Hello and welcome! In today’s trending news stories;
1. The Economic and Financial Crimes Commission (EFCC) has filed a notice of withdrawal to discontinue an appeal against a Kogi State High Court order restraining it from arresting former governor Yahaya Bello. The commission, in a notice signed by its counsel J.S. Okutepa (SAN), cited the fact that events had overtaken the appeal and acknowledged that it was filed out of time. The High Court had granted an interim injunction restraining the EFCC from harassing Bello pending the hearing of a substantive motion for the enforcement of his fundamental rights. Subsequently, the EFCC appealed the interim injunction, but the Kogi court later granted a restraining order against the EFCC from harassing Bello further, directing the commission to file charges if necessary. The withdrawal of the appeal follows recent EFCC actions seeking to arrest Bello, coinciding with the court’s judgment.
2. President Bola Tinubu has urged the Judiciary to undertake reforms for a functional justice system supporting economic growth, human rights, and security in Nigeria. Speaking at the National Summit on Justice 2024, Tinubu reinforced his administration’s Renewed Hope Agenda, with plans for funding increases and efforts to support and strengthen the judiciary. He called for coordinated responses to challenges and demanded performance to ensure citizen-centric reform. The event featured discussions on justice reforms with insights from former Kenyan Chief Justice Dr. Willy Mutunga, advocating for African-based jurisprudence to bolster judicial confidence. Various dignitaries including state governors, ministers, and judicial officials attended the summit. Senate President Godswill Akpabio and Chief Justice of Nigeria Okukayode Ariwoola also stressed the need for comprehensive sector reforms, as well as legislative and operational improvements. Attorney General Chief Lateef Fagbemi said a revised national policy on justice was necessary.
3. The Central Bank of Nigeria (CBN) has reduced interest rates on Treasury bills sold at the primary market auction amidst tight liquidity. The auction received strong demand, with bids exceeding offerings by a ratio of 5.32x. N362.45 billion in Treasury bills were allotted to dealers, resulting in a bid-to-cover ratio of 2.09x. The CBN maintained rates on short and mid-term bills but lowered the 364-day bill rate by 42 basis points to 20.70%. Despite accelerating inflation reaching a 30-year high of 33.20% in March, some analysts suggest that interest rates may have peaked, considering minimal investor risk in government instruments. The gap between interest rates (24.75%) and inflation widened to about 8.50% after the CBN’s 600 basis points hike in the benchmark rate to 24.75%. In the money market, interbank rates diverged, with the open repo rate declining by 61bps to 29.35%, while the overnight lending rate increased by 58 basis points to 31.33% due to low liquidity.
4. Multichoice, a major satellite TV service in Sub-Saharan Africa, has announced price increases for its DSTV and GOtv packages due to rising business operation costs. The CEO, John Ugbe, cited the need for this adjustment, with the changes set to take effect on May 1, 2024. The Premium package on DSTV will now cost N37,000, up from N29,500, while the Compact Plus package rises from N19,800 to N25,000.
5. The Nigeria Civil Aviation Authority (NCAA) has suspended Dana Air’s Air Operator’s Certificate (AOC) with immediate effect, following recent incidents raising concerns about safety and financial viability. The directive came from Minister Festus Keyamo, who instructed the NCAA to suspend Dana Air until a comprehensive audit is conducted. This decision was prompted by a runway excursion involving Dana Air’s aircraft at the Murtala Muhammed International Airport (MMIA), pending the preliminary report from the Nigerian Safety Investigation Bureau (NSIB). The NCAA has initiated an in-house compliance assessment to establish any safety trends, in line with the minister’s concerns. The suspension aims to facilitate thorough safety and economic audits, ensuring compliance with civil aviation regulations and the airline’s financial capability to sustain safe flight operations.
6. Brighton and Manchester City will be playing at Falmer Stadium, with City heavily favored. Though Brighton has shown strength at home, they have faced struggles in recent matches, while City maintains a strong league position despite a recent Champions League exit. Man City’s Erling Haaland’s absence raises concerns, but they still possess a potent attack.
7. Flash floods in Kenya have claimed at least 32 lives, with over 100,000 people affected. The heavy rains since mid-March intensified recently, causing widespread flooding. Nairobi, the capital, has been particularly hard-hit, with some neighborhoods submerged and roads closed. The Kenyan Red Cross has conducted numerous rescues, including 18 people stranded in Mathare 4A due to floodwaters. Major highways experienced heavy traffic due to flooding, prompting closures and warnings from authorities. Kenya Railways suspended commuter train services as a precaution. The Kenya Meteorological Department issued warnings of continued heavy rainfall across the country.Â
