Nigerian press zooms in on Presidency’s reaction to EU poll observers report, others

APA – Lagos (Nigeria)
The report that standard bearers of the Peoples Democratic Party in the 2023 election, Atiku Abubakar and his Labour Party counterpart, Peter Obi, have lampooned the Presidency for rejecting the European Union final report on the February 25 presidential election dominates the headlines of Nigerian newspapers on Monday.
The Punch reports that the standard bearers of the Peoples Democratic Party in the 2023 election, Atiku Abubakar and his Labour Party counterpart, Peter Obi, have lampooned the Presidency for rejecting the European Union final report on the February 25 presidential election.
The EU Observer Mission in its report faulted the polls owing to “enduring systemic weaknesses.”
The election outcome has been disputed by the PDP and the LP and their candidates who alleged that the polls were not credible.
But the Presidency in a statement on Sunday refuted claims by the EU that the election which produced President Bola Tinubu was flawed, describing the report by the EU observers as a “poorly done desk job.’’
The Chief Observer of the EU Election Election Observation Mission, Barry Andrews, had in a press briefing last week noted that “the election exposed enduring systemic weaknesses and therefore signal a need for further legal and operational reforms to enhance transparency, inclusiveness, and accountability.”
He said the shortcomings in the law and electoral administration hindered the conduct of well-run and inclusive elections and damaged trust in the Independent National Electoral Commission.
The EU EOM offered 23 recommendations for consideration by the Nigerian government that would improve future elections.
Of the 23, Andrews revealed that “We are particularly concerned about the need for reform in six areas which we have identified as priority recommendations, and we believe, if implemented, could contribute to improvements for the conduct of elections.”
The six priority recommendations highlighted the need to remove ambiguities in the law; establish a publicly accountable selection process for INEC members; ensure real-time publication of and access to election results; provide greater protection for media practitioners; address discrimination against women in political life, and impunity regarding electoral offences.
The newspaper says that Mr Okechukwu Unegbu, a financial expert, has called on the Central Bank of Nigeria to check the multiplicity of service charges by Deposit Money Banks.
Unegbu, a past president of the Chattered Institute of Bankers of Nigeria, made the appeal in an interview on Sunday in Abuja.
According to him, banks no longer empathise with their customers, as was the case in the past.
“What we have now is a situation where the DMBs pile up so many unexplained charges on their customers without offering any service.
“Most of the bank officials know next to nothing about banking, and the heads of the banks are also complicit.
“The acting CBN governor, Folashodun Shonubi, should pay particular attention to understanding the DMBs and their customers, and take full charge of regulating their activities,” he advised.
The Guardian reports that the financial services industry dominated, in volume terms, last week’s transactions on the floor of the Nigerian Exchange Limited (NGX).
It led the activity chart with 1.7 billion shares valued at N24.7 billion traded in 14, 277 deals. It contributed 74 per cent to the total equity turnover.
The conglomerates’ industry followed with 98.4 million units of shares worth N379 million in 1,176 deals. The consumer goods industry traded 96.9 million shares worth N2.2 billion in 3,470 deals.
Trading in the top three equities – Access Holdings Plc, United Bank for Africa Plc and Guaranty Trust Holding Company Plc (measured by volume) – accounted for 844 million shares worth N16.3 billion in 5,493 deals, contributing 36.49 per cent to the total equity turnover.
Consequently, a turnover of 2.3 billion shares worth N41.5 billion was recorded in 28,095 deals by investors on the floor of the Exchange, in contrast to 3.4 billion units valued at N41.9 billion that changed hands in 39,764 deals on June 23, 2023.
A total of 5.058 million units of Exchange Traded Products(ETPs) valued at N36.8 million were traded in 105 deals compared with a total of 10.8 million units valued at N105.9 million transacted in 182 deals during the preceding week.
Also, a total of 31,460 units of bonds valued at N32.2 million were traded in 20 deals compared to 106,871 units valued at N106.464 million transacted last week in 26 deals.
On the price movement chart, the bourse continued its uptrend despite the two-day holiday declared by the Federal Government on June 26 and 27, 2023, to commemorate the Eid-el-Kabir celebration as bargain-hunting activities in blue-chip stocks pushed the all-share index (ASI) above the 60,000 psychological mark to close at 60,933.94 points – the highest level since May 2008.
Specifically, the NGX ASI and market capitalisation appreciated by 2.98 per cent to close the week at 60,968.27 and N33.198 trillion respectively.
The newspaper says that the Board of Directors of the African Development Bank (AfDB) Group has approved a $115 million loan for Abia State to rehabilitate roads, manage erosion and solid waste in Umuahia and Aba.
Money for the project, estimated at $263.80 million, consists of a $100 million AfDB facility, a Canada-African Development Bank Climate Fund (CACF) loan of $15 million and a $125 million co-financing loan from the Islamic Development Bank. The state government is to provide $23.80 million in counterpart funding for compensation to people affected by the project and implementation of a Resettlement Action Plan.
Under the scheme, which is expected to be completed in 2029, a total of 248.46 kilometres of road, comprising 58.03 kilometres and 190.43 kilometres of highway in Umuahia and Aba respectively, are to be refurbished in asphaltic concrete.
Erosion sites in both cities would be reinstated, besides preparatory studies to be undertaken for private sector participation in solid waste management in the capital and the state’s commercial hub.
The project also includes capacity building, management and development of social infrastructure such as rehabilitation and provision of sanitation facilities in schools, community markets and hospitals.
With an estimated population of 553,000 and 814,000 respectively (2022 estimates), Umuahia and Aba are currently facing serious infrastructure challenges, arising from decades of under-investment amid rapid urbanisation.
The situation is aggravated by gully erosion and emergence of huge piles of solid waste on roads.
When executed, the 1.37 million populations in the two cities would benefit from reduced travel time, vehicle operating costs and fare. The project will also create 3,000 temporary jobs (30 per cent for women) at the construction phase and about 1,000 permanent employments during the operational phase.
The permanent jobs would particularly benefit the youth, who will make up 50 per cent of the project. They are to be trained in contract management by the State Youth Road Maintenance Corps, a body of young Abian engineers drawn from the 17 Councils, for highway maintenance,
Director General of AfDB’s Nigeria Country Office, Lamin Barrow, said the scheme would build resilience by providing the towns access to urban infrastructure services, including economic and social amenities.
GIK/APA