Ondo APC Primary: Aiyedatiwa Appreciates Tinubu
Governor Lucky Aiyedatiwa of Ondo State expressed gratitude to President Bola Tinubu for facilitating a peaceful governorship primary. He emerged as the APC candidate for the upcoming election. Usman Ododo, Chairman of the Primary Election Committee, announced Aiyedatiwa's victory with 48,569 votes. Aiyedatiwa praised the party committees for ensuring a fair process and called for unity among contestants.
$1.7b Traded in One Week on Forex Window
Forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window surged by 276.1% to $1.7 billion in a week. NAFEM is the primary market for forex trading, ensuring fair rates post the Central Bank of Nigeria's move to abolish multiple exchange rates. Afrinvest West Africa reported increased activity in the forex market, with varying naira exchange rates between formal and parallel markets. Despite a 2.4% loss against the dollar at NAFEM, the naira appreciated by 7.4% to close at N1,145 at the parallel market. Analysts anticipate further naira appreciation as the Central Bank implements measures to strengthen it. The recent naira recovery stems from reduced market volatility and increased dollar sales to bureau de change operators. Legitimate forex demand includes business and personal travel, school fees, and medical expenses, with SMEs also affected. Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, predicts easing cost pressures due to the naira's rebound, fueled by market reforms and increased forex supply. The settlement of a $7 billion forex backlog and favorable prospects for forex earnings contribute to the naira's appreciation. Monetary Policy Committee meetings in February and March resulted in interest rate hikes to stabilize prices and exchange rates, indicating the CBN's commitment to orthodoxy. As a result, gradual naira appreciation is expected to continue.
Alleged N80b fraud: Legal argument begins over EFCC’s bid to arraign Yahaya Bello
The legal battle over the Economic and Financial Crimes Commission's (EFCC) authority to arraign former Kogi Governor Yahaya Bello for alleged N80.2 billion fraud commences today at the Court of Appeal in Abuja. The EFCC seeks to overturn a High Court injunction barring it from arresting Bello, while also seeking approval for substituted service of the charge. A Kogi High Court interim order restrained EFCC from action against Bello pending the main case. EFCC contends the lower court lacked jurisdiction to prevent Bello's prosecution, prompting an appeal. However, the recent substantive judgment instructs EFCC to seek Court of Appeal's leave before further action. Public opinion varies, with some condemning EFCC's handling and others urging Bello's cooperation. APC chieftains and youth groups voice support for Bello, decrying what they term unjust persecution. Conversely, a coalition of Kogi State youths demands Bello's compliance with EFCC for trial, criticizing his evasion of lawful arrest.
Motorists, residents stranded as flood overruns Lagos, Ogun roadways
Intense rainfall on Sunday left residents and motorists stranded in various parts of Lagos and Ogun states as major roads were submerged by floods. Areas like Agege, Akowonjo, and Egbeda in Lagos, and Mayegun junction, Akute, Lotto, Pakuro, and Ijere in Ogun State experienced heavy flooding, causing traffic congestion and difficulty for commuters. Residents expressed frustration, citing the recurring issue during the rainy season and incomplete drainage projects. Poor drainage was blamed for the flooding, with locals urging government intervention to address the ongoing challenges. Businesses were also affected, with disruptions expected to impact Monday's activities. Meanwhile, the Ogun State Ministry of Environment assured residents of assistance through a feedback mechanism for flood-prone areas.