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Headlines

Fire guts Trademore market in Abuja [VIDEO]

by Folarin Kehinde December 2, 2024
written by Folarin Kehinde

A devastating fire swept through the only market in Trademore Estate, Lugbe, Abuja in the early hours of Monday, leaving traders and residents grappling with significant losses.

The blaze, which reportedly started around 3:30 a.m., broke out shortly after the Abuja Electricity Distribution Company restored power.

Eyewitnesses suggest the inferno may have been triggered by an electrical fault, though the exact cause has yet to be officially determined.

Joe, a resident of the estate, described the scene as “tense and chaotic,” noting that the fire had already spread widely by the time he was alerted at 4:00 a.m.

Efforts by residents to contact emergency services were initially met with delays.

Firefighters from Dunamis Church were the first to respond at around 5:00 a.m., followed by teams from the Economic and Financial Crimes Commission (EFCC) and Sauka Station.

It took two hours for emergency responders to bring the blaze under control, successfully preventing it from spreading further.

At the time of reporting, the extent of the damage and the value of goods lost remain unclear.

Authorities have not yet released an official statement on the incident.

Watch video below:

https://twitter.com/IamOgbeche/status/1863428506044002681?t=xmIlYYaDsMw8tIfZYAHEgA&s=08
December 2, 2024 0 comments
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Employment scam in MINT: Group petitions CBN, National Assembly, CCB, others: CBN Deputy Governor Emem Usoro; her aide Olakunle Abiola indicted Leading Reporters
Headlines

CBN Set To Retire 1,000 Staff Before End of 2024, Offers N50 Billion as Payoff

by Folarin Kehinde December 2, 2024
written by Folarin Kehinde

The Central Bank of Nigeria is set to retire at least 1,000 of its workforce before the end of December 2024, Daily Trust reports.

Sources at the apex bank stated that the retirement plan by the CBN will gulp over N50 billion as payoff to those affected by the massive layoff.

According to the source, this process is in alignment with the re-organisation by the bank’s Board of Directors led by Olayemi Cardoso.

The BoDs had expressed their commitment to reducing the workforce of the Central Bank as it has disengaged several workers in the past 10 months.

This included 17 directors who had served under the immediate past governor, Godwin Emefiele who is facing charges before a Federal High Court.

While these directors are yet to be replaced, a circular released by the bank three weeks ago said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.

Those exempted from the EPP are staffers who are yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”

December 2, 2024 0 comments
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Ejigbo
Headlines

Ejigbo: The Osun Town Where CFA Francs Are Used as Currency

by Nelson Ugwuagbo December 1, 2024
written by Nelson Ugwuagbo

Ejigbo, a historic town in Osun State, Nigeria, stands out as a unique community where two currencies—Nigeria’s Naira and the West African CFA Franc—are widely accepted in its markets. This unusual practice reflects the town’s deep economic and cultural ties with Abidjan, the commercial capital of Ivory Coast.

The roots of this connection trace back to the migration of Ejigbo’s traders to Abidjan in search of better opportunities. Over time, many of these migrants settled in Ivory Coast, intermarried, and built families with dual citizenship. Today, almost every household in Ejigbo has a relative in Abidjan, strengthening the bond between the two locations. The locals often refer to Abidjan as their “London,” a symbol of prosperity and opportunity.

The acceptance of the CFA Franc in Ejigbo’s markets is a direct result of these strong ties. Residents frequently bring back goods and money from Ivory Coast, making the CFA Franc a practical currency for daily transactions. Market vendors in Ejigbo readily accept both CFA and Naira, ensuring flexibility for locals and visitors alike. Currently, 1,000 CFA exchanges for approximately 2,850 Naira, a significant shift from the days when one Naira equaled three CFA during former President Goodluck Jonathan’s administration.

Beyond currency, the influence of Ivory Coast is deeply ingrained in Ejigbo’s culture. The town has adopted Ivorian traditions, from food to lifestyle. Traditional meals from Abidjan are now commonplace in Ejigbo, and many items in the markets are imported directly from Ivory Coast. This strong cultural and economic connection has made it possible for residents to enjoy the best of both worlds.

Travel between Ejigbo and Abidjan is also a testament to their enduring relationship. The journey costs around 100,000 Naira and typically takes one day under favorable conditions. However, challenges such as immigration processes can extend the trip to three days. Despite this, the bond remains unshaken, with frequent exchanges of people and goods strengthening the ties between the two locations.

For the people of Ejigbo, living between Nigeria and Ivory Coast is not just a possibility—it is their reality. Their ability to seamlessly navigate these two worlds has created a unique cultural identity, where CFA Francs and Naira coexist in their markets and Ivory Coast’s influence shapes their everyday lives.

December 1, 2024 0 comments
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Headlines

JUST IN: NNPCL reduces petrol price to N1030/l for marketers

by Folarin Kehinde November 29, 2024
written by Folarin Kehinde

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has reduced its price for the Premium Motor Spirit (PMS) petrol to marketers from N1,045 per litre to N1,030 per litre.

The association’s National President, Dr. Billy Harry disclosed this at its strategic meeting and award presentation in Abuja yesterday.

He said: “Today, NNPCL has reduced their price to 1,030 Naira”

He added that the marketers are still pressing the state-owned firm to further drag down the price.

“We are still hoping and pushing that it will still come down low,” he said.

Recalled that NNPCL major competitor, Dangote Refinery and Petrochemicals sells the product at N970 per litre to the marketers with a ceiling of a minimum of two million litres while NNPCL has not limited its volume to the marketers.

Explaining the implication, Harry said the turn over rate from buying from NNPCL will be higher despite its higher rate.

His words, “Because most of our members are going to be struggling to get 50 million Naira, or thereabout, or even N60 million to buy products.

“Now, that is not what is easily affordable. So, we, as retail outlet owners, you can see why we are very close to NNPC.

“Because we can go there and buy one product, sell, quickly turn it around, and then come back. But then, if we have to buy 2 million liters, we must go together.”

He disclosed that NNPCL has opened its their portal for marketers to start lifting products since the day on Wednesday.

According to him, the competition emanating from the free market operation will certainly bring down petrol prices further.

He said “And as I speak to you, they (NNPCL) are already programming for us on the current price.”

He also disclosed that owing to the need to patronize domestic refineries, the association has suspended its plan to import the products.

Harry said, “So, we are not going to start importing if there is product available. So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria.”

November 29, 2024 0 comments
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Zulum
Headlines

Tinubu Tax Plan Will Cripple North – Governor Zulum

by Nelson Ugwuagbo November 29, 2024
written by Nelson Ugwuagbo

Borno State Governor, Babagana Zulum, has pledged to rally northern lawmakers against President Bola Tinubu’s proposed tax reform bills, warning that the legislation could devastate the region’s economy.

Speaking in an interview with the BBC, Zulum criticized the rushed nature of the bills, comparing them to previous laws that underwent extensive debates before passage. He expressed concerns that the reforms would impoverish the north while disproportionately benefiting Lagos State.

“These bills, if passed, will lead to poverty, hunger, and hardship in the north,” Zulum said. He reminded the president that northern voters played a significant role in his 2023 election victory. “He should not ignore our concerns and the rumours that the north is not in his favour,” the governor added.

Zulum also cautioned against undue pressure on lawmakers to approve the bills, raising fears of potential political influence or bribery.

“What we fear is that some lawmakers might secretly support the bills, and politicians might bribe or persuade their members to vote for them,” he said. He urged northern lawmakers to remain vigilant and prioritize the region’s interests.

The proposed tax reforms have also faced strong opposition from Senator Ali Ndume, who represents Borno South in the National Assembly. Ndume has consistently voiced his objections, both in public and on the Senate floor, aligning with Zulum’s stance against the legislation.

The tax bills have sparked heated debate across the country, with concerns over their potential economic and political impact. Lawmakers are expected to deliberate on the proposed legislation in the coming weeks.

November 29, 2024 0 comments
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boat
Headlines

Tragic Boat Accident Kills 8, Injures Hundreds in River Niger

by Nelson Ugwuagbo November 29, 2024
written by Nelson Ugwuagbo

A boat accident along the Dambo-Ebuchi stretch of the River Niger in Niger State has claimed multiple lives, with over 200 passengers reportedly on board. The incident occurred in the early hours of Friday as the vessel, owned by one Musa Dangana, capsized while en route to the Katcha weekly market.

The passengers, including market women and farm laborers, were thrown into the river when the boat overturned. Local divers have since commenced search and rescue operations, recovering eight bodies so far. Efforts are ongoing to locate the remaining passengers.

Eyewitnesses reported that none of the passengers were wearing life jackets, a factor believed to have contributed to the high number of casualties.

This tragedy follows a similar incident on October 1, 2024, on the Muwo Gbajibo River in Mokwa Local Government Area, where many lives were also lost.

Authorities have yet to issue an official statement on the latest disaster, but an investigation is expected to uncover the cause of the accident. The incident highlights persistent safety concerns surrounding water transportation in the region.

November 29, 2024 0 comments
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yahaya bello
Headlines

Court Rejects EFCC Bid to Arraign Ex-Kogi Governor Without Legal Team

by Nelson Ugwuagbo November 29, 2024
written by Nelson Ugwuagbo

The Federal High Court in Abuja has rejected the Economic and Financial Crimes Commission’s (EFCC) bid to arraign Alhaji Yahaya Bello, the immediate past Governor of Kogi State, without his legal representation.

Bello faces a 19-count charge related to alleged involvement in an N80.2 billion fraud. The case was set for his plea before Justice Emeka Nwite, but none of his defense lawyers were present in court.

EFCC’s counsel, Mr. Kemi Pinheiro, SAN, argued that Bello’s physical presence was sufficient for the arraignment, even in the absence of his legal team. However, Justice Nwite dismissed the argument, citing a violation of the defendant’s right to fair hearing.

The judge stated that compelling Bello to enter a plea without his defense counsel would be unjust. He stressed that the absence of the legal team resulted from their lack of notice about the case’s schedule.

“It is my view that the interest of justice will be met by putting the defense counsel on notice about this abridgement of time,” Justice Nwite ruled. He added that proceeding without Bello’s lawyers would breach procedural fairness and undermine the integrity of the court process.

The arraignment was adjourned to December 13, 2024, with instructions for a hearing notice to be issued to Bello’s legal team. Meanwhile, the court ordered that Bello remain in EFCC custody until the next court date as investigations into the alleged fraud continue.

The charges against Bello include embezzlement, financial mismanagement, and abuse of office involving the large-scale diversion of state funds during his tenure.

The case has drawn significant public attention due to the scale of the alleged fraud and its potential impact on anti-corruption efforts in Nigeria.

Legal experts and observers have emphasized the importance of upholding justice and fairness in such high-profile cases. The December hearing is expected to be a key moment in the proceedings.

November 29, 2024 0 comments
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Headlines

JUST IN: Okonjo-Iweala re-elected for second term as WTO DG

by Folarin Kehinde November 29, 2024
written by Folarin Kehinde

The first woman and first African to lead the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has officially secured a second term as Director-General.

Okonjo-Iweala, 70, had announced her intention to seek a second term in September.

Ambassador Petter Ølberg of Norway, chair of the General Council, also informed WTO members that no other nominations were received before the 8 November deadline.

Her current tenure, which began in March 2021, is set to conclude in August 2025.

Confirming her re-election, WTO on its verified X page (formerly Twitter) on Friday, November 29 in a terse post said: “Breaking: the General Council has appointed Director-General @NOIweala for a second term, effective 1 September 2025. More details to follow.”

The appointment of the Director-General is made by consensus among the WTO’s 166 member countries, a process she successfully navigated despite initial hurdles.

Okonjo-Iweala’s leadership has been instrumental in pushing forward a reform agenda for the WTO.

November 29, 2024 0 comments
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United Kingdom
Headlines

EXCLUSIVE: How UK Earned Over N40bn in Visa Fees from Nigerians From 2023 to 2024

by Nelson Ugwuagbo November 29, 2024
written by Nelson Ugwuagbo

The government of the United Kingdom (UK) has earned over N40 billion processing visas for Nigerian nationals between June 2023 and June 2024.

Marc Owen, director of visa, status, and information services at UK Visas and Immigration, disclosed that at least 225,000 visa applications from Nigeria were processed during the period. He spoke at the launch of Africa’s largest UK Visa Application Centre (VAC) in Lagos.

“In the year to June 2024, we processed more than 225,000 UK visas for Nigerian nationals across all categories, and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient, and meet the needs of all applicants,” Owen was quoted as saying by the British High Commission in Lagos.

“I’m delighted to be here in person as we celebrate this important moment together with our customers and partners,” he added.

Although Owen did not provide exact figures for visa applications, an analysis based on the UK’s six-month standard visitor fee of $150 and the 225,000 applications cited as the least figure shows the UK generated over $34 million from processing. At an average exchange rate of N1,200 to $1 between June 2023 and June 2024, this amounts to over N40 billion.

Visa application fees are non-refundable, even if the application is unsuccessful.

Earlier in 2024, data from the British government revealed that Nigeria was among five countries with increased study visa rejection rates in the second half of 2023.

In Q4 2022, one in 31 Nigerian applications was rejected, while in Q4 2023, the rejection rate rose to one in eight. Other countries with high rejection rates included Vietnam, Indonesia, and Saudi Arabia, though at smaller volumes.

India recorded higher declined application numbers than Nigeria. For Nigerians, study visa issuances dropped by 63 percent compared to the final three months of 2022.

The increase in rejections coincided with stricter UK immigration policies, including changes to dependent visa rules and adjustments to the graduate route post-study work visa, which fueled negative sentiments in both countries.

As UK visa restrictions tightened, many Nigerians turned to the United States for opportunities.

During the 2023/2024 academic year, Nigeria ranked as the seventh largest source of international students globally and the highest in Africa, with 20,029 students enrolled in the US. This represented a 13.5 percent increase compared to the previous year.

November 29, 2024 0 comments
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Court
Headlines

Court Sentence Police, Immigration Officers To Prison For Employment Fraud

by Nelson Ugwuagbo November 29, 2024
written by Nelson Ugwuagbo

A Federal High Court in Gombe has sentenced two police officers and one immigration operative to seven years imprisonment each for their involvement in a N1.6 million employment scam.

The Economic and Financial Crimes Commission (EFCC) arraigned the police officers, Yusuf Abdulkarim Bature and Musa Philip, on a two-count charge of obtaining by false pretences and intent to defraud. Nasiru Mohammed, the immigration officer, was charged with one count of obtaining by false pretences.

According to the charge sheet, Bature and Philip, while serving as officers of the Nigerian Police Force, defrauded one Asabe Hamed of N970,000 in 2022 under the guise of securing her a job, a claim they knew to be false. Similarly, Mohammed, an officer of the Nigerian Immigration Service, was accused of collecting N670,000 from Abdul Rahman Abubakar and Akwalo Adamu on the pretext of securing them employment within the agency.

The offences were said to contravene Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.

The three defendants pleaded guilty to the charges.

Delivering judgment, Justice T.G. Ringing sentenced each of the defendants to seven years imprisonment or an alternative fine of N50,000. The court also ordered them to refund the total sum of N1,640,000 to their victims and sign an undertaking to maintain good behaviour.

November 29, 2024 0 comments
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