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Businessman, artistes’ manager arrested for selling drugs at nightclubs

Mustapha USMAN
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Businessman, artistes’ manager arrested for selling drugs at nightclubs

OPERATIVES of the National Drug Law Enforcement Agency (NDLEA) have arrested an artiste’ manager Oseni Babatunde and his ikoyi businessman accomplice Nnadi Ikenna for selling illicit drugs at nightclubs in Lekki and Lagos Island axis.

A statement by the NDLEA spokesperson, Femi Babafemi on Sunday, July 30, stated that the arrest followed information received by its operatives about a shipment of Colorado, a synthetic strong strain of cannabis, which was expected to be delivered to the duo from Los Angeles, United States.

Babatunde, also known as Papalampa was the first to be arrested in his house at Lekki area of Lagos when the consignment arrived on Sunday July, 23.

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A total of 10 parcels of Colorado weighing 2.50kg were intercepted at the Murtala Muhammad International Airport, Ikeja, during the process.

The second suspect, an Ikoyi-based businessman, Ikenna, who was out of the country when the shipment arrived, was apprehended upon his return on Thursday, July 27.

Parts of the statement read: “NDLEA operatives attached to the NAHCO export shed of the MMIA intercepted a cargo going to Nairobi, Kenya. A search of the consignment revealed that various quantities of MDMA (Ecstasy) popularly known as ‘Molly’ and Rohypnol were concealed in a bag consisting of foodstuff. An agent, Onydem Chinwe Florence who presented it for export was arrested.

“Also, an attempt by another suspect, Igboma Ifeanyi to export quantities of Loud, a variant of Cannabis, Tramadol and Rohypnol all weighing 7.8kg concealed in 66 bottles of skin lightening lotion was thwarted by vigilant operatives who intercepted him while preparing to board an Ethiopian airline flight to Muscat, Oman at the Lagos airport.

“Another suspect, Ekpenisi Wisdom Pious was equally arrested while trying to board an Ethiopian airline flight to Oman with 6.00kg skunk hidden in a bag of food stuff. A follow up operation led to the arrest of a staff of Toprano Hotel, Ikeja, Ibigbami Temitope Oluwatobi who was fingered in the drug trafficking scheme.

“A consignment of 5.70kg codeine syrup going to the United Kingdom was on Thursday 27th July seized from a 51-year-old widow, Adewunmi Taiwo Atinuke by NDLEA operatives at the SAHCO export shed of the MMIA Ikeja.”

In another development, a 32-year-old suspect, Chukwuma Nnaji was arrested with 47kg skunk in a warehouse at Onuogba Eke, Ishielu LGA, Enugu state on Saturday, July, 29 while 12kg of the same substance was recovered from a lock up shop during the raid.

The NDLEA operatives also arrested a 62-year-old grandfather and one Chimezie Onyenjuru, with 49.415kg of cannabis sativa, 127.7 grams of methamphetamine, and 15 grams of cocaine during a raid on July 28 in Ihiala LGA of Anambra State.

In Ogun State, operatives uncovered a skuchies factory in Sagamu where a suspect Femi Isiaka was arrested on Thursday, July 26. 

Items recovered from the factory include: 37kg cannabis, 195 pills of tramadol, 5,000 tabs of diazepam, 216 tabs of rophynol 216, 204 litres of skuchies, four fridges, four gas cylinders and one industrial cooker among other items.

According to the statement, two suspects identified as Abdulrazak Bala and Lawal Salisu were arrested with 156,380 pills of Tramadol along the Gwagwalada-Abaji road in the Federal Capital Territory (FCT) on Saturday.

In the same vein, NDLEA chairman Buba Marwa charged operatives of the Agency “to remain undaunted by the various machinations of drug cartels and barons who are daily frustrated and desperate due to the continued heat on them and their criminal trade” 

The ICIR had earlier reported that the NDLEA expressed concern over the surge in the abuse of drugs by Nigerians, particularly women.

According to the Agency, latest records on drug use show that one in four drug abusers in the country is a woman.

The Ogun State Commander of the NDLEA, Ibiba Odili, stated this during the Launch of the War Against Drug Abuse in collaboration with Lions Club International, in Abeokuta.

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She revealed that 14.3 million Nigerian drug abusers are within the age range of 15 and 64 years, adding that more women are now involved.

She said, “2018 survey tells us that the most common drug abused in Nigeria is cannabis, which regrettably is cultivated mostly in the South-West region of Nigeria.

“One out of every four drug users is a woman. In 2018 data shows that more women are going into drug use. And if more women are going into drug use, it is a source of worry for us, because, it means that the traditional role of women in families and communities as caregivers, role models, and life moulders will be threatened, because what quality of children are these women going to raise?”

Tinubu appoints Special Investigator to probe CBN

Beloved JOHN
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Tinubu appoints Special Investigator to probe CBN

PRESIDENT Bola Tinubu has appointed a Special Investigator to probe the Central Bank of Nigeria (CBN) seven weeks after the suspension and arrest of the bank’s governor, Godwin Emefiele. 

Emefiele, who is currently being held by the Department of State Services (DSS), is being prosecuted by the Federal Government for illegal possession of firearms and ammunition.

The Special Investigator appointed by the President is Jim Osayande Obazee.

Obazee is the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN).

In a letter written on July 28 and addressed to Obazee, the President said he would resume work immediately. Obazee was specifically tasked with blocking leakages in the CBN and other government-owned enterprises.

“In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is today continuing the fight against corruption by appointing you as a Special Investigator to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office,” Tinubu’s letter read.

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs and provide a comprehensive report on Public wealth currently in the hands of corrupt individuals and establishments (whether private or Public.

“You are to investigate the CBN and related entities using a suitably experienced, competent, and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.”

Tinubu also sent Obazee a copy of his order suspending Emefiele as the apex bank chief.

Last Tuesday, the DSS flouted a court ruling and rearrested the CBN governor after a fight with officials of the Nigerian Correctional Service (NCS).

Emefiele was rearrested within the premises of the Federal High Court in Lagos despite the bail granted him by Justice Nicholas Oweibo after listening to the submissions of his counsel, Joseph Daudu (SAN).

The ICIR reported that Tinubu had, during his trip to Paris, France, said Emefiele was suspended due to corrupt activities in the financial sector.

Tinubu said this on June 24, while speaking at an interactive session with Nigerians residing in France.

The President stated that the country’s financial system was “rotten” under Emefiele. He said many Nigerians living outside the country could not send money to their parents and relatives due to the multiple exchange rates while Emefiele was governor.

“Then, the financial system was rotten. Few people made bags of money, and then you, yourself, stopped sending money home to our poor parents. Several windows. But that is gone now. The man is in the hands of the authorities. Something is being done about that. They will sort themselves out,” Tinubu said.

Nnamdi Kanu treated by personal doctors outside DSS facility

Ijeoma OPARA
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Nnamdi Kanu treated by personal doctors outside DSS facility

LEADER of the Indigenous People of Biafra (IPOB) Nnamdi Kanu has been granted access to his personal doctors outside the facility of the Department of State Service (DSS) in Abuja.

This was disclosed in a statement dated Saturday, July 29, released by Kanu’s Lead Counsel Ifeanyi Ejiofor.

Ejiofor said Kanu’s doctors attended to him in an undisclosed Abuja hospital.

“We are pleased to inform you that Mazi Nnamdi Kanu met with his choice personal physician yesterday in a hospital in Abuja, outside the facility of the State Security Service. As was part of the protocol, I witnessed the consultation. The medical examination was seamless and productive, and he will be progressing to the next stage soon,” he noted.

Ejiofor reiterated that Kanu has cancelled sit-at-home orders in the South-East.

“To this end, we urge the members of the public to respect and carry out the wishes of Onyendu (the leader) and, accordingly, desist from any further engagement with those whose primary intention is to ensure that Onyendu is kept in perpetual captivity, and consequently, destroy the entire South East through unauthorised sit-at-home and its enforcement.

“Interestingly, the bad news for these enemies of our people is that they have failed and failed woefully, and the long arm of the law will surely catch up with them,” Ejiofor added in the statement.

The ICIR had reported on Saturday that Kanu, in a hand-written order, asked Finland-based Simon Ekpa, his self confessed disciple, to immediately terminate the flagrant sit-at-home orders that have paralysed the South-East region.

He warned that anyone enforcing sit-at-home in the South-East is not his disciple and should be made to face the wrath of the law.

Kanu issued the directive in a message made public on Friday, July 28, in Enugu, by his Special Counsel, Aloy Ejimakor.

Parts of the letter read: “Simon, this is a direct order from me. I hereby instruct you to desist from calling for any sit-at-home henceforth. Equally, refrain from antagonising governors or persons in political positions because you are not in a position to know what they are doing on my behalf.

“I am ordering you to make a public announcement to the effect that you are in receipt of a direct order from me to cancel any pending sit-at-home in place at the moment.

“I embarked on this movement to liberate our people, not to enslave them. I despise and will despise any person or entity that wishes to inflict unnecessary hardship on our people. I have authorised Aloy to issue a press statement if you fail to make this announcement on your platform.”

Kanu added that anyone still engaging in sit-at-home is not his disciple.

“Haters of Biafra and mindless murderers in uniform are hiding under the cover of combating enforcers of sit-at-home to unleash mayhem against the same people we swore to defend.

“I have sent countless messages to those purportedly enforcing sit-at-home that they are not doing so in my name. I am not begging anybody to release me, just that Nigeria should have the decency to obey their own laws. The main issue which our people should address their minds to is the unconscionable delays in hearing the government appeal at the Supreme Court, which is a situation not amenable to any sit-at-home. Therefore sit-at-home is a waste of time, resources and energy,” Kanu added.

Ejimakor stated that the direct order issued to Simon Ekpa was personally handed to him by Kanu when he visited him on July 24 at the headquarters of the DSS in Abuja.

“Later that day, I tried to contact Mazi Simon Ekpa via his WhatsApp number but could not reach him until 1:44 am the following day (25th July 2023), whereupon I snapped the Direct Order as written and sent it to him. He thereafter acknowledged receipt, and we spoke briefly on it and exchanged a couple of text messages thereof.

“Since that early 25th July 2023 (when I conveyed the Order to Mazi Ekpa and he duly acknowledged it) he has not implemented the Order or otherwise made such announcement on his media platform. Nonetheless, I made a conscious decision to give him the benefit of doubt and thereby accord him more time to do the needful.

“Then, late yesterday (Thursday), further written Instructions was issued by Mazi Nnamdi Kanu to me, referring to the extant Direct Order to Mazi Ekpa and, in addition, instructing me that given that Mazi Ekpa has not carried out the Order, I must, as of today, being 28th July 2023, proceed to make the Order public through a Public Announcement/Press Statement. In the said further Instructions, Mazi Nnamdi Kanu added more pertinent details and instructed that I must equally make them public,” Ejimakor said.

A Federal High Court in Abuja ordered the DSS to grant Kanu access to his personal doctors on Thursday, July 20.

Although counsel to the DSS, A.M. Danlami, challenged the jurisdiction of the court to grant the request and insisted that Kanu has been receiving adequate medical attention in the custody of the security operatives, the High Court judge Binta Nyako held that the IPOB leader was entitled to doctors of his choice.

Nyako, however, directed that the medical examinations be held under the supervision of the DSS, recorded and sealed for security reasons.

Kanu was arrested and remanded in the custody of the DSS after his extradition from Kenya by the Nigerian government in June 2021.

ECOWAS imposes no flight zone on Niger Republic

Ijeoma OPARA
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ECOWAS imposes no flight zone on Niger Republic

THE Economic Community of West African States (ECOWAS) has imposed a no flight zone on Niger Republic, following a coup that toppled the democratically elected government in the country.

This decision was reached on Sunday, July 30, during a meeting of the Authority of Heads of State and Government in Abuja, chaired by Nigerian President Bola Tinubu.

The no flight zone translates to an air and land border closure, to limit the influence of the coup plotters and support of their allies.

Speaking at the extraordinary meeting on Sunday, Tinubu condemned the coup, saying the new leadership has been rejected by Africa.

“As African leaders, it is our sheer responsibility to foster stability and progress, placing the wellbeing of our people at the forefront of our endeavours.

“Working together towards their prosperity and happiness must always constantly be our goal and consistently, we will stand with our people in freedom and our commitment to the rule of law and not the barrel of gun,” Tinubu said.

Coup plotters in Niger Republic had ousted the administration of President Muhammed Bazoum on Wednesday, July 26.

Two days after the coup, Head of Bazoum’s Presidential Guards Abdourahamane Tchiani, who had held the position for about 12 years, was declared as the country’s new ruler.

Tchiani described himself as the President of the National Council for the Safeguard of the Homeland.

The Nigerien military also warned against external military confrontation, stating that it would result in a massacre of the masses.

Following the coup, Tinubu vowed that the ECOWAS community would defend democracy and ensure its firm establishment among member states.

There have been rising concerns over the frequency of coups in African countries recently.

In May, military officials successfully overthrew the sitting government in Mali, citing a relaxed attitude towards the Touareg tribes as reason.

Burkina Faso also recorded two successful coups in 2022, and there were other cases of failed attempts in Gineau Bissau, The Gambia among others.

Coup: EU refuses to recognise Niger military authorities

Beloved JOHN
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Coup: EU refuses to recognise Niger military authorities

THE European Union (EU) has refused to recognise the military authorities that took power in Niger Republic after ousting Mohamed Bazoum, the country’s democratically elected President.

Last Friday, the head of Niger’s Presidential Guards, Omar Tchiani, declared himself the new leader of the uranium-rich country, two days after his forces detained Bazoum.

Bazoum hasn’t resigned and African and Western powers have condemned the coup.

The development has also resulted in sanctions from international bodies and escalated tensions in the West African country.

In a statement issued in Brussels on Saturday, July 29, the EU High Representative, Josep Borrell, said the suspension of the Constitution and dissolution of democratic institutions weakened the state and the people of Niger.

Borrell said: “The European Union does not recognise and will not recognise the authorities resulting from the putsch in Niger. President Bazoum was democratically elected.”

The EU envoy insisted that Bazoum remains the only legitimate President of the Sahel country and asked that he be released without condition or delay.

“The EU holds the putschists responsible for his safety and that of his family.

“The European Union reiterates its very clear calls for the full and complete restoration, without delay, of constitutional order and fully associates itself with the declarations of ECOWAS and its African and international partners in this regard. In coordination with the President of the European Council, I will continue this weekend the numerous contacts already underway in order to achieve this result. And we stand ready to support future ECOWAS decisions, including the adoption of sanctions.

“This unacceptable attack on the integrity of Niger’s republican institutions will not remain without consequences for the partnership and cooperation which binds the European Union and Niger in all different aspects,” Borrell added.

The European Union earlier suspended financial support and cooperation on security with Niger.

Announcing the sanction, Borrell said: “In addition to the immediate cessation of budget support, all cooperation actions in the domain of security are suspended indefinitely with immediate effect.”

The African Union has also issued a 15-day ultimatum to the military officers to return to the barracks and restore the democratic constitution and suspended institutions.

Fintiri imposes curfew in Adamawa as residents loot warehouses

Nurudeen AKEWUSHOLA
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Fintiri imposes curfew in Adamawa as residents loot warehouses

THE Governor of Adamawa State,  Ahmadu Fintiri has imposed a 24-hour curfew in the state following the looting of warehouses by residents.

The governor announced the measure in the afternoon of Sunday, July 30, after hoodlums stormed two warehouses, looting items.

It was gathered that the hoodlums who were chanting “Enough of Hunger”, stormed warehouses in the early hours of Sunday and looted items that the government ordered to be distributed to cushion the effect of subsidy removal.

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Chief Press Secretary to Fintiri, Humwashi Wonosikou, said the curfew followed “the dangerous dimension the activities of hoodlums had assumed across the state capital as they attacked people with matchetes and broke into business premises carting away property”.

With the curfew imposed, there will be no movement throughout the state, the government stressed.

Only people on essential duties with valid identification would be permitted to move around during the period of the curfew, the statement explained.

The governor appealed to the residents to comply with the directive, adding that any person found contravening the order would be arrested and prosecuted.

The removal of petrol subsidy has resulted in acute hardship for majority of Nigerians, following the attendant hike in the cost of goods and services.

FG should tell Nigerians how petrol subsidy removal gains are being spent — Obi

Harrison EDEH
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FG should tell Nigerians how petrol subsidy removal gains are being spent — Obi

THE candidate of the Labour Party (LP) in the February 25, 2023 presidential election, Peter Obi, has challenged the Federal Government to give Nigerians details of how funds realised from the removal of petrol subsidy are being spent.

Obi, who was a guest at an online Twitter space tagged, ‘Peter Obi Live on Parallel Facts’ in the late evening of Saturday, July 29, considered subsidy removal as an economic decision that must be thought through before the government embarked on it.

The Bola Ahmed Tinubu administration had removed the  subsidy on the cost of petrol to tackle, among other things, corruption in the system and save money for the government. But Obi was unconvinced, saying the appropriation of gains from the removal itself was corruption-ridden.

He said, “Nigerians need to see the numbers and figures from the savings made from subsidy. Petrol subsidy in Nigeria is more like a criminal set-up. You cannot tell people to make sacrifices when they’re seeing you live a life of a rock star, and buying brand new jeeps from all over the world at very expensive prices.”

Obi, telling Nigerians he would have done things differently in subsidy removal, said, “It has to be structured in phases, so that the government knows the actual subsidy component it is dealing with.”

He maintained there remained so much corruption in the oil sector, and the Federal government needed to know each component of oil subsidy it was dealing with.

“For example when you remove all these opaque components, what you would be paying could even be 40 per cent or less. It is when you know the component of what you’re removing that you can take a wholistic and proper action.

“We have seen a former governor (Isah Yuguda) say that someone is so tired of making money from subsidy corruption that he had made enough. I don’t think I have ever seen someone who said he had made enough money.

“For someone to say that he had made enough money through fraud subsidy payment, that would give you a sense of the kind of corruption we are dealing with,” Obi said.

He expressed concerns about the poor state of the nation’s refineries, adding that modular refineries were not getting supply of crude oil.

On the agonies Nigerians are experiencing in the aftermath of the fuel subsidy removal, he said, “There is a number of things that we need to do to help in managing the situation and lessen the burden of the policies on the people. We also need to discuss with stakeholders to make it better.”

Obi likened the challenge in the subsidy removal to what he faced when he, as governor in Anambra State, he returned schools to their original owners  He said it was a decision that came with lots of difficulties, but was one he carefully considered before the decision.

“People were on strike for months because of that decision, but we made sure that we went through the process carefully to mitigate the problems. There were so many things we put in place, like sustaining teachers’ salaries payment and doing capital projects, but the original owners would take care of the administration and management of the schools better.

“At the time I was Governor, no state across the country could compare their secondary schools with ours, because we thought it through properly. Go to those schools in Anambra today and see for yourself,” he said.

The ICIR had reported how Nigerians were experiencing difficulties as a result of government’s twin decision on PMS subsidy removal and foreign exchange rates unification.

Court orders Delta govt to account for N200bn education allocations collected by Okowa

Bankole ABE
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Court orders Delta govt to account for N200bn education allocations collected by Okowa

THE Federal High Court in Lagos has ordered the Delta State Government to account for N200 billion education allocations collected by former governor Ifeanyi Okowa.

The Socio-Economic Rights and Accountability Project (SERAP) disclosed this on Sunday, July 30, in a statement by its Deputy Director, Kolawole Oluwadare.

According to SERAP, the judgment was handed down on July 17, following a Freedom of Information lawsuit filed by the organisation with case number FHC/L/CS/803/2019.

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FACT CHECK: Did Okowa raise Delta State’s IGR from 30 to N51 billion?

SERAP said the Okowa government collected the N200 billion from the state’s Universal Basic Education Commission (UBEC).

The group disclosed that the judgment was given by the court presided by Daniel Osiagor.

SERAP said the court ordered the current Governor of Delta State, Sheriff Oborevwori, to reveal the details of the budgetary allocation between 2015 to 2019.

“SERAP has cognisable legal right to inquire and know the way and manner public institutions manage public funds. I must say that every citizen has a duty to demand transparency and accountability in governance of public institutions,” Osiagor said.

Osiagor further directed the Delta State government to “disclose how the Okowa government spent over N7.28 billion received from UBEC between 2015 and 2017, and N213 billion received from the Federation Accounts Allocation Committee in 2018, at an average of N17.8 billion monthly”.

SERAP’s suit followed the case of seven-year-old Success Adegor, who was sent home because her parents could not pay the N900 illegal school fee/levy.

Success gained fame when she was caught on camera by a neighbour lamenting about being sent home from school due to unpaid fees.

She received offers of assistance as well as widespread respect for her unwavering attitude throughout the video.

The ICIR reported that Ijaw National Leader and convener of the Pan-Niger Delta Forum (PANDEF), Edwin Clark accused Okowa of mismanaging the state’s share of 13 per cent derivation funds for oil-producing communities.

Clark, who said this in a statement released on February 2, described the administration of the Peoples Democratic Party (PDP) vice presidential candidate as a “reign of unaccountability”.

According to him, the funds from the Federation Account to oil-producing communities through state governments, as stated in Section 162, Sub-section 2 of the Nigerian Constitution, should be dedicated solely to the development of affected communities.

The elder statesman claimed that the state government has not adequately utilised the derivation funds on essential areas and projects but rather on “favoured areas”.

Fans hail Wizkid’s performance at Tottenham Hotspur stadium

Itoro ETUKUDO
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Fans hail Wizkid’s performance at Tottenham Hotspur stadium

FANS and followers of afrobeats star, Ayodeji Ibrahim Balogun widely known as Wizkid have taken to social media to shower praises following his performance at the Tottenham Hotspur Stadium, London.

Wizkid made history on Saturday, July 29, as the first African artiste to hold a concert at the 60,000-capacity stadium.

With his hit song ‘Reckless’ from his album ‘Made in Lagos,’ he made a grand entrance that sparked excitement among the audience as he took the stage at the More Love Less Ego concert. He followed it up with a series of performances, including a rendition of ‘Ayo’ from his album ‘Superstar.’

Additionally, the event featured music performances by the highlife band The Cavemen and Nigerian afrobeat artist Wande Coal.

Fan’s reactions 

Reacting to this, a media personality, Rinu Oduala in a tweet expressed excitement urging Nigerians to celebrate Wizkid.

“When you see your fellow Nigerian doing iconic things, stop hating!Celebrate greatness! 🦅#WizkidxTottehamStadium”, she tweeted.

Other individuals, expressed excitement for the artiste, celebrating him on Twitter.

“Best concert I have ever attended. We had so much fun..  Beatiful staging, presence, band (cavemen) OMG the audience🔥filled to the brim. It was spectacular . Thank you Wizkid for a classy night & great performance” – @janetbrownie1

“Big Wiz has always been the blueprint for all afrobeats artist from day one 🐐🦅 #WizkidxTottehamStadium” – @Darknighthood1

“I can’t even post most videos because i was screaming in all of them 😭😭. Best concert i have ever been to for real 🔥❤️” – @cruisewithmee

“See as Wizkid show clean workings.. No explanations…just evidences 🦅❤️“ – @TheMahleek

Growth of Afrobeats

In recent years, the Nigerian music industry has gained global recognition with Afrobeat leading the way. This has opened doors to international collaborations, award nominations and wins, chart-topping hits and performances on major stages worldwide.

In 2020, the UK’s Official Charts Company introduced Britain’s inaugural Afrobeats singles charts, showcasing Nigerian artists including Burna Boy, Wizkid, Davido, Rema, Mr Eazi, Tekno, among others.

Like Wizkid’s achievement, The ICIR reported Burna Boy’s milestone as the first African artist to sell out the 80,000-capacity London stadium in the United Kingdom (UK) for a concert.

EIU predicts govt-controlled forex management, as naira loses value

Harrison EDEH
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0
EIU predicts govt-controlled forex management, as naira loses value

ON the heels of exchange rate volatility concerns, the Economic Intelligence Unit (EIU) has predicted Federal Government’s intervention in the exchange rate movement over apprehension the naira could plunge uncontrollably.

The EIU believes that the Central Bank of Nigeria (CBN), which manages the country’s exchang rate movement, lacks the experience to handle a floating forex regime.

The President Bola Tinubu administration has made foreign exchange unification a key component of its policies, which has seen the naira struggling to maintain a handsome level against foreign currencies, especially the dollar, the euro, and the pound sterling.

Economic watchers also argue Nigeria’s weak export earnings and  external reserves would not be able to serve as enough buffer to hedge Nigeria’s forex problems.

The EIU, in its latest report, stated, “The CBN lacks experience in conducting monetary policy under a float, and the need to control rapidly increasing inflation will become more acute over time.

“Our forecast is finely balanced, but we expect a return to heavier exchange-rate management from the second half of 2023 as the naira slides beyond N800:US$1 from N770:US$1 in early July.”

The research firm observed a shortage of foreign currencies in Nigeria, especially in fulfilling foreign exchange demands through Form A and M.

This, combined with speculators taking advantage of the situation, might push the CBN to step in more and “intervene” in the market, especially since about 98 per cent of their foreign reserves are in cash, it stated.

The EIU, however, regarded Nigeria’s foreign reserves as still relatively liquid, saying the country can pay for imports for, at least, another six to eight months. Some analysts believe this gives the government enough time to increase revenue, stop financial leaks, and pay off some debts.

The report also projected that because of the unstable exchange rate and how it affects people’s lives, the naira would lose its value more slowly than expected in the medium-to-long term.

It estimated the average rate to be “N815 to US$1 in 2024” and to further decline to “N1,018 to US$1 by the end of 2027.”

The naira depreciated on Friday, July 28 by 0.93 per cent at the Investors’ and Exporters’ (I&E) window, Nigeria’s official foreign exchange (FX) market, following a shortage of dollars.

After trading on Friday, the dollar was quoted at N775.76 as against the  N768.60 figure quoted the previous day at the I&E window, data from the FMDQ indicated.

The market recorded a decline in turnover, which dropped by 38.89 per cent to $54.18 million on Friday, from $88.66 million on Thursday.

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