The Naira appreciated against the dollar at the foreign exchange market on Friday to end the week on a positive note after nine days of depreciation.

FMDQ data showed that the Naira gained at N1505.30 against the dollar on Friday from N1510.10 traded on Thursday.

This represents an N4.8 gain against the dollar compared to the N1510.10 traded the previous day.

Similarly, the Naira saw a gain and traded N1515 against the dollar at the foreign exchange market on Friday.

This is the first time the Naira has appreciated since June 18, 2024, when it traded at N1482.72 per dollar at the official forex market.

The development comes as Nigeria’s external reserves rose to a record high of $34.07 billion on June 26, 2024.

Seriake Dickson, a senator representing Bayelsa West District in the National Assembly on Friday described those behind oil theft in the Niger Delta as “big players” who reside outside the region.

The Senator, elected on the platform of the Peoples Democratic Party (PDP), made the allegation at Oporoza, headquarters of Gbaramatu Kingdom, Warri South-West Local Government Area of Delta while visiting the Pere of Gbaramatu Kingdom, Oboro-Gbaraun II, Aketepe, Agadagba.

Dickson said although Ijaw youths were tagged to be behind oil theft, they lacked the capacity and technical know-how to understand how pipelines operate.

“Those big players behind the crude oil theft are not from the region but are based in Lagos, Abuja and other parts of the world,” he said.

He explained that the Ijaw people were living in the creeks, earning their daily livelihood on the waterways and farmlands when the alleged thieves polluted the land with their nefarious activities.

“We have no means and no capacity to engage in the high-level operations that result in the daily loss of Nigerian crude oil produced from our place.

“Those who have the capacity to compromise and infiltrate the national security system and infiltrate the national petroleum system; those who have the capacity to hire the tankers and shuttle vessels, they are not Ijaws.

“We do not have the capacity to do that! We do not even have the experience to be involved in that kind of operation,” he said.

The legislator, who is also the state ex-governor, said such high-level operations needed a lot of resources, coordination, funding and international networking.

He, however, urged Nigeria to step up her game in the international arena by pushing for the designation of her stolen crude oil.

“Those who, on a daily basis under declare what is produced; those who have refused to properly monitor and record what is produced for over 50 or 60 years should take the blame.

“It is not the Ijaw youth – harmless people without the capacity and without the technical know-how,” he said.

He, however, commended the traditional ruler for ensuring peace in his kingdom and the entire Niger Delta.

The News Agency of Nigeria (NAN) reports that Dickson also visited Dr Government Ekpemupolo, alias Tompolo, founder of Tantita Security Services Nigeria Limited (TSSNL).

He commended Ekpemupolo for the wonderful job he had been doing with his private security outfit, TSSNL, to boost the nation’s oil revenue and ensure the regeneration of the region’s ecosystem. (NAN)

Former Minister of Agriculture, Chief Audu Ogbeh, has called on the federal government to consider scrapping the local government system if state governors continue to hinder its effective operation.

Ogbeh highlighted concerns over the inefficiency of Nigeria’s 774 local government areas, citing issues of governance control and alleged mismanagement of funds by governors. He emphasized that little improvement has been seen despite calls for local government autonomy and recent legal actions against governors for misusing local government funds.

Speaking on the socio-political programme “Inside Sources with Laolu Akande” on Channels Television, Ogbeh, a former National Chairman of the Peoples Democratic Party (PDP), expressed frustration over disappearing funds meant for local government administration. He criticized the lack of visible development projects despite significant federal allocations.

“If we don’t want the local government system, let’s scrap it. But if allowed to function properly, it could be a fantastic system,” Ogbeh asserted.

He urged the federal government to withhold monthly allocations to states where governors appoint caretaker committees for local government administration, labelling such committees illegal according to Supreme Court rulings.

“Don’t send them cash; deduct their allocations and retain it,” Ogbeh insisted. He argued that governors failing to manage local government affairs adequately undermine national stability and development.

“These failures are creating dangerous problems for the country,” he concluded, emphasizing the urgent need for effective governance at the grassroots level to benefit all Nigerians.

The Oyo State Government has approved the recruitment of 7,500 teachers and 3,000 non-teaching staff for the state’s post-primary education sector, aiming to enhance its quality.

Akinade Alamu, Chairperson of the Oyo State Post-Primary Teaching Service Commission (TESCOM), announced this on Friday in Ibadan. He emphasized that the recruitment will be merit-based and encouraged all qualified candidates, including those with physical challenges, to apply.

Alamu highlighted the importance of merit-based employment for quality education and stressed the necessity of adhering to the application guidelines. He cautioned applicants against applying for both categories simultaneously, stating that each candidate must choose either the teaching or non-teaching category.

Interested candidates with the required credentials can apply through the provided link within a two-week period. Applicants must have a National Identification Number, a functional email, and phone numbers, among other requirements.

Audu Ogbeh asks FG to stop payment of LGA funds to governors with caretaker committees
The recruitment process includes an online application, a CBT examination, and an oral interview. Alamu praised Oyo State Governor Seyi Makinde for approving the mass recruitment initiative.

“Oyo State government’s huge investment in the education sector is yielding positive results as our students are doing well on all fronts. Therefore, the government is set to recruit more teachers, in addition to those on ground,” he said.

According to Mr Alamu, the recruitment exercise is being supervised by an inter-ministerial committe that would ensure a seamless exercise.

The Permanent Secretary, TESCOM, Haroon Lawal, was quoted as saying that the recruitment is aimed at fortifying the teaching and non-teaching sector of the state’s secondary education.

At least 30 British citizens of Nigerian origin will be on the ballot in the United Kingdom’s elections scheduled for Thursday, July 4.

An analysis of the list of candidates by a UK election data supplier, Democracy Club, showed that 20 British-Nigerians will be representing mainstream parties, including the Labour Party, the Conservatives Party, the Liberal Democrats, and the Reform UK, while the rest are from smaller parties or contesting as independents.

The new Parliament is expected to be the most diverse in Britain’s history as more ethnic minorities, including Nigerians, in mainstream and fringe parties, are making strong overtures to the electorate with persuasive manifestos.

To stand as a candidate in a UK Parliamentary General Election, a candidate must be at least 18 years old and a citizen of a commonwealth country who does not require leave to enter or remain in the UK, or has indefinite leave to remain in the UK.

Some of the candidates are seeking re-elections to the parliament, others are appearing on the ballot paper for the first time, hoping to get the votes of their constituencies.

The Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs).

CBN made this known in a circular signed by Solaja Olayemi, its acting director of the currency operations department on Friday.

In the circular, the apex bank directed banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.

The financial regulator said this is aimed at boosting liquidity in the foreign exchange market. 

According to CBN, each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily.

“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank,” CBN said.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

‘3 WORKING DAYS NOTICE FOR INTENT TO DEPOSITS’

The financial regulator said the banks should adhere strictly to its guidelines such as giving three days notice showing intent to deposit foreign currencies.

“Give at least three (3) working days’ notice of their intent to deposit forex cash, in writing to the branch controller, CBN Lagos or/and Abuja. This must be accompanied by the list of owners of foreign currency to be deposited,” CBN said.

“All deposits must be within the threshold of the following per day: (i) USD higher bills ($100 and $50) maximum limit of $10 million. (ii) USD lower bills (20 and below) maximum limit of $1 million. (iii) GBP notes a maximum limit of £1 million. (iv) EURO notes – maximum limit of €1 million.

“Two (2) representatives of the depositing bank must be present to witness and confirm the amount to be deposited.

“Deposits may be in $100, $50, $20, $10, $5, $1 and all GBP and EURO denominations. Each denomination shall be in separate boxes.

“The DMBs shall engage the services of only CBN-registered CIT companies for deposits of foreign currency notes.

“The time for accepting deposits shall be between 8am and 12pm.”

CBN said Abuja and Lagos branches would receive, count and authenticate deposits in the presence of the representatives of the depositing bank on the same day.

“The bank shall credit the DMBs account through their correspondent bank within the cycle time of T+5.” the apex bank said.

“The handling charge of 0.30 per cent of the authenticated amount should be recovered from the DMB current account with CBN.

“The Bank would not accept forex deposits from any DMB that fails to comply with any of the guidelines.”

On  September 12, 2023, the CBN asked banks to stop utilising gains from the revaluation of the naira to pay dividends or finance operations.

President Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and value added tax (VAT) on imported pharmaceutical inputs.

In a statement on Friday, Muhammad Ali Pate, coordinating minister of health and social welfare, said the order is aimed at revitalising the Nigerian health sector and increase production of healthcare products.

“In a transformative move to revitalize the Nigerian health sector, His Excellency President Bola Ahmed Tinubu, GCFR @officialABAT, has signed an Executive Order aiming to increase local production of healthcare products (pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textile, etc.),” Pate said.

“The Minister of Justice and Attorney General of the Federation @FedMinOfJustice, Prince Lateef Olasunkanmi Fagbemi SAN, @LOFagbemi, is to now take the next steps towards codifying the new Order.”

Pate said the order is crucial to the success of the initiative for unlocking the health care value chain (PVAC_NG), which was approved in October 2023 by the president.

“The Order introduces zero tariffs, excise duties and VAT on specified machinery, equipment and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness,” he said.

“Specified items include Active Pharmaceutical Ingredients (APIs), excipients, other essential raw materials required for manufacturing of crucial health products like drugs, syringes and needles, Long-lasting Insecticidal Nets (LLINs) and Rapid Diagnostic Kits, among others.

“The Order also provides for establishing market shaping mechanisms such as framework contracts and volume guarantees, to encourage local manufacturers.”

According to the minister, the order mandates collaboration among the ministers of health, finance, as well as industry, trade and investment, to develop a harmonised implementation framework — expediting regulatory approvals and reducing bottlenecks.

Pate said agencies including the Nigeria Customs Service (NCS), National Agency for Food and Drug Administration and Control (NAFDAC), Standard Organisation of Nigeria (SON), and Federal Inland Revenue Service (FIRS) “will ensure swift implementation, with special waivers and exemptions effective for two years”.

“The implication of this order is pivot towards market-based incentives to encourage medical industrialization, reducing costs of medical products through import substitution over time, creating and retaining economic value and enabling job creation in the healthcare value chain,” the minister said.

Pate thanked Tinubu for his courage and commitment to ensure Nigeria is put back on the path to prosperity.

He also expressed gratitude to everyone who contributed to the ideas that culminated in the consensus that resulted in the significant milestone.

The development follows an appeal sent by TheCable on May 23 to Tinubu and other political leaders in the country for policy and legislative actions on the escalating cost of medications, also known as “drugflation”.

The publication identified key proposals from its webinar — which was held in April 2024 — in the appeal and requested the approval of an unambiguous executive order to tackle the identified health sector issues, and encourage patronage of local manufacturers.

The Court of Arbitration for Sports (CAS) has dismissed Athletics Integrity Unity’s (AIU) appeal against the clearance of Tobi Amusan’s anti-doping rule violation.

The court announced the decision in a statement published on its website on Friday.

In July 2023, AIU handed Amusan a provisional suspension for allegedly “missing three tests in 12 months”.

The case was transferred to a disciplinary tribunal. A month later, a “majority decision” of the tribunal ruled that the 27-year-old “has not committed an anti-doping rule violation (ADRV) of three whereabouts failures within a 12-month period.”

Amusan was cleared of the charge by the disciplinary tribunal.

Later that year, AIU announced that it had filed an appeal against the tribunal’s decision before CAS.

In its ruling on the case, CAS judged that although Amusan “committed two filing failures,” the appellant “did not confirm the existence” of a third missed test “which would have been the third whereabouts failure committed within a 12-month period”.

The court ruled that the athlete did not violate any Anti-Doping Rule Violation (ADRV) rule and that the “challenged decision should be confirmed.”

“The Court of Arbitration for Sport (CAS) has dismissed the appeals filed by World Athletics (WA) and by the World Anti-Doping Agency (WADA) against the decision issued on 17 August 2023 (the Challenged Decision) by the World Athletics Disciplinary Tribunal (WADT) in relation to the hurdler Oluwatobiloba (Tobi) Amusan (Nigeria),” the statement reads.

“In their respective appeal to CAS, WA and WADA had sought the imposition of a two-year period of ineligibility. The CAS Panel held a hearing on 19 January 2024. Having deliberated, the CAS Panel has issued its decision today dismissing both appeals. The CAS Panel unanimously acknowledged that the athlete committed two filing failures but did not confirm the existence of a missed test, alleged by WA and WADA, which would have been the third Whereabouts Failure committed within a 12-month period. Accordingly, the CAS Panel concluded that the athlete did not commit an ADRV and that the Challenged Decision should be confirmed.”

With the latest decision, Amusan is cleared and is expected to represent Nigeria at the Paris Olympics next month.

The Nigeria Labour Congress (NLC) has responded vehemently to recent statements by some Nigerian governors regarding their intention to determine what they deem fit as the minimum wage for Nigerian workers.

According to the NLC, this stance is dictatorial and undermines the established model for creating a national minimum wage in Nigeria.

In a press release issued by Benson Upah, Head of Information and Public Affairs at NLC, the Congress emphasised that the national minimum wage is not an arbitrary figure but a collective agreement designed to ensure a minimum standard of living for every worker in the country.

The governors’ desire to unilaterally set the minimum wage contradicts this principle and threatens the welfare of Nigerian workers and the national economy, NLC maintained.

“The concept of a national minimum wage represents a national wage floor, a baseline below which no worker should be paid,” Upah stated.

He reminded the governors that the minimum wage is separate from the individual pay structures of states, which already reflect their unique financial capabilities and circumstances.

This flexibility, he noted, allows states to reward their workers in alignment with their financial realities.

The NLC also criticised the inconsistency in the governors’ stance, pointing out that political office holders across the nation receive uniform salaries as determined by the Revenue Mobilisation, Allocation and Fiscal Commission without similar objections.

“This double standard pits a few privileged individuals against the majority poor, which should concern anyone who loves this country,” the release stated.

The NLC expressed deep concern over what it described as a “blatant display of ignorance” regarding global best practices for national minimum wage by some governors. Despite frequent travels abroad, these governors, according to the NLC, have failed to educate themselves on fundamental issues crucial to successful governance. The Congress recommended that these governors “return to school for proper education” to avoid posing a threat to democracy.

The NLC commended the governors who prioritize workers’ welfare and urged the federal government to address the issue of the national minimum wage without yielding to pressure from “selfish governors.” The Congress reiterated that workers’ salaries are not charity but hard-earned income that drives the economy.

“Allowing numerous companies and organizations in Nigeria to pay workers whatever they like is akin to what the governors are asking for,” the NLC argued. “While these companies may not pay the same salaries, they must adhere to the national wage floor, and the same should apply to state governors.”

The NLC called on President Bola Tinubu to uphold his promise of a living wage and not be influenced by unpatriotic governors. The Congress urged the governors to abandon any inclination towards dictatorial practices and to embrace policies driven by equity and fairness. Ensuring a fair minimum wage, they argued, is not only a matter of economic justice but also a fundamental aspect of maintaining social stability and national cohesion.

“Nigerian workers should not be reduced to beggars! Enough is enough!” the NLC declared. The Congress reaffirmed its commitment to protecting the rights and welfare of Nigerian workers, advocating for a fair and equitable wage system that reflects the nation’s values. They called on the governors to join them in this commitment for the benefit of all Nigerians and to let democracy flourish.

On June 26, 2024, Nigeria’s external reserve reached a record high of $34.07 billion.

This is according to the Central Bank of Nigeria’s latest FX data on its official website.

The figure represents the highest level since March 2024.

Recall that last week the external reserve reached a three-month high when it rose to $33.5 billion.

Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion.

The external reserves have increased by a substantial $1.3 billion since June 2024.

The development comes as the Central Bank of Nigeria Governor, Olayemi Cardoso said its reforms attracted $24 billion inflow in the first quarter of 2024.

Meanwhile, despite the rising FX reserves, the Naira depreciated to N1510.10 per Dollar at the forex market according to FMDQ data on Thursday.