Naira depreciation continued as US dollar transactions at the official foreign exchange market dropped to an all-time low of $84.38 million.

This is according to FMDQ data at the close of work on Thursday.

The day-to-day FX supply turnover dropped from $160.77 million on Tuesday to $84.38 million on Thursday.

Consequently, the Naira further dipped to N1459.73 per dollar on Thursday from N1416.57 on Wednesday.

This represents an N43.17 depreciation against the dollar at the official foreign exchange market.

Similarly, the Naira dropped to N1,450 per dollar on Thursday in the parallel market section, compared to N1,438 the previous day. This brings the gap between the official and parallel markets to N9.73.

Naira’s depreciation has been consistent for days now in the FX market.

The country’s forex instability has persisted despite the recent surge in foreign reserves by $262 million.

A video obtained shown personal belongings of students scattered in a classroom after bandits invaded Kogi State University of Science and Technology Osara, (CUSTECH).

Bandits kidnapped an unspecified number of students when they attacked the institution at about 9 pm on Thursday.

An eyewitness told our correspondent that the bandits, who came in their large numbers, entered the school through the bush path and started shooting sporadically. 

It was further learnt that the school local security engaged the bandits in a gun duel that lasted for over 30 minutes.

According to one of the students, who escaped by whiskers, “the hoodlums invaded the school at about 9 pm and went straight to lecture halls where we were having tutorials preparatory for our upcoming first semester exams.

“The number of abducted students would have been less if the management had listened to the plea of students to open the mini-gate that leads into the main town,” he said.

He lamented that the students were left with only the main gate.

He added that when the shootout subsided, a number of students could not be readily accounted for.

The source further hinted that no fewer than 57 students were abducted, while one student sustained gunshot wounds.

Meanwhile, the police and other security agencies have been mobilized to the school and the community.

Confirming the incident, the Vice Chancellor, Professor Abdulraman Asipita said the situation was under control.

All efforts to speak with the Police Public Relations Officer in Kogi State, (PPRO) SP William Ovye Aya, proved abortive as of the time of filing this report.

The Nigerian Army on Thursday said it has apprehended personnel for illegal possession of ammunition and explosives during a routine search operation by the Military Police K9 Team, at the Borno Express Terminal in Maiduguri, Borno State.

A statement by Major Gen Onyema Nwacbukwu, Director of Army Public Relations said, “The soldier, Lance Corporal Mubarak Yakubu was found in possession of 756 rounds of 7.62 mm special ammunition and four 36 hand grenades, ingeniously concealed within a small bag of rice”.

“This arrest underscores the Nigerian Army’s zero-tolerance policy towards any form of illegal activity or contravention of military regulations by its personnel.

“Preliminary investigation has revealed that the soldier had been de-inducted from active theatre operations in March 2024 and was undergoing de-induction training at the Nigerian Army School of Infantry.

“The soldier was on a welfare pass from Jaji to Kaduna and Adamawa from April 30, 2024, to May 13, 2024, when the arrest took place.

“The NA wishes to assure the public that it will continue to act decisively to maintain discipline within its ranks and ensure the security of all Nigerians.

“The soldier in question is currently in custody and a thorough investigation has commenced to ascertain the full circumstances surrounding this incident and to apply the appropriate disciplinary measures.

“This proactive measure by the Military Police K9 Team reflects Nigerian Army’s relentless vigilance and its proactive approach to enforcing compliance with military laws and regulations.

“The Nigerian Army remains committed to its role as a professional military organization dedicated to the service of our nation and the protection of its citizenry.”

American Express Co. has launched its inaugural business credit card in Nigeria amid the foreign exchange crisis.

The international firm is partnering with a Nigerian firm, neobank O3 Capital Nigeria Limited, potentially enhancing access to dollar transactions in the West African country.

The unveiling happened in Lagos on Thursday. 

The business card comes with a spending limit of $10,000 and offers a repayment window of up to 45 days for international transactions.

The President of Global Network Services, Amex, Mohammed Badi, said, “The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations”.

Similarly, the Chief Executive Officer of O3 Capital, Abimbola Pinheiro, said the O3-Amex card “solves the problem of queuing at banks for business travel allowance and the personal travel allowance.

The development comes amid the continued foreign exchange crisis in Nigeria.

On Thursday, the Naira dipped to N1459.73 per dollar at the official exchange market.

Human rights activist, Femi Falana has demanded that the 317 people deported from Lagos State to Osun State must be relocated to Lagos. 

Falana made this demand in a statement on Thursday. 

Recall that last weekend, 317 Nigerian citizens of Osun State origin were rounded up in several parts of Lagos State and loaded into several luxury buses, which drove them to Osun State. 

They were later dropped off at various points including Ilesa-Akure Express junction, Breweries; Ilesa – Ibodi – Iginla to Ife Express junction; Osun Ankara Express junction; Imelu Express junction; and Iperindo Express junction in Osun State. 

Speaking on the illegal deportation of the 317 citizens, the Lagos State Police Command stated that “in keeping with its mandates of prevention and detection of crime, [it] conducts raids of black spots from time to time, and promptly arraigns only culpable suspects in courts of competent jurisdiction in the state after a thorough screening of the people raided.”

In its official reaction to the illegal deportation, the Lagos State Government claimed that “450 miscreants were at the weekend rescued. Of the lot, 371 pleaded for assistance to relocate to their various states due to the hardship they are facing in Lagos; 79 have been absorbed into some government facilities for rehabilitation after showing signs of being unwell.” 

Reacting to the deportation, Falana said the victims of the illegal deportation have contradicted the account of the Lagos State Government. 

He said, according to them, they were abducted and forcefully loaded into several luxury buses and expelled from Lagos State without their consent.

Falana said it is indisputable that the deportation of the so-called miscreants violated their fundamental right to freedom of movement guaranteed by Section 41 of the Constitution which stipulates that  “every citizen of Nigeria is entitled to move freely throughout Nigeria and to reside in any part thereof, and no citizen of Nigeria shall be expelled from Nigeria or refused entry thereby or exit.” 

The senior lawyer added that in Federal Minister of Internal Affairs and Others VS Shugaba Abdulrrahaman Darman 1(982) 3 NCLR 915, the then Federal Court of Appeal affirmed the order of the Borno State High Court which directed the Federal Government to bring back the Respondent who had been illegally deported to Chad.  

He stated, “The illegal deportation also contravened article 12(5) of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act which has prohibited  mass expulsion that targets national, racial, ethnic or religious groups. In Anudo Ochieng Anudo v  United Republic of Tanzania (2018) 2 AfCLR 248 para 100, the African Court on Human and Peoples Rights declared that “a state can not turn a citizen into a foreigner for the sole purpose of expelling him.”

“Since the deportation of the 317 citizens was not authorised by the Lagos State Government, Governor Sanwoolu should ensure that they are  brought back to Lagos State as soon as possible. 

“The Osun State Governor, Mr. Ademola Adeleke, who has protested on behalf of the deportees, should contribute to their resettlement in Lagos State.  Furthermore, the officials of the Lagos State Government who carried out the illegal deportation of the 317 citizens should be brought to book to prevent them from further expelling other poor people from Lagos State,” he stated.

Falana, the Chair, Alliance on Surviving Covid 19 and Beyond (ASCAB), added, “The said officials should be made to realise that the poor and the rich have equal rights to breathe the air of freedom in Lagos State and other parts of Nigeria.”

The World Bank says the conditional cash transfer (CCT) programme of the federal government has had a limited impact on household consumption and financial inclusion.

The Bretton Woods institution disclosed this in its latest report, titled, ‘Beta Don Come: Effects of Cash Transfers on Women and Households in Nigeria’.

According to the report, the intervention also had a limited impact on employment, especially for women.

The report cited the 2016 cash transfer programme when the federal government launched the National Social Safety Nets Project (NASSP).

At the launch of the programme, it said, the federal government had provided households a cash transfer of N 5,000, disbursed as a lump sum every two months.

Payments were given to each household’s primary caregiver — predominantly women — the report stated.

The World Bank, however, suggested that there is a need for a complementary livelihood to support the intervention to generate sustainable improvements in households’ self-sufficiency.

“Program participation improved several dimensions of households’ and women’s welfare over time,” the report reads.

“Households in communities that entered the program earlier experience larger increases in household savings and food security, along with increased access to farmland and livestock ownership, compared to similar households in communities that entered the program later.

“We also find improvements in caregivers’ self-reported happiness, decision-making autonomy over how to spend their own income, and freedom of movement.

“Positive impacts appear to primarily result from the saving mobilisation component of the program.

“Households are substantially more likely to save the longer they have been receiving cash transfers and to switch away from exclusively using the cash for household consumption.

“However, in contrast to these strong positive impacts, we do not find any statistically significant effects on overall household consumption or on caregivers’ employment and financial inclusion.”

The World Bank also said in spite of the efficacy of the CCT programme, there is no evidence to “the impacts of participating in the program at all”.

“We find positive effects on households’ saving, food security, and economic activity along with increased caregivers’ decision-making autonomy and physical mobility associated with participating in the project for longer periods of time,” the report added.

“Nonetheless, the limited impacts on household consumption and women’s employment suggest that there is remaining scope for a complementary livelihood support intervention to generate sustainable improvements in households’ self-sufficiency.”

Approved in 2016, the CCT programme was established to benefit poor and vulnerable Nigerians with a monthly stipend of N5,000.

On July 13, 2023, President Bola Tinubu asked the senate to approve the $800 million loan request.

The president had said the loan would be used to scale up the national social safety net programme and cushion the effect of the removal of petrol subsidy.

He said the federal government would transfer N8,000 monthly to 12 million poor and low-income households for six months.

But on July 18, 2023, Tinubu ordered the immediate review of the proposed N8,000 conditional cash transfer.

NAFDAC enforcement officers, aided by intelligence from the Nigerian Army's 15 Field Engineering Regiment in Badagry, have dismantled the operations of Mr Chinedu Okafor, an illegal drinks manufacturer operating from his residence at No. 24, MTN Road, Badagry. 

According to a statement from the agency, Okafor's suspicious activities caught the attention of the Nigerian Army, leading to his arrest and subsequent handover to NAFDAC officers at the Ports Inspection Directorate, Seme Border. Upon inspection, officers evacuated all equipment and materials used in the production of illicit drinks, effectively shutting down the illegal factory. 

Investigations revealed Okafor's longstanding involvement in this criminal activity, which has potentially compromised regulated alcohol drinks in the Badagry area.  

The agency mentioned that Okafor will face prosecution, and all offending products will be destroyed, with an estimated value exceeding fifty million naira (₦50,000,000).

A federal high court in Abuja has dismissed a suit seeking to restrain the federal government from securitising the N22.7 trillion Ways and Means loan received from the Central Bank of Nigeria (CBN).

Securitisation is the practice of pooling together various debt instruments and selling them as bonds to investors.

In a judgment delivered on Thursday, James Omotosho, the presiding judge, held that the plaintiffs lacked locus standi (legal right) to institute the case, noting that they failed to prove the case.

The suit, marked FHC/ABJ/CS/1286/2023, was filed by Justin Edim and Akinfewa Akinwunmi against President Bola Tinubu, the federal government of Nigeria, CBN, and the ministry of finance as first to fourth defendants.

Others in the suit are the debt management office (DMO), national assembly, and attorney-general of the federation (AGF) as fifth to seventh defendants, respectively.

The plaintiffs, through their counsel, Victor Opatola, claimed they initiated the legal action on behalf of themselves and other Nigerian citizens.

They asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation through the issuance of treasury bills, bonds, or other forms of security.

In December 2022, the federal government requested the 9th national assembly for permission to securitise the debts it incurred from the CBN over the years.

The plaintiffs claimed that the series of loans secured by the government from the CBN had amounted to N23.7 trillion.

They added that the federal government was planning to restructure the loans to something that could be traded.

They further stated that the federal government had over the years secured various loans from the CBN under the Ways and Means provision of section 38 of the CBN Act in contravention of relevant laws.

They argued that the laws stipulate that the total amount the government could borrow shall not exceed five percent of the previous year’s revenue.

Recently, according to the plaintiffs, the Ways and Means debt of N22.7 trillion was decided to be converted into bonds (promissory note) contrary to section 38(3)(b) of the CBN Act.

The plaintiffs wanted the court to declare that the effect of securitising the ways and means debt would adversely affect millions of Nigerians, as well as rob them of the true worth of their savings and further drive Nigerians below the poverty line.

Delivering the judgment, Omotosho struck out the name of the national assembly from the suit, noting that the plaintiffs had breached the condition precedence of filing a pre-action notice on the legislature three months before filing the case.

The judge said though the plaintiffs claimed they filed the matter on behalf of the masses, the instant case was not a fundamental enforcement rights suit.

He said the claim that the suit was brought on behalf of the public was incomprehensible.

The judge added that the plaintiffs failed to show how the actions of the defendants affected them personally.

The Duke and Duchess of Sussex Prince Harry and Meghan will arrive in Nigeria on Friday, May 10, for a three-day private visit.

Prince Harry and his wife Meghan are visiting Nigeria at the invitation of the Chief of Defence Staff (CDS), Gen. Christopher Musa.

The Director of Sports, Defence Headquarters (DHQ), Air Vice Marshal Abidemi Marquis, said the founder of Invictus Games will spend three days in Nigeria and would interact with wounded soldiers and their families.

Marquis said: “Because we realized that 80% of our soldiers have been involved in this recovery program, they are getting better. Their outlook on life is positive. You know, when you are engaged in, you experience a permanent disability, you know, issues, it affects your mental health and also your outlook on life.

“But the recovery program has given them an opportunity to improve their personal self-esteem, to improve their mental health, their emotional intelligence has been improved and also their families seeing them, you know, as they used to be a breadwinner who is capable of, you know, continue living. So this engagement with Invictus is giving us the opportunity for a recovery for our soldiers.”

Marquis said Nigeria being a member of the Invictus community, the visit will lay credence to the fact that the Nigerian Armed Forces are accepted.

He added that Nigeria is also looking forward to hosting an Invictus game hence, the reason for the visit.

AVM Marquis also stressed the need to build a state-of-the-art structure for the management of the wounded and injured soldiers, “particularly the post-traumatic syndrome and the post-traumatic stress syndrome that are manifesting due to our engagement in the counter-insurgency operation.”

He disclosed that the couple would visit Kaduna and Lagos states where they would also interact with the Governors

He said: “So, to be specific, now, they will be arriving here tomorrow and they will be received and the reception will be a quiet reception because they will be traveling 14 hours to get to this place. They will be taken to the hotel.”

Marquis said the couple, after resting at the hotel, would return to visit the Chief of Defence Staff by noon tomorrow.

The director added that Prince Harry and his wife would before that visit, “They have their own NGO they are supporting somewhere in Wuse Light Academy. They are going to visit that place.

He said: “They will be proceeding to Kaduna to visit the Nigerian Army Reference Hospital. You know, that is where our wounded and injured soldiers are kept for their medical recovery. He will be going there.

“On Saturday, we’ll be having something like an exhibition of novelty matches. The CDS team and the Duke team will be having a volleyball match at armed forces officers’ mess in the morning. And this is just to engage with the wounded and injured soldiers. It’s a sitting volleyball match coming in the morning.

“So after that, we have a programme for them, 01:00 p.m. A reception, where they will be interacting with families of wounded and injured soldiers and families of soldiers and officers killed in action and service members generally. The program will start at 01:00 p.m. On Saturday thereafter, they will go back to the hotel to rest.

“So on Sunday, we have a program in Lagos. They will pay a courtesy call to the governor of Lagos State, and they also have an NGO. They are supporting Lagos over time, and we are going there. They built a basketball court for the school in Lagos. So they will be going there also. And there will be a basketball exhibition Match, 20 minutes, 30 minutes will be played.

“From there, they proceed to the governor’s place. After that, there is a reception also for them in Lagos. And when we finish that, we come back to Abuja, and they’ll be leaving Nigeria on Monday morning.”

The Independent Corrupt Practices and Other Related Offences Commission has secured the conviction of a Nigeria Security and Civil Defence Corps Commandant, Christopher Oluchukwu, for defrauding individuals seeking employment for their children.

According to a statement posted on the website of the ICPC on Thursday, Oluchukwu was found guilty on all nine counts filed against him at  Katsina State High Court 3.

The charges stemmed from allegations that he collected a total of N900,000 from three separate individuals under false pretences of securing them jobs within the NSCDC.

The statement partly read, “In the case filed by ICPC at the Katsina State High Court 3, the convict was accused of receiving the sum of N200,000:00, N300,000:00 and N400,000:00 respectively, from three individuals under the pretext of securing jobs for their children with the NSCDC.

“The victims had reported the matter to ICPC after the convict failed to procure the said job and refused to refund their money.”

During the trial, counsel to ICPC, Ibrahim Garba, in a 9-counts charge told the court how the action of the convict negates Sections 8,10 and 19 of the Corrupt Practices and Other Related Offences Act 2000.

One of the counts read, “That you Christopher Oluchukwu Ugwubujo on or about 25th and 28th day of November 2014 within the jurisdiction of this Court while being a public officer with the NSCDC conferred a corrupt advantage upon yourself by obtaining a total sum of four hundred thousand naira (N400, 000. 00) from one for a job placement for her daughter into NSCDC and you thereby committed an offence contrary to and punishable under section 19 of the Corrupt Practices and Other Related Offences Act 2000.” 

In his ruling on Tuesday, Justice Abbas Bawale was reported to have found Oluchukwu guilty on all nine counts and sentenced him to five years of imprisonment without the option of fine.

“Similarly, the trial judge pronounced that the sentences were to run concurrently. He also held that even though the defendant was at large (he jumped bail), his sureties should be arrested and kept in custody for further investigation,” the statement added.

PUNCH Online reported in January that the Nigeria Customs Service has arrested one Abdul-Rahman Ibrahim, in his fifties, for his involvement in fraudulent activities and the impersonation of the Comptroller-General of Customs and other high-ranking government officials.

The suspect was reported to have fraudulently lured numerous unsuspecting citizens to pay him money for the issuance of ‘job appointment letters,’ thereby extorting over N1 million from them.