Year: 2024
EFCC Cracks Down on Institutions Demanding Dollar Payments
In a bid to uphold the integrity of Nigeria’s currency and safeguard the local economy, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other establishments against demanding payment in dollars from their local customers. Ola Olukoyede, the Chairman of the EFCC, delivered the cautionary message in…
Federal Government Collaborates with AU to Formulate Nigeria’s National Blue Economy Strategy
In a bid to harness the vast potential of Nigeria’s marine resources and promote sustainable economic development, the federal government has embarked on a collaborative effort with the African Union (AU) through the African Union – Inter-African Bureau for Animal Resources (AU-IBAR) to formulate a comprehensive Blue Economy Strategy for Nigeria. The Minister of Marine…
Inibehe Effiong Takes Legal Action Against Erisco Foods and CEO for Defamation
In a significant legal development, Nigerian lawyer Inibehe Effiong has initiated legal action against Chief Eric Umeofia, the President/CEO of Erisco Foods Limited, for alleged defamation. Effiong, who has been practicing law in Nigeria for the past decade, engaged the services of renowned human rights lawyer Mr. Femi Falana, SAN, to lead his legal team…
Gov. Abiodun Appoints Kehinde Onasanya As New Head Of Service
The Ogun State Governor, Prince Dapo Abiodun, has approved the appointment of Mr. Kehinde Olufemi Onasanya as the new Head of the Service. According to a statement by the Secretary to the Ogun State Government, Mr. Tokunbo Talabi, Onasanya takes over from Mr. Kolawole Fagbohun, who has retired after a meritorious service. Until his appointment,…
EFCC Arraigns Former CBN Governor Godwin Emefiele for Fraud
The Economic and Financial Crimes Commission (EFCC) has brought charges against Godwin Emefiele, the former Governor of the Central Bank of Nigeria, for an alleged $4.5 billion and N2.8 billion fraud. Emefiele was arraigned alongside Henry Omoile on an amended 26-count charge before Justice R.A. Oshodi of the Special Offences Court in Lagos. The charges…
EFCC Recovers N30 Billion in Probe of Suspended Minister and Former CEO
The Economic and Financial Crimes Commission (EFCC) has made significant strides in its investigation into the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and the former CEO of the National Social Investment Programme (NSIPA), Halima Shehu. So far, the EFCC has recovered a staggering sum of N30 billion for the Federal Government….
Central Bank of Nigeria Halts Acceptance of Foreign Currency as Collateral for Naira Loans
In a significant policy shift, the Central Bank of Nigeria (CBN) has announced the discontinuation of the practice of accepting foreign currencies as collateral for loans denominated in naira. This decision marks a departure from previous banking practices and is poised to have far-reaching implications for financial institutions and borrowers alike. The directive, issued by…
Prominent Chadian Opposition Leader Yaya Dillo Likely Executed, Forensic Analysis Reveals
New evidence has emerged suggesting that Yaya Dillo, a prominent opposition leader in Chad, was likely executed by government forces, contradicting official claims of his death during an exchange of fire. Yaya Dillo was killed in February by government troops at his party’s headquarters in the capital, N’Djamena. Forensic analysis conducted by five pathologists, including…
GOV AIYEDATIWA DISTRIBUTES 1200 TONNES OF PALLIATIVE GRAINS TO LIVESTOCK FARMERS IN ONDO STATE
In a concerted effort to bolster food security and mitigate rising food prices, Governor Lucky Aiyedatiwa of Ondo State has initiated the distribution of maize palliatives to livestock farmers across the state. The move, which saw the distribution of 40 trailers of grains supplied by the Federal Government, aims to alleviate the challenges faced by…
Central Bank of Nigeria Raises N7.7 Trillion in Q1 2024 Through Treasury Bills and OMO Sales
In a bid to manage surplus liquidity in the banking sector, the Central Bank of Nigeria (CBN) has achieved a significant milestone by generating N7.7 trillion through Nigerian Treasury Bills (NTBs) and Open Market Operations (OMO) in the first quarter of 2024. This marks a remarkable surge of 383% compared to the N1.59 billion acquired…