Friday, May 17

Naira’s Upward Shift Against Dollar Caps Off Positive Week
17May By Afolake IbidunNo Comments
Business

Naira’s Upward Shift Against Dollar Caps Off Positive Week

Witnessing a positive turn, the Naira strengthened against the dollar in the foreign exchange market, just a day after facing a decline. Data from FMDQ indicated that the Naira appreciated to N1497.33 against the dollar on Friday. This reflects a significant increase of N33.66 compared to the N1497.33 rate observed on Thursday. Moreover, in the parallel market, the Naira saw an upward trend to N1475 per dollar on Friday, up from N1555 on Thursday. These developments signal a favorable conclusion to the week for the Naira, following a period of depreciation. Starting from mid-April, the country’s currency has been facing fluctuations, having gone through months of appreciation prior to that. Meanwhile, Bureau De Change Operators have attributed the Naira's ...
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Dismissal of Police Inspector for Involvement in Robbery and Kidnapping in Abuja
17May By Ofomata EdidiongNo Comments
Metro

Dismissal of Police Inspector for Involvement in Robbery and Kidnapping in Abuja

In the Federal Capital Territory, FCT, Inspector Adabo Mohammed has been dismissed by the Nigeria Police Force, NPF, due to his alleged participation in robbery and kidnapping incidents. On Friday, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, revealed this in an official statement. According to the statement, the dismissed inspector was identified as a member of an armed robbery group that stole a total of N29.8 million from a victim in the Gwagwalada area. An investigation showed that Mohammed was part of the gang responsible for kidnapping Ikechukwu Emmanuel Okafor in the Tunga Manje region and receiving a ransom of N4.4 million. As stated in the communication, "Inspector Adabo Mohammed was dismissed for criminal conspiracy, armed robbery/kidnapping, and corrupt practi...
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Legal Action Taken by Police Service Commission Chairman Arase against ICIR for Defamation
17May By Mariam AbdullahiNo Comments
News

Legal Action Taken by Police Service Commission Chairman Arase against ICIR for Defamation

Mr. Solomon Arase, the chairman of the Police Service Commission (PSC), has initiated legal proceedings against three employees of the International Centre for Investigative Reporting (ICIR) for defamation of his character. In a statement released on Friday by Ikechukwu Ani, the Head of Press and Public Relations at PSC, it was stated that the report aimed to discredit Arase intentionally. The statement highlighted that Dr. Solomon Arase, a retired Inspector General of Police and Chairman of the Police Service Commission, became aware of defamatory reports published by Mr. Nurudeen Akewushola of ICIR. As a response, Arase promptly engaged his solicitors to address the issue. According to the communication, Arase's legal representatives sent a letter dated February 23, 2024, to Mr. Nur...
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17May By Mariam AbdullahiNo Comments
News

Ruling: AGF and Chief of Naval Staff Banned from Relocating Seized Vessel

In a recent development, a Federal High Court in Abuja has issued an order preventing the Attorney General of the Federation (AGF) and Chief of Naval Staff in Nigeria from transferring a seized vessel, MV Blue Shark, to either Cameroon or Gabon for sale. This order will remain in effect until a motion on notice filed by the vessel's owners is heard. This decision was made by Justice Emeka Nwite following an ex-parte application presented by Senior Advocate of Nigeria (SAN), Reuben Okpanachi Atabo, representing the vessel's owners. Justice Nwite also directed that the AGF and Chief of Naval Staff are to refrain from enforcing any order or judgment from a foreign court until a decision is reached in the case regarding the vessel's ownership. During the court proceedings, Atab...
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Montgomery: UK Commends Tinubu’s Security Strategy
17May By Mariam AbdullahiNo Comments
News

Montgomery: UK Commends Tinubu’s Security Strategy

In his remarks at a High-level Dialogue in Abuja, British High Commissioner to Nigeria, Richard Montgomery, expressed the United Kingdom's admiration for President Tinubu's effective security measures implemented over the past year. The UK Envoy highlighted the administration's commitment to transparency and accountability in governance, affirming UK's continued support for Nigeria in this regard. Vice President Kashim Shettima emphasized that President Tinubu's Renewed Hope Agenda aims to position Nigeria as a key global investment hub, with a focus on democratic principles, development, demographics, and diaspora engagement. Shettima underscored the administration's dedication to implementing bold reforms and fostering strategic partnerships to revitalize the economy and bolster sec...
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CBN Reports Nigeria’s Money Supply Fell to N92.3 Trillion in March
17May By Afolake IbidunNo Comments
Business

CBN Reports Nigeria’s Money Supply Fell to N92.3 Trillion in March

In March 2024, Nigeria's money supply slightly decreased to N92.3 trillion, down from N93.9 trillion in February. The latest data is from the Central Bank of Nigeria. Experts attribute this decline to the CBN's decision to raise interest rates. During this period, demand deposits rose from N26.8 trillion to N28.8 trillion, indicating a preference among depositors for more liquid assets. Similarly, the amount of currency held outside banks increased from N3.4 trillion to N3.6 trillion as more Nigerians opted for cash following the conclusion of the apex bank's contentious new naira note policy. Despite the CBN's interventions, the naira has continued to weaken against the dollar, reaching N1533.99 per dollar as of Thursday.
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17May By Mariam AbdullahiNo Comments
News

Second Reading of PIA: Bill Advocating for Establishment of Petroleum Training Institute in Ibeno

At the House of Representatives, a bill advocating for the establishment of a Petroleum Training Institute in Ibeno, the host community of International Oil Companies in Akwa Ibom State, has successfully undergone its second reading. On Friday, in a statement released by the media unit of the member representing Eket/ONNA/Esit Eket/Ibeno Federal Constituency, Hon. Okpolupm Etteh, it was revealed that the bill, once passed, will repurpose the abandoned ultramodern skill acquisition center that was constructed and equipped by the Ministry of Niger Delta Affairs. The bill, officially titled as “A Bill for an Act to Establish Petroleum Training Institute Ibeno, Akwa Ibom State to provide full-time courses of Instruction, Training and Research in petroleum technology and Produce Technician...
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Pro-Wike Lawmaker Urges Tinubu to Avoid Endorsing Impunity in Rivers Crisis
17May By Mariam AbdullahiNo Comments
News

Pro-Wike Lawmaker Urges Tinubu to Avoid Endorsing Impunity in Rivers Crisis

In light of the ongoing crisis in Rivers State, a member of the House of Representatives aligned with the Minister of FCT, Hon. Solomon Bob, has appealed to President Bola Tinubu not to support the alleged constitutional violations by Governor Sim Fubara. Expressing disappointment with a recent statement from the president’s media aide, Bob labeled it as absurd and unwarranted. He emphasized that Fubara's blatant disregard for the law and the constitution necessitated accountability for his actions. The lawmaker urged President Bola Tinubu to refrain from providing any form of protection for Fubara and to allow the legal system to address the governance and utilization of the state's assets. Representing Abua-Odual and Ahoada East Federal Constituency of Rivers State, Bob alleged that F...
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Public Hearing Held by Lagos Assembly for Geographic Information Service Bill
17May By Mariam AbdullahiNo Comments
News

Public Hearing Held by Lagos Assembly for Geographic Information Service Bill

A public hearing for the Geographic Information Service Bill was conducted by the Lagos State House of Assembly on Friday. Mr. Mudashiru Obasa, the Speaker of the House, mentioned that the new bill aims at streamlining all geographic information service projects within the state. During the assembly’s complex one-day public hearing on the bill, the speaker addressed the attendees. The bill is titled: “The Lagos Geographic Information Service Bill and other connected purposes,” as reported by NAN. Explaining the objective of the bill, the speaker noted that it seeks to establish a centralized computerized database for all geospatial-related information and matters in the state. Furthermore, he highlighted that the bill is intended to curb illicit practices and minimize fraudulent land t...
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Arsenal to See Three Players Leave for Free in the Upcoming Summer
17May By Ofomata EdidiongNo Comments
Sports

Arsenal to See Three Players Leave for Free in the Upcoming Summer

It has been revealed that Arsenal will bid farewell to a trio of players who will depart the club as free agents by the end of the current season. The departing players include Cedric Soares, Arthur Okonkwo, and Mohammed Elneny. This information was disclosed by Fabrizio Romano on his X page. Romano tweeted the news stating: “Following Cedric and Elneny, Arthur Okonkwo will also depart Arsenal in the upcoming summer after his contract runs out. “The 22-year-old showcased his skills this season while on loan at Wrexham, where he not only helped secure a promotion but was also recognized with the title of League 2 Goalkeeper of the Year.” Elneny remains as the sole squad member who had the experience of playing under Arsene Wenger, whereas Soares joined the Emirates side back in January...
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