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February 29, 2024 Tinubu’s CBN Board Nominee, Kalu Eke, Rejects Appointment

Tinubu’s CBN Board Nominee, Kalu Eke, Rejects Appointment

Kalu Eke, one of the five nominees selected by President Bola Ahmed Tinubu for the Central Bank of Nigeria (CBN) Board of Directors, has declined the appointment. Tinubu had initially submitted Eke's name, along with four others, to the Senate for confirmation.

However, during the screening exercise conducted by the Senate Committee on Banking, Insurance, and Other Financial Institutions, Eke was notably absent. Senator Mikhail Abiru, representing Lagos East Senatorial District, informed the Senate that Eke failed to appear for screening, rendering the committee unable to recommend him for confirmation.

Senator Orji Kalu, representing the nominee's constituency, disclosed that Eke had contacted him to express concerns about potential conflicts of interest due to his ongoing engagements with various public and private entities, both locally and internationally. Consequently, Eke felt it would be conflicting to accept the appointment to the CBN board while engaged in his current endeavors.

Senator Kalu further informed the Senate that Eke had already notified the Governor of the Central Bank of Nigeria about his decision to decline the nomination.

Following these developments, the Senate proceeded to confirm the appointments of the remaining five nominees for the CBN Board.

February 29, 2024 Binance Will Destroy Nigeria’s Economy If Not Stopped –Bayo Onanuga

Binance Will Destroy Nigeria’s Economy If Not Stopped –Bayo Onanuga

In a recent statement, Bayo Onanuga, the Presidential spokesman, voiced concerns about the potential negative impact of cryptocurrency trading platform Binance on the Nigerian economy. Onanuga warned that, if left unchecked, Binance could severely damage the country's economic stability by arbitrarily manipulating foreign exchange rates.

During a televised program, Onanuga expressed his dissatisfaction, stating, "If we don't take action against Binance, it could spell disaster for our economy. They have been known to manipulate exchange rates at their whim." He further highlighted the government's decision to intervene, citing the need to thwart the detrimental effects of such actions on the economy.

Onanuga emphasized the presence of individuals using online platforms to exert influence over exchange rates, effectively undermining the authority of the Central Bank of Nigeria (CBN). He described these activities as acts of sabotage and underscored the government's commitment to preventing such occurrences in the future.

February 28, 2024 Tinubu Launches Expatriate Employment Levy

Tinubu Launches Expatriate Employment Levy

President Bola Tinubu has launched the Expatriate Employment Levy (EEL) to bolster home-grown skill retention and technology domestication and to balance employment opportunities between Nigerians and expatriates.

The President stated this at the launch of the Expatriate Employment Levy handbook at the Council Chamber of the Presidential Villa, Abuja.

He, however, warned that the scheme should not be used as an impediment nor as a stick to deter foreign investors.

According to President Tinubu, the EEL will close wage gaps between expatriates and the Nigerian labor force while increasing employment opportunities for qualified Nigerians in foreign companies operating in the country.

The Minister of Interior, Bunmi Tunji-Ojo, later explained the workability of the project.

Also, Senator Adams Oshiomole, who was present during the launch, said the initiative promises a good deal for Nigerians in skill acquisition and retention.

February 28, 2024 FG Has Fulfilled 90% Of Agreement With Labour — Minister

FG Has Fulfilled 90% Of Agreement With Labour — Minister

The Minister of Labour, Nkiruka Onyejeocha, has reported significant progress in fulfilling the agreements made with organized labor last October, stating that the Federal Government has achieved approximately 90 percent of these commitments.

Regarding the provision of high-capacity CNG buses for mass transit in Nigeria, the Minister confirmed that funds have been disbursed for this purpose. However, she emphasized that the availability of these buses takes time due to their assembly process.

Among the agreements reached with Labour, the Minister highlighted the implementation of a wage award of 35,000 naira for workers, the establishment of a minimum wage committee, and the temporary suspension of value-added tax (VAT) collection on diesel for six months.

During a monitored program, the labor minister urged Nigerians to exhibit understanding and patience, noting that the government has made significant strides in fulfilling its commitments to Labour.

Furthermore, she underscored the administration's priorities under President Bola Tinubu, emphasizing food security and economic prosperity as key areas of focus.

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