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The Economic Community of West African States (ECOWAS) has intensified efforts to finalize practical arrangements for the launch of its single currency, ECO, following consensus on the implementation of directives issued at its 65th Ordinary Session.

This was disclosed in a communiqué issued at the end of the 66th Ordinary Session of the Authority of Heads of State and Government, held in Abuja on Sunday.

The 15-member regional bloc had initially planned to introduce the ECO in 2020; however, the launch was delayed due to the coronavirus pandemic. A new target date has now been set for 2027.

The Authority announced that it has adopted criteria proposed by the High-Level Committee for selecting candidate member states to participate in the initial launch of the ECO, or to join at a later stage. The ECOWAS Commission, in collaboration with the West African Monetary Agency (WAMA), has been tasked with ensuring that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.

Additionally, the Authority endorsed proposals from the High-Level Committee regarding the costs, funding sources, and modalities for financing the necessary reforms and institutions required for the ECO’s implementation.

The communiqué urged member states and central banks to take the necessary steps to fulfill their financial contributions, facilitating the operationalization of institutions needed for the single currency launch once the effective date is decided.

The Heads of State also instructed the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify efforts to meet the deadlines for establishing and operationalizing the necessary institutions to support the ECO.

The ECO is expected to boost economic integration and regional trade across West Africa, enhancing the bloc’s economic stability and cohesion.

A bill seeking to prohibit the use of foreign currencies for transactions and remuneration in Nigeria has passed its first reading in the Senate.

The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

The proposed legislation aims to ensure that all payments, including salaries and other financial transactions, are conducted using Nigeria’s local currency, the naira.

Senator Nwoko emphasized that the widespread use of foreign currencies, such as the Dollar and Pound Sterling, undermines the value of the naira and perpetuates economic challenges in the country.

He described the reliance on foreign currencies for domestic transactions as a colonial relic that continues to impede Nigeria’s economic independence.

The World Bank is set to approve three major loan projects for Nigeria in 2025, totaling $1.65 billion, according to information obtained from the institution’s official website.

The loans are targeted at addressing critical challenges in internally displaced persons (IDPs), education, and nutrition—sectors deemed vital to Nigeria’s social and economic recovery. The projects aim to provide long-term solutions to persistent issues such as displacement, educational disparities, and malnutrition, which have worsened due to years of conflict, economic instability, and systemic inefficiencies.

The $1.65 billion financing highlights the World Bank’s commitment to supporting Nigeria’s reform efforts and addressing systemic challenges hindering development. The successful implementation of the projects is expected to be crucial for Nigeria’s sustainable recovery.

The loan programs will also align with Nigeria’s broader development goals, as outlined in national policy frameworks, and contribute to global efforts to improve social indicators in developing nations. The World Bank’s initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly those related to education, health, and poverty reduction.

The Federal Government has announced a free train ride for any Nigerian wishing to travel to celebrate the Christmas festivities.

Minister of Information and National Orientation, Mohammed Idris, made the announcement on Monday while briefing journalists on the outcome of the Federal Executive Council, FEC, meeting.

He noted that the free train ride will commence from 20th December, 2024, and end on 5th January, 2025.

According to Idris, Nigerians can access the train rides on all the routes where train services are currently being rendered.

More details late

The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects, including 193 foreigners, for alleged involvement in cryptocurrency investment fraud and romance scams.

The arrests were made during a surprise operation on Tuesday, December 10, 2024, at an imposing seven-storey building known as Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.

Speaking at a press briefing on Monday, EFCC’s Director of Public Affairs, Wilson Uwujaren, said the operation followed months of surveillance and actionable intelligence on the activities of the syndicate.

Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. Uwujaren disclosed that the foreign suspects were using the facility to train their Nigerian accomplices in romance and investment scams, leveraging Nigerian identities to carry out fraudulent activities.

“All the floors of the building were equipped with high-end desktop computers,” Uwujaren said. “On the fifth floor alone, investigators recovered 500 SIM cards from local telecom providers, which were purchased for criminal purposes.”

He further explained that the Nigerian recruits were tasked with targeting victims online, mainly from the United States, Canada, Mexico, and various European countries. These accomplices used phishing techniques, creating fake profiles on platforms like WhatsApp, Instagram, and Telegram to lure unsuspecting individuals.

Uwujaren revealed that the foreign operators provided their Nigerian accomplices with the necessary tools, including desktop computers, mobile devices, and access to foreign communication lines. Logs were also supplied to enable the recruits to impersonate individuals using foreign telephone numbers, particularly from Germany and Italy.

The EFCC said the investigation is ongoing and vowed to prosecute those found culpable. The commission emphasized its commitment to curbing cybercrime and warned perpetrators that they would face the full force of the law.

The federal government has renamed the University of Abuja, which is now to be known as Yakubu Gowon University.

Minister of Information and National Orientation, Mohammed Idris, revealed the decision to journalists at the State House on Monday, following a Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.

The renaming is in honour of Nigeria’s former Head of State, General Yakubu Gowon, who recently celebrated his 90th birthday.

Idris stated that the proposal will be forwarded to the National Assembly for formal approval.

Details shortly…

The Presidency has dismissed recent comments made by Kemi Badenoch, the newly elected leader of the United Kingdom Conservative Party, about her upbringing in Nigeria, describing them as a “cock and bull story.”.

In a statement on Monday, President Bola Tinubu’s Senior Special Assistant on Media and Publicity, Temitope Ajayi, accused Badenoch of fabricating claims about her childhood in Nigeria.

Badenoch had alleged that her upbringing in Nigeria was overshadowed by fear and insecurity, attributing this to widespread corruption in the country. Following her election as UK Conservative Party leader in November 2024, efforts by the Nigerians in Diaspora Commission (NIDCOM) to reach out to her reportedly went unanswered.

Reacting to her remarks, Ajayi criticized Badenoch in a post on X, saying: “You are Kemi Badenoch, an opposition leader and a future Prime Minister of the UK. A journalist asked you about the state of the police in the country you hope to govern. Instead of addressing the question, you shared an inane cock and bull story of how policemen stole your brother’s shoe in Nigeria.”

Ajayi further alleged that Badenoch’s comments were inconsistent with her privileged background. “Her story of carrying a desk and chair to sit in class at ISL didn’t add up. Her claim of having no clean water to drink was complete baloney for a girl who grew up in an upper-middle-class family—her mother a university professor and her father a successful medical doctor who ran a private hospital with a rich clientele,” he wrote.

The Presidency questioned the credibility of Badenoch’s statements, alleging that they were fabricated to enhance her political image. Ajayi also expressed doubts about her claims of a negative experience with Nigerian police, suggesting they might have been exaggerated or entirely false.

The remarks have sparked debate, with critics accusing Badenoch of misrepresenting her Nigerian upbringing, while supporters argue that she may have been highlighting broader systemic issues.

The Federal High Court in Abuja has ruled that the Independent Corrupt Practices (ICPC) and Other Related Offences can freeze suspicious bank accounts for a maximum of 72 hours without court approval, reducing the one-year period provided in the ICPC Act.

Delivering the judgment in a case filed by the Lawyers Network Against Corruption (LNAC), Justice James Omotosho declared that freezing accounts for up to one year was “totally unreasonable” and could lead to abuse of power. The court held that such prolonged freezing infringes on the rights to property and fair hearing guaranteed by the Constitution.

The suit, filed by LNAC through lawyer Ezenwa Anumnu, challenged the ICPC’s practice of directing banks to freeze accounts without court orders. LNAC argued that this practice caused undue hardship and violated constitutional provisions, asking the court to declare Section 45(1) of the ICPC Act invalid and to restrain the ICPC from issuing such directives.

Justice Omotosho acknowledged the ICPC’s authority to freeze accounts under investigation but stressed the need to balance this with the constitutional rights of individuals. He ruled that the ICPC must seek court approval for any freeze order exceeding 72 hours, emphasizing the risk of injustice if account holders were left without access to their funds for extended periods.

The judge noted that while enforcement agencies require powers to seize suspected criminal proceeds for thorough investigations, the Constitution guarantees citizens the right to fair hearing. He explained that freezing accounts without judicial oversight undermines this right and could cripple personal or commercial interests.

Citing concerns about potential abuse of power, Justice Omotosho rejected the ICPC’s argument that its chairman could vary freeze orders within 12 months, describing the timeframe as excessive and detrimental to account holders. He affirmed the importance of fighting corruption but insisted that investigations must respect constitutional safeguards.

The court ruled that ICPC freeze orders are valid for 72 hours, after which they must be extended by a court.

Kemi Badenoch, controversial leader of the British Conservative Party, has opened up about her faith.

Badenoch in a now-viral interview with The Free Press, a US media outfit, revealed that she no longer believes in God.

According to her, the most important factor is what individuals do with their belief or lack of belief.

“I don’t believe in God anymore. But I am not an atheist, I am agnostic. I used to believe in God very much but now I describe myself as a cultural Christian.

“I don’t think it matters if people believe in God or not. What matters is what they do with the belief or the lack of it,” she said.

Born Olukemi Adegoke to Nigerian Yoruba parents in the UK, Badenoch’s last name changed after she married a Scottish banker.

She returned to Nigeria, where she grew up, and finally departed for the UK when she turned 16.