Exclusive Reports

Thu, Apr

Alleged N1.2bn Fraud: President Tinubu Suspends REA MD, Others

President Bola Ahmed Tinubu has indefinitely suspended the Managing Director (MD) of the Rural Electrification Agency (REA), Ahmed Salihijo Ahmad for alleged misappropriation of N1.2 billion over the past 2 years. President Tinubu also suspended Olaniyi Netufo, Executive Director, Corporate Services; Barka Sajou, Executive Director, Technical Services and Sa’adatu Balgore, Executive Director, Rural Electrification Fund (REF).

CBN Revokes Operational Licenses of 4,173 BDCs, Faults Renewal

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change operators in the country. According to the bank, the affected institutions did not pay for the renewal of their licenses, file returns, or follow CBN guidelines regarding counterterrorism funding, anti-money laundering, and proliferation finance. regulations. The statement signed by the bank's Director of Corporate Communications, Sidi Ali Hakama, read thus: “The Central Bank of Nigeria (CBN), in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.

Tinubu Introduces Expatriate Employment Levy to Boost Economy

President Bola Tinubu has on Tuesday revealed at the Council Chamber, Presidential Villa, Abuja the introduction of the Expatriate Employment Levy (EEL) a compulsory fee imposed on organizations employing the services of expatriate workers in Nigeria, aimed at boosting local employment, narrowing the wage disparity and promote technology domestication in the country. He described the initiative as a game changer, urging the foreign companies operating in the country to employ more Nigerians, balance employment opportunities, and close the wage gap between the expatriates and the Nigerian labour force.

Sales of N1.64trn Treasury Bills Bid For Q2’24- CBN

The Central Bank of Nigeria, CBN, has revealed it plan to sell N1.64 trillion worth of Treasury Bills by the second quarter 2024 (Q2’24). This is contained in the CBN Treasury Bills Issue programme released today, and notified to commence on March 7th, and ends on May 23rd, 2024. During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on 182 days and N1.18 trillion on 364 days. Treasury Bills or T-Bills are short-term debt securities issued by the government to make up for budget deficit and fund projects. It is issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government to control money supply in the economy. 

CBN Resumes Sale of Dollars To BDCs

The Central Bank of Nigeria (CBN) has reportedly resumed the sale of dollars to Bureau De Change (BDC) operators. This development was announced in a statement issued on Tuesday, February 27, 2024 and signed by Dr Hassan Mahmud, CBN’s Director of Trade & Exchange, which stated that $20,000 will be made available to each BDC operator.

Blackout: FG Pays $120M Debt To Gas Companies

The Federal Government has paid over $120 million to offset some of the debts owed to the gas companies (GasCos), for supply of gas to run gas-fired power plants across Nigeria. The Director, Decade of Gas Secretariat, Ed Ubong, revealed this at the ongoing 7th edition of the Nigerian International Energy Summit (NIES 2024) in Abuja on Thursday. "The arrears gas producers are owed as of last year was about $ 1.3 billion. But I am pleased that between October 2023 and the end of January, the government has paid over $120 million to offset some of that money,” Mr Ubong said. Mr Ubong however said the government is also working on a framework that can mitigate most of the failures.

Nationwide Protest: N/Assembly Served Letter Of Demands By NLC

The president of the Nigeria Labour Congress (NLC) has handed over the union's letter of demands to the National Assembly. Joe Ajaero gave the letter to the Chairman of the Senate Committee on Labour, Employment, and Productivity, Senator Diket Plang on Tuesday when the union together with other related unions commenced nationwide protests on Tuesday over the high cost of living, inflation, insecurity, and hardship in the country.

FG Detains 2 Binance Executives

The Federal Government (FG) has reportedly detained 2 top executives of Binance, a cryptocurrency trading platform. According to a Financial Times report, both executives came to Nigeria last week as a result of a ban on their website, but however had their international passports seized and were arrested by officials of the Office of the National Security Adviser (ONSA). Reports suggest that they were detained for alleged manipulation in foreign exchange trading in Nigeria.

FG To Launch Youth Unemployment Benefit, Consumer Credit Program

The Federal Government (FG) revealed on Monday its plan to launch youth unemployment benefit, where unemployed Nigerians youths would be paid stipends. This was made known to State House correspondents on Monday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, after the Federal Executive Council (FEC) meeting.

FG To Complete $700M Gas Pipeline In March

The Federal Government (FG) revealed on Tuesday that the $700m Obiafu/Obrikom/Oben gas pipeline, popularly known as OB3, would be completed in March 2024. This was made known on Tuesday by the Minister of State for Petroleum Resources (gas), Ekperikpe Ekpo, during the 7th Nigeria International Energy Summit in Abuja, where he noted that the OB3 gas pipeline as one of the biggest gas transmission systems in Africa.

Economic Crisis: President Tinubu Sets Up Economic Advisory Committee

In a move to ameliorate the hardship currently experienced by Nigerians, President Bola Tinubu on Sunday established an economic advisory committee. The committee comprises the federal government, sub-nationals, and the private sector. The president who said all options would be explored to resolve the nation's socio-economic challenges met with Governors Charles Soludo of Anambra and Dapo Abiodun of Ogun, Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria. At the meeting, Tinubu said that the government is ready to rub hands with all stakeholders to find lasting solutions to the current situation in the country.

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