News
BREAKING: CBN bows to pressure, resumes sale of dollars to BDC operators

By Francesca Hamgeior
The Central Bank of Nigeria (CBN) has commenced the sale of dollars to Bureau De Change (BDC).
This was announced in a statement signed by Dr Hassan Mahmud, CBN’s Director of Trade & Exchange Department, on Tuesday, February 27.
The apex bank said $20,000 will be available to each eligible Bureau De Change (BDC) operator across the country.
The amount, according to the apex bank, is to be sold to each BDC at the rate of N1,301 per dollar, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of the previous trading day.
Mahmud said all BDCs are allowed to sell to end-users at a margin not more than one percent above the purchase rate from CBN.
The statement reads: “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.
“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO).”
News
Reps Set Stage for Nigeria’s First Legislative Conference on Renewable Energy

By Gloria Ikibah
The House of Representatives is set to host the country’s first National Legislative Conference on Renewable Energy, aimed at driving new laws, attracting investment, and pushing Nigeria further along its energy transition journey.
This was revealed during a press briefing by the Chairman, House Committee on Renewable Energy, Rep. Afam Victor Ogene, who described the event as a turning point for energy legislation in Nigeria.
He said: “The conference aims at bringing together key stakeholders and industry players to discuss renewable energy legislations, energy transition, renewable energy financing, investment opportunities and related matters.
“It’s about developing a national legislative framework on renewable energy”.
The conference, which is being organised by the House Committee on Renewable Energy in partnership with the Office of the Speaker of the House of Representatives, and the United Nations Development Programme (UNDP), will take place under the UNDP Parliamentary Development Program.
Rep. Ogene noted that recent legal reforms have created space for state governments to play a more active role in Nigeria’s power sector. He pointed to the Fifth Alteration Bill 2022 (No.33), now signed into law, which allows states to legislate on electricity matters within the national grid. Before now, states could only act on off-grid power.
In addition, he highlighted the Electricity Act of 2023, which came into effect in February 2024.
“It permits states to issue licenses for all electricity activities – generation, transmission and distribution across the entire power sector value chain,” he said.
The Committee Chairman further stated that the new National Integrated Electricity Policy, expected in 2025, will guide states in forming new electricity markets, where solar power and other renewable sources will be key to reaching underserved communities.
Ogene explained, “The conference has three clear objectives:
“To promote dialogue among legislators, experts and stakeholders on critical legislative priorities.
“To establish a coordinated platform for federal and state lawmakers, and to produce a clear, time-bound legislative action plan.
“International partners are also on board. The Inter-Parliamentary Union (IPU) will participate, and parliaments from South Africa, Ghana and Gambia have confirmed attendance. Ghana is sending a three-man delegation led by the Deputy Speaker, Rt. Hon. Alban Kingsford Bagbin”.
In another major highlight, the Netherlands-based platform INCLUDE will host a Pan-African Legislative Dialogue session on renewable energy, to be chaired by the Hon. Speaker, Rt. Hon. Abbas Tajudeen.
“The session will focus on how to establish a unified legislative framework on renewable energy development, investment and financing.
“The time has come for us to act. This is not just another conference – it is the foundation of Nigeria’s renewable energy future”, Ogene added.
Expected outcomes from the conference include new policy and legislative reform proposals to boost renewable energy use, as well as draft laws that will encourage public and private sector investment.
Other goals are to enhance collaboration between federal and state lawmakers, raise public awareness, and roll out a practical roadmap for implementation and progress tracking.
The event will also feature a technology showcase of renewable energy innovations and business opportunities.
News
Alleged money laundering: EFCC produces Aisha Achimugu in court

By Francesca Hangeior
The operatives of the Economic and Financial Crimes Commission (EFCC), on Wednesday, arrived at the Federal High Court in Abuja with the businesswoman, Aisha Achimugu, as ordered by the court.
Achimugu, who was sandwiched by two female EFCC officers, arrived in court at about 11:35 am.
It could be recalled that Justice Inyang Ekwo had, on Monday, ordered the industrialist, alleged to have fled the country, to honour the invitation by the anti-graft agency on Tuesday at noon.
Justice Ekwo, who gave the order in a short ruling, also ordered the EFCC, upon the appearance of Achimugu at its office, to return with her to court on Wednesday for a report.
Achimugu was, however, said to have been arrested by the EFCC’s operatives on her arrival abroad at about 5 am and kept in custody.
News
US threatens to quit Russia-Ukraine effort unless ‘concrete proposals’

By Francesca Hangeior
Secretary of State Marco Rubio has warned that the United States would give up on mediation unless Russia and Ukraine put forward “concrete proposals,” as US patience wanes on an early priority for Donald Trump.
The US president had vowed to end the war in his first 24 hours back in the White House but, as Trump celebrates 100 days in office, Rubio has suggested the administration could soon turn attention to other issues.
“We are now at a time where concrete proposals need to be delivered by the two parties on how to end this conflict,” State Department spokesperson Tammy Bruce told reporters, in what she said was a message from Rubio.
“If there is not progress, we will step back as mediators in this process.”
She said it would ultimately be up to Trump to decide whether to move ahead on diplomacy.
The president suggested on Tuesday that his Russian counterpart Vladimir Putin still wants to negotiate a peace agreement with Ukraine.
Asked in an interview with ABC television if Putin wants peace, Trump said: “I think he does.”
Putin recently proposed a three-day ceasefire around Moscow’s commemorations next week for the 80th anniversary of the end of World War II.
But he has rebuffed a Ukrainian-backed US call for a 30-day ceasefire.
The United States wants “not a three-day moment so you can celebrate something else — a complete, durable ceasefire and an end to the conflict,” Bruce said.
It remains unclear if Rubio is actually ready to turn the page or is seeking to pressure the two countries.
The United States already put together a framework proposal which Ukrainians feel bows to Russian demands.
Trump has suggested an official recognition of Russia’s takeover in 2014 of Crimea, an annexation rejected by nearly all the world, in addition to land swaps.
“We all want this war to end in a fair way — with no rewards for Putin, especially no land,” Ukrainian President Volodymyr Zelensky told an event in Poland by videoconference on Tuesday.
Russia has also not moved on the proposal with many experts believing Moscow now sees an upper hand — on the battlefield and diplomatically, with Trump eager to reconcile.
Russia’s ambassador to the United Nations, Vassily Nebenzia, sought to blame Zelensky and said that Russia would keep speaking with the United States.
Zelensky “is bent on escalating the conflict. He’s recklessly rejecting the United States’ balanced peace proposals,” Nebenzia told a UN Security Council meeting.
US diplomat John Kelley told the session that both sides would benefit from working off the US framework and condemned Russian strikes into Ukraine.
“Right now, Russia has a great opportunity to achieve a durable peace,” Kelley said.
Trump in turn berated Zelensky in a February 28 White House meeting. He and Vice President JD Vance accused the wartime leader of ingratitude for US weapons sent under Biden.
Ukraine quickly tried to make amends by backing US diplomatic efforts and pursuing a deal in which the United States would control much of the country’s mineral wealth.
US Senator Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, said Tuesday that recognizing “Russia’s illegal annexation of Crimea would invite additional aggression from Moscow and Beijing.”
“I have endeavored to give President Trump the space to negotiate a just and lasting peace in Ukraine, which is a goal we both share,” she said.
“However, President Trump and his team have fatally mismanaged these negotiations — offering concession after concession to Russia, throwing away our leverage and fracturing the united front with our allies that is critical to ending this war,” she said.
Ukraine ordered on Tuesday the evacuation of seven villages in the eastern Dnipropetrovsk region which used to be remote from the frontlines but are now under threat as Russian forces close in.
Last week a ballistic missile ripped into a residential area of Kyiv in one of the deadliest attacks on the capital since the invasion.
Trump, who has claimed that Putin would not have attacked Ukraine if he were in power in 2022, wrote, “Vladimir, STOP,” on social media after the attack.
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