The Federal Government has disbursed a total sum of N20.11bn to 402,283 beneficiaries of the N50,000 Presidential Conditional Grant Scheme.

The beneficiaries selected from the 774 local government areas received a direct payment to their bank accounts via their Bank Verification Number.

This information was disclosed in a document exclusively obtained from the Ministry of Industry, Trade and Investment by our correspondent on Wednesday.

The scheme domiciled under the Ministry of Trade and Investment commenced on March 9, 2024, with financial grants of N50,000 without repayment obligations to eligible small business owners operating in various sectors such as trading, food services, ICT, transportation, creatives, and artisans in the 774 local government areas of the country. 

 

It targeted 70 per cent of women and youths, 10 per cent of people with disabilities, and 5 per cent of senior citizens, with the remaining 15 per cent distributed to other demographics.

It also said only one million out of the 3.6 million applicants for the conditional grant will be selected as recipients.

President Bola Tinubu, on October 17, 2023, launched the renewed hope conditional cash transfer to 15 million households.

 

The scheme was only to benefit people with nano businesses seeking to expand and be willing to formally register their businesses and hire at least one additional person as their turnover increases.

The ministry, in a Frequently Asked Questions and Answers said “Disbursements aren’t based on any specific criteria, but in the order, applications are verified. The goal is to reach an estimated 1,290 beneficiaries per LGA across the country, totalling one million.

“Disbursement is also subject to verification of NIN, which became mandatory after the initial application phase and required only BVN. The selection is random, without human intervention, from those who have passed their NIN and BVN verification.”

The trade minister, Doris Aniete, also stated that the objective is to distribute funds to an estimated 1,290 beneficiaries per local government area across the country.

However, a list containing the number of recipients showed that individuals in all LGAs received the funds but not in equal numbers.

The list didn’t contain personal details and contacts of individuals who benefitted from the programme and is as of May 29, 2024.

A breakdown of the document showed that Katsina LGA in Katsina State got the highest allocation with 1,048 beneficiaries while Omuma LGA got the lowest with 85 recipients.

 

A summary of the top ten receiving LGAs includes Gusau LGA in Zamfara State (977), Omala in Kogi State with 921 recipients, Shiroro LGA in Niger State (911), Owerri North in Imo State (897), Konshisha LGA in Benue State (890), Calabar South in Cross Rivers State (881), Anka LGA in Zamfara State (876), Balanga LGA in Gombe State (873) and Kaltungo LGA in Gombe State (862).

While the lowest 10 receiving LGAs include Olorunsogo LGA in Oyo State (85), Etsako Central in Edo State (86), Ogu/Bolo in Rivers State (98), Opobo/Nkoro in Rivers State (103), Owen West in Edo State (104), Ovia South-West in Edo State (110), Jere in Borno State with 116 recipients, Degema in Rivers State (146), Ogun Waterside in Ogun State (159), Ogo Oluwa in Oyo state (160).

Recall that the minister had earlier indicated that disbursement was going to be staggered and in phase till completion.

Meanwhile, the trade minister confirmed that the ministry had begun examination and sorting of applications received from asset managers to establish the diaspora fund.

She said hundreds of applications were received and currently undergoing a vetting process.

The minister, speaking through her aide, Terfa Gyado, said, “On diaspora Fund, the deadline for Expressions of Interest has closed and applications are currently being vetted.

“We received applications in hundreds and from all over the world.”

 

When asked to confirm the specific figure, the minister said it would be announced after the sorting process, she said, “They are still sorting but it was an overwhelming response.”

The $10 billion Diaspora Fund is a government-enabled, private-sector-led initiative of the ministry to attract investment from citizens living abroad.

The fund, which would be established by private sector Fund Managers selected through a competitive bidding process, is a way of encouraging remittances, attracting investments, and facilitating philanthropic endeavours aimed at supporting various sectors such as agriculture, infrastructure, healthcare, education, and entrepreneurship in Nigeria.

The government had extended the date for the submission of an Expression of Interest for the fund to May 13, 2024.

The naira appreciated to N1,490 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.

The current FX rate signifies an increase of 2 percent relative to the N1,520 reported on May 27.

Currency traders in Lagos, also known bureau de change operators, quoted the buying price of the greenback at N1,460, and the selling rate at N1,490 — leaving a profit margin of N30.

At the official window, the local currency depreciated by 13.26 percent against the dollar from N1,173.88/$ on May 28 to close at N1,329.65 on Wednesday.

During trading hours, the exchange rate recorded a high of N1,506 and a low of N1,010, according to FMDQ Exchange, a platform that oversees the official FX trading in Nigeria.

The daily foreign exchange market turnover stood at $336.54 million.

On May 22, the Central Bank of Nigeria (CBN) released the approved guidelines for BDC operations in the country.

The apex bank raised the capital requirement for tier-1 BDC operators from N35 million to N2 billion, while tier-2 operators were mandated to have a capital base of N500 million.

On May 28, the Association of Bureau De Change Operators (ABCON) urged the CBN to review the minimum capital base for tier-1 operators to N500 million and tier-2 operators to N100 million.

Aminu Gwadabe, president of ABCON, said the capital requirement should be reviewed to allow for easy mergers among BDCs.

“For the N2 billion capital base — for those that want to have branches or franchise — we told them (CBN) we are proposing between N500 million and N1 billion,” he said.

Gwadabe also urged the apex bank to allow BDCs to recapitalise instead of reapplying for licences.

The management of the National Medical Services Laboratories in Pennsylvania, United States of America, has refuted the claim by the Lagos State Government that a toxicology test to ascertain the cause of the death of singer Ilerioluwa Aloba, aka Mohbad, was conducted at its facility.

The claim by the NMS Labs was in response to inquiries made by our correspondent, who embarked on a fact-finding mission to ascertain the musician’s cause of death.

Before embarking on the fact-finding mission, some concerned members of the public reportedly protested against the claim made by a pathologist, who appeared before the Coroner’s Court on Wednesday, May 15, and said an autopsy could not ascertain Mohbad’s cause of death because his corpse had decomposed.

PUNCH Metro had reported that the counsel for the state government, O. Akinde, told the Coroner’s Court sitting in the Ikorodu area of the state sometime in November 2023 that a toxicology test, which is an aspect of an autopsy seeking to determine the cause of Mohbad’s death, was conducted in the United States.

 

Buttressing this claim, the state Commissioner for Information and Strategy, Gbenga Omotoso, while responding to inquiries via a live telephone call with Ahmad Isah, the anchor of an Abuja-based online programme, Brekete Family, sometime in February 2024, said the toxicology test was being conducted at the NMS Labs in Pennsylvania, USA.

“The matter is being handled by the state DNA and Forensic Centre, but they are doing skeletal services, and they have affiliate centres which are three.

“So, if there is an emergency like this one that we have, they will not say they cannot handle it. So, there are three of them in the US and the one handling this particular one is the NMS in Pennsylvania, USA,” Omotoso said during the live programme.

 

The result of the test reportedly arrived in Nigeria sometime in April 2024 and was passed on to a pathologist for interpretation.

Appearing before the coroner’s court, the pathologist disclosed that the autopsy could not ascertain the cause of Mohbad’s death because the corpse had decomposed.

However, during the fact-finding mission, our correspondent independently verified the location of the NMS Labs on 3701 Welsh Road Willow Grove, Pennsylvania, and that of two NMS crime labs on Stratford Avenue, Willow Grove, Pennsylvania, and another at Grand Prairie in Texas.

The single e-mail address that these labs had been using for correspondence was also discovered on the NMS Labs’ website and our correspondent sent an inquiry to confirm if a toxicology test to ascertain Mohbad’s death was conducted at their facility.

The inquiry read in part, “I am a journalist from Punch Newspaper in Nigeria, currently working on a story involving the death of Nigerian hip-hop artiste, Ilerioluwa Aloba, aka Mohbad.

 

“Following the Lagos State Government’s active interest in the case, the state Commissioner for Information revealed that the government conducted a toxicology test on the late artiste at your facility. Here is the link where he said so at 32:21 (https://youtu.be/SW59DTJZV3I?si=ty0OaXJSTvfuC4Oz).

“However, conflicting reports have emerged, casting doubt on whether or not the toxicology test indeed took place at your facility. As a journalist committed to factual reporting, I am independently reaching out to your facility to verify the authenticity of this claim. Clarification on this matter will contribute significantly to resolving the discrepancies surrounding the artist’s demise.”

 

Responding to PUNCH Metro on May 17, the Client Services Associate, Forensics Division, NMS Labs, Esther Dede, refuted the claim by the state government that Mohbad’s toxicology test was conducted at any of their laboratories.

“Unfortunately, we do not have a case for that patient,” Dede said.

Dede, however, noted, “To maintain our compliance with HIPAA privacy regulations, we would need authorisation from the submitting agency.”

When contacted on Wednesday, the Commissioner for Information, Omotoso, said that was the name of the lab given to him by the state DNA and Forensic Centre.

“This was what I was told by the Lagos State DNA and Forensic Centre officials who took the sample there. We are dealing with the officials of the centre, they have three other labs that they have affiliations with. If they have an emergency, they can go to any of the three labs. I asked which particular one did they go to and they answered it was that one. That means I will have to go and check again because that was what I was told.”

Mohbad died at the age of 27, on September 12, 2023, with circumstances surrounding his death sparking controversies on social media.

Being a former record label signee of Marlian Music owned by Naira Marley, Mohbad left the label in February 2022. The Lagos State Police Command had on September 18, 2023, inaugurated a 13-man special investigation team to probe the singer’s death.

 

His death also led to the arrest of Naira Marley and controversial Lagos socialite, Balogun Eletu, also known as Sam Larry, amongst others.

The singer’s body was on September 21, 2023, exhumed for autopsy to unravel the cause of his death.

TapSwap, a popular cryptocurrency platform has issued a new update.
 
The platform revealed it would pool launch by July 1st.
 
 
This decision comes after the discovery of numerous bots that had accumulated an unrealistic amount of Shares.
 
According to TapSwap, the main reason for this delay is to address the issue of bots earning an unfair amount of Shares, which compromises the integrity of the token distribution process.
 
To rectify this situation, the company is taking measures to identify, stop, and ban these bots.
 
This move aims to ensure a fair allocation of TAPS (TapSwap tokens) and reward those who have earned them honestly.
 
The delay presents an opportunity for newcomers to join the platform and accumulate Shares, while early adopters of TapSwap may see their status within the community increase.
 
Additionally, TapSwap has promised to release information about blockchain soon, which will provide further insight into their operations and technology.
 
TapSwap has expressed gratitude to its users for their patience and understanding as they work to maintain the integrity of their community.
 
This move demonstrates the company’s commitment to fairness and transparency, ensuring a secure and trustworthy environment for all users.
 
 
The updated launch date is set for July 1st, and users can expect a fair and just distribution of TAPS.
 
With this delay, TapSwap aims to create a more equitable and sustainable community for all its members.
 
SEE POST:
 

Joseph Aloba, Mohbad's father, stated that he will disclose the identity of the individual purportedly responsible for Mohbad's death after a DNA test has been performed on Liam, the deceased singer's son.

Mohbad died on September 12, 2023, and was buried the following day. On September 21, his body was exhumed by police for an autopsy.

Eight months later, the autopsy failed to determine the cause of death as the singer’s body had decomposed when tests were conducted.

Mohbad’s demise has continued to elicit discussions on social media, including questions about his son’s paternity.

Aloba also refused to rebury his son until a DNA test confirmed Liam’s biological father.

He recently suggested that a potential DNA test on Liam could have been a factor in the singer’s death.

But in another interview with Oyinmomo TV, Aloba accused Omowunmi, Mohbad’s wife, of infidelity while claiming he knew who killed the singer.

Aloba alleged that Omowunmi also influenced Mohbad against the management of Marlian Records, his former label.

“Cynthia (Omowunmi) is supposed to be called a liar. There is no single truth that comes out from her. She says ‘because I did not give daddy placenta since then he has been…’. Liam has bowed legs. People started calling my attention to the physical traits of Liam, saying “We do not have curved legs in our family. So where did Liam get his curved legs,” 
he said.


“I wanted to name the boy Victor. I did not know where they got the name Liam from. But they told me there was no more name. Liam is an Islamic name and we do not have Islamic in my lineage.

“We are talking about DNA they did not do it and they want us to bury Mohbad. We must know if the child is ours. If he belongs to our bloodline.


“Mohbad has always been talking to me about one king. If people want to look for who killed Mohbad, they should wait after the DNA test.”

Former Minister of Education, Dr. Oby Ezekwesili has stated that she will not revert to the old national anthem newly signed by President Bola Tinubu.


Ezekwesili who disclosed this in her X handle on Wednesday, stated that no one will suppress her right to dissent an obnoxious ‘law’ that is repugnant to all.


In the post which she tagged ‘Public Service Announcement’, she wrote, “Let it be known to all and sundry that I, Obiageli “Oby” Ezekwesili shall whenever asked to sing the Nigerian National Anthem sing:

“1. Arise, O compatriots, Nigeria’s call obey
To serve our fatherland
With love and strength and faith
The labour of our heroes past
Shall never be in vain
To serve with heart and might
One nation bound in freedom, peace and unity.

“2. Oh God of creation, direct our noble cause
Guide our leader’s right
Help our youth the truth to know
In love and honesty to grow
And living just and true
Great lofty heights attain
To build a nation where peace and justice reign.

“This is my own National Anthem and let it be known that no one can suppress my right to dissent an obnoxious “law” that is repugnant to all that is of good conscience in Nigeria.
“Whatever else is #NotMyNationalAnthem.”
In another post, the former Minister, stated that she actually thought the revert to the Old Anthem was a joke and wondered why it was a priority for the government.

 

“I frankly thought it was a joke and gave it no attention. With all the horrible indicators on the state of governance? So, it is a new National Anthem that is their priority?
“I frankly thought it was a joke and gave it no attention.

“What an egregious case of “Majoring in the Minor” this is! Wow!.”

She urged Nigerians to rise up and fight for themselves as none of their leaders will fight for them.

“Again, no one is coming to save us, Citizens of Nigeria. We’re all we have.

“We all must someday decide to collectively save ourselves and this country from these overpaid, unethical, incompetent and incapable “Lawbreakers” in the @nassnigeria and their similarly characterized collaborators in the Executive and Judicial branches of Government across this Land.

“The Citizens of this country must understand this absolute truth by now that the Political Class is the biggest curse on this country,” she posted.

A 24-year-old bricklayer, Adedapo Ayobami, has been arrested by the Nigeria Security and Civil Defence Corps (NSCDC) for allegedly breaking into and stealing from the residence of a herbalist who allegedly provided him with money attraction charms.

According to Michael Adaralewa, the Osun State Commandant of the NSCDC, Ayobami, a resident of 13, Oja Oba in Osogbo, unlawfully entered a house in the Osunjela area of Osogbo and made away with a plasma television, ten cooking pots, two frying pans, two cable decoders, a solar panel with bulbs, curtains, and other household items.

In his statement to the police, Ayobami allegedly confessed that before the homeowner’s death, he was a herbalist who provided him with traditional soap to improve his financial fortunes.

Ayobami had been collecting the soaps on a monthly basis.

On May 23rd, after learning of the herbalist’s passing, Ayobami returned to the house, found the keys, and stole various items, intending to sell them to unsuspecting buyers.

 

The NSCDC commandant stated that Ayobami’s actions contravene Section 411 of the Criminal Code Act in Nigeria, which deals with theft and related offenses.

The statement reads: “In his confessional statement, the suspect said, before the owner of the house died, he was a herbalist and he gave him traditional soap to improve his financial status.

“He would be collecting the traditional soap on monthly basis. He went to the herbalist’s house to collect the soap for the month of May, on getting there, he was told the herbalist had died, he went home disappointed.

“The following day Thursday, 23rd of May, he went to the herbalist’s house, checked where he used to keep his key while alive, opened the door and carted away Plasma television, cooking utensils, Solar Panel, bulbs, two different cable decoders and other household items.

“The Suspect, Adedapo Ayobami disclosed that he intended to sell the stolen items to unsuspecting members of the public.”

A Federal High Court sitting in Lagos has again, ordered the interim forfeiture of $1.4m allegedly tied to the former Central Bank of Nigeria Governor, Godwin Emefiele.

Justice Ayokunle Faji of the Federal High Court sitting in Lagos granted the EFCC’s ex-parte application on Wednesday. The order freezes the funds held in the account of Donatone Limited, domiciled at Titan Bank Limited.

The EFCC suspects the money to be proceeds of unlawful activities. According to the affidavit filed by the EFCC investigator, David Jayeoba, the investigation suggests the funds may be linked to bribes and gratification received by Emefiele in exchange for facilitating access to foreign exchange (Forex) during a period of scarcity in 2021 and 2022.

He stated, “Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.

“That Uzeobo Anthony and Adebanjo Olurotimi used the firm, to collect bribes and gratification on behalf of Godwin Emefiele, to get approval for accessing Forex. And that one of the entities (NP) paid a total sum of $26,552 million USD, into the account of a firm domiciled in Titan Trust account number 2000000500.

“That the said credits came into the account of firm on November 9, 2021: $6,450,000; November 5, 2021: $6,050,000.00; December 16, 2021: $5,400,000.00; December 23, 2021: $652,000; January 31 2022; $3,000,000.00 and September 21, 2022: $5,000,000.00.

“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.

“That of the total sum of $26, 555, 000.00 US dollars received by the firm, the balance standing in the said account as at today is the sum of $1, 426, 175.14 million USD.

“That it is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of (GE) and his cronies. And that investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.

“That the signatories to the account warehouse the sum of $1, 426, 175.14 million USD, sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically. And that based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of (GE) and his cronies. And that it is in the interest of justice to grant this application.”

This is the second such order against Emefiele this month. On May 25, Justice Yellim Bogoro of ordered the interim forfeiture of over $4.7m, N830m, and properties linked to the former CBN governor.

The court has ordered the EFCC to publish the interim forfeiture order in a national newspaper. This allows any interested parties to challenge the order within 14 days. The case is adjourned until June 25, 2024, when the court will hear arguments for the final forfeiture of the funds.

The properties forfeited in the interim include 94 Units of an 11-floor building under Construction at 2, Otunba Elegushi 2nd Avenue (Formerly Club) Road, Ikoyi, Lagos; AM Plaza, 11-floor office space, situate on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos, Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, ibeju-Lekki LGA, Lagos and two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B. Lot twin completed property in Lakes Estate, Lekki, Lagos.

President Bola Tinubu has announced that the Abuja Rail Mass Transit will offer free rides to the public until December 2024.

The announcement came during the commissioning ceremony of the newly completed project in Abuja on Wednesday, to mark the first anniversary of his administration.

During the event, President Tinubu commended the Minister of the Federal Capital Territory (FCT), Nyesom Wike for the “speedy completion of the project.”

Wike had declared that the Abuja Light Rail would operate freely for two months, starting on Tuesday, as part of a ministerial press briefing in Abuja.

The minister added that the initiative was introduced as a part of President Tinubu’s renewed hope agenda for FCT residents.

However, Tinubu revealed that the free rides would now be available until the year’s end to enhance the mobility of Abuja residents and support the overall economic activity in the region.

Speaking earlier, Wike said his administration is aware of the difficulties residents of the territory pass through in order to commute from one spot to the other and is committed to changing the situation through the provision of adequate and modern transportation system

The newly commissioned rail project is expected to provide a much-needed boost to the transportation infrastructure in Abuja, and to ease traffic congestion and offer a reliable transit option for the city’s residents.

A former Director of Operations at the Central Bank of Nigeria (CBN), Ahmed Umar has claimed that the naira redesign embarked upon by the immediate-past Governor of the apex bank, Godwin Emefiele did not have the approval of the Committee of Governors.

Umar made the claim at the resumed trial of Emefiele on Tuesday.

 

At the trial opening on Tuesday, the Economic and Financial Crimes Commission (EFCC), fielded Umar as its first witness.

Led in evidence by the EFCC prosecutor, Rotimi Oyedepo (SAN), Umar told the court that his department in 2022 was directed to come up with the new design for the naira.

 

He said, “The management of CBN directed my department to come up with a memo on the design of the naira note sometime in August 2022.

“We prepared the bill with the Committee of Governors and passed it through the line Deputy Governor Operations, which he forwarded to the Governor and it was listed for consideration by the Committee of Governors.”

The ex-director, who told the court that he joined CBN 35 years ago and retired in July 2023, explained that the Committee of Governors comprised five members, including the CBN Governor as chairman.

 

The witness told the court that the naira redesign memo was presented to the Committee of Governors for their consideration/ review on October 26, 2022, but the committee did not approve it.

Umar said, “We humbly requested the implementation of the amendment. (But) the extract from the COG did not approve item one and item three. While item two was modified to include N200 denomination, the proposal for the exercise in 2023 wasn’t approved by the COG

“The procedure requires the Board of Directors to recommend to the President for design and form.

 
 

“The design shall be contained in the currency after the approval of the President then the production of the currency will commence.”

Justice Maryanne Anenih admitted in evidence the Certified True Copy of the memorandum filed by the Operations Department and marked it as Exhibit A.

The EFCC, in the charges, accused Emefiele of spending N4.4bn to print “coloured swapped N500 notes.”

The ex-apex bank chief, however, denied all the allegations, pleading not guilty.