Binance Ceases Operations in Nigeria
Binance, a global cryptocurrency exchange, has decided to exit the Nigerian market. Effective March 8, 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT (Tether), a stablecoin pegged to the US dollar. The decision follows the cessation of support for naira deposits after 14:00 UTC today, with withdrawals set to terminate after March 8, 6:00 a.m. UTC. The conversion rate stands at 1 USDT per 1,515.13 naira. Binance will delist all spot trading pairs involving the naira on March 7 at 3:00 a.m. UTC, automatically closing open spot orders for these pairs. Additionally, services like Binance Convert, Binance P2P, Auto Invest, and Binance Pay will no longer support naira transactions. This move by Binance coincides with regulatory conflicts in Nigeria, as two executives were recently detained by the National Security Adviser’s office. The company faces accusations of contributing to the depreciation of the naira, prompting its decision to withdraw from the Nigerian market.
FG Gives Update On New Minimum Wage
The Nigerian government is planning to organize a nationwide public hearing as a step in the process of introducing a new minimum wage for workers in Nigeria. A statement from the Federal Ministry of Finance disclosed that the public hearing would be done in the six geo-political regions of the country to gather diverse perspectives and recommendations on the new minimum wage. The statement added that the six public hearings will hold in North-East, Yola; North-West, Kano; North-Central, Abuja; South-South, Uyo; South-East, Enugu, and South-West, Lagos on March 7, 2024. The South-West zonal public hearing will hold in Lagos at the LTV Blue Roof Arena to be chaired by the Finance Minister and Coordinating Minister for the Economy, Mr. Wale Edun. A diverse panel will lead the discussions including: Government representatives: Edun and Osun Governor Adeleke Ademola (representing State Governments); Employers’ representatives: Omo-Lamai Grace (Manufacturers Association) and Muhammed Nura (Nigeria Association of SMEs); Labour representatives Adeyanju Adewale (NLC) and Shuaibu Afusatu (TUC) as well as Labour and Employment Minister of State Onyejeocha Nkeiruka. The Ministry stated that the public hearings offer a crucial opportunity for stakeholders to actively participate in shaping the national minimum wage policy by contributing their perspectives.
Hardship: FG Sets To Begin Food Distribution Nationwide
As part of efforts to cushion the impacts of the hardship in Nigeria the Federal Government is set to begin the distribution of grains nationwide. Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday, hailing the resilience of the Nigerian people. He urged them to back President Bola Tinubu’s government in its quest to address the challenges facing the country. “Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting. “Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled out this week. “We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization.” “I acknowledge the strength of the Nigerian people, and it is this resilience that will guide us through these difficult times. Let us stand together to support Mr. President in his strive for a better Nigeria,” Kyari said. “Our government under the leadership of President Bola Ahmed Tinubu is committed to addressing these challenges and working towards a more secure and prosperous future for all.”
Senate urges police to recover 36 children trafficked out of FCT…calls on the social department of the FCT to ensure that the registration of orphanages and shelter be properly checked and verified
The Senate has ordered the Nigerian Police Force to immediately rescue 36 children who were abducted and believed to be trafficked out of the federal capital territory (FCT). This is as it requested that the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) establish systems to prevent child trafficking throughout the nation. It also urged the social department of the FCT to ensure that the registration of orphanages and shelter be properly checked and verified. The resolutions were sequel to the adoption of a motion sponsored by Senator Ireti Kingibe (LP, FCT) during Thursday’s plenary. Moving her motion, Kingibe disclosed that four (4) out of the Forty (40) children abducted were recovered from a lady known as Success Nwako. “On February 18, 2024, a complaint alleging illicit activities bordering on stealing, abduction and trafficking of children perpetrated by one Madam Success Nwako of the Gwagwalada, Kwali, and Kuje area councils, was addressed to me in a letter forwarded by the missing children parents association (MCPA), an NGO based in Gwagwalada area council,” she said. “It was alleged that the ugly menace started in the wake of 2018 and continued unabated to date in spite of relentless efforts to stem the tide of this ugly scenario. “On the 4th of January, 2024, Madam Success was apprehended by the police with the help of a vigilante group along the Gwagwalada expressway with two abducted children. “Upon investigation by the police, it was unraveled that the abduction and stealing of children were carried out by a syndicate , nd this led to the arrest of three accomplices, while others are at large.” In his contribution, Senator Oyewumi Olalere (PDP, Osun West) said, “I just want us to commend the effort of the Nigerian Police, the vigilante and the good synergy that exist between them that led to the arrest of the woman in question.”
Presidential Nominee Rejects Appointment
A nominee for membership of the Central Bank of Nigeria Board of Directors, Urum Kalu Eke has declined the offer stating that he was currently engaged in the World Bank. This came to the fore during the Thursday plenary when the Senate began the process for the confirmation of the nominees. President Bola Tinubu had on February 13 forwarded the names of Urum and four others for confirmation as members of the board for the CBN. But during the confirmation, former Governor of Abia State, Senator Orji Kalu,( APC, Abia North ) told the Senate that the person who is his constituent had called him on the phone to reject the offer, noting that it would conflict with his present job as a consultant with the World Bank. He said, “The nominee told me this role would conflict with his job as a consultant to the World Bank, Federal Government agencies and other private companies.” Meanwhile, the Senate has confirmed the appointment of four other members of the Board of Directors of the CBN forwarded to it by the President. Those confirmed by the Senate on Thursday as Directors are Robert Agbede; Ado Yakubu Wanka; Professor Murtala Sabo Sagagi and Mrs. Muslimat Olanike Aliyu.
Bandits Invade Nigerian Mosque, Kidnap Worshippers
Bandits have abducted about 30 worshippers in one of the mosques in Tsafe town, the headquarters of Tsafe Local Government Area of Zamfara State. The bandits invaded the mosque around 5 a.m. on Thursday when the people were about to start the morning prayer. ”We were about to start the morning prayer today, Thursday when suddenly they (bandits) entered into the mosque and directed everybody to go out and follow them. “Everybody scampered for safety but the bandits blocked everywhere and warned us that they would kill anybody who tried to run away. “I was able to jump out of the window and ran quickly into one of the uncompleted buildings near the mosque where I hid myself”, an eyewitness, Garba said. Garba maintained that the bandits left their motorcycles far away from the mosque so that the worshippers would not notice their movement. “They came on foot, leaving their motorcycles outside the town so that they would not attract the attention of the people of the area. “They later marched the worshippers to their motorcycles and took them to the forest,” he added.
Road Blocked As Kaduna Residents Protest Bandits Attack
Residents of Goningora in Chikun Local Government Area of Kaduna State have blocked the Abuja-Kaduna highway following the attack on the community by bandits. Following the attack on the night of Wednesday, February 28th, 2024, several members of the community were said to have been kidnapped and several injured. Channels Television reports that angry residents took to the streets on Thursday morning, blocking the busy Abuja-Kaduna highway. The development has caused heavy traffic on the road, with many motorists stranded. Two people, including a member of the Civilian Joint Task Force, were reportedly killed in the attack. The latest attack on the Goningora community comes barely a week after soldiers killed a notorious bandit, Kingpin, Boderi Isyaku and some of his fighters in the same Chikun local government. A military armoured vehicle was said to have been set ablaze by the bandits when soldiers attempted to repel them.
Tinubu promises Restructuring Nigeria
President Bola Ahmed Tinubu has reiterated his determination to restructure Nigeria but emphasised that the proper foundations must be laid in order for the goals to align properly. Tinubu assured that with the structures put in place by his administration, the country will soon be better off, and Nigerians will be out of the current economic hardship. The President stated this at a meeting with the National Leader of Afenifere, Pa Reuben Fasoranti, at his country home in Akure, Ondo State capital, on Wednesday. The meeting with the leaders of the mainstream Yoruba group was held behind closed doors. In a statement by the National Publicity Secretary of the organisation, Jare Ajayi, and disclosed to newsmen, the core issues on how to move the country forward were the focus of the meeting. According to Ajayi, the President said, “I prayed for it, I danced for it, I campaigned for it, and I got it. I know the enormous amount of responsibility, so don’t pity me, Baba, just sit down and relax.” “He (Tinubu) assured Nigerians that the struggle he undertook and that he is trying to build the structures that will not be reversed. “He said that the structure he is trying to put in place in Nigeria economically, socially, and politically would be such that it would bring Nigeria back to where it was supposed to be. “We should eat the food we grow. Doing so would prevent us from depending on foods from foreign sources. A nation that fully depends on food from outside cannot get it,” Ajayi added. Fasoranti, who commended Tinubu for keeping his word to return to his residence after emerging as President, stated, “Your performance so far has shown that you understand the full gravity of your mandate, which is to show the Nigerian people that a good government is possible. “We seek, therefore, a true Federal Republic that would reflect fiscal federalism. If the derivation principle is good for oil, why is it not good for value-added tax, for example?”
Release Nnamdi Kanu now, Sunday Igboho Tells Tinubu
Yoruba activist Sunday Igboho has called on the Federal Government to release Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB). The plea, delivered through a viral video on Tuesday, coincided with Kanu’s trial at the Federal High Court in Abuja. Kanu, who appeared in court on February 26, 2024, for the first time since a Supreme Court ruling on December 15, 2023, has been in custody since June 2021. Igboho emphasized Kanu’s innocence, urging an end to political maneuvers and highlighting the need for Kanu to be reunited with his family. Igboho stated in the video, “Release Nnamdi Kanu. Stop politics. This guy didn’t do anything. Today is February 27, 2024. Release him, let him go, and stay with his family. This guy just fights for his people in the Southeast like me that I’m fighting for my people in Yorubaland. Release him, let him go. Stop these political games. Release Kanu, let him go home, please release him.”
Oronsanye Report: Nigerians Won’t Lose Their Jobs – FG
The Minister of Information, Mohammed Idris, has said that the implementation of the 12-year-old Steve Oronsaye report will not lead to the retrenchment of workers. He stated that the essence of the implementation was not to retrench workers but to maximise the agencies’ effectiveness and efficiency and reduce costs. Idris disclosed this during his remarks at the Ministerial Press Briefing on Wednesday in Abuja. The Federal Executive on Monday approved the implementation of the recommendations of the Oronsaye panel on the restructuring and rationalisation of the Federal Government’s agencies and commissions. The government said the implementation of the policy would involve the merging, subsuming, and scrapping of agencies with similar functions. Sharing more details on the development, the Information Minister said, “There are some aspects of the report that have been reviewed, but those aspects that have to do with merging, scrapping, and subsuming have already been undertaken. “Now, the whole idea is that the government wants to reduce costs and improve service delivery. “That does not necessarily mean that government is out to retrench workers and throw people into the labour market. That is not the original intention of the government. “The intention is that efficiency has to be brought in, because, some of these agencies are actually having an overlap in their operations. We are doing this for people to have the benefit of democracy.”