News
Tinubu forms committee to boost Green Economic Initiative
President Bola Tinubu has inaugurated the Presidential Committee on Climate Action and Green Economic Solutions, towards advancing Nigeria’s climate.
This was announced in a statement on Sunday by the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation, Segun Imohiosen.
The Green Economic Initiative is a collaborative effort launched by the United Nations Environment Programme in October 2008 and endorsed by the UN System Chief Executives Board in April 2009 as one of the nine UN system-wide Joint Crisis Initiatives in response to the global financial and economic crisis.
The initiative is to encourage and enable member states to support investment in low-carbon development and green sectors.
The initiatives provide evidence of the contributions green investments can make to economic performance, social development and environmental improvement, including climate mitigation and adaptation.
President Tinubu, it will be recalled, at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme in Duba, United Arab Emirates, on the margins of the COP28 Climate Summit on December 3, 2023, expressed his administration’s commitment to end gas-flaring in the country.
He also promised that Nigeria is taking significant steps towards a sustainable and eco-friendly future by pioneering an initiative to deploy a fleet of 100 electric buses, to reduce Nigeria’s carbon footprint and modernise the country’s transportation systems.
According to the statement by the OSGF, President Tinubu would chair the committee.
Also, the Minister of Environment, Mr Balarabe Lawal, would act as the vice chairman, while the presidential spokesperson, Ajuri Ngelale, would serve as the secretary of the committee as well as the Special Presidential Envoy on Climate Action.
Other members are the CEOs of InfraCorp, Mr Lazarus Angbazo; National Council on Climate Change, Mr Salisu Dahiru; Infrastructure Council Regulatory Commission, Mr Michael Ohiani, Nigeria Investment Promotion Council, Mrs Aisha Rimi and National Social Investment Fund, Mr Aminu Umar-Sadiq.
The committee also has the CEOs of the National Agency for the Great Green Wall, Mr Yusuf Maina-Bukar, Energy Commission of Nigeria, Mr Abdullahi Mustapha; Rural Electrification Agency, Abba Aliyu; CreditCorp, Uzoma Nwagba, the National Agency for Science and Engineering Infrastructure, Khalil Halilu; Member, Solid Minerals Development Fund, Fatima Shinkafi; Deputy Governor, Corporate Services Directorate, Central Bank of Nigeria, Mr Bala Bello; UN SE4ALL, Lolade Abiola; Member and an Adviser to the NCCC Adviser, Teni Majekodunmi.
Others on the committee are representatives of the Federal Ministries of the Federal Capital Territory, Finance, Industry, Trade and Investment, Water Resources and Agriculture and Food Security.
The committee also has representatives from the Federal Inland Revenue Service and the Nigeria Customs Service.
According to the statement, the committee would oversee and coordinate all national policies and programmes related to climate action and green economic development.
It also has the mandate to develop non-oil and non-gas climate initiatives, ensuring cohesive action across federal institutions, and collaborating with both national and international partners to meet Nigeria’s climate goals.
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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