₦airaland Forum

A traffic collision in the early hours of Saturday claimed three lives around Mowe, along the Lagos-Ibadan expressway.

The details of the tragedy were contained in a statement by the spokesperson of the Ogun State Sector Command of the Federal Road Safety Corps, FRSC, Florence Okpe, who blamed the accident on dangerous driving.

According to her, the FRSC rescue team tried to save the lives of the driver and two passengers, but the trio could not make it due to the impact of the injury.

Okpe further said that their remains had been deposited at the Idera morgue, Sagamu.

“The FRSC operatives at Mowe carried out a rescue operation at about 0107 hours on the Lagos-Ibadan expressway around Mowe, involving two vehicles (trucks) with registration number T-15636LA Bluebird and a HowoTruck with no number on it.

“Three persons were involved, all male adults, and they were all killed by the container that fell and rested on the occupants of the HOWO truck. The suspected cause of the crash was dangerous driving and loss of control,” she added.

money121:
Went to Gasland igando today to refill my gas

Last time i visited the rate per kg is 1,050

Today rate is 1,200 per kg


How much in your Area?

The Police On Friday arraigned two women in a Zonal Chief Magistrates’ Court, New Karu, Nasarawa State, for allegedly fighting and inflicting injury on themselves on February 14.

Both defendants, Alice Odey, 27, and Blessing Onagbulum, 39, who reside in New Nyanya, Karu, Nasarawa State, were charged with breach of public peace, defamation of character and causing harm.

They, however, pleaded not guilty to the charge.

The Prosecutor, Inspector Shehu Ndam, informed the court that the defendants were arrested and brought to the New Nyanya Police Station on February 14 after they engaged in a fight and inflicted injuries on themselves.

“Onagbulum accused Odey of snatching her former husband, while Odey accused Onagbulum of using ‘juju’ to shrink his private parts. A fight broke out between the two defendants and Odey used a broken bottle to stab Onagbulum in the head, jaw and neck.

“Upon seeing Onagbulum on the ground, Onagbulum’s 16-year-old daughter picked a stone and hit Odey in the eye,” Ndam told the court.

The Prosecutor noted that the offence contravened the provisions of sections 113, 139 and 245 of the Penal Code.

The Judge, Godiya Bawa, admitted the defendants to bail in the sum of N100,000 each and one surety each in like sum and then adjourned the matter until March 15 for further hearing.

Boondocxs:
This is what Buhari and emefiele caused

The Economic And Financial Crimes Commission (EFCC) has arrested a banker, Soberechukwu Ewa, for allegedly selling new naira notes to a Point of Sales (POS) cashier, Azubuike M. Obasi.

The POS Agent, Obasi, was also arrested alongside the banker by operatives of EFCC’s Port Harcourt Zonal Command.

According to a press release by the EFCC spokesman, Dele Oyewale on Friday, the suspects were arrested on Friday at Ecobank, Rumuobiakani and Maddox Night club, new Government Reservation Area (GRA), Port Harcourt, Rivers State.

Oyewale said a preliminary investigation showed that the banker allegedly specialises in selling new naira notes of different denominations to POS cashiers for commercial purposes.

Obasi on the other hand was caught engaging in currency racketeering.

“He was arrested while in possession of N554,600.00 (five hundred and fifty-four thousand, six hundred naira). The two suspects would soon be charged to court,” The Spokesman Said.

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See this man
Wetin u dey talk like dis

If I carry my personal ebin pawa knack u 2by2
Na naija'cover go carry ur news come nairaland o

Prolificgiant:
There is hunger in the land people are really suffering,may God help us as a nation.Are you prosperity corp member and want to be posted to the state of your choice for nysc be it deployment or redeployment,check my signature for my contact

Jennyclay:

The Ogun State Police Command has arrested and put in protective custody one Kolawole Akinsanya for allegedly conspiring with hoodlums to beat his neighbour, Lukmon Ajibola, to death at Ilepa in the Ifo Local Government Area of the state.

PUNCH Metro learnt that the incident happened on Monday, February 5, around 8pm.

A resident of the community who spoke to our correspondent on the condition of anonymity said that a goat belonging to the deceased strayed into the compound of Akinsanya and ate his dried yam. This was said to have infuriated Akinsanya who allegedly killed the animal in the process.

In his reaction, Ajibola was said to have confronted Akinsanya over his action which our source said resulted in an argument whereby the latter allegedly invited some thugs who went to attack the former.

Our source said Ajibola became unconscious after the attack and later died in the hospital.

The resident who preferred anonymity because of the sensitive nature of the incident said, “Ajibola rears goat to support his motorcycle business. It was around 4pm when one of his goats went into Akinsanya’s compound and ate the dried yams he spread in the compound. When he came out and saw the goat eating it, he picked up the kid and beat it to death.

“Since they were both neighbours on the same street, Ajibola approached him and questioned his action. This led to an argument and Akinsanya called some hoodlums numbering about three who came and descended on him. While they were beating him, they also poured alcohol into his ears. Residents who rushed to the scene found him lying motionless and he was taken to Zion Hospital in Ilepa for treatment and later referred to the State Hospital Otta on the third day. Unfortunately, he passed away at the State Hospital.”

Our correspondent learnt that the family of the deceased was thrown into mourning as a result of the incident.

The suspect, Akinsanya, was also said to have been arrested by the police while three other accomplices were said to have fled the community.

A relative of the deceased who spoke to our correspondent while also craving anonymity, however, alleged that the police were trying to cover up the case.

The relative said, “The principal suspect is with the police. He has been taken to the Ogun State Police Command at Eleweran, Abeokuta. His accomplices who are known as Chicago, Agbara and one ID are on the run.

Meanwhile, the colleagues of Akinsanya are presently mobilising funds to secure his release and make the police cover up the case. They are also trying to prevent the police from arresting the three others.

“Akinsanya had bragged that he would return the way someone who lived two streets away returned after killing another person in the same circumstance last year. Ajibola’s poor widow, Aminat and her children are left to suffer unjustly because they are poor and have no connection. We want justice for the slain man and his family.”

The State Police Public Relations Officer, Omolola Odutola, while confirming the incident, said efforts were ongoing to apprehend the fleeing suspects.

She said, “The suspect, Kolawole Akinsanya, has been arrested and detained. Ongoing efforts are being made to apprehend other fleeing suspects.”

The Naira appreciated slightly against the United States dollars at the Nigerian Autonomous Foreign Exchange Market on Thursday, closing at the rate of N1,498.25/$ from N1,503.38/$ recorded the previous day.

This came as the Central Bank of Nigeria on Thursday rolled out series of circulars to tackle foreign exchange racketeers and financial services operators engaged in sharp practices. The three circulars were dated February 14, 2024.

The CBN, in the first circular, stopped banks from paying Personal Travel Allowance to their customers in cash. In a second circular, it also asked International Oil Companies from repatriating all their revenue to their parent companies at once. The apex banks also, in the third circular, reviewed its guidelines to stop under-invoicing of exports and over-invoicing of imports.

They circulars came as the naira closed near 1,500/dollar at the official market on Thursday. This was despite a drop in dollar supply by commercial banks at the spot FX market.

According to data from the FMDQ exchange securities, the supply had increased by $292.3m to $381.92 on Tuesday from $89.61m recorded on Monday. It however dropped to $117.87m on Wednesday.

On Monday, the naira started at an all-time low of N1,534/$, indicating serious consequences on the price of goods and services.

The naira gained marginally on Tuesday to N1,499/$ but fell to N1,503.38/$ at the close of trading on Wednesday before recovering to N1,498/$ at the close of trading activities on Thursday.

On the parallel segment of the foreign exchange market, the Naira depreciated to N1,600/$ Thursday’s rate is about N97 or 6.45 per cent higher than the N1,503/$ at the beginning of the week.

Checks by our correspondent show that Nigerians have continued to visit the black market sellers despite the efforts of the Central Bank of Nigeria to curb speculations.

In recent times, the naira has weakened beyond financial experts’ projections. The Group Managing Director of Cowry Asset Management Limited, Johnson Chukwu, during his firm’s 2024 outlook event projected that the naira might depreciate to N1,500/$ in 2024.

He said, “The worst case scenario is that the naira could worsen to N1,500 against the dollar.”

A Bureau De Change operator in Abuja told The PUNCH that the American greenback closed at N1,600/$ on Thursday.

“Today, the dollar was sold at the rate of N1,600. It is increasing and we are not happy about it.”

A BDC operator, Faruq Lawal, in the CMS area of Lagos, said that the naira closed at N1,610 to a dollar.

“We don’t know what is going on with the Naira these days,” he said.

According to the BDC operators, there is currently uncertainty as regards the price of the naira against the dollar due to high demand.

Another currency trader in Abuja confirmed that the Naira traded at N1,600 to the dollar.

A report by Comercio Partners said the Naira plunged about 66 per cent in 2023.

“The period from January 2023 to December 2023 witnessed a significant decline in the official exchange rate, plunging by 66 per cent from 462 Naira per US dollar to 1041 Naira per US dollar. Simultaneously, the parallel market recorded a rate of N1,207 compared to N755 earlier in the year, reflecting a stark disparity between the official and parallel rates,” the report said.

According to the report, the persistent FX shortages have created a formidable challenge for exchange rate liberalisation done by the Central Bank of Nigeria.

It said that despite the efforts of the CBN to address these shortages, the widening gap between official and parallel exchange rates signals a complex landscape.


CBN Tackles Racketeers.

Meanwhile, the CBN has reviewed the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively.

The bank disclosed this in a circular issued to all authorised dealer banks on Thursday and singed by its Director, Trade and Exchange Department, Dr. Hassan Mahmud.

Price deviation is a statistical term that indicates the volatility of price in a market while allowable limit is a government-imposed trade restriction that controls the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.

The CBN said the review was due to global inflation and other related challenges. The International Monetary Fund predicted that Global headline inflation is expected to fall to 5.8 per cent in 2024 and 4.4 per cent in 2025.

The circular read in part, “Following the implementation of the Price Verification System to curb over-invoicing of imports and under-invoicing of exports, the CBN in a circular referenced TED/FEM/FPO/PUB/01/001 stated that declared prices of import items that are more than 2.5 per cent above the global average prices of the referenced item will be queried.

“However, due to global inflation and other related challenges, the CBN has reviewed the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively.”

The CBN added that the PVS is not meant to determine the actual prices of items for tariffs or duty charged by government “But rather to enable it curtail the excess outflow of the limited foreign exchange through over-invoicing and other price manipulation activities,” the circular said.

In another circular issued on Thursday, the CBN barred cash payment of Personal and Business Travel Allowances by banks.

In the circular also signed by Mahmud, the payout of BTA/PTAs can only be done electronically.

Part of the circular read, “In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices. All authorized dealer banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

“For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted. Authorized Dealers and the general public are hereby to note and comply accordingly.”

Also, the CBN has directed International Oil Companies operating in the country to fund their offshore accounts in two phases.

CBN noted that the ‘cash pooling’ activities of the OICs affect liquidity in the domestic forex market.

Cash pooling allows the holding company (or parent company) to act as a central unit to distribute liquidity. This type of central cash management allows for the interests of each subsidiary to be served more efficiently.

The apex bank, henceforth, directed that “banks are allowed to pool cash on behalf of IOCs, subject to a maximum of 50 per cent of the repatriated export proceeds in the first instance.”

The CBN noted that the remaining half “may be repatriated after 90 days from the date of inflow of export proceeds.”

The circular, titled, ‘Requirements for foreign currency cash pooling on behalf of International Oil Companies in Nigeria,’ read, “The Central Bank has observed that proceeds of crude oil exports by International Oil Companies operating in Nigeria are transferred offshore to fund parent accounts of the IOCs (otherwise referred to as cash polling). This has an impact on liquidity in the domestic foreign exchange market.

“In line with the ongoing reforms in the foreign exchange market, it has become necessary to take measures to address this trend.”


The Apex Bank

Consequently, the apex bank issued the following “Banks are allowed to pool cash on behalf of IOCs, subject to a maximum of 50 per cent of the repatriated export proceeds in the first instance.

“The balance 50 per cent may be repatriated after 90 days from the date of inflow of export proceeds.”

The CBN noted that these shall be subject to the fulfilment of a “prior approval of the CBN for the repatriation of funds under the ‘cash pooling’ transaction, ‘cash pooling’ agreement with the parent entity of the IOCs operating in Nigeria,” among others.

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Dey play..

victorazy:
More than enough to start big business here!

I use 500k rent a very wide shop in good location.

Use 300k to shelf it to my taste.

Use N2.5m arrange clean Toyota Corolla or Matrix.

Use 2.5m to start mini importation from China
Use 200k to waybill it to Nigeria. Plenty change to remain, in next 6month you've made 600% even more.

You hold 8m u wan Japan? Come make I lecture you.