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Court Grants Bail To 29 Nasarawa Women Arrested During Protest Against Supreme Court’s Judgment
AdminThe Magistrate’s court in Lafia, Nasarawa State has granted bail to 29 out of the 30 protesting women who were previously sent to a custodial centre following their demonstration against the announcement of the Supreme Court’s Judgement affirming the election of Governor Abdullahi Sule.
Speaking to journalists yesterday after the ruling, defense Counsel, Barrister Ayiwulu Baba Ayiwulu elucidated on the revised bail conditions, expressing contentment with the court’s decision.
“The court has granted them bail with a new bail condition which is fair and will be released today to join their family members.”
The previous bail condition, which necessitated the production of a director and a bail bond of N2 million in the event of bail violation, has been altered. Ayiwulu highlighted.
“The court, in its wisdom, has reverted to a surety located in premises close to the court with a bail bond of N500”.
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.
The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates.
The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.
In the circular titled, “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks”, the CBN raised concerns over the growing trend of banks holding large foreign currency positions.
The latest circular came barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others.
The new development also came on the heels of the adjustment of the methodology used for the calculation of the nation’s official exchange rate by the FMDQ Exchange.
The review has pushed the Nigerian Autonomous Foreign Exchange Market rate (official exchange rate) from approximately N900/dollar to N1,480/dollar. The naira closed at 1,450/dollar at the parallel market on Tuesday.
The move which is aimed at unifying the official and parallel market exchange rates has been hailed by economists and other stakeholders.
They however challenged the CBN to clear FX backlogs estimated at over $5bn and also fund FX demands at the official market. This, they said, would forestall a situation whereby the parallel market rate would move away from the official rate again.
Apparently as part of the moves to fund FX request at the official window, the CBN in its latest circular released on Wednesday accused banks of holding excess foreign exchange positions.
As a result, the central bank gave lenders until February 1, 2024 (today) to sell off excess dollar positions.
The circulated, dated January 31, 2024, was signed by the Director, Trade and Exchange, CBN, Dr. Hassan Mahmud, and representative of the Director, Banking Supervision, CBN, Mrs. Rita Sike.
The circular read in part, “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks.”
To address these issues, the CBN in the circular issued prudential requirements that banks must follow. A key focus of these requirements is the management of the Net Open Position (NOP).
The NOP measures the difference between a bank’s foreign currency assets (what it owns in foreign currencies) and its foreign currency liabilities (what it owes in foreign currencies).
The circular mandates that the NOP must not exceed 20 per cent short or 0 per cent long of the bank’s shareholders’ funds.
This calculation, the apex bank said, must be done using the Gross Aggregate Method, which provides a comprehensive view of the bank’s foreign currency exposure.
Furthermore, banks with current NOPs exceeding these limits are required to adjust their positions to comply with the new regulations latest by February 1, 2024.
Additionally, banks must calculate their daily and monthly NOP and Foreign Currency Trading Position (FCT) using specific templates provided by the CBN.
The CBN also directed banks to maintain adequate stocks of high-quality liquid foreign assets, such as cash and government securities, in each significant currency.
According to the circular, all banks are required to adopt adequate treasury and risk management systems to provide oversight of all foreign exchange exposures and ensure accurate reporting on a timely basis.
Banks are expected to bring all their exposures within the set limits immediately and ensure that all returns submitted to the CBN to provide an accurate reflection of their balance sheets.”
Finally, the CBN warned banks that non-compliance with the NOP limit would result in immediate sanction and suspension from the foreign exchange market.
In the half of 2023, First Bank, UBA, Zenith, Access, and GTB reported a combined N1.38tn in forex revaluation gains.
The apex bank at the time issued a directive instructing commercial banks to resist using their foreign exchange revaluation gains for dividends and operational expenditures. It noted that “Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.’’
A top bank executive, who spoke on condition of anonymity, said the new circular would force banks to sell off excess dollar liquidity exceeding $5bn.
The top banker said, “Just as some Nigerians prefer to keep their money in dollars because naira is not a good store of value, banks also hold excess dollar liquidity to make gains. They do their own at institutional level. What the CBN is saying with this new circular is that, you cannot hold excess dollar liquidity again. Any foreign exchange you are holding must be committed to something, a transaction or obligation you can proof.
Banks have made a lot of revaluation gains. Some banks, I believe, got approval under the last administration to hold more dollar than the requirement. The idea is that if banks sell all these excess dollars, there will liquidity and the exchange rate will stabilise. Foreign investors will come in.”
In the North, Muslim leaders say the over 100% increase in costs for the annual Hajj pilgrimage to Mecca, now over N6 million per person, has drastically reduced intending pilgrims. Other Nigerians are struggling with doubling school fees abroad, with some parents weighing bringing their children back home.
Businesses are recording rising defaults in bill payments while manufacturers face shutdowns due to unsustainable inventory and input costs. Nigeria’s inflation rate hit a 27-year high in December, further squeezing household budgets.
Experts say the naira slide will also constrain loan repayments, especially by oil companies who owe Nigerian banks about N9.7 trillion – a 40% jump since the Central Bank scrapped its currency peg in June 2022.
With citizens seething in anger amidst deepening economic crisis, President Bola Tinubu has travelled abroad, drawing criticism from some in his party over the timing. The CBN governor has also been summoned by Senate over the currency crisis.
The Taraba State Police Command yesterday said it arrested nine including a notorious kingpin, Badon Linus during operations across the state.
It said that over eight million naira was recovered from a suspect who attempted to bribe police operatives to evade arrest on January 29.
Linus, who was paraded alongside other suspected kidnappers in Jalingo, was said to have led a syndicate who participated in a series of kidnapping including that of a third class chief and a clergy.
Briefing reporters yesterday, the Commissioner of Police, Taraba State Command, Joseph Eribo said: “Acting on credible information, the police operatives attached to the Anti- Kidnapping unit, on the 22/01/2024 swung into action and moved to Maihula Town in Bali LGA where they arrested one Badon Linus, 30, of Gwampa village Yorro LGA.
“The suspect fled Yorro to Maihula to evade arrest after alleged participation in a series of kidnap incidents around Yorro, Zing and Lau LGAs. The suspect confessed to the crime, that he led the syndicate that kidnapped the third-class Chief of Pupule, a Pastor and others.”
He also disclosed that a cash sum of N8,555,000 was discovered from a kidnap suspect who attempted to bribe a police operational team in Jalingo around 9:45pm on January 29.
He said a team of Police Mobile Force (PMF) 40 operatives attached posted on nipping point duty at Yaggai along Jalingo-Yola bye-pass, arrested one Aliyu Mohammed, 35, in an ash Toyota Starlet with registration number YLA321ZY.
“When interrogated, the suspect could not give satisfactory account of himself, hence search was conducted on his vehicle and the following items were recovered in his possession (1) A cash sum of eight million five hundred and fifty- five thousand-naira (N8,555,000); (2) Seven (7) phones (3) Three thousand (3000) unused MTN recharged cards and (4) seven amulets.
“The suspect bribed the PMF personnel requesting them to take the whole money and allow him to go, but the PMF personnel refused and arrested him accordingly. The case is under investigation, the suspect will soon be charged to court…”
Similarly, troops of the 6 Brigade Nigerian Army in Jalingo, rescued three abducted persons, spokesman, Lt. Olubodunde Oni, said in a statement yesterday.
He said the victims were abandoned by terrorists during exchange of gunfire with the troops.
Oni said the troops acted on credible intelligence on the movement of kidnap victims by bandits from Ardo-Kola to Yoro and intercepted the criminals at Apawa village of Yoro Local Government Area.
Minister of Aviation and Aerospace Development, Mr Festus Keyamo has revealed that the EFCC, is investigating the former minister, Hadi Sirika, over the controversial Nigeria Air deal.
Keyamo said: “The EFCC is investigating that deal. There is a criminal investigation going on. I have called for the report.”
Keyamo said no local airline would be designated as a national airline, stressing that “we will establish a proper national carrier.”
Recall that, in August, shortly after he was sworn in as minister, Keyamo, a Senior Advocate of Nigeria (SAN), faulted the deal by Sirika and suspended the whole arrangement to enable a proper audit of contracts.
The Nigeria Air was unveiled days before the end of the administration of ex-President Muhammadu Buhari.
The controversy surrounding the establishment of Nigeria’s national carrier, Nigeria Air, had forced veteran aviator Girma Wake to resign as Chairman of Ethiopian Airlines.
The then Interim Managing Director of Nigeria Air, Capt. Dapo Olumide, had said the aircraft used to unveil the country’s national career was a legitimate chartered flight from Ethiopian Airlines.
He added that the aircraft was returned to Ethiopian Airlines after the unveiling on the last day of the Buhari administration in May.
Nigeria’s Senate and House of Representatives Committees on Aviation had both labelled the launch of Nigeria Air as a fraud.
Minister of Youth Development Jamila Ibrahim has unveiled some programmes of the Federal Ministry of Youth Development.
In a document titled ‘A New Era of Youth Empowerment: My Commitment to Transformative Initiatives’, the minister said her resolve to empower Nigeria’s youth had been unwavering since she assumed office.
She explained that since assuming office, she had focused on laying a robust foundation for strategies that will profoundly impact Nigerian youth. Dr. Ibrahim assured the youths that these initiatives would soon bear fruits.
The minister listed some of the programmes to be unveiled soon to include The NextGen Bank – to be launched in April; Youth Villages – to be implemented in partnership with Niger, Katsina, and Ebonyi states.
Others are Restructured and Reinvigorated National Youth Investment Fund; the National Youth Service Scheme (NYSC) Reforms; Skills Program for Non-graduates and At-risk Youths and the Young Leaders’ Institute.
The minister also said the ministry was working on a Proposal on Mandatory 30 per cent youth quota in government appointments.
She said: “Since assuming my role, I have focused on laying a robust foundation for strategies that will profoundly impact Nigerian youth, as the Chief Responsibility Officer, entrusted with the task of delivering on the consistent promise of President Bola Tinubu to create enduring and sustainable streams of opportunities for Nigerian Youths.
“This foundational phase, essential yet less visible, has involved aligning critical stakeholders within and outside the government to ensure the success of the President’s initiatives. These initiatives represent just a glimpse of what the youths can expect under my tenure. They are immediate, actionable plans set to roll out imminently.
“My commitment to Nigeria’s youth is unwavering. I am here to serve, lead, and deliver on the promise of a brighter future for our youth. Your voices are heard, and your concerns are taken to heart. Together, we will embark on this journey of transformation and success.”
[TheNation]
First Bank of Nigeria Holdings Plc has appointed the 20th richest man in Africa, Femi Otedola, as its new Chairman.
FBN Holdings, in a notice to the Nigerian Exchange Limited and the investing public, said the decision was made at the meeting of the Board of Directors of the company held on Wednesday.
Otedola, also the Chairman of Geregu Power, succeeds the outgoing Chairman of the FBN Board, Ahmad Abdullahi.
Otedola was recently ranked by American business magazine, Forbes, as the 20th richest African with a fortune of $1.1bn.
Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director, the company said.
“He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.
“His first foray Into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding In the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007.
“His vision transformed African Petroleum Plc into Forte Oil Plc (FO Plc). The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry.
“In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over In June 2019 after completing the transaction.
“The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.”
Says No Local Airline Will Be A National Carrier
Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN) from Abuja to Lagos will help the agency save over N500 million on travels alone.
Keyamo made this revelation in an interview on Channels Television’s Politics Today on Wednesday.
The minister insisted that there is no going back on the relocation of the headquarters of the FAAN.
Recall that Senator Ali Ndume from Borno South, as well as chieftains of the Arewa Consultative Forum (ACF), Northern Elders Forum ( NEF), and other northern groups, had kicked against the relocation of FAAN and the Central Bank of Nigeria (CBN) departments to Lagos.
But, Keyamo said the movement of the headquarters of the airport authority has become necessary in line with current economic and operational realities.
Keyamo, a Senior Advocate of Nigeria, said the movement of the FAAN headquarters would save the government and the people of Nigeria half a billion naira wasted on air tickets by officials of the Authority who have to commute from Lagos to Abuja and back.
The minister said top FAAN officials and aviation unions approached him and that the head office of the authority moved to Lagos for operational efficiency.
On whether President Bola Tinubu was aware of the decision or not, he said, “I take the decision”.
“Infrastructure Development: I did not meet any masterplan on ground in the entire Nigeria… I have told the President that we need to start with masterplans for the five international airports,” he added.
He aslso, said that the Economic and Financial Crimes Commission (EFCC) is investigating the controversial Nigeria Air deal sealed by the Federal Government during the tenure of ex-Aviation Minister, Hadi Sirika.
“The EFCC is investigating that deal,” the Minister of Aviation and Aerospace Development, Festus Keyamo, revealed on Channels Television’s Politics Today programme on Wednesday.
He said “there is a criminal investigation going on. I have called for the report”.
Keyamo also said no local airline would be designated as national airline, adding that “we will established a proper national carrier”.
Last August, shortly after he was sworn in as minister, Keyamo, a Senior Advocate of Nigeria (SAN), faulted the deal by Sirika and suspended the whole arrangement which was hurriedly unveiled by days to the end of the administration of ex-President Muhammadu Buhari, to enable proper audit of contracts.
The controversy surrounding the establishment of Nigeria’s national carrier, Nigeria Air had forced veteran aviator, Girma Wake, to resign as Chairman of Ethiopian Airlines.
The then Interim Managing Director of Nigeria Air, Capt Dapo Olumide, had said the aircraft used to unveil the country’s national career was a legitimate chartered flight from Ethiopian Airlines, adding that the aircraft was returned to Ethiopian Airlines after the unveiling on the last day of the Buhari administration in May.
Nigeria’s Senate and House of Representatives Committees on Aviation had both labelled the launch of the Nigeria Air as a fraud.
Former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George, has said that the party would not form an alliance with any other opposition party for the 2027 election.
Speaking at a media parley in Lagos yesterday, George also spoke on the prospect of former Vice President Atiku Abubakar contesting for the presidential ticket again in 2027, urging him to drop his ambition because he would be old to serve the country as a president.
He asked the former vice president to support a southern candidate in 2027, saying that the south has to complete their eight years in office before power could return to the north in 2031.
Chief George said Atiku and Northern politicians nursing ambition to fly the flag of the party in 2027 should stop putting their political ambition ahead of the party’s best interest.
“In 2027, I can’t tell Atiku not to contest, but our party must be definitive, and definitively state that the presidency must still be in the south. General Muhammadu Buhari spent eight years and he is from the north.
“Our party must produce its own presidential candidate from the south. I hope we learnt something from the 2023 general election. Will Atiku’s ambition be greater than the national ambition and national interest of our country?
“I heard someone saying they wanted to form a mega party to win the presidency? Which mega party? Do you know how long it takes to have a solid party?
“Age also has caught up with some people and you can see the way they are talking and telling President Joe Biden of US to take a good rest because he is already 82 years. He wants to go for another four years and he will be the oldest president that has ever ruled in America.
“My brother Atiku Abubakar was 77 years last year, and by 2027 he would be 81 years. Atiku should be in a situation where he plays like the big uncle in the room or the elder in the room.
“What would anybody carry me now to do because I’m heading to 80 years and I want to go and be minister, to do what? Let’s mentor the younger generation, and let’s be consistent with our strong belief in our party’s norms,” he said.
[Sun]
A team of mobile police officers (MOPOLs) attached to the 40 Police Mobile Force in Jalingo, Taraba State has rejected a bribe of N8.5million from a suspected kidnapper and arrested him.
The state commissioner of police, CP Joseph Eribo, disclosed this when he paraded some suspected criminals in Jalingo, the state capital.
He said the suspected kidnapper was arrested on Monday at 9:45 pm in a Toyota Starlet car with registration number YLA 321 ZY on the Jalingo-Yola Bypass Road.
Eribo said, “When interrogated, the suspect could not give a satisfactory account of himself, hence a search was conducted on his vehicle and the following items were in his possession: a cash sum of N8.555 million, seven phones, 3,000 unused MTN recharge cards, four amulets.
“The suspect bribed the PMF personnel, requesting them to take the whole money and allow him to go, but the PMF personnel refused and arrested him accordingly. The case is under investigation and the suspect will soon be charged to court,” he said.
Meanwhile, troops of the 144 Battalion (Rear) of 6 Brigade, Jalingo, have engaged bandits who kidnapped three persons in Jalingo in a gun duel.
The acting assistant director of Army Public Relations, 6 Brigade, Lt. Olubodunde Oni, in a statement, said the bandits were heading to Yorro when the troops engaged them in a gun battle.
He said, “Acting on intelligence regarding the movement of the bandits with their victims from Ardo-Kola to Yorro, troops deployed in Apawa village of Yorro local government area swiftly mobilised to the area and trailed the armed group.
“The troops displayed exceptional skill and determination, engaging the criminals with superior firepower.
“This forced the bandits to abandon their three abducted victims.
“We are pleased to report that the rescued individuals have been reunited with their families as we continue on the trail of the kidnappers,” he said.
• Receive 40 alteration bills as 1999 Constitution review commences
Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, has revealed that 40 bills have been received for the commencement of the 1999 Constitution review.
He also announced that the review committee would complete its assignment by December, 2025. Kalu made the disclosures at the pre-inaugural meeting of the House of Representatives Committee on the Review of the 1999 Constitution of the Federal Republic of Nigeria, which he also doubles as the chairman.
The Deputy Speaker also said the Constitution review committee would be officially inaugurated on February 26, 2024. Recall that the House leadership recently constituted the committee for the 10th National Assembly, making it the sixth time the parliament would be embarking on amendments of the Nigerian Constitution.
The deputy speaker added that the committee would take into consideration the concerns of Nigerians and bequeath to the nation a constitution that would reflect the yearning of the people.
He added that the committee would also consider some important bills that failed to receive the needed attention in the last constitution review.
Kalu urged sponsors and promoters of the bills to ensure early and thorough advocacy on the bills.
“The Committee is fully aware of the concerns of Nigerians on the need to finalise and conclude discussions around Nigeria’s Constitution. I will like to state, however, that the nature of Nigeria’s Constitution and the history around how it was made and handed over to a new civilian government in 1999, makes it imperative for us to continually revisit the several provisions of the constitution and work towards accomplishing consensus on outstanding constitutional debates.”
Kalu highlighted the scope of reference of the committee to include the alteration of the Constitution of the Federal Republic of Nigeria (1999) and other Acts that are to be altered, in accordance with Section 8 and Section 9 of the Constitution of the Federal Republic of Nigeria.
Others, he said, are receiving and considering any proposal, bills for the alteration of the 1999 Constitution (as amended), which may be made or referred to by the Acts, and ensuring the alterations to the constitution are passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria.
Also, creating a forum for relevant stakeholders and members of the public to make their inputs to the constitution review process, to enact laws to improve the wellbeing and aspirations of the Nigerian people.
In addition, building a robust and collaborative relationship with the Senate of the Federal Republic of Nigeria and the 36 states Houses of Assembly, whose resolutions are part of the legislative journey to the bills; liaise with relevant government agencies, civil society organisations, multilateral and supranational agencies, to achieve a wholesome amendment to the Nigeria’s constitution; and liaising with relevant government agencies, civil society organisations, multilateral and supranational agencies to ensure a wholesome amendment to the Nigeria’s constitution.
[Guardian]
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Some civil society organisations have said the withdrawal of Niger, Mali, and Burkina Faso from the Economic Community of West African States (ECOWAS) poses a significant security threat.
The three countries had on Sunday announced their exit from the ECOWAS due to what they called illegal and inhumane sanctions imposed on them following the coups in their countries.
The regional bloc, chaired by Nigeria’s President Bola Tinubu, had said it had yet to receive any notification of withdrawal from the three countries.
The CSOs, in a joint letter addressed to Tinubu, said the withdrawal of these countries posed a direct threat to the collaborative efforts required to combat regional security challenges. The letter, dated January 31, 2024, was signed by Kabiru S. Chafe of the Arewa Research & Development Project (ARDP); Babayola M. Toungo, Arewa Research & Development Project (ARDP); Abubakar Siddique Mohammed, Centre for Democratic Development, Research & Training (CEDDART); Massoud Omar, Centre for Democratic Development, Research & Training (CEDDART); Hashim Tom Maiyashi, Joint-Action Committee of Northern Youth Association (JACOM) and Ms. Latifa Abdussalam of the Joint-Action Committee of Northern Youth Association (JACOM).
It specifically said Mali and Niger were critical in the fight against terrorism and insurgency, given their geographic positioning and the nature of cross-border security threats.
The letter titled, “Your Excellency, Upholding Regional Solidarity and Nigerian National Unity: An Open Letter to President Bola Ahmed Tinubu on ECOWAS Challenges and Domestic Policy Concerns,” read in part: “One of the most pressing issues needing serious attention is the fight against insecurity in Nigeria, a battle that is intrinsically linked to the stability and cooperation within the ECOWAS region. The withdrawal of Niger, Mali, and Burkina Faso poses a direct threat to the collaborative efforts required to combat regional security challenges.
“These countries, particularly Mali and Niger, are critical in the fight against terrorism and insurgency, given their geographic positioning and the nature of cross-border security threats. Their departure from ECOWAS not only weakens the regional security framework but also leaves Nigeria more vulnerable to the spillover of instability and terrorist activities from these neighbouring countries.
“The decision of the Niger Republic, Mali, and Burkina Faso to withdraw from the Economic Community of West African States (ECOWAS) marks a critical juncture in the history of our region. It has significantly altered the political landscape of West Africa, with multifaceted repercussions extending far across political, economic, security, social, and diplomatic spheres. Understanding the depth and breadth of these implications is essential for devising a strategic response that upholds the integrity and objectives of ECOWAS.”
[DailyTrust]
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.