Author: Akintayo Adams

With immediate effect, the Economic Community of West African States withdrew economic sanctions on Niger, Mali, and Burkina Faso on Saturday. This came after lengthy discussions on the political, security, and peace conditions in the region for hours at the State House in Abuja by the ECOWAS Authority of Heads of State and Government. The ECOWAS Commission President, Dr. Omar Touray, announced the Authority’s resolutions and stated that it has halted the closing of the air and land border with Niger, creating a no-fly zone for any commercial aircraft. Additionally, it has put a stop to all financial transactions between…

The military chiefs of Burkina Faso, Niger, and Mali have been urged by President Bola Tinubu to reevaluate their decision to leave the Economic Community of West African States. This came as he reaffirmed that ECOWAS was prepared to reconsider its punitive strategy in light of the states’ return to constitutional government. As the Chairman of the ECOWAS Authority of Heads of State and Government, Tinubu presided over an extraordinary summit on the political, peace, and security situation in the region at the State House in Abuja. “Times like we currently face in our sub-region demand that we take difficult…

Only about 5% of Nigerians, according to Minister of Finance and Coordinating Minister of the Economy Wale Edun, have more than ₦500,000 in their bank accounts. The federal government’s changes, according to Edun, are intended to address the economic disparities that have disproportionately benefited a tiny group of elites over the majority of residents over the past eight years. Edun made this revelation in an interview on a television program. He went on to say that directing government money into the government’s coffers is the main objective of microeconomic reforms. The minister added that only a small portion of the…

Nineteen alleged online scammers have been taken into custody by the Economic and Financial Crimes Commission (EFCC) Ibadan Zonal Command in Oyo State’s capital city. According to the EFCC, on February 22, 2024, nine of the suspects were taken into custody in the Olorunda neighborhood of Akobo, Ibadan, and on February 21, 2024, the remaining suspects were captured in the Olude, Wire, and Cable districts of Ibadan. Following a succession of actionable intelligence gathered and examined by the EFCC’s Ibadan Zonal Command agents regarding the suspected online fraudsters’ fraudulent operations, the suspects were taken into custody. Two houses, seven cars,…

The Nigerian Customs Service (NCS) has been requested by the Central Bank of Nigeria (CBN) to use the same exchange rate for goods imports and clearance throughout the nation. The directive was included in a circular released on Friday by Hassan Mahmud, the Director of Trade and Exchange Department at the top bank. Mahmud claimed that pricing irregularities have resulted in unforeseen rises in the ultimate cost of items on the market due to the continual fluctuations in customs duty rates. It gave the NCS instructions to use the FX closing rate on the day that importers submit Form M…

Foreign exchange sellers to Bureau De Change (BDC) who sell foreign exchange for at least $10,000 are required by the Central Bank of Nigeria (CBN) to disclose their foreign exchange sources. This was said by the apex bank in a revamped regulatory framework it released on Friday, which aims to restrain BDC excesses and reduce market confusion. The CBN further stated that sellers will have to abide by all foreign exchange laws and regulations in addition to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards. The CBN stated that as part of continuing changes to the Nigerian foreign currency market,…

Dr. Wasiu Olatubosun, the Oyo State Commissioner for Culture and Tourism, officially opened the Royal Entertainment Cruise firm, which provides boat cruise services, at Ibadan’s Eleyele Waterfront on Wednesday. The company’s arrival is expected to boost aqua tourism in the state. As Dr. Olatubosun congratulated Mr. Sanmi Bamidele on his accomplishment as CEO, he reminded him that safety was a critical factor in the company’s success. The CEO of Royal Entertainment was praised by the commissioner for being the first in the state to venture into the aqua tourist industry.Speaking about the state governor’s initiatives to boost tourism, Olatubosun stated…

An illicit crude oil refining facility was discovered in a forest in the Odagwe community of the Etche Local Government Area of Rivers State by the Nigerian Army’s 6 Division Garrison in Port Harcourt. This occurs just three days after the Nigerian Navy said that its agents broke into an illicit oil refinery located at Abonema Wharf in the Port Harcourt region of the state. The complex included 750,000 liters of illicitly refined diesel, also known as automated gas oil. One million liters of crude oil were collected by the army during an operation against oil theft and illicit oil…

Rasmus Hojlund, a Danish striker, will miss “two to three weeks” due to a muscular issue, Manchester United has revealed. With his brace against Luton Town last weekend, he became the youngest player to score in six straight Premier League games. However, he will not play against Fulham this weekend or in the Manchester derby the following Saturday. After a difficult start to his career at Old Trafford, the 21-year-old has been on fire since Christmas, netting seven goals in six league appearances. The club just announced that he would undoubtedly miss Saturday’s league match against Fulham and could miss…

This afternoon saw the Europa Conference League round of 16 draw, with Unai Emery’s Aston Villa serving as the only British team participating. As usual, the draw was held in Uefa’s headquarters in Nyon, where the clubs that advanced to the play-off round got knowledge of their opponent’s seed. The last 16 fixtures will take place over consecutive weeks with the first legs being played on March 7th and the second legs following on March 14th. The result of the draw is as follows: Servette vs Viktoria Plzeň Ajax vs Aston Villa Molde vs Club Brugge Union SG vs Fenerbahçe…