A Federal High Court has frozen the accounts of the Kano State Government due to its failure to comply with a court order to pay N30 billion in compensation to victims of the Filling Idi Demolition exercise.

The frozen order affects 24 Kano State bank accounts, including the Central Bank of Nigeria (CBN) account of the state.

The presiding judge, Justice E.A Ekwo, has also directed the Kano State Government to appear before the court on January 18 to provide an explanation regarding the freezing of N30 billion in the affected bank accounts.

The funds are intended to be granted to the Incorporated Trustees of Masallacin Eid Shop Owners.

The Country’s currency, Naira, depreciated against the US Dollar on Wednesday at the official foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated to N951.22/$1 on Wednesday from N806.73/$1 on Tuesday.

This represents a 7.91 per cent or 144.49 loss in the local currency market compared to the N806.73/$1 it closed on Tuesday.

The depreciation represents the first time the country’s currency dropped against the US Dollar this week.

The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million.

Similarly, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria, CIBN, 50th-anniversary barely two weeks ago, expressed optimism over the stability of Naira.

“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.

Since June 14, when CBN floated the Naira, the country’s currency has continued to experience fluctuation in the FX market.

This comes as a financial expert, Prof Godwin Oyedokun, blamed Nigeria’s forex crisis on weak economic fundamentals, low foreign reserves, increased external debts and a double forex window.

The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, has labelled 70 per cent of Nigerian university students as internet fraudsters.

According to a statement on the anti-corruption agency’s X page, the EFCC boss disclosed this while speaking on Monday with a delegation from Daar Communication PLC at EFCC headquarters in Jabi, Abuja.

Mr Olukoyede had described internet-related crimes as a menace and cankerworm in society.

“It is worrisome that seven out of 10 students today are involved in cyber crimes,” he stated, indicating that 70 per cent of Nigerian university students are estimated to be involved in internet fraudulent practices.

The EFCC boss decried the number of students trained to be leaders of tomorrow engaging in internet fraud. He called on the media to assist in enlightening the Nigerian youths to refrain from cybercrimes.

“These are the youths we are preparing to be leaders of tomorrow. The media should not relent in enlightening them on the evils of such criminal practices,” Mr Olukoyede said.

The Supreme Court on Wednesday said both the old and new redesigned naira notes remain legal tender until further notice.

The apex court, in a ruling by a seven-man panel of justices led by Justice John Okoro, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

It made the order after it heard an application moved on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.

Recall that the court on March 3 squashed the ban on the use of the old N200, N500 and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.

In its lead judgement prepared and delivered by Justice Emmanuel Agim, the apex court slammed the Federal Government for unilaterally introducing the policy through the Central Bank of Nigeria, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, civil society organisations and other relevant stakeholders.

It held that the Federal Government failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by the embattled ex-governor of the CBN, Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under Section 20(3) of the CBN Act.

Besides, the court invalidated the directive ex-president Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.

Accusing President Buhari of disobeying the interim order it made on February 8, which directed that the old banknotes should remain in use till the determination of the case before it, the apex court stressed that the president, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.

According to the court, having acted in disobedience to its order, the Federal Government lost its right to be granted an audience before it.

Following the end of the last administration, the Bola Tinubu-led government re-applied to the apex court for an indefinite extension of its December 31 deadline.

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians to be alert against ATM switch scammers, saying that the commission has received a flood of complaints about the crime.

The EFCC’s Head of Media and Publicity, Mr Dele Oyewale, gave the recommendation in a statement on Tuesday.

Oyewale stated that the Commission’s investigations have linked unauthorized withdrawals from clients’ bank accounts to ATM Debit Card switching or fraud.

He added that the crooks’ method entailed keeping a debit card from the same bank and switching it in the guise of assisting a bewildered bank customer at any ATM.

“They swap the card in such a hurry that the customer would not notice and at the same time memorize the pin used in trying the fake cards.

“These cards get stuck in the machine due to a wrong pin and the fraudster quickly abandons the victim, advising him/her to report to the bank while making away with the victim’s card to make immediate withdrawals from the account.

“This card swapping typically happens in any service delivery point, such as Point of Sale (POS) terminals, and ATM points, among others,” Oyewale said.

The Federal Capital Territory High Court Abuja, on Wednesday, granted N300m bail to former Governor of the Central Bank of Nigeria, Godwin Emefiele, who is being prosecuted for alleged procurement fraud.

Justice Hamza Muazu granted the bail with two sureties in like sum.

The judge said the sureties must have certificates of occupancy and titles of properties within the Maitama District of Abuja.

He also ordered Emefiele to deposit all his travel documents with the registrar of the court, adding that he must remain within the Abuja Municipal Area Council.

The judge, however, ordered that Emefiele should remain in Kuje Correctional Centre till he meets the bail conditions.

The PUNCH reports that Emefiele was not in court on Wednesday.

The matter, which was scheduled for 11 am, was heard by 9 am. This, our correspondent learnt, was responsible for Emefiele’s absence in court.

Also, our correspondent learnt that Emefiele was unable to perfect his bail on Wednesday.

While rejecting the objection by the Economic and Financial Crimes Commission to Emefiele’s bail application, Justice Muazu disagreed with the anti-graft agency that the ex-CBN governor was a flight risk and could jump bail, jeopardise investigation or threaten the security of the country if granted bail.

The judge noted that Emefiele was granted bail on November 8 by Justice Olukayode Adeniyi of the Federal High Court Abuja and was present in court after a week for his arraignment.

Besides, he held that bail was at the discretion of the court, according to the law.

After granting the bail application, Justice Muazu adjourned till November 28 for the commencement of the trial.

Emefiele is standing trial on six counts bordering on procurement fraud to the tune of N1.2bn.

He was arraigned on November 14 but he pleaded not guilty to the charges and was remanded at the Kuje Correctional Centre pending the determination of his bail application.

Eight members of the management team of Access Holdings Plc and Access Bank have been vested with over 13 million units of the financial institution’s shares.

According to a corporate notice filed with the Nigerian Exchange Limited on Wednesday, the vesting of Access Holdings shares on the executives was based on the terms of their employment with financial institutions.

A total of 13,535,997.31 units of Access Holdings were vested in the beneficiaries on Monday. Based on the firm’s share price as of Wednesday of N17.25 per unit, the vested shares are worth about N233.5m.

The beneficiaries include Executive Director, Access Holdings Plc, Bolaji Agbede, who was vested with 1,975,309 units of shares, followed by the Deputy Managing Director, Retail North, Access Bank Plc, Victor Etuokwu, who got, 2,469,136, Deputy Managing Director, Retail South, Access Bank Plc, Chizoma Okoli, who also got 2,469,136 units.

Others include Executive Director, Access Bank Plc, Gregory Jobome, who got 2,469,136 units of shares, same as Executive Director, Access Bank Plc, Hadiza Ambursa.

An Executive Director, Access Bank Plc and Non-Executive Director, Access Holdings Plc, Oluseyi Kumapayi, was vested with 2,082,930 units of shares while an ED, Iyabo Soji-Okusanya got 1,532,447 and the Company Secretary, Sunday Ekwochi, received 42,101 units of shares.

Nigeria’s currency, the Naira, continued its appreciation trend against the US Dollar at the foreign exchange market on Monday.

Official data from FMDQ showed that the country’s currency appreciated N750.15 against the Dollar at the close of work on Monday compared to N791.25 /$1 on Friday.

The figure represents a N40.75 gain compared to the exchange rate at the close of work on Friday.

Meanwhile, the parallel market appreciated N1,130/$1 on Monday from N1140 on Friday.

A Bureau De Change operator in Wuse Zone 4 Abuja, Dayyabu Mistila, confirmed that he sold the Dollar at N1,130 and bought at N1,140 on Friday.

Similarly, Naira recorded an N31.23 gain on Wednesday despite an October inflation hike in Nigeria.

The development comes as the Central Bank of Nigeria, CBN, Governor, Dr Olayemi Cardoso, plans to present an economic roadmap for Nigeria at the annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria on Friday, 25th November, 2023.

The Abuja Chamber of Commerce and Industry (ACCI) has lauded President Bola Tinubu’s efforts to energise small and medium-sized enterprises (SMEs) with N125 billion grants.

A statement issued on Thursday in Abuja by the president of ACCI, Al-Mujtaba Abubakar, said that the president recognises the sector as the driver of economic growth.

Recall that Mr Tinubu had announced the release of the grant during his nationwide broadcast on Monday on the effects of the removal of fuel subsidy on businesses and Nigerians.

According to the president, out of the amount, the federal government will spend N50 billion on conditional grants to one million nano businesses between now and March 2024.

Mr Tinubu said the target of his administration was to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

He added that it would further drive financial inclusion by onboarding beneficiaries into the formal banking system.

“In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion.

“Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at nine per cent interest per annum and a repayment period of 36 months,” Mr Tinubu said.

Reacting to the broadcast, Mr Abubakar called for the speedy implementation of the palliatives and collaboration with the Corporate Affairs Commission (CAC) for the effective implementation of the grants.

While commending Mr Tinubu for his empathy and determination to turn around the economy, Mr Abubakar said that the speedy implementation would boost the economy and make businesses more competitive and productive.

The ACCI president advised that all businesses in the country should be registered with the chamber movement as this will allow for effective and transparent distribution of loans and grants while strengthening the database of business activities in Nigeria.

“Subsidy in the conversion of fossil fuel tanks to CNG gas for vehicles should be hastened as it will further deepen the National Gas Expansion Programme (NGEP) implementation and push for the government to reduce carbon emissions,’’ Mr Abubakar urged.

He expressed confidence in the present administration’s efforts to turn the tide of the economy from consumption to production through pro-business policies that would enhance the business community and attract foreign direct investments.

Mr Abukakar further said that ACCI would continue to speak on friendly policies that would benefit the business community in the ease of doing business.

The naira on Friday depreciated against the dollar, exchanging at N777.82 at the Investors and Exporters window.

The naira lost by 1.26 per cent compared with N768.16, which it exchanged for the dollar on Thursday.

The open indicative rate closed at N779.58 to the dollar on Friday.

A spot exchange rate of N844 to the dollar was the highest rate recorded within the day’s trading before it settled at N777.82.

The naira sold for as low as N700 to the dollar within the day’s trading.

On Friday, $77.99 million was traded at the investors and exporters’ window.

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a Memorandum of Understanding (MoU) to establish a Nigeria-Egypt Fintech Bridge.

The move which seeks to accelerate financial inclusion, deepen Nigeria’s payment systems and drive economic growth across the African continent, followed a series of engagements between both parties.

Speaking at the ceremony, which took place at the Seamless North Africa 2023 Conference at the Egypt International Exhibition Center, Cairo, CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said the apex bank was extremely excited over the partnership with the CBE after months of engagement.

In a statement, she said,

“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African continent.”

The Deputy Governor, Bank of Egypt, Mr. Rami Aboulnaga, commended the MoU and expressed optimism that the partnership would yield the desired expectation.

The groundbreaking partnership between the apex banks of the two largest economies in Africa encompasses a broad range of collaborative initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development.

The conference was hosted by the Central Bank of Egypt and had in attendance over 4,000 policymakers, payment service providers, financial institutions, and technology startups from both countries and across the continent.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the country’s daily petrol consumption figure stands at 46.38 million litres due to subsidy removal by the federal government.

NMDPRA chief executive Ahmed Farouk disclosed this during a stakeholders’ meeting with oil and gas downstream operators on Monday in Lagos.

The NMDPRA boss said the figure represented a 35 per cent reduction compared with the 65 million litres per day before subsidy removal.

According to him, an average truck out daily for petrol consumption, after announcing subsidy removal on May 29, reduced to 46.38 million litres.

“The current daily consumption has drastically reduced as against 65 million litres which had been the daily consumption before subsidy removal,” stated Mr Farouk.

“In January, it was 62 million per litre; in February, 62 million per litre; in March, 71.4 million per litre; in April, 67.7 million per litre; in May, 66.6 million per litre; June, 49. 5 million per litre and in July, 46.3 million per litres.”

The NMDPRA boss added that the essence of the meeting was to review the downstream sector after the subsidy removal and also to thank marketers who had taken the offer to import petrol.

On petrol importation, Mr Farouk said over 56 companies applied for import licences to bring in petrol, while only 10 made a commitment to import, revealing that three marketers (Emadeb Energy, A.Y Shafa and Prudent Energy) had imported petrol into the country.

He added that others, like 11 Plc, indicated interest in importing petrol in August and September, respectively.

“The era of subsidy payment is gone. We encourage all marketers who are interested in importing petrol to apply for (a) licence. The meeting is to encourage marketers to import so that there will be availability of petrol at every nook and cranny of the nation,” Mr Farouk explained.

“The marketers have the choice to fix their price because it is a free market where there will be competition.”

The NMDPRA chief executive stressed that it was no longer Nigeria National Petroleum Corporation Limited (NNPCL) dominating the market, “there will be other players to compete with NNPCL.”

“We do not want any dominant player in the market. That was why we liberalised the market for everybody to play,” Mr Farouk emphasised.

Mr Farouk also pointed out that the authority was working with the Federal Competition and Consumer Protection Commission (FCCPC) to checkmate marketers from taking unduly advantage of the consumers.

He said the NMDPRA would ensure consumer protection at every station, adding that the quality of products imported would be focused upon to avoid substandard petrol.

As farmers begin cropping activities, Bauchi, Gombe and Jigawa state governments have approved 50 per cent subsidy on fertiliser prices to ease access to the commodity.

A check by journalists in Bauchi, Gombe and Jigawa showed that the sale of the commodity at the subsidised rate to the farmers had begun.

The NPK brand of fertilisers is being sold between N15,000 and N19,000 as against the former price of N27,000.

In Jigawa, the state government procured 6,000 metric tonnes of fertilisers for sale to the farmers.

The chairman, fertiliser distribution committee, Sen. Mustapha Makama, said that Gov. Umar Namadi would inaugurate fertiliser distribution exercise on July 17.

He said the commodity had been distributed to the designated sale outlets to make it accessible to the farmers across the 27 local government areas of the state.

“The NPK brand of fertilisers would be sold at N16,000 per bag.

“The gesture is to make fertiliser affordable and accessible to the farmers, especially those who could not afford it due to financial constraints.

“The committee’s role is crucial in facilitating the timely distribution of subsidised fertiliser which will help cushion the effect of the fuel subsidy removal.

“We understand the financial constraint being faced by the farmers. Our goal is to alleviate their burden by providing subsidised fertiliser by making it available.

“We aim to empower farmers and encourage increased agricultural output, ultimately contributing to food security,” he said.

According to him, the committee will ensure fair and equal distribution of the commodity across the state.Similarly, the Gombe state government had pegged prices of NPK brand of fertilisers at N19,000 per bag.

The state governor, Inuwa Yahaya, on June 19, inaugurated the sale of subsidised fertiliser to farmers across the state.Mr Yahaya said the state government expended over N2.8 billion on procurement of the commodity.

Checks at the Gombe Main market showed that prices of the commodity varied depending on its quality.

A 25 kilogramme bag of the NPK-15-15-15 was sold between N24,000 and N27,000, while NPK 20-10-10 sold between N14,000 and N28,000, respectively.

A 50kg bag of Urea brand of fertilisers is sold between N21,000 and N25,000.A cross-section of the farmers lauded the ward-to-ward fertiliser distribution model adopted by the government.

They described the gesture as “commendable”, adding that it would enhance access to the commodity and encourage productivity.

A rice grower in Nafada, Musa Alhaji, said the gesture assisted farmers by cutting down cost of production. This, he said, would enable them to save more money, source for other inputs and increase their production output.

“Some farmers bought the subsidised fertilisers which saved them between N5,000 and N9,000 per bag, depending on its quality.

“So for every 10 bags of subsidised fertiliser, a farmer could save between N50,000 and N90,000; this is good no matter how small.”

Another farmer, Ibrahim Danladi, said that he had benefited from a similar gesture in the previous seasons.

Mr Danladi urged the state government to expand the scope of farmer support services to mobilise participation in the programme.

The Naira on Friday depreciated against the dollar, exchanging at N803.90 at the investors and exporters window.

According to Financial statistics, the Naira decreased by 7.72 per cent when compared with N746.28 for which it exchanged for the dollar on Thursday, July 13.

The open indicative rate closed at N763.36 to one dollar on Friday.

A spot exchange rate of N829 to the dollar was the highest rate recorded within the day’s trading before it settled at N803.90.

The Naira sold for as low as N689.34 to the dollar within the day’s trading.

A total of 46.90 million dollars was traded at the investors and exporters window on Friday, July 14.

International Breweries Plc, a beverage company has said it recorded to N43.7bn gross profit in 2022 financial period.

A statement said it disclosed this at its 46th annual general meeting in Lagos on Wednesday.

The company’s 2022 revenue rose to N218.7bn as of the end of 2022 financial period from N182.3bn in the same period in 2021.

“With the challenging economic circumstances, the gross profit for 2022 decreased to N43.7bn, from N46.4bn in 2022,” it said.

Finance income increased from N3.1bn in 2021 to N5.2bn in 2022, the statement said.It said there was an increase in the net financial cost, accruing N5.6bn in 2022, from N1.8bn in 2021.

The Chairman, Board of Directors, Nnaemeka Achebe, welcomed the shareholders to the meeting which according to him has been the most attended since the COVID-19 pandemic.

Achebe, who is the HRH, Obi of Onitsha, said;

“The company continues to sustain its production volumes despite inflation. 2022 was a year that tested the global economy with multiple challenges. 2022 was a year of transformation for us, and we want to commend the board of directors for their courageous decision to embark on multiple initiatives to position our company for better returns.”

The Managing Director, International Breweries Plc, Carlos Coutino, appreciated shareholders for their commitment.While noting the company’s challenges occasioned by the government’s increase of excise duty from N40 per litre of excise, to N75 per litre, he said there would be a further increase to N100 in 2024.

According to him, “We foresee that the business sector may witness a reduction as consumer disposable income has reduced significantly.

“What have we done so far? We have had the support of the Manufacturers Association of Nigeria and we call on the government and our president to look into these challenges in the beer sector.

“We request a new and positive policy to mitigate the excessive increase and any form of double taxation. We also ask the government to give the industry a three to six months moratorium to plan and adjust to new policies.”

The National Orientation Agency (NOA) says the deregulation of the downstream sector of the petroleum industry will create more job opportunities for Nigeria’s teaming youths.

The NOA director in Kaduna, Zubairu Galadima-Soba, disclosed on Monday that the deregulation policy was to open the petroleum sector for healthy competition where market prices reflected market realities, thereby encouraging competition.

According to him, the policy will encourage foreign investors to enter the sector, create jobs, and bring in infrastructure development.

The policy would also foster petrol imports, which will lead to competition and drive prices down in the long run.

“Trillions of naira spent on subsidies would be used to develop critical infrastructure across different sectors such as health, education, agriculture and many others,” stated Mr Galadima-Soba.

He added,

“The deregulation of the sector will also discourage the smuggling of Nigeria’s already subsidised PMS to other countries, which sometimes is the reason for fuel scarcity.”

Mr Galadima-Soba explained that the agency had embarked on a sensitisation campaign across all 23 local government areas in Kaduna to deepen Nigerians’ knowledge and engender their support for the policy.

He stated that the agency had already taken the message to traditional leaders’ offices, religious worship centres, village squares, motor parks, markets and communities.