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The Central Bank of Nigeria has stated that there are no intentions to carry out a redenomination of the Naira

Tosin Ranks
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The Central Bank of Nigeria has stated that there are no intentions to carry out a redenomination of the Naira

The Central Bank of Nigeria has officially stated that there are no intentions to redenominate or restructure the naira notes in 2024.

This declaration was made on Tuesday through a statement signed by its Director of Corporate Communications, Isa AbdulMumin, and shared on its official communication platform.

The CBN strongly urged the Nigerian population to disregard the widespread circulation of a text message suggesting that the Bank has plans to redenominate the country’s legal tender in the coming year.

They emphasized that the contents of this message are deceptive.

The bank expressed concern that this misleading narrative, previously refuted, is gaining momentum and sparking debates about its potential impact on the Nigerian economy.

The CBN reiterated that the message’s contents are deceptive, and the authors had manipulated text from an older policy move made by a previous CBN Governor in 2007 to make it appear recent.

To clarify, the Central Bank of Nigeria presently has no intentions of restructuring or redenominating the naira.

However, it noted that any reforms under consideration must follow established procedures outlined in the CBN Act of 2007.

The public is strongly advised to dismiss these speculative news reports, as they are calculated to incite panic and are not based on factual information, according to AbdulMumin. It’s worth noting that in 2022, the bank did redesign the N200, N500, and N1000 notes.

 

2023 Sustainability Roundtable Discussion: Galvanizing Financial Support for SDGs and Sustainable Well-being

Tosin Ranks
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2023 Sustainability Roundtable Discussion: Galvanizing Financial Support for SDGs and Sustainable Well-being

Amidst the significant environmental challenges, climate change, and the urgent need for sustainability in our world, the upcoming 2023 Sustainability Table Discourse Series (STS) is set to unite influential thought leaders, policymakers, and business figures.

This assembly will focus on addressing critical policy matters, such as decarbonization strategies, securing financial support for climate action, and fostering ecosystems to combat climate change, environmental issues, and Sustainable Development Goals (SDGs)-related concerns.

Now entering its seventh year, the 2023 Sustainability Table Discourse is dedicated to advancing the United Nations Sustainable Development Goals (SDGs) and accelerating the shift towards a circular economy.

This year, the discussions will revolve around the vital necessity to mobilize financial resources for the attainment of the SDGs.

A Confluence of Influential Voices

Scheduled for 10:00 a.m. on Thursday, November 2nd, 2023, at the Lagos Oriental Hotel in Victoria Island, Lagos, this event will feature distinguished speakers.

Among them are Lagos Governor Babajide Sanwo-Olu, Kwara First Lady Olufolake Abdul Razaq, Isiaq Salako, the Minister of State for Environment and Ecological Management, Akintunde Oyebode, the Commissioner of Finance and Economic Development of Ekiti State, and various key stakeholders from both the public and private sectors.

Notable figures like Mohamad Darwish, CEO of IHS (Nigeria) Limited, and Olumide Lala, CEO of the Climate Finance and Investment Accelerator funded by the UK Department of Energy Security and Net Zero (DESNZ), along with other stakeholders, will also share their insights.

A Vision for Prosperity

The central theme of this year’s discourse is “Sustainability to Prosperity: Mobilizing Finance for the Sustainable Development Goals (SDGs).” Kayode Olaniyan, the convener of the Sustainability Table and Principal Consultant at Avantgarde, emphasizes that this event aims to go beyond mere rhetoric.

Its goal is to attract capital and impact investments into sustainable projects, with a focus on integrating Environmental, Social, and Governance (ESG) principles into funding strategies for maximum returns.

The Imperative of Investment

Nigeria is faced with an annual funding gap of $10 billion to meet the SDGs, as estimated by the United Nations.

The SDGs represent a global call to action, aiming to eradicate poverty and inequality, safeguard the planet, and ensure the well-being, justice, and prosperity of all.

Olaniyan stresses the urgency of mobilizing finance to achieve these goals while highlighting Nigeria’s potential for socio-economic prosperity when aligned with these objectives.

Discussing his upcoming book, “Not a Just Tick in the Box,” which is one of the activities at the STS 2023, Olaniyan conveys that the book offers a profound journey into sustainable business practices.

This transformative work challenges individuals, businesses, and stakeholders to move beyond superficial corporate social responsibility (CSR) efforts and intentionally integrate sustainability into their core strategies.

Through engaging narratives and illustrative examples, Olaniyan illustrates that sustainability is not a mere checkbox exercise but a profound reorientation towards economic prosperity while upholding environmental and social responsibility.

This book bridges the gap between profit and the planet, urging readers to embrace a transformative journey that harmonizes business success with a better, more responsible, and environmentally conscious future.

Sponsors and Partners

STS 2023 is sponsored by IHS (Nigeria) Limited, a subsidiary of IHS Towers, the fifth-largest independent multinational TowerCo globally. Listed on the New York Stock Exchange (NYSE: IHS) in October 2021, the company’s sustainability strategy aligns with the UN Global Compact and is structured around four pillars: Ethics and governance, Environment and climate change, Education and economic growth, and People and communities.

IHS has committed over $100 million to its Project Green initiative, aiming to reduce carbon emissions by 50% across its network of 16,000 sites in Nigeria by 2030. Other sponsors of the Sustainability Table Discourse 2023 include the Ekiti State Government, Clarence Gate Investment Limited, and ACIOE (an advisory services firm), among other partners.

The Sustainability Table is convened by Avantgarde Innovation and Technology Services Limited, an environmental and sustainability one-stop shop.

To register for the event, please follow this link.

For further information, you can visit their website.

 

Victor Osimhen Achieves Historic Milestone at the 2023 Ballon d’Or Ceremony

Tosin Ranks
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Victor Osimhen Achieves Historic Milestone at the 2023 Ballon d’Or Ceremony

Napoli’s prolific striker, Victor Osimhen, achieved a remarkable 8th place in the 2023 Men’s Ballon d’Or rankings.

His outstanding performance during the 2022-2023 season, marked by 25 league goals, played a pivotal role in Napoli securing their first Serie A title in 33 years.

Osimhen also outshone his competitors, Lautaro Martinez of Inter Milan and AC Milan’s Rafael Leao, to claim the prestigious title of Best Striker in Serie A.

In the UEFA Champions League, Osimhen showcased his prowess by netting five goals in six games, guiding Napoli to the quarterfinals.

His contributions extended to the international stage as well, as he played a crucial role in the Super Eagles’ qualification for the 2023 Africa Cup of Nations (AFCON).

Notably, Osimhen became the first African to lead the Serie A scorers’ chart, surpassing George Weah’s long-standing record for the most goals scored by an African player in the Italian league.

This achievement is significant, as Victor Osimhen is the first Nigerian male player to be nominated for the Ballon d’Or in 24 years, following in the footsteps of Kanu Nwankwo.

With his 8th-place finish, Osimhen not only sets a new standard for Nigerian players at the Ballon d’Or but also becomes the highest-ranked African player at the event this year.

Renowned journalist Giuseppe Pastore underlined the significance of this achievement by stating, “this is the best result ever for a Napoli player,” eclipsing the previous record held by Ruud Krol, who finished 15th in 1980.

In the top 10 rankings, Victor Osimhen is in esteemed company alongside Julian Alvarez, Kevin de Bruyne, Erling Haaland, Kylian Mbappé, Luka Modric, Rodri, Bernardo Silva, Vini Jr., and Lionel Messi.

ICPC Presses Charges Against UNICAL Professor Suspended in Sex-for-Mark Scandal

Tosin Ranks
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ICPC Presses Charges Against UNICAL Professor Suspended in Sex-for-Mark Scandal

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a legal action against Professor Cyril Ndifon, who was suspended from his role as the Dean of the Faculty of Law at the University of Calabar. This comes after the ICPC concluded its investigation into allegations of serious misconduct by the professor against some of his students.

In the formal charge document, identified as FHC/ABJ/CR/511/2023, the ICPC is presenting four counts against the senior lecturer. These charges revolve around accusations of sexual harassment, official corruption, and abuse of office, which are in violation of Sections 8, 18, and 19 of the Corrupt Practices and Other Related Offences Act of 2000.

The commission’s spokesperson, Azuka Ogugua, disclosed this information in a statement released on Monday.

One of the counts in the charge states, “That you, Professor CYRIL OSIM NDIFON (m) between June and September 2023 at Calabar, within the jurisdiction of this honorable court, and while being a public officer responsible for certifying students as suitable in learning and character for the award of a bachelor’s degree in law and admission into the Nigeria Law School, used your position as the Dean of the Faculty of Law, University of Calabar, to solicit nude photographs and videos from a female student, Ms. ABC (not real name), who was a second-year diploma student at the University of Calabar, through WhatsApp chats on your phone number 0803*****. This action constitutes an offense under Section 19 of the Corrupt Practices and Other Related Offences Act of 2000.”

Ndifon is scheduled to appear in court on a date determined by the court.

The ICPC, in collaboration with the Department of State Services, arrested Ndifon in Calabar, Cross River State, on October 4, 2023, after the lecturer declined multiple invitations to cooperate with the authorities.

 

Rep applauds Tinubu’s stance regarding Gbajabiamila

Tosin Ranks
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Rep applauds Tinubu’s stance regarding Gbajabiamila

On Monday, Olaide Akinremi, a member of the House of Representatives representing Ibadan North Federal Constituency, expressed his admiration for President Bola Tinubu’s vote of confidence in his Chief of Staff, Femi Gbajabiamila. Akinremi, speaking to reporters in Abuja, commended the President’s well-considered decision to appoint Gbajabiamila as Chief of Staff.

Akinremi emphasized that those who had closely collaborated with the former Speaker of the House of Representatives during his time in the National Assembly could attest to his unwavering commitment to upholding his integrity without any compromises.

He expressed his disappointment at the propagation of rumors and misinformation surrounding Gbajabiamila, especially given the Chief of Staff’s unblemished 20-year record in the House of Representatives.

Akinremi pointed out that these rumors appeared to be fueled by individuals who were not supportive of the government’s decisions that did not align with their interests.

They resorted to attempting to discredit the Chief of Staff as a means to further their agenda, but the President’s statement had effectively quashed these efforts.

The lawmaker commended President Tinubu’s wisdom and his dedication to the nation’s best interests, irrespective of personal associations.

Akinremi advised those planning protests to redirect their energy toward more constructive pursuits, highlighting that the ill-intentioned schemes of the government’s adversaries had been exposed and would not succeed.

Reports had circulated about a purported plan to remove the Chief of Staff, but during a Federal Executive Council meeting on Monday, the President addressed these speculations, reiterating his unwavering confidence in the integrity of Femi Gbajabiamila.

He called for an end to the malicious campaigns against him, acknowledging that mistakes can occur but pledging to take responsibility for them.

 

Power: Tinubu advocates for a N2 trillion recapitalization of Discos and a comprehensive review of tariffs

Tosin Ranks
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Power: Tinubu advocates for a N2 trillion recapitalization of Discos and a comprehensive review of tariffs

President Bola Tinubu, speaking on Monday, expressed his concerns regarding the inadequacies of Nigeria’s power sector privatization, noting that it had fallen short of its intended goals.

Despite having been privatized a decade ago, the national grid now caters to just about 15 percent of the nation’s electricity demand.

He emphasized the need for the recapitalization of power distribution companies during a roundtable event for participants and stakeholders in the Nigeria Electricity Supply Industry.

Tinubu pointed out that preliminary analysis revealed that the distribution companies (Discos) were severely undercapitalized, to the tune of nearly N2 trillion. He also suggested a rebasing of Nigeria’s power tariffs.

He highlighted that over 90 million Nigerians still lack access to electricity, and a significant portion of the population relies on costly self-generation to meet their energy needs.

Furthermore, the President emphasized that the capacity of the national grid has not seen significant growth in the past decade, with it currently providing only around 4,000MW compared to the ambitious 40,000MW target set by the government prior to privatization.

He attributed the sector’s underperformance to well-known issues related to commercial, governance, and operational challenges.

Tinubu underscored the need to break the cycle of underperformance and underinvestment in the power sector.

He called for a concerted effort from all stakeholders to address commercial issues, make the sector more appealing for investment, and reevaluate tariffs to reflect the true costs and losses across the entire value chain.

In terms of governance, the President stressed the importance of creating an environment where underperforming entities do not hinder sector progress.

He proposed a reorganization and recapitalization process for the distribution companies, bringing in new partners and capital to rejuvenate this critical segment of the value chain.

 

Naira Marley and Sam Larry have initiated legal action by suing both the magistrate and the police, seeking a compensation of N40 million

Tosin Ranks
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Naira Marley and Sam Larry have initiated legal action by suing both the magistrate and the police, seeking a compensation of N40 million

Controversial musician, Abdulazeez Fashola, known as Naira Marley, and well-known Lagos socialite, Samson Eletu, who is also recognized as Sam Larry, have taken legal action by filing a fundamental rights lawsuit to challenge their ongoing detention in connection with the unfortunate passing of the 27-year-old artist, Ilerioluwa Aloba, also known as Mohbad.

The defendants in this case, which was presented before the Federal High Court in Lagos, include the police and Lagos magistrate, Adeola Olatunbosun, who had ordered their confinement in police custody for a period of 21 days.

Both Naira Marley and Sam Larry are seeking compensation of N20 million each from the defendants. Their legal representative, Mr. Olalekan Ojo (SAN), filed the lawsuit on their behalf, requesting the court to officially declare that their continued detention at the Homicide Section of the Lagos State Police Command in Panti, Yaba, Lagos State, since October 4, 2023, constitutes a violation of their fundamental rights.

Additionally, they are urging the court to issue an order for their immediate release.

The affidavits accompanying their legal claims highlight that their predicament began between October 3 and 4, 2023, when they were apprehended by the police on suspicion of their involvement in the demise of Ilerioluwa Aloba, alias Mohbad.

On the 4th of October 2023, the Commissioner of Police sought a court order in the Magistrates’ Court, located in Yaba, for their detention for a period of 30 days.

However, Chief Magistrate Adeola Olatunbosun approved the police’s request for a 21-day remand in police custody.

The 21-day remand order authorized by Chief Magistrate Olatunbosun had expired on October 26, 2023, and it has not been renewed since.

 

I place my trust in my Chief of Staff, Tinubu⁣

Tosin Ranks
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0
I place my trust in my Chief of Staff, Tinubu⁣

On Monday, President Bola Tinubu expressed unwavering trust in the integrity of his Chief of Staff, Femi Gbajabiamila, just before the start of the weekly Federal Executive Council meeting at the Presidential Villa in Abuja.

This statement from Tinubu came in the wake of a recent report suggesting that Gbajabiamila might be facing questions about his integrity, alleging that he had been involved in selling government appointments in President Tinubu’s administration to the highest bidder.

The report also pointed to growing concerns among Tinubu’s supporters who were calling for Gbajabiamila to be removed from the Presidential Villa.

The report specifically cited the appointment of 10 Resident Electoral Commissioners for the Independent National Electoral Commission, with sources claiming that the name of the Ekiti REC was substituted with the name of a former commissioner from the tenure of former Ekiti State Governor, Kayode Fayemi.

Additionally, the report indicated that President Tinubu’s Private Principal Secretary, Akeem Okunola, had begun handling some of Gbajabiamila’s responsibilities, and the President was assembling a team to support the Chief of Staff.

In response to these allegations, President Tinubu emphasized his complete confidence in Femi Gbajabiamila and asserted that he takes full responsibility for any mistakes made in his administration, as he believes that perfection is a quality attributed to God Almighty.

FIFA Imposes a Three-Year Suspension on Luis Rubiales Following the Controversial Kiss Scandal

Tosin Ranks
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FIFA Imposes a Three-Year Suspension on Luis Rubiales Following the Controversial Kiss Scandal

FIFA has imposed a three-year ban on the former Spanish football federation chief, Luis Rubiales, due to his misconduct during the Women’s World Cup final.

In this particular incident, he forcibly kissed player Jenni Hermoso on the lips at the trophy ceremony. This action resulted in Rubiales being provisionally suspended for 90 days. However, FIFA did not disclose the specific details of the disciplinary committee’s verdict.

Rubiales is currently under criminal investigation in Spain for the same incident.

He had also been seen making a questionable gesture at the final whistle and carrying a Spanish player over his shoulder during post-match celebrations. These actions led to his provisional suspension.

Additionally, there were concerns of witness tampering by Rubiales and his associates, which further justified the interim ban.

This suspension will extend beyond the next men’s World Cup in 2026, hosted by the United States, Canada, and Mexico.

After intense pressure from the Spanish government and national team players, Rubiales resigned from his positions in football.

He stepped down as the federation president in September 2023, and he also had to relinquish his vice presidency of UEFA. While giving up his roles, he expressed his desire not to distract from Spain’s bid to host the men’s 2030 World Cup, a project supported by UEFA and involving Portugal and Morocco.

Ultimately, FIFA has allowed Rubiales the opportunity to request details of the disciplinary verdict within 10 days and the option to file an appeal, which could lead to further proceedings at the Court of Arbitration for Sport.

The commencement of the National Agricultural Development Fund signals a promising new dawn for agricultural investment financing, instilling renewed optimism among farmers

Tosin Ranks
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0
The commencement of the National Agricultural Development Fund signals a promising new dawn for agricultural investment financing, instilling renewed optimism among farmers

The recent announcement last Thursday of Muhammad Abu Ibrahim’s appointment as the Executive Secretary of the National Agriculture Development Fund (NADF) by President Bola Ahmed Tinubu has generated optimism regarding increased funding for agriculture investors and farmers nationwide.

Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, made this announcement through a State House Press Release on Thursday, October 19th, endorsing Mr. Muhammed Abu Ibrahim to serve as the Executive Secretary and Chief Executive Officer of NADF.

President Tinubu envisions that the new leadership at NADF will effectively eliminate obstacles to accessing funding for established stakeholders across the country, furthering the Renewed Hope Agenda’s goal of achieving self-sufficiency in local food production and eventual surplus for export.

Nigeria’s agricultural sector, despite its immense potential, has struggled due to insufficient funding. Inconsistent budget allocations have been a significant issue, with funding levels fluctuating in recent years.

To address this, the National Agricultural Development Fund was established in 2022. The fund’s financing sources include a government grant, a percentage of various revenue streams, and appropriations from the National Assembly.

The fund’s objectives include supporting agricultural policies, strengthening agriculture institutions, providing funds to farmers and corporate entities, and establishing special agricultural zones to enhance food production.

Muhammad Abu Ibrahim’s appointment as the Executive Secretary of NADF has received positive reactions from stakeholders who believe his background in agricultural finance and innovation will greatly benefit the agricultural sector.

Ultimately, the success of NADF will depend on its ability to attract and effectively utilize resources for the development of agriculture, contributing to food security and the growth of the Nigerian economy.

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