Month: August 2024

  • Full List: 5 Cryptocurrency Companies Get SEC Approval to Operate in Nigeria

    Full List: 5 Cryptocurrency Companies Get SEC Approval to Operate in Nigeria

    SEC Approves 5 Cryptocurrency Firms to Operate Legally in Nigeria.

     

    The Securities and Exchange Commission (SEC) is taking significant steps toward legalizing cryptocurrency transactions in Nigeria. As part of these efforts, the SEC has granted approval in principle to select cryptocurrency exchange companies, marking a pivotal move in regulating digital assets within the country.

    Nigeria, known for its high rate of cryptocurrency adoption, has seen transactions surpassing $56 billion. This new regulatory framework is expected to further bolster the crypto market by providing a legal and secure environment for digital asset trading.

    How Terrorists Are Exploiting Young Cryptocurrency Traders in Nigeria, EFCC Chairman Reveals

     

    SEC’s Approval of Cryptocurrency Companies

    In a recent announcement, the SEC released a list of cryptocurrency companies that have been authorized to operate in Nigeria. The approval, which comes under the Accelerated Regulatory Incubation Program (ARIP), includes two digital asset exchanges—Busha Digital Limited and Quidax Technologies Limited.

    In addition to these approvals, five other firms have been admitted into the regulatory incubation program to test their models and technologies. This move is part of the SEC’s broader strategy to ensure that only approved digital exchanges and platforms are legally authorized to conduct cryptocurrency trading in Nigeria.

    Here is what to know about the firms:

    Busha Digital Limited: Operates a digital exchange for buying, selling, and trading crypto assets with fiat currency, accessible via mobile and web apps in Nigeria and other developing economies.

    Quidax Technologies Limited: A cryptocurrency trading platform leveraging blockchain technology, allowing users to trade, store, and transact in various cryptocurrencies via web- and mobile-enabled services.

     

    Read Also :  Bitcoin price Surges Past $44,000 Mark, Overtaking Major Companies in Market Cap

    Trovotech Ltd: Developed a blockchain-based platform for creating digital tokens, facilitating the trading of tokenized illiquid real-world assets like housing, agriculture, and infrastructure.

    Wrapped CBDC Ltd: Plans to introduce a Nigerian stablecoin (cNGN or cN), pegged at cN1, for local and cross-border crypto transactions on recognized digital exchanges.

    Four Nigerians Arrested For Making Money By Allowing Kidnappers Use Their Bank Accounts To Receive Ransoms

    HXAfrica: Offers a platform for developers to raise capital through property tokenization and liquidate investments via an integrated exchange, with real estate tokens starting at N50,000.

    Dream City Capital: Provides a digital platform for investors to acquire equity ownership in vetted residential and commercial real estate projects through a Special Purpose Company (SPC) framework.

    Blockvault Custodian Ltd: Offers digital asset custodial services, focusing on secure storage, management, and compliance with AML/KYC checks and continuous transaction monitoring.

    Presidency Takes Stand: Bans Online Forex, Cryptocurrency Operations

    SEC’s Regulatory Approach

    The SEC emphasized that the listed firms are not the only entities that have applied for the ARIP and the Regulatory Incubation (RI) Program. Additional applications are being assessed, and further approvals will be granted as companies meet all SEC requirements.

    Cryptocurrency
    SEC Approves 5 Cryptocurrency Firms to Operate Legally in Nigeria.

     

    The Commission reiterated that only those companies that have been approved under the ARIP or RI Program are legally authorized to conduct cryptocurrency trading in Nigeria. The public is strongly advised against engaging with illegal operators who have not received SEC’s approval.

     

    The SEC’s proactive approach in regulating crypto trading in Nigeria is poised to foster a safer and more transparent digital asset market in Nigeria.

  • NNPCL to Transfer Warri, Kaduna Refineries to Private Operators

    NNPCL to Transfer Warri, Kaduna Refineries to Private Operators

    The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to transfer the operation and maintenance of the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company to reputable private operators.

     

    This decision was revealed in an official statement released on Friday via the company’s X (formerly Twitter) handle.

     

    Read Also: Akene Audio Saga: The Untold Truth Behind Dickson’s Harmless Statement

     

    The Warri refinery, located in Effurun , Delta State, was commissioned in 1978. It is a complex conversion refinery with a nameplate distillation capacity of 6,250,000 metric tons annually (equivalent to 125,000 barrels per day).

    Week 9 Bet9ja pool code for this Saturday August 31, 2024

     

    The facility also includes a petrochemical plant, which was added in 1988, boasting production capacities of 13,000 metric tons annually (MTA) of polypropylene and 18,000 MTA of carbon black. The refinery primarily serves the southern and southwestern markets of Nigeria.

     

    The Kaduna refinery, commissioned in 1980, was established to supply petroleum products to Northern Nigeria, starting with a capacity of 50,000 barrels per day (B/D).

     

    Read Also: Akene Audio Saga: The Untold Truth Behind Dickson’s Harmless Statement

     

    In 1983, its capacity was doubled to 100,000 B/D with the addition of a second crude oil processing train dedicated to the production of lubricating oils. Further expansion in 1986 increased the capacity of the first train to 60,000 B/D, bringing the refinery’s current nameplate capacity to 110,000 B/D.

     

    Both refineries, with a combined nameplate capacity of 235,000 barrels per day, have been integral to Nigeria’s petroleum industry, and this move is seen as a strategic effort by NNPCL to enhance their operational efficiency and output by leveraging the expertise of private operators.

  • Onyeka Onwenu to be Buried Today

    Onyeka Onwenu to be Buried Today

    Onyeka Onwenu for burial today. 

     

    The late Nigerian music icon Onyeka Onwenu, known as the Elegant Stallion, will be laid to rest today in Lagos.

     

    Onwenu passed away on July 30 at Reddington Hospital, Ikeja, after collapsing at an event honoring Dr. Stella Okoli, Managing Director of Emzor Pharmaceuticals.

     

    Read Also : Akene Audio Saga: The Untold Truth Behind Dickson’s Harmless Statement

     

    According to family announcements, the funeral service will be held at the Fountain of Life Church in Ilupeju, followed by a private burial at a vault in Ikoyi.

    Onyeka Onwenu Biography: Age, Husband, Career, and Death; How She Slumped and Died

     

    A funeral flyer indicates that the Service of Songs will take place from 10 a.m. to 12 noon, with the burial scheduled from 2 p.m. to 4 p.m.

     

    Onyeka Onwenu for burial today

    Week 9 Bet9ja pool code for this Saturday August 31, 2024

    Week 9 Betking pool code this Saturday August 31, 2024

     

    Onwenu’s passing marks the end of an era for Nigerian music. Her career spanned decades, making a profound impact on the industry with her powerful voice and memorable performances. Her legacy will continue to inspire future generations, even as she is mourned by many who cherished her artistry and contributions to Nigerian culture.

  • Akene Audio Saga: The Untold Truth Behind Dickson’s Harmless Statement

    Akene Audio Saga: The Untold Truth Behind Dickson’s Harmless Statement

    By: Preye Bagou. 

    Bayelsa is a state in the southern region of Nigeria, primarily inhabited by the Ijaw people, with an estimated population of 0.9 million. The Ijaws lived as a minority in most southern states before the creation of Bayelsa State by the late General Sani Abacha in 1996.

    The name ‘Bayelsa’ is an acronym formed from three Local Government Areas: Brass, Yenagoa, and Sagbama, which were part of the former Rivers State. The four dialects spoken in Bayelsa State are Izon, Nembe, Ogbia, and Epie-Atissa.

    Bayelsa State is widely recognized as the headquarters of the Ijaw nation, being the only indigenous state predominantly inhabited by Ijaw-speaking people in southern Nigeria, despite the different dialects and shared values, norms, and culture.

    Bayelsans, who are publicly known as Ijaws, have always lived together peacefully and in unity since the state’s creation in 1996, without any form of segregation based on local government area or senatorial district.

    The state has had experienced and development-oriented governors, who have made deliberate efforts and contributions in different sectors of the state’s economy toward its growth and development, as it is a relatively young state with many developmental needs.

    Bayelsa State has had six Executive Governors: the late DSP Alamieyeseigha, Dr. Goodluck Ebele Jonathan, Chief Timipre Sylva, Senator Henry Seriake Dickson, and Senator Douye Diri, since its creation, operating under a democratic system of government.

    These governors have made meaningful contributions at various levels and capacities across different sectors to promote the state’s growth and development, particularly improving the welfare of its citizens over the years.

    Expository: The Untold Truth

    Before Bayelsa State was created in 1996 from the old Rivers State during the military regime of the late General Sani Abacha, the region faced significant infrastructural backwardness in the three recognized LGAs: Brass, Yenagoa, and Sagbama.

    Despite the deliberate efforts of previous administrations before the Restoration Government led by Senator Henry Seriake Dickson, the state capital was far from being recognized as developed due to a lack of basic social amenities.

    Yenagoa Local Government Area, which was designated as the state capital after Bayelsa’s creation, was a typical forest with no significant infrastructural development, largely due to the lack of government presence in the recognized LGAs under the former Rivers State.

    Mr. Akene, who served under the Restoration Government, made an erroneous comparison of Bayelsa to other long-developed states like Rivers, Delta, and Lagos during a phone conversation with Senator Dickson, citing their advanced commercial cities.

    It was factually and contextually incorrect for Mr. Akene to compare long-developed and advanced commercial cities like Port Harcourt, Warri, and Lagos to a young state capital like Yenagoa.

    In setting the record straight, Senator Dickson corrected Mr. Akene’s comparison during the phone call, pointing out that Yenagoa, as a virgin state capital, was still in its developmental stages and should not be compared to established commercial cities.

    Unbeknownst to Senator Dickson, Mr. Akene recorded the conversation and released it to the public, leading to widespread misinterpretation and misunderstanding.

    Senator Dickson’s statement was not intended to discredit Yenagoa as a “forest capital,” as misunderstood by many Bayelsans, but to correct Mr. Akene’s erroneous comparison during the conversation.

    To date, the aforementioned state capitals cannot be compared to Yenagoa in terms of infrastructural development and basic social amenities. It is crucial for the general public to be informed of the truth, rather than misinterpreting Senator Dickson’s statement.

    It is an established fact that the Restoration Government made tremendous improvements in most sectors, particularly in infrastructural development, to modernize the state capital and attract small and medium-scale businesses.

    Based on these facts, Senator Dickson’s statement was misinterpreted and misunderstood by the general public. As a former governor, he made deliberate efforts to attract development to the state capital to boost socio-economic activities.

  • Soldier Fatally Shoots Divisional Police Officer at Zamfara Checkpoint

    Soldier Fatally Shoots Divisional Police Officer at Zamfara Checkpoint

    Kebbi DPO Shot Dead by Soldier at Zamfara Checkpoint. 

     

    In a tragic incident on Wednesday, a soldier shot and killed Halliru Liman, the Divisional Police Officer (DPO) of Wusagu Police Division, Kebbi State, at a military checkpoint in Zamfara.

     

    The fatal encounter occurred as Liman was en route to Birnin Kebbi, the capital of Kebbi State, for a routine monthly conference. Despite identifying himself as a police officer, the DPO was shot by a soldier affiliated with Operation Hadarin Daji, Sector 6.

     

    Read Also : Victor Osimhen: Napoli Agrees to €80 Million Deal for Move to Saudi Club

     

    Zamfara Police spokesperson, Yazid Abubakar, confirmed the incident in a statement, expressing shock and outrage over the circumstances.

     

    The circumstances surrounding this heinous crime are alarming and unacceptable,” Abubakar said. “SP Liman, who was on his way to attend a monthly conference in Birnin Kebbi, was stopped by military personnel despite identifying himself as a police officer.

     

    In a sudden and unprovoked act of violence, the soldier, identified as Hassan, aimed his weapon at SP Liman and shot him in the head, resulting in the officer’s immediate death.

     

     

    The incident has raised serious concerns about the coordination and cooperation between security agencies, as investigations into the motive behind this tragic event continue.

  • Osimhen transfer news: Napoli Agrees to €80 Million Deal for Move to Saudi Club

    Osimhen transfer news: Napoli Agrees to €80 Million Deal for Move to Saudi Club

    Victor Osimhen transfer News today as Napoli Agree to Sell Nigerian Striker Victor Osimhen to Al Ahli for €80 Million.

     

    Italian Serie A side Napoli has reached an agreement with Saudi Arabia’s Al Ahli to sell star striker Victor Osimhen. Renowned football transfer expert Fabrizio Romano broke the news, revealing that the “club-to-club deal is done for a total package worth €75/80 million.”

     

    Naija News reports that the Super Eagles striker is set to finalize a four-year deal with Al Ahli, valued at approximately £33.6 million (€40 million) per year, translating to a weekly salary of £646,154, tax-free.

     

    Week 9 Bet9ja pool code for this Saturday August 31, 2024

     

    The contract with the Saudi Arabian club will also include a release clause for Osimhen. In addition, Al Ahli has scheduled a medical examination for the Nigerian forward, who reportedly appears to be declining a transfer to Chelsea.

     

     

    Victor Osimhen’s €80 Million Move to Saudi Club Confirmed by Napoli

    Romano announced on X: “BREAKING: Napoli reach total agreement with Al Ahli for Victor Osimhen!Victor Osimhen

     

    “Club-to-club deal done for €75/80m total package, Al Ahli has already booked a medical.

     

    “Four-year contract worth €25/30m per season net to Osimhen + RELEASE clause.

     

    “Final green light up to Victor.”

    Dollar to Naira Exchange Rate Today August 30, 2024: Black Market, CBN official rates

    Thanks for using our platform to learn about latest Victor Osimhen transfer news

  • Dollar to Naira Exchange Rate Today August 30, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today August 30, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today Black Market and CBN official Exchange Markets:

     

    What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

     

    For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.

     

    The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates.

     

    The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 30, 2024, what drives the rate, and how all these affect the economy of Nigeria.

    Dollar to Naira Today Black Market.

     

    Current Black Market Dollar to Naira exchange rate

    • Buying Rate: N1625
    • Selling Rate: N1630

    Official CBN Rates

    • Buying Rate: N1605
    • Selling Rate: N1608

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    Pounds and Euro to Naira Exchange Rates

    Pounds to Naira (CBN Rates)

    • Buying Rate: ₦2,120
    • Selling Rate: ₦2,125

    Euro to Naira (Black Market Rates)

    • Buying Rate: ₦1,800
    • Selling Rate: ₦1,805

    Geegpay and Grey: Online Exchange Platforms

    Geegpay Rates

    • EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55
    • GBP (£): Buying at ₦2,120 Selling at ₦2,125
    • USD ($): Buying at ₦1,600, Selling at ₦1,670

    Grey Rates

    • EUR (€): Buying at ₦1,800.03, Selling at ₦1,802
    • GBP (£): Buying at ₦1,902, Selling at ₦2,015
    • USD ($): Buying at ₦1,600, Selling at ₦1,660

    Understanding the Dollar to Naira Black Market for Forex

    What is the Black Market?

    The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.

     

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    Why Do People Use the Black Market?

    People turn to the black market due to:

    • Favorable Rates: Often higher than official rates.
    • Accessibility: Easier to obtain foreign currency without stringent regulatory requirements.

    Factors Influencing Black Market Rates.

    Economic Policies

    Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.

    Supply and Demand

    The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.

    Political Stability

    Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.

    Global Economic Conditions

    Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. A significant drop in oil prices, for instance, negatively impacts Nigeria’s economy.

    Comparing Dollar to Naira Official and  Black Market Rates

    Why the Disparity?

    Several factors contribute to the disparity:

    • Supply and Demand: Limited availability in the official market drives people to the black market.
    • Regulatory Restrictions: CBN imposes limits on forex availability, leading to higher black market rates.
    • Economic Instability: Fluctuations in oil prices and inflation prompt people to seek more favorable black market rates.

    Impact on the Economy

    High black market rates can:

    • Inflation: Increase costs for imported goods.
    • Investment: Deter foreign investment due to economic instability.
    • Trade: Benefit exporters while imposing higher costs on importers.

    Using the Parallel Market Safely

    Tips for Transactions

    • Verify Rates: Check reliable sources like Aboki FX for the latest rates.
    • Reputable Dealers: Engage with trusted Bureau De Change operators to avoid scams.

    FAQs on Dollar to Naira Exchange Rate. 

    How much is a dollar to naira today in the black market? The buying rate is N1598, and the selling rate is N1600 as of August 30, 2024.

    Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability.

    Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels.

    What are the risks of trading in the black market? Among these risks are fluctuating rates, possible frauds, and illegality of such transactions.

    Can the CBN influence black market rates? The CBN can only influence these rates through monetary policy, forex interventions, and regulatory measures; no direct control exists over such.

    How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news.

    Conclusion on Dollar to Naira Black Market Rate Today.

    The black market dollar-to-naira exchange rate is shaped by a complex interplay of economic factors, regulatory frameworks, and market dynamics.

     

    For many Nigerians, this isn’t just a statistic but a reality that highlights the profound challenges and opportunities within the Nigerian economic landscape.

    Dollar to Naira Exchange Rate Today August 20, 2024: Black Market and CBN official rates

    The rates, along with their underlying factors, play a crucial role in making financial decisions.

     

     

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  • Joshua Oladele, Two Others Sentenced to Life Imprisonment for Wembley Murder

    Joshua Oladele, Two Others Sentenced to Life Imprisonment for Wembley Murder

    Three men have been sentenced to more than 70 years in prison for the murder of a young man in Wembley.

     

    Ali Al-Amiri, 21, of Wyld Way, Brent, Joshua Oladele, 20, of Wyld Way, Brent, and Micah Hines, 21, of Victoria Avenue, Brent, appeared at Snaresbrook Crown Court on Wednesday, August 28, where their sentences were handed down:

     

    Oladele received life imprisonment, with a minimum term of 28 years.

    TYRE-GATE: Tinubu’s Presidency Splurges N366 Million on Bulletproof Tyres in Just 3 Days

     

    Hines was also sentenced to life imprisonment, with a minimum term of 25 years.

     

    Al-Amiri was sentenced to life imprisonment, with a minimum term of 24 years.

     

    The investigation, led by the officers, was commended for its thoroughness, and those involved in the trial were recognized with a Judge’s Commendation.

     

    The three men, who armed themselves with weapons before fatally stabbing 25-year-old Hamzah Iqbal in Wembley, were convicted following a trial at the same court on Tuesday, August 20.

    EXPOSED: Pastor Adeboye’s Son Abandons N8 Billion Kaduna Project, Flees to Court to Avoid Probe

     

    The court heard that Hamzah was attacked while out with friends on Olympic Way on the evening of September 24, 2023.

     

    The defendants had gone out that night equipped with knives and machetes, all wearing masks.

     

    Although the motive for targeting Hamzah remains unclear, he was subjected to a brutal assault by all three, suffering 23 stab wounds, one of which proved fatal.

     

    Officers and the London Ambulance Service responded swiftly, and Hamzah was rushed to the hospital, but despite the best efforts of the emergency services, his life could not be saved.

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    Detectives painstakingly pieced together the events of that evening, using extensive CCTV footage to identify and arrest the suspects.

     

    Detective Chief Inspector Mark Rogers, who led the investigation, said: “This was a vicious and unrelenting attack that left Hamzah with no chance to defend himself.

     

    “His family is shattered by their loss, their lives forever altered by the actions of these violent individuals.

     

    “These three men went out armed that night, and it is clear their intent was to commit violence.

     

    “Our team worked diligently to build a strong case against the defendants, ensuring they would face justice for their actions.

     

    “While nothing can bring Hamzah back, I sincerely hope his family finds some comfort in knowing that those responsible for his death will spend many years behind bars.”

  • TYRE-GATE: Tinubu’s Presidency Splurges N366 Million on Bulletproof Tyres in Just 3 Days

    TYRE-GATE: Tinubu’s Presidency Splurges N366 Million on Bulletproof Tyres in Just 3 Days

    Tinubu Presidency Spends N366 Million on Bulletproof Tyres in Three Days.

     

    A review of the Govspend public payments portal has uncovered substantial tyre-related expenditures by the Presidency under President Bola Tinubu.

     

    The investigation revealed that a total of N366 million was spent on tyres over just three days, with payments made on May 21, 2024, June 22, 2023, and June 24, 2023.

     

    Read Also : EXPOSED: Pastor Adeboye’s Son Abandons N8 Billion Kaduna Project, Flees to Court to Avoid Probe

     

    On June 22, 2023, a single-day expenditure of N42.8 million was recorded for tyres for the State House. Just two days later, an additional N86.2 million was spent on tyres, described as “Purchase of Tyres to State House.”

    Tinubu Presidency Spends N366 Million on Bulletproof Tyres in Three Days
    Tinubu Presidency Spends N366 Million on Bulletproof Tyres in Three Days

     

     

    On May 21, 2024, two payments were recorded by the Presidency, totaling significant amounts for tyre purchases. The first payment was N38 million for the supply of five S600/222 armoured/bulletproof tyres (255-720-R490AC).

     

    Pay Attention To: Atiku Abubakar Replies Bode George: Nigeria’s Current Plight Takes Precedence Over 2027 Presidential Speculation

     

    Additionally, N200.5 million was spent on the supply of tyres for bulletproof vehicles to the State House in Abuja.

     

    Overall, the Presidency spent a total of N366 million on tyres within three days, according to details found on the Govspend platform.

    TYRE-GATE: Tinubu's Presidency Splurges N366 Million on Bulletproof Tyres in Just 3 Days
    Tinubu Presidency Spends N366 Million on Bulletproof Tyres in Three Days

    These transactions have sparked concerns about the transparency and efficiency of public spending under the current administration.

     

    The tyre expenditure revelations further fuel worries over the Tinubu administration’s prioritization of spending, particularly at a time when Nigeria is grappling with revenue shortages, rising debt, and substantial debt servicing costs.

     

    Despite assurances of fiscal prudence, experts argue that the government’s spending habits suggest that achieving true fiscal discipline remains a distant goal.

  • EXPOSED: Pastor Adeboye’s Son Abandons N8 Billion Kaduna Project, Flees to Court to Avoid Probe

    EXPOSED: Pastor Adeboye’s Son Abandons N8 Billion Kaduna Project, Flees to Court to Avoid Probe

    Pastor Adeboye’s Son, Adeolu Abandons Kaduna Project After Taking Over N8Billion From El-Rufai Gov’t, Runs To Court To Stop Probe.

     

    Adeolu Adeboye, son of Redeemed Christian Church of God’s General Overseer, Pastor Enoch Adeboye, received over N8 billion from Kaduna State Government for a contract, but abandoned the project after 30% completion.

     

    Read Also: Atiku Abubakar Replies Bode George: Nigeria’s Current Plight Takes Precedence Over 2027 Presidential Speculation

     

    According to SaharaReporters Adeolu and his wife, who secured the contract through Ronchess Global Resources Plc during former Governor Nasir El-Rufai’s administration, have been evading accountability for the diverted funds and unfinished project.

    Following Kaduna State Government and House of Assembly’s probe into the alleged fraud, the cleric’s son filed a suit (FHC/L/CS/1206/24) at the Federal High Court in Lagos.

     

    Pay Attention To: Dollar to Naira Exchange Rate Today August 29, 2024: Black Market, CBN official rates

     

    Adeolu seeks an injunction restraining the Economic and Financial Crimes Commission (EFCC), Kaduna State Government, and the House of Assembly from arresting or detaining him over the abandoned N17.26 billion project.

    The EFCC, Inspector General of Police, Assistant Inspector General of Police, Commissioner of Police, Lagos State Command, Kaduna State Government and Kaduna State House of Assembly are the 1st to 6th Respondents respectively.

     

    Pastor Adeboye's Son, Adeolu Abandons Kaduna Project After Taking Over N8Billion From El-Rufai Gov’t, Runs To Court To Stop Probe

     

    Pastor Adeboye's Son, Adeolu Abandons Kaduna Project After Taking Over N8Billion From El-Rufai Gov’t, Runs To Court To Stop Probe

    A Kaduna State House of Assembly team inspected the Wusasa to Danmagaji Nagoyi Road project site (Kaduna North Local Government Area) on May 16, 2024, at 4:47 pm. They found the site abandoned by Ronchess Global Resources Plc, owned by Adeolu Adeboye.

    The project is an 8km road in Zaria. Though N8.195,014,236.95 had been paid for the project, the job was only 30 percent completed before being abandoned by the cleric’s son.

    The period of contract is 18 months and the expected completion date was January 2, 2021. Meanwhile, the contract was awarded to Ronchess Global Resources Plc on September 15, 2020.

    The initial contract sum is N8.74 billion while the full contract sum was revised on December 6, 2022 to the sum of N17.26 billion.

    However, to stop the probe, Adeolu Adeboye quickly ran to court to seek an “interim order restraining the 1st, 2nd, 3rd and 4th Respondents whether by themselves, their servants, officers or agents from taking any further step(s) in compelling the Applicant (him), either by arrest and/or detention, to attend the scheduled meetings of 8th July, 2024 or any other meeting or any meeting subsequently convened by the 1st-4th and 5th &6th Respondents in respect of the contracts awarded to Ronchess Global Resources Plc. which are presently subject of a pending civil action filed at the Kaduna State High Court…”

    This is constituted as Suit No: KDH/KAD/594/2024: Ronchess Global Resources Plc v. Kaduna State Government, Kaduna State House of Assembly &2 ors.

    He sought the interim order pending the hearing and final determination of the Applicant’s (Adeolu) Motion on Notice for Interlocutory Injunction filed herein.

    Justice K.O. Ogundare of the Federal High Court in Lagos subsequently granted an interim order “to the Applicant (Adeolu) directing the parties herein, whether by themselves, their agents, officers, servants or otherwise howsoever to 4th Applicant and the threat of his arrest and detention by the 1st – 4th Respondents, the subject matter of this suit, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein.

    The court also granted the following: “That an Interim Order is hereby granted to the Applicant restraining the Respondents from taking any or further steps in relation to the subject matter of this fundamental right action and issues canvassed therein, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein.

    “That the Applicant shall file an undertaking as to damages within seven (7) days.

    “That this Order and the Motion on Notice shall be served on the Respondents within seven (7) days.

    “That this case is adjourned to 20/9/2024, for hearing of the Motion on Notice.”

    However, in a counter-affidavit filed by the EFCC sworn by a staff member of the anti-corruption agency, Mohammed Arabo on August 14, 2024 at the Federal High Court Registry, Ikoyi, the agency said after a critical analysis of the petition and interaction with the principal officers of the 6th Respondent, it “found evidence of fraud and criminal diversion of public funds against the Applicant (Adeolu Adeboye) and 26 other contractors”.

     

    Arabo identified himself as a member of the team set up by 1st Respondent (EFCC) to investigate the petition.

    He further deposed that the “Applicant’s company, Ronchess Global Resources Plc abandoned the jobs even though the level of completion is 30%”.

     

     

    Arabo confirmed that the “Applicant’s company, Ronchess Global Resources Plc has collected a sum of N8,185,014,328.95 (Eight Billion, One Hundred and Eighty Five Million, Fourteen Thousand, Three Hundred and Twenty Eight Naira, Ninety Five Kobo) even though the level of completion of the jobs is only 30% (thirty percent)”.

     

     

    He said, “In line with the practice of the 1st Respondent (EFCC), we sent invitation letters to the aforementioned contractors, including the Applicant, to enable them to react to the allegations made against them by the 6th Respondent.

     

    “The 1st Respondent invited 35 contractors indicted by the 6th Respondent. 16 Contractors reported and made statements to the 1st Respondent’s team while 9 others have requested to report at a later day.

     

     

    “The Applicant is one of the 10 other contractors that rushed to this Honourable Court for judicial cover from investigation.”

    The lawyers representing the EFCC are Femi Falana (SAN), Mrs Funmi Falana (SAN), and Chukwuma Onwuemene Esq., all of Falana & Falana’s Chambers while the lawyers for the cleric’s son are Ebun-Olu Adegboruwa (SAN), Adedoyin Adesoji Esq., Oluwatosin Adesioye Esq., Omia Ejewentotor Esq., Ayorinde Ogundeji Esq., Emmanuel Omohavwa Esq., Percious Chukwu Esq., and Hannah Ayanwale Esq., all of Ebun-Olu Adegboruwa SAN & Company.

    In the 1st respondent’s (EFCC’s) written address as argued by Falana (SAN), he lamented the tendency and temptation to “misuse the Fundamental Right (Enforcement Procedure) Rules randomly by the desire of legal practitioners to elevate the profile of their claim and sentimentally try to pressure up the court to have an early audience have always manifested in our courts”.

    One of the issues for determination was whether the high court has the jurisdiction to hear and determine the Applicant’s case when the allegations of breach of fundamental rights do not constitute the principal claims.

    Falana argued that the question to be “resolved is whether the applicant’s claim falls within the type that is enforceable as an infraction of fundamental right”.

    The EFCC’s counsel argued further: “The position of the law is that for a claim to qualify as falling under fundamental rights, it must be clear that the principal relief sought is for the enforcement or for securing the enforcement of a fundamental right and not, from the nature of the claim, to redress a grievance that is ancillary to the principal relief which itself is not ipso facto a claim for the enforcement of fundamental right.

     

    Falana noted that “significantly, the claim of any breach is not like a magic wand which can be waved in the face of every claim and turn on the engine of enforcement of a right that may not be constitutional”.

  • Atiku Abubakar Replies Bode George: Nigeria’s Current Plight Takes Precedence Over 2027 Presidential Speculation

    Atiku Abubakar Replies Bode George: Nigeria’s Current Plight Takes Precedence Over 2027 Presidential Speculation

    Atiku Abubakar Prioritizes Addressing Hunger and Deprivation Over 2027 Presidential Ambitions.

     

    Former Vice-President Atiku Abubakar has emphasized that his current priority is addressing the severe hunger and deprivation plaguing Nigerians, rather than focusing on speculation surrounding the 2027 presidential race.

     

    This statement comes in response to remarks made by Chief Bode George, a member of the Peoples Democratic Party (PDP) Board of Trustees, who suggested that Atiku should abandon any ambitions for 2027. George urged Atiku to take inspiration from U.S. President Joe Biden’s decision to step aside for a younger candidate in the upcoming 2024 elections.

     

    In a statement released on Wednesday by his media adviser, Paul Ibe, Atiku clarified that his attention is on the immediate challenges facing Nigeria, not on distant political ambitions.

     

    Read Also: Nigerian Newspaper Headlines – Top 10 News Stories You Should Read This Morning, August 29, 2024

     

    We cannot afford to put the cart before the horse,” Atiku stated. “At this point, Atiku Abubakar’s preoccupation is not 2027. His concern is about 2024, 2025, and 2026, and beyond.

     

    Atiku highlighted the dire circumstances many Nigerians are facing due to what he described as the “failed” policies of the current administration.

     

    The average citizen, and indeed all Nigerians, need to survive the tsunami that has become the administration of President Bola Tinubu,” he said. “It is insensitive to be talking about 2027 now when the 2023 mandate has not yielded any tangible benefits for Nigerians, who are now far worse off in every facet of life.

    Cristiano Ronaldo to Receive Prestigious UEFA Honour

     

    Addressing Chief Bode George, Atiku advised him to focus on counselling President Tinubu to reconsider his policies, which Atiku claims have exacerbated poverty and division in the country.

     

    Bode George himself should also turn his attention to counselling Tinubu to reassess some of his ill-advised policies that have deepened poverty and divisions in our country, instead of prioritizing the politics of 2027,” Atiku added.

  • Dollar to Naira Exchange Rate Today August 29, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today August 29, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today Black Market and CBN official Exchange Markets:

     

    What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

     

    For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.

     

    The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates.

     

    The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 29, 2024, what drives the rate, and how all these affect the economy of Nigeria.

    Dollar to Naira Today Black Market.

     

    Current Black Market Dollar to Naira exchange rate

    • Buying Rate: N1615
    • Selling Rate: N1620

    Official CBN Rates

    • Buying Rate: N1605
    • Selling Rate: N1606

    Football Result|Live Scores Pool Results and Fixtures

    Understanding the Dollar to Naira Black Market for Forex

    What is the Black Market?

    The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.

    Why Do People Use the Black Market?

    People turn to the black market due to:

    • Favorable Rates: Often higher than official rates.
    • Accessibility: Easier to obtain foreign currency without stringent regulatory requirements.

    Factors Influencing Black Market Rates.

    Economic Policies

    Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.

    Supply and Demand

    The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.

    Political Stability

    Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.

    Global Economic Conditions

    Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. A significant drop in oil prices, for instance, negatively impacts Nigeria’s economy.

    Comparing Dollar to Naira Official and  Black Market Rates

    Why the Disparity?

    Several factors contribute to the disparity:

    • Supply and Demand: Limited availability in the official market drives people to the black market.
    • Regulatory Restrictions: CBN imposes limits on forex availability, leading to higher black market rates.
    • Economic Instability: Fluctuations in oil prices and inflation prompt people to seek more favorable black market rates.

    Impact on the Economy

    High black market rates can:

    • Inflation: Increase costs for imported goods.
    • Investment: Deter foreign investment due to economic instability.
    • Trade: Benefit exporters while imposing higher costs on importers.

    Using the Parallel Market Safely

    Tips for Transactions

    • Verify Rates: Check reliable sources like Aboki FX for the latest rates.
    • Reputable Dealers: Engage with trusted Bureau De Change operators to avoid scams.

    Pounds and Euro to Naira Exchange Rates

    Pounds to Naira (CBN Rates)

    • Buying Rate: ₦2,075
    • Selling Rate: ₦2,077

    Euro to Naira (Black Market Rates)

    • Buying Rate: ₦1,770
    • Selling Rate: ₦1,780

    Geegpay and Grey: Online Exchange Platforms

    Geegpay Rates

    • EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55
    • GBP (£): Buying at ₦1,950, Selling at ₦1,965
    • USD ($): Buying at ₦1,595, Selling at ₦1,600

    Grey Rates

    • EUR (€): Buying at ₦1,640.03, Selling at ₦1,719
    • GBP (£): Buying at ₦1,902, Selling at ₦2,015
    • USD ($): Buying at ₦1,590, Selling at ₦1,600

    FAQs on Dollar to Naira Exchange Rate. 

    How much is a dollar to naira today in the black market? The buying rate is N1598, and the selling rate is N1600 as of August 29, 2024.

    Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability.

    Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels.

    What are the risks of trading in the black market? Among these risks are fluctuating rates, possible frauds, and illegality of such transactions.

    Can the CBN influence black market rates? The CBN can only influence these rates through monetary policy, forex interventions, and regulatory measures; no direct control exists over such.

    How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news.

    Conclusion on Dollar to Naira Black Market Rate Today.

    The black market dollar-to-naira exchange rate is shaped by a complex interplay of economic factors, regulatory frameworks, and market dynamics.

     

    For many Nigerians, this isn’t just a statistic but a reality that highlights the profound challenges and opportunities within the Nigerian economic landscape.

    Dollar to Naira Exchange Rate Today August 20, 2024: Black Market and CBN official rates

    The rates, along with their underlying factors, play a crucial role in making financial decisions.

     

    FOREX: US Dollar Weakens as Sterling Reaches Two-Year High – REUTERS

     

    Sterling surged to its strongest level against the US dollar in over two years on Tuesday, as the greenback fell to its lowest level in more than a year following gains in the previous session. Investors are keenly watching key economic data expected this week and next.

    Currency movements were largely influenced by the anticipation of impending US interest rate cuts, which have weighed on the dollar in recent weeks. Market participants are now almost certain that the Federal Reserve will cut rates at its September meeting, with discussions centering on whether the reduction will be by 50 basis points (bp) or 25 bp.

    Rate futures market data shows a 37% chance that the Fed will opt for a 50 bp cut, consistent with late Friday’s estimates, according to LSEG calculations. Traders have priced in approximately 106 bp of cuts for 2024.

    “Since Jackson Hole, the dollar has been gradually declining, though it seems more stagnant than anything else,” said Eugene Epstein, Head of Structured Products, North America at Moneycorp in New York, referencing last week’s Kansas City Fed symposium in Jackson Hole, Wyoming.

    “Fed Chair Jerome Powell’s comments were perceived as dovish, and non-US dollar assets like cryptocurrencies saw some recovery as well. This is all viewed as a dovish continuation from Friday’s Jackson Hole remarks.”

    Sterling has benefited from the US dollar’s weakness, with the pound reaching its highest level since March 2022 at $1.3246 on Tuesday. It last traded up 0.3% at $1.3226.

    The pound gained support from the contrast between Powell’s remarks on Friday, which reinforced market expectations for significant US rate cuts beginning next month, and the more cautious stance of Bank of England Governor Andrew Bailey.

    The dollar index declined 0.3% to 100.53, after earlier hitting its lowest point since July last year. In August, the dollar has fallen 3.2%, setting the stage for its largest monthly drop since November 2022.

    The dollar slipped further after data revealed that US house prices fell by 0.1% on a month-to-month basis in June after remaining flat in May. The year-on-year increase was 5.1%, marking the smallest rise since July 2023.

    Tuesday’s data also indicated an increase in US consumer confidence in August. The Conference Board’s consumer confidence index rose to 103.3 from a revised 101.9 in July, although the market showed little reaction to the figures.

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  • Nigerian Newspaper Headlines – Top 10 News Stories You Should Read This Morning, August 29, 2024

    Nigerian Newspaper Headlines – Top 10 News Stories You Should Read This Morning, August 29, 2024

    Top Nigerian Newspaper Headlines online Today,

    What are the top Nigerian Newspaper Headlines for Today? 

    Staying updated on the latest developments in Nigeria is essential, especially in today’s fast-paced world. Here are the top 10 Nigerian newspaper headlines for August 29, 2024, that capture the most significant news across the country.

     

    From breaking stories to in-depth analyses, these headlines reflect the top news in Nigeria this morning. Whether you’re interested in politics, business, or social issues, these latest Nigerian newspaper headlines will keep you informed. Dive into the top stories in Nigeria today and stay ahead with the latest updates.

     

    The latest Nigerian Newspaper headlines for August:

    Here are ten top headlines from Nigerian newspapers for today, Thursday, August 29, 2024, along with more details:

    1. Flood: Tinubu Re-Emphasizes Concerted Efforts To Address Environmental Concerns: Following reports of devastation caused by floods across the country, President Bola Tinubu has stressed the need for concerted efforts to address environmental concerns and build a more climate-resilient society. He emphasized the importance of proactive measures to mitigate the impact of climate change and protect vulnerable communities.

     

    2. Presidency Calls For Systemic Reforms In NAHCON: The Presidency has called for reforms within the National Hajj Commission (NAHCON) to address issues of negligence, maltreatment of pilgrims, and late preparation for pilgrimage exercises. The Chief of Staff to the President highlighted the need for better management and accountability within the commission.

     

     

    3. Anti-Party: Use Melaye To Set Example, PDP Group Tells Ikimi Committee: The Coalition of PDP Professionals has urged the Chief Tom Ikimi-led National Disciplinary Committee to begin its assignment by disciplining former Kogi State governorship candidate Senator Dino Melaye. The group believes that taking action against Melaye will set a precedent for maintaining party discipline.

    Nigerian Newspaper Headlines: Top 10 News Stories You Should Read This Morning, August 28, 2024

     

    4. FG, ASUU To Reconvene September 6: The meeting between the Federal Government and the Academic Staff Union of Universities (ASUU) ended with both parties declaring it a fruitful discussion. They are set to reconvene on September 6 to continue negotiations aimed at resolving the ongoing issues in the education sector.

     

    5. Rivers Crisis: Fubara Won 2023 Guber Election, Must Be Allowed To Lead – HURIWA: The Human Rights Writers Association of Nigeria (HURIWA) has urged Governor Siminalayi Fubara of Rivers State to remain committed to upholding democratic principles. HURIWA assured him that he won the 2023 gubernatorial election and should be allowed to lead without interference.

     

    6. Proposed Strike: FG, ASUU In Closed Door Meeting: The Federal Government, through the Ministry of Education, is currently meeting with members of ASUU in Abuja to discuss the proposed strike. The Minister of Education, Prof. Tahir Mamman, summoned the meeting to find a resolution to the union’s demands.

     

    7. PDP Govs Support For Fubara Has Vindicated BoT Chair, Wabara – Chieftain: A PDP chieftain in Abia State, Emeka-Yellow Ikpegbu, has lauded the PDP Governors’ recent declaration of support for Governor Siminalayi Fubara. He stated that this support vindicates the earlier backing of the party’s Board of Trustees Chairman, Senator Adolph Wabara.

     

    8. FG Recovers N83.01bn Through Whistleblower Policy: The Federal Government has recovered a total of N83.01 billion, $609.083 million, and €5,494 through the whistleblower policy over eight years. This policy has been instrumental in uncovering and recovering misappropriated funds.

     

     

    9. Nigerian Govt Sets September 14 Deadline for NIN-SIM Linkage: The Federal Government has set a deadline of September 14 for all citizens to link their National Identification Number (NIN) with their SIM cards. The Nigerian Communications Commission (NCC) has directed all mobile network operators to complete the mandatory verification and linkage by this date.

     

     

    10. Nigerian Army Rescues 50 Kidnapped Victims in Zamfara: The Nigerian Army has successfully rescued 50 kidnapped victims in Zamfara State during a military operation aimed at combating banditry in the region. The operation is part of ongoing efforts to restore peace and security in the state.

     

    That is all for today on Nigerian Newspaper Headlines. Click here more Naija News.

    Nigerian Newspaper Headlines Today , News in Nigeria NewsOnline Nigeria
    Nigerian Newspaper Headlines photo file
  • Cristiano Ronaldo to Receive Prestigious UEFA Honour

    Cristiano Ronaldo to Receive Prestigious UEFA Honour

    Portuguese striker and captain, Cristiano Ronaldo, widely regarded as a legend in European football, is set to receive a prestigious accolade from UEFA, further cementing his legacy as the UEFA Champions League’s all-time top scorer.

     

    The award will be presented by UEFA President Aleksander Čeferin during the 2024/25 UEFA Champions League draw ceremony, scheduled for Thursday, 29 August, at the Grimaldi Forum in Monaco.

    Transfer: Raheem Sterling Demands Multi-Million Payoff From Chelsea Before Leaving

     

    In a statement released on Tuesday, UEFA highlighted Ronaldo’s unparalleled achievements in the Champions League. His remarkable record of 140 goals across 183 appearances has redefined the history of the competition.

    cristiano-ronaldo-rakes-in-218million-to-top-new-list-of-world
    Cristiano Ronaldo Rakes In £218MILLION To Top New List Of World

     

    Ronaldo’s distinction as the only player to have scored in three separate finals, coupled with his five-time winner status, underscores his significant impact on the sport. This honour not only celebrates his extraordinary career but also establishes a monumental benchmark for future generations of footballers.

    Transfer: West Ham To Sign Ex-Chelsea Striker As O’Shea Joins EPL Club Ipswich

     

    This was detailed in a release titled

    “Cristiano Ronaldo to be Honoured as UEFA Champions League All-Time Top Scorer.”

     

    “Cristiano Ronaldo, the all-time leading goalscorer in the UEFA Champions League, will be honoured with a special award from UEFA President Aleksander Čeferin in recognition of his remarkable legacy in the world’s most prestigious competition.

    Cristiano Ronaldo , Al Nassr
    Cristiano Ronaldo

     

    “Ronaldo’s achievements in Europe’s premier club competition – accomplished over the course of more than 18 years – will be recognised during the inaugural 2024/25 UEFA Champions League 36-team league phase draw ceremony, which will take place on Thursday, 29 August, at the Grimaldi Forum in Monaco,” it read.

  • Nigerian Actor Yusuf Olorungbede Dies

    Nigerian Actor Yusuf Olorungbede Dies

    Yusuf Olorungbede, Nigerian actor, is dead.

     

    Yoruba Nollywood actor Yusuf Olorungbede has reportedly passed away. The news of his death was shared by several colleagues in the Yoruba movie industry, sparking an outpouring of grief and tributes.

     

    Bode George Tells Atiku: Wait Till 2031 If You Want To Become President Of Nigeria

    Nollywood actress Foluke Daramola confirmed the actor’s demise on her verified Instagram account, stating, “We lost Yusuf Olorungbede… We submit to God’s Will. Thank You Everyone!”

    Yusuf Olorungbede, Nigerian actor, is dead

    Tributes for Nigerian Actor Yusuf Olorungbede .

     

    Another actor, Oladimeji Peter, expressed his sorrow on Facebook, recounting the profound impact Olorungbede had on his career. “It is sad to hear you are gone. As an actor, you gave me courage.

     

    How Presidential Jet Seizures, Poor Intelligence Led to Sacking of DSS, NIA Bosses

     

    You were the first director to invite me to a movie location and pay me. Not just that, my feeding and personal accommodation were settled without stress.

     

    How will I write up my stories in this industry and slide your name, EGBON???? Ko possible. Through you, I met a lot and learned so much. Good night, Boss man 😓 Yusuf Olorungbede 🎩🎩🎩,” he wrote.

     

    Olorungbede had reportedly been battling illness for some time and was placed on life support in the days leading up to his death. His passing marks a significant loss for the Yoruba film community and the wider Nollywood industry.

  • Bode George Tells Atiku: Wait Till 2031 If You Want To Become President Of Nigeria

    Bode George Tells Atiku: Wait Till 2031 If You Want To Become President Of Nigeria

    A former Deputy National Chairman of the Peoples Democratic Party (PDP), Bode George, has advised former Vice President Atiku Abubakar to refrain from contesting the 2027 presidential election.

     

    In a statement issued on Wednesday, George emphasized that the rotation of leadership, as enshrined in both Nigeria’s constitution and the PDP’s constitution, dictates that it is not yet the turn of the North to produce the next president.

     

    George, who has been a key figure in the PDP, urged Atiku to follow the example of U.S. President Joe Biden by stepping aside to allow the younger generation to take on leadership roles. He highlighted that by 2027, Atiku would be 81 years old, and suggested that he should wait until 2031 if he still wishes to run for the presidency.

     

    “I have nothing personal against Alhaji Abubakar. He is my friend but the truth must be told. By 2027, by God’s Grace, I will also be in my 80s. So, what am I looking for in public office as an octogenarian? The same principle should apply to Alhaji Abubakar,” George stated.

     

    He also stressed that the PDP needs to field a southern candidate in 2027 to have a strong chance of dislodging the All Progressives Congress (APC). George cited the PDP’s constitution, which supports rotational leadership for the sake of justice, fairness, and equity.

    Bode George
    Bode George

     

    Read Also : Breaking: NCC Announces Final Deadline for NIN-SIM Linkage

     

    He argued that it would be unjust for another northerner to become president in 2027, especially after Muhammadu Buhari, a northerner, had just completed two terms.

     

    George dismissed accusations of tribalism, asserting that he is a detribalized Nigerian and has worked closely with northern leaders in the past. He urged all PDP members to respect the principles of zoning and rotation, which have been a core part of the party’s foundation since its inception in 1998.

    BREAKING: NLC Calls for Nationwide Strike, Workers to Embark on Procession

     

    “The principles explicitly stipulate that, at the end of every eight years, all elective and party offices should change from the northern divide to the southern divide and vice versa. That is the position which I will continue to champion till thy kingdom come!,” he concluded.

  • Breaking: NCC Announces Final Deadline for NIN-SIM Linkage

    Breaking: NCC Announces Final Deadline for NIN-SIM Linkage

    The Nigerian Communications Commission (NCC) has announced September 14, 2024, as the final deadline for linking Subscriber Identification Modules (SIMs) to National Identity Numbers (NINs).

    In a statement released on Wednesday, August 28, the NCC emphasized that effective September 15, 2024, no SIM operating in Nigeria will be permitted without a valid NIN.

     

    Read Also: How to Update Your NIN Details from Home Using Your Android Phone or iPhone

     

    The statement, signed by the NCC Director of Public Affairs, Reuben Muoka, urged those who have not yet completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers immediately to update their details before the deadline.

     

    Muoka disclosed that over 153 million SIMs have already been successfully linked to NINs, reflecting a remarkable compliance rate of 96%, a significant increase from 69.7% in January 2024. The commission is aiming for full compliance by September 14.

     

    The NCC reiterated its commitment to collaborating with security agencies and other stakeholders to curb the sale of pre-registered SIMs, which is part of broader efforts to safeguard national security and maintain the integrity of mobile numbers in Nigeria. The sale and purchase of pre-registered SIMs are criminal offences punishable by imprisonment and fines.

     

    “The Nigerian Communications Commission (NCC) is pleased to announce significant progress in the Federal Government’s 2020 policy to link all Subscriber Identification Modules (SIMs) to National Identity Numbers (NINs).

     

    “To date, over 153 million SIMs have been successfully linked to a NIN, reflecting an impressive compliance rate of 96%. As we approach the final phase of this critical process, the NCC seeks the continued cooperation of all Nigerians to achieve 100% compliance,” the statement reads.

     

    The NCC highlighted that the complete linkage of all SIM cards to NINs is vital for enhancing trust and security in Nigeria’s digital economy. Verifying all mobile users strengthens confidence in digital transactions, reduces the risk of fraud and cybercrime, and supports greater participation in e-commerce, digital banking, and mobile money services—promoting financial inclusion and driving economic growth.

    BREAKING: NLC Calls for Nationwide Strike, Workers to Embark on Procession

     

    The statement also noted alarming cases where individuals were found to possess an unusually high number of SIM cards, some exceeding 100,000. The NCC, in collaboration with the Office of the National Security Adviser (ONSA) and the National Identity Management Commission (NIMC), is addressing these cases.

     

    To ensure full compliance, the NCC has directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by the September 14 deadline.

     

    The commission reminded the public that the sale and purchase of pre-registered SIMs are criminal offences and urged citizens to report any such activities via the NCC’s toll-free line (622) or through its social media platforms. The NCC expressed gratitude to the public for its cooperation in strengthening Nigeria’s digital ecosystem.

  • BREAKING: NLC Calls for Nationwide Strike, Workers to Embark on Procession

    BREAKING: NLC Calls for Nationwide Strike, Workers to Embark on Procession

    FCT, Abuja – The Nigeria Labour Congress (NLC) has issued a directive to all its members across the country to participate in a peaceful procession scheduled for Thursday, August 29. This was announced by Emmanuel Ugboaja, the General Secretary of the NLC, in a letter addressed to all NLC affiliates on Wednesday, August 28.

     

    Pay Attention To: Dollar to Naira Exchange Rate Today August 28, 2024: Black Market, CBN official rates

     

    In the capital city of Abuja, members of the Central Working Committee (CWC) and other supporters have been asked to gather at the NLC national headquarters by 8:00 am. They will accompany NLC President Joe Ajaero to the police station following a summons issued by the police.

    Last week, the police summoned Ajaero over allegations including terrorism financing and cybercrime. The summons was issued by the Deputy Commissioner of Police Intelligence Response Team and signed by Assistant Commissioner of Police, Adamu Muazu. The letter warned that failure to comply could result in Ajaero’s arrest.

    Ugboaja stated that the procession is a response to what the NLC considers “trumped-up charges” against Ajaero. He warned that if Ajaero is detained, all workers nationwide would embark on an indefinite strike.

     

    Read Also: How Presidential Jet Seizures, Poor Intelligence Led to Sacking of DSS, NIA Bosses

     

    This peaceful march is a united stand against the unjust actions aimed at intimidating our leadership and stifling the voice of Nigerian workers,” Ugboaja wrote. He urged all members to remain peaceful and orderly throughout the procession and prayer session.

     

    NLC Affiliates Ready to Join Strike

     

    The NLC has noted that several affiliate unions are prepared to join the potential nationwide strike. Among the unions that have already issued strike notices to their members are the Nigeria Union of Teachers (NUT), the National Union of Electricity Employees (NUEE), and the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN).

  • How Presidential Jet Seizures, Poor Intelligence Led to Sacking of DSS, NIA Bosses

    How Presidential Jet Seizures, Poor Intelligence Led to Sacking of DSS, NIA Bosses

    How Presidential Jets Seizures, Poor Intelligence Sacked DSS, NIA Bosses.

     

    New details have emerged regarding President Bola Tinubu’s decision to replace Ahmed Rufai, the former Director-General of the National Intelligence Agency (NIA), and Yusuf Bichi, the Director-General of the Department of State Services (DSS). According to sources close to the presidency, the shake-up was a direct result of the embarrassing seizure of Nigerian assets by Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese firm

     

    Read Also: Dollar to Naira Exchange Rate Today August 28, 2024: Black Market, CBN official rates

     

    The incident reportedly infuriated President Tinubu, who saw the security lapse that allowed such an occurrence as a significant failure on the part of the intelligence agencies. Former DSS DG Yusuf Bichi was also accused of insubordination towards the office of the National Security Adviser (NSA), compounding the reasons for his removal.

     

    Sources speaking to BusinessDay revealed that the President was “not impressed” with the quality of intelligence and security reports reaching his office, which contributed to his decision to overhaul the leadership of the NIA and DSS. This dissatisfaction led to the appointment of Mohamed Mohammed as the new Director-General of the NIA and Adeola Ajayi as the new DG of DSS.

     

    Read Also : Nigerian Newspaper Headlines – Top 10 News Stories You Should Read This Morning, August 28, 2024

     

    Reports suggest that Ahmed Rufai resigned after being queried over the security lapses that led to Nigeria’s failure to receive timely information about legal proceedings in foreign courts, resulting in the asset seizures.

     

    While announcing the new appointments, President Tinubu expressed his expectations that the newly appointed security chiefs would work to reposition the intelligence agencies and enhance collaboration with other security outfits, under the coordination of the NSA.

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    These replacements are seen as part of President Tinubu’s broader efforts to overhaul Nigeria’s security architecture and address the various challenges facing the country.

  • Dollar to Naira Exchange Rate Today August 28, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today August 28, 2024: Black Market, CBN official rates

    Dollar to Naira Exchange Rate Today Black Market and CBN official Exchange Markets:

     

    What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

     

    For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.

     

    The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates.

     

    The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 28, 2024, what drives the rate, and how all these affect the economy of Nigeria.

    Dollar to Naira Today Black Market.

     

    Current Black Market Dollar to Naira exchange rate

    • Buying Rate: N1610
    • Selling Rate: N1615

    Official CBN Rates

    • Buying Rate: N1598
    • Selling Rate: N1600

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    Understanding the Dollar to Naira Black Market for Forex

    What is the Black Market?

    The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.

    Why Do People Use the Black Market?

    People turn to the black market due to:

    • Favorable Rates: Often higher than official rates.
    • Accessibility: Easier to obtain foreign currency without stringent regulatory requirements.

    Factors Influencing Black Market Rates.

    Economic Policies

    Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.

    Supply and Demand

    The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.

    Political Stability

    Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.

    Global Economic Conditions

    Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. A significant drop in oil prices, for instance, negatively impacts Nigeria’s economy.

    Comparing Dollar to Naira Official and  Black Market Rates

    Why the Disparity?

    Several factors contribute to the disparity:

    • Supply and Demand: Limited availability in the official market drives people to the black market.
    • Regulatory Restrictions: CBN imposes limits on forex availability, leading to higher black market rates.
    • Economic Instability: Fluctuations in oil prices and inflation prompt people to seek more favorable black market rates.

    Impact on the Economy

    High black market rates can:

    • Inflation: Increase costs for imported goods.
    • Investment: Deter foreign investment due to economic instability.
    • Trade: Benefit exporters while imposing higher costs on importers.

    Using the Parallel Market Safely

    Tips for Transactions

    • Verify Rates: Check reliable sources like Aboki FX for the latest rates.
    • Reputable Dealers: Engage with trusted Bureau De Change operators to avoid scams.

    Pounds and Euro to Naira Exchange Rates

    Pounds to Naira (CBN Rates)

    • Buying Rate: ₦2,073
    • Selling Rate: ₦2,074

    Euro to Naira (Black Market Rates)

    • Buying Rate: ₦1,768
    • Selling Rate: ₦1,780

    Geegpay and Grey: Online Exchange Platforms

    Geegpay Rates

    • EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55
    • GBP (£): Buying at ₦1,950, Selling at ₦1,965
    • USD ($): Buying at ₦1,504, Selling at ₦1,570

    Grey Rates

    • EUR (€): Buying at ₦1,640.03, Selling at ₦1,719
    • GBP (£): Buying at ₦1,902, Selling at ₦2,015
    • USD ($): Buying at ₦1,550, Selling at ₦1,570

    FAQs on Dollar to Naira Exchange Rate. 

    How much is a dollar to naira today in the black market? The buying rate is N1598, and the selling rate is N1600 as of August 28, 2024.

    Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability.

    Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels.

    What are the risks of trading in the black market? Among these risks are fluctuating rates, possible frauds, and illegality of such transactions.

    Can the CBN influence black market rates? The CBN can only influence these rates through monetary policy, forex interventions, and regulatory measures; no direct control exists over such.

    How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news.

    Conclusion on Dollar to Naira Black Market Rate Today.

    The black market dollar-to-naira exchange rate is shaped by a complex interplay of economic factors, regulatory frameworks, and market dynamics.

     

    For many Nigerians, this isn’t just a statistic but a reality that highlights the profound challenges and opportunities within the Nigerian economic landscape.

    Dollar to Naira Exchange Rate Today August 20, 2024: Black Market and CBN official rates

    The rates, along with their underlying factors, play a crucial role in making financial decisions.

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