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Christmas: Low-key celebrations as prices soar, traders lament poor sales accross Nigeria.

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As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years.

In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on the jump in the petrol pump prices nationwide.

This came as consumers of food commodities called on the Federal Government to work hard to address the spike in Nigeria’s inflation, as they lamented their inability to buy food items to celebrate Christmas.

At the Bwari market in the Federal Capital Territory, a tomato seller, Ramatu Ali, shared her plight with The PUNCH on Tuesday.

Despite a slight drop in the price of a basket of big Derica fresh tomatoes—from N58,000 on Monday to N45,000 on Tuesday due to a glut in the market—customers remain scarce.

“By December last year, a basket of tomatoes cost N30,000, and sales were much better. Now, the prices are relatively high, and customers are not coming like before,” Ali lamented.

Similarly, another trader, Mallam Musa, expressed concern about the perishability of his goods.

“We hope to dispose of our stock before tomorrow because these tomatoes are perishable. You can see how I packed the old ones I sold for N58,000 yesterday to sell this new stock, but buyers are pricing for less. This is not a favourable season for us at all,” he said.

A survey conducted by The PUNCH revealed significant price disparities across markets. A bag of local rice sells for N76,800 in Bwari Market but is priced higher at N86,400 in Suleja Market.

The poultry section is no exception, with broilers selling at a minimum of N25,000 for an average-sized bird, up from N15,000 to N20,000 last year.

Mama Ibeji, a chicken seller, attributed the increase to rising transportation and feed costs.

“The price we sell chicken now has increased by about N10,000 to N15,000 because of the high cost of feed, poultry drugs, and transportation. I believe Nigerians will still manage to buy this season, but it’s not like last year. I also need money to take care of my family this Christmas,” she explained.

The frustration is equally felt by buyers. A shopper, Igono, expressed shock at the price of onions.

“A small basket that sold for N5,000 last year now costs N15,000. Four pieces of onion bulbs for N1,000? This is too much,” he lamented.

“I couldn’t buy as much as I needed. We will manage whatever I can afford,” he added.

According to the World Bank, the rising poverty levels in Nigeria, which now affect 104 million people compared to 79 million five years ago, have exacerbated the situation.

With an inflation rate of 34.6 per cent in November—the highest in 28 years—economic instability and the removal of fuel subsidies have caused food and festive item prices to increase.

A 50-kg bag of beans in Bwari market now costs N170,000, up from N40,000 in December 2023.

Other food items have followed a similar trend. A kilogram of goat meat costs N4,000, while frozen foods have doubled in price.

High petrol prices

A visit to Ile Epo Market in Lagos by our correspondent on Tuesday revealed an alarming hike in prices compared to the previous year, with traders attributing the increase to rising transportation costs fueled by high fuel prices and overall inflation.

A trader simply identified as Iya Mustafa, stated that a 25-litre container of groundnut oil, which sold for N41,000 last year, now goes for N95,000, nearly doubling in price. Similarly, the cost of a bag of sweet potatoes has risen from N25,000 to N80,000.

“We are not happy about the situation because customers are complaining bitterly, but we have no choice but to sell at these prices since we also buy at higher rates,” she said.

Another trader identified as Moshood told our correspondent that the poultry section has also witnessed a steep increase in prices.

He added that a carton of chicken laps, which was N29,000 last year, now costs N50,000, while a carton of turkey has jumped from N35,000 to N60,000.

Additionally, rice, a staple in most Nigerian homes during festive periods, now costs N90,000 for a bag, compared to N41,000 last year.

Moshood noted that the situation is no different for tubers of yam, which now sell for between N5,000 and N6,000, depending on the size, up from N1,500 and N1,700 last year adding that the price of a basket of tomatoes, a key ingredient in Nigerian cuisine, has soared to between N60,000 and N70,000, from N20,000 to N22,000 last year. Similarly, a basket of pepper that sold for N13,000 last year now costs between N50,000 and N60,000.

Abimbola, another trader, explained, “Transportation has become very expensive due to the high cost of fuel. This is why food prices keep going up. Customers are frowning, but we are also struggling to keep up.”

Traders at Ile Epo Market have called for government intervention to address the rising cost of transportation and essential goods, as the current situation threatens to overshadow the joy of the festive season.

Lagos markets filled

Nigerians were observed in their numbers at popular markets in Lagos as they made last-minute purchases ahead of the Christmas celebration on Wednesday.

Visits to these markets showed that the prices of foodstuffs and other items had increased compared to last year and even last week, Nigerians were still buying what they could.

At the Ijora frozen foods market, the price of a carton of turkey jumped from N44,000 last Thursday to N57,000 on Monday.

A carton of chicken was retailing at about N84,000, and a sack of croaker fish was sold for N120,000.

There were lots of customers buying clothes and such at the popular Tejuosho market although some of the surrounding bookshops had closed for the Yuletide.

It was at the Tejuosho market that The PUNCH correspondent discovered that some Point-of-Sale operators had devised means to avoid paying the N50 electronic transfer levy on transactions above N10,000.

Withdrawing N9,999 instead of N10,000, a POS operator, Miracle Daniel, explained that was her way of avoiding the levy.

“This way, I won’t have to pay that N50. They want to kill us. The machine will collect its charges, but they will still charge me the electronic transfer levy. See ehn, N1 will not kill me,” she argued.

Point-of-sale operators raised their charges in early December in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic transactions of N10,000 and above.

At the Tradefair market along the Lagos-Badagry Expressway, there were a lot of business activities as customers bought cosmetics, hair, makeup, perfumes, and foodstuffs.

The prices of onions ranged from N10,00 to N30,00 for small to medium-sized pieces.

Big yellow bell peppers were N2000 a piece same with the red ones. A ball of cabbage was priced from N1000 upwards. A paint bucket of tomatoes was N6000 inside Tradefair, and half of it was N3500.

Some live broilers sold for N20,000 and N18,000 each and a pair of layers sold for N17,000.

A customer, Nneka described the two layers at N17,000 as a better deal compared to the other one.

“This time last year, I would be using that N20,000 to buy two of the boilers but here we are,” she added.

Live turkey at the Iyana-Iba market went for N31,000.

A survey visit by one of our correspondents at the Karimo market showed that a 50kg bag of rice sold at N85,000, indicating an increase of N33,000 or 66.46 per cent from the N52,000 it sold in December 2023.

Further enquiries showed a bag of beans sold for N110,000, Groundnut oil costs N3,500 per litre, N1,000 for one Spaghetti, and a basket of Onions cost N12,000 from N6,500 last year December.

Similarly, the cost of a live Chicken has increased by 75 per cent to N35,000 compared to what it was around this time last year.

Traders who spoke to The PUNCH stated that the dire economic situation has further impacted the cost of basic food items from what was obtainable last year.

At the Garki International Market, Abuja, a mudu of rice, which previously cost between N2,000 and N2,500, now costs as much as N3,200, while a mudu of beans increased from N3,000 to N3,500. A live chicken is also sold for between N25,000 and N35,000, depending on its size.

Speaking with our correspondent, one of the traders, Halliru Yusuf, explained that the increase in prices was both due to the high demand and the rising inflation across the country.

Another trader, Mallam Hussein, who sells tomatoes, expressed pleasure at the quick sale he had recorded so far, noting that the high demand ensured he made a lot of sales in this period.

Our correspondent observed that many last-minute customers thronged the Kubwa Village market, causing traffic that made driving into or out of the market from its three entrances difficult.

However, upon entry, prices were notably not very different from the prices at the Garki International market. Prices for a live chicken seemed to be steady at between N25,000 and N30,000, while tubers of yam sold for between N12,000 and N16,000.

Speaking with our correspondent, some customers expressed frustration at the prices of commodities in the market, noting however that they had no choice, as they had to maintain the Christmas tradition.

“Honestly, the prices of things are quite high, but there is also no choice. Because apart from the whole Christmas tradition, people have to eat. I had to price tomatoes until I got a basket for N11,000. Chicken is a no-go area basically. It’s not funny”, Rhoda Bamako stated.

“I have been wandering the market for more than an hour, trying to get the best affordable price from any stall that sells what I want to buy. It is almost like there is nothing less than N10,000 anymore. It’s both annoying and frustrating”, another customer, Chidinma Ezekiel told our correspondent.

River traders lament

Traders in popular markets in Port Harcourt, the Rivers State capital are lamenting low patronage during the festive season despite the usual surge, a survey by one of our correspondents revealed.

At the popular Mile 3 Ultra-Modern Market and Mile 1 Market in the Mile Diobu axis of Port Harcourt traders are struggling to make sales due to the high prices of foodstuffs and other commodities.

The prices however varied depending on the foodstuff and the brand.

At the Mile 1 market, traders shared the same concern and called for government intervention.

A trader who sells fresh tomatoes and other perishable goods said, “Since we got into the season, we are now buying fresh tomatoes at the rate of 35,000, the minimum is N30,000.

“We sell half custard N2,500- N3,000, full custard is N6,000, N5500 or N5000, the ones in the plate, minimum N800. Half a bottle of red oil is 1800, full bottle is N3200. The market is not moving as we expected, people are crying there’s no money due to the economic situation. So we are facing a lot of financial challenges here in the market.”

Kano traders react

Traders in Kano lamented the poor patronage from customers due to the economic situation in the country.

Some traders, especially foodstuff sellers at the Sabon Gari and Yankaba markets expressed concern over the lack of buyers.

Bala Musa, who deals in assorted foodstuff, said he had yet to record a significant number of buyers when one of our correspondents spoke with him.

“This is the first time I am recording poor sales during such a period. We are however grateful to Allah for the fact that one is healthy, but the situation is really bad,” Musa said.

Residents of Kaduna State are also grappling with the harsh reality of skyrocketing food prices.

A survey conducted by The PUNCH at the Television Market in Chikun LGA revealed that the prices of essential food items have hit an all-time high, leaving many residents struggling to afford basic necessities.

The prices of onions, a staple ingredient in many Nigerian dishes, have more than tripled, with a single bulb now costing between N200 and above. According to Sani Aliyu, an onion seller, “there are no more N50 onions,” and even selling at N200 feels like giving it away for free.

The situation is equally dire at the Sabon Market, where a resident, Gladys Akpo, lamented the exorbitant prices of food items. “The prices of foods are just too high,” she exclaimed, urging the government to intervene and provide relief to ordinary Nigerians.

The prices of other essential food items are equally staggering. A mudu (local measure) of garri costs between N1,400 and N1,500, while a 50kg bag of rice sells for N110,000. A kilogram of meat costs between N7,000 and N8,000, and chicken prices range from N17,000 to N25,000. Even the smallest bottles of palm oil and vegetable oil are sold for N1,800 and N3,000, respectively.

The prices of other staples, such as tomatoes and peppers, are equally prohibitive, with the smallest paint rubber selling for N3,500 and onions for N8,500. The 5kg palm oil costs N10,000.

As the Christmas and New Year celebrations approach, many residents of Kaduna State are forced to make difficult choices between feeding their families and other essential expenses. The government’s inaction in addressing the soaring food prices has left many feeling abandoned and frustrated.

 

REPORT COMPILED BY THE PUNCH

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Court Vacates Order Freezing Assets Of GHL, Obaigbena, Others….

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Justice Deinde Dipeolu of the Federal High Court in Lagos has lifted the Mareva Injunction that froze the assets of an oil and gas services company, General Hydrocarbons Limited (GHL), over its alleged refusal to pay a $225.8 million loan facility awarded to it by First Bank of Nigeria Limited.

 

 

The judge also held that he has jurisdiction over the suit filed by First Bank on the grounds that the case is not an abuse of court process as the subject matter and the parties involved are different from those before Justice Ambrose Lewis-Allagoa.

 

However, Justice Dipeolu stated that he would not have granted the Mareva injunction had he been fully aware of Justice Lewis-Allagoa’s prior order in Suit No. 1953.

 

In a ruling delivered on December 30, 2024, Justice Dipeolu put restrictions in place, prohibiting all commercial banks from releasing or dealing with any assets or funds belonging to General Hydrocarbons Limited, its agents, subsidiaries, or related entities up to the amount claimed by the plaintiffs.

Additionally, the judge issued a preliminary injunction barring Nduka Obaigbena, Efe Damilola

 

 

Obaigbena, and Olabisi Eka Obaigbena—directors of General Hydrocarbons Limited—from transferring or dissipating any of their assets located in Nigeria, whether movable or immovable, until the court makes a decision on the Motion on Notice for an interlocutory injunction.

 

Earlier, GHL had obtained an order from Justice Lewis-Allagoa in another case, which prevented First Bank of Nigeria Limited from taking further action to recover the loan until the parties fulfilled their obligation to engage in arbitration.

 

 

While moving the application, challenging the Mareva Injunction GHL’s counsel, Dr Abiodun Layonu (SAN), argued that the Injunction represented an abuse of the court process, claiming that First Bank had failed to disclose the previous order by Justice Lewis-Allagoa, which had restrained the bank from further action.

 

In response, First Bank lawyer Victor Ogude (SAN) argued that his client did not deceive the court to obtain the order and that the bank provided all relevant facts in its affidavit supporting the suit.

 

 

He also claimed that no law restricts their constitutional right to seek judicial redress for disputes.

 

 

In his ruling, Justice Dipeolu acknowledged that while the current suit was not an abuse of process, it had to respect the prior orders issued by his brother judge.

 

Justice Dipeolu held, “I have carefully read through all that is contained in the Originating Summons in Suit No:FHC/L/CS/1953/24 and the Interim Orders of Hon. Justice Allagoa J. dated the 12th of December, 2024.

 

“It appears to me that the Interim Orders made by Hon. Justice Allagoa J. revolves around the arbitration proceedings between the first Defendant and the first Plaintiff in this case, which arbitration proceedings is pursuant to Clause 12 (c) of the Agreement between the 1st Defendant and the 1st Plaintiff dated the 29th of May, 2021. This position is reflected in all the Interim Orders granted on the 12th of December, 2024.

 

 

Although the Interim Orders made by this Court on the 30th of December, 2024 are about the subsequent facilities agreement between the first Plaintiff and the first Defendant and it does not extend to the receivables in the agreement of 29 of May, 2021, also, the present suit on the face of it if placed side by side with FHC/L/CS/1953/2024 is not an abuse of process.

 

“For the reasons given above, however, in view of the Orders of Allagoa J. made on the 12th of December, 2024, the Mareva order granted by this Court on 30th December is hereby set aside,” the court stated.

 

Justice Dipeolu affirmed the court’s jurisdiction to grant the initial Mareva order but concluded that the injunction could not stand in light of conflicting orders.

 

 

Furthermore, the court ruled that the second to fifth defendants, who were affected by the Mareva orders, had the right to seek the dismissal of the suit.

 

Justice Dipeolu has adjourned the case to

February 19, 2025, for further proceedings.

 

 

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REA director, Abubakar Sambo, arraigned for ‘N1.84bn fraud’

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Abubakar Sambo, the director of Finance and Account of the Rural Electrification Agency, was on Monday re-arraigned by the Independent Corrupt Practices and Other Related Offences Commission, ICPC, for alleged N1.84 billion fraud.

 

He was arraigned before Justice Musa Liman of a Federal High Court on three counts of alleged diversion of funds to personal accounts.

 

His lawyer, Y. D. Dangana, SAN, prayed the court to allow Sambo to continue to enjoy bail terms as earlier granted by a sister court and ICPC’s counsel, Osuobeni Akponimisingha, did not oppose the application.

 

 

Justice Liman, therefore, admitted the defendant to the earlier bail conditions granted by Justice Bolaji Olajuwon.

 

The judge adjourned the matter until April 2 for commencement for trial.

 

The News Agency of Nigeria reports that Justice Olajuwon of a FHC in Abuja had, on June 24, 2024, granted Sambo a bail in the sum of N200 million with two sureties in the like sum.

 

 

The judge held that the sureties must have landed property within the jurisdiction of the court with original certificates of occupancy (CofO) which must be deposited with the deputy chief registrar of the court.

 

She equally ordered the sureties to provide affidavits of their tax clearance in the last three years with a one passport photograph each.

 

Justice Olajuwon adjourned the matter until October 17 for trial commencement.

 

 

However, the judge was transferred to another division of the court, making the case to start denovo (afresh).

 

NAN reports that the anti-corruption commission had, in the charge marked: FHC/ABJ/CR/209/2024, sued Abubakar Abdullahi Sambo as sole defendant.

 

In the charge dated May 8, 2024, but filed May 10, 2024 by Akponimisingha, an Assistant Chief Legal Officer in the commission, the ICPC alleged that Sambo sometime in March 2023 or thereabout while being the Payment Finalizer on the Government integrated Financial Management Information System (GIFMIS) platform of REA did finalise the payment of the totai sum of N1.84 billion (N1,835,000,000.00).

 

 

It alleged that the funds were done in different tranches for the use of Henrrientta Onomen Okojie, Asuni Adejoke Aminat, Usman Kwakwa, Laure Shehu Abduilahi, Emmanuel Pada Titus and Musa Umar Karaye for a purported project supervision exercise without requisite approval, thereby contributing to the economic adversity of the REA.

 

The commission said the offence was contrary to and punishable under Section 68 of the Public Enterprise Regulatory Commission Act, CAP. P39, Laws of the Federation, 2004.

 

In count two, Sambo was accused to have used his access password to access the REA’s GIFMIS platform and finalised the payment of the sum of N1.84 billion in different tranches for the use of Okojie, Aminat, Kwakwa, Abdullahi, Titus and Karaye for a purported project supervision exercise without authority.

 

 

The offence was said to be contrary to and punishable under Section 6(4) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015.

 

In count three, Sambo was alleged to have conferred corrupt advantage on Okojie, Aminat, Kwakwa, Abdullahi, Titus and Karaye when he used his access password to access the REA’s GIFMIS platform and finalised the payment of N1.84 billion in different tranches for their use for a purported project supervision exercise without requisite approvals.

 

The ICPC said the offence contrary to and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act, 2000.

 

 

NAN reports that Karaye, Titus and Okojie were also arraigned before Justice Emeka Nwite of a sister court on separate four-count charge preferred against them.

 

While Karaye and Titus were arraigned before Justice Nwite on June 13, 2024, Okojie was arraigned on June 14, 2024.

 

Usman Ahmed Kwakwa was also arraigned on June 13, 2024 on separate criminal charge before the judge and all of them were admitted to a N50 million each with two sureties each in the like sum.

 

 

In the charge marked: FHC/ABJ/CR/203/24 filed against Okojie, she was alleged to have in count one, sometime in March 2023 or thereabout, with intent to defraud the REA, received the sum of N342 million in different tranches through her Access Bank Account: 0009022275 under the false pretence of project supervision.

 

The offence is said to be contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fraud and Other Fraud Related Offences Act, 2006

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Ex-US Senator Bob Menendez jailed for 11 years for bribery…

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Former New Jersey Senator Bob Menendez has been sentenced to 11 years in prison, following his conviction on bribery and corruption charges.

 

Last July, a jury found Menendez guilty on 16 counts for accepting gifts, including gold bars, cash and a Mercedes-Benz, in exchange for helping foreign governments.

 

Prosecutors were seeking at least a 15-year sentence, citing in court documents the “rare gravity” of the ex-senator’s crimes.

 

Lawyers for Menendez, 71, had called for a shorter sentence paired with community service.

 

“Somewhere along the way, you became, I’m sorry to say, a corrupt politician,” US Judge Sidney Stein said before handing down Menendez’s sentence, according to CBS News, the BBC’s US partner.

 

 

Before receiving his sentence, Menendez cried while addressing the courtroom.

 

“Other than family, I have lost everything I ever cared about,” he said, according to court reporters. “Every day I’m awake is a punishment.”

 

He then asked the judge “to temper your sword of justice with the mercy of a lifetime of duty”.

 

Menendez’s son, Rob Menendez, a Democratic congressman, and his daughter, MSNBC anchor Alicia Menendez, were seated in court behind their father.

 

Earlier on Wednesday, two of Menendez’s co-conspirators were sentenced in the case.

 

Fred Daibes, a New Jersey real estate developer who prosecutors say delivered gold and cash to the senator, was given a sentence of seven years in prison and fined $1.75m (£1.4m).

 

 

Wael Hana, an Egyptian-American businessman, who prosecutors say brokered a deal between Menendez and the Egyptian government, received more than eight years in prison and was fined $1.25m.

 

Menendez has repeatedly denied wrongdoing and has said he plans to appeal the guilty verdict.

 

The New Jersey senator, who used to lead the powerful Senate Foreign Relations Committee, resigned from the upper chamber in August.

 

The guilty verdict came after a nine-week trial, during which jurors saw evidence that Menendez accepted gifts including gold bars worth over $100,000 and more than $480,000 in cash, found by FBI agents inside Menendez’s home.

 

 

In exchange for the bribes, prosecutors said Menendez helped secure millions of dollars in US aid for Egypt.

 

His lawyers argued the gifts did not qualify as bribes, saying prosecutors failed to prove Menendez took any actions as a result of the bribes.

 

The former senator was also convicted for trying to influence criminal probes involving his two co-defendants, Hana and Daibes.

 

A third businessman involved in the case, Jose Uribe, has pleaded guilty and is expected to be sentenced later this year. He testified against Menendez during the trial.

 

Nadine Menendez, the ex-senator’s wife, has also been accused of acting as a participant in the scheme by shuttling messages and bribes between the three men and Egyptian officials.

 

Her trial was delayed so she could undergo breast cancer treatment and will begin in March. She has pleaded not guilty.

 

 

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