Hello and welcome! In today’s trending news stories;
1. Upon the arrival of Senegalese President Bassirou Diomaye Faye at the Presidential Wing of the Nnamdi Azikiwe International Airport in Abuja, FCT Minister Nyesom Wike received him on behalf of President Bola Ahmed Tinubu. Minister Wike conferred honorary citizenship of Abuja on President Faye, presenting him with a symbolic key to the city. President Tinubu asked Senegalese President Bassirou Faye to help persuade Mali, Niger, and Burkina Faso to rejoin the Economic Community of West African States (ECOWAS). These countries had withdrawn from ECOWAS in January after military takeovers led to sanctions. However, after their sanctions were lifted, they did not return. He emphasized that respecting the rule of law is essential for democracy and called for collaboration among West African nations to combat terrorism, human trafficking, and poverty. Faye acknowledged shared values and challenges and called for the reactivation of the Nigeria-Senegal joint commission to enhance bilateral relations.
2. The Federal High Court in Lagos has upheld a new Central Bank of Nigeria (CBN) regulation requiring financial institutions to collect the social media handles of their customers as part of the Know-Your-Customer (KYC) procedure. Justice Nnamdi Dimgba ruled on May 16 that the regulation does not violate customers’ privacy rights. The decision came after lawyer Chris Eke filed a suit arguing that the regulation was unconstitutional. Justice Dimgba dismissed the suit, comparing social media handles to email addresses and phone numbers used for customer contact and due diligence. He stated that social media accounts are intended for public communication, so requiring them does not breach privacy.
3. The death toll from an attack on a mosque in Gadan, Gezawa Local Government Area of Kano State, has risen to 11. The incident occurred on Wednesday when Shafi’u Abubakar sprayed the mosque with fuel, locked the worshippers inside, and set it on fire. Initially, the police reported the use of a petrol bomb, but locals denied any explosive device was involved. Among the victims were mostly elderly people. The police confirmed that 11 people had died, with 13 others receiving treatment at Murtala Muhammad Specialists Hospital. Abubakar, who was arrested immediately, confessed to targeting the worshippers due to a family dispute over inheritance. Residents fear the death toll may increase due to the severity of the injuries.
4. On May 16, 2024, the exchange rate between the naira and the dollar in the official NAFEM Window depreciated sharply to N1,533.99/$1, a 4.89% drop from N1,459.02/$1 the previous day. This decline followed a brief recovery on Wednesday, marking the lowest rate for the month. The exchange rate fluctuated significantly during intra-day trading, reaching a high of N1,590/$1 and a low of N1,399.20/$1, reflecting market instability and uncertainty. The depreciation coincided with changes in forex turnover. On Wednesday, forex turnover surged by 124.56% to $289.14 million but fell by 5.63% to $272.86 million on Thursday. This reduction in forex liquidity likely increased pressure on the naira, contributing to the higher exchange rates observed. These fluctuations pose challenges for businesses and investors in planning financial activities.
5. Dangote Refinery in Lagos plans to purchase 24 million barrels of US crude oil over the next year to support its increasing processing capabilities. The refinery, spearheaded by Africa’s richest man Aliko Dangote, aims to buy two million barrels per month of West Texas Intermediate Midland crude starting in July. Despite Nigeria’s status as a major crude producer, the refinery still relies on US crude due to cost-effectiveness and supply challenges. However, a new policy from the Nigeria Upstream Petroleum Regulatory Commission may change this trend by mandating oil companies to supply crude to domestic refineries, potentially benefiting facilities like Dangote Refinery by enabling them to procure locally rather than relying solely on imports.
