The value of Nigeria’s currency in circulation has risen to N3.87tn at the end of March.
According to the latest money and credit statistics on the website of the Central Bank of Nigeria, the currency in circulation was N3.87tn, higher than N3.69tn in February and N3.65tn in January.
However, currency outside banks have also increased progressively during the first quarter, growing from N3.28tn in January to N3.41tn and N3.63tn in February and March, respectively.
The data revealed that over 90 per cent of currency in circulation is held outside of the banking system, indicating Nigerians are holding more cash.
In their personal statements, one of the members of the Monetary Policy Committee of the CBN at their March meeting, Muhammad Abdullahi, posited that the apex bank had identified high currency outside banks as one of the monetary drivers of the country’s inflation.
He said, “From available data, prices of domestic food items remain the major driver of headline inflation because of supply shortages and high cost of logistics and distribution.
“While this cannot be directly influenced using monetary policy tools, the bank’s response to the drivers of headline inflation is targeted at addressing identified monetary drivers such as money supply growth,
exchange rate depreciation and Currency-Outside-Banks, the combined impact of which will dampen inflationary pressure significantly.”
In January 2024, at the height of the currency redesign policy, currency in circulation stood at N1.386tn with the percentage of the cash outside the banks standing at 57 per cent at N792.184bn.
By February, the cash outside banks rose to N843.311bn, representing 85.9 per cent of the N982.097bn that was in circulation.
It dropped further in March to 85.8 per cent with N1.445tn of the N1.683tn CIC, outside the banking system.
The Ogun State Police Command has arrested a 40-year-old male worshipper identified as Abiola, otherwise known as Aro, who was accused of defiling a 14-year-old minor (name withheld) at the Olorunloba Mosque restroom located on Ondo Road in the Ijebu-Ode area of Ogun State.
Before Saturday’s incident, the suspect had been a member of the mosque for more than 15 years, according to information obtained exclusively by PUNCH Metro.
Following the completion of the afternoon Muslim prayer in the mosque, our correspondent learnt that the incident happened on Saturday, March 4, 2024, at about 2:20pm.
Based on the information provided to the police officers at the Igbeba Division, the survivor claimed that she needed to relieve herself and went to the mosque’s bathroom to pass the stool.
She, however, explained that she heard a knock on the door shortly after she entered the restroom.
The survivor further claimed that she was startled when she opened the door and discovered Aro standing by it, even though she had assumed the knock was from her younger brother, who had also come for the prayer.
She told the police that she was trying to find out why Aro was in the women’s restroom when she surprisingly saw him by the door. He was said to have then allegedly shoved her back into the restroom and forced her up against the wall.
A police source who was privy to the report but craved anonymity because he was not authorised to speak with the press told our correspondent that despite the survivor’s cries and pleas, Aro removed her pants violently and pinned the teenager to the toilet wall before having carnal knowledge of the girl.
A police document exclusively made available to PUNCH Metro on Sunday about the report of the incident partly read, “As a result of what Aro did, the survivor started bleeding uncontrollably from her private parts. She went back home to report the matter to her guardian, who took her to a general hospital in the area for medical attention.”
Following the suspect’s arrest, he was detained, according to the state Police Public Relations Officer, Omolola Odutola, who also informed PUNCH Metro that the case would be forwarded to the State Criminal Investigation Department for additional investigation.
“The suspect has been arrested and detained for alleged defilement. He will be transferred to the State CID in Abeokuta immediately after the preliminary investigation is completed,” Odutola stated via a WhatsApp message on Sunday.
A related incident occurred on April 26, 2024, according to PUNCH Metro report, when the command detained two brothers, Olamijuwon Noibi and Lukman Olatunbosun, for suspected gang rape in Oke-Eri, Atan-Ijebu.
One of the suspects had tricked the survivor into coming to their apartment, where he allegedly assaulted her sexually and threatened to kill his younger brother, Olatunbosun, with a knife after he refused to take part in the crime.
Noibi was said to have also filmed the moment his brother was allegedly having unlawful sexual intercourse with the survivor.
The Nigerian government plans to impose stricter rules on cryptocurrency platforms to defeat the Naira against the dollar in the foreign exchange market.
The development comes as the Director General of Nigeria Securities and Exchange, Emotomtimi Agama, will meet with local and international crypto exchanges on Monday.
Blockchain Industry Coordinating Committee of Nigeria, BICCoN, chair, Lucky Uwakwe disclosed this in a statement.
The planned regulations became necessary after the Nigerian government lifted the suspension on cryptocurrency in December 2023.
“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.
The meeting comes amid the continued clampdown on Binance, OctaFX, and other cryptocurrency platforms based on the undermining of Naira in the forex market.
Recall that barely five days ago, the Central Bank of Nigeria stopped OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.
Governor of CBN, Olayemi Cardoso, in a briefing at the 293rd meeting of the Monetary Policy Committee, said $26 billion was funnelled through cryptocurrency without a trace.
Operatives of the National Drug Law Enforcement Agency have intercepted 511 jumbo sacks of cannabis sativa weighing 4,752kg concealed in the gas tank compartment of a truck along the Abuja-Abaji highway.
The agency in a statement on Sunday by its spokesperson, Femi Babafemi, said the operatives on a stop-and-search operation along the highway on Wednesday, May 1, intercepted the 40-ft gas tanker marked RBC 77XG and upon a thorough search discovered the sacks.
Babafemi added that four suspects were arrested in connection with the seizure.
The statement read in part, “NDLEA operatives on a stop-and-search operation along Abuja-Abaji highway on Wednesday, May 1 intercepted a 40-ft gas tanker marked RBC 77XG and upon a thorough search discovered 511 jumbo sacks of cannabis sativa weighing 4,752kg concealed in the gas tank compartment of the truck.
“The consignment was loaded into the tanker in Ondo State and meant to be delivered in Abuja for further distribution. Four suspects: Efe Abel Mikel, 39; Ebigide Cyril, 29; Ejechi Monday, 41; and Friday Benson Chukwudi, 39, have been arrested in connection with the seizure.”
Babafemi stated further that the agency smashed an international drug syndicate with networks in parts of Nigeria, South Africa and Thailand.
According to him, no fewer than five members of the cartel were arrested in a two-week intelligence-led operation in Lagos, Abia and Anambra states following the seizure of their illicit drug consignments at the NAHCO import shed of the Murtala Muhammed International Airport, Ikeja, Lagos.
He said, “The unravelling of the drug cartel started on Sunday, April 20, when their cargo of four big suitcases arrived at the NAHCO shed on an Airpeace airline flight from Johannesburg, South Africa. After days of close monitoring and investigation, the first suspect, Umeh Chisom Peter, was arrested on Wednesday, April 24, after he showed up to pick up two of the suitcases containing Loud, a synthetic strain of cannabis owned by a Thailand-based member of the syndicate, Obum Michael. The consignment of four parcels was concealed in false bottoms of the two suitcases, while the four suitcases contain a total of 17.6 kilograms Loud and drug candies.”
He added that another member of the syndicate, Mrs Chinwendu Uche Ugbe whose South Africa-based husband, Aloysius Uche Ugbe, sent some of the consignments, was traced to Anambra State where the NDLEA officers arrested her on Saturday, April 27, while attempting to collect the drug parcels sent to her by her husband.
“Two other suspects: Onyejiakor Francis Chimezie and Nnaji Valentine Chukwukere, with links to the cartel, were also arrested in parts of Lagos on Monday, April 29. Their arrest led to another operation in Abia State where Mrs. Chinazo Osigwe was arrested when she was to pick up some of the parcels containing Loud and drug candies sent by her husband, Osigwe Chidiebere Anthony, who is equally operating from South Africa.
“While two suspects: Aminu Umar, 25, and Anas Umar, 22, were arrested with 207.1 kilograms of cannabis sativa in their house at Unguwan Rimi, Basawa, Samaru, Zaria, Kaduna State on Monday, April 29, Bashir Umar, 35, was nabbed at Ladanai, Hotoro area of Kano on Friday, May 3 with 194 bottles of codeine syrup,” the statement added.
Breaking away from usual pet choices, the woman has opted for a different kind of bond with her scaly pals. Her decision to keep and care for such a large number of snakes has sparked both curiosity and debate. 
Her home has been transformed into a cozy haven for her snake buddies, with special homes built just for them. Visitors are amazed not only by the number of snakes but also by the strong bond between the woman and each one.
However, the woman's choice of companionship has not been without its challenges. Despite her assurances of safety and responsibility, concerns have been raised regarding the potential risks associated with housing such a significant number of large snakes in a residential environment.
Media
The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has explained why the Independent National Electoral Commission, INEC, servers failed to work effectively for the transmission of results during the 2023 presidential election.
Naija News reports that Peter Obi while addressing the issues of the 2023 elections in Canada over the weekend, said the ‘establishment of criminality’ caused the INEC servers not to work during the general elections.
The former Anambra State governor stated that there were a number of glitches during the election result transmission, but Amazon testified that no glitches were recorded globally on the day of the presidential election.
Peter Obi added that people must intensify engagement with all the stakeholders to make the system work.
He said: “Where did we go wrong in the last election? We didn’t go wrong anywhere. We did the right things.
“But as I can always tell people: when you bring a change, you fight all those who live off the old order. They don’t go away; they gang up. And don’t think it’s a straight race to remove an establishment.
“It’s a long-distance journey anywhere in the world. Go and check anywhere, whether you are looking at what happened in India, with Mandela in South Africa, or America. No change has happened overnight, it takes time.
“I urge all of you, if you really want change, we have just begun. We just have to continue from where we are.
“Yes, there might be one or two things we will correct, those things we will correct. I assure you we are correcting them without naming them. It’s not going to be easy.
“The INEC server was the same as the establishment. The server would not work because it was the establishment that made it so it wouldn’t work. It’s ours to continue to say that it would work. But there was no glitch.
“Amazon came and said there was no glitch. Amazon glitch is noticed globally – it’s recorded globally. And at that period, we brought down an Amazon person who said this is the number of glitches we have had since inception.
“And there was none that it reported that day. We know it didn’t occur. It was the glitch of the establishment criminality that was in the system. And we must one day make it work.”
Nigerians who are looking to change their National Identification Number data must provide supporting documents and complete the requisite paperwork at a designated National Identity Management Commission office.
The prerequisites for modifying National Identification Number (NIN) data may differ depending on the nature of the alteration required.
It’s important to note that the specific requirements may vary based on the type of modification needed (e.g., name change, date of birth correction, etc.) and the policies set forth by the NIMC.
However, the general criteria include:
1. Submission of the completed NIN modification form, obtainable from the National Identity Management Commission (NIMC) office or downloadable from their website.
2. Presentation of the original NIN slip for verification purposes.
3. Provision of supporting document(s) corresponding to the modification type (e.g., birth certificate, marriage certificate, court order, etc.).
4. Verification of identity using a recognized proof (e.g., passport, driver’s license, permanent voter’s card, etc.).
5. Confirmation of citizenship or residency status through acceptable documentation (e.g., birth certificate, passport, naturalization certificate, etc.).
6. Recent passport-sized photograph for record purposes.
7. Capture of fingerprints at the NIMC office.
8. Signing the modification form with a valid signature.
9. Payment of the applicable modification fee, if required.
10. Completion and signing of a consent form for minors or individuals under legal guardianship.
Meanwhile, the National Identity Management Commission (NIMC), had announced the decision to launch a new National Identity Card with payment and other social service features.
The New National Identity card would be delivered in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS).
The UK government has stated that only international students enrolling in Doctor of Philosophy (PhD) programs can bring their dependants to the country.
The British High Commissioner to Nigeria, Richard Montgomery, revealed this information during an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
He explained that the change in educational policy earlier this year aimed to reduce the influx of foreign students bringing dependants into the UK.
The diplomat highlighted that the substantial increase in dependants was straining many universities, prompting the introduction of these changes.
Montgomery emphasized that the restrictions do not extend to all categories, clarifying that individuals pursuing long-term research degrees, such as a PhD or doctorate, remain unaffected.
The envoy said, “Those coming to the UK for doctorate can still bring their dependency but if you are coming to the UK with a study visa for an undergraduate degree, or short term master’s degree am afraid the rules have been changed.
“People need to understand why this change was brought in, and it is a sensible change because we have a large higher education sector and most of these universities are in towns across the country.”
Five suspected kidnappers who abducted a pastor’s wife and two other persons have been arrested after their victims identified one of them.
The victims had escaped when the kidnappers slept off while taking them to their den.
It was gathered that the effect of hard drugs taken by the kidnappers made them to fall at sleep.
Names of the suspected kidnappers were given as Garuba Mumuni aged 27, Yusuf Tale aged 21, Kabiru Muhammed aged 16, Shaibu Umar and Adamu Mohammed aged 22.
Police said the suspects were arrested by men of the Ofosu Division after the victims identified one of them.
The police said: “A case of kidnapping was reported at Ofosu Division, that a pastor’s wife and a member were kidnapped in the church while the third victim was kidnapped while picking snails at the farm. The victims however escaped from their assailants at different dates after they had taken hard drugs and slept off.
“Through Intelligence, on the 1st of May, 2024, five amongst the six kidnappers were arrested by men of Ofosu division and have been identified by the victims as part of the gang that abducted them.
The operatives of the Anambra State Police Command have arrested no fewer than seven persons for suspected cultism and armed robbery in the State.
The Police Public Relations Officer, SP Ikenga Tochukwu disclosed this in a statement issued to newsmen on Saturday.
According to him, the gang members were arrested at about 10.pm on Friday when the officers swooped on them. He said a cut-size double barrel gun, one tricycle without a reg number, and some hard drugs were also recovered from the gang.
“The suspects include Chukwuemka Ozoekwe (aged 18), Chidozie Anagor (aged 18) Chukwuemeka Oyeoka (aged 18), Ebuka Okoye (aged 17), Olisa Obi (aged 19), Chidubem Nwakwu (aged 20), and Nwankwo Kosisochukwu — all males,” he said.
The PPRO also said the Command has declared wanted and launched manhunt for Makuo Nwosu (popularly known as Baby) and one other person whose name is yet to be identified.
The statement read in parts: “Police attached to Special Anti-Cultism Squad (SPACS), while on patrol at UNIZIK Junction, intercepted all males and five occupants, including the driver of a tricycle.
“While the operatives were in a bid to question them, the occupants took to their heels. While the others escaped, Chukwuemka Ozoekwe was arrested.
“Ozoekwe later led the Police to their criminal den where Chidozie Anagor (aged 18 years), and Chukwuemeka Oyeoka (aged 18 years) were arrested, and the remaining two are still at large.
“Also, during the raid operation in their harbor, the operatives arrested Ebuka Okoye (17 years), Olisa Obi (19 years), Chidubem Nwakwu (20 years), and Nwankwo Kosisochukwu.”
Continuing, SP Ikenga said, “During interrogation, the suspects confessed to being members of the Vipers Cult group, and they are one of the gangs terrorizing Awka metropolis recently. The suspects also confessed that they were on a mission to rob the road users of their phones and personal belongings before the arrest.
“To this end, the Deputy Commissioner of Police in charge of Finance and Administration and acting Commissioner of Police, DCP Fidelis Ogarabe PSC MNIPS charged the Operatives to sustain the tempo in the fight against crime in the state.
“He also assured Ndi Anambra that the confidence repose on the Police and all the security agencies in the State shall not be taken for granted, and directed that the suspects to be charged to court on the conclusion of the investigations.”
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A Nigerian couple based in the United States has been convicted of forced labour by a federal jury in New Jersey and faces 20 years imprisonment.
Isiaka Bolarinwa, 67, and Bolaji Bolarinwa, 50 — who are both US citizens were also found guilty of operating a coercive scheme to compel two victims to perform domestic labour and childcare in their home.
Speaking at the end of the trial on April 24, Kristen Clarke, assistant attorney general, said the husband and wife lured the victims to the US with promises of a better life and an education but instead subjected them to hours of physical and psychological abuse.
“The defendants confiscated the victims’ passports, threatened them, degraded them, physically abused them and kept them under constant surveillance, all to coerce the victims’ labor and ruthlessly exploit them for the defendants’ own profit,” Clarke said.
“Human trafficking is a heinous crime, and this verdict should send the very clear message that the justice department will investigate and vigorously prosecute these cases to hold human traffickers accountable and bring justice to their victims.”
According to the evidence presented at trial, including the testimony of two victims, the incident happened between December 2015 and October 2016.
“Once Victim 1 arrived in the United States in December 2015, Bolaji Bolarinwa confiscated her passport and coerced her through threats of physical harm to her and her daughter, verbal abuse, isolation and constant surveillance to compel her to work every day, around the clock for nearly a year,” the court heard.
“Isiaka was aware of his wife’s threats and abusive behavior toward Victim 1 and directly benefited from Victim 1’s cooking, cleaning and childcare.
“The defendants then recruited Victim 2 to come to the United States on a student visa.
“When Victim 2 arrived in the United States in April 2016, Bolaji Bolarinwa similarly confiscated her passport and coerced her to perform household work and childcare but relied more heavily on physical abuse.
“On at least one occasion, Isiaka Bolarinwa also physically abused Vitim 2, and he was aware of his wife’s coercive, abusive behavior toward Victim 2 and directly benefited from her cleaning and childcare.”
The US department of justice (DOJ) said both victims endured the abuse until October 2016, when one of them (victim 1) summoned the courage to outcry to a professor at her college, who in turn, reported the targets to the Federal Bureau of Investigation (FBI).
Both defendants face a maximum penalty of 20 years in prison for each forced labour count and a maximum penalty of 10 years in prison for the alien harbouring count.
The DOJ added that they will also be required to pay mandatory restitution to the victims and each faces a fine on each count of up to $250,000 or twice the gross gain or gross loss from the offence, whichever is greatest.
A sentencing hearing will be scheduled at a later date.
The FCCPC has said it will block loan app that harasses customers.
This was disclosed on the Commissions X page on Saturday, 4 May 2024.
The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue.
Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.”
However, if they don’t pay back on time, some of these loan companies send unpleasant messages with their picture to all their contacts.
This harassment has caused many problems in Nigeria, as some people even lose their jobs because of embarrassment and disgrace.
“We do not agree with that kind of practice because customers are being harassed, even though it’s not directly our problem.
We have involved CBN, NITDA, EFCC, and the Human Rights Commission to form a committee to address the issue.
“Since we found out that they operate online and have no physical offices or managing directors, we approached Google and Apple stores to take down all their Apps. We also coordinated with the CBN to block all their accounts.”
He said after they blocked their accounts, they approached them and gave them forms to fill out with all their details, addresses, and managing directors before giving them the new regulations on how they should operate. So, anytime we receive any complaints from any customer, we will block them again.”
He explained that for now, they have issued warnings to them, and they started this project last week Monday.
“They have agreed in writing that they will no longer have access to people’s contacts and photos, so if we hear that they do it again, we will block them immediately,” he concluded.”
The Lagos State Government has issued a 48-hour eviction notice to illegal occupants of the Ikoyi Towers in the Lagos Island area of the state.
The state Commissioner for Environment and Water Resources, Tokunbo Wahab, made this known during an inspection of the estate on Saturday.
In a post via his official X handle, Wahab stated that hundreds of undocumented residents were seen on the premises, which lacked sanitary provisions.
The Commissioner added that they pose security and environmental threats to the state, hence the eviction notice.
Wahab, therefore, stated that the Ministry of Environment and Water Resources has given the illegal occupants a 48-hour vacation notice to leave the area.
He wrote, “Abandoned Ikoyi Towers which we observed were housing illegal occupants posing a security threat to the environment and a nuisance to the state.
“An undocumented number of persons running into hundreds were seen on the premises with no sanitary provisions and whose daily activities could not be ascertained.
“They have been given a 48-hour vacation notice to leave the area.”
Wahab further stated that the team also conducted an inspection to assess the enforcement of Osborne under the bridge after the illegal structures harbouring several people were removed.
See the video below.
Media
A chieftain of the ruling All Progressives Congress, APC, Abayomi Nurain Mumuni says poverty and lack of economic opportunities are the major causes of insecurity in northern Nigeria.
Mumuni who said this in a statement made available to DAILY POST on Saturday, suggested that a multi-faceted approach be used to tackle the problem.
In the statement signed by his Media Aide, Rasheed Abubakar, Mumuni said to address the problem of insecurity in the region, the government must invest in economic development projects, create jobs and ensure infrastructural improvements.
He said other things to be done to tackle the menace in the region are the introduction of social reforms, strengthening of security forces, community engagement and empowerment of women and youths in the region.
“Addressing the issue of insecurity in northern Nigeria requires a multi-faceted approach that tackles the root causes of the problem. Here are some potential solutions. Economic Development: In many instances, poverty and lack of economic opportunities have contributed to insecurity in the region. By investing in economic development projects, job creation initiatives, and improvements in infrastructures, the government can help alleviate poverty and reduce the likelihood of individuals turning to violence as a means of survival.
“Social Reforms: Addressing social inequalities, promoting social cohesion, and fighting discrimination are crucial steps in reducing insecurity. This could involve programs to empower marginalized communities, promote interfaith dialogue, and address issues of land disputes and resource-sharing.
“Strengthening Security Forces: It is important to enhance the capacity and professionalism of security forces in northern Nigeria. This includes providing training, equipment, and support to law enforcement agencies, as well as ensuring accountability and respect for human rights in their operations.
“Community Engagement: Building trust between communities and security forces is essential in combating insecurity. Community policing initiatives, dialogue forums, and conflict resolution mechanisms can help foster cooperation and understanding between different groups.
“Countering Extremism: Radicalization and extremist ideologies have fueled insecurity in northern Nigeria. Countering violent extremism programs that address the root causes of radicalization, provide alternative narratives, and promote tolerance and respect for diversity can help prevent individuals from joining extremist groups.
“Empowering Women and Youth: Women and youth often bear the brunt of insecurity in the region and are key actors in promoting peace and stability. Empowering women through education, economic opportunities, and leadership roles, as well as engaging youth in positive activities and youth-focused programs, can help build resilient communities and prevent violence.
“In conclusion, addressing insecurity in northern Nigeria requires a comprehensive approach that combines security, economic, social, and governance strategies. By tackling the root causes of insecurity, promoting sustainable development, and fostering inclusive and peaceful societies, we can work towards a future where all individuals in northern Nigeria can live in safety and prosperity.”