NNPCL Refutes Fuel Price Reduction

In response to the reports making the round that the price of Premium Motor Spirit popularly known as petrol has reduced, the Nigeria National Petroleum Corporation, NNPC has refuted the report, saying it is fake and should be disregarded. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made the clarification in a statement on Wednesday, urging Nigerians to disregard the report. According to the statement issued to newsmen, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely. “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

Tinubu Appoints Tony Elumelu, Dangote

Tony Elumelu, Aliko Dangote are among those that have been appointed by Bola Tinubu into the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET). According to a statement from the presidency, the development is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation. Tinubu would serve as chairman of the Presidential Economic Coordination Council (PECC), while Vice President Kashim Shettima would serve as Vice Chairman. The council comprises distinguished leaders and key government officials, including: (1) President of the Federal Republic of Nigeria – Chairman of the PECC (2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman (3) President of the Nigerian Senate (4) Chairman, Nigeria Governors’ Forum (5) Coordinating Minister for the Economy and Minister of Finance (6) Governor of the Central Bank of Nigeria (7) Minister of Agriculture and Food Security (8) Minister of Aviation and Aerospace Development (9) Minister of Budget and Economic Planning (10) Minister of Communications, Innovation and Digital Economy (11) Minister of Industry, Trade and Investment (12) Minister of Labour and Employment (13) Minister of Marine and Blue Economy (14) Minister of Power (15) Minister of State, Petroleum Resources (16) Minister of State, Gas (17) Minister of Transportation (18) Minister of Works The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive: (1) Alhaji Aliko Dangote (2) Mr. Tony Elumelu (3) Alhaji Abdulsamad Rabiu (4) Ms. Amina Maina (5) Mr. Segun Ajayi-Kadir (6) Mrs. Funke Okpeke (7) Dr. Doyin Salami (8) Mr. Patrick Okigbo (9) Mr. Kola Adesina (10) Mr. Segun Agbaje (11) Mr. Chidi Ajaere (12) Mr. Abdulkadir Aliu (13) Mr. Rasheed Sarumi

BREAKING: CBN Hikes Interest Rate

In an effort to tackle rising inflation in the country, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent.  The new develop was disclosed on Tuesday by the apex bank Governor, Olayemi Cardoso, at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, the Federal Capital Territory, saying the bank retained the Cash Reserve Ratio to 45 per cent. Cardoso stressed that the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent in February, was moderated. Recall that the MPC raised the country’s interest rate in February to 22.75 per cent. The 294th MPC is the second since the appointment of Cardoso in September, with the next MPC meeting expected to be held on the 20th and 21st of May, 2024.

NSA confirms Binance executive’s escape 

The National Security Adviser’s Office has confirmed that Nadeem Anjarwalla, a detained executive from Binance, has fled from custody.  Anjarwalla, implicated in an investigation into Binance’s operations, escaped last Friday, as per the ONSA’s announcement on Monday.  This confirmation follows an earlier report by Starnews Ng detailing Anjarwalla’s escape.  Zakari Mijinyawa, Head of Strategic Communication at ONSA, affirmed the development in a statement, disclosing that preliminary findings indicate Anjarwalla departed Nigeria using an illicitly obtained passport.  Efforts are underway to apprehend the fugitive. The statement read, “The Office of the National Security Adviser confirms that Nadeem ANJARWALLA, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria has escaped from lawful custody on Friday, March 22, 2024. “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest warrant on the suspect. “Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport. ” Mijinyawa noted that those responsible for the custody of Anjarwalla had been arrested. He noted that the investigation was ongoing to unravel the circumstances surrounding his escape. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention. “Recall that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform. “Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and serving as Binance’s Africa regional manager, was being tried by Nigerian courts. The suspect escaped while under a 14-day remand order by a court in Nigeria. He was scheduled to appear before the court again on 4 April 2024” the statement added. He urged Nigerians and the international community to help with information that could lead to the arrest of the suspect. Mijinyawa said, “We urge the Nigerian public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect.” Financial Times had on February 28 reported that two executives of the company were arrested and detained after they flew into the country as a result of a ban on their website.

Detained Binance Executive Escapes From Custody, Flee Nigeria

A key Binance executive detained in Nigeria on allegations of tax evasion and other charges, Nadeem Anjarwalla, has reportedly escaped custody. According to PREMIUM TIMES, Anjarwalla, 38, managed to flee on Friday, March 22, from a guest house in Abuja where he and a colleague were being held. The escape occurred when guards allowed him to visit a nearby mosque for Ramadan prayers. The dual British-Kenyan citizen is believed to have left Abuja aboard a Middle Eastern airline, raising questions about his departure despite Nigerian authorities holding his British passport. Efforts are underway to determine Anjarwalla’s destination and facilitate his return to custody. An Immigration official revealed to PREMIUM TIMES that Anjarwalla escaped using a Kenyan passport, sparking inquiries into how he acquired the document given that his British passport was in official custody. This has led to speculation about the oversight and privileges granted to the detainees, including phone access, which may have facilitated the escape plan. The National Security Adviser’s office, through Zakari Mijinyawa, Head of Strategic Communication, acknowledged the incident but has yet to provide further details. Anjarwalla, Binance’s Africa regional manager, and Tigran Gambaryan were initially detained upon their arrival in Nigeria on February 26, 2024, leading to a series of legal actions against them and the cryptocurrency exchange. Following Binance’s non-compliance with a court order demanding data on Nigerian traders, the duo’s detention was extended to prevent evidence tampering. Charges against Binance and the executives include failure to register for taxes and issue invoices for VAT, as well as aiding subscribers in evading taxes. This incident comes amidst a broader crackdown by the Nigerian government on financial crimes, including money laundering and terrorism financing, with Binance allegedly being used for such activities. The government claims that over $21.6 billion was traded by anonymous Nigerian users on Binance, contributing to economic destabilization and Naira depreciation. The saga adds to Binance’s legal woes, following a guilty plea to money laundering charges in the US and a significant settlement with the Department of Justice. Binance CEO Changpeng Zhao’s trial in the US has also been delayed, casting a shadow over the cryptocurrency giant’s operations globally.

Tony Elumelu Speaks On Contesting Presidency 

Nigerian banker, Tony Elumelu has stated that he is not interested in becoming the President of Nigeria. Elumelu who is the founder of the Tony Foundation disclosed this on Friday while answering questions at the unveiling of the beneficiaries of its prestigious Entrepreneurship Programme in Lagos. The Chairman of the United Bank for Africa (UBA) said he is not aspiring to become the president because everyone cannot lead the country. “And now do I want to run for president, I will say all of us can not be president. We support and that is why we support those in office and share ideas on how we can make Nigeria a better place. We are strong on advocacy,” he said. Speaking further, the Nigerian businessman said that he is proud of what the foundation has been accomplished in the 10 years since its inception. He said: “These 1,104 young men and women from 54 African countries will each receive a non-refundable $5,000 seed capital. “We believe in spreading luck, we believe in democratizing luck, we believe in prosperity, and we think that the easiest way to spread prosperity in Africa is by identifying our young ones, encouraging them and helping them to start their own businesses. This is why we have done this. “So, I’m happy that today, we continue to spread that prosperity- not just in Nigeria, not just in our family, but in all 54 African countries. I am indeed happy that in our lifetime, we are able to impact the next generation.”

President Tinubu Imposes Temporary Ban on Public-Funded Foreign Trips for Government Officials

By Caroline Ameh President Bola Tinubu has taken decisive action to curb government spending by instituting a temporary ban on public-funded foreign trips for ministers and other government officials. The directive, conveyed through a memo from the office of the Secretary to the Government of the Federation, is set to take effect on April 1, 2024. In the memo dated March 12, President Tinubu highlighted concerns about the escalating costs associated with international travel amid Nigeria’s challenging economic circumstances. The ban, initially set for a period of 90 days, aims to streamline government expenditure without compromising essential functions. “Mr. President has concerns about the rising cost of travel expenses borne by Ministries, Department and Agencies of Government as well as the growing need for Cabinet Members and heads of MDAs to focus on their respective mandates for effective service delivery,” the memo states. According to the directive, exceptions to the ban may be granted for trips deemed “absolutely necessary.” However, all government officials planning public-funded international travel must obtain Presidential approval at least two weeks prior to the trip. “This temporary measure is aimed at cost reduction in governance and intended as a cost-saving measure without compromising government functions,” the memo emphasizes.

Zenith Bank Appoints First Female GMD/CEO

Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive.  Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank. “She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” Zenith Bank said in a Tuesday statement. Before her latest appointment, Umeoji had been serving as the bank’s Deputy Managing Director since October 28, 2016. She has about 30 years of cognate banking experience with 26 of them spent working with Zenith Bank. “She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program,” the bank statement further read. “She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class Honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.”

FG To Create 5000 New Jobs For Nigerians

President Bola Tinubu’s government is set to create at least 500,000 new jobs for the teeming unemployed youths in the country. This is sequel to a new partnership with the U.S. Cybersecurity Institute, Lab Four, to generate 50,000 business process outsourcing (BPO) jobs over the next three years. Doris Anite, Minister of Industry, Trade and Investment, said this during the signing of a Memorandum of Understanding (MoU) on Monday in Abuja. The MoU was signed between Lab Four and the National Talent Export Programme (NATEP), the executor of the programme. According to the minister, the jobs generated through this partnership have the potential to annually attract up to $1.2 billion into the Nigerian economy. She identified the job categories as “telesales, customer service, virtual administrative assistant, marketing/social media assistant, and tech/cybersecurity.” “The jobs generated through this partnership have the potential to annually attract up to $1.2 billion into the Nigerian economy through remuneration for the employed. “In addition to about $60 million that it will provide to develop the BPO ecosystem through direct support to the individual BPOs,” Ms Anite said. The minister said the four-pronged objectives of the NATEP initiative were to deliver one million service-export jobs over the next five years and increase foreign exchange earnings and revenue for Nigeria. She noted that to successfully implement the mandate of NATEP, there was a need for strategic partnerships, both with institutions within Nigeria and those overseas. “As such, our partnership with Lab Four will be one of the many partnerships we will have to ensure that Nigeria becomes a global hub for thriving micro, mini, and mega BPOs,” she said. In his remarks, Femi Adeluyi, the national coordinator of NATEP, said the initiative would target the small and medium enterprise (SME) sector and that the selection process would be transparent.

Alleged Terrorism financing: Court orders Binance Ltd. to release data to EFCC

Justice Emeka Nwite of the Federal High Court, Abuja, has ordered Binance Holdings Limited to release all the comprehensive data or information of all persons from Nigeria trading on its platform to the Economic and Financial Crimes Commission(EFCC). Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally. The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance, a crypto currency exchange platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho. “The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed. “That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” the judge ordered. The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court. In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA). Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform. “That on receipt of the Intelligence, the team began investigation by conducting surveillance of the activities of the platform. “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies. “That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform. “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars). “Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others. “That the commission will ensure that investigation is conducted within such reasonable time.” Bello, who said that the matter was of utmost urgent public interest, said the data provided would enable the commission accomplish its investigation activities. He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation. In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.