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These are not the best of times for the embattled Senator representing Kogi East Senatorial District, Atai Aidoko as his constituents are currently bitter with him.

The people of the district are at loggerheads with the politician for hoarding Keke Napep, motorcycles, sewing machines and grinding machines which were meant for their empowerment under the Millennium Development Goals (MDG) but which were cornered by Sen. Aidoko, who is seeking re-election.

Sources squealed to us that the politician has just released the hoarded motorcycles and other materials because of the 2019 elections.

Sources said the People’s Democratic Party (PDP) senator had warehoused the materials running into billions of naira instead of giving them out to constituents, which is why the sudden release is raising more questions than answers.

Members of the Senate are allowed to nominate projects in their constituents in alignment with MDG goals but funds meant for such projects are often diverted into buying give-aways like motorcycles, sewing machines, grinding machines, which are then used as bait when elected representatives are due for re-election

We gathered that the senator kept the materials with the intention of using them as bait to entice delegates in the party’s convention because he had nothing else to point to as a major contribution to the welfare of the people of Kogi State.

A constituent from Kogi East Senatorial District said  “I wonder why the senator is sharing these items now when in the last four years he had not done anything for his people. Kogi East voters are now wiser and would do what they have to do at the PDP primaries in September to choose someone who will truly have their interest at heart.” He lamented.

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BIG STORY

Inflation: Real Reason Indomie Reduced Prices Of Popular Staple Food Item Revealed

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In the face of mounting inflationary pressures in Nigeria, Indomie Instant Noodles, a major brand under Dufil Prima Foods Limited, has announced a substantial price cut to ensure affordability for consumers.

The move was made to preserve availability to this well-liked essential food item in response to the growing economic difficulties that Nigerians were facing.

And this is supported by a recent survey that was carried out at a number of Lagos-based stores and found that the costs of Indomie goods had significantly dropped. When compared to the previous month, the price of the 70g pack of Indomie Regular Chicken noodles dropped to N250.

Additionally, the price of a 40-pack carton of Indomie dropped from N12,000 to N10,000 within the same timeframe. Prior to this adjustment, Indomie’s prices had surpassed those of competing brands such as Mimee (N200) and Honeywell noodles (N250).

Temitope Ashiwaju, the group corporate communications & event manager at Dufil Prima Foods Limited, attributed the price reduction to favourable changes in operational costs.

He emphasized the company’s commitment to passing on benefits to consumers, stressing their dedication to fairness and affordability.

“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”

Contrary to speculations suggesting low patronage as the driving factor behind the price adjustment, Ashiwaju reaffirmed that the decision was rooted in the company’s ethos of customer-centricity and fairness.

Industry experts have hailed Dufil Prima’s move as influential, predicting a ripple effect that could prompt other brands to follow suit because Indomie’s dominant position in the market has positioned it as a price setter, prompting expectations for broader shifts in pricing strategies across the industry.

The price reduction by Indomie comes amidst a backdrop of economic challenges in Nigeria, characterized by soaring inflation rates.

Over the past nine months, Nigeria has witnessed a steady rise in headline inflation, driven primarily by government reforms such as the removal of petrol subsidy and naira devaluation.

As a result, food inflation has surged, exacerbating the financial strain on households and leading to an increase in poverty levels.

Despite these economic headwinds, a recent report by Euromonitor International indicates robust growth in the sales value of noodles within Nigeria’s formal market.

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BIG STORY

Lagos State Government Disburses N4.48bn In Pension Benefits To Retirees

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  • Governor Sanwo-Olu Upholds Commitment to Pensioners’ Welfare with Timely pay

 

The Lagos state government on Thursday, March 28, paid a total of N4.48 billion in pensions to 1,455 retirees for the month of March.

The payment was given at the Lagos State Pension Commission’s (LASPEC) 104th retirement bonds certificate presentation.

When LASPEC paid N3.2 billion in accrued pensions to 1,013 retirees during the 103rd retirement bonds certificate ceremony in February, the state governor, Babajide Sanwo-Olu, had promised to pay at least N4 billion in March.

To settle all pending accrued pensions by the middle of the year, the governor guaranteed that the state government would pay an additional N3 billion in April.

While he acknowledged the backlog in the payment of accrued rights, Sanwo-Olu noted: “Our attention is focused on systematically eliminating the backlog.”

He also expressed optimism about the actualisation of the government’s dream of a “Pay-As-You-Go” model before his term ended.

At the presentation, LASPEC Director-General, Babalola Obilana, said that the monies were released for civil personnel who retired before the start of the Contributory Pension Scheme in 2007.

Obilana expressed gratitude to Sanwo-Olu for his steadfast dedication to the well-being of the state’s residents.

The governor, he pointed out, had consistently placed pensioners’ interests first and supported measures to lessen their financial difficulties.

He assured that by mid-2024, retirees from the state would receive their benefits as they departed from government employment, emphasising that the governor had kept his word to clear all pension arrears.

Obilana said: “On behalf of Gov. Sanwo-Olu and the entire Lagos State Government, I extend my heartfelt gratitude to all of you present at this memorable event.

“Lagos State is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers.

“You have exemplified the values that define Lagos State – integrity, commitment, and excellence.

“Your dedication and hard work have contributed to the dream of a `Greater Lagos’.

You are a source of inspiration for us all. Your legacy will undoubtedly continue to resonate within the public service.”

LASPEC DG further urged retirees to be cautious of fraudsters and choose suitable pension investments. He highlighted the transition from professional life to leisure and hoped their future would be full of happiness and fulfillment from a rewarding professional life.

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BIG STORY

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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