The immediate past Chairman of Imo State Council of Traditional Rulers, His Royal Majesty, Eze Samuel Ohiri, who was recently abducted by unknown gunmen, has vehemently countered social media report, crediting his freedom from the kidnappers’ den to the tactical intervention of the Nigerian Police Force operatives.

He said he paid ransom (undisclosed) in two instalments, after spending 12 days in the kidnappers’ den. He also said that there was no attempt made by the police while he was under abduction.

In his speech at his palace, Eze Ohiri maintained that the police did not play any part in the drama leading to his regaining freedom.

He said, “I wouldn’t have opened up, but I have to act this time to tell the world the truth because of the viral social media report. I don’t like any organization hiding under government cloak to speak lies, deceive the society and self-aggrandize itself.”

Narrating his ordeal, Eze Ohiri said that he came back to celebrate the 2023 Christmas and 2024 New Year with his family, people of Obi Orodo community, Mbaitoli Local Government Area people, and Imo State at large, only for him to wake up at early hours of that fateful day, on January 6, 2024, to enter into the hands of “what I can describe as “merciless boys (men).”

“They first kept me in an uncompleted building, before I was transferred to another place. I saw hell during the 12 days I spent with my abductors. At first, it looked as if they have some special scores to settle with traditional rulers and politicians, but luckily for me, their leader came to the camp and ordered them not to torture me, that I am a decent man.

“Negotiation started at that point between my people and the kidnappers. It eventually resulted to my regaining my freedom after first and second ransom was paid.”

He said that they took him with another victim to Eziama Obiato, a community in Mbaitoli council area, along Onitsha-Owerri express way at night. It was from there he found his way back to Owerri at popular Control Post junction, where his people came and took him back to the palace.

He added, “While in the den, my food was water, two raps of gala and sometimes bread with water in the night. That is why I described them as being merciless.”

[Punch]

The International Monetary Fund (IMF) has predicted a decline in Nigeria’s inflation rate to 23 percent in 2024 and 15.5 percent in 2025.

IMF’s Division Chief of Research Department, Daniel Leigh, disclosed this at the Fund’s World Economic Outlook (WEO) update press conference on Tuesday.

Nigeria’s inflation rate stood at 28.92 percent as of December 2023, and has been on the rise for 11 consecutive months.

Reacting to the foreign exchange reforms introduced by the Central Bank of Nigeria (CBN) to curb inflation and the free fall of the naira, Leigh said the monetary tightening stance of the apex bank would help reduce inflation rate.

Leigh said one of the drivers of inflation is the weak naira following reforms by the financial regulator.

He stated: “Now there’s also structural factors behind that high inflation, including, you know, on the fiscal side, financing of the deficit. But this is clearly creating hardship. The perspective that we have is bringing down inflation is top priority.

“And the CBN has already raised interest rates significantly over the past year to 18.8 percent. So that is the monetary tightening that is helping in our forecast to bring inflation down from 24.6 percent in 2023 percent, to 23 percent this year, and then closer to single digits into 2025 at 15.5 percent.”

According to Leigh, while the monetary tightening to conquer inflation is ongoing, Nigeria should prioritise revenue mobilisation, and widen its tax base to provide social support.

“On top of conquering inflation through monetary tightening, there’s also a need to provide social support through the budget and creating the space for that is the challenge.

“Our perspective is that more revenue mobilisation, strengthening revenue administration, widening the tax base, this is what is going to bring in space for development spending while safeguarding fiscal sustainability,” Leigh added.

Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars.

Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday.

He attributed the development to online business transaction and cryptocurrency.

Daurau said the closure of business would take effect from Thursday, February 1, 2024.

The development comes hours after a senate panel summoned Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over forex crisis.

The summon was through its Committee on Banking, Insurance and other Financial Institutions headed by Senator Adetokunbo Abiru (APC, Lagos).

Senator Abiru disclosed this while speaking with newsmen after his panel met behind closed doors on Wednesday.

He said the committee, during the meeting, took the decision to summon the apex bank governor to brief the lawmakers Tuesday next week on what is being done to address the economic and Naira value crisis.

Senator Abiru said the state of the economy, especially the inflation index was of great concern to the lawmakers.

He said:“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved and will communicate to the governor of the Central Bank after which we will have further communication with members of the press.”

Naira continued its free fall on Tuesday, sinking to a record low of N1,482.57 per dollar following demand on the official market.

An ex-parte motion filed by Edison Ehie, Chief of Staff to Governor Siminalayi Fubara, against the Nigerian Police has been granted by the Rivers State High Court in Port Harcourt, Naija News learnt.

Ehie had prayed the court to restrain the police and other security agencies from arresting, detaining, or harassing him in relation to his alleged involvement in the explosion at the Rivers State House of Assembly weeks ago.

On Wednesday, the Presiding Judge, Justice Sika Aprioku, granted the order and scheduled a hearing for the substantive application on February 6th, 2024.

The lawmakers led by Martins Amaewhule had submitted a criminal petition to the Rivers State Police Command, accusing Ehie of being involved in the invasion and arson attack on the chambers of the State Assembly by unidentified hoodlums.

The Amaewhule faction of the House of Assembly submitted a petition urging the police to apprehend and bring charges against Ehie for his purported role in the fire incident that occurred at the Assembly Complex on October 29, 2023.

Meanwhile, the Rivers Elders and Leaders Forum has urged the governor of Rivers State, Siminalayi Fubara, to remain vigilant while dealing with the commissioners in his cabinet who are allies of ex-governor Nyesom Wike.

A member of the Rivers Elders and Leaders Forum, Chief Anabs Sara-Igbe, told Punch on Tuesday that it was illegal for Fubara to welcome back into his cabinet nine pro-Wike commissioners who earlier resigned their appointments in the heat of the crisis between Wike and Fubara.

Recall that on Monday, Fubara had warned the returnee pro-Wike commissioners not to work against his government.

Speaking in a telephone interview with the aforementioned publication, Sara-Igbe said, “We have continued to maintain that you cannot protect your house with your sworn enemies.

“When your enemies are known, you push them away or you keep them at arms-length. But there is this saying that you cannot allow your enemies to be your guard because they will one day assassinate you.”

He noted that the Rivers Elders were still in court, challenging the resolution reached at a reconciliatory meeting convened by President Bola Tinubu in Abuja in December.

“Well, the governor is doing what he likes, but at the appropriate time the law will say whether he is right or not. As it is now we are in court, so we cannot preempt the court, when the time comes we will know whether what he (Fubara) is doing is right or wrong.

“As far as we are concerned, all the things he is doing are not in tandem with the law. So, we are in court and want the court to interpret the law as regards the eight-point directives, whether the eight-point directives will stand or not.

“If the court interpretes in our favour that the eight-point agenda cannot stand, then all he has done would become null and void. But if the law says otherwise then we can now discuss the matter after we have exhausted it because we are going to drag this case to the Supreme Court,” he added.

[Naijanews]