The lagos government to demolish the popular Landmark Beach Resort to give way for the coastal highway construction of Lagos-Calabar road project.

This was contained in a letter to the business mogul Paul Onwuanibe dated March 19, 2024, and signed by the Deputy Director (Development Matters Department) Tpl Shomolu O., on behalf of the permanent secretary of the Ministry of Physical Planning and Urban Development.

According to the letter, the state government noted that the sections of the property billed for demolition such as the Beach Resort, Kids and Bay Arena, Members Area, Lagos Beach Club fall within the Right of Way of the proposed road project by 50 meters.

Onwuanibe, receiving seven day’s notice of removal of property felt it was an April fool that had come early.

The beach resort which is valued at over $200 million, according to Onwuanibe, the Landmark site is home to over 80 businesses and provides more than 4,000 direct jobs.

It also generates over 2 billion naira ($1.5 million) in annual tax revenue.

Recall that the Lagos state government had written the company in two different national newspaper on the demolition .

“Following the publications of Friday 15th and Saturday 16th March, 2024, in the two national newspapers, The Nation and The PUNCH respectively, for the constriction of 103km stretch of the 700km Lagos-Calabar coastal highway by the Federal Ministry of Works, in collaboration with Lagos State Government, I am to inform you that your property falls within the Right of Way Alignment of the project by 50 meters.

“Consequently, the affected portion shall be removed in overriding public interest, to pave way for the road construction project from seven (7) days of serving this notice.

“In view of the above, I am to request you to forward all documents supporting your ownership of the property to the Permanent Secretary, Lands Bureau, Block 13 and 14, The Secretariat, Alausa, Ikeja.’’

The acclaimed musician, David Adeleke, popularly known as Davido, kicked off the new month in spectacular fashion by adding yet another private jet to his impressive collection.

In a stunning announcement on the micro-blogging platform X (formerly Twitter), the father of five proudly unveiled his latest acquisition—a pristine Bombardier 7500.

 

 

According to reports, the recently acquired private jet, a Bombardier 7500, is regarded as one of the most luxurious and costly aircraft available on the market, with estimated prices ranging from $68 million to $78 million, depending on the source.

The video showcasing the interior of Davido’s newly acquired private jet quickly circulated online, offering a brief glimpse into its luxurious design and opulent features.

SEE VIDEO BELOW

AS the controversy over the recent embarrassing escape from custody of an executive of the cryptocurrency exchange, Binance, Nadeem Anjarwalla through the Nnamdi Azikwe International airport rages on, key players across the country’s aviation sector have described the development as confirmation of the lack of synergy amongst security agents at the airports.

Nadeem Anjarwalla, the regional manager for Binance in Africa, was reported to have fled Nigeria using a smuggled passport through the Abuja airport to escape trial and prosecution.

Many stakeholders who reacted to the news condemned the lapses in Nigeria’s security system and intelligence which they argued made it seamless for the Binance official from perfecting his escape.

A key player who spoke under anonymity queried how a passenger could go through many uniformed personnel at the airport to not only process his papers but comfortably travel through the airport unnoticed.

Commenting on the controversy, the Chief Executive Officer at Selective Security International Ltd, Mr Ayo Obilana described the escape of the Binance executive as unacceptable.

According to Obilana: “I rate the efficiency of the securitymen in charge of airport immigration and state security as unacceptably poor on controversial escape of Mr Anjarwala if he passed through them.

“It’s not about porosity this time but about human error and failure which definitely points in one direction of either systemic failure or compromise. I believe his name should have been put on watchlist in the data base of the two security agencies. There are other possibilities, however, the matter should be thoroughly investigated and thereafter, the tasking authorities should take appropriate steps for redress or mitigation. I hope the airport has a functional CCTV system and if it has, the fugitive’s movements through the airport can be easily tracked including those who aided his escape.”

Equally, the Managing Director of another security agency, Centurion Security Services and a onetime military commandant of the Murtala Muhammed Airport, Group Captain John Ojikutu, retired, likened the escape of the Binance official to what happened with the escape of the now known popular underwear bomber, Farouk Abdulmutalab through the Lagos airport in 2009.

His words “Security begins with intelligence which is more than 60% of the Airport Security Defence Layers. If they get intelligence early and it is appropriately shared, what we saw happened last week would not have happened. What happened last week with the escaped man is not different from what happened with the Abdulmutalab escape in December 25, 2009 even when the father warned the National Intelligence Agent and the US Embassy about the irregular behaviour of his son.

While arguing that the airline that boarded the Binance official can only be blamed if it was informed earlier that the man was on the watch list or no-fly list.

“The airport government security agencies on the Aviation Security Defence Layers too appeared not to have any information about the man. What I can tell you from the experience of the Abdulmutalab case and his escape through the Avsec Defence Layers is the disconnect between the government security agencies in their line of duties. Starting with the intelligent agency to the border security agencies which include the immigration, DSS, Avsec/Airlines through the NCAA, etc.”


Other stakeholders who spoke on the controversy further took a swipe at the crop of security personnel manning the different airports who they accused of just sitting at their duty posts idly.

“Our airports are the only airports where security personnel sit instead of on their feet moving around. The Binance official can still come back to Nigeria and make another return same way as he escaped without being detected. The level of corruption in the airport security system particularly with immigration and State security protocols is unimaginable.

The key players also faulted the type of multiple security checks at the international airports which they said does not exist at any known airport in the world. “What obtains at our international airports is indeed shameful and some of us have tirelessly and repeatedly pointed same out to the tasking authority for corrective action but to no avail.”

Last modified on Friday, 05 April 2024 14:16

Popular cross-dresser, Idris Olanrewaju Okuneye popularly known as Bobrisky, has been convicted by Justice Abimbola Awogboro of the Federal High Court, Lagos, after he pleaded guilty to abuse of the naira.

The judge has reserved judgement on Bobrisky’s sentencing till April 9, ordering his remand in EFCC’s custody.

Before his conviction, Bobrisky pleaded with the court that he was not aware of the law on abusing the Naira.

The judge then told him that ignorance of the law was not an excuse to which Bobrisky replied,”I know my lord.”

He further said to the judge,”My lord I wish that you can give me a second chance to use my platform to inform and educate my followers about spraying money.

“I’m a social media influencer with over five million followers. I would do a video on my page and I will educate people about spraying money.

“I will not repeat it again my lord, I regret my actions my lord”.

With the conviction, Bobrisky could either serve six months in prison, pay a fine of N50,000 or do both.

Section 21 (1) of the CBN Act 2007 states that “a person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable for imprisonment for a term not less that six months or to a fine not less that N50,000 or to both such fine and imprisonment.”

When the charge was read, Bobrisky pleaded guilty to the first four counts bordering on Naira abuse.

Before the charge was read however, the EFCC’s counsel, Suleiman Suleiman, asked the court to strike out counts five and six bordering on money laundering allegations.

Justice Abimbola Awogboro subsequently struck out counts five and six.

This paved the way for the arraignment of Bobrisky on only counts one to four which is on the abuse of the naira.

When the counts were read, Bobrisky was asked if he understood the charge that was read to him, he replied, “yes, I am guilty”.

Bobrisky was brought into the court in a white bus at 9.12 a.m. on Friday morning by officials of the Economic and Financial Crimes Commission (EFCC).

He was arrested on Wednesday by the EFCC on account of naira abuse and money laundering.

In a viral tweet on X, A satisfied passenger praised Air Peace, showed off jollof rice, plantain chips and other foods Air Peace served him during the flight.

The edibles came even though the airline charged half the price British Airways would charge.

He prayed for God's blessing on Air Peace.

 

Joseph Aloba, the father of the late singer Ilerioluwa Olademeji Aloba, popularly known as Mohbad has vowed to expose those who killed his son.
 
According to him, he knows the identity of the killers.
 
 
Mohbad passed away under controversial circumstances on September 12, 2023, and was laid to rest the next day.
 
However, following a public outcry for a thorough investigation into his sudden demise, the body was exhumed about a week later for an autopsy.
 
While the result of the autopsy is still pending, Mr Aloba has publicly stated that the person responsible for his son’s death is someone close to him.
 
In an audio message making the rounds on social media, he vowed to reveal the identity of his son’s killer soon.
 
“I know who killed Mohbad. The person is someone close and I will tell the world soon,” he was heard saying in the viral audio.
 
Audio link:

Media

Nigerian singer and songwriter, Charles Oputa aka Charly Boy has opened up on his marriage.

He revealed that he married for the wrong reasons.

In an interview hosted by reality TV personality Uriel on Inside Scoop with Pulse, the prominent activist claimed that when he married his present wife in his early 30s, but he was searching for the wrong qualities.

According to him, he was looking for a woman who had a nice figure, beautiful and who can sing, since he was going into his hobby, singing.


All the aforementioned reasons however, were all the wrong reasons. He stated that at the time, those attributes were what he desired so much.

Charly further said that now, he wants something different since he is no longer interested in a lady’s beauty, nyash, or breast.

WATCH VIDEO

Media

Veteran Nigerian comedian, Alibaba has faulted the Economic Financial Crime Commission (EFCC) for arresting crossdresser, Bobrisky.
 
Recall that the EFCC filed a six-count charge against the crossdresser following his arrest at his residence in Pinnock Estates, Lagos on Wednesday, April 3rd.
 
 
Bobrisky will be arraigned on Friday for money laundering and mutilation of the Naira.
 
In a now-deleted post on his Instagram story, the veteran comedian kicked against the arrest of Bobrisky while sharing a video of men spraying and tampering with the Naira.
 
He queried why Bobrisky was arrested while doing the same thing the men did and recalled when the EFCC  sentenced another celebrity female for this same crime. Alibaba bemoaned the ill treatment women receive in Nigeria.
 
His words: “And Bobrisky was arrested for what again? Because they are men? This is not right. The other time on celebrity lady was sentenced for this same thing. Now, EFCC has arrested another lady for the same thing that men get away with. The way we treat women in this country is not good. Mennnnnn… I just tayaaa.”
 
SEE BELOW:
 
 
Last modified on Friday, 05 April 2024 11:12

The Central Bank of Nigeria (CBN) has blacklisted several fake loan applications that have been exploiting unsuspecting Nigerians.

The Federal Government endorsed this move, declaring these apps illegal and a menace to society due to their deceptive operations.

These illegitimate loan apps have been causing significant distress through their harassment of users and victims.

Notably, these apps operate outside the legal framework, as they are unregistered with the federal government and have now faced an official ban.

The rise of fake loan apps is a pressing issue in the digital age, where the ease and appeal of online lending platforms have unfortunately also paved the way for fraudulent activities.

Scammers behind these apps lure individuals with the promise of straightforward loan approvals and quick money transfers, targeting those with poor credit scores or limited access to traditional financial services.

Victims, often in dire financial straits, are duped into submitting personal and financial information under the guise of securing a loan.

This sensitive data is then misused for identity theft, financial fraud, or other illegal activities, leaving individuals vulnerable and financially strained.

The CBN’s crackdown on these deceptive apps signals a commitment to safeguarding citizens from digital financial crimes and ensuring a secure environment for legitimate online financial transactions.

 

Here are the list of fake loan apps that have been blacklisted by the CBN:

EasyCredit

EasiMoni

KashKash

Speedy Choice

GoCash

Soko Loan App

Fast Money

GetCash

Icoin Loan

Naira Plus

9jaCash

LionCash

GMoney

Fast Money

9credit

Swiftkash App

Hen Credit Loan App

Cash Door App

Joy Cash-Loan App

Eaglecash App

Luckyloan Personal Loan App

Getloan App

Easeloan Apps

Naira Naija

Cashlawn App

Easynaira App

Crediting App

Yoyi App

Nut Loan App

Cashpal App

Nairaeasy Gist Loan App

Camelloan App

Nairaloan App

Moneytreefinance Made Easy App

Cashme App

Secucash App

Creditbox App

Cashmama App

Crimson Credit App

Galaxy Credit App

Ease Cash App

Xcredit

Imoney

Naira Naija

Imoneyplus-Instant

Nairanaija-Instant

Nownowmoney

Naija Cash

Eagle Cash

Firstnell App

Flypay

Spark Credit

Luckyloan Personal Loan App

KPMG has said that the effectiveness of the Central Bank of Nigeria’s (CBN) monetary tightening strategies may fall short unless Nigeria addresses the underlying supply-side constraints fuelling cost-push inflation. 

In issue 15 of the Flashnotes publication of KPMG in Nigeria, which was seen by Nairametrics, the firm emphasised the need for a balanced approach that tackles both demand-pull and cost-push inflationary pressures. It called for collaborative efforts between fiscal and monetary authorities to dismantle the supply-side barriers contributing to inflation. 

The document read: 

  • “We recognise that price stability is a necessary condition for economic growth. We equally recognise that raising interest rates is a natural response to inflationary pressures in monetary policy playbooks. 
  • “However, we emphasise that monetary tightening is more apt for addressing demand-pull inflation. Thus, inflation may yield little in response to the monetary tightening efforts, unless the supply-side bottlenecks fanning cost-push inflation are also addressed. 
  • “Eliminating these bottlenecks will require concerted efforts from both fiscal and monetary authorities. We are confident that such efforts will better deliver the intended price stability without trading-off economic growth.” 

Inflation may lose steam after mid-2024 

According to KPMG, a potential slowdown in inflation rates is on the horizon post-mid-2024, largely attributed to statistical base effects. 

However, this expected deceleration depends on the absence of new economic policies that might exert upward pressures on prices. 

The firm advised against attributing any reduction in inflation rates solely to monetary policy tightening, highlighting the influence of broader economic factors and policies. 

KPMG said: 

  • “Meanwhile, with the onset of base effect expected after mid-year, the next few months will be important for assessing the impact of the CBN’s monetary tightening on inflation. 
  • “Statistically, inflation is set to lose steam after mid-year largely because of the onset of base effect, except economic policies that significantly pressure prices are implemented. Attributing a decrease in inflation solely to the tightening of liquidity once the base effect kicks in after midyear might be inaccurate.” 

Higher MPR to drive portfolio investments 

The CBN’s decision to elevate the Monetary Policy Rate (MPR) to a historic high of 24.75% in March 2024 is expected to attract more foreign exchange inflows, driven by the appeal of higher interest rates. KPMG projected that these inflows will primarily come from portfolio investments, seeking to benefit from the increased rates. 

However, the firm also cautioned about the potential volatility associated with these “hot money” inflows, noting the risks of sudden reversals that they pose to macroeconomic stability. 

KPMG said: 

  • “We expect the higher MPR to attract greater FX inflows that would drive the appreciation of the Naira in the foreign exchange market. However, most of these gains are expected to come from portfolio investments as investors move to take advantage of the higher interest rate environment. 
  • “The downside of this “hot money” inflow, however, is the risk of sharp reversals in response to changes in market signals. Large scale capital reversals are historically known to birth macroeconomic instability.” 

Already, Nigeria has recorded about $3.8 billion foreign capital inflow in the first quarter of 2024 with investors (especially foreign investors) interested in government securities for high yields.  

Tightening policy threatens Tinubu’s $1 trillion economy goal 

KPMG further noted that the quest for price stability may inadvertently sacrifice economic growth. With Nigeria’s growth trajectory already on a decelerating path, the current policy stance could further deter investments in the real sector, negatively affecting employment and growth. 

The firm warned that high borrowing costs and a restrictive monetary environment might lead to an increase in non-performing loans and challenge the government’s ambitious goal of expanding Nigeria’s economy to a $1 trillion economy within the next eight years. 

The firm said: 

  • “Furthermore, we note that targeting inflation from the demand-side (via a sustained monetary tightening of such scale) may inadvertently cause Nigeria to trade-off some growth for lower inflation. This is especially worrying as the nation’s growth has been slow, fragile, and decelerating (3.4% in 2021, 3.1% in 2022 and 2.74% in 2023) in recent times. 
  • “With the real sector already burdened by high borrowing costs and inflation, the CBN’s decision could further shrink the sector by disincentivising investments. The higher borrowing costs may induce a scale back on investments in the real sector, adversely affecting employment and growth levels. 
  • “Also, monetary tightening of such scale may give rise to higher non-performing loans. The higher interest rate environment may strain borrowers’ finances and raise their risk of defaulting on loans. 
  • “Moreover, the government has expressed a desire to grow Nigeria’s economy to a $1 trillion economy over the next 8 years. This ambitious growth drive requires the economy to attain about 12% CAGR over the targeted period. 
  • “However, the elevated Cash Reserve Ratio (CRR) could further restrict the ability of banks to channel credit to support the economy’s ambitious growth drive. Thus, the restrictive monetary policy environment further casts shadows on the attainability of the government’s economic objective.” 

Analysts at Augusto & Co earlier said that President Bola Tinubu’s plan to reduce interest rates in the country may clash with the existing tightening monetary policy of the CBN. They noted that the president’s preference for lower interest rates to support economic growth raises the risk of inaction and will be a true test of the CBN’s independence.

However, so far, the CBN has shown its independence with a hawkish monetary stance. 

[Nairametrics]