Tinubu’s whereabouts: Expect President in Nigeria Wednesday, says Presidency

President Bola Tinubu and his aides will return to Nigeria from Europe on Wednesday, the Presidency has said.
Special Adviser to the President on Information and Strategy Bayo Onanuga, announced this in a post on his X handle on Tuesday.
“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.
His statement is coming in reaction to questions being asked about the whereabouts of the President over a week after his official engagements abroad were completed.
Tinubu left Abuja on April 22 for the Kingdom of The Netherlands on an official visit.
Presidential spokesperson, Ajuri Ngelale, had said the President was visiting The Netherlands on the invitation of Prime Minister Mark Rutte.
After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia.

He was there for a special World Economic Forum (WEF) meeting between April 28 and 29.
The President was expected back in the country after the forum in Saudi Arabia. But he did not return.

This fueled speculations about his whereabouts.

There were reports that the President travelled to London from Saudi Arabia for a private visit.

Some said he headed to France, but no official statement confirming or denying this.

Cement price: Dangote, BUA get Reps 14-day ultimatum

The House of Representatives has issued a 14-day ultimatum to Dangote Cement, BUA, Lafarge Ashaka and other cement manufacturing companies in Nigeria to appear before it to make their submissions over the arbitrary increases in the price of the commodity nationwide.

The Chairman, House Committee on Solid Minerals, Mr Gaza Gbefwi, gave the directive at a public hearing to investigate the arbitrary increase in the price of cement in Nigeria by cement manufacturers, organised by House Joint Committees on Commerce, Industry, Special Duties and Solid Minerals on Tuesday in Abuja.

The PUNCH reported on March 13, 2024, that the House adopted a motion on the “Arbitrary increase in the price of cement by the cement manufacturers in Nigeria”, and constituted a joint committee to investigate and report back to it for further legislative action.

At the public hearing on Tuesday, none of the cement companies appeared or sent representatives to make submissions on their behalf.

Angered by the development, Gbefwi who represents Karu/Keffi/Kokona Federal Constituency, Nasarawa State, said the parliament was not in receipt of a court order restraining it from inviting anybody or companies for investigative purposes.

He said: “We are trying to see to the development of our country. Just as it was emphasized in the opening remarks, cement is to building what air is to every human being. In the human nature of the House, because we owe them a duty of care because they are equally Nigerians, we are giving them 14 days to make their submissions.

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If not, as we have sworn to uphold the constitution, we will use everything within our powers to make sure that Nigerians are not taken for granted and are not exploited. We will not sit back while some companies declare billions in naira and dollars every day while our people can barely afford to get a decent roof over their heads.”

“We have seen in Lagos where you have Nigerians under the bridge and paying rent. Why? If this product was available, I do not believe we would go to that length. Moreover, God has given to this nation, resources in abundance. So, this joint committee resolves to give them 14 days from now, and not 14 working days but 14 days to make sure that they make their submissions and appear before this House,” he said.

Earlier in his remarks, the Speaker, Abbas Tajudeen, represented by the Deputy Speaker, Benjamin Kalu, pledged the readiness of the House to come up with appropriate legislation to encourage the industrialisation of the country.

He also assured the companies invited for deliberations not to see their invitation as a witch-hunting mission, adding that the parliament was only interested in assisting in resolving the challenges in the building sector occasioned by frequent hikes in the price of cement.

He said: “We are committed to collaborating with both cement manufacturers and end-users, believing this is the most effective way to improve the quality of life and standard of living for our citizens. We are also dedicated to enacting laws that prevent a recurrence of the factors that led to the current situation.

“Our goal is to inform Nigerians about the industry’s current state and collaboratively find solutions to navigate the challenges. The persistent rise in cement prices has had a detrimental impact not only on the building environment but also on the entire economy. Cement is a fundamental component used in construction projects like bridges, dams, houses, waterworks, and road infrastructure. This makes addressing this issue paramount.”

Quoting research by the African Development Bank, Kalu said there is a housing deficit of up to 16.9 million units, adding that Lagos, Ibadan, Kano, and Abuja, have a 20 per cent rise in housing needs yearly. The current total output in the formal housing sector is estimated at not more than 100,000 units”.

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The Deputy Speaker asserted that bridging this gap requires affordable and accessible cement prices for both the government and the private sector.

“While factors like exchange rates have contributed to the price increases across various commodities, it is encouraging to see the positive results of the “Renewed Hope” administration’s policies under the leadership of Bola Tinubu. Notably, the naira has shown remarkable strength against the dollar in recent weeks, and Fitch Ratings, a global credit rating agency, recently revised Nigeria’s credit outlook to positive from stable”, he added.

Earlier in his welcome address, Gbefwi said that Nigeria has a high housing deficit of about 3 million units and a huge infrastructural deficit.

He stated: “Indeed the recent events that led to the skyrocketing of the price of cement in Nigeria has been worrisome and of great concern as it is inflicting untold hardship on Nigerians.

“To close this gap, both government and the private sector must be articulate and deliberate in putting the right policies and parameters in place that can promote, induce and or encourage development.

He added that the cost of cement is higher in Nigeria compared to other countries in Africa using the current exchange rate of the dollar to local currencies.

“Our review of cement prices in other countries like Kenya, India and Zambia for 2021 alone shows that Nigeria has the highest price of cement using the official exchange rates for each country. Nigeria’s price of cement doubles that of India at a difference of 69 per cent. Similarly, the price is 29 per cent higher than that in Kenya and 39 per cent higher in Zambia; hence the need for us to come together and find out why,” he added.

Cement price: Dangote, BUA get Reps 14-day ultimatum

PUNCH

Binance CEO worries over continued detention of employee in Nigeria

Binance’s CEO, Richard Teng, has characterised the detention of its employee, Tigran Gambaryan, by the Nigerian government as ‘unjust’ and a ‘dangerous precedent’ for multinational enterprises.

Teng further stated that, despite Binance’s repeated attempts at constructive engagement and collaboration with Nigerian authorities, Gambaryan remains detained for spurious’ reasons.

Binance’s CEO, in a statement to the press on Tuesday, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”

He added, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.

“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities.”

Gambaryan and his colleague Nadeem Anjarwalla were arrested when they landed in Nigeria on February 26 as part of a criminal inquiry into Binance’s actions.

Anjarwalla escaped incarceration, while Gambaryan remains in captivity at the Kuje Correctional Centre, awaiting the outcome of his bail plea.

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The Nigerian government accused the cryptocurrency firm of rigging exchange rates on its website, the world’s largest cryptocurrency exchange.

The Economic and Financial Crimes Commission accused Binance, Gambaryan, and his fleeing colleague, Anjarwalla, of concealing the source of $35,400,000 in revenue made by Binance in Nigeria, knowing that the money was the result of illegal activities.

Gambaryan, who was charged in April with tax evasion, currency speculation, and money laundering, was set to stand trial on May 2.

However, the hearings were postponed at a federal high court in Abuja due to the Economic and Financial Crimes Commission’s (EFCC) failure to serve necessary files on the defence.

Justice Emeka Nwite, who presided over the case, adjourned the hearing to May 17. This delay occurs as Gambaryan awaits a decision on his bail application.

However, the Binance CEO claimed that Nigerian authorities were unlawfully arresting one of the company’s mid-level employees, who lacked decision-making power.

He stated that the issue must come to an end swiftly and that Tigran must be allowed to return home “if we’re going to move forward.”

He underlined Binance’s commitment to cooperation with Nigerian law enforcement, citing over 600 previous voluntary meetings with officials.

According to the cryptocurrency exchange, one of the primary areas of Binance’s work is continued engagement with Nigeria’s Federal Inland Revenue Service (FIRS) to handle potential previous tax issues.

Teng recognised Nigeria’s enormous effect on the future of cryptocurrency firm and the crypto industry within its boundaries, emphasising the need to work with Nigerian authorities.

He also explained cryptocurrency firm’s ambition to collaborate with the Nigerian government to help build a strong economy for the Nigerian people.

“Over the past two and a half years, Binance has worked hard to restructure our organisation and personnel and upgrade our systems. We have new leadership in place with deep compliance experience and impressive backgrounds ranging from top traditional financial institutions and leading tech companies to law enforcement and major corporate entities.”

Teng continued, “We continue to do anything and everything we can to support Gambaryan. This support is unwavering. Tigran did not go to Nigeria as a decision-maker or a negotiator.” He was merely acting as a functional expert in financial crime and capacity building in policy discussions.”

Binance CEO worries over continued detention of employee in Nigeria