Adeleke Offers Olive Branch to Oyetola Following Supreme Court Verdict; Billionaire Otedola Accuses Elumelu of Betrayal in Transcorp Shares Controversy | 5 Things That Should Matter Today

  • Adeleke Offers Olive Branch to Oyetola Following Supreme Court Verdict
  • Osinbajo Inaugurates 240MW Afam Power Plant in Rivers
  • Billionaire Otedola Accuses Elumelu of Betrayal in Transcorp Shares Controversy
  • CBN to Sanction Shipping Companies Exporting Undocumented Cargoes
  • Kalu Withdraws from Speaker Race After APC’s Decision

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss

Adeleke Offers Olive Branch to Oyetola Following Supreme Court Verdict 

Senator Ademola Adeleke, following the Supreme Court’s verdict affirming his election as the Governor of Osun State, has extended an invitation to his opponents, including his main contender Mr Adegboyega Oyetola, to collaborate in propelling the South-West state towards progress.

In an interview on Channels Television’s Politics Today program, Adeleke emphasized the absence of winners and losers in the legal saga, stating, “With the litigations over, I call on all Osun State indigenes to join hands with me and move Osun State forward… My hands are open for ideas, anything they can do to move Osun State forward.”

The Supreme Court’s decision on Tuesday dismissed the appeal brought forth by Oyetola of the All Progressives Congress (APC), who contested the election victory of Adeleke from the Peoples Democratic Party (PDP) in the Osun State Governorship race. Justice Emmanuel Agim, delivering the judgment on behalf of the apex court, affirmed the Appeal Court’s ruling, thereby upholding Adeleke’s position as the state governor.

Read Also: Ademola Adeleke’s Election Victory Upheld by Supreme Court, Oyetola’s Appeal Rejected

Expressing gratitude for his legal triumph, Governor Adeleke conveyed his appreciation to the people of Osun State, acknowledging their unwavering support.

He stated, “I thank the people of Osun State, they stood by me and are still standing by me. They trooped out on July 16 (2022) and voted for me. I thank them because the love is organic.”

Adeleke also criticized the initial ruling by the Tribunal, deeming it a miscarriage of justice, but expressed satisfaction with the subsequent improvement by the Appeal Court and the final affirmation of his victory by the Supreme Court.

Furthermore, Governor Adeleke conveyed his appreciation to the Supreme Court justices and highlighted President Muhammadu Buhari’s display of support for his administration after the verdict. Despite party differences, Buhari’s endorsement illustrated his role as a unifying figure and the President of the entire nation.

Adeleke emphasized that his opponents may have underestimated him due to his nickname as the “Dancing Senator,” but he emerged victorious in both the elections and the legal battles that followed, culminating in the Supreme Court ruling.

Adeleke further affirmed that his administration has demonstrated good governance to the people of Osun State. He highlighted the increase in the state’s revenue, particularly from the mining sector and other areas, and clarified that he is not relying on his family’s wealth to fund the state’s affairs. Instead, he has focused on plugging financial loopholes and bolstering government revenue.

Osinbajo Inaugurates 240MW Afam Power Plant in Rivers

Vice-President Yemi Osinbajo has officially inaugurated the Afam three-fast power plant, boasting a capacity of 240 megawatts (MW), located in Okoloma village, Oyigbo local government area of Rivers state. The power plant is a vital component of the Afam generation company (GenCo), which also includes the 966MW Afam Power Plc. TransAfam Power Limited, a subsidiary of Transcorp Group, serves as the core investor in the Afam GenCo.

The privatization of the power firm took place in 2017 following the approval of the national council on privatization (NCP). Notably, the Transcorp Power Consortium successfully acquired the GenCo in 2020 for N105 billion, solidifying their presence in the power sector.

During the commissioning ceremony, Vice-President Osinbajo, representing President Muhammadu Buhari, expressed commendation for Transcorp Group’s significant contributions to the power sector. He acknowledged the recent achievements of Transcorp Power, as the NCP approved the consortium as the preferred bidder for the acquisition of the Abuja Disco. Osinbajo also applauded the collaborative efforts of the Rivers state government, the Afam paramount ruler, and the host communities for their constructive engagement with the power companies, which has fostered peace and security in the Afam cluster.

Minister of Power, Abubakar Aliyu, represented by the permanent secretary of the ministry, Temitope Fashedemi, praised Transcorp Group for its positive impact on electricity generation in Nigeria. Aliyu highlighted the impressive progress made at the Afam plant, with the capacity surpassing 100MW, exceeding the initial 70MW capacity when the plant was taken over from the ministry of power.

Tony Elumelu, chairman of Transcorp Group, emphasized the pivotal role of power in Nigeria’s overall development during his speech at the commissioning. He described power as the primary factor in lifting people out of poverty and facilitating job creation. Elumelu expressed his pride in bringing together various stakeholders to contribute to the power sector, recognizing the significant implications of the power deficit on the nation’s people, businesses, schools, hospitals, and institutions.

In conclusion, Elumelu pledged to continue his commitment to “do well and do good,” indicating his dedication to furthering the positive impact of Transcorp Group in the Nigerian power sector.

Billionaire Otedola Accuses Elumelu of Betrayal in Transcorp Shares Controversy

Nigerian billionaire and businessman, Femi Otedola, has shed light on his relationship with Tony Elumelu and his recent divestment of his stake in Transcorp. Otedola’s revelation came after speculation surrounding the sale of his 6.3% stake to Elumelu, prompting him to address the situation.

In a statement to Premium Times, Otedola disclosed that he had made an offer to buy Transcorp for N250 billion, with the aim of unlocking its full potential and creating value for shareholders. However, his offer was rejected, and he respected the decision of the majority shareholder to buy him out.

Otedola also recounted his history with Elumelu, revealing that he had supported Elumelu in acquiring shares in UBA in 2005 by providing him with $20 million. Subsequently, Otedola became chairman of Transcorp Hotel in 2007 with a 5% shareholding, while Elumelu quietly began buying shares. When Otedola faced financial difficulties in Nigeria in 2008, Elumelu had taken his shares in UBA and Africa Finance Corporation to service the interest on his loans.

According to Otedola, in 2012, he had expressed his interest in the Ughelli Power Plant to Elumelu, but Elumelu had proceeded to outbid him for the plant without prior notice. Otedola claimed that Elumelu had betrayed him on multiple occasions in the past.

Despite these revelations, Otedola expressed his continued commitment to the growth and success of Nigerian businesses and his dedication to creating value for all stakeholders. He emphasized the importance of free entry and exit in maintaining healthy markets and highlighted the demand for Transcorp shares following his divestment as evidence of the value the company could offer.

Twitter users reacted to Otedola’s statement, with some questioning the authenticity of his claims. Others observed a clear rift between Otedola and Elumelu, while some expressed concerns that the situation could escalate if not handled properly.

CBN to Sanction Shipping Companies Exporting Undocumented Cargoes

Governor of the Central Bank of Nigeria (CBN), Godwin Emiefele, has issued a stern warning to shipping companies involved in exporting undocumented cargoes from the country. Emiefele conveyed this message during the RT200 Non-Oil Export Summit 2023 held in Abuja on Tuesday.

Speaking on the theme of “Challenges and Prospects to Success,” Emiefele emphasized the need to diversify from oil exports and underscored the significance of developing the non-oil export sector for the nation’s progress. He stated that a nation that exports more than it imports is destined to fail, and the development of the export sector is crucial for the country’s meaningful growth.

The CBN governor cautioned exporters who had disregarded previous warnings and failed to adhere to proper documentation processes required for export. He urged them to comply with the necessary criteria to ensure their documentation met the required standards. Emiefele further emphasized that engaging in export activities without proper documentation not only undermined the country’s potential for foreign exchange earnings but also hindered its overall export earning capabilities.

Emiefele highlighted the achievements of the RT200, revealing a significant increase in non-oil export earnings. He noted that earnings from non-oil exports had risen by 40% from $3 billion in 2021 to $5.6 billion by the end of 2022. He also emphasized the importance of repatriation proceeds as a means of strengthening foreign reserves, maintaining a robust balance of payments position, and ensuring a stable source of foreign exchange inflows. He disclosed that in the first quarter of 2023, a total of US$1.7 billion had been repatriated to the economy, with approximately $790 million sold at the I&E window year-to-date.

Kalu Withdraws from Speaker Race After APC’s Decision

In a significant turn of events, Benjamin Kalu, the representative of Bende federal constituency in Abia State, has withdrawn from the race to become the Speaker of the House of Representatives. This decision comes following the official announcement of the zoning formula by the All Progressives Congress (APC) for the 10th National Assembly.

However, Kalu has expressed his intention to run for the position of Deputy Speaker instead. In a statement released by his media aide, he explained that he believed the Speaker position was suitable for the Southeast region, which has not produced a Speaker in the past four decades. Nevertheless, as a staunch believer in party supremacy, he has chosen to withdraw his candidacy for the Speakership position and fully embrace the nomination for the position of Deputy Speaker of the 10th Assembly, in accordance with the directives of the APC.

The APC has officially endorsed Godswill Akpabio as the Senate President, with Jibrin Barau as the Deputy Senate President. For the House of Representatives, Abbas Tajudeen has been endorsed as the Speaker, and Benjamin Kalu as his Deputy.

These developments signal a reshuffling of positions and a strategic alignment within the APC as they prepare for the 10th National Assembly. It remains to be seen how these changes will shape the dynamics and leadership of the House of Representatives in the coming term.

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