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Tinubu’s colloquium: Why we must avoid war — Buhari

President Muhammadu Buhari said Nigerians are better and stronger together in the entity called Nigeria, noting he defended the unity of the country as a soldier during the civil war between 1967 and 1970.

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President Buhari urges leaders to lead by example

President Muhammadu Buhari said Nigerians are better and stronger together in the entity called Nigeria, noting he defended the unity of the country as a soldier during the civil war between 1967 and 1970.

The President spoke virtually from Aso Villa as chairman of the 12th Bola Tinubu Colloquium, “Our Common Wealth:  The Imperative of National Cohesion for Growth and Prosperity’’, to celebrate the 69th birthday of  All Progressives Congress chieftain, Asiwaju Bola Tinubu, in Kano.

He spoke against the backdrop of calls by groups and individuals for secession in different parts of the country.

While the Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, Sunday Adeyemo, also known as Sunday Igboho, and other individuals and groups are calling for creation of Oduduwa or O’Odua Republic, the Indigenous People of Biafra, IPOB, and its leader, Nnamdi Kanu, as well as Niger Delta ex-,militant leader, Asari Dokubo, are agitating for a Biafran Republic.

Buhari’s declaration also came on a day Iba Gani Adams said the clamour for Oodua Republic is long overdue, adding that  the call for self-determination is a true reflection of the present mindset of all Yoruba sons and daughters in the diaspora.

Similarly, a coalition of over 174 Yoruba groups in Diaspora, Yoruba One Voice, YOV, restated its avowed commitment to the actualisation of O’odua Republic, saying the call for self-determination remains the last option for the Yoruba nation.

But the Chief of Army Staff, Lt. Gen Ibrahim Attahiru, vowed yesterday that under his watch, the Nigerian Army will be resolute in dealing decisively with any and every threat confronting the country.

Nigerians better, stronger together — Buhari

Speaking at the colloquium also virtually attended by the Vice-President, Yemi Osinbajo; House of Representatives Speaker, Femi Gbajabiamila; Senate President, Ahmad Lawan; among others, whose flights to Kano were disrupted by poor weather, President Buhari said the theme of the occasion was suitable for the contemporary issue of secession and national unity in the country.

He said: “Despite occasional inter-ethnic tensions in our national history, it seems to me that we have all agreed on one point , that notwithstanding our diversity or ethnicity, culture, language and religion, Nigerians are better, even stronger together.

“Asiwaju (Tinubu) himself is a known advocate of unity and cohesion in Nigeria. This has been a constant factor in his outstanding political career from the time he served in the short-lived Senate in the Third Republic to his involvement in the struggle for the actualisation of the June 12 mandate of the late Chief MKO Abiola to his much acclaimed years of service as the governor of Lagos State from 1999 to 2007.

“I can also relate personally to the ideals of One Nigeria. As a military officer, I have served with great comrades from all the nooks and crannies of our country.

“In the course of my career, I have also been opportuned to serve in all parts of Nigeria, seeing first-hand the enticing possibilities of a strong, united nation.

“More importantly, I fought for the unity of Nigeria during the civil war – 1967 to 1970, and I saw first-hand the unspeakable horrors of war, not just from fellow soldiers from both sides but from civilians, innocent children, women and the elderly left behind.

“As we all know, the peace-keeping recovery and reconstruction that followed could also not have succeeded under an atmosphere of inter-ethnic animosity. We must count our blessings in Nigeria and see in them the crucial factors of peace and unity.”

He said:   “By this gesture governor Ganduje has helped us to tell two stories; this is the first time that the colloquium is being hosted outside Lagos and Abuja, the capital city.

“And it is befitting that Kano should be that place, this city of radical and progressive ideas and ideologies, a city whose leading political lights have been left of centre, which is the dominant tendency within our great party the APC.

“Second, it helps us to underscore the point that this country and its people are stronger and more powerful together than apart. For the purveyors of breaking up into small components/countries, perhaps they should be reminded that we would not have been able to accept Governor Ganduje’s offer to come to Kano at short notice since we would all have needed visas to come to Kano.”

The Vice President called for a new set of Nigerians across all divides who are committed to a country operated on high values integrity, justice, love, among others.

He said:  “We believe that we now have an opportunity to increase the numbers of a new tribe of Nigerians; a tribe of men and women of all faiths, tribes and ethnicities committed to a country run on high values of integrity, hard work, justice, and love of country.

“A tribe of men and women who are prepared to make the sacrifices and self-constraints that are crucial to building a strong society; who are prepared to stick together, fight for equity, and justice side by side.

“A tribe consisting of professionals, businessmen, politicians, religious leaders, and all others who believe that this new Nigeria is possible and already we have built and are building the building blocks for this new Nigeria.”

Prof. Osinbajo extolled the leadership style of the former Lagos state governor, saying that central to that style is; first a belief that development, economic, social, political development depends on enabling a contest of ideas.

He opined that, “Whether that is within a political party or its caucuses, a cabinet meeting or even just thinking through a problem.

“By exposing his thoughts and ideas constantly to debate and contestation, he refines his views constantly and is at the cutting edge of issues as varied as artificial intelligence, vaccines, to even what sort of legal processes or arguments should be filed in a matter in court!

“I remember once when he was suggesting to me that he thought it was better that we should contest jurisdiction in a particular case and so many other times when he had introduced his own legal thoughts to a matter. I have had to keep reminding him that he is not a lawyer! And I am sure others have had to remind him several times that he is not many different things.

“Second, and perhaps more importantly, because he is not afraid of having his ideas scrutinized, criticized by even subordinates, he is able to lead a vast array of persons of strong, deeply held convictions, and a variety of ideologies.

“The third in that leadership style is that he is completely comfortable engaging across ethnic, religious, and partisan divides.

“It is his belief that national development is only possible where we, the leaders are constantly interrogating ideas, perspectives, and opinions which are what led some of us who worked with him through the years, to formalize our constant debates so that on his birthday we open up discussions on some issues or issues of national importance.”

He observed the latest Tinubu Colloquium came at a time when a combination of challenges worsened by the fallouts of a global pandemic has created a storm of socio-economic problems.

“The default mode of some at times like this is to stoke tendencies viewpoints and opinions that threaten the federation and our unity,” he lamented.

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Economy

BREAKING!! No COVID-19 Vaccine, No Salary — Government Tells Civil Servants

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The Togo government said that #COVID19 vaccines are not needed, but warns civil servants that if they do not get the vaccine, they will lose their jobs.

“Togo government says #COVID19 vaccines are not mandatory but tells civil servants that they will not receive their salary if they do not get the vaccine.”

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Economy

Twitter makes Ghana its headquarters in Africa, Nigerians React

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Twitter makes Ghana its headquarters in Africa, Nigerians React

Twitter announced today that the company is now in Africa, with its headquarters in Ghana.

“Twitter is now present on the continent. Thank you Ghana and @NakufoAddo,” Twitter CEO, Jack Dorsey tweeted today, April 12.

Abubakar Suleiman, the CEO of Sterling Bank, has weighed in on the conversation about Twitter making Ghana its headquarters in African.

Nigerians reacted to the fact that Ghana, and not Nigeria, was chosen to be the headquarters.

Then Suleiman tweeted: “First you tell the world Nigeria is a zoo.. Then you hear @TwitterSF has chosen @GhanaPresidency as their WA headquarters & you are wondering why.

ALSO READ;

“If you can’t sell yourself, nobody will buy you. Nigeria remains the heartbeat of Africa, our current struggles notwithstanding.”

Bank CEO, Abubakar Suleiman blames Nigerians who bad-mouth the country for Twitter’s decision to make Ghana its headquarters in Africa

See Nigerians Reactions Below;

A number of his followers took to the comments to disagree with him and he doubled down, writing: “I think everyone sells. And we should showcase the good things in our country even as we critic the shortcomings..”

 

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Economy

CBN crashes liquidity mop-up activities, raises treasury bills

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CBN reduces liquidity mop up activities through Treasury bills

The Central Bank of Nigeria (CBN) drastically reduced its liquidity mop up activities through treasury bills by 81 percent, year-on-year, y/y, to N793 billion in the first quarter of the year (Q1’21).

The apex bank, among other things, controls money supply (liquidity) in the economy by issuing or purchasing secondary market treasury bills, also known as Open Market Operations (OMO) when it wants to reduce money supply, while it injects liquidity by purchasing OMO treasury bills.

The CBN reduced the amounts of OMO bills offered by 80 per cent, y/y, to N858 billion in Q1’21, from N4.26 trillion in Q1’2020.  Similarly, the amount of bills sold fell by 81 per cent, y/y, to N793 billion in Q1’21  from N4.44 trillion in Q1’2020.  In the same vein, the amount of OMO TBs demanded by the banks and FPIs  (public subscription)  fell by 41 per cent, y/y, to N3.13 trillion in Q1’21 from N5.31 trillion in Q1’2020.

Further analysis of OMO TBs sold in Q1’21 showed that the CBN offered N103 billion worth of 91-Days bills but sold N85 billion while the public subscription stood at N248.6 billion.

Meanwhile the apex bank raised yields (interest rate) on the  OMO TBs apparently to increase the attractiveness of the bills to foreign portfolio investors, FPIs, and enhance foreign exchange inflow.  Financial Vanguard analysis showed that average yield (stop rate) for  OMO bills rose  by 4.55 percentage points to 8.53 per cent at the end of March from 3.98 per cent at the end of December last year.

The CBN raised the stop rate for 91-Days OMO bills by 5.3 percentage points to 7.0 per cent in  March from 1.61 per cent in December. It also raised the stop rate for  182-Days OMO bills by 4.05 percentage points to 8.5 per cent in March from 4.45 per cent in December. Similarly, the stop rate for  365-Days bills rose by 4.2 percentage points to 10.1 per cent in March from 5.9 per cent in December.

These were in sharp contrast to the downward trend recorded last year  when average yield on OMO TBs crashed by 8.13 percentage points as the CBN slashed stop rate for  91-Days, 182-Days, 365-Days OMO bills respectively  by 9.87 percentage points, 7.15 percentage points and 7.36 percentage points respectively from 11.48 per cent, 11.6 per cent and 13.26 per cent at the beginning of the year.

While citing this reversal in the yields on OMO TBs and other fixed income instruments as a factor behind the negative performance of the Nigeria Stock Exchange, NSE, in Q1’21, analysts at United Capital Plc,  projected that the upward trend in yields on fixed income instruments will persist in Q2’21. They said:

“Like we noted, the bearish sentiment in the equity market has been stoked by fast-paced reversal in the yield environment. The peak of the reversal appears to be distant even though the pace of increase at recent auctions (Bonds & T-bills) seems to have slowed. We expect upward pressure on yields to garner pace later in Q2-2020 depending on the outcome of the May MPC meeting as well as data from economic recovery.”

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