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Supreme Court Renders Decision Regarding the Destiny of Nnamdi Kanu

Tosin Ranks
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Supreme Court Renders Decision Regarding the Destiny of Nnamdi Kanu

In Abuja, the Supreme Court has rejected the Court of Appeal’s decision that cleared Nnamdi Kanu, the leader of the proscribed Indigenous People of Biafra (IPOB), of treason charges by the federal government.

The Supreme Court contends that Kanu’s return from Kenya, after jumping bail, was unlawful, emphasizing that this situation wouldn’t have arisen if he had not evaded trial by leaving the jurisdiction.

The federal government urged the court to overturn the Court of Appeal’s ruling, which dismissed the treasonable felony charge against Kanu and ordered his release due to the illegality of his return to Nigeria.

The government’s lawyer, Tijani Gazali, insisted on upholding the federal high court’s decision to proceed with Kanu’s trial.

Meanwhile, Nnamdi Kanu appealed to the Supreme Court to uphold the Court of Appeal’s verdict, affirming his discharge and acquittal.

Mike Ozekhome, Kanu’s counsel, urged the apex court to reject the government’s appeal, impose punitive costs, and maintain the Court of Appeal’s judgment.

Ozekhome emphasized the importance of allowing Kanu’s cross-appeal to stand, highlighting that Kanu has been in detention since June 2021.

 

Increased Competition for OPay, Kuda, Moniepoint, and Others Emerges with CBN’s Approval of a New Microfinance Bank

Tosin Ranks
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Increased Competition for OPay, Kuda, Moniepoint, and Others Emerges with CBN’s Approval of a New Microfinance Bank

The Central Bank of Nigeria (CBN) has officially granted a state license to Alert Microfinance Bank, empowering it to expand and innovate to better serve micro, small, and medium-sized enterprises, as well as the wider public.

Expressing their enthusiasm about the new license, Alert MFB revealed plans to onboard one million customers within the next four years.

To realize this goal, the bank has introduced the Alert Mobile App and the innovative Kolo Ajo Savings Product.

These initiatives are part of the bank’s strategy to compete in a market currently dominated by players like Opay, backed by Blueridge Microfinance Bank, Moniepoint, and Palmpay.

In a statement, Alert MFB outlined its ambitious objectives, which include collaborating with partners to bring in one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and engaging seasoned professionals to support its aim of reaching N200 billion in total assets within the next five years.

Highlighting the bank’s achievements, Olanrewaju Kazeem, the Group CEO of Alert Group, pointed out that Alert MFB’s shareholders’ funds have surpassed N1.5 billion, and its current balance sheet exceeds N11 billion.

He emphasized the organization’s commitment to ensuring secure access and efficient management of funds for seamless transactions.

 

The Central Bank of Nigeria (CBN) has declared a temporary halt to accepting new loan applications within its intervention program

Tosin Ranks
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The Central Bank of Nigeria (CBN) has declared a temporary halt to accepting new loan applications within its intervention program

In a communication titled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” directed to bank Chief Executives, the CBN detailed this new directive.

Sa’ad Hamidu, the Acting Director of the Development Finance Department, affixed his signature to the circular, marking a strategic shift in the bank’s operational focus.

This suspension signifies a substantial change in its approach to development finance intervention funds, a pivotal element in the previous central bank’s strategy.

Simultaneously, the CBN has assigned commercial banks, formerly responsible for disbursing these intervention loans, the task of recovering outstanding loans issued under these programs.

The amount of currency in circulation surpasses the level before the naira redesign, reaching N3.4 trillion in December- CBN

Tosin Ranks
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The amount of currency in circulation surpasses the level before the naira redesign, reaching N3.4 trillion in December- CBN

The Central Bank of Nigeria (CBN) has revealed that the currency in circulation (CIC) has surged to a new annual peak of N3.4 trillion as of December 11, 2023, marking a 13.71% increase or N410 billion from the October 2023 figure of N2.99 trillion.

The CIC encompasses currency outside the banking system and the vault cash of banks.

This substantial rise surpasses the October 2022 level (N3.29 trillion) before the naira redesign policy of the CBN.

CBN attributes the current cash scarcity to hoarding and emphasizes that there is ample cash available.

In a statement, the CBN assured the public that efforts are underway to address reported cash shortages in major cities, linking the situation to hoarding resulting from challenges during the Naira redesign project.

Sidi Ali, providing further insight, clarified that the currency in circulation was N1 trillion in February 2023, rising significantly to over N3.4 trillion by December 11, 2023.

This indicates sufficient cash in circulation, with individuals exhibiting apprehension due to past experiences.

The CBN encourages patience as it works to ensure cash availability, especially during the festive season, while also urging Nigerians to explore alternative transaction methods beyond cash.

Billionaire philanthropist Mackenzie Scott donates $12 million to Howard University

Tosin Ranks
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Billionaire philanthropist Mackenzie Scott donates $12 million to Howard University

Mackenzie Scott, ranked as the world’s fourth-richest woman by Forbes and Jeff Bezos’s ex-wife, has generously donated $12 million to Howard University College of Medicine.

With a net worth of $39.5 billion, Scott, a renowned author and philanthropist, has committed $2.2 billion to 360 organizations this year alone.

In a departure from traditional giving, Scott’s contribution is unrestricted, providing Howard University and the College of Medicine with the flexibility to strategically use the funds for maximum impact.

Dean Andrea A. Hayes Dixon, M.D., revealed that this donation will contribute to establishing an innovative center in collaboration with the College of Engineering and Architecture.

The envisioned center aims to foster interdisciplinary learning for medical and engineering students, encouraging exploration in medical technology and the development of novel devices to enhance patient care.

Hayes Dixon emphasizes the significance of this initiative, stating, “The center will empower Howard University students to assume leadership roles in medical technology innovation, potentially reshaping medical practices worldwide.”

This marks Scott’s second significant contribution to Howard University, following a groundbreaking $40 million donation in 2020—the largest single donation in the institution’s history.

A Princeton University graduate and former student of Howard alumna Toni Morrison, Scott continues her steadfast commitment to advancing educational and medical excellence.

In 2022, Scott donated $436 million to Habitat for Humanity, addressing housing shortages globally.

This generous gift was one of her largest disclosed donations, showcasing her ongoing dedication to philanthropy.

Having pledged in 2019 to give away the majority of her wealth, Scott has consistently demonstrated her commitment, donating over $16.5 billion to more than 1,900 nonprofits since her 2019 divorce from Jeff Bezos.

 

Nigeria emerged as the primary recipient of World Bank credit in 2022, securing $2.9 billion in new loans, according to a report

Tosin Ranks
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0
Nigeria emerged as the primary recipient of World Bank credit in 2022, securing $2.9 billion in new loans, according to a report

The World Bank has revealed that Nigeria secured the highest amount of fresh loans in 2022, receiving approximately $2.9 billion.

Tanzania followed closely with $2.7 billion in the same year, as detailed in the International Debt Report for 2023.

The report emphasized the escalating risk of debt crises for the poorest nations, with developing countries spending a record $443.5 billion on debt servicing in 2022 due to a significant surge in global interest rates.

The World Bank warned that rising interest rates have left developing nations more susceptible to debt, resulting in more sovereign defaults in the past three years than in the preceding two decades.

Approximately 60% of low-income nations are currently in or at high risk of entering debt distress.

The report also highlighted the impact of a stronger US dollar on debt service payments, making it more challenging for countries to meet their financial obligations.

The World Bank stressed the urgent need for coordinated action to address the escalating debt levels, high-interest rates, and the potential consequences on public health, education, and infrastructure

The IMF suggests that the widespread adoption of crypto assets has the potential to jeopardize macro-financial stability

Tosin Ranks
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0
The IMF suggests that the widespread adoption of crypto assets has the potential to jeopardize macro-financial stability

The International Monetary Fund (IMF) has cautioned that the widespread embrace of cryptocurrencies may pose significant risks to the macro-financial stability of countries.

This warning came during a presentation by the Managing Director, Kristalina Georgieva, at the International Conference on Digital Money in Seoul, South Korea.

Georgieva highlighted the resilience of cryptocurrencies, citing the surge in bitcoin prices since April and their increasing adoption in emerging economies like Nigeria and Brazil.

She emphasized that crypto assets are here to stay and urged policymakers to address the challenges associated with their high adoption, especially in countries like India, Nigeria, and Vietnam.

The potential consequences include a threat to macro-financial stability, difficulty in policy transmission due to limited currency holders, challenges in managing capital flows, and the risk of undermining fiscal sustainability with implications for tax collection.

Georgieva stressed the importance of regulating the crypto industry to combat money laundering, terrorism financing, and tax evasion.

She called for the clarification and consistent application of laws, standards, and regulations, including clear tax rules and a well-defined legal foundation for crypto assets.

Furthermore, she firmly discouraged countries from granting cryptocurrencies the status of legal tender, emphasizing the need for ongoing collaboration between the public and private sectors to harness the benefits of innovation without compromising financial stability.

Highlighting the increasing adoption of cryptocurrency in Nigeria, driven by economic challenges such as currency depreciation and rising inflation, Georgieva referenced a report from Chainalysis.

The report indicated a 9% year-over-year increase in cryptocurrency transactions in Nigeria, totaling $56.7 billion between July 2022 and June 2023.

 

Onasanya’s mother passes away; condolences pour in from FirstBank and Governor Sanwo-Olu

Tosin Ranks
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0
Onasanya’s mother passes away; condolences pour in from FirstBank and Governor Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, and the FirstBank Group, along with prominent individuals and organizations, extend heartfelt condolences to Dr. Bisi Onasanya, founder of The Address Homes, on the passing of his mother, Mrs. Selimot Onasanya (Nee Folorunsho), on November 16, 2023.

In a letter, Governor Sanwo-Olu expresses sympathy, acknowledging the profound impact of Mrs. Onasanya’s loss on the entire family.

Sanwo-Olu highlights the matriarch’s enduring values of hard work, honesty, and family love, emphasizing her influential life that touched not only her family but also those in her community.

The Governor reassures Dr. Onasanya that though words can’t erase the pain, Mrs. Onasanya’s legacy will guide and inspire generations.

First Bank, represented by CEO Dr. Adesola Adeduntan, also conveys condolences in a letter titled ‘We mourn with you.’ The letter pays tribute to the late Mrs. Onasanya’s remarkable life, recognizing her enduring legacy of kindness, discipline, and uprightness.

Dr. Adeduntan assures Dr. Onasanya that despite the significant loss, Mrs. Onasanya’s long, fulfilled life and exceptional qualities will be fondly remembered, offering solace and sympathy to the entire Onasanya family, friends, and well-wishers.

 

Threads by Zuckerberg makes its debut in the European Union

Tosin Ranks
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0
Threads by Zuckerberg makes its debut in the European Union

Meta’s text-based app Threads, an offshoot of Instagram, has finally made its debut in the European Union after its global launch in July, according to Meta CEO Mark Zuckerberg.

Positioned as a competitor to X (formerly Twitter), Threads faced delays entering the EU due to regulatory considerations.

The move aligns with Meta’s efforts to navigate increased scrutiny from the EU concerning data usage for targeted advertising.

With over 100 million users globally within a week of launch (excluding the EU), Threads now allows EU users to create profiles connected to Instagram, adhering to EU regulations.

Zuckerberg mentioned plans for interoperability, allowing Threads posts on other text-based social networks.

Meta aims to address regulatory challenges by offering paid ad-free subscriptions in Europe.

Threads Chief Adam Mosseri announced plans to extend the app’s fact-checking program in the coming year.

This development occurs amid the EU’s efforts, including the Digital Services Act, to regulate online content and combat misinformation.

 

Tinubu dismisses aviation directors shortly after the removal of CEOs

Tosin Ranks
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0
Tinubu dismisses aviation directors shortly after the removal of CEOs

The entire cadre of Aviation directors faced dismissal by the Federal Government within 24 hours of the removal of aviation agency heads from their positions.

The directive, conveyed through a statement by Odutayo Oluseyi, the spokesperson for the Minister of Aviation and Aerospace Development, Festus Keyamo, specified an immediate handover to the most senior officers in their respective directorates.

The decision, part of the government’s efforts to reposition the aviation sector for enhanced safety and efficiency, aligns with the Renewed Hope agenda.

Notably, the shake-up affected agencies such as the Federal Airport Authority of Nigeria, Nigeria Metrological Agency, Nigeria Airspace Management Agency, Nigeria Civil Aviation Authority, and Nigeria Safety and Investigation Bureau.

It was emphasized that board secretaries and legal advisers of these agencies remained unaffected, with strict adherence to the instructions urged upon the dismissed directors.

Additionally, President Bola Tinubu orchestrated the replacement of heads in the aviation sector on Wednesday, appointing acting and substantive heads for various agencies, while also suspending the Director-General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu.

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