🗞️ Down like the economy
This newsletter was written surrounded by the comforting sound of a loud air conditioner. Sorry, no “jokes” in this edition. I’m (feeling) down like the economy.
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In this edition
CBN’s layoff spree continues
Bobrisky sentenced to prison
The Naira is up, but oil production is down
EndSARS cases still pending
The Binance exec sent to a Nigerian prison
NAFDAC’s warning on two medicines
This edition is 2,000 words (approx. 7min read). Please share or donate to support 🤲🏽.
Bobrisky’s prison sentence
The Federal High Court in Lagos, on Friday Bobrisky, to 6 months imprisonment without the option of a fine for “abusing the naira”.
Bobrisky was arrested by the EFCC earlier this month for “six counts of money laundering and abuse”
In 2023, the CBN announced that spraying naira at parties was against the law and was punishable by a fine, imprisonment or both.
Earlier in February 2024, actress, Oluwadarasimi Omoseyin, was convicted and sentenced to six months in prison for defacing the naira notes by spraying and stepping on them at a social event in Lagos.
While Bobrisky and Omoseyin will be spending six months in prison, the EFCC is yet to take any action on a video showing the Minister of Arts, Culture and Creative Economy, Hannatu Musawa, abusing the naira, the same offence Bobrisky was convicted for.
Money
Current exchange rate: N1,187/$ (down from last week’s N1,256/$)
CBN’s “clampdowns”
CBN has issued a directive banning banks from using foreign currency as collateral for naira loans, with exceptions for Eurobonds issued by the Federal Government or guarantees of foreign banks.
The goal, according to the central bank, is to strengthen the naira and adhere to regulatory guidelines.
We reported recently that CBN said it would sell $10, 000 to each registered Bureau de Change operator in Nigeria at the rate of N1,101/$1r.
As of the 14th of April, the naira has appreciated over 40% against the dollar, from around N1,900/1 to about N1,187/1.
Banking woes
The Central Bank of Nigeria (CBN) has continued to lay off employees following the appointment of Olayemi Cardoso as governor.
50 more members of staff were reportedly dismissed on Monday, bringing the total to 117 within three weeks.
The dismissals have occurred in 29 departments of the CBN and have affected directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.
Meanwhile, while GT Bank is busy becoming a lifestyle brand, customers' complaints at GT and four other major banks in Nigeria increased by 63.54% in 2023, reaching over 10 million complaints.
Speaking of CBN - Emefiele vs EFCC
Last week, EFCC’s investigations against Emefiele by the EFCC resulted in 26 counts of abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, and his co-defendant on three counts of acceptance of gift by agents.
Emefiele pleaded not guilty to new charges.
In his ruling on Friday, the judge, Rahman Oshodi, granted bail of 50 Million to Emefiele to bail with two sureties.
More on fraud
The EFCC has recovered N30 billion in the case of Betta Edu, the Minister of Humanitarian Affairs, who is under investigation for alleged money laundering.
The commission is also probing 50 bank accounts related to the case.
The recovered funds have been transferred to the Federal Government's coffers. The EFCC chairman, Ola Olukoyede, revealed this information in a bulletin and stated that the investigation is ongoing and that there are many leads to be followed.
Olukoyede also called for a united front in the fight against corruption and urged the judiciary and legislative arms to assist the commission in its anti-corruption fight.
EndSARS victims still awaiting court-ordered compensation
Three years after the Federal Government directed states to compensate EndSARS victims, 25 states have yet to comply with the verdicts given to the proven cases of injustice.
The EndSARS probe panel report indicates that victims are yet to receive N1.7 billion in compensation from 25 states.
Osun, Lagos, Ekiti and Abuja are some of the only states that have paid some compensation.
While some states have submitted panel reports, others are yet to do so, and even fewer have paid compensation.
The National Human Rights Commission (NHRC) and civil society groups are critical of the situation, and the executive secretary of the NHRC believes that state governments should pay the compensation and recover the costs from the Federal Government.
Meanwhile, The Edo State House of Assembly impeached the Deputy Governor, Philip Shaibu, on April 8, 2024, following the adoption of a report from a seven-man investigative panel - Punch
The panel, headed by Justice S.A. Omonua (retd.), probed Shaibu on allegations of misconduct, including perjury and leaking of government secrets. Shaibu failed to appear before the panel, leading to the adoption of the report against him. - Punch
The panel upheld the opposition to the suspension prayer by the Assembly and proceeded with the hearing.
The Assembly, represented by its Deputy Clerk, Joe Ohiafi, presented its case against Shaibu, and 18 members voted in support of the impeachment.
The EFCC is keeping busy
EFCC has warned against charging in dollars or any foreign currency within Nigeria, targeting hotels, supermarkets, restaurants, and schools.
EFCC's Chairman, Ola Olukoyede, announced the warning on dollarisation through the “EFCC Alert magazine”.
Olukoyede warned of prosecution for dollarisation and mentioned existing arrests in this area.
The EFCC aims to eradicate currency mutilation and illegal forex dealing, working with the CBN for proper licensing, regulation, and documentation.
Olukoyede reiterated the need for special courts to hasten corruption cases and urged the National Assembly for legislative support.
Naira up, oil down
Nigeria's crude oil production has experienced a consecutive monthly decline, reaching 1.231 million barrels per day in March 2024, according to OPEC.
OPEC's Monthly Oil Market Report for April 2024 revealed that Nigeria's crude oil production dropped to 1.231mbpd in March from 1.322mbpd in February.
The report also highlighted the country's average crude oil production in the first quarter of 2024, which was higher than the previous quarters.
Binance
The Federal Government says they are working with international authorities to extradite Nadeem Anjarwalla, a Binance executive who has been traced to Kenya.
Anjarwalla, a British-Kenyan dual national, “fled” Nigeria a few weeks ago. He did it by obtaining a Kenyan passport after the Nigerian FG seized his British one.
Anjarwalla is one of two Binance executives facing charges of money laundering and operating a financial institution without a valid license in Nigeria.
The Nigerian government says they are collaborating with international law enforcement agencies, including INTERPOL, the FBI, and the governments of the United Kingdom, Northern Ireland, and Kenya, to ensure Anjarwalla's return to Nigeria.
Binance exec in Kuje prison
On April 9th, 2024, a Federal High Court in Abuja remanded the remaining Binance executive Tigran Gambaryan to Kuje prison following his arraignment on money laundering charges.
Gambaryan pleaded not guilty to the charges and was detained in Kuje prison pending the determination of his bail application.
The charges, brought by the EFCC, allege that Binance, Gambaryan, and his colleague Anjarwalla concealed the source of $35,400,000 generated as revenue by Binance in Nigeria, knowing that the funds constituted proceeds of unlawful activity.
Health
Fake Drugs
The National Agency for Food and Drug Administration and Control (NAFDAC) has discovered two problematic medicines currently in circulation in Nigeria.
Counterfeit "Tandak Injection", a medication used to fight bacterial infections manufactured by Intracin Pharmaceuticals in India
A batch of "Benylin Paediatrics Syrup" that contains a high level of Diethylene glycol, a toxic chemical
Toxic effects of Diethylene glycol can include abdominal pain, vomiting, diarrhoea, and acute kidney injury
Anyone who has either of these products has been asked to discontinue use and submit stock to the nearest NAFDAC office
I was recently given an antibiotic that, according to my research can lead to some serious nerve damage. I was prescribed this medication without any warning by the doctor at Royan Hospital in Berger, Lagos, for a minor bacterial infection (it is typically prescribed as a last resort for serious issues). Before taking any medication, please read the label and research it.
Diseases
The Nigeria Centre for Disease Control and Prevention (NCDC) reported one death and 15 new cases of Lassa fever in one week, signifying a decrease in the number of confirmed cases from the previous week.
Ondo, Edo, and Bauchi states accounted for 62% of all confirmed cases, with Ondo state having the highest percentage at 24%.
The reports also indicate that individuals aged 31-40 were predominantly affected.
Lassa fever is an acute viral illness transmitted to humans through contact with food or household items contaminated by infected rodents (rats) or contaminated people.
According to the NCDC, Lassa fever and other diseases are particularly challenging to fight in Nigeria since people often turn to hospitals as a last resort due to high treatment costs. In high-risk communities, inadequate environmental sanitation is another challenge.
Insecurity
Chibok girls still missing
The Christian Association of Nigeria (CAN) has urged the FG to collaborate with international partners and gather resources to rescue the remaining Chibok girls.
CAN describes the trauma experienced by the abducted girls and their parents as unimaginable and emphasises the importance of their safe return.
Of the 276 girls who were kidnapped from their school in Chibok, 91 are still missing
The association also urged the international community, humanitarian organisations, and individuals to lend their voice in advocating for the girls' release.
Ondo
The Ondo State Security Network Agency, Amotekun Corps, caught 45 suspected criminals, including 14 kidnappers, 5 burglars, 2 anti-grazing offenders, 5 individuals arrested for theft and purchase of stolen goods, and one “dangerous driver”.
The suspects were apprehended across the 18 local government areas of the state and presented at the headquarters of the corps in Akure.
The state Commander of Amotekun, Adetunji Adeleye, stated that the suspects would face the full force of the law for their crimes and have all been profiled.
Nnamdi Kanu
The legal team of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), has warned that they may boycott court proceedings due to alleged injustice against their client - Punch
The IPOB leader is being charged with treason felony and terrorism and has been in the Department of State Services (DSS) custody since 2021.
Kanu had applied for bail based on health grounds and to enable him to prepare for trial, but his application was rejected by Justice Binta Nyako of the Federal High Court in Abuja.
Nyako instead promised to grant an accelerated hearing in the matter.
However, Kanu's legal team led by Alloy Ejimakor, says they have been facing difficulty preparing the IPOB leader for trial due to denial of access to their client and seizure of legal documents by the DSS.
Ejimakor has accused the DSS of arranging a pre-programmed injustice against Kanu and has threatened to boycott the trial if the situation continues.
World News: Iran launched a massive attack on Israel
On April 14, 2024, Iran launched a massive aerial attack on Israel with over 300 drones and missiles. The attack was in retaliation for a suspected Israeli strike on its consulate in Damascus on the 1st of April that killed 13 people - Al Jazeera
The attack involved more than 120 ballistic missiles, 170 drones, and more than 30 cruise missiles.
This marked the first-ever direct attack by Iran on Israeli territory from Iranian soil.
The attack lasted approximately five hours and resulted in minor damage to an Israeli base and the injury of a seven-year-old girl.
The Israeli military intercepted the vast majority of the projectiles with help from the United States, the United Kingdom, France, and Jordan.
The United States has steered clear of Israel's attacks on Lebanon and Palestine for the past 7 months because, according to the US authorities, “Israel has a right to defend itself”, so it is surprising that the US intercepted Iran's right to defend itself.
Other news
The National Identity Management Commission (NIMC) has announced plans to launch an improved National Identity Card (NIC) with payment capabilities and functionalities for social service programs - Guardian NG
Makeup artist, Abigail Edith Frederick, actor, Junior Pope Odonwodo and three other crew members die in boat accident - Punch, Leadership
The Channels Television reporter, Joshua Rogers, who was abducted from his residence in Port Harcourt, the Rivers State capital, has been freed. He was released around 10 p.m. on Friday unharmed, about 24 hours after being abducted from his home in Rumuosi, Obio/Akpor area of Port Harcourt on Thursday. - Premium Times
New electricity bands: Electricity:
Band A 20 - 24 hours of electricity
B - 16 - 20 hours
C - 12 - 16 hours
D - 8 - 12 hours
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