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CBN Stands Firm In Support Of GTCO, Reassures Public On Safety Of Bank Deposits

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  In a strong display of support for Guaranty Trust Holding Company (GTCO) and to counter unfounded allegations circulating in the media, the Central Bank of Nigeria (CBN) issued a press release today, reaffirming the safety of deposits held in Nigerian banks. The statement, titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,” was signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. It opens with a resolute assurance to the public: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” The release emphasizes the importance of maintaining public confidence in banking operations, declaring that “all deposits in Nigerian banks are secure.” It outlines the CBN’s active role in ensuring that financial institutions adhere to established regulations and best practices, which are essential for preserving the integrity of the financial system. Regular stress testing is conducted to identify potential vulnerabilities, thereby reinforcing the resilience of banks in the country. To fulfill its oversight responsibilities, the CBN elaborates on its comprehensive monitoring of licensed banks in Nigeria and their offshore operations. The statement notes, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.” The Bank employs a Risk-Based Supervision approach, focusing regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy aims to maintain robust oversight while promoting the overall health of the banking sector. Moreover, the CBN has established Memoranda of Understanding with various countries where subsidiaries of Nigerian banks operate. This collaboration enhances regulatory coordination, ensuring that these banks function within a safe and sound framework, complying with both domestic and international banking regulations. In conclusion, Mrs. Sidi Ali emphasized the CBN’s commitment to creating a secure banking environment, stating, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

Nigerians May Pay N10million For Hajj As Tinubu Government Ends Subsidy For 2025 Pilgrimage

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  The National Hajj Commission of Nigeria (NAHCON) has announced that the President Bola Tinubu-led federal government will no longer subsidise hajj payments for pilgrims starting in 2025, marking the end of the long-standing concessionary exchange rate offered by the Central Bank of Nigeria (CBN). This development is expected to drive hajj fares up significantly, potentially reaching N10 million per pilgrim. Previously, the subsidy allowed pilgrims to access U.S. dollars at a reduced rate, easing the financial burden of the pilgrimage. However, with the naira currently valued at N1,650 to a dollar and the standard hajj fare at approximately $6,000, the cost for each pilgrim could rise to N10 million if the exchange rate holds. In a statement released by NAHCON spokesperson Fatima Sanda Usara, the commission confirmed that for the 2025 hajj, “There will be no concessionary exchange rate from the government for Hajj fare payment for pilgrims whether under state or private Hajj operators.” While NAHCON has yet to announce the official hajj fare for 2025, several state pilgrim welfare boards have already begun advising intending pilgrims to make initial deposits of N8.5 million in anticipation of the price increase. Meanwhile, NAHCON has also announced a refund of 64,682 Nigerian pilgrims who participated in the 2023 hajj, amounting to 150 Saudi Riyal each. This revelation was made during a virtual meeting between NAHCON and the Private Tour Operators (PTOs), chaired by NAHCON’s Commissioner of Operations, Prince Anofi Olanrewaju Elegushi. In further developments, Saudi Arabia’s Ministry of Hajj and Umrah has reduced the number of approved PTOs from 20 to 10, and each company is now required to register a minimum of 2,000 pilgrims to secure hajj visas. The Commissioner of Operations informed PTO members that NAHCON’s Executive Council has approved the option of using a bank guarantee to fulfill the N40 million caution deposit requirement for the 2025 Hajj. Operators who have already made a cash deposit but prefer to use a bank guarantee are invited to request a refund of their earlier cash deposit and submit the bank guarantee instead. He further clarified that contrary to claims that NAHCON owes PTOs N17 billion from the N25 million caution deposit for the 2024 Hajj, the commission only received N2.75 billion from 110 companies that registered for the 2024 Hajj. This amount included a rollover of N1.25 billion from the previous year. Of this, 30 companies requested refunds totaling N750 million, which has already been paid. However, the remaining N750 million is still held by the commission for undecided PTOs.

NCC Alerts Telecom Subscribers To Beware Of Unauthorized Hotspot Sharing

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  The Nigerian Communications Commission (NCC) has issued a crucial warning to telecom subscribers, urging them to exercise caution when sharing their phone’s hotspot with others. In a notice posted on its official Facebook page on Monday, the NCC emphasized the importance of being mindful of who has access to one’s hotspot. According to the regulatory body, unauthorized hotspot sharing can lead to rapid data depletion. “If you notice your data depleting faster than usual, it may be due to unauthorized hotspot usage,” the NCC warned. The commission’s alert aims to educate subscribers on the potential risks associated with sharing their hotspot without proper authorization. To avoid data exhaustion and potential security breaches, the NCC advises subscribers to: 1. Be cautious when sharing hotspot credentials. 2. Regularly monitor data usage. 3. Set strong passwords for hotspot access. By taking these precautions, subscribers can safeguard their data and maintain control over their mobile connections. The NCC’s warning underscores its commitment to protecting telecom subscribers’ interests and promoting responsible mobile usage in Nigeria. “Your data seems to have vanished fast?

NAFDAC Workers Embark On Indefinite Strike

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  The strike follows multiple meetings with NAFDAC management which failed to yield desired outcomes regarding critical issues affecting staff. Some of the issues include a review of the 2024 promotion examination results, the appointment of directors for public affairs/special duties, training institute, and reform of promotion examination content. Others are the creation of a psychology officer cadre by HOS circular, payment of all pending burial expenses, life insurance and repatriation allowance, and salary arrears for 2022 employees. In a statement, Ejor Michael, TUC secretary, said the workers had issued a 14-day ultimatum to the agency’s management in a communique dated September 20, 2024. The statement said another congress of NAFDAC staff was convened on October 4, following the expiration of the ultimatum. “After careful deliberation, Congress unanimously resolved to embark on an indefinite nationwide strike across all NAFDAC formations, commencing Monday, 7th October 2024,” the statement reads. “In view of the foregoing, you are hereby directed to down tools by withdrawing all your services in compliance with the strike action. We will not relent until all issues are satisfactorily addressed.”

Tinubu Directs Police To Provide Security To LG Offices In Rivers

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  President Bola Tinubu has called on Governor Siminalayi Fubara, political leaders and their supporters in Rivers State to exercise restraint and uphold the rule of law. In response to recent tensions following last Saturday’s local government council election, the President expressed deep concern over reports of arson and explosions in the state. He urged all political actors to de-escalate the situation and discourage their supporters from engaging in violence or destructive actions. President Tinubu directed the police to restore and maintain peace, law, and order immediately. While instructing law enforcement agencies to bring the situation under control, he emphasised the need to ensure the security of public institutions. President Tinubu said government facilities built with public funds must be safeguarded from vandalism. He stressed that self-help has no place in a democratic system, especially after 25 years of continuous democracy. According to President Tinubu, the judiciary can settle all political disputes, and the outcome of this election should be no exception.

Oyo Speaker, Ogundoyin Holds Strategic Meetings With Ibarapa East Constituents To Strengthen PDP Ties

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By Adeleke Maria  In a move to strengthen the People’s Democratic Party, (PDP) in Ibarapa East Local Government and enhance unity and cooperation amongst members, the Speaker of Oyo State House of Assembly, Hon. Adebo Ogundoyin, has held a series of strategic meetings with leaders and members of the party. In the last four days, Hon. Ogundoyin met with PDP stakeholders and constituents at different venues across Eruwa and Lanlate towns. These meetings brought together key party leaders, including Chief Adewale Atanda Alase, Oyo State Commissioner for Youth and Sports, Wasilat Adegoke, Alh. Kasali Morakinyo, Chief Abegunde, Dr. Adedokun Daniel, Alh Adebisi Sikiru (Party Chairman), Alh Kamorudeen Adeyemi (Senatorial Chairman), and Mrs. Adebisi Yetunde, among others. Hon. Ogundoyin emphasized the importance of unity, urging members to prioritize cooperation and avoid spreading false information that could harm the party’s reputation. He stressed that the party’s strength lies in its ability to work together towards a common goal and cautioned PDP members in the Local Government against unnecessary bickering over sharing of party political posts and positions. According to the Speaker, if PDP in the Local Government wishes to remain stronger and consolidate on its political gains, it must close ranks, speak with one voice, and never allow internal wranglings to fester beyond control. While admitting that there will occasionally be misunderstandings and unnecessary instigation of crisis by some unscrupulous individuals, the Speaker urged the leadership of the party in the council to always engage in dialogue and consultation in resolving issues. “It was a 4-day productive meetings and engagements with leaders, elders and party faithful in Ibarapa East Local Government. I am happy that PDP in Ibarapa East Local Government has again laid the foundation for a stronger and a more united front. The meetings were productive, with various issues raised and addressed. “There were clarifications and records were set straight. Issues likely to cause dis-affection and disunity were discussed and resolved. Aggrieved members were pacified and contentious issues settled amicably. This move is important to avoid division and crisis which could undermine the strength and success of our party in future elections in our Constituency.” Oyo Speaker said. At the end of the meetings, PDP members in Ibarapa East State Constituency reaffirmed their loyalty to Chief Adewale Atanda Alase as the overall Leader of the party in Ibarapaland and agreed to continue working together for the upliftment of the party and all its members.

Oyo Government Restores Water Supply, Promises Enhanced Service for Residents

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  The Oyo Water Corporation on Saturday said it has restored water supply to residents in some parts of the State, after many years of service disruption due to technical challenges faced by the Corporation. The Corporation added that repairs of leakages and burst on other water pipelines located within the State is ongoing. A statement issued by the Corporation’s Chairman, Hon.Elias Adeojo, said operations have since commenced at major waterworks and booster stations to complement water supply to Ibadan and environs. He said areas water supply has been restored to include Molete, Bode, Labiran, Beyeruka, Eleyele axis, Bashorun-Oluwo nla among others. While assuring residents of improved service delivery, he urged them to use it prudently. Hon. Adeojo added that efforts have been put in place to ensure prompt repairs of facilities as soon as they are detected or reported by the public. “The agency under my supervision would do everything possible to ensure that the recently restored potable water supply to Ibadan and environs is sustained” He, therefore, solicited the understanding of consumers in affected areas for any inconveniences and assured the general public of steady water supply afterwards as the corporation is working relentlessly to serve them better. “Let me assure residents of Ibadan and environs of adequate potable water supply as all factors like leakages and burst pipes mitigating against the Oyo State Water Corporation are being tackled with accurate precision”, he said. He added, “The Corporation would deploy it’s personnel and machine to restore potable water to other parts of the State as soon as all the faults in Ibadan are resolved”. Hon. Adeojo therefore called on residents of Ibadan to report detected pipe leakages and bursts on 08077033774 for prompt actions by the corporation’s engineers.

Ladoja Shares Astonishing Details About Obasanjo’s Involvement In His Impeachment

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  Senator Ladoja, a seasoned politician in Ibadan, has made headlines for his candid revelations about his tumultuous past. Recently, on a radio show, he exposed the significant role former President Obasanjo played in his impeachment as governor of Oyo State in January 2006. Ladoja’s account highlighted Obasanjo’s vendetta against him due to his opposition to the third term agenda. This wasn’t the first time Ladoja shared this story; he had previously spoken about it during his 75th birthday celebration in 2019. Ladoja’s narrative vividly captures the tense encounter with Obasanjo. He recalled telling the former president, “You just came out of prison and had no money… let God decide the next president.” Obasanjo reportedly appreciated Ladoja’s honesty but later denied seeking a third term. However, Ladoja insisted that Obasanjo did indeed pursue a third term. The aftermath of Ladoja’s meeting with Obasanjo was ominous. Gbenga Daniel, then-governor of Ogun State, warned Ladoja that Obasanjo vowed to make him a “nobody” . This ominous warning materialized when Ladoja was impeached in January 2006, only to be reinstated 11 months later following a grueling legal battle. Ladoja’s political journey is marked by resilience and determination. He rose to prominence as a successful businessman and politician. He served as governor of Oyo State from 2003 to 2006 and briefly in 2007. Ladoja’s impeachment was a contentious issue, with many questioning its legitimacy. The Appeal Court in Ibadan declared the impeachment null and illegal in November 2006, paving the way for his reinstatement. Throughout his career, Ladoja has demonstrated unwavering commitment to his principles. His opposition to Obasanjo’s third term agenda, despite potential repercussions, showcases his courage . As Ladoja navigated the complex landscape of Nigerian politics, he encountered numerous challenges. His tenure as governor was marked by power struggles with influential figures like late Baba Lamidi Adedibu. Despite these obstacles, Ladoja remains a respected figure in Nigerian and Oyo state politics. His legacy extends beyond his tenure as governor, with many acknowledging his contributions to the development of Oyo State. In August 2024, Ladoja received a ceremonial beaded crown from the reigning Olubadan and the Government of Oyo State, solidifying his position as a revered leader in Ibadan. This honor underscores his enduring influence and dedication to public service.  

Hon Olayinka Segelu Celebrates Teachers On World Teachers Day

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By Adeleke Maria   An Ibadan-born ICT consultant, entrepreneur and Chieftain of Peoples Democratic Party (PDP) based in Germany, Hon. Olayinka Oladimeji Segelu, has doffed his cap for teachers around the world for the significant role they play in educational growth and advancement. In a statement issued to applaud teachers worldwide on Saturday in commemoration of the World Teachers Day, Hon. Olayinka Segelu, a governorship aspirant for Oyo 2027, said: “On this World Teacher’s Day, I extend my heartfelt gratitude and appreciation to our dedicated teachers across Oyo State and beyond. Today, we celebrate the invaluable contributions of educators who shape the minds and futures of our children, nurturing them with knowledge, guidance, and wisdom. “As I reflect on this special day, I am reminded of my late mother, Late Mrs. R.T. Oladimeji, who devoted 33 years of her life to teaching. She served with unwavering commitment as the Head Mistress at St. Paul Primary School in Yanbule, Basorun/Ashi, Ibadan where she positively impacted countless students and families. Her legacy embodies the essence of teaching: a calling that transforms lives and communities. “Teachers hold a unique place in our society, deserving of our utmost respect and appreciation. Their dedication not only influences the classroom but also extends into the hearts and minds of the students they teach. I have profound respect for the sacrifices and hard work they put into forging a brighter future for the next generation. “As your gubernatorial aspirant under the banner of the People’s Democratic Party (PDP), I pledge to continue prioritizing the welfare of our teachers and to uphold their esteemed position in our society. Their commitment to education is the bedrock of our development. Therefore, it is crucial that we support and empower them. “Let us recognize and honor the teachers who inspire and educate us every day. Together, we can ensure they receive the recognition and support they truly deserve. “Happy World Teacher’s Day!”

2024 Teachers’ Day: Makinde Commits To N70,000 Minimum Wage For Teachers

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  By Adeleke Maria   Oyo State Governor ‘Seyi Makinde has announced that his administration will begin paying the N70,000 minimum wage after resolving the matter of consequential salary adjustments. This was as the governor announced the extension of the N25,000 wage award to workers and N15,000 wage award to pensioners by another three months. The extension, the governor noted, is to cover the period that the negotiation on the consequential adjustment will ast, noting that the payment of the wage award will stop upon the conclusion of negotiations to effectively implement the minimum wage. Governor Makinde made this announcement on Saturday during the 2024 World Teachers’ Day Celebration with the theme: “Valuing Teachers’ Voices Towards a New Social Contract for Education,” held at the NUT (ENDWELL) Model College Sports Complex, Owode Housing Estate, Apata, Ibadan. He said: “On the minimum wage, negotiation will start next week and we will pay the N70,000 minimum wage. But the consequential adjustment is about to be negotiated. The NLC and our team will sit down to discuss it.” Governor Makinde, who lauded teachers in the state for their massive support to him during the last election and their immeasurable contributions to building the state, said his government will continue to prioritise the welfare of teachers and all civil servants in the state so that they would continue to be productive. Noting that education remains one of the major pillars of his government, the governor promised to fix more education infrastructure so that teachers can continue to impart knowledge in a conducive environment in order to guarantee a better future for the state. “I want to say kudos to the teachers. Everywhere I went during the campaign, you mobilised yourselves and supported us wholeheartedly. So, I appreciate you and I say thank you. “We are going through challenges as a country. We have issues of minimum wage and fuel price but I want to appeal to you to say that tough times don’t last but tough people do. We will outlast these challenges we are faced with.” The governor added, “Any country that wants to develop must educate her people. “So, for us in Oyo State, we will continue to specially look after our teachers, because they are dealing with our future. “You teachers, you have to be put where you belong. So, I thank you for your support and dedication to duty. We still have a long way to go. “When we came in, with the UBEC grant and matching fund we used to give them, we were spending about N3 billion every year on infrastructure. So, for the past five years, we have done about N15 billion but it is not enough – just like a drop in the ocean. “The gap we have to fill, when we did the analysis a few years ago, it was around N40 billion but I can tell you now that it will be close to N70 billion. “If we continue to spend N3 billion yearly for the next 15 years, we still won’t cover the gap on ground. So apart from SUBEB, we will have education intervention funds of a minimum of N10 billion every year towards bridging the infrastructural gap in education. “And of course we will employ more teachers and we will put them in a conducive learning environment that would guarantee better outcomes for our students.” The governor, while commissioning a block of 10 classrooms built by the NUT at the NUT Model School, maintained that his administration’s commitment to fixing inner roads remained on course and that it will work on inner roads within the Owode Housing Estate. Earlier in his welcome address, the NUT State Chairman, Comrade Raji Ismail, thanked the governor for his “unprecedented achievements in the education sector and for being mindful of teachers’ welfare through his encouragement of career progression for primary school teachers, regular payment of salaries, promotions, payment of leave bonuses and healthcare insurance, among others.” Also in his goodwill message, the chairman of the Nigeria Labour Congress (NLC) in the state, Comrade Kayode Martins, assured that the governor will do everything necessary to implement the minimum wage as expected.

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