For Further Consultations, Senate Bows to Pressure, Suspends Action on Amendment of CBN Act Apex bank permits IOCs to sell 50% of repatriated export proceeds to authorised FX dealers Ndubuisi Francis, James Emejo and Sunday Aborisade in Abuja
The Senate has bowed to public pressure by suspending the planned public hearing on the amendment to
the Central Bank of Nigeria (CBN) Act 2007 to allow for further consultations and input from key stakeholders.
This is coming as the apex bank yesterday issued further clarification on the 50 per cent balance of the
repatriated export proceeds, saying that the balance of the proceeds may be sold to authorised dealers or eligible
users of Foreign Exchange (FX) with Continued on page 5
President Condemns Killing of Five Soldiers by Gunmen in Abia… Page 6 Sunday, June 2, 2024 Vol 29. No 10644
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State Police Creation is the Best Way to Tackle Insecurity, Katsina Governor Insists… Page 5
South Africa’s Election Ends Three Decades of ANC Dominance Onyebuchi Ezigbo in Abuja
The African National Congress (ANC) lost its parliamentary majority in a historic election result yesterday that puts South Africa on a new political path for the first time since the end of the apartheid system of white minority rule 30 years ago.
With more than 99 per cent of votes counted, the once-dominant ANC had received just over 40 per cent in Wednesday’s election, well short of the majority it had held since the famed all-race vote of 1994 that ended-apartheid and brought it to power under former President Nelson Mandela.
The final results are still to be formally declared by the Independent Electoral Commission, but the ANC cannot pass 50 per cent and an era of coalition government — also a first for South Africa — is looming. The electoral commission said it would formally declare the results on Sunday (today).
While opposition parties hailed the outcome as a momentous breakthrough for a country struggling with deep poverty and inequality, the ANC remained the biggest party by some way. However, the unprecedented slump in its support means it will now likely need to look for a coalition
partner or partners to remain in the government and reelect President Cyril Ramaphosa for a second and final term. Parliament must meet to elect the South African president within 14 days after election results are declared. “The way to rescue South Africa is to break the ANC’s majority and
we have done that,” the leader of the main opposition Democratic Alliance party, John Steenhuisen, said. The leader of the Economic Freedom Fighters opposition party, Julius Malema, said the ANC’s “entitlement of being the sole Continued on page 5
Nationwide Industrial Action will Spell Doom for Nigeria, FG Warns Says NLC's N494,000 minimum wage demand unsustainable Electricity, oil, maritime, judicial workers mobilise for labour’s indefinite strike tomorrow Construction workers give 21-day ultimatum, says sector losing 52,000 jobs Olawale Ajimotokan, Onyebuchi Ezigbo in Abuja and Wale Igbintade in Lagos As the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) mobilise their members for the nationwide industrial action that will commence tomorrow, the federal government has warned that embarking on such action at this critical period will worsen the country's economy. It also argued that the N494,000 national minimum wage being demanded by the organised labour is unsustainable as the wage bill cumulatively amounts to the sum of N9.5 trillion, which is capable of destabilising the economy and jeopardising the welfare of over 200 million Nigerians. NLC and TUC said they have Continu-ed on page 5
CONVEYING OONI’S CONDOLENCES… Representative of Ooni of Ife and Asoya of Asoya-Ife, Oba Muraina Adebayo (left), and brother of the late Asagba of Asaba, Obi Prof. Joseph Chike Edozien, Prof. Leroy Edozien, during the activities to round off the burial ceremonies for the late monarch at the Cenotaph in Asaba…yesterday