Nigerian Senate Divided Over Bill Banning Open Grazing

…bill passes second reading despite opposition. A proposed bill aiming to ban open grazing and establish ranches in Nigeria caused division among senators in the Nigerian Senate on Wednesday. The bill was sponsored by Senator Titus Zam, representing Benue North-West Senatorial District, who argued that the ongoing clashes between farmers and herders could be resolved through the legislation. “Now is the time to adopt international best practices in animal husbandry. Now is the time to...

Senate Approves 300% Salary Increase for Nigerian Judges

The Nigerian Senate on Wednesday passed a bill granting a significant pay rise to judicial officers across the country. The legislation proposes a 300 per cent increase in salaries, allowances, and fringe benefits for the Chief Justice of Nigeria, CJN, and all other judges at both federal and state levels. This decision comes after a report by the Senate Committee on Judiciary, Human Rights, and Legal Matters, chaired by Senator Mohammed Monguno, was presented and...

Naira Seen Weakening to N1,450-$1 by Year-End, Says Fitch Ratings

International credit rating agency Fitch Ratings has projected a decline in the value of the Nigerian naira by December 2024. The agency forecast the naira to settle around N1,450 to the US Dollar by year-end. This projection comes as the naira currently trades around N1,488 to the USD on the official market and N1,500 at the parallel market (as of 5 June 2024) amidst ongoing volatility in the Nigerian foreign exchange market. The naira has...

Court Freezes N11.1 Billion Properties Linked to Former CBN Governor

A Federal High Court in Lagos has ordered the interim forfeiture of properties valued at N11,140,000,000 allegedly linked to Godwin Emefiele, the embattled former governor of the Central Bank of Nigeria, CBN. Justice Chukwujekwu Aneke issued the order on Wednesday after an ex parte motion filed by the Economic and Financial Crimes Commission, EFCC. The EFCC, represented by senior advocate Rotimi Oyedepo, argued that the properties were suspected proceeds of unlawful activities by Emefiele. Emefiele...

Nigerian Government Defends Detention of Finance Executive, US Lawmakers Disagree

The Nigerian government is facing mounting pressure from the United States following the detention of Tigran Gambaryan, a US citizen and head of financial crime compliance at cryptocurrency exchange Binance. Gambaryan was arrested in April during a visit to Nigeria to discuss Binance’s compliance with local regulations. Nigerian authorities have accused Gambaryan of money laundering and other financial crimes. However, these charges have been met with scepticism by the United States. In a recent letter...

EFCC to reward “Naira-Sprayers” Whistleblowers with 5% of amount involved  

Whoever offers credible information, not driven by malice, gets a five per cent reward of the amount involved. The Economic and Financial Crimes Commission, EFCC, is cranking up its fight against the abuse of the naira. In a recent announcement, the agency is offering a five per cent reward to whistleblowers who provide information leading to the prosecution of individuals caught spraying naira notes at celebrations. This move aligns with the existing “Whistleblowing Act,” which...

Mixed Public Reactions over Swift Revert to the Old National Anthem

On 29th May 2024, a wave of nostalgia washed over Nigeria as “Nigeria, We Hail Thee”, once again became the country’s official anthem. President Bola Tinubu signed into law the bill to revert to Nigeria’s old national anthem, which was dropped by the military government of Olusegun Obasanjo in 1978. The old — and now current — national anthem was adopted in 1960, in the aftermath of Nigeria’s independence from British colonial rule. It was...

Nigerian Government Urges Labour Unions to End Strike

The federal government is appealing to labour unions to call off their ongoing strike and return to the negotiation table. The strike, which began on Monday, 3 June 2024 has caused significant disruptions across the country, with power outages, hospital, school and bank closures, and transportation issues impacting daily life for many Nigerians. At a press briefing on Monday, the Minister of Information and National Orientation, Mohammed Idris, acknowledged the concerns raised by labour unions...

Nigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till  2025

The Organisation of the Petroleum Exporting Countries, OPEC, has granted Nigeria a reprieve on its oil production quota. At their recent ministerial meeting, OPEC announced the extension of Nigeria’s production allowance of 1.5 million barrels of crude oil per day (bpd) throughout 2025. This decision comes after OPEC increased Nigeria’s production limit to 1.5 million bpd for 2024 in November 2023. The extension signifies OPEC’s confidence in Nigeria’s production capacity and stability within the oil...

Nigeria Braces for Strike as Labour Talks with Government Collapse

Nigeria faces disruption today as the Nigeria Labour Congress, NLC, and Trade Union Congress, TUC, commence a nationwide strike after negotiations with the government deadlocked. The National Assembly’s attempt to mediate the dispute on Sunday night proved unsuccessful. The NLC and TUC, the umbrella body for Nigerian workers and trade unions, called for the strike to protest rising electricity prices and a decline in living standards. Union leaders demanded a reversal of the recent electricity...

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