Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1400 and sell at N1420 on Sunday 5th May 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1400
Selling Rate
N1420
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1441
Selling Rate
N1442
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Why was the coastal road moved from its original alignment along the Water
Corporation Road to the beachfront where there are 57 active businesses,
thousands of jobs, and millions of dollars worth of infrastructure? The original
route remains unused and undeveloped till date.
b. Why were properties not previously marked for demolition and outside the right
of way, demolished?
c. After the FG refusal to realign the route despite Landmark’s pleas to save the
infrastructure, businesses and jobs on the Landmark Beach, why was the route
later realigned to save infrastructure along the right of way after demolition at
Landmark had already taken place?
2. Due Process
a. Why was a contract of such magnitude awarded to a single contractor without a
competitive bidding process as confirmed by the Federal Minister of Works?
b. Why was a contract with such significant environmental and social impact
commenced without the Environmental and Social Impact Assessment (ESIA) as
required by law?
c. Hi-Tech, the construction company that was awarded the contract for the road
works is owned by the Chagoury Group who also own Eko Atlantic, the business
that is sand filling. The owner of the Chagoury Group, Gilbert Chagoury is also a
known personal friend of President Bola Ahmed Tinubu. Did this personal
relationship play a role in awarding the contract to Hi-Tech without a competitive
bidding process?
d. The Federal Minister of Works and members of the Ministry have been lodged in
Eko Hotel and holding official Federal Government stakeholder meetings in Eko
Hotel while on official assignment for the road. It is worth noting that the owner
of Eko Hotel is also the Chagoury group. Who is ultimately covering the costs for
the FG stay at the luxury 4 star hotel and conduct official government meetings
there as opposed to the Federal Ministry of Works office in Lagos?
e. Why was there no stakeholder engagement or consultation, especially with
impacted businesses, before the right of way was finalized and notice of
demolition?
The Nigerian Electricity Regulatory Commission (NERC), has unbundled the Transmission Company of Nigeria (TCN) with the establishment of the Nigerian Independent System Operator of Nigeria Limited (NISO).
The company disclosed this in an order signed by its Chairman, Mr Sanusi Garba and the Vice Chairman, Mr Muslim Oseni in Abuja on Saturday.
According to the order, TCN will transfer all market and system operation functions to the newly formed NISO.
The company said that this is in line with the provisions of the Electricity Act 2023, which provides clearer guidelines for the incorporation and licensing of the independent system operator (ISO).
It said that previously, TCN held Transmission Service Provider (TSP) and System Operations (SO) licences issued by NERC.
”With the establishment of NISO, TCN will now transfer its assets and liabilities related to market and system operations to the new entity.”
According to the order, the Bureau of Public Enterprises (BPE) has been directed to incorporate a private company limited by shares under the Companies and Allied Matters Act (CAMA) by May 31.
”This new company, to be named the Nigerian Independent System Operator of Nigeria Limited (NISO), will assume the market and system operation functions as specified in the Electricity Act and the terms of TCN’s system operation licence,” it said.
The company outlined NISO’s responsibilities to include managing assets and liabilities related to market, and system operation on behalf of market participants and consumer groups.
”The new ISO will also negotiate contracts for ancillary services with independent power producers and generation licensees.
”In addition to performing market and system operation functions for the benefit of market participants and system users,” it said.
”
The NERC has issued a new Order taking effect from 1 May 2024 establishing the Nigerian Independent System Operator Limited (“NISO”).
It is to hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as NERC may specify.
NISO will now carry out all market and system operation-related contractual rights and obligations transferred to it by the Transmission Company of Nigeria (TCN).
This transfer shall be concluded no later than 31 August 2024 when TCN is expected to hand over its system operation licence to NERC within 7 days of that date,” the order said.
In a startling revelation, the Economic and Financial Crimes Commission (EFCC) has accused no fewer than 58 former governors of looting, embezzling, laundering, or misappropriating a staggering sum of N2.187 trillion over a span of 25 years.
This astronomical figure excludes seized properties across the globe and other assets under investigation, which amount to billions of Naira.
The EFCC’s allegations paint a grim picture of corruption at the highest levels of Nigeria’s state governments. The looted N2.2 trillion is equivalent to the entire 2024 budget of Lagos State, valued at N2.25 trillion, as well as the combined budgets of all the South-East states in the same year, totaling N2.29 trillion. Notably, this sum surpasses the budgets of both the North-Central and North-East states for 2024.
The 58 former governors under EFCC scrutiny hail from various regions of the country, reflecting the widespread nature of the alleged corruption. Since the inception of civil rule on May 29, 1999, Nigeria has seen a total of 170 governors across its 36 states.
A breakdown of the governorship landscape reveals significant variations among states. For instance, Abia State has seen four governors, including notable figures like Orji Uzor Kalu and Theodore Orji. Conversely, Ekiti State, despite being the second least populated state in Nigeria, has witnessed a revolving door of eight governors within the same period, indicating a high turnover rate.
Furthermore, the EFCC’s data highlights the complex legal battles faced by some former governors. While 18 governors served in acting capacities or had their elections annulled, 36 are currently serving, and 114 completed their terms. Only four former governors have been convicted of fraud-related charges, including prominent figures like Lucky Igbinedion and James Ibori.
Despite the EFCC’s aggressive prosecution efforts, no former governor has been among the 6,981 individuals convicted of fraud by the commission between 2020 and 2022. However, cases against several ex-governors are still pending, while others have been dismissed or resulted in acquittals.
The EFCC’s list of former governors under investigation includes names like Timipre Sylva, Ayo Fayose, and Peter Odili, with alleged amounts ranging from billions to hundreds of millions of Naira. The commission has vowed to revisit cases involving a total of N772 billion against 13 former governors, signaling its determination to hold corrupt officials accountable.
Amidst allegations of operating a Ponzi scheme, retired Commissioner of Police Aderemi Adedoye has come under scrutiny for his involvement in an investment club. Adedoye, who vehemently denies any wrongdoing, asserts that the club operates legally and transparently, with assets valued at around N20 billion.
The EFCC’s pursuit of justice against corrupt officials underscores the ongoing battle against graft in Nigeria. As investigations continue and legal proceedings unfold, the fate of these former governors hangs in the balance, with accountability and transparency at the forefront of public discourse.
The 58 ex-governors who are currently or have previously faced investigations by EFCC, with alleged amounts in question, consist of:
Abia State Governor, Dr. Alex Otti has approved the constitution of A Security Advisory Council with the appointment of four retired Generals and three others into the Council.
In a similar vein, Abia Government has constituted the state Security Trust Fund with Governor Otti appointing another seven persons to man the trust fund.
A release by the Governor’s Chief Press Secretary (CPS), Kazie Uko indicated that
Lt. Gen. Azubuike Onyeabo Ihejirika (Rtd), former Chief of Army Staff was appointed Chairman of the Council.
DIG Uche Ivy Okoronkwo (Rtd), was appointed the Vice Chairman, while Mr. Ray Nkemdirim, Maj. Gen. Abel Obi Umahi (Rtd); AVM Emmanuel Chukwu (Rtd); Maj. Gen. J.O. Nwaogbo (Rtd), were appointed as members, and Navy Commodore Macdonald Ubah (Rtd), was announced as Secretary.
It was gathered that members of the Council who had served at the highest echelon of their professional callings, would advise government on how to deal with security issues facing the state.
Equally, Government has created a Security Trust Fund and appointed seven persons to run it.
Those on the list include Chief Stanley Obiamarije, Chairman; Owelle Greg Okafor, Mrs. Ngozi Ekeoma, Chief Johnson Chukwu, Mrs. Josephine Nweze, Mrs. Nkechi Obi and Mr. Bank-Anthony Okoroafor as members.
Members of the trust fund are entrusted with the sourcing and managing security funds for the state.
The appointments of members of both bodies take immediate effect.
Pro-Biafran group, Biafra De Facto Customary Government (BDFCG) has vehemently condemned the recent attack by Fulani herdsmen on the peaceful community of Nimbo in Uzo Uwani LGA of Enugu State.
The group said “This egregious act of violence resulting in the loss of innocent lives is utterly unacceptable and will not be tolerated”.
Reacting to the killing in a statement issued by its Spokesperson Prosper Odinga, BDFCG reminded the public that it had, “in a statement addressing this same event on the issue of open grazing and Fulani Terrorism in Enugu state, Biafraland, on Sunday, February 18, 2024, titled “BDFCG Applauds Governor Peter Mbah’s Outstanding Efforts To Curb Open Grazing Menace In Biafraland,” which followed our press statement dated September 12, 2023, titled “Open Grazing Belongs To 16th Century: Must Be Stopped In Biafraland,” wherein we highlighted the alarming rise of kidnappings and property destruction by Fulani herdsmen”.
It said it’s high time youths are mobilized “to comb our forests and force these reckless marauders out of our land”, adding that the measure “is the only way we have to immediately put an end to this archaic uncivilized practice that continues to bring destruction and terror upon our people”.
BDFCG called on His Excellency, Gov. Peter Mbah of Enugu state, and by extension, all the Governors in Biafraland, to take decisive action and immediately enforce anti-open grazing Laws throughout Biafraland.
“This includes the full force of the law and the mobilization of security forces to apprehend the perpetrators of this heinous crime. Justice must be served, and those responsible will be held accountable for their actions”, it said.
The statement reads in part:
“We stand in solidarity with the people of Nimbo during this challenging time and offer our deepest condolences to the families of the victims. No community should have to endure such senseless brutality, and we share in their grief and outrage.
The BDFCG insists that open grazing must end immediately. The safety and security of our people are paramount, and it is the duty of the government to guarantee the protection of its citizens. We will not allow our hospitality to be taken for granted, and those who reside within our communities must abide by the rules and laws of our land.
Furthermore, we commend Governor Mbah for his prompt response and his commitment to addressing the needs of the Nimbo community. We support his efforts to integrate Nimbo into government representation and to strengthen local security resources, including the Nimbo Neighborhood Watch and Forest Guards.
The BDFCG will continue to fight for the rights and safety of our people, and we will work tirelessly to ensure that incidents like this never happen again.
The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), have appealed to the Nigerian Electricity Regulatory Commission (NERC) and Power Sector operators, to reverse the increase in electricity tariff within one week.
President of the unions, Mr Joe Ajaero and Mr Fetus Osifo made the call on Wednesday in a joint speech to mark the 2024 Workers’ Day in Abuja.
The duo expressed dissatisfaction over epileptic power situation in the country which is affecting economic growth of the country.According to them, it’s imperative that any nation incapable of effectively and efficiently managing its energy resources, faces certain ruin.
“One of the pivotal factors constraining our nation is our glaring incompetence in managing this sector for the collective welfare of our citizens.
“Power, regardless of its source, remains paramount in Kickstarting any economy, while oil and gas are indispensable for robust energy success in every country. “
They said it was absolutely critical for the government to collaborate with the people to establish frameworks that ensure energy works for all Nigerian.
According to the duo, the plight of the power sector remains unchanged over a decade after privatisation of the sector.
“The reasons are glaringly evident. As long as those who sold the companies remain the buyers, Nigerians will continue to face formidable challenges in the power sector.
The Nigeria Labour Congress said the NLC and the trade Union Congress (TUC) have proposed N615,000 as the minimum wage for a Nigerian worker, ahead of negotiations with the federal government.
The Public Relations Officer of the NLC in Lagos State, Ismail Adejumo stated this in an interview with Arise Television on Wednesday.
He said, “From the feelers we’re getting, we believe strongly that the government is very passionate and considers all the indices that are on ground, because what we proposed now both NLC and TUC, is 615,000;
“…as a benchmark to survive as a worker in Nigeria-to pay for rent that is not affordable, you have to pay for high cost of goods and services, you have to take care of your children school fees, you have to do transportation to and fro offices.”
The NLC PRO commended the federal government’s approval of a 25%-35% pay raise for civil servants and 28% raise for pensioners in celebration of Workers’ Day.
He said, “We are most happy despite all the economic hardships going on in this country at the moment. We are feeling the brunt of the fuel scarcity and so many other economic situations that has crippled the life of an average worker, because as we speak now;
“…I must confess to you we are happy with this announcement, though that is not the minimum wage it is just an adjustment to reduce the disparity in the categories of salary scale that we have in Nigeria.
“That of the medical and tertiary institutions have been resolved, and that is why they are not included. This one is the worst of all the category of the salary scale will have.
“So people are living in penury, people’s purchasing power have been very very low, in fact most workers are on life support. I must confess to you that most category of workers in the public service are living on very irredeemable loans, and that is the worst of the matter at the moment.”
“As a worker you cannot be proud of it the sense living so this is very very absurd and we thank the government of today under President Bola Ahmed Tinubu to at least take this direction while we are waiting hopefully, because he campaigned on a renewed hope that he will not let us down.
“So we are hoping that after the tri- patriate committee might have concluded with the labour leadership, then we should be having a living wage, not even a minimum wage.”
Speaking on the process which is being followed for the review of Nigeria’s minimum wage, Adejumo said, “The last minimum wage is due for review this April, and government have deemed it fit that they will not wait until the last day before they kick start the process of negotiation.
“We know all the economic indices that have been put into consideration to determine the minimum wage. But one thing is sure that they tri-patriate committee have already concluded the zonal public hearing.
… speaks on upcoming biennial summit
Young Lawyers Forum, Awka branch, has commended the Anambra State Attorney General and Commissioner for Justice, Professor Sylvia Ifemeje, for her achievements within the period she took over the affairs of the Ministry of Justice.
The forum gave the commendation when its Summit Committee paid a courtesy visit to the Justice Commissioner in her office at Jerome Udorji State Secretariat complex , Awka.
Some of the achievements made in the justice sector under the Justice Commissioner include solar installation in all the High Courts, Court of Appeal, Federal High Court and Court of Appeal in Anambra, as well as all four Correctional Service Centres in the state.
Also, the Soludo administration has equally deployed virtual hearing facilities in all the High Courts and four Correctional Service Centres in the state, and has also embarked on massive renovation of all the Ministry of Justice Outstations in Nnewi, Awka, Onitsha, and Otuocha.
Led by the Chairman of the Young Lawyers Forum, Awka branch, Francisca-Lynda Ezenagu, the team also informed the Attorney General about their planned biennial summit titled “The role of young lawyers in contemporary/modern legal practice”.
According to the committee, the summit coming up on the 24th and 25th of May 2024, will feature prominent lawyers who will speak on topics chosen for the event.
Welcoming her guests, Professor Ifemeje extolled their foresight and industry in planning the summit, and promised to be in their midst.
She urged young lawyers to always assist the indigent and the downtrodden in accessing justice, and to uphold the ethics and maintain the integrity of legal profession at all times.
The Managing Director of Anambra State Housing Development Corporation (ASHDC), Chief Chike Anyaonu has lamented the rot he met at the Corporation on the assumption of office two years ago, saying that he is working hard to ensure that the Corporation lives up to its responsibility.
In an interaction with members of the Correspondents’ Chapel of Nigeria Union Of Journalists (NUJ), Anambra State Council in Awka on Tuesday, Anyaonu said that 20 of the 22 estates which he inherited cannot help the Governor, or the government in improving, engaging and the delivery of Housing in the state.
In fact, he described one of the estates which houses the high and mighty in the state as a scam, in that the contractor failed to provide amenities required of it, but simply sold all the plots of land to prospectors and went away.
Seeing the condition of things in the corporation, he said, he established SOP (Usoro) which encapsulates all the processes one needs to go through to get what one wants from the corporation.
He particularly lamented the situation at Ngozika Housing Estate, phase II which he said that “Government used to scam our people”.
Lamenting the situation, Anyaonu said: “The contractor of Rockland Development Ltd was given the estate to enter into and develop, take over all residential plots but provide the infrastructure necessary for people to come and live there. None of these was done. People moved in and started developing the place on their own.
“Meanwhile, Rockland had gone ahead, sold all the plots, closed the books, and handed over before I came.
“What is happening now is that people are developing the place on their own, without the government coming to their aid, providing all that infrastructure Rockland ought to provide.
“As a result, we have not been going to that place to collect our fees because it would have been shameful “.
Nevertheless, Anyaonu said he has secured the approval of the board to construct one kilometre Road in the Estate and put streetlights.
He said, that strictly speaking only two Housing Estates are working, namely: Udoka Housing Estate, Awka, and another at Fegge Bridgehead.
However, he noted that the Corporation is not resting on its oars to deliver on its mandate as he has reorganised the corporation and put the right pegs in the right places.
Commending Chief Anyaonu for availing himself for the interaction which was held in the April meeting of Correspondents’Chapel, chairman of the Chapel Chief Chuks Ilozue said that apart from the primary function of the press which is to inform, educate and entertain, it is the duty of the press to hold government accountable to the people.
He urged him to strive to turn things around in the corporation to etch his name in the annals of history.
