President Bola Tinubu has asked the senate to confirm Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), as chair of the monetary policy committee (MPC). The president also named Mohammed Sani Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor, deputy governors of the apex bank, as members of the committee. Tinubu’s request, which was premised on section 12 of the CBN Act, was contained in a letter read by Senate President Godswill Akpabio on the floor of the red chamber on Wednesday. “In accordance with the provisions of section 12 of the Central Bank of Nigeria (CBN) Act of 2007, I am pleased to present for confirmation by the senate, the appointments of the underlisted 12 persons as chair and members of the monetary policy committee (MPC) of the CBN,” the president said. Other members of the MPC appointed by Tinubu are Lamido Yuguda, director-general of Securities and Exchange Commission (SEC); Jibia Shehu, permanent secretary of the ministry of finance; Murtala Sabo; Uche Wogu; Maureen Agu; Mustapha Akinwumi; and Bamidele Omo. Akpabio referred the president’s request to the senate committee on banking for further legislative input.

  The Nigerian Meteorological Agency (NiMET) has said that announced that the excessive heat being experienced in the country presently would remain so for a while. In a short post on its X page, the official source for weather and climate news in stated the implications of the weather and advised the public on how to manage the situation. “Air Temperatures hit 41°C over the North and 39°C over the South with model Projections indicating temperatures to remain high in the coming days,” NiMET said. “IMPLICATIONS:   Dehydration: this could also cause fainting; chicken Pox disease, Measles, Heat Rash, weakness of the body, slight fever, and dry lips; Heat-Related Illnesses; Respiratory Issues; and Increased Vulnerability to chronic conditions. “ADVISORIES: Adequate fluid intake. Seek shade, use fans, and wear light, breathable clothing to reduce exposure to high temperatures. Avoid strenuous physical activity during peak heat hours (Stay indoors as much as possible between 12:00 noon and 4:00 pm evening time).”

  The Organisation Of Petroleum Exporting Countries (OPEC) has revealed that the oil exports in Nigeria grew significantly by 60.8% in the third quarter of 2023. “Throughout 3Q23, exports witnessed a remarkable 60.8% increase, and imports soared by 47.7%, culminating in a trade surplus of NGN1,888.92 billion in that period,” its Monthly Oil Report released Tuesday for February 2024 said. It also revealed that exports rose by 115%, y-o-y, reaching an unprecedented high of NGN3,867 billion, while imports surged by 34.5% to NGN2,429 billion. According to the report, ”Nigeria boasted a significant trade surplus of 1,438.4 billion naira (NGN), a strong rebound from the NGN7.2 billion deficit recorded in September 2022.” ”In late January, the naira exchange rate was devalued from NGN975/US$ to NGN1,414/US$. As a consequence, imported inflation may rise, although the weakened local currency could offer further support to non-oil exports.” Nigeria’s current oil output is below the nation’s 2024 budget target of 1.78mbpd with the budget heavily dependent on proceeds from crude sales. Nevertheless, there is significant uncertainty regarding the currency’s trajectory, given historical trends. Additionally, concerns persist regarding inflationary pressures in Nigeria, with the inflation rate reaching 28.9% in December, marking the highest level in 2023. Meanwhile, growth in the private sector persisted, as Nigeria’s January Stanbic IBTC Bank Purchasing Managers’ Index (PMI) rose to 54.5 in January 2024, up from 52.7 in December 2023. This improvement in business conditions is attributed to an expansion in purchasing activities. ”Moreover, business confidence has improved compared to the previous month, with firms maintaining a positive outlook on output growth in the year ahead. Nigeria’s near-term downside risks may be driven by challenges in the power grid, an intensification of monetary tightening, exchange rate fluctuations, inflation volatility, and global geopolitical uncertainty.” the report also said. On the part of the total crude production in the 12 OPEC states an average of 26.34mbpd was producedc last month, reducing by 350,000 bpd. “According to secondary sources, total OPEC-12 crude oil production averaged 26.34 mb/d in January 2024, lower by 350 tb/d, month-on-month. Crude oil output increased mainly in the UAE, Saudi Arabia and Venezuela, while production in Libya, Kuwait, Iraq and Algeria decreased,” the report said.

  Eighteen shops were destroyed on Tuesday night in a gas explosion at Iju Ishaga in Lagos. The incident was reported at 10:04 pm and was caused by the off-loading of six numbers of 75-50(kg) gas cylinders from a stationed mini truck to a gas shop that accidentally resulted in explosions from one of the compromised head caps of a cylinder accompanied by Fire. This was confirmed by the Director of Lagos State Fire and Rescue Service, Margaret Adeseye, who also said ”there is no traces of casualty nor injury as the operations moved towards a conclusion.” She also revealed that the fire has been confined to the tanker and the adjoining row of shops it spread to as concerted efforts were ongoing to forestall further spread to protect the environment and property including the nearby Kerosene Petroleum Filling Station. Adeseye also said that normalcy had returned to the area but advised Lagosians to refrain from housing inflammable materials in residential areas Destroyed properties from the Iju Ishaga explosion

  Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), says she has received reports of children caught with sachet alcohol. Earlier this month, NAFDAC announced a ban on the production of alcohol in sachets and pet bottles of less than 200ml. Kazeem Adeniran, NAFDAC assistant chief regulation officer, investigation and enforcement, said the ban was in line with the agreement reached by a tripartite committee set up in 2018 by the federal ministry of health. Speaking on Wednesday during an Arise Television interview, Adeyeye said the agency is banning alcohol in sachets, or in less than 200ml PET bottles, because these packages can be easily concealed. “I want us to think of children in primary and secondary schools drinking alcohol in a sachet or less than 200ml PET bottles,” she said. “Beer has four to eight percent alcohol but the alcohol content in these sachets is 30 percent which is six to seven times the alcohol content in beer. We did not ban alcohol in bigger containers and we are not against trade. “Sachet alcohol is harmful because it can be easily concealed. Imagine a primary school child concealing a sachet in the pocket. I was talking with a school principal some days ago and he said they usually seize those sachet packages from children. “He said sometimes a child may consume up to seven during school hours. It has been documented by agencies that children who take alcohol at a young age will most likely end up abusing substances.” The director-general said NAFDAC is carrying out the ban of sachet alcohol as the implementing agency under the ministry of health, in conjunction with the ministry of trade. “The Association of Food, Beverage and Tobacco Employers (AFBTE) and the distillers association went to the ministry of health in 2018 to complain that we are planning to ban alcohol in sachets and we had several meetings,” she added. “At the end of it all, there was a document that was generated and an agreement signed by AFBTE and the distillers association that we should consider that they have machinery and people producing these products. “They said we should give them time. They signed an agreement for a five-year phase-out.” BAN WILL ERODE INVESTORS’ CONFIDENCE The Food Beverage and Tobacco Senior Staff Association (FOBTOB) has faulted the ban on alcoholic beverages in sachets and PET bottles. Speaking when the association picketed the headquarters of NAFDAC in Abuja on Tuesday, Oyibo Jimoh, its national president, said “the ban will erode investors’ confidence in our economy”. “This should not be added to the hydra-headed challenges that our economy is facing already,” he said. “Our association considers the NAFDAC action as a willful and deliberate economic sabotage, as the implementation is coming at a time when the economy is on a downward spiral. “Workers in these companies pay various forms of taxes to the government at different levels, while the companies in the sector also contribute significantly to the economy through job creation and taxes. “The sector is a chain from the producer to the major marketers, distributors, and retailers. “The impact on the families of millions of Nigerians who are dependent on these workers is indescribable.”

  The Police Command in Rivers has dismissed one Insp. Michael Odey, accused of kidnapping and extortion of 3,000 US dollars from two persons at gunpoint in Rivers. The files of two other officers, ASP Doubara Edonyabo and ASP Talent Mungo, who were allegedly involved in the incident, have been forwarded to the police headquarters for review. The command’s spokesperson, SP Grace Iringe-Koko, confirmed the development in a statement issued in Port Harcourt on Wednesday. “Insp. Odey’s dismissal was confirmed following the conclusion of Orderly Room proceedings and a review by Assistant Inspector General of Police, Zone 16, Yenagoa, AIG Alifa Omata. “AIG Omata upheld the recommendation for dismissal from the Force, and as such, Odey was relieved of his duty, effective February 7, 2024. “Similarly, Edonyabo and Mungo have been queried and recommended for dismissal in compliance with established procedures,” she said. Iringe-Koko stated that the recommendation has been forwarded to the Secretary of the Nigeria Police Force for necessary action. “The disciplinary process for Edonyabo and Mungo will involve review by the Inspector General of Police and the Police Service Commission to ensure a fair resolution. “The three officers remain in custody as investigations continue into two additional cases of a similar nature. “The command encourages residents to report any misconduct by law enforcement agents promptly, as any officer involved in misconduct will be met with appropriate actions for fairness and justice,” she added. (NAN)

  Operatives of the Economic and Financial Crimes Commission (EFCC) allegedly invaded the hostels of the students of the Federal University of Technology, Akure (FUTA), Ondo State. The EFCC operatives who reportedly raided the students’ lodges at 2:00 am on Wednesday also arrested students. Some students have taken to social media, sharing videos and alleging that the men broke into rooms and arrested their schoolmates.   EFCC operatives allegedly invade FUTA hostels, arrest students Operatives of the Economic and Financial Crimes Commission (EFCC) allegedly invaded the hostels of the students of the Federal University of Technology, Akure (FUTA), Ondo State. The EFCC operatives who reportedly… pic.twitter.com/eH5BB6bmiw — Vanguard Newspapers (@vanguardngrnews) February 14, 2024 Videos circulating on social media have revealed broken window frames from what is believed to be an attempt at forced entry. One social media user named J Brandy wrote, “I thought they said EFCC should not raid at nights again. This hostel (Celebrity Lodge, FUTA ) is right behind mine. When will this endemic? EFCC (officials) moving like thieves at night!” A man wearing the EFFC jacket was seen in one of the videos circulating online. This happened against the order that the Chairman of the EFCC, Ola Olukoyede, gave in November that sting operations at night be stopped. He gave this directive after the arrest of suspected internet fraudsters in Ile-Ife, Osun State, by operatives of the EFCC which sparked public outrage.