The Central Bank of Nigeria, CBN, has prohibited the use of Foreign Currency-denominated collaterals for Naira loans by all Nigerian banks.

The apex bank disclosed this on Monday in a letter to all commercial banks signed by its Director Banking Supervision Department, Adetona Adedeji.

However, the new guidelines gave exception to Eurobonds issued by the Federal Government of Nigeria and Guarantees of foreign banks, including Standby Letters of Credit.

“The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans.

“Consequently, the current practice of using foreign currency-denominated
collaterals for Naira loans is hereby prohibited, except, where the foreign currency collateral is: Eurobonds issued by the Federal Government of Nigeria; or Guarantees of foreign banks, including Standby Letters of Credit.

“In this regard, all loans currently secured with dollar-denominated collaterals other than as mentioned above should be wound down within 90 days, failing which such
exposures shall be risk-weighted 150 per cent for Capital Adequacy Ratio computation, in addition to other regulatory sanctions,” CBN stated.

The development comes in the wake of the recently announced minimum capital requirements for all banks.

For months, CBN’s governor, Olayemi Cardoso had continued to roll out policies to defend the Naira and Nigeria’s economy.

The House of Representatives will intervene in the recent increase in electricity tariff by the Nigerian Electricity Regulatory Commission upon its resumption on April 23, 2024, Deputy Speaker, Benjamin Kalu, has said.

Recall that the development which has culminated in consumers in Band A paying as much as a 300 per cent increment has been widely condemned by opposition parties, prominent citizens, and civil society organisations.

It will be recalled that a spontaneous outcry greeted the development upon its announcement by the electricity authorities, stimulating fears that it would escalate the economic hardship in the country.

Speaking virtually on the special edition of “Ben Kalu’s Mandate”, a call-in radio programme of FLO FM, Umuahia, Abia State, on Monday, the lawmaker noted that the parliament would find a way to resolve the issue.

A statement by the Chief Press Secretary to the Deputy Speaker, Mr Levinus Nwabughiogu, quoted Kalu as saying that the parliament would continue to conduct its affairs with the greatest interest of Nigerians in mind.

“It’s a general problem. While I was on my holidays, one of the things I was bothered with was a letter sent to me by the majority leader of the House on the need for us to intervene in a matter involving the University of Ibadan Teaching Hospital power supply. They were disconnected because of this hike, and they don’t have the money to pay. We said it’s an essential service. Something should be done about it while we look at other details.

“I can assure you that when we resume, it’s one of the things we are going to look into. We will look at both sides of the coin to know a win-win approach to it because we cannot suffocate and also the investors. We cannot allow Nigerians to suffer unduly. So, it is one of the things we will look at by the time we resume, and we will find a way to solve it,” the statement quoted Kalu as saying.

On the possibility of a new constitution for Nigerians, Kalu said the onus is on the people to participate fully in the process, while the National Assembly will help amplify their voices.

“Some schools of thought expressed the view that they want a new constitution. They want us to drop the old one and take up a new one. Some elders known as The Patriots are also asking for a new constitution. But as you know, we are the people’s parliament.

“You are our bosses. Whatever the people decide for us to do when we have our public hearings and all these engagements, when we move around because we are going to go to every zone, most local government areas or senatorial or geopolitical zones to engage, is what we will look at.

“If the people have a general consensus that this is what Nigerians want and the template of what they are asking for; what is wrong with this one that you want to change? What would the new one look like, and what do you have in mind? We will be able to factor that in.

“I am happy that you are conscious of the move for the amendment of the constitution. I like it when people call to discuss that. It shows there is an awareness which is very key. It’s only when you are aware that you can engage and make the right impact. So, I appreciate you. This is the time to lend your voice to this,” he said.

Former Edo State Deputy Governor, Philip Shaibu, has described his impeachment by the state House of Assembly as illegal.

Earlier, the state House of Assembly impeached the embattled state deputy governor following the adoption of the report of the seven-man investigative panel set up by the state Chief Judge to probe allegations of misconduct against him.

He was probed on allegations of perjury and leaking of government secrets by a panel headed by Justice S.A. Omonua (retd.) which ended its sitting on Friday after Shaibu failed to appear.

Shaibu said the impeachment was due to his ambition to become the state governor.

He, however, noted that the impeachment did not follow due process.

He made his position known in a video shared on his X handle on Monday.

He said, “My good people of Edo State, I thank you all for standing by me in these troubling circumstances as the deputy governor of Edo State.

“It is with a heavy heart, yet a resolute spirit, that I come before you to address the recent events that are unfolding in our dear state. I denounce in the strongest term the illegal impeachment by the Edo State House of Assembly over baseless charges.”

He added that his impeachment was an attack on democracy and a show of dictatorship.

“This is not just an attack on me as an individual but on the democracy that we hold dear.

“It is a dangerous descend into dictatorship and a threat to the foundation of our democracy. Let it be clear that this impeachment was hatched because of my ambition to contest the Edo State 2024 governorship election under the Peoples Democratic Party, PDP. An ambition that is a legal right to all citizens of the Federal Republic of Nigeria.

“It is a sad reality that in our political landscape, ambition is met with resistance. Those in power seek to silence opposition through illegitimate means. I have devoted my life to serving the good people of Edo state with integrity and honesty. I have worked tirelessly to improve the lives of our citizens. I have upheld the values of democracy and justice and yet in return, I am faced with baseless accusations and a blatant disregard for due process and the rule of law,” he said.

Speaking further, Shaibu described the allegations levelled against him as a move to conceal the real motive behind his impeachment.

He said, “The allegations brought against me are nothing more than a smokescreen to conceal the true motive behind this impeachment. It’s a flagrant abuse of power and a betrayal of the trust the people of Edo have placed in their elected officials.

“We refuse to stay inactive while our democratic institutions manipulate and exploit for personal gain. We will fight this injustice with every atom of strength in our veins for the sake of the people of Edo State and the future of democracy. I call upon all well-meaning citizens of Edo and indeed all Nigerians who believe in the principle of democracy and justice to stand with us in this moment of crisis.

“We cannot allow tyranny operation to take root in our society, we must resist the forces that seek to undermine our freedom and trample upon our rights.”

He, however, appealed to the judiciary to ensure justice prevails, saying, “To the members of the Edo State House of Assembly who have chosen to forsake their oath of office and partake in this charade, I say this, history will judge harshly for your betrayal of the people who elected you to represent their interests. But know this, you do not have the power to silence the voice of justice and truth.

“I call upon the judiciary and all relevant authorities to intervene and uphold the principles of justice and fairness. Let the truth prevail over lies. Let the rule of law triumph over lawlessness. I am confident that the legal system will vindicate me and expose the sham that has been orchestrated against me.”

He added that his impeachment would not deter him from fighting for the rights and freedom of Nigerians.

“I want to reaffirm my commitment to the people of Edo State to the values that bind us together as a collective. I will not be deterred or intimidated by those who seek to subvert our democracy. I will continue to fight for the rights and freedoms of Edolites by extension Nigerians that suffer oppression. I will stand firm in my resolve to seek justice.

“As we stand united in the face of tyranny and oppression, I urge all to remain calm and go about our lawful duties as good citizens and true democrats. Together, we will overcome this chapter in our history and emerge stronger and more resolute in our pursuit of freedom and justice in our society,” he added.

The Central Bank of Nigeria (CBN) has continued with the disengagement of staff in furtherance of its ongoing restructuring as it sacked a fresh batch of 40 staff mostly from the development finance department (DFD).

Because the sack letters were released late Friday, details of those affected are sketchy but our reporter learnt that Musa Zgabawa Bulus, an Assistant Director of the CBN, heading the National Collateral Registry (NCR) was affected.

NCR is an initiative of CBN aimed at improving access to finance particularly for Nano Micro Small and Medium Enterprises (MSMEs) leveraging movable assets.

Deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from Medicals and Procurement Services Department.

Recall that not less than 27 members of staff, most of them directors at the Central Bank of Nigeria, were affected by the first batch of dismissals, even as more are set to be axed in the coming days.

Amongst those affected were eight directors, 10 deputy directors, five assistant directors, two principal managers and two senior managers.

With the latest number of affected staff, the total has now reached 67, in what appears to be a series by the Olayemi Cardoso-led Board of Governors.

Why DFD staff were affected

The move may not be unconnected with the refocusing of the CBN away from development finance interventions

Briefing after the last Monetary Policy Committee meeting, Cardoso said: "The intervention has two dysfunctions. One, it takes a lot of time for something you do not have an expertise to do, and two, if not carefully handled, creates a lot of distortions in your economy through inflow of money supply.

"The interventions that took place in the recent past were estimated in excess of N10 trillion. I’m not talking about ways or means. What was the budget of the federal government of Nigeria? What was the budget of the largest states in Nigeria? Do the maths and it would tell you the extent of damage too much of what may appear to be good things can do to an economy."

Ag. Director signing currency an irregularity- Staff members

Senior Management members of the CBN who spoke to our reporter on the condition of anonymity also raised concern about the perpetration of illegality which has seen the current Coordinator of the Currency Operations Department, Olayemi J. Solaja, append his signature on the Naira note.

Daily Trust findings suggest that Mr Solaja has not yet gone through the process of being confirmed a full-fledged Director and his letter of appointment indicates that he is to Coordinate the affairs of the department.

According to the source: “The process has not been followed by the CBN Governor who talks about institutional discipline. How can someone sign the national currency as Director currency when not confirmed or appointed?

“From the history of currency to when naira and kobo were printed and minted, there is a CBN policy on modalities to sign Banknotes.”

When Daily Trust sought to know who signs the currency in the absence of a substantive director, the source said: “They continue printing using the former director’s signature. Throughout the period of the acting appointment of the previous occupant, she did not sign the currency until she was given an appointment letter as a director.”

Daily Trust gathered that when the Managing Director of the Nigerian Security Printing and Minting (NSPM) drew the attention of the CBN to the irregularity, The Deputy Governor, Operations, Mrs. Emem Nnan Usoro allegedly overruled, insisting that the coordinators’ name be imprinted on the currency.

The CBN rule book( a compendium of policies and Regulations) stipulates the process of appointment in the Bank for appointment as Director is as follows: (a) Advertisement of the vacancy, indicating the requirements for a prospective candidate. (b) Screening of candidates/documentation (c) Conducting interviews for qualified candidates (d) Final results/ communications of appointment.

Efforts to get the reaction of the Ag director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not pick her call or return the text messages to her line.

Emirates, UAE, has concluded plans to resume flights with Nigeria.

This followed numerous visits from President Bola Tinubu to UAE over the communication breakdown between both countries.

Featuring on Arise Television on Monday, the Minister of Aviation and Aerospace Development, Festus Keyamo, said the Emirates Airline had already indicated its readiness in a letter sent to the Nigerian Government.

Keyamo explained that what transpired during the earlier visit and resolution was not fake but was presented in a ‘hasty’ manner.

He said: “Emirates flight resumption is almost happening. I just received a letter from Emirates. The letter is on my phone now. They have gone through all the gamut and they are ready to come back. They will announce the date because to restart a route, they must get an aircraft for that route.

“I am announcing to Nigerians for the first time; that I just received a letter from Emirates now. The letter is with me. I have a hard copy thanking you for all the efforts we made. Mr President was the showman here. He was the one who pushed for it. He made my job easy because he went there, and had a diplomatic shuttle to resolve all the issues.

“That was why I said the last announcement was hasty and not fake news.

“They will announce the date for their next flight. We have received a letter confirming that all the issues have been resolved and prepared to start coming back. It may be before June.”

Apart from Emirates suspending flights to Nigeria, in 2022, the UAE Immigration Department notified its trade partners and travel agencies that it was stopping visa applications from 22 countries, 20 of which are African nations.

The Central Bank of Nigeria has begun another tranche of dollar sales to Bureau De Change Operators to further boost Naira’s appreciation at foreign exchange market.

The National President of the Association of Bureau De Change Operators, Aminu Gwadabe exclusively confirmed this to DAILY POST on Monday.

Accordingly, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.

The apex said All BDCs are allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.

“It is true, CBN had started selling dollars to our members at N1,101/$1, it was reviewed downward from N1,251 per Dollar”, he said.

The development came barely 48 hours after BDCs urged FX allocation below N1,251 per dollar to sustain the Naira’s appreciation in the forex market.

Recall that CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the Naira in the foreign exchange market last month.

For a month, the Naira has continued its appreciation against the dollar, which stood at N1,251.05 per dollar last Friday.

The Federal Government on Monday arraigned Binance and one of its executives, Tigran Gambaryan, on five count charges bordering on money laundering

Gambaryan, who took the plea on behalf of the company as its representative denied committing the alleged offences.

Earlier, Justice Emeka Nwite had, in a brief ruling, dismissed the objections by Gambaryan to take plea on behalf of the company on the ground that he was not its representative and had no authority to do so.

Nwite, in dismissing the objection, held that Gambaryan had in an affidavit claimed to be a representative of the company and transacted businesses on its behalf in Nigeria.

The anti-graft agency said the offences, which were committed between January 2023 and December 2023 in Abuja, were contrary to and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count one accused the defendants between January 2023 and January 2024 in Abuja of carrying on the specialised business of other financial institutions without valid licence.

The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.

Nwite turned down the foreign national’s plea to be remanded in the custody of the Economic and Financial Crimes Commission, EFCC.

The Judge subsequently ordered that the defendant be taken to Kuje Prison on remand.

Justice Nwite fixed April 18 for hearing of the defendant’s application for bail and May 2 for the trial of the charges.

Details later.

The Ikeja High Court, Lagos, has remanded former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele in custody of the Economic and Financial Crimes Commission, EFCC.

Emefiele was arraigned before the court by the anti-graft agency.

The embattled former governor of the apex bank is being prosecuted for allegedly abusing his office and allocating billions of dollars to himself.

Justice Rahman Oshodi remanded him till the next adjourned date, Thursday, April 11 when the court will give its ruling on his bail application.

Oshodi also ordered the remand of Emefiele’s co-defendant Henry Omoile at the Kirikiri Prison pending the court’s ruling.

Emefiele and his co-defendant, Omole, were arraigned on 26 fresh counts.

In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023.

Liverpool star, Mohamed Salah, secured three records in their Sunday fixture against rivals Manchester United, with the game ending in a 2-2 draw at Old Trafford.

Colombia national, Luis Diaz, put the Reds ahead in the first half before United captain, Bruno Fernandes, restored parity with his sensational long-range strike.

Youngster, Kobbie Mainoo, then put the Red Devils in front and Erik ten Hag's charges looked on course to cart home all three points, only for Aaron Wan-Bissaka to concede a penalty deep in the second half.

Salah stepped up to convert the penalty in the 84th minute to make it 2-2, also ensuring both teams shared the spoils.

According to SPORTbible, Salah's strike from the penalty spot saw him set three records at the Theatre of Dreams.

With 11 goals, the Egypt national has scored the most goals against Manchester United by any player in the history of the Premier League, overtaking Alan Shearer's tally of 10.

The forward has now also gone past Steven Gerrard, who held a milestone for scoring five goals as a visiting player at Old Trafford.

Salah further set himself as the first player to find the net in four consecutive away games against Manchester United.

Meanwhile, the Reds now sit in second position with 71 points following their draw at Old Trafford, while ten Hag's men are in sixth place with 49 points.

Liverpool would be ruing the stalemate, as it may have taken the Premier League title race out of their control.

Cristiano Ronaldo's second son, Mateo, is fast taking notes from his superstar dad's books after he was spotted in the gym.

At just six years old, Mateo is already displaying a keen interest in fitness, taking after his father, who is renowned for his dedication to training and staying in shape.

In a post shared on Georgina Rodriguez's Instagram stories, Mateo, shirtless and determined, was seen lifting a small weight suitable for his age while going through his workout routine.

Accompanied by his twin sister, Eva, who also attempted some exercises under Georgina's watchful eye, it's evident that fitness runs in the family.

Although it may seem unusual for children of their age to be hitting the gym, it's hardly surprising given Ronaldo's commitment to fitness and athleticism.

Widely regarded as the epitome of professionalism in sports, Ronaldo's relentless pursuit of excellence, coupled with his disciplined approach to training, has enabled him to maintain peak physical condition well into his late 30s.