Hello and welcome! In today’s trending news stories;
1. Governor Alex Otti of Abia State met with Mike Ervin, the Political and Economic Section Chief of the US Consulate in Lagos, seeking support to promote trade, investment, and address challenges facing the state. Otti highlighted issues such as access to finance, power supply, and digital economy logistics. He mentioned the forthcoming commissioning of the Geometric Power Plant to address power supply in Aba. Ervin expressed the Consulate’s commitment to expanding bilateral trade and investment between the United States and Nigeria. The event was attended by government officials, including the Commissioner for Trade, Commerce, and Industry, and the Senior Special Assistant to the Governor on Digital Economy. Additionally, it was announced that President Bola Tinubu would commission the Geometric Power Plant and three rehabilitated roads in Aba on February 26, 2024, marking his first commissioning of a road constructed by an incumbent Governor in Nigeria.
2. The Naira experienced appreciation against the US dollar in the parallel foreign exchange market over the weekend, with rates dropping from N1,800 per USD on Friday to N1,500 and N1,698 on Saturday and Sunday, respectively. This represents a significant gain of N300 or 16.6% against the USD at the unofficial market on Sunday. This occurred amidst the Central Bank of Nigeria’s (CBN) introduction of new regulations targeting Bureau De Change operators, which includes measures such as banning street trading and imposing a new minimum per capital share for registration. The Economic and Financial Crimes Commission (EFCC) had also intensified its crackdown on Bureau De Change Operators in various cities to stabilize the currency. However, there have been criticisms against these actions, with figures like Bismarck Rewane of the Financial Derivatives Company and Peter Obi, the Presidential Candidate of the Labour Party in the 2023 elections, questioning the effectiveness of the EFCC raids on BDCs in addressing the Naira crisis.
3. Peter Obi, the presidential candidate of the Labour Party in the 2023 elections, criticized the reported crackdown on Bureau De Change (BDC) operators by government agencies, calling it ill-advised. He argued that such actions would worsen the exchange rate situation as BDCs are not the primary suppliers of forex. Obi emphasized the importance of transitioning Nigeria’s economy from consumption to production and addressing corruption to stabilize the currency. Meanwhile, Aminu Gwadebe, the President of the Association of Bureau De Change of Nigeria, stated that BDC operators might consider mergers to meet proposed guidelines from the Central Bank of Nigeria, which include increasing share capital requirements and cautionary deposits. Gwadebe mentioned that the CBN is working on modalities to allow BDCs to operate legally again, despite having banned their operations since July 2001. Financial analyst Segun Aremu expressed concerns about the CBN’s actions, suggesting they may only have short to medium-term benefits for the Nigerian currency.
4. President Bola Tinubu has established a tripartite economic advisory committee aimed at stabilizing Nigeria’s economy. The committee, comprising representatives from the Federal and State governments, as well as the Organized Private Sector, was announced during a meeting at the State House in Abuja. Tinubu emphasized the importance of addressing the needs of all Nigerians and expressed the committee’s commitment to economic recovery. Notable private sector members include Aliko Dangote and Abdulsamad Rabiu. The committee’s focus includes the economy, food security, and job creation, with plans to meet regularly and provide recommendations to the President on economic issues.
5. The Defence headquarters issued a statement refuting claims made by an online media outlet about the Presidential Guards Brigade being placed on high alert due to suspicious activities hinting at a coup plot. The Acting Director of Defence Information emphasized that the allegations were baseless and false. The statement clarified that the Guards Brigade is tasked with protecting the seat of power and is routinely on high alert to fulfill its duties. The Defence Headquarters denounced the unfounded claims and called on the public to disregard them. Additionally, they urged relevant security agencies to take action against the media outlet responsible for spreading the misinformation and stated their intention to pursue legal action against them for attempting to incite unnecessary tension in the country.
6. Mauricio Pochettino, the manager of Chelsea, faced criticism as his team lost 1-0 to Liverpool in the EFL Cup final, marking his continued trophyless streak with English clubs. Despite facing a Liverpool side missing several key players, Chelsea failed to secure victory. Gary Neville labeled the match as “Klopp’s kids against the Blues Billion Pound Bottle jobs,” stirring further criticism. ” #PochOut” trended on social media, with fans expressing frustration and calling for Pochettino’s dismissal. Criticism centered on his perceived failure to capitalize on the opportunity to win a trophy. Pochettino’s tenure at Chelsea has seen mixed results, with the team currently placed 10th in the Premier League table.
