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SANWO-OLU ANNOUNCES ₦85,000 MINIMUM WAGE FOR WORKERS IN LAGOS STATE

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Governor Babajide Sanwo-Olu has announced that his administration will implement a minimum wage of ₦85,000 for workers in Lagos State. This announcement was made during an interview on Channels Television’s Politics Tonight on Wednesday, October 16, 2024.

Sanwo-Olu addressed various issues during the interview, including transportation, ongoing road projects, and measures to alleviate the prevalent hunger and hardship in Nigeria. He emphasized that the decision to set the minimum wage at ₦85,000 was based on the state’s capacity to afford it, not as a competitive move against other states.

He stated, “The minimum wage for Lagos, which we’ve discussed with our union, is ₦85,000 today. It is not a competition; it is a function of affordability and capacity.” He acknowledged the high cost of living in Lagos and mentioned that the state had previously increased workers’ salaries earlier in the year.

Looking ahead, Sanwo-Olu expressed his desire to raise the minimum wage to ₦100,000 by January 2025, stating, “I want my people to have a living wage, I want them to know that government is working for them.”

This announcement follows President Bola Tinubu’s signing of a new ₦70,000 minimum wage bill into law in July, ending months of negotiations between the government, labor unions, and the private sector.

OFALA FESTIVAL KICKS OFF IN ONITSHA, ANAMBRA STATE

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The yearly Ofala Festival, sponsored by leading telecommunications company Globacom, begins in Onitsha, Anambra State, on Friday, October 18. The event will take place at the Ime Obi, the palace of Igwe Alfred Nnaemeka Achebe, the traditional ruler of the kingdom.

According to a statement released by Globacom on Wednesday, the festival will commence with the Iru Ofala on Friday and culminate on Saturday, October 19, with the Azu Ofala.

Additionally, on Wednesday, October 23, Globacom will host a Royal Banquet in honor of Igwe Achebe at the Ime Obi.

The Ofala Festival is the largest traditional festival in the southeastern region of Nigeria. It serves as a celebration for the Igwe and his subjects marking his yearly return from seclusion. The festival is a time for the monarch to negotiate the kingdom’s fortunes and fulfill certain cultural obligations.

TWO BANDITS KILLED DURING RANSOM EXCHANGE IN KADUNA STATE

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Two bandits reportedly met their end while attempting to collect a ₦1.5 million ransom for four abducted victims in Mai-Iddo village, Kachia Local Government Area of Kaduna State.

The bandits were gunned down by troops of the Nigerian Army, who had prior knowledge of the planned ransom exchange. According to sources, the victims, which included three females and a child, were kidnapped from a farm the previous week.

A community leader confirmed the incident, stating that the victims were rescued by the soldiers. The two bandits were killed after their leader sent them to a designated location where a relative of the abducted victims was supposed to deliver the ransom.

The community leader explained, “The arrangements had been concluded with the troops and the person delivering the ransom along with a vigilante. When the two bandits arrived to collect the ransom, the troops opened fire and killed them instantly.”

The rescued victims were subsequently reunited with their families. As of now, the Kaduna Police Command has yet to provide comments regarding the incident.

Kaduna State has been significantly affected by the activities of bandits and criminal gangs that invade farms and communities, leading to violence against innocent residents.

NYESOM WIKE URGES NIGERIANS TO PAY TAXES FOR DEVELOPMENTAL PROGRAMMES

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has called on Nigerians to fulfill their tax obligations to increase government revenue for vital developmental programmes and social services.

Wike made this appeal during the inaugural Abuja Business and Investment Summit organized by the Abuja Investment Company Limited in the nation’s capital on Wednesday, October 16, 2024. He emphasized that the event’s theme, “Optimising Investment Through Partnerships,” aligns with the Federal Government’s commitment to leveraging collaboration to enhance investment opportunities.

The former Rivers State Governor refuted claims that the government does not require funding, stating that such assertions are incorrect and misleading. He highlighted the importance of tax compliance for sustainable development and the implementation of social services.

Wike cited examples of failed partnerships between the government and the private sector, noting that investments and land allocations amounting to billions of naira would be discontinued if investors cannot guarantee returns. He remarked, “These are the kinds of things the government looks into and says how can I bring in the money and the land, and at the end of the day, the government will not make a dime?”

The minister further clarified, “When people say the government is not to make money, who told you that? If the government is not to make money, how do we have money to provide services? The government needs money.”

FEDERAL GOVERNMENT MEETS WITH ORGANIZED LABOUR OVER PETROL PRICE INCREASES

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A Federal Government delegation convened a crucial meeting with representatives from organized Labour, including the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), to discuss the recent surge in petrol prices and other commodities in the country.

The high-level meeting took place at the office of the Secretary to the Government of the Federation, George Akume, inside the Presidential Villa in Abuja on Wednesday, October 16, 2024. The Federal Government’s team was led by Mohammed Idris, the Minister of Information and National Orientation, while the Labour side was represented by NLC President Joe Ajaero and TUC Secretary General Nuhu Toro.

Notable attendees included Mallam Nuhu Ribadu, the National Security Adviser (NSA), Nkeiruka Onyejeocha, Minister of State for Labour, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and Atiku Bagudu, Minister of Budget and National Planning.

Although the specific agenda of the meeting was not disclosed at press time, organized Labour has been vocal about its grievances regarding the recent hikes in petrol pump prices, electricity tariffs, soaring inflation, and the overall high cost of living in Nigeria.

This meeting comes shortly after the Nigerian National Petroleum Company Limited (NNPCL) announced an upward review of petrol prices at its retail outlets, pushing prices from ₦855 to ₦998. This latest increase occurred less than a month after the national oil company raised the price from ₦568 to ₦855 on September 2, 2024, causing widespread outrage among Nigerians.

Since President Bola Tinubu’s inaugural speech on May 29, 2023, where he declared that “subsidy is gone,” petrol prices have consistently climbed, leading to significant public concern over the economic implications of such increases.

HOUSE OF REPRESENTATIVES CALLS FOR REVERSAL OF PETROL AND COOKING GAS PRICE INCREASES

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The House of Representatives has urged the Federal Government to reverse the recent increases in the prices of premium motor spirit (PMS), commonly known as petrol, and cooking gas.

This call follows a resolution based on a motion presented by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers), during a plenary session in Abuja on Wednesday. Chinda emphasized the urgent need for interventions aimed at providing price relief, such as tax reductions or subsidies on liquefied petroleum gas (LPG) for low-income households.

Chinda noted that as an oil-producing nation, Nigeria has historically relied on petroleum products and cooking gas as essential energy sources for both domestic and industrial use. However, in recent months, the prices of petrol and cooking gas have surged, placing an unsustainable financial burden on ordinary Nigerians and worsening the cost of living.

He highlighted several contributing factors to this crisis, including the removal of fuel subsidies, global oil price fluctuations, and the depreciation of the naira, which have collectively driven up the costs of petrol and cooking gas.

“Nigerians are worried that the escalating fuel and gas prices are impacting transportation, food, essential goods, and healthcare, as well as increasing inflation. The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians,” Chinda stated.

The lawmaker also warned that without urgent measures to control the rising prices, Nigeria could face an economic crisis, resulting in increased crime rates and higher mortality rates.

Consequently, the House has called on the Nigerian National Petroleum Corporation Limited (NNPCL), the Ministry of Petroleum Resources, and other relevant agencies to expedite the repair and maintenance of domestic refineries. The lawmakers believe that enhancing local refining capacity could serve as a stop-gap solution to reduce reliance on imported refined petroleum products.

Additionally, they urged the Central Bank of Nigeria (CBN) to implement monetary policies that could alleviate the negative effects of petrol price hikes on inflation, particularly concerning essential goods and services.

The House also called on the federal government to explore alternative energy sources and diversify the country’s energy mix by promoting renewable energy solutions that are sustainable and affordable.

In his ruling, Speaker Tajudeen Abbas tasked the Committees on Petroleum Downstream and Legislative Compliance with ensuring adherence to these recommendations and reporting back to the House within two weeks for further legislative action.

SENATE PRESIDENT GODSWILL AKPABIO DENIES DSS INVASION OVER ALLEGED IMPEACHMENT

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The President of the Senate, Godswill Akpabio, has firmly denied claims that the Department of State Services (DSS) invaded the National Assembly in connection with an alleged impeachment move against principal officers.

During Wednesday’s plenary session, Akpabio addressed the rumors circulating on social media, stating, “It has just been brought to my attention by one of us that there is fake news trending on social media that the DSS surrounded the National Assembly with possible impeachment of principal officers.”

He emphasized that the Senate was functioning normally and peacefully, stating, “We are here sitting down and doing our work very peacefully, oblivious of the mischief that is going on behind us.”

Akpabio further commented on the prevalence of misinformation, suggesting that social media often spreads false narratives to attract attention. “This is what we pass through on a daily basis. It’s either they use Artificial Intelligence (AI) to inject something to turn it around in order to drive traffic. I understand that they are being paid by YouTube,” he added.

To address the misinformation, he has referred the matter to the Senate Committee on Special Duties for investigation. “Sen. Shehu Kaka, Chairman, Senate Committee on Special Duties, investigate and report back to us as soon as practicable,” he stated, reassuring the public of the stability within the chamber.

HIT-AND-RUN DRIVER KILLS MOTORCYCLIST ON LAGOS-BADAGRY EXPRESSWAY

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A tragic hit-and-run incident occurred on Wednesday morning at the Limca bus stop along the Lagos-Badagry Expressway, resulting in the death of a motorcyclist.

According to William Manga, Commander of the Federal Road Safety Corps (FRSC) Badagry Unit, the accident happened at approximately 9:23 AM. The FRSC received reports of the accident at 9:27 AM, with their rescue team arriving at the scene around 11:32 AM.

Manga reported that the collision involved a Sino Truck and an Ajue Lady’s motorcycle. Upon arrival, the rescue team discovered that the motorcyclist had sustained severe head injuries and was already deceased. The body was subsequently transported to the General Hospital mortuary in Badagry.

Additionally, a second victim was transported to the emergency center at Badagry Roundabout by officials from the Lagos State Emergency Management Agency.

Manga emphasized the importance of safety, urging pedestrians to exercise caution when crossing expressways and reminding motorists to adhere to speed limits and other traffic regulations to prevent such unfortunate incidents

Femi Falana and Son Demand Apology from Bobrisky for Defamatory Claims

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Human rights lawyer Femi Falana and his son, musician Folarin Falana, known as Falz, have called for a public apology and retraction from popular crossdresser Idris Okuneye, alias Bobrisky, over alleged defamatory statements made against them.

The controversy erupted following an audio clip that circulated online in which Bobrisky claimed to have sought assistance from Falz to obtain a presidential pardon. He alleged that this process involved significant payments to Femi Falana.

In a letter from Falana’s legal team, dated October 14, 2024, the claims made by Bobrisky were described as “false and defamatory.” The letter references audio recordings shared by media critic Martin Otse, also known as VeryDarkMan, in which Bobrisky reportedly stated that he needed ₦10 million for a pardon request and ₦3 million from Falz for preferential treatment at Kirikiri Correctional Centre. He also claimed to have paid ₦5 million upfront to a Senior Advocate of Nigeria to secure a pardon related to charges from the Economic and Financial Crimes Commission (EFCC).

Falana’s lawyers, Olorunfemi Akinyemi and Taiwo E. Olawanle, refuted these assertions, stating, “Our clients have never engaged with you on any matter regarding a pardon or legal favour.” They highlighted that Bobrisky’s statements aimed to extort the public while tarnishing Falana’s reputation. The letter specifically addressed the claim that Falz had informed Bobrisky of his father’s willingness to write a pardon letter in exchange for a ₦10 million bribe, calling it “completely unfounded.”

The legal team has demanded that Bobrisky publicly retract and apologize for these claims across all platforms where they were shared, issuing a 12-hour ultimatum for compliance. Failure to do so may result in legal action for monetary damages.

In a related development, Justice M.O. Dawodu of the Lagos State High Court has ordered VeryDarkMan to remove his social media posts linking Bobrisky’s claims to Falana and Falz, deeming them “defamatory and harmful” to their public image. This court ruling further supports Falana’s position and underscores the need for Bobrisky to retract his statements regarding the Falana family.

NDLEA EBONYI COMMAND SEIZES OVER 115 KG OF ILLEGAL SUBSTANCES, ARRESTS 149 SUSPECTS IN Q3

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The National Drug Law Enforcement Agency (NDLEA) Ebonyi State Command has reported the seizure of 115.226 kilogrammes of various illicit substances and the arrest of 149 suspects during the third quarter of 2024. The seizures and arrests took place across different locations within the state from July to September.

Peter Ogar, the State Commander of NDLEA, shared this information with the News Agency of Nigeria (NAN) in Abakaliki on Wednesday. He revealed that, during this period, the agency also provided counseling to 82 suspects, consisting of 64 males and 18 females.

The total arrests comprised 112 males and 37 females, all aged between 26 and 72 years, including drug dealers, users, and traffickers.

The seized substances include:

  • Crack Cocaine: 0.0023 kg
  • Cannabis Sativa: 55.492 kg
  • Codeine Syrup: 0.393 kg
  • Tramadol Tablets: 0.004 kg
  • Tramadol Capsule: 0.437 kg
  • Diazepam: 917 tablets (0.964 kg) and 47 amps (0.226 kg)
  • Methamphetamine: 0.0054 kg
  • Bromazepam: 75 tablets (0.034 kg)
  • Lorazepam: 476 tablets (0.100 kg)
  • Monkey Tail: 56 litres (42.2 kg)
  • Raphynol: 24 tablets (0.009 kg)
  • Other Psychotropic Substances: totaling 115.226 kg.

Ogar noted that, during this period, one individual was convicted for drug-related offenses. He also emphasized the importance of community engagement, stating that the agency conducted sensitization campaigns targeting youth groups and community leaders about the dangers of drug abuse and trafficking.

The Commander reiterated the agency’s commitment to combatting illicit drug trafficking not only in Ebonyi but across Nigeria, highlighting the strong collaborative relationship between the NDLEA and other security agencies in the state.

GOV. USMAN ODODO FLAGS OFF CONSTRUCTION OF 20-KILOMETRE RURAL ROAD IN KOGI

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Governor Usman Ododo of Kogi State has officially launched the construction of a 20-kilometre Obajana-Uro-Aku rural road, which will connect parts of Lokoja and Adavi local government areas. This initiative is part of the Rural Access and Agricultural Marketing Project (RAAMP), supported by the World Bank Group and other stakeholders.

The newly flagged road marks the first phase of a larger project aimed at developing over 65 kilometres of rural roads across the state. The primary goal of this network is to improve access to farms, farming communities, and markets, thereby enhancing food security in Kogi State.

During the launch, Governor Ododo highlighted the crucial role of rural roads in his administration’s development agenda. He noted that these roads would not only improve transportation but also serve as vital catalysts for economic growth and food security in the region.

“This administration believes that rural roads will provide access and connectivity to farmers and traders as part of our broader strategy to enhance rural development and bring governance closer to the people,” Ododo stated.

He further appealed to the communities benefiting from the project to take ownership, ensuring its proper usage and management for long-term benefits.

SENATE REACTS TO JIGAWA PETROL TANKER EXPLOSION, ISSUES DIRECTIVES TO PREVENT FUTURE TRAGEDIES

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The Senate has responded to the recent tragic petrol tanker explosion in Majiya, Jigawa State, which claimed the lives of over 90 people and left hundreds injured. In an effort to prevent similar incidents in the future, the Senate directed the National Orientation Agency (NOA) to enhance public awareness on the dangers of fuel scooping.

During a discussion led by Senator Hussaini Uba, who represents Jigawa North West, the Senate expressed concern over the frequent occurrence of such accidents. Senator Uba stressed the need for “heightened public sensitisation” to protect lives in cases of fuel tanker accidents.

The explosion occurred when a tanker, travelling from Kano to Nguru in Yobe State, overturned near Khadija University in Majiya. Despite warnings, locals gathered at the scene to collect the leaking fuel, resulting in the devastating explosion.

Jigawa State’s Police Public Relations Officer, DSP Lawan Adam, condemned the dangerous practice and urged residents to avoid such risky actions to prevent further loss of life.

PDP CONSIDERING DISCIPLINARY ACTION AGAINST FCT MINISTER NYESOM WIKE FOR ANTI-PARTY ACTIVITIES

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The Peoples Democratic Party (PDP) is reportedly preparing to take disciplinary measures against Nyesom Wike, Minister of the Federal Capital Territory, following allegations of anti-party activities. This move comes as the party seeks to address internal crises through its reactivated Governors’ Forum and disciplinary committee, chaired by Chief Tom Ikimi.

Umar Sani, Senior Special Adviser on Media and Publicity to former Vice President Namadi Sambo, clarified on Arise TV that the matter has been oversimplified as a personal clash between Atiku Abubakar and Wike. Instead, the party’s decision is driven by a collective effort to maintain discipline.

Wike has been officially summoned to face the disciplinary committee for allegedly undermining the party during the primaries, alongside other accused members. While legal restrictions may prevent the outright removal of officials, internal disciplinary actions are still within the party’s purview.

I-G EGBETOKUN REPORTS REDUCTION IN KIDNAPPING, BANDITRY, AND ARMED ROBBERY, ASSURES SECURITY FOR ONDO ELECTION

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Inspector-General of Police, Dr. Olukayode Egbetokun, has reported significant strides in combating serious crimes, including kidnapping, banditry, and armed robbery. During a meeting with police officers from the rank of Commissioner and above, Egbetokun shared that between July and September, 416 arms, 3,672 rounds of ammunition, and 178 vehicles were recovered, and 369 kidnapped victims were rescued.

Egbetokun noted a substantial decrease in crime rates across critical areas like cybercrime and expressed readiness for the upcoming Ondo State governorship election on November 16, emphasizing the importance of professionalism and security during the process.

He also stressed the need for increased patrols and proactive policing during the ’ember months to safeguard lives and property, urging officers to maintain vigilance against potential criminal activities during the holiday season. The I-G assured that the force would continue working closely with security agencies, the Independent National Electoral Commission (INEC), and other stakeholders to ensure a safe and secure election environment.

POLICE COMMAND IN IMO DISMANTLES ARMED ROBBERY SYNDICATE TERRORISING OWERRI NORTH

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The Imo State Police Command has successfully dismantled an armed robbery syndicate that had been terrorising residents of Owerri North Local Government Area. According to Police Spokesman Henry Okoye, the operation, which took place on October 15, 2024, was a result of enhanced security measures aimed at tackling violent crimes, particularly those occurring at night.

At approximately 3:20 am, officers from the Owerri North Divisional Headquarters responded to a distress call regarding an ongoing armed robbery on Dominion Street. Upon arriving at the scene, the officers were fired upon by the armed robbers but managed to strategically return fire.

During the confrontation, one suspect was neutralised, and another, 31-year-old Moses Nanzi from Plateau, sustained gunshot injuries and was arrested. A double-barrel gun and seven live cartridges were recovered from the suspect. Efforts are ongoing to apprehend the remaining gang members who fled into the bush.

The arrested suspect will face prosecution upon the completion of the investigation.

PDP NATIONAL CHAIRMAN UMAR DAMAGUM CONSIDERING STEPPING DOWN AMID GROWING PARTY DIVISION

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Ambassador Umar Damagum, the acting National Chairman of the Peoples Democratic Party (PDP), is reportedly considering stepping down next week as the party leadership works to resolve internal divisions. This move follows a critical two-day meeting in Akure, Ondo State, where PDP governors and officials convened to stabilize the party ahead of the National Executive Committee (NEC) meeting scheduled for October 24.

Prominent attendees included Damagum, PDP Deputy National Chairman (South) Ambassador Taofeek Arapaja, and key governors such as Bauchi’s Bala Mohammed, Oyo’s Seyi Makinde, and Osun’s Ademola Adeleke. Discussions revolved around offering Damagum a “soft landing,” allowing him to hold his position until the NEC meeting, after which a North-Central nominee for the chairmanship could be finalized.

A party governor expressed concern over the growing factionalism, emphasizing the threat it poses to the PDP’s 2024 goals. Governor Ademola Adeleke also voiced anxieties about how the internal crisis could impact his re-election campaign in 2026.

The NEC meeting is expected to ratify a new chairperson and may announce a national convention to address the party’s enduring issues.

DAVID ROBERTS FAULTS PETER OBI’S STATEMENT ON KILLING OF SUPERSPORT TV CREW IN ANAMBRA STATE

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David Roberts, a former British diplomat, has criticized Peter Obi’s statement regarding the recent killing of Supersport TV crew members in Anambra State. Roberts argued that the incident should be classified as an act of criminality, rather than involving “non-state actors,” as suggested by Obi in his response to the attack.

While offering condolences to the victims’ families and media organizations, Roberts expressed concern that Obi’s comments could stigmatize Nigeria.

The attack occurred when unknown gunmen ambushed the Supersport TV crew while they were en route to Uyo, Akwa Ibom State, to cover the 2025 Africa Cup of Nations qualifying match between Nigeria and Libya. Out of the 14 individuals in their vehicle, three, including a police officer, were killed. Two escaped, eight were rescued, and one remains unaccounted for.

In his statement, Peter Obi condemned the killings, attributing the violence to non-state actors who inflict pain on families. He expressed deep sorrow over the incident, particularly highlighting the tragic ambush on the Supersport TV crew along the Ihiala-Orlu Road.

CBN GOVERNOR YEMI CARDOSO PRIORITIZES FINANCIAL INCLUSION FOR WOMEN AT NIGERIA ECONOMIC SUMMIT

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At the 30th Nigeria Economic Summit in Abuja, Central Bank of Nigeria (CBN) Governor Yemi Cardoso emphasized that increasing financial inclusion for women is a top priority for his administration. In a question-and-answer session, Cardoso addressed the underrepresentation of women in the finance sector, acknowledging their crucial role in the Nigerian economy.

Cardoso highlighted the resilience and influence of women, noting their significant contributions across various sectors. He also mentioned the recent steps taken by the CBN to support women, including the signing of a code for women entrepreneurs financing, which is aimed at expanding access to financial services for female entrepreneurs. This initiative, supported by partnerships with the Development Bank of Nigeria and the Bank of Industry, is expected to improve economic opportunities for women in the country.

Cardoso assured attendees that bridging the gender gap within the banking sector would remain a focus, affirming the CBN’s commitment to fostering gender inclusivity. He promised that, under his leadership, efforts would be made to support women entrepreneurs and enhance their participation in Nigeria’s financial system.

Bishop David Oyedepo Responds to Criticism Over Retirement of Vice Presidents

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Founder of Living Faith Church, Bishop David Oyedepo, has issued a firm response to public criticism following the retirement of two of the church’s long-serving vice presidents, Bishops Thomas Aremu and David Abioye. Speaking during Bishop Aremu’s valedictory service on October 15, 2024, at Winners Chapel in Orita Bashorun, Oyedepo dismissed the controversy surrounding the decision, advising critics to “mind their business.”

The church recently announced the retirement of Aremu and Abioye, who had served for over three and four decades, respectively, as part of its organizational structure. The move sparked online debates, with some questioning the timing and nature of the decision.

In response, Oyedepo defended the church’s retirement policy, explaining that it was based on well-established administrative guidelines. He noted that the Administrative Policy of 1998 was reviewed in 2001, and the church’s Mandate of 2012 was revised in 2024, ensuring all changes followed divine principles and operational standards.

“It is wisdom to learn what is working and find out what makes it work,” Oyedepo stated, reiterating that the church adheres to its spiritual and administrative processes.

He also referenced Genesis 49:26 to emphasize that pastors do not have personal inheritance in their ministerial roles, urging his retired colleagues to remain focused on their spiritual journey. Oyedepo stressed the importance of pursuing faith above all else, dismissing external criticisms as “baseless.”

Concluding his remarks, Oyedepo encouraged Bishop Aremu to stay connected to the church’s vision and mission, maintaining that distractions from critics should not interfere with a life devoted to serving God.

CBN Governor Olayemi Cardoso Urges Nigerians to Focus on Economic Fundamentals to Combat Inflation

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During the 30th Nigeria Economic Summit held in Abuja on October 15, 2024, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, called on Nigerians to prioritize economic fundamentals as the key to tackling the country’s rising inflation.

In a question-and-answer session, Cardoso highlighted the critical importance of restoring the foundational elements of Nigeria’s economy to ensure long-term stability. He explained that addressing the underlying issues is crucial before considering any trade-offs in monetary or fiscal policies.

“I see no substitute for the fundamentals of the economy. Before you start talking about trade-offs, we must agree that we have to get the fundamentals of the economy working,” Cardoso emphasized.

He pointed to the need for strong institutions, balanced supply-demand dynamics, and a resilient economic base as necessary components to stabilize the economy. Without these elements, he argued, short-term solutions would not be effective in the long run.

Cardoso also touched on the CBN’s recent monetary policy decisions, including increasing interest rates from 26.75% to 27.25% and adjusting the Cash Reserve Ratio (CRR). While acknowledging the debates surrounding these moves, he defended them as necessary steps to curb inflation, which he described as a serious threat to purchasing power and investment.

“Taming inflation is key because if you do not tame it, it can deter investment and significantly reduce purchasing power,” he warned.

Despite the challenges, Cardoso expressed cautious optimism that as inflation moderates, there would be room to lower interest rates, thus creating a more conducive environment for businesses to thrive.

In his final remarks, the CBN governor called for a collective effort to diversify Nigeria’s economy, especially to reduce its reliance on oil, and encouraged all stakeholders to work towards achieving a stable and prosperous economic future.

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