Jimi Adewumi Blog

Jimi Adewumi Blog Breaking exclusive stories in entertainment news, politics and events around the world. Twitter:
Instagram: Jimi.Adewumi.blog
(2)

Shake-up in police as IGP redeploys 26 commissionersKayode Egbetokun, inspector-general of police, has authorised the im...
09/11/2023

Shake-up in police as IGP redeploys 26 commissioners

Kayode Egbetokun, inspector-general of police, has authorised the immediate redeployment of 40 senior police officers to various commands and formations across the nation.
Those to be redeployed include twenty-six police commissioners and 14 assistant inspectors-general of police.
According to a statement from the force, the redeployment is in keeping with the IGP’s mandate to establish a police force that is people-friendly, rule of law compliant, professionally competent, and driven.
It also reflects the recent promotion of senior officers to higher ranks.
Among the 14 AIGs are Ogundele Joshua Ayodeji who has been redeployed to Zone 7 Abuja; Patrick Ogon Edung,  to Zone 11 Osogbo; and Badru Banji Lawal to Border Patrol FHQ.
Some of the redeployed commissioners of police are Disu Olatunji Rilwan to Rivers state; George Chijioke Chuku to Benue state and CP Ahmed Abdullahi Tijani to Jigawa State.
The IGP had directed the recently posted or redeployed officers to cooperate with the force’s policy and back the government’s goals for the nation’s socio-political development and economic recovery.

Many Stranded As NLC Locks Down Abuja AirportThe union member had expressed their discontent with the manner the federal...
09/11/2023

Many Stranded As NLC Locks Down Abuja Airport

The union member had expressed their discontent with the manner the federal government led by President Bola Tinubu has been handling the affairs of the nation as well as their welfare. Among other demands bothering their welfare, they had demanded that the government reverse the fuel subsidy removal and other obnoxious policies that have been making life difficult for Nigerians.
Sadly, their demand fell on deaf ears. They wanted the government to restore fuel subsidy, work with them to reach an agreement, and put in measures to cushion its effect before removing it. However, the federal government had not actually heeded their demands.
The NLC members were also angered by the manner their National President, Joe Ajaero and other colleagues were brutalized in Imo State by thugs and some security agents allegedly working in connivance with Governor Hope Uzodinma. The NLC leadership would address the media on the immediate reason for their lockdown of Abuja airport.

Telecoms giant MTN plans to exit three African marketsAfrican telecommunication giant, MTN is considering exiting three ...
09/11/2023

Telecoms giant MTN plans to exit three African markets

African telecommunication giant, MTN is considering exiting three markets on the continent.
The pan-African mobile operator, which currently has a presence in 19 countries on the continent and the Middle East, said that discussions are also ongoing regarding the potential “orderly exit” of its operations in Guinea-Bissau, Guinea-Conakry and Liberia.
These changes will reduce the tally to five operating countries in the group’s West and Central Africa (Weca) segment of its portfolio, Techcentral reported.

While reasons for the market exit have not been revealed its financial reports show that it’s facing numerous challenges across the West and Central Africa region. CEO Ralph Mupita pointed to signs of inflation and currency devaluation across several markets.

At the end of the 2022 financial year, the company’s EBITDA margin declined by 1.7 percentage points year on year to 33.1% due to pricing pressures, fintech channel subsidies and macroeconomic challenges, including local currency devaluations and higher inflation.
Per Bloomberg, these three countries are not major contributors to MTN's revenue, accounting for only 1.6% of its total revenue in 2022. Across these countries, the telecom controls a secondary chunk of the market share, about 30% in Guinea-Bissau and Guinea-Conakry. In Liberia, Lonestar MTN is the second-largest telecom in the country.
The decision to exit these markets is not unexpected. In May, MTN was reportedly in advanced talks with Axian Group Limited to sell some of the assets in the countries in order to consolidate its presence in key markets such as Nigeria and South Africa.
Yesterday, the company pushed its network availability to 95% in its home market in South Africa, as it invested billions of rand to upgrade sites with batteries, generators, renewable energy and enhanced security to overcome power cuts in the country.
It said it invested 10.6 billion rand ($577 million) in capital expenditure and leases year-to-date in South Africa, plus another 1.9 billion rand to add spectrum in its biggest market.

Niger governor demands 13% derivation from oil revenue; threatens to shut down Kainji Dam, other national power infrastr...
07/11/2023

Niger governor demands 13% derivation from oil revenue; threatens to shut down Kainji Dam, other national power infrastructure

Governor Umaru Bago has threatened to shut down the Kainji Dam and other power infrastructure supplied to the Delta region if the federal government does not extend the payment of 13% per cent derivation fund enjoyed by oil-producing states to Niger.

“We will take the federal government to the Supreme Court unless the 13 per cent derivation from our land, water, air, grass, and everything given to us is paid. We need 13 per cent derivation for water supplied to the Delta. Our people are ravaged and displaced year in, year out because of the flow of water from the Niger to the Delta,” stated the Niger governor Monday while receiving the federal commissioner of the National Commission for Refugees, Migrants, and Internally Displaced Persons, Tijani Aliyu, in Minna.

Mr Bago added, “The federal government will pay Niger state N1 trillion in the next three months for hydrocarbon exchange, they must. We have provided this country with hydropower for a long time; nobody is compensating us for it.”

The governor, who said the state had been neglected and marginalised for too long, also demanded compensation from the Abuja Electricity Distribution Company and Nigerian National Petroleum Corporation.

“Abuja Electricity Distribution Company must pay us, they have consumed from Niger state hydrocarbon exchange, and Nigerian National Petroleum Corporation must pay us,” the northern governor. “We have woken up, we can never ever tolerate being neglected or abandoned again. The only way we can ensure that the federal government heeds to us is to shut down the hydro dams unless we are paid.”

However, Mr Bago stressed that his administration would collect “every dime” Niger deserves.

“We are serious about this. It is not a threat; it is a statement. Every dime that is due to us, we will take it. We will take every kobo that is for Niger state,

Mr Bago added, “We demand compensation for our people. Everything, every resource that comes from Niger state, must be compensated. We will not tolerate this anymore.

Lagos Govt Cancels 50% Discount On Public TransportThe Lagos State Government has cancelled the 50% transport fare disco...
04/11/2023

Lagos Govt Cancels 50% Discount On Public Transport

The Lagos State Government has cancelled the 50% transport fare discount on all Public Transport System which was implemented in response to Governor Babajide Sanwo-Olu’s directive on August 2, 2023.

In a public notice on Saturday, the Lagos Metropolitan Area Transport Authority (LAMATA) announced a reversion to the old rates of public transport from November 5.

“The 50% rebate in transport fare in the regulated transport system in Lagos ends on Sunday,” the Lagos Metropolitan Area Transport Authority said in a statement on Saturday.

The statement informed commuters that starting “from Monday, November 6, 2023, transport fare will return to the pre-2nd August 2023 rate.”

It also advised Lagos residents to take note of the change and make the necessary preparations for the resumption of regular transport fare rates that were in place before the adjustment made in August.
Governor Sanwo-Olu announced on July 31 the reduction of transport fares for state-owned buses by 50% as well as commercial yellow buses by 25% on all routes as part of efforts to cushion the effect of the removal of the petrol subsidy.

He disclosed that the bus fare reduction was supposed to take effect on Wednesday, August 2, 2023, noting the expansion of the fleet of staff buses for the workers in the Lagos State Public Service to cushion the effect of the subsidy removal. He said that the buses are ready and will be deployed through the office of the Head of Service of the state.

First Lagos-Ibadan container train sets off from Apapa portThe first container freight train of the Lagos-Ibadan railway...
04/11/2023

First Lagos-Ibadan container train sets off from Apapa port

The first container freight train of the Lagos-Ibadan railway has taken off from the Apapa port in Nigeria’s commercial capital city.
The container freight train carried thirty 40-foot containers to Ibadan, the Oyo state capital.
The rail project was constructed by the China Civil Engineering Construction Corporation (CCECC) under the administration of former President Muhammadu Buhari.
In a statement published on CCECC website on Thursday, the construction firm said the container train departed Apapa and arrived Ibadan in two and half hours.

The first container freight train of the Lagos-Ibadan railway, built by CCECC, has set off from Apapa Port in Lagos, Nigeria,” the statement reads.
“This train is the first container freight train after the cement freight train started operating on July 4th.
“It departed from Apapa Port and carried a total of 30 40-foot containers, arriving at Ibadan station in just two and a half hours.

The Nigerian Railway Corporation plans to operate one pair of container trains daily and gradually increase the number of trains as the demand grows, improving the railway transportation system behind Lagos Port.”
In September, the federal government inaugurated cargo movement on the single-gauge rail (SGR) from the Apapa port to Ibadan.
During the inauguration, the train moved from the Ebute Metta station before proceeding to Apapa for the launch, and then to Ibadan over the 157-kilometer rail track.
In 2020, Rotimi Amaechi, former transportation minister, said certain types of cargo will not be allowed to go by road after the completion of major rail projects across the country.

As soon as we finish these rail projects, there are some types of cargo that will not go on road, whether you like it or not,” Amaechi had warned.

Kenya to become visa-free to African visitorsKenya is to end visa requirements to all African visitors by the end of the...
04/11/2023

Kenya to become visa-free to African visitors

Kenya is to end visa requirements to all African visitors by the end of the year, President William Ruto has said.
"It is time we... realise that having visa restrictions amongst ourselves is working against us," he told an international conference.
Visa-free travel within the continent has been a goal of the African Union (AU) for the past decade.
While there are regional deals and bilateral arrangements, progress towards no restrictions has been slow.

Only Seychelles, The Gambia and Benin offer entry to all African citizens without a visa, according to a 2022 AU-backed report.
But according to Africa's Visa Openness Index - which measures the extent to which each country in Africa is open to visitors from other African countries - most countries are making progress towards simplifying entry processes and dropping restrictions to some other nations.
In 2022, Kenya was ranked 31st on the index out of 54 states.
President Ruto told an audience in Congo-Brazzaville that it was bad for business.
"When people cannot travel, businesspeople cannot travel, entrepreneurs cannot travel, we all become net losers.
"Let me say this: As Kenya, by the end of this year, no African will be required to have a visa to come to Kenya," he said to loud cheers from the conference delegates.
"Our children form this continent should not be locked in borders in Europe and also be locked in borders in Africa."
He was speaking at a summit aimed at protecting some of the world's largest rainforests.
The AU launched its African passport in 2016. The idea behind the passport is for all African citizens to be able to travel throughout the continent without visas - but it is still not widely available.
This is in part because of concerns about security, smuggling and the impact on the local employment markets.
If dropping all visa restrictions is currently a step too far, the Visa Openness Index report recommends a number of other measures. These include lowering fees, making visa on arrival standard for African visitors and implementing a secure e-visa system.

Naira continues recovery, strengthens to N950The naira, on Friday, appreciated against the dollar at the parallel sectio...
03/11/2023

Naira continues recovery, strengthens to N950

The naira, on Friday, appreciated against the dollar at the parallel section of the foreign exchange market.
The local currency gained N145 or 12.24 percent to trade at N1,040 per dollar at the street market — from the N1,185 it traded on Tuesday.
Bureau De Change (BDC) operators, who spoke to TheCable in Lagos, put the buying price of the dollar at N1000 and the selling price at N1,040, leaving a profit margin of N40. 
“We have been having more transactions,” a trader who simply identified as Aliyu, said.

But at the investors and exporters (I&E) window of the official market, the naira fell by 0.92 percent to N793.28 per dollar — from the N786.02 it traded on Wednesday.
Data from FMDQ Securities Exchange, a platform that oversees FX trading in Nigeria, showed that the naira traded at a record intra-day high of N1,018 per dollar and a low of N730.
The appreciation of the naira in the black market has reduced the exchange rate gap between the parallel market and the official window to N246.72.

The development comes a day after the Central Bank of Nigeria (CBN) started clearing the foreign exchange (FX) forwards backlog in banks.
On September 22, Wale Edun, the minister of finance, had linked the continued decline in the value of the naira to overdue forward payments.

House of Reps scrap N5bn budget for Presidential YachtThe House of Representatives has scrapped the N5 billion budgeted ...
02/11/2023

House of Reps scrap N5bn budget for Presidential Yacht

The House of Representatives has scrapped the N5 billion budgeted for the purchase of a Presidential yacht. 
Speaking to newsmen after the passage of the Supplementary budget today, November 2, Chairman of the House Committee on Appropriation, Abubakar Bichi, said the lawmakers considered the public interest in scrapping the budget for the Yacht and transferred the sum to the N5.5 billion budgeted for the Student loan initiative, putting the budgetary allocation for the Student loan at N10 billion.

The Committee also increased the budgetary allocation of the Ministry of Defence from 476bn to 546bn following security concerns.

Bichi also disclosed that the minimum wage for workers was considered and approved for onward transmission to the executive while promising proper legislative oversight to ensure 100 per cent implementation.
The sum of 100bn was retained for FCT as requested by the Minister of FCT, Nyesom Wike.

NLC, TUC place workers on strike alert over Ajaero’s arrestTHE Nigeria Labour Congress (NLC) and the Trade Union Congres...
01/11/2023

NLC, TUC place workers on strike alert over Ajaero’s arrest

THE Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have placed workers on strike alert nationwide over the arrest of NLC President Joe Ajaero by operatives of the Nigeria Police Force (NPF) in Owerri, Imo State.
The Labour unions also accused the Imo state governor, Hope Uzodinma, of masterminding Ajaero’s arrest.
The unions, in a joint statement on Wednesday, November 1, signed by General Secretary NLC Emmanuel Ugboaja and Nuhu Toro, Secretary General TUC, accused the Imo state government of continuing to use the instrument of violence and intimidation against trade unions and their leadership in the state.
According to the unions, the government unleashed “blood-cuddling” mayhem on the state workers with Ajaero’s arrest.
“Earlier in the morning, Policemen had tried to disperse workers who were gathering at the state NLC secretariat without success. This was followed in the usual manner by thugs who were stationed very close to the secretariat in several Hilux and Toyota trucks.
“These thugs were later to unleash mayhem on the few workers who had already gathered, smashing car windscreens, delivering matchet cuts on some, stabbing many, and inflicting all manners of injuries on the workers. GSM handsets were snatched, Laptops taken away, and Monies were forcefully taken away by the hoodlums.

“The Police in the usual manner accompanied by thugs led by the Special Assistant to the Governor of Imo state on Special Duties: Mr. Chinasa Nwaneri, leading others like Tapey and Madoka, descended on the president of the congress after overpowering the few workers who were left after the initial battering, inflicted heavy injuries and big blows to his head and body and kicking him in the process while dragging him on the ground while the Police supervised the mayhem,” part of the statement reads.
The unions said the Police bundled Ajaero into their waiting van and whisked him away to an unknown destination.

Canada pledges $18m for poverty, humanitarian response in NigeriaThe Canadian High Commissioner to Nigeria, Jamie Christ...
01/11/2023

Canada pledges $18m for poverty, humanitarian response in Nigeria

The Canadian High Commissioner to Nigeria, Jamie Christoff, made this known when he visited the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu in her office in Abuja. Christoff said Canada has already committed to spend a total of one hundred and fifty-two million dollars to support various programmes in Nigeria.

According to him, part of the money is the eighteen million dollars earmarked for Humanitarian response.
”The main portion of the funds will be spent in programmes focusing on the vulnerable women and young girls across the country.

The Canadian envoy lauded the establishment of the Humanitarian and Poverty Alleviation Trust Fund.
“I am here with my team to register our support to the mandate of the President in his efforts to alleviate poverty and reduce humanitarian crises in Nigeria through your ministry” he said.
In her response, Edu, commended the Canadian high commissioner for time to visit her as well as supporting the ministry’s efforts in humanitarian response. Edu expressed delight that the Canadian government has confidence in President Bola Tinubu Administration to drive Nigeria’s poverty alleviation and humanitarian response.
She assured the ambassador of the federal government’s desire to deepens mutual working relationship with the Canadian government. According to her, the Tinubu Administration is determined to tackle Nigeria’s multi-dimensional poverty and humanitarian crises in line with the Sustainable Development Goals(SDGs).
She assured the Canadian Envoy that the Humanitarian and Poverty Alleviation Trust Fund will be used to address humanitarian emergencies. She said, there will be transparency in the application of the fund.

Edu therefore urged all stakeholders to re-evaluate their contributions to Nigeria and work towards providing durable solutions to ‘our country’ need. She advocated for a change in approach of partners to enable the people who need help the most truly get it with less duplication and wastage.

FG budgets N5 billion for Presidential yacht, N5.5 billion for student loanThe federal government has proposed to approp...
01/11/2023

FG budgets N5 billion for Presidential yacht, N5.5 billion for student loan

The federal government has proposed to appropriate the sum of N5.095 billion for the purchase of a Presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan fund in the 2023 supplementary budget.
This is contained in the 2023 supplementary appropriation details of MDA spending obtained by Nairametrics.
According to the document, the Nigerian Navy proposed a capital expenditure of 42.3 billion and a recurrent expenditure of N20.42 billion making a budget of around N62.8 billion.
Other items in the budget proposal from the Nigerian Navy include; the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.
Source - Nairametrics

NLC President Joe Ajaero Arrested In ImoThe President of the Nigeria Labour Congress (NLC), Joe Ajaero, has been arreste...
01/11/2023

NLC President Joe Ajaero Arrested In Imo

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has been arrested in Owerri, the Imo State capital.

Ajaero was picked up from the NLC State Council Secretariat by heavily armed policemen in Owerri and taken to an unknown destination.
The Head of Media at the NLC Headquarters, Benson Uper, stated this via a WhatsApp message to Channels Television.
The NLC is leading a statewide protest and strike in Owerri over what it described as lack of respect for workers, unpaid salaries and pensions, amongst others.
According to our source, the labour leader was arrested at the secretariat of the NLC in Imo while he was about to lead an ‘Occupy Imo’ protest slated for today.

The source said the police arrested Ajaero giving reasons that the labour leader has disobeyed an existing court order by the National Industrial Court restraining the NLC and the Trades Union Congress (TUC) from carrying out any protest in the state.
When contacted, the police spokesperson in Imo, Henry Okoye, said he has no information on the arrest of the labour leader yet, saying that he will make the information available as soon as he gets a clear picture of the situation.
Meanwhile, the NLC leadership in Imo has dissociated itself from the protest with reasons that the allegations by the NLC national leadership against the state government were untrue.
Source - channels tv.

Armed Robbers Attack Nasarawa Top Official, Sn**ch Official Vehicle In AbujaThe chairman of the Nasarawa State Independe...
29/10/2023

Armed Robbers Attack Nasarawa Top Official, Sn**ch Official Vehicle In Abuja

The chairman of the Nasarawa State Independent Electoral Commission (NASIEC), Barrister Ayuba Wandai Usman, was on Friday attacked by armed robbers in Abuja.
The NASIEC chairman’s official vehicle was snatched by the assailants at gun point.
According to a Facebook user, Ali Abare, who shared the story on his timeline on Saturday, the robbers took away other valuables from Barrister Usman, adding that he was, however, not hurt in the incident.
The source also didn’t reveal which part of Abuja did the incident happen.

Abare wrote: “Subhanallah!
“Daredevil armed robbers struck yesterday, snatching at gun point the official vehicle of Barrister Ayuba Wandai Usman in Abuja.

“The robbers equally took away other valuables including his phones.

“The NASIEC Chairman is safe.

May Allah continue to protect us!”

Kaduna refinery to be ready by Q4 2024, says LokpobiriHeineken Lokpobiri, the minister of state for petroleum resources ...
29/10/2023

Kaduna refinery to be ready by Q4 2024, says Lokpobiri

Heineken Lokpobiri, the minister of state for petroleum resources (oil), says Kaduna refinery will begin operation by the end of 2024.
In a statement shared by the Nigerian National Petroleum Company (NNPC) Limited, Lokpobiri gave the timeframe during an assessment of the progress of work on the ongoing quick-fix project on the Kaduna refinery on Saturday.
Lokpobiri, Mele Kyari, the group chief executive officer of NNPC and other top executive directors, inspected the Kaduna Refinery and Petrochemicals Company Limited (KRPC).
He said the timeframe was given due to the “significant level of progress” he witnessed on the tour.

To ensure the Kaduna refinery is back on stream before the end of this year, Lokpobiri said the federal government would continue its support.
The minister said key players involved in the refinery’s rehabilitation process would be held accountable to ensure the timely delivery of the project.
Lokpobiri said there is an urgent need to get the refinery back on stream for the nation’s economic prosperity and energy security — which are both paths to sustainable development.

On his part, Kyari assured that the timeframe for the fuel plant to begin operation will be met as all hands are on deck.
Kyari said the equipment needed for the quick-fix activities is already in place, adding that the repair would ensure 60,000 barrels per day output at the refinery.
“We are very confident that we will get the appropriate financing to get to the end of it, and ultimately, we will start to deliver value to Nigerians again,” he said.
“We plan the quick fix for 60,000 barrels per day so that we can start making money from this plant and we can continue the other part of the refinery to bring it up to its full-fledged capacity.

“This will also tally with the completion of the Build, Operate, and Transfer (BOT) on the pipeline.”
This, Kyari said, will result in a reliable pipeline delivery infrastructure.

Indonesia conducts first commercial flight using palm oil-blended jet fuelIndonesia flew its first commercial flight usi...
29/10/2023

Indonesia conducts first commercial flight using palm oil-blended jet fuel

Indonesia flew its first commercial flight using palm oil-blended jet fuel, as the world’s biggest producer of the commodity pushes for wider use of biofuels to cut fuel imports.

Operated by flag carrier Garuda Indonesia, the Boeing 737-800NG aircraft carried more than 100 passengers from the capital Jakarta to Surakarta city about 550 kilometres away, according to CEO of Garuda Indonesia Irfan Setiaputra.

"We will discuss further with Pertamina, Energy Ministry and other parties to ensure this fuel is commercially reasonable,” Irfan said during a ceremony, adding the plane was set to return to Jakarta later.

Garuda conducted several tests including a flight test on the new fuel earlier this month and an engine ground test in August.
The palm-oil blended jet fuel is produced by Indonesian state energy firm PT Pertamina at its Cilacap refinery, using hydroprocessed esters and fatty acid (HEFA) technology and is made of refined bleached deodorized palm kernel oil. — Reuters

Rep decries influx of ‘corporate beggars’ into n’assembly “They’ve taken over our officesIsmail Haruna, a member of the ...
27/10/2023

Rep decries influx of ‘corporate beggars’ into n’assembly “They’ve taken over our offices

Ismail Haruna, a member of the house of representatives, says “corporate beggars” have invaded the national assembly.
Haruna, a member of the All Progressives Congress (APC), spoke on the floor of the green chamber on Thursday.
Raising a point of order on personal explanation, the lawmaker who represents Toro federal constituency of Bauchi, said lawmakers are often accosted by “corporate and non-corporate” beggars who solicit money.
He said the beggars loiter the corridors of offices within the National Assembly Complex, constituting a nuisance to lawmakers.

Within the premises — that is the corridors of the national assembly — we have seen a number of corporate and non-corporate beggars taking over the corridors even to our officers — begging for money and distracting our operations,” he said.
“When you’re leaving, these people will scope you. They will beg for money.”
The lawmaker also said commercial drivers cause traffic gridlock within the National Assembly Complex, blocking honourable members from moving in and out of the complex.

Naira gains against Dollar, trades at N1113/$ at the P2P market  The naira within a span of hours appreciated by N166 to...
27/10/2023

Naira gains against Dollar, trades at N1113/$ at the P2P market  

The naira within a span of hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies.
The naira peaked at N1279/$ on Thursday evening but settled at N1113/$ as of this writing.
Feelers across markets suggest the gains may be due to lack of buyers as very few people are inclined to pay around N1300/$ sensing a potential strengthening of the local currency.
Finance Minister Wale Edun also stated that the country was set to receive $10 billion in foreign currency inflows over the next several weeks to help improve liquidity in the foreign exchange market, which has stifled growth in Africa’s largest economy.
The minister of finance added that President Tinubu signed two executive orders permitting the issuance of domestic financial instruments denominated in foreign currencies as well as the transfer of all cash outside the banking system into banks.

The impression among traders especially speculators is that the exchange rate could gain against the dollar in the coming days and as such no avoid losing their shirts, they have to sell lower.
His remarks were made just after President Tinubu had assured summit attendees that he would clear the backlog and that he had taken action to address liquidity in the foreign exchange market.

He says that every transaction in the foreign exchange market, from the official to the money changers, where large amounts of arbitrage have regularly happened, will be closely watched, and those who transgress will be found out and dealt with.
He acknowledged that illiquidity is the reason Nigeria’s foreign exchange market isn’t operating efficiently, but the government is willing to take all necessary steps to alter the current situation.
The foreign exchange market will be streamlined and restructured so that all rightful and proper transactions will be covered by the government and take place in the official foreign exchange market. Anything beyond that will be punished, considered a criminal offense, and illegal, according to Edun.

BREAKING: EFCC detains Emefiele after DSS frees ex-CBN govFormer Governor of the Central Bank of Nigeria (CBN), Godwin E...
27/10/2023

BREAKING: EFCC detains Emefiele after DSS frees ex-CBN gov

Former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, regained his freedom Thursday night and was immediately picked up by operatives of the Economic and Financial Crimes Commission (EFCC), according to multiple sources.
Emefiele is being interrogated and there are indications that fresh charges will be filed against him.
Emefiele had been in the custody of the Department of State Services (DSS) since June after President Bola Tinubu handed him a suspension.
He was thereafter asked to transfer his responsibilities to Folashodun Adebisi Shonubi, then deputy governor, operations directorate at the apex bank.
The day after, the DSS announced that Emefiele was in its custody for “some investigative reasons”.
On July 25, he was arraigned on a two-count charge bordering on “illegal possession” of fi****ms at a federal high court in Lagos, and was granted bail in the sum of N20 million.
The two-count charge was later struck out on August 17 after the federal government withdrew same.
However, a fresh 20-count charge was instituted against him over an alleged conspiracy to carry out procurement fraud, among others.
The arraignment has been stalled twice while the embattled former CBN boss made a plea bargain agreement.
Subsequently, the CBN officially confirmed Emefiele’s resignation on September 22, after Olayemi Cardoso was appointed as substantive governor of the apex bank.
Both EFCC and DSS are yet to comment on the latest development.

Russia simulates nuclear strike after opting out of treatyRussia’s military conducted drills Wednesday and simulated a n...
27/10/2023

Russia simulates nuclear strike after opting out of treaty

Russia’s military conducted drills Wednesday and simulated a nuclear strike just hours after the upper house of the Russian parliament revoked the ratification of a nuclear test ban treaty.
The bill will now be passed to Russian President Vladimir Putin’s desk after the upper house voted Tuesday. The bill removes Russia’s ratification of the Comprehensive Nuclear Test Ban Treaty (CTBT) signed in 1996 and ratified in 2000.

The state television showed Putin overseeing the exercise Wednesday via a video call with top military officials, The Associated Press reported.
Russia’s Minister of Defense Sergei Shoigu said the drills, which included multiple practices of launching ballistic and cruise missiles, are meant as a practice for “dealing a massive nuclear strike with strategic offensive forces in response to a nuclear strike by the enemy.”
Similar drills are practiced every year, but Shoigu’s comments come amid heightened tensions between Russia and the West over the battle in Ukraine.

Putin first floated the idea of removing the ratification of the CTBT last month, pointing to the United States’s decision to sign the nuclear test ban but not ratify it.

Russia has waited 23 years for “something to change in Washington” in terms of ratification, Deputy Foreign Minister Sergei Ryabkov said.
“Regrettably, no indications that the U.S. is going to follow this path are visible, and so we have no choice but to balance our position,” Ryabkov said.
The CTBT bans all nuclear explosions anywhere in the world, but the treaty was never fully implemented. It has yet to be ratified by China, India, Pakistan, North Korea, Israel, Iran, Egypt or the United States.

Address

Lagos

Alerts

Be the first to know and let us send you an email when Jimi Adewumi Blog posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Videos

Share


Other News & Media Websites in Lagos

Show All