The Governor's Arrest (pew pew)
Hi!
I was 900% certain this newsletter was not going to happen today. My internet has refused to work since yesterday so I finally got some of that weekend rest people are always on about. I loved it!
Shout out to Bashirat for this week’s newsletter. Her news compilations on the That New News social media accounts are the only reason this came out.
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In this edition:
3 ex governors are in trouble with the law
Poisoned meat in Kwara Market
EFCC continued beef with crypto
Mo money Mo crime
The EFCC is expanding the crypto beef
The EFCC is cracking down on all cryptocurrency platforms like Binance. The agency says their goal is to “stop the manipulation of the Nigerian foreign exchange market”.
Reports say the dollar has risen slightly against the naira recently due to the interbank moves of the commercial banks.
Some analysts say the rise in the dollar is due to speculation by people using crypto platforms and not from BDC operators.
It remains to be seen how effective the EFCC's crackdown on cryptocurrency platforms will be in fighting manipulation of the forex market.
Drop in foreign exchange reserves
Nigerians have been concerned about the recent decline in the country's foreign exchange reserves.
The Central Bank of Nigeria (CBN) says the drop in Nigeria’s reserves is not due to defending the naira. Instead, it's because they're paying off debts to creditors.
CBN Governor Olayemi Cardoso said the bank is aiming to minimize its involvement in the foreign exchange market and allow prices to be determined by supply and demand.
How this strategy will impact the exchange rate is yet to be known.
Poisonous meat in Kwara Market
There are allegations of poisonous meat being sold at Mandate Market. Ilorin.
The Kwara State Government is investigating the claim and has confiscated meat for testing.
The Kwara Monitoring Group reported the allegation. They said 33 cows died from poison and that the meat was then sold to butchers.
The Kwara State Government is urging the public to stay calm while they investigate the allegations.
AEDC wrongly billed customers left hanging
Abuja Electricity Distribution Company (AEDC), the electricity distribution company, is defying NERC's (Nigerian Electricity Regulatory Commission) orders by refusing to refund customers who were wrongly billed.
NERC previously fined AEDC ₦200 million for violating tariff guidelines. And they ordered AEDC to rectify the bills and issue refunds to those overcharged.
However, AEDC is choosing to ignore these directives as these customers have yet to be refunded.
Reports say many customers are reporting errors in their bills, yet AEDC is failing to address these issues. The lack of refunds adds insult to injury for Nigerians already facing economic hardship.
Speaking of fraud…
Ex-Governors vs the law
Yahaya Bello
Former governor of Kogi State, Yahaya Bello is wanted by the EFCC. While he is “on the run”, his aide, along with other police attached to him, have been arrested.
Earlier this month, Bello was accused of corruption and has been declared wanted by the EFCC.
Soon after the Inspector General of Police withdrew all police officers attached to him
The EFCC accused Bello of fraud worth N80.2 billion. The EFCC also stated that Bello helped a company conceal N3 billion and illegally transferred $570,330.
He was expected to be arraigned on Thursday this week but failed to show up. There are also reports that the current governor of Kogi State obstructed previous attempts to arrest Bello.
Bello’s aide and his gang of officers are being held at the State Criminal Investigation Department, Abuja.
The presidency advised Bello to surrender to the EFCC
Abdullahi Ganduje
Kano State High court recently affirmed former Governor Abdullahi Ganduje's suspension as the national chairman of the All Progressives Congress (APC).
Ganduje is facing allegations of corruption by the Kano State Government.
The Kano State Government accused Ganduje of diverting funds intended for infrastructural development projects.
The government also alleges that Ganduje collected bribes from contractors. Ganduje denied all the allegations and said that the Kano State Government is on a witch hunt.
He claims that the allegations are politically motivated and that he is being targeted by his political enemies.
Nasir El-Rufai (investigation)
The Kaduna State House of Assembly has set up a committee to investigate the finances of the immediate past administration of Governor Nasir El-Rufai - Premium Times
The committee will look into the state's debt profile, including loans, grants, and project executions between 2015 and 2023.
Reports say this is an attempt to hold the former governor accountable amidst rising public concerns over the state's debt burden.
Governor Nasir El-Rufai's successor, Governor Uba Sani, had earlier said that the state inherited a debt of $587 million from the previous administration.
The lawmakers said the committee would invite former government officials to answer questions about the state's finances.
Insecurity
Gunmen killed a monarch in Taraba State
Gunmen killed Alhaji Abdulmutalib Jankada, the chief of Sansani in Taraba state, inside his palace.
The gunmen entered the palace at night and shot the monarch multiple times. They also stole his phones.
Alhaji Abdul Mutalib Jankada was abducted two years ago and released upon payment of a ransom.
Nigerian Army frees traditional ruler over Okuama massacre
The Nigerian Army has released the traditional ruler of Okuama, Clement Ikolo, who was detained after soldiers were killed in Okuama community.
Ikolo was released to Senator Dafinone after days in detention.
He was released because there is no evidence linking him to the killings.
However, the Army has not said he is innocent and investigations are still ongoing.
A few weeks ago, Clement Ikolo surrendered to the police after he was declaired wanted for the killing of some Soldiers in Delta State
Good? News?
Dangote refinery reduces cost of diesel
Dangote Group says the Dangote refinery has been selling diesel at N1,200 per liter, compared to the previous market price of N1,650–N1,700 - Premium Times
Reports state that there is a plan to further reduce diesel prices from N1,200 per litre to N1,000 per litre.
The high price of diesel has been a major burden on businesses and households in Nigeria.
Dangote Group chairman Alhaji Aliko Dangote stated that the lower diesel price will have a positive impact on the economy by reducing inflation.
President Tinubu appoints new NAICOM board
President Tinubu has appointed a new board for the National Insurance Commission (NAICOM), according to a press release from his office.
The National Insurance Commission is responsible for regulating the insurance industry in Nigeria. The new board oversees a safe, secure and stable insurance sector.
The National Insurance Commission (NAICOM) was established in 1997 to regulate the insurance industry in Nigeria.
The new board members are:
Ms. Halima Kyari
Mr. Olusegun Ayo Omosehin
Mr. Olawoye Gam-Ikon
Dr. Usman Ankara Jimada
Dr. Miriam Kene Kachikwu
Mr. Adeniyi Olusegun Fabikun
Mr. Umar Khalifa Mohammed