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The Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market. In a statement on Wednesday night, Angela Sere-Ejembi,  Director, Financial Markets,…

The Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market.

In a statement on Wednesday night, Angela Sere-Ejembi,  Director, Financial Markets, confirmed the changes

“The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMES would continue to be processed through deposit money banks.”

“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.

Details later…

The Nigerian Television Authority (NTA), has reported that President Bola Ahmed Tinubu, GCFR, has approved the indefinite suspension from the office of Mr. AbdulRasheed Bawa, CON, as the Chairman of the Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office.

According to NTA, this follows weighty allegations of abuse of office levelled against him by some stakeholders in the anti-corruption fight.

Mr Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation.

OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION

14th June, 2023

PRESS RELEASE
PRESIDENT BOLA AHMED TINUBU SUSPENDS BAWA INDEFINITELY FROM OFFICE AS CHAIRMAN ECONOMIC & FINANCIAL CRIMES COMMISSION

President Bola Ahmed Tinubu,GCFR, has approved the indefinite suspension from office of Mr. AbdulRasheed Bawa, CON, as the Chairman, Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office.

2. This follows weighty allegations of abuse of office levelled against him.
3. Mr Bawa has been directed to immediately handover the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation.

Willie Bassey
Director, Information

Numerous things happened last week that warranted news notice. We laboriously compiled a list of some of the most noteworthy national tales from all throughout Nigeria.

DSS arrests ousted CBN Governor, Emefiele

On Friday, officials of the Department of State Security (DSS) arrested the suspended governor of Central Bank of Nigeria, Godwin Emefiele.

He was arrested shortly after President Bola Tinubu directed the office of the Secretary General of the Federation to issue his suspension letter.

According to the president, Emefiele was suspended due to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Prior to Emefiele’s suspension, the DSS, on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, sought an order to arrest the CBN Governor.

The security agency accused Emefiele of financing terrorism, fraudulent activities and economic crimes of national security dimension.

NLC, TUC suspend planned strike, set date to reconvene

On Monday, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) decided to suspend the strike that was supposed to take place on Wednesday.

The choice was made after a meeting between federal government and organized labor officials on Monday night at the presidential villa to discuss the withdrawal of fuel subsidies.

Thugs attack, flog PDP members at Ogun tribunal premises as security agents watch

On Monday, the Ogun State Election Petition Tribunal sitting in Isabo, Abeokuta commenced hearing of the petition filed by the Peoples Democratic Party (PDP) governorship candidate, Ladi Adebutu, against Dapo Abiodun of the All Progressives Congress (APC).

According to report, both the APC and the PDP mobilised their members to be at the tribunal for solidarity.

However, political thugs stormed the venue of the tribunal with canes, otherwise known as pankere, attacking percieved opponents while police officers and other security agents watched.

Suspected assassins kill UI professor in Ibadan

On Tuesday, a professor at the University of Ibadan identified as Opeyemi Isaac Ajewole was assassinated.

WITHIN NIGERIA gathered that the don was killed while returning to his home in Ibadan’s Moniya area on Monday evening.

It was also learned that his body has been deposited at UI Anatomy.

Tinubu receives Wike, Umahi, Akpabio at Presidential Villa

On Monday, President Bola Tinubu met with ex-governors Nyesom Wike of Rivers State and Dave Umahi of Ebonyi State.

Tinubu also met with Godswill Akpabio, the All Progressives Congress (APC) candidate for the Senate presidency.

The meeting took place at Abuja’s Presidential Villa.

The agenda for the visit was unclear as of press time, but it could be related to the leadership of the 10th Assembly, which will be inaugurated this month.

Tinubu holds first meeting with governors

On Wednesday, President Bola Tinubu met with the state governors at the presidential villa, Abuja.

Despite having a meeting with the governors of his party on Friday, Tinubu’s meeting on Wednesday will be his first with state governors from all political parties.

All governors were present for the meeting, which got underway at 12:36 p.m., with the exception of those from Kaduna, Katsina, Akwa Ibom, Cross River, Ekiti, Sokoto, Borno, Yobe, Gombe, and Katsina states.

Tinubu signs historic electricity bill

On Friday, President Bola Tinubu signed the electricity bill which was passed in July 2022 with the aim of repealing the Electricity and Power Sector Reform Act of 2005. As a result, the new law is now known as the Electricity Act, according to reliable sources.

The Electricity Act serves as a comprehensive legal and institutional framework for guiding the Nigerian Electricity Supply Industry (NESI) during the post-privatization phase. It consolidates all existing legislation related to the electricity supply sector and encourages private sector investments.

G5: Why I will not stop going to Tinubu – Makinde

On Friday, Governor Seyi Makinde of Oyo state said he will not stop going to visit President Bola Tinubu at the Presidential Villa, Aso Rock, regardless of what anyone says.

Makinde stated this at the flag-off of the dualisation of 8.3km Akobo, Ojurin/Odogbo Barracks, Olorunda Abas Junction on Friday.

Makinde said, “As I go to Abuja to see the President, I know some people have been saying that since the inauguration of the new President, I have gone to Aso Rock about four times within a week.

Osun APC: Aregbesola begs for forgiveness, blames devil for quarrel

On Wednesday, ex-Osun governor Rauf Aregbesola has sought forgiveness from members of the All Progressives Congress (APC) Osun Chapter and others who may be offended by his actions in the last four years.

Aregbesola, who was Osun Governor between 2010 to 2018, handed over to Oyetola who served under him as Chief of Staff after winning the 2018 governorship election.

He was opposed to Oyetola’s re-election and faulted the elders of the party for not chastising him (Oyetola) for reversing his policies. News By Withinigeria.com

Nigeria’s NNPC limited led by the former president Muhammadu Buhari spent 4.39 trillion naira ($9.7 billion) on a petrol subsidy last year, latest data from the state-owned firm showed on Friday, a cost the government has blamed for dwindling public finances.

NNPC did not remit funds to federal accounts last year, its data showed, leaving a hole in public finances at a time when the government has been warning that low revenues and large deficits left it unable to stimulate the economy.

The NNPC and the Minister of finance said to borrow to and pay interest on the loan for fuel subsidy, Affirming the President’s stance, Kyari argued that the subsidy payment is no longer tenable as it makes it difficult for the company to fund its core businesses.

He said “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not have not received any payment whatsoever from the Federation.

“That means they (Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. That is, when we net off our fiscal obligations of taxes and royalty, there’s still a balance that we’re funding from our cash flow. And that has become very, very difficult and affecting our other operations.

Successive governments in Nigeria have tried and failed to remove or cut the subsidy, a politically sensitive issue in the country of 200 million people.

Nigeria imports nearly all its refined fuels because local refineries were shut due to years of neglect.

Oil production, which has started to recover, has been throttled by crude theft and pipeline vandalism, which means Nigeria is spending more on fuel imports than it is getting from crude oil production.

Finance minister Zainab Ahmed has said the country will keep its costly but popular petrol subsidy until mid-2023 and set aside 3.36 trillion naira ($7.5 bln) to spend on it.

($1 = 453.09 naira) Reuters

In Nigeria, politics has become synonymous with sycophancy and that just played at Transcorp Hilton, as the Kwara Central senator-elect Salihu Mustapha was sighted serving Senator Akpabio meals and water during a Pro-Akpabio committee meeting in Transcorp.

The Kwara-born senator-elect was seen providing unsolicited errands for Senator Akpabio throughout the duration of their meeting to the irritation of others in the meeting.

An eagle eye witness who doesn’t want his name in prints said that Mr. Saliyu Mustapha threw caution to the winds and reduced himself to become Senator Akpabio’s unsolicited errand

‘It was so full of shame watching the senator-elect acting as Akpabio’s personal assistant and personal male servant. Serving him meals and behaving like a tout was quite disgusting. That to me is the height of stupidity, sycophancy and mediocrity. The 10th Assembly will be an interesting one and we’re all out to school this sycophants that you do not get leadership position by acting a tout. Intelligence, creativity and diligence are virtues that would be looked out for in the 10th Senate. People like Mustapha won’t fit in through sycophancy.

It could be recalled that Salihu Mustapha succeeded Senator Dr Yahaya Oloriegbe, the Senate Committee Chairman on Health.

The emergence of Mr Salisu Mustapha was a product of backstabbing and political maneuvers.

However, the jostle for the Senate Presidency has exposed the weakness of the like of Senator-elect Salihu Mustapha who doesn’t seem to understand that decency and intelligence are still part of politics.

” From the look of things, Senator Salisu Mustapha leadership style might reflect a lowered bar when compared with the qualities of leaders Kwara has produced in the National Assembly, hitherto”.

“There’s no gainsaying Kwara Central will lose quality and intelligent representation in the next four years as an arrogant and unequipped Salihu Mustapha would rather continue to run errands for his colleagues than give Kwara Central a quality representation.

Tinubu suspended Emefiele late Friday and directed him to immediately hand over the bank’s Deputy Governor (Operations Directorate) Folashodun Shonubi.

A former Governor of Rivers State Nyesom Wike has applauded President Bola Tinubu’s suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

Tinubu suspended Emefiele late Friday and directed him to immediately hand over the bank’s Deputy Governor (Operations Directorate) Folashodun Shonubi.

While reacting to the development, Wike who was one of the critics of Emefiele’s policies, especially the Naira redesign, described the President’s decision as bold and timely.

The former Rivers State Governor also commanded President Tinubu for approving uniformity in the retirement age and pension of judicial officers in the country, according to a statement by his media team.

He said the President’s action will introduce a new lease of life to the nation’s judiciary.

Wike noted that he and other G5 members are impressed that the President is showing focused and exemplary leadership that will lead the county to prosperity.

President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect.

Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation, announced this in a statement on Friday night.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”

Tinunu had hinted during the presidential campaign that the CBN naira redesign policy which led to the widespread cash crunch was an attempt to frustrate the general elections.

He, however, boasted that he would win the poll against all odds.

Following Tinubu’s emergence as President, there have been insinuations from several quarters that Emefiele might eventually lose his position under the current administration.