More details emerged on Friday on what transpired during the six-month jail term of popular cross dresser, Idris Okuneye, aka Bobrisky.

Investigations by Saturday PUNCH revealed that the controversial social media influencer after being sentenced for spraying the naira, was taken to the Ikoyi Custodial Centre on April 12, 2024.

Sources confided in our correspondents that the convict, who had prison number S682/2024, was taken to the Medium Security Custodial Centre, Kirikiri, as his presence began to attract attention and generate publicity.

A highly credible source said, “He was first moved to the Ikoyi prison where he spent a few days before the controller, Ben-Rabbi Freedman, moved him to the Medium Security Custodial Centre, Kirikiri.”

Another top source confirmed Bobrisky’s movement from the Ikoyi facility to the Medium Security Custodial Centre, adding that he spent some days there before he was again moved to the Maximum Security Custodial Centre, Kirikiri.

The source explained that he was visited by some relatives in the prison, adding that there was a record of all his activities.

“Many people visited him in the place, including three family members. Those people followed due process and that was why they were able to see and visit him. I also saw him in the prison. He looked gentle and sober,” the source added.

The special ‘cell’

Saturday PUNCH gathered that there was usually provision for some inmates considered to be “Very Important Persons” who might be at risk if allowed to mingle with other inmates.

“The place is like a back cell or a single cell originally reserved for well-behaved inmates. This is in accordance with prison rules. They are put there to compensate for their good behaviour.

“However, when warders bring in certain people, they are taken there. They live whichever way they want. Some of the inmates furnish the place to their taste,” the source stated.

Asked the cost of using the room, the source noted that such was usually determined by the officer in charge of the centre.

“They collect huge sums of money from them, depending on the kind of inmates they have. When you saw the fight between operatives of the DSS and prison service for (Godwin) Emefiele on the court premises, what did you think was the reason? It’s because of the benefits that come with having such a person in custody,” the source added.

The source noted that Bobrisky might have been put in the “special cell” during his time in the Kirikiri prison.

Another source, who confirmed the existence of such an arrangement, said negotiations usually start from the court between inmates and prison officials.

The source said the correctional service knew what it wanted to do, hence Bobrisky was allegedly shielded from inmates when he was admitted.

He said, “Inmates who saw him at the medium prison before he was moved to maximum prison were not many. It was all planned.”

But the spokesperson for the Nigerian Correctional Service, Abubakar Umar, denied the report that there was preferential treatment for VIP convicts.

“We are not aware of such. They are alien to us. However, that information will be investigated. All inmates are given the same treatment. We don’t have any preferential treatment for anybody,” he insisted.

Efforts to get Bobrisky’s reactions proved abortive, as he did not respond to calls to his telephone line and messages sent to his official Facebook handle and WhatsApp on Friday night.

Controversial cross-dresser 

Bobrisky has been in the eye of the storm since Wednesday, April 3, 2024, when operatives of the Lagos command of the Economic and Financial Crimes Commission arrested and detained him over allegations of mutilating naira notes worth N490,000 and money laundering.

The arrest followed a viral video that showed him spraying naira notes at the premiere of the movie Ajakaju at Film One Circle Mall, Lekki, Lagos, on March 24, 2024.

He was subsequently arraigned at the Federal High Court in Lagos on six counts. The first four counts involved the abuse of the Nigerian currency, while the last two were on money laundering.

However, before the charges were read, the EFCC prosecutor, Mr Sulaiman Sulaiman, requested the court to strike out counts five and six.

“We have an agreement with the defendant to withdraw counts five and six. Therefore, we humbly urge the court to strike them out, leaving counts one to four,” he said.

The court then dismissed the two counts, and scheduled April 9, 2024, for judgement.

Bobrisky pleaded guilty to the remaining charges, and on Friday, April 12, 2024, Justice Abimbola Awogboro sentenced him to six months in prison without the option of a fine for abusing the naira.

While many Nigerians expected Bobrisky’s appearance to change following his time in prison, the controversial social media personality hosted a celebratory party just hours after his release on Monday, August 5, 2024.

Appearing more radiant than before, Bobrisky, in a viral video, boasted, “I came back from jail with a nice body,” prompting doubts about whether he truly served his sentence at a custodial centre or not.

The cross-dresser landed in fresh trouble on Tuesday when a social media activist, Martins Otse, also known as VeryDarkMan, called him out over an unpaid debt.

In a trending video, VDM said a creditor approached him, pleading for help in recovering N4m that Bobrisky borrowed.

The creditor reportedly sent Bobrisky the sum when the latter was desperate to raise money for a private apartment in prison. He, however, allegedly refused to repay the loan after his release.

VDM subsequently played an audio clip in which the ex-convict purportedly admitted to paying unnamed EFCC operatives N15m for dropping the money laundering charges against him.

Bobrisky also allegedly claimed in the audio that he served his six-month jail term in a private flat near the prison after a “mentor” spoke to the prison authorities in Abuja.

After the tape went viral, Bobrisky took to his Instagram page to deny making such claims, saying that the audio was fake.

He said, “I didn’t pay any EFCC official N15m, and I served my jail term in full. Disregard any false information being spread.”

Suspension without due process

As the scandal gained momentum, the Minister of Interior, Dr Olubunmi Tunji-Ojo, on Wednesday, initiated a probe into the allegations.

The Civil Defence, Correctional, Fire and Immigration Services Board also suspended the officers in charge of the Maximum and Minimum Custodial Centres.

In a statement issued in Abuja on Thursday, the Secretary of CDCFIB, Ja’afaru Ahmed, said the suspension of the officers was to allow for further investigation into the various allegations, assuring that the outcome would be made public when concluded.

He said, “Following the viral video trending on social media on alleged infractions by officers of the Nigerian Correctional Service relating to Mr Idris Okuneye, widely known as Bobrisky, the Civil Defence, Correctional, Fire and Immigration Services Board has suspended forthwith the following Senior Officers of the Service.

“Michael Anugwa, Deputy Controller of Corrections In-Charge of Medium Security Custodial Centre, Kirikiri, Lagos State; and Sikiru Adekunle, Deputy Controller of Corrections, in-charge of Maximum Security Custodial Centre, Kirikiri, Lagos State.

“Also, the Board has suspended ASC II Ogbule Samuel Obinna, serving at the Medium Security Custodial Centre, Afikpo, Ebonyi State, for allegedly accompanying a convicted inmate out of the Custodial Centre to a location outside the facility.

“In another related development, the Board has equally suspended another Senior Officer of the Service, Iloafonsi Kevin Ikechukwu, Deputy Controller of Corrections, In-Charge of Medium Security Custodial Centre, Kuje- Abuja, for allegedly receiving monies on behalf of an inmate”.

However, sources in the correctional service criticised the decision of the board to suspend the officers without due process

Saturday PUNCH learnt that Adekunle, who resumed at the maximum prison a few months ago, was not served a query like the rest of his colleagues.

“The action was a flagrant disregard for the civil service rules, which lays down the process for such a decision. None of the officers were served queries or allowed to defend themselves.

“Also, the board does not suspend directly. The queries are supposed to come from the correctional service, who will then make recommendations to the board.

“In addition, if there should be a suspension, it should be announced by the controller general of the correctional service,” a source said.

The source also wondered why the officers were singled out for punishment if Bobrisky’s allegation was against the controller general.

He noted that the panel constituted against the officers did not include any official of the correctional service, saying nothing would come out of it.

“It appears a grand scheme to cover up things. There is more to it than meets the eye,” the source said.

A spokesperson for the minister refused to comment on the matter.

The EFCC’s Head of Media and Publicity, Dele Oyewale, said the commission’s Chairman, Ola Olukoyede, had ordered an investigation into the matter.

Oyewale said the commission had also invited VDM and Bobrisky to its Lagos office to assist investigators into the alleged bribery.

“We have said we are investigating. The chairman has ordered that the matter be investigated,” he stated.

When pressed further on how many people were being investigated, he said, “I may not be able to tell you that because I don’t know. I will find out from the chairman.”

Activists demand justice

The President of the Committee for the Defence of Human Rights, Debo Adeniran, expressed concerns over the alleged corruption in Nigeria’s correctional facilities.

He said the practice raised serious questions about the integrity of prison officials accused of accepting bribes to allow inmates live in luxury behind bars.

Adeniran stated, “Bobrisky has denied that the voice is his, but we’ve been hearing rumors that such practices are common among our safety and security agencies. It’s not the first time we’ve heard of convicted individuals being allowed to leave prison—some are even escorted to nightclubs or taken to visit their spouses, only to be returned when senior ministry officials visit the correctional centres.”

He added, “There is every indication that this could be true. Those familiar with his voice might confirm it. This isn’t the first time we’ve heard about prison officials accepting bribes to let inmates live as they please. Corruption like this is why the problem is so endemic in Nigeria. Similarly, there have been reports of anti-graft agents taking bribes to reduce charges or lighten sentences for suspects.”

Adeniran urged the EFCC chairman to identify staff involved in corrupt activities, stressing the need for accountability.

He also emphasised the need for transparency, warning that unchecked corruption in correctional centres and anti-corruption agencies undermined the entire justice system.

“If we don’t address these issues, it will lead to a vicious cycle, and the next victim could be anyone. Authorities must not let this matter slip away.”

Similarly, a lawyer and rights activist, Ridwan Abdulkareem, called for the law to take its course if the allegations turned out to be true.

He highlighted the scrutiny now surrounding the EFCC, an institution meant to uphold justice, for alleged bribery and corruption.

“If these allegations are true, the EFCC officers involved must be held accountable. The EFCC, as a symbol of justice, is now facing accusations of bribery. If the officers are found culpable, they should face the law so that others may learn from it,” Abdulkareem said.

He also pointed out that while Bobrisky had denied the allegations, the law must be allowed to run its course.

 “Whether Bobrisky bribed officials with N15 million or not, and whether he served his jail term or not, are allegations. Section 36, Subsection 5 of the Nigerian Constitution is clear—he is presumed innocent until proven guilty. It’s up to those making the claims to prove them. The law doesn’t operate on sentiment, so let the facts be established, and let the law take its course,” he added.

Ahead of the resumption of Emirates Airlines’ flight operations to Nigeria next Tuesday, Minister of Aviation and Aerospace Development, Mr Festus Keyamo, has negotiated an agreement on reciprocal rights to ensure that Nigerian airlines commence direct flight operations to the United Arab Emirates, UAE.

A statement by Mr Tunde Moshood, Special Assistant on Media and Communications to Keyamo, said the minister, who led a delegation to UAE to finalise negotiations on the resumption of Emirates, stated that the meeting set the foundation for a new Bilateral Air Service Agreement, BASA, between both nations.
Moshood said this would enhance collaboration between the two countries and establish guidelines for both countries.

The statement reads: “The Honourable Minister, accompanied by his technical team, engaged in constructive discussions with UAE aviation authorities, to ensure smooth reintroduction of Emirates Airlines into the Nigerian airspace next week Tuesday. The new BASA, which was a focal point of the talks, is designed to enhance collaboration between the two countries and establish guidelines for their evolving relationship in the aviation sector.

“Crucially, the negotiations also yielded a significant agreement on reciprocal rights, ensuring that Nigerian airlines will soon have the opportunity to commence direct flight operations to the UAE. This marks a historic development for Nigeria’s aviation industry, expanding international connectivity and offering more options to travelers between the two nations.

“Speaking on the outcome of the meeting, Festus Keyamo stated: “Today’s discussions reaffirm our commitment to fostering a balanced and forward-looking partnership with the UAE. We are pleased to have secured reciprocal operational rights for Nigerian airlines, which will not only deepen our bilateral ties but also strengthen the global competitiveness of Nigeria’s aviation industry. As Emirates returns to Nigeria, we look forward to a thriving and mutually beneficial air service relationship.

“This development follows weeks of diplomatic and technical consultations aimed at restoring direct air travel between Nigeria and the UAE, further signaling the Federal Government’s dedication to ensuring the best possible outcomes for both Nigerian and international travelers. The resumed flight operations by Emirates and the new BASA will play a pivotal role in promoting tourism, business, and cultural exchanges between Nigeria and the UAE, as well as fostering economic growth.”

The House of Representatives has summoned EFCC Chairman, Nigerian Correctional Service Comptroller General, Bobrisky, VeryDarkMan, and all officers involved in the prosecution of Bobrisky.

This was contained in a letter written by the Lead Chairman of the joint committee, Jon Ginger Onwusibe to parties on Friday over the disturbing allegation of corruption against the Economic and Financial Crime Commission EFCC, the Nigeria Correctional Services.

Others invited are ACG Ben Rabbi Freedman the Controller of Corrections Lagos Command as of then, Ja’afaru Ahmed Secretary Board, Micheal Anugwa DCC in charge of medium Security, Sikiru Adekunle DCC in charge of Maximum Security, Bobrisky and VeryDarkman.

Background:

In April, the Economic and Financial Crimes Commission (EFCC) arrested Bobrisky on six counts of money laundering and Naira mutilation.

During his trial at the Federal High Court in Lagos, Justice Abimbola Awogboro dismissed the money laundering charges (counts five and six) but sentenced the social media personality to six months in prison for Naira abuse.

However, a little over a month after his release, Martins Otse, also known as VeryDarkMan, posted a leaked audio recording on Instagram, in which Bobrisky narrated the events that transpired during his prison term.

In the audio, Bobrisky can be heard discussing with a friend how EFCC officials allegedly extorted N15 million from him to drop the money laundering charges.

VeryDarkMan explained that he released the audio after Bobrisky refused to repay N4 million borrowed from one of the people he approached to raise the N15 million.

On Tuesday night, EFCC Chairman Ola Olukoyede, in a statement obtained by this newspaper, ordered an immediate investigation into the bribery allegations.

Mr. Olukoyede also called for Bobrisky and VeryDarkMan to report to the EFCC’s Lagos office to assist in the inquiry.

In addition, Vanguard reported that the Minister of Interior has launched a separate investigation into Bobrisky’s claim that he bribed prison officials to avoid being jailed during his sentence.

A prominent figure in the New Nigeria Peoples Party (NNPP), Buba Galadima, has dismissed President Bola Tinubu’s anticipated cabinet reshuffle as lacking urgency in the face of pressing national issues.

Last week, the presidency announced that Tinubu is set to reshuffle his cabinet, though Special Adviser on Information and Strategy, Bayo Onanuga did not specify a timeline for the changes.

“I don’t have any timeline. The President has expressed his desire to reshuffle his cabinet and will do it. I don’t know whether he wants to do it before October 1, but he will surely do it,” Onanuga stated during a briefing with State House correspondents in Abuja.

Despite this announcement, Galadima criticized the timing of the reshuffle, emphasizing that Nigerians are grappling with more significant challenges that require immediate attention.

He asserted that the focus should be on addressing pressing issues rather than shifting cabinet members.

Galadima said, “That [planned cabinet reshuffle] has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man,” the NNPP chieftain said on Friday’s edition of Channels Television’s current affairs show Politics Today.

“That is President Bola Ahmed Tinubu. No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.”

There have been claims of underperformance by some ministers with critics saying the development is behind Tinubu’s plan to rejig the cabinet.

That argument, however, does not hold water with Galadima who said Tinubu should be held responsible for his ministers’ performances.

He said, Tinubu, like “Anybody that calls himself president or governor” is responsible for their cabinet’s performance.

The former member of the All Progressives Congress (APC) accused Tinubu’s appointees of working for their “pockets”.

“He should be told that some of his appointees are more interested in their pockets than service delivery,” Galadima said.

According to him, while he expected much from Tinubu upon his assumption of office, the Nigerian president has not done better.

“I expected him to do better than this; and to hit the ground running,” the NNPP stalwart said and called on Tinubu to seek a solution to the country’s foreign exchange crisis which has seen the naira performing abysmally.

Agboola Ajayi, standard-bearer of the Peoples Democratic Party (PDP) in Ondo, says he will win the governorship election in the state “convincingly”.

Ajayi, who was the deputy governor of Ondo between 2017 and 2021, spoke on Friday during a press briefing in Lagos.

The Ondo governorship election will hold on November 16, 2024.

Ajayi claimed that residents of the state have been grappling with poverty under the All Progressives Congress (APC) which has displayed a “lack of foresight and defined policy for good governance”.

He alleged that Lucky Aiyedatiwa, governor of the state, lacks foresight and coordination, and is “grossly incompetent in managing the affairs of the state”.

“It is my candid position that Ondo state cannot afford to continue an inch further on this road to perdition,” he said, adding that the election will shape or mar the fortune of the state in the next four years.

The governorship candidate said the people of the state would resist any attempt to buy votes and rig the election.

The former deputy governor reeled out his plans for the state in various sectors, including security, agriculture, education, health, infrastructure, industry and marine economic development, rural development and environment, sports, and civil service.

SECURITY

Ajayi said if elected, he will enhance the capacity of law enforcement agencies, particularly Amotekun, forest guards, vigilantes and traditional hunters through “advance training” and the provision of appropriate equipment and required legislation.

“We will incorporate and engage traditional rulers, religious leaders and other stakeholders in implementing community policing and neighborhood watch for the safety of our people,” he said.

“We will invest heavily in technology by deploying modern surveillance and intelligent gathering technologies to effectively monitor hotspots and vulnerable areas such as forest reserves and farmlands to prevent and respond to crime appropriately.”

AGRICULTURE

Ajayi said his agricultural policies will be anchored on promoting self-sufficiency in food production to meet the UN food security mandate.

He said this will include providing training and support for farmers to adopt modern farming techniques and incentives to investors to establish an agro-processing industry to add value to agricultural products, reduce post-harvest losses, create jobs for the youth and grow the economy of the state.

“We shall sustain agricultural practices for long-term productivity by ensuring the availability of fertilizers and agricultural input at subsidized rate. Providing tractors for farmers at a subsidised rate will be encouraged,” he said.

“We would also establish a procurement agency that will provide a ready market for all our agricultural produce which will in turn encourage our farmers to produce beyond their subsistence level.”

EDUCATION

Ajayi said quality education for economic development, social equity, technological advancement and cultural preservation for sustainable development will be guaranteed by his government.

According to him, schools will be built and renovated with the provision of information technology, recruitment of quality teachers and purchase of educational materials.

He said tertiary education will be well funded through an increase in budgetary allocation, adding that affordable tuition fees in the institutions will be negotiated with stakeholders.

HEALTH

The gubernatorial candidate said the health sector in Ondo is in bad shape.

“We shall address this ugly trend by providing at least one primary health centre in each of the 203 wards in the state which will be staffed with trained and dedicated medical personnel,” he said.

“The provision of essential drugs, hospital consumables and laboratory services to patients at affordable cost in all public medical facilities across the state will be our priority.

“We will partner with investors to establish pharmaceutical manufacturing industries in the state to produce drugs for sale to government institutions and the general public.

“The welfare of our medical officers and staff in the health sector will be our priority for effective service delivery.”

INFRASTRUCTURE AND MARINE DEVELOPMENT

Ajayi promised to rehabilitate roads, construct waterways, provide rural and urban electrification, and enhance and improve clean and pipe-borne water delivery “for the benefit of our people”.

“We will ensure that the moribund companies in Ondo state are resuscitated and where this is impossible, we will encourage the establishment of new ones,” he said.

“All these will be pursued with the singular purpose of creating massive employment opportunities for the people of the state.

“I will win Ondo guber poll convincingly.”

The Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI) have criticised the Central Bank of Nigeria (CBN) over the interest rate hike.

On Tuesday, the monetary policy committee (MPC) of the CBN raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.75 percent to 27.25 percent.

In a statement on Thursday, Segun Ajayi-Kadir, the director-general (DG) of MAN, expressed concerns over the negative impact the interest rate hike would have on the manufacturing sector.

He said it would further exacerbate the challenges already faced by manufacturers, including rising production costs and declining consumer purchasing power.

“The decision to raise the MPR to 27.25 percent has far-reaching implications for the manufacturing sector in Nigeria,” Ajayi-Kadir said.

“The continued increase in interest rates, which now totals 15.75 percentage points since May 2022, would compound the challenges faced by the sector, including rising production costs in the face of declining consumer purchasing power.”

He said with borrowing costs now exceeding 35 percent, manufacturers are struggling to maintain competitiveness and expand production capacity.

“With the increase in borrowing costs, manufacturers will now pay over 35% on their credit facilities. Clearly, this will lead to an increase in production costs, higher prices of finished goods, lower competitiveness and production capacity expansion,” he said.

“For instance, over the first six months of the year, manufacturers incurred more than N730 billion in capital expenses due to the continuous rise in interest rates imposed by commercial banks.

“This dilemma hampers innovation, productivity and growth. Moreover, the manufacturing sector is grappling with depressed consumer demand, primarily driven by lower purchasing power.”

‘UNSOLD GOODS HAVE INCREASED BY 42.9% DUE TO WEAK MARKET’

The MAN DG said unsold goods in the manufacturing sector surged by 42.93 percent, reaching N1.24 trillion in the first half of 2024.

He said the growing stockpile of unsold products underscores the difficulties manufacturers face in a weakening market.

Ajayi-Kadir said the broader implications of the challenges threaten not only the manufacturing sector but also the Nigerian economy as a whole, as higher borrowing costs lead to poor access to funds, lower capacities and potential business closures.

‘EXPLORE MORE OF MONETARY/FISCAL POLICY OPTION TO CURB INFLATION’

Ajayi-Kadir urged the CBN to stop the rate hike and “explore more of the monetary-fiscal policy handshake option to curb inflation.”

He expressed concern that the CBN increased the MPR despite the modest improvements in inflation, adding that central banks in other countries were either retaining or reducing rates.

Ajayi-Kadir proposed several measures to mitigate the adverse effects on the manufacturing sector, including a comprehensive review of the impact of rate increases, accelerated disbursement of single-digit loans and the introduction of fiscal measures to ease the importation of essential raw materials.

“Conduct a comprehensive review of the effects of continuous rate hikes on inflation and the real sector over the past five years to guide future decisions, focus on promoting domestic production and economic recovery by allowing time for previous rate increases to take effect before implementing further hikes and strengthen the collaboration between the monetary and fiscal authorities to ensure that they are aligned to support growth,” he said.

“Accelerate the disbursement of the N1tn single-digit loan in the accelerated stabilization and advancement plan for the manufacturing sector to cushion the impact of the high MPR on borrowing costs, introduce fiscal measures that support the importation of essential raw materials and technology at concessionary rates to ease the burden on manufacturers and encourage backward integration and local sourcing to minimize dependence on imports and reduce pressure on foreign exchange reserves.”

Ajayi-Kadir recommended promoting renewable energy and improving infrastructure within industrial hubs to reduce operational costs for manufacturers.

‘REASON FOR RAISING INTEREST RATE NOT SUSTAINABLE ARGUMENT’

Chinyere Almona, LCCI’s DG, said the CBN’s inflation control efforts had yielded some marginal gains but had done little to address the root causes of inflation.

“The marginal drop in the August headline inflation rate to 32.15 percent, down from 33.40 percent in July, is on a good note,” Almona said.

“While this represents a month-on-month improvement, the broader year-on-year comparison still highlights a troubling 6.35 percent increase compared to July 2023, and the interest rate raised to 27.25 percent both presenting a tense business environment.

“The marginal drop in inflation reflects some level of policy impact but is insufficient to address the deep-rooted challenges, particularly in food and core inflation categories.”

She said the CBN’s justification for raising the monetary policy rate due to fears of a petrol price hike is not a sustainable argument.

The LCCI boss urged the government to intervene in the controversies about the pricing dynamics of both imported and locally refined petroleum products arising from the lack of resolution between the Nigerian National Petroleum Corporation (NNPC) Limited and the Dangote Petroelum Refinery.

She identified energy and transportation costs as major contributors to inflation, urging the government to accelerate energy reforms, especially in the power sector.

Almona highlighted the need for stable electricity for manufacturers, as well as small and medium enterprises and advocated a transition to renewable energy sources to reduce production costs.

“Accelerate energy reforms to improve electricity generation, reduce reliance on costly diesel and petrol, and ensure stable power supply for manufacturers and SMEs,” she said.

“The transition to renewable energy sources should be prioritised to reduce production costs.”

The LCCI DG also called for investments in transportation infrastructure, particularly rail and road networks, to lower logistics costs and reduce price volatility in consumer markets.

Almona recommended prioritising the adoption of compressed natural gas (CNG) mobility in the country.

She also stressed the need for transparent foreign exchange management to reduce speculation and stabilise the naira.

“A stable exchange rate will help moderate imported inflation, especially in essential commodities and raw materials needed for local production,” Almona added.

She recommended that the CBN should work with the Nigeria Customs Service (NCS) to fix the import duty exchange rate for a certain period to aid business decisions on importation.

Almona called on the government to take a holistic and sustained approach to tackling inflation, combining the tips on boosting local production, stabilising energy and transportation costs, and ensuring alignment between monetary and fiscal policies.

The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

The development comes six days before the suspension date initially fixed, expires.

On May 1, banks resumed the collection of processing fees on cash deposits.

Six days later, CBN suspended charges on the deposits until September 30.

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

The Economic and Financial Crimes Commission (EFCC) has arrested Darius Ishaku, former governor of Taraba state, over an alleged N9.3 billion fraud.

Sources told to TheCable that Ishaku is presently in custody of the commission in Abuja.

Although, Dele Oyewale, EFCC spokesperson confirmed the information, he did not give further details.

The EFCC has also filed a 15-count charge against the former governor before a federal high court in Abuja on Thursday.

He will be arraigned alongside Bello Yero, former permanent secretary of bureau for local government and chieftaincy affairs.

Ishaku is accused of criminal breach of trust and misappropriating state funds to the tune of N9.3 billion contrary to Section 315 of the Penal Code Act, Cap 532, Laws of the Federal Capital Territory of Nigeria 2007.

In counts one and two, Ishaku and Yero are alleged to have misappropriated an aggregate of N1.10 billion “which formed part of the 2.5% contingency funds belonging to bureau of local government and chieftaincy affairs, Taraba state between August 25, 2015 and March 21, 2016”.

In counts three and four, the defendants were alleged to have “dishonestly diverted” state funds worth N1.1 billion for their personal use.

Count five involves N193 million allegedly diverted by the defendants between January 2019 and April 2021.

In count six, N650 million was allegedly diverted between January 6, 2019. and April 29, 2021.

In count seven, the defendants were said to have between January 6, 2019 and April 29, 2021, diverted N170 million for their personal use.

The were also alleged to have diverted N201.9 million between January 2019 and April 2021. Another N132.1 million was said to have been diverted by the defendants during the same time frame.

In counts 10 and 11, the accused persons allegedly diverted N3.3 billion and another N639.4 million between July 19, 2019 and February 5, 2021.

Between September 30, 2016 and February 23, 2021, the former governor and Yero allegedly diverted N993 million in count 12.

Between May and December 2015, count 13 alleged that the defendants allegedly diverted N90 million.

Ishaku is the only defendant answering counts 14 and 15 in which he is alleged to have diverted N23 million and N761.3 million between October 2016 and January 2018.

Ishaku was governor of Taraba state between 2015 and 2023.

The EFCC had invited the former governor to question financial issues relating to the eight years of his administration in July 2023. He was later released on bail.

The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.

The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.

At the official window, the local currency appreciated by 2.24 percent from N1,576.1/$ on Thursday to trade at N1,540.78 on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530. during trading hours.

WEEK-LONG FLUCTUATIONS

At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.

Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.

However, the naira rebounded to N1,675 on Thursday.

At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.

Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.

On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.

A Tunisian presidential aspirant, Ayachi Zammel was on Wednesday, September 25, sentenced to six months imprisonment by a court over charges of falsifying documents, making this the second prison sentence against him in a week.

The sentencing, which comes just days before the presidential election, highlights rising tensions ahead of the election, amid opposition and civil society groups' fears of a rigged election aimed at keeping President Kais Saied in power.

Zammel was sentenced to 20 months in prison last week on charges of falsifying popular endorsements.

"It is another unjust ruling and a farce that clearly aims to weaken him in the election race, but we will defend his right to the last minute," Zammel attorney Abdessattar Massoudi told Reuters.

Zammel was among only three admitted candidates competing for the position of president alongside incumbent Saied and Zouhair Magzhaoui.

Political tensions in the North African country have risen ahead of the October 6 election since an electoral commission named by Saied disqualified three prominent candidates this month amid protests by opposition and civil society groups.