Category: News

  • CBN jerks interest rate from 18.5 % to 18.75% MPR

    CBN jerks interest rate from 18.5 % to 18.75% MPR

    The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday raised the country’s Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent.

    The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from the MPC meeting.

    The MPR is the baseline interest rate upon which other interest rates are built.

    Shonubi announced that the committee also adjusted the asymmetric corridor from from +100/-700 to +100/-300 basis points around the MPR, retained the Cash Reserve Ratio (CRR) at 32.5 per cent; and retained the Liquidity Ratio at 30 per cent.

    According to Shonubi, the committee is confronted with only two policy options, to hold or marginally hike the policy rate to offset the moderate increase in headline inflation.

    “Considering the option to a hold, the committee reviewed the impact of the continued rise in inflation on various macroeconomic variables, noting the potential dampening effect on output growth.

    “Members agreed unanimously that the previous series of rate hikes had indeed greatly moderated the pace of price development and was gradually but steadily yielding the expected outcome.

    “The option to continue to hike the policy rate, albeit moderately, also presents a strong alternative,” he said.

    He said that this was premised on the expected liquidity injections into the economy, from the recent policy developments and the likely impact on inflation.

    “The committee remained cautious in arriving at a policy decision as members noted the need to continue to support investment which will ultimately lead to the recovery of output growth.

    “The balance of these arguments thus, leaned in favour of a moderate rate hike, to sustain efforts at anchoring inflation expectation, narrow the negative real interest rate gap, and improve investor confidence.

    “The MPC, thus, resolved by a majority vote to raise the Monetary Policy Rate (MPR) by 25 basis points. Six members voted to raise MPR by 25 basis points while five members voted to hold the MPR Constant.

    “All members, however, voted to narrow the asymmetric corridor from +100/-700 to +100/-300 around the MPR,” he said.

  • EFCC secures 68 convictions in Kano, Jigawa, Katsina

    EFCC secures 68 convictions in Kano, Jigawa, Katsina

    The Kano Zonal Command of the Economic and Financial Crimes Commission (EFCC) said it secured the conviction of 68 persons for various corrupt practices in Kano, Jigawa and Katsina states.

    The Zonal Commander, Mr Farouk Dogondaji, disclosed this when the leadership of Kano Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), paid him a courtesy visit on Tuesday.

    Dogondaji said that 81 persons were arrested for various financial related crimes in the last six months in the Command.

    According to him, aside the 68 convictions and 81 arrests, the commission was currently recording more cases and making convictions within the zone.

    He urged the general public never to hesitate from providing useful information that would enable the commission to fight financial crimes in the zone.

    Dogondaji, however, added that the Commission had gone beyond prosecution to crime prevention, as it had engaged in organising rallies, lectures, workshops and seminars against financial crimes, especially in primary and secondary schools, where children were tutored to remain upright and live a financial crime-free life.

    He further stated that EFCC in the zone had concluded its investigation on suspects arrested during the 2023 General Elections.

    “They will soon be charged to court. Our lawyers are working with lawyers from the Independent National Electoral Commission (INEC) and the ICPC for diligent prosecution.

    He thanked the leadership of Kano correspondents’ Chapel for their partnership and promised to keep the relationship blossoming.

    In his remarks, the Chairman of the Chapel, Alhaji Aminu Garko, commended the EFCC zonal commander and his management team for their warm reception.

    Garko, however, appealed to the EFCC Headquarters to decentralise release of information to journalists so that zonal commands would have the right to give needed information to working journalists in their zones for easy dissemination.

    “It is not in the best interest of the commission to centralise information at the headquarters.

    “Zonal commanders should be allowed to dish out first-hand information to practising journalists in their respective zones.

    “This will help the commission to create more awareness to Nigerians,’’ he added.

  • AMAC seeks Petroleum Agency’s support to tackle unemployment, others

    AMAC seeks Petroleum Agency’s support to tackle unemployment, others

    The Chairman of Abuja Municipal Area Council (AMAC), Hon. Christopher Zakka Maikalangu, has solicited the support of the Nigerian Petroleum Regulatory Commission (NUPRC) in tackling erosion and other ecological issues affecting the council. 

    Speaking Tuesday during a courtesy visit on the management of NUPRC, Maikalangu urged the Commission to always consider AMAC in its Corporate Social Responsibility programmes and to consider qualified unemployed youths for employment and sponsorship in its training.

    He said: “We are here basically to discuss issues of partnership and interest and above all, forge an alliance for the good of our individual organizations and the country at large. Although we are fully conversant with the statutory mandate of the Commission as it relates to oil and gas administration, we believe in your ability to be responsive to the yearnings of your immediate host community by impacting on relevant public policies.

     “Your commission is within our soil in AMAC, which qualifies for every description of a host community. As your host, we call for greater collaboration. We are therefore here to seek areas of collaboration with NUPRC, especially in sensitizing our youths against restiveness and vandalism of public property such as those belonging to the NNPC and NUPRC.

    “We are therefore constrained to ask your management to always consider AMAC in your Corporate Social Responsibility programmes and use your good office to consider employing our qualified unemployed youths for employment and sponsorship in your training. 

    “We would also appreciate it if you could find some of our ecological and environmental issues, especially those that border on climate change. I also implore you to kindly consider the sponsorship of skills acquisition empowerment schemes, especially construction and equipping of existing centres as well as sponsorship of local and international training opportunities for the teeming, qualified, unemployed youths.”

    Responding, NUPRC Chief Executive, Engr. Gbenga Komolafe, represented by the Head of General Administration, Dr Aminu Zaria, said that the management will look into the training of AMAC youths as the training will pave the way for self-employment. 

  • Osun: Gov Adeleke appoints 30 Special Advisers

    Osun: Gov Adeleke appoints 30 Special Advisers

    Governor Ademola Adeleke of Osun State has announced the appointment of 30 special advisers to strengthen his administration. The disclosure was made in a statement issued by his Spokesperson, Malam Olawale Rasheed, in Osogbo on Tuesday.

    Rasheed further mentioned that the governor sought and obtained approval from the House of Assembly to appoint an additional five advisers, bringing the total number to 30. Notably, 10 of these special advisers will hold cabinet ranks, contributing to various important sectors of the state’s governance.

    The inauguration of the newly appointed special advisers is scheduled to take place on Wednesday, marking a significant step in enhancing the governance structure of Osun State.

    Earlier, Governor Adeleke had inaugurated 25 commissioners as members of the State Executive Council on July 19, filling crucial roles in the government after eight months in office. Additionally, on July 20, he also appointed 21 board chairmen and vice-chairmen, further strengthening the administration’s leadership team.

    These appointments signify Governor Adeleke’s commitment to building a competent and effective team to drive the development and progress of Osun State.

  • DSS re-arrests Emefiele just hours after court bail

    DSS re-arrests Emefiele just hours after court bail

    There are indications that the Department of State Services has re-arrested former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele shortly after he was granted bail by a Federal High Court in Lagos.

    Emefiele was charged by the office of the Attorney General of the Federation under the Ministry of Justice.

    He was arraigned at about 9:21a.m, before Justice Nicholas Oweibo, on a two-count charge of illegal possession of firearms

    He had pleaded not guilty to the charge and was granted bail in the sum of N20 million with one surety in like sum.

    The court had adjourned the case until November 14 for trial and had ordered a remand of the defendant in the correctional service pending the perfection of his bail.

    After the case was adjourned, Emefiele remained in the courtroom for several hours.

    It was gathered by newsmen who equally waited all the time in the court premises, that the defendant may likely be re-arrested by the DSS, whose armed operatives were at the court.

    When a senior officer of the Nigerian Correctional Service (NCoS) attempted to take the defendant into custody in line with the court’s directive which ordered his remand pending perfection of bail, the DSS resisted the move.

    After a faceoff between men of the DSS and NCoS, the defendant was eventually intercepted by the DSS when he stepped out of the courtroom and was taken away in a police vehicle at about 3:15 pm.

    At the time of filing this report, it was not clear why the former CBN governor was taken away by the DSS.

  • Diphtheria: Kaduna records 68 suspected cases, 8 deaths

    Diphtheria: Kaduna records 68 suspected cases, 8 deaths

    The Kaduna State Government, says it has recorded 68 suspected cases and eight deaths from diphtheria in the state.

    Diphtheria is a serious bacterial infection that usually affects the mucous membranes of the nose and throat.

    The Director of Public Health, Kaduna State Primary Health Care Development Agency, Hamza Ibrahim-Ikara, disclosed this on Tuesday, in Kaduna.

    Ibrahim-Ikara said the suspected cases were from four local government areas (LGAs) of the state, which included Makarfi, Kubau, Jema’a (Kafanchan), and Kaduna North.

    He added that five of the fatalities were from Jema’a, and three from Makarfi.

    “We still have one suspected case in Barau Dikko Teaching Hospital now.”

    The director said that 28 samples had been taken to the laboratory, and they were awaiting the results.

    “For now, they are all suspected cases, no confirmation yet until the results are out.

    According to him, contact tracing and active search are also ongoing to curb transmission.

    He also said that the Rapid Response Team was carrying out media and door-to-door sensitisation campaigns in communities.

    Ibrahim-Ikara urged residents to report suspected cases to the nearest health facilities across the state.

    He said the state government was prioritising routine immunisation to ensure all children were fully vaccinated against the disease.

  • Alleged Terrorism: Court to rule in Eze Ndigbo’s bail application

    Alleged Terrorism: Court to rule in Eze Ndigbo’s bail application

    A High Court in Lagos State on Tuesday fixed Friday for ruling in a bail application filed by the ”Eze Ndigbo of Ajao Estate”, Frederick Nwajagu.

    Nwajagu had on Tuesday prayed to the court to admit him to bail on liberal terms.

    The defendant is charged with terrorism offenses and also told the court that he was not a flight risk.

    Justice Yetunde Adesanya fixed the date after listening to arguments from both counsels.

    The judge adjourned the case until Friday for a ruling on the bail application.

    Nwajagu was arraigned on May 9, on a nine-count charge including an attempt to commit acts of terrorism, financing terrorism, participating in terrorism, and meeting to support a proscribed entity.

    The Prosecution Counsel, Mr. Jonathan Ogunsakin the Lagos State Counsel, informed the court that the case was for argument on the bail application.

    However, counsel to the defendant, Mr E. C. Obiagu, SAN, told the court that the defendant’s bail application was based on two relieves.

    According to him, the defendant is seeking an order of the court admitting him to bail and an order restraining the respondent from re-arresting him if granted bail.

    The Obiagu said that the bail application was supported by a seven-paragraph affidavit, attached with the defendant’s medical report and a written address.

    He said he relied on all the paragraphs of the affidavit and a written address and he had responded to the counter-affidavit filed by the prosecution by filing a further and better affidavit.

    Obiagu said that he has also responded on points of law to the counter-affidavit.

    He said: “Your Lordship has the discretion to grant bail on liberal terms or on self-recognizance. The defendant is not a flight risk. He does not even have an international passport.

    “The defendant submitted himself to the DSS when invited. He is a widower with six children, therefore cannot abandon his children.”

    The senior advocate also said that the defendant was granted bail at the lower court but was not able to perfect the bail due to its stringent condition.

    He, therefore urged the court to grant bail to the defendant.

    Responding, the prosecution counsel, Ogunsakin, however, urged the court to refuse the defendant bail, and instead, order for an accelerated hearing.

    He said that the circumstances under which the defendant was granted bail at the lower court were different from the information filed against him at the high court.

    “The charge brought against the defendant by the Police is materially different from the charge brought against the defendant by the Attorney-General,” Ogunsakin said.

    The Lagos State Government had in a suit marked no: LD/21505C/2023, alleged that the defendant had contravened the provisions of Section 403(2) of the Criminal Law of Lagos State, 2015.

    The state stated that the offenses also contravened Sections 12(a) (c), 18, 21, and 29   of the Terrorism (Prevention & Prohibition) Act, 2022.

    Recall that Nwajagu was arrested by operatives of the Department of State Services (DSS) over an alleged threat to invite members of the Indigenous People of Biafra (IPOB) to Lagos to secure properties of Igbo people in the state. 

  • NDLEA arrests 2 drug traffickers, seizes 1,553.1kgs of cannabis

    NDLEA arrests 2 drug traffickers, seizes 1,553.1kgs of cannabis

    The National Drug Law Enforcement Agency (NDLEA) in Kano State says it has arrested two suspected drug traffickers and seized 1,553.1kgs of cannabis sativa in Wudil Local Government area of the state.

    This is contained in a statement by the NDLEA Acting Public Relations Officer in the state, Mr Sadiq Maigatari on Tuesday in Kano.

    Maigatari said that the suspects Jonathan Nuhu, 45, from Plateau State, and Muhammad Abubakar,18, from Kano  State, were arrested on July 19, following a well-coordinated surveillance operation by men of the agency.

    “The officers, who had been on the case for two months, were able to track and intercept the drugs, which were loaded from Lokoja and en route to Jigawa.

    “The suspects are believed to be part of a larger drug syndicate that specializes in transporting cannabis to Northern Nigeria and distributing it to various dealers”, he said.

    Maigatari said investigation was ongoing on the matter and that a manhunt had been launched to arrest two other suspects, now at large.

    He restated the commitment of the agency to rid the state of illicit drug trafficking and substance abuse.

    Maigatari added that the agency under the State Commander, Mr. Abubakar Idris-Ahmad, would remain vigilant and dedicated to its mission of upholding the law and protecting the good people of Kano State.

  • Emefiele granted N20m bail after six weeks in DSS custody

    Emefiele granted N20m bail after six weeks in DSS custody

    Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), has been granted bail in the sum of N20 million with one surety in like sum.

    Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, ruled in favor of the bail application on Tuesday, rejecting the Federal Government’s claim that Emefiele was a flight risk due to a lack of supporting evidence.

    Emefiele’s counsel, Joseph Daudu (SAN), argued that the charges against his client were bailable, prompting Justice Oweibo to grant bail pending the hearing and determination of the trial.

    The suspended CBN governor pleaded “not guilty” to the two-count charge of illegal possession of firearm and ammunition filed against him by the Federal Government.

    Despite opposition from the prosecution, the court overruled the government’s objections and ordered that Emefiele be held at the Ikoyi Correctional Centre until the bail conditions are met.

    Earlier, Emefiele was brought to court by DSS operatives for arraignment on firearm and ammunition possession charges.

    The court’s decision to grant bail signifies a major development in the legal proceedings surrounding the case.

  • Emefiele arraigned, pleads not guilty to illegal firearms possession charges

    Emefiele arraigned, pleads not guilty to illegal firearms possession charges

    Godwin Emefiele, the suspended Central Bank of Nigeria (CBN) governor, appeared before a Federal High Court in Lagos on Tuesday and entered a plea of not guilty to charges of illegal possession of firearms.

    The Department of State Services (DSS) brought two counts against him, both related to alleged possession of firearms.

    In the first count, Emefiele is accused of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a license, a violation of Section 4 of the Firearms Act, and punishable under Section 27 (1b) of the same Act.

    The second count accuses him of having 123 rounds of live ammunition (cartridges) without a license, which is contrary to Section 8 of the Firearms Act and punishable under Section 27 (1)(b)(il) of the same Act.

    Meanwhile, a group called the Coalition of Nigerian Civil Society attended the court session and requested to hold a watching brief during Emefiele’s arraignment.

    Represented by five senior lawyers, the group asserted that they are lawyers in defense of democracy. The court granted them permission to observe the proceedings.

    The legal battle surrounding Emefiele’s alleged illegal possession of firearms continues as the case moves forward in the Federal High Court.