March 4, 2024
The Nigeria Customs Service, Oyo/Ogun Command, has announced plans to begin another round of distribution of seized rice and other food items to citizens as soon as the Federal Government finalises the modalities for the exercise. The Service says this is a move to alleviate the hardship Nigerians are facing due to the skyrocketing prices of food in the country.
According to the command, the modalities for the distribution exercise became necessary to prevent a repeat of the tragic incident recalled in Lagos, where scores of people died when armed hoodlums in camouflage gear attempted to force their way into the venue.
Recall that the Nigeria Customs began the distribution of seized food items on the order of the Federal Government to Nigerians to help mitigate the current hardship in the country.
While speaking with newsmen at the command headquarters in Ibadan, yesterday, the Area Controller, Oyo/Osun Command, Ben Oramalugo, said that in light of the current food shortage and rising prices, the federal government has directed the Nigeria Customs Service to distribute seized rice at a cheaper price to the public to alleviate the suffering of Nigerians and make sure that they have access to affordable food.
He said that the distribution of the seized items would go a long way in alleviating the hardship being faced by many families, while adding that they are taking the directive very seriously, and are committed to ensuring that the seized rice is distributed fairly and transparently, with eligible beneficiaries carefully screened and verified before they receive the items.
In his words, “Once the necessary modalities are in place, the distribution of seized rice will begin. We will provide regular updates to the public on the progress of the distribution.”
“In the meantime, we would like to remind everyone that smuggling is illegal and that those who engage in it are subject to serious penalties.”
“We urge everyone to support the government’s efforts to crack down on smuggling and ensure that only legal goods are brought into the country.”
March 1, 2024
The Office of the National Security Adviser; NSA, has confirmed that the Federal Government is investigating the operations of Binance, and some other crypto currency exchange companies in Nigeria.
Financial Times had on Wednesday reported that two executives of Binance were arrested and detained by the Nigerian government. The executives were reported to have flown into the country last week following a ban on their website.
The Nigerian Communications Commission had on February 21, 2024, blocked online platforms like Binance and other crypto firms to avert the continuous manipulation of the forex market and illicit movement of funds.
The Head of Strategic Communication, Office of the National Security Adviser, Zakari Mijinyawa, said the office was coordinating the activities of other agencies to investigate the operations of the company.
He said, “The office is leading and coordinating an interagency process by law enforcement officers – this includes ongoing investigations into the operations of Binance. Outcomes from this interagency investigation will be made available in due course. “
He, however, did not deny or confirm that the two executives were arrested
Binance is an online exchange where users can trade cryptocurrencies.
The Central Bank of Nigeria Governor, Olayemi Cardoso, at a press briefing after the 293rd meeting of the Monetary Policy Committee in Abuja on Tuesday, disclosed that more than $26bn was channeled through Binance without traces in the last one year.
He added that the CBN was moving to a very aggressive regulatory environment.
February 19, 2024
Operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a banker, Soberechukwu Inya Ewa and a Point of Sales, POS, cashier, Azubuike Mamwu Obasi for allegedly selling new naira notes to customers for commercial purposes.
A statement issued by the EFCC’s spokesman, Dele Oyewale, said the suspects were arrested in the early hours of Friday, February 15, 2024, at Ecobank, Rumuobiakani and Maddox Night club, new Government Reservation Area, GRA, Port Harcourt, Rivers State.
He said preliminary investigation showed that Ewa, a banker, allegedly specializes in selling new naira notes of different denominations to POS cashiers for commercial purposes while Obasi was caught engaging in currency racketeering by charging fees for new naira notes.
“He was arrested while in possession of N554,600.00. The two suspects would soon be charged to court,” Oyewale said.
February 9, 2024
The Nigerian National Petroleum Company Limited (NNPCL) and Central Bank of Nigeria (CBN) have formalised tge agreement on the directive by President Bola Tinubu for earnings from oil to be domiciled in the apex bank.
Amidst rising economic crisis, especially the free fall of the Naira, the Nigerian leader Tinubu directed the CBN to handle crude proceeds going forward.
A joint statement by the two bodies yesterday said NNPCL would domicile a significant portion of its revenues and other banking services with the CBN.
The decision followed a meeting between the NNPCL Group Chief Executive Officer, Mele Kyari and CBN Governor Olayemi Cardoso in Abuja.
NNPC said the move would provide the national oil company with an improved platform for managing its cash holding obligor limits, aligning with directives from the Board of Directors.
The statement hinted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPCL’s transactions effectively.
The both expressed commitment to fortify collaborations and smoothen operations.
