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Nigeria took right decisions in economic reforms — Afreximbank chief, Oramah

The President and Chairman of the Board of Directors of the African Export-Import Bank, Afreximbank, Benedict Oramah, said the Nigerian government has made the right decisions in economic reform. Oramah stated this in an interview on Arise Television on Monday. He said the best thing to do now is to stay the course, as Nigeria cannot afford to pull out of this process, adding that it will just “postpone the evil day.” Oramah said that the decision that the federal government had taken to free the market as related to foreign exchange was the right thing to do, but the impact was more severe due to the fact that subsidy was removed at the same time. The Afreximbank president noted that with the state of the economy, it was important to stabilise the economy and pursue growth policies, but both should not be done at the same time, as the pursuit of growth policies will further destabilise the economy. Oramah said, “Freeing the market is the right thing to do. And the reason w

Dangote, Elumelu make economic advisory committee

.... As Tinubu Sets Up Fresh Panel President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector. This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening. The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis. Some of the prominent members of the private sector that made the list include Aliko Dangote, chairman of the Dangote group; Tony Elumelu, group chairman of Transnational Corporation Plc (Transcorp); Abdulsamad Rabiu, founder of the BUA group; Segun Ajayi-Kadir, president of the Manufacturers Association of Nigeria (MAN), in attendance. Others are governors Dapo Abiodun of Ogun state and Chuwkuma Soludo of Anambra.

Breaking: DHQ dismisses coup rumour

…Says Guards Brigade’s task is to protect Seat of Power The Defence headquarters on Monday debunked allegations in an online media organization claiming that the Presidential Guards Brigade has been put on high alert following suspicious movements around the seat of power, indicating fears of coup plot. A statement by the Acting Director of Defence Information, Brigadier Gen Tukur Gusau said, “The attention of the Defence Headquarters has been drawn to a malicious and unfounded article published online (Not Nigerian Notch) on 25 February 2024 claiming that the Guards Brigade has been put on high alert following unusual movements, leading to suspicion of a coup plot in Nigeria.  “The publication also asserted amongst other things that the suspicion prompted emergency meeting involving President Bola Tinubu, the Chief of Staff to the President and Commander of the Guards Brigade. “The Defence Headquarters wishes to categorically state that the allegation is totally false. “Fo

CBN Limits Purchase Of Dollars In Cash To $500

The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account. If the customer purchasing the foreign currency is a non-resident, regardless of whether they are Nigerian or not, a Bureau De Change (BDC) will issue them a prepaid Nigerian Naira (NGN) card instead of transferring money to a bank account. The card will serve as a means for non-resident customers to receive their funds. There are specific limits on the amount of credit and the total amount that can be loaded onto the prepaid NGN card. These limits are set in accordance with relevant Know Your Customer (KYC) requirements, which are measures designed to verify the identity and suitability of customers. The CBN stated these in the revised regulatory and supervisory guidelines for bureau de change operations in Nigeria, released on Friday. “The idea is to s

Breaking: Tinubu meets Dangote, Rabiu, Elumelu, other members of private sector

President Bola Tinubu is currently in a crucial meeting with selected members of the organised private sector at the presidential Villa. Those present at the meeting included Chairman of the Dangote Group, Alhaji Aliko Dangote, founder and chairman of BUA Group, Alhaji Abdul Samad Rabiu, CEO of Oando, Wale Tinubu and the Chairperson of the United Bank for Africa, Tony Elumelu. Details later…

Economic Hardship: 65 CSO's Pull out of NLC,TUC planned strike

…urge Labour Unions to dialogue with FG Ahead of the planned nationwide strike by Nigeria Labour Congress, (NLC)and the Trade Union Congress, (TUC) ,65 Civil Society Organisations have pulled out, saying the strike might stir up anarchy and cause more hardship on citizens. The Civil Society Organisations under the aegis of Coalition of Civil Society Organisations Forum also warned against going the way Sudan went, and called for dialogue with the Federal Government. “Any attempt to embark on a nationwide strike during these critical period of hunger and harsh economy could be hijacked by hoodlums and criminal elements, who have been waiting for the slightest opportunity to unleash terror; disrupt public peace, loot business premises and markets,” the CSOs said. On February 16, the NLC had announced a nationwide protest scheduled for February 27 and 28, over the failure to implement the agreements reached on October 2, following the removal of the fuel subsidy. This decision

EEDC SUCCESSFULLY MIGRATES TO ITS NEW VENDING SYSTEM

…SAYS CUSTOMERS CAN UPGRADE THEIR METERS The Enugu Electricity Distribution Company PLC (EEDC) has announced the cut over to its new vending system, SuperEdge, following a successful rollover on Saturday, in readiness for the STS prepaid meter upgrade. Customers of EEDC who were unable to recharge their meters during the rollover period because of the vending platform which was shut down, can now conveniently purchase tokens and upgrade their meters. This development was contained in a statement issued on Sunday by the Head of Corporate Communications, EEDC, Mr. Emeka Ezeh. Ezeh said that with the completion of the rollover, the very first token purchase by customers will come with the Key Change Tokens (KCTs) needed to upgrade the meters. These are three sets of 20-digit tokens which the customers are expected to punch into their meters. According to him, the first 20 digits will be punched into the meter after which the customer should press the “enter” button; the same s

Recruitment: Shortlisted Candidates receive invitations for CBT – PSC

The Police Service Commission on Saturday said that 171, 956 successful applicants from the screening stage of the ongoing Police recruitment exercise are currently receiving messages inviting them to the next stage of the exercise which is the Computer Based Tests. The screening is scheduled for Tuesday and Wednesday March 5th and 6th 2024 across the 36 states of the Federation and the Federal Capital Territory. A statement by Ikechukwu Ani, spokesman said the Commission has also promised to ensure that the exercise is merit based throughout the stages of the recruitment. “Applicants are also advised to  visit  the recruitment portal; apply.policerecruitment.gov to confirm their status after the screening exercise and if successful also confirm the specific time and date for their Computer based test. “Applicants for the tests are expected  to come with their CBT slip to be generated when they visit the recruitment portal where the list of successful candidates have been p

Crude Oil Theft: Over 80% stolen — Obasanjo

The former President of Nigeria, Chief Obasanjo has said that over 80% of Crude oil in Nigeria produced is stolen. Obasanjo stated this in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, a former associate of the ex-Vice President, Atiku Abubakar. According to the former president, one of the reasons why Nigeria’s economy is in ruins is that while other oil-producing countries have records of their oil production, Nigeria cannot account for hers due to theft. Obasanjo, who was represented by a former governor of Niger State, Babangida Aliyu, said crude oil theft is one of reasons the Nigerian economy would be in ruins. The former president said while the crude oil quota is about two million barrels per day, over 1.7 million are stolen. On whether Nigeria should go back to the parliamentary system, Obasanjo said there is nothing wrong with the presidential system, adding that Nigerians do not play by the rules. This is coming as a for

How NPF, Hisbah co-exist on streets of Kano

In a model of what the state police working side by side with the Nigeria Police Force should be, the government in Kano back in 2003 passed a law creating the Hisbah Board, to enforce the penal code, though the actual powers of the board are limited. Last week, a Sharia court judge ordered a TikTok social influencer, Murja Kunya, to undergo mental evaluation after she was charged to court by the Hisbah Board for public disturbance. Hisbah is an Arabic word that means accountability, and is an Islamic concept that calls for enjoining good and forbidding evil. The Hisbah Board is made up of government officials, regular police officers, religious leaders and it is highly decentralized with local units supervised by committees composed of officials and citizens in communities where they operate. The Hisbah Board was established by laws based on the constitutional provision that empowers the State House of Assembly to make such laws as contained in Section 4(6) of the Constitu

State Police May Face Constitutional, Political Obstacles

Why constitution limits governors’ powers - Falana, Ozekhome Nigeria’s unique form of a federation is about to get more complicated with the passage of a bill in the House of Representatives for the creation of state police, which in theory, would constitutionally empower governors to be the chief security and law enforcement officers of their states. By definition, the states should enjoy some level of constitutional independence from the central government in governance and internal affairs in a federation. Its however discovered that not a single state in Nigeria has its own constitution, which would normally give a state the independence and a governor, the legal authority to be the chief law enforcement officer. And should state police become a reality, criminal laws will become just as important as the political authority and the will to implement the laws by state governors. In many aspects, states are also still reliant on laws written in the colonial era. Some lawy

SA's ANC pitches for votes as majority threatened

South Africa's governing African National Congress (ANC) has launched its manifesto for the May elections, in which some polls suggest, its share of the vote could fall below 50% for the first time in a long while.  President Cyril Ramaphosa addressed thousands of supporters at a rally in KwaZulu-Natal province. The area will be a key battleground. Dissatisfaction with the state of the economy, public services and corruption has eaten away at the support of the ANC lately.  The party of Nelson Mandela, who led the struggle against the racist apartheid system and oversaw the transition to democracy in 1994, has been the dominant force for the last 30 years. But stubbornly, high unemployment, which now stands at more than 32%, frequent power cuts and high crime levels, among other issues, have led some to turn away from the ANC. There are challenges coming from the right, in the form of the main opposition Democratic Alliance (DA), and the more radical left with the Econo

Hardship: Reason why free distribution of grains is delayed – Presidency

President Bola Tinubu has given reasons behind the delay of the free distribution of 42,000 metric tonnes of grains to Nigerians to tackle the current food insecurity. Recall that the Minister of Agriculture on February 8, promised that the federal government would distribute millet, maize and other food commodities to vulnerable Nigerians to ameliorate hardship. But for almost three weeks, no grains or food commodities have been given to Nigerians as the economy bites hard with the high cost of food. Explaining the delay, Special Adviser to the President Tinubu on Information and Strategy, Bayo Onanuga said the bagging of grains is ongoing in seven strategic places in the country. Onanuga also said the National Emergency Management Agency (NEMA) has been in charge of bagging the grains that would soon be delivered to indigent Nigerians. He said this in a statement issued on Friday, reiterating the assurance that Nigerians will soon receive free gains. The presidential aide

Akpabio Commends Nigerian Navy Over Increase In Oil Production

 The President of the Senate, Godswill Akpabio, has linked the current increase in oil production in the oil producing region of the country, to the tireless efforts of the Nigerian Navy in curbing Crude Oil theft, just as he assured them of the support of the Senate for their continued success.  He noted that "the numerous arrests of ships and individuals involved in illegal bunkering, destruction of illegal refining sites, smuggled goods and narcotics as well as the increase in oil production in Nigeria, attest to the tireless efforts of the Navy in combatting the nefarious activities undermining Nigeria's economy."  Akpabio stated this on Friday, in his address at the Dinner Night in honour of officers of Flag Rank retired in 2023, held at the Armed Forces Officers' Mess, Asokoro, Abuja. According to Akpabio, "nevertheless, I still challenge the Nigerian Navy to persevere and double her efforts in safeguarding the Nigerian Maritime environment. The

Re: APGA bombs Primate Ayodele. Ifeanyi Ubah responds, says Soludo has established records of insulting the Clergy

"We are not surprised; Soludo already has a well-established record of insulting the clergy, the traditional institution, and critical stakeholders in the state." Hon. Kamen Chuks Ogbonna, Head, Media and Strategic Communications to Senator Dr Ifeanyi Ubah, CON, made this release available to the press this morning, in replying to what Chinedu Obigwe, the self acclaimed mouthpiece of Governor Charles Soludo spewed recently.  "The recent publication of the Sun newspaper captioned; “APGA Bombs Primate Ayodele, calling him a cash and carry prophet” is synonymous with Gov. Soludo's established record of throwing caution to the wind while exhibiting careless and obviously fear-induced acts of braggadocio and cluelessness." "Just as was recounted in the biblical story of King Saul when he disobeyed the Lord and the glory departed from him and rested on King David, Gov Soludo has not relented one bit in throwing subtle punches since he got overwhelmed

Akpabio Charges Security Executives on Intelligence Gathering

The President of the Senate, Senator Godswill Akpabio has charged security executives to be mindful of intelligence gathering in any operation as this would enhance security of lives across Africa. Senator Akpabio gave the charge when he addressed the faculty members and participants of the Executive Intelligence Management Course 17 of the National Institute for Security Studies who paid him a courtesy visit in his office in Abuja on Thursday, February 22, 2024. Participants for the course are drawn from 30 security related agencies in Nigeria and five African countries of Cote d’Ivoire, Chad, Ghana, The Gambia and Rwanda and would undertake a ten-month course on the theme, “Artificial intelligence, security and emerging economies in Africa: challenges and prospects.” A statement by the Special Assistant on Media/Communication to the Senate President, Mr Anietie Ekong quoted Senator Akpabio as imploring the participants to deploy the knowledge gathered at the course to bri

Shettima To Flag-off Light Up South East Initiative Monday

Vice President Kashim Shettima will on Monday launch the Light Up South East Initiative to accelerate power supply to industrial clusters in the region. The event billed to hold in Enugu is in continuation of the ongoing efforts to improve energy supply to industrial clusters across the country. According to a statement by the spokesman of the vice president, Stanley Nkwocha, the project, a collaboration between the Niger Delta Power Holding Company Limited (NDPHC) and its partners, will feature key stakeholders in the nation’s power sector. A key highlight of the vice president’s engagement in Enugu will be the South East Business Roundtable featuring top government officials and business leaders deliberating on delivering reliable and sustainable power to industrial and residential areas in the region. The vice president had on October 12, 2023 flagged off the initiative in the South West at the Agbara Industrial Cluster, with stakeholders committing to the successful imp

Police exhume, display body of 2Baba, killer of Rivers DPO

Operatives of the Rivers State Command have traced and exhumed the remains of Gift Okpara, aka, 2Baba, the suspected killer of former Divisional Police Officer (DPO) Ahoada Division, Late Bako Angbashim, a Superintendent of Police. 2Baba and his gang had on September 8, 2023, allegedly killed Angbashim in an ambush in Odiemudie Community, Ahaoda East Local Government Area of the state. The Commissioner of Police in the state, Olatunji Disu, had in earlier briefing, wherein he disclosed that 2baba, the prime suspected in the killing of Angbashim, has been killed during a joint operation in a forest in Ahoada. However, yesterday, the police said it has located and exhumed the corpse of the killed notorious killer and cultist and that they were able to identify him through a large Tattoo on his left shoulder. Disu while displaying the corpse of 2Baba hinted that the tactical operatives in the early hours of Friday, based on credible information, successfully located the shallo

INEC reveals why iREV suffered glitches during 2023 Presidential election result upload

.....Says, glitch didn’t alter election results, won’t happen in future elections The Independent National Electoral Commission INEC on Friday released its report on the 2023 general election, explaining the technical glitch experienced with its Results Viewing Portal iREV during the presidential election results upload. According to the commission, while the glitch did not affect the fidelity of the presidential election result, it has however taken measures to guard against a re-occurrence in future elections. INEC National Commissioner in charge of Information and Voter Education Committee, Sam Olumekun said the comprehensive 526-page document, “showcases the election’s unparalleled diversity in party representation, demonstrating significant democratic progress. The report noted that the challenge of uploading the Polling Units presidential election results on the IReV after the presidential and NASS elections on 25th February 2023 was unique. “As voting ended across th

Power Sector Crisis: NLC blames IMF, World Bank

The Nigeria Labour Congress, NLC, has blamed the International Monetary Fund, IMF, and World Bank for the power sector crisis in Nigeria. This came as workers in the nation’s power sector called for a total review of the power sector privatization, saying the exercise was a huge failure that did not meet the expectations of Nigerians. President of NLC, Joe Ajaero, in a goodwill message, yesterday in Enugu during the 7th Quadrennial/12 Delegates Conference of the National Union of Electricity Employees, NUEE, lamented that Nigeria was still very low in capacity in terms of megawatts, contending that no nation could develop without electricity. Ajaero also fumed that despite billions of Naira pumped into the power sector over the years, Nigeria was still grappling with 4,000 megawatts of electricity, blaming the IMF and World Bank for the power sector crisis in Nigeria, saying they “want Nigeria to remove subsidy on electricity as they ill-advised Nigeria to remove fuel subsi

CBN working to strengthen Naira – Cardoso

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened. Cardoso said this at the 2024 public lecture entitled: ‘Recent Developments in a Nigerian Foreign Exchange Market: Issues, Options and Way Forward’, organised by the Nigerian Economic Society, NES, at the CBN Centre of Excellence Hall, University of Ibadan. The CBN governor, who was represented at the event by Dr. Usman Opanachi of the Department of Monetary Policy, CBN said: “Anytime the Naira is on trial, the CBN is also on trial. We are working day and night to address the challenges and we hope things will work out. “The exchange rate features nearly in every sector. The exchange rate and inflation are very high now. The exchange rate is a problem. “Excess demand for forex in Nigeria is a legendary problem. It has just been there and over the years, the bank has

In Anambra, Awka-South Council Chairman Partners Nigerian Hunters For Local Security

BY  RAYMOND OZOJI,  Awka The Transition Committee Chairman of Awka-South Local Government Area of Anambra State, Hon. ThankGod Akachukwu Anagor, has declared his unwavering interest to partner the Nigerian Hunters and Forest Security Service (NHFSS) to beef up local security in the council area.  Anagor who made the declaration in his office during a courtesy call by a delegation of NHFSS led by the Deputy Commander Destiny Emmanuel Jones, acknowledged the role of hunters in assisting other security agents to secure the bushes and forests within Awka-South local government area.  Anagor said that the men of the NHFSS told him about how they alerted the police about unknown gunmen in Achalla Awka-North Local Government Area and the situation was arrested for the bushes to be free of such daredevil criminal elements.  He said he promised the hunters partnership in order to rid Awka-South off bad elements taking refuge in the bush and equally ensure that the bushes are free fo

Nigeria restricts Binance, others access months after lifting ban

Nigeria has asked its telecommunications firms to restrict access to the websites of cryptocurrency firms such as Binance, OctaFX, Coinbase and others, months after its Central Bank issued a guideline to govern digital asset operators’ activities. In December 2023, the Central Bank of Nigeria changed its stance on crypto assets and asked banks to disregard its February 2021 ban on crypto transactions. This new restriction on crypto websites is aimed at slowing currency speculation activities in the country, with Binance stating that its platform is not for currency pricing. The platform said this after users complained about their inability to buy dollars. One user on X, @MikaelCBernard, tweeted, “There’s no more dollars available on Binance oh. It is like Binance traders have gone on strike. You can only sell, but you can’t buy.” While noting its commitment to a market-driven, fraud-free, and manipulation-free platform for its users, Binance said, “Furthermore, as industry

Forex Crisis: EFCC, CBN should clamp down on Binance, other crypto firms – Onanuga

Special adviser to the president on information and strategy, Bayo Onanuga has urged the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to clamp down on the online platforms of Binance and other cryptocurrency companies for alleged manipulation of the foreign exchange market. Binance is a digital asset marketplace that acts as a conduit for peer-to-peer exchanges, enabling users to express interest in buying or selling any cryptocurrency. According to Onanuga, cryptocurrency services like Bybit and Kucoin ought to be prohibited from functioning within the nation’s cyberspace. Onanuga on his verified “X” page on Wednesday, said: “The Naira-Dollar manipulators — I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent. “He disclosed that token sellers have migrated to Telegram and we