₦airaland Forum

The naira, on Friday, depreciated marginally to N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

The rate represents a decline of 11.40 percent from the N832.32 recorded yesterday.

According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the local currency hit an intra-day trading high of N1,160 and a low of N701.

FMDQ said transactions opened at the rate of N815 to the dollar and closed at N927.19.

The daily turnover recorded at the official window stood at $110.14 million.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), had said together with his team, he has been focused on stabilising the naira and reining in inflation.

“We have critically reviewed the effectiveness of the central bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings result in desired objectives,” he said.

“For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective.”

Cardoso said the measures have already started to yield results, as excess liquidity in the banking system has significantly reduced.

President Bola Tinubu has signed an agreement with Olaf Scholz, Chancellor of Germany, to improve Nigeria’s grid capacity and improve electricity supply in the country.

The agreement aimed at accelerating the Presidential Power Initiative (PPI) was signed on Friday by Kenny Anuwe, CEO of FGN Power Company, and Nadja Haakansson, Siemens Energy managing director for Africa, on the sidelines of the ongoing COP28 in Dubai.

The PPI project agreement was first entered in 2019 and was to be implemented in three phases including delivering an additional 2GW to the grid to achieve improved grid stability and reliability; bringing the system’s operational capacity to about 11G, while also increasing the system’s capacity to 25GW.

Speaking to journalists after the signing, Adebayo Adelabu, minister of power, said the agreement will see to the end-to-end modernisation and expansion of Nigeria’s electric power transmission grid.

Adelabu said different factors including COVID-19 had affected the progress of the project after its initial signing in 2019 but that Nigeria is now ready to proceed and deliver.

He said Siemens Energy has already supplied the necessary equipment needed to execute the project and within 12 to 24 months the government will expand the grid capacity from 6,000 to 8,000 megawatts, with hopes to get to 12,000mw in three years.

“The project is to be financed by Nigeria’s export credit facilities that are being provided by a couple of German banks to Nigeria,” Adelabu said.

“As it is, I might be able to say how much it is going to cost the country, the original agreement we had was for $2.3 billion but what we have executed to date is just in the region of $60 million which has to do with the importation of the 10 transformers and the 10 power substations which Siemens have delivered to the country. They have been commissioned and we are in the process of installation of these transformers.

“The project is in phases, we have the short-term phase, we have the medium term and we have the long-term phase. The short-term phase is going to be between 12 to 24 months where we are actually hoping to improve or expand the grid capacity from 6,000 to 8,000.

“And I believe that the second phase which is going to take us about three to four years, we should be able to improve the grid capacity to 12,000 megawatts.”

Also speaking, Anuwe gave details of Siemens Energy’s equipment worth over €63 million delivered to Nigeria since the project commenced, including 10 units of 132/33KV mobile substations; 3 units of 75/100MVA transformers, and 7 units of 60/66MVA transformers, currently being installed by FGN Power Company at various sites across Nigeria.

The project will also focus on identified load demand centres with a particular emphasis on economic and industrial hubs nationwide; execution of new 330kV and 132/33KV substations in target load centres with economic priority, in addition to thousands of kilometres of overhead transmission lines to connect new substations with existing ones.

Amidst recent publications announcing the purported appointment of Mr Abdul Samad Rabiu, Chairman of BUA Group, to the All Progressives Congress (APC) Standing Committee on Finance, an official statement has clarified his position, firmly declining the nomination.

In a statement issued by Tim Sogbeinde, Head of Creatives & Visual Identity Management at BUA Group, gratitude was extended to the APC for considering Mr Rabiu for the esteemed position, acknowledging the recognition of his and BUA Group’s commitment to national economic prosperity and development.

However, the statement emphasised the longstanding apolitical stance Abdul Samad Rabiu and BUA Group upheld over the years. It underlined the integral nature of this stance to their business operations.

It highlighted Mr Rabiu’s dedication to fostering economic growth through BUA Group initiatives and philanthropic endeavours via ASR Africa.

Citing reasons for declining the nomination, the statement clarified that Mr Rabiu had not been consulted regarding his inclusion in the list and cited his demanding schedule, making it impractical to commit time to the role.

“Our Chairman, Abdul Samad Rabiu, is a firm believer in leveraging business acumen and philanthropic activities to drive development and positive societal change independent of political participation.

“His primary contributions to Nigeria’s advancement will continue to be through strategic investments in the economy and philanthropy rather than through political affiliations or roles.

“He, however, remains committed to supporting governmental policies that foster the desired development as partners in progress.

“We trust this statement provides clarity on the matter and reaffirms our chairman’s dedication to Nigeria’s progress in the roles he is most suited for—those of an entrepreneur, businessman, and philanthropist,” the statement emphasised.

BISSAU, Dec 1 (Reuters) - Gunfire broke out near Guinea-Bissau's presidential palace overnight and continued on Friday morning after soldiers freed a minister from the main opposition party detained for suspected misuse of public funds, Reuters reporters and a police source said.

Gunshots were first heard around 23H00 GMT about two kilometres away from the presidential palace. An apparent exchange of fire was also heard after midnight in the neighbourhood of Antula, on the outskirts of the capital, where an army general lives.


The gunfire continued on Friday morning, as military vehicles circulated on the streets and residents commuted to work and school.

"The presidency has nothing to do with it," a communications assistant said, adding that there was no reaction on their behalf.

The developments follow a spate of coups in a region, which had been making strides toward shedding its reputation for military-led takeovers. Overall there have been eight coups in West and Central Africa in the last three years.

A police source said the shooting started after heavily armed soldiers stormed a police station to free Finance Minister Suleimane Seidi, arrested earlier that night.

The minister was detained over six million CFA francs ($10,050.25) allegedly disbursed from public coffers without permission, the source said. His whereabouts are currently unknown.

Seidi is a member of the former ruling PAIGC party, which leads the coalition that won a majority in legislative elections in June.

The result quashed President Umaro Sissoco Embalo's plans to push through a constitutional change that would have allowed him to consolidate power by removing the country's semi-presidential system. The PAIGC is opposed to this.

Embalo is attending the United Nations Climate Change Conference in Dubai, where he is expected to speak later on Friday.

There have been at least 10 coups or attempted coups in Guinea Bissau since independence from Portugal in 1974. Only one democratically elected president has completed a full term in the West African nation of around 2 million inhabitants that sits between Senegal and Guinea.

At least six people were killed during a failed attempt to overthrow Embalo in February last year.

At the time, Embalo suggested it was linked to the government's fight against drug trafficking rather than an army plan to seize power.

The Nigerian Air Force (NAF) says its MI-35P helicopter crash-landed in Port Harcourt, the Rivers state capital, on Friday morning.

In a statement on Friday, Edward Gabkwet, NAF spokesperson, said the accident occurred around “7:45 am shortly after the aircraft took off for an operation against economic saboteurs in Rivers state”.

kingthreat:
Sorry but what has she done to deserve the reputation of a SAN.
We know what likes of Ozekhome and Gani did to elevated to the SAN level but now being married to a top lawyer gives one the access to become a SAN
Femi Falana keeps deceiving the world that he is a human rights activist. He is one of the problems of the Nigerian system.

Uptheante:
You and I know that an average Nigerian woman that was into entertainment is 99.99% most likely a hoe.

She must have probably 'changed' when she met the lawyer (her husband).
So, does a clean & sound lawyer with bright potentials deserve a person like that?

Can you swear that she married him as a virgin? 🤔

For her boss then to say the husband deserves better means he probably knows some dark & dirty secrets about her & doesn't want to see her to see the man getting deceived, but alas! the husband never thought deeply about that statement nor bothered to make investigations

If I were in his shoes, I'll have codedly sought for explanations from her boss

Also, that she's a prof, a HOD in the US, & the husband contested governor while her former boss is still in TVC; doesn't mean shit.
You just wanna demean & denigrate him because her spoke the bitter truth.

Do you know what he will become tomorrow?
Do you know if God will propel him straight to a higher position than her & her husband from his current position & status.

I'll leave you with one last advice: Never look down on any man.

FreeStuffsNG:
“After 19 years, AUN ought to be able to stand on its feet.
I have neither asked for nor received a kobo from you since inception and have
no plans to do so in the future. All the investments that my friends and I have
made and continue to make here are intended to see the university grow and
serve humanity.

19 years is actually still young for a university Regardless, he should devote more time to solving the problems since he clearly understands the issues. I think another problem could be the location of the university and the American tag in the university name in a mostly Muslim north. Check my signature for free stuffs!

Philip Shaibu, the deputy governor of Edo, says no one can stop him from securing the governorship ticket of the Peoples Democratic Party (PDP) ahead of the September 2024 poll.

Amid the political tension between Shaibu and Godwin Obaseki, governor of Edo, the deputy governor declared his intention to run for the gubernatorial poll on Monday.

Speaking during a chat with ChannelsTV on Tuesday, Shaibu said “no human” can stop him from contesting the election, adding that it is the turn of his senatorial zone to produce the governor of the state.

He said his ambition to contest is not fuelled by selfishness but because “the destiny of Edo is at stake and destinies are connected. We need an Edo state and a Nigeria where we, the people of Nigeria, can decide,” he said.

“I can assure you that I will secure the ticket and my name and the party will be on the ballot. Nothing will happen because my name will be there.

“My name will be sent to INEC and I will be the candidate for the party in the election because I don’t do things without checking. I have gone round and consulted and I have been assured.”

Shaibu said if elected governor, he would “bring the government to the level of the people”.

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“In my years of experience in government and working with Oserheimen Osunbor, Adams Oshiomhole and the governor, I know what areas to improve,” he said.

“My focus is not on myself. I have a lot of ideas about sports. With sports alone, we can reduce the unemployment level in the state.

“There is also agriculture and integrating Edo civil servants into leadership positions through the capacity building which the governor started.”

Olaxbolax100:
Baba.... Please, I'm interested in knowing more about this. How I fit reach u?

Uptheante:
Your boss was right.
A woman that can sit with exposed thighs & legs open (in the second picture), leaving little to the viewers' imagination is definitely not a good woman for a clean posh lawyer.
Your husband definitely deserves better

INDOMIE9090:
Nestle Flowergate, Agbara, Ogun state

5ThChild:
Don't be an Instagram Hero posting only oyibo outfit and food. Showcase the African Culture and norms

The Peoples Democratic Party (PDP) in Ondo has reacted to President Bola Tinubu’s intervention in the political crisis in the state.

On Friday night, Tinubu waded into the rift between Rotimi Akeredolu, governor of Ondo, and Lucky Aiyedatiwa, his deputy.

The president had a meeting with Aiyedatiwa, members of the Ondo house of assembly, and chieftains of the All Progressives Congress (APC) for more than five hours at the presidential Villa.

Akeredolu, who is battling ill-health, was absent at the meeting.

Akeredolu has been in a cold war with his deputy since he returned to Nigeria in September after a three-month medical leave in Germany.

Akeredolu’s frosty relationship with Aiyedatiwa culminated in an attempted impeachment of the latter.

In a statement issued on Saturday, Kennedy Peretei, PDP spokesperson in Ondo, said Tinubu’s intervention in the political battle in the state is “mere window-dressing”

"There have been conflicting reports as resolutions of the Presidential parley at the instance of President Bola Tinubu to resolve the political impasse that has plagued Ondo State for a better part of this year,” the statement reads.

“Both Rotimi Akeredolu and his embattled Deputy, Lucky Aiyedatiwa’s camps interpreted the resolutions as being in their favour.

“To Aiyedatiwa’s supporters, their worries about impeachment are over.

“Let us pray that the Presidential intervention will not go the way of the Bello Masari Reconciliation Committee set up by APC National Chairman, Abdullahi Ganduje. After several trips to Abuja at Taxpayers’ expense, both parties returned to Court despite promises to withdraw all cases.

“Again, major stakeholders in the All Progressives Congress (APC), leadership of the Ondo State House of Assembly and Ondo State Government were at the Villa to iron out their intractable differences.

“From what we have read about the outcome, Tinubu’s intervention is a mere window dressing.”

The opposition party said although the Ondo assembly may no longer impeach Aiyedatiwa out of the respect they have for the president, the political crisis in the state will fester if Akeredolu “remains in hiding”.

“It is not yet Uhuru, the cat and mouse race will continue. The siege is not yet over,” the party said.