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Former CEO of the Financial Reporting Council of Nigeria, Jim Obazee, has refuted allegations of financial impropriety made against him. An investigator appointed by President Bola Tinubu to look into the Central Bank of Nigeria and related entities, Obazee called the allegations "outrageous falsehood." His lawyer stated that there were no criminal charges or convictions against Obazee, and any claims made were purely related to an employment dispute. The smear campaign against Obazee aims to tarnish his reputation but lacks evidence to support its claims.
The Nigeria Governors' Forum (NGF) has demanded that the Central Bank of Nigeria (CBN) revisit its naira redesign policy and abide by the rule of law. The NGF expressed concerns that the policy could plunge the country into a recession and insisted on the government's respect for civil liberties and rights. The Forum also highlighted the economic consequences of the current approach, such as a booming black market, food inflation, and prolonged queues at ATMs. The NGF pledged to consolidate legal efforts by various states against the policy.
The Abuja Market Management Limited (AMML) has issued a warning about a serious security breach in its markets following recent attacks orchestrated by sponsored hoodlums. The AMML's legal advisers have expressed concerns over the safety of its staff, security, and the overall well-being of the markets. The breaches are believed to be linked to decisions made by Abuja Investments Ltd and the actions of dismissed staff members.
Nigerian banks, including Zenith Bank, Wema Bank, and GTBank, have decided to increase the pay and employee benefits of their staff to address the challenges posed by rising living costs in Nigeria. This move aims to alleviate the financial strain faced by workers due to the government's cutback on fuel assistance. Other banks, such as UBA, Fidelity Bank, and Ecobank, have also taken steps to support their employees during these difficult times.
A Federal High Court in Lagos has overturned an ex parte order obtained by Duport Energy Limited in its lawsuit against Duport Midstream Company Limited and others. The court ruled that Duport Energy Limited had misrepresented facts in an attempt to take control of the company through its minority shareholding. This article discusses the details of the case and the implications of the court's decision on the ongoing dispute.
Dr Azeezat Yishawu, the Speaker of the Nigerian Youth Parliament, has applauded President Bola Tinubu for including more women and youths in his ministerial list. She commended the President's strong belief in the capacity of women and young people to contribute to governance. Dr Yishawu urged the appointed individuals to deliver on the mandate and be worthy representatives of the larger youth and women constituency.
Nigeria's President, Bola Tinubu, has announced a new funding allocation of over €480 million to boost the manufacturing and agricultural sectors, as well as support small and medium-sized enterprises (SMEs). The country is currently facing economic and food crises, leading to growing social tensions. Tinubu expressed his understanding of the difficulties faced by Nigerians and emphasized the immediate need to alleviate the burden on the economy, businesses, and vulnerable groups.
African leaders have given the junta in Niger one week to cede power or face the possible use of force, after the latest coup in the jihadist-plagued Sahel region. Niger's new junta accused former colonial ruler France of wanting to "intervene militarily" to reinstate deposed President Bazoum. The Economic Community of West African States (ECOWAS) regional bloc demanded Bazoum be reinstated within a week, threatening to take "all measures" to restore constitutional order.
The Labour Party (LP) in Lagos State has refuted claims of a faction within the party, stating that any other group or exco is illegal and unconstitutional. The State Working Committee led by Pastor Dayo Ekong made this declaration, dismissing the splinter group led by Olumide Adesoyin as impostors. Adesoyin had declared a new LP exco, asserting that the previously appointed Ekong-led Executive Committee was no longer recognized. The LP, however, maintains that the Ekong-led exco is the legally constituted body representing the party.
Access Bank, Nigeria's largest bank by customer base, has introduced town hall meetings as a new strategy for customer engagement. These meetings provide an opportunity for customers to interact with top management and discuss their banking needs, business concerns, and general well-being. The bank aims to expose its products to customers on a personal level and gather feedback to improve its services. The town hall meetings have been well-received by customers, emphasizing the importance of customer satisfaction and open communication for Access Bank.
A Federal High Court in Awka, Nigeria, has ruled that Isuofia Microfinance Bank and the police must pay compensation to a nursing mother for her unlawful arrest and detention. The court ordered that N2.2 million be paid to the plaintiff, including N2 million in damages and N200,000 as exemplary damages for violating her fundamental rights. While the awarded sum is significantly lower than what was sought, this judgment highlights the importance of upholding human rights and sets a precedent for greater accountability in cases of police misconduct.
In commemoration of the World Breastfeeding Week, Mrs. Tamunominini Makinde, the wife of the Oyo State governor, has urged nursing mothers to embrace exclusive breastfeeding for the first six months of their babies' lives. She highlighted the significant advantages of breast milk and applauded the Oyo State government for granting six months paid maternity leave to nursing mothers. Mrs. Makinde also called on private organizations to adopt similar policies and emphasized the importance of home and school gardening as a means to combat food shortage.
Mrs. Tamunominini Makinde, the wife of the Oyo State governor, has urged nursing mothers in the state to embrace exclusive breastfeeding for their babies in the first six months for optimal growth and good health. She commended the state government for approving six months maternity leave for nursing mothers and called on private organizations to follow suit. Mrs. Makinde also highlighted the importance of home and school gardening in fighting food shortage in the country.
The NGX-ASI closed last week with a slight gain of 0.1%, reaching 65,056.39 points. Market capitalization also improved, and activity levels decreased. The financial services industry dominated the market, followed by the oil and gas industry and conglomerates industry. Analysts anticipate positive earnings releases and increased bargain-hunting activities, with possible profit-taking on highly appreciated stocks.
The Federal High Court in Lagos has ordered the disclosure of the spending details of over N200bn public funds collected by the government of former Delta State governor, Ifeanyi Okowa. This follows a Freedom of Information suit brought before the court by the Socio-Economic Rights and Accountability Project (SERAP). The court emphasized the need for transparency and accountability in the governance of public institutions.
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