News
Reps Urge Minister To Prioritise Original FCT Inhabitants Relocation To Suitable Locations
By Gloria Ikibah
The House of Representatives has urge the Minister of Federal Capital Territory Administration to prioritize FCT’s original inhabitants’ relocation to suitable locations and compensate displaced individuals, considering economic, social, and cultural losses, involving community leaders in resettlement and compensation initiatives.
The House also want the Department of Resettlement, Integration, and Compensation to be transformed into an
agency with the responsibility of resettlement, integration, and farming, to original inhabitants and residents for agriculture purposes.
These resolutions was sequel to the adoption of a motion on “Resettlement, Integration and Compensation of Ingenious Communities in the Federal Capital
Territory”, by Rep. Joshua Chinedu Obika on Wednesday at plenary.
Debating the motion Rep Obika noted that the Federal Capital Territory, being the administrative and political hub of Nigeria, has experienced rapid urbanization and population growth, promoting economic development but also posing challenges like inadequate infrastructure, housing shortages, and marginalization of indigenous communities.
The lawmaker said that at the start of construction works by the Shagari’s administration in the 1980s, it was stated
that people who would be affected by development projects would be given options to either choose to be resettled outside Abuja or remain within the FCT.
The motion reads: “Aware that the administration of former President Olusegun Obasanjo’s attempted to resettle, integrate, and compensate indigenous communities, but was confronted with the huge costs of over N100 billion, with an exchange rate of N120 Naira to Dollar;
“Also aware that the previous administration’s compensation, integration, and resettlement of the original
inhabitants of the FCT has not yielded the desired result due to lack of proper coordination among departments in managing compensation, integration, and resettlement communities such as Jabi village, Jabi Samuel, Durumi, Piwoyi, Dawaki, Kuchibena, Jahi 1 and 2, Kadobinku in Gwarinpa, Galadima, Iddo Sarki, Guzape have not been compensated or integrated, and have been deprived of their farm lands;
Worried that the influx of criminal elements in FCT communities is causing increased crime and insecurity, exploiting vulnerabilities due to inadequate infrastructure, security measures, and economic opportunities.
The lawmakers unanimously adopted the motion and mandated the Committees on Federal Capital Territory Administration and Federal Capital Territory Area Council and Ancillary Matters to oversight and address issues raised and ensure accountability and transparency in the implementation process, and report within four (4) weeks for further legislative action.
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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