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Sunday, 15 December 2024 05:05

CBN threatens ₦150m fine against banks caught in sales of new Naira notes

The Central Bank of Nigeria (CBN) has announced a ₦150 million fine for Deposit Money Banks (DMBs) found guilty of facilitating the illicit distribution of newly minted naira notes to currency hawkers. This decision comes as part of the CBN’s ongoing efforts to curb the illegal flow of mint naira notes into the hands of unauthorized traders. In a circular issued on Friday, signed by Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department, the central bank expressed concern over the growing prevalence of mint naira notes being sold by hawkers, which disrupts the proper distribution of cash to…

Saturday, 14 December 2024 04:52

FAAC: FG, states, LG share N1.72trn for Nov 2024

The Federation Account Allocation Committee (FAAC) distributed a substantial N1.72 trillion among Nigeria's three tiers of government in November 2024, marking a significant increase of N310 billion from October's allocation. Key Highlights of the November Allocation Overall Financial Breakdown - Total gross allocation: N3.14 trillion - Distributable amount: N1.72 trillion Distribution by Tier - Federal Government: N581.85 billion - State Governments: N549.79 billion - Local Governments: N402.55 billion Notable Financial Components - Oil-producing states received N193.29 billion (13% derivation) - Cost of collection: N103.3 billion - Transfers, intervention, and refunds: N1.31 trillion Revenue Streams Gross Statutory Revenue - November 2024:…

Friday, 13 December 2024 04:57

Nigeria moves closer to state policing as all 36 states back proposal

All 36 Nigerian states have now agreed to the creation of state police, according to Governor Uba Sani of Kaduna, who announced this after the 146th National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima. The decision comes amid escalating security challenges across Nigeria, including insurgency, banditry, and separatist violence in various regions. Governor Sani highlighted the critical need for state police, noting that current national security agencies lack sufficient personnel to cover the entire country. "Knowing fully well that we have a lot of ungoverned space in Nigeria, and also that we have a deficit in…

Friday, 13 December 2024 04:54

Pension Fund assets surge to N21.92trn as PenCom reveals strategies to combat economic challenges

The National Pension Commission (PenCom) has reported a significant growth in Nigeria's pension fund assets, reaching N21.92 trillion as of October 2024, with 10.53 million registered contributors, PenCom Director General Omolola Oloworaran announced on Thursday. Key Highlights: - Pension fund assets increased by N1.113 trillion from July's N20.79 trillion - Total registered contributors reached 10.53 million - Ongoing efforts to protect fund value amid economic challenges Economic Challenges and Strategic Responses: Oloworaran acknowledged the complex economic landscape, including high inflation, naira devaluation, and monetary policy impacts that have eroded the real value of pension funds. In response, PenCom has initiated…

Thursday, 12 December 2024 04:58

Corruption in Nigeria still not being fought in fundamental ways, World Bank, others say

The World Bank has highlighted Nigeria's ongoing struggle with institutional corruption, emphasizing the critical need for comprehensive reforms to drive sustainable national development. During a recent policy dialogue hosted by Agora Policy and MacArthur Foundation, key stakeholders delivered a stark assessment of corruption's devastating impact on Nigeria's potential. World Bank Country Director Ndiamé Diop underscored the systemic challenges, particularly in fiscal transparency and data management. "Our current data systems are riddled with manual processes that create opportunities for leakage," Diop explained. "Genuine transparency requires accurate, reliable data – something Nigeria has yet to consistently achieve." MacArthur Foundation's Africa Director Kole…

Thursday, 12 December 2024 04:57

National power grid collapses again, 12th incident in 2024

Nigerians were once again plunged into darkness on Wednesday, December 11, 2024, as the country’s power grid collapsed for the 12th time this year. The latest outage occurred around 1:33 p.m. due to a system disturbance that led to a total loss of power supply across multiple states. This incident comes just a month after the national grid experienced a similar breakdown in November. According to reports from electricity distribution companies, the collapse was caused by a failure in the transmission lines, often attributed to issues such as over or under-frequency in the system. As of 2 p.m. on Wednesday,…

Thursday, 12 December 2024 04:56

US Embassy introduces two-step visa process for Nigerian applicants

The United States Embassy in Nigeria has announced a significant overhaul of its immigrant visa application procedure, requiring Nigerian applicants to complete two mandatory in-person visits to the Lagos Consulate General starting January 1, 2025. Under the new directive, applicants will now navigate a more structured visa application process designed to streamline documentation and reduce processing delays. The embassy outlined two critical stages for immigrant visa candidates: First Visit: In-Person Document Review Applicants must first undergo a comprehensive document verification with a consular staff member. This initial screening allows candidates to identify and retrieve any missing documentation before their formal…

Wednesday, 11 December 2024 04:53

Rights Commission receives over 2m human rights complaints yearly - Official

The National Human Rights Commission (NHRC) has revealed that it receives more than two million complaints annually regarding human rights violations across Nigeria. NHRC Executive Secretary, Anthony Ojukwu, shared the information on Tuesday in Abuja during an awareness walk held to mark International Human Rights Day, observed every December 10. The walk, themed “Equality: Reducing Inequalities and Advancing Human Rights”, was organized by the NHRC in partnership with the Rule of Law and Anti-Corruption (RoLAC), the European Union, and the International Institute for Democracy and Electoral Assistance (International IDEA). Participants in the walk carried placards with messages such as “Stand…

Wednesday, 11 December 2024 04:51

Magistrate court remands Farotimi for another 10 days despite earlier bail by a higher court

A Chief Magistrate’s Court in Ado Ekiti, Ekiti State, has adjourned until December 20 the ruling on the bail application of lawyer and activist Dele Farotimi, who is facing charges of criminal defamation brought by prominent Nigerian lawyer Afe Babalola. Babalola is the founder of Afe Babalola University, Ado Ekiti. Farotimi was remanded in Ado Ekiti’s correctional facility last Wednesday, following his arraignment on 16 counts of criminal defamation. The court adjourned until Tuesday for the hearing of his bail application. During the previous proceedings, Farotimi pleaded not guilty to all charges. His legal team made an oral application for…

Tuesday, 10 December 2024 04:41

UK granted 300,000 visas to Nigerians in 2 years, High Commissioner reveals

British High Commissioner to Nigeria, Richard Montgomery, has highlighted the United Kingdom's significant visa engagement with Nigeria, revealing that approximately 300,000 new visas were granted to Nigerian nationals in the past two years. Speaking on Channels TV's Sunrise Daily, Montgomery challenged perceptions of harsh immigration policies, emphasizing that Nigeria has been a major beneficiary of post-Brexit migration rules. He noted that Nigerians have been particularly instrumental in critical sectors such as social care. The diplomat pointed out that Nigeria represents about 10% of the UK's total visa grants during this period. His statements follow the recent opening of a new…

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Tuesday, 10 December 2024 04:39

Dele Farotimi granted bail in defamation case

Lawyer and human rights activist Dele Farotimi was granted a N50 million bail by the Federal High Court in Ado-Ekiti, Ekiti State, on Monday following his arraignment on cybercrime charges related to alleged defamation of senior lawyer Afe Babalola. The case stems from Farotimi's recently published book, 'Nigeria and Its Criminal Justice System,' in which Babalola claims the activist accused him of corrupting the Supreme Court. Babalola filed a petition dated November 19, 2024, to the Ekiti State Police Commissioner, leading to Farotimi's arrest. Initially arraigned on 16 counts of criminal defamation before a magistrate's court, Farotimi was remanded in…

Monday, 09 December 2024 04:39

Syrian rebel takeover, ousting of brutal dictator signal monumental turning point

A group of rebels has overthrown longtime Syrian dictator Bashar Assad, signaling a monumental turning point in the nearly 14-year civil war. The takeover, which forced Assad to flee the country, could prompt "remarkable" ripple effects in the Middle East that rival what followed the fall of the Berlin Wall, according to one GOP lawmaker. "This is so significant. The fall of the Assad dictatorship. The ripple effect of this is just going to be remarkable," Rep. Joe Wilson, R-S.C., said on "Fox Report" Sunday. "It's truly equivalent to the Berlin Wall, which led to a ripple effect of dozens…

Sunday, 08 December 2024 04:34

Nigerians still unable to get cash as banks ignore CBN’s sanction threat - Report

Days after the Central Bank of Nigeria ordered Deposit Money Banks to guard against artificial cash scarcity in the country, findings by Sunday PUNCH revealed that the trend still persists in some parts of the country. In a circular dated November 29, jointly signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), the CBN outlined measures aimed at improving cash availability. According to the circular, the CBN directed banks to ensure efficient cash disbursement through both Automated Teller Machines and over-the-counter channels, warning of penalties for non-compliance. The apex bank also urged customers experiencing challenges to…

Sunday, 08 December 2024 04:33

Activists defy Police, plan nationwide, London protests for Dele Farotimi's release

Human rights activists are preparing for a coordinated protest on Tuesday, December 10, demanding the release of Dele Farotimi, despite police attempts to prohibit the demonstration. The planned protests will span multiple locations, including Ekiti, Lagos, Abuja, and London. Farotimi was arrested following a defamation petition filed by Afe Babalola after publishing allegations of judicial corruption in his book, 'Nigeria and its Criminal Justice System'. The Nigerian Bar Association has argued that the arrest is questionable, pointing out that criminal defamation has been decriminalised under Lagos State law and previously invalidated by a Supreme Court ruling. Omoyele Sowore, the 2023…

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