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JUST IN: Osinbajo Congratulates Tinubu, Says Jagaban Outstanding, His Experience Critical To APC

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Vice President Yemi Osinbajo, SAN, has congratulated Asiwaju Bola Ahmed Tinubu on his victory at the All Progressives Congress presidential primary.

He also called for unity among APC members, saying Tinubu’s sterling contributions to democracy stood him out.

Osinbajo said this in a statement titled, “VP Osinbajo congratulates Asiwaju Tinubu on his victory at APC Presidential Primary Election.”

The statement read, “I congratulate Asiwaju Bola Ahmed Tinubu on his victory at our party primaries and his emergence as the Presidential Candidate and Flagbearer of our great party, the APC for the forthcoming 2023 Presidential Elections.

“I also congratulate President Muhammadu Buhari and all leaders of the APC for a successful Special Convention and Presidential Primary.

“For many decades, our Flagbearer has shown passion, patriotism, courage, and determination in the cause of nation-building. His sterling contributions to our democracy and its progress stand him out.

“His wealth of experience will certainly be critical in our party’s continued efforts to attain a more secure and prosperous Nigeria.

“To all members of our great party, regardless of who you voted for at the primaries, we must now unite behind our Presidential Candidate and Flagbearer to ensure victory for our party in the 2023 elections.

“As true progressives, we must remain strong and united in pursuing our collective vision as a party toward building a country that can provide a decent life and livelihoods for all our people.”

It was earlier reported that Tinubu won the APC’s presidential ticket after polling 1,271 votes to defeat his closest rivals, ex-minister Rotimi Amaechi and Vice President Yemi Osinbajo.

He contested against thirteen other aspirants – Mr. Chukwuemeka Nwajiuba, Pastor Tunde Bakare, Mr. Ahmed Rufai, Senator Rochas Okorocha, Mr. Jack Rich, Governor Ben Ayade, Governor David Umahi, Senator Ahmed Yarima, Dr. Ahmed Lawan, Osinbajo, Amaechi, Governor Yahaya Bello, and Mr. Ogbonnaya Onu.

Nine aspirants had earlier stepped down, eight of whom asked their supporters to vote for Tinubu, while one asked his supporters to vote for Osinbajo.

Those who stepped down before voting began are Governor Abubakar Badaru of Jigawa, Robert Boroffice, Ken Nnamani, Ibikunle Amosun, Dimeji Bankole, Ekiti State Governor Kayode Fayemi, and Godswill Akpabio.

They asked their supporters to vote for Tinubu, just as the only female aspirant, Mrs. Uju Ken-Ohanenye, followed suit.

Pastor Felix Nicholas, the United States of America-based aspirant also stepped down and asked his supporters to vote for Osinbajo.

A candidate, Chukwuemeka Nwajiuba, immediate past Minister of State for Education, was conspicuously absent at the convention.

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Federal Government To Grant Mining Licenses To Only Companies That Process Locally

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Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

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Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

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Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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