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Recession: FG proposes exemption of minimum wage earners from tax

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THE Federal Government of Nigeria has said that it is proposing the exemption of minimum wage earners from paying the personal income tax as a way of reducing the impact of the economic recession on Nigerians.

This was disclosed in a statement posted on the Twitter handle of the Nigerian Presidency on Monday.

“In order to reduce the impact of inflation on Nigerians, the Buhari administration, is, through the 2020 Finance Bill, proposing the exemption of minimum wage earners from Personal Income Tax,” the tweet read.

This means that everyone who earns N30,000 monthly would not pay the personal income taxes from their salary.

The ICIR had reported that Nigeria is officially in recession following data from the National Bureau of Statistics (NBS).

According to the NBS, Nigeria’s economic growth contracted by -3.62 percent in the third quarter of 2020 recording a second consecutive quarterly Gross Development Product, GDP decline since the recession of 2016. The cumulative GDP for the first nine months of 2020 stood at -2.48 percent.

Reacting to the economic recession, the Socio-Economic Rights and Accountability Project (SERAP) in an open letter to President Muhammadu Buhari demanded a cut in the cost of governance.

SERAP charged the government to implement bold transparency and accountability policy as a way of responding to the economic recession.

“This economic crisis provides an opportunity to prioritise access of poor and vulnerable Nigerians to basic socio-economic rights, and to genuinely re-commit to the fight against corruption. The country cannot afford to get back to business as usual,” the letter read in part.

Atiku Abubakar, a former vice president of Nigeria and candidate of the People’s Democratic Party (PDP) while commenting on the economic recession said the proposed 2021 budget is no longer sustainable.

Atiku added that Nigeria should not continue to spend ‘lavishly’ because the country is financially broke already.

“Firstly, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable. Nigeria neither has the resources, nor the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation to being a broken nation,” Atiku said this among other recommendations.

Police arrest four secondary school students for cultism in Osun

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THE Osun state police command has arrested four secondary school students for cultism and public disturbances in the state.

The students who were said to be disturbing the peaceful atmosphere of Ife Oluwa Co-Educational Grammar school  and St Charles Grammar in Osogbo, were caught with dangerous weapons and charms with which they caused bodily injuries on Peace Corps security operatives who are now hospitalized.

Meanwhile, the State Ministry of Education has warned the generality of students in public schools not to allow disgruntled elements to infiltrate their ranks to disturb peaceful atmosphere pervading the current learning environment

Folorunsbo Oladoyin, the state Commissioner for Education, has alerted that a section of students recently moved from single- sex schools were involved in rascally behavior in a few schools,  disturbing academic activities

Folorunso warned the public, especially parents and guardians that any rascally student or those harboring thugs if caught will be handed over and will face the full wrath of the law.

The Commissioner also enjoined principals of school to disallow students from wearing hairstyles that do not fit into academic settings.

US hails Nigerian doctor for helping to develop Pfizer’s COVID-19 vaccine

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THE United States Embassy in Nigeria has hailed and acknowledged Onyema Ogbuagbu, a Nigerian doctor living in the US for his role in the recent Pfizer’s COVID-19 vaccine breakthrough.

According to the Embassy on Monday, Nigerians contribute to the world in so many ways. It saluted Onyema for his incredible contribution to ending this worldwide pandemic.

Onyema, who is an Associate Professor of Medicine and Infectious Diseases at Yale School of Medicine, is one of those leading the Pfizer trial.

He graduated with a medical degree from the University of Calabar, Cross Rivers state in 2003.

Pfizer, an American drug manufacturing company, and the German firm BioNTech, had earlier this month announced a vaccine which suggests it is 90 percent effective at preventing illness.

The companies said they plan to apply for approval from the US authority to use the vaccine by the end of November.

They are also projecting to be able to supply 50 million doses by the end of 2020 and around 1.3 billion by the end of 2021.

Last week, eight American citizens of Nigerian descent were drafted into the professional National Basketball Association (NBA) of the United States.

The annual draft sees NBA teams choose from the best young talents across the United States.

The Nigerians are Precious Achiuwa, Udoka Azubuike, Isaac Okoro, Onyeka Okongwu, Daniel Oturu, Zeke Nnaji, Desmond Bane, and Jordan Nwora.

Court orders Ndume to be remanded in Prison over Maina’s trial

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A Federal High Court sitting in Abuja has ordered the remand of Ali Ndume, the senator representing Borno South in Kuje Correctional centre over the trial of Abdul-Rasheed Maina, the former chairman of the Pension Reform Task Team (PRTT).

Okon Abang, the trial judge made the order on Monday following a repeated failure of Maina to appear before the court to continue his trial in the alleged pension fund fraud.

Earlier in June, Ndume had stood as surety for Maina’s bail but has hitherto failed to provide him for the court hearing. Abang had also given Ndume 21 days ultimatum to produce the defendant or face the consequences.

On Monday, during a bench ruling delivered by Abang, the court ordered his remand pending the fulfilment of his bail bond, which is a forfeiture of N500 million to the federal government.

Abang also gave permission to the federal government to sell Ndume’s property at Asokoro in order to recover the N500 million bond.

The judge added that Ndume will be released from Kuje once he pays the N500 million or the prosecutor is able to sell the property and the payment is made into the account of the federal government.

Following his absence, Maina’s trial in absentia was adjourned to November 24.

Ndume had reportedly said his decision to stand as surety for Maina’s bail was because the former pension fund chairman happens to be a member of his constituency.

“It took me over six months to agree to be his surety. First, the bail condition requires a serving Senator and I happen to be the one,” said Ndume.

He added that Maina’s health condition was deteriorating and he was in urgent need of special medical attention.

“Secondly, his health condition is deteriorating and needs special medical attention. “Thirdly, his offence is bail-able and lastly I am not saying the court should discharge and acquit him. If he is guilty, he will be sentenced.

“It was a hard decision I had to make. I have a duty to represent the good, the bad and the ugly of Borno South. May Allah guide us to the right path. Ameen,” he added.

Maina was arranged on a 12-count charge, bothering on money laundering, operating fictitious bank accounts but he pleaded not guilty to the charges.

FIFA suspends CAF president over allegations of misappropriation, abuse of office

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THE Fédération Internationale de Football Association (FIFA), the world governing body of football has suspended Ahmad Ahmad, the President of the Confederation of African Football (CAF), over allegations of financial misappropriation and abuse of office.

Ahmad’s suspension was announced on Monday by the adjudicatory chamber of the independent Ethics Committee following an extensive hearing and investigation into his conduct in handling the affairs of the African football.

According to a statement seen by The ICIR on the official website of FIFA Ahmad had “breached his duty of loyalty, offered gifts and other benefits, mismanaged funds and abused his position as the CAF President, pursuant to the FIFA Code of Ethics.”

The statement further stated that “Ahmad’s conduct in his position as CAF President during the period from 2017 to 2019 concerned various CAF-related governance issues, including the organisation and financing of an Umrah pilgrimage to Mecca, his involvement in CAF’s dealings with the sports equipment company Tactical Steel and other activities.”

“Consequently, the adjudicatory chamber found that Mr Ahmad had breached arts 15, 20 and 25 of the current edition of the FIFA Code of Ethics, as well as art. 28 of the 2018 edition, and sanctioned him with a ban from all football-related activity (administrative, sports or any other) at both national and international level for five years. In addition, a fine in the amount of CHF 200,000 has been imposed on Mr Ahmad.”

Ahmad, who is currently in isolation following his positive test for COVID-19 last week is expected to appeal the ban at the Court of Arbitration of Sports (CAS).

In April 2019 he was accused of a series of offences by former CAF official Amr Fahmy, who informed FIFA in a letter that Ahmad had paid bribes to directors, made personal use of CAF funds, and sexually harassed a number of employees.

Two months later he was arrested in Paris while at the FIFA Congress ahead of that year’s women’s World Cup as part of a probe into corruption, but was released a day later without charge.

Twitter suspends Nigerian Communications Commission account

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AN American microblogging and social networking service, Twitter has suspended the account of Nigerian Communications Commission (NCC).

The ICIR contacted the NCC, for comment on the account suspension.

An NCC staff who is not authorised to speak on behalf of the commission said, the commission is aware of the suspension and that the account was suspended due to offshoot of the global issue currently with Twitter.

“It’s an offshoot of the global issue currently with Twitter and we are currently on it to get the account back.

“What we are experiencing right now is the issue with Twitter where people can’t login for a while,” she said.

The ICIR was unable to get any response from Twitter to know the reason why the account was suspended.

All efforts to reach Twitter was unsuccessful because the mail sent was not responded to as at the time of filling this report.

Meanwhile, common reasons why Twitter may suspend account for violating rules includes:

Spam: Most of the accounts Twitter suspend are suspended because they are spammy, or just plain fake, and they introduce security risks for Twitter and all of their users.

These types of accounts are against Twitter Rules. Unfortunately, sometimes a real person’s account gets suspended by mistake, and in those cases Twitter work with the person to make sure the account is unsuspended.

Account security at risk: If Twitter suspect an account has been hacked or compromised, they may suspend it until it can be secured and restored to the account owner in order to reduce potentially malicious activity caused by the compromise.

Abusive Tweets or behavior: Twitter may suspend an account if it has been reported to them as violating rules surrounding abuse. When an account engages in abusive behavior, like sending threats to others or impersonating other accounts, they may suspend it temporarily or, in some cases, permanently.

Inside the story of a semi-rural school tutor tipped for Global Teacher Prize

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By Temitope Mustapha, Abuja.


“TODAY I can write letters, standard 450-500 words without a single mistake because I know what I am writing, I know my punctuation marks.”

“I wish he teaches us physics or chemistry so that you can get the same flow, even as it is, I feel we should have English language lessons every day,” says 14-year-old Anjola Bodunde, a student of Olasunkanmi Opeifa, A Nigerian teacher, in the top ten finalist of the Global Teacher prize 2020.

“In his class, we all are equal, on the same page, he uses teenagers language to teach us, I mean we love music as young people and so he puts his lessons in this format, precisely sounds & letter writing, almost all English language topics are either in rap or hip-hop”

“we teenagers are addicted to music, before, I had challenges in my letter writing, specifically with punctuation marks, I get them mixed up, the sound pronunciation was not also easy for me, but since he started teaching us, he uses special concepts as methods in teaching his letter writing,” Anjorin added.

Sitting in Ope-Ifa’s S.S. 3 English language class of Government Day Secondary School Karu, Abuja, on 19th of November, 2020, I would comfortably define the Lagos State University graduate of English Education as an inspiration to his students due to his use of a fun-based approach to teaching English language.

Another student, Henry Njikonye narrated how Opeifa’s classes have simplified his understanding of grammatical names and functions.

“The way he breaks down the topics, you will understand it clearly, it’s super-made easy for me”

For Ope-Ifa, Essay writing and phonology should be linked to a Nigerian popular dance step, “Shakushaku”, he simplifies grammar by demonstrating it in rapping and hip-hop songs.

Teaching Profession has been Mr. Olasunkanmi Opeifa’s dream since he was 8years old, his passion was kept alive through a composition he wrote about his desire to be a teacher in primary 5.

“I wrote a composition on my desire to be a teacher and my English teacher then was excited, he read it to my classmates and asked other pupils to clap for me, I was encouraged that a teacher could encourage me to become a teacher”.

Not deterred by others’ desire to study choice courses in university, with a 230 JAMB score, Opeifa remained un-waivered to be a teacher.

“Most times people ask why I opted to study English Education, I tell them I am a potential teacher, I am living my dream”

Not perturbed by the acceptance of his chosen career by society, the passion to impart knowledge made him devise and counter the anti-21st century curriculum made available to teach in Nigerian public schools, he beat traditional methods of teaching the English language.

“I told myself that if I can speak teenagers language, I researched into the teenagers’ diaries, their languages, I extracted more of their expressions, I composed my lessons, topics like plosives, letter writing others into music and would simply bring my composed edutainment into class, we would sing it together, sometimes rap it, even use dance steps to note the punctuation marks, I downloaded this on my phone and made it available to them to listen to it at home as well, for them to make a master of their lessons, I had to improvise instructional materials with available resources,” Ope Ifa said.

This earned the edutainment teacher the first position in the 2018 Nigeria Breweries Teacher of the year award with a reward of N1m and an additional N500,000, which he received as a state champion from the Federal Capital Territory.

The Lagos-born teacher also attracted a block of six classrooms built for the school where he teaches GDSS Karu, while he receives N1M annually for 5years since 2018 when he won the contest.

A technophile teacher, Opeifa became a micro-soft innovative educator expert, providing a lead in converting lesson noted to Microsoft word, using Excel for assessment, PowerPoint, presentations in classrooms, also exposing his students to life classes connecting them to students across the world.

In March 2020, the semi-rural school teacher was scheduled among the top-50 for the Global Teacher Prize, a 1 million dollars award by the Varkey foundation to a teacher who makes an outstanding contribution to the profession.

Mid-October 2020, Opeifa was announced as one of the 10 Global Best Teacher by Stephen Fry, he merged West Africa’s sole finalist, the first-ever from Nigeria to be tipped for the over 300million naira Global prize.

Millions of Nigerians await Ope-Ifa’s victory by December 2020, when the announcement for the winner of the Varkey foundation 2020 Global Teacher prize would be made.

Already, Ope-Ifa’s nomination to his students and stakeholders is seen as a progressive opportunity to re-write narratives about Nigeria who has been severally wrongly represented to be filled with inept corrupt and fraudulent people.

ASUU Strike: Law students disclaim lawsuit, oppose national president

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By Mudathir Hayatullahi FOLORUNSHO


PRESIDENTS of the Law Students Association of Nigeria, LAWSAN have disclaimed the suit which national president, Blessing Agbomhere instituted at the Federal High Court, demanding N10 billion as compensation.

The association said they never sent him.

The disclaimer which was contained in a memorandum and signed by the twelve local chapter presidents of the association on Saturday, 21st November 2020 revealed that the suit had been brought to their attention and they were not aware of the president’s action. The signatories are LAWSAN presidents of the University of Abuja, Kwara State University, University of Jos, Nasarawa State University, Benue State University, Gregory University, Abia State, Usmanu Danfodiyo University, Sokoto, Ahmadu Bello University, Yobe State University, Bauchi State University, Lagos State University and Umaru Musa Yar’adua University, Katsina.

The disclaimer reads: “Our attention has been drawn to a suit instituted by one Blessing Agbomhere “for an on behalf of members of Law students association” yesterday 20th November 2020 at the Federal High court and a press briefing made by him shortly afterward where he claims to be representing all students in Nigeria.”

The association denied the claim, saying  Agbomhere has no authority to institute the action he did and has been rejected by most of their members.

“The blessing Agbomhere is not the president of Law Students’ association as he claims but an illegitimate usurper who continues to parade himself as president despite being rejected by an overwhelming number of law students across the country and therefore lack the authority and standing to institute an action of such nature,” the disclaimer reads.

The association, in their disclaimer, faulted Blessing for not notifying the members of the association before making the suit against ASUU, stating that there are other better ways to approach the matter before the conduct of a lawsuit, therefore, renders the suit frivolous.

“The suit in question, being a representative suit, requires the consent of the person or group of persons being represented and neither we, our members nor ‘Lawsanites’ were contacted, informed, or aware of the suit in question.

“There are better and more effective ways to approach the matter before considering litigation. Mr. Agbomhere apparently prefers this approach, which, albeit ineffective, generates greater attention, controversy, and fanfare.

“It is trite that the right to education as well as rights that fall under Chapter II of the Constitution of the Federal Republic of  Nigeria (as amended) are non-justiciable and therefore renders the suit frivolous. One needs not to have deep knowledge of Constitutional Law to know this,” the disclaimer contains.

The association, however, dissociates itself as well as all chapters and their members from the suit,  noting that Mr. Agbomhere singlehandedly took the step without consulting anyone. The members of the association, then, call on the general public and all Nigerian students to disregard the suit as yet another ploy by Abgomhere to gain cheap popularity in the country.

The disclaimer concludes: “We dissociate ourselves as well as all our chapters and members thereof from this impulsive and ill-thought step which Blessing Agbomhere singlehandedly took without consulting the student leaders of the various faculties of law, his NEC,  his senate or anyone with authority on the affairs of law students and students generally in Nigeria.

“Conclusively, we call on the public to disregard this as yet another ploy by Blessing Agbomhere to gain cheap popularity and political points as the typical politician he is.

LAWSAN President, Usmanu Danfodiyo University, UDUS chapter,  Muhammad Abubakar Tsamiya confirmed the disclaimer as a genuine one which representatives of 12 universities have endorsed

“The said National president, Blessing Agbomhere is not our president at all. He is just president to those whom he governs because we didn’t elect him. He keeps parading himself as the president despite his rejection from lots of law students across the country.

The meeting and aborted demonstration

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By Aba SAHEED


I CANNOT now recall who invited me to the meeting, but I do remember that the convener mentioned that those of us in our late 70s and above should gather to discuss the modus operandi of our joining a massive protest demonstration planned by the youths taking place at the end of November.

‘’It is going to be mother and father of all protests and Septuagenarians, Octogenarians as well as nonagenarians must join in a solid show of solidarity with our disenchanted youths.”

It was scheduled to be a combination of physical and virtual meeting and the venue was Shehu Musa Yar’Adua international hall, Abuja. As early as 8 in the morning people had started arriving from every corner of the country. Again, I cannot recall the faces at the meeting even though I recognised virtually all the familiar faces that gathered there at as we exchanged banters. Two faces stuck. Curiously Sam Omatseye who didn’t qualify in the age category strolled in. My friend engineer Babs Okuyemi flew in from the US and was calmly seated in a corner at the back.

“Ladies and Gentlemen,” Pastor Gudugudumeje Yayamefa cleared his throat to speak to the hall, “this must be a very crucial and important meeting at this critical period in our country’s history. We are to deliberate on identifying with our long-suffering youths who have been recently traumatized, bedraggled, blackmailed, and even criminalized after the state had treated them to the worst form of deprivation, degradation, neglect and dehumanisation. It does not matter the heaps of naked lies, denials, counter-accusations, half-truths, what cannot be denied is that peaceful demonstrations were infiltrated, and several lives were lost. Lives of other people’s children, other people’s wives, other people’s husbands, other people’s breadwinners were needlessly and callously terminated in cold blood and in broad daylight”.

“Before we proceed further, I suggest we all do self-introduction so that at the end of the day we can agree on our leadership structure and what assignments to allocate to each and everyone.” Gudugudu handed over the microphone.

“My name is Gogori Kumoku, a retired Lt General.”

“I am Chief Dr Kurukuru Okemeje, a former Presidential Aspirant”.

“I am Johnson Ikutamiti” Amidst sobs, Ikutamiti added “ three of my graduate children were mowed down in the melee”

“I am Alhaja Aisha Buraimoh, I am a widow. I lost my husband along with four children in a midnight attack in our village last year”

Mr. Sulaiman Yusuff,95, exhibiting three teeth left in his mouth got up to speak. “ I share in the pains of every parent who may have lost a child or a wife who may have lost a Police Officer husband. Several police officers and even soldiers have also lost their lives in cold blood. The calamity that has befallen our country did not start today, yesterday, last year, or last decade. I am sure you will all agree with me that ours has been a long story. It is just that our situation gets worse every passing day. I really cannot pinpoint what has driven us to this level of bestiality. Animals in the jungle seem to behave better than most of us. And the blatant brutishness is virtually in all of us. We just need to return to a code of ethics and imbibe the culture of love and respect for one another. My two wives and eleven children were burnt to death when several houses in my town were set ablaze by people, we used to share cordial neighbourliness with. People with whom I had shared meals and drinks in the past”.

“Dear Elders, I think we have gone past the stage of lamentations. I know we are to take a stand on whether to join our youths in massive protest at the end of the month. I know at close to 80, I am still one of the youngest in this gathering. I have no doubt in my mind that if we all troop out half-clad like Benin High Chiefs in ceremonial attire it would make a powerful spectacle and spectacular impact, but what follows thereafter? Our politicians are the greatest problem of this country. They are more concerned about winning elections, securing political appointments, or sharing loots than bothering about our roads, our security, our health, or even our lives. I am sure we all know that. If our politicians declare today that we should have State Police, it will happen instantly. If all the politicians say the Army of Occupation in over 30 states should end today, it will end. It is the politicians that have collaboratively imposed totalitarianism and unprecedented tyrannical dictatorship on the country by their self-serving servitude. Who do you think is arming the rampaging terrorists scattered all over the country? It is the politicians. Who purchased all the motorcycles and dangerous weapons used for malicious crimes all over the country?” Please let me stop here.

“My name is Brandy Agbasa, If I start with my own personal tragedies inflicted on me by the state you will need buckets to collect your tears. But let me make it brief. We all know the simplest solution to all the aggravation we are going through. Let us go our separate ways. There is no personal problem with individual Nigerians against each other.  Tension is created when things we did not create and have no control over…ethnicity and religion are smuggled into the equation by politicians canvassing for votes. Greed, struggle for power and supremacy or domination are the bane of this country. A previous speaker has warned us against lamentations. So, no more lamentations or blame game. The country has broken down. No doubt about that. The only logical consequence of a breakdown is a breakup. That is the indisputable law of Nature!”

“ I need to speak again. Even though we should not turn this meeting to a Talk shop, allow me to make an observation. We do not need to join the youths in physical demonstration. They are welcome to it. And we have to warn Governments not to infiltrate or hijack peaceful demonstrations. I think what we should do is send a powerful delegation to the head of state and interrogate him in a heart-to-heart engagement. Talk to him as Parent-to-parent. I have in mind the kind of intervention three of our greatest Men of Conscience..Achebe, Soyinka and Pepper Clark..made to President Ibrahim Babangida in 1986 regarding General Mamman Jiya Vatsa. Even though the intervention was late in coming, may be should have come two or three weeks earlier, it was still very impactful. That historic visit by the Trio of Distinguished Men of Letters will never be forgotten. What we need most at this point in time is the Voice of Men and Women of conscience. They don’t have to be Traditional Rulers or Clergymen or Men of Means. No. Certainly NOT politicians, whether serving or retired who speak with two sides of the mouth.”

“Now you have spoken. As the Convener of this meeting, I, Tanko Batagarawa, can easily see the direction of the pendulum. There is no point in those of us who have already collected our Boarding Pass to the journey of No Return to go half-naked on the streets. Don’t mind me, some of our shapes may prove offensive to sight, so we don’t need to exhibit that. Let us search for men and women of moral stature to urgently intervene. In fact, we don’t need to search, there are a great pool of nationally and internationally respected men and women of moral stature in this country. And again, as observed by one speaker, it is better for all of us to disengage from a marriage that has constantly, consistently and continuously given us pains, distrust, hatred, enmity, rancour and retardation over the years.”

If and when a marriage does not work, it stands dissolved.

Nigerian banks posted marginal profits during lockdown, despite slow economic growth

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THE coronavirus pandemic slowed the growth of the Nigerian economy marginally, yet the nation’s biggest banks remain profitable during the period.

Data released by StatiSense, a Nigerian based data consulting firm with expertise in data analytics in its quarterly banking industry report from July to September showed that the major commercial banks in the country made outstanding profits after taxes.

The top ten earners include Zenith Bank with profits after tax pegged at ₦55.5 billion, Guaranty Trust Bank made profits of ₦48 billion, Access Bank earned ₦41.3 billion, United Bank of Africa, UBA at ₦32.7 billion and First Bank of Nigeria made a profit after tax of ₦18.7 billion respectively.

Others are Fidelity Bank at ₦9.1 billion, Union Bank ₦4.31 billion, Sterling Bank at ₦1.96 billion, Wema Bank at ₦1.15 billion and Unity Bank at ₦543 million.

However, the collective profit after tax in the first quarter of 2020 declared by the 12 commercial banks listed on the Nigerian Stock Exchange, NSE, was stipulated at N260.9 billion.

For ten of the banks, they experienced a drop in profits after taxes to ₦213.3 billion when compared to the first quarter which can be blamed on the onslaught of the coronavirus in March, according to Nairametrics data.

As profits for the commercial banks tumbled, customer deposits according to data obtained from the Central Bank of Nigeria, CBN, increased to an all-time high of ₦36.8 trillion as of July which was up by ₦2 trillion from December 2019.

This indicates the influx of cash deposits by customers into the Nigerian banking chain during the coronavirus lockdown which triggered a new round of foreign exchange speculation.

The CBN had resumed sales of US dollars to licensed Bureau de Change operators in September after the Federal Government opened up international travel following the lifting of COVID-19 restrictions.

There has been limited supply of US dollars to importers and licensed Bureau de Change operators, indicating the perpetual existence of increased demand for the dollars.

According to data obtained from StatiSense, several banks posted impressive daily profits after taxes.

Between January to September, GTB made N521.2 million Access Bank earned N374.7 million daily, Union Bank gained N55.2 million daily, Wema Bank secured N15 million daily, and Sterling Bank made N27 million daily.

Despite, the cash flow into the banks which is at all-time highs, the interest rates on 3 months treasury bills is a paltry 1.2 per cent compared to 11 per cent rate in 2019.

With the inflation rate at 12.8 per cent, investors in Nigeria’s treasury bills have a whopping -11 per cent in negative real return.