The Central Bank of Nigeria (CBN) has made swift changes to the leadership of Union, Keystone, and Polaris banks, just hours after dissolving their boards of directors. The move, announced in a statement by CBN’s Acting Director of Corporate Communications, Sidi Hakama, takes immediate effect.

In these changes, Yetunde Oni, the first female CEO of Standard Chartered Bank in Sierra Leone, takes the helm as the Chief Executive Officer of Union Bank. Mannir Ubali Ringim assumes the role of Executive Director at the tier-2 bank. Keystone Bank sees Hassan Imam as its new CEO, with Chioma Mang appointed as the Executive Director.

Polaris Bank welcomes Lawal Mudathir Omokayode Akintola as its Chief Executive Officer, and Chris Ofikulu as the Executive Director.

The decision to dissolve the boards of these banks came on Wednesday night, as the CBN cited serious breaches of financial laws. These infractions ranged from regulatory non-compliance and corporate governance failure to engaging in activities threatening financial stability.

The regulatory action, driven by the Financial Institutions Act of 2020, was prompted by the findings of a special investigation led by Jim Obazee, appointed by President Bola Tinubu in July 2023. The investigation accused former CBN Governor Godwin Emefiele of acquiring banks through proxies, specifically mentioning Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank.

These changes mark a significant shake-up in the Nigerian banking sector, as the CBN takes decisive steps to address financial irregularities and ensure stability.

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In a shocking turn of events along the Kaduna-Abuja expressway, terror struck as bandits unleashed chaos near Katari in Kaduna State, leaving 85 individuals, including both travelers and residents, abducted. Tragically, the assailants claimed the lives of at least four locals during their ruthless attack.

Between Thursday and Sunday, January 7, 2024, the region witnessed a spate of terror, with the Kaduna State Police Command confirming a bandit assault at Dogon Fili near Katari. However, the abduction of travelers remained unaddressed by the authorities.

Mansir Hassan, the Command’s Public Relations Officer, revealed that security forces engaged the terrorists in a fierce battle, forcing the criminals to scatter in different directions. Regrettably, some travelers ended up caught in the crossfire, sustaining gunshot injuries.

Among the injured were Jibrin Tasiu (27), Jummai Abubakar (20), Zafira Abubakar (11), AbdulKarim Nurudeen (two), Chinedu Jerry Moneke (37), and Ayo James (42), all swiftly rushed to the hospital for urgent medical attention.

Despite the police describing the incident as an “unfortunate isolated event,” on-the-ground investigations painted a grimmer picture, with over 30 travelers confirmed abducted. Another 55 individuals fell victim in Badoko, Dudumishini, and Kwakware villages, prompting urgent calls from Yohana Sarki, the District Head of Bishini, for increased security measures.

Residents and village leaders revealed that the attackers, identified as foreigners speaking the Fulani language, first blocked the highway, abducting unsuspecting travelers heading to Abuja. Prior to this, the criminals had raided villages, taking numerous locals hostage and leaving a trail of casualties.

Expressing concern over the government’s efforts, Sarki urged authorities to deploy additional security personnel despite the current military presence, emphasizing the need for a more robust response to curb the escalating attacks.

As the region grapples with the aftermath, Chief Imam Suleiman Mohammed of Katari Central Mosque confirmed the severity of the situation, stating that approximately 30 travelers were forcibly taken by the bandits during the Sunday attack. While the terrorists typically contact individual homes for ransom, uncertainty looms over whether they will pursue the same course of action for the abducted travelers. The incident underscores the pressing need for enhanced security measures to safeguard the lives of those traveling along this vital highway.

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The Federal Capital Territory High Court in Abuja has ruled against the extended detention of former Central Bank Governor Godwin Emefiele, deeming it a blatant violation of his rights.

The court has imposed a hefty N100 million fine on both the Federal Government and the Economic and Financial Crimes Commission (EFCC). Additionally, it has prohibited them from re-arresting or detaining Emefiele without a valid court order.

Emefiele, who faced arrest on June 10 following his suspension by President Bola Tinubu, endured a lengthy period in custody. Despite being arraigned on illegal firearms charges and granted bail in July 2023, the Department of State Services (DSS) re-arrested him on the court premises in a clash with correctional center warders.

Released by the DSS on October 26 after nearly five months in custody, Emefiele was swiftly taken into custody by the EFCC until November 8. The court judgment, delivered by Justice Olukayode Adeniyi, emphasized the violation of Emefiele’s fundamental rights to personal liberty.

Justice Adeniyi declared, “It is hereby declared that the actions…constitutes a flagrant violation of the applicant’s fundamental rights to personal liberty.” He awarded N100 million in damages against the government and EFCC jointly.

The judgment also restrained the authorities from re-arresting or detaining Emefiele without a court order. Justice Adeniyi criticized the questionable remand warrants obtained by the EFCC and stressed the need to halt the practice of arresting suspects before a thorough investigation.

Reacting to the judgment, the EFCC expressed dissatisfaction, announcing their intention to appeal. The agency argued that the decision did not consider Emefiele’s detention with a valid court order and pledged to approach the Court of Appeal to set aside the ruling.

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President Bola Tinubu has swiftly suspended the Minister of Humanitarian Affairs and Disaster Management, Betta Edu, following public outrage over an alleged N585 million scandal. The move aligns with Tinubu’s commitment to upholding integrity, transparency, and accountability in managing Nigeria’s resources.

The suspension was announced by the Special Adviser on Media and Publicity to the President, Ajuri Ngelale, who emphasized Tinubu’s dedication to high standards in governance. Tinubu had ordered a thorough investigation into the scandal on Sunday and promised decisive punishment for any wrongdoing uncovered.

Various groups, including the Peoples Democratic Party, Socio-Economic Rights and Accountability Project, Femi Falana, SAN, the Yoruba Youth Assembly, and other civil society groups, called for an impartial probe into a leaked memo allegedly instructing the Accountant-General of the Federation to transfer N585m to a private bank account. The memo, attributed to Minister Betta Edu, claimed the payment was for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states.

Minister Edu defended the payment, stating that it was legal within civil service norms to deposit funds into private accounts of staff members, particularly project accountants. Despite her denial, the suspension underscores the seriousness with which the government is treating the allegations.

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The Obafemi Awolowo University in Ile-Ife, Osun State, Nigeria, is in deep sorrow after the unexpected passing of Professor Christopher Olugbenga Ajila, the immediate past Deputy Vice Chancellor (Administration).

Described as a devastating loss by the University’s Vice Chancellor, Professor Adebayo Simeon Bamire, Prof. Ajila was recognized as an outstanding academic who seamlessly combined human relations with administrative excellence. The Vice Chancellor expressed the difficulty in filling the void left by Prof. Ajila’s departure.

In a statement released by the University’s Public Relations Officer, Abiodun Olarewaju, it was highlighted that Professor Ajila, fondly known as “Professor Ajila,” served the university with unwavering dedication and exceptional leadership during his tenure.

Beginning his academic journey at the university in 1991 as an Assistant Lecturer, Prof. Ajila rose through the ranks, becoming a professor in 2005. He held various key positions, including Dean of the Faculty of Social Sciences and Head of Department, showcasing his prowess as a seasoned administrator.

The release acknowledged Prof. Ajila’s pivotal role in advancing the university’s mission, leaving an indelible mark on both academic and administrative fronts.

The entire university community mourns the loss of a respected colleague, mentor, and friend. The statement extends condolences to Prof. Ajila’s immediate and extended family, recognizing the profound impact he had on those around him.

In honoring his legacy, the university pledges to uphold the values and principles championed by Prof. Ajila. The community offers its deepest sympathies and support to the late Professor’s family during this challenging time. May the memories of Professor Ajila serve as a source of comfort and inspiration to all who had the privilege of knowing him.

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In a powerful demonstration against ongoing violence in Plateau State and across the nation, the Christian Association of Nigeria (CAN) took to the streets on Monday. Led by key figures including the state CAN chairman, Rev Polycarp Lubo, and other prominent leaders, the protest, named “Plateau Peace Walk,” aimed to address the alarming issue of continuous killings.

The march commenced at the PRTVC Roundabout in Jos, with participants marching towards the Rayfield Government House to voice their strong disapproval of the current security situation. Notable figures such as ECWA President, Rev Dr Stephen Baba Panya, COCIN President, Rev Dr Amos Mohzo, Bishop of the Methodist Church, Jos; Rev Nkechi Nwosu; and President of the Gideon and Funmi-ParaMallam Peace Foundation, Rev. Dr Gideon ParaMallam, were among the influential Christian leaders present during the peaceful protest.

Stay tuned for more details as the story develops.

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In a bold move to boost food security, Senator Abubakar Kyari, the Minister of Agriculture and Food Security, has committed to eliminating issues like round-tripping and inaccurate data concerning farmers in the sector. Speaking during a visit by Jigawa State Governor Umar Namadi, Kyari emphasized the need to tackle long-standing challenges hindering government policies and programs.

Kyari stressed the importance of addressing reported cases of round-tripping and the inadequate validation of farmers’ data, noting that these challenges have hampered agricultural development. He assured that the Federal Ministry of Agriculture and Food Security is fully devoted to overcoming these obstacles.

The Minister highlighted the commitment to transparently distribute farm inputs, especially for rice, maize, and cassava during the upcoming dry/wet season farming. To achieve this, he emphasized the need for collaboration with state and local governments, traditional rulers, NGOs, and relevant agencies.

Kyari acknowledged the support of President Bola Ahmed Tinubu in the pursuit of food security and expressed gratitude for the backing received. Looking ahead, he announced the commencement of the second phase of the dry/wet season farming intervention, aiming for a successful and impactful initiative.

As the Ministry gears up for action, Kyari urged the collective support of all stakeholders in the agricultural sector to overcome challenges and ensure a fruitful intervention despite time constraints. The Minister’s proactive stance signifies a renewed focus on improving food security and production in the country.

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In the last three months, the Nigerian naira has taken a significant hit, dropping by 38.9% against the US dollar at the Central Bank of Nigeria’s official Investors & Exporters (I&E) window, according to data from FMDQ Securities Exchange.

From October 3, 2023, to January 3, 2024, the naira fell from N745.19/$ to N1035.12/$. Despite the government’s efforts to stabilize the foreign exchange market, the naira’s value has continued to decline.

Manufacturers and members of the organized private sector, including the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry, express concerns about the negative impact on their businesses. The falling naira value could lead to downsizing and increased unemployment.

The naira, starting 2024 at N988.46/$, experienced an 8.97% decline and further dropped to N1035.12/$ on January 3, marking the third time it closed above N1000/$ on the I&E window.

Efforts to address the situation, such as clearing FX backlogs and foreign exchange support facilities, have not yielded positive results. The World Bank highlights the persistently low volume of FX trades in the official window, raising risks for foreign direct investment and portfolio investment.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, acknowledges the issue and states that the bank is working on comprehensive policies to address market volatility. However, concerns linger among the organized private sector, with fears that prolonged foreign exchange scarcity may force more companies to shut down operations in Nigeria.

In June 2023, the CBN removed the rate cap on the naira at the I&E window, aiming for a free float to unify exchange rates. Despite initial positive reactions, the naira fell sharply, and since then, it has depreciated by 36% to N908 as of January 7, 2024.

While the CBN cleared a $7bn backlog in November, the naira continued to depreciate, closing at N831 on the official market by the end of that month. The current state of the naira poses a serious threat to Nigeria’s economic stability, warranting urgent and comprehensive measures to address the ongoing foreign exchange challenges.

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In a strong response to public concerns, President Bola Tinubu has initiated a comprehensive investigation into allegations of financial misconduct within the Ministry of Humanitarian Affairs and Poverty Alleviation. The move follows accusations against Minister Dr. Betta Edu regarding the disbursement of funds and approvals for questionable expenses.

President Tinubu is determined to uncover the truth and ensure appropriate action is taken. Any identified breaches of financial regulations will face decisive punishment, he vowed.

Edu allegedly directed a substantial payment to a private account, leading to disputes with the Accountant-General of the Federation, Dr. Oluwatoyin Madein. Furthermore, accusations include the approval of air tickets for non-existent flights to Kogi State.

To investigate the alleged fraud, President Tinubu has appointed Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to head a panel. Calls for Edu’s removal and prosecution are growing, with political parties and advocacy groups expressing their concerns.

Human rights lawyer Femi Falana criticized Edu for dismissing the allegations and urged swift action to address the issue. Similarly, SERAP called on Tinubu to direct relevant agencies for a thorough probe into the alleged fraud.

Despite the calls for removal, a pro-democracy women’s group, Nigeria Women Arise for Democracy, defended Edu, describing the allegations as baseless and urging President Tinubu to disregard the campaign against her.

The investigating panel, comprising serving ministers and top government officials, is actively reviewing the allegations. Minister Edu and the suspended National Coordinator of NSIPA, Halima Shehu, are expected to appear before the panel this week.

The Minister of Information and National Orientation, Mohammad Idris, confirmed President Tinubu’s order and emphasized the government’s commitment to transparency and accountability. He urged Nigerians to exercise patience as the investigation unfolds, promising timely updates on the progress.

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In a recent report by the BBC, late Nigerian pastor Temitope Joshua, widely known as TB Joshua, has been accused of heinous acts including rape, physical abuse, and staged miracles by more than 25 eyewitnesses. The investigation, conducted over two years in collaboration with Open Democracy, sheds light on the dark side of one of Africa’s most influential religious leaders.

TB Joshua, founder of the Synagogue Church of All Nations, gained worldwide fame for his purported miracles that claimed to cure various ailments. However, the BBC’s findings suggest a more sinister side to his legacy.

The report details testimonies from former followers across the UK, Nigeria, Ghana, the US, South Africa, and Germany, describing instances of sexual assault, physical abuse, and psychological trauma allegedly endured within Joshua’s compound. The investigation alleges that Joshua, who passed away on June 5, 2021, at the age of 57, had been exploiting and assaulting young women for nearly two decades.

One victim, a 21-year-old British woman named Rae, shared her harrowing experience of being isolated within Joshua’s compound after seeking healing for her sexual orientation. Rae revealed that she attempted suicide five times during her two-year ordeal, highlighting the psychological abuse inflicted upon her and others.

The report also exposes financial aspects of Joshua’s ministry, estimating that he made tens of millions of dollars through various means, including fundraising, video sales, and overseas stadium appearances.

Numerous victims spoke out about their traumatic experiences, including rape, forced abortions, and staged miracles. Some claimed that they were coerced into participating in deceptive practices to maintain the illusion of miraculous healings.

The investigation suggests that Joshua’s control extended beyond the spiritual realm, with former disciples stating that they worked long hours without pay, experienced routine sleep deprivation, and were subject to manipulation and abuse.

The Synagogue Church of All Nations is still operational today, now led by Joshua’s widow, Evelyn. The shocking revelations have raised concerns about accountability and justice, with victims expressing frustration that Joshua passed away before facing the consequences of his alleged actions.

The church has denied the allegations, stating that they are unfounded and unsubstantiated. However, the BBC’s investigation emphasizes the importance of addressing the serious allegations against the late pastor and ensuring justice for the victims.

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