News
BDC operators reportedly nabbed as naira sells 1,416/$
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By Kayode Sanni-Arewa
Operatives from the Economic and Financial Crimes Commission on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday.
This came as traders also said some BDC operators resisted the arrest during a sting operation.
The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.
But this move was resisted on Tuesday leading to gunshots and damage to the operative’s vehicles, two currency traders who witnessed the incident confirmed
One of the traders who asked not to be named for fear of retribution said the traders simply acted out of frustration as the arrests were becoming too rampant and just to extort money from them.
He said, “EFCC guys came to raid and make an arrest on Monday and they came today (Tuesday) but today’s operation was too strong.
“This is the issue we are facing. Yesterday (Monday) they arrested traders but they were attacked back today and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today and that means people are getting tired and desperate.”
Another trader who confirmed the incident warned that a continued raid by the anti-corruption body might lead to killings.
The trader who also pleaded anonymity said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.
“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating use.’
The EFCC had resumed raiding in a bid to stabilise the naira.
Penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.
Last week, it also paraded over 20 BDC operators arrested in the capital city.
Despite these efforts, the naira has continued on a free fall.
On the rates, the operators said they bought the dollar at N1,400 and sold at N1,425 per dollar leaving a profit margin of N25.
It also indicated an N5 drop from the N1,430 it sold on Monday.
A trader, Malam Yahu, complained of the market fluctuation, adding that it was now difficult to project what the rates would trade at.
He said, “Right now the market is just fluctuating, the naira is not stable at all and that’s why we are even sceptical about buying now. We can’t even predict how the market will trade.
“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.
“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further but if it’s at a loss, they would then rush to sell it off.”
At the official market, data obtained from the FMDQ exchange securities revealed that the currency depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday.
The new rate indicated that the naira dropped by 4.4 per cent or N62, raising concerns about rapid fluctuations.
The intraday high increased to N1,445 on Tuesday from N1,441/$1 recorded on Monday. The intraday low also depreciated to N1,301/$1 as against N1,285/$1 it traded on Monday.
The volume of dollars supplied by willing buyers and willing sellers however increased to $160.77m from $84.3m on Monday.
The former rate was the lowest point in approximately ten weeks when daily turnover was $66.4 million, which occurred on February 19, 2024.
News
Senate committee on health invites stakeholders to a one-public hearing on 3 major Bills
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The Senate Committee on Secondary and Tertiary Health has invited critical stakeholders in the health sector to brainstorm on three major Bills on Thursday.
The three Bills namely: A Bill to amend the Federal Medical Centres Act, 2022 to establish the Federal Medical Centre Gembu sponsored by Senator Manu Haruna representing Taraba Central Senatorial District.
Other Bills are:A Bill for an Act to amend the Federal Orthopaedic Hospitals Management Board Act,
CAP, 010 Laws of the Federation of Nigeria, 2004 (Amendment) Bill to establish an
additional Orthopaedic Hospital in Obokun, Osun State, 2025 (SB.582) Sponsor: Senator
Fadahunsi, Francis Adenigba (Ogun East);
National Eye Centre Jimeta Adamawa State (Establishment) Bill, 2025 (SB.524) Sponsor:
Senator Abass, Aminu lya (Adamawa Central)
The public hearing is scheduled to hold at the Senate Conference Hall 022 by 2pm on Thursday, 27th February, 2025.
News
Amaewhule, 26 Other Lawmakers Never Defected To APC, Rivers Chair Confirms
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By Kayode Sanni-Arewa
The Rivers State chapter of the All Progressives Congress (APC) states the obvious that 27 members of the State House of Assembly never defected to APC .
Rivers APC chairman Chief Tony Okocha, dismissed claims that the lawmakers had defected to the APC from PDP.
Okocha also denied receiving the lawmakers into the APC, saying what happened at the Port Harcourt Polo Club in December 2023 was not a reception for the 27 lawmakers.
He said the December event attended by the lawmakers was to celebrate the constitution of the state executive council of the APC by the party’s national body.
While addressing a news conference in Port Harcourt on Tuesday, Okocha said he personally invited the lawmakers individually as friends for the 2023 event and not as Assembly members.
He said, “There was no intention to organise a reception for what we were not holding. We were inaugurated in Abuja and we chose to organise a reception and thanksgiving for our members.
It was not to receive the 27 lawmakers. We were misinterpreted to have received the 27 lawmakers into the APC. That is not correct.
“We invited individual members of the Assembly. I have a relationship with them over time. We tried to woo them into the party. I was intentional in reaching out to them to join us. We would have counted it all joy if we had succeeded.”
Okocha continued, “We want to tell Nigerians that the 27 lawmakers led by Martin Amaewhule never defected to the All Progressives Congress.
“What people flaunt on social media or television cannot put a plausible argument for them.
“The law is not about emotions. It is as strict as it is.”
He accused Governor Siminalayi Fubara of disobeying the rule of law at all times, saying “The era of strong man mentality is gone. The law has taken its place.
“There is no way a High Court can sit in judgment over a superior Court of Appeal. It is not done. It is a pity that senior lawmakers in this country will now come out to misinterpret the court judgment.”
Okocha further accused the governor of exhibiting dictatorial tendencies in his refusal to obey the court judgment which authorised him to re-present the 2024 budget before the Amaewhule-led House of Assembly.
“We are disenchanted by the governor’s disrespect for the rule of law. Justice James Omotosho granted 15 reliefs in his judgment but the governor has refused to obey them.
“You cannot run the state without an annual budget. But the governor is doing so. You cannot present a budget before a three-man Assembly. The Appeal Court called it a forum,” Okocha stated.
He, however, called for calm and expressed optimism that the parties would obey when the Supreme Court finally rendered judgment on the matter.
News
Ex-President, Buhari, El-Rufai, Amaechi Absent As APC Holds NEC Meeting
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By Kayode Sanni-Arewa
Ex-President Muhammadu Buhari, former Minister of Transportation, Roti mi Amaechi and ex-Governor of Kaduna, Nasr El-Rufai are missing as APC holds NEC meeting.
This is coming just as leaders of the ruling All Progressives Congress (APC) have arrived at the National Secretariat of the party for its National Executive Committee (NEC) meeting in the nation’s capital, Abuja.
All roads leading to the venue of the meeting on Blantyre Street were cordoned off by a combined team of armed security men including soldiers from the Guards Brigade.
Vehicular and human movements on Blantyre Street were also restricted just as journalists were kept outside despite the release of an accredited list of reporters on Wednesday morning by the party spokesman, Felix Morka.
Some early arrivals at the venue include all National Working Committee (NWC) members; Forum of State Chairmen; former governor of Zamfara State, Abdulaziz Yari; Minister of Budget and National Planning, Atiku Bagudu; and Deputy Speaker, Benjamin Kalu.
Governors of Edo, Benue, Ondo, Ekiti, Kaduna, Jigawa, Nasarawa, Yobe, Niger, Lagos, Kogi, Ogun, Imo, deputy governor of Ebonyi and former governors of Kogi, Kebbi, Niger, Zamfara, and Plateau were in attendance.
Conspicuously absent from the NEC meeting were former President Muhammadu Buhari; former Governor of Kaduna State, Nasir El-Rufai; and former Governor of Rivers State and ex-Minister of Transport, Rotimi Amaechi.
The leader of the party, President Bola Tinubu, Vice President Kashim Shetimma, Senate President Goodwill Akpabio, and Speaker Tajudeen Abbas arrived at the venue at noon. The meeting was presided over by APC National Chairman Abdullahi Ganduje
The NEC meeting, the first since Tinubu’s assumption of office in May 2023, comes a day after the national caucus meeting of the party at the Presidential Villa also in Abuja.
Some APC chieftains including El-Rufai and an ex-National Vice Chairman of the party Salihu Lukman had complained about the lack of internal democracy in the ruling.
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