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Tuesday, March 5, 2024
EKSG Rejects Deposition of Traditional Chief by Monarch.
Olawande commends the launch of OSNI.
Ondo 2024: Akeredolu’s wife Betty Anyanwu Criticizes In-Law for Supporting Aiyedatiwa.
Nigeria on journey to self-discovery, says Shettima.
Nigeria on journey to self-discovery, says Shettima. ......VP launches OTNI for private-public sector synergy, job creation.
Vice President Kashim Shettima has said Nigeria cannot take over the world without understanding the right road to the future.
The Vice President spoke at the inauguration of 2,000 jobs to vibrant and talented youths yesterday in Gombe State under the Outsource Nigeria Initiative (OTNI).
The Vice President said for too long, the country had underestimated its potential that could unlock her future.
He described OTNI as a catalyst for change in business processes and technology-enabled outsourcing sector said to be the fastest route to job security for the teeming youths in the state and other parts of the country.
“Today, we embark on a journey of self-discovery. It’s a paradox for any country to possess the advantages we have and still rank in the middle or at the bottom of the economic chain.
“This is why we are here to provide a gateway to the world and remind ourselves that we are an epicentre of knowledge, an incubator of innovation, and a nurturer of brilliance. We can’t take over the world if we don’t know the road to the future. And so, we are honoured to join you in this quest.
“For too long, we have overlooked the treasure within our demographic dividends. For too long, we have underestimated our role in the knowledge economy. Far beyond the magnitude of our population and the global utility of our proficiency in English lies a profound characteristic — the Nigerian spirit.
“From the bustling cityscape of Aberdeen to the vibrant landscapes of Melbourne and the financial hubs of Zurich, this Nigerian spirit of excellence thrives. It is, therefore, time to recognise our potential and embrace this unique identity as we set out to explore the markets eager for our unique contributions.
“Today, we are not only presenting to you the Outsource to Nigeria Initiative (OTNI) with the honourable aim of taking over the world. We present to you a lens to see the needs of the world, a bridge to interact with the world, and a vehicle to reach the world from the comfort of your offices and homes in Nigeria.
“Outsourcing, as an economic strategy, is not just about efficiency; it’s a profound recognition of our interconnectedness in the global economy. Outsourcing is also a strategy to counteract brain drain and channel our talents and skills into reconstructing a Nigeria that works,” he said.
Praising President Bola Tinubu for his foresight, Shettima said: “In President Bola Ahmed Tinubu, we have a leader whose vision transcends the immediate horizon. He is a refined economic strategist who understands the balance between our present circumstances and the trajectory of the global landscape.
“Our routes to the future hinge upon our sensitivity to our realities. The tough decisions we have taken may pose short-term challenges, but rest assured, they are strategic investments to fortify the foundations of our economy.
“As your guarantee, I affirm that the reforms in progress will not only weather the storms but usher in a future where we shall stand grateful for the resilience and foresight displayed in propelling our nation towards economic prosperity.”
Shettima explained that the OTNI, which is the global business process for outsourcing industry, is a towering monument valued at over $250 billion.
Gombe State Governor Muhammadu Yahaya said the initiative would unlock the business potential of the state and position it as a beacon of opportunity and innovation.
Other dignitaries at the event included Jigawa State Governor Umar Namadi; deputy governors of Borno and Gombe states; the Minister of Information and National Orientation, Alhaji Mohammed Idris; the Emirs of Gombe and Biu, as well as the Secretary to Gombe State Government (SSG), Prof. Ibrahim Abubakar Njodi.
Kanu’s N1bn suit against DSS gets March 18 date.
Kanu’s N1bn suit against DSS gets March 18 date.
The Federal High Court in Abuja yesterday adjourned a fresh N1 billion suit filed by Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), against the Federal Government until March 18 for a hearing.
The News Agency of Nigeria (NAN) had, on January 8, reported that Justice James Omotosho fixed the hearing for yesterday.
Counsel to the defence, I.I. Hassan, told the court that they were yet to be served with the processes.
But Kanu’s lawyer, Alloy Ejimakor, said everything needed for the service had been perfected.
He wondered why the originating motion and other applications were yet to be served on the defence by the bailiff.
Justice Omotosho adjourned until March 18 for the plaintiff to serve the defence in the suit.
NAN reports that Kanu, through his lawyer, Ejimakor, had filed the latest suit marked: FHC/ABJ/CS/1633/2023 for the enforcement of his fundamental rights.
He sued the Federal Republic of Nigeria (FRN), the Attorney-General of the Federation, the Department of State Service (DSS) and its Director-General.
The detained IPOB leader sought “a declaration that the respondents’ act of forcible seizure and photocopying of confidential legal documents pertaining to facilitating the preparation of his defence which were brought to him at the respondents’ detention facility by his lawyers, amounted to denial of his rights to be defended by legal practitioners of his own choice”.
He also sought “a declaration that the respondents’ act of refusing or preventing his counsel from taking notes of details of counsel’s professional discussions/consultations with him at DSS detention, with said discussions/consultations relating to preparation of his defence amounted to denial of his right to be given adequate facilities for the preparation of his defence by legal practitioners of his own choice”.
Kanu sought an order compelling the respondents to issue an official letter of apology to him for the infringement of his fundamental right to a fair hearing.
He is also seeking an order mandating the respondents to jointly and severally pay the sum of N1 billion as damages for the mental, emotional, psychological and other damages he suffered as a result of the breach of his rights.
CBN slashes FX duty rates by 5.3%.
CBN slashes FX duty rates by 5.3%.
The Central Bank of Nigeria (CBN) has announced a further decrease in the exchange rate used to calculate import duties.
Information about the decrease was posted on the official trade portal of the Nigeria Customs Service.
The reduction comes after a period of relative stability in the exchange rate between the Naira and the United States dollar.
As of yesterday, the rate for calculating customs duties was N1,544.081 per dollar. This represents a 5.3 percent decrease compared to the previous rate of N1,630.159 to a dollar used on Friday.
In simpler terms, importers will now pay N86.08 less per dollar when clearing their goods through the ports.
This change reflects the CBN’s ongoing efforts to ensure that import duties accurately reflect the prevailing exchange rate.
By adjusting the rate downward, the CBN aims to ease the pressure on companies importing goods. The expectation is that this will lead to a more predictable and stable environment for international trade.
On February 23, 2024, the CBN issued a circular in response to concerns from importers regarding fluctuating import duty.
Key points of the CBN circular include acknowledging market volatility and price distortions due to the liberalisation of the foreign exchange market, addressing importers’ concerns about uncertainties caused by fluctuating exchange rates affecting duty calculations, and advising the NCS to use the closing FX rate on the date of opening Form M for imports as the fixed rate for duty assessment.
This fixed rate will remain valid until the completion of import and clearance of goods.
The measures, along with the reduced customs duty rate and clarified import duty assessment process, aim to bring stability and transparency to the import environment.
This is expected to benefit businesses, consumers, and the overall Nigerian economy.
Importers and businesses involved in international trade were advised to keep themselves updated with the latest information from the apex bank to accurately calculate duties and avoid delays or issues when clearing their goods.