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Category: News

  • 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.

  • State of the economy and free fall of the Naira : Senate Summons CBN Gov

    State of the economy and free fall of the Naira : Senate Summons CBN Gov

    The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria ( CBN) , Olayemi Cardoso , to appear before it on Tuesday next week to profer solutions to the parlous state of the economy and the free fall of the Naira at the forex market.

    The Senate Summon was made by its Committee on Banking , Insurance, and other Financial Institutions, Chaired by Senator Adetokunbo Abiru (APC Lagos East).

    The committee hurriedly met on Wednesday when Naira plummeted to N1,520 to a US dollar and resolved to summon the CBN governor on a way out of the foreign exchange quagmire.

    Speaking with journalists after the hurried meeting held behind closed door, Senator Abiru said the state of the economy, especially the spiraling inflationary trend was of great concern to the lawmakers.

    He said “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy .

    “We are all living witnesses of what is going on. Underlining the major issue of the economy is the way the inflation index has been, and of course, it is a major concern to us .

    “We have deliberated among ourselves. Critical issues were addressed, and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

    “That we have resolved and will communicate to the governor of the Central Bank after which we will have further communication with members of the press’

  • Court Orders Arrest of Fubara’s Chief of Staff, 5 others over alleged terrorism, killing of DPO

    Court Orders Arrest of Fubara’s Chief of Staff, 5 others over alleged terrorism, killing of DPO

    A Federal High Court Abuja, Wednesday, issued a warrant for the arrest of the Chief of Staff (CoS) to the Rivers State Governor, Hon Edison Ehie, over his alleged involvement in the burning of the State House of Assembly.

    Ehie who is the immediate past factional Speaker of Rivers State House of Assembly, was ordered to be arrested along with five other persons based in Port Harcourt for allegedly participating in some criminal activities.

    Those ordered to be arrested alongside the former factional Speaker are Jinjiri Bala, Happy Benedict, Progress Joseph, Adokiye Oyagiri and Chibuike Peter also known as Rambo.

    Justice Emeka Nwite granted order on Wednesday for their arrest while delivering ruling in an ex-parte application brought before him by the Inspector General of Police IGP.

    The ex-parte application was predicated on sections 37, 113, 114, 84 and 184 of the Administration of Criminal Justice Act (ACJA) 2015 and section 35 of the 1999 Constitution as well as 32 of the Police Act 2020.

    In the ex-parte application argued by a Senior Advocate of Nigeria SAN and Deputy Commissioner of Police (DCP), Simon Lough, the six defendants were said to be at large.

    The senior lawyer submitted that the defendants are involved in conspiracy, arson, terrorism, attempted murder and murder of a Superintendent of Police SP Bako Agbashim and five other police informants.

    The five police informants they are alleged to have killed are Charles Osu, Ogbonna Eja, Idaowuka Felix, Paul Victor Chibuogu and Saturday Edi.

    Justice Nwite granted the request of the IGP to declare the defendants wanted and upon their arrest and investigation, bring them before the court for trial.

    The ex-parte application is marked FHC/ABJ/ CS/12/2024

    It will be recalled that the IGP had two weeks ago put five Port Harcourt-based person’s on trial on terrorism charges and were
    remanded at Kuje Prison upon their arraignment.

    They were ordered to remain in prison custody till February 2 when their respective bail applications would be determined by the Judge.

    The five defendants are Chime Eguma Ezebalike, Prince Lukman Oladele, Kenneth Goodluck Kpasa, Osiga Donald and Ochueja Thankgod.

    In the 7-count charges, the defendants were accused of committing alleged terrorism offences by invading, vandalizing and burning down Rivers State House of Assembly during the wake of political crisis that rocked Port Harcourt in October last year.

    Justice Mobolaji Olajuwon ordered their remand at the Kuje Prison.

  • 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.

  • Supreme Court affirms Fintiri as Adamawa governor

    Supreme Court affirms Fintiri as Adamawa governor

    The Supreme Court of Nigeria, Wednesday, affirmed the election of Governor Ahmadu Fintiri as the authentic governor of Adamawa State.

    The apex court, in a unanimous decision by a five-member panel led by Justice Inyang Okoro, dismissed as lacking in merit the application of
    Senator Aisha Dahiru Banani, alongside her party, All Progressive Congress Party (APC), challenging the outcome of the governorship election that was held in the state on March 18, 2023.

    Senator Binani, has through her Counsel, Chief Akinolu Olujimi, SAN, prayed the court to nullify the declaration of Fintiri of the Peoples Democratic Party(PDP)as the valid winner of the gubernatorial contest.

    Specifically, she asked the court to set aside the concurrent verdict of the courts below that dismissed their case and upheld Fintiri’s re-election.

    She insisted that she polled the majority of valid votes cast at the election and was validly declared the winner by the state’s Resident Electoral Commissioner, REC.

    She, among other things, prayed the court to determine who ought to be the bona fide Returning Officer in a gubernatorial election.

    However, Fintiri, through his lawyer, Mr Damian Dodo, SAN, urged the apex court to dismiss the appeal and validate his election victory.

    Fintiri argued that he emerged victorious, having secured the majority of lawful votes and fulfilled all the requirements of the law.

    Delivering judgement in the matter, the apex court panel, led by Justice Inyang Okoro, held that the action of the suspended Resident Electoral Commissioner, REC, in Adamawa State, Hudu Yunusa-Ari, who declared Senator Dahiru as the winner of the poll, was an act of irresponsibility and criminality.

    The court held that only a Returning Officer has the duty to announce the results of an election to avert chaos and anarchy in the process.

    According to the Supreme Court, the Electoral Act, 2022, specified who should declare results, stressing that such power was exclusively donated to the Returning Officer.

    Consequently, it resolved all the issues that were raised in the appeal against the appellants.