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CBN: Diaspora Remittances Hit Over $550m

By
Tosin Olatokunbo
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Yemi Cardoso - CBN Governor

The Central Bank of Nigeria, CBN, has reported a substantial increase in remittance inflows, to the tune of  $553 million in July 2024.

The figure, the government-controlled bank said represents a 130 per cent increase from the corresponding period in 2023.

A statement by the Apex bank’s acting Director, Corporate Communications, Hakama Sidi Ali on Tuesday, said the figure represented the highest monthly total inflows on record,  and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The substantial growth in remittance receipts was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

These measures included granting licenses to new International Money Transfer Operators, IMTOs, implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.

Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

The apex bank stated that its initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

The statement added, “The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.”

Kogi: Appeal Court Orders Fugitive Yahaya Bello To Report To EFCC

By
James Orji
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Yahaya Bello

Fugitive Yahaya Bello, a former governor of Kogi state has been ordered by the Court of Appeal in Abuja, to make himself available for trial over an alleged N80 billion fraud.

The appellate court made the order on Monday in a case brought before it by the Economic and Financial Crimes Commission, EFCC, a decision that has superseded an earlier one made by a Kogi state high court which restrained the EFCC from prosecuting Bello over the allegation of money laundering.

The magazine reported that the former governor has been eluding arrest by playing hide and seek with the law.

Not a few insist that he has been in the custody of the Kogi state governor, under whose protection he has been since evaded EFCC arrest in his Abuja home in March this year.

In a unanimous decision delivered on Tuesday, a three-member panel of the appellate court led by Justice Ken Amadi restrained the former governor from taking any further action regarding the charges against him until he has been formally arraigned.

The appeal court described the judgment by the Kogi high court which restrained the anti-graft agency fro  arresting Bello as “scandalous”.

Justice Amadi held that it was very clear that the purpose of the case instituted at the trial court was “to shield the respondent, Yahaya Bello, from his criminal trial”.

The court also relied on the earlier decision of Olubunmi Oyewole JCA in EFCC vs. Alh. Yahaya Bello, CA/ABJ/CV/413/2024 to reiterate that “no court has the power to preclude a law enforcement agent from performing its statutory functions.”

On the whole, the court agreed with the submissions of the EFCC and held that the appeal is meritorious and is therefore allowed.

“In view of the provision of Section 396(2) of the Administration of Criminal Justice Act, ACJA, the respondent in this appeal, Alhaji Yahaya Adoza Bello, is hereby ordered to appear for his arraignment in Charge No.: FHC/ABJ/CR/550/2022, FRN VS ALI BELLO & ANOR, before taking any other step in this matter,” Justice Amadi ruled.

Bell who ruled the Confluence state for eight years with an iron fist has huge corruption allegations trailing him behind.

Unity Bank Champions Digital Literacy For Youth Empowerment

By
James Orji
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Unity Bank Tomi Somefun

 

Top lender Unity Bank Plc has organised a a high-impact webinar to explore the role of digital technology in sustainable development.

The event which took place in Lagos recently, the bank said, is in line with its commitment to supporting youth empowerment and technological innovation, and creating opportunities for Nigerian youths to thrive in the digital economy.

The event drew participants from across Nigeria featuring the Telecommunications, Media and Technology, TMT, ecosystem including start-ups, players in fintech, content creators, etc.

Participants include top leaders in Nigerian technology industry, Gbolahan Salami, Senior Vice President, Growth, Product, and Strategy at WakaNow, and Micheal Ogundare, chief executive and Co-founder of Crop2Cash.

Both speakers shared insightful perspectives on leveraging digital technology to empower the next generation and foster inclusive growth.

Commenting on the International Youth Week webinar, Unity Bank’s Head of Strategy and Innovation, Mr. Ibukun Coker, said that through youth-friendly products, special business grants from the Bank’s youth-focused initiatives such as the Corpreneurship Challenge programme as well as other financing packages, the Bank will continue to accord priority to Micro, Small and Medium-sized businesses in technology.

He added: “Empowering the youth through digital technology is key to unlocking sustainable development in Nigeria. At Unity Bank, we are committed to driving initiatives that bridge the digital divide and equip young people with the skills needed to thrive in today’s fast-evolving economy. This webinar is part of our ongoing effort to support the growth of a digitally inclusive society, ensuring that our youth are well-positioned to harness technology for positive change and economic progress.”

The event provided an opportunity for participants to interact directly with the speakers, with many expressing renewed optimism about their potential to leverage digital technology for personal and societal advancement.

Recall that recently Unity Bank partnered with SkillPaddy in its “Count Her In” tech Programme focused on empowering no fewer than 1,000 female beneficiaries in Software Engineering Training. The IT skill development and empowerment initiative was intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. About 40 young girls received full sponsorship from the Bank in the special training initiative, which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.

“Atimes, I Had Had Doubts Over It, But I Am Still A Member Of The PDP, I Go Nowhere” – Gov Fubara

By
Suleiman Anyalewechi
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Siminalayi Fubara
Governor Siminalayi Fubara

By Suleiman Anyalewechi

Governor Siminalayi Fubara, on Tuesday August 20, 2024, stoutly rejected speculations linking him with  plans to dump the Peoples Democratic Party, PDP.

However, he added that as a human he had sometimes entertained fears about his continued association with the party on which platform he rode to the Rivers State seat of power.

In recent times ,insinuations have been rife that he is mostly likely to pitch tent with the All peoples Party, APP, or Labour Party, LP.

Such speculations were accentuated by his alleged dissatisfaction, with the way the PDP top hierarchy at the National level handled his feud with his estranged godfather, Minister of the Federal Capital Territory, FCT, Nyesom Wike at the brewing stages.

Talks were rife that the Governor felt betrayed and abandoned by the PDP at a time he needed their moral and political support.

Governor Fubara and his erstwhile mentor, Wike, had, late last year, found themselves on a parallel path, barely six months after the latter facilitated the emergence of the  former as the State Governor .

The feud climaxed in December 2023, with 27 Members of the Rivers State House of Assembly   considered to be loyal to Wike defecting from the PDP to the All Progressive Congress APC .

Since then, the two hitherto political allies have continued to dig deeper into the trenches, with no signs of striking a truce in the horizon.

At an interactive session with members of the PDP  Board of Trustees led by its Chairman, Dr. Adolphus Wabara  in Port Harcourt, Governor Fubara maintained that Rivers State has been a PDP stronghold and will remain so under his watch.

He expressed happiness with the decision of the BOT members to visit the State to interact with him and other stakeholders of the Party.

He noted that the visit has reassured and  strengthened  his belief that he is still an integral part of the party.

“I want to thank the Chairman and members of the Board of Trustees. Honestly speaking, if I was having any doubt  about my membership of this great party, I think today, I have gotten a reconfirmation that I am still needed, not minding the drama around a member of this party.

“And I want to thank you for taking all the troubles to come to Rivers State to see the Governor, and the supporters of the party, genuinely.

“I need to use that word genuinely, because we that are here, are members of the Peoples Democratic Party undiluted.

“For once, I am happy to see the leaders among whom are some founding fathers of the PDP like Chief Bode George , Senator Ahmed Makarfi, Dr Okwesilieze Nwodo, joining the delegation here to talk about the unity of the party

“I want to assure members of our party, genuine members of PDP that are here with us, that this is another hope to show that our decision to stand by the party, and still standing by the party is not a wrong decision” he stated.

The Governor further said the primary purpose for the BOT visit is to have a first hand  information about the cause(s) of the problems in the State Chapter of the Party .

“What I have said in Abuja is the same thing I say in Port Harcourt .If I have had any encounter with anybody in Lagos, I don’t think my story has changed.

“So, I strongly believe that when we go into the executive session,  I will let the Board members who have visited us to know, or to hear my side of the story.” Gov Fubara stated .

The Source reports that the BOT members are in the state to acquaint themselves with the real situation in the ongoing feud between the Governor and his immediate predecessor, Wike,preparatory to the up coming National Convention of the party.

Owing to the disagreement, the scheduled Ward and State congresses of the party in the State, has been put on hold by a Court injunction secured by some actors believed to be loyal to the FCT Minister.

NLC To Police: “Touch Ajaero, Face Our Anger, Enough Is Enough”

By
Ayodele Oni
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Comrade Joe Ajaero - NLC President

By Ayodele Oni

The Nigeria Labour Congress (NLC) is spitting fire, literally, over the invitation to its National President, Comrade Joe Ajaero by the Nigeria Police Force.

The Police had, on Monday, accused Ajaero of financing terrorism, of cyber crime, of criminal conspiracy, of subversion, and of treasonable felony.

But the leadership of the NLC, like most Nigerians are shocked and has described as baseless, all the  allegations against Ajaero.

The NPF had, in the letter of invitation to Ajaero on Monday, directed him to report for an interview on Tuesday and threatened to arrest him if he fails to honour the invitation.

The letter, signed by Adamu S. Muazu, reads: “This office is investigating a case of criminal conspiracy, terrorism financing, treasonable felony, subversion, and cybercrime in which you have been implicated.

“You are therefore required to report to the undersigned for an interview on Tuesday, 20th August 2024, at 10:00 a.m. prompt, at Old Abattoir by Guzape Junction, Abuja, through the Team Leader at telephone number 08035179870, in connection with the above investigation.

“Be informed that if you fail to honor this letter, this office will have no choice but to issue a warrant for your arrest.”

Ajaero did not honour the invitation, but had, in a letter to the Inspector General of Police, through his Lawyer, Femi Falana, SAN, of Falana & Falana Chambers,  promised to honour the invitation on August 29, 2024.

Reason: the suddenness of the invitation which clashed with an engagement Ajaero was, already, committed to.

Rising from an emergency National Executive Council (NEC) meeting in Abuja on Tuesday, the NLC  described the Police invitation as an attempt to weaken and destabilize Labour Union.

The NLC flayed the continued harassment and intimidation of members by the Police. And has promised to embark on a nationwide indefinite strike if Ajaero is arrested and/or detained.

A communique signed by Ado Minjibir, Deputy National President of the Congress, directed affiliate Unions to start mobilizing members for an industrial action, stressing that the union will embark on mass action to protect the integrity of members, and the Congress.

Police Invitation Letter To NLC President Indicates Premeditated Decision On Ajaero’s guilt – Deji Adeyanju

By
Ayodele Oni
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Deji Adeyanju
Deji Adeyanju

By Ayodele Oni

A Human Rights Activist, Deji Adeyanju, has warned that the invitation of the President, Nigeria Labour Congress (NLC), by the Police may  overheat the polity.

Reacting to the invitation in a statement, Adeyanju pointed out that the contents of the letter were full of threat to the Labour leader.

He said that it appears from the invitation letter, that the Nigerian Police Force has already reached a premeditated decision on Joe Ajaero’s guilt.

Adeyanju:

“My attention has been drawn to a letter issued by the Nigerian Police Force on the 19th day of August, 2024, purporting to invite the President of the Nigerian Labour Congress, Joe Ajero, for an interview over a case of criminal conspiracy, terrorism financing, treasonable felony, subversion and cybercrime, in which his name was allegedly mentioned.

“The letter concluded with a threat of arrest if Mr. Joe Ajero does not honour the invitation.

“While I recognize the fact that the Nigerian Police Force has the power to invite anybody in relation to ongoing investigations, it is, however, imperative to sound a note of caution, as it appears from the invitation letter, that the Nigerian Police Force has already reached a premeditated decision on Joe Ajero’s guilt.

“I, therefore, call on the Inspector General of Police to call his officers to order and refrain from heating the polity, as we will not sit idle and watch Nigeria descend into fascism, the outcome of which no one can predict.”

Supreme Court On LG Autonomy: FG Constitutes Enforcement Committee

By
Ayodele Oni
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George Akume

By Ayodele Oni

The Federal Government has constituted an inter-ministerial committee to enforce the Supreme Court judgement on local governments autonomy.

Performing the ceremony, the Secretary to the Government of the Federation (SGF), George Akume, stated that the committee is made up of ten members.

A statement on Tuesday by Segun Imohiosen Director, Information in the DFF office revealed that Akume will head the ten member committee.

Other members of the committee are  Ministers of Finance & Coordinating Minister of the Economy, Attorney General of the Federation & Minister of Justice, Budget & Economic Planning and Accountant General of the Federation.

Others are Governor, Central Bank of Nigeria, Permanent Secretary, Federal Ministry of Finance; Chairman, Revenue Mobilization Allocation & Fiscal Commission, Representative of State Governors as well as Representative of Local Governments.

The committee’s primary goal is to ensure that local governments are granted full autonomy, allow them to function effectively without interference from state governments.

“This move is in line with President Bola Ahmed Tinubu, GCFR efforts to give appropriate implementation to the provisions of the Constitution, which recognizes local governments as the third tier of government.”

Kano Trial Begins In Alleged Fatal Rape  Of 9-Year Girl, Rumaisa Sadiq, Accused  Remanded

By
Suleiman Anyalewechi
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Rumaisa Sadiq raped to death

By Suleiman Anyalewechi

Further hearing in the case of alleged rape and subsequent death of nine-year old Kano-born Rumaisa Sadiq has been adjourned to September 30 2024.

Till then, a Magistrate Court sitting in the Nomansland area of Kano has ordered the remand, in correctional centre of the accused, Maniru Ibrahim Fanisau.

The Source reports that late Rumaaisa Sadiq was alleged to have been raxed to death by Ibrahim, a Chemist, in Jaba Fanisau on the outskirts of the commercial nerve centre of the Northern region of Nigeria.

Her case was brought to light by an advocacy group, Hadaya Ahmad VVF Aid. following which the Kano State Government and some human rights organizations, both within and outside the country, vowed to ensure justice.

The Kano State Commissioner for Women, Children and Disabled Persons, Hajia Aisha Lawan Saji Rano, on a visit to the family members of late Rumaisa on Sunday August 18, insisted that despite some subtle efforts by some forces to twist and frustrate the matter, the State Authorities will pursue it to a logical conclusion.

A statement from her Ministry said she assured that the case will be pursued with vigour so as to ensure that justice is done to the departed young Rumaisa, as well as to serve as a deterrent to others who may wish to toe similar line of despicable action.

“Despite moves by some individuals to infuse diverters into the reported case of a fatal raxe against 9-year old Rumaisa Sadiq, the Commissioner for Women, Children, and the Disabled, Hajia Aisha Lawan Saji-Rano, has insisted that there must be justice for the late victim and her family”, the ministry statement noted.

Alhaji Sadiq, father of the deceased, said he had taken young Rumaisa to the Chemist for malaria treatment, but unfortunately she was allegedly raxed to death.

The prosecution Counsel, Zanaib Aliko, on Tuesday August 20, 2024 told the Magistrate Court presided over by His Worship, Hajara Safuyyu Garba, that the victim died as a result of her alleged raxe by Ibrahim Fanisau, the Chemist.

The accused ,who was arraigned on a two count  charge bordering on raxe and homicide, however pleaded not guilty  to the charges.

Police Invitation: Ajaero Fixes Date Of Honour, Demands Details Of Allegations, NLC Threatens Fire, Brimstone

By
Adesina Soyooye
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Comrade Joe Ajaero - NLC President

By Adesina Soyooye

Comrade Joe Ajaero, the National President of the Nigeria Labour Congress, has given reasons why he failed to appear before the Police for interrogation by 10.00am on Tuesday, August 20, 2024.

The Police had, on Monday, August 19, in a move which shocked not a few Nigerians from all walks of life, invited Ajaero for interrogation over alleged involvement in terrorism, its financing, treasonable felony, subversion, cyber crime, criminal conspiracy, among others.

Ajaero was asked to appear by 10.00am Tuesday, failing which the Police threatened a warrant of arrest against him.

The invitation and allegations against him have sparked reactions like claps of thunder, with his main constituency, the Nigeria Labour, threatening fire and brimstone.

Stating the stand of the NLC, after an emergency meeting Tuesday morning, its National Deputy President, Comrade Ado Kabiru Sani, asked Workers nationwide to be on standby. He said that should the Police act contrary to expectations  and arrest and/or detain Ajaero, all Workers would, immediately, embark on strike.

His words: “As a committed Labour Centre, we will honor the invitation of the Police because we are not a faceless organisation, but we are working with our Lawyer for an extension of time.

“In the event that the President is arrested, all Workers will down tools immediately. We should wait for further directives from our Leadership.”

In turning down the invitation of the Police to appear on Tuesday, Ajaero said it was very sudden as he received it Monday and already had scheduled engagements before the invitation. He, therefore, said he would appear on August 29.

In a letter to the Inspector General of Police,  on behalf of Ajaero, his Lawyers, Falana & Falana said: “We are solicitors to the Nigeria Labour Cogress and its President, Joe Ajaero, on whose behalf we write this letter in respect of the above subject matter.

“We have the instructions of  Ajaero to inform you that he is unable to honour your invitation on Tuesday, August 20 in view of the fact that your invitation  was received by him yesterday.

“He has an invitation that had been fixed before the receipt of the invitation letter.

“Therefore, Ajaero is prepared for your interview on Wednesday, August 29, 2024.

“Furthermore, in accordance with the provisions of Section 36 of the Constitution of the Federal Republic of Nigeria, 1999 as altered, Ajaero requests for the details and nature of the allegations of criminal conspiracy, terrorism financing, treasonable felony, subversion and cybercafé leveled against him.

“While awaiting your response to this letter, please, accept the assurance of our highest esteem.”

The letter was signed on behalf of the Law Firm by Samuel Ogala.

The Police has been after the NLC since after the nationwide protest tagged #EndBadGovernance. Even though the NLC made it clear that it was not part of the protest, it, however, condemned the handling of the protest by the Police, especially, the killings of some protesters.

Thereafter, to the surprise of many, days later, the Police invaded the NLC Headquarters in Abuja at night  and carted away a number of things, including, books.

After the initial denial by the Police following an uproar over the raid, the Police finally admitted its operatives carried out an operation there but said they were in pursuit of a foreign terrorist financier.

Inexplicably, it turned out, as has been established in their letter of invitation to Ajaero, that they were after him and, perhaps, the NLC Leadership.

Expert Predicts Reduced Financial Pressure on FG As NNPC Ltd Pays Dividends, Taxes

By
James Orji
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Mele Kyari - NNPC GMD
Mele Kyari

The Chief Executive Officer of Cowry Assets Management Ltd, Jonhson Chukwu has said that the dividend and taxes paid by the Nigerian National Petroleum Company Ltd will reduce the financial burden of the federal government.

Chukwu said this in response to the record performance of the state-owned company after it released its financial accounts for 2023.

It has been reported that the company made N3.297tn net profit for 2023 which surged significantly by 28 per cent compared to the N2.54tn recorded in the previous year.

The books showed that the company recorded a historic profit before tax of N5.98tn while it paid taxes of N2.6tn to the Federal Inland Revenue Service.

NNPC also recorded a dividend of N2.6tn payable to the Nigerian government. The company had declared a loss of N803bn in 2018, and it was reduced to N1.7bn loss in 2019.

But the company led by the Group Chief Executive Officer, Mele Kyari returned to profitability in 2020 with N287bn profit and N674.1bn profit in 2021. It went further to post N2.55bn profit in 2022.

Chukwu said in an interview on Arise TV that the dividend and taxes declared by the company will reduce the financial stress of the federal government.

He said, “The federal government has made a supplementary budget of about N6tn. And then NNPC’s N2.1tn final dividend is more than 35 per cent of the supplementary budget.

“That will show you the impact this is going to have when that money comes to the foundation account.

“Bear in mind that whatever dividend they pay goes to through two organs of government. One, Federal Minister of Finance, Incorporated, and Ministry of Petroleum, Incorporated and they own NNPC limited 50-50 per cent.

“So, it all go back to the entire national treasury. And that simply means it will go into the federation account, which will be shared through the three tiers of government. And that will cushion the kind of financial stress that the governments at different levels are going through.”

He said in the past, the concern of Nigerians has always been on the issue of accountability on the part of the former Nigerian National Petroleum Corporation now NNPC.

Chukwu, while responding to the performance, likened the NNPC Ltd to Saudi Aramco, which is the biggest listed oil firm with $1.8tn market capitalisation.

Chukwu said, “I was quite impressed. You know why? Everything we’ve heard in recent past, we are all negatives about the general industry, what is going on and that. And then today we’re looking at how NNPC had turned the corner.

“If you cast your mind back just a few years ago, 2018, that company made a loss of N803bn. In 2018, you can see it virtually broke even by making a loss of only N1.7bn.

“But today we’re talking about N3.3tn profit and that is after tax payment of N2.6tn. And we need to put it in context. The NNPC is going to pay to the federation account to Federal Inland Revenue Service N2.6tn as tax before it arrived at the N3.3tn.”

The economist said the results showed that the NNPC has created value for the nation in the region of N5.3tn.

According to him, the total amount shared by the three tiers of government in the first seven months of this year was only N8.3tn while NNPC paid tax of N2.6tn which is almost 30 per cent of the total amount that had been shared.

The Cowry Assets boss explained that the NNPC could record the performance because the management possibly reduced or eliminated the loss-making arms of the organisation.

“They would have instilled some level of performance-based in different arms of an NNPC. And they have also escalated their level of reporting, and now do you have a detailed financial statement from an NNPC. For years, we did not have a detailed financial statement from an NNPC.

“So, I think NNPC being an incorporated company, like what we have in NNPC Limited, unlike what you have in Nigerian National Petroleum Corporation, when it was a corporation, and then there was no level of accountability.

“What has been brought to bear are the standards that are applicable to private sector enterprises, in terms of performance-based, board of oversight functions, budgeting, and then appraisals that actually measure performance against targets.

“And I think those things have been institutionalized and which is why we are seeing consistency in terms of their profitability and we’re seeing a steady growth in their profitability over these past few years since they turned the corner.

“And I believe those are the factors that were brought to bear that made the company turn the corner.

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