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...

Kano TikToker Arrested by Hisbah for Allegedly Quoting the Quran Improperly 

A popular Kano TikToker, identified as G-Fresh, has been arrested by the Kano State Hisbah Board for allegedly making “inappropriate remarks” about the Quran. Details about the specific content of the TikTok video remain unclear. However, Hisbah spokesman, Aliyu Usman, stated that G-Fresh is accused of reciting the first chapter of the Quran, Surah Fatiha, in an “improper manner” during the last Eid al-Fitr celebrations in April. “He has been hiding for long and we...

Nigeria Clears 98% of Trapped Airline Funds, IATA Reports

The International Air Transport Association, IATA, has commended the Nigerian government for resolving a major issue that had been impacting airlines. According to IATA, Nigeria has successfully cleared 98 per cent of the funds previously trapped in the country, which had significantly hampered airlines’ operations. At its peak in June 2023, the amount of blocked airline funds in Nigeria reached a staggering US$850 million. This made it difficult for airlines to repatriate their earnings in...

CBN Revokes Heritage Bank’s License Citing Financial Instabil

The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...

President Tinubu’s Statement on the Killing of Soldiers in Abia 

I have received yet another disheartening news of the killing of five soldiers by suspected militants of the proscribed terrorist organization, IPOB. The slain soldiers were on peacekeeping duty in Aba, Abia State on Thursday when they were murdered, just two months after a similar tragic incident happened in Okuama in Delta state. These unwarranted barbaric and evil acts stand condemned and should never be condoned and tolerated in our country. Our soldiers and the...

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