EFCC Declares Emefiele’s Wife Wanted
The Economic and Financial Crimes Commission (EFCC) on Friday announced the pursuit of Margaret Dumbiri Emefiele, the wife of the ex-governor of the Central Bank of Nigeria, Godwin Emefiele. The anti-graft agency also sought Eric Ocheme Odoh, Jonathan Omoile, and Anita Joy Omoile for their alleged involvement in converting substantial amounts of government funds alongside the former CBN governor. The EFCC accused them of committing felony, including obtaining money through false pretenses and stealing, under Sections 411, 287, and 314 of the Criminal Law of Lagos State. The public notice urged individuals with information on their whereabouts to contact the EFCC offices or call 08093322644. Godwin Emefiele is presently facing trial on multiple charges related to corruption, conspiracy, breach of trust, forgery, and obtaining funds by false pretenses, amounting to $6,230,000.00.
LinkedIn Unveils “Catch Up” Feature
LinkedIn is set to enhance user engagement with the introduction of a fresh feature called “Catch Up” in the revamped My Network section. This new tab aims to bridge the gap in communication among users by highlighting significant updates from their connections, such as new jobs, work anniversaries, or job postings. Users can easily interact by liking posts with a single tap or initiating a direct message using automatically generated prompts, fostering more meaningful connections. The redesign doesn’t stop there; LinkedIn is relocating options like connection requests, newsletter invites, events, and connection recommendations to a designated tab named “Grow.” This strategic move aims to streamline user interactions and provide a more organized and efficient networking experience. Additionally, LinkedIn is rolling out an AI-powered messaging feature for premium users, assisting them in crafting compelling first messages to individuals not yet in their network. Leveraging data from both profiles, the feature offers ready prompts for introductions, seeking advice, or discussing work experiences. Users maintain the flexibility to customize these messages before sending, enhancing the personal touch in professional communication. This innovation follows LinkedIn’s previous initiatives in integrating AI across its platform. From AI-assisted writing features for profiles, ads, and collaborative articles to an AI assistant for learning and soft skills advice, LinkedIn continues to leverage technology to cater to the evolving needs of its user base. With a keen eye on the job market, LinkedIn aims to be a central hub for job-related activities. Recent tools like “Job Collections,” released in January, allow users to explore job openings through various filters.
Afdb Injects$540 Million into Nigeria’s Special Agro-Industrial Zones
Oyo, Cross River, and Imo, along with four other states and the Federal Capital Territory, are set to receive the initial disbursement of $540 million from the African Development Bank (AfDB). The funds aim to propel the development of Special Agro-Industrial Processing Zones (SAPZs) across the nation. Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to AfDB President Akinwumi Adesina, revealed the development during a report presentation at the Presidential Villa in Abuja. The SAPZs initiative seeks to transform Nigeria’s rural areas into hubs of economic prosperity. This news follows a promise made by Adesina to President Bola Tinubu, announcing a $520 million investment in the zones during a summit in Paris in June 2023. The first phase is already underway, with Kaduna, Oyo, and Cross River States in the process of receiving disbursements. Oyelaran-Oyeyinka emphasized the importance of private-sector involvement, stating, “It is a government-enabled project but private-sector driven.” The first phase involves seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory. Vice President Kashim Shettima urged swift action, emphasizing the need for both the government and development partners to turn plans into reality. The three mentioned states will be the initial beneficiaries of phase one, with others to follow as documentation concludes. In a related report on the revitalization of the Ajaokuta Steel Company Limited, the United Nations Industrial Development Organisation proposed a comprehensive recovery plan. This plan includes rehabilitating, modernizing, and expanding the integrated steel plant, transforming it into strategic business units. VP Shettima stressed the urgency for concrete actions, declaring, “We have passed the age of talking; we must walk the talk.” He emphasized the necessity of realizing the vision of President Tinubu and cited examples of successful industrial transformations, urging determination and collective effort to bring positive change to Nigeria.
Senate Summons Service Chiefs Amidst Security Concerns; Economic Meeting Postponed
In response to the escalating security challenges gripping the nation, the Senate has called for a crucial meeting with the Service Chiefs, scheduled for tomorrow, Wednesday. This decision has prompted the postponement of another significant meeting – a session with the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, and the economic team, initially slated for Tuesday, February 6, 2024. Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Senator Tokumbo Abiru, clarified the rationale behind the rescheduling. He elucidated that the delay stemmed from the House of Representatives’ consultations with the CBN Governor concerning the country’s economic status. Senator Abiru emphasized the importance of understanding and cooperation among legislative counterparts, underscoring the need for patience. Consequently, the meeting with the economic team has been deferred to Friday, February 9, 2024, at 9 am. This adjustment aims to allow ample time for discussions with both the Service Chiefs and the economic experts. Postponing the meeting, the Chairman Banking Committee, Senator Tokumbo Abiru said “our plan today is to have a session with the Governor of the Central Bank of Nigeria, CBN and the essence of the meeting is well known to all of us, which has to do with the economic situation in the country. But some how, the CBN governor has been held back in the House of Representatives as the House tries to do consultations with him regarding the situation of the economy as well. He said that was why the meeting was initially delayed, adding that their part “we should be rational in trying to see reasons with our brothers and sisters in the House of Representatives and the CBN governor. “To that extent, on our part we have to adjourn our own to Friday February 9, 2024. Another reason according to Senator Abiru, which he deemed proper to explain, was the meeting of the Senate with the Service Chiefs. “Tomorrow, we have a session with the Service Chiefs and that may extend to Thursday because they are issues of very serious concern to us. In order to play safe, to have enough time to interact properly with the economic team, which means we will extend the invitation beyond the governor to also include the economic team”, he added.
‘Open Food Reserve, There Is Hunger In Nigeria’ – Reps Urge FG
The House of Representatives has decried the state of hunger currently in Nigeria, appealing to the Federal Government to promptly unlock the food reserves and allocate grains to impoverished citizens. Doing so, the lawmakers believe, will address the prevailing hunger crisis in the country. The call was after the approval of a motion of utmost national significance, put forth by the elected representative of Ifo/Ewekoro Federal Constituency in Ogun State, Ibrahim Isiaka. Isiaka, taking charge of the discussion, highlighted the challenging nature of the cost of living for Nigerians. He expressed his concern over the escalating price of cement, despite having access to all the necessary raw materials for its production. He said, “The House resolves to urge the Federal Government and stakeholders to immediately open the food reserves to address the hunger in our country,” the Lawmaker said. He also called on the apex government to boost food production and distribution.
Revenue Target: Senate Urges Customs to Aim Higher
Worried by the dire state of the Nigerian economy, the Senate has ordered the Customs Service to jack up its revenue target currently at N5.079 trillion to a higher value by mid-2024. Members of the upper legislative chamber insisted that this measure must be adhered to if the federal government hopes to wean itself of further borrowing. The Chairman, Senate Committee on Customs, Isah Jibrin stated this, Monday at a crucial meeting with the Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi and top management of the revenue agency. He said, “first of all, Nigeria is saddled with a lot of debt obligations, and we need to wriggle ourselves out of that trap, and one of the ways to do that is internally generated revenue. Customs is one of the major providers of internally generated revenue, and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden. “We need to pay off what we are owing now and minimize additional loans we are going to take. Customs is in a very good position, if they are able to block all perceived leakages, they should be able to generate significant amount of income that will enable Nigeria get out of debt, at least partially. On concessions given to some sectors of the economy for example, agriculture, the Kogi East senator said it is for those who are into agricultural services, those who are into solid minerals and those whose services have direct impact on the economy. “If somebody is bringing agricultural equipment into the economy and you try to take something out of that person in a way of import duty, that will discourage the person, and that is what we are saying. It is not that anybody took that money or custom compromised in the course of their services. “Concessions were in the interest of Nigeria to encourage importers who are going into specific areas in the economy. There is a trade-off here between importers and the country, particularly the things you think you are generating. Talking about the rate of unemployment in Nigeria, which he described as “very high”, Senator Jibrin said “Customs is not the only employer of Labour. They can only employ the number they believe they can adequately take care of, and we are putting them under pressure to exceed the 1,600 benchmark. “We may not get beyond 2000, but for sure, we will get 1,6000 and like we all know, there are so many unemployed Nigerians out there, I will always say, it is difficult for the Nigeria Customs Service to absorb all unemployed Nigerians, but they can only employ those they can. Answering questions from the law makers, the CG, NCS also disclosed that the service is seeking approval from government to allow them give waivers to owners of smuggled cars to allow them regularise their payment of Customs duties. He said the approval is given they could say that within a window, say within 3 months, if you are in possession of vehicles that were illegally imported into the country or that have not paid duties, you have this opportunity to go to Customs House for assessment and payment of duties. This he said will be done after adequate publicity so that those who find themselves in such a situation can get their vehicles regularise through payment of duties. On the naira exchange rate, Adeniyi said he is equally pained by the volatility in the exchange rate regime. In fact, even if it stays high and people can predict that this is what it will take me to clear, perhaps it is not particularly too bad, but when it is so volatile, today it is X, tomorrow it is X+10, X+20, it does not make for adequate planning and things like that. “Correctly, it 8s the mandate of the Central Bank of Nigeria, CBN to fix the rate, either the one we use during Medium Term Expenditure Framework, MTEF or the one we use for importation or the one used for payment of Customs duties. I have been in discussions with my minister. Perhaps what you are going to advocate is that there would be a meeting point between authorities of government that are in charge of monetary policy and those in charge of fiscal policies. “Personally, what I think we can do is to get a spot rate for a period of time. We can agree that for Q,Y 2024, this will be the spot rate for payment of Customs duties; we could say for the first half of the year”, he said.
Forex Crisis Forces Bureau de Change Closure in Abuja
In response to the escalating foreign exchange crisis in Nigeria, Bureau de Change operators have taken a drastic step by announcing the indefinite closure of their offices in Abuja starting from February 1, 2024. Abdullahi Dauran, the Chairman of BDC operators in Abuja, cited the scarcity of dollars as the primary reason behind this decision. Dauran emphasized that the increasing demand for dollars, fueled by online business transactions and cryptocurrency activities, has intensified the scarcity, leaving Bureau de Change operators with no choice but to shut down. Aminu Gwadabe, the president of the Association of Bureaux de Change Operators of Nigeria (ABCON), acknowledged the development but provided no clear response, stating, “I saw it online, too.” Recent data from FMDQ on Thursday revealed a marginal appreciation of the Naira to N1,455.59 per US dollar from N1,482.57 on Wednesday. However, the Naira’s depreciation worsened earlier in the week, reaching N1,482.57 per US dollar at the official market, surpassing the N1,470 quoted at the parallel market. Despite efforts by the Central Bank of Nigeria, including injecting over $500 million to clear the forex backlog and other interventions, the Naira continues to struggle against the dollar. In an attempt to address the ongoing decline, the CBN released fresh guidelines on Wednesday, targeting commercial banks and urging them to refrain from foreign currency speculation and hoarding.
CBN Implements Stricter Measures to Curb Forex Speculation
In a bid to address concerns over rising foreign currency exposures among banks, the Central Bank of Nigeria (CBN) has issued a new circular outlining prudential requirements. The directive aims to mitigate risks associated with excessive foreign currency speculation. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” stipulates that the Net Open Position (NOP) limit for overall foreign currency assets and liabilities should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses. Banks with current NOP exceeding these limits must adjust to the prudential limit by February 1, 2024. Banks are now mandated to calculate their daily and monthly NOP and Foreign currency trading position using provided templates. Non-compliance with the NOP limit may result in immediate sanctions and/or suspension from the foreign exchange market, warns the apex bank. Additionally, the CBN requires banks to maintain a sufficient stock of high-quality liquid foreign assets to cover maturing foreign currency obligations. Foreign exchange contingency funding arrangements with other financial institutions are also mandatory. To mitigate currency risks, banks are urged to borrow and lend in the same currency, adopt natural hedging, and align interest rates for borrowing and lending. The circular also emphasized the need for approval from the CBN for any early redemption clause in eurobonds.
State of the economy and free fall of the Naira : Senate Summons CBN Gov
The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria ( CBN) , Olayemi Cardoso , to appear before it on Tuesday next week to profer solutions to the parlous state of the economy and the free fall of the Naira at the forex market. The Senate Summon was made by its Committee on Banking , Insurance, and other Financial Institutions, Chaired by Senator Adetokunbo Abiru (APC Lagos East). The committee hurriedly met on Wednesday when Naira plummeted to N1,520 to a US dollar and resolved to summon the CBN governor on a way out of the foreign exchange quagmire. Speaking with journalists after the hurried meeting held behind closed door, Senator Abiru said the state of the economy, especially the spiraling inflationary trend was of great concern to the lawmakers. He said “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy . “We are all living witnesses of what is going on. Underlining the major issue of the economy is the way the inflation index has been, and of course, it is a major concern to us . “We have deliberated among ourselves. Critical issues were addressed, and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy. “That we have resolved and will communicate to the governor of the Central Bank after which we will have further communication with members of the press’
New Minimum Wage Committee Holds First Meeting
The 37 man National Minimum Wage Committee has held its first meeting in Abuja. The meeting was held shortly after the committee was inaugurated on Tuesday, 30th January, by Vice President Kashim Shettima at the council chamber of the Aso Rock Villa. The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, confirmed the committee’s first meeting in a short statement via his X account in which he reacted to the inauguration of the committee by Vice President Shettima. According to him, the committee held their first meeting at the State House Banquet Hall. The presidential aide also commended Tinubu for fulfilling his promise of setting up the new minimum wage committee. He wrote: “Promise kept: Vice President Kashim Shettima inaugurates the 37-man National Minimum Wage Committee in Abuja. The committee members, among whom are six governors, held their first meeting at the State House Banquet Hall.” Membership of the Committee, which cuts across Federal Government, State Government, Private Sector and Organised Labour are as follows: From the Federal Government, the members include Hon. Nkeiruka Onyejeocha, Hon. Minister of State, Labour and Employment (Representing Hon. Minister of Labour and Employment); Mr. Wale Edun, Hon. Minister of Finance & Coordinating Minister of the Economy;Alhaji Atiku Bagudu, Hon. Minister of Budget Economic Planning; Dr. (Mrs) Yemi Esan, Head of the Civil Service of the Federation; Dr. Nnamdi Maurice Mbaeri, Permanent Secretary, GSO. OSGF and Ekpo Nta, Esq, Chairman/CEO, NSIWC – Member/Secretary. Also from the State Government, Alh. Mohammed Umar Bago, Governor, Niger State- representative from North Central; Sen. Bala Mohammed, Governor Bauchi State- representative from North East; Alh. Umar Dikko Radda, Governor Katsina State- representative from North West;Prof. Charles Soludo, Governor, Anambra State- representative from the South East; Sen. Ademola Adeleke, Governor, Osun State- representative from South West; Mr. Otu Bassey Edet, Governor, Cross River State- representative from South South. From the Nigeria Employers’ Consultative Association (NECA)- Adewale-Smatt Oyerinde, Director-General, NECA; Mr. Chuma Nwankwo; Mr. Thompson Akpabio with also members from the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)include Asiwaju (Dr) Michael Olawale-Cole, National President; Hon. (Dr) Ahmed Rabiu, National Vice President and Chief Humphrey Ngonadi (NPOM), National Life President. The membership from the National Association of Small and Medium Enterprise (NASME) are Dr. Abdulrashid Yerima, President & Chairman of Council; Hon. Theophilus Nnorom Okwuchukwu, Private Sector representative;Dr. Muhammed Nura Bello, Zonal Vice President, North West and also from the Manufacturers Association of Nigeria (MAN) are Mrs. Grace Omo-Lamai, Human Resource Director, Nigerian Breweries;Segun Ajayi-Kadir, mni, Director-General, MAN; Lady Ada Chukwudozie, Managing Director, Dozzy Oil and Gas Limited. From the organised labour, the Nigeria Labour Congress (NLC) Comrade Joe Ajaero, President, NLC; Comrade Emmanuel Ugboaja, mni; Comrade Prince Adeyanju Adewale; Comrade Ambali Akeem Olatunji; Comrade Benjamin Anthony and Prof. Theophilius Ndukuba. Also, membership from the Trade Union Congress of Nigeria (TUC) include Comrade (Engr) Festus Osifo, President, TUC; Comrade Tommy Etim Okon, PhD, Deputy President I, TUC; Comrade Kayode Surajudeen Alakija, Deputy President II;Comrade Jimoh Oyibo, Deputy President. III; Comrade Nuhu A. Toro, Secretary-General and Comrade Hafusatu Shuaib, Chairperson Women Comm.