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Incredible! How Each Nigerian Owes ₦155,000

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World Bank debtors’ list

Interestingly, the Debt Management Office, DMO, has announced that the total debt stock of Nigeria rose to N31 trillion as of June 2020.

It also said the debts are expected to rise this year following more debts to be sourced from international financiers.

As of March 2020, the debt was at N28.6trn comprising all debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The latest debt total of N31.009trn debt is about $85.897 billion while that of March which was N28.628trn was about N79.303bn.

Cause of increase

The debt stock grew by N2.38trn or $6.59bn within the three months interval.

The additional increase was due to the $3.36bn Budget Support Loan from the International Monetary Fund IMF), new Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557bn Sukuk, and Promissory Notes issued to settle Claims of Exporters.

The components of the debts are:

The multilateral debts are the highest of the stock of N16.360trn accounting for 51.97% of the total stock. The 10 agencies include IMF, World Bank Group, the African Development Bank (AfDB) Group, Eurobonds and Diaspora bonds.

The bilateral debts account for N3.948trn representing 12.54% of the debt stock taken from the international development agencies of China, France, Japan, India and Germany.

The third debt category is the commercial debt which is N11.168trn and represents 35.48% of the debt. This is the second largest debt after those of the multilateral agencies with Eurobonds and Diaspora bonds accounting for them.

Further rise

The debt stock will rise with the expected borrowing from the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget Appropriation.

The Nigeria Customs Service was recently given part of these funds to automate its services at the ports, to the tune of $3.1 billion.

Most of the loans are long term facilities with the repayment beginning already while the fresh loans’ repayment begin from 2022.

On the Sukuk bonds and other domestic bonds, their maturity periods are often between five and seven years for the repayment.

What you owe

The ministry of finance recently said there are plans made for the loans to be repaid. So far in the 2020 budget, over N3 trillion or a quarter of the budget is dedicated to debt servicing, for repaying the debts.

At N31 trillion, every Nigerian from the over 200 million population owes the debtors N155,000 in debt.

This debt per Nigerian will rise further when the loans from World Bank, AfDB and IsDB comes in later this year.

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Let’s reflect as we wrap-up 2024″By Prudent Ludidi

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Let's reflect as we wrap-up 2024"By Prudent Ludidi

Let’s reflect as we wrap-up 2024″By Prudent Ludidi

 

As we stand here today, we are on the threshold of a new year. A year full of possibilities, opportunities, and promise. But before we step into the unknown, let’s take a moment to reflect on 2024.

Let's reflect as we wrap-up 2024"By Prudent Ludidi

Look back on the triumphs and the struggles. The moments that made you proud and the moments that made you question yourself. Think about the goals you set and the ones you achieved.

Reflection is not about dwelling on the past; it’s about learning from it. It’s about identifying what worked and what didn’t. What you can improve on and what you can let go of.

As you reflect on the past year, remember that you are not the same person you were these couple of months ago. You’ve grown, you’ve learned, and you’ve evolved.

Don’t be too hard on yourself about the mistakes you made or the opportunities you missed. Instead, focus on the progress you’ve made and the strength you’ve gained.

Now, as we wrap up this year and prepare for the next, ask yourself:

What do I want to achieve in the coming year?

What habits do I want to form?

What relationships do I want to nurture?

What skills do I want to develop?

What dreams do I want to chase?

The upcoming year is a blank canvas, waiting for you to paint your masterpiece. Don’t let fear or doubt hold you back. You have the power to create the life you want.

So, as we near the close of this chapter and begin a new one, remember that every ending marks a new beginning. Every setback is an opportunity for growth. And every success is a stepping stone to greater things.

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WALLEX DAY 2024: A Celebration of Compassion and Community Suppotr

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WALLEX DAY 2024: A Celebration of Compassion and Community Support

Solanke Ayomideji Taiwo

 

In a heartwarming display of generosity and community spirit, Chief Lawal Eniola Adewale Lawal, CEO of Wallex Estate Global Services, marked Wallex Day 2024 by facilitating the release of six inmates from the Ilaro Corrections Center. This significant event took place in Ilaro, Ogun State, and was attended by a host of dignitaries and local personalities, all united in the spirit of giving back to the community.

The initiative, which aims to promote social reintegration and support for the less fortunate, saw Chief Lawal extend a helping hand not only to the released inmates but also to elderly women in the area. The CEO personally distributed cash gifts and foodstuffs, emphasizing the importance of uplifting those in need and fostering a sense of belonging within the community. “We must remember that our strength lies in our ability to support one another,” Chief Lawal stated during the event. “This is just the beginning; I promise to extend this philosophical gesture to Nigerians regularly.”

The event drew a diverse crowd, including notable figures from various sectors. Among the attendees were Alhaji Ibrahim Dende Egungbohun, the Founder of IBD Implex and IBD Foundation, as well as popular Nollywood actors and actresses. Traditional rulers from both Yewa South and North also graced the occasion, highlighting the collaborative effort to enhance community welfare.

The atmosphere was filled with hope and positivity as stories of resilience and transformation were shared. The released inmates expressed gratitude for the opportunity to start anew, while the elderly women felt appreciated and valued, reminding everyone of the importance of compassion in society.

This year’s Wallex Day not only celebrated the theme of redemption but also reinforced the commitment to social responsibility. With promises of continued support and outreach, Chief Lawal and his team aim to inspire others to join in the collective effort to uplift the community.

As Wallex Day 2024 concluded, the message was clear: together, through acts of kindness and community engagement, a brighter future can be forged for all.

WALLEX DAY 2024: A Celebration of Compassion and Community Support

Solanke Ayomideji Taiwo

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64-year-old man bags life jail for defiling neighbour’s daughter

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64-year-old man bags life jail for defiling neighbour’s daughter

 

The Ikeja Sexual Offences and Domestic Violence Court, presided over by Justice Ramon Oshodi, on Tuesday, sentenced 64-year-old Lateef Durojaiye to life imprisonment for defiling his neighbour’s 11-year-old daughter.

PUNCH Metro learnt that the defendant was initially arraigned on December 6, 2019, at the Magistrate Court, Ikorodu, on a one-count charge of defilement and was later arraigned before the High Court on August 5, 2021, on the same charge.

The case was later struck out on November 29, 2021, for want of diligent prosecution and then relisted on May 22, 2022 when the defendant was re-arraigned, and he pleaded not guilty to the charge brought against him.

Following an amended charge by the prosecution on January 24, 2024, the defendant was re-arraigned on April 16, 2024, on a count of defilement.

 

His charge read, “Statement of offence, defilement of a child contrary to Section 137 of the Criminal Law, Chapter 617, Volume 3 of Laws of Lagos, 2015. Particulars of offence: Lateef Durojaiye, on or about November 30, 2019, at about 3 pm at no, 7 Anibaba Andrew Street, Ikorodu Lagos, in Ikeja Judicial Division, did defile the prosecutrix, aged 11 years old, by having unlawful sexual intercourse with her.”

The prosecution counsel, B. T Boye, I. D. Solarin and B. E. Okeowo, called five witnesses, the prosecutrix’s mother, the prosecutrix herself, the Investigative Police Officer, Inspector Adeoye Fumilayo, Sherifat Bakare, and Dr Emmanuel Effiong.

The prosecution disclosed that on November 30, 2019, while the prosecutrix’s mother was away purchasing goods, the defendant who was her tenant and neighbour, visited her residence and had sexual intercourse with the prosecutrix.

According to the prosecution case, the crime was discovered five days later after the the prosecutrix was observed limping, which led to a medical examination that revealed injuries consistent with forceful penetration as testified by the medical doctor.

PUNCH Metro gathered that the defence’s first witness, the defendant, claimed he was on Lagos Island with his brother on the day of the alleged incident and claimed that the allegations were fabricated by his landlord, who he said he had a dispute with.

The prosecution stated that a series of incidents presented established a fact of escalating sexual misconduct. According to their case, the first incident involved the defendant showing the prosecutrix pornographic content and asking her if she could perform the act.

On that day, he came to our house and gave me a phone and put the phone on video, and what was showing was blue film. He asked me if I could do what was in the video. My younger brother heard and asked what the defendant wanted me to do. The defendant then dragged the phone from me and I now stood up. My brother asked what happened and I told him, then my brother went to report to our neighbours who informed our mother, who warned the defendant not to come to our house again,” he stated.

The prosecution further disclosed that the second and more serious incident happened when the defendant defiled the prosecutrix. According to the prosecutrix, the defendant defiled her and threatened to kill her if she reported to her mother.

 

“On 30th November 2019, the defendant came to buy ggarri, and the neighbour my brother earlier reported to was the one who gave him a bowl and spoon to drink the garri. On that day, I came in and shut the door but our net was torn, so I shut the door and entered inside. I was sleeping and had the sense that someone was pulling off my underwear. By the time I opened my eyes, he had taken off his trousers and brought out his penis. When I shouted, he used a pillow to cover my mouth and inserted his penis into my vagina. When I threatened him that I would report, he said if I reported to my mother, he was going to kill me”, she said.

The prosecutrix’s mother also alleged that the defendant and his brothers came to plead with her to forget the case.

“On the second day, they asked us to come back around 10 am. So, when it got to 8:30 am, the defendant’s elder brother and younger brother came to meet me at home. They asked me to forget the matter, and that they would give me N300,000. I told them that I did not need their N300,000 and I told him, “Baba, you too, you have your female child, why did you not bring your daughter let my father sleep with her because you cannot accept what you are telling me to accept.’”

During his judgement, Justice Ramon Oshodi stated that the prosecution had established the case of defilement against the defendant by the standard required of Section 139 (1) of the Evidence Act and found the defendant guilty of defilement.

“I therefore find the defendant guilty of defilement and convict him under Section 137 of the Criminal Law.”

The prosecution counsel, BT Boye, then appreciated the witnesses for coming out and encouraged the witnesses to show up for justice to prevail.

“I want to commend the witnesses in this case for coming out and want to encourage witnesses in all other cases to always come out. It is by coming out that justice is assured and secured for the complainant and the defendant. We humbly apply that the name of this convict be entered into the sexual offenders register.”

In his sentencing, Justice Ramon condemned the defendant’s exploitation of a child, emphasising the severe breach of trust due to familiarity with the family. He stressed the gravity of abusing a position of trust, particularly given the family’s kindness towards the defendant and sentenced him to life imprisonment.

“Lateef Durojaiye, having found you guilty of defilement contrary to Section 137 of the Criminal Laws of Lagos State, I am bound to hold the mandatory sentence of life imprisonment. Nonetheless, I consider it essential to know the particular circumstances of this case. The victim was a child, you abused a position of trust with the victim and her family; this was premeditated as evidenced by your earlier conduct of showing pornographic material to the victim, the psychological impact on the child would be long-lasting.

 

“You also tried to evade responsibility by fabricating false defences, most significantly, you breached a position of trust; you were known to the family and had received kindness from them.

“The victim endured not only physical trauma but also a psychological burden for keeping the crime under threat, followed by the burden of testifying in court, that when adults prey on vulnerable children particularly those known to them, such an act must face the full force of the law.”

“Therefore, I sentence you to life imprisonment, Furthermore, under Sections 33 and 38 of the Lagos State Domestic and Sexual Violence Agency Law 2021, you shall be registered as a sex offender. You shall be taken to the Medium Security Custodial Centre,” he said.

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