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Wednesday, 22 February 2023 05:56

What to know after Day 363 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russia’s New START suspension, special op and economic measures Russia suspends its participation in New START, the last major remaining nuclear arms control treaty with the United States, President Vladimir Putin said in his State of the Nation Address to the Federal Assembly on Tuesday. According to him, Moscow is not withdrawing from the treaty, but will return to its implementation as soon as it understands how nuclear arsenals of the United Kingdom and France will be taken into account. Apart from that, Russia will prepare for possible nuclear tests, but won’t be the first one to conduct…

Tuesday, 21 February 2023 05:46

Sanusi to Nigerians: Don’t be deceived by outcry of politicians losing their loots due to Naira redesign

The 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi, has asked Nigerians to support the cashless policy. In a social media post on Monday, Sanusi urged people to be careful and not fall for the manipulation of politicians. He added that the policy was not new, saying it has been in the pipeline for over ten years. Criticising politicians, Sanusi said the policy has made their loot useless and worthless. “This policy (naira redesign policy) has been under way for more than 10 years. And Nigeria is ripe for the policy since…

Tuesday, 21 February 2023 05:45

Naira scarcity: Angry youths burn down banks in Ogun

Violent protest rocked Sagamu, Ogun State, on Monday morning as angry youths burnt down branches of Union and Keystone banks in the town. The protest attributed to the naira scarcity had begun in front of the palace of the Akarigbo of Remoland, Babatunde Ajayi, with some youths barricading roads and setting bonfire. Last Friday, protesters barricaded the Mowe area of the State over naira scarcity in the state. The protest shifted to Sagamu where angry youths have caused unrest and thrown the town into chaos. However, a youth leader in the town, Kayode Segun-Okeowo, described the act as a “motivated…

Tuesday, 21 February 2023 05:44

FAAC: FG, states, LGs share N750bn for January

Federation Account Allocation Committee says it shared N750.17bn among the three tiers of government in January 2023. The figure represents a decrease of N240.02bn compared to the N990.19bn shared in December 2022. FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Monday. The total amount includes gross statutory revenue, Value Added Tax, electronic money transfer levies, augmentation from non-mineral revenue, and an additional sum of N15bn from Savings. Federal Government received N277.33bn, states received N244.98bn, local government councils got N180.14bn, while mineral producing states received N32.73bn as Derivation (13 per cent of…

Tuesday, 21 February 2023 05:41

What to know after Day 362 of Russia-Ukraine war

WESTERN PERSPECTIVE Biden in Kyiv, pledges $500 million more in military aid; Japan commits $5.5 billion President Joe Biden made a surprise visit to Kyiv, Japan announced a generous financial aid package, and a “people’s court” put Russian President Vladimir Putin on trial for the crime of aggression Monday as the war with Ukraine approached the one-year mark with no end in sight. Biden also announced an additional $500 million in weaponry for Ukraine. The State Department pegged the figure at $450 million, plus another $10 million in emergency aid for Ukraine's energy infrastructure, which has been damaged by Russian…

Monday, 20 February 2023 05:33

What to know after Day 361 of Russia-Ukraine war

WESTERN PERSPECTIVE Zelenskiy says Ukraine will defend Bakhmut within reason from Russia President Volodymyr Zelenskiy said in an interview published on Sunday that Ukraine would maintain its months-long defence of the eastern city of Bakhmut, mindful of the price paid in human lives. Zelenskiy was quoted in the Italian daily Corriere della Sera as debate rages over whether Kyiv's outnumbered forces should remain in the eastern Ukraine city, which Russian shelling has all but destroyed. Bakhmut, in the frontline Donetsk region, had a pre-war population of 70,000 but now Ukrainian officials estimate fewer than 5,000 civilians remain. "Yes, it is…

Sunday, 19 February 2023 05:59

Banks collecting old Naira notes despite denial of directive by CBN

Commercial banks have started collecting the old N500 and N1,000 naira notes from their customers. The development comes despite the rebuttal of the Central Bank of Nigeria (CBN) that it did not direct banks to collect the old naira notes from citizens. Meanwhile, in contradiction to the apex bank’s position, checks by TheCable showed that the cash redemption portal of the CBN directed customers with old notes totalling N500,000 and below to commercial banks to make the deposits. To ascertain the state of things, our correspondents visited banks in different parts of Lagos on Saturday. Long queues were seen in…

Sunday, 19 February 2023 05:54

What to know after Day 360 of Russia-Ukraine war

WESTERN PERSPECTIVE Blinken warns China's Wang Yi against aiding Russia in Ukraine U.S. Secretary of State Antony Blinken on Saturday warned top Chinese diplomat Wang Yi of consequences should China provide material support to Russia's invasion of Ukraine, saying in an interview after the two met that Washington was concerned Beijing was considering supplying weapons to Moscow. The top diplomats of the two superpowers met at an undisclosed location on the sidelines of a global security conference in Munich, just hours after Wang scolded Washington as "hysterical" in a running dispute over the U.S. downing of a suspected Chinese spy…

Sunday, 19 February 2023 05:50

Man wrongfully imprisoned for 3 decades won’t get a dime as compensation for this one reason

A Missouri judge in the United States recently overturned the conviction of Lamar Johnson, a man falsely accused of a murder 28 years ago. After spending three decades in prison, Johnson finally has his freedom but was offered no financial compensation for the time he lost and the new life he now has to build, per CBS4 News. In October 1994, Johnson was convicted in the murder of Marcus Boyd, a man shot to death by two masked men, per AP’s report. A key witness, James Elking, said he was initially coerced by investigators to place Johnson at the scene…

Saturday, 18 February 2023 06:06

Nigeria’s oil output rises to 1.6m barrels a day - NNPCL

Nigeria's oil output is increasing and as of Thursday was 1.6 million barrels per day (bpd), up from less than 1 million bpd in July last year, the group chief executive of Nigerian oil company NNPCL said on Friday. "We are growing production. In July 2022 we were at less than 1 million barrels per day. As at yesterday, we were at 1.6 million barrels and hopefully we will meet the OPEC quota of 1.8 million," Mele Kyari told reporters at NNPCL's offices. Reuters

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Saturday, 18 February 2023 06:04

Protesters who attack banks, ATMs will be treated as armed robbers, police warn

Nigerian police on Friday said some citizens frustrated by cash shortages in the country were attacking banks and vandalising cash-dispensing machines, and warned that they would be treated as armed robbers. Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) said its members would stay away from work in states where bank branches were being attacked "until normalcy is restored." Ahead of next week's election to choose new lawmakers and a successor to President Muhammadu Buhari, frustration is rising in Africa's most populous nation over a central bank plan to swap old naira bank notes for new ones.…

Saturday, 18 February 2023 06:04

What to know after Day 359 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Macron opposes regime change in Russia French President Emmanuel Macron says the root cause of the current conflict in Ukraine is that neither Europe nor Russia “properly digested” the end of the Cold War after the fall of the USSR in 1991 and stressed the importance of re-evaluating Europe’s relationship with Moscow. However, he noted that the time for dialogue with Russia has not yet come and that Europe needs to continue providing support, including military aid, to Ukraine and prevent Moscow from achieving a military victory on the battlefield. Speaking at the Munich Security Conference on Friday,…

Friday, 17 February 2023 05:36

UN seeks $1.3bn for Nigerians affected by terrorism in Northeast

The United Nations on Thursday appealed for $1.3 billion to provide assistance to six million Nigerians who are suffering the impact of a long-running Islamist insurgency in the northeast of the country. The militant Boko Haram group and its offshoot, Islamic State West Africa Province, have been fighting Nigerian security forces in the northeast for over a decade, displacing more than 2 million people and killing hundreds of others, aid agencies say. Matthias Schmale, the U.N. resident and humanitarian coordinator for Nigeria said the "large-scale humanitarian and protection crisis shows no sign of abating". The number of children suffering from…

Friday, 17 February 2023 05:34

El-Rufai tells Kaduna residents to ignore Buhari’s directives on old Naira notes

Governor Nasir El-Rufai of Kaduna State has dared President Muhammadu Buhari on the naira redesign policy, saying the old notes remain legal tender in the state. In his national broadcast early Thursday, Buhari had declared that old N500 and N1000 were no longer valid. He had asked Nigerians to take them to the Central Bank and designated places. But in his statewide address on Thursday night, El-Rufai said the notes remained legal tender until Supreme Court of Nigeria decides otherwise. “For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna…

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