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‘Ojapiano’ remix featuring Odumodublvck ahead of the new album release

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Nigerian music star KCee is set to release his new album titled ‘Mr. Versatile’ on July 26, 2024. Known for his consistent evolution and hit singles over nearly two decades, KCee continues to leave his mark on Nigerian music folklore.

The 20-track album ‘Mr. Versatile’ will feature a range of guest appearances from both local and international stars. Collaborators include Ivorian star Didi B, Indian Afro-fusing sensation Kanika Kapoor, and Nigerian artists Oxlade, Teni, and Skiibii. The album also features rapper Odumodublvck and Tanzanian superstar Diamond Platnumz on the second remix of KCee’s hit single ‘Ojapiano’.

A notable highlight on the album is the collaboration with the American Grammy-nominated group One Republic, who join KCee on another remix of ‘Ojapiano’. This marks a surprising and significant crossover for the veteran Nigerian artist.

‘Mr. Versatile’ is KCee’s sixth album, showcasing his ability to adapt and explore various musical styles. His career, which includes collaborations with Nigerian heavyweights like Wizkid, Don Jazzy, Davido, and Flavour, boasts several notable hits such as ‘Pull Over’ feat. Wizkid and the 2014 smash hit ‘Limpopo’.

KCee’s recent success includes a mainstream comeback in 2023 with ‘Ojapiano,’ a fusion of the South African Amapiano genre and the famous Igbo flute, Oja. His exploration of indigenous Igbo music is further demonstrated in his projects ‘Cultural Praise Vol. 1 & 2’.

Fans eagerly anticipate the release of ‘Mr. Versatile,’ expecting another dynamic and genre-blending experience from the veteran hitmaker.

Senator Ubah lauds Tinubu for landmark Southeast Development Bill

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Senator Ifeanyi Ubah has praised President Bola Ahmed Tinubu for signing the Southeast Development Commission Bill into law. This bill is a significant step towards addressing longstanding developmental challenges and fostering regional unity in the Southeast.

“The passage of this bill marks the culmination of the Southeast’s tireless efforts, as championed by me and other lawmakers, to establish a development commission that will address the region’s critical needs,” Senator Ubah stated.

The Southeast Development Commission will manage funds allocated from the Federation Account for the reconstruction and rehabilitation of roads, houses, and other infrastructure damaged during the civil war. It will also tackle ecological problems and other environmental or developmental challenges in Abia, Imo, Enugu, Anambra, and Ebonyi states.

Ubah’s commendation of President Tinubu underscores the importance of the President’s commitment to the region. This new law reverses the previous administration’s denial of assent, which had reinforced feelings of injustice and hindered the progress of the All Progressives Congress (APC) in the Southeast.

Ubah re-presented the bill to the Senate on October 4, 2023, after it was initially denied assent by the former administration. At that time, he emphasized the bill’s aim to establish a commission focused on the development of the historically marginalized Southeast region, which has faced various challenges in terms of infrastructure, healthcare, and economic development.

Senator Ubah’s appreciation reflects the collective gratitude of the Southeast people, who eagerly anticipate the positive impact of this development commission on their region’s growth and prosperity.

gatemen, drivers, apprentices can’t earn less than ₦70K – Akpabio

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The Senate has approved a new minimum wage of ₦70,000 for all employees in Nigeria, including those in small-scale operations and informal sectors such as domestic work and tailoring. Senate President Godswill Akpabio emphasized that employers must comply with this regulation when hiring new workers, regardless of their industry.

“If you’re a tailor and you employ additional hands, you can’t pay the person below ₦70,000. If you have a housemaid, you cannot pay them below ₦70,000. If you hire a driver or a gateman, you cannot pay them below ₦70,000,” Akpabio stated while enacting the new minimum wage bill into law on the Senate floor.

The Senate passed the bill on Wednesday, July 23, amending the National Minimum Wage Act of 2019 to raise the minimum wage from ₦30,000 to ₦70,000. Additionally, the Senate agreed to shorten the period for reviewing the National Minimum Wage from five years to three years.

However, Senator Ali Ndume from Borno State has criticized the government’s decision. He argued that the new minimum wage is insufficient given the current economic conditions. “People are suffering, people are angry, people are not happy. I am happy that yesterday, the President agreed with NLC to increase the salary to ₦70,000, which is a good move, but it takes more than that because, realistically, that is like a bag of rice, money that will buy a bag of rice or cover the cost of a bag of rice,” Ndume said in a video posted by Channels Television. He urged President Bola Tinubu to listen to the people’s concerns and take further action to address their needs.

4 WAEC officials detained for refusing to answer Reps’ questions on accountability

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On Wednesday, four officials from the West African Examination Council (WAEC) were detained by the House of Representatives Committee on Basic Examination Bodies due to their failure to adequately address questions during an investigative hearing in Abuja.

The detained officials were Amos Josiah Dangut, Head of National Office; Angus Okeleze, Senior Deputy Registrar; Victor Odu, Acting Director of Finance; and Segun Jerumeh, Deputy Director of Finance.

The detention followed a heated argument between the lawmakers and the WAEC officials regarding the body’s accountability to the parliament. Dangut argued that WAEC was not a government agency and thus not accountable to the National Assembly. However, the lawmakers countered that WAEC Nigeria is established by an Act of the National Assembly and is required to account for its activities. They also noted that appropriations are made for WAEC by the National Assembly.

Rep. Uchenna Okonkwo moved a motion for the WAEC officials to be held in custody while the investigation continued. This motion was supported by Rep. Marie Ebikake. Despite the officials’ protests, they were detained briefly by the Sergeant at Arms of the National Assembly.

Following a closed-door session, the committee resolved to release the officials but instructed them to return with the requested documents. Rep. Oforji Oboku, the Committee Chairman, demanded the audited statements of WAEC’s accounts from 2018 to 2024, as well as documents related to a ₦5 billion loan accessed by WAEC in 2022 for purchasing custom-made calculators.

Oboku emphasized that WAEC is subject to the National Assembly’s oversight and that failure to produce the required documents could lead to sanctions. The committee plans to invite WAEC again at a later date to ensure compliance and accountability.

suspension of NMDPRA boss after Dangote Refinery remarks

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On Monday, July 22, the House of Representatives initiated an investigation into the claims made by Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), regarding the sulphur content in diesel produced at the Dangote Refinery.

The House has recommended President Ahmed Tinubu suspend Ahmed pending a thorough investigation. This recommendation followed a motion of urgent public importance introduced by Representative Esosa Iyawe during a plenary session.

Iyawe’s motion highlighted Ahmed’s remarks that the diesel from the Dangote Refinery was substandard, citing high sulphur content levels between 650 and 1,200 parts per million (ppm). However, tests supervised by members of the House revealed Dangote’s diesel had a sulphur content of 87.6 ppm, while imported diesel samples had sulphur levels exceeding 1,800 ppm and 2,000 ppm, respectively.

The discrepancies in sulphur content led to accusations against the NMDPRA for allegedly granting licenses to importers of high-sulphur diesel, posing health risks and financial losses for Nigerians. Iyawe criticized Ahmed’s statements as unprofessional and undermining local refineries while supporting the continued importation of substandard fuel, which has led to calls for protests against the federal government.

The House Joint Committee on Petroleum Resources has begun investigating the matter and plans to engage with Dangote Refinery, other refiners, and industry stakeholders to address the issue and take necessary actions.

VP Shettima launches mission for Nigeria to overtake global economy

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Vice-President Kashim Shettima recently launched the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, Jigawa, declaring that Nigeria is not just catching up with global standards but is set to surpass them. This initiative, introduced at the Yakubu Gowon NYSC Orientation Camp, aims to train 1,000 Nigerians annually in AI, blockchain, and other advanced technologies, in partnership with tech company Gluwa.

Shettima highlighted the importance of this program for Nigeria’s economic future, emphasizing its role in preparing the workforce for global competition and innovation. He praised Jigawa State’s role in adopting digital technology and outlined the federal government’s vision to create tech hubs across the nation, aligning with President Tinubu’s goal to revolutionize Nigeria’s tech landscape.

The initiative is part of a broader strategy to transform Nigeria into a leading destination for technology outsourcing and integrate local talent with global expertise. Shettima also acknowledged Gluwa’s impact, including its empowerment of Aella Microfinance Bank, which has disbursed over ₦100 billion to two million Nigerians.

Jigawa Governor Umar Namadi supported the initiative, describing it as a significant opportunity for job creation and economic growth. He announced the creation of a new ICT and Digital Economy Agency in the state, aiming to position Jigawa as a key ICT hub in Nigeria.

Tacha, Ik Ogbonna, Alex Ekubo join cast of film by Dabby Chimere ‘Adanne’

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Nigerian filmmaker Dabby Chimere has announced the cast for her upcoming film *Adanne*. The film will feature Big Brother Africa’s Lilian Afegbai in the lead role, alongside Big Brother Naija’s Tacha Akinde (Simply Tacha), Shaffy Bello, Ik Ogbonna, and Alex Ekubo. *Adanne* explores the complex dynamics of family bonds through the story of two sisters, Adanne and Ijeoma. Adanne sacrifices much for Ijeoma’s success, only to be abandoned once Ijeoma marries into wealth, leading Adanne to resort to stripping for survival.

Chimere describes *Adanne* as a compelling narrative of unconditional love and betrayal, highlighting the tension and resilience within sisterhood. She expressed her excitement and gratitude for the opportunity to work with the cast and crew on this project.

Chimere is known for directing *Head Over Bills*, which premiered on Prime Video on February 4, 2024, and was well-received in Nigeria. Her other notable works include *Rush Hour*, *Enough*, *Flaws*, and *Lighthouse*.

Kunle Afolayan scouts locations in Ghana for new season of Anikulapo series

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Nigerian filmmaker Kunle Afolayan is expanding the horizons of *Anikulapo: Rise of the Sceptre* by scouting locations in Ghana for the upcoming season. This follows his earlier announcement in May 2024 about incorporating international settings into the series. Afolayan’s location scouting in Ghana is part of an international collaboration with Juliet Yaa Asantewa Asante, CEO of Ghana’s National Film Authority.

The first season was shot entirely at the Kunle Afolayan Production (KAP) Film Village in Igbojaye, Oyo State, Nigeria, featuring a large cast and crew. The series continues the story from the 2022 Netflix film *Anikulapo*, focusing on Saro’s resurrection and Arolake’s rise to power, accompanied by new adversaries.

The cast includes Kunle Remi, Bimbo Ademoye, Sola Sobowale, and many other prominent actors.

‘Last Heartbreak Song’ on The Tonight Show Starring Jimmy Fallon

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Ayra Starr’s appearance on *The Tonight Show Starring Jimmy Fallon* marks a significant milestone in her career and highlights her growing global influence. Performing her hit single ‘Last Heartbreak Song’ featuring Giveon, and showcasing her collaboration ‘Woman Commando’ with Coco Jones and Aniita, underscores her rising star power. Her recent album, *The Year I Turned 21*, and her earlier work, including *19 & Dangerous* with its hit single ‘Rush’, have earned her critical acclaim and several accolades, including Grammy nominations. This performance adds to her impressive list of achievements and joins other notable Nigerian artists who have graced the show.

Middle belt youths told to back out of planned protest against Tinubu’s govt

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Youths from the Middle Belt region of Nigeria have been urged to boycott the planned nationwide protest against President Bola Tinubu’s administration. Scheduled for Thursday, August 1, the protest aims to highlight the ongoing economic hardships and high inflation affecting Nigerians.

The coalition of 200 Middle Belt Youth Leaders and Ethnic Youth Leaders has criticized the protest, describing it as having hidden agendas and potential for inciting violence. Nasiru Jagaba, a prominent leader in the coalition, expressed concern that the protest is being driven by behind-the-scenes actors rather than by genuine grassroots dissatisfaction.

The coalition warned that the protest could lead to chaos and destabilization, with armed thugs potentially causing unrest. They emphasized that the economic challenges are inherited issues and should not be resolved through disruptive protests. Instead, they advocate for a peaceful approach to addressing the economic difficulties and suggest finding alternative ways to express their concerns.

Matawalle refutes bandit kingpin’s allegation of fueling terrorism

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Bello Turji, a notorious terrorist leader, recently accused Bello Matawalle, the current Minister of State for Defence and former governor of Zamfara State, of empowering terrorists during his governorship. Turji claimed that Matawalle’s amnesty program, which offered financial incentives and protection to bandits who surrendered their weapons, unintentionally strengthened criminal elements and led to an increase in banditry.

In a video released on July 18, Turji asserted that some bandits used the amnesty program to relocate to urban areas, where they now orchestrate criminal activities in rural regions. Turji also alleged that recovered arms and ammunition from bandits were stored at Government House, an accusation Matawalle has vehemently denied.

Matawalle’s supporters, the Patriots for the Advancement of Peace and Social Development, have dismissed Turji’s claims as “a tissue of lies” and “baseless.” They clarified that Government House does not have an armoury or any weapon storage facilities and defended Matawalle’s efforts against banditry as proactive and effective.

The Patriots emphasized that such accusations are part of a smear campaign and reaffirmed Matawalle’s commitment to President Tinubu’s Renewed Hope agenda, focusing on national security and peace.

Is Gov Lawal linked with video indicting Matawalle of terrorism? Detail emerge

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A viral video recently surfaced in which notorious terrorist leader Bello Turji accused Bello Matawalle, the Minister of State for Defence and former governor of Zamfara State, of supporting terrorists during his governorship. This allegation has intensified scrutiny of Matawalle’s tenure.

In response, the Citizens United Against Terrorism (CUAT) has raised serious concerns about Zamfara State Governor Dauda Lawal, accusing him of having ties with bandit groups. CUAT’s spokesperson, Comr. Obinna Francis, criticized Lawal for allegedly failing to address the growing banditry in the state and for reportedly engaging in celebratory activities while security deteriorates.

Francis highlighted a controversial video that implicates Matawalle, questioning how Lawal’s spokesperson accessed the video first and suggesting possible collusion. He also criticized Lawal for neglecting his duties and demanded that the governor provide a detailed explanation and address the worsening security situation in Zamfara.

CUAT has called for a thorough investigation into Lawal’s actions and connections, stressing the need for transparency and effective measures to combat the escalating banditry.

Otedola defends Dangote, seeks govt’s support for local investors

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Femi Otedola has praised Aliko Dangote, describing him as a “titan that God created specially for mankind.” Otedola’s remarks come amid ongoing issues between Dangote Refinery and Nigeria’s national oil regulator.

In a detailed post on July 23, 2024, Otedola urged the Federal Government to support local investors and visionary leaders like Dangote. He highlighted Dangote’s remarkable achievements, including the construction of the world’s largest single-train refinery and the second-largest sugar refinery. He also noted Dangote’s significant contributions to the fertilizer industry, which is set to surpass the largest plant in Qatar.

Otedola emphasized that Dangote is not only the largest private-sector employer in Nigeria but also a major taxpayer. He underscored the importance of recognizing and supporting local champions for national development and economic independence.

Otedola’s comments are in response to recent scrutiny of Dangote Refinery by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The agency’s head, Farouk Ahmed, has accused Dangote Refinery of producing fuel with high sulfur levels and attempting to monopolize the oil industry, which could impact the country’s energy sector. In response, Dangote has pledged to halt his steel investments to avoid allegations of monopolistic practices.

Black Pelican Group celebrates 20 years of providing total interior solutions

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Black Pelican Group, a leading provider of total interior solutions in Nigeria, celebrated its 20th anniversary with a launch event for a coffee table book and a commemorative campaign titled “20 & Timeless.” The event marked two decades of innovation and excellence in the Nigerian interior design industry.

Key Highlights:

  • Founding and Growth: Since its establishment in May 2004, Black Pelican Group has been a major player in delivering high-quality interior solutions for both personal and commercial spaces.
  • Anniversary Theme: “20 & Timeless” reflects the company’s enduring legacy and commitment to innovation and customer satisfaction.
  • Leadership Comments:
    • Michael Owolabi, CEO: Expressed pride in the company’s achievements and its role in shaping Nigeria’s interior design sector. Emphasized the commitment to exceeding customer expectations and continuous learning.
    • Adetola Owolabi, COO: Highlighted the company’s comprehensive approach to interior solutions, from concept to completion, ensuring a seamless experience for clients.
  • Special Guests:
    • Fola Adeola, Founder of GT Bank: Launched the coffee table book and praised Black Pelican’s dedication to excellence and team development.
  • Event Attendees: Included directors, management, staff members, former staff, key clients, and other stakeholders who reflected on the company’s journey and successes.
  • Subsidiaries: The company’s various subsidiaries, including IL Bagno, Bathrooms Direct, BPLogistix, Bagno Technik, and BPL Wellness, have contributed significantly to its success by providing diverse interior solutions.

Black Pelican Group continues to reaffirm its commitment to excellence and innovation in the Nigerian interior design industry.

APC accuses Peter Obi of inciting Nigerians against Tinubu with false narrative

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Peter Obi recently tweeted that Nigeria will not achieve a “peaceful and secure society” until politics is viewed as a service to the people, criticizing current leadership for prioritizing personal luxuries over national development. This comment drew sharp criticism from the All Progressives Congress (APC), which accused Obi of inciting anger against President Bola Tinubu’s administration with what it described as false and manipulative narratives.

In a statement issued on July 23, 2024, APC spokesperson Felix Morka condemned Obi’s remarks, calling them an attempt to inflame public sentiment and mobilize outrage against the APC government. Morka argued that Obi’s claim that Nigeria’s economic difficulties stem from the nine years of APC leadership was a “revisionist” and “deliberately misleading” assessment.

The APC emphasized that economic challenges are a global issue and criticized Obi for not acknowledging the complexity of Nigeria’s economic problems. The party highlighted recent positive economic indicators, including over $20 billion in foreign investment, a record ₦6.52 trillion trade surplus in the first quarter of 2024, and a significant increase in foreign reserves. The APC also defended President Tinubu’s administration, citing efforts in infrastructure development, social welfare, agricultural advancements, and national security improvements.

The APC argued that Obi’s criticisms were politically motivated and overlooked the administration’s achievements and efforts to address the country’s economic challenges.

I’m not afraid of any legal action – Bayo Onanuga dares Peter Obi to sue him

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Bayo Onanuga, President Bola Tinubu’s Special Adviser on Communication and Strategy, has challenged Peter Obi to proceed with his defamation and libel charges, expressing no fear of any legal repercussions. Onanuga’s comments come after Obi threatened to sue him if he did not apologize and retract allegations suggesting Obi was instigating violence.

On July 23, 2024, Obi demanded that Onanuga apologize and retract his statements linking Obi to an impending mass protest. Onanuga had accused Obi of inciting unrest by making provocative comments about the Nigerian economy, insinuating that Obi’s words were meant to mobilize his supporters to destabilize the country. In a tweet, Onanuga alleged, “Peter Obi’s supporters are the people planning mayhem in Nigeria and that Obi should be held responsible for anarchy.”

Obi’s legal team responded, stating that Onanuga’s tweet damaged Obi’s reputation by falsely depicting him as someone who condones violence, contrary to his well-documented history of non-violence. The legal team described the publication as a calculated effort to demean and embarrass Obi.

In a letter to Onanuga, Obi’s legal team demanded a retraction and a public apology in four national newspapers and on Onanuga’s verified X account. Additionally, Obi sought ₦5 billion in damages for the embarrassment caused to him and his family.

Despite these demands, Onanuga remained defiant, tweeting, “I am still waiting for the letter from Peter Obi’s lawyer threatening a ₦5 billion suit and demanding an apology to Peter Obi over the planned ‘revolution’. Let me just tell Obi and his lawyer: I am not afraid of any legal action. We shall meet in court.”

The All Progressives Congress (APC) also criticized Obi, accusing him of inciting Nigerians against President Tinubu with manipulative and false narratives. The APC described Obi’s remarks on the economy as “an admixture of half-truths, blatant distortions and misinformation” aimed at stirring public outrage against the Tinubu administration. The party further accused Obi of hypocrisy, claiming it was unreasonable for him to expect Tinubu to achieve what he “failed miserably to accomplish in eight years as governor of Anambra State.”

Nigeria is rotten but planned protest is politically motivated – Wike

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Nyesom Wike, Minister of the Federal Capital Territory (FCT), stated that the planned protest against President Bola Tinubu’s administration is politically motivated. He made this remark on Tuesday while interacting with journalists after inspecting the Karshi to Apo Road construction project, which was awarded 13 years ago but remains unfinished.

Wike emphasized the need for patience, stating that the current administration is working hard to address the issues inherited from previous governments. He pointed out that the country is facing significant challenges and that it is unrealistic to expect immediate solutions.

He acknowledged that people are unhappy due to hunger and unemployment but asserted that the Tinubu administration is not responsible for the current unemployment levels. Wike criticized those planning the protests, describing them as political maneuvers aimed at gaining popularity ahead of elections.

“We are going to elections very soon; these are political gimmicks,” Wike said. He urged Nigerians to be patient with the government, believing that things will improve over time.

The News Agency of Nigeria (NAN) reports that some sections of the country are planning a week-long protest over hunger and insecurity. While some groups and individuals have distanced themselves from the planned protest, others insist it must hold to draw attention to the sufferings of Nigerians and to urge the government and international community to take action.

5 historical protests that shook Nigeria

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Ahead of the planned nationwide protest against President Bola Tinubu’s administration, lawmakers and other government officials have appealed to Nigerian youths to shun the protest and seek dialogue for resolution. These protests underscore the resilience and activism of the Nigerian people in their pursuit of justice, equity, and better governance.

Nigeria has a rich history of civil protests driven by various socio-political and economic issues. Here are five historical protests that have left an indelible mark on Nigeria:

1. Aba Women’s Riot (1929)

The Aba Women’s Riot, also known as the Women’s War, was a major anti-colonial revolt by women in southeastern Nigeria. In November 1929, thousands of Igbo women marched against the British colonial authorities’ imposition of taxes on women, a policy seen as exploitative and unjust. The women used their traditional practice of “sitting on a man” to express their displeasure, which included singing and dancing around the houses of warrant chiefs and colonial officials. The protests, which lasted until early 1930, resulted in the deaths of about 50 women but forced the colonial government to abandon the tax and revise its policies regarding women.

2. The Enugu Coal Miners’ Strike (1949)

In 1949, Enugu coal miners went on strike to demand better working conditions and higher wages. The strike, which began in November, quickly escalated when British colonial police opened fire on the striking workers at the Iva Valley mine on November 18, killing 21 miners and injuring 51 others. This tragic event intensified nationalist sentiments and fueled the struggle for Nigeria’s independence, which was eventually achieved in 1960.

3. Ali Must Go Protests (1978)

In 1978, Nigerian students launched nationwide protests against the increase in tuition fees and the reduction of student grants by the military government led by General Olusegun Obasanjo. The protests were sparked by a speech from the then-Education Minister, Colonel Ahmadu Ali, who insisted on the policy changes despite widespread discontent. The protests, known as “Ali Must Go,” culminated in violent clashes with security forces, leading to the deaths of several students and the temporary closure of universities across the country. The demonstrations forced the government to reassess its educational policies and highlighted the power of student activism in Nigeria.

4. Occupy Nigeria (2012)

The Occupy Nigeria movement was a series of protests and strikes that erupted in January 2012 in response to the government’s removal of fuel subsidies, which led to a sharp increase in fuel prices. The protests began on January 2 and lasted for over a week, bringing major cities like Lagos, Abuja, and Kano to a standstill. Organised by labour unions, civil society groups, and ordinary citizens, the movement drew attention to issues of corruption, economic mismanagement, and the high cost of living. Following the massive public outcry, the government eventually reinstated partial subsidies.

5. EndSARS Protests (2020)

One of the most significant recent protests was the EndSARS movement in October 2020. It began as a social media campaign against the Special Anti-Robbery Squad (SARS), a unit of the Nigerian Police Force accused of widespread human rights abuses, including extrajudicial killings, torture, and extortion. The protests quickly gained momentum, with thousands of young Nigerians taking to the streets in cities across the country. The government initially disbanded SARS on October 11, but protests continued, demanding comprehensive police reform. The movement culminated in the tragic Lekki Toll Gate shooting on October 20, where security forces allegedly opened fire on unarmed protesters, resulting in multiple deaths and injuries. This incident drew international condemnation and spotlighted governance and human rights issues in Nigeria.

These historical protests have significantly influenced Nigeria’s trajectory, showcasing the determination and activism of its people in striving for a better future.

Senate passes bill that allows FG to take from banks’ forex profits

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The Nigerian Senate has passed the Finance Act (Amendment) Bill, 2024, which includes a significant change in the taxation of banks’ foreign exchange gains. This decision came after the consideration and adoption of the report presented by Sen. Sani Musa, Chairman of the Senate Committee on Finance.

The bill, initially proposed by President Bola Tinubu and read at the plenary session on July 17, 2024, aims to amend the Finance Act of 2023. One of the primary objectives of this amendment is to impose a Windfall Tax on banks’ foreign exchange gains. The levy charge for this tax has been increased from the previously proposed 50% to 70%.

The additional revenue generated from this windfall tax, estimated at ₦6.2 trillion, is intended to finance the Appropriation Amendment Bill. This move is expected to provide a substantial boost to the government’s finances, tapping into the profits banks make from foreign exchange transactions.

The Finance Act (Amendment) Bill, 2024, thus represents a significant shift in the taxation policy, targeting the financial gains of banks to support broader fiscal measures.

Nigeria needs to build 5.5 million houses to solve housing crisis

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At the 18th Africa International Housing Show in Abuja, Minister of Housing and Urban Development Ahmed Dangiwa highlighted Nigeria’s significant housing deficit, which requires the construction of 550,000 housing units per annum over the next 10 years, amounting to about ₦5.5 trillion annually. The theme of the event was “Financing the House We Need,” aligning with the Renewed Hope Housing Agenda.

Dangiwa acknowledged that while the government’s plan to deliver 50,000 units is ambitious given Nigeria’s history in housing stock development, it is still a small fraction of the required annual 550,000 units. He emphasized the need for public-private partnerships and collaborations with housing development finance institutions, investors, and partners to bridge this gap. A demand-driven approach has been adopted to avoid issues of abandoned or unsold buildings, and an online housing portal has been launched, which has already recorded over 28,000 applications.

Senate President Godswill Akpabio, represented by Victor Umeh, Vice-Chairman of the Senate Committee on Lands, Housing, and Urban Development, reiterated the commitment of the 10th Assembly to ensure that every Nigerian has access to housing. Akpabio emphasized the importance of inclusive policies that cater to the diverse needs of Nigerians and expressed concern over the frequent building collapses in the country, urging professionals in the built environment to address this issue.

Speaker of the House of Representatives Abbas Tajudeen, represented by Abdulmumin Jibrin, Chairman of the House Committee on Housing and Habitat, stressed that adequate housing is crucial for addressing many of Nigeria’s challenges, including insecurity, social stability, job creation, health, education, economic productivity, cultural preservation, and civic participation. He advocated for comprehensive policies focusing on both housing demand and supply, including direct government funding, public-private partnerships, tax breaks, subsidies for developers, and improvements in land acquisition and administration.

Pastor Mathew Ashimolowo, Chairman of Makarios: The Luxury Place, advised Nigerians to engage in land banking while being mindful of land laws and avoiding government-reserved lands. He called on the government to facilitate easier access to housing through mortgages.

Suleiman Zarma, Chairman of the Africa International Housing Show (AIHS), noted that the 2024 event was the 18th edition aimed at finding sustainable solutions to Africa’s housing challenges. He highlighted the exhibition of revolutionary products, materials, designs, and processes for housing provision, emphasizing the need for a renewed political will to combat the continent’s housing crisis amidst global economic and political challenges.