The Federal Government (FG) has requested a safe corridor for the evacuation of Nigerian students detained in Sudan, according to Abike Dabiri-Erewa, head of the Nigerians in Diaspora Commission (NiDCOM).
In an interview with BBC Africa on Monday, Dabiri-Erewa stated that the pupils’ evacuation would begin on Tuesday.
She stated that the students would be bused to Egypt’s borders before being airlifted to Nigeria.
Sudan’s military conflict with the Rapid Support Forces (RSF) has made it practically impossible for aviation routes to function.
There have been reports of burning aircraft amid a shuttered airport.
“We are hoping that by tomorrow, the first set of buses will be leaving Khartoum heading toward some borders in Cairo…to evacuate the first set to a safe place where we can now airlift them back home to Nigeria,” Dabiri-Erewa said.
“So, I know that the National Association of Nigerian Students actually sent a message and told all of them come somewhere so we can pay some fees but that was a dangerous move so they’ve all returned back to base and there’s a contact from the Nigerian mission in Sudan where there will be coming to.
“So, as soon as the buses are ready, like I said, most likely by tomorrow morning, they will convey them safely and that is the keyword.”
Dabiri-Erewa stated that the process had been delayed because the federal administration had yet to receive a safe passage request from Sudan’s army and the RSF.
“Now, here is the thing, why are we waiting? Because we must ensure that we get the permission of the military on both sides.
“Now, we have a large number of Nigerian students, we’re talking of thousands, nothing less than 3,500 that are stranded there so we’re conveying them in a whole lot of buses. Imagine seeing 10 buses without any security, you’re putting them in harms way,” she said.
“So we want to ensure that there’s safety and security, so by tomorrow morning, we believe that they’ll now go en route to Egypt and get to two borders there and they’ll be in a safe location to return home.
“Our ministry of foreign affairs has contacted both sides of the divide and we have asked for a safe corridor for our students and that means to give us security.”
The World Bank reports that Nigerians in Diaspora has transferred $168.33 billion to the nation over the last eight years.
This is due to the country’s fluctuating foreign investment inflow during the period under review, which led to a shortage of foreign currency and the subsequent free fall of the naira.
Data from the World Bank and the Budget Office of the Federation show that Nigeria’s diaspora remittances have been crucial in reducing the effects of currency shortage and maintaining the nation’s foreign exchange reserve.
Nigeria received the largest portion of the $53 billion in remittances to sub-Saharan Africa in 2022, according to the World Bank.
A total of $168.33 billion was sent home by Nigerians in the Diaspora between 2015 and 2022, according to data from the global bank.
According to a breakdown of the data, the Diaspora remittance was $21.2 billion in 2015, $19.7 billion in 2016, and $22 billion in 2017.
In 2018, it was $24.31 billion. After a brief decline to $23.81 billion in 2019, the pandemic caused a further decline to 17.21 billion in 2020. In 2021, it recovered to $19.2 billion, and by 2022, the World Bank predicted that the country had received $20.9 billion in foreign investment.
Nigeria’s remittance inflows had only ever dropped below $20 billion once before 2020, to $19.7 billion in 2016. The World Bank predicts that in 2022, remittances from the diaspora will rank among the top non-oil sources of foreign exchange for the nation.
According to the report, the Central Bank of Nigeria’s new policies are to blame for the sustained rise in inflows from the diaspora since 2021.
Nigeria’s foreign exchange reserves were $34.43 billion as of April 19, 2023, up 18.4% from the $29.07 billion they were at the same time in 2015.
Although remittances from Nigerians living abroad have provided a lifeline for many of them, the Nigerian diaspora community recently expressed concern that the current economic crisis may limit the amount of money it can send home.
Captain Nuhu Musa, the director general of the Nigeria Civil Aviation Authority, has been prohibited by a Federal High Court in Lagos from granting an air operator’s certificate to Nigeria Air, the proposed national carrier.
This development occurred after the proposed national airline obtained an air transport license from the NCAA and the Ministry of Aviation intensified its plans to launch a national carrier.
A few domestic airlines are suing the federal government to prevent it from working with Ethiopian Airlines to launch a national airline.
According to the most recent court order, no action can be taken in connection with the Nigeria Air project until further notice. Domestic carriers were the ones who got the order.
In accordance with the terms of the order, Justice Lewis Allagoa issued interim and interlocutory injunction orders preventing the relevant parties from moving forward with the Nigeria Air project.
“You are therefore instructed to refrain from dealing with the Ministry of Aviation and their agents or representatives, associated with the Air Operator Certificate, the subject of the suit, to avoid consequences of disobeying court orders,” the letter from the plaintiff’s attorney Abubakar Nuhu Ahmed (of Nureini Jimoh Chambers) dated April 19, 2023, to the NCAA.
It also stated, “As a law-abiding regulatory agency, you are under the attentive scrutiny of the world. It is in your interest to refrain from taking additional steps on the AOC process that will jeopardize the Agency’s honor in front of the local media and the world’s aviation community.”
Despite the controversies and legal dispute, the Federal Government had announced in March via the Ministry of Aviation that Nigeria Air would start domestic and international flights soon.
The National Aviation Stakeholders Forum 2023 in Abuja featured a revelation from the aviation minister, Hadi Sirika.
Hardi declared “Negotiations are still ongoing with the Federal Government of Nigeria and the Ethiopian Airlines Group Consortium. Local and international flight operations will soon begin. We will fly before this administration ends on May 29,”.
The minister continued by saying that by establishing the national carrier, Nigeria would be able to reduce capital flight from the country, maximize the benefits of BASA and SAATM, and create an aviation hub.
Additionally, the national carrier will boost the GDP, promote hospitality and tourism, support the expansion and improvement of the Nigerian agricultural sector, and generate jobs near the agro-cargo terminals.
The Kaspersky Digital Payment survey revealed that 37% of respondents from Nigeria experienced financial losses associated with threats when using online banking and mobile wallet services.
The majority of users (97%) lost up to USD $1,000 equivalent as a result of these incidents, while 3% of the respondents reported a loss of more than USD $1,000 equivalent.
According to the Kaspersky Security Network, 161,272 financial threats were blocked in Nigeria by Kaspersky in 2022. These attacks were aimed at stealing financial information such as credit card numbers and login credentials and usually rely on social engineering tactics to lure victims.
However, the impact of a cyber threat targeting digital payments does not just impose a financial burden on consumers, but also affects them psychologically.
For example, 60% of respondents from Nigeria said that they were very anxious about getting their money back. 43% of users reported that they have less trust in digital payment providers.
“80% also stated that they became more vigilant after experiencing a cyber incident, and 65% installed security solutions like an antivirus on their infected devices.
“Since the beginning of the pandemic, 64% of users in Nigeria faced at least one incident when using digital payments. That’s why it’s increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services.
“And all stakeholders, like government, digital payment providers, users and even cybersecurity companies need to come together to create a sustainable and secure payment ecosystem,” said Emad Haffar, Head of technical experts at Kaspersky.
To help users embrace digital payment technologies securely, Kaspersky experts suggest the following:
Do not share your PIN, password or any other financial information with anyone online or offline.
Avoid using public Wi-Fi to make any online transactions.
Use a separate credit or debit card to make online transactions. Set a spending limit on the card which can help keep a track of financial transactions.
Shop from trusted and official websites.
Use a reliable security solution such as Kaspersky Premium on all your devices which are used for financial transactions. It helps to detect fraudulent or suspicious activity and check the security of visited websites.
For developers, banks and companies involved in providing digital payment services, Kaspersky recommends:
Invest in holistic cybersecurity solutions that can help detect fraud across multiple levels of online payment processes and consumer touchpoints.
Complex attacks by APT groups on financial institutions are also on a rise. In-depth visibility and threat intelligence are a necessity to keep customers protected and to ensure business continuity. Using the Kaspersky Threat Intelligence service is helpful to support your IT teams in analysing and mitigating threats.
Conduct cyber awareness training for employees continuously. This will help employees know the red flags to look for when an organisation is under attack and to understand their role in protecting the organisation.
As severe battle rages in Khartoum, the Chairman of Nigeria’s largest domestic airline, Allen Onyema, has stated that Air Peace is willing to evacuate Nigerians stranded there for free.
On April 15, clashes began in the North-Eastern African country as several factions of Sudan’s military administration fought for control of Khartoum and the Darfur area.
Onyema stated in a statement on Monday that the stranded Nigerians in Sudan require immediate assistance.
As Sudan’s airspace is closed to civil aviation aircraft, the Chairman of Air Peace indicated that Nigerians may be relocated to a neighboring nation, and that the airline would fly there and evacuate them.
“I am compelled to help because Nigeria cannot afford to lose her citizens in that country. It would be my own commitment to making sure that the stranded Nigerians in the war-torn country are safe,” Onyema stated.
“Everything must not be left for the government alone, especially as the situation calls for urgency and immediate action.
“Again, Air Peace is willing to evacuate Nigerians stranded in Sudan free of charge if the government can get them to a safe and secure airport in any of the neighbouring countries bordering Sudan.
“Everything must not be left for government and government alone. It will be a privilege and honour of tremendous pride that we will be out there to give every Nigerian stranded in Sudan a sense of pride and oneness in their country.
“We are very ready to do it immediately. No time wasting. Any action that would promote national pride, national cohesion, peace and unity, we are for it.
“Again, we have no apologies for believing in our nation and loving the nation despite certain national challenges.
“If they are moved to Kenya or Uganda or any other country, we will move in to get them out. Some parents have started calling on us to help. We are ready to do this again and again,” the Chairman of Air Peace, Allen Onyema said.
Diesel prices between April 2022 and April 2023 increased by 55.9%. This is according to the National Bureau of Statistics (NBS).
The average retail price of diesel also called Automotive Gas Oil (AGO) paid by consumers rose from a lower cost of N539.32 per litre recorded in the corresponding month of last year to a higher cost of N836.81 per litre in March.
Nigeria’s rising energy costs have resulted in the country’s jumping inflation and contribute significantly to costs borne by manufacturers in the country. For instance, last month, the NBS said Nigeria’s headline inflation rate increased to 22.04% on a year-on-year basis.
It was 6.13% higher than the rate recorded in March 2022 at 15.92%, with energy costs on electricity, gas, and other fuels contributing significantly.
On a month-on-month basis, the latest NBS data showed that an increase of 0.47% was recorded from N836.91 in the preceding month of February to an average of N840.81 in March 2023.
Looking at the variations in the state prices, it stated that the top three State with the highest average price of the product in March 2023 included Bauchi (N910.46), Abuja (N889.44), and Adamawa (N880.33).
Furthermore, the top three lowest prices, it noted, were recorded in Bayelsa (N768.04), Katsina (N779.78), and Edo (N797.14).
According to the NBS, the zonal representation of average price of diesel shows that the North-east zone has the highest price of N856.42 while the South-south zone has the lowest price of N816.92 when compared with other zones.
Manufacturing accounts for about 13% of output in Nigeria. Before the astronomical rise in diesel prices, Nigeria was among the lowest in sub-Saharan Africa, according to data available. At now over N800 naira, it would be among the highest on the continent.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.53 per $1 on Wednesday, April 19.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦740 in the black market in the state.
It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
Touch and Pay (TAP) Technologies, a fintech business, has revealed that passengers can now pay for interstate travel using a mobile app from Lagos.
According to the TAP, passengers can now pay official and unofficial interstate travel providers inside the city using the Cowry app.
It explained that the interstate booking feature on its app automates the processing of payments and seat assignments for travelers.
It stated that every day, more than a million interstate trips took place in the nation, with about 40% of those trips beginning or ending in Lagos State.
Olamide Afolabi, Co-founder and Chief Executive Officer of Touch and Pay Technologies commented on the launch, saying, “TAP is proud to be the first service to level equality when it comes to transportation in Lagos.”
“To avoid standing in line, passengers frequently need to reserve their tickets in advance. Bus passengers used to have to physically go to counters and interact with staff members to make reservations and pay for their trips in the past. The situation has changed. Customers can now access information about their interstate trip, including the ability to purchase tickets and choose their preferred seats, without ever leaving the comfort of their homes.
Michael Oluwole, the company’s co-founder and chief growth officer, continued, “Our interstate booking feature provides passengers with convenience and frees up transportation providers to invest in improving interstate travel.
Michael went on say, “Transportation companies can streamline their operations and cut costs via decreasing the need for cash transactions. Because it helps create a more efficient and comfortable public transportation system, our new app can be seen as a win-win situation for passengers and transportation providers.
The company stated that it has teamed up with the Lagos State Ministry of Transportation to accredit and inspect every inter-city bus park in the state.
It was explained that this will give the state a unified system for controlling the routes, itineraries, capacities, and costs of transportation.
Nigerian Idol season 8 is here! The show kicked off with a thrilling introduction of a few contestants who made it to theatre week. The auditions were replayed, highlighting both the hilarious and awe-inspiring moments.
During a brief interview with the judges, Obi Asika, Simi, and D’banj; they expressed their enthusiasm for the new season, citing the pool of talented contestants as a reason for Nigerian Idol season 8 to raise the bar with the selection of talents.
The show’s host, IK Osakioduwa, introduced the first contestant, Prosper ‘Mina’ Algado, who delivered an impressive performance and won over the judges. Abraham, who discovered his passion for music at the age of 15, brought the judges to church with his vocals and secured a YES from them to be the next idol. Lily, who began her journey to be on the Nigerian Idol show 14 years ago, wowed the judges with a stellar performance and was rewarded with a golden ticket.
While some contestants received golden tickets, others were not so fortunate. Patrick was the first contestant to receive a NO from the judges, followed by Angel, Mark Houston, Favour, Emmahbasiita, Ryano, among others who were asked to try their luck next time.
One of the standout contestants, Quest, impressed the judges with her beautiful rendition. She is a music director and has been singing professionally since she was 16.
At the end of the first day of auditions, several other contestants received golden tickets, including Chief, Osokoya, Fejiro, BenPhillips, Amb. Lawrence, Daiwil, Cabrina Divo, Dozie, Sir Danny, etc. With this selection, they will move on to the theatre week to compete for the final selection.
Next week’s episode will introduce viewers to new talents from ‘Audition Day 2’ who will be vying for golden tickets to also make it to theatre week. It promises to be funny, interesting, and awe-inspiring. Nigerian Idol will broadcast every Sunday at 7 pm on all Africa Magic Channels – Showcase (DStv ch. 151), Urban (DStv ch. 153, GOtv ch. 8), and Family (DStv ch. 154, GOtv ch. 7). There will also be a Nigerian Idol pop-up channel (DStv ch. 199) where fans can see all the auditions and “behind-the-stage” conversations. For more information on Nigerian Idol, visit www.africamagic.tv/nigerianidol. You can also follow the official Nigerian Idol social media pages for news and updates with the hashtag #NigerianIdol on Twitter, Instagram, and Facebook.
The exciting introduction of a few contestants who advanced to the stage week marked the start of Nigerian Idol season 8 in style. Replays of the auditions were shown, highlighting the memorable and amusing parts of the show.
Obi Asika, Simi, and D’banj shared their excitement for the new season during a brief interview with the judges, mentioning the abundance of gifted contestants as an incentive for Nigerian Idol season 8 to raise the standard with the talent choices.
IK Osakioduwa, the host of the competition, introduced Prosper ‘Mina’ Algado, the first contestant, who impressed the judges with his performance.
Abraham, who fell in love with music at the age of 15, attracted the judges to church with his singing and got a YES from them to become the next idol. 14 years ago, Lily started her journey to compete on Nigerian Idol. She performed brilliantly for the judges and received a golden ticket as a result.
While some contestants were fortunate enough to receive golden tickets, others were not. The first contestant to receive a NO from the judges was Patrick, who was then followed by Angel, Mark Houston, Favour, Emmahbasiita, and Ryano, among others who were told to try again later.
Quest, one of the standout competitors, won over the judges with her lovely performance. She has been singing professionally since she was 16 and works as a music director.
Several other contestants, including Chief, Osokoya, Fejiro, BenPhillips, and Amb. Lawrence, Daiwil, Cabrina Divo, Dozie, Sir Danny, etc., received golden tickets at the conclusion of the first day of auditions. Now that they have been chosen, they will compete for the final choice during the stage week.
The episode of the following week will introduce viewers to fresh performers from “Audition Day 2” who will be competing for golden tickets to advance to theater week. It promises to be amusing, thought-provoking, and breathtaking.
To give customers on the Airtel network access to basic health care consultation and minor treatment, Airtel Nigeria has partnered with AXA Mansard to introduce a digital health insurance program.
According to the Airtel, the health bundle will give its customers access to affordable medical comfort and treatment for minor illnesses.
It was stated that customers could subscribe to the bundle plan by dialing 14144# to choose the service. The bundle plan would offer three different types of healthcare services, including telemedicine, pharmacy, and hospitalization reimbursement.
Femi Oshinlaja, Chief Commercial Officer of Airtel Nigeria, stated, “In keeping with Airtel’s core value, which is to provide solutions that enhance the lives of our customers, we are pleased to partner with AXA Mansard to launch a cutting-edge health bundle that will benefit our customers”.
Through mobile data service, “this partnership aims to provide Airtel users with simple and affordable health insurance access.”
He mentioned that the health bundle would bring customers and healthcare providers closer together.
He further said, “Users may now have access to medication up to N60,000 and hospitalization cover up to N50,000 per year,”.
AXA Mansard’s Managing Director and Chief Executive Officer, Tope Adeniyi, also gave a speech at the launch, in which he said, “We are honored to have partnered with Airtel to make health insurance accessible through mobile services, and we believe that this is presently one of the most innovative and relevant solutions that will empower more Nigerians to conveniently access exceptional health insurance value solutions.”
Following the triumph of its flagbearer, Bola Tinubu, in the February 25 presidential election, the All Progressives Congress (APC) has disbanded its Presidential Campaign Council (PCP).
The council was formed to advocate for Tinubu and his running mate, Senator Kashim Shettima, ahead of the 2023 elections.
The dissolution was announced in a statement signed by the PCC Director General, Governor Simon Lalong, and the council’s Secretary, James Faleke.
Lalong praised President Muhammadu Buhari for his unwavering support for the APC presidential candidate throughout the election campaign, according to the statement.
The Plateau State Governor also commended all PCC members and supporters for their tireless efforts in ensuring the president-elect’s resounding win.
“Since the campaign council began in September 2022, we have witnessed an unprecedented, relentless, and engaging mobilisation of our members nationwide and in the diaspora towards securing the majority popular votes for the Tinubu/Shettima Presidential ticket. The journey has been a worthy one with our hard-won victory. The credit goes to all our members particularly, the leaders and members of the various campaign directorates,” Lalong said.
“We would like to express our deepest appreciation to President Muhammadu Buhari (GCFR), for his unwavering support and leadership throughout the campaign. We could not have achieved this level of success without his single-mindedness, commitment, and forthrightness.
“However, we have concluded that it is in the best interest of the campaign and its stakeholders for us to dissolve our council with immediate effect.
“This has become necessary to retune us towards the May 29, 2023, inauguration of the President-elect Asiwaju Bola Ahmed Tinubu’s administration. The process of transitioning into a new era of Renewed Hope is underway and all our energies and activities must reflect the principles underlying this process.
“We hope that you will all continue to stay involved in Nigeria’s political process and to advocate for issues that you believe in. Our democracy is stronger when we all participate in the political process with patriotism.
“We would like to take this opportunity to thank you once again for your support, dedication, and hard work.”
Lagos State has recorded another building collapse; a two-storey building which was under construction collapsed in Ladipo Oluwole Street, Apapa. No casualities were recorded.
Deputy Director, Public Affairs, Mukaila Sanusi, said via a statement on Sunday, “the Lagos State Government Sunday said that a three-floor building under construction that partially collapsed on Ladipo Oluwole Street, Apapa ignored the stop work and seal up orders of the Lagos State Building Control Agency, LASBCA and continued construction behind the scene.
“The collapse incident, which was flagged on the Physical Planning incident management platform on Sunday evening, triggered immediate preliminary enquiries that showed that officers of the States Building Control Agency had issued a number of contravention notices, stop work and seal up orders which the developer ignored and carried on construction without any recourse, whatsoever, to the authorities.”
“Lagos State Government has immediately activated inquires into the collapse to unravel the minute details and guide appropriate actions,” the statement further read.
This incident comes after a building collapsed in Banana Island which trapped some workers.
The Federal Government (FG) has guaranteed Nigerians stuck in crisis-torn Sudan of their safety and evacuation, saying it is “working around the clock” to make that happen.
Foreign Affairs Minister Geoffrey Onyeama provided the guarantee on Channels Television’s Sunday program.
“So, we have been working around the clock for the last two days to try and get the Nigerians out,” he said on the show, adding that the country’s embassy has been mandated to open a platform to register the nation’s residents in Sudan.
His remark came amid a flood of criticism and outrage directed at the administration, which many accuse of being unconcerned about the departure of its nationals from the North African country.
However, Onyeama thinks that the situation is not ideal.
“Because the airport, as you pointed out in your report, is out of commission, the only viable way out is by road,” the minister stated. “Of course, it’s not completely safe, so you’ll need the government to provide some security and a safe exit.”
The sheer number of Nigerians in Sudan, which he estimates at 5,500, complicates matters.
The Foreign Affairs Minister explained that 80 percent of them are students, and that some countries have merely evacuated diplomatic staff, not all of their population, as some have suggested online.
He did, however, ensure that “we are doing everything we can to obtain the necessary approval from the Sudanese government.”
“Essentially, where we are at the moment is trying to get authorisation from the Sudanese government to undertake this long convoy journey and for them to provide some security.”
When asked when the evacuation will begin, he stated, “We are hoping that in the next day or two we will have received approval from the Sudanese government to start moving people out.”
Until then, Federal Government institutions such as the National Emergency Management Agency (NEMA) are working to offer help to Nigerians stuck in the country, whom he advised to “stay where you are” before the evacuation begins.
Foreign investors’ inflow in the stock market of the Nigerian Exchange Limited (NGX) dropped to N53.71 billion in the first quarter of (Q1) 2023 from N128.91 billion reported in Q1 2022. This was amid political tension in the buildup to the just-concluded general elections.
NGX disclosed this figure in a report titled -“Domestic & Foreign Portfolio Participation in Equity Trading.”
The report also indicated that the foreign investors’ outflow decreased to N35.59 billion in the period under review when compared to N73.58 billion in Q1 2022 as foreign inflow closed Q1 2023 at N18.12 billion from N55.33 billion in Q1 2022.
The report revealed that the stock market in the Q1 2023 witnessed slow exposure of domestic and foreign investors as N530.23 billion transactions were carried as against N692.20 billion in Q1 2022. Domestic investors still dominate the stock market, controlling 89.87 per cent transactions, while foreign investors stood at 10.13per cent.
While responding to factors contributing to foreign investors exiting the domestic market, the Director-General, the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda at the first capital market committee (CMC) said, “No matter how attractive the domestic capital market is, a foreign investor will always factor in the ability to transfer their domestic earnings into the foreign exchange so that they can repatriate this foreign exchange to their countries.
“Now at the moment, we all know that we are having some challenges with the foreign exchange situation in Nigeria. That is international investors who are invested, you know, reporting some delays in assessing foreign exchange for the repatriation of their dividends or their capital.
“So because of this, you are seeing a reduced proportion of foreign investors in the Nigerian Capital Market relative to what this Market has been used to. That is a situation that is not permanent. We expect the foreign exchange situation in this country to substantially improve.”
“There are a lot of economic developments in the country today that actually are laying the foundation for a much more vibrant foreign exchange in the country. We do use a lot of our foreign exchange to import refined petroleum products. We know at the moment that the Dangote refinery in Lekki once it comes on stream, it will have the capacity of 650,000 barrels per day of refined petroleum products, lubricants, and the rest.
“So that means that a lot of the importation that is happening now should actually be sourced from this source and the amount of foreign exchange you are now wasting on importing refined petrol should substantially moderate if this huge refinery comes on board. It is actually very close to completion, so this is really a good thing. Secondly, in terms of the other aspects, Nigerian economy really has a good potential to generate foreign exchange from a lot of non-oil sources. So once this is realized, you will see a much higher generation of foreign exchange in Nigeria.
“If you have a higher generation of foreign exchange from non-oil sources and reduced utilization of foreign exchange to import the refined petrol, you’ll find that these two, should give you a much better situation where you can now use, the greater availability for exchange to meet the needs of investors who are interested in really taking advantage of the economic opportunities existing in our country.
“The solutions are there, but right now these solutions are actually in various stages of development. By the time they all come to full development, you will see that this situation should improve considerably, ”he explained.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.53 per $1 on Wednesday, April 19.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦740 in the black market in the state.
It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
More people in Nigeria used the Internet in the fourth quarter of 2022, according to data that was made public on Saturday by the National Bureau of Statistics. The increase exceeded the 141,971,560 in Q4 2021 by 9.07 percent.
In comparison to 204,601,313 subscribers in Q4 2020, 195,463,898 subscribers were active on voice during the fourth quarter of 2021.
This indicates that as a result, the number of voice subscriptions has decreased by 4.5% yearly. The bureau also pointed out that, quarter over quarter, voice subscribers increased by 4.89 percent.
Similar to this, there were 141,971,560 internet subscribers overall as opposed to 154,301,195 in Q4 2020. This shows a year-over-year decline in internet subscriptions of 7.99%.
According to active voice subscribers per state in Q4 2021, Lagos State had the most, followed by Kano State and Ogun State, with Bayelsa and Ebonyi States having the fewest.
Among other telecoms, MTN, however, had the greatest proportion of subscriptions in Q2, Q3, and Q4, 2021.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “set up a presidential panel of enquiry to promptly probe the grim allegations that over 149 million barrels of crude oil have gone missing, as documented in the 2019 audited reports by the Auditor General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI).”
In addition, SERAP requested him to “ensure the effective prosecution of anyone suspected of being responsible for the plundering of the country’s oil wealth and the full recovery of any proceeds of crime.”
According to the Auditor General’s 2019 audited report, almost 107 million barrels of crude oil were lifted as domestic crude with no documentation or tracing. NEITI also reported 42.25 million barrels of crude oil missing in 2019.
In a letter signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in ensuring justice and accountability for these very serious allegations.”
SERAP said, “the recommended steps can be taken between now and the end of your term of office to set the tone for the next administration.”
The letter, read in part: “SERAP notes that you have repeatedly promised to combat corruption. As you go into the final weeks of your term of office, the missing crude oil allegations present yet another opportunity to demonstrate your commitment and to uphold your oath of office both as President and Minister of Petroleum Resources.
“As the President and substantive Minister of Petroleum Resources, you and your government should prioritise getting to the bottom of these allegations and use the remainder of your term of office to ensure justice and accountability for these serious crimes against the Nigerian people.
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing crude oil would serve the public interest and end the impunity of perpetrators.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.
“The allegations by both the Auditor-General and NEITI are different from a whistleblower’s claims that 48 million barrels of Bonny Light crude oil allegedly sold in China in 2015 are missing or unaccounted for.
“The reports by the Auditor-General and NEITI suggest a grave violation of the Nigerian Constitution 1999 [as amended], and the country’s anticorruption laws and international obligations, as well as the public trust.
“These damning revelations also suggest your government is failing to prevent and combat the plundering of Nigeria’s wealth and natural resources, name and bring suspected perpetrators to account and recover any proceeds of crime.
“Poor and socio-economically vulnerable Nigerians have continued to pay the price for the stealing of the country’s oil wealth apparently by both state and non-state actors.
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.
“These allegations can promptly be investigated and suspected perpetrators named and shamed. Taking these steps would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition and improve public confidence in the fight against corruption, and related crimes, especially in the oil sector.
“According to the 2019 audited report by the Auditor General of the Federation (AGF), some 107,239,436.00 barrels of crude oil were lifted as domestic crude without any document or tracing.
“To date, there is no information on the sale of Un-Utilized Crude oil by Refineries for 2019 and no information on crude oil allocations from 30th May to 31st December 2019. The Auditor-General is concerned that the missing crude oil may have been diverted.
“The Nigeria Extractive Industries Transparency Initiative (NEITI) also reported missing 42.25 million barrels of crude oil in 2019.
“Section 13 of the Nigerian Constitution imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the Constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power.’
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’
Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate the plundering of the country’s wealth and natural resources and hold public officials and non-state actors to account for any violations.
“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.
“The proposed panel should be headed by a retired justice of the Supreme Court or Court of Appeal, and its members should include people with proven professional record, and of the highest integrity that can act impartially, independently, and transparently,” SERAP said.
The Nigeria Labour Congress (NLC) has blasted the Federal Government for delaying the evacuation of Nigerian citizens stuck in Sudan amid a raging war between two main military factions.
The NLC said in a statement issued by its President, Joe Ajaero, on Saturday that no Nigerian should die in Sudan as a result of the Nigerian government’s incompetence.
The NLC also called the government’s “excuse that attempting to evacuate our nationals through the Airport is risky” unacceptable.
Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NIDCOM), stated that the authorities were encountering difficulties, particularly in airlifting Nigerian people from Sudan.
The NLC, on the other hand, stated that all measures must be considered, including the establishment of a safe corridor to neighboring countries to allow Nigerian residents safe transit and evacuation through the numerous land borders.
It also advised that “the government work out an arrangement with the international community to create a safe haven for all foreign nationals in the country to serve as a buffer to all foreign nationals against the vagaries of the War while peace efforts are being made or other safer methods of evacuation are developed.”
“Our concern is that while our government resorts to the usual lethargy and excuses, the lives of our nationals in Sudan already exposed to serious danger may begin to experience losses or injuries.
“We urge the federal government through the concerned agencies and Ministries to take urgent step to avoid death and injuries to our citizens in that country.
“Nigerians must not be allowed to die in Sudan because of negligence. No effort should be spared in ensuring their safety and ultimately evacuation to Nigeria if the War persists and escalates into a full blown war.
“It remains the duty of the government and we urge the federal government to make this happen unless they want to tell us that these lives are not as important as the lives of the children of those in authority and does not deserve to be protected?
“As we await a quick and positive action towards evacuating our citizens, we would want measures to be put in place to make their lives comfortable on arrival especially for those who own businesses in the Sudan and have suffered loss of businesses as a result.
“It does not make sense bringing them home without putting in place proper platforms to take care of their needs here,” NLC said.
Meanwhile, the Federal Government has formed a committee to work toward the rescue of Nigerian citizens who have become stuck in Sudan as a result of the country’s present upheaval.
According to the National Emergency Management Agency (NEMA), the committee, which includes professional emergency responders and search and rescue experts, “will constantly evaluate the situation and seek the safest way to evacuate Nigerian citizens, even if it means passing through a neighboring country like Sudan.”
Oil marketers have asked the Federal Government to implement a transition plan in preparation for fuel subsidy removal after May 29.
While speaking on the sidelines of the just-concluded Nigerian International Energy Summit in Abuja, the Managing Director and Chief Executive Officer of 11 Plc and former Chairman of the Major Oil Marketers Association of Nigeria, MOMAN, Tunji Oyebanji, said implementation of a transition plan ahead of the handing over of government by the current administration, would help guard against confusion in the downstream sector.
He said, “We are at a point in the downstream sector when the Petroleum Industry Act was passed 18 months ago but some vital aspects of it have been put on hold. One of them is the removal of fuel subsidies and full deregulation. Our expectation after May 29 is that those aspects put on hold will be implemented.
“However, before the day when subsidies will be removed, we expect that the government will have put in place a transition plan because right now, we are in a state of limbo where we don’t know what to do. Investors don’t like uncertainties. That is why we want a transition plan which will help give direction and not this current confusion that everyone is experiencing.”
When asked what the transition plan should look like, Oyananji said foreign exchange should have been released to marketers to enable them get petrol six or eight weeks before subsidies would be removed.
He explained, “Being proactive about planning is what is required here. We have to order products at most six weeks ahead of the removal. Because, it should not be that subsidy removal will be announced today, and then the market will be at a standstill. The worst thing that could happen would be announcing removal and then no product on ground to sell to consumers. Then, it means the scarcity would be worse than we have ever had. As we speak, we are all in the dark. We don’t know their plan, and we need to know.”
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