Elumelu Calls for Urgent Power Sector Reforms to Boost Economy Commends CBN on FX management Nume Ekeghe, Emma Okonji and Nosa Alekhuogie United Bank for Africa (UBA) Plc Group Chairman and Founder, Tony Elumelu Foundation (TEF), Mr. Tony
Elumelu, has called for urgent reforms in the power sector to boost economic activities. Elumelu, who is also the Chairman of Transnational Corporation of Nigeria, also urged the federal government
to invest more in electricity supply in order to create an avenue for innovation and economic development. He spoke yesterday during an interview on ‘The Morning Show,’ a programme of
ARISE NEWS Channel, the broadcasting arm of THISDAY Newspapers and lauded the Central Bank of Nigeria (CBN) for its foreign exchange management strategy as well as efforts to unify exchange
rates. He stressed the need for the federal government to focus on diversifying the economy in a bid to increase the country’s forex inflow and reduce the dependence on oil revenue.
Also, responding to question on insider loan in companies he served as chairman, Elumelu stated that strict corporate governance are Continued on page 8
Brent Crude Nears $70 as Lockdowns Ease in Europe, US... Page 6 Thursday 6 May, 2021 Vol 26. No 9524. Price: N250
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Buhari Excited as 29 Abducted Kaduna Forestry Students Regain Freedom Urges release of kidnapped Greenfield university scholars Deji Elumoye in Abuja and John Shiklam in Kaduna President Muhammadu Buhari yesterday expressed excitement at the news of the release of
the remaining 29 students of the Federal College of Forestry, Afaka, Kaduna abducted from their school 55 days ago. Chairman of the Forum of Parents of the 39 Abducted
Students, Mr. Abdullahi Usman, confirmed the release of the students to THISDAY. “Yes, they have been released. They did not sleep in the (bandits) camp
yesterday. They were taken to the residence of one of the mediators to sleep. We have already sent our people with vehicles and ambulances to go and bring them. We are
expecting them any moment from now,” Usman said. The bandits had invaded the school on March 11 and abducted 39 of the students. They later freed 10 of them
in two batches of five after the parents had reportedly paid N17 million ransoms. Usman described the release Continued on page 8
Governors Shift Ground on Financial Autonomy for State Legislatures, Judiciaries Propose percentage payment of statutory allocation to legislative arm Chuks Okocha and Onyebuchi Ezigbo in Abuja Governors have shifted ground in their quest for an earnest resolution of the industrial crisis caused by the clamour by judicial and legislative workers for the implementation of financial autonomy for the two arms of government. THISDAY gathered yesterday that the governors had proposed to pay lawmakers a certain percentage of their statutory monthly entitlements towards funding the legislature. A source said the governors' offer followed the refusal of speakers of Houses of Assembly of the 36 states of the federation to accept the N100 million monthly offer made by the governors for each state legislature. In rejecting the irreducible minimum payment of N100
million monthly to each of the legislatures in the states to fund their operations, the speakers had insisted on N250 million monthly. It was also gathered that the governors had also rejected the demand of the Judiciary Staff Union of Nigeria (JUSUN) and the Parliamentary Staff Association of Nigeria (PASAN) that the gross allocations should be remitted to the two arms of government directly. The governors’ hard-line position was said to be responsible for the delay in the resolution of the strike embarked upon by judicial and parliamentary workers in the 36 states and the Federal Capital Territory (FCT) to press for the implementation of financial autonomy for state judiciaries and legislatures. However, the governors agreed that the National Continued on page 8
HOSPITALITY GURUS... L-R: Lagos State Governor, Mr. Babajide Sanwo-Olu; Chairman, McFolly Hospitality Ltd (Owners of Lagos Marriott Hotel, Ikeja), Dr Taiwo Afolabi; and MD/CEO, Lagos Marriott Hotel, Mr. Chike Ogeah, during the governor’s visit to the hotel in Lagos…yesterday
Agitations for Nigeria’s Disintegration, Insensitive, Says Obasanjo... Page 5