Cloned Nigerian Anchor

Author: Doris Israel Ijeoma

  • Forex Crisis Forces Bureau de Change Closure in Abuja

    Forex Crisis Forces Bureau de Change Closure in Abuja

    In response to the escalating foreign exchange crisis in Nigeria, Bureau de Change operators have taken a drastic step by announcing the indefinite closure of their offices in Abuja starting from February 1, 2024. 

    Abdullahi Dauran, the Chairman of BDC operators in Abuja, cited the scarcity of dollars as the primary reason behind this decision.

    Dauran emphasized that the increasing demand for dollars, fueled by online business transactions and cryptocurrency activities, has intensified the scarcity, leaving Bureau de Change operators with no choice but to shut down.

    Aminu Gwadabe, the president of the Association of Bureaux de Change Operators of Nigeria (ABCON), acknowledged the development but provided no clear response, stating, “I saw it online, too.”

    Recent data from FMDQ on Thursday revealed a marginal appreciation of the Naira to N1,455.59 per US dollar from N1,482.57 on Wednesday. 

    However, the Naira’s depreciation worsened earlier in the week, reaching N1,482.57 per US dollar at the official market, surpassing the N1,470 quoted at the parallel market.

    Despite efforts by the Central Bank of Nigeria, including injecting over $500 million to clear the forex backlog and other interventions, the Naira continues to struggle against the dollar. 

    In an attempt to address the ongoing decline, the CBN released fresh guidelines on Wednesday, targeting commercial banks and urging them to refrain from foreign currency speculation and hoarding.

  • CBN Implements Stricter Measures to Curb Forex Speculation

    CBN Implements Stricter Measures to Curb Forex Speculation

    In a bid to address concerns over rising foreign currency exposures among banks, the Central Bank of Nigeria (CBN) has issued a new circular outlining prudential requirements. 

    The directive aims to mitigate risks associated with excessive foreign currency speculation.

    The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” stipulates that the Net Open Position (NOP) limit for overall foreign currency assets and liabilities should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses. 

    Banks with current NOP exceeding these limits must adjust to the prudential limit by February 1, 2024.

    Banks are now mandated to calculate their daily and monthly NOP and Foreign currency trading position using provided templates. 

    Non-compliance with the NOP limit may result in immediate sanctions and/or suspension from the foreign exchange market, warns the apex bank.

    Additionally, the CBN requires banks to maintain a sufficient stock of high-quality liquid foreign assets to cover maturing foreign currency obligations.
     
    Foreign exchange contingency funding arrangements with other financial institutions are also mandatory.

    To mitigate currency risks, banks are urged to borrow and lend in the same currency, adopt natural hedging, and align interest rates for borrowing and lending. 

    The circular also emphasized the need for approval from the CBN for any early redemption clause in eurobonds.

  • EFCC uncovers religious sect laundering money for terrorists

    EFCC uncovers religious sect laundering money for terrorists

    The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that the anti-graft agency uncovered how a religious sect in Nigeria is laundering money for terrorists.

    He stated this during a public engagement on youth, religion, and the fight against corruption.

    This was as he also revealed that another religious body was found to be protecting a money launderer after some money suspected to have been laundered was traced to the organisation’s bank account.

    Speaking during a public engagement on youth, religion, and the fight against corruption, as well as the launch of the fraud risk assessment project for ministries, departments, and agencies, Olukoyede stated that the EFCC was investigating a N13bn fraud case when it discovered that N7bn of the N13bn was linked to a religious body’s bank account.

    He noted that religious organisations, institutions, sects, and bodies have been found culpable of money laundering.

    Olukoyede said, “A religious sect in this country had been found to be laundering money for terrorists.”

    He, however, noted that the religious organisation quickly obtained a restraining order to prevent the EFCC from probing its leaders.

    “We were able to trace some laundered money to a religious organisation, and when we approached the religious organisation about it and we were carrying out our investigation, we got a restraining order stopping us from carrying out our investigation,” he said.

    Olukoyede further said the commission will not give up on the investigation as it is appealing the restraining order to recover the stolen funds.

    The one-day event is aimed at addressing the challenges of youth involvement in cybercrimes and how religion could be used as a weapon for their reorientation.

    The event, themed “Youth, Religion and the Fight Against Corruption,” featured the launch of the Interfaith Preaching and Teaching Manual developed by the Interfaith Anti-Corruption Advisory Committee of the Commission as a resource to promote abhorrence for corruption among adherents of Islam and Christianity.

    The EFCC’s Fraud Risk Assessment Prevention and Control Project for Ministries, Departments and Agencies was also launched at the event.

  • Fire Guts Popular Church In Lagos 

    Fire Guts Popular Church In Lagos 

    A popular church which is known as Household of David Church at 7 Surulere Street, Industrial Estate, Adeniyi Jones, Ikeja, Lagos was on Wednesday morning gutted by fire.

    This was confirmed in a Facebook post by the Lagos State Fire Service.

    The fire started at about 10: 47am.

    According to the Lagos State Fire Service, the expanse church auditorium erupted in Fire from smoke that emanated from the ceiling.

    “Fire is presently under control as dampen down progresses to bring operations to conclusion.

    “The Fire was however made to confined within the church auditorium it started from while salvaging adjoining properties.

    “In Attendance: Lagos State Fire and Rescue Service Alausa and Ikeja Fire Stations.

    Property Involved: Auditorium and church-hold items

    Supposed Cause: Investigation to reveal in due course “, the post read.

  • Benue APC Chairman Suspended

    Benue APC Chairman Suspended

    The Benue State chairman of the All Progressives Congress (APC), Augustine Agada, has been suspended by the party’s leadership in Ehaje Ward 1 in Owukpa, Ogbadibo Local Government Area of the state.

    Agada and a ward member of the party were both passed votes of no confidence, effective immediately.

    The decision, made following the consideration of a petition by Comrade Dan Onjeh, the party’s 2023 Senatorial Candidate, accuses Agada of engaging in anti-party activities during the recent general elections.

    Citing provisions from the APC Constitution, the ward leadership listed seven grounds for Agada’s suspension. These included his failure to appear before the Ward Disciplinary Committee to address allegations, compelling evidence of working against the party’s interests, campaigning for the opposition Peoples Democratic Party (PDP) candidate, Sen. Abba Moro, and losing his polling unit in key elections.

    The Ehaje Ward 1 leadership also alleged Agada withheld funds provided by the APC at the national level for logistics and election day activities. Additionally, Agada faces accusations of tampering with the list of APC election agents to undermine the party at the polls.

    The suspension, based on irrefutable evidence presented in the petition, was endorsed by the Ward Disciplinary Committee and subsequently discussed by the APC Ehaje Ward 1 Expanded Exco. The expanded Exco, invoking Article 17 sub-sections V and Vi of the party constitution, passed a vote of no confidence on Agada, suspended him immediately, urged relevant party organs to acknowledge the decision, and advised Agada to refrain from presenting himself as a party member or holding the position of Benue State Party Chairman.

  • “Peter Obi playing politics with insecurity” – Buhari’s former aide

    “Peter Obi playing politics with insecurity” – Buhari’s former aide

    Bashir Ahmad, a former assistant on digital communications to ex-president Muhammadu Buhari, has reacted to Peter Obi’s visit to the Al-Kadriyar family.

    Obi, the Labour Party presidential candidate in the 2023 election, had paid a condolence visit to the grieving family of Nabeeha Al-Kadriyar who was murdered by her abductors in the federal capital territory (FCT), Abuja recently.

    “May the memories of Nabeeha and all those who have lost their lives to such violent attacks inspire us, especially we the leaders, to take more decisive action against this ugly monster of insecurity,” Obi said vis his X handle on Tuesday, January 30, 2024.

    Ahmad questioned the motive of the visit by the former governor of Anambra State days after the safe return of the four girls.

    “Where were you when people were going the extra mile to see Najeebah and her sisters rescued from captivity?,” Ahmad said.

    “Yet now, you have taken photographers to visit the family, which was solely to serve your personal and political interests. Haba!”

    He urged the Al-Kadriyar family to stop giving access to politicians who bring along a contingent of journalists for a visit that is more about photo opportunities than genuine sympathy.

    Ahmad added that even the former Minister of Communications and Digital Economy, Prof. Isa Pantami and his friends, who were the major contributors to the rescue effort, did not visit the family.

  • Delta governor suspends commissioner, others

    Delta governor suspends commissioner, others

    Delta State Governor, Sheriff Oborevwori has ordered the immediate suspension of the state Commissioner for Agriculture and Natural Resources, Omoun Perez.

    Also, the governor ordered the ministry’s Permanent Secretary, Bennett Agamah; Assistant Director, Agricultural Engineering, Oki Yintareke; and the Chief Accountant, Gabriel Idiatacheko, “to proceed on compulsory leave until further notice in line with civil service extant rules.”

    The decision was contained in a statement signed by the Secretary to the State Government, Dr. Kingsley Emu, copies of which were made available to journalists in Warri on Wednesday.

    The statement explained that the measures became imperative, “following the outcome of the review of the implementation of the Greenhouse project by the state Ministry of Agriculture and Natural Resources.”

    The statement added that the decision was taken “consequent upon the interim report of the committee and in order to have an unimpeded access to information during the period of the investigations.”

    The statement read, “Oborevwori has constituted a seven-man committee chaired by the Secretary to the State Government, Dr. Kingsley Emu, to investigate the claims and perceived infractions related to the management of the scheme by the ministry.

    “The government’s action is in no way a presumption of guilt but rather a necessary measure to uphold the sanctity of the investigative processes already instituted which is to ensure that the investigation is conducted without any potential for undue influence or bias.”

    Oborevwori had assured the people of the state of his administration’s commitment to ensuring the completion of all ongoing projects across the state.

    He also pledged to initiate new projects for the sustainable development of the state, according to a statement by his spokesman, Festus Ahon.

  • ‘Your Accusation Is Baseless And Reckless’ – Tinubu Replies Atiku

    ‘Your Accusation Is Baseless And Reckless’ – Tinubu Replies Atiku

    President Bola Ahmed Tinubu has berated former Vice President Atiku Abubakar over his accusation of fiddling amidst the security and economic challenges facing the nation.

    Atiku had, in a post via his official X handle on Tuesday, called on President Tinubu to step aside if he knows the responsibilities of being Nigeria’s President are bigger than his capacity.

    The former vice president, who faulted Tinubu for embarking on a private trip to France in the wake of the incessant kidnapping currently ravaging the nation, said that Nigeria does not need another tourist-in-chief.

    But in a statement on Tuesday night, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the accusation made by Atiku is baseless and reckless.

    Onanuga stated that the latest statement made by the former vice president fell short of what is expected from an elder statesman after should stop playing politics with the insecurity facing the nation.

    He said President Tinubu informed Nigerians of his private visit to France, and while in Europe, the President has been following developments at home, and he is on top of the situation in the country.

    Onanuga said the President is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.

    The presidential aide asserted that Atiku is still suffering from his electoral defeat and latches on any issue to attack President Tinubu.

    The statement reads: “Alhaji Atiku Abubakar’s statement accusing President Bola Ahmed Tinubu of fiddling amidst some security and economic challenges is, to say the least, reckless.

    “Coming days after he made an equally reckless allegation against the President on the crude for a loan deal for NNPC Limited, his latest statement fell short of what is expected from an elder statesman.

    “We like to believe that Alhaji Atiku is still not nursing the hangover of his electoral defeat and now latches on any issue to attack President Tinubu.

    “President Tinubu did not travel without informing Nigerians of his whereabouts. He announced a private visit to France and announced a return date.

    “While in France, President Tinubu has been following developments at home, and he is on top of the situation in the country. Today’s inauguration of the Tripartite Committee on National Minimum Wage bore his imprimatur.

    “He is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.

    “He has particularly ordered them to apprehend those criminals responsible for the murder of two monarchs in Ekiti State and the kidnapping of some pupils in the state.

    “We are already seeing results with the arrest of over 139 kidnappers around Abuja, Kaduna and Benue States in the last one week. The police Special Intervention Squad (SIS) and DSS have also rescued 154 abducted persons in the last few days.

    “Just last week President Tinubu approved N50billion as Special Fund to address some of the lingering security challenges in North East where Alhaji Atiku hails from. To cope with the kidnapping challenges in the FCT, President Tinubu also approved funds for the acquisition of equipment to track criminals.

    “If Alhaji Atiku is really concerned about security issues and not playing cheap politics, he should have known that President Tinubu is on top of issues and working hard to restore peace to every part of our country.

    “Our security agencies are working very hard to bring the security situation under control. President Tinubu is giving them all the necessary support they need to win the battle against criminal elements and secure every inch of our country.”

  • No Vacancy  – APC Reacts As Yahaya Bello Moves To Unseat Ganduje As National Chairman

    No Vacancy  – APC Reacts As Yahaya Bello Moves To Unseat Ganduje As National Chairman

    APC has told the former Governor of Kogi State, Yahaya Bello, that there is no vacancy within the National Working Committee (NWC) of the party.

    APC’s National Publicity Secretary, Felix Morka, stated this Tuesday in Abuja while briefing journalists on the resolutions reached at the 141st meeting of the NWC.

    Bello had commenced the move to unseat Abdulahi Ganduje as the national chairman of the party after posters promoting him for the position of the chairman were seen at strategic places in the nation’s capital on Monday.

    Morka’s words: “There is no vacancy in the office of the national chairman. Our national chairman remains the chairman. This is democracy, people do what they want. We have total confidence in the leadership of the party. Those who are posting these papers around should desist from doing so.”

    Morka revealed that the ruling party would flag off the update of the party’s membership register in Niger State.

    According to him, “To flag off the update of membership registration nationally in Niger State, then flag off in one state in each of the other geo-political zones.”

    He also denounced the failure or refusal of the Speaker of the Plateau State House of Assembly to swear in 16 APC House members adjudged by the Court of Appeal as the duly elected members of the Plateau State House of Assembly. 

    He said the stubbornness of the Speaker and the governor of the state in this matter was wrong, undemocratic and violently contemptuous of the authority of the Court of Appeal, the highest court for the determination of election petition matters as it concerns the House of Assembly.

  • BREAKING: Senate Summons Security Chiefs Amid Escalating Insecurity In Nigeria

    BREAKING: Senate Summons Security Chiefs Amid Escalating Insecurity In Nigeria

    The Nigerian Senate has called upon security chiefs for a meeting in response to the escalating insecurity in the country, with a specific date for the interaction to be determined later.

    After a closed-door meeting lasting over three hours, the senate expressed its condemnation of the rising occurrences of kidnappings, banditry, and the outright murder of innocent citizens by criminals.

    The Senate Leader, Michael Bamidele Opeyemi, revealed that all 109 senators sponsored the insecurity motion due to its importance.

    Senate President Godswill Akpabio, in his remarks, expressed deep concern over the ongoing banditry and kidnappings.

    He highlighted that the situation has escalated to the extent where intermediaries are facilitating ransom payments on behalf of kidnappers.

    Akpabio vehemently condemned recent attacks by bandits in Plateau and the gas explosion in Ibadan, the capital of Oyo State.

    Akpabio also mentioned that a specific date will be decided for the security chiefs to appear before the Senate.

    The lawmakers paid tribute to those who lost their lives in the attacks and the Ibadan explosion by observing a one-minute silence before adjourning until Tuesday, February 6, 2024.