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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.

February 1, 2024 Senate Summons CBN Chief Cardoso Over Naira Free Fall

Senate Summons CBN Chief Cardoso Over Naira Free Fall

The Senate Committee on Banking, Insurance, and Other Financial Institutions has summoned the Central Bank of Nigeria Governor, Olayemi Cardoso, to appear before the Committee next Tuesday, the 6th of February.

The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market, with the official window reporting that the naira fell to an all-time low of 1,520 naira to a dollar yesterday.

The Senate said it is seeking solutions from the apex bank governor to stabilise the currency and restore economic confidence.

Meanwhile, the CBN said it has fulfilled its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country.

In a statement, CBN said it concluded the payment of all verified claims by airlines with an additional 64.44 million dollars to the concerned airlines.

Earlier, the CBN also said it further released 500 million dollars to various sectors to address the backlog of verified foreign exchange transactions.

February 1, 2024 No Going Back On FAAN Relocation To Lagos, N500m Will Be Saved Annually — Keyamo

No Going Back On FAAN Relocation To Lagos, N500m Will Be Saved Annually — Keyamo

The Minister of Aviation and Aerospace Development, Festus Keyamo, has firmly asserted that the decision to relocate the Federal Airports Authority of Nigeria (FAAN) headquarters from Abuja to Lagos is irreversible.

Keyamo made this declaration during a monitored program on Wednesday, stating, "We are going ahead. The directive has been given."

Despite opposition from figures like Senator Ali Ndume from Borno South and various northern groups, including the Arewa Consultative Forum (ACF) and the Northern Elders Forum (NEF), who perceive the move as an attempt to marginalise the northern region, Keyamo emphasised the necessity of the relocation.

Keyamo, a senior advocate for Nigeria, explained that the decision aligns with current economic and operational realities. He highlighted that shifting the FAAN headquarters to Lagos would annually save the government and the Nigerian people half a billion naira, which is currently spent on air tickets for officials commuting between Lagos and Abuja.

Addressing concerns about President Bola Tinubu's awareness of the decision, Keyamo asserted that the decision falls under the minister's purview. He clarified that only the headquarters of one of the seven aviation agencies in the country is being moved, emphasising that the decision-makers, not the majority of workers, determine the location of the headquarters.

READ ASLO: FAAN Relocates Headquarters From Abuja Back To Lagos

Keyamo shed light on the lack of adequate provisions when his predecessor, Hadi Sirika, relocated all aviation agency headquarters from Lagos to Abuja in 2020. He pointed out that the move resulted in challenges for principal officers, such as directors and their support staff.

The minister underscored the digitalization gap within FAAN and highlighted the financial burden of officials shuttling between Lagos and Abuja. He revealed that in a year, FAAN spends nearly half a billion naira on flight tickets alone for officials travelling for routine tasks like getting a file signed.

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