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Anambra assembly confirms 21 LG transition committee chairmen, councillors

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Anambra assembly confirms 21 LG transition committee chairmen, councillors

The Anambra State House of Assembly on Thursday, confirmed the appointment of transition committee chairmen and councillors of the 21 local government areas of the state.

The House confirmed the appointment in line with Section 208 of the Local Government Law, 1999 as amended, as requested by Governor Chukwuma Soludo.

The newly-appointed chairmen are, Ifeanyi Chiweze (Anambra East), Fidelis Nnazo (Anambra West), Romanus Ibekwe (Anaocha) Chinedu Okafor (Awka South), Alphonsus Ofumele (Ayamelum), Chijioke Ozumba (Dunukofia) and Stanley Nkwoka (Idemili North).

Others are Chinedu Ononiba (Njikoka), Val Ezeogidi (Nnewi South), Franklin Nwadialu (Ogbaru), Anthony Nwaora (Onitsha North), Casimir Nwafor (Orumba North) and Shedrack Azubuike (Orumba South).

Eight of them were re-appointed and they include, Chibuike Ofobuike (Aguata), Thankgod Aniagor (Awka North), Amaka Obi (Idemili South), Emeka Orji (Onitsha South), Anayo Orjiakor (Ihiala), Chris Obiora (Nnewi North) Chimezie Obi (Ekwusigo) and Emma Nweke (Oyi).

The local government transition committee chairmen will serve for a period of three months at the first instance.

The Speaker, Somtochukwu Udeze, while congratulating the newly confirmed chairmen, charged them to remain focus and avoid pitfalls as a lot of Ndi Anambra place high hope on them.

The Speaker further implored them to live up to expectation and work cordially with their members and community stakeholders, and work in line with the vision and mission of Governor Soludo.

He said, “Alot of Anambra people are putting their hopes in your hands. There is every need for all of you to be focused.

“Carry your councilors, community leaders along. The hopes of the grassroot are in your hands. Dont disappoint us.

“For us to pass through this rigorous process shows that alot is expected.

“Go and work for ndi Anambra. I assure you that if you dont leave up to expectations, this Assembly through oversight functions, will do the needful.”

In a vote of thanks on behalf of others, the new transition chairman of Aguata Local Government Area, Chibuike Oforbuike said they were prepared for work and thanked the state governor for giving them the opportunity to serve, promising not to disappoint.

In an interview, Orumba South TC Chairman, Shadrach Azubuike, thanked the governor for finding him worthy to serve the people of Orumba South, assuring him that he will work in line with the developmental agenda of the governor in ensuring that an enduring peace and harmony thrive in Orumba South.

The house, thereafter, adjourned to reconvene on Tuesday, July 30.

EFCC to continue trial of Binance director, Gambaryan

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EFCC to continue trial of Binance director, Gambaryan

The Economic and Financial Crimes Commission (EFCC) on Thursday, continued with the alleged money laundering trial of an executive director of crypto trading platform, Binance, Tigran Gambaryan, at the Federal High Court, Abuja
The commission continued with the case despite the withdrawal of a charge by the Federal Inland Revenue Service (FIRS) against Gambaryan in the alleged tax evasion case filed against him and Binance.
The EFCC filed a five-count charge against Binance and Gambaryan while FIRS filed a four-count charge against the duo.
The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.
Besides, the company was under suspicion of alleged terrorism financing.
Justice Emeka Nwite had on Friday, discharged the detained Gambaryan and his fleeing colleague, Nadeem Anjarwalla, from the alleged tax evasion charge.
The judge took the decision in a short ruling following a fresh amended charge filed by the FIRS on a notice from Binance about its appointment of a Nigerian representative, Mr. Ayodele Omotilewa, to oversee its affairs in the country.
However, expectations were high prior to today’s proceedings that the anti-graft agency would follow suit.
But at the resumed hearing, the EFCC’s lawyer, informed the court that the matter was slated for the defence to cross-examined the agency’s first prosecution witness, Abdulkadir Abbas, a Director with the Security and Exchange Commission (SEC).
Then Gambaryan stepped forward into the dock.
The Indian, who was cross-examined by counsel for the defendant (Binance), Mr. Babatunde Fagbohunlu (SAN), Abbas testified against Binance and Gambaryan.
The witness, who is Director of Registration, Exchanges and Market Infrastructure Department at SEC, said a private company that wants to raise capital from the public in Nigeria, must become a Public Limited Company (PLC) before it can engage in IPO (Initial Public Offer).
He, however, said that Binance did not even registered with his office in the first place.
Justice Nwite adjourned the matter till Friday for continuation of cross-examination.
The post EFCC to continue trial of Binance director, Gambaryan appeared first on Latest Nigeria News | Top Stories from TVN.

Soldier stabs mechanic to death in Abuja

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Soldier stabs mechanic to death in Abuja

A yet-to-be-identified soldier has allegedly stabbed a mechanic to death in the Kugbo area of the Federal Capital Territory.

The soldier, who was in the company of two other persons, had gone to pick up his car from the mechanic when an argument suddenly ensued between them.

The soldier was said to have brought out his knife during the heat of the argument and stabbed the mechanic in his neck.

A commercial driver who plies the area and does not want to be named because of the fear of being reprimanded told our correspondent that the soldier, after stabbing the mechanic, escaped from the scene.

He added that a mob, out of anger, set his car ablaze after he absconded.

He said, “An unidentified soldier stabbed a mechanic called Chukwudi to death at the Kugbo mechanic village. Chukwudi was stabbed in the neck. The whole thing happened around 4 pm today. An argument ensued between him and the soldier and he, out of anger, brought out his knife to stab Chukwudi.

“After stabbing him, he used his knife to scare the few people who were around and escaped. Two people who came with him escaped but we learnt one of them had been arrested. After escaping, more people gathered at Chukwudi’s workshop and angrily set the soldier’s motor ablaze.”

When contacted, the FCT police spokesperson, Josephine Adeh, said one person had been arrested in respect to the death of the mechanic.

She added that peace has also been restored to the area.

Adeh said, ” One person has been arrested and normalcy has returned to the area. An investigation is also going on the matter. The corpse has been deposited at the Federal Medical Centre in Maraba.”

In a related event, According Online reported in July 2019 that the Edo State Police Command arrested a soldier, Lance Corporal Mose Oguche, who allegedly stabbed a driver to death at Okene in Kogi State.

A police source said Oguche was arrested by the combined efforts of policemen and community members who resisted an attempt by fellow soldiers to rescue their colleague from police custody.

The Commissioner of Police in Edo State, Mohammed DanMalam , who confirmed the incident, said he immediately ordered the transfer of the suspect to the state command headquarters in Benin when he learnt of it.

Manufacturers seek harmonisation of regulatory agencies

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Manufacturers seek harmonisation of regulatory agencies

Manufacturers, on Thursday, called for an end to the activities of multiple agencies hurting their businesses, urging the government to fix the overlaps by harmonising regulatory compliance.

Member companies of the Manufacturing Association of Nigeria, Ikeja Branch, in a meeting of CEOs and MDs on Thursday, presented their demands for harmonisation to the federal and state governments.

The manufacturers dialogued with the Lagos State Government through directors representing the state government’s Ministers of Commerce and Industry, and Environment and Water Resources.

In his keynote speech, the CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said one of the biggest risks that businesses have to cope with in the Nigerian economy is regulatory risk that comes in the form of overlapping regulatory agencies.

He said, “Regulatory risk could manifest in the form of overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes, poor interpretations of regulations and the absence of dispute resolution mechanisms between businesses and the regulators.”

Yusuf stated that instances of overlaps exist in the regulatory functions of quality and standards, environmental issues, transportation and logistics, taxation, and international trade.

He said the agencies with an overlap of quality and standards functions include the Standards Organisation of Nigeria, the National Agency of Food Drug Administration and Control, Plant Quarantine, Weights and Measures and the Nigeria Drug Law Enforcement Agency.

He decried some agencies that he claimed forced business owners to pay for flight tickets for their agents to visit foreign suppliers whose goods are imported into Nigeria for certification.

“Some of them (agencies) practically have the power of life and death over investors. Which is why engagement with the regulators is often very challenging. Some of them can be very overbearing, intimidating investors and sometimes extorting them,” the CPPE boss said.

Yusuf said the overlap in environmental issues is found among agencies including the Federal Environmental Protection Agency, The Lagos State Environmental Protection Agency and other subnational equivalents, the Ministry of Environment at the federal and state levels.

Others are the National Environmental Standards and Regulations Enforcement Agency, Lagos Waste Management Authority, and Local Government Environmental Unit.

Further, Yusuf said an overlap of functions happens in logistics and transportation, through agencies such as the Vehicle Inspection Office, Police, Federal Road Safety Corps, Lagos State Traffic Management Authority and other state traffic management agencies; Local Government Traffic officials and Task Force.

For tax administration, Yusuf said there was an overlap between the Presidential Committee on Fiscal and Tax Reforms and the other major institutions in the tax environment including the Federal Inland Revenue Service, State Internal Revenue Service, Nigeria Customs Service and Local Government Tax Units,

The CPPE CEO said the Presidential Committee on Fiscal and Tax Reforms was mandated to prune down the number of taxes to less than ten, as there are 40 different kinds of taxes and levies exacted from Nigerians currently.

Yusuf said regardless of the presidential provision, non-state actors and other regulatory agencies also impose different fees and that the Economic and Financial Crimes Commission and the National Assembly sometimes get involved in tax audits and investigations.

“All these are very burdensome to businesses. Meanwhile, practically all government agencies now have revenue targets. It aggravates costs and causes distractions for investors,” the CPPE CEO added.

Yusuf said the overlap of functions in international trade regulations is found in the Nigeria Customs Service, NAFDAC, SON, NDLEA, State Secret Service, Police, Navy, and the Office of National Security Adviser which issues End Users Certificates for a wide range of products.

Yusuf added that the Central Bank of Nigeria has its trade portal determining the value of goods, while Nigeria Customs keeps a Pre-Arrival Assessment Report.

Yusuf urged the regulatory agencies to reorient themselves and shun a culture that makes life difficult for investors by abiding by principles of good regulatory governance including integrity, accountability and transparency.

“Regulators should engage systematically with stakeholders through transparent, formal mechanisms that guard against ‘regulatory capture’ by one or more stakeholders. Compliance mechanisms should ensure that the regulator has adequate opportunities to obtain key data and opinions to underpin decision-making”, he counselled.

Nigeria targets N450bn from bond auction

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Nigeria targets N450bn from bond auction

The Federal Government is targeting at least N450 billion through its latest bond offer for June 2024.
The Debt Management Office (DMO) disclosed this in a statement on Thursday in Abuja.
The agency has since announced a new date for the auction.
The bond offer will be conducted by auction and comprises three different re-openings, each with distinct maturity dates and interest rates.
READ ALSO: Nigeria’s debt hit N121tr in Q1 2024 – DMO
The bond auction was initially scheduled for June 17 but was moved to June 24 due to the Sallah holiday.
The settlement date remains June 26.
The minimum subscription requirement is N50,001,000, and subsequent bids must be in multiples of N1,000.
This offer is pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004, providing a legal framework for the bond issuance.
By: Babajide Okeowo
The post Nigeria targets N450bn from bond auction appeared first on Latest Nigeria News | Top Stories from TVN.

Kano orders CP to evict deposed Emir from mini palace

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Kano orders CP to evict deposed Emir from mini palace

The Kano State Government said it has directed the state Commissioner of Police to remove the deposed Emir of Kano, Ado Bayero, from the mini palace “where he is trespassing.”

It said the directive followed the Federal High Court ruling on Thursday regarding the Kano Emirates Council (Repeal) Law, 2024, which it viewed as upholding the rule of law.

The State Attorney General and Commissioner of Justice, Haruna Dederi, made the remark while addressing a news conference at the Government House on Thursday night.

Dederi said the implication of the ruling was that Muhammadu Sanusi II remains the Emir of Kano

He said, “By the ruling of the court, it has unequivocally reaffirmed the validity of the law passed by Kano State House of Assembly and assented to by His Excellency the Executive Governor of Kano State on Thursday, 23rd May 2024, by 5:10 pm.

“This part of the judgment is very fundamental to the entire matter. A further implication of the ruling is that all actions done by the government before the emergence of the interim order of the honourable court are equally validated. This means that the abolishment of the five emirates created in 2019 is validated, and the deposition of the five Emirs is also sustained by the Federal High Court.

“By implication, this means that Muhammadu Sanusi II remains the Emir of Kano. The judge also granted our application for the stay of proceedings until the Court of Appeal deals with the appeal before it on jurisdiction.

“Happily, the signing of the law and the reinstatement of His Highness, Emir Muhammad Sanusi II were done on 23rd May 2024 before the emergence of the Interim Order, which was served on us on Monday 27th May 2024.

“Following this court’s ruling, the Kano State Government has directed the State Commissioner of Police to remove the deposed Emir of the eight metropolitan local governments from the government property where he is trespassing, as the government has already concluded arrangements for the general reconstruction and renovation of the property including the demolishing and reconstruction of the dilapidated wall fence with immediate effect.

“I want to congratulate and call on the good people of Kano State to remain peaceful and celebrate the success of the people without any hitch. May Allah SWT continue to protect our state and our government,.”

Nigeria’s debt hit N121tr in Q1 2024 – DMO

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Nigeria’s debt hit N121tr in Q1 2024 – DMO

Nigeria’s total public debt has risen by a whopping N24 trillion in the first three months of the year to hit N121.67 trillion.
The Debt Management Office (DMO) revealed this in fresh data released on Thursday.
The figure rose by 24.99 percent from the N97.34 trillion in December 2023.
Nigeria’s public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).
According to the DMO, the debt was pushed up by new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.
“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion).
“Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.
“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
READ ALSO: Reps summon AGIP over $80m debt to contractor
“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability,” DMO stated.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on June 13 that the World Bank had approved two major “financial support packages” valued at $2.25 billion.
In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500 million World Bank loan to boost electricity distribution in the country.
Before this, the federal government received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.
By: Babajide Okeowo
The post Nigeria’s debt hit N121tr in Q1 2024 – DMO appeared first on Latest Nigeria News | Top Stories from TVN.

Gombe gov asks RMAFC to raise state allocation

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Gombe gov asks RMAFC to raise state allocation

Gombe State Governor, Muhammadu Yahaya on Thursday called on the Revenue Mobilisation Allocation and Fiscal Commission to look into the possibility of rewarding the state by increasing allocation to compensate for its incredible performance on social and economic indicators at national and sub-regional levels.

Yahaya stated this when he granted an audience to members of the commission led by the Federal Commissioner representing Adamawa State, Salamatu Mohammed, on Thursday at the Government House, Gombe.

Represented by the Secretary to Government of the State, Prof Ibrahim Njodi, the governor observed that the state has been coming top in so many indices, adding that “the commission should  look at the suitability of using such indicators as a yardstick for allocation to sub-national level.”

He said his administration enjoys the cordial working relationship existing between Gombe State and the Revenue Mobilisation Allocation and Fiscal Commission, emphasising the state stands ready to keep the partnership going.

Speaking earlier, the leader of the delegation and Federal Commissioner representing Adamawa State in the commission Mohammed, said as part of its constitutional responsibility, “the team is in the state to monitor the disbursement of funds to the state and local government areas to ensure that sub nationals are not short-changed in what is due to them.”

She recalled that states and local government areas have approached the Revenue Mobilisation Allocation and Fiscal with complaints of being underpaid explaining that such statutory visits to states enable the commission to better appreciate the challenges and how to tackle them.

She disclosed the exercise will look at disbursement to Gombe State from 1999 to 2021 which will enable the commission to know if the state has been receiving what is due to her.

While expressing gratitude to Yahaya for his good policies, the Commissioner representing Adamawa State said “The commission will continue to ensure justice and fairness in the allocation of resources to sub-nationals.”

Recall that in September 2021, Yahaya, also called for the upward review of revenue allocated to states.

The governor made this plea in his address during a nationwide sensitisation on the review of the existing revenue allocation formula by RMAFC, held at the banquet hall, Gombe Government House.

He lamented why states despite the responsibilities of shouldering the needs of the people would be left with 26.72 per cent, adding that the Federal Government has lesser task.

Naira loses N2, trades N1,485/$1 at official window

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Naira loses N2, trades N1,485/$1 at official window

The naira slumped marginally against the United States dollar on Thursday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 485.36/$1 on Thursday.
This was N2 higher than the N1, 483.02/$1 it traded on Wednesday.
The intra-day high and low recorded during the day were N1, 495/$1 and N1, 434/$1 respectively, representing a very lean spread of N61$1.
Similarly, the naira slumped against the dollar at the parallel section of the market to trade at N1,490/$1 as against the N1,483/$1 it traded the previous trading day.
In the same vein, the naira closed flat against the British Pound to trade at N1,900£1 same as the previous trading day’s rate of N1,900£1.
For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1.
The naira also lost N5 against the Euro to trade at ₦1,580/€1 as against the previous trading day’s rate of ₦1,575/€1.
By: Babajide Okeowo
The post Naira loses N2, trades N1,485/$1 at official window appeared first on Latest Nigeria News | Top Stories from TVN.

Euro ’24: Spain reach knockouts, England held by Denmark

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Euro ’24: Spain reach knockouts, England held by Denmark

Spain have advanced to the knockout stages of the Euro 2024 after beating Italy in their second group game on Thursday night.
An own goal by Riccardo Calafiori in the 55th minute was enough for Spain to seal a 1-0 victory and reach the knockout stage.
More to follow….
The post Euro ’24: Spain reach knockouts, England held by Denmark appeared first on Latest Nigeria News | Top Stories from TVN.

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