Politics › 75-year-old Cleric Arrested In Zamfara For Providing Spiritual Support To Bandit by femisplash(op): 5:47pm On Dec 24, 2024 |
During interrogation, the elderly cleric reportedly confessed to offering spiritual services to bandits for nearly six years.
A 75-year-old cleric, identified as Alhaji Lambo Ilela, has been arrested by a local community watch group in Zamfara State for allegedly providing spiritual backing to bandits operating in Zamfara and Katsina States.
During interrogation, the elderly cleric reportedly confessed to offering spiritual services to bandits for nearly six years.
He disclosed that his clientele initially consisted of nine gang leaders, including a notorious bandit leader, Sani Gurugu, who commands multiple gangs terrorising communities in Safana.
Ilela further admitted to receiving a payment of N1.3 million from Gurugu in exchange for his spiritual services, which he claimed were meant to enhance the bandits' operations.
The arrest comes as local vigilantes intensify efforts to curb the activities of criminal groups and their collaborators in Zamfara State, a region plagued by banditry and insecurity.
Meanwhile, the Safana Local Government Area in Katsina State has been a hideout for bandits. SaharaReporters gathered that Safana and Faskari have become hubs for bandits, who use the routes to launch attacks because Faskari lies on the boundary between Katsina and Zamfara states.
In a video shared on X by security analyst and counter-insurgency expert Zagazola Makama on Sunday, SaharaReporters observed that the vigilante group handed the suspect over to security forces for further investigation.
However, during interrogation by the local vigilante watch group in Zamfara, the cleric confessed to the crime.
He said, "I am Alhaji Lambo Ilela, and I will tell the Zamfara Local Community Watch group what I am involved in. I was arrested for offering spiritual support to the bandits.
"I am a spiritual guide for the bandits who operate in the bush. I have vowed to confess all my offences to the local vigilante group, and no one forced me to reveal my involvement with the bandits.
"I have been offering spiritual support to the bandits for almost six years. The first group I supported consisted of nine gang leaders. Among them is Sani Gurugu, who leads several gangs that operate in Safana.
"He came to me and gave me N500,000, telling me that they would return after their mission. I fortified them before they went to attack Dan-Sadau in Zamfara State.”
He continued, "When they returned from their operation, Sani Gurugu gave me N800,000. The spiritual fortification I provided was successful. During the operation, they did not kidnap anyone, but they rustled cows and other animals. "There were confrontations during the operation, but no one lost their life.
"For the second operation, Sani Gurugu did not give me anything, but he came to me and told me that they wanted to go to Faskari. After the attack in Faskari, some of his gang members were killed by security operatives.
"After he came back, he did not give me anything. He complained that their operation was not successful because I did not fortify them well.”
"Meanwhile, after the failed operation, Sani Gurugu came back and told me that they wanted to launch an attack in Dubura, Zamfara State. I also offered them further spiritual support, but their operation was unsuccessful again. On their way, after rustling cattle, they had a confrontation with security forces and eleven of his members were killed," he added. https://saharareporters.com/2024/12/23/75-year-old-nigerian-cleric-arrested-zamfara-allegedly-providing-spiritual-support
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Politics › Re: Most Lawyers Don’t Read Judgment Before Attacking Judiciary – Wole Olanipekun by femisplash(op): 7:19pm On Dec 23, 2024*. Modified: 7:40pm On Dec 23, 2024 |
Malroux: Why should they read the judgement when they already know it was cash and carry judgement. If you don't read the "cash and carry" judgement, how can you even critique it reasonably, without making a fool out of yourself?. |
Politics › Re: Most Lawyers Don’t Read Judgment Before Attacking Judiciary – Wole Olanipekun by femisplash(op): 7:07pm On Dec 23, 2024 |
Chief Wole Olanipekun is one of the top brightest legal minds, he hardly makes headline and always offer measured opinions. Lawyers alike need to listen to him and stop denigrating the judiciary. Law is a profession and as such, it has ethics. They're channels through which any dissenting voices are afforded. The habit of attacking the judiciary in the media whenever a judgement doesn't appear favourable to some lawyers is absolutely ridiculous. The Supreme court of the United States ruled that Donald Trump has a broad immunity from criminal prosecution for official actions taken while in office but I hardly see any legal luminaries constantly attacking the apex court and Americans tossing their judiciary into the dustbin. |
Politics › Most Lawyers Don’t Read Judgment Before Attacking Judiciary – Wole Olanipekun by femisplash(op): 7:04pm On Dec 23, 2024 |
Senior Advocate of Nigeria (SAN), Chief Wole Olanipekun has admonished lawyers to painstakingly read through judgments delivered by the courts before attacking the judiciary.
The visiting professor of Law Practice at the Federal University,Oye-Ekiti,(FUOYE) also decried the trend where lawyers go to television and radio houses to run down the courts.
Speaking at the sideline of the third lecture series of the Faculty of Law, FUOYE, titled, ‘ Bridging the Gap Between Theory and Practise: Effective Strategy for Using Law As a Tool for Social Justice In Nigeria’ the former President of the Nigerian Bar Association (NBA) said “it is wrong for anyone to insinuate or hold the notion that justice is being denied in Nigeria.”
Warning lawyers against pushing the judiciary to the Golgotha,the former Chairman, Body of Benchers also used the ocassion to outlined the ethical procedures for challenging court judgements.
According to him “put your observations on paper, critique and criticize them in law journals, that is what it is. You can compare what you think is right with what they do and put the two together, that is what we were taught.
“We must not engage in self-destruct, although some social media pundits put it that Olanipekun hits the judiciary, I never did. We must stop pushing the judiciary to the Golgotha.
“You must not kill the judiciary, I pity and sympathize with them and even me as a senior lawyer, if I have complaints I talked to them. If you have any issue particularly relating to judgments, the scholarly thing to do as a lawyer is not for you to go to television and radio houses and start lambasting the court.
”I will not believe or agree with the notion or impression that justice is being denied in Nigeria, I believe things can be better.
“ I delivered a keynote address at the 70th anniversary of Ibadan NBA and I was pleading with our colleagues at the bar that we must stop attacking the bench and also the bench should stop attacking the bar.
“The most annoying thing is that some of our colleagues don’t read the judgments they are complaining about or pontificating on.
Although, the foremost lawyer clarified that the law profession, like other human practices has its own challenges, but urged the people not to lost hope in the nation’s judiciary with assurance that things could get better.
“There is no institution manned by man that does not have its own deficiency, where you will not get minuses, where all will be pluses, it can’t be 100 percent, not even the executive or the legislature.
“I have taken the silk since 1991 and I was called to the bar in 1976, you can’t see me after losing a case and the next thing is to go to the media, even when I know some courts are unfair to me I know where to channel by protest and reservations.”
While revealing that there is a clear difference between theory and practical law profession, the chairman Governing Council of University of Lagos explained that law must be deployed towards ensuring social justice in the society.
On the need to close the widening gap between theory and practical in law profession in attaining social justice,
the former NBA president said, “ It is pertinent and expedient for us to deliberately work towards the bridging of the gap between theory and practice of law in order to achieve the ultimate goal which it is designed for, that is, the attainment of social justice.
“While it may be relatively easy to commit the theories to memory, the major challenge appears to lie in the application of these theories to everyday legal practice in the quest to actualise social justice, which is an indispensable aspect of the much-desired outcome.
This lecture, therefore, attempts to traverse the philosophical realm of some legal theories, with the aim of identifying their practical application to conventional legal problems. While also considering a thematic analysis of the dominant concepts, it further seeks to identify the existing gulf between the worlds of theory and practice and drawing from personal and third party experiences, suggests modalities for bridging the identified gulf.
Olanipekun explained, “we have attempted to bring law to the doorsteps of the students in diverse fields, including civil procedure, jurisprudence, criminal law, electoral law, the law of torts, chieftaincy law, company law, the law of contract, human rights etc. In doing so, practical examples or demonstration of proceedings and decisions in our courts have been given or supplied at intervals.
It has also been espoused that law in theory or in its abstract form, even as codified in statutes, might be a different ball game when lawyers apply their knowledge and experience to demonstrate and practicalize it in courts, resulting in landmark decisions of our various courts"
“ Law is what differentiates man from animal. Without law, life will be “solitary, poor, nasty, brutish, and short”, borrowing the profound words of Thomas Hobbes.”
He reiterated the need for a new constitution in the country, noting that, “ our constitution is too pedestrian and the earlier we do something about it, the better for us as a country.”
Olanipekun urged the FUOYE law students not to lose focus in the course of pursuing their career in the profession, assuring them that with determination and hardwork, they would make exploits in the legal practice.
Speaking, the Vice Chancellor of FUOYE, Professor Abayomi Fasina described Olanipekun as an authority in the nation’s legal profession, saying that his contributions cannot be over-emphasized.
The VC said that his appointment as the first professor of practice by the university was necessitated in view of his expertise and to serve as a motivation for students of law from the university.
Fasina said the lecture was more inspiring and educating, calling on the students not to be distracted in their journey to greatness and emulate the hard work exemplified by Olanipekun in his career. https://independent.ng/most-lawyers-dont-read-judgment-before-attacking-judiciary-wole-olanipekun/
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Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:28pm On Dec 23, 2024 |
Angelfrost: Are you saying we are debt-free?!!
Are you saying it's okay to service interests on loans by mortgaging our resources and revenues every year?!! For projects that barely bring forth profits?
What exactly do you mean by defaulting in loans repayment in the last 5 years, or you don't understand what I posted?!! Mention any top 5 economies that's not indebted. You guys need to enlighten yourself on borrowing. |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:21pm On Dec 23, 2024 |
bigpicture001: Set ur priorities right... The people need houses first before they need connectivity..... You can start by throwing away your phone right now. You don't need to be here on Nairaland chatting, you need a house. |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:18pm On Dec 23, 2024 |
Lifestone: He's raising very valid points and I expected you to offer clarifications where he has concerns. Give information if you have or keep quiet There's nothing valid in his points, they're mere pessimism. Are we not currently on 35,000km of fibre cables, why are we not scared of vandalism? |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:16pm On Dec 23, 2024 |
Angelfrost: No, you don't... Please, don't ever use 'repaying' and Nigeria in the same sentence.
Check the records!
If we ran a corruption-free system, I wouldn't be worried or bothered, as the system would be such that every penny would be accounted for, and the profits used to offset the loan within a few years.
The money borrowed by Buhari for his white elephant projects won't be repaid in 3 generations. Mention which loans we have defaulted in the last 5years?. |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:15pm On Dec 23, 2024 |
bigpicture001: Is this one better than cheap affordable and plentiful gigantic housing projects scattered all accross the nation...?
U guyz need to set priority right Does it stop the housing projects?. Will the potential occupants of those houses not need connectivity? |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 5:13pm On Dec 23, 2024 |
Fortune365: Government of loans You guys talk as if borrowing is a demonic exercise. The loan is a single digit interest and we have the capacity of repaying. |
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Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 4:55pm On Dec 23, 2024 |
CodeTemplarr: Fibre is good but : 1. We are broke as a country. 2. Vandalism. 3. The project lacks purpose and that's a recipe for looting. This is surely coming from an illiterate. The rush to comment out of sheer ignorance is alarming here. |
Politics › Re: FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 4:41pm On Dec 23, 2024*. Modified: 5:03pm On Dec 23, 2024 |
Nigeria is currently on 35,000km capacity, with 90,000km, that'd expand the capacity to 125,000km of fiber optic cable capacity. 33million Nigerians lack access to connectivity and that's a huge number that has to be drastically reduced. We need more coverage access across every space of the country, in the creeks, and ungoverned deserts. It would eliminate slow connectivity and low signal strength. Businesses would spread across as much as there're coverage expansion into remote areas. |
Politics › FG To Provide 50% Funding For 90,000km Fibre Project Through Loans—Bosun Tijani by femisplash(op): 4:40pm On Dec 23, 2024 |
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has said that the federal government will provide half of the $2 billion required to deliver the country’s 90,000-kilometre fibre project.
The Minister, who disclosed this while featuring on an Arise TV program on Friday, said the project, which will be financed by loans is part of the government’s borrowing plans for 2025.
“Earlier this year the FEC approved a memo which was to set up a special purpose vehicle that is meant to deploy 90,000 kilometers of fiber optic cables in Nigeria. Half of that money is what the government will make available.
“The half that the government is making available which is just short of $1 billion is being secured through loans,” the Minister stated.
Presidency’s support
Tijani said the project has also received immense support from President Bola Tinubu, the Ministry of Finance, and the Minister as well.
In addition to the government funding, he said the Ministry has secured private companies that will provide the other half of the funding for the project. While noting that significant progress has been in terms of discussions with funding partners of the project, especially the World Bank, the Minister said the government is hoping to commence digging for the laying of the cables in Q2 2025.
Why the government must invest in backbone infrastructure
On why the government must invest in backbone connectivity infrastructure, Tijani, said many Nigerians are complaining of poor quality of service today because of the inadequacy of the infrastructure deployed by the private operators.
He noted that the operators would only invest in areas where they can get higher returns, which is why some parts of the country have been experiencing a lack of or poor connectivity.
“When we came in the assessment we did was that as a nation you have two options to build in the backbone for digital economy and connectivity.
“For people to truly enjoy quality connectivity, you will either have to rely on private companies, the MNOs, the infracos, to put their private funding into building expansive and extensive network for connectivity within the country.
“But the challenge with that approach, which is the first approach, is that businesses would only invest significantly where they are sure that their returns can be guaranteed almost immediately, at least in a short to medium-term sense.
“The other option, which is the common option that you’ve seen in many progressive countries, is that government will have to understand and of course put its own skin in the game, knowing that connectivity is now clearly an important resource that every citizen should have access to, regardless of where you find yourself,” he explained.
He said this realisation led to the setting up of a special purpose vehicle to drive the deployment of 90,000 kilometers of fibre cable across the country.
According to him, the SPV is not a government entity but the government will invest in it and it will be managed as a private entity with the government representative as part of its board. https://nairametrics.com/2024/12/21/fg-to-provide-50-funding-for-90000km-fibre-project-through-loans-bosun-tijani/?
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Politics › Re: FG To Review Lagos-calabar Coastal Road To Lower Cost, Reduce Lanes To Six by femisplash(op): 6:48pm On Dec 21, 2024 |
From 10 lanes to 6, not bad. This makes sense on humanitarian consideration, spare a lot of structures at either side, the funds for compensations would perhaps be enough to complete a whole section of the road. David Umahi knows his onions. |
Politics › FG To Review Lagos-calabar Coastal Road To Lower Cost, Reduce Lanes To Six by femisplash(op): 6:47pm On Dec 21, 2024 |
The Federal Government has announced plans to review the Lagos-Calabar Coastal Road project to reduce costs and scale down the lanes from 10 to six.
The Minister of Works, David Umahi, disclosed this during a tour of the highway on Friday. Umahi explained that the review became necessary due to variations in the initial designs and additional interventions, such as evacuation of refuse up to 10 meters deep and backfilling affected areas. “The Federal Government says the Lagos-Calabar Coastal Highway project will be reviewed from 10 to six lanes and at a lower cost. “The Minister of Works, Sen. David Umahi, made the disclosure during a tour of the highway on Friday.
“Umahi said that the review had become necessary because of variations in designs and interventions such as the evacuation of the refuse of 10 metres depth and backfilling,” the NAN report read in part.
The Minister highlighted ongoing efforts to preserve certain structures along the project corridor, attributing these initiatives to the support and magnanimity of President Bola Tinubu.
He explained that part of the available land would be repurposed to include a service lane for the community. The project review will also address gaps in the initial design, with specific adjustments such as constructing a retaining wall in areas like the Landmark section to ensure stability and durability.
Umahi further stated that the entire 750km stretch of the road would be equipped with solar-powered streetlights, security cameras, and strategic security points, alongside tree planting to enhance environmental protection and aesthetics.
Umahi assured that 20km of the first section of the Lagos-Calabar Coastal Highway would be among other critical road projects scheduled for inauguration by May 29, 2026. https://nairametrics.com/2024/12/21/fg-to-review-lagos-calabar-coastal-road-project-to-lower-cost-reduce-lanes-to-six/
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Politics › Re: Dangote Partners MRS To Sell Petrol At ₦935/Litre Nationwide by femisplash: 5:44pm On Dec 21, 2024 |
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Politics › Re: FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 9:50pm On Dec 19, 2024 |
bigpicture001: . Must tinubu use only oando....just like we know alpha beta and he ceased using it and used Remitta next...it's same way he will use a new firm You could have made every relatives of Tinubu stand still because he's the President. |
Politics › Re: FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 9:27pm On Dec 19, 2024 |
SalamRushdie: We know what a consortium is ...thank God u know where I I headed but you and I know they will use another vehicle coy ..Aren't Adams Aradel is having a sudden boom under the new govt and I wonder why I can't understand your reasoning here, do you mean businesses shouldn't boom under a new govt?. If Aradel is booming, is SEPLAT not booming too?. Are other players not equally booming? |
Politics › Re: FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 9:20pm On Dec 19, 2024*. Modified: 9:42pm On Dec 19, 2024 |
FreeStuffsNG: This was not how others got their approval.
Seplat and Oando's approval were announced by the regulator, NUPRC. Shell is playing political games again. Investors should be very careful. . The approval was reportedly given by the Minister of State for Petroleum Resources, Heineken Lokpobiri.
The approval was announced by Renaissance in a statement on Wednesday. Whether NUPRC announces or not, was there any infractions or contradictions?. Has it not been legally approved and appropriately announced? |
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Politics › Re: FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 8:50pm On Dec 19, 2024 |
SalamRushdie: Cough cough , who is the brain behind renaissance consortium? A Consortium means an association of two or more companies. Renaissance Group is a conglomerate of local oil companies including ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co. and Waltersmith Group. Check the list closely, I know you are looking for OANDO but your eyes would need a lot of straining to do. |
Politics › Re: FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 8:39pm On Dec 19, 2024 |
Nairametrics reported that the sale was blocked by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, even though both SPDC and the Renaissance had reached an agreement in January.
NUPRC’s CEO, Gbenga Komolafe said the commission rejected the deal because it “could not scale (the) regulatory test”
There are also concerns about numerous lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation in the Niger Delta region. This was a repeat of what happened in SEPLAT/ExxonMobil deal before it was resolved through the President's intervention. With recent acquisitions, the Government is working towards its projections of 2.3 million barrel per day. |
Politics › FG Approves Sale Of Shell’s $2.4 Billion Onshore Asset To Renaissance by femisplash(op): 8:38pm On Dec 19, 2024 |
The Federal Government of Nigeria has reportedly approved the sale of onshore assets of the Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Company Limited, a local oil and gas consortium.
The approval was announced by Renaissance in a statement on Wednesday.
Renaissance stated in the statement that “this approval marks a significant step forward from the announcement of the sale and purchase agreements in January”.
The approval was reportedly given by the Minister of State for Petroleum Resources, Heineken Lokpobiri.
According to Africa Report, Shell’s $5bn investment in the Bonga North project was instrumental in persuading the government to approve the sale of the onshore asset which was initially agreed at $1.3bn.
Backstory
Nairametrics reported that the sale was blocked by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, even though both SPDC and the Renaissance had reached an agreement in January.
The assets are said to hold an estimated 6.73 billion barrels of oil and condensate, along with 56.27 trillion cubic feet of associated and non-associated gas.
NUPRC’s CEO, Gbenga Komolafe said the commission rejected the deal because it “could not scale (the) regulatory test”
There are also concerns about numerous lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation in the Niger Delta region.
NUPRC said that it would only grant approval for the sale if Shell takes responsibility for oil spills and agrees to fund cleanup efforts in the Niger Delta. https://nairametrics.com/2024/12/18/fg-approves-sale-of-shells-2-4-billion-onshore-asset-to-renaissance/?amp=1
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Politics › Re: $42.01 Billion Reserves Can Finance Importation For Nine Months - CBN by femisplash(op): 9:03am On Dec 19, 2024 |
This would really enhance economic stability. Nigeria can confidently meet her international obligation. However, the call for reduction in the interest rate is a dicey one, would it not further push up the inflation rate? |
Politics › $42.01 Billion Reserves Can Finance Importation For Nine Months - CBN by femisplash(op): 9:02am On Dec 19, 2024 |
The Central Bank of Nigeria said Wednesday that the $42.01billion external reserves of the country can finance importation of goods and services for more than nine months in 2025.
This is as the apex bank, assured Nigerians of better economic fortunes in 2025. The Governor of the CBN, Mr Olayemi Cardoso stated this during performance index report presentation to the Senate Committee on Banking, Insurance and other Financial Institutions.
“The CBN Governor said, “External Reserves rose from $38.35bilion it was on September 30, 2024, to $42.01billion as of December 12, 2024. He explained that the increase in external reserves within the stated period, was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.
He said, “We maintained a current account surplus and saw remarkable improvements in our trade balance.
“Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks.”
On cash shortage, the CBN boss, reiterated application of new policy of N150million fine against any branch of Banks caught indulging in illegal distribution of new naira notes to currency hawkers and unscrupulous elements.
He added that the Nigeria economy will take a better shape in 2025 fiscal year , through policies and measures that had been put on ground.
Cardoso said, “Distinguished Senators , as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism.
“The gradual stabilization of the forex market , ongoing banking sector recapitalization, positive growth trends in key sectors, especially the services sector indicate a path toward recovery and stability,” he said.
He explained that diaspora remittances through the International Money Transfer Operators (IMTOs) totalled $4.22 billion from January to October 2024, almost doubling the $2.62 billion recorded in the corresponding period in 2023. The increase in remittances represents a growth of approximately 61.1% in one year.
Providing a monthly breakdown, Cardoso noted that remittances rose from $336.61 million in September 2024 to $402.38 million in October 2024.
The CBN Governor attributed the increase to enhanced efficiency in the remittance process, the positive impact of President Bola Tinubu’s policies, and the growing confidence of Nigerians in the diaspora to contribute to national development.
Cardoso further projected that remittance inflows would continue to rise by the end of the year, given the current trajectory.
The Senate Committee on Banking, Insurance and other Financial Institutions on the occasion, urged the CBN to address its interest rate hikes.
It warned that economic productivity cannot be enhanced in a high interest rate environment where access to credit is equally constrained.
The Chairman of the Senate Committee, Mukhail Abiru, gave the advise during the interactive session with the CBN delegation.
Abiru said, “It goes without saying, therefore, that productivity cannot be enhanced in a very high interest rate environment where access to credit is equally constrained.
“This is why we think the bank should devote more time to assess the impact of sustained rate hikes not only on the general price level but also on the overall economic activity.”
Further expressing comcerns over risisng inflation, the chairman urged the apex bank to consider deploying monetary policy tools to support productivity noting that traditional tools for maintaining inflation are weakened by huge cash circulating outside the banks.
“This is without prejudice to the banks’ primary mandate of maintaining price stability and its instrument of independence,” he said.
Abiru highlighted the role of increased output, especially in the agricultural sector, in moderating inflationary pressures dominated by the food index.
To further support productivity, he recommended that the bank should consider resuming targeted interventions to SMEs through developing financial institutions, and other mechanisms, as part of efforts to achieve the $1 trillion of economy.
He further emphasised the importance of synchronising monetary and fiscal policies to achieve desired macroeconomic goals.
The chairman also raised concerns around the persistent cash scarcity in recent times despite assurances by CBN to address the challenge. He criticised the difficulty in accessing cash from ATMs, including those located within the bank premises, as well as the prevalence of dirty and mutilated Naira notes in circulation.
Additionally, he condemned excessive bank charges, delays in resolving customer complaints, and the high rate of failed online transactions, all of which, he noted, undermine public confidence in the banking system.
Abiru further urged the apex bank to clear the outstanding $2.4bn foreign exchange (FX) forward contract noting that the Senate has recieved petitions from, small, medium, and large enterprises. https://www.thisdaylive.com/index.php/2024/12/18/cbn-nigerias-42-01bn-external-reserves-can-finance-goods-services-importation-for-nine-months/
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Politics › NAF Strikes ISWAP Gathering, Kills Several Terrorists In Borno by femisplash(op): 6:48pm On Dec 18, 2024 |
The Nigerian Air Force component of Operation Hadin Kai has struck a gathering of ISWAP terrorists at Kaula in Borno, killing several insurgents.
This was made known by Zagazola Makama, a Lake Chad Basin counterterrorism and insurgency expert, via a post on his X handle on Wednesday.
Makama said intelligence sources informed him that the terrorists were amassing at the site, equipped with gun trucks, motorcycles, and other logistical supplies on Tuesday.
According to the security expert, the buildup by the bandits was designed to coordinate attack on nearby military installations, especially Malam Fatori.
Responding swiftly to the threat, the Air Component of Operation Hadin Kai (AC OPHK) carried out targeted airstrikes on the gathering.
The operation resulted in the destruction of gun trucks and motorcycles, along with the neutralization of several terrorists reported to be preparing for combat.
The security expert stated that impeccable sources confirmed that the damaging air assault has disrupted the terrorists’ plans and diminished their capacity to carry out a potential attack on the Mallam Fatori troops’ location. https://dailypost.ng/2024/12/18/naf-strikes-iswap-gathering-kills-several-terrorists-in-borno/?
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Business › Re: Jaiz Bank Achieves CBN's Capital Base by femisplash(op): 9:12am On Dec 18, 2024 |
Carndidlaydid: Who owns this bank 
The major shareholder Islamic development bank, the major shareholder. |
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Business › Re: Jaiz Bank Achieves CBN's Capital Base by femisplash(op): 8:43am On Dec 18, 2024 |
Jaiz bank, a silent achiever, no noise maker. The journey to a $1 trillion economy gradually kick started. God bless Nigeria. |