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Reduce Interest Rate On Industrial Loans To 1% — Manufacturers To CBN

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Outgoing chairman of the Manufacturers Association of Nigeria (MAN) for Kwara and Kogi, Bioku Rahman, has urged the Central Bank of Nigeria (CBN) to lower the current interest rate on loans for MAN members.

He made this plea on Tuesday in Ilorin, Kwara state, during the association’s 10th annual general meeting (AGM), themed “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers”.

This request comes after the CBN increased the monetary policy rate (MPR) to 26.75 percent from 26.25 percent on July 23.

In its second quarter (Q2) ’24 MAN CEO’s Confidence Index (MCCI),’ MAN said commercial banks charge an average maximum lending rate of 35 percent on loans to its members between April and June.

Speaking at the AGM, Rahman said the present “interest rates are killing businesses”.

“We therefore ask the federal government to urgently direct the CBN to drastically reduce interest rates on industrial loans,” he said.

“The CBN should also direct commercial banks to reduce interest rates on industrial loans.

“The interest rates charged on industrial loans and other loans released as COVID-19 palliatives should be significantly reduced further to one percent.”

Also, Rahman asked the CBN to waive conditions on foreign exchange (FX) policies for local manufacturers.

“Similarly, CBN can widen the window of foreign exchange to local industries, while urging the federal government to harmonise taxes and levies at federal, state and local government levels.”

He also urged the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries.

Rahman added that a heavy-duty gas-energy generation and distribution plant was exclusively needed for Kwara industrialists.

On her part, Damilola Adelodun, Kwara state commissioner for Business, innovation and technology, said the government will continue to support the association to boost the state’s economy.

Adelodun, who represented AbdulRahman AbdulRazaq, governor of Kwara, reiterated the government’s resolve to create a conducive environment for the manufacturers in the state.

“The state has undertaken several key initiatives to support the manufacturing sector and overall economic development,” she said.

“The Urban Renewal Initiative is transforming the architectural landscape of Kwara to enhance its aesthetic appeal and functionality, making it a more attractive place for businesses and residents.

In his address, Francis Meshioye, president of MAN, described the relationship between the state government and manufacturers as cordial.

Meshioye also appealed to the state government to upgrade the infrastructure around the industrial estates.

BIG STORY

Assault: Abia Rep, Alexander Ikwechegh, Trial Begins November 8, Gets N500,000 Bail

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A Kuje Magistrate Court has set November 8 for the trial of Alexander Ikwechegh, a House of Representatives member representing Abia State, after granting him N500,000 bail.

Ikwechegh, who was arraigned on Wednesday, before His Worship, Abubakar Umar Sai’id, for allegedly assaulting a Bolt driver, Stephen Abuwatseya, at his residence in Abuja, pleaded not guilty to the charges brought against him.

The Inspector General of Police, Kayode Egbetokun, arraigned Ikwechegh on three counts bordering on abuse of office, assault and threat to life.

After taking his plea, the lawmaker’s counsel proceeded to make an oral application for bail, which was granted by the court.

The magistrate said, “The court will grant the defendant a bail set at N500,000, with two sureties in like sum. The sureties must reside within the court’s jurisdiction and provide utility bills as proof of residence.”

The court proceeded to adjourn the hearing in the matter till November 8.

A video of Ikwechegh allegedly assaulting the Bolt driver had gone viral on social media on Monday.

In the video, Ikwechegh can be seen repeatedly slapping the driver.

Aside from the slaps, the lawmaker can be heard threatening the driver and assuring him of how he can make him disappear without a trace.

Meanwhile, a civil society organisation, Rule of Law and Accountability Advocacy Centre, in a statement, on Wednesday, condemned Ikwechegh’s action and described it as “a glaring example of abuse of power” most common with politicians.

The statement signed by RULAAC’s Executive Director, Okechukwu Nwanguma, said the lawmaker’s action was a shame not only on him but also on every member of the House of Representatives.

He stated, “The recent incident involving a federal lawmaker, Alex Ikwecheghi’s brutal treatment of Uber driver, Mr Stephen Abuwatseya, is a glaring example of the abuse of power that permeates Nigeria’s political landscape.

Ikwechegh’s actions, including verbal and physical assault, as well as intimidation of the victim, reveal a profound lack of humility and respect for the rights of others that should be expected from someone in a public office.

“This incident not only shames Ikwechegh but also reflects poorly on the House of Representatives, the police, and the broader political system.

The indiscriminate use of power to silence and control vulnerable citizens showcases a troubling trend among officials who seem to operate above the law.

The complacency of the police in this matter raises serious concerns about their integrity and commitment to justice, as they appear more willing to serve influential individuals than to uphold the rule of law.

“While the House of Representatives’ decision to investigate this behaviour is a positive step, it remains to be seen whether meaningful accountability will follow.

Historical precedents suggest a risk of sweeping the issue under the rug once public outrage subsides, which would do little to repair public trust in governance.”

Nwanguma noted that the societal implications of the incident were dire as it “transcends the individual and speaks to a culture of impunity that must be addressed,” imploring that justice must not only be served for Abuwatseya but also the many unnamed victims of similar abuses.

“This case must serve as a catalyst for change, leading to reforms that prioritise respect for human rights and the rule of law in Nigeria”, he stated.

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BIG STORY

JUST IN: Veteran Nollywood Actor, Charles Olumo Agbako Dies At Age 102

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Veteran Nollywood actor, Abdulsalam Sanyaolu, popularly known as Charles Olumo and “Agbako”, is dead.

His colleague, Jide Kosoko, announced “Agbako’s” demise in a post on his Instagram page on Thursday.

However, Kosoko failed to reveal the circumstances surrounding “Agbako’s” death.

The movie star wrote, “Good night ooo, Baba Charles. a.k.a “Agbako”, 102 years, “ba wasa ba”. R I P”

“Agbako” was born on February 19, 1923, in Abeokuta, Ogun State.

The thespian initially worked as a mechanic and amateur boxer before embarking on his acting career in 1953 at the Apostolic Church in Mushin, Lagos State.

Over the decades, “Agbako” has become a household name, especially in the Yoruba film industry, known for his roles in numerous films like ‘Taxi Driver’, ‘Jagun’, ‘Amin Orun’, ‘Aiye’, ‘Jayesinmi’, ‘Soworo Ide’, and ‘Igbo Dudu’.

His career, spanning over four decades, showcases his versatility and enduring passion for acting.

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Striking Varsity Workers Threaten Showdown As Federal Government Rebuffs Talks

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The Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions and the Senior Staff Association of Nigerian Universities has declared that the ongoing strike is “a long-term battle” involving high-ranking university officials such as vice-chancellors, bursars, and registrars.

The JAC of SSANU and NASU began an indefinite strike on Monday due to the withholding of their salaries for four months.

Since then, activities in universities nationwide have come to a halt.

In an interview (with The Punch) on Wednesday, SSANU National President Mr. Mohammed Ibrahim confirmed that top university officials, including vice-chancellors, bursars, and registrars, have not received salaries for four months.

He emphasized that universities would remain “completely shut down” until the withheld salaries were paid.

Ibrahim further noted that compliance with the strike is widespread across all universities.

He revealed that the government has made “no invitation or any form of interference” regarding the strike.

“It is a long-term battle because this strike also involves vice-chancellors, bursars, registrars, and other senior administrators who were not paid,” he stated.

“The impact is significant, and no one from the government has reached out to us. We have withdrawn our services, and our members are resolute they will not return to work until all salaries are paid.”

According to him, compliance is “encouraging,” achieving “98 per cent adherence.”

“We have achieved 98 per cent compliance with the strike; it is a total strike if you look around. The remaining two per cent are those who held their congress today, and they will join fully tomorrow,” he explained.

Both Ibrahim and the Vice President of SSANU, Abdussobur Salaam, noted there had been no official government response on the strike.

The previous Minister of Education, Prof. Tahir Mamman, was recently relieved of his position, with Dr. Tunji Alausa set to assume the role. This transition follows President Bola Tinubu’s directive that former ministers must hand over their offices by October 30.

Prof. Mamman was among five ministers dismissed by the President after a Federal Executive Council meeting on Monday.

A primary issue awaiting the new minister, Dr. Alausa, upon taking office is the SSANU and NASU strike.

Salaam mentioned there has been “no official communication from the government regarding the ongoing strike by the union.”

“There’s no update on the ongoing strike, it continues. Some informal contacts were made between the minister of state for education and our union executives, but there’s been no real progress, just an informal appeal,” he said.

“This issue has persisted for a long time, with repeated promises that have not been fulfilled.”

“All our ultimatums have expired, and we still haven’t received any alerts. The recent invitation was just an informal call on the phone. We urge the authorities to take decisive action; we have come too far and can no longer accept empty promises. If we don’t get the alerts we won’t back down,” Salaam asserted.

A statement on Sunday, signed by SSANU National President Ibrahim and NASU General Secretary Peters Adeyemi, noted that the ultimatum given to the Federal Government regarding the withheld salaries had expired by midnight on Sunday.

The unions demand the payment of their four-month withheld salaries, improved remuneration, earned allowances, and implementation of the 2009 agreements with the government.

Additionally, on Wednesday, the National Association of Academic Technologists (NAAT) announced a nationwide protest over its withheld five-month salaries and unfulfilled agreements with the Federal Government.

NAAT plans to picket the Ministry of Finance on November 14 due to the lack of action on the President’s directive to pay withheld salaries.

The protest is scheduled to begin at midnight on November 6, 2024, with all union branches in universities, polytechnics, and colleges of education mobilizing to advance their demands.

NAAT President Ibeji Nwokoma, who declared the protest after a National Executive Council meeting in Abuja, issued a two-week ultimatum beginning on October 30, 2024, as a final opportunity for the Federal Government to address their grievances.

At a media briefing in Abuja, Nwokoma outlined longstanding demands, including payment of five and a half months of withheld salaries and full implementation of a 2009 agreement with NAAT.

He said the agreement includes key items like allowances for academic technologists, provisions for student training programs, and improved staff-to-student ratios.

NAAT urged the government to release funds for upgrading university laboratories and to address broader issues like underfunding and the increase in public universities.

The union had previously given a three-week ultimatum on September 30, 2024, which expired on October 21.

According to Nwokoma, the ultimatum concluded without acknowledgment from government agencies, including the Federal Ministries of Education and Labour and Employment.

NAAT expressed frustration at the government’s “insensitivity,” citing the President’s recent approval of withheld salaries that, according to NAAT, had yet to be implemented by the Ministry of Finance.

The NAAT president announced that within the two-week period, local branches would convene congresses to conduct a referendum on potentially escalating the protest into a full strike.

He warned that if the government failed to act by November 13, 2024, NAAT would begin an indefinite strike, potentially impacting academic schedules and crucial research activities across the higher education sector.

A prepared statement read, “It is quite unfortunate and regrettable too, that despite the President Bola Ahmed Tinubu’s waiver and approval to pay five-and-half month salaries owed NAAT members, the refusal by the Minister of Finance and Coordinating Minister of the Economy to effect this approval raises more questions than answers on the true commitment and sincerity on the part of the Federal Government in resolving the issues.”

“Several efforts were made in the past including a series of letters, protests, visits, notices of ultimatums and several Memorandum of Understanding (MoUs) freely entered between NAAT and Federal Government (i.e MOU of 2017, 2020, 2021 and 2022) as the result of efforts by Federal Ministry of Labour and Employment as conciliator of the Federal Government but all to no avail.”

“Consequent upon the above, the union, having reviewed the situation critically, decided to give the Federal Government an additional two (2) weeks ultimatum, with effect from 30th of October 2024.”

“Meanwhile, the National Executive Council has directed all her branches in universities, polytechnics and colleges of education to hold a nationwide protest to drive home our demands.”

“Within the two-week ultimatum, branches have been directed to hold congresses and conduct a referendum to decide if the union will proceed on strike once the 14-day ultimatum expires on the 13th of November 2024.”

“If at the end of the 14-day ultimatum no positive response from the government, the union will embark on a national protest which will culminate into a total and indefinite strike without recourse to government.”

“It is hoped that the government will avail itself of this window to resolve the issues on the ground, with the view to averting any industrial action.”

“This decision is in line with our concern for the tertiary education system so as not to disrupt the academic calendar which will eventually affect research and practical teaching; laboratory, workshop, farm and studio practices and the attendant monumental loss of resources.”

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