The match officials for the 2023 Africa Cup of Nations final have been announced by the Confederation of African Football, CAF.

Referee Dahane Beida from Mauritania will be the man in the middle for Sunday’s game.

The first assistant referee will be Jerson Emiliano Dos Santos of Angola.

Diana Chikotesha has been appointed second assistant referee for the match.

The fourth official will be Morocco’s Bouchra Karboubi.

The final on Sunday will kick off at 9pm WAT at the Alassane Ouattara Stadium in Abidjan.

In 1988, Nigeria lost 1-0 to Cameroon in the final, with referee Idrissa Sarr from Mauritania controversially ruling out a Henry Nwosu header for offside.

The Economic and Financial Crimes Commission (EFCC) has declared Margaret Emefiele, wife of a former Governor of the Central Bank of Nigeria, Godwin Emefiele, and three others, wanted for money laundering.

Naija News gathered that Mrs Emefiele, Mr Eric Odoh, Anita Omoile and her husband, Jonathan Omoile, were declared wanted in a post on the X account of the anti-graft agency on Friday night.

The anti-graft agency declared them wanted for allegedly conspiring with the former CBN Governor “to convert huge sums of money belonging to the Federal Government of Nigeria and committed felony to with obtaining money by false pretences, and stealing, contrary to and punishable under Sections 411, 287, and 314 of the Criminal Law of Lagos State.”

In a related development, the Federal Government filed a 20-count charges against Emefiele Federal Capital Territory (FCT) High Court in Maitama, Abuja.

The charges against Emefiele now border on Criminal breach of trust, Forgery, Conspiracy to commit forgery, Procurement Fraud and Conspiracy to commit Felony.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso has said the bank will no longer grant Ways and Means to the federal government unless the outstanding balance is settled.

Me Cardoso also announced measures the bank was taking to tame the rising inflation in the country which has led to an astronomical increase in the prices of goods and services.

He disclosed these on Friday when he appeared before the Senate Committee on Banking, Insurance and other Financial Institutions alongside the Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu and the Minister of Agriculture, Abubakar Kyari.

Ways and Means is a loan facility through which the Central Bank of Nigeria finances the federal government’s budget shortfalls.

Last December, the National Assembly approved the securitisation of the outstanding debit balance of N7.3 trillion of the Ways and Means Advance in the Consolidated Revenue Fund (CRF) of the federal government.

This was after medias repeatedly highlighted the violation of Nigeria’s financial laws which state that Ways and Means allocation to the federal government must not be higher than the five per cent of government’s revenue in the previous year.

The Ways and Means had been a recurring loan the CBN issued to the federal government to finance shortfalls in the government budget.

Recall that in March 2022, the Debt Management Office (DMO) announced that the federal government had borrowed a total of N18.16 trillion from the Central Bank.

The debt as of then was more than 40 per cent of the money supply in the economy.

At Friday’s meeting with lawmakers, Mr Cardoso did not state whether the federal government has surpassed the limit of advances according to the CBN Act.

But he insisted that the central bank would not be a part of the Ways and Means agreement with the federal government again the latter fails to refund all the outstanding debts on the Ways and Means already advanced.

The CBN governor said the position complies with section (38) of the CBN Act (2007).

Mr Cardoso said the payment of the outstanding balance of the Ways and Means will control inflation in the country.

“I am pleased to note the Fiscal Authorities efforts in discontinuing Ways and Means advances. This is also in compliance with Section (38) of the CBN Act (2007), the Bank is no longer at liberty to grant further Ways and Means advances to the federal government until the outstanding balance as of December 31, 2023, is fully settled. The Bank must strictly adhere to the law limiting advances under Ways and Means to 5 per cent of the previous year’s revenue.

“We have also halted quasi-fiscal measures of over 10 trillion naira by the Central Bank of Nigeria under the guise of development finance interventions which hitherto contributed to flooding excess Naira and raising prices to the levels of Inflation we are grappling with today.

“The CBN’s adoption of inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.

“Our MPC meeting on the 26th and 27th of February is also expected to review the situation and take further decisions on these important issues.

“Distinguished senators, Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 per cent at the medium term, aided by improved agricultural productivity and easing global supply chain pressures”.

Demands Legislative Investigation

The opposition Peoples Democratic Party (PDP), has reacted to President Bola Tinubu’s purported approval of N500 million for the inauguration of the 37-man Tripartite Committee on New National Minimum Wage.

Naija News recalls that the Vice President, Kashim Shettima, inaugurated a 37-man Tripartite Committee on New National Minimum Wage at the Council Chamber of the Presidential Villa, Abuja, on January 30, 2024.

However, a letter addressed to the President by the Secretary to the Government of the Federation, George Akume, released by an anonymous journalist, shows the initial request submitted to Tinubu was a budget of N1.8 billion, which he refused to approve.

The report alleged that Akume submitted another budget of N1 billion, but Tinubu insisted that the committee begin with N500 million.

Reacting, the opposition party, in a statement through its National Publicity Secretary, Debo Ologunagba, described the purported approval as the height of profligacy and financial recklessness.

PDP noted that it is highly provocative that Tinubu is spending such an amount of money, especially when Nigerians are undergoing excruciating economic hardship.

The PDP further called on Tinubu to speak out, come clean and address the nation on this very weighty allegation.

The statement reads, “The Peoples Democratic Party (PDP) condemns the reported approval of a whooping N500 million as first installment of a N1billion allegedly approval by President Bola Ahmed Tinubu for the inauguration of the 37-man Tripartite Committee on New National Minimum Wage as reportedly contained in a leaked memo by the Secretary to the Government of the Federation (SGF), Senator George Akume.

“The PDP describes the said approval of the huge amount for a routine government activity like committee inauguration as the height of profligacy, imprudence and financial recklessness which further validates PDP’s position that the Tinubu-led government is a cesspit of corruption where officials engage in brazen and reckless treasury-looting.

“It is highly provocative and unpardonable that at the time the nation is suffering acute food shortage; when millions of Nigerians are starving due largely to inadequate investment in food production, insecurity and harsh economic policies of the government; a time when workers are still being owed their January 2024 salary and other legitimate entitlements, President Tinubu is allegedly spending NI billion to inaugurate a committee.

“It is even more revealing that the Secretary to the Government of the Federation, allegedly requested for an audacious sum of N1.8 billion for the event which was later scaled down to N1 billion, out of which President Tinubu reportedly directed the SGF to “start with N500 million first”.

“This further shows that the APC administration is insensitive and has no regard for the plight of Nigerians, whom President Tinubu, during his 2024 budget presentation at the National Assembly described as “ordinary people out there”.

“Nigerians can now also see how our national treasury and funds meant for their wellbeing are being looted with reckless abandon by officials of the Tinubu-led APC administration.

“This is apparently a tip of the iceberg of how looters in the APC administration are cashing out with public funds under the cover of the Presidency as witnessed in the reported plundering of over N44 billion in the Ministry of Humanitarian Affairs and Poverty Alleviation.

“Our Party demands that the National Assembly, pursuant to its powers under Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) immediately commence investigation into this matter which is already agitating the minds of Nigerians across the country.”

The Port Harcourt Refinery is set to start operations following the supply of 475,000 barrels of crude oil by Shell Petroleum Development Company Limited.

A statement by Shell said: “This significant milestone was made possible through intensive preparations, collaboration and the dedication of the Bonny Oil and Gas Terminal, BOGT and Port Harcourt Refinery Company, PHRC teams.”

It stated that some activities, including pressure and leak testing to assure pipeline integrity by relevant subsidiaries of the NNPC Limited and integrity and maintenance activities on the Oil and Gas Terminal, BOT Refinery export pumps and associated instrumentations were carried out at the terminal through diligent efforts of the BOT operations and maintenance teams.

“The recommencement of crude oil supply from the Bonny Oil and Gas Terminal to Port Harcourt Refinery is a significant achievement and a game-changer for the industry and the country. The intensive preparations, collaboration and dedication of both teams involved were instrumental in overcoming challenges and ensuring a safe and efficient supply operation.

“This milestone will support the government’s aspiration of steady supply of petroleum products to the downstream market and other associated benefits to the economy of the nation,” Shell stated.

Already, the Nigerian National Petroleum Company (NNPC) Ltd said it has fulfilled its pledge of achieving the mechanical completion of rehabilitation work on Area 5 Plant of the PHRC.

It stated that rehabilitation work has been ongoing at the Refinery for over two years and the NNPC Ltd. had pledged to complete Phase One of the project (mechanical completion and flare start-up) of Old Port Harcourt Refinery (Area 5) by 31st December 2023.

Speaking during an inspection tour of the rehabilitation project, which also coincided with the 15th Refineries’ Rehabilitation Steering Committee Meeting, the Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, had said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project has been completed

International Money Transfer Operators and banks in the country have halted the payment of dollars to their customers.

Some banks on Friday informed their customers that they would no longer be able to receive dollars from family and friends in the diaspora.

This followed the issuance of revised guidelines for International Money Transfer Operators by the Central Bank of Nigeria on January 31.

Ecobank Nigeria, one of the banks that have started to comply with CBN directive, in a notice to customers on its international money transfer operations, said, “We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria through Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN approved IMTOS.

“The circular issued by the Central Bank of Nigeria dated January 31, 2024, stipulates that all in-bound money transfers to Nigeria (via the above mentioned IMTOS) will be paid only in naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market.

“Furthermore, transfers exceeding the naira equivalent of $200 must be credited to the recipient’s bank account. Naira cash payment equivalent for amounts below $200 will require an acceptable means of identification. The acceptable means of identification is any of the following: international passport, Driver’s licence, National identity card and INEC Permanent Voters Card.”

In the revised guidelines, the apex bank restricted IMTOs from outbound transfers and stated that beneficiaries of all inbound money transfers to Nigeria would be paid in naira, either in cash or through a bank account.

It added that funds that are more than $200 would be paid through a bank account.

IMTOs are companies approved by the CBN to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.

The CBN, in its revised guidelines, said, “All inbound money transfers to Nigeria shall be paid to beneficiaries in naira through a bank account, or cash.

“Proceeds of IMTO more than the equivalent of $200 shall be paid through an account. Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification. Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank.”

Although the guidelines said that banks and fintech were banned from international money transfer services, the banks could act as agents and most of them are already.

“All banks are prohibited from operating International Money Transfer Services bit can act as agents. Also, financial technology companies are not allowed to obtain approval for IMTO,” part of the revised guidelines said.

The apex bank also asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation’s official foreign exchange market.

In a bid to implement the CBN’s directive, one of the approved IMTOs, World Remit, has updated its app for Nigeria with the following instructions: “WorldRemit Nigeria News! We can no longer support transfers in USD; only in naira.

“If you’re about to send money to Nigeria, this is important. The Central Bank of Nigeria has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So, of course, this includes WorldRemit money transfers.

“But please don’t worry. You can still enjoy the same quick, safe and affordable World Remit service to Nigeria by sending money in naira instead,” it stated.

Another operator, Sebdwave, said, “In compliance with a recent directive from the Central Bank of Nigeria, we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead.”

Commenting on the CBN move, the President of the Association of Bureau De Change of Nigeria, Aminu Gwadebe, said that the CBN move would discourage the dollarisation of the economy.

He said, “It discourages the already precarious dollarisation of the economy. You know the CBN did not even stop at that. The EFCC has started inviting organisations and institutions that are issuing invoices in USD. We need to discourage currency substitution. If we continue to give the beneficiaries the dollars, we are reinforcing the dollarisation of the economy and we are looking for the dollars.”

He added that diaspora remittances had often been channelled towards meeting personal needs rather than harnessed for development purposes in the country.

“The central bank is trying to secure all streams of income that are coming into the country. If you look at the directive to the NNPCL to remit to the CBN. Don’t forget also that the central bank has made some announcements on how to start injecting liquidity into the economy, especially the retail end of the market.

“All put together, we have started seeing even the naira regaining momentum as it closed at 1,480/ dollar today (Thursday) from N1,505 to the dollar yesterday (Wednesday),” Gwadebe stated.

A financial and economic expert, Rotimi Fakoyejo, called for improved monitoring on the part of the apex bank to ensure the effectiveness of the directive.

“There must be deep oversight monitoring from the CBN on the banks over what comes in and what goes out. The reason is that there is absolutely no reason for dollars or pounds sterling to be spent in Nigeria.

“You should not even see it except when you are travelling. Most times, the banks are the ones who connect a recipient of international money transfer with the person who will change the dollar and that is why the disparity between the official and black market today is widening. If there is no supply to the black market, then definitely, we will have a single rate for the dollar,” he said.

The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, said that the move of the CBN would have minimal effect on the liquidity in the forex market.

He said, “What they want to do is use that to increase liquidity in the official window. But as long as there is no disparity between the official and parallel market rates, people who are remitting money will not be bothered.

“What would have been of concern to them would have been if there was disparity between the rates. Today, I think there is almost no parity between the rates. If you are not going to get any arbitrage by taking dollars to the black market, then you won’t bother.

“I do not think it will have any impact on the FX liquidity, it is the same amount coming in that will come in. As long as there is no disparity between the rates, the unethical behaviour of people using the transfer operations or the unofficial window will not arise.”

Speaking on increasing supply in the market, Chukwu said, “Until we have an increase in supply, every effort we make will amount to moving the ball around.”

A former President of the Chartered Institute of Bankers, Okechukwu Unegbu, in his comment, hailed the move of the apex bank, saying, “I support whatever policy the CBN is taking to address the dollar shortage in the economy. Remember when these monies are sent from abroad, they come as remittances. There is no physical cash coming with it.

“Before now, the CBN had a reserve of dollars that the banks could access and use to pay customers in dollars, but such a thing is no longer available, and the banks do not have dollars to make payments. So, the best thing to do is to use the exchange rate and pay in naira. Dollar is very scarce in the system; you cannot pay people in dollars.”

The Central Bank of Nigeria has removed the spread it placed on foreign exchange transactions barely seven months after it reintroduced the “Willing Buyer and Willing Seller” model.

The decision effectively allows forex transactions at a market-determined rate.

The decision was contained in a circular dated February 8, signed by the CBN Director of Financial Markets, Omolara Omotunde Duke.

The apex bank believes the move would promote a market-based price discovery system.

The circular stated, “A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria to promote a market-based price discovery system.

“Consequently, the Bank hereby discontinues any cap on the spread on interbank foreign exchange transactions and restrictions on the sale of interbank proceeds.

“Authorized Dealers are to continue to conduct their foreign exchange transactions on a “Willing Buyer and Willing Seller” basis. In addition, they are to strictly adhere to high ethical standards in their dealings in the foreign exchange markets. This includes but not limited to adopting appropriate price disclosures and transparency for transactions.

“Please note that all executed transactions are to be recorded immediately on the relevant treasury systems and reported to market authorities as stipulated.”

The CBN had in a circular referenced TED/FEM/PUB/PC/001/006 and issued on August 9,2023, directed an exchange rate cap spread of ±2.5 per cent of NAFEM previous day’s closing rate.

The rate applied to International Money Transfer Operators (IMTOs) and banks.

Former Vice President, Nigeria Football Federation, Shehu Dikko, has given insight into why new Super Eagles first choice goalkeeper and fans favourite, Stanley Nwabali, didn’t feature for the team under former coach Gernot Rohr, PUNCH Sports Extra reports.

Nwabali has established himself as the country’s undisputed first-choice goalkeeper with his impressive performances at the ongoing Africa Cup of Nations in Ivory Coast.

While Nwabali’s rise to stardom has come as a big surprise to many Nigerians, Dikko said the keeper had always been under the watchful eyes of the federation.

“Nwabali has always been on the radar of the national team,” he tweeted.

“I recalled in June 2019 during the NPFL Super Six in Lagos and he was on the books of Enyimba FC, we invited Gernot Rohr to watch him as a potential successor/competitor to Uzoho. Unfortunately, his club GM went to inform him that Rohr was around to check on him, thinking he was helping him. But that made him so jittery being a young keeper just getting into the groove but he has always been a very good keeper as he even made the NPFL Allstar team in 2022 for the Budweiser match with John Terry and Roberto Carlos and the home-based Super Eagles match with Mexico in USA.

“Anyway, God’s time is always the best and he has once again proved the talent available in the domestic game.”

On Wednesday, the 27-year-old saved two penalty kicks from Teboho Mokoena and Evidence Makgopa to help Nigeria claim a 4-2 win over South Africa and progress to the final of the 34th edition of the AFCON.

The Chippa United shot-stopper, who is a strong contender for keeper of the tournament, was named Man of The Match for his impressive display.

Surprisingly, Nwabali has only six appearances for the Eagles and was only invited to the national team a few weeks before the AFCON after Nigeria’s head coach, Jose Peseiro, decided to make him his preferred choice ahead of Francis Uzoho, who has failed to live up to expectations.

In his competitive games so far, he conceded just two goals against Equatorial Guinea and South Africa.

Nwabali will hope to continue with his impressive form when Nigeria take on Ivory Coast in the final of the AFCON on Sunday.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Friday, defended the apex bank by stating that it is already taking measures to contain the naira to dollar exchange rate and other related issues causing untold hardship in the country currently.

According to Cardoso, the decisions already taken will not only stabilize the rates but also reduce the negative impact of high exchange rates on inflation, as the two are interconnected.

Naija News reports that Cardoso stated this during an extensive meeting with the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions on Friday, where he revealed that the CBN interventions have resulted in an influx of $1bn into the Nigerian market in recent days.

“We have already begun to see shifts in the positive direction. Indeed, they (CBN measures) have already started yielding early results with significant interest from foreign portfolio investors, which was a concern. That has already begun to supply the much-needed foreign exchange to the economy.

“For example, upward of the past few days, we have had over $1 billion that has come into the market, and this quite frankly has answered the question of if our policies are working,” Cardoso said.

The CBN chief stated that based on the available data, he can confidently say that the market has been positively responding to the policies implemented by the apex bank.

He further emphasized that the measures implemented to enhance the supply of US dollars in the Nigerian economy have the potential to reduce the volatility of the exchange rate and subsequently control inflation.

However, he highlighted the importance of Nigeria as a country moderating its demands for foreign exchange in order to ensure the sustainability of these measures.

While the CBN is diligently working towards restoring credibility to the central bank, he reiterated that the primary factor affecting the exchange rate is the demand for US dollars for both business and personal purposes.

Additionally, the CBN Governor assured that inflation is expected to decrease this year through the implementation of the inflation targeting framework, with a projected moderation of 21.1 per cent.

Naija News recalls that on January 31, the committee summoned the Central Bank Governor to appear before them.

The Senators are urging the CBN to provide clarifications regarding the multitude of economic difficulties that the nation is presently confronting.

Lawmakers Make Demands Known
Speaking earlier at the meeting today, the Senator representing Lagos East Senatorial District in the National Assembly, Senator Mikhail Adetokunbo Abiru, underscored the need for a forensic investigation of past transactions and the issue of compliance of the bank.

Given the current food crisis, which has led to increased poverty and insecurity, lawmakers are sceptical about the CBN’s ability to effectively demonstrate the success of its policies to the Nigerian people.

In the midst of this, Senator Orji Kalu strongly advocates for the government to reconsider the use of the dollar in business transactions, expressing concern over the declining foreign direct investment (FDI) in the country.

He also demands to know the plans of the CBN in reconciling with the NLC and TUC to avert the planned strike, a move he says will severely accentuate hunger and hardship.

The legislators express concerns regarding the proposed importation of food as a means to address food shortage, as they fear it may jeopardize the country’s food security and discourage farmers from further enhancing production.

Senator Adamu Aliero emphasized that there is no valid justification for resorting to importation. Instead, the government should prioritize initiatives such as irrigation and revisit the interventionist approach from the past to enhance the agricultural sector’s impact.

The Governor of the Central Bank of Nigeria assured that inflation is expected to decrease this year through the implementation of the inflation targeting framework, with a projected moderation to 21.1 percent.

Regarding the criticism of the CBN’s policies being ineffective, the Governor said that the market is responding positively to the measures that have been implemented.

Furthermore, he claimed that in order to ensure the long-term viability of the policies, it is imperative for the country to reduce its reliance on foreign currency.

According to his statements, the Central Bank of Nigeria (CBN) is diligently striving to regain trust and credibility in its operations. However, he firmly believes that the primary factor affecting the exchange rate is the persistent demand for US dollars for both commercial and personal purposes.

1-year-old Nigerian athlete, Favour Oghene Tejiri Ashe, has been arrested on multiple counts of theft and fraud.

Ashe, according to WTVM report, was arrested by Auburn Police on Thursday at his Alabama base.

The report stated that Ashe is specifically being charged with four counts of fraudulent use of a debit/credit card and two counts of theft of property third degree.

Auburn Police initially received a theft report on February 4, 2024, when a victim reported that multiple items were stolen from a purse near the 100 block of West Magnolia Avenue.

A credit card was among the items stolen, and the victim discovered several fraudulent charges were made using the stolen card.

Ashe was transported to the Lee County Jail and held on a $9,000 bond, the report indicated.

Ashe is one of the fastest Nigerian sprinters in history, having run 9.99s in the 100 meters at the national championships in 2022. He however holds a personal best of 9.96s he ran at the semi-final of the NCAA Championships last year.

He also represented Nigeria at the 2022 and 2023 World Athletics Championships and the 2022 Commonwealth Games, where he won a bronze medal in the 4 x 100 meters relay.

Ashe is the latest set of US-based Nigerian athletes to be arrested on fraud-related charges in the US, BoldSports reports.

Bold Sports in November 2022, reported how five Nigerian athletes, Toluwani Adebakin, Emmanuel Ineh, reigning African Games 100m champion Raymond Ekevwo, Mercy Abire and Aniekeme Etim were indicted and charged over wire and mail fraud in the US.

Adebakin and Ineh had earlier both been convicted of fraud and faced a possible 10-year jail term after they pleaded guilty to “violations of Title 18, United States Code, Section 1957, for engaging in monetary transactions in property derived from specified unlawful activities, collectively sending tens of thousands of illicitly obtained proceeds to fraudsters in Nigeria as part of a larger mail fraud, wire fraud, and money laundering conspiracy.”

Abire went on to plead guilty to conspiracy to commit money laundering and risked 20 years in jail.