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Jega, Utomi, Donald Duke, Others Team Up Against APC, PDP, Unveil New Party October 1st

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Prominent Nigerians including a former Chairman of the Independent National Electoral Commission, Attahiru Jega, and a political economist, Professor Pat Utomi, will on October 1 unveil a mega political movement.

It was gathered that the mega-group, which would later transform into a political party, would challenge the country’s dominant parties, the All Progressives Congress and the Peoples Democratic Party.

This came to the fore on Wednesday as INEC told newsmen that 95 groups had applied to it to be registered as political parties.

But for the new mega group planned for October 1, it was learnt that talks had reached an advanced stage for the merger of some existing opposition political parties as part of the new movement.

A source privy to the development, who spoke to one of our correspondents in confidence, explained that the focus of those involved in the new group was to push for electoral and political reforms.

The source said, “By God’s grace, we will be unveiling our movement on October 1 to coincide with Nigeria’s 61st independence anniversary. We cannot call it a political party for now because talks are still ongoing.

“I’m aware that talks between leaders of the Peoples Redemption Party including Professor Attahiru Jega, those of the African Democratic Congress including its National Chairman, Chief Ralph Nwosu, and the Labour Party, have reached an advanced stage.

“The proposal being considered is the collapse of the structures of existing political parties involved into one strong one. We recognize the fact that forming a political party from the scratch is both cumbersome and capital intensive.

“It will involve getting offices across the 36 states of the federation and Abuja and going through all kinds of hurdles before being registered by the Independent National Electoral Commission and we know time is of the essence.

“To avoid this, we are looking at first agreeing on terms of engagement. We will adopt a name, hold our conventions where structures will be collapsed into one then we will approach INEC for a change of name to reflect our new identity.”

In response to a question on what was holding the body from fully identifying itself as a political party, the source said, “With the current Nigerian political structure, we don’t want to just join the fray. We need to make a difference that is why we are first pushing for electoral reforms. We will be working with like-minded people to push for the electronic transfer of election results and changes in Nigeria’s constitution to make it truly representative of ‘we’ the people.’’

There was confusion over the status of a group, Rescue Nigeria Project, which was unveiled by a former presidential adviser and diplomat, Dr Usman Bugaje, in Abuja, on Tuesday.

A section of the media had reported that Tuesday’s meeting was the unveiling of a political party. Some of those listed as attending were Jega, Utomi, a former Governor of Cross River State, Donald Duke; a former Kwara State Governor, Abdelfattah Ahmed; Senator Lee Maeba and Professor Tunde Adeniran among promoters of the new party.

However, several persons, who attended the event said nothing of the sort was discussed. Attempts to get clarification from the convener of the event were futile. Calls to his mobile telephone number were neither picked nor returned. A response to a text message sent to him on the subject was still being awaited as of the time of filing this report.

However, a former Minister of Education and retired politician, Adeniran who attended the event, explained that the gathering discussed good governance and what was required to move the nation forward.

He told newsmen, “I have since retired from partisan politics. However, I have made myself available to give advice as well as guidance in order to continue to contribute my quota to national development. I am certainly not forming any political party.

Another attendee, who is a leading member of the PDP in Rivers State, Senator Lee Maeba, dissociated himself from the formation of a new political party.

Maeba, who spoke to one of our correspondents on the telephone on Wednesday, said the Rescue Nigeria Project event he attended in Abuja, on Tuesday, was not for the formation of a new party but for the advancement of good governance.

He said, “The majority of us there are PDP members. In fact, some of us who were there were agitating that we should close early because they are members of PDP zoning committee and that a meeting was ongoing then.

“I have been a PDP member since 1998 and I don’t have another party. If I have not joined the APC, what is the need of forming another one?

“I did not discuss anything about the formation of a new party. That was the first time I attended the meeting. When I saw the names of those involved, I was attracted to talk on good governance. I am an advocate of good governance.

“It was a seminar and the theme was good governance. Even the organizer, Usman Bugaje, did not talk about political parties. What they talked about was good governance and how to strengthen political parties to ensure good governance, that’s all. Nobody mentioned the party.

“There are ways of forming a political party. The organization will apply to INEC. It has to submit signatures. Is my signature on any paper? There was nothing like that.

“We believe that the place was infiltrated because how can a talk about good governance become a talk of the formation of a party?

“I did not enter a meeting with anybody to form a political party because I am a satisfied member of the PDP. The party is doing well in my state and the governor is doing very well. So why will I go and start forming another party?”

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BREAKING: EFCC Declares Yahaya Bello Wanted [PHOTO]

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Yahaya Bello, the former governor of Kogi state, has been declared wanted by the EFCC.

He reportedly evaded arrest yesterday when the commission visited his home to enforce arrest.

More to come…

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Hydrogen, CCHub Partner To Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading fintech startup Hydrogen Payment Services Limited (‘Hydrogen’) has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed ‘Adapting Fintech Business Models to Economic Climates’.

The event is set to take place on Thursday, April 18, 2024, from 12:00 a.m. WAT at the CCHub office in Sabo, Lagos, will delve deep into the intricacies of Nigerian economic challenges and how these influence the fintech ecosystem. Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the fintech space amidst economic uncertainties. By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip
emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in the Nigerian fintech sector. By leveraging Hydrogen’s technological expertise alongside CcHU’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders. including Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen; and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in the Nigerian fintech landscape amidst economic challenges.

Interested attendees are encouraged to register here and reserve a spot.

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ECONOMY: CBN Not Using Foreign Reserves To Defend Naira — Olayemi Cardoso

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, asserts that the nation is not defending the value of the naira with its foreign reserves.

He made this known on Wednesday in Washington, DC, where he is attending the International Monetary Fund-World Bank Spring Meetings.

Cardoso said $600 million came into Nigeria’s reserves account within the last two days.

The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,000/$1 now. But while the naira rebound, Nigeria’s foreign reserves are dwindling, dropping to about $32.29 billion on April 15 — the lowest level in over six years.

Cardoso said, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where for example, debt is due and certain payments need to be made because that is also part of keeping your credibility.

“Other times money comes in, it takes it up again. Between yesterday and today, about $600 million came into the reserves account. We are looking towards a market that operates by itself, willing buyers, willing sellers and price discovery.

“The shift in our reserves has really little or nothing to do with defending naira and that is certainly not our objective.”

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