Saudi Arabia To Host 2034 FIFA World Cup

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 The Fédération Internationale de Football Association (FIFA) has officially announced that Saudi Arabia will host the 2034 FIFA World Cup, a decision that has sparked diverse reactions worldwide. While some critics argue that the move is an effort to “sportswash” the country’s controversial human rights record and authoritarian regime, others believe it is a well-deserved opportunity for the oil-rich kingdom to showcase its capabilities on the global stage. Saudi Arabia’s bid comes on the heels of Qatar hosting the 2022 World Cup, a tournament that was initially met with skepticism but ultimately proved to be a successful and memorable event. However, Nigeria’s Super Eagles were notably absent from the tournament, a disappointment for fans back home. The Kingdom of Saudi Arabia has long faced criticism for its human rights issues, including restrictions on free speech and limited rights for women. Despite these challenges, the nation has been making significant strides in sports, hosting high-profile international events such as Formula 1 races, boxing matches, and tournaments in golf and tennis. The 2034 World Cup will also be historic as the first time the expanded 48-team tournament will be held in a single country. Saudi Arabia emerged as the only bidder for the 2034 tournament after FIFA decided to combine the bidding process for both the 2030 and 2034 World Cups into one vote. The Public Investment Fund (PIF), a key player in Saudi Arabia’s increasing presence in global sports, has been instrumental in this shift. The PIF has established LIV Golf and acquired the English Premier League club, Newcastle United, further cementing the country’s growing sports influence. In a related development, FIFA also revealed that the 2030 World Cup will be co-hosted by Spain, Portugal, and Morocco, marking a unique format where the tournament will span three continents. The opening matches will be held in Argentina, Paraguay, and Uruguay, celebrating the tournament’s rich history and global reach.

Bank Workers Blames CBN Of Worsening Cash Shortage.

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The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks. Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions. “In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said. Oluwole explained that banks have only two primary sources of cash – the CBN and retailers. “Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he explained. He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system. “But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses. “Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines and across bank counters. Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters. He stressed the importance of CBN providing clear statistics on cash circulation to improve distribution efficiency. “For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said. Oluwole also advocated for a shift towards less dependency on cash, emphasising that a cashless economy is cheaper, safer, and more efficient for the economy. “An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world,” he stated. In addition, the ASSBIFI President called for security agencies to crack down on illegal currency trading. “You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasised. He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets. Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers. “No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said. “As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated. Also, the National Coordinator of the Human Rights Writers Association of Nigeria, Emmanuel Onwubiko, in a statement criticised the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them responsible for the resulting widespread hardship. He further highlighted how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, pushing small businesses, artisans, and daily wage earners deeper into poverty. “Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added. Onwubiko argued that the crisis reflects not just poor monetary policy but also deeper systemic issues within Nigeria’s economy. He urged President Bola Tinubu to intervene swiftly to stabilise the banking system and avert economic collapse. The group also called on the National Assembly to summon the CBN Governor for accountability and oversight. Punch

N2.7tn Debt: Nigerians Face Blackout As Gas Producers Halt Supply To Gencos

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  Wholesale gas-producing companies have abruptly stopped the supply of natural gas to power generation companies for electricity production over the non-payment of debts accrued from previous supplies. The Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, disclosed the latest development in an exclusive interview with The PUNCH on Wednesday, stressing that the gas-producing companies have formally notified all GenCos of the suspension of natural gas supply. The gas supply was abruptly halted after the Nigerian Midstream and Downstream Petroleum Regulatory Authority reportedly instructed gas producers to suspend the delivery of natural gas to indebted GenCos until further notice, citing the escalating debts. The situation has led to a nationwide electricity blackout, severely impacting power generation across the country. Currently, over 70 per cent of Nigeria’s power is produced by gas-fired power plants. Earlier this year, Minister of Power, Adebayo Adelabu, disclosed that the Federal Government would start offsetting part of the debts it owes power generating companies and gas suppliers from April this year. The minister, while on a working visit to Egbin Power Plc in the Ikorodu area of Lagos State, said he would liaise with the Central Bank of Nigeria to prioritise foreign exchange allocation to the power sector, saying this would boost the ability to ramp up capacity in terms of generating output. “The Federal Government is now prioritising paying down on the outstanding debts, and I have assured the board and management that effective from April, we will start paying down on debts, as a form of incentive to continue to have them in operation,” he stated. While the government has in the past few months paid N205bn of the debt owed to the GenCos, an ongoing disagreement between the NMDPRA and gas producers on who should collect the 0.5 per cent wholesale price levy imposed on petroleum products by the Petroleum Industry Act made the suppliers demand the payment of monies owed. Speaking during the interview, APGC CEO Dr Ogaji stated that all relevant authorities, including the presidency, have been notified of the current situation and are awaiting the necessary interventions. She added that debt, which hovered around N2tn earlier this year, has increased to N2.7tn. She said, “It is no longer a matter of NMDPRA giving a directive. They have already stopped the supply of gas to power-generating companies. “They (gas suppliers) have halted the supply. They have already informed our gencos that they are not going to be supplying gas anymore until what is outstanding is settled and it didn’t happen today. “We have told the Nigerian Electricity Regulatory Commission, they are already aware of the situation. There is nobody who would say they are not aware; the minister is aware, and the presidency is aware. “The total debt has now increased to over N2.7tn and you know that 70 per cent of thermal Gencos invoice is gas. “They have been paying a small amount. So, when they pay us nine per cent, we just calculate nine per cent of our gas invoice and send it to the gas supplier because that is the only way to survive. We are all sharing in the poverty that NBET is giving us.” The halt in supply has disrupted the energy sector, leading to growing concerns about energy shortages and operational instability nationwide. Already on Wednesday, Nigerians were plunged into darkness following another collapse of the national power grid. This is the 12th time the grid would collapse in the year. Our correspondent reports that the grid went off at about 1:36 pm on Wednesday afternoon. It was observed that power generation was 0.00 megawatts as of 2 pm. The grid produced 3,087MW at 1 pm. Generation peaked at 4,013MW at 4 am. Within one week in October, the grid collapsed three times with its attendant blackouts, sparking reactions from Nigerians. A tweet via the official handle of Nigeria’s National Grid confirmed that the grid collapsed at about 2:09 pm on Wednesday. “The major grid setback has occurred and the restoration is to commence,” the tweet stated. Confirming the incident, distribution companies in different notices to their customers said the grid collapse caused the outage. Jos Disco in a statement signed by the Head, Corporate Communications, Friday Elijah, said, “The current outage being experienced within our franchise states is a result of loss of power supply from the national grid. The loss of power supply from the national grid occurred this afternoon at about 1333 hours of today, Wednesday, 11th December 2024, hence the loss of power supply on all our feeders. “We hope to restore normal power supply to our esteemed customers as soon as the grid supply is restored to normalcy. “Thank you for your patience and understanding as we strive to serve you better.” Similarly, the Abuja Distribution company stated, “We wish to inform you that a system disturbance occurred on the national grid at 1:32 pm today (Wednesday) causing a power outage across our franchise areas. “While gradual restoration of power supply has commenced, be assured that we are coordinating closely with relevant stakeholders to restore power fully as soon as the grid is stabilized.” Reacting, the President of Nigeria Consumer Protection Network, Kunle Olubiyo, called for an independent forensic audit of the debt claims by gas-producing companies as the outstanding amount does not correlate with realities in the sector. He further urged the government to fully privatise the power sector and not remain a scapegoat for the inadequacies of players in the sector. Olubiyo told The PUNCH, “What we need to do is adequately interrogate these claims; once they are checked, audited and verified, then we can see what is going on in the sector. It’s a buying and selling market. “The model currently being deployed at Azura is what we are supposed to have for all Gencos abinitio. When the government offered the power sector for privatisation (upstream and downstream), there was the provision of financial instruments such as letters of credit to … Read more

Three Arrested With Fake Notes Worth N129bn In Kano

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  The Kano State Police Command has arrested three persons for being in possession of counterfeit currencies amounting to N129,542,826,000. The Command’s Spokesperson, SP Abdullahi Haruna Kiyawa, revealed this while addressing journalists at a press briefing on Tuesday. “Counterfeit currencies equivalent to a total sum of N129,542,823,000:00 were recovered,” Kiyawa said. The PPRO gave the breakdown of the fake currencies as $3,366,000, CFA51,970,000 and N1,443,000. He added that the two individuals arrested with the money and the person from who they were stolen stole had been apprehended and are in police custody, helping with investigation on the actual producers of the counterfeit money. In the same vein, the command has recovered six live ammunition, three tricycles, eight motorcycles and three parcels of 175 wraps of dried leaves suspected to be Indian hemp. Kiyawa further revealed that the command recovered 250 pieces of diazapam tablets, 278 sheep and seven cattle. “These approaches have resulted not only in the apprehension of criminals but also deter potential offenders from engaging in criminal activities. “Major cases of kidnapping, armed robbery, thuggery and drug dealings have been surmounted,” he explained.  

Tinubu Appoints Shamseldeen Ogunjimi Acting Accountant General

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  President Bola Tinubu has appointed Shamseldeen Ogunjimi as the Acting Accountant General of the Federation. Ogunjimi’s appointment came following the pre-retirement leave of the incumbent AGF, Oluwatoyin Madein, who retired on March 7. This was revealed in a statement by the Special Adviser to the President on Information & Strategy on Tuesday. Onanuga said his appointment is effective immediately. “In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms. “As a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF), Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors. He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs. “A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement reads. Tinubu expresses confidence in Ogunjimi’s experts. Tinubu said, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.” The president commended Madein for her dedication and selfless service to the nation. Punch

UPDATED] Defamation: Court Denies Human Rights Activist Dele Farotimi Bail

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  The magistrate court in Ado-Ekiti has denied bail to human rights activist, Dele Farotimi, in the suit filed by the Inspector General of Police, Mr Kayode Egbetokun, against him over alleged cybercrime. Farotimi was taken to court for allegedly defaming the founder of Afe Babalola University, Ado-Ekiti, Afe Babalola. At the court hearing on Tuesday, the presiding magistrate, Abayomi Adeosun, postponed the decision on the bail application to December 20. This happened after the police counsel, Samson Osobu, argued that the bail application submitted by the defendant was incomplete and not properly filed. This ruling, however, contradicts the decision of the Federal High Court in Ado-Ekiti, which granted Farotimi bail on Monday. The PUNCH reports that Farotimi was arrested in Lagos by the police and transported to Ekiti, where he appeared before the magistrate court on Wednesday. He was charged with defamation stemming from statements in his book, ‘Nigeria and its Criminal Justice System’ where he alleged that Babalola had compromised the Supreme Court. In his ruling, the Chief Magistrates Court in the Ado Ekiti Division ordered that Farotimi be remanded at the state’s correctional centre. Farotimi’s arrest has, however, sparked public outrage. The 2023 presidential candidate of the African Action Congress, Omoyele Sowore, called for his immediate release in a post on his X handle. Sowore stated, “It is pertinent that the Nigerian police are notified that the institution cannot continue to be used to settle personal scores, and we, the citizens of Nigeria, would no longer tolerate such a situation. “Therefore, the police at Zone 2 in Lagos are advised to release Barrister Dele Farotimi immediately.” Also, a Senior Advocate of Nigeria, Femi Falana, also condemned the arrest, describing it as illegal. Falana demanded Farotimi’s unconditional release, stating, “The arrest is unlawful and we demand his immediate release from police custody.” In defence of the arrest, the police claimed Farotimi ignored previous invitations to appear before them, citing cyberbullying and defamation as the grounds for his detention. Punch

Oyo Civil Service Commission To Commence Interview Dec. 11

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  The Oyo State Civil Service Commission has announced the dates for the commencement of interview for the recruitment of officers into the various cadres in the Civil Service of Oyo State. According to a statement by the Commission’s Chairman, Alhaji Kamoru Abiodun Aderibigbe, in Ibadan, the interview will commence with the Education Officers’ cadre on Wednesday, 11th and Thursday 12th December, 2024 while other cadres will be held from Monday 16th to Friday 20th December, 2024. Consequently, he said all applicants should check the Oyo State’s job portal and their pages from Monday, 9th December. The release added that all the invited applicants should appear on the dates for their interview schedule with their score sheets as well as their invites. The Chairman sternly warned that any applicant who misses his/her scheduled date may forfeit such, saying “they will not be attended to at any other dates apart from the dates of their interview.” While requesting the invited applicants to appreciate the magnanimity of His Excellency, Governor Seyi Makinde for lifting thousands of youths from poverty to prosperity, he advised them to comport themselves at the interview.  

Hon Segelu Celebrates Baale Of Eleruko Village At 40

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  The Chairman/CEO of YSEG Hotels and Suites Ibadan and Chieftain of Peoples Democratic Party (PDP), Hon Olayinka Oladimeji Segelu, has congratulated the Baale of Eleruko Village in Lagelu Local government Area of Oyo State, Chief Tosin Oladimeji Segelu, on his 40th birthday. In a statement he issued to felicitate the Chief, Hon Segelu commended the Baale for his commitment and efforts in trying to make a difference as the Baale of Eleruko Village. He said: “Happy 40th Birthday to my amazing younger brother! As you embrace this milestone, I want to commend you for stepping into the role of Baale in our village. Your dedication and passion for our community are truly inspiring, and I admire your commitment to making a difference. “May this new chapter bring you joy, wisdom, and plenty of memorable moments. Here’s to celebrating you today and all the positive impact you will continue to make in the community. “Wishing you many more years of success and happiness.”

Trump Plans Mass Deportations, End Birthright Citizenship

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  United States President-elect Donald Trump has announced plans to deport all immigrants in the United States illegally over his upcoming four-year term. In an interview aired Sunday on NBC’s Meet the Press, Trump detailed his vision for a broad crackdown on illegal immigration, which he intends to classify as a national emergency upon taking office on January 20. According to Reuters, the Department of Homeland Security estimates that as of January 2022, over 11 million people are in the US without legal status, a figure likely higher today. Trump affirmed his intention to remove all unauthorized immigrants, stating, “I think you have to do it. It’s a very tough thing to do. You know, you have rules, regulations, laws.” While emphasising enforcement, Trump signaled willingness to negotiate protections for “Dreamers,” immigrants brought to the US illegally as children. During his first term, Trump attempted to dismantle the Deferred Action for Childhood Arrivals programme, which provides deportation relief to this group, but was blocked by the Supreme Court. Trump also plans to issue an executive order to end birthright citizenship on his first day in office. The policy, which grants citizenship to anyone born on US soil regardless of their parents’ immigration status, is rooted in the 14th Amendment of the Constitution and reinforced by an 1898 Supreme Court decision. “We’ll maybe have to go back to the people,” he said. Trump acknowledged potential legal challenges to his proposal and suggested that achieving this goal might require a constitutional amendment. The implementation of these measures would demand substantial financial resources. The American Immigration Council estimates the cost of deporting all unauthorized immigrants at $88 billion annually. Trump’s team, including incoming border czar Tom Homan, has called on Congress to provide significant funding increases to support immigration enforcement efforts. Punch

JUST IN: Ekiti Court Grants Farotimi N50m Bail

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  The Federal High Court in Ado-Ekiti, Ekiti State, has granted a lawyer and human rights activist, Dele Farotimi a N50 million bail. The court’s decision was disclosed by the presidential candidate of the African Action Congress in the 2023 election, Omoyele Sowore, via his X handle on Monday. “The first hurdle was crossed. #DeleFarotimi was granted bail of N50 million surety in the like sum with someone with landed property. The case was adjourned to January 29, 2025,” the tweet read. Details later…

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