The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market.

FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday.

The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.

The development had led to a consecutive drop in Naira at the official forex market to 1,605.74 per USD on Wednesday and N1,602.43 the previous day.

Recall that on Monday, Binance informed users that any remaining NGN balances would be automatically converted to Tether, USDT stablecoin after March 8 amid a regulatory clampdown by the Nigerian Government.

The Nigerian Government had blamed Binance for the continued forex crisis in the country.

However, despite the regulatory move against Binance and other cryptocurrency platforms, Africa’s populous country’s FX crisis has yet to be resolved.

An FCT High Court sitting in Kubwa has struck out the N1 billion suit brought against a former Minister of Justice and Attorney-General of the Federation, Abubakar Malami, while he was in office.

Also sued was a civil servant, Ms Asabe Waziri and two others – the office of the former minister and the Federal Ministry of Justice.

The suit was brought against the former minister in his personal capacity along with Waziri and the two others by an Abuja-based property developer, Mr Cecil Osakwe.

But Justice Oluyemisi Adelaja, on Thursday, struck out the matter, citing lack of diligent prosecution by Osakwe.

“The claimant is the one who filed the action and is required to be seen diligently prosecuting same but they are not in court and there is no reason for their absence before the court.

“They have, therefore, been absent without reason and consequent upon Order 32 Rule 4, this case is ordered struck out for want of diligent prosecution,’’ Adelaja ordered.

It would be recalled that in June 2022, the Federal Government had filed a two-count charge with suit number FCT/HC/CR/244/2022, against Osakwe for advance fee fraud to the tune of N130 million.

The suit also alleged criminal intimidation of Waziri, a staff of the Nigerian National Petroleum Corporation, saying that Osakwe had threatened Waziri with injury to her person and reputation with intent to cause her harm and even death.

Waziri was said to have purchased a two-bed property from Osakwe to the tune of N130 million at Maitama, an up-market district of the FCT.

Following the two-count charge against Osakwe, he proceeded to file a lawsuit against the erstwhile attorney-general of the federation and minister of justice.

Others joined in the suit included the Federal Ministry of Justice and Waziri.

Through his Counsel, Mr Victor Giwa, Osakwe sought reliefs, including an order directing Malami to pay the sum of N1 billion to him as punitive damage.

The developer also sought an order directing the defendants to pay jointly and severally, the sum of N100 million to him as general damages.

The spokesman of Atiku Abubakar, the 2023 Peoples Democratic Party, PDP, presidential candidate, Paul Ibe, has disclosed that President Bola Tinubu once encouraged former President Muhammadu Buhari to print naira in 2020.

Ibe made the disclosure while criticizing the Minister of Finance, Wale Edun, over his comment on the printing of N22.7 trillion under Buhari’s administration.

Edun had said the printing of N22.7 trillion by the Central Bank of Nigeria in the name of a Ways and Means loan under Buhari’s government and ex-CBN governor Godwin Emefiele was responsible for the current rising inflation and economic hardship in Nigeria.

Speaking during an interface with the Senate Committee on Finance, the minister said the Ways and Means of loans of N22.7 trillion under the past administration was done aimlessly.

He further stated that the alleged reckless spending of the overdraft collected from the CBN under Emefiele largely accounted for the country’s food and security crises.

He vowed that Tinubu’s government would audit the CBN printing in the last eight years.

Reacting, Ibe faulted the minister’s remark stressing that Tinubu encouraged Buhari to toll such an irresponsible path in 2020.

Posting on Facebook, Ibe wrote: “Why is Wale Edun, who is more like oku eko (frozen fish) in this administration, bleating like a goat over the issue of Buhari’s printing of Naira? It was Bola Tinubu, as National Leader of the All Progressives Congress, who in 2020, encouraged Buhari on this irresponsible path of printing currency not matched with productivity.”

Veteran Nollywood actor, John Okafor, popularly known as Mr Ibu, left an indelible mark in the Nigerian movie industry that may be difficult for fans to forget quickly.

Naija News recalls that Mr Ibu died of cardiac arrest at the age of 62 on Saturday.

In this article, Naija News details some controversies surrounding Mr Ibu’s death and his final days before his demise.

1. Embelzement of Donations

During the ill-health of the movie star, many Nigerians and public figures made financial donations, running into millions to care for his ailment.

However, while Mr Ibu was still at the hospital, his wife, Stella Maris, called out the actor’s adopted daughter, Jasmine, for conspiring with his son, Valentine Okafor, to embezzle her husband’s donations.

Stella claimed that Jasmine had refused to allow her access to the fund. In response, Jasmine alleged that Mr Ibu’s wife was requesting money to buy a car and an iPhone.

Days after the social media callout, Jasmine and Valentine were arrested in Lagos for embezzlement of funds meant for Mr Ibu’s treatment. They were later released, and all the charges were withdrawn.

2. Assassination

In 2014, many fans expressed concern for Mr Ibu over his bloated stomach and the actor, in an interview with Daily Trust at the time, revealed that his worker poisoned him.

According to him, though he survived the attack, the residual effect of the toxin has destroyed parts of his digestive system and stomach wall.

3. Illicit Affair With Adopted Daughter

Earlier in 2023, before the health of the movie star deteriorated, his wife, Stella Maris, in a social media post, alleged that Jasmine is not her husband’s adopted daughter but lover.

She accused Jasmine of sleeping with her husband, but she (Jasmine) denied the allegation, stating that her relationship with the thespian has been like that of a daughter and father.

4. Leg Amputated Due To Diabetes

After Mr Ibu’s leg was amputated in 2023, there were claims online that the actor’s health issues were related to diabetes.

However, Mr Ibu’s family debunked the claim, stating that he has been dealing with blood clotting in his leg, attributed to disease in blood vessels.

5. Unhappy marriages

In an interview with PUNCH, the movie star revealed that he had been married five times. Mr Ibu also said he had never been happy in his marriage, adding that his last to Stella Maris had been his worst.

In his words: “This is my final marriage. If this one falls apart, I won’t marry again. This is my fifth and the worst marriage because my wife embraces what is not obtainable. This feels like punishment and not marriage. I doubt if I’m still in the marriage because it seems she has already prepared her mind to leave, and I’m not going to stop her.

” I support her leaving. I begin to breathe erratically each time i see her, and it’s not healthy for me because I’m not ready to die.”

The Labour Party said it is aware that huge sums of money have been allocated to wage a propaganda war against Peter Obi ahead of the 2027 general election.

Naija News reports that the party’s national publicity secretary, Obiora Ifoh, made this statement in Abuja on Wednesday.

The party affirmed that ongoing attacks on its National Chairman, Julius Abure, will not lead their Presidential candidate for the 2023 general election, Peter Obi, to leave the party, cautioning those spreading lies about Abure on social media to stop and seek legal recourse instead.

The party also stated that despite ongoing smear tactics against Abure, there is no pressure on its national leader, Peter Obi, to leave before the 2027 elections.

Ifoh said, “Mr. Obi has restated his willingness to remain in the party knowing that all the attacks at Abure were sponsored and orchestrated by some political opponents in the high places.

“It astonishes us how far our detractors can go in ensuring that the party swims from one ocean of crisis to another in their evil desire to create disharmony between the party and our leaders.

“We are aware that Abure is not the target of these ferocious and malicious missiles. We are also aware that huge sums of money has been mapped out to wage a propaganda war against our leader ahead of the 2027 general election.

“The feat of the Labour Party in the last general election rattled not a few persons and the fear of the future has driven them to begin so early to prepare ahead. Part of the strategy is to make any political platform unviable for Obi to sail with.

“The party is also aware that any Political Party Peter Obi finds himself in as a vehicle for the 2027 presidential election, including the Labour Party, will not be spared by the political hirelings who are already recruited to dismember such a party.

“Let me emphasis here that even Peter Obi has severally pledged loyalty to the Labour Party due to its social democratic ideology which suits his political vision. Peter Obi will not anymore fellowship with any bourgeoisie party. He is a liberator and not a ruler as seen in the other parties.”

The party spokesman addressed allegations of corrupt enrichment against Abure, dismissing them as baseless and emphasizing that the party’s external auditor cleared the party of wrongdoing since 2021.

He highlighted a previous forensic audit in 2017 that implicated the suspended Treasurer for fraud, contrasting Abure’s stance on accountability.

Abure’s modest living situation and property ownership were defended, with a challenge for accusers to prove their claims in court, as the case is already under legal scrutiny.

Additionally, the spokesman asserted that no funds left the Labour Party’s accounts without proper authorization, refuting claims of Abure’s sole involvement in fund mismanagement.

Tunji Olorunmaye, the personal driver to the former Group Managing Director and Chief Executive Officer of Access Bank Plc, the late Herbert Wigwe, has narrated how he started working with the deceased.

Speaking at a memorial ceremony held in honour of the late banker on Tuesday in Lagos, Tunji paid a heartfelt tribute to his former boss and highlighted Wigwe’s unwavering support for him and his family.

He disclosed that the late Wigwe supported him through school and was a constant source of support for his family.

In his tribute, Tunji also highlighted Wigwe’s generosity and kindness beyond the professional realm.

He said: “…You might not easily approach him if you are not prepared, he might not be smiling but he is ready to support you all the way…”

Men of the Nigeria Security and Civil Defence Corps (NSCDC), Ondo State Command, on Wednesday apprehended an American deportee Megbowon Taiwo, suspected to be involved in visa scams.

Naija News reports that Taiwo was arrested in Akure the state capital after dubiously obtaining money from innocent citizens with the promise that he was going to help them secure United States of America Visas.

The deportee was said to have defrauded victims at Okitipupa before fleeing to Akure, where he was arrested by NSCDC men after the incident was reported.

The state NSCDC Commandant, Oluyemi Ibiloye, while parading the suspect, disclosed that Taiwo claimed to be a captain in the United States Army and collected N300,000 from a female victim whom he promised a slot to work in America.

Ibiloye said, “On February 20, a complaint of a visa scam was reported against the suspect. He had told his victim when they met online on May 2, 2023, that he was a United States of America army officer on annual leave in Nigeria.

“The suspect promised the complainant a slot to work in America and asked her to deposit N300,000 into his bank account. After the money was paid into his bank account, he stopped picking up his victims’ telephone calls until he was tracked and arrested in Akure.”

Reveals Herbert Wigwe’s Unwavering Support During His Dethronement

The Night of Tributes for the late Group Managing Director/CEO of Access Bank Plc, Herbert Wigwe, continued in Lagos yesterday, with the leader of the Tijjaniyya movement and 14th Emir of Kano, Mohammed Sanusi, captains of industry and political bigwigs paying tributes to the deceased.

Emir Sanusi broke down thrice while paying tribute to Herbert Wigwe. Each time he broke down, Abia State Governor Alex Otti, Aig-Imoukhuede and an aide comforted him. The aide had to spread his babanriga to shield his teary face from the audience. Recall that Herbert Wigwe died in a helicopter crash, along with his wife, Doreen, son, Chizzy and former Managing Director of Nigerian Exchange Group, Abimbola Ogunbanjo, in the US.

Aside from Emir Sanusi, other personalities, including Vice President Kashim Shettima, also paid tributes to the deceased. Also in attendance were Alhaji Aliko Dangote, President Dangote Group, Aigboje Aig- Imoukhuede, Chairman Coronation Group, Henry Imasekha, Chairman/CEO – Berkeley Group Plc, among other dignitaries. Speaking on the occasion, teary Sanusi said that due to Herbert’s kind gestures towards him and his family, some people believed he owned Access Bank, while Aig- Imoukhuede, and Herbert were fronting for him.

He said: “It was on a Saturday, I had no idea about what happened. I came to the airport waiting for a plane and I got a call from Bola Adeshola, and we were chatting. After two sentences, he said, Lamido you haven’t heard? “About two years ago, I put all my savings into a Trust for the education of my children, I have many and my priority as a father is to make sure that when I pass away, they will have good education. I told Herbert ‘I am placing you in charge of this Trust for the education of my children because I know that even if I die and did not leave any money, you will educate my children. “I thought I would die before Herbert.”

After that, he burst into tears. “When I had problems in Kano, I called him about six months before I was to leave Kano, and I said to him, ‘Herbert I know you will give all your best to solve all these problems, but I am convinced that this is what is going to happen.’ And he said to me ‘your highness, don’t worry, whatever happens, don’t worry we are here for you.’

“On the day I heard on the radio that I was dethroned, the night before it happened, I called and said I want to come to Lagos. The announcement was made at about 9am, by noon, Herbert had a plane at the tarmac in Kano. I put my family on that plane, no message, no phne call, I put them on that plane. Herbert received them, put them in a hotel, and later got them accommodation for months.

When I came we stayed there. “Some people believe I own access bank and Aig and Herbert are fronting for me. They gave me the cars and the drivers, they gave me security and a private jet and they ask for nothing and they don’t talk about it. I have lived in Lagos for four years, the house my family lives in was provided by Herbert.

“When I heard of his death, I said ‘in the coming weeks and months, people will get to know Herbert the human being’. They know him as a banker, as a business man, they don’t know him as a human being. He was always about others, not about himself. You can’t imagne how one human being could have been so many things to so many people.

“On the day before this happened, I was on a chat group when somebopdy made a few remarks about Herbert that I found offensive and I defended Herbert. I made my point very clear that this was totally unacceptable.

“A few days after Herbert died; a friend called me and sent me a message. He has sent a message to Herbert at about 3:20 am that morning (day of the crash), telling him how I had stood up and defended him and forwarded my entire message to him. ‘’Herbert replied at 3:28 am with one word ‘unbelievable’. He sent another message at 3:50 which was not delivered. From the presentation from the air traffic controllers, the crash happened at 3:30. So possibly, the last thing Herbert read was my message talking about him.

...without Matching Production

The federal government on Wednesday disclosed that the policy of the immediate past administration of former President Muhammadu Buhari which resulted in free printing of Naira for eight years without corresponding production is one of the major errors responsible for the country’s current economic situation.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said this in Abuja while appearing before the Senate Committee on Finance chaired by Senator Sani Musa.

Speaking on measures to revamp the economy among other issues, Edun said the current administration of President Bola Ahmed Tinubu had done a lot, including efforts to stabilise the naira against the dollar and the implementation of a more transparent social welfare scheme for the citizenry.

According to him, free printing of the naira for eight years up to N22.7trillion by the administration of former President Muhammadu Buhari without a corresponding improvement in productive activities was one of the major errors of the past.

“The inflation is due largely to eight years of printing the naira, which was not matched by production”, Edun stated.

There are strong indications that organised Labour will push for N500,000 as the minimum wage as the zonal public hearing on the new wage structure begins on Thursday (today) in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

The President of the Nigeria Labour Congress, Joe Ajaero, in an interview on Arise TV on February 11, had stated that if the ongoing inflation continued, organised labour might push for a new minimum wage of up to N1m for Nigerian workers.

However, a top official of the NLC, who confided to our correspondent on Thursday, said that based on proposals submitted by state chapters to the congress’ headquarters, the organized labor might push for N500,000 at today’s meeting.

The public hearing on the new minimum wage, which will be held simultaneously in all six geopolitical zones, is expected to receive inputs from organised Labour, state governors, ministers, civil society groups, and the organised private sector on a new minimum wage reflective of the current economic realities and the workers’ aspirations.

Our correspondent learnt that the President of the Nigeria Labour Congress, Joe Ajaero, will chair the meeting in the North-East taking place in Yola, the Adamawa State capital.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, will preside over the South-West hearing taking place in Lagos.

President Bola Tinubu through his deputy, Kashim Shettima, on January 30, 2024, inaugurated a 37-member panel on the new minimum wage at the Council Chamber of the State House in Abuja.

With its membership cutting across the federal and state governments, the private sector, and labour, the panel is to recommend a new national minimum wage for the country on or before April 1 following the expiration of the current N30,000 minimum wage as provided by the law.

Though the tripartite committee met a few times in Abuja, it has yet to deliberate on any figure for the minimum wage.

However, the President of the NLC, Ajaero, in an interview on Arise TV on February 11, stated that if the ongoing inflation continued unabated, organised labour might push for a new minimum wage of up to N1m for Nigerian workers.

Ajaero said the demand from organised labour would be influenced by the cost of living which has been increasing since President Bola Tinubu assumed office, notably due to the removal of the fuel subsidy and other policies.

He said, “This N1m may be relevant if the value of the naira continues to depreciate; if the inflation continues unchecked because the demand of labour is equally dependent on what is happening in the society.

“You will remember that by the time we were contemplating N200,000 (as minimum wage), the exchange rate was about N800/N900 (to a dollar). As we talk today, the exchange rate is about N1,400 or even more.

“Those are the issues that determine the demand and it is equally affecting the cost of living. And we have always said that our demand will be based on the cost of living index. You will agree with me today that even a bag of rice is going for about N60,000/N70,000 or more.

“A bag of locally produced corn is about N56,000 or more. Foodstuff is getting out of reach, now are we going to get a minimum wage that will not be enough for transportation even for one week?’’