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April 4, 2025 Supreme Court Sacks Abure as Labour Party Chairman
IFMUYONEWS

Supreme Court Sacks Abure as Labour Party Chairman

The Supreme Court has removed Julius Abure as the National Chairman of the Labour Party.

In a unanimous judgment, a five-member panel of the Supreme Court set aside the decision of the Court of Appeal in Abuja, which had recognised Abure as the party’s national chairman.

The apex court in its decision, held that the appellate court lacked the jurisdiction to make such a declaration, given that the substance of the case concerned the internal leadership of the party.

The court emphasised that matters relating to party leadership are internal affairs, over which the judiciary has no jurisdiction.

The Supreme Court noted that the appeal filed by Senator Esther Usman and another was allowed, having been found to be meritorious.

The court also observed that, based on the submissions before it, Abure’s tenure had already expired. Consequently, it dismissed the cross-appeal filed by the Abure faction of the Labour Party.

April 4, 2025 “All My Projects Will be Delivered On-Time” – Governor Umo Eno
IFMUYONEWS

“All My Projects Will be Delivered On-Time” – Governor Umo Eno

Akwa Ibom State Governor, Pastor Umo Eno, has reaffirmed his administration’s commitment to delivering the over 40 new and impactful projects initiated across various sectors in the State.

Speaking at the second Monthly Delivery Meeting at the Banquet Hall, Government House, Uyo, the Governor urged Commissioners and Delivery Advisors to take their assignments seriously and ensure that the projects are delivered according to specification and timelines.

“Let me add here that we are executing these projects without borrowing a kobo from any bank. While we may not foreclose the possibility in the future of borrowing to complete projects, but I wish to state here that, through prudent management of resources, such as trimming the size of government and elimination of wastages, we are able to free up resources for us to undertake these audacious and impactful projects.“

The Governor who had invited some stakeholders to be part of the meeting, as part of his strict adherence to the spirit of inclusivity, said “I am sure that with the presentations today, you will be convinced that truly, Akwa Ibom is rising and on the right trajectory- and by the time we finish our first term, and our people reward us with a second term, we will indeed be the sub-national to beat in Nigeria.”

Appraising the different presentations including the progress of work at the Industrial Park, Ewet Luxury Garden, Ibom City Bus, Ikot Ekpene Market, Ibom Hotel, Abuja, Ibom Sports Academy, rebranding of Ibom Paint, staff and pensioners verification exercise and the proposed ARISE Shopping City, AKBC House, and others, he urged the delivery advisors not to relent in their efforts to meet the target deadlines.

The Governor likened the delivery meeting to a situation room, as obtained in other climes -where critical developmental decisions are taken and deliverables and outcomes tabled. He appreciated the stakeholders present for taking part in the meeting.

In his remark, Senator Ekong Sampson  representing Akwa Ibom South Senatorial District in the 10th National Assembly and Chairman, Senate Committee on Solid Minerals Development said the meeting was an experience for him, adding that having served in the State Executive Council and now Senate, the development was novel and laudable.

 

He said the administration has a very good road map for development of the State, adding “We are proud of you and we will continue to support you for eight years. You have the full support of Abuja for eight years.”

Also speaking, Ambassador Asam Asam SAN, appreciated the Governor for the invitation to be part of the meeting, saying it was “an opportunity to help us see what you are doing from inside. There is no one who would leave here without knowing that you are charting a good course.”

On his part, Senator Effiong Bob said he was delighted at the development, and the decision to appoint Delivery Advisors, adding that he has no regrets for the decision to be the Governor’s “guarantor.“

Also at the meeting were the Deputy Governor, Senator Akon Eyakenyi, Speaker of the State House of Assembly, Elder Udeme Otong, State Chairman of the Peoples Democratic Party (PDP), Elder Aniekan Akpan, Secretary to the State Government, Prince Enobong Uwah, Head of Service, Elder Effiong Essien, Executive Assistant and Chief Delivery Advisor, Mr. Aniefiok Johnson, members of the State Executive Council, Delivery Advisors, Board Chairmen and Heads of agencies.

April 4, 2025 Ibok-Ette Ibas as Sole Administrator Talks New Budget in Rivers State
IFMUYONEWS

Ibok-Ette Ibas as Sole Administrator Talks New Budget in Rivers State

Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas, has said a new 2025 budget is being articulated for the state to provide for critical development concerns.

Ibas also said the new budget would create more employment opportunities for Rivers people and advance delivery of technology in critical facets of public life.

Suspended Governor Siminalayi Fubara had presented the 2025 budget to a three -man House of Assembly led by Victor Oko-Jumbo as Speaker, but after the Supreme Court judgment ordered him (Fubara) to represent the budget to the Martins Amaewhule-led Assembly, all efforts to represent it was frustrated by antagonistic lawmakers.

The Sole Administrator mentioned the new budget when he hosted a delegation of Rivers caucus at the National Assembly led by Sen Barinada Mpigi (PDP, Rivers South-East), at Government House in Port Harcourt, yesterday.

National Assembly members loyal to Fubara, including Boma Goodhead, Allison Anderson and Ipalibo Banigo, were said to have been excluded from the meeting.

Those on the delegation were Sen Allwell Onyesoh, Kingsley Chinda, Dumnamene Dekor, Solomon Bob, Cyril Hart, Blessing Amadi, Felix Nwaeke, Kelechi Nwogu and Victor Obuzor

Ibas said: “Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services and continued infrastructural development.

“We have worked diligently to ensure that the process is transparent, inclusive and most importantly, expedited. Our goal is to ensure that we do not lose any more time in making the necessary investments that will improve the lives of citizens.”

April 3, 2025 Nigeria’s FX Reserve Hit US$23.1b in Q4 2024
IFMUYONEWS

Nigeria’s FX Reserve Hit US$23.1b in Q4 2024

Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

A statement by the Central Bank of Nigeria (CBN), the increase marked an increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.

CBN also said the strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

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