The Central Bank of Nigeria (CBN) has called out commercial banks for allegedly hoarding over $5 billion in foreign currencies, surpassing the approved threshold. The apex bank attributes the ongoing forex scarcity and the naira’s decline against the dollar to the actions of Deposit Money Banks (DMBs). This accusation follows the CBN’s expression of concern about banks’ excessive forex exposure just a day prior. As of the close of the market, the naira experienced a significant gain against the dollar, reaching N1,450/$ at the parallel market compared to N1,520/$ on Wednesday. Banks found to be in violation of the CBN’s…
Author: Editor Francis
In response to President Bola Tinubu’s directive for the Central Bank of Nigeria (CBN) to take control of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL), Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has declared the move illegal. President Tinubu’s directive tasks the NNPC with submitting crude oil sales receipts to the CBN for scrutiny and documentation. In a statement issued on Thursday, Atiku expressed concern that the directive from the Federal Government undermines the operational independence of the national oil company. He stated, “Without prejudice to the possibility of any good…
Burkina Faso, Mali, and Niger have officially announced their withdrawal from the Economic Community of West African States (ECOWAS), a decision that has elicited diverse reactions. While this move did not entirely catch observers off guard, it gained momentum following the coup in Niger last July. Addressing the decision in Ouagadougou on Thursday (Feb. 1st), Burkina Faso’s Prime Minister, Apollinaire Joachim Kyélem de Tambèla, termed it a historic choice made after a meticulous evaluation of the institution and the potential ramifications of withdrawal. The leaders of these Sahelian nations assert that ECOWAS no longer aligns with the aspirations of their…
Cocreate Humanitarian Aid expressed deep concern yesterday regarding the distressing situation of Nigerians trafficked to Italy and various parts of the world. The humanitarian body disclosed that families are parting with their loved ones for as little as N30,000, or approximately $20. This revelation unfolded during the Sustainable Reintegration for Victims of Trafficking in Human Beings (SuReViTH) Stakeholders Roundtable Meeting at the Eko Hotel and Suites in Victoria Island, Lagos. The event brought together governmental bodies, Non-governmental Organizations (NGOs), and other stakeholders to address the challenges faced by victims of Trafficking in Human Beings (THB). Cocreate Humanitarian Aid highlighted the…
Meta Platforms, the parent company of flagship social network Facebook, has declared its inaugural dividend just days before Facebook’s 20th anniversary. The announcement accompanied a robust fourth-quarter revenue report, surpassing expectations due to strong ad and device sales during the holiday shopping season. Following the disclosure, Meta’s shares surged by 12% after hours, marking a continued recovery that propelled the company to record highs for the first time in over two years. This surge in value added approximately $130 billion to Meta’s market capitalization, dwarfing the market value of its smaller rival Snap Inc. (SNAP.N). The tech giant, a pioneer…
Protests flared up near the main Israeli seaport as demonstrators voiced opposition to the delivery of humanitarian aid to Gaza on Thursday. Dozens gathered at the Ashdod port entrance, closely monitoring the cargo destinations of trucks. While it remains uncertain if the protests impeded aid trucks, the United Nations has urged Israel to ensure unobstructed aid deliveries through the port. This is not the first instance of such protests. On Sunday, demonstrators closed the Karam Abu Salem crossing, blocking humanitarian aid trucks from entering Gaza for the fourth time. Prime Minister Benjamin Netanyahu addressed the issue during a press conference…
The Independent National Electoral Commission in Lagos State on Thursday took delivery of sensitive materials for Saturday’s Surulere Federal Constituency I by-election from the Central Bank of Nigeria. INEC’s Resident Electoral Commissioner in the state, Prof. Ayobami Salami, told newsmen that the commission was fully prepared for the election. Salami said, “We have taken delivery of the sensitive materials today. We are in the last phase of the process of the by-election. “We have taken the ballot papers and the results sheet for Saturday’s by-election. It is clear to everyone that we are ready for the election.” He said that…
The Minister of Information and National Orientation, Mohammed Idris Malagi, has come forward to advocate for patience regarding President Bola Tinubu’s ongoing economic reforms. Malagi emphasised that the transformative reforms implemented by Tinubu require time to yield significant results and bring about the desired economic change. During an appearance on Channels TV Sunrise Daily on Thursday, Malagi urged Nigerians to give the President more time to properly implement the long-term plans aimed at developing the nation. He emphasised that assessing the effectiveness of these reforms within the short span of seven months is premature. “I want you to remember that…
In a formal ceremony at the International Culture and Event Centre in Akure on Thursday, Dr Olaide Adelami, a former Deputy Clerk of the National Assembly, was sworn in as the Deputy Governor of Ondo State. The swearing-in was officiated by the Chief Judge of the state, Justice Olusegun Odusola. The appointment of Dr Adelami as the Ondo State Deputy Governor followed his selection by Governor Mr Lucky Aiyedatiwa last Tuesday. Subsequently, his nomination was forwarded to the state House of Assembly for the necessary screening and ratification processes. The swearing-in ceremony marks the official assumption of duties by Dr…
The latest surge of insecurity plaguing Abuja, armed bandits targeted a residence merely 200 meters from a military base in Pambara, Bwari Area Council of the Federal Capital Territory (FCT), Abuja. The incident occurred around 12:30 am on Thursday, resulting in the abduction of Aondo Ver, a director at the Federal Housing Authority. The assailants reportedly infiltrated the property by breaching the perimeter fence. The Army, as of the current report, has not issued any official statement on the matter. This incident follows closely on the heels of another kidnapping in Guita community, Chikakore, Kubwa, Bwari Area Council, where two…
The Lagos State Government has unveiled its strategy to broaden the tax net as part of its plan to achieve the ambitious budget target of N2.267 trillion for the year 2024. The Commissioner for Economic Planning and Budget, Ope George, shared this information during the budget analysis session at the Bagauda Kaltho Press Centre in Alausa, Ikeja. The initiative will leverage technology, economic intelligence, and robust data gathering and analysis. The total budget size of N2.267 trillion is slated to be funded through a comprehensive revenue estimate of N1.880 trillion. This includes Internally Generated Revenue (IGR) amounting to 1.189 trillion,…
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