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#EndSARS: Tinubu says he has no investment in LCC, collects no dime from Lekki Tollgate

Bola Tinubu has denied having any investment in the Lekki Concession Company.

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Tinubu denies advising Buhari to print new naira notes

Former Lagos State Governor and National Leader of All Progressive Congress (APC), Bola Ahmed Tinubu, has denied having any kobo investment in the Lekki Concession Company (LCC), and as such has no dime in the funds generated at the Lekki Tollgate.

The rebuttal follows claims and allegations of his involvement in the shooting of unarmed protesters on Tuesday at the Lekki Tollgate. He was alleged to be livid from the losses made at the tollgate due to its shutdown by #EndSARS protesters; hence, the scheme to disperse protesters

READ: UK moves to seize $39 million from Ibori’s lawyer over role in former Governor’s case

Bola Tinubu debunked this rumor, in a telephone interview with Channels Television in the early hours of Wednesday.

In response to a question on his interest in the Lekki Tollgate, the APC leader said, “I have no dime, no kobo investment in the tollgate”.

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READ: Breaking: Some Nigerians mistook promptness of FG response as sign of weakness – Buhari

He also denied having any investment in the Lekki Concession Company (LCC), the firm which manages the tollgate.

Going further, he stated that he was reported to the President and initially accused of being behind the protests going on across the country; an allegation he has since denied. He refuted claims of giving the orders for the shooting of protesters at the Lekki Tollgate and questioned the logic behind the use of live arms on protesters who were unarmed.

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READ: #EndSARS: Governor Sanwo-Olu clarifies “forces beyond our direct control” comment

“I will never, never be part of any carnage. I will never be part of that.”

According to Tinubu, it was his intervention that that spurred Governor Babajide Sanwo-Olu to respond to the demands of the protesters.

READ: #EndSARS: Government should be given the chance to implement the demanded reforms – Tinubu

He said, “That was why he (Sanwo-Olu) set up the Judicial Commission of Inquiry. The governor has gone to the home of one of the victims to appeal to them. He has put N200m together as part of restitution and compensation for those attacked.”

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Backstory

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There has been reported vandalization of properties allegedly owned by the former Lagos State Governor, which was fuelled by rumors he had a hand in the shooting of peaceful protesters at the Lekki Toll Plaza.

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Hoodlums razed the Lekki Tollgate and there were also alleged attacks on Oriental hotel, Television Continental, amongst others.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

3 Comments

3 Comments

  1. Brain Dammy

    October 22, 2020 at 4:35 pm

    May God punish you with what you said. You will never know peace in your life, the bloods of the youth you shed will make your whole generation suffer till the end of their lives. The Toll gate you lease for 22 years, or have you forgotten this? Lagos state polytechnic was in ketu before you moved it to Ikorodu. Oma shofo ni

  2. Adejoke

    October 22, 2020 at 10:41 pm

    We heard it all that he said this and that. Where’s your investigation to report that what he said was the truth. You made no mention of what, who and others you as a writer as talk to; thus, an all inclusive write up. This is fake journalism you are doing here.

  3. Adejoke

    October 22, 2020 at 10:42 pm

    Read it all that he said this and that. Where’s your investigation to report that what he said was the truth. You made no mention of what, who and others you as a writer as talk to; thus, an all inclusive write up. This is fake journalism you are doing here.

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Business

COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN

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CACOVID devotes N23 billion to feed Nigerians

The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.

The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.

The breakdown of the expenditure in the aforementioned areas are:

  • Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
  • Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
  • Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.

Why this matters

The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.

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What you should know

Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).

The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.

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Business

FG, Tiimafrica to provide $5,000 one-time grant to young business owners

FG partners Tiimafrica to provide a one-time grant of $5,000 to young Nigerians who run businesses.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Ministry of Youths and Sports, in partnership with Tiimafrica, has organized a one-time grant of $5,000 to Nigerians between the ages of 25 and 35, who run businesses and have 6 months financial records. 

This disclosure was made by the Federal Ministry of Youth and Sports, in a tweet via its official Twitter handle.

The tweet reads: 

Need to scale up your business? Tiimafrica in partnership with the Federal Ministry of Youth and Sports is giving out $5000 to young Nigerians between the ages of 25-35, who run a business and have 6 months financial records. Visit http://noya.ng or http://youthandsport.gov.ng to register #DEEL.” 

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Why this matters 

The grant is an initiative under the Project Grow 100, set up by the Federal Government through a partnership between the Federal Ministry of Youth and Sports and Tiimafrica to help small business owners access the much-needed funds required to take their businesses to the next level. 

The initiative is expected to yield both direct and indirect gains to the economy and strengthen the resilience of young Nigerian business owners through the provision of funds to innovative and creative young entrepreneurs in the country. 

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What you should know 

The Federal Ministry of Youth and Sports and Tiimafrica outlined that those who would be considered for the one-time grant must meet the minimum requirement below: 

  • Applicants must be between 25 and 35 years old.
  • Eligible applicants must be Nigerian.
  • You must have been running a business within Nigeria.
  • Your business must financial records of at least 6 months.

To register for the $5,000 visit https://t.co/DTkReCuyEm or https://t.co/Er9CwYxHX4

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NAFDAC blacklists Indian manufacturer for falsified Ciproflaxin tablets

The DG of NAFDAC has disclosed that the agency has blacklisted Mars Remedies PVT Limited for manufacturing falsified Ciprofloxacin Tablets

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Prof. Mojisola Christianah Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has disclosed that the agency has blacklisted Mars Remedies PVT Limited, India.

According to the press release issued, the agency blacklisted Mars Remedies PVT Limited for manufacturing falsified Ciprofloxacin Tablets BP 500mg (NAFDAC REG. NO C4-0498) for Pinnacle Health Pharmaceutical Ltd, 16/18. Nuru Oniwo Street, Surulere, Lagos.

In view of the unprofessional practice, Prof. Adeyeye explained that all products manufactured by the Indian company will not be allowed into Nigeria with immediate effect.

According to Prof. Adeyeye, the variation in the formulation of the Ciprofloxacin 500mg tablets, which may impact the product quality and shelf-life, was not approved by the Agency before the changes were made.

This constitutes a violation of the NAFDAC Act, noting with dismay that the company has displayed a flagrant disregard for compliance with global standards necessary to assure the production of quality assured products. Therefore, the company has been blacklisted accordingly.

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The Director-General wishes to warn all manufacturers and importers of medicines to adhere strictly to the conditions for which their products were registered by NAFDAC or face similar sanctions.

What you should know

This decision is a follow up to the notice sent to the Indian company, in a letter dated October 9, 2020 and addressed to the Managing Director of Mars Remedies PVT Limited, with the title; “Notice of blacklisting as a manufacturer of substandard and falsified medicines.

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The DG of NAFDAC, in the letter, reiterated the agency’s position of zero tolerance for substandard and falsified medicines preponderance in Nigeria, in fulfillment of the regulatory obligation to safeguard the health of the nation.

She explained that the company illegally manufactured different formulations of Ciprofloxacin tablets, instead of the approved formulation for export to Nigeria, and this is in violation of NAFDAC’s extant laws and regulations.

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