Oyo State House of Assembly, further restated his resolve to waive his immunity to appear before the anti-corruption agency if he is found wanting in any way.

A statement by the Chief Press Secretary to the Governor, Mr. Taiwo Adisa, indicated that the Governor also charged Permanent Secretaries in the state to be accountable as the purse-keepers of Oyo state.

He declared that those who would want to politicise his move to set up the anti-corruption agency should think twice because according to him, corruption knows no political party

  According to the Governor, corruption does not edify a state but promotes stagnation, adding: “and we want Oyo state to be out of stagnation.”

 Makinde said “We are here to sign for transmission to the legislature, the executive bill for anti-corruption in Oyo state. We are transmitting the bill today in fulfillment of a promise that I made during the campaign that during my watch in Oyo state, it will be zero tolerance for corruption in Oyo state.

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“While I was making my inaugural address, I also put a rider on it that as the Governor of Oyo state, I am ready to wave my immunity to appear before the agency if I am found wanting in the course of my duty to the people of Oyo state.

“The Permanent Secretaries are here, you are the purse keeper for the ministries and the ones responsible for all the spending, of course, the commissioners would soon be here but they are not the ones to account for the spending in your various ministries. Of course, they will give instructions and try to help me run the affairs of government to the extent of our promises to the people and also the agenda of our government.

“But we will hold each and every one of you accountable for the ministries that are been administered by you and I also want to be held accountable by anyone here. I am working from the standpoint here that nothing, absolutely nothing is hidden in this whole case.

“If people think they have hidden anything, it is the only thing that they can start and finish by themselves only and I don’t think there is anything like that in this place.

“For whatever that has to be done, there will be one, two or three participants. So, I can’t even start the process and finish it by myself alone. So, there must be accomplices and people who are ready to support me to do something that is not edifying, so if I think such things are hidden, I will be deceiving myself and it is the same for everybody.

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“I know people may also try to put political coloration to this, corruption doesn’t know a political party and what corruption does is to stagnate our development and we want Oyo state to be out of that stagnation. We want Oyo state, just like we have always been, a Pacesetter state.

“So, I will solicit for your cooperation and nobody has anything to fear. If you do what you are supposed to do, nobody will witch hunt anybody. I also want to say, if you see something, please, by all means, say something and we will deal with the situation.”

The bill was thereafter presented by the Governor to his Special Adviser on Legislative Matter, Mr. Samuel Adejumo for onward transmission to the state House of Assembly.

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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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.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

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.

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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.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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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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