The naira further depreciated against the US dollar despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market.

FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.

The figure represents a N4.46 depreciation against the dollar on a day-to-day basis.

Similarly, the naira dropped to N1438 per dollar on Wednesday from N1430 the previous day in the parallel market section.

A Bureau De Change operator in Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that operators of the anti-graft agency raided and arrested some BDC operators on Wednesday.

“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said.

DAILY POST recalls that EFCC resumed clampdown on illegal BDC operators and cryptocurrency platforms to defeat the FX crisis.

On Tuesday, the Securities and Exchange Commission delisted naira from the cryptocurrency market to tackle naira instability in the FX market.

The lawmaker representing Ondo South Senatorial District in the National Assembly, Jimoh Ibrahim, has asked President Bola Tinubu to dissolve his cabinet.

The chieftain of the All Progressives Congress (APC) stated this during an interview on Channels Television’s Politics Today programme on Wednesday.

Ibrahim asked the President to drop some ministers from his cabinet and appoint knowledgeable and competent persons.

He stated that the current ministers don’t fall within the country’s “Grade A” and are not the best for the country, as seen so far since their appointment by the President.

The Ondo South Senator also opined that some of the ministers who have been accused of corruption should be dropped.

He said: “If you fail to do that, you will be carrying their burdens and that will be terrible for our country.

”You have to dissolve the cabinet, you have to come up with knowledgeable people, the cabinet is too cold and some of them accused of corruption should be dropped.”

Speaking further, Senator Ibrahim reiterated his reasons for describing the APC governorship primary election in Ondo state as a mega fraud.

He said: ‘The Governor of Kogi State Ahmed Ododo wrote a letter to INEC requesting a change of collation centre …. he didn’t communicate in that letter the new collation centre.’‘

The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate.

Taiwo Oyedele, chairman of the committee, spoke on Monday while disclosing the VAT revenue-sharing formula would be reviewed.

He spoke at a policy exposure and impact assessment session organised by the committee.

Nigeria’s VAT rate is currently 7.5 percent.

Oyedele also said the committee has proposed reviewing state and local governments’ share of VAT revenue to 90 percent.

According to section 40 of the VAT Act, the federal government gets 15 percent of the tax revenue, states share 50 percent, and local governments share the balance of 35 percent.

However, Oyedele said the committee is recommending reducing the federal government’s share from 15 percent to 10 percent.

“We are proposing that the federal government’s portion should be reduced from 15 percent to 10 percent. States’ portion will be increased but they would share 90 percent with local governments,” he said.

Oyedele said the committee proposed adjusting the sharing formula for VAT because it is a tax of the states.

“In 1986, we had sales tax collected by states. The military came up with VAT in 1993 and stopped sales tax so they said it would collect VAT and return 15 per cent as cost of collection and that is the 15 per cent charged today came about. But we think it is too much,” he said.

The tax expert added that the burden of VAT should be on the ultimate consumer.

“So we must make it transparent and neutral and this is what over 100 countries where they have VAT are doing,” Oyedele said.

“Nigeria’s economy is more than 50 percent in services and if I just stop at this, many states will be broke because VAT collection will go down by more than 50 percent and it won’t even fly.

“So we therefore need to adjust the VAT rate upward. We would ensure that it doesn’t affect businesses. The only thing is to look at basic consumption from food, education, medical services and accommodation will carry zero percent VAT. So for the poor and small businesses, no VAT.”

Oyedele said other consumers will pay a bit more.

“We have spoken to businesses about it and they won’t increase the product price. We want to make sure when we do VAT reform, no one will increase the price of commodities. We will work the mathematics with the private sector,” he said.

Oyedele also said each state should not be granted exclusive custodianship of their collections– because it would likely result in chaos.

The house of representatives has denied demanding bribe from Binance, a popular cryptocurrency platform.

On Tuesday, the cryptocurrency giant said some unknown persons in Nigeria demanded huge payments in digital currency to make their “problems in the country go away”.

On February 28, the federal government detained two top executives of Binance as part of a probe bordering on illegal operations in the country and foreign exchange rate manipulations.

The detained executives included Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance.

Nigeria’s government, on March 25, filed a criminal charge against Binance for “tax evasion” — the same period Anjarwalla fled detention.

Speaking on the issues, Richard Teng, Binance’s chief executive officer (CEO), in a blog post shared with TheCable, said despite multiple requests, Binance has still not received details of the allegations, “and our employees, therefore, inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing”

Teng said Binance held a meeting with the house committee on financial crimes (HCFC).

“There were a number of reasons for that, including the sensitivity of the information and getting the opportunity to see the allegations in full and prepare a thorough substantive response,” he said.

“On January 8, Binance employees had a face-to-face meeting with three members of the HCFC and a clerk in Abuja at the House of Representatives building for a scheduled pre-hearing engagement in private.

“The meeting was chaired by the Honourable Peter Akpanke, the Honourable Philip Agbese, and the Honourable Peter Aniekwe, as well as a clerk.

“During the conversation, the Committee highlighted the important nature of the issues at hand and the lengths to which they were prepared to go to summon Binance, including issuing arrest warrants against our team and CEO and preventing our team from leaving the country.

“While concerning, it was understood that the HCFC does not in fact have the power to issue arrest warrants.

“The meeting ended with the Chair confirming they would consider the matter and revert through Binance’s local counsel.

“However, as our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.

“Later that day, our local counsel — representing us at that time — was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.”

‘NOTHING LIKE THAT EVER HAPPENED’

During plenary on Wednesday, Kama Nkemkanma from Ebonyi state, raised a “point of privilege”, saying the house never met with Binance and no bribe has ever been demanded.

“This house can never allow itself to be talked down,” he said.

The lawmaker said the allegation is capable of “bringing the house into disrepute” and should “never be taken lightly”.

Ruling on the point of privilege, Tajudeen Abbas, speaker of the house, said the clerk should “take note”.

“We need to use whatever media available to us to refute this allegation,” Abbas said.

“Nothing like that has ever happened. No committee of the house has ever engaged this man.”

THE INVESTIGATIVE HEARING

The house committee on financial crimes has been investigating Binance for multiple crimes, including alleged money laundering, illegal operations, financial terrorism, and tax evasion.

The committee is chaired by Ginger Onwusibe, lawmaker representing Isiala Ngwa south/Isiala Ngwa north federal constituency.

The committee invited the management of Binance on several occasions but the cryptocurrency firm sent legal representatives instead.

In one of the committee sittings in early March, the lawmakers turned back Senator Ihenyen, the legal representative of Binance.

It is unclear why Nkemkanma and Abbas said Binance never met lawmakers.

REPS TO PROBE ESCAPE OF BINANCE EXECUTIVE FROM CUSTODY

Meanwhile, the house of representatives has resolved to investigate the circumstances surrounding the escape of Anjarwalla, the Binance regional manager for Africa, from custody.

Anjarwalla escaped from custody in March but was reportedly rearrested in Kenya in April.

Workers under the aegis of the National Association of Nigeria Nurses and Midwives; the Amalgamated Union of Public Corporations Civil Service Technical and Recreational Services Employees; and the Senior Staff Association of Statutory Corporations and Government-Owned Companies on Wednesday protested against the sacking of 391 of the Lagos State Water Corporation (LWC) by the state government.

The protest rally kicked off at Ikeja under-bridge.

The protesters carried different banners with inscriptions like “Water Corporation needs more staff not sack!”, “Recall sacked staff of Lagos Water Corporation”, “Sanwo-Olu, employment is a right”, among others, are demanding the reinstatement of the sacked workers.

In April, the state announced the disengagement of the staff members, which it described as “redundant staff”.

LWC in a statement shared by Governor Babajide Sanwo-Olu’s senior special assistant on New Media, Jubril Gawat, on his official X handle, stated that the disengagement of the staff was part of ongoing restructuring in the corporation aimed at enhancing operational efficiency.

According to LWC, the decision to streamline the workforce was in response to the perennial challenge of water scarcity in the state.

No fewer than 425 staff of the corporation were served last year.

The corporation explained that its inability to reliably supply water has led to the shrinkage of its customer base, thereby affecting revenue generation.

“The Lagos Water Corporation has announced the disengagement of 391 redundant staff as part of its ongoing restructuring efforts aimed at enhancing operational efficiency and meeting the evolving demands of the organization. The decision to streamline the workforce is in response to the persistent challenge of water scarcity in the state despite extensive infrastructure projects.

“LWC has faced substantial financial and operational challenges, struggling to generate adequate revenue to meet its obligations. The corporation’s unreliable water supply has resulted in a shrinking customer base and declining revenue.

“In October 2023, the Corporation initiated a comprehensive Personnel Audit to realign its operations. Engr. Mukhtaar Tijani, the Managing Director, stated that the audit, led by the Office of the Head of Service since August 2023, identified the need for phased actions. The first phase involved the disengagement of 425 temporary staff with outdated contracts. The ongoing second phase targets permanent staff whose roles or offices have become redundant. The upcoming third phase will focus on retaining competent technical staff to enhance the utility and commercial efficiency of the Corporation.

“As part of the restructuring efforts, a performance improvement process has been established for the retained permanent staff, along with the formulation of precise job descriptions and Standard Operating Procedures (SOPs) to foster organizational excellence and efficiency,” LWC said.

The corporation noted that in line with the public service rules, the state government has approved the payment of three months’ salary in lieu of notice and redundancy payments. This, it said, is in addition to other statutory benefits.

“In line with the Public Service Rules, the State Government has approved the payment of three months’ salary in lieu of notice and redundancy payments, in addition to statutory benefits such as pensions for the affected staff.

“Furthermore, the Corporation has adopted a new organogram to enhance operations and financial sustainability. This strategic shift underscores the Corporation’s commitment to delivering sustainable and reliable water supply to the residents of Lagos State.

“The Lagos Water Corporation appreciates the hard work and dedication of the affected staff members over the years; however, this action is deemed imperative for the development of the state,” the statement added

The Aguttes auction house announced on Tuesday that Diego Maradona’s Golden Ball trophy, awarded for his outstanding performance as the best player at the 1986 World Cup, will soon be up for auction in France.

This iconic trophy, the first of its kind to be auctioned, is expected to command a significant price tag, with the auction house anticipating bids in the millions when it goes under the hammer on June 6th.

Maradona, who passed away in 2020, clinched the prestigious award after leading Argentina to victory in the 1986 World Cup held in Mexico. His remarkable contribution included five goals throughout the tournament, as he captained his country and showcased his brilliance on the field during every minute of play.

The 1986 World Cup remains etched in memory, particularly for Maradona’s unforgettable performance against England in the quarterfinals, where he scored two remarkable goals.

Jose Peseiro, the former head coach of Nigeria’s senior national team, continues to explain his decision to overlook NPFL players, citing their inferiority to foreign-based counterparts.

During his 20-month tenure, no NPFL player earned a spot in competitive matches for the Super Eagles, despite fervent discussions regarding their inclusion.

Peseiro departed after leading the team to a commendable second-place finish in the African Cup of Nations in Cote d’Ivoire, narrowly losing 1-2 to the host nation in the final.

Reflecting on his time with the Super Eagles, Peseiro emphasized the pressure to select NPFL talents but asserted his commitment to choosing the best players, especially after the team narrowly missed the World Cup.

“I watched many NPFL games, but none showcased the calibre of talent seen in foreign leagues. Quality must prevail over mere representation,” he remarked.

In a related development, former Super Eagles player Moses Kpakor urged Peseiro’s successor, Finidi George, to consider homegrown talents for national team selection.

Kpakor, renowned for his stints with BCC Lions and Abiola Babes, emphasized the importance of nurturing local talent and ensuring fair competition for national team spots.

“As a former NPFL player, I understand the value of giving home-based talents a chance. Finidi should prioritize merit over geography,” Kpakor asserted, advocating for inclusivity in player selection.

A chieftain of the All Progressives Congress (APC) Jesutega Onokpasa, has alleged that certain appointees of President Bola Tinubu are plotting to succeed him before the end of his tenure and are seriously wishing that he will not make it to 2027 for their selfish reasons.

He also accused them of responsibility in the current ordeal of former governor of Kogi State Yahaya Bello and his Kaduna State counterpart, Malam Nasir el-Rufai.

Onokpasa, a lawyer and former member of the APC Presidential Campaign Council for Asiwaju Bola Tinubu, who lamented the alleged hypocrisy, pull him down syndrome and anti-party activities going on in the governing party, laid curses on those he accused of wishing Tinubu dead.

He said, “If they don’t repent, Asiwaju will attend their funeral.”

He stated this in a video, where he addressed party members and drew their attention to the belief that the ongoing drama around the Economic and Financial Crimes Commission (EFCC’s) allegations against former governor of Kogi State, Yahaya Bello and the continued attack on former governor of Kaduna State, Nasir El-Rufai, were plans mapped out by these individuals to allegedly perfect their plans.

While expressing concern over ill treatments, selective prosecution and hounding meted out on some prominent chieftains of the party since the emergence of Tinubu’s presidency, Onokpasa alleged that the particular appointees he was referring to in Tinubu’s government were behind the ordeals of former Governors Yahaya Bello, Nasir El- Rufai and Abdullahi Ganduje in order to perfect their “satanic” succession plans, while allegedly wishing that the President would no longer be around by 2027.

Referring to a particular appointee of Tinubu whose name he did not mention, the APC chieftain said, “You drive el-Rufai away, you start hounding Ganduje, although there are other things involved, you start attacking Yahaya Bello, what did you do? You don’t have a mandate my friend, you are just an appointee… you think we don’t know what is going on?

“Listen, Asiwaju is a child of God. Asiwaju will rule this country for eight years. There is nothing anybody can do about that. He will rule this first four years, he will perform, Nigerians, again, will vote for him and next time around, we will win a majority of the total votes cast. So, all these satanic plans, plotting that our President will not make it to 2027, you are wasting your time. Get that through your head,” Onokpasa said.

The APC chieftain, who Nigerians know to be a die-hard supporter of Tinubu, bemoaned what he called the attitude of “using and dumping” people who worked for the victory of the president in 2023, while those who were against him and even insulted him, were being given priorities “over authentic supporters and genuine Batists.”

Onokpasa, who was also a member of the APC Presidential Legal Team and Chairman, Tinubu Media Support Group, said, “Of recent concern to me is the case of my younger brother, His Excellency, the former Governor of Kogi State, Yahaya Bello. In this party, we have had our brother, the former governor of Kaduna State, Nasir El Rufai basically chased out of our party despite what he did for us to make us win. Now, it is Yahaya Bello. A few weeks or months ago, it was our National Chairman, Abdullahi Umar Ganduje that was basically almost being chased from our party.”

On the Bello-EFCC controversy, he said it was for the court to decide, stating, “Nobody is supporting corruption. However, we fight corruption according to law and you will not have a personal indifference with somebody and then you use the instrumentality of office to torment that person. We will not tolerate that in this party. We must not.”

He also lambasted a particular appointee that he portrayed to be high-handed, alleging that the appointee funded an opposition member against the APC candidate, Usman Ododo, during the Kogi State governorship election.

Jose Mourinho would love to manage Manchester United again but the club does not want to reappoint the Portuguese, according to the Manchester Evening News.

It is claimed the 61-year-old has told confidants he would “walk” to Manchester to manage United for a second time, having been sacked by the club in December 2018. 

Mourinho, who was sacked by Roma in January after two-and-a-half years in charge, is reportedly a friend of United co-owner Sir Jim Ratcliffe but the two-time Champions League winner is not expecting an approach from his former club.

Mourinho’s reported interest in the Man Utd job comes after the Red Devils suffered a humiliating 4-0 defeat at Crystal Palace on Monday which has left Erik ten Hag’s side eighth in the Premier League table.

Mourinho became Man Utd boss in May 2016 and won the Europa League and League Cup in his two-and-a-half years in the job.

The ex-Chelsea boss has since managed Tottenham and Roma, having won the Europa Conference League with the Italian side in 2022.

The Presidency has announced that President Bola Tinubu and his aides will return to Nigeria from Europe today.

Recall that the President travelled for a meeting with the Dutch Prime Minister, Mark Rutte, over two weeks ago, from where he took a trip to Saudi Arabia to attend a special World Economic Forum, WEF.

He subsequently travelled to Europe after the summit

Special Adviser to the President on Information and Strategy, Bayo Onanuga, who announced the development in a post on his X handle yesterday, said: “President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow (today) from Europe.”

On April 22, Tinubu left Abuja, the country’s capital, for the Kingdom of The Netherlands on an official visit.
Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

The president was expected back in the country after the forum in Saudi Arabia, but he did not return, which fueled speculations about his whereabouts.

Some reports said the president travelled to London from Saudi Arabia for a private visit before heading to France, a European country.