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Naira depreciates to all-time low of N1,700 against US dollar at forex market

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The Naira depreciated to an all-time low against the US dollar at the official and parallel foreign exchange markets worsening Nigeria’s FX crisis on Monday.

Data from FMDQ showed that Naira depreciated to N1,574.62 per US dollar on Monday from N1,537.96 on Friday last week.

This represents an N36.66 or a 2.3 per cent loss compared to 1,537.96 recorded at the close of trading on Friday.

 

Similarly, at the Parallel Market, Naira dropped N1,660 per US dollar on Monday from N1,590 on Friday.

The figure showed that the Naira is to over 1,700 and 2000 per US dollar if nothing is done to time the depreciation.

A Bureau De Operator, Dayyabu Mistila, Bureau De Change operator disclosed this Newssphere on Monday.

The development comes amid a clampdown on illegal Bureau De operators by the officers of the Economic and Financial Crime Commission, EFCC and the arrest of 50 in Wuse Zone 4 Abuja on Monday.

Meanwhile, depreciation FX markets came despite the Central Bank of Nigeria’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA and Business Travel Allowance, BTA in cash.

At the same time, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 per cent of their forex revenue.

From the current state of the Naira against other currencies, the efforts by the regulator, CBN and the Nigerian government are yet to address the country’s forex crisis.

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Why Igbos are quiet amid raging hardship under Tinubu’s administration- Simon Ekpa

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Simon Ekpa

The Prime Minister of the Biafra Government in Exile, Simon Ekpa, has reacted to questions on why the Igbos are quiet despite the hardship Nigerians grapple with under President Bola Ahmed Tinubu’s administration.

Newssphere recalls that a Peoples Democratic Chieftain and the Executive Secretary of the National Health Insurance Scheme, NHIS, Prof Usman Yusuf, expressed worry about why Igbos are silent despite the raging hardship in Nigeria.

Reacting to Yusuf, the Finland-based lawyer, Ekpa, through his official X account on Monday, said it took him over two years to prepare Biafrans for Nigeria’s hardship.

“I used Two and half years to prepare Biafrans to face today.
Many of the criminal leaders from the Caliphate are worried and surprised that Biafrans are not complaining. I used Two and half years to prepare them for today”.

Newssphere reported that the prime Minister of BRGIE https://nigeriannewssphere.com/hardship-no-protest-in-southeast-south-south-until-biafra-referendum-brgie/had insisted that there would be no protest in its states until the Biafra referendum was granted.

Newssphere recalls that barely over four days ago, the Nigeria Labour Congress and Trade Union Congress declared a two-day protest in Nigeria on February 27 and 28, 2024.

This comes as food prices soared to an all-time high nationwide in Nigeria.

According to the National Bureau of Statistics, Nigeria’s inflation increased to 29.90 per cent in January 2024, propelled by rising food prices.

 

 

 

FCT: ‘Nothing will stop me’ – Wike vows to evict illegal ATV residents

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Wike on inspection before he disappeared

Minister of the Federal Capital Territory, FCT, Nyesom Wike, has vowed that no amount of campaign would stop his administration from taking immediate action to remove illegal settlements encroaching into the Abuja Technology Village, ATV, in Pyakassa, along the Umar Musa Yar’Adua expressway, Abuja.

On Monday, Wike disclosed this in Abuja when he paid an inspection visit to the Abuja Technology Village, in the company of the Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji.

The Minister pointed out that the original inhabitants encroaching into the ATV have been compensated as far back as 2015, blaming the lack of perimeter fencing around the Technology Park for the continued encroachment.

He said he would direct the Development Control Department of the FCTA to give a request to the illegal settlements to leave the area, warning that no amount of campaign will stop the FCT Administration from doing what is right.

“If you don’t act, people will not believe anything is possible. I will call the development control and give them a request for these people to leave. They have been compensated since 2015,” Wike said.

“We must quickly see how we can relocate these people since they have been compensated. We are going to take immediate action. I can tell you that. I urge those settling here to know we will not hesitate to move them out. No amount of campaign will stop us from doing the right thing.”

Nigerian Breweries announce beer price hike

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Beers

Nigerian Breweries, Nigeria’s beer producers, has announced an upward review of its prices amid soaring inflation in Nigeria.

The company disclosed this in a recent statement by its Zonal Business Manager(West), Lekan Awosanya.

According to Awosanya’s statement, the new policy is expected to take effect from Monday, February 19 2024.

The company blamed the price review on rising production and inflation input costs.

“Please accept our best compliments! This is to inform you that we cannot review the prices of some of our SKUs with effect from Monday, February 19, 2024. This review has become necessary because of continued rising input costs and the need to mitigate the impact.

“In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, February 19, 2024.

“The exact quantity of orders that will be allowed will be communicated to you by your Regional Business Manager(RBM). Any order over this quantity will be re-invoiced at the new price on February 19, 2024.

“While thanking you for your commitment to our valued partnership, be rest assured that we will continue to support your sales/distribution efforts as always.

“For further clarifications, please do not hesitate to contact your Regional Business Manager”, the company stated.

The new prices of Nigerian Breweries are:

GULDER – N950

STAR – N850

33 EXTRA – N850

HEINEKEN – N1,300

LIFE – N,850

LEGEND – N1,250 and

TIGER – N750

Nigerian Newssphere that Nigerian Breweries posted a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating an 860 per cent loss.

Hardship: No protest in Southeast, South-south until Biafra Referendum- BRGIE

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The Prime Minister of the Biafra Republic Government in Exile, Simon Ekpa says there will be no protest in Igbo land and other parts of South-south in Nigeria over economic hardship until the Biafra referendum.

The Finland-based lawyer Ekpa disclosed this on his official X account on Sunday.

He noted that Igbos are not part of the purported protest against Nigeria’s federal government.

Ekpa added that Biafra is exiting Nigeria else, the protest is needless.

“There will be no protest until our declaration this year. Biafra is systematically exiting Nigeria and we can’t protest against the result of Biafra Liberation”, the hardship in Nigeria is as a result of the economic strangulation imposed by the Biafra government through actions and measures and that has led to many multinational companies fleeing from Nigeria”, he said.

Newssphere recalls that the Nigeria Labour Congress and Trade Union Congress barely 48 hours ago declared a two-day protest in Nigeria on February 27 and 28 2024 over the ongoing hardship Nigerians grappled with under President Bola Ahmed Tinubu.

As food prices soared to an all-time high, organized labour vowed to protest nationwide.

However, BRGIE said there would not be a protest in the southeast and parts of South-South except if the Nigerian government grants Biafra Liberation.

According to the National Bureau of Statistics, Nigeria’s inflation increased to 29.90 per cent in January 2024, propelled by rising food prices.

Court orders Nigerian Govt to re-open prosecution of Dele Giwa’s killers

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A Federal High Court in Abuja has ordered the federal government, through the Attorney General of the Federation and Minister of Justice (AGF), to re-open the investigation and prosecution of those who murdered the founder of Newswatch Magazine, Dele Giwa, in 1986.

Dele Giwa was murdered on October 19, 1986, in his Lagos office through a letter bomb.

Delivering judgment on Friday in a suit against the AGF, Justice Inyang Edem Ekwo held the Chief Law Officer of the federation is under obligation to prosecute and penalize killers of media practitioners in the country.

Apart from Dele Giwa, the court ordered that the killings of other journalists in the discharge of their lawful duties must be investigated and perpetrators brought to book in line with the provisions of the laws.

The Incorporated Trustees of Media Rights Agenda dragged the AGF before the court to enforce the fundamental rights of media practitioners to safety as guaranteed by the 1999 Constitution and African Charters on Human Rights.

Justice Ekwo, in the judgment, ordered the federal government to ensure adequate protection and safety of the lives of journalists as enshrined in sections 33 and 39 of the Constitution and Articles 4 and 9 of the African Charter on Human and Peoples Rights.

Food price hike: Nigerian Govt seals Sahad stores in Abuja 24hrs after Tinubu’s order

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Barely twenty-four hours after President Bola Tinubu hinted at plans to tackle factors responsible for the food crisis, the Federal Competition and Consumer Protection Commission, FCCPC sealed Sahad Store, a popular supermarket in the Garki area of Abuja.

FCCPC Acting Executive Vice Chairman Adamu Ahmed Abdullahi led the enforcement.

Addressing journalists, Abdullahi said the commission’s preliminary investigation confirmed that the management of the supermarket was shortchanging customers.

The supermarket management was accused of shortchanging customers by charging prices other than the price tag on the shelves.

He said the store would remain sealed until the completion of the further investigation.

“What we have found out that these people are doing is misleading pricing and lack of transparency in the pricing, which is against Section 115 (3) of the law that says a consumer is not required to pay a price for any good or service higher than the one that’s on display.”

“Section 155 states that any corporate person that contravenes is liable to a fine of 100 million nairas or even more, and the company directors themselves are liable upon conviction payment of 10 million nairas each or imprisonment of six months or both.

“What we have done today is to ensure they comply with the law. We initially called them to come and defend themselves, but they failed to show up. In the long run, they sent a lawyer whom we asked if he was familiar with the facts of the case. He said he wasn’t.

“To unseal the store, they have to make sure that they do what is required to be done.”

Newssphere recalls that after a meeting between the Federal Government and state governors on Thursday, they agreed to set up a committee to tackle the issue of hoarding of produce in the country.

 

 

 

NDPC issues notice on registration of Data Controllers, Processors

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The Nigeria Data Protection Commission has issued a Guidance Notice (NDPC/HQ/GN/VOL.02/24) to data controllers and processors of major importance in order to clarify the categories of organizations that are required to register with the Commission in line with the Nigeria Data Protection Act (NDPA) 2023.

Relying on sections 5(d), 44 and 65 of the NDPA, organizations that are of “particular value or significance to the economy, society or security of Nigeria” are designated by the Commission as data controllers and processors of major importance.

According to the Guidance Notice dated 14th of February and signed by the Commission’s Head of Legal Enforcement and Regulations, Babatunde Bamigboye, Esq., “A data controller or data processor shall be deemed to have particular value or significance to the economy, society or security of Nigeria and hence designated to be of major importance if it keeps or has access to a filing system (whether analogue or digital) for the processing of personal data”. In addition to this, the Commission also identified specific data processing such as those involving sensitive personal data, cloud computing, transborder data transfers, processing the personal data of over 200 data subjects and access to data storage platform of third parties in commercial transactions as necessary factors in considering organizations that are data controllers or processors of major importance.

In order to foster ease of doing business, particularly for small organizations involved in potentially high-risk data processing, the Commission varies the payable fees according to the level of Major Data Processing (MDP) involved.

Major Data Processing (MDP) is classified into 3 levels, namely: Ultra High Level (UHL), Extra High Level (EHL) and Ordinary High Level (OHL) of Major Data Processing. The fees payable are N250,000, N100,000 and N10,000 respectively.
Organizations in the MDP-UHL categories include but are not limited to the following are:

i.Commercial banks operating at national or regional level,
ii.Merchant Banks
iii.Telecommunication companies,
iv.Insurance companies,
v.Multinational companies,
vi.Payment gateway service providers;

Similarly, the following organizations, among others are Organizations within MDP-EHL category:
i.Ministries, Departments and Agencies of government,
ii.Micro finance Banks,
iii.Higher Institutions,
iv.Hospitals providing tertiary or secondary medical services, and
v.Mortgage banks;
Lastly, at the MDP-EHL category we have organizations such as:
i.Small and Medium Scale Enterprises (it must be such that have access to personal data which they may share, transfer, analyze, copy, compute or store in the course of carrying out their individual businesses)
ii.Primary and Secondary Schools
iii.Primary Health Centres
iv.Agents, contractors and vendors who engage with data-subjects on behalf of other organizations.
The breakdown of the categories are contained in the Guidance Notice posted on the Commissions website www.ndpc.gov.ng.

The NDPC’s National Commissioner and CEO, Dr Vincent Olatunji, urged data controllers to eschew activities that may put citizens at risk especially when millions of Nigerians are sharing their personal data such as bank details, pictures, health and academic records online.

According to Dr. Olatunji, “The risks are getting higher even as the opportunities are also increasing, we are reminded of the warning by those in the frontiers of the 4th Industrial Revolution that we have a price to pay for liberty. The price is eternal vigilance. It is therefore important to properly and functionally identify the persons and the data processing to which we must direct the torch of vigilance. Registration is one in a continuum of measures we are taking in this regard. It is, however, the entry point of accountability going forward.”

Super Eagles move up 14 places in latest FIFA rankings

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Super Eagles
The Super Eagles, Nigerian football have moved up 14 places in the latest FIFA men’s ranking released on Thursday morning.
The three-time African champions are now ranked 28th in the world.
The West Africans are also now ranked the third best team in Africa.
Morocco are the highest ranked country on the continent, with Senegal in second position.
Egypt and Cote d’Ivoire complete the top five teams on the continent.
The next edition of the FIFA/Coca-Cola Men’s World Ranking will be published on 4 April.

Biafra Liberation Army protects southeast, others from attacks by terrorists in Nigeria- BRGIE

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The Biafra Government in Exile, a separatist group, says the Biafra Liberation Army’s sole objective is to defend and protect southeast and parts of south-south regions against deadly attacks by Jihadist terrorists in Nigeria.

Prime Minister BRGIE, Simon Ekpa, disclosed this in a statement on Thursday amid rising insecurity in Nigeria.

According to him, the creation of BLA by BRGIE on October 20 2023, after its convention, was due to the increased cases of attacks on homes, markets and properties in the Southeast by Terrorists in Nigeria.

He stressed that the Biafra Liberation Army has been established to defend Biafra territory against external aggression and invasion by Terrorists in Nigeria.

The Finland-based lawyer Ekpa noted BLA is to protect Biafrans against unfortunate attacks such as the 2023 Christmas Eve massacre in Plateau state by terrorists in Nigeria.

He added that with the establishment of BLA, insecurity has dropped across the 40 states of Biafra, except those carried out by the Nigerian state actors.

“Following the continued Jihadist Terrorists killings in parts of Nigeria, such as the December 24 2023, Christmas eve massacre in Plateau State, the continued killings in Benue state, the Biafra Liberation Army is to protect Biafrans in Southeast region against senseless and mindless killings by Terrorists”.

“The main objective of the Biafra Liberation Army is to defend our land against the killings and aggression of Terrorists in Nigeria.

“We have witnessed the Terrorists burning down markets, villages and communities in different parts of the Southeast, and the government in Exile had no option but to form the Biafra Liberation Army with equal arms and firepower to defend Biafrans and protect.

“Since the establishment of the Biafra Liberation Army, insecurity has dropped in the 40 states in the Southeast and south-south territories. But the only insecurity remains that of Nigeria state actors”, he said.

Nigerian Newssphere recalls that BRGIE, on October 20 2023, announced the establishment of BLA with volunteer officers hovering around 100,000, currently stationed across different locations in Biafra land.

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