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In a move aimed at bolstering the Nigerian foreign exchange market and arresting a slight depreciation of the naira, the Central Bank of Nigeria (CBN) announced the sale of fresh US dollars to Bureau De Change (BDC) operators at a discounted rate of N1,021 per dollar. This intervention, detailed in a circular signed by the Director of Trade and Exchange Department, Hassan Mahmud, marks the second such sale this month and the fourth this year, underlining the CBN’s proactive approach to managing foreign exchange volatility and ensuring the availability of essential foreign exchange for legitimate purposes. Discounted Rate Aims to…

The Lagos Division of the Court of Appeal has reserved judgment on the appeal filed by Nollywood actor Olanrewaju James, popularly known as Baba Ijesha. This comes after the actor challenged his conviction for sexual assault of a minor by a Lagos State High Court in July 2022. Background of the Case: In 2021, Baba Ijesha was accused of sexually assaulting a minor, leading to his arrest and subsequent trial. In July 2022, Justice Oluwatoyin Taiwo (retd.) of the Ikeja Domestic Violence and Sexual Offences Court found him guilty on four out of six counts of sexual assault and sentenced him to…

Arsenal emphatically reaffirmed their title credentials with a resounding 5-0 victory over London rivals Chelsea at the Emirates Stadium on Tuesday night. This dominant performance puts them firmly back in the Premier League title race, piling pressure on current leaders Manchester City and second-placed Liverpool. The Gunners came flying out of the blocks, eager to erase the memory of their recent home defeat to Aston Villa. Their dominance was rewarded inside five minutes when Leandro Trossard, a player Chelsea missed out on in January’s transfer window, smashed home the opener at the near post. Chelsea, further hampered by the pre-match absence of their dangerman…

The recent filing of fresh charges against Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), marks another chapter in the ongoing saga of legal challenges facing him. Emefiele, who is already entangled in two separate criminal cases, now faces allegations that he approved the printing of N684.5 million worth of naira notes at an inflated cost of N18.96 billion. These charges assert that this action violated legal standards and was intended to harm the public during the controversial naira redesign policy under the Buhari administration. Historical Context of Charges Godwin Emefiele’s legal troubles were initiated in…

The Startling Allegation The Economic and Financial Crimes Commission (EFCC) has brought forward a serious accusation against former Kogi Governor Yahaya Bello, claiming he misappropriated a substantial amount of state funds. At the heart of this controversy is an alleged transaction of $720,000 purportedly used to cover the educational expenses of Bello’s child. This accusation not only sheds light on the potential misuse of public resources but also calls into question the integrity of governance in Kogi State. Background: The Genesis of the Controversy Yahaya Bello, who served as the Governor of Kogi State, is no stranger to controversy. His tenure was marked by various allegations of…

Overview of the Project Funding In a significant development for Nigeria’s infrastructure landscape, Hitech Construction Company Limited has received authorization from the Bureau of Public Procurement (BPP) to seek Federal Executive Council (FEC) approval for a monumental funding request. The company aims to secure over N1 trillion for the construction of a 47.5km section of the Lagos-Calabar Coastal Road, marking a pivotal phase in this extensive project. The segment in question will stretch from Ahmadu Bello Way to Eleko Village Area in the Lekki Peninsula. Details of the Funding Request The funding amount requested by Hitech Construction totals N1,101,771,271,871.01, which…

Optimistic Outlook for the Super Falcons As the Olympic Games in Paris approach, the Nigeria Football Federation (NFF) President, Alhaji Ibrahim Musa Gusau, has shared a positive outlook on the performance of the Super Falcons, Nigeria’s senior women’s soccer team. In a discussion with Completesports.com in Abuja, Gusau expressed strong confidence that the team would surpass their previous showing at the FIFA Women’s World Cup held in Australia/New Zealand. Recapping World Cup Performance At the last FIFA Women’s World Cup, the Super Falcons demonstrated commendable skill and tenacity, exiting the tournament in the Round of 16 following a tense penalty…

Nigeria’s Economic Strategy Nigeria is actively seeking substantial financial support from the World Bank, amounting to $2.25 billion. This move, disclosed by Finance Minister Wale Edun following the IMF/World Bank spring meetings in Washington D.C., represents a strategic effort by the Nigerian government to stabilize its economy and foster sustainable growth. The request underscores a broader strategy to address liquidity issues, enhance fiscal stability, and drive developmental policies. The Breakdown of the Loan Request The proposed financial aid from the World Bank is categorized into two principal segments: $1.5 billion in development policy financing and $750 million in programme-for-results financing.…

Investment in Education Governor Nasir Idris of Kebbi has approved the release of N309.5 million to fund the education of 86 state indigenes studying in foreign universities in India and Egypt. This financial commitment highlights the state’s investment in nurturing its young talent and providing them with international educational opportunities. Breakdown of the Scholarship Fund The state’s Commissioner for Higher Education, Alhaji Isah Abubakar-Tunga, announced the details during a press briefing in Birnin Kebbi. According to him, N228.1 million is allocated for 63 students in India, while N81.4 million will support 23 students in Egypt. The initiative is part of…

Empowering Africa’s Emerging Talent Access Pensions, a prominent financial institution, is set to host a transformative live webinar titled “Shape Your Future,” aimed at empowering the newest wave of talent entering the job market after the National Youth Service Corps (NYSC). The webinar, scheduled for April 25, 2024, at 12:00 WAT, is designed to equip young professionals and budding entrepreneurs with crucial insights and strategies to succeed in the increasingly competitive business world. Webinar Details and Speaker Lineup “Shape Your Future” will feature a lineup of distinguished speakers who will provide attendees with valuable advice and practical tools for starting…