COVER
Eid-el-Kabir: Muslims Face Low-key Celebration
By Gom Mirian, Abuja , Joseph Amedu, Lokoja; Jude Dangwam, Jos and Dan Amasingha, Minna
Ahead of Eid-el-Kabir celebration from tomorrow, prices of rams have risen beyond the reach of low income earners in Kogi state.
Our correspondent, who went round major markets, reports that an average ram presently sold for between N50,000 and N60,000 with the highest costing N200,000 to N250,000.
A ram seller, Mallam Bala Mai Riga, at the Ram market, near Banda, few kilometres away from Lokoja, who spoke with our reporter, expressed the optimism that prices were likely to rise beyond what is obtained at the weekend.
Reacting to the development, a Lokoja based Islamic Cleric, Yahaya Salihu advised Muslims to only use their legitimate means to buy ram for Eid-el-Kabir sacrifice.
Sheik Salihu, who is also the Chief Imam of a Jumma’at Mosques, warned Muslims against using ill-gotten money for the purchase of ram for sacrifice, noting that the Almighty Allah is pure and would accept only that which is clean and pure.
Sheik Salihu also admonished Muslims to have good intention for the sacrifice because it was a prerequisite to achieving acceptable sacrifice.
He explained that the act of slaughtering animal as sacrifice was a tradition that was highly encouraged among Muslims, which was performed on the 10th of Zul-Hijjah and the following three days.
“It is an essential religious rite in memory of the sacrifice performed by Prophet Ibrahim.
“It involves the slaughtering of domestic animal (sheep, goat, cow or camel) and offering it as a sacrifice during these days of Sallah celebrations,” he said.
He enjoined Muslims to ensure that the animal to be sacrificed had reached the required age, adding a minimum of six months for a sheep, one year for a goat, two years for cow and five years for camel.
Jos Camel Market Booms as Cost of Rams Increases
As Muslims prepare for the Sallah festival from tomorrow, prices of ram in Plateau state have increased tremendously out of the reach of th common man.
A visit to Kasuwan Shanu Nasarawa Gwom market in Jos North Local Government Area yesterday, showed scanty animals on display for sell.
The Secretary General of Livestock Sellers Association in Jos North LGA, Mr. Muhammadu Rabiu Aminu, while speaking to DAILY ASSET at the Yan Shanu Market said the lingering conflict between farmers and herders has contributed immensely to the poor supply of animals in the market and the high cost at the animals at the same time.
“The market is moving at a slow pace due to the current economic situation in the country. Aside that, there some challenges that are responsible for the high in price of animals, things like the conflicts between farmers and herders, the cost of food to feed these animals also is another factor because until crops and planted and harvested before the animals will also get and eat, these has affected the cost of animals this time around.
“Like sheep that were bought at the cost of 30,000 last year we now bought them at 40,000, those we sold at 50,000 are now sold at 60,000 and also sheep that were sold at 90,000 last year are now sold at 110,000”, Aminu said.
Aminu lamented that the market usually houses over 10,000 sheep during Sallah season, but only had about 4,000 sheeps that enter the market this year due to the lingering conflict and kidnapping.
“Because those who often buy the animals here are also afraid of the roads due to the problem of kidnapping,” Aminu added.
He disclosed that the little sales recorded was from Lagos customers who came and bought so many animals more than the people in Jos.
“We made some sales because of Lagos people, they came and bought plenty animals here even more than the people in Jos. We are calling on both the Federal and State Governor here to pay workers so that people can patronize us and celebrate the festivity.”
For a buyer like Alhaji Aminu Sale, the high cost of things has left both the sellers and the buyers in tears. For him, if the market failed to come down by Monday, so many people may not be able to celebrate the Sallah festival with or without slaughtering any animal.
“In fact any cow you bought last year at the cost of 100,000 naira is now 150,000 to 170,000, there are cow that were sold at 150,000 last year but is now 200,000 to 250,000.”
A seller, Auwel Yusuf said inspired the hike in price of animals ahead of the Sallah festival, they still make some little profits to keep body and soul moving.
“For example if you buy a cow at 60,000, by the next market you will see that an addition of 10,000 has been made and that has been the way the market is in recent times,” Sale said.
Meanwhile DAILY ASSET came across a Camel dealer Mr. Nasiru Abdullahi Babanjoda who said Camel market is now a booming venture and has made good sales as a result of aware nesses on the celebration of Sallah with Camel is on the rise.
He said some Camel goes for 500,000, some 300,000 some 200,000 there are those that also goes for 700,000 and Muslim faithful are buying them, adding that the rapid acceptance of using a Camel for sacrifice during Sallah is as a result of the numerous medicinal benefits of camel meat to human health.
“Everything you see from Camel is medicinal in nature as stated by traditional doctors some English medical doctors who have been creating awareness on the important of consuming Camel meat to our people.
“Just one litter of the Camel milk is sold at 2000 naira, and it handles sickness like high blood pressure, diabetes, amongst other illnesses. Even the urine of Camel goes for 500 to 1000 a bottle of Swan water, the shit are been counted fifty, fifty naira per shit so people have come to realize that Camel meat is a medicine and that is why they kept trooping-in to buy them”, Babanjoda said.
Niger Politicians Buy Rams at Night
In Niger State, high profile politicians may not have been exempted from economic meltdown as they embark on a bizarre act of buying rams at night in designated ram market to avoid the prying eyes of supporters.
DAILY ASSET gathered that the crafty measures adopted by some politicians may have been informed by the pressure been mounted on some of them by their supporters who sees the “gift of Sallah ram” as a routine political religious ritual.
Investigation reveals that, most politicians in the State are now caught between servicing their political foot soldiers and going under financially as the number of those seeking support increases.
Sources also confided to DAILY ASSET Correspondent that the large number of people seeking for “ram’ may not be unconnected with the inability of the state government to pay July salaries before the Eid Kabir festival even as most local government workers were yet to be paid since June.
A visit by DAILY ASSET to the Dutse Kuta Gwari Ram market on Friday and Saturday night to ascertain the trend by politicians in the state showed that some highly place politicians sneaked into the market in darkness to procure the number of rams they required.
Speaking on condition of anonymity, a member of the State House of Assembly admitted that as much as they would have loved to share, the exorbitant cost the animals which he said ranges from N50, 000 to N120,000 makes it near impossible to satisfy most supporters.
“What I do is in order not to offend my supporters; I decided to quietly buy my ram this time to avoid attracting attention
“Even though there is no way I will still not buy for my Village and District head along with some party leaders at my Ward and local government area”, he said.
…Taraba State too
Taraba residents may be forced to have a small celebration of the Eid el-Kabir slated for Tuesday and Wednesday over the high costs of foodstuff and rams.
A visit to most of the markets and shops spread across the state by our correspondent, revealed a sudden increase in the prices of goods.
Saddened by the development, respondents said that the situation would have been contained had the state government paid civil servants’ salaries.
“Although we are very much aware that the month has not yet come to an end, in the spirit of the celebration, we expected our government to at least follow the footsteps of some of the state governments by paying us our July salaries,” said Abba Sani.
Piqued that lack of payment of salaries would go a long way to prevent him and some of his friends from celebrating as expected, the situation, as stated by him, “is not funny at”.
“Would you believe that up till this moment I am talking with you, I have not done any single shopping for my family?”
Sani, who claimed not to be perturbed with what his children would wear on the day, said “my main concern now is the food I am expected to put on the table for my family and friends that will come visiting.”
Other respondents also echoed Sani’s comment.
Traders, who spoke to our correspondent, blamed suppliers for the hike.
According to Alhaji Danjuma Umar, a dealer in fabric materials, “It is not our joy that the prices of our goods have gone higher.”
Citing how their suppliers have suddenly catapulted the prices of goods to the peak, “the dream of every business man” as made known by him “is to make gain, so the only option left for us is to add something little on them.”
At the various ram markets also visited, our correspondent noticed that the prices are also above the reach of majority of intending buyers.
Traders, buyers lament high cost of Ram in Ibadan
With Eid-el-Kabir celebrations coming up tomorrow, some traders and buyers in Ibadan have expressed concern over high cost of rams, foodstuffs and other commodities and services.
A survey carried out by the News Agency of Nigeria (NAN) in some markets in Ibadan on Sunday revealed that all the respondents were bothered by the unstable nature of prices of goods and services.
Price checks at ram markets in New Ife Road, Egbeda, Adegbayi and Alakia areas of Ibadan showed that an average-sized ram, which sold for N40,000 in 2020, now cost between N60,000 and N65,000.
It was also observed that a big-sized ram sold for between N80,000 and N120,000.
At Aleshinloye market, rams cost between N30,000 and N110,000, a price range which Mallam Abdullahi Hashim, a ram seller, considered to be exorbitant.
Hashim told NAN that the high price was due to the security condition in the northern part of the country as well as high cost of transportation.
Similarly, another ram seller, Mr Ibrahim Jamiu, blamed transporters bringing the rams from the north for charging exorbitant fares.
Jamiu added, “even the prices of rams we rear here are high, because their feeds are costly too.
“We are only appealing to government to let its economic policies allow businesses to grow.”
Alhaji Abdulazeez Adeleke, who bought a ram for N63,000 at Adegbayi, also lamented its high price and those of other items.
According to him, the high cost of rams, food items and other consumables might not allow many families to celebrate the Salah as they would have loved to.
Another ram buyer, AbdulRashid Jimoh, said although rams were very much available, the prices were out of reach.
He, however, said that he could not but buy for his parents, no matter the cost.
In his opinion, Mr Sanusi Hassan, a ram buyer at Aleshinloye market, linked the scarcity and high cost of the animal with the cancellation of the 2021 hajj pilgrimage by Saudi Arabian Government.
This, he said, had created room for more Muslim faithful, who would have celebrated Salah in Saudi Arabia, to be at home for the festival.
Mr Morufu Sani, an intending ram buyer at Ojo-Oba market, regrettably said he could not afford to buy a ram due to its high cost.
“A big ram of my choice is sold for N140,000. Where do I get such money? Any meat we see, no matter how small, my family and I will manage it,” he said.
However, a rice seller at Oja-Oba market, Alhaja Olugbade Salami, said that prices of all foodstuffs, including rice, had increased even before the onset of the festive period.
“A bag of rice that we used to sell at below N20,000 is now sold for N26,000 and it is quite unfortunate that there’s no patronage now like before,” she said.
Meanwhile, Mrs Bisola Salawu, an onion seller, said that buyers were no longer buying in bulk due to the hike in price of the item.
“Forty pieces of onion that we used sell for N2,000 before now sell for N2,500, and you will hardly see people buying in bulk as they used to,” she said.
As for tomatoes, a seller, Mrs Kawa Aminat, told NAN that a bucket of tomatoes, which sold for N800 in 2020, now sold for between N1,500 and N2,000.
“Almost all the prices of commodities brought from the North have gone up due to COVID-19 issues, transportation cost and farmers/herders’ crises.
For instance, six pieces of yam that used to sell for N4,500 now went for N6,000, resulting in reduced patronage,” she said.
Secretary, Arewa Pepper Sellers Association of Oyo State, Mallam Illiasu Bala, also said that Tatashe (Bell pepper) and Bawa (Sombo), which formerly sold at N7,000 per bag, had each increased to N20,000 per bag.
Also, Chairman, Oyo State Onion Sellers’ Association, Alhaji Azeez Ademola, who explained that onion was not in season, said that a small bag of onions was now N20,000, while the big bag was now N30,000.
A vegetable oil seller at Ojo-Oba market, who simply identified herself as Alhaja, said she had not sold anything since she opened her shop in the morning.
“A five-litre Kings Oil that was around N3,500 before is now sold for N5,000, and there’s no market. I have been sitting down like this since morning.
“Everywhere is dry. Whether Ileya or not, customers are not coming. Many people are even living on loans,” she said.
NAN, however, reports that prices of textile materials at Gbagi textile market remained stable, with 12 yards of locally-made Ankara fabric selling for between N3,000 and N7,000, depending on the quality.
However, a textile dealer, Mrs Aliratu Lasisi, complained of low patronage, attributing it to the poor economic situation of the country.
She observed that people were now more concerned about what to eat than what to wear.
Her submission was affirmed by operators in the fashion industry, as some tailors and fashion designers said there had been sharp decline in patronage, in spite of the Sallah that was fast approaching.
A tailor, Mr Saliu Ojedele, said, “Gone are days when we used to hire more hands to work night shifts in order to meet up with customers’ demands.
“Ordinarily, we ought to have started doing that, but it’s quite different now.”
A customer, Mr Abdullahi Wasiu, however, said that he was more particular about getting his children clothes to make them happy and comfortable in the midst of their peers and extended family members.
“For adults, you can wear whatever you have, especially if there are no means of buying new dresses. Aside that, getting ram is more important than buying new dresses,” he said.
Contrarily, a jeweler, Miss Nkechi Emeka, said that the soaring prices of consumer goods and services had not dampened people’s morale towards shopping.
“I will not say people are not buying like before. Yes, the percentage of those who usually visit markets during festive periods has reduced, but sellers are also not able to meet the demands.
“This is because of the increase in dollar rate and some of us did not have enough money to stock up before this week.
“Some sellers have even run out of goods because they didn’t get enough money to buy before this period,” she said.
Corroborating Emeka, a clothe vendor, described the rising prices of goods as an unfavourable trend for both buyers and small business owners.
“What some of us did to prepare for the demands of this season was to form groups. We contributed money to buy in bulk; we then split the goods for sale.
“However, the amount that we used to spend on purchasing 10 cartons is now what we use to buy one or two cartons.
“The prices are even unstable. What you buy today at N50,000 may go up to N55,000 within a week.
“The economy is really biting hard and the unstable prices have forced some of our colleagues to shut down,” she said.
A buyer, Mrs Mojo Daramola, who was at the market to shop for the festive period, lamented what she described as “outrageous prices”.
Daramola, who appealed to government to urgently intervene in driving down the prices of goods and services, said she was left with the option of buying fewer items, which mostly included her children’s clothes.
COVER
Yahaya Bello to Spend Christmas, New Year in Kuje Prison
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
COVER
Middle Belt Group Tasks FG on Resettlement, Safety of IDPs
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
COVER
Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN