The Federal Executive Council (FEC) has approved the setting up of the Renewed Hope Infrastructure Development Fund (RHIDF) to bridge the nation’s $878 billion infrastructure gap.
Announcing this to journalists after the week’s FEC, which was presided over by President Bola Tinubu, Special Adviser to the President on Revenue and Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, also disclosed that the Fund will be domiciled in the Presidency.
According to him, the National Integrated Infrastructure Master Plan had estimated Nigeria’s infrastructure expenditure from 2016 to 2040 at USD 878 billion, averaging USD 35 billion annually, adding that recognising that the Federal
Government alone could not meet the demand, given its heavy reliance on revenue from the oil and gas sector, new financing frameworks are required, hence the RHIDF, which is an upgrade to the Presidential Infrastructure Development Fund initiated by the previous administration.
Throwing more light on the Fund, Adedeji said: “How do we sustainably mobilise resources to actually fund development of the country. And what we have observed is that we need national infrastructure backbone to get this done.
“If you look at the analysis of the integrated master plan that was commissioned in 2020, we will require $895 billion in the next 10 years to actually bridged the gap of infrastructure problem that we have.
“For us to do that, it requires that we think outside the box and compare what has worked elsewhere, whether within our country or in other advanced countries that we are actually proud to be associated with.
“In coming up with this, in the wisdom of Mr President and the magnanimity the council, they approved the establishment of Renewed Hope Infrastructure Fund, as the catalyst to drive our infrastructure agenda.
“So, innovative fund consolidates existing resources to drive economic growth and connectivity across sectors like transport, agriculture, aviation and education and others. It helps for inclusive progress leaving no community behind and this is expanding the initial Presidential Infrastructure Development Fund that we have.
“This Renewed Hope Infrastructure Development Fund unifies efforts streamline the projects delivery for maximum impact, it accelerates infrastructure development, sparking economic dynamism nationwide.
“The key objective of the fund is to invest in nationally critical projects in sectors that will promote growth, enhance local value addition through backward, forward and parallel linkages, create employment opportunities, promote technological innovation, promote exports.
“Potential sectors for focus, like I said, will be agriculture, energy technology, infrastructure, healthcare and education. However, these ones I’ve mentioned are just indicative of what we do.
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“Then what is our goal is to actually establish an innovative infrastructure investment vehicle that we will use to attract and consolidate capital, serving as a driver for economic advancement. It is also having as part of goals to execute strategic and meticulously chosen national infrastructure across several key-sectors, like coastal road; the rail that we want to do, both southern and eastern rail; agricultural, spanning from irrigation, storage, logistics, and cold-chain and food security; ports and our airports and also to guarantee Nigerians that we’ll secure most advantageous arrangement in financing.
“So what is the strategic key focus for now? Like I said, we’ll focus more on road infrastructure, rail infrastructure, and agricultural infrastructure, ports revitalization and aviation enhancement. We believe that this vehicle will be one of the major vehicles, major-thinking-outside-the-box solution to our infrastructure gap.
“We believe, hopefully by the special grace of Almighty God, that Mr. President will launch this Fund after the Honorable Minister of Budget and Economic Planning would have done the Supplementary Budget that will take care of all these critical projects that we want to go on to.
“So we’ll look forward that the next few months, the fund will be launched and then it will be domiciled in Presidency as its precursor, which was the Presidential Infrastructure … This one is just expanding on that and then hopefully, in the next few years, we’ll be able to bridge the gap that we have infrastructure and then we’ll laid a solid foundation through which the food security, industrialization and all other wonderful aims that we have, we’ll be able to do. At the end of the day now help our internal revenue mobilisation.”
The Federal Executive Council (FEC) has approved two initiatives aimed at fostering greater inclusion and development opportunities for the youth population.
Disclosing this to journalists after the week’s Council meeting presided over by President Bola Tinubu at the State House, Minister of Youth and Sports Development Dr Jemila Ibrahim-Bio also announced that FEC approved the restructuring of the Nigerian Youth Investment Fund (NYIF) with additional provision for it.
According to Ibrahim-Bio, the Council has approved institutionalisation of a 2% youth quota in all government appointments and women representation of 30%.
She said this will be addressing the age-long marginalization of young people in decision-making processes.
“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalise a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%,” she said.
According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”
The Council also approved the restructuring and institutionalization of the NYIF, a fund initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors.
Recognising the potential of this initiative, the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund through a legal framework.
She said the revamped Youth Investment Fund will receive an immediate infusion of ₦25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional ₦25 billion from the 2024 Appropriation Act’s Digital Development Fund.
Moreover, the Central Bank of Nigeria (CBN) approved a ₦60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources.
She further said that the implementation strategy for the Renewed Youth Investment Fund will involve the establishment of clusters, where young people will cross-guarantee each other, focused on commodities with comparative advantages across the six geopolitical zones.
Additionally, she said the fund will offer increased obligor limits, moratoriums, and extended loan tenures, allowing young businesses to incubate and reach profitability.
“Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.
“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments.
“These measures aim to support young businesses and stimulate economic growth”, she said.
Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd and four others over alleged copyright infringement.
The case with the number FHC/ABJ/CR/111/2024 was filed at the federal high court in Abuja.
Four other defendants in the case are Karl Toriola, chief executive officer (CEO) of MTN Nigeria; Nkeakam Abhulimen; Fun Mobile Ltd, a telecommunications service provider; and Yahaya Maibe, its CEO.
In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation”.
The commission alleged that the defendants used Maleke’s musical works and sound recordings with subsisting copyright, known as “caller ring back tunes” without the authorisation of the artiste.
The musical works and sound recordings of the musician allegedly infringed upon include 911, Minimini-Wana Wana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No bother.
The defendants were also alleged to have illegally distributed the musical works to their subscribers, without authorisation, thereby infringing on the rights of the artiste.
In the third count, the defendants were alleged of having in their possession, the musical works and sound recordings of the artiste, other than for their personal or domestic use.
The copyright commission said the alleged offences are punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, laws of the federation of Nigeria, 2004.
The case is yet to be assigned to any judge and no date has been set for mention.
Despite controversy trailing it, The Labour Party (LP) last night said its convention slated Nnewi, Anambra State tomorrow will go on as planned.
Acting National Publicity Secretary, Obiora Ifoh, said all was set for the event.
“Yes, the convention will hold as planned. Delegates have started arriving,” Ifoh said.
Deputy National Chairman, Ayo Olorunfemi, also confirmed the convention would go ahead.
The decision to hold the national convention has pitted the National Chairman Julius Abure against the Nigeria Labour Congress (NLC), which is calling for his resignation.
The party has twice shifted the convention venue from Benin City, Edo State to Umuahia, Abia State to Nnewi in Anambra.
On Sunday, the founding fathers joined their voices in calling for Abure’s sack.
The NLC insisted that the planned convention was illegal.
It called for the setting up of a caretaker transition committee to organise a “legitimate convention”.
Also, the House of Representatives Caucus called for the postponement of the convention.
The caucus leader, Victor Ogene, asked the leadership to put an end to the infighting and engage in further consultation.
The caucus said many stakeholders, including the lawmakers, were not carried along on the plans.
Former NLC president Ayuba Wabba had also said Abure and his team were perpetrating illegality and that the LP had deviated from the founding fathers’ ideology.
He dismissed the allegation of an attempt to hijack LP levelled against NLC President Joe Ajaero, saying it was designed to whip up sentiment.
Wabba said Abure’s tenure had expired, and that a national convention cannot hold without ward and state congresses.
The ex-NLC president also insisted that the NLC owns the LP, as decided by a court.
The Federal Government, on Monday, contacted the International Criminal Police Organisation and issued an arrest warrant for the apprehension of one of the detained executives of a global crypto-currency firm, Binance, Nadeem Anjarwalla, who escaped from lawful custody on Friday.
It was also gathered from the Office of the National Security Adviser that Anjarwalla, a suspect in the probe into the activities of Binance in Nigeria, used a Kenyan passport to escape, while his colleague was still in custody.
The escapee Binance official, who has British and Kenyan nationalities, escaped from Abuja through a Middle East airliner, as his firm in Nigeria confirmed that Anjarwalla was no longer in the country, adding that the company would cooperate with security agencies.
The escape shocked security agencies, as they revealed that the fleeing executive was kept in a ‘safe house’ guarded by soldiers, adding that the security guards on duty had been detained.
The Office of the National Security Adviser confirmed the escape of Anjarwalla in a statement issued in Abuja on Monday by the Head of its Strategic Communication, Zakari Mijinyawa, who stated that preliminary investigation showed that the escapee fled Nigeria using a smuggled international passport.
He noted that efforts were ongoing to arrest the suspect.
The statement read, “The Office of the National Security Adviser confirms that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria, has escaped from lawful custody on Friday, March 22, 2024.
“Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, Ministries, Departments, and Agencies, as well as the international community, to apprehend the suspect.
“Security agencies are working with Interpol for an international arrest warrant on the suspect. Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport.”
Mijinyawa noted that the personnel responsible for the custody of Anjarwalla had been arrested, adding that investigations were ongoing to unravel the circumstances surrounding his escape.
“The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.
“Recall that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.
“Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and served as Binance’s Africa Regional Manager, was being tried by Nigerian courts.
“The suspect escaped while under a 14-day remand order by a court in Nigeria. He was scheduled to appear before the court again on April 4, 2024,” the statement added.
The ONSA spokesperson urged Nigerians and the international community to help with information that could lead to the arrest of the suspect.
Mijinyawa said, “We urge the Nigerian public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect.”
Financial Times had on February 28, 2024, reported that two executives of the company were arrested and detained after they flew into the country as a result of a ban on their website.
On March 12, 2024, the FT reported that the EFCC asked Binance to share data on its 100 top users in Nigeria as well as all transaction history for the past six months.
According to the report, the request is at the centre of negotiations between Binance and Nigeria.
Our correspondent learnt that the escaped Binance executive fled Nigeria on his smuggled Kenyan passport.
Anjarwalla’s escape from custody last Friday steered controversy across the country since the news broke Monday morning.
The embattled Binance executive who is both a citizen of the United Kingdom and Kenya, had had his British passport seized by the Nigerian authorities.
However, in an exclusive interview with our correspondent on Monday night, the spokesperson for the Office of the NSA, Mijinyawa, revealed that Anjarwalla fled the country using his Kenyan passport.
Responding to an enquiry on the particular country’s passport used by Anjarwalla to escape from Nigeria, Mijinwaya said, “Kenyan. His other passport remains with the Nigerian authorities.”
Meanwhile, impeccable sources told one of our correspondents that Anjarwalla and his colleague, Tigran Gambaryan, were detained in a “safe house” guarded by heavily armed soldiers.
It was further revealed that the embattled crypto-currency gurus were detained on the order of the National Security Adviser, Nuhu Ribadu.
The high-placed security sources who confided in The PUNCH, also noted that some of the military personnel guarding the safe house had been detained.
“The escape of Mr Anjarwalla from custody came as a surprise to many of us in the security community. He wasn’t detained by the EFCC or the DSS, he and his colleague were detained in a ‘safe house’ guarded by heavily armed soldiers of the Nigerian Army, on the order of the NSA, Nuhu Ribadu,” one of the sources revealed.
Another source who also spoke on the condition of anonymity, said, “The soldiers who were on duty on the day he escaped have been detained and are being interrogated over the matter.
“The Office of the National Security Adviser is the one coordinating the poet, while other relevant security agencies, the EFCC, DSS, police, FIRS, are carrying out their own independent investigations and have been questioning the Binance executives at the ‘safe house’ which is being guarded by the military.”
However, the Nigerian Immigrations Service and the Nigeria Police Force, were silent on the development.
The spokesperson for the NIS, Dr Forum Aridegbe, and the Force Public Relations Officer, Olumuyiwa Adejobi, did not respond to inquiries concerning how Anjarwalla got a smuggled passport, and also on plans to inform the Kenyan and British police concerning his whereabouts.
When contacted to tell what would be done to military officials who guarded the house from where the Binance boss escaped, the Director of Army Public Relations, Maj Gen. Onyema Nwachukwu, replied “I currently do not have information about soldiers reportedly guarding the said escapees. Will revert if I do.”
Anjarwalla, 38, escaped on Friday, March 22, 2024 from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.
Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody.
An Immigration official said the Binance executive fled Nigeria on a Kenyan passport. He, however, said authorities were trying to determine how he obtained the passport, given that he had no other travel document (apart from the British passport) on him when he was taken into custody.
Another source said the two officials were held at a “comfortable guest house” and allowed many rights, including the use of telephones, a privilege Anjarwalla is believed to have exploited to plot an escape.
Anjarwalla and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on February 26, 2024.
A criminal charge was filed against the two executives before a Magistrate Court in Abuja. On February 28, 2024, the court granted the Economic and Financial Crimes Commission an order to remand the duo for 14 days.
The court also ordered Binance to provide the Nigerian government with the data/information of Nigerians trading on its platform.
Following Binance’s refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till April 4, 2024.
Also on March 22, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Anjarwalla, and Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.
And in so doing, they committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).
The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).
Count three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).
The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).
The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged were using the Binance platform for criminal activities
The Nigerian government said over $21.6bn was traded by Nigerians whose identities were concealed by Binance.
The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation, and market manipulation, distorting the Nigerian economy and weakening the naira against other currencies
The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3bn to settle criminal money laundering charges levied by the US Department of Justice.
Binance founder and CEO Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign. His criminal trial has been postponed to April 30, 2024, by a US court.
Binance, the global cryptocurrency exchange, confirmed on Monday that its executive, Anjarwalla, was no longer in Nigerian custody.
The crypto exchange said its concern continues to be the safety and well-being of its employees, and it is actively collaborating with Nigerian authorities to swiftly resolve the matter.
“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees, and we are working collaboratively with Nigerian authorities to quickly resolve this issue,” It said in the emailed response.
However, it did not provide details on how the executive left Nigerian custody.
Earlier, the public relations agency for Binance, for confirmation on the matter.
“I am currently seeking feedback from my clients. Unfortunately, I can’t share any information at the moment. As soon as I receive any updates, I will let you know,” the agency’s official stated.
Authorities are now scrambling to ascertain Anjarwalla’s whereabouts and the specifics of his escape, with investigations underway to determine his intended destination.
Last week, the families of the executives said they would remain in detention for at least two more weeks in Nigeria.
The duo appeared in court for the first time on Wednesday, even though they were not charged with a crime.
This detention follows Nigeria’s recent crackdown on various cryptocurrency trading platforms.
On March 8, the exchange announced its decision to cease its naira-to-dollar exchange services in Nigeria due to a dispute with Nigerian authorities, who accused the platform of manipulating the country’s foreign exchange rate.
The Central Bank of Nigeria Governor, Yemi Cardoso, said that over $26bn in illicit funds had transited through the platform in the previous year.
Hardship: ‘Lives Have Become So Cheap’ – Peter Obi Laments Over Fresh Report Of Stampede In Bauchi
AdminThe presidential candidate of the Labour Party at the 2023 general election, Peter Obi, has lamented over the rising reports of stampede across the country.
Expressing concerns in a statement released via his official X account, the former Anambra governor, who was reacting to the latest report of a stampede that resulted in the death of four in Bauchi state, lamented that life had become cheap in the country.
Naija News reports that Obi suggested that the regular reports of stampedes and food struggles reflected the deep hunger and starvation the country was currently experiencing.
Obi said, “It is saddening how cheap life has become in this country today. It is now a daily occurrence to read reports of our fellow Nigerians who lose their lives while struggling for basic food to eat.
“Just 3 days ago, I lamented the disheartening occurrence involving some of our children at Nasarawa State University who lost their lives in a stampede while hustling for government-provided food.
“Yesterday, another four people have also reportedly lost their lives in a stampede during an almsgiving zakat exercise for the poor in Bauchi State. These regular occurrences of stampede and struggle for food only reflect the depth of hunger and starvation in the country.
“It also shows the level of desperation among our people. With food prices soaring higher every day and our nation continuing to wallow in unproductivity, our people now live their lives not knowing where the next meal will come from.
“What is more concerning is the report of UNICEF projecting that over 30 million Nigerians will face acute hunger during the lean months, between June and August.
“We now have a situation where our people are losing their lives to hunger before the projected timeline. The physical hunt and struggle for scarce food has become a life threatening adventure in itself.
“We have never had it this bad in the nation as we do now, and unless very urgent actions are taken, the situation may get worse. I sincerely appeal to the government to release every resource, human and material, needed to end insecurity in the country,
so that farmers can return to the farms, and with the government’s support, ensure that our vast arable lands in the North are fully explored to feed Nigerians and export to the rest of the world.”
[NaijaNews]
The Central Bank of Nigeria (CBN) increased the monetary policy rate (MPR) by 400 basis points, elevating it to a historic high of 22.75% to combat inflation and foster economic stability.
This pivotal adjustment signifies a major shift from the previous rate of 18.75%, which had been in effect since the Monetary Policy Committee’s (MPC) meeting on July 24th and 25th, 2023.
The recent announcement, made by CBN Governor Yemi Cardoso, highlights the central bank’s proactive approach towards monetary tightening amidst challenging economic conditions.
This unprecedented move has not only set the MPR at its highest level to date but also reflects the CBN’s determined effort to address the persistent economic pressures.
The decision has garnered praise from the International Monetary Fund (IMF), which commended the MPC’s resolve to tighten monetary policy further by increasing the policy rate to 22.75%.
Such a strategic manoeuvre aims to curb the inflation surge, which recorded a year-on-year peak of 31.70% in February 2024, and to mitigate the depreciative pressures on the naira.
Since May 2022, this has accumulated to a total policy tightening of 1,025 basis points, showcasing the CBN’s commitment to restoring macroeconomic equilibrium.
However, the steep increase in the policy rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships.
Each bank offers different lending rates that reflect their respective approaches to lending to the manufacturing industry.
The prime rate indicates the best possible rate offered to the most creditworthy customers, while the maximum rate suggests the upper limit of interest rates for loans to the sector, which might apply to higher-risk scenarios or different loan structures.
Here are the top 10 banks with the highest prime lending rates for manufacturing firms in Nigeria, according to the CBN as of March 8, 2024:
10. Titan Trust Bank
With a prime rate of 23.00%, this bank offers competitive lending options for the manufacturing sector. Its maximum rate stands at 30.50%, indicating a range of loan products that could cater to different types of manufacturing businesses.
9. Optimus Bank
Offering a prime rate of 23.75%, Optimus Bank positions itself as a strong contender for manufacturing firms looking for loans. The maximum rate here is 35.00%.
8. Fidelity Bank
With a prime lending rate of 24.00%, Fidelity Bank is another bank that serves the manufacturing industry with tailored financial solutions. Its maximum rate is comparatively lower at 26.00%, potentially indicating a narrower range of loan products or more consistent loan terms.
7. Providus Bank
At a prime rate of 25.00%, Providus Bank extends credit to the manufacturing sector, likely with various loan options, as suggested by its maximum rate of 30.00%. This could mean a variety of terms and conditions to meet the different financial needs of manufacturing businesses.
6. Unity Bank
Unity Bank’s prime rate for manufacturers is 26.00%, with a maximum lending rate of 33.00%. This spread allows for flexibility in financing, offering a range of possibilities for manufacturers with varying credit needs.
5. Ecobank
With a prime rate of 26.75%, Ecobank offers one of the highest rates to the manufacturing sector. The maximum rate of 35.00% indicates that the bank has a broad spectrum of loan products, which could cater to a wide array of manufacturing ventures.
4. Heritage Bank
Offering a prime rate of 27.00%, Heritage Bank stands as one of the highest lending options for the manufacturing industry. Its maximum rate of 35.00% showcases its readiness to accommodate various manufacturing operations with diverse financial requirements.
3. United Bank for Africa (UBA)
United Bank for Africa presents a prime rate of 28.50%, making it the third most expensive lending option for the manufacturing sector. The bank’s maximum rate is 32.00%, signifying a range of loan options available to manufacturers.
2. Wema Bank
With a prime rate of 30.50%, Wema Bank is among the most expensive lenders for manufacturing firms in Nigeria. The bank’s maximum rate is at 31.50%, which likely suggests a lesser appetite for loans to manufacturers.
1. Keystone Bank Ltd
Keystone Bank Ltd leads with the highest prime rate of 31.00%, making it the most expensive in lending to the manufacturing sector. The maximum rate of 36.00% is also the highest on this list.
Recommended reading: CBN’s 22.75% interest rate hike sparks fears of increased non-performing loans- Experts
[Nairametrics]
The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1.
According to a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from this.
The BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1,269 per dollar.
“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not mora than 1.5 per cent above the purchase price.
“ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.”
The bank threatened sanction to any BDC that breaches its directive.
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale,” the statement read.
Last month, the bank had announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.
Former CBN governor, Godwin Emefiele, had stopped the sales of foreign exchange to BDCs in 2021.
[DailyTrust]
Minister of Information and National Orientation, Mohammed Idris on Monday said there is no hiding place for Nadeem Anjarwalla, a Director of Binance who escaped from custody and fled the country after he was detained by the Nigerian Government.
The minister said the International Police (Interpol) were currently on Anjarwalla’s trail.
Idris was reacting to the Binance executive’s escape from Nigeria.
According to Idris, since Binance is an international firm, there is no way the culprit will evade arrest.
His explanation came barely few hours after the Office of the National Security Adviser confirmed that Anjarwalla, a key suspect in the ongoing criminal investigation regarding Binance’s activities in Nigeria, managed to escape lawful custody on Friday, March 22nd, 2024.
In an official statement released by the Head of Strategic Communication for the Office of the National Security Adviser, Zakari Mijinyawa, it was explained that collaborative efforts between the office, relevant security agencies, various government bodies and the international community are already underway to swiftly locate and detain the fugitive.
The statement stressed that security agencies are working with Interpol for an international arrest warrant on the suspect as preliminary investigation shows that Anjarwalla fled Nigeria using a smuggled passport.
The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.
It would be recalled that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.
Anjarwalla, who holds British and Kenyan nationalities and serves as Binance’s Africa regional manager, was being tried by Nigerian courts before he escaped while under a 14-day remand order issued by a court.
He was scheduled to appear before the court again on 4 April 2024.
[DailyPost]
The Federal Government on Monday said it would carry out a census of all schools in the country.
The government said the data from the census would assist in tackling the challenges facing the sector.
The Minister of Education, Prof. Tahir Mamman, stated this in Abuja on Monday at a two-day capacity-building workshop for desk officers in the ministry, its departments, and agencies.
Mamman said the school data would help the ministry to advise the state governments to move to do the right thing.
He said: “It is our plan that by the end of this year or early next year, we will be signing a partnership contract with a firm that will be working with our IT people to generate data on all schools in Nigeria.
“This is because we need to know our teachers and every single student; we need data to know the trend of learning and our school infrastructure.
“This exercise will enhance decision-making and policy formulation as the data collected and collated will aid evidence-based planning, measure implementation and progress, and identify areas where improvement is required.”
The Minister also decried the rate of learning crisis in the country saying a report submitted to him showed that some pupils found it difficult to identify numbers while many could neither read nor solve simple mathematical questions.
He however noted that impacting soft basic skills on students was a part of the ministry’s plans towards achieving its deliverables.
The Minister said the training was aimed at enhancing the capacity to track, collate, harmonise and report progress in the implementation of the Ministerial Deliverables and the Education Sector Roadmap.
“It will further ensure that government policies and programmes are effectively tracked and implemented,” he added.
He charged heads of MDAs, desk officers, and other participants to tailor their programmes, activities, and projects towards the realisation of the deliverables.
The myinister urged the participants to turn in timely, credible and reliable report of the activities, programmes and projects of their departments and organisations.
Mamman said: “The uppermost focus of the Ministry in general is in the areas of ensuring the generation of credible, timely, and reliable education data at all levels and the promotion of skill development.
“It is also in the enhancement of skill development across the entire education landscape for innovative and employability education; teacher training and development; and reducing the number of out-of-school children in Nigeria.
“I believe if we get it right in education, everything else will fall into place.
“The doctors who man our hospitals, the nurses who deliver the vaccines, the engineers in charge of our construction work—everybody is the by-product of our activities.”
The Minister commended the government of Kaduna State and the security organisations for helping in the release of the 287 abducted schoolchildren in the state.
The Senior Education Officer, Foreign Commonwealth Development Office (FCDO), Ian Attfield, pledged to support the government in actualising the deliverables and addressing the learning crisis through continuing education financing.
[TheNation]
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A former governorship aspirant in the Peoples Democratic Party’s (PDP) recently conducted governorship primary election and a former member of the House of Representatives, Hon Omosede Igbinedion has expressed reservation on the way Governor Godwin Obaseki has piloted the affairs of the party as its leader since he joined at the eve of his re-election bid in 2020.
In a statement by Igbinedion titled “The hypocrisy of politics”, she said the old members of the party that Obaseki came to meet in the party have been pushed out of the scheme of things as principal offices in the Obaseki administration were taken by himself and those who came with him from the All Progressives Congress (APC).
She said the same thing has played out after the primary election that produced Asue Ighodalo as the candidate of the party with the choice of the Secretary to State Government (SSG) Osarodion Ogie Esq. as his running mate.
Igbinedion said she expected that the running mate to Ighodalo should have been ceded to the old PDP to give them a sense of belonging.
She also criticized those who have been claiming that she was on her way to the APC because of a recent visit to his Abuja home by the APC governorship candidate, Sen. Monday Okpebholo.
According to Igbinedion “The Governor we have today, only joined the party along with his SSG and a host of others, simply because they had issues in their own party and needed a platform, which the PDP gave them.”
She said some of the people criticizing the picture that surfaced after Okpebholo’s visit “only attend campaigns when and if they are given transport fares, or else they choose not to leave their houses and use money sent to them for data to write rubbish online, same people who demand to be paid to remain in a political Party.
“Go and look at the results from the last federal elections where PDP in Oredo lost to Labour by 37,994 votes, PDP in Egor and Ikpoba Okha lost to Labour by 19,777, PDP in Orhionmwon and Uhumwonde lost by 2,986, whilst PDP in Ovia North East and South West lost by 1,455 votes. We lost all the seats in Edo South at the National. Oredo produced the poorest results for PDP, with only 11,899 votes, compared to the 18,396 votes pulled for PDP in Ovia.
“It is on record that I have never lost Ovia North East, since 2015 till date to any political party. The records are there to show.
“If Anyone has issues with me speaking against the injustice done to the original PDP members who had sustained the party till now and made it formidable enough for the governor to seek reelection in 2019, then I am sorry but I owe you no apology.
“I stepped aside my ambition for governorship on the grounds of equity, fairness and justice for the Esan people and now the question we must answer is; when choosing a deputy governor was it equitable, fair and just to not consider age, gender, the old PDP and the Ovia Constituency, that has never had governor or deputy governor before, but always given block votes to PDP ?
“Do not be deceived, most old PDP Members are silently protesting and ready to either work for Labour or decamp to APC. My appeal as a bonafide PDP Member is that we should settle the House before it’s too late.”
[Vanguard]
The federal government says Ahmad Gumi, the Kaduna-based Islamic cleric, has been invited for questioning over his comments on the activities of bandits in the country.
Mohammed Idris, minister of information and orientation, spoke on Monday while addressing journalists at the State House, Abuja.
In recent years, Gumi has gained prominence for his comments on the activities of bandits.
He has been pictured with some bandits on many occasions.
The cleric reportedly offered to dialogue with bandits who abducted students from the Government Secondary and LEA Primary schools, in the Kuriga community under Chikun LGA in Kaduna.
The bandits attacked the community on March 7 and took away 137 schoolchildren and a teacher.
On Sunday, Uba Sani, the governor of Kaduna, announced the release of the schoolchildren.
Gumi also accused the federal government of framing up its enemies by tagging them as terrorism financiers in his reaction to the identities of 15 entities released by the Nigerian Financial Intelligence Unit (NFIU) for alleged terrorism.
Some groups have also called on security agencies to arrest Gumi over what they described as the cleric’s alleged ties with terrorist groups.
Speaking on the development, the information minister said the security agencies will do their work if they feel that the statements made by Gumi are “reckless”.
“The government will stop at nothing to get any kind of information that is required to solve our problems. The security agencies are up and doing,” Idris said.
“Sheik Gumi and any other individual are not above the law, if he has suggestions that are good enough and that are constructive enough for the security agencies to take, they will take
“But if they think that he is also making some statements that appear to be reckless, he will also be reprimanded.
“There is nobody above the law. Let me put it here. And I’m aware that he has also been a guest of security agencies to answer questions.
“When you make remarks, especially those that border on our national security it is incumbent on our national security to think further, and they are doing just that, no one is above the law.”
[TheCable]
[STATE HOUSE PRESS RELEASE] President Tinubu Approves Renewed Hope Infrastructure Development Fund
AdminPresident Bola Tinubu has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria.
The Fund will invest in critical national projects that will, among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.
The objectives of the Fund are to:
(1) Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.
(2) Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics & cold chain), ports, and aviation, among others.
(3) Efficiently utilize and aggregate accessible low-interest loans such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations.
(4) Guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation.
The Fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.
On agricultural infrastructure and food security, the emphasis is on the development of robust agricultural infrastructure networks. This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution.
On ports revitalization, the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business. By modernizing port facilities and implementing advanced monitoring systems, the goal is to optimize efficiency, attract investments, and bolster Nigeria’s position as a regional trade hub.
On aviation enhancement, the focus is on the revitalization and modernization of major airports nationwide. Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions, and the implementation of cutting-edge technologies to enhance safety and operational efficiency.
On road infrastructure, some of the strategic projects to receive attention include the Lagos-Calabar Coastal Road, the Sokoto-Badagry Road, among other key road projects across the nation. This is to enhance connectivity, facilitate transport efficiency, and stimulate economic growth across regions.
On rail infrastructure, Lagos-Kano and Eastern rail lines are among the projects to be prioritized by the Fund. The aim is to ensure the modernization of transportation networks, fostering interconnectivity between key urban centres, and facilitating the movement of goods and people with greater speed and reliability.
President Tinubu has also approved that the Presidential Infrastructure Development Fund (PIDF) be absorbed into the new Renewed Hope Infrastructure Development Fund (RHIDF), which will successfully eliminate identified bureaucratic inefficiencies, enhance domestic and external counterpart funding opportunities, and expedite project delivery timelines for the benefit of the Nigerian people.
As the major infrastructural enabler of his global push for foreign direct investment across sectors, the President has further directed that the projects funded under the Renewed Hope Infrastructure Development Fund (RHIDF) reflect an equitable national spread, such that every Nigerian is impacted by the initiatives of his administration in the most qualitative fashion possible.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 25, 2024
The office of the National Security Advisers, ONSA, has confirmed the escape of the Binance regional manager for Africa, Nadeem Anjarwalla.
DAILY POST reports that Anjarwalla, Binance’s Africa regional manager, escaped from custody on March 22, 2024, from an Abuja guest house, where he and his colleague, Tigran Gambaryan, were detained for alleged tax evasion.
A statement issued by ONSA head of strategic communication, Zakari Mijinyawa, said Anjarwalla fled Nigeria using a smuggled passport”.
Mijinyawa said the personnel responsible for the custody of the suspect has been arrested and investigation has begun.
“Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”.
“The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads.
Meanwhile, Binance in reaction to the development said the safety of its Manager remains top priority.
The firm stressed that it is working with the Nigerian authorities to resolve the issue.