The naira, on Wednesday, depreciated by 0.35 percent to close at N773.4/$ at the investors and exporters (I&E) window. Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency opened with an exchange rate of N781.49 to the dollar and sold for an intra-day high of N799.9/$ before it settled at N773.4/$. A total of $45.34 million in FX value was traded at the I&E window on Wednesday. Meanwhile, at the parallel market where the dollar is traded unofficially, Bureaux De Change (BDC) operators who spoke to TheCable in the Victoria Island area of Lagos said there is still high demand for dollars from importers and travellers. The traders put the buying price of the dollar at N885 and the selling price at N905, leaving a profit margin of N20. “Demand is still high. The dollar has been going up too,” Muhammad, a currency trader in the market, told TheCable. Last Friday, one dollar was sold for N865 at the parallel market. The Central Bank of Nigeria (CBN) recently released fresh operational mechanisms for the sale of forex by BDC operators within the country. The development comes 25 months after Godwin Emefiele, the suspended CBN governor, announced the discontinuance of foreign exchange sales to that segment of the forex market. Read TheCable explainer on what the return of the BDCs mean for the naira.

  The Nigerian Navy has alerted Nigerians to be wary of the sale of admission forms into the Nigerian Navy College of Health Sciences and Technology, NNCHS Offa, Kwara State, by fraudsters. The fake advertisement according to the Director of Information, Nigerian Navy, Commodore Adedotun Ayo-Vaughan, fixed the cost of obtaining admission forms at N15,000 and the school fees N186, 850. The fraudsters according to him, “further directed all payments for the forms and school fees to be lodged into a First Bank of Nigeria Account number 3162014359, bearing a pseudo account name; Lieutenant Inusa Endurance and with phone number 09134510613. “Also, the phony advertisement contains the contacts of a self-proclaimed Public Relations Officer’s phone contact; 09134483230 and 09134510613.And the scheduled date for the interview/test as fixed by the miscreants is to hold from September 4 to September 15,2023. “Pertinently, Nigerian Navy College of Health Sciences (NNCHS) Offa, Kwara State is a professional naval institution exclusively for Nigerian Navy medical personnel and not for civilians, hence, the College has no basis to advertise sales of admission forms to members of the public. “The names and phone numbers as mentioned above are all fraudulent, meant to deceive individuals and have nothing to do with the Nigerian Navy or the NNCHS, Offa. “Accordingly, members of the public especially prospective individuals are enjoined to always verify from www.nigeriannavy.mil.ng and other credible sources before committing their hard-earned resources in such fraudulent venture”, he admonished”

  The Minister of the Federal Capital Territory, Nyesom Wike, has reacted to social media reports that he bought a N300m Armoured Lexus car on assumption of office. Wike denied the reports and challenged journalists to touch the car to confirm whether it was a bulletproof car or not. The minister, after his tour of the Abuja Light Rail, said, “We are now going to the office to have a direct report from each of the departments, but I have seen what is going on in the social media; how you (FCTA Permanent Secretary) bought a bulletproof car of N300m that I am using. “So, I want you people to go hit your hand there (on the car) and see whether it is a treated car. With all due respect, people should be careful not to destroy other people. “When I came, the Permanent Secretary said they have a car for us, and the car we use is this. I have never approved any car to be bought and I have not used an official bulletproof car. Whether I have cars as governor? Yes, as a governor, what do you expect I should have? But, I am not using bulletproof car as FCT minister, so we should report the right thing, and not destroy ourselves. I want you to take a look at where you have the flag, and see whether it is a bulletproof car.” Wike was accompanied to the metro station by the FCT minister of state, Dr Mariya Mahmoud and FCT Permanent Secretary, Olusade Adesola. He bemoaned the Metro Station’s route’s lack of commercial viability and emphasised that the FCTA will soon start working on routes connecting neighbouring towns to the city centre. He said, “The Abuja Metro Rail project is one of the projects this administration wants to complete and put to use immediately, to reduce the traffic in the city. “The money for the rehabilitation of the project is there, we will make sure the contractor is paid to ensure that the project is completed and inaugurated in the next few months

  Godwin Emefiele, suspended governor of the Central Bank of Nigeria (CBN), is seeking a plea bargain in the criminal suit filed against him by the federal government, TheCable understands. The suspended CBN governor is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others. He was charged alongside one Sa’adatu Yaro, an employee of the CBN, and a firm known as April1616 Investment Ltd. The arraignment, which was initially scheduled for August 17, was stalled due to the absence of Sa’adatu Yaro, Emefiele’s co-accused. The case was then adjourned to August 23. However, at the court session on Wednesday, neither Emefiele nor Yaro was present. The case was also not listed on the court’s cause list. According to sources, Emefiele is proposing a plea bargain agreement and the federal government is disposed to the arrangement. If an agreement is reached, Emefiele will, subsequently, resign as CBN governor and “disgorge” some assets. By the provisions of the law, the president cannot remove Emefiele as central bank governor. Section 11 of the Central Bank Act 2007 specifies the conditions upon which a CBN governor can be removed from office. Section 11(2)(f) empowers the president to terminate the appointment of a CBN governor. But, the “removal of the governor shall be supported by two-thirds majority of the senate praying that he be so removed”. If the president cannot get two-thirds majority of the senate to remove the CBN governor, another option would be to wait until he is convicted of a criminal offence by a court of competent jurisdiction per section 11(2)(b). However, section 11(3) of the CBN Act allows the CBN governor to resign his office by giving at least three months’ notice in writing to the president. SUSPENDED BUT NOT REMOVED On June 9, President Bola Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor, operations directorate. The day after, the DSS announced that Emefiele was in its custody for “some investigative reasons”. On July 25, he was arraigned on a two-count charge bordering on “illegal possession” of firearms at a federal high court in Ikoyi and was granted bail in the sum of N20 million. Nicholas Oweibo, the judge, had ordered that Emefiele be kept in the custody of the Nigeria Correctional Service (NCoS) pending the fulfillment of his bail conditions. But the DSS insisted that Emefiele must return to its custody — a development that led to the face-off between the secret police and prison officials. After the face-off, DSS rearrested Emefiele on the court premises. On August 3, the federal government filed an application seeking leave to appeal against the order granting bail to Emefiele. However, on August 15, the federal government made an oral application to withdraw the charge of “illegal possession of firearms” against Emefiele. Mohammed Abubakar, the director of public prosecution (DPP) of the federation, said the decision to withdraw the charge is backed by sections 174 (1) and (3) of the 1999 constitution and sections 108 (1), (2) and (4) of the Administration of Criminal Justice Act (ACJA) 2015. On August 17, the court granted the federal government’s application and struck out the charge.

  The Port Harcourt Local Government Authority Area Security Watch and policemen have arrested about 12 suspected internet fraudsters who allegedly buried a newborn baby alive at Andoni waterfront in Eagle Island, Rivers State capital on Wednesday morning. The operation which followed a tip-off was in conjunction with the Rivers State Neighbourhood Watch. The arrest of the suspected Yahoo boys followed credible information received by the vigilante from residents who saw a group of boys conducting incantation and digging the ground by the waterfront. Chairman of PLGA Security Watch who doubles as Chief Security Officer of Eagle Island, Victor Ohaji, disclosed the incident to newsmen. He disclosed that, on getting the information, he alerted the Azikiwe Police Division in Diobi, Port Harcourt and the officials of the state neighborhood Agency. Thereafter, I immediately mobilised my men, but on getting to the spot where we were told the suspects were by the waterfront, the ‘yahoo’ boys’ had left. Ohaji, however, said on closer observation, it was discovered that the suspected ‘yahoo’ boys’ buried something at the waterfront. The CSO of Eagle Island said he directed his men to dig the ground, where they found the lifeless body of a newborn baby boy and was exhumed. He said his men, the police and neighbourhood men started coming to the area in search of the renegades, which they eventually sighted coming out of a hotel. Ohaji stated, “When we dug the place, we saw a newborn baby, a bouncing baby boy. Very fine boy that they buried. ” Immediately I called the Situation Officer of Eagle Island and informed him of our discovery so that he can relate to the Divisional Police Officer he is working with. “Immediately, the police and neighbourhood watchmen joined us. So we started going around Eagle Island to see if we could find the suspects. We even moved from one hotel to another in the area, and lo and behold, we saw them coming out from a hotel. And as soon as we highlighted from the car, they (suspects) started running. “So, we chased after them and apprehended them. There were twelve of them. So we took them to the police station and the baby.” Continuing, he said, “While we were there, the leader of this yahoo boys was shouting, ranting that his father is a Major General and that nothing will happen. “He said even if they bury full human being, nothing will happen. The boy went on ranting that his father was coming. So we handed them to the police.” Ohaji called on the Rivers State Government to assist the outfit with with vehicles and logistics to improve on the good work they are doing. “All we want is for the state to be peaceful. So the government should please assist us, ” he stated. When contacted, the spokesperson of the state Police Command, Grace Iringe-Koko, confirmed the incident, saying an investigation is ongoing. She stated, “Yes, we can confirm the incident. They were arrested by the police with the help of vigilantes.. ” The matter has been transferred to the State Criminal Investigation and Intelligence Department for proper investigation. ” Meanwhile, a human rights advocate and National Coordinator of the Centre for Basic Rights Protection and Accountability Campaign, Prince Wiro, described the incident as the height of wickedness and man’s inhumanity to man. Wiro stated, “We call on the police to carry out a thorough investigation and ensure that the suspects are prosecuted. “We also commend the security operatives for the promoted response and support to the vigilante leading to the arrest, ” he said.

  The Minister of the Federal Capital Territory, Nyesom Wike, has prohibited street vending in Abuja saying that street traders, including those selling corn, contribute to crime and instability in the city. The former governor of Rivers State made this announcement during a meeting with the management staff of the Federal Capital Territory Administration and Federal Capital Development Authority, urging them to prioritise doing what is right. “The important thing we must do is to ensure that Abuja is back to what it ought to be. I moved around Abuja and found out there is total darkness in most of the places. “What we need to do is to ensure light comes back as soon as possible,” he said. Wike ordered the immediate cleanup of Abuja adding, “If you are in charge of sanitation, I will call you at any time of the day.” He warned that he would not hesitate to remove any official who is not meeting his standards of cleanliness. He also stated that motor parks would not be allowed to operate in unauthorised areas. He added, “Street trading is prohibited. People selling corn will drop their waste indiscriminately and these are the things that cause insecurity. Criminals come to buy and use the opportunity to spy and give information to criminals. It is imperative we clear street hawkers. Development control is a serious crisis area we have to stop. Why are there illegal structures and shanties everywhere? We will demolish any illegal structure. No matter how highly placed, the structure will come down,” he reiterated.

  The Lagos State House of Assembly, on Wednesday, confirmed 22 out of the 39 cabinet nominees sent recently by Governor Babajide Sanwo-Olu for screening. The Speaker of the House, Rt. Hon. Mudashiru Obasa, who presided over the day’s plenary, said the confirmation followed a rigorous and detailed screening of the nominees by an ad hoc committee led by the Chief Whip of the House, Hon. Fatai Mojeed. Obasa commended the committee for its effectiveness and urged the confirmed nominees to always remember that they are in office to serve the people of the State and not individuals. He also promised that the House would continue to do its best in the interest of the State. The confirmation was done through a voice vote as Obasa mentioned the name of each of the nominees. However, the lawmakers rejected 17 of the nominees. The confirmed nominees include Layode Ibrahim, Mr Mobolaji Ogunlende, Dr Dolapo Fasawe, Bola Olumegbon, Mr Idris Aregbe, Ms Abisola Olusanya, Mr Moruf Fatai, Mr Kayode Bolaji-Roberts, Engr. Abiola Olowu, Mrs Toke Benson-Awoyinka, Dr Oreoluwa Finnih-Awokoya, Mr Yakub Alebiosu, Mr Lawal Pedro, Mr Tunbosun Alake, Mr Gbenga Oyerinde, Dr Adekunle Olayinka, Dr Jide Babatunde, Mr Afolabi Ayantayo, Mr Tokunbo Wahab, Mr Olakunle Rotimi-Akodu, Mr Jamiu Alli-Balogun, and Mr Abdulkabir Ogungbo. Those not confirmed by the House include Mrs Folashade Adefisayo, Prof. Akin Abayomi, Mr Yomi Oluyomi, Mrs Folashade Ambrose, Ms Barakat Bakare, Mr Gbenga Omotosho, Engr. Olalere Odusote, Dr Rotimi Fashola, Mrs Bolaji Dada, Mr Sam Egube, Mr Olalekan Fatodu, Mrs Solape Hammond, Mr Mosopefolu George, Engr. Aramide Adeyoye, Mr Seun Osiyemi, Mr Rotimi Ogunwuyi, and Dr Olumide Oluyinka.

  A Nigerian man, Conrad Irabor Martin Iyayi, who stabbed his wife to death in their home has been sentenced to life imprisonment in the UK. The 46-year-old stabbed his wife, Katy Harris., seven times in the chest at their home in Oak Crescent, Littleover, Derby, in the early hours of 6 February 2022. Iyayi called the police to the house in Oak Crescent shortly before 7.30am that fateful day, where he told the call handler that he had murdered his wife, Katy Harris. After his arrest, Iyayi then told officers that he could not remember what had happened after he had taken drugs he purchased on the dark web. Iyayi was charged with murder on 8 February and continued to deny that he had murdered his wife. However, just two days into his trial at Derby Crown Court he admitted his guilt. On Friday, August 18, 2023, he was jailed for life and must serve a minimum of 18 years before he can be considered for release. Detective Inspector Steve Shaw said: “Katy Harris was a much-loved mother, daughter, friend and teacher. Her death was a tragic loss of life for her loved ones, as well as the hundreds of students whose lives she had touched through her work as a teacher. “Our thoughts today are with Katy’s family, in particular her three children who she loved so much. Their dignity and support for this investigation has been exemplary and I cannot thank them enough for the way they have conducted themselves throughout what has been an incredibly difficult 18 months. “Conrad Iyayi deprived Katy of what should have been a long and happy life with her family and friends – and has provided no credible explanation as to what happened in that house on the night in question. “I hope that seeing Iyayi behind bars will give all those affected the space to now start rebuilding their lives and allow them to focus on the memories of Katy – who will live on in the hearts of all she knew.” The court heard Ms Harris worked as an art teacher at St Clare’s School in Mickleover and had probably been sleeping in the spare room of the house due to her husband’s snoring, with the couple’s 11-year-old son also at home in his bedroom. Gordon Aspden KC, prosecuting, said the son had described the evening as “entirely normal” when interviewed by police. Iyayi watched Match of the Day with his son on the night of 5 February, and CCTV from a neighbour showed him walking his dog just before 03:00 GMT the following morning. The coat he was seen wearing on the CCTV footage showed bloodstains, later found to contain his wife’s DNA, which the court heard suggested the attack happened before then. Later that morning, the defendant called police from a nearby payphone saying he believed he had killed his wife, and police found her body in a pool of blood in the kitchen. She was pronounced dead at the scene, and after Iyayi was arrested, police woke their son and took him away from the home. Mr Aspden said a post-mortem examination found Ms Harris died from stab wounds to her chest, while cuts to her hand suggested she was “literally fighting for her life” during part of the attack. Mr Aspden said: “He [Iyayi] made a number of unsolicited comments concerning Katy’s death. He said it all felt like a dream and the situation, in his words, was ‘crazy. His demeanour was remarkably calm and controlled given the dreadful circumstances of what had happened. He said Iyayi had given a “demonstrably untrue” account to police that methadone he had bought off the dark web had had an unanticipated effect, that led him to believe he had taken a “mind-altering” hallucinogenic and had murdered his wife in a dream, only to discover her body hours later. But later tests showed Iyayi had taken prescription methadone, as well as prescribed anti-depressants and painkillers, rather than an unknown substance as he had claimed. The defendant had “a substantial number of previous convictions for a wide variety of offences”, he added. In a victim impact statement, the couple’s son said he wanted nothing to do with his father. He’s taken the most important person from me,” the statement said. “It’s really upsetting that I won’t get to make any more memories with my mum,” Ms Harris’ adult daughter Phoebe Harris, who read out a statement on behalf of her and her sister Alexa, said their mother’s murder had left them “devastated and traumatised”, and thanked people for supporting the family. “We don’t see him as a human being as anyone with any humanity could not take someone else’s life in the way that he did,” she said. “He is sinister, sadistic, and manipulative. We feel betrayed,” “We cannot comprehend how one person has affected so many people’s lives,” “Our mum was the light in the lives of so many people, whereas he encapsulates darkness.” Iyayi’s barrister, Amjad Malik KC, said the defendant “destroyed a woman that he loved”, and who had supported him through addiction issues for “a reason that he cannot explain and a reason that will always haunt him. Sentencing, Judge Shaun Smith KC said Ms Harris “would have been conscious for at least part of the attack”, adding Iyayi had written to him accepting responsibility and saying he did not know why the murder happened. “It was a brutal, frenzied killing, and a needless death,” he said. “What you did in the early hours of that morning ended the life of a much-loved woman, and emptied the lives of many others.”

  The Federation Account Allocation Committee (FAAC) says it shared the sum of N966.11 billion among the three tiers of government in July 2023. The committee disclosed this in a communique issued after its latest meeting in Abuja on Tuesday, according to a statement by Stephen Kilebi, director, press and public relations at the Ministry of Finance. The meeting was chaired by Wale Edun, the minister of finance and the coordinating minister of the economy. The July disbursement is higher than the amount (N907.05 billion) shared in June by N59.06 billion (6.5 percent). The total amount shared includes funds from gross statutory revenue, value-added tax (VAT), electronic money transfer levies (EMTL), and exchange rate difference revenue, the committee said. “The N966.11bn total distributable revenue comprised distributable statutory revenue of N397.42bn, distributable Value Added Tax revenue of N271.95bn, Electronic Money Transfer Levy revenue of N12.84bn and Exchange Difference revenue of N283.904bn,” the communiqué reads. FAAC said from the total distributable revenue of N966.11 billion, the federal government received N374.49 billion, the state got N310.67 billion and the local governments were given N229.41 billion. According to the committee, a total sum of N51.55 billion was shared with the relevant states as 13 percent derivation revenue. The panel also disclosed that gross statutory revenue of N1.150 trillion was received for the month of July 2023, which was lower than the sum of N1.152 trillion received in the month of June 2023 by N2.5 trillion. FAAC said from the N397.42 billion distributable statutory revenue, the federal government got N190.49 billion, the states received N96.62 billion, the local governments were allocated N74.49 billion, while N35.82 billion was shared with the relevant states as 13 percent derivation revenue. The committee also said the gross revenue from VAT was N298.79 billion — higher than the N293.41 billion recorded in the month of June 2023 by N5.38 billion.   From the VAT revenue, the communique said, N40.79 billion was given to the federal government; N135.97 billion was allocated to the states, while the local governments got N95.18 billion. In addition, out of the N12.84 billion EMTL, the federal government got N1.93 billion, the states received N6.42 billion and the local governments were given N4.49 billion. FAAC also disclosed that from the N283.9 billion exchange difference revenue, the federal government received N141.28 billion, and the states got N71.66 billion. While N55.25 billion was allocated to the local governments, N15.72 billion was shared with the relevant states as 13 percent mineral revenue. ‘DISCIPLINE IN MONEY SUPPLY NEEDED TO CONTROL INFLATION’ In the communiqué, FAAC also said import and excise duties and EMTL increased considerably, while VAT recorded a marginal increase. On the flip side, the petroleum profit tax, companies income tax (CIT), and oil and gas royalties recorded significant decreases. FAAC noted that N62.42 billion was deducted as cost of collection, while N717.96 billion was deducted for savings, transfers, refunds, and tax credit cancellation. As at August 22, 2023, the balance in the excess crude account was maintained at $473,754.57. Meanwhile, in the statement by Kilebi, Edun “advised that there should be discipline in money supply to control inflation in the nation’s economy.” The finance minister said there was a need for government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.

  A former PDP presidential campaign spokesman, Daniel Bwala, on Wednesday, expressed criticism of ministers whose tenure took off by issuing stern warnings to stakeholders. Several of the 45 new ministers arrived at their duty posts for the first time on Monday, moments after President Bola Tinubu inaugurated them and a fortnight since their weeklong ministerial screening concluded at the Senate. Bwala, who appeared on Channels Television’s Sunrise Daily, noted that the initial statements of some ministers indicated that they had a clear idea of what they were going into. There are others, maybe they have an idea, we don’t know, but their first speech with the Nigerian people is threatening fire and brimstone,” he said.   “To us, we felt that somebody who does that probably does not have a firm grasp of the role he is going to play or an idea of where he is going. “Sometimes, even if you do, priority also matters. If you have too many issues, you know which one comes first, which one comes second.” Bwala expressed his admiration for the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, commending his selection and performance during the screening process. He cited Fagbemi’s “stellar” core objective to ensure adherence to the rule of law, which to the minister “simply means obeying rules and regulations and that the vision of Mr President should key into the rule of law”. The PDP stalwart added “For example, him being a lawyer, the creed of our law practice is that every legal practitioner is to promote the rule of law, foster the course of justice and not to be engaged in any conduct that is unbecoming of a legal practitioner. That is striking.” Bwala’s disapproval comes on the heels of a demolition warning sounded by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to landlords of properties distorting the master plan of Abuja. The former Rivers governor maintained that for anyone who has developed where they are not supposed to, even if the culprit is a minister or an ambassador, “your house must go down”.