Ejes Gist News

Month: November 2024

  • Breaking: FG Halts Payment Of FAAC Allocation To Rivers State

    Breaking: FG Halts Payment Of FAAC Allocation To Rivers State

    FG Stops FAAC Allocation to Rivers State Amid Political Crisis. 

    The Federal Government has suspended the October Federation Account Allocation Committee (FAAC) revenue payment to Rivers State following a court order amidst the ongoing political conflict between Governor Siminalayi Fubara and his predecessor, Nyesom Wike, who now serves as the Minister of the Federal Capital Territory.

    Read Also: Senate President Akpabio, Senate Leader Opeyemi Bamidele Allegedly Exchange Blows Inside Senate Cafeteria

    Bawa Mokwa, the spokesperson for the Office of the Accountant General of the Federation (OAGF), confirmed the suspension, stating that the government is adhering to a Federal High Court ruling barring the Central Bank of Nigeria (CBN) and the federal government from disbursing funds to Rivers State.

    Court Directive and Compliance

    The Federal High Court ruling, delivered by Justice Joyce Abdulmalik, ordered the Rivers State government to re-present its 2024 budget to the faction of the State House of Assembly led by Martin Amaewhule.

    Read Also: Rivers state local government Elections Upheld

    This faction, reportedly backed by Wike, filed the originating summons, claiming the current executive failed to comply with legal procedures.

    The court also prohibited the CBN, Accountant-General of the Federation, and several banks from granting Governor Fubara access to state funds until compliance with the court’s directives.

    Context of the Crisis

    The fallout between Governor Fubara and former Governor Wike has fueled a political standoff, leading to divisions within the Rivers State Assembly. The Amaewhule-led faction has been at odds with Fubara over governance issues, culminating in the current legal and financial impasse.

    Current Status

    While no state has received FAAC allocations for October yet, Mokwa clarified that Rivers State’s disbursement will remain on hold in compliance with the court’s directive. He emphasized that the OAGF would continue to follow due diligence unless there is a contrary court order.

  • Naira Crashes to Record Low Against Dollar

    Naira Crashes to Record Low Against Dollar

    The Nigerian naira has plunged further, hitting new lows against the US dollar in both official and parallel markets.

    At the Nigerian Autonomous Foreign Exchange Market (NAFEM), formerly the official Central Bank of Nigeria (CBN) exchange rate, the dollar now trades at ₦1700. On the parallel market, also known as the black market, the naira has dropped to ₦1755 per dollar, compared to yesterday’s close of ₦1745.

    Dollar to Naira Exchange Rate Today, November 22, 2024: Black Market and CBN Rates

    Similarly, the naira closed at ₦1658 on NAFEM during the previous trading session.

    Implications for the Economy

    The continued devaluation of the naira highlights mounting pressure on Nigeria’s foreign exchange reserves and escalating economic concerns. The widening gap between the official and parallel market rates signals rising demand for foreign currency amid dwindling supply.

    Economists warn that the persistent depreciation could further strain businesses reliant on imports and worsen inflationary pressures in the country.

  • Dollar to Naira Exchange Rate Today, November 22, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today, November 22, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Friday, November 22, 2024

    For Nigerians involved in trade, travel, or investment, keeping up with the latest Dollar to Naira exchange rates is essential.

    This article provides the current exchange rate for USD to NGN in both the black market and the official Central Bank of Nigeria (CBN) channels, along with insights into rate fluctuations and alternative platforms for currency exchange.

    Dollar to Naira Black market Exchange Rate Yesterday

    According to the data obtained from Bureau De Change Operators (BDCs), the black market rate on Thursday, November 21, 2024, closed at: ₦1,747 per US dollar.

    Dollar to Naira Black Market Rate for Today, November 22, 2024.

    In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:

    • Buying Rate: ₦1,752
    • Selling Rate: ₦1,755

    CBN Official Dollar to Naira Exchange Rate

    The official rate from the CBN is typically lower than the black market rate but is limited to certain types of transactions, such as government-approved imports and formal business operations. The official exchange rate today is:

    • Buying Rate: ₦1,700
    • Selling Rate: ₦1,701

    Alternative Platforms for Dollar to Naira Exchange Rates

    Several online platforms, including Geegpay and Grey, also offer competitive exchange rates and serve as trusted alternatives to the traditional black market:

    • Geegpay Rates:
      • USD: Buying at ₦1,750, Selling at ₦1,753
      • GBP: Buying at ₦2,120, Selling at ₦2,127
      • EUR: Buying at ₦1,798.03, Selling at ₦1,800.55
    • Grey Exchange Rates:
      • USD: Buying at ₦1,755, Selling at ₦1,755
      • GBP: Buying at ₦2,102, Selling at ₦2,203
      • EUR: Buying at ₦1,845.03, Selling at ₦1,852

    These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market.

    Historical Context: Rising Dollar to Naira Exchange Rate

    Over the past year, the Dollar to Naira exchange rate has experienced considerable volatility. In October 2023, the black market rate was approximately ₦900 per dollar. Since then, it has nearly doubled, driven by a combination of factors such as inflation, global oil price fluctuations, and foreign currency supply issues in Nigeria.

    Why Nigerians Use the Black Market for Dollar Exchange

    The black market, or parallel market, allows for easier access to foreign currency without government-imposed restrictions. Major reasons include:

    1. Favorable Rates: Higher exchange rates often mean more Naira for each Dollar exchanged.
    2. Accessibility: It is often simpler to access dollars in the black market than through formal banks, which may limit availability.

    Latest Forex News in Nigeria (November 22 , 2024)

    Here’s the latest Forex news in Nigeria as of November 22, 2024:

    1. Naira Depreciates in October Amid FX Crisis: The naira depreciated against the dollar in October 2024, with the spot exchange rate increasing to an average of N1,631.71/$ from N1,592.89/$ in September 2024. The FMDQ Exchange reported a turnover of $10.08 billion in October, a 6.58% increase from September.
    2. Naira Shows Volatility: The naira traded within a range of N1,552.92/$ to N1,675.49/$ in October, compared to N1,539.65/$ to N1,667.42/$ in September. The naira closed trading at N1,675.49/$ in October.
    3. Foreign Reserves Hit 2-Year High: Nigeria’s foreign exchange reserves have risen above $40 billion for the first time in two years, reaching $40.23 billion on November 13, 2024. This increase is attributed to rising oil prices, improved diaspora remittances, and the Central Bank of Nigeria’s efforts to stabilize the naira.

    Understanding the Difference Between Black Market and CBN Rates

    The black market rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

    FAQs on Dollar to Naira Exchange Rates

    Why is there a difference between CBN and black market rates?
    The black market reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses.

    Can everyone use the CBN rate?
    No, CBN rates are primarily available for government-approved imports and transactions. Many individuals rely on the black market for convenience and access.

    Are Geegpay and Grey safe platforms for exchange?
    Yes, both platforms are well-regulated, providing secure, competitive rates for exchanging foreign currency.

    Will the Naira stabilize in the future?
    Future trends depend on economic policies, oil prices, and global market conditions, with currency stability reliant on these factors.

    Conclusion on Dollar to Naira Exchange Rate Today.

    Staying updated on the Dollar to Naira exchange rate is essential for business, travel, and investment decisions. Regularly checking black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment

  • Lagos Youths Reject Seyi Tinubu’s Endorsement for Governorship, See Reason

    Lagos Youths Reject Seyi Tinubu’s Endorsement for Governorship, See Reason

    No vacancy for non-indigenes in Alausa” – Lagos youths tell Seyi Tinubu.

    The Coalition of Lagos Indigenous Youths has strongly opposed the endorsement of Seyi Tinubu, son of President Bola Ahmed Tinubu, as a candidate for Lagos State Governorship in 2027.

    The objection comes after the Coalition of Nigerian Youth Leaders (CONYL), a group claiming representation of youth organizations from across Nigeria’s six geopolitical zones, publicly endorsed Seyi Tinubu during a meeting in Owerri, Imo State.

    Nigerians React as CONYL Endorses President Tinubu’s Son Seyi Tinubu for Lagos Governor in 2027

    Lagos Youths’ Position

    In a statement signed by Abdul Kareem Whyte, President of the Lagos Indigenous Youths, the group declared that the endorsement undermines the rights of Lagos indigenes to govern their state, citing decades of perceived marginalization.

    “No vacancy for non-indigenes in Lagos State in 2027,” the statement read. “The marginalization is too much, leading to the underdevelopment of our state. Our hinterlands remain neglected, with poor infrastructure, mounting debt, and distortion of our traditional systems by successive governments.”

    Call for Vigilance

    The coalition urged the Oba of Lagos, Oba Rilwan Akiolu, to be cautious of individuals seeking to claim Lagos indigeneship for political purposes ahead of the 2027 elections..

  • Arewa Consultative Forum Suspends Chairman Over 2027 Presidency Remarks

    Arewa Consultative Forum Suspends Chairman Over 2027 Presidency Remarks

    The Arewa Consultative Forum (ACF) has suspended its National Executive Committee (NEC) Chairman, Mamman Mike Osuman, over controversial comments he made about the 2027 presidency.

    Osuman had reportedly stated during a recent NEC meeting in Kaduna that the North would support a Northern presidential candidate in the 2027 elections.

    Leadership’s Response

    In a joint statement by Alhaji Bashir Muhammad Dalhatu, Chairman of the ACF Board of Trustees (BOT), and Alhaji Murtala Aliyu, Secretary General of the Forum, the ACF distanced itself from Osuman’s remarks, describing them as unauthorized and personal.

    Read Also: Appeal Court Nullifies Judgement on Rivers LG Election

    “The statements were made by the NEC chairman without consulting with other leaders and members of the ACF and thus reflected Mr. Osuman’s personal opinion only. ACF rejects Mr. Mamman Mike Osuman’s statements in their entirety,” the statement read.

    DHQ Seeks Immediate Extradition of Simon Ekpa to Nigeria

    Disciplinary Measures

    The Forum announced Osuman’s immediate suspension and constituted a committee to investigate the matter further.

    The leadership emphasized that such unilateral comments do not represent the collective position of the Forum, which aims to uphold unity and fairness in its engagements.

  • Rivers State Local Government Elections Upheld by Appeal Court

    Rivers State Local Government Elections Upheld by Appeal Court

    Rivers State Local Government Elections Upheld. 

    The Court of Appeal in Abuja has overturned a Federal High Court ruling that barred the Independent National Electoral Commission (INEC) from releasing the voters’ register to the Rivers State Independent Electoral Commission (RSIEC) for conducting local government elections.

    Appellate Court’s Ruling

    In its decision, a special panel led by Justice Onyekachi Otisi declared that the lower court lacked the jurisdiction to adjudicate the matter.

    The court explained that Section 28 of the Electoral Act pertains only to federal elections, governorship elections, and area council elections in the Federal Capital Territory, not state-conducted elections.

    Four Corrupt Judges Behind Conflicting Orders and Frivolous Ex-parte Motions

    The appellate court also criticized the Federal High Court’s directive preventing security agencies from carrying out their constitutional duties during the electoral process.

    Background

    The Federal High Court ruling, delivered by Justice Peter Lifu, had criticized RSIEC for setting October 5 as the election date without adhering to the mandatory 90-day notice required under the local government election law.

    Justice Lifu further argued that updating and revising the voters’ register should have been completed before a valid election date could be established.

    The judge had subsequently ordered INEC not to release the Certified Voters’ Register to RSIEC until all legal requirements were met.

    Court of Appeal Panel Reserves Judgment in PDP, INEC Disputes Amid Rivers Crisis

    Rivers State Local Government Elections Upheld and Reactions

    The appeal is one of several filed by aggrieved parties challenging judgments delivered by the Federal High Court in Abuja concerning political cases in Rivers State. Justice Onyekachi Otisi, who led the appellate panel, had previously reserved judgment on consolidated appeals contesting Justice Lifu’s decisions.

  • DHQ Seeks Immediate Extradition of Simon Ekpa to Nigeria

    DHQ Seeks Immediate Extradition of Simon Ekpa to Nigeria

    DHQ Commends Arrest of Simon Ekpa, Pushes for Extradition to Nigeria.

    The Defence Headquarters (DHQ) has praised the recent arrest of Simon Ekpa, a key separatist figure, by Finnish authorities. The arrest, which took place on Thursday, is being hailed as a significant milestone in Nigeria’s fight against terrorism.

    Read Also: Senate President Akpabio, Senate Leader Opeyemi Bamidele Allegedly Exchange Blows Inside Senate Cafeteria

    Defence Headquarters’ Reaction

    Major General Edward Buba, Director of Defence Media Operations, and Brigadier General Tukur Gusau, Director of Defence Information, expressed optimism over Ekpa’s apprehension. According to Gusau, the Chief of Defence Staff (CDS), General Christopher Musa, is pleased with the development, viewing it as a step toward Ekpa’s extradition to Nigeria to face justice.

    “His arrest in Finland is a positive step in addressing his role in fueling terrorism in Nigeria’s Southeast,” Gusau noted.

    Buba added that the arrest signifies international cooperation in combating terrorism. “The international community’s involvement reflects a strong synergy with Nigeria’s counter-terrorism efforts,” he said.

    Charges and Allegations

    Simon Ekpa, a prominent figure linked to the Indigenous People of Biafra (IPOB), faces accusations of inciting violence, funding terrorism, and spreading separatist propaganda through social media. Finnish authorities have charged him with public incitement to commit a crime with terrorist intent, with allegations dating back to August 2021.

    He was previously declared wanted by the DHQ on March 23, 2024, alongside 96 others accused of terrorist activities across Nigeria.

    Legal Proceedings

    A district court in Lahti, Finland, has ordered Ekpa’s remand on suspicion of his involvement in terror-related activities. Finnish authorities are also investigating him for alleged financial crimes, including raising funds through questionable means.

    Call for Extradition

    The DHQ has expressed hope for Ekpa’s extradition to Nigeria to face charges related to his alleged role in promoting violence in the Southeast. Authorities view this as a critical step in restoring peace to the region.

    Efforts to curb separatist activities and violence in Nigeria’s Southeast have been a top priority for the military, with Ekpa’s arrest seen as a significant breakthrough.

  • Senate President Akpabio, Senate Leader Opeyemi Bamidele Allegedly Exchange Blows Inside Senate Cafeteria

    Senate President Akpabio, Senate Leader Opeyemi Bamidele Allegedly Exchange Blows Inside Senate Cafeteria

    Akpabio, Senate Leader Bamidele Allegedly Clash Over Leadership Style

    Reports of a physical altercation between Senate President Godswill Akpabio and Senate Leader Opeyemi Bamidele have emerged, allegedly stemming from a disagreement over leadership decisions.

    According to investigative journalist Jackson Ude, the fight took place on Tuesday at the Senate Cafeteria.

    Eyewitnesses claimed the two leaders held each other by the neck while exchanging blows, prompting Senator Sani Bello of Niger State to intervene and prevent the situation from escalating further.

    Breaking: Simon Ekpa, Four Others Arrested in Finland Over Terror-Related Activities

    Root of the Dispute

    Insiders suggest the clash highlights growing divisions within the Senate over Akpabio’s leadership. Specifically, Bamidele is said to have been angered by Akpabio’s decision to appoint a Northerner as Chairman of the Senate Committee on Petroleum (Upstream), a position he reportedly felt should have gone to the South West caucus.

    Bamidele is also reportedly accusing Akpabio of favoring his allies and ignoring regional balance in the distribution of committee appointments and other key roles.

    ICC Issues Arrest Warrants for Benjamin Netanyahu, Gallant, Hamas Leader Deif

    Fallout

    Both Akpabio and Bamidele were notably absent from the Senate plenary session on Wednesday following the alleged incident.

    Reaction

    The development has sparked debate on social media, with many calling for transparency and unity in the Senate. Jackson Ude, a U.S.-based Nigerian investigative journalist and former media aide to ex-President Goodluck Jonathan, broke the news via his X (formerly Twitter) handle, drawing widespread attention to the matter.

    Efforts to reach the Senate leadership for comment were unsuccessful at the time of this report.

  • House of Reps Rejects 6-Year Single Term for President, Governors

    House of Reps Rejects 6-Year Single Term for President, Governors

    The House of Representatives has rejected a bill seeking to amend the Nigerian Constitution to provide for a six-year single term for the offices of President, state governors, and local government chairpersons.

    The bill, sponsored by Hon. Ikenga Ugochinyere, also proposed a rotational presidency among Nigeria’s six geopolitical zones and a single-day election for all political offices. Despite these proposals, the majority of lawmakers voted against the bill during its second reading.

    History of Similar Proposals

    This is not the first time such a bill has faced rejection.

    • 2019: A similar bill sponsored by John Dyegh from Benue State proposed a six-year term for the President, governors, and members of the National Assembly. It also failed to pass the second reading. Dyegh argued that a longer single term would reduce the cost and violence associated with re-election campaigns.

    Senate Approves Tinubu’s ₦1.77 Trillion Loan Request

    • Prominent Supporters:
      • Former Vice President Atiku Abubakar once advocated for a six-year single term as part of broader electoral reforms, including electronic voting and stricter candidate verification processes.
      • Governor Chukwuma Soludo of Anambra State also expressed support for the idea in June, highlighting the distractions caused by re-election campaigns.

    ICC Issues Arrest Warrants for Benjamin Netanyahu, Gallant, Hamas Leader Deif

    Debate and Arguments

    Proponents of the bill argue that a single term would:

    1. Curb irregularities and violence during re-election campaigns.
    2. Reduce election costs, which are often triple that of initial campaigns.
    3. Allow officeholders to focus on governance without the pressure of seeking re-election.

    Breaking: Simon Ekpa, Four Others Arrested in Finland Over Terror-Related Activities

    However, critics contend that a six-year term might not guarantee improved governance and could limit citizens’ ability to hold leaders accountable within a shorter period.

  • Senate Approves Tinubu’s ₦1.77 Trillion Loan Request

    Senate Approves Tinubu’s ₦1.77 Trillion Loan Request

    The Nigerian Senate has approved President Bola Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) external loan to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year. The approval was granted following a voice vote presided over by Deputy Senate President Barau Jibrin.

    Breakdown of the Loan Request

    The loan request, submitted on Tuesday, was reviewed and endorsed by the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada. This borrowing plan is part of the 2024 Appropriation Act and comes amid rising concerns over Nigeria’s escalating debt servicing costs.

    Also Read : ICC Issues Arrest Warrants for Benjamin Netanyahu, Gallant, Hamas Leader Deif

    Rising Debt Servicing Costs

    According to the Central Bank of Nigeria (CBN), Nigeria spent $3.58 billion on foreign debt servicing during the first nine months of 2024, marking a 39.77% increase compared to $2.56 billion in the same period of 2023.

    • May 2024 saw the highest monthly debt servicing payment, amounting to $854.37 million—a 286.52% increase from May 2023.
    • January 2024 recorded a 398.89% surge in payments, rising to $560.52 million from $112.35 million in January 2023.
    • In contrast, June 2024 and July 2024 saw slight reductions of 6.51% and 15.48%, respectively, compared to the same months in 2023.

    Premium Trust Bank Graduate Trainee Program 2024/2025 | See How to Apply

    Concerns Over Nigeria’s Debt

    The approval of this loan further stretches Nigeria’s financial obligations, with debt servicing costs already consuming a significant portion of the country’s revenues. Analysts and policymakers continue to express concerns over the rising exchange rates and the growing pressure of foreign debt obligations on the nation’s economy.

  • ICC Issues Arrest Warrants for Benjamin Netanyahu, Gallant, Hamas Leader Deif

    ICC Issues Arrest Warrants for Benjamin Netanyahu, Gallant, Hamas Leader Deif

    ICC issues arrest warrants for Israel’s Benjamin Netanyahu and Yoav Gallant

    The International Criminal Court (ICC) has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, former Defense Minister Yoav Gallant, and Mohammed Deif, Hamas’ military chief. The warrants accuse them of war crimes and crimes against humanity linked to atrocities committed since October 7 last year.

    Benjamin Netanyahu

    Breaking: Simon Ekpa, Four Others Arrested in Finland Over Terror-Related Activities

    ICC’s Decision

    In a statement, the ICC’s Pre-Trial Chamber I confirmed the rejection of Israel’s appeals challenging the court’s jurisdiction. The court emphasized that publicizing the warrants was in the interest of the victims and their families, citing ongoing violence in Gaza and the detention of Israeli captives by Hamas as reasons for transparency.

    Enforcement Challenges

    While the warrants obligate the 124 member states of the Rome Statute to detain the accused and hand them over to The Hague, the ICC relies on state cooperation for enforcement. Trials cannot proceed without the accused being physically present in court.

    Context

    The warrants follow an application by prosecutor Karim Khan in May, which also included Hamas leaders Yahya Sinwar and Ismail Haniyeh. However, Sinwar and Haniyeh were later killed, with Haniyeh’s warrant withdrawn after his death was confirmed.

    This marks a pivotal moment in international efforts to address alleged war crimes in the Israel-Palestine conflict.

    This is a developing story.

  • Breaking: Simon Ekpa, Four Others Arrested in Finland Over Terror-Related Activities

    Breaking: Simon Ekpa, Four Others Arrested in Finland Over Terror-Related Activities

    Simon Ekpa, a Finnish-Nigerian separatist and self-proclaimed Prime Minister of the Biafra Republic Government In-Exile, has been arrested in Finland alongside four others for alleged terror-related activities.

    According to reports from Finland, Ekpa was remanded in custody by the Päijät-Häme District Court on charges of public incitement to commit crimes with terrorist intent.

    Details of the Arrest

    The Finnish Central Criminal Police, in a statement on Thursday, confirmed the arrests of five individuals suspected of terrorism. The main suspect, identified as a Nigerian-born Finnish citizen in his 40s, is accused of promoting violence through social media channels, leading to attacks on civilians and authorities in southeastern Nigeria.

    The statement added:

    “The police suspect that the man has promoted his efforts from Finland by means that have led to violence against civilians and authorities as well as other crimes in the region of South-Eastern Nigeria.”

    Crime Commissioner Otto Hiltunen, head of the investigation, stated that the activities carried out by the suspect included using social media to incite violence.

    Four other suspects were arrested for allegedly financing the activities. Finnish authorities confirmed that international cooperation played a significant role in the investigation.

    Legal Proceedings

    The Päijät-Häme District Court will hear the charges against all five suspects today, November 21. Finnish authorities have emphasized the seriousness of the allegations and their commitment to ensuring justice.

    This arrest marks a significant development in the ongoing global scrutiny of separatist activities linked to the Biafra movement.

    More updates to follow as the case unfolds.

  • Breaking: Soludo Orders Closure of Schools in Anambra, See Details

    Breaking: Soludo Orders Closure of Schools in Anambra, See Details

    Anambra State Governor, Prof. Chukwuma Soludo, has directed the closure of schools in the Nnewi zone amid heightened tensions ahead of Senator Ifeanyi Ubah’s burial.

    The decision follows recent unrest in Nnewi, where gunmen attacked the area on Wednesday night, killing several individuals and setting a vehicle ablaze. The incident, which occurred around 7:30 p.m., caused panic, with many residents fleeing the area.

    School Closure Circular

    In a circular issued Thursday via WhatsApp, the state government instructed all principals in the Nnewi zone to close schools until Tuesday next week. Parents were also advised to keep day students at home for safety reasons.

    Read Also: FG Announces Line of Action as Court Orders Seizure of $25M Nigerian Properties to Chinese Firm

    The circular stated:

    Good morning Parents, please the above information is from the Commissioner of Education, day students should not come to school till Tuesday next week.

    Good evening Noble Principals! I am directed to inform you to close all schools in Nnewi Zone on Thursday 21/11/2024 and Friday 22/11/2024.

    Please circulate this information on your school WhatsApp groups and inform parents of your students. Try your best to find proper channels of reaching these students so that they would not be found wandering on the streets with their school uniforms. Remain blessed and stay safe!!!”

    Police Deny Link Between Nnewi Attack and Burial

    The Anambra State Police Command has refuted claims that the Nnewi killings are connected to the upcoming burial. Superintendent Tochukwu Ikenga, the Police Public Relations Officer, clarified that the attack was unrelated to the burial but stemmed from a confrontation between security operatives and a suspect.

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    Ikenga explained:

    “Preliminary investigations reveal that the security operatives were trailing a suspect when the gun duel ensued at a security checkpoint. Unfortunately, bullets hit the fuel tank of a Toyota Venza Sedan carrying the police personnel, causing it to catch fire. Two innocent bystanders were injured in the crossfire and are currently receiving medical attention.”

    The command emphasized that the incident was not an attempt to disrupt the burial and assured residents that the Joint Security Forces (JSF) had been deployed to maintain peace during the ceremonies.

    Senator Ifeanyi Ubah’s Burial

    The burial of the late Senator is scheduled for Friday in Umuanuka village, Otolo Nnewi. The state government and security agencies have called for calm and assured the public of safety as investigations into the attack continue.

  • Premium Trust Bank Graduate Trainee Program 2024/2025 | See How to Apply

    Premium Trust Bank Graduate Trainee Program 2024/2025 | See How to Apply

    If you are a recent graduate looking for a career in the Nigerian banking sector, then you should apply now for Premium Trust Bank Graduate Trainee Program 2024.

    This job article contains Premium Trust Bank application process, form, deadline,  how to apply online and get shortlisted.

    Ejes Gist News understands that the program is designed for ambitious individuals who are eager to learn and grow in the banking sector. Premium Trust Bank is a leading 21st century financial institution that provides innovative solutions which impact customers and their communities to make a positive difference in the world.

    Premium Trust Bank kicked off its operations in April 2022 with a solid front in the three major economic bulwarks in Nigeria viz Abuja, Lagos and Port Harcourt. We are already spreading our tentacles in the macro and micro sectors of the economy in both the public and private sectors.

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    If you are interested in applying for the Premium Trust Bank Graduate Trainee recruitment, visit the bank’s official website www.premiumtrustbank.comfor more information.

    It is important you ensure to submit your application before the deadline which is currently not specified.

    All applicants are required to read the detailed eligibility requirements before proceeding to apply online. The Premium Trust Bank trainee application form is free, and available online.

    What to Expect from the Premium Trust Bank Graduate Trainee Program 2024

    Participants in the Premium Trust Bank Graduate Trainee Program will engage in a comprehensive training curriculum that covers various aspects of banking and finance. You’ll be mentored by industry professionals and receive practical insights into the workings of the bank. This is not just a job; it’s a pathway to your future in a thriving industry.

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    Title: Graduate Trainee program 2024

    About the program

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    Our focus

    • Attract and employ highly qualified young graduates
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    Premium trust bank graduate trainee program Requirements

    Applicants interested in the Premium Trust Bank ongoing Graduate Trainee Program must meet the following criteria:

    • Educational Qualification:
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      Must be 30 years or below.
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      No prior work experience required (fresh graduates are encouraged to apply).
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      Must be a Nigerian citizen.
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    How To Apply For Premium Trust Bank Graduate Trainee Program 2024

    To apply for the Trainee Program, follow these simple steps:

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    Premium Trust Bank 2024 Graduate Trainee Program Application Deadline

    The Premium Trust Bank trainee Program application deadlines is not clearly outlined. Prospective candidates should mark their calendars, as applications portal open on November 15, 2024, and close on an unspecified date. After the application phase, shortlisted candidates will be notified 3 weeks later.

    Related Links.

     

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  • FG Announces Line of Action as Court Orders Seizure of $25M Nigerian Properties to Chinese Firm

    FG Announces Line of Action as Court Orders Seizure of $25M Nigerian Properties to Chinese Firm

    Seizure of $25M Nigerian Properties to Chinese Firm. 

     

    The Nigerian Presidency has announced its intention to appeal a British Virgin Islands High Court ruling that granted Chinese firm Zhongshan Fucheng Industrial Investment Co. Ltd. the authority to seize $25 million worth of Nigeria’s foreign assets.

    This legal battle originates from a 2007 agreement between Zhongfu, a subsidiary of Zhongshan, and the Ogun State Government to develop a free trade zone. Alleging breach of contract by Ogun State, Zhongfu sought arbitration in London.

    Arbitration and Legal Ruling

    A London arbitration panel awarded Zhongshan $70 million in damages, which has since risen to $81 million with interest. The British Virgin Islands court upheld this award, citing the bilateral investment treaty between China and Nigeria as the basis for enforcing the judgment.

    Chinese Firm Seizes Nigeria’s $57million Jet in Canada as Court Rejects Immunity Claim

    In August 2024, a French court allowed Zhongshan to seize three Nigerian presidential jets, including an Airbus A330 recently purchased by President Bola Tinubu. While the jets were later released after diplomatic negotiations, Zhongshan has already confiscated two residential properties in Liverpool, UK, which it plans to sell.

    Government’s Reaction

    Special Adviser to the President on Policy Communications, Daniel Bwala, confirmed Nigeria’s plan to challenge the ruling, emphasizing the government’s commitment to protecting national assets.

    Presidential Jets Seizure: Amosun Also Cancelled My Ogun Contract, Just Like He Did to a Chinese Firm &; Pat Utomi

    “We will continue to examine all options and take necessary steps to address these legal challenges, ensuring Nigeria’s rights and assets are preserved,” Bwala stated.

    Mediation Attempts

    Settlement discussions between Zhongshan and the Ogun State Government were held as recently as September 2023 in London. Despite some initial progress, negotiations collapsed when Zhongshan insisted on full payment of the arbitration debt.

    According to the Presidency, Zhongshan has since pursued enforcement actions while avoiding further settlement talks. The Ogun State Government maintains its openness to a reasonable resolution.

    Next Steps

    The Nigerian government plans to leverage all legal and diplomatic avenues to vacate the judgment and mitigate its impact on the country’s assets.

    Stay tuned for updates on this developing story.

  • TotalEnergies Launches Young Graduate Program to Boost Careers ( Apply for Free)

    TotalEnergies Launches Young Graduate Program to Boost Careers ( Apply for Free)

    How to Apply for the TotalEnergies Young Graduate Program can be found here on Ejes Gist News.

    TotalEnergies has unveiled its Young Graduate Program, an initiative aimed at providing recent graduates with hands-on experience and international exposure in the energy sector.

    This 24-month program is designed to help participants develop technical and professional skills through rotational placements in various departments within the company.

    Eligibility Criteria

    To qualify, candidates must meet the following requirements:

    • A Matric qualification and a B/BTech degree in one of the following fields:
      • Mechanical, Electrical, or Electromechanical Engineering
      • Finance or an Accounting Technician NQ5 qualification
    • 0-5 years of work experience
    • Proficiency in Microsoft Office tools (PowerPoint, Excel, Word)
    • Strong verbal and written communication skills
    • Problem-solving and analytical thinking abilities

    Additionally, candidates should be eager to learn, curious, and adaptable.

    Program Highlights

    Professional Training and Mentorship

    Participants will receive:

    • A competitive salary
    • Mentorship from experienced professionals
    • Training in technical and leadership skills

    Rotational Experience

    Trainees will rotate through various roles and departments, gaining a comprehensive understanding of TotalEnergies’ operations. They will engage in:

    • Shadowing experienced employees
    • Collaborating on cross-departmental projects
    • Contributing innovative solutions

    HSE Responsibilities

    Trainees will also focus on health, safety, and environmental (HSE) policies, ensuring compliance and promoting a safe workplace.

    Application Details

    Interested candidates can apply through the company’s online application portal. While the deadline for applications has not been specified, prospective applicants are encouraged to apply promptly.

    For further details and to apply, visit the TotalEnergies website.

  • BREAKING: Court Sets Ruling Date for Pro-Wike Lawmakers’ Defection Case

    BREAKING: Court Sets Ruling Date for Pro-Wike Lawmakers’ Defection Case

    A Federal High Court in Port Harcourt has set January 21, 2025, as the date to deliver its ruling on a case brought by the Labour Party (LP) over the defection of 27 lawmakers from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

    Labour Party’s Claims

    The Labour Party argues that the lawmakers, aligned with former Rivers State Governor Nyesom Wike, violated electoral laws by defecting and should lose their seats in the Rivers State Assembly. The party is seeking a court order to declare the seats vacant and direct the Independent National Electoral Commission (INEC) to conduct fresh elections.

    Labour Party Gets Court Nod to Play Defection Clip of Amaewhule, 26 Others

    The lawsuit, marked FHC/PH/25/2024, questions the legality of the defections and highlights the impact of political realignments on legislative processes in the state.

    Related Case

    In a separate but related case, the court will hear arguments on December 10, 2024, in a suit filed by Hon. Victor Oko-Jumbo and three other lawmakers loyal to Rivers State Governor Siminalayi Fubara. These pro-Fubara legislators are requesting the court to bar the 27 defecting lawmakers from continuing to act as members of the State Assembly.

    Background

    The defections, which occurred amid political tensions in Rivers State, have deepened divisions within the state’s political landscape. The Labour Party insists that such political moves undermine the integrity of the legislature and calls for accountability.

    Ejes Gist News understands that the outcomes of these cases could significantly reshape the balance of power in the Rivers State Assembly.

  • Tinubu Dissolves Unizik Governing Council, Sacks Vice Chancellor, Registrar

    Tinubu Dissolves Unizik Governing Council, Sacks Vice Chancellor, Registrar

    President Bola Tinubu has dissolved the Governing Council of Nnamdi Azikiwe University, Awka, Anambra State, and dismissed the newly appointed Vice Chancellor, Prof. Bernard Ifeanyi Odoh, along with the Registrar, Mrs. Rosemary Ifeoma Nwokike.

    Reasons for Dissolution

    The decision follows allegations that the council, led by Ambassador Greg Ozumba Mbadiwe, illegally appointed an unqualified vice chancellor without adhering to due process. The governing council also included members such as Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.

    In a statement released by presidential spokesperson Bayo Onanuga, the Federal Government intervened to address growing tensions between the university’s Senate and the governing council, citing the council’s blatant disregard for established procedures in its selection process.

    Read Also: Dollar to Naira Exchange Rate Today, November 21, 2024: Black Market and CBN Rates

    Additional Actions Taken

    President Tinubu also approved the removal of Engr. Ohieku Muhammed Salami, Pro-Chancellor and Chairman of the Governing Council at the Federal University of Health Sciences, Otukpo, Benue State.

    Engr. Salami was accused of suspending the Vice Chancellor without following the proper protocols. Despite directives from the Federal Ministry of Education to revoke the suspension, Salami reportedly refused and exhibited abusive behavior towards ministry officials, including the Permanent Secretary.

    Federal Government’s Position

    The Federal Government reiterated that university councils are tasked with ensuring the smooth operation of their institutions in line with the laws establishing them. President Tinubu emphasized that his administration is focused on improving education standards in Nigeria and warned against actions that could disrupt university operations.

    Background

    The controversy surrounding Nnamdi Azikiwe University, a 33-year-old institution, has raised concerns about governance and accountability in higher education. This decisive move underscores the government’s commitment to addressing irregularities and fostering transparency within the education sector.

  • Dollar to Naira Exchange Rate Today, November 21, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today, November 21, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Thursday, November 21, 2024

    For Nigerians involved in trade, travel, or investment, keeping up with the latest Dollar to Naira exchange rates is essential. This article provides the current exchange rate for USD to NGN in both the black market and the official Central Bank of Nigeria (CBN) channels, along with insights into rate fluctuations and alternative platforms for currency exchange.

    Dollar to Naira Black market Exchange Rate Yesterday

    According to the data obtained from Bureau De Change Operators (BDCs), the black market rate on Wednesday, November 20, 2024, closed at: ₦1,750 per US dollar.

    Dollar to Naira Black Market Rate for Today, November 21, 2024.

    In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:

    • Buying Rate: ₦1,745
    • Selling Rate: ₦1,750

    CBN Official Dollar to Naira Exchange Rate

    The official rate from the CBN is typically lower than the black market rate but is limited to certain types of transactions, such as government-approved imports and formal business operations. The official exchange rate today is:

    • Buying Rate: ₦1,687
    • Selling Rate: ₦1,689

    Alternative Platforms for Dollar to Naira Exchange Rates

    Several online platforms, including Geegpay and Grey, also offer competitive exchange rates and serve as trusted alternatives to the traditional black market:

    • Geegpay Rates:
      • USD: Buying at ₦1,750, Selling at ₦1,753
      • GBP: Buying at ₦2,120, Selling at ₦2,127
      • EUR: Buying at ₦1,798.03, Selling at ₦1,800.55
    • Grey Exchange Rates:
      • USD: Buying at ₦1,755, Selling at ₦1,755
      • GBP: Buying at ₦2,102, Selling at ₦2,203
      • EUR: Buying at ₦1,845.03, Selling at ₦1,852

    These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market.

    Historical Context: Rising Dollar to Naira Exchange Rate

    Over the past year, the Dollar to Naira exchange rate has experienced considerable volatility. In October 2023, the black market rate was approximately ₦900 per dollar. Since then, it has nearly doubled, driven by a combination of factors such as inflation, global oil price fluctuations, and foreign currency supply issues in Nigeria.

    Why Nigerians Use the Black Market for Dollar Exchange

    The black market, or parallel market, allows for easier access to foreign currency without government-imposed restrictions. Major reasons include:

    1. Favorable Rates: Higher exchange rates often mean more Naira for each Dollar exchanged.
    2. Accessibility: It is often simpler to access dollars in the black market than through formal banks, which may limit availability.

    Latest Forex News in Nigeria (November 21 , 2024)

    Here’s the latest Forex news in Nigeria as of November 21, 2024:

    1. Bank Chiefs Lobby Presidency Over N1tn Forex Gain: Executives of seven Deposit Money Banks are lobbying President Bola Tinubu over the 70% mandatory windfall tax on profits generated from foreign exchange transactions. The banks are advocating for a review or reduction in the tax, which was introduced to generate additional revenue for infrastructure, education, and healthcare projects.
    2. Naira Pressured Despite Record-High FX Turnover: Despite a record-high $1.4 billion turnover in the forex market and rising external reserves, the naira traded at N1,740 per dollar in the parallel market. This represents a slight depreciation from the previous day’s rate of N1,732 per dollar.
    3. Nigeria’s Foreign Reserves Hit 2-Year High: Nigeria’s foreign exchange reserves have risen above $40 billion for the first time in two years. This increase is attributed to rising oil prices, improved diaspora remittances, and the Central Bank of Nigeria’s efforts to stabilize the naira.
    4. CBN Caps Forex Profit for BDCs: The Central Bank of Nigeria has directed Bureau De Change operators to cap their forex profit margin at 1.5% to correct market distortions.

    Understanding the Difference Between Black Market and CBN Rates

    The black market rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

    FAQs on Dollar to Naira Exchange Rates

    Why is there a difference between CBN and black market rates?
    The black market reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses.

    Can everyone use the CBN rate?
    No, CBN rates are primarily available for government-approved imports and transactions. Many individuals rely on the black market for convenience and access.

    Are Geegpay and Grey safe platforms for exchange?
    Yes, both platforms are well-regulated, providing secure, competitive rates for exchanging foreign currency.

    Will the Naira stabilize in the future?
    Future trends depend on economic policies, oil prices, and global market conditions, with currency stability reliant on these factors.

    Conclusion on Dollar to Naira Exchange Rate Today.

    Staying updated on the Dollar to Naira exchange rate is essential for business, travel, and investment decisions. Regularly checking black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment

  • November 2024 Latest Npower News:  Popular Activist Petitions Minister Over One-Year Unpaid Stipends

    November 2024 Latest Npower News:  Popular Activist Petitions Minister Over One-Year Unpaid Stipends

    Today’s November 2024 Latest Npower News On 1 Year Unpaid Stipends

    In today’s Npower news for November 2024, prominent activist Deji Adeyanju has petitioned the Minister of Humanitarian Affairs over unpaid stipends owed to Npower beneficiaries. The petition calls for the immediate disbursement of funds to participants who completed their service but have not received payment for a full year.

    Details of the Petition

    In the petition, Adeyanju stated that he represents several beneficiaries, including Adeshina Adex and others, who participated in the Npower program from October 2022 to September 2023.

    The letter read:

    Our clients registered for the N-Power programme and were deployed to their places of primary assignment for a period of 12 months. Despite fulfilling their obligations and committing significant time and effort, they are yet to receive their monthly stipends for the entire duration of their service.

    Financial Hardships Faced by Beneficiaries

    The petition highlighted the financial difficulties beneficiaries are experiencing due to the non-payment of stipends. It emphasized that the Npower program was specifically designed to provide participants with a reliable income to alleviate financial burdens, enhance skill development, and foster sustainable livelihoods.

    The letter further noted:

    The non-payment of stipends has left many beneficiaries in severe financial distress, undermining the program’s core objective of offering financial relief and stability.

    Demand for Immediate Action

    Adeyanju has demanded the immediate payment of all outstanding salaries, stressing the importance of honoring the government’s commitment to the participants.

    Public Reaction

    The petition has drawn widespread attention, with many Nigerians expressing hope that the activist’s intervention will yield positive results. Beneficiaries and concerned citizens are eagerly awaiting the government’s response and further updates on the matter.

    The current Minister of Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD) in Nigeria or  The Honourable Minister, Federal Ministry of Humanitarian Affairs and Poverty Reduction (FMHAPR), is Professor, Nentawe Goshwe Yilwatda

    Stay tuned for more updates on this developing story.