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Imran Khan, former Prime Minister of Pakistan, sentenced to a 10-year imprisonment

Tosin Ranks
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Imran Khan, former Prime Minister of Pakistan, sentenced to a 10-year imprisonment

On Tuesday, Imran Khan, the former Prime Minister of Pakistan, received a 10-year jail sentence, as reported by state media and his party’s spokesperson.

This contentious verdict is linked to a leaked document.

The trial took place within the confines of the jail where Khan has been held since his arrest in August. This development unfolds amidst the upcoming elections scheduled for February 8.

A spokesperson for the Pakistan Tehreek-e-Insaf (PTI) party stated, “Former Prime Minister Imran Khan and PTI vice-president Shah Mahmood Qureshi have each been sentenced to 10 years within prison in the cypher case,” shedding light on the case’s focal point.

The controversy revolves around their handling of a “cypher” from Pakistan’s ambassador to the United States, alleging U.S. complicity in a plot to remove Khan from office in 2022.

This sentencing comes at a critical juncture, with millions set to vote in less than two weeks, marking a campaign overshadowed by accusations of pre-vote rigging and reported suppression of Khan’s party.

On January 31, a total of 8,285 candidates will be undertaking the computer-based WASSCE

Tosin Ranks
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0
On January 31, a total of 8,285 candidates will be undertaking the computer-based WASSCE

The Head of National Office for the West African Certificate Examination in Nigeria, Dr. Amos Dangut, announced that as of Monday,

8,285 candidates have enrolled for the inaugural Computer-Based West Africa Senior School Certificate Examination for Private Candidates in 2024.

During a press conference on Monday, Dangut shared that the exam is scheduled to commence on Wednesday, January 31, and conclude on Saturday, February 17, 2024, within Nigeria.

In November 2023, WAEC disclosed its intention to adopt a computer-based model for the WASSCE for private candidates.

Dangut acknowledged the initial resistance to this innovation but emphasized that it fueled the council’s determination to proceed with the CB-WASSCE.

He expressed satisfaction with the positive reception, noting that 8,285 candidates had registered by January 29, 2024.

Among them, 3,949 are male (47.66%) and 4,336 are female (52.34%).

Dangut elaborated on the examination format, mentioning that it would involve 19 subjects and 26 papers in a hybrid mode.

In this mode, objective or multiple-choice questions will be presented on-screen, and candidates are required to respond on the screen.

Essay and practical questions will also be displayed on-screen, with candidates providing responses using the provided answer booklets.

He encouraged candidates to access WAEC’s e-learning portal for materials outlining the requirements for the CB-WASSCE.

Dangut assured collaboration with the Federal Ministry of Education, state Ministries of Education, the Nigeria Police Force, other security agencies, and stakeholders to deliver a credible examination in 2024.

 

FG to take action against shipowners for violating carbon emission standards

Tosin Ranks
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FG to take action against shipowners for violating carbon emission standards

The Federal Government is actively working on strategies to penalize vessels violating the International Maritime Organization’s sulfur regulations, according to the Minister of Maritime and Blue Economy, Adegboyega Oyetola.

During the arrival ceremony of the largest container vessel, ‘CMA CGM Scandola,’ powered by Liquefied Natural Gas at Lekki Port, Lagos, Oyetola mentioned that tools are being procured to boost the Nigerian Ports Authority’s capacity for sulfur analysis.

The government is aligning with the International Maritime Organization’s Green House Gas Strategy 2023, aiming for a 40% reduction in the carbon intensity of international shipping by 2030.

Oyetola emphasized the need to minimize air pollution in the shipping industry by reducing sulfur content in fuels and commended the shift to natural gas, emphasizing Nigeria’s high-quality, low-sulfur gas.

The Ministry of Maritime and Blue Economy recognizes shipping’s vital role in global decarbonization and commends the NPS for incorporating energy-efficient measures in its port modernization project.

 

The ‘Scandola’ is noted for its eco-friendliness and ranks among West Africa’s largest container ships with 15,000 twenty equivalent units.

 

Lagos State Governor, Babajide Sanwo-Olu, and Lekki Deep Seaport’s Managing Director, Du Rougang, both expressed pride in positioning Lekki Port on the global logistics marine business map, emphasizing the significance of the vessel’s arrival for Nigeria’s ports.

Pension funds experience a notable 22% increase, reaching N18 trillion, according to NAICOM

Tosin Ranks
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0
Pension funds experience a notable 22% increase, reaching N18 trillion, according to NAICOM

The National Pension Commission reported that the Contributory Pension Scheme’s total assets reached N18.36tn by the close of 2023, marking a 22.43% appreciation in pension funds during the year.

The net assets increased from N14.99tn in 2022 to N18.36tn, with a monthly growth of 2.39% in December alone.

The report highlighted that N11.92tn of the assets was invested in Federal Government securities, constituting 64.9% of total assets.

Despite this growth, industry observers note the underpenetration, as the AUM accounts for only nine percent of Nigeria’s 2022 GDP, below the global average.

The dominance of FGN securities, especially bonds, and the positive performance of the equities market, contribute to the sector’s positive trajectory, according to analysts at Cowry Asset Management.

However, the value of pension funds declined by 45.18% in dollars due to the naira’s devaluation, impacting both pension funds and the broader economy.

PenCom emphasized that the devaluation and inflation are twin challenges affecting the purchasing power of currency.

 

Investigation underway by the Lagos Commissioner of Police into allegations of bribery involving a DPO

Tosin Ranks
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0
Investigation underway by the Lagos Commissioner of Police into allegations of bribery involving a DPO

The Lagos State Commissioner of Police, Adegoke Fayoade, has directed an investigation into the bribery accusation against Epe Divisional Police Officer, Godwin Okoruwa.

The command has also instructed Okoruwa to temporarily step aside during the ongoing investigation, as disclosed by the state Police Public Relations Officer, Benjamin Humdeyin, via his account @BenHundeyin on Monday.

This response came following a publication titled, “Lagos DPO Queried For Accepting N2m To Release Suspected Armed Robbers.”

Reportedly, Okoruwa was alleged to have accepted a N2m cheque from a local monarch in Epe to release four suspected armed robbers apprehended by detectives during a stop-and-search operation.

However, Humdeyin clarified that CP Fayoade initiated an investigation and ordered Okoruwa to step aside pending its conclusion.

In the midst of this, PUNCH Metro’s investigation revealed a police source denying any bribe reception by Okoruwa and emphasizing that the suspects had already been transferred to the headquarters the same day they were arrested.

The source also highlighted ongoing issues between the monarch and Okoruwa, questioning the credibility of the bribery claim.

While addressing the situation, the police source urged the hierarchy to thoroughly investigate the matter, emphasizing the importance of shielding a police officer from unjust consequences due to social media pressure.

Meanwhile, the state PPRO, Hundeyin, confirmed the incident occurred on Thursday, involving six suspects, and affirmed the force’s commitment to sanction officers engaging in misconduct, as demonstrated by the recent identification of three officers in Lagos demanding a tinted glass permit without proper identification and uniforms.

 

The NAF insists on settling outstanding debts to facilitate the transportation of by-election materials for INEC

Tosin Ranks
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0
The NAF insists on settling outstanding debts to facilitate the transportation of by-election materials for INEC

On Monday, Air Marshal Hassan Abubakar, Chief of the Air Staff, urged the Independent National Electoral Commission (INEC) to settle its outstanding bills, enabling the Air Force to assist in transporting materials for the upcoming by-elections.

INEC Chairman, Prof. Mahmood Yakubu, sought NAF’s support for the February 3 rerun/by-elections in 26 states, emphasizing the logistical challenges involved in deploying materials to three locations in the North-East, South-East, and South-West.

Air Marshal Abubakar affirmed NAF’s commitment to supporting INEC, highlighting the importance of settling outstanding bills to facilitate smoother collaboration.

Atiku and Makinde engage in verbal exchange regarding the Ibadan explosion

Tosin Ranks
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0
Atiku and Makinde engage in verbal exchange regarding the Ibadan explosion

Paul Ibe, media aide to former Vice President Atiku Abubakar, responded to Oyo State Governor Seyi Makinde’s statement claiming that Atiku hadn’t reached out regarding the January 16 explosion in Ibadan.

Ibe clarified that Atiku had conveyed condolences within 24 hours of the incident.

Meanwhile, Atiku attributed his 2023 presidential election defeat to the lack of support from Makinde and four other PDP governors.

During a condolence visit, Peter Obi emphasized the need for governance over politics and advocated for a reduction in federal governance costs to address the country’s economic challenges.

 

1,500 staff members redeployed from the CBN have commenced work at the Lagos office

Tosin Ranks
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0
1,500 staff members redeployed from the CBN have commenced work at the Lagos office

Over 1,500 Central Bank of Nigeria staff members are set to resume at the Lagos office this Friday after being redeployed from the headquarters.

Despite facing criticism, the plan is progressing, with officials confirming the resumption on February 2.

The relocation aims to enhance staff safety, productivity, and alleviate congestion at the head office, aligning with the bank’s functions and objectives.

The move also complies with building regulations and addresses recommendations for decongestion.

Identified departments for relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations.

Though faced with opposition, the CBN governor is committed to reducing the HQ occupancy level and has already seen some staff members relocating to Lagos.

Concerns have been raised by Northern groups regarding potential negative impacts on costs, talent loss, regional disparities, and investor confidence.

Political consequences are warned by figures such as Senator Ali Ndume if the relocation plan proceeds.

Northern senators and youths express dissatisfaction, alleging a deliberate effort to disadvantage the North.

The departure of Mali, Burkina Faso, and Niger could potentially undermine the $277BN ECOWAS trade, according to a report

Tosin Ranks
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0
The departure of Mali, Burkina Faso, and Niger could potentially undermine the $277BN ECOWAS trade, according to a report

The departure of Burkina Faso, Mali, and Niger Republic poses a potential threat to the Economic Community of West African States’ $277.22 billion trade with the world, based on 2022 data. The ECOWAS region’s total trade volumes, inclusive of imports and exports, reached this amount.

The multilateral agency, the International Trade Center (ITC), relies on data from the region’s Trade Information System (ECOTIS) portal, which has not been updated for 2023.

The military leaders of the aforementioned countries recently announced their withdrawal from the economic bloc, jeopardizing the trade figures.

Despite the move, ECOWAS is yet to receive formal notification, and the commission remains committed to finding a negotiated solution to the political impasse.

The Naira hits a historic low on the official exchange window, trading at 1348 against the US dollar

Tosin Ranks
-
0
The Naira hits a historic low on the official exchange window, trading at 1348 against the US dollar

The Nigerian naira experienced a significant decline, hitting an unprecedented low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market this Monday.

This marks a substantial 51.21% decrease from the N891.90/$ recorded last Friday on the official market, as reported by FMDQ Securities Exchange data.

This official rate stands as the lowest exchange rate since the Central Bank of Nigeria adopted a floating approach for the national currency in June 2023.

Notably, the naira surpassed the N1000/$ mark on the official window, reaching an all-time low of N1,099.05/$ on December 8, 2023, and further depreciating to N1082.32/$ on January 10, 2024.

Despite efforts by the Central Bank of Nigeria and the Federal Government to enhance liquidity in the foreign exchange market, the naira’s steep depreciation persists.

The parallel market also reflects this trend, with Bureau de Change Operators reporting a decline to N1,450/$ at the close of Monday’s trading, compared to N1,420/$ last Friday.

Cryptocurrency peer-to-peer trading on Binance’s P2P platform saw the naira trading at N1,429/$.

 

The exchange rate gap between the official and parallel markets has narrowed to N101.37.

This depreciation continues despite recent efforts, including a $2.5bn payment by the Central Bank to clear forex backlogs.

A recent $500m payment and rumors of the bank owing $7bn in FX backlogs indicate ongoing challenges.

The CBN spokesperson, Mrs. Hakama Sidi Ali, confirmed the $500m payment on Monday, emphasizing the commitment to settling legitimate forex backlogs promptly.

The CBN’s comprehensive strategy aims to improve cash flow in the short, medium, and long term, addressing fundamental issues hindering the effective operation of the Nigerian FX markets.

Governor Olayemi Cardoso acknowledged that the naira is undervalued, and the continued decline is expected to impact the prices of goods and services negatively.

Manufacturers foresee potential price hikes in response to the fluctuating exchange rates.

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