News
Coastal highway: Community pleads against ancestral home demolition
The Okun-Ajah Community has expressed fears over the potential demolition of 2,000 houses to pave the way for the ongoing Lagos-Calabar coastal highway.
The community, through its traditional ruler, Chief Sikiru Okanlawon, and its secretary, Balogun Kamorudeen, insisted that the community was not on the Federal Government’s right of way and should be spared.
The PUNCH reports that the 700-kilometre stretch of road infrastructure, which will span eight years to complete, will gulp up to N15tn.
Despite the FG’s plans for compensation, many property owners and communities have accused the Ministry of Works of unfair treatment concerning the demolition of structures along the Lagos-Calabar coastal route.
The House of Representatives is also probing the award of the N15tn contract to find out if procurement procedures were adhered to. This is according to the Minority Leader of the House, Kingsley Chinda, who revealed this to one of our correspondents last week.
The Okun-Ajah community, in a statement obtained Sunday, called on President Bola Tinubu, the Lagos State Governor, Babajide Sanwo-Olu, lawmakers representing the Eti-Osa Local Government Area and the Nigerian Bar Association, among others, to come to its rescue.
They said, “Sometime in 2006, the Okun-Ajah Community was granted a Certificate of Occupancy over their communal land in Okun-Ajah. The Survey Plan attached to the Certificate of Occupancy depicted the portion of the communal land earmarked for the then-proposed coastal road. Knowing fully well that some portion of the land had been committed to a federal project, members of the community avoided building on the right of way earmarked for the coastal road.”
The community leaders, however, said a recent road alignment had now been redirected to the residential part of Okun-Ajah “which will lead to the demolition of over 2,000 houses, including our ancestral homes and our Oba’s palace.
“This is the reason the Okun-Ajah people are calling on Nigerians to prevail on the minister to reconsider his proposed action.”
The statement said the Okun-Ajah people were also calling on President Tinubu to urgently investigate the circumstances leading to the “jettisoning” of a second road alignment which was much freer for building development and the adoption of a third road alignment “which will lead to the demolition of over 2,000 houses and the Baale’s palace.”
News
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
By Kayode Sanni-Arewa
The Economic and Financial Crimes Commission (EFCC) has taken Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, to court over alleged money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Jude Okoye, along with his company Northside Music Ltd, was arraigned before Justice Alexander Owoeye of the Federal High Court in Lagos on Wednesday, facing a seven-count charge related to financial crimes.
One of the charges states: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022 in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful acts, thereby committing an offence contrary to Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge alleges that Jude Okoye and his company used a Bureau de Change operator to convert $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars, eighty-seven cents) domiciled in Access Bank Plc into naira and remitted the funds into various accounts with the intent to conceal the source of the money, in violation of the Money Laundering Act.
Jude Okoye pleaded “not guilty” to the charges.
Following his plea, EFCC counsel Larry Peters Aso applied for a trial date and requested that the defendant be remanded in a correctional facility pending trial.
However, defence counsel Inibehe Effiong informed the court of a pending bail application and urged the court to keep Okoye in EFCC custody until the application is heard.
The prosecution opposed the request, citing congestion in EFCC facilities and urging the court to remand him to a correctional centre instead.
Justice Owoeye subsequently adjourned the case to February 28 for a bail hearing and fixed April 14 for trial commencement.
The judge also ordered that Jude Okoye be remanded at the Ikoyi correctional facility pending the determination of his bail application.
By Kayode Sanni-Arewa
Prince Funso Ayeni, an Ikole born philanthropist and politician has donated the sum of N1,000,000 for the support of one Esther Fisayo Aluko Medical needs.
Fisayo Aluko, an Indigene of Ikole LGA part of Ekiti State is currently in need of fund running to millions of Naira to carry out a kidney transplant.
Prince Funso Ayeni made his support known via a Whatsapp platform created for the Indigenes of the LG.
“Good afternoon great citizens,
I am Prince Funso Ayeni (PhD)
I am deeply touched by the condition of Esther Fisayo Aluko, a young lady from Ikole Ekiti, battling kidney issue.
On behalf of myself, my family, and the entire Funso Ayeni Foundation (FAF), I have donated ₦1,000,000 (one million naira) towards her medical treatment ( receipt attached).
“I also appeal to our brothers and sisters from Ikole Local Government, both in and out of government, to rally their contacts and resources to support this urgent cause.
“Together, we can give Esther a chance to live a healthy life again.
By Kayode Sanni-Arewa
The naira is exchanging for ₦1,498 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that for every one dollar, you can get the equivalent in naira of ₦1,498 on February 26, 2025.
The black market rate signifies the value at which individuals can trade their dollars for naira outside the official or regulated exchange channels.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government
Today’s February 26 exchange shows that the naira has improved against the dollar, as it strengthened compared to what it traded on Tuesday, February 25, when the naira exchanged ₦1,499.
The value of any nation’s currency is determined by aggregate supply and demand.
The forces of supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
Funso Ayeni donates N1m, appeals to citizens to support Fisayo Aluko medical needs
Naira again falls against Dollar – February 26
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