House of Reps Criticizes CBN Over Old and New Naira Note Confusion

Labour Party Caucus Leader in the House of Representatives, Afam Ogene, has criticized the Central Bank of Nigeria (CBN) for its unclear stance on the coexistence of old and new Naira notes. His statement follows the CBN’s response to a Supreme Court ruling that did not specify an expiration date for the old ₦200, ₦500, and ₦1000 notes as legal tender.

On October 24, the House passed a motion led by Ogene, urging the CBN to clarify the non-legal status of old notes starting January 1, 2025, as the dual circulation of currency notes has caused public confusion. Ogene attributed the lack of clear policy to an “unintended factual error” in the motion.

In response, the CBN advised the public to disregard the motion, calling it a disruption to the country’s payment system and referencing the Supreme Court’s recent ruling. Ogene expressed concerns over the deteriorating quality of currency notes from banks and questioned why Nigeria operates with two distinct sets of currency.

He urged the CBN to prioritize transparency and resolve the ambiguity for the public’s benefit, instead of relying on legal technicalities.

Keyamo Provides Update on Helicopter Crash Search Efforts

The Minister of Aviation and Aerospace Development, Festus Keyamo, has given an update on the search for victims following a helicopter crash on Thursday in the Atlantic Ocean, near Bonny Finima off the coast of Calabar. He stated that divers are continuing their search for remaining bodies and the wreckage. A full update will be shared once significant progress is made.

Following the accident involving eight individuals, the Ministry of Aviation reported that three bodies have been recovered so far. The Nigerian Safety Investigation Bureau (NSIB) and other emergency teams have been activated, with military and low-flying aircraft aiding the search. Despite the lack of an Emergency Locator Transmitter (ELT) signal, efforts to manually locate the crash site are ongoing.

KANSIEC to Proceed with Kano LG Elections Amid Conflicting Court Orders

The Kano State Independent Electoral Commission (KANSIEC) has confirmed that it will move forward with the local government elections scheduled for October 26, 2024, despite conflicting court orders. Earlier, the Federal High Court in Kano, presided over by Justice Simon Amobeda, had issued a ruling to halt the election and removed KANSIEC Chairman Sani Malumfashi and other commission members due to concerns about their political affiliations. The court also prohibited police involvement in the election.

However, on Friday, the Kano State High Court overturned the Federal Court’s decision, allowing KANSIEC to proceed with the election. During a press conference, Malumfashi announced that preparations were complete and emphasized that there would be no delays, affirming that the State High Court has jurisdiction over local government matters.

Malumfashi also noted that the political party challenging the election is not participating in it and dismissed their opposition as inconsequential. Six political parties, including the New Nigeria Peoples Party (NNPP), Action Alliance (AA), and Zenith Labour Party (ZLP), are confirmed to participate in the election. The police have also been instructed to ensure security during the process.

House of Representatives Rejects Bill to Broaden Scope of Islamic Law in Constitution

The Nigerian House of Representatives has voted down a bill proposing amendments to the 1999 Constitution that would expand the application of Islamic law. Sponsored by Aliyu Missau, the bill sought to remove the term “personal” from references to Islamic law in sections 24, 262, 277, and 288, which would allow the Sharia Court of Appeal to cover matters beyond personal issues.

Missau argued that removing the limitation to “personal” matters would allow Islamic law to include commercial and international aspects, such as those seen in institutions like Jaiz Bank, which operates under Islamic commercial law. Proponents of the bill, primarily from northern regions, contended that the change would support the growth of Islamic commercial practices in Nigeria.

Opponents, however, argued that the amendment could disrupt the secular nature of the Nigerian state. Solomon Bob from Rivers highlighted that the “personal” limitation was purposefully included to avoid broadening Islamic law’s scope. Bamidele Salam from Osun added that the amendment risked deepening religious divisions, recalling debates from earlier constitutional assemblies in 1979 and 1999, where military intervention limited Islamic law’s scope to personal matters.

After a heated debate marked by regional divides, the bill was ultimately rejected by a voice vote led by Deputy Speaker Ben Kalu.

Kano High Court Clears Path for Local Government Elections Despite Previous Suspension

The Kano State High Court has granted approval for the Kano State Independent Electoral Commission (KANSIEC) to proceed with local government elections scheduled for October 26, 2024. The decision, issued by Justice Sanusi Ma’aji, reaffirms KANSIEC’s authority to conduct elections across all 44 local government areas in the state. This ruling overturns an earlier Federal High Court order that had suspended the election over concerns regarding the commission’s impartiality, particularly due to the KANSIEC chairman’s alleged ties to the ruling New Nigeria People’s Party (NNPP).

The initial suspension had stirred objections from civil society and political groups, who contended that halting the election would infringe upon democratic rights. Governor Abba Kabir Yusuf also voiced his support for the High Court’s decision, reinforcing his commitment to moving forward with the election as planned.

Nigeria Faces Fuel Price Surge and Supply Shifts as Marketers Buy Directly from Dangote Refinery

Amid rising fuel prices and concerns over supply, oil marketers in Nigeria are now sourcing Premium Motor Spirit (PMS) directly from the Dangote Refinery, bypassing the Nigerian National Petroleum Company Limited (NNPCL). With recent adjustments in President Tinubu’s cabinet, calls have increased for a dedicated petroleum minister to stabilize the sector. Austin Aigbe, an advocacy lead with ECOWAS, stressed the urgent need for experienced leadership to navigate these energy challenges.

The Dangote Refinery’s direct sales to marketers represent a shift in the supply chain, creating a “willing-buyer, willing-seller” model that gives oil marketers a direct line to fuel sources. Meanwhile, vessels carrying millions of liters of imported PMS continue to dock, supplementing domestic fuel availability. The NNPCL, meanwhile, has begun steps to address its $6 billion debt, adding another layer to Nigeria’s fuel sector complexities.

TCN Explains Prolonged Power Outages in Northern Nigeria Amid Security Challenges”

The Transmission Company of Nigeria (TCN) has disclosed that ongoing power outages across Northern Nigeria will likely continue due to security challenges hindering repair efforts on critical transmission lines. The blackout, which has now lasted over four days, was triggered by vandalism on the Shiroro-Mando transmission line—a crucial supply line for northern states.

Despite attempts to reroute electricity through the Ugwuaji-Apir 330-kV line, a recent tripping incident has further complicated efforts. According to Engr. Nafisatu Asabe Ali, TCN’s Executive Director, Independent System Operator, voltage limitations in Kano mean that only 350 MW can be safely transmitted. The Shiroro-Mando line remains inactive, as TCN cannot access the vandalized area due to security risks advised by the National Security Adviser’s Office.

In response, the House of Representatives urged the creation of a strategic security plan, recommending advanced surveillance systems to protect critical transmission infrastructure.

Senate Sets Tuesday to Begin Screening of Tinubu’s New Ministerial Nominees

The Nigerian Senate is scheduled to start the screening process for seven new ministerial nominees presented by President Bola Ahmed Tinubu next Tuesday. The nominees and their designated portfolios include:

  • Dr. Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction)
  • Muhammadu Dingyadi (Labour & Employment)
  • Bianca Odumegwu-Ojukwu (State, Foreign Affairs)
  • Dr. Jumoke Oduwole (Industry, Trade and Investment)
  • Idi Mukhtar Maiha (Livestock Development)
  • Yusuf Ata (State, Housing and Urban Development)
  • Dr. Suwaiba Ahmad (State, Education)

For the first time, the nominees’ portfolios are listed in advance of the Senate’s confirmation process. Senate President Godswill Akpabio read Tinubu’s letter to the chamber on Thursday, urging prompt consideration. The Senate may conclude the screening process by Wednesday, depending on document review and proceedings.

Dollar to Naira Black Market Exchange Rate Today, October 25, 2024

Today, the Dollar to Naira exchange rate at the black market, or parallel market, stands at N1,725 for buying and N1,735 for selling, based on Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market rate, directing individuals to use authorized banks for foreign exchange transactions.

For official rates, the CBN dollar-to-naira exchange rate is at N1,650 for buying and N1,651 for selling. Rates may differ slightly based on location and dealer.

In related financial updates, Finance Minister Wale Edun has confirmed an upcoming VAT increase, primarily targeting luxury goods, while exempting essential items to protect lower-income citizens.

Police Confirm Eight Dead in Port Harcourt Helicopter Crash Over Bonny River

The Rivers State Police Command has reported that eight individuals lost their lives after an Eastwind Aviation helicopter crashed into the Bonny River in Rivers State. The helicopter, carrying six passengers and two crew members, was on its way from Port Harcourt Military Base to the FPSO Nuim Antan offshore platform when it went down.

Police spokesperson Grace Iringe-Koko confirmed that all aboard are presumed dead, and the Marine Division is working with agencies to recover the wreckage. The Ministry of Aviation disclosed that three bodies have been recovered, and search efforts continue. The National Safety Investigation Bureau (NSIB) has opened an inquiry to determine the cause of the crash.