Prices of imported goods and services will increase, thereby, fuelling inflation as the Central Bank of Nigeria (CBN), adjusted the exchange rate from N951.941/$1 to N1,356.883/$1.

LEADERSHIP reports that financial experts have said until the exchange rate stabilises, inflation will not stabilise and will continue to soar in Nigeria.

Our Correspondent, however, gathered that the adjustment was made midnight by the CBN, meaning the cost of clearing cargoes in the nation’s seaports will automatically go up

It could be recalled that the CBN on June 24, 2023 adjusted the exchange rate from N422.30/$1 to N589/$1 and on July 6, 2023 it was adjusted to N770.88/$1, on November 14, 2023, it was adjusted to N783.174/$1, December 7, 2023, it was adjusted to N951.941/$1 and currently, it is N1,356.883/$1.

Clearing agents, however, stated that with N 404.942 increment, cargoes will be abandoned at the nation’s seaports while prices of goods will go up.

Confirming the development, a clearing agent, Chukwu Ikemefuna, said the CBN effected the increase on Trader Portal for Single Window by midnight.

Ikemefuna rued the increment, saying importers will now pay more for cargo clearance at the various seaports.

He stated that a lot of cargoes would be abandoned at the seaports because the differential was too wide for importers to bear.

“The federal government has increased the Dollar exchange rate, from N422.30 to N589.45 then to N770.88, in November, it was moved to N783.174, December 2023, we are at N951.941 to a dollar now, we N1,356.883/$1, this is too much,” Ikemefuna, a frontline clearing agent stated.

He continued, “What it implies in simple terms is that, if clearing agents have a Debit Note that has not been paid on the system or Pre-Arrival Assessment Results (PAAR) or they have given you the value and you have not captured, it has affected you directly.”

“We just believe that maybe with time, we will see low exchange rate and it will become beneficial to the importers as well because once there is a change in the portal, there is nothing anybody can do about it. But if you have captured or accessed your work, you are good to go and your consignment would be released for you if you don’t have any infraction.”

“Whether you have collected your value, whether you have a PAAR, if you have not done your assessment as of now, you can’t capture it with that old rate. Especially for the Roll On Roll Off (RORO) or those that are doing PAAR door to door. It’s a Federal government policy. We stakeholders can’t do anything for now, but it’s the prerogative of the FG to intervene and stabilise the foreign exchange market,” he stated.

There is an ongoing uproar on social media against organizations (both private and public) that hire the National Youth Service Corps (NYSC) members as associates and do not pay them at all or do not pay them well. There is a strong demand that such organizations should at least pay the corp members in their employ the minimum wage. 

This online protest, I can say started from an X  (twitter) user  posting that his primary place of assignment (PPA) pays him a meagre sum of N2000 as a monthly salary and he shared the receipt of payment for the month of January which was N2000. 

The million-dollar question is, are organizations that hire corp members statutorily obligated to pay them? 

The payment of “corpers” as we all know, does come directly from the government and legally speaking, there is nowhere it is provided in any statute that places Nysc members attached for their “PPA” should pay them at the end of the month.

What the NYSC act (cited as The national youth service corps act cap n84 lfn, 2004) provided in section 18 is that organizations should provide accommodation and means of transportation for the corpers in their employ and if there is no accommodation and means of transportation available, such organization should pay the corper 250 naira as an allowance for accommodation monthly and 150 naira as an allowance for transportation monthly. 

Here are the full provisions of section 18 of the NYSC Act which provided for the statutory requirements of employers to the Nysc associates;

S. 18: “An employer of corps members shall provide the following, that is (a) basic accommodation and where it is not available, pay the minimum sum of N250 per month in lieu of accommodation; 

• all welfare facilities normally provided for the regular staff including Medical Service
• transport or where it is not available, pay the minimum sum of Nl50 per month in lieu of transport”. 

Therefore, by statutory implication, employers are not statutorily obliged to pay their Nysc associates, it is a matter of personal volition that an employer can choose to pay an Nysc associate. No doubt that these laws are long due for amendments as they were passed in the 70s and have been extant till date when N250 cannot buy you a cup of rice. 

I for one no longer see the need for this mandatory one-year youth service and I have never failed to call for it to be scrapped whenever I get the opportunity, especially in my previous essays but if the government feel that the youth service corps should still be kept in operation then laws should be amended so that at least the Nysc associates should be paid, not just be paid, but be paid properly or at least paid they should be paid the minimum wage and be treated as workers (properly so called) and every rights and benefits that accrue to a Nigerian worker as provided in the labour act and other relevant statutes should be accruable to Nysc associates including right to fair wages/allowances, right to a paid leave, right to health benefits etc. 

On the other hand, organizations who apply/request for Nysc associates or accept Nysc associates should also be willing and eager to pay them. If you cannot afford to pay them, then you should not request them or accept them. Do not use corpers that you do not pay to boost your staff strength, that is wickedness, to say the least; even the holy book mandated that “a labourer deserves to be paid”.

Stanley Alieke is an Abuja based legal practitioner.

President/Chief Executive of Dangote Industries Limited, Aliko Dangote has been conferred with the prestigious award of the National Order of the Lion by President Macky Sall of the Republic of Senegal. The National Order of the Lion Award is the highest civilian laurel to be bestowed on any individual in the West African country. The award ceremony will be held, in Senegal on Friday.

This highest recognition and honour was said to be in appreciation for the services Dangote has rendered to the Republic of Senegal as well as a tribute to his business acumen, philanthropy, and developmental projects, which are capable of transforming Africa as a whole. The Dangote Group has a Cement Plant in Pout, Senegal.

President Bola Ahmed Tinubu has sent a congratulatory message to the frontline businessman on the award conferred on Dangote by the Senegalese Government.

In a press statement, signed by the Special Adviser, Media & Publicity to the President, Chief Ajuri Ngelale, President Tinubu applauded the industrialist for his enterprise and ingenuity, creating jobs and opportunities for many in Nigeria and across West Africa, as well as contributing to their economies, which the award further affirms. The President commended Mr. Dangote and wished him the very best in his endeavours.

Recall that, just recently, Dangote was also conferred with the Commander of the Order of Merit of Niger award by the President of the then Republic of Niger, His Excellency Mohamed Bazoum in Niamey. 

In the same vein, Dangote also bagged Nigeria’s second highest national honour, Grand Commander of the Order of the Niger (GCON), after the Grand Commander of the Federal Republic (GCFR) - an award which is only reserved for Nigerian Presidents and Heads of State. Dangote became the first individual outside government to receive this national honor. In the past, the GCON honour has only been awarded to Vice-Presidents, Chief Justices of the country, and Senate Presidents.

The new minimum wage demand rose from N200, 000 a month to N435, 500 because of the economic realities in the country.

The Chairman of the Trade Union Congress, Enugu State, Comrade Ben Asogwa, stated this in Enugu on Thursday in an interview.

Asogwa said the value of naira to a dollar when the N200, 000 was the benchmark had doubled, hence the demand for an increase from the earlier amount requested.

He said, “Let’s face the economic realities. If you look at the present monetary value, and what it was then, you will understand that the increase is in order. We are also trying to make the government understand how bad the economy has become. They should also evaluate what workers in other parts of the world earn compared to Nigeria.

“Nigeria is an importing nation, including importing the finished products of our natural resources exported in raw forms. Those in government have so much bastardised the economy. When we pegged the minimum wage at N200, 000, a dollar was around N700. But today, it is over N1400. The government should realize the injuries it has done to the economy.”

He said the review of the minimum wage was in accordance to the law, adding that, “By law, the minimum wage is reviewed every five years. It was last reviewed in 2019, hence this year is statutorily the year for another review.”

On how the new minimum wage would impact on non-civil servants, C Asogwa said, “The wage is not only for those who are government workers. The committee constituted for the negotiation comprises representatives of federal, state and the private sectors. It is also noteworthy that the economy revolves around workers’ salaries. When workers are paid well, traders sell better and the value chain continues.”

He blamed the dwindling of the nation’s economy to the removal of fuel subsidy without ensuring that Nigeria’s refineries were optimally functional, government’s inability to stabilize the dollars against the naira, and the country’s lack of production capacities.

He, however, admitted that the proposed N435, 500 new minimum wage is not static as it could be reviewed by the committee currently meeting with the federal government on the matter.

Vice President Kashim Shettima has voiced his frustration at some Nigerians whom he said were celebrating the rapid fall of the nation’s currency, the naira, calling them “clowns.”

Shettima who is never short of expletives and is usually in a combative mood made the statement while speaking as a representative of the President, Bola Tinubu at an event organised by the Economic and Financial Crime Commission (EFCC) on Wednesday in a video shared by Symfoni.

The naira has been rapidly depreciating in an astonishing manner with the Central Bank of Nigeria (CBN), instigating frantic monetary policies in its bid to stem the tide due to scarcity of the greenback.

Africa’s biggest economy is experiencing new challenges putting the naira under pressure since Bola Tinubu, the president, came to power on May 29, 2023.

The rate at the official window closed above the parallel market, often referred to as the ‘black market’, on Tuesday at the close of trading, raising concern on the direction of the country’s economy.

At the so-called Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the naira was 1,482:57 per dollar according to the data published by the FMDQ, which calculates the exchange rate.

That was above the black market rate which closed at 1,475 raising serious alarm and frantic apex bank intervention.

And on Wednesday, the naira rose above N1,500 before retreating to above N1,400 as of Thursday and above N1,300 on Friday according to reports by FMDQ, following CBN intervention.

Shettima did not take kindly to social media reports which he said were not only disheartening but disenchanting.

He descended on those he said were celebrate the fall, saying, ‘”It is not only disheartening and disenchanting, but also heartbreaking that yesterday when the Naira culminated to N1,500 to the dollar, instead of us to coagulate into a single force and salvage our nation economy, sadly, some clowns are celebrating on Twitter of an impending implosion of the Nigerian economy.”

The Nigerian Government has bought 12 AH-1Z Viper attack helicopters and other military arms to bolster the West African nation’s military capabilities.

The United States Department of Defense made this known in an article published on Thursday.

The contract, valued at $1 billion, includes the state-of-the-art helicopters and 32 mission computers provided by Northrop Grumman, with a separate contract valued at $7.7 million awarded in December.

Nigeria has been grappling with complex security challenges for years, including the Boko Haram insurgency in the northeast and banditry in the northwest.

This multi-pronged crisis has displaced millions and claimed countless lives, making the purchase of the helicopter, scheduled for completion in June 2024, a significant upgrade to Nigeria’s military assets.

The sale follows the US State Department’s approval in April 2022 of Nigeria’s request for the helicopters, which includes guidance systems, night vision imaging systems, and extensive training.

This military package aims to enhance Nigeria’s security infrastructure, contribute to shared security objectives, and promote regional stability. The Defense Security Cooperation Agency of the United States highlighted the importance of this sale in supporting the foreign policy goals and national security objectives of the United States by improving the security of a strategic partner in Sub-Saharan Africa.

The AH-1Z Viper, a multi-role attack helicopter, is designed for various missions, including reconnaissance, escort, and strike operations. This addition is part of Nigeria’s broader effort to address multiple security challenges within its borders, ranging from Islamist insurgency to widespread banditry.

Nigeria’s ongoing military procurement strategy includes acquiring m-346 attack aircraft, T-129 ATAK helicopters, Agusta 109 Trekker multi-role helicopters, and Chinese-made Wing Loong II drones, among others.

Super Eagles of Nigeria coach Jose Peseiro says he has confidence in his other goalkeepers should Stanley Nwabali fail to gain fitness ahead of Angola clash.

Peseiro stated this while speaking in a press conference ahead of the quarter-final clash against the Black Antelope of Angola.

He said that Nwabali will undergo a late fitness test on Thursday and he will make his decision on whether to field him or not afterwards.

Peseiro, however, stated that should Nwabali fail to make it in time for the clash, he will play Uzoho in goal.

He said, “Today we will make the final decision. He will do one last test to see if he is really fit but if he cannot play, Francis [Uzoho] will play. And I trust him.”

Nwabali has conceded just once in four appearances for the Super Eagles at the ongoing 2023 Africa Cup of Nations in Cote d’Ivoire.

The Chippa United goalie has won Nigerians’ hearts with his performances at the ongoing AFCON in Ivory Coast.

The news of his training with his Super Eagles teammates on Tuesday came off as heartwarming with Nigerians anxious to know if he will be fit to face the boisterous Angola side.

The Super Eagles will take on the Black Antelopes in a quarter-final tie at the Felix Houphouet Boigny Stadium, Abidjan.

The Economic and Financial Crimes Commission (EFCC) has clarified a statement made by its chairman, Ola Olukoyede, that a religious sect was laundering money for terrorists, saying the group referred to was neither a church or mosque in particular.

The anti-graft agency said those subjecting Olukoyede’s revelation to sinister interpretation were on to mischief and should be ignored.

EFCC spokesperson, Dele Oyewale, in a statement on Thursday, with the titled “EFCC clarifies Its chairman’s disclosures about alleged money laundering by religious leaders,” said: “The groups fingered by the EFCC chair are religious sects, not a church or a mosque.

“Those subjecting this disclosure to sinister interpretation are on to mischief and should be ignored. The EFCC’s boss is focused on his assignment of tackling all shades of economic and financial crimes and would not be distracted.”

Recall that at the commission’s public engagement on ‘Youth, Religion and the Fight Against Corruption’ on Wednesday, January 31, 2024 in Abuja, the chairman had frowned at the conduct of some religious sect leaders whom he accused of being complicit in money laundering.

He had said: “As I’m standing before you, there is a matter we are handling, a pyramid scheme that involves over N30 billion fleeced from Nigerians.

Along the line, some people died, some victims collapsed and all of that. We were able to trace over N7billion to a particular religious body and I said, write a letter to the leader of that religious sect, and we did

“The next thing we saw was a restraining order. We got a restraining order restraining us from recovering the money. Meanwhile, people have died along the line. Money traced directly to your body, and that is what we are battling. Of course, we have appealed, and this is the situation that is facing us, religious leaders.”

He further said, “when I was the chief of staff, we investigated an issue of money laundering, somewhere in this country. There is a particular religious sect that laundered money for terrorists. These are the problems we are battling with.”

However, Oyewale said, “Olukoyede neither mentioned a Church, Mosque nor any particular religious entity. Unfortunately, his comments have been twisted with mischievous connotations.”

President of the Senate, Senator Godswill Akpabio, has urged the German government to not deport about 12,000 illegal migrants into Nigeria, saying such a move will aggravate security challenges in the country.

Akpabio made the call on Wednesday when the German Ambassador to Nigeria, Annette Gunther paid him a courtesy visit in Abuja.

Gunther, in her address, said both Germany and Nigeria are large economies in Africa and Europe respectively, and as such can partner.

“We are honoured to be here today. Nigeria and Germany being the largest economies and population in their respective continents, need to come together in their peoples’ interests. Nigeria is Germany’s second largest trading partner in sub-Saharan Africa,” the German envoy said.

In his own address, Akpabio noted that Nigeria is grappling with insecurity and called on Germany to work in synergy with Nigeria in the areas of security and power, to enhance the socio-political development of Nigeria.

The Senate President, then, urged Gunther to help Nigeria, Africa’s largest population in fighting insecurity as well as strengthening its economy.

He begged the German government to halt its move of deporting 12,000 illegal migrants of Nigerian extraction, as this can create more insecurity in the country.

“We also have a problem of infiltration from other countries. We require assistance from Germany in the area of security because when we had the Boko Haram issues in the North East, it might not have escalated to the level it did if we had the support of major players like Germany and others,” he said.

“It was very difficult for us to get support from America at that time, maybe due to what they read on social media concerning us. If developed countries stop listening to social media, they would be willing to assist developing countries.

“The recent decision of Germany to deport illegal Nigerians back to the country numbering 12,000 is something you have to look into for us, because of its security implications. As a result of the current political situation in Mali, Niger, and Burkina Faso, almost every black person in Germany, would claim to be a Nigerian because they don’t want to return to crises prone countries.

“Dumping 12,000 illegal immigrants in Nigeria would lead to the escalation of insecurity in the country. There is, therefore, the need for your country to allow our immigration officers to assess, who exactly is a Nigerian amongst them. If they allow them in here, without any kith and kin and they have to survive, the result would be nothing but militancy or insecurity,” Akpabio added.