CJN: NJC Sends Kekere-ekun’s Name To President Today

 

The National Judicial Council (NJC) will submit Justice Kudirat Kekere-Ekun's name to President Bola Tinubu today for approval as the next Chief Justice of Nigeria (CJN). This follows her recommendation by the NJC during its 106th meeting, presided over by outgoing CJN Justice Olukayode Ariwoola. NJC Director of Information Soji Oye confirmed that Justice Kekere-Ekun's name will be sent to the President for approval, as the next step after the meeting. With Justice Ariwoola's tenure ending on August 22, 2024, Justice Kekere-Ekun's approval will make her the second female CJN in Nigeria. Additionally, the NJC recommended 27 candidates for appointment as judges of state high courts and one Khadi, whose names will be forwarded to state governors and the President for approval. The recommended candidates include six for Kwara State High Court, one for Kaduna State, four for Benue State, eight for Rivers State, and six for Ondo State. All candidates will be sworn in after approval by the President and their respective state governors.

Chinese Firm Plotting To Strip Nigeria Of Assets, Embarrass Tinubu– Bayo Onanuga

 The Presidency is aware of attempts by Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, to seize Nigeria's offshore assets through deceit. Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Zhongshan misled the Paris Judicial Court into attaching Nigeria's presidential jets in its judgment against the Ogun government. He emphasized that the presidential jets are protected by diplomatic immunity and cannot be subject to foreign court orders. Onanuga noted that the Federal Government has no contractual obligation with Zhongshan and is working with the Ogun government to resolve the matter amicably. He criticized Zhongshan's tactics as "arm-twisting" and accused the company of trying to defraud Nigeria with the help of bureaucrats. Onanuga assured that the Federal Government will protect Nigeria's national assets from "predators and shylocks" masquerading as investors.

Seized Presidential Jets: Policemen Detained, Brutalised Our Top Officials- Firm

 

The management of Zhongshan Fucheng Industrial Investment Company Limited has alleged that its top officials were unlawfully detained and brutalized by the police during a contractual dispute with the Ogun State Government. The firm claims this led to the seizure of Nigerian assets overseas, including three presidential jets. The jets were seized by a French court due to the termination of a contractual agreement and the state government's failure to honor an arbitral tribunal's award of $74.5m in compensation. Zhongshan alleges that its personnel were physically harmed, threatened, and unlawfully detained by the police, leading to a loss of $1.078bn. The Ogun State Government and police have denied involvement, with the police stating it's "not a police issue." A former Nigerian ambassador has described the seizure as an avoidable diplomatic embarrassment, highlighting the need for careful examination of foreign contracts. One of the seized jets has been released for President Bola Tinubu's use, as a gesture of goodwill by Zhongshan.

Seized Aircraft: FG Working To Resolve Dispute With Chinese Firm - Minister

 Nigeria's Minister of Foreign Affairs, Yusuf Tuggar, has assured that the federal government is actively working to resolve a dispute with Chinese firm Zhongshan Fucheng Industrial Investment. The dispute led to a French court ordering the seizure of three Nigerian presidential jets over a contract disagreement between the Chinese company and Ogun state government. The court allowed the firm to use Nigeria's jets as collateral for its claim of EUR 74,459,221. Additionally, a US appeal court ruled against Nigeria's claim of sovereign immunity in a commercial venture, paving the way for the enforcement of a $70 million award won by the Chinese company. Tuggar, speaking in Malabo, Equatorial Guinea, emphasized the importance of registering international agreements with the federal government to avoid such issues. He attributed the problem to Ogun state's failure to involve the federal government in the agreement, which was made under a previous administration. Tuggar assured that he and the Attorney-General are handling the situation and will provide updates.

Gunmen Abduct Over 20 Nigerian Medical, Dental Students In Benue

 

In a disturbing incident, over 20 medical and dental students, along with a House Officer, have been kidnapped by gunmen in Benue State while en route to the Federation of Catholic Medical and Dental Students (FECAMDS) annual convention in Enugu. The students, from the University of Maiduguri and University of Jos, were ambushed around 5:30 p.m. in the Otukpo area. Benue State Police Command spokesperson, SP Catherine Anene, confirmed the incident and stated that an investigation is underway. The abduction has raised concerns about the safety of students and the need for increased security measures to prevent such incidents.

The identities of the 20 medical and dental students, as well as a House Officer, kidnapped by gunmen in Benue State, have been revealed. The list of names was shared by Twitter user SportsDokita (Odogwu) @Sports_Doctor2. The students, from the University of Maiduguri and University of Jos, were on their way to the Federation of Catholic Medical and Dental Students (FECAMDS) annual convention in Enugu when they were ambushed in the Otukpo area. The Benue State police command has confirmed the incident and launched an investigation. The names of the kidnapped students are:

1. Boniface Tizhe

2. Thomas Yahaya

3. Gabriel Jita Iwev

4. Boniface Okon

5. Dondo Fabian

6. John Bitrus Naga

7. Fortune Chima Umeh

8. Godwin Gregory Tumba

9. Monica Ejembi

10. Ogbonna George Chukwuebuka

11. Paul Nyampa Zira

12. Lawrence Victory Adaugo

13. Okopi Peter

14. Enger Benedicta

15. Kwaghaondo Aondona Kingsley

16. Paul Shantong

17. Victoria Cornelius

18. Pius Samson

19. Okan Adara

20. Dr. Luis Mmbamonyeukwu

The incident has raised concerns about the safety of students in the region.

Chinese Company, Zhongshan Releases One Of Confiscated Presidential Jets For Tinubu’s Trip To France In ‘Gesture Of Goodwill’

 

Zhongshan Fucheng Industrial Investment Co. Limited has released one of the three detained Nigerian presidential aircraft in France, citing goodwill ahead of President Bola Tinubu's meeting with French President Emmanuel Macron. The company announced this on Friday, stating it acted to facilitate the diplomatic engagement. Zhongshan Fucheng emphasized its reasonable and fair approach in the legal dispute with Nigeria, which it did not initiate. The released Airbus A330 was seized due to a French court order obtained by Zhongshan, but the company lifted the seizure to enable President Tinubu's trip. However, Zhongshan remains open to discussions with the Nigerian government for a swift and reasonable resolution. The Federal Government had initiated legal actions to contest the seizure of the three aircraft, which were undergoing maintenance when temporarily seized following ex parte orders obtained by Zhongshan to enforce an arbitral award against Ogun State.

Presidential Jets Have Immunity – Justice Minister, Fagbemi

 

Attorney General Lateef Fagbemi has declared that presidential aircraft are sovereign assets used solely for sovereign purposes, making them immune from attachment. This statement follows the seizure of three presidential aircraft in France by the Judicial Court of Paris. Fagbemi emphasized that the federal government is pursuing diplomatic and legal means to address the issue. The Office of the National Security Adviser and the Attorney General are working together to discharge the orders against the aircraft, protected by sovereign immunity. Fagbemi stated that the government is taking further actions to resolve the dispute through legal means, reiterating that the aircraft are sovereign assets immune from attachment. This statement responds to the seizure due to an alleged debt owed by the Nigerian government, clarifying that the orders were obtained by Zhongshan Industrial Investment Company Limited to enforce an arbitral award against the Ogun State government.

US Court Affirms Chinese Firm’s $70m Arbitration Award Against Nigeria

 

A US appeals court has upheld a $70 million arbitration award against Nigeria in favor of Chinese firm Zhongshan Fucheng Industrial Investment Co. Ltd. The court ruled that the award is enforceable under the New York Convention, despite Nigeria's claims of sovereign immunity.

The dispute began in 2010 when Zhongshan acquired rights to develop a free trade zone in Ogun state through its Nigerian entity, Zhongfu International Investment. However, the project was terminated in 2016, leading Zhongfu to initiate investment treaty arbitration against Nigeria under the China-Nigeria BIT.

The arbitrators ruled that Nigeria breached its obligations under the treaty and awarded Zhongshan $70 million in compensation. Nigeria attempted to appeal the award but was denied by a UK high court judge, who said the country had abused the time frame for appealing arbitral awards.

The US appeals court majority judgment held that the final award is enforceable under the New York Convention, as the dispute involves "persons" with a legal commercial relationship. The court ruled that Nigeria's sovereign immunity was stripped under the Foreign Sovereign Immunities Act (FSIA) arbitration exception.

This ruling comes after a Paris court in France ordered the seizure of three Nigerian government jets over the dispute, and a UK court of appeal ruled that Nigeria is liable for the $70 million arbitration award. Nigeria has accused the Chinese firm of attempting to use deceptive means to acquire its offshore assets.

10 Things To Know About Justice Kudirat Kekere-Ekun, NJC's Recommended CJN

Justice Kudirat Kekere-Ekun is poised to make history as Nigeria's second female Chief Justice, following Justice Mariam Aloma Mukhtar's footsteps. With a distinguished legal career spanning decades, she brings vast experience and a commitment to justice. Here are 10 key facts about Justice Kekere-Ekun:

1. Education: She holds an LL.B. from the University of Lagos and an LL.M. from the London School of Economics.

2. Early Career: She began as a legal officer at the Lagos State Ministry of Justice and later served as a Senior and Chief Magistrate.

3. High Court: Appointed as a Lagos State High Court judge in 1996, she gained a reputation for fairness and legal acumen.

4. Court of Appeal: Elevated to the Court of Appeal in 2004, she served in various divisions before her Supreme Court promotion.

5. Supreme Court: Appointed a Justice of the Supreme Court in 2013, she became one of the few women to serve on the highest court.

6. Landmark Judgments: She has delivered significant judgments, particularly in election-related cases, impacting Nigeria's legal and political landscape.

7. Reputation: Known for intellectual rigor, commitment to justice, and impartiality, earning respect within the legal community.

8. Historic Appointment: If confirmed, she will become the second female Chief Justice, following Justice Aloma Mariam Mukhtar.

9. Memberships: She is a member of the Nigerian Bar Association and the International Federation of Women Lawyers.

10. Family Background: Her father, Justice Bolarinwa Babalakin, was a respected Supreme Court Justice, coming from a prominent legal family.

EFCC Twitter Account vanishes amid cyber warfare threats

 

The official Twitter account of Nigeria's Economic and Financial Crimes Commission (EFCC) has mysteriously vanished, leaving its 2.2 million followers bewildered. As of Wednesday, the @officialEFCC handle displayed a "This account doesn't exist" message. EFCC's chief spokesman, Dele Oyewale, confirmed the issue, attributing it to a network problem, and stated that the agency's ICT department has been working to restore the account for three days. The disappearance of the account follows threats of cyber warfare from suspected internet fraudsters, who have accused the EFCC of extortion and rights violations. The EFCC has recently intensified its crackdown on online fraud, but its tactics have been criticized by human rights advocates. It is unclear whether the account's disappearance was due to cyber threats or a violation of Twitter's policies. The EFCC's website and other social media accounts remain unaffected as of Thursday morning. #efccnigeria  #highlightseveryonefollowers

President Tinubu Signs 300% Pay Raise For Judicial Officers.

 

President Bola Tinubu has signed the Judicial Office Holders Salaries and Allowances Bill into law, according to Senator Basheer Lado. The new law implements a 300% salary increase for judicial officers, a major development in the country's judicial sector. The bill was approved by the National Assembly in June after considering the President's executive bill aimed at improving salaries, allowances, and benefits for judicial officers and workers. The law introduces revised salaries, allowances, and benefits, and revises the Certain Political, Public, and Judicial Office Holders Act. Senator Lado hailed the signing as a groundbreaking accomplishment, underscoring President Tinubu's dedication to enhancing workers' welfare. The new annual salaries for top judicial officials are: Chief Justice of Nigeria (N64 million), President of the Court of Appeal (N62.4 million), Supreme Court Justices (N61.4 million each), and Chief Judges of Federal High Court, FCT High Court, and National Industrial Court (N7.9 million each).

Emotional Farewell: Female Students Break Down in Tears as Beloved Male Corps Member Announces Departure (Video)

heart-wrenching scene unfolded at a school as a popular male corps member announced the completion of his service and bid farewell to the students. The female students, who had grown fond of him, were overcome with emotion and cried profusely as they said their goodbyes.

The corps member's departure marked the end of an era, and the students were visibly distraught as they struggled to come to terms with his leaving. The video captures the poignant moment, showcasing the strong bond between the students and their beloved corps member."

Keep working hard

*Stories 1-3:*

1. Nokia's refusal to adopt Android led to their downfall.

2. Yahoo's rejection of Google's acquisition offer proved costly.

3. Kodak's resistance to digital cameras made them obsolete.

*Lessons:*

1. Take calculated risks and embrace new opportunities.

2. Adapt to changing times to stay relevant.

3. Failure to innovate and evolve can lead to obsolescence.

*Stories 4-5:*

1. Facebook's strategic acquisitions of WhatsApp and Instagram solidified their dominance.

2. Grab's acquisition of Uber in Southeast Asia demonstrated their market power.

*Lessons:*

1. Strategic partnerships and acquisitions can strengthen your position.

2. Continuous innovation and adaptation are key to maintaining market leadership.

*Stories 6-7:*

1. Colonel Sanders founded KFC at 65, proving age is not a barrier to success.

2. Jack Ma, who was rejected by KFC, went on to found Alibaba and retire at 55.

*Lessons:*

1. Age is not a limiting factor in achieving success.

2. Perseverance and determination are essential for achieving goals.

*Final Story:*

The founder of Lamborghini started the company as a response to Enzo Ferrari's insult, showcasing the power of determination and innovation born from adversity.

*Final Lesson:*

Never underestimate anyone, and always keep working hard, investing your time wisely, and embracing failure as a stepping stone to success. Be original and stay true to yourself.

Alleged Money Laundering: Witness Reveals How N35bn Was Found in Mompha’s Accounts

 

A witness, Idi Musa, an investigator with the Economic and Financial Crimes Commission (EFCC), testified in the trial of Ismaila Mustapha (Mompha) and his company, Ismalob Global Investment Limited, on Monday, July 1, 2024. Musa revealed that the EFCC found N35 billion in two bank accounts linked to Mompha, who is accused of conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct, and other charges. The witness explained that the EFCC received intelligence from the FBI in 2019 that Mompha was involved in cybercrime and that further investigation revealed a heavy flow of funds through his accounts. Mompha had claimed to be a Bureau De Change operator, but the investigation found no evidence to support this claim. The witness also testified that Mompha was arrested in 2019 after attempting to flee the country and that his iPhone and other properties were recovered and are being held as evidence. The trial was adjourned until October 8, 2024.

Wike To Kingibe: I Am The FCT Minister Now, You Will Not Return 2 Senate In 2027

 FCT Minister, Ezenwo Nyesom Wike, criticized Senator Ireti Heebah Kingibe on Monday, stating that she would lose public support in the next election. Speaking at the Mabushi Bus Terminal flag-off in Abuja, Wike expressed disappointment that Kingibe, instead of collaborating with the FCT Administration, was angry about the praise the President Bola Tinubu administration has received. He challenged Kingibe to list her achievements and bills sponsored to improve education and healthcare, accusing her of doing nothing despite being a legislator. Wike warned Kingibe that she would face defeat in the 2027 election, stating that the FCT is his territory and he is not afraid. He concluded that Kingibe's anger stems from the praise his administration has received, which will only increase in the future.

Verydark man was not arrested -Police

 "The police command has issued a statement clarifying that VDM was not arrested, but rather invited for questioning regarding allegations of cyberstalking, cyberbullying, and defamation of character. He cooperated fully and provided a voluntary statement regarding the allegations. Following his cooperation, he was released. The police command wishes to emphasize that VDM was not detained or arrested, but rather assisted with the investigation as a witness.

Hisbah Seizes 142 Cartons Of Alcohol In Katsina

 

The Katsina State Hisbah Board has confiscated 142 cartons of alcohol destined for Daura Local Government Area, as part of its efforts to promote moral behavior and curb indecency. The seizure was made during a patrol operation on Monday, and the vehicle carrying the alcohol was intercepted along the state's ring road. The board's commander, Dr. Aminu Usman, urged parents, teachers, and community leaders to join forces in instilling discipline and good morals among youths. Two women were also arraigned before a Sharia Court for loitering and immoral conduct, despite previous warnings and counseling. They pleaded guilty and were remanded in custody for further trial. The Hisbah Board is committed to restoring values in the community and promoting a moral society.

Verydarkman arrested again

 "VDM Arrested Again

ur client, @thatverydarkman (VDM), has been taken into custody by the police upon the orders of CP Igwe. Ironically, VDM was arrested for exposing an alleged fraudster who reportedly scammed a Nigerian citizen living abroad. Instead of apprehending the accused scammer, the police have charged VDM with defamation. We will keep you updated on developments in this case. #JusticeForVDM". Verydarkblackman  #verydarkman

How I met, fell in love with Paul O – Iyabo Ojo

 

Weeks after announcing that she was ready to give marriage a second shot, Iyabo Ojo turned 45 and confirmed their relationship in December, but didn't share intimate details.

Yoruba actress Iyabo Ojo has revealed her romance with talent manager Paul Okoye (Paul O). Paul O, 57, manages celebrities like Kizz Daniel and Tekno. Iyabo, 45, announced her readiness to remarry and confirmed her relationship with Paul O, sharing their love story with Toke Makinwa. Iyabo was married at 21 and divorced in 2001, attributing the breakup to her young age. She focused on her career, producing over 14 movies. Paul O slid into her DM, persisting despite her initial resistance due to his industry ties. They began talking, and their connection grew. Iyabo investigated Paul O's marital status, discovering he was a single father of two. They started as friends, sharing hours of phone calls and eventually meeting. Paul O won her heart, and they became lovers, earning the title "Obim". They share similar relationship values and have received admiration from fans.

FG To Arrest Skit Makers Who Release Content Online Without Approval

 

The Federal Government, through the National Film and Video Censors Board (NFVCB), has announced plans to arrest and prosecute skit makers and content creators who release online content without approval. The NFVCB has warned that distributing or exhibiting any film or video content without its classification is illegal and violates Nigeria's censorship laws.

Specifically, the board has targeted same-sex content, which is illegal in Nigeria according to the 2014 Same-Sex Marriage (Prohibition) Act. The NFVCB has collaborated with security agencies to identify and take legal action against those violating these regulations.

The board's chairman, Shaibu Husseini, stated that the agency will no longer tolerate the flouting of Nigeria's censorship laws and has vowed to arrest and prosecute offenders. The move has sparked debate in the creative industry, with some skit makers and content creators expressing concern over censorship and freedom of expression.

Appeal Court Upholds Nollywood Actor Baba Ijesha’s Five-Year Jail Term

 The Lagos Court of Appeal has upheld the conviction of Nollywood actor Olanrewaju James, also known as Baba Ijesha, for the sexual assault of a 14-year-old minor. The court confirmed a five-year prison sentence for Baba Ijesha on two counts of indecent touching and sexual assault. The judgment was delivered by Justice Folashade Ojo, with Justices Abdullahi Bayero and Paul Bassi concurring.

The court found that the testimony of the prosecution's witness, Damilola Adekoya, was reliable and credible, and that Baba Ijesha's confessional statements admitted as evidence were sufficient to prove the commission of the crime. The court also held that the victim's body language and oral testimony supported the charges, and that Baba Ijesha's actions constituted sexual assault.

The appeal court set aside Baba Ijesha's conviction for indecent treatment and sexual assault but affirmed his conviction and sentence to 5 years imprisonment for indecent treatment of a child and sexual assault. The sentences are to run concurrently.

Baba Ijesha was prosecuted by the Lagos State Government on a six-count charge, including indecent treatment of a child, sexual assault, attempted sexual assault by penetration, and sexual assault by penetration.

Odunlade Adekola' Movie 'Lakatabu' trailer

 

                                                       LAKATABU "Official trailer"

Odunlade Adekola, a prominent Nollywood actor and filmmaker, has unveiled the trailer for his upcoming Yoruba language film, Lakatabu, scheduled for release on June 21, 2024. The movie features a talented ensemble cast, including Adebayo Salami, Adedimeji Adetola Lateef, Akin Lewis, and Adekola himself, who plays the lead role of Lakatabu, a ruthless armed robber with mystical backing .Adebayo Salami, Adedimeji Adetola Lateef, and Akin Lewis feature in the Yoruba film, Lakatabu.   _“When a man begins to use his powers for criminal activities, threatening the lives of citizens with his power and connections. He is Lakatabu the fierce one,” Adekola stated on Instagram on Sunday, June 9, 2024._ 

The trailer reveals Lakatabu's reign of terror, marked by kidnappings, murders, and fear, until he faces unexpected threats from rivals, triggering a dramatic shift in the story. The film delves into Lakatabu's challenges, the fear he inspires, and the consequences of his powers.

Adekola not only stars in the film but also directed it, in collaboration with Odunlade Adekola Film Productions and FilmOne Studios. The movie boasts a diverse cast, including Samuel A. Perry (Brodashaggi), Eniola Ajao, Aderinoye Babatunde, Yomi Fash-Lanso, Mr Latin, Bolanle Ninalowo, and Adunni Ade.

Adekola's journey in the film industry began with his breakout role in the 2003 Nollywood film, Ishola Durojaye. He has since become a prominent figure in Yoruba cinema, known for his captivating acting and skilled direction. Adekola's dedication to his craft has earned him two Africa Magic Viewer's Choice Award (AMVCA) wins for his outstanding performances in A Million Baby (2018) and Jankariwo (2022).

Abuja night club attacked by Robbers DJ killed

 

"A club in Gwarimpa, Abuja was attacked by gunmen in the early hours of the morning, resulting in the death of a DJ, DJ Bash. Despite a nearby police station, the authorities were not alerted promptly. However, an investigation has begun, and the police are urging residents to remain vigilant and report any suspicious activity immediately. The FCT Police Public Relations Officer, SP Josephine Adeh, has activated the distress and emergency numbers: 0803 200 3913 and 0806 158 1938. Meanwhile, eyewitnesses report that Volcano Peak Hotel on 4th Avenue Gwarinpa was also robbed last night, with the perpetrators shooting and killing someone. Some guests were able to track a stolen phone, but the police response has been slow. The public is calling on @PoliceNG and @BenHundeyin to intervene and ensure a swift and effective investigation."

National assembly proposes bill to sanction states not complying with new minimum wage

 The National Assembly is reportedly working on legislation to enforce sanctions on states that fail to comply with the new minimum wage set by the federal government. Senator Yemi Adaramodu, Chairman of the Senate Committee on Media and Publicity, announced that the assembly aims to create a "watertight" bill that will ensure compliance from all states, sub-national entities, and private sectors. Adaramodu emphasized that the legislation will be comprehensive and carry consequences for non-compliance.

When asked about the timeline for passing the minimum wage bill, Adaramodu stated that it could be done within 30 minutes if necessary, pending consensus between the federal government and organized labor. He expressed confidence that an agreement will be reached, and the bill will receive swift passage once it is presented to the National Assembly.

The senator emphasized that the legislation is crucial for the benefit of Nigerian workers and will be treated with urgency. He also highlighted that the National Assembly will engage with various stakeholders, including legislators, organized labor, and the private sector, to ensure a collaborative approach to creating an effective minimum wage law.

Doctor Warns Nigerians Against Eating Rotten Tomatoes, Pepper

 "A Nigerian medical doctor, identified as Wales, has issued a warning to citizens to avoid consuming rotten tomatoes and peppers, commonly referred to as 'eesa' or 'baaje' tomatoes. In a viral social media clip, Dr. Wales emphasized that regularly eating spoiled tomatoes and peppers poses significant health risks, including the potential to develop cancer. This is due to the presence of harmful microorganisms like fungi, which produce toxic mycotoxins.

Displaying rotten tomatoes on a plate, Dr. Wales cautioned that economic hardship should not lead people to compromise their health by consuming "poison." He explained that fresh tomatoes are rich in essential nutrients like Vitamin C, potassium, and antioxidants, but rotten tomatoes are soft, broken, and contaminated with germs and eggs from flies. As they decay, fungi and other microorganisms invade, producing mycotoxins linked to cancer, immune deficiency, and kidney and liver damage.

Dr. Wales stressed that boiling or washing the rotten tomatoes would not remove the harmful mycotoxins, urging citizens to prioritize their health and avoid consuming spoiled produce, even if it seems like a more affordable option."

Naira crashes further against dollar ahead of Eid el-Kabir

 "The naira experienced a further decline in value against the US dollar on Friday, ahead of the Eid el-Kabir holidays. According to data from FMDQ, the naira exchanged at N1,482.72 per dollar on Friday, down from N1,476.24 on Thursday. This represents a depreciation of N6.48 compared to the previous day's rate. On the parallel market, the naira traded at N1,490 per dollar on Friday, unchanged from the previous day. This development follows a marginal depreciation of the naira against the dollar on Thursday, with a significant decrease in foreign exchange transaction turnover to $92.68 million. Overall, the naira appreciated twice and depreciated twice against the dollar during the review period."

Naira down to N1,500/$ in parallel market

 The Naira depreciated against the dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.

In the parallel market, the Naira fell to N1,500 per dollar, down from N1,485 per dollar on Tuesday.

In NAFEM, the indicative exchange rate rose to N1,476.24 per dollar, a N2.58 depreciation from Tuesday's rate of N1,473.66 per dollar.

The volume of dollars traded on the window decreased by 76% to $92.68 million, down from $385.91 million on Tuesday.

As a result, the margin between the parallel market and NAFEM rates widened to N23.76 per dollar, up from N11.34 per dollar on Tuesday.

BREAKING: Multichoice Group has an account balance of N31.6 billion with Heritage Bank

 Multichoice Group, the owner of DSTV, had a significant account balance of N31.6 billion with Heritage Bank before its liquidation on June 3, 2024. This balance was reduced from N33.7 billion due to cash remittances. The Nigeria Deposit Insurance Commission (NDIC) has announced a public bidding process for the sale of Heritage Bank assets.

Multichoice Group has expressed concerns about the deposit, which exceeds the maximum payout guaranteed by the NDIC. However, the group plans to engage with the liquidator to achieve a reasonable outcome.

Despite its financial challenges in Nigeria, Multichoice Group reported a 39.4% increase in repatriation from Nigeria in its FY 2024 annual report. However, the group incurred significant losses due to exchange rate instabilities and reported a decline in active subscribers in Nigeria.

The group has faced legal challenges in Nigeria, including a fine of N150 million for challenging the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT) and an order to provide a one-month free subscription to Nigerians.

Senate Approves 300% Pay Rise For CJN, Other Judicial Officers

The Senate approved a bill on Wednesday that grants a 300% salary increase for judicial officers at both the federal and state levels. The Senate Committee on Judiciary, Human Rights, and Legal Matters, led by Senator Mohammed Tahir Monguno (APC-Borno North), presented a report to the lawmakers, and the Red Chamber approved it. This action follows the consideration and adoption of an executive bill sent by President Bola Tinubu, which aimed to improve the salaries, allowances, and other fringe benefits for judicial officers and workers. The President's bill, titled "A Bill for an Act to Prescribe the Salaries, Allowances and Fringe Benefits of Judicial Office Holders in Nigeria and for Related Matters", provides for the following monthly packages: Chief Justice of Nigeria (CJN) - ₦5,385,047.26, Justices of the Supreme Court - ₦4,213,192.54, President of the Court of Appeal - ₦4,478,415.78, Justices of the Court of Appeal - ₦3,726,665.40, and Chief Judge of the Federal High Court, President of the National Industrial Court, and others - ₦3,527,022.61. 

#Salaries of Judges in Nigeria #Salary of Judicial Officers in Nigeria. 

Kimberly-Clark lays off 90% of employees as it begins Nigerian exit

"Kimberly-Clark, the manufacturer of Huggies diapers, has begun shutting down its Nigerian operations, laying off 90% of its employees. This comes three days after announcing its exit from the country. The company cited "refocused strategic priorities" and "economic developments" as reasons for its departure. Kimberly-Clark's exit marks another significant departure of a multinational company from Nigeria, following similar moves by Unilever, GSK, and PZ Cussons. The company's $100 million manufacturing facility in Lagos, launched in 2022, will be written off, and production and marketing of Huggies and Kotex products in Nigeria will cease."

Heritage Bank-CBN Denies plan to revoke the licenses of three more banks

"The Central Bank of Nigeria (CBN) has refuted reports that it intends to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank. The CBN took to its official X account to dismiss the report as "fake news". This denial comes on the heels of the CBN's decision to revoke Heritage Bank's operating license, citing the bank's non-compliance with Section 12 (1) of BOFIA, 2020, and its failure to improve its financial performance. Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has reassured customers that banks whose licenses have not been revoked remain safe and sound, urging depositors and stakeholders to continue their banking activities without fear."

EXCLUSIVE: CBN To Revoke Licences Of UnityBank, Keystone, Polaris

 "The Central Bank of Nigeria (CBN) is reportedly planning to revoke the licenses of three additional banks - Unity Bank, Keystone Bank, and Polaris Bank - following the recent revocation of Heritage Bank's license. According to a reliable source, these banks have been experiencing financial difficulties and are unlikely to recover. The CBN had previously provided significant support to these banks but has concluded that further intervention is not viable. The revocation of their licenses is expected to be announced in the coming days. The CBN has already taken steps to protect the interests of corporate clients with large deposits in Heritage Bank, but smaller depositors may need to wait for the Nigeria Deposit Insurance Corporation (NDIC) to intervene, which can be a lengthy process. The CBN's actions are aimed at maintaining financial stability and paving the way for the recapitalization of existing banks."