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Naira Appreciates Slightly To End Week On Positive Note
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The naira appreciated consecutively against the dollar at the official foreign exchange market to close the week on a good note.
FMDQ Data showed that the naira gained slightly at N1600 per dollar on Friday from N1601.20 exchanged on Thursday.
Friday’s gain is the second time the naira has appreciated in the week under review.
However, the naira shed its value three times against the dollar this week.
In comparison with the exchange rate of N1600.78 per dollar last Friday, the country’s currency gained N0.78 at the close of the week under review.
Meanwhile, at the black market, the naira lost N15 to close at N1740 per dollar after starting the week with N1725.
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Presidency Orders DSS, EFCC To Probe Govt Officials Linked To PFIPC Scandal
The Presidency has called on security and anti-graft agencies to identify, arrest and prosecute government officials who may have collaborated with Prince Matthew Adeniyi Adeyemi in the alleged operation of two fictitious federal government agencies.
Adeyemi is accused of creating the Presidential Foreign Intervention Promotion Council and the Presidential Economic Advisory Council using allegedly forged documents purportedly linked to the Presidency.
In a statement on his verified X handle, the Senior Special Assistant to President Bola Ahmed Tinubu on Media and Publicity, Temitope Ajayi, said investigators must go beyond Adeyemi and expose the internal network that allegedly enabled him to operate for an extended period.
Ajayi urged the Department of State Services (DSS), the Nigeria Police Force (NPF) and the Economic and Financial Crimes Commission (EFCC) to investigate all officials within public institutions who may have aided the alleged scheme.
According to Ajayi, much of the public debate has ignored the fact that government institutions detected the alleged fraud and acted on it.
He said officials of the Nigerian Investment Promotion Commission, working with officers of the Ministry of Foreign Affairs, first discovered inconsistencies in Adeyemi’s operations and reported the matter to the appropriate authorities.
“Contrary to the anything-goes narrative being promoted, it was the system itself that raised the red flag and dealt with it administratively,” Ajayi said.
He, however, acknowledged that the suspect could not have operated for long without help from insiders.
“What is not in doubt is that internal collaborators enabled Adeyemi to get this far. That is precisely what investigators from the DSS, the Police and the EFCC must now unravel.
“The criminal network within the affected institutions must be dismantled and everyone found to have played a role should be arrested and prosecuted,” he said.
The Presidency had earlier disowned the disowned the two organisations, insisting that they did not exist as government agencies.
It also maintained that the Chief of Staff to the President, Femi Gbajabiamila, neither authorised Adeyemi’s activities nor had any connection with them.
“In Nigeria, the easiest and most believable allegation anyone can throw at a public officer is corruption.
“Once that accusation is thrown into the mix, the water is polluted, the lines are blurred and everyone is kept busy arguing over distractions rather than the real issues,” he wrote.
He described Adeyemi as “an irredeemable con artist” who was using allegations against the Chief of Staff as “his last straw” to avoid criminal liability.
The Presidency insisted that the case should not be framed as evidence of complicity at the highest levels of government, but as an alleged fraud uncovered by the system itself.
News
TCN announces planned outage at Abuja transmission substation
Transmission Company of Nigeria, TCN, Abuja Region has announced a planned preventive maintenance at the Katampe 132/33 KiloVolt (kV) Transmission Substation on Saturday from 9:00am to 4:00pm.
General Manager, Public Affairs of the TCN, Mrs Ndidi Mbah, made this announcement in a statement in Abuja on Saturday.
Mbah said the scheduled maintenance is to enable TCN’s maintenance crew carry out preventive maintenance on the 100 Mega Volt Ampere (MVA) 132/33kV Power Transformer (TR1), its auxiliaries, and associated switchgear in the substation.
”Consequently, Abuja Electricity Distribution Company, AEDC, will be unable to off-take bulk power for distribution to customers in parts of Mpape, Maitama, Jahi, Life Camp,
”Others are Kado Fish Market, Idu-Karmo, and their environs during the maintenance period,” she said.
According to her, the company regrets any inconvenience the planned outage may cause electricity customers in the affected areas.
She added that equipment maintenance is essential to ensure their continued optimal performance.
News
Iran’s Supreme Leader Mojtaba Khamenei barred from father’s funeral rites over fear of potential assassination
Iran’s Supreme Leader, Mojtaba Khamenei, has reportedly been barred from attending the funeral of his late father, Ali Khamenei, over fears that he could be targeted in a potential attack.
According to U.S. media reports citing two members of the Islamic Revolutionary Guard Corps (IRGC), Iranian authoritiesl decided against allowing Mojtaba Khamenei to make a public appearance due to heightened security concerns and ongoing threats against senior Iranian leaders.
Reports in recent days had already indicated that the new Iranian leader was unlikely to attend the six-day funeral ceremonies because of security risks and fears of assassination attempts.
The funeral of Ali Khamenei, who was killed in a joint U.S.-Israeli airstrike earlier this year according to multiple reports, has drawn millions of mourners and heightened tensions across the Middle East.
Iran has announced a six-day state funeral and burial programme for late Supreme Leader Ali Khamenei, with ceremonies taking place across Iran and Iraq before his final interment in the holy city of Mashhad.
July 3-5: Lying in state and public mourning at the Grand Mosalla Mosque in Tehran.
July 6-8: Funeral processions and religious ceremonies in the Iranian cities of Qom and Mashhad, as well as the Iraqi holy cities of Najaf and Karbala.
July 9: Final burial in Mashhad, Khamenei’s hometown, at or near the revered Imam Reza Shrine, one of Shiite Islam’s holiest sites.
Iranian authorities expect the funeral to attract millions of mourners, making it one of the largest state funerals in the country’s history. Security measures have been significantly tightened, with reports indicating concerns over potential threats to senior Iranian leaders, including Supreme Leader Mojtaba Khamenei.
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