Gov Eno Urges Local Government Chairmen to Collaborate with State, Warns Against Operating Separately

Akwa Ibom State Governor, Umo Eno, has cautioned newly sworn-in local government chairmen and their deputies not to misinterpret their autonomy as independence from the state government. During the swearing-in ceremony at the Banquet Hall in Uyo, Governor Eno emphasized the need for collaboration between the local governments and the state.

He explained that while the chairmen would now manage their financial affairs autonomously, they must still work closely with the state, particularly in handling shared responsibilities like paying teachers’ salaries and allowances.

“There is no true autonomy in governance,” Eno stressed. “We all must ensure that our people receive the services and benefits they expect from us.”

He also urged the lone opposition chairman to prioritize governance over party affiliations, stating, “There is no APC or PDP in governance. Let them see you as the Chairman of Essien Udim and not the Chairman of APC.”

Black Market Dollar to Naira Exchange Rate Today: October 8, 2024

As of today, the dollar to naira exchange rate in the black market (parallel market) remains at a high value. According to Bureau De Change (BDC) sources, in Lagos, buyers purchase a dollar for ₦1,665 and sell it at ₦1,675.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and has directed those looking to engage in foreign exchange transactions to approach their respective banks.

Here’s a summary of the rates:

  • Buying rate: ₦1,665
  • Selling rate: ₦1,675

Meanwhile, the CBN rates stand slightly lower, with the official exchange rate for buying at ₦1,628 and selling at ₦1,629.

This fluctuation highlights the continued disparity between the official and black market rates, contributing to the challenges faced by Nigerians in accessing forex.

Nigeria: Stakeholders Hail Minister Audu’s Plans To Revitalize Steel Industry

Prince Audu is partnering the National Steel Council of Nigeria in his initiative of repositioning the nation’s steel industry which is already attracting public commendations, and targeted at meeting the yearning of industry players.

The summit plan was disclosed in a programme schedule made available to newsmen by the Executive Secretary, National Steel Council, Ambassador M. Musafari on Monday in Abuja, with the theme: Rethinking, Retooling and Revitalizing the Steel Industry for Production Sufficiency By 2034.

Musafari while commending the Minister, noted that Prince Audu is working tirelessly to ensuring a holistic improvement of the steel industry as “Steel remains the catalyst for industrialization in the world”. Adding that with the programmes lined up by the Ministry of Steel Development the sector is at the verge of remarkable improvement.

“I have been with the Honourable the Minister of Steel Development and all I can see is a man working extra-hard to change the course of history with regards to steel industry. He understands what is at stake and vibrant enough to take on the task.

“Prince Audu have also re-echoed that repositioning the steel sector will play a crucial role in the ongoing steel sector revival efforts under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

“It will interest Nigerians to know that the Ministry of Steel Development under Prince Audu is also aiming to ensure all dormant steel plants become operational and for Nigeria to begin steel production before the end of President Tinubu’s tenure, while focusing on drastically reducing Nigeria/s over 10 million metric tonnes importation of steel annually,” Musafari revealed,

According to Musafari, the high-powered summit aims to bring together Stakeholders in the Steel Industry in Nigeria to foster open dialogue, discuss critical issues, encourage collaboration, align goals, set priorities, and focus on shared challenges to drive progress and lay the foundation for a cohesive, forward-thinking steel sector.

He revealed that the Federal Government having identified the importance of such an auspicious event is solidly behind it; hence President Bola Ahmed Tinubu, and Minister of Steel Development, Prince Shuaibu Abubakar Audu will both be part of the summit as special guest of honour and keynote speaker respectively.

Speaking on why the steel sector needs revamping, Musafari noted that there have been many false steps in fixing the Nigerian steel industry, but with a genuine focus on the steel sector Nigerian economy stands to gain massively.

Adding that the primary objective of the programme is to generate ideas and views to determine the strategic options available to Nigeria in achieving the major goal of ensuring self-sufficiency in steel production.

Part of the objectives of the summit read:
“The Summit brings together Stakeholders in the Steel Industry in Nigeria to foster open dialogue, discuss critical issues, encourage collaboration, align goals, set priorities, and focus on shared challenges to drive progress and lay the foundation for a cohesive, forward-thinking steel sector.

“Effective stakeholder engagement is critical for the steel industry. It enables Stakeholders to consider diverse perspectives, align priorities, and foster collaborative solutions to complex challenges. By actively engaging with all Stakeholders the National Steel Council will champion the process to build trust, mitigate risks, and drive sustainable growth.

“President ‘Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’ translates into renewed hope across the country and the economy. This brings into focus the Steel Sector of the Nigerian economy. There have been many false steps in this regard, with little change in the industry. It is now time to effect a positive change that aligns with Mr. President’s Agenda, the yearning of industry players and Nigerians at large.

“Ajaokuta Steel Complex (ASC), came into existence at the same time as the Federal Capital Territory (FCT). In the intervening decades, the FCT has grown in leaps and bounds. Whereas, ASC which was supposed to be the bedrock of Nigeria’s industrialization and economic growth has remained comatose. At the moment only 800 hectares of the 24, 000 hectares of land set aside for ASC is in use.

“Under the Renewed Hope Agenda of our visionary President, the National Steel Council has been mandated to commence the process for revitalizing ASC and jumpstarting Nigeria’s prosperity and growth under the auspices of an INDUSTRIAL PARK housing several entities in diverse fields and serving as a convergence for industries, security structures, airport, seaport, educational institutions, and ancillary services”.

Government functionaries expected at the programme include: Managing Directors of Nigeria Railway Cooperation, Bank of Industry, Nigeria Port Authority, Nigeria Mining Cooperation, NASREA, Raw Materials Development Council, and Permanent Secretary, Ministry of Steel Development.

Expected Stakeholders are Production Processes and Value Chain Related Activities Entities; End Users (Stevedoring/ Construction Coys & Fabrication Yards); Importers; Engineering Companies; The National Assembly; Ministries, Departments, and Agencies of Government; Security Agencies; Research & Development Entities; Quality Assurance & Standardisation Entities, etc; Miners; Energy Providers (Gencos, Discos, NERC); Logistics and Transport Entities (Railways, Haulage Companies & Shippers); Manpower Resourcing Entities, Infrastructure Companies, etc; Commercial Banks; Development Bank; Bank of Industry; Bank of Agriculture; Insurance Companies; Investors and others.

The date of the summit is to be made public soon.

Labour Party Condemns Rivers State Local Government Elections, Vows Legal Action

The Labour Party (LP) has denounced the October 5, 2024 local government elections in Rivers State, calling the process unconstitutional and fraudulent. In a statement issued in Port Harcourt, Dr. Francis David Matthew, the LP’s Publicity Secretary for the Port Harcourt City Campaign Council, claimed that the Rivers State Independent Electoral Commission (RSIEC) conducted what he referred to as a “coronation,” disregarding key electoral laws.

Matthew highlighted major violations, including the failure to use the Biometric Voter Accreditation System (BVAS) and the lack of result sheets in most polling units across Port Harcourt. He announced that the LP would take legal action, stating that they had gathered substantial evidence to challenge the results. The party urged supporters to remain confident that the judiciary would address the electoral irregularities.

Tinubu Urges Rivers Leaders to Resolve Election Disputes in Court, Condemns Violence

President Bola Tinubu has called on Governor Siminalayi Fubara, political leaders, and their supporters in Rivers State to resolve their election-related disputes through the judiciary, emphasizing that “self-help has no place in a democratic system.” This follows reports of violence, including arson and vandalism, after the local government elections held last Saturday.

In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu directed the police to restore peace and secure public facilities. He stressed the importance of protecting government assets built with public funds and urged all parties to refrain from violence, reminding them that the judiciary is the appropriate channel for resolving political conflicts.

Lukman Urges Opposition Leaders to Unite for 2027 Elections, Criticizes Tinubu’s Leadership

Salihu Lukman, former APC National Vice Chairman, has called for prominent opposition figures such as Peter Obi, Atiku Abubakar, Yemi Osinbajo, and others to unite ahead of the 2027 elections. Lukman criticized President Bola Tinubu for undermining party structures and exacerbating Nigeria’s economic challenges. He warned that without genuine political reforms, Nigeria risks having weak opposition parties.

Lukman stressed that opposition leaders must prioritize creating a strong political party capable of holding elected officials accountable, rather than focusing solely on winning elections. He urged key leaders to take leadership roles in any new opposition alliance to ensure lasting change.

Tinubu Highlights Challenges in Anti-Corruption Fight, Calls for Judicial Reforms

President Bola Tinubu has identified key obstacles hampering Nigeria’s fight against corruption, including frivolous appeals, intimidation of judges, and rulings based on technicalities rather than substantive evidence. Speaking at the opening of the 6th Capacity Building Workshop for Justices and Judges, organized by the EFCC and the National Judicial Institute (NJI), Tinubu stressed the need for reforms to expedite corruption cases.

Represented by Vice-President Kashim Shettima, Tinubu emphasized the judiciary’s crucial role in tackling corruption, urging for better support and tools to combat the issue. He also praised recent justice sector reforms but called for stronger measures to address persistent challenges in adjudicating corruption cases.

SUU Criticizes CBN for Neglecting University Projects Since Sanusi’s Tenure

The Academic Staff Union of Universities (ASUU) has criticized the Central Bank of Nigeria (CBN) for its lack of investment in public university projects since 2014, following the end of Sanusi Lamido Sanusi’s tenure as CBN Governor. ASUU President, Emmanuel Osodeke, commended Sanusi for prioritizing university development during his time in office, contrasting his contributions with those of his successors, Godwin Emefiele and current CBN Governor Olayemi Cardoso, who have not continued this legacy.

Osodeke called on the current CBN leadership to revive Sanusi’s approach, which utilized community social responsibility funds to address infrastructure needs in tertiary institutions across Nigeria.

Labour Party Welcomes Kwankwaso’s Offer to Be Obi’s Running Mate for 2027 Presidential Election

The Labour Party has welcomed Senator Rabiu Kwankwaso’s recent offer to be Peter Obi’s running mate in the 2027 presidential election. Kwankwaso, the New Nigeria People’s Party (NNPP) presidential candidate in 2023, expressed willingness to serve as Obi’s deputy, provided certain conditions are met.

Kwankwaso’s statement comes nearly two years after failed merger talks between the Labour Party and NNPP ahead of the 2023 election. He noted his political seniority and success as a former governor but indicated readiness for collaboration with Obi under specific terms.

Labour Party’s National Secretary, Umar Farouk, embraced the offer but urged Kwankwaso to avoid rhetoric about being the “bigger politician.” Farouk stressed that unity between Obi and Kwankwaso could strengthen their chances against the ruling APC in 2027.

Meanwhile, an aide to the Deputy President of the Senate expressed confidence that President Bola Tinubu would secure re-election in 2027, citing his administration’s reform policies and strong political support in Kano State.

US Jobs Report Lifts Asian Markets, Dollar Holds Firm Amid Middle East Tensions

Asian markets surged on Monday following a robust US jobs report that eased concerns over the global economy. The dollar maintained its gains as investors reduced expectations of another significant interest rate cut. Meanwhile, oil prices saw a slight dip as traders awaited Israel’s response to Iran’s recent missile strike, raising fears of broader conflict in the Middle East.

On Wall Street, major indexes rallied after the US added 254,000 jobs in September, outperforming forecasts and calming recession worries. This job growth, the strongest in six months, bolstered the dollar as traders reassessed the likelihood of further aggressive Federal Reserve rate cuts.

In Asia, Japan’s Nikkei 225 climbed nearly 2%, while markets in Hong Kong, Sydney, and Seoul also posted gains. European markets opened positively, with London, Paris, and Frankfurt all seeing early rises.

Crude oil prices, initially spiking on concerns over potential Israeli strikes on Iranian oil sites, later eased as President Biden discouraged such action. Investors now await further developments on Middle East tensions, coinciding with the anniversary of Hamas’s attack on Israel.