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JUSTICE NYAKO URGES OUT-OF-COURT SETTLEMENT IN N2 BILLION SUIT AGAINST NIGERIAN ARMY

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Justice Binta Nyako has advised the parties involved in a N2 billion suit against the Nigerian Army to explore out-of-court settlement options rather than incurring unnecessary legal expenses that would burden taxpayers.

Presiding over the case at the Federal High Court in Abuja on Thursday, Justice Nyako adjourned the proceedings until November 28.

The fundamental rights enforcement suit was filed by Mr. Lucky Okodeh, a former Caretaker Chairman of the Southern Ijaw Local Government Area in Bayelsa State. Okodeh, represented by Mr. Femi Falana, SAN, is suing the Chief of Defence Staff (CDS), Gen. Christopher Musa, and the Chief of Army Staff (CAS), Taoreed Lagbaja, who are named as the 1st and 2nd respondents, respectively.

In his suit, dated and filed on May 3, Okodeh alleges that the defendants published his photograph as one of those wanted in connection with the killing of 17 soldiers in Okuama, Delta State. He claims this action violated his rights to personal liberty and dignity, prompting him to seek N2 billion in damages.

During the hearing, Okodeh’s counsel, Asmau Yunusa, informed the court that she had received a counter-affidavit from the 1st respondent (CDS) the previous day and required additional time to formulate a response.

Justice Nyako’s recommendation for an out-of-court settlement highlights the potential for resolution without further legal disputes.

FINANCE MINISTER LAUNCHES PERFORMANCE MANAGEMENT SYSTEM TO BOOST EFFICIENCY

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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has officially launched the Performance Management System (PMS) aimed at enhancing staff efficiency and ensuring effective management of Nigeria’s finances. The launch event took place yesterday in Abuja.

This initiative aligns with the Federal Civil Service Strategy and Implementation Plan 2021-2025 (FCSSIP 25), which was introduced by the Office of the Head of the Civil Service of the Federation to promote civil service reforms.

According to Mr. Mohammed Manga, Director of Information and Public Relations, the PMS is expected to improve transparency, accountability, and efficiency in managing public funds, thereby supporting Nigeria’s development priorities.

Minister Edun emphasized the importance of the system in achieving national development goals. He stated, “The public service plays a vital role in realizing government policies, and an effective PMS is key to boosting productivity.”

To further institutionalize this initiative, Edun declared every Thursday as “Performance Management System Day,” dedicated to PMS activities within the Ministry of Finance. He urged ministry staff to adopt a culture of excellence, efficiency, and productivity to serve the nation effectively.

In her remarks, the Permanent Secretary of the Ministry, Mrs. Lydia Shehu Jafiya, highlighted the significance of the PMS in aligning the ministry’s objectives with broader civil service reforms. She noted, “The Performance Management System will help us track progress, identify areas for improvement, and make informed decisions,” marking the launch as a pivotal milestone in the ministry’s pursuit of excellence.

EDO STATE GOVERNMENT AND APC TRANSITION COMMITTEES TO HOLD JOINT MEETING

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The Edo State government’s transition committee and that of the All Progressives Congress (APC) are set to commence their joint sitting on Friday as part of preparations for the upcoming handover of government to Senator Monday Okpebholo in November.

During a press briefing, the Commissioner for Communication and Orientation, Chris Nehikhare, announced that the inaugural meeting of the Edo State Joint Transition Committee will take place at the John Odigie-Oyegun Public Service Academy (JOOPSA) starting at 10 a.m.

Nehikhare confirmed that the state government had received the names of the APC Transition Committee members in response to an earlier letter sent to the party. He emphasized that the primary objective of the Transition Committee is to facilitate a smooth handover of government, expressing optimism about the collaborative efforts of all members to ensure a seamless transition.

The committee from the state government includes:

  • Mr. Joseph Eboigbe (SSG/Chairman)
  • Eire Ifueko Alufohai Esq (Secretary/Coordinator)
  • Mr. Oluwole Osaze-Uzzi (Advisor)
  • Isoken Omo (Advisor)
  • Joan Oviawe (Advisor)
  • Mr. Igberaese G.O (Member)
  • Engr. Enabulele Ferguson (Member)
  • Mr. Anelu Julius (Member)
  • Mr. Efe Iserhienrhien (Member)
  • Mrs. Osaro Aihie (Member)
  • Mrs. Igbinogbaro Bose Joy (Member)
  • Yuwa Naps (Member)
  • Mr. Jude Ekpu (Member)
  • Dr. Stanley Ehiarimwian (Member)
  • Mrs. Akhigbe Joy (Member)
  • Mrs. Imuetinyan Akin-Omyajowo (Member)
  • Mrs. Agbonlahor Edugie (Member)
  • Dr. Henry Idogun (Member)
  • Mr. Isaac Ebewele (Member)
  • Mrs. Osayamen Mokogwu (Member)
  • Mr. Fidelis Imiebiakhe (Member)
  • Anthony Okungbowa Esq. (Head of Service)
  • Hon. Chris Nehikhare (Commissioner for Communication and Orientation)
  • Mrs. Deborah Enakhimion (Permanent Secretary, SSG)

The joint meeting marks a significant step in ensuring a coordinated and effective transition process for the incoming administration.

RIVERS APC CHAIRMAN CLARIFIES WIKE’S POLITICAL STATUS

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Dr. Tony Okocha, the Chairman of the All Progressives Congress (APC) in Rivers State, has asserted that the Federal Capital Territory (FCT) Minister, Nyesom Wike, is not a member of the APC. During a press briefing on Thursday in Abuja, Okocha also addressed the political situation involving the 27 Rivers lawmakers who are currently engaged in a conflict with Governor Siminalayi Fubara, stating that they are not members of the APC either.

Okocha responded to claims that Wike had defected to the APC and that the lawmakers had joined the party, saying, “People say Wike has decamped to the APC. They also say that the 27 lawmakers currently fighting with Fubara have defected to the APC. I need to make this clear to everyone. Much as I wish to have them in my fold, none of them has agreed to join us.”

He emphasized that he would be aware if any of them had joined the party, but noted that their actions were merely a “political gimmick.” Okocha added that while he attempted to persuade the lawmakers to join the APC, they had not committed to doing so. “To defect, they must go to their wards, register, and get their membership cards. None of them has done that,” he explained.

Regarding Wike, Okocha was firm in his belief that the former governor of Rivers State would not leave the People’s Democratic Party (PDP). He remarked, “Wike will never leave the PDP. He has always said that PDP made him what he is. He has always said that he would remain there. He is an ardent believer in PDP. He is not likely to leave that group.” However, he acknowledged that Wike is part of the Renewed Hope Agenda.

NORTHERN ELDERS COMMEND PRESIDENT TINUBU’S FIGHT AGAINST INSECURITY

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The Northern Elders Progressive Group has expressed support for President Bola Ahmed Tinubu’s initiatives in combating insecurity in the Northern region of Nigeria. Alhaji Mustafa Aliyu Dutsin Ma, the Chairman of the Arewa Elders Progressive Group in the Northwest, praised Tinubu’s new strategy, known as “Fansan Yamma,” which has reportedly yielded significant positive results.

In a statement released on Thursday, the group highlighted President Tinubu’s aggressive approach to tackling insecurity, particularly his decision to deploy military force to dismantle bandit hideouts without hesitation. The Elders expressed confidence in Tinubu’s leadership, pointing to the recent visit of Defense Minister Mohammed Bello Matawalle to the heart of banditry in Sokoto State as evidence of the government’s commitment and bravery in addressing the crisis.

The Northern Elders hailed this visit as a “major achievement” that supports President Tinubu’s ongoing efforts against insecurity. They stated, “We are convinced with greater joy that the federal government under President Tinubu is ready to approach the issue of insecurity aggressively, taking the bull by the horns to destroy bandits’ enclaves, reaching them in their own places without mercy.”

The Elders urged northern governors, particularly those in the northwest, to collaborate with the federal government to achieve lasting success in the fight against banditry. They specifically commended Governor Ahmed Aliyu of Sokoto for effectively leveraging federal resources to confront these challenges.

CNG FILLING STATION IN BENIN CITY INJURES THREE

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A tragic incident unfolded on Thursday morning in Benin City, Edo State, when a Compressed Natural Gas (CNG)-powered vehicle exploded at the NIPCO filling station on Aduwawa along the Benin-Auchi Expressway.

A viral video of the explosion depicted the vehicle scattered across the site, while bystanders fled in terror as the loud blast created panic in the area. Reports indicate that three individuals sustained various injuries and were promptly rushed to the University of Benin Teaching Hospital, Ugbowo.

The explosion reportedly occurred when a technician and the car owner visited the filling station to test-run the vehicle after its conversion to CNG. This incident has raised significant safety concerns regarding the practice of converting petrol-powered vehicles to CNG, a move encouraged by the Federal Government to mitigate transportation costs following the removal of fuel subsidies.

In a statement on X, the Presidential CNG Initiative confirmed the incident, expressing sympathy for those injured. The statement noted, “The Presidential CNG Initiative acknowledges the unfortunate incident that involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024. We commiserate with those injured in this avoidable incident and are thankful that no lives were lost.”

The statement further clarified that a close examination of the vehicle’s cylinder revealed it was welded and modified, and not approved for use with CNG. Investigations are currently being conducted by the police, regulatory authorities, and the management of NIPCO to determine the circumstances surrounding the incident.

BOBRISKY DENIES DEFAMATION CLAIMS BY FALANA AND SON

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Controversial crossdresser Idris ‘Bobrisky’ Okuneye has denied allegations of defaming prominent human rights lawyer Femi Falana and his son, rapper Falz, in connection with an alleged defamatory audio recording. The audio, which emerged last month, suggested that Bobrisky had given the Falanas N10 million to secure a presidential pardon for his conviction earlier this year.

In response to the claims, Bobrisky stated, “I, Okuneye Idris, aka Bobrisky, didn’t give Falz or his dad any money for pardon. As a matter of fact, no penny was given to them.” He rejected the voice in the recording as not belonging to him, firmly asserting his innocence.

Falana and Falz had issued a 12-hour ultimatum for a public apology through a cease-and-desist letter from their legal representatives, demanding accountability for the alleged defamatory statements. However, Bobrisky took to Instagram to assert that he did not publish any defamatory content and remains steadfast in his denial.

He emphasized, “The person that published an audio online should take full responsibility for what he posted in public,” further urging that anyone claiming defamation should direct their concerns towards the actual publisher of the audio rather than him.

EX-PRESIDENT JONATHAN CRITICIZES SUPREME COURT JUDGMENT AT OZEKHOMES’S BIRTHDAY CELEBRATION

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Former President Goodluck Jonathan has expressed deep concern over recent Supreme Court judgments regarding political cases in Nigeria, particularly the ruling that allows a ward chairman of a political party to suspend the national chairman. Speaking at the 67th birthday celebration of legal luminary Prof. Mike Ozekhome, SAN, in Abuja, Jonathan highlighted the potential destabilizing effects of such decisions on the country’s democracy.

Jonathan likened the democratic structure to an upside-down cone, stating, “When a cone is turned upside down, it cannot stand because any little thing that touches it will fall.” He emphasized that the judgment undermines the principle of natural justice, questioning the rationale behind empowering ward chairmen to discipline national leaders. “You cannot tell me that the head of a department can expel the vice chancellor,” he remarked.

He pointed out that the ruling has contributed to instability within political parties, citing the crisis within the Peoples Democratic Party (PDP) and similar issues faced by the All Progressives Congress (APC) in the past. Jonathan urged the Supreme Court to reconsider its judgment, asserting that it has turned the democratic framework on its head.

His comments came after he was brought to the podium by former President Olusegun Obasanjo, who also praised Prof. Ozekhome for his contributions to the legal profession, describing him as both “an extraordinary man” and “a radical.” Obasanjo, originally designated as the chairman of the occasion, invited Jonathan to co-chair the event with him, highlighting a spirit of unity among Nigeria’s past leaders.

NIGERIAN WOMAN WELCOMES BABY AFTER 28 YEARS OF WAITING

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In a heartwarming story, Oluwakemi Gbangbalasa, a Nigerian woman, has celebrated the birth of her first child after 28 years of waiting. The joyous news was shared in a viral video on Instagram, where Gbangbalasa expressed her long journey of hope and faith in God for a child.

Reflecting on her experience, she stated, “For this child, we waited. For this child, we prayed. For this child, we hoped. After 28 years of waiting on you, my God, you blessed me! Thank you, God, I am so grateful. My bundle of joy is here.”

Gbangbalasa shared her excitement and gratitude, expressing her belief that God would one day answer her prayers. “I am so happy, I don’t even know how I feel right now. I put my trust in God because I believed that nothing is impossible. I knew that one day, I would be happy, and today I am very happy this happened during my lifetime.”

In her heartfelt message, she also thanked her husband and family for their unwavering support throughout her years of waiting. “I thank everyone who has supported me up until now; my husband, my younger siblings, and my husband’s children. They all supported me so well, and I love them very much.”

Her story serves as an inspiring reminder of faith, patience, and the power of hope in the face of adversity.

NIGER BANS FOOD EXPORTS TO PROTECT LOCAL SUPPLY AMID HIGH INFLATION

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Niger’s military authorities have imposed a ban on the export of rice, cereals, and other food products to all countries except neighboring junta-led nations Burkina Faso and Mali. This decision aims to safeguard local supplies in light of rising inflation affecting staple foods.

The ban includes exports of legumes such as cowpea, as well as cereals like millet, sorghum, and corn. Junta leader Abdourahamane Tiani emphasized that the measure is intended “to protect the supply of the internal market” and “make the goods of mass consumption accessible” to Nigeriens, as stated in a government announcement released late Wednesday.

The government has specified that these export prohibitions do not extend to Mali and Burkina Faso, which share similar military leadership after recent coups. Penalties for violating the ban may include the seizure of shipments and criminal charges.

Niger is a crucial regional supplier of cereals, particularly for neighboring Nigeria. Despite the lifting of sanctions by the Economic Community of West African States (ECOWAS) in February following the July 2023 coup, disruptions to regular supplies have persisted, contributing to high inflation in local markets, particularly for rice.

The closure of the Niger-Benin border has further exacerbated these supply challenges. In response, the agriculture minister has pledged to purchase part of the farmers’ harvests to bolster the country’s emergency reserves and expressed hope for “good agricultural harvests” despite significant flooding impacting the region.

EDO STATE GOVERNMENT ANNOUNCES INAUGURAL MEETING FOR APC TRANSITION COMMITTEE

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Edo State’s Commissioner for Information and Orientation, Mr. Chris Nehikhare, has announced that the state government has received the names of members of the All Progressives Congress (APC) transition committee. During a news conference held in Benin City on Thursday, Nehikhare revealed that an inaugural meeting is scheduled for Friday, October 18.

The transition committee comprises 24 members and is led by Mr. Joseph Eboigbe, the Secretary to the State Government of Edo. Meanwhile, the APC committee is chaired by Mr. Pius Odubu.

Nehikhare stated, “We have received the names of the APC Transition Committee members and are pleased to announce that the inaugural meeting is scheduled for Friday, Oct. 18. The meeting will take place at the John Odigie Oyegun Public Service Academy.”

He emphasized that the primary objective of the transition committee is to facilitate a smooth handover of government. The commissioner expressed optimism about the collaboration among committee members to ensure a seamless transition process in the state.

SENATE PASSES VOTE OF CONFIDENCE FOR SENATE PRESIDENT GODSWILL AKPABIO

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The Nigerian Senate has unanimously passed a vote of confidence in its President, Senator Godswill Akpabio, following concerns raised about potential impeachment moves against him. The resolution came after Senator Yahaya Abdullahi, representing the Peoples Democratic Party (PDP) from Kebbi North, raised a Point of Order during the session.

Citing Senate Standing Orders 10 and 42, Senator Abdullahi addressed the chamber regarding reports of alleged plots by northern senators to impeach Akpabio. He emphasized the importance of unity within the Senate, stating, “I can assure you that there is no attempt by any caucus among the northern senators to bring discord or challenge the unity of what you are doing in the Senate.”

He expressed that any efforts to create division along regional lines undermine the progress of democracy in Nigeria. “We must rise and get united under the leadership to ensure that this kind of discourse is completely negated,” Abdullahi asserted, urging his colleagues to maintain the solidarity achieved over the past 18 months.

Senator Abdullahi further condemned any actions aimed at undermining the Senate leadership and called on his fellow senators to resist attempts to destabilize the institution. His remarks resonated with the other senators, leading to the overwhelming support for Akpabio’s continued leadership.

The Senate’s decisive action reflects its commitment to maintaining unity and focus on legislative duties, reinforcing support for Akpabio as he leads the chamber.

EXPERTS WARN OF NIGERIA’S ENERGY CRISIS AT NIGERIA ENERGY CONFERENCE 2024

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At the Nigeria Energy Conference 2024, experts in the energy sector have sounded alarms about Nigeria’s capacity to achieve its desired economic transformation under current energy statistics. Stakeholders expressed concern over the unreasonably low energy generation for a nation with a population exceeding 200 million, which currently ranges between 5,000 and 8,000 megawatts. They called for the implementation of favorable policies to attract private sector investment in the energy market.

The conference, themed “Breaking Barriers in the New Energy Era: Clean, Reliable, and Sustainable,” was organized by Informa Markets in Lagos. During the event, Dr. Owen Omogiafo, President of Transnational Corporation Plc, highlighted the stark energy disparity when comparing Nigeria to Germany. He stated, “Germany has 51 megawatts for 80 million people. With 220 million people, Nigeria generates only 5,000 to 8,000 megawatts. This shows a clear and present danger to our economic aspirations.”

Mr. Ade Yesufu, Exhibition Director at Informa Markets, noted the event’s evolution over the past 11 years to align with global conversations on sustainability and energy transition. He emphasized the need for discussions on renewable energy, energy efficiency, and digitalization in the energy sector, saying, “We are deeply rooted in navigating the complexities of the clean energy transition, focusing on policy and investment as catalysts for a sustainable energy future.”

Minister of Power, Mr. Adebayo Adelabu, echoed the sentiments of the other speakers, lamenting Nigeria’s underachievement amidst abundant resources. He remarked, “My heart bleeds each time I remember that we are achieving very little in the midst of plenty. We lack the resources required for the reliability and stability of this sector compared to other countries.”

The conference aimed to address these pressing issues and explore actionable solutions for Nigeria’s energy challenges, highlighting the importance of collaboration among stakeholders to foster a sustainable energy future.

MARITIME WORKERS UNION DEMANDS PAYMENT OF NINE MONTHS OF SALARIES FROM CRFFN

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The Maritime Workers Union of Nigeria (MWUN) has expressed serious concerns regarding the nonpayment of nine months of salaries owed to its members employed by the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN). The union is calling for immediate federal government intervention to ensure that the salary arrears are paid without further delay, warning that failure to do so may lead to an industrial crisis.

In a statement issued by Deputy Secretary General Oniha Erazua on behalf of Secretary General Felix Akingboye, the union highlighted the extensive efforts made to resolve the issue amicably, including issuing multiple ultimatums that were ignored by the Acting Registrar of CRFFN. Erazua stated, “MWUN wishes to bring to the notice of the general public the continued nonpayment of nine months of salaries owed to our members by the management of CRFFN.”

The union expressed disappointment over CRFFN’s disregard for resolutions reached in several mediatory meetings, particularly one held on September 18, 2024. Erazua criticized CRFFN’s management for neglecting to prioritize salary payments, even as they organized training for select staff amidst the salary backlog.

“This conduct is inimical to the well-being and welfare of our members while trampling on their rights to the gainful enjoyment of their earned salaries. MWUN can no longer stand idle and watch the impunity being displayed by CRFFN,” Erazua stated.

The union’s leadership has indicated that if the situation does not improve, they may resort to measures that could disrupt operations at the nation’s ports, further escalating the matter into a significant industrial dispute.

LABOUR PARTY CELEBRATES INEC RECOGNITION OF JULIUS ABURE AS CHAIRMAN

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Members of the Labour Party (LP) are in high spirits following the Independent National Electoral Commission’s (INEC) invitation to the party’s National Chairman, Julius Abure, for a consultative meeting with other political parties. This invitation comes in the wake of a court ruling recognizing Abure as the legitimate chairman of the LP.

In a statement released by the National Publicity Secretary of the LP, Obiora Ifoh, the party expressed gratitude to INEC for adhering to the court order. The Federal High Court in Abuja had declared the Labour Party’s national convention held in Nnewi in March as valid and constitutional, compelling INEC to acknowledge Abure’s leadership.

The letter from INEC, signed by Secretary Rose Oriaran-Anthony, invited Abure and Alhaji Umar Farouk Ibrahim, the party’s National Secretary, to the fourth consultative meeting with political parties. Ibrahim noted that despite being unjustly excluded from previous engagements, he was pleased that INEC has complied with the court ruling, allowing the LP to participate alongside the other 18 political parties.

With leadership issues now resolved, Ibrahim called on all party members to unite behind Abure as they prepare for upcoming political activities, including the Anambra governorship election announced by INEC Chairman Prof. Mahmood Yakubu.

ISRAEL KILLS HAMAS CHIEF YAHYA SINWAR IN GAZA OPERATION

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On Thursday, Israel announced the killing of Yahya Sinwar, the leader of Hamas, in a military operation in the southern Gaza Strip. Foreign Minister Israel Katz described Sinwar as a “mass murderer” responsible for the October 7 attacks, which marked the deadliest day in Israeli history.

The Israeli Defense Forces (IDF) confirmed that after a year-long pursuit, they successfully eliminated Sinwar during operations conducted on Wednesday. However, Hamas has not yet confirmed his death.

Sinwar, who had risen through the ranks of Hamas to become its leader in Gaza, was accused by Israel of masterminding the October 7 attack. His death, if confirmed, could significantly weaken Hamas amid the ongoing conflict, which has escalated following the attack.

This announcement follows a pattern of targeted strikes by Israel, including the assassination of Hezbollah chief Hassan Nasrallah and the killing of other Iranian-backed militant commanders. In a recent update, an Israeli security official mentioned that DNA tests are being conducted on a body believed to be Sinwar’s to confirm his identity.

Israeli Defense Minister Yoav Gallant reiterated the country’s commitment to targeting and eliminating terrorists. Meanwhile, U.S. President Joe Biden was kept informed of the developments while en route to Germany.

NIPCO GAS LTD ATTRIBUTES BENIN EXPLOSION TO FAKE CNG CYLINDER

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The management of NIPCO Gas Ltd. has stated that the explosion at its CNG station in Benin, Edo State, was caused by a substandard and fake Compressed Natural Gas (CNG) cylinder installed in a vehicle. The incident took place at their filling station on Aduwawa, along the Benin-Auchi Expressway, on October 16, 2024.

In a public statement, NIPCO disclosed that the explosion occurred at approximately 5:30 p.m. when a vehicle arrived for refueling. The vehicle’s CNG cylinder, identified as a fake and substandard unit, was not designed for CNG use. It exploded shortly after being filled with around 4 SCM of gas.

The driver fled the scene after the explosion. While there were no fatalities, two individuals sustained injuries, with one suffering a leg injury and the other an eye injury. Both were rushed to the hospital, and one is scheduled for surgery based on medical advice. NIPCO is ensuring the victims receive appropriate care.

The incident was reported to the local police, who have taken custody of the fake cylinder’s remains and the vehicle involved. NIPCO emphasized the danger of unauthorized CNG installations by unqualified technicians and reiterated its commitment to public safety in cooperation with authorities to prevent future occurrences.

PCNGI EXPRESSES CONCERN OVER ILLEGAL VEHICLE MODIFICATION AT BENIN CNG STATION

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The Presidential Compressed Natural Gas Initiative (PCNGI) has voiced concern following an incident involving an illegally modified vehicle at a NIPCO CNG station in Benin City on October 16, 2024. While expressing sympathy for those injured, PCNGI was relieved that no lives were lost in the unfortunate event.

Initial investigations revealed that the vehicle’s cylinder had been improperly welded and was not certified for CNG use. Authorities, including the police and regulatory bodies, have launched a comprehensive investigation, with PCNGI offering full cooperation.

This incident underscores the critical need for the Nigeria Gas Vehicle Monitoring System, aimed at enhancing safety protocols within the CNG ecosystem. PCNGI has urged stakeholders to support this regulatory initiative and ensure strict adherence to safety standards.

The organization stressed the importance of using accredited conversion centers and following proper CNG handling procedures, similar to those for petrol, to safeguard public safety.

LCCI: RATE HIKES WON’T CURB INFLATION WITHOUT REAL SECTOR IMPROVEMENT

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The Lagos Chamber of Commerce and Industry (LCCI) has stated that addressing challenges in the real sector is crucial to curbing inflation, as rate hikes alone are insufficient. LCCI President, Mr. Gabriel Idahosa, expressed this view during the chamber’s quarterly State of the Economy news conference in Lagos on Thursday.

Idahosa emphasized the real sector’s capacity to create jobs, manufacture goods for consumption and export, and serve as the foundation for the country’s industrial base. He pointed out that high interest rates, while attracting Foreign Portfolio Investments and encouraging local investment in treasury bills and bonds, were simultaneously draining funds away from the private sector, which is essential for economic growth and employment generation.

“Recent hikes in the Monetary Policy Rate have led to higher borrowing costs, making it more difficult for businesses to access credit for working capital and expansion,” Idahosa noted. He warned that inflation could continue to rise due to the ongoing crises in petroleum pricing, which have created unprecedented economic burdens.

To combat inflation, Idahosa urged the government to focus on boosting food production through policy reforms, fiscal interventions, and improved management of the exchange rate. He also recommended harmonizing fiscal and monetary policies to reduce agricultural production costs, enhance food processing, and address insecurity, which he believes would alleviate inflationary pressures.

Furthermore, Idahosa called on the government to intensify efforts in ongoing economic interventions, such as reducing taxes, promoting Compressed Natural Gas (CNG) mobility, implementing the Crude for Naira scheme, and suspending certain import duties. These steps, he suggested, could help stabilize the economy and foster private sector growth.

HOUSE OF REPRESENTATIVES ADVANCES BILL FOR INDEPENDENT CANDIDACY IN NIGERIA

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On Thursday, the House of Representatives passed for second reading a bill proposing a constitutional amendment to allow independent candidacy in Nigeria. The bill, titled “Constitution of the Federal Republic of Nigeria, 1999 (Alteration) Bill, 2024 (HB1630) (Independent Candidates),” was sponsored by Rep. Akin Rotimi Jr., representing Ekiti North 1 (Ikole/Oye) Federal Constituency.

Reintroduced after its first reading on September 26, 2024, this bill is seen as a legacy issue from previous assemblies. It seeks to expand political participation by enabling citizens to run for public office without being affiliated with any political party.

“This legislative action is pivotal for the continued evolution of our democracy,” Rep. Rotimi said, highlighting the importance of allowing independent candidates to foster inclusivity in the political landscape.

The bill’s passage is supported by the provisions of the House of Representatives Standing Orders, demonstrating the House’s commitment to a thorough legislative process. Following its second reading, the bill has been recommitted to the House Committee on Constitution Review for further evaluation.

Speaking to the media, Ms. Ibijoke Faborode, Founder of ElectHER, praised the bill’s advancement as a significant milestone in Nigerian democracy. She expressed excitement about the National Assembly’s unity in backing this progressive agenda and reaffirmed ElectHER’s partnership with Rep. Rotimi’s office to promote public advocacy for the bill’s final passage.

The Independent Candidacy Bill, if fully passed, is expected to significantly shape Nigeria’s political future by providing more diverse paths for political participation

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