CBN Rescinds Ban on Cryptocurrency Transactions

The Central Bank of Nigeria (CBN) has retracted its prohibition on cryptocurrency transactions in Nigeria. This policy reversal was conveyed in a circular no. FPR/DIR/PUB/CIR/002/003, dated December 22, 2023, and signed by Haruna Mustafa, Director, Financial Policy and Regulation Department. Earlier, in February 2021, the apex bank had imposed a ban on cryptocurrency transactions in Nigeria, citing concerns over potential money laundering and terrorism financing risks, as well as the absence of regulatory measures and consumer protections. However, citing evolving global trends and regulatory developments, the CBN acknowledged the necessity of regulating Virtual Assets Service Providers (VASPs). This recognition aligns with the Financial Action Task Force’s (FATF) updated Recommendation 15 in 2018, which urged the regulation of VASPs to prevent misuse of virtual assets for illegal activities. The Money Laundering (Prevention and Prohibition) Act, 2022 also included VASPs within the definition of financial institutions. The new guideline issued by the CBN is aimed at providing clarity to financial institutions under its purview regarding their relationships with VASPs operating in Nigeria. Notably, this guideline supersedes previous directives, particularly circulars FPR/DIR/GEN/CIR/06/010 dated January 12, 2017, and BSD/DIR/PUB/LAB/014/001 dated February 5, 2021. Despite the lifting of the ban, the CBN reiterated that banks and financial institutions are still prohibited from directly engaging in trading, holding, or transacting in virtual currencies on their own accounts. Under the revised directive, banks and financial institutions are mandated to promptly comply. The CBN also reminded these entities of its previous circular, BSD/DIR/PUB/LAB/014/001 dated February 5, 2021, which urged them to identify and close the accounts associated with cryptocurrency transactions.

Chevron Ltd partner NUJ for media development

In the bid to enhance the skills of journalists to enable them navigate the challenges posed by the evolving media landscape in the world, the Chevron Nigeria Limited, has engaged the Nigeria Union of Journalists, FCT Council, in a capacity training. As part of its social responsibility, Chevron reiterated its readiness and commitment to developing human capital and supporting the media to enhance their professional capacity. Chevron expressed this through its General Manager of Policy, Government and Public Affairs, Chevron Nigeria, Mr. Esimaje Brikinn, during a one-day media capacity building program organized for journalists in the FCT. The impactful programme covered areas like; Harnessing the benefits of social media and internet influence on media development, media in developing countries using Nigeria as a case study, as well as understanding cyber laws and the safety of journalists in Nigeria. Represented by the Manager Communication, Chevron Nigeria, Victor Anyaegbudike, he lauded the role of journalists in generating informative and educational content for the society and highlighted their crucial role as agenda-setters and opinion moulders. In conclusion, he expressed gratitude to the media for reportage as it concerns oil and gas industry, providing effective perspectives on the sector’s complex operations.“Through initiatives such as the Advanced Writing and Reporting Skills (AWARES) program, CNL has been actively involved in capacity building for media practitioners. In collaboration with the Pan Atlantic University, Lagos, the program has benefited over 120 journalists since its inception in 2014. “Aside from supporting Nigerian content development by providing employment opportunities to Nigerians and offering contract opportunities in all their projects, CNL also supports the sustainable development of the communities in which they operate. “Through the Global Memorandum of Understanding (GMoU), a community-led participatory partnership model, CNL has contributed billions of naira to the Regional Development Committees (RDCs) that represent the communities in its area of operations to execute hundreds of projects in the communities through a governance model that ensures transparency and accountability.” On his part, Chairman of the Nigeria Union of Journalists, FCT Council, Comrade Osaretin Osadebamwen, commended the partnership between NUJ and Chevron Nigeria Limited, saying, “this training has been long in coming. It is in continued fulfilment of our desire to explore all opportunities for capacity training programmes for our members. “He described the training as an important opportunity for journalists to enhance their skills and navigate the challenges posed by the evolving media landscape.

Adamawa Guber: Binani loses petition against Gov Fintiri

The Court of Appeal in Abuja on Monday dismissed the petition by the All Progressives Congress (APC) and its governorship candidate, Senator Aisha Dahiru Binani seeking to invalidate the election of Umar Ahmadu Fintiri as the duly elected governor of Adamawa State. The Appellate Court held that the iFintiri of the Peoples Democratic Party PDP was lawfully declared winner of the poll by the Adamawa State Governorship Election Petition Tribunal. A judgment written by Justice Tunde Oyebanji Awotoye threw out the case of Binani and APC on various grounds of abnormalities. Among the grounds, the Appeal Court held that Binani and APC failed to call Polling Agents who participated in the conduct of the election as witnesses but unfortunately called Campaign Coordinators who were not at the election venue. Justice Awotoye said that the three witnesses called to establish malpractices in 27 Local Government Areas who were Campaign Coordinators are mere hearsay witnesses having not been party agents. The Court held that it is against the law to attach probate values to the testimony of the Campaign Coordinators since such is worthless in the face of the law. Besides, Justice Awotoye said that the brief of argument filed by Binani and APC was in contravention of the law, hence, incompetent and deserved to be ignored. Also, Justice Awotoye held that the records of appeal transmitted to the Court of Appeal by Binani and APC were not complete and in law mot icompetent for the Court to make any finding. The Court declared as illegal act, the declaration of Binani and APC as winners of the election adding that the only authority to make declaration is the Returning Officer. The Court also said that it was wrong for Binani to be taking Panadol for the headache of the Resident Electoral Commissioner REC who opted to take laws into his own hand. “In the eyes of the law, the Resident Electoral Commissioner is on his own. He should be allowed to take responsibility for his illegal and unlawful act” The unanimous judgment dismissed the appeal in its entirety and award a cost of N1M to be paid to Fintiri and PDP by Binani and APC. The Adamawa State Governorship Electoral Petitions Tribunal had, in October, dismissed the petition filed by Binani seeking Fintiri’s sack from office.

Budget 2024: Senate Urges Revenue Agencies to Surpass N18.3 Trillion Revenue Target

The Senate’s Committee on Finance has called upon various federal government revenue-generating agencies to exceed the targeted revenue of N18.324 trillion set for the 2024 fiscal year. President Bola Tinubu recently presented a total projected expenditure of N27.503 trillion for the 2024 fiscal year before the joint session of the National Assembly. Out of this amount, N18.324 trillion is earmarked as targeted revenue, while N9.18 trillion represents the projected deficit to be covered through internal and external borrowings as well as proceeds from privatization. At separate meetings to assess their readiness, the Finance Committee Chairman, Senator Mohammed Sani Musa (APC Niger East), charged the agencies not to only meet but surpass the revenue projections assigned to them. During a recent interface with the Nigerian National Petroleum Company Limited (NNPCLtd), led by its Group Chief Executive Officer, Mele Kyari, Sani Musa urged them to exceed the revenue targets set for the 2024 fiscal year. He acknowledged the company’s contribution of N4.5 trillion in revenue remitted into the federation account between January and October of the current year but emphasized the need for further contributions, given the company’s commercialized status. “President Bola Tinubu’s budget presentation indicated a shift away from deficit budgeting by projecting a lower deficit of N9.18 trillion for 2024 compared to the N13.4 trillion used in the ending 2023 fiscal year. Our committee, along with other relevant standing committees, will ensure oversight and regular interface with revenue-generating agencies to ensure the necessary revenues for the full implementation of the 2024 budget,” stated Sani Musa. Speaking at the sidelines of a colloquium celebrating the 61st Birthday of Senate President Godswill Akpabio, Senator Sani Musa expressed confidence in achieving the proposed N100 trillion budget size for 2025, suggested by guest speaker Olisa Agbakoba (SAN). “The proposed budget size for 2025 might seem substantial, but it’s achievable if all revenue-generating agencies tighten their processes and prevent leakages,” he emphasized.

Blame Naira Redesign policy for Farmer bankruptcy, Hunger -Fed Govt.

Clearly overwhelmed by the deluge of socioeconomic crises bedeviling the country, the Federal Government says Nigerians should blame Godwin Emefele, the Governor of the Central Bank of Nigeria for their current suffering.The government particularly accused the former CBN helmsman of throwing the nation into unwarranted chaos through the poorly thoughtout Naira redesign policy implemented by the Central Bank of Nigeria (CBN) between December 2022 and February this year.Speaking at a 2024 budget defense session the Honorable Minister of Agriculture and Food Security, Sen Abubakar Kyari said the ill-fated Naira re-design led to severe financial distress among farmers, resulting in bankruptcies. This revelation coincides with an escalating crisis of hunger and famine-induced deaths, particularly affecting impoverished rural communities. The budget defense session was at the instance of a joint committee on Agriculture which discussed the repercussions of the contentious Naira redesign on farmers’ financial stability. Senator Kyari emphasized that the 2024 budget proposals for the sector primarily aim at achieving food security. He highlighted various factors, including insecurity and the ill-fated Naira redesign, that significantly hampered farmers and posed a severe threat to the nation’s food security. “The financial strain caused by the Naira redesign compelled many farmers to sell their produce at significantly reduced prices for survival, while buyers struggled to access cash for purchases,” revealed the Minister during the session. The policy, coinciding with the harvest season, resulted in widespread financial devastation among farmers, leaving them in dire financial straits. During the session, Honorable Dahiru Ismaila Haruna from Bauchi State and Honorable Ademorin Kuye from Lagos State highlighted the urgent need for the federal government to address the escalating hunger crisis, primarily exacerbated by insecurity. Honorable Haruna painted a grim picture of daily deaths due to hunger and stressed the necessity of stocking silos to prevent a full-blown famine, noting an influx of individuals from neighboring countries seeking sustenance. However, Honorable Ademorin expressed concerns about the alleged concessioning of silos built by the previous administration, casting doubt on their effectiveness. In response, the Minister assured lawmakers that all issues raised would be decisively addressed in the 2024 fiscal year, emphasizing President Bola Tinubu’s administration’s commitment to food security. Kyari outlined ongoing plans to ensure food security, including securing farmlands, certifying planting materials for dry season farming, transparent distribution of fertilizers and agro-pesticides, and expediting operations of the National Agricultural Development Fund. For the 2024 fiscal year, the Ministry has allocated a total of N362.940 billion to the sector, with N124.1 billion earmarked for the Ministry. This allocation includes N10.6 billion for personnel costs, N1.34 billion for overheads, and N112.497 billion for capital expenditure.

NIDCOM Boss applauds group for empowering Nigerians in the Diaspora

Hon. Abike Dabiri-Erewa, Chairman, Nigerians in the Diaspora Commission (NIDCOM) has commended Avenue Impact, a UK- based consultancy firm, for transforming and empowering Nigerians in the Diaspora to enhance their skills and transition into Project professionals not only in the UK but also in the USA, Canada, Europe, and other parts of the world. Speaking at a networking session with a group of Nigerian professionals in the UK, Dabiri-Erewa also commended them for their support to Nigerians at home to enhance their project management skills and for training and mentoring over 10,000 members of the global Diaspora community. She further noted the commitment of their various mentees who have themselves turned to mentors and uplifting younger ones . At the event, which was also attended by the Mayor of Southwark, Mayor Micheal Situ, a number of those who had been trained by Avenue Impact, testified to the tremendous impact the skills acquired had transformed their lives and enhanced their job acquisition and performance. The NIDCOM boss encouraged them to key into the Commission’s programmes such as National Diaspora Day on July 25, Nigerians Diaspora Investment Summit (NDIS), Badagry Door of Return, Nigeria Diaspora Housing Scheme amongst others. The Managing director, Mr Funsho Akinwunmi said the event seeks to unite Nigerian Project and IT Professionals, foster networking and discussions on leveraging skills to add value to UK and Nigeria and support the current government’s initiatives. Earlier, Mr Tunji Ajidahun, Programme Director (Avenue Impact Limited) welcomed all and stressed the commitment of the firm to continue to train Nigerians in the diaspora on skills needed for better placements wherever they find themselves. Pastor Smart Kemiki – Managing Director of Dominion4Eever Management Limited gave a talk on how to invest wisely in the UK while Dr. Babatunde Adeyemo – CEO of Pelican Valley Estate spoke on investing in Real Estate in Nigeria. The event was rounded up with a thrilling performance by Music mogul, Paul Play Dairo.

Defend Your Budget: Akpabio Orders MDAs

The President of the Senate, Godswill Akpabio, has issued a stern message to Ministries, Departments, and Agencies (MDAs), cautioning against being lackadaisical in the defense of their budgets for the forthcoming fiscal year. Akpabio conveyed this warning during an interactive session organized by the Committee on Appropriations titled, “2024 Budget: Budget and Budgetary processes, delivering improved outcomes in 2024,” held on Tuesday at the National Assembly. Represented by the Deputy Senate President, Senator Jubril Barau, Akpabio emphasized dire consequences for individuals or agencies displaying laxity during budget defenses. The Minister for Finance, Wale Edun, reinforced the urgent need to explore concessional and climate-related funding, acknowledging Nigeria’s fiscal limitations. Akpabio reaffirmed the National Assembly’s zero-tolerance policy towards a lackadaisical attitude from government officials across all MDAs during budget defenses. He stressed the need to preserve current commitment of the Federal Government to preserve the January to December budget cycle. Senate Committee Chairman on Appropriation, Sen. Solomon Olamilakon, highlighted the event’s significance as part of the 10th National Assembly’s efforts to ensure an inclusive budget process and adhere to the January–December budget cycle. It’s pertinent to recall that President Bola Tinubu presented the proposed 2024 budget of N27.5 trillion at a joint sitting of the National Assembly last week, following which the Senate initiated debates on the budget’s general principles on November 30, 2023, and subsequently passed it for the second reading on December 1, 2023.

El-Rufai Set To Resume New Job After Missing Tinubu’s Ministerial Appointment

Former Kaduna State Governor, Nasir El-Rufai, who missed out on Tinubu’s ministerial appointment, is gearing up to embark on a new role as the part-time Chairman of the Board for Afri-Venture Capital Company Ltd.  This announcement comes after his name was not cleared by lawmakers for a ministerial position due to security reasons. El-Rufai disclosed plans for the VC-PE firm, which aims to support and guide young innovators and entrepreneurs in Nigeria and across Africa.  He shared the news on his X page on Monday , December 4th, expressing optimism about commencing operations in Abuja by January 2024 alongside founding directors Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo.  He wrote: ” I can confirm that our VC-PE firm, Afri-Venture Capital Company Ltd will by the Grace of God, begin operations initially in Abuja in January 2024 with Jimi Lawal, Hafiz Bayero, Eyo Ekpo and Kabir Yabo as founding directors and initial shareholders. I am privileged to be the part-time Chairman of the Board. Please pray for our success and the Nigerian (and in the near future African) innovators and entrepreneurs we hope to finance, nurture, and mentor to be the Dangote Group of the future”.

Abba Moro Emerges Senate Minority Leader

Former Minister of Interior and Senator, Abba Moro, has been named as the new Senate Minority Leader. The four-time senator was announced as leader by Senate President Godswill Akpabio during Tuesday’s plenary session. The decision to appoint Moro, a four-time Senator, as the Senate Minority Leader was reached after consensus among lawmakers of the Peoples Democratic Party (PDP).  Their agreement was rooted in the principle of fairness and equity, leading to the zoning of the position to the North-Central region. Hailing from Benue State in the North Central zone, Moro’s emergence represents a strategic move by the PDP to uphold regional balance and inclusivity within the Senate leadership.

Senate adjourns plenary until July 4

Following the adoption of a motion by the Deputy Senate President, Senator Barau Jubril (APC) Kano, the Senate on Wednesday, adjourned plenary until July 4. The Senate earlier approved a motion informing President Bola Tinubu that a quorum of the 10th Senate had been assembled and that the Presiding Officers had been elected. It also adopted a motion to write letters of congratulatory messages to the Speaker and Deputy Speaker of House of Representatives on their election. The letters will also notify them of the election of the President and Deputy President of the Senate. It also at plenary adopted a motion to write to international parliamentary bodies informing them that a quorum of the 10th Senate had been assembled and that the Senate was ready to receive communication. The bodies included the African Union (AU), ECOWAS Parliament, Common Wealth Parliamentary Association (CWPA),Inter-Parliamentary Union (IPU) among others.