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The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that the country lost more to foreign exchange subsidy than it spent on fuel subsidy. According to him, Nigeria lost around N6.2trillion to harsh foreign exchange policies and subsidy in the year 2022 compared to N4.5trillion that the country spent on fuel subsidy in the same year. Speaking at the 2024 Bankers Dinner, Cardoso described foreign exchange subsidy as “the real elephant in the room.” Details Later…

The Lagos Division of the Court of Appeal on Friday discharged and acquitted 58-year-old medical director, Dr Olufemi Olaleye of the offence of defiling his wife’s niece. The appellate court, in a lead judgment delivered by Justice Jimi Olukayode Bada, also nullified the life sentence imposed on Olaleye, the Medical Director of Optimal Cancer Care Foundation by Justice Rahman Oshodi of the Lagos State Sexual Offences and Domestic Violence Court. The upper court in the Judgment, also supported by the two other members of the panel, Justice Abdu Dogo and Justice Mohammed Abubakar, held that there were material contradictions in…

In a dialogue with French President Emmanuel Macron at the Palais des Élysée on Thursday, President Bola Tinubu reaffirmed his administration’s commitment to prioritising education for Nigerian children. He outlined plans to significantly reduce the number of out-of-school children through innovative return-to-class initiatives and skills development programmes. President Tinubu, in a statement by Presidential spokesman, Bayo Onanuga, highlighted the government’s ongoing efforts to create a supportive framework that ensures school-age children re-enter classrooms, emphasising the role of motivation and skill acquisition in the initiative. “In order to bridge the gap for some who are of age, and have been out-of-school…

The chairman of the National Population Commission (NPC), Nasir Kwarra, has revealed that Nigeria’s long-awaited population and housing census will take place in 2025. The disclosure came nearly two decades after the last census was conducted in 2006, despite international recommendations for decennial population counts. Kwarra disclosed this during the 2024 anniversary of the Nairobi Summit on the International Conference on Population and Development (ICPD), held in Abuja on Thursday. “A major setback that we face is the delay in conducting a Population and Housing Census. A reliable and accurate census is fundamental for good decision-making,” he said. “But the…

Navy operatives of the Forward Operating Base (FOB) at Ibaka in Mbo local government area of Akwa Ibom State have busted a drug syndicate and arrested three suspected traffickers with large consignments of assorted contraband drugs and industrial chemicals. Performing the handing over ceremony at the Base, the Commanding Officer (CO), Capt. Uche Aneke recalled that naval gunboats intercepted a wooden boat during a stop-and-search operation while on routine patrol around the Bendero and Uta Uyata general area. Capt. Aneke explained that the seized boat ferrying the illicit items was coming from neighbouring Cameroon to Akwa Ibom when it was…

The House of Representatives has mandated its relevant committees to invite the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, Chief Executive Officers (CEOs) of all Commercial Banks and other Financial Institutions utilising Point of Sale (PoS) terminals, to appear before them an find measures to address the challenges posed by the undocumented identities of the PoS operators. The resolution was sequel to the adoption of a motion moved by Hon. John Okafor from Imo State at plenary on Wednesday. Presenting the motion, Okafor said the increasing challenges posed by the undocumented identities of PoS operators and fund…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a former Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Ya’u and two others over an alleged diversion of $65 million meant for the development of 962 units of residential housing units in Kubwa District, Abuja. ICPC spokesperson, Demola Bakare said in a statement that Mr. Ya’u was arraigned on Tuesday before Justice James Omotosho of the Federal High Court, Abuja alongside the former Executive Director of the bank, Mr. Bola Ogunsola and the Managing Director of T-Brend Fortunes Nigeria Limited,…

The High Court of the Federal Capital Territory (FCT), Maitama, on Wednesday, ordered the remand of the former governor of Kogi State, Yahaya Bello, in the custody of the Economic and Financial Crimes Commission (EFCC) until December 10. The court will rule on his application for bail on that date. Justice Maryann Anenih gave the order after Bello and his co-defendants, Umar Oricha and Abdulsalami Hudu, pleaded not guilty to a 16-count charge filed against them by the EFCC. The charges include conspiracy, criminal breach of trust, and possession of unlawfully obtained property linked to an alleged N110 billion fraud.…

The Trade Union Congress (TUC) of Nigeria has called on state governments to urgently implement consequential adjustments to the newly signed national minimum wage. TUC President, Comrade Festus Osifo, made the demand during a press briefing in Abuja after the National Executive Council (NEC) meeting of the Labour Center on Tuesday. Speaking to journalists, Osifo emphasised the need for state governments to go beyond announcing minimum wage figures and engage in meaningful dialogue with organised labour to ensure the proper implementation of consequential adjustments. The labour leader criticised states like Cross River and Zamfara for failing to prioritise workers’ welfare,…

The Nigerian National Petroleum Company Limited (NNPC) has explained that it is the old Port Harcourt Refinery, having 60,000 barrels per day capacity that has been revived and not the entire refinery. Recall that the Port Harcourt Refinery complex comprises two operational units established in 1965 and 1989, respectively, and with a combined installed capacity of 210,000 barrels per day. The older plant, which has a capacity of 60,000 barrels per day, has now been revived and is currently operating at 70 per cent capacity, producing significant volumes of petroleum products daily. The newer plant with 150,000 barrels per day…