India won the T20 World Cup title with Virat Kohli starring in a thrilling seven run victory over South Africa in a classic final at Kensington Oval on Saturday.

Kohli, who later announced his retirmenet from T20 internationals, steadied the India innings with his fine 76 taking them to a strong 176-7.

When Heinrich Klaasen blasted a superb 52 from 27 balls, it looked as though South Africa, appearing in first final, were closing in on victory but they were halted by some outstanding Indian bowling and catching at the end.

South Africa ended on 169-8 with Hardik Pandya taking 3-20 for India to the delight of the huge Indian following at the stadium.

The win is the second T20 World Cup title for India following their triumph in the first edition in 2007 and it also ends their 11-year wait for a major title going back to the 2013 Champions Trophy.

Veteran Kohli had struggled in the tournament, coming into the final with an average of just 10.7, but he delivered his best innings at the perfect moment with his balanced batting ensuring India won the title after an unbeaten tournament.

“I am so proud to get the runs for the team the day it mattered most,” said Kohli.

“The occasion prompted that change for me, I felt like it was now or never. We have wanted to lift a trophy for a long time.

“The occasion made me put my head down, respect the situation and play the innings that the team needed from me.

“I wasn’t feeling myself before today. I wasn’t confident. So I am very grateful and humble right now. It has been difficult, so there are a lot of emotions,” he added, confirming that the game was his last T20 for India.

“This was an open secret. It’s time for the next generation to take over.”

– Yadav catch –

Kohli’s asssured display was just what was needed for India who had slipped to 34 for three after their captain Rohit Sharma won the toss and opted to bat.

In what has been a low scoring tournament, the total looked to be a daunting one for South Africa but then Quinton de Kock (39) and Tristan Stubbs (31) set the Proteas on their way before Klaasen turned the game in their direction in the 15th over, smashing Axar Patel for 24 including two fours and two sixes.

When Klaasen was finally removed, caught behind off Hardik Pandya, the Proteas needed just 26 off the last 23 balls.

Knowing they had to take the initiative, Rohit turned early for Jasprit Bumrah’s final over and he answered the skipper’s call perfectly, bowling Marco Jansen and conceding just two runs in the 18th over.

That meant South Africa needed 20 from the final two overs and Arshdeep Singh bowled a superb length to allow just four.

With 16 to win off the last over, Pandya bowled a full-toss at Miller who smashed it high straight down the ground but Suryakumar Yadav produced a breath-taking catch on the boundary, throwing the ball back into play before he crossed the ropes and then returning to complete the catch.

Kagiso Rabada edged a four and Pandya showed some nerves with a wide but the seamer kept his cool to ensure silverware for India after they lost in last year’s 50 Over World Cup on home soil.

For the 35-year-old Kohli it was the perfect way to bow out in the format.

“This was my last T20 World Cup and this is exactly what we wanted to achieve,” he said.

“It was an amazing game. One day you feel like you can’t get a run but one day, things just click. It hasn’t quite sunk in for me yet.”

It was a bitter end for South Africa who had reached their first World Cup final after ending a streak of seven defeats in semi-finals in both World Cup formats.

“Gutted for the time being, it’ll take some time to reflect on a really good campaign, hurts quite a bit but incredibly proud,” said captain Aiden Markram.

“We bowled well, not a lot to work with, it was a chaseable total, batted well, came down to the wire, gutted not to get over the line.

“Things happen quickly at the back end, but got into a great position to prove we were worthy finalists.

“South Africans are competitive, respectful and will go down with a fight. It’s still a proud moment for us.”

No fewer than 21 states in the country are currently without duly elected local government councils.

These states are running the affairs of local government councils with caretaker committees appointed by state governors, an investigation by Sunday PUNCH has revealed.

This is against the provisions of Section 7 of the 1999 Constitution which guarantees the operation of local government by democratically elected officials.

There are 774 local government areas in the country, but the efficiency of the third tier of government has been hampered by the actions of some governors who have been accused of mismanaging funds meant for the administration of local governments.

In the last few months, calls for local government autonomy have increased in Nigeria. President Bola Tinubu has also supported these calls. In May, the Federal Government approached the Supreme Court with a suit seeking to compel governors of the 36 states to grant full autonomy to the local governments in their domains.

Currently, the Federal Government receives 52.68 per cent, states receive 26.72 per cent, and LGs receive 20.60 per cent of the country’s monthly revenue allocated by the Revenue Mobilisation Allocation and Fiscal Commission, which is domiciled under the Presidency, and is disbursed by the Federation Account Allocation Committee.

LG funds are paid into a joint account operated by state governments and local governments in their domains.

A former National Chairman of the Peoples Democratic Party, Audu Ogbeh, who was recently interviewed on Channels Television, stated that the Federal Government should discontinue the payment of LG funds to such joint accounts, and move them to accounts solely operated by local government administrations.

“I cannot be sending you money that disappears. You don’t repair primary schools, you don’t do anything. The money vanishes and they say they are paying workers; for which work? Strolling around in the morning and drinking palm wine? These are the issues. Those failures are creating dangerous problems for the country,” he said.

He added that some governors appointed their stooges as caretaker chairmen for local governments, gave them stipends, and diverted large chunks of the money allocated for local government administration to questionable quarters.

On June 28, 2024, the government of Jigawa State dissolved the elected council chairmen of the 27 local governments in the state.

Earlier, the Jigawa State House of Assembly had amended the local government law, extending the time for fresh local council elections by one year and ordering the appointment of caretakers before the election.

Though the government has yet to provide further information regarding the issue, it is believed that based on the amendment by the assembly, the caretaker committee may take up the task.

Recently, the Governor of Rivers State, Siminalayi Fubara, appointed caretaker chairmen to take charge of LG councils in the state following a power tussle between him and the erstwhile governor of the state, Nyesom Wike.

On June 20, 2024, the Governor of Anambra State, Charles Soludo, through the state’s House of Assembly, confirmed the appointment of transition committee chairmen and councillors for the 21 local government areas of the state.

The assembly confirmed the appointment in line with Section 208 of the Local Government Law, 1999 as amended, as requested by Soludo.

The newly-appointed chairmen are Ifeanyi Chiweze (Anambra East), Fidelis Nnazo (Anambra West), Romanus Ibekwe (Anaocha), Chinedu Okafor (Awka South), Alphonsus Ofumele (Ayamelum), Chijioke Ozumba (Dunukofia), and Stanley Nkwoka (Idemili North).

Others are Chinedu Ononiba (Njikoka), Val Ezeogidi (Nnewi South), Franklin Nwadialu (Ogbaru), Anthony Nwaora (Onitsha North), Casimir Nwafor (Orumba North), and Shedrack Azubuike (Orumba South).

The state noted that the local government transition committee chairmen will serve for three months in the first instance.

In Imo State, the last council poll was conducted on August 25, 2018; and was the first LG election in seven years.

In Kwara State, the last council election was in November 2017, and caretaker committees had been in charge since 2020.

In Zamfara, the last grassroots poll was held on April 27, 2019, and the state returned to appointees after the chairmen’s tenures expired. In May 2024, the state assembly approved a six-month extension for the caretaker committee.

In Benue, however, elections are scheduled to be held on July 6, 2024, for LG council chairmen.

Other states affected include Bauchi, Plateau, Abia, Enugu, Katsina, Kano, Sokoto, Yobe, Ondo, Osun, Delta, Akwa-Ibom, and Cross River.

Speaking to our correspondent on the matter, the National President of the National Union of Local Government Employees, Hakeem Ambali, described the constitution of caretaker committees as illegal, adding that it went against the constitution of the Federal Republic of Nigeria.

“Caretaker committees remain illegal. State governments should therefore abide by the rule, especially with total respect to Section Seven, Subsection One of the 1999 Constitution. It further reinforces the correctness of the President Bola Tinubu-administration in taking a bold step in seeking legal intervention against the violation of the constitution with impunity by state political actors,” Ambali added.

Recall that the Attorney General of the Federation, Lateef Fagbemi, had dragged the 36 states to the Supreme Court over the issue of LG autonomy.

The suit, marked SC/CV/343/2024, was filed by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), on behalf of the Federal Government.

The Federal Government urged the apex court to issue “an order prohibiting state governors from the unilateral, arbitrary, and unlawful dissolution of democratically elected local government leaders for local governments.”

In the suit predicated on 27 grounds, the Federal Government accused the governors of gross misconduct and abuse of power.

The FG, in the originating summons, prayed the Supreme Court to make an order expressly stating that funds meant for local governments from the Federation Account should be paid directly to the local governments, rather than through the state governments.

The justice minister also prayed for “an order of injunction restraining the governors, their agents, and privies from receiving, spending, or tampering with funds released from the Federation Account for the benefit of local governments when no democratically elected local government system is in place in the states.”


The Federal Government further sought “an order stopping governors from constituting caretaker committees to run the affairs of local governments as against the constitutionally recognised and guaranteed democratic system.”

Allow LGs enjoy full autonomy, ALGON tells states

In an interview with Sunday PUNCH, the Director-General of the Association of Local Governments of Nigeria, Itiako Ikpokpo, called for financial and administrative autonomy for local governments.

He said, “There are fundamental issues with the structures of local government across Nigeria, and most of them are constitutional issues. Our national president has said that there are fundamental issues to be dealt with.

“One of the issues is the financial and administrative autonomy of local government. When we talk about financial autonomy, it means strictly sending money directly to local governments across the country. Administrative autonomy is about handing over the structure of the local governments to the LG chairmen, just the way it is in the states and at the federal level, where the governors and the president respectively are in charge. It is not right for state governments to be running the affairs of the local government just as it is not right for the federal government to run the affairs of the states.

“So, you find a situation where the Local Government Service Commission, which is in charge of the promotion of workers, has directly taken over that function. We have the issue of uniformity of tenure. If four years is good enough for the president and state governments, why would four years not be good enough for the council chairmen? What makes them lesser when they have been described as a part of government in the Constitution? So, there are a lot of fundamental issues.”

Ikpokpo, however, noted that some governors were allowing local governments to run without interference.

“There are some governors that are actually doing well. Some of them are not taking local government money, and they are conducting elections when due. So, you must separate them from those who have continuously kept us in the situation that we are in, because the issue is not just about the caretaker committees.

“Whether they are caretaker chairmen or elected chairmen, are they allowed to operate without interference?” he asked.

The ALGON DG also urged the Nigerian Financial Intelligence Unit to do its job by tracking LG funds, noting that Nigeria will only move forward when the local government system is allowed to work.

“If the local government system works, Nigeria will work,” he said.

Governors should stop crippling LGs — SAN

Also speaking with Sunday PUNCH, a human rights lawyer, Afam Osigwe (SAN), condemned the “unbearable influence” of governors on local government, accusing them of crippling local government administration in the country by preventing the third tier of government from performing its functions.

Osigwe said it was illegal and undemocratic for governors to appoint caretaker committees to administer the affairs of local governments. He stressed that the constitution should be amended to allow local governments control funds made available to them, adding that the joint account with states should be stopped.

He said, “There is a Supreme Court decision on that. Section Seven of the Constitution guarantees a democratic system of local government, so being democratic means the leadership of local governments must evolve through elections, not by appointment. Governors do not have the power to appoint caretaker committees to run the affairs of local governments.

“The governors’ unbearable influence on local government should be stopped, and a law should be put in place to ensure that any governor that fails to conduct local government elections to put in place democratically elected officials should not be allowed access to funds meant for local governments. That way, the states will conduct the elections.

“The states have taken over local governments, and they use them for political patronage. They also use money meant for local governments for things that are not constitutionally approved.

“So, I support the move by the Federal Government that states that do not conduct local government elections should not be allowed access to funds meant for local governments. That is the only way we can secure the independence and autonomy of local governments.”

Caretaker committees for LGs violate constitution — Lawyer

Also speaking with our correspondent, a legal practitioner, Tosin Ojaomo, lampooned the appointment of caretaker committee chairmen to oversee local governments, labelling it a blatant violation of the constitution by state governors.

Ojaomo noted that the constitution stipulates that local governments must be led by elected officials following democratic processes.

He said, “There is nowhere in the Nigerian constitution that governors are given power to choose caretakers for local governments. The law is that local governments should be democratically managed in Nigeria.

“What these governors are doing is unconstitutional. It is pure illegality. The constitution is very clear. It states that local government leaders should emerge through democratic means. This indicates that elections must be conducted, and winners must emerge after an election is conducted. The problem we are having is also constitutional.”

Ojaomo added that a fundamental reason states continued to flex muscles over local governments and deny them their constitutionally guaranteed administrative autonomy was because of joint state and local government accounts.

He stressed that allocations coming to the local government should not go to the state.

He called for strict adherence to constitutional provisions and legal precedents in the governance of local governments, emphasising the need to safeguard democratic principles and prevent undue influence from state authorities.

He said, “There is no provision for caretaker committees in the Constitution. It must be an elected government at the local government level. There are so many pronouncements by the Supreme Court that local government caretaker committees are illegal. The way to enforce the law is to ensure that local government chairmen should not be at the mercy and control of state governors.

“The Independent National Electoral Commission should also conduct local government elections in Nigeria. If elections of House of Assembly members are being conducted by the INEC, it should also conduct elections for local government chairmen. With that, there will be a level playing field. Most governors choose to appoint their cronies to be members of the state electoral commissions, and that is the only part they are aware of in installing their stooges at the local government level.”

Speaking on the matter, another legal practitioner, Eze Oyekpere, condemned the actions of governors appointing caretaker committee chairmen for local governments, stressing that their handling of local government funds was illegal.

Oyekpere stressed that the governors, without rightful authority, appropriated funds meant for local governments, an act he categorically described as stealing.

He stated, “If I take your money and keep it without the intention of giving it back to you, and it’s without your consent, or simply because I think I can beat you, what is it? That is stealing. What they are doing is stealing.


“The money does not belong to them. They are not supposed to know anything. They collect it and keep it back without the consent of the donors. So what they are doing is stealing. Simple.”

Peter Obi, former presidential candidate of the Labour Party in the 2023 election, has condemned the federal government for operating multiple budgets concurrently.

In a post on X on Saturday, Obi said this is a blatant disregard for fiscal responsibility, transparency, and accountability.

Currently, the federal government is operating the 2023 budget, 2023 supplementary budget, and the 2024 budget — and on May 29, President Bola Tinubu said the 2024 supplementary appropriation bill would soon be presented before the national assembly.

According to Obi, this action by the federal government is also a recipe for chaos, confusion, and catastrophe.

“All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently,” he said.

“This is in blatant disregard for fiscal responsibility, transparency, and accountability. It is also a recipe for chaos, confusion, and catastrophe.

“This intentionally reckless action will lead to frivolous items in the approved budgets competing with essential projects for limited resources, further exacerbating the suffering of the Nigerian people.”

Obi said Nigerian leaders are disconnected from reality and lack the competence to manage the nation’s finances effectively.

“It indicates that the leaders are out of touch with reality and lack the competence to manage our nation’s finances effectively,” he said.

“Unfortunately, this deliberate act of fiscal recklessness is being undertaken by elected representatives of the people, thereby betraying one of the cardinal pillars of democracy. Leaders are elected to responsibly manage public resources in an organized way.

“I respectfully appeal and in fact, demand that this situation be reversed immediately in preference for a more responsible and transparent approach to budgeting. We must prioritize the needs of the Nigerian people, not the selfish interests of a few. This is a call to action for all Leaders to desist from actions that will further drive the country into economic chaos.”

The former presidential candidate added that neither the national assembly nor the executive has any excuse to promote or condone such unconscionable behaviour.

BudgIT, a civic-tech organisation, has also condemned plans by the federal government to implement four national budgets concurrently.

In a statement issued on Friday by Gabriel Okeowo, BudgIT’s country director, the organisation described the situation as a worrisome development.

He pointed out that globally, budgets are typically prepared to cover 12 calendar months, from January to December.

Okeowo warned that if multiple budgets are implemented simultaneously, projects from the 2023 budget and the 2023 supplementary budget will compete for the limited resources available to the federal government with essential projects in the 2024 budget.

A Panamanian court has acquitted all 28 people standing trial for money laundering as a result of the Panama Papers scandal.

Leaked in 2016, the secret financial documents showed how some of the world’s richest and most powerful people used tax havens to hide their wealth.

The BBC reports that Jurgen Mossack and the late Ramon Fonseca, founder of Mossack Fonseca, the defunct law firm at the center of the scandal, were among those cleared by the court.

Prosecutors in the case argued that the Mossack Fonseca law firm and their associates created a web of offshore companies to hide money linked to illegal activities in the ‘car wash’ corruption scandal.

‘Operation Car Wash’ was a money-laundering investigation into Petrobras, Brazil’s state-run oil company.

But Mossack and Fonseca denied that they, their firm, or their employees had acted illegally.

Prosecutors had been seeking maximum prison sentences for the duo before Fonseca died in May.

However, closing out the case, which started in April, on Friday, the judge dropped all criminal charges against all 28 defendants.

Baloisa Marquinez, the presiding judge, said the evidence considered by the court was “not sufficient” to determine the criminal responsibility of the defendants.

The Panama Papers, considered the biggest data leak in history, were the product of a year-long investigation by the International Consortium of Investigative Journalists (ICIJ), German newspaper Süddeutsche Zeitung, and over 100 news organisations.

The leak saw 11 million documents released to the German newspaper Süddeutsche Zeitung and over 100 news organisations.

Russian President Vladimir Putin’s associates were said to have “secretly shuffled” about $2 billion through banks and shadow companies.

The Panama Papers scandal also exposed a network of offshore companies linked to people like Xi Jinping, the Chinese leader; Lionel Messi, a soccer star; James Ibori, former governor of Delta; and the son of the late Kofi Annan, former United Nations (UN) secretary-general, to name a few.

The papers referenced 12 current or former world leaders, as well as 128 other politicians and public officials.

Gerard Ryle, ICIJ’s executive director, said the enduring impact of the investigation persists even though the court did not hold the defendants accountable.

Germany scored twice in the second half to overcome Denmark 2-0 in the second round of the 2024 European Championship.

Kai Havertz’s penalty and Jamal Musiala’s well-taken goal made the difference against a spirited Danish side at the BVB Stadion on Saturday.

The Germans, who were shaky in their last group game, started the second-round clash a better side and thought they had the lead early on, but a review by the video assistant referee (VAR) ruled it out for offside.

The Danes eventually settled into the match, but their newfound confidence was scuttled when the game was suspended after 36 minutes due to heavy rain and lightning.

The players were forced off for 25 minutes before the match was resumed, but both teams went into the interval with the score goalless.

The eventual breakthrough goal came dramatically in the 53rd minute after VAR cancelled Joachim Andersen’s goal for Denmark for offside before awarding a penalty against the same player for handball.

Havertz duly stepped up to dispatch the penalty, handing Germany a controversial lead.

The scoreline was extended in the 68th minute when Musiala latched on to a long punt forward before slotting into the bottom corner to send a vociferous crowd into celebration mode for an impending passage into the last eight.

Die Mannschaft held on for a comfortable win and progressed to the quarter-final stage, where they will face either Spain or Georgia.

In the other match of the day, Switzerland scored once in each half to claim a deserved 2-0 win over Italy, knocking the holders out of the tournament.

Remo Freuler and Ruben Vargas were on target as the Swiss bagged the shock win to book a place in the last eight.

Olalere Oyewumi, a federal lawmaker from Osun State, who is a Peoples Democratic Party (PDP) senator, has admitted that he bought votes during the 2023 general elections.

Vote buying and selling was rampant during the last elections, which affected the credibility of the polls conducted by the Independent National Electoral Commission (INEC).

The Economic and Financial Crimes Commission (EFCC) had also deployed its officials in some polling units.

In a viral video, Oyewunmi, who is the Deputy Minority Senate Leader, narrated how he sent his aide on an errand on the eve of the election with his personal money for vote buying but was rejected by strong supporters of the All Progressives Congress (APC).

Speaking in Yoruba, the Minority Leader, who represents Osun West District, said “I tried all the tricks I knew to win at the Onilu House (Ile Onilu) polling unit but these people didn’t allow me.

“After exhausting money for the election, I gave my personal money to Ten-Ten to give to people at night to buy votes on the eve of the election, Ten-Ten came back with my money, saying the people rejected it. I was surprised.

“That was why I reached out to these people because I cannot be a Senator and continue to fail there. I was the one who called Ayandosu from Abuja to join me in the PDP. I told him he has talent and that the party he was serving then (APC) would not allow him to grow.”

Reacting to the development, the leadership of APC through its chairman, Tajudeen Lawal, said the confession had shown that Osun election was not free and fair.

In a statement, Lawal said: “The confessional statement of Senator Oyewumi was a confirmation of the fact that the last series of the elections in the state which secured victory for all the PDP candidates including Governor Ademola Adeleke, were brazenly rigged.

“The self-confession of Senator Oyewumi was an indication that he is a desperate politician who could go to any length to illegally corner opportunities regardless of what such portends to the right-thinking members of the society.

“In a civilised clime, Senator Oyewumi has no iota of reason to remain a minute longer in the Senate where he has been the Minority Leader based on his self-confession that he engaged in vote-buying during the election that secured a fraudulent victory for him.

“By now, Senator Oyewumi should be a guest of the statutory law enforcement agency constitutionally saddled with the responsibility of investigating such political crime involving a senator of the Federal Republic of Nigeria.”

Vice-President Kashim Shettima says Nigeria’s economy is experiencing turbulence but it is not limited to the country.

Shettima spoke at a one-day town hall meeting organised by the Presidential Enabling Business Environment Council (PEBEC) held in Abuja on Friday.

Outlining the achievements of President Bola Tinubu when he was the governor of Lagos state, Shettima said the country needs to be fair to him. 

“This is a man we need to rally round and support. Yes, our economy is going through turbulence but is it confined to Nigeria alone? Let’s take a global picture,” he said. 

“Is any economy immune from the challenges of the times? So, I ask you to be fair to this poor man. 

“There is no doubt that every thriving economy grows from the quality of reforms adopted to offer the people avenues to translate their business ideas into formidable enterprises.”

Speaking further, Shettima said PEBEC is an enabler for the ministries, departments and agencies (MDAs).

“Our role requires a unified and collaborative effort across the councils and MDAs and we can not afford to look away,” he said.

“The long-term success of PEBEC hinges on our ability to institutionalise reforms capabilities, foster deep collaboration across government and maintain a commitment to continuous improvements.”

He said the current reforms must become ingrained in public institutions. 

“By doing so, we kept the way for sustained progress and lasting impact that would outlive us all, creating a better Nigeria for our children and their children afterwards,” Shettima said.

He said the government must be driven by every citizen who aspires to grow businesses and who looks to the government for prosperity. 

According to the vice-president, these are peculiar times for developing solutions to improve the ease of doing business.

Shettima said Nigeria is the future of Africa and the burden is not only on leaders but on everyone to achieve set goals.

‘TINUBU CAPABLE TO LEAD NIGERIANS’ 

On May 29, Tinubu missed his steps and fell while climbing the parade vehicle at Eagle Square in Abuja.

Speaking on the issue, Shettima expressed disappointment in those who took a jab at the president’s health status due to the incident.

“We are not asking you not to question the eligibility of your president’s condition. But there is this mischievous vexation about the president’s health status,” Shettima said.

“We are not preparing for the Olympics, but an institution that builds on the superiority of ideas. But I dare to put it to you. The hallmark of true leadership is not the ability to lift a bag of cement, but the capacity to come up with robust ideas to solve a nation’s problems.”

The International Monetary Fund (IMF) has agreed to disburse $360 million to Ghana as part of its $3 billion loan arrangement.

In a statement on Friday, the IMF said the new tranche increases the country’s total receipts from the Washington-based lender to about $1.6 billion since signing up to the $3 billion three-year programme in May 2023.

“The Executive Board of the International Monetary Fund (IMF) completed today the second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board in May 2023,” IMF said.

“Completion of the second ECF review allows for an immediate disbursement of SDR 269.1 million (about US$360 million), bringing Ghana’s total disbursements under the arrangement to about US$1.6 billion.

“Ghana’s economic reform program is delivering on its objectives.”

Following acute economic and financial pressures in 2022, the IMF said the fund-supported programme served as a credible anchor for the government to adjust macroeconomic policies.

The Bretton Woods institution said it has also propelled the implementation of reforms to restore macroeconomic stability and debt sustainability while laying the foundations for higher and more inclusive growth.

“These efforts are paying off, with growth proving more resilient than initially expected, inflation declining at a faster pace, and the fiscal and external positions improving,” IMF said.

“The medium-term outlook remains favorable but subject to downside risks—including those related to the upcoming general elections

“Ghana’s performance under the IMF-supported program has been generally strong. All quantitative performance criteria for the second review and almost all indicative targets were met. Good progress has also been made on the key structural reform milestones, despite some delays.”

The Ghanaian authorities, IMF said, have also continued to make progress on their comprehensive debt restructuring.

In January, Ghana got a moratorium with official creditors on debt payments through May 2026, negotiating a deal with Eurobond investors to restructure $13 billion debt by the end of March.

The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank.

In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, instructed Deposit Money Banks (DMBs) to submit a written notification to the Central Bank of Nigeria (CBN) at least three working days prior to depositing foreign currency notes, indicating their intention to make such a deposit.

The Central Bank of Nigeria (CBN) has specified that deposits of foreign currency can only be made at its branches in Abuja and Lagos.

It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

‘Products of febrile imagination’ — NNPC disowns allegations of inflated subsidy claims
The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.

“British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB,” the CBN said.

According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.

The CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.

The Naira appreciated against the dollar at the foreign exchange market on Friday to end the week on a positive note after nine days of depreciation.

FMDQ data showed that the Naira gained at N1505.30 against the dollar on Friday from N1510.10 traded on Thursday.

This represents an N4.8 gain against the dollar compared to the N1510.10 traded the previous day.

Similarly, the Naira saw a gain and traded N1515 against the dollar at the foreign exchange market on Friday.

This is the first time the Naira has appreciated since June 18, 2024, when it traded at N1482.72 per dollar at the official forex market.

The development comes as Nigeria’s external reserves rose to a record high of $34.07 billion on June 26, 2024.