News
24 Hours After Tinubu’s Anniversary, Naira Crashes Massively Against Dollar
The Naira recorded its first massive depreciation against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.
FMDQ data showed that the Naira depreciated to N1484.75 against the Dollar on Thursday from N1329.65 on Wednesday.
This represents an N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.
Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.
The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.
Accordingly, the last time the Nadepreciatedated at both official and parallel foreign exchange markets was on May 23, 2024, when the Central Bank of Nigeria announced fresh guidelines to Bureau De Change operators.
Since mid-April, the Naira has continued to fluctuate against the dollar at the forex market despite CBN interventions.
Olayemi Cardoso, the governor of CBN at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.
News
Tinubu issues serious warning to pilgrims as he unveils 2024 Christian pilgrimage to Israel, Jordan
President Bola Tinubu has officially flagged off the 2024 main Christian pilgrimage to Israel and Jordan.
This was contained in a statement by the Deputy Director and Head of Media and Public Relations of Christian pilgrimage, Celestine Toruka, and published on the Commission’s official X handle on Monday.
The president, represented by the Secretary to the Government of the Federation, George Akume, urged pilgrims to view their journey as an opportunity to strengthen their faith in God.
He noted that the theme of the 2024 pilgrimage, “Pilgrimage of Renewed Hope for Total Restoration,” aligns with the vision and agenda of his administration.
The president called on the intending pilgrims to pray for the progress of Nigeria, Lagos State, and their families.
Tinubu warned the pilgrims against absconding while in the Holy Land, stressing that there is no better place than home.
News
Court sends oil magnate to prison for diverting $26m refinery fund
A Federal High Court sitting in Abuja has remanded the Founder and Chairman of Platform Capital Investment Partners Limited, Akindele Akintoye, in Kuje Correctional Centre.
Justice Emeka Nwite gave the order shortly after Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on allegations bordering on the diversion of $26,060,406 meant to build a refinery in Brass, Bayelsa State, on Tuesday, December 24, 2024.
Justice Nwite, who adjourned the matter until December 31, directed Akintoye to remain in the correctional centre pending the hearing and determination of his bail application.
The EFCC had sued Akintoye, Platform Capital Investment Partners Limited, and Duport Midstream Company Limited, where he is also the Managing Director and CEO, as first to third defendants, respectively.
The anti-graft agency, in the charge marked: FHC/ABJ/CR/641/V/2024 dated and filed on December 19 by its lawyer, Ekele Iheanacho (SAN), preferred four counts against the trio.
Akintoye and Platform Capital Investment Partners Limited were alleged to have, between December 2020 and February 2021, indirectly retained $16 million.
The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $16,006, 000 is alleged to constitute proceed of unlawful activity.
The offence, EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section [5(3) of the same Act.
In count two, Akintoye and Platform Capital were alleged to have between December 2020 and January 2021 indirectly used the aggregate sum of $9,048,725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $9,048,725 was said to constitute proceeds of unlawful activity and the offence was contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.
In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785,681 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemicals Limited as investment.
The sum was said to constitute the proceed of unlawful activity.
The offence, the EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.
The EFCC, in count four, accused Akintoye and Duport Midstream of allegedly retaining the sum of $220,000 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The money was said to be proceed of unlawful activity and the offence is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and | punishable under Section 15(3) of the same Act.
After the charge was read to Akintoye, he and on behalf of the companies, pleaded not guilty to all the counts.
The EFCC’s counsel, Iheanacho, prayed the court for a trial date and urged the court to remand Akintoye in a correctional centre after the non-guilty plea by the defendants.
The defence lawyer, Emmanuel Esedo, told the court that a bail application on Akintoye’s behalf had been filed.
The lawyer, who said the application was filed on December 23, sought the leave of the court to move the motion.
Iheanacho, however, opposed the submission.
After a lengthy argument by the prosecution and the defence lawyers, Justice Nwite agreed with Iheanacho’s submission.
The judge subsequently adjourned the matter until December 31 for the hearing of the bail application.
He ordered Akintoye to be remanded in Kuje Correctional Centre pending the hearing and determination of the application.
News
Obidients Movement rejoice over release of human rights lawyer, Farotimi (Photos)
The Obidients Movement celebrate the release of vibrant activist lawyer, Delete Farotimi.
Naijablitznews reports this was contained in a statement issued by the National Coordinator of the Movement, Dr Yunusa Tanko.
Read full statement below:
‘Today, we rejoice as our brother, Dele Farotimi, has finally reunited with his family in Lagos after meeting the bail conditions that have kept him away from his loved ones.
“His return home is a testament to the unyielding spirit of truth and resilience that defines our movement.
“We extend our heartfelt gratitude to everyone who played a critical role in securing his release. To the legal team, supporters, and advocates who stood firm and refused to let injustice prevail, we are immensely grateful.
“A special appreciation goes to our father and leader, Mr. Peter Obi, whose commitment to justice and the rule of law continues to inspire the Obidient Movement and a new Nigeria. His steadfast support and leadership remind us all why we stand firm in our pursuit of a better and fairer Nigeria.
“Together, we will continue to uphold the values that define us, ensuring that no voice is silenced.
“Thank you all, and may we continue to stand united.
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