“This unfortunate incident underscores LASTMA’s resolute commitment to preserving lives and ensuring safety on Lagos roads through proactive interventions and collaborative engagements with emergency response agencies,” he said.
metro
Tinubu to establish credit firm to bring down food, drug prices
Tinubu to establish credit firm to bring down food, drug prices
President Bola Tinubu said yesterday the Federal Government hopes to bring down the price of food and promote local manufacturing of essential drugs and other medical supplies through the establishment of a National Credit Guarantee Company in the new year.
Tinubu, who disclosed this in his New Year nationwide broadcast to the nation, also asked states to key into the federal government’s Compressed National Gas, CNG, programme to reduce the cost of transportation for Nigerians.
The President equally said the youth confab he promised in the aftermath of the #EndBadGovernance protests across the country, would begin in the first quarter of 2025, as a testament of his government’s commitment to youth inclusiveness and investment as nation-builders.
This is as the main opposition party, the Peoples Democratic Party, PDP, charged the President not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel and address widespread hunger.
New coy to partner BOI, NSIA, others
According to the President, the new company, which is expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, BOI, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, NSIA, the Ministry of Finance Incorporated, the private sector and multilateral institutions.
Tinubu, who noted that the initiative will strengthen the confidence of the financial system, expand credit access and support under-served groups such as women and youth, said the new company will help expand risk-sharing instruments for financial institutions and enterprises.
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The President said: “As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.
“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability.
“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
Company to expand risk-sharing instruments for banks, businesses
“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
The company, expected to start operations before the end of the second quarter, is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
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“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.
“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.
‘’I seek your co-operation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.
‘’We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.
‘’To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.
‘’Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.
‘’I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.
‘’The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.
Youth confab for the first quarter of 2025
‘’The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.
‘’Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward.
‘’I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.
“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain, even in the months ahead. Together, let us stay the course of nation-building.
The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.
Tinubu to establish credit firm to bring down food, drug prices
metro
Alleged money laundering: Court temporarily freezes 21 bank accounts, orders holders’ arrest
Alleged money laundering: Court temporarily freezes 21 bank accounts, orders holders’ arrest
A Federal High Court in Abuja on Friday ordered the temporary freezing of 21 bank accounts domiciled in some commercial banks and directed the arrest of the account holders by the police.
Justice Emeka Nwite gave the order after counsel for the Inspector-General (I-G) of Police, Ibrahim Mohammed, moved a motion ex-parte to the effect.
Justice Nwite also granted the “order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the ATMs while allowing inflow into the said accounts” pending the conclusion of the investigation.
“I have listened to the submission of the learner counsel for the applicant and gone through the affidavit evidence.
“I am of the view that the motion ex-parte is meritorious.
“The application is hereby granted except that the period of the investigation can only last for a period of 90 days,” Justice Nwite said.
The judge adjourned the matter until April 3 for mention.
The banks are Access Bank Plc, Sterling Bank Ltd, Wema Bank Plc, Fidelity Bank Plc, Zenith Bank Plc, Union Bank Plc, Guarantee Trust Bank Ltd, United Bank of Africa Plc, Stanbic IBTC Bank Plc, First Monument Bank Plc, Heritage Bank Plc, TAJ Bank Plc and Keystone Bank Plc.
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The News Agency of Nigeria (NAN) reports that while the I-G is the applicant in the motion ex-parte marked: FHC/ABJ/CS/1965/V/2024, the 13 banks are sued as 1st to 13 defendants respectively.
The I-G, in the motion filed by Mohammed, sought an interim order directing the listed “banks to freeze the accounts mentioned in the schedule attached to this summon pending investigation and prosecution of this case.
“An order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the ATM while allowing inflow into the said account as from the date of this court order.
Alleged money laundering: Court temporarily freezes 21 bank accounts, orders holders’ arrest
metro
Youths beat Osun monarch for appointing Imam on disputed community
Youths beat Osun monarch for appointing Imam on disputed community
The crisis erupted in the Hallelujah community in Egbedore local government area of Osun State on Friday, as enraged residents beat the newly installed Ajeniju of Hallelujah, Oba Jelili Olaiya while attempting to conduct jumat service in the area.
The Ajeniju, who was installed by the Timi of Ede a few months ago, against the will of the Ido-Osun community, was beaten to a pulp by angry youths, saying he had no right to install a chief Imam in the community.
It was gathered that the monarch had last week turbaned one Ahmad Tijjani as Chief Imam of the Hallelujah community, but while gathering some people at his palace to observe jumat prayer, some youth allegedly from Ido-Osun invaded the palace and disrupted the exercise.
Some of the aggrieved youths while shouting at the monarch queried his authority to install and conduct jumat prayer in a domain belonging to a separate monarch.
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The mob beat the monarch seriously and vandalised the palace before security operatives could intervene in the situation.
A security source who pleaded anonymity disclosed that it took the intervention of security operatives to rescue the monarch from the scene.
“The situation escalated, resulting in the vandalization of the palace and a physical attack on Ajenifuja of Hallelujah, who sustained serious injuries. He has since been taken to the State CID for further investigation and safety”, said the source.
However, another source in the community disclosed that the monarch has been taken to the Osun State University Teaching Hospital, Osogbo for treatment.
Confirming the incident, the Special Adviser to Governor Ademola Adeleke on Security, Hon. Samuel Ojo said he will not comment on the incident pending the outcome of an investigation on the matter.
Youths beat Osun monarch for appointing Imam on disputed community
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Lagos commuter bus summersaults, LASTMA rescues 8 injured passengers
Lagos commuter bus summersaults, LASTMA rescues 8 injured passengers
The Lagos State Traffic Management Authority (LASTMA) has rescued eight injured passengers involved in an accident at Hammadiya inward Abule-Egba.
The LASTMA General Manager, Mr Olalekan Bakare-Oki, confirmed this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.
The statement was signed by Mr Taofiq Adebayo, Director, Public Affairs and Enlightenment Department, LASTMA.
Bakare-Oki said the road traffic incident which involved a commercial long bus, popularly referred to as ‘Molue,’ at Hammadiya inward Abule-Egba, caused severe injuries and significant disruption to traffic.
“The accident was triggered when the vehicle, registered as KTU 801 XM, lost control at excessive speed, reportedly due to driver impatience.
“In an attempt to avoid colliding with another LT commercial bus and pedestrians awaiting transport at the roadside, the driver veered sharply, resulting in the bus crashing into the expressway median and overturning.
“Several passengers sustained injuries, while others escaped through the bus’s windows,” he said.
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He said that officers from LASTMA promptly arrived at the scene, executed a well-coordinated and efficient rescue operation.
“Eight individuals, including five males and three females, suffered varying degrees of injuries. Among the injured was the bus driver, who sustained a fractured left arm.
“All victims were immediately handed over to LASAMBUS medical personnel and transported to the General Hospital at Ile-Epo for urgent medical attention,” he said.
Bakare-Oki said to ensure the free flow of traffic and public safety, LASTMA’s Response Unit was swiftly mobilised to oversee the removal of the overturned vehicle.
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