🗞️ PSA: Bail is not free
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In this edition:
Kidnappings across the country
Dangote is buying oil from the US
The CBN governor has been summoned
The CBN says no plans to convert domiciliary account holdings into Naira
Bail is not free
This edition is 2,300 words (approx. 8 mins read)
Yesterday in Lagos
INEC in Lagos State conducted by-elections in Surulere 1 Federal Constituency.
They have 258 polling units and 282 machines for voter accreditation. Out of 140,377 registered voters, 121,111 PVCs, which is about 86.3% of the total voting strength.
INEC disclosed that 12 people are competing for the position
The by-election was called because the former representative, Rep. Femi Gbajabiamila, resigned after winning and was appointed as the Chief of Staff by President Bola Tinubu.
This nonsense - misogyny, abuse of power, human rights violation
A female soldier, Lance Corporal Philomena Nnamoko was bullied by senior male colleagues for refusing sexual advances.
After speaking about it in an interview, she was allegedly beaten and sent to a psychiatric hospital. Her son reported finding her unconscious with bruises.
Philomena's lawyer says she is mentally stable, and the army is accused of covering up the assault by claiming she has a mental disorder.
The army spokesperson could not be reached for comment.
Insecurity
EFCC 🤝gossip girl
The EFCC chairman, Ola Olukoyede. last week claimed that they know a “religious sect” in Nigeria that is sponsoring terrorism. They claimed that when they attempted to sanction this entity they refused to name, they were sued and barred from going ahead with their investigation.
Naturally, people assumed Olukoyede meant a religious institution, but he clarified that that’s not what he meant.
Olukoyede clarified that he said “a religious sect”, not a specific church or mosque, that was found to be laundering money for terrorists.
The “sect” had taken legal action to protect its leader from investigation after the money was traced to its bank account.
Terrorism
Oyo
Three suspects have been apprehended in Ogbomoso, Oyo State for allegedly killing a pastor. - Premium Times
The pastor, identified as Evangelist Segun Adegboyega, had reportedly challenged the suspects, who he suspected to be herdsmen, for invading his farm and destroying his crops.
Thereafter, the suspects killed the pastor in Gege area, along Ogbomoso-Iseyin road.
Premium Times reports that the suspects were arrested by villagers in the community and later handed over to the police
Zamfara
In a recent military operation in Zamfara State, Nigeria, troops from Operation Hadarin Daji successfully rescued 20 kidnap victims and eliminated two terrorists, including a notorious leader named Sainaje - Punch
The rescue involved operations in various areas, destroying terrorist enclaves and capturing a kingpin named Sule. The rescued victims, comprising men, women, and children, were safely handed over to the authorities.
This success follows a previous operation on January 27, where 35 kidnapped victims were rescued in Katsina State, with two terrorists eliminated and others escaping with injuries.
Ekiti
Last week, six students, three teachers and a bus driver were kidnapped while on the road from Eporo-Ekiti. Days later, attackers killed two monarchs in Ekiti State, the Onimojo of Imojo-Ekiti, Oba Samuel Olatunji, and the Elesun of Esun-Ekiti.
In response, the state government has enlisted 100 members of the citizen vigilante group, Amotekun, to help rescue the hostage
The Ondo Amotekun Commander, Adetunji Adeleye, mentioned that the deployment was ordered by Governor Lucky Aiyedatiwa.
Reports say the Amotekun operatives are working with other agencies to track and arrest the kidnappers, and some suspects have already been detained.
Lagos
The Lagos State spokesman of the Peoples Democratic Party (PDP), Alhaji Hakeem Amode, who was kidnapped on Thursday, was released after 4 days in captivity
Aivoji was kidnapped in the Ogere area of Ogun on the Ibadan-Lagos expressway.
The abductors had earlier contacted his family, demanding a N200 million ransom, but Amode won’t say if he paid the ransom or not. It’s only “illegal” when civilians do it.
Katsina
The Army rescued 35 people who were kidnapped by bandits in the Tashar Nagulle and Nahuta areas. According to the Army. the rescue operation took place in the Dumburum forest after a gun battle between the soldiers and the kidnappers - The Cable
How is the government responding to the nationwide kidnapping epidemic?
In response to the increasing incidents of kidnappings in Nigeria, Delta, Kano, Plateau, Sokoto, Ekiti, Ogun, Gombe, Akwa Ibom, Edo, Zamfara and 5 other state governors have organised vigilantes to work alongside the police and other security forces. - Punch
These vigilante groups consist of residents, hunters, and neighbourhood watch members.
The vigilante groups are” undergoing training” and will collaborate with existing security agencies to enhance public safety.
Ibadan explosion
The governor of Oyo State, Seyi Makinde, revealed that the company responsible for storing explosive devices in the building that caused the recent explosion in Ibadan has been identified.
He didn't say the name, but he mentioned finding foreign names on the documents of the company registered with the Corporate Affairs Commission.
The governor clarified that the explosion, resulting in three deaths, was caused by illegal miners storing explosives in a residential area, ruling out connections to banditry or insurgency.
Makinde assured transparency in the investigation and urged residents to report such activities to authorities.
House of Assembly scandal
A court in Abuja issued a warrant to arrest Edison Ehie, the Chief of Staff to the Governor of Rivers State, Siminalayi Fubara, along with five other members, but the state court reversed the warrant
They are accused of burning the State House of Assembly.
Recall the State Assembly caught fire in October 2023, when the house was contemplating impeaching the governor, the impeachment has since been withdrawn
One of the reasons was Siminalayi Fubara’s two-count fraud case with the EFCC. He was accused of stealing when he was accountant-general of the state, also his beef with the former governor Nyesom Wike
The arrest order was granted by Justice Emeka Nwite based on an application from the Inspector General of Police.
The charges against them include conspiracy, arson, terrorism, attempted murder, and the murder of a police officer and five informants.
The court granted the request to declare them wanted, and if arrested, they will face trial.
However, the Rivers State High Court in Port Harcourt reversed the Abuja court’s verdict by granting a request by Ehie to stop the police from arresting him, preventing the Nigerian Police Force from arresting him.
Money
Firstly, false news debunked: No plans to convert domiciliary account holdings into Naira
Punch reported that the CBN was planning to convert money held in foreign currency domiciliary accounts into the Naira, but according to the CBN, this was fake news.
The CBN clarified that any policy changes related to monetary matters would be communicated before implementation and assured the public that it aims to protect the currency and the economy.
Additionally, the CBN has issued new guidelines for banks to manage foreign currency exposures and avoid risks.
The Senate is NOT happy with the CBN governor
The Senate, specifically the Committee on Banking, Insurance, and other Financial Institutions, has called upon the CBN Governor, Olayemi Cardoso, to attend a session next week to answer questions about the country's economy and the significant decline of the Naira in the foreign exchange market.
The decision was made in response to the Naira falling to N1,520 against the US dollar. *heart pangs*
Lawmakers are concerned about the economy's state, particularly the high inflation rate, and have scheduled a meeting with the CBN governor to address these issues.
CBN solutions
CBN has instructed banks to sell their excess dollars by February 1, 2024, to stabilise the exchange rate.
The CBN is concerned about banks holding large foreign currency positions for profit.
The new guidelines aim to reduce risks associated with such practices, and banks failing to comply may face immediate sanctions.
This move follows recent adjustments to the official exchange rate, with economists urging the CBN to address foreign exchange backlogs estimated at over $5 billion.
The CBN's actions are part of efforts to unify official and parallel market exchange rates.
Also, the CBN, under the instructions of the FG, increased the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar - Punch
This is the second increase in a short period, as the rate was previously raised from N783 per dollar.
The new rate will lead to an increase in prices for goods, and possibly decrease
This could potentially lead to higher inflation, which is already a cause for concern considering the surge in money supply in the country
Nigeria's broad money supply reached an all-time high of N78.74 trillion in December 2023, a 51% increase compared to the previous year.
More money in circulation could potentially lead to inflation.
Dangote, how far the chat?
Nigeria’s oil well is not looking so rich anymore 🙆🏽♀️
The Dangote Refinery plans to buy crude oil from the United States *😞* for the first time.
The refinery bought 2 million barrels of West Texas Intermediate (WTI) Midland from the US.
This move suggests that American crude oil has become more competitive globally. *falling on my knees* *screaming* *scratching the wall*
The reason for buying from the US is not entirely clear, but it's likely because supply is low and WTI Midland barrels are cheaper than Nigerian grades. *godammit*
The Dangote Refinery, with a capacity of 650,000 barrels per day, started operations in May 2023 intending to process Nigerian crude.
Nigeria’s tap
A report by Agora Policy, a Nigerian think tank committed to finding practical solutions to urgent national challenges states that between 2010 and 2022, Nigeria lost 70% of its oil revenue due to the Domestic Crude Allocation (DCA) policy.
The DCA is a system where a certain portion of the country’s oil production is reserved by the government for use by domestic refineries to ensure energy security for the country.
Initially, oil and gas contributed 94% of foreign exchange to the CBN, but by June 2022, it dropped to 24%.
President Tinubu directed that all crude oil revenue go to the CBN instead of the NNPCL.
The Agora policy report suggests that the DCA, responsible for this loss, should be discontinued, as it negatively impacts the country's foreign exchange and hurts the Naira.
The report recommends ending the DCA and selling crude oil for exports or domestically in dollars to improve foreign exchange inflows and stabilise the Naira.
Petrol revenue
Premium Times reports that the NNPCL made a profit of N2.5 trillion from September 2021 to December 2022, according to its latest audited financials by PwC
Their revenue was N8.8 trillion, with more than half coming from the sale of refined petroleum products.
However, they spent N2.4 trillion on fuel subsidies during this time, which was abolished in May.
Fuel subsidies were the biggest expense for NNPC, making up 35.8% of their costs. Their profit before tax was N1.8 trillion.
NNPC also gained N2.2 trillion from exchange differences due to increased value in foreign currencies.
Fraud
Former Accountant General of the Federation
The former Accountant General of the Federation, Ahmed Idris, is accused of involvement in a N109.5 billion fraud but says he was tricked.
He claims that the EFCC deceived him into admitting to the allegations, saying they wanted to use him to implicate the Minister of Finance and some governors.
Idris and his co-defendants are facing charges of stealing and breach of trust.
The EFCC denies making assurances to Idris and seeks to present a video as evidence to counter the defendants' claims of interrogation without legal representation.
The trial is adjourned to March 20, 2024.
People
Extreme Poverty
The World Poverty Clock reports that in Nigeria, about 70.92 million people are living in extreme poverty. The report says Nigerians make up 11% of the world's extremely poor population.
This was shared by Professor Sulaiman Adesina Yusuf during a public lecture in Abuja.
Another report by the National Bureau of Statistics indicates that over 133 million Nigerians are multidimensionally poor.
Nigeria ranks low in global indices like the Human Development Index (163 out of 191 in 2021) and the Global Hunger Index (109 out of 125 in 2023).
Meanwhile, The Federal Government on Monday declared open the application for artisans, trainees and technicians to register for cash grants of N500,000
Protesting poverty
Workers at the Obafemi Awolowo University Teaching Hospital (OAUTH) in Nigeria protested peacefully after the management decided to lay off over 2,000 newly recruited staff without payment (!!).
The protesters demanded compensation for the 14 months they had worked before being dismissed.
The hospital management claimed the layoffs were due to job racketeering and that only 68 out of the recruited staff were approved by the Head of Service of the Federation.
The affected workers gathered at the hospital entrance demanding payment for their services.
The hospital management has not yet responded to the situation.
PSA: Bail is not free
A group of 38 women in Nasarawa State were arrested for protesting against a Supreme Court decision confirming Governor Abdullahi Sule's election.
They were initially granted bail at N2 million each but couldn't meet the conditions.
After spending 13 days in jail, their lawyer requested a bail reduction.
The court agreed, reducing it to N500,000 for each person and changing the guarantor requirement from a civil servant director to any suitable person within the court's jurisdiction.
The defendants are expected in court on February 27, 2024.
Mali
The United Nations rights chief expressed deep concern and shock over reports of alleged executions in Mali.
The incidents involved the country's army and unidentified foreign military personnel, resulting in the death of at least 25 people in one village and around 30 others in attacks on two additional villages.
The region has been grappling with violence from armed groups, and the difficult conditions in Mali, including vast geography and security challenges, make it challenging to gather and verify information.
The military in Mali, which took power in 2020, has faced accusations of human rights abuses, and the UN emphasises the need for thorough and impartial investigations into such allegations.
Last week, Mali and other African countries that recently experienced military takeover exited ECOWAS.
Previous investigations into military abuses in Mali have not yielded successful outcomes.
Other news
Nigerian actress, Oluwadarasimi Omoseyin, has been sentenced to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos - ICIR Nigeria
Ogun State Police Command has dismissed three officers for extorting N312,000 from a University student - Guardian NG
YouTube has taken down the channel of a Nigerian church led by the late TB Joshua - BBC
At a one-day Italy-Africa Summit, Italy revealed a plan to support Africa’s development with S$6 billion - Guardian NG
The Nigeria Customs Service (NCS) has arrested a man in his fifties for impersonating various high-ranking officials of the federal government and also engaging in fraud through recruitment scams - Leadership
The President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has hinted that by March 2024, Dangote Refinery will produce gasoline and polypropylene - Guardian ng
Lagos destroys shanties, dislodges squatters under Ijora bridge - Punch
Nigerian workers hope for a new minimum wage as a committee is formed to review existing pay, addressing inflation challenges.- Guardian NG
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