The Nigerian Federal Government has taken decisive action against terrorism financing, announcing the identification of 15 entities suspected of funding terrorism. Among them are nine individuals and six Bureau De Change operators and firms. The Nigeria Financial Intelligence Unit (NFIU) disclosed this development in a report titled “Identification of Persons and Organisations as of March 18, 2024.” According to the report, the Nigeria Sanctions Committee convened on March 18, 2024, and identified certain individuals and entities for sanctions due to their ties to terrorism financing. The report revealed that Tukur Mamu, a publisher from Kaduna, currently undergoing trial for suspected…
Author: Editor Francis
Next week’s Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting is set to prioritize discussions on interest rates, a critical response to the persistent challenge of rising inflation, reports revealed yesterday. Scheduled for Monday and Tuesday, the 294th MPC gathering comes three weeks after its previous session, as urgent monetary issues, particularly escalating inflation, necessitate swift action. In its February meeting, the MPC implemented a 22.75% interest rate hike aimed at tackling inflation and stabilising the foreign exchange market. While the naira has exhibited some signs of improvement, inflation, notably in the food sector, continues to pose a…
The House of Representatives Committee on Anti-Malaria, HIV/AIDS, and Tuberculosis issued a stern ultimatum to the Minister of Health and Social Welfare, Prof. Mohammed Ali Pate, and the ministry’s Permanent Secretary, Daju Kachollom. The officials were given 72 hours to appear before the committee to address allegations of misappropriating $300 million designated for malaria funding since 2021. The chairman of the committee, Amobi Godwin Ogah, conveyed the committee’s frustration at the persistent absence of the Permanent Secretary, warning of potential consequences should she fail to honour the summons. Ogah emphasised the urgency of the matter, given the escalating threat of…
The Edo State House of Assembly has taken decisive action regarding the allegations of gross misconduct and perjury against Deputy Governor Philip Shaibu. Following the expiration of the seven-day ultimatum for Shaibu to respond to the impeachment notice served on him earlier this month, Speaker Blessing Agbebaku revealed that the Assembly has directed the state’s Chief Judge, Justice Daniel Okungbowa, to establish a seven-member panel to investigate the matter. Speaker Agbebaku emphasised that despite Shaibu’s evasion of the impeachment notice, the Assembly proceeded with a substituted service via publication in two newspapers. Majority Leader Charity Aiguobarueghan moved the motion to…
The family of Segun Olatunji, the abducted editor of FirstNews, has issued a heartfelt plea for his safe release, citing his health conditions. Olatunji, a former correspondent for The Punch in Kaduna State, was reportedly taken from his residence in Iyana Odo, Abule Egba area of Lagos, by ten armed individuals last Friday. His wife, Mrs. Oluwatosin Olatunji, revealed in an interview with our correspondent the health challenges her husband faces, emphasising his asthma and ulcer conditions. Describing him as a dedicated and calm journalist who often worked late into the night, she expressed her anguish over his disappearance. Mrs.…
In a challenging economic climate, prominent Nigerian firms, including Dangote Group, Nestle Nigeria, and MTN Nigeria, among others, faced substantial losses amounting to N1.7 trillion due to the depreciation of the naira in 2023. A detailed analysis of their financial statements, accessible on the Nigerian Exchange Group’s website, underscores the significant impact of forex-related losses on these listed companies’ performances during the fiscal year. Dangote Industries, Nigeria’s largest conglomerate, reported an FX loss of N164 billion, primarily attributed to its operations in other countries. Similarly, BUA, a major manufacturing giant, witnessed a significant surge in forex losses, reaching N69.9 billion…
In a significant development for Nigeria’s fiscal landscape, the removal of subsidies on Premium Motor Spirit, commonly known as petrol, has led to a substantial increase in the statutory revenue allocations from the Federation Account shared among the country’s three tiers of government. Data released by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its latest report on the Federation Account revenue allocations for the year 2023 indicates a substantial rise in revenue, reaching a total of N10.14 trillion. This marks a notable increase of N1.93 trillion compared to the previous year. The surge in revenue allocation was primarily attributed…
Bayobab Group, a subsidiary of MTN Group, has announced the successful restoration of its operations after experiencing subsea cable disruptions last Thursday. Despite the challenges posed by the disruptions, the telecom operator swiftly recovered over 3 Terabits per second (Tbps) of capacity across its footprint. In a statement released on Tuesday, MTN disclosed that through efficient rerouting of traffic and the activation of new cables, Bayobab Group bolstered its network resilience, ensuring continuity of services for its customers. The statement highlighted the company’s commitment to prioritizing network reliability and its dedication to connecting Africa, marking the final stretch toward connecting…
The recent attack on soldiers from the 181 Amphibious Battalion of the Nigerian Army in Delta State has drawn strong condemnation from the pan-Igbo socio-political organization, Ohanaeze Ndigbo. Describing the incident as a “tragic chapter stained in blood,” Ohanaeze Ndigbo mourned the loss of 17 soldiers, including Major DE Obi, an Igbo officer, who were on a peace mission to the Okuama community in Ughelli South Local Government Area. In a statement titled “Ohanaeze Ndigbo’s Unleashed Wrath: A Stern Revengeful Warning,” issued by its Secretary-General, Okechukwu Isiguzoro, the group expressed deep sorrow and unrelenting anger over the attack. Ohanaeze Ndigbo…
The Lagos State House of Assembly has unanimously agreed to convene a public hearing to address the pressing issue of land grabbing within the state. The planned stakeholders’ meeting will bring together various key entities including the state government, law enforcement, the judiciary, and traditional leaders to tackle the menace. Speaker of the House, Mudashiru Obasa, expressed deep concern over the escalation of land grabbing incidents, describing them as chaotic and often resulting in violence and injustice. He criticized instances where land speculators manipulate the legal system with the aid of security personnel to unjustly dispossess rightful property owners. Obasa…
The Senate President, Godswill Akpabio, has suggested that the perpetrators behind the tragic killing of 15 soldiers in Delta State may be of foreign origin. The attack, which occurred on March 14th during a peace mission to the Okuama Community in Ughelli South Local Government Area, has sparked concern and prompted a swift response from the Senate. During a parliamentary session on Tuesday, Senators Abdulaziz Yar’Adua and Edeh Dafinone brought forth merged motions addressing the incident. Akpabio, sharing his insights, speculated that the assailants could be mercenaries, emphasising that Nigeria is not currently engaged in warfare and casting doubt on…
The Independent National Electoral Commission (INEC) expressed concerns over various infractions observed in the lead-up to the Edo and Ondo governorship elections scheduled for September 21, 2024, and November 16, 2024, respectively. These concerns were raised during the first regular quarterly consultative meeting with political parties held in Abuja. In the Edo State All Progressives Congress (APC) governorship primary election, Senator Monday Okpebholo emerged as the winner, while Olumide Akpata, a former President of the Nigerian Bar Association, secured the governorship primary of the Edo State Labour Party. Asue Ighodalo was chosen as the Peoples Democratic Party’s candidate for…