The Naira on Monday lost against the Dollar as it exchanged at N773.50 at the Investors and Exporters window.

The local currency depreciated by 7.08 per cent against the N736.62 it exchanged for the dollar on Sept. 8.

The open indicative rate closed at N771.49 to the Dollar on Monday.

A spot exchange rate of N804.15 to the Dollar was the highest rate recorded within the day’s trading before it settled at N773.50.

The naira sold for as low as N722.39 to the Dollar within the day’s trading.

A total of 37.86 million dollars was traded at the investors and exporters window on Monday

The Central Bank of Nigeria may be asked to withdraw its audited annual financial reports which were released last month, according to findings by The PUNCH.

This came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.

In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.

Tinubu had on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.

Aside from the CBN, the Special Investigator is also investigating the Nigerian National Petroleum Corporation Limited, FRC and other Government Business Entities.

The President, in the letter which he personally signed, said the move was in continuation of the government’s anti-corruption fight.

The letter, dated July 28, 2023, read, “In accordance with the fundamental objectives set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities, further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.”

The President also attached a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.

According to findings by The PUNCH, the CBN Special Investigator is working with a team of accountants, auditors, and forensic accountants to carry out the investigation.

Meanwhile, it was gathered on Monday that the CBN might be asked to withdraw its seven-year audited financial account reports (spanning 2016 to 2022) over allegations of containing inaccurate and false data.

Multiple sources close to the investigation said a presidential approval would soon be obtained to enable the relevant agency (FRC) to order the CBN to withdraw the controversial financial accounts.

Top sources close to the Special Investigator and his team said while the CBN financial accounts were not prepared using the International Financial Reporting Standards 9, which demands full disclosure of all financial transactions, the apex bank allegedly used guidelines purportedly obtained from the FRC in a controversial manner to prepare the financial accounts.

It was further learnt that the CBN allegedly paid N401.75m to IFRS Academy for the guidelines used in preparing the accounts.

“As a government institution, if you are getting any revenue, you are meant to pay it into Treasury Single Account from which certain percentage will be deducted for the government. According to documents, the N401m paid by the CBN for the accounting guidelines between 2016 and 2022 was paid into IFRS Academy account. The academy is a limited guarantee company set up by the FRC to train people in IFRS accounting,” a top official close to the investigation, who spoke on condition of anonymity, alleged.

“The issue is that the guidelines used in preparing the CBN accounts between 2016 and 2022 were not supposed to be paid for. Also, any accounting guidelines issued by the FRC are meant to be approved by its board and published on its website. These things were not done. The reason IFRS 9 was being avoided is to understate figures,” the official added.

Other officials close to the investigation, who spoke with The PUNCH, also claimed it was wrong to give the FRC accounting guidelines to external organisations.

As a result, it was learnt the Special Investigator team had included its recommendations that presidential approval be given to the FRC to order the CBN to withdraw the released annual financial accounts between 2016 and 2022.

“The team has also invited the auditors that prepared the accounts for questioning. Some of the data contained in the CBN financial accounts cannot be relied upon as far as the team carrying out the investigation is concerned. Once the President approves, the CBN will be asked to withdraw the accounts in order to prepare new ones using the proper accounting methodology and standards,” another official close to the team said.

Meanwhile, findings have shown that Department of State Services may invite the Executive Secretary/Chief Executive Officer of FRC, Shuaibu Ahmed, and some top officials of the agency for questioning.

Also, the Special Investigator and his team are expected to question officials of the FRC for allegations bothering on the controversial accounting guidelines used by the CBN, among other issues.

Already, the DSS has quizzed some deputy governors of the CBN as the investigation continues.

Also, It was learnt that more cases involving Emefiele might soon be revealed in court sessions.

Tinubu had on July 28 directed the CBN Special Investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.

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Economists and civil society organisations are divided over the probe of the CBN, NNPCL and other Government Business Entities by the president.

While some supported the move, others expressed concerns saying it might send the wrong signal to the international and foreign investment community.

However, some experts and groups said the investigation was necessary to ascertain if there were any infractions or alleged abuse of office by the suspended CBN Governor, Godwin Emefiele, and other top government officials.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the investigation had become necessary to ascertain if there were any infractions or abuse of office.

He said, “It is a new administration, and if there is any reason to suspect that the case has not been managed well, the only way to get the facts out is through the normal audit and maybe a forensic audit. It is not out of place.

‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office. You need to get the facts before you can take action against anybody. That is what it is.”

Also, a professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Prof Sheriffdeen Tella, also supported the investigation.

He said, “Any investigation is worth it. There is a need for investigation to determine the transparency and accountability of their job and to ensure that they have been working in the context of corporate etiquette. So, there is nothing wrong with the investigation at all.”

An economist with the School of Management and Social Sciences, Pan-Atlantic University, Prof Bright Eregha, observed that the Federal Government might have ordered the probe because it felt the apex bank did not perform well or stick to its mandate.

He added that the probe would also be extended to other government enterprises, such as the Nigerian National Petroleum Company Limited and other entities, stressing that the investigation might restore confidence in the system.

Eregha said, “The CBN ought to be an independent body, however, we see in the last government, that independence was not really there in terms of the CBN governor not being involved with political issues.

“We saw what transpired in terms of his affiliation and moves. And then, there is the issue of the Naira redesign. I think this government just thought that the CBN is not doing well regarding the sanctity of the central bank in terms of its independence. So they felt a need to do a number of investigations.

‘’Don’t also forget that the CBN in the past has been involved in a lot of financial support to several sectors. I think the current government felt that for us to move forward, they need to investigate.

“That investigation is not only on CBN, it is also looking at other financial institutions. I’m also thinking it will go beyond the financial institutions to companies like the NNPC and all these places that we need to investigate to restore some level of confidence in Nigeria.’’

But the Chairman of the Foundation for Economic Research and Training, Professor Akpan Ekpo, expressed worries that the audit of the apex bank might send the wrong signals to potential investors.

He, however, maintained that the President might have his reasons for ordering the probe.

He stated, ‘’My worry is that to have made the audit of the central bank so open will send wrong signals to potential investors; foreign investors, who will start wondering whether our apex bank has serious problems. That is my take.

“But as a president, maybe he knows what we don’t know. When you start probing your apex bank, then you send a wrong signal in terms of the direction of the economy and in terms of what will happen going forward. Already, there is a challenge with getting investors to come in and there is a challenge with our forex reserve. It is depleting every day.’’

On the choice of the special investigator, Ekpo said, “I don’t know him but I wish he had sent someone completely neutral.”

The Chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, said Obazee must investigate the monetary policy of the suspended governor of the central bank, and the illegality of the redesign of the naira note, noting that the former CBN boss should be prosecuted for crimes against humanity if it is found that the implementation of the policy had political undertones.

Adeniran noted, “They should investigate how the former governor of the CBN changed the Nigerian monetary policy and the illegality that was perpetrated when he didn’t do due diligence before he changed the colour of the naira. We need to see whether he had good reasons for changing the colour of the naira or otherwise because basically, the naira doesn’t have a problem. It is the monetary policy that he put in place that could have been the problem.

“They should look at the monetary policy he implemented, and if there is any political undertone, for the implementation, or the changing of the colour of the naira without recourse to due process, and if he were to be politicking with the lives of Nigerians, then he should be seen to have committed a crime against humanity.

The Executive Chairman of the Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, said the appointment showed the laxity of agencies of government such as the National Assembly, who should ideally checkmate activities of government, adding that anyone discovered to have looted public funds should be prosecuted and banned from holding public office.

“We commended the effort to recover every looted fund from every looter. So, we are calling on the administration of Bola Tinubu to ensure that everyone that has done something wrong must be not only investigated, but also if there is any evidence of looting or stealing public funds, the monies must be returned, and those people must be barred from holding public offices. We hope that this probe would be carried out without any political consideration or cover-up,’’ he advised.

The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote.

While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year.”

However, no drop of refined petroleum product from the refinery has hit the market weeks after the promised production deadline, according to findings by The PUNCH.

Spokesperson for the Nigerian National Petroleum Company Limited, Garba Deen in June, said that the company would cut down its fuel imports programme in August, once the Dangote Refinery began to push out refined petroleum products latest August.

A top source among the Major Oil Marketers Association of Nigeria also confirmed that NNPCL had cut down importation.

Corroborating Deen, while speaking to journalists after a meeting with oil marketers in Abuja, also in June, the Chief Executive, the Nigerian Midstream and Downstream Petroleum Regulatory Agency, Farouk Ahmed, also said NNPCL had cut down on importation.

Officials of the Communications Department of Dangote Refinery could not speak on the matter as of press time.

However, a source at the refinery told The PUNCH that the management was unsure of when petrol refining would begin at the Ibeju-Lekki facility.

The source who was not authorised to speak said, “For now, the management has not come out with any official date.”

The President, Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, advised the Federal Government to focus on completing the Port Harcourt refinery rather than focus on the Dangote refinery.

He said, “We should rather focus on making other refineries work because it would cut down on freight rates from importation, and would reduce prices. Dangote is a private businessman and can decide tomorrow that he would not refine again, although the government has a 20 per cent stake in the refinery. We should rather push for our own refineries, and ask the government the question such as; when is the Port Harcourt refinery going to start refining petrol?”

The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, also said there was no cause for alarm as far as petrol supply was concerned as the NNPCL was still importing.

According to him, management of the Dangote refinery may have delayed production, due to some internal challenges.

He also advised the Federal Government, to ensure that other local refineries come on stream rather than depend on the Dangote refinery.

Ahead of a scheduled hearing in the U.S. on Tuesday, Nigerian President Bola Tinubu filed a response asking the court to disregard records suggesting the person admitted to Chicago State University in the 1970s was female.

Tinubu claimed opponent Atiku Abubakar was trying to “sandbag” him by raising the records in his ongoing challenge to Tinubu’s election over allegedly falsified academic documents.

However, the records came from subpoenaed documents from CSU itself, which show a “Bola Tinubu” who enrolled in 1977 submitted a transcript belonging to a woman.

This and other discrepancies in CSU records, like two different graduation dates and a president who joined the school post-graduation signing Tinubu’s certificate, prompted Abubakar to seek further disclosure.

But Tinubu argued the female transcript issue was a “conspiracy theory” and reason to ignore it for Tuesday’s hearing. Abubakar’s lawyers quickly responded consenting to Tinubu submitting a response but asserting their right to address his claims in court.

The academic controversy has intensified ahead of the U.S. court date, where Abubakar hopes records will bolster his challenge to Tinubu’s presidency over allegedly falsified documents. Tinubu appears to be downplaying the disputes despite glaring inconsistencies emerging from CSU.

The Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures.

The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately.

FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency.

The CBN said it had assessed the consequences of the recent FX rate regime change on the banking system and identified its potential to substantially impact the Naira values of banks’ foreign currency (FCY) assets and liabilities.

The FX reforms negatively affected some businesses in the first quarter of 2023, but Nigerian banks were largely profitable.

According to the lender, FX revaluation gains must serve as a counter-cyclical buffer to safeguard against potential adverse FX rate fluctuations.

The CBN emphasized that banks should utilize these revaluation gains to reinforce their capital reserves, thus enhancing the banking sector’s capacity to endure volatility and economic shocks.

The letter reads in part, “The Bank thus approved the following prudential guidance and directives for immediate implementation by banks:

“Treatment of FX Revaluation Gains: Banks are required to exercise utmost prudence and set aside the FCY revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.

“Single Obligor Limit (SOL): Banks that inadvertently breach the Single Obligor Limit (SOL) due to the FX policy will be granted forbearance upon application to the CBN. The forbearance shall apply only to existing facilities as of the effective
date of this policy. Such banks shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.

“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.

“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply. shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.

“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.

“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply.”

The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report.

The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained from its website on Monday. The number of loan apps with conditional approval declined to 38 from 40, and the number of apps on the commission’s watchlist grew to 56 from 20.

This followied a sustained shakeup of the digital money lending space by the FCCPC, after harassment of Nigerians by the lenders.

According to the commission, delisted loan apps were permanently deleted by Google from Play Store.

List of delisted apps included: 

“Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App, Moneytreefinance Made Easy App

“Cashme App, Secucash App, Creditbox App, Cashmama App, Crimson Credit App, Galaxy Credit App, Ease Cash App, Xcredit, Imoney, Naira Naija, Imoneyplus-Instant, Nairanaija-Instant, Nownowmoney, Naija Cash, Eagle Cash, Firstnell App, Flypay, and Spark Credit.”

The All Progressives Congress (APC), Osun State chapter and the Spokesperson to the Governor Ademola Adeleke, Mallam Olawale Rasheed have traded words on the failure of the State government to hold an exco meeting 54 days after inauguration of Commissioners and Special Advisers.

The All Progressives Congress (APC), Osun State chapter had accused the Peoples Democratic Party’s administrations in the state of ineptitude over failure of Governor Ademola Adeleke to hold the state executive council meeting after 54 days after the inauguration.

The State chairman of the APC, Sooko Tajudeen Lawal, in a statement issued on Monday, by the party’s Director of Media and Information, Chief Kola Olabisi.

The party sensitised the stakeholders in the state project not to treat the issue at hand with levity as it is strange for a democratic state government to refuse to hold executive meetings for about two months.

Lawal observed that the laissez-faire approach of Governor Adeleke to governance is a confirmation that he is only attracted to the glamour of the office without having any tangible programme for the development of the state.

The state APC chairman wondered how Adeleke has been appropriating funds for the running of the state without holding the state executive meetings.

He also stated that it was an absurdity for the governor to have relocated the Governor’s Office and the Government House to his sister’s residence in Ede where he resides ten months after the inauguration of his administration.

Lawal explained further that the kick-and-start Governor Adeleke has proven to be a misfit in the administration of a complex state like Osun State as his government is full of failed promises since its inception.

The State APC chairman recalled how Adeleke promised to release White Papers, on some of his hasty decisions through his obnoxious Executive Orders, without anything to that effect to date.

In Lawal’s words, “What is delaying the release of the White Paper on the obaship installation in the three ancient towns in the state, among others, which the governor needlessly meddled into for personal and political reasons?

“How about the monthly feedback briefing of the Adeleke administration that the governor promised would start in June? This is the third quarter of September and nothing is in sight. Is Governor Adeleke operating a different calendar?

“The Governor should sit up and stop being a metaphorical rolling stone to enable him perform his statutory duty to the citizenry as there is no gain to accrue to the state on account of his mindless trips to Rwanda, United States and Germany where he has been frolicking with his co-travellers under the guise of shopping for foreign investors.

“A situation under the administration of Governor Adeleke where nearly all the members of his party have become Special Advisers goes a long way to show that he is clueless to the extent that he has cheapened and bastardised the position of an SA in the government because of his irredeemable ignorance.

“It would be recalled that the governor had earlier announced the appointment of 30 Special Advisers, Board Chairmen, and Vice-Chairmen for the inauguration before adding 27 more on Wednesday morning before the function.

“A fact check showed that so many other Special Advisers had been appointed by the governor under the table while all the board chairmen appointed are without members which automatically make the board members the sole administrators of their parastatals except for one or two where there are vice-chairmen.

“The earlier Governor Adeleke stops covering his inadequacies with dancing, under the guise of praising God for making him the governor of the state, the better it will be for him.

“I can’t understand why Adeleke is doing little but his employment and adoption of deceit and propaganda to run his government is giving a false impression to the people living outside the state.

“In order to show that the Adeleke is grossly lacking in the act of qualitative governance, it was funny that his commissioner for information, Barr Kolapo Alimi, last Saturday stated in his rejoinder that ‘Adeleke is carefully thinking through the utilisation of the fund’ when he was defending the delay of the PDP administration in effecting the distribution of the Federal Government N2 billion fuel subsidy removal palliative for the people of the state.

“For God’s sake, how can a serious-minded and focused government still be thinking for over one month on how to disburse the N2 billion Federal Government fuel subsidy palliative when it didn’t take the source of the money for so long?” Lawal queried.

Reacting, the Spokesperson to the State Governor, Mallam Olawale Rasheed said that the administration under former Governor Gboyega Oyetola held his maiden state executive council almost a year after the 2018 governorship election.

He said, “Osun state All Progressive Congress is reminded that former Governor Gboyega Oyetola held his maiden state executive council meeting on November 4 , 2019, almost a year after the 2018 governorship election.

“It is therefore a probable loss of memory for the state APC to accuse the current administration of either not holding or not announcing to the public the meetings of the state executive council meeting.

“As much as we are not using the abysmal record of the previous government as a yardstick, we pointed out this obvious deceit and memory loss to further help the public to see the falsity in the badly split state APC and the incorrigibleness of the state party leadership.

“Members of the public are assured that their Governor and his cabinet are working round the clock to expand delivery of democratic dividends and correct the big mess of the recent past.

“The cabinet members are for the past three weeks deepening the state sectoral agenda through rigorous brainstorming sessions with the establishment in preparation for an elaborate and expanded state executive council meeting.

“We advise the APC to read through its years of locust in state governance before spewing further falsehood and misinformation into public space,” he said.

…12 others paraded

An individual who has been posing as a police commissioner in Lagos State has been apprehended by the Police Command.

The arrest was confirmed by the command’s spokesperson, SP Benjamin Hundeyin, during a press briefing on Monday.

Hundeyin also highlighted the recent achievements of the command, which included the arrest of 12 other individuals for various offenses over the past two weeks.

During this period, the command recovered four firearms, two live cartridges, one expended cartridge, 11 live ammunition, and one vehicle from the culprits.

The impersonator, identified as Emmanuel, was arrested on September 2 when he visited a police formation in Ikorodu and introduced himself as a Commissioner of Police.

However, upon questioning, it was discovered that he was an impersonator.

A search of his residence led to the recovery of a Deputy Commissioner of Police warrant card, an Assistant Commissioner of Police warrant card, a Kenwood walkie-talkie, a police camouflage singlet, and a face cap.

In a separate incident, another impersonator, Ibrahim Bello, was arrested on September 4 following a complaint from the Nigeria Bar Association, Epe Area. Bello had allegedly been presenting himself as a lawyer at the Epe Magistrate Courts for several years.

He was apprehended while dressed in a lawyer’s regalia in court. After questioning, it was determined that he was an impersonator as well.

An Ogun State High Court sitting in Ijebu-Ode, on Monday, granted an order asking the Ogun State government to maintain the status quo and stay off the property belonging to the wife of the Senator representing Ogun East, Yeye Olufunke Daniel.

Agents of the state government had, in the early hours of Sunday, destroyed some parts of the five-storey building located along Folagbade road in Ijebu Ode.

Defending its actions, the state government, on Sunday, in a statement signed by the Permanent Secretary, Ministry of Physical Planning and Urban Development, Olayiwola Abiodun, said the structure violated the building codes of the state with numerous defects.

Meanwhile, Abiodun, on Monday, again warned that the state government will not tolerate lawlessness and the violation of the state’s building codes.

The governor also denied any political motives in the partial demolition of DATKEM Plaza, Ijebu-Ode.

Abiodun formally reacted to the demolition and the attendant accusation after inspecting the eight-kilometre Mowe-Ofada Road in the Obafemi Owode Local Government Area of the state.

He said, “I’m sure that everyone would testify to the fact that since I assumed office in 2019, I have ensured equity, and fairness and upheld the rule of law. I have not in any way attempted to be vindictive or in any form or manner appear like someone who is trying to witch-hunt anyone.

“Having said that, these are some of the insinuations I have read on social media and nothing could be farther from the truth. You all have seen the position of the Ministry of Physical Planning, which is the ministry that is entrusted with ensuring that people adhere to our different building codes. Because if we don’t respect building codes, if we don’t abide by building laws, it means that we are nothing but a chaotic society.”

“Only a few weeks ago, the new minister of the FCT said any person who builds in FCT without approval no matter how highly placed they are, be it a minister or anybody, the building will come down. And recall sometime last year, when a building collapsed on Gerald in Lagos, a building that belonged to someone that I know personally, I held a press conference and said we would not allow for this to happen in Ogun State. You build without approval, you build beyond your approval, and if you don’t build in line with our regulations, that building will come down.”

However, the court, on Monday, asked the government to stay off the property pending the determination of the substantiative matter filed before it.

The matter with Suit No: HCJ212/2023 was filed by DAKTEMS Enterprises Limited as plaintiff and joined the Governor of Ogun State, Attorney General of Ogun State, Ogun State Planning & Development Permit Authority and Urban Development as well as Ogun State Commissioner for Physical Planning, as defendants.

It prayed the court for “an ex parte order restraining the defendants/respondents and their agents, allies, proxies, assigns, cronies, servants and any other person(s), however described, either claiming through them or acting on their behalf, in whatsoever manner, upon their authority/instruction, from demolishing the property known, being or lying at No. 62, ljebu Ode/lbadan Road, ljebu Ode, Iiebu Ode Local Government Area, Ogun State,” pending the hearing and determination of the Motion on Notice herein filed.

“An order of the court mandating and/or otherwise directing parties to maintain status quo, i.e. the position of things, as it were, as of the time of filing, hearing and determination of this application.”

Giving his ruling, Justice N. O. Durojaiye directed that all parties in the case maintain the status quo on the property as of today September 11, 2023.

“The applicant shall file an affidavit of status quo, showing the state of the disputed property as of today within 72 hours from today.

“The originating processes and all other processes shall be served on the respondents within 24 hours from today.

“The motion for Interlocutory Injunction is adjourned for hearing on September 27, 2023.”

Counsel for Yeye Olufunke Daniel, Mr Adeyinka Kotoye, had in a statement on Sunday accused the Ogun State government of ignoring the relevant court papers served on them on September 7, 2023, to go ahead with the vandalisation and demolition of the complex and said to be scheduled for commissioning by month end, vowing that his client will use the instrument of the law to seek justice and challenge what it termed the executive recklessness of Abiodun.

The statement said, “We want to believe that the Ogun State Governor, Prince Dapo Abiodun, was not informed of this acts of illegality but if he was informed and decided to use the instrument of the state against our clients, it is nothing but executive recklessness, but we shall continue to fight for justice.”

The United Arab Emirates (UAE) has lifted the visa ban imposed on Nigerian travellers.

The ban, which was imposed 10 months ago had affected activities of Nigerians who were regular visitors to the Middle East country for businesses, tourism and leisure.

But President Bola Ahmed Tinubu rekindled the hope of many recently when he vowed to do everything within his power to resolve the diplomatic row between the two countries.

Tinubu had directed the immediate resolutions of the issue when Ambassador Designate, Amb Salem Saeed Al-Shamsi presented his Letter of Credence,” to him at Aso Rock.

Recall how Tinubu proceeded to Abu Dahbi, UAE capital, from India, where he attended the G-20 Summit.

In a statement on Monday, Presidential spokesman, Chief Ajuri Ngelale, announced that the meeting with the UAE authorities was fruitful.

“President Bola Ahmed Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, have finalized a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travelers.”

“Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay.

“As negotiated between the two Heads of State, this immediate restoration of flight activity, through these two airlines and between the two countries, does not involve any immediate payment by the Nigerian government.

“In recognition of President Tinubu’s economic development diplomacy drive and proposals today presented by President Tinubu to his counterpart, an agreed framework has been established, which will involve several billions of U.S. dollars worth of new investments into the Nigerian economy across multiple sectors, including defense, agriculture and others, by the investment arms of the Government of the United Arab Emirates.

“Additionally, President Tinubu is pleased to have successfully negotiated a joint, new foreign exchange liquidity programme between the two Governments, which will be announced in detail in the coming weeks.

“In conclusion, the President wishes to commend the UAE President, Mohamed bin Zayed Al Nahyan, for his unalloyed friendship and his determined effort to join hands with him to fully normalize and reset to excellence, the standard of relations between the two important countries.”