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Details of Samoa agreement
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The Federal Government has provided the details of the Samoa Agreement it signed recently....Click Here To Continue Reading>>
The controversial agreement was signed at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium on June 28, 2024.
The partnership agreement is between the EU and its Member States, on one hand, and the members of the OACPS.
DAILY POST reports that the negotiations on the agreement started in 2018, on the sidelines of the 73rd United Nations General Assembly.
It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states.
The agreement has 103 articles comprising a common foundational compact and three regional protocols, namely: Africa –EU; Caribbean-EU, and Pacific-EU Regional Protocols with each regional protocol addressing the peculiar issues of the regions.
The African Regional Protocol consists of two parts.
The first is the Framework for Cooperation, while the second deals with Areas of Cooperation, containing Inclusive and Sustainable Economic Growth and Development; Human and Social Development; Environment, Natural Resources Management, and Climate Change; Peace and Security; Human Rights, Democracy and Governance; and Migration and Mobility.
The Tinubu government said the signing was done after the extensive reviews and consultations by the Interministerial Committee, convened by the Federal Ministry of Budget and Economic Planning (FMBEP) in collaboration with the Ministry of Foreign Affairs (MFA) and Federal Ministry of Justice (FMOJ).
It was ensured that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended or laws of Nigeria, and other extant Laws, the government said.
It said Nigeria’s endorsement was accompanied by a Statement of Declaration, dated 26th June, 2024, clarifying its understanding and context of the Agreement within its jurisdiction to the effect that any provision that is inconsistent with the laws of Nigeria shall be invalid.
On the issue of same sex marriage, the FG explained that it is “instructive to note that there is an existing legislation against same sex relationship in Nigeria enacted in 2014,” a statement signed by Mohammed Idris, the Minister of Information and National Orientation.
“It is necessary to assure Nigerians that the President Bola Tinubu Administration, being a rule-based government, will not enter into any international agreement that will be detrimental to the interest of the country and its citizens.
“In negotiating the Agreement, our officials strictly followed the mandates exchanged in 2018 between the EU and the OACPS for the process,” he added.
Idris said that the Samoa Agreement was nothing but a vital legal framework for cooperation between the OACPS and the European Union, to promote sustainable development, fight climate change and its effects, generate investment opportunities, and foster collaboration among OACPS Member States at the international stage.
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Private debt emerges as an option for Nigeria’s mid-sized corporations
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Private debt funds are emerging as a potential lifeline for Nigeria’s mid-sized companies.
Experts say these funds, which focus on borrowers’ repayment capacity, offer a more tailored approach. FCMB Asset Management’s new Naira-denominated fund is a significant step in this direction.
FCMB-TLG Private Debt Fund Series 1 Offer opened on Monday, June 24, 2024, as the Fund Manager seeks to raise Ten Billion Naira (N10 billion) under Series 1 of its One Hundred Billion Naira (N100 billion) Programme size.FCMB Asset Management Limited (FCMBAM) established the FCMB-TLG Private Debt Fund as Nigeria’s first Naira-denominated Private Debt Fund.
The Fund, approved by the Securities and Exchange Commission (SEC) in May 2024, is sponsored and managed by FCMB AM as Fund Manager with technical support from TLG Capital Investments Limited (TLG Capital), United Kingdom.
Professor Uche Uwaleke, President of the Association of Capital Market Academics of Nigeria, noted the novelty of private debt funds in Nigeria compared to their well-established presence in the U.S. and Europe.
Despite other alternative investment vehicles like private equity and infrastructure funds, local currency private debt funds have been largely unavailable for qualified institutional investors, high-net-worth individuals, and mid-sized companies.James Ilori, the Chief Executive Officer of FCMBAM, said, “The FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy while providing essential capital to organizations driving sustainable economic growth and development in Nigeria.
“According to an International Finance Corporation report, Private Debt Assets Under Management (AUM) marked an 8-fold increase, from US$ 271bn in 2009 to over US$ 2.1tn in 2023. Also, CSL Research, in its report titled “Private Credit: Emerging Asset Class in Nigeria and across Africa”, stated that Private Debt/Credit is set to become the fastest-growing asset class over 2021-26, with AUM expected to reach US$2.69tn, growing at a CAGR of 17.4%. As a percentage of global Alternative AUM, Private Credit is expected to expand to 12% in 2026 from 9% in 2021.
The FCMB-TLG Private Debt Fund seeks to raise capital from Qualified Institutional Investors (QIIs) such as Pension Fund Administrators (PFAs), Insurance companies, Development Finance Institutions (DFIs), Family Offices, and Corporate Organizations, as well as HNIs and deploy such capital as corporate debt to companies with commercially viable but impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDGs).
The Fund will invest in the debt components of the capital structure of organizations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria’s economic growth and development, including Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology.Professor Uwaleke further stated that despite being in its nascent stage, the potential for Private Debt Funds in Nigeria is substantial due to the significant funding gap exacerbated by the high cost of lending by traditional lenders.
“In Nigeria, private sector credit is predominantly directed towards large corporate organizations, leaving SMEs and mid-sized companies underserved. Private Debt Funds can bridge this gap by offering more suitable and cost-effective financing solutions tailored to the specific needs of these organizations.
Also, unlike Private Equity Funds, Private Debt Funds require less extensive due diligence, making them an attractive Alternative Asset class,” he said.
Former President of the Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe, stated that Private Debt investments are valuable alternatives to loan facilities provided by traditional lenders.
According to him, Private Debt Funds derive value from their ability to identify, support, and finance companies through suitable debt initiatives.
“By providing not only financial support but also expertise and managerial know-how aimed at ensuring efficient management of the facilities, these Funds enhance the chances of success for the companies they invest in, ensuring the repayment of debt and interest as the companies prosper,” he said. Amolegbe emphasized that Private Debt Funds are significant additions to the financial ecosystem.
Private Debt/Credit is a form of alternative credit in which debt investments are privately negotiated between a debt provider and an investee company without a financial intermediary such as a bank.Investee companies for Private Debt are typically mid-sized companies that prefer to deal directly with debt providers rather than public markets or traditional lenders due to speed, cost efficiency, convenience, confidentiality, or other reasons.
Most Private Debt investments fall under the senior loan category, so debt providers are given repayment preference in case of default.Private Debt has gained traction in the past decade and is one of the fastest-growing asset classes in the highly attractive Alternative Assets market. In the developed markets, this asset class has gained favor among non-conventional lenders, particularly following the global financial crisis in 2008 and the subsequent tightening of banking regulations.
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Fuji legend, KWAM 1 orders Dammy Krane, Davido to end fight
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Veteran fuji musician, Wasiu Ayinde, widely known as KWAM 1 De Ultimate, has ordered Dammy Krane to end his ongoing fight with Davido.
KWAM1 made the call during a live performance in the USA.
DAILY POST recalls that Dammy Krane had last year taken to social media to drag Davido over alleged debt.
Dammy Krane last week took his beef with Davido further by accusing the DMW boss of having a hand in the death of his late friend, Tagbo, who died on his birthday in 2017.
However, stepping into the ongoing feud, KWAM1 called for peace.
Addressing the issue KWAM1 said; “I want to send a message to my son, Dammy Krane, that he should end the fight with Davido.
“I, Wasiu Ayinde, have given this order. I don’t want to hear anything from any of you again. None of you will die.”
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Transfer: Man Utd ‘very close’ to signing Zirkzee
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Manchester United are close to sealing a transfer for Bologna striker, Joshua Zirkzee, ESPN reports.
It is understood that the two clubs have reached a broad agreement over payments.
Zirkzee has a release clause of £34million inserted in his contract which is valid until August.
However, United are looking to negotiate a different deal.
The 23-year-old is currently with the Netherlands national team preparing for their Euro 2024 semi-final against England in Dortmund on Wednesday.
Zirkzee has emerged as United’s preferred striker target after they also considered both Lille’s Jonathan David and Brentford’s Ivan Toney.
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Alleged organ harvesting: Enugu police caution ladies against moving with unknown male partners
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The Enugu State Police Command has advised young ladies to be wary of going out with unknown male partners.
DAILY POST reports that the warning came amid a trending video where two young ladies were said to have been rescued from a hotel room after a failed attempt to harvest their organs.
However, in a statement made available to journalists on Sunday by the Police Public Relations Officer, Enugu State Command, DSP Daniel Ndukwe, he said the ladies, operating as commercial sex workers, were robbed by their supposed male customers who tied them in the room with rope.
According to the statement, “The Enugu State Police Command has intercepted a viral video showing two ladies alleged to have been rescued from a hotel room in Enugu, where they were tied up in an attempt to harvest their organs by two young men.
“The Command, therefore, wishes to state that, contrary to the misleading narrative on the incident, preliminary investigation revealed a case of demanding money with menaces and fraud, and not murder or human organs or parts harvesting as being peddled.
“Further revealed is that the ladies, operating as commercial sex workers, made out with the young men on July 3, 2024, in a hotel (names withheld) along Agbani Road, Enugu.
“They had another appointment the following day and met the suspects in the hotel where the incident occurred.
“At the hotel, the suspects beat and tied up the girls in the hotel’s room toilet after menacingly demanding and obtaining their phones and account details, including their Personal Identification Numbers (PINs). They surreptitiously found their way out of the hotel before the victims were rescued, as seen in the video.
“They further fraudulently withdrew a cumulative sum of one hundred and twenty thousand (N120,000.00) from the victims’ accounts.”
Ndukwe added that “a bag containing two (2) kitchen knives and sportswear the suspects left behind has been recovered, while an intelligence-guided investigation to fish out and bring the fleeing suspects to book is ongoing.
“Consequently, owners and managers of hotels have been advised to exercise the highest standards of security alertness and ensure that lodgers are properly screened, and their verifiable details obtained before being accommodated.
“Moreover, young ladies have been cautioned against going out with unknown persons, particularly males, under any guise to avoid falling prey to similar criminals and their activities.”
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Transfer: Man Utd to let midfielder leave Old Trafford
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Manchester United are open to let veteran midfielder, Casemiro leave the club this summer transfer window.
According to football transfer expert, Fabrizio Romano, Casemiro’s exit from the Red Devils is a ‘concrete possibility’.
Romano, in a tweet on X last night, discussed the Brazilian’s future with United.
He wrote: “Casemiro’s exit from Manchester United remains a concrete possibility for this summer. Saudi Pro League clubs are still in contact with his camp to discuss terms, as reported back in April/May.
“Man United are open to letting him leave in order to bring in a new midfielder.”
Casemiro joined Man United from Real Madrid a few years ago.
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Warri-Itakpe rail service resumes after accident
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Warri-Itakpe rail transport service resumed on Monday after an accident on Thursday last week.
DAILY POST gathered that around 6:45 am on Monday, several passengers were already at the Ujevwe trail station facility purchasing tickets.
Earlier, on Sunday, the Minister of Transportation, Senator Ahmed Alkali assured passengers of safety.
Speaking while inspecting the Agbor-Abraka train station, he announced that the Warri-Itakpe train operation was set to resume on Monday.
“We are happy that the incident did not lead to any casualty, it is an operational issue and we are happy to see that NRC has used its internal resources to fix the track.
“By tomorrow Monday, the train will resume its operation. We thanked God that the accident did not claim any life”, he said.
Recall that a coach of the Itakpe train derailed on Thursday at the Major Gen. David Ejor rail station.
Consequently, the Nigerian Railway Corporation suspended train service on the Warri-Itakpe route for Friday.
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UK election justifies Peter Obi as leader of black race – LP chieftain, Eze
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The Labour Party, LP, candidate for Abakaliki/Izzi Federal Constituency in the 2023 general elections, Ezeh Emmanuel Eze, has named the party’s presidential candidate, Mr Peter Obi, the leader of the black race following the LP’s victory in the United Kingdom (UK) election recently.
Ezeh noted that Obi made a pronouncement before the election day, directing the UK electorate to vote for the Labour Party and they gave the party a landslide victory in the country.
He stated this during the LP expanded state-wide stakeholders’ briefing at Citi Hub Event Centre in Abakaliki at the weekend.
According to him, the masses were not just only the followers and supporters of Obi in Nigeria but the entire African countries and the world.
“I’m proud to have a leader. In the UK election, we heard what happened. Peter Obi made a statement and told the people to vote for the Labour Party and the entire election went in one direction.
“We have a man who I can describe as a leader of the black race, not Nigeria,” Ezeh declared.
He further described Obi as the leader of the Labour Party in Nigeria, whom he said, would lead Nigerians to the promised land.
While commending the party faithful in Ebonyi State, Ezeh expressed the stakeholders’ determination to resolve the party’s leadership problems at the national level.
He also stated that the Ebonyi State Chapter of the party had become one united family and would continue to work together to ensure the birth of a new Nigeria come 2027.
“In Ebonyi State, we don’t have any faction in the Labour Party. The Labour Party is a party that has an ideology, the future now is that we have not lost any of our members, because the real owners of the party are intact.
“We have over 5,000 people who attended the meeting. The people are hungry for change and we are ready to give birth to a new Nigeria,” he said.
Recall that the LP members during the briefing unanimously adopted the former Minister of State for Health, Chief Fidelis Nwankwo as their leader in Ebonyi State.
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Seyi Bakare: No good roads in Ogun State?
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On July 2, one of the netizens on a social media hate campaign against the Ogun State governor, Prince Dapo Abiodun, over Ogun roads, Hauwa Allahbura (@HauwaAllahbura), wrote on X: “Ministry of Works Budget in 2024 N480mn. Governor STEEZE Budget is about N103bn. How will Ogun State roads be fixed? We beg you steeze governor, remove some budget from your steeze and fix the roads. #Dapofixogunroads.” Predictably, the tweet garnered endless likes and re-tweets. You see, the social media is the domain of emotion, not facts, and that is why(@HauwaAllahbura can peddle such garbage. A look at the Ogun budget under reference shows that N64bn was budgeted for the Governor’s Office while the Ministry of Works got N170 billion which includes payment for carry over projects from the preceeding year.
The N103 billion referenced by the mischief-makers was meant for the Governor’s Office, the Deputy Governor’s Office and agencies under the Governor’s Office, including the Ogun State Road Safety Advisory Council, Bureau of Public Procurement, Bureau of Pension and office of the Economic Adviser, among others. But supposing, for a moment, that N103 bn was actually allocated to the Governor’s Office, how is it less than N192bn? And just how can anyone who lays claim to literacy actually believe that such a paltry sum as N480m can be allocated to any ministry in 2024?
And now, let’s examine #Dapofixogunroads. The kernel of the campaign is that there are no good roads anywhere in Ogun State, and that Governor Abiodun must start building roads. The first question you have to ask yourself, honesty, is whether the critics actually know anything about Ogun State. This is because in the last five years, the Abiodun administration has constructed/rehabilitated over 600 km of roads in the state. For space constraints, one can only list a few of the roads: Ijebu-Ode-Mojoda-Epe Road, Abeokuta-Siun-Interchange Road, Panseke-Adigbe Road (Abeokuta), Molusi College Road(Ijebu North), Oru-Awa Ilaporu Road (Ijebu North), Ọba Erinwole Road (Sagamu), Ikola-Navy-Osi Ota Road (Ota), Ait-Raypower Road (Ota), Kemta-Somorin Road (Abeokuta), Joju-Iyana Ota Road, Fajol-American Junction-Gbonagun road, Olose Titun Vespa Road in Ifo, Baruwa road (Sagamu), Koko-Alari road (Ipokia), Iboro-Imasayi-Ayetotro road – Phase 1, Okeola Road (Imeko), Total-Itori township road, Igan-Ishanmurin-Odo Shikiti road (Ago Iwoye), Esure Road, Ijebu Imushin (Ijebu East) and Igbesa-Lusada Road. The Arepo-Journalist Estate Road, Lantoro-Elite-Idi Aba Road, Ejinrin – Idowa – Awa – Ibefun – Itokin Road, Awujale Road (Awujale, Stadium & Oke Aje) , Molipa / Asafa Isale / Ayegun / Ojofa Road In Ijebu-Ode, Asafa Oke / Fusigboye / Ojofa Street Road, Olommore-Sanni Road in Abeokuta, NNPC – MKO StadiumRoad down to Kuto bridge and IBB Boulevard, Idarika Street Road and Araromi / Sokoto Street Road are all in Ogun State, and guess who did them? A certain gentleman called Dapo Abiodun.
If you live around the areas covered by Iregun-Ita Osukun-Ilisa Road, Ijebu-Ode-Epe-Sagamu Benin Interchange Flyover Bridge, Ogbagba Street, Ijebu-Ode, Ilishan Market Road, Ilishan, Erunwon-Atan Road, Togburin -Agodo – Tigara, Molipa Expressway- Ibadan Garage, Ijebu Ode, Oyingbo-Olisa-Saka Ashiru-Ijebu Ode Road, Ikenne – Ilishan Ago Iwoye Road, Ijebu Ode Club Road, Ososa Road, Ajegunle Street, Sagamu and Gra Road, Ota, you would no doubt be aware that they are dividends of democracy under Dapo Abiodun. Of course, the boundaries of Ogun State isn’t determined by Twitter stupidity. Out of mischief, ignorance or political motivations, the critics have been throwing dirt at Governor Abiodun and his efforts to rehabilitate/construct roads across Ogun State. Many innocent people joined the bandwagon. After all, who doesn’t want good roads?
But here’s the point: most of the road targeted for attacks are federal roads. A prime example is the Lagos-Sango-Ota-Abeokuta road. Some context is necessary here. Ogun has more federal roads than most of the states in Nigeria and, sadly, most of them are in a deplorable condition. To the credit of the Abiodun administration, Ogun has actually intervened in so many of these federal roads, making them motorable. Take, for instance, the breathtaking, phenomenally beautiful Epe-Ijebu-Ode road that the then President Muhammadu Buhari inaugurated when he visited Ogun State. It is a federal road. Using that road (which now serves as an escape route for people travelling from Lekki, Lagos Island, etc, who want to beat the traffic along the Mainland, etc) while claiming that Governor Abiodun has not built roads in Ogun State has to be classified as a form of mental illness. The people’s governor built that legacy road because of its economic importance to Ogun State. The Sagamu Interchange is a federal road, and so is the Atan Lusada Agbara road, and many more. Abiodun it was who built these masterpieces of engineering. The Laderin train station road built by Abiodun is a federal road. But if Abiodun chooses to expend all Ogun earnings on federal roads, there would be nothing left to do any state road. That’s where the problem lies.
It is quite unfortunate, isn’t it, that people persist in comparing Lagos to Ogun without bothering to know the federal roads in Lagos and their state. From Ikorodu to Ojota and from Ojota to Anthony Village, to Fadeyi, to Orile Iganmu, to Apongbon, and Marina, it is federal roads you are travelling on. From Berger to Seven Up and Oworonsoki, Third Mainland Bridge, to Lekki-Ajah road, the story is the same. That is also the case from Anthony to Oshodi, to Mile 2, Okokomaiko, Badagry and Osodi, down to Iyana Ipaja. Oshodi to Apapa, Tin Can Island and the Lagos-Abeokuta expressway. The point is this: just take away the federal roads from Lagos and look at the number of roads left for the Lagos State government to handle, then compare with the Ogun situation. Consider the speed with which the FG regularly takes care of its roads in Lagos, and the short shrift given to Ogun. Now imagine, just imagine, that the third mainland bridge is in a deplorable condition. Won’t it affect Lagos very badly? It is interesting that people attribute federal roads to Ogun State and want the state government to expend all its resources on them!
To be sure, Ogun has done so much on federal roads in the past. When Prince Abiodun came on board, he and Governor Sanwo-Olu wrote a joint letter to President Buhari requesting for the concessioning of the Lagos-Abeokuta road so that they could do it, toll it and return it back to the FG at a stipulated date. But the then Works Minister, Babatunde Fashola, objected to this and even when Governor Abiodun went to Ota and declared that that if the FG did not move to site within two weeks, Ogun State government would not hesitate to do the road, Fashola spit fire, saying Ogun State should leave federal roads alone. Indeed, there are federal roads that the Abiodun government did for which it is still awaiting reimbursement from the FG to date. This is not about passing the buck: the Twitter loudmouths should know the status of the roads they are complaining about.
Of course, the Abiodun government isn’t going to stop doing federal and state roads in the state. At the moment, five prime roads are being done per local government, as requested by the LGs themselves. The roads in a sorry state, highlighted on the social media, have been scheduled for repairs, but that should not stop a just rebuke of the FG and its ways in Ogun State. That the FG needs to do more in Ogun State cannot overstated. This is not about party politicking: it is a tradition that needs to be dismantled. If the FG approached its roads in Ogun with half the attention it gives Lagos, there would be no #Dapofixogunroads.
Another thing: roads are generally bad during rainy season, with floods everywhere, in large part because many people build on waterways. Besides, most of the areas complained about are overflows from Lagos. Many residents work in Lagos and live in Ogun. They came to Ogun because of landlord issues, exorbitant housing, rent and land costs in Lagos, etc. Most of these people living on the fringes even see themselves as residents of Lagos. No doubt, the upsurge and overflow within a short period is affecting planning, yet these areas have not been abandoned. It was the Abiodun administration that did the roads in Arepo and Akute after years of neglect. The claim that every road in Ogun is bad is sheer bunkum. Besides, those saying Ogun is making N120bn IGR should try and find out what building a kilometer of road with good furniture costs. It is actually close to a billion.
Governor Abiodun must engage the FG more; that’s not in doubt. But people should not vent anger uncritically. They should not serve as pawns in the hands of politicians eyeing 2027 and desperately trying to discredit a government working for the people.
Bakare lives in Atan, Ogun State and contributes this piece through [email protected]
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Hijrah 1446: Pray for unity, peace – Makinde urges Nigerians
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Governor Seyi Makinde of Oyo State has enjoined Nigerians to use the period of Hijrah 1446 to pray for the unity and peace of the country.
Makinde made this declaration via a statement made available to DAILY POST on Monday.
The statement was signed by his Special Adviser on Media, Sulaiman Olanrewaju.
DAILY POST reports that the new Islamic calendar, Hijrah 1446 started on Sunday.
The governor had earlier declared today (Monday) as a public holiday in the state.
He prayed that the new calendar year would be filled with the mercies and blessings of Almighty Allah.
Makinde said, “As we commence Hijrah 1446, I urge Muslims and all citizens of Oyo State to imbibe the lessons of hard work, determination, perseverance, love, harmony, positivity and spreading goodness, which the migration of Prophet Muhammad from Makkah to Madinah symbolizes.
“These are values and virtues which, if imbibed by every one of us, irrespective of our station in life, would transform us and our society.
“I want to urge every one of us, Muslims and non-Muslims alike, to seize the opportunity of this season to reflect on these values and apply them to our lives as necessary.
“It is my candid opinion that doing so would profit us individually and collectively. I also implore everyone to use this Hijrah celebration to pray for the peace, unity and progress of our dear country, Nigeria.”
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Troops neutralize terrorist, recover arms, ammunition in Taraba
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The Nigerian Army says troops of the 6 Brigade Nigerian Army/Sector 3 Operation WHIRL STROKE (OPWS) have successfully neutralized a terrorist, recovered an AK-47 rifle, ammunition and destroyed terrorists’ camps in Ikiyayo Forest, Wukari Local Government Area, Taraba State.
This was disclosed in a statement on the Nigerian Army’s social media platforms on Monday
According to the statement, “troops of 93 Battalion Sub-Sector 3B OPWS swiftly moved into action, targeting the hideouts and camps used by the terrorists.
“During the combing of the forest, the troops encountered the terrorists, engaging them in a heavy gunfight which led to the neutralization of one terrorist.”
It said troops recovered one AK-47 rifle, one AK-47 magazine, and 39 rounds of 7.62mm special ammunition, besides destroying multiple camps used for planning and executing attacks
“The Nigerian Army remains resolute and decisive in its mission to ensure peace and security of lives and properties of citizens.
“We, therefore, urge the public to continue supporting our efforts by providing timely and accurate information on suspicious activities of terrorists and criminal elements,” it said.
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