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Naira slumps in parallel market
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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.
According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.
The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.
As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.
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Yemi Amodu Accepts Role as TAMPAN National Secretary, Reaffirms Commitment to Industry Reform*
By Kayode Sanni-Arewa
Veteran filmmaker, cultural advocate, and respected voice in Nigeria’s creative industry, Yemi Amodu, has formally accepted the position of National Secretary of the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN).
This heroic announcement follows his earlier aspiration for the presidency of the association; a role he had vigorously campaigned for.
In a declaration titled “The Dream Lives On… Why I Accept the Call to Serve”, widely circulated across online and mainstream media, Amodu explained that his vision for a stronger, more inclusive TAMPAN remains unchanged. While his path has shifted from the presidential race to the Secretariat, he emphasized that the ultimate destination is the same, building a better, more united association.
“The presidency was one path. The Secretariat is another. But the destination is the same… A better TAMPAN,” Amodu stated.
Championing the “Below-the-Line” Professionals
Amodu underscored that his decision was motivated by a desire to amplify the voices of “below-the-line” professionals, the makeup artists, grips, costume designers, actors, and crew members whose contributions are vital yet often overlooked.
He pledged to represent their interests in leadership discussions, advocating for welfare, equity, and dignity across the creative workforce.
“Not for title. Not for position, but for you… I will do all it takes to ensure your interests are secured,” he affirmed.
Acknowledging the importance of unity and peace within TAMPAN, Amodu reassured members that his reform agenda is alive, though now expressed through a different office. He stressed that his commitment is to continue building hope, strengthening structures, and ensuring that every member, across all states, feels represented and empowered.
His announcement has sparked conversations within Nigeria’s creative community, with many stakeholders viewing the move as a strategic step to sustain his vision while reinforcing the association’s foundation.
Observers note that Amodu’s acceptance of the Secretariat role demonstrates both humility and determination, positioning him as a bridge-builder in an industry that thrives on collaboration.
News
BREAKING: Abuja in panic mode as explosion hits Apo bridge axis
There was confusion around the Apo Bridge axis of the Federal Capital Territory on Thursday night after an explosion occurred near Shafa Filling Station, close to Rita Lori Hotel in the Garki axis of Abuja.
The explosion, which was said to have occurred at about nightfall, sent motorists, traders and residents scampering for safety amid fears that it could be a bomb explosion.
An eyewitness, Jason Akande, said he heard several loud bangs in quick succession, describing the incident as frightening.
“It suddenly exploded. At first, I thought it was a bomb blast because I counted about seven explosions,” he said.
Following the incident, emergency responders from the Federal Fire Service and the FCT Fire Service arrived at the scene and immediately commenced efforts to contain the fire and prevent it from spreading to nearby structures.
As of the time of filing this report, authorities had yet to determine the cause of the explosion, while there was no official confirmation of any casualty or the extent of damage.
Security operatives and emergency officials remained at the scene, with residents advised to keep away from the affected area to allow rescue and firefighting operations to continue.
News
PFIPC: ICPC finally submits interim report to TInubu, wants Adeyemi to face prosection
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has submitted an interim report to President Bola Tinubu on its findings into the alleged fictitious Presidential Foreign Investment Promotion Council (PFIPC), recommending the prosecution of its alleged Director-General, Adeniyi Adeyemi.
ICPC’s Chairman, Musa Aliyu, disclosed this on Thursday after meeting President Tinubu at the Presidential Villa, Abuja, exactly 30 days after Tinubu directed the anti-corruption agency to conduct a thorough investigation into the PFIPC.
According to Aliyu, preliminary findings revealed that Adeyemi was never appointed by the Federal Government and that the purported appointment letter, gazette and other documents used to establish the agency were forged.
The case centres on an alleged corruption and forgery scandal involving the disputed government entity, PFIPC.
Speaking at the State House, Aliyu said the commission’s investigation established that Adeyemi was never appointed by the Federal Government and that the documents used to legitimise the agency were forged.
The ICPC boss said the investigation also revealed significant weaknesses in government verification and oversight processes, which were exploited to create the impression that the PFIPC was a legitimate government agency.
“Our interim report found that there are weaknesses in verification, inter-agency oversight and government processes. We discovered that those weaknesses were exploited by Adeniyi, with some level of negligence.
“Our investigation found that no Federal Government funds were approved or disbursed to the fake PFIPC/PEAC,” the ICPC chairman stated.
According to him, investigators also uncovered two additional agencies allegedly created by Adeyemi, the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (PIPA-PPP).
Aliyu said the disputed DG “used forged legislative instruments styled as enabling acts, and used them to support opening of bank accounts.”
Recommendations
The ICPC chairman said the commission recommended Adeyemi’s prosecution, administrative sanctions against public officers whose negligence enabled the operation of the fake agency, and institutional reforms to strengthen internal controls across Ministries, Departments and Agencies (MDAs).
“Our recommendation is that Mr Adeniyi Adeyemi should be prosecuted. Administrative sanctions should also be imposed on public officers whose acts of omission and negligence facilitated the illegal operation of PFIPC/PEAC.
“There is also a need for institutional reforms so that the internal controls of MDAs can be strengthened to prevent this kind of illegal activity,” he stated.
Aliyu noted that the report submitted to the President is only an interim one, adding that investigations are continuing to identify other collaborators and build a stronger criminal case.
“We have continued with the investigation of the activities of Mr Adeniyi Adeyemi and his collaborators so that we can unravel more facts and file criminal charges that can stand the test of time before a court of competent jurisdiction,” he said.
The PFIPC scandal came to the fore after the Presidency disowned the council, describing it as a non-existent government agency despite its appearance in the 2026 Appropriation Act with a ₦1.3 billion budget allocation.
The Federal Government has since filed criminal charges against Adeyemi over allegations including forgery, impersonation and fraudulent misrepresentation, while separate investigations by the House of Representatives and the ICPC continue into how the fake agency operated within government institutions.
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