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The Central Bank of Nigeria (CBN) has issued a circular clarifying the utilization of repatriated oil and gas export proceeds. This clarification comes after a period of uncertainty surrounding the repatriation and use of these funds, which had generated concerns within the industry. A Revised Framework for Repatriation and Utilization The circular, referenced TED/FEM/PUB/FPC/001/008 and dated May 6, 2024, was signed by Dr. Mahmoud Hassan, Director of Trade and Exchange at the CBN. It outlines a revised framework for the repatriation and utilization of oil and gas export proceeds, striking a balance between ensuring transparency and encouraging reinvestment in the…

A cloud of investigation hangs over former Kaduna State Governor Nasir El-Rufai, as the Kaduna State House of Assembly has constituted an ad hoc committee to probe the financial dealings of his administration. This move, seen by many as a long-awaited reckoning, has ignited a firestorm of debate across the state and beyond. Inheriting a “Lean Treasury” A Successor’s Lament The decision to launch the probe stemmed from concerns raised by Governor Nasir el-Rufai’s successor, Uba Sani. During a town hall meeting shortly after assuming office, Sani lamented inheriting a “lean treasury” burdened by a “huge debt profile.” He specifically…

Nigerians struggling with the rising cost of living have found a powerful ally in the House of Representatives. The House Committee on Commerce has summoned representatives of major cement manufacturers, Dangote Cement, BUA Cement, Lafarge Cement, Ashaka Cement, and Eagle Cement, to appear before them and explain the recent “arbitrary” increase in cement prices. This move comes amidst growing public outcry and concerns that the price hike is stifling construction activity and exacerbating the housing crisis. A Nation Building on Quicksand: The Cement Price Conundrum A Vital Ingredient, A Soaring Price Cement, a vital ingredient in construction, has seen a…

Lagos, Nigeria’s bustling economic powerhouse, is often associated with towering skyscrapers, thriving commerce, and a fast-paced lifestyle. However, a recent revelation by the Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya, has shed light on a surprising but significant contributor to the state’s economic well-being: agriculture. According to Ms. Olusanya, the agricultural sector in Lagos generates a staggering N7 trillion annually to the state’s Gross Domestic Product (GDP). This figure, while initially met with raised eyebrows, paints a fascinating picture of a Lagos that’s not just a concrete jungle but also a place where agricultural activity thrives, albeit in a…

The Central Bank of Nigeria (CBN) recent introduction of a 0.5% cybersecurity levy on electronic transactions has sparked a flurry of reactions from Nigerians. While the levy aims to bolster defences against cyber threats in the financial sector, concerns linger about its potential impact on everyday banking activities. However, the CBN has unveiled a list of 16 crucial transactions that will be exempt from this levy, offering some relief to individuals and businesses. Understanding the Cybersecurity Levy: Balancing Security with Affordability A Necessary Step in Combating Cybercrime The CBN’s decision to implement a cybersecurity levy stems from a growing concern…

Nigerians have roundly rejected the Nigerian Electricity Regulatory Commission’s (NERC) recent attempt to appease public anger over skyrocketing electricity tariffs. The move, which saw a marginal decrease for Band A customers from N225/kWh to N206.8/kWh, has been met with widespread scorn and calls for a complete reversal to pre-hike levels. This public outcry underscores the deep frustration simmering across the nation. Many Nigerians are already struggling with the rising cost of living, and the additional burden of increased electricity bills feels like a slap in the face. A Hollow Gesture: Nigerians Unimpressed by Meagre Reduction A Tone-Deaf Decision The NERC’s…

The Economic and Financial Crimes Commission (EFCC) is grilling six senior officers of the Nigeria Security and Civil Defence Corps (NSCDC) over alleged misappropriation of a staggering N6 billion. The detained officers, whose names have yet to be officially released, are currently under intense interrogation at the EFCC headquarters in Abuja. This high-profile investigation marks a dark stain on the reputation of the NSCDC, a paramilitary agency tasked with safeguarding critical infrastructure, disaster management, and assisting other security agencies. The gravity of the accusations has sparked outrage and demands for transparency from the public and within the security establishment itself.…

The Department of State Services (DSS) has successfully apprehended the notorious Mukaila Lamidi, better known by his alias Auxiliary. The former chairman of the Oyo State Park Management System (PMS), Auxiliary, had been a wanted man for months following his daring escape during a previous arrest in May 2023. His capture on Tuesday, May 7th, 2024, at his residence in the Olodo area of Ibadan marks a significant development in the ongoing saga surrounding the once-powerful PMS organization. The Rise and Fall of the PMS The PMS, under Auxiliary’s leadership, faced numerous accusations of violence, extortion, and intimidation. In a…

Fresh fears have gripped travellers along the ever-volatile Sagamu-Ijebu-Ode expressway following a brazen attack by gunmen on a commercial bus on the evening of May 4th, 2024. The attack, which left one passenger dead and seven others abducted, has reignited concerns about the deteriorating security situation on major Nigerian highways. According to eyewitnesses, the gunmen, wielding AK-47 rifles, emerged from the surrounding bushes around 7:30 p.m. as the bus, belonging to the popular “ABC Luxury Travels” company, approached a lonely stretch near the Iperu Junction. The assailants opened fire on the vehicle, shattering windows and sending passengers into a state…

A wave of mixed emotions has washed over Anambra state following the announcement by Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku-Awka, of its intention to conduct a mass burial for unclaimed bodies stored in its morgue. The decision, driven by overflowing storage and the need for public health considerations, has sparked debate about family responsibility, cultural sensitivities, and the human cost of unresolved cases. The hospital’s Public Relations Officer, Henrietta Agbai, released a statement on April 30th, 2024, detailing the situation. The COOUTH management wishes to inform the general public that it intends to conduct mass burials of abandoned…