The Nigerian Naira has plummeted to a record low, depreciating by N72.58 against the US dollar in July 2024.
According to the FMDQ financial market report, the average exchange rate stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month.
The foreign exchange market turnover also surged to $7.39 billion, a 10.02% month-on-month increase.
In Naira terms, the turnover stood at N11.48 trillion, higher than the N10.01 trillion traded in June.
The Naira’s volatility has raised concerns, with the currency trading between N1,500.32 and N1,621.12 per dollar in July.
However, the value of the Naira appreciated by 62 basis points to N1,570.14 per dollar at the official market last week.
The Central Bank of Nigeria’s Business Expectations Survey report predicts further depreciation in the next three months but expects appreciation in six months.
The development has sparked worries about the country’s economic stability and the impact on citizens.
The police said about 30 kidnappers terrorising Enugu and its environs were killed in shoot-outs with security operatives at various locations across the state in the past two weeks.
Among those caught in the crossfire were members of the Biafra Auto Pilot, otherwise called Unknown Gunmen, a breakaway faction of the proscribed Indigenous People of Biafra (IPOB) led by the Finland-based Simon Ekpa.
Quoting a police source Wednesday, Governor Peter Mbah’s media office said a Police Superintendent, SP Onochie Ezeh, led a joint security operation to rescue some kidnap victims at Ugwuogo Nike-Opi Road in the early hours of Wednesday.
The operation, the statement said, led to the killing of a seven-man gang kidnappers at Ogbeke Nike where they used a large poultry farm to hide their hostages.
Ezeh said the feat was part of the sustained operations in the state to flush out criminals operating from other neighboring states, including kidnappers, unknown gunmen and other unscrupulous elements.
He said: “We were on the trail of these kidnappers for more than three months now. They had been operating within this axis where they kidnapped their victims and kept them at a large poultry farm at Ogbeke Nike until ransoms are paid.
“So, on a tipoff from members of the public who suspected the strange movements in the area and the accounts of some of the victims of these criminals, we swung into action. On sighting us, these men of the underworld opened fire on my men, and we quickly retaliated and overpowered them with our superior firepower.”
He said the combined security task force, set up by the Governor Mbah, as a tactical squad against kidnappings and activities of unknown gunmen, also recorded some breakthroughs in policing the state and flushing out criminal elements.
The police chief said: “This is a gallant crack squad with the mandate to eliminate every form of threat in the state. We have recorded huge successes over the past months. You know our role is not to rush to the media to tell our story but to ensure that every citizen and resident of the state has peace.
“I can tell you that we have already neutralized over 7 criminal gangs who were mostly kidnappers and unknown gunmen. We are going after them. We are taking the battle to their doorsteps because the governor said we should not come back home if we don’t completely rid the state of threats.
“So we are on it. In fact, during our operations, we identified many criminal hideouts that serve as rogue premises where kidnap victims and dangerous weapons are kept. These places include New Artisan Market, Akwuke community, Akegbe-Ugwu, Four Corners, Awgu, Mgbowo, Emene, Eke and Afa in Udi and some parts of Isi Uzo local government. During rescue operations, we were able to neutralize over 30 of the kidnappers and recovered guns and valuables.”
Narrating her experience and the trauma she passed through in the kidnappers’ den, a survivor, Dr Kate Pamela, said: “Each time I pass through that poultry, I feel I have been denied justice by still allowing it to operate. They kidnapped us and kept us there for five days. They even killed two of the victims because their families could only afford ten million naira each against the fifty million naira demanded. Notwithstanding that I was able to identify the bodies of three of the kidnappers when they were killed; I still feel that the area should be cleared. Government must ensure justice by turning that place to a landfill.”
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The candidate of the Peoples Democratic Party (PDP) in the last election and former vice president of Nigeria, Atiku Abubakar, on Wednesday alleged that the future of Nigerians is being mortgaged by President Bola Tinubu, his family, and associates.
Atiku, in a statement signed by his Media Adviser, Paul Ibe, on Wednesday, said he believes that even after Mr Tinubu leaves office, breaking these shackles will be nearly impossible.
Atiku compares Mr Tinubu’s integration of his business interests into Lagos’s public enterprises to his efforts at the federal level.
“Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun to replicate this at the federal level,” he said.
He expressed astonishment at the operations of the Nigerian National Petroleum Company Limited (NNPC Ltd) and how the government-owned oil company had put its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, a relative of the president, owns 49 per cent.
The statement said Atiku regretted that his intention to privatize the NNPC and increase its transparency has been overshadowed by what he describes as the “criminal hijacking of the NNPC by corporate cabals around the current president.”
“In October 2022, just five months before the elections, the NNPC Retail controversially announced it had acquired OVH and all its filling stations. NNPCL already had about 550 filling stations across the country but claimed it was enhancing its capacity by acquiring OVH, which had only 94 stations and 100 others leased.
“The NNPC did not disclose the purchase price of OVH or the terms of the acquisition. A Freedom of Information request by Premium Times was also rejected by the NNPC, which claimed to be a private company despite still being government-owned,” he said.
Following this controversial deal, he said Mele Kyari, the NNOC boss, was controversially retained as NNPC group managing director “despite his incompetence.”
“Tinubu then appointed his former boss at Mobil, turned ally, Pius Akinyelure, as NNPC Chairman, while he took on the role of Minister of Petroleum.
“In a move that defies economic logic, OVH, previously owned by NNPC Retail, has now acquired NNPC Retail. This absurd situation means that Wale Tinubu’s Oando now owns 49 per cent of NNPC Retail,” he said.
Atiku said Nigeria paid Wale Tinubu a significant sum to facilitate the Tinubu family’s acquisition of the national oil company.
He said this represents a clear case of illogical business transactions and abuse of office by Mr Tinubu, who has prevented NNPC from becoming a public liability company as stipulated by the Petroleum Industry Act (PIA).
PREMIUM TIMES reported how OVH Energy effectively took control of NNPC Retail’s management, prompting an NNPC insider to describe the deal as “the most ridiculous business acquisition in the world”.
The former vice president acknowledged that the NNPC and its leadership are under legislative investigation but expressed scepticism about the process’s credibility due to the vested interests of those conducting the investigation.
“Senator Opeyemi Bamidele, who is heading the National Assembly panel, is a known supporter of Tinubu. He served as a commissioner under Tinubu in Lagos State and publicly called him his godfather,” Atiku said.
He said that since Tinubu is the Petroleum Minister, he should be held responsible for the sector’s issues.
“I doubt Bamidele will conduct a thorough investigation that might implicate his patron,” he added.
Commenting on the recent revelation that the Lagos-Calabar Coastal Highway project is under litigation, Atiku explained that the Organised Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists, reported that the coastal highway project has been taken to court and revealed a close relationship between Tinubu’s son, Seyi, and Gilbert Chagoury, who was awarded the contract without competitive bidding.
“I had earlier claimed that the Lagos-Calabar Coastal Highway project was fraudulent, but the government denied it. Now, the matter is in court. It is also concerning that Chagoury and Tinubu have a business relationship, and their children are business partners, as revealed by the OCCRP.”
This, he said, indicates a conflict of interest.
“It is no surprise that the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Coastal Highway, which together will cost over $24 billion, were approved without competitive bidding. It seems that whatever Tinubu wants, he gets,” he said.
The Naira gained ground in the parallel market on Thursday, appreciating to N1,600 per dollar from the previous day’s rate of N1,615 per dollar.
In contrast, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it depreciated to N1,586.11 per dollar, according to data from FMDQ. This marks a significant drop from the N1,543.84 per dollar recorded on Wednesday, representing a N42.27 decline.
The volume of dollars traded in NAFEM also saw a sharp decrease, with turnover falling by 30 percent to $120.2 million, down from $171.79 million the previous day. As a result, the gap between the parallel market and NAFEM rates narrowed significantly to N13.89 per dollar, compared to N71.16 per dollar on Wednesday.
The Nigerian Medical Association (NMA) in Anambra has ordered its members to cease clinical services in all private and public hospitals, effective Thursday night.
This directive is outlined in a statement issued in Awka by the branch chairman and secretary, Princeston Okam and Ifeanyi Obiaeli, following the association’s emergency general meeting on Thursday.
The decision is a protest against the kidnapping of their colleague, Stephen Ezeh, who has been in captivity since August 15. The NMA had previously warned on August 19 that if Mr. Ezeh was not released by his captors within 48 hours, they would initiate a strike. Despite this ultimatum and their appeals to the Anambra government, Mr. Ezeh remains in captivity, exacerbated by his health challenges.
“NMA Anambra hereby directs all doctors in the state to immediately withdraw clinical services in all federal, state, private, mission, institutional, and corporate hospitals until our member is released,” the statement read.
The NMA will closely monitor compliance with this directive through its ‘Strike Monitoring Team,’ and hospitals or members who do not comply will be blacklisted and penalized according to congress resolutions.
The statement also urged the Anambra government to mobilize all necessary security agencies and resources to ensure the timely and unconditional release of the abducted member.
“While we acknowledge the hardship this withdrawal of services will cause the people of Anambra, we appeal to the state government to expedite action towards securing Eze’s release to restore normalcy to the health system.
NMA Anambra’s leadership will continue to collaborate with all relevant government agencies to achieve a healthy and secure community.”
Additionally, the NMA commended Governor Charles Soludo and the health commissioner, Afam Obidike, for their efforts to improve healthcare delivery and security in Anambra.
They also praised doctors for their dedication and commitment to providing quality healthcare to the people of Anambra.
The problem with our current political class is greed and abnormal appetite for consumption and perhaps building an unsustainable consumption pattern.
The northern and south western political and military Elites are using the advantages of civil war that ended in 1970 to exploit and enslave the victims of that war and sadly the entire Nigerian masses ended up being the victims. The political and military elites have continued to use unitary constitution in the name of federal constitution to retain political power at the centre ,thereby frustrating innovation and creativity that would have enhanced a productive environment where every Nigerian would be engaged in viable and productive activities.They abhor true federalism which will guarantee equitable redistribution of our human and mineral resources.
The political ,business, military and religious elites have amassed so much wealth for the generations of their children and grand children, hence the widening income inequalities that have threatened the corporate existence of Nigeria.
Everything is wrong with current Nigeria system.The system is designed and structured to keep the working class in perpetual slavery while the poor are abandoned in state of penury .
Millions of youths in Nigeria are jobless and those in Europe and America work as modern slaves . These political and military elites are heartless and most wicked that they have sold their souls to the devil!
Millions of Nigerians are too docile when it comes to the issue of politics ,Governance and holding people in Government accountable,hence GGM has come to give the working class and the ordinary people sense of direction .
GGM is here to engineer the building of modern society that will meet the expectations of 21st century and beyond . GGM working with a revolutionary online media – BVI Channel 1 and with like-minded people across our political space is determined to take Nigeria political class by storm and like rampaging soldiers will bulldoze the entire criminal political structures in Nigeria . We have proven that the power of the people is supreme and we shall continue mobilizing the people in line with Constitution of FGN chapter 14(2a &b)
We have learnt an obvious lesson : that the leader of GGM – Chinedu Asuzu or any chosen candidate can win the Governor of Anambra State or any chosen State : for the power of the people is the greatest. They have been deceiving and dividing the people with money , ethnicity and religion . Now ,we are wise ,we will choose our Leaders goingforward no matter how long it takes!
The awareness has been created and people eyes have been opened to know that political power belongs to the people .
Good Governance Ministry is here to organize the people to pursue ideological politics . The Nigeria politicians could disappoint the people but GGM will always be there for the ordinary people.
We are on the part of history. We can do it together. You can be a GGM Ambassador in your Street/Community. Step out to be counted . Contact us via 08104207522 or send email to ggovernanceministry@gmail.com
what do the Igbos want politically and economically?
Lets begin to address the question and let the debate begins !
To me and Good Governance Ministry (GGM ) , ndigbo desire a competitive confederal system of Government where each federating unit will have control of her destinies .
APC has been in charge of the powerful federal Government and we have not seen a sincere effort to make Nigeria competitive and productive . It has remained sharing of cake( crude oil revenue) from Abuja instead of allowing the federating units to bake their cakes. This feeding bottle federalism cannot stand the test of time and APC under Tinubu has consolidated the sharing of our Commonwealth while millions of Nigerians are jobless and slaves in the Lord Luggard created entity.
Therefore , Hon Kalu agenda should be resisted by all -well meaning Ndigbo. Let him continue to enjoy the sharing of our Commonwealth with his family and friends. The judgement day is fast approaching.
In line with its vision to grow the state’s economy from $4.4bn to $30bn and meet the state’s power needs, the Enugu State Government says it is working to ramp up the state’s electricity capacity from the 70MW currently supplied by the national grid to 700MW through private sector investment.
The government said it was, however, eager to get the inputs of industry stakeholders into the state’s draft electricity regulatory framework to make the state’s electricity market viable.
This was even as developers, operators, investors, financiers, consumers, among other stakeholders commended what they described as the transparency and proactiveness of the state in its effort to build an electricity market where everyone’s interest is protected.
The state government and industry players spoke at a stakeholders engagement and consultation organised by the Enugu State Electricity Regulatory Commission, EERC, to review it’s draft regulatory instruments in the state capital on Tuesday.
Declaring the event open, Governor Peter Mbah, who was represented by the Secretary to the State Government, Prof Chidiebere Onyia, said the campaign promise to resuscitate pipe-borne water, improve security, education and healthcare delivery services, revamp and expand road networks, create the enabling environment for business development, job creation and economic growth would not be possible without a drastic improvement in electricity services.
“Therefore, we are opening up the entire value chain of the electricity market in Enugu State for all market participants to play, from supply to generation, transmission to distribution, electricity retailing through off-grid to mini-grid solutions and from metering to energy efficiency applications,” he said.
He assured the industry players of the continued independence of EERC to operate without political or administrative interference.
Speaking, the Chairman of EERC, Chijioke Okonkwo, who rued the present power deficits in the state, noted that the Commission needed to carry everyone along from the outset in order to build investor confidence required to turn things around.
“We have given ourselves some projected targets that within the next two years (2026), Enugu State should be consuming at least 300 megawatts and by 2030 we would have hit at least 700 megawatts.
“Right now, we are getting approximately 70 megawatts from the national grid. And this is not sufficient for us to say that we want to put ourselves in the position to industrialize. We want to change that narrative.
“However, industry players and operators want a place where they can carry out commercially viable businesses. They are here to make money, but they are also expected to provide services that are reliable and sustainable and also undertake these service for the long term and not the short term.
“So, this engagement will give them an opportunity to make inputs and let us agree on what these regulations should speak to in order to support their investment initiatives before the finalisation, adoption, and implementation of the regulatory framework,” Okonkwo said.
In his contribution, the Managing Director of Siemens Energy Nigeria, Seun Suleiman, commended the transparency of the state government through its regulatory agency.
“I see a lot of transparency here today. Each Commissioner is breaking down all the discussions in terms of the regulation and how you will get the permit. We are very happy because we also want to support a lot of these captive power investors with our ranges of gas turbines, which we have done in so many places,” Suleiman enthused.
The Enugu State Government today demolished properties used by kidnappers for detaining their victims in the outskirts of Enugu, the state capital.
Among the properties were an uncompleted storey-building with an underground tunnel at Nkwubor Layout in Emene Nike where a large cache of arms and ammunition were recovered and a large farm housing a poultry, piggery, and plantain plantation at Ogbeke Nike all in Enugu East LGA.
At Nkwubor Nike, 17 firearms were recovered, including eight AK47 riffles, seven pump action riffles, and two short guns, while two AK47 riffles were recovered at the Ogbeke Nike farm. Shrines, charms, and mini Indian hemp farms were also destroyed.
Security operatives had, following months of discreet investigation on the activities of the kidnappers, stormed the two hideouts, where they made the startling discoveries and rescued some victims after gun duels with the criminals.
It is recalled that the Enugu State Government had announced its readiness to demolish properties used for kidnapping purposes in line with Section 315 of the Criminal Code (Second Amendment) Law Cap. 30, Laws of Enugu State.
Speaking to newsmen at the kidnappers hideout at Ogbeke, Nike, the Executive Chairman of Enugu Capital Territory Development Authority, ECTDA, Uche Anya, said the demolitions were in compliance with the said law as directed by the government.
“This government is determined to exterminate all manner of criminality. So, people were kidnapped and brought here, including the woman that was kidnapped near the University of Nigeria, Enugu Campus.
“You can see the trouble we took to get here today. But after today, this place will never exist again in the manner you met it. That is why we are here to send a strong signal and we are also warning property owners not to come and tell us that they are in South Africa, China or Germany and do not know what is happening. Once your property or commercial entity is used for kidnapping or anything involving grievous bodily harm or threat, including attempted murder, we will come after you and your property,” he stated.
At Nkwubor, Emene, Nike, Anya told reporters, “The activities here were even more gruesome. You have seen the underground cell they built and covered it with a manhole. Ordinarily you will think nothing is happening there, but the eagle eye of the security in the course of doing their work detected that something was amiss, only to discover that there’s an underground where human beings are kept and we found their armoury, many AK47 riffles and other crazy equipments that no civilian is entitled to hold. But, today, it has to go down as directed by the governor in accordance with the Laws of Enugu State,” he said.
The ECTDA Chairman said the government would in addition take over the properties and put them to good use, noting that the demolition is an ongoing process as more structures were already marked to go down.
“So, all these places will be taken over by the government and we can turn it into a children playground, garden, park or primary health care. But whoever thought he or she owned this place before this hour will no longer touch his or her foot here forever.
“Enugu State has an anti-kidnapping law, but beside that, the Criminal Code covers that whatever that deprives you of your liberty and leads to death is what the government cannot condone,” he concluded.
