Author: Akintayo Adams

Five people are said to have been slain by bandits at two polling places in Kankara LGA, Katsina State, where a rerun election is planned for today. During the late-night attack on Friday, the attackers—who arrived on more than fifty motorcycles—also stole more than one hundred bags of soybeans, cowpeas, and guinea corn from the Ungwar Kela hamlet. A resident claim that the thieves employed a calculated plan whereby some members were stationed to watch over the area while others rode about all night carrying the stolen produce. There was no response when attempting to reach Alhaji Anas Isah, the…

The Central Bank of Nigeria (CBN) changed the exchange rate on the Customs platform to N1,413.62/$1 on Saturday in response to stakeholders’ rejection of the N1,356.883 rate. Less than a day has passed after the CBN raised the exchange rate on Friday, February 2, 2024, from N951.941/$1 in December to N1,356.883/$1. Recall that the CBN changed the exchange rate from N422.30/$1 to N589/$1 on June 24, 2023, and then again on July 6, 2023, to N770.88/$1. It was changed to N783.174/$1 on November 14, 2023; N951.941/$1 on December 7, 2023; N1,356.883/$1 on Friday, February 2, 2024; and it is currently…

International money transfer services are no longer allowed for banks and financial technology businesses (fintechs) according to an order issued by the Central Bank of Nigeria (CBN). The application fee for licensing International Money Transfer Operators (IMTOs) has increased dramatically by 1,900% in conjunction with this move. A CBN memo dated Wednesday, January 31, 2024, revealed the apex bank’s decision and included the updated parameters for IMTO activities. “All banks are prohibited from operating International Money Transfer services but can act as agents,” the document partly reads. It further stated that fintech companies cannot receive permission from the IMTO. The…

Oba Gbolagade Muritala Babalola (Gbadewolu I), the Onido of Ido in the state’s Ido Local Government Area, has been suspended by the Oyo State Government. Governor ‘Seyi Makinde approved the suspension on Thursday, February 1, 2024, according to a letter from the government dated February 2, 2024, and signed by Hon. Olusegun Olayiwola, Commissioner for Local Government and Chieftaincy Matters. Sulaimon Olanrewaju, Special Adviser (Media) to the Governor of Oyo State, signed a statement on Friday, although it omitted the reason for the suspension. Quoting the letter in part, it reads, “I wish to inform you that His Excellency, the…

On Friday, the Super Eagles of Nigeria take on Angola in an Africa Cup of Nations (AFCON) quarterfinal match with the goal of making it to the competition’s semifinals for the first time in five years. In their most recent encounter, Nigeria overcame longtime rivals Cameroon 2-0 to secure a matchup with the Angolan Palancas Negras in the round of eight. In contrast, the South Africans advanced to this level of the competition by crushing Namibia 3-0. The Super Eagles began the AFCON on a weak note by drawing Equatorial Guinea before narrow victories over hosts Cote d’Ivoire and Guinea-Bissau.…

The Oyo State Independent Electoral Commission (OYSIEC) declared yesterday, February 1, 2024, as the start date for the hiring of temporary employees for the state’s upcoming Local Government Council elections. This was well known and insane. In a statement released on Wednesday in Ibadan by Aare Isiaka Abiola Olagunju, SAN, the chairman of OYSIEC. According to the release, the recruitment portal will start on February 1st and expire on February 15th, 2024. The commission head’s statement further stated that the candidates needed to have a bank verification number (BVN), a functional or operational commercial bank account, and the necessary educational…

Following the deaths of two traditional rulers in Ekiti State, 13 suspects were reportedly taken into custody on Thursday, according to the Nigeria Police Force . “Now, we have 13 suspects arrested so far in connection with that incident. And we are sure we are going to get more of these suspects,” Force Spokesman, Muyiwa Adejobi, disclosed on Channels Television’s Politics Today programme. “We are working with them (suspects) and they are giving us reliable and useful information. “We are sure and optimistic that we are going to get all of them apprehended and bring them to book,” he said.…

President Bola Tinubu is accused by 2023 Peoples Democratic Party (PDP) presidential contender Atiku Abubakar of forcibly seizing control of the Nigeria National Petroleum Company Limited’s (NNPCL) finances. According to Atiku, Tinubu extorted money from NNPCL and sent it to the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance. He stated in a post on X that Tinubu’s move is morally and legally illegitimate because it goes against the due process rights. Quoting the former Vice President: “By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the…

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that around 81% of Nigerians who are employed work in the non-productive sector of the nation’s economy. Speaking on Thursday at an Africa Trade and Investment Summit, Oyedele revealed this. He claims that although while Nigeria’s unemployment rate is 4.2%, which is comparable to that of the UK, the majority of working Nigerians do not significantly boost the national economy. According to him, this is the main cause of the poverty that most Nigerians experience. According to Oyedele, the federal government must provide respectable…

In the midst of the foreign exchange crisis, the Central Bank of Nigeria, or CBN, has released new guidelines for International Money Transfer Operators operating in Nigeria. This was revealed by the top bank in a recent circular signed by Hassan Mahmud, the director of trade and exchange, and titled “Reviewed Guidelines of International Money Transfers in Nigeria.” According to the apex bank, IMTOs are prohibited from doing any outbound transactions and are required to purchase foreign exchange for settlement from the domestic foreign exchange market. Additionally, it forbade all banks and financial technology firms from acting as agents while…