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February 2, 2024 CBN Lacks The Power To Receive NNPCL Crude Sales – Atiku

CBN Lacks The Power To Receive NNPCL Crude Sales – Atiku

Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s directive to allow the Central Bank of Nigeria (CBN) to control crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited (NNPCL).

He noted that the CBN lacks the sole responsibility to adhere to the directive.

President Tinubu had, on Monday, directed the CBN to assume responsibility for crude oil sales from NNPCL.

However, in a statement signed by Atiku, he described the directive as “illegal,” adding that it undermines the operational independence of the NNPCL.

Atiku suggested that the apex bank collaborate with the Nigeria Extractive Industry Transparency Initiative (NEITI) to reflect transparency and accountability.

Late last month, the former VP asked President Tinubu to account for the NNPCL’s 3.3 billion dollar emergency crude repayment loan, which the corporation secured on August 16, 2023.

February 1, 2024 EFCC Uncovers Religious Sect Laundering Money For Terrorists — Chairman

EFCC Uncovers Religious Sect Laundering Money For Terrorists — Chairman

Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has disclosed that the anti-graft agency has uncovered instances of money laundering by a religious sect in Nigeria, allegedly funding terrorists.

Another religious organization was also identified as harbouring a money launderer, as funds suspected of being laundered were traced to the organization's bank account.

Speaking at the Musa Yar’Adua Centre in Abuja during a one-day dialogue on "Youth, Religion, and the Fight against Corruption," Olukoyede emphasized that various religious entities, including organizations, institutions, sects, and bodies, have been implicated in money laundering activities.

During the event, the President of the Christian Association of Nigeria, Daniel Okoh, and the Sultan of Sokoto, Saad Abubakar, stressed the importance of religious bodies maintaining integrity in their dealings. Okoh was the first to address the audience.

February 1, 2024 Rivers Crisis: More Troubles For Fubara As Court Orders Arrest Of His Top Aide

Rivers Crisis: More Troubles For Fubara As Court Orders Arrest Of His Top Aide

A Federal High Court in Abuja ordered the arrest of the chief of staff to Governor Siminalayi Fubara of Rivers State, Edison Ehie, less than two days after he was sworn into office.

Justice Emeka Nwite gave the order following an ex-parte application brought by the Inspector-General of Police.

Ehie was accused of being involved in the October 29, 2023, arson at the Rivers House of Assembly complex, Port Harcourt, which occurred during an attempt by some lawmakers to initiate an impeachment proceeding against Governor Fubara.

The court also issued a warrant of arrest against five others, including one Chibuike Peter, also known as Rambo, over the same accusation.

However, a State High Court in Port Harcourt granted an application filed by Ehie against his arrest by the police.

The application asked the court to restrain the police and other security agencies from arresting, detaining, and harassing him over his alleged involvement in the burning of the river’s assembly complex.

The judge, Sika Aprioku, granted the application before adjourning the matter to February 6 for a hearing.

February 1, 2024 CBN Orders Banks To Sell Excess Dollars Immediately

CBN Orders Banks To Sell Excess Dollars Immediately

The Central Bank of Nigeria, CBN, has ordered deposit money banks to sell their excess dollar stock today.

In a circular released yesterday, the CBN imposed limits on how much banks can hold in foreign currencies, lamenting the growth of forex exposures on their balance sheets following the naira’s tumble against the US dollar.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.

The latest circular came barely 48 hours after the CBN released a circular warning banks and FX dealers against reporting false exchange rates, among others.

The new circular also introduced a set of guidelines aimed at reducing the risks associated with these practices.

Regarding the current Naira crisis, economist Paul Alaje said efforts must be taken to address the dire situation.

Speaking in an interview this morning, Alaje said efforts need to be accelerated to control the hoarding of the naira.

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