FAAC: FG, States, LGs Split N1.298trn For September

October 18, 2024

The Federal Accounts Allocation Committee (FAAC) allocated N1.298 trillion to the Federal Government, states, and Local Government Councils (LGCs) for September. This is according to a communiqué published following the FAAC meeting for October, which took place on Thursday in Abuja.

Bawa Mokwa, Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), made the communiqué accessible to journalists.

According to the communiqué, the total distributable revenue was N1.298 trillion, which included N124.716 billion in distributable statutory income and N543.518 billion in distributable Value Added Tax (VAT).

It also included Electronic Money Transfer Levy (EMTL) income of N18. 445 billion, Exchange Difference revenue of N462.191 billion, and Augmentation revenue of N150.000 billion. It said that a total revenue of N2.258 trillion was available in the month of September.

“Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.

According to the communiqué, gross statutory revenue of N1.043 trillion was received in September 2024, which was lower than the sum of N1.221 trillion received in August by N177.426 billion.

It said that gross revenue of N583.675 billion was available from VAT in September, higher than the N573.341 billion available in the month of August by N10.334 billion.

“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.

“The LGCs received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

On the N124.716 billion statutory revenue, the communiqué said that the Federal Government received N43.037 billion and the state governments received N21.829 billion, while the LGCs received N16.829 billion. It said that the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” it said.

It said that in September, Oil and Gas Royalties, Excise Duty, EMTL, and CET Levies increased considerably while VAT and Import Duty increased marginally. It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and others recorded significant decreases.

FG Condemns Libya Observer’s Misleading Report On Football Diplomacy

Nigeria’s New Minimum Wage: States Raising Salaries Beyond N70,000

October 18, 2024

In July 2024, President Bola Tinubu approved an increase in Nigeria’s minimum wage from N30,000 to N70,000. However, implementation has varied across the country, with some states yet to fully adopt the new wage structure.

While many states have committed to paying the federal minimum of N70,000, a few have gone further by pledging even higher wages for their workers.

Below is a breakdown of states that have announced plans to exceed the federal minimum:

Lagos State
On October 16, 2024, Governor Babajide Sanwo-Olu revealed a new minimum wage of N85,000 for Lagos State workers, citing the city’s high cost of living as a driving factor. The governor also expressed an ambition to raise this amount to N100,000 by January 2025.

Ogun State
Governor Dapo Abiodun approved a minimum wage of N77,000 on October 15, 2024, as confirmed by the Secretary to the State Government, Tokunbo Talabi.

Gombe State
An agreement between the state government and the Nigeria Labour Congress was signed on October 14, 2024, to raise the minimum wage to N71,451.15.

Ondo State
Governor Lucky Aiyedatiwa announced a minimum wage hike to N73,000 on October 12, 2024, during his campaign launch ahead of the November 16 governorship election.

Kogi State
Governor Usman Ododo approved a new minimum wage of N72,500 for state civil servants, effective immediately. The governor also suspended the tax on this approved sum for one year.

States Adopting the N70,000 Minimum Wage

Several states have agreed to adopt the federal minimum of N70,000:

Anambra State: Governor Chukwuma Soludo announced that N70,000 payments would begin in October 2024.
Katsina State: Governor Dikko Radda affirmed his administration’s commitment to implementing the new wage structure.
Ebonyi State: In September 2024, Governor Francis Nwifuru approved N70,000 for civil servants in the state.
Adamawa State: Governor Ahmadu Fintiri approved the new wage in August 2024 for state and local government workers.
Oyo State: Governor Seyi Makinde assured workers that the N70,000 wage would be paid once salary adjustment issues are resolved.
Borno State: Governor Babagana Zulum announced that payments would start in October 2024.
Osun and Benue States: Both states have also indicated their readiness to adopt the N70,000 minimum wage.

States Yet to Implement
Meanwhile, some states, including Jigawa, Zamfara, Akwa Ibom, and Bayelsa, have not yet announced any plans to implement the new wage structure.

Nigerians Quiet On N1000/Litre Petrol As Power Supply Improves – Adelabu

Interswitch Champions Digital Innovation And Commerce At Moonshot by TechCabal

October 17, 2024

Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has reaffirmed its commitment to driving the continent’s digital transformation, serving as the Gold Sponsor of the second edition of Moonshot by TechCabal. Recently held at Eko Hotel in Victoria Island, Lagos, the event brought together key figures from sectors such as finance, technology, and commerce to discuss the future of financial services in Africa, with innovation and collaboration at the forefront.

Delivering a keynote address titled ‘The Future of African Commerce: Unlocking New Opportunities through Innovation,’ Akeem Lawal, Managing Director of Payment Processing and Switching at Interswitch Purepay, emphasised the pivotal role that commerce and trade will play in shaping Africa’s future. He noted that Pan-African cross-border payment flows reached an estimated $519.8 billion in 2022 [OO1], underscoring the need to strengthen intra-African trade.

Lawal also stressed the importance of innovative payment solutions in driving Africa’s sustained growth, pointing to the critical role of digital technology in unlocking new opportunities for African economies. He further highlighted how integrating financial systems, fintech innovations, e-commerce platforms, and agritech solutions can enhance the continent’s economic resilience and growth.

“At Interswitch, our vision is to create an inclusive payment ecosystem, and I implore everyone here to think possibilities with us. We envision an ecosystem where transactions are borderless, seamless and stress-free. With Africa’s most successful payment card, Verve, we are improving cross-border transactions and have empowered over 67 million individuals and businesses across 13 African countries,” Lawal said.

Lawal further addressed the growing impact of Artificial Intelligence (AI) and Machine Learning (ML) on African commerce, noting how these technologies are driving improvements in customer experience, operational efficiency, and data-driven insights.

The event also featured a high-impact panel session titled ‘Building the Future of Financial Services,’ where Vincent Ogbunude, Managing Director of Verve International, joined other industry experts to discuss how financial institutions are leveraging technology to offer more inclusive and efficient services across Africa.

Ogbunude highlighted the need for continuous innovation within financial institutions to meet the evolving demands of African consumers and businesses, particularly in payments, banking, and fintech. He noted,

“Despite challenges like inadequate infrastructure, Verve has deepened its presence across East and West Africa through strategic partnerships. Financial institutions must embrace fintech innovations and invest in solutions that address real community financial needs.”

As Africa continues its journey toward becoming a global economic powerhouse, Interswitch remains committed to supporting platforms like Moonshot that foster impactful conversations and partnerships that chart the continent’s path to a digitally powered future. By driving collaboration, innovation, and investment in financial technology, Interswitch is not only advancing Africa’s digital payments landscape but also shaping the future of payments across the continent.

Nigerians Quiet On N1000/Litre Petrol As Power Supply Improves – Power Minister Adelabu

FG Condemns Libya Observer’s Misleading Report On Football Diplomacy

October 17, 2024

FG To Stop Funding Professional Groups, Councils

The Federal Government of Nigeria has vehemently condemned a recent article published by The Libya Observer, which it claims spreads misinformation regarding a diplomatic conversation between Nigeria’s Minister of Foreign Affairs and the Foreign Minister of Libya’s Eastern Government.

The report, released on October 15, 2024, has been described by government officials as an attempt to create discord among football administrators and fans across Africa.

In an official statement on Wednesday, Alkasim Abdulkadir, Special Assistant on Media and Communication Strategy to the Minister of Foreign Affairs, expressed the government’s deep disappointment with the publication.

Abdulkadir accused The Libya Observer of intentionally distorting facts surrounding a diplomatic initiative aimed at resolving issues faced by Nigerian Football Federation officials during their recent visit to Libya.

The Nigerian government highlighted that the report’s inaccuracies could exacerbate tensions in the football community, undermining ongoing efforts to foster unity and collaboration among African nations in the sport.

Additionally, the Chargé d’Affaires of Libya’s Government of National Unity was summoned to Nigeria’s Foreign Ministry to provide clarification on the matter.

This diplomatic move underscores Nigeria’s commitment to addressing any misrepresentations that could negatively impact its international relations, particularly in the realm of sports diplomacy.

The Federal Government has reiterated its stance against the dissemination of misleading information and remains steadfast in its pursuit of fostering positive and constructive dialogue with its regional partners.

NEMA Deploys Emergency Team To Kogi As Floods Displace Thousands

Nigerians Quiet On N1000/Litre Petrol As Power Supply Improves – Adelabu

October 17, 2024

Power Minister Adebayo Adelabu says Nigerians have largely stopped complaining about the steep rise in petrol prices due to the improved electricity supply, reducing their need for generators.

Speaking in Abuja on October 15, Adelabu addressed the public’s reaction to the recent hike in petrol prices, which saw fuel costs soar to over N1000 per litre in some regions, following an increase by the NNPCL.

Despite the price hike leading to increased costs of transportation, food, and essential goods, the minister suggests that fewer people are reliant on petrol to power their homes and businesses because of a more stable power supply.

“People no longer need to buy as much petrol as before for electricity generation, and that’s why the outcry isn’t as loud as it could have been,” Adelabu remarked. “If Nigerians were still heavily dependent on petrol-powered generators at N1000 per litre, we would be hearing far louder complaints.”

The minister also pointed to Lagos State’s initiative to phase out one million generators over the next year, a policy that aligns with the government’s broader goal of reducing generator reliance nationwide. “We aim to replace all generators as part of this initiative,” he emphasized.

Adelabu also acknowledged Nigeria’s slow progress in boosting electricity generation over the decades, lamenting that the country has only managed to add 2000 megawatts (MW) to the national grid since 1984. “Despite being a nation of over 200 million people, we are still celebrating reaching the 5000MW mark,” he said, pointing out the sluggish improvement in the country’s power infrastructure.

“When we took office, we inherited a system producing just 4000MW. We’ve now raised that to an average of 5000MW, with a peak of 5,527MW recorded on September 3. But this is far from enough,” Adelabu admitted, calling for urgent action to accelerate progress. “It’s disheartening to think it took us 40 years to add just 2000MW. But if the last best time was decades ago, the next best time to act is now.”

FCT Minister Launches CPR Centres To Combat Cardiac Arrest In Abuja

Allow Us To Increase Our Tariff Plan Prices’ MTN Pleads With FG

October 17, 2024

PHOTOS: MTN MIP Fellows Visit University of Johannesburg

MTN Nigeria and other global business executives have encouraged the Federal Government to provide a fair, competitive climate in which firms may sustain their investments in the country.

The company owners complain that the government has not permitted them to raise their pricing in the previous 10 years, claiming that such policies must be revisited if they are to remain in business.

Modupe Kadri, MTN’s Chief Financial Officer, stated that current high inflation rates and currency volatility have hampered the telecoms sector’s capacity to work smoothly.

Kadri discussed the firm’s issues during a panel discussion at the 30th Nigerian Economic Summit on Tuesday in Abuja, which was entitled ‘Navigating Business Growth in a Volatile Environment.’

The CFO underlined that the present economic conditions had resulted in higher prices in the petroleum and power sectors and questioned why equivalent changes have not been approved for the telecoms industry.

He emphasized that telecom operators have not been granted regulatory clearance to change their price in more than 10 years, despite the fact that they buy telecoms equipment at foreign currency rates.

Kadri said, “For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate. If we are to stay in business, this policy must be reviewed, similar to how electricity and fuel prices are adjusted to reflect current economic realities.

“Our business is mainly dependent on foreign exchange, so customers need to understand that for them to receive the services they desire, it costs money.

“When people have to invest in the country and are unable to monetise their investments, it cannot work.

“The only way this economy will thrive is if there is appropriate pricing such that investments in the sector are guaranteed. The government is talking about diversifying; I’m talking about survival. What is the business case for me to invest when I’m bleeding almost to death?

“The telecommunications industry contributes 16 per cent to the GDP, and it is not something that you can mess around with.”

NiMet Warns Of Heavy Rainfall, Thunderstorms Across Nigeria

Dollar-to-Naira Exchange Rate For 17th October 2024

October 17, 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1705.00 per $1 on Thursday, October 17, 2024. Naira traded as high as 1655.00 to the dollar at the investors and exporters (I&E) window on Thursday.

Table of Contents

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1695 and sell at N1705 on Wednesday 16th October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	N1695
Selling Rate	N1705

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	N1654
Selling Rate	N1655

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

FCT Minister Launches CPR Centres To Combat Cardiac Arrest In Abuja

Nigerian Treasury Bills Yield Increases Further Over Sales

October 17, 2024

LBS Discloses FG's Targets With Naira Redesigning

The average yield on Nigerian Treasury bills increased further in the secondary market as selloffs continued across all standard maturities traded. According to AIICO Capital Limited, short and mid-dated papers saw increased selling demand due to restricted market liquidity.

While fixed income securities dealers remarked that the market remained tranquil, a small number of transactions were reported with a pessimistic undertone following the spot rate price drop at the Central Bank of Nigeria’s (CBN) major auction last week.

The market has failed to restore purchasing enthusiasm, despite the fact that the inflation rate reversed its previous downward trend due to a rise in petrol pump prices in Nigeria. According to Cordros Capital Limited, the average yield increased modestly by 1bp to 23.6%.

According to the investing business, the average yield fell throughout the curve at both the short (-1bp) and long (-2bps) ends. Demand for 22-day and 330-day bills drove the yield reduction (-2bps and -2bps, respectively).

However, sell pressure pushed yield higher down the curve’s belly. Analysts observed that the yield increased in the mid (+10bps) category owing to the sell-off of the 162-day to maturity (+77bps) bill.

Cowry Asset Limited said that the Nigerian Interbank Treasury Bills True Yield (NITTY) increased across all maturities, while the average secondary market yield on T-bills jumped by 0.02%, finishing at 23.56% owing to sell-sentiment. At the OMO bill secondary market, the average yield dipped by 2bps to 25.8% ahead of primary market auctions.

FCT Minister Launches CPR Centres To Combat Cardiac Arrest In Abuja

NiMet Warns Of Heavy Rainfall, Thunderstorms Across Nigeria

October 17, 2024

NiMet, Earth Networks Sign Pact On Early Warning Of Severe Weather

The Nigerian Meteorological Agency (NiMet) has issued a weather advisory for Thursday, 17th October 2024, forecasting moderate to heavy rainfall across various regions of the country.

According to the agency, northern states like Borno and Yobe should brace for thunderstorms, while the central region, including Abuja and Plateau, will experience cloudy conditions with scattered thunderstorms later in the day.

Southern states such as Lagos, Rivers, and Cross River are expected to see more intense rainfall, with occasional thunderstorms.

NiMet cautioned that these weather patterns could lead to localised flooding, particularly in areas with inadequate drainage systems.

Residents, especially motorists and those living in flood-prone zones, have been urged to exercise caution to avoid potential accidents and disruptions.

The agency also called on farmers and herders to stay informed, as extended rainfall could impact crop harvesting and animal grazing.

NiMet Forecasts Thunderstorms And Rainfall Across Nigeria

FCT Minister Launches CPR Centres To Combat Cardiac Arrest In Abuja

October 17, 2024

Dr. Mariya Mahmoud, Minister of State for the Federal Capital Territory (FCT), has launched new Cardiopulmonary Resuscitation (CPR) Centres in Abuja, aiming to reduce the rising cases of cardiac arrest.

This initiative, introduced alongside the Bring Back to Life (BBL) programme in collaboration with the Nigerian Cardiac Society (NCS), focuses on training local communities to respond swiftly and effectively to sudden cardiac emergencies.

During the inauguration, Mahmoud emphasized the importance of quick intervention, announcing that the programme will also place Public Access Defibrillators (PADs) in high-traffic public spaces to ensure life-saving resources are easily accessible. The BBL programme is designed to teach community members vital CPR techniques, improving their ability to handle cardiac arrest situations until professional help arrives.

Mahmoud highlighted the growing concern over cardiovascular disease, which has become one of the leading causes of death and illness globally, with Nigeria experiencing an alarming increase in cases. In response, the FCT Administration is enhancing healthcare infrastructure while focusing on building community readiness for cardiac emergencies.

“CPR is a proven lifesaving technique, and when performed immediately, it can double or even triple a person’s chances of survival,” Mahmoud stated. She noted that empowering communities with CPR skills ensures a faster response during emergencies, drastically improving survival rates. She also praised the Nigerian Cardiac Society for its crucial role in training the public and called for continued public-private partnerships to tackle health challenges, aligning with President Bola Tinubu’s Renewed Hope Agenda.

The minister urged residents of Abuja, and Nigerians in general, to adopt healthier lifestyles to combat cardiovascular diseases. Mahmoud stressed the importance of regular exercise, reducing calorie and salt intake, and avoiding smoking and excessive alcohol consumption, describing these as cost-effective ways to prevent heart conditions.

Dr. Akinyemi Aje, Chairman of the Bring Back to Life programme, explained that the CPR centres have been strategically placed in public areas, as 89% of cardiac arrests happen outside of hospitals. He raised concerns over the lack of proper CPR knowledge among first responders, noting that many attempts to help are often ineffective due to improper techniques.

Aje pointed out that in many cases, bystanders prioritize recording the incident on their phones for social media over helping the victim. He emphasized that cases of people “slumping and dying” can occur anywhere—at home, in the office, or even during high-level meetings. However, he assured the public that “slump and live” scenarios are achievable with proper training and awareness.

“Everyone, including children, should be equipped with the skills to perform CPR and save lives in the critical moments following a cardiac arrest,” Aje concluded.

Over 200 Malicious Apps Target Nigeria And Other Countries On Google Play Store

House Of Reps Warns Fuel Price Hike May Spark Unrest, Others

October 17, 2024

The House of Representatives has cautioned that the recent spike in fuel prices could lead to social unrest, urging the Federal Government to swiftly reverse the hike.

During Wednesday’s plenary, lawmakers expressed concern over the significant increase in petrol prices across the country, which has exacerbated the cost of living.

The National Assembly’s warning came after a meeting between government officials and labour unions ended without a resolution regarding the rising prices.

Petrol prices at NNPC outlets surged to N1,030 per litre in Abuja, up from N897, while Lagos saw prices rise from N868 to N998 per litre. The increase, the second within a month, has sparked inflationary pressures, raising transportation and food costs nationwide.

The House adopted a motion moved by Minority Leader Kingsley Chinda and 100 other members, calling for the immediate suspension of the price hikes in both petrol and cooking gas.

Chinda expressed concern that the fuel subsidy removal, naira depreciation, and global oil price volatility have placed an unsustainable burden on Nigerians, pushing many into deeper financial hardship.

“The escalating fuel and gas prices are driving up transportation, food, and essential goods costs, worsening inflation and threatening economic stability,” Chinda noted, adding that unchecked inflation could lead to social unrest and increased poverty.

Lawmakers also called on the Nigerian National Petroleum Company (NNPC) and the Ministry of Petroleum Resources to expedite efforts to repair domestic refineries and reduce reliance on imported petroleum products.

In addition, the House urged the Central Bank of Nigeria to introduce monetary policies to mitigate the inflationary impact of fuel price hikes, while also advocating for alternative energy sources to diversify the country’s energy mix.

Despite calls for immediate action, a meeting between government officials and labour unions, led by the Secretary to the Government of the Federation, George Akume, failed to resolve the fuel price issue.

NEMA Deploys Emergency Team To Kogi As Floods Displace Thousands

NEMA Deploys Emergency Team To Kogi As Floods Displace Thousands

October 17, 2024

The National Emergency Management Agency (NEMA) has dispatched an emergency response team to Kogi State following severe flooding that has submerged over 200 communities, leaving nearly two million people displaced.

According to a statement released by NEMA on Wednesday, the team consists of search and rescue specialists who will work alongside the Kogi State Emergency Management Agency and other stakeholders to carry out rescue, evacuation, and damage assessments in affected areas.

The agency has also deployed mobile water purification units to provide clean water for displaced families.

NEMA Director-General, Mrs. Zubaida Umar, said the deployment is part of the agency’s proactive efforts to monitor and manage the flood situation across the country.

“We are closely coordinating with state agencies, as well as the Military Disaster Response Units, the Nigeria Police, and the Nigerian Red Cross to ensure effective response,” she added.

The flooding has hit several local government areas in Kogi, including Lokoja, Adavi, Ofu, Ajaokuta, Idah, and Ibaji. The agency’s data reveals that, as of October 14, 2024, 1,659 people have been affected, 517 displaced, and 1,601 houses damaged in the state.

In preparation for further flooding, NEMA had earlier alerted states at risk, including Adamawa, Benue, Delta, Anambra, Bayelsa, and Rivers, and prepositioned critical equipment for timely response. Nationwide, the floods have impacted 33 states, claiming 317 lives, displacing over 713,000 people, and damaging 117,000 homes.

NEMA has urged residents in flood-prone areas, particularly along the Rivers Benue and Niger, to remain vigilant and cooperate with emergency services as the agency continues to monitor the situation.

NDLEA Boosts Anti-Drug Efforts With New Marine Command Headquarters

Over 200 Malicious Apps Target Nigeria And Other Countries On Google Play Store

October 17, 2024

A recent investigation by Zscaler ThreatLabz uncovers that more than 200 apps on the Google Play Store, collectively downloaded nearly eight million times, are found to be harmful. Nigeria ranks among the top 10 countries targeted by mobile malware, joining other major targets like the United States, India, Canada, South Africa, and Brazil.

As mobile phones have become the dominant means of internet access worldwide—96.5% of internet users rely on mobile devices to browse the web—the surge in mobile-based cyber threats has intensified. Hackers are exploiting this widespread dependence to launch sophisticated attacks aimed at financial institutions, social media accounts, and personal data. The Zscaler report, based on an analysis of over 20 million blocked malicious transactions, highlights a 29% increase in banking malware activity and a staggering 111% rise in mobile spyware attacks over the past year.

The increase in attacks is attributed to the growing profitability of cybercrime, with hackers increasingly bypassing multi-factor authentication through phishing schemes and fake login pages for banks, social media, and cryptocurrency wallets. Another tactic involves the use of QR codes to spread malware, notably Anatsa, which has targeted over 650 financial institutions globally.

Some malicious apps were even found on the official Google Play Store. Among these, “Joker” malware is the most widespread, silently subscribing users to premium services, while other threats like adware and “Facestealers” compromise Facebook credentials.

Though Android malware activity has recently declined, with May 2024 showing a significant drop compared to June 2023, Zscaler continues to block an average of 1.7 million mobile malware threats monthly.

World Bank Revises Sub-Saharan Africa’s 2024 Growth To 3% Amid Economic Challenges

Edo Governor-Elect Okpebholo Warns Banks Against Loans Amid Looting Claims

October 17, 2024

The Edo State Governor-Elect, Monday Okpebholo, has called on financial institutions to suspend loan disbursements to the state government during the ongoing transition period, raising concerns about alleged financial misconduct and looting by officials of the outgoing administration.

In a statement issued by his Special Assistant on Media, Godswill Inegbealso, Okpebholo on Wednesday, alleged that government funds and properties are being looted by officials of Governor Godwin Obaseki’s administration, just weeks before the scheduled handover on November 12.

He called on anti-corruption bodies, including the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS), to investigate the allegations and hold those responsible accountable.

“We regret the widespread reports of looting of government funds and properties by officials of the outgoing administration from the Government House in Benin City, it is sad that barely a month to the handover, the Obaseki administration is still allegedly obtaining loans under questionable circumstances.” The statement stated.

The Governor-Elect also expressed alarm over the reported vandalism of state properties, including vehicles, office furniture, and household items, calling for action to safeguard government assets. Okpebholo warned banks against approving any loans to the outgoing government, advising the state’s Accountant General to maintain integrity during the transition.

In response, the Edo State government dismissed the claims as baseless. Crusoe Osagie, Special Adviser on Media Projects, criticised the statement as incoherent and accused Okpebholo’s team of making unsubstantiated allegations in an attempt to undermine the current administration. Osagie urged the Governor-Elect and his associates to wait until November 12 before taking on governance roles, emphasising that there is only one governor of Edo State at present.

Meanwhile, Commissioner for Orientation and Information, Chris Nehikhare, is expected to issue a formal response to the allegations.

The transition process continues, with the All-Progressives Congress setting up a 24-member committee, led by former Deputy Governor Pius Odubu, to liaise with the state government ahead of the handover.

NDLEA Boosts Anti-Drug Efforts With New Marine Command Headquarters

NDLEA Boosts Anti-Drug Efforts With New Marine Command Headquarters

October 17, 2024

The Chairman/Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Brigadier General Mohamed Buba Marwa (Rtd), has announced the enhanced capacity of the agency to combat drug trafficking within Nigeria’s maritime space.

He attributed the recent surge in arrests and seizures of illicit substances at waterways and seaports to the agency’s expanded operations. Marwa made these remarks during the commissioning of the NDLEA Marine Command Headquarters on Wednesday, in Lagos, a facility built and donated by the British Government.

Speaking at the event, Marwa expressed profound appreciation to the British High Commission for its support.

“The timely delivery of this project and the high standard of the finished work speak volumes about the commitment of the British Government to support our efforts,” he said.

He also noted that similar contributions, including a state-of-the-art facility at Murtala Muhammed International Airport, have boosted the agency’s effectiveness.

Marwa highlighted the significant role of maritime routes in the international drug trade. According to him, “Maritime routes have long been exploited by drug traffickers due to the vast expanses of the open sea and the complexity of maritime laws.”

He referenced data from the United Nations Office on Drugs and Crime (UNODC), which identifies West Africa as a key transit region for narcotics, particularly those originating from South America.

The NDLEA Boss cited four major cases involving merchant ships used for drug trafficking within the last two years.

The NDLEA’s Marine Command was upgraded to a full-fledged command in 2022, a decision Marwa said was justified by the agency’s growing success.

He revealed that, through collaborative efforts with other maritime law enforcement agencies, the NDLEA has intercepted over 61,000 kg of various drugs and arrested 41 suspects, with 15 already prosecuted and jailed. Since 2020, NDLEA’s port operations have led to the seizure of 750 tons of drugs, including cocaine, methamphetamine, tramadol, and cannabis.

Marwa also called for continued cooperation among security agencies to counter the increasing complexity of maritime drug trafficking. He mentioned that personal vessels, such as luxury yachts and modified pump boats, are now being employed in drug trade operations. “Countering this threat requires intense coastal monitoring and collaboration among security agencies,” he added.

British Deputy High Commissioner, Mr. Jonny Baxter, justified the UK’s support for the NDLEA, emphasising the growing drug detections in both Nigeria and the UK. “We’ve seen an increase in drug detections… that shows us two things: the need for collaboration and that our efforts are paying dividends,” Baxter said.

He lauded the NDLEA’s work in disrupting drug trafficking gangs and stressed the importance of international cooperation.

Lagos State Governor, Mr. Babajide Sanwo-Olu, represented by the Secretary to the State Government, Mrs. Abimbola Salu Hundeyin, praised the NDLEA for its pivotal role in curbing the illegal drug trade in Lagos.

He acknowledged the British government’s support and described the commissioning of the Marine Command Headquarters as a milestone in the fight against drug-related crimes in coastal areas.

Lagos To Pay N85,000 Minimum Wage- Sanwo-Olu

Naira Falls To N1,660, Markets Expect FX Auction

October 17, 2024

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The Nigerian naira fell further to roughly N1,660 per US dollar due to a persistent lack of foreign cash in the market. While foreign reserves continue to build, the naira has lost value as demand exceeds FX supply.

According to Apex Bank data, external reserves increased to $38.798 billion on Monday as a result of steady inflows from different sources, including remittances. Despite the large sum, currency market intervention has been insufficient to reverse the naira’s fortunes.

The naira fell by 0.04% and closed at ₦1,659.69 per US dollar on the official market, according to spot data from the FMDQ website. Analysts said the exchange rate will likely appreciate on Thursday and Friday on expectation that the Central Bank of Nigeria (CBN) will conduct FX sales to boost liquidity in the official market.

“The exchange rate has gotten to a level where the CBN will have no choice but to sell US dollars at a lower rate to reduce pressures in the official market.

“It is like the FX market has been programmed not to cross this level, the resistance level, and if it breaches this level, the naira may be heading to another red range,” analysts said in a chat with MarketForces Africa.

In the parallel market, the naira closed at ₦1,685 to the dollar. Effectively, the FX gap between the official and parallel market rates has collapsed again.

Speculators’ FX spread incentive is still high, analysts said, noting that the N25 gap between official and parallel market rates could increase speculative bets in the forex markets.

In the global commodities market, reports that Israel will not launch an attack on Iran’s oil facilities led to a slight decline in oil prices. Brent prices fell by 0.01% to $74.25, while WTI dropped by 0.22% to $70.23.

Elsewhere, gold prices surged to near-record highs due to increased non-yielding bullion, supported by weakening U.S. bond yields and anticipated interest rate reductions by major central banks. Ongoing geopolitical tensions also provided additional safe-haven appeal. Gold reached $2,691.50 per ounce.

EKEDC Announces Major System Upgrade For Enhanced Customer Experience

Crude Oil Prices Drop Below $74 Over Demand, Supply Battle

October 17, 2024

Oil prices stabilized on Wednesday in the global commodities market after falling dramatically in the previous few days, as some purchasing activity returned to the market at lower levels.

The Middle East wars boosted supply, but sluggish demand from China is also weighing on demand forecasts. ICE Brent dropped marginally to $73.99 per barrel. The US benchmark West Texas Intermediate fell 0.4% to $70.06 per barrel, from $70.38 at the previous session’s closing.

The International Energy Agency’s (IEA) weaker demand projections were basically in line with expectations, with selling pressure decreasing, according to an ING report.

The IEA’s monthly oil market report yesterday was largely bearish for the oil market, with the agency revising down its demand estimates for a third consecutive month this year. In its report, IEA now expects global oil demand to grow by 862,000 b/d in 2024, compared to previous estimates of 903,000 b/d.

This revision lower is largely due to a further slowdown expected in Chinese consumption, weighing on the global outlook, ING said in its commentary note. Meanwhile, demand growth estimates for 2025 were raised slightly to 998,000 b/d from earlier estimates of 954,000 b/d.

Total demand is now expected to average at 102.8 million b/d this year and 103.8 million b/d in 2025. OPEC has also lowered its forecasts for global oil demand for this year and next.

On the supply side, the IEA estimates non-OPEC+ production to increase by 1.5 million b/d this year and next. Globally, the agency expects production to increase by 660,000 b/d this year to 102.9 million b/d with production growth accelerating to around 2 million b/d for 2025 as some of the OPEC+ supply gradually returns to the market.

On Tuesday, Israeli Prime Minister Benjamin Netanyahu assured the US that his forces will attack Iranian military sites, not the nuclear and oil facilities that President Joe Biden previously warned against striking, according to The Washington Post.

Oil markets are watching for Israel’s retaliation over an early-October missile strike by Iran. Prices fell more than 4% in the prior session as the report eased concerns that the oil supply would be disrupted, resulting in the diminishing geopolitical risk premium.

Verve hits 70 million payment cards in Nigeria, consolidates market leadership

Financial Inclusion For Women Is A Priority For CBN- Cardoso

October 17, 2024

Mr Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), stated that the government’s main objective is to increase financial inclusion for women. Cardoso stated this during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday.

He stated that the CBN was taking steps to reduce the gender gap in the banking sector and empower women financially. According to him, women play critical roles in the country’s economy.

“Women provide a very big and significant portion of the workforce, and they contribute extensively across various sectors.

“Women’s resilience and silent influence go a long way in advancing economic activities, particularly in the country and other parts of Africa,” he said.

Cardoso said that some recent CBN initiatives were aimed at strengthening financial opportunities for women. “A week or so ago, the CBN signed a code for women entrepreneurs financing, and it is going to implement a framework that will hopefully lead to greater financial inclusion for women in the country.

“This new initiative, which is backed by partnerships with the Development Bank of Nigeria and the Bank of Industry, is designed to expand financial services access and improve economic opportunities for female entrepreneurs.

“We need to go back to addressing the fundamentals. Without a strong economic base, trade-offs will only offer short-term solutions,” the CBN governor said.

According to the News Agency, the session also discussed urgent economic concerns such as monetary policy and growing inflation in Nigeria.

According to Cardoso, recent monetary policy actions included boosting interest rates from 26.75 percent to 27.25 percent and adjusting commercial banks’ Cash Reserve Ratio (CRR) to 50 percent. He stated that the initiatives were targeted at reducing inflation. Cardoso stated that rising inflation weakened buying power, hindered investment, and eventually harmed the productive sector.

“Taming inflation is key because if you do not tame it, it has a major throwback. It can deter investment and significantly reduce purchasing power.

“We hope that as inflation begins to moderate, interest rates will start to come down,” he said.

He said that a balanced approach would eventually allow for lowered interest rates as inflation moderated, making it easier for businesses to thrive.

Verve hits 70 million payment cards in Nigeria, consolidates market leadership

NGX Drops As Equities Investors Lose N148bn

October 17, 2024

Stock Exchange Closes Trading Week With N30bn Gain

Equities investors lost more than N148 billion as Aradel, Nestle Nigeria, and other companies experienced stock market selloffs. Transaction data from Nigeria’s domestic market showed that key performance indicators declined by 0.25% as investors responded unfavorably to the inflation increase.

As a result, the market index, or All-Share Index, slipped 249.40 basis points to close at 98,291.53, marking the end of the local bourse’s good run. Stockbrokers said that the market saw sell-offs in certain medium- and large-cap equities across major industries.

Trading activity decreased at the end of each session, with total volume and total value traded falling by 9.96% and 66.46%, respectively. Atlass Portfolios Limited reported a total of 257.55 million units valued at₦8.993.13 million were traded in 7,776 transactions.

FIDELITYBK was the most traded stock in terms of volume, accounting for 14.91% of the total volume traded in the equities market. Other volume drivers include UBA (13.19%), GTCO (6.53%), CHAMPION (5.64%), and ZENITHBANK (4.52%).

Today, ARADEL emerged as the most traded stock in value terms, with 35.04% of the total value of trades on the exchange. DEAPCAP topped the advancers’ chart with a price appreciation of 10.00 percent.

Other gainers include UACN (+9.90%), DANGSUGAR (+9.69%), CHAMPION (+9.65%), DAARCOMM (+9.26%), MECURE (+9.09%), and seventeen others. Market reports stated that twenty-three stocks depreciated as bears took over trading sessions.

Customs was the top loser, with a price depreciation of -8.98%. Other decliners include OKOMUOIL (-6.86%), ARADEL (-5.85%), FTNCOCOA (-2.63%), FIDELITYBK (-2.34%), and NESTLE (-2.25%).

Despite heavy sell activities on major stocks, the market breadth closed par, recording 23 gainers and 23 losers.

Sectoral performance was positive, as three of the five major indexes closed in the green. The consumer goods sector grew by +0.46%, followed by the insurance sector, which gained +0.40%, while the oil & gas sector surged by +0.02%.

The banking and industrial sectors declined moderately by 0.04% and 0.03% accordingly. Overall, the equities market capitalisation lost₦148.07 billion to close at₦59.56 trillion on Wednesday.

EKEDC Announces Major System Upgrade For Enhanced Customer Experience

Interbank Rates Increase As Banks At CBN Lending Facility

October 17, 2024

Tinubu Orders Osayande To Investigate CBN, Related Affairs

Interbank rates rose as the financial system’s liquidity balance remained tight in the money market, according to independent data from investment firms.

Money market rates have remained high due to a poor financing profile caused by large and consistent outflows related to primary market auctions, debits, and other bank liquidity requirements.

According to Cowry Asset Limited experts, the Nigerian interbank offered rate (NIBOR) has risen across most maturities, signifying illiquidity in the banking sector.

According to statistics from the FMDQ website, important money market rates jumped ahead of FGN coupon payments on Thursday. Further details from the money market showed that the open repo rate increased by 20 basis points to settle at 32.50%. Likewise, the overnight lending rate (O/N) climbed by 0.22% to close at 32.90%, as data from the FMDQ platform confirmed.

Liquidity in the financial system remained very tight as it further plunged into negative territory, AIICO Capital Limited said. Analysts said local deposit money banks pitched their tents at the Central Bank of Nigeria’s (CBN) standing lending facility (SLF) to raise funds to support their daily funding requirements.

Analysts said in the previous day, banks’ exposure to the borrowing window was N1.5 trillion after the previous week’s huge liquidity raise.

Verve hits 70 million payment cards in Nigeria, consolidates market leadership